TUI Aktiengesellschaft
http://www.tui-group.com/en/ir/reports/interim_reports_2008/2nd_quarter_2008/economic_situation/general_economic_situation.html
General Economic Situation

General Economic Situation

TUI Group in figures

€ million   Q2 2008 Q2 2007 Var. % H1 2008 H1 2007 Var. %
Continuing operations              
Turnover   4,740 3,724 + 27.3 8,377 6,395 + 31.0
EBITDAR   183 239 - 23.4 198 255 - 22.5
EBITDA   - 8 86 n/a - 168 - 47 - 259.7
EBITA   - 131 - 10 n/a - 429 - 232 - 84.9
of which tourism   - 146 11 n/a - 451 - 224 - 101.3
of which central operations   15 - 21 n/a 22 - 8 n/a
Underlying EBITA   101 30 + 236.7 - 113 - 182 + 37.9
of which tourism   86 45 + 91.1 - 135 - 180 + 25.0
of which central operations   15 - 15 n/a 22 - 2 n/a
               
Discontinued operation              
Result from discontinued operation   152 - 4 n/a 140 98 + 42.9
EBITA   89 13 + 584.6 90 150 - 40.0
Underlying EBITA   115 5 n/a 133 - 31 n/a
               
Group              
EBITA   - 42 3 n/a - 339 - 82 - 313.4
Underlying EBITA   216 35 + 517.1 20 - 213 n/a
Group profit/loss   - 125 70 n/a - 403 - 35 n/a
Basic earnings per share in € - 0.24 + 0.19 n/a - 0.93 - 0.28 - 232.1
Capital expenditure   229 285 - 19.9 474 482 - 1.7
Equity ratio (30 June) in % – – – 14.8 19.1 - 4.3*)
Employees (30 June)   – – – 77,352 61,452 + 25.9
               
 

*) percentage points

General economic situation

In the first few months of the current year, the world economy overall was characterised by robust expansion. However, it considerably lost steam in the second quarter of 2008. The sub-prime crisis and the result­ing problems in the international financial markets drove economic growth in the US substantially down. The Eurozone, too, saw an slowdown in economic activity overall, dampened by the decline in purchasing power. The emerging economies continued to record economic growth, although in particular in Asia the basic economic trend was considerably impacted by the adverse effects of the rise in foodstuffs and oil prices. Overall, the worldwide economic climate cooled down substantially.