Development of the Tourism Division
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Tourism – Key figures
| € million | Q2 2008 | Q2 2007 | Var. % | H1 2008 | H1 2007 | Var. % |
|---|---|---|---|---|---|---|
| Turnover | 4,721.6 | 3,680.3 | + 28.3 | 8,344.9 | 6,319.7 | + 32.0 |
| EBITA by division | - 146 | 11 | n/a | - 451 | - 224 | - 101.3 |
| Gains on disposals | – | – | – | – | ||
| Restructuring | + 190 | + 3 | + 217 | + 5 | ||
| Purchase price allocation | + 12 | – | + 54 | – | ||
| Other one-off items | + 30 | + 31 | + 45 | + 39 | ||
| Underlying EBITA by division | 86 | 45 | + 91.1 | - 135 | - 180 | + 25.0 |
| Investments | 132.3 | 101.4 | + 30.5 | 247.7 | 191.0 | + 29.7 |
| Headcount (30 June) | – | – | – | 68,857 | 52,276 | + 31.7 |
Following the formation of TUI Travel through the merger between the TUI Group’s former tourism division and First Choice Holidays PLC in September 2007, the tourism division now comprises TUI Travel with its tour operators, airlines, distribution services and incoming agencies as well as the hotel operations managed under TUI Hotels & Resorts. In addition, the tourism division includes cruises operating under the Hapag-Lloyd Kreuzfahrten and TUI Cruises brands since the first quarter of 2008.
At € 4.7 billion, turnover by tourism was 28.3% up year-on-year in the second quarter of 2008. For the first half of 2008, turnover grew by 32.0%. The growth in turnover was driven by all tourism segments, with TUI Travel in particular recording substantial increases in turnover due to consolidation effects. Adjusted for the First Choice operations, included in consolidation for the first time, turnover declined by 3.8% in the second quarter of 2008 and 1.3% in the first half of 2008. The drop in turnover was attributable to the reduction in flight capacity, above all in Central and Northern Europe, and the weakened exchange rate of British pound sterling against the euro. Mainly due to the charges incurred in the framework of the strategic realignment of TUI Travel’s airline activities, earnings by tourism totalled € - 146, a decline of € 157 million year-on-year in the second quarter. Adjusted for the one-off effects, underlying earnings rose by 91.1% in the second quarter of 2008. According to the charges related to the strategic realignment of the airline activities accumulated earnings for the first half of the year declined by € 227 million against previous year. Adjusted for one-off effects earnings grew by 25.0% in the first half of the year.