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Annual Report 2017 Transat A.T. Inc

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Annual Report 2017 Transat A.T. Inc Annual Report 2017 Transat A.T. Inc. That wine-tasting tour of Europe, that family vacation down south, that romantic cruise in the Caribbean… we were there for it all. Thirty years of memories for thirty years of travel… and counting. 2017 Financial Highlights (in thousands of dollars, except per share amounts and ratios) Transat A.T. Inc. is a leading integrated international tourism company specializing in holiday travel. It serves some 60 destinations in 26 countries in the Americas, Europe and the Middle East. Cash flows related to operating activities Revenues 2017 161,487 2017 3,005,345 2016 43,561 2016 2,889,646 2015 108,992 2015 2,897,950 2014 90,009 2014 2,996,106 2013 102,179 2013 2,969,642 Adjusted operating income1 Net income (loss) attributable to shareholders 2017 102,025 2017 134,308 2016 25,776 2016 (41,748) 2015 100,608 2015 42,565 2014 86,369 2014 22,875 2013 114,302 2013 57,955 2017 2016 Variance ($) Variance (%) Revenues 3,005,345 2,889,646 115,699 4.0 Operating income (loss) 34,720 (30,335) 65,055 214.5 Adjusted operating income1 102,025 25,776 76,249 295.8 Net income (loss) 138,372 (36,759) 175,131 476.4 Net income (loss) attributable to shareholders 134,308 (41,748) 176,056 421.7 Diluted earnings (loss) per share 3.63 (1.13) 4.76 421.2 Cash flows related to operating activities 161,487 43,561 117,926 270.7 Cash and cash equivalents 593,582 363,664 229,918 63.2 Total assets 1,453,216 1,277,420 175,796 13.8 Long-term debt — — — — Debt ratio2 0.60 0.64 (0.04) (6.3) Stock price as of October 31 (TRZ) 10.66 6.12 4.54 74.2 Outstanding shares, end of year (in thousands) 37,064 36,859 204 0.6 1 See non-IFRS financial measures section. 2 Debt ratio: total liabilities divided by total assets. Senior Management Jean-Marc Annick Eustache Guérard Chairman Chief Operating of the Board, Officer, President and Chief Transat A.T. Inc. Executive Officer, President, Transat A.T. Inc. Transat Tours Canada Inc. Jean-François Bernard Lemay Bussières President, Vice-President, Air Transat A.T. Inc. General Counsel and Corporate Secretary, Transat A.T. Inc. Daniel Christophe Godbout Hennebelle Senior Vice-President, Vice- President, Human Resources Transport and and Corporate Yield Management, Affairs, Transat A.T. Inc. Transat A.T. Inc. Bruno Denis Leclaire Pétrin Chief Information Vice-President, and Digital Officer, Finance and Transat A.T. Inc. Administration, and Chief Financial Officer, Transat A.T. Inc. It’s our employees who make us soar to new heights. Giuliana Flight attendant with Air Transat since 2010 Board of Directors Jean-Marc Jean-Yves Eustache Leblanc Chairman Lead Director of the Board, Corporate Director President and Chief Executive Officer, 1 2 3 Transat A.T. Inc. 1 Raymond Louis-Marie Bachand Beaulieu Strategic Advisor, Chairman Norton Rose of the Board, Fulbright Canada President and Chief S.E.N.C.R.L., s.r.l./LLP Executive Officer, 3 Groupe Desgagnés Inc. 2 Lucie Lina Chabot De Cesare Vice-President and Corporate Director Chief Financial Officer, SAIL Outdoors Inc. 4 3 Jean-Pierre W. Brian Delisle Edwards Corporate Director Corporate Director Executor of Estates 1 2 4 Susan Jacques Kudzman Simoneau Executive Vice-President President and Chief and Chief Risk and Executive Officer, Corporate Affairs Officer, Gestion Univalor, s.e.c. Laurentian Bank of Canada 1 3 4 2 4 Louise Philippe St-Pierre Sureau Corporate Director Corporate Director Committees Executive Human Resources Audit Risk Management and Corporate 1 Committee 2 and Compensation Committee 3 Committee 4 Governance Committee Message to Shareholders A Pivotal Year Without a doubt, 2017 will be seen as a a number of initiatives that have seen key year in our history. It not only marked progress these last few months. the 30th anniversary of Transat’s founding as a public company but also featured First, we announced the upcoming several events that concluded our 2015– implementation of a new fleet 2017 strategic plan and that pave the way configuration. This will lead to improved for our new 2018–2022 five-year plan. leveraging of our flexible double fleet Chairman of the Board, That plan, called Building Sustainable model, whereby we operate mainly President and Profitability, lays the foundation for a narrow-body aircraft in winter and wide- Chief Executive Officer Transat that will be even more financially body aircraft during the summer season. sound and ready to prosper and develop We will be leasing 10 Airbus A321neo LRs, over the next 30 years. the first of which will be delivered in early 2019; they will gradually replace During 2017, we completed the strategic our A310s. refocusing of our operations, with the sale in late November of Jonview Canada In addition, in the next few years, we will Jean-Marc Eustache to Japanese group H.I.S. for $44 million. replace our seasonal Boeing 737s with December 13, 2017 Jonview, the leading incoming tour A321ceo’s, notably via an agreement operator in Canada, has benefited in with Thomas Cook Group. Lastly, our recent years from the very favourable permanent narrow-body aircraft will also market for Canadian tourism, posting be phased out and replaced with planes record income several years in a row, from the A320 family, allowing us to reap which helped grow its value considerably. the benefits of the Airbus shared-cockpit philosophy. That transaction came at the end of a year that began with the sale of Eventually, Air Transat will have an our France- and Greece-based tour all-Airbus fleet, comprising two or three operating business units for $93 million, aircraft types and enabling our pilots and that also saw us divest ourselves of to switch from one to another much our minority interest in Ocean Hotels. more easily—what Airbus calls Mixed Fleet Flying. The advantages are many: Having completed these transactions this lower training costs, simplified flight past year, we are now ready to embark operations, greater fuel economy and, on a new year and new strategic cycle for our passengers, a more standardized on two positive notes: we are a leaner customer experience (with, for example, company, focused on optimizing our Club Class eventually available on all of primary business line—leisure travel; and our routes). we have gained the means to establish our new hotel-management venture. Furthermore, we took several important steps in terms of improving our revenue We plan to continue optimizing our management and network planning, primary segment along the path laid out especially long-term, and we expect to in recent years, as illustrated by continue in the same vein. The benefits Message aux actionnaires A Pivotal Year are beginning to show and are expected results on par with those of the previous to strengthen in the coming years. year, with an adjusted operating loss of $36 million in spite of the weak Canadian Our cost-reduction and margin- dollar, which put pressure on our costs. improvement initiatives, which allowed In the summer, we returned to the record us to exceed our $100 million target levels recorded in 2015 and earlier years, during the most recent strategic plan posting an adjusted operating income period (thanks, in part, to strong growth of $138 million, well above that of 2016. in ancillary revenue), will, of course, Overall, we are ending the year with an continue. adjusted operating income of $102 million and an adjusted net income of $29 On this list of achievements, I am not million, while the operating income and forgetting our customers, who are and the net income total $35 million and $138 will remain our primary focus. This past million, respectively. year, we rolled out a new customer relationship management (CRM) system The Transat of tomorrow, moreover, in our call centres. Among other things, will include our new hotel division, the it allows our agents to recognize a caller foundations of which we are laying now. and access their travel history with us. As As I mentioned earlier, during 2017 we a result, our interactions with customers sold our interest in Ocean Hotels, for are both more efficient and friendlier. which we had partnered with H10 for 10 years. It was a fruitful venture, not We have also continued to grow our only financially speaking (after acquiring online sales—revenues realized directly our 35% stake in 2007 for $66.1 million, via our websites went up by 28% in we sold it for $185.6 million), but also in Canada this year. We achieved this terms of knowledge gained of the all- without hurting our agency sales, as inclusive resort industry in the Caribbean evidenced by the fact that the sales of and Mexico. Transat products in our agencies have increased slightly year over year, on a After discussions with our partner comparable basis. And, of course, we are and after considering the possibility focusing more and more on mobile—as of acquiring a 100% interest in Ocean, a sales channel and also as a means of we concluded that the best approach interacting with the customer at every for Transat would be to create our own stage of the travel experience: before, division, one hotel at a time, to our own during and after their trip. specifications. We will buy and renovate some hotels; others will be built; still In short, these are all efforts aimed at others will merely be managed by our improving our existing core business, team.
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