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
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