Thomas Cook AG Key Facts - Thomas Cook Group plc
Thomas Cook AG Key Facts - Thomas Cook Group plc
Thomas Cook AG Key Facts - Thomas Cook Group plc
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Monday 12 February 2007<br />
<strong>Thomas</strong> <strong>Cook</strong> <strong>AG</strong> <strong>Key</strong> <strong>Facts</strong><br />
<strong>Key</strong> <strong>Facts</strong><br />
<strong>Thomas</strong> <strong>Cook</strong> <strong>AG</strong> is the second largest European travel group with leading positions in<br />
the UK & Ireland, Germany, France, Benelux and Eastern Europe. It comprises 33 tour<br />
operating brands, approximately 2,400 travel agencies, a fleet of 66 aircraft, and a<br />
workforce of 19,775 full time employees. The main operating brands include <strong>Thomas</strong><br />
<strong>Cook</strong>, <strong>Thomas</strong> <strong>Cook</strong> Signature, Neckermann and Condor.<br />
For the financial year ending 31 October 2006, <strong>Thomas</strong> <strong>Cook</strong> <strong>AG</strong> reported sales of<br />
€7,780m (2005: €7,661m), earnings before interest, tax depreciation and amortisation of<br />
€385.2m (2005: €374.5m) and net income of €170.7m (2005: €105.4m). As at 31<br />
October 2006, <strong>Thomas</strong> <strong>Cook</strong> <strong>AG</strong> had net cash of €55.9m and shareholder equity of<br />
€806.7m.<br />
In the year to 31 October 2006, <strong>Thomas</strong> <strong>Cook</strong> UK & Ireland contributed €2,494m of<br />
sales (2005: €2,513 m) at an earnings before tax margin of 5.1% (2005: 4.5%). This<br />
represented 30% of <strong>Thomas</strong> <strong>Cook</strong> <strong>AG</strong>’s 2006 sales, with 55% being generated in<br />
Continental Europe and 15% from the German airline, Condor. Sales outside of tour<br />
operating were generated predominantly from Airline, Distribution and Financial<br />
Services activities.<br />
Revenues €7.8 bn (2005/06)<br />
Customers 13.6m<br />
Employees 19,775 (of which UK: 9,656)<br />
Sales markets 33 tour operators and 2,400 travel agencies<br />
Revenue by Segment<br />
Continental Europe €4.62bn<br />
Great Britain and Ireland €2.49bn<br />
Airlines Germany €1.24bn<br />
Corporates €54.6m<br />
Reconciliation €(576.2m)<br />
Total of business divisions €7.84bn<br />
Recent Achievements<br />
Successful restructuring of the business is laying the foundation for future growth:<br />
Improvement of EBT from €280m loss to €206m profit between 2003 and 2006<br />
on a group level<br />
Moved from £50m loss to £87m profit in the UK, first tour operator with >5%<br />
EBT margins<br />
Repositioning of brands under umbrella brand <strong>Thomas</strong> <strong>Cook</strong><br />
Reduction in indebtedness by €1.1bn<br />
Refocusing core business into asset light model by disposing of hotels and non<br />
European businesses<br />
Page 1 of 7 F I N S B U R Y
<strong>Thomas</strong> <strong>Cook</strong> <strong>AG</strong> <strong>Key</strong> <strong>Facts</strong><br />
Developing new business in growing markets<br />
Markets<br />
GERMANY<br />
Tour operators: Neckermann Reisen, Neckermann Preisknüller, <strong>Thomas</strong> <strong>Cook</strong> Reisen,<br />
Bucher Last Minute<br />
Distribution: Holiday Land, Neckermann Partner, <strong>Thomas</strong> <strong>Cook</strong><br />
GREAT BRITAIN / IRELAND<br />
Tour operators: Club 1830, Flexibletrips, JMC, Latitude, Neilson, Orchid Travel, Sunset,<br />
Sunworld Holidays, Style Holidays, <strong>Thomas</strong> <strong>Cook</strong>, <strong>Thomas</strong> <strong>Cook</strong><br />
Publishing, <strong>Thomas</strong> <strong>Cook</strong> Signature, <strong>Thomas</strong> <strong>Cook</strong> Sport, <strong>Thomas</strong><br />
<strong>Cook</strong> Tours<br />
Distribution: <strong>Thomas</strong> <strong>Cook</strong>, thomascook.com, <strong>Thomas</strong> <strong>Cook</strong> sales centre, <strong>Thomas</strong><br />
<strong>Cook</strong> TV<br />
BELGIUM / LUXEMBOURG<br />
Tour operators: Neckermann, Pegase, <strong>Thomas</strong> <strong>Cook</strong><br />
Distribution: Neckermann, <strong>Thomas</strong> <strong>Cook</strong> Travel Shop<br />
FRANCE<br />
Tour operators: Aquatour, Neckermann, <strong>Thomas</strong> <strong>Cook</strong><br />
Distribution: Aquatour, <strong>Thomas</strong> <strong>Cook</strong> Voyages<br />
NETHERLANDS<br />
Tour operators: Neckermann, Vrij Uit, <strong>Thomas</strong> <strong>Cook</strong><br />
Distribution: <strong>Thomas</strong> <strong>Cook</strong><br />
AUSTRIA<br />
Tour operators: Neckermann, <strong>Thomas</strong> <strong>Cook</strong><br />
POLAND<br />
Tour operators and distribution: Hit, Neckermann<br />
HUNGARY, SLOVAKIA AND SLOVENIA<br />
Tour operators and distribution: Neckermann<br />
Board<br />
Manny FontenlaNovoa Chairman of the Management Board<br />
Dr. Peter Fankhauser Member of the Management Board<br />
Ludger Heuberg Member of the Management Board<br />
Ralf Teckentrup Member of the Management Board<br />
12 February 2007 Page 2 of 7 F I N S B U R Y
<strong>Thomas</strong> <strong>Cook</strong> <strong>AG</strong> <strong>Key</strong> <strong>Facts</strong><br />
<strong>Thomas</strong> <strong>Cook</strong> UK and Ireland<br />
<strong>Thomas</strong> <strong>Cook</strong> UK & Ireland is one of the UK's largest travel companies, employing<br />
almost 10,000 people. It is one of the largest vertically integrated travel groups in the<br />
UK and Ireland.<br />
The company has grown its travel business significantly since 1996 when it first stated<br />
its intention to become one of the UK's largest vertically integrated travel groups. At that<br />
time it had just 385 high street travel shops and a growing telephonebased travel<br />
operation, <strong>Thomas</strong> <strong>Cook</strong> Direct.<br />
The company went on to acquire Sunworld, then the UK's fourth largest tour operator,<br />
and subsequently bought the Flying Colours travel group. It then merged its business<br />
with the UK travel interests of Carlson Companies Inc., with its AT Mays Travel shops<br />
and the Caledonian Airways airline.<br />
Divisions<br />
1. Tour Operations<br />
Holidays to more than 1,000 locations under brands including: <strong>Thomas</strong> <strong>Cook</strong>, <strong>Thomas</strong><br />
<strong>Cook</strong> Signature, JMC, Style, Neilson, Club 1830, Sunset, Sunworld Holidays,<br />
Flexibletrips, Latitude and UpTrips<br />
Customers: approx 3 million passengers<br />
2. Airline*<br />
<strong>Thomas</strong> <strong>Cook</strong> Airlines began operating in March 2001. It is now the UK’s third biggest<br />
leisure airline with a fleet of 24 aircraft, operating from 7 UK Bases to 52 Overseas<br />
Airports<br />
Based in Manchester, the airline employs 1,700 staff.<br />
*operated as JMC prior to March 2003<br />
3. Distribution Business<br />
Customers: 10.5 million – approx (based on customer contacts, travel and foreign<br />
exchange)<br />
Retail & Direct Businesses<br />
Second largest distribution network in the UK<br />
574 <strong>Thomas</strong> <strong>Cook</strong> high street travel shops<br />
110 bureaux de change<br />
Three <strong>Thomas</strong> <strong>Cook</strong> Sales Centres<br />
12 February 2007 Page 3 of 7 F I N S B U R Y
<strong>Thomas</strong> <strong>Cook</strong> <strong>AG</strong> <strong>Key</strong> <strong>Facts</strong><br />
<strong>Thomas</strong>cook.com<br />
Created in 1996<br />
Only true online holiday retailer<br />
Offers around 13 million holiday combinations<br />
Foreign exchange service<br />
<strong>Thomas</strong> <strong>Cook</strong> TV<br />
Created in 2001<br />
24 hours a day / 7 days a week travel shopping channel<br />
Financial Statistics<br />
The UK and Ireland arm last year delivered €2.49bn in sales, down 0.76%, and a<br />
€14.7m jump in EBT to €127.5m or more than half the group's total. This was despite a<br />
5.4% fall in the British travel market because of the World Cup and record summer<br />
temperatures.<br />
Ownership<br />
Parent Company: <strong>Thomas</strong> <strong>Cook</strong> <strong>AG</strong><br />
C&N Touristic <strong>AG</strong>, a joint venture between KarstadtQuelle and Lufthansa, announced its<br />
acquisition of <strong>Thomas</strong> <strong>Cook</strong> UK Ltd in December 2000, with EC approval granted in<br />
February 2001. C&N Touristic <strong>AG</strong> later changed its name to <strong>Thomas</strong> <strong>Cook</strong> <strong>AG</strong>.<br />
KarstadtQuelle took full control of <strong>Thomas</strong> <strong>Cook</strong> <strong>AG</strong> on 9 February 2007, paying €800m<br />
for the halfshare owned by Lufthansa. Lufthansa will, however, maintain a 24.9% stake<br />
in Condor, the German charter airline division.<br />
12 February 2007 Page 4 of 7 F I N S B U R Y
<strong>Thomas</strong> <strong>Cook</strong> <strong>AG</strong> <strong>Key</strong> <strong>Facts</strong><br />
Board<br />
Manny FontenlaNovoa <strong>Group</strong> CEO, <strong>Thomas</strong> <strong>Cook</strong> <strong>AG</strong><br />
Born 13 May 1954<br />
Career<br />
1972 Joins <strong>Thomas</strong> <strong>Cook</strong>, holds a variety of management roles<br />
1988 Joins International Leisure <strong>Group</strong>, set up by travel entrepreneur Harry Goodman<br />
1991 Cofounds Sunworld<br />
1996 Sunworld sold to <strong>Thomas</strong> <strong>Cook</strong><br />
2003 Chief Executive, <strong>Thomas</strong> <strong>Cook</strong> UK & Ireland<br />
2005 Joins <strong>Thomas</strong> <strong>Cook</strong> <strong>AG</strong>'s Management Board<br />
2006 Appointed <strong>Group</strong> CEO, <strong>Thomas</strong> <strong>Cook</strong> <strong>AG</strong><br />
Other roles: Director of Iberostar, the Spanish hotel group, Director of the travel<br />
organisation Springboard, trustee of the Variety Club<br />
Other Roles<br />
Alexis ColesBarrasso Director, Corporate Communications<br />
Clive Adkin Director, HR<br />
Glen Chipp Managing Director, <strong>Thomas</strong> <strong>Cook</strong> Airlines<br />
Ian Derbyshire Executive Director, <strong>Thomas</strong> <strong>Cook</strong> Holiday Division<br />
Juergen Bueser Chief Financial Officer<br />
Mark Nancarrow Managing Director, Financial Services<br />
Michael Hallisey Director, Legal Services<br />
Pete Constanti Executive Director, <strong>Thomas</strong> <strong>Cook</strong> Holiday Division<br />
Robert Burgess Executive Director, Sales & Distribution<br />
Rob Thompson Executive Director, Aviation<br />
Simon Carter Executive Director, Marketing<br />
Simon Robinson Executive Director, Independent travel<br />
12 February 2007 Page 5 of 7 F I N S B U R Y
<strong>Thomas</strong> <strong>Cook</strong> <strong>AG</strong> <strong>Key</strong> <strong>Facts</strong><br />
<strong>Thomas</strong> <strong>Cook</strong> – History<br />
1841 <strong>Thomas</strong> <strong>Cook</strong> organises his first excursion<br />
1855 <strong>Thomas</strong> <strong>Cook</strong>’s first Continental Tour<br />
1871 The firm adopts ‘<strong>Thomas</strong> <strong>Cook</strong> and Son’ as its official name<br />
1919 <strong>Thomas</strong> <strong>Cook</strong> and Son is the first travel agent to offer pleasure trips by air<br />
1928 The business leaves the <strong>Cook</strong> family when it is sold to the Compagnie<br />
Internationale des WagonsLits des Grands Express<br />
1948 <strong>Thomas</strong> <strong>Cook</strong> and Son becomes stateowned under the British Transport<br />
Holding company<br />
1972 <strong>Thomas</strong> <strong>Cook</strong> is privatised and bought by a consortium of Midland Bank, Trust<br />
House Forte and the AA<br />
1977 Midland Bank buys out THF and the AA to become sole owners<br />
1992 Westdeutsche Landesbank and the LTU <strong>Group</strong> acquire <strong>Thomas</strong> <strong>Cook</strong> <strong>Group</strong><br />
1995 Westdeutsche Landesbank acquires LTU's 10% share of the <strong>Thomas</strong> <strong>Cook</strong><br />
<strong>Group</strong>, making <strong>Thomas</strong> <strong>Cook</strong> a whollyowned subsidiary of WestLB<br />
1996 <strong>Thomas</strong> <strong>Cook</strong> acquires Sunworld, the UK and Ireland’s fourth largest shorthaul<br />
tour operator, and Time Off, the specialist European city breaks tour operator<br />
1998 Preussag <strong>AG</strong> acquires a 24.9% shareholding in <strong>Thomas</strong> <strong>Cook</strong><br />
1999 The European Commission approves the merger of <strong>Thomas</strong> <strong>Cook</strong> and Carlson<br />
Leisure <strong>Group</strong>’s UK travel interests<br />
JMC is formed (by combining the former operating brands Sunworld, Sunset,<br />
Flying Colours, Inspirations and Caledonian Airways) and becomes the UK’s<br />
third largest tour operator and airline business<br />
Preussag <strong>AG</strong> becomes the majority shareholder in <strong>Thomas</strong> <strong>Cook</strong> Holdings Ltd<br />
when it increases its stake from 24.9% to 50.1% (WestLB retains a 27.9%<br />
interest and Carlson Companies Inc. holds 22%)<br />
2000 C&N Touristic <strong>AG</strong>, a jointventure between KarstadtQuelle and Lufthansa, signs<br />
an agreement (on 7 December) to become the sole owner of <strong>Thomas</strong> <strong>Cook</strong><br />
Holdings, subject to EC approval<br />
2001 C&N Touristic <strong>AG</strong> becomes the sole owner of <strong>Thomas</strong> <strong>Cook</strong> on 30 March<br />
C&N Touristic <strong>AG</strong> changes its name to <strong>Thomas</strong> <strong>Cook</strong> <strong>AG</strong> and launches a new<br />
logo<br />
<strong>Thomas</strong> <strong>Cook</strong>’s 160 th Anniversary<br />
12 February 2007 Page 6 of 7 F I N S B U R Y
<strong>Thomas</strong> <strong>Cook</strong> <strong>AG</strong> <strong>Key</strong> <strong>Facts</strong><br />
2002 <strong>Thomas</strong> <strong>Cook</strong> is set to become the first fully international leisure brand. The<br />
<strong>Thomas</strong> <strong>Cook</strong> brand is used as the corporate company name and is expanded<br />
across Europe.<br />
2004 New ‘dynamic packaging’ brand, FlexibleTrips, is launched to enable customers<br />
to build their own holidays in store and online.<br />
2005 <strong>Thomas</strong> <strong>Cook</strong> celebrated 150th anniversary of the first overseas package<br />
holiday.<br />
2006/7 The company announces record profits of €170.7m (of which UK: £87.1m). The<br />
UK business achieves a 5.1 per cent profit margin.<br />
<strong>Thomas</strong> <strong>Cook</strong> is listed as one of The Sunday Times Top 20 Best big companies<br />
to work for.<br />
12 February 2007 Page 7 of 7 F I N S B U R Y