Development of the tourism division
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Tourism – Key figures
| € million | Q1 2008 | Q1 2007 | Var. % |
|---|---|---|---|
| Turnover | 3,623.3 | 2,639.4 | + 37.3 |
| EBITA by division | - 305 | - 237 | - 28.7 |
| Gains on disposals | – | – | |
| Restructuring | + 27 | + 2 | |
| Purchase price allocation | + 42 | – | |
| Other one-off items | + 15 | + 8 | |
| Underlying EBITA by division | - 221 | - 227 | + 2.6 |
| Investments | 115.4 | 89.6 | + 28.8 |
| Headcount (31 March) | 61,499 | 47,200 | + 30.3 |
Following the formation of TUI Travel through the merger between the TUI Group’s former tourism division and First Choice in September 2007, the division now comprises TUI Travel with its tour operator and distribution activities as well as incoming agency services and the hotel operations managed under TUI Hotels & Resorts. Cruises operating under the Hapag-Lloyd Kreuzfahrten and TUI Cruises brands are also included in the tourism division as of the first quarter of 2008.
At € 3.6 billion, turnover by tourism was 37.3% up year-on-year. The growth in turnover was driven by all tourism segments, with TUI Travel in particular recording significant increases in turnover due to consolidation. Adjusted for the First Choice activities not yet included in the previous year’s quarter (€ 922 million), turnover grew by 2.3%. Earnings by the tourism division declined by 28.7% to € - 305 million due to consolidation. Adjusted for one-off effects earnings rose by 2.6% year-on-year.