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Thomas Cook Annual Report 2018

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Thomas Cook Annual Report 2018 ANNUAL REPORT AND ACCOUNTS 2018 CUSTOMER AT OUR HEART OVERVIEW Thomas Cook is one of the world’s leading travel groups with sales of £9.6bn. Thomas Cook is supported by 21,000 colleagues and operates from 16 countries. CUSTOMER AT OUR HEART Thomas Cook Group plc Annual Report and Accounts 2018 THE NORWAY SWEDEN FINLAND GROUP AT A RUSSIA NORTH DENMARK GLANCE SEA 1 UNITED NETHERLANDS GERMANY POLAND KINGDOM BELGIUM BELGIUM CZECH REPUBLIC 4 AUSTRIA BAY OF FRANCE BISCAY FRANCE SWITZERLAND HUNGARY 3 CROATIA 5 7 ITALY BULGARIA 29 BALEARIC ISLANDS 2 6 48 PORTUGAL MAINLAND GREECE 29 SPAIN TURKEY MEDITERRANEAN SEA 12 CYPRUS 1 11 MOROCCO TUNISIA GROUP TOUR OPERATOR GROUP AIRLINE 20 CANARY ISLANDS 9 EGYPT 2018 2017 2018 2017 Revenue* £7,394m £7,136m Revenue* £3,519m £3,087m Gross margin %** 13.5% 15.4% EBITDAR margin %** 13.0% 13.1% Underlying EBIT** £249m Underlying EBIT** £94m £161m £129m 1 Underlying EBIT %** 2.2% 3.5% Underlying EBIT %** 3.7% 3.0% UNITED ARAB EMIRATES 11m 186 20m 100 Tour operator Own-brand hotels Airline customers*** Aircraft customers*** and resorts 4 * Segmental revenue of £10,913m does not include £(1,329)m of internal revenue, which results in Group revenue of £9,584m. THAILAND ** 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 3 Group financial statements. This applies to all references of ‘underlying’ in this report. Underlying segmental EBIT of £290m does not include THE GAMBIA corporate costs of £(40)m, which results in Group underlying EBIT of £250m. *** Segmental customers of 31.0m does not include 9.1m of internal customers, resulting in Group customers of 22.0m. 1 MALDIVES Thomas Cook Group plc Annual Report and Accounts 2018 OVERVIEW 1 The Group at a glance 1 Customer at our heart 2 Our culture 4 STRATEGIC REPORT 6 Our strategy 6 Our business model 8 Chairman’s statement 11 Chief Executive’s review 12 Our operating overview 16 Progress against strategy 18 Our key performance indicators 32 Our approach to our people 34 Our approach to sustainability 38 Financial review 42 Risk management 56 GOVERNANCE 62 …MAKES Directors’ Report Chairman’s Governance Statement 62 Board of Directors 64 Corporate Governance Report 67 Other disclosures 85 Annual Statement by Chair of US WHO Remuneration Committee 88 Directors’ Remuneration Policy 91 Annual Report on Directors’ Remuneration 100 FINANCIAL STATEMENTS 110 WE ARE Independent Auditor’s Report 110 Group income statement 118 Group statement of comprehensive income 119 In 2015, we launched a pledge to put our customer back Group cash flow statement 120 at the heart of everything we do. Our aim is to ensure we Group balance sheet 121 Group statement of changes in equity 123 do all that we can to give our customers great holidays Notes to the financial statements 124 which inspire them to come back to Thomas Cook. Company balance sheet 171 Company cash flow statement 172 Company statement of changes in equity 173 Notes to the Company financial statements 174 Eight-year financial summary 185 Shareholder Information 187 1 Thomas Cook Group plc Annual Report and Accounts 2018 CUSTOMER AT OUR LISTENING HEART TO WHAT CUSTOMERS WANT. ‘Customer at our Heart’ is the cornerstone of our strategy for profitable growth. Our desire to create a genuinely customer-centric organisation shapes the way in which we think about the culture of our business, the values by which we work and the services we provide to everyone who holidays with us. It continues to act as a powerful catalyst for change and we believe it is where we have the biggest opportunity to differentiate ourselves from the competition. We know that happy customers are more likely to come back to Thomas Cook and to recommend us to their friends. As customer loyalty increases, our cost of sale goes down as customers choose Thomas Cook because of our reputation rather than our marketing. We also know that on average customers that return to Thomas Cook spend more with us than new customers, reflecting their increased trust in our holiday offering. We see the tangible value our customer focus creates across the business, shown most clearly in how customers are willing to pay more for a hotel following improvements in its quality performance; generating better returns for the business. Operationally, we focus our Customer at our Heart strategy in two areas: the care and reassurance we provide to our customers, set out in our three Customer Promises of Quality, Service and Reliability; and the contact we maintain with customers, ensuring that we are accessible however they choose to interact with us and forming long-lasting relationships throughout the year. 2 Thomas Cook Group plc Annual Report and Accounts 2018 3 Thomas Cook Group plc Annual Report and Accounts 2018 OUR CULTURE MAKES US DIFFERENT. In 2016, we launched our three Customer Promises: Quality, Service, Reliability. These promises shape everything we do as a business. They also form the basis of our corporate values against which we measure the performance of all of our 21,000 colleagues. We believe our promises help to set us apart from the competition. QUALITY SERVICE RELIABILITY Put our heart into it Wear their flip flops We’re one Thomas Cook 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. 4 Thomas Cook Group plc Annual Report and Accounts 2018 Put our heart into it Wear their flip flops We’re one Thomas Cook I enjoy helping Even though I don’t speak Thomas Cook overseas customers make to customers directly, is all about family, memories of a lifetime I am always thinking and we love our that they can what I would want if I was customers to treasure forever. a customer myself. feel part of it. Rebecca Greene, Apprentice, Jan-Martin Martin, Web product Lujiao Tan, CRM Data Analyst, Eastbourne store UK manager, Germany Sweden 5 Thomas Cook Group plc Annual Report and Accounts 2018 OUR STRATEGY IS DRIVING PROFITABLE The mantra of ‘Customer at our Heart’ GROWTH. sits firmly at the centre of our strategy for sustainable growth and our vision to be the most loved holiday company. E GY CARE R AT S T E Page 18 R O C R U CONTACT O Page 20 O P E HOLIDAYS R A O Page 22 T I O U N R A F SERVICES L O E F C Page 28 F U IC S IE N C PARTNERSHIPS I ES Page 30 AN D S TRE AML INED ORGANISATIONAL STRUCTURE 6 Thomas Cook Group plc Annual Report and Accounts 2018 OUR PROGRESS OUR FOCUS FOR IN 2018 THE YEAR AHEAD > 24-hour quality promise 24-Hour Satisfaction Promise fully Further develop InMoment and C-View customer > In-resort resolution for implemented across our core portfolio relationship management tools carefree holidays Accommodation NPS up 2 points New in-destination features for our app > Expert crisis management Introduced InMoment our new Group-wide Improve flight delay information for customers > High health & safety customer feedback management tool THE RESULT standards Increasing customer loyalty and > Direct personal engagement Controlled distribution reached 70% A full ‘self-service’ proposition for all holiday attracting new extras we sell online customers > Web penetration Web sales up 12% > Seamless CRM Webshare up 2 points to account for 48% Improve search across our platforms with more report Strategic personalised results for our customers > Rich content of all bookings MAKIS project launched to simplify hotel Further simplify the mobile booking journey information across all distribution platforms to improve conversion > Thomas Cook Hotels & Launched Hotel Fund with LMEY with five seed Fund to acquire at least five more properties O Resorts for unique assets and first tranche of capital funding Open 20 new properties next year including P experience Launched Cook’s Club hotel brand ten new Cook’s Clubs E > Selected high-quality R Group Airline capacity increased by 10% Further consolidate the number of direct hotel contracts partner hotels A in the summer Consolidate airline growth with operational stability T > Own Airline and performance I O N > Personalised added-extras Ancillary sales up 4% across the Group Launch Express check-in so customers can bypass reception & ancillaries A Launched Lyk pre-paid travel card, Introduce HotelShop for customers to further OUR VISION L > Thomas Cook Money and Roam Insurance products through personalise their holiday E Thomas Cook Money Grow reach of Thomas Cook Money products in To be the F most loved F digital and offline I holiday C company IE > Thomas Cook China Launched city-break and hotel only offering Increase sales in China through own channels N with Fosun with Expedia; UK, Belgium & Nordics Roll out new city-break and hotel only offering across C > Strategic partnerships Thomas Cook China growing more of our source markets I E > Leveraging our brand customers eightfold S AN D S TRE AML INED ORGANISATIONAL STRUCTURE 7 Thomas Cook Group plc Annual Report and Accounts 2018 A BUSINESS MODEL ON THE FOCUSED CUSTOMER Our business model reflects JOURNEY.
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