TIDMTUI
RNS Number : 4417O
TUI AG
09 February 2016
First Quarter Results
ended 31 December 2015
Highlights
-- Good underlying performance in Q1 with 7.2 % improvement in underlying EBITA in spite of impact from geopolitical
events*
-- EUR 10 m of merger synergies in relation to corporate streamlining and Destination Services delivered in the
quarter
-- Disposal process for Hotelbeds on track
-- Current trading for Winter 2015 / 16 and Summer 2016 remains in line with our expectations, taking into account
the geopolitical backdrop
-- Reiterate earnings guidance of at least 10 % growth in underlying EBITA in 2015 / 16*
KEY FINANCIALS
Underlying Reported
EUR million Q1 2015 / 16 Q1 2014 / 15 Var. % Q1 2015 / 16 Q1 2014 / 15
restated restated
Turnover 3,718.4 3,526.4 5.4 3,718.4 3,526.4
EBITA - 101.7 - 104.8 3.0 - 137.5 - 141.4
EBITA - at constant currency rates* - 97.3 - 104.8 7.2 - 132.3 - 141.4
Note: EBITA comprises earnings before interest, taxes and
goodwill impairments; it does not include the results from
container shipping operations measured at equity nor the results
from the measurement of interest hedging instruments.
* Assuming constant foreign exchange rates are applied to the
result in the current and prior year and based on current Group
structure.
Chief Executive of TUI Group, Friedrich Joussen, commented:
"We have delivered a good underlying performance in Q1 in spite
of the backdrop of geopolitical -turbulence in some of our
destinations, with a 7.2 % improvement in underlying EBITA*.
Northern Region and Riu have performed particularly well, and we
remain pleased with demand and yield performance
in our Cruise business. We are continuing to deliver our merger
synergies as planned, with a further EUR 10 m realised in the
quarter, and the disposal process for Hotelbeds remains on
track.
It is evident that there has been a significant shift in demand
away from Turkey, with Summer 2016 bookings to that destination
currently down around 40 %. Our scale business model and own hotel
content means that we have been able to act quickly to remix
capacity to alternative, profitable -destinations. In addition, our
own hotels in destinations outside Turkey (such as Spain and the
Canaries) are benefitting from the shift in demand. Based on
current trading, and the resilience of our integrated business
model, we continue to expect to deliver -underlying EBITA growth of
at least 10 % in 2015 / 16*."
Q1 RESULTS
EUR million
Underlying EBITA Q1 2014 / 15 (restated) - 105
Non-repeat prior year gain on disposal of hotel (Riu Waikiki) - 16
Underlying trading + 5
Merger synergies (EUR 5 m Corporate Streamlining, EUR 5 m Destination Services) + 10
Refinancing of Europa 2 + 5
Year-on-year impact of aircraft financing + 4
Underlying EBITA 2015 / 16 excluding FX - 97
Foreign exchange translation - 5
Underlying EBITA 2015 / 16 - 102
Q1 RESULTS
-- Turnover increased by 5.4 % to EUR 3,718 m (Q1 2014 / 15: EUR 3,526 m), or by 2.5 % excluding the positive impact
of foreign exchange translation. Brand turnover (which includes the non-consolidated turnover of TUI Cruises and
our Canadian strategic venture) increased by 6.9 % to EUR 4,357 m (Q1 2014 / 15: EUR 4,076 m), or by 4.3 %
excluding the positive impact of foreign exchange translation. Growth was driven by Northern Region and Cruises.
-- Group underlying EBITA loss for the quarter improved to EUR 102 m (Q1 2014 / 15: EUR 105 m loss), or EUR 97 m
loss excluding the negative impact of foreign exchange translation.
-- Within the Source Markets, underlying EBITA loss was EUR 82 m (Q1 2014 / 15: EUR 78 m loss), or EUR 77 m loss
excluding the negative impact of foreign exchange translation.
-- Northern Region delivered a good performance, with a strong end of Summer trading result in the UK and continued
trading margin improvement in Nordics.
-- The result in Central Region declined as a result of the continued challenging trading conditions in Germany,
compounded by lower demand for North Africa and Turkey, and lower Canaries margins. The new management team, who
took over at the end of June 2015, are taking corrective actions to improve profitability.
-- Western Regions operating result impacted by planned additional marketing costs in Netherlands in relation to the
successful TUI rebranding.
-- In Hotels & Resorts, underlying EBITA was EUR 25 m (Q1 2014 / 15: EUR 29 m, including EUR 16 m gain on disposal
of Riu Waikiki) or EUR 23 m excluding the positive impact of foreign exchange translation.
-- Riu delivered a strong operating performance, with a 2.3 % point improvement in occupancy and 12.7 % increase in
average rate per bed. This was partly offset by the non-repeat of the gain on disposal of Riu Waikiki in the
prior year.
-- Robinsons result impacted by planned additional marketing costs to grow the brand, as well as the under occupancy
cost relating to a leased property in Tunisia (opened Summer 2015) and lower demand for Turkey.
-- Result for other hotels adversely impacted by the events in Egypt and reduced demand for Turkish destinations.
-- In Cruises, underlying EBITA increased to EUR 8 m (Q1 2014 / 15: EUR 2 m), including EUR 5 m benefit from the
refinancing of Europa 2 and strong trading by Mein Schiff 4 which launched in June 2015. This was partly offset
by EUR 2 m dry-dock costs for Hapag-Lloyd Cruises and non-repeat of a EUR 2 m shipyard financing provision
release in the prior year in TUI Cruises.
-- Following the carve out of Destination Services (formerly Inbound Services) into Other Tourism, EUR 5 m of
synergies have been delivered in the quarter.
-- On a post-carve out basis, Hotelbeds Group underlying EBITA increased to EUR 3 m (Q1 2014 / 15: EUR 2 m) as the
business continues to outperform the market. The disposal process remains on track.
-- Specialist Group underlying EBITA loss of EUR 32 m (Q1 2014 / 15: EUR 19 m loss), or EUR 30 m loss excluding the
negative impact foreign exchange translation, reflects difficult trading in the adventure and ski divisions
(impacted by geopolitical events and poor snow conditions respectively), and in the US tour operators.
-- All other segments underlying EBITA loss of EUR 14 m (Q1 2014 / 15: EUR 26 m loss) includes EUR 5 m further
benefit from the delivery of further corporate streamlining synergies, bringing the total delivered to date to
EUR 15 m.
CURRENT TRADING REMAINS IN LINE WITH OUR EXPECTATIONS
-- Winter 2015 / 16: 82 % sold to date, with flat bookings and average selling prices up 3 %. Overall Source Market
long-haul bookings are up 10 % and the UK continues to deliver good growth in total bookings, up 3 %.
-- Summer 2016 in line with our expectations at this early stage: 33 % sold to date, with overall volumes up 1 % and
average selling prices up 2 %. UK bookings performance remains strong, up 9 %. Demand for Turkey has decreased
significantly compared with prior year, and we have rapidly reshaped the programme to alternative destinations.
-- Continued progress in increasing controlled and online distribution within the Source Markets.
EXPECT TO DELIVER AT LEAST 10% GROWTH* IN UNDERLYING EBITA IN
2015/16
-- Based on current trading and the resilience of our business model, we continue to expect to deliver underlying
EBITA growth of at least 10 % in 2015 / 16*.
Current trading in line with our expectations
Winter 2015/16
Current trading for Winter, which is the low season for most of
our businesses, is in line with our expectations. 82 % of the
Source Market programme has been sold to date, in line with prior
year, with flat bookings and average selling prices up 3 %.
Long-haul bookings continue to grow strongly, up 10 %. Bookings
through our controlled channels account for 70 % of Winter
bookings, up one percentage point, with the online channel
accounting for 43 % of bookings, up two percentage points.
Trading in our Hotels & Resorts businesses largely reflects
bookings made through our Source Markets. We continue to grow
bookings from our Source Markets to our target group hotels, in
line with our strategy to deliver synergies through joint
management of occupancy.
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Following advice from several governments in November 2015, we
ceased flying to and from Sharm el Sheikh and took rapid action to
remix the tour operator programme. Egypt accounted for
approximately 6 % of our Source Market programme in Winter 2014 /
15 and approximately 2 % of our Summer 2015 programme. Sharm el
Sheikh constituted around 50 % of the overall Egypt programme. In
addition, TUI Group operates 34 hotels in Egypt (as at December
2015), 22 of which are managed, nine owned, one leased and two
franchised. Most of the owned and leased hotels are operated by
joint ventures. 11 of the hotels in Egypt are located in Sharm el
Sheikh.
Current Trading(1) Winter 2015/16
Winter 2015 / 16
YoY variation% Total ASP2 Total Sales2 Total Customers2 Programme sold (%)
Northern Region + 3 + 5 + 2 81
UK + 1 + 5 + 3 76
Nordics + 6 + 7 Flat 93
Central Region + 6 + 3 - 3 83
Germany + 5 + 2 - 3 82
Western Region - 1 Flat + 1 82
Benelux Flat + 3 + 2 81
Total Source Markets + 3 + 3 Flat 82
Hotelbeds Group - Bedbank3 + 6 + 18 + 11 n / a
1 These statistics are up to 31 January 2016 and are shown on a
constant currency basis.
2 These statistics relate to all customers whether risk or
non-risk.
3 Sales refer to total transaction value (TTV) and customers
refers to roomnights.
We remain pleased with the booking and yield performance of both
TUI Cruises and Hapag-Lloyd Cruises, with the former reflecting the
expansion of the fleet following the launch of Mein Schiff 4 in
June 2015.
In the UK, bookings are up 3 % and average selling prices are up
1 %, with lower jet fuel costs and the impact of the weaker Euro on
accommodation costs partly offsetting the increase in long-haul. To
date, 76 % of the Winter programme has been sold. The key driver of
volume expansion is long-haul, for which overall bookings are
currently up 16 %, including growth in demand for Mexico, Dominican
Republic and Jamaica, plus the addition of Costa Rica to the
programme. Short and medium haul is 1 % ahead of prior year,
despite lower demand for Egypt which we have offset by remixing the
programme and channelling demand to alternative destinations.
In the Nordics, bookings are flat, with good trading since our
last update. To date, 93 % of the Winter programme has been sold.
Average selling prices continue to perform well (up 6 %) and
trading margins continue to improve compared with prior year, in
particular for short and medium haul. The roll-out of our Riu
hotels to the Nordics source markets continues to prove
successful.
In Germany, bookings are down 3 % in what remains a very
competitive market. To date, 82 % of the Winter programme has been
sold. Average selling prices are up 5 %, which reflects a higher
proportion of long-haul bookings (up 10 %) and increases in
accommodation costs. Performance has been adversely impacted by the
recent events in Egypt and Turkey (which is a significant
destination for German tourists) and as a result of the increase in
flight capacity to sun and beach destinations (in particular the
Canaries).
In Benelux bookings are up 2 % with flat average selling prices.
Bookings in the Netherlands have remained strong following the TUI
rebrand, up 6 %. Demand has been more subdued in Belgium following
events in Tunisia, Paris and Egypt.
The Hotelbeds Group bedbank is continuing to deliver a
significant increase in both TTV and roomnights for Winter, up 18 %
and 11 % respectively.
Summer 2016
Summer 2016 trading remains in line with our expectations,
taking into account the geopolitical backdrop, with bookings up 1 %
and average selling prices up 2 %. We are still at an early stage
of the booking cycle, with approximately 33 % of the Source Markets
programmes sold, in line with prior year. In the UK, where the
highest proportion of the programme (41 %) has been sold to date,
trading remains strong with bookings up 9 %. Short-haul, long-haul
and cruise are performing well. Average selling prices for the UK
are down 1 %, reflecting the development of input costs (including
fuel).
Due to ongoing geopolitical uncertainty in the region, Summer
bookings to Turkey from all Source Markets are around 40 % below
prior year. In Summer 2015, 14 % of our Source Market customers
travelled to Turkey, with a lower proportion from the UK, and a
higher proportion from Germany and Nordics. In response to the
decline in demand, we have rapidly reshaped the Summer programme by
adding capacity to alternative popular and profitable destinations,
such as Spain and Greece, including taking additional capacity in
our Group hotels.
Bookings and yields for both TUI Cruises and Hapag-Lloyd Cruises
remain strong. We are pleased with the progress in bookings for
Mein Schiff 5, which launches in July 2016.
NET DEBT AND LIQUIDITY
The net debt position (cash and cash equivalents less financial
dept) at 31 December 2015 was EUR 1,876 m (30 September 2015: net
debt EUR 214 m). The increase since year-end was driven by
customary
seasonal cash outflows within the tour operators. The net debt
position consisted of EUR 1,042 m of cash and cash equivalents, EUR
225 m of current financial liabilities and EUR 2,693 m of
non-current financial liabilities. We remain satisfied with our
long-term debt funding and liquidity position. This includes
external bank revolving credit facilities totalling EUR 1.75 bn
which are used to manage the seasonality of the Groups cash flows.
The maturity date of the revolving credit facility was recently
extended from June 2018 to December 2020 on broadly the same
terms.
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 former TUI Travel businesses, which
account for over 90 % of our Group currency and fuel exposure.
% Winter 2015 / 16 Summer 2016
Euro 96 83
US Dollars 92 76
Jet Fuel 96 85
As at 29 January 2016
OUTLOOK
We have delivered a good start to the year, with underlying
EBITA up 7.2 %* in the first quarter. This demonstrates the
resilience of our integrated model, which has helped us to absorb
the impact of geopolitical unrest and the challenges we sometimes
face in specific source markets and destinations. The shift in
demand away from Turkey is a challenge for Summer 2016, and we have
taken actions to mitigate this. Delivery of merger synergies and
the Hotelbeds disposal process are on-track. Based on current
trading and the resilience of our integrated business model, we
continue to expect to deliver at least 10 %* growth in underlying
EBITA in 2015 / 16.
INVESTOR AND ANALYST CONFERENCE CALL AND WEBCAST
A full copy of our Q1 Report 2015/16 can be found via our
corporate website: http://www.tuigroup.com/en-en/investors
A conference call and audio webcast for investors and analysts
will take today at 7:15am GMT / 8:15am CET.
The dial-in arrangements for the call are as follows:
For Germany: +49 30 232 531 428
For UK: +44 203 367 9216
For France: +33 172 253 098
For US: +1 408 916 9838
A presentation and the quarterly report to accompany the
conference call will be made available at 6:00am GMT / 7:00am CET
on our corporate website. Details of the webcast will be found at
the same link: http://www.tuigroup.com/en-en/investors.
PRE-CLOSE TRADING UPDATE
TUI Group will release a pre-close trading update on Thursday 31
March 2016.
HALF-YEAR FINANCIAL REPORT 2015/16
TUI Group will issue its H1 interim results on Wednesday 11 May
2016.
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
909
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
First quarter 2015/16
TUI Group - financial highlights
EUR million Q1 2015 / 16 Q1 2014 / 15 Var. %
restated
Turnover 3,718.4 3,526.4 + 5.4
Underlying EBITA1
Northern Region - 27.9 - 45.4 + 38.5
Central Region - 26.2 - 20.3 - 29.1
Western Region - 27.7 - 11.9 - 132.8
Hotels & Resorts 25.2 28.7 - 12.2
Cruises 8.2 2.0 + 310.0
Other Tourism - 11.4 - 14.2 + 19.7
Tourism - 59.8 - 61.1 + 2.1
Specialist Group - 31.8 - 19.1 - 66.5
Hotelbeds Group 3.5 1.8 + 94.4
All other segments - 13.6 - 26.4 + 48.5
TUI Group - 101.7 - 104.8 + 3.0
Discontinued operation 0.1 - 3.0 n / a
Sum of the segments - 101.6 - 107.8 + 5.8
(MORE TO FOLLOW) Dow Jones Newswires
February 09, 2016 02:00 ET (07:00 GMT)
EBITA2 - 137.5 - 141.4 + 2.8
Underlying EBITDA - 2.1 - 24.6 + 91.5
EBITDA - 22.8 - 46.2 + 50.6
Net profit for the period - 163.9 - 136.2 - 20.3
Earnings per shareEUR - 0.32 - 0.32 -
Equity ratio (31 Dec)3% 15.6 14.0 + 1.6
Cash gross capex 159.3 126.5 + 25.9
Net debt (31 Dec) - 1,875.6 - 1,632.0 - 14.9
Employees (31 Dec) 64,594 65,268 - 1.0
Differences may occur due to rounding.
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 ganis / 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.
Interim Management Report
Corporate Governance
Composition of the Boards
In Q1 2015 / 16, the composition of the Executive Board of TUI
AG changed as follows.
In financial year 2014 / 15, the Supervisory Board had appointed
Dr Elke Eller as Executive Board member in charge of HR and Labour
Director of TUI AG. She took over the Labour Director function from
Sebastian Ebel as at 15 October 2015. He had previously temporarily
held that function in addition to his operational responsibilities
as Executive Board member.
The composition of the Supervisory Board of TUI AG did not
change in Q1 2015 / 16.
The current, complete composition of the Executive Board and
Supervisory Board is listed on our website, where it has been made
permanently available to the public.
TUI Group fundamentals: Structure and strategy
Reporting structure
In the Interim Financial Report for Q1 2015 / 16 the TUI Group
reporting structure is based on that introduced for the H1 2014 /
15.
In Q1 2015 / 16, the carve-out of Destination Services from the
Hotelbeds Group segment was completed as scheduled. They were
integrated in the Tourism business and have been managed under
Other Tourism since the period under review. Following an
evaluation of various options to increase the growth and value of
the Hotelbeds Group retained in the segment, a divestment process
has been initiated and is proceeding according to plan. Moreover,
the IT services previously carried in All Other Segments were
pooled in the Other Tourism segment in Q1 2015 / 16.
Group targets and strategy
The TUI Group continues to pursue its strategy as presented in
-financial year 2014 / 15. A summary can be found in the Annual
-Report 2014 / 15.
Our assessment of the expected synergies and one-off costs
resulting from the merger is retained as presented in the Annual
Report for 2014 / 15. In the period under review, we delivered
synergies worth EUR 10 m from the merger with TUI Travel, half of
which resulted from the consolidation of overlapping Corporate
Centre functions with the other half driven by the integration of
Destination Services in the Tourism business.
Research and development
As a tourism service provider, TUI does not engage in research
and development activities in the narrower sense of the term.
Risk and Opportunity Report
For a comprehensive presentation of our risk and opportunity
management systems and any potential risks and opportunities, we
refer to the corresponding comments in our Annual Report 2014 / 15.
The risks and opportunities outlined in that report remained
largely unchanged in the period under review.
The TUI Groups risks, both individually and in conjunction with
other risks, are limited and from todays perspective do not
threaten the continued existence of individual subsidiaries or the
Group.
Opportunities and risks or any positive or negative changes of
opportunities and risks are not offset against one another.
.
Report on expected development
Expected development of Group turnover, earnings and
adjustments
We reiterate our forecast of expectations for the TUI Group in
financial year 2015 / 16, as presented in the Annual Report 2014 /
15.
Expected development of Group turnover, underlying EBITA and adjustments
Expected Development vs. PY
EUR million 2014 / 15 2015 / 16*
Brand turnover 22,584 at least 5 % growth
Turnover 20,012 at least 3 % growth
Underlying EBITA 1,069 at least 10 % growth
Adjustments 204 approx. EUR 180 m cost
* Based on constant currency, without discontinued
operations
Brand turnover
A proportion of earnings growth will be delivered by TUI's joint
ventures, however, due to equity accounting the revenue from these
businesses is excluded from reported turnover. We have therefore
introduced the concept of brand turnover, to show more clearly the
total revenue generated by TUI brands, the key ones being TUI
Cruises and our Canadian tour operator strategic venture. We expect
brand turnover to rise by at least 5 % in financial year 2015 / 16
at constant currency.
Turnover
We expect turnover to rise by at least 3 % at constant currency
in financial year 2015 / 16, primarily due to an anticipated
increase in customer numbers of our tour operators as we deliver
our growth road-map.
Underlying EBITA
In financial year 2015 / 16, underlying EBITA by the TUI Group
is expected to grow by at least 10 % at constant currency as we
deliver our growth roadmap. Risks relate to the development of
customer numbers against the backdrop of continued volatility in
the economic environment and geopolitical tensions for our key
source markets, demand for our Group hotels and cruises and the
delivery of merger synergies.
Adjustments
For financial year 2015 / 16 we expect purchase price
allocations and net one-off costs (mainly in relation to the
delivery of merger synergies) of approximately EUR 180 m to be
carried as adjustments.
Consolidated earnings
Comments on the consolidated income statement
The consolidated income statement reflects the seasonality of
the tourism business, with negative results generated in the period
from October to December due to the seasonal nature of the
business.
Income statement of the TUI Group for the period from 1 Oct 2015 to 31 Dec 2015
EUR million Q1 2015 / 16 Q1 2014 / 15 Var. %
restated
Turnover 3,718.4 3,526.4 + 5.4
Cost of sales 3,487.0 3,314.8 + 5.2
Gross profit 231.4 211.6 + 9.4
Administrative expenses 405.4 386.0 + 5.0
Other income 15.7 18.2 - 13.7
Other expenses 2.7 0.8 + 237.5
Financial income 6.7 8.3 - 19.3
Financial expenses 88.5 75.9 + 16.6
Share of result of joint ventures and associates 22.6 17.5 + 29.1
Earnings before income taxes - 220.2 - 207.1 - 6.3
Income taxes - 59.5 - 74.9 + 20.6
Result from continuing operations - 160.7 - 132.2 - 21.6
Result from discontinued operation - 3.2 - 4.0 + 20.0
Group loss for the year - 163.9 - 136.2 - 20.3
Group loss for the year attributable to shareholders of TUI AG - 184.0 - 104.6 - 75.9
Group loss for the year attributable to non-controlling interest 20.1 - 31.6 n / a
Turnover and cost of sales
In Q1 2015 / 16, turnover totalled EUR 3.7 bn, up by 5.4 %
year-on-year. On a constant currency basis, turnover grew by 2.5 %
in Q1 2015 / 16. While customer numbers declined by 1.4 %, the
turnover growth against Q1 2014 / 15 was driven in particular by
the increase in the proportion of long-haul holidays, in particular
in the large source markets. It also reflected higher average
selling prices in Hotels & Resorts and an increase in the
business volume of Hotelbeds Group. Turnover was presented
alongside the cost of sales, which rose by 5.2 % in Q1. A detailed
breakdown of turnover and a review thereof are presented in the
section Business development by segments.
Turnover
EUR million Q1 2015 / 16 Q1 2014 / 15 Var. %
restated
Northern Region 1,232.4 1,124.9 + 9.6
Central Region 1,090.2 1,058.5 + 3.0
Western Region 486.9 487.3 - 0.1
Hotels & Resorts 132.4 118.0 + 12.2
Cruises 53.9 53.5 + 0.7
Other Tourism 147.5 152.6 - 3.3
Tourism 3,143.3 2,994.8 + 5.0
Specialist Group 325.6 333.4 - 2.3
(MORE TO FOLLOW) Dow Jones Newswires
February 09, 2016 02:00 ET (07:00 GMT)
Hotelbeds Group 217.4 170.7 + 27.4
All other segments 32.1 27.5 + 16.7
TUI Group 3,718.4 3,526.4 + 5.4
Discontinued operation - 17.2 n / a
Sum of the segments 3,718.4 3,543.6 + 4.9
Gross profit
At EUR 231.4 m, gross profit as the balance of turnover and the
cost of sales was up EUR 19.8 m year-on-year in Q1 2015 / 16.
Administrative expenses
Administrative expenses comprise expenses for general management
functions not directly allocable to the turnover transactions. In
Q1, they totalled EUR 405.4 m, up by EUR 19.4 m on the prior year.
The increase was mainly driven by foreign exchange effects and
expenses in connection with various restructuring measures within
the Group.
Other income / Other expenses
In Q1 2015 / 16, other income totalled EUR 15.7 m, mainly
comprising gains on disposal from the sale of a joint venture, a
cruise ship and two plots of land.
Other expenses totalled EUR 2.7 m for Q1 2015 / 16. They
primarily resulted from foreign exchange losses in connection with
capital measures.
Financial result
The financial result declined from EUR - 67.6 m in Q1 2014 / 15
to EUR - 81.8 m in the current financial year 2015 / 16. The
interest result improved by EUR 25.5 m within that period, driven
by the conversion of all convertible bonds in financial year 2014 /
15 and the associated decline in interest expenses. This was partly
offset by the measurement of the investment in Hapag-Lloyd.
Following the IPO, the stake was measured at stock market price as
at 31 December 2015, resulting in an impairment of EUR 41.6 m.
Share of results of joint ventures and associates
The share of results of joint ventures and associates comprises
the share in net profit for the year of the associated companies
and joint ventures as well as any impairments of the goodwill of
these companies. The share of results of joint ventures and
associates amounted to EUR 22.6 m in Q1 2015 / 16 (previous year
EUR 17.5 m). Hapag-Lloyd AG, which was included in the previous
year, has been carried under -assets available for sale since 2
December 2014.
Income taxes
The tax assets generated in Q1 2015 / 16 were attributable to
various factors including the seasonal swing in tourism and the
simplification of Group structures in Germany following the merger
between TUI AG and TUI Travel PLC.
Group loss
In Q1 2015 / 16, the Group result was negative at EUR - 163.9 m
(previous year EUR - 136.2 m) due to the seasonality of the tourism
business.
Non-controlling interests
Non-controlling interests accounted for EUR 20.1 m for Q1 2015 /
16. They related to companies in Hotels & Resorts, and in 2014
/ 15 they also related to the external shareholders of TUI Travel
PLC until the completion of the merger with TUI AG.
Earnings per share
After deduction of non-controlling interests, TUI AG
shareholders accounted for EUR - 184.0 m (previous year EUR - 104.6
m) of the Group result for Q1 2015 / 16. As a result, basic
earnings per share amounted to EUR - 0.32 (previous year EUR -
0.32) for Q1 2015 / 16.
EBITA and underlying EBITA
Key indicators used to manage TUI Group are EBITA and underlying
EBITA. We consider EBITA to be the performance indicator best
suited to explain the TUI Groups operating performance. EBITA
comprises earnings before interest, taxes and goodwill impairments,
excluding the results from container shipping operations measured
at equity, and the results from the measurement of interest hedging
instruments.
Reconciliation to underlying EBITA
EUR million Q1 2015 / 16 Q1 2014 / 15 Var. %
restated
Earnings before income taxes - 220.2 - 207.1 - 6.3
less: Gains on Container Shipping measured at equity - - 0.9 n / a
plus: Loss measurement of financial investment in Container Shipping 41.6 - n / a
plus: Net interest expense and expense from the measurement of interest hedges 41.1 66.6 - 38.3
EBITA - 137.5 - 141.4 + 2.8
Adjustments:
less: Gains on disposals 1.5 0.1
plus: Restructuring expense 3.2 1.5
plus: Expense from purchase price allocation 20.4 18.0
plus: Expense from other one-off items 10.7 17.0
Underlying EBITA - 101.7 - 104.8 + 3.0
Reported earnings by TUI Group improved by EUR 3.9 m
year-on-year to EUR - 137.5 m in Q1 2015 / 16.
EBITA
EUR million Q1 2015 / 16 Q1 2014 / 15 Var. %
restated
Northern Region - 34.1 - 50.9 + 33.0
Central Region - 31.8 - 25.5 - 24.7
Western Region - 28.9 - 14.8 - 95.3
Hotels & Resorts 24.5 16.5 + 48.5
Cruises 8.2 2.0 + 310.0
Other Tourism - 13.2 - 16.0 + 17.5
Tourism - 75.3 - 88.7 + 15.1
Specialist Group - 36.1 - 23.2 - 55.6
Hotelbeds Group - 2.5 - 2.5 -
All other segments - 23.6 - 27.0 + 12.6
TUI Group - 137.5 - 141.4 + 2.8
Discontinued operation - 4.6 - 3.6 - 27.8
Sum of the segments - 142.1 - 145.0 + 2.0
In order to explain and evaluate the operating performance by
the segments, earnings adjusted for special one-off effects
(underlying EBITA) are presented below. Underlying earnings have
been adjusted for gains on disposal of investments, restructuring
expenses according to IAS 37, all effects of purchase price
allocations, ancillary acquisition costs, conditional purchase
price payments, and other expenses for and income from one-off
items.
One-off items carried as adjustments include income and expense
items that reflect amounts and frequencies of occurrence rendering
an evaluation of the operating profitability of the segments and
the Group more difficult or causing distortions. These one-off
items include in particular major restructuring and integration
expenses not meeting the criteria of IAS 37, material expenses for
litigation, gains and losses from the sale of aircraft, and other
material business transactions with a one-off character.
In Q1 2015 / 16, earnings adjusted for one-off effects
(underlying -EBITA) totalled EUR - 101.7 m, up EUR 3.1 m
year-on-year.
Underlying EBITA
EUR million Q1 2015 / 16 Q1 2014 / 15 Var. %
restated
Northern Region - 27.9 - 45.4 + 38.5
Central Region - 26.2 - 20.3 - 29.1
Western Region - 27.7 - 11.9 - 132.8
Hotels & Resorts 25.2 28.7 - 12.2
Cruises 8.2 2.0 + 310.0
Other Tourism - 11.4 - 14.2 + 19.7
Tourism - 59.8 - 61.1 + 2.1
Specialist Group - 31.8 - 19.1 - 66.5
Hotelbeds Group 3.5 1.8 + 94.4
All other segments - 13.6 - 26.4 + 48.5
TUI Group - 101.7 - 104.8 + 3.0
Discontinued operation 0.1 - 3.0 n / a
Sum of the segments - 101.6 - 107.8 + 5.8
In Q1 2015 / 16, adjustments worth EUR 1.1 m were carried for
income, compared with adjustments on underlying expenses
amounting
to EUR 16.5, taking into account the expenses for purchase price
allocations.
Overall, net one-off expenses of EUR 1.9 m were incurred in
connection with the merger between TUI AG and TUI Travel PLC. They
included income of EUR 0.7 m for the rationalisation of the
corporate head office, while expenses of EUR 2.6 m related to the
integration of incoming agencies into the source market
organisations.
Other adjustments mainly comprised the following items:
Gains on disposal
In Q1 2015 / 16, negative gains on disposal worth EUR 1.5 m had
to be carried as adjustments. They related in particular to capital
reductions in subsidiaries.
Restrucuturing costs
The restructuring costs of EUR 3.2 m carried as adjustments in
Q1 2015 / 16 related in particular to reorganisation measures in
the Central and Western Regions and the integration of incoming
agencies into the market organisations.
Expenses for purchase price allocations
In the first three months of 2015 / 16, expenses for purchase
price allocations of EUR 20.4 m had to be carried as adjustments.
They related above all to scheduled amortisation of intangible
assets from acquisitions made in prior years.
One-off items
Net expenses for one-off items of EUR 10.7 m comprised in
particular an amount of EUR 3.2 m for the reorganisation in Central
Region, an expense of EUR 3.0 m for the discontinuation of the
business operations of TUI Connect, an amount of EUR 3.0 m for
consultancy costs in connection with the planned divestment of
Hotelbeds Group, and an amount of EUR 1.8 m for subsequent payments
into the pension plan of a former shareholding.
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Performance indicators
Key figures of income statement
EUR million Q1 2015 / 16 Q1 2014 / 15 Var. %
restated
Earnings before interest, income taxes, depreciation, impairment and rent
(EBITDAR)
of continuing operations 195.6 164.6 + 18.8
Operating rental expenses 218.4 210.8 + 3.6
Earnings before interest, income taxes, depreciation and impairment (EBITDA)
of continuing operations - 22.8 - 46.2 + 50.6
Depreciation / amortisation less reversals of depreciation* - 114.7 - 95.2 - 20.5
Earnings before interest, income taxes and impairment of goodwill (EBITA)
of continuing operations - 137.5 - 141.4 + 2.8
Impairment of goodwill - - -
Earnings before interest and income taxes (EBIT) of continuing operations - 137.5 - 141.4 + 2.8
Net interest expense and expense from measurement of interest hedges - 41.1 - 66.6 + 38.3
Losses on measurement of financial investment in Container Shipping - 41.6 - n / a
Profit on Container Shipping measured at equity - 0.9 n / a
Earnings before income taxes (EBT) of continuing operations - 220.2 - 207.1 - 6.3
* On property, plant and equipment, intangible asssets,
financial and other assets
Business development by segments
Tourism
The Tourism business comprises Northern Region (UK, Nordics,
Canada, Russia), Central Region (Germany, Austria, Switzerland,
-Poland), Western Region (Belgium, Netherlands, France), Hotels
& -Resorts (including former TUI travel hotels), Cruises and
Other tourism (Corsair and central tourism functions).
Our key operating indicators developed as follows in our key
source markets:
Direct distribution mix1 in % Online mix2 in % Customers in '000
Q1 2015 / 16 Q1 2015 / 16 Q1 2015 / 16
Q1 2014 / 15 Q1 2014 / 15 Q1 2014 / 15
Source markets
70 42 3,326
69 40 3,375
Northern Region
89 60 1,192
90 57 1,187
Central Region
44 14 1,257
44 13 1,295
Western Region
70 52 877
67 49 893
1 Share of sales via own channels (retail and online)
2 Share of online sales
Northern Region
Northern Region comprises TUI's tour operators and airlines and
the cruise business in the UK, Ireland and the Nordics. The segment
also comprises the strategic stake held in Sunwing in Canada and
TUI Russia, operating in the CIS countries.
Northern Region - key figures
EUR million Q1 2015 / 16 Q1 2014 / 15 Var. %
restated
Turnover 1,232.4 1,124.9 + 9.6
Underlying EBITA - 27.9 - 45.4 + 38.5
EBITA - 34.1 - 50.9 + 33.0
In the period under review, TUI tour operators in Northern
Region continued their positive performance of the prior year.
Customer numbers grew by 0.4 % year-on-year. Turnover climbed by
9.6 %; it rose by 3.1 % on a constant currency basis. The seasonal
loss (underlying EBITA) declined by EUR 17.5 m to EUR 27.9 m in Q1
2015 / 16.
TUI tour operators in the UK benefited from strong end of Summer
trading result, in particular for long-haul destinations and the
Canaries, and a good performance by Thomson Cruises. Customer
numbers grew by 2.0 % in Q1 2015 / 16. Online distribution
accounted for 57 % of bookings, up by 4 percentage points.
The Nordics also improved their performance year-on-year due to
higher selling prices in the period under review. Online
distribution grew by 2 percentage points to 71 % of overall
bookings.
The Canadian Sunwing company, in which TUI holds a strategic
stake, also continued its growth course, essentially driven by the
further expansion of the differentiated hotel offering in the
Caribbean and Mexico.
Central Region
Central Region comprises TUI tour operators in Germany, Austria,
Switzerland and Poland and the TUIfly airline.
Central Region - key figures
EUR million Q1 2015 / 16 Q1 2014 / 15 Var. %
restated
Turnover 1,090.2 1,058.5 + 3.0
Underlying EBITA - 26.2 - 20.3 - 29.1
EBITA - 31.8 - 25.5 - 24.7
In Q1 2015 / 16, the performance of Central Region declined
against the prior year. With customer numbers down 2.9 %
year-on-year, turnover grew by 3.0 % due to a higher proportion of
long-haul bookings. The seasonal loss increased by EUR 5.9 m
year-on-year to EUR 26.2 m in Q1 2015 / 16. This development was
driven by the continued challenging trading conditions and weaker
demand for North Africa and Turkey as well as lower Canaries
margins. The new management team, who took over at the end of June
2015, are taking corrective actions to improve profitability.
Direct distribution remained at around 51 % in Germany, as
before. Online distribution accounted for 19 % of all bookings, up
by 2 percentage points.
Western Region
Western Region combines TUI tour operators and Group-owned
airlines in Belgium and the Netherlands and tour operators in
France.
Western Region - key figures
EUR million Q1 2015 / 16 Q1 2014 / 15 Var. %
restated
Turnover 486.9 487.3 - 0.1
Underlying EBITA - 27.7 - 11.9 - 132.8
EBITA - 28.9 - 14.8 - 95.3
Turnover by Western Region was flat year-on-year on a 1.8 %
decline in customer numbers in Q1 2015 / 16. The seasonal loss
increased by EUR 15.8 m year-on-year to EUR 27.7 m in Q1 2015 / 16.
This was attributable to planned additional marketing costs in the
framework of the TUI rebranding campaign in the Netherlands and
income from the reversal of a provision in Belgium within the prior
year -result. In addition, demand for North Africa in Western
Region was adversely impacted by geopolitical events.
Hotels & Resorts
The Hotels & Resorts segment comprises all hotels and hotel
companies owned by TUI Group including the hotel business of former
TUI Travel.
Hotels & Resorts - key figures
EUR million Q1 2015 / 16 Q1 2014 / 15 Var. %
restated
Total turnover 270.6 250.0 + 8.2
Turnover 132.4 118.0 + 12.2
Underlying EBITA 25.2 28.7 - 12.2
EBITA 24.5 16.5 + 48.5
Total turnover by the Hotels & Resorts segment rose by 8.2 %
year-on-year to EUR 270.6 m in Q1 2015 / 16. Due to overall sound
demand in the period under review on a slight decrease in capacity
year-on-year, occupancy continued to show a positive development.
Revenues per bed also grew considerably year-on-year. Turnover with
non-Group third parties climbed by 12.2 % to EUR 132.4 m in Q1 2015
/ 16.
The Hotels & Resorts segment benefited from the strong
operating performance of Riu hotels in Q1 2015 / 16, in particular
in the Canaries and Mexico. In connection with the growth strategy
pursued by Robinson, marketing activities for the club brand were
intensified in the period under review. Robinson also reported
weaker demand, in particular for the new club in Tunisia and the
clubs in Turkey. The performance indicators of the other hotels
were also impacted by the geopolitical backdrop. Underlying
earnings accounted for EUR 25.2 m in Q1 2015 / 16, up by around EUR
12 m year-on-year, taking account of a book profit of EUR 16 m
included in the prior year's reference quarter.
Hotels & Resorts
Capacity1 in '000 Occupancy rate2 in % Average revenue per bed3 in EUR
Q1 2015 / 16 Q1 2015 / 16 Q1 2015 / 16
Q1 2014 / 15 Q1 2014 / 15 Q1 2014 / 15
Hotels Total4
7,826 73.1 57.39
7,898 72.9 51.95
Riu
4,235 83.9 59.52
4,180 81.6 52.81
Robinson
650 64.2 85.05
591 69.5 87.82
Iberotel
539 54.3 48.31
591 63.3 43.90
1 Group owned or leased hotel beds multiplied by opening days
per quarter
2 Occupied beds dividied by capacity
3 Arrangement revenue divided by occupied beds
4 Adjusted for KPIs of Grecotel; incl. former TUI Travel
hotels
Riu
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Riu, one of Spain's leading hotel chains, operated a total of 88
hotels at the end of Q1 2015 / 16. Capacity increased by 1.3 %
year-on-year to 4.2 m hotel beds. At 83.9 %, average occupancy of
Riu hotels rose by 2.3 percentage points year-on-year in Q1 2015 /
16. This increase reflects in particular strong demand for hotels
in the Cape Verde Islands and Mexico. Average revenues per bed grew
by 12.7 %.
In Q1 2015 / 16, business developed as follows in the individual
-regions:
Riu hotels in the Canary Islands benefited from strong demand
and the restoration of several hotel complexes in the past few
years. Occupancy rose by a further 1.3 percentage points to 93.6 %
year-on-year. Average revenues per bed also improved significantly
by 13.8 %.
Riu hotels in the Balearic Islands also recorded a very positive
performance in the period under review. At 73.9 %, occupancy of Riu
hotels rose by 1.9 percentage points year-on-year.
At 77.3 %, average occupancy of Riu hotels in mainland Spain was
up 4.6 percentage points on the prior year.
In the long-haul business, Riu hotels recorded average occupancy
of 79.4 %, up by 3.0 percentage points year-on-year. This increase
was driven by higher occupancy of hotels in the Cape Verde Islands
and Mexico. For long-haul destinations, average revenues per bed
grew by 13.8 % year-on-year, partly driven by foreign exchange
effects.
Robinson
At the end of the reporting period, Robinson, market leader in
the premium club holiday segment, was operating a total of 16 out
of the 26 club facilities of the forthcoming Summer season 2016.
Capacity rose by 10.0 % in Q1 2015 / 16. This increase in capacity
resulted from the new club facility in Djerba in Tunisia. In the
period under review, occupancy of Robinson Group was 5.3 percentage
points down year-on-year. This was mainly due to weak demand for
the club facility in Tunisia and the expected subdued demand for
Turkey. Average revenues per bed were down 3.2 % year-on-year. This
decrease was driven by the new Tunisian club resort as well as
price measures launched to stimulate demand in Turkey.
Iberotel
At the end of Q1 2015 / 16, 18 facilities were operated in
Egypt, the United Arab Emirates, Turkey, Italy and Germany. Overall
occupancy of Iberotels decreased by 9.0 percentage points
year-on-year to 54.3 %. Capacity of Iberotel hotels declined by
10.9 % year-on-year in the period under review. This development
was above all driven by the strategic realignment of Iberotels in
Turkey, which will be operated as TUI Blue facilities in future in
the framework of TUI Group's new hotel concept. Average revenues
per bed improved by 10.0 % year-on-year.
Cruises
As before, the Cruises segment comprises Hapag-Lloyd Cruises and
the joint venture TUI Cruises. From January 2016, Hapag-Lloyd
Cruises is renamed as Hapag-Lloyd Cruises. The renaming takes place
in the framework of the alignment of the company to a modern and
international target group.
Cruises - key figures
EUR million Q1 2015 / 16 Q1 2014 / 15 Var. %
restated
Turnover 53.9 53.5 + 0.7
Underlying EBITA 8.2 2.0 + 310.0
EBITA 8.2 2.0 + 310.0
At EUR 53.9 m in Q1 2015 / 16, turnover by Hapag-Lloyd Cruises
was up 0.7 % versus the prior year. No turnover is carried for TUI
Cruises as the joint venture is measured at equity in the
consolidated financial statements.
Underlying earnings by the Cruises segment reflect the sound
business performance in Q1 2015 / 16, improving by EUR 6.2 m
year-on-year to EUR 8.2 m. Hapag-Lloyd Cruises benefited from the
year-on-year decline in financing costs due to the acquisition of
Europa 2, completed in Q2 2014 / 15. On the other hand, capacity
declined due to scheduled dry-docking of Europa and Hanseatic in
the period under review. TUI Cruises expanded its competitive
position and continued to record a positive performance in the
period under review.
Cruises
Passenger days in '000 Occupancy in % Average daily rates* in EUR
Q1 2015 / 16 Q1 2015 / 16 Q1 2015 / 16
Q1 2014 / 15 Q1 2014 / 15 Q1 2014 / 15
Hapag-Lloyd cruises
71.5 69.7 478
77.3 70.1 462
TUI Cruises
818.3 100.5 146
588.3 100.8 151
* Per day and passenger
Hapag-Lloyd Cruises
The positive operating performance of Hapag-Lloyd Cruises
continued in Q1 2015 / 16. Fleet occupancy was almost flat
year-on-year at 69.7 %. The average rate per passenger per day rose
substantially by 3.5 % to EUR 478. Due to changed itineraries in
connection with the dry-docking of Europa and Hanseatic, passenger
days declined by 7.6 % to 71,481 in Q1 2015 / 16.
TUI Cruises
In Q1 2015 / 16, TUI Cruises continued its positive performance.
At 100.5 %, occupancy of the ships (based on double occupancy, as
customary in the industry) matched the very high level of the prior
year. Due to the expansion of TUI Cruises' fleet following the
launch of Mein Schiff 4 in June 2015, capacity grew to 818,329
passenger days, up by 39.1 % year-on-year. The average rate per
passenger per day totalled EUR 146. It thus declined slightly, as
expected, in Q1 2015 / 16 due to the mix of itineraries of the
fleet, now comprising four ships.
Specialist Travel
Specialist Travel comprises Specialist Group and Hotelbeds
Group. These are managed separately from the Tourism business as
they are based on different business models.
Specialist Group
The Specialist Group segment combines the specialist and
adventure tour operators in Europe, North America and
Australia.
Specialist Group - key figures
EUR million Q1 2015 / 16 Q1 2014 / 15 Var. %
restated
Turnover 325.6 333.4 - 2.3
Underlying EBITA - 31.8 - 19.1 - 66.5
EBITA - 36.1 - 23.2 - 55.6
In Q1 2015 / 16, turnover by the segment declined by 2.3 % to
EUR 325.6 m. The seasonal loss (underlying EBITA) of Specialist
Group rose substantially by EUR 12.7 m to EUR 31.8 m in Q1 2015 /
16. This was due to various factors including the sluggish skiing
holiday business due to poor snow conditions, the decline in demand
for adventure tours due to the geopolitical events and the poor
performance of the US specialist tour operators.
Hotelbeds Group
The Hotelbeds Group segment comprises portals selling hotel
-accommodation online to wholesale customers.
Hotelbeds Group - key figures
EUR million Q1 2015 / 16 Q1 2014 / 15 Var. %
restated
Turnover 217.4 170.7 + 27.4
Underlying EBITA 3.5 1.8 + 94.4
EBITA - 2.5 - 2.5 -
The disposal process for Hotelbeds Group remains on track.
Destination Services, which were also managed in this segment until
the end of financial 2014 / 15, were carved out and integrated into
the Tourism business in the period under review. They will be
managed as part of the All other Tourism segment in future.
Turnover by the segment grew considerably by 27.4 % to EUR 217.4
m in Q1 2015 / 16. At underlying operating earnings of EUR 3.5 m,
Hotelbeds Groups considerably outperformed the market in the first
three months. Total transaction volume grew by 16 % year-on-year,
while the number of roomnights rose by 10 %.
All other segments
All other segments comprise above all the corporate head office
functions of TUI AG and the interim holdings as well as the Groups
real estate companies.
All other segments - key figures
EUR million Q1 2015 / 16 Q1 2014 / 15 Var. %
restated
Turnover 32.1 27.5 + 16.7
Underlying EBITA - 13.6 - 26.4 + 48.5
EBITA - 23.6 - 27.0 + 12.6
All other segments underlying EBITA cost declined by EUR 12.8 m
year-on-year to EUR 13.6 m in Q1 2015 / 16. In the period under
review, additional corporate streamlining synergies worth EUR 5 m
were delivered. The improvement was also driven by higher proceeds
from sales of land.
Net assets and financial position
The Groups balance sheet total decreased by 3.5 % to EUR 13.6 bn
versus the end of financial year 2014 / 15. The changes in the
consolidated statement of financial position as against 30
September 2015 primarily reflect the seasonality of the tourism
business.
Assets and liabilities
EUR million 31 Dec 2015 30 Sep 2015 Var. %
Non-current assets 9,780.3 9,614.0 + 1.7
Current assets 3,806.7 4,472.5 - 14.9
Assets 13,587.0 14,086.5 - 3.5
Equity 2,114.7 2,417.3 - 12.5
Provisions 2,340.4 2,356.6 - 0.7
Financial liabilities 2,917.6 1,886.4 + 54.7
Other liabilities 6,214.3 7,426.2 - 16.3
Liabilities 13,587.0 14,086.5 - 3.5
Non-current assets
As at 31 December 2015, non-current assets accounted for 72.0 %
of total assets, compared with 68.2 % as at 30 September 2015.
Non-current assets rose year-on-year to EUR 9.8 bn in the period
under review.
Current assets
As at 31 December 2015, current assets accounted for 28.0 % of
total assets, following 31.8 % as at 30 September 2015. Current
assets decreased from EUR 4.5 bn as at 30 September 2015 to EUR 3.8
bn as at 31 December 2015.
Equity
Equity totalled EUR 2.1 bn as at 31 December 2015. The equity
ratio declined from 17.2 % as at 30 September 2015 to 15.6 %.
Further information on the changes in equity is provided in the
Notes to this Interim Report.
Provisions
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Provisions mainly comprise provisions for pension obligations
and provisions for operating risks. As at 31 December 2015, they
totalled EUR 2.3 bn, down by 0.7 % versus 30 September 2015.
Financial liabilities
As at 31 December 2015, financial liabilities consisted of
non-current financial liabilities of EUR 2.7 bn and current
financial liabilities of EUR 0.2 bn. As at 30 September 2015,
non-current financial liabilities amounted to EUR 1.7 bn, with
current financial liabilities of EUR 0.2 bn.
At the end of Q1 2015 / 16, TUI Groups net debt totalled EUR 1.9
bn, up by EUR 0.2 bn as against 31 December 2014. The increase in
net debt was driven in particular by the acquisition of Europa 2
and the conclusion of finance leases for new aircraft in financial
year 2014 / 15.
Other liabilities
As at 31 December 2015, other liabilities were considerably down
against 30 September 2015 at EUR 6.2 bn. The decline mainly
resulted from the seasonality of the tourism business.
Other segment indicators
Underlying EBITDA
EUR million Q1 2015 / 16 Q1 2014 / 15 Var. %
restated
Northern Region - 9.2 - 27.3 + 66.3
Central Region - 21.2 - 15.4 - 37.7
Western Region - 23.7 - 7.8 - 202.3
Hotels & Resorts 47.1 46.1 + 2.2
Cruises 12.8 4.6 + 178.3
Other Tourism 0.4 - 5.4 n / a
Tourism 6.2 - 5.3 n / a
Specialist Group - 24.6 - 12.1 - 103.6
Hotelbeds Group 8.6 6.0 + 43.3
All other segments 7.7 - 13.3 n / a
Consolidation - - -
TUI Group - 2.1 - 24.6 + 91.5
Discontinued operation - - 0.2 n / a
Sum of the segments - 2.1 - 24.8 + 91.5
EBITDA
EUR million Q1 2015 / 16 Q1 2014 / 15 Var. %
restated
Northern Region - 11.7 - 29.5 + 60.3
Central Region - 26.2 - 19.2 - 36.5
Western Region - 24.1 - 9.8 - 144.9
Hotels & Resorts 47.5 33.9 + 40.2
Cruises 12.8 4.6 + 178.3
Other Tourism - 1.4 - 6.1 + 77.0
Tourism - 3.1 - 26.2 + 88.2
Specialist Group - 24.7 - 12.1 - 104.5
Hotelbeds Group 6.2 5.2 + 19.2
All other segments - 1.2 - 13.2 + 90.9
Consolidation - - -
TUI Group - 22.8 - 46.2 + 50.7
Discontinued operation - 4.6 - 0.2 n / a
Sum of the segments - 27.4 - 46.4 + 41.0
Cash Gross Capex
EUR million Q1 2015 / 16 Q1 2014 / 15 Var. %
Northern Region 26.1 17.4 + 50.0
Central Region 3.9 5.5 - 29.1
Western Region 2.9 4.7 - 38.3
Hotels & Resorts 67.7 67.1 + 0.9
Cruises 8.7 0.7 n / a
Other Tourism 24.4 18.8 + 29.8
Tourism 133.7 114.2 + 17.1
Specialist Group 6.7 7.0 - 4.3
Hotelbeds Group 7.1 4.3 + 65.1
All other segments 11.8 1.0 n / a
TUI Group 159.3 126.5 + 25.9
Discontinued operation - 2.6 n / a
Sum of the segments 159.3 129.1 + 23.4
Amortisation (+) / write-backs (-) of other intangible assets and depreciation (+) / write-backs
(-)
of property plant and equipment and investments
EUR million Q1 2015 / 16 Q1 2014 / 15 Var. %
restated
Northern Region 22.4 21.4 + 4.7
Central Region 5.6 6.3 - 11.1
Western Region 4.8 5.0 - 4.0
Hotels & Resorts 23.0 17.3 + 32.9
Cruises 4.6 2.6 + 76.9
Other Tourism 11.8 9.9 + 19.2
Tourism 72.2 62.5 + 15.5
Specialist Group 11.4 11.1 + 2.7
Hotelbeds Group 8.7 7.7 + 13.0
All other segments 22.4 13.8 + 62.3
TUI Group 114.7 95.1 + 20.6
Discontinued operation - 3.4 n / a
Sum of the segments 114.7 98.5 + 16.4
Employees
31 Dec 2015 31 Dec 2014 Var. %
Northern Region 12,783 13,006 - 1.7
Central Region 11,260 11,167 + 0.8
Western Region 5,101 5,037 + 1.3
Hotels & Resorts 16,961 16,026 + 5.8
Cruises 242 234 + 3.4
Other Tourism 3,649 3,833 - 4.8
Tourism 49,996 49,303 + 1.4
Specialist Group 4,543 6,414 - 29.2
Hotelbeds Group 8,938 7,836 + 14.1
All other segments 1,117 1,241 - 10.0
TUI Group 64,594 64,794 - 0.3
Discontinued operation - 474 n / a
Sum of the segments 64,594 65,268 - 1.0
INTERIM FINANCIAL STATEMENTS
Income statement of the TUI Group for the period from 1 Oct 2015 to 31 Dec 2015
EUR million Notes Q1 2015 / 16 Q1 2014 / 15
restated
Turnover (1) 3,718.4 3,526.4
Cost of sales (2) 3,487.0 3,314.8
Gross profit 231.4 211.6
Administrative expenses (2) 405.4 386.0
Other income (3) 15.7 18.2
Other expenses (3) 2.7 0.8
Financial income (4) 6.7 8.3
Financial expenses (4) 88.5 75.9
Share of result of joint ventures and associates (5) 22.6 17.5
Earnings before income taxes* - 220.2 - 207.1
Income taxes (6) - 59.5 - 74.9
Result from continuing operations - 160.7 - 132.2
Result from discontinued operation - 3.2 - 4.0
Group loss for the year - 163.9 - 136.2
Group loss for the year attributable to shareholders of TUI AG - 184.0 - 104.6
Group loss for the year attributable to non-controlling interest (7) 20.1 - 31.6
* The financial performance indicators EBITA and underlying
EBITA of the TUI Group, formerly reconciled on the face of the
income statement of the TUI Group, are outlined in the segment
reporting within the Group notes now.
Earnings per share
EUR Q1 2015 / 16 Q1 2014 / 15
restated
Basic earnings per share - 0.32 - 0.32
from continuing operations - 0.31 - 0.31
from discontinued operation - 0.01 - 0.01
Condensed statement of comprehensive income of the TUI Group for the period
from 1 Oct 2015 to 31 Dec 2015
EUR million Q1 2015 / 16 Q1 2014 / 15
Group loss - 163.9 - 136.2
Remeasurements of pension provisions and related fund assets - 8.5 - 75.2
Changes in the measurement of companies measured at equity - 0.1
Income tax related to items that will not be reclassified - 13.6 21.2
Items that will not be reclassified to profit or loss - 22.1 - 53.9
Foreign exchange differences 14.6 - 8.8
Financial instruments available for sale - 3.5
Cash flow hedges - 129.9 - 261.1
Changes in the measurement of companies measured at equity - 5.3 0.2
Income tax related to items that may be reclassified 48.5 50.0
Items that may be reclassified to profit or loss - 72.1 - 216.2
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February 09, 2016 02:00 ET (07:00 GMT)
Other comprehensive income - 94.2 - 270.1
Total comprehensive income - 258.1 - 406.3
attributable to shareholders of TUI AG - 289.1 - 367.0
attributable to non-controlling interest 31.0 - 39.3
Allocation of share of shareholders of TUI AG of total
comprehensive income
Continuing operations - 287.9 - 364.9
Discontinued operation - 1.2 - 2.1
Financial position of the TUI Group as at 31 Dec 2015
EUR million Notes 31.12.2015 30.9.2015
Assets
Goodwill 3,244.0 3,220.4
Other intangible assets 928.3 911.5
Investment property 1.6 7.2
Property, plant and equipment 3,706.1 3,629.6
Investments in joint ventures and associates (8) 1,083.5 1,077.8
Financial assets available for sale (9) 55.9 56.2
Trade receivables and other assets 340.1 332.5
Derivative financial instruments 38.3 48.1
Deferred tax assets 382.5 330.7
Non-current assets 9,780.3 9,614.0
Inventories 156.5 134.5
Financial assets available for sale (9) 292.7 334.9
Trade receivables and other assets 1,912.5 1,948.7
Derivative financial instruments 284.9 281.0
Current tax assets 114.5 58.5
Cash and cash equivalents 1,042.0 1,672.7
Assets held for sale (10) 3.6 42.2
Current assets 3,806.7 4,472.5
13,587.0 14,086.5
Financial position of the TUI Group as at 31 Dec 2015
EUR million Notes 31.12.2015 30.9.2015
Equity and liabilities
Subscribed capital 1,500.1 1,499.6
Capital reserves 4,190.2 4,187.7
Revenue reserves - 4,109.8 - 3,773.9
Equity before non-controlling interest 1,580.5 1,913.4
Non-controlling interest 534.2 503.9
Equity (12) 2,114.7 2,417.3
Pension provisions and similar obligations 1,108.9 1,114.5
Other provisions 746.8 746.3
Non-current provisions 1,855.7 1,860.8
Financial liabilities (11) 2,692.6 1,653.3
Derivative financial instruments 107.4 78.5
Current tax liabilities 115.6 115.7
Deferred tax liabilities 81.3 125.7
Other liabilities 110.3 136.2
Non-current liabilities 3,107.2 2,109.4
Non-current provisions and liabilities 4,962.9 3,970.2
Pension provisions and similar obligations 29.6 32.4
Other provisions 455.1 463.4
Current provisions 484.7 495.8
Financial liabilities (11) 225.0 233.1
Trade payables 2,098.3 3,224.2
Derivative financial instruments 497.8 388.2
Current tax liabilities 94.0 78.9
Other liabilities 3,109.6 3,247.3
Current liabilities 6,024.7 7,171.7
Liabilities related to assets held for sale - 31.5
Current provisions and liabilities 6,509.4 7,699.0
13,587.0 14,086.5
Condensed statement of changes in Group equity of the TUI Group for the period from 1 Oct
2015 to 31 Dec 2015
EUR million Subscribed Capital Revenue Hybrid Equity Non--controlling Total
capital -reserves -reserves -capital before -interest
non--controlling
-interest
Balance as at 1
Oct 2015 1,499.6 4,187.7 - 3,773.9 - 1,913.4 503.9 2,417.3
Dividends - - - - - - 0.6 - 0.6
Share-based
payment schemes - - 2.0 - 2.0 - 2.0
Issue of
employee shares 0.5 2.5 - - 3.0 - 3.0
Purchase of own
shares - - - 48.9 - - 48.9 - - 48.9
Effects on the
acquisition of
non-controlling
interests - - 0.1 - 0.1 - 0.1 -
Group loss - - - 184.0 - - 184.0 20.1 - 163.9
Foreign exchange
differences - - 3.8 - 3.8 10.8 14.6
Cash Flow Hedges - - - 130.0 - - 130.0 0.1 - 129.9
Remeasurements
of pension
provisions and
related fund
assets - - - 8.5 - - 8.5 - - 8.5
Changes in the
measurement of
companies
measured at
equity - - - 5.3 - - 5.3 - - 5.3
Taxes
attributable to
other
comprehensive
income - - 34.9 - 34.9 - 34.9
Other
comprehensive
income - - - 105.1 - - 105.1 10.9 - 94.2
Total
comprehensive
income - - - 289.1 - - 289.1 31.0 - 258.1
Balance as at 31
Dec 2015 1,500.1 4,190.2 - 4,109.8 - 1,580.5 534.2 2,114.7
Condensed statement of changes in Group equity of the TUI Group for the period from 1 Oct
2014 to 31 Dec 2014
EUR million Subscribed Capital Revenue Hybrid Equity Non--controlling Total
capital -reserves -reserves -capital before -interest
non--controlling
-interest
Balance as at 1
Oct 2014 732.6 1,056.3 336.1 294.8 2,419.8 110.4 2,530.2
Dividends - - - - - - 183.9 - 183.9
Hybrid capital
dividend - - - 5.7 - - 5.7 - - 5.7
Share-based
payment schemes - - 4.6 - 4.6 1.9 6.5
Issue of
employee shares 0.3 1.3 - - 1.6 - 1.6
Issue of
convertible
bonds 10.6 12.3 10.3 - 33.2 - 33.2
Capital increase 620.6 2,679.0 - - 3,299.6 - 3,299.6
Effects on the
acquisition of
non-controlling
interests - - - 4,043.9 - - 4,043.9 606.2 - 3,437.7
Group loss - - - 104.6 - - 104.6 - 31.6 - 136.2
Foreign exchange
differences - - 6.7 - 6.7 - 15.5 - 8.8
Financial
instruments
available for
sale - - 3.5 - 3.5 - 3.5
Cash Flow Hedges - - - 271.4 - - 271.4 10.3 - 261.1
Remeasurements
of pension
provisions and
related fund
assets - - - 75.2 - - 75.2 - - 75.2
Changes in the
measurement of
companies
measured at
equity - - 0.3 - 0.3 - 0.3
Taxes
attributable to
other
comprehensive
income - - 73.7 - 73.7 - 2.5 71.2
Other
comprehensive
income - - - 262.4 - - 262.4 - 7.7 - 270.1
Total
comprehensive
income - - - 367.0 - - 367.0 - 39.3 - 406.3
Balance as at 31
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February 09, 2016 02:00 ET (07:00 GMT)
Dec 2014 1,364.1 3,748.9 - 4,065.6 294.8 1,342.2 495.3 1,837.5
Condensed cash flow statement of the TUI Group
EUR million Q1 2015 / 16 Q1 2014 / 15
Cash outflow from operating activities - 1,410.5 - 1,549.9
Cash outflow / inflow from investing activities - 129.0 176.3
Cash inflow from financing activities 904.0 213.7
Net change in cash and cash equivalents - 635.5 - 1,159.9
Change in cash and cash equivalents due to exchange rate fluctuation - 4.7 - 4.4
Cash and cash equivalents at beginning of period 1,682.2 2,258.0
Cash and cash equivalents at end of period 1,042.0 1,093.7
of which included in the balance sheet as assets held for sale - -
Notes
General
TUI Group, its major subsidiaries and other shareholdings
operate in the tourism business. TUI AG based in Hanover and
Berlin, Germany, is TUI Groups parent company and a listed
corporation under German law. The shares in the Company are traded
on the London Stock Exchange and the Hanover and Frankfurt Stock
Exchanges.
The condensed interim consolidated financial statements of TUI
AG and its subsidiaries cover the period from 1 October to 31
December 2015. The interim consolidated financial statements are
prepared in euros. Unless stated otherwise, all amounts are stated
in million euros (EURm).
The interim consolidated financial statements were released for
publication by the Executive Board of TUI AG on 8 February
2016.
Accounting principles
Declaration of compliance
The interim consolidated financial statements for the period
ended 31 December 2015 comprise condensed interim consolidated
financial statements and an interim Group management report in
accordance with section 37w of the German Securities Trading Act
(WpHG).
The interim consolidated financial statements were prepared in
compliance with the Disclosure and Transparency Rules of the UK
Financial Services Authority and in conformity with the
International Financial Reporting Standards (IFRS) and the relevant
Interpretations of the International Accounting Standards Board
(IASB) for interim financial reporting applicable in the European
Union.
In accordance with IAS 34, the Groups interim financial
statements are published in a condensed form compared with the
consolidated annual financial statements and should therefore be
read in combination with TUI AGs consolidated financial statements
for financial year 2014 / 15. The interim financial statements were
reviewed by auditors on the basis of section 318 (2) sentence 2 of
the German Commercial Code (HGB) (in combination with section 37w
(5) sentence 2 of the German Securities Trading Act).
Accounting and measurement methods
The preparation of the interim financial statements requires
management to make estimates and judgements that affect the
reported amounts of assets, liabilities and contingent liabilities
as at the balance sheet date and the reported amounts of income and
expenses during the period under review. Actual results may deviate
from the estimates.
The accounting and measurement methods adopted in the
preparation of the interim financial statements as at 31 December
2015 are consistent with those followed in preparing the previous
consolidated financial statements for the financial year ended 30
September 2015. The income taxes were recorded based on the best
estimate of the weighted average tax rate that is expected for the
whole financial year.
Restatement of prior reporting period
The following restatement was made for the first quarter of
financial year 2014 / 15:
Restatement caused by Discontinued operation
LateRooms Group, already classified as a discontinued operation
as at 30 September 2015, was sold on 6 October 2015. The result
generated by LateRooms to that date is carried as result from
discontinued operation in a separate line in the consolidated
income statement for the first quarter of 2015 / 16. The income
statement for the first quarter of the prior year was restated as
follows.
Restated items of the Income statement of the TUI Group
for the period from 1 Oct 2014 to 31 Dec 2014
EUR million before -restatement restatement restated
Turnover 3,543.6 - 17.2 3,526.4
Cost of sales 3,325.9 - 11.1 3,314.8
Gross profit 217.7 - 6.1 211.6
Administrative expenses 395.7 - 9.7 386.0
Financial income 7.9 0.4 8.3
Earnings before income taxes from continuing operations - 211.1 4.0 - 207.1
Income taxes - 74.9 - - 74.9
Result from continuing operations - 136.2 4.0 - 132.2
Result from discontinued operation - - 4.0 - 4.0
Group loss for the year - 136.2 - - 136.2
Group of consolidated companies
The consolidated financial statements include all major
subsidiaries over which TUI AG has control. Control requires TUI AG
to have decision-making power over the relevant activities, be
exposed to variable returns and have entitlements regarding the
returns, and have the ability to affect the level of those variable
returns through its decision-making power.
The interim financial statements as at 31 December 2015 included
a total of 532 subsidiaries, besides TUI AG.
Since 1 October 2015, a total of seven companies have been added
to the consolidation. Three of these companies have been newly
established, three companies have been included due to purchases of
additional interests, and one company has been included due to an
expansion of its business activities. On the other hand, a total of
seven companies have been deconsolidated since 1 October 2015, with
three of these companies deconsolidated due to liquidation, one
company due to a merger, and one company was sold. Two companies
were deconsolidated due to the discontinuation of their business
operations.
The number of companies measured at equity did not change from
30 September 2015. The number of associated companies rose by one
due to the addition of two companies and the disposal of one
company. The number of joint ventures declined by one as one
company was sold.
Acquisitions - Divestments - Discontinued operation
Acquisitions
In the first quarter of 2015 / 16, six travel agencies were
acquired in the form of asset deals. Moreover, further shares were
acquired in companies of the Aeolos Group, previously measured at
equity. Due to the acquisition, TUI Group now holds 100 % of the
shares in the companies. The consideration for these acquisitions
was cash to the value of EUR 6.4 m.
The acquisitions had no significant impact on turnover and the
Group result for the period under review.
No major acquisitions were effected after the balance sheet
date.
In the current interim financial statements, the purchase price
allocations of eight travel agencies in Germany acquired in
financial year 2014 / 15 were finalised without a material effect
on the consolidated statement of financial position within the
12-month period stipulated by IFRS 3.
Divestments
The divestment of LateRooms Ltd. is presented in the section
Discontinued operation. The other divestments did not have a
material impact on TUI Groups net assets, financial position and
results of operations.
Discontinued operation
In the previous year, TUI AG had decided to exit its LateRooms
Group segment. While AsiaRooms and Malapronta were discontinued in
the prior year, LateRooms Ltd. was sold on 6 October 2015.
The result of this discontinued operation is carried separately
from the income from and expenses for continuing operations in the
consolidated income statement. It is shown in a separate line as
result from discontinued operation. The consolidated income
statement for the first quarter of the prior year was restated
accordingly.
Income statement of the discontinued operation LateRooms Group
for the period from 1 Oct 2015 to 31 Dec 2015
EUR million Q1 2015 / 16 Q1 2014 / 15
Turnover - 17.2
Cost of sales - 11.1
Gross profit - 6.1
Administrative expenses - 9.7
Other income 0.1 -
Financial income - - 0.4
Earnings before income taxes from discontinued operation 0.1 - 4.0
Income taxes - 1.3 -
Operative result from discontinued operation 1.4 - 4.0
Result from disposal of discontinued operation - 4.6 -
Result from discontinued operation - 3.2 - 4.0
Group loss for the year attributable to shareholders of TUI AG - 3.2 - 4.0
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The result of the divestment of the discontinued operation
comprises the cumulative foreign exchange translation differences
that were reclassified to profit and loss upon removal from equity,
and the ancillary divestment costs.
The Groups Cash Flow Statement presents the cash flows for the
overall Group including the discontinued operation. A separate
presentation of the cash flows for the discontinued operation is
provided in the following table.
Condensed cash flow statement of the discontinued operation LateRooms Group
EUR million Q1 2015 / 16 Q1 2014 / 15
Cash inflow from operating activities - 0.7
Cash inflow / outflow from investing activities 7.1 - 2.6
Cash inflow from financing activities - 2.2
Change in cash and cash equivalents due to exchange rate fluctuation - - 0.1
Net change in cash and cash equivalents of the discontinued operation 7.1 0.2
Notes to the consolidated income statement
TUI Groups results reflect the significant seasonal swing in
tourism between the Winter and Summer travel months. The Group
seeks to counteract the seasonal swing through a broad range of
holiday offerings in the Summer and Winter season and its presence
in different travel markets worldwide with varying annual cycles.
The consolidated income statement reflects the seasonality of the
tourism business, as a result of which the result generated in the
period from October to December is negative. Due to the seasonality
of the business, a comparison of the first quarters results with
the full-year results is not meaningful.
(1) Turnover
The year-on-year increase in turnover in the first quarter is
mainly attributable to the higher proportion of long-haul bookings
in the source markets, an increase in average selling prices in the
Hotels & Resorts segment and a higher business volume in the
Hotelbeds group segment. These effects outweighted the slight
decrease in customer numbers overall.
(2) Cost of sales and administrative expenses
Cost of sales represents the expenses incurred to deliver
tourism services. In addition to the expenses for staff costs,
depreciation, amortisation, rental and leasing, they include all
costs incurred by the Group in connection with the provision and
delivery of airline services, hotel accommodation and cruises as
well as distribution costs.
Administrative expenses comprise all expenses incurred in
connection with the performance of the administrative functions and
break down as follows:
Administrative expenses
EUR million Q1 2015 / 16 Q1 2014 / 15
restated
Staff costs 230.7 210.8
Rental and leasing expenses 19.3 18.5
Depreciation, amortisation and impairment 23.7 21.9
Others 131.7 134.8
Total 405.4 386.0
The increase in administrative expenses compared to the first
quarter of the prior year mainly results from foreign exchange
effects. In addition, the increase in administrative expenses was
driven by expenses in connection with various restructuring
measures within the Group.
The cost of sales and administrative expenses include the
following expenses for rent and leasing, personnel and depreciation
/ amortisation:
Rental and leasing expenses
EUR million Q1 2015 / 16 Q1 2014 / 15
restated
Rental and leasing expenses 229.6 216.1
thereof cost of sales 210.3 197.6
thereof administrative expenses 19.3 18.5
The year-on-year increase in rental and lease expenses in the
period under review mainly relates to lease payments for aircraft.
As the lease agreements for aircraft have been denominated in US
dollars, the exchange rate changes have caused an increase in
leasing expenses driven by foreign currency translation.
Staff costs
EUR million Q1 2015 / 16 Q1 2014 / 15
restated
Wages and salaries 528.5 503.9
thereof cost of sales 336.2 328.1
thereof administrative expenses 192.3 175.8
Social security contributions, pension costs and benefits 117.0 111.0
thereof cost of sales 78.6 76.0
thereof administrative expenses 38.4 35.0
Total 645.5 614.9
The increase in wages and salaries expenses in the first quarter
of 2015 / 16 primarily results from an increase in expenses driven
by foreign exchange translation due to changes in local exchange
rates relative to the euro. Staff costs also rose year-on-year due
to various restructuring measures within the Group.
Depreciation / amortisation / impairment
EUR million Q1 2015 / 16 Q1 2014 / 15
restated
Depreciation and amortisation 113.5 95.9
thereof cost of sales 90.6 74.0
thereof administrative expenses 22.9 21.9
Impairments of property, plant and equipment and intangible assets 0.8 -
thereof cost of sales - -
thereof administrative expenses 0.8 -
Total 114.3 95.9
The increase in depreciation and amortisation within cost of
sales is attributable to the additions of property, plant and
equipment in the prior year, in particular seven aircraft and the
cruise ship Europa 2.
(3) Other income / other expenses
Other income / other expenses
EUR million Q1 2015 / 16 Q1 2014 / 15
Other income 15.7 18.2
Other expenses 2.7 0.8
Total 13.0 17.4
In the first quarter of 2015 / 16, other income mainly results
from the gains from the disposal of the joint venture Safeharbour
One S.L., Barcelona, and the sale of the cruise ship Island Escape.
Additional income was generated from the sale of two plots of land
in Salzgitter and Stutensee.
Other income recognised in the prior year comparative period was
mainly comprised of the profit arising on the disposal of a Riu
Group hotel sold in the first quarter of 2014 / 15.
Other expenses recognised in the first quarter of 2015 / 16
mainly result from foreign exchange losses in connection with
capital measures.
(4) Financial result
The financial result declined from EUR - 67.6 m in the first
quarter of the prior year to EUR - 81.8 m in the current financial
year. This was caused by the measurement of the investment in
Hapag-Lloyd AG. Following the IPO, the stake was measured at the
stock market price of EUR 20.14 per share as at 31 December 2015
leading to an impairment of EUR 41.6 m.
This effect was partly offset by a reduction in the interest
expense of EUR 25.5 m mainly due to the conversion of all
convertible bonds in financial year 2014 / 15.
(5) Share of result of joint ventures and associates
Share of result of joint ventures and associates
EUR million Q1 2015 / 16 Q1 2014 / 15
Tourism 22.1 16.0
Hotelbeds Group 0.5 0.5
Specialist Group - 0.1
Container Shipping - 0.9
Total 22.6 17.5
Hapag-Lloyd AG has been carried in financial assets available
for sale since 2 December 2014.
(6) Income taxes
The tax income arising in the first quarter of 2015 / 16 is
driven by the seasonality of the tourism business.
(7) Group loss attributable to non-controlling interest
Group loss attributable to non-controlling interest
EUR million Q1 2015 / 16 Q1 2014 / 15
Central Region - 0.4
Hotels & Resorts 19.8 18.2
Tourism 19.8 18.6
Specialist Group - 0.1 0.2
Hotelbeds Group 0.4 0.3
formerly Travel (TUI Travel PLC Group) - - 50.7
Total 20.1 - 31.6
The non-controlling interest shown in the line formerly Travel
in the prior year comprise the minority share of the losses of the
former TUI Travel PLC Group until the acquisition of the
non-controlling interest in TUI -Travel PLC by TUI AG in December
2014.
Notes to the financial position of the TUI Group
(8) Investments in joint ventures and associates
TUI Groups share in the joint venture Togebi Holdings Limited
(TUI Russia) reduced from 49 % to 25 % in the first quarter of the
current financial year. For details on this transaction we refer to
the section Related parties. Furthermore the joint venture
agreement was amended to reflect the new voting rights proportions.
Due to these amendments, the relevant activities of TUI Russia
continue to be jointly determined by TUI and Oscrivia Limited, so
that TUI Russia remains classified as a joint venture.
(9) Financial assets available for sale
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February 09, 2016 02:00 ET (07:00 GMT)
Current financial assets available for sale include the
remaining shares in Hapag-Lloyd AG of EUR 292.7 m. Hapag-Lloyd AG
held an initial public offering on 6 November 2015. As TUI did not
take part in the corresponding cash capital increase and as a
result of the sale of 27,079 shares of Hapag-Lloyd AG in connection
with the initial public offering, TUI Groups stake in Hapag-Lloyd
AG declined from 13.9 % to 12.3 %.
The shares in Hapag-Lloyd AG are traded in the regulated market
(Prime Standard) of the Frankfurt Stock Exchange. The measurement
of the stake at the closing rate of the Hapag-Lloyd share in the
Xetra main market of EUR 20.14 per share resulted in a fair value
of EUR 292.7 m (Level 1 measurement). Therefore an impairment of
EUR 41.6 m was carried in financial expenses.
(10) Assets held for sale
Assets held for sale
EUR million 31 Dec 2015 30 Sep 2015
Discontinued Operation LateRooms Group - 38.8
Property and hotel facilities 0.4 0.4
Other assets 3.2 3.0
Total 3.6 42.2
LateRooms Ltd. was sold in the beginning of the current
financial year.
(11) Financial liabilities
Non-current financial liabilities rose by EUR 1,039.3 m to EUR
2,692.6 m as against 30 September 2015. The increase mainly results
from the use of long-term credit lines to cover seasonal cash needs
in the first quarter.
In December 2015, the revolving credit facility worth EUR 1.75
bn (including a tranche of EUR 215.0 m for the issue of bank
guarantees), maturing in June 2018 was extended ahead of its
maturity date and will now mature in December 2020. At the balance
sheet date, an amount of EUR 1,021.9 m had been drawn from that
credit line.
Current financial liabilities declined by EUR 8.1 m to EUR 225.0
m as at 31 December 2015 as against 30 September 2015.
(12) Changes in equity
Since 30 September 2015, equity decreased by EUR 302.6 m to EUR
2,114.7 m.
In the first quarter of 2015 / 16, the shares of non-controlling
shareholders decreased by EUR 0.6 m due to the payment of
dividends. The variation compared to the prior year is mainly based
on dividend payments of EUR 183.0 m to non-Group shareholders of
TUI Travel PLC made before the merger of TUI AG and TUI Travel
PLC.
The ongoing measurement of the awards from equity-settled share
option plans resulted in an increase in equity of EUR 2.0 m in the
current financial year.
The issue of employee shares gave rise to 181,280 shares in TUI
AG or subscribed capital worth EUR 0.5 m and capital reserves of
EUR 2.5 m, respectively.
Moreover, an employee benefit trust of TUI Travel Ltd. acquired
shares in TUI AG in the first quarter of 2015 / 16 in order to use
them for share option plans. As the transaction constitutes an
acquisition of own shares the purchase cost is eliminated against
revenue reserves, reducing equity by EUR 48.9 m. Overall,
non-controlling shares remained unchanged due to the issuance of
shares in the framework of the share option plans. The employee
benefit trust now holds 2,664,194 shares in TUI AG.
The Group loss in the first quarter of the current financial
year is due to the seasonality of the tourism business.
Gains and losses from cash flow hedges worth EUR - 129.9 m
(pre-tax), which are determined as effective hedge of future cash
flows are carried under other comprehensive income in equity
outside profit and loss.
The remeasurement of pension obligations (in particular
actuarial gains and losses) is also carried under other
comprehensive income in equity outside profit and loss. Due to
almost unchanged parameters, remeasurement effects of only EUR -
8.5 m were recorded in the first quarter of 2015 / 16. The first
quarter of the prior year was influenced by a significant decrease
in discount rates, which led to remeasurement effects of EUR - 75.2
m in the prior year reference period.
Financial instruments
Carrying amounts and fair values according to classes and measurement categories as at 31
Dec 2015
Category under IAS 39
EUR million Carrying At At cost Fair value Fair value Values Carrying Fair value
amount amortised with no through -according amount of of
cost effect on profit and to IAS 17 financial financial
profit and loss (leases) instruments instruments
loss
Assets
Available for
sale
financial
assets 348.6 - 50.1 298.5 - - 348.6 348.6
Trade
receivables
and other
assets 2,252.6 1,034.3 - - - - 1,034.3 1,034.3
Derivative
financial
instruments
Hedging 261.7 - - 261.7 - - 261.7 261.7
Other
derivative
financial
-instruments 61.5 - - - 61.5 - 61.5 61.5
Cash and cash
equivalents 1,042.0 1,042.0 - - - - 1,042.0 1,042.0
Liabilities
Financial
liabilities 2,917.6 1,922.1 - - - 995.5 1,922.1 1,941.5
Trade
payables 2,098.3 2,098.0 - - - - 2,098.0 2,098.0
Derivative
financial
instruments
Hedging 576.3 - - 576.3 - - 576.3 576.3
Other
derivative
financial
-instruments 28.9 - - - 28.9 - 28.9 28.9
Other
liabilities 3,219.9 161.4 - - - - 161.4 161.4
Carrying amounts and fair values according to classes and measurement categories as at 30
Sep 2015
Category under IAS 39
EUR million Carrying At At cost Fair value Fair value Values Carrying Fair value
amount amortised with no through -according amount of of
cost effect on profit and to IAS 17 financial financial
profit and loss (leases) instruments instruments
loss
Assets
Available for
sale
financial
assets 391.1 - 50.4 340.7 - - 391.1 391.1
Trade
receivables
and other
assets 2,281.2 1,064.7 - - - - 1,064.7 1,064.7
Derivative
financial
instruments
Hedging 262.4 - - 262.4 - - 262.4 262.4
Other
derivative
financial
-instruments 66.7 - - - 66.7 - 66.7 66.7
Cash and cash
equivalents 1,672.7 1,672.7 - - - - 1,672.7 1,672.7
Liabilities
Financial
liabilities 1,886.4 904.5 - - - 982.0 904.5 925.1
Trade
payables 3,224.2 3,224.0 - - - - 3,224.0 3,224.0
Derivative
financial
instruments
Hedging 443.8 - - 443.8 - - 443.8 443.8
Other
derivative
financial
-instruments 22.9 - - - 22.9 - 22.9 22.9
Other
liabilities 3,383.5 152.9 - - - - 152.9 152.9
Due to the short remaining terms of cash and cash equivalents,
current trade receivables and other assets, current trade payables
and other liabilities, the carrying amounts are taken as realistic
estimates of the fair values.
The fair values of non-current trade receivables and other
assets correspond to the present values of the cash flows
associated with the assets, taking account of current interest
parameters which reflect market- and counterparty--related changes
in terms and expectations. There are no financial investments held
to maturity.
Financial instruments classified as Financial assets available
for sale include an amount of EUR 50.0 m (previous year EUR 50.4 m)
for interests in partnerships and corporations for which no active
market exists. The fair values of these non-listed interests cannot
be calculated by means of a measurement model since their future
cash flows cannot be reliably determined. The investments are
carried at the cost to purchase. In the period under review, and
also as at 30 September 2015, there were no major disposals of
interests in partnerships or corporations measured at cost. TUI
does not intend to sell or derecognise the stakes in these
partnerships or corporations in the near future.
Aggregation according to measurement categories under IAS 39 as at 31 Dec 2015
At amortised cost At cost Fair value Carrying amount Fair value
EUR million with no effect on through Total
profit and loss profit
and loss
Loans and receivables 2,076.3 - - - 2,076.3 2,076.3
Financial assets
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available for sale - 50.1 298.5 - 348.6 348.6
held for trading - - - 61.5 61.5 61.5
Financial liabilities
at amortised cost 4,181.5 - - - 4,181.5 4,200.9
held for trading - - - 28.9 28.9 28.9
Aggregation according to measurement categories under IAS 39 as at 30 Sep 2015
At amortised cost At cost Fair value Carrying amount Fair value
EUR million with no effect on through Total
profit and loss profit
and loss
Loans and receivables 2,737.4 - - - 2,737.4 2,737.4
Financial assets
available for sale - 50.4 340.7 - 391.1 391.1
held for trading - - - 66.7 66.7 66.7
Financial liabilities
at amortised cost 4,281.4 - - - 4,281.4 4,302.0
held for trading - - - 22.9 22.9 22.9
Fair value measurement
The following table presents the fair values of the recurring,
non-recurring and other financial instruments recognised at fair
value in accordance with the underlying measurement levels. The
individual levels have been defined as follows in line with the
input factors:
-- Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.
-- Level 2: input factors for the measurement are quoted market price other than those mentioned in Level 1,
directly (as market price quotation) or indirectly (derivable from market price quotation) observable in the
market for the asset or liability.
-- Level 3: input factors for the measurement of the asset or liability are based on non-observable market data.
Hierarchy of financial instruments measured at fair value as at 31 Dec 2015
Fair value hierarchy
EUR million Total Level 1 Level 2 Level 3
Assets
Available for sale financial assets 298.5 292.7 - 5.8
Derivative financial instruments
Hedging transactions 261.7 - 261.7 -
Other derivative financial instruments 61.5 - 61.5 -
Liabilities
Derivative financial instruments
Hedging transactions 576.3 - 576.3 -
Other derivative financial instruments 28.9 - 28.9 -
At amortised cost
Financial liabilities 1,941.5 313.5 1,628.0 -
Hierarchy of financial instruments measured at fair value as of 30 Sep 2015
Fair value hierarchy
EUR million Total Level 1 Level 2 Level 3
Assets
Available for sale financial assets 340.7 - - 340.7
Derivative financial instruments
Hedging transactions 262.4 - 262.4 -
Other derivative financial instruments 66.7 - 66.7 -
Liabilities
Derivative financial instruments
Hedging transactions 443.8 - 443.8 -
Other derivative financial instruments 22.9 - 22.9 -
At amortised cost
Financial liabilities 925.1 314.4 610.7 -
At the end of every reporting period, TUI Group checks whether
there are any reasons for reclassification to or from one of the
measurement levels. Financial assets and financial liabilities are
generally transferred out of -Level 1 into Level 2 if the liquidity
and trading activity no longer indicate an active market. The
opposite situation applies to potential transfers out of Level 2
into Level 1. In the period under review, there were no transfers
between Level 1 and Level 2.
Reclassifications from Level 3 to Level 2 or Level 1 are
effected if observable market price quotations become available for
the asset or liability concerned. TUI Group records transfers to
and out of Level 3 as at the date of the obligating event or
occasion triggering the transfer. The review at the balance sheet
date due to the initial public offering of Hapag-Lloyd AG resulted
in the transfer of the valuation of the stake in Hapag-Lloyd AG
from Level 3 into Level 1. Other than that, there were no transfers
into or out of Level 3.
Level 1 financial instruments
The fair value of financial instruments for which an active
market is available is based on the market price quotation at the
balance sheet date. An active market exists if price quotations are
easily and regularly available from a stock exchange, traders,
brokers, price service providers or regulatory authorities, and if
these prices represent actual and regular market transactions
between independent business partners. These financial instruments
are categorised within Level 1. The fair values correspond to the
nominal values multiplied by the price quotations at the balance
sheet date. Level 1 financial instruments primarily comprise shares
in listed companies classified as available for sale and bonds
issued in the category Financial liabilities measured at amortised
cost.
Level 2 financial instruments
The fair values of financial instruments not traded in an active
market, e. g. over the counter (OTC) derivatives, are determined by
means of valuation techniques. These valuation techniques maximise
the use of observable market data and minimise the use of
Group-specific assumptions. If all essential input factors for the
determination of the fair value of an instrument are observable,
the instrument is categorised within Level 2.
If one or several of the essential input factors are not based
on observable market data, the instrument is categorised within
Level 3.
The specific valuation techniques used for the measurement of
financial instruments are:
-- For over the counter bonds, liabilities to banks, promissory notes and other non-current financial liabilities,
the fair value is determined as the present value of future cash flows, taking account of observable yield curves
and the respective credit spread, which depends on the credit rating.
-- For over the counter derivatives, the fair value is determined by means of appropriate calculation methods, e. g.
by discounting the expected future cash flows. The forward prices of forward transactions are based on the spot
or cash prices, taking account of forward premiums and discounts. The calculation of the fair values of foreign
exchange options and interest derivatives is based on the Black & Scholes model and the Turnbull & Wakeman model
for fuel hedge options. The fair values determined on the basis of the Groups own systems are regularly compared
with fair value confirmations of the external counterparties.
-- Other valuation techniques, e. g. discounting future cash flows, are used for the measurement of the fair values
of other financial instruments.
With the exception of the shares in Hapag-Lloyd AG and the stake
in National Air Traffic Services (NATS) presented below, all fair
values resulting from the application of the measurement
assumptions are categorised within Level 2.
Level 3 financial instruments
The following table shows the development of the values of the
financial instruments measured at fair value on a recurring basis
categorised within Level 3 of the measurement hierarchy.
Financial assets measured at fair value in level 3
EUR million Available for sale
financial assets
Balance as at 1 Oct 2014 5.5
Additions (incl. Transfers) 481.9
Total gains or losses for the period - 146.7
included in profit or loss - 147.1
included in other comprehensive income 0.4
Balance as at 30 Sep 2015 340.7
Change in unrealised gains or losses for the period for
financial assets held at the balance sheet date - 147.1
Balance as at 1 Oct 2015 340.7
Additions -
Disposals 334.9
repayment / sale -
conversion / rebooking 334.9
Total gains or losses for the period -
recognised in income statement -
recognised in other comprehensive income -
Balance as at 31 Dec 2015 5.8
Change in unrealised gains or losses for the period for -
financial assets held at the balance sheet date
The disposals caused by reclassification into Level 1 of the
measurement hierarchy relate to the investment in Hapag-Lloyd AG,
for which observable input parameters have existed since the IPO on
6 November 2015. Detailed information is provided under Note 9
(Financial assets available for sale).
Sensitivity analysis
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An increase or decrease in the corporate value of the investment
in NATS of + 10 % / - 10 % results in a EUR 0.4 m increase / EUR -
0.4 m decrease in the value recognised for the asset by the TUI
Group, carried in after-tax earnings outside profit and loss
(previous year EUR + 0.4 m / EUR - 0.4 m). Changes in unobservable
parameters do not have a material effect on the result.
Contingent liabilities
As at 31 December 2015, contingent liabilities totalled EUR
364.0 m (previous year EUR 364.4 m). Contingent liabilities are
carried at the level of estimated settlement as at the balance
sheet date. They mainly relate to the assumption of liability for
the benefit of Hapag-Lloyd AG for collateralised ship financing
schemes and the assumption of liability for the benefit of TUI
Cruises GmbH.
Other financial liabilities
Financial commitments from operating lease, rental and charter contracts
EUR million 31 Dec 2015 30 Sep 2015
Nominal value 3,746.2 3,843.3
Fair value 3,455.1 3,540.6
Nominal values of other financial commitments
EUR million 31 Dec 2015 30 Sep 2015
Capital commitments 4,193.2 3,927.7
Other financial commitments 107.6 114.4
Total 4,300.8 4,042.1
Fair value 3,871.1 3,619.9
Capital commitments for investments rose by EUR 265.5 m as at 31
December 2015 as against 30 September 2015. This was mainly driven
by capital commitments with respect to hotels.
Notes to the Groups cash flow statement
Based on the after-tax Group result, the cash flow from
operating activities is determined using the indirect method. The
cash flow statement shows both the continuing and discontinued
operations. In the period under review, cash and cash equivalents
declined by EUR 640.2 m to EUR 1,042.0 m.
In the period under review, the outflow of cash from operating
activities was EUR 1,410.5 m (previous year EUR 1,549.9 m).
The outflow of cash from investing activities totals EUR 129.0
m. It comprises a cash outflow for expenditure on property, plant
and equipment and intangible assets of EUR 68.4 m by the tour
operators and airlines, EUR 67.7 m by Hotels & Resorts, EUR 8.7
m by Cruises, and EUR 13.8 m by other Tourism companies. The Group
also recorded an inflow of EUR 23.4 m from the sale of property,
plant and equipment and intangible assets, primarily a British
cruise ship, two plots of land in Germany and a French tour
operator brand. The cash flow from investing activities also
includes payments of EUR 11.4 m for the acquisition of consolidated
companies and for capital increases in joint ventures. The sale of
subsidiaries and joint ventures resulted in an inflow of EUR 18.6
m.
The inflow of cash from financing activities totalled EUR 904.0
m. The revolving credit facility used to manage the seasonality of
the cash flows and the liquidity of the Group was drawn by an
amount of EUR 1,021.9 m as at the balance sheet date. The Hotels
& Resorts segment took out financial liabilities worth EUR 47.5
m and redeemed EUR 17.0 m worth of finance lease liabilities. Other
financial liabilities worth EUR 71.5 m were repaid.
An amount of EUR 26.6 m was used for interest payments. Further
outflows relate to the dividends for the minority shareholders (EUR
2.2 m). Moreover, the employee benefit trust of TUI Travel Ltd.
purchased shares in TUI AG worth EUR 48.9 m in order to use them
for its share option plans. An amount of EUR 1.0 m was paid to
purchase shares in companies already included in consolidation.
Cash and cash equivalents also decreased by EUR 4.7 m due to
changes in exchange rates.
As at 31 December 2015, cash and cash equivalents worth EUR
197.6 m were subject to restrictions. This amount included EUR
116.3 m for cash collateral received, which was deposited with a
Belgian subsidiary by Belgian tax authorities in financial year
2012 / 13 in relation to a long-standing litigation over VAT
refunds for the period from 2001 to 2011. Without admission of
guilt, the payment was made to suspend the accrual of interest for
both parties. In order to collateralise a potential repayment, the
Belgian government was granted a bank guarantee. Due to the bank
guarantee, TUIs ability to dispose of the cash and cash equivalents
has been restricted. The remaining restrictions of EUR 81.3 m
relate to cash and cash equivalents held on deposit due to legal or
regulatory requirements.
Segment indicators
In the first quarter of 2015 / 16, the incoming agencies
previously carried in the Hotelbeds Group segment were integrated
into the Tourism business. As a result, they are now included in
the Other Tourism segment. Moreover, the IT services previously
carried in All Other Segments were combined in the Other Tourism
segment in the first quarter of 2015 / 16. Segment reporting for
the prior year was restated accordingly.
Turnover by segment for the period from 1 Oct 2015 to 31 Dec 2015
EUR million External Group Q1 2015 / 16
Total
Northern Region 1,232.4 23.1 1,255.5
Central Region 1,090.2 11.3 1,101.5
Western Region 486.9 3.8 490.7
Hotels & Resorts 132.4 138.2 270.6
Cruises 53.9 - 53.9
Other Tourism 147.5 49.1 196.6
Consolidation - - 201.4 - 201.4
Tourism 3,143.3 24.1 3,167.4
Specialist Group 325.6 - 325.6
Hotelbeds Group 217.4 16.2 233.6
All other segments 32.1 2.2 34.3
Consolidation - - 42.5 - 42.5
Continuing operations 3,718.4 - 3,718.4
Discontinued operations - - -
Total 3,718.4 - 3,718.4
Turnover by segment for the period from 1 Oct 2014 to 31 Dec 2014
EUR million External Group Q1 2014 / 15
restated restated Total
restated
Northern Region 1,124.9 25.6 1,150.5
Central Region 1,058.5 14.2 1,072.7
Western Region 487.3 4.2 491.5
Hotels & Resorts 118.0 132.0 250.0
Cruises 53.5 - 53.5
Other Tourism 152.6 43.4 196.0
Consolidation - - 188.1 - 188.1
Tourism 2,994.8 31.3 3,026.1
Specialist Group 333.4 - 333.4
Hotelbeds Group 170.7 20.7 191.4
All other segments 27.5 7.6 35.1
Consolidation - - 59.6 - 59.6
Continuing operations 3,526.4 - 3,526.4
Discontinued operations 17.2 - 17.2
Total 3,543.6 - 3,543.6
The following tables show the Group performance indicators EBITA
and underlying EBITA. The TUI Group defines EBITA as earnings
before interest, income taxes and goodwill impairments. EBITA
includes amortisation of other intangible assets. EBITA does not
include measurement effects from interest hedges and the
proportionate result and measurement effects from container
shipping, as the stake in Hapag-Lloyd AG is a financial investment
rather than an operative investment from TUI AGs perspective.
EBITA by segment
EUR million Q1 2015 / 16 Q1 2014 / 15
restated
Northern Region - 34.1 - 50.9
Central Region - 31.8 - 25.5
Western Region - 28.9 - 14.8
Hotels & Resorts 24.5 16.5
Cruises 8.2 2.0
Other Tourism - 13.2 - 16.0
Tourism - 75.3 - 88.7
Specialist Group - 36.1 - 23.2
Hotelbeds Group - 2.5 - 2.5
All other segments - 23.6 - 27.0
Continuing operations - 137.5 - 141.4
Discontinued operation - 4.6 - 3.6
Total - 142.1 - 145.0
In the first quarter of 2015 / 16, the EBITA includes results of
EUR 22.6 m (previous year EUR 16.6 m) from joint ventures and
associates, primarily generated in Tourism.
The underlying EBITA has been adjusted for gains on disposal of
financial investments, expenses in connection with restructuring
measures according to IAS 37, all effects of purchase price
allocations, ancillary acquisition cost and conditional purchase
price payments and other expenses for and income from one-off
items. The one-off items carried as adjustments are income and
expense items impacting or distorting the assessment of the
operating profitability of the segments and the Group due to their
size or incidence.
Underlying EBITA by segment
EUR million Q1 2015 / 16 Q1 2014 / 15
restated
Northern Region - 27.9 - 45.4
Central Region - 26.2 - 20.3
Western Region - 27.7 - 11.9
Hotels & Resorts 25.2 28.7
Cruises 8.2 2.0
Other Tourism - 11.4 - 14.2
Tourism - 59.8 - 61.1
Specialist Group - 31.8 - 19.1
Hotelbeds Group 3.5 1.8
All other segments - 13.6 - 26.4
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