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| Statement |
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| So, 290% in January, which is driven by a recovery very strong in terms of number of shoppers, almost 200%, namely 195% and also a strong increase of the spend of American going and shopping in Europe at 49%, leading to this 290% recovery of the spend versus 2019 |
| Group revenue increased by 41% to €317 million and then turning to adjusted EBITDA, we have delivered a significant improvement to almost €115 million and with a big improvement in terms of margin, 11 points improvement and the margin now at 36.2% |
| So, in summary, a very healthy Q3 with a positive trend in January and a very strong work of the team in order to strengthen the balance sheet and then leverage the Company |
| Then thanks to the strong revenue growth and ongoing management on the cost base, we are pleased to record a strong improvement in nine months on our adjusted EBITDA |
| Good news from that point of view |
| Just to mention in this main takeaway, you may remember that we have closed the refinancing by early December 2023, which resulted into a new senior debt of €610 million and FCF of almost €100 million with a maturity of seven years, and alongside also to mention that, we see a very strong improvement of the net leverage ratio at 3.6x versus more than 6x last year |
| We are pleased here to report another solid quarter with significant progress across the business |
| Finally, we have delivered a strong key improvement in the net leverage ratio to 3.6x and this is reiterating our objective of being below 2.5x |
| Turning to adjusted EBITDA, we have delivered a significant improvement to €39.8 million resulting in an 8.5 point increase in the adjusted EBITDA margin to 36.3% and with a 69% revenue drop through to adjusted EBITDA |
| Here you can see that we have delivered another strong quarter significant growth, delivered a 26.2% increase in revenue versus the same period last year |
| TFS delivered a strong performance with an increase in revenue of 24.8% on a reported basis to €80.3 million |
| holding firm SAME for the Gulf country both nationality or group of nationality being around 275% to 300% recovery versus 2019, very strong, and also worse to mention that Mainland China, who used to represent 25% of the spend in 2019 have seen in January an acceleration from 58% in Q3 to 80% |
| This strong performance in Asia reflects the ongoing recovery across all origin nationality with the reopening of Chinese border in January 2023 being the key driver of the revenue improvements, especially in Asia, as I mentioned, where sales in store of shoppers from mainland China has already recovered to 105% in Q3 this year versus 2019 |
| While like-for-like revenue growth was moderate at 3.9% as a result of the cessation of sales of carriage to ZigZag clients, which is revenue with lower contribution, the like-for-like contribution growth of the segment, which is after carrier cost, was very strong at 80% |
| Starting by the American, we are seeing that despite some weakness in terms of consumer demand domestically in the U.S., the international spends are very strong |
| As with TFS, AVPS is also benefiting from the ongoing recovery in the travel industry |
| Finally, we recorded an adjusted net income for the group at €25.3 million again a significant improvement versus last year, which was negative at €7.1 million |
| First, the first nine months of the year has been strong in terms of revenue with 41% increase |
| This division also delivered a strong performance with an increase in revenue of 37.4% on a reported basis to €22.3 million, reflecting a strong performance across both business segments |
| Turning now to detail on adjusted EBITDA, the significant improvement in revenue together with the ongoing focus on the cost base led to a 65.2% increase in adjusted EBITDA in Q3 this year |
| First, we are pleased to report a solid recovery with significant increase of 41% of our revenue, which lands at €370 million |
| So our Q3, but calendar year Q4, you can see that as it has been the case since the beginning of the recovery, the recovery is really very strong for high network individuals and affluent |
| You can see here a steady and consistent improvement in the annualized quarterly adjusted EBITDA |
| This has led to a significant improvement in terms of margin from 28.8% last year's same period to this year, 36.7% |
| In summary, American recovery, very strong, we see no sign of decline and it's led by the, I would say, high spender |
| In terms of air capacity, we have seen this influx of January in Europe and in APAC, which is a very good news |
| We are also in this Q3, seeing an acceleration of the annualized adjusted EBITDA at €159 million |
| We are well above 2019 in APAC as a destination, one in 18, but also by a strong increase of spend, 36%, in line with what we are seeing in Europe |
| You see that the willingness is strong at more than 76% and it has been quite stable for the last few months |
| So quick update on the latest trends namely January 2024, we have seen a profitable solid performance an improvement versus Q3 |
| Statement |
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| Few explanation, one, the cost of the flight, which remained very high, but also some constraints in terms of the visa issuing, which remains important in particular when traveler wants to go to France or to Germany |
| So if in Europe we are now back to almost 80%, the recovery of France is dragging down the performance in Europe because usually choice want first to go in France and then go on other countries |
| And then, we have a negative foreign exchange variation of €3 million versus the same period last year |
| You see that France, which is one of the hub for Chinese, but generally for tourists when you come in Europe, still has a low recovery in terms of number of flights |
| We are at about €115 million, an increase of c% versus the same period last year and a drop through of almost 63% in adjusted EBITDA |
| The secondary and the third cities of China being a little bit less, I would say recovered, which explain also why for those consumers who are spending less than the one from Tier 1 city, we are seeing this fact that we have a recovery of tourists, which is lower than the air capacity, but an increase of spend which is higher |
| One of the reasons being this mixed effect in terms of recovery from traveler coming from Tier 1 versus other cities |
| But for now, obviously, they are still one of the reasons why we see this lower number of shoppers versus air capacity |
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