Raport.

NOVATURAS AB (25/2018) AB Novaturas presentation to investors for six months of 2018

Podstawa prawna: art. 17. 1 MAR.
Presentation to AB "Novaturas" investor conference webinar scheduled on the August 8, 2018 at 9.30 am (EEST).

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    Novaturas Group
    Presentation on f inancial results
    for Q2 / H1 2018
    7 August 2018


    Today’s presenting team
    2
    Tomas Staškūnas
    CFO
    Linas Aldonis
    CE O
    ▪ With the Company for 1 7
    years (CEO since 201 0)
    ▪ Gained skills and experience
    ascending through Novaturas
    structures
    ▪ With the Company for 8 years
    (since 2009)
    ▪ Has experience
    as CFO and CEO
    in companies specialized
    in consumer goods
    Novaturas managers have been with the Company for many years. They have extensive know -how, years of experience
    in the tourism market and an in -depth knowledge of the Group's offering, which ensures effective implementation
    of the Group’s strategy.


    Novaturas Group H1 2018 highlights
    134,463
    PAX sold in H1 201 8
    (+42% y/y)
    EUR 5.9 m
    H1 201 8 EBITDA
    (+ 36 % y/y)
    3
    EUR 80.2 m
    H1 201 8 Sales
    (+43 % y/y)
    7.3%
    H1 201 8 EBITDA margin
    (-0.4 pp y/y)
    16.1%
    share in H1 2018 sales
    from e -commerce
    4.4 m
    H1 2018 Net profit
    (+ 24 % y/y)
    17.6%
    H1 201 8 Gross profit margin
    (-0.9 pp y/y)
    EUR 0.4 m
    H1 2018 one -off expenses
    (incl . IPO)
    EUR 3.8 m
    H1 201 8 overheads w/o comm
    and one -off (+15 % y/y)


    Favourable macroecon o mic conditions in the Baltics …
    4
    GDP growth rate (%)
    Average monthly gross salary (EUR)
    Unemployment rate (%)
    Inflation (%)
    0,0%
    1,0%
    2,0%
    3,0%
    4,0%
    5,0%
    6,0%
    7,0%
    2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2 2017Q3 2017Q4 2018Q1
    Lithuania Latvia Estonia
    700
    800
    900
    1000
    1100
    1200
    1300
    2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2 2017Q3 2017Q4 2018Q1
    Lithuania Latvia Estonia
    0,0%
    2,0%
    4,0%
    6,0%
    8,0%
    10,0%
    12,0%
    2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2 2017Q3 2017Q4 2018Q1
    Lithuania Latvia Estonia
    0,0%
    1,0%
    2,0%
    3,0%
    4,0%
    5,0%
    Lithuania Latvia Estonia


    94,7
    134,5
    69,8
    96,8
    H1 2017 H1 2018 Q2 2017 Q2 2018
    … translate into growing demand for Novaturas products…
    +41.9%
    y/y growth in PAX sold
    in H1 201 8
    +42.8%
    y/y growth in revenue
    in H1 201 8
    Revenue (EURm ) Number of PAX sold (ths )
    5
    56,2
    80,2
    38,9
    54,4
    H1 2017 H1 2018 Q2 2017 Q2 2018
    +41.9 %
    +38.7 % +39.9 %
    +42.8 %
    Novaturas turnover in first half of
    2018 reached EUR 80.2 m and was
    43% higher comparing to the same
    period in 2017.
    Novaturas turnover in second
    quarter of 2018 reached EUR 54.4 m
    and was 40% higher comparing to
    the same period in 2017.


    … in all markets where Novaturas operates
    6
    Number of PAX sold by country in Q2 2018
    (ths )
    41,3
    11,4
    16,7
    0,4
    56,8
    16,3
    23,1
    0,7
    Lithuania Latvia Estonia Other
    Q2 2017 Q2 2018
    +43.6 % +37.7 %
    +93.9 %
    51,8
    17,3
    25,2
    0,4
    74,1
    24,7
    34,8
    0,8
    Lithuania Latvia Estonia Other
    H1 2017 H1 2018
    +43.3 % +38.1 %
    +85.6 %
    Number of PAX sold by country in H1 2018
    (ths )
    +43.0 %
    In H1 2018, t he number of clients served by Novaturas
    significantly grew in all three core markets : Lithuania
    (+43.0% y/y), Latvia (+43.3%) and Estonia (+38.1%).
    +37.3 %


    Flight package tours make the largest part of sales and profits
    7
    Main product category for
    Novaturas Group is flight package
    tours , which is also the fastest
    growing segment (+49% y/y
    growth in PAX sold in H1 2018).
    Novaturas sales
    by product category
    80,4%
    6,5%
    0,7%
    12,4%
    85,8%
    3,3%
    0,4% 10,5%
    Q2 201 8 ( outer circle )
    vs Q2 2017 ( inner circle )
    H1 201 8 ( outer circle )
    vs H1 2017 ( inner circle )
    80,3%
    5,2%
    0,7%
    13,7%
    84,4%
    2,9% 0,5%
    12,1%
    Flight package tours
    Sightseeing tours by coach
    Sightseeing tours by plane
    Other products


    Turkey remains the most popular summer holiday destination
    8
    Sales of flight package tours
    by destinations (% share in revenue ) Novaturas tour destinations
    Our brands
    Leisure trips by plane Roundtrips by plane Roundtrips by bus
    Novaturas diversified product & destination portfolio allows it to be well -
    positioned to withstand any changes in demand for various destinations and
    other consumer preferences .
    27,2%
    17,8%
    15,8%
    13,0%
    6,9%
    4,0%
    9,8%
    34,0%
    12,4%
    20,7%
    9,7%
    4,9% 4,7%
    9,5%
    H1 2017 H1 2018


    Novaturas sales by distribution channel s
    in H1 2018 ( outer cirlce ) vs. H1 2017 ( inner circle )
    We are becoming more online
    400+
    external travel agencies
    2.1 million
    unique visits on Novaturas websites in H1 201 8:
    +27% y/y
    1 6 .1 %
    share in revenues in H1 201 8
    from e -commerce (vs. 15.4% in H1 2017)
    9
    70,8%
    13,8%
    13,9%
    1,5%
    72,1%
    11,8%
    14,5%
    1,6%
    Travel agencies
    Own retail
    Web sales
    GDS
    Novaturas uses various channels to sell its products on different markets,
    making its distribution more efficient while reaching wider customer base and
    using market opportunities, following consumer preferences .


    10,4
    14,1
    7,6
    9,3
    H1 2017 H1 2018 Q2 2017 Q2 2018
    4,3
    5,9
    4,0
    4,6
    H1 2017 H1 2018 Q2 2017 Q2 2018
    3,5
    4,4
    3,4 3,5
    H1 2017 H1 2018 Q2 2017 Q2 2018
    Gross profit EBITDA Net profit
    +32.2%
    y/y growth in gross profit
    in H1 201 8
    +33.1%
    y/y growth in EBITDA
    in H1 201 8
    +23.7%
    y/y growth in net profit
    in H1 201 8
    10
    Novaturas constantly improves its results at all levels …
    +35.8 %
    +22.5 %
    +35.6 % +14.7 % +24.4 % +1.6 %


    … keeping strong efficiency and productivity ratios
    Profit per PAX
    (EUR)
    Average package tour price
    (EUR)
    11
    79,0
    74,0
    80,0
    66,0
    H1 2017 H1 2018 Q2 2017 Q2 2018
    615 603 574 569
    H1 2017 H1 2018 Q2 2017 Q2 2018
    -6.5 %
    -17.2 %
    -1.9 %
    -0.9 %


    The Group’s strategy
    Provide regular dividend payments
    Maintain well -balanced distribution channels, with
    growing importance of e -commerce
    Retain leading position in the Baltics and benefit from
    the travel market growth
    Continue expansion of offering in order to retain
    existing clients and attract new ones, translating this
    into sales growth
    Secure further growth in operational scale combined
    with high profitability ratios and cash generation
    Deliver further geographic expansion – Belarus
    12


    Appendices


    Consolidated statements of comprehensive income
    14
    EUR 000s Q2 2018 Q2 2017 Change 6M 2018 6M 2017 Change
    Sales 54 ,394 38 ,886 +39 .9% 80 ,239 56 ,194 +42 .8%
    Cost of sales (45 ,082) (31 ,282) +44 .1% (66 ,126) (45 ,802) +44 .4%
    Gross profit 9,312 7,604 +22 .5% 14 ,113 10 ,392 +35 .8%
    Operating (expenses) (4,800) (3,681) +30 .4% (8,384) (6,219) +34 .8%
    Other operating income 14 - N/A 14 - N/A
    Other operating (expenses) - (3) -100 .0% (2) (5) -60 .0%
    Profit from operations 4,526 3,920 +15 .5% 5,741 4,168 +37 .7%
    Finance income 72 230 -68 .7% 316 352 -10 .2%
    Finance (expenses) (251) (478) -47 .5% (640) (634) +0 .9%
    Profit before tax 4,347 3,672 +18 .4% 5,417 3,886 +39 .4%
    Income tax (expense) (890) (270) +229 .6% (1,015) (348) +191 .7%
    Net profit 3,457 3,402 +1 .6% 4,402 3,538 +24 .4%
    Other comprehensive income, to be reclassified to profit or loss
    in subsequent periods
    Result of changes in cash flow hedge reserve 548 (935) 674 (935)
    Impact of income tax (82) 140 (101) 140
    Total comprehensive income for the year 3,923 2,607 4,975 2,743
    Earnings per share 0.44 0.44 +0.00 0.56 0.45 +0.11


    Main ratios
    15
    Financial ratios Q2 2018 Q2 2017 Change 6M 2018 6M 2017 Change
    Revenue 54 ,394 38 ,886 +39 .9% 80 ,239 56 ,194 +42 .8%
    Gross profit 9,312 7,508 +22 .5% 14 ,113 10 ,392 +35 .8%
    EBITDA 4,588 4,144 +14 .7% 5,875 4,478 +35 .6%
    Operating profit (EBIT) 4,526 3,920 +15 .5% 5,741 4,168 +37 .7%
    Profit before taxes 4,347 3,672 +18 .4% 5,417 3,886 +39 .4%
    Net profit 3,457 3,402 +1 .6% 4,402 3,538 +24 .4%
    Relative indicators Q2 2018 Q2 2017 Change 6M 2018 6M 2017 Change
    Number of shares 7,807 ,000 7,807 ,000 - 7,807 ,000 7,807 ,000 -
    Profit per share (Eur) 0.44 0.44 - 0.56 0.45 +0.11
    Gross profit margin (%) 17.1% 19.6% -2.5% 17.6% 18.5% -0.9%
    EBITDA margin (%) 8.4% 10.3% -1.9% 7.3% 7.7% -0.4%
    Operating profit (EBIT) margin (%) 8.3% 10.1% -1.8% 7.2% 7.4% -0.2%
    Profit before taxes margin (%) 8.0% 9.4% -1.4% 6.8% 6.9% -0.1%
    Net profit margin (%) 6.4% 8.7% -2.3% 5.5% 6.3% -0.8%
    Return on assets (ROA) (%) 5.9% 6.0% -0.1% 7.5% 6.2% +1.3%
    Debt to equity ratio (%) 48.4% 103.2% -54.9% 48.4% 103.2% -54.9%
    Equity ratio (%) 33.6% 23.9% +9.7% 33.6% 23.9% +9.7%
    Effective tax rate (%) 20.5% 7.4% +13.1% 18.7% 9.0% +9.8%
    Current ratio 0.98 0.81 +0.17 0.98 0.81 +0.17


    Operating expenses
    16
    Total y/y growth in operating
    expenses : +34.8%
    One -off expenses :EUR 391 th ,
    including :
    • IPO costs – EUR 286th
    • Legal expenses – EUR 105 th
    43.8% – y/y growth in commissions
    that depend on sales revenue
    2920
    1873
    474
    157 166 58 45 45 69 49 0 9
    354
    4199
    2098
    645
    162 134 74 46
    334 53 55 9 11
    564
    H1 2017 H1 2018


    Consolidated balance sheet
    17
    EUR ths 30 Jun 2018 31 Dec 2017 30 Jun 2017
    ASSETS
    Non -current assets
    Goodwill 30,327 30,327 30,327
    Other intangible assets 483 448 398
    Property , plant and equipment 300 297 332
    Long term receivables 62 56 60
    Deferred income tax asset 6 6 5
    Total non -current assets 31,178 31,134 31,122
    Current assets
    Inventories 1 1 2
    Prepayments and deferred expenses 9,831 5,940 11,874
    Trade accounts receivable 757 522 1,193
    EUR ths 30 Jun 2018 31 Dec 2017 30 Jun 2017
    EQUITY AND LIABILITIES
    Equity
    Share capital 234 226 226
    Cash flow hedge reserve 1,057 484 -795
    Legal reserve 29 29 29
    Foreign currency translation
    reserve 145 145 145
    Retained earnings 18,179 13,785 13,957
    Equity attributable to equity
    holders of the parent 19,644 14,669 13,562
    Liabilities
    Non -current borrowings 8,000 - 9,263
    Deferred income tax liabilities 3,040 2,606 2,180
    Total non -current liabilities 11,040 2,606 11,443
    Current liabilities
    Current portion of non -current
    borrowings 1,500 14,000 4,737
    Trade payables 3,387 3,882 8,140
    Total current liabilities 27,741 33,178 31,739
    Total equity and liabilities 58,425 50,453 56,744


    Consolidated cash flow statement
    18
    EUR ths 6M 2018 6M 2017
    Net profit 4,402 3,538
    Net cash flows from operating activities 2,406 8,919
    Net cash flows (to) investing activities (171) (133)
    Dividends (paid) - (5 ,000)
    Net cash flows (to) financing activities (4 ,768) (5 ,280)
    Net increase (decrease) in cash flows (2 ,533) 3,506
    Cash and cash equivalents at the beginning of the year 9,984 6,646
    Cash and cash equivalents at the end of June 7,451 10 ,152


    Co mpany information
    19
    Novaturas group PLC
    Registered address:
    Mickevičiaus str. 27, LT -44245 Kaunas, Lithuania
    www.novaturasgroup.com
    Registered under number 135567698 in Lithuania
    Company established: 1999 12 16
    Stock Listing:
    Warsaw Stock Exchange
    NASDAQ OMX Vilnius Stock Exchange
    Contact information:
    Tomas Sta škūnas
    Finance Director
    Mickevicius str. 27, LT -44245 Kaunas, Lithuania
    tel. +370 37 321264, mob. +370 687 10426
    fax .+370 37 321130
    e-mail :[email protected]


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WSZYSTKIE KOMUNIKATY SPÓŁKI
Informacje o spółce
Nazwa:Novaturas AB
ISIN:LT0000131872
NIP:
EKD:
Adres:ul. A. Mickeviciaus 27, 03-152 Kowno, Litwa
Telefon:+37067940030
www:www.novaturasgroup.com
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