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Thomas Cook Group Plc Annual Report & Accounts 2008 We Are Thom Cook_Cover.qxd:Layout 1 26/1/09 15:01 Page 1 Thomas Cook Group plc We are one of the world’s leading leisure travel groups, with a focused strategy, a flexible business model and a portfolio of market-leading travel brands. Across our group we are committed to our vision of going further to make dreams come true – exceeding our customers’ Annual Report & Accounts 2008 expectations, offering fulfilling careers to the best team of people in the industry, and delivering sustainable value to our shareholders. With a heritage of more than 167 years in travel we understand the importance of thinking beyond the short term. We are focused on building a stronger business today – to ensure we remain market leaders tomorrow. Contents DIRECTORS’ REPORT – BUSINESS REVIEW Chairman’s statement 2 Board of Directors 48 DIRECTORS’ REPORT – CORPORATE GOVERNANCE Business at a glance 4 Group Executive Board 50 Where we operate 6 Corporate governance report 51 Chief Executive Officer’s statement 8 Other disclosures 57 Our marketplace 12 Remuneration report 59 Our strategy 14 Our strategy in action 17 Operational review 28 Corporate social responsibility 38 Financial review 41 Principal risks and uncertainties 46 FINANCIAL STATEMENTS Independent auditors’ report 67 Group income statement 68 Group statement of recognised income and expense 69 Group balance sheet 70 Group cash flow statement 72 Notes to the Group financial statements 73 Company balance sheet 111 Company statement of recognised income and expense 112 Company cash flow statement 112 Notes to the Company financial statements 113 Appendix 1 – Unaudited pro forma financial information 120 Appendix 2 – Key performance indicators definitions 126 Thomas Cook Group plc Shareholder information 127 www.thomascookgroup.com Annual Report & Accounts 2008 Thom Cook_Cover.qxd:Layout 1 26/1/09 14:39 Page 1 Thomas Cook Group plc We are one of the world’s leading leisure travel groups, with a focused strategy, a flexible business model and a portfolio of market-leading travel brands. Across our group we are committed to our vision of going further to make dreams come true – exceeding our customers’ Annual Report & Accounts 2008 expectations, offering fulfilling careers to the best team of people in the industry, and delivering sustainable value to our shareholders. With a heritage of more than 167 years in travel we understand the importance of thinking beyond the short term. We are focused on building a stronger business today – to ensure we remain market leaders tomorrow. Contents DIRECTORS’ REPORT – BUSINESS REVIEW Chairman’s statement 2 Board of Directors 48 DIRECTORS’ REPORT – CORPORATE GOVERNANCE Business at a glance 4 Group Executive Board 50 Where we operate 6 Corporate governance report 51 Chief Executive Officer’s statement 8 Other disclosures 57 Our marketplace 12 Remuneration report 59 Our strategy 14 Our strategy in action 17 Operational review 28 Corporate social responsibility 38 Financial review 41 Principal risks and uncertainties 46 FINANCIAL STATEMENTS Independent auditors’ report 67 Group income statement 68 Group statement of recognised income and expense 69 Group balance sheet 70 Group cash flow statement 72 Notes to the Group financial statements 73 Company balance sheet 111 Company statement of recognised income and expense 112 Company cash flow statement 112 Notes to the Company financial statements 113 Appendix 1 – Unaudited pro forma financial information 120 Appendix 2 – Key performance indicators definitions 126 Thomas Cook Group plc Shareholder information 127 www.thomascookgroup.com Annual Report & Accounts 2008 Thom Cook_Cover.qxd:Layout 1 26/1/09 12:37 Page 2 Celebrating 200 years Thomas Cook 1808 – 1892 2008 marks 200 years since the birth of Thomas Cook, regarded as the founder of popular tourism. As a company we continue to be inspired by his vision and pioneering spirit ‘to make travel simple, easy and a pleasure.’ Thomas Cook once described himself as ‘the willing and devoted servant of the travelling public’ and we believe that today, across our company, we maintain many of his original ideas and inspirations by keeping the customer at the heart of everything we do. 1808 1892 1808 1841 1845 1865 1872/73 1874 Thomas Cook is born on 22 November Thomas conducts his first excursion, Thomas conducts his first trip for profit. To cope with the number of tourists who The climax of Thomas’ travelling career Cook’s circular note, an early form of the in Melbourne, Derbyshire. He is the a 12-mile rail journey from Leicester to It is a railway journey to Liverpool from wish to visit the Continent, Thomas opens comes in September 1872 when, at the age travellers cheque, is launched in New York. son of a labourer and the grandson a temperance gala in Loughborough, on Leicester, Nottingham and Derby. an office in London – at 98 Fleet Street – in of 63, he departs from Liverpool (with eight 1892 of a Baptist minister. Monday 5 July 1841. Some 500 passengers April 1865. This is Thomas Cook’s first high companions) on a 25,000-mile tour of the John Mason Cook takes over the 1855 Design and production: 1828 pay a shilling each for the experience. The Thomas successfully escorts his first street shop and it is to be managed by his world that will keep him away from home business on the death of his father. day is a great success and Thomas is soon son, John Mason Cook, who joined the for 222 days. It has long been his ambition Black Sun Plc (London) On the completion of his apprenticeship ‘package tourists’ to Europe during the +44 (0) 20 7736 0011 as a wood-turner and cabinet-maker, being asked to organise similar outings summer of 1855. The ‘grand circular tour’ family business only a few months before. to travel to ‘Egypt via China’ but such a trip for other local temperance societies and only becomes practicable following the Thomas decides instead to pursue his includes Brussels, Cologne, the Rhine, Photos: Thomas Cook, Getty religious interests and becomes a Sunday schools. Heidelberg, Strasbourg and Paris. Thomas opening of the Suez Canal in 1869. wandering Baptist missionary. arranges hotels and meals in addition to Printed by Park Communications on Hello Silk, FSC certified travel tickets. He also deals with ‘foreign paper, and Tauro, from verified sustainable sources. exchange’ for his customers. Thom Cook_Cover.qxd:Layout 1 26/1/09 12:37 Page 2 Celebrating 200 years Thomas Cook 1808 – 1892 2008 marks 200 years since the birth of Thomas Cook, regarded as the founder of popular tourism. As a company we continue to be inspired by his vision and pioneering spirit ‘to make travel simple, easy and a pleasure.’ Thomas Cook once described himself as ‘the willing and devoted servant of the travelling public’ and we believe that today, across our company, we maintain many of his original ideas and inspirations by keeping the customer at the heart of everything we do. 1808 1892 1808 1841 1845 1865 1872/73 1874 Thomas Cook is born on 22 November Thomas conducts his first excursion, Thomas conducts his first trip for profit. To cope with the number of tourists who The climax of Thomas’ travelling career Cook’s circular note, an early form of the in Melbourne, Derbyshire. He is the a 12-mile rail journey from Leicester to It is a railway journey to Liverpool from wish to visit the Continent, Thomas opens comes in September 1872 when, at the age travellers cheque, is launched in New York. son of a labourer and the grandson a temperance gala in Loughborough, on Leicester, Nottingham and Derby. an office in London – at 98 Fleet Street – in of 63, he departs from Liverpool (with eight 1892 of a Baptist minister. Monday 5 July 1841. Some 500 passengers April 1865. This is Thomas Cook’s first high companions) on a 25,000-mile tour of the John Mason Cook takes over the 1855 Design and production: 1828 pay a shilling each for the experience. The Thomas successfully escorts his first street shop and it is to be managed by his world that will keep him away from home business on the death of his father. day is a great success and Thomas is soon son, John Mason Cook, who joined the for 222 days. It has long been his ambition Black Sun Plc (London) On the completion of his apprenticeship ‘package tourists’ to Europe during the +44 (0) 20 7736 0011 as a wood-turner and cabinet-maker, being asked to organise similar outings summer of 1855. The ‘grand circular tour’ family business only a few months before. to travel to ‘Egypt via China’ but such a trip for other local temperance societies and only becomes practicable following the Thomas decides instead to pursue his includes Brussels, Cologne, the Rhine, Photos: Thomas Cook, Getty religious interests and becomes a Sunday schools. Heidelberg, Strasbourg and Paris. Thomas opening of the Suez Canal in 1869. wandering Baptist missionary. arranges hotels and meals in addition to Printed by Park Communications on Hello Silk, FSC certified travel tickets. He also deals with ‘foreign paper, and Tauro, from verified sustainable sources. exchange’ for his customers. Pro forma financial highlights1 Revenue* Adjusted EPS< Operating profit margin*** £8,809•8m 24•1p 4•2% +11•8% +40•9% +35•5% Profit from operations** Proposed dividend per share £365•9m 9•75p +49•8% +95•0% Statutory financial highlights Revenue Profit before tax EPS £8,167•1m £49•5m 4•7p (2007: £6,404•5m) (2007: £190•2m) (2007: 22•0p) Operational highlights • We achieved a strong financial performance with profit from operations up almost 50% to £365.9m and operating profit margin up 35.5% 18 19 from 3.1% to 4.2%.
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