At a meeting of the group’s supervisory board yesterday, the company said operating earnings for TUI Travel are expected to decline slightly year-on-year, but overall show a 'satisfactory level'.
It also reconfirmed that TUI Travel's expectations for the fiscal year ended 30 September will be met.
The group added that shipping arm Hapag-Lloyd is expected to perform better than initially expected, thanks to a stabilisation in freight rates and the successful implementation of a cost saving programme worth about $1.1bn.
At the meeting, Dr Jürgen Krumnow announced his decision to resign as chairman of the supervisory board. He will leave at the end of December.
Dr Dietmar Kuhnt, a member of the supervisory board since 1996, and who currently chairs TUI’s audit committee, will take over the position.
Dr Peter Barrenstein will become chairman of the audit committee.
Also at the meeting yesterday, the supervisory board decided to issue a convertible bond with subscription rights, which will be issued with a five-year maturity.
The total amount issued will be about €250m.
TUI AG's results for its financial year 1 January-30 September 2009 are due on 15 December.
See also:
TUI injects millions to stabilise Hapag-Lloyd (09/10/2009)
Lates boost TUI Travel as it unveils warchest (29/09/2009)
TUI Travel reports 57% profit increase (12/08/2009)
TUI Travel to focus on scale (19/05/2009)
TUI Travel: long-haul demand defies swine flu (11/05/2009)