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WEB TRAVEL GROUP LIMITED Interim / Quarterly Report 2021

May 18, 2021

66049_rns_2021-05-18_13deeec2-ec79-4276-bfdf-4c4b4879b89a.pdf

Interim / Quarterly Report

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Note: In this document all financials are for Underlying Operations (unless otherwise stated) and all comparisons are over the prior corresponding period (pcp)

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Webjet OTA

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(1)
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Online Republic

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(1)
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WebBeds

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(1)
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1) Pre-Covid-19 average based on 12 months ending 31 December 2019

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1H21 Statutory Result Underlying Operations (1)
Webjet Group FY21 (9 mths) FY20 (12 mths) FY21 (9 mths) FY20 (12 mths)
TTV $453m $3,021m $453m $3,021m
Revenue $38.5m $266.1m $38.5m $266.1m
Expenses $163.8m $356.2m $94.8m $238.5m
EBITDA(2) ($125.3m) ($90.1m) ($56.3m) $27.6m
EBITDA Margin n/a n/a n/a 10.4%
Tax (Benefit)/Expense ($21.0m) ($15.3m) ($19.8m) $1.1m
NPAT (before AA) (3) ($141.5m) ($119.0m) ($73.7m) ($17.7m)
NPAT ($156.6m) ($143.6m) ($88.8m) ($42.3m)
EPS (before AA) (41.8 cents) (68.1 cents) (21.7 cents) (10.1 cents)
EPS (46.2 cents) (82.1 cents) (26.2 cents) (24.2 cents)
Effective Tax Rate (excl AA) 12.9% 11.4% 21.2% (6.6%)
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  • 1) Underlying Operations – excludes non-operating expenses (refer to slide 21 for detail)

  • 2) EBITDA excludes Share Based Payment (SBP) Expense (refer to slide 35 for detail) 3) Acquisition Amortisation - includes charges relating to amortisation of intangibles acquired through acquisition

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FY21 average monthly cash burn - $5.5 million
+$170m $431m
+$105m
($4m) $261m
$210m (1)
($50m)
($5.5m) per month
30 June 2020 Net Capital Foreign Currency Cash burn 31 March 2021 Net Capital Proforma
Cash and cash Proceeds [(1)] Translation Opex/CAPEX/ Cash and cash Proceeds [(2)] 31 March 2021
Interest/Tax/
equivalents Working Capital equivalents Cash and cash
(including revenue equivalents
and govt subsidies)
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  • 1) Net proceeds from €100m Convertible Note less debt repayment and equity raising costs

  • 2) Net proceeds from A$250m Convertible Note less debt repayment, incentive fee and equity raising costs

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9 months ending 31-March 12 months ending
WebBeds 1H21 (6 mths) 2H21 (3 mths) FY21 31-Mar-20 31-Mar-21
Bookings ('000s) 442 252 694 4,210 749
TTV $132m $66m $198m $2,507m $207m
Revenue $8.0m $4.8m $12.8m $223.2m $6.0m
(1)
Expenses $40.4m $19.3m $59.7m $130.0m $96.0m
EBITDA ($32.4m) ($14.5m) ($46.9m) $93.2m ($90.0m)
TTV / Revenue Margin 6.1% 7.3% 6.5% 8.9% 2.9%
EBITDA Margin n/a n/a n/a 41.8% n/a
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Average Daily TTV

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Note: All data as at 31 December 2019

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Note: 8/4/4 = at scale 8% revenue/TTV and 4% costs/TTV to drive 4% EBITDA/TTV 8/3/5 = at scale 8% revenue/TTV and 3% costs/TTV to drive 5% EBITDA/TTV

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  • 1) 8/5/3 = at scale 8% revenue/TTV and 5% costs/TTV to drive 3% EBITDA/TTV

  • 2) 8/4/4 = at scale 8% revenue/TTV and 4% costs/TTV to drive 4% EBITDA/TTV

  • 3) 8/3/5 = at scale 8% revenue/TTV and 3% costs/TTV to drive 5% EBITDA/TTV

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Mar-20:
Covid-19
65.00%
55.00% 1H19
45.00%
35.00 %
25.00%
Aug-17: Nov-18:
JacTravel DOTW
15.00% acquisition acquisition
5.00%
FY17 FY18 FY19 1H20
-5.00%
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FY17

FY18

FY19 1H20

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9 months ending 31-March 9 months ending 31-March 9 months ending 31-March 9 months ending 31-March 12 months ending 12 months ending
Webjet OTA
Bookings ('000s)
TTV
Revenue
Expenses
EBITDA
TTV / Revenue Margin
EBITDA Margin		 1H21(6 mths)
183		 2H21(3 mths)
164		 FY21
347		 31-Mar-20 31-Mar-21
1,483 370
$119m $99m $218m $1,307m $230m
$11.4m $9.6m $21.0m $136.4m $15.5m
$10.3m $6.6m $16.9m $84.3m $21.9m
$1.1m $3.0m $4.1m $52.1m ($6.3m)
9.6% 9.6% 9.6% 10.4% 6.8%
9.7% 30.9% 19.3% 38.2% n/a

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Average Daily Bookings

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Domestic bookings performance (% of 2019 levels)

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Outperforming
74.9% 1.7x market
65.3%
51.1% 52.0% 54.2%
39.5%
35.9% 36.5% 34.4%
24.8%
19.2% 19.3% 17.6% 20.2% 18.4% 20.1%
10.0% 8.5% 12.1% 11.3% 13.7%
6.0% 6.2%
3.6%
May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 11 month avg
(May-20 to Mar-21)
(1)
Total Market Webjet OTA
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Webjet share across all GDS bookings – Travel Agency Offline & Online(2)

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11.0% average market share

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14.8%
13.9%
13.5%
11.9% 11.9%
11.1%
10.6%10.0%
5.5% average market share 9.0%
7.7%
6.7%
5.2% [5.6%] [6.2%] [5.9%] [5.8%] [6.1%] 6.3%
2.6%
Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21
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1) Total Market shows IATA total Australia domestic RPKs 2) GDS bookings do not include Low Cost Carriers

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9 months ending 31-March 12 months ending
Online Republic 1H21 (6 mths) 2H21 (3 mths) FY21 31-Mar-20 31-Mar-21
Bookings ('000s) 51 41 92 457 94
TTV $16m $21m $37m $272m $16m
Revenue $3.2m $1.5m $4.7m $28.2m $2.9m
Expenses $5.3m $2.5m $7.8m $18.2m $11.4m
EBITDA ($2.1m) ($1.0m) ($3.1m) $10.0m ($8.4m)
TTV / Revenue Margin 19.5% 7.0% 12.5% 10.3% 17.8%
EBITDA Margin n/a n/a n/a 35.5% n/a
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Average Daily Bookings

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1) Government subsidy and 4 day working weeks for majority of staff from 1 April 2020 to 30 September 2020

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9 months ending 31-March 12 months ending
EBITDA (A$) 1H21 (6 mths) 2H21 (3 mths) FY21 31-Mar-20 31-Mar-21
B2B EBITDA ($32.4m) ($14.5m) ($46.9m) $93.2m ($90.0m)
B2C EBITDA(1) ($1.0m) $1.9m $0.9m $62.0m ($14.8m)
Corporate costs (2) ($6.7m) ($3.6m) ($10.3m) ($13.7m) ($13.4m)
Total EBITDA ($40.1m) ($16.2m) ($56.3m) $141.6m ($118.2m)
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1) B2C is Webjet OTA and Online Republic combined 2) FY20 EBITDA restated to exclude Share Based Payment (SBP) Expense

22

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----- Start of picture text -----

(1)
(1)
(1)
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23

1) Test to be done at 30 June 2022, 30 September 2022 and 31 December 2022 but on the basis of annualising the EBITDA for the period commencing 1 April 2022

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----- Start of picture text -----

Mar-21 Dec-20 Jun-20
Summary Balance Sheet
$m $m $m
Cash & cash equivalents 261.0 283.0 209.6
Trade receivables & Other assets 43.4 45.8 74.5
Non-current assets 875.6 891.9 931.4
Total Assets 1,180.0 1,220.7 1,215.5
Trade & Other payables 109.4 106.3 97.0
Other current liabilities 161.6 67.2 65.9
Borrowings 254.0 260.1 186.9
Other non-current liabilities 47.9 150.9 60.6
Total Liabilities 572.9 584.5 410.4
Total Equity 607.1 636.2 805.1
Net debt (1) $1.6M ($17.8M) ($20.7M)
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1) Excludes client funds

24

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Statutory EBITDA(1)
Change in working capital and non-cash items
Income tax paid
Net Interest paid
Cash Flow from Operating Activities
Capital Expenditure
(Acquisitions) / Disposals
Dividends received
Cash Flow from Investing Activities
New Equity / (Raising costs paid)
Net proceeds/(repayment) of borrowings
Dividends paid
Lease principal repayments
Cash Flow from Financing Activities
FX movement on cash balances
Net increase / (decrease) in cash
Cash Flow Summary		 FY21(9 mths)
$m
(129.4)
103.3
(0.2)
(6.1)
(32.3)
(14.4)
-
0.2
(14.2)
(1.9)
107.1
-
(3.3)
101.9
(4.0)
51.4		 •
•
•
FY20(12 mths)
$m
(91.3)
(132.6)
(11.7)
(15.3)
(250.8)
(28.6)
(5.5)
0.2
(33.9)
333.9
(19.1)
(18.3)
(4.5)
291.9
(9.0)
(1.8)

25

1) EBITDA includes Share Based Payment (SBP) Expense

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----- Start of picture text -----

1.1
(3.0)
(12.3)
$29.7M
$28.6M
$14.4M
FY20 Sale of Land & FY20 B2C B2B FY21
(1)
(reported) Buildings (underlying) (reported)
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1) Underlying CAPEX defined as CAPEX spend before one-off proceeds from the sale of land and buildings

26

27

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29

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30

31

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----- Start of picture text -----

9 months ending 31-March 12 months ending
APAC 1H21 (6 mths) 2H21 (3 mths) FY21 31-Mar-20 31-Mar-21
Bookings ('000s) 235 133 368 1,384 390
TTV $46m $24m $71m $586m $74m
EBITDA ($12.8m) ($5.6m) ($18.4m) $13.3m ($29.8m)
9 months ending 31-March 12 months ending
Europe 1H21 (6 mths) 2H21 (3 mths) FY21 31-Mar-20 31-Mar-21
Bookings ('000s) 68 20 88 1,521 97
TTV $48m $16m $64m $1,118m $68m
EBITDA ($11.7m) ($4.8m) ($16.5m) $50.6m ($31.1m)
9 months ending 31-March 12 months ending
AMEA 1H21 (6 mths) 2H21 (3 mths) FY21 31-Mar-20 31-Mar-21
Bookings ('000s) 139 98 237 1,291 261
TTV $37m $26m $63m $798m $66m
EBITDA ($7.4m) ($3.9m) ($11.3m) $29.5m ($28.4m)
9 months ending 31-March 12 months ending
Umrah Holidays 1H21 (6 mths) 2H21 (3 mths) FY21 31-Mar-20 31-Mar-21
Bookings ('000s) 0 0 0 14 0
TTV $0m $0m $0m $6m $0m
EBITDA ($0.5m) ($0.2m) ($0.7m) ($0.1m) ($0.8m)
----- End of picture text -----

33

34

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  • 1) Underlying Operations – excludes one-off items detailed on slide 21 2) Revenue - includes Other income, but excludes Interest income (reported on a net basis below)

  • 3) Acquisition Amortisation - includes charges relating to amortisation of intangibles acquired through acquisition

  • 4) FY20 EBITDA restated to exclude Share Based Payment (SBP) Expense

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----- Start of picture text -----

Statutory Result Underlying Operations [(1)]
FY21 (9 mths) FY20 (12 mths) FY21 (9 mths) FY20 (12 mths)
$m $m $m $m
TTV 453 3,021 453 3,021
Revenue [(2)] 38.5 266.1 38.5 266.1
Expenses 163.8 356.2 94.8 238.5
EBITDA (125.3) (90.1) (56.3) 27.6
Share Based Payment (SBP) Expense (4.1) (1.3) (4.1) (1.3)
EBITDA (after SBP Expense) (129.4) (91.3) (60.4) 26.4
Depreciation & Amortisation (18.2) (27.0) (18.2) (27.0)
Acquisition Amortisation (AA) [(3)] (15.1) (24.6) (15.1) (24.6)
EBIT (162.8) (142.9) (93.8) (25.2)
Interest (Net) (14.9) (15.9) (14.9) (15.9)
PBT (177.6) (158.9) (108.6) (41.2)
Tax Benefit/(Expense) 21.0 15.3 19.8 (1.1)
NPAT (before AA) (141.5) (119.0) (73.7) (17.7)
NPAT (156.6) (143.6) (88.8) (42.3)
EPS (cents)
- Basic (before AA) (41.8) (68.1) (21.7) (10.1)
- Basic (46.2) (82.1) (26.2) (24.2)
- Diluted (46.2) (82.1) (26.2) (24.2)
Margins
Revenue Margin 8.5% 8.8% 8.5% 8.8%
EBITDA Margin [(4)] n/a n/a n/a 10.4%
Effective Tax Rate (excl AA) 12.9% 11.4% 21.2% (6.6%)
Effective Tax Rate 11.8% 9.6% 18.2% (2.7%)
----- End of picture text -----

35

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12 months ending 31 March 2021 12 months ending 31 March 2020 (2) 12 months ending 31 March 2019 (2)
1Q21
2Q21
3Q21
4Q21
FY21		 1Q20
2Q20
3Q20
4Q20
FY20		 1Q19
2Q19
3Q19
4Q19
FY19
Bookings (000s)
Webjet OTA
Online Republic
B2C
APAC
Europe
AMEA
Umrah Holidays
B2B		 23
54
129
164
370
2
19
32
41
94
25
73
161
205
464
22
92
142
133
390
9
42
26
20
97
24
57
82
98
261
0
0
0
0
0
55
192
250
252
749		 382
428
367
307
1,483
120
135
118
84
457
502
562
486
391
1,941
303
397
413
272
1,384
448
487
356
230
1,521
298
409
341
243
1,291
-
1
5
8
14
1,048
1,295
1,115
753
4,210		 396
409
376
399
1,579
118
125
116
135
494
514
533
493
533
2,073
117
138
196
226
677
386
437
387
357
1,567
162
198
224
233
817
-
-
-
-
-
664
773
807
817
3,060
Total Bookings 80
265
411
457
1,212		 1,550
1,857
1,601
1,144
6,151		 1,178
1,306
1,299
1,350
5,133
TTV
Webjet OTA
Online Republic
B2C
APAC
Europe
AMEA
Umrah Holidays
B2B		 12
32
87
99
230
(21)
(1)
18
21
16
(9)
31
104
120
246
3
18
29
24
74
4
31
17
16
68
3
14
23
26
66
0
0
0
0
0
9
63
69
66
207		 342
375
333
257
1,307
71
79
77
45
272
414
454
410
301
1,579
136
176
168
106
586
325
411
236
146
1,118
191
281
195
131
798
-
1
2
3
6
652
869
601
385
2,507		 363
358
327
352
1,399
63
72
75
81
291
426
429
401
433
1,690
60
76
89
108
333
258
347
239
211
1,055
108
148
138
147
540
-
-
-
-
-
426
570
466
466
1,928
Total TTV 0
94
173
186
453		 1,065
1,323
1,011
687
4,086		 852
1,000
867
899
3,618
Revenue
Webjet OTA
Online Republic
B2C
B2B		 (5.4)
2.8
8.6
9.6
15.5
(1.7)
1.3
1.9
1.5
2.9
(7.2)
4.1
10.5
11.0
18.5
(6.9)
4.1
4.0
4.8
6.0		 37.6
38.9
35.8
24.0
136.4
7.5
7.8
7.7
5.1
28.2
45.1
46.7
43.6
29.1
164.5
62.5
73.4
54.1
33.3
223.2		 41.3
37.6
36.5
38.8
154.2
8.0
7.6
8.5
7.7
31.9
49.3
45.2
45.1
46.5
186.1
35.4
41.5
43.5
37.0
157.4
Total Revenue (14.0)
8.2
14.4
15.9
24.4		 107.6
120.1
97.7
62.3
387.7		 84.7
86.7
88.6
83.5
343.5
Underlying EBITDA
Webjet OTA
Online Republic
B2C
APAC
Europe
AMEA
Umrah Holidays
B2B
Corporate		 (10.4)
(1.5)
2.6
3.0
(6.3)
(5.3)
(1.3)
(0.8)
(1.0)
(8.4)
(15.7)
(2.9)
1.9
1.9
(14.8)
(11.4)
(7.2)
(5.6)
(5.6)
(29.8)
(14.6)
(5.8)
(6.0)
(4.8)
(31.1)
(17.0)
(3.8)
(3.6)
(3.9)
(28.4)
(0.1)
(0.2)
(0.3)
(0.2)
(0.8)
(43.1)
(17.0)
(15.4)
(14.5)
(90.0)
(3.0)
(3.5)
(3.2)
(3.6)
(13.4)		 19.1
14.3
14.5
4.2
52.1
3.1
3.4
3.2
0.3
10.0
22.1
17.7
17.7
4.5
62.0
7.0
4.5
3.6
(1.9)
13.3
17.1
21.0
9.4
3.0
50.6
10.6
12.8
6.1
(0.0)
29.5
-
(0.0)
(0.1)
0.0
(0.1)
34.8
38.4
19.0
1.1
93.2
(4.8)
(3.5)
(2.0)
(3.5)
(13.7)		 19.5
13.3
15.5
13.6
62.0
3.2
3.1
4.2
3.0
13.5
22.8
16.4
19.7
16.5
75.5
0.4
0.4
(0.5)
(0.4)
(0.1)
10.1
11.4
8.3
0.7
30.5
3.3
5.8
6.2
3.9
19.2
-
-
-
-
-
13.8
17.7
14.0
4.2
49.7
(3.5)
(4.4)
(2.6)
(2.4)
(12.9)
Total Underlying EBITDA (61.9)
(23.4)
(16.7)
(16.2)
(118.2)		 52.1
52.6
34.7
2.1
141.6		 33.0
29.8
31.1
18.4
112.3

1) Unaudited Underlying Operations – excludes one-off items detailed on slide 21 2) FY19 and FY20 EBITDA restated to exclude Share Based Payment (SBP) Expense

36

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Webjet OTA
TTV
EBITDA
Online Republic
TTV
EBITDA
B2B
TTV
EBITDA
Group EBITDA		 Q1
Q2
1H
Q3
Q4
2H
FY
Apr to June July to Sept Apr to Sept
Oct to Dec
Jan to Mar
Oct to Mar
Apr to Mar
24%
27%
51%
24%
25%
49%
100%
31%
23%
54%
23%
23%
46%
100%
23%
26%
49%
25%
26%
51%
100%
24%
27%
51%
26%
23%
49%
100%
25%
33%
58%
23%
19%
42%
100%
35%
38%
73%
19%
8%
27%
100%
33%
33%
66%
21%
13%
34%
100%
% of Pre COVID level based on 31 Marchyear end		 CY19(2)
($m)
1,401.6
61.5
308.8
12.7
2,587.5
96.3
157.8

•

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1) As set out in 28 April 2021 ASX release – Webjet Limited FY21 Results Briefing 2) CY19 EBITDA restated to exclude Share Based Payment (SBP) Expense

37

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