TUI AG’s oneTUI strategy “takes effect”
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TUI AG has said its oneTUI strategy to resume dividend payments and improve its operating results has been a result so far.
The German-based firm plans to pay out 0.15 euros per share this 2013 financial year, the first time it has been able to since 2007.
TUI AG CEO Friedrich Joussen said he is now confident the company can achieve net cash flow of EUR100m and underlying group EBITA of around EUR1bn in financial year 2014.
“We deliver on our promises: we will create value for our shareholders, turn TUI into an attractive investment and offer secure jobs for our employees. Our good operating results and virtually debt-free balance sheet enable us to pay a dividend to our shareholders earlier than promised,” he said.
Joussen’s oneTUI strategy included the write off of a project in Tuscany; provisions for Hapag-Lloyd and expenses for the social plan in summer 2013 during a restructure.
The group has seen a slight increase in turnover at EUR18.5bn, up from EUR18.3bn in 2012 with operating result up 2% to EUR762m.
The group has also reduced its net debt from EUR178m in 2012 to EUR68m and is feeling positive for 2013/14 with its operating result expected to increase 6-12%.
New ship delivery dents cruise figures
Hapag-Lloyd’s launch of Europa 2 and fire damage caused to Hanseatic set TUI’s cruise business performance back, it has revealed.
While Hapag-Lloyd saw turnover increase 13% to EUR261 million, TUI AG’s cruise sector posted an overall GBP13.9m decline in operating result, posting a loss from the EUR3m profit seen last year.
Hapag-Lloyd saw load factors drop to 70.6%, while TUI Cruises continues to shine with occupancy of 101.8%.
The German-focused TUI Cruises has plans to add two new ships: the Mein Schiff 3 in May 2014 and Mein Schiff 4 in summer 2015.
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