Strong Strategic Position

  • Global leading tourism group
  • Holiday product provider with own distribution
  • Own customer end to end: Markets & Airlines, Hotels, Cruises, Destination Experiences
  • Individualization and targeted marketing
  • Yielding of own products
  • Risk mitigation by double diversification

Strong Earnings Growth

  • Global leisure travel market growing above GDP
  • Strong track record driven by merger synergies:
    • Underlying EBITA CAGR of 13%1 since merger
    • Underlying EPS CAGR of 16% since merger driven by lower interest and tax rate
  • Future growth supported by digitalisation benefits and by reinvesting disposal proceeds
  • Reiterate at least 10% CAGR in underlying EBITA for the three years to FY20²

1) Underlying EBITA CAGR of 10% since merger/ average CAGR of 13% since merger at constant currency (company earnings guidance is at constant currency)

2) Based on constant currency growth, three year CAGR from FY17 base to FY20


Strong Cash Generation

  • 23% group ROIC FY18, significantly above cost of capital
  • Strong operating cash conversion, enabling to fund
    • investments
    • high cash returns to shareholders in form of dividends
    • balance sheet stability