Strong Strategic Position

  • Global leading tourism group
  • Covering entire customer journey: Sales & Marketing, Hotels, Cruises, Destination Experiences
  • Integration and control of attractive hotel & cruise experiences
    • drives customer satisfaction & retention
    • drives end-to-end customer profitability

Strong Earnings Growth

  • Global leisure travel market growing above GDP
  • Strong track record driven by merger synergies:
    • Underlying EBITA CAGR of 12%1 since merger
    • Underlying EPS CAGR of 21% since merger driven by lower interest and tax rate
  • Future growth supported by digitalisation benefits and by reinvesting disposal proceeds
  • EBITA growth target extended until 2020

1) Underlying EBITA CAGR of 12% since merger/ average CAGR of 13% since merger at constant currency

Strong Cash Generation

  • 23.6% group ROIC FY17, significantly above cost of capital
  • Strong operating cash conversion, enabling to fund
    • maintenance investments
    • high cash returns to shareholders in form of dividends
    • balance sheet stability