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HOMETOGO SE Investor Presentation 2021
9322_ip_2021-11-15_e9b3448e-2ef2-453c-8304-4b3818e37a9d.pdf
Investor Presentation
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Disclaimer
Forward-Looking Statements
This Presentation contains certain forward-looking statements, including statements regarding HomeToGo's future business and financial performance. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. These forward-looking statements reflect, at the time made, HomeToGo's beliefs, intentions and current targets/aims concerning, among other things, HomeToGo's results of operations, financial condition, liquidity, prospects, growth and strategies. Forward-looking statements include statements regarding: objectives, goals, strategies, outlook and growth prospects; future plans, events or performance and potential for future growth; liquidity, capital resources and capital expenditures; economic outlook and industry trends; developments of HomeToGo's markets; the impact of regulatory initiatives; and the strength of HomeToGo's competitors. Forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The forward-looking statements in the Presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in HomeToGo's records and other data available from third parties. Although HomeToGo believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Forward-looking statements are not guarantees of future performance and such risks, uncertainties, contingencies and other important factors could cause the actual outcomes and the results of operations, financial condition and liquidity of HomeToGo or the industry to differ materially from those results expressed or implied in the Presentation by such forward-looking statements. No representation or warranty is made that any of these forward-looking statements or forecasts will come to pass or that any forecast result will be achieved. Undue influence should not be given to, and no reliance should be placed on, any forward-looking statement. No statement in the Presentation is intended to be nor may be construed as a profit forecast. It is up to the recipient to make its own assessment of the validity of any forward-looking statements and assumptions. No liability whatsoever is accepted by HomeToGo or any of HomeToGo's Representatives or any other person in respect of the achievement of such forward-looking statements and assumptions.
Use of Non-IFRS Measures
The Presentation includes certain financial measures (including on a forward-looking basis) that have not been prepared in accordance with International Financial Reporting Standards as adopted by the International Accounting Standards Board ("IFRS"). These non-IFRS measures are an addition, and not a substitute for or superior to, measures of financial performance prepared in accordance with IFRS and should not be considered as an alternative to net income, operating income or any other performance measures derived in accordance with IFRS. HomeToGo believes that these non-IFRS measures of financial results (including on a forward-looking basis) provide useful supplemental information to investors about HomeToGo. These projections are for illustrative purposes and should not be relied upon as being necessarily indicative of future results. Metrics that are considered non-IFRS financial measures are presented on a non-IFRS basis without reconciliations of such forward looking non-IFRS measures due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. They are subject to inherent limitations as they reflect the exercise of judgments by management about which expenses and income are excluded and included in determining these non-IFRS financial measures. In order to compensate for these limitations, management presents non-IFRS financial measures in connection with IFRS results. In addition, other companies may calculate non-IFRS measures differently, or may use other measures to calculate their financial performance, and therefore, HomeToGo's non-IFRS measures may not be directly comparable to similarly titled measures of other companies.
Financial Information
This Presentation contains unaudited financial information for HomeToGo, which may be subject to change.
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Q3 2021 Financial Results and Earnings Call
November 2021
making incredible homes
easily accessible to everyone
4
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Handelsblatt
Freienhausplattform Hometogo kann an der Frankfurter Börse starten
Die Mütterin des Börsenmarktes am Leimstr. haben die
Übernahme zugestimmt. Ein Reitstr. sorgt aber vor der
Ration aus – ein realen ganz Wert.
HomeToGo goes public!
PATRICK ANDRAE
Mitbegründer und Chef von HomeToGo
FORTUNE
Germany's answer to AirBnB hopes to spark a SPAC boom in Europe
www.airbnb.com
Insight Partners
43,000 Followers
12
★ Follow ★★★
Congratulations to HomeToGo, a marketplace with the world's largest selection of vacation rentals, on going public!
We've always known how incredibly impressive the HomeToGo team was — Insight led the company's Series B, C and D rounds. While seeing them achieve this #ScaleUp milestone is no surprise to us, we couldn't be more thrilled for the team.
INSEHT
Congrats to HomeToGo on going public on the Frankfurt Stock Exchange!
SCALEUP MILESTONE
> We would be popular if the HomeToGo team for achieving this important
milestone, which will help further their success — make the world's incredible vacation homes easily accessible to everyone. We've been Americans, Europe, Europe, including Africa, America, Asia, and leading from anywhere. These trends will continue, drive demand for alternative travel experiences.
This lammelsoot: Honigy Drenne is Insight Partners
Blaomberg
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LIVE Berlin
Patrick Andrae
> HOMETOGO CEO
TRAVEL STARTUP HOMETOGO DEBUTS IN FRANKFURT
Executive Summary: Record performance continues with high Q3 EBITDA$^{(1)}$ resulting in raise of Revenue guidance for FY2021
- Record performance continues on the back of strong European business and growing Subscriptions & Services business
- Highest-ever Booking Revenues for both Q3/21 with €28 million (+49% vs. Q3/19 and +10% vs. Q3/20) and 9M/21 with more than €100 million (+53% vs. 9M/19 and +42% vs. 9M/20) driven by strong onsite business and increase in take rate
- Following marketing push in H1/21 record onsite Booking Revenue in both Q3/21 and 9M/21, resulting in onsite Booking Revenue share accelerating to 47% in Q3/21 and 41% in 9M/21
- Q3/21 Take Rate jumps to 9.5% in Q3/21 (+53% vs. Q3/19 and +46% vs. Q3/20) on the back of higher onsite share
- Highest-ever GBV in 9M/21 (+18% vs. 9M/19 and +9% vs. 9M/20)
- Record Revenue in Q3/21 of €44 million (+40% vs. Q3/19 and +27% vs. Q3/20) and 9M/21 of €74 million (+23% vs. 9M/19 and +28% vs. 9M/20)
- Subscriptions & Services revenues up significantly in 2021: Q3/21 to €2.4m (+158% vs. Q3/19 and +58% vs. Q3/20) and 9M/21 to €6.2m (+116% vs. 9M/19 and +32% vs. 9M/20)
- Adjusted EBITDA excl. one-off expenses in Q3/21 $2^{nd}$ best result ever, an increase of +36% versus Q3/19, a margin of 34.6%. The absolute amount of € 15 million almost the same level as in 3Q/20 while invest into acquiring onsite consumers
- Raised FY2021 Revenue guidance to € 85-90 million (+29-37% vs. FY 2020), Booking Revenue in Oct and Nov continues with record performance despite the increasing numbers of the Delta-Variant of Covid
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EBITDA Adjusted for expenses for share-based payments and one-off items
HomeToGo Q3 Business Highlights
Continue to enhance every part of the flywheel of our SaaS enabled marketplace
More demand = more data
to optimize product incl. machine learning (ML),
running >100 A/B tests in parallel to improve
existing and release new features continuously
(already offering flexible date search since 2018)
Demand
3rd highest quarter ever in traffic
- 360° (re)branding campaign incl. TV
- new record of >25m HomeToGo Group
user accounts
Better leveraged data
drives higher conversion of consumers, e.g. by
new machine learning model for ranking/sorting
with great results
Supply
Now >15m accommodation Offers
- most comprehensive inventory (1) in one place
- Take Rate (2) of 9.5% in Q3/21 (last 100 partners
added with >13% avg. Take Rate) fueled by strong
onsite business
Continued focus on Subscriptions & Services to further enable the whole ecosystem
- Revenues increased significantly in 2021: Q3/21 +158% vs. Q3/19 and 9M/21 +116% vs. 9M/19
- Acquired a 19% stake in SECRA, a leader in vacation rental management support,
offering specialized software solutions for owners, agencies and destinations
(1) Relating to the total number of aggregated alternative accommodation Offers as of beginning of October 2021
(2) Take Rate is defined as Booking Revenues divided by Gross Booking Value (excl: Hotels, Feries, Escapada Rural & Smooth)
7
Q a new zeitgeist
Alternative accommodation – a structural trend only further accelerated by Covid-19
Safety is a new dealbreaker
Own home wins over crowded hotel
Boom in (sustainable) domestic travel
as countries encourage citizens to holiday at home – the home turf of vacation rentals
"Workation"
Home office can be anywhere
"Consumer demand for alternative accommodations", Fogel said, "that doesn't go back."
Glenn Fogel, CEO Booking.com, Shift, March 2021
BRAND
Our rebranding has received broad positive feedback
BOOKING REVENUE
Record Booking Revenue(1) driven by steep increase of share of onsite transactions and Subscriptions & Services
Subscriptions & Services revenues up significantly in 2021: Q3/21 to €2.4m (+158% vs. Q3/19 and +58% vs. Q3/20) and 9M/21 to €6.2m (+116% vs. 9M/19 and +32% vs. 9M/20)
9 Months Performance
€ million
3rd Quarter Performance
€ million
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Non-PRS operating metric to measure intra-month performance view defined as net Euro value generated by transactions (CPA, CPC, CPL, Subscriptions & Services etc.) before cancellation
BOOKING REVENUE
Onsite Booking Revenue⁽¹⁾ in Europe makes up more than 50%, while North America is on a steep growth trajectory
Onsite Share Europe
% of Booking Revenues
Onsite Share North America
% of Booking Revenues
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Non-PAS operating metric to measure intra-month performance view defined as net Euro value generated by transactions (CPA, CPC, CPL, Subscriptions & Services etc.) before cancellation
TAKE RATE
Record Take Rate⁽¹⁾ in 2021 driven by high share of onsite
Strong Take Rate increase in Q3/21 supported by strong CPC
Overall Take Rate Guidance
2021: > 7.2%
2022: 7.7%
2023: 8.6%
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(1) Take Rate is defined as Booking Revenues divided by Gross Booking Value (excl. Hotels, Feries, Escapada Rural & Smoobu)
BASKET SIZE
Basket size influenced by seasonality and destination mix - making effects of new use cases like “workations” visible
Basket size(1)
in €
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CPA basket size defined as CPA Gross Booking Value per booking, before cancellations
GROSS BOOKING VALUE
Record Gross Booking Value in 9M/21
2nd best Q3 Gross Booking Value in the history of HomeToGo influenced by strong onsite business; Q4 demand well ahead of 2019 and 2020
9 Months performance
€ million
3rd Quarter performance
€ million
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© G3/20 included pent-up demand from Q2/20 due to Covid
REVENUE
Record Q3 and 9M (IFRS) Revenues(1) on the back of strong onsite and Subscriptions & Services
Subscriptions & Services revenues up significantly in 2021: Q3/21 to €2.4m (+158% vs. Q3/19 and +58% vs. Q3/20) and 9M/21 to €6.2m (+116% vs. 9M/19 and +32% vs. 9M/20)
9 Months Performance
€ million
3rd Quarter Performance
€ million
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CPA Revenue recognized on check-in date; due to rounding of numbers, charts do not always sum up to total
ADJ. EBITDA
Major travel season Q3 drives positive EBITDA⁽¹⁾
9 months EBITDA of 2021 adjusted for €13m of SPAC related costs
9 Months performance
€ million
- Adj. EBITDA
- H1 Marketing push to grow the onsite⁽²⁾
3rd Quarter performance
€ million
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15 EBITDA adjusted for expenses for share-based payments and one-off items
20 H1/2021 Marketing push to grow the onsite business as onsite customers have significantly higher CLVs
15
WORKING CAPITAL
Seasonality of working capital
Marketing spend during first half of the year while cash inflows from Revenue during second half of the year
Receivables(1)
€ million
Accounts Payable(3)
€ million
- Q3/21 accounts payable impacted by SPAC-related expenses
- In the current business model, our operating cash flow varies seasonally with a slight delay in Revenue and is significantly affected by the timing of our performance marketing spend
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(1) Trade and other receivables (current)
(2) Future receivables from Booking Revenue (adjusted for estimated cancellations) which have not been recognized as Revenue due to check-in in the future
(3) Trade and other payables (current)
16
OUTLOOK - BOOKING REVENUE
Booking Revenue(1) continues with record performance besides the increasing numbers of the Delta-Variant of Covid
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15 Non-PRS operating metric to measure intra-month performance view defined as net Euro value generated by transactions (CPA, CPC, CPL, Subscriptions & Services etc.) before cancellation
20 HomeToGo Group Booking Revenue by booking date (incl. all subsidiaries)
GUIDANCE
2021 Revenue guidance raised to € 85-90 millions
Gross booking value
€ billions
2021E(1)
Revenue
€ millions
85-90
2022E(1)
7.7% Take Rate
120-135
2022E
2023E
8.6% Take Rate
180-210
2023E
Long-term growth rate
Revenue growth in 2025 expected to moderate to c.30%
Subscription Revenue growth
Subscriptions & Services Revenue expected to account for 20%+ by the end of year 3
Breakeven profitability
Targeting to be breakeven within 2 years, long-term EBITDA margin target of 35%+
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15 Update in guidance
20 Take Rate is defined as Booking Revenue divided by Gross Booking Value (excl. Hotels, Feries, Escapada Rural & Smoothu)
18
OUTLOOK
Resilient model with attractive financial profile and strategy – FY2021 Revenue guidance raised
Market
World-wide recovery in demand including international bookings and secular tailwinds for alt. accommodation
Strategy showing strong results
Increasing share of onsite bookings (>50% in Europe) contributing to higher Take Rate
Subscriptions & Services growing strongly
FY 2021 Revenue guidance raised
Strong onsite business and demand forecast drives more Revenue than initially guided
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Appendix
Consolidated Statement of Profit or Loss – 9M/2021
in € thousands
| Jan 1, 2021 - Sep 30, 2021 | Jan 1, 2020 - Sep 30, 2020 | |
|---|---|---|
| Revenue | 73,633 | 57,361 |
| Cost of revenues | (3,028) | (2,053) |
| Gross profit | 70,604 | 55,307 |
| Product development and operations | (15,949) | (11,306) |
| Marketing and sales | (80,726) | (42,742) |
| General and administrative | (104,637) | (8,265) |
| Other expenses | (479) | (365) |
| Other income | 2,131 | 874 |
| Profit (loss) from operations | (129,055) | (6,497) |
| Finance income | 2,438 | 0 |
| Finance costs | (38,212) | (4,817) |
| Profit (loss) before tax | (164,829) | (11,314) |
| Income taxes | 1,756 | 741 |
| Net profit (loss) | (163,073) | (10,573) |
| Profit (loss) from operations | (129,055) | (6,497) |
| Depreciation and amortization | 3,200 | 2,553 |
| Expenses for Share-based payments | 97,937 | 8,521 |
| Adjusted EBITDA | (27,918) | 4,578 |
| One-offs | 11,272 | -300 |
| Adjusted EBITDA excl. one-offs | (16,646) | 4,277 |
Consolidated Statement of Profit or Loss – Q3/2021
in € thousands
| Jul 1, 2021 - Sep 30, 2021 | Jul 1, 2020 - Sep 30, 2020 | |
|---|---|---|
| Revenue | 43,601 | 34,305 |
| Cost of revenues | (1,197) | (762) |
| Gross profit | 42,403 | 33,543 |
| Product development and operations | (7,162) | (3,600) |
| Marketing and sales | (27,369) | (14,818) |
| General and administrative | (89,417) | (2,712) |
| Other expenses | (441) | (72) |
| Other income | 990 | 408 |
| Profit (loss) from operations | (80,995) | 12,748 |
| Finance income | 2,437 | 0 |
| Finance costs | (23,690) | (1,114) |
| Profit (loss) before tax | (102,248) | 11,635 |
| Income taxes | 1,635 | 128 |
| Net profit (loss) | (100,613) | 11,763 |
| Profit (loss) from operations | (80,995) | 12,748 |
| Depreciation and amortization | 1,138 | 995 |
| Expenses for Share-based payments | 86,864 | 3,221 |
| Adjusted EBITDA | 7,006 | 16,965 |
| One-offs | 8,082 | (313) |
| Adjusted EBITDA excl. one-offs | 15,089 | 16,652 |
Consolidated Statement of Financial Position
Assets
| in € thousands | Sep 30, 2021 | Dec 31, 2020 |
|---|---|---|
| Intangible assets | 65,914 | 41,570 |
| Property, plant and equipment | 15,428 | 16,413 |
| Trade and other receivables (non-current) | 1,414 | 1,414 |
| Income tax receivables (non-current) | 79 | 34 |
| Other financial assets (non-current) | 4,774 | 1,485 |
| Other assets (non-current) | 197 | 68 |
| Non-current assets | 87,806 | 60,984 |
| Trade and other receivables (current) | 21,323 | 5,647 |
| Income tax receivables (current) | 79 | 139 |
| Other financial assets (current) | 1,945 | 549 |
| Other assets (current) | 1,345 | 1,246 |
| Cash and cash equivalents | 308,328 | 36,237 |
| Current assets | 333,020 | 43,819 |
| Total assets | 420,826 | 104,803 |
Equity and Liabilities
| in € thousands | Sep 30, 2021 | Dec 31, 2020 |
|---|---|---|
| Equity | 302,140 | 22,865 |
| Subscribed capital | 2,441 | 93 |
| Capital reserves | 510,572 | 113,280 |
| Retained Earnings | (275,728) | (112,656) |
| Other reserves | 64,856 | 22,148 |
| Trade and other payables (non-current) | 3 | - |
| Convertible loans (non-current) | - | 33,132 |
| Borrowings (non-current) | 10,878 | 3,557 |
| Other financial liabilities (non-current) | 13,544 | 26,139 |
| Provisions (non-current) | 441 | 558 |
| Other liabilities (non-current) | 839 | 1,105 |
| Income tax liabilities (non-current) | 0 | 17 |
| Deferred tax liabilities | 2,037 | 2,236 |
| Non-current liabilities | 27,743 | 66,745 |
| Trade and other payables (current) | 15,743 | 4,233 |
| Convertible loans (current) | - | - |
| Borrowings (current) | 2,576 | 2,114 |
| Other financial liabilities (current) | 19,742 | 1,574 |
| Provisions (current) | 1,260 | 1,100 |
| Other liabilities (current) | 51,600 | 6,156 |
| Income tax liabilities (current) | 23 | 16 |
| Current liabilities | 90,942 | 15,193 |
| Total liabilities | 118,685 | 81,938 |
| Total equity and liabilities | 420,826 | 104,803 |
24
Consolidated Cash Flow Statement
| in € thousands | Q3 2021 YTD | Q3 2020 YTD |
|---|---|---|
| Profit before income tax | (164,829) | (11,314) |
| Adjustments for: | ||
| Depreciation and amortization | 3,200 | 2,553 |
| Non-cash employee benefits expense - share-based payments | 89,403 | 8,521 |
| Finance costs - net | 35,774 | 4,817 |
| Net exchange differences | (495) | (478) |
| Change in operating assets and liabilities | ||
| (Increase) / Decrease in trade and other receivables | (15,428) | (17,949) |
| (Increase) / Decrease in other financial assets | (4,628) | 391 |
| (Increase) / Decrease in other assets | (72) | (568) |
| Increase / (Decrease) in trade and other payables | 10,093 | (1,673) |
| Increase / (Decrease) in other financial liabilities | 2,185 | (1,951) |
| Increase / (Decrease) in other liabilities | 5,922 | (6,088) |
| Increase / (Decrease) in provisions | 35 | 120 |
| Cash generated from operations | (38,840) | (23,619) |
| Interest and other finance cost paid (-) | (655) | (362) |
| Income taxes (paid) / received | 13 | (134) |
| Net cash (used in) provided by operating activities | (39,482) | (24,114) |
| Payment for acquisition of subsidiary, net of cash acquired | (13,235) | 0 |
| Payments for property, plant and equipment | (182) | (34) |
| Payments for (internally generated) intangible assets | (1,177) | (949) |
| Payments for financial assets at amortised costs | 5 | 0 |
| Proceeds from sale of property, plant and equipment | 2 | 0 |
| Net cash (used in) provided by investing activities | (14,587) | (983) |
| Proceeds from borrowings and convertible loans | 76,175 | 43,512 |
| Proceeds from recapitalization, net of redemptions | 178,474 | 0 |
| Proceeds from PIPE financing | 75,000 | 0 |
| Transaction costs | (1,818) | 0 |
| Repayments of borrowings and convertible loans | (1,613) | (1,125) |
| Principal elements of lease payments | (957) | (541) |
| Net cash(used in) provided by financing activities | 325,261 | 41,846 |
| Net increase (decrease) in cash and cash equivalents | 271,193 | 16,749 |
| Cash and cash equivalents at the beginning of the period | 36,237 | 10,972 |
| Effects of exchange rate changes on cash and cash equivalents | 898 | 339 |
| Cash and cash equivalents at end of the period | 308,328 | 28,061 |
GROSS BOOKING VALUE
Short-term demand drives European Share in Gross Booking Value to 80% in Q3 2021
9 Months Performance
€ million
3rd Quarter Performance
€ million
Europe
North America
RoW
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BOOKING REVENUE
Booking Revenue⁽¹⁾ share of Europe in Q3/21 higher than GBV given the strong contribution of onsite with higher Take Rates
9 Months Performance
€ million
Europe
North America
RoW
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Non-IRRS operating metric to measure intra-month performance view defined as net Euro value generated by transactions (CPA, CPC, CPL, Subscriptions & Services etc.) before cancellation
27
REVENUE
Regional YTD (IFRS) Revenue(1) split in line with prior years
9 Months Performance
€ million
3rd Quarter Performance
€ million
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CPA Revenue recognized on check-in date; due to rounding of numbers, charts do not always sum up to total
CANCELLATION RATE
Overall cancellation rate decreasing in Q3/2021
Effects including special effects like a higher share of CPC
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(1) Historical cancellation adjusted for current partner contracts
ADJ. EBITDA
Adjusted EBITDA and one-off items(1)
| Adjusted EBITDA reconciliation in €'000 | Q3/2020 | Q3/2021 | 9M/2020 | 9M/2021 |
|---|---|---|---|---|
| Profit (loss) from operations | 12,748.3 | (80,995.4) | (6,496.7) | (129,055.3) |
| Depreciation and amortization | 995.0 | 1,137.9 | 2,553.2 | 3,199.7 |
| Share-based payment expenses | 3,221.4 | 86,863.7 | 8,521.3 | 97,937.1 |
| thereof: | ||||
| Listing service expense (Sponsor and SPAC shareholder shares and warrants from De-SPAC) | - | 68,828.4 | - | 68,828.4 |
| HTG Virtual Stock Option Program | 3,221.4 | 18,035.3 | 8,521.3 | 29,108.7 |
| thereof recognized in: | ||||
| Product development and operations | 827.0 | 3,082.4 | 2,527.0 | 4,867.2 |
| Marketing and sales | 1,635.1 | 5,843.1 | 3,252.5 | 7,375.1 |
| General and administrative | 759.3 | 9,109.9 | 2,741.8 | 16,866.3 |
| Adjusted EBITDA | 16,964.8 | 7,006.2 | 4,577.8 | (27,918.5) |
| One-off items | (312.8) | 8,082.5 | (300.4) | 11,272.0 |
| thereof: | - | |||
| Business Combination | - | 9,593.6 | - | 12,681.4 |
| Mergers and Acquisitions | 7.5 | 109.7 | 11.7 | 476.3 |
| Covid-19 related Restructuring | 17.4 | - | 25.7 | |
| Other | - | 267.9 | - | 417.6 |
| Income from Government Grants | (337.8) | (155.9) | (337.8) | (454.7) |
| Capitalized transaction costs under IFRS | - | (1,732.8) | - | (1,848.6) |
| Adjusted EBITDA excl. one-off items | 16,651.9 | 15,088.7 | 4,277.3 | (16,646.5) |
EBITDA – 9 Months Performance
€ million
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(1) Amounts are based on the unaudited consolidated financial information as of September 30, 2021
(2) Non-IFRS operating metric to measure intra-month performance view defined as net Euro value generated by transactions (CPA, CPC, CPL, Subscriptions & Services etc.) before cancellation
(3) Incl. Brand Marketing
(4) IFRS conversion, 2018-2020 IFRS audit, prospectus, business combination, fees, etc.
BUSINESS COMBINATION IMPACT
Impact of Business Combination on selected financial information
Principal drivers of the transaction adjustments on the Statement of Profit or Loss(1)
| In € millions | As of September 30, 2021 | As of September 30, 2021 | ||||
|---|---|---|---|---|---|---|
| HomeToGo (pre-transaction)(2) | Conversion of Convertible Loans | Notes | Impact from Business Combination | Notes | Consolidated (post-transaction) | |
| Gross profit | 71 | - | - | 71 | ||
| Profit (loss) from operations | (50) | - | (79) | (b) (c) | (129) | |
| Financial result, net | (3) | (33) | (a) | - | (36) | |
| Profit (loss) before tax | (53) | (33) | (79) | (165) | ||
| Income taxes | 2 | - | - | 2 | ||
| Net income (loss) | (51) | (33) | (79) | (163) |
(a) Conversion of the outstanding HomeToGo Convertible Loans
(b) Listing service expense (Sponsor as well as public shareholder and warrants from De-SPAC) in the amount of €69 million for the excess of the fair value of public as well as sponsor shares and warrants deemed issued by HomeToGo over the fair value of Lakestar identifiable net assets over the fair value of Lakestar SPAC I identifiable net assets
(c) Non-deductible transaction costs incurred in connection with the Business Combination in the amount of €10 million
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(1) Amounts are based on the Unaudited Consolidated Financial Information as of September 30, 2021.
(2) Pro forma balances assuming conversion of convertible loans De-SPAC transaction took place on September 30, 2021.
BUSINESS COMBINATION IMPACT
Impact of Business Combination on selected financial information
Principal drivers of the transaction adjustments on the Statement of Financial Position(1)
| In € millions | As of September 30, 2021 | As of September 30, 2021 | ||||
|---|---|---|---|---|---|---|
| HomeToGo (pre-transaction)(2) | Conversion of Convertible Loans | Notes | Impact from Business Combination | Notes | Consolidated (post - transaction | |
| Assets | ||||||
| Total non-current assets | 88 | - | - | 88 | ||
| Total current assets | 81 | - | 252 | (b) | 333 | |
| Total Assets | 169 | - | 252 | 421 | ||
| Liabilities | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| Non-current liabilities | 174 | (146) | (a) | - | 28 | |
| Current liabilities | 38 | - | 53 | (c) | 91 | |
| Total Liabilities | 212 | (146) | 53 | 119 | ||
| Net Assets (Shareholder’s equity) | (43) | 146 | 199 | 302 |
(a) Conversion of the outstanding HomeToGo Convertible Loans
(b) €75 million proceeds from PIPE Financing, cash from Lakestar in the amount of €175 million and €2 million sponsor contribution
(c) Including €42 million remaining cash settlement claim from the HomeToGo VSOP beneficiaries, €7 million redemption payable and €2 million sponsor contribution liability as of September 30, 2021
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(1) Amounts are based on the Unaudited Consolidated Financial Information as of September 30, 2021.
(2) Pro forma balances assuming conversion of convertible loans De-SPAC transaction took place on September 30, 2021.
SHAREHOLDER STRUCTURE
Well distributed shareholder structure⁽¹⁾ with founders still invested
| First Day of Trading: | 22 September 2021 |
|---|---|
| Issuer: | HomeToGo SE |
| Listing Venue: | Frankfurt Stock Exchange |
| Market Segment: | Regulated Market (General Standard) of Frankfurt Stock Exchange |
| Public Shares ISIN: | LU2290523658 |
| Public Shares WKN: | A2QM3K |
| Public Shares Ticker Symbol: | HTG |
| Total number of shares outstanding as of September 22, 2021: | 116,868,948 |
| (112,285,615 Class A Shares and 4,583,333 Class B Shares) | |
| Total number of shares issued as of September 22, 2021: | 127,138,982 |
| (122,555,649 Class A Shares and 4,583,333 Class B Shares) | |
| Share Capital as of September 22, 2021: | € 2,441,068.45 |
| Type of Shares: | Class A Shares (Public Shares) and Class B Shares (Founder Shares) |
| Public Warrants ISIN: | LU2290524383 |
| Public Warrants WKN: | A3GPQR |
| Public Warrants Ticker Symbol: | HTGW |
| Paying Agent: | Banque Internationale à Luxembourg S.A. |
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As of October 14, 2021
20 incl. AMAA Holding PTE and Lakestar II
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Glossary
Glossary
Agriturismo
Website for rural Italian inventory operated by Feries
Booking Revenues
Non-IFRS operating metric to measure intra-month performance view defined as net Euro value generated by transactions (CPA, CPC, CPL, Subscriptions & Services etc.) before cancellation
Brand & Organic traffic
Visits from direct traffic, branded channels, like visitors who type in keywords in search engines that include a reference to any HomeToGo Group brand, CRM (Customer Relation Management), App, SEO (Search Engine Optimization), free channels and internal traffic (between our businesses within the HomeToGo Group)
Booking Receivables
Future receivables from Booking Revenues (adjusted for estimated cancellations) which have not been recognized as revenues due to check-in in the future
CPA
Cost per action
CPC
Cost per click. Offsite CPC revenues are not affected by any cancellations retrospectively
CPL
Cost per lead
Escapada Rural
ESCAPADA RURAL SERVICIOS PARA PROPIETARIOS SL (Barcelona), an indirect (100%) subsidiary of HomeToGo GmbH
Feries
Feries S.r.l (Milan), an indirect (100%) subsidiary of HomeToGo GmbH, operating main websites agriturismo.it and casevacanza.it
Gross Booking Value (GBV)
Non-IFRS operating metric defined as the gross Euro value of bookings on our platform in a period (including all components of the booking amount except for VAT). GBV is recorded at the time of booking and is not adjusted for cancellations or any other alterations after booking. GBV includes the booking volume as reported by the Partner for CPA transactions. For CPC GBV gets estimated by multiplying the total click value with expected conversion rate. The total click value is the duration of the search multiplied with the price per night of the clicked offer. This total click value we multiply with the average conversion rate of that micro conversion source for CPA Partners we have in the respective month.
Offsite Transaction
Transactions where the end booking happens on a Partner's site (referral types could be CPA, CPC, CPL etc.)
Onsite Transaction
Onsite CPA transaction, where complete user journey (from discovery to booking to payment) happens on HomeToGo domains
Partners
Contracted businesses (such as online travel agencies, tour operators, property managers, other inventory suppliers, software partners) or private persons that distribute, manage or own accommodations which they directly or indirectly list on HomeToGo Group platforms. Contracts with our more professional partners usually do not have a defined contract length, but if they do they typically auto-renew
smoobu
smoobu GmbH (Berlin), an indirect (100%) subsidiary of HomeToGo
Take Rate
Booking Revenues divided by Gross Booking Value (excl. Hotels, Feries, Escapada Rural & Smoobu)
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