TUI GROUP FACTBOOK. May 2015

Transcription

1 TUI GROUP FACTBOOK May 2015

2 Pro Forma Turnover 2012/13 & 2013/14 m FY 12/13 Q1 13/14 Q2 13/14 Q3 13/14 Q4 13/14 FY 13/14 Northern Region 6, , , , ,200.8 Central Region 5, , , , ,426.0 Western Region 3, , ,970.2 Source Markets 14, , , , , ,597.0 Hotels & Resorts Cruises Other Tourism Tourism 15, , , , , ,872.4 Specialist Group 1, ,625.5 Hotelbeds Group All Other Segments TUI Group continuing operations 18, , , , , ,536.8 Note: The numbers are restated to reflect the new segment structure and the LateRooms Group has been classified as a discontinued operation Variances due to rounding effects 2

3 Pro Forma Underlying EBITA 2012/13 & 2013/14 m FY 12/13 Q1 13/14 Q2 13/14 Q3 13/14 Q4 13/14 FY 13/14 Northern Region Central Region Western Region Source Markets Hotels & Resorts Cruises Other Tourism Tourism Specialist Group Hotelbeds Group All Other Segments TUI Group continuing operations , Note: The numbers are restated to reflect the new segment structure and the LateRooms Group has been classified as a discontinued operation Variances due to rounding effects 3

4 Pro Forma Income Statement Key Figures 2012/13 & 2013/14 m FY 12/13 Q1 13/14 Q2 13/14 Q3 13/14 Q4 13/14 FY 13/14 Turnover 18, , , , , ,536.8 Underlying EBITDA 1, , ,199.9 Depreciation Underlying EBITA , Adjustments EBITA , Impairment goodwill EBIT , Interest result Equity result Hapag-Lloyd EBT Income taxes Group result continuing operations Discontinued operations Minority Interest Group result after minorities Hybrid dividend EPS ( ) Note: The LateRooms Group has been classified as a discontinued operation Variances due to rounding effects 4

5 Key Financials Main Sources of Debt Finance 1 May 2015 Debt Finance Instrument Issue Maturity Volume m Interest % p.a. Revolving Credit Facility Sep 14 June 18 1,750 c2% margin on average above LIBOR High Yield Bond Sep 14 Oct

6 Source Markets Summary 2013/14 Northern Region Central Region* Western Region Total Source Markets* Customers (000) 6,780 7,115 4,948 19,433 Revenue ( m) 6,201 5,426 2,970 14,597 GP1 margin (%) GP2 margin (%) Underlying EBITA ( m) EBITA Margin (%) Direct distribution mix 91% 39% 66% 68% Online mix 56% 12% 45% 38% Figures shown as a percentage of revenue unless otherwise stated * Germany customers restated to include seat only sales distributed by TUIfly.com 6

7 Source Markets Summary 2013/14 Customers split by holiday type Direct Operating Cost split Hotel only c5% Overland 10-15% Flight only 15-20% Specialist 5-10% Package (with flight) c.60% Other aviation 5% In resort 10% Other 20% Aircraft lease costs 15% Accommodation 40% Fuel 10% 7

8 Source Markets: Northern Region UK (2013/14) Jet2 9% * Company estimates Market Share* Positioning Key Figures Cosmos 9% Thomas Cook 27% All others 9% TUI 46% Holidays Leading tourism brands High levels of direct distribution and unique holidays driving superior performance Number 2 most visited travel website Systems replacement delivering improved customer experience Customers 5.2m GP1 Margin 18% GP2 Margin 11% EBITA Margin 6.6% Distribution Seasonality 9% H1 (Winter) 30% customers H2 (Summer) 70% customers c95% of pax flown by own airline S14 top 3 destinations Spain Greece Turkey 40% 51% Third Party Own Retail Online

9 Source Markets: Northern Region Nordics (2013/14) Market Share* Positioning Key Figures All others 23% TUI 30% Online driven business less than 10 shops High levels of unique content Customers 1.6m GP1 Margin 14% Kuoni 20% Thomas Cook 27% Higher proportion of winter holidays than other European source markets GP2 Margin 10% EBITA Margin 4.5% * Company estimates Holidays Distribution Seasonality 10% 20% H1 (Winter) 40% customers H2 (Summer) 60% customers c50% of pax flown by own airline S14 top 3 destinations Greece Turkey Spain 70% Third Party Own Retail Online

10 Source Markets: Central Region Germany (2013/14) Market Share* Positioning Key Figures All others 50% TUI 17% FTI Gp 8% DER 12% Thomas Cook 13% Strong holiday brands Digital presence strengthened (TUI.com and mobile optimisation) Rollout of TUI branding across retail estate Market dominated by large number of third party travel agencies Customers 6.2m GP1 Margin 21% GP2 Margin 9% EBITA Margin 3.1% * Company estimates Holidays Distribution Seasonality H1 (Winter) 30% customers H2 (Summer) 70% customers c65% of pax flown by own airline S14 top 3 destinations Spain Turkey Greece 63% 26% 11% Third Party Own Retail Online

11 Source Markets: Western Region Benelux (2013/14) Market Share* Positioning Key Figures Leading market position Customers 4.0m All others 37% TUI 33% Strong online distribution capability GP1 Margin 19% Belgium has most efficient cost base across all source markets GP2 Margin 10% Corendon 10% * Company estimates Thomas Cook 20% Holidays EBITA Margin 5.4% Distribution Seasonality 32% c75% of pax flown by own airline 12% Third Party H1 (Winter) 35% customers H2 (Summer) 65% customers S14 top 3 destinations Turkey Greece Spain 56% Own Retail Online

12 Source Markets Aircraft Fleet Planned order book deliveries 2015 to B737 NG B737-MAX B Planned order book deliveries Aircraft Commitments by Finance Type Operating Lease Finance Lease Owned Held for Sale As at 30 September Order book financing Other net movements (11) (2) 1 1 (11) Total As at 31 March

13 Hotels & Resorts Summary 2013/14 Key facts* Total Turnover ( m) 861 o/w Turnover 3 rd party ( m) 465 Underlying EBITDA ( m) 267 Underlying EBITA ( m) 203 o/w Equity result ( m) 38 Number of hotels** 310 o/w TT Hotels 72 Number of beds** 212,665 o/w TT Hotels 54,673 Capacity ( 000) 24,637 Revenue/bed ( ) Occupancy (%) 81 Eastern Mediterranean 27% Hotel beds by region** Other countries North Africa/ Egypt 7% 21% Western Mediterranean 25% 30% 20% Caribbean * Former Hotels & Resorts segment; excluding TT hotels ** Including TT hotels 13

14 Hotels & Resorts Our Portfolio 2013/14 TUI AG Target groups Families, couples premium guests Families, couples singles Couples, families Families, couples, active holidaymakers, wellness fans Couples, families, singles, premium guests Stars 3,4 & 5 4 & 5 4 & 5 3,4 & 5 4 & 5 Main sites Spain, Mexico, Caribbean, Tunisia, Cape Verde Spain, Greece, Turkey, Switzerland, Austria Egypt, Turkey, Germany Spain Greece No of hotels No of beds 88,932 13,557 13,329 13,910 11,080 Participation 50% / 49% * 100% Turkey, Germany 100% / Egypt 50% 50% 50% RIUSA II S.A.: 50%, fully consolidated; Riu Hotels S.A.: 49%, at equity 14

15 Hotels & Resorts Our Portfolio 2013/14 former TUI Travel Hotels Target groups Couples, families Families, couples Families Couples, families, groups Families, couples Stars 4 & 5 4 & 5 4 & 5 3, 4 & 5 5 Main sites Greece, Cyprus Egypt, Greece, Spain, Tunisia, Turkey Turkey Spain, Italy, Turkey Turkey No of hotels No of beds 13,887 10,102 12,413 6,428 1,442 Participation 50% 100% 100% 100% 50% As of Q2 2014/15 included in Hotels & Resorts segment 15

16 Risk Hotels & Resorts Financing Structure 2013/14 Financing structure** Risk and return profile (illustrative) Lease 10% Franchise 6% 6% 10% Management ++ Owned 46% 46% Leased Managed Ownership 38% Return ++ Average duration of management, Lease & Franchise contracts: 10 years, option for renewal for another 5 years * Including TT hotels 16

17 Hotels & Resorts Profit analysis 2013/14* Owned & leased hotels** 109 Capacity 24,637 Occupancy Rate x 80.9% x = Bed revenue 1,083m m Bed revenue F &B Other Total o/w fully consolidated o/w associated Turnover owned & leased 1, , o/w turnover 3 rd party 396 o/w turnover internal 465 Underlying EBITDA (incl. associated EAT) Underlying EBITA (incl. associated EAT) Chart contains unaudited figures * Former Hotels & Resorts segment; excluding TT hotels ** Financing structure pre-merger: Management 50%, Ownership 41%, Lease 5%, Franchise 4% 17

18 Hotels & Resorts Riu Key figures 2013/14 m Riu 100%-view * Total o/w RIUSA II (fully consolidated) o/w Riu Hotels (consolidated at equity) Riu in TUI accounts Turnover Underlying EBITA EBITA-Margin 27% EAT o/w EAT to TUI (50%) ROIC (incl. Goodwill) 13% ROIC (excl. Goodwill) 17% Hotel beds by region (%) Financing structure (%) 3% 10% 28% Western Med. North Africa Total 88,932 Caribbean 47% 12% Eastern Med. Other 46% 8% 3% Management 103 Hotels 43% Ownership Lease Franchise * unaudited figures 18

19 Hotels & Resorts Robinson Key figures 2013/14 m * Robinson in TUI accounts 13/14 12/13 Turnover Underlying EBITA EBITA-Margin 16% 11% EAT (100% TUI) ROIC 10% 6% Hotel beds by region (%) Financing structure (%) Robinson Club Maldives 23% 32% Western Med. 9% 30% Management Total 13,557 North Africa Eastern Med. 23 Clubs Ownership 35% 10% Other 61% Lease * unaudited figures 19

20 Cruises Summary 2013/14 Turnover and Earnings Turnover ( m) 281 Underlying EBITDA ( m) 23 Underlying EBITA ( m) 10 o/w Equity result ( m) 31 Passenger days ( 000) 1,681 Occupancy (%) Average rate ( ) 171 Passenger days ( 000) 401 Occupancy (%) 68.2 Average rate ( )

21 Cruises TUI Cruises fleet Mein Schiff 1 Mein Schiff 2 Mein Schiff 3 Mein Schiff 4 Mein Schiff 5 Mein Schiff 6 Year of construction (June) 2016 (new build) 2017 (new build) Berths 1,924 1,924 2,500 2,500 2,500 2,500 Operating model Wholly owned Wholly owned Wholly owned Wholly owned Wholly owned Wholly owned TUI & Royal Caribbean Cruises has converted the purchase options for Mein Schiff 7 and Mein Schiff 8 into firm orders as the German cruise market is enjoying further growth 21

22 Cruises Hapag-Lloyd Cruises fleet Europa Europa 2 Bremen Hanseatic Year of construction Berths Operating model Wholly owned Wholly owned Wholly owned Bareboatcharter 1) Additional sofa-bed in most of the suites (usable for persons up to the age of 6, 10, 12 or 15 years) 22

23 Cruises Thomson Cruises fleet Thomson Celebration Thomson Dream Island Escape Thomson Majesty Thomson Spirit Year of construction Berths 1,250 1,506 1,512 1,462 1,254 Operating model Finance Lease (Bare Boat Charter) Finance Lease (Bare Boat Charter) Wholly Owned Operating Lease (Time Charter) Operating Lease (Time Charter) Thomson Cruises is not reported in the Cruise segment 23