First information on the full 2002 financial year and outlook for 2003
| Service |
Hanover, January 22, 2003
The TUI Group weathered well in a very difficult economic environment.
The 2002 sales figure for the Group at approximately Euro 20 billion is down as expected on the previous year's figure (Euro 22.4 billion). This is mainly due to the divestment of the building engineering division. However, adjusted for these divestments, the sales decreased by only four to five percent year-on-year. Tourism sales have experienced a similar shortfall.
The executive board expects for the TUI Group a profit before tax and goodwill amortisation of about Euro 600 million in the 2002 financial year despite the difficult economic environment. This means the previously announced reduction in operating profit in all divisions could not be fully compensated by capital gains from divestments.
However, the dividend payment will remain unchanged. At the annual accounts meeting in May, the executive board will recommend to the supervisory board an unchanged dividend of 77 Cents per share.
In the ongoing 2003 financial year, the critical factors for the performance of the TUI Group, particularly in the tourism division, is the economic and political environment, especially the development of the Iraq crisis. In the light of these uncertainties, which are hard to quantify, it is currently not possible to give a reliable outlook for operating profit in 2003. However, the closing of the sale of the Energy division will create considerable capital gains.
According to German ad-hoc-regulations, a full press release will be distributed half an hour after this ad-hoc-information.
For further information please contact:
Björn Beroleit, phone +49 511 566-1310
Nicola Gehrt, phone +49 511 566-1435