Travelex Results Presentation · The information contained inthis document (the “Presentation”)has been prepared by Travelex (the “Company”)at a time when the Company's accounts

TravelexResults Presentation

for the year ended 31 December 2019 and quarter ended 31 March 2020

Notice to Recipient

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES,

AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA.

THIS PRESENTATION CONTAINS INSIDE INFORMATION AS DEFINED IN ARTICLE 7 OF THE MARKET ABUSE REGULATION

NO. 596/2014 ("MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW

CONSIDERED TO BE IN THE PUBLIC DOMAIN.

The information contained in this document (the “Presentation”) has been prepared by Travelex (the “Company”) at a time when the Company's accounts are not yet finalised and as such is subject to

material updating, revision and further amendment. It does not constitute the Company’s statutory accounts for the years ended 31 December 2019 or 31 December 2018. The financial information for

the year ended 31 December 2019 has not yet been subject to the Company’s final management review and has not been reported on by the Company’s auditors or delivered to the Registrar of

Companies and therefore may be subject to change. The financial information for the year ended 31 December 2018 is derived from the statutory accounts for that year which have been delivered to the

Registrar of Companies. The auditors reported on those accounts: their report was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under s498(2) or

(3) of the CompaniesAct 2006.

Whilst the financial information included in this preliminary announcement has been prepared in accordance with the recognition and measurement criteria of International Financial Reporting Standards

(IFRSs), as adopted for use in the EU, this announcement does not itself contain sufficient information to comply with IFRSs. The Company expects to publish full financial statements that comply with

IFRSs before 31 December 2020.

No representations or warranties, express or implied, are made as to, and no reliance should be placed on, the accuracy, fairness or completeness of the information presented or contained in this

Presentation. This Presentation is for informational purposes only and does not constitute or form part of any invitation or inducement to engage in investment activity, nor does it constitute an offer or

invitation to buy any securities, in any jurisdiction including the United States, or a recommendation in respect of buying, holding or selling any securities.

To the extent available, the industry, market and competitive position data contained in this Presentation is extracted from official or third party sources. Third party industry publications, studies and

surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. While the

Company believes that each of these publications, studies and surveys has been prepared by a reputable source, the Company ha s not independently verified the data contained therein. In addition,

certain of the industry, market and competitive position data contained in this Presentation come from the Company's own inte rnal research and estimates based on the knowledge and experience of the

Company's management in the market in which the Company operates. While the Company believes that such research and estimates are reasonable and reliable, they, and their underlying

methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change without notice. Accordingly, undue reliance should not be

placed on any of the industry, market or competitive position data contained in this Presentation.

This Presentation includes certain statements that may be deemed “forward -looking statements”. These statements reflect the Company’s current knowledge and management’s expectations,

assumptions and projections about future events and may be identified by the context of such statements or words such as “ant icipate”, “believe”, “estimate”, “expect”, “intend” and “plan”. All statements

in this discussion, other than statements of historical facts, that address future activities and events or developments that the Company expects, are forward-looking statements. Although the Company

believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, past performance cannot be relied on as a guide to future performance and should not be

taken as a representation that trends or activities underlying past performance will continue in the future. Such statements are subject to numerous risks and uncertainties that could cause actual results

or developments to differ materially from those in the forward-looking statements. Factors that could cause actual results to di ffer materially from those in forward-looking statements include market prices,

continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and that

actual results or developments may differ materially from those projected in forward -looking statements.

1

Section 1:Year ended 31 December 2019

2

Section 1.1:Key Highlights

3

Year ended 31 December 2019 – key highlights

1. Core Group metrics include 100% of Revenue and EBITDA from Joint Ventures and Travelex’s French business which was sold toUAE Exchange Limited, a company of which Finablr PLC is also a shareholder. The French business remains in the Core Group results for management discussion and analysis purposes but is excluded from the Group’s statutory results

2. Results at constant exchange rates (CER) are Core Group metrics retranslated at the average rates for the equivalent period in 20183. EBITDA is presented before exceptional items, non-underlying adjustments, and before IFRS 16 adjustments4. Core Group excluding disposed operation metrics exclude the results of Travelex Africa Foreign Exchange Proprietary Limited which was disposed of on 1 January 2019

Financial and Operational Highlights Financial Summary (excl. disposed operation)

4

• Core Group Revenue (excl. disposed operations) up 1% to

£802.7m, at constant exchange rate (CER)

• Core Group EBITDA (excl. disposed operations) £2.2m ahead of

prior year at £77.0m, at CER

• Free cash balance of £126.4m as at 31 December 2019. Net

debt of £214.2m

£m, year ended 31

December 2018 2019 Change

2019

CER 2

Change

Core Group Revenue 1,4

794.7 805.0 1% 802.7 1%

Core Group EBITDA 1,3,4

74.8 77.4 2.6 77.0 2.2

Section 1.2:Financial Performance

5

Group Revenue and EBITDA Summary ended 31 December 2019

1. Core Group metrics include 100% of Revenue and EBITDA from Joint Ventures and Travelex’s French business which was sold to UAE Exchange Limited, a company of which Finablr PLC is also a shareholder. The French business remains in the Core Group results for management discussion and analysis purposes but is excluded from the Group’s statutory results

2. Results at CER are Core Group metrics retranslated at the average rates for the equivalent period in 20183. EBITDA is presented before exceptional items, non-underlying adjustments, and before IFRS 16 adjustments 4. Core Group excluding disposed operation metrics exclude the results of Travelex Africa Foreign Exchange Proprietary Limited which was disposed of on 1 January 20195. Certain costs stated within central and shared under 2018 reporting, have been restated to trading costs to reflect the underlying nature of these costs

6

£m, 2018 2019 Var

2019

CER 2

Var

Core Group Revenue (excl. disposed operation) 1,4 794.7 805.0 1% 802.7 1%

Trading EBITDA contribution 5 131.6 136.6 5.0 135.7 4.1

Central & Shared Costs (excl. Bonus) 5 (49.9) (55.4) (5.5) (54.9) (5.0)

Bonus (6.9) (3.8) 3.1 (3.8) 3.1

Core Group EBITDA (excl. disposed operation) 1,3,4 74.8 77.4 2.6 77.0 2.2

Disposals (FX Africa) (0.6) - 0.6 - 0.6

Core Group EBITDA (incl. disposed operation) 1,3 74.2 77.4 3.2 77.0 2.8

£m, 2018 2019 Var

2019

CER 2

Var

Core Group Revenue (excl. disposed operation) 1,4 193.9 189.1 (2%) 195.0 1%

Trading EBITDA contribution 5 23.3 28.2 4.9 30.0 6.7

Central & Shared Costs (excl. Bonus) 5 (12.1) (13.8) (1.7) (13.4) (1.3)

Bonus (2.5) 0.2 2.7 0.2 2.7

Core Group EBITDA (excl. disposed operation) 1,3,4 8.7 14.6 5.9 16.8 8.1

Disposals (FX Africa) (0.1) - 0.1 - 0.1

Core Group EBITDA (incl. disposed operation) 1,3 8.6 14.6 6.0 16.8 8.2

Full year

Q4 2019

£m,

UK & Africa 278.2 285.4 3% 285.4 3%

ANZ 103.6 98.3 (5%) 100.7 (3%)

ME&T 71.0 67.2 (5%) 65.6 (8%)

Europe 120.1 118.0 (2%) 119.4 (1%)

NAM 88.9 90.9 2% 87.6 (1%)

Brazil 55.8 57.5 3% 59.4 6%

Asia 77.1 87.7 14% 84.6 10%

Core Group Revenue 794.7 805.0 1% 802.7 1%

2018 2019 Change % 2019 CER Change %

Year ended 31 December 2019 – revenue performance by Trading Area

Core Group Revenue increased 1% on prior year (up 1% from £794.7m CER) driven by:

UK & Africa – 3% growth (3% CER growth) – driven by supermarkets due to expansion of the estate, growth of banknote supply to developing

markets and fulfilment of Nigeria banknotes and bureau de change orders. Offset in part by lower demand from UK outsourcing clients

ANZ – 5% decline (3% CER decline) – driven by softer retail performance

ME&T – 5% decline (8% CER decline) – driven by the Group exiting Istanbul Atatürk Airport in April 2019. Excluding Turkey, ME revenue grew by13% (8% CER growth), driven by growth in the UAE and Qatar

Europe – 2% decline (1% CER decline) - driven by expiry of Group’s VAT contract at Paris Airports (the Group continues to provide FX walk-up

and ATMs in Paris under a separate contract), partially offset by growth in Germany due to like-for-like performance and new airport contracts,and Italy due to ATM rollouts

NAM – 2% growth (1% CER decline) – driven by softer retail performance

Brazil – 3% growth (6% CER growth) – driven by payments growth

Asia – 14% growth (10% CER growth) – growth driven by wholesale banknotes across the region and retail performance in Malaysia and Japan

supported by newstores

7

Free cash flow statement (attributable operations)

Free cash flow from attributable operations

£m, year ended 31 December 2018 2019

Core Group EBITDA 74.2 77.4

Less: Unconsolidated JVs and disposal of France (9.9) (12.4)

Dividends paid to non-controlling interest (4.4) (5.1)

Dividends received from joint ventures 2.6 1.4

Utilisation of provisions and bonus accruals (10.7) (11.3)

Net free cash flow from attributable operating

activities (before inventory & working capital)51.8 50.0

Movements in cash inventory (cash in tills & vaults) (9.6) 9.8

Other movements in working capital 45.9 31.8

Cash impact of movements in inventory & working

capital36.3 41.6

Net free cash outflow from one-off items (10.5) (14.6)

Net free cash flow from attributable operations 77.6 77.0

Commentary

Net free cash inflow from attributable operations:

• Dividend paid to non-controlling interest principally related to ME&T

operations

• Dividends received from Qatar joint venture

• The inflow in cash inventory is mainly due to movement in

underlying stock and wholesale banknote orders

• Other movements in working capital primarily relate to wholesale

banknote orders, which are generally settled within 1-2 days of

order completion

One off items:

• One-off items include non-underlying costs relating primarily due to

a UK vault relocation and other project costs

8

Free cash flow statement (investing and financing)

Free cash flow from investing and financing activities Commentary



Taxation paid (12.3) (11.3)

Expansionary & Maintenance capex (30.7) (28.0)

Other net investing activities 2.9 16.1

Net free cash used in investing activities (27.8) (11.9)

Interest paid on secured bonds, RCF and other bank loans (28.8) (32.6)

Loan from shareholder 14.4 5.9

Wholesale banknote business acquisition (7.6) -

Reimbursement on investment in Payments Platform - 20.0

Investment in Payments Platform (6.2) (15.8)

Drawdown of RCF and utilisation of overdraft - 15.0

Net free cash used in financing activities (28.2) (7.5)

Exchange gain/ (loss) on free cash 2.0 (7.5)

Net increase in free cash 11.3 38.8

Free cash at the beginning of the period 76.3 87.6

Free cash at the end of the period 87.6 126.4

Investing activities:

• Expansionary & Maintenance capex includes c.£7.1m relatingto:

o ATM Re-Platform

o Common front end system that will service a number ofcustomer channels

o Strengthening technology with cloud infrastructure and

end user upgrades

o Financial Crime Programme focussing on AMLoperations and customer efficiencies

o Rollout of replacement ledger in selected countries

• Other net investing activities mainly include the transaction

related to the sale of the convertible ordinary class B shares inVisa Inc

Financing Activities:

• Benefited from shareholder support with strategic investment in

a digital payment platform

9

Free cash, net debt & liquidity

Commentary

• Cash and cash equivalents includes restricted amounts such as

banknote prepayments and prepaid debit card float balances.

• Cash is held across the Group but managed centrally with theexception of Brazil, ME&T, and Nigeria. Each of these

businesses manage their own liquidity due to country-specificrestrictions that limit central cash management by the Group

• Free cash adjusts unrestricted cash for amounts being used as

working capital (cash in tills, vaults and transit) and a consistentmanagement estimate of cash required locally for regulatory

purposes

• Revolving credit facility used to provide liquidity to meetoperating cash needs. As at 31 December 2019, the facility had

£40.0m drawn down, and further £9.0m had been utilised asguarantees.

Free cash£m

31 Dec 2018 31 Dec 2019

Cash and cash equivalents 550.2 569.2

Ring-fenced cash and term deposits (41.1) (35.6)

Bank loans and overdraft (7.8) (9.3)

Prepaid debit card floats (185.6) (168.4)

Banknotes prepayments (40.4) (55.8)

Net cash classified as held for sale 1.3 -

Unrestricted cash 276.6 300.1

Cash in tills, vaults and transit (174.0) (158.7)

Management estimate of regulatory cash (15.0) (15.0)

Free cash 87.6 126.4

Net debt£m

31 Dec 2018 31 Dec 2019

Fixed rate senior notes (317.2) (300.5)

Drawn RCF and utilised overdraft (25.0) (40.0)

Gross debt (342.2) (340.5)


Net debt (254.6) (214.1)

10

Section 1.3:Further Information

11

Reconciliation from Core Group to Statutory (Revenue & EBITDA)

Reconciliation to Statutory Revenue1

£m, twelve months ended 31 December 2018 2019

Core Group Revenue5 802.0 805.0

Joint Venture adjustment for equity accounting (26.6) (31.2)

Travellers’ Cheques 1.8 1.3

French business ownership adjustment (48.7) (39.8)

Revenue within Central & Shared Costs 1.0 -

Statutory Revenue 729.5 735.3

Reconciliation to Statutory and Adjusted EBITDA1

Underlying EBITDA (per the consolidated financial statements) 63.6 178.6

Joint Venture adjustment for equity accounting2 7.6 10.1

French business ownership adjustment 2.3 2.3

IFRS 16 adjustments - (114.2)


Core Group EBITDA (100% of JVs and France)3 74.2 77.4

Adjustment for proportion of Non-Consolidated JVs (3.7) (5.0)


Adjusted EBITDA4 68.2 70.1

1 Historical FX rates used are actual average rates for each period2 Net of recharges3 Core Group EBITDA consists of EBITDA adjusted to include 100% of the EBITDA of our joint ventures, share-based payment incentive charges, and Banque Travelex SAS which was disposed of in 2015 but

is continued to be managed by the Group, and excludes EBITDA attributable to our Travellers’ Cheques business, which does not form part of the Restricted Group.4 Adjusted EBITDA consists of Core Group EBITDA adjusted for the share of non-consolidated joint ventures that are not attributable to the Group and excludes the EBITDA of Banque Travelex SAS, which was

disposed of in January 2015 to UAE Exchange Limited in connection with the sale of the Group.5 2018 figure includes £5.4m relating to disposed operations.

12

Reconciliation of Free Cash flow to Statutory measure

Reconciliation of free cash flow from attributable operations to applicable statutory measure



Cash outflow relating to investment in Payments Platform* - (8.0)

Reimbursement on investment in Payments Platform - 20.0

Dividends paid to non-controlling interest 4.4 5.1

Dividends received from joint ventures (2.6) (1.4)

Movement in cash held in tills, vaults and transit 9.6 (9.8)

Movement in banknotes prepayments 3.7 15.4

Movement in cash and deposits held for the Travellers’ Cheques business 0.4 (5.5)

Movement in prepaid card float deposits (20.7) (11.0)

Movement in the capital element of finance lease payments (IFRS 16) - 117.2

Income from subleasing (IFRS 16) - (1.3)

Cash flow from operating activities (statutory measure) 72.4 197.7

13

*Portion presented as financing activities for management purposes

FX Rate Summary

14

Average FX rate for the period


% FX rate as at FX rate as at %

31-Dec-18 31-Dec-19 Movement 31-Dec-18 31-Dec-19 Movement

EUR 1.13 1.14 1% 1.11 1.1797 6%

USD 1.34 1.28 -4% 1.27 1.3247 4%

JPY 148.00 139.59 -6% 139.55 143.94 3%

AUD 1.79 1.84 3% 1.81 1.8841 4%

BRL 4.97 5.05 2% 4.94 5.3248 8%

TRY 6.69 7.27 9% 6.76 7.8814 17%

Section 2:Quarter ended 31 March 2020

15

Section 2.1:Key Highlights

16

Quarter ended 31 March 2020 – key highlights

1. Core Group metrics include 100% of Revenue and EBITDA from Joint Ventures and Travelex’s French business which was sold toUAE Exchange Limited, a company of which Finablr PLC is also a shareholder. The French business remains in the Core Group results for management discussion and analysis purposes but is excluded from the Group’s statutory results

2. Results at constant exchange rates (CER) are Core Group metrics retranslated at the average rates for the equivalent period in 20193. EBITDA is presented before exceptional items, non-underlying adjustments, and before IFRS 16 adjustments

Financial and Operational Highlights Financial Summary (excl. disposed operation)

17

• Core Group Revenue (excl. disposed operations) down 34% to

£114.6m, at constant exchange rate (CER)

• Core Group EBITDA (excl. disposed operations) £43.9m behind

prior year to a loss of £(41.4)m, at CER

• Free cash balance of £32.9m as at 31 March 2020. Net debt of

£331.9m

Section 2.2:Financial Performance

18

Group Revenue and EBITDA Summary ended 31 March 2020

1. Core Group metrics include 100% of Revenue and EBITDA from Joint Ventures and Travelex’s French business which was sold to UAE Exchange Limited, a company of which Finablr PLC is also a shareholder. The French business remains in the Core Group results for management discussion and analysis purposes but is excluded from the Group’s statutory results

2. Results at CER are Core Group metrics retranslated at the average rates for the equivalent period in 20193. EBITDA is presented before exceptional items, non-underlying adjustments, and IFRS 16 adjustments19

Quarter ended 31 March 2020 – revenue performance by geography

Core Group Revenue decreased 36% on prior year (current year Core Group Revenue at CER of £114.6m down 34% from prior year) principallydriven by:

• Cyber attack which primarily impacted trading systems and therefore performance of the Group’s Retail & Outsourcing segments. The Grouphas insurance cover for this event, however, the precise magnitude and timing of any recovery is not certain at this point.

• Covid19 leading to a material reduction in global passenger volumes and demand for travel currency

We highlight by exception:

• Brazil – 11% growth CER, (7% decline actual) – driven by the growth of bank payments

• Performance in Q1 2020 has also been impacted by contract exits:

• ME&T – the Group exited Istanbul Ataturk airport in April-19

• Europe – the Group’s VAT contract with Paris airports expired in Apr-19. The Group continues to provide FX services at theseairports.

• UK & Africa – the Group’s contract for the supply of currency to Bureau de Changes in Lagos, Nigeria expired in late 2019

20

Free cash flow statement (attributable operations)

Free cash flow from attributable operations

£m, three months ended 31 March 2019 2020

Core Group EBITDA 2.5 (42.4)

Less: Unconsolidated JVs and disposal of France (1.6) 1.6

Dividends paid to non-controlling interest (1.6) (0.3)

Utilisation of provisions and bonus accruals (1.4) (1.2)

Net free cash flow from attributable operating

activities (before inventory & working capital)(2.1) (42.3)

Movements in cash inventory (cash in tills & vaults) (7.1) 72.5

Other movements in working capital (4.6) (93.8)

Cash impact of movements in inventory & working

capital(11.7) (21.3)

Net free cash outflow from one-off items (0.9) (23.6)

Net free cash flow from attributable operations (14.7) (87.2)

Commentary

Net free cash inflow from attributable operations:

• Dividend paid to non-controlling interest principally related to ME&T

operations

• The outflow in cash inventory is mainly due to movement in

underlying stock and wholesale banknote orders

• Other movements in working capital primarily relate to wholesale

banknote orders, which are generally settled within 1-2 days of

order completion.

• Also included in other movements in working capital is £20m of

outflows from the company to Finablr. These outflows represent the

repayment of temporary financing provided by Finablr to Travelex in

advance of expected capital contribution to support thedevelopment of the payments platform1.

One off items:

• One-off items include costs relating to the cyber attack which are

subject to an insurance claim, as well as a £20.6m loan under the

intra-group RCF that was provided to the Finablr parent to assist

with short-term liquidity1.

21

1. The aggregate outstanding Finablr receivable at Q1 2020 was £40.6m

Free cash flow statement (investing and financing)

Free cash flow from investing and financing activities Commentary



Taxation paid (4.2) (0.4)

Expansionary & Maintenance capex (3.5) (5.9)

Net cash inflow from investments in Brazil government bonds

- 1.2

Other net investing activities (0.7) 0.4

Net free cash used in investing activities (4.2) (4.3)

Interest paid on secured bonds, RCF and other bank loans (1.5) (1.3)

Loan from shareholder 5.9 -

Investment in Payments Platform (4.7) (2.1)

Drawdown of RCF and utilisation of overdraft 25.0 10.0

Net free cash used in financing activities (24.7) 6.6

Exchange loss on free cash (3.5) (8.2)

Net decrease in free cash (1.9) (93.5)

Free cash at the beginning of the period 87.6 126.4

Free cash at the end of the period 85.7 32.9

Investing activities:

• Expansionary & Maintenance capex includes c.£1.5m relatingto:

o Continued investment in the Financial Crime Programmefocussing on AML improvements

o Technology strengthening with moves to cloud

infrastructure

o Development of an integrated retail point of sale platform

• Other net investing activities includes interest received.

Financing Activities:

• Primarily drawdown on the RCF

• As at 31 March 2020 all currency hedge positions had been

closed out

22

Free cash, net debt & liquidity

Commentary

• Cash and cash equivalents includes restricted amounts such as

banknote prepayments and prepaid debit card float balances

• Cash is held across the Group but managed centrally with the

exception of Brazil, ME&T, and Nigeria. Each of thesebusinesses manage their own liquidity due to country-specific

restrictions that limit central cash management by the Group

• Free cash adjusts unrestricted cash for amounts being used asworking capital (cash in tills, vaults and transit) and a consistent

management estimate of cash required locally for regulatorypurposes

• Revolving credit facility used to provide liquidity to meetoperating cash needs. As at 31 March 2020, the facility had

£50.0m drawn down, and £8.7m had been utilised asguarantees.

Free cash£m

31 Dec 2019 31 Mar 2020

Cash and cash equivalents 569.2 461.2

Ring-fenced cash and term deposits (35.6) (37.0)

Bank loans and overdraft (9.3) (34.1)

Prepaid debit card floats (168.4) (156.6)

Banknotes prepayments (55.8) (98.5)

Unrestricted cash 300.1 135.0

Cash in tills, vaults and transit (158.7) (87.1)

Management estimate of regulatory cash (15.0) (15.0)


Net debt£m

31 Dec 2019 31 Mar 2020

Fixed rate senior notes (300.5) (314.8)

Drawn RCF and utilised overdraft (40.0) (50.0)

Gross debt (340.5) (364.8)


Net debt (214.1) (331.9)

23

Section 2.3:Further Information

24

Reconciliation from Core Group to Statutory (Revenue & EBITDA)

Reconciliation to Statutory Revenue1


Core Group Revenue 174.5 111.9

Joint Venture adjustment for equity accounting (6.0) (4.8)



Statutory Revenue 159.4 102.7

Reconciliation to Statutory and Adjusted EBITDA1

Underlying EBITDA (per the consolidated financial statements) 25.9 (4.7)

Joint Venture adjustment for equity accounting2 1.6 0.6

French business ownership adjustment - (2.2)

IFRS 16 adjustments (24.8) (36.2)

Travellers’ Cheques (0.2) 0.1

Core Group EBITDA (100% of JVs and France)3 2.5 (42.4)

Adjustment for proportion of Non-Consolidated JVs (0.8) (0.3)

French business ownership adjustment - 2.2

Adjusted EBITDA4 1.7 (40.5)

1 Historical FX rates used are actual average rates for each period2 Net of recharges3 Core Group EBITDA consists of EBITDA adjusted to include 100% of the EBITDA of our joint ventures, share-based payment incentive charges, and Banque Travelex SAS which was disposed of in 2015 but is continued to be

managed by the Group, and excludes EBITDA attributable to our Travellers’ Cheques business, which does not form part of the Restricted Group.4 Adjusted EBITDA consists of Core Group EBITDA adjusted for the share of non-consolidated joint ventures that are not attributable to the Group and excludes the EBITDA of Banque Travelex SAS, which was disposed of in January

2015 to UAE Exchange Limited in connection with the sale of the Group.

25

Reconciliation of Free Cash flow to Statutory measure

Reconciliation of free cash flow from attributable operations to applicable statutory measure



Cash outflow relating to investment in Payments Platform* (1.4) (1.5)

Dividends paid to non-controlling interest 1.6 0.3

Movement in cash held in tills, vaults and transit 7.1 (72.6)

Movement in banknotes prepayments 25.0 42.7

Movement in cash and deposits held for the Travellers’ Cheques business (1.6) 1.4

Movement in prepaid card float deposits (4.2) (24.0)

Movement in the capital element of finance lease payments (IFRS 16) 24.6 36.8

Income from subleasing (IFRS 16) - (0.3)

Cash flow from operating activities (statutory measure) 36.4 (104.4)

26

*Portion presented as financing activities for management purposes

FX Rate Summary

27



% FX rate as at FX rate as at %

31-Mar-19 31-Mar-20 Movement 31-Dec-19 31-Mar-20 Movement

EUR 1.16 1.16 0% 1.1797 1.1288 -4%

USD 1.32 1.28 -3% 1.3247 1.2398 -6%

JPY 145.12 138.19 -5% 143.94 133.81 -7%

AUD 1.83 1.99 8% 1.8841 2.0242 7%

BRL 4.95 5.94 20% 5.3248 6.4315 21%

TRY 7.09 8.01 13% 7.8814 8.1659 4%

Documents

Travelex Results Presentation · The information contained inthis document (the “Presentation”)has been prepared by Travelex (the “Company”)at a time when the Company's accounts