Fosun : après le Club Med, le géant chinois annonce son alliance avec Thomas Cook

Thomas Cook Group/Fosun

Informations

• Publié par: Fil_Economie
• Publié le: 06 mars 2015
• Nombre de lectures: 502
• Langue: English

Extrait

Strategic Partnership between Thomas Cook & Fosun International Investor and analyst presentation

6 March 2015

A strategic partnership for profitable growth

Objectives

Opportunities

Investment

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Build international cooperation between Thomas Cook and Fosun “uppoƌt Thoŵas Cook’s edžistiŶg pƌofitaďle gƌoǁth stƌategLJ to ŵutual ďeŶefit Create new growth opportunities

Establish hotel investment partnership to support development of Concept hotels Collaborate withFosuŶ’sother tourism investments (e.g. in France) Partner with Fosun to capture value from the fast growing Chinese tourism market

Fosun to invest £91.8 million to acquire new shares representing 5% of Thomas Cook, and intends to purchase up to an additional 5% in the open market over time PƌoĐeeds suppoƌt gƌoǁth iŶitiatiǀes aŶd fuƌtheƌ stƌeŶgtheŶ Thoŵas Cook’s fiŶaŶĐial position

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Fosun International

• Leading investment group in China

• Founded in 1992 and headquartered in Shanghai

• Listed on the Hong Kong Stock Exchange in 2007; market cap. of £7 billion

• Fouƌ ͞gƌoǁth eŶgiŶes͟ ofIndustrial Operations, Insurance, InvestmentsandAsset Management

Total assets distribution

Industrial Operations

Insurance

Investment

͞CoŵďiŶiŶg ChiŶa’s Growth MoŵeŶtuŵ with Gloďal ResourĐes͟

• Fosun took stake in 2010, and acquired the company in February 2015 • Rapid growth in China–Ŷoǁ Cluď Med’s second largest market

• CIT“ is ChiŶa’s laƌgest tƌaǀel ageŶĐLJ, #ϭ iŶ inbound and outbound markets •’ Fosun is CITS s largest private shareholder

• In partnership to develop an Atlantis resort in Hainan province

Source: Fosun 2014 interim results. Note: As ǁell as the tƌaǀel aŶd leisuƌe seĐtoƌ, FosuŶ’s IŶǀestŵeŶts diǀisioŶ Đoŵpƌises holdiŶgs iŶ the ƌetail, ŵedia, manufacturing and finance sectors. Total assets of RMB 313 billion as at 30 June 2014.

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The vision for a hotel investment partnership

Thoŵas Cook’s existiŶg Concept hotel portfolio

• 220 hotels • 150 added in last two years • 16 destination countries • 5 brands

Exclusive Differentiated Higher margin

Accelerate development through partnership

Partnership model

Benefits to Thomas Cook

• Establish a mutually-beneficial hotel investment fund to support our concept hotels • Fosun provides investment and development resources • Thomas Cook provides hotel management expertise and sales channels

• Supports improvement and expansion of Concept hotel portfolio • Consolidated hotel ownership • Tighter management control

• More higher margin exclusive product • More funds for further hotel investment

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Opportunity to collaborate with other travel and leisure ďusiŶesses iŶ FosuŶ’s iŶǀestŵeŶt poƌtfolio

• Leverage Thomas Cook’s ƌetail distribution network (on and offline) • Other possible procurement and product efficiencies • Expand offer for Chinese guests into Russia though Intourist • Expand use of CITS as inbound operator foƌ Thoŵas Cook’s clients visiting China

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Opportunity to create value from the fast-growing Chinese tourism market over the medium term

China domestic

• Offer a leisure hotel brand for Chinese clients on domestic holidays • Jointly develop concept hotel brands tailored to the Chinese market

• Build up iŶĐoŵiŶg pƌoduĐt foƌ ChiŶese guests ĐoŵiŶg to Euƌope, ďased oŶ Thoŵas Cook’s China existing platform in Spain outbound • Explore opportunities together with Fosun for a China outbound tour operating JV CoŵďiŶe Thoŵas Cook’s deep experieŶĐe iŶ leisure traǀel aŶd ďraŶd heritage ǁith FosuŶ’s loĐal market knowledge, operational resources and real estate development skills & competencies

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Summary: benefits of the strategic partnership

New long-term strategic investor

Accelerate the execution of our existing strategy and create new growth potential

New investment funds growth initiatives and further strengthens our financial position

Partner of choice: Fosun has a long track record of successful investments

͞AŶ iŶterŶatioŶal Đo-operation for further profitaďle groǁth͟

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Q & A

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Appendix

New share placing mechanics

Capital increase

• ϳϯ.ϭŵ Ŷeǁ shaƌes eƋuiǀaleŶt to ϱ.Ϭ% of Thoŵas Cook’s edžistiŶg shaƌe Đapital ǁill ďe issued, ƌepƌeseŶtiŶg ϰ.ϴ% of Thoŵas Cook’s edžpaŶded shaƌe Đapital • The new shares will be issued and subscribed by Fosun via a private placement

• Subscription price Newly issued shares will be subscribed for by Fosun at a price of 125.59p th • Equivalent to 30 day volume weighted average price as of 5 March 2015 • Generates gross proceeds of £91.8m for Thomas Cook

Fosun holding

• IŵŵediatelLJ afteƌ the plaĐiŶg, FosuŶ ǁill hold ϰ.ϴ% of TC’s issued shaƌe Đapital • Fosun intends to purchase further shares in the open market, in order to increase its stake in Thomas Cook to c. 10% over time

Foreign ownership To facilitate Fosun's investment, the threshold for non-EEA ownership of Thomas Cook • will be raised to 45% • New shares will be subscribed for by Fidelidade-Companhia de Seguros, S.A., a suďsidiaƌLJ of FosuŶ aŶd Poƌtugal’s laƌgest iŶsuƌaŶĐe ĐoŵpaŶLJ

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Chinese tourism market opportunity

• ChiŶa is the ǁoƌld’s laƌgest outďouŶd ŵaƌket ǁith a total expenditure of US$129bn in 2013 • Total outbound expenditure grew by 17% in first three quarters of 2014 • The total number of trips abroad from China was estimated to be 107m in 2014, up 20% year-on-year • Domestic tourism growth of 10% p.a. over the last decade–now over 4% of GDP Chinese outbound tourism Outbound tourists (million) 120 107 98 100 660 4 2 83 0 58 6 4 80 2 70 0 48 6 4 2 0 57 38 6 60 4 2 48 0 46 28 6 41 4 2 0 18 40 6 4 2 0 8 6 4 2 20 2007 2008 2009 2010 2011 2012 2013 2014

Chinese domestic tourism Domestic trips (total distance)

1.4

1.5

1.7

1.9

2.2

2.5

0.5 2007 2008 2009 2010 2011 2012 Chinese outbound tourism Key European countries visited Outbound tourists (thds - 9M 2014)

619

497

437

“ouƌĐe: Tƌaǀel ChiŶa Guide, ChiŶa IŶďouŶd aŶd OutďouŶd Touƌisŵ data. EuƌoŵoŶitoƌ ChiŶa ͞DoŵestiĐ Touƌisŵ ďLJ DestiŶatioŶ͟. ͞EsseŶtial ChiŶa Tƌaǀel TƌeŶds ϮϬϭϮ͟. Note: Euromonitor data measures total distance travelled on domestic tourist trips.

398

2.7

2013

354

3.0

2014

240

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