Financial Management at Aida Cruises
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FINANCIAL MANAGEMENT AT AIDA CRUISES Marcel Gnoth, FP&A Munich, April 2018 © 2018 AIDA Cruises. All rights reserved. Agenda ° Company presentation ° Financial Management at AIDA Cruise ° Driver-based mid- and long-term planning 2 © 2018 AIDA Cruises. All rights reserved. Welcome to an endless vacation experience ° With the most beautiful smile across the oceans you experience a beautiful vacation. Our ships welcome you with generosity and variety. ° No matter if you are First Timer or Repeater – we offer you a variety of individual offers and unforgettable moments. ° The best: Despite the variety we focus on exceptional quality. Excellent food, a great Spa & Sports area as well as extraordinary entertainment will inspire you. ° Holiday a new way. 3 © 2018 AIDA Cruises. All rights reserved. In 2017 the German Cruise Market exceeded the number of 2 Million passengers 2,200 2,000 1,800 +11.1% 1,600 1,400 1,200 1,000 800 600 400 200 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Passenger 763 907 1,027 1,219 1,388 1,544 1,687 1,771 1,813 2,018 2,188 in `000 YoY in % 8.2% 18.9% 13.2% 18.7% 13.9% 11.2% 9.3% 5.0% 2.4% 11.3% 8.4% Source:CLIA report “2016 Statistics & Markets Europe“, CLIA press release March 2018 4 © 2018 AIDA Cruises. All rights reserved. As the inventor of modern cruising on the path of success since 1996 ° With 12 ships we have the most modern fleet worldwide ° We are one of the fastest growing and most successful travel companies in Germany ° Until 2021 we will put two new ships into service AIDAcara AIDAvita/aura AIDAdiva/bella/luna AIDAblu/sol/mar/stella AIDAprima/perla Two newbuilds 1996 2002 – 2003 2007 – 2009 2010 – 2013 2016 – 2017 until 2021 5 © 2018 AIDA Cruises. All rights reserved. AIDAnova – our new product generation Product Features ° Improved variety of cabins types (single veranda cabins, family cabins, Penthouse Suite) ° High variety of restaurants (17): new dimension of service restaurants such as Dinner Entertainment Restaurant “Time Machine”, authentic taste of Asia in “Hot Pot Restaurant” and new “Street Food Passage” ° New Generation of entertainment with Penthouse Suite Time Machine Entertainment real TV production at StudioX, a 360° Theatrium and a mystery room ° Premium shopping outlets allowing a new shopping experience ° Futuristic Art & Picture Club with lobby Hot Pot Art & Picture Club The Rockbox bar 6 © 2018 AIDA Cruises. All rights reserved. AIDA is the most popular cruise brand in Germany Brand Awareness 2017 72% ° Over 1 Million guests in 2017 44% ° 50 Million Germans know 39% AIDA ° 10 Million Germans 38% would like to spend their vacation with AIDA 32% 28% 9% 5% Source: F.U.R. Reiseanalyse 2017 7 © 2018 AIDA Cruises. All rights reserved. We take social responsibility and are committed to protect the environment ° Donations, e.g. for SOS Kinderdorf e.V., GEOMAR Helmholtz Centre for Ocean Research Kiel ° We are members of the foundation “Stiftung 2°” ° LNG Hybrid Barge “Hummel”: energy supply with LNG in Hamburg ° Dual-Fuel-engines on AIDAprima: She is the world's first cruise ship to operate using environmentally friendly liquid natural gas (LNG) ° Increase of energy efficiency: - By hydrodynamic ship’s design - Azipod propulsion ° “Green Cruising”: Starting 2019, AIDA will be the world's first cruise line to operate its new generation of ships with 100 percent LNG 8 © 2018 AIDA Cruises. All rights reserved. AIDA Cruises at a glance Our Guests Our Offer ° > 22.500 lower berths ° Nearly 800 cruise offers ° Around 8.6 mil. overnight stays in 2016 ° > 210 different ports world wide ° 92% Guest satisfaction ° > 3.800 shore excursions Our Employees Our Responsibility ° 10.000 employees from > 40 countries ° 100 mil. € investments in environmental technologies ° 9.000 aboard, 1.000 ashore in Rostock and Hamburg ° 70% European, 50% German Vendors 9 © 2018 AIDA Cruises. All rights reserved. Part of the most Successful Cruise Company Worldwide ° 105 ships ° Over 10 million guests per year ° 50% market share worldwide ° Over 120.000 employees world wide ° 9 brands under one roof ° Listed in the FTSE 100 & S&P 500 10 © 2018 AIDA Cruises. All rights reserved. Agenda ° Company presentation ° Financial management at AIDA Cruises ° Driver-based mid- and long-term planning 11 © 2018 AIDA Cruises. All rights reserved. Commercial Analytics will enhance the responsibility of the finance function So far ° (1) Interface between Controlling and Manager remains untouched ° (2) There will be another (1) interface between the business Business Controlling and Commercial Analytics (2/4) (3) CA ° (3) Controlling and Commercial Analytics stay connected, but Today have clear separated roles and responsibilities ° (4) CA will be part of the (1) planning-, reporting- and Business Controlling forecasting-Processes to improve (4) the overall performance (2) (3) ° Commercial Analytics are to be Commercial engaged by the business Analytics (CA) 12 © 2018 AIDA Cruises. All rights reserved. The financial Management is faced with significant changes – „Leading in real-time“ ° Forecast- and plan scenarios are created by flexibly combining assumptions about drivers and effects of measures ° Assumptions will be done „middle up“ on BU-level and driver models will be improved constantly ° Main KPIs are derived through simulations using driver models based on actual data ° Focus on objectives and measures to increase quality of planning 13 Source:Valsight © 2018 AIDA Cruises. All rights reserved. Agenda ° Company presentation ° Financial management at AIDA Cruises ° Driver-based mid- and long-term planning 14 © 2018 AIDA Cruises. All rights reserved. Status Quo – the strong business development needs a driver-based long-term planning Influencing factor Planning process Excel-based Strong business growth long-term planning Historical grown Dynamic environment and complex models Restructuring of the Finance function Time-consuming Complex business model and error-prone adjustments Increasing product Limited reporting differentiation capabilities 15 © 2018 AIDA Cruises. All rights reserved. Goal & Requirements – a driver-based mid- and long- term planning supports the strategy process 2. Mid- & long-term 4. Operational 1. Strategy 3. Target Setting planning Planning Goals Requirements Forward-looking planning and scenario-based ° Driver-based models thinking through creating and comparing of different ° Simulations combinations of assumptions and measures Improved data quality to enable driver-based ° Integration of data source simulations and derivation of relevant key ° Verified data model without manual inputs („stop performance indicators using excel“) Increased efficiency through focus on measures ° State-of-the-art software-solution and activities to supporting strategy execution ° Multi-user-capabilitiy More agility and transparent reporting of results ° Better reporting functionalities and presentation of reconciliations ° Visualization and real-time adjustments 16 © 2018 AIDA Cruises. All rights reserved. Result – State-of-the-art software-solution for more efficient planning process Szenario Manager Dashboards Value Trees ° Flexible and transparent ° Better visualization and ° Transparent and clear scenario modeling reporting relationships Source:Valsight 17 © 2018 AIDA Cruises. All rights reserved. Result – flexible simulations and transparent scenarios show cause-effect-relationships Transparent and combinable scenarios Assumption: fuel price increase Bundling of different assumptions to scenarios Source:Valsight 18 © 2018 AIDA Cruises. All rights reserved. Result – visual analyses and dashboards to enable quick comparisons of different scenarios Source:Valsight 19 © 2018 AIDA Cruises. All rights reserved. Result – visual value driver trees to enable a focussed discussion and decision making Source:Valsight 20 © 2018 AIDA Cruises. All rights reserved. Result – through realization of project goals the mid- and longterm planning is faster and more efficient Benefits Goals Requirements Forward-looking ° Driver models ° Fast and transparant planning ° Simulations presentation of root cause and impact ° High Comparability of Improved data ° Integration of data sources scenarios quality ° Verified data model ° Less time-consuming planning ° State-of-the-art software- ° More efficient planning Increased solution discussions efficiency ° Multi-user-capability ° Focus on measures to support strategy execution ° Better reportings More ° Visualization and „Real- Agility time“ 21 © 2018 AIDA Cruises. All rights reserved. Closing information All relevant and legal figures are available in the Annual Report of Carnival Corporation: www.carnivalcorp.com ‰ Investor Relations ‰ Financial Information: Annual Reporting Or direct link: http://phx.corporate-ir.net/phoenix.zhtml?c=140690&p=irol-reportsannual 22 © 2018 AIDA Cruises. All rights reserved. © 2018 AIDA Cruises. All rights reserved..