Following the introduction of a nine-month short financial year in 2009, the TUI Group now reports about the period from 1 October of any one year until 30 September of the subsequent year. The quarter Q3 2009/10 and the first nine months of 2009/10 are thus presented alongside the reporting periods from April to June 2009 and from October 2008 to June 2009, respectively.
Following the completion of the sale of Container Shipping, the 43.33% stake in ‘Albert Ballin’ Joint Venture GmbH & Co. KG has been measured at equity in TUI’s consolidated financial statements since April 2009. In line with their participating nature, the proportionate at equity earnings of the stake in Container Shipping to be included in consolidated earnings as of the third quarter of 2008/09 are not included in the TUI Group’s operating performance indicator EBITA. Accordingly, the comments provided below will focus on the development of business operations in Tourism and Central Operations (Continuing Operations).
Information about the development of business operations in Container Shipping in the third quarter of 2009/10 is presented here.
In the summer of 2010, TUI AG and TUI Travel PLC decided to transfer the operation of the club hotel chain Magic Life, previously shown under Discontinued Operation, to TUI Travel. This move will be subject to approval by the supervisory bodies and regulatory authorities. Due to this decision, the Magic Life Group is no longer shown under Discontinued Operation but will be carried under TUI Hotels & Resorts until the transfer. In the previous year’s comparative period, Discontinued Operation had still included the key indicators for Container Shipping.
Development of turnover
Divisional turnover
€ million | Q3 2009/10 | Q3 2008/09 restated | Var. % | 9M 2009/10 | 9M 2008/09 restated | Var. % |
| Tourism | 3,986.3 | 4,158.8 | - 4.1 | 9,775.6 | 10,657.6 | - 8.3 |
| TUI Travel | 3,857.4 | 4,007.9 | - 3.8 | 9,376.6 | 10,247.3 | - 8.5 |
| TUI Hotels & Resorts | 97.3 | 106.3 | - 8.5 | 266.7 | 262.6 | + 1.6 |
| Cruises | 31.6 | 44.6 | - 29.1 | 132.3 | 147.7 | - 10.4 |
| Central Operations | 15.8 | 16.9 | - 6.5 | 45.9 | 71.0 | - 35.4 |
| Continuing Operations | 4,002.1 | 4,175.7 | - 4.2 | 9,821.5 | 10,728.6 | - 8.5 |
| Discontinued Operation | – | – | n/a | – | 2,705.2 | n/a |
| Consolidation | – | – | n/a | – | - 30.3 | n/a |
| Divisional turnover | 4,002.1 | 4,175.7 | - 4.2 | 9,821.5 | 13,403.5 | - 26.7 |
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Continuing Operations
In the third quarter of 2009/10, turnover by the Continuing Operations was €4.0bn, down 4% year-on-year. The decline in turnover was above all attributable to turnover losses in connection with the closure of European airspace due to a volcanic ash cloud. On the other hand, turnover benefited from the 3% rise in the exchange rate of Sterling against the Euro. This development resulted in a slight increase in turnover by the British tour operators in Tourism on a Euro basis. Cumulative turnover for the first nine months of 2009/10 totalled €9.8bn, down 8% year-on-year.
Development of earnings
Underlying divisional EBITA
€ million | Q3 2009/10 | Q3 2008/09 restated | Var. % | 9M 2009/10 | 9M 2008/09 restated | Var. % |
| Tourism | 113.8 | 106.5 | + 6.9 | - 250.2 | - 226.6 | - 10.4 |
| TUI Travel | 93.3 | 98.0 | - 4.8 | - 279.3 | - 257.5 | - 8.5 |
| TUI Hotels & Resorts | 18.3 | 12.0 | + 52.5 | 31.0 | 38.9 | - 20.3 |
| Cruises | 2.2 | - 3.5 | n/a | - 1.9 | - 8.0 | + 76.3 |
| Central Operations | - 9.0 | - 11.7 | + 23.1 | - 29.3 | - 76.6 | + 61.7 |
| All other segments | - 9.0 | - 11.7 | + 23.1 | - 29.3 | - 76.6 | + 61.7 |
| Consolidation | – | – | n/a | – | – | n/a |
| Continuing Operations | 104.8 | 94.8 | + 10.5 | - 279.5 | - 303.2 | + 7.8 |
| Discontinued Operation | – | – | n/a | – | - 230.1 | n/a |
| Underlying divisional earnings (EBITA) | 104.8 | 94.8 | + 10.5 | - 279.5 | - 533.3 | + 47.6 |
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Divisional EBITA
€ million | Q3 2009/10 | Q3 2008/09 restated | Var. % | 9M 2009/10 | 9M 2008/09 restated | Var. % |
| Tourism | - 83.2 | 63.7 | n/a | - 516.8 | - 352.5 | - 46.6 |
| TUI Travel | - 99.1 | 55.2 | n/a | - 531.5 | - 378.1 | - 40.6 |
| TUI Hotels & Resorts | 14.9 | 12.0 | + 24.2 | 17.8 | 33.6 | - 47.0 |
| Cruises | 1.0 | - 3.5 | n/a | - 3.1 | - 8.0 | + 61.3 |
| Central Operations | 17.8 | - 11.7 | n/a | - 2.5 | - 74.8 | + 96.7 |
| All other segments | 17.8 | - 11.7 | n/a | - 2.5 | - 74.8 | + 96.7 |
| Consolidation | – | – | n/a | – | – | n/a |
| Continuing Operations | - 65.4 | 52.0 | n/a | - 519.3 | - 427.3 | - 21.5 |
| Discontinued Operation | – | - 8.1 | n/a | – | 871.0 | n/a |
| Divisional earnings (EBITA) | - 65.4 | 43.9 | n/a | - 519.3 | 443.7 | n/a |
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Continuing Operations
In the third quarter of 2009/10, underlying earnings by the Continuing Operations (underlying divisional EBITA) rose by €10m year-on-year to €105m. The positive development of earnings was driven by the development of business in Tourism and higher earnings by Central Operations.
In the third quarter of 2009/10, Tourism achieved a year-on-year increase in underlying earnings of €7m to €114m. The development of earnings varied for the individual sectors. While TUI Travel was almost flat year-on-year in the third quarter of 2009/10, TUI Hotels & Resorts and Cruises each recorded earnings growth of €6m.
In the third quarter of 2009/10, underlying earnings by Central Operations totalled €-9m, up €3m year-on-year. The positive development in earnings of €47m in the first nine months of 2009/10 was driven by charges for the measurement of financial instruments included in the previous year’s figures.
Cumulative underlying earnings by Continuing Operations totalled €-280m for the first nine months of 2009/10, up €24m year-on-year.
Underlying divisional EBITA: Continuing Operations
€ million | Q3 2009/10 | Q3 2008/09 restated | Var. % | 9M 2009/10 | 9M 2008/09 restated | Var. % |
| Divisional EBITA | - 65.4 | 52.0 | n/a | - 519.3 | - 427.3 | - 21.5 |
| Gains on disposal | - 9.4 | - 0.6 | - 11.4 | + 1.4 | ||
| Restructuring | + 9.0 | + 6.2 | + 22.2 | + 5.6 | ||
| Purchase price allocation | + 17.8 | + 11.1 | + 49.7 | + 33.0 | ||
| Other one-off items | + 152.8 | + 26.1 | + 179.3 | + 84.1 | ||
| Underlying divisional EBITA | 104.8 | 94.8 | + 10.5 | - 279.5 | - 303.2 | + 7.8 |
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In the third quarter of 2009/10, the Group’s Continuing Operations had one-off items worth a total of €170m to be adjusted. This total included €128m for expenses in connection with the closure of European airspace due to the volcanic ash cloud. Reported divisional EBITA by the Continuing Operations accounted for €-65m in the third quarter, down €117m versus the comparative prior-year period. In the first nine months, reported divisional EBITA totalled €-519m, down €92m. Cumulative adjustments amounted to €240m.