In the first quarter, the Tourism Division generated a turnover of Euro 2.37 billion, an increase of 44 per cent year-on-year. 15 per cent of the growth in turnover of Euro 0.72 billion results from TUI Group`s Central Europe business, and 85 per cent from the Northern Europe business through the first consolidation of Thomson Travel Group – the same period the previous year still included the Thomas Cook Group in the consolidation.
The performance of the Tourism Division was affected by the typical seasonal cyclicity of the tourism sector in which the first quarter is always negative. This is explained by the much lower volume of business in the winter season compared to the summer season, as well as the advance expenditure made in winter in preparation for the coming summer season. The contribution to profits generated by the Tourism Division was therefore minus Euro 107 million. In the Central Europe Division, the TUI Group improved its performance by 40 per cent to minus Euro 32 million. The quarterly results for the Northern Europe Division are not comparable with the previous year`s figures because of the structural changes. Thomson Travel Group improved its operating performance by 19 per cent year-on-year to minus Euro 75 million.
The Logistics Division posted a turnover of Euro 959 million, up 13 per cent year-on-year. A large part of this growth was generated by the Container Shipping business. The Logistics Division continued the positive development of previous quarters and again made a good contribution to profits with Euro 83 million.
Turnover in the Industry Division was Euro 1.32 billion (minus eleven per cent). Against the background of continuing high oil prices, the Energy Division boosted profits by 37 per cent year-on-year to Euro 86 million. In Building Engineering, some sectors were adversely affected by the continued decline in demand. The quarterly result therefore fell short on last year`s figure at minus Euro ten million (previous year plus Euro nine million). The Trading Business held up well in difficult markets, although, at Euro eight million, it could not reach last year`s good level (Euro 19 million).
Commenting on the ongoing tourism business, Frenzel said: In view of bookings to date, the summer season 2001 is promising. In almost all source markets, booked turnover exceeds last year`s value, in some cases substantially. The tour operators in the Central Europe Division reported an increase in booked turnover to the beginning of May of approx. nine per cent year-on-year. Bookings for the summer season have also reached good levels in the Northern Europe Division.
The earnings power of the Tourism Division and Logistics Division and the Energy Division continues to form the basis for a successful financial year 2001.
Preussag AG, the world`s leading tourism group headquartered in Hanover, encompasses 67 tour operator brands throughout Europe, and boasts around 20 million guests per year. The Group also includes 3,510 travel agencies, 36 incoming agencies, and carriers with 90 aircraft, including well known brands such as Hapag-Lloyd Flug and Britannia Airways. Its hotels portfolio contains around 220 of its own hotels with over 100,000 beds.
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