TUI AG Annual General Meeting 2014

Transcription

1 TUI AG: Annual General Meeting 2014 Friedrich Joussen, CEO Seite 1

2 Future-related 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 assumptions involve risks and uncertainties which may give rise to situations in which the actual results differ substantially from the expected ones. The potential reasons for such differences include market fluctuations, the development of world market fluctuations, the development of world market commodity prices, the development of exchange rates or fundamental changes in the economic environment. TUI does not intend or assume any obligation to update any forward-looking statement to reflect events or circumstances after the date of these materials Due to calculational reasons rounding differences within tables of + /- one measurement unit (, % etc.) may occur. TUI AG Hauptversammlung 2014 Seite 2

3 My first year Employees Customers Investors Public Seite 3

4 Group targets reached Outlook in m 2011/ /13 Var. in % 2012/13 Turnover 18,330 18,478 +1% Underlying EBITA % EBITA % Group profit 142 positiv % Net dept (30 Sept) % Earnings per share Earnings per share (adjl for onetui book loss) 0.18 Due to the sound operating performance in FJ 2012/13 we propose payment of a dividend of 0.15 per share. TUI AG Hauptversammlung 2014 Seite 4

5 TUI Travel strategy bears fruit Turnover and earnings ( m) 12/13 11/12 % Underlying EBITA bridge ( m) 689 Turnover 17,796 17, Underlying EBITA Underlying EBITA (constant currency base) /12 Business performance Cost management 12/13 Constant currency FX 12/13 Seite 5

6 TUI Hotels & Resorts is on track Turnover and earnings ( m) Underlying EBITA bridge ( m) 12/13 11/12 % Total turnover Underlying EBITA Underlying EBITA (adj. for book profit) /12 At ROIC of 12.5%, RIU earns its capital costs of 11%. Robinson does not yet reach that value at ROIC of 6%. Other 12/13 Seite 6

7 Cruises with mixed picture Turnover and earnings ( m) Underlying EBITA bridge ( m) 12/13 11/12 % Turnover Underlying EBITDA n.a. Underlying EBITA n.a / /13 TUI Cruises generates sound return on capital of 8%. Seite 7

8 onetui Our programme by 2015 Dividend policy (~50% of TUI AG s net cash flow) Increase in net cash flow of TUI AG to around 100m Underlying EBITA * of around 1bn * On a constant currency basis Seite 8

9 Holding has appropriate structure Underlying EBITA ~- 45m 2011/ / /14e 2014/15e Interest result (Central Operations incl. hybrid) m 2011/ / /14e 2014/15e Seite 9

10 Focus on core business Aiming to exit the 22% stake in Hapag-Lloyd Generally support merger Right to trigger IPO must be retained Feeling obliged to create maximum value for our shareholders not included in the financial targets of onetui Seite 10

11 Kreuzfahrten Cruises TUI Hotels & Resorts Our initiatives are showing positive effects Underlying EBITA m Cash flow to TUI AG (HoldCo) * m /12 12/13 13/14e 14/15e Bereinigtes EBITA 3 11/ /13 13/14e 35-45m 14/15e 9 11/12 17 ** -3 12/13 13/14e Cash-Zufluss an TUI AG * 6 11/ /13 13/14e 14/15e 30 40m At equity contributions for MS 3 and MS 4 14/15e * After CAPEX ** Excl. 20m at equity contribution for Grecotel TUI AG Hauptversammlung 2014 Seite 11

12 TUI AG and TUI Travel are moving closer together Underlying EBITA ( m) %-10% CAGR 2011/ / /14e 2014/15e Cash flow to TUI AG (HoldCo) ( m) progressive dividend policy Acting in concert regarding: Ambitious EBITA growth Cash orientation Clear brand management Streamlining the brand and business portfolios Online and CRM strategy Introduction of uniform investment controlling Shared HR development 2011/ / /14e 2014/15e Seite 12

13 Positive price development since summer of % 140% TUI MDAX Stoxx Closing price 10 Feb. 14: euro 160% 140% 120% 120% 100% 80% Price 30 July 12: 5.15 euro 100% 80% 60% 60% 40% 40% 20% 20% 0% 0% -20% -20% Jul/ 12 Sep/ 12 Nov/ 12 Jan/ 13 Mrz/ 13 Mai/ 13 Jul/ 13 Sep/ 13 Nov/ 13 Jan/ 14 Seite 13

14 Our targets for the year 2013/14 Turnover ( m) 1% 2% - 4% Reported EBITA ( m) 10% 16% - 23% / / /14e 2011/ / /14e Seite 14

15 Digital revolution changes tourism industry European market shares (FY 2012, customers) 11% 3% 14% 32% 123m 10% Other hotel companies 31% Other tour operators Seite 15

16 Differentiation is crucial! Presence throughout entire value chain Presence in hotel and cruise markets Seite 16

17 Thank you! Seite 17