Thomas Cook AG Key Facts - Thomas Cook Group plc

Monday 12 February 2007
Thomas Cook AG ­ Key Facts
Key Facts
Thomas Cook AG is the second largest European travel group with leading positions in
the UK & Ireland, Germany, France, Benelux and Eastern Europe. It comprises 33 tour
operating brands, approximately 2,400 travel agencies, a fleet of 66 aircraft, and a
workforce of 19,775 full time employees. The main operating brands include Thomas
Cook, Thomas Cook Signature, Neckermann and Condor.
For the financial year ending 31 October 2006, Thomas Cook AG reported sales of
€7,780m (2005: €7,661m), earnings before interest, tax depreciation and amortisation of
€385.2m (2005: €374.5m) and net income of €170.7m (2005: €105.4m). As at 31
October 2006, Thomas Cook AG had net cash of €55.9m and shareholder equity of
€806.7m.
In the year to 31 October 2006, Thomas Cook UK & Ireland contributed €2,494m of
sales (2005: €2,513 m) at an earnings before tax margin of 5.1% (2005: 4.5%). This
represented 30% of Thomas Cook AG’s 2006 sales, with 55% being generated in
Continental Europe and 15% from the German airline, Condor. Sales outside of tour
operating were generated predominantly from Airline, Distribution and Financial
Services activities.
Revenues €7.8 bn (2005/06)
Customers 13.6m
Employees 19,775 (of which UK: 9,656)
Sales markets 33 tour operators and 2,400 travel agencies
Revenue by Segment
Continental Europe €4.62bn
Great Britain and Ireland €2.49bn
Airlines Germany €1.24bn
Corporates €54.6m
Reconciliation €(576.2m)
Total of business divisions €7.84bn
Recent Achievements
Successful restructuring of the business is laying the foundation for future growth:
­ Improvement of EBT from €280m loss to €206m profit between 2003 and 2006
on a group level
­ Moved from £50m loss to £87m profit in the UK, first tour operator with >5%
EBT margins
­ Repositioning of brands under umbrella brand Thomas Cook
­ Reduction in indebtedness by €1.1bn
­ Refocusing core business into asset light model by disposing of hotels and non
European businesses
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Thomas Cook AG ­ Key Facts
­ Developing new business in growing markets
Markets
GERMANY
Tour operators: Neckermann Reisen, Neckermann Preisknüller, Thomas Cook Reisen,
Bucher Last Minute
Distribution: Holiday Land, Neckermann Partner, Thomas Cook
GREAT BRITAIN / IRELAND
Tour operators: Club 18­30, Flexibletrips, JMC, Latitude, Neilson, Orchid Travel, Sunset,
Sunworld Holidays, Style Holidays, Thomas Cook, Thomas Cook
Publishing, Thomas Cook Signature, Thomas Cook Sport, Thomas
Cook Tours
Distribution: Thomas Cook, thomascook.com, Thomas Cook sales centre, Thomas
Cook TV
BELGIUM / LUXEMBOURG
Tour operators: Neckermann, Pegase, Thomas Cook
Distribution: Neckermann, Thomas Cook Travel Shop
FRANCE
Tour operators: Aquatour, Neckermann, Thomas Cook
Distribution: Aquatour, Thomas Cook Voyages
NETHERLANDS
Tour operators: Neckermann, Vrij Uit, Thomas Cook
Distribution: Thomas Cook
AUSTRIA
Tour operators: Neckermann, Thomas Cook
POLAND
Tour operators and distribution: Hit, Neckermann
HUNGARY, SLOVAKIA AND SLOVENIA
Tour operators and distribution: Neckermann
Board
Manny Fontenla­Novoa Chairman of the Management Board
Dr. Peter Fankhauser Member of the Management Board
Ludger Heuberg Member of the Management Board
Ralf Teckentrup Member of the Management Board
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Thomas Cook AG ­ Key Facts
Thomas Cook UK and Ireland
Thomas Cook UK & Ireland is one of the UK's largest travel companies, employing
almost 10,000 people. It is one of the largest vertically integrated travel groups in the
UK and Ireland.
The company has grown its travel business significantly since 1996 when it first stated
its intention to become one of the UK's largest vertically integrated travel groups. At that
time it had just 385 high street travel shops and a growing telephone­based travel
operation, Thomas Cook Direct.
The company went on to acquire Sunworld, then the UK's fourth largest tour operator,
and subsequently bought the Flying Colours travel group. It then merged its business
with the UK travel interests of Carlson Companies Inc., with its AT Mays Travel shops
and the Caledonian Airways airline.
Divisions
1. Tour Operations
Holidays to more than 1,000 locations under brands including: Thomas Cook, Thomas
Cook Signature, JMC, Style, Neilson, Club 18­30, Sunset, Sunworld Holidays,
Flexibletrips, Latitude and UpTrips
Customers: approx 3 million passengers
2. Airline*
Thomas Cook Airlines began operating in March 2001. It is now the UK’s third biggest
leisure airline with a fleet of 24 aircraft, operating from 7 UK Bases to 52 Overseas
Airports
Based in Manchester, the airline employs 1,700 staff.
*operated as JMC prior to March 2003
3. Distribution Business
Customers: 10.5 million – approx (based on customer contacts, travel and foreign
exchange)
Retail & Direct Businesses
­ Second largest distribution network in the UK
­ 574 Thomas Cook high street travel shops
­ 110 bureaux de change
­ Three Thomas Cook Sales Centres
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Thomas Cook AG ­ Key Facts
Thomascook.com
­ Created in 1996
­ Only true online holiday retailer
­ Offers around 13 million holiday combinations
­ Foreign exchange service
Thomas Cook TV
­ Created in 2001
­ 24 hours a day / 7 days a week travel shopping channel
Financial Statistics
The UK and Ireland arm last year delivered €2.49bn in sales, down 0.76%, and a
€14.7m jump in EBT to €127.5m or more than half the group's total. This was despite a
5.4% fall in the British travel market because of the World Cup and record summer
temperatures.
Ownership
Parent Company: Thomas Cook AG
C&N Touristic AG, a joint venture between KarstadtQuelle and Lufthansa, announced its
acquisition of Thomas Cook UK Ltd in December 2000, with EC approval granted in
February 2001. C&N Touristic AG later changed its name to Thomas Cook AG.
KarstadtQuelle took full control of Thomas Cook AG on 9 February 2007, paying €800m
for the half­share owned by Lufthansa. Lufthansa will, however, maintain a 24.9% stake
in Condor, the German charter airline division.
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Thomas Cook AG ­ Key Facts
Board
Manny Fontenla­Novoa Group CEO, Thomas Cook AG
Born 13 May 1954
Career
1972 Joins Thomas Cook, holds a variety of management roles
1988 Joins International Leisure Group, set up by travel entrepreneur Harry Goodman
1991 Co­founds Sunworld
1996 Sunworld sold to Thomas Cook
2003 Chief Executive, Thomas Cook UK & Ireland
2005 Joins Thomas Cook AG's Management Board
2006 Appointed Group CEO, Thomas Cook AG
Other roles: Director of Iberostar, the Spanish hotel group, Director of the travel
organisation Springboard, trustee of the Variety Club
Other Roles
Alexis Coles­Barrasso Director, Corporate Communications
Clive Adkin Director, HR
Glen Chipp Managing Director, Thomas Cook Airlines
Ian Derbyshire Executive Director, Thomas Cook Holiday Division
Juergen Bueser Chief Financial Officer
Mark Nancarrow Managing Director, Financial Services
Michael Hallisey Director, Legal Services
Pete Constanti Executive Director, Thomas Cook Holiday Division
Robert Burgess Executive Director, Sales & Distribution
Rob Thompson Executive Director, Aviation
Simon Carter Executive Director, Marketing
Simon Robinson Executive Director, Independent travel
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Thomas Cook AG ­ Key Facts
Thomas Cook – History
1841 Thomas Cook organises his first excursion
1855 Thomas Cook’s first Continental Tour
1871 The firm adopts ‘Thomas Cook and Son’ as its official name
1919 Thomas Cook and Son is the first travel agent to offer pleasure trips by air
1928 The business leaves the Cook family when it is sold to the Compagnie
Internationale des Wagons­Lits des Grands Express
1948 Thomas Cook and Son becomes state­owned under the British Transport
Holding company
1972 Thomas Cook is privatised and bought by a consortium of Midland Bank, Trust
House Forte and the AA
1977 Midland Bank buys out THF and the AA to become sole owners
1992 Westdeutsche Landesbank and the LTU Group acquire Thomas Cook Group
1995 Westdeutsche Landesbank acquires LTU's 10% share of the Thomas Cook
Group, making Thomas Cook a wholly­owned subsidiary of WestLB
1996 Thomas Cook acquires Sunworld, the UK and Ireland’s fourth largest short­haul
tour operator, and Time Off, the specialist European city breaks tour operator
1998 Preussag AG acquires a 24.9% shareholding in Thomas Cook
1999 The European Commission approves the merger of Thomas Cook and Carlson
Leisure Group’s UK travel interests
JMC is formed (by combining the former operating brands Sunworld, Sunset,
Flying Colours, Inspirations and Caledonian Airways) and becomes the UK’s
third largest tour operator and airline business
Preussag AG becomes the majority shareholder in Thomas Cook Holdings Ltd
when it increases its stake from 24.9% to 50.1% (WestLB retains a 27.9%
interest and Carlson Companies Inc. holds 22%)
2000 C&N Touristic AG, a joint­venture between KarstadtQuelle and Lufthansa, signs
an agreement (on 7 December) to become the sole owner of Thomas Cook
Holdings, subject to EC approval
2001 C&N Touristic AG becomes the sole owner of Thomas Cook on 30 March
C&N Touristic AG changes its name to Thomas Cook AG and launches a new
logo
Thomas Cook’s 160 th Anniversary
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Thomas Cook AG ­ Key Facts
2002 Thomas Cook is set to become the first fully international leisure brand. The
Thomas Cook brand is used as the corporate company name and is expanded
across Europe.
2004 New ‘dynamic packaging’ brand, FlexibleTrips, is launched to enable customers
to build their own holidays in store and online.
2005 Thomas Cook celebrated 150th anniversary of the first overseas package
holiday.
2006/7 The company announces record profits of €170.7m (of which UK: £87.1m). The
UK business achieves a 5.1 per cent profit margin.
Thomas Cook is listed as one of The Sunday Times Top 20 Best big companies
to work for.
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