TOMORROW FOCUS AG publishes 2015 annual results – Strategic realignment process successfully completed

For TOMORROW FOCUS AG the financial year 2015 was one of targeted strategic realignment. Within just a few months, TOMORROW FOCUS has been successfully transformed from an Internet holding company with three segments and a huge variety of digital business models into a digital company with a clear focus on the holiday market. During this process of transformation, disposals of Group companies generated a net total of around EUR 89 million.

In financial 2015, despite strong competition, TOMORROW FOCUS AG boosted its consolidated revenue by 4.3 percent from EUR 100.1 million in 2014 to EUR 104.4 million. Fourth-quarter consolidated revenue rose by 5.0 percent from EUR 19.9 million in 2014 to EUR 20.9 million.

According to the company’s own estimates, there was no increase in the revenue generated by the package holiday industry as a whole in Germany, Austria and Switzerland (i.e. the German-speaking countries). At the same time, the travel market in this region was marked by intense competition among the leading travel portal operators.

Even in this competitive environment, TOMORROW FOCUS was able to increase its share of the package holiday market significantly in the second half of 2015.
Overall, TOMORROW FOCUS Group’s revenue for financial 2015 was up by around 8 percent in Germany, Austria and Switzerland.

Group operating EBITDA (earnings from operating activities before interest, taxes, depreciation and amortisation) fell by 63.8 percent in financial 2015 to EUR 6.4 million (2014: EUR 17.8 million).

Group EBITDA for financial 2015 was down 91.5 percent year on year at EUR 1.6 million (2014: EUR 18.9 million).

Group operating EBIT (earnings before interest and taxes) stood at minus EUR 0.3 million for the financial year 2015 compared with the figure of EUR 11.5 million for 2014.

Group EBIT stood at minus EUR 14.5 million for the financial year 2015 compared with the figure of EUR 12.9 million for 2014.

The consolidated financial result of the TOMORROW FOCUS Group for the financial year 2015 improved from minus EUR 3.4 million in 2014 to minus EUR 1.9 million.

Group EBT (earnings before taxes) from continuing operations for the financial year 2015 stood at minus EUR 16.4 million compared with EUR 9.5 million in 2014.

Group earnings after taxes from continuing operations for the financial year 2015 stood at minus EUR 16.4 million compared with EUR 6.9 million in 2014.

Group earnings after taxes from discontinued operations for the financial year 2015 stood at EUR 58.9 million compared with minus EUR 10.6 million in 2014.

Group earnings after taxes for the financial year 2015 totalled EUR 42.5 million compared with minus EUR 3.7 million in 2014.

Consolidated earnings per share from all operations for the financial year 2015 were EUR 0.73 (2014: minus EUR 0.06).

As at 31 December 2015, the equity ratio was 76.3 percent compared with the year-end figure of 53.7 percent for 2014.

The earnings figures for the financial year 2015 include a number of exceptional items. The main details are outlined below.
The total figure for depreciation, amortisation and the impairment of tangible and intangible assets of the TOMORROW FOCUS Group rose by EUR 10.1 million year on year. This increase was mainly due to write-downs of goodwill (EUR 3.4 million) following the disposal of the assets of TOMORROW Travel B.V.; impairment of software produced in-house at HolidayCheck (EUR 2.9 million); and impairment of bought-in software at WebAssets and of a domain at HolidayCheck (together EUR 3.2 million).
In addition, the following exceptional items generated extraordinary personnel expenses totalling EUR 6.2 million in financial 2015: restructuring costs for severance payments and releasing employees from work (EUR 3.2 million); higher personnel expenses due to the appreciation of the Swiss franc against the euro (EUR 2.3 million); and both additions to and revaluations of existing obligations from employee stock option programmes (EUR 0.7 million).

Looking ahead at financial 2016, the Management Board will concentrate on laying the foundations for the sustainable and successful development of the TOMORROW FOCUS Group and its holiday brands with a view to maximising and harnessing the market opportunities they offer.
Given the size and potential of the Central European travel market and the wealth of experience of the TOMORROW FOCUS Group’s holiday brands in meeting the needs of German-speaking and Dutch holidaymakers, we believe this goal is eminently achievable.

In the current financial year 2016 and beyond, TOMORROW FOCUS AG will therefore invest even more heavily in the further development of the products and services offered by the Group’s holiday brands. Consideration will also be given to targeted acquisitions of digital travel companies that could usefully complement our existing product portfolio.

In total, after adjusting for acquisitions and disposals, the Management Board believes that the consolidated revenue of the TOMORROW FOCUS Group could be increased in financial 2016 by a percentage figure in the middle single digits (and therefore above the industry average) compared with the previous year.

In the view of the Management Board, the above-mentioned investment in products and services will have a positive impact on consolidated revenue and thus on the TOMORROW FOCUS Group’s operating EBITDA in the medium to long term. For the current financial year, the Management Board expects Group EBITDA to at least reach the break-even point despite planned spending on investment and the strategy of increasing market share.

In the medium term, the goal of the TOMORROW FOCUS Group is to become the most holidaymaker-centred company in the world.


The German version of the 2015 annual report will be published on 31 March 2016; the English version will follow soon after.


TOMORROW FOCUS AG (ISIN DE005495329) is based in Munich, Germany, and is one of Europe’s leading digital travel firms for holidaymakers. With a total workforce of around 400, the TOMORROW FOCUS Group comprises HOLIDAYCHECK AG (which operates hotel review and travel booking portals by the same name and the car rental portal MIETWAGENCHECK) and WEBASSETS B.V. (which operates the ZOOVER hotel review portals and the METEOVISTA/WEERONLINE weather portals).