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46 / 52

(%)

($billions)

(%)

(%)

(%)

(%)

(%)

(%)

(%)

29.1

1.7

3

2

9

7

0

8

2.4

27.7

2.9

25

7

–8

5

–1

–1

19.8

20.1

9.2

18

2

–9

8

0

1

–2.1

18.8

1.6

8

–2

12

11

–9

–1

8.4

16.5

2.0

10

–16

8

1

0

14

–6.3

13.6

1.7

13

–5

7

4

0

–5

–29.4

13.4

2.8

15

–2

5

4

–1

–7

–16.4

13.1

1.7

18

0

–5

0

0

0

36.2

7.7

3.6

15

14

–5

7

–11

–12

–18.4

6.8

7.6

4

21

–23

1

–5

9

–4.6

Sources: Thomson Reuters Datastream; Thomson Reuters Worldscope; Bloomberg; annual reports; BCG analysis. Note: n = 40 global companies with a market valuation greater than $1.5 billion. 1Contribution of each factor shown in percentage points of five-year average annual TSR; apparent discrepancies with TSR totals due to rounding. 2Average annual total shareholder return, 2004–2008. 3As of December 31, 2008. 4Change in EBITDA multiple. 5As of June 30, 2009.

2009 TSR5

Dividend

Share

Net debt

yield

change

change

Travel and Tourism

mposition1

1

SMRT

2

LAN Airlines

3

OPAP

4

Berjaya Sports Toto

5

Korean Air Lines

6

Arriva

7

FirstGroup

8

Penn National Gaming

9

Sankyo

10

Lottomatica

Sales Growth

TSR Deco

Margin change

Multiple change4

The Travel and Tourism Top Ten, 2004–2008

#

Company

Location

Singapore Chile Greece Malaysia South Korea United Kingdom United Kingdom United States Japan Italy

TSR

2

Market value3

Value Creation at the Travel and Tourism Top Ten Versus Industry Sample, 2004–2008

166

219

170

165

202

125

142

98

’04

’05

’06

’07

’08

0 ’03

200

150

100

50

100

100

Total shareholder return

TSR index (2003=100) 300

250

252

279

116

130

150

132

142

105

113

125

’04

’05

’06

’07

’08

75 ’03

Sales growth

171

207

Sales index (2003=100) 225

200

175

150

125 100

100 100

. 18 3

. 18 5

18.7

18.7

12.3

14.0

13.5

14.6

’04

’05

’06

’07

15

11.4 10

’03

EBITDA margin1

EBITDA/revenue (%) 20

17.1

16.3

13.0

’08

ƒ

Simplified five-year TSR decomposition2 TSR contribution (%)

20 15

7

3

5

3

0

  • 1

  • 3

  • 10

Sales

Margin

Multiple

Dividend

growth

change

change

yield

  • 20

EBITDA multiple1

Enterprise value/EBITDA (x) 12

10

10.5

10.6

8

8.3

8.6

9.5

8.6

9.9

9.8

6

’03

’04

’05

’06

9.4

8.3

’07

7.3

6.3

’08

2.9

2.9

’04

’05

’06

1 ’03

Dividend yield3

Dividend/stock price (%)

4.6

5.4

8 73 . 72 .

4.1

7 6 5 4 3 2

4.3

4.1

2.5

’07

3.0

2.2

’08

Travel and tourism top ten

Total sample, n = 40

Sources: Thomson Reuters Datastream; Thomson Reuters Worldscope; Bloomberg; annual reports; BCG analysis. 1Industry calculation based on aggregate of entire sample. 2Share change and net debt change not shown. 3Industry calculation based on sample average.

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