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ASMALLWORLD AG / Key word(s): Annual Results
ASMALLWORLD Full Year Results 2023: Highest Revenue on Record, Higher Net Income and Strengthened Balance Sheet
14-March-2024 / 06:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.
ASMALLWORLD Full Year Results 2023: Highest Revenue on Record, Higher Net Income and Strengthened Balance Sheet
Zurich, 14.03.2024 - ASMALLWORLD AG celebrates a remarkable 2023 fuelled by robust growth and strategic expansions.
Sales grew by 15% and reached a new record high of CHF 21.2 million, while net income grew by 5%. At the same time,
outstanding debt was reduced by 54%, resulting in a strengthened balance sheet. Expansion initiatives, including the
ongoing growth of the ASMALLWORLD Collection, the newly launched ASMALLWORLD DISCOVERY and the acquisition of Jetbeds,
further underscore ASMALLWORLD's ambition for a leadership position in global luxury travel.
With the pandemic in the rear-view mirror, ASMALLWORLD once again saw a record year in terms of sales, which soared by
15%, reaching CHF 21.2 million. While EBITDA slightly decreased by 16% to CHF 2.1 million, the net result increased by
5% to CHF 1.53 million. Dividends from the Global Hotel Alliance investment contributed to this increase, as well as
favourable FX conditions and reduced interest payments. The member base grew by 6% to a total of 70,200 members.
In terms of business unit performance, the Subscriptions segment saw a 13% increase in net sales to CHF 14.8 million,
while the Services segment experienced a robust 20% growth to CHF 6.5 million, following limited growth in the previous
year. Notably, the ASMALLWORLD Collection witnessed a remarkable 29% increase in bookings, alongside a resurgence in
First Class & More's business and first-class flight package sales.
"We are excited to deliver another year of growth for ASMALLWORLD, an increase in net profit, and a stronger balance
sheet than ever," commented ASMALLWORLD CEO Jan Luescher.
Subscriptions Grew by 13% Based on Continued Demand for ASMALLWORLD Prestige & Signature Memberships
The Subscriptions segment saw a 13% increase in net sales, reaching CHF 14.8 million, driven by strong demand for
ASMALLWORLD's premium memberships, Prestige and Signature. Notably, the segment was buoyed by the first full-year
contribution from the Emirates miles option, reflecting ASMALLWORLD's commitment to enhancing member benefits and
travel experiences.
ASMALLWORLD's member base expanded by 6% to 70,200 members, demonstrating robust growth and retention efforts. The
company's dedication to providing members with travel inspiration, exclusive privileges and ways to meet other members
continues to attract new members, while solid retention rates underscore the enduring loyalty within the ASMALLWORLD
community.
First Class & More, the group's smart luxury travel business, experienced solid demand for its entry-level Gold and
Platinum memberships, but conversions to its top-tier Diamond membership slowed this year.
The World's Finest Clubs, the world's leading nightlife concierge, is regaining momentum and gradually increasing its
customer base after the pandemic-induced downturn. With a fully redesigned website and an expanded network of global
nightclubs, The World's Finest Clubs is poised to reclaim its position as the premier destination for nightlife
experiences worldwide.
Services Grew by 20% with Prior Investments Paying Off
In a notable turnaround from the previous year, the Services segment surged by 20% in 2023, reaching CHF 6.5 million,
highlighting the efficacy of strategic investments and focused efforts.
The ASMALLWORLD Collection witnessed a remarkable 29% increase in bookings, showcasing its growing popularity and
enhanced offerings. Notably, customer loyalty remained robust, with 43% of clients booking at least twice during the
year, underscoring the platform's enduring appeal and customer satisfaction.
ASMALLWORLD Hospitality secured a significant victory for its client, Murbee Resorts, by facilitating a deal with
Rosewood Hotels & Resorts® to establish the first Rosewood hotel and residences on the island of Barbuda. This
achievement underscores ASMALLWORLD's pivotal role in brokering the deal and coordinating the resort's development,
further solidifying its position as a trusted advisor in the hospitality sector. At the same time, the legal dispute
with MAG of Life, a previous client, persists following their unexpected termination of the consulting contract for the
Ritz-Carlton Residences in Dubai.
The ASMALLWORLD social network experienced a surge in in-person events, with a 31% increase from 654 events in 2022 to
856 events in 2023, indicative of renewed enthusiasm for physical gatherings. As online events were purposefully
reduced to prioritise in-person experiences, the company remains committed to maintaining a hybrid event schedule,
catering to diverse preferences, and fostering meaningful connections within its global community.
Healthy Balance Sheet - Debt Reduced by 54%
After achieving self-funding status in 2022, ASMALLWORLD further fortified its financial position in 2023 by
substantially reducing its debt by 54% year-on-year. The company's outstanding debt now stands at CHF 4.2 million, down
from CHF 9.1 million at the end of 2022. This significant reduction was largely facilitated by a successful capital
increase in October, which saw the creation of 2.7 million new shares, bolstering ASMALLWORLD's financial resources for
debt repayment.
With debt now at a level lower than its cash and short-term investment positions combined, ASMALLWORLD maintains the
flexibility to opt for debt-free status, reinforcing its commitment to sound financial management and long-term
sustainability in the luxury travel market.
ASMALLWORLD DISCOVERY and Jetbeds Added to the ASMALLWORLD Portfolio
ASMALLWORLD expanded its offerings with ASMALLWORLD DISCOVERY and Jetbeds, continuing its effort to diversify its
revenue streams.
ASMALLWORLD's strategic acquisition of a 10% stake in Global Hotel Alliance (GHA) in late 2021 signalled a period of
new opportunities. With over 800 hotels and more than 25 million customers, the GHA DISCOVERY loyalty programme offers
complimentary access to ASMALLWORLD's community for its top-tier memberships, providing an avenue for expansion. The
launch of ASMALLWORLD DISCOVERY in April 2023 introduced independent hotels to the GHA DISCOVERY platform, further
diversifying the company's revenue streams. By the close of 2023, this initiative had garnered traction, with 18 hotels
embracing the service, underscoring its promising potential. Moreover, the financial investment in GHA as a company
proved lucrative as well, with GHA disbursing a USD 300,000 dividend to ASMALLWORLD in 2023, further contributing to
the company's favourable 2023 results.
In a strategic move to enhance its online travel booking capabilities, ASMALLWORLD acquired Jetbeds.com in November
2023. Jetbeds.com, a premier online flight booking platform specialising in First and Business Class flights from
top-tier airlines, will complement ASMALLWORLD's existing online hotel booking offering. While Jetbeds.com will
maintain its independent operation, ASMALLWORLD envisions integrating flight bookings seamlessly into its ASMALLWORLD
and First Class & More apps and websites in the future, aligning with its commitment to innovation and growth.
Outlook for 2024: Steady Growth and Investments
For 2024, ASMALLWORLD's management is keeping its focus on growth but also on the diversification of its product
offering. Some ongoing initiatives, like the reconfiguration of ASMALLWORLD's membership structure, the scale-up of the
ASMALLWORLD Collection and ASMALLWORLD DISCOVERY, as well as the integration of Jetbeds.com will require short-term
investments before they will be able to contribute significantly to the company's results. As a result, the management
expects a steady increase in sales to the range of CHF 23 to 25 million and EBITDA to temporarily decrease to CHF 1.0
to 1.2 million for 2024, reflecting the required investments into the business for long-term success.
"While our revenue growth for 2023 was solid, there are many ongoing initiatives that will require attention and
resources before they can become more significant revenue contributors in the future. As a result, we want to manage
expectations, that 2024 will be seen by us as an investment year to set ourselves up for stronger growth and success in
the long run," commented ASMALLWORLD CEO Jan Luescher.
Earnings Call and Further Information
ASMALLWORLD CEO Jan Luescher will hold a conference call later today, March 14th, to provide additional details and
commentary regarding the 2023 results. The call will take place at 15:30 CET.
To participate in the call, please register beforehand via the following link:
https://webcast.meetyoo.de/reg/9pRNQDjJ2qoV
After registration, participants will receive a confirmation email with individual dial-in data.
The full 2023 Financial Report as well as the presentation for the 2023 Earnings Call are available for download on the
ASMALLWORLD AG website at:
https://www.asmallworldag.com/financial-reports

This press release can be found at www.asmallworldag.com.

Definition of EBITDA as an alternative performance measure: Earnings before interest (including all financial income
and expenses), taxes, depreciation, and amortisation.

The ASMALLWORLD Group:
ASMALLWORLD is the world's leading travel & lifestyle community, focusing on experiences: the modern-day definition of
luxury.
Centred around the ASMALLWORLD social network, the company operates a digital travel & lifestyle ecosystem that enables
and inspires members to travel better, experience more and make new connections.
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March 14, 2024 01:00 ET (05:00 GMT)