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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 | 1.01% | 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 |
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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August 10, 2017 01:00 ET (05:00 GMT)
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