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Group turnover by divisions
Earnings by divisions (EBITA)
Profit and loss statement of the TUI Group for the period from
1 January 2007 to 31 December 2007
Balance sheet of the TUI Group as at 31 December 2007
Statement of Recognised Income and Expenses
Cash flow statement
Key Figures by Divisions and Sectors
Key Figures by Divisions and Sectors (Continuation)
Key Figures by Regions
Investments in property, plant and equipment by divisions
Personnel by divisions
Turnover by divisions
| € million | 2007 | 2006 | Var. % |
|---|---|---|---|
| Tourism | 15,638.5 | 14,085.1 | + 11.0 |
| TUI Travel PLC | 15,258.7 | 13,676.0 | + 11.6 |
| TUI Hotels Resorts | 379.8 | 346.7 | + 9.5 |
| Others/Consolidation | 0.0 | 62.4 | n. m. |
| Shipping | 6,201.6 | 6,254.0 | - 0.8 |
| Container shipping | 6,018.4 | 6,093.7 | - 1.2 |
| Cruises | 183.2 | 160.3 | + 14.3 |
| Central operations | 25.5 | 175.5 | - 85.5 |
| Continuing operations | 21,865.6 | 20,514.6 | + 6.6 |
| Discontinuing operations | 0.0 | 401.0 | n. m. |
| Turnover by divisions | 21,865.6 | 20,915.6 | + 4.5 |
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© TUI AG Geschäftsbericht 2007 |
Earnings by divisions (EBITA)
|
€ million |
Underlying EBITA by division 2007 |
2006 |
Var. % |
EBITA by division 2007 |
2006 |
Var. % |
|---|---|---|---|---|---|---|
| Tourism | 448.9 | 394.7 | + 13.7 | 210.5 | 387.9 | - 45.7 |
| TUI Travel PLC | 304.4 | 258.6 | + 17.7 | 103.3 | 150.6 | - 31.4 |
| TUI Hotels & Resorts | 146.1 | 123.2 | + 18.6 | 108.8 | 86.6 | + 25.6 |
| Others/Consolidation | - 1.6 | 12.9 | n. m. | - 1.6 | 150.7 | n. m. |
| Shipping | 196.7 | 89.2 | + 120.5 | 341.9 | - 106.4 | n. m. |
| Container shipping | 182.5 | 81.3 | + 124.5 | 327.7 | - 114.3 | n. m. |
| Cruises | 14.2 | 7.9 | + 79.7 | 14.2 | 7.9 | + 79.7 |
| Central operations | - 29.5 | - 65.4 | + 54.9 | - 4.2 | - 80.7 | + 94.8 |
| Continuing operations | 616.1 | 418.5 | + 47.2 | 548.2 | 200.8 | + 173.0 |
| Discontinuing operations | 0.0 | 29.8 | n. m. | 0.0 | 29.6 | n. m. |
| Earnings by divisions | 616.1 | 448.3 | + 37.4 | 548.2 | 230.4 | + 137.9 |
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© TUI AG Geschäftsbericht 2007 |
Profit and Loss Statement of the TUI Group for the period from 1 January to 31 December 2007
|
€ million |
Notes |
2007 |
2006 restated |
Restate- ment |
2006 original |
|---|---|---|---|---|---|
| Turnover | (1) | 21,865.6 | 20,514.6 | – | 20,514.6 |
| Cost of sales | (2) | 20,331.1 | 19,205.7 | - 39.2 | 19,244.9 |
| Gross profit | 1,534.5 | 1,308.9 | 39.2 | 1,269.7 | |
| Administrative expenses | (2) | 1,385.4 | 1,382.3 | – | 1,382.3 |
| Other income/other expenses | (3) | + 336.0 | + 223.1 | 6.2 | + 216.9 |
| Impairment of goodwill | (4) | 53.7 | 709.5 | – | 709.5 |
| Financial income | (5) | 209.8 | 179.3 | - 47.4 | 226.7 |
| Financial expenses | (6) | 468.8 | 401.1 | - 7.0 | 408.1 |
| Result from companies measured at equity | (7) | + 64.7 | + 50.5 | – | + 50.5 |
| Earnings before income taxes | 237.1 | - 731.1 | 5.0 | - 736.1 | |
| more | |||||
| Reconciliation to underlying earnings: | |||||
| Earnings before income taxes | 237.1 | - 731.1 | 5.0 | - 736.1 | |
| Interest result and earnings from the valuation of interest hedges | 257.4 | 219.1 | - 7.0 | 226.1 | |
| Impairment of goodwill | 53.7 | 712.8 | – | 712.8 | |
| EBITA from continuing operations1) | 548.2 | 200.8 | - 2.0 | 202.8 | |
| Adjustments | (8) | ||||
| Gains on disposals | - 193.7 | - 188.0 | – | - 188.0 | |
| Restructuring | 68.0 | 167.0 | – | 167.0 | |
| Purchase price allocation | 131.2 | 81.8 | – | 81.8 | |
| Other one-off items | 62.4 | 171.9 | – | 171.9 | |
| Revaluation of convertible options | – | - 15.0 | – | - 15.0 | |
| Underlying EBITA from continuing operations | 616.1 | 418.5 | - 2.0 | 420.5 | |
| Earnings before income taxes | 237.1 | - 731.1 | 5.0 | - 736.1 | |
| Income taxes | (9) | + 0.8 | + 129.4 | 1.8 | + 127.6 |
| Result from continuing operations | 236.3 | - 860.5 | 3.2 | - 863.7 | |
| Result from discontinuing operations | (10) | + 0.0 | + 17.1 | – | + 17.1 |
| Group profit/loss for the year | 236.3 | - 843.4 | 3.2 | - 846.6 | |
| - Group profit for the year attributable to shareholders of TUI AG | (11) | + 175.1 | - 890.3 | + 3.0 | - 893.3 |
| - Group profit for the year attributable to minority interests | (12) | + 61.2 | + 46.9 | + 0.2 | + 46.7 |
| Group profit/loss for the year | 236.3 | - 843.4 | 3.2 | - 846.6 | |
1) EBITA is equivalent to earnings before interests, income taxes and amortisation of goodwill.
|
€ |
Notes |
2007 |
2006 restated |
Restate- ment |
2006 original |
|---|---|---|---|---|---|
| Basic earnings per share2) | (13) | + 0.61 | - 3.65 | + 0.01 | - 3.66 |
| from continuing operations | + 0.61 | - 3.72 | + 0.01 | - 3.73 | |
| from discontinuing operations | – | + 0.07 | – | + 0.07 | |
| Diluted earnings per share2) | + 0.61 | - 3.65 | + 0.01 | - 3.66 | |
| from continuing operations | + 0.61 | - 3.72 | + 0.01 | - 3.73 | |
| from discontinuing operations | – | + 0.06 | – | + 0.06 | |
2) In calculating earnings per share in accordance with the rules of IAS 33.12, the after-tax amount of the dividend on the hybrid capital was deducted from Group profit attributable to shareholders of TUI AG since the hybrid capital represents equity but does not represent equity attributable to shareholders of TUI AG.
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© TUI AG Geschäftsbericht 2007 |
Balance Sheet of the TUI Group as at 31 December 2007
|
€ million |
Notes |
31 Dec 2007 |
31 Dec 2006 restated |
Restate- ment |
31 Dec 2006 original |
|---|---|---|---|---|---|
| Assets | |||||
| Goodwill | (14) | 3,058.3 | 3,134.8 | – | 3,134.8 |
| Other intangible assets | (15) | 1,373.8 | 604.9 | – | 604.9 |
| Investment property | (16) | 90.5 | 95.7 | – | 95.7 |
| Property, plant and equipment | (17) | 5,706.2 | 5,162.1 | 16.4 | 5,145.7 |
| Companies measured at equity | (18) | 540.7 | 407.7 | – | 407.7 |
| Financial assets available for sale | (19) | 108.2 | 117.3 | – | 117.3 |
| Trade accounts receivable and other receivables | (20) | 408.8 | 351.7 | – | 351.7 |
| Derivative financial instruments | (21) | 28.8 | 7.8 | – | 7.8 |
| Deferred income tax claims | (22) | 192.3 | 275.6 | – | 275.6 |
| Non-current assets | 11,507.6 | 10,157.6 | 16.4 | 10,141.2 | |
| Inventories | (23) | 208.7 | 129.3 | – | 129.3 |
| Financial assets available for sale | (19) | 13.7 | 5.8 | – | 5.8 |
| Trade accounts receivable and other receivables | (20) | 2,496.3 | 1,778.0 | – | 1,778.0 |
| Derivative financial instruments | (21) | 413.1 | 76.2 | – | 76.2 |
| Current income tax claims | (22) | 42.0 | 23.4 | – | 23.4 |
| Cash and cash equivalents | (24) | 1,614.0 | 688.7 | – | 688.7 |
| Assets held for sale | (25) | 8.8 | 171.4 | – | 171.4 |
| Current assets | 4,796.6 | 2,872.8 | – | 2,872.8 | |
| 16,304.2 | 13,030.4 | 16.4 | 13,014.0 | ||
|
€ million |
Notes |
31 Dec 2007 |
31 Dec 2006 restated |
Restate- ment |
31 Dec 2006 original |
|---|---|---|---|---|---|
| Equity and liabilities | |||||
| Subscribed capital | (26) | 642.3 | 641.7 | – | 641.7 |
| Capital reserves | (27) | 2,471.9 | 2,396.2 | – | 2,396.2 |
| Revenue reserves | (28) | - 582.2 | - 604.4 | - 6.5 | - 597.9 |
| Hybrid capital | (29) | 294.8 | 294.8 | – | 294.8 |
| Equity before minority interests | 2,826.8 | 2,728.3 | - 6.5 | 2,734.8 | |
| Minority interests | (30) | 297.4 | 279.1 | 3.6 | 275.5 |
| Equity | 3,124.2 | 3,007.4 | - 2.9 | 3,010.3 | |
| Pension provisions and similar obligations | (31) | 825.2 | 1,056.1 | – | 1,056.1 |
| Current income tax provisions | (32) | 256.3 | 177.0 | – | 177.0 |
| Deferred income tax provisions | (32) | 245.5 | 57.6 | - 2.5 | 60.1 |
| Other provisions | (32) | 489.9 | 435.5 | – | 435.5 |
| Non-current provisions | 1,816.9 | 1,726.2 | - 2.5 | 1,728.7 | |
| Financial liabilities | (33) | 4,732.8 | 3,477.6 | – | 3,477.6 |
| Derivative financial instruments | (35) | 126.4 | 27.0 | – | 27.0 |
| Other liabilities | (36) | 130.4 | 28.3 | – | 28.3 |
| Non-current liabilities | 4,989.6 | 3,532.9 | – | 3,532.9 | |
| Non-current provisions and liabilities | 6,806.5 | 5,259.1 | - 2.5 | 5,261.6 | |
| Pension provisions and similar obligations | (31) | 31.7 | 29.0 | – | 29.0 |
| Current income tax provisions | (32) | 62.3 | 87.8 | – | 87.8 |
| Other provisions | (32) | 531.6 | 597.7 | 21.8 | 575.9 |
| Current provisions | 625.6 | 714.5 | 21.8 | 692.7 | |
| Financial liabilities | (33) | 807.4 | 422.0 | – | 422.0 |
| Trade accounts payable | (34) | 2,679.0 | 1,958.4 | – | 1,958.4 |
| Derivative financial instruments | (35) | 174.4 | 116.2 | – | 116.2 |
| Other liabilities | (36) | 2,087.1 | 1,550.7 | – | 1,550.7 |
| Current liabilities | 5,747.9 | 4,047.3 | – | 4,047.3 | |
| Liabilities related to assets held for sale | (37) | 0.0 | 2.1 | – | 2.1 |
| Current provisions and liabilities | 6,373.5 | 4,763.9 | 21.8 | 4,742.1 | |
| 16,304.2 | 13,030.4 | 16.4 | 13,014.0 | ||
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© TUI AG Geschäftsbericht 2007 |
Statement of Recognised Income and Expenses
|
€ million |
2007 |
2006 restated |
|---|---|---|
| Currency translation | - 159.5 | - 216.7 |
| Recognition of differences from currency translations in profit or loss | 5.9 | 68.4 |
| Change in value of companies measured at equity with no effect on profit or loss | 32.1 | - 11.8 |
| Changes in the fair value of available for sale financial instruments | 0.1 | 15.1 |
| Recognition of available for sale financial instruments in profit or loss | - 13.5 | – |
| Changes in the fair value of cash flow hedges | 76.2 | - 237.4 |
| Recognition of results of cash flow hedges in profit or loss | 143.6 | - 109.0 |
| Actuarial gains and losses from pension provisions and related fund assets | 199.8 | 183.7 |
| Tax item directly offset against equity | - 168.3 | 64.7 |
| Income and expenses directly recognised in equity | 116.4 | - 243.0 |
| Group profit/loss | 236.3 | - 843.4 |
| Total income and expenses recognised in the financial year | 352.7 | - 1,086.4 |
| attributable to shareholders of TUI AG | 316.3 | - 1,120.9 |
| attributable to minority interest | 36.4 | 34.5 |
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© TUI AG Geschäftsbericht 2007 |
Cash Flow Statement
|
€ million |
Notes |
2007 |
2006 restated |
Var. |
|---|---|---|---|---|
| Group profit/loss | 236.3 | - 843.4 | 1 079.7 | |
| Depreciation, amortisation and impairments (+)/write-back (-) | 827.4 | 1,449.1 | - 621.7 | |
| Other non-cash expenses (+)/income (-) | - 58.3 | - 13.0 | - 45.3 | |
| Interest expenses (excl. interest relating to pension obligations) | 321.2 | 265.1 | 56.1 | |
| Profit (-)/Loss (+) from disposals of non-current assets | - 269.2 | - 273.9 | 4.7 | |
| Increase (-)/decrease (+) in inventories | - 62.4 | - 45.1 | - 17.3 | |
| Increase (-)/decrease (+) in receivables and other assets | - 262.6 | 32.6 | - 295.2 | |
| Increase (+)/decrease (-) in provisions | 0.2 | 15.7 | - 15.5 | |
| Increase (+)/decrease (-) in liabilities (excl. financial liabilities) | - 164.1 | - 120.6 | - 43.5 | |
| Cash inflow/outflow from operating activities | (41) | 568.5 | 466.5 | 102.0 |
| Payments received from disposals of property, plant and equipment, investment property and intangible assets | 517.2 | 610.2 | - 93.0 | |
| Payments received from disposals of consolidated companies (excl. disposals of cash and cash equivalents due to divestments) | - 11.8 | 719.7 | - 731.5 | |
| Payments received from the disposals of other non-current assets | 97.4 | 54.8 | 42.6 | |
| Payments made for the investment in property, plant and equipment, investment property and intangible assets | - 1,168.5 | - 657.9 | - 510.6 | |
| Payments made for investments in consolidated companies (excl. cash and cash equivalents received due to acquisitions) | - 111.5 | - 43.9 | - 67.6 | |
| Payments made for the investment in other non-current assets | - 34.4 | - 51.3 | 16.9 | |
| Cash inflow/outflow from investing activities | (42) | - 711.6 | 631.6 | - 1,343.2 |
| Payments received from capital increases and allowances by shareholders | 6.7 | 8.9 | - 2.2 | |
| Dividend payments | ||||
| - TUI AG | - 27.4 | - 193.1 | 165.7 | |
| - subsidiaries to other shareholders | - 28.9 | - 16.5 | - 12.4 | |
| Payments received from the issue of loans and the raising of financial liabilities | 2,034.3 | 611.1 | 1,423.2 | |
| Payments made for redemption of loans and financial liabilities | - 987.6 | - 1,223.2 | 235.6 | |
| Interest paid | - 298.1 | - 232.9 | - 65.2 | |
| Cash inflow/outflow from financing activities | (43) | 699.0 | - 1,045.7 | 1,744.7 |
| Net change in cash and cash equivalents | 555.9 | 52.4 | 503.5 | |
| Development of cash and cash equivalents | (44) | |||
| Cash and cash equivalents at beginning of period | 688.7 | 607.5 | 81.2 | |
| Change in cash and cash equivalents due to changes in the group of consolidated companies | 441.7 | 25.7 | 416.0 | |
| Change in cash and cash equivalents due to exchange rate fluctuations | - 72.3 | 3.1 | - 75.4 | |
| Change in cash and cash equivalents with cash effects | 555.9 | 52.4 | 503.5 | |
| Cash and cash equivalents at end of period1) | 1,614.0 | 688.7 | 925.3 | |
1) No cash and cash equivalents are accounted for the balance sheet item assets held for sale as of 31 December 2007 and the previous year.
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© TUI AG Geschäftsbericht 2007 |
Key Figures by Divisions and Sectors
|
€ million |
Tourism 2007 |
2006 restated |
Shipping 2007 |
2006 restated |
Other operating units 2007 |
2006 |
Holdings*) 2007 |
2006 |
Consolidation 2007 |
2006 |
Continuing operations 2007 |
2006 restated |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Statements of results | ||||||||||||
| Third-party turnover | 15,638.5 | 14,085.1 | 6,201.6 | 6,254.0 | 25.5 | 175.4 | – | 0.1 | – | – | 21,865.6 | 20,514.6 |
| Inter-segment turnover | 26.0 | 36.6 | 2.8 | 5.1 | 10.5 | 10.1 | 2.8 | 5.6 | - 42.1 | - 57.4 | – | – |
| Segment turnover | 15,664.5 | 14,121.7 | 6,204.4 | 6,259.1 | 36.0 | 185.5 | 2.8 | 5.7 | - 42.1 | - 57.4 | 21,865.6 | 20,514.6 |
| Group profit/loss for the year | 236.3 | - 860.5 | ||||||||||
| Income taxes | 0.8 | 129.4 | ||||||||||
| Earnings before taxes (EBT) | 89.4 | - 342.6 | 252.6 | - 174.6 | 18.1 | 93.3 | 297.0 | - 208.8 | - 420.0 | - 98.4 | 237.1 | - 731.1 |
| Net interest result and result from the measurement of interest hedges | - 67.4 | - 17.7 | - 89.3 | - 68.2 | 5.7 | - 1.7 | - 106.1 | - 129.3 | - 0.3 | - 2.2 | - 257.4 | - 219.1 |
| Earnings before interest and taxes (EBIT) | 156.8 | - 324.9 | 341.9 | - 106.4 | 12.4 | 95.0 | 403.1 | - 79.5 | - 419.7 | - 96.2 | 494.5 | - 512.0 |
| of which at equity result | (39.0) | (43.0) | (25.7) | (7.5) | (–) | (–) | (–) | (–) | (–) | (–) | (64.7) | (50.5) |
| Impairment of goodwill | 53.7 | 709.5 | – | – | – | – | – | – | – | – | 53.7 | 709.5 |
| Impairment of companies measured at equity | – | 3.3 | – | – |