2017 Financial report - BCD Travel · 2018-08-06 · 2017 Financial report 201 by BCD ravel .V. All...

2017 Financial report

© 2018 by BCD Travel N.V. All rights reserved

Financial report

2017 Financial report © 2018 by BCD Travel N.V. All rights reserved © 2018 by BCD Travel N.V. All rights reserved 2017 Financial report2 3

A message from our Executive Team 03

Executive Team 07

Human and social value 08

Engaged travelers 09

Intelligent programs 10

Built for change 11

By the numbers 12

Our global footprint 13

Financial overview 14

Financial statements 16

Corporate profile 22

A message from our Executive TeamContents

2017 Financial report

Sustained and mutually beneficial business interaction begins with trust. Ours is a company devoted to earning our customers’ trust by responding to the needs of both management and employees with excellent services. Our success in establishing trust is reflected in our strong 2017 revenue, retention and sales performance.

We set a company record in 2017, recording more than a USD billion in revenues for the first time. Total sales, at constant exchange rates, increased by 7% compared to prior year. At the same time, we maintained our 10-year average track record of a 95% client retention rate. Leveraging our low debt, we continued implementing our deliberate acquisition strategy. We took full ownership of our operation in Brazil, a purchase that positions us strongly for further growth in Latin America’s largest economy. We also acquired Polish-based travel agency Air Club Travel and 75% of Acendas LLC in the U.S., a new business combination for the group. We closed 2017 with the acquisition of Grass Roots Meetings & Events, which specializes in strategic meetings management and delegate management. The acquisition will strengthen and diversify BCD M&E’s global service offering.


Gold-status ReputationOur ongoing commitment to meeting the demands of the marketplace with innovative solutions, and our discipline in implementing sustained business principles, helped us further build upon our already strong reputation as a leading travel management company. We received public commendation ranging from sustainability awards, to best employers lists, to leadership in sustainability. Our recognition supported our efforts to attract and retain the most talented and loyal employees in the industry.

We’ve now been named by readers of The Beat, an influential trade publication, the Most Admired TMC four times in the last five years (2009, 2013-2015, 2017). Raytheon, one of our 20 largest clients, awarded us a 2017 Supplier Excellence Program EPIC Award for outstanding performance, contributions and support of Raytheon’s key goals and initiatives. We’re also proud to have been awarded a gold-level rating in 2017 by EcoVadis, the world’s leading platform for corporate social responsibility ratings for global supply chains. The rating places BCD in the top 1% of all suppliers evaluated by EcoVadis.

We were the first TMC to receive silver accreditation from Investors in People, a globally recognized workplace ratings firm. In recognition of his contributions to building our “Confident-Self Program” our talent management leader, Christian Dahl, was named “Human Resources Executive of the Year” at the 2017 Stevie® Awards. The organization recognizes the world’s best employers and the human resources professionals, teams, achievements and HR-related products and suppliers who help to create and drive great places to work.

BCD Meetings & Events The global BCD M&E (Chicago) and regional (Mexico City, Utrecht and Singapore) headquarters provide strategic leadership and account management. And we back that vision up with in-country, on-the-ground operational meetings expertise that we provide at client-onsite locations in our wholly owned offices and through regional partners. BCD M&E’s business lines include Strategic Meetings Management (an end-to-end solution, including sourcing, communication, on-site logistics, technology and reporting, that saves money, mitigates risk and aligns with clients’ overall corporate goals) and Events (individual event design and logistics). In 2017 BCD M&E formally launched BCD Sports, which provides sports hospitality and sports travel management to clients on a global, regional and local level. They also acquired U.K.-based Grass Roots Meetings & Events from Blackhawk Network Holdings.

AdvitoOur consulting unit last year expanded their relationship with worldwide technology leader Cisco to collaboratively provide the travel data and analytics that help customers define where and what Cisco product offerings a customer would need to optimize or reduce travel while still providing the best experience. They also debuted a breakthrough savings calculator and an expanded Demand & Behavior Management practice at the 2017 Global Business Travel Association (GBTA) Convention in Boston.

Other 2017 recognitions include

Web Marketing Association’s 2017 Outstanding Mobile App Award. TripSource®

Travel Magazine‘s Best Business Travel Agency. Belgium

Top international company for mothers. WAHM.com

Investors in People Silver Level Accreditation. Through 2020

Top working environment FlexJobs

America’s Best Mid-Size Employers for 2017.Forbes

Travel Magazine Innovation Award for TripSource. Luxembourg


SustainabilitySustainability lies at core of everything we do. In 2017, we adopted new language to more accurately describe our commitment to the principles behind the United Nations Global Compact, an initiative we voluntarily joined to help support and protect people and the planet. Instead of referring to “corporate social responsibility,” we now describe our efforts around “sustainability.” It’s a commitment to achieving a better workplace, world and business.

The John & Marine van Vlissingen BCD Family Foundation and the Making a Difference program helped raise and distribute funds in 2017 to improve children’s lives across the globe, with a special focus on L’École de Choix, a school in Haiti dedicated to improving the lives of children. We also joined forces with ECPAT-USA, the leading anti-child sex trafficking organization in the United States.

Strategic planBCD Travel is well on its way to completing a plan to grow earnings (EBITDA) over three years to USD 150 million by the end of 2018 (our “Road to 150”). This growth is being supported by organic growth, strategic capital investment in infrastructure and technology, and a balanced acquisition strategy.

Since 2015, we’ve closed 11 acquisitions, including: AirClub in Poland; BCD Travel Brasil Turismo in Brazil, Jebsen in China and Hong Kong, TicketBiz in Sweden, and Acendas, Upside, World Travel Service Inc., and Get Going in the U.S. In addition, we completed three acquisitions for our Meetings & Events division. The purchase of Grass Roots now makes BCD M&E one of the world’s largest corporate meetings and events agencies. Our ongoing strategic acquisition plans puts us in a strong position for 2018.

It is fair to say that BCD Travel is on track to grow significantly, profitably and sustainably. We continue to help our clients use technology and innovative practices to increase productivity, security and wellness for their organizations and their travelers. We’re excited and motivated to continue our success in 2018 and beyond.

Our Executive Team

John SnyderPresident & CEO

Mike JanssenGlobal Chief Operating Officer & President, Americas region

Cees BatenburgGlobal Chief Financial Officer

John SnyderPresident & Chief Executive Officer

Mike JanssenGlobal Chief Operating Officer & President, Americas region

Cees BatenburgGlobal Chief Financial Officer

Scott GrafGlobal President, BCD Meetings & Events

Stewart HarveyPresident, EMEA

Jorge CruzExecutive Vice President, Global Sales and Marketing

Mike WalleyPresident, U.K. & Ireland Region

Greg O’NeilPresident, Asia Pacific

Kathy JacksonExecutive Vice President, Global Client Management & Advito

David CoppensExecutive Vice President, Global Operations

Rose StratfordExecutive Vice President, Global Supplier Relations & Strategic Sourcing

Russell HowellExecutive Vice President, Technology, Products & Innovation

Christian DahlSenior Vice President, Talent Management and Global Human Resources


Our investment strategy begins with our people: is the best way to achieve success in our company and markets.

Engaged travelers can drive significant savings, policy compliance, boost satisfaction and help meet other business objectives.

Human and social value

Engaged travelers

Our people make the difference, so it’s crucial that they stay with us: job enrichment and a clear career path are key. We operate in more than 100 markets with very specific local needs and help countries share knowledge and ideas across similar geographies, structures and cultures. We’re proud of employees’ efforts to

improve their local communities through social investment, business relationships and charitable activities. With the John & Marine van Vlissingen BCD Family Foundation, we have a global channel for raising and distributing funds to improve children’s lives in poor communities.

We’ve created an environment that encourages and enables our people to develop to their fullest potential. And we turn the sameenergy and values toward making a difference in the lives of our customers and communities.

Every interaction we have before, during and after the booking process is a chance for us to exceed expectations, with easy and timely access to relevant content, and a highly personalized experience. It shapes and reinforces good traveler behavior, and helps travelers make smart decisions.

When we give travelers easy access to relevant content and personalized experiences, we drive savings, reduce risk, improve compliance and increase satisfaction. Collecting traveler feedback gives us a better understanding of how we’re doing,

so we can improve solutions, processes and training to boost traveler satisfaction. We also collect data that helps gauge how weather and other uncontrollable events affect customers’ experiences, so we can be better prepared.

Many clients see less than

50%of their hotels booked through the TMC

More than

13,000talented employees

in 109 countries are committed to provide our

customers with the best possible service and

experience


A deep, sustained program change can open new doors in savings, satisfaction and security: we’re building for change in our own structures and processes in order to be more efficient and deliver even better service.

We drive smart decisions for our customers with business intelligence that engages travelers throughout the trip cycle, influences spend and lets people answer what if? Instead of showing just what is.

We are investing across the business to fulfill our promise to our customers and their travelers.

Intelligent programs

Built for change

Travel programs generate massive amounts of data that drive great decisions for customers. The building blocks of analytic success features faster, higher-quality data, available monthly, weekly and daily. We help most companies carefully manage air, hotel, car rental and rail

spend. Effective programs rely on effective security, sourcing and service; we focus on bringing more spend under management. Our data security program has yielded impressive results and we continue to improve and expand our security capabilities, services and resources.

We give clients the information they need to understand what their travelers need on the road, new suppliers that they may be booking with, opinions about their company’s existing policies, and how they react to operational changes.

Change without context is pointless. Customer feedback is not only a rich source of data to drive decisions, but it also provides us with more relevant feedback on the service we provide. Customers will see program results that match and support their larger business goals. And active listening helps us pinpoint opportunities for our own growth. Operations are at the

core of what we do: our operations’ technology philosophy is flexible and agile. We change where change makes sense, balancing local solutions where appropriate, and deploying single technologies worldwide where that will give greater results. The most important principle: to harbor future innovation, a program’s foundation has to be built for change.

64%of travel program managers

say they don’t have the right data to calculate the total cost of a trip.

100%booked data available

in two hours

80-90%ticketed data

available daily


“Most Admired Travel Management Company”(The Beat Readers’ Choice Awards)

2009 | 2013 | 2014 | 2015 | 2017

2 North AmericaHeadquarters: AtlantaUnited States, Canada

18 Latin AmericaArgentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Curacao, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, Panama, Peru, Uruguay, Venezuela

11 Middle EastBahrain, Egypt, Israel, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, U.A.E., Yemen

24 AfricaAngola, Algeria, Botswana, Burundi, Cameroon, Dem Republic of Congo, Ethiopia, Ghana, Ivory Coast, Kenya, Madagascar, Mauritania, Mauritius, Morocco, Mozambique, Nigeria, Republic of Congo, Rwanda, Senegal, South Africa, South Sudan, Tanzania, Uganda, Zambia, Zimbabwe

18 Asia PacificHeadquarters: SingaporeAustralia, Bangladesh, Cambodia, China, Hong Kong, India, Indonesia, Japan, Korea (South), Malaysia, New Zealand, Pakistan, Philippines, Singapore, Sri Lanka, Taiwan, Thailand, Vietnam

33 EuropeHeadquarters: UtrechtAustria, Azerbaijan, Belgium, Bulgaria, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Italy, Kazakhstan, Latvia, Lithuania, Luxembourg, Netherlands, Norway, Poland, Portugal, Romania, Russia, Serbia, Slovakia, Slovenia, Spain, Sweden, Switzerland, Turkey, Ukraine, Uzbekistan

2 U.K. & IrelandHeadquarters: LondonThe United Kingdom, Ireland

Utrecht

London

Atlanta

Singapore

Americas

UK & Ireland

EMEA

APAC

By the numbers

Our global footprint

1stTMC to join

the UN Global Compact

Top 1%supplier

EcoVadis CSR gold rating

13,500creative, committed and

experienced people

Serving 43‘Corporate Travel

100’ clients

95%customer

retention rate

#3on FlexJobs' list of

International Companies for Remote Jobs

USD25.7billion in

annual sales

Forbes

500 America's Best Employers

Present in

109countries

Global headquarters: Utrecht, Netherlands


Financial overview

With our growth in revenues, our continued cost consciousness and successful acquisitions we have continued our established trend of strong financial performance. The Group realized an Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) and before exceptional items of USD 132.3m (2016: USD 124.1m), which is 12.8% of total revenues (2016: 12.7%).

Our operating income of USD 82.2m was approximately USD 4.1m higher compared to previous year. This is mainly a result of higher EBITDA (USD 8.2m) offset by higher depreciation and amortization charges (USD 1.1m) and a negative development of foreign exchange results compared to previous year (USD 1.6m). The increase in depreciation and amortization charges is in line with our continuing and increasing investment in technology.

Following our acquisitions and the redemption of our remaining preference shares our net debt increased which resulted in higher Finance cost of USD 1.7m. The US tax reform positively impacted our tax line for the year 2017. With a tax benefit of USD 2.9m (2016: tax charge of USD 23.7m) our result for the year ended at USD 73.7m (2016: USD 48.0m), which is a significant improvement compared to previous year.

In 2017 we recorded an expense of USD 6.4m (2016: USD 3.3m) related to items that are non-recurring and/or non-controllable by nature. These exceptional items mainly consist of expenses of USD 5.0m (2016: USD 4.7m) related to restructuring programs, loss on sale of assets USD 0.1m (2016: USD 0.1m) and foreign exchange gains of USD 1.6m (2016: losses of USD 1.5m).

2017 was a very successful year for BCD Travel. Total sales, at constant exchange rates, increased by 7% compared to prior year, whereas air transaction volumes increased by 8%. With an increase of 6% compared to prior year, at constant exchange rates, 2017 marks the first year we have realized more than USD 1 billion in revenues.

OverviewIn millions of USD 2017 2016 ChangeRevenue 1,036.5 978.1 6.0%

EBITDA1 before exceptional items 132.3 124.1 8.2

EBITDA margin 12.8% 12.7% 0.1%

Result for the year before exceptional items 55.8 54.0 1.8

Free cash flow2 77.8 49.7 28.1

Net working capital3 (83.0) (50.0) (33.0)

Net debt 233.6 208.6 25.0

Liquidity ratio 1.21 1.23 -2%

1 Earnings before Interest, Taxation, Depreciation and Amortization2 Free cash flow is the change in net debt before acquisitions, divestments, dividends and capital contributions3 Including provisions, other payables and current income tax liabilities and excluding cash and cash equivalents

For a true and fair, year over year, comparison of the result the effects from these exceptional items should be eliminated. The result for the year excluding these effects actually increased by USD 1.8m to USD 55.8m compared to prior year.

The free cash flow for the year 2017 amounts to USD 77.8m compared to USD

49.7m in 2016. This improvement is mainly a result of the decrease of working capital in 2017 for an amount of USD 33.0m, while in 2016 working capital increased with USD 21.1m. The decrease in working capital is primarily a result of our continuous focus on cash collection as well as the acquisitions completed in 2017.

More than

USD 1BNin revenues

Increase by

7%in Total sales


Ecovadis CSR Gold rating

top 1%First and only TMC to receive silver accreditation

of all travel industry suppliers

from Investors in People through 2020

Financial statements Consolidated balance sheet

Financial statements Consolidated income statement

As of 31 December 2017


USD’000 USD’000

AssetsNon-current assetsProperty, plant and equipment 26,487 27,562

Intangible assets 898,273 786,102

Investments in associates 8,404 12,025

Deferred tax assets 25,366 22,835

Trade and other receivables 1,137 785

959,667 849,309

Current assetsTrade and other receivables 309,285 275,946

Cash and cash equivalents 120,355 102,095

429,640 378,041

Total assets 1,389,307 1,227,350



USD’000 USD’000

EquityShareholder’s equity 518,534 472,868

Non-controlling interests 7,649 395

Total equity 526,183 473,263

LiabilitiesNon-current liabilities

Borrowings 349,792 296,851

Deferred tax liabilities 67,173 73,681

Retirement benefit obligations 49,682 43,857

Provisions for other liabilities and charges

35,737 28,965

Other payables 5,253 4,417

507,637 447,771

Current liabilitiesTrade and other payables 300,402 250,975

Borrowings 4,189 13,796

Current tax liabilities 3,520 8,589

Provisions for other liabilities and charges

47,376 32,956

355,487 306,316

Total equity and liabilities 1,389,307 1,227,350

2017 2016USD’000 USD’000

Revenues 1 036,509 978,106

Personnel costs (709,482) (670,272)

Other operating expenses (194,753) (183,748)

EBITDA 132,274 124,086

Restructuring expenses (5,020) (4,720)

Depreciation (11,583) (11,731)

Amortization (32,099) (30,812)

Other income/(expense) (1,365) 1,241

Operating income 82,207 78,064

Net finance costs (9,728) (8,017)

Share of (loss)/profit of associates (1,721) 1,659

Profit/(loss) before income tax 70,758 71,706

Income taxes 2,892 (23,677)

Result for the year 73,650 48,029

Attributable to:

Equity holders of the Company 72,396 48,000

Non-controlling interests 1,254 29

73,650 48,029

Non IFRS benchmark figures


Add back exceptional items in operating income 6,458 3,309

Write off investment in associate 3,500 4,872

Tax effect on items listed above (as applicable) (2,167) (1,050)

Change in valuation allowance due to change in tax rate (23,303) -

Change in valuation allowance for carry forward losses (2,301) (1,161)

Adjusted result for the year 55,837 53,999

,


A total of

11 acquisitions

More than

86,000completed in under three years.

travelers surveyed in 2017

Financial statements Consolidated changes in equity

Financial statements Consolidated cash flow statement2017 2016

USD’000 USD’000

Balance at 1 January 473,263 482,828

Cashflow hedges, net of tax - 325 Remeasurements of post employment benefit liabilities, net of tax 1,011 1,756

Exchange differences 25,342 (7,806)

Net income/(expense) recognized directly in equity 26,353 (5,725)


Total recognized income and expenses for the year 98,749 42,275

Preference share redemption (23,959) (32,854)

Dividend (18,363) (17,836)

Result on buyout of non-controlling interests (4,761) (448)

Acquisition of subsidiary (6,000) -Change in non-controlling interests 7,254 (702)

Balance at 31 December 526,183 473,263

2017 2016USD’000 USD’000

EBITDA 132,274 124,086

Restructuring expenses (5,020) (4,720)

Capital Expenditure (46,306) (39,587)

Interest (8,714) (7,040)

Finance fees (171) (1,590)

Income taxes (10,802) (17,402)

Working capital changes 14,769 (7,939)

Other 269 (160)Operational cash flow 76,299 45,648

Increase/(decrease) bank loans 22,832 44,563

Business acquisitions (32,568) (17,233)

Redemption of preference shares (23,959) (32,854)

Dividends paid (18,478) (16,731)Minority partner buy outs (1,199) (1,773)

Investment cash flow (76,204) (68,591)

Net (decrease)/increase in cash and cash equivalents 22,927 21,620 Cash and cash equivalents at the beginning of the period 102,095 86,023

Exchange gains/losses on cash and cash equivalents (4,667) (5,548)

Cash and cash equivalents at the end of the period 120,355 102,095


BCD Travel launchesSolutionSource®

TripSource Hotels helped travelers

a one-stop shop of third-party travel technology solutions

with 1.43M bookings in 2017

Financial statements Subsidiaries and associates

Financial statements Subsidiaries and associates

Name of subsidiary or associate Country Ownership %BCD Travel Subholding N.V. Netherlands 100% BCD Travel Subholding B.V. Netherlands 100% BCD Travel USA Holding B.V. Netherlands 100% Noro U.S. Holdings, Inc. US 100% BCD Travel USA Group Inc. US 100% BCD Travel USA LLC US 100% BCD Travel Canada Holding Company LLC US 100% BCD Travel Canada ULC Canada 100% BCD Travel Germany GmbH Germany 100% BCD Travel Car Fleet GmbH Germany 100% BCD Travel München GmbH Germany 50% First Reiseburo Ingelheim GmbH Germany 60% Numiga GmbH Germany 100% Globus Reisedienst GmbH Germany 100% BCD Travel USA Midmarket Holdings LLC US 100% World Travel Service, Inc. US 100% Acendas LLC US 75% Tripsource LLC US 100% BCD Meetings & Events LLC US 100% Universal Meeting Management, Inc. US 100% Plan 365, Inc US 100% Advito LLC US 100% BCD Travel South America Holding B.V. Netherlands 100% BCD Travel S.A. de C.V. Mexico 100% BCD Travel Argentina S.A. Argentina 100% BCD Travel SA Peru 60% BCD Travel Chile S.A. Chile 50% BCD Travel Americas Operations Center Limitada Costa Rica 100% BCD Brasil Holding Participacoes Ltda. Brazil 100% Travel Holdco Participacoes Ltda. Brazil 100% BCD Travel Brazil Turismo S.A. Brazil 100% Malietijger B.V. Netherlands 100% Itaipu BV Netherlands 100% BCD Travel Europe Holding B.V. Netherlands 100% BCD Travel Suisse AG Switzerland 100% BCD Travel Nederland B.V. Netherlands 100% BCD Travel Belgium N.V. Belgium 100% BCD Travel Luxembourg SA Luxembourg 100% Air Club Centrum Podrozy Sp.z.o.o Poland 100% Air Club Corporate Services Sp.z.o.o Poland 100% BCD Travel Business Spain SL Spain 100% BCD Travel Viajes Barcelo SL (in liquidation)* Spain 20% B by BCD Travel* Spain 20% BCD Travel Nordics ApS Denmark 100% BCD Travel Denmark A/S Denmark 100% BCD Travel Sweden AB Sweden 100% BCD Travel Norway AS Norway 100% Oy BCD Travel Finland AB Finland 100% Ticket Business Travel AB Sweden 100% Ticket Biz AB Sweden 100%

Name of subsidiary or associate (continued) Country Ownership % Ticket Solna AB Sweden 100% Ticket Biz ApS Denmark 100% Ticket Biz AS Norway 100% BCD Travel France S.A.S. France 100% BCD Travel Czech Republic s.r.o. Czech Republic 100% Minaton s.r.o. (in liquidation) Czech Republic 100% BCD Travel UK Ltd. UK 100% Grass Roots Switzerland AG Switzerland 100% Grass Roots Meetings & Events Ltd. UK 100% Grass Roots HBI Limited UK 100% Grass Roots Live Limited UK 100% Grass Roots Germany GmbH Germany 100% Grass Roots Meetings & Events Inc US 100% BCD Travel EMEA Ltd. UK 100% BCD Travel Ireland Ltd. Ireland 100% The Travel Company Holdings Ltd. UK 100% The Travel Company Group Ltd. UK 100% The Travel Company Ltd. UK 100% Phoenix Travel (Dorsent) Ltd. * UK 50% BCD Meetings & Events Ltd. UK 100% In Business Reservations Ltd. UK 100% Zibrant Ltd. UK 100% Zibrant Live! Ltd. UK 100% TUI Reisecenter Austria Business Travel GmbH* Austria 25% BCD Travel LLC* Dubai, UAE 30% RouteRank Ltd.* Switzerland 17% BCD TTM Holding B.V.* Netherlands 39% Ventura Spa* Italy 10% Connex Travel (Pty) Ltd.* South Africa 5% BCD Travel Asia B.V. Netherlands 100% BCD Travel South Africa (Proprietary) Ltd. (in liquidation) S. Africa 100% BCD Travel India Private Ltd. India 100% BCD Travel & Tours Pvt. Ltd. India 100% BCD Travel Singapore Pte. Ltd. Singapore 100% BCD Meetings & Events Singapore Pte. Ltd. Singapore 100% BCD Travel Asia Pacific Pte. Ltd. Singapore 100% BCD Travel (Australia) Holdings Pty. Ltd. Australia 100% International Express Pty. Ltd. Australia 100% MF Jebsen China Services Ltd. Hong Kong 80% Jebsen Travel Management Ltd. Hong Kong 100% Shanghai Jebsen Air Services Co., Ltd. China 80% Hala Travel Management LLC Abu Dhabi, UAE 20% Airtrade International Holdings B.V.* Netherlands 40% BCD Travel Technology B.V. Netherlands 100% BTT Holdings Inc. US 100% The UpSide Commerce Group LLC * US 4% BCD Travel Services B.V. Netherlands 100% BCD Travel Services GmbH Germany 100% BCD Travel Treasury B.V. Netherlands 100% Business Travel International B.V. Netherlands 100%

* Not consolidated * Not consolidated



Corporate profile

BCD Travel helps companies make the most of what they spend on travel. For travelers, this means keeping them safe and productive, and equipping them to make good choices on the road. For travel and procurement managers, it means advising them on how to grow the value of their travel program. In short, we help our clients travel smart and achieve more. We make this happen in 109 countries with almost 13,500 creative, committed and experienced people. And it’s how we maintain the industry’s most consistent client retention rate (95% over the past 10 years), with 2017 sales of USD 25.7 billion. For more information, visit www.bcdtravel.com.

BCD Group is a market leader in the travel industry. The privately-owned company was founded in 1975 by John Fentener van Vlissingen and consists of BCD Travel (global corporate travel management), Travix (online travel: CheapTickets, Vliegwinkel, BudgetAir, Flugladen and Vayama), Park ‘N Fly (off-airport parking) and Airtrade (consolidation and fulfillment). BCD Group employs over 14,500 people and operates in 109 countries with total sales of USD 27.9 billion, including USD 10.4 billion partner sales. For more information, visit www.bcdgroup.com.

2017 Financial report - BCD Travel · 2018-08-06 · 2017 Financial report 201 by BCD ravel .V. All...

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Transcript of 2017 Financial report - BCD Travel · 2018-08-06 · 2017 Financial report 201 by BCD ravel .V. All...