Turnover and Earnings
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Turnover by divisions
Continuing operations
In accordance with IFRS 5, consolidated turnover represented the turnover of the TUI Group's continuing operations: tourism, shipping and central operations. At € 4.34 billion (previous year: € 4.09 billion), it was 6.1% up year-on-year in the second quarter of 2005. In the first half of 2005, Group turnover totalled € 7.57 billion (previous year: € 7.08 billion), an increase of 6.9%. This growth was attributable to the 5.2% growth in tourism and the 15.0% growth in shipping.
Discontinuing operations
In the second quarter of 2005, the turnover reported for the discontinuing operations (trading, special logistics) totalled € 359 million (previous year: € 444 million), a 19.1% decline year-on-year. Accumulated turnover for the first half of 2005 stood at € 712 million (previous year: € 970 million), down 26.6% year-on-year. Given an increase in turnover of 9.9% in the trading sector, the decline was due to last year's divestments in special logistics.
In total, turnover of the TUI Group's divisions amounted to € 4.70 billion (previous year: € 4.54 billion) in the second quarter of 2005 and to € 8.28 billion (previous year: € 8.05 billion) for the first half of 2005, a year-on-year increase of 3.6% and 2.8%, respectively, which was attributable to the fact that the growth in the continuing operations more than offset the decline in the discontinuing operations.
Turnover by divisions
| € million | Q2 2005 | Q2 2004 | H1 2005 | H1 2004 | Var. % |
|---|---|---|---|---|---|
| Tourism | 3,492.8 | 3,353.6 | 6,008.5 | 5,712.4 | + 5.2 |
| Central Europe | 1,414.8 | 1,384.7 | 2,354.4 | 2,225.4 | + 5.8 |
| Northern Europe | 1,229.5 | 1,220.4 | 2,124.7 | 2,068.6 | + 2.7 |
| Western Europe | 666.2 | 590.5 | 1,197.2 | 1,097.8 | + 9.1 |
| Destinations | 121.1 | 86.3 | 210.3 | 185.5 | + 13.4 |
| Other tourism | 61.2 | 71.7 | 121.9 | 135.1 | - 9.8 |
| Shipping | 765.4 | 672.4 | 1,434.0 | 1,247.0 | + 15.0 |
| Central operations | 84.0 | 68.1 | 127.9 | 124.2 | + 3.0 |
| Continuing operations | 4,342.2 | 4,094.1 | 7,570.4 | 7,083.6 | + 6.9 |
| Trading | 249.6 | 251.5 | 495.5 | 450.9 | + 9.9 |
| Special logistics | 109.5 | 192.0 | 216.1 | 518.8 | - 58.3 |
| Discontinuing operations | 359.1 | 443.5 | 711.6 | 969.7 | - 26.6 |
| Turnover by divisions | 4,701.3 | 4,537.6 | 8,282.0 | 8,053.3 | + 2.8 |
Earnings by divisions
| € million | Q2 2005 | Q2 2004 | H1 2005 | H1 2004 | Var. % |
|---|---|---|---|---|---|
| Tourism | 94 | 87 | - 98 | - 118 | + 16.9 |
| Central Europe | 31 | 36 | - 55 | - 65 | + 15.4 |
| Northern Europe | 33 | 32 | - 73 | - 66 | - 10.6 |
| Western Europe | - 9 | - 8 | - 28 | - 19 | - 47.4 |
| Destinations | 38 | 18 | 61 | 26 | + 134.6 |
| Other tourism | 1 | 9 | - 3 | 6 | n. m. |
| Shipping | 85 | 84 | 110 | 106 | + 3.8 |
| Central operations | - 47 | - 73 | - 141 | - 190 | + 25.8 |
| Continuing operations | 132 | 98 | - 129 | - 202 | + 36.1 |
| Trading | 9 | 39 | 25 | 64 | - 60.9 |
| Special logistics | 48 | - 6 | 58 | 21 | n. m. |
| Divestments | – | 30 | – | 30 | – |
| Discontinuing operations | 57 | 63 | 83 | 115 | - 27.8 |
| Earnings by divisions (EBTA) | 189 | 161 | - 46 | - 87 | + 47.1 |
Adjusted earnings by divisions
| € million | Q2 2005 | Q2 2004 | H1 2005 | H1 2004 | Var. % |
|---|---|---|---|---|---|
| Earnings by divisions (EBTA) | 189 | 161 | - 46 | - 87 | + 47.1 |
| Unusual expenses and income | + 37 | + 21 | + 37 | + 39 | - 5.1 |
| Revaluation of conversion options | + 12 | + 28 | - 15 | - 11 | - 36.4 |
| Adjusted EBTA | 140 | 112 | - 68 | - 115 | + 40.9 |
Earnings by divisions
Continuing operations
In the second quarter of 2005, the continuing operations tourism and shipping as well as central operations reported a 34.7% increase in earnings (before taxes on income and amortisation of goodwill) to € 132 million (previous year: € 98 million). Accumulated earnings for the first half of 2005 totalled € - 129 million (previous year: € - 202 million), a 36.1% improvement year-on-year. This was attributable both to the 16.9% improvement in earnings by tourism and the 3.8% earnings increase in shipping but also the cost reductions achieved by central operations, resulting in a 25.8% improvement in earnings by this sector year-on-year.
Discontinuing operations
In the second quarter of 2005, trading and special logistics, the discontinuing
operations, recorded a drop in earnings (before taxes on income and amortisation of goodwill) to € 57 million (previous year: € 63 million, incl. divestments). Total earnings by these operations in the first half of 2005 amounted to € 83 million (previous year: € 115 million, incl. divestments), a decline of 27.8%. This was primarily due to a decrease in earnings in the trading sector which continued to record a good business trend but did not reproduce last year's record profit, which had benefited from an extraordinary market development. In connection with the divestment of entities in the special logistics sector, unusual income from the reversal of provisions no longer required arose alongside the results from current business activities.
Overall, earnings by the TUI Group's divisions (before taxes on income and amortisation of goodwill) climbed by 17.4% to € 189 million (previous year: € 161 million) in the second quarter of 2005. For the first half of 2005, earnings by divisions improved by 47.1% to € - 46 million (previous year: € - 87 million).
Adjusted earnings
In the second quarter of 2005, earnings by divisions adjusted for unusual expenses and income and the revaluation of conversion options from the convertible bond issued in 2003, stipulated by IAS 39 in conjunction with IAS 32, totalled € 140 million (previous year: € 112 million), up 25.0% year-on-year. For the first half of 2005, they stood at € - 68 million (previous year: € - 115 million), an improvement of 40.9% year-on-year. In the first quarter of 2005, no unusual expenses and income had to be accounted for, while the second quarter of 2005 saw the generation of unusual income in connection with the divestment of entities in the special logistics sector. In the first half of 2004, divestments in the special logistics sector and the settlement of divestments in the former energy sector and other former Group companies had generated net unusual expenses and income of € + 39 million.