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Cox & Kings Ltd.Investor Presentation
February 2011
360Travel. 100% Focus.
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Disclaimer
This presentation has been prepared by Cox & Kings Limited (the Company) solely for your information and for your useand may not be taken away, reproduced, redistributed or passed on, directly or indirectly, to any other person (whetherwithin or outside your organization or firm) or published in whole or in part, for any purpose. By attending this presentation,you are agreeing to be bound by the foregoing restrictions and to maintain absolute confidentiality regarding theinformation disclosed in these materials.The information contained in this presentation does not constitute or form any part of any offer, invitation orrecommendation to purchase or subscribe for any securities in any jurisdiction, and neither the issue of the information noranything contained herein shall form the basis of, or be relied upon in connection with, any contract or commitment on thepart of any person to proceed with any transaction. The information contained in these materials has not been
independently verified. No representation or warranty, express or implied, is made and no reliance should be placed on theaccuracy, fairness or completeness of the information presented or contained in these materials. Any forward-lookingstatements in this presentation are subject to risks and uncertainties that could cause actual results to differ materiallyfrom those that may be inferred to being expressed in, or implied by, such statements. Such forward-looking statementsare not indicative or guarantees of future performance. Any forward-looking statements, projections and industry datamade by third parties included in this presentation are not adopted by the Company and the Company is not responsiblefor such third party statements and projections. This presentation may not be all inclusive and may not contain all of theinformation that you may consider material. The information presented or contained in these materials is subject to changewithout notice and its accuracy is not guaranteed. Neither the Company nor any of its affiliates, advisers or representativesaccepts liability whatsoever for any loss howsoever arising from any information presented or contained in these materials.THIS PRESENTATION IS NOT AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES OR ELSEWHERE.
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Cox & Kings: Overview
Company Overview
One of Indias Largest Travel and Tour Companies Global Tours & Travel Operators: Geographical Diversification
Focus on Leisure with Diverse Product Offerings
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Company Overview
4
Cox & Kings Ltd., C&K or Cox & Kings, is one of the oldest and well recognized travel and tour operators in the world
In December 2009, C&K successfully listed on the stock exchange in India
C&K has subsidiaries in UK, Australia, New Zealand, Japan, US, UAE, Germany, Hong Kong, Greece and Singapore
C&Ks business can be categorized into 4 service offerings, namely, leisure travel, corporate travel, visa processing and foreignexchange
Business Description
CMP on 31st December 2010
BSE : INR 523.8 NSE : INR 521.8
3- Month High /Low(Nov 2010 Jan 2011)
High INR 589.0Low INR 425.7
Market Cap. on 31st Dec. 2010
INR 3,575.32 crEquity Capital as on 31
st
December 2010
6,82,63,945
1758 201019th Cent.18th Cent. 19701923
Business was sold toLloyds Bank; The Shipping
agency became a separatecompany running toursaround the world
Cox & Kings agency wasbought by Grindlays Bank ina deal with the Indian Govt.to promote tourism in thecountry
Cox & Kings is a globaltour and travel company.The Company is a one stop
shop for travel solutions
Richard Cox servedas a regimentalagent to a unit of theMajestys Armed
Forces
Company establishedby Richard Cox grew toprovide services tomajority of the Britishregiments
Merged with Henry S. King &Co, a bank and shippingagency to form Coxs &
Kings; Henry S. King & Co
had strong links with India
1970-99
Largely operated as aticketing agent; nonleisure businessaccounted for over 50% ofthe revenues in 1999
1999-2006
Expanded productportfolio to become afull service Indiantour operator
2006-09
Acquires and consolidatesbusinesses across the worldwith a focus on leisure travel;90% of revenue is from leisuresegment in FY 07-09
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Shareholding Details
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Shareholding Pattern
Source: BSE
Promoter58.7%
Banks, MutualFunds & FI
6.1%
FII,NRIs andForeign
CorporateBodies27.1%
GDR3.5%
OtherCorporate
Bodies andPublic4.8%
Promoter58.7%
Banks, MutualFunds & FI
6.6%
FII,NRIs andForeign
CorporateBodies22.2%
GDR7.3%
OtherCorporate
Bodies and
Public5.3%
Quarter ended 31st December 2010 Quarter ended 30st September 2010
Shareholders No. of shares
% of
Holding
Promoters 40,040,880 58.7
Smal l Cap World Fund, Inc 3,995,500 5.9
Ci ti b ank N.A. New York , Nyad r D epartm en t 2,355,534 3.5
Carlson Fund - As ian Smal l Cap 1,700,000 2.5
Emergi ng Ma rke ts Growth Fund, Inc. 1,624,647 2.4
Goldman Sachs Investments (Maurit ius) I Ltd 1,428,000 2.1
Reliance Capital Trustee Co. Ltd A/c Reliance 1,302,700 1.2
Stichting Pens ioenfonds ABP -GDR 1,232,530 1.8
De uts che Se curi ti es Ma uri ti us Li mi te d 811,974 1.2
Capital International Emerging Markets Fund 772,764 1.1
Le hma n Brothe rs Opportuni ty Li mi te d 760,648 1.1
TOTAL 56,025,177 82.1
Top Shareholders as on 31st December 2010
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One of Indias Largest Travel And Tour Companies with a Strong Brand Name
9%
91%
% Sales
Retail Travel in India Market Share
Un-organized
Organized Brand has evolved over 250 years
# 1 Among Top Brands in India(1)
Source Euromonitor India June 2010
Leading Player in the Indian Market
Note: 1.Based on survey conducted in 2008 by TNS and co-funded by Media magazine across 10 countires in Asia Pacific region
Awards & Recognitions in 2010
India's Leading Destination Management Company awarded by the World Travel Awards 2010.
CNBC Awaaz Travel Award 2010 for Taking India Global.
Best Outbound Tour Operator awarded by Hospitality India and Explore the World Annual International Awards 2010.
First Runner Up in the Best Large Tour Operator category awarded by the Telegraph Ultra Travel luxury survey UK 2010.
First Runner Up in the Favourite Tour Operator category awarded by Cond Nast Traveller Readers Choice Awards (2010).
"Most admired tour operator 2010" awarded by SATTE (2010)
http://www.google.com/imgres?imgurl=http://www.atac.net.au/images/logos/pngs/tempoholidays.png&imgrefurl=http://www.atac.net.au/partners.html&usg=__k00ZTBp01ZvZ4QU1IaZjMqit1_Q=&h=175&w=175&sz=27&hl=en&start=1&um=1&itbs=1&tbnid=soZSThuHpaZf6M:&tbnh=100&tbnw=100&prev=/images?q=tempo+holidays&um=1&hl=en&sa=N&tbs=isch:1 -
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Global Tours & Travel Operator: Geographical Diversification
Cox & Kings Japan Ltd.
Outbound travel
Japan
Tempo Holidays Pty Ltd; MyPlanetAustralia Pty Ltd, Bentours
International Australia Pty. Ltd
Outbound travel
Australia and New Zealand
Cox & Kings Tours LLC
Outbound and Inbound travel
UAE
Cox & Kings Ltd, Quoprro Global
Services Pvt. Ltd.
Outbound, Inbound, Domestic,
Corporate travel
Special offerings such as Maharajas
Express, Kumbh Mela etc.
India
Cox & Kings (UK) Ltd. Outbound Travel
Clearmine Ltd. (ETN Services Ltd)Inbound Travel (Destination managementservices)
United Kingdom
Cox & Kings Singapore Pte Ltd.,Quoprro Global Services Pte Ltd.,
Quoprro Global Services Pvt Ltd.
Visa processing
South-East Asia
Note: 1. Cox & Kings Ltd. has a 100% commercial int erest in all its subsidiaries
East India Travel Company Inc
Up-market outbound tour andtravel packages
United States of America
Europe
Cox and Kings Gmbh, Quoprro
Global Hellas
Visa processing
http://www.google.com/imgres?imgurl=http://www.mapsofworld.com/images/world-countries-flags/greece-flag.gif&imgrefurl=http://www.mapsofworld.com/flags/greece-flag.html&usg=__-S7EsO6xTpbPeDwFgJlNUJdGxTc=&h=265&w=390&sz=8&hl=en&start=1&um=1&itbs=1&tbnid=TUdjP87y_AYdjM:&tbnh=84&tbnw=123&prev=/images?q=greece+flag&um=1&hl=en&sa=N&tbs=isch:1http://web.singnet.com.sg/~skkhoo/gif/singapore_flag.gif -
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Key Global Subsidiaries
Note: 1. Cox & Kings Ltd. has a 100% commercial interest in all its subsidiaries
Premium long-haul outbound tour operator
Target segments Wealth retirees
Key destinations India, Latin America etc.
Cox & Kings (UK) Ltd., UK
Operational HighlightsSubsidiary
Provides destination management services in Europe
Mid market to premium positioning
Services to group companies as well as other tour operators
ETN Services Ltd., UK
Outbound wholesaler selling white label packages to other tour operators
Caters for business delegations and leisure travel
Provides destination management services for travellers from Japan
Cox & Kings Japan Ltd.
Outbound Mass market oriented travel packages
Synergies with ETN Services and C&K Dubai as key tourist destinations are Europe and Middle East
Uniquely positioned as one of the few large independent tour operators
Tempo Holidays Pty Ltd, Australia; Tempo
Holidays NZ Ltd, New Zealand
Inbound Service provider to a large number of tourists from Cox & Kings India
Outbound Initially tapped expat Indian population; subsequently tour operator for local populationCox & Kings Tours LLC, UAE
MyPlanet Australia Pty Ltd, Australia;
Bentours International Pty Ltd., Australia
Specialist outbound travel
Tourists from Australia and New Zealand
Leading outbound tour and travel operator to Scandinavia
Engaged in the business of providing visa processing servicesQuoprro Global Services Pte. Ltd., Singapore;
Quoprro Global Services Pvt. Ltd., Hongkong;
Cox and Kings Gmbh, Germany;
Cox and Kings Hellas, Greece
Premium outbound luxury packages for celebrity clientele
Outbound tours to Africa, Latin America, Asia and Middle EastEast India Travel Company Inc., USA
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Focus on Leisure with Diverse Product Offerings
Offerings
Markets
PortfolioSample
Corporate TravelLeisure Travel Innovative Products
Outbound Travel
Inbound Travel (Destinationmanagement)
Domestic Travel
Meeting, Incentives, Conferencesand Exhibitions (MICE)
Trade Fairs
Outsourced businesssolution provider todiplomatic missions
Licensed retail foreignexchange dealer in India
Customized businesstravel solutions
Retail clients in India, UK,
Australia, New Zealand, Japan,USA and UAE
Visa for India from
Germany, UAE, Hongkong, Greece andSingapore
Visas for Malaysia and
Singapore from Indiaand French Visa fromUK
Fx operations in India
200+ companies located
in India
Offerings thatdifferentiate Cox andKings from competitors
Create brand value forthe company
Strategic partnership
In all operational
markets
Visa Processing &
Foreign Exchange
Kumbh Mela, India
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Value Drivers
Selective Acquisitions Globally
Consolidated Sourcing Operations
Strong National & International Distribution
Technological Prowess
Experienced Board of Directors & Human Resources
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Selective Acquisitions Globally Aligned to Core Business Strategy
FY2008 FY2009 FY2010FY2006
Outbound travel operator catering tothe up-market leisure travel business
Cox & Kings (UK) Ltd.
Destination management services
Clearmine Ltd.-ETN Services Ltd.
Travel wholesaler
Revenues principally from package
consultancy and services for majorwholesalers and societies
Cox & Kings Japan Ltd.
Specialised outbound tours
Tempo Holidays PTY, Australia;Tempo Holidays NZ Ltd., New Zealand
Up-market outbound tour and travel
packages
East India Travel Company Inc
Specialized outbound tours
My Planet Australia, BenToursInternational Pty Ltd.
Visa processing services
Quoprro Global Services Pvt Ltd.
Rationale for Acquisitions:
Increase in scale of business through exponential growth in number of customers, markets and products
Synergies with existing operations with a scope for creating value for the combined entity
Risk mitigation through diversification of revenue streams; counters cyclical nature of industry
Strong management and prior success with integrating acquired businesses
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Improving Efficiency Through Consolidated Sourcing Operations
Significant increase in business and business volumesin recent years through acquisitions as well asorganically
Operating Income increased by 48 % (FY08-10)
Acquired 7 businesses in last 4 years
Since 2008, products sourced through globalconsolidated efforts
Growing size of operations provided buyingpower with suppliers
Increased ability to offer competitive packages tocustomers leading to higher revenue and bettermargins
(%)
40%42%
47%
25%
22%
34%
0%
10%
20%
30%
40%
50%
2008 2009 2010
Consolidated Buying Group Improving Margins
EBITDA Margin(1) PAT Margin
Expansion in Business Volumes
Inorganic GrowthOrganic Growth
Bargaining Power
Competitive Advantage
+
Note: EBITDA margin calculated after excluding other income
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Strong National & International Distribution Network
India Distribution Network
RADIUS: Consortium of leading travel
agents present across approximately 80countries
Tempo HolidaysCox & Kings India Portal
Online package design and selection
Cox & Kings UK Portal
Online booking
Global Distribution Network
Online Distribution Network
14 Sales Offices
115 Franchise Sales Shops
143 PAs
Source As of 31st December 2010 Subsidiaries Branch Office Representative Office
Russia
Australia
New Zealand
SingaporeSouth America
South Africa
US
UAE
UK
Japan
Hong Kong
Maldives
Tahiti
Spain
Italy
Germany
India
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Web enabled reservation engine
Centralized dynamic packagingsystem
Covers all travel related servicessuch as reservations, insurance, visaand package tours
Technological Prowess
Technology Platforms
B2B as well as a B2C solution,providing a backbone to the Global
Distribution Systems (GDS) Online payment gateways integrated toexisting technology platform
Fully integrated computer reservationsystems (CRS) with our mid and backoffice operations
Services
Latest data-management software,including ERP
Proprietary software for our VisaProcessing business with technicalsupport from a leading technologycompany globally
Top End Software
Servers are secured with firewalls
Robust security systems includingbiometrics identifiers, fingerprints andphotographs for visa application
Strong disaster management,including recovery solutions andscheduled backups
Security
Improve efficiencies and reduce TATs:Dynamic designing of packages; increasing business handled per employee
Seamless integration of operations of acquired entities
Ability to introduce white label/ co-branded offerings for clients such as MSN and Jet Escapes
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Promoter & Executive Director
Responsible for day-to-day
management at C&K India,marketing & design initiativesat the Group
Prior to her current role, shewas running a graphic designand production house
Promoter & ExecutiveChairman
In 1971 appointed on theBoard of Cox & Kings (UK) andin 1975 was appointedChairman of the Group
Previously acted as aconsultant to the parentcompany of British CaledonianAirways
Associated with C&K forseveral decades, he has beena constant guiding force to theCompany
Promoter & Executive Director
Joined Cox & Kings Travel Ltd.
in 1986 as a General Manager On the board of C&K since
1993
Responsible for overallleadership, strategy, globalcentralized buying andinternational growth
Founder member & director ofWorld Tourism Council for theIndian Subcontinent
Experienced Board of Directors & Human Resources
A.B.M Good Peter Kerkar Urrshila Kerkar
Management team includes experienced managers in the travel and leisure industry
Witnessed low attrition of key management personnel
As of December 31, 2010, total of 1,517 employees across the Asia Pacific region, Europe, the Middle East and North
America
S C Bhargava, Independent DirectorRetired from Life Insurance Corporation of India
as Executive Director (Investment)
M Narayanan, Independent DirectorEx-CMD of Tourism Finance Corporation of India Ltd;
Held senior management positions in IFCI and Bank of Baroda
Pesi Patel, Independent DirectorThree decades of experience in the industry; Key memberin determining future strategies for the Cox & Kings Group
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Business Strategy
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Business Strategy
Grow the
outbound leisureservices sub-segment in India
Expand
distributionnetwork globally
Leverage existingglobal platform toenhance product
and serviceofferings
Inorganic growthby selectivelyacquiring
businesses
Strategicinitiatives for our
product and
service offerings
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Financials
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Consolidated Audited Financials
Note: 1. EBITDA & PAT margin calculated after excluding other income2. INR/ USD exchange rate of INR 45.14/ USD as on 31 March 2010
EBITDA & PAT Margin(1)
(%)
40% 42%
47%
25%22%
34%
0%
10%
20%
30%
40%
50%
FY08 FY09 FY10
EBITDA Margin PAT Margin
Operating Income PAT
(INR MM)
1,821
2,869
3,992
0
1,000
2,000
3,000
4,000
5,000
FY08 FY09 FY10
(INR MM)
446634
1,348
0
300
600
900
1,200
1,500
FY08 FY09 FY10
US$ MM(2)40.3 63.6 88.4 9.9 14.0 29.9
Key Components of Operating Expenditure
as a Percentage of Operating Income
(%)28% 28%
25%
12% 12% 9%
0%
5%
10%15%
20%
25%
30%
FY08 FY09 FY10
Personnel Expenditure Advertising
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Consolidated Financials Q3FY11
Q3FY11 Operating Income for the Group stood at INR 1,083.1 Mn i.e. an increase of 37% over the same period last year
Cox & Kings Ltd. Consolidated Q3 2011 & Q3 YTD FY 2011 Results (INR Mn)
EBITDA increased to INR 385.6 Mn i.e. an increase of 27% over EBITDA for Q3 FY10
Particulars Q3 FY 11 Q3 FY 10Q-o-Q
Change
Q3 YTD FY
11
Q3 YTD FY
10% Change
Year Ended
FY 2010
Income from Operations 1,083.1 788.9 37% 3,386.9 2,622.4 29% 3,991.5
Employee Cost 353.2 248.7 962.3 705.6 994.1
Advertisement Cost 103.4 58.8 325.4 275.6 357.0
Depreciation 48.0 35.7 133.9 100.4 150.7
Other Expenditure 240.9 178.5 612.6 496.6 776.1
Total Expenditure745.5 521.7 43% 2,034.2 1,578.1 29% 2,277.9
Profit from operations before Other Income, Interest &
Exceptional Items 337.6 267.2 26% 1,352.6 1,044.2 30% 1,713.6
Other Income 81.6 22.7 172.7 70.2 137.3
Profit before Interest & Exceptional Items 419.2 289.8 45% 1,525.3 1,114.4 37% 1,851.0
Interest & Fi nance Charges (Net) 166.6 47.4 422.6 182.3 269.7
Profit before Exceptional Items 252.6 242.5 4% 1,102.7 932.1 18% 1,581.2
Exceptional Items Gain / (Loss) 86.9 33.6 102.1 257.6 283.8
Profit from Ordinary Activities before tax 339.5 276.1 23% 1,204.9 1,189.7 1% 1,865.1
Tax Expense 106.1 80.8 362.2 293.8 516.9
Net Profit from Ordinary Activities after tax 233.4 195.3 842.7 895.9 1,348.1
Share in the Profit/(Loss) of Assoicates (3.1) (2.5) (8.8) (7.3) (9.6)
Extra-ordinary items
Net profit for the period 230.2 192.8 19% 834.0 888.6 -6% 1,338.5
Note: There is a foreign exchange gain of Rs. 25.76 crores on account of foreign currency loan revaluation Q3 YTD - FY 2010 as
against Rs. 10.22 crores in Q3 YTD FY 2011. Hence, the PAT is marginally lower for the 9 months ended 2011 as compared to
corresponding period in the previous year.
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Net Debt & Cost
2222
Rs. 862 croresDebt
FY 11 Q3Particluars
Rs. 1052 croresCash & Cash Equivalents
(Rs. 190 crores)Net Debts
7.7%Average Finance Cost
4.7%Average Finance Cost (Net of
Return of Liquid Investments)
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Acquistions
23
The Company is already engaged in discussion with identified acquisition targets.
Liquidity available to the company will be majorly used for these identifiedacquisitions.
There are certain jurisdictions where a serious discussion with the acquisition
target cannot be made unless the company has available funds. In such ascenario, the interest carry therefore becomes a necessary element of theacquisition. The company has continued with its cautionary approach ofjudiciously working on the acquisition.
The company is in a position to act in a very short time and conclude theacquisition the moment the opportunity is appropriate. We expect to conclude on
the transaction within the quarter ending June 2011.
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Strong Industry Fundamentals
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T & T Industry
Source WTTCs The Economic Impact of Travel & Tourism
Country rankings for Travel and Tourism Direct Industry GDP in 2020
Rank Country ($ in billions)
1 United States 916.5
2 China 500.7
3 Japan 215.8
4 United Kingdom 148.2
5 France 143
6 Spain 123.7
7 Italy 121.8
8 India 110.6
9 Germany 103.7
10 Australia 79.7
Forecast 10 Year Trend
Contribution of Travel & Tourism Industry 2010 2020
Economy GDP (USD in bn) 118 330
Economy GDP (INR in bn) 5,533 18,544
Growth rate 8.6% 9.0%
Real GDP growth rate 6.7% 8.5%
The Indian T & T industry expected to grow at an annual rate of7.8% over the next 10 years
India has been ranked 8th with 110.6 billion $ Direct Industry GDPin 2020.
India will rank 3rd in terms of annual growth in Travel & TourismDemand between 2010 and 2019, averaging 8.2% per annum
Travel & Tourism Demand (2009-2019)10- Year real growth (Annualized %)
6.9%
7.0%
7.1%
7.1%
7.1%
7.2%
8.2%
8.2%
9.2%
20.1%
0% 5% 10% 15% 20% 25%
Zimbabwe
Montenegro
Namibia
Cape Verde
Libya
Vietnam
Malawi
India
China
Sao Tome and Principe
China & India are amongst the Top 10 countries for T & T
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Indian T & T industry Domestic
Source Ministry of Tourism,
18% growth in the number of trips in 2010 from 550 mns Indians to 650 mns.
65% relates to leisure travel
25% growth in Domestic Air Travel
I di T & T i d I b d
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Indian T & T industry Inbound
Source Ministry of Tourism
Arrivals in India grew by 9.3% from 5.11 mns in 2009 to 5.58 mns in 2010
Visa on Arrival Scheme in India extended to 10 countries in 2010 from 5countries in 2009 namely :
Mayanmar & Indonesia
Japan
Singapore
Finland
Luxembourg
New Zealand
Cambodia
Loas
Vietnam
Philippines
I di T & T i d t O tb d
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Indian T & T industry Outbound
Source Euromonitor India June 2010,
Indians travelling abroad increased to 12.61 mns from 11.56 mns in 2009
Indians travelling to Hong Kong increased by 47% in 2010
Indians travelling to Switzerland increased by 25% in 2010
Indians travelling to South Korea increased by 25% in 2010
Indians travelling to Malysia increased by 25% in 2010
Indians travelling to Finland increased by 17% in 2010
St R & G th F t
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Strong Recovery & Growth Forecasts
Source UNWTO World Tourism Borometer, June 2010; UNWTO Presentation January 2010,
% 7%
2%
(2)%
(7)%
(10)%(12)
(8)
(4)
0
4
8
JanMar-09 AprJun-09 JulSep-09 OctDec-09 JanApr-10
YoY Growth in International Arrivals: World
%
Jan-10Apr-10 2010E
7.0
0.3
12.0
6.0
7.0
4.03.0
7.0
4.0
7.09.0
33.0
0
5
10
15
35
World Europe Asia and Pacific Americas Africa Middle East
YoY Growth in International Arrivals: By Region
Clear signs of recovery:T&T Economy GDP is expected to grow at acompounded rate of 4.4% between 2010-2020 (Source: WTTC)
Revival:Momentum in tourist demand on the growth in the worldeconomy
Broad based revival:Growth across all geographies
T&T: Travel and Tourism
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For further details, please contact:
Cox & Kings Ltd, Turner Morrison Building, 16 Bank Street, Fort, Mumbai - 400 001
Website: www.coxandkings.com
Email: [email protected]
Thank You