Tui Ag · XETR:TUI1
Tui — H1 2016/17 Earnings Presentation
64 slides from Tui's earnings presentation, June 2017
Slide 1: TUI Group Investor Presentation June 2017
TUI Group Investor Presentation June 2017
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation contains a number of statements related to the future development of TUI. These statements are based both on assumptions and estimates. Although we are convinced that these future-related statements are realistic, we cannot guarantee them, for our assumpt
Slide 3: Agenda
1 2 3 Overview & Business Investing in Financing Growth & Model Transformational Outlook Growth 4 5 H1 2016/17 Results Appendix – 2015/16 & H1 206/17 Results and Factbook 3 TUI GROUP | Investor Presentation | June 2017
Slide 4: Opening Remarks
Opening Remarks Good overall performance Delivering our transformation, Successful migration to in H1 with significant growth in hotel one brand continues and cruise profits More relevant to more Proven resilience of the Reiterate our guidance customers – growth in integrated model and of at least 1
Slide 5: The world's leading integrated tourism business based on own hotels and cruise brands
The world’s leading integrated tourism business based on own hotels and cruise brands Control over content – Growth is de-risked through hotels and cruises – is key our strong distribution to achieving differentiation capability from the competition and to and our direct customer delivering growth r
Slide 6: TUI Group – A clear structure to deliver growth and value
TUI Group – A clear structure to deliver growth and value TOURISM MARKETING & SALES HOTELS & RESORTS CRUISES IN SOURCE MARKETS Tour operator Hotelportfolio Cruise ship fleet • Travel Agencies • 324 hotels • 14 cruise ships across 3 brands3 • Internet Portals • 215,600 beds • TUI Cruises, Hapag-Lloyd
Slide 7: TUI Group – Our Transformation
TUI Group – Our Transformation WHERE • Strong heritage as WHAT • End to end customer experience WE HAVE trading companies WE ARE across the value chain • Based on loose federation • Integrated decision making and COME FROM of tour operators DELIVERING global scale based on six common • High level of
Slide 8: Investing in Transformational Growth
Investing in Transformational Growth 8 TUI GROUP | Investor Presentation | June 2017
Slide 9: What we are delivering
What we are delivering Hotel Cruise Growth Growth THE TUI TRANSFORMATION Efficiencies Digital Transformation One Brand THE WORLD’S LEADING INTEGRATED TOURISM BUSINESS BASED ON OWN HOTEL AND CRUISE BRANDS 9 TUI GROUP | Investor Presentation | June 2017
Slide 10: Cruise Growth
Cruise Growth Focused on developing our position in Europe and in luxury/expedition cruising TURNOVER €M • TUI Cruises - three new additions FY14 381 317 281 since merger FY15 614 374 273 • Modernisation of Thomson Cruises underway FY16 807 406 297 • Turnaround of Hapag-Lloyd Cruises PAX K now compl
Slide 11: Cruise – Growth Roadmap
Cruise – Growth Roadmap GROWTH ROADMAP 2017-2019 3 new builds 2 further ships 2 new builds invested within JV ~€200m per ship ~€145m per ship CONTRIBUTION TO ~€25m-€30m per ~€25m per new ~€15m per new UND. EBITA new ship* ship** expedition ship STRONG ROIC OF 21.3%*** SIGNIFICANTLY AHEAD OF SEGMENTA
Slide 12: Cruise Ships & Aircraft Finance
Cruise Ships & Aircraft Finance CRUISE SHIPS AIRCRAFT Cruise Fleet By Ownership Structure Aircraft Fleet By Ownership Structure as at 30/9/2016 as at 30/9/2016 Owned Finance Operating Owned Finance Operating Cruise Brand Lease Lease Total Structure Lease Lease (FV) Total TUI Cruises (JV) 5 - - 5 # o
Slide 13: Hotel Growth since Merger
Hotel Growth since Merger Non-risk (Managed) Risk (Owned/Joint Venture/Leased) Croatia Greece Rhodes Dublin Berlin Cyprus New York Ibiza Italy Portugal Bulgaria Dom Rep Djerba Tenerife Turkey Jamaica Aruba St. Lucia Maldives Sri Lanka Mauritius • 27 group hotels additions plus further re-positioings
Slide 14: Hotels – Growth Roadmap
Hotels – Growth Roadmap GROWTH ROADMAP 2017-2019 STRUCTURE CONTRIBUTION TO UND. EBITA ++ Indicative split of future growth • Ownership/JV in high Owned capex by destination Season duration growth regions, where Range of earnings there is scarcity of supply Year-Round Managed • Management Range of ea
Slide 15: Integrated model delivers around 50% of earnings from content
Integrated model enables us to deliver around 50% of earnings from content OUR CONTENT BUSINESSES CONTENT BUSINESSES1 MIX €495m ARE LESS SEASONAL Hotels Q1 Q2 Q3 Q4 FY16 Source Markets, Destination Content Businesses Underlying EBITA FY16 Services Group Underlying EBITA FY16 €1,001m & All Other Crui
Slide 16: Investment in IT and Digital Transformation
Investment in IT and Digital Transformation KEY PROJECTS FEATURES ROADMAP A rich, immersive • Holiday search & book • Common platform live in all Source “TUI APP” experience at the heart • Holiday information & Markets except Germany, which will of our mobile vision ancillary booking be rolled out i
Slide 17: One Brand
One Brand GROWTH Renaming offers opportunity OPERATIONAL Operational efficiency POTENTIAL to reposition EFFICIENCY by optimising content and marketing production 360° End to end consistent COMPETITIVE- Competitive strength against EXPERIENCE customer experience NESS global platforms including media
Slide 18: Efficiencies
Efficiencies ONE AVIATION Central platform • One central organisation across • Maintenance – One engineering for local airlines five AOCs & maintenance function • Purchasing & Finance – one • Interoperability among fleet procurement organisation, and crew leveraging scale on all contracts DESTINATIO
Slide 19: Delivering growth in Germany
Delivering growth in Germany • Germany has the DNA to be a successful market; Large population with affluent demographics, TUI voted Germany’s most trusted travel brand1, with high average customer spend • Significant overcapacity in German aviation market – we intend to address this with our Joint
Slide 20: Financing Growth & Outlook
Financing Growth & Outlook 20 TUI GROUP | Investor Presentation | June 2017
Slide 21: Financing Growth & Mechanics of Transformation
Financing Growth & Mechanics of Transformation DISPOSAL PROCEEDS & REINVESTMENT EARNINGS TRANSFORMATION FY16 TO FY20* + Travelopia ~40-45 hotels + Hapag-Lloyd AG contributing ~€2m per new hotel ~€600m ~€90m Additional top up payment September 2016 €1.1bn €11m Discovery 2 €174m ~€25- Expedition ships
Slide 22: Investing in Transformational Growth
Investing in Transformational Growth DISPOSALS CAPEX + Travelopia + Hapag-Lloyd AG ~€1.0bn xx ~€0.8bn €0.6bn Hotelbeds €1.1bn Normalised capex ~3.5% of Revenue Hotels ~40% Cruises ~20% IT ~20% Other ~20% Consideration Consideration net of FY16 FY17 FY18 and FY19 costs * Guidance excludes aircraft or
Slide 23: Financial Targets
Financial Targets • Current corporate credit ratings “BB” from S&P and “Ba2” from Moody’s Upgraded by S&P from “BB-” in February 2017 and upgraded by Moody’s from “Ba3” in April 2016 • We are committed to improving our credit metrics, therefore we are setting new financial targets for 2016/17 as fol
Slide 24: Committed to an Attractive Dividend Payout
Committed to an Attractive Dividend Payout DIVIDEND PER SHARE (IN €C) DIVIDEND PAYOUTS (IN €M)** 63 cents 370 Merger 6 329 7 Based on 56 cents underlying earnings 5 growth 7 Additional 4 10%* 95 Base 38 58 51 2012/13 2013/14 2014/15 2015/16 45 We are committed to delivering a growth strategy which w
Slide 25: Growth Roadmap - Summary
Growth Roadmap - Summary At least 10%* DRIVERS WHAT IMPACT?* BY WHEN? underlying EBITA CAGR to 2018/19 GROWTH IN OUR • ~40-45 further openings in • ~€2m und. EBITA per hotel** • End of 2018/19 HOTEL & CRUISE Group hotels Earnings dilution from BRANDS • TUI Cruises - 3 new ships • ~€25-30m share EAT
Slide 26: Outlook 2016/17
Outlook 2016/17* – Continuing Operations Basis Metric 2015/16 2016/17e Turnover €17,185m ~3% growth Underlying EBITA €1,001m At least 10% growth ~€100m Adjustments €102m (increased from ~€80m) ~€140m Net Interest €180m (reduced from ~€160m) Net Capex & Investments** €642m ~€1bn Net Cash/Debt €32m ne
Slide 27: Summary
Summary 1 At constant currency rates and based on current Group structure The Group has delivered Summer 2017 continues Continuing to deliver our a good H1 overall to trade in line with our expectations transformation, focussed on growth of own hotel and cruise brands and driving further value from
Slide 28: H1 2016/17 Results
H1 2016/17 Results 28 TUI GROUP | Investor Presentation | June 2017
Slide 29: H1 Review
H1 Review • Good overall performance in H1 driven by growth in Hotels & Resorts and Cruises UNDERLYING • Further merger synergies of TURNOVER €6.4bn EBITA €-214.3m €10m achieved in the half • Current trading for Summer 2017 in +3.3% / -3.8% / line with our expectations +8.2%1 +6.3%2 • Improved worki
Slide 30: TUI Group Underlying EBITA Bridge H1 2016/17
TUI Group Underlying EBITA Bridge H1 2016/17 in €m -206 -193 €37m -214 -237 10 2 -24 25 31 -38 17 H1 15/16 Restatement H1 15/16 Underlying Merger Aircraft TUI fly H1 16/17 Easter timing FX H1 16/17 for Continuing Trading Synergies Financing sickness Continuing translation Continuing Discontinued Ops
Slide 31: Hotels & Resorts
Hotels & Resorts TURNOVER AND EARNINGS (€M) BRIDGE UNDERLYING EBITA (€M) 5 3 -3 -9 H1 H1 -3 % 34 16/17 15/16 12 Turnover 300.0 266.0 12.8 135 123 Underlying 122.8 96.0 27.9 84 96 EBITA o/w Equity 42.8 30.8 39.0 results H1 15/16 Reclassificati H1 15/16 RIU Robinson Blue Other H1 16/17 Easter FX H1 16
Slide 32: Hotel Openings & Pipeline
Hotel Openings & Pipeline OCT 2016 MAY 2017 DEC 2017 Opened Nov 2016 2 Hotels, 1 Resort, Opened March 2017 Opened Nov 2016 Openings calendar H2 Openings calendar H2 Blue Diamond Blue Diamond RIU Reggae Royalton & TUI Blue Jadran Riu Dunamar Royalton Blue Jamaica Hideaway Negril Croatia Mexico Waters
Slide 33: Cruises
Cruises TURNOVER AND EARNINGS (€M) BRIDGE UNDERLYING EBITA (€M) H1 H1 5 -3 % 16 16/17 15/16 8 Turnover 345.9 308.9 12.0 9 78 75 Memo: 49 TUI Cruises Turnover 458.8 364.2 26.0 40 Underlying EBITA 75.0 49.3 52.1 H1 15/16 Reclassification H1 15/16 TUI Thomson HL Cruises H1 16/17 FX H1 16/17 o/w EAT TUI
Slide 34: Cruise additions and pipeline
Cruise additions and pipeline Mein Schiff 6 New New TUI Discovery 2 Currently MS1 Currently MS2 Hanseatic Hanseatic Mein Schiff 1 Mein Schiff 2 (TUI Explorer) (Name TBC) Nature Inspiration 2,534 2,894 2,894 1,832 1,924 1,912 230 230 BERTHS BERTHS BERTHS BERTHS BERTHS BERTHS BERTHS BERTHS Wholly owne
Slide 35: Source Markets – Sales & Marketing
Source Markets – Sales & Marketing TURNOVER AND EARNINGS (€M) BRIDGE UNDERLYING EBITA (€M) H1 H1 % 16/17 15/16 -287 -307 -379 -384 Turnover 5,374.9 5,261.0 2.2 Underlying EBITA -383.9 -307.2 -25.0 -20 -21 -5 -22 -24 -29 24 H1 15/16 Carve out H1 15/16 Northern Central Western TUIfly H1 16/17 Easter F
Slide 36: Source Markets – Strength in direct Distribution and Customer Relationships
Source Markets – Sales & Marketing Strength in direct Distribution and Customer Relationships • Balanced portfolio of source markets BALANCED PORTFOLIO MORE DIRECT, MORE ONLINE de-risks our business FY16 Customer Numbers (m) 73% • Strong direct and online UK 68% FY14 distribution channels Germany 47
Slide 37: Current Trading – Summer 2017
Current Trading – Summer 2017 HOTELS & • Two new TUI Blue hotel openings (Italy and Croatia) RESORTS • Subdued demand for Turkey and North Africa continue to be offset by the popularity of Spain, Canaries, Greece and Caribbean CRUISES • Newly built Mein Schiff 6 was launched in June; demand for crui
Slide 38: Delivering the TUI Transformation
Delivering the TUI Transformation Merger complete + synergies delivered (end FY17) Integrated decision making + global scale based on common platforms (Brand, IT, Airline, Hotels, Cruises & Destination The world’s leading integrated Services) tourism business based on own hotel and cruise brands Dis
Slide 39: Income Statement
Income Statement In €m H1 16/17 H1 15/16 Turnover 6,382.4 6,178.7 ADJUSTMENTS €38M Consisting of €22m SDIs and €15m PPAs Underlying EBITA -214.3 -206.4 Full year expected to be ~€100m due to earlier recognition of Transat integration costs Adjustments (SDI's and PPA) -37.6 -34.5 EBITA -251.9 -240.9
Slide 40: Cash Flow
Cash Flow In €m H1 16/17 H1 15/16* EBITA reported** -251.9 -240.9 Depreciation** 199.6 187.7 Working capital -73.3 -373.4 IMPROVEMENT IN WORKING CAPITAL +€0.3bn Other cash effects 48.6 105.6 Improved seasonality in working capital following the disposal of Hotelbeds as we continue to deliver on our
Slide 41: Delivering the TUI Transformation – Financial Discipline
Delivering the TUI Transformation – Financial Discipline Business balanced through markets and destinations Further de-risked through portfolio ownership structure JV partners provide expertise; require less invested capital on a Creating value and consolidated basis; delivering cash delivering supe
Slide 42: Appendix
Appendix 42 TUI GROUP | Investor Presentation | June 2017
Slide 43: 2015/16 Restated Turnover by Quarter
2015/16 Restated Turnover by Quarter (excludes Intra-Group Turnover)* In €m Q1 2015/16 Q2 2015/16 Q3 2015/16 Q4 2015/16 FY 2015/16 Northern Region 1,188.2 1,170.1 1,661.7 2,575.0 6,595.0 Central Region 1,089.4 897.7 1,346.4 2,229.4 5,562.9 Western Region 486.9 428.7 734.6 1,219.7 2,869.9 Source Mark
Slide 44: 2015/16 Restated Underlying EBITA by Quarter
2015/16 Restated Underlying EBITA by Quarter* In €m Q1 2015/16 Q2 2015/16 Q3 2015/16 Q4 2015/16 FY 2015/16 Northern Region -42.8 -78.1 71.9 432.1 383.1 Central Region -27.0 -83.6 3.5 192.2 85.1 Western Region -27.7 -48.0 -6.4 168.2 86.1 Source Markets -97.5 -209.7 69.0 792.5 554.3 Riu 59.2 94.4 64.6
Slide 45: 2016/17 H1 Turnover by Segment
2016/17 H1 Turnover by Segment (excludes Intra-Group Turnover)* In €m H1 16/17 H1 15/16 Change FX Change ex FX Northern Region 2,232.9 2,358.3 -125.3 -266.2 140.9 Central Region 2,028.0 1,987.1 40.9 0.5 40.4 Western Region 1,114.0 915.6 198.3 0.2 198.1 Source Markets 5,374.9 5,261.0 113.9 -265.5 379
Slide 46: 2016/17 H1 Underlying EBITA by Segment
2016/17 H1 Underlying EBITA by Segment* In €m H1 16/17 H1 15/16 Change FX Change ex FX Northern Region -138.0 -120.9 -17.1 23.9 -41.0 Central Region -143.7 -110.6 -33.1 -0.1 -33.0 Western Region -102.2 -75.7 -26.5 - -26.5 Source Markets -383.9 -307.2 -76.7 23.8 -100.5 Riu 175.2 153.6 21.6 -4.9 26.5
Slide 47: Hotels & Resorts KPIs H1 2016/17
Hotels & Resorts KPIs H1 2016/17 CAPACITY1 REVENUE/BED2 OCCUPANCY3 UNDERLY. EBITA4 y-o-y (%) (`00 y-o-y (%) (€) y-o-y (ppts) (%) y-o-y (€m) (€m) 0) Flat 8,383 7 69.3 1 88 22 175 2 1,167 3 93.2 -1 62 5 1 OTHER Flat -53 TUI H&R 2 14,288 5 64.7 -1 75 27 123 1 Group owned or leased hotel beds multiplied
Slide 48: Cruises KPIs H1 2016/17
Cruises KPIs H1 2016/17 PASSENGER CRUISE DAYS AVERAGE DAILY RATE OCCUPANCY UNDERLY. EBITA y-o-y (%) (`00 y-o-y (%) (€) y-o-y (ppts) (%) y-o-y (€m) (€m) 0) 24 2,032 Flat 147 -1 100 8 38* 28 1,090 9 161** 2 100 12 22 -2 164 6 595 5 15 -1 74 * Equity result **Inclusive of transfers, flights and hotel c
Slide 49: Source Markets KPIs H1 2016/17
Source Markets KPIs H1 2016/17 CUSTOMERS DIRECT DISTRIBUTION ONLINE UNDERLY. EBITA y-o-y (%) (`000) y-o-y (ppts) (%) y-o-y (ppts) (%) y-o-y (€m) (€m) 5 2,363 Flat 90 4 63 -138 Northern Region* -17 Central Region -3 2,146 2 47 3 17 -33 -144 -€24m relates to TUI fly sickness Western Region* 10 1,835 3
Slide 50: Hotels & Resorts RIU – Key figures 2015/16
Hotels & Resorts RIU – Key figures 2015/16 Riu 100%-view* Total o/w RIUSA II o/w Riu Hotels Riu in TUI accounts (fully consolidated) (consolidated at equity) Turnover 1,112 796 316 796 Underlying EBITA 405 273.5 131 318.3 EBITA-Margin 36% EAT 314 221 93 o/w EAT to TUI (50%) 156 111 44.8 156 ROIC (in
Slide 51: Hotels & Resorts RIU Portfolio
Hotels & Resorts RIU Portfolio 64% WESTERN MED.: Germany EASTERN MED.: 100% 33 HOTELS 2 HOTELS 18% 9% 9% M O L F Ireland M O L F Bulgaria Portugal Turkey USA Spain Bahamas Mexico St. Martin Jamaica Dom. Rep. Sri Lanka Costa Rica Cape Verde Panama Morocco Mauritius CARIBBEAN: Aruba 38 HOTELS NORTH AF
Slide 52: Hotels & Resorts Robinson – Key figures 2015/16
Hotels & Resorts Robinson – Key figures 2015/16 ROBINSON IN TUI ACCOUNTS* 15/16 14/15 Turnover 194 192 Underlying EBITA 39 42 EBITA-Margin 20% 22% EAT (100% TUI) 15 12 ROIC 13% 14% Robinson Club Maldives HOTEL BEDS BY REGION (%) FINANCING STRUCTURE (%) 18% 17% 29% Western Med. 25% Management Total N
Slide 53: Hotels & Resorts Robinson Portfolio
Hotels & Resorts Robinson Portfolio Austria Germany Greece Switzerland WESTERN MED.: Turkey 6 CLUBS 100% Portugal Spain Italy 72% EASTERN MED.: 7 CLUBS M O L F 14% 14% Morocco M O L F Tunisia Egypt Maldives OTHER: 8 CLUBS NORTH AFRICA: 3 CLUBS 50% 33% 33% 33% 25% 25% M O L F M O L F M = Management;
Slide 54: Hotels & Resorts Blue Diamond – Key Figures 2015/16
Hotels & Resorts Blue Diamond – Key Figures 2015/16 (€M) HOTEL LOCATIONS Blue Diamond Total 100% view 2 Cuba Turnover 312 3 Jamaica 21 EBITA 51 1 Bahamas Hotels EBITA margin 16% 1 Dom Rep 14 EAT 34 Mexico o/w EAT to TUI (49%) 17 CAPACITY & OCCUPANCY FINANCING STRUCTURE (%) Var % ppts Abs. 5% Bed Nig
Slide 55: Cruises TUI Cruises - Key Figures 2015/16 – 100% View
Cruises TUI Cruises - Key Figures 2015/16 – 100% View TUI Cruises 100%* 15/16 14/15 % Turnover 807 614 31 % Underlying EBITA 227 156 4% EBITA-Margin 28% 25% EAT (100% TUI) 200 136 47 % o/w TUI EAT (50%) 100 68 47 % ROIC 9% 10% ROE 36% 26% *unaudited figures 55 TUI GROUP | Investor Presentation | Jun
Slide 56: Cruises Thomson Cruises - Key Figures 2015/16
Cruises Thomson Cruises - Key Figures 2015/16 Turnover and Earnings (€m) FY16 Turnover 406 OWNERSHIP 100% Underlying EBITA 61 INTEGRATION • Within Thomson Passenger cruise days (‘000) 2,081 (UK Source Market) Occupancy (%) 100.6 • ~100% Thomson Airways Average rate (€) 161 PRODUCT • UK leader in fly
Slide 57: Cruises TUI Cruises Fleet
Cruises TUI Cruises Fleet Mein Mein Mein Mein Mein Mein New Mein Schiff New Mein Schiff Schiff 1* Schiff 2* Schiff 3 Schiff 4 Schiff 5 Schiff 6 1 2 1,924 1,912 2,506 2,506 2,534 2,534 2,894 2,894 BERTHS BERTHS BERTHS BERTHS BERTHS BERTHS BERTHS BERTHS Wholly owned Wholly owned Wholly owned Wholly ow
Slide 58: Cruises Hapag-Lloyd Cruises Fleet
Cruises Hapag-Lloyd Cruises Fleet Europa Europa 2 Bremen Hanseatic Hanseatic Hanseatic Nature Inspiration 4081 5161 155 175 230 230 BERTHS BERTHS BERTHS BERTHS BERTHS BERTHS Wholly owned Wholly owned Wholly owned Bare- Wholly owned Wholly owned OPERATING MODEL OPERATING MODEL OPERATING MODEL boatcha
Slide 59: Cruises Thomson Cruises fleet
Cruises Thomson Cruises fleet Thomson Thomson Dream Thomson Thomson TUI Discovery TUI Discovery 2 Currently Mein Currently Mein Celebration Majesty Spirit Schiff 1 (TUI Explorer- 2018) Schiff 2(TBC- 2019) 1,262 1,533 1,462 1,254 1,830 1,832 1,924 1,912 BERTHS BERTHS BERTHS BERTHS BERTHS BERTHS BERTH
Slide 60: Aircraft Commitments by Financing Type
Aircraft Commitments by Financing Type Operating Lease* Finance Lease Owned Total As at 30 September 2016 125 16 8 149 Order book financing - - - - External Lessor deliveries 1 - - 1 External Lessor Returns (1) - - (1) As at 31 March 2017 125 16 8 149 * Includes aircraft leased from and operated on
Slide 61: Aircraft order book deliveries – FY 2017 to FY 2021
Aircraft order book deliveries – FY 2017 to FY 2021 16/17 17/18 18/19 19/20 20/21 B737 NG - - - - - B737-MAX - 5 18 18 12 B787-8 - - - - - B787-9 1 2 - 2 - Firm order book deliveries 2017-2021 1 7 18 20 12 Financial Years (FY) ending 30 September; figures correct as at 31 March 2017 In addition to t
Slide 62: Key Sources of Funding March 2017
Key Sources of Funding 31 March 2017 Interest % Instrument Issue Maturity Amount €m p.a.* Revolving Credit Facility Sep 14 Dec 20 1,750** E/L +1.40 Senior Notes Oct 16 Oct 21 300 2.125 Finance leases Various Various 1,230 Various *Upgrade of our rating by S&P has reduced our RCF interest margin from
Slide 63: Financial Calendar 2017
Financial Calendar 2017 10 August 2017 28 September 2017 13 December 2017 9M 2016/17 PRE-CLOSE TRADING ANNUAL REPORT REPORT UPDATE FOR FINANCIAL YEAR 2016/17 63 TUI GROUP | Investor Presentation | June 2017
Slide 64: Contact
Contact Contacts for Analysts and Investors in UK, Ireland and Americas Sarah Coomes, Head of Investor Relations Tel: +44 (0)1293 645 827 Hazel Chung, Investor Relations Manager Tel: +44 (0)1293 645 823 Contacts for Analysts and Investors in Continental Europe, Middle East and Asia Nicola Gehrt, Hea