TUI Group H Earnings Press Conference & Webcast

Transcription

1 TUI Group H 208 Earnings Press Conference & Webcast Fritz Joussen CEO TUI Group 9 May 208 New Mein Schiff, Hamburg

2 TUI Group delivers good H earnings and reiterates outlook - hotels and cruise businesses remain growth drivers TURNOVER 6.8bn +7.2% REPORTED EBITA m +23.7% UNDERLYING EBITA m +26.0% GUIDANCE REITERATED AT LEAST 0% UNDERLYING EBITA GROWTH FOR FY8 Good H performance Strong demand continues for our hotels, cruises and holidays Delivering our growth strategy based on investments, market demand and digitalisation On track to deliver at least 0% underlying EBITA growth for FY8 At constant currency rates 2

3 Good H performance with a further improvement in the seasonal result UNDERLYING EBITA ( m) Growth in hotel and cruise capacity, good underlying trading 28 Good portfolio performance, Nordics strong, non-repeat of TUI fly sickness offset by currency inflation and rebrand in the UK -6 Includes Corsair extended maintenance in Q and revaluation of share based payments FY5 H FY6 H Holiday Experiences Sales & Marketing All other segments Pre Riu Disposals, Niki, Easter & FX Riu Disposals Impact of Niki bankruptcy Easter timing FX translation Excludes discontinued operations 3

4 Holiday Experiences: Hotels & Resorts H Continuing growth strategy across portfolio of destinations AVERAGE OCCUPANCY % Hotels & Resorts RIU 38 NEW HOTEL OPENINGS SINCE MERGER of which ~60% are low capital intensity AVERAGE REVENUE PER BED UNDERLYING EBITA M 22.8 Hotels & Resorts 7 68 RIU 79,2 TURNOVER AND EARNINGS ( m) BRIDGE UNDERLYING EBITA ( M) 23 FY7 H 3 RIU - 9 Robinson % Turnover Underlying EBITA o/w Equity result Blue Diamond 20 Disposal gain of 38m by RIU in Q, new hotel openings, improving demand for Turkey and North Africa and 3m benefit from earlier timing of Easter Other Pre FX FX FY8 H 4

5 Holiday Experiences: Cruises H Strong demand and capacity growth continue to drive earnings TUI CRUISES Occupancy % Pax Days (m's) Av Daily Rate MARELLA CRUISES Occupancy % Pax Days (m's) Av Daily Rate TURNOVER AND EARNINGS ( M) % Turnover Memo: TUI Cruises Turnover Underlying EBITA o/w EAT TUI Cruises * * TUI Cruises joint venture (50%) is consolidated at equity HAPAG-LLOYD CRUISES UNDERLYING EBITA M BRIDGE UNDERLYING EBITA ( M) Reflects new ship capacity for both TUI Cruises and Marella Cruises and dry dock costs for Hapag-Lloyd Cruises 92 Occupancy % Pax Days(k's) Av Daily Rate FY7 H TUI Cruises Marella Cruises Hapag- Lloyd Cruises FY8 H FX translation impact is less than m 5

6 Holiday Experiences: Destination Experiences (formerly Destination Services) H Global tours & activities leader well-positioned for strong future growth TURNOVER AND EARNINGS ( M) % Turnover Underlying EBITA Acquistion of Destination Management business from Hotelbeds Group, expected to complete in H2 FY8 Result reflects operating model change versus FY7 leading to phasing of earnings into H2 Good operational performance Arrival guests grew by 5% Expect to deliver ~5% growth in underlying EBITA pre-acquisition of Destination Management business for FY8 At constant currency rates 6

7 Sales & Marketing H Portfolio of source markets continues to deliver good overall result CUSTOMERS (M s) 2,4 2,4 2,4 2,,8,9 Northern Central Western ONLINE DISTRIBUTION % FY7 H FY8 H UNAIDED AWARENESS % 50% 4% 3% UK 47% 6% 6% 22% 70% Nordics Belgium N'lands DIRECT DISTRIBUTION % TUI Pre Rebrand TUI Feb 208 TURNOVER AND EARNINGS ( M) BRIDGE UNDERLYING EBITA ( M) % Turnover 5, , Underlying EBITA Good portfolio performance, Nordics strong, non-repeat of TUI fly sickness offset by currency inflation and rebrand in the UK FY7 H 6-5 Northern Region Central Region Western Region Pre Niki, Easte & FX Niki Bankruptcy Easter FX FY8 H 7

8 Current trading progressing well HOLIDAY EXPERIENCES SALES & MARKETING HOTELS & RESORTS Spain remains strong with demand rebalancing to Turkey and North Africa Strong demand for Greece Five openings scheduled for Summer 208 CRUISES Demand remains strong with higher yields in all three brands New ship launches scheduled for TUI Cruises, Marella Cruises and Hapag-Lloyd Cruises From S9, entire Marella fleet will DESTINATION EXPERIENCES Volumes develop in line with Sales & Marketing Acquisition of the destination management business from Hotelbeds Group is expected to complete in H2 FY8 S8 revenue +7%, bookings +5% Strong growth in bookings for Turkey, North Africa, Greece, Bulgaria, Croatia and Cyprus W7/8 closed out well with growth driven by North Africa, Cape Verde, Thailand and Turkey be fully All-Inclusive These statistics are up to 29 April 208 and shown on a constant currency basis and relate to all customers whether risk or non-risk 8

9 FY8 Guidance At least 0% growth in underlying EBITA FY8e FY7 Turnover 2 Around 3% growth 8,535m Underlying EBITA At least 0% growth,02m Adjustments ~ 80m 76m Net interest expense ~ 20m 9m Underlying effective tax rate ~20% 20% Net capex & investments incl. PDPs ~.2bn.bn Net (debt)/cash Slightly negative 0.6bn Leverage ratio 3.0x to 2.25x 2.5x Interest cover 5.75x to 6.75x 6.x Dividend per share Growth in line with underlying EBITA Assuming constant foreign exchange rates are applied to the result in the current and prior period and based on the current Group structure and pre-acquisition of Destination Management business from Hotelbeds Group 2 Excluding cost inflation relating to currency movements

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11 TUI Group H 208 Earnings Press Conference & Webcast Fritz Joussen CEO TUI Group 9 May 208 New Mein Schiff, Hamburg