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TUI Tui Ag

653.00
6.50 (1.01%)
28 Mar 2024 - Closed
Delayed by 15 minutes
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 1.01% 653.00 650.50 652.50 661.50 645.50 652.50 1,021,024 16:35:19
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Travel Agencies 20.67B 305.8M 0.1713 43.32 13.25B

TUI AG: Quarterly Statement Q3 2016/17

10/08/2017 6:00am

UK Regulatory


Dow Jones received a payment from EQS/DGAP to publish this press release.

 
 
 TUI AG / 3rd Quarter Results 
TUI AG: Quarterly Statement Q3 2016/17 
 
10-Aug-2017 / 07:00 CET/CEST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group AG. 
The issuer is solely responsible for the content of this announcement. 
 
Q3 2016/17 
TUI Group - financial highlights 
 
EUR million  Q3    Q3 2015  Var. Var. %   9M    9M 2015  Var. Var. % 
             2016  / 16     %    at       2016  / 16     %    at 
             / 17  restated      constant / 17  restated      constant 
                                 currency                     currency 
Turnover     4,775 4,239.7  +    + 16.4   11,12 10,389.3 +    +11.6 
             .4             12.6          9.2            7.1 
 
Underlying 
EBITA1 
Northern     81.0  71.9     +    + 25.9   -     - 49.0   -    - 46.0 
Region                      12.7          57.0           16.3 
Central      24.5  3.5      +    + 597.1  -     - 107.1  -    - 11.3 
Region                      600.          119.2          11.3 
                            0 
Western      -     - 6.4    -    - 89.1   -     - 82.1   -    - 39.1 
Region       11.9           85.9          114.2          39.1 
Hotels &     77.7  57.2     +    + 31.5   200.5 153.2    +    + 31.2 
Resorts                     35.8                         30.9 
Cruises      67.1  45.0     +    + 54.2   142.1 94.3     +    + 56.4 
                            49.1                         50.7 
Other        - 6.3 - 5.4    -    - 22.2   -     - 22.1   +    + 31.6 
Tourism                     16.7          19.6           11.3 
Tourism      232.1 165.8    +    + 45.2   32.6  - 12.8   n.   n. a. 
                            40.0                         a. 
All other    -     - 4.9    -    - 142.9  -     - 32.7   +    + 6.1 
segments     10.5           114.          25.3           22.6 
                            3 
TUI Group    221.6 160.9    +    + 42.3   7.3   - 45.5   n.   + 94.7 
                            37.7                         a. 
Discontinued 14.2  35.5     -    - 57.7   - 1.1 13.7     n.   - 91.4 
operations                  60.0                         a. 
Total        235.8 196.4    +    + 24.2   6.2   - 31.8   n.   + 96.2 
                            20.1                         a. 
 
EBITA2,4     200.2 136.9    +             -     - 104.0  + 
                            46.2          51.7           50.3 
 
Underlying   317.3 237.3    +             290.0 203.9    + 
EBITDA4                     33.7                         42.2 
 
EBITDA4      301.9 220.1    +             249.6 167.1    + 
                            37.2                         49.4 
Net profit / 160.6 75.9     +             -     - 271.0  + 
loss for the                111.          84.9           68.7 
period                      6 
(continuing 
operations) 
Earnings per 0.23  0.10     +             -     - 0.59   + 
share4 EUR                  130.          0.28           52.5 
                            0 
Net capex    213.3 148.0    +             908.4 391.8    + 
and                         44.1                         131. 
investments                                              9 
Equity ratio                              16.2  13.5     + 
(30.6.)3 %                                               2.7 
Net                                       234.3 - 458.6  n. 
financial                                                a. 
position 
(30.6.)4 
Net                                       -     172.4    n. 
financial                                                a. 
position 
(30.6.)5 
Employees                                 65,96 62,708   + 
(30.6.) 4                                 5              5.2 
 
Differences may occur due to rounding. 
 
Due to the following changes to segmental reporting, the prior year's 
reference figures were restated accordingly: 
 
Already in Q2 2016 / 17, the hotel operating company Blue Diamond Hotels and 
Resorts Inc., St. Michael, Barbados, previously carried in the Northern 
Region segment, was integrated in the hotel business and has therefore been 
reported within Hotels & Resorts. Moreover, the British cruise business 
Thomson Cruises, which had also previously been reported within the Northern 
Region segment, was transferred to the Cruises segment. Moreover, due to the 
planned disposal of a large part of the Specialist Group segment 
(Travelopia, carried as discontinued operation since 30 September 2016) - 
Crystal Ski and Thomson Lakes & Mountains were reclassified to Northern 
Region. The disposal of Travelopia was completed in Q3 2016 / 17. 
 
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 and excluding 
the result from the measurement of interest hedges. 
 
3 Equity divided by balance sheet total in %, variance is given in 
percentage points. 
 
4 Continuing operations 
 
5 Discontinued operations, includes Hotelbeds Group only 
 
Consistently delivering on our growth strategy 
 
- Strong performance in Q3 with 19 % growth in like for like 1 underlying 
EBITA (38 % growth including Easter and foreign exchange translation) 
 
- Good demand for the rest of Summer 2017 for our hotels, cruises and 
holidays 
 
- Disposal of Travelopia & Hapag-Lloyd AG shares complete - proceeds will be 
reinvested in transforming the business and strengthening the balance sheet 
 
- Financial performance reflects success of our strategy - TUI Group has 
delivered its first positive 9M underlying EBITA, as well as a significant 
improvement in operating cash flow 
 
- Reiterate our guidance of at least 10 % growth in underlying EBITA in 2016 
/ 17 1 and at least 10 % underlying EBITA CAGR to 2018 / 19 1 
 
- Strength of our integrated model and balanced portfolio of destinations 
leave us well placed to deliver sustainable growth into the longer term 
 
1 At constant foreign exchange rates applied in the current and prior 
period, based on the current Group structure and excluding timing impact of 
Easter (Q3 only). 
 
Strong Q3 performance 
 
results at a glance 
EUR million                                    Q3       9M 
Underlying EBITA 2015 / 16                     180      - 57 
Restatements (including Travelopia treated as  - 19     + 12 
discontinued operations) 
Underlying EBITA 2015 / 16 restated 2          161      - 45 
Underlying trading                             + 24     + 48 
Merger synergies                               + 5      + 15 
Year on year impact of aircraft financing      + 1      + 3 
TUI fly sickness                               -        - 24 
Like for like underlying EBITA 2016 / 17 2     191      - 3 
Easter timing impact                           + 38     - 
Foreign exchange translation                   - 7      + 10 
Underlying EBITA 2016 / 17 2                   222      7 
 
2 Continuing operations 
 
- Hotels & Resorts continued to deliver growth in Q3, driven by good 
performances in Riu, Robinson and Blue Diamond. Occupancy increased by 3 % 
points to 74 %, with a 2 % increase in average revenue per bed 3 
 
- We have opened 10 new hotels since the end of the financial year 2015 / 
16, bringing the total new hotel openings since merger to 28. Five further 
openings are scheduled this Winter for Riu, Robinson and Blue Diamond, as 
well as further repositionings to TUI Blue 
 
- Cruises delivered strong growth in the quarter, with the launch of Mein 
Schiff 6 (TUI Cruises) and TUI Discovery 2 (Thomson Cruises) and a further 
increase in earnings at Hapag-Lloyd Cruises. Average daily rates were up 
across all three brands, with consistently high occupancy 
 
- Source Markets delivered a like for like increase in earnings this 
quarter, with a significant improvement in performance in Nordics and 
Germany partly offset, as expected, by the impact of currency cost inflation 
in the UK 
 
- Demand for our holidays remains high, with customer volumes up 7 % in the 
year to date and an increase in direct and online distribution to 73 % and 
46 % respectively in the quarter. The TUI rebrand has been a success in 
Nordics and Belgium, and we are preparing for the UK launch this Autumn 
 
- We have extended further the maturity date of our EUR 1.75 billion 
revolving credit facility to July 2022 
 
3 Hotels & Resorts occupancy rate figures currently exclude Blue Diamond 
 
Details see segmental performance section on pages 5 to 8 
 
Current trading 
 
Summer 2017 
 
Summer 2017 remains in line with our expectations, with good demand for our 
hotels, cruises and holidays. 
 
In Hotels & Resorts, demand remains strong for Spain (including Canaries), 
Greece, Cape Verde, Italy, Cyprus and the Caribbean. Demand has also 
improved for North Africa and (in recent weeks) Turkey. We added two new TUI 
Blue properties in Tuscany and Croatia for this Summer, which are performing 
in line with our expectations. 
 
In Cruises, following the launch of TUI Discovery 2 and Mein Schiff 6, 
demand remains strong as our UK and German customers continue to enjoy the 
wider range of itineraries on offer and our local offering. 
 
The Source Markets' programme, which includes sales of holidays to our own 
and third party hotels, is 88 % sold, in line with prior year. Bookings are 
4 % ahead of prior year, driven by growth in demand for Greece, Bulgaria, 
Croatia, Italy, Cape Verde and long haul. Customers continue to book 
increasingly direct and online. 
 
In the UK, as we expected, demand for our holidays remains resilient. 
Bookings have remained at the same high level as prior year, despite the 
impact on pricing from cost inflation, in particular due to the weaker Pound 
Sterling. We believe that this is testament to the popularity of our 
holidays and to the high level of priority our customers place on them. We 
will continue to offer good value for money with a range of products and 
destinations, and remain the clear market leader. 
 
Current trading Summer 2017 * 
YoY variance %  Total revenue Total          Total ASP Programme 
                              custormers               sold (%) 
Northern Region + 8           + 1            + 7       88 
UK              + 7           -              + 7       88 
Memo: UK incl.  + 9           + 1            + 8       88 
Thomson Cruises 
Nordics         + 13          + 5            + 8       89 
Central Region  + 10          + 7            + 3       86 
Germany         + 7           + 4            + 3       86 
Western Region  + 7           + 3            + 3       90 
Benelux         + 7           + 3            + 3       90 
Total source    + 8           + 4            + 5       88 
markets 
Memo: Total     + 9           + 4            + 5       88 
source markets 
incl. Thomson 
Cruises 
 
* These statistics are up to 30 July 2017, shown on a constant currency 
basis and relate to all customers whether risk or non-risk. 
 
Future Seasons 
 
At this early stage, trading for future seasons is in line with our 
expectations. In Hotels & Resorts we will continue to grow in year round 
destinations, with the opening of five new hotels and clubs this Winter for 
Riu (in Mexico), Robinson (one club in Thailand and one in Maldives) and 
Blue Diamond (two hotels in Dominican Republic). There will also be further 
repositionings to our TUI Blue brand, as we continue to simplify and enhance 
our customer offering. 
 
In Cruise, growth will be driven by the first Winter of operations of our 
new ships, as well as the launch in Summer 2018 of the new Mein Schiff 1 in 
Germany and TUI Explorer (the current Mein Schiff 1) in the UK. We are 
pleased with the development of bookings and rates for both the new and 
existing fleet, with demand remaining very strong in both the UK and German 
markets. 
 
In Source Markets, we are continuing to shape our programme for Winter 2017 
/ 18 and retain a significant degree of flexibility at this early stage when 
it comes to capacity planning for Summer 2018. In line with prior years, 
Winter 2017 / 18 is around 25 % booked. Bookings are currently up 9 % and 
average selling prices up 3%, with growth driven by long haul, Cape Verde 
and Canaries. We are looking forward to the UK rebrand, which will commence 
in the Autumn. 
 
Disposal of Travelopia and Hapag-Lloyd shares 
 
As part of strategy announced at the time of the merger, TUI Group has been 
working to simplify its business model. On 15 June 2017, TUI Group completed 
the disposal of Travelopia to KKR for an enterprise value of GBP 325 million, 
equating to 14.4 times 2015 / 16 underlying EBITA or 7.7 times underlying 
EBITDA (pro forma basis). Following some open market disposal earlier on 
this year, TUI disposed of its remaining shares in Hapag-Lloyd AG on 10 July 
2017. Total net proceeds from the disposal of Hapag-Lloyd AG shares were EUR 
407 million. 
 
As outlined in TUI's full year results presentation in December 2016, these 
disposal proceeds will be reinvested in the transformation of TUI as the 
world's leading integrated tourism business, focused on own hotel and cruise 
brands, and to further strengthen TUI's balance sheet. In this context, TUI 
is contemplating to structure the intended cruise ship acquisitions 
(currently operated as Mein Schiff 1 and Mein Schiff 2) by TUI UK from TUI 
Cruises GmbH (50 % JV with Royal Caribbean Cruises Ltd.) in 2018 and 2019 as 
a straight cash transaction. 
 
Outlook 
 
Based on the strong year to date result and trading for the remainder of 
Summer 2017, we reiterate our guidance of at least 10 % growth in underlying 
EBITA in 2016 / 17 *. In addition, we expect the following: 
 
- Turnover growth in excess of our previous guidance of around 3 %, 
reflecting our strong year to date performance and current trading. 
 
- Net debt as at 30 September 2017 broadly neutral *, compared with previous 
net debt guidance of approximately EUR 0.8 billion *, reflecting the receipt 
of proceeds from the Travelopia and Hapag-Lloyd AG share disposals. 
 
- Based on current foreign exchange rates, we expect approximately EUR 10 
million adverse impact on underlying EBITA compared with rates prevailing in 
the prior year. 
 
As we near the end of the third year following the merger with TUI Travel, 
we have consistently delivered on our growth strategy. The merger synergies 
will be delivered in full by the end of the current financial year, and we 
have implemented a new management structure and an integrated decision 
making process based on six common global platforms. With the sale of 
Travelopia and the shares in Hapag-Lloyd AG our non-core disposal programme 
has been completed and marks a significant step in our transformation as the 
world's leading integrated tourism business. Our financial performance 
already reflects the success of this transformation, with TUI Group now 
having delivered its first positive 9M underlying EBITA, as well as a 
significant improvement in operating cash flow. 
 
Our operational experience, scalable integrated model and balanced portfolio 
of destinations mean that we are well placed to deal with the challenges 
against the wider macroeconomic and geopolitical backdrop, and to deliver 
sustainable growth into the longer term. We therefore also reiterate our 
guidance of at least 10 % underlying EBITA CAGR to 2018 / 19 *, and will 
provide an update on our growth strategy at our full year results 
presentation in December 2017. 
 
* At constant foreign exchange rates applied in the current and prior 
period, and based on the current group structure. 
 
Consolidated earnings 
 
Turnover 
EUR million  Q3 2016 Q3 2015  Var. %   9M 2016 9M 2015  Var. % 
             / 17    / 16              / 17    / 16 
                     restated                  restated 
Northern     1,727.8 1,660.7  + 4.0    3,932.1 3,989.9  - 1.4 
Region 
Central      1,557.5 1,346.3  + 15.7   3,585.5 3,333.4  + 7.6 
Region 
Western      926.3   734.6    + 26.1   2,040.3 1,650.2  + 23.6 
Region 
Hotels &     151.3   143.2    + 5.7    451.3   409.2    + 10.3 
Resorts 
Cruises      214.3   171.0    + 25.3   560.2   479.9    + 16.7 
Other        145.5   143.8    + 1.2    435.9   433.8    + 0.5 
Tourism 
Tourism      4,722.7 4,199.6  + 12.5   11,005. 10,296.4 + 6.9 
                                       3 
All other    52.7    40.1     + 31.4   123.9   92.9     + 33.4 
segments 
TUI Group    4,775.4 4,239.7  + 12.6   11,129. 10,389.3 + 7.1 
                                       2 
TUI Group at 4,936.1 4,239.7  + 16.4   11,596. 10,389.3 + 11.6 
constant                               0 
currency 
Discontinued 282.7   584.7    - 51.7   829.0   1,652.2  - 49.8 
operations 
Total        5,058.1 4,824.4  + 4.8    11,958. 12,041.5 - 0.7 
                                       2 
Underlying EBITA 
EUR million  Q3 2016 Q3 2015  Var. %   9M 2016 9M 2015  Var. % 
             / 17    / 16              / 17    / 16 
                     restated                  restated 
Northern     81.0    71.9     + 12.7   - 57.0  - 49.0   - 16.3 
Region 
Central      24.5    3.5      + 600.0  - 119.2 - 107.1  - 11.3 
Region 
Western      - 11.9  - 6.4    - 85.9   - 114.2 - 82.1   - 39.1 
Region 
Hotels &     77.7    57.2     + 35.8   200.5   153.2    + 30.9 
Resorts 
Cruises      67.1    45.0     + 49.1   142.1   94.3     + 50.7 
Other        - 6.3   - 5.4    - 16.7   - 19.6  - 22.1   + 11.3 
Tourism 
Tourism      232.1   165.8    + 40.0   32.6    - 12.8   n. a. 
All other    - 10.5  - 4.9    - 114.3  - 25.3  - 32.7   + 22.6 
segments 
TUI Group    221.6   160.9    + 37.7   7.3     - 45.5   n. a. 
TUI Group at 229.0   160.9    + 42.3   - 2.4   - 45.5   + 94.7 
constant 
currency 
Discontinued 14.2    35.5     - 60.0   - 1.1   13.7     n. a. 
operations 
Total        235.8   196.4    + 20.1   6.2     - 31.8   n. a. 
 
EBITA 
EUR million  Q3 2016 Q3 2015  Var. %   9M 2016 9M 2015  Var. % 
             / 17    / 16              / 17    / 16 
                     restated                  restated 
Northern     63.8    67.2     - 5.1    - 84.3  - 64.3   - 31.1 
Region 
Central      23.8    1.4      n. a.    - 116.4 - 115.6  - 0.7 
Region 
Western      - 12.8  - 8.8    - 45.5   - 141.6 - 88.2   - 60.5 
Region 
Hotels &     77.7    56.1     + 38.5   197.7   151.3    + 30.7 
Resorts 
Cruises      67.1    45.0     + 49.1   142.1   94.3     + 50.7 
Other        - 6.7   - 9.8    + 31.6   - 21.6  - 29.8   + 27.5 
Tourism 
Tourism      212.9   151.1    + 40.9   - 24.1  - 52.3   + 53.9 
All other    - 12.7  - 14.2   + 10.6   - 27.6  - 51.7   + 46.6 
segments 
TUI Group    200.2   136.9    + 46.2   - 51.7  - 104.0  + 50.3 
Discontinued 0.3     26.0     - 98.8   - 21.9  - 45.7   + 52.1 
operations 
Total        200.5   162.9    + 23.1   - 73.6  - 149.7  + 50.8 
 
Segmental performance in Q3 2016 / 17 
 
Northern Region 
            Q3 2016  Q3 2015  Var. %  9M 2016  9M 2015  Var. % 
            / 17     / 16             / 17     / 16 
                     restated                  restated 
Turnoverin  1,727.8  1,660.7  + 4.0   3,932.1  3,989.9  - 1.4 
EUR million 
Underlying  81.0     71.9     + 12.7  - 57.0   - 49.0   - 16.3 
EBITAin EUR 
million 
Underlying  90.5     71.9     + 25.9  - 71.6   - 49.0   - 46.0 
EBITA at 
constant 
currencyin 
EUR million 
 
Direct      93       92       + 1     92       91       + 1 
distributio 
n1 in %, 
variance in 
% points 
Online      63       62       + 1     63       60       + 3 
distributio 
n2 in %, 
variance in 
% points 
Customersin 2,113    2,026    + 4.3   4,476    4,276    + 4.7 
'000 
 
1 Share of sales via own channels (retails and online); incl. Thomson 
Cruises 
2 Share of online sales; incl. Thomson Cruises 
 
- Northern Region continues to deliver leading levels of direct and 
online distribution, at 93 % and 63 % respectively in Q3 2016 / 17. 
Customer volumes grew by 4 % in the same period. 
 
- As outlined at H1 2016 / 17, the underlying EBITA result for Q3 2016 / 17 
includes approximately EUR 20 m benefit from the later timing of Easter. 
 
- UK customer volumes increased by 5 % in the quarter, reflecting the later 
timing of Easter. 60 % of Q3 2016 / 17 holidays in the UK were booked 
online. Demand for our holidays remains resilient in the UK.This resilience, 
coupled with a continued focus on efficiency, means that we have been able 
to mitigate to an extent the impact of the weaker Pound Sterling. 
 
- Nordics delivered a significant improvement in earnings in the quarter. 
The business has successfully rebalanced its programme with more emphasis on 
destinations such as Greece and the Canaries. In addition, the roll out of 
the Group automated yielding solution is helping to drive superior margins. 
Performance was also aided by the TUI rebrand. Customer volumes increased by 
3 %, partly reflecting the later timing of Easter. Online bookings mix 
increased by 3 % points to 80 %. 
 
Central Region 
            Q3 2016  Q3 2015  Var. %  9M 2016  9M 2015  Var. % 
            / 17     / 16             / 17     / 16 
                     restated                  restated 
Turnoverin  1,557.5  1,346.3  + 15.7  3,585.5  3,333.4  + 7.6 
EUR million 
Underlying  24.5     3.5      + 600.0 - 119.2  - 107.1  - 11.3 
EBITAin EUR 
million 
Underlying  24.4     3.5      597.1   - 119.2  - 107.1  - 11.3 
EBITA at 
constant 
currencyin 
EUR million 
                              -                         - 
Direct      49       48       + 1     48       46       + 2 
distributio 
n1 in %, 
variance in 
% points 
Online      19       15       + 4     18       15       + 3 
distributio 
n2 in %, 
variance in 
% points 
Customersin 2,054    1,810    + 13.5  4,201    4,025    + 4.4 
'000 
 
1 Share of sales via own channels (retails and online) 
2 Share of online sales 
 
- Central Region has continued to increase the share of bookings via direct 
and online channels, to 49 % and 19 % respectively. Customer volumes grew by 
14 % in the same period. 
 
- The underlying EBITA result for Q3 2016 / 17 includes approximately EUR 4 
m phasing benefit from the later timing of Easter. 
 
- Germany has continued to build on its market share gains with an increased 
range of holidays and departure airports on offer, delivering an improved 
trading performance in the quarter. Customer volumes increased by 11 %, 
reflecting the later timing of Easter and the later timing of the Whitsun 
holiday which increased volume and margin. 
 
- On 8 June 2017 TUI Group and Etihad Aviation Group announced that they 
would not continue their negotiations for a planned joint venture between 
the German aviation subsidiary TUI fly and Niki. As previously stated, we 
will continue to push the repositioning of TUI fly further ahead in order to 
develop long-term prospects for the airline and its employees. 
 
Western Region 
            Q3 2016  Q3 2015  Var. %  9M 2016  9M 2015  Var. % 
            / 17     / 16             / 17     / 16 
                     restated                  restated 
Turnover in 926.3    734.6    + 26.1  2,040.3  1,650.2  + 23.6 
EUR million 
Underlying  - 11.9   - 6.4    - 85.9  - 114.2  - 82.1   - 39.1 
EBITA in 
EUR million 
Underlying  - 12.1   - 6.4    - 89.1  - 114.2  - 82.1   - 39.1 
EBITA at 
constant 
currency in 
EUR million 
 
Direct      72       70       + 2     72       70       + 2 
distributio 
n1 in %, 
variance in 
% points 
Online      53       51       + 2     55       52       + 3 
distributio 
n2 in %, 
variance in 
% points 
Customersin 1,589    1,360    + 16.8  3,424    3,032    + 12.9 
'000 
 
1 Share of sales via own channels (retails and online) 
2 Share of online sales 
 
- Western Region increased further the share of bookings via direct and 
online channels, to 72 % and 53 % respectively for Q3 2016 / 17. 
 
- The result reflects the first time inclusion of Transat (small loss in the 
quarter), as well as the impact of rebrand costs in Belgium. These were 
partly offset by the EUR 5 m benefit of the later timing of Easter. 
 
- Benelux delivered a good improvement in the quarter, following the attacks 
on Brussels Airport last year and reflecting the successful TUI rebrand. 
Customer volumes were up 9 %, with online bookings mix up 3 % points to 59 
%. In France, the underlying result was offset partly by the timing of 
income statement credits in the prior year and inclusion of Transat losses. 
The integration of Transat is progressing to plan, with the delivery of 
synergies to commence in the next financial year. 
 
Hotels & Resorts 
           Q3 2016  Q3 2015  Var. %   9M 2016  9M 2015  Var. % 
           / 17     / 16              / 17     / 16 
                    restated                   restated 
Total      339.1    300.9    + 12.7   903.7    831.2    + 8.7 
turnover 
in EUR 
million 
Turnover   151.3    143.2    + 5.7    451.3    409.2    + 10.3 
in EUR 
million 
Underlying 77.7     57.2     + 35.8   200.5    153.2    + 30.9 
EBITA in 
EUR 
million 
Underlying 75.2     57.2     + 31.5   200.9    153.2    + 31.2 
EBITA at 
constant 
currency 
rates in 
EUR 
million 
 
Capacity   10,518.9 9,795.6  + 7.4    24,806.6 23,765.9 + 4.4 
hotels 
total1,4 
in '000 
Riu        4,777.3  4,565.5  + 4.6    13,160.2 12,935.6 + 1.7 
Robinson   960.0    895.2    + 7.2    2,126.9  2,038.4  + 4.3 
 
Occupancy  74.3     71.6     + 2.7    74.6     74.0     + 0.6 
rate 
hotels 
total2 in 
%, 
variance 
in % 
points 
Riu        88.2     86.2     + 2.0    88.2     87.2     + 1.0 
Robinson   57.8     59.8     - 2.0    60.3     61.9     - 1.6 
 
Average    54.57    53.47    + 2.1    60.43    58.37    + 3.5 
revenue 
per bed 
hotels 
total3 in 
EUR 
Riu        58.70    54.74    + 7.2    65.44    61.21    + 6.9 
Robinson   82.49    82.29    + 0.2    88.55    86.95    + 1.8 
 
These statistics include former TUI Travel hotels; Blue Diamond included in 
underlying EBITA 
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 
 
- Our popular brands, integrated model and strong presence in year round 
destinations continue to drive high levels of occupancy, up 3 % points to 74 
%, with a 2 % increase in average revenue per bed. 
 
- The result includes EUR 9 m benefit from the later timing of Easter. 
 
- Riu continued to deliver a good performance, particularly in Spain and 
Mexico. Capacity increased by 5 % in the quarter, including the new Riu 
Reggae in Jamaica and closures for renovations in the prior year. Occupancy 
increased further to 88 %, with a 7 % increase in average revenue per bed. 
 
- Robinson also delivered a good performance in the quarter. Although 
occupancy was impacted by lower demand for clubs in Turkey, this was offset 
by a strong performance in Greece, Spain and Portugal. 
 
- Blue Diamond delivered further growth in earnings, as it continues its 
expansion in the Caribbean. 
 
Cruises 
            Q3 2016  Q3 2015  Var. %  9M 2016  9M 2015  Var. % 
            / 17     / 16             / 17     / 16 
                     restated                  restated 
Turnover1   214.3    171.0    + 25.3  560.2    479.9    + 16.7 
in EUR 
million 
Underlying  67.1     45.0     + 49.1  142.1    94.3     + 50.7 
EBITA in 
EUR million 
Underlying  69.4     45.0     + 54.2  147.5    94.3     + 56.4 
EBITA at 
constant 
currency 
rates in 
EUR million 
 
Occupancyin 
%, variance 
in % points 
Hapag-Lloyd 73.1     73.4     - 0.3   73.6     74.4     - 0.8 
Cruises 
TUI Cruises 101.2    101.2    -       100.2    101.0    - 0.8 
Thomson     100.3    99.3     + 1.0   99.9     98.3     + 1.6 
Cruises 
 
Passenger 
days in 
'000 
Hapag-Lloyd 86,348   87,654   - 1.5   250,042  253,952  - 1.5 
Cruises 
TUI Cruises 1,094,67 775,819  + 41.1  3,125,37 2,408,91 + 29.7 
            5                         3        2 
Thomson     753,496  530,099  + 42.1  1,843,47 1,382,85 + 33.4 
Cruises                               4        9 
 
Average 
daily 
rates2 in 
EUR 
Hapag-Lloyd 562      546      + 2.9   584      556      + 5.0 
Cruises 
TUI Cruises 183      179      + 2.2   160      158      + 1.3 
Thomson     163      154      + 5.8   161      151      + 6.6 
Cruises3 
 
1 No turnover is carried for TUI Cruises as the joint venture is 
consolidated at equity 
2 Per day and passenger 
3 KPI revenue, inclusive all package elements 
 
- TUI Cruises continues to deliver significant growth in its all inclusive 
German offering, whilst maintaining a strong occupancy and rate performance. 
Mein Schiff 6 was launched during the quarter, initially based in Kiel 
(Germany) before moving to New Jersey for itineraries in the USA and 
Caribbean. 
 
- Thomson Cruises delivered significant growth in earnings, with 
continued modernisation of the fleet, including the launch of TUI Discovery 
2 in the Mediterranean. There was also a good rate and occupancy performance 
across the fleet as UK demand for cruise remains very strong. 
 
- Earnings for Hapag-Lloyd Cruises increased in the quarter, with overall 
increased average daily rate and good expedition cruise performance 
offsetting the lower number of operating days. 
 
Other tourism 
EUR        Q3 2016  Q3 2015  Var. %   9M 2016  9M 2015  Var. % 
million    / 17     / 16              / 17     / 16 
                    restated                   restated 
Turnover   145.5    143.8    + 1.2    435.9    433.8    + 0.5 
Underlying - 6.3    - 5.4    - 16.7   - 19.6   - 22.1   + 11.3 
EBITA 
Underlying - 6.6    - 5.4    - 22.2   - 15.1   - 22.1   + 31.6 
EBITA at 
constant 
currency 
 
- Destination Services continued to deliver an improved result in the 
quarter, including further synergies. 
 
- This was partly offset by performance at Corsair where there was a more 
competitive trading environment in the quarter. 
 
Cash flow / Net capex and investments / Net financial position 
 
The cash inflow from operating activities increased by EUR 339.7 m year-on- 
year. This was mainly driven by better trading and an improved working 
capital due to the disposal of the Hotelbeds Group. 
 
The net financial position of the continuing operations improved from EUR- 
458.6 million (30 June 2016) to EUR 234.3 million (30 June 2017), 
reflecting amongst others the receipt of proceeds from the Travelopia and 
Hapag-Lloyd AG share disposals. 
 
Net capex and investments 
EUR million  Q3 2016 Q3 2015  Var. %   9M 2016 9M 2015  Var. % 
             / 17    / 16              / 17    / 16 
Cash gross 
capex 
Northern     13.7    - 5.8    n. a.    38.9    24.3     + 60.1 
Region 
Central      4.8     2.7      + 77.8   12.2    11.8     + 3.4 
Region 
Western      6.1     5.2      + 17.3   19.7    12.9     + 52.7 
Region 
Hotels &     55.8    79.2     - 29.5   186.5   187.6    - 0.6 
Resorts 
Cruises      26.9    8.9      + 202.2  274.7   32.2     + 753.1 
Other        37.8    24.9     + 51.8   86.9    68.5     + 26.9 
Tourism 
Tourism      145.1   115.1    + 26.1   618.9   337.3    + 83.5 
All other    1.9     3.3      - 42.4   3.7     18.0     - 79.4 
segments 
TUI Group    147.0   118.4    + 24.2   622.6   355.3    + 75.2 
Discontinued 18.0    24.2     - 25.6   28.6    56.7     - 49.6 
operations 
Total        165.0   142.6    + 15.7   651.2   412.0    + 58.1 
Net pre      78.5    - 3.9    n. a.    195.9   17.4     n. a. 
delivery 
payments on 
aircraft 
Financial    3.6     12.7     - 71.7   106.7   26.7     + 299.6 
investments 
Divestments  - 33.8  - 3.4    - 894.1  - 45.4  - 64.3   + 29.4 
Net capex    213.3   148.0    + 44.1   908.4   391.8    + 131.9 
and 
investments 
 
The increase in cash gross capex in the Cruises sector mainly resulted from 
the purchase of the cruise liner TUI Discovery 2. 
 
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. 
 
Foreign Exchange/Fuel 
%         Summer 2017 Winter 2017 / 18 Summer 2018 
Euro      97          82               40 
US Dollar 96          87               64 
Jet Fuel  95          91               79 
 
As at 3 August 2017 
 
Financial position 
 
Financial position of the TUI Group as at 30 Jun 2017 
EUR million                  30 June 2017      30 Sep 2016 
Assets 
Goodwill                     2,893.7           2,853.5 
Other intangible assets      567.8             545.8 
Property, plant and          4,292.9           3,714.5 
equipment 
Investments in joint         1,253.4           1,180.8 
ventures and associates 
Financial assets available   69.8              50.4 
for sale 
Trade receivables and other  417.4             315.3 
assets 
Derivative financial         62.0              126.8 
instruments 
Deferred tax assets          450.8             344.7 
Non-current assets           10,007.8          9,131.8 
Inventories                  113.6             105.2 
Financial assets available   289.1             265.8 
for sale 
Trade receivables and other  1,956.1           1,320.1 
assets 
Derivative financial         250.7             544.6 
instruments 
Income tax assets            102.5             87.7 
Cash and cash equivalents    2,226.5           2,072.9 
Assets held for sale         0.1               929.8 
Current assets               4,938.6           5,326.1 
                             14,946.4          14,457.9 
 
Equity and liabilities 
 
Equity and liabilities 
Subscribed capital                          1,500.7   1,500.7 
Capital reserves                            4,192.2   4,192.2 
Revenue reserves                            - 3,844.2 - 3,017.8 
Equity before non-controlling interest      1,848.7   2,675.1 
Non-controlling interest                    567.7     573.1 
Equity                                      2,416.4   3,248.2 
Pension provisions and similar obligations  1,295.6   1,410.3 
Other provisions                            794.4     803.0 
Non-current provisions                      2,090.0   2,213.3 
Financial liabilities                       1,794.2   1,503.4 
Derivative financial instruments            60.6      27.5 
Income tax liabilities                      150.9     22.2 
Deferred tax liabilities                    62.5      62.9 
Other liabilities                           158.9     160.1 
Non-current liabilities                     2,227.1   1,776.1 
Non-current provisions and liabilities      4,317.1   3,989.4 
Pension provisions and similar obligations  41.3      40.6 
Other provisions                            383.7     374.8 
Current provisions                          425.0     415.4 
Financial liabilities                       198.0     537.7 
Trade payables                              2,209.1   2,476.9 
Derivative financial instruments            186.0     249.6 
Income tax liabilities                      55.7      196.0 
Other liabilities                           5,139.1   2,872.4 
Current liabilities                         7,787.9   6,332.6 
Liabilities related to assets held for sale -         472.3 
Current provisions and liabilities          8,212.9   7,220.3 
                                            14,946.4  14,457.9 
 
Income statement 
 
Income statement of the TUI Group for the period from 1 
Oct 2016 to 30 Jun 2017 
EUR million    Q3 2016 Q3 2015  Var. % 9M 2016 9M 2015  Var. % 
               / 17    / 16            / 17    / 16 
                       restated                restated 
Turnover       4,775.4 4,239.7  + 12.6 11,129. 10,389.3 + 7.1 
                                       2 
Cost of sales  4,339.2 3,863.3  + 12.3 10,467. 9,750.7  + 7.3 
                                       1 
Gross profit   436.2   376.4    + 15.9 662.1   638.6    + 3.7 
Administrative 300.4   281.2    + 6.8  901.5   875.0    + 3.0 
expenses 
Other income   4.1     2.8      + 46.4 9.2     31.2     - 70.5 
Other expenses - 0.4   2.7      n. a.  1.8     5.9      - 69.5 
Financial      42.9    14.0     +      79.9    32.5     + 145.8 
income                          206.4 
Financial      34.2    43.7     - 21.7 115.3   243.4    - 52.6 
expenses 
Share of       54.3    38.3     + 41.8 159.9   103.0    + 55.2 
result of 
joint ventures 
and associates 
Earnings       203.3   103.9    + 95.7 - 107.5 - 319.0  + 66.3 
before income 
taxes 
Income taxes   42.7    28.0     + 52.5 - 22.6  - 48.0   + 52.9 
Result from    160.6   75.9     +      - 84.9  - 271.0  + 68.7 
continuing                      111.6 
operations 
Result from    - 88.7  31.0     n. a.  - 151.8 - 17.0   - 792.9 
discontinued 
operations 
Group profit / 71.9    106.9    - 32.7 - 236.7 - 288.0  + 17.8 
loss for the 
year 
Group profit / 47.7    86.9     - 45.1 - 315.2 - 362.0  + 12.9 
loss for the 
year 
attributable 
to 
shareholders 
of TUI AG 
Group profit / 24.2    20.0     + 21.0 78.5    74.0     + 6.1 
loss for the 
year 
attributable 
to 
non-controllin 
g interest 
 
Cash flow statement 
 
Condensed cash flow statement of the TUI Group 
EUR million                      9M 2016 / 17    9M 2015 / 16 
Cash inflow from operating       1,380.6         1,040.9 
activities 
Cash outflow from investing      - 841.0         - 385.3 
activities 
Cash outflow from financing      - 685.0         - 566.2 
activities 
Net change in cash and cash      - 145.4         89.4 
equivalents 
Change in cash and cash          - 31.7          78.5 
equivalents due to exchange rate 
fluctuation 
Cash and cash equivalents at     2,403.6         1,682.2 
beginning of period 
Cash and cash equivalents at end 2,226.5         1,850.1 
of period 
of which included in the balance -               187.3 
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 a reconciliation of earnings before taxes from 
continuing operations to underlying earnings. In 9M 2016 / 17, adjustments 
including purchase price allocations worth EUR 59.0 m for continuing 
operations were nearly flat year-on-year. Material adjustments in 9M 2016 / 
17 related to expenses of around EUR 24m for the integration of 
the French TUI tour operator following the acquisition of Transat. 
Adjustments made in Q3 also included one-off costs of around EUR 11 m in 
relation to IT restructuring projects in Northern Region. Material income 
was generated from the reversal of a restructuring provision no longer 
required in Central Region. 
 
Reconciliation to underlying EBITA From continuing 
operations 
EUR million  Q3 2016 Q3 2015  Var. %   9M 2016 9M 2015  Var. % 
             / 17    / 16              / 17    / 16 
                     restated                  restated 
Earnings     203.3   103.9    + 95.7   - 107.5 - 319.0  + 66.3 
before 
income taxes 
less / plus: - 32.9  -        n. a.    - 35.2  100.3    n. a. 
Result from 
the partial 
sale / 
measurement 
in Container 
Shipping 
plus: Net    29.8    33.0     - 9.7    91.0    114.7    - 20.7 
interest 
expense and 
expense from 
the 
measurement 
of interest 
hedges 
EBITA        200.2   136.9    + 46.2   - 51.7  - 104.0  + 50.3 
Adjustments: 
less: Profit - 2.1   -                 - 1.4   0.9 
on disposals 
(prior year 
losses) 
plus:        -       2.0               17.1    7.5 
Restructurin 
g expense 
plus:        7.0     7.7               22.2    25.3 
Expense from 
purchase 
price 
allocation 
plus:        16.5    14.3              21.1    24.8 
expense / 
less: income 
from other 
one-off 
items 
Underlying   221.6   160.9    + 37.7   7.3     - 45.5   n. a. 
EBITA 
 
Key figures of income statement From continuing operations 
 
Key figures of income statement From continuing operations 
EUR million  Q3 2016 Q3 2015  Var. %   9M 2016 9M 2015  Var. % 
             / 17    / 16              / 17    / 16 
                     restated                  restated 
Earnings     496.7   423.8    + 17.2   811.7   763.2    + 6.4 
before 
interest, 
income 
taxes, 
depreciation 
, impairment 
and rent 
(EBITDAR) 
Operating    194.8   203.7    - 4.4    562.1   596.1    - 5.7 
rental 
expenses 
Earnings     301.9   220.1    + 37.2   249.6   167.1    + 49.4 
before 
interest, 
income 
taxes, 
depreciation 
and 
impairment 
(EBITDA) 
Depreciation 101.7   83.2     + 22.2   301.3   271.1    + 11.1 
/ 
amortisation 
less 
reversals 
of 
depreciation 
* 
Earnings     200.2   136.9    + 46.2   - 51.7  - 104.0  + 50.3 
before 
interest, 
income taxes 
and 
impairment 
of goodwill 
(EBITA) 
Earnings     200.2   136.9    + 46.2   - 51.7  - 104.0  + 50.3 
before 
interest and 
income taxes 
(EBIT) 
Interest     29.8    33.0     - 9.7    91.0    114.7    - 20.7 
result and 
earnings 
from the 
measurement 
of interest 
hedges 
Result from  - 32.9  -        n. a.    - 35.2  100.3    n. a. 
the partial 
sale / 
measurement 
of shares in 
Container 
Shipping 
Earnings     203.3   103.9    + 95.7   - 107.5 - 319.0  + 66.3 
before 
income taxes 
(EBT) 
 
* On property, plant and equipment, intangible asssets, financial and other 
assets 
 
Other segment indicators 
 
Underlying EBITDA 
EUR million  Q3 2016 Q3 2015  Var. %   9M 2016 9M 2015  Var. % 
             / 17    / 16              / 17    / 16 
                     restated                  restated 
Northern     101.2   72.0     + 40.6   - 9.6   - 20.2   + 52.5 
Region 
Central      27.6    8.4      + 228.6  - 106.4 - 92.6   - 14.9 
Region 
Western      - 8.2   - 2.7    - 203.7  - 101.8 - 70.6   - 44.2 
Region 
Hotels &     98.0    77.7     + 26.1   265.9   216.1    + 23.0 
Resorts 
Cruises      83.0    56.9     + 45.9   184.6   126.9    + 45.5 
Other        9.8     7.9      + 24.1   25.8    15.3     + 68.6 
Tourism 
Tourism      311.4   220.2    + 41.4   258.5   174.9    + 47.8 
All other    5.9     17.1     - 65.5   31.5    29.0     + 8.6 
segments 
TUI Group    317.3   237.3    + 33.7   290.0   203.9    + 42.2 
Discontinued 14.2    42.8     - 66.8   - 1.0   50.6     n. a. 
operations 
Total        331.5   280.1    + 18.4   289.0   254.5    + 13.6 
 
EBITDA 
EUR million  Q3 2016 Q3 2015  Var. %   9M 2016 9M 2015  Var. % 
             / 17    / 16              / 17    / 16 
                     restated                  restated 
Northern     87.0    70.7     + 23.1   - 27.8  - 25.2   - 10.3 
Region 
Central      27.1    6.8      + 298.5  - 102.5 - 99.4   - 3.1 
Region 
Western      - 6.9   - 4.1    - 68.3   - 125.7 - 73.9   - 70.1 
Region 
Hotels &     98.0    77.7     + 26.1   265.2   217.5    + 21.9 
Resorts 
Cruises      83.0    56.9     + 45.9   184.6   126.9    + 45.5 
Other        9.1     3.4      + 167.6  24.0    7.5      + 220.0 
Tourism 
Tourism      297.3   211.4    + 40.6   217.8   153.4    + 42.0 
All other    4.6     8.7      - 47.1   31.8    13.7     + 132.1 
segments 
TUI Group    301.9   220.1    + 37.2   249.6   167.1    + 49.4 
Discontinued 0.3     36.8     - 99.2   - 21.8  7.7      n. a. 
operations 
Total        302.2   256.9    + 17.6   227.8   174.8    + 30.3 
 
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. 
 
Analyst and investor enquiries 
 
Peter Krüger 
Director of Investor Relations and Special Projects 
Tel.: + 49 (0)511 566 1440 
 
Contacts for Analysts and Investors in UK, Ireland and Americas 
 
Sarah Coomes 
Head of Investor Relations 
Tel.: + 44 (0)1293 645 827 
 
Hazel Chung 
Investor Relations Manager 
Tel.: + 44 (0)1293 645 823 
 
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 presentation slides and the video webcast for 
Q3 2016 / 17 are available at the following link: 
www.tuigroup.com/en-en/investors 
 
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 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 10 August 2017 
 
Financial calendar 
 
28 September 2017 
Trading Update 
 
13 December 2017 
Annual Report 2016 / 17 
 
13 February 2018 
Annual General Meeting 2018 
Quarterly Statement Q1 2017 / 18 
 
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)511 566-1425 
Fax:            +49 (0)511 566-1096 
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:  QRT 
TIDM:           TUI 
LEI Code:       529900SL2WSPV293B552 
OAM Categories: 3.1. Additional regulated information required to be 
                disclosed under the laws of a Member State 
Sequence No.:   4515 
 
End of Announcement EQS News Service 
 
600173 10-Aug-2017 
 
 

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