FY Results 2015/16
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FY Results 2015/16 TUI-Red 239.0.0 Functional • Always use TUITypeLight Forward-Looking Statements New TUI-Green • Font size14pt 170.215.0 • Line spacing 6 pt • titles in TUI-Dark TUI-Yellow Blue 255.225.0 Conventions • Bullet points & standard text in TUI-Dark Blue This presentation contains a number of statements related to the future development of TUI. These statements are based both on assumptions and estimates. Although we are convinced that these future-related statements are realistic, we cannot guarantee them, for our assumptions involve risks and uncertainties which may give rise to situations in which New TUI-Blue the actual results differ substantially from the expected ones. The potential reasons for New TUI-Grey 25% Achromatic 112.203.244 220.220.220 such differences include market fluctuations, the development of world market fluctuations, New TUI-Blue 50% New TUI-Grey 194.230.250 the development of world market commodity prices, the development of exchange rates or 115.115.115 fundamental changes in the economic environment. TUI does not intend or assume any TUI-Dark Blue TUI-Black 9.42.94 obligation to update any forward-looking statement to reflect events or circumstances 0.0.0 Primary colours Primary TUI-White after the date of these materials. 255.255.255 2 TUI GROUP | FY2015/16 Results & Strategy Update | 8 December 2016 TUI-Red 239.0.0 Functional • Always use TUITypeLight Agenda New TUI-Green • Font size14pt 170.215.0 • Line spacing 6 pt • titles in TUI-Dark TUI-Yellow Blue 255.225.0 Conventions • Bullet points & 1 Opening Remarks Fritz Joussen standard text in TUI-Dark Blue 2 Performance Review & Current Trading Fritz Joussen 3 Financial Performance Horst Baier New TUI-Blue 4 Strategy Update & Outlook Fritz Joussen & Horst Baier New TUI-Grey 25% Achromatic 112.203.244 220.220.220 New TUI-Blue 50% 5 Summary Fritz Joussen New TUI-Grey 194.230.250 115.115.115 TUI-Dark Blue 6 Appendix TUI-Black 9.42.94 0.0.0 Primary colours Primary TUI-White 255.255.255 3 TUI GROUP | FY2015/16 Results & Strategy Update | 8 December 2016 TUI-Red 239.0.0 Functional • Always use TUITypeLight1,0 Mrd. € = Ziel oneTUI Opening Remarks New TUI-Green 1 • Font size14pt 170.215.0 • Line spacing 6 pt • titles in TUI-Dark TUI-Yellow Blue 255.225.0 CMD •Second year of strong performance post-merger with target? Conventions • Bullet points & 1 standard text in TUI-Dark Blue 12.5% increase in underlying EBITA including Travelopia, or 14.5% for continuing operations1 •Strong performance driven by our strategy as the world’s New TUI-Blue leading integrated tourism business New TUI-Grey 25% Achromatic 112.203.244 220.220.220 New TUI-Blue 50% •We believe our growth strategy creates value for our New TUI-Grey 194.230.250 115.115.115 1) customers, our people and our shareholders alike TUI-Dark Blue TUI-Black 9.42.94 0.0.0 Primary colours Primary •At least 10% underlying EBITA CAGR guidance TUI-White 255.255.255 1 1) … extended to 2018/19 1 At constant currency 4 TUI GROUP | FY2015/16 Results & Strategy Update | 8 December 2016 TUI-Red 239.0.0 Functional • Always use TUITypeLight New TUI-Green • Font size14pt 170.215.0 • Line spacing 6 pt • titles in TUI-Dark TUI-Yellow Blue Performance Review 255.225.0 Conventions • Bullet points & standard text in Fritz Joussen TUI-Dark Blue New TUI-Blue New TUI-Grey 25% Achromatic 112.203.244 220.220.220 New TUI-Blue 50% New TUI-Grey 194.230.250 115.115.115 TUI-Dark Blue TUI-Black 9.42.94 0.0.0 Primary colours Primary TUI-White 255.255.255 5 TUI GROUP | FY2015/16 Results & Strategy Update | 8 December 2016 TUI-Red 239.0.0 Functional • Always use TUITypeLight Strong performance in 2015/16 New TUI-Green • Font size14pt 170.215.0 • Line spacing 6 pt Turnover: €17.2bn • titles in TUI-Dark 1 TUI-Yellow Blue -1.9% / +1.4% 255.225.0 Conventions • Bullet points & • Improved turnover at constant currency, standard text in Including Travelopia TUI-Dark Blue Underlying EBITA: €1,030m despite the impact of geopolitical events on +2.9% / +12.5%1 demand in some of our Source Markets Excluding Travelopia, now reported as Discontinued • Strong earnings performance driven by our Underlying EBITA: €1,001m 1 growth strategy New TUI-Blue +5.0% / +14.5% New TUI-Grey 25% Achromatic 112.203.244 • Normalised operating cash flow of €0.9bn 220.220.220 Normalised Operating Cash flow2: New TUI-Blue 50% €0.9bn • Continuing to deliver ROIC significantly in New TUI-Grey 194.230.250 excess of our cost of capital 115.115.115 3 TUI-Dark Blue ROIC : TUI-Black 9.42.94 • Dividend per share of 63 cents reflects 0.0.0 Primary colours Primary 21.9% TUI-White Dividend per Share: underlying growth in earnings 255.255.255 63 cents 1 At constant currency rates 2 Operating cash flow pre net capex and investments and dividend payments, assuming normalised working capital inflow and excluding additional UK pension top-up of €174m in 2015/16. 3 ROIC (return on invested capital) is calculated as the ratio of underlying EBITA to the average for invested interest bearing capital for the Group or relevant segment. 6 TUI GROUP | FY2015/16 Results & Strategy Update | 8 December 2016 TUI-Red 239.0.0 Functional • Always use TUITypeLight TUI Group New TUI-Green • Font size14pt Underlying EBITA Continuing Operations Bridge 2015/16 in €m 170.215.0 • Line spacing 6 pt • titles in TUI-Dark TUI-Yellow Blue 255.225.0 Conventions • Bullet points & 15 standard text in 114 -50 60 -91 TUI-Dark Blue YoY Impact in Achieved FY16/LTG FY17 Hotels & Corporate streamlining €30m/€10m Resorts Occupancy improvements €20m/Complete Destination Services €10/€10m 1,092 1,001 New TUI-Blue 953 New TUI-Grey 25% Achromatic 112.203.244 220.220.220 New TUI-Blue 50% New TUI-Grey 194.230.250 115.115.115 TUI-Dark Blue TUI-Black 9.42.94 14/15 Continuing Underlying trading Turkey and North Merger synergies Aircraft and Europa 15/16 Continuing FX translation 15/16 Continuing 0.0.0 Primary colours Primary Ops Africa Impact 2 Financing Ops pre FX Ops TUI-White 255.255.255 Second year of strong performance post-merger 7 TUI GROUP | FY2015/16 Results & Strategy Update | 8 December 2016 TUI-Red 239.0.0 Functional • Always use TUITypeLight Source Markets New TUI-Green • Font size14pt 170.215.0 • Line spacing 6 pt Turnover and Earnings (€m) Bridge Underlying EBITA (€m) TUI-Yellow • titles in TUI-Dark 18 -15 17 Blue -96 255.225.0 15/16 14/15 % Conventions • Bullet points & standard text in 711 TUI-Dark Blue Turnover 15,438.0 15,796.3 -2.3 731 635 Underlying EBITA 635.5 710.6 -10.6 14/15 Northern Central Western 15/16 pre FX 15/16 Region Region Region FX translation 1 New TUI-Blue Customer Volumes m Direct Distribution % Online Distribution % Underlying EBITA €m New TUI-Grey 25% Achromatic 112.203.244 220.220.220 731 19,4 19,2 43 19.0 711 New TUI-Blue 50% 72 New TUI-Grey 194.230.250 41 115.115.115 70 TUI-Dark Blue 38 651 TUI-Black 9.42.94 0.0.0 68 Primary colours Primary TUI-White 255.255.255 FY14 FY15 FY16 FY14 FY15 FY16 FY14 FY15 FY16 FY14 FY15 FY16 1 FY14, FY15 at reported and FY16 at constant currency 8 TUI GROUP | FY2015/16 Results & Strategy Update | 8 December 2016 TUI-Red 239.0.0 Functional • Always use TUITypeLight Hotels & Resorts New TUI-Green • Font size14pt 170.215.0 • Line spacing 6 pt Turnover and Earnings (€m) Bridge Underlying EBITA (€m) • titles in TUI-Dark TUI-Yellow Blue 1 -4 255.225.0 68 -50 37 Conventions • Bullet points & 15/16 14/15 % standard text in TUI-Dark Blue Turnover 618.6 574.8 7.6 291 287 Underlying EBITA 287.3 234.6 22.5 235 o/w Equity result 57.7 44.0 31.1 14/15 Riu Robinson Tky/NATurkey Other 15/16 pre FX 15/16 & North FX Africa New TUI-Blue New TUI-Grey 25% Achromatic 112.203.244 3 220.220.220 Occupancy Rates % Revenue Per Bed € H&R ROIC % Underlying EBITA €m New TUI-Blue 50% 291 New TUI-Grey 12,3 194.230.250 60,3 115.115.115 89,6 58,0 235 85,9 57,1 203 84,7 54,0 55,0 10,5 TUI-Dark Blue 80,6 50,5 9,3 TUI-Black 78,7 9.42.94 77,5 0.0.0 Primary colours Primary TUI-White 255.255.255 FY1411 FY15 FY16 FY1411 FY15 FY16 Hotels & Resorts22 RIU Hotels & Resorts22 RIU FY14 FY15 FY16 FY14 FY15 FY16 1 FY14 excludes TUI Travel Hotels 2 Includes Hotels in Turkey 3 FY14, FY15 at reported and FY16 at constant currency 9 TUI GROUP | FY2015/16 Results & Strategy Update | 8 December 2016 TUI-Red 239.0.0 Functional • Always use TUITypeLight Cruises New TUI-Green • Font size14pt 170.215.0 • Line spacing 6 pt • titles in TUI-Dark TUI-Yellow Turnover and Earnings (€m) Bridge Underlying EBITA (€m) Blue 255.225.0 Conventions • Bullet points & 15/16 14/15 % 17 standard text in TUI-Dark Blue Turnover HL Cruises 296.7 273.3 8.6 32 Memo: TUI CruisesTurnover 807.3 614.1 31.5 130 Underlying EBITA 129.6 80.5 61.0 81 o/w EAT TUI Cruises* 100.1 68.1 47.0 14/15 TUI Cruises HL Cruises 15/16 New TUI-Blue * TUI Cruises joint venture (50%) is consolidated at equity New TUI-Grey 25% Achromatic 112.203.244 220.220.220 TUI Cruises Hapag-Lloyd Cruises Cruises ROIC % New TUI-Blue 50% New TUI-Grey 194.230.250 115.115.115 536 579 171 169 171 450 Turnaround 21,3 TUI-Dark Blue of Hapag- TUI-Black 102,3 102,7 102,6 17,3 9.42.94 68.2 76.2 76.8 Lloyd 0.0.0 Primary colours Primary TUI-White 3,3 255.255.255 FY14 FY15 FY16 FY14 FY15 FY16 FY14 FY15 FY16 Av Daily Rate Occupancy % Av Daily Rate Occupancy % 10 TUI GROUP | FY2015/16 Results & Strategy Update | 8 December 2016 TUI-Red 239.0.0 Functional • Always use TUITypeLight1,0 Mrd.