wotif.com half year results to december 2010
DESCRIPTION
Wotif.com Holdings Limited's half year results for the 6 month period ended 31 December 2010.TRANSCRIPT
ASX196
WOTIF.COM HOLDINGS LIMITED ABN 41 093 000 456 | 7 Baroona Road Milton QLD 4064 Australia | Phone: +61 7 3512 9965 Fax: +61 7 3512 9914 Email: [email protected]
ASX ANNOUNCEMENT
Wotif.com Holdings Limited ABN 41 093 000 456
Wednesday 23 February 2011
Presentation Material - Half Year Results Please find attached presentation material to be used in investor presentations with respect to Wotif.com Holdings Limited's half year results for the 6 month period ended 31 December 2010. For further information or to arrange an interview with Robbie Cooke (Managing Director/Group CEO) or Craig Dawson (Chief Financial Officer):
Media enquiries please contact: Analysts and institutions please contact:
Kate Fisher Public Relations Manager, Australia & New Zealand Ph: (+61) 7 3512 9920 Mob: (+61) 0410 085 103 Email: [email protected]
Cath McMurchy Executive Assistant Ph: (+61) 7 3512 9965 Email: [email protected]
H1FY11 - Group Milestones
1
Australian Bureau of Statistics data demonstrates accommodation segment share maintained
Number 1 position in Australia and New Zealand
First stage of multi-lingual functionality launched for Asian operations (Chinese, Japanese, Thai and Indonesian Bahasa)
Record TTV – $567 million (up 1%)
Flight booking numbers up 13% (domestic benefit of Wotflight)
Trans-Tasman flights introduced on Wotflight
18,150+ properties directly represented (up 8%)
Group Data Centre consolidation completed
Wotif.com booking window extended from 3 months to 6 months
Additional 3,400 properties from Tourico
H1FY11 – Group Financial Highlights
Group room rate up 5% - (Wotif.com rates up 5.9%)- (Asia Web Direct rates down 10.2%)
Record $567 million in TTV (H2FY10 $532 million; H1FY10 $562 million)
2
Revenue growth to $71 million (H2FY10 $66 million; H1FY10 $70 million)
3.6 million room nights sold (H2FY10 3.4 million; H1FY10 3.7 million)
Flight booking numbers up 13%
Flights TTV up 3% to $41.9 million
1.9 million bookings (H2FY10 1.8 million; H1FY10 1.9 million)
NPAT $25.4 million (H2FY10 $25.4 million; H1FY10 $27.6 million)
Marketing costs up $3.1 million
H1FY11 – Group Financial Highlights
Group NPBT margin 50% (H1 FY2010: 55%)
3
Average length of stay 1.91 nights (H1FY2010: 1.96 nights)
Group accommodation revenue margin 12.1% (H1 FY2010: 12.1%)
79% dividend payout ratio (H1 FY2010: 68%)
9.5¢ fully franked interim dividend per share (H1 FY2010: 9.0¢)
Wotif.com average lead time 13.76 days (H1 FY2010: 13.45 days)
H1FY11Actual ($m)
H2FY10Actual ($m)
H1FY10Actual ($m)
% Change H1FY11 vs
H1FY10
% Change H1FY11 vs
H2FY10
- Accommodation TTV- Flights and other TTVTotal transaction value
520.50246.440
566.942
483.14048.415
531.555
517.08045.375
562.455
1%2%1%
8%4%7%
- Accommodation revenue- Flights and other revenue- Interest revenueTotal revenue
63.1265.8842.013
71.023
58.5716.2171.535
66.323
62.3746.0081.308
69.690
1%2% 54%2%
8%5% 31%7%
Total operating expenses (32.245) (28.310) (28.437) 13% 14%
Net profit before depreciation, amortisation and taxation
38.778 38.013 41.253 6% 2%
Depreciation (1.487) (1.265) (1.052) 41% 18%
Amortisation of IT Development Costs (1.386) (1.613) (1.502) 8% 14%
Other amortisation (0.151) (0.150) (0.128) 18% 1%
NPBT 35.754 34.985 38.571 7% 2%
Income tax (10.363) (9.603) (11.005) 6% 8%
NPAT 25.391 25.384 27.566 8% N/M
Key items:
H1FY11 – Group Financial Performance
4.8% decrease in room nights sold
5% increase in Group room rate
Increased offline and online marketing costs
4
Group Performance since FY04
5
Margin
H1FY11Actual
H2FY10Actual
H1FY10Actual
Accommodation revenue % of accommodation TTV 12.1% 12.1% 12.1%
Total revenue % of TTV 12.5% 12.5% 12.4%
NPBT % of total revenue 50.3% 52.8% 55.4%
H1FY11 - Group Margins
6
Consolidated Consolidated
December 2010A$’000
June 2010A$’000
CURRENT ASSETS
Cash and cash equivalents 119,518 103,592
Trade and other receivables 4,489 5,087
Available-for-sale financial assets - 967
TOTAL CURRENT ASSETS 124,007 109,646
NON-CURRENT ASSETS
Receivables and other non-current assets 161 135
Property, plant and equipment 22,820 20,992
Deferred tax assets 7,873 9,073
Intangible assets and goodwill 86,869 89,679
TOTAL NON-CURRENT ASSETS 117,723 119,879
TOTAL ASSETS 241,730 229,525
CURRENT LIABILITIES
Trade and other payables 149,622 135,205
Interest-bearing liabilities 4 34
Income tax payable 3,605 3,762
Provisions 1,334 1,388
TOTAL CURRENT LIABILITIES 154,565 140,389
NON-CURRENT LIABILITIES
Interest-bearing liabilities 101 112
Deferred tax liabilities 2,678 2,678
Provisions 440 426
TOTAL NON-CURRENT LIABILITIES 3,219 3,216
TOTAL LIABILITIES 157,784 143,605
NET ASSETS 83,946 85,920
EQUITY
Contributed equity 28,209 25,574
Retained earnings 53,752 54,694
Reserves 1,985 5,652
TOTAL EQUITY 83,946 85,920
Group Balance Sheet
7
Group Accommodation – Properties Directly Represented
8
Period
Nu
mb
er
of
pro
pert
ies
28%
9%
29%
18%
Rest of world
Asia
Australia & New Zealand
7,920
FY06
4,405
2,745
770
10,108
FY07
5,483
3,257
1,368
H1FY08
10,988
6,008
3,157
1,823
H1FY09
14,228
7,099
3,408
3,721
H1FY10
16,762
7,846
3,846
5,070
H1FY11
18,154
8,571
4,296
5,287
8%
H1FY11Properties
H1FY10Properties
% PCP
Australia & New Zealand 8,571 7,846 9%
Asia 5,287 5,070 4%
Rest of World 4,296 3,846 12%
Total 18,154 16,762 8%
Group Accommodation – Properties Directly Represented
Plus 3,400 properties from Tourico
9
Group Accommodation – Properties by Region
More than 18,150 properties from 59 countries on our websites
10
Staff in 18 countries on five continents
Group Accommodation – Room Nights Sold
11
Period
Rest of world
Asia
Australia & New Zealand
Ro
om
Nig
hts
H1 FY07
1.825m
1.682m
0.084m
0.059m
H1 FY06
1.240m
1.143m
0.047m0.050m
22%
37%
22%
47%
H1 FY08
2.011m
0.140m
0.066m
2.217m
H1 FY09
2.474m
0.489m
3.034m
0.071m
H1 FY10
3.025m
0.587m
3.710m
0.099m
4%
H1 FY11
2.943m
3.554m
0.518m
0.094m
H1FY11Room nights (m)
H2FY10Room nights (m)
H1FY10Room nights (m)
% Change H1FY11 vs
H1FY10
% Change H1FY11 vs
H2FY10
Australia & New Zealand 2.943 2.845 3.025 2.7% 3.4%
Asia 0.518 0.480 0.587 11.8% 7.8%
Rest of World 0.094 0.084 0.099 4.7% 12.5%
Total 3.554 3.409 3.710 4.2% 4.3%
Group Accommodation - Segment Performance
12
Group Accommodation – Weekly Room Nights
13
Wotif Group - Share of Total Australian Accommodation*
*Source: Australian Bureau of Statistics (8635.0 - Tourist Accommodation, Australia, Sep 2010) - Takings from accommodation of establishments with 15 or more rooms.Note: From September quarter 2010, the scope of the survey has been reduced to comprise the following categories of establishments: hotels and resorts with 15 or more rooms; motels, private hotels and guest houses with 15 or more rooms; serviced apartments with 15 or more units.
14
Group Accommodation – Key Brand AttributesNo 1 Australian and New Zealand brand (Hitwise)
4.3 million visits (non-unique) per month (traffic up 15% on PCP)
254,800 bookings per month
Approximately 60% of bookings direct type in “Wotif.com”
Circa 10% “look to book” conversion rate
Brand awareness above 45% (Australia)
1.2 million visits (non-unique) per month
39,300 bookings per month
15
Circa 4% “look to book” conversion rate (accommodation)
Brand awareness above 59% (Australia)
Large Australian and New Zealand audience
Group Accommodation – Key Brand Attributes
2.5 million visits (non-unique) per month
More than 56% of traffic pan-Asian
Online/offline offering
Experienced phone-based travel experts
Access to Wotif.com inventory – unique position
16
Powers leading Travel Management Companies
0.8% “look to book” conversion rate
Wot’s Coming
17
International flights - Wotflight
New mobile functionality
Further multi-lingual content Asia
Introduction of our first localised joint venture in Asia
Outlook“The start to the second half was far from ideal – with cyclones and floods savaging much of Queensland and floodsimpacting northern New South Wales and Victoria in January – we have notwithstanding managed to maintain our bottom line performance at the levels achieved in January last year. Whilst it is still too early to extrapolate, we have seen forward booking levels (not check-ins) on Wotif.com over the last 10 days return to low double-digit growth. We have seen similar trends on our lastminute.com.au site.”