TUI posts Q1 FY2011/12 performance figures
TUI AG’s performance in the first quarter of its financial year 2011/12 has been in line with expectations, the Group said Wednesday.
At an overall sound development of business, turnover grew by around 5 per cent to almost 3.5 billion euros in the first quarter (previous year 3.3 billion euros). Bookings for Winter 2011/12 and Summer 2012 are showing gratifying levels.
Operating earnings (underlying EBITA) declined to a seasonal loss of 147 million euros (previous year -120 million euros) in the first quarter of 2011/12. This reflects an adverse earnings impact of the events in North Africa of 30 million euros. By contrast, the prior year reference quarter was not yet affected by the political unrest in North Africa. The net result declined to a seasonal loss of -137 million euros (previous year -94 million euros), driven by the operating performance and a lower at equity contribution from Container Shipping. Basic earnings per share amount to -0.37 euros (previous year -0.21 euros) for the first quarter.
TUI confirms its outlook for financial year 2011/12. Lower demand for North African destinations in the first quarter had been anticipated and incorporated accordingly in the annual budget. The Executive Board thus expects moderate turnover growth and a slight improvement in operating earnings (underlying EBITA) for the overall year. TUI expects the overall Group result for the year to be positive.
Detailed development of TUI Travel
Turnover by TUI Travel rose by around 5 per cent on prior year to 3.3 billion euros (previous year 3.2 billion euros). This growth is principally attributable to a higher proportion of differentiated product sales. Moreover, cost increases were passed on to customers. The seasonal operating loss (underlying EBITA) rose by around
16 per cent year-on-year to -130 million euros (previous year -113 million euros). This decline primarily results from considerably lower demand for North African destinations. The total earnings effect of the unrest was 28 million euros.
Customer volumes in the Mainstream Business totalled 3.7 million, flat year-on-year. In the Central Europe Division, the year-on-year decline in bookings of North African destinations was partly offset by growth in demand for the Canaries. In the Northern Region Division, TUI Travel temporarily moved aircraft from the UK to Canada and the Nordics. It thus achieved satisfactory load factors on its flight capacity despite a weak consumer environment in the UK and a decline in demand for North Africa.
Detailed development of TUI Hotels & Resorts
TUI Hotels & Resorts developed well despite the adverse impact on the North Africa business. In the first quarter, turnover grew by 10 per cent to 181 million euros on almost the same capacity (previous year 164 million euros). The growth was driven by better load factors and higher average revenues per bed. Operating earnings also rose considerably. Underlying EBITA climbed to 13 million euros, up around 31 per cent on prior year. TUI Hotels & Resorts managed to increase occupancy from 70.6 per cent to 74.5 per cent. Average revenues per bed rose from 48.36 to 49.20 euros.
The leap in earnings was mainly attributable to a better business performance of RIU hotels. The hotel group benefited significantly from the shift in demand from Northern African countries to the western Mediterranean in the first quarter. RIU achieved an increase in occupancy from 72.9 to 77.6 per cent. Average revenues per bed amounted to 46.31 euros (previous year 45.47 euros).
Detailed development of Cruises
The Cruises Sector recorded a stable business performance in the first quarter. At 40 million euros, turnover was flat year-on-year1. Underlying EBITA of -8 million euros (previous year -4 million euros) reflect a scheduled dry-dock period of MS Europa, start-up costs for the fleet expansion in Hapag-Lloyd Kreuzfahrten and higher expenses due to the expansion of the TUI Cruises fleet. At 74.1 per cent, the load factor for the ships operated by Hapag-Lloyd Kreuzfahrten was flat year-on-year. The average rate per passenger per day decreased from 389 euros to 345 euros because of the dry-dock period of MS Europa. TUI Cruises posted a positive performance in the first quarter. The load factor grew to 98.8 per cent (previous year 96.8 per cent), while the average rate was increased to 131 euros per passenger per day (previous year 125 euros).
Development of Container Shipping2
In a challenging market environment Hapag-Lloyd continues to outperform the sector, achieving positive operating earnings in the first quarter of TUI AG’s financial year 2011/121. The share of Container Shipping included in TUI’s Group result amounted to -9 million euros in the first quarter of TUI’s financial year (previous year 18 million euros).
TUI AG is Europe’s leading travel group was created in 2007. The three sectors TUI Travel (tour operating, online sales, high street outlets, airlines and incoming agencies), TUI Hotels & Resorts and the cruise ship business form the World of TUI. TUI AG holds, in addition, a financial investment in the container shipping industry.
Currently, the group owns a 38.4 percent stake in Hapag-Lloyd. In financial year 2010/11 the TUI Group reported turnover of €17.5bn and operating earnings (underlying EBITA) of €600m. In the period under review reported Group EBITA amounted to €445m, Group profit for the year totaled €118m. The Group’s headcount was approx. 73,700 employees.
At an overall sound development of business, turnover grew by around 5 per cent to almost 3.5 billion euros in the first quarter (previous year 3.3 billion euros). Bookings for Winter 2011/12 and Summer 2012 are showing gratifying levels.
Operating earnings (underlying EBITA) declined to a seasonal loss of 147 million euros (previous year -120 million euros) in the first quarter of 2011/12. This reflects an adverse earnings impact of the events in North Africa of 30 million euros. By contrast, the prior year reference quarter was not yet affected by the political unrest in North Africa. The net result declined to a seasonal loss of -137 million euros (previous year -94 million euros), driven by the operating performance and a lower at equity contribution from Container Shipping. Basic earnings per share amount to -0.37 euros (previous year -0.21 euros) for the first quarter.
TUI confirms its outlook for financial year 2011/12. Lower demand for North African destinations in the first quarter had been anticipated and incorporated accordingly in the annual budget. The Executive Board thus expects moderate turnover growth and a slight improvement in operating earnings (underlying EBITA) for the overall year. TUI expects the overall Group result for the year to be positive.
Detailed development of TUI Travel
Turnover by TUI Travel rose by around 5 per cent on prior year to 3.3 billion euros (previous year 3.2 billion euros). This growth is principally attributable to a higher proportion of differentiated product sales. Moreover, cost increases were passed on to customers. The seasonal operating loss (underlying EBITA) rose by around
16 per cent year-on-year to -130 million euros (previous year -113 million euros). This decline primarily results from considerably lower demand for North African destinations. The total earnings effect of the unrest was 28 million euros.
Customer volumes in the Mainstream Business totalled 3.7 million, flat year-on-year. In the Central Europe Division, the year-on-year decline in bookings of North African destinations was partly offset by growth in demand for the Canaries. In the Northern Region Division, TUI Travel temporarily moved aircraft from the UK to Canada and the Nordics. It thus achieved satisfactory load factors on its flight capacity despite a weak consumer environment in the UK and a decline in demand for North Africa.
Detailed development of TUI Hotels & Resorts
TUI Hotels & Resorts developed well despite the adverse impact on the North Africa business. In the first quarter, turnover grew by 10 per cent to 181 million euros on almost the same capacity (previous year 164 million euros). The growth was driven by better load factors and higher average revenues per bed. Operating earnings also rose considerably. Underlying EBITA climbed to 13 million euros, up around 31 per cent on prior year. TUI Hotels & Resorts managed to increase occupancy from 70.6 per cent to 74.5 per cent. Average revenues per bed rose from 48.36 to 49.20 euros.
The leap in earnings was mainly attributable to a better business performance of RIU hotels. The hotel group benefited significantly from the shift in demand from Northern African countries to the western Mediterranean in the first quarter. RIU achieved an increase in occupancy from 72.9 to 77.6 per cent. Average revenues per bed amounted to 46.31 euros (previous year 45.47 euros).
Detailed development of Cruises
The Cruises Sector recorded a stable business performance in the first quarter. At 40 million euros, turnover was flat year-on-year1. Underlying EBITA of -8 million euros (previous year -4 million euros) reflect a scheduled dry-dock period of MS Europa, start-up costs for the fleet expansion in Hapag-Lloyd Kreuzfahrten and higher expenses due to the expansion of the TUI Cruises fleet. At 74.1 per cent, the load factor for the ships operated by Hapag-Lloyd Kreuzfahrten was flat year-on-year. The average rate per passenger per day decreased from 389 euros to 345 euros because of the dry-dock period of MS Europa. TUI Cruises posted a positive performance in the first quarter. The load factor grew to 98.8 per cent (previous year 96.8 per cent), while the average rate was increased to 131 euros per passenger per day (previous year 125 euros).
Development of Container Shipping2
In a challenging market environment Hapag-Lloyd continues to outperform the sector, achieving positive operating earnings in the first quarter of TUI AG’s financial year 2011/121. The share of Container Shipping included in TUI’s Group result amounted to -9 million euros in the first quarter of TUI’s financial year (previous year 18 million euros).
TUI AG is Europe’s leading travel group was created in 2007. The three sectors TUI Travel (tour operating, online sales, high street outlets, airlines and incoming agencies), TUI Hotels & Resorts and the cruise ship business form the World of TUI. TUI AG holds, in addition, a financial investment in the container shipping industry.
Currently, the group owns a 38.4 percent stake in Hapag-Lloyd. In financial year 2010/11 the TUI Group reported turnover of €17.5bn and operating earnings (underlying EBITA) of €600m. In the period under review reported Group EBITA amounted to €445m, Group profit for the year totaled €118m. The Group’s headcount was approx. 73,700 employees.