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Strong financial and operational improvement, significantly outperforming the market
Record 12.5 million Bookings, exceeding pre-pandemic levels, and up 10% above our pre-COVID-19[2] Bookings
Diversification Revenue up 340% at 73% of total revenues (FY21: 57%)
Cash Revenue Margin rose by 248% to €423.8 million from €121.8 million in FY21
Cash Marginal Profit at €107.4 million was three times that of FY21
Cash EBITDA turned positive at €44.2 million
Balance sheet strong with financial position enhanced further by €75 million equity raise and refinancing of bond in January 2022
Revolutionising travel, continued highly successful transition to subscription model
Prime membership continues to rapidly increase, adding over 482,000 in the last quarter
Today1, it is triple that at the beginning of FY22 at 2.9 million members and growing
Entire proprietary infrastructure reworked to enable growth and scaling of Prime
Huge global addressable market and potential, 225 million prospective households in Europe alone
Significant achievements in FY22
Transformed from a flight-centric, transactional service in online flights with best prices and flight options to predominantly a subscription model offering even better value
Well ahead of industry average in mobile bookings - best end to end mobile experience
High customer retention and lifetime value
Significant expansion of market and share of travel wallet by offer of hotels, cars, trains and any other travel ancillaries
Continuous enhancement to our technology platform to provide the quickest and best online experience
Good progress towards self-set 2025 targets
7.25 million member target: 2.9 million reached, growing at a fast rate
Cash EBITDA of €180 million: already at at €44.2 million (up from - €27.4 million in FY21)
Dana Dunne, CEO of eDreams ODIGEO said: "Throughout FY22, we have continued to make strong progress in revolutionising travel and reinventing the travel experience through the ongoing success of our global, leading subscription model, Prime and pre-eminent worldwide position in flight bookings. We have gained market share, further enhanced our proposition and continue to thrive as a global business.
We see immense potential, for example, 225 million households alone in Europe that we have targeted to become Prime customers. We know we will reach our targets for 2025 and this will represent a significant milestone while bringing substantial value to all our stakeholders.
FY23 has started very well indeed with travel markets opening as the pandemic subsides. eDreams ODIGEO is optimally placed and in pole position to take advantage of the undoubted desire to travel and the continued digitalisation of our markets. With FY23 volumes continually at record levels, significantly above 2019, and Prime membership continuing to rapidly grow, we are confident of future success."
Financial Information and Income Statement with increase in Prime Deferred Revenue Summary | ||||||
(in € million) | 4Q FY22 | 4Q FY21 | Var. % | 12M FY22 | 12M FY21 | Var. % |
Revenue Margin
| 118.9 | 30.1 | 295% | 382.6 | 111.1 | 244% |
Increases Prime Deferred Revenue
| 7.9 | 2.0 | 290% | 41.2 | 10.7 | 284% |
Cash Revenue Margin
| 126.8 | 32.1 | 295% | 423.8 | 121.8 | 248% |
Cash EBITDA
| 10.8 | (8.9) | n/a | 44.2 | (27.4) | n/a |
Adjusted EBITDA
| 2.9 | (10.9) | n/a | 3.0 | (38.2) | n/a |
Net Income
| (10.9) | (54.6) | n/a | (65.9) | (124.2) | n/a |
Adjusted Net Income
| (9.8) | (20.8) | n/a | (52.3) | (86.8) | n/a |
(in thousands)
| ||||||
Bookings
| 3,602 | 900 | 300% | 12,531 | 3,244 | 286% |
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