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Thomas Cook Group 2017 Annual Report

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Thomas Cook Group 2017 Annual Report ANNUAL REPORT & ACCOUNTS 2017 :+&ã8+,ž8,(,ž: ž C,4# Ǹ7ž"ã )ž:5ãA #4,=/7ž C:8ã# 8,žǐȘ)ǩ;,%7ž,+ 88=/.,4; IžȑȑǨȏȏȏ+#"ã=7ž ã) ž+/ 5ã; 84,%žȐȖ+>(;4 8ǩ 190 93 +D(ǡ5ã) ž,:"8 ã44; ã) ž47,4;7 22,000 20m &.#+J 7 >7;+& 57 OVERVIEW 01 GOVERNANCE 60 FINANCIAL STATEMENTS 109 The Group at a glance 01 Directors’ Report Independent Auditors’ Report 109 Our culture 02 Chairman’s Governance Statement 60 Group income statement 116 Board of Directors 62 Group statement of Corporate Governance Report 65 comprehensive income 117 STRATEGIC REPORT 04 Other disclosures 81 Group cash flow statement 118 Annual Statement by Chair of Group balance sheet 119 Our strategy 04 Remuneration Committee 84 Group statement of changes in equity 121 Our business model 06 Directors’ Remuneration Policy 89 Notes to the financial statements 122 Chairman’s statement 09 Annual Report on Directors’ Remuneration 98 Company balance sheet 167 Chief Executive’s review 10 Company cash flow statement 168 Our markets today 14 Company statement of changes in equity 169 Customer at our heart 16 Notes to the Company financial statements 170 Progress against strategy 18 Seven-year financial summary 181 Our key performance indicators 32 Shareholder Information 183 Our approach to sustainability 33 Our people 37 Financial review 40 Risk management 54 THE GROUP AT A GLANCE NORTH SEA IRELAND GROUP TOUR OPERATOR UNITED KINGDOM 2017 2016 Revenue* £7,122m £6,646m Gross margin %** 15.4% 16.9% Underlying EBIT** £250m £255m Underlying EBIT %** 3.5% 3.8% 11M 190 >7;+& 57*** +D(ǡ5ã) ž,:"8 GROUP AIRLINE FRANCE BAY OF BISCAY 2017 2016 Revenue* £3,185m £2,825m EBITDAR margin %** 13.3% 12.7% Underlying EBIT** £115m £83m Underlying EBIT %** 3.6% 2.9% 18.5M 93 >7;+& 57*** ã44; * Segmental revenue of £10,307m does not include £(1,300)m of internal revenue, which results in Group revenue of £9,007m. ** The term ‘underlying’ refers to trading results that are adjusted for separately disclosed items that are significant in understanding the ongoing results of the Group. Separately disclosed items are included on the face of the income statement and are detailed in Note 7 to the Group financial statements. This applies to all references of ‘underlying’ in this report. Underlying segmental EBIT of £365m does not include corporate costs of £(35)m, which results in Group underlying EBIT of £330m. *** Segmental customers of 29.5m does not include 9.3m of internal customers, resulting in Group customers of 20.2m. NORWAY SWEDEN FINLAND RUSSIA DENMARK NETHERLANDS GERMANY POLAND BELGIUM CZECH REPUBLIC AUSTRIA HUNGARY SWITZERLAND CHINA MEDITERRANEAN SEA CUSTOMER AT OUR HEART OVERVIEW MAKES US WHO WE ARE… In 2015, we launched a pledge to put our customer back at the heart of everything we do. Our aim is to ensure we do all that we can to give our customers great holidays which inspire them to come back to Thomas Cook. NET PROMOTER SCORE Net Promoter Score is our primary KPI and is explicitly linked to measuring Group and Director performance. +9pts* +7pts* +3pts* Overall Group NPS measure Own-Brand Hotels and Group Airline NPS measure 2017: 45.2 (2015: 36.7) Resorts NPS measure 2017: 26.6 (2015: 23.8) 2017: 38.7 (2015: 31.5) * Increase from 2015. THOMAS COOK GROUP PLC Annual Report and Accounts 2017 1 OVERVIEW OUR CULTURE HELPS TO MAKE US DIFFERENT… In 2016, we launched our three Customer Promises: Quality, Service, Reliability. These promises shape everything we do as a business and determine the values against which the performance of all of our 22,000 colleagues is measured. We believe our promises are what set us apart from the competition. QUALITY SERVICE RELIABILITY We are passionate travel experts We’ll be there whenever you We care. You can trust & have been creating great need us. Our teams are available us to always be open holiday memories since 1841. around the world, 24/7. and honest with you. We share customer reviews We are happy to make you happy We always give you all the before you book to help you & we promise to put you at the information you need to make choose the perfect trip for you. heart of everything we do. your time away stress-free. We listen & act on Your holiday means Your money’s safe your feedback. the world to us. when booking with us. Our teams & the partners we We’d love to welcome you We’re ATOL protected work with are always looking again & are committed to sending for peace of mind. to improve to make your you home with great memories next holiday even better. of your holiday. 2 THOMAS COOK GROUP PLC Annual Report and Accounts 2017 OVERVIEW THOMAS COOK GROUP PLC Annual Report and Accounts 2017 3 STRATEGIC REPORT AND OUR STRATEGY IS DRIVING PROFITABLE GROWTH… The mantra of ‘Customer at our Heart’ sits firmly at the centre of our strategy for sustainable growth and our vision to be the most loved holiday company. E GY R AT CARE S T E Page 18 R O C R U CONTACT O Page 20 HOLIDAYS O O Page 22 P U E R R A T F I O SERVICES O C N U Page 28 A S L E F F IC PARTNERSHIPS IE N Page 29 C IE S A ND STR EAMLINED ORGANISATIONAL STRUCTURE 4 THOMAS COOK GROUP PLC Annual Report and Accounts 2017 STRATEGIC REPORT STRATEGIC OUR PROGRESS IN 2017 > 24-hour quality promise > Group Net Promoter Score up by nine points THE RESULT > In-resort resolution for since 2015 carefree holidays > 24-Hour Hotel Satisfaction Promise extended Increasing > Expert crisis management to reach 80% of sun & beach customers in core hotels > High health & safety standards customer > Annual health and safety audits on all core hotels loyalty and > Direct personal engagement > Controlled distribution now 68% attracting new > Web penetration > Webshare up 3 percentage points to 46% customers >Seamless CRM > UK web sales up 27% and Germany up 22% >Rich content > 1.7 million companion app downloads > Richer online content for greater inspiration with 112,000 new images, 1,200 new room plans and 520 new hotel videos > Thomas Cook Hotels & Resorts > Own-brand hotels sales up 10% for the summer for unique experience > Moving towards fewer, better quality differentiated > Selected high-quality partner hotels hotels – a further 310 removed for summer 2018 >Own Airline > Airline seat-only sales up by 16% > Personalised added-extras > Ancillary sales up a further 10%, reflecting & ancillaries more personalised offers > Thomas Cook Money > Launch of Thomas Cook Money to expand financial services offering OUR VISION > Thomas Cook China with Fosun > Strong first year for Thomas Cook China, >Strategic partnerships growth targets on track To be the > Leveraging our brand > Completed complementary hotel strategy with Expedia alliance and Webjet partnership most loved holiday company See more on page 30 THOMAS COOK GROUP PLC Annual Report and Accounts 2017 5 STRATEGIC REPORT WITH A BUSINESS MODEL FOCUSED ON THE CUSTOMER JOURNEY Our business model reflects the customer journey from dream to experience. DREAM SHARE OU R C OM PL EM EN PLAN TA R Y OUR OW H N-B O RA T ND E A L ND P S A E R LE T C N T E RETURN E R D S P BOOK A R HANNELS T R C N E E M R TO S H U S O C N T E R O S I U L E T S O A A C A I L V E R R E R S E E M U S L P O A I I T V V V N H - S - S D D U R E E C E D S D N T D I N T N A A R A T NT A ION ME P P P MANAGE C I G E T A A A DEPART R T S E LIN AIR EXPERIENCE OUR ES IN RL AI R NE RT PA UR O TRANSFER PEOPLE TECHNOLOGY ENVIRONMENTAL RESOURCES Attracting, retaining and Technology underpins all of our How we manage our operations developing our people is critical processes and is key to how and its use of environmental to putting customers at the we create value; from our IT, resources is important to both heart of what we do. our customer digital channels our financial success and our or our airline efficiency. impact on the environment. See more on page 37 See more on page 35 See more on page 33 6 THOMAS COOK GROUP PLC Annual Report and Accounts 2017 STRATEGIC REPORT STRATEGIC THE CUSTOMER JOURNEY SHARE DREAM Our customers’ journey doesn’t start in the airport. It begins with the first holiday inspiration online or in a store, through to planning and booking their time away, to the experience on holiday with us and then the memories RETURN PLAN they carry with them afterwards. We are building closer relationships with our customers throughout this cycle to increase loyalty and inspire more EXPERIENCE BOOK customers to holiday with Thomas Cook. TRANSFER DEPART IN-DESTINATION MANAGEMENT OUR CUSTOMER CHANNELS AND CUSTOMER RELATIONS Putting the customer at the heart of our business also means Our customer teams are integral to our business and the building direct contact with customers, whenever and wherever holiday experience that we give our customers. We believe that they want to interact with us. This includes developing our the strength of the relationship we build with the customer is websites to offer a better online experience, as well as maintaining what sets us apart in a crowded market.
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