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Investor Presentaiton

4 A BUSINESS MODEL THAT HAS PROVEN A STRONG CASH GENERATION (IN EUROS MILLION) FY15 FY16 FY17 FY18 FY19 RECURRING EBITDA 90,5 95,8 107,3 118,3 119,6 CAPEX (35,2) (30,5) (29,5) (28,9) (28,8) REC. EBITDA - CAPEX 55,3 65,3 77,8 89,4 90,8 NWC (*) 8,5 (2,3) 36,0 14,4 TAXES (6,0) (4,8) (7,4) (8,1) (13,8) FINANCIAL EXPENSES (43,1) (40,3) (40,9) (40,4) (27,7) RECURRING FCF 14,7 17,9 65,5 55,3 WC INVES. IN CHANGE OF REVENUE MODEL DEBT REPAYMENTS 0,1 (0,7) (52,7) (10,9) 49,3 (30.0) (7,1) REFINANCING / IPO (18,1) (33,7) RESTRUCTURING (8,6) (2,5) (1,0) (13,1) OTHER NON RECURRING (12,3) (4,5) (0,3) (3,3) NON-RECURRING FCF (38,9) (7,7) (54,0) (27,3) (1,2) (42,0) CASH VARIATION (24,2) 10,2 11,5 28,0 (22,7) TOTAL CASH 121,8 132,0 143,5 171,5 148,8 RECURRING FCF TO EBITDA 16% 19% 61% 47% 41% (*) Includes operating NWC variation as well as non cash items impact to show actual cash variation. Source: eDO Financial Statements eDreams ODIGEO 39 1. EBITDA - Capex annual cash flow improved by €36m between FY15 and FY19 from €55m to €91m. 2. WC items have contributed to generate cash, on average €14 million annually in the four years up to FY18. In FY19 WC absorbed the one- off impact of accelerating the change in the business model. 3. The successful refinancing has allowed us to improve the recurring FCF by c.€13m per year. 4. A significant amount of that recurring FCF has been reinvested into different initiatives to improve the robustness of our business in the long term. 5. Despite those investments and the significant FY19 WC headwinds total cash has increased by €30m between FY15 and FY19. 6. Recurring FCF to EBITDA above 40% the last three years INVESTOR PRESENTATION
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