thomas c ook group plc  
annual report  accounts 2013
t ransformation
the first 365 days strategic report financial statements directors’ report
strategic report
overview 2
at a glance 4
chairman’s statement 8
group chief executive officer’s 
qa 10
market overview 1 6
business overview 1 7
review of strategy 20
our people 25
risk management 30
performance
financial review 32
operating review 42
sustainability 47
financial statements
independent auditors’ report 90
group income statement 93
group statement of other 
comprehensive income 94
group cash ﬂow statement 95
group balance sheet 96
group statement  
of changes in equity 98
notes to the ﬁnancial statements 99
company balance sheet 1 48
company cash ﬂow statement 1 49
company statement  
of changes in equity 1 50
notes to the company  
ﬁnancial statements 1 5 1
shareholder information 1 58
directors’ report
board of directors 50
corporate governance report 52
remuneration report 70
other disclosures 88
1
2
3
full ﬁnancial statements
from page 90
financial highlights
delivering improved ﬁnancial results delivering a stronger balance sheet 
underlying ebit up by £86 million yearonyear net debt reduced from £788 million in 2012
£263m £42 1 m
delivering stronger margins delivering more operational cash ﬂow
underlying gross margin 22 1  
up 80 basis points yearonyear
cash conversion ratio at 48  
on a last 12 months basis
22 1  48
delivering more cost out and 
proﬁt improvement beneﬁts 
cumulative total £194 million 
fy13 target of £1 70 million
£1 94m
financial summary
year ended  
30 september 2013
year ended  
30 september 2012
£m unless otherwise stated underlying statutory underlying statutory
revenue 93 1 5 93 1 5 9 1 95 9 1 95
ebit 263 13 177  170
ebit margin  28 01 1 9 n a
free cash ﬂow 53 53 1 03  1 03
earnings loss per share p 50p 167p 06p 67 2p
net debt 421  421  788 788
operational highlights
  signiﬁcant transformational progress – delivered uk underlying ebit margin of 22 on a likefor
like basis on track to achieve a 5 margin on the same basis by fy1 5
  incremental new product revenue grew by £94 million in fy1 3 including contributions from concept 
hotels partnership hotels and city breaks leading to an increase in our fy1 5 target of incremental 
new product revenue to £700 million
  increased the percentage of holidays booked online to 36 moving towards our target in fy1 5 of 
over 50
  simpliﬁed brand labels from 85 to 30 unifying them under the sunny heart symbol representing 
for our customers personalised and trusted holidays high tech high touch delivery backed by 
market leading international scale and purchasing power
  successful implementation of an internal and disciplined operating model called “the thomas cook 
business system” under this system with our customer at the heart of everything we do as well as 
how and everywhere we do it we aim to bring further professionalism to the high tech high touch 
delivery of trusted personalised products to all our customers supported by a lean and innovative 
operating system that is designed speciﬁcally to serve their needs
throughout this document the term underlying refers to trading results after adjusting statutory results for separately disclosed 
items that are signiﬁcant in understanding the ongoing results of the group separately disclosed items are included on the face of 
the income statement and are detailed in note 7 to the ﬁnancial statements
free cash ﬂow is shown on page 37 and represents operating cash flow less net interest  capital expenditure and separately 
disclosed items thomas cook group plc  annual report  accounts 2013 1
directors’ report
2
financial statements
3
strategic report
1
the ﬁrst phase of our exciting transformation is 
well underway
every day we are transforming towards an improved 
more unique business model and have already 
delivered some signiﬁcant milestones we’ve deﬁned 
our ‘high tech high touch’ strategy for proﬁtable 
growth committing to be there for our customers 
wherever whenever and however they need us 
building a digital presence for the future 
we’re developing a new and differentiated product 
portfolio inspiring our customers’ personal journeys 
with the assurance of quality they have come to 
expect from the global pioneer in travel we’re living 
the values of the ‘sunny heart’ with trust innovation 
and personalisation at the heart of all we do 
with the thomas cook business system we now 
have the methodology to further professionalise 
our business
after the ﬁrst 365 days of our transformation we 
have a clear strategy for proﬁtable growth we have 
momentum and we’re delivering against our targets
and this is just the start
t ransformation 
inspiring personal journeys october 12 november 12 december 12 january 13 february 13 march 13
thomas cook group plc  annual report  accounts 2013 2
transformation the ﬁrst 365 days
share price chart pence
overview our transformational milestones
the share price graph below shows some of our 
landmarks towards proﬁtable growth during the year 
landmarks towards 
proﬁtable growth
first thomas cook  
leadership council
code of conduct 
launched groupwide
launch of digital  
advisory board
peter fankhauser 
appointed as ceo uk 
and continental europe
capital markets day 
announcement of growth 
strategy and proﬁt 
improvement plans
04
sep
01
mar
13
mar
01
nov
feb
201 3 april 13 may 13 june 13 july 13 august 13 september 13
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170
160
150
140
130
120
110
100
90
80
70
60
50
40
30
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thomas cook group plc  annual report  accounts 2013 3
directors’ report
2
financial statements
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strategic report
1
first half underlying ebit 
on a likefor like basis 
improved by £587 million 
to £197 5 million
£58 7 m
“ d e s t ina t ion 
discovery” 
launched
launch of sunny 
heart brand
halfyear results  announcement 
of capital reﬁnancing plan
launch of the 
“every voice” employee 
engagement survey
03
sep
01
oct
16
may
may
201 3 thomas cook group plc  annual report  accounts 2013 4
transformation the ﬁrst 365 days
building on our  
strengths
we have a strong ﬁnancial plan in place
we have developed a strong ﬁnancial plan for 
proﬁtable growth from a solid base underpinned by
1  an improved ﬁnancial position following  
the recent recapitalisation
2  detailed “bottom up” plans owned  
by each of our businesses
3  embedded targets and kpis aligned  
with our external commitments
  the group has a mediumterm 
planning horizon supported by 
detailed ﬁnancial projections 
prepared and owned by 
each business
 
 the plan for each business is 
rigorously reviewed by group and 
segment management through 
a series of meetings to produce 
a robust result
  the group ﬁnancial plan is reviewed 
and approved by the board on an 
annual basis and updated regularly 
to reﬂect changes to projections as 
they arise
 
 the approved plan is fully aligned 
with externally communicated 
targets and kpis and with 
management’s objectives and 
remuneration schemes
we have a robust investment case
we have a compelling databacked investment case  
the delivery of which is speciﬁc and measurable
it is based on three key drivers
 proﬁtable growth supported by new product
 digital growth supported by innovation
 cost out and proﬁt improvement 
it is measured through speciﬁc targets as follows
we are one of the world’s leading leisure travel companies with operations in 
1 7 source markets our core business model is that of a tour operator sourcing 
holiday components by creating them ourselves or procuring them from third 
parties and selling them to consumers via online and offline channels we enjoy 
number one or number two positions by revenue in each of our core markets
overview at a glance
business model explained
on page 17
full ﬁnancial statements
from page 90
1
2
3
our targets and key performance indicators kpis for our 
transformation and proﬁtable growth strategy
fy12 
actual
fy13 
actual
fy14 
target
fy15 
target
targets
new product revenue na £94m  £300m £700m
web penetration
1
34 36 40 50
cost outproﬁt improvement 
cumulative runrate £60m £194m £340m £440m
kpis
sales cagr
2
na na  25 35
underlying gross margin improvement
3
na 08  12  15
underlying uk ebit margin 0 1 22 35 5
cash conversion
4
11  48  5 5  70
notes
1  measured on a last 12 months departed basis
2  compound annual growth rate from fy13 to fy15 including new product revenue
3  underlying gross margins adjusted for disposals and shop closures on a likeforlike basis
4   cash conversion deﬁned as net cash from operating activities less interest paid as a percentage 
of underlying ebitda thomas cook group plc  annual report  accounts 2013 5
directors’ report
2
financial statements
3
strategic report
1
our brand approach and values
we delight customers with trusted personalised holiday experiences through high tech and high touch
brand approach brand values
we have a new diverse and experienced executive committee
on 7 november 201 3 we announced the completion of the executive committee which is another step 
on our journey to further professionalise the group break down regional silos and realign leadership 
responsibilities to accelerate the delivery of our strategy for sustainable proﬁtable growth
executive committee diversity indicator
our people
building an effective organisation is central to our transformation and 
over the last year we have established and continue to secure the 
foundations of a culture and structure that will be able to execute and 
deliver our transformation effectively during the year we have focused 
on ensuring that we have the right people in the right roles focused on the 
right priorities we have identiﬁed and communicated new values ways 
of working and introduced a code of conduct across the group
trusted
trust consistency and a strong 
brand are the most important 
drivers of customer choice
innovative
we continue to enrich our 
online offer with leading digital 
innovations to improve 
conversion rates
personal
50 of travellers feel overwhelmed 
by the amount of information 
and choice when booking 66 
of travellers want help in choosing 
the right product for them
high tech high touch
70 of travellers want a 
relationship with their holiday 
provider that goes beyond just 
booking and paying for a trip 93 
of travellers either search for 
content online or express a 
preference for booking online 
if possible
our people expanded
on page 25
related case study
on page 46
related case study
on page 29
related case study
on page 15
related case study
on page 40
group ceo
harriet green
chief 
technology 
officer
tomasz 
smaczny
chief 
financial 
officer
michael healy
general 
counsel and 
ma
craig stoehr
chief digital 
officer
interim 
ece head 
supported 
by james 
sandford
chief 
operating 
officer
peter 
fankhauser
chief people 
officer
sandra 
campopiano
group head 
of air travel
christopher 
debus
5 british 
1 us 
1 swiss
1 german 
1 polish
5
countries
groupwide gender diversity
1 female 17900
2 male 7800
1
2  
 
 
 
revenue by segment 

Summary:
 thomas cook group plc  annual report  accounts 2013 8
transformation the ﬁrst 365 days
a year of positive 
change and  
signiﬁcant 
achievement
we have built a ﬁrm 
foundation and we believe 
the group has the potential 
to create signiﬁcant value 
in the future
overview chairman’s statement
dear shareholder
it is a real pleasure to report a year of positive change and signiﬁcant 
achievement a year when we have successfully delivered the ﬁrst year of 
our transformation and signiﬁcantly improved our ﬁnancial performance 
a year when we have developed and started to deliver against our strategy 
for proﬁtable growth a year when we have successfully strengthened our 
balance sheet with the completion of our £16 billion capital reﬁnancing 
plan and an ongoing range of internal disciplines 
these achievements are signiﬁcant by any standards and 201213 will be a 
year to remember in the history of this great company but this is just the start 
we have built a ﬁrm foundation from which we will continue to deliver against 
our targets and kpis as our strengthened management team under the 
leadership of harriet green continue to drive forward our transformation 
and implement our strategy for proﬁtable growth thomas cook group plc  annual report  accounts 2013 9
directors’ report
2
financial statements
3
strategic report
1
t ransformation and strategy for 
proﬁtable growth
our transformation has out of necessity 
challenging targets and against a range of 
measures we have exceeded our original 
expectations under the leadership of harriet 
green and her management team we have 
successfully reversed the negative trends of 
the past by improving the performance of 
the businesses improved cash ﬂow almost 
halved net debt taken signiﬁcant cost out 
of the business and increased the cost out 
targets for future years the considerable 
progress made in the ﬁrst half of the year 
enabled us to strengthen the balance sheet 
with the £16 billion capital reﬁnancing plan 
including extended maturities of our bank 
facilities we made disposals to focus on 
our core businesses conducted one of the 
most indepth surveys of travellers to provide 
valuable data to support the development of 
our strategy for proﬁtable growth which was 
presented to investors in march 201 3 and 
started to deliver against that strategy 
the uniﬁcation of our brands under one 
common symbol the sunny heart 
supported by our new brand values and our 
“one airline” approach are just two of many 
examples of how we are working together 
tearing down the walls across the segments 
and leveraging the combined power of 
the group the signiﬁcant progress made 
throughout the year has helped attract high 
calibre talent to many areas of the business 
to support and drive further progress against 
our targets 
corporate culture
a major feature in the transformation has 
been the development of groupwide 
values ways of working and standards 
combined within a code of conduct 
the code was developed by managers and 
employees across the group and sets out in 
clear language the standards of behaviour 
that are required by all of our employees 
wherever they may work the board fully 
recognises that an organisation’s culture is an 
important part of ensuring that our progress 
is sustainable and we have paid particular 
attention to the introduction and rollout 
of the code to ensure it is ﬁrmly embedded 
across the group the board is encouraged 
by the signiﬁcant progress that has been 
made in each aspect of the transformation  
it is however particularly pleasing to see 
evidence of a cultural shift having taken place 
with the silos of old broken down and our 
people working together as one group
building a stronger and more 
diverse board
we have strengthened the board with the 
addition of three independent nonexecutive 
directors in reviewing the construct of the 
board we aim to ensure we have high calibre 
individuals who possess the range of skills 
and experience that we need to ensure 
quality contribution to our decision making 
i am pleased that emre berkin joined the 
board in november 201 2 and carl symon and 
warren tucker in october 201 3 we welcome 
the breadth of skills and experience that they 
bring to our deliberations
roger burnell who has served the board 
well over the years most recently as 
senior independent director and chair 
of the remuneration committee has 
decided to retire at the agm in february 
201 4 he has served on the board of the 
company and prior to the merger in 2007  
mytravel group plc for a total period of 
just over 10 years i would like to thank 
roger for his contribution to the board and 
particularly for chairing the remuneration 
committee during a period of signiﬁcant 
change and improvement to our executive 
remuneration arrangements upon roger’s 
retirement carl symon will take on the 
role of senior independent director and 
warren tucker will become chair of the 
remuneration committee 
we strongly believe that diversity adds 
signiﬁcant value to the quality of discussion 
and decision making and we are pleased with 
the progress made by both the board and 
executive committee the board currently 
comprises three women and seven men 
of which six are based in the uk two in 
continental europe one in turkey and one 
in the us when looking for additional non
executive directors we will search in countries 
in which we have signiﬁcant operations to 
capture relevant local knowledge as well 
as a broad range of skills appropriate to our 
boardroom in my report on governance 
i give more detail on the progress we have 
made in respect of the effectiveness of 
the board and the action plan that we have 
in place to develop this further
our employees
the pace of change as we drive forward our 
transformation is made possible by the hard 
work and delivery by our management and 
employees on behalf of the board i would 
like to thank them for their signiﬁcant 
contribution in delivering a sustainable 
future for all our stakeholders
engaging with our important 
stakeholders 
our many stakeholders are important to our 
business and we appreciate their tremendous 
support and loyalty in recent years 
in addition to our shareholders i would like 
to thank the banks bondholders and our key 
regulators for their support before during 
and after executing our £16 billion capital 
reﬁnancing plan we will continue to engage 
with them as we deliver our transformation 
and strategy for proﬁtable growth we should 
also recognise our corporate advisors who 
have helped the board steer a steady course 
during the past few years
sustainable future
the board is delighted with the progress 
achieved to date which is reﬂected in the 
tenfold increase to our share price in the past 
year although we recognise there is much 
more to do as we implement our strategy for 
proﬁtable growth the board is conﬁdent of a 
sustainable future as our management across 
the group under the leadership of harriet 
green and her executive team continue to 
build on our ﬁrm foundations and deliver 
beyond the targets we have set for 201 5 
through using the thomas cook business 
system to further improve the group the 
board believes that the group has the 
potential to create signiﬁcant shareholder 
value in the future 
frank meysman
chairman
27 november 201 3