TUI AG (TUI) TUI Group Half-Year Financial Report 1 October 2021
- 31 March 2022 11-May-2022 / 08:00 CET/CEST Dissemination of a
Regulatory Announcement, transmitted by EQS Group. The issuer is
solely responsible for the content of this announcement.
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Half-Year
Financial Report
1 October 2021 - 31 March 2022
Content
Interim Management Report
Summary
Report on changes in expected development
Structure and strategy of TUI Group
Consolidated earnings
Segmental performance
Financial position and net assets
Comments on the consolidated income statement
Alternative performance measures
Other segment indicators
Corporate Governance
Risk and Opportunity Report
Unaudited condensed consolidated Interim Financial
Statements
Notes
General
Accounting principles
Group of consolidated companies
Acquisitions - Divestments
Notes to the unaudited condensed consolidated Income
Statement
Notes to the unaudited condensed consolidated Statement of
Financial Position
Responsibility Statement
Review Report
Cautionary statement regarding forward-looking statements
Financial calendar
Contacts
Interim Management Report
Summary
Q2 2022 delivering further operational and financial
progress
-- Q2 Group revenue of EUR2.1bn, an improvement of EUR1.9bn
year-on-year (Q2 2021: EUR0.2bn), reflecting the morenormalised
pre-pandemic travel environment versus the prior year, with March
achieving the highest monthly revenuewithin the quarter as
operations ramped up after a more subdued January and February post
Omicron restrictions.
-- 71% of financial year 2019 capacity1 operated in Q2, just
ahead of our mid-point of initial Winter 2021/22 programme
expectations. Reflecting the increasing consumer confidence in
departure, pent-up demand and the rampup of operations accordingly,
we exited the second quarter with an operated capacity of 75% in
March 2022.
-- 1.9m customers departed in the second quarter, an increase of
1.7m customers versus the prior year, withthe highest departure
volume achieved again in March. Our average load factor continued
to be strong, with 84% loadfactor achieved for the period (Q2 2019:
Load factor 85%).
-- Q2 Group underlying EBIT loss almost halved to EUR-329.9m
loss versus prior year, (Q2 2021: EUR-633.0m loss),driven by a
strong operational recovery in the second half of the quarter on
easing of Omicron restrictions, withHotels & Resorts delivering
a third sequential positive quarter since the start of the
pandemic.
-- Continued delivery of our Global Realignment Programme - we
expect to deliver a further 20% of our EUR400mp.a. target cost
savings in financial year 2022 (EUR240m already delivered in
financial year 2021, with theremainder on track to be delivered by
financial year 2023).
-- In Q2, TUI generated a significantly positive operating cash
flow, driven by substantial working capitalinflow as the business
returned to a more normalised pre-pandemic environment for travel
and bookings andoperations recovered, helped by the easing of
Omicron-related restrictions in the second half of the quarter.
-- Strong liquidity position2 of EUR3.8bn as of 6 May 2022, post
hand-back of EUR0.7bn state support on 1 April 2022, reflecting our
continued cost discipline, and higher working capital inflow from
positive booking momentumsince our Interim Report Q1 2022.
-- After two years of turbulence, we expect to return to
significantly positive underlying EBIT forfinancial year 20223 and
we remain committed to reducing our German government exposure
further.
-- In H1 2022, Group revenue was EUR4.5bn, an increase of
EUR3.8bn compared to the previous year (H1 2021:EUR0.7bn). The
Group's operating loss (adjusted EBIT) amounted to EUR-603.5m in
H1. It decreased by EUR705.3m and thus bymore than half compared to
the previous year's value (H1 2021: EUR-1,308.8m).
1 Available seat (risk) capacities
2 Available liquidity defined as available cash plus committed
lines including financing packages
3 For details see Report on changes in expected development on
page 6
TUI Group - financial highlights
EUR million Q2 2022 Q2 2021 Var. % H1 2022 H1 2021 Var. % Var. % at constant
currency
Revenue 2,128.4 248.1 + 757.7 4,497.6 716.3 + 527.9 + 517.6
Underlying EBIT1
Hotels & Resorts 23.7 - 102.6 n. a. 84.8 - 198.3 n. a. n. a.
Cruises - 73.5 - 55.0 - 33.8 - 105.3 - 153.3 + 31.4 + 33.6
TUI Musement - 16.8 - 29.3 + 42.8 - 29.5 - 62.0 + 52.4 + 52.4
Holiday Experiences - 66.6 - 186.9 + 64.4 - 49.9 - 413.6 + 87.9 + 87.8
Northern Region - 180.9 - 221.0 + 18.1 - 352.6 - 418.3 + 15.7 + 19.5
Central Region - 20.7 - 122.7 + 83.1 - 75.7 - 272.0 + 72.2 + 72.0
Western Region - 57.0 - 83.3 + 31.5 - 89.4 - 159.8 + 44.1 + 43.4
Markets & Airlines - 258.7 - 427.0 + 39.4 - 517.7 - 850.1 + 39.1 + 40.8
All other segments - 4.6 - 19.1 + 76.1 - 35.8 - 45.1 + 20.6 + 22.6
TUI Group - 329.9 - 633.0 + 47.9 - 603.5 - 1,308.8 + 53.9 + 55.0
EBIT1 - 343.1 - 600.5 + 42.9 - 614.5 - 1,298.5 + 52.7
Underlying EBITDA - 123.1 - 398.5 + 69.1 - 188.4 -856.1 + 78.0
EBITDA2 - 130.0 - 356.7 + 63.6 - 185.5 - 831.5 + 77.7
Group loss - 321.4 - 707.9 + 54.6 - 707.9 - 1,498.1 + 52.7
Earnings per share EUR - 0.21 - 0.67 + 68.7 - 0.47 - 1.82 + 74.2
Net capex and investment 83.3 - 61.3 n. a. 136.7 - 108.4 n. a.
Equity ratio (31 March)3 % 1.5 1.3 + 0.1
Net debt (31 March) - 3,936.0 - 6,813.1 - 42.2
Employees (31 March) 46,123 36,029 + 28.0
Differences may occur due to rounding.
This Quarterly Report of the TUI Group was prepared for the
reporting period Q1 2022 from 1 October 2021 to 31 March 2022.
1 We define the EBIT in underlying EBIT as earnings before
interest, income taxes and result of the measurement of the Group's
interest hedges. For further details please see page 15.
2 EBITDA is defined as earnings before interest, income taxes,
goodwill impairment and amortisation and write-ups of other
intangible assets, depreciation and write-ups of property, plant
and equipment, investments and current assets.
3 Equity divided by balance sheet total in %, variance is given
in percentage points.
All change figures refer to the same period of the previous
year, unless otherwise stated.
Trading update
Strong recovery building through Q2, confident Summer 2022 will
be close to Summer 2019 levels
-- 11m bookings across Winter 2021/22 and Summer 2022, with 5m
bookings added since our Q1 2022 InterimReport, as the demand for
holidays and confidence in international travel returns.
-- Bookings across our key markets UK, Germany and Benelux have
been largely unaffected by the war inUkraine, with only the Nordics
and Poland subdued.
-- Winter 2021/22 programme closed with bookings1 down 34% and
ASP strongly up 13%.
-- Summer 2022 booking2 are 85% of Summer 2019 levels. Total
bookings have been trending strongly with thelast six weeks'
bookings firmly surpassing Summer 2019 levels, boosted by the
return to a more pre-pandemicenvironment of restriction-free
travel. ASP continues to be strong at up 20%, reflecting a higher
mix of packageproducts, and the popularity of our summer
holidays.
-- The UK market in particular remains the most advanced booked,
with bookings up 11% versus Summer 2019.
-- The latest positive booking trends, combined with clear
pent-up demand as Omicron-related travelrestrictions eased,
increasing intention to holiday abroad for a beach holiday3 and a
later booking profile, we areconfident in our Summer 2022 capacity
assumption of close to normalised 2019 Summer levels.
-- Hotels & Resorts -The segment delivered a third
consecutive quarter of positive underlying EBIT since thestart of
the pandemic. We expect occupancies and average rates to develop
strongly through the second half and theshort-term booking
environment to contribute significantly to a strong Summer.
-- Cruises - Since the beginning of April, all 16 ships across
our three brands are back in operation.Compared to our other
segments, Cruises recovery is expected to be slower with short-term
bookings continue torepresent a large share of overall bookings. We
see H2 2022 calendar year building steadily. Bookings are
currentlytrending at higher rates for all three cruise brands, in
comparison to prior years.
-- TUI Musement - 681k excursions, activities and tours (EATs)
were sold in the second quarter, reflectingfirstly the more open
travel environment and secondly the successful integration of
Musement. Benefitting from ourintegrated business model and
complemented by our increased inventory of products offered in
popular cities and sunand beach locations, we expect EATs to
develop beyond the capacity assumptions of our Markets &
Airlines for Summer2022, as third-party sales return, in line with
a return to a more normalised pre-pandemic travel environmentacross
our global destinations.
-- After two years of turbulence and against the backdrop of
current bookings and the business performanceto date, we expect to
return to significantly positive underlying EBIT for financial year
2022.
1 Bookings up to 30 April 2022 compared to Winter 2018/19
programme (undistorted by COVID-19 effects and thus provide an
appropriate benchmark) and relate to all customers whether risk or
non-risk
2 Bookings up to 8 May 2022 compared to Summer 2019 programme
(undistorted by COVID-19 effects and thus provide an appropriate
benchmark) and relate to all customers whether risk or non-risk
3 The Netherlands Bureau of Tourism and Congress, Holiday
Sentiment Monitor, April 2022
Global Realignment Programme - Targeted savings EUR400m p.a. by
financial year 2023
In May 2020, we announced our Global Realignment Programme to
address group-wide costs, with a target of permanently saving more
than EUR400m per annum by financial year 2023.
In the financial year ending September 2021, 60% (EUR240m) of
our announced targeted savings were delivered. Savings have been
most significantly delivered across the Markets & Airlines
division (85% of savings to date).
We expect to deliver a further 20% (EUR80m) of our targeted
savings in financial year 2022 and we remain on track to deliver
the full programme benefits by end of financial year 2023.
Net debt
H1 2022 net debt position of EUR3,936m is an improvement of
EUR1,134m versus Q1 2022 net position of EUR5,070m and an
improvement of EUR2,877m year-on-year (H1 2021: EUR6,813m). The
quarterly improvement is predominantly driven by positive cash
flow, as the business returns to a more normalised pre-pandemic
environment for travel and bookings and operations recover. The
year-on-year improvement is driven by positive cash flow as
operations recover, and proceeds from our capital increase
completed in the first quarter of 2022.
Strategic priorities
Ongoing priorities - we will continue with our disciplined cash
management, drive operating effectiveness, whilst maximising
opportunities to de-lever, continue the reduction of debt and
German government exposure in order to return to a solid balance
sheet. Mid-term ambitions - we expect underlying EBIT to
significantly build on financial year 2019, driven by both top-line
growth and benefits from our Global Realignment Programme, with a
target to return to gross leverage ratio of less than 3.0x.
Our growth opportunities will be driven by the expansion of our
TUI Musement tours & activities segment, which will benefit
from both our integration as well as growth through third party
sales, accelerated digitalisation, our increased offer of dynamic
packaging, growth through asset-right financing structures and
execution of our Global Realignment Programme. The combination of
these drivers will enable us to emerge stronger, leaner, more
digitalised and more agile, and ready to exploit market recovery
and growth opportunities.
TUI is strategically well positioned and will continue to
benefit from the strong rebound in the leisure industry.
Report on changes in expected development
The impact of the pandemic and the war in Ukraine on customer
behaviour remains difficult to predict. The greatest area of
uncertainty will be the impact on consumer confidence, should
travel restrictions be reintroduced, should there be further cost
inflation volatility and/or an escalation of the war in Ukraine. In
view of these considerable uncertainties, the Executive Board
continues to believe that it is not in a position to issue a
specific, quantified forecast for the financial year 2022.
Against the backdrop of current bookings and the business
performance to date, we confirm our expectation in the 2021 Annual
Report of a significant improvement in TUI Group's underlying EBIT
compared with 2021 and now expect to return to a significantly
positive underlying EBIT in the current financial year.
We continue to consider the remaining assumptions for the
financial year 2022 made in the Annual Report 2021 to be valid.
-- See also TUI Group Annual Report 2021 page 50 ff
Structure and strategy of TUI Group
Reporting structure
The present Half-Year Financial Report for H1 2022 is based on
TUI Group's reporting structure set out in the Consolidated
Financial Statements of TUI AG as at 30 September 2021.
-- See TUI Group Annual Report 2021 from page 28
Group strategy
The TUI Group's strategy outlined in the Annual Report 2021 will
be continued in the current financial year.
-- See TUI Group Annual Report 2021 from page 25
Consolidated earnings
Revenue
EUR million Q2 2022 Q2 2021 Var. % H1 2022 H1 2021 Var. %
Hotels & Resorts 181.0 27.5 + 558.2 379.3 83.9 + 352.0
Cruises 41.3 1.0 n. a. 75.5 1.5 n. a.
TUI Musement 62.5 8.1 + 671.6 128.8 18.6 + 593.2
Holiday Experiences 284.8 36.5 + 680.3 583.6 104.0 + 461.2
Northern Region 847.9 52.1 n. a. 1,500.2 159.1 + 842.8
Central Region 619.6 124.2 + 398.9 1,604.7 337.4 + 375.6
Western Region 366.2 28.0 n. a. 782.2 102.1 + 666.1
Markets & Airlines 1,833.7 204.3 + 797.6 3,887.1 598.6 + 549.4
All other segments 9.9 7.3 + 35.6 26.9 13.6 + 97.2
TUI Group 2,128.4 248.1 + 757.9 4,497.6 716.3 + 527.9
TUI Group (at constant currency) 2,093.2 248.1 + 743.7 4,424.2 716.3 + 517.6
Underlying EBIT
EUR million Q2 2022 Q2 2021 Var. % H1 2022 H1 2021 Var. %
Hotels & Resorts 23.7 - 102.6 n. a. 84.8 - 198.3 n. a.
Cruises - 73.5 - 55.0 - 33.6 - 105.3 - 153.3 + 31.3
TUI Musement - 16.8 - 29.3 + 42.7 - 29.5 - 62.0 + 52.4
Holiday Experiences - 66.6 - 186.9 + 64.4 - 49.9 - 413.6 + 87.9
Northern Region - 180.9 - 221.0 + 18.1 - 352.6 - 418.3 + 15.7
Central Region - 20.7 - 122.7 + 83.1 - 75.7 - 272.0 + 72.2
Western Region - 57.0 - 83.3 + 31.6 - 89.4 - 159.8 + 44.1
Markets & Airlines - 258.7 - 427.0 + 39.4 - 517.7 - 850.1 + 39.1
All other segments - 4.6 - 19.1 + 75.9 - 35.8 - 45.1 + 20.6
TUI Group - 329.9 - 633.0 + 47.9 - 603.5 - 1,308.8 + 53.9
EBIT
EUR million Q2 2022 Q2 2021 Var. % H1 2022 H1 2021 Var. %
Hotels & Resorts 24.3 - 102.7 n. a. 106.8 - 198.4 n. a.
Cruises - 73.5 - 55.0 - 33.6 - 105.3 - 153.4 + 31.4
TUI Musement - 18.7 - 32.9 + 43.2 - 33.3 - 67.1 + 50.4
Holiday Experiences - 67.8 - 190.5 + 64.4 - 31.8 - 418.9 + 92.4
Northern Region - 185.2 - 239.8 + 22.8 - 360.7 - 441.0 + 18.2
Central Region - 29.0 - 64.3 + 54.9 - 93.0 - 224.1 + 58.5
Western Region - 57.5 - 87.0 + 33.9 - 90.7 - 166.5 + 45.5
Markets & Airlines - 271.7 - 391.1 + 30.5 - 544.5 - 831.7 + 34.5
All other segments - 3.5 - 18.9 + 81.5 - 38.2 - 48.0 + 20.4
TUI Group - 343.1 - 600.5 + 42.9 - 614.5 - 1,298.5 + 52.7
Segmental performance
Holiday Experiences
EUR million Q2 2022 Q2 2021 Var. % H1 2022 H1 2021 Var. %
Revenue 284.8 36.5 + 680.3 583.6 104.0 + 461.2
Underlying EBIT - 66.6 - 186.9 + 64.4 - 49.9 - 413.6 + 87.9
Underlying EBIT at constant currency - 67.7 - 186.9 + 63.8 - 50.4 - 413.6 + 87.8
Hotels & Resorts
EUR million Q2 2022 Q2 2021 Var. % H1 2022 H1 2021 Var. %
Total revenue1 241.8 53.1 + 355.4 524.6 146.8 + 257.4
Revenue 181.0 27.5 + 558.2 379.3 83.9 + 352.1
Underlying EBIT 23.7 - 102.6 n. a. 84.8 - 198.3 n. a.
Underlying EBIT at constant currency 20.9 - 102.6 n. a. 81.0 - 198.3 n. a.
Capacity hotels total2 ('000) 6,935 4,242 + 63.5 15,530 9,418 + 64.9
Riu 3,059 2,286 + 33.8 6,490 4,782 + 35.7
Robinson 592 237 + 150.0 1,321 601 + 119.9
Blue Diamond 1,343 1,159 + 15.9 2,667 2,032 + 31.2
Occupancy rate hotels total3 65 36 + 29 64 40 + 24
(in %, variance in % points)
Riu 73 36 + 37 71 41 + 30
Robinson 51 49 + 2 58 48 + 10
Blue Diamond 78 37 + 41 76 39 + 37
Average revenue per bed hotels total4 86 69 + 24.2 78 64 + 22.8
(in EUR)
Riu 71 59 + 20.7 68 55 + 23.3
Robinson 115 96 + 19.9 106 92 + 15.8
Blue Diamond 143 96 + 49.8 132 93 + 40.9
Revenue includes fully consolidated companies, all other KPIs incl. companies measured at equity
1 Total revenue includes intra-Group revenue
2 Group owned or leased hotel beds multiplied by opening days per quarter
3 Occupied beds divided by capacity
4 Arrangement revenue divided by occupied beds
H1 2022 revenue grew to EUR379.3m, an improvement of EUR295.4m
year-on-year (H1 2021: EUR83.9m) reflecting the more normalised
pre-pandemic travel environment across our multiple destinations, ,
versus the prior year. The segment reported a H1 underlying EBIT
profit of EUR84.8m as a result, improving by up EUR283.1m
year-on-year (H1 2021: EUR198m loss), with Riu delivering strong
results in their core Caribbean and Spanish markets.
Q2 2022 revenue respectively grew to EUR181.0m, improving
EUR153.5m year-on-year (Q2 2021: EUR27.5m), delivering an
underlying EBIT profit of EUR23.7m, an improvement of EUR126.3m
year-on-year (Q2 2021: EUR-102.6m loss), the third sequential
quarterly positive underlying EBIT result since the start of the
pandemic.
For the Q2 period, we operated 6.9m available bednights
(capacity) which is an increase of 2.7m available bednights versus
the prior year (Q2 2021: 4.2m), and nearing pre pandemic levels (Q2
2019: 7.6m). The benefit of our brands, with a high level of
capacity in popular year-round destinations such as the Caribbean
and Canaries, both of which achieved average occupancies of 77% in
the quarter, is evident in our operational results. Q2 occupancy
rate increased 29%pts year-on-year to 65% for the segment, with Riu
achieving 73% in the quarter, up 37%pts year-on-year (Q2 2021: 36%)
and Blue Diamond achieving 78%, up 41%pts year-on-year (Q2 2021:
37%), reflecting the benefit of third-party sales in the Caribbean
from North America and our ability to steer our base of European
customers to our own hotels e.g. in the Canaries first. Robinson
average occupancy increased 2%pts to 51% year-on-year (Q2 2021:
49%), reflective of the usual winter seasonality for its more
European portfolio.
Q2 2022 average daily rate increased by 24% to EUR86, with Riu's
average daily rate increasing 21% to EUR71 (Q2 2021: EUR59) and
Blue Diamond average daily rate increasing 50% to EUR143 (Q2 2021:
EUR96), driven by higher average spend in the Caribbean. Robinson
also delivered a strong average rate of EUR115, an increase of 20%
year-on-year (Q2 2021: EUR96).
Cruises
EUR million Q2 2022 Q2 2021 Var. % H1 2022 H1 2021 Var. %
Revenue1 41.3 1.0 n. a. 75.5 1.5 n. a.
Underlying EBIT - 73.5 - 55.0 - 33.6 - 105.3 - 153.3 + 31.3
Underlying EBIT at constant currency - 71.8 - 55.0 - 30.5 - 101.8 - 153.3 + 33.6
Occupancy (in %, variance in % points)
Mein Schiff2 51 34 + 17 52 35 + 17
Hapag-Lloyd Cruises 29 29 - 39 33 + 6
Marella Cruises 53 - n. a. 51 - n. a.
Passenger days ('000)
Mein Schiff2 582 176 + 230.0 1,277 354 + 261.0
Hapag-Lloyd Cruises 41 8 + 397.6 115 21 + 441.8
Marella Cruises 184 - n. a. 365 - n. a.
Average daily rates3 (in EUR)
Mein Schiff2 138 89 + 55.1 147 104 + 41.3
Hapag-Lloyd Cruises 606 376 + 61.2 640 411 + 55.6
Marella Cruises (in GBP) 156 - n. a. 149 - n. a.
1 No revenue is carried for Mein Schiff and Hapag-Lloyd Cruises as the joint venture TUI Cruises is consolidated at
equity
2 Brand Mein Schiff was reported under TUI Cruises in the previous year's
periods
3 Per day and passenger
The Cruises segment comprises the joint venture TUI Cruises,
which operates cruise ships under the brands Mein Schiff and
Hapag-Lloyd Cruises, and Marella Cruises.
H1 2022 Cruises revenue, reflecting Marella Cruises solely (TUI
Cruises consisting of Mein Schiff and Hapag-Lloyd Cruises is equity
accounted) grew to EUR75.5m, an improvement of EUR74.0m
year-on-year (H1 2021: EUR1.5m), reflecting the more normalised
pre-pandemic travel environment, versus the prior year when
Marella's operations were suspended in line with UK government
travel advice. Resultingly, H1 underlying EBIT loss for the segment
(including the equity result of TUI Cruises) reduced to EUR-105.3m
loss, an improvement of EUR48.0m (H1 2021: EUR-153.3m loss), with a
partial fleet operated by all three brands in the first six months
due to Omicron restrictions, which held back the performance for
the segment.
Q2 2022 revenue for Marella grew to EUR41.3m respectively,
improving EUR40.3m year-on-year (Q2 2021: EUR1.0m). Q2 underlying
EBIT loss (including equity result for TUI Cruises) increased by
EUR18.5m to EUR-73.5m loss due to Omicron restrictions introduced
at the end of Q1 2022, which resulted in operational disruption
costs for all three brands throughout January and February.
Mein Schiff - January in particular, was impacted by short-term
Omicron-related amendments, resulting in the cancellation of
itineraries and a temporary operational pause for part of the
fleet. Four ships (out of seven) operated in January, five ships
operated in February, returning to six ships from March as
Omicron-related travel restrictions eased during the quarter. (Mein
Schiff 5 already in use as a vaccination hub until February and
Mein Schiff Herz in pre-planned lay-up until April). Occupancy of
the operated fleet in the second quarter was 51% as a result (Q2
2021: 34%). Q2 average daily rate of operated fleet was EUR138, up
55% versus prior year (Q2 2021: EUR89), with cruises operated in
the Canaries, the Mediterranean, Caribbean, and United Arab
Emirates during the second quarter, versus shorter average duration
"Blue Cruises" operated in the prior year.
Hapag-Lloyd Cruises - Hapag-Lloyd Cruises saw the same
short-term Omicron-related amendments, resulting in the
cancellation of itineraries and temporary operational pause of two
ships, with three (out of five) operated in January and February,
returning to full fleet of five from March as Omicron-related
restrictions eased during the quarter. Q2 average daily rate of
operated fleet was EUR606, an increase of 61% on prior year (Q2
2021: EUR376), reflecting the resumption of worldwide itineraries
versus European cruises in the prior year. Q2 occupancy of the
operated fleet was 29% (Q2 2021 Q2: 29%), reflecting the previously
discussed factors.
Marella Cruises - Similarly to Mein Schiff and Hapag-Lloyd
Cruises, Marella operated a partial fleet throughout the second
quarter, with just one ship (out of four) in operation in January,
two in February and three in March as Omicron-related restrictions
eased. Q2 average daily rate of was GBP156 and occupancy was 53%,
versus a previous Q2 which saw operations suspended in line with UK
government travel advice.
TUI Musement
EUR million Q2 2022 Q2 2021 Var. % H1 2022 H1 2021 Var. %
Total revenue1 92.4 9.8 + 842.9 192.6 25.4 + 658.3
Revenue 62.5 8.1 + 671.6 128.8 18.6 + 592.5
Underlying EBIT - 16.8 - 29.3 + 42.7 - 29.5 - 62.0 + 52.4
Underlying EBIT at constant currency - 16.8 - 29.3 + 42.7 - 29.5 - 62.0 + 52.4
1 Total revenue includes intra-Group revenue
H1 2022 revenue of EUR128.8m, up EUR110.2m year-on-year (H1
2021: EUR18.6m). H1 underlying EBIT loss of EUR-29.5m, improving
EUR32.5m year-on-year (H1 2021: EUR-62.0m), reflecting the same
previously discussed factors.
Q2 revenue of EUR62.5m, up EUR54.4m year-on-year (Q2 2021:
EUR8.1m). Q2 underlying EBIT loss of EUR-16.8m, improving EUR12.5m
year-on-year (Q2 2021: EUR-29.3m loss).
0.7m excursions, activities and tours sold in the second
quarter, an increase of 0.6m excursions versus the prior year (Q2
2021: 0.1m) reflecting the more normalised pre-pandemic travel
environment across our global destinations. The increase reflects
the breadth of our coverage in both popular cities and traditional
sun & beach locations, benefitting from the advantage of our
integrated model and growth of third-party sales through the
Musement platform.
Q2 online distribution was 45% (Q2 2021: 56%) reflecting the
return of destination staff in resort versus the prior year, in
line with our hybrid in-person and online self-service model.
Markets & Airlines
EUR million Q2 2022 Q2 2021 Var. % H1 2022 H1 2021 Var. %
Revenue 1,833.7 204.3 + 797.6 3,887.1 598.6 + 549.4
Underlying EBIT - 258.7 - 427.0 + 39.4 - 517.7 - 850.1 + 39.1
Underlying EBIT at constant currency - 253.1 - 427.0 + 40.7 - 503.2 - 850.1 + 40.8
Direct distribution mix1 80 74 + 6 77 76 + 1
(in %, variance in % points)
Online mix2 57 57 - 55 56 - 1
(in %, variance in % points)
Customers ('000) 1,857 159 n. a. 4,113 684 + 501.3
1 Share of sales via own channels (retail and online)
2 Share of online sales
H1 2022 revenue of EUR3.9bn, up EUR3.3bn year-on-year (H1 2021:
EUR0.6bn). H1 underlying EBIT loss for the segment of EUR-517.7m
improved by loss EUR332.4m year-on-year (H1 2021: EUR-850.1m)
reflecting the more normalised pre-pandemic travel environment
versus the prior year against our typical winter seasonality.
Q2 2022 revenue of EUR1.8bn, up EUR1.6bn year-on-year (Q2 2021:
EUR0.2bn). Q2 underlying EBIT loss of EUR258.7m, improved by
EUR168.3m year-on-year (Q2 2021: EUR427.0m). The result includes a
EUR43m net benefit from the revaluation and unwinding of
ineffective hedge positions, EUR50m state compensation within
Central Region for loss of business in the course of the pandemic
as well as savings delivered by our Global Realignment Programme
across all markets.
A total of 1.9m customers departed in the second quarter, an
increase of 1.7m customers versus Q2 2021. Average load factor of
84% was achieved for the second quarter (Q2 2019: 85%)
Northern Region
EUR million Q2 2022 Q2 2021 Var. % H1 2022 H1 2021 Var. %
Revenue 847.9 52.1 n. a. 1,500.2 159.1 + 842.9
Underlying EBIT - 180.9 - 221.0 + 18.1 - 352.6 - 418.3 + 15.7
Underlying EBIT at constant currency - 174.6 - 221.0 + 21.0 - 336.7 - 418.3 + 19.5
Direct distribution mix1 93 87 + 6 94 93 + 1
(in %, variance in % points)
Online mix2 69 72 - 3 71 76 - 5
(in %, variance in % points)
Customers ('000) 752 6 n. a. 1,417 119 n. a.
1 Share of sales via own channels (retail and online)
2 Share of online sales
H1 2022 revenue of EUR1.5bn, up EUR1.3bn year-on-year (H1 2021:
EUR0.2bn). H1 underlying EBIT loss for the region of EUR-352.6m
improved by EUR65.7m year-on-year (H1 2021: EUR-418.3m) per the
factors already mentioned.
Q2 2022 revenue of EUR847.9m, up EUR795.8m year-on-year (Q2
2021: EUR52.1m). Q2 underlying EBIT loss for the region of
EUR180.9m, improved by EUR40.1m year-on-year (Q2 2021: EUR-221.0m),
driven by improving departure volumes in a more normalised
pre-pandemic travel environment, EUR16m benefit from the
revaluation and unwinding of ineffective hedge position and savings
delivered through our Global Realignment Programme. The loss
position, comparatively to other markets, predominantly reflects
the higher operational leverage for the UK, as well as a more
subdued Nordics market.
Northern Region reported an increase in Q2 customer volumes,
with 752k guests departing overall in the quarter representing 75%
of pre-pandemic Q2 2019 volumes and versus 6k customers in Q2 2021.
Online distribution for region continues to be strong at 69%, up
2%pts versus pre-pandemic levels (Q2 2019: 67%). Direct
distribution is up 1%pts to 93% versus pre-pandemic levels (Q2
2019: 92%)
Central Region
EUR million Q2 2022 Q2 2021 Var. % H1 2022 H1 2021 Var. %
Revenue 619.6 124.2 + 398.9 1,604.7 337.4 + 375.6
Underlying EBIT - 20.7 - 122.7 + 83.1 - 75.7 - 272.0 + 72.2
Underlying EBIT at constant currency - 20.9 - 122.7 + 83.0 - 76.2 - 272.0 + 72.0
Direct distribution mix1 58 62 - 4 57 63 - 6
(in %, variance in % points)
Online mix2 33 39 - 6 31 37 - 6
(in %, variance in % points)
Customers ('000) 524 87 + 502.3 1,441 333 + 332.7
1 Share of sales via own channels (retail and online)
2 Share of online sales
H1 revenue of EUR1.6bn, up EUR1.3bn year-on-year (H1 2021:
EUR0.3bn). H1 underlying EBIT loss for the region of EUR-75.7m,
improved by EUR196.3m year-on-year (H1 2021: EUR-272.0m) per the
factors already mentioned.
Q2 2022 revenue of EUR619.6m, up EUR495.4m year-on-year (Q2
2021: EUR124.2m). Q2 underlying EBIT loss for the region of
EUR-20.7m, improved by EUR102.0m year-on-year (Q2 2021:
EUR-122.7m), driven by better departure volumes, the benefit of a
EUR50m state compensation for loss of business in the course of the
pandemic receipted in the second quarter, EUR30m benefit from the
revaluation and unwinding of ineffective hedge position, in
addition to savings delivered by our Global Realignment
Programme.
Central Region similarly saw a step-up in operations, with 524k
customers departed in the second quarter, representing 54% of
pre-pandemic Q2 2019 volumes and versus 87k customers in Q2 2021.
Online distribution for region stood at 33%, up 9%pts versus
pre-pandemic levels (Q2 2019: 24%). Direct distribution is up 5%pts
to 58% versus pre-pandemic levels (Q2 2019: 53%).
Western Region
EUR million Q2 2022 Q2 2021 Var. % H1 2022 H1 2021 Var. %
Revenue 366.2 28.0 n. a. 782.2 102.1 + 666.1
Underlying EBIT - 57.0 - 83.3 + 31.6 - 89.4 - 159.8 + 44.1
Underlying EBIT at constant currency - 57.6 - 83.3 + 30.9 - 90.4 - 159.8 + 43.4
Direct distribution mix1 82 90 - 8 82 86 - 4
(in %, variance in % points)
Online mix2 64 81 - 17 63 72 - 9
(in %, variance in % points)
Customers ('000) 582 66 + 781.8 1,255 232 + 440.9
1 Share of sales via own channels (retail and online)
2 Share of online sales
H1 2022 revenue of EUR0.8bn, up EUR0.7bn year-on-year (H1 2021:
EUR0.1bn). H1 underlying EBIT loss for the region of EUR-89.4m,
improved by EUR70.4m year-on-year (H1 2021: EUR-160m) per the
factors already mentioned.
Q2 2022 revenue of EUR366.2m, up EUR338.2m year-on-year (Q2
2021: EUR28.0m). Q2 underlying EBIT loss for the region of
EUR-57.0m, improved by EUR26.3m year-on-year (Q2 2021: EUR-83.3m),
driven by better departure volumes in the more normalised
pre-pandemic travel environment and savings delivered through our
Global Realignment Programme.
Western Region also saw operations ramp-up, with 582k customers
departing in the second quarter, representing 65% of pre-pandemic
Q2 2019 volumes and versus 66k customers in Q2 2021. Online
distribution for region stood at 64%, up 4%pts versus pre-pandemic
levels (Q2 2019: 60%). Direct distribution is up 5%pts to 82%
versus pre-pandemic levels (Q2 2019: 77%).
All other segments
EUR million Q2 2022 Q2 2021 Var. % H1 2022 H1 2021 Var. %
Revenue 9.9 7.3 + 35.6 26.9 13.6 + 97.8
Underlying EBIT - 4.6 - 19.1 + 75.9 - 35.8 - 45.1 + 20.6
Underlying EBIT at constant currency) - 4.3 - 19.1 + 77.5 - 34.9 - 45.1 + 22.6
H1 2022 underlying EBIT loss of EUR-35.8m, improved EUR9.3m
year-on-year (H1 2021: EUR-45.1m) and Q2 underlying EBIT loss of
EUR-4.6m, improved EUR14.5m year-on-year (Q2 2021: EUR-19.1m,
driven by strong cost discipline.
Financial position and net assets
Cash Flow / Net capex and investments / Net debt
As a result of the continued easing or lifting of global travel
restrictions in the course of H1 2022, TUI Group was able to
increase its business volume year-on-year. Nevertheless, TUI
Group's operating cash inflow continued to be impacted by the
COVID-19 pandemic in the period under review. At EUR439.8m, it
increased by EUR1,915.8m compared to previous year.
In October 2021, TUI AG carried out a capital increase. This
resulted in an inflow of EUR1,106.4m after deduction of borrowing
costs.
H1 2022 net debt position of EUR3,936.0m is an improvement of
EUR1,133.6m versus Q1 2022 net position of EUR5,069.6m and an
improvement of EUR2,877.1m year-on-year (H1 2021: EUR6,813.1m). The
quarterly improvement is predominantly driven by positive cash
flow, as the business returns to a more normalised pre-pandemic
environment for travel and bookings and operations recover. The
year-on-year improvement is driven by positive cash flow as
operations recover, and proceeds from our capital increase
completed in the first quarter of 2022.
Net debt
EUR million 31 Mar 2022 31 Mar 2021 Var. %
Financial debt - 2,426.5 - 4,847.9 - 49.9
Lease liabilities - 3,146.0 - 3,377.8 - 6.9
Cash and cash equivalents 1,522.6 1,399.7 + 8.8
Short-term interest-bearing investments 113.8 12.9 + 782.2
Net debt -3,936.0 -6,813.1 - 42.2
Net capex and investments
EUR million Q2 2022 Q2 2021 Var. % H1 2022 H1 2021 Var. %
Cash gross capex
Hotels & Resorts 34.0 36.2 - 6.1 56.0 69.9 - 19.9
Cruises 6.8 7.2 - 5.6 28.3 15.1 + 87.4
TUI Musement 4.6 3.0 + 53.3 8.1 5.8 + 39.7
Holiday Experiences 45.3 46.5 - 2.6 92.4 90.8 + 1.8
Northern Region 6.5 - 0.6 n. a. 12.8 5.4 + 137.0
Central Region 3.9 1.6 + 143.8 4.8 2.5 + 92.0
Western Region 1.5 - 0.3 n. a. 3.3 1.7 + 94.1
Markets & Airlines* 13.3 3.0 + 343.3 23.6 15.0 + 57.3
All other segments 27.7 20.0 + 38.5 53.3 32.9 + 62.0
TUI Group 86.4 69.4 + 24.5 169.3 138.7 + 22.1
Net pre delivery payments on aircraft 1.8 - 32.0 n. a. - 44.6 - 31.6 - 41.1
Financial investments - 21.2 n. a. - 21.7 n. a.
Divestments - 4.9 - 119.9 + 95.9 12.0 - 237.2 n. a.
Net capex and investments 83.3 - 61.3 n. a. 136.7 - 108.4 n. a.
* Including EUR1.4m for Q2 2022 (Q2 2021: EUR2.3m) and EUR2.7m
for H1 2022 (H1 2021: EUR5.4m) cash gross capex of the aircraft
leasing companies, which are allocated to Markets & Airlines as
a whole, but not to the individual segments Northern Region,
Central Region and Western Region.
Cash gross capex in H1 2022 was 22.1% higher year-on-year. This
increase was mainly due to dock periods at Marella Cruises and
Group IT investments. Net capex and investments of EUR136.7m
increased by EUR245.1m year-on-year. The divestments related mainly
to the sale and lease back of spares. In addition, a subsequent
reconciliation of the disposal of RIU Hotels S.A. was included, in
total resulting in positive divestments. Previous year's
divestments included sale and lease back of spares and aircraft as
well as a part of the sales proceeds of Hapag-Lloyd Kreuz-fahrten
to our joint venture TUI Cruises.
Assets and liabilities
EUR million 31 Mar 2022 30 Sep 2021 Var. %
Non-current assets 11,188.7 11,222.3 - 0.3
Current assets 3,549.9 2,933.3 + 21.0
Total assets 14,738.7 14,155.7 + 4.1
Equity 216.6 - 418.4 n. a.
Provisions 2,004.2 2,238.2 - 10.5
Financial liabilities 2,426.5 3,320.8 - 26.9
Other liabilities 10,091.4 9,015.2 + 11.9
Total equity, liabilities and provisions 14,738.7 14,155.7 + 4.1
Comments on the consolidated income statement
As a result of the continued easing or lifting of global travel
restrictions, TUI Group was able to increase its business volume
compared with the prior-year period under review. Nevertheless, the
development of revenue and earnings in H1 2022 continued to be
significantly impacted by the measures to contain the spread of
COVID-19. TUI Group's results generally also reflect the
significant seasonal swing in tourism between the winter and summer
travel months, however this period the impact is less evident due
to the COVID-19 pandemic.
In H1 2022, consolidated revenue increased by EUR3.8bn
year-on-year to EUR4.5bn.
Unaudited condensed consolidated Income Statement of TUI AG for the period from
1 Oct 2021 to 31 Mar 2022
EUR million Q2 2022 Q2 Var. % H1 2022 H1 2021 Var. %
2021
Revenue 2,128.4 248.1 +757.9 4,497.6 716.3 +527.9
Cost of sales 2,262.0 638.1 +254.5 4,734.4 1,518.2 +211.8
Gross loss - 133.6 - +65.7 - 236.9 - 801.9 +70.5
390.0
Administrative expenses 175.3 194.6 - 9.9 377.0 387.7 - 2.8
Other income 4.6 5.0 - 8.0 30.8 10.8 +185.2
Other expenses 0.7 2.2 - 68.2 1.6 8.2 - 80.5
Impairment (+) / Reversal of impairment (-) of financial assets - 0.2 - +99.0 - 4.5 - 29.1 +84.5
19.5
Financial income 5.1 - 9.2 n. a. 25.9 26.9 - 3.7
Financial expense 133.5 112.5 +18.7 281.3 256.0 +9.9
Share of result of investments accounted for using the equity - 33.3 - +37.5 - 35.6 - 157.2 +77.4
method 53.3
Impairment (+) / Reversal of impairment (-) of net investments - - 0.5 n. a. - - 0.5 n. a.
in joint ventures and associates
Earnings before income taxes - 466.5 - +36.7 - 871.0 - +43.6
736.9 1,543.7
Income taxes (expense (+), income (-)) - 145.1 - - - 163.1 - 45.6 -
29.0 400.3 257.7
Group loss - 321.4 - +54.6 - 707.9 - +52.7
707.9 1,498.1
Group loss attributable to shareholders of TUI AG - 335.7 - +51.7 - 720.0 - +51.2
694.7 1,474.8
Group profit / loss attributable to non-controlling interest 14.4 - n. a. 12.1 - 23.3 n. a.
13.2
Alternative performance measures
The Group's main financial KPI is underlying EBIT. We define the
EBIT in underlying EBIT as earnings before interest, income taxes
and expenses for the measurement of the Group's interest hedges.
EBIT by definition includes goodwill impairments.
One-off items carried here include adjustments for income and
expense items that reflect amounts and frequencies of occurrence
rendering an evaluation of the operating profitability of the
segments and the Group more difficult or causing distortions. These
items include gains on disposal of financial investments,
significant gains and losses from the sale of assets as well as
significant restructuring and integration expenses. Any effects
from purchase price allocations, ancillary acquisition costs and
conditional purchase price payments are adjusted. Also, any
goodwill impairments are adjusted in the reconciliation to
underlying EBIT.
Reconciliation to underlying EBIT
EUR million Q2 Q2 Var. H1 H1 2021 Var.
2022 2021 % 2022 %
Earnings before income taxes - - +36.7 - - +43.6
466.5 736.9 871.0 1,543.7
plus: Net interest expenses (excluding expense / income from 122.2 137.4 - 253.8 239.6 +5.9
measurement of interest hedges) 11.1
plus / less: (Expenses) income from measurement of interest hedges 1.3 - 1.0 n. a. 2.7 5.6 -
51.8
EBIT - - +42.9 - - +52.7
343.1 600.5 614.5 1,298.5
Adjustments:
plus: Separately disclosed items 6.0 - - 3.3 - 26.4
40.6
plus: Expense from purchase price allocation 7.2 8.1 14.3 16.2
Underlying EBIT - - +47.9 - - +53.9
329.9 633.0 603.5 1,308.8
The TUI Group's operating loss adjusted for special items
increased by EUR705.3m to EUR603.5m in H1 2022.
-- For further details on the separately disclosed items see
page 42 in the Notes of this Half-YearFinancial Report.
Key figures of income statement
EUR million Q2 Q2 Var. H1 H1 2021 Var.
2022 2021 % 2022 %
EBITDAR - - + - - 824.0 +
122.6 351.6 65.1 174.0 78.9
Operating rental expenses - 7.4 - 5.1 - - - 7.5 -
45.1 11.5 53.3
EBITDA - - + - - 831.5 +
130.0 356.7 63.6 185.5 77.7
Depreciation/amortisation less reversals of depreciation* - - + - - 467.0 + 8.1
213.1 243.8 12.6 429.0
EBIT - - + - - +
343.1 600.5 42.9 614.5 1,298.5 52.7
Income/Expense from the measurement of interest hedges 1.3 - 1.0 n. a. 2.7 5.6 -
51.8
Net interest expense (excluding expense/income from measurement of 122.2 137.4 - 253.8 239.6 + 5.9
interest hedges) 11.1
EBT - - + - - +
466.5 736.9 36.7 871.0 1,543.7 43.6
* on property, plant and equipment, intangible assets, right of use assets and other assets
Other segment indicators
Underlying EBITDA
EUR million Q2 2022 Q2 2021 Var. % H1 2022 H1 2021 Var. %
Hotels & Resorts 68.0 - 45.6 n. a. 175.0 - 87.1 n. a.
Cruises - 55.5 - 38.6 - 43.8 - 70.5 - 122.3 + 42.4
TUI Musement - 10.9 - 22.7 + 52.0 - 17.7 - 49.5 + 64.2
Holiday Experiences 1.6 - 106.9 n. a. 86.7 - 258.9 n. a.
Northern Region - 105.5 - 134.7 + 21.7 - 202.0 - 255.5 + 20.9
Central Region 7.6 - 90.2 n. a. - 19.5 - 209.9 + 90.7
Western Region - 23.4 - 50.2 + 53.4 - 20.4 - 90.7 + 77.5
Markets & Airlines - 121.3 - 275.2 + 55.9 - 241.9 - 556.1 + 56.5
All other segments - 3.3 - 16.4 + 79.9 - 33.3 - 41.1 + 19.0
TUI Group - 123.1 - 398.5 + 69.1 - 188.4 - 856.1 + 78.0
EBITDA
EUR million Q2 2022 Q2 2021 Var. % H1 2022 H1 2021 Var. %
Hotels & Resorts 68.6 - 45.6 n. a. 196.9 - 87.2 n. a.
Cruises - 55.5 - 38.6 - 43.8 - 70.5 - 122.3 + 42.4
TUI Musement - 11.0 - 24.3 + 54.7 - 18.0 - 50.9 + 64.6
Holiday Experiences 2.1 - 108.6 n. a. 108.4 - 260.4 n. a.
Northern Region - 106.3 - 148.3 + 28.3 - 203.4 - 272.1 + 25.2
Central Region - 0.4 - 31.5 + 98.7 - 35.0 - 161.3 + 78.3
Western Region - 23.1 - 52.1 + 55.7 - 20.0 - 93.8 + 78.7
Markets & Airlines - 129.8 - 231.9 + 44.0 - 258.4 - 527.2 + 51.0
All other segments - 2.3 - 16.2 + 85.8 - 35.5 - 44.0 + 19.3
TUI Group - 130.0 - 356.7 + 63.6 - 185.5 - 831.5 + 77.7
Employees
31 Mar 2022 31 Mar 2021 Var. %
Hotels & Resorts 17,176 9,068 + 89.4
Cruises* 61 59 + 3.4
TUI Musement 5,187 3,856 + 34.5
Holiday Experiences 22,424 12,983 + 72.7
Northern Region 9,606 8,710 + 10.3
Central Region 7,131 7,860 - 9.3
Western Region 4,609 4,163 + 10.7
Markets & Airlines 21,346 20,733 + 3.0
All other segments 2,353 2,313 + 1.7
Total 46,123 36,029 + 28.0
* Excludes TUI Cruises (JV) employees. Cruises employees are primarily hired by external crew management agencies.
Corporate Governance
Composition of the Boards
In H1 2022 the composition of the Boards of TUI AG changed as
follows:
Supervisory Board
Ms Carola Schwirn left the Supervisory Board at the end of 28
February 2022. Ms Schwirn, department coordinator in the Berlin
transport division of the ver.di trade union, had been a member of
the Supervisory Board since 2014 and was also a member of the
Mediation Committee. In the quarter under review, the Executive
Board of TUI AG subsequently filed an application for judicial
appointment with the local court. The local court appointed Ms
Sonja Austermühle, trade union secretary and lawyer at ver.di, as
an employee representative on the Supervisory Board with effect
from 1 April 2022.
As a result of the war in Ukraine triggered by Russia, the
European Union issued sanctions against Mr Alexey Mordashov on 28
February 2022. Mr Mordashov notified us on 2 March 2022 that he was
resigning from the Supervisory Board of TUI AG with immediate
effect. He had been elected to TUI's Supervisory Board in 2016 and
was also a member of the Presiding Committee, the Nomination
Committee and the Strategy Committee.
On 3 March 2022, Mr Vladimir Lukin also informed us that he was
resigning from his mandate as shareholder representative on the
Supervisory Board of TUI AG with immediate effect. Mr Lukin had
been a member of our Supervisory Board since 2019 and was also a
member of the Audit Committee and the Strategy Committee. We will
also seek to fill these two vacancies by means of a court
appointment.
Executive Board
There were no changes in the TUI AG Executive Board in the
period under review.
The current, complete composition of the Executive Board and
Supervisory Board is published on our website, where it is
permanently accessible to the public.
? www.tuigroup.com/en-en/investors/corporate-governance
Risk and Opportunity Report
Successful management of existing and emerging risks is critical
to the long-term success of our business and to the achievement of
our strategic objectives. Full details of our risk governance
framework and principal risks can be found in the Annual Report
2021.
? Details see Risk Report in our Annual Report 2021, from page
35
Principal risks above risk appetite: Lack of integration &
flexibility within operations and IT systems; Reduction in customer
demand; Inability to attract & retain talent; Insufficient cash
flow; Volatility of input costs; Impact of Brexit; Disruption to IT
Systems (Cyber attack); Lack of sustainability improvements;
Principal risks within appetite: Disruption within our
destinations; Security Health & Safety breach; Reliance on key
suppliers; Breach of regulatory requirements; Management of joint
venture partnerships
Several principal risks materialised simultaneously as a result
of the COVID-19 pandemic, which has led to travel restrictions
across the world, both within the markets as well as in destination
countries.
Currently, TUI Group continues to be affected by the negative
financial impact of the COVID 19 pandemic.
Although the number of COVID 19 cases remained high, in
particular due to the rapid spread of the Omicron variant, contact
restriction measures and travel restrictions were gradually eased
in most countries in the first months of the calendar year. TUI
Group's operating business recorded good demand during Q2 2022. The
booking momentum in our key markets so far remained largely
unaffected by Russia's war of aggression on Ukraine. However, an
enhanced general price increase as a possible impact of the war
could affect our customers' purchasing power and desire to travel
in the medium term, thus impacting our principle risk of a
reduction in customer demand. In addition, the war affects our
principle risk of input cost volatility and led to an increase in
fuel costs, which particularly might affect the results of the
Northern Region, Central Region, Western Region and Cruises
segments. There is a risk that fuel price levels will remain
elevated.
From the Executive Board's perspective, despite the existing
risks, the TUI Group currently has and will continue to have
sufficient funds, resulting from both borrowings and operating cash
flows, to meet its payment obligations and to ensure the going
concern of the company accordingly in the foreseeable future. In
this context, the Executive Board assumes that the credit lines
expiring in summer 2024 will be refinanced. Therefore, as at 31
March 2022, the Executive Board does not identify any material
uncertainty that may cast significant doubt on the Group's ability
to continue as a going concern risk. The Executive Board does not
consider the remaining risk with regard to a further pandemic/
war-related change in booking behaviour as a going concern. In its
assessment, the Executive Board assumes that booking figures will
gradually recover in the remainder of the 2022 financial year and
that volumes in the summer of 2022 will settle approximately close
to the level of the summer of 2019.
For the 2023 financial year, it is expected that booking
behaviour in the 2023 financial year will largely correspond to the
pre-pandemic level. In this regard, the Board assumes that travel
behaviour will not be affected by further long-term closures and
lockdowns or by the impact of Russia's war of aggression on
Ukraine. Nevertheless, customer bookings may deteriorate due to new
new pandemic or war-related travel restrictions, insufficient
vaccination coverage against the COVID-19 virus in the individual
countries and virus variants for which there is insufficient
vaccination protection, thus affecting TUI Group's performance.
During this period of reduced travel compared to pre-pandemic
levels, the Executive Board continues to monitor the key risks,
particularly heightened risks such as customer demand and those
that impact the financial profile (i.e. cost volatility and cash
flow) of the Group.
Unaudited condensed consolidated Interim Financial
Statements
Unaudited condensed consolidated Income Statement of TUI AG for the period from
1 Oct 2021 to 31 Mar 2022
EUR million Notes Q2 2022 Q2 H1 2022 H1 2021
2021
Revenue (1) 2,128.4 248.1 4,497.6 716.3
Cost of sales (2) 2,262.0 638.1 4,734.4 1,518.2
Gross loss - 133.6 - - 236.9 - 801.9
390.0
Administrative expenses (2) 175.3 194.6 377.0 387.7
Other income (3) 4.6 5.0 30.8 10.8
Other expenses (4) 0.7 2.2 1.6 8.2
Impairment (+) / Reversal of impairment (-) of financial assets (21) - 0.2 - - 4.5 - 29.1
19.5
Financial income (5) 5.1 - 9.2 25.9 26.9
Financial expense (5) 133.5 112.5 281.3 256.0
Share of result of investments accounted for using the equity method (6) - 33.3 - - 35.6 - 157.2
53.3
Impairment (+) / Reversal of impairment (-) of net investments in joint (6) - - 0.5 - - 0.5
ventures and associates
Earnings before income taxes - 466.5 - - 871.0 -
736.9 1,543.7
Income taxes (expense (+), income (-)) (7) - 145.1 - - 163.1 - 45.6
29.0
Group loss - 321.4 - - 707.9 -
707.9 1,498.1
Group loss attributable to shareholders of TUI AG - 335.7 - - 720.0 -
694.7 1,474.8
Group profit / loss attributable to non-controlling interest (8) 14.4 - 12.1 - 23.3
13.2
Earnings per share
EUR Q2 2022 Q2 2021 H1 2022 H1 2021
Basic and diluted loss / earnings per share - 0.21 - 0.67 - 0.47 - 1.82
Unaudited condensed consolidated Statement of Comprehensive Income of TUI AG for the period from
1 Oct 2021 to 31 Mar 2022
EUR million Q2 Q2 H1 H1 2021
2022 2021 2022
Group loss - - - -
321.4 707.8 707.9 1,498.1
Remeasurements of defined benefit obligations and related fund assets 133.0 60.9 205.6 - 144.3
Other comprehensive income of investments accounted for using the equity method that - 15.5 - 29.9
will not be reclassified
Fair value loss on investments in equity instruments designated as at FVTOCI - 0.2 - 0.5 - 0.5 - 0.5
Income tax related to items that will not be reclassified (expense (-), income (+)) - - - 32.9
40.4 12.4 58.5
Items that will not be reclassified to profit or loss 92.4 63.5 146.6 - 82.0
Foreign exchange differences 28.1 60.8 31.8 63.1
Foreign exchange differences outside profit or loss 28.2 59.9 31.9 62.2
Reclassification - 0.1 1.0 - 0.1 1.0
Cash flow hedges 65.6 66.0 61.7 53.9
Changes in the fair value 67.0 54.1 64.5 3.4
Reclassification - 1.4 11.9 - 2.8 50.5
Other comprehensive income of investments accounted for using the equity method that 5.6 4.4 8.4 - 23.3
may be reclassified
Income tax related to items that may be reclassified (expense (-), income (+)) - - - - 22.1
13.1 13.6 12.5
Items that may be reclassified to profit or loss 86.2 117.6 89.4 71.6
Other comprehensive income 178.6 181.1 236.0 - 10.4
Total comprehensive income - - - -
142.8 526.7 471.9 1,508.5
attributable to shareholders of TUI AG - - - -
166.7 520.0 498.6 1,498.1
attributable to non-controlling interest 23.9 - 6.7 26.7 - 10.4
Unaudited condensed consolidated Statement of Financial Position of TUI AG as at 31 Mar 2022
EUR million Notes 31 Mar 2022 30 Sep 2021
Assets
Goodwill (9) 3,019.2 2,993.1
Other intangible assets 502.1 498.6
Property, plant and equipment (10) 3,201.2 3,159.3
Right-of-use assets (11) 2,936.7 3,009.2
Investments in joint ventures and associates 609.8 640.5
Trade and other receivables (12), (21) 161.4 308.7
Derivative financial instruments (21) 15.1 8.9
Other financial assets (13), (21) 10.3 12.3
Touristic payments on account 114.8 107.6
Other non-financial assets 234.5 183.4
Income tax assets - 9.6
Deferred tax assets 383.6 291.1
Non-current assets 11,188.7 11,222.3
Inventories 50.1 42.8
Trade and other receivables (12), (21) 820.0 471.6
Derivative financial instruments (21) 121.2 53.4
Other financial assets (13), (21) 113.8 12.1
Touristic payments on account 697.9 508.6
Other non-financial assets 154.8 106.7
Income tax assets 69.5 57.7
Cash and cash equivalents (21) 1,522.6 1,583.9
Assets held for sale (14) - 96.5
Current assets 3,549.9 2,933.3
Total assets 14,738.7 14,155.7
Unaudited condensed consolidated Statement of Financial Position of TUI AG as at 31 Mar 2022
EUR million Notes 31 Mar 2022 30 Sep 2021
Equity and liabilities
Subscribed capital 1,622.9 1,099.4
Capital reserves 5,832.5 5,249.6
Revenue reserves - 9,023.9 - 8,525.7
Silent participation 1,091.0 1,091.0
Equity before non-controlling interest - 477.5 - 1,085.8
Non-controlling interest 694.1 667.3
Equity (20) 216.6 - 418.4
Pension provisions and similar obligations (15) 742.4 901.9
Other provisions 675.7 763.6
Non-current provisions 1,418.0 1,665.5
Financial liabilities (16), (21) 2,113.7 3,036.1
Lease liabilities (17) 2,455.9 2,606.1
Derivative financial instruments (21) 4.2 10.9
Other financial liabilities (18), (21) 2.8 5.9
Other non-financial liabilities 175.1 206.3
Income tax liabilities 15.5 56.4
Deferred tax liabilities 70.0 123.3
Non-current liabilities 4,837.2 6,045.1
Non-current provisions and liabilities 6,255.2 7,710.5
Pension provisions and similar obligations (15) 33.7 33.2
Other provisions 552.5 539.5
Current provisions 586.2 572.7
Financial liabilities (16), (21) 312.7 284.6
Lease liabilities (17) 690.1 623.3
Trade payables (21) 1,832.8 2,052.4
Derivative financial instruments (21) 37.7 12.9
Other financial liabilities (18), (21) 150.8 313.0
Touristic advance payments received (19) 4,003.1 2,379.4
Other non-financial liabilities 493.9 518.0
Income tax liabilities 159.6 56.7
Current liabilities 7,680.7 6,240.3
Liabilities related to assets held for sale - 50.6
Current provisions and liabilities 8,266.9 6,863.6
Total equity, liabilities and provisions 14,738.7 14,155.7
Unaudited condensed consolidated Statement of Changes in Equity of TUI AG as of 31 Mar 2022
Subscribed Capital Revenue Silent Equity before Non-controlling
EUR million capital reserves reserves participation non-controlling interest Total
interest
Balance as at 30 Sep 1,509.4 4,211.0 - - - 448.4 666.5 218.1
2020 6,168.8
Dividends - - - - - - 0.1 - 0.1
Share-based payment - - 0.5 - 0.5 - 0.5
schemes
Issuance of bonds with
warrant and - 34.5 - - 34.5 - 34.5
convertible bonds
Capital increase 509.0 25.9 - 920.0 1,454.9 - 1,454.9
Capital reduction - 919.0 919.0 - - - - -
Other - - - 6.9 - - 6.9 - - 6.9
Group loss for the - - - - - 1,474.8 - 23.3 -
year 1,474.8 1,498.1
Foreign exchange - - 50.2 - 50.2 12.9 63.1
differences
Financial assets at - - - 0.5 - - 0.5 - - 0.5
FVTOCI
Cash flow hedges - - 53.9 - 53.9 - 53.9
Remeasurements of
defined benefit - - - 144.3 - - 144.3 - - 144.3
obligations and
related fund assets
Other comprehensive
income of investments - - 6.7 - 6.7 - 6.7
accounted for using
the equity method
Taxes attributable to
other comprehensive - - 10.8 - 10.8 - 10.8
income
Other comprehensive - - - 23.2 - - 23.2 12.9 - 10.3
income
Total comprehensive - - - - - 1,498.0 - 10.4 -
income 1,498.0 1,508.4
Balance as at 31 Mar 1,099.4 5,190.4 - 920.0 - 463.4 656.0 192.6
2021 7,673.2
Balance as at 30 Sep 1,099.4 5,249.6 - 1,091.0 - 1,085.7 667.3 - 418.4
2021 8,525.7
Dividends - - - - - 0.1 0.1
Share-based payment - - 0.3 - 0.3 - 0.3
schemes
Capital increase 523.5 582.9 - - 1,106.4 - 1,106.4
Group profit/loss for - - - 720.0 - - 720.0 12.1 - 707.9
the year
Foreign exchange - - 17.2 - 17.2 14.6 31.8
differences
Financial assets at - - - 0.5 - - 0.5 - - 0.5
FVTOCI
Cash flow hedges - - 61.7 - 61.7 - 61.7
Remeasurements of
defined benefit - - 205.6 - 205.6 - 205.6
obligations and
related fund assets
Other comprehensive
income of investments - - 8.4 - 8.4 - 8.4
accounted for using
the equity method
Taxes attributable to
other comprehensive - - - 71.0 - - 71.0 - - 71.0
income
Other comprehensive - - 221.4 - 221.4 14.6 236.0
income
Total comprehensive - - - 498.6 - - 498.6 26.7 - 471.9
income
Balance as at 31 Mar 1,622.9 5,832.5 - 1,091.0 - 477.5 694.1 216.6
2022 9,023.9
Unaudited condensed consolidated Cash Flow Statement of TUI AG for the period from
1 Oct 2021 to 31 Mar 2022
EUR million Notes H1 2022 H1 2021
Group loss - 707.9 -
1,498.1
Depreciation, amortisation and impairment (+) / write-backs (-) 429.0 467.3
Other non-cash expenses (+) / income (-) 28.8 127.8
Interest expenses 269.4 251.4
Dividends from joint ventures and associates 0.1 10.0
Profit (-) / loss (+) from disposals of non-current assets - 26.5 - 3.1
Increase (-) / decrease (+) in inventories - 8.0 4.4
Increase (-) / decrease (+) in receivables and other assets - 396.2 540.2
Increase (+) / decrease (-) in provisions - 127.1 - 235.7
Increase (+) / decrease (-) in liabilities (excl. financial liabilities) 978.2 -
1,140.1
Cash inflow / cash outflow from operating activities (24) 439.8 -
1,476.0
Payments received from disposals of property, plant and equipment and intangible assets 63.4 228.1
Payments received/made from disposals of consolidated companies - 2.2 31.3
(less disposals of cash and cash equivalents due to divestments)
Payments received/made from disposals of other non-current assets - 23.6 23.5
Payments made for investments in property, plant and equipment and intangible assets - 174.1 - 150.0
Payments made for investments in consolidated companies - - 0.7
(less cash and cash equivalents received due to acquisitions)
Payments made for investments in other non-current assets - - 22.2
Cash inflow / cash outflow from investing activities (24) - 136.5 110.0
Payments received from capital increase by issuing new shares 1,106.4 -
Payments received from capital increase and from equity component of the bond with - 1,489.4
warrants issued
Payments received from the issuance of employee shares - - 0.5
Payments received from the raising of financial liabilities 18.3 844.2
Payments made for redemption of loans and financial liabilities - - 314.1
1,007.9
Payments made for principal of lease liabilities - 306.4 - 290.6
Interest paid - 173.9 - 217.2
Cash inflow / cash outflow from financing activities (24) - 363.6 1,511.2
Net change in cash and cash equivalents - 60.3 145.3
Development of cash and cash equivalents (24)
Cash and cash equivalents at beginning of period 1,586.1 1,233.1
Change in cash and cash equivalents due to exchange rate fluctuations - 3.2 21.4
Net change in cash and cash equivalents - 60.3 145.3
Cash and cash equivalents at end of period 1,522.6 1,399.7
Notes
General
The TUI Group and its major subsidiaries and shareholdings
operate in tourism. TUI AG, based in Karl-Wiechert-Allee 4, 30625
Hanover, Germany, is the TUI Group's parent company and a listed
corporation under German law. The Company is registered in the
commercial registers of the district courts of
Berlin-Charlottenburg (HRB 321) and Hanover (HRB 6580), Germany.
The shares in TUI AG are traded on the London Stock Exchange and
the Hanover and Frankfurt Stock Exchanges. In this document, the
term "TUI Group" represents the consolidated group of TUI AG and
its direct and indirect investments. Additionally, the unaudited
condensed consolidated interim financial statements of TUI AG are
referred to as "Interim Financial Statements", the unaudited
condensed consolidated income statement of TUI AG is referred to as
"income statement", the unaudited condensed consolidated statement
of financial position of TUI AG is referred to as "statement of
financial position", the unaudited condensed consolidated statement
of comprehensive income of TUI AG is referred to as "statement of
comprehensive income" and the unaudited condensed consolidated
statement of changes in equity of TUI AG is referred to as
"statement of changes in equity".
The Interim Financial Statements cover the period from 1 October
2021 to 31 March 2022. The Interim Financial Statements are
prepared in euros. Unless stated otherwise, all amounts are stated
in million euros (EURm).
The Interim Financial Statements were approved for publication
by the Executive Board of TUI AG on 10 May 2022.
Accounting principles
Declaration of compliance
The consolidated interim financial report for the period ended
31 March 2022 comprise the Interim Financial Statements and the
Interim Management Report in accordance with section 115 of the
German Securities Trading Act (WpHG).
The Interim Financial Statements were prepared in conformity
with the International Financial Reporting Standards (IFRS) of the
International Accounting Standards Board (IASB) and the relevant
interpretations of the IFRS Interpretation Committee (IFRS IC) for
interim financial reporting applicable in the European Union.
In accordance with IAS 34, the Interim Financial Statements are
published in a condensed form compared with the consolidated annual
financial statements and should therefore be read in combination
with TUI Group's consolidated financial statements for financial
year 2021. The Interim Financial Statements were reviewed by the
Group's auditor.
Going concern reporting in accordance with the UK Corporate
Governance Code
The TUI Group covers its day-to-day working capital requirements
through cash on hand, balances with and borrowings from banks. TUI
Group's net debt (financial debt plus lease liabilities less cash
and cash equivalents and less short-term interest-bearing cash
investments) as of 31 March 2022 was EUR3.9bn (as at 30 September
2021 EUR5.0bn).
Net debt
EUR million 31 Mar 2022 30 Sept 2021 Var. %
Financial debt - 2,426.5 - 3,320.8 - 26.9
Lease liabilities - 3,146.0 - 3,229.4 - 2.6
Cash and cash equivalents 1,522.6 1,583.9 - 3.9
Short-term interest-bearing investments 113.8 12.1 + 840.5
Net debt -3,936.0 -4,954.2 - 20.6
The global travel restrictions to contain COVID-19 have had a
continuous negative impact on the Group's earnings and liquidity
development since the end of March 2020. To cover the resulting
liquidity needs, the Group has carried out various financing
measures in the financial years 2020 and 2021, which, in addition
to a capital increase, the use of the banking and capital markets
and cash inflows from the sale of assets, also include financing
measures from the Federal Republic of Germany in the form of a KfW
credit line totalling EUR2.85bn, an option bond from the Economic
Stabilisation Fund (WSF) totalling EUR150m and two silent
participations from the WSF totalling EUR1.091bn. In the IFRS
consolidated financial statements, the silent participations are -
with the exception of EUR11.3m accumulated interest - reported as
equity due to their nature and are therefore not included in the
Group's net debt. The financing measures are described in detail in
the annual reports for the past two financial years.
With the entry of the new shares in the commercial register on
28 October 2021 and final settlement with the participating banks
on 2 November 2021, TUI AG successfully completed another capital
increase. The gross issue proceeds totalled around EUR1.1bn. The
Group's share capital increased nominally by EUR523.5m to
EUR1.623bn.
As at 31 March 2022, TUI Group's credit facilities comprised the
following
-- EUR1.75bn credit line from 20 private banks (incl. EUR215m
guarantee line)
-- EUR1.8bn KfW credit line from the first financing package
-- EUR1.05bn KfW credit line from the second financing
package
-- EUR0.17bn KfW credit line and private banks.
As at 31 March 2022, TUI Group's revolving credit facilities
totalled EUR4.8bn. For regulatory reasons due to Brexit, the credit
line of a British bank (around EUR80m liquid funds and EUR25m
guarantee line) cannot be extended beyond summer 2022. The
remaining credit lines of EUR4.7bn have a term until summer
2024.
With regard to the KfW credit lines, it was also agreed that TUI
AG would use 50% of individual cash inflows exceeding EUR50m by 20
July 2022, but not exceeding EUR700m, for example from capital
measures or disposals of assets or companies, to reduce the
financing granted to TUI AG to bridge the effects of COVID-19. In
accordance with this agreement, TUI AG returned the unused credit
facility of EUR170m after the balance sheet date on 1 April 2022.
In addition, the volume of unused credit commitments under the KfW
credit line as at 31 March 2022 was reduced by EUR413.7m. Finally,
913 of the 1,500 warrant bonds issued to WSF were redeemed. A
purchase price of EUR91.3m plus accrued interest and early
repayment penalties of EUR7.2m was paid for these.
After 20 July 2022, 50% of individual specific cash inflows
exceeding EUR50m must be used to reduce the financing granted to
TUI AG to bridge the effects of COVID-19; there is no maximum
limit.
TUI AG's EUR1.75bn credit line from private banks and KfW credit
line are subject to compliance with certain financial target values
(covenants) for debt coverage and interest coverage, the review of
which is carried out on the basis of the last four reported
quarters at the end of the financial year or the half-year of a
financial year. Against the backdrop of the ongoing pressures from
the COVID-19 pandemic, the review will only be resumed in September
2022. In addition, higher limits will be applied on the first two
cut-off dates before normalised limits have to be complied with
from September 2023.
Currently, TUI Group continues to be affected by the negative
financial impact of the COVID-19 pandemic.
Although the number of COVID-19 cases remained high, in
particular due to the rapid spread of the Omicron variant, contact
restriction measures and travel restrictions were gradually eased
in most countries in the first months of the calendar year. TUI
Group's operating business recorded good demand during Q2 2022. The
booking momentum in our key markets was largely unaffected by
Russia's war of aggression on our European neighbour Ukraine.
From the Executive Board's perspective, despite the existing
risks, the TUI Group currently has and will continue to have
sufficient funds, resulting from both borrowings and operating cash
flows, to meet its payment obligations and to ensure the going
concern of the company accordingly in the foreseeable future. In
this context, the Executive Board assumes that the credit lines
expiring in summer 2024 will be refinanced. Therefore, as at 31
March 2022, the Executive Board does not identify any material
uncertainty that may cast significant doubt on the Group's ability
to continue as a going concern. The Executive Board does not
consider the remaining risk with regard to a further
pandemic/war-related change in booking behaviour as a going concern
risk. In its assessment, the Executive Board assumes that booking
figures will gradually recover in the remainder of the 2022
financial year and that volumes in the summer of 2022 will settle
approximately close to the level of the summer of 2019. For the
2023 financial year, it is expected that booking
behaviour in the 2023 financial year will largely correspond to
the pre-pandemic level. In this regard, the Board assumes that
travel behaviour will not be affected by further long-term closures
and lockdowns or by the impact of Russia's war of aggression on
Ukraine. Nevertheless, customer bookings may deteriorate due to new
pandemic or war-related travel restrictions, insufficient
vaccination coverage against the COVID-19 virus in the individual
countries and virus variants for which there is insufficient
vaccination protection, thus affecting TUI Group's performance.
In accordance with Regulation 30 of the UK Corporate Governance
Code, the Executive Board confirms that, in its opinion, it is
appropriate to prepare the consolidated interim financial
statements on a going concern basis.
Accounting and measurement methods
The preparation of the Interim Financial Statements requires
management to make estimates and judgements that affect the
reported values of assets, liabilities and contingent liabilities
at the balance sheet date and the reported values of revenues and
expenses during the reporting period.
Both the recent development of the pandemic and current trading
for the summer programme have confirmed the business performance
guidance provided by TUI at the end of financial year 2021. The
positive booking momentum has remained largely unaffected by
Russia's war of aggression against Ukraine. TUI therefore continues
to expect bookings for Summer 2022 to approach the level of Summer
2019. However, the war has resulted in an increase in jet fuel
costs, impacting the results delivered by the Northern Region,
Western Region and Central Region segments. There is the risk that
jet fuel prices will remain high. H1 2022 was a challenging period
for the Cruises segment. This segment was more strongly impacted by
measures to restrict the spread of COVID-19. Cruises recovery is
expected to be slower with short-term bookings continuing to
represent a large share of overall bookings. The increase in bunker
oil might impact the results additionally. Hotels & Resorts
remains largely unaffected by the war in Ukraine.
Taking account, in particular, of the above-mentioned factors, a
risk assessment was performed for the Group's assets to identify
any indications of impairment as at 31 March 2022. On the basis of
that assessment, TUI does not see any indication that the Group's
assets may generally be impaired.
The accounting and measurement methods adopted in the
preparation of the Interim Financial Statements as at 31 March 2022
are materially consistent with those followed in preparing the
annual consolidated financial statements for the financial year
ended 30 September 2021, except for the initial application of new
or amended standards, as outlined below.
The income taxes were recorded based on the best estimate of the
weighted average tax rate that is expected for the whole financial
year.
Newly applied standards
Since the beginning of financial year 2022, TUI Group has
initially applied the following standards, amended by the IASB and
endorsed by the EU, on a mandatory basis:
Newly applied standards in financial year 2022
Applicable Impact on
Standard from Amendments financial
statements
Amendments to The amendments relate to the provision of relief from potential
IFRS 9, IAS 39, consequences arising from the reform of interbank offered rates (IBORs)
IFRS 7, IFRS 4 such as LIBOR on companies' financial reporting. They address issues that Not
and IFRS 16 1 Jan 2021 affect financial reporting when an existing interest rate benchmark is material.
Interest Rate actually replaced by an alternative interest rate benchmark as a result of
Benchmark Reform the interest rate benchmark reform.
(Phase 2)
Group of consolidated companies
The Interim Financial Statements include all material
subsidiaries over which TUI AG has control. Control requires TUI AG
to have decision-making power over the relevant activities, be
exposed to variable returns or have entitlements regarding the
returns, and can affect the level of those variable returns through
its decision-making power.
The Interim Financial Statements as of 31 March 2022 comprised a
total of 270 subsidiaries of TUI AG.
Development of the group of consolidated companies*
and the Group companies measured at equity
Consolidated subsidiaries Associates Joint ventures
Number at 30 Sep 2021 272 18 27
Additions - - -
Disposals 2 - -
Sale 1 - -
Merger 1 - -
Change in ownership stake - - -
Number at 31 Mar 2022 270 18 27
* excl. TUI AG
Acquisitions - Divestments
Acquisitions in the period under review
In H1 2022, no companies were acquired.
No acquisitions were made after the reporting date.
Acquisitions of the prior financial year
In financial year 2021, no companies were acquired under IFRS
3.
Divestments
On 16 July 2021, a contract was signed with Grupotel S.A., a
joint venture of TUI Group, to sell Nordotel S.A., a fully
consolidated entity within the Hotels & Resorts segment.
Accordingly, the assets and liabilities of the disposal group were
classified as 'held for sale' in August 2021. The disposal
transaction was completed on 5 October 2021. The first purchase
price payment of EUR50.0m was made on 21 September 2021. Additional
deferred purchase price payments of EUR10.2m and EUR20.4m are due
one and two years, respectively, after the closing of the
transaction, taking account of final purchase price adjustments.
The divestment of the stakes taking currency effects into account
generated a preliminary profit of EUR22.0m, reported within Other
income.
Condensed balance sheet of 'Nordotel S.A.' divestment as at 5 Oct 2021
EUR million
Assets
Property, plant and equipment and intangible assets 65.7
Other non-current assets 26.8
Trade receivables 21.2
Other current assets 0.7
Cash and cash equivalents 2.2
116.6
EUR million
Provisions and liabilities
Trade payables 21.2
Touristic advance payments received 4.9
Other current liabilities 31.4
57.5
Notes to the unaudited condensed consolidated Income
Statement
As a result of the partial easing of global travel restrictions,
TUI Group was able to increase its business volume compared with H1
2021. Nevertheless, the development of revenue and earnings in the
first six months of the financial year 2022 continued to be
significantly impacted by the measures to contain the spread of
COVID-19. TUI Group's results generally also reflect the
significant seasonal swing in tourism between the winter and summer
travel months, however this period the impact is less evident due
to the COVID-19 pandemic. 1. Revenue
In the first six months of the financial year 2022, consolidated
revenue increased by EUR3.8bn year-on-year to EUR4.5bn.
External revenue allocated by destinations for the period from 1 Oct 2021 to 31 Mar 2022
Rest of H1 2022
Spain Other Caribbean, North Africa, Revenues
EUR million (incl. European Mexico, Africa Ind. Other from Other H1 2022
Canary destinations USA & & Ocean, countries contracts Total
Islands) Canada Turkey Asia with
customers
Hotels & 153.2 23.2 110.1 14.3 78.5 - 379.3 - 379.3
Resorts
Cruises 35.8 3.3 36.3 - - 0.1 75.5 - 75.5
TUI Musement 27.6 40.0 34.3 5.1 13.1 8.8 128.9 - 128.8
Holiday 216.6 66.5 180.7 19.4 91.6 8.9 583.7 - 583.6
experiences
Northern 490.8 350.3 383.4 90.9 172.0 9.0 1,496.4 3.8 1,500.2
Region
Central 506.5 373.3 149.3 260.1 314.1 0.9 1,604.2 0.5 1,604.7
Region
Western 336.1 122.2 211.2 47.2 61.6 2.9 781.2 1.0 782.2
Region
Markets & 1,333.4 845.8 743.9 398.2 547.7 12.8 3,881.8 5.3 3,887.1
Airlines
All other 11.7 3.9 0.5 - 8.7 2.0 26.8 - 26.9
segments
Total 1,561.7 916.2 925.1 417.6 648.0 23.7 4,492.3 5.3 4,497.6
External revenue allocated by destinations for the period from 1 Oct 2020 to 31 Mar 2021
Rest of H1 2021
Spain Other Caribbean, North Africa, Revenues
EUR million (incl. European Mexico, Africa Ind. Other from Other H1 2021
Canary destinations USA & & Ocean, countries contracts Total
Islands) Canada Turkey Asia with
customers
Hotels & 32.8 8.7 29.4 2.3 10.5 0.3 84.0 - 83.9
Resorts
Cruises 0.2 1.2 0.1 - - - 1.5 - 1.5
TUI Musement 2.6 8.8 3.1 0.2 3.9 - 18.6 - 18.6
Holiday 35.6 18.7 32.6 2.5 14.4 0.3 104.1 - 104.0
experiences
Northern 14.4 84.7 43.4 3.0 12.1 0.5 158.1 1.0 159.1
Region
Central 74.7 135.7 19.2 27.4 73.8 6.3 337.1 0.3 337.4
Region
Western 24.3 39.4 27.4 9.2 1.2 0.1 101.6 0.5 102.1
Region
Markets & 113.4 259.8 90.0 39.6 87.1 6.9 596.8 1.8 598.6
Airlines
All other 0.2 3.6 0.3 - 8.8 0.7 13.6 - 13.6
segments
Total 149.2 282.1 122.9 42.1 110.3 7.9 714.5 1.8 716.3 2. Cost of sales and administrative expenses
Cost of sales relates to the expenses incurred in the provision
of tourism services. In addition to the expenses for staff costs,
depreciation, amortisation, rental and leasing, it includes all
costs incurred by TUI Group in connection with the procurement and
delivery of airline services, hotel accommodation and cruises and
distribution costs.
Due to the increased business volume, the cost of sales
increased by 211.8% to EUR4.7bn in H1 2022.
Government Grants
EUR million H1 2022 H1 2021
Cost of Sales 58.3 84.6
Administrative expenses 31.1 46.1
Total 89.4 130.7
The government grants reported under cost of sales and
administrative expenses include in particular grants for wages and
salaries as well as social security contributions directly
reimbursed to the relevant company. In addition, a number of Group
companies have received government grants, e. g. in the form of
grants for fixed costs. The resumption of travel activity in Summer
2021 led to a decrease in government grants. In the second quarter
of the financial year TUI received predominantly grants for fixed
costs which are granted with a time lag from the months affected by
travel restrictions.
Administrative expenses comprise all expenses incurred in
connection with the performance of administrative functions and
break down as follows:
Administrative expenses
EUR million H1 2022 H1 2021
Staff costs 271.6 275.0
Rental and leasing expenses 6.9 7.2
Depreciation, amortisation and impairment 39.2 44.8
Others 59.3 60.8
Total 377.0 387.7
The cost of sales and administrative expenses include the
following expenses for staff and depreciation/ amortisation:
Staff costs
EUR million H1 2022 H1 2021
Wages and salaries 781.9 579.9
Social security contributions, pension costs and benefits 178.6 161.3
Total 960.5 741.2
Depreciation/amortisation/impairment
EUR million H1 H1
2022 2021
Depreciation and amortisation of other intangible assets, property, plant and equipment and 431.1 444.5
right-of-use assets
Impairment of other intangible assets, property, plant and equipment and right-of-use assets 3.1 32.9
Total 434.2 477.4
In H1 2022, reversals of impairment losses of EUR5.2m were
recognized, all recorded in cost of sales (H1 2021 EUR10.3m).
EUR2.9m of the impairments were presented within cost of sales (H1
2021 EUR29.3m). Of the impairments losses of the previous year
EUR14.0m correspond to right-of-use assets, EUR18.6m relate to
property, plant and equipment, and EUR0.3m to other intangible
assets. 3. Other income
In H1 2022 other income reflects EUR22.0m from the disposal of
Nordotel S.A., plus the sale of aircraft assets. In the prior year,
this item had primarily included income from the sale of aircraft
assets and the disposal of a joint venture. 4. Other expenses
In the previous year, losses from the disposal of aircraft
assets and the result from the sale of TUI Group companies were
presented in other expenses. 5. Financial income and financial
expenses
The decrease in the net financial result from EUR-229.1 m in the
first six months of the previous year to EUR-255.4m in the current
financial year is mainly the result of higher interest expenses as
well as exchange rate changes on lease liabilities in accordance
with IFRS 16. 6. Share of result of investments accounted for using
the equity method
Share of result of investments accounted for using the equity method
EUR million H1 2022 H1 2021
Hotels & Resorts 22.1 - 47.1
Cruises - 38.2 - 94.2
TUI Musement 2.3 - 2.2
Holiday Experiences - 13.8 - 143.5
Northern Region - 20.7 - 12.5
Central Region - 1.1 - 1.2
Western Region - -
Markets & Airlines - 21.8 - 13.7
All other segments - -
Total - 35.6 - 157.2
The result improved in comparison to the first six months of the
prior year due to the resumption of the business. 7. Income
taxes
The tax income arising in the first six months of the financial
year 2022 is mainly driven by the seasonality of the tourism
business. 8. Group profit / loss attributable to non-controlling
interest
TUI Group's result attributable to non-controlling interests is
substantially a gain, primarily relating to RIUSA II Group at an
amount of EUR12.5m (H1 2021 EUR21.4m loss).
Notes to the unaudited condensed consolidated Statement of
Financial Position 9. Goodwill
Goodwill increased by EUR26.1m to EUR3,019.2m due to foreign
exchange translation. The following table presents a breakdown of
goodwill by cash generating unit (CGU) at carrying amounts.
Goodwill per cash generating unit
EUR million 31 Mar 2022 30 Sep 2021
Northern Region 1,245.5 1,224.6
Central Region 502.0 501.7
Western Region 412.3 412.3
Riu 343.1 343.1
Marella Cruises 300.1 295.2
TUI Musement 169.7 170.3
Other 46.5 45.9
Total 3,019.2 2,993.1
As at March 31, 2022, a risk assessment of the capitalised
goodwill was carried out based on updated information for the
current financial year. As part of this assessment, there were no
indications that led to a requirement to perform impairment testing
of the capitalised goodwill. In this context, please refer to the
section 'Accounting and measurement methods'. 10. Property, plant
and equipment
Compared to 30 September 2021 property, plant and equipment
increased by EUR41.9m to EUR3,201.2m. Additions of EUR136.1m
included EUR53.8m of acquisitions in the Hotel & Resorts
segment. The construction of a new hotel in Mexico, the
refurbishment and extension of a hotel in Zanzibar and the
renovation of hotels in Spain and Cape Verde led to additions by
the Riu Group totalling EUR43.8m. Further additions of EUR28.1m
were attributable to payments on account to carry out maintenance
work on cruise ships. The purchase of an aircraft in the amount of
EUR25.4m and of aircraft spare parts in the amount of EUR10.6m
resulted in further additions. The reclassification of an aircraft
from right-of-use assets was the result of the exercise of an
existing purchase option and led to an increase in property, plant
and equipment of EUR16.9m. Furthermore property, plant and
equipment increased by EUR54.5m due to foreign exchange
translation.
On the other hand, disposals of EUR54.4m led to a reduction of
property, plant and equipment. The decrease is mainly caused by
sale and leaseback transactions for new aircraft and led to a
disposal of advance payments for future delivery of aircraft
(EUR49.3m). As a result of the lease transactions the new aircraft
are reported as additions to Right-of-use assets (for details
please refer to the section 'Right-of-use-assets'). Depreciation
and amortisation of EUR114.3m led to a further decrease in
property, plant and equipment. 11. Right-of-use assets
Compared to 30 September 2021 Right-of-use assets decreased by
EUR72.5m to EUR2,936.7m. Depreciation charged of EUR251.5m led to a
decrease in Right-of-use assets. The reclassification of an
aircraft into property, plant and equipment led to a further
reduction of right-of-use assets by EUR16.9m (in this context, we
refer to the section 'Property, plant and equipment').
Contrarily, additions totalled EUR97.3m, of which EUR90.1m was
attributable to the delivery of four new aircraft which were
purchased and then sold and leased back. Furthermore foreign
exchange translation led to an increase in Right-of-use assets of
EUR64.8m. Modifications and reassessment of existing lease
contracts increased the Right-of-use assets by EUR33.1m. The
increase is mainly due to contract extensions related to hotel
leases (EUR11.6m), leased aircraft (EUR9.8m) and leased travel
agencies (EUR8.0m).
The corresponding liabilities are explained in the section
'Lease Liabilities'. 12. Trade and other receivables
In the first quarter of the current financial year the
reorganisation of insolvency protection for package tours became
effective in Germany. Accordingly the liquid funds which were
provided by TUI to the former insolvency protection fund were
returned. Partially offsetting this, receivables from deferred
purchase price payments were recognised relating to the disposal of
Nordotel S.A. .
The increase in the current trade and other receivables is
related to the resumption of travel activity and increased
bookings. 13. Other financial assets
The increase of other financial assets relates to short-term
financial investments, which were issued to secure advance payments
from customers. 14. Assets held for sale
As at 31 March 2022, no assets were classified as held for sale.
During the period under review, there were no reclassifications to
assets held for sale.
As at the end of the prior financial year, assets classified as
held for sale exclusively consisted of assets of the Nor-dotel
disposal group in the Hotels & Resorts segment worth EUR96.5m
as well as the associated liabilities of EUR50.6m. The sale of this
disposal group was completed in October 2021. In this context,
please refer to the section 'Divest-ments'. 15. Pension provisions
and similar obligations
The pension provisions for unfunded plans and plans with
underfunding decreased by EUR159.0m to EUR776.1m compared to the
end of the previous financial year.
The overfunding of funded pension plans reported in other
non-financial assets increased by EUR88.0m to EUR225.1m compared to
30 September 2021.
This development is attributable in particular to remeasurement
effects due to significantly increased interest rate levels in the
UK and the Eurozone. 16. Financial liabilities
Non-current financial liabilities decreased by EUR922.4m to
EUR2,113.7m compared to 30 September 2021. This decrease was
primarily attributable to a decrease in liabilities to banks of
EUR853.1m as well as on a contractually agreed prior repurchase of
913 partial option bonds on 1 April 2022.
The main financing instrument is a syndicated revolving credit
facility (RCF) between TUI AG and the existing banking syndicate
which from 2020, included the KfW. The volume of this revolving
credit facility totals EUR4.6bn at 31 March 2022. In April 2022,
the volume of the at 31 March 2022 unused loan commitments under
the separate KfW credit line within this syndicated revolving
credit facility was reduced by EUR413.7m.
In addition, there has been a separate syndicated revolving
credit facility of EUR170.0m. This credit facility was fully
returned in April 2022.
At 31 March 2022, the amounts drawn under the revolving credit
facilities totalled EUR955.6m (30 September 2021 EUR1,852.9m).
Current financial liabilities increased by EUR28.1m to EUR312.7m
at 31 March 2022 compared to EUR284.6m at 30 September 2021. The
increase is mainly due to the early repurchase of 913 partial
option bonds of the EUR150m bond with warrants issued to WSF as of
1 April 2022, which increased current financial liabilities by
EUR98.5m. Of this amount, EUR91.3m is accounted for by the nominal
value of the partial option bonds and EUR7.2m by interest and early
repayment penalties. The remaining 587 partial bonds shown under
non-current financial liabilities are not affected by the early
repurchase, nor are the approx. 58.7m call options on TUI shares,
which are legally and financially separated from the warrant bond.
The increase in current financial liabilities is partly offset by a
decline in liabilities to banks.
For more details on the terms, conditions and the returns of the
credit lines as well as the repurchase of the bond with warrants,
please refer to the section "Going Concern Reporting under the UK
Corporate Governance Code". 17. Lease liabilities
Compared to 30 September 2021 the lease liabilities decreased by
EUR83.4m to EUR3,146.0m. Payments of EUR378.3 led to a decline in
lease liabilities. Partially offsetting this, additions from newly
leased contracts led to an increase in lease liabilities of
EUR106.0m, of which EUR98.3m relate to the addition of four new
aircraft. Furthermore, lease liabilities increased by EUR78.1m due
to foreign exchange translation and by EUR78.1m due to interest
charges. Changes and remeasurements of existing leases resulted in
an increase in lease liabilities of EUR32.8m. 18. Other financial
liabilities
The other financial liabilities include touristic advance
payments received for tours cancelled because of COVID-19
restrictions of EUR44.8m (as at 30 September 2021 EUR204.6m), for
which immediate cash refund options exist and which have to be
repaid shortly if the customer opts for payment. Please see the
following section for more details. 19. Touristic advance payments
received
Apart from the immediate cash refund option in certain
jurisdictions, TUI Group offers its customers voucher/refund
credits for trips cancelled because of the COVID-19 crisis. If
these voucher/refund credits are not used for future bookings
within a specified period, the customer is entitled to a refund of
the voucher value. The entitlement to a refund of the voucher value
represents a financial liability. Due to the high level of
uncertainty regarding the further development of the COVID-19
crisis and customer behavior, it is not possible for TUI Group to
reliably estimate the extent of utilization of the voucher/refund
credits for future bookings. As at 31 March 2022 the touristic
advance payments received include no advance payments (as at 30
September 2021 EUR2.4m) for cancelled trips for which customers
have received voucher/refund credits which may have to be refunded
after a certain period of time. 20. Changes in equity
Overall, equity increased by EUR635.0m when compared to 30
September 2021, from EUR-418.4m to EUR216.6m.
In October 2021, TUI AG carried out a capital increase for cash.
523.5m shares were issued. The Company's subscribed capital
increased due to the capital increase in the nominal amount of
EUR1.00 per share by EUR523.5m.
The capital reserve increased by EUR582.9m in total. The change
results from an increase related to the premium of the capital
increase in the amount of EUR609.3m and a decrease due to
offsetting of expenses incurred from capital measures in the amount
of EUR26.4m. The expenses from capital measures were incurred
mainly in connection with the capital increase.
In the first six months of the financial year 2022, TUI AG paid
no dividend (previous year: no dividend).
TUI Group's loss in the first six months of the financial year
2022 is attributable to the significant seasonal swing in tourism
and to measures to contain the spread of COVID-19.
The proportion of gains and losses from hedging instruments for
effective hedging of future cash flows includes an amount of
EUR61.7m (pre-tax) carried under other comprehensive income in
equity outside profit and loss (previous year EUR53.9m).
The revaluation of pension obligations is also recognised under
other comprehensive income directly in equity without effect on
profit and loss. 21. Financial instruments
Carrying amounts and fair values according to classes and measurement categories according to IFRS 9 as at 31 Mar 2022
Category according to IFRS 9
At Fair value with no Fair value with no Fair value Fair value
EUR million Carrying amortised effect on profit and effect on profit and through of financial
amount cost loss without recycling loss with recycling profit and instruments
loss
Assets
Trade receivables
and other
receivables
thereof
instruments 971.7 834.1 - - 137.6 973.0
within the scope
of IFRS 9
thereof
instruments 9.7 - - - - 10.0
within the scope
of IFRS 16
Derivative
financial
instruments
Hedging 50.1 - - 50.1 - 50.1
transactions
Other derivative
financial 86.2 - - - 86.2 86.2
instruments
Other financial 124.1 113.8 9.3 - 1.0 123.6
assets
Cash and cash 1,522.6 1,522.6 - - - 1,522.6
equivalents
Liabilities
Financial 2,426.4 2,426.4 - - - 2,386.4
liabilities
Trade payables 1,832.8 1,832.8 - - - 1,832.8
Derivative
financial
instruments
Hedging 8.5 - - 8.5 - 8.5
transactions
Other derivative
financial 33.4 - - - 33.4 33.4
instruments
Other financial 153.6 153.6 - - - 153.6
liabilities
Carrying amounts and fair values according to classes and measurement categories according to IFRS 9 as at 30 Sep 2021
Category according to IFRS 9
At Fair value with no Fair value with no Fair value Fair value
EUR million Carrying amortised effect on profit and effect on profit and through of financial
amount cost loss without recycling loss with recycling profit and instruments
loss
Assets
Trade receivables
and other
receivables
thereof
instruments 769.2 661.1 - - 108.1 783.2
within the scope
of IFRS 9
thereof
instruments 11.1 - - - - 11.7
within the scope
of IFRS 16
Derivative
financial
instruments
Hedging 4.5 - - 4.5 - 4.5
transactions
Other derivative
financial 57.8 - - - 57.8 57.8
instruments
Other financial 24.4 12.1 10.3 - 2.0 24.4
assets
Cash and cash 1,583.9 1,586.1 - - - 1,586.1
equivalents
Liabilities
Financial 3,320.7 3,320.8 - - - 3,359.7
liabilities
Trade payables 2,052.4 2,071.9 - - - 2,071.9
Derivative
financial
instruments
Hedging 0.4 - - 0.4 - 0.4
transactions
Other derivative
financial 23.4 - - - 23.4 23.4
instruments
Other financial 318.9 318.9 - - - 318.9
liabilities
The amounts shown in the column 'carrying amount' (as shown in
the balance sheet) in the tables above can differ from those in the
other columns of a particular row since the latter includes all
financial instruments incorporating those financial instruments
which are part of disposal groups according to IFRS 5. In the
balance sheet, financial instruments, which are part of a disposal
group, are shown in separate items. Further details on this can be
found in the consolidated financial statements as of 30 September
2021.
The instruments measured at fair value through other
comprehensive income within the other financial assets class are
investments in companies based on medium to long-term strategic
objectives. Recording all short-term fluctuations in the fair value
in the income statement would not be in line with TUI Group's
strategy; these equity instruments were, therefore, designated as
at fair value through OCI.
In the period under review, the fair values of other current
receivables and current liabilities to banks were determined in
line with the past financial year, taking into account yield curves
and the respective credit risk premium (credit spread) based on
credit rating. Thus, as an adjustment to the current market
conditions due to the implications of the COVID-19 pandemic to the
business activities, the assumption that the carrying amount
approximately corresponds to the fair value due to the short
remaining term has been rejected.
The fair values of non-current trade receivables and other
receivables correspond to the present values of the cash flows
associated with the assets, taking account of current interest
parameters which reflect market and counterparty-related changes in
terms and expectations. In the case of cash and cash equivalents,
current trade receivables, other financial assets, current trade
payables and other financial liabilities the carrying amount
approximates the fair value due to the short remaining term.
The COVID-19 pandemic significantly impacted business operations
and the existing hedging strategy for currency risks and fuel price
risks. Due to numerous travel restrictions and limitations in the
past two financial years, the occurrence of numerous hedged
underlying transactions could no longer be assessed as highly
likely, causing a decline in fuel price and currency hedge
requirements and therefore requiring the prospective termination of
these hedges.
For the hedges affected, occurrence of the underlying
transactions can no longer be expected for a future point in time,
so that all accrued amounts from the change in the value of the
relevant hedging instruments were reclassified from cash flow hedge
reserve (OCI) to the cost of sales in the income statement. Despite
the significant increase in bookings, EUR-0.3m were reclassified
from foreign currency hedges in the current financial year.
All future changes in the value of these de-designated hedges
are taken to the cost of sales in the income statement through
profit and loss and recognised as other derivative financial
instruments from the date of the termination of the cash flow hedge
accounting. At 31 March 2022 specific foreign currency hedges have
been de-designated. The fair value of these reclassified hedging
instruments totalled EUR+0.6m at a nominal volume of EUR98.5m.
Furthermore, the significant increase in TUI Group's credit risk
had a direct impact on the retrospective hedge effectiveness test.
As a result, fuel price, interest rate and currency hedges had to
be de-designated as they no longer met the effectiveness
requirements of IAS 39.
All future changes in the value of these de-designated fuel and
foreign currency hedges are taken to the cost of sales, whilst
interest rate hedges are recognised in the financial result, in the
income statement through profit and loss, and recognised as other
derivative financial instruments from the date of the termination
of the cash flow hedge accounting. At 31 March 2022, the fair value
of these reclassified fuel price hedges totalled EUR+72.7m at a
nominal value of EUR112.9m, while the fair value of the interest
rate hedges amounted to EUR-1.5m at a nominal volume of EUR352.4m
and the fair value of foreign currency hedges totalled EUR+3.4m at
a nominal volume of EUR93.7m.
Aggregation according to measurement categories under IFRS 9 as at 31 Mar 2022
EUR million Carrying amount of financial instruments Fair Value
Total
Financial assets
at amortised cost 2,470.5 2,471.3
at fair value - recognised directly in equity without recycling 9.3 9.3
at fair value - through profit and loss 224.8 224.8
Financial liabilities
at amortised cost 4,412.8 4,372.8
at fair value - through profit and loss 33.4 33.4
Aggregation according to measurement categories under IFRS 9 as at 30 Sep 2021
EUR million Carrying amount of financial instruments Fair Value
Total
Financial assets
at amortised cost 2,259.3 2,381.4
at fair value - recognised directly in equity without recycling 10.3 10.3
at fair value - through profit and loss 167.9 167.9
Financial liabilities
at amortised cost 5,711.6 5,750.5
at fair value - through profit and loss 23.4 23.4
Fair value measurement
The table below presents the fair values of recurring,
non-recurring and other financial instruments measured at fair
value in line with the underlying measurement level. The individual
measurement levels have been defined as follows in line with the
inputs:
-- Level 1: (unadjusted) quoted prices in active markets for
identical assets or liabilities.
-- Level 2: inputs for the measurement other than quoted market
prices included within Level 1 that areobservable in the market for
the asset or liability, either directly (as quoted prices) or
indirectly (derivablefrom quoted prices).
-- Level 3: inputs for the measurement of the asset or liability
not based on observable market data.
Hierarchy of financial instruments measured at fair value as at 31 Mar 2022
Fair value hierarchy
EUR million Total Level 1 Level 2 Level 3
Assets
Other receivables 137.6 - - 137.6
Other financial assets 10.6 - - 10.6
Derivative financial instruments
Hedging transactions 50.1 - 50.1 -
Other derivative financial instruments 86.2 - 86.2 -
Liabilities
Derivative financial instruments
Hedging transactions 8.5 - 8.5 -
Other derivative financial instruments 33.4 - 33.4 -
Hierarchy of financial instruments measured at fair value as of 30 Sep 2021
Fair value hierarchy
EUR million Total Level 1 Level 2 Level 3
Assets
Other receivables 108.1 - - 108.1
Other financial assets 12.3 - - 12.3
Derivative financial instruments
Hedging transactions 4.5 - 4.5 -
Other derivative financial instruments 57.8 - 57.8 -
Liabilities
Derivative financial instruments
Hedging transactions 0.4 - 0.4 -
Other derivative financial instruments 23.4 - 23.4 -
At the end of every reporting period, TUI Group checks whether
there are any reasons for reclassification to or from one of the
measurement levels. Financial assets and financial liabilities are
generally transferred out of Level 1 into Level 2 if the liquidity
and trading activity no longer indicate an active market. The
opposite situation applies to potential transfers out of Level 2
into Level 1. In the reporting period, there were no transfers
between Level 1 and Level 2.
Reclassifications from Level 3 to Level 2 or Level 1 are made if
observable market price quotations become available for the asset
or liability concerned. In the reporting period there were no other
transfers from or to Level 3. TUI Group records transfers from or
to Level 3 at the date of the obligating event or occasion
triggering the transfer.
Level 1 financial instruments
The fair value of financial instruments for which an active
market exists is based on quoted prices at the reporting date. An
active market exists if quoted prices are readily and regularly
available from an exchange, dealer, broker, pricing service or
regulatory agency and these prices represent actual and regularly
occurring market transactions on an arm's length basis. These
financial instruments are classified as Level 1. The fair values
correspond to the nominal amounts multiplied by the quoted prices
at the reporting date. Level 1 financial instruments primarily
comprise shares in listed companies classified as at fair value
through OCI and bonds issued classified as financial liabilities at
amortised cost.
Level 2 financial instruments
The fair values of financial instruments not traded in an active
market, e.g., over-the-counter (OTC) derivatives, are determined by
means of valuation techniques. These valuation techniques make
maximum use of observable market data and minimise the use of
Group-specific assumptions. If all essential inputs for the
determination of the fair value of an instrument are observable,
the instrument is classified as Level 2.
If one or several key inputs are not based on observable market
data, the instrument is classified as Level 3.
The following specific valuation techniques are used to measure
financial instruments:
-- For OTC bonds, debt components of warrants and convertible
bonds, liabilities to banks, promissory notesand other non-current
financial liabilities as well as for current other receivables,
current financial liabilitiesand non-current trade and other
receivables, the fair value is determined as the present value of
future cashflows, taking account of observable yield curves and the
respective credit spread, which depends on the creditrating.
-- The fair value of over-the-counter derivatives is determined
by means of appropriate calculation methods,e.g. by discounting the
expected future cash flows. The forward prices of forward
transactions are based on thespot or cash prices, taking account of
forward premiums and discounts. The fair values of optional hedges
arecalculated based on option pricing models. The fair values
determined on the basis of the Group's own systems areperiodically
compared with fair value confirmations of the external
counterparties.
-- Other valuation techniques, e.g., discounting future cash
flows, are used to determine the fair values ofother financial
instruments.
Level 3 financial instruments
The table below presents the fair values of the financial
instruments measured at fair value on a recurring basis, classified
as Level 3:
Financial assets measured at fair value in Level 3
EUR million Other receivables IFRS9 Other financial assets IFRS 9
Balance as at 1 Oct 2020 - 10.6
Additions 108.1 -
sale 108.1 -
Disposals - - 0.1
sale - - 0.1
Total gains or losses for the period - - 0.1
recognised in other comprehensive income - - 0.1
Foreign currency effects - 1.9
Balance as at 30 Sep 2021 108.1 12.3
Balance as at 1 Oct 2021 108.1 12.3
Additions 30.6 -
sale 30.6 -
Total gains or losses for the period - 1.1 - 0.5
recognised through profit and loss - 1.1 -
recognised in other comprehensive income - - 0.5
Foreign currency effects - - 1.5
Balance as at 31 Mar 2022 137.6 10.3
Evaluation process
The fair value of financial instruments in level 3 has been
determined by TUI Group's financial department using the discounted
cash flow method. This involves the market data and parameters
required for measurement being compiled or validated.
Non-observable input parameters are reviewed based on internally
available information and updated if necessary.
In principle, the unobservable input parameters relate to the
following parameters: the (estimated) EBITDA margin is in a range
between -4.2% and 26.2% (30 September 2021: -4.2% and 22.5%). The
constant growth rate is 1% (30 September 2021: 1%). The weighted
average cost of capital (WACC) is in a range between 9.1%-10.0% (30
September 2021: 8.8-9.9%). Due to materiality, no detailed figures
have been provided. With the exception of the WACC, there is a
positive correlation between the input factors and the fair
value.
The decrease of the fair values of the Other financial assets in
Level 3 mainly results from an immaterial valuation effect in the
amount of -EUR0.5m and foreign exchange rate effects in the amount
of -EUR1.5m.
The Other receivables according to IFRS 9 in Level 3 at a
carrying amount of EUR107.0m as at 31 March 2022 (as at 30
September 2021 EUR108.1m) relate to a variable purchase price
receivable from the sale of Riu Hotels S.A., carried as a financial
instrument in the measurement category at fair value through profit
and loss. The fair value is determined using a probability
calculation for the future gross operating profit, taking account
of contractual entitlements to an additional purchase price demand
and an appropriate risk-adjusted discount rate (0.02% to 0.70%, 30
September 2021:
-0.33% to -0.22%). Gross operating profit is defined as total
revenue minus operating expenses. The cash flows from the
contractual claims set out in the underlying Memorandum of
Understanding depend solely on a number of contractually determined
Riu hotels delivering the gross operating profit for calendar years
2022 and 2023.
The variable purchase price payment varies as a function of
delivering the contractually fixed gross operating profit. The
maximum amount is limited. At least 90% of the target gross
operating profit contractually agreed for 2022 or 2023,
respectively, has to be achieved in order to generate a variable
purchase price payment. If the 90% target is not met, no further
purchase price payment will be made. The maximum purchase price
payment totals EUR127.4m. Due to different expectations regarding
target achievement, potential purchase price payments vary between
EUR0 and EUR127.4m.
TUI expects the hotels concerned to deliver around 95% to 100%
of cumulative gross operating profit in calendar year 2022 and
around 100% to 105% in calendar year 2023. The current planning for
the relevant hotels (input parameters) is regularly reviewed by the
responsible accounting staff. In the period under review, within
the scope of subsequent remeasurement a loss of EUR1.1m was
recognised in the income statement in connection with the variable
purchase price receivable from the sale of Riu Hotels S.A. due to
the risk-adjusted discount rate.
Sensitivity analysis shows that an increase in the hotels' gross
operating profit of 10% would result in a change in the present
value of the additional purchase price receivable of EUR19.8m (as
at 30 September 2021 EUR20m), while a reduction in gross operating
profit of 10% would result in a change in the present value of
EUR-95.0m (as at 30 September 2021 EUR-95.9m). An interest rate
shift of +/-100 basis points would alter the present value of the
purchase price receivable by EUR1.4m (as at 30 September 2021
EUR2.0m).
Other receivables in Level 3 in accordance with IFRS 9 include
deferred purchase price receivables from the sale of Nordotel S.A.
with a carrying amount of EUR30.6m at 31 March 2022, measured as a
financial instrument at fair value through profit or loss. The
deferred purchase price payments of EUR10.2m and EUR20.4m are due
after one year and two years, respectively, following the closing
of the transaction on 5 October 2021, taking account of final
purchase price adjustments.
The cash flows of the final purchase price adjustments from the
contractual claims arising from the underlying purchase contract
exclusively depend on the delivery of balance sheet items defined
in the purchase contract for net debt and working capital in the
audited annual financial statements of Nordotel S.A. as per 30
September 2021 under Spanish law. The fair value is determined on
the basis of an estimate of net debt and working capital, taking
account of the contractual claims for additional payments in
adjusted purchase price and an appropriate risk-adjusted discount
rate (-0.27% to +0.37%).
Any deviation from the parameter results in a purchase price
adjustment of the same amount. Sensitivity analysis shows that an
interest rate shift of +/-100 basis points would alter the present
value of the purchase price receivable by around EUR0.4m.
Effects on results
The effects of remeasuring of financial assets carried at fair
value through OCI as well as the effective portions of changes in
fair values of derivatives designated as cash flow hedges are
listed in the statement of changes in equity. 22. Contingent
liabilities
As at 31 March 2022, contingent liabilities amounted to EUR78.8m
(as at 30 September 2021 EUR102.8m). They are mainly attributable
to the granting of guarantees for the benefit of hotel and cruises
activities and are reported at an amount representing the best
estimate of the expenditure required to meet the potential
obligation at the balance sheet date. 23. Other financial
commitments
Nominal values of other financial commitments
EUR million 31 Mar 2022 30 Sep 2021
Order commitments in respect of capital expenditure 2,404.0 2,386.1
Other financial commitments 74.2 91.7
Total 2,478.2 2,477.8
As at 31 March 2022 order commitment in respect of capital
expenditure increased by EUR17.9m as against
30 September 2021. The increase in obligations is attributed to
the restart of the hotel development programme and due to the
effects of foreign exchange for commitments denominated in
non-functional currencies. The increase has largely been offset by
delivery of aircraft in the period. 24. Note to the unaudited
condensed consolidated Cash Flow Statement
The cash flow statement shows the flow of cash and cash
equivalents on the basis of a separate presentation of cash inflows
and outflows from operating, investing and financing activities.
The effects of changes in the group of consolidated companies and
of foreign currency translation are eliminated.
In the period under review, cash and cash equivalents decreased
by EUR63.5m to EUR1,522.6m.
In H1 2022, the cash inflow from operating activities totalled
EUR439.8m (H1 2021 cash outflow of EUR1,476.0m),
including an inflow of EUR2.8m (H1 2021 EUR3.6m) from interest
payments. Income tax payments resulted in a cash outflow of
EUR10.1m (H1 2021 EUR5.3m).
The total cash outflow from investing activities totalled
EUR136.5m (H1 2021 cash inflow of EUR110.0m). This includes a cash
outflow for capital expenditure on property, plant and equipment
and intangibles of EUR174.1m. The Group recorded a cash inflow of
EUR63.4m from the divestment of property, plant and equipment and
intangible assets. A sales price adjustment for the sale of the
stakes in Riu Hotels S.A., effected in the prior year, resulted in
a cash outflow of EUR23.9m. A further EUR2.2m relates to cash
balances leaving TUI Group in connection with the sale of Nordotel
S.A. in the financial year under review. While the selling price
had already been partly paid in the prior year, some payments are
still due.
The cash outflow from financing activities totalled EUR-363.6m
(H1 2021 cash inflow of EUR1,511.2m). TUI AG recorded a cash inflow
of EUR1,106.4m from a capital increase in October 2021 after
deduction of transaction costs. In the financial year under review,
TUI AG decreased its syndicated credit facility by EUR900.0m. Other
TUI Group companies took out loans worth EUR18.3m. A cash outflow
of EUR414.4m resulted from the redemption of financial liabilities,
including EUR306.4m for lease liabilities. Interest payments
resulted in an outflow of EUR173.9m.
Moreover, cash and cash equivalents decreased by EUR-3.2m (H1
2021 EUR21.4m) due to changes in exchange rates.
At 31 March 2022, cash and cash equivalents of EUR447.4m were
subject to restrictions (as at 30 September 2021 EUR509.0m).
On 30 September 2016, TUI AG entered into a long term agreement
to close the gap between the obligations and the fund assets of
defined benefit pension plans in the UK. At the balance sheet date
an amount of EUR47.2m is deposited as a security within a bank
account (as at 30 September 2021 EUR46.4m). TUI Group can only use
that cash and cash equivalents if it provides alternative
collateral.
Furthermore, an amount of EUR116.2m (as at 30 September 2021
EUR116.3m) was deposited with a Belgian subsidiary without
acknowledgement of debt by the Belgian tax authorities in financial
year 2013 in respect of long-standing litigation over VAT refunds
for the years 2001 to 2011. The purpose was to suspend the accrual
of interest for both parties. In order to collateralise a potential
repayment, the Belgian government was granted a bank guarantee. Due
to the bank guarantee, TUI's ability to dispose of the cash and
cash equivalents is restricted.
The remaining EUR284.0 (as at 30 September 2021 EUR346.3m)
subject to restrictions relate to cash and cash equivalents to be
deposited due to statutory or regulatory requirements mainly in
order to secure customer deposit and credit card payables. 25.
Reporting segments
Revenue by segment for the period from 1 Oct 2021 to 31 Mar 2022
EUR million External Group H1 2022 Total
Hotels & Resorts 379.3 145.3 524.6
Cruises 75.5 - 75.5
TUI Musement 128.8 63.8 192.6
Consolidation - - 2.0 - 2.0
Holiday Experiences 583.6 207.1 790.7
Northern Region 1,500.2 155.6 1,655.8
Central Region 1,604.7 38.3 1,643.0
Western Region 782.2 70.7 852.9
Consolidation - - 260.2 - 260.2
Markets & Airlines 3,887.1 4.4 3,891.5
All other segments 26.9 1.9 28.8
Consolidation - - 213.4 - 213.4
Total 4,497.6 - 4,497.6
Revenue by segment for the period from 1 Oct 2020 to 31 Mar 2021
EUR million External Group H1 2021 Total
Hotels & Resorts 83.9 62.9 146.8
Cruises 1.5 - 1.5
TUI Musement 18.6 6.8 25.4
Consolidation - - 0.5 - 0.5
Holiday Experiences 104.0 69.2 173.2
Northern Region 159.1 135.1 294.2
Central Region 337.4 41.0 378.4
Western Region 102.1 64.7 166.8
Consolidation - - 239.7 - 239.7
Markets & Airlines 598.6 1.1 599.7
All other segments 13.6 1.3 14.9
Consolidation - - 71.5 - 71.5
Total 716.3 - 716.3
The segment data shown are based on regular internal reporting
to the Executive Board. Since the 2020 fiscal year, the
internationally more commonly used earnings measure "underlying
EBIT" is used for value-based management.
Accordingly, this represents the segment performance indicator
within the meaning of IFRS 8.
We define the EBIT in underlying EBIT as earnings before
interest, income taxes and expenses from the measurement of the
Group's interest rate hedging instruments. Impairment losses on
goodwill are by definition included in EBIT.
Underlying EBIT has been adjusted to exclude certain items
which, due to their size and frequency of occurrence, make it
difficult or distort the assessment of the operating performance of
the business areas and the Group. These items include gains and
losses on the disposal of financial assets, significant gains and
losses on the disposal of assets, and significant restructuring and
integration expenses. In addition, all effects from purchase price
allocations, incidental acquisition costs and contingent purchase
price payments are adjusted. Impairment losses on goodwill have
also been eliminated in the reconciliation to underlying EBIT.
In H1 2022, underlying EBIT includes results of investments
accounted for using the equity method of EUR-35.6m (H1 2021
EUR-157.2m), primarily generated within the sector Holiday
Experiences.
Underlying EBIT by segment
H1 2022 H1 2021
EUR million
Hotels & Resorts 84.8 - 198.3
Cruises - 105.3 - 153.3
TUI Musement - 29.5 - 62.0
Holiday Experiences - 49.9 - 413.6
Northern Region - 352.6 - 418.3
Central Region - 75.7 - 272.0
Western Region - 89.4 - 159.8
Markets & Airlines - 517.7 - 850.1
All other segments - 35.8 - 45.1
Total - 603.5 - 1,308.8
Impairment on other intangible assets, property, plant and equipment and right of use assets
EUR million H1 2022 H1 2021
Hotels & Resorts - 17.3
Holiday Experiences - 17.3
Northern Region 1.6 11.9
Central Region 1.3 3.4
Markets & Airlines 2.9 15.3
All other segments 0.2 0.3
Total 3.1 32.9
Reconciliation to underlying EBIT of TUI Group
EUR million H1 2022 H1 2021
Earnings before income taxes - 871.0 - 1,543.7
plus: Net interest expenses (excluding expense / income from measurement of interest hedges) 253.8 239.6
plus / less: (Expenses) income from measurement of interest hedges 2.7 5.6
EBIT - 614.5 - 1,298.5
Adjustments:
plus: Separately disclosed items - 3.3 - 26.4
plus: Expense from purchase price allocation 14.3 16.2
Underlying EBIT - 603.5 - 1,308.8
Net income for the separately disclosed items of EUR3.3m in H1
2022 include income of EUR22m from the sale of the shares in
Nordotel S.A, fully consolidated in the Hotels & Resorts
segment, to Grupotel S.A., a joint venture of the TUI Group and
EUR2m from the reversal of an impairment on the Group's office
building. In addition, restructuring expenses in the Central Region
(EUR17m) and All Other Segments (EUR4m) segments were adjusted.
Net income for the separately disclosed items of EUR26.4m in H1
2021 include income of EUR53m from the reversal of restructuring
provisions no longer required in the Central Region due to the
lower than expected reduction in fleet size in TUIfly. In addition,
restructuring expenses of EUR21m were incurred in TUI Musement
(EUR1m), Northern Region (EUR13m, thereof UK EUR6m and Nordics
EUR7m), Central Region (EUR3m), Western Region (EUR3m) and All
other segments (EUR1m). Furthermore, the loss from the sale of an
investment in an aircraft asset company was adjusted in the
Northern Region (EUR 2 million) and Central Region (EUR 1 million)
as well as an expense from a subsequent purchase price adjustment
in the amount of EUR 2 million in All other segments.
Expenses for purchase price allocations of EUR14.3m (previous
year EUR16.2m) relate in particular to the scheduled amortization
of intangible assets from acquisitions made in previous years. 26.
Related parties
Apart from the subsidiaries included in the Interim Financial
Statements, TUI AG, in carrying out its ordinary business
activities, maintains direct and indirect relationships with
related parties. All transactions with related parties were
executed on an arm's length basis.
As at 31 December 2021, Unifirm Ltd, Cyprus, held 34.0% of the
shares in TUI AG (as at 30 September 2021 32.0%). Unifirm Ltd was
indirectly controlled by Alexey Mordashov. TUI received voting
rights notifications informing the company that a 4.1% stake in TUI
AG had been transferred to Severgroup LLC, Russia, a company
controlled by Alexey Mordashov, on 28 February 2022 via a number of
share transfers, and that Alexey Mordashov had ceded control over
Unifirm Limited which still holds 29,9% of the shares of TUI AG.
The controlling company of Unifirm Ltd after completion of the
transactions is Ondero Ltd, Virgin Islands. In a further regulatory
notification TUI has been informed on 18 March 2022 that Marina
Mordashova is the controlling shareholder of Ondero Ltd.
Moreover, the Federal Ministry for Economic Affairs and Climate
Action has informed TUI that it has initiated an assessment
procedure under the Foreign Trade and Payments Act to ascertain
whether the reported transactions are effective. Until the
conclusion of these proceedings the transactions are pending
invalid and the voting rights of Unifirm Ltd may not be
exercised.
Due to the EU sanctions imposed on 28 February 2022, Mr
Mordashov does not have access to the shares in TUI AG controlled
by him, the associated voting rights and economic benefits.
Mr Mordashov stepped down from TUI AG's Supervisory Board with
immediate effect on 2 March 2022.
Accordingly Mr Mordashov and the companies controlled by him are
no longer a related party to TUI AG. As Marina Mordashova cannot
exercise voting rights she is not a related party.
On 4 March 2022 Mr Vladimir Lukin stepped down from TUI AG's
Supervisory Board with immediate effect.
More detailed information on related parties is provided under
section 51 in the Notes to the consolidated financial statements
for 2021. 27. Significant transactions after the balance sheet
date
On 1 April 2022 TUI AG returned EUR675.0m of the financing
measures it received to cover the impact of COVID-19 on its
liquidity according to the provisions of the KfW credit line.
Thereof EUR170.0m has been used for the cancellation of the never
utilized loan facility of EUR200.0m which had already been reduced
by EUR30.0m on 30 September 2021. In addition EUR413.7m of the KfW
credit line was cancelled. The KfW credit line was not utilized as
at 31 March 2022. Finally TUI AG repurchased 913 of the 1,500 bonds
issued to WSF. The purchase price amounted to EUR91.3m plus accrued
interest and acceleration fees of EUR7.2m.
Responsibility Statement
To the best of our knowledge, and in accordance with the
applicable reporting principles for half-year financial reporting
and in the accordance with (German) principles of proper
accounting, the interim consolidated financial statements give a
true and fair view of the assets, liabilities, financial position
and profit or loss of the Group, and the interim Group management
report includes a fair review of the development and performance of
the business and the position of the Group, together with a
description of the principal opportunities and risks associated
with the expected development of the Group for the remaining months
of the financial year.
The Executive Board
Hanover, 9 May 2022
Friedrich Joussen
David Burling
Sebastian Ebel
Peter Krueger
Sybille Reiss
Frank Rosenberger
Review Report
To TUI AG, Berlin/Germany and Hanover/Germany
We have reviewed the condensed interim consolidated financial
statements - comprising the condensed income statement, the
condensed statement of comprehensive income, the condensed
statement of financial position, the condensed statement of changes
in equity, the condensed statement of cash flows as well as
selected explanatory notes to the consolidated financial statements
- and the interim Group management report for the period from 1
October 2021 until 31 March 2022 of TUI AG, Berlin and Hanover,
which are components of the half-year financial report pursuant to
§ 115 WpHG (Wertpapierhandelsgesetz: German Securities Trading
Act). The preparation of the condensed interim consolidated
financial statements in accordance with the International Financial
Reporting Standards (IFRS) applicable to interim financial
reporting as adopted by the EU, and of the interim group management
report which has been prepared in accordance with the requirements
of the WpHG applicable to interim Group management reports is the
responsibility of the entity's executive board. Our responsibility
is to express a conclusion on the condensed interim consolidated
financial statements and on the interim Group management report
based on our review.
We conducted our review of the condensed interim consolidated
financial statements and the interim Group management report in
accordance with the German generally accepted standards for the
review of financial statements promulgated by the Institut der
Wirtschaftsprüfer (IDW) as well as in supplementary compliance with
the International Standard on Review Engagements "Review of Interim
Financial Information Performed by the Independent Auditor of the
Entity" (ISRE 2410). Those standards require that we plan and
perform the review in compliance with professional standards such
that we can preclude through critical evaluation, with limited
assurance, that the condensed interim consolidated financial
statements have not been prepared, in all material respects, in
accordance with the IFRS applicable to interim financial reporting
as adopted by the EU or that the interim Group management report
has not been prepared, in all material respects, in accordance with
the requirements of the WpHG applicable to interim Group management
reports. A review is limited primarily to inquiries of personnel of
the entity and analytical procedures and therefore does not provide
the assurance attainable in a financial statement audit. Since, in
accordance with our engagement, we have not performed a financial
statement audit, we cannot issue an
auditor's report.
Based on our review, no matters have come to our attention that
cause us to presume that the condensed interim consolidated
financial statements of TUI AG, Berlin and Hanover, have not been
prepared, in material respects, in accordance with the IFRS
applicable to interim financial reporting as adopted by the EU, or
that the interim Group management report has not been prepared, in
material respects, in accordance with the requirements of the WpHG
applicable to interim group management reports.
Hanover/Germany, 9 May 2022
Deloitte GmbH
Wirtschaftsprüfungsgesellschaft
Christoph B. Schenk Annika Deutsch
German Public Auditor German Public Auditor
Cautionary statement regarding forward-looking statements
The present Half-Year Financial Report contains various
statements relating to TUI Group's and TUI AG's future development.
These statements are based on assumptions and estimates. Although
we are convinced that these forward-looking statements are
realistic, they are not guarantees of future performance since our
assumptions involve risks and uncertainties that could cause actual
results to differ materially from those anticipated. Such factors
include market fluctuations, the development of world market prices
for commodities and exchange rates or fundamental changes in the
economic environment. TUI does not intend to and does not undertake
any obligation to update any forward-looking statements in order to
reflect events or developments after the date of this Report.
Financial calendar
Date
Half-Year Financial Report H1 2022 11 May 2022
Quarterly Statement Q3 2022 10 August 2022
Annual Report 2022 December 2022
Contacts
Mathias Kiep
Group Director Controlling, Corporate Finance & Investor
Relations
Tel.: + 44 (0)1293 645 925 /
+ 49 (0)511 566-1425
Nicola Gehrt
Director, Head of Group Investor Relations
Tel.: + 49 (0)511 566-1435
Hazel Chung
Senior Investor Relations Manager
Tel.: + 44 (0)1293 645 823
James Trimble
Investor Relations Manager
Tel: +44 (0)1582 315 293
Stefan Keese
Investor Relations Manager
Tel.: + 49 (0)511 566-1387
Anika Heske
Junior Investor Relations Manager
Tel.: + 49 (0)511 566-1425
TUI AG
Karl-Wiechert-Allee 4
30625 Hannover
Tel.: + 49 (0)511 566-00
www.tuigroup.com
This Half-Year Financial Report, the presentation slides and the
video webcast for Q2 2022 (published on 11 May 2022) are available
at the following link:
www.tuigroup.com/en-en/investors
-----------------------------------------------------------------------------------------------------------------------
ISIN: DE000TUAG000
Category Code: IR
TIDM: TUI
LEI Code: 529900SL2WSPV293B552
OAM Categories: 1.2. Half yearly financial reports and audit reports/limited reviews
Sequence No.: 160804
EQS News ID: 1348783
End of Announcement EQS News Service
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