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Thomas Cook Group

Full Year Results 2017

Notes:Notes(i)This table includes non-statutory alternative performance measures – see page 23
for explanation, associated definitions and reconciliations to statutory numbers(ii)As part of the preparation of the FY17 Group financial statements, management
identified several non-cash adjustments which have been applied to the Group’s
financial statements for FY16. Further details of the restatement can be found on page36(iii)‘Like-for-like’ change adjusts for the impact of foreign exchange translation, fuel andother. The detailed like-for-like adjustments are shown on page 12(iv)‘Underlying’ refers to trading results that are adjusted for separately disclosed items
that are significant in understanding the on going results of the Group. Separately
disclosed items are detailed on pages 17 and 32(v)See page 24 for definition and breakdown of net debt. ‘Like-for-like’ net debt adjusts
the prior year comparative for foreign exchange translation and the impact of theGroup’s bond refinancing – see page 20 for reconciliation
The comments below are based on underlying like-for-like comparisons unlessotherwise stated, as Management believes this provides a clearer view of the Group’syear-on-year progression
Good financial progress•••••••

Group revenue of £9,007 million, up 9% on a like-for-like basis (adjusted forforeign exchange)
Underlying EBIT up £24 million to £330 million
Strong recovery at Condor; increased profits in Continental Europe andNorthern Europe
UK margins lower after four consecutive years of profit growthProfit after tax of £12 million; recommended dividend of 0.6 pence per share
Net debt reduced by £122 million to £40 million, reflecting higher free cash flow
generation
New financing arrangements to 2022, providing greater liquidity and flexibility
to invest in growth

Customer focus leading to more satisfied customers and higher loyalty••

Net Promoter Score up 4 points year-on-year, and 9 points since customer
initiative launched in 2015
Growth in repeat bookings since 2015 of 51% to own-brand hotels and 15% todifferentiated hotels

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Creating further opportunities for profitable growth••••••

Accelerating growth of own-brand hotel portfolio through LMEY partnership
Cutting complexity and expanding customer choice through strategic alliancewith Expedia
Reinvigorating financial services offer with launch of Thomas Cook Money
Growing Thomas Cook China – tenfold growth in customers targeted in 2018
Improving digital customer proposition with web bookings up 18%
New Operating Model delivering financial benefits as planned; target increasedby £30 million to FY20

Peter Fankhauser, Chief Executive of Thomas Cook said:“2017 was a milestone year in the strategic development of Thomas Cook. By delivering
what we promised on strategy, we’ve inspired more customers to choose our holidays fortheir hard-earned weeks in the sun, while at the same time transforming the scale ofthe opportunity ahead for the Group.
“We now see that the deliberate decision we made to put the customer back at the heartof our business is bearing fruit. Customers’ satisfaction with our holidays has increased
strongly for a second consecutive year, growing in all of our main markets. I’m
particularly pleased by the number of new customers we’ve won this year, showing usthat we’re getting more people to look again at what we offer – and that more of ourexisting customers are recommending our holidays to family and friends.
“Increased customer demand delivered a 9 per cent growth in revenues in the year.
Combined with the successful turnaround of our German airline division, Condor, thisled to an underlying operating profit of £330 million, an 8 per cent increase year on year.
The strong performance of our Group Airline in what has been a difficult year for
European aviation is a particularly encouraging sign of our progress. In our tour
operating business, Continental Europe grew strongly while our Nordic division enjoyedanother excellent year. After four consecutive years of profit growth, margins in our UK
business declined due to a more competitive market environment, especially forholidays to Spain.
“The actions we have taken in the last 12 months take us significantly further forwardin our strategy for profitable growth. The strategic alliance we signed with Expedia willtransform the way we work, enabling us to offer a much greater choice of hotels toThomas Cook customers at lower cost and complexity to us. Meanwhile, the partnershipwith LMEY strengthens our own-brand hotel portfolio and reinforces our focus on amore streamlined portfolio of hotels where we can give customers the very bestexperience.

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