FY14/15 a strong year for TUI Group

TUIGR EUR 4.5% 10/2019 (01/10/2016 @ 102.25) @ 105.5, YTW: 0.36%, Z+43bps, Ba3/BBFY14/ Strong FY14/15 with growth in revenue and underlying EBITA TUI Group (TUI), the listed German world-leading multinational travel and tourism group, reported that FY14/15 revenue was €20.0bn, rising by +3.6% yoy on a comparable basis (+8.0% yoy on a reported basis). Underlying EBITA improved significantly by +15% yoy to €1,069m when the positive €65m FX effect is excluded, and despite the €52m negative effect from June’s terrorist attack in Tunisia (33 TUI customers lost their lives). 4Q14/15, which is the strongest quarter of the year due to the seasonality in the business, was also strong with +10% yoy reported revenue growth (€8.0bn, our estimate €7.7bn) and a +14% yoy increase in underlying EBITDA (€1.3bn, our estimate €1.2bn). Overall, TUI performed strongly during the year despite the events in Tunisia.