The UK’s Leading Operator of Specialist Holiday Businesses 1
TODAY’S PRESENTATION The UK’s Leading Operator of Specialist Holiday Businesses 2
MAJOR DEVELOPMENTS SINCE 02/12/04 (PRELIM RESULTS) MARKET • Tsunami disaster • January trading period HOLIDAYBREAK • Acquisitions of Bookit (BRC) and Djoser • AGM Statement – Trading update • On-line sales growth The UK’s Leading Operator of Specialist Holiday Businesses 3
TRAVEL INDUSTRY TRENDS Consumer holiday trends - shorter more frequent - later bookings - more independent/tailor made/flexible - holidays with purpose (activity/special interest) Internet Vertically integrated model declining TRAVEL Low cost airlines Specialists prospering The UK’s Leading Operator of Specialist Holiday Businesses 4
GROUP STRATEGY • Specialist holiday businesses • Market leadership • Industry leading margins • Cash generation and dividend payout • Flexible cost structures • Organic growth • Supported by complementary acquisitions The UK’s Leading Operator of Specialist Holiday Businesses 5
THREE OPERATING DIVISIONS ADVENTURE HOTEL BREAKS £ 63. 0 m* (19%) £ 150. 6 m* (45%) CAMPING £ 123. 2 m (36%) (37%) *Pro-forma 2004 sales (TTV) including recent acquisitions The UK’s Leading Operator of Specialist Holiday Businesses 6
HOTEL BREAKS DIVISION ACQUISITION OF BOOKIT MARK WRAY The UK’s Leading Operator of Specialist Holiday Businesses 7
Hotel Breaks 2005 TRADING AND OUTLOOK • Sales: +7% (as at 10/02/05) (excludes impact of acquisition) • Strong performances by: - London Theatre Breaks - European breaks (Cities and Beach) • 2005/6 UK brochures launched - Hotel choice increased - Product developments • New affiliate relationships The UK’s Leading Operator of Specialist Holiday Businesses 8
Hotel Breaks DIVISIONAL STRATEGY • Increase distribution reach (NB. Bookit) • Product development • Increase range and value proposition of hotel relationships • Maintain/reduce overhead cost ratios The UK’s Leading Operator of Specialist Holiday Businesses 9
Hotel Breaks 2004 SALES (Pro-forma: TTV) London - 28% Other UK - 46% Bookit - 20% Overseas - 6% The UK’s Leading Operator of Specialist Holiday Businesses 10
ACQUISITION OF BOOKIT • The leading on-line intermediary for short stay leisure breaks in the Netherlands • Completion - 21 December 2004 • Acquired for € 33. 5 m (£ 23. 1 m) • Paid in cash from existing bank facilities The UK’s Leading Operator of Specialist Holiday Businesses 11
Bookit MARKET BACKGROUND • Favourable economic context for leisure break growth • 50% of Dutch domestic holidays short stay (1 -3 nights) • Hotels : 7 m leisure nights / € 550 m expenditure (2003) • Bungalows/Summerhouses : 28 m leisure nights / € 1 bn expenditure (2003) • 76% (12. 3 m) of Dutch population on-line. - Broadband take up > 30% The UK’s Leading Operator of Specialist Holiday Businesses 12
Bookit KEY INVESTMENT ATTRACTIONS • Market leading internet sites for leisure breaks – advanced and scaleable web infrastructure • High brand recognition and customer loyalty (50% repeats) • E-mail database - 900, 000 households • Strong - Supplier relationships • Potential for - Management team (staying with business) Growth record (top and bottom line) Product ‘stretch’ Add Superbreak product New market penetration The UK’s Leading Operator of Specialist Holiday Businesses 13
Bookit PRODUCT • 700 hotels / 150 bungalows in Netherlands (70%), Belgium and Germany • - - Min 2 nights • - - 1 night • - - Chalets/ summerhouses/ mobile-homes The UK’s Leading Operator of Specialist Holiday Businesses 14
Bookit BUSINESS MODEL • Accommodation providers load rooms and prices online • Good availability at excellent prices (average booking lead time - 18 days) • Bookit commission income derived from: - Commission (8 -12%)/fixed fee Customer booking fee • Additional income from ‘sign on’ fees and overrides • Hotel collects full payment and Bookit invoices monthly (ability to invoice earlier) The UK’s Leading Operator of Specialist Holiday Businesses 15
Bookit MARKETING/DISTRIBUTION • 85% bookings on-line • Brand awareness: 1 st ranked internet leisure site (Jan 05) • Search engine optimisation and online advertising • E-database (900, 000 households) • Competitive prices • Operational excellence The UK’s Leading Operator of Specialist Holiday Businesses 16
Bookit FINANCIAL RECORD Year Ended 31 December 2001 Total Rooms Booked (‘ 000) 2002 2003 EBIT € 21. 1 m €’ 000 2993 4810 6987 8784 <2547> <3322> 446 Normalised Costs 138 €’ 000 Total Commission Income 73 € 11. 5 m TTV 262 2004 335 1488 € 31. 3 m € 42. 2 m <4875> <5401> The UK’s Leading Operator of Specialist Holiday Businesses 2077 3383 17
Bookit 2005 OUTLOOK • All three brands/sites performing strongly • Bungalows growing fastest – av. commissions expected to increase • Capacity availability good • Integration going well • Overhead costs under control • 40 weeks of year to 30/09/05 to be included The UK’s Leading Operator of Specialist Holiday Businesses 18
Bookit STRATEGY AND OPPORTUNITIES • Stand Alone Business – More contracted product: Hotels; Bungalows – Product stretch: Luxury and family hotels; Campsites – German market • With UK Parent: – London & provincial product – Access to theatre/concert tickets – European product range – Expand European accommodation portfolio – Resource for development: • Capex • Organic start-ups • Acquisitions The UK’s Leading Operator of Specialist Holiday Businesses 19
ADVENTURE DIVISION ACQUISITION OF DJOSER SIMON TOBIN The UK’s Leading Operator of Specialist Holiday Businesses 20
Adventure 2005 TRADING AND OUTLOOK • Divisional sales (@ 10 Feb 2005 excluding acquisition) – Division +22% – Explore +25% – Regal + 3% • No evidence of post-Tsunami downturn • Explore sales intake strong across all markets • Regal seeing late demand to Red Sea and Caribbean • On-line booking 20% + The UK’s Leading Operator of Specialist Holiday Businesses 21
Adventure DIVISIONAL STRATEGY • Market leadership in European “Soft Adventure” sector • New product development drives growth • On-line business grows to 50% in 3 years • Broaden awareness of sector to wider audience The UK’s Leading Operator of Specialist Holiday Businesses 22
Adventure Holidays Division 2004 SALES (Pro-forma) Djoser 41% Regal. Dive 9% Explore UK 46% Explore Overseas Agents 4% The UK’s Leading Operator of Specialist Holiday Businesses 23
ACQUISITION OF DJOSER • Market leading Dutch ‘soft adventure’ holiday operator • Announced – 23 December 2004 (Completion – 19 Jan 2005) • Acquired for € 22. 75 m (£ 15. 7 m) • Paid in cash from existing bank facilities The UK’s Leading Operator of Specialist Holiday Businesses 24
Djoser MARKET BACKGROUND • Dutch economic environment improving • Great tradition of Dutch exploratory travel • Activity sector grows as per UK • 76% of Dutch population on-line • Long-haul market growth • Soft Adventure sector – circa 75 k customers The UK’s Leading Operator of Specialist Holiday Businesses 25
Djoser KEY INVESTMENT ATTRACTIONS • Djoser – market leader in Holland • Familiar business model • High brand awareness (4 th most recognised in NL) • Synergistic benefits with Explore • Pioneering on-line activity in sector • Potential for development in other European countries • Experienced management team (staying with business) The UK’s Leading Operator of Specialist Holiday Businesses 26
Djoser PRODUCT Tour Destinations (2005) The UK’s Leading Operator of Specialist Holiday Businesses 27
Djoser BUSINESS MODEL • Small group package (air & land content) • Overseas suppliers / Agents • Trained & Experienced Tour Leaders • Gross margins @ 25% • Yield management controls margins • Marketing led – outsourcing of IT / Technology The UK’s Leading Operator of Specialist Holiday Businesses 28
Djoser MARKETING/DISTRIBUTION • 65% of bookings on-line • High Brand awareness (1 st specialist) • Direct to consumer – no Agency / Intermediary • Database 350 k • Unique public “Brand” persona – shows, exhibitions The UK’s Leading Operator of Specialist Holiday Businesses 29
Djoser FINANCIAL RECORD Year Ended 31 December 2001 € 000 Gross Profit Normalised Costs EBIT 2003 € 000 2004 € 000 31, 062 34, 347 36, 507 37, 120 6, 438 7, 620 8, 259 8, 715 -4, 620 -4, 750 -5, 400 -5, 825 1, 818 Total Revenue 2002 € 000 2, 870 2, 859 2, 890 The UK’s Leading Operator of Specialist Holiday Businesses 30
Djoser 2005 OUTLOOK • Sales intake since acquisition on track • No post-Tsunami downturn • New “Junior” programme encouraging start • Integration with Explore on track • Financial controls in place The UK’s Leading Operator of Specialist Holiday Businesses 31
Djoser STRATEGY AND OPPORTUNITIES • New product development drives growth • Explore & Djoser develop synergistic plan – Marketing – share resources – Product Development – leverage Explore expertise – Web – leverage Djoser expertise – Overseas Suppliers – leverage buying power • Expand to Germany The UK’s Leading Operator of Specialist Holiday Businesses 32
The UK’s Leading Operator of Specialist Holiday Businesses TRADING UPDATE & CAMPING The UK’s Leading Operator of Specialist Holiday Businesses 33
TRADING UPDATE – 10 FEBRUARY 2005 AS AT 10 FEBRUARY 2005 • Hotel Breaks: +7% • Camping: – 9% (overall capacity reduced by 12%) • Adventure: +22% • Recent acquisitions (Bookit and Djoser) trading in line with management expectations Year on year comparatives exclude recently acquired businesses The UK’s Leading Operator of Specialist Holiday Businesses 34
Camping 2005 TRADING AND OUTLOOK • Sales: -9% (as at 10/02/05) - UK travel agents and Germany below expectations - UK directs and Easycamp performing well - Low season challenges • Capacity: Mobile-homes: – 11% (9, 700) Tents: – 14% (4, 200) • Operational / overhead cost reduction : £ 3 m+ • Eventual outturn sensitive to sales intake over remainder of season as main camp-site costs (depreciation and site fees) now fixed The UK’s Leading Operator of Specialist Holiday Businesses 35
Camping DIVISIONAL STRATEGY • Capacity requirements (overall and regional) reviewed in light of 2005 trading • Continuing focus on stabilising occupancy rates, optimising yields and maintaining/improving margins • Ongoing cost review • E-commerce channel and affiliate relationship development to target new customer groups • Strategic review ongoing prior to detailed 2006 planning The UK’s Leading Operator of Specialist Holiday Businesses 36
Holidaybreak plc CORPORATE CALENDAR • Shares ex-dividend: 16 March 2005 • Interim Results – 19 May 2005 • Trading update – mid-September • Preliminary Results – 1 December 2005 (provisional) The UK’s Leading Operator of Specialist Holiday Businesses 37
The UK’s Leading Operator of Specialist Holiday Businesses QUESTIONS The UK’s Leading Operator of Specialist Holiday Businesses 38
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