TUI Group
Q1 2024 Interim Report
1 October 2023 – 31 December 2023
Content
Interim Management Report
Summary
Report on changes in expected development
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
Related parties
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
This Interim Financial Report of TUI Group was prepared for
the reporting period from 1 October 2023 to 31 December
2023.
TUI AG
Karl-Wiechert-Allee 23
30625 Hannover
Interim Management Report
Summary
Record Q1 performance in 2024, delivering highest ever revenues of
€4.3bn and positive Q1 underlying EBIT of €6.0m for the first
time1. As a result and based on current booking trends, we
reconfirm our FY 2024 guidance to increase our underlying EBIT by
at least 25%.
-
In Q1 2024
we recorded a record Group revenue of €4.3bn1,
which was up strongly across all our segments increasing by a total
of 15% against the prior year (Q1 2023: €3.8bn). This was driven by
higher demand at improved prices and rates.
-
We achieved
a positive Q1 Group underlying EBIT of €6.0m for the first
time1.
This was an improvement of €159.0m (Q1 2023:
€-153.0m ), highlighting the significant progress we have made
across the business and underlining the strategic development of
the Group.
-
Hotels & Resorts
improved on an already strong operational performance in the prior
year supported by higher occupancies and increased
rates.
-
In Cruises, the strong
trading environment coupled with the quality of product we offer,
drove an increase in occupancy at higher rates, with all three of
our cruise brands contributing to the upside.
-
With the further expansion
of our own differentiated product offering and continued
development of the digital platform in TUI Musement, the segment
recorded higher year-on-year results for the
period.
-
Our Markets & Airlines
delivered a significantly improved underlying EBIT with Central
Region posting a positive first quarter result for the first
time1.
The segment benefitted from stronger demand at increased prices. In
addition, the ability to return to our normal hedging lines
provided, as expected, significant upside to the results across the
markets.
-
During the quarter we welcomed 3.5m customers, 6% more than in the
prior year. Average load factor of 86% for Q1 2024 was 1%pt higher
than in the prior year.
-
We saw a reduction in our net debt year-on-year by €1.3bn to €4.0bn
at 31 December 2023 from €5.3bn in the prior year. This improvement
was driven by net proceeds (following repayment of the final WSF
obligations) from our capital increase in April 2023 and a positive
cash flow from operations and lower net investments.
-
We saw a
further upgrade in our credit rating to B+ with positive outlook by
S&P and we have a clear pathway to a rating target of BB/Ba
territory.
-
In Markets & Airlines the positive booking2 momentum continues
for both the Winter 2023/24 and Summer 2024 season on an expanded
programme. Average selling price (ASP) continues to hold up well,
highlighting the strong demand for our products and the consumers
continued willingness to prioritise spend on travel and holidays.
Our hedging levels for the coming Summer and Winter seasons are in
line with our normal hedging policy.
-
Winter
2023/24 bookings continue to be well ahead at +8% against the prior
season with ASP higher across our key markets and up +4% overall.
To date 87% of the Winter season has been sold which is in line
with the prior Winter season. Bookings for Summer 2024 continue to
be promising with the usual 32% of the programme sold at the point
in time. Bookings are ahead across all our markets and overall, at
+8% supported by stronger ASP at +4% against Summer
2023.
-
Holiday Experiences trading3 remains well on track to deliver in
line with expectations, with bookings in all segments ahead of
prior year.
FY 2024 guidance4
Our focus is on operational excellence and execution. Our
strategic roadmap, the strong operational recovery and the measures
taken to strengthen our balance sheet, lay the foundations for
future profitable growth. Our guidance for FY 2024 is provided
within the framework of the current macroeconomic as well as
geopolitical uncertainties especially in the Middle East. It is
based on the strong performance in Q1 and the current positive
booking momentum across both seasons, as well as a return to a
normal hedging policy. Against this background, we reconfirm our
guidance for FY 2024 published in our Annual Report
2023:
-
We expect revenue to
increase by at least 10% year-on-year
-
We expect underlying EBIT to
increase by at least 25% year-on-year
Mid-Term Ambitions
We have a clear strategy to accelerate profitable growth by
increasing the customer lifetime value, creating a business which
is more agile, more cost-efficient and achieving a higher speed to
market with the aim to create additional shareholder value. Our
mid-term ambitions are as follows:
-
Generate underlying EBIT
growth of c. 7-10% CAGR
-
Target net
leverage5
strongly below
1.0x
-
Return to a credit rating
territory in line with our pre-pandemic rating BB/Ba
(S&P/Moody’s)
1
Since the merger of TUI AG and TUI Travel PLC in
2014
2
Bookings up to 4 February 2024 relate to all customers whether risk
or non-risk and includes amendments and voucher re-bookings
3 FY
2024 trading data (excluding Blue Diamond in Hotels & Resorts)
as of 4 February 2024 compared to 2023 trading data
4
Based on constant currency and within the framework of the
macroeconomic and geopolitical uncertainties currently known,
including
developments in the Middle
East
5 Net
leverage ratio defined as net debt (Financial liabilities plus
lease liabilities less cash & cash equivalents less other
current financial assets)
divided by underlying EBITDA
Sustainability (ESG) as an opportunity1
-
As an
industry leader, we want to set the standard for sustainability in
the market. We believe that sustainable transformation should not
be viewed solely as a cost factor, but that sustainability pays off
– for society, for the environment, and for economic
development.
-
We continue to make progress to reduce relative emissions across
our business and to achieve our targets. One focus in TUI’s
sustainability journey is the measurement of its IT footprint. In
January 2024, we announced the measures we are taking to mitigate
our tech carbon footprint across our technology infrastructure. We
have clear targets to reduce emissions throughout the business from
our data centres and the cloud to the environmental footprint of
mobiles or electronic screens. To ensure the approach is in line
with industry best practices and international standards, an
external agency has been commissioned to create a robust
methodology. The work we are doing in this area was recognised in
January when we were awarded the European SustainableIT Impact
Award 2024 as the category winner of ‘Governance’.
1
Further details on our Sustainability Agenda are published in
our Annual Report 2023 and also on our website under
www.tuigroup.com/en-en/sustainability
(not subject of an auditor’s review)
TUI Group - financial highlights
|
|
|
|
|
|
|
|
|
|
|
€ million
|
|
|
Q1 2024
|
|
Q1 2023
adjusted
|
|
Var. %
|
|
Var. % at constant currency
|
Revenue
|
|
|
4,302.5
|
|
3,750.5
|
|
+ 14.7
|
|
+ 14.8
|
Underlying EBIT1
|
|
|
|
|
|
|
|
|
|
Hotels & Resorts
|
|
|
90.7
|
|
71.6
|
|
+ 26.6
|
|
+ 31.7
|
Cruises
|
|
|
34.5
|
|
0.2
|
|
n. a.
|
|
n. a.
|
TUI Musement
|
|
|
- 10.7
|
|
- 13.5
|
|
+ 20.9
|
|
+ 34.1
|
Holiday Experiences
|
|
|
114.5
|
|
58.3
|
|
+ 96.3
|
|
+ 105.5
|
Northern Region
|
|
|
- 50.4
|
|
- 122.0
|
|
+ 58.6
|
|
+ 59.8
|
Central Region
|
|
|
1.3
|
|
- 29.0
|
|
n. a.
|
|
n. a.
|
Western Region
|
|
|
- 46.6
|
|
- 43.7
|
|
- 6.6
|
|
- 5.1
|
Markets & Airlines
|
|
|
- 95.7
|
|
- 194.6
|
|
+ 50.8
|
|
+ 52.2
|
All other segments
|
|
|
- 12.8
|
|
- 16.7
|
|
+ 23.1
|
|
+ 22.5
|
Underlying EBIT1
TUI Group
|
|
|
6.0
|
|
- 153.0
|
|
n. a.
|
|
n. a.
|
TUI Group
(at constant currency)
|
|
|
14.0
|
|
- 153.0
|
|
n. a.
|
|
|
EBIT1
|
|
|
0.2
|
|
- 158.7
|
|
n. a.
|
|
|
Underlying EBITDA
|
|
|
208.5
|
|
58.3
|
|
+ 258.0
|
|
|
EBITDA2
|
|
|
208.0
|
|
58.0
|
|
+ 258.5
|
|
|
Group loss
|
|
|
- 83.5
|
|
- 231.8
|
|
+ 64.0
|
|
|
Earnings per share3
|
€
|
|
- 0.24
|
|
- 0.89
|
|
+ 73.0
|
|
|
Net capex and investment
|
|
|
43.9
|
|
149.0
|
|
- 70.6
|
|
|
Equity ratio (31 Mar)4
|
%
|
|
9.0
|
|
0.7
|
|
+ 8.3
|
|
|
Net debt (31 Dec)
|
|
|
3,983.3
|
|
5,259.9
|
|
- 24.3
|
|
|
Employee (31 Dec)
|
|
|
52,661
|
|
49,979
|
|
+ 5.4
|
|
|
Due to rounding, some of the figures may not add up precisely
to the stated totals, and percentages may not precisely reflect the
absolute figures. All change figures refer to the previous year,
unless otherwise stated.
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 17.
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
Earnings per share were adjusted for the impact of the
10-for-1 reverse stock split in February 2023 as well as the impact
of the subscription rights issued in the capital increase on 24
April 2023.
4
Equity divided by balance sheet total in %, variance is given
in percentage points.
The present Q1 Interim Financial Report 2024 is based on TUI
Group’s reporting structure set out in the Consolidated Financial
Statements of TUI AG as at 30
September 2023. See TUI Group Annual Report 2023 from page
28.
Due to the re-segmentation of Future Markets from All other
segments to Hotels & Resorts, TUI Musement and Central Region
as at 31 March 2023 previous year’s figures have been
adjusted.
Trading update Markets & Airlines1 - Positive booking momentum
continues for both Winter and Summer seasons with higher ASP
highlighting the strong consumer demand for our travel products.
Volumes expected to recover to pre-pandemic levels
Winter 2023/24 vs. Winter 2022/23
|
|
|
|
Variation in %
|
|
|
Bookings
|
|
+ 8
|
ASP
|
|
+ 4
|
-
4.4m bookings have been taken to date, an increase of +8% against
the prior Winter season with 1.4m bookings added since our last
trading update published on 6 December 2023 on the FY 2023
full-year announcement. As a result, 87% of the overall season has
been sold which is in line with prior season.
-
ASP is at
+4% versus Winter 2022/23 highlighting the resilience of demand for
our travel products.
-
Short- and
medium haul destinations continue to drive bookings, with popular
destinations once again proving to be the Canaries, Egypt and Cape
Verde.
-
Booking
across all markets and in particular in our key markets, continue
to be well ahead of prior year. With the majority of the Winter
season sold across the key markets, bookings in UK are up +10%
against Winter 2022/23 with 84% of booking already taken. In
Germany, following a strong start to the season, volumes continue
to be well ahead +8% against the prior season with 87% of the
season sold.
Summer 2024 vs. Summer 2023
|
|
|
|
Variation in %
|
|
|
Bookings
|
|
+ 8
|
ASP
|
|
+ 4
|
|
-
Current
indications for Summer 20242
continue to
be promising, with 32% of the programme sold, which is essentially
in line with the prior year.
-
5.0m
bookings have been taken to date, up +8% on Summer 2023 with all
markets ahead of prior year.
-
Summer 2024
ASP is +4% ahead, maintaining the level reported in December
2023.
-
We have seen
stronger demand year-on-year across all our key medium- and
short-haul destinations with Spain, Greece and Turkey again proving
to be most popular for the summer season.
-
In UK, which
has been on sale for the longest period, bookings are up +3%, with
41% of the programme sold. In Germany, 32% of the season has been
sold. Here, the season has started strongly, with bookings +15%
against Summer 2023.
-
We continue
to monitor developments both in the Middle East and around the
Arabian Peninsula. We will retain the option to flexibly adjust
capacity from the eastern to western Mediterranean should there be
a further escalation of the conflict in this region which has a
significant and prolonged effect on customer demand.
1
Bookings up to 4 February 2024 relate to all customers
whether risk or non-risk and include amendments and voucher
re-bookings.
2
Depending on the source market, Summer season starts in April
or May and ends in September, October or November.
Trading update Holiday
Experiences1
– Trading remains well on track to
deliver in line with expectations
Trading
|
|
Q2 2024
|
|
H2 2024
|
|
|
|
|
|
Variation in % versus
|
|
|
|
|
|
|
|
|
|
Hotels & Resorts
|
|
|
|
|
Available bed nights
|
|
+ 7
|
|
+ 1
|
Occupancy
|
|
- 1
|
|
+ 1
|
Average daily rate
|
|
+ 13
|
|
+ 12
|
Cruises
|
|
|
|
|
Available passenger cruise days
|
|
0
|
|
+ 9
|
Occupancy
|
|
+ 5
|
|
+ 13
|
Average daily rate
|
|
+ 18
|
|
- 2
|
TUI Musement
|
|
|
|
|
Experiences sold
|
|
+ 12
|
|
+ low-double digit
|
Transfers
|
|
in line with operations and capacity operated by Markets
& Airlines
|
-
Hotels & Resorts – Number of available bed nights2 are higher,
with Q2 up +7% against the prior year driven by an earlier start to
the season.
H2 is 1% ahead, in particular for Riu. Booked
occupancy3
to date is
slightly below prior year for Q2 and ahead for H2 at +1%,
underlining the strong demand for our hotel portfolio already
witnessed last year. Average daily rates4 are up strongly
across our key brands, with overall rates up
+13% for Q2 and up +12% for H2. We expect key destinations
to be the Canaries, Mexico, the Caribbean and Cape Verde in Q2 with
Spain, Greece and Turkey anticipated to be popular for the summer
half-year.
-
Cruises – Our three brands are set to operate a full fleet of
sixteen ships, with Mein Schiff 7 complimenting the TUI Cruises
fleet for the Summer season. As a result, available passenger
cruise days5 in Q2 2024 are in line with Q2 2023 whilst the
additional ship is the key driver of the +9% increased capacity for
H2. Booked occupancy6 is up +5% for Q2 and well ahead for H2 at
+13%, generated by a more advanced booking curve than at the same
stage last year. We expect occupancy levels to normalise over the
financial year to levels more in line with pre-pandemic levels.
Booked ticket rates7 in Q2 are +18% ahead of Q2 2023, where trading
was still recovering post-pandemic. Rates for H2 at -2% are
slightly lower in particular due to the changed brand mix, with TUI
Cruises adding a new ship to the fleet in June 2024. For the summer
season, Mein Schiff, with its fleet of seven ships, will offer
itineraries to the Mediterranean, Northern Europe, Baltic Sea and
North America, with Hapag-Lloyd’s programme focusing on Europe,
North America, Asia as well as voyages to the Artic, based on a
fleet of five vessels. Marella, with its fleet of five ships will
operate itineraries across the Mediterranean and the
Caribbean.
-
TUI Musement
– In our Tours and Activity business, we will expand our B2C
experiences offering as well as B2B business with partners and
anticipate a higher volume of transfers and experiences sales
driven by our Markets & Airlines business. Bookings continue
their positive development, with sales to date for our experiences
business, providing excursions, activities and tickets, +12% ahead
for Q2 and anticipated to increase lower-double digit in H2 2024.
The provision of transfer services and support to our customers in
the destination, is projected to develop in line with operations
and capacity operated by Markets & Airlines over the remaining
booking period.
1 FY
2024 trading data (excluding Blue Diamond in Hotels & Resorts)
as of 4 February 2024 compared to 2023 trading data
2
Number of hotel days open multiplied by beds available in the
hotel (Group owned and leased hotels)
3
Occupied beds divided by available beds (Group owned and
lease hotels)
4
Board and lodging revenue divided by occupied bed nights
(Group owned and leased hotels)
5
Number of operating days multiplied by berths available on
the operated ships
6
Achieved passenger cruise days divided by available passenger
cruise days
7
TUI Cruises: Ticket revenue divided by achieved passenger
cruise days. Marella Cruises: Revenue (stay on ship inclusive of
transfers, flights and
hotels due to the integrated nature of
Marella Cruises) divided by achieved passenger cruise
days
Strategic priorities
The TUI Group's strategy outlined in the Annual Report
20231 will be
driven forward in the current financial year.
During the quarter we have made further progress in achieving
our strategic transformation. The initiatives include the
following:
-
We have a strong pipeline of hotels as we aim to grow our hotel
portfolio in the mid-term. As part of this growth, we announced in
the quarter the first hotel of the fund on Zanzibar under the new
brand “The Mora”. The brand adds a new upper market brand to the
hotel portfolio by offering laid-back luxury combined with
exceptional service. “The Mora Zanzibar” will begin operating from
this Spring.
-
TUI Musement
is one of the largest digital providers of experiences (including
excursions, activities and tickets) transfers and multi-day tours.
In January 2024, the business announced the expansion of its
partnership with easyJet, by making the TUI Musement portfolio of
experiences available to customers of easyJet airline. In addition,
the business has also relaunched the TUI Musement App, which
further enhances the customer experience as well as cross- and
upselling.
We also aim to further improve our net leverage, focusing on
optimising working capital and cash from operations and maintaining
disciplined capital expenditure through asset right and joint
venture growth. This will support improving the structure of our
balance sheet with the target to bring our net leverage2 down below
1.0x. In this context we will also look to return and debt-finance
the remaining KfW Revolving Credit Facility (RCF) in due
course.
1
Details on our strategy see TUI Group Annual Report 2023 from
page 24
2
Net leverage ratio defined as net debt (Financial liabilities
plus lease liabilities less cash & cash equivalents less other
current financial assets)
divided by underlying EBITDA
Report on changes in expected development
We re-confirm all our expectations for financial year 2024
set out in the Annual Report 2023. See TUI Group Annual Report 2023
from page 56 onwards.
Consolidated earnings
Revenue
|
|
|
|
|
|
|
|
€ million
|
|
Q1 2024
|
|
Q1 2023
adjusted
|
|
Var. %
|
Hotels & Resorts
|
|
251.7
|
|
210.9
|
|
+ 19.3
|
Cruises
|
|
166.8
|
|
115.2
|
|
+ 44.7
|
TUI Musement
|
|
194.9
|
|
159.7
|
|
+ 22.0
|
Holiday Experiences
|
|
613.4
|
|
485.9
|
|
+ 26.2
|
Northern Region
|
|
1,441.5
|
|
1,343.1
|
|
+ 7.3
|
Central Region
|
|
1,633.5
|
|
1,385.0
|
|
+ 17.9
|
Western Region
|
|
612.6
|
|
534.9
|
|
+ 14.5
|
Markets & Airlines
|
|
3,687.6
|
|
3,263.1
|
|
+ 13.0
|
All other segments
|
|
1.6
|
|
1.5
|
|
+ 3.6
|
TUI Group
|
|
4,302.5
|
|
3,750.5
|
|
+ 14.7
|
TUI Group (at constant
currency)
|
|
4,303.9
|
|
3,750.5
|
|
+ 14.8
|
Underlying EBIT
|
|
|
|
|
|
|
|
|
€ million
|
|
Q1 2024
|
|
Q1 2023
adjusted
|
|
Var. %
|
|
Hotels & Resorts
|
|
90.7
|
|
71.6
|
|
+ 26.6
|
|
Cruises
|
|
34.5
|
|
0.2
|
|
n. a.
|
|
TUI Musement
|
|
- 10.7
|
|
- 13.5
|
|
+ 20.9
|
|
Holiday Experiences
|
|
114.5
|
|
58.3
|
|
+ 96.3
|
|
Northern Region
|
|
- 50.4
|
|
- 122.0
|
|
+ 58.6
|
|
Central Region
|
|
1.3
|
|
- 29.0
|
|
n. a.
|
|
Western Region
|
|
- 46.6
|
|
- 43.7
|
|
- 6.6
|
|
Markets & Airlines
|
|
- 95.7
|
|
- 194.6
|
|
+ 50.8
|
|
All other segments
|
|
- 12.8
|
|
- 16.7
|
|
+ 23.1
|
|
TUI Group
|
|
6.0
|
|
- 153.0
|
|
n. a.
|
|
TUI Group (at constant
currency)
|
|
14.0
|
|
- 153.0
|
|
n. a.
|
|
EBIT
|
|
|
|
|
|
|
|
|
€ million
|
|
Q1 2024
|
|
Q1 2023
adjusted
|
|
Var. %
|
|
Hotels & Resorts
|
|
91.8
|
|
71.0
|
|
+ 29.3
|
|
Cruises
|
|
34.5
|
|
0.2
|
|
n. a.
|
|
TUI Musement
|
|
- 12.1
|
|
- 13.9
|
|
+ 13.0
|
|
Holiday Experiences
|
|
114.2
|
|
57.2
|
|
+ 99.5
|
|
Northern Region
|
|
- 51.7
|
|
- 125.7
|
|
+ 58.9
|
|
Central Region
|
|
0.1
|
|
- 28.9
|
|
n. a.
|
|
Western Region
|
|
- 44.5
|
|
- 42.6
|
|
- 4.3
|
|
Markets & Airlines
|
|
- 96.1
|
|
- 197.3
|
|
+ 51.3
|
|
All other segments
|
|
- 17.9
|
|
- 18.6
|
|
+ 4.0
|
|
TUI Group
|
|
0.2
|
|
- 158.7
|
|
n. a.
|
|
Segmental performance
Holiday Experiences
|
|
|
|
|
|
|
|
€ million
|
|
Q1 2024
|
|
Q1 2023
adjusted
|
|
Var. %
|
Revenue
|
|
613.4
|
|
485.9
|
|
+ 26.2
|
Underlying EBIT
|
|
114.5
|
|
58.3
|
|
+ 96.3
|
Underlying EBIT at constant currency
|
|
119.9
|
|
58.3
|
|
+ 105.5
|
Hotels & Resorts
|
|
|
|
|
|
|
|
€ million
|
|
Q1 2024
|
|
Q1 2023
adjusted
|
|
Var. %
|
Total revenue1
|
|
448.4
|
|
384.7
|
|
+ 16.6
|
Revenue
|
|
251.7
|
|
210.9
|
|
+ 19.3
|
Underlying EBIT
|
|
90.7
|
|
71.6
|
|
+ 26.6
|
Underlying EBIT at constant currency
|
|
94.4
|
|
71.6
|
|
+ 31.7
|
Available bed
nights2
('000)
|
|
8,813
|
|
8,548
|
|
+ 3.1
|
Riu
|
|
3,518
|
|
3,224
|
|
+ 9.1
|
Robinson
|
|
781
|
|
825
|
|
- 5.3
|
Blue Diamond
|
|
1,519
|
|
1,363
|
|
+ 11.5
|
Occupancy3
(%, variance in % points)
|
|
78
|
|
75
|
|
+ 3
|
Riu
|
|
89
|
|
86
|
|
+ 3
|
Robinson
|
|
71
|
|
69
|
|
+ 2
|
Blue Diamond
|
|
83
|
|
84
|
|
- 1
|
Average daily
rate4
(€)
|
|
90
|
|
86
|
|
+ 4.9
|
Riu
|
|
82
|
|
77
|
|
+ 6.8
|
Robinson
|
|
107
|
|
101
|
|
+ 6.1
|
Blue Diamond
|
|
150
|
|
151
|
|
- 0.6
|
Revenue includes fully consolidated companies, all other KPIs
incl. companies measured at equity
|
1
Total revenue includes intra-Group revenue
|
|
|
|
|
|
|
2
Number of hotel days open multiplied by beds available (Group
owned and leased hotels)
|
3
Occupied beds divided by available beds (Group owned and
leased hotels)
|
4
Board and lodging revenue divided by occupied bed nights
(Group owned and leased hotels)
|
The Hotels & Resorts portfolio is well-diversified in terms of
product offer, destination mix and ownership models, and benefits
from multi-channel and multi-source market distribution via Markets
& Airlines, direct to customer,
and via third parties such as Online Travel Agents (OTAs) and
tour operators mainly outside our own source markets.
Q1 2024 total revenue for the segment grew to €448.4m, an
increase of 17% year-on-year (Q1 2023: €384.7m) driven by higher
bed nights and occupancy at increased rates. As a result, the
segment contributed a Q1 underlying EBIT of €90.7m, up €19.0m
year-on-year (Q1 2023: €71.6m).
Results were supported in particular by a stronger operational
performance for Riu. The Canaries, Cape Verde and Turkey proved to
be highly sought after destinations reporting higher volumes and
rates.
A
total of 8.8m available bed nights (capacity) were on offer during
the quarter, up by 3% on Q1 2023 due to higher capacities across
the Riu portfolio mainly as a result of fewer hotel renovations.
The overall occupancy rate for the segment remained high
across all businesses rising by a total of 3%pts year-on-year to
78% with our hotels in the Caribbean in strong demand at an
occupancy level of 87%. The Canaries also proved popular during
this winter period, achieving an occupancy level of 81%.
Q1 2024 average daily rate increased by 5% year-on-year to
€90 overall supported by an improvement across our key brands.
Riu’s average daily rate increased by 7% to €82 (Q1 2023: €77).
Similarly, Robinson rates also increased by 6% to €107 (Q1 2023:
€101). Blue Diamond’s average daily rate were 1% lower at €150 due
to exchange rate translation (Q1 2023: €151). At constant currency
the Q1 2024 average daily rate was +4% higher at
€158.
Cruises
|
|
|
|
|
|
|
|
€ million
|
|
Q1 2024
|
|
Q1 2023
|
|
Var. %
|
Revenue1
|
|
166.8
|
|
115.2
|
|
+ 44.7
|
Underlying EBIT
|
|
34.5
|
|
0.2
|
|
n. a.
|
Underlying EBIT at constant currency
|
|
34.4
|
|
0.2
|
|
n. a.
|
Available passenger cruise
days2
('000)
|
|
2,336
|
|
2,379
|
|
- 1.8
|
Mein Schiff
|
|
1,429
|
|
1,623
|
|
- 11.9
|
Hapag-Lloyd Cruises
|
|
146
|
|
148
|
|
- 1.5
|
Marella Cruises
|
|
760
|
|
607
|
|
+ 25.2
|
Occupancy3
(%, variance in % points)
|
|
96
|
|
87
|
|
+ 8
|
Mein Schiff
|
|
99
|
|
88
|
|
+ 11
|
Hapag-Lloyd Cruises
|
|
73
|
|
65
|
|
+ 8
|
Marella Cruises
|
|
93
|
|
91
|
|
+ 2
|
Average daily rate (€)
|
|
204
|
|
175
|
|
+ 17.0
|
Mein Schiff4
|
|
169
|
|
139
|
|
+ 22.1
|
Hapag-Lloyd Cruises4
|
|
678
|
|
669
|
|
+ 1.4
|
Marella Cruises5 (in
£)
|
|
177
|
|
158
|
|
+ 12.1
|
1
Revenue is not included for Mein Schiff and Hapag-Lloyd
Cruises as the joint venture TUI Cruises is consolidated at
equity
|
2
Number of operating days multiplied by berths available on
the operated ships.
|
3
Achieved passenger cruise days divided by available passenger
cruise days
|
4
Ticket revenue divided by achieved passenger
cruise days
|
5
Revenue (stay on ship inclusive of transfers, flights and
hotels due to the integrated nature of Marella Cruises) divided by
achieved passenger cruise days
|
The Cruises segment comprises the joint venture TUI Cruises
in Germany, which operates cruise ships under the brands
Mein Schiff and Hapag-Lloyd Cruises,
and Marella Cruises in UK. As in the previous year, the segment
operated a full fleet of 16 ships.
Q1 2024 revenue reflecting Marella Cruises only, increased to
€166.8m, an improvement of 45% year-on-year (Q1 2023: €115.2m). Q1
2024 underlying EBIT (including the equity result of TUI Cruises),
was €34.5m, increasing €34.3m against the prior year quarter
(Q1 2023: €0.2m) as Cruises
continued its positive development. The improvement for the
segment, was driven by an increased occupancy at higher rates, with
all three of our cruise brands contributing to the improvement.
Available passenger cruise days of 2.3m were -2% overall (Q1 2023:
2.4m) due to scheduled regular dry and wet dock periods. The EAT
(Earning after Tax) of €28.6m for TUI Cruises, was up significant
by €21.1m year-on-year (Q1 2023: €7.6m).
Mein Schiff – Mein Schiff deployed a full fleet of six ships
during the quarter against a fleet of seven vessels in the prior
year following the transfer of Mein Schiff Herz to Marella Cruises
in the prior year. The brand offered itineraries to the Canaries,
the Orient, the Caribbean, Central America, Asia and Northern
Europe. Occupancy of the operated fleet continued to rise, reaching
99% during the quarter (Q1 2023: 88%) and returning to pre-pandemic
levels, underlining the strong demand for our German language,
premium all-inclusive product post pandemic. At €169, the
average daily rate was 22% higher than in the prior year (Q1 2023:
€139) supported by higher demand.
Hapag-Lloyd Cruises – The brand is a leading provider of luxury and
expeditions cruises in German speaking markets. During the quarter
itineraries were focused on Europe, the Americas, the Caribbean,
South Pacific as well as voyages to Antartica. As in the prior
year, the fleet comprised two luxury liners and three expedition
cruise ships. Q1 average daily rate was €678, increasing by 1% on
prior year (Q1 2023: €669). Q1 occupancy of the fleet was 73%
(Q1 2023: 65%), underlining the significantly increased demand for
the product on offer.
Marella Cruises – Our UK brand caters for a variety of cruise
customer including families. In Q1 2024 the fleet consisted of five
ships, one more than in Q1 2023, following the commissioning of the
Marella Voyager, formerly Mein Schiff Herz which entered the fleet
last year in time for the Summer 2023 season. During the quarter,
Marella Cruises operated itineraries to the Canaries and the
Caribbean, with routes to Asia also reintroduced for the Winter
season. The business achieved an average daily rate of £177
up 12% year-on-year (Q1 2023: £158). Occupancy was at 93%, versus a
prior year Q1 of 91% benefiting from an improved trading
environment.
TUI Musement
|
|
|
|
|
|
|
|
€ million
|
|
Q1 2024
|
|
Q1 2023
adjusted
|
|
Var. %
|
Total revenue1
|
|
268.6
|
|
224.2
|
|
+ 19.8
|
Revenue
|
|
194.9
|
|
159.7
|
|
+ 22.0
|
Underlying EBIT
|
|
- 10.7
|
|
- 13.5
|
|
+ 20.9
|
Underlying EBIT at constant currency
|
|
- 8.9
|
|
- 13.5
|
|
+ 34.1
|
1
Total revenue includes intra-Group revenue
|
|
|
|
|
|
|
TUI Musement is one of the largest digital providers of experiences
(including excursions, activities and tickets) transfers and
multi-day tours.
Q1 2024 revenue of €194.9m, was 22% higher year-on-year
(Q1 2023: €159.7m). The underlying
EBIT of €-10.7m reduced by €2.8m against prior year (Q1
2023: €-13.5m) supported by the expansion of the B2C experiences
offering, increased B2B partnerships and higher transfer volumes
and experience sales to our Markets & Airlines business.
During the quarter, TUI Musement provided 5.4m guest transfers in
the destinations, an increase of 9% against the prior year (Q1
2023: 5.0m). In addition, 2.0m experiences were sold in the
quarter, 16% higher year-on-year (Q1 2023: 1.7m). Popular
experiences in sun & beach destinations are proving to be
products of TUI Collection products, our portfolio of of own
experiences, which are developed by the TUI team in conjunction
with local operators. In city destinations tickets to renowned
attractions such as the Sagrada Familia in Barcelona were
particularly sought after.
Markets & Airlines
|
|
|
|
|
|
|
|
€ million
|
|
Q1 2024
|
|
Q1 2023
adjusted
|
|
Var. %
|
Revenue
|
|
3,687.6
|
|
3,263.1
|
|
+ 13.0
|
Underlying EBIT
|
|
- 95.7
|
|
- 194.6
|
|
+ 50.8
|
Underlying EBIT at constant currency
|
|
- 93.0
|
|
- 194.6
|
|
+ 52.2
|
Direct distribution mix1
(in %, variance in % points)
|
|
73
|
|
75
|
|
- 2
|
Online mix2
(in %, variance in % points)
|
|
50
|
|
52
|
|
- 2
|
Customers ('000)
|
|
3,514
|
|
3,303
|
|
+ 6.4
|
1
Share of sales via own channels (retail and
online)
|
2
Share of online sales
|
|
Our Markets & Airlines business covers the whole customer
journey. We differentiate ourselves from the competition (such as
tour operators, OTAs, hotels and airlines) based on our products,
services, customer care and trust, and by following a
customer-centric approach.
Q1 2024 revenue of €3,687.6m, increased 13% year-on-year (Q1
2023: €3,263.1m). Whilst Q1 2024 Underlying EBIT is traditionally
negative, results for the quarter improved significantly by €98.9m
to €-95.7m year-on-year (Q1 2023:
€-194.6m) and above pre-pandemic levels. Notably, Central Region
achieved a positive first quarter result for the first
time1. The
overall improvement was driven in part by an improved operational
performance with higher volumes at increased prices, as we continue
to transform the segment. In addition, the return to normal
hedging conditions for the business following the lifting of
restrictions on our ability to hedge in line with our policy,
provided, as expected, significant upside to the results across the
markets and in particular in UK.
Short- and medium haul destinations such as the Canaries,
Egypt and Cape Verde proved again to be the most popular
destinations for our customers. Key long-haul destinations in the
quarter included Mexico, Thailand and the Dominican
Republic.
A total of 3,514k customers departed in the quarter, an
increase of 211k customers versus prior year with the majority of
overall customers departing during October. Average load factor of
86% for Q1 2024, was 1%pt higher than in the prior year quarter (Q1
2023: 85%).
As part of our strategy to accelerate the Group’s transformation
into a digital platform business, we continue to drive forward our
app sales which made up 6.6% of overall sales in Q1 2024, an
increase of 37% against Q1 2023. In this context, we have also seen
increased demand for our dynamically packaged products, providing
our customers with greater choice and flexibility. Here 0.6m of our
customer volumes were dynamically packaged in the quarter, up 24%
year-on-year (Q1 2023: 0.5m).
1
Since the merger of TUI AG and TUI
Travel PLC in 2014
Northern Region
|
|
|
|
|
|
|
|
€ million
|
|
Q1 2024
|
|
Q1 2023
|
|
Var. %
|
Revenue
|
|
1,441.5
|
|
1,343.1
|
|
+ 7.3
|
Underlying EBIT
|
|
- 50.4
|
|
- 122.0
|
|
+ 58.6
|
Underlying EBIT at constant currency
|
|
- 49.0
|
|
- 122.0
|
|
+ 59.8
|
Direct distribution mix1
(in %, variance in % points)
|
|
93
|
|
93
|
|
-
|
Online mix2
(in %, variance in % points)
|
|
68
|
|
68
|
|
-
|
Customers ('000)
|
|
1,240
|
|
1,208
|
|
+ 2.7
|
1
Share of sales via own channels (retail and
online)
|
2
Share of online sales
|
Northern Region comprises the source markets UK and Nordics
following the sale of our strategic tour operator venture in Canada
in May 2023.
Q1 2024 revenue for the region of €1,441.5m, was 7% higher
year-on-year (Q1 2023: €1,343.1m). Q1 2024 underlying EBIT of
€-50.4m improved significantly by €71.5m year-on-year (Q1 2023:
€-122.0m) supported by increased demand at increased prices
as well as an upside in particular in UK, from the return to normal
hedging lines.
Q1 2024 customer volumes increased by 2.7% to 1,240k versus 1,208k
guests in Q1 2023 driven by higher demand and returning to
pre-pandemic levels. Online distribution continued to be high
at 68%, and in line with prior year (Q1 2023: 68%). Direct
distribution was at 93% maintaining the high rate of the prior year
(Q1 2023: 93%).
Central Region
|
|
|
|
|
|
|
|
€ million
|
|
Q1 2024
|
|
Q1 2023
adjusted
|
|
Var. %
|
Revenue
|
|
1,633.5
|
|
1,385.0
|
|
+ 17.9
|
Underlying EBIT
|
|
1.3
|
|
- 29.0
|
|
n. a.
|
Underlying EBIT at constant currency
|
|
1.9
|
|
- 29.0
|
|
n. a.
|
Direct distribution mix1
(in %, variance in % points)
|
|
52
|
|
54
|
|
- 2
|
Online mix2
(in %, variance in % points)
|
|
27
|
|
28
|
|
- 1
|
Customers ('000)
|
|
1,383
|
|
1,232
|
|
+ 12.2
|
1
Share of sales via own channels (retail and
online)
|
2
Share of online sales
|
|
Central Region comprises the source markets Germany, Austria,
Switzerland and Poland.
Q1 2023 revenue of €1,633.5m, improved
18 % year-on-year (Q1 2023:
€1,385.0m). Underlying EBIT rose by €30.3m to €1.3m year-on-year
(Q1 2023: €-29.0m) with the Region achieving a positive first
quarter result for the first time.1 The
significant improvement was driven in particular by stronger demand
in Germany with increased volumes and
prices.
Central Region saw 1,383k customers depart in the quarter, an
improvement of 12.2% versus prior year (Q1 2023: 1,232k), the
highest increase across our regions. Online distribution stood at
27%, down slightly by 1%pt against prior year. Direct distribution
was 2%pts lower to 52% against Q1 2023 of 54%.
1
Since the merger of TUI AG and TUI
Travel PLC in 2014
Western Region
|
|
|
|
|
|
|
|
€ million
|
|
Q1 2024
|
|
Q1 2023
|
|
Var. %
|
Revenue
|
|
612.6
|
|
534.9
|
|
+ 14.5
|
Underlying EBIT
|
|
- 46.6
|
|
- 43.7
|
|
- 6.6
|
Underlying EBIT at constant currency
|
|
- 45.9
|
|
- 43.7
|
|
- 5.1
|
Direct distribution mix1
(in %, variance in % points)
|
|
77
|
|
79
|
|
- 2
|
Online mix2
(in %, variance in % points)
|
|
59
|
|
62
|
|
- 3
|
Customers ('000)
|
|
891
|
|
863
|
|
+ 3.3
|
1
Share of sales via own channels (retail and
online)
|
2
Share of online sales
|
Western Region comprises the source markets Belgium,
Netherlands and France.
Q1 2024 revenue of €612.6m, was up 15% year-on-year (Q1 2023:
€534.9m). Q1 underlying EBIT of
€-46.6m, decreased by €2.9m year-on-year (Q1 2023:
€-43.7m). Improved volumes and prices in the region
year-on-year were offset mainly by maintenance reserve provision
effects.
Customer volumes rose by 3.3% to 891k guests year-on-year (Q1
2023: 863k). Online distribution for region was at 59%, 3%pt below
prior year. Direct distribution was down 2%pts to 77% versus prior
year (Q1 2023: 79%).
All other segments
|
|
|
|
|
|
|
|
€ million
|
|
Q1 2024
|
|
Q1 2023
adjusted
|
|
Var. %
|
Revenue
|
|
1.6
|
|
1.5
|
|
+ 3.6
|
Underlying EBIT
|
|
- 12.8
|
|
- 16.7
|
|
+ 23.1
|
Underlying EBIT at constant currency)
|
|
- 12.9
|
|
- 16.7
|
|
+ 22.5
|
All other segments includes the corporate centre functions of
TUI AG and the interim holdings, the Group’s real estate companies
and the Group’s key tourism functions.
Q1 2024 underlying EBIT of €-12.8m, improved by €3.8m
year-on-year (Q1 2023: €-16.7m) primarily due to a positive effect
resulting from loan impairment reversals, partly offset by higher
costs.
Financial position and net assets
Cash Flow / Net capex and
investments / Net debt
TUI Group's operating cash outflow in Q1 2024 of €1,612.5m
decreased by 3.5% year-on-year This reflects the lower Group loss,
which was partly offset by a higher cash outflow from the
settlement of tourism-related prepayments.
Net debt as at 31 December 2023 of €4.0bn decreased by €1.3bn
compared to previous year level
(31 December 2022: €5.3bn). This
improvement was driven by net proceeds (following repayment of the
final WSF obligations) from our capital increase in April 2023 and
the positive cash flow from operations.
Net debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
€ million
|
|
31 Dec 2023
|
|
31 Dec 2022
|
|
Var. %
|
Financial debt
|
|
2,988.8
|
|
3,951.8
|
|
- 24.4
|
Lease liabilities
|
|
2,789.1
|
|
2,935.8
|
|
- 5.0
|
Cash and cash equivalents
|
|
1,714.8
|
|
1,542.7
|
|
+ 11.2
|
Short-term interest-bearing investments
|
|
79.8
|
|
85.0
|
|
- 6.1
|
Net debt
|
|
3,983.3
|
|
5,259.9
|
|
- 24.3
|
Net capex and investments
|
|
|
|
|
|
|
|
|
€ million
|
|
Q1 2024
|
|
Q1 2023
adjusted
|
|
Var. %
|
|
Cash gross capex
|
|
|
|
|
|
|
|
Hotels & Resorts
|
|
27.3
|
|
71.4
|
|
- 61.8
|
|
Cruises
|
|
21.7
|
|
28.0
|
|
- 22.5
|
|
TUI Musement
|
|
5.2
|
|
5.3
|
|
- 1.9
|
|
Holiday Experiences
|
|
54.3
|
|
104.7
|
|
- 48.1
|
|
Northern Region
|
|
5.0
|
|
5.7
|
|
- 12.3
|
|
Central Region
|
|
4.3
|
|
2.0
|
|
+ 115.0
|
|
Western Region
|
|
7.5
|
|
4.2
|
|
+ 78.6
|
|
Markets & Airlines*
|
|
17.5
|
|
33.3
|
|
- 47.4
|
|
All other segments
|
|
33.4
|
|
31.5
|
|
+ 6.0
|
|
TUI Group
|
|
105.2
|
|
169.5
|
|
- 37.9
|
|
Net pre delivery payments on aircraft
|
|
61.1
|
|
59.0
|
|
+ 3.6
|
|
Financial investments
|
|
1.4
|
|
0.3
|
|
+ 366.7
|
|
Divestments
|
|
- 123.8
|
|
- 79.8
|
|
- 55.1
|
|
Net capex and investments
|
|
43.9
|
|
149.0
|
|
- 70.5
|
|
*
Including €0.7m for Q1 2024 (Q1 2023: €21.4m) 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 Q1 2024 of €105.2m was €64.3m lower
year-on-year. This decline was due to lower investments in both the
Holiday Experiences and Markets & Airlines segments. The
year-on-year increase in divestments in Q1 2024 was mainly driven
by higher disposal proceeds. Net capex and investments of €43.9m
decreased by €105.1m year-on-year.
Foreign exchange/Fuel
We have a strategy of hedging the majority of our jet fuel
and currency requirements for future seasons in place. Our hedging
policy gives us certainty of costs when planning capacity and
pricing. The following table shows the percentage of our forecast
requirement that is currently hedged for Euros, US Dollars and jet
fuel for our Markets & Airlines.
Foreign Exchange/Fuel
|
|
|
|
|
|
|
|
|
|
|
|
|
|
%
|
|
Winter 2023/24
|
|
Summer 2024
|
|
Winter 2024/25
|
Euro
|
|
97
|
|
82
|
|
44
|
US Dollar
|
|
95
|
|
88
|
|
57
|
Jet Fuel
|
|
99
|
|
86
|
|
59
|
As at 4 February 2024
|
|
|
|
|
|
|
Assets and liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
€ million
|
|
31 Dec 2023
|
|
30 Sep 2023
|
|
Var. %
|
Non-current assets
|
|
11,688.0
|
|
11,605.9
|
|
+ 0.7
|
Current assets
|
|
3,830.7
|
|
4,546.5
|
|
- 15.7
|
Total assets
|
|
15,518.7
|
|
16,152.4
|
|
- 3.9
|
Equity
|
|
1,393.9
|
|
1,947.2
|
|
- 28.4
|
Provisions
|
|
1,919.9
|
|
1,852.4
|
|
+ 3.6
|
Financial liabilities
|
|
2,988.8
|
|
1,297.0
|
|
+ 130.4
|
Other liabilities
|
|
9,216.1
|
|
11,055.8
|
|
- 16.6
|
Total equity, liabilities and
provisions
|
|
15,518.7
|
|
16,152.4
|
|
- 3.9
|
Non-current financial liabilities increased from €1,533.8m at
30 September 2023 to €2,732.3m. This increase was primarily
attributable to an increase in liabilities to banks resulting from
the utilisation of long-term credit lines.
For more details refer to the section Financial liabilities
in the Notes of this Interim Report.
Comments on the consolidated income statement
In the first three months of financial year 2024, TUI Group's
revenue was higher than in Q1 2023,
due to a year-on-year increase in business volume and higher
average prices, in particular in Markets & Airlines. TUI
Group’s results generally also reflect the significant seasonal
swing in tourism between the winter and summer travel
months.
In Q1 2024, consolidated revenue increased by €0.6bn
year-on-year to €4.3bn.
Unaudited condensed consolidated Income Statement of TUI AG for the
period from 1 Oct 2023 to 31 Dec 2023
|
|
|
|
|
|
|
|
|
€ million
|
|
Q1 2024
|
|
Q1 2023
|
|
Var. %
|
|
Revenue
|
|
4,302.5
|
|
3,750.5
|
|
+14.7
|
|
Cost of sales
|
|
4,106.5
|
|
3,661.4
|
|
+12.2
|
|
Gross profit
|
|
196.1
|
|
89.2
|
|
+119.8
|
|
Administrative expenses
|
|
245.4
|
|
242.6
|
|
+1.2
|
|
Other income
|
|
7.3
|
|
6.0
|
|
+21.7
|
|
Other expenses
|
|
8.3
|
|
5.8
|
|
+43.1
|
|
Impairment (+) / Reversal of impairment (-) of financial
assets
|
|
- 7.3
|
|
0.8
|
|
n. a.
|
|
Financial income
|
|
18.7
|
|
18.4
|
|
+1.6
|
|
Financial expense
|
|
121.8
|
|
132.5
|
|
- 8.1
|
|
Share of result of investments accounted for using the equity
method
|
|
43.1
|
|
- 4.4
|
|
n. a.
|
|
Earnings before income
taxes
|
|
- 103.1
|
|
- 272.6
|
|
+62.2
|
|
Income taxes (expense (+), income (-))
|
|
- 19.6
|
|
- 40.8
|
|
+52.0
|
|
Group loss
|
|
- 83.5
|
|
- 231.8
|
|
+64.0
|
|
Group loss attributable to shareholders of TUI AG
|
|
- 122.6
|
|
- 256.1
|
|
+52.1
|
|
Group profit attributable to non-controlling
interest
|
|
39.1
|
|
24.3
|
|
+60.9
|
|
|
|
|
|
|
|
|
|
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 the result from the measurement of the Group’s interest
hedges. EBIT by definition includes goodwill
impairments.
In calculating Underlying EBIT from EBIT, we adjust for
separately disclosed items (including any goodwill impair-ment) and
expenses from purchase price allocations. Separately disclosed
items 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 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 and any goodwill impairments. Effects from
purchase price allocations, ancillary acquisition costs and
conditional purchase price payments are adjusted. Expenses from
purchase price allocations relate to the amortisation of intangible
assets from acquisitions made in previous years.
Reconciliation to underlying EBIT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
€ million
|
|
Q1 2024
|
|
Q1 2023
|
|
Var. %
|
|
Earnings before income
taxes
|
|
- 103.1
|
|
- 272.6
|
|
+62.2
|
|
plus: Net interest expenses (excluding expense / income from
measurement of interest hedges)
|
|
102.8
|
|
110.5
|
|
- 7.0
|
|
plus: Expense/less income from measurement of interest
hedges
|
|
0.5
|
|
3.4
|
|
- 85.3
|
|
EBIT
|
|
0.2
|
|
- 158.7
|
|
n. a.
|
|
Adjustments:
|
|
|
|
|
|
|
|
less / plus: Separately disclosed items
|
|
0.6
|
|
- 0.7
|
|
|
|
plus: Expense from purchase price allocation
|
|
5.2
|
|
6.4
|
|
|
|
Underlying EBIT
|
|
6.0
|
|
- 153.0
|
|
n. a.
|
|
The TUI Group’s operating result adjusted for special items
(underlying EBIT) improved by €159.0m to €6.0m in
Q1 2024.
-
For further details on the
separately disclosed items see page 41 in the Notes of this Interim
Financial Report.
Key figures of income statement
|
|
|
|
|
|
|
|
€ million
|
|
Q1 2024
|
|
Q1 2023
|
|
Var. %
|
EBITDAR
|
|
212.2
|
|
57.8
|
|
+ 267.1
|
Operating rental expenses
|
|
- 4.2
|
|
0.2
|
|
n. a.
|
EBITDA
|
|
208.0
|
|
58.0
|
|
+ 258.5
|
Depreciation/amortisation less reversals of
depreciation*
|
|
- 207.8
|
|
- 216.7
|
|
+ 4.1
|
EBIT
|
|
0.2
|
|
- 158.7
|
|
n. a.
|
Income/Expense from the measurement of interest
hedges
|
|
0.5
|
|
3.4
|
|
- 85.3
|
Net interest expense (excluding expense/income from
measurement of interest hedges)
|
|
102.8
|
|
110.5
|
|
- 7.0
|
EBT
|
|
- 103.1
|
|
- 272.6
|
|
+ 62.2
|
* on property, plant and equipment, intangible assets, right
of use assets and other assets
|
Other segment indicators
Underlying EBITDA
|
|
|
|
|
|
|
|
€ million
|
|
Q1 2024
|
|
Q1 2023
adjusted
|
|
Var. %
|
Hotels & Resorts
|
|
136.2
|
|
121.7
|
|
+ 11.9
|
Cruises
|
|
56.7
|
|
17.9
|
|
+ 216.4
|
TUI Musement
|
|
- 3.7
|
|
- 7.4
|
|
+ 50.3
|
Holiday Experiences
|
|
189.3
|
|
132.2
|
|
+ 43.1
|
Northern Region
|
|
22.8
|
|
- 43.2
|
|
n. a.
|
Central Region
|
|
26.5
|
|
- 3.4
|
|
n. a.
|
Western Region
|
|
- 12.4
|
|
- 7.2
|
|
- 73.1
|
Markets & Airlines
|
|
36.9
|
|
- 53.8
|
|
n. a.
|
All other segments
|
|
- 17.6
|
|
- 20.2
|
|
+ 13.0
|
TUI Group
|
|
208.5
|
|
58.3
|
|
+ 258.0
|
EBITDA
|
|
|
|
|
|
|
|
€ million
|
|
Q1 2024
|
|
Q1 2023
adjusted
|
|
Var. %
|
Hotels & Resorts
|
|
137.3
|
|
121.1
|
|
+ 13.4
|
Cruises
|
|
56.7
|
|
17.9
|
|
+ 216.4
|
TUI Musement
|
|
- 3.7
|
|
- 6.1
|
|
+ 39.1
|
Holiday Experiences
|
|
190.4
|
|
132.9
|
|
+ 43.2
|
Northern Region
|
|
24.4
|
|
- 44.1
|
|
n. a.
|
Central Region
|
|
25.5
|
|
- 3.2
|
|
n. a.
|
Western Region
|
|
- 9.7
|
|
- 5.4
|
|
- 77.8
|
Markets & Airlines
|
|
40.3
|
|
- 52.7
|
|
n. a.
|
All other segments
|
|
- 22.7
|
|
- 22.2
|
|
- 2.1
|
TUI Group
|
|
208.0
|
|
58.0
|
|
+ 258.5
|
Employees
|
|
|
|
|
|
|
|
|
|
31 Dec 2023
|
|
31 Dec 2022
adjusted
|
|
Var. %
|
Hotels & Resorts
|
|
19,702
|
|
19,179
|
|
+ 2.7
|
Cruises*
|
|
73
|
|
75
|
|
- 2.7
|
TUI Musement
|
|
7,714
|
|
7,024
|
|
+ 9.8
|
Holiday Experiences
|
|
27,489
|
|
26,278
|
|
+ 4.6
|
Northern Region
|
|
10,171
|
|
9,444
|
|
+ 7.7
|
Central Region
|
|
7,284
|
|
7,112
|
|
+ 2.4
|
Western Region
|
|
5,276
|
|
5,004
|
|
+ 5.4
|
Markets & Airlines
|
|
22,731
|
|
21,560
|
|
+ 5.4
|
All other segments
|
|
2,441
|
|
2,141
|
|
+ 14.0
|
Total
|
|
52,661
|
|
49,979
|
|
+ 5.4
|
* Excludes TUI Cruises (JV) employees. Cruises employees are
primarily hired by external crew management agencies.
|
Corporate Governance
Composition of the Boards
In Q1 2024 and until 12 February 2024 the composition of the
Boards of TUI AG changed as follows:
Executive
Board
With effect from the end of 5 January 2024, David Burling
resigned from his position as a member of the Executive Board. He
was succeeded as of 1 January 2024 by David Schelp as CEO Markets
& Airlines.
Supervisory
Board
There were no changes to the Supervisory Board in the
reporting period.
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. In order to seize market
opportunities and leverage the potential for success, risk must be
accepted to a reasonable degree. Risk management is therefore an
integral component of the Group’s Corporate Governance. Full
details of our risk governance framework, principal risks and
opportunities can be found in the Annual Report. There were no
changes in Q1 2024 and until 12 February 2024 compared to the risks
and opportunities described in detail in our Annual Report
2023.
-
For details of risks and
opportunities, see our Annual Report 2023, from page 35 and page
58
Related parties
Apart from the subsidiaries included in the Interim Financial
Statements, TUI AG, in carrying out its business activities,
maintains direct and indirect relationships with related parties.
All transactions with related parties were executed on an arm’s
length basis.
Detailed information on related parties is provided under
section 51 in the Notes to the consolidated financial statements
2023.
In order to strengthen the equity, the shareholders of Pep
Toni Hotels S.A. have decided to make additional funds available to
the company. The payment into the capital reserve of €73.5m was
made by TUI in January 2024.
Unaudited condensed consolidated Interim Financial Statements
Unaudited condensed consolidated Income Statement of TUI AG for the
period from 1 Oct 2023 to 31 Dec 2023
|
|
|
|
|
|
|
|
|
€ million
|
|
Notes
|
|
Q1 2024
|
|
Q1 2023
|
|
Revenue
|
|
(1)
|
|
4,302.5
|
|
3,750.5
|
|
Cost of sales
|
|
(2)
|
|
4,106.5
|
|
3,661.4
|
|
Gross profit
|
|
|
|
196.1
|
|
89.2
|
|
Administrative expenses
|
|
(2)
|
|
245.4
|
|
242.6
|
|
Other income
|
|
(3)
|
|
7.3
|
|
6.0
|
|
Other expenses
|
|
(4)
|
|
8.3
|
|
5.8
|
|
Impairment (+) / Reversal of impairment (-) of financial
assets
|
|
(18)
|
|
- 7.3
|
|
0.8
|
|
Financial income
|
|
(5)
|
|
18.7
|
|
18.4
|
|
Financial expense
|
|
(5)
|
|
121.8
|
|
132.5
|
|
Share of result of investments accounted for using the equity
method
|
|
(6)
|
|
43.1
|
|
- 4.4
|
|
Earnings before income
taxes
|
|
|
|
- 103.1
|
|
- 272.6
|
|
Income taxes (expense (+), income (-))
|
|
(7)
|
|
- 19.6
|
|
- 40.8
|
|
Group loss
|
|
|
|
- 83.5
|
|
- 231.8
|
|
Group loss attributable to shareholders of TUI AG
|
|
|
|
- 122.6
|
|
- 256.1
|
|
Group profit attributable to non-controlling
interest
|
|
(8)
|
|
39.1
|
|
24.3
|
|
Earnings per share
|
|
|
|
|
|
|
€
|
|
Q1 2024
|
|
Q1 2023
|
|
Basic and diluted loss / earnings per share
|
|
- 0.24
|
|
- 0.89
|
*
|
* Earnings per share were adjusted for the impact of the
10-for-1 reverse stock split in February 2023 as well as the impact
of the subscription rights issued in the capital increase on 24
April 2023.
|
Unaudited condensed consolidated Statement of Comprehensive Income
of TUI AG for the period from 1 Oct 2023 to 31 Dec 2023
|
|
|
|
|
|
€ million
|
|
Q1 2024
|
|
Q1 2023
|
Group loss
|
|
- 83.5
|
|
- 231.8
|
Remeasurements of defined benefit obligations and related
fund assets
|
|
- 94.9
|
|
- 123.7
|
Fair value profit / loss on investments in equity instruments
designated as at FVTOCI
|
|
-
|
|
1.1
|
Income tax related to items that will not be reclassified
(expense (-), income (+))
|
|
28.1
|
|
30.9
|
Items that will not be reclassified
to profit or loss
|
|
- 66.8
|
|
- 91.7
|
Foreign exchange differences
|
|
- 51.7
|
|
- 101.3
|
Foreign exchange differences outside profit or
loss
|
|
- 51.8
|
|
- 101.3
|
Reclassification
|
|
0.1
|
|
-
|
Cash flow hedges
|
|
- 343.9
|
|
- 136.3
|
Changes in the fair value
|
|
- 348.5
|
|
- 116.3
|
Reclassification
|
|
4.6
|
|
- 20.0
|
Other comprehensive income of investments accounted for using
the equity method that may be reclassified
|
|
- 13.3
|
|
- 1.0
|
Changes in the measurement outside profit or loss
|
|
- 13.3
|
|
- 1.0
|
Income tax related to items that may be reclassified (expense
(-), income (+))
|
|
80.9
|
|
34.7
|
Items that may be reclassified to
profit or loss
|
|
- 328.0
|
|
- 203.8
|
Other comprehensive
income
|
|
- 394.8
|
|
- 295.6
|
Total comprehensive
income
|
|
- 478.3
|
|
- 527.3
|
attributable to shareholders of TUI AG
|
|
- 507.5
|
|
- 530.8
|
attributable to non-controlling interest
|
|
29.2
|
|
3.5
|
Unaudited condensed consolidated Statement of Financial Position of
TUI AG as at 31 Dec 2023
|
|
|
|
|
|
|
|
€ million
|
|
Notes
|
|
31 Dec 2023
|
|
30 Sep 2023
|
Assets
|
|
|
|
|
|
|
Goodwill
|
|
(9)
|
|
2,949.6
|
|
2,949.2
|
Other intangible assets
|
|
|
|
545.0
|
|
538.0
|
Property, plant and equipment
|
|
(10)
|
|
3,535.0
|
|
3,480.3
|
Right-of-use assets
|
|
(11)
|
|
2,652.4
|
|
2,763.4
|
Investments in joint ventures and associates
|
|
|
|
1,270.1
|
|
1,198.2
|
Trade and other receivables
|
|
(12), (18)
|
|
94.9
|
|
74.7
|
Derivative financial instruments
|
|
(18)
|
|
2.3
|
|
10.3
|
Other financial assets
|
|
(18)
|
|
10.7
|
|
10.8
|
Touristic payments on account
|
|
|
|
144.3
|
|
152.5
|
Other non-financial assets
|
|
|
|
92.3
|
|
100.7
|
Income tax assets
|
|
|
|
17.2
|
|
17.2
|
Deferred tax assets
|
|
|
|
374.1
|
|
310.6
|
Non-current assets
|
|
|
|
11,688.0
|
|
11,605.9
|
|
|
|
|
|
|
|
Inventories
|
|
|
|
63.8
|
|
62.1
|
Trade and other receivables
|
|
(12), (18)
|
|
988.8
|
|
1,090.4
|
Derivative financial instruments
|
|
(18)
|
|
35.4
|
|
258.2
|
Other financial assets
|
|
(18)
|
|
79.8
|
|
48.6
|
Touristic payments on account
|
|
|
|
752.5
|
|
787.4
|
Other non-financial assets
|
|
|
|
148.8
|
|
129.9
|
Income tax assets
|
|
|
|
46.5
|
|
41.0
|
Cash and cash equivalents
|
|
(18)
|
|
1,714.8
|
|
2,060.3
|
Assets held for sale
|
|
(13)
|
|
0.3
|
|
68.6
|
Current assets
|
|
|
|
3,830.7
|
|
4,546.5
|
Total assets
|
|
|
|
15,518.7
|
|
16,152.4
|
Unaudited condensed consolidated Statement of Financial Position of
TUI AG as at 31 Dec 2023
|
|
|
|
|
|
|
|
€ million
|
|
Notes
|
|
31 Dec 2023
|
|
30 Sep 2023
|
Equity and liabilities
|
|
|
|
|
|
|
Subscribed capital
|
|
|
|
507.4
|
|
507.4
|
Capital reserves
|
|
|
|
9,090.1
|
|
9,090.1
|
Revenue reserves
|
|
|
|
- 8,982.1
|
|
- 8,474.6
|
Equity before non-controlling
interest
|
|
|
|
615.3
|
|
1,122.9
|
Non-controlling interest
|
|
|
|
778.6
|
|
824.3
|
Equity
|
|
(17)
|
|
1,393.9
|
|
1,947.2
|
|
|
|
|
|
|
|
Pension provisions and similar obligations
|
|
(14)
|
|
697.8
|
|
637.1
|
Other provisions
|
|
|
|
876.0
|
|
848.5
|
Non-current provisions
|
|
|
|
1,573.8
|
|
1,485.7
|
Financial liabilities
|
|
(15), (18)
|
|
2,732.3
|
|
1,198.5
|
Lease liabilities
|
|
(16)
|
|
2,144.0
|
|
2,216.9
|
Derivative financial instruments
|
|
(18)
|
|
26.8
|
|
1.7
|
Other financial liabilities
|
|
(18)
|
|
2.4
|
|
2.6
|
Other non-financial liabilities
|
|
|
|
233.2
|
|
252.9
|
Income tax liabilities
|
|
|
|
13.3
|
|
11.0
|
Deferred tax liabilities
|
|
|
|
64.3
|
|
159.0
|
Non-current liabilities
|
|
|
|
5,216.4
|
|
3,842.6
|
Non-current provisions and
liabilities
|
|
|
|
6,790.2
|
|
5,328.3
|
|
|
|
|
|
|
|
Pension provisions and similar obligations
|
|
(14)
|
|
30.5
|
|
33.3
|
Other provisions
|
|
|
|
315.6
|
|
333.4
|
Current provisions
|
|
|
|
346.1
|
|
366.7
|
Financial liabilities
|
|
(15), (18)
|
|
256.5
|
|
98.5
|
Lease liabilities
|
|
(16)
|
|
645.1
|
|
701.2
|
Trade payables
|
|
(18)
|
|
2,017.0
|
|
3,373.7
|
Derivative financial instruments
|
|
(18)
|
|
159.4
|
|
35.3
|
Other financial liabilities
|
|
(18)
|
|
191.5
|
|
121.8
|
Touristic advance payments received
|
|
|
|
3,165.1
|
|
3,530.2
|
Other non-financial liabilities
|
|
|
|
465.2
|
|
534.1
|
Income tax liabilities
|
|
|
|
88.6
|
|
113.8
|
Current liabilities
|
|
|
|
6,988.4
|
|
8,508.6
|
Liabilities related to assets held for sale
|
|
|
|
-
|
|
1.6
|
Current provisions and
liabilities
|
|
|
|
7,334.5
|
|
8,876.9
|
Total equity, liabilities and
provisions
|
|
|
|
15,518.7
|
|
16,152.4
|
Unaudited condensed consolidated Statement of Changes in Equity of
TUI AG for the period from 1 Oct 2023 to 31 Dec 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
€ million
|
|
Subscribed capital
|
|
Capital reserves
|
|
Revenue reserves
|
|
Silent participation
|
|
Equity before non-controlling interest
|
|
Non-controlling interest
|
|
Total
|
Balance as at 1 Oct 2022
|
|
1,785.2
|
|
6,085.9
|
|
- 8,432.7
|
|
420.0
|
|
- 141.6
|
|
787.3
|
|
645.7
|
Coupon on silent participation
|
|
-
|
|
-
|
|
- 16.8
|
|
-
|
|
- 16.8
|
|
-
|
|
- 16.8
|
Group loss for the year
|
|
-
|
|
-
|
|
- 256.1
|
|
-
|
|
- 256.1
|
|
24.3
|
|
- 231.8
|
Foreign exchange differences
|
|
-
|
|
-
|
|
- 80.4
|
|
-
|
|
- 80.4
|
|
- 20.9
|
|
- 101.3
|
Financial assets at FVTOCI
|
|
-
|
|
-
|
|
1.1
|
|
-
|
|
1.1
|
|
-
|
|
1.1
|
Cash flow hedges
|
|
-
|
|
-
|
|
- 136.3
|
|
-
|
|
- 136.3
|
|
-
|
|
- 136.3
|
Remeasurements of defined benefit obligations and related
fund assets
|
|
-
|
|
-
|
|
- 123.7
|
|
-
|
|
- 123.7
|
|
-
|
|
- 123.7
|
Other comprehensive income of investments accounted for using
the equity method
|
|
-
|
|
-
|
|
- 1.0
|
|
-
|
|
- 1.0
|
|
-
|
|
- 1.0
|
Taxes attributable to other comprehensive income
|
|
-
|
|
-
|
|
65.6
|
|
-
|
|
65.6
|
|
-
|
|
65.6
|
Other comprehensive
income
|
|
-
|
|
-
|
|
- 274.7
|
|
-
|
|
- 274.7
|
|
- 20.9
|
|
- 295.6
|
Total comprehensive income
|
|
-
|
|
-
|
|
- 530.8
|
|
-
|
|
- 530.8
|
|
3.4
|
|
- 527.4
|
Balance as at 31 Dec 2022
|
|
1,785.2
|
|
6,085.9
|
|
- 8,980.3
|
|
420.0
|
|
- 689.2
|
|
790.7
|
|
101.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as at 1 Oct 2023
|
|
507.4
|
|
9,090.1
|
|
- 8,474.6
|
|
-
|
|
1,122.9
|
|
824.3
|
|
1,947.2
|
Dividends
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
- 75.0
|
|
- 75.0
|
Group loss for the year
|
|
-
|
|
-
|
|
- 122.6
|
|
-
|
|
- 122.6
|
|
39.1
|
|
- 83.5
|
Foreign exchange differences
|
|
-
|
|
-
|
|
- 41.9
|
|
-
|
|
- 41.9
|
|
- 9.8
|
|
- 51.7
|
Cash flow hedges
|
|
-
|
|
-
|
|
- 343.9
|
|
-
|
|
- 343.9
|
|
-
|
|
- 343.9
|
Remeasurements of defined benefit obligations and related
fund assets
|
|
-
|
|
-
|
|
- 94.9
|
|
-
|
|
- 94.9
|
|
-
|
|
- 94.9
|
Other comprehensive income of investments accounted for using
the equity method
|
|
-
|
|
-
|
|
- 13.3
|
|
-
|
|
- 13.3
|
|
-
|
|
- 13.3
|
Taxes attributable to other comprehensive income
|
|
-
|
|
-
|
|
109.0
|
|
-
|
|
109.0
|
|
-
|
|
109.0
|
Other comprehensive
income
|
|
-
|
|
-
|
|
- 385.0
|
|
-
|
|
- 385.0
|
|
- 9.8
|
|
- 394.8
|
Total comprehensive income
|
|
-
|
|
-
|
|
- 507.6
|
|
-
|
|
- 507.6
|
|
29.3
|
|
- 478.3
|
Balance as at 31 Dec 2023
|
|
507.4
|
|
9,090.1
|
|
- 8,982.2
|
|
-
|
|
615.3
|
|
778.6
|
|
1,393.9
|
Unaudited condensed consolidated Cash Flow Statement of TUI AG for
the period from 1 Oct 2023 to 31 Dec 2023
|
|
|
|
|
|
|
|
€ million
|
|
Notes
|
|
Q1 2024
|
|
Q1 2023
|
Group loss
|
|
|
|
- 83.5
|
|
- 231.8
|
Depreciation, amortisation and impairment (+) / write-backs
(-)
|
|
|
|
207.8
|
|
216.7
|
Other non-cash expenses (+) / income (-)
|
|
|
|
- 34.2
|
|
12.7
|
Interest expenses
|
|
|
|
121.1
|
|
129.5
|
Dividends from joint ventures and associates
|
|
|
|
15.3
|
|
2.2
|
Profit (-) / loss (+) from disposals of non-current
assets
|
|
|
|
0.5
|
|
- 4.0
|
Increase (-) / decrease (+) in inventories
|
|
|
|
- 1.8
|
|
- 1.1
|
Increase (-) / decrease (+) in receivables and other
assets
|
|
|
|
357.5
|
|
310.2
|
Increase (+) / decrease (-) in provisions
|
|
|
|
- 37.7
|
|
- 120.6
|
Increase (+) / decrease (-) in liabilities (excl. financial
liabilities)
|
|
|
|
- 2,157.4
|
|
- 1,984.6
|
Cash inflow / cash outflow from
operating activities
|
|
(21)
|
|
- 1,612.5
|
|
- 1,670.9
|
Payments received from disposals of property, plant and
equipment and intangible assets
|
|
|
|
47.2
|
|
9.9
|
Payments received/made from disposals of consolidated
companies
(less disposals of cash and cash equivalents due to
divestments)
|
|
|
|
44.1
|
|
- 0.7
|
Payments received/made from disposals of other non-current
assets
|
|
|
|
58.3
|
|
72.8
|
Payments made for investments in property, plant and
equipment and intangible assets
|
|
|
|
- 192.9
|
|
- 228.6
|
Payments received from for investments in consolidated
companies
(less cash and cash equivalents received due to
acquisitions)
|
|
|
|
2.9
|
|
-
|
Payments made for investments in other non-current
assets
|
|
|
|
- 35.9
|
|
- 0.9
|
Cash inflow / cash outflow from
investing activities
|
|
(21)
|
|
- 76.2
|
|
- 147.6
|
Dividend payments
|
|
|
|
|
|
|
Coupon on silent participation (dividends)
|
|
|
|
-
|
|
- 16.8
|
subsidiaries to non-controlling interest
|
|
|
|
- 76.0
|
|
-
|
Payments received from the raising of financial
liabilities
|
|
|
|
1,720.6
|
|
1,984.3
|
Transaction costs related to loans and borrowings
|
|
|
|
- 0.4
|
|
-
|
Payments made for redemption of loans and financial
liabilities
|
|
|
|
- 23.2
|
|
- 47.7
|
Payments made for principal of lease liabilities
|
|
|
|
- 169.0
|
|
- 162.8
|
Interest paid
|
|
|
|
- 102.2
|
|
- 122.3
|
Cash inflow / cash outflow from
financing activities
|
|
(21)
|
|
1,349.8
|
|
1,634.7
|
Net change in cash and cash
equivalents
|
|
|
|
- 338.9
|
|
- 183.7
|
|
|
|
|
|
|
|
Development of cash and cash
equivalents
|
|
(21)
|
|
|
|
|
Cash and cash equivalents at
beginning of period
|
|
|
|
2,060.5
|
|
1,736.9
|
Change in cash and cash equivalents due to exchange rate
fluctuations
|
|
|
|
- 6.8
|
|
- 10.6
|
Net change in cash and cash equivalents
|
|
|
|
- 338.9
|
|
- 183.7
|
Cash and cash equivalents at end of
period
|
|
|
|
1,714.8
|
|
1,542.7
|
|
Notes
General
The TUI Group and its major subsidiaries and shareholdings
operate in tourism. TUI AG, based in
Karl-Wiechert-Allee 23, 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 2023 to 31 December 2023. The Interim Financial Statements
are prepared in euros. Unless stated otherwise, all amounts are
stated in million euros (€m). TUI Group’s results generally also
reflect the significant seasonal swing in tourism between the
winter and summer travel months.
The Interim Financial Statements were approved for
publication by the Executive Board of TUI AG on 12 February
2024.
Accounting principles
Declaration of
compliance
The consolidated interim financial report for the period
ended 31 December 2023 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 2023. 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 December 2023 was
€4.0bn (as at 30 September 2023 €2.1bn).
Net debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
€ million
|
|
31 Dec 2023
|
|
30 Sep 2023
|
|
Var. %
|
Financial debt
|
|
2,988.8
|
|
1,297.0
|
|
+ 130.4
|
Lease liabilities
|
|
2,789.1
|
|
2,918.1
|
|
- 4.4
|
Cash and cash equivalents
|
|
1,714.8
|
|
2,060.3
|
|
- 16.8
|
Short-term interest-bearing investments
|
|
79.8
|
|
48.6
|
|
+ 64.2
|
Net debt
|
|
3,983.3
|
|
2,106.2
|
|
+ 89.1
|
As at 31 December 2023, TUI Group’s revolving credit
facilities totalled €2.7bn, they comprised the following
-
€1.64bn
credit line from 19 private banks (incl. €190m guarantee
line)
-
€1.05bn KfW
credit line.
The syndicated credit line with the 19 banks (€1.64bn),
including the credit line with KfW (€1.05bn), together referred to
as the “RCF”, will mature in July 2026. The RCF of TUI AG is
subject to compliance with certain financial targets (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.
Furthermore, bilateral credit lines of €50m each were agreed
with four banks in December 2023; these credit lines have been
drawn to €100m at 31 December 2023.
Cash drawdowns from the €1.64bn credit line from private
banks amounted to €1.44bn as at 31 December 2023, while the volume
of guarantees issued under the guarantee line was €126.7m. The KfW
credit line, which amounts to €1.05bn, had not been utilised as at
31 December 2023. It is still not expected to be utilised and
merely serves as a buffer. The aim is to return this credit line
quickly.
In the view of the Executive Board, the TUI Group currently
has and will continue to have sufficient funds, resulting both from
borrowings and from operating cash flows, to meet its payment
obligations and to continue as a going concern in the foreseeable
future. The Executive Board bases this assessment on the forecasts
for future operating cash flows, which will show cash surpluses
from the second half of the year in particular, in line with TUI's
seasonal business. The credit facilities described above are also
available. Therefore, as at 31 December 2023, the Board does not
identify any material uncertainty that may cast significant doubt
on the Group's ability to continue as a going concern.
The Board does not foresee risks that may jeopardise the
Group's ability to continue as a going concern and does not believe
that compliance with the financial covenants will be at risk as at
31 March 2024 and 30 September 2024.
In accordance with Regulation 30 of the UK Corporate
Governance Code, the 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 business and current
trading for the summer programme have confirmed the business
performance guidance provided by TUI at the end of financial year
2023. Accordingly 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 December
2023 are materially consistent with those followed in preparing the
annual consolidated financial statements for the financial year
ended 30 September 2023, 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 2024, 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 2024
|
|
|
|
|
|
|
|
Standard
|
|
Applicable from
|
|
Amendments
|
|
Impact on financial
statements
|
IFRS 17
Insurance Contracts
|
|
1 Jan 2023
|
|
IFRS 17 establishes the principles for the accounting for
insurance contracts and replaces IFRS 4. The scope of IFRS 17
includes insurance contracts, reinsurance contracts and investment
contracts with discretionary profit participation.
|
|
No material impacts.
|
Amendments to
IFRS 17
Initial Application of IFRS 17 and IFRS 9 - Comparative
Information
|
|
1 Jan 2023
|
|
The amendment addresses implementation challenges in the
presentation of comparative information that were identified after
IFRS 17 was published.
|
|
No impacts.
|
Amendments to
IAS 1
Disclosure of Accounting Policies
|
|
1 Jan 2023
|
|
The amendments to IAS 1 and IFRS Practice Statement 2 are to
help preparers in deciding which accounting and measurement methods
to disclose in their financial statements. The amendments require
entities to disclose their material accounting and measurement
policy information instead of their significant accounting and
measurement policies.
|
|
No material impacts.
|
Amendments to
IAS 8
Definition of Accounting Estimates
|
|
1 Jan 2023
|
|
The amendments to IAS 8 are to help entities to distinguish
between accounting policies and accounting estimates. The
definition of a change in accounting estimates is replaced with a
new definition of accounting estimates. It is clarified that a
change in an accounting estimate that results from new information
or new developments is not the correction of an error.
|
|
No material impacts.
|
Amendments to
IAS 12
International Tax Reform - Pillar Two Model Rules
|
|
Immediately or, respectively,
1 Jan 2023
|
|
The amendments to IAS 12 introduce a temporary recognition
exception for the accounting of deferred taxes as part of the
implementation of the global minimum taxation (so-called 'Pillar
Two' regulations of the OECD). Following the endorsement of the
amendments by the European Union TUI had already applied for that
exception in the financial year 2023. In financial year 2024 TUI
adopts for the first time the new disclosure requirements, which
are intended to help users to better understand the impacts that
the reform will have at the company, in particular before the
country-specific laws to implement the minimum taxation become
effective.
|
|
No material impacts.
|
Amendments to
IAS 12
Deferred tax related to Assets and Liabilities arising from a
Single Transaction
|
|
1 Jan 2023
|
|
The amendments clarify that deferred tax assets and
liabilities have to be formed when a transaction gives rise to
equal amounts of deductible and taxable temporary differences at
the same time. The initial recognition exemption, according to
which deferred tax assets or liabilities are not recognised on
initial recognition of an asset or a liability, does not apply to
transactions of this type.
|
|
No material impacts.
|
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 December 2023
comprised a total of
262 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 2023
|
|
266
|
|
20
|
|
27
|
Additions
|
|
1
|
|
-
|
|
1
|
Incorporation
|
|
1
|
|
-
|
|
-
|
Acquisition
|
|
-
|
|
-
|
|
1
|
Disposals
|
|
6
|
|
1
|
|
1
|
Liquidation
|
|
2
|
|
-
|
|
-
|
Sale
|
|
1
|
|
1
|
|
1
|
Merger
|
|
3
|
|
-
|
|
-
|
Change in ownership stake**
|
|
1
|
|
-
|
|
- 1
|
Number at 31 Dec 2023
|
|
262
|
|
19
|
|
26
|
* excl. TUI AG
** Addition 1 / disposal -1
|
Acquisitions – Divestments
Acquisitions in the
period under review
A 50 % stake in TRAVELStar GmbH, a travel agency company
based in Hanover, was acquired by way of a purchase agreement dated
29 August 2023 and effective as of 19 October 2023. The
consideration determined in the framework of a purchase price
allocation totals €2.3m and relates in full to purchase price
payments offset from the sale of the stake in Raiffeisen-Tours
RT-Reisen GmbH. With the acquisition of the shares in TRAVELStar
GmbH, the 50 % stake previously held by TUI Group was increased to
100 %. The interest already held at the date of acquisition,
carried as a joint venture accounted for using the equity method,
was remeasured to fair value through profit or loss in the
framework of the transitional consolidation (€2.3m). The
transaction resulted in a gain of €0.4m, carried in Other income.
In the period under review, the impact on revenues and earnings was
insignificant.
Condensed statement of financial position of TRAVELStar GmbH as at
the date of acquisition
|
|
|
|
€ million
|
|
|
Assets
|
|
7.0
|
Other intangible assets
|
|
0.7
|
Inventories
|
|
0.1
|
Trade and other receivables
|
|
1.2
|
Other current assets
|
|
2.1
|
Cash and cash equivalents
|
|
2.9
|
|
|
|
Equity and liabilities
|
|
7.0
|
Current provisions
|
|
0.2
|
Deferred tax liabilities
|
|
0.2
|
Other liabilities
|
|
2.1
|
Equity
|
|
4.5
|
No companies
were acquired after the balance sheet date.
Divestments
Three companies were divested in the first three months of
financial year 2024.
The shares in the joint venture WOT Hotels Adriatic Asset
Company d.o.o., a company accounted for using the equity method,
were sold by way of an agreement dated 30 August 2023 and effective
as of 20 October 2023. The purchase price totals €12.0m and
corresponds to the carrying amount of the equity method investment
at the divestment date. The purchase price was paid on 10 November
2023. The loss on disposal from this transaction amounts to €0.1m
and is carried in Other expenses.
The shares in the associated company Raiffeisen-Tours
RT-Reisen GmbH, accounted for using the equity method, were sold by
way of a purchase agreement dated 29 August 2023 and effective as
of 19 October 2023. The consideration determined in the framework
of a purchase price allocation amounts to €3.1m and corresponds to
the carrying amount of the equity method investment at the
divestment date. The payment was made on 30 October 2023. The
divestment of the company resulted in the disposal of goodwill of
the Central Region cash-generating unit totalling €1.2m. A loss on
disposal of €1.2m was realised from this transaction and is carried
in Other expenses.
On 31 March 2023, an agreement was signed with TUI Global
Hospitality Fund S.C.S. to sell Club Hotel CV, S.A. (Robinson Club
Cabo Verde), consolidated in the Hotels & Resorts segment. The
divestment was completed on
31 October 2023. The consideration
amounts to €45.6m. Of this total, €44.8m is attributable to the
settlement of intra-Group loans. The payment was made on 31 October
2023. The divestment of the company resulted in the disposal of
goodwill totalling €2.5m of the Robinson cash-generating unit. A
gain on disposal of €1.0m was generated from this transaction and
is carried in Other income.
Condensed balance sheet of 'Robinson Club Cabo Verde' as at 31 Oct
2023
|
|
|
|
€ million
|
|
|
Assets
|
|
|
Property, plant and equipment and intangible
assets
|
|
41.0
|
Trade receivables
|
|
0.8
|
Other current assets
|
|
0.4
|
Cash and cash equivalents
|
|
1.5
|
|
|
43.7
|
|
|
|
€ million
|
|
|
Provisions and
liabilities
|
|
|
Intra-group financial liabilities
|
|
44.8
|
Trade payables
|
|
1.1
|
Touristic advance payments received
|
|
0.2
|
Other current liabilities
|
|
0.3
|
|
|
46.4
|
|
|
|
No companies
were divested after the balance sheet date.
Notes to the unaudited condensed consolidated Income
Statement
In the first three months of financial year 2024, TUI Group's
revenue was significantly higher than in
Q1 2023, due to a year-on-year
increase in business volume and higher average prices, in
particular in Markets & Airlines. TUI Group’s results generally
also reflect the significant seasonal swing in tourism between the
winter and summer travel months.
-
Revenue
In the first three months of the financial year 2024,
consolidated revenue increased by €0.6bn year-on-year to
€4.3bn.
External revenue allocated by destinations for the period from 1
Oct 2023 to 31 Dec 2023*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
€ million
|
|
Spain (incl. Canary Islands)
|
|
Other European destinations
|
|
Caribbean, Mexico, USA & Canada
|
|
North Africa & Turkey
|
|
Rest of Africa, Ind. Ocean, Asia
|
|
Other countries
|
|
Q1 2024 Revenues from contracts with
customers
|
|
Other
|
|
Q1 2024 Total
|
Hotels & Resorts
|
|
104.6
|
|
12.8
|
|
67.7
|
|
14.1
|
|
52.5
|
|
-
|
|
251.7
|
|
-
|
|
251.7
|
Cruises
|
|
54.0
|
|
21.3
|
|
76.6
|
|
-
|
|
14.9
|
|
-
|
|
166.8
|
|
-
|
|
166.8
|
TUI Musement
|
|
25.4
|
|
58.1
|
|
37.5
|
|
11.6
|
|
43.6
|
|
18.7
|
|
194.9
|
|
-
|
|
194.9
|
Holiday experiences
|
|
184.0
|
|
92.2
|
|
181.8
|
|
25.7
|
|
111.0
|
|
18.7
|
|
613.4
|
|
-
|
|
613.4
|
Northern Region
|
|
463.9
|
|
262.9
|
|
303.8
|
|
189.4
|
|
213.8
|
|
5.7
|
|
1,439.5
|
|
1.9
|
|
1,441.5
|
Central Region
|
|
517.2
|
|
313.3
|
|
106.7
|
|
432.0
|
|
262.6
|
|
1.7
|
|
1,633.5
|
|
-
|
|
1,633.5
|
Western Region
|
|
193.9
|
|
87.4
|
|
136.4
|
|
101.1
|
|
87.8
|
|
3.8
|
|
610.4
|
|
2.2
|
|
612.6
|
Markets & Airlines
|
|
1,175.0
|
|
663.6
|
|
546.9
|
|
722.5
|
|
564.2
|
|
11.2
|
|
3,683.4
|
|
4.1
|
|
3,687.6
|
All other segments
|
|
0.4
|
|
1.1
|
|
0.1
|
|
-
|
|
-
|
|
-
|
|
1.6
|
|
-
|
|
1.6
|
Total
|
|
1,359.4
|
|
756.9
|
|
728.8
|
|
748.2
|
|
675.2
|
|
29.9
|
|
4,298.4
|
|
4.1
|
|
4,302.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
External revenue
allocated by destinations for the period from 1 Oct 2022 to 31 Dec
2022*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
€ million
|
|
Spain (incl. Canary Islands)
|
|
Other European destinations
|
|
Caribbean, Mexico, USA & Canada
|
|
North Africa & Turkey
|
|
Rest of Africa, Ind. Ocean, Asia
|
|
Other countries
|
|
Q1 2023 Revenues from contracts with
customers
|
|
Other
|
|
Q1 2023 Total
|
Hotels & Resorts
|
|
89.3
|
|
10.8
|
|
53.4
|
|
13.1
|
|
44.3
|
|
-
|
|
210.9
|
|
-
|
|
210.9
|
Cruises
|
|
46.7
|
|
18.3
|
|
50.2
|
|
-
|
|
-
|
|
-
|
|
115.2
|
|
-
|
|
115.2
|
TUI Musement
|
|
31.0
|
|
40.2
|
|
35.4
|
|
10.1
|
|
26.7
|
|
16.3
|
|
159.7
|
|
-
|
|
159.7
|
Holiday experiences
|
|
167.0
|
|
69.4
|
|
139.0
|
|
23.2
|
|
71.0
|
|
16.3
|
|
485.9
|
|
-
|
|
485.9
|
Northern Region
|
|
427.0
|
|
243.6
|
|
334.5
|
|
160.3
|
|
168.6
|
|
7.7
|
|
1,341.7
|
|
1.4
|
|
1,343.1
|
Central Region
|
|
388.1
|
|
278.3
|
|
106.1
|
|
332.4
|
|
278.0
|
|
1.8
|
|
1,384.7
|
|
0.3
|
|
1,385.0
|
Western Region
|
|
167.9
|
|
76.7
|
|
129.9
|
|
89.3
|
|
66.0
|
|
3.7
|
|
533.5
|
|
1.4
|
|
534.9
|
Markets & Airlines
|
|
983.0
|
|
598.6
|
|
570.5
|
|
582.0
|
|
512.6
|
|
13.2
|
|
3,259.9
|
|
3.1
|
|
3,263.1
|
All other segments
|
|
0.4
|
|
1.1
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1.5
|
|
-
|
|
1.5
|
Total
|
|
1,150.4
|
|
669.1
|
|
709.5
|
|
605.2
|
|
583.7
|
|
29.5
|
|
3,747.4
|
|
3.1
|
|
3,750.5
|
*Due to the re-segmentation of Future Markets from All other
segments to Hotels & Resorts, TUI Musement and Central Region
as at 31 March 2023, previous periods have been
adjusted.
|
-
Cost of sales and administrative expenses
Cost of sales relates to the expenses we incur in the
provision of tourism services. In addition to expenses for
per-sonnel, depreciation and amortisation, and rental and leasing
expenses directly related to revenue-generating activi-ties, it
includes all costs we incur in connection with the procurement and
delivery of airline services, hotel accom-modation, cruises and
distribution costs., as well as certain hedging costs.
Due to the increased business volume, the cost of sales
increased by 12.2% to €4.1bn in Q1 2024.
Administrative expenses comprise all expenses incurred in
connection with the performance of administrative functions and
break down as follows:
Administrative expenses
|
|
|
|
|
|
€ million
|
|
Q1 2024
|
|
Q1 2023
|
Staff costs
|
|
156.3
|
|
141.9
|
Rental and leasing expenses
|
|
3.6
|
|
3.8
|
Depreciation, amortisation and impairment
|
|
16.1
|
|
17.2
|
Others
|
|
69.4
|
|
79.8
|
Total
|
|
245.4
|
|
242.6
|
The cost of sales and administrative expenses include the
following expenses for staff and
depreciation/amortisation:
Staff costs
|
|
|
|
|
|
€ million
|
|
Q1 2024
|
|
Q1 2023
|
Wages and salaries
|
|
491.1
|
|
448.7
|
Social security contributions, pension costs and
benefits
|
|
106.9
|
|
94.3
|
Total
|
|
598.0
|
|
543.0
|
Depreciation/amortisation/impairment
|
|
|
|
|
|
€ million
|
|
Q1 2024
|
|
Q1 2023
|
Depreciation and amortisation of other intangible assets,
property, plant and equipment and right-of-use assets
|
|
207.6
|
|
212.6
|
Impairment of other intangible assets, property, plant and
equipment and right-of-use assets
|
|
0.2
|
|
4.2
|
Total
|
|
207.8
|
|
216.8
|
The impairments of €0.2m were presented within cost of sales
(Q1 2023 €4.2m).
-
Other income
In the first three months of financial year 2024, Other
income mainly shows gains from the disposal of aircraft assets. In
the previous year, this item had primarily comprised a gain of
€4.7m from the disposal of the Jet Set House (Crawley)
building.
-
Other expenses
As in the previous year, Other expenses in the period under
review mainly relate to losses from the disposal of aircraft
assets.
-
Financial income and financial expenses
The improvement in the net financial result from €-114.1 m in
the first three months of the previous year to €-103.1m in the
current financial year is mainly the result of declining interest
expense.
-
Share of result of investments accounted for using the equity
method
Share of result of investments accounted for using the equity
method
|
|
|
|
|
|
€ million
|
|
Q1 2024
|
|
Q1 2023
|
Hotels & Resorts
|
|
6.0
|
|
15.8
|
Cruises
|
|
28.6
|
|
7.6
|
TUI Musement
|
|
3.5
|
|
2.9
|
Holiday Experiences
|
|
38.1
|
|
26.3
|
Northern Region
|
|
3.8
|
|
- 31.0
|
Central Region
|
|
1.0
|
|
- 0.2
|
Western Region
|
|
-
|
|
0.3
|
Markets & Airlines
|
|
4.8
|
|
- 30.9
|
All other segments
|
|
0.2
|
|
0.2
|
Total
|
|
43.1
|
|
- 4.4
|
The previous year's results for the Northern Region still
include the negative result of the strategic tour operator venture
in Canada that was sold in May 2023.
-
Income taxes
The tax income arising in the first three months of financial
year 2024 is mainly driven by the seasonality of the tourism
business.
-
Group profit attributable to non-controlling
interest
The majority of TUI Group's results attributable to
non-controlling interests relates to a gain generated by RIUSA II
Group amounting to €38.1m (Q1 2023 €24.0m profit).
Notes to the unaudited condensed consolidated Statement of
Financial Position
-
Goodwill
At €2,949.6m, goodwill is almost unchanged compared to 30
September 2023.
-
Property, plant and equipment
Compared to 30 September 2023 property, plant and equipment
increased by €54.7m to €3,535.0m. Additions of €154.8m included
advance payments of €86.9m for the future delivery of additional
aircraft. Additions to assets under construction of €21.6m related
to carry out maintenance work on cruise ships. Further additions of
€26.1m related to acquisitions in the Hotels & Resorts segment
and €9.6m to the purchase of aircraft spare parts.
Reclassifications from right-of-use assets led to an increase in
property, plant and equipment of €44.7m and were mainly due to the
reclassification of an aircraft resulting from the exercise of an
existing purchase option.
On the other hand, depreciation and amortisation of €65.8m
led to a decrease in property, plant and equipment. Furthermore,
plant and equipment decreased by €45.6m due to foreign exchange
translation. Disposals of €33.5m led to a further reduction of
property, plant and equipment and are mainly caused by the disposal
of advance payments for future delivery of aircraft (€25.8m). Due
to sale and leaseback transactions, the disposal of these advance
payments led to the addition of right-of-use assets.
-
Right-of-use assets
Compared to 30 September 2023 right-of-use assets decreased
by €111.0m to €2,652.4m. Depreciation charged of €112.9m led to a
decrease in right-of-use assets. Furthermore, the foreign exchange
translation led to a decrease in right-of-use assets of €60.1m.
Reclassifications into property, plant and equipment led to a
further reduction of right-of-use assets by €44.7m. In this
context, we refer to the section ‘Property, plant and
equipment’.
On the other hand, additions increased the right-of-use
assets by €72.6m, of which €53.1m were attributable to the delivery
of two aircraft and one aircraft engine due to sale and leaseback
transactions. Furthermore, modifications and reassessments of
existing lease contracts increased the right-of-use assets by
€32.5m. The increase is mainly due to contract extensions related
to leased aircraft (€14.3m) and hotel leases (€11.7).
The corresponding liabilities are explained in the section
‘Lease Liabilities’.
-
Trade and other receivables
The decrease in current trade and other receivables mainly
results from reduced security deposits issued to secure advance
payment from customers.
-
Assets held for sale
As at 31 December 2023, assets in the amount of €0.3m were
classified as held for sale. In the course of the period under
review, there were no reclassifications to assets held for
sale.
Assets held for sale
|
|
|
|
|
|
|
|
€ million
|
|
31 Dec 2023
|
|
30 Sep 2023
|
Disposal group Robinson Club Cabo Verde
|
|
-
|
|
44.4
|
Investments accounted for using the equity method
|
|
-
|
|
15.1
|
Other assets
|
|
0.3
|
|
9.1
|
Total
|
|
0.3
|
|
68.6
|
In addition, in the previous year there were liabilities
(€1.6m) in relation to assets held for sale of the disposal group
Robinson Club Cabo Verde in the Hotels & Resorts segment. The
sale of this disposal group and the sales of the investments
accounted for using the equity method took place in October 2023.
In this context, please refer to the section
‘Divestments’.
-
Pension provisions and similar obligations
The pension provisions for unfunded plans and underfunded
plans increased by €57.9m from €670.4m to €728.3m compared to the
end of the previous financial year.
The overfunding of funded pension plans reported in other
non-financial assets decreased by €15.2m from €98.5m as at 30
September 2023 to €83.3m as at 31 December 2023.
This development is attributable in particular to
remeasurement effects due to a significantly lower discount rate in
the UK and Germany, compared to 30 September 2023. In both regions,
the defined benefit obligations increased accordingly. In the case
of the funded pension plans in the UK, however, this increase was
largely offset by increased asset values due to the chosen
investment strategy.
-
Financial liabilities
Non-current
financial liabilities increased from €1,533.8m at 30 September 2023
to €2,732.3m. This increase was primarily attributable to an
increase in liabilities to banks resulting from the utilisation of
long-term credit lines.
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, including a guarantee
credit line of €190m, totals €2.69bn at 31 December 2023. The
amounts drawn under the revolving credit facilities totalled
€1,442.3m (30 September 2023 €0.0m).
Furthermore,
bilateral credit lines of €50m each were agreed with four banks in
December 2023; these credit lines have been drawn to €100m at 31
December 2023 and are reported under current
liabilities.
Current financial liabilities increased by €158.0m to €256.5m
at 31 December 2023 compared to €98.5m at 30 September
2023.
For more details on the terms, conditions and the amendments
to the credit lines please refer to the section ‘Going Concern
Reporting under the UK Corporate Governance Code’.
-
Lease liabilities
Compared to 30 September 2023, the lease liabilities
decreased by €129.0m to €2,789.1m. Payments of €210.3m led to a
decline in lease liabilities. Furthermore, lease liabilities
decreased by €73.8m due to foreign exchange translation. On the
other hand, additions from newly leased contracts led to an
increase in lease liabilities of €78.3m, of which €49.2m relate to
the addition of two new aircraft and €9.6m to the addition of an
aircraft engine. In addition, the lease liabilities increased by
€43.9m due to interest charges. Furthermore, changes and
remeasurements of existing leases resulted in an increase in lease
liabilities of €32.8m, of which €14.4m mainly relate to lease
extensions on aircraft and €11.7m to hotel leases.
-
Changes in equity
Overall, equity decreased by €553.3m when compared to 30
September 2023, from €1,947.2m to €1,393.9m.
The Group loss in the first three months of the financial
year 2024 is mainly caused by the seasonality of the tourism
business.
The proportion of gains and losses from hedging instruments
for effective hedging of future cash flows includes an amount of
€-343.9m (pre‑tax) carried under other
comprehensive income in equity outside profit and loss (previous
year €-136.3m).
The revaluation of pension obligations is also recognised
under other comprehensive income directly in equity without effect
on profit and loss.
-
Financial instruments
Carrying amounts and fair values according to classes and
measurement categories according to IFRS 9 as at 31 Dec 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Category according to IFRS 9
|
|
|
€ million
|
|
Carrying amount
|
|
At amortised cost
|
|
Fair value with no effect on profit and loss without
recycling
|
|
Fair value with no effect on profit and loss with
recycling
|
|
Fair value through profit and loss
|
|
Fair value of financial instruments
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade receivables and other receivables
|
|
|
|
|
|
|
|
|
|
|
|
|
thereof instruments within the scope of
IFRS 9
|
|
1,080.6
|
|
1,080.6
|
|
-
|
|
-
|
|
-
|
|
1,075.0
|
thereof instruments within the scope of
IFRS 16
|
|
3.1
|
|
-
|
|
-
|
|
-
|
|
-
|
|
3.5
|
Derivative financial instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
Hedging transactions
|
|
32.5
|
|
-
|
|
-
|
|
32.5
|
|
-
|
|
32.5
|
Other derivative financial instruments
|
|
5.2
|
|
-
|
|
-
|
|
-
|
|
5.2
|
|
5.2
|
Other financial assets
|
|
90.5
|
|
79.8
|
|
9.8
|
|
-
|
|
0.9
|
|
88.9
|
Cash and cash equivalents
|
|
1,714.8
|
|
1,474.8
|
|
-
|
|
-
|
|
240.0
|
|
1,714.8
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities
|
|
2,988.8
|
|
2,988.8
|
|
-
|
|
-
|
|
-
|
|
2,902.5
|
Trade payables
|
|
2,017.0
|
|
2,017.0
|
|
-
|
|
-
|
|
-
|
|
2,017.0
|
Derivative financial instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
Hedging transactions
|
|
168.4
|
|
-
|
|
-
|
|
168.4
|
|
-
|
|
168.4
|
Other derivative financial instruments
|
|
17.8
|
|
-
|
|
-
|
|
-
|
|
17.8
|
|
17.8
|
Other financial liabilities
|
|
193.9
|
|
193.9
|
|
-
|
|
-
|
|
-
|
|
193.9
|
Carrying amounts and fair values according to classes and
measurement categories according to IFRS 9 as at 30 Sep 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Category according to IFRS 9
|
|
|
€ million
|
|
Carrying amount
|
|
At amortised cost
|
|
Fair value with no effect on profit and loss without
recycling
|
|
Fair value with no effect on profit and loss with
recycling
|
|
Fair value through profit and loss
|
|
Fair value of financial instruments
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade receivables and other receivables
|
|
|
|
|
|
|
|
|
|
|
|
|
thereof instruments within the scope of
IFRS 9
|
|
1,161.0
|
|
122.6
|
|
-
|
|
-
|
|
38.9
|
|
1,153.0
|
thereof instruments within the scope of
IFRS 16
|
|
4.1
|
|
-
|
|
-
|
|
-
|
|
-
|
|
4.4
|
Derivative financial instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
Hedging transactions
|
|
236.4
|
|
-
|
|
-
|
|
236.4
|
|
-
|
|
236.4
|
Other derivative financial instruments
|
|
32.1
|
|
-
|
|
-
|
|
-
|
|
32.1
|
|
32.1
|
Other financial assets
|
|
59.4
|
|
48.6
|
|
9.9
|
|
-
|
|
0.9
|
|
57.3
|
Cash and cash equivalents
|
|
2,060.3
|
|
1,588.3
|
|
-
|
|
-
|
|
472.2
|
|
2,060.5
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities
|
|
1,297.0
|
|
1,297.0
|
|
-
|
|
-
|
|
-
|
|
1,120.1
|
Trade payables
|
|
3,373.7
|
|
3,374.7
|
|
-
|
|
-
|
|
-
|
|
3,374.7
|
Derivative financial instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
Hedging transactions
|
|
25.9
|
|
-
|
|
-
|
|
25.9
|
|
-
|
|
25.9
|
Other derivative financial instruments
|
|
11.1
|
|
-
|
|
-
|
|
-
|
|
11.1
|
|
11.1
|
Other financial liabilities
|
|
124.4
|
|
124.4
|
|
-
|
|
-
|
|
-
|
|
124.4
|
|
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 include all
financial instruments. That is the latter columns include 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 as separate items. If such financial
instruments are included, further details on these financial
instruments are explained in the section ‘Assets held for
sale’.
The instruments measured at fair value through other
comprehensive income (OCI) 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 current other
receivables, current other financial assets and current liabilities
to banks were determined in line with the past financial year,
taking account of yield curves and the respective credit risk
premium (credit spread).
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, current trade payables and other
financial liabilities the carrying amount approximates the fair
value due to the short remaining term.
Aggregation according to measurement categories under IFRS 9 as at
31 Dec 2023
|
|
|
|
|
|
€ million
|
|
Carrying amount of financial
instruments
Total
|
|
Fair Value
|
Financial assets
|
|
|
|
|
at amortised cost
|
|
2,635.2
|
|
2,628.0
|
at fair value – recognised directly in equity
without recycling
|
|
9.8
|
|
9.8
|
at fair value – through profit and
loss
|
|
246.1
|
|
246.1
|
Financial liabilities
|
|
|
|
|
at amortised cost
|
|
5,199.7
|
|
5,113.4
|
at fair value – through profit and loss
|
|
17.8
|
|
17.8
|
|
|
|
|
|
|
|
|
|
|
Aggregation according
to measurement categories under IFRS 9 as at 30 Sep 2023
|
|
|
|
|
|
€ million
|
|
Carrying amount of financial
instruments
Total
|
|
Fair Value
|
Financial assets
|
|
|
|
|
at amortised cost
|
|
2,759.5
|
|
2,748.9
|
at fair value – recognised directly in equity
without recycling
|
|
9.9
|
|
9.9
|
at fair value – through profit and
loss
|
|
544.1
|
|
544.1
|
Financial liabilities
|
|
|
|
|
at amortised cost
|
|
4,796.1
|
|
4,619.2
|
at fair value – through profit and loss
|
|
11.1
|
|
11.1
|
|
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 are observable in the market for the asset or
liability, either directly (as quoted prices) or indirectly
(derivable from 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
Dec 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value hierarchy
|
€ million
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
Assets
|
|
|
|
|
|
|
|
|
Other financial assets
|
|
10.7
|
|
-
|
|
-
|
|
10.7
|
Derivative financial instruments
|
|
|
|
|
|
|
|
|
Hedging transactions
|
|
32.5
|
|
-
|
|
32.5
|
|
-
|
Other derivative financial instruments
|
|
5.2
|
|
-
|
|
5.2
|
|
-
|
Cash and cash equivalents
|
|
240.0
|
|
240.0
|
|
-
|
|
-
|
Liabilities
|
|
|
|
|
|
|
|
|
Derivative financial instruments
|
|
|
|
|
|
|
|
|
Hedging transactions
|
|
168.4
|
|
-
|
|
168.4
|
|
-
|
Other derivative financial instruments
|
|
17.8
|
|
-
|
|
17.8
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hierarchy of
financial instruments measured at fair value as at 30 Sep
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value hierarchy
|
€ million
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
Assets
|
|
|
|
|
|
|
|
|
Other receivables
|
|
38.9
|
|
-
|
|
-
|
|
38.9
|
Other financial assets
|
|
10.8
|
|
-
|
|
-
|
|
10.8
|
Derivative financial instruments
|
|
|
|
|
|
|
|
|
Hedging transactions
|
|
236.4
|
|
-
|
|
236.4
|
|
-
|
Other derivative financial instruments
|
|
32.1
|
|
-
|
|
32.1
|
|
-
|
Cash and cash equivalents
|
|
472.2
|
|
472.2
|
|
-
|
|
-
|
Liabilities
|
|
|
|
|
|
|
|
|
Derivative financial instruments
|
|
|
|
|
|
|
|
|
Hedging transactions
|
|
25.9
|
|
-
|
|
25.9
|
|
-
|
Other derivative financial instruments
|
|
11.1
|
|
-
|
|
11.1
|
|
-
|
|
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
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 notes and other non-current
financial liabilities as well as for current other receivables,
current financial liabilities and non-current trade and other
receivables, the fair value is determined as the present value of
future cash flows, taking account of observable yield curves and
the respective credit spread, which depends on the credit
rating.
-
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 the spot or cash prices, taking account of forward
premiums and discounts. The fair values of optional hedges are
calculated based on option pricing models. The fair values
determined on the basis of the Group’s own systems are periodically
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 of other 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
|
|
|
|
|
|
€ million
|
|
Other receivables IFRS9
|
|
Other financial assets
IFRS 9
|
Balance as at 1 Oct 2022
|
|
106.5
|
|
10.5
|
Additions
|
|
-
|
|
0.1
|
acquisition
|
|
-
|
|
0.1
|
Disposals
|
|
- 70.6
|
|
- 24.0
|
sale
|
|
-
|
|
- 24.0
|
payment
|
|
- 70.6
|
|
-
|
Total gains or losses for the period
|
|
3.0
|
|
23.8
|
recognised through profit and loss
|
|
3.0
|
|
-
|
recognised in other comprehensive income
|
|
-
|
|
23.8
|
Foreign currency effects
|
|
-
|
|
0.4
|
Balance as at 30 Sep 2023
|
|
38.9
|
|
10.8
|
Balance as at 1 Oct 2023
|
|
38.9
|
|
10.8
|
Disposals
|
|
- 39.1
|
|
-
|
payment
|
|
- 39.1
|
|
-
|
Total gains or losses for the period
|
|
0.2
|
|
-
|
recognised through profit and loss
|
|
0.2
|
|
-
|
Balance as at 31 Dec 2023
|
|
0.0
|
|
10.8
|
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. The input parameters were not adjusted in
the first quarter of the financial year 2024.
In principle, the unobservable input parameters relate to the
following parameters: the (estimated) EBITDA margin is in a range
between -5.9 % and 34,2 %. The constant growth rate is 1 %. The
weighted average cost of capital (WACC) is 11.0 %. 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.
Financial instruments classified as Other financial assets
include shares in corporations. The total fair value of these
financial investments at 30 September 2023 is €9.9m (previous year
€9.9m). None of these strategic financial investments were sold in
the completed financial year. There were no significant dividend
payments resulted from these financial investments (previous year
€0.1m).
In previous year the Other receivables according to IFRS 9 in
Level 3 at a carrying amount of €38.9m relate to a discounted
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 nominal value of the
receivable is €39.7m. After granting a discount of €0.6m, the
purchase price receivable was settled early on 15 December 2023.
Income of €0.2m was recognised in the income statement in the first
quarter of the financial year.
Effects on results
The effects of remeasuring 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.
-
Contingent liabilities
As at 31 December 2023, contingent liabilities amounted to
€71.5m (as at 30 September 2023 €73.7m). They are mainly
attributable to the granting of guarantees for the benefit of hotel
and cruises activities and the granting of guarantees for
contingent liabilities from aircraft leasing agreements. The
contingent liabilities are reported at an amount representing the
best estimate of the expenditure required to meet the potential
obligation at the balance sheet date.
-
Other financial commitments
Nominal values of other financial commitments
|
|
|
|
|
|
€ million
|
|
31 Dec 2023
|
|
30 Sep 2023
|
Order commitments in respect of capital
expenditure
|
|
1,934.2
|
|
2,172.5
|
Other financial commitments
|
|
205.0
|
|
192.2
|
Total
|
|
2,139.2
|
|
2,364.7
|
As at 31 December 2023 order commitments in respect of
capital expenditure decreased by €238.3m as against
30 September 2023.
The decrease in order commitments is largely attributed to a
decline in aircraft obligations. Scheduled payments, delivery of
aircraft and the effects of foreign exchange for order commitments
denominated in non-functional currencies have reduced aircraft
commitments.
-
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 €345.7m to €1,714.8m.
In Q1 2024, the cash outflow from operating activities
totalled €1,612.5m (Q1 2023 cash
outflow of €1,670.9m). This amount includes cash inflows of €17.7m
(Q1 2023 €6.4m) from interest payments and €15.3m (Q1 2023 2.2m)
from dividend payments received from companies measured at equity.
Income tax payments resulted in a cash outflow of €53.7m (Q1 2023
€28.9m).
The total cash outflow from investing activities totalled
€76.2m (Q1 2023 cash outflow of €147.6m). This amount includes a
cash outflow for capital expenditure on property, plant and
equipment and intangibles of €192.9m. The Group recorded a cash
inflow of €47.2m from the divestment of property, plant and
equipment and intangible assets. TUI recorded cash inflows of
€39.1m from the earn-out payment in connection with the sale of the
stakes in Riu Hotels S.A., effected in financial year 2021, €12.0m
from the sale of the stake in WOT Hotels Adriatic Assets Company,
and €2.9m from the sale of the stake in Raiffeisen-Tours RT Reisen
GmbH. €31.6m were used for short-term investments. For the sale of
Club Hotel CV to the TUI Global Hospitality Fund, the TUI Group
received €44.1m less cash outflows.
The cash inflow from financing activities totalled €1,349.8m
(Q1 2023 cash inflow of €1,634.7m).
In the period under review, TUI AG increased its syndicated
credit facility by €1,440.2m and took out bilateral bank facilities
of €100.0m. Other TUI Group companies took out loans worth €180.4m.
A cash outflow of €192.2m resulted from the redemption of financial
liabilities, including an amount of €169.0m for lease liabilities.
Interest payments resulted in a cash outflow of €102.2m, while a
cash outflow of €76.0m was attributable to the payment of dividends
to minority shareholders.
In addition, cash and cash equivalents decreased by €6.8m (Q1
2023 decrease by €10.6m) due to changes in exchange
rates.
As at 31 December 2023 cash and cash equivalents worth
€738.9m were subject to restrictions (as at 30 September 2023
€772.2m).
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 €66.9m was deposited as security within a
bank account (as at 30 September 2023 €66.9m). TUI Group can only
use this amount of cash and cash equivalents if it provides
alternative collateral.
Furthermore, an amount of €116.3m (as at 30 September 2023
€116.3m) related to cash collateral received, which 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 period from 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 €555.8m (as at 30 September 2023 €589.0m)
relate to cash and cash equivalents to be deposited due to
statutory or regulatory requirements, mainly in order to secure
customer deposits and credit card payables.
-
Reporting segments
Revenue by segment for the period from 1 Oct 2023 to 31 Dec
2023*
|
|
|
|
|
|
|
|
€ million
|
|
External
|
|
Group
|
|
Q1 2024 Total
|
Hotels & Resorts
|
|
251.7
|
|
196.7
|
|
448.4
|
Cruises
|
|
166.8
|
|
-
|
|
166.8
|
TUI Musement
|
|
194.9
|
|
73.7
|
|
268.6
|
Consolidation
|
|
-
|
|
- 0.3
|
|
- 0.3
|
Holiday Experiences
|
|
613.4
|
|
270.1
|
|
883.5
|
Northern Region
|
|
1,441.5
|
|
78.6
|
|
1,520.1
|
Central Region
|
|
1,633.5
|
|
19.8
|
|
1,653.3
|
Western Region
|
|
612.6
|
|
30.7
|
|
643.3
|
Consolidation
|
|
-
|
|
- 122.9
|
|
- 122.9
|
Markets & Airlines
|
|
3,687.6
|
|
6.2
|
|
3,693.8
|
All other segments
|
|
1.6
|
|
1.3
|
|
2.9
|
Consolidation
|
|
-
|
|
- 277.7
|
|
- 277.7
|
Total
|
|
4,302.5
|
|
-
|
|
4,302.5
|
|
|
|
|
|
|
|
Revenue by segment
for the period from 1 Oct 2022 to 31 Dec 2022*
|
|
|
|
|
|
|
|
€ million
|
|
External
|
|
Group
|
|
Q1 2023 Total
|
Hotels & Resorts
|
|
210.9
|
|
173.8
|
|
384.7
|
Cruises
|
|
115.2
|
|
-
|
|
115.2
|
TUI Musement
|
|
159.7
|
|
64.5
|
|
224.2
|
Consolidation
|
|
-
|
|
- 0.1
|
|
- 0.1
|
Holiday Experiences
|
|
485.9
|
|
238.1
|
|
724.0
|
Northern Region
|
|
1,343.1
|
|
86.6
|
|
1,429.7
|
Central Region
|
|
1,385.0
|
|
21.3
|
|
1,406.3
|
Western Region
|
|
534.9
|
|
37.6
|
|
572.5
|
Consolidation
|
|
-
|
|
- 138.8
|
|
- 138.8
|
Markets & Airlines
|
|
3,263.1
|
|
6.6
|
|
3,269.7
|
All other segments
|
|
1.5
|
|
1.4
|
|
2.9
|
Consolidation
|
|
-
|
|
- 246.1
|
|
- 246.1
|
Total
|
|
3,750.5
|
|
-
|
|
3,750.5
|
*Due to the re-segmentation of Future Markets from All other
segments to Hotels & Resorts, TUI Musement and Central Region
as at 31 March 2023, previous periods have been
adjusted.
|
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 result from the measurement of the
Group's interest rate hedging instruments. Impairment losses on
goodwill are by definition included in EBIT.
In calculating Underlying EBIT from EBIT, we adjust for
separately disclosed items (including any goodwill impair-ment) and
expenses from purchase price allocations. Separately disclosed
items 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 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 and any goodwill impairments. Effects from
purchase price allocations, ancillary acquisition costs and
conditional purchase price payments are adjusted. Expenses from
purchase price allocations relate to the amortisation of intangible
assets from acquisitions made in previous years.
In Q1 2024, underlying EBIT includes results of investments
accounted for using the equity method of €43.1m
(Q1 2023 €-4.4m).
For a split up by segments, please refer to Note 6 ’Share of result
of investments accounted for using the equity method’.
Underlying EBIT by segment*
|
|
|
|
|
|
€ million
|
|
Q1 2024
|
|
Q1 2023
|
Hotels & Resorts
|
|
90.7
|
|
71.6
|
Cruises
|
|
34.5
|
|
0.2
|
TUI Musement
|
|
- 10.7
|
|
- 13.5
|
Holiday Experiences
|
|
114.5
|
|
58.3
|
Northern Region
|
|
- 50.4
|
|
- 122.0
|
Central Region
|
|
1.3
|
|
- 29.0
|
Western Region
|
|
- 46.6
|
|
- 43.7
|
Markets & Airlines
|
|
- 95.7
|
|
- 194.6
|
All other segments
|
|
- 12.8
|
|
- 16.7
|
Total
|
|
6.0
|
|
- 153.0
|
Due to the re-segmentation of Future Markets from All other
segments to Hotels & Resorts, TUI Musement and Central Region
as at 31 March 2023, previous periods have been
adjusted.
|
Impairment on other intangible assets, property, plant and
equipment and right of use assets
|
|
|
|
|
|
€ million
|
|
Q1 2024
|
|
Q1 2023
|
Hotels & Resorts
|
|
-
|
|
3.3
|
Holiday Experiences
|
|
-
|
|
3.3
|
Northern Region
|
|
0.2
|
|
0.9
|
Markets & Airlines
|
|
0.2
|
|
0.9
|
Total
|
|
0.2
|
|
4.2
|
Reconciliation to underlying EBIT of TUI Group
|
|
|
|
|
|
|
|
€ million
|
|
|
|
Q1 2024
|
|
Q1 2023
|
Earnings before income
taxes
|
|
|
|
- 103.1
|
|
- 272.6
|
plus: Net interest expenses (excluding expense / income from
measurement of interest hedges)
|
|
102.8
|
|
110.5
|
plus: (Income) expense from measurement of interest
hedges
|
|
0.5
|
|
3.4
|
EBIT
|
|
|
|
0.2
|
|
- 158.7
|
Adjustments:
|
|
|
|
|
|
|
plus / less: Separately disclosed items
|
|
|
|
0.6
|
|
- 0.7
|
plus: Expense from purchase price allocation
|
|
|
|
5.2
|
|
6.4
|
Underlying EBIT
|
|
|
|
6.0
|
|
- 153.0
|
Net expenses for separately disclosed items of €0.6m included
restructuring expenses of €5m in All Other Segments and €0.2m in
Central Region, partially offset by €1m disposal gains in Holiday
Experiences, €3m release of restructuring provisions no longer
needed in Western Region as well as income of €2m Sunwing earn-out
from the sale of the touroperator business by the equity method
accounted company Sunwing Travel Group Inc., Ontario, in Northern
Region in the previous fiscal year and €1m disposal losses in
Markets & Airlines.
Net income for separately disclosed items of €0.7m in Q1 2023
included €2m income from the release of restructuring provisions no
longer needed in Western Region and €1m release of restructuring
provisions no longer needed in TUI Musement for the termination of
the Tantur / TUI Russia business in the previous financial year,
partly offset by €2m restructuring expenses in All Other
Segments.
Expenses for purchase price allocations of €5.2m (previous
year €6.4m) relate in particular to the scheduled amortisation of
intangible assets from acquisitions made in previous
years.
-
Related parties
Apart from the subsidiaries included in the Interim Financial
Statements, TUI AG, in carrying out its business activities,
maintains direct and indirect relationships with related parties.
All transactions with related parties were executed on an arm’s
length basis.
Detailed information on related parties is provided under
section 51 in the Notes to the consolidated financial statements
2023.
In order to
strengthen the equity, the shareholders of Pep Toni Hotels S.A.
have decided to make additional funds available to the company. The
payment into the capital reserve of €73.5 million was made by TUI
in January 2024.
Responsibility Statement
To the best of our knowledge, and in accordance with the
applicable reporting principles for interim 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.
Hanover, 12 February 2024
The Executive Board
Sebastian Ebel
Mathias Kiep
Peter Krueger
Sybille Reiss
David Schelp
Review Report
To TUI AG, Berlin/Germany and Hanover/Germany
We have reviewed the condensed interim consolidated financial
statements – comprising the condensed in-come 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 2023 until 31 December 2023 of TUI AG, Berlin and Hanover,
which are part of the quarterly financial report
under § 115 section 7 WpHG
(Wertpapierhandelsgesetz: German Securi-ties 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 in
accordance with the requirements of the WpHG applicable to interim
Group management reports is the responsibility of the entity’s
executive board. Our re-sponsibility is to issue a review report 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 of the interim Group management report in
compliance with the German Generally Accepted Standards for the
Review of Financial Statements promulgated by the Institut der
Wirtschaftsprüfer (IDW) and in supplementary compliance with the
International Standard on Review Engagements 2410 “Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity”. Those standards require that we plan and perform
the review to obtain a limited level of assurance to preclude
through critical evaluation that the condensed interim consolidated
financial statements 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. A review is limited primarily to inquiries of
personnel of the entity and to analytical pro-cedures applied to
financial data and thus provides less assurance than an audit.
Since, in accordance with our engagement, we have not performed an
audit, we do not express an audit opinion.
Based on our review, nothing has come to our attention that
causes us to believe 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, 12 February 2024
Deloitte GmbH
Wirtschaftsprüfungsgesellschaft
Annika Deutsch Elmar
Meier
German Public Auditor German
Public Auditor
Cautionary statement regarding forward-looking
statements
The present Interim 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
|
Annual General Meeting of TUI AG
|
|
13 February 2024
|
Interim Report Q1 2024
|
|
13 February 2024
|
Half-Year Financial Report H1 2024
|
|
15 May 2024
|
Quarterly Statement Q3 2024
|
|
14 August 2024
|
Annual Report 2024
|
|
11 December 2024
|
Contacts
Nicola Gehrt
Group Director Investor Relations
Tel: + 49 (0)511 566 1435
Adrian Bell
Senior Manager Investor Relations
Tel: + 49 (0)511 2332
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 23
30625 Hannover
Tel: + 49 (0)511 566 00
www.tuigroup.com
This Interim Report, the presentation slides and the video
webcast for Q1 2024 (published on
13 February 2024) are available at
the following link: www.tuigroup.com/en-en/investors