Financial Calender 2009 10 TUI AG Annual Report 2009

Financial Calender 2009 10 Tui Ag Annual Report 2009-Free PDF

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Financial Calender 2009 10 Annual Report 2009,Annual Report 2009. Karl Wiechert Allee 4, Annual Report Short Financial Year 2009 15 December 2009. 30625 Hanover,Short Financial Year,Interim Report October to December 2009. Annual General Meeting 2010,15 February 2010,17 February 2010. 1 January 30 September 2009 Table of Contents, Half Year Financial Report October 2009 to March 2010 12 May 2010.
Interim Report October 2009 to June 2010 11 August 2010. Contact 2009 1 Chairman s Letter 117 Financial Statements. 118 Consolidated Profit and Loss Statement, TUI AG 5 Management Report 119 Consolidated Financial Position. Karl Wiechert Allee 4 120 Group Equity, 30625 Hanover 6 Business and Operating Environment 122 Statement of Recognised Income. Germany 17 Group Turnover and Earnings and Expenses. 23 Business Development in the Divisions 122 Cash Flow Statement. P O Box 61 02 09 36 Earnings,30602 Hanover 41 Net Assets. 46 Financial Position 123 Notes, Phone 49 5 11 5 66 00 54 Information Required under Takeover Law. Telefax 49 5 11 5 66 19 01 58 Declaration of Compliance 123 Notes on the Principles and Methods. E Mail info tui group com 63 Report on Subsequent Events 146 Segment Reporting. Internet www tui group com 64 Risk Report 154 Notes on the Consolidated Profit. 75 Remuneration Report and Loss Statement, Investor Relations 81 Research and Development 163 Notes on the Consolidated Financial Position.
E Mail investor relations tui com 82 Human Resources 199 Major Shareholdings. Phone 49 5 11 5 66 14 25 84 Environmental Management 200 Notes on the Cash Flow Statement. Telefax 49 5 11 5 66 10 96 87 Report on Expected Developments 202 Other Notes. Group Communications, E Mail info tui group com 91 Further Information 208 Responsibility Statement. Phone 49 5 11 5 66 14 08 by Management, Telefax 49 5 11 5 66 11 66 92 Report of the Supervisory Board. 98 Supervisory Board,100 Executive Board 209 Auditor s Report. 101 TUI Share,106 TUI Group in Figures,107 Sustainable Development. Our audit has not led to any reservations TUI Group in Figures. In our opinion based on the findings of our audit the consolidated financial state. ments comply with the IFRSs as adopted by the EU and the additional require. ments of German commercial law pursuant to 315a Abs 1 HGB and give a true. and fair view of the net assets financial position and results of operations of the. Group in accordance with these provisions The combined management report is. consistent with the consolidated financial statements and as a whole provides a. suitable view of the Group s position and suitably presents the opportunities and. risks of future development TUI Group in Figures,SFY 2009 9M 2008 Var 2008.
Divisional turnover, Hanover 1 December 2009 Tourism m 13 054 3 15 136 2 13 8 18 585 8. Discontinued Operations m 1 210 3 4 680 1 74 1 6 342 7. Others consolidation m 9 2 64 8 n a 21 4, PricewaterhouseCoopers Group m 14 255 4 19 881 1 28 3 24 907 1. Aktiengesellschaft, Wirtschaftspr fungsgesellschaft Earnings before interest tax depreciation and. amortisation EBITDA,Tourism m 712 8 539 9 32 0 596 7. Discontinued Operations m 872 3 321 9 171 0 183 5,Others consolidation m 31 1 8 2 n a 24 2.
Group m 1 554 0 870 0 78 6 756 0,Divisional earnings EBITA. Tourism m 274 4 177 3 54 9 127 2,Discontinued Operations m 823 2 143 6 473 3 105 9. Others consolidation m 39 0 0 4 n a 52 6,Group m 1 058 6 321 3 229 5 180 5. Underlying divisional earnings underlying EBITA,Tourism m 695 6 664 1 4 7 620 5. Discontinued Operations m 248 7 214 9 n a 193 5,Others consolidation m 39 0 0 4 n a 54 4.
Group m 407 9 879 4 53 6 759 6,Net profit for the year m 400 7 44 9 792 4 141 9. Earnings per share 1 25 0 07 n a 0 57,Non current assets m 9 116 0 7 903 9 15 3 7 344 7. Current assets m 4 426 2 9 847 8 55 1 9 358 1,Total assets m 13 542 2 17 751 7 23 7 16 702 8. Equity and liabilities, Equity and liabilities m 2 380 0 2 918 3 18 4 2 242 5. Non current liabilities m 5 035 3 6 018 0 16 3 5 796 2. Current liabilities m 6 126 9 8 815 4 30 5 8 664 1. Total equity and liabilities m 13 542 2 17 751 7 23 7 16 702 8. Equity ratio 17 6 16 4 1 1 13 4, Cash flow from operating activities m 1 134 6 2 058 9 44 9 945 8.
Capital expenditure m 340 4 810 1 58 0 952 4,Net debt m 2 329 9 2 792 3 16 6 4 082 8. Employees 31 Dec 30 Sep 69 536 79 192 12 2 70 254,Differences may occur due to rounding. percentage points,Auditor s Report, We have audited the consolidated financial statements prepared by TUI AG. Berlin and Hanover comprising the statement of financial position the profit. and loss statement and the statement of comprehensive income statement of. changes in equity cash flow statement and the notes to the consolidated finan. cial statements together with the group management report which is combined. with the management report of the TUI AG for the short business year from. January 1 to September 30 2009 The preparation of the consolidated financial. statements and the combined management report in accordance with the IFRSs. as adopted by the EU and the additional requirements of German commercial. law pursuant to Article 315a Abs paragraph 1 HGB Handelsgesetzbuch. German Commercial Code are the responsibility of the parent Company s Exe. cutive Board Our responsibility is to express an opinion on the consolidated. financial statements and the combined management report based on our audit. We conducted our audit of the consolidated financial statements in accordance. with 317 HGB and German generally accepted standards for the audit of finan. cial statements promulgated by the Institut der Wirtschaftspr fer Institute of Public. Dr Michael Frenzel, Chairman of the Executive Board Auditors in Germany IDW and additionally observed the International Standards. on Auditing ISA Those standards require that we plan and perform the audit. such that misstatements materially affecting the presentation of the net assets. financial position and results of operations in the consolidated financial statements. in accordance with the applicable financial reporting framework and in the com. bined management report are detected with reasonable assurance Knowledge of. the business activities and the economic and legal environment of the Group and. expectations as to possible misstatements are taken into account in the determi. nation of audit procedures The effectiveness of the accounting related internal. control system and the evidence supporting the disclosures in the consolidated. financial statements and the combined management report are examined prima. rily on a test basis within the framework of the audit The audit includes asses. sing the annual financial statements of those entities included in consolidation. the determination of the entities to be included in consolidation the accounting. and consolidation principles used and significant estimates made by the Company s Exe. cutive Board as well as evaluating the overall presentation of the consolidated finan. cial statements and the combined management report We believe that our audit. provides a reasonable basis for our opinion,Chairman s Letter.
Chairman s Letter,Dear Shareholders, 2009 was characterised by the most severe economic crisis world. wide since 1929 threatening the very existence of companies and. entire industries Meanwhile forecasts assume that the economic. downturn has bottomed out and that the world economy will. gradually start to grow again next year It remains to be seen. whether the recovery of markets will temporarily be curbed by. an increase in unemployment following the crisis with a time lag. The successful performance of our Tourism activities in the short. financial year 2009 has impressively shown that our structural. positioning in our core business is appropriate In the light of the. gloomier economic climate we cut our capacity in good time and. managed to generate operating earnings of 696m in Tourism. exceeding the level achieved in 2008, The sound performance of our Tourism Division in the difficult. economic environment proves that we took the right decision in. forming TUI Travel We merged two strong organisations with great. determination and consistency and will deliver sustainable synergies. of 200m sterling annually Thanks especially to consolidation in the. UK one of our key tourism markets we enhanced earnings in crisis. Our Group is excellently positioned today with strong brands and. market positions and a unique portfolio of differentiated products. In the short financial year 2009 we pursued a margin centred. capacity policy to prepare for a decline in demand in due time and. thus managed to achieve our performance targets Many of our. competitors have meanwhile adopted a similar margin oriented. approach and so the major European source markets have not. seen significant oversupplies of tourism services in spite of subdued. demand caused by the difficult economic environment Following. years of very strong growth orientation Tourism has thus matured. into a yield oriented sector, In the first quarter of 2009 we completed the sale of Hapag Lloyd. AG to the Hamburg based consortium and took a 43 33 stake in. the purchasing company Albert Ballin The difficult economic frame. work impacted operating earnings in Container Shipping as the year. progressed Additional capital and financial measures by all share. holders were therefore required to secure the long term financial. stabilisation of Hapag Lloyd AG Hapag Lloyd also launched its own. package of measures to generate substantial cuts in operating costs. The restructuring contributions agreed on by the shareholders and. Hapag Lloyd AG paved the way for the granting of a state loan. guarantee The final approval of the application for a state loan. guarantee for an additional credit facility worth 1 2bn by the federal. government was granted on 6 October 2009 From our perspective. an essential step has thus been taken towards securing our financial. investment totalling 2 6bn,Chairman s Letter, Due to the funds currently tied up in Hapag Lloyd AG TUI AG s. priority is therefore to manage the existing shareholding portfolio. with a view to maximising value while at the same time securing. and strengthening our liquidity position The focus here is on two. 1 Management of our indirect investment in Hapag Lloyd AG. with a view to maximising value, We will support the restructuring programme launched by Hapag.
Lloyd in order to cope with the crisis in Container Shipping. However we will also monitor any options to reduce TUI AG s. financial investment in Hapag Lloyd AG, 1 Streamlining non core assets not required for operational. or strategic purposes, To create appropriate liquidity reserves for TUI AG and financial. scope for the strategic development of the Group in the medium. term we have defined an asset streamlining programme intended. to generate cash inflows of around 500m for TUI AG by 2012. The planned measures include for instance refinancing assets. owned by TUI AG such as cruise ships hotels and other buildings. and selling non core real estate Asset streamlining will strengthen. our liquidity position and create broader leeway to develop TUI AG. further while maintaining all entrepreneurial options. The TUI Group now comprises the majority stake in TUI Travel an. attractive portfolio of more than 240 hotels and a growing cruise. business We intend to further enhance the profitability of the. Group s operative business on this basis We seek to achieve profit. ability levels in excess of the cost of capital in the long term above. all thanks to the delivery of further synergies in TUI Travel and. active management of invested capital, With the placement of convertible bonds worth 218m in November. 2009 we have strengthened TUI AG s liquidity We are aiming to. further reduce net debt for TUI AG and our Group achieve an. improvement in our credit rating and create leeway for the strategic. development of our Group by implementing our asset streamlining. project and continuing our restrictive investment policy. Taking account of the above mentioned factors we aim to enhance. the value of TUI shares and pay appropriate dividends to our share. holders again in the medium term, We cordially invite you to place your confidence in us and follow us. on this road,Dr Michael Frenzel CEO,Management Report.
5 Management Report,6 Business and Operating Environment. 17 Group Turnover and Earnings,23 Business Development in the Divisions. 36 Earnings,41 Net Assets,46 Financial Position,54 Information Required under Takeover Law. 58 Declaration of Compliance,63 Report on Subsequent Events. 64 Risk Report,75 Remuneration Report,81 Research and Development.
82 Human Resources,84 Environmental Management,87 Report on Expected Developments. 2009 Successful Tourism performance in,a difficult environment Container Shipping. stabilised thanks to shareholder contributions,and state aid Measures set to increase TUI AG s. liquidity reserve,Short financial year 2009 An overview. Successful performance in Tourism in a difficult market environment. Tourism the TUI Group s core business showed an overall positive performance. Interim Report October to December 2009 15 February 2010 Annual General Meeting 2010 17 February 2010 Half Year Financial Report October 2009 to March 2010 12 May 2010 Interim Report October 2009 to June 2010 11 August 2010 Contact TUI AG Karl Wiechert Allee 4 30625 Hanover Germany P O Box 61 02 09 30602 Hanover Phone 49 511 566 00

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