Development of the tourism division
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Tourism – Key figures
| € million | Q3 2008 | Q3 2007 | Var. % | 9M 2008 | 9M 2007 | Var. % |
|---|---|---|---|---|---|---|
| Turnover | 6,837.9 | 5,843.9 | + 17.0 | 15,182.8 | 12,163.6 | + 24.8 |
| EBITA by division | 616 | 638 | - 3.4 | 165 | 412 | - 60.0 |
| Gains on disposal | – | – | – | – | ||
| Restructuring | + 94 | + 5 | + 311 | + 10 | ||
| Purchase price allocation | - 7 | + 15 | + 47 | + 15 | ||
| Other one-off items | + 92 | + 31 | + 137 | + 70 | ||
| Underlying EBITA by division | 795 | 689 | + 15.4 | 660 | 507 | + 30.2 |
| Capital expenditure | 230.6 | 109.9 | + 109.8 | 478.3 | 300.9 | + 59.0 |
| Headcount (30 September) | – | – | – | 70,748 | 67,076 | + 5.5 |
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 comprises TUI Travel with its tour operator, airline, distribution and incoming agency services and the hotel operations managed under TUI Hotels & Resorts. In addition, the tourism division also includes cruises operating under the Hapag-Lloyd Kreuzfahrten and TUI Cruises brands since the first quarter of 2008.
At € 6.8 billion, turnover by tourism was 17.0% up year-on-year in the third quarter of 2008. For the first nine months, turnover rose by 24.8%. 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, which had only been included in the 2007 reference figures for the month of September, turnover declined by 4.3% in the third quarter and by 2.7% in the first nine months. The turnover decrease was attributable to the reduction in flight capacity, above all in Central and Northern Europe, and the weaker exchange rate of the British pound sterling against the euro. While tourism recorded a sound operating performance, its earnings fell by € 22 million year-on-year to € 616 million due to one-off effects as well as the impact of the year-on-year decrease in the exchange rate of the British pound sterling. Adjusted for the one-off effects, earnings grew by 15.4% in the third quarter of 2008. While the division reported a sound development of its operative business and an increase in profit contributions due to the full consolidation of First Choice, which had only been included in 2007 figures for the month of September, its earnings were impacted by a decline in the British pound sterling exchange rate. Accumulated earnings for the first nine months of 2008 declined by € 247 million year-on-year due to charges for the merger of TUI and First Choice and the strategic realignment of the airline activities. Adjusted for the one-off effects, earnings rose by 30.2% in the first nine months of 2008.