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Driving Sustainable Growth & Eport Annual Report & Accounts for the Year Ended 30 September 2013 a Ccounts for the Year Ended 30 S Eptember 2013

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Driving Sustainable Growth & Eport Annual Report & Accounts for the Year Ended 30 September 2013 a Ccounts for the Year Ended 30 S Eptember 2013 TUI TRAVEL PLC TUI TRAVEL P TUI Travel House Crawley Business Quarter Fleming Way Crawley West Sussex L C RH10 9QL A Telephone: 0044 (0)1293 645700 nnual R Driving sustainable growth www.tuitravelplc.com eport & ANNUAL REPORT & AccOUNTS FOR THE YEAR ENDED 30 SEptEMBER 2013 A ccounts for the year ended 30 year the for ccounts S eptember 2013 TT14_TUI_AR13_Cover_AW.indd 1 13/12/2013 17:29 TT14 | AR 2013 | 12/12/2013 | Artwork TT14 | AR 2013 | 12/12/2013 | Artwork STRATEGIC REPORT 01 ifc Operational & financial highlights 02 Where we operate 04 TUI Travel at a glance 06 Our featured brands 08 Chairman’s statement 09 Chief Executive’s statement 10 Why we do it: Market overview Operational & financial highlights 12 How we do it: Our structure 14 How we do it: Our strategic framework and business models • Record underlying operating profit delivered; 2013 growth roadmap Revenue 16 How we do it: Our five strategic drivers target exceeded Our vision 26 How we do it: Sustainable development > Underlying operating profit of £589m (2012: £490m), an increase of 20% £15,051m 34 How we do it: Our people over the prior year. Underlying operating profit increase of 13% to £555m Making travel 2012: £14,460m +4% 38 How we measure it: on a constant currency* basis. Key performance indicators > Record Mainstream underlying operating profits of £514m (2012: £420m). experiences special… 42 What are the risks? Principal risks Underlying > Underlying UK operating profit growth of 27% to £251m (2012: £197m) See our ‘Strategic framework and business models’ on page 14 52 Health & Safety with an operating margin increase of 110bp to 6.5%. operating profit > Underlying German operating profit growth of 30% to £113m (2012: £87m) BUSINEss AND FINANCIAL REVIEW with operating margin up 50bp to 2.7%. £589m 54 Group performance > Business improvement programme delivered higher than expected £46m 2012: £490m +20% 57 Our growth levers of additional profit in the year. Who we are 59 Segmental performance > Strong underlying earnings per share growth of 19% to 30.8p (2012: 25.8p). Underlying profit 63 Current trading and outlook > Statutory operating profit of £297m (2012: £301m), with the reduction driven before tax TUI Travel PLC (TUI Travel or the Group) is one of 64 Tax by a goodwill impairment of £188m relating to our Specialist & Activity business the world’s leading leisure travel groups, operating in and French tour operator. DIRECTORS’ REPORT £473m approximately 180 countries worldwide and comprising 66 Board of Directors • Mainstream growth driven by unique holidays, direct distribution 2012: £390m +21% and One Mainstream over 220 brands. We serve more than 30 million 68 Corporate Governance report > Sales of higher-margin unique holidays now 69% of Mainstream holidays. Directly customers across 31 source markets making us a 73 Audit Committee distributed holidays are 66% of Mainstream holidays, with online sales at 35%. Free cash flow global player in a growing industry. Headquartered 78 Nomination Committee > Record levels of customer satisfaction, up two percentage points to 79% across 79 Remuneration report our key markets. £427m in the UK, we employ approximately 55,000 people 99 Other statutory disclosures > Our investment in the digital customer service proposition and our online platform 2012: £305m +40% and operate six airlines consisting of 138 aircraft. 102 Directors’ responsibilities is delivering clear benefits to our customers. FINANCIAL STATEMENTS • Leveraging our global leadership position in Accommodation Wholesaler Basic underlying Through our global brand portfolio and our travel > Accommodation Wholesaler continues to consolidate its global leadership position; earnings per share expertise we are focused on delivering a wide 104 Independent Auditors’ report (Group) TTV growth of 23% to £1,655m driven by a strong performance in Asia and Latin variety of leisure travel experiences designed for 107 Consolidated income statement America. 108 Consolidated statement 30.8p of comprehensive income • Delivering increased shareholder value our customers’ ever changing needs. 2012: 25.8p +19% 109 Consolidated balance sheet > Record cash flow generation, with free cash flow of £427m, an improvement The Group is structured and managed through 110 Consolidated statement of changes of £122m. The net cash position of £2m** (2012: net debt of £142m)** provides in equity further balance sheet strength. Dividend per share three principal business sectors: Mainstream, 111 Consolidated statement of cash flows > Cash conversion improved by 12 percentage points to 90%, underlying ROIC Accommodation & Destination and Specialist & Activity. improved by 2.6 percentage points to 14.8%. 13.5p 112 Notes to the consolidated See ‘Our structure’ on page 12 financial statements > Final dividend increase of 17% to 9.75p per share (2012: 8.3p), resulting in 2012: 11.7p +15% 175 Independent Auditors’ report a full year dividend increase of 15% to 13.5p per share (2012: 11.7p). (Parent Company) • Robust current trading TUI Travel is listed on the London Stock Exchange 176 Company balance sheet > Overall, Winter 2013/14 trading is in line with our expectations with 60% of the as a member of the FTSE 100 and FTSE4Good Indices 177 Notes to the Company’s programme sold. with the ticker code TT. financial statements > Pleased with Summer 2014 trading, despite strong comparatives from the prior year. SHAREHOLDER INFORMATION > We remain confident of delivering this year, in line with our target to deliver 182 Financial calendar 7% to 10% underlying operating profit growth at constant currency over our five-year growth roadmap. For more information visit www.tuitravelplc.com 182 Contacts and advisers 182 Glossary of key terms * Constant currency basis calculated by translating the 2013 results at 2012 exchange rates ** Excludes restricted cash 183 Shareholder discount 184 Index Underlying results1 Statutory results 2013 2012 Change 2013 2012 Year ended 30 September £m £m % £m £m Revenue 15,051 14,460 +4% 15,051 14,460 Operating profit 589 490 +20% 297 301 Profit before tax 473 390 +21% 181 201 Free cash flow2 427 305 +40% 427 305 Basic earnings per share (pence) 30.8 25.8 +19% 5.4 12.5 Dividend per share (pence) 13.5 11.7 +15% 13.5 11.7 1 Underlying operating profit excludes separately disclosed items, acquisition related expenses, impairment of goodwill and available for sale financial assets and interest and taxation of results of the Group’s joint ventures and associates 2 Restated to reflect the exclusion of restricted cash and pre-delivery payments TT14 | AR 2013 | 16/12/2013 | Artwork 02 TUI TRAVEL PLC ANNUAL REPORT & ACCOUNTS 2013 TUI TRAVEL PLC ANNUAL REPORT & ACCOUNTS 2013 STRATEGIC REPORT 03 Business and financial review Directors’ report Financial statements Shareholder information Where we operate TUI Travel is a global business operating across 31 key source markets EURopE our 31 key source markets Australia Austria Belgium Sensimar, Agios Gordios Beach, Corfu £46m Delivered from Brazil OPERATIONS business improvement Canada NORTH AMERICA programmes Europe is the home of many of our key China source markets and destinations. The Group is £15bn operated out of the United Kingdom, and has Revenue generated Czech Republic key markets in Spain, the Nordics & Germany, from across all the Denmark Group’s businesses with Mediterranean locations consistently some of our most popular destinations. Finland France Germany ASIA & AUSTRALASIA N Hungary Brightspark school trip, New York O R T India OPERATIONS H A M Ireland The US and Canada are popular destinations E R E I C A U for both our Mainstream and Specialist & R Italy O Activity Sectors, with a selection of specialist P Luxembourg brands operating out of North America, E including Quark Expeditions and TCS & Mexico A Starquest. There is also a market for national I The Netherlands travel within the US, which includes educational S A Krabi Beach, Thailand New Zealand trips and Spring Break. Outside of Europe, Canada is one of our largest source markets. OPERATIONS Norway £589m Asia is a key area of focus as we concentrate Poland Underlying operating profit achieved for the our attention on various emerging economies Russia financial year 2013 across the continent. AsiaRooms.com, the online travel agent, is growing quickly in line Singapore with demand for holiday accommodation in Slovenia Asia, focusing on Malaysia, Singapore and Australia. Australia is also home to some of Spain our Specialist & Activity brands. One of our Sweden leading joint ventures, PEAK, is based in Australia, along with a selection of sports Switzerland brands in both Australia and New Zealand. CENTRAL & SOUTH AMERICA A AFRICA Thailand C A I U Ukraine R E S T United Kingdom M R A A United States L N A I S T I A A L Isla Saona Beach, Ires, Dominican Republic i-to-i conservation project in Kenya OPERATIONS OPERATIONS We remain keen to develop our operations Africa remains a key destination market for in South America and continue to assess the TUI Travel, both in our Mainstream Sector and viability of these countries both as source Specialist & Activity Sector. Key destinations markets and as destinations. The Caribbean for the Mainstream Sector include Morocco, and Mexico are very popular destinations for Cape Verde and Mauritius whilst Specialist & our customers and many adventure brands Activity brands such as World Challenge tend use South or Central America as destinations to operate more in Southern Africa, Zambia, for their trips. Last
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