2017 Financial Financial

2017

Financial

report

Financial

report

2 3

A message from our Execuve Team 03

Execuve 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 prole 22

A message from

our Execuve Team

Contents

2017

Financial

report

Sustained and mutually benecial business interacon 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 reected in

our strong 2017 revenue, retenon and sales performance.

We set a company record in 2017, recording more than a USD billion in revenues for the

rst me. Total sales, at constant exchange rates, increased by 7% compared to prior

year. At the same me, we maintained our 10-year average track record of a 95% client

retenon rate. Leveraging our low debt, we connued implemenng our deliberate

acquision strategy. We took full ownership of our operaon in Brazil, a purchase that

posions us strongly for further growth in Lan 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 combinaon for the group. We closed 2017 with the acquision of Grass

Roots Meengs & Events, which specializes in strategic meengs management and

delegate management. The acquision will strengthen and diversify BCD M&E’s global

service oering.

4 5

Gold-status Reputaon

Our ongoing commitment to meeng the demands of the marketplace with innovave

soluons, and our discipline in implemenng sustained business principles, helped

us further build upon our already strong reputaon as a leading travel management

company. We received public commendaon ranging from sustainability awards, to best

employers lists, to leadership in sustainability. Our recognion supported our eorts to

aract and retain the most talented and loyal employees in the industry.

We’ve now been named by readers of The Beat, an inuenal trade publicaon, the

Most Admired TMC four mes in the last ve years (2009, 2013-2015, 2017). Raytheon,

one of our 20 largest clients, awarded us a 2017 Supplier Excellence Program EPIC

Award for outstanding performance, contribuons and support of Raytheon’s key goals

and iniaves. We’re also proud to have been awarded a gold-level rang in 2017 by

EcoVadis, the world’s leading plaorm for corporate social responsibility rangs for global

supply chains. The rang places BCD in the top 1% of all suppliers evaluated by EcoVadis.

We were the rst TMC to receive silver accreditaon from Investors in People, a globally

recognized workplace rangs rm. In recognion of his contribuons to building our

“Condent-Self Program” our talent management leader, Chrisan Dahl, was named

“Human Resources Execuve of the Year” at the 2017 Stevie® Awards. The organizaon

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 Meengs & 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 operaonal meengs experse that we provide

at client-onsite locaons in our wholly owned oces and through regional partners. BCD

M&E’s business lines include Strategic Meengs Management (an end-to-end soluon,

including sourcing, communicaon, on-site logiscs, technology and reporng, that

saves money, migates risk and aligns with clients’ overall corporate goals) and Events

(individual event design and logiscs). 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 Meengs & Events

from Blackhawk Network Holdings.

Advito

Our consulng unit last year expanded their relaonship with worldwide technology

leader Cisco to collaboravely provide the travel data and analycs that help customers

dene where and what Cisco product oerings a customer would need to opmize or

reduce travel while sll providing the best experience. They also debuted a breakthrough

savings calculator and an expanded Demand & Behavior Management pracce at the

2017 Global Business Travel Associaon (GBTA) Convenon in Boston.

Other 2017

recognions include

Web Markeng

Associaon’s 2017

Outstanding Mobile App

Award. TripSource®

Travel Magazine‘s Best

Business Travel Agency.

Belgium

Top internaonal

company for mothers.

WAHM.com

Investors in People Silver

Level Accreditaon.

Through 2020

Top working

environment

FlexJobs

America’s Best Mid-Size

Employers for 2017.

Forbes

Travel Magazine

Innovaon Award for

TripSource. Luxembourg

6 7

Sustainability

Sustainability 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 Naons Global

Compact, an iniave we voluntarily joined to help support and protect people and the

planet. Instead of referring to “corporate social responsibility,” we now describe our

eorts around “sustainability.” It’s a commitment to achieving a beer workplace, world

and business.

The John & Marine van Vlissingen BCD Family Foundaon and the Making a Dierence

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 Hai dedicated to improving

the lives of children. We also joined forces with ECPAT-USA, the leading an-child sex

tracking organizaon in the United States.

Strategic plan

BCD Travel is well on its way to compleng 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 acquision strategy.

Since 2015, we’ve closed 11 acquisions, 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 addion, we completed

three acquisions for our Meengs & Events division. The purchase of Grass Roots now

makes BCD M&E one of the world’s largest corporate meengs and events agencies. Our

ongoing strategic acquision plans puts us in a strong posion for 2018.

It is fair to say that BCD Travel is on track to grow signicantly, protably and sustainably.

We connue to help our clients use technology and innovave pracces to increase

producvity, security and wellness for their organizaons and their travelers. We’re

excited and movated to connue our success in 2018 and beyond.

Our

Execuve

Team

John Snyder

President & CEO

Mike Janssen

Global Chief Operang

Ocer & President,

Americas region

Cees Batenburg

Global Chief Financial Ocer

John Snyder

President & Chief Execuve Ocer

Mike Janssen

Global Chief Operang Ocer &

President, Americas region

Cees Batenburg

Global Chief Financial Ocer

Sco Graf

Global President,

BCD Meengs & Events

Stewart Harvey

President,

EMEA

Jorge Cruz

Execuve Vice President,

Global Sales and Markeng

Mike Walley

President,

U.K. & Ireland Region

Greg O’Neil

President,

Asia Pacic

Kathy Jackson

Execuve Vice President,

Global Client Management

& Advito

David Coppens

Execuve Vice President,

Global Operaons

Rose Straord

Execuve Vice President,

Global Supplier Relaons

& Strategic Sourcing

Russell Howell

Execuve Vice President,

Technology, Products

& Innovaon

Chrisan Dahl

Senior Vice President,

Talent Management and

Global Human Resources

8 9

Our investment strategy begins

with our people: is the best way to

achieve success in our company

and markets.

Engaged travelers can drive

signicant savings, policy

compliance, boost sasfacon and

help meet other business objecves.

Human and

social value

Engaged

travelers

Our people make the dierence,

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 specic local needs and help

countries share knowledge and

ideas across similar geographies,

structures and cultures. We’re

proud of employees’ eorts to

improve their local communies

through social investment,

business relaonships and

charitable acvies. With the

John & Marine van Vlissingen

BCD Family Foundaon, we

have a global channel for

raising and distribung funds to

improve children’s lives in poor

communies.

We’ve created an environment that encourages and enables our

people to develop to their fullest potenal. And we turn the same

energy and values toward making a dierence in the lives of our

customers and communies.

Every interacon we have before, during and aer the booking

process is a chance for us to exceed expectaons, with easy and

mely 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

sasfacon. Collecng traveler

feedback gives us a beer

understanding of how we’re doing,

so we can improve soluons,

processes and training to boost

traveler sasfacon. We also collect

data that helps gauge how weather

and other uncontrollable events

aect customers’ experiences, so

we can be beer prepared.

Many clients see

less than

50%

of their hotels booked

through the TMC

More than

13,000

talented employees

109 countries are

commied to provide our

customers with the best

possible service and

experience

10 11

A deep, sustained program change can open new doors in savings,

sasfacon and security: we’re building for change in our own

structures and processes in order to be more ecient and deliver

even beer service.

We drive smart decisions for our customers

with business intelligence that engages

travelers throughout the trip cycle,

inuences spend and lets people answer

what if? Instead of showing just what is.

We are invesng across the

business to fulll 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 analyc

success features faster, higher-

quality data, available monthly,

weekly and daily. We help most

companies carefully manage

air, hotel, car rental and rail

spend. Eecve programs rely

on eecve security, sourcing

and service; we focus on bringing

more spend under management.

Our data security program has

yielded impressive results and we

connue to improve and expand

our security capabilies, services

and resources.

We give clients the informaon they need to understand what their

travelers need on the road, new suppliers that they may be booking

with, opinions about their company’s exisng policies, and how they

react to operaonal 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 acve listening helps

us pinpoint opportunies for our

own growth. Operaons are at the

core of what we do: our operaons’

technology philosophy is exible

and agile. We change where

change makes sense, balancing

local soluons where appropriate,

and deploying single technologies

worldwide where that will give

greater results. The most important

principle: to harbor future

innovaon, a program’s foundaon

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%

cketed data

available daily

12 13

“Most Admired Travel Management Company”

(The Beat Readers’ Choice Awards)

2009 | 2013 | 2014 | 2015 | 2017

North America

Headquarters: Atlanta

United States, Canada

Lan America

Argenna, Bolivia, Brazil, Chile,

Colombia, Costa Rica, Curacao,

Dominican Republic, Ecuador, El

Salvador, Guatemala, Honduras,

Mexico, Nicaragua, Panama, Peru,

Uruguay, Venezuela

Middle East

Bahrain, Egypt, Israel, Jordan, Kuwait,

Lebanon, Oman, Qatar, Saudi Arabia,

U.A.E., Yemen

Africa

Angola, Algeria, Botswana, Burundi,

Cameroon, Dem Republic of Congo,

Ethiopia, Ghana, Ivory Coast, Kenya,

Madagascar, Mauritania, Maurius,

Morocco, Mozambique, Nigeria,

Republic of Congo, Rwanda, Senegal,

South Africa, South Sudan, Tanzania,

Uganda, Zambia, Zimbabwe

Asia Pacic

Headquarters: Singapore

Australia, Bangladesh, Cambodia,

China, Hong Kong, India, Indonesia,

Japan, Korea (South), Malaysia, New

Zealand, Pakistan, Philippines,

Singapore, Sri Lanka, Taiwan, Thailand,

Vietnam

Europe

Headquarters: Utrecht

Austria, Azerbaijan, Belgium, Bulgaria,

Croaa, 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

U.K. & Ireland

Headquarters: London

The United Kingdom, Ireland

Utrecht

London

Atlanta

Singapore

Americas

UK & Ireland

EMEA

APAC

By the numbers

Our global

footprint

TMC to join

the UN Global

Compact

Top

supplier

EcoVadis CSR

gold rang

13,500

creave, commied and

experienced people

Serving

‘Corporate Travel

100’ clients

customer

retenon rate

on FlexJobs' list of

Internaonal Companies

for Remote Jobs

USD

25.7

billion in

annual sales

Forbes

500

America's Best Employers

Present in

109

countries

Global headquarters:

Utrecht, Netherlands

14 15

Financial overview

With our growth in revenues, our

connued cost consciousness and

successful acquisions we have connued

our established trend of strong nancial

performance. The Group realized an

Earnings Before Interest, Tax, Depreciaon

and Amorzaon (EBITDA) and before

exceponal items of USD 132.3m (2016:

USD 124.1m), which is 12.8% of total

revenues (2016: 12.7%).

Our operang 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) oset by higher

depreciaon and amorzaon charges

(USD 1.1m) and a negave development

of foreign exchange results compared to

previous year (USD 1.6m). The increase in

depreciaon and amorzaon charges is

in line with our connuing and increasing

investment in technology.

Following our acquisions and the

redempon of our remaining preference

shares our net debt increased which

resulted in higher Finance cost of USD

1.7m. The US tax reform posively

impacted our tax line for the year 2017.

With a tax benet 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 signicant 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 exceponal

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

transacon volumes increased by 8%. With an increase of 6% compared

to prior year, at constant exchange rates, 2017 marks the rst year we

have realized more than USD 1 billion in revenues.

Overview

In millions of USD

2017 2016 Change

Revenue 1,036.5 978.1 6.0%

EBITDA

before exceponal items 132.3 124.1 8.2

EBITDA margin 12.8% 12.7% 0.1%

Result for the year before exceponal items 55.8 54.0 1.8

Free cash ow

77.8 49.7 28.1

Net working capital

(83.0) (50.0) (33.0)

Net debt 233.6 208.6 25.0

Liquidity rao 1.21 1.23 -2%

1 Earnings before Interest, Taxaon, Depreciaon and Amorzaon

2 Free cash ow is the change in net debt before acquisions, divestments, dividends and capital contribuons

3 Including provisions, other payables and current income tax liabilies and excluding cash and cash equivalents

For a true and fair, year over year,

comparison of the result the eects

from these exceponal items should

be eliminated. The result for the year

excluding these eects actually increased

by USD 1.8m to USD 55.8m compared to

prior year.

The free cash ow 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 connuous

focus on cash collecon as well as the

acquisions completed in 2017.

More than

USD 1BN

in revenues

Increase by

in Total sales

16 17

Ecovadis

CSR Gold rang

top

First and only

TMC to receive

silver accreditaon

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

As of 31

December

2016

USD’000 USD’000

Assets

Non-current

assets

Property, 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 assets

Trade 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

As of 31

December

2017

As of 31

December

2016

USD’000 USD’000

Equity

Shareholder’s

equity

518,534 472,868

Non-controlling

interests

7,649 395

Total equity

526,183 473,263

Liabilies

Non-current

liabilies

Borrowings

349,792 296,851

Deferred tax

liabilies

67,173 73,681

Rerement benet

obligaons

49,682 43,857

Provisions for

other liabilies

and charges

35,737 28,965

Other payables

5,253 4,417

507,637 447,771

Current liabilies

Trade and other

payables

300,402 250,975

Borrowings 4,189 13,796

Current tax

liabilies

3,520 8,589

Provisions for

other liabilies

and charges

47,376 32,956

355,487 306,316

Total equity and

liabilies

1,389,307 1,227,350

2017 2016

USD’000

Revenues

1 036,509 978,106

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

Other operang expenses

(194,753) (183,748)

EBITDA

132,274 124,086

Restructuring expenses

(5,020) (4,720)

Depreciaon (11,583) (11,731)

Amorzaon (32,099) (30,812)

Other income/(expense)

(1,365) 1,241

Operang income

82,207 78,064

Net nance costs

(9,728) (8,017)

Share of (loss)/prot of associates

(1,721) 1,659

Prot/(loss) before income tax

70,758 71,706

Income taxes

2,892 (23,677)

Result for the year

73,650 48,029

Aributable to:

Equity holders of the Company

72,396 48,000

Non-controlling interests

1,254 29

73,650 48,029

Non IFRS benchmark gures

Result for the year 73,650 48,029

Add back exceponal items in operang income

6,458 3,309

Write o investment in associate 3,500 4,872

Tax eect on items listed above (as applicable) (2,167) (1,050)

Change in valuaon allowance due to change in tax rate (23,303)

Change in valuaon allowance for carry forward losses

(2,301) (1,161)

Adjusted result for the year

55,837 53,999

18 19

A total of

acquisions

More than

86,000

completed in under

three years.

travelers

surveyed

in 2017

Financial

statements

Consolidated

changes in equity

Financial

statements

Consolidated

cash ow statement

2017 2016

USD’000

Balance at 1 January 473,263 482,828

Cashow hedges, net of tax

- 325

Remeasurements of post employment benet

liabilies, net of tax

1,011 1,756

Exchange dierences

25,342 (7,806)

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

Result for the year

72,396 48,000

Total recognized income and expenses for the year

98,749 42,275

Preference share redempon

(23,959) (32,854)

Dividend (18,363) (17,836)

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

Acquision of subsidiary (6,000)

Change in non-controlling interests

7,254 (702)

Balance at 31 December

526,183 473,263

2017 2016

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)

Operaonal cash ow

76,299 45,648

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

Business acquisions

(32,568) (17,233)

Redempon of preference shares (23,959) (32,854)

Dividends paid (18,478) (16,731)

Minority partner buy outs

(1,199) (1,773)

Investment cash ow

(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

20 21

BCD Travel launches

SoluonSource®

TripSource Hotels

helped travelers

a one-stop shop of

third-party travel

technology soluons

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 Meengs & Events LLC US

100%

Universal Meeng 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 Argenna S.A. Argenna

100%

BCD Travel SA Peru

60%

BCD Travel Chile S.A. Chile

50%

BCD Travel Americas Operaons Center Limitada Costa Rica

100%

BCD Brasil Holding Parcipacoes Ltda. Brazil

100%

Travel Holdco Parcipacoes Ltda. Brazil

100%

BCD Travel Brazil Turismo S.A. Brazil

100%

Maliejger 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 liquidaon)* 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 (connued) 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 liquidaon) Czech Republic 100%

BCD Travel UK Ltd. UK 100%

Grass Roots Switzerland AG Switzerland 100%

Grass Roots Meengs & Events Ltd. UK 100%

Grass Roots HBI Limited UK 100%

Grass Roots Live Limited UK 100%

Grass Roots Germany GmbH Germany 100%

Grass Roots Meengs & 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 Meengs & Events Ltd. UK 100%

In Business Reservaons 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 liquidaon) 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 Meengs & Events Singapore Pte. Ltd. Singapore 100%

BCD Travel Asia Pacic Pte. Ltd. Singapore 100%

BCD Travel (Australia) Holdings Pty. Ltd. Australia 100%

Internaonal 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 Internaonal 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 Internaonal B.V. Netherlands 100%

* Not consolidated * Not consolidated

As of 31

December

2017

As of 31

December

2017

Corporate

prole

BCD Travel helps companies make the most of what they spend

on travel. For travelers, this means keeping them safe and

producve, 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 creave,

commied and experienced people. And it’s how we maintain

the industry’s most consistent client retenon rate (95% over

the past 10 years), with 2017 sales of USD 25.7 billion. For more

informaon, 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 (o-airport parking) and Airtrade (consolidaon

and fulllment). 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 informaon,

visit www.bcdgroup.com.