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TUI Annual Report 2010/11

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TUI Annual Report 2010/11 TUI Group – Financial Highlights € million 2010/11 2009/10 Var. % Annual Report 2010/11 Annual Report Turnover TUI Travel 16,867.0 15,754.8 + 7.1 TUI Hotels & Resorts 362.6 353.2 + 2.7 Cruises 200.8 178.7 + 12.4 Group 17,480.3 16,350.1 + 6.9 EBITDA 2010/11 TUI Travel 640.0 437.8 + 46.2 TUI Hotels & Resorts 215.7 211.0 + 2.2 Cruises 19.7 15.2 + 29.6 Group 850.1 649.8 + 30.8 TUI AG Karl-Wiechert-Allee 4 AnnALR U EPoRT 2010/11 Underlying EBITDA 30625 Hanover TUI Travel 718.4 711.4 + 1.0 Germany 1 october 2010 – 30 September 2011 TUI Hotels & Resorts 234.9 212.6 + 10.5 Tel. +49 (0)511 566-00 Cruises 19.7 16.0 + 23.1 Fax +49 (0)511 566-1901 Group 923.5 904.9 + 2.1 www.tui-group.com EBITA TUI Travel 321.4 101.6 + 216.3 TUI Hotels & Resorts 144.2 137.2 + 5.1 Cruises 11.2 6.8 + 64.7 Group 444.5 215.5 + 106.3 Underlying EBITA TUI Travel 500.1 484.6 + 3.2 TUI Hotels & Resorts 145.3 148.0 - 1.8 Cruises 11.2 7.6 + 47.4 Group 600.1 589.2 + 1.8 Group earnings net profit for the year 118.2 113.6 + 4.0 Earnings per share € - 0.01 + 0.30 n. a. Assets non-current assets 9,107.6 9,356.7 - 2.7 Current assets 4,384.3 5,258.8 - 16.6 Total assets 13,491.9 14,615.5 - 7.7 Equity and liabilities Equity 2,547.8 2,434.2 + 4.7 non-current liabilities 4,168.2 4,555.1 - 8.5 Current liabilities 6,775.9 7,626.2 - 11.1 Total equity and liabilities 13,491.9 14,615.5 - 7.7 Equity ratio % 18.9 16.7 + 2.2*) Capital expenditure 474.4 516.2 - 8.1 For further information, net debt 816.7 2,287.1 - 64.3 follow these pictograms: Employees 30 Sep. 73,707 71,398 + 3.2 Web link Differences may occur due to rounding *) percentage points Cross-reference within the report TUI AG Aktiengesellschaft TUI Sectors Fo RWARD-LooKInG STATEMEnTS Table of Contents 2 Chairman’s Letter The annual report, in particular the report on expected developments included in the manage- ment report, includes various forecasts and expectations as well as statements relating to the 19 To our Shareholders future development of the TUI Group and TUI AG. These statements are based on assumptions 19 Corporate Governance and estimates and may entail known and unknown risks and uncertainties. Actual development 19 Report of the Supervisory Board and results as well as the financial and asset situation may therefore differ substantially from the 25 Executive Board and Supervisory Board expectations and assumptions made. This may be due to market fluctuations, the development Aktiengesellschaft 28 Corporate Governance Report*) of world market prices for commodities, of financial markets and exchange rates, amendments to 40 TUI Share national and international legislation and provision or fundamental changes in the economic and political environment. TUI does not intend to and does not undertake an obligation to update 49 Management Report**) Tourism or revise any forward-looking statements to adapt them to events or developments after the 49 Financial Year 2010/11 – an overview publication of this annual report. 52 The TUI Group 62 Human Resources Tour operators Hotels Cruises Imprint 64 Sustainable Development 80 Economic Framework 82 Group Earnings Design and production 86 Earnings by the Sectors Kirchhoff Consult AG, Hamburg 105 Net Assets 109 Financial Position of the Group Photography 117 Annual Financial Statements of TUI AG Picture of CEo Andreas Fechner, Düsseldorf 121 Information Required under Takeover Law Cover Corbis 125 Risk Report Cover inside Corbis 137 Report on Subsequent Events TUI Sectors World of TUI Picture Pool 138 Report on Expected Developments Quality you can rely on World of TUI Picture Pool 143 TUI Group in Figures Discover variety World of TUI Picture Pool Innovations that delight World of TUI Picture Pool 147 Consolidated Financial Statements Living global responsibility Corbis 147 Income Statement of the TUI Group Growth with vision Getty Hotels & Resorts 148 Statement of Comprehensive Income of the TUI Group TUI Travel comprises the World of TUI’s tour operators, With 248 hotels and over 157,000 beds, TUI Hotels & With Hapag-Lloyd Kreuzfahrten and TUI Cruises, TUI AG 149 Financial Position of the TUI Group sales, airlines and incoming agency activities. TUI Travel Resorts manages the World of TUI’s hotel companies as has two quality brands in its portfolio that offer a mari- 150 Statement of Changes in Group Equity is active in 180 countries around the world and looks Europe’s largest holiday hotelier. TUI Hotels & Resorts time holiday experience for various target groups. Hapag- climate neutral 152 Cash Flow Statement after about 30 million customers a year from 27 source consists of hotel brands with high performance, quality Lloyd Kreuzfahrten is the leading organiser of expedition print product markets. That makes it Europe’s leading international and environmental standards that offer a large number and luxury cruises in the German-speaking area. Its fleet Certificate Number: 153 Notes 946-53394-1211-1062 tour operator. TUI AG is the majority shareholder in the of hotel concepts at outstanding locations of choice. includes the cruise liners MS Europa, MS Hanseatic, www.climatepartner.com 153 Principles and Methods underlying company, which is listed on the London Stock Exchange. They include such well-known brands as Riu, Robinson, MS Bremen and MS Columbus. TUI Cruises offers feel- the Consolidated Financial Statements It is structured around four Businesses: Mainstream, Grecotel, Grupotel, Iberotel and Dorfhotel. A large number good holidays at sea for the German-speaking market 176 Segment Reporting 184 Notes on the Consolidated Income Statement Accommodation & Destinations, Specialist & Activity and of the hotels are among the best in their category at the on Mein Schiff 1 and Mein Schiff 2. Printing 193 Notes to the Consolidated Statement of Emerging Markets. It consists of a wide array of offers location in question. Most of the hotels in the portfolio Druckerei Fritz Kriechbaumer, Taufkirchen ranging from package tours to special niche products such are four- or five-star establishments. Financial Position 234 Notes on the Cash Flow Statement as yacht charters, expeditions and student travel. The German version of this report is legally binding. The Company cannot be held responsible for 236 Other notes any misunderstandings or misinterpretations arising from this translation. 258 Responsibility Statement by Management Both versions are available on the web: www.tui-group.com 259 Auditor’s Report www.tuitravelplc.com www.tui-group.com www.hl-cruises.com, www.tuicruises.com *) Part of the Group Management Report **) Combined Management Report of TUI AG and of the TUI Group An online version (HTML) of this report is available at annualreport2010-11.tui-group.com. It offers PDF downloads of single chapters and all tables in Excel format. TUI Group – Financial Highlights € million 2010/11 2009/10 Var. % Annual Report 2010/11 Annual Report Turnover TUI Travel 16,867.0 15,754.8 + 7.1 TUI Hotels & Resorts 362.6 353.2 + 2.7 Cruises 200.8 178.7 + 12.4 Group 17,480.3 16,350.1 + 6.9 EBITDA 2010/11 TUI Travel 640.0 437.8 + 46.2 TUI Hotels & Resorts 215.7 211.0 + 2.2 Cruises 19.7 15.2 + 29.6 Group 850.1 649.8 + 30.8 TUI AG Karl-Wiechert-Allee 4 AnnALR U EPoRT 2010/11 Underlying EBITDA 30625 Hanover TUI Travel 718.4 711.4 + 1.0 Germany 1 october 2010 – 30 September 2011 TUI Hotels & Resorts 234.9 212.6 + 10.5 Tel. +49 (0)511 566-00 Cruises 19.7 16.0 + 23.1 Fax +49 (0)511 566-1901 Group 923.5 904.9 + 2.1 www.tui-group.com EBITA TUI Travel 321.4 101.6 + 216.3 TUI Hotels & Resorts 144.2 137.2 + 5.1 Cruises 11.2 6.8 + 64.7 Group 444.5 215.5 + 106.3 Underlying EBITA TUI Travel 500.1 484.6 + 3.2 TUI Hotels & Resorts 145.3 148.0 - 1.8 Cruises 11.2 7.6 + 47.4 Group 600.1 589.2 + 1.8 Group earnings net profit for the year 118.2 113.6 + 4.0 Earnings per share € - 0.01 + 0.30 n. a. Assets non-current assets 9,107.6 9,356.7 - 2.7 Current assets 4,384.3 5,258.8 - 16.6 Total assets 13,491.9 14,615.5 - 7.7 Equity and liabilities Equity 2,547.8 2,434.2 + 4.7 non-current liabilities 4,168.2 4,555.1 - 8.5 Current liabilities 6,775.9 7,626.2 - 11.1 Total equity and liabilities 13,491.9 14,615.5 - 7.7 Equity ratio % 18.9 16.7 + 2.2*) Capital expenditure 474.4 516.2 - 8.1 For further information, net debt 816.7 2,287.1 - 64.3 follow these pictograms: Employees 30 Sep. 73,707 71,398 + 3.2 Web link Differences may occur due to rounding *) percentage points Cross-reference within the report TUI AG Aktiengesellschaft TUI Sectors Fo RWARD-LooKInG STATEMEnTS Table of Contents 2 Chairman’s Letter The annual report, in particular the report on expected developments included in the manage- ment report, includes various forecasts and expectations as well as statements relating to the 19 To our Shareholders future development of the TUI Group and TUI AG.
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