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We're on a Journey. It's Been a Year of Progress

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We're on a Journey. It's Been a Year of Progress TUI Travel PLC Annual Report & Accounts for the year ended 30 September 2009 We’re on a journey. Annual Report & Accounts for the year ended 30 September 2009 It’s been a year of progress. http://ara2009.tuitravelplc.com 10 reasons to invest in TUI Travel PLC Experienced management team Our management team has a track record of delivering long term growth whilst managing the business through significant changes in consumer demand. We have real strength and depth throughout our management teams across the organisation. See Our Colleagues on page 22. Market-leading brands We have some of the most recognised and highly trusted brands in the industry, which drive customer retention, reduce the cost of customer acquisition and are attractive to our accommodation providers and distribution partners. See Distribution & Brands on page 15. Market-leading positions In the Mainstream Sector we are either the number one or number two positioned tour operator in almost all of our source markets, including the UK, Germany, France, Belgium, the Netherlands and the Nordic countries. Market consolidation Consolidation in some of our key markets has improved the structure of the industry and has reduced the risk of profit volatility historically driven by oversupply of capacity. Competitive advantage We buy over 150 million bednights per year, making us one of the largest distributors of accommodation globally. Our scale gives us a competitive advantage when negotiating with suppliers, allowing us to offer excellent value to our customers. Flexible business model The inherent flexibility of our model means that we are able to carefully manage our capacity to react to changes in demand, reducing the volatility of our profitability through the cycle. Synergies We have identified £200m of synergy benefits as a result of the merger in 2007 and are highly confident of achieving this target. By 2009, we had delivered £120m of synergy benefits and have £80m still to come. See People & Operational Effectiveness on page 16. Turnaround potential Since the merger, we have successfully executed a number of strategic actions to improve margins in underperforming businesses including our scheduled flying operations in the UK and Germany and our Canadian tour operator. We have a number of businesses where margins continue to be diluted by strategic and business model issues and solving these represents an opportunity for substantial future margin improvement. Specialist Sectors In excess of one-third of our profits are generated by our portfolio of niche specialist businesses which enjoy high organic growth and margin characteristics and often display counter-seasonal profitability. Growth in these Sectors is augmented by our highly successful acquisition strategy, where we identify new market niches and build substantial market positions. This portfolio of businesses is unique and cannot be replicated, representing a clear differentiation from our competitors. See Product & Content on page 14. Emerging markets We have an existing presence in the four major emerging markets of Russia, Brazil, China and India. The growth potential of these markets is substantial and we are well positioned to take advantage of this, particularly in Russia. See Growth & Capital Allocation on page 17. www.tuitravelplc.com TUI Travel PLC Annual Report & Accounts 2009 01 Group at a glance Group Contents ifc Group at a glance TUI Travel PLC is the ifc The investment case Strategic overview Strategic 02 TUI Travel overview world’s leading leisure 04 Our structure 06 Highlights travel company. 08 Strategic overview 08 Market overview 10 Chairman’s statement 11 Chief Executive’s statement 12 Chief Executive’s interview Find our 2009 Annual 14 Our strategy 18 Key performance indicators 20 Principal risks Business performance Report online at 22 Responsible leadership 26 Sustainable development http://ara2009.tuitravelplc.com 30 Business performance 30 Group performance 34 Segmental performance 42 Current trading 44 Governance 44 Board of Directors 46 Directors’ report 48 Statement of Directors’ responsibilities 49 Corporate Governance report 53 Remuneration report Governance 63 Independent Auditors’ report 64 Financial statements 64 Consolidated income statement 65 Consolidated balance sheet 66 Consolidated statement of cash flows 67 Consolidated statement of recognised income and expense 68 Notes to the consolidated financial statements 123 Company balance sheet 124 Notes to the Company’s financial statements Financial statements 128 Shareholder information 128 Three-year financial history 129 Shareholder discount 130 Contacts and advisers 131 Glossary of key terms 132 Index Shareholder information Shareholder The Annual Report contains forward-looking statements that are subject to risk factors associated with, amongst other things, the economic and business circumstances occurring from time to time in countries and Sectors in which the Group operates. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a wide range of variables which could cause actual results to differ from those currently anticipated. www.tuitravelplc.com 02 TUI Travel PLC Annual Report & Accounts 2009 Group at a glance TUI Travel overview Who we are TUI Travel PLC (TUI Travel or the Group) was created on 3 September 2007 from the merger of First Choice Holidays PLC and the Tourism Division of TUI AG. It is the world’s leading leisure travel company operating in over 180 countries with more than 30 million customers in 27 key source markets. TUI Travel has over 200 brands which are comprised of market- leading mainstream brands and specialist travel businesses. TUI Travel is focused on providing customers with a wide choice of differentiated and flexible travel experiences to meet their changing needs. TUI Travel is headquartered in the UK and employs approximately 50,000 people. It is listed on the London Stock Exchange in the FTSE100 and has the ticker code ‘TT.’. Our strategy Making travel vision experiences special Creating superior shareholder value by being the leading global leisure travel group providing customers with a wide choice of differentiated and flexible travel Go to strategic goal experiences to meet their changing needs page 14 Product Distribution People & Growth & strategic & Content & Brands Operational Capital Go to imperatives Effectiveness Allocation page 14 Customer obsessed Value driven Playing to win Responsible leadership Go to values page 23 www.tuitravelplc.com TUI Travel PLC Annual Report & Accounts 2009 03 Where we operate TUI Travel is a truly global player operating at a glance Group in 27 key source markets. The two additions from last year include market entrances in Ukraine and New Zealand. Our 27 key source markets Australia Luxembourg Austria Netherlands Strategic overview Strategic Belgium New Zealand Canada Norway China Poland Czech Republic Russia Denmark Slovenia Finland Spain France Sweden Germany Switzerland Hungary Ukraine India United Kingdom Ireland United States Business performance Italy Our key brands TUI Travel operates under more than 200 brands. A selection of our well-known brands include TUI, Thomson, Fritidsresor, Nouvelles Frontières, The Moorings, Quark, LateRooms.com, Hotelbeds.com, Hayes & Jarvis and Turchese. Governance TUI operates in the German source Nouvelles Frontières is the leading LateRooms is the hotel industry’s Hayes & Jarvis operates in the UK source market and is the market-leading tour multi-specialist and multi-channel leading late availability database market and creates specialist holiday operator brand. tour operator in France offering a wide offering over 500,000 accommodation itineraries for discerning travellers to range of holidays and destinations. deals directly to consumers across 55 destinations worldwide. www.tui.com the UK and worldwide. www.nouvelles-frontieres.fr www.hayesandjarvis.co.uk www.laterooms.com Financial statements Thomson is the leading UK tour The Moorings is the world’s premier Hotelbeds is a leading business-to- Turchese offers holidays to Europe, operator which also offers flights yacht charter company, and offers hire business provider of destination the Mediterranean area and the and accommodation. of its custom-designed yachts in North services and accommodation online Middle East and operates in the Italian America, UK, France and Germany. to wholesalers, travel operators and source market. www.thomson.co.uk travel organisers. www.moorings.com www.turchese.it www.r2.hotelbeds.com Shareholder information Shareholder Fritidsresor is a tour operator and Quark Expeditions is the world’s leading retail business in the Swedish operator of expedition cruise voyages source market offering package to the Polar Regions. tours to the Mediterranean and www.quarkexpeditions.com destinations worldwide. www.fritidsresor.se www.tuitravelplc.com 04 TUI Travel PLC Annual Report & Accounts 2009 Group at a glance Our structure TUI Travel is organised and managed through four Sectors – Mainstream, Activity, Specialist & Emerging Markets and Accommodation & Destinations. The chart opposite illustrates the underlying operating profit mix by Sector for the year ended 30 September 2009. Key activities Mainstream Sector Mainstream is the largest Sector in terms of size, financial performance and employee numbers. It comprises For further information leading tour operators and ‘power’ brands and operates a fleet of 146 aircraft and circa 3,500 retail shops. see page
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