Thomas Cook Regulatory News (TCG)

10 Apr 2008 07:01

Thomas Cook Group PLC10 April 2008 10 April 2008 Thomas Cook Group plc Annual General Meeting statement Thomas Cook Group plc announces that at its Annual General Meeting today, itwill give the following update: Overall, as the Group enters its close period, the Board is confident that thebusiness will meet its expectations for the current financial year. Group Chief Executive's comment Manny Fontenla-Novoa, Group Chief Executive, Thomas Cook Group plc said: "Todaywe are marking the first year of Thomas Cook Group plc at our inaugural AnnualGeneral Meeting, a year in which significant progress has been made. We havesuccessfully and swiftly integrated our predecessor businesses, reportedincreased profits for 2006/07, entered the FTSE 100 index and made a number ofkey strategic acquisitions. Over the past twelve months we have laid strongfoundations for future growth. I am satisfied with our current trading and amconfident in our strategy to grow the business." Winter 07/08Year on year pro forma variation % Average selling price Bookings CapacityUK +1 -5 -5Northern Europe +8 +7 +7Continental Europe +4 -3 -North America -4 -2 -1 Note: Figures above are as at 5/6 April 2008. The figures above for UK, NorthernEurope and North America represent Risk bookings only. In Continental Europe,all bookings are included. Winter performance has been in line with our expectations and summer tradingcontinues to go well. As planned, UK capacity is now 5% below last year and bookings are in line withcapacity, down 5%. Average selling prices and margins continue to be ahead ofthe prior year. Northern Europe has enjoyed a very good winter season, with bookings up 7% on 7%more capacity and 8% higher average selling prices. In Continental Europe, the winter season has been satisfactory with bookingsdown 3% but average selling prices up 4%. North America winter trading is broadly in line with the position described on30 January. The booked seat load factor in Airlines Germany for winter is 3% ahead of theprior year. Summer 08Year on year pro forma variation % Average selling price Bookings CapacityUK +2 -3 -10Northern Europe +8 +12 +2Continental Europe +2 +4 -North America - -2 +2 Note: Figures above are as at 5/6 April 2008. The figures above for UK, NorthernEurope and North America represent Risk bookings only. In Continental Europe,all bookings are included. Trading for Summer 2008 has been strong in our main markets and we are set toenter the season in a very good position. In the UK, capacity is currently 10%lower. We currently have 19% fewer holidays to sell than at this time last year,which should stand us in good stead in the lates market. We are particularlyencouraged by our much lower level of stock left to sell in short haul and longhaul. Average selling prices are currently 2% ahead. Year on year pro forma variation % Left to sell CapacityShort haul -34 -23Medium haul -11 -3Long haul* -27 -12UK total -19 -10 Northern Europe summer 2008 trading has continued well, with bookings currently12% ahead year on year on capacity up only 2%. Average selling prices are 8%ahead. In Continental Europe, we are comfortable with summer 2008 trading. Totalbookings are up 4% with average selling prices now 2% higher year on year. North America summer 2008 trading is also satisfactory. Airlines Germany capacity overall is 9% lower, with the largest reduction theresult of eliminating unprofitable city routes. The booked load factor is up 1%. Fuel and foreign currency To manage fuel and foreign exchange rate volatility, it is our policy to hedgefuel requirements 18-24 months prior to the respective season and foreigncurrency trading requirements prior to the season as well. We continue to becomfortable with our hedged position for the current financial year. Acquisitions The Group has made three significant acquisitions since reporting its annualresults on 30 January: • Supporting its strategy of entering the fast-growing emerging marketsby acquiring the majority of Thomas Cook India Limited, 100% of Thomas Cookbranded businesses in Egypt and licences for the Thomas Cook brand in 15 MiddleEast countries (7 March). • The acquisition of Hotels4U.com Limited to strengthen its position inthe independent travel market (14 February). • The acquisition of Elegant Resorts Ltd, the number one UK-based luxurytravel company (7 April). Share buy-back programme Having obtained approval for the €375 million share buy-back programme at theExtraordinary General Meeting on 10 March, the Group has so far purchased atotal of 15,116,000 shares for cancellation, at a total cost of £43.4 millionexcluding commission (as at the close of business on 9 April). Forthcoming announcements As previously announced, in view of the change of year end to 30 September 2008,on 15 May the Group will issue pro forma figures for the six months to 31 March2007 and 12 months to 30 September 2007, together with results for the fivemonths to 31 March 2008. Results for the six months to 30 April 2008 will beannounced on 17 June. Enquiries:Thomas Cook Group plc Today +44 (0) 20 7404 5959 Thereafter +44 (0) 1706 746464Manny Fontenla Novoa Chief ExecutiveLudger Heuberg Chief Financial OfficerSteven Olivant Investor Relations Director Brunswick +44 (0) 20 7404 5959Fiona AntcliffeAnita KidgellSophie Brand For Investors and analysts: Thomas Cook management will host a conference call for analysts and investors at0900 BST on Thursday 10 April. To participate, please use the following dial-innumber: +44 (0) 1452 541 076 (password: Thomas Cook). A replay of the call will be available for up to 7 days on the followingnumber: +44 (0) 1452 55 00 00. The access code for the replay facility is42913219#. This information is provided by RNS The company news service from the London Stock Exchange