Tui Ag · XETR:TUI1
Tui — Q3 2016/17 Earnings Presentation
61 slides from Tui's earnings presentation, September 2017
Slide 1: TUI Group Investor Presentation September 2017
TUI Group Investor Presentation September 2017
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation contains a number of statements related to the future development of TUI. These statements are based both on assumptions and estimates. Although we are convinced that these future-related statements are realistic, we cannot guarantee them, for our assumpt
Slide 3: Agenda
1 2 3 Overview & Business Investing in Financing Growth & Model Transformational Outlook Growth 4 5 Q3 2016/17 Results Appendix 3
Slide 4: Strong Q3 performance
Strong Q3 performance • Strong revenue growth • Strong profit growth – underlying and reported UNDERLYING • Strong demand growth with TURNOVER €4.8bn EBITA €221.6m customer volume +7% YTD +12.6% /+16.4%1 +37.7% /+18.7%2 • Disposal of Travelopia and Hapag-Lloyd AG shares complete • On track to delive
Slide 5: Consistently delivering our content growth strategy
Consistently delivering our content growth strategy MARKETING & SALES HOTELS & RESORTS CRUISES IN SOURCE MARKETS • Strong growth • Continued success story • Germany and Nordic strong, partially offset by • +16% in underlying EBITA • +54% in underlying EBITA UK and Western on LFL basis1 on LFL basis1
Slide 6: TUI profitable on 9M underlying basis for the first time
TUI profitable on 9M underlying basis for the first time 9M UNDERLYING EBITA IN €M • Strength of business +€21m excluding model evident in delivery TUI fly sickness 3 of TUI Group‘s first 15 -24 10 7 profitable 9M result -3 -45 48 • Growth strategy is -101 delivering margin -191 enhancement, lower s
Slide 7: Transformational growth investments funded entirely by disposal proceeds
Transformational growth investments funded entirely by disposal proceeds DISPOSAL PROCEEDS & REINVESTMENT • Post merger disposal Hapag-Lloyd AG programme concluded ~€0.4bn Share holding ~€230m • Divestments proceeds Travelopia ~€325m reinvested in higher yield ~€0.4bn ~€55m businesses, leading to €1
Slide 8: Investments in Transformational Growth
Investments in Transformational Growth 8
Slide 9: Cruise Growth
Cruise Growth Focused on developing our position in Europe and in luxury/expedition cruising TURNOVER €M • TUI Cruises - three new additions FY14 381 317 281 since merger FY15 614 374 273 • Modernisation of Thomson Cruises underway FY16 807 406 297 • Turnaround of Hapag-Lloyd Cruises PAX K now compl
Slide 10: Cruise – Growth Roadmap
Cruise – Growth Roadmap GROWTH ROADMAP 2017-2019 3 new builds 3 further ships 2 new builds invested within JV ~€200m per ship ~€145m per ship CONTRIBUTION TO ~€25m-€30m per ~€25m per new ~€15m per new UND. EBITA new ship* ship** expedition ship STRONG ROIC OF 21.3%*** SIGNIFICANTLY AHEAD OF SEGMENTA
Slide 11: Cruise Ships & Aircraft Finance
Cruise Ships & Aircraft Finance CRUISE SHIPS AIRCRAFT Cruise Fleet By Ownership Structure Aircraft Fleet By Ownership Structure as at 30/9/2016 as at 30/9/2016 Cruise Brand Owned Finance Lease Operating Lease Total Structure Owned Finance Lease Operating Lease (FV) Total TUI Cruises (JV) 5 - - 5 # o
Slide 12: Hotel Growth since Merger
Hotel Growth since Merger Non-risk (Managed) Risk (Owned/Joint Venture/Leased) Croatia Greece Rhodes Dublin Berlin Cyprus New York Bulgaria Portugal Ibiza Italy Djerba Dom Rep Tenerife Turkey Jamaica Aruba St. Lucia Sri Lanka Maldives Mauritius • By end of FY17 28 new hotel openings since merger • F
Slide 13: Hotels – Growth Roadmap
Hotels – Growth Roadmap GROWTH ROADMAP 2018-2019 STRUCTURE CONTRIBUTION TO UND. EBITA ++ Indicative split of future growth • Ownership/JV in high Owned capex by destination Season duration growth regions, where Range of earnings there is scarcity of supply Year-Round Managed • Management Range of ea
Slide 14: Investment in IT and Digital Transformation
Investment in IT and Digital Transformation KEY PROJECTS FEATURES ROADMAP A rich, immersive • Holiday search & book • Common platform live in all major “TUI APP” experience at the heart • Holiday information & Source Markets of our mobile vision ancillary booking • Contact your rep • Single view of
Slide 15: One Brand
One Brand GROWTH Renaming offers opportunity OPERATIONAL Operational efficiency POTENTIAL to reposition EFFICIENCY by optimising content and marketing production 360° End to end consistent COMPETITIVE- Competitive strength against EXPERIENCE customer experience NESS global platforms including media
Slide 16: Outlook
Outlook 16
Slide 17: Growth Roadmap - Summary
Growth Roadmap - Summary At least 10%* DRIVERS WHAT IMPACT?* BY WHEN? underlying EBITA CAGR to 2018/19 GROWTH IN OUR • ~30 further openings in • ~€2m und. EBITA per hotel** • End of 2018/19 HOTEL & CRUISE Group hotels Earnings dilution from BRANDS • TUI Cruises - 3 new ships • ~€25-30m share EAT per
Slide 18: Financial Targets
Financial Targets • Current corporate credit ratings “BB” from S&P and “Ba2” from Moody’s Upgraded by S&P from “BB-” in February 2017 and upgraded by Moody’s from “Ba3” in April 2016 • We are committed to improving our credit metrics, therefore we are setting new financial targets for 2016/17 as fol
Slide 19: Committed to an Attractive Dividend Payout
Committed to an Attractive Dividend Payout DIVIDEND PER SHARE (IN €C) DIVIDEND PAYOUTS (IN €M)** 63 cents 370 Merger 6 329 7 Based on 56 cents underlying earnings 5 growth 7 Additional 4 10%* 95 Base 38 58 51 2012/13 2013/14 2014/15 2015/16 45 We are committed to delivering a growth strategy which w
Slide 20: Outlook 2016/17
Outlook 2016/17* OUTLOOK GUIDANCE Metric 2015/16 2016/17e Turnover €17,154m In excess of 3% growth Restated Previous guidance ~3% growth Reiterated at least 10% growth Underlying EBITA €1,001m FX translation ~€10m negative Adjustments €102m ~€100m Net Interest €180m ~€140m Net Capex & Investments**
Slide 21: Consistently delivering our growth strategy
Consistently delivering our growth strategy Consistent delivery Reiterate 10% underlying against guidance since EBITA CAGR to merger FY2018/191 Transforming business Growth strategy update at The world’s leading integrated with disposal proceeds full year results in tourism business based on own hot
Slide 22: Q3 2016/17 Results
Q3 2016/17 Results 22
Slide 23: Strong growth in Q3
Strong growth in Q3 Q3 UNDERLYING EBITA IN €M +18.7% -7 38 5 1 24 222 191 161 Q3 15/16 Underlying Trading Merger Aircraft Q3 16/17 LFL Easter timing FX Q3 16/17 Synergies Financing basis translation 18.7% GROWTH ACROSS THE BUSINESS ON LFL BASIS LFL basis at constant currency and excluding timing ben
Slide 24: Hotels & Resorts
Hotels & Resorts Good performances in Riu, Robinson & Blue Diamond TURNOVER AND EARNINGS (€M) Q3 16/17 Q3 15/16 % AVERAGE REVENUE PER Turnover 151.3 143.2 5.7 AVERAGE OCCUPANCY2 BED2 Underlying EBITA 77.7 57.2 35.8 74% €54.6 o/w Equity results 17.0 11.3 50.4 +3ppts +2% BRIDGE UNDERLYING EBITA (€M) 3
Slide 25: Hotels & Resorts KPIs Q3 2016/17
Hotels & Resorts KPIs Q3 2016/17 CAPACITY1 REVENUE/BED2 OCCUPANCY3 UNDERLY. EBITA4 y-o-y (%) (`000) y-o-y (%) (€) y-o-y (ppts) (%) y-o-y (€m) (€m) 5 4,777 7 58.7 2 88 10 75 7 960 Flat 82.5 -2 58 5 11 OTHER 6 -8 TUI H&R 7 10,519 2 54.6 3 74 21 78 1 Group owned or leased hotel beds multiplied by openi
Slide 26: Cruises
Cruises Continues to deliver strong growth TURNOVER AND EARNINGS (€M) Q3 16/17 Q3 15/16 % NEW SHIPS AVERAGE Turnover 214.3 171.0 25.3 DAILY RATE Memo: TUI Cruises +2% Turnover 260.7 181.1 43.9 MEIN SCHIFF 6 Underlying EBITA 67.1 45.0 49.1 Thomson Cruises +6% o/w EAT TUI Cruises* 39.6 25.8 53.6 Thoms
Slide 27: Cruises KPIs Q3 2016/17
Cruises KPIs Q3 2016/17 PASSENGER CRUISE AVERAGE DAILY OCCUPANCY UNDERLY. EBITA DAYS RATE y-o-y (%) (`000) y-o-y (%) (€) y-o-y (ppts) (%) y-o-y (€m) (€m) 41 1,095 2 183 Flat 101 14 40* 42 753 6 163** 1 100 6 22 86 562 2 6 -1 3 Flat 73 * Equity result **Inclusive of transfers, flights and hotel costs
Slide 28: Source Markets – Sales & Marketing
Source Markets – Sales & Marketing Improved performance in Germany and Nordic TURNOVER AND EARNINGS (€M) Q3 16/17 Q3 15/16 % Turnover 4,211.6 3,741.6 12.6 DIRECT Underlying EBITA 93.6 69.0 35.8 CUSTOMERS DISTRIBUTION 5.8M 73% BRIDGE UNDERLYING EBITA +11% Flat (€M) -9 29 17 -11 -1 94 ONLINE UNDERLYIN
Slide 29: Source Markets KPIs Q3 2016/17
Source Markets KPIs Q3 2016/17 DIRECT CUSTOMERS ONLINE UNDERLY. EBITA DISTRIBUTION y-o-y (%) (`000) y-o-y (ppts) (%) y-o-y (ppts) (%) y-o-y (€m) (€m) 4 2,113 1 93 1 63 81 Northern Region* 9 Central Region 14 2,054 1 49 4 19 21 25 Western Region 17 1,589 2 72 2 53 -6 -12 Source Markets 11 5,756 Flat
Slide 30: Source Market Q3 & 9M KPIs by country
Source Market Q3 & 9M KPIs by country1 Direct Distribution Online Distribution Customers (000) Q3 16/17 Q3 15/16 Q3 16/17 Q3 15/16 Q3 16/17 Q3 15/16 UK 93% 93% 60% 59% 1,790 1,712 Nordics 91% 91% 80% 77% 323 314 Germany2 47% 46% 19% 14% 1,861 1,672 Benelux 75% 73% 59% 56% 1,226 1,125 Total Source 73
Slide 31: Current Trading
Current Trading In line with expectations • Good demand for remainder of the season – 88% sold, GOOD DEMAND FOR S17 PROGRAMME SUMMER bookings up +4% and average selling price up +5% Source Markets S17 Top 5 2017 • Growth driven by Greece, Bulgaria, Croatia, Italy, Cape Verde Destinations and long ha
Slide 32: Source Markets Current Trading – Summer 2017
Source Markets Current Trading – Summer 2017 CURRENT REVENUE CUSTOMERS ASP PROGRAMME TRADING1 SOLD Y-O-Y VARIATION (%) 7 88% UK (excl. Thomson Cruises) 7 Flat Nordics 13 5 8 89% Germany 7 4 3 86% Benelux 3 7 3 90% Source Markets 8 4 5 88% 1These statistics are up to 30 July 2017 and shown on a const
Slide 33: Income Statement
Income Statement In €m 9M 16/17 9M 15/16 Turnover 11,129.2 10,389.3 Underlying EBITA 7.3 -45.5 Adjustments (SDI's and PPA) -59.0 -58.5 INTEREST Reduced by €24m, in line with reduced guidance interest for full- EBITA -51.7 -104.0 year Net interest expense -91.0 -114.7 HAPAG-LLOYD AG Hapag-Lloyd AG 35
Slide 34: Cash Flow
Cash Flow In €m 9M 16/17 9M 15/16* EBITA reported** -51.7 -104.0 IMPROVEMENT IN WORKING CAPITAL +€0.2bn Depreciation** 301.3 271.1 Working capital 1,415.8 1,184.6 OVERALL IMPROVEMENT IN 9M OPERATING CASH Other cash effects 4.4 17.2 FLOW +€0.4bn At equity income** -159.9 -103.3 Dividends received fro
Slide 35: 2016/17 Q3 Turnover by Segment
2016/17 Q3 Turnover by Segment (excludes Intra-Group Turnover)* In €m Q3 16/17 Q3 15/16 Change FX Change ex FX Northern Region 1,727.8 1,660.7 67.1 -148.8 215.9 Central Region 1,557.5 1,346.3 211.2 3.8 207.4 Western Region 926.3 734.6 191.7 0.2 191.5 Source Markets 4,211.6 3,741.6 470.0 -144.8 614.8
Slide 36: 2016/17 9M Turnover by Segment
2016/17 9M Turnover by Segment (excludes Intra-Group Turnover)* In €m 9M 16/17 9M 15/16 Change FX Change ex FX Northern Region 3,932.1 3,989.9 -57.8 -415.0 357.2 Central Region 3,585.5 3,333.4 252.1 4.3 247.8 Western Region 2,040.3 1,650.2 390.1 0.4 389.7 Source Markets 9,557.9 8,973.5 584.4 -410.3
Slide 37: 2016/17 Quarterly Turnover by Segment
2016/17 Quarterly Turnover by Segment (excludes Intra-Group Turnover)* In €m Q1 16/17 Q2 16/17 Q3 16/17 9M 16/17 Northern Region 1,108.0 1,096.3 1,727.8 3,932.1 Central Region 1,140.9 887.1 1,557.5 3,585.5 Western Region 549.4 564.6 926.3 2,040.3 Source Markets 2,798.3 2,548.0 4,211.6 9,557.9 Riu 11
Slide 38: 2016/17 Q3 Underlying EBITA by Segment
2016/17 Q3 Underlying EBITA by Segment* In €m Q3 16/17 Q3 15/16 Change FX Change ex FX Northern Region 81.0 71.9 9.1 -9.5 18.6 Central Region 24.5 3.5 21.0 0.1 20.9 Western Region -11.9 -6.4 -5.5 0.2 -5.7 Source Markets 93.6 69.0 24.6 -9.2 33.8 Riu 74.7 64.6 10.1 0.3 9.8 Robinson 10.6 6.0 4.6 0.5 4.
Slide 39: 2016/17 9M Underlying EBITA by Segment
2016/17 9M Underlying EBITA by Segment* In €m 9M 16/17 9M 15/16 Change FX Change ex FX Northern Region -57.0 -49.0 -8.0 14.6 -22.6 Central Region -119.2 -107.1 -12.1 - -12.1 Western Region -114.2 -82.1 -32.1 - -32.1 Source Markets -290.4 -238.2 -52.2 14.6 -66.8 Riu 249.9 218.2 31.7 -4.6 36.3 Robinso
Slide 40: 2016/17 Quarterly Underlying EBITA by Segment
2016/17 Quarterly Underlying EBITA by Segment* In €m Q1 16/17 Q2 16/17 Q3 16/17 9M 16/17 Northern Region -29.4 -108.6 81.0 -57.0 Central Region -52.4 -91.3 24.5 -119.2 Western Region -47.7 -54.6 -11.9 -114.2 Source Markets -129.5 -254.5 93.6 -290.4 Riu 76.3 98.9 74.7 249.9 Robinson 1.7 -0.4 10.6 11.
Slide 41: Appendix
Appendix 41
Slide 42: Clear reinvestment strategy leading to strong profitability enhancement
Clear reinvestment strategy leading to strong profitability enhancement DISPOSAL PROCEEDS COVER REINVESTMENTS EBITA ENHANCEMENT & BETTER EARNINGS QUALITY ~€2.0bn ~€1.9bn ~€11m ~€236m ~€25m-€30m UK Pensions ~€0.4bn ~€230m 2016 & 2018 Hapag-Lloyd ~€325m PDP’s ~€0.4bn ~€55m Transat (EV) Travelopia ~€90
Slide 43: Transformational Growth Investments funded by Disposal Proceeds
Transformational Growth Investments funded by Disposal Proceeds NORMALISED NET INVESTMENTS (€BN) DISPOSALS (€BN) 1.20 0.4 1.10 1.10 Additional net Hapag-Lloyd investments for 0.4 **xx transformation FY16-19 = Travelopia 0.65 0.55 0.55 €1.9bn* 0.69 ~€2.0bn ** 0.14 1.2 Normalised net Hotelbeds investm
Slide 44: Hotels & Resorts RIU – Key figures 2015/16
Hotels & Resorts RIU – Key figures 2015/16 Riu 100%-view* Total o/w RIUSA II o/w Riu Hotels Riu in TUI accounts (fully consolidated) (consolidated at equity) Turnover 1,112 796 316 796 Underlying EBITA 405 273.5 131 318.3 EBITA-Margin 36% EAT 314 221 93 o/w EAT to TUI (50%) 156 111 44.8 156 ROIC (in
Slide 45: Hotels & Resorts RIU Portfolio
Hotels & Resorts RIU Portfolio 64% WESTERN MED.: Germany EASTERN MED.: 100% 33 HOTELS 2 HOTELS 18% 9% 9% Ireland M O L F M O L F Bulgaria Portugal Turkey USA Spain Bahamas Mexico St. Martin Jamaica Dom. Rep. Sri Lanka Costa Rica Cape Verde Panama Morocco Mauritius CARIBBEAN: Aruba 38 HOTELS NORTH AF
Slide 46: Hotels & Resorts Robinson – Key figures 2015/16
Hotels & Resorts Robinson – Key figures 2015/16 ROBINSON IN TUI ACCOUNTS * 15/16 14/15 Turnover 194 192 Underlying EBITA 39 42 EBITA-Margin 20% 22% EAT (100% TUI) 15 12 ROIC 13% 14% Robinson Club Maldives HOTEL BEDS BY REGION (%) FINANCING STRUCTURE (%) 18% 17% 29% Western Med. 25% Management Total
Slide 47: Hotels & Resorts Robinson Portfolio
Hotels & Resorts Robinson Portfolio Austria Germany Greece Switzerland WESTERN MED.: Turkey 6 CLUBS 100% Portugal Spain Italy 72% EASTERN MED.: 7 CLUBS M O L F 14% 14% Morocco M O L F Tunisia Egypt Maldives OTHER: 8 CLUBS NORTH AFRICA: 3 CLUBS 50% 33% 33% 33% 25% 25% M O L F M O L F M = Management;
Slide 48: Hotels & Resorts Blue Diamond – Key Figures 2015/16
Hotels & Resorts Blue Diamond – Key Figures 2015/16 (€M) HOTEL LOCATIONS Blue Diamond Total 100% view 2 Cuba Turnover 312 3 Jamaica EBITA 51 21 1 Bahamas Hotels EBITA margin 16% 1 14 Dom Rep EAT 34 Mexico o/w EAT to TUI (49%) 17 CAPACITY & OCCUPANCY FINANCING STRUCTURE (%) Var % ppts Abs. 5% Bed Nig
Slide 49: TUI Cruises - Key Figures 2015/16 – 100% View
Cruises TUI Cruises - Key Figures 2015/16 – 100% View TUI Cruises 100%* 15/16 14/15 % Turnover 807 614 31 % Underlying EBITA 227 156 4% EBITA-Margin 28% 25% EAT (100% TUI) 200 136 47 % o/w TUI EAT (50%) 100 68 47 % ROIC 9% 10% ROE 36% 26% *unaudited figures 49
Slide 50: Thomson Cruises - Key Figures 2015/16
Cruises Thomson Cruises - Key Figures 2015/16 Turnover and Earnings (€m) FY16 Turnover 406 OWNERSHIP 100% Underlying EBITA 61 INTEGRATION • Within Thomson Passenger cruise days (‘000) 2,081 (UK Source Market) Occupancy (%) 100.6 • ~100% Thomson Airways Average rate (€) 161 PRODUCT • UK leader in fly
Slide 51: TUI Cruises Fleet
Cruises TUI Cruises Fleet Mein Mein Mein Mein Mein Mein New Mein Schiff New Mein Schiff Schiff 1* Schiff 2* Schiff 3 Schiff 4 Schiff 5 Schiff 6 1 2 1,924 1,912 2,506 2,506 2,534 2,534 2,894 2,894 BERTHS BERTHS BERTHS BERTHS BERTHS BERTHS BERTHS BERTHS Wholly owned Wholly owned Wholly owned Wholly ow
Slide 52: Hapag-Lloyd Cruises Fleet
Cruises Hapag-Lloyd Cruises Fleet Europa Europa 2 Bremen Hanseatic Hanseatic Hanseatic Nature Inspiration 4081 5161 155 175 230 230 BERTHS BERTHS BERTHS BERTHS BERTHS BERTHS Wholly owned Wholly owned Wholly owned Bare- Wholly owned Wholly owned OPERATING MODEL OPERATING MODEL OPERATING MODEL boatcha
Slide 53: Thomson Cruises fleet
Cruises Thomson Cruises fleet Thomson Thomson Dream Thomson Thomson TUI Discovery TUI Discovery 2 Currently Mein Currently Mein Celebration Majesty Spirit Schiff 1 (TUI Explorer- 2018) Schiff 2(TBC- 2019) 1,262 1,533 1,462 1,254 1,830 1,832 1,924 1,912 BERTHS BERTHS BERTHS BERTHS BERTHS BERTHS BERTH
Slide 54: Aircraft Commitments by Financing Type
Aircraft Commitments by Financing Type Operating Lease* Fina nce Lease Owned Tota l As a t 30 September 2016 125 16 8 149 Order book financing - 1 - 1 External Lessor deliveries 2 - - 2 External Lessor Returns (1) - - (1) As a t 30 June 2017 126 17 8 151 * Includes aircraft leased from and operated
Slide 55: Aircraft order book deliveries – FY 2017 to FY 2021
Aircraft order book deliveries – FY 2017 to FY 2021 16/17 17/18 18/19 19/20 20/21 B737-MAX - 5 18 15 13 B787-9 1 2 - 2 - Firm order book deliveries 2017-2021 1 7 18 17 13 Financial Years (FY) ending 30 September; figures correct as at 30 June 2017 In addition to the above firm orders, TUI Group has
Slide 56: Pioneering Sustainability
Pioneering Sustainability 2020 SUSTAINABILITY STRATEGY TUI CREDENTIALS TUI will influence, innovate and invest in more sustainable ESG Indices: TUI Group was named industry leader in the Dow tourism: Jones Sustainability Index World & Europe in 2016. listed on FTSE4Good and STOXX Global ESG Leaders
Slide 57: Key Sources of Funding June 2017
Key Sources of Funding 30 June 2017 Interest % Instrument Issue Maturity Amount €m p.a. Revolving Credit Facility Sep 14 Jul 22 1,750** E/L +1.40* Senior Notes Oct 16 Oct 21 300 2.125 Finance leases Various Various 1,277 Various *Upgrade of our rating by S&P has reduced our RCF interest margin from
Slide 58: 2015/16 Restated Turnover by Quarter
2015/16 Restated Turnover by Quarter (excludes Intra-Group Turnover)* In €m Q1 2015/16 Q2 2015/16 Q3 2015/16 Q4 2015/16 FY 2015/16 Northern Region 1,184.6 1,144.6 1,660.7 2,574.5 6,564.4 Central Region 1,089.4 897.7 1,346.3 2,229.5 5,562.9 Western Region 486.9 428.7 734.6 1,219.7 2,869.9 Source Mark
Slide 59: 2015/16 Restated Underlying EBITA by Quarter
2015/16 Restated Underlying EBITA by Quarter* In €m Q1 2015/16 Q2 2015/16 Q3 2015/16 Q4 2015/16 FY 2015/16 Northern Region -42.9 -78.0 71.9 432.1 383.1 Central Region -27.0 -83.6 3.5 192.2 85.1 Western Region -27.7 -48.0 -6.4 168.2 86.1 Source Markets -97.6 -209.6 69.0 792.5 554.3 Riu 59.2 94.4 64.6
Slide 60: Financial Calendar 2017 & 2018
Financial Calendar 2017 & 2018 28 SEPTEMBER 2017 13 DECEMBER 2017 13 FEBRUARY 2018 PRE-CLOSE ANNUAL REPORT Q1 2017/18 TRADING UPDATE FOR FINANCIAL REPORT & YEAR 2016/17 ANNUAL GENERAL MEETING 60 60
Slide 61: Contact
Contact ANALYST AND INVESTOR ENQUIRIES Peter Krüger, Director of Investor Relations and Special Projects Tel: +49 (0)511 566 1440 Contacts for Analysts and Investors in UK, Ireland and Americas Sarah Coomes, Head of Investor Relations Tel: +44 (0)1293 645 827 Hazel Chung, Investor Relations Manager