investment in travel M&A slows but interest in travel remains high
IXQG (OOLRW 0DQDJHPHQW DQG 6LUXV &DSLWDO *URXS – D WDNHRYHU FRPSOHWHG LQ 0D\ $ WKLUG VLJQLILFDQW GHDO LQ 1RYHPEHU VDZ WHFKQRORJ\ JURXS 6DEUH DJUHH
WR DFTXLUH WUDYHO WHFK ILUP )DUHORJL[ +RZHYHU WKDW GHDO ZDV VXEVHTXHQWO\ KHOG XS E\ WKH 86 'HSDUWPHQW RI -XVWLFH DQG 8. UHJXODWRU WKH &0$ 7KH SURFHVV RI FRQVROLGDWLRQ LQ
WKH WUDYHO WHFKQRORJ\ VHFWRU DOVR VDZ $PDGHXV DFTXLUH $XVWUDOLDQ DLUSRUW WHFKQRORJ\ ILUP ,&0 LQ 0DUFK $PRQJ DLUOLQHV %ULWLVK $LUZD\V
SDUHQW ,$* VZRRSHG IRU $LU (XURSD LQ 1RYHPEHU DJUHHLQJ D €
ELOOLRQ GHDO
pending regulatory approval. 9LUJLQ $WODQWLF MRLQHG 6RXWKHQG
DLUSRUW RZQHU 6WREDUW *URXS DQG 86 KHGJH IXQG &\UXV &DSLWDO LQ DFTXLULQJ )O\EH WR EH UHEUDQGHG 9LUJLQ &RQQHFW IURP
7KH FXW SULFH GHDO LQYROYLQJ
D GHEW WDNHRYHU DQG FDSLWDO LQMHFWLRQ RI e bPLOOLRQ VDYHG WKH UHJLRQDO FDUULHU 7RURQWR EDVHG SULYDWH HTXLW\ ILUP
FIGURE 41: GREATEST RISKS TO BUSINESS
Trade wars Weak
demand Brexit
productivity Geopolitical
risks
Euro crisis Poor
markets crisis Rate rises Financial
bubble Emerging n/a
39 39
UK CFO average rating, 1-100 66
58 56 38 33 35
43 43
47
53 53
53 53 51
45 45
49 49
51 49
62
Increasing cashflow
59 59
New products/ markets
19%
Acquisitions Asset disposal Reducing debt
expenditure Capital
Q3 2019 Q3 2018 Q3 2017
0 10 20 30 40 50 60 70 80 Source: Deloitte CFO Survey
28 Travel Weekly Insight Report 2019-20
Raising dividends
0 16% 10% 15% 13% 5% 14%
20% 20%
11% 14% 17%
9% 8%
15%
Q3 2019 Q3 2018 Q3 2017
10 20 30 40 50 60 Source: Deloitte CFO Survey
30%
35% 37%
39% 67
BREXIT remains the ‘greatest risk’ to UK business, according to a
survey of chief financial officers, but concern about geopolitical risks and trade conflict has risen
sharply (Figure 41). Reducing costs is a clear priority (Figure 42)
CORPORATE PRIORITIES FIGURE 42: UK
% CFOs rating as priority in next 12 months 58%
Reducing costs
53% 41%
48% 48%
When the market comes back, there will be a backlog of private equity assets. In 2021, we could see more transactions
Onex acquired Canadian airline WestJet for £2.9 billion in May, and Air Canada agreed to acquire Quebec-based Air 7UDQVDW IRU &
UDLVLQJ LWV YDOXDWLRQ WR & e
3DFLILF DJUHHG WR SD\
bPLOOLRQ LQ -XQH EHIRUH PLOOLRQ
PLOOLRQ LQ $XJXVW ,Q $VLD &DWKD\ bPLOOLRQ IRU ORZ
FRVW FDUULHU +RQJ .RQJ ([SUHVV LQ 0DUFK 7KH JOREDO KRVSLWDOLW\ VHFWRU VDZ IHZHU
GHDOV EXW ,QGLDQ JURXS 2\R VFRRSHG XS VPDOOHU KRWHOV DW DQ XQSUHFHGHQWHG UDWH DQG 0DUULRWW ,QWHUQDWLRQDO DFTXLUHG (OHJDQW +RWHOV IRU e
PLOOLRQ LQ 2FWREHU
UK ACQUISITIONS ,Q WKH 8. 3KRHQL[ (TXLW\ 3DUWQHUV VROG 'HYRQ EDVHG KROLGD\ OHWWLQJV DJHQF\ 7UDYHO &KDSWHU WR (&, 3DUWQHUV LQ -DQXDU\ KDYLQJ ERXJKW WKH DJHQF\ LQ +ROLGD\ SDUN RSHUDWRU $ZD\ 5HVRUWV
FKDQJHG KDQGV VROG E\ SULYDWH HTXLW\ ILUP /'& LQ 0D\ WR 6ZLVV IXQG %UHJDO )UHVKVWUHDP 9LWUXYLDQ SULYDWH HTXLW\ DFTXLUHG 6\NHV +ROLGD\ &RWWDJHV IURP /LYLQJEULGJH LQ 2FWREHU IRU DQ XQGLVFORVHG VXP – UHSRUWHG WR EH e
PLOOLRQ $QG QHZ SDUNV RSHUDWRU
/DNHVKRUH /HLVXUH *URXS VHW XS LQ $XJXVW E\ .LQJV 3DUN &DSLWDO WRRN RYHU WZR KROLGD\ SDUNV LQ 'HYRQ LQ 2FWREHU 7KHUH ZHUH IHZHU GHDOV DPRQJ WRXU
RSHUDWRUV EXW 6ZLVV RZQHG +RWHOSODQ DFTXLUHG )OH[LVNL IURP 7UDYHORSLD LQ 0D\ IRU DQ XQGLVFORVHG DPRXQW 7UDYHORSLD also sold several brands, including World &ODVV 9DFDWLRQV DQG (GXFDWRXUV WR :RUOG6WULGHV LQ 1RYHPEHU 7XL IRUPHU RZQHU RI 7UDYHORSLD VROG
WZR RI LWV VSHFLDOLVW *HUPDQ RSHUDWRUV WR *HUPDQ SULYDWH HTXLW\ ILUP *HQXL IRU €
PLOOLRQ LQ $XJXVW ,Q WKH VDPH
PRQWK *UHDW 5DLO -RXUQH\V – RZQHG E\ 8. SULYDWH HTXLW\ ILUP 'XNH 6WUHHW – DFTXLUHG &KLFDJR EDVHG 9DFDWLRQV E\ 5DLO ,Q FRUSRUDWH WUDYHO *UD\ 'DZHV ERXJKW
$PEHU 5RDG D 70& IURP SULYDWH HTXLW\ ILUP (QGOHVV IRU DQ XQGLVFORVHG VXP LQ 6HSWHPEHU ZKLOH $PHULFDQ ([SUHVV *%7 DFTXLUHG )UDQNIXUW EDVHG '(5 %XVLQHVV 7UDYHO IURP '(5 7RXULVWLN
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52
