Tui Ag · XETR:TUI1
Tui — FY2016 Earnings Presentation
75 slides from Tui's earnings presentation, Dec 8, 2016
Slide 1: FY Results 2015/16
FY Results 2015/16
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
Agenda 1 Opening Remarks Fritz Joussen 2 Performance Review & Current Trading Fritz Joussen 3 Financial Performance Horst Baier 4 Strategy Update & Outlook Fritz Joussen & Horst Baier 5 Summary Fritz Joussen 6 Appendix 3 TUI GROUP | FY2015/16 Results & Strategy Update | 8 December 2016
Slide 4: Opening Remarks
Opening Remarks •Second year of strong performance post-merger with 12.5% increase in underlying EBITA including Travelopia, or 14.5% for continuing operations1 •Strong performance driven by our strategy as the world’s leading integrated tourism business •We believe our growth strategy creates value
Slide 5: Performance Review
Performance Review Fritz Joussen 5 TUI GROUP | FY2015/16 Results & Strategy Update | 8 December 2016
Slide 6: Strong performance in 2015/16
Strong performance in 2015/16 Turnover: €17.2bn 1 -1.9% / +1.4% Including Travelopia • Improved turnover at constant currency, Underlying EBITA: €1,030m despite the impact of geopolitical events on +2.9% / +12.5% 1 demand in some of our Source Markets Excluding Travelopia, now reported as Discontinu
Slide 7: Underlying EBITA Continuing Operations Bridge 2015/16
TUI Group Underlying EBITA Continuing Operations Bridge 2015/16 in €m -50 60 15 -91 114 YoY Impact in Achieved FY16/LTG FY17 Hotels & Corporate streamlining €30m/€10m Resorts Occupancy improvements €20m/Complete Destination Services €10/€10m 953 1,092 1,001 14/15 Continuing Underlying trading Turkey
Slide 8: Source Markets
Source Markets Turnover and Earnings (€m) Bridge Underlying EBITA (€m) 18 -15 17 -96 15/16 14/15 % Turnover 15,438.0 15,796.3 -2.3 711 731 635 Underlying EBITA 635.5 710.6 -10.6 14/15 Northern Central Western 15/16 pre FX 15/16 Region Region Region FX translation Customer Volumes m Direct Distributi
Slide 9: Hotels & Resorts
Hotels & Resorts Turnover and Earnings (€m) Bridge Underlying EBITA (€m) 1 -4 68 -50 37 15/16 14/15 % Turnover 618.6 574.8 7.6 291 287 Underlying EBITA 287.3 234.6 22.5 235 o/w Equity result 57.7 44.0 31.1 14/15 Riu Robinson Tky/NA Turkey Other 15/16 pre FX 15/16 & North FX Africa Occupancy Rates %
Slide 10: Cruises
Cruises Turnover and Earnings (€m) Bridge Underlying EBITA (€m) 15/16 14/15 % 17 Turnover HL Cruises 296.7 273.3 8.6 32 Memo: TUI CruisesTurnover 807.3 614.1 31.5 130 Underlying EBITA 129.6 80.5 61.0 81 o/w EAT TUI Cruises* 100.1 68.1 47.0 14/15 TUI Cruises HL Cruises 15/16 * TUI Cruises joint ventu
Slide 11: Integrated model enables around 50% of earnings from content
Integrated model enables us to deliver around 50% of earnings from content Our content businesses are less seasonal Content businesses1 mix €504m Source Markets, Hotels Destination Services & All Other Q1 Q2 Q3 Q4 FY16 Content Businesses Underlying EBITA FY16 €1,001m 2 Cruises (including Thomson) Q1
Slide 12: Winter 2016/17 and Summer 2017
Winter 2016/17 and Summer 2017 • Winter 2016/17 • Source Markets programme 60% sold to date with revenues up 9% • Strong growth in UK long haul and cruise • Nordics and Belgium rebrand launched and progressing well • New hotel openings in Jamaica, Tenerife and further expansion of our tour operator
Slide 13: UK Current Trading
UK Current Trading UK Weekly Booking Trends EU referendum 23 June 2016 22.05.2016 22.06.2016 22.07.2016 22.08.2016 22.09.2016 22.10.2016 22.11.2016 Summer 2017 Summer 2016 UK bookings pattern has remained resilient post Brexit vote Weekly booking volume data from 22 May 2016 to 27 November 2016 13 T
Slide 14: Financial Performance
Financial Performance Horst Baier 14 TUI GROUP | FY2015/16 Results & Strategy Update | 8 December 2016
Slide 15: Income Statement
Income Statement Adjustments of €103m In €m 2015/16 2014/15 A reduction of €56m due to lower merger related costs, includes PPA of €42m Turnover 17,184.6 17,515.5 Underlying EBITA 1,000.5 953.3 Interest of €180m Includes €12m in respect of early redemption of high Adjustments (SDI's and PPA) -102.4
Slide 16: Cash Flow Bridge 2015/16
Cash Flow Bridge 2015/16 in €m 64 -105 100 -258 407 -162 172 -174 -341 898 Series 868 -691 1,119 944 942 778 15/16 Normalised Other Cash Equity Tax Paid Pension Normalised1 Other Pension - Operating Net Capex, Hotelbeds 15/16 Free Paid 15/16 Free EBITDA Working Effects income & & Interest Contributi
Slide 17: Cash Flow: Net Capex & Financial Investments Analysis
Cash Flow Net Capex & Financial Investments Analysis In €m 15/16 14/15 Gross capex by Type Gross capex -605 -602 Other Capex divestments 72 105 Net capex -533 -497 Hotels & IT Platforms Resorts Net investments -109 -174 Net pre-delivery payments -49 12 Aircraft Cruises Net Capex, Investments & PDP's
Slide 18: Movement in Net Debt
Movement in Net Debt €m 30 Sep 2016 30 Sep 2015 Opening net (debt)/ cash as at 30 September -214 293 Movement in cash net of debt 778 -255 Foreign exchange movement 134 -135 Non cash movement in debt - Asset backed finance -350 -693 Non cash movement in debt - Other 2 576 Closing net cash/(debt) inc
Slide 19: Net Financial Position, Pensions and Operating Leases
Net Financial Position, Pensions and Operating Leases €m 30 Sep 2016* 30 Sep 2015 Financial liabilities -2,041 -1,887 - Finance Leases -1,232 -982 - Other Asset Finance -392 -457 - High Yield Bond -306 -300 - Other liabilities -111 -147 Cash 2,073 1,673 Net cash/(debt) 32 -214 - Net Pension Obligati
Slide 20: Strategy Update
Strategy Update Fritz Joussen 20 TUI GROUP | FY2015/16 Results & Strategy Update | 8 December 2016
Slide 21: TUI Group – Our Transformation
TUI Group – Our Transformation Where we have come from What we are delivering • Strong heritage as trading companies • End to end customer experience across the value chain • Based on loose federation of tour operators • Integrated decision making and global • High level of seasonality scale based o
Slide 22: The TUI Transformation
What we are delivering Hotel Growth Cruise Growth Hotel Growth Cruise Growth The TUI Transformation Efficiencies Digital Transformation One Brand The world’s leading integrated tourism business based on own hotel and cruise brands 22 TUI GROUP | FY2015/16 Results & Strategy Update | 8 December 2016
Slide 23: Cruise Growth
Cruise Growth Focused on developing our position in Europe and in luxury/expedition cruising FY14 381 317 281 • TUI Cruises - three new additions since Turnover €m FY15 614 374 273 merger FY16 807 360 297 • Modernisation of Thomson Cruises underway FY14 205 237 34 • Turnaround of Hapag-Lloyd Cruises
Slide 24: Cruise – Growth Roadmap
Cruise – Growth Roadmap Growth Roadmap 3 new builds 3 further ships 2 new builds 2017-2019 invested within JV ~€200m per ship ~€145m per ship Contribution to ~€25m-€30m ~€25m per new ~€15m per new Und. EBITA per new ship* ship** expedition ship *Based on 50% share of EAT for TUI Cruises **Includes M
Slide 25: Hotel Growth
Non-risk (Managed) Risk (Owned/ Joint Venture/ Leased) Hotel Growth Croatia Greece Dublin Berlin Rhodes New York Portugal Cyprus Ibiza Dom Rep Bulgaria Djerba Turkey Aruba Sri Lanka Mauritius • 18 group hotels additions plus further third party concept openings since merger • Focussed on scaling up
Slide 26: Hotels – Growth Roadmap
Hotels – Growth Roadmap Growth Roadmap Structure Contribution to 2017-2019 Und. EBITA Indicative split of future growth capex by destination + • Ownership/JV in + Owned Range of earnings high growth Season duration Year-Round Owned regions, where Summer Only there is scarcity Managed of supply Range
Slide 27: 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 experience at the • Holiday information & Source Markets except “Tui App” heart of our mobile ancillary booking Germany, which will be rolled out vision.
Slide 28: One Brand
One Brand Growth Potential Renaming offers opportunity to reposition 360° Experience End to end consistent customer experience including media power Digital Presence Opportunity for more impact through centralised URL Operational Efficiency Operational efficiency by optimising content and marketing
Slide 29: TUI Rebrand Belgium & Nordics Underway
TUI Rebrand Belgium & Nordics Underway Brand Awareness - Netherlands Source: MediaXplain 1 Oct 2015 TUI launch Experience of Netherlands rebranding 100% 86% 88% 88%88% 76% 80% 81% 82% • Rebrand in Netherlands paid back within the year 80% 67% 70% Unaided • Market share gain post rebrand 60% 46% 50%
Slide 30: Efficiencies
Efficiencies • One central organisation across five AOCs • Purchasing & Finance - one procurement Central platform organisation, leveraging scale on all contracts One Aviation for local airlines • Maintenance - One engineering & maintenance function • Interoperability among fleet and crew Unique Des
Slide 31: Delivering growth in Germany
Delivering growth in Germany • Germany has the DNA to be a successful market; Large population with affluent demographics, TUI voted Germany’s most trusted travel brand1, with high average customer spend. • Significant overcapacity in German aviation market – we intend to address this with our Joint
Slide 32: Strategy Update
Strategy Update Horst Baier 32 TUI GROUP | FY2015/16 Results & Strategy Update | 8 December 2016
Slide 33: Strong Operating Cash Flow
Strong Operating Cash Flow Normalised Operating Cashflow* • Normalised operating cash flow €1.0bn €0.95bn generation of over €0.9bn in ~€0.9bn ~€0.8bn 2015/16 • Further reduction in SDIs • High level of operating cash flow and proceeds from FY15 FY15 FY16 Und. FY16 disposals help to finance Und.EBIT
Slide 34: Balanced Ownership Model with Clear Investment Hurdle Rates
Balanced Ownership Model with Clear Investment Hurdle Rates Group Hotels Owned Hotels Ownership structure as at 30/9/2016 Ownership structure as at 30/9/2016 Lease Franchise Joint Venture Balanced Ownership Model Management Ownership Subsidiary • Bring significant operational benefits for hotels and
Slide 35: Cruise Ships & Aircraft Finance
Cruise Ships & Aircraft Finance Cruise Ships Aircraft Cruise Fleet By Ownership Structure as at Aircraft Fleet By Ownership Structure as at 30/9/2016 30/9/2016 Finance Operating Cruise Brand Owned Lease Lease Total Operating Finance Structure Owned Lease Lease Total TUI Cruises (JV) 5 - - 5 (FV) Tho
Slide 36: Investing in Transformational Growth
Investing in Transformational Growth Disposals Capex + Travelopia + Hapag-Lloyd AG ~€1.0bn xx ~€0.8bn €0.6bn Normalised capex Hotelbeds ~3.5% of Revenue €1.1bn Hotels ~40% Cruises ~20% IT ~20% Other ~20% Consideration Consideration FY16 FY17 FY18 and FY19 net of costs * Guidance excludes aircraft or
Slide 37: Mechanics of Transformation
Mechanics of Transformation Proceeds & Reinvestment Earnings Transformation + Travelopia FY16 to FY20* + Hapag-Lloyd AG ~40-45 hotels contributing ~€2m per new hotel ~€600m ~€90m Additional top up payment September 2016 €11m €1.1bn ~€25-30m €174m Discovery 2 Expedition ships €93m €55m ~€55m €290m Ho
Slide 38: Financial Targets
Financial Targets • Current corporate credit ratings “BB-” (S&P) and “Ba2” (Moody’s, upgraded from Ba3 in April 2016) • We are committed to improving our credit metrics, therefore we are setting new financial targets for 2016/17 as follows: Ratio* Target 2015/16 Actual 2015/16 Target 2016/17 Leverag
Slide 39: Committed to an Attractive Dividend Payout
Committed to an Attractive Dividend Payout Dividend per share (in €c) Dividend payouts (in €m)* Merger ~370 63 cents 329 6 7 56 cents Based on 5 underlying 7 earnings growth 95 4 Additional 38 10% 58 51 2012/13 2013/14 2014/15 2015/16 45 Base We are committed to delivering a growth strategy which wi
Slide 40: Growth Roadmap - Summary
Growth Roadmap - Summary Drivers What Impact?* By When? At least 10%* underlying EBITA • ~40-45 further openings in • ~€2m und. EBITA per hotel** • End of 2018/19 CAGR to 2018/19 Group hotels Growth in • TUI Cruises - 3 new ships • ~€25-30m share EAT per ship • S17, S18, S19 Our Hotel • MS1 & MS2 mo
Slide 41: Outlook 2016/17 – Continuing operations basis
Outlook 2016/17* – Continuing operations basis Metric 2015/16 2016/17e Turnover €17,185m ~3% growth Underlying EBITA €1,001m At least 10% growth Adjustments €102m ~€80m Net Interest €180m ~€160m Net Capex & Investments** €642m ~€1.0bn Net Cash/Debt €32m net cash ~€0.8bn net debt Underlying Effective
Slide 42: Summary
Summary Fritz Joussen 42 TUI GROUP | FY2015/16 Results & Strategy Update | 8 December 2016
Slide 43: Summary
Summary • Disposal of Hotelbeds Group complete and disposal process for Travelopia underway • Focussed on delivering transformational growth in our own hotel and cruise brands, supported by a strong and flexible balance sheet • Medium term cash flow will reflect reinvestment of proceeds from Hotelbe
Slide 44: Appendix
Appendix 44 TUI GROUP | FY2015/16 Results & Strategy Update | 8 December 2016
Slide 45: 2015/16 Turnover by Segment
2015/16 Turnover by Segment (excludes intra-group turnover)* Change ex In €m 2015/16 2014/15 Change FX FX Northern Region 7,001.5 7,348.4 -346.9 -539.1 192.2 Central Region 5,566.6 5,600.9 -34.3 -8.8 -25.5 Western Region 2,869.9 2,847.0 22.9 - 22.9 Source Markets 15,438.0 15,796.3 -358.3 -547.9 189.
Slide 46: 2015/16 Underlying EBITA by Segment
2015/16 Underlying EBITA by Segment* Change ex In €m 2015/16 2014/15 Change FX FX Northern Region 460.9 538.4 -77.5 -95.0 17.5 Central Region 88.5 103.5 -15.0 -0.5 -14.5 Western Region 86.1 68.7 17.4 - 17.4 Source Markets 635.5 710.6 -75.1 -95.5 20.4 Riu 318.3 261.0 57.3 -11.3 68.6 Robinson 38.6 41.
Slide 47: Deliver Merger Synergies
Deliver Merger Synergies In €m Per Capital Markets Update Realised to FY15 Realised to FY16 May 2015 Synergies One-off Synergies One-off Synergies One-off costs to costs to costs to achieve achieve achieve Corporate 50 35 10 31 40 35 streamlining Occupancy 30 - 10 - 30 - improvement Destination 20 4
Slide 48: Earnings Per Share (continuing operations)
Earnings Per Share (continuing operations) In €m Reported Pro forma* 2015/16 2014/15 2015/16 2014/15 EBITA 898 795 1,001 953 Excludes convertible bond interest Net interest expense -180 -183 -180 -163 H-L AG book value adjustment and equity result -100 -146 - - Underlying effective tax rate calculat
Slide 49: Cash Flow
Cash Flow In €m 2015/16 2014/15* EBITA reported** 898.1 794.6 Depreciation** 407.0 420.2 Working capital 271.8 -82.8 Other cash effects 63.7 17.5 At equity income ** -187.2 -114.0 Dividends received from JVs and associates 82.2 81.3 Tax paid -186.4 -148.4 Interest (cash) -71.2 -73.3 Pension contribu
Slide 50: Adjustments
Adjustments €m 2015/16 2014/15 Restructuring expense -12 -59 Losses/gains on disposals -1 3 Other one-off items -47 -61 PPA -42 -42 Total Adjustments -102 -159 o/w merger-related -11 -39 50 TUI GROUP | FY2015/16 Results & Strategy Update | 8 December 2016
Slide 51: Net Interest Result
Net Interest Result €m 2015/16 2014/15 Debt related interest -126 -127 Non-debt related charge -75 -76 Interest income 21 20 Net interest result -180 -183 o/w cash interest -71 -73 51 TUI GROUP | FY2015/16 Results & Strategy Update | 8 December 2016
Slide 52: Aircraft Commitments by Financing Type
Aircraft Commitments by Financing Type Operating Lease* Finance Lease Owned Total As at 30 September 2015 124 15 8 147 Order book financing - 1 - 1 External Lessor deliveries 7 - - 7 External Lessor Returns (6) - - (6) As at 30 September 2016 125 16 8 149 * Includes aircraft leased from and operated
Slide 53: 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 NG - - - - - B737-MAX - 5 18 18 12 B787-8 - - - - - B787-9 1 2 - - - Firm order book deliveries 2017-2021 1 7 18 18 12 Financial Years (FY) ending 30 September; figures correct as at 30 September 2016 TUI has flex
Slide 54: Financial Target Ratios 2015/16
Financial Target Ratios 2015/16 In €m 15/16 Gross debt 2,041 Pensions 1,451 NPV operating leases 3,320 Debt 6,812 Reported EBITDAR 2,050 Leverage Ratio 3.3x Reported EBITDAR 2,050 Rentals - interest component* 248 Net interest expense 180 Interest charges 428 Coverage Ratio 4.8x * Simplified approac
Slide 55: Pension – update on defined benefit obligation
Pension – update on defined benefit obligation Net unfunded Generally adopted in Continental Europe. obligation • • Full obligation sits within the balance sheet. €0.9bn • Generally adopted in the UK. • Provision covers shortfall between plan assets and PV of benefit obligations only (IFRS methodolo
Slide 56: Key Sources of Funding
Key Sources of Funding 30 September 2016 Interest % Instrument Issue Maturity Amount €m p.a.* Revolving Credit Facility Sep 14 Dec 20 1,750** E/L +1.55 High Yield Bond Sep 14 Oct 19 300 4.5 Finance leases Various Various 1,232 Various *Upgrade of our rating by Moody’s has reduced our RCF interest ma
Slide 57: Source Markets
Source Markets Turnover and Earnings (€m) Bridge Underlying EBITA (€m) 18 -15 17 -96 15/16 14/15 % Turnover 15,438.0 15,796.3 -2.3 711 731 635 Underlying EBITA 635.5 710.6 -10.6 14/15 Northern Central Western 15/16 pre FX 15/16 Region Region Region FX translation Northern Region • Strong performance
Slide 58: Source Markets KPIs 2015/16
Source Markets KPIs 2015/16 Customers Direct Distribution Online Underly. EBITA y-o-y (%) (`000) y-o-y (ppts) (%) y-o-y (ppts) (%) y-o-y (€m) (€m) Northern Region* 2 7,388 1 92 4 8621 -77 461 Central Region -5 6,828 3 47 0 15 -15 88 Western Region* 1 5,016 2 70 4 52 17 86 Source Markets -1 19,231 2
Slide 59: Source Market KPIs
Source Market KPIs1 Direct Distribution Online Distribution Customers (000) 15/16 14/15 15/16 14/15 15/16 14/15 UK 92% 92% 58% 54% 6,004 5,773 Nordics 90% 90% 75% 72% 1,384 1,468 Germany2 45% 43% 14% 13% 6,289 6,628 Benelux 73% 70% 56% 52% 4,312 4,245 Total Source Markets3 72% 70% 43% 41% 19,231 19,
Slide 60: Hotels & Resorts
Hotels & Resorts Turnover and Earnings (€m) Bridge Underlying EBITA (€m) 1 -4 -50 68 37 15/16 14/15 % Turnover 618.6 574.8 7.6 291 287 Underlying EBITA 287.3 234.6 22.5 235 o/w Equity result 57.7 44.0 31.1 14/15 Riu Robinson Tky/NA Other 15/16 pre FX 15/16 FX • Growth in earnings despite impact of T
Slide 61: Hotels & Resorts KPIs 2015/16
Hotels & Resorts KPIs 2015/16 Capacity1 Revenue/bed2 Occupancy3 Underly. EBITA4 y-o-y (%) (`000) y-o-y (%) (€) y-o-y (ppts) (%) y-o-y (€m) (€m) 1 17,396 6 60.3 4 90 57 318 6 3,081 -1 90.1 -6 67 -3 39 Other (incl former TUI -2 -70 Travel Hotels) TUI H&R (incl former -2 35,031 6 58.0 287 TUI Travel Ho
Slide 62: 2016 Hotel Summary by concept
2016 Hotel Summary by concept FY15 FY16 3rd Party FY16 Group FY16 FY16 FY16 Hotel brand Group Group Concept & All Openings Closures Repositionings Hotels Hotels Hotels Concepts 104 4 (14) - 94 - 94 - - - 2 2 - 2 24 2 (2) - 24 - 24 13 - - - 13 - 13 4 1 - - 5 5 10 9 - - 11 20 28 48 - - - 17 17 12 29 O
Slide 63: Hotels & Resorts Summary 2015/16
Hotels & Resorts Summary 2015/16 Key facts Hotel beds by region Total Turnover (€m) 1,278 Other countries Western Mediterranean Eastern Mediterranean 9% o/w Turnover 3rd party (€m) 619 26% 25% Underlying EBITDA (€m) 378 20% Underlying EBITA (€m) 287 20% Caribbean North Africa/ o/w Equity result (€m)
Slide 64: Hotels & Resorts Profit analysis 2015/16
Hotels & Resorts Profit analysis 2015/16 Owned & leased hotels* Capacity Occupancy Rate Bed revenue 160 35,031 x 77.5% x 58.00€ = €1,574m o/w fully o/w €m Bed revenue Other Total consolidated associated Turnover owned & leased 1,574 324 1,898 1,278 620 o/w turnover internal 659 o/w turnover 3rd part
Slide 65: RIU – Key figures 2015/16
Hotels & Resorts RIU – Key figures 2015/16 In €m o/w RIUSA II o/w Riu Hotels Riu in Riu 100%-view* Total (fully consolidated) (consolidated at equity) TUI accounts 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 RO
Slide 66: RIU Portfolio
RIU Portfolio Eastern Med.: 2 hotels Western Med.: 33 hotels 100% 64% Germany 18% 9% 9% M O L F M O L F Ireland Bulgaria Portugal Turkey USA Spain Bahamas Mexico St. Martin Dom. Rep. Jamaica Costa Rica Cape Verde Sri Lanka Panama Morocco Mauritius Aruba Caribbean: 38 hotels North Africa: 7 hotels Ot
Slide 67: Robinson – Key figures 2015/16
Hotels & Resorts Robinson – Key figures 2015/16 €m 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% 25% Western Med. Management Tota
Slide 68: Robinson Portfolio
Robinson Portfolio Austria Germany Greece Switzerland Western Med.: 6 clubs Turkey Portugal 100% Eastern Med.: 7 clubs Spain Italy 72% M O L F 14% 14% Morocco M O L F Tunisia Egypt Maldives Other: 8 clubs 50% North Africa: 3 clubs 25% 25% 33% 33% 33% M O L F M O L F M = Management; O = Ownership; L
Slide 69: Cruises
Cruises Turnover and Earnings (€m) Bridge Underlying EBITA (€m) 15/16 14/15 % 17 Turnover HL Cruises 296.7 273.3 8.6 32 Memo: TUI CruisesTurnover 807.3 614.1 31.5 130 Underlying EBITA 129.6 80.5 61.0 81 o/w EAT TUI Cruises* 100.1 68.1 47.0 14/15 TUI Cruises HL Cruises 15/16 * TUI Cruises joint ventu
Slide 70: Cruises KPIs 2015/16
Cruises KPIs 2015/16 Passenger cruise Average daily rate Occupancy Underly. EBITA days y-o-y (%) (´000) y-o-y (%) (€) y-o-y (ppts) (%) y-o-y (€m) (€m) 30 3,482 1 171 Flat 102.6 32 100* 2 355 8 579 1 76.8 17 30 * Equity result 70 TUI GROUP | FY2015/16 Results & Strategy Update | 8 December 2016
Slide 71: TUI Cruises Key Figures - 100% View
TUI Cruises Key Figures - 100% View TUI Cruises 100%* 15/16 14/15 % Turnover 807 614 31% Underlying EBITA 227 156 46% EBITA-Margin 28% 25% EAT 200 136 47% o/w TUI EAT (50%) 100 68 47% ROIC 9% 10% ROE 36% 26% * unaudited figures 71 TUI GROUP | FY2015/16 Results & Strategy Update | 8 December 2016
Slide 72: Source Markets Current Trading – Winter 2016/17
Source Markets Current Trading – Winter 2016/17 Current trading1 Programme Revenue2 Customers2 ASP2 y-o-y variation (%) sold UK 19 6 57% 26 Nordics -5 -2 -3 72% Germany -4 6 54% 3 Benelux 5 2 3 63% Source Markets 9 5 4 60% 1These statistics are up to 27 November 2016 and are shown on a constant curr
Slide 73: Destination Update
Destination Update • Adverse travel advice in UK, Belgium and Netherlands still in place Tunisia • TUI has 11 leased hotels – most have been temporarily closed • Not included in Summer 2017 programme • Adverse travel advice to Sharm el Sheikh airport in UK, Nordics and Russia Egypt • Several hotels
Slide 74: Financial Calendar 2017
Financial Calendar 2017 14 February 2017 Q1 2016/17 Report and Annual General Meeting 29 March 2017 Pre-close trading update 15 May 2017 Q2 2016/17 Report 10 August 2017 9M 2016/17 Report 28 September 2017 Pre-close trading update 13 December 2017 Annual Report for financial year 2016/17 74 TUI GROU
Slide 75: Contact
Contact ANALYST & INVESTOR ENQUIRIES Andy Long, Director of Investor Relations Tel: +44 1293 645831 Contacts for Analysts and Investors in UK, Ireland and Americas Sarah Coomes, Head of Investor Relations Tel: +44 1293 645827 Hazel Newell, Investor Relations Manager Tel: +44 1293 645823 Jacqui Smith