The TUI Group (TUIFF.PK) reported that its first-half loss before income taxes widened to 656.2 million euros from 613.3 million euros last year. Group loss for the year attributable to shareholders of TUI AG was 385.4 million euros or 1.58 euros per share, compared to a loss of 272.8 million euros or 1.13 euros per share prior year.
The company said the decline in earnings was exclusively driven by one-off effects related to impairments of a hotel project in Italy, provisions associated with a longer start-up phase in the framework of the fleet expansion in Hapag-Lloyd Kreuzfahrten, and expenses for measures to create a considerably leaner holding.
The accumulated operating result or underlying EBITA for the first six months amounted to a loss of 338.7 million euros, compared to a loss of 371.5 million euros last year. The company said this development was driven by sound booking volumes and earnings in TUI Travel's Mainstream Business and the operating performance of Hotels & Resorts.
Turnover increased to 6.84 billion euros, from 6.73 billion euros prior year.
The company also announced the adoption of the oneTUI strategic development programme, which is a set of measures to restore the ability to pay dividends. oneTUI is based on the corner stones of: achieving business excellence and restructuring underperforming business units, optimising the vertical integration of the Group, focusing on a material increase in cash flow contributions to TUI AGand substantially cutting the costs of the holding. The Group aims to achieve an operating result, or underlying EBITA, of around 1 billion euros by financial year 2014/15 based on the measures implemented in the framework of the oneTUI programme.
The programme also includes an adjustment of staff costs. The headcount in the Group holding will be reduced from currently 186 to less than 100, the company said.
The company said, due to the continued sound operating performance - above all in TUI Travel - the outlook for the full-year operating result has been lifted. The Executive Board now expects underlying EBITA to improve year-on-year. The Board continues to expect a slight increase in reported EBITA. The Group result before minori-ties will remain positive for the full year, but will be considerably impacted by one-off effects, TUI Group said.
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