georg hesse (ceo) - timo salzsieder (coo) - dr. dirk ... · 22 march 2016 2 revenue 2015 is 4%...

Georg Hesse (CEO) - Timo Salzsieder (COO) - Dr. Dirk Schmelzer (CFO)

22 March 2016

Final results 2015

Discontinued operations: disposal of organize.me assets in February 2016; sale of non-core assets completed; total net cash-flows of EUR 85.3 million;

Travel assets: - Increased market share in competitive environment- Laid foundation for future growth on IT, marketing and product- Successful corporate restructuring to put the business in the right place to grow- Full team in place

Final results 2015 – value accretive disposal of non-core assets completed – now we focus on our holiday businesses

22 March 2016 2

Revenue 2015 is 4% above 2014 on continued operations; Operating EBITDA below last year

Strong balance sheet (31 Dec. 2015): Net cash of EUR 48 million; Equity ratio of 76 percent

Operating EBITDA: EUR 6.4 millionRevenue: EUR 104.4 million

Final results 2015 | Hesse, Salzsieder & Schmelzer

Disposals

3Final results 2015 | Hesse, Salzsieder & Schmelzer 22 March 2016

Disposal of jameda; valuation based on tender process

Disposal ofElitePartner; exclusivity deal withOakley Capital

Disposal ofTomorrow Focus Publishing; valuationbased on IDW S1

Successful disposal of non-travel assets on high valuations

Final results 2015 | Hesse, Salzsieder & Schmelzer 4

Apr Nov Dec

Net cash flows from sale of discontinued operations 2015

In EUR million, 2015

Cash Poolrepayment

Total 2015Sales costsSale EliteMedianetSale TOMORROW FOCUS Publishing

Sale jameda

-3.0-1.0

46.7*

29.9*

12.7*85.3

*Cash in adjusted for cash disposed of

2015

Closing date

22 March 2016

Further net cash flow expected in 2016


In EUR million, 2016 estimated

Total 2016eSale organize.me

Feb 2016

Vendor LoanElitePartner*

latest May 2017

Cash Pool jameda

Jan 2016

Total 2015 Sales costs(estimate)

Q1 2016

85.8

6.0-3.3

85.3

-3.21.0

* Without interest payments

Net cash flows from sale of discontinued operations 2016

22 March 2016

Financial KPI‘s


99.8

23.7

104.2

11.5

0

20

40

60

80

100

120

2014 2015

Segments 2015: Growth of 8% in DACH region

Revenue + EBITDA 2015 vs 2014

In EUR million

7

+4.4%


• 2015: travel markets in Germany, Austria and Switzerland (DACH) with (1) slight growth in revenues in HY1 and significant decrease in HY2 due to the crises in Egypt, Tunisia and Turkey, (2) increased competition and record marketing spend, (3) all together resulting in high marketing spend. Benelux with flat market in 2015

• Travel segment with 4.4% growth in revenue in 2015; EBITDA decreased by 51.5% in 2015

• In the DACH region we grew our market share, especially in HY2, our revenue grew in a high single-digit range (+8%); higher marketing invest (2015: EUR 8.3 m.), negative CHF FX effect (2015: EUR 3.0 m.), restructuring costs (EUR 1.5 m.)

• WebAssets with decrease in revenues and earnings as a result of platform clean-up and sale of OTA assets of Zoover and Tjingo

Segment Development

(51.5)%

22 March 2016

0.3

(4.8)

0.2

(9.9)-12

-10

-8

-6

-4

-2

0

2

4

6

8

10

2014 2015

Holding/Other segment 2015 with one-off effects

In EUR million

8Final results 2015 | Hesse, Salzsieder & Schmelzer

Revenue + EBITDA 2015 vs 2014

Travel segment and holding/other segment will form one segment from 2016 on

• 2014: positive one-off effect of EUR 2.2 m.

• 2015: higher accruals for long-term incentive programs (EUR –1.0 m.) and restructuring costs (EUR –2.3 m.) lead to negative earnings effect

Segment Development

22 March 2016

Group figures TOMORROW FOCUS AG (IFRS)*


In EUR million 2015 2014Change(in %)

1 Revenue 104.4 100.1 +4.3

2Operating EBITDA*Operating EBITDA margin

6.46.1%

17.817.8%

(64.0)

3 Operating Depreciation 6.7 6.0 +168.3

4Operating EBIT*Operating EBIT margin

-0.3-0.3%

11.811.8%

-

5 One-Offs* -14.2 1.1 -

6 Financial result (1.9) (3.4) (44.1)

7EBTEBT margin

(16.4)(15.7)%

9.59.5%

-

8 EAT of continued operations (16.4) 6.9 -

9 EAT of discontinued operations 58.9 (10.6) -

10 EAT 42.5 (3.7) -

11 EPS of continued operations (in EUR) (0.28) 0.12 -

12 EPS (in EUR) 0.73 (0.06) -

* For adjustments to operating (one-offs) please refer to page 10

22 March 2016

Sound balance sheet and debt structure

Equity ratio vs. debt ratio 2011 – 2015

In percent

52.4 41.3 52.1 53.776.3

47.6 58.7 47.9 46.323.7

0%

20%

40%

60%

80%

100%

12 2011 12 2012 12 2013 12 2014 2015

Equity ratio Debt ratio

Maturity of bank loans 2016 - 2020

In EUR million

10

Earn-outs and put-calls 2015 - 2020

In EUR million

TOMORROW FOCUS AG with sound balance sheet and debt structure


14,5

02468

101214161820

2016 2017 2018 2019 2020

2,20.0 0.5 0.0 0.0

02468

101214161820

2016 2017 2018 2019 2020

22 March 2016

Corporate restructuring of TOMORROW FOCUS, HolidayCheck and WebAssets lead to negative one-off effects


In EUR million 2015 2014

1 Goodwill impairment Tjingo + PPA Tjingo assets (3.4) 0

2 Impairment of software WebAssets + HolidayCheck (6.1) 0

3 Value adjustment earn-out WebAssets (0.1) +2.0

4 Compensation component WebAssets 0.2 (0.1)

5 Provisions for onerous contracts associated with an office building (0.8) 0

6 Revaluation of long-term incentive program (LTIP) (0.7) +0.3

7 Provisions for severance payments relate to reorganization (3.2) (0.6)

8 Pension provisions (0.1) (0.5)

7 Total one-offs (14.2) +1.1

Savings in former Holding functions of > EUR 1 million p.a. + putting the business in the right place to grow

One-off effects of continued operations

22 March 2016

Finally Urlaub [uːɐlaʊp]*!2015 in a nut shell


* Urlaub [uːɐlaʊp] is the German term for Holiday / Vacation

22 March 2016


Our new corporate structure

HolidayCheck AG WebAssets B.V.

22 March 2016

HolidayCheck is competing with strong, big spending players in a local market

Gross off-line media spend in the travel industry, 2015In EUR million

• HolidayCheck with

comparatively low

off-line media spend

• HolidayCheck still

with high traffic

performance due to

strong SEO traffic

and brand position

Local players Global players

Source: Nielsen

UnisterUnister

0

20

40

60

80

100

120

140


Local players with high

media spend

Global players with

low DACH focus

22 March 2016

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

Jan 15 Feb 15 Mrz 15 Apr 15 Mai 15 Jun 15 Jul 15 Aug 15 Sep 15 Okt 15 Nov 15 Dez 15


Monthly growth rate 2015 package holidays HolidayCheck vs German package market in % vs. PY; source: Traveltainment

The German package market 2015 with weak development,esp. in HY2 – HolidayCheck with outperformance

Key success factors of HolidayCheck

• Focus on customer satisfaction

• Content and search engine optimization (SEO as key assets)

• Disciplined spending in off-line marketing as well as in search engine marketing (SEM) by introducing vouchers as an alternative marketing tool to attract existing and new customers

22 March 2016

Product development is the key/basis for further growth


• Implementation of Next Generation IT platform accelerated

− Mobile platforms running on NextGen IT; current mobile share at 100%

− Desktop rollout on NextGen done for AT, CH and >50% on DE

− Increased A/B Tests from 0 (2014) to 70 (2015) to >300 (2016e)

• Implementation of Big Data Platform on track, first release went live by the end of 2015

• Relaunched Weeronline mobile and desktop

• Zoover rebrush of website, switch to new technology stack planned for Q3 2016

• Features, features, features, testing, testing, testing, testing…..

• Continue with Release 2.0 for Big Data platform

• Implementation of NextGenfrontend for Zoover

What‘s next

22 March 2016

24 months of investment in the NextGen IT-platform laid foundationfor future growth in IT, marketing and product


old site new site

22 March 2016

ReviewsReviews ReviewsReviews

This leads to a culture of continous innovation – first number ofnew features are already live, lot of more features will follow


old siteHotelHotel new siteHotelHotel

22 March 2016

2016: Deeper integration of service center on all devices


Service center integrationMobileMobile

22 March 2016

Full team in place


Timo SalzsiederChief Operating Officer

Georg HesseChief Executive Officer

Dirk SchmelzerChief Financial Officer

Anja KeckeisenChief Executive Officer HolidayCheck AG

Philipp GoosChief Executive Officer Zoover & Meteovista/WeerOnline

22 March 2016

Outlook


Our goal: become the most Urlauber*-centric company in our industry


* Urlauber [uːɐlaʊbɐ] is the German term for vacationer, holiday-maker

22 March 2016

• Offer full range around the needs of the Urlauber

• Build on core values of the group: trust, reliability, transparency

• Create continuous customer

experience on all devices

• Long-term customer-centric culture of continuous innovation

• M&A: Build where we can, buy where we need

Next steps

Appendix


Financial calendar 2016*

* Provisional dates


Date Event Location

31 March 2016 Publication of the annual report 2015 (German version) Munich, Germany

04 May 2016 Publication of the 1Q 21016 interim report (German version) Munich, Germany

16 June 2016,

11 a.m. CET

Annual General Meeting Haus der Bayerischen Wirtschaft,

Max-Joseph-Str. 5, Munich, Germany

05 August 2016 Publication of the Interim Report for 2Q 2016 (German version) Munich, Germany

8 November 2016 Publication of the Interim Report for 3Q 2016 (German version) Munich, Germany

November 2016 Corporate presentation at the German Equity Forum 2016 Frankfurt, Gemany

22 March 2016

TOMORROW FOCUS AG | Neumarkter Str. 61 | 81673 Munich, Germanywww.tomorrow-focus.dewww.twitter.com/tomorrowfocus

Contact

Dirk SchmelzerChief Financial Officer+ 49 (0)89 [email protected]


Armin Blohmann Head of Group Communications & IR+49 (0)89 [email protected]

Georg HesseChief Executive Officer+ 49 (0)89 [email protected]

22 March 2016

Disclaimer

26

This presentation contains 'forward looking statements' regarding TOMORROW FOCUS AG or TOMORROW FOCUS GROUP,including opinions, estimates and projections regarding TOMORROW FOCUS AG’s or TOMORROW FOCUS GROUP’s financialposition, business strategy, plans and objectives of management and future operations. Such forward looking statements involveknown and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievementsof TOMORROW FOCUS AG or TOMORROW FOCUS GROUP to be materially different from future results, performance orachievements expressed or implied by such forward looking statements.These forward looking statements speak only as of the date of this presentation and are based on numerous assumptions which mayor may not prove to be correct.No representation or warranty, express or implied, is made by TOMORROW FOCUS AG or TOMORROW FOCUS GROUP withrespect to the fairness, completeness, correctness, reasonableness or accuracy of any information and opinions contained herein.The information in this presentation is subject to change without notice, it may be incomplete or condensed, and it may not contain allmaterial information concerning TOMORROW FOCUS AG or TOMORROW FOCUS GROUP.TOMORROW FOCUS undertakes no obligation to publicly update or revise any forward looking statements or other information statedherein, whether as a result of new information, future events or otherwise.

Final results 2015 | Hesse, Salzsieder & Schmelzer 22 March 2016

georg hesse (ceo) - timo salzsieder (coo) - dr. dirk ... · 22 march 2016 2 revenue 2015 is 4%...

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