TUI Hotels & Resorts
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TUI Hotels & Resorts encompasses the Group’s hotel companies. In the first quarter of 2008, the sector reported a total of 4.0 million bed nights. Occupancy stood at 74.5% and was thus up year-on-year. Many hotel facilities, in particular in the eastern Mediterranean, were not open during the winter months according to plan. The individual hotel groups and regions reported varying business developments.
TUI Hotels & Resorts – Key figures
| € million | Q1 2008 | Q1 2007 | Var. % |
|---|---|---|---|
| Turnover | 93.9 | 84.2 | + 11.5 |
| EBITA by division | 13 | 16 | - 18.8 |
| Gains on disposals | – | – | |
| Restructuring | – | – | |
| Purchase price allocation | – | – | |
| Other one-off items | – | – | |
| Underlying EBITA by division | 13 | 16 | - 18.8 |
| Investments | 50.7 | 57.4 | - 11.7 |
| Headcount (31 March) | 13,365 | 13,083 | + 2.2 |
Turnover and earnings
TUI Hotels & Resorts reported consolidated turnover growth of 11.5% in the first quarter of 2008. While bed nights rose year-on-year, average revenues per bed declined slightly, a development primarily attributable to the persistent weakness of the US dollar. This effect mainly related to the Riu Group with its activities in Mexico, Jamaica, the Dominican Republic, Bahamas and US.
In the first quarter of 2008, earnings totalled € 13 million, down 18.8% year-on-year. There were no one-off effect adjustments neither in the first quarter of 2008 nor in the first quarter of 2007. Given the overall positive business development, the decline in earnings was essentially attributable to an increased contribution from asset management included in 2007 figures.
TUI Hotels & Resorts
|
Hotel brand |
Capacity (‘000)1) Q1 2008 |
Q1 2007 |
Var. % |
Occupancy rate (%)2) Q1 2008 |
Q1 2007 |
Var. % points |
Average revenue per bed (€)3) Q1 2008 |
Q1 2007 |
Var. % |
|---|---|---|---|---|---|---|---|---|---|
| Riu | 3,657 | 3,531 | + 3.6 | 83.7 | 79.9 | + 3.8 | 50.95 | 52.55 | - 3.0 |
| Magic Life | 518 | 319 | + 62.4 | 42.3 | 54.0 | - 11.7 | 34.24 | 31.43 | + 8.9 |
| Grupotel | 106 | 93 | + 13.8 | 47.0 | 54.6 | - 7.6 | 34.38 | 33.17 | + 3.6 |
| Iberotel | 584 | 582 | + 0.2 | 55.9 | 51.0 | + 4.9 | 33.67 | 29.83 | + 12.9 |
| Robinson | 471 | 470 | + 0.2 | 69.0 | 65.3 | + 3.7 | 97.29 | 90.22 | + 7.8 |
| Grecotel | 2 | 4 | - 56.9 | 21.5 | 57.2 | - 35.7 | 140.82 | 29.80 | + 372.6 |
| Dorfhotel | 57 | 59 | - 3.7 | 65.1 | 65.6 | - 0.5 | 17.59 | 16.40 | + 7.3 |
| Total | 5,394 | 5,058 | + 6.6 | 74.5 | 72.9 | + 1.6 | 51.83 | 52.21 | - 0.7 |
1) Number of owned/leased beds multiplied by open days per quarter
2) Occupied beds divided by capacity
3) Arrangement turnover divided by occupied beds
Riu
Riu, one of Spain’s leading hotel chains, operated 101 facilities in the period under review. Capacity rose by 3.6% year-on-year to 3.7 million available hotel beds. Occupancy of this expanded capacity rose significantly by 3.8 percentage points year-on-year to 83.7%, a development attributable in particular to strong demand for the Canaries. Average revenues per bed, in contrast, declined by 3.0%, primarily due to negative exchange rate effects for destinations in the US dollar currency region. Overall, the first quarter of 2008 saw a year-on-year increase in earnings from the Riu Group’s hotel operations and decline in the profit contribution from asset management. As before, Riu’s performance rendered an essential contribution to the positive earnings situation of the sector.
Magic Life
Magic Life, the all-inclusive club brand, only operated six of its 15 facilities in the period under review for seasonal reasons, since as planned most clubs in Greece and Turkey were not open. Capacity on offer rose considerably year-on-year due to the opening of a new club in Egypt, while occupancy declined by 11.7 percentage points due to the start-up phase of this new resort. Average revenues per bed benefited from a lower portion of discounted stock and rose by 8.9%.
Grupotel
In the first quarter of 2008, 13 of the 34 hotels of the Grupotel chain in Majorca, Menorca and Ibiza were open. The decline in occupancy was offset by increases in prices.
Iberotel
In the first quarter of 2008, all 23 Iberotels, most of which are located in Egypt and Turkey, were open. Capacity hardly changed year-on-year and occupancy rose to 55.9% in the first quarter of 2008, a substantial year-on-year improvement. Average revenues per bed also developed positively.
Robinson
Robinson, market leader in the premium segment for club holidays, operates 22 club facilities, of which 14 were open in the first quarter of 2008. Capacity remained virtually unchanged year-on-year, with occupancy up 3.7 percentage points. Average revenues per bed grew by 7.8% year-on-year.
Grecotel
In the first quarter, all 19 holiday facilities of the leading hotel company in Greece were closed as planned, with the exception of one special event.
Dorfhotel
The development of Dorfhotels matched 2007 figures in the first quarter of 2008. The figures above exclusively relate to the two Group-owned facilities in Austria.