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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Tui Ag | LSE:TUI | London | Ordinary Share | DE000TUAG505 | ORD REG SHS NPV (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 6.50 | 1.13% | 581.50 | 581.00 | 582.50 | 582.50 | 579.00 | 581.00 | 64,724 | 10:49:22 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Travel Agencies | 20.67B | 305.8M | 0.1713 | 38.82 | 11.87B |
Dow Jones received a payment from EQS/DGAP to publish this press release.
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TUI AG / 1st Quarter Results
TUI AG: First Quater Results
14-Feb-2017 / 07:03 CET/CEST
Dissemination of a Regulatory Announcement, transmitted by EQS Group AG.
The issuer is solely responsible for the content of this announcement.
QUARTERLY STATEMENT
Q1 2016/17
TUI Group - financial highlights
Q1 2016 / Q1 2015 / 16 Var. % at
EUR million 17 restated Var. % constant
currency
Turnover 3,285.9 3,212.3 + 2.3 + 8.5
Underlying EBITA1
Northern Region - 20.2 - 35.6 + 43.3 + 27.5
Central Region - 52.4 - 27.0 - 94.1 - 94.1
Western Region - 47.7 - 27.7 - 72.2 - 72.2
Hotels & Resorts 49.0 25.2 + 94.4 + 93.7
Cruises 19.1 8.2 + + 132.9
132.9
Other Tourism - 0.3 - 10.2 + 97.1 n. a.
Tourism - 52.5 - 67.1 + 21.8 + 15.8
All other segments - 7.8 - 13.3 + 41.4 + 23.3
TUI Group - 60.3 - 80.4 + 25.0 + 17.0
Discontinued - 12.2 - 21.3 + 42.7 + 45.1
operations
Total - 72.5 - 101.7 + 28.7 + 22.9
EBITA² (continuing - 69.5 - 102.8 + 32.4
operations)
Underlying EBITDA +
(continuing 32.6 7.0 365.7
operations)
EBITDA (continuing 29.8 - 7.5 n. a.
operations)
Net loss for the
period (continuing - 81.6 - 138.1 + 40.9
operations)
Earnings per share
(continuing - 0.19 - 0.27 + 29.6
operations)EUR
Equity ratio (31 24.7 15.6 + 9.1
Dec)3%
Net capex and 138.2 159.3 - 13.2
investments
Net financial
position
(continuing - 1,518.4 - 1,875.6 + 19.0
operations, 31
Dec)
Net financial
position
(discontinued 290.6 - n. a.
operations, 31
Dec)
Employees (31 Dec) 56,766 64,594 - 12.1
Differences may occur due to rounding.
Due to the following changes to segmental reporting, the prior year's
reference figures were restated accordingly:
Hotelbeds Group was divested in September 2016. It had been carried as a
discontinued operation according to IFRS 5 since Q2 2015 / 16. The
Destination Services result had previously been carved out from the segment
and is now reported within the Other tourism segment. Moreover, due to the
planned disposal of Travelopia - a large part of the Specialist Group
segment - Crystal Ski and Thomson Lakes & Mountains were reclassified to
Northern Region. The remaining segment has been carried as a discontinued
operation since 30 September 2016.
1 In order to explain and evaluate the operating performance by the
segments, EBITA adjusted for one-off effects (underlying EBITA) is
presented. Underlying EBITA has been adjusted for gains / losses on disposal
of investments, restructuring costs according to IAS 37, ancillary
acquisition costs and conditional purchase price payments under purchase
price allocations and other expenses for and income from one-off items.
2 EBITA comprises earnings before net interest result, income tax and
impairment of goodwill excluding losses on container shipping measured at
equity and excluding the result from the measurement of interest hedges.
3 Equity divided by balance sheet total in %, variance is given in
percentage points.
Good operational performance delivered in Q1
* Turnover up 8.5 %1, with continued growth in our hotel, cruise and concept
brands plus the delivery of further merger synergies resulting in a
reduction in the seasonal underlying EBITA loss.
* Continuing to deliver our growth strategy, transforming TUI Group as the
world's leading integrated tourism business based on own hotel and cruise
brands.
* Agreement to sell Travelopia for an agreed enterprise value of GBP 325 m
(EUR 381 m)2 or 14.4 times 2015 / 16 underlying EBITA.
* Our scale and integrated business model give us a strong competitive
advantage, leaving us well placed to continue to deliver our growth
strategy, against what continues to be an uncertain geopolitical and
macroeconomic backdrop.
* Current trading remains in line with our expectations, with continued
growth in revenues and bookings in most Source Markets, further openings
planned in our hotel and concept brands and the launch of two cruise ships
this Summer.
* Based on our Q1 performance and current trading, we are pleased to
reiterate our balanced guidance of at least 10 % growth in underlying EBITA
in 2016 / 171.
Q1 results at a glance
EUR million Q1
Underlying EBITA Q1 2015 / 16 - 102
Restatements (including Hotelbeds and Travelopia 22
treated as discontinued operations)
Underlying EBITA Q1 2015 / 16 restated - 80
Underlying trading 29
Merger synergies 5
Year-on-year impact of aircraft financing 1
TUIfly sickness - 22
Underlying EBITA Q1 2016 / 17 excluding FX - 67
Foreign exchange translation 7
Underlying EBITA Q1 2016 / 17 - 60
* Source Markets - 8 % increase in turnover1 and 4 % increase in customers
driven by growth in the UK and Benelux as well as the acquisition of
Transat's tour operating activities in France. Further progress in
increasing direct and online distribution mix.
* As expected the Source Markets' result was impacted by higher than normal
levels of sickness in TUIfly in October 2016, as well as the phasing impact
of rebrand costs for Nordics and Belgium.
* Hotels & Resorts - strong performance by Riu, which delivered 86 %
occupancy in the quarter and 6 % increase in average revenue per bed. Hotel
openings in the quarter included Riu Reggae in Jamaica and TUI Blue in
Tenerife.
* Cruises - further growth in TUI Cruises following launch of Mein Schiff 5,
and increased earnings in Hapag Lloyd Cruises.
* See Segmental Performance section for further detail.
Sale of Travelopia
TUI Group announced on 13 February 2017 that agreement has been reached with
KKR to sell Travelopia for an agreed enterprise value of GBP 325 m (EUR 381
m)2 or 14.4 times 2015 / 16 underlying EBITA. This marks a further
significant step in TUI's strategic development. As outlined in TUI's full
year results presentation in December 2016, proceeds will be reinvested in
the transformation of TUI Group as the world's leading integrated tourism
business, focussed on own hotel and cruise brands, and to further strengthen
the balance sheet.
Travelopia was previously part of Specialist Group and comprises a portfolio
of more than 50 independently operated, sector leading specialist travel
brands. Due to their differing business models and strategic focus,
Travelopia has been operated independently from TUI's Tourism business in
order to maximise growth and value, and has been treated as discontinued
operations in the results of TUI since 30 September 2016.
1 At constant foreign exchange rates applied in the current and prior
period, and based on the current group structure.
2 Based on the GBP / EUR exchange rate of 1.1725 as at 10 February 2017
Current trading
Winter 2016/17
Current trading for Winter (low season for most of our Source Markets and a
proportion of our hotels) remains in line with our expectations. We are
continuing to grow our own hotel and cruise brands this Winter. In our own
hotels we have opened a new 454 room Riu Reggae in Jamaica, one new hotel
for TUI Blue in Tenerife and repositioned two hotels as TUI Blue in Austria
and Germany. We are also further expanding our unique concepts in third
party hotels, with several additions to the Sensimar and Family Life
portfolio this Winter, including Lanzarote, Thailand, Mauritius and Cape
Verde. In our cruise brands, with the first Winter operations of Mein Schiff
5 (TUI Cruises) and TUI Discovery (UK cruise), we continue to see strong
demand.
With 87 % of the programme sold, Source Markets revenue is 8 % ahead of
prior year and bookings are up 4 %.
* We are delivering further growth in bookings made via our Source Markets
for our core hotel and concept brands.
* UK revenues and bookings remain significantly ahead of prior year, in line
with our capacity plans. This includes growth in long haul and cruise, as
well as the Canaries, Spain, Cape Verde and Cyprus.
* Nordics bookings reflect lower demand for Turkey and Egypt. Excluding
these destinations, bookings are broadly in line with prior year, with
higher demand most notably for the Canaries, Spain and Greece. Volumes are
also impacted by the timing of the Christmas and Easter holidays.
* Germany revenues are ahead of prior year, with growth in the Canaries,
Spain and long haul offsetting lower demand for Turkey and Egypt. We are
pleased with booking performance in Germany since our last update, as we
continue to increase market share thanks to the increased range of holidays
and departure points on offer.
* In Benelux, revenues and bookings are ahead of prior year, driven by
growth in the Canaries, Spain and long haul.
As a result of the later timing of Easter this year, we expect approximately
EUR 30 m to EUR 35 m phasing impact on the Source Markets' and Hotels and
Resorts' Q2 result. This is a normal occurrence where the timing of Easter
shifts between quarters. We expect this impact to reverse in Q3.
Current trading Winter 2016/171
YoY variation Total revenue2 Total Total ASP2 Programme
% customers2 sold (%)
Northern 11 6 4 84
Region
UK 21 12 8 81
Nordics - 6 - 4 - 2 93
Central Region 6 2 5 86
Germany 5 - 5 85
Western Region 6 4 2 93
Benelux 3 1 2 93
Total source 8 4 4 87
markets
1 These statistics are up to 5 February 2017 and are shown on a constant
currency basis
2 These statistics relate to all customers whether risk or non-risk
Summer 2017
At this relatively early stage of the booking cycle, Summer trading remains
in line with our expectations. The Source Markets' programme is 35 % sold,
in line with prior year, with revenues up 9 % and bookings up 4 %. As
anticipated, trading reflects a continued shift away from Turkey (which
accounted for around 8 % of Source Market Summer 2016 bookings) to
alternative destinations. Thanks to our strong Group and third party hotel
supply chain in Spain, Greece, Cape Verde and other destinations, we remain
well placed to deal with this. In the UK, where the highest proportion (43
%) of the programme is sold to date, we are continuing to deliver growth,
with revenues up 12 % and bookings up 3 %. This is driven by increased sales
of our core hotel and concept brands, with destinations in the Western
Mediterranean, Canaries, Cyprus, Cape Verde and the Caribbean proving to be
particularly popular. In addition, we will launch the cruise ship TUI
Discovery 2 for the UK market in May 2017. We will further grow our own
hotel brands, including new TUI Blue hotels in Croatia and Italy in our own
hotels this Summer, as well as further expansion of our unique tour operator
concepts in third party hotels including Sardinia, Italy, Croatia, Spain,
Greece and Bulgaria. We will also launch Mein Schiff 6 in June 2017 for TUI
Cruises. Sales for this and our other ships continue to progress well.
Outlook
We have delivered a good operational performance in Q1 and current trading
remains in line with our expectations. We are continuing to deliver our
growth strategy, transforming the business as the world's leading integrated
tourism business based on own hotel and cruise brands, with further openings
and launches planned for the coming year. We are pleased to have agreed the
sale of Travelopia, and we continue to progress our negotiations with Etihad
regarding the disposal of TUI fly and resulting creation of a new leisure
airline group for the German, Austrian and Swiss markets. Our scale and
integrated business model mean that we remain well placed to deliver our
growth strategy, against what continues to be an uncertain geopolitical and
macroeconomic backdrop. Based on our Q1 performance and current trading, we
are therefore pleased to reiterate our balanced guidance of at least 10 %
growth in underlying EBITA in 2016 / 17 *.
* At constant foreign exchange rates applied in the current and prior
period, and based on the current group structure.
Consolidated earnings
Turnover
EUR million Q1 2016 / 17 Q1 2015 / 16 Var. %
restated
Northern Region 1,201.7 1,269.3 - 5.3
Central Region 1,140.9 1,089.4 + 4.7
Western Region 549.4 486.9 + 12.8
Hotels & Resorts 141.2 132.4 + 6.6
Cruises 62.2 53.9 + 15.4
Other Tourism 150.6 148.0 + 1.8
Tourism 3,246.0 3,179.9 + 2.1
All other segments 39.9 32.4 + 23.1
TUI Group 3,285.9 3,212.3 + 2.3
TUI Group at constant 3,486.2 3,212.3 + 8.5
currency
Discontinued operations 252.4 506.1 - 50.1
Total 3,538.3 3,718.4 - 4.8
Underlying EBITA
EUR million Q1 2016 / 17 Q1 2015 / 16 Var. %
restated
Northern Region - 20.2 - 35.6 + 43.3
Central Region - 52.4 - 27.0 - 94.1
Western Region - 47.7 - 27.7 - 72.2
Hotels & Resorts 49.0 25.2 + 94.4
Cruises 19.1 8.2 + 132.9
Other Tourism - 0.3 - 10.2 + 97.1
Tourism - 52.5 - 67.1 + 21.8
All other segments - 7.8 - 13.3 + 41.4
TUI Group - 60.3 - 80.4 + 25.0
TUI Group at constant - 66.7 - 80.4 + 17.0
currency
Discontinued operations - 12.2 - 21.3 + 42.7
Total - 72.5 - 101.7 + 28.7
EBITA
EUR million Q1 2016 / 17 Q1 2015 / 16 Var. %
restated
Northern Region - 24.5 - 41.8 + 41.4
Central Region - 53.8 - 32.6 - 65.0
Western Region - 48.7 - 28.9 - 68.5
Hotels & Resorts 47.4 24.5 + 93.5
Cruises 19.2 8.2 + 134.1
Other Tourism - 0.9 - 12.0 + 92.5
Tourism - 61.3 - 82.6 + 25.8
All other segments - 8.2 - 20.2 + 59.4
TUI Group - 69.5 - 102.8 + 32.4
Discontinued operations - 15.6 - 39.3 + 60.3
Total - 85.1 - 142.1 + 40.1
Segmental performance
Northern Region
Q1 2016 / 17 Q1 2015 / 16 Var. %
restated
Turnoverin EUR million 1,201.7 1,269.3 - 5.3
Underlying EBITAin EUR - 20.2 - 35.6 + 43.3
million
Underlying EBITA at constant - 25.8 - 35.6 + 27.5
currency ratesin EUR million
Direct distribution mix1in %, 91 89 + 2
variance in % points
Online mix2in %, variance in 62 59 + 3
% points
Customersin '000 1,304 1,220 + 6.9
1 Share of sales via own channels (retail and online)
2 Share of online sales
* Northern Region continues to deliver high levels of direct and online
distribution: 91 % (up two percentage points) and 62 % (up three percentage
points) respectively.
* UK delivered a good performance including a strong end to Summer 2016,
with volumes up + 10 % driven by long haul, cruise (TUI Discovery launch)
and continued growth in sales of own hotels and concepts.
* Nordics continue to see a challenging environment impacted by lower demand
for Turkey and Egypt. In addition the result includes the phasing impact of
rebrand marketing costs.
* Following management changes in Nordics, we continue to focus on driving
operational efficiency improvements.
* The rebrand in Nordics is progressing to plan with good levels of unaided
TUI brand awareness.
Central Region
Q1 2016 / 17 Q1 2015 / 16 Var. %
restated
Turnoverin EUR million 1,140.9 1,089.4 + 4.7
Underlying EBITAin EUR - 52.4 - 27.0 - 94.1
million
Underlying EBITA at constant - 52.4 - 27.0 - 94.1
currency ratesin EUR million
Direct distribution mix1in %, 46 44 + 2
variance in % points
Online mix2in %, variance in 16 14 + 2
% points
Customersin '000 1,261 1,257 + 0.3
1 Share of sales via own channels (retail and online)
2 Share of online sales
* Central Region has delivered further improvement in both direct and online
distribution: 46 % (up two percentage points) and 16 % (up two percentage
points) respectively.
* Germany continues to build on its market share gains with an increased
range of holidays and departure airports on offer, and delivered an improved
trading performance in the quarter.
* However, as expected, the result was negatively impacted by high levels of
sickness at TUIfly in October, costing around EUR 22 m.
western Region
Q1 2016 / 17 Q1 2015 / 16 Var. %
Turnoverin EUR million 549.4 486.9 + 12.8
Underlying EBITAin EUR - 47.7 - 27.7 - 72.2
million
Underlying EBITA at constant - 47.7 - 27.7 - 72.2
currency ratesin EUR million
Direct distribution mix1in %, 72 70 + 2
variance in % points
Online mix2in %, variance in 55 52 + 3
% points
Customersin '000 926 877 + 5.6
1 Share of sales via own channels (retail and online)
2 Share of online sales
* Further growth in both direct and online distribution: 72 % (up two
percentage points) and 55 % (up three percentage points) respectively, aided
by the TUI rebrand in Belgium which is progressing to plan with good levels
of unaided TUI brand awareness.
* The result reflects the first time inclusion of Transat's seasonal EBITA
loss, as well as the phasing impact of rebrand costs in Belgium.
* In addition, the Netherlands result was impacted by night slot
restrictions in the quarter and increased claims for denied boarding
compensation.
* We are progressing the integration of Transat with our French tour
operator and we expect underlying EBITA in France to be broadly break even
this year.
Hotels & Resorts
Q1 2016 / 17 Q1 2015 / 16 Var. %
Total turnoverin EUR million 283.2 270.6 + 4.7
Turnoverin EUR million 141.2 132.4 + 6.6
Underlying EBITAin EUR 49.0 25.2 + 94.4
million
Underlying EBITA at constant 48.8 25.2 + 93.7
currency ratesin EUR million
Capacity hotels total1, 4in 7,791.3 7,732.9 + 0.8
'000
Riu 4,202.1 4,235.2 - 0.8
Robinson 654.1 650.1 + 0.6
Occupancy rate hotels
total2in %, variance in % 71.9 73.2 - 1.3
points
Riu 85.9 83.9 + 2.0
Robinson 64.3 64.2 + 0.1
Average revenue per bed 59.49 57.52 + 3.4
hotels total3in EUR
Riu 63.30 59.52 + 6.4
Robinson 87.25 85.05 + 2.6
These statistics include former TUI Travel hotels
1 Group owned or leased hotel beds multiplied by opening days per quarter
2 Occupied beds divided by capacity
3 Arrangement revenue divided by occupied beds
4 Previous year's KPIs restated
* Riu delivered a strong performance, particularly in Spain and Mexico, with
6 % growth in average revenue per bed overall.
* Robinson also delivered a good performance, with 3 % growth in average
revenue per bed.
* These performances were offset partly by the adverse impact from lower
demand for Turkey and North Africa.
* We are continuing to deliver sector leading occupancy rates (Riu 86 %,
overall Hotels & Resorts 72 %) as a result of our presence in year round
destinations, strength in distribution in our Source Markets and access to
other growth markets such as the US.
* Q1 openings included Riu Reggae in Jamaica and TUI Blue in Tenerife.
Cruises
Q1 2016 / 17 Q1 2015 / 16 Var. %
Turnoverin EUR million 62.2 53.9 + 15.4
Underlying EBITAin EUR 19.1 8.2 + 132.9
million
Underlying EBITA at constant 19.1 8.2 + 132.9
currency ratesin EUR million
Occupancyin %, variance in %
points
Hapag-Lloyd Cruises 71.3 69.7 + 2.3
TUI Cruises 99.5 100.5 - 1.0
Passenger daysin '000
Hapag-Lloyd Cruises 74.4 71.5 + 4.1
TUI Cruises 1,007.5 818.3 + 23.1
Average daily rates*in EUR
Hapag-Lloyd Cruises 549.0 478.3 + 14.8
TUI Cruises 143.1 146.3 - 2.2
* Per day and passenger.
* TUI Cruises continues to deliver significant growth whilst maintaining a
strong occupancy and rate performance, with an additional ship (Mein Schiff
5) this Winter. The result was partly impacted by a dry dock period for Mein
Schiff 2.
* Hapag-Lloyd Cruises has delivered further increases in occupancy, rate and
earnings this quarter, benefitting from changes to itineraries for Europa,
Europa 2 and Hanseatic.
Other Tourism
EUR million Q1 2016 / 17 Q1 2015 / 16 Var. %
restated
Turnover 150.6 148.0 + 1.8
Underlying EBITA - 0.3 - 10.2 + 97.1
Underlying EBITA at constant 1.5 - 10.2 n. a.
currency rates
* Destination Services delivered improved trading in the quarter.
* Corsair's result also improved as a result of fuel savings and increased
revenue.
All other segments
EUR million Q1 2016 / 17 Q1 2015 / 16 Var. %
restated
Turnover 39.9 32.4 + 23.1
Underlying EBITA - 7.8 - 13.3 + 41.4
Underlying EBITA at constant - 10.2 - 13.3 + 23.3
currency rates
Cash flow / Net capex and investments / Net debt
The cash outflow from operating activities decreased by EUR 270.9 m to EUR -
1,139.6 m. This was mainly due to an improvement working capital seasonality
following the disposal of Hotelbeds Group in September 2016, and positive
exchange rate effects.
Net Capex and investments
EUR million Q1 2016 / 17 Q1 2015 / 16 Var. %
restated
Northern Region 19.9 26.6 - 25.2
Central Region 3.2 3.8 - 15.8
Western Region 7.3 2.9 + 151.7
Hotels & Resorts 58.8 67.7 - 13.1
Cruises 15.9 8.7 + 82.8
Other Tourism 25.6 24.4 + 4.9
Tourism 130.7 134.1 - 2.5
All other segments 1.4 11.9 - 88.2
TUI Group 132.1 146.0 - 9.5
Discontinued operation 6.1 13.3 - 54.1
Total 138.2 159.3 - 13.2
Net pre delivery payments on 83.7 0.7 n. a.
aircraft
Financial investments 102.1 12.5 + 716.8
Divestments 5.2 - 42.5 n. a.
Net capex and investments 329.2 130.0 + 153.2
The net debt position (cash and cash equivalents less financial liabilities
and finance leasing) at 31 December 2016 was EUR 1,518.4 m (31 December
2015: net debt EUR 1,875.6 m including Hotelbeds Group.)
Fuel / Foreign exchange
Our strategy of hedging the majority of our jet fuel and currency
requirements for future seasons, as detailed below, remains unchanged. This
gives us certainty of costs when planning capacity and pricing. The
following table shows the percentage of our forecast requirement that is
currently hedged for Euros, US Dollars and jet fuel for our Source Markets,
which account for over 90 % of our Group currency and fuel exposure.
Fuel/Foreign exchange
% Winter 2016 / 17 Summer 2017
Euro 98 91
US Dollars 95 84
Jet Fuel 93 90
As at 10 February 2017
Financial position
Financial position of the TUI Group as at 31 Dec 2016
EUR million 31 Dec 2016 30 Sep 2016
Assets
Goodwill 2,927.5 2,853.5
Other intangible assets 557.4 545.8
Property, plant and 3,919.1 3,714.5
equipment
Investments in joint 1,257.0 1,180.8
ventures and associates
Financial assets available 70.6 50.4
for sale
Trade receivables and other 365.2 315.3
assets
Derivative financial 178.8 126.8
instruments
Deferred tax assets 299.3 344.7
Non-current assets 9,574.9 9,131.8
Inventories 116.5 105.2
Financial assets available 319.0 265.8
for sale
Trade receivables and other 1,544.8 1,320.1
assets
Derivative financial 599.2 544.6
instruments
Income tax assets 130.5 87.7
Cash and cash equivalents 659.3 2,072.9
Assets held for sale 955.1 929.8
Current assets 4,324.4 5,326.1
13,899.3 14,457.9
Financial position of the TUI Group as at 31 Dec 2016
EUR million 31 Dec 2016 30 Sep 2016
Equity and liabilities
Subscribed capital 1,500.7 1,500.7
Capital reserves 4,192.2 4,192.2
Revenue reserves - 2,875.0 - 3,017.8
Equity before non-controlling 2,817.9 2,675.1
interest
Non-controlling interest 609.3 573.1
Equity 3,427.2 3,248.2
Pension provisions and similar 1,333.8 1,410.3
obligations
Other provisions 818.4 803.0
Non-current provisions 2,152.2 2,213.3
Financial liabilities 1,988.3 1,503.4
Derivative financial instruments 18.6 27.5
Income tax liabilities 146.4 22.2
Deferred tax liabilities 58.2 62.9
Other liabilities 173.2 160.1
Non-current liabilities 2,384.7 1,776.1
Non-current provisions and 4,536.9 3,989.4
liabilities
Pension provisions and similar 41.5 40.6
obligations
Other provisions 387.6 374.8
Current provisions 429.1 415.4
Financial liabilities 189.4 537.7
Trade payables 1,650.0 2,476.9
Derivative financial instruments 177.3 249.6
Income tax liabilities 74.8 196.0
Other liabilities 2,911.1 2,872.4
Current liabilities 5,002.6 6,332.6
Liabilities related to assets 503.5 472.3
held for sale
Current provisions and 5,935.2 7,220.3
liabilities
13,899.3 14,457.9
Income statement
Income statement of the TUI Group for the period from 1 Oct
2016 to 31 Dec 2016
EUR million Q1 2016 / 17 Q1 2015 / 16 Var. %
restated
Turnover 3,285.9 3,212.3 + 2.3
Cost of sales 3,102.6 3,039.6 + 2.1
Gross profit 183.3 172.7 + 6.1
Administrative expenses 287.3 311.6 - 7.8
Other income 2.2 15.7 - 86.0
Other expenses 1.3 2.7 - 51.9
Financial income 6.2 6.1 + 1.6
Financial expenses 41.7 87.8 - 52.5
Share of result of joint 35.3 22.5 + 56.9
ventures and associates
Earnings before income taxes - 103.3 - 185.1 + 44.2
Income taxes - 21.7 - 47.0 + 53.8
Result from continuing - 81.6 - 138.1 + 40.9
operations
Result from discontinued - 8.5 - 25.8 + 67.1
operations
Group loss for the year - 90.1 - 163.9 + 45.0
Group loss for the year
attributable to shareholders - 117.5 - 184.0 + 36.1
of TUI AG
Group loss for the year
attributable to 27.4 20.1 + 36.3
non-controlling interest
Cash flow statement
Condensed cash flow statement of the TUI Group
EUR million Q1 2016 / 17 Q1 2015 / 16
Cash outflow from operating - 1,139.6 - 1,410.5
activities
Cash outflow / inflow from - 329.2 - 129.0
investing activities
Cash inflow from financing 25.4 904.0
activities
Net change in cash and cash - 1,443.4 - 635.5
equivalents
Change in cash and cash
equivalents due to exchange rate - 1.3 - 4.7
fluctuation
Cash and cash equivalents at 2,403.6 1,682.2
beginning of period
Cash and cash equivalents at end 958.9 1,042.0
of period
of which included in the balance 299.6 -
sheet as assets held for sale
Alternative performance measures
Key indicators used to manage the TUI Group are EBITA and underlying EBITA.
We consider EBITA to be the most suitable performance indicator for
explaining the development of the TUI Group's operating performance. EBITA
comprises earnings before interest, taxes and goodwill impairments; it does
not include the results from container shipping operations nor the results
from the measurement of interest hedging instruments.
The table below shows the reconciliation of earnings before income taxes of
the continuing operations to underlying EBITA. In Q1 2016 / 17, adjustments
(including one-off items and purchase price allocations for continuing
operations) totalled EUR 9.2 m down EUR 13.2 m versus the prior year.
Net interest expense decreased as a result of decreased following last
year's redemption of the high-yield bond while interest on finance leases
increased.
Reconciliation to underlying EBITA
EUR million Q1 2016 / 17 Q1 2015 / 16 Var. %
restated
Earnings before income taxes - 103.3 - 185.1 + 44.2
plus: Loss on measurement of
financial investment in - 41.6 n. a.
Container Shipping
plus: Net interest expense
and expense from the 33.8 40.7 - 17.0
measurement of interest
hedges
EBITA - 69.5 - 102.8 + 32.4
Adjustments:
plus: Loss on disposals 0.7 1.5
plus: Restructuring expense 0.2 1.7
plus: Expense from purchase 7.7 11.6
price allocation
plus: Expense from other 0.6 7.6
one-off items
Underlying EBITA - 60.3 - 80.4 + 25.0
Key figures of income statement
EUR million Q1 2016 / 17 Q1 2015 / 16 Var. %
restated
Earnings before interest,
income taxes, depreciation, 212.2 194.0 + 9.4
impairment and rent (EBITDAR)
Operating rental expenses 182.4 201.5 - 9.5
Earnings before interest,
income taxes, depreciation 29.8 - 7.5 n. a.
and impairment (EBITDA)
Depreciation / amortisation
less reversals of 99.3 95.3 + 4.2
depreciation*
Earnings before interest,
income taxes and impairment - 69.5 - 102.8 + 32.4
of goodwill (EBITA)
Impairment of goodwill - - -
Earnings before interest and - 69.5 - 102.8 + 32.4
income taxes (EBIT)
Interest result and earnings
from the measurement of 33.8 40.7 - 17.0
interest hedges
Effect of the reduction and
measurement of financial - - 41.6 n. a.
commitment to Container
Shipping
Earnings before income taxes - 103.3 - 185.1 + 44.2
(EBT)
* On property, plant and equipment, intangible asssets, financial and other
assets
Other segment indicators
Underlying EBITDA
EUR million Q1 2016 / 17 Q1 2015 / 16 Var. %
restated
Northern Region 1.4 - 16.1 n. a.
Central Region - 47.5 - 22.1 - 114.9
Western Region - 43.7 - 23.8 - 83.6
Hotels & Resorts 70.1 47.1 + 48.8
Cruises 24.1 12.8 + 88.3
Other Tourism 14.7 1.8 + 716.7
Tourism 19.1 - 0.3 n. a.
All other segments 13.5 7.3 + 84.9
TUI Group 32.6 7.0 + 365.7
Discontinued operations - 12.2 - 9.7 - 25.8
Total 20.4 - 2.7 n. a.
EBITDA
EUR million Q1 2016 / 17 Q1 2015 / 16 Var. %
restated
Northern Region 0.2 - 18.7 n. a.
Central Region - 48.4 - 27.2 - 77.9
Western Region - 43.8 - 24.1 - 81.7
Hotels & Resorts 69.5 47.5 + 46.3
Cruises 24.1 12.8 + 88.3
Other Tourism 14.2 - n. a.
Tourism 15.8 - 9.7 n. a.
All other segments 14.0 2.2 + 536.4
TUI Group 29.8 - 7.5 n. a.
Discontinued operations - 15.6 - 19.9 + 21.6
Total 14.2 - 27.4 n. a.
Investor and analyst conference call and webcast
A conference call and audio webcast for analysts and investors will take
place today at 7:15am GMT / 8:15am CET. The dial-in arrangements for the
call are as follows:
For Germany: +49 30 232531411
For UK: +44 203 367 9216
For France: +33 172 253098
For US: +1 646 7129911
The presentation slides and details of the audio webcast will be made
available ahead of the presentation at the following link:
www.tuigroup.com/en-en/investors
Analyst and investor enquiries
Andy Long, Director of Investor Relations
Tel: +44 (0)1293 645 925
Contacts for Analysts and Investors in UK,
Ireland and Americas
Sarah Coomes, Head of Investor Relations
Tel: +44 (0)1293 645 827
Hazel Newell, Investor Relations Manager
Tel: +44 (0)1293 645 823
Jacqui Smith, PA to Andy Long
Tel: +44 (0)1293 645 925
Contacts for Analysts and Investors in Continental Europe, Middle East and
Asia
Nicola Gehrt, Head of Investor Relations
Tel: +49 (0)511 566 1435
Ina Klose, Investor Relations Manager
Tel: +49 (0)511 566 1318
Jessica Blinne, Team Assistant
Tel: +49 (0)511 566 1425
Cautionary statement regarding forward-looking statements
The present Quarterly Statement contains various statements relating to
TUI's future development. These statements are based on assumptions and
estimates. Although we are convinced that these forward-looking statements
are realistic, they are not guarantees of future performance since our
assumptions involve risks and uncertainties that could cause actual results
to differ materially from those anticipated. Such factors include market
fluctuations, the development of world market prices for commodities and
exchange rates or fundamental changes in the economic environment. TUI does
not intend to and does not undertake any obligation to update any
forward-looking statements in order to reflect events or developments after
the date of this Statement.
Contact and publishing details
published by
TUI AG
Karl-Wiechert-Allee 4
30625 Hanover, Germany
Phone: +49 511 566-00
Fax: +49 511 566-1901
www.tuigroup.com
concept and Design
3st kommunikation, Mainz
photography
Cover photo Getty Images
The English and a German version of this Quarterly
Statement are available on the web:
www.tuigroup.com/en-en/investors
Published on 14 February 2017
Financial Calendar
14 February 2017
Annual General Meeting 2017
29 March 2017
Pre-close trading update
15 May 2017
Half year financial report 2016 / 17
10 August 2017
Quarterly statement Q3 2016 / 17
28 September 2017
Pre-close trading update
13 December 2017
Annual Report 2016 / 17
Contact:
ANALYST & INVESTOR ENQUIRIES
Andy Long, Director of Investor Relations, Tel: +44 (0)1293 645 831
Contacts for Analysts and Investors in UK, Ireland and Americas
Sarah Coomes, Head of Investor Relations, Tel: +44 (0)1293 645 827
Hazel Newell, Investor Relations Manager, Tel: +44 (0)1293 645 823
Jacqui Smith, PA to Andy Long, Tel: +44 (0)1293 645 831
Contacts for Analysts and Investors in Continental Europe, Middle East and
Asia
Nicola Gehrt, Head of Investor Relations, Tel: +49 (0)511 566 1435
Ina Klose, Investor Relations Manager, Tel: +49 (0)511 566 1318
Jessica Blinne, Team Assistant, Tel: +49 (0)511 566 1425
The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.dgap.de/ukreg
Language: English
Company: TUI AG
Karl-Wiechert-Allee 4
30625 Hannover
Germany
Phone: +49 (0)511 566-00
Fax: +49 (0)511 566-1901
E-mail: Investor.Relations@tui.com
Internet: www.tuigroup.com
ISIN: DE000TUAG000, DE000TUAG281, DE000TUAG299
WKN: TUAG00 , TUA G28, TUA G29
Listed: Regulated Market in Hanover; Regulated Unofficial Market in
Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate
Exchange; Open Market in Frankfurt ; London
Category Code: QRF
TIDM: TUI
LEI Code: 529900SL2WSPV293B552
Sequence No.: 3848
End of Announcement EQS News Service
544175 14-Feb-2017
(END) Dow Jones Newswires
February 14, 2017 01:03 ET (06:03 GMT)
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