- Thomas Cook Group

Transcription

- Thomas Cook Group

Transforming Thomas Cook
Results for the six months ended 31 March
May 16, 2013
1
Thomas Cook Group plc
Key messages and agenda for today
1
Delivering against our clear targets and KPIs
2
Strengthening our capital base
3
Improving financial and business performance
4
Transforming Thomas Cook through profitable growth
2
1 Delivering against our clear targets and KPIs
Harriet Green | Group CEO
2
3
4
3
1
2
3 4
DELIVERING AGAINST OUR CLEAR TARGETS AND KPIS
Our H1 20131 performance already demonstrates progress
Underlying EBIT1 on a like for like basis is £58.7 million better
Improving
financial and
business
performance
Underlying gross margin on a like for like basis
is 110 basis points better
Net debt is reduced by £175.4 million
Encouraging current trading: strong bookings and gross margins
Note: Results are compared with the six months ended 31 March 2012. Net debt is as at 31 March 2013. In this presentation ‘underlying’ refers to trading results after
adjusting for separately disclosed items that are significant in understanding the on-going results of the Group. The term ‘like for like’ reflects the comparison in the
underlying results after removing identifiable non- recurring items in the prior year. A reconciliation of these items is included in the Appendix.
1 In this presentation EBIT means profit / (loss) from operations adjusted to exclude all separately disclosed items (and excluding the Group’s share of associates and joint
ventures and net investment income) as per the Group’s consolidated financial statements for the six months ended 31 March 2013.
4
1
2
3 4
We continue to strengthen our leadership team
We are attracting some very talented
individuals, who bring with them a level
of expertise that comes from operating
at the highest level in some of the largest
and most respected firms in the world
Recent appointments include:
John Straw
Global Head of Web
Tomasz Smaczny
Chief Technology Officer
Craig Stoehr
Group General Counsel
Eliminating silos and spreading best
practices across the Group
5
1
2
3 4
We’re well underway against our targets and KPIs
Targets
KPIs
FY12
H1 13
New Product Revenue
N/A
(e.g. concept hotels
from 66 to 93)
> £500m
Web Penetration
34%
35%1
> 50%
Cost out / Profit Improvement (run-rate)
£60m
£107m
> £390m
Sales CAGR2
N/A
N/A
> 3.5%
Underlying Gross Margin Improvement3
N/A
1.1%5
> 1.5%
UK underlying EBIT Margin6
0.1%
1.1%1
> 5%
Cash Conversion4
11%
47%1
> 60%
FY15
Good progress
1 Measured on a last 12 months basis (“LTM”)
2 Compound annual growth rate from FY13 to FY15 including new product revenue
3 Delivery measured against an underlying gross margin of 21.3%, being the underlying gross margin in FY12, adjusted for the Thomas
Cook India disposal
4 Cash conversion defined as net cash from operating activities less interest paid as a percentage of underlying EBITDA
5 Gross margin improvement of 1.1% for H1 13 compared with H1 12 on a like for like basis. KPI is based on a full year measure
6 Underlying profit from operations of the Group’s UK operating segment (excluding Thomas Cook India) as a percentage of its revenue
6
1
2
3 4
We are announcing a further £40m of targeted benefits to take the target
for our cost-out and profit improvement programme to £390m
More
expected
to come
EBIT improvement target
£m FY15 run rate
390
40
50
60
140
80
60
2011 UK
Turnaround
283
Already
identified
for H2 13 - FY15
107
Delivered by
end H1 13
100
Group wide cost out and
profit improvement programme
Announced Announced
Nov-12
Feb-13
Announced
Mar-13
Announced
May-13
Total
7
1
2
3 4
We are also delivering benefits faster than anticipated
In our plan we target total annual benefits
of £390m by end of FY15; expected
cumulative costs to achieve such benefits
of c. £178m.
The UK Turnaround delivered £30m of
benefits in H1 13 on top of the £60m
achieved in FY12, taking the total to £90m
Group-wide cost-out delivered a further
£17m in H1 13, taking the total achieved
by the end of March 2013, including the
UK Turnaround, to £107m
We are therefore bringing forward the
timetable of targeted benefits and now
expect to achieve £50m of Group-wide
cost-out by end FY13 revising our earlier
estimate of £25m for this year.
1 Run-rate.
2 One-off costs.
FY12 H1 13 FY13 FY14 FY15
UK Turnaround1
60
90
120
140
140
Group-wide cost out1
-
17
50
175
250
 Integrated air travel strategy
-
5
19
55
70
 Organisational structure
-
9
13
60
80
 Product, infrastructure,
technology, and other
-
3
18
60
100
60
107
170
315
390
 Income statement
36
38
68
15
7
 Cash flow (Opex)
30
6
41
30
10
-
2
18
38
11
Total targeted benefits1
Expected costs to achieve2
 Cash flow (Capex)
8
1
2
3 4
From turnaround to transformation
Turnaround
Transformation
Strategy building
Strategy implementation
Ideas
Delivery
15 big decisions
7 drivers of profitable growth
Centrally driven
Locally owned with strong co-ordinated leadership
9
1
2
3 4
Seven drivers of profitable growth – driving success through major
initiatives
Transformation Office
Strategic
Targets
Harriet Green – Group CEO
Michael Healy – Group CFO
Peter Fankhauser – CEO UK & Continental Europe
Segments
Cost Out
Finance &
Risk
Product
Customer
Innovation
IT
People &
Culture
Capture cost
out and profit
improvement
Deliver results
to EBIT level
Deliver cash
conversion
target
Deliver sales
growth and
gross margin
targets
Deliver sales
growth and
web targets
Support
strategy and
web target
Drive talent,
performance
and
recognition
Cost out and profit improvement process
Unspecified
target
Identified
Validated
Approved
Implemented
P&L realised
10
EBIT
improvement
1
2
3 4
Significant progress on the transformation enables the capital refinancing
Objectives and benefits
Represents a major step towards achieving our optimal capital structure
Delevers and extends maturity profile thereby substantially strengthening the
Group’s balance sheet
Amends financing arrangements to provide more operational flexibility
Facilitates on-going execution of the Business Transformation
Improves the credit perception of the Group
Provides a platform to enable the Group to resume dividend payments in the future
The capital refinancing enables continuing delivery of the transformation
allowing us to fulfil the potential of the Thomas Cook brand
11
1
2 Strengthening our capital base
Michael Healy | Group CFO
3
4
12
1
2
3 4
STRENGTHENING OUR CAPITAL BASE
Transaction overview
A comprehensive recapitalisation with inter-conditional new financings
Underwritten equity raising
Fully underwritten firm equity issue to raise proceeds of £425m
Committed new bank facilities
New £691m syndicated bank facility due 2017
– Tranche A RCF and bonding lines of £500m
– Tranche B additional facility of £191m
(available to partially address €400m 2015 bond)
Underwritten bridge to
bond facility
1 At GBP/EUR exchange rate of 1.19 (31-Mar-13).
To be replaced by €525m (c. £441m equiv.)1 Senior Notes due 2020
13
1
2
3 4
Our need to delever and to extend maturities influenced
the approach to recapitalisation
£m
1,947
1,9471
2017 notes
300
390
Cash flows from operations
and other funding sources
2015 notes
3362
191
New bank facility Tranche B
500
New bank facility Tranche A
4412
New bond
425
New equity
2015 facility
(pre-cash sweep)
1,3113
Core4 bank
group
c. £651m
Pre-transaction
Post-transaction
1 Excludes transaction costs.
2 At GBP/EUR exchange rate of 1.19 (31-Mar-13),
3 Reduced to £1,211m post-cash sweep in March 2013, with savings of £26m.
4 Representing c. 49% of total commitments, pre-cash sweep.
– Smaller bank deal supported
by the core bank group
– Pro forma for the transaction,
net leverage reduces by c. 1x
LTM EBITDA
– Funding mix leaves net
interest expense broadly
unchanged
– Intention to use operating
cash flows to repay the
€400m 2015 bond with
funding comfort provided by
the new £191m Tranche B
facility
14
1
2
3 4
Significantly improved maturity profile1
Maturity profile pre-transaction
£m
Maturity profile pro-forma
£m
1,5472
150
Term loan
200
Bonding facility
New bank
facility
Tranche A
3363 €400m senior notes
861
2014
2015
861
91
€400m
senior
notes
300
£300m
senior
notes
RCF
300
2013
New bank
facility
Tranche B
2016
2017
£300m senior notes
2018
2019
2020
2021
2013
2014
185
30
1554
100
2015
2016
470
1 Excludes finance leases and aircraft related bank loans.
2 Adjusted for £100m facility cancellation in H1 13.
3 At GBP/EUR exchange rate of 1.19 (31-Mar-13), GBP equivalent of c. £336m.
4 Assumes £191m of bank loan (incremental RCF) is available to partially repay the €400m 2015 senior notes.
2017
2018
15
2019
441
New
senior
notes
2020
2021
1
2
3 4
Summary timetable
16 May 2013
Bank
Signed bank
facility letter
Equity
Shareholder
Circular posted
and equity
prospectus
published
New Bond
Announce
bond issue
3 June 2013
19 June 2013
20 June 2013
26 June 2013
Available for
utilisation
General
meeting
Announcement
End of rights
Available for
of results of rights
issue subscription
utilisation
issue;
period
Dealings commence
Available for
utilisation
16
1
2
3 Improving financial and business performance
Michael Healy | Group CFO
4
17
1
2
3 4
IMPROVING FINANCIAL AND BUSINESS PERFORMANCE
Overview of Results
Transformation gains momentum through benefits of capacity management, cost out and cash management
 Revenue 3% lower than last year as capacity
is managed more closely to demand
HY13
HY12
Change
3,224
3,310
-3%
Underlying EBIT
(198)
(248)
20%
Separately disclosed items
(115)
(266)
56%
 Seasonal loss for the half year reduced
by £193m
Loss for half year
(391)
(584)
33%
 Net debt reduction of £175m
Net debt
1,215
1,390
13%
 Cash management improvements drive
58% increase in liquidity headroom
Liquidity headroom2
512
323
58%
 Seasonal underlying EBIT loss of £197.5m,
improved by £50.6m on last year on an
underlying basis and £58.7m on a ‘like for
like’ basis
 EBIT progress driven by cost out and the
benefits of yield management and capacity
management
£m
Revenue
1 Note: EBIT, profit before tax and earnings per share excluding exceptional operating items, IAS 39 fair value re-measurement, goodwill
impairment and BCI amortisation
18 Thomas Cook Group plc
2 Note: Liquidity headroom represents headroom under available credit facilities at each date
1
2
3 4
Group EBIT Bridge
Benefits of capacity / yield management and cost savings more than offset fuel and other price increases
£m
5
-248
26
5
10
H1
2011/12
Actual
2011/12
provision
releases
Disposals
Easter
* Net
of related exchange impact
3
-256
Exchange
rate
-198
48
42
47
H1
Fuel price Cost out
Trading
2011/12 increases & profit
Like for Like
improvement
Other
19
H1
2012/13
Actual
1
2
3 4
Revenue and margin by business
Like for Like
underlying
Gross Margin
Underlying gross margin improvement across all businesses
 Reduction in risk capacity lowers
revenue but contributes to margin
improvement
 Group underlying gross margin
has improved by 1.1% on a like for
like basis with improvements
across all businesses
 GM% improved in all businesses
after £42m fuel price increase
Revenue
HY13
Growth
HY13
HY12
909.6
(8.9)
23.0
21.9
1,154.2
(2.9)
12.8
12.4
France
151.3
(6.0)
21.0
19.4
Airlines Germany
571.6
12.9
26.4
26.3
Northern Europe
602.3
2.2
22.3
20.5
-
-
-
-
3,224
(2.0)
20.7
20.1
-
(100.0)
-
100.0
3,224
(2.6)
20.7
19.6
£’m
UK & Ireland
Continental Europe
Corporate
Group
India
Group (continuing)
%
%
20
%
1
2
3 4
Underlying EBIT by business
Strong first half improvement with Last Twelve Months underlying EBIT of £220m
 UK turnaround plan delivers £29.5m
improvement in first half
 Continental Europe performs
strongly with all markets improved
from last year
 Over last twelve months underlying
UK EBIT1 margin of 1.1% with
continuing group at 2.4%
HY13
£m
UK & Ireland
Improvement
£m
LTM
£m
EBIT
Margin
%
(147.0)
29.5
31.4
1.1%
Continental Europe*
(44.8)
19.5
92.3
2.3%
France
(17.5)
4.5
(16.2)
(3.8)%
Airlines Germany*
(3.2)
(0.2)
35.5
3.9%
Northern Europe
26.3
1.3
102.2
8.7%
(11.3)
(1.1)
(25.5)
-
(197.5)
53.5
219.7
2.4%
-
(2.9)
7.9
100
(197.5)
50.6
227.6
2.5%
Corporate
Group (continuing)
India
Group
Margin for combined German business of 19.8%; EBIT margin 3.0%
1. Underlying profit from operations of the UK’s operating segment as a percentage of its revenues
21
1
2
3 4
Separately Disclosed Items
Costs of delivery of the transformation
 Business restructuring costs
delivering the UK and Group Wide
cost and EBIT improvements
 Restructuring costs recognised
ahead of benefit delivery
 Improving business performance
removes requirement for
additional impairments
 Provision for TOMS VAT ruling
£m
Cash
Business restructuring costs
(68.8)
– UK turnaround
– UK airline
– Group wide restructuring costs
– Outsource contract termination
– Others
(39.4)
(5.1)
(19.0)
Refinancing
Non cash HY13
(10.9)
HY12
(79.7)
(32.1)
(5.3)
(39.4)
(5.1)
(19.0)
(10.9)
(5.3)
(27.3)
(4.8)
(2.0)
(2.0)
(14.0)
(3.5)
-
-
(190.4)
(10.9)
Operating Intangibles
(3.5)
Impairment of goodwill
Adverse 3rd Party tax case
(13.4)
(13.4)
-
IAS 39 & intangible amortisation
(14.4)
(14.4)
(13.5)
(2.3)
(2.3)
(20.2)
(44.5)
(115.3)
(270.2)
Other
Group
(70.8)
22
1
2
3 4
Group Cash Flow
Enhanced cash management builds on EBIT improvement
 Embedded initiatives to improve
working capital management on
a sustainable basis
 Interest charges increased due to
aircraft sale and leasebacks in
FY12 and fees
 Proceeds from disposal of
businesses in prior year (mainly
India and HCV hotels) and sale &
leaseback of aircraft
 Net debt reduced by £175.4m
£m
EBIT
Depreciation
EBITDA
HY13
HY12
Change
(197.5)
78.7
(118.8)
(248.1)
83.7
(164.4)
50.6
(5.0)
45.6
Working capital
Tax
Other
Operating cashflow
(77.2)
(19.6)
3.8
(211.8)
(238.3)
(20.1)
1.5
(421.3)
161.1
0.5
2.3
209.5
Capex
Net interest
Free cashflow
Dividends
Disposals
Exceptional / Discontinued Ops
Net cashflow
(64.2)
(40.2)
(316.2)
(3.4)
(93.9)
(413.5)
(66.8)
(26.2)
(514.3)
(32.7)
56.6
(24.3)
(510.7)
2.6
(14.0)
198.1
32.7
(60.0)
(69.6)
101.2
(788.3)
(413.5)
(12.7)
(1,214.5)
(890.9)
(514.7)
15.7
(1,389.9)
102.6
101.2
(28.4)
175.4
Opening net debt
Net cashflow
Other
Closing Net Debt
23
1
2
3 4
We are already delivering better performance
Key highlights of recent trading
Winter trading
Summer trading
H1 EBIT improved
by £50.6m
 60% of planned capacity
sold – 2% up on last year
 10% less left to sell
Full year outlook
encouraging
underpinned by the
delivery of our
transformation plans
 Gross margins up in all
businesses
24
1
2
3
4 Transforming Thomas Cook through profitable
growth
Harriet Green | Group CEO
25
1
2
3 4
TRANSFORMING THOMAS COOK THROUGH PROFITABLE GROWTH
Expanding our concept hotel presence as planned
Concept hotels increase from 66 to 93
since FY11/12 as we have rolled out
Smartline concept
Indicative concept hotel expansion plan
millions of passengers
2.0
Smartline offers budget, quality hotels
with great design for the smart traveler
0.4
1.5
Already tested well in Germany
www.neckermann-reisen.de/smartline
0.3
Performance relative to
other products1
0.5
Higher gross margins through
volume commitments
Higher loyalty through consistent
experiences
Higher rate of early bookings
0.5
0.2
Sunwing
smartline (family)
0.5
0.6
Family concept
(tbd)
0.6
Sunprime/
SENTIDO
smartline (adult)
11/12
12/13
66
932
13/14
14/15
220
1 Average for the existing concept portfolio
2 Total number of hotels, including those opened/opening during April/May, for summer 2013 season
15/16
16/17
250
26
# of hotels
in operation
1
2
3 4
Delivering on our high touch and high tech strategy
Committed to grow business being transacted online from the current 35%1 to over 50% in FY15
Significant industry recognition of our innovation
in digital
Best in Travel
in Netherlands
Silver Egg Award
in Sweden
Shortlisted for Best Online Advertisement/
Campaign in UK (Travel Marketing Awards)
Launching innovative partnership with online travel
site Triporati
Provides customers with personalised
recommendations for their holiday destinations
based on their individual travel profile
Growing team of entrepreneurial digital talent
New Global Head of Web and new
Chief Technology Officer
1 Calculated on an LTM basis.
27
1
2
3 4
Significant progress on the transformation enables the capital refinancing
Capital Markets Day
13 March 2013
9 Weeks
H1 Results Announcement
16 May 2013
Take total cost-out of £145m1 by end FY13
£107m already delivered by end of H1 13
Improve underlying gross margins by at least 1.5%
by end FY15
1.1% underlying gross margin improvement
on a like for like basis in H1 13
Improve working capital management
£175.4m less net debt at end H1 13 compared with end H1 12
Simplify and de-risk our business
Continue to strengthen our management
Increase business transacted on the web
Expand concept hotels– 66 concept hotels FY11/12
Sale of North America completed (FY12: operating loss of
£41.1m) and rationalisation of brands in France
Appointed new Global Head of Web, new
Chief Technology Officer and new General Counsel
Announcing innovative partnership with Triporati
to provide more focused choice for customers
Concept hotels increased to 93
The capital refinancing enables continuing delivery of the transformation
1 Increased to £170m in May 2013
28
29
Appendix
30
APPENDIX
Biographies 1/2
Harriet Green
Michael Healy
Dr. Peter Fankhauser
Christoph Debus
joined the Group as Group CEO on
30 July 2012. Prior to this, she was
CEO of leading high service technology distributor Premier Farnell plc.
Harriet is a global executive with
extensive, multi-channel business
leadership experience of the
worldwide technology and industrial
markets. She has driven innovation
and strategic transformation through
profitable global growth strategies
and delivered industry leading results.
joined the Group on 14 May 2012
and became Group CFO on 1 July
2012. Prior to this, he was Group
Finance Director of Kwik-Fit
Group. Michael has considerable
international experience across a
broad range of industries and was
previously Chief Operating Officer
and Finance Director of the Hong
Kong listed First Pacific Company
Limited and subsequently Chief
Financial Officer of ebookers plc.
joined the Group in May 2001 and
became CEO UK & Continental
Europe on 1 November 2012.
Prior to this he was CEO
Continental Europe, a role he took
up in June 2007. Peter has over
twenty years of experience in the
travel market and, before joining
Thomas Cook, was responsible for
managing and growing the
European division and overseas
businesses of Kuoni.
joined the Group in September 2012
as Global Head of Air Travel. Christoph
worked with the Group previously as MD
and CFO for Condor, before he joined Air
Berlin as COO in 2009. At Air Berlin, he was
responsible for Operations, IT, Procurement, HR and IT/Processes.
Prior to joining Condor in 2005, he was a
partner with Roland Berger Strategy
Consultants in Munich, where he specialised in Aviation/ Tourism, Automotive and
Restructuring/ Corporate Strategy.
31
APPENDIX
Biographies 2/2
Joe O’Neill
John Straw
Tomasz Schmazny
Craig Stoehr
Joined the Group in September 2012
as Group Treasurer. Prior to this he
was Group Treasurer of Kwik-Fit
Group. Having originally qualified as
a Chartered Banker, Joe has vast
experience in the field of
international treasury management
and corporate finance from a range
of global organisations including
Diageo plc, Cable & Wireless plc and
Amec plc. He also has a successful
track record of implementing
strategic change in the areas of cash
and working capital management.
John is an award winning digital entrepreneur who specialises in digital
marketing and search. Over the last 16
years he has started a number of
significant digital marketing companies, one of which he sold to Microsoft
and one ultimately to Google. John will
lead our eCommerce Centre of
Excellence as we drive web innovation
and progress and also chair Thomas
Cook’s exciting new Digital Advisory
Board, which brings together internal
and external experts with specific
digital knowledge and expertise to
guide our journey in this area.
Joined in early May, previously with
Cathay Pacific – he has been a CIO
for 15 years, completed 7 IT
transformations, and been awarded
the CIO of the Year awards in 2011,
and 2012. Has delivered many major
transformational change
programmes, will drive the strategic
IT roadmap, focused on the needs of
the business.
He inherits an experienced team
including a Chief Information and
Process Officer with a thorough
knowledge of our legacy systems.
Joined as Group General Counsel, leading our
Group-wide legal function Craig also has responsibility for our strategic divestitures programme
and the Company Secretariat. He joined from
Eastgate Capital Group Limited, a leading Dubaibased private equity firm and the private equity
arm of The National Commercial Bank of Saudi
Arabia, where he served as General Counsel and
a member of the firm’s Executive Management
Committee. Craig was also an Advisory Board
member of TLG Capital, a London-based private
equity firm and a former corporate Partner of
Latham & Watkins, a top tier global law firm,
where his practice focused on advising clients
with respect to debt and equity capital markets,
merger and acquisition.
32
APPENDIX
Group profit and loss account
Unaudited six months ended 31 March
£m
Continuing
Operations
Discontinued
Operations
2013
2012
3,224.3
(2,555.8)
668.5
3,310.1
(2,620.6)
689.5
Operating expenses
Loss from operations
(866.0)
(197.5)
(937.6)
(248.1)
Separately disclosed items
Share of results of associates and joint venture and other
Net finance costs
Loss before tax
(115.5)
0.8
(78.7)
(390.9)
(265.6)
(3.3)
(67.1)
(584.1)
Tax
Loss for the period from continuing operations
123.6
(267.3)
107.9
(476.2)
Loss for the period from discontinued operations
Loss for the period
(41.4)
(308.7)
(128.8)
(605.0)
Revenue
Cost of providing tourism services
Gross profit
33
APPENDIX
Group balance sheet as at 31 March 2013
£m
Unaudited as at 31.03.2013 Unaudited as at 31.03.2012 Audited as at 31.09.2012
Non-current assets
Intangible assets
Property, plant & equipment
Other non-current assets
3,231.6
824.0
521.2
4,576.8
3,233.6
865.4
574.1
4,673.1
3,158.9
840.8
382.9
4,382.6
Current assets
Other current assets
Cash and cash equivalents
1,188.3
295.5
1,483.8
126.5
6,187.1
1,599.7
476.8
2,076.5
233.6
6,983.2
1,063.9
460.3
1,524.2
5,906.8
(1,509.7)
(95.1)
(1,721.9)
(240.5)
(82.3)
(3,649.5)
(1,653.1)
(113.5)
(1,751.6)
(163.1)
(164.9)
(3,846.2)
(2,008.5)
(70.4)
(1,094.1)
(201.5)
(165.6)
(3,540.1)
(123.1)
(107.8)
-
(311.4)
(1,467.9)
(180.9)
(178.4)
(2,138.6)
(359.9)
(1,749.4)
(197.2)
(230.1)
(2,536.6)
(324.0)
(1,178.2)
(214.3)
(192.3)
(1,908.8)
(5,911.2)
(6,490.6)
(5,448.9)
275.9
492.6
457.9
Total assets
Current liabilities
Assets classified as held for sale
Trade and other payables
Borrowings and obligations under finance leases
Revenue received in advance
Short-term provisions
Other current liabilities
Liabilities classified as held for sale
Non-current liabilities
Total liabilities
Net assets
Retirement benefit obligations
Borrowings and obligations under finance leases
Long-term provisions
Other non-current liabilities
34
APPENDIX
Reconciliation table for underlying and like for like
A reconciliation of underlying EBIT on a like for like basis and underlying gross margin on a like for like basis
with reported numbers is as follows:
EBIT (£m)
H1 13
H1 12
H1 12
Change
(313.0)
(513.7)
200.7
20.0
20.8
(0.8)
115.5
265.6
(150.1)
0.7
-
-
(197.5)
(248.1)
50.6
20.7
20.8
(0.1)
FY12 provision releases2
-
(26.0)
-
-
(0.3)
-
India FY12 disposal3
-
(2.9)
-
-
(0.5)
-
Other discontinued
operations4
-
7.8
-
-
(0.7)
-
Other5
-
10.0
-
-
0.3
-
Currency impact
-
3.0
-
-
-
-
(197.5)
(256.2)
58.7
20.7
19.6
1.1
Reported
Separately disclosed items1
Underlying
Like for like
1
2
3
4
5
Gross margin (%)
Change
H1 13
Items that are disclosed separately in order to reflect the underlying operating performance of the business in the relevant period.
Impact of provision releases in Northern Europe and Airlines Germany where the underlying liability for aircraft related and other costs no longer exists.
Reflects the impact of the disposal of Thomas Cook India in the six months ended 31 March 2013.
Net impact of the disposal/closure of individual businesses comprising Explorers Hotel, HCV, FX Bureaux and FY12 store closures.
Estimated adjustment for the timing of the Easter holidays. In FY13 part of the Easter holiday season fell in the first half of that financial year.
In FY12 easter predominantly fell in the second half of that financial year.
35
APPENDIX
Calculation of TERP and rights issue bonus factor
Calculating the Theoretical ex-rights price (“TERP”)
with reference to the firm placing price




Reference share price (firm placing price):
Reference # of shares (post firm placing):
Rights issue price:
# of rights issue shares:
137p
1,004m
76p
402m
The TERP is the share volume weighted average price,
calculated as follows:
( 137p × 1,004m ) + (
TERP =
Ref. price
ref. # shares
(1,004m+ 402m )
ref. # shares
 Discount to TERP:
 The rights issue is treated as a bonus issue of shares + an
issue of fully paid up shares
 The bonus factor is used to reflect the bonus element of
the issue, i.e. the discounted (below market price) bonus
issue of shares via the rights issue
 For illustration, assuming last closing price prior to the
ex-rights date is equivalent to the reference share price:
137
76p × 402m )
issue price # RI shares
Calculating the bonus factor
= 120p
RI shares
36.4%
Bonus factor =
pre-ex-rights price
120
= 1.15x
TERP*
 It is used to adjust share price and other per share metrics
to ensure comparability pre and post rights issue
 Post rights issue completion, historic EPS and DPS are
rebased (divided by) the bonus factor
* TERP used for bonus factor calculation is based on the last closing price pre the ex-rights date.
36

- Thomas Cook Group

Transcription

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