1 Q1 2002 Results Presentation, 13 May 2002 London Stock Exchange: EBR Nasdaq: EBKR (ADR) Neuer...
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Transcript of 1 Q1 2002 Results Presentation, 13 May 2002 London Stock Exchange: EBR Nasdaq: EBKR (ADR) Neuer...
1
Q1 2002 Results Presentation, 13 May 2002
London Stock Exchange: EBR
Nasdaq: EBKR (ADR)
Neuer Markt: eb6 (ADR)
FINAL UK GAAP 13/05/2002 09:04
2
Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in such forward looking statements. Potential risks and uncertainties include, without limitation, the company’s ability to manage and integrate the operations of its subsidiaries across Europe, to significantly increase online revenues and sales volumes, to maintain and develop relationships with travel suppliers, strategic partners, computer reservation systems and providers of negotiated fares, to compete with airlines and other online companies in the sale of discounted fares, to respond to potential adverse changes in the company’s gross mark up or commission rates, to comply with new and existing regulations affecting electronic commerce and travel sales in the jurisdictions in which the company does business, to respond to unforeseen events affecting the travel industry, to attract and retain customers, to develop customer recognition of the company’s brand, and to protect the company’s intellectual property rights in the company’s brand, name, and information systems. These and other risk factors are described in detail in the company’s listing particulars dated 17 April 2001, as supplemented by the company's supplementary listing particulars dated 20 April 2001, and the company's Annual Report on Form 20-F for the year ended 31 December 2000 that was filed with the US Securities and Exchange Commission on 27 April 2001.
Disclaimer
3
Q1 2002 Financial Results
Financial review
4
Strong sales rise signals recovery from September 11
19.2
25.527.4
30.1
42.3
48.7 49.4
39.4
60.6
0
10
20
30
40
50
60
70
Q1 2000 Q2 2000 Q3 2000 Q4 2000 Q1 2001 Q2 2001 Q3 2001 Q4 2001 Q1 2002
£m
Gross sales = the total transaction value of all products sold. Also includes GDS segment income and advertising revenue.
5
Record gross profit
1.92.3
2.62.9
4.34.7
6.4
4.9
6.7
0
1
2
3
4
5
6
7
8
Q1 2000 Q2 2000 Q3 2000 Q4 2000 Q1 2001 Q2 2001 Q3 2001 Q4 2001 Q1 2002
£m
6
Cash on balance sheet increases for first time
31.0
28.9
22.9
20.1
22.5
0
5
10
15
20
25
30
35
Q1 2001 Q2 2001 Q3 2001 Q4 2001 Q1 2002
£m
Net cash on balance sheet
7
Expenses decrease despite sales growth
13.0
10.810.3
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
Q1 2001 Q4 2001 Q1 2002
£m
Total operating expenses (inc depreciation, amortisation, exceptionals, stock compensation)
8
EBITDA loss – improves to one fifth of same quarter last year
-2.9
-1.3
-6.5-7
-6
-5
-4
-3
-2
-1
0
1
Q1 2001 Q4 2001 Q1 2002
£m
EBITDA (excluding stock compensation and exceptional items)
9
Major reduction in pre-tax loss
-8.6
-5.9
-3.5
-11
-9
-7
-5
-3
-1
1
Q1 2001 Q4 2001 Q1 2002
£m
10
28%
21%
17%
14% 14%12%
7%
10%
6%
11%10%
14%13%
10%8%
6%
9%
6%
3%2% 2%
1%2%
1% 1% 1% 1%
42%
32%34%
28%
26%
22%
14%
20%
13%
Q1 2000 Q2 2000 Q3 2000 Q4 2000 Q1 2001 Q2 2001 Q3 2001 Q4 2001 Q1 2002
Marketing and sales G&A Technology Total
Operational gearing - expenses decrease despite sales growth
Operating expenditure as % of gross sales – excluding stock compensation, depreciation, amortisation
9/11
11
Summary – Quarterly financials
(£m) Q1 2002 % Q4 2001 Q1 2001
Gross sales 60.6 +54% 39.4 42.3
Gross profit 6.7 +36% 4.9 4.3
Gross profit (%) of gross sales 11.1% 10.3%
EBITDA (excl stock compensation and exceptional items)
(1.3) +56% (2.9) (6.5)
Total operating expenses (exc stock compensation, dep, amort + exceptional )
(8.0) -2% (7.9) (10.8)
Pre-Tax Loss (3.5) +40% (5.9) (8.6)
Cash 22.5 +12% 20.1 31.0
12
Summary information (UK GAAP)
LSE Price (9/5/02) £1.53
Shares outstanding 46,833,515
Free float 19,955,344 (42.6%)
Market Capitalization £71.7m
Cash on balance sheet £22.5m
FY Ends Dec 1999 2000 2001
Gross sales £15.4m £102.2m £179.8m
Av shares outstanding
26.96m 37.102m 46.336m
Market Cap / Gross sales
4.7 x 0.7 x 0.4 x
First fundraising round - IPO November 1999 - raised $61m
Second fundraising round - July 2000 - raised $45m
* Gross booking value (Gross sales) = the total ticket values as paid by the customers
Revenue = the mark up on merchant sales, and the commission on published sales
London Stock Exchange (EBR) Ordinary shares traded
Nasdaq (EBKR) ADRs traded (1 ADR = 2 ordinary shares)
Neuer Markt, Frankfurt (eb6) ADRs traded. Delisting applied for.
13
Recent Developments - India back office operations launch
New 20,000 sq ft operation situated in Delhi. Opening Ceremony April 2002
200 staff already
Cost savings on future growth vs servicing same growth in Europe
14
ebookers attracts top portals
Yahoo! UK and Ireland – went live April
AOL – Germany and UK – contract renewed
Major European portal. To go live soon in Holland
15
Press ad
Radio advertising Posteremail newsletters
Portals
Cost efficient market mix
Marketing spend per booking falls dramatically
11
101
75
62
47 51
38
10 12
0
20
40
60
80
100
120
Q1 2000 Q2 2000 Q3 2000 Q4 2000 Q1 2001 Q2 2001 Q3 2001 Q4 2001 Q1 2002
GBP
16
Summary
• Europe – a great market
• Full recovery from September 11
• High growth