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Focus, Consolidation, Dominance

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Focus, Consolidation, Dominance FOCUS, CONSOLIDATION, DOMINANCE Over the past three decades, Cox & Kings has transformed itself from being a simple air ticketing agent and inbound tour operator into a multi-national travel enterprise. We have consolidated operations by buying businesses that added value and shedding businesses that had a brighter future elsewhere. 2015-16 can best be described as the year in which we further entrenched our leadership in our respective domains both by way of volumes as well as At PGL, we are pioneers in out-of-classroom learning margins. COX & KINGS OPERATES IN 23 COUNTRIES ACROSS FOUR DISTINCT BUSINESS VERTICALS. Annual Report 2015-16 | 01 NST - Leader in secondary school tours C&K’s regionally branded tours are very popular Meininger Frankfurt 02 | Cox & Kings Limited BUSINESS OVERVIEW MANAGEMENT DISCUSSION & ANALYSIS STATUTORY REPORTS FINANCIAL STATEMENT Cox & Kings is a diversified, multinational enterprise focused on the travel sector. Consumers both young and old are increasingly using travel to satisfy their hunger for personal growth, and we are in pole position to deliver precisely that - in myriad ways, at scale, across the planet. Cox & Kings is unique in ŸWe operate low-price hybrid many ways; hotels in Europe, but even COX & KINGS IS ŸWe are an Indian company, CEOs and movie stars travel FOCUSED ON THE but we operate in 23 with us all over the world TRAVEL SECTOR countries We are a multi-national ŸWe have several disparate company, but India is our business divisions, but travel proud heart is our only domain ŸIn 2015-16 we journeyed millions of Indians, travelled >500,000 children in the UK and hosted 2.0 million bed nights in our European hybrid hotels ŸWe are known as an Indian tour operator, but our biggest earner is educational travel in the U.K. ŸWe are listed in India, but more than half of our staff is in the U.K. Annual Report 2015-16 | 03 We at Cox & Kings have always been proactive in seizing opportunities to consolidate our position within the multiple sub-sectors of travel that we operate in. The result is a simpler and more robust organization. 04 | Cox & Kings Limited BUSINESS OVERVIEW MANAGEMENT DISCUSSION & ANALYSIS STATUTORY REPORTS FINANCIAL STATEMENT We reorganized our Leisure – International division by taking a slew of measures which unlocked value this year, while retaining our core strengths. We sold off our adventure travel business, Explore Worldwide. We also effectively divested a majority stake in our Superbreak and Laterooms businesses. We have also embarked on an ambitious enterprise-wide travel technology project that will act as a springboard for the entire group. Demonstration of basic scientific concepts TODAY WE ARE LEANER, FITTER & STRONGER Demystifying the sciences at a PGL Lab. Annual Report 2015-16 | 05 LEISURE - INDIA Leader in India outbound travel Leader in India domestic travel Leader in MICE tours Deccan Odyssey Luxury Train 06 | Cox & Kings Limited BUSINESS OVERVIEW MANAGEMENT DISCUSSION & ANALYSIS STATUTORY REPORTS FINANCIAL STATEMENT EDUCATION Leader in UK residential outdoor learning programs Leader in UK educational tour operations NST - Study tour in Iceland No. of children travelled > 500,000 in FY16 29.6 154 EBITDA (£ in million) 19.7 129 Total transaction value (£ in million) transaction value Total FY12 FY16 FY12 FY16 NST conducts more than 60 types of tours Annual Report 2015-16 | 07 MEININGER Leader in hybrid hotels Sample picture of a typical six-bedder room at Meininger ) 68 ) € in million 18.0 76.6% 35 € in million 9.5 EBITDA ( 66.8% Total transaction value ( transaction value Total FY12 FY16 FY12 FY16 Revenues (EUR million) Bed occupancy (%) Community area and breakfast room at Meininger 08 | Cox & Kings Limited BUSINESS OVERVIEW MANAGEMENT DISCUSSION & ANALYSIS STATUTORY REPORTS FINANCIAL STATEMENT Having fought for and having won over our domain over the past few decades, we are acutely aware that leadership is as hard-kept as it is hard-won. Our focus lies in consolidating our dominance. Annual Report 2015-16 | 09 FOCUS ON EXECUTION Having been Chairman of Cox & Kings for over four decades, it gives me immense pleasure to see the manner in which the company has grown – from a fledgling operation with an historic brand name to a multi-national, diversified travel group which dominates in its spheres of operation. This long period of growth and development could not have taken place without a unique culture of open-mindedness and reaction to change which personifies the group. Dear Shareholders, emerge stronger and more successful across the business. Getting too comfortable, If the next four decades are to reluctance to innovate and be anything like the past four, resting on one’s laurels are I can think of no better among the greatest risks in company than ours with which business. To its credit the team to be associated. at Cox & Kings has managed to avoid these mistakes by The business of travel has encouraging a culture of never been more challenging, ideation, debate, action and nor has the passion for travel follow-through. It has travelled been so strong and the through a long period of opportunity to travel available change, economic upheaval to so many, as it is today. Our and breath-taking package-tours business in technological advancement to India is expanding 10 | Cox & Kings Limited BUSINESS OVERVIEW MANAGEMENT DISCUSSION & ANALYSIS STATUTORY REPORTS FINANCIAL STATEMENT significantly, our experiential We remain ever focussed and learning business in the U. K. is on our guard to ensure that the leading player and our our customers enjoy the best THE LAST YEAR AT highly profitable Meininger travel experiences with Cox & COX & KINGS WAS hybrid hotel group, providing Kings. CHARACTERISED BY safe, comfortable and well- We are the number one player ROBUST ORGANIC priced accommodation to in the educational travel sector GROWTH ACROSS families, school groups, in the UK, and our expansion EACH OF ITS business people and into Australia is proof that DIVISIONS – LEISURE, backpackers is expanding outdoor learning as a concept EDUCATION AND rapidly – we are aiming to is here to stay. It is our aim to MEININGER. double our bed capacity over achieve the same position of the next few years. dominance in Australia as we The last year at Cox & Kings currently enjoy in the UK. was characterised by robust I am personally very excited organic growth across each of about the progress we have its divisions – Leisure, made and the opportunities Education and Meininger – available to us. I should like to despite a series of unfortunate express my appreciation to our events in Europe. We investors who have partnered undertook a strategic re- with us over the years since our orientation of Leisure listing, and to our hard International by divesting a working, innovative and 51% stake in both Superbreak successful management and and our recently-acquired staff. LateRooms business to a company funded by private Warm regards, equity. We have retained a 49% stake in the combined entity, which is destined to A.B. M. Good reshape the future of travel by Chairman marrying the best of both content and technology. Annual Report 2015-16 | 11 BOARD OF DIRECTORS (Left to Right) M. Narayanan, Urrshila Kerkar, Pesi Patel, ABM Good, Peter Kerkar, S. C. Bhargava Mr. A. B. M. Good, Promoter & Non- In this capacity, he was involved in Kings Limited in1971 and became the Executive Chairman setting up a tour operating Chairman in 1975. Under his statute subsidiary. Mr. Good formed the guidance, the Company imbibed After being a management trainee Good Relations Group in 1962 and quality standards and practices. with the Distillers Group, he ventured floated it on the London Stock into the field of journalism, where he Exchange in 1982. In 1970, he was He is a Fellow Member of Chartered spent five years first as Public commissioned by Grindlays Bank to Institute of Public Relations and Relations Officer and later in a Group turn Cox & Kings, UK, into a long-haul Honorary Life Fellow Member of the marketing role with the then largest tour operator specializing in India. He Institute of Directors. independent airline group in the UK. was appointed to the board of Cox & 12 | Cox & Kings Limited BUSINESS OVERVIEW MANAGEMENT DISCUSSION & ANALYSIS STATUTORY REPORTS FINANCIAL STATEMENT Mr. P eter Ker kar, Promoter & Non- Company's growth, playing a vital Finance Corporation of India Limited Executive Director role in the development of between July 2004 and September Outbound Leisure and Domestic 2006. He had also occupied the He has been intimately involved in Leisure business and is the position of General Manager, the growth of C&K Group and was drivingforce behind the Company's Industrial Finance Corporation of responsible for its transformation IT vision. She has been directly India and held senior management from being a business travel and involved and responsible for the day- positions in IFCI and Bank of Baroda. shipping and forwarding agency to to-day management of the Mr. Narayanan started his being one of the leading leisure Company and for all the marketing professional career with Reserve players in the industry. He is the and design initiatives of the Group. Bank of India in June 1964. The driving force behind the Company's Institute of Economic Studies, New initiatives in the geographies in She is a graduate in Art (B.A.) Hons in Delhi, conferred him with UDYOG which it operates today. He is based Economics and Psychology from Rattan Award in the year 2005 for in UK and responsible for the Bombay University and holds an excellence in performance. Company's overall leadership, associate degree from Pratt strategy, global centralized buying University, NY, USA in Graphic He is a post graduate in Commerce and international growth.
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