Tourism Leaders Forum at IE Business School Los viajes i j d negocio de i en ell mundo, d Europa y España: Presente y Futuro.

Madrid | 17 de Noviembre de 2009

Copyright © 2009 CWT

1

Agenda

Business Travel & CWT position Global environment : 2010 a recovery year? What are the main business travel trends? CWT offer S Spanish i h market k t evolution l ti

Copyright © 2009 CWT

2

Business Travel, un mercado en continuo cambio bi Mercado Business Travel Un mercado de 350.000 millones de dólares en el 2008… y en fuerte crecimiento (35-40% Total Viajes) Gastos de hotel comparables a los de avión

C Competencia t i

Sector fragmentado, en vías de consolidación Agencias de internet con dificultades en el mercado de las empresas

Entorno de “compras” complejo Mayor voluntad de optimización por parte de las empresas:

Ahorros. Seguridad servicios para Seguridad, los viajeros Tendencia a la externalización, la globalización en la gestión de los viajes

CWT

Líder mundial Un trabajo U t b j sofisticado, fi ti d high-tech, de servicios a las empresas

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3

World

Air represents half of the BT market with 175BN USD USD, Hotel is ~ 40% or 135 BN USD

5% 6% 39%

50%

Source: Air France interview; le Journal du Net; Business Travel Daily News; Euromonitor; Datamonitor, EIU Data Services, , IATA, Renfe, WTTC, OCDE, IMF, MIDT, Bain hypothesis; L’ Usine Nouvelle; CWT country input, CWT Hotels input

Copyright © 2009 CWT

4

Big four agencies concentrate 30% of the traffic managed by the TMC

OTROS

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5

Total BT

Based top 12 CWT countries, business travel total market represent in 2008 $B350 BT WW market in B$-2008

BT WW market in B$-2008 100%

80%

350

350 100% ROW*; 122 (35%)

25 - 30 60 - 80

80%

60%

60%

110 - 115

40%

40%

Top 12; 228 (65%)

20%

20%

0%

0%

BT total market Note:*Extrapolated based on MIDT segments & GDP Source: MIDT; GDP (CIA, The Fact Book)

100 - 130

EMEA

NORAM

APAC

LATAM

Note: US / Canada / France / Germany / Italy / Spain / UK / Australia / China / India / Japan / Brazil

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6

En 2008, el volumen de ventas de CWT mostró un crecimiento sólido en un entorno desafiante Volumen de ventas

Real a los tipos de cambio actuales Incluidas empresas conjuntas (miles de millones de dólares) 27 8 27,8 26*

Crecimiento en 2008 frente a 2007

EMEA: +12% N t Norteamérica: é i

+2%

Asia Pacífico: +2% Latinoamérica: +22%

Total 2007

*

Total 2008

El tráfico en 2007 se actualizó para volumen adicional de hotel y alquiler de coches en Norteamérica

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7

Fuerte crecimiento en algunos de los principales países México

26,3%

China

25%

Brasil

24.5%

Argentina

21% 19%

Indonesia Italia

16%

Rusia

15.5% 11.5%

Singapur Spain

11,2%

Alemania/Austria

% de crecimiento del volumen de ventas en 2008, en comparación con el año anterior

11%

Reino Unido

7% 2%

EE.UU F Francia i

2%

0%

*Crecimiento

10%

20%

30%

40%

real a tipos de cambio constantes Copyright © 2009 CWT

8

CWT continuó ganando nuevos negocios en 2008 Incluye el mayor triunfo en la hi historia i d de la l empresa

Nuevas ventas anualizadas Tráfico adjudicado No incluye renovaciones

3 011 3.011

(millones de dólares)

2.353 1.938

1.334 903

1.167

2.046

1.600

431

771

965

753

2005

2006

2007

2008

Clientes globales

Clientes nacionales Copyright © 2009 CWT

9

CWT realizó 6 adquisiciones y tomó el control completo de 2 empresas conjuntas en 2008 Traveltime Services

Maritz Corporate Travel

N i Navigant t Viaje preferente

Piedmont Travel CWT Madison Travel

Norteamérica Protravel Onboard

EMEA 2004

Viajes Mapfre

Frantour Raiffeisen Reisen (BT)

2005

2006

Ark Travel

Viajes Lepanto

Polo Viaggi

Executive Travel Group

2007

Control mayoritario de CWT India

Asia Pacífico

CWT Brasil CWT Me Mexico ico

2008

Pleno control de CWT India

Pleno control de CWT Argentina

Latinoamérica Copyright © 2009 CWT

10

Agenda

Business Travel & CWT position Global environment : 2010 a recovery year? What are the main business travel trends? CWT offer S Spanish i h market k t evolution l ti

Copyright © 2009 CWT

11

2008: ¡Que año!

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12

Entorno económico inestable e incertidumbre prolongada Desaceleración y recesión económica global Mercados financieros deprimidos

Precios del petróleo (?) Tipos de interés (?)

Desempleo Tipos de cambio (?) Congelación de créditos

Grippe A H1N1 (?)

Inflación / Deflación A global recession, ending in 2010??

World growth* 2008: +3%, Forecast 2009: -1.1% Forecast 2010: +3.1% * Source: IMF (International Monetary Fund)- October, 2009 Copyright © 2009 CWT

13

Recession hits almost every region in 2009 - but is projected to end in 2010 9.0 5.6

9.0

8.5

2008 Real GDP growth vs. 2009 and 2010 projections (%) Data from October 2009 (IMF forecasts) 2.1

Canada

1.5

0.4 -2.5

1.5

0.3

0.7

0.4

Russia

Euro area

U.S.

Japan 5.1

-2.7

3.5

7.0

5.2

Hong Kong 7.3

1.8

-0.7 -7.3

Argentina

5.4

-5.4

2.1

6.4

Brazil 0.7

0.5

-7.5 7.5

4.1

1.3

Mexico

-0.7

2.5

-4.2

3.3

1.7

China

-4.5

0.5

Australia

Africa

-1.4 -1.5

India 2008 growth 2009 projection 2010 projection

Note: world average = 3.0% in 2008, -1.1% in 2009 and 3.1% in 2010 Source: IMF World Economic Outlook – October 2009

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14

Agenda

Business Travel & CWT position Global environment : 2010 a recovery year? What are the main business travel trends? Update on CWT analyses S Spanish i h market k t evolution l ti

Copyright © 2009 CWT

15

The business travel industry - trends in a challenging year Hotel occupancy: decrease in all markets

A temporary A temporary slow down of air slow down of air market growth. market growth.

Strong focus on efficiently managed travel program

Airline capacity: slight increase after eleven months of decline

Access to full content Ancillary fee: b becoming i vital it l for f airlines

Airlines mergers and acquisitions Drop in air fares

Policy compliance is key

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16

The global air market is in constant progression, but growth is temporarily slowing down Global passenger kilometers flown Passenger kilometers P kil t (1980-2016F)

Billions

2008 - 2009

Source: ICAO, IATA, CWT Travel Management Institute Copyright © 2009 CWT

17

The business travel industry - trends in a challenging year Hotel occupancy: decrease in all markets

Airline capacity: slight increase Airline capacity: slight after eleven months of decline increase after eleven months of Access decline to full content

A temporary slow down of air market growth.

Strong focus on efficiently managed travel program

Ancillary fee: b becoming i vital it l for f airlines

Airlines mergers and acquisitions Drop in air fares

Policy compliance is key

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18

Global airline capacity: slight increase after eleven successive months of decline Rate of Global Airline Capacity Shifts :

Monthly year-on year comparisons October 2008 to September 2009 2% 1% 0% -1% -2% -3% 3% -4% -5% 6% -6% -7% -8%

Capacity

Oct 08 vs Oct 07

Nov 08 vs Nov 07

dec Fev Mar09 May0 jan 09 Apr09 vs 08 vs 09 vs 9 vs vs Jan vs Dec Fev mar May 08 Apr08 07 08 08 08

June 09 vs June 08

July 09 vs July 08

-1%

-3%

-3%

-2%

-1%

-3%

-7%

-3%

-3%

-3%

Aug Sep 09 vs 09 vs Aug sep08 08 0%

1%

Source: OAG Copyright © 2009 CWT

19

The business travel industry - trends in a challenging year Hotel occupancy: decrease in all markets

Airline capacity: slight increase after eleven months of decline

Access to full content A temporary slow down of air market growth.

Strong focus on efficiently managed travel program Policy compliance is key

Ancillary fee: b becoming i vital it l for f airlines

Airlines Airlines mergers mergers and and acquisitions acquisitions Drop in air fares

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20

The industry continues to consolidate through mergers & acquisitions + + + ? + + + +

or

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21

The business travel industry - trends in a challenging year Hotel occupancy: Hotel occupancy: decrease in all markets decrease in all markets

Airline capacity: slight increase after eleven months of decline

Access to full content

A temporary slow down of air market growth.

Strong focus on efficiently managed travel program

Ancillary fee: b becoming i vital it l for f airlines

Airlines mergers and acquisitions Drop in air fares

Policy compliance is key

Copyright © 2009 CWT

22

The hotel occupancy in Europe has dropped by 10% & the average daily rate close to 25% Hotel Occupancy Evolution Hotel Occupancy Evolution

YTD June 08 YTD June 08 YTD June 09

100 78 5 77.1 78.5 77 1

80

%

66.2

64.9 60

58.5

78 3 78.3 72.5 65.9

63.3

59.5

40

20

0 Europe

Berlin

London

Paris

Rome

Source: Smith Travel Research

H1 2009, drop in all major European cities compared to H1 2008. The drop varies by city (ex. London: -2%, Rome: -9.7%) Copyright © 2009 CWT

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The business travel industry - trends in a challenging year Hotel occupancy: decrease in all markets

Airline capacity: slight increase after eleven months of decline

Access to full content A temporary slow down of air market growth.

Strong focus on efficiently managed travel program

Ancillary fee: b becoming i vital it l for f airlines

Airlines mergers and acquisitions

Drop in air fares

Drop in air fares

Policy compliance is key

Copyright © 2009 CWT

24

Average ticket price has dropped in EMEA for both business & economy class… class Evolution by type of flight in EMEA (January-August 2008 vs. January-August 2009)

Continental flights

International flights

-15%

-18%

-15%

-18%

Domestic flights

-14%

Continental flights

-19%

International flights -13%

-13%

Source: Air solution Group, CWT Travel Management Institute Copyright © 2009 CWT

25

Use of business class has been more moderate in EMEA in 2009 Evolution of the breakdown economy class vs. business class i EMEA for in f iinternational i l flights fli h (January-August 2009 vs. January-August 2008)

Economy class

Percent

Business class

Source: Air Solution, CWT Travel Management Institute Copyright © 2009 CWT

26

Agenda

Business Travel & CWT position Global environment : 2010 a recovery year? What are the main business travel trends? CWT offer S Spanish i h market k t evolution l ti

Copyright © 2009 CWT

27

Nuestra oferta: cuatro líneas de negocio

Servicios al viajero & Gestión de las transacciones

Optimización del programa

Asistencia & Seguridad

Reuniones & Eventos

Copyright © 2008 2009 CWT

28

Objetivo CWT = Optimizar la gestión de viajes Enfoque que cubre ocho áreas clave que pueden generar ahorros, optimizar el servicio y mejorar j los aspectos p de seguridad g Transacciones Seguridad

Gasto de hotel

Informes efectivos

Corregir g fallos

Optimizar la gestión de viajes Gasto aéreo

Consolidación M.I.C.E

l para la l optimización i i ió Factores clave del programa de viajes Copyright © 2009 CWT

29

Tácticas de gestión de la demanda

Definición de la gestión de la demanda: Controles sistemáticos que afectan a la cantidad, la frecuencia y las especificaciones de viaje para controlar los costes M di para viajar i j d f Medio de forma “más inteligente” en concordancia con sus necesidades comerciales

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30

Las épocas difíciles presentan una oportunidad para que las empresas demuestren el valor de un programa de viajes bien gestionado ¿Cuál á de las siguientes áreas á tendrá á mayor prioridad en su programa de viajes de 2009 en comparación con 2008? (Varias respuestas posibles)

Mejorar el cumplimiento de los viajeros

66%

Optimizar el gasto de hotel

59%

A Aumentar t ell ahorro h del d l transporte t t en avión ió y terrestre t t

59%

Optimizar las reservas sencillas

56%

Desarrollar indicadores clave de rendimiento

46%

Gestionar reuniones y eventos

39%

Seguir consolidando el programa de viajes

36%

Mejorar la experiencia del viajero

34%

Abordar las necesidades de seguridad y asistencia

20%

Hacer que el programa de viajes sea más respetuoso con el medio ambiente

18%

Fuente: CWT Travel Management Institute Basado en una encuesta realizada a 178 gestores de viaje en todo el mundo, octubre de 2008

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31

Las empresas pueden ahorrar de media un 20% del total de sus gastos de viajes optimizando su política de viajes y su aplicación en 5 áreas claves Ahorros por mejora del cumplimiento Ahorros por optimización ó de la política í

1.9

20%

4.3

20.6*

1.9

2.3

15%

5.4

12.6

2.0

60%

del total de ahorros

3.2

10%

2.2

4.8* 5.7*

5%

2.5 8.0

2.3

40%

3.5

0%

del total de ahorros

2.2 Reserva aérea anticipada

Tarifas aéreas restrictivas

Proveedores preferentes

Fuentes: CWT Travel Management Institute

Confort viajero (clase área / categoría en los hoteles)

Canales de reservas preferentes

*Note: As restricted fares are typically available in advance, CWT calculates a 1.5% overlap in savings from improved performance in these two areas. This figure is deducted from the total savings, which become 20.6% instead of 22.1%.

TOTAL

Copyright © 2008 2009 CWT

32

Agenda

Business Travel & CWT position Global environment : 2010 a recovery year? What are the main business travel trends? Update on CWT analyses S Spanish i h market k t evolution l ti

Copyright © 2009 CWT

33

Spain

BT market will reach 10.5 BN USD by 2010 with ith an increasing i i hotel h t l spend d Business Travel Market, 2003 - 2010

12,000

10 000 10,000

7.7BN

7.8BN

8,000 619 177

650 199

6,000

8.3BN 669 222

3,369

9 1BN 9.1BN

8.8BN

708 272

688 249

3 839 3,839

3,660

9.6BN 729 349

3 978 3,978

10.3BN

10.5BN

750 397

772 442

4,566

4,619

3,225

3,226

4,259

4,379

4,653

4,754

3,737

3,981

4,549

3,663

2003

2004

2005

2006

2007 Est

2008 Est

2009 Est

2010 Est

4,000

2,000

-

Air

Hotel

Rail

Car

Source: Air France interview; le Journal du Net; Business Travel Daily News; Euromonitor; Datamonitor, EIU Data Services, , IATA, Renfe, WTTC, OCDE, IMF, MIDT, Bain hypothesis; L’ Usine Nouvelle March 2007; CWT country input, CWT Hotels input

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34

Spain

There was no clear correlation between BT & GDP in i ’04 – ‘08 GDP Growth vs Business Travel Growt Rates, '04 - '08

BT Growth / GDP Growth, '04 - '08 2.50

9.5%

8.0%

2.5 2.08

7.5%

1.94

2 00 2.00

7 0% 7.0% 6.0%

5.5%

1.56 1.50

5.0% 4.0%

3.3%

3.5%

3.9%

3.8% 2.5%

1.00

3.0% 2.0% 1.7%

0.51

1 2% 1.2%

0 50 0.50

1.0% 0.0%

0.00 2004

2005

2006

2007

2008

2004

BT

2005

2006

2007

2008

GDP

Source: Air France interview; le Journal du Net; Business Travel Daily News; Euromonitor; Datamonitor, EIU Data Services, , IATA, Renfe, WTTC, OCDE, IMF, MIDT, Bain hypothesis; L’ Usine Nouvelle March 2007; CWT country input, CWT Hotels input – GEBTA & DBK 2008

Copyright © 2009 CWT

35

Spain

BT will grow slightly above GDP in the coming i years 6.56 GDP Growth vs Business Travel Growt Rates, '07 - '10

BT Growth / GDP Growth, Growth '07 07 - '10 10

9.5% 2.50 2.50 5.0% 2 08 2.08

4.5%

2.00

2009 Est

4.0%

3.3%

3.5%

1.53

3.2%

3.8%

1.50

1.50

3 0% 3.0%

2,5%

2.5%

2.1%

2.1% 1.00

2.0% 1.5%

1.2% 0.50

1.0% 0.5% 0.0%

0.00 2007

2008

2010 Est

2007

2008

2009 Est

2009

2010 Est

-3,8% BT

GDP -25%

Source: Air France interview; le Journal du Net; Business Travel Daily News; Euromonitor; Datamonitor, EIU Data Services, , IATA, Renfe, WTTC, OCDE, IMF, MIDT, Bain hypothesis; L’ Usine Nouvelle March 2007; CWT country input, CWT Hotels input, GEBTA & DBK 2008

Copyright © 2009 CWT

36

Spain

Direct bookings increase by 100M USD p.a., mainly i l d driven i by b Hotel H t l Direct bookings by Segment '03 - '10 (in M USD) 200 – 2010 2007 20 0 Estimations

4,500 4,000

3.3BN

3,500

2.8BN

2.9BN

3.0BN

, 2,500

425 87

446 97

459

122

3.7BN 500

486 473

3,000

3.5BN

171

133

515 194

3.9BN 530 217

109

2,000 1,500

3.8BN

2,270

2,382

2,467

2,556

2,648

2,001

2,001

2,090

330

346

380

432

474

527

564

598

2003

2004

2005

2006

2007

2008

2009

2010

1,000 500 0

Air

Hotel

Rail

Car

Source: Air France interview; le Journal du Net; Business Travel Daily News; Euromonitor; Datamonitor, EIU Data Services, , IATA, Renfe, WTTC, OCDE, IMF, MIDT, Bain hypothesis; L’ Usine Nouvelle March 2007; CWT country input, CWT Hotels input

Copyright © 2009 CWT

37

Spain

TMC market growth

TMC Market, 2003 - 2010 Estimations made in 2006

8 000 8,000 6,313

7,000 5,723 6,000 5,000

4,842

4,921

2003

2004

5 203 5,203

6,470 5,938

6,090

6,244

5,560 4,567

4,000 3 000 3,000 2,000 1,000 2005

2006

2007 Est

2007 2008 2008 Est

2009 Est

2009

2010 Est

Source: Air France interview; le Journal du Net; Business Travel Daily News; Euromonitor; Datamonitor, EIU Data Services, , IATA, Renfe, WTTC, OCDE, IMF, MIDT, Bain hypothesis; L’ Usine Nouvelle March 2007; CWT country input, CWT Hotels input, GEBTA & DBK 2008

Copyright © 2009 CWT

38

Spain

Non air traffic is under represented in CWT and our share is particularly low with hotels Business Mix - Market vs CWT 100% 90%

8% 3%

10%

23%

80% 70%

CWT Market Shares by Segment, '06

4% 2% 9 1% 9.1%

9% 8%

41%

7%

60%

6%

50%

4 6% 4.6%

5%

40%

71%

30% 20%

3.4%

4%

2.8%

3%

48%

2%

10%

1%

0%

0%

Market

CWT Air

Hotel

Rail

Air

Hotel

Rail

Car

Car

Source: Air France interview; le Journal du Net; Business Travel Daily News; Euromonitor; Datamonitor, EIU Data Services, , IATA, Renfe, WTTC, OCDE, IMF, MIDT, Bain hypothesis; L’ Usine Nouvelle March 2007; CWT country input, CWT Hotels input

Copyright © 2009 CWT

39

Spain

CWT has the largest market share among the th big bi four f

Air Market Shares by TMC, '06 10%

9.0%

9 1% 9.1%

9% 8% 7% 6% 5%

4.0%

4% 3% 2%

1 2% 1.2%

1% 0% CWT

Amex

BCD

HRG / Marsans

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40

Spain

CWT has the largest market share among the th big bi ffour (TMCs (TMC market) k t) Air Market Shares by TMC, '08 14.4% 10%

12.0%

8.0%

9% 8% 7% 6% 5% 4% 3%

1 0% 1.0%

2% 1% 0% CWT

Amex

BCD

HRG / Marsans

Copyright © 2009 CWT

41

Spain

Except in ’04 & 07, CWT grew systematically t ti ll above b the th market k t M k t vs CWT T Market Traffic ffi Growth G th Rates, R t '04 - '10 25%

20%

11.4%

15% 11.3%

10.3%

2009 Est

9.5%

10%

7.5% 5.5%

7.2% 4.3%

5%

2.5%

1.7% 0.8%

3 3% 3.3%

2010 Est 7.2% 3.2%

0% 2004

2005

2006

2007 Market

2008 CWT

25% 25% Source: Air France interview; le Journal du Net; Business Travel Daily News; Euromonitor; Datamonitor, EIU Data Services, , IATA, Renfe, WTTC, OCDE, IMF, MIDT, Bain hypothesis; L’ Usine Nouvelle March 2007; CWT country input, CWT Hotels input

Copyright © 2009 CWT

42

Previsiones FMI PIB 2009-2010

Octubre 2009 Copyright © 2009 CWT

43

Contexto Macroeconómico

Copyright © 2009 CWT

44

Evolución del Sector en España VARIACIÓN MENSUAL NÚMERO DE PASAJEROS (2008 - 2009) EVOLUCIÓN DE PASAJEROS EN AEROPUERTOS (2002 - SEPTIEMBRE 2009) (MILL. PASAJEROS)

sep-08

250

oct-08

nov-08

dic-08

ene-09

feb-09

mar-09

abr-09

may-09

jun-09

jul-09

ago-09

sep-09

-5,5%

-5,2%

0% 210

204

193

181

200

-3,2%

-4,9%

-5,1%

162

154

143

-2% -4%

166

146

150

-6% -8%

Acum. Sep. 2008

-8,9%

-10%

100

-8,8%

-10,8%

-12% -11,9%

-14% 50

-16% -18%

0 2002

2003

2004

2005

2006

2007

2008

Acum. Sep. 2009

-14,3% -17,3%

-18,3% -18,9%

-20% Fuente: AENA

Fuente: AENA

PRODUCCIÓN NETA BSP AGENCIAS ESPAÑOLAS (2006 - AGOSTO 2009) (MILL. €) 6000 5000

-4% 4 629 4.629

4.865 4.459

4000

-24% 3.202

3000

2.423

2000 1000 0 2006 Fuente: BSP - FEAAV

2007

2008

ago-08

ago-09

Copyright © 2009 CWT

45

Gracias

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46

“A “Any easy question?” i ?”

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47