Kort oppsummért, bare velstand. De nordiske landene alene registrerte en økning i fortjeneste, som endte på totalt 194 millioner €uro i tredje kvartal. Forøvrig tjener både Hapag-Lloyd og Hapag-Lloyd Express penger, sistnevnte har fått sitt første overskudd. Med andre ord står det ikke så dårlig til med alle flyselskapene i det tyske markedet.
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In the third quarter, the crucial period for tourism, TUI continued
the steady upward trend of the first half of the year. The Group
achieved further growth in its core business, with tourism increasing
its earnings by more than 14 per cent to 572 million euros in the
period July to September. The shipping and the trading sector also
recorded gratifying trends.
The positive business trend was also reflected by a significant
improvement in operating results. Earnings by divisions (EBTA),
adjusted for unusual expenses and income, rose from 532 million euros
to 620 million euros in the third quarter. Accumulated earnings for
the first nine months of the year totalled 505 million euros. In
comparison with the previous year (215 million euros), this
corresponds to an increase of almost 135 per cent.
TUI recorded a slight decline in Group turnover, which totalled 6.2
billion euros in the third quarter (previous year: 6.54 billion), with
accumulated turnover for the first nine months of the year of 14.25
billion euros (previous year: 15.35 billion euros). This decline was
primarily attributable to the divestments in the trading and special
logistics sectors. On a like-for-like basis, i.e. adjusted for the
divestments, turnover grew by 6.6% year-on-year in the period July to
September and by 6.4% in the first three quarters.
Substantial increases in earnings in Central Europe
The tourism division continued to develop very positively in the third
quarter, which comprises the main tourist season of the year. The
number of TUI customers rose slightly to 6.73 million. More
essentially, however, the Group's economic success resulted from the
fact that capacity and demand were very well balanced this year. As a
result, both the level of prices of the sold tours and capacity
utilisation in flight and hotel operations increased
significantly. Another factor benefiting the development of earnings
was the cost containment programme initiated by TUI. While earnings in
the tourism division rose to 572 million euros in the third quarter,
they totalled 487 million euros in the first three quarters of the
year, an increase of almost 62 per cent.
In comparison with the previous difficult year, the performance of the
Central Europe sector (Germany, Austria, Switzerland and Hapag-Lloyd
Flug) rose considerably in the period July to September. This sector
generated earnings of 156 million euros (previous year: 89 million
euros) in the third quarter and, at 110 million euros in the first
nine months, is operating at a sizeable profit again compared with the
previous year (- 20 million euros). The main reasons for the positive
trend are the improvement in price levels, good seat load factors in
flight operations and the success of the cost containment initiative
in Germany. However, TUI also improved its earnings in Switzerland and
Austria.
The Northern Europe sector (UK, Ireland, Nordic countries, Britannia
Airways UK and Britannia Airways Nordic) reported varying business
trends. While the Nordic countries achieved an increase in earnings,
tour operators in Ireland and the UK reported declines. Total earnings
of this division in the third quarter amounted to 194 million euros
and thus fell short of the previous year's level (230 million
euros). However, earnings in the period January to September grew by
7.6% to 142 million euros (previous year: 132 million euros).
The Western Europe sector (France, Netherlands, Belgium, Corsair and
TUI Airline Belgium) also reported varying trends. Whereas the
Netherlands maintained customer numbers at a stable level, France
reported a decline. Nevertheless, at 97 million euros, earnings of
this sector in the third quarter rose year-on-year (93 million
euros). In the first nine months, earnings totalled 78 million euros,
a 2.5 decline compared with the previous year (80 million euros).
The fourth sector of the tourism division, destinations, recorded a
successful business trend. The sector achieved a significant increase
in performance, with earnings rising to 116 million euros (previous
year: 93 million euros) in the third quarter and to 142 million euros
(previous year: 110 million euros) in the first nine months.
Shipping compensates for divestments
Despite the divestments in the special logistics sector, the logistics
division continued to increase its earnings. While earnings in the
third quarter totalled 102 million euros (previous year: 96 million
euros), the division recorded a 4.5% rise in earnings for the first
nine months to 208 million euros (previous year: 199 million
euros). This was mainly attributable to the persistently good business
trend in container shipping, generating turnover and earnings growth
that more than offset the divestments and the weakening of the trend
in the remaining special logistics operations.
The trading sector with its remaining steel service business of the
PNA Group continues to report a very gratifying business trend. In the
period July to September, earnings of this division totalled 30
million euros (previous year: 1 million euros). For the first nine
months, the PNA Group reported earnings of 94 million euros (previous
year: 0 million euros).
Prospects remain promising
Due to the positive development of business in the first nine months,
during which all divisions improved their year-on-year performance,
prospects are promising for the entire 2004 financial year.
In the tourism division, the overall framework provides every reason
to remain confident. Capacity utilisation was good in
October. Overall, bookings for the winter season, which commences in
November, have also started off well. The tourism division will thus
increase its earnings in the 2004 financial year by at least 70%
year-on-year.
Prospects also remain good for the shipping sector. Due to the
economic environment and the sector's own strong competitive position,
transport volumes are expected to grow further and freight rates are
expected to remain high. As a result, the shipping sector will
outperform the previous year's earnings level this year.
As, in addition, the trading sector will generate record earnings, TUI
expects to achieve earnings by divisions, adjusted for unusual
expenses and income, of at least 420 million euros (previous year: 242
million euros) this year.
----------------------------------------------------------------------------
In the third quarter, the crucial period for tourism, TUI continued
the steady upward trend of the first half of the year. The Group
achieved further growth in its core business, with tourism increasing
its earnings by more than 14 per cent to 572 million euros in the
period July to September. The shipping and the trading sector also
recorded gratifying trends.
The positive business trend was also reflected by a significant
improvement in operating results. Earnings by divisions (EBTA),
adjusted for unusual expenses and income, rose from 532 million euros
to 620 million euros in the third quarter. Accumulated earnings for
the first nine months of the year totalled 505 million euros. In
comparison with the previous year (215 million euros), this
corresponds to an increase of almost 135 per cent.
TUI recorded a slight decline in Group turnover, which totalled 6.2
billion euros in the third quarter (previous year: 6.54 billion), with
accumulated turnover for the first nine months of the year of 14.25
billion euros (previous year: 15.35 billion euros). This decline was
primarily attributable to the divestments in the trading and special
logistics sectors. On a like-for-like basis, i.e. adjusted for the
divestments, turnover grew by 6.6% year-on-year in the period July to
September and by 6.4% in the first three quarters.
Substantial increases in earnings in Central Europe
The tourism division continued to develop very positively in the third
quarter, which comprises the main tourist season of the year. The
number of TUI customers rose slightly to 6.73 million. More
essentially, however, the Group's economic success resulted from the
fact that capacity and demand were very well balanced this year. As a
result, both the level of prices of the sold tours and capacity
utilisation in flight and hotel operations increased
significantly. Another factor benefiting the development of earnings
was the cost containment programme initiated by TUI. While earnings in
the tourism division rose to 572 million euros in the third quarter,
they totalled 487 million euros in the first three quarters of the
year, an increase of almost 62 per cent.
In comparison with the previous difficult year, the performance of the
Central Europe sector (Germany, Austria, Switzerland and Hapag-Lloyd
Flug) rose considerably in the period July to September. This sector
generated earnings of 156 million euros (previous year: 89 million
euros) in the third quarter and, at 110 million euros in the first
nine months, is operating at a sizeable profit again compared with the
previous year (- 20 million euros). The main reasons for the positive
trend are the improvement in price levels, good seat load factors in
flight operations and the success of the cost containment initiative
in Germany. However, TUI also improved its earnings in Switzerland and
Austria.
The Northern Europe sector (UK, Ireland, Nordic countries, Britannia
Airways UK and Britannia Airways Nordic) reported varying business
trends. While the Nordic countries achieved an increase in earnings,
tour operators in Ireland and the UK reported declines. Total earnings
of this division in the third quarter amounted to 194 million euros
and thus fell short of the previous year's level (230 million
euros). However, earnings in the period January to September grew by
7.6% to 142 million euros (previous year: 132 million euros).
The Western Europe sector (France, Netherlands, Belgium, Corsair and
TUI Airline Belgium) also reported varying trends. Whereas the
Netherlands maintained customer numbers at a stable level, France
reported a decline. Nevertheless, at 97 million euros, earnings of
this sector in the third quarter rose year-on-year (93 million
euros). In the first nine months, earnings totalled 78 million euros,
a 2.5 decline compared with the previous year (80 million euros).
The fourth sector of the tourism division, destinations, recorded a
successful business trend. The sector achieved a significant increase
in performance, with earnings rising to 116 million euros (previous
year: 93 million euros) in the third quarter and to 142 million euros
(previous year: 110 million euros) in the first nine months.
Shipping compensates for divestments
Despite the divestments in the special logistics sector, the logistics
division continued to increase its earnings. While earnings in the
third quarter totalled 102 million euros (previous year: 96 million
euros), the division recorded a 4.5% rise in earnings for the first
nine months to 208 million euros (previous year: 199 million
euros). This was mainly attributable to the persistently good business
trend in container shipping, generating turnover and earnings growth
that more than offset the divestments and the weakening of the trend
in the remaining special logistics operations.
The trading sector with its remaining steel service business of the
PNA Group continues to report a very gratifying business trend. In the
period July to September, earnings of this division totalled 30
million euros (previous year: 1 million euros). For the first nine
months, the PNA Group reported earnings of 94 million euros (previous
year: 0 million euros).
Prospects remain promising
Due to the positive development of business in the first nine months,
during which all divisions improved their year-on-year performance,
prospects are promising for the entire 2004 financial year.
In the tourism division, the overall framework provides every reason
to remain confident. Capacity utilisation was good in
October. Overall, bookings for the winter season, which commences in
November, have also started off well. The tourism division will thus
increase its earnings in the 2004 financial year by at least 70%
year-on-year.
Prospects also remain good for the shipping sector. Due to the
economic environment and the sector's own strong competitive position,
transport volumes are expected to grow further and freight rates are
expected to remain high. As a result, the shipping sector will
outperform the previous year's earnings level this year.
As, in addition, the trading sector will generate record earnings, TUI
expects to achieve earnings by divisions, adjusted for unusual
expenses and income, of at least 420 million euros (previous year: 242
million euros) this year.
