General Economic Situation in Q3 2008

 

  • Increase in underlying earnings in tourism and container shipping in the first nine months of 2008.
  • Successful conclusion of the agreement to sell container shipping.
  • Strong Group finance and liquidity situation following the completion of the sale of container shipping.



TUI Group in figures

€ million   Q3 2008 Q3 2007 Var. % 9M 2008 9M 2007 Var. %
Continuing operations              
Turnover   6,871 5,835 + 17.8 15,248 12,230 + 24.7
EBITDAR   900 954 - 5.7 1,098 1,210 - 9.2
EBITDA   703 782 - 10.2 535 736 - 27.3
EBITA   594 672 - 11.6 165 440 - 62.5
of which tourism   616 638 - 3.4 165 412 - 60.0
of which central operations   - 22 34 n/a 0 28 n/a
Underlying EBITA   773 723 + 6.9 660 541 + 22.0
of which tourism   795 689 + 15.4 660 507 + 30.2
of which central operations   - 22 34 n/a 0 34 n/a
               
Discontinued operation              
Earnings discontinued operation   111 97 + 14.4 251 195 + 28.7
EBITA   66 95 - 30.5 156 245 - 36.3
Underlying EBITA   86 107 - 19.6 219 76 + 188.2
               
Group              
EBITA   660 767 - 14.0 321 685 - 53.1
Underlying EBITA   859 830 + 3.5 879 617 + 42.5
Goup profit/loss   448 462 - 2.9 45 427 - 89.5
Basic earnings per share in € + 1.00 + 1.73 - 42.2 + 0.07 + 1.46 - 95.2
Capital expenditure   336 217 + 55.0 810 699 + 15.9
Equity ratio (30 September) in % – – n/a 16.4 18.9 - 13.0*)
Employees (30 September)   – – n/a 79,192 75,795 + 4.5
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*) percentage points

General economic situation

In the course of the year, the cyclical expansion of the world economy slowed down considerably. While the downswing tendencies resulting from the crisis in the property and finance markets manifested themselves most clearly in the US and the world economy was characterised by overall robust expansion in the first half of 2008, an increasing number of regions, including the Eurozone, saw signs of a slowdown in economic activity in the third quarter. As a result, economic momentum in the emerging economies also slowed down, albeit with a certain time lag. In September, the situation was further aggravated by the difficulties experienced by several financial institutions. Subsequently, all major industrialised countries launched programmes comprising sets of measures to cushion the confidence crisis in the financial markets. Due to the aggravation of the crisis investment activity declined. Due to the strong energy intensity of production, growth was increasingly curbed by the rising fuel prices.