REG-TUI AG TUI AG: Q1 2024 Interim Report 1 October 2023 – 31 December 2023
13/02/2024 06:15
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TUI AG (TUI)
TUI AG: Q1 2024 Interim Report 1 October 2023 – 31 December 2023
13-Feb-2024 / 07:00 CET/CEST
The issuer is solely responsible for the content of this announcement.
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TUI Group
Q1 2024 Interim Report
1 October 2023 – 31 December 2023
Content
1 Interim Management Report
2 Summary
3 Report on changes in expected development
4 Consolidated earnings
5 Segmental performance
6 Financial position and net assets
7 Comments on the consolidated income statement
8 Alternative performance measures
9 Other segment indicators
10 Corporate Governance
11 Risk and Opportunity Report
12 Related parties
13 Unaudited condensed consolidated Interim Financial Statements
14 Notes
15 General
16 Accounting principles
17 Group of consolidated companies
18 Acquisitions – Divestments
19 Notes to the unaudited condensed consolidated Income Statement
20 Notes to the unaudited condensed consolidated Statement of Financial Position
21 Responsibility Statement
22 Review Report
23 Cautionary statement regarding forward-looking statements
24 Financial calendar
25 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 Var. % Var. % at constant currency
adjusted
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 14.0 - 153.0 n. a.
(at constant currency)
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 Var. %
adjusted
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 Var. %
adjusted
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 Var. %
adjusted
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 Var. %
adjusted
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 Var. %
adjusted
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 Var. %
adjusted
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 Var. %
adjusted
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 73 75 - 2
(in %, variance in % points)
Online mix2 50 52 - 2
(in %, variance in % points)
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 93 93 -
(in %, variance in % points)
Online mix2 68 68 -
(in %, variance in % points)
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 Var. %
adjusted
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 52 54 - 2
(in %, variance in % points)
Online mix2 27 28 - 1
(in %, variance in % points)
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 77 79 - 2
(in %, variance in % points)
Online mix2 59 62 - 3
(in %, variance in % points)
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 Var. %
adjusted
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 Var. %
adjusted
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 102.8 110.5 - 7.0
interest hedges)
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 102.8 110.5 - 7.0
hedges)
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 Var. %
adjusted
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 Var. %
adjusted
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 Var. %
adjusted
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.
• 26 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 - 0.24 - 0.89 *
per share
* 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 - 13.3 - 1.0
reclassified
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
Subscribed Capital Revenue Silent Equity before Non-controlling
€ million capital reserves reserves participation non-controlling interest Total
interest
Balance as at 1,785.2 6,085.9 - 420.0 - 141.6 787.3 645.7
1 Oct 2022 8,432.7
Coupon on
silent - - - 16.8 - - 16.8 - - 16.8
participation
Group loss for - - - 256.1 - - 256.1 24.3 - 231.8
the year
Foreign
exchange - - - 80.4 - - 80.4 - 20.9 - 101.3
differences
Financial
assets at - - 1.1 - 1.1 - 1.1
FVTOCI
Cash flow - - - 136.3 - - 136.3 - - 136.3
hedges
Remeasurements
of defined
benefit - - - 123.7 - - 123.7 - - 123.7
obligations
and related
fund assets
Other
comprehensive
income of
investments - - - 1.0 - - 1.0 - - 1.0
accounted for
using the
equity method
Taxes
attributable
to other - - 65.6 - 65.6 - 65.6
comprehensive
income
Other
comprehensive - - - 274.7 - - 274.7 - 20.9 - 295.6
income
Total
comprehensive - - - 530.8 - - 530.8 3.4 - 527.4
income
Balance as at 1,785.2 6,085.9 - 420.0 - 689.2 790.7 101.6
31 Dec 2022 8,980.3
Balance as at 507.4 9,090.1 - - 1,122.9 824.3 1,947.2
1 Oct 2023 8,474.6
Dividends - - - - - - 75.0 - 75.0
Group loss for - - - 122.6 - - 122.6 39.1 - 83.5
the year
Foreign
exchange - - - 41.9 - - 41.9 - 9.8 - 51.7
differences
Cash flow - - - 343.9 - - 343.9 - - 343.9
hedges
Remeasurements
of defined
benefit - - - 94.9 - - 94.9 - - 94.9
obligations
and related
fund assets
Other
comprehensive
income of
investments - - - 13.3 - - 13.3 - - 13.3
accounted for
using the
equity method
Taxes
attributable
to other - - 109.0 - 109.0 - 109.0
comprehensive
income
Other
comprehensive - - - 385.0 - - 385.0 - 9.8 - 394.8
income
Total
comprehensive - - - 507.6 - - 507.6 29.3 - 478.3
income
Balance as at 507.4 9,090.1 - - 615.3 778.6 1,393.9
31 Dec 2023 8,982.2
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 47.2 9.9
intangible assets
Payments received/made from disposals of consolidated companies 44.1 - 0.7
(less disposals of cash and cash equivalents due to divestments)
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 - 192.9 - 228.6
assets
Payments received from for investments in consolidated companies 2.9 -
(less cash and cash equivalents received due to acquisitions)
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
Impact on
Standard Applicable from Amendments financial
statements
IFRS 17 establishes the principles for the accounting
IFRS 17 for insurance contracts and replaces IFRS 4. The No material
Insurance Contracts 1 Jan 2023 scope of IFRS 17 includes insurance contracts, impacts.
reinsurance contracts and investment contracts with
discretionary profit participation.
Amendments to
IFRS 17 The amendment addresses implementation challenges in
Initial Application of 1 Jan 2023 the presentation of comparative information that were No impacts.
IFRS 17 and IFRS 9 - identified after IFRS 17 was published.
Comparative Information
The amendments to IAS 1 and IFRS Practice Statement 2
Amendments to are to help preparers in deciding which accounting
IAS 1 and measurement methods to disclose in their No material
Disclosure of 1 Jan 2023 financial statements. The amendments require entities impacts.
Accounting Policies to disclose their material accounting and measurement
policy information instead of their significant
accounting and measurement policies.
The amendments to IAS 8 are to help entities to
distinguish between accounting policies and
Amendments to accounting estimates. The definition of a change in
IAS 8 1 Jan 2023 accounting estimates is replaced with a new No material
Definition of definition of accounting estimates. It is clarified impacts.
Accounting Estimates that a change in an accounting estimate that results
from new information or new developments is not the
correction of an error.
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
Amendments to of the OECD). Following the endorsement of the
IAS 12 Immediately or, amendments by the European Union TUI had already No material
International Tax respectively, applied for that exception in the financial year impacts.
Reform - Pillar Two 1 Jan 2023 2023. In financial year 2024 TUI adopts for the first
Model Rules 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.
The amendments clarify that deferred tax assets and
Amendments to liabilities have to be formed when a transaction
IAS 12 gives rise to equal amounts of deductible and taxable
Deferred tax related to 1 Jan 2023 temporary differences at the same time. The initial No material
Assets and Liabilities recognition exemption, according to which deferred impacts.
arising from a Single tax assets or liabilities are not recognised on
Transaction initial recognition of an asset or a liability, does
not apply to transactions of this type.
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.
1. 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*
Rest of Q1 2024
Spain Other Caribbean, North Africa, Revenues
€ million (incl. European Mexico, Africa Ind. Other from Other Q1 2024
Canary destinations USA & & Ocean, countries contracts Total
Islands) Canada Turkey Asia with
customers
Hotels & 104.6 12.8 67.7 14.1 52.5 - 251.7 - 251.7
Resorts
Cruises 54.0 21.3 76.6 - 14.9 - 166.8 - 166.8
TUI 25.4 58.1 37.5 11.6 43.6 18.7 194.9 - 194.9
Musement
Holiday 184.0 92.2 181.8 25.7 111.0 18.7 613.4 - 613.4
experiences
Northern 463.9 262.9 303.8 189.4 213.8 5.7 1,439.5 1.9 1,441.5
Region
Central 517.2 313.3 106.7 432.0 262.6 1.7 1,633.5 - 1,633.5
Region
Western 193.9 87.4 136.4 101.1 87.8 3.8 610.4 2.2 612.6
Region
Markets & 1,175.0 663.6 546.9 722.5 564.2 11.2 3,683.4 4.1 3,687.6
Airlines
All other 0.4 1.1 0.1 - - - 1.6 - 1.6
segments
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*
Rest of Q1 2023
Spain Other Caribbean, North Africa, Revenues
€ million (incl. European Mexico, Africa Ind. Other from Other Q1 2023
Canary destinations USA & & Ocean, countries contracts Total
Islands) Canada Turkey Asia with
customers
Hotels & 89.3 10.8 53.4 13.1 44.3 - 210.9 - 210.9
Resorts
Cruises 46.7 18.3 50.2 - - - 115.2 - 115.2
TUI 31.0 40.2 35.4 10.1 26.7 16.3 159.7 - 159.7
Musement
Holiday 167.0 69.4 139.0 23.2 71.0 16.3 485.9 - 485.9
experiences
Northern 427.0 243.6 334.5 160.3 168.6 7.7 1,341.7 1.4 1,343.1
Region
Central 388.1 278.3 106.1 332.4 278.0 1.8 1,384.7 0.3 1,385.0
Region
Western 167.9 76.7 129.9 89.3 66.0 3.7 533.5 1.4 534.9
Region
Markets & 983.0 598.6 570.5 582.0 512.6 13.2 3,259.9 3.1 3,263.1
Airlines
All other 0.4 1.1 - - - - 1.5 - 1.5
segments
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.
2. 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 207.6 212.6
right-of-use assets
Impairment of other intangible assets, property, plant and equipment and right-of-use 0.2 4.2
assets
Total 207.8 216.8
The impairments of €0.2m were presented within cost of sales (Q1 2023 €4.2m).
3. 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.
4. Other expenses
As in the previous year, Other expenses in the period under review mainly relate to losses from the disposal of
aircraft assets.
5. 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.
6. 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.
7. 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.
8. 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
9. Goodwill
At €2,949.6m, goodwill is almost unchanged compared to 30 September 2023.
10. 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.
11. 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’.
12. 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.
13. 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’.
14. 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.
15. 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’.
16. 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.
17. 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.
18. 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
Fair value with Fair value Fair value
Carrying At amortised no effect on with no effect through Fair value of
€ million amount cost profit and loss on profit and profit and financial
without recycling loss with loss instruments
recycling
Assets
Trade receivables
and other
receivables
thereof instruments
within the scope of 1,080.6 1,080.6 - - - 1,075.0
IFRS 9
thereof instruments
within the scope of 3.1 - - - - 3.5
IFRS 16
Derivative
financial
instruments
Hedging 32.5 - - 32.5 - 32.5
transactions
Other derivative
financial 5.2 - - - 5.2 5.2
instruments
Other financial 90.5 79.8 9.8 - 0.9 88.9
assets
Cash and cash 1,714.8 1,474.8 - - 240.0 1,714.8
equivalents
Liabilities
Financial 2,988.8 2,988.8 - - - 2,902.5
liabilities
Trade payables 2,017.0 2,017.0 - - - 2,017.0
Derivative
financial
instruments
Hedging 168.4 - - 168.4 - 168.4
transactions
Other derivative
financial 17.8 - - - 17.8 17.8
instruments
Other financial 193.9 193.9 - - - 193.9
liabilities
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
Fair value with Fair value Fair value
Carrying At amortised no effect on with no effect through Fair value of
€ million amount cost profit and loss on profit and profit and financial
without recycling loss with loss instruments
recycling
Assets
Trade receivables
and other
receivables
thereof instruments
within the scope of 1,161.0 122.6 - - 38.9 1,153.0
IFRS 9
thereof instruments
within the scope of 4.1 - - - - 4.4
IFRS 16
Derivative
financial
instruments
Hedging 236.4 - - 236.4 - 236.4
transactions
Other derivative
financial 32.1 - - - 32.1 32.1
instruments
Other financial 59.4 48.6 9.9 - 0.9 57.3
assets
Cash and cash 2,060.3 1,588.3 - - 472.2 2,060.5
equivalents
Liabilities
Financial 1,297.0 1,297.0 - - - 1,120.1
liabilities
Trade payables 3,373.7 3,374.7 - - - 3,374.7
Derivative
financial
instruments
Hedging 25.9 - - 25.9 - 25.9
transactions
Other derivative
financial 11.1 - - - 11.1 11.1
instruments
Other financial 124.4 124.4 - - - 124.4
liabilities
The amounts shown in the column ‘carrying amount’ (as shown in the balance sheet) in the tables above can
differ from those in the other columns of a particular row since the latter 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 Fair Value
Total
Financial assets
at amortised cost 2,635.2 2,628.0
at fair value – recognised directly in equity without 9.8 9.8
recycling
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 Fair Value
Total
Financial assets
at amortised cost 2,759.5 2,748.9
at fair value – recognised directly in equity without 9.9 9.9
recycling
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.
19. 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.
20. 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.
21. 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.
22. 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 102.8 110.5
hedges)
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.
23. 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: 27 www.tuigroup.com/en-en/investors
═══════════════════════════════════════════════════════════════════════════════════════════════════════════════
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
═══════════════════════════════════════════════════════════════════════════════════════════════════════════════
ISIN: DE000TUAG505
Category Code: QRF
TIDM: TUI
LEI Code: 529900SL2WSPV293B552
OAM Categories: 3.1. Additional regulated information required to be
disclosed under the laws of a Member State
Sequence No.: 303242
EQS News ID: 1835639
End of Announcement EQS News Service
══════════════════════════════════════════════════════════════════════════
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See all newsREG - Official List TUI AG - Removal - TUI AG
AnnouncementREG - Stock Exch Notice TUI AG - Cancellation - TUI AG
AnnouncementREG-TUI AG TUI AG: Release according to Article 40, Section 1 of the WpHG [the German Securities Trading Act] with the objective of Europe-wide distribution
AnnouncementREG-TUI AG TUI AG: Release according to Article 40, Section 1 of the WpHG [the German Securities Trading Act] with the objective of Europe-wide distribution
AnnouncementREG-TUI AG TUI AG: Release according to Article 40, Section 1 of the WpHG [the German Securities Trading Act] with the objective of Europe-wide distribution
Announcement