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TUI AG (TUI) Financial highlights
Differences may occur due to rounding This Annual Report of the TUI Group was prepared for the financial year from 1 October 2016 to 30 September 2017. The terms for previous years were renamed accordingly. Due to the following changes to segmental reporting the prior year's reference figures were restated accordingly: The main part of the Specialist Group (Travelopia), carried under discontinued operations in previous year, was sold June 2017. Prior to that Crystal Ski and Thomson Lakes & Mountains, previously part of the Specialist Group, were transferred to the segment Northern Region. Blue Diamond Hotels & Resorts lnc., former part of Northern Region was reclassified to the Hotels & Resorts segment. Marella Cruises (former Thomson Cruises, Northern Region) was transferred to the Cruises segment. 1 In order to explain and evaluate the operating performance by the segments, EBITA adjusted for one-off effects (underlying EBITA) is presented. Underlying EBITA has been adjusted for gains/losses on disposal of investments, restructuring costs according to IAS 37, ancillary acquisition costs and conditional purchase price payments under purchase price allocations and other expenses for and income from one-off items. 2 Our definition of EBITA is earnings before net interest result, income tax and impairment of goodwill and excluding the result from the measurement of interest hedges. 3 Equity divided by balance sheet total in %, variance is given in percentage points. 4 Continuing operations 5 Discontinuing operations Letter to our Dear shareholders, 2017 was another very good year! We were able to continue our success story. With underlying EBITA up by 12 per cent, TUI Group increased its operating result by more than ten per cent for the third time in a row. We are keeping our promise. Above all, the strategic alignment for the new TUI is clearly correct. Our focus on hotels and our investment in cruise liners is reaping rewards. We owe the Group's positive economic performance to our customers, to our 67,000 employees in over 100 countries and to your loyalty as shareholders of TUI AG. This year too, we want you to share We operate in a growth industry. People want to travel, regardless of global political events. With the exception of 2009 at the peak of the financial crisis, our sector has grown faster than gross domestic product every year. These are favourable conditions for picking up further market share and continuing to build on our position as the world's leading tourism group. That is our goal, and we are devoting our full energy to achieving it. How are we framing this growth? In this financial year alone, we opened ten new hotels, while our cruise fleet acquired two more vessels to make 16. Our own hotels and cruise ships now account for 56 per cent of our earnings. Attaching greater weight to these operations in our earnings portfolio brings definite advantages. These businesses generates stronger margins and are is much less seasonal. Whereas the earnings contributions from our tour operators are posted almost entirely in the last three months, the inflow from our hotel and cruise business is more evenly spread over the year and every quarter is positive. This trend has strengthened TUI and makes us more attractive to investors and the capital market. We enhanced our leeway for growth even further during the last financial year by selling our specialist travel brands. The disposal of Travelopia to the private equity company KKR generated an enterprise value of around 370 million euros. We also spun off our remaining stake in Hapag-Lloyd AG. This final exit from container shipping and the sale of non-core businesses complete the transformation. TUI is now a pure play tourism group. Our vision 'Think Travel. Think TUI.' aptly reflects our aspirations. And our strategic positioning ensures that we can provide every module in the tourism value chain from advice and booking to travel, accommodation and destination services. The TUI brand symbolises quality and trust. Differentiated product is above all secured by our own hotels, clubs and ships. Brands like TUI Blue, Robinson, Riu and TUI Magic Life, Hapag-Lloyd Cruises with the MS Europa and TUI Cruises with the 'Mein Schiff' fleet guarantee TUI quality for holidaymakers all over the world. We don't just sell this travel experience; we are setting standards, because TUI is at once developer, investor and operator. So we want to build on the success of our traditional markets and activities. And we want to expand our business into regions and countries of the globe where we do not yet have a presence. That includes a number of countries in Southern Europe. In Italy and Portugal, the TUI brand is familiar because they are important destinations and many of our customers travel there. As a holiday provider, however, we have so far had almost no market visibility. Emerging economies like Brazil and China are also shifting further into our focus. Their new middle classes are growing fast and increasingly discovering the joys of travel for themselves. We want to profit from that, but in those markets we do not intend to create a dense network of travel agencies. Instead, we will rely exclusively on our online presence and on strong local partners. Our goal is ambitious, but we believe in these markets. As part of our strategy programme 'TUI 2022', the target for this expansion over the next five years is to win one million new customers and generate an additional one billion in turnover. This expansion entails big opportunities for our hotel investments in those parts of the world, because the demand for capacity will no longer come solely from Europe like now, but also from the surrounding region. The Caribbean has set a shining example: our hotels there enjoy excellent occupancy rates - thanks to long-haul tourists from Europe combined with guests from the United States and Canada. We can achieve the same in South-East Asia. For our new hotels and investments, the occupancy risk is tangibly reduced because our target groups are broader, more diverse and increasingly international. I also believe there are major opportunities for TUI in our clear strategy for digitalisation. This digitalisation will not only help us tap into new markets like China. It is happening throughout the company. Data enable us to reach out to our customers in a better, more personal manner and to market new services. For me, more digital means more service - and better service - for the customer, and more efficiency for the company. TUI's use of blockchain has attracted a lot of attention. Ever more so because we aren't just talking about the potential, but actually began placing it in the service of our hotels in summer 2017. As an integrated tourism group, we accompany our customers right along the value chain, from the moment they seek advice and book a holiday to the services they require at the destination and their accommodation in the hotel or on board the liner. This teaches us about their likes and preferences, enabling us to offer personalised add-ons. Personalised means relevant - products and services that offer these customers genuine added value. In recent months, we have rolled out a centralised, efficient ITinfrastructure across the Group. It provides the technical basis for TUI to gain a single view of the customer and the customer experience. Our investments in IT are easily summed up: more service for our customers and more value for us as a company. It is my firm conviction that in this field we are setting the standards for our industry. TUI is in bouncing good health, and TUI is ready for more growth. Those two factors will enable us to continue to outperform the market in the coming years. That is why we are so confident that we can increase underlying EBITA by at least 10 per cent a year until 2020. Those are bright prospects for you as shareholders. Thank you for your interest and support over the last year. Your trust and encouragement are important to us. Let's take the next steps together. Kind regards, Friedrich Joussen The full report is attached as PDF file |