REG-TUI AG TUI Group Half-Year Financial Report 1 October 2021 - 31 March 2022
11/05/2022 07:15
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TUI AG (TUI)
TUI Group Half-Year Financial Report 1 October 2021 - 31 March 2022
11-May-2022 / 08:00 CET/CEST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
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Half-Year
Financial Report
1 October 2021 - 31 March 2022
Content
1 Interim Management Report
2 Summary
3 Report on changes in expected development
4 Structure and strategy of TUI Group
5 Consolidated earnings
6 Segmental performance
7 Financial position and net assets
8 Comments on the consolidated income statement
9 Alternative performance measures
10 Other segment indicators
11 Corporate Governance
12 Risk and Opportunity Report
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
Interim Management Report
Summary
Q2 2022 delivering further operational and financial progress
• Q2 Group revenue of €2.1bn, an improvement of €1.9bn year-on-year (Q2 2021: €0.2bn), reflecting the more
normalised pre-pandemic travel environment versus the prior year, with March achieving the highest monthly
revenue within the quarter as operations ramped up after a more subdued January and February post Omicron
restrictions.
• 71% of financial year 2019 capacity1 operated in Q2, just ahead of our mid-point of initial Winter 2021/22
programme expectations. Reflecting the increasing consumer confidence in departure, pent-up demand and the
ramp up of operations accordingly, we exited the second quarter with an operated capacity of 75% in March
2022.
• 1.9m customers departed in the second quarter, an increase of 1.7m customers versus the prior year, with
the highest departure volume achieved again in March. Our average load factor continued to be strong, with
84% load factor achieved for the period (Q2 2019: Load factor 85%).
• Q2 Group underlying EBIT loss almost halved to €-329.9m loss versus prior year, (Q2 2021: €-633.0m loss),
driven by a strong operational recovery in the second half of the quarter on easing of Omicron
restrictions, with Hotels & Resorts delivering a third sequential positive quarter since the start of the
pandemic.
• Continued delivery of our Global Realignment Programme – we expect to deliver a further 20% of our ~€400m
p.a. target cost savings in financial year 2022 (~€240m already delivered in financial year 2021, with the
remainder on track to be delivered by financial year 2023).
• In Q2, TUI generated a significantly positive operating cash flow, driven by substantial working capital
inflow as the business returned to a more normalised pre-pandemic environment for travel and bookings and
operations recovered, helped by the easing of Omicron-related restrictions in the second half of the
quarter.
• Strong liquidity position2 of €3.8bn as of 6 May 2022, post hand-back of €0.7bn state support on
1 April 2022, reflecting our continued cost discipline, and higher working capital inflow from positive
booking momentum since our Interim Report Q1 2022.
• After two years of turbulence, we expect to return to significantly positive underlying EBIT for financial
year 20223 and we remain committed to reducing our German government exposure further.
• In H1 2022, Group revenue was €4.5bn, an increase of €3.8bn compared to the previous year (H1 2021:
€0.7bn). The Group's operating loss (adjusted EBIT) amounted to €-603.5m in H1. It decreased by €705.3m and
thus by more than half compared to the previous year's value (H1 2021: €-1,308.8m).
1 Available seat (risk) capacities
2 Available liquidity defined as available cash plus committed lines including financing packages
3 For details see Report on changes in expected development on page 6
TUI Group - financial highlights
€ million Q2 2022 Q2 2021 Var. % H1 2022 H1 2021 Var. % Var. % at constant
currency
Revenue 2,128.4 248.1 + 757.7 4,497.6 716.3 + 527.9 + 517.6
Underlying EBIT1
Hotels & Resorts 23.7 - 102.6 n. a. 84.8 - 198.3 n. a. n. a.
Cruises - 73.5 - 55.0 - 33.8 - 105.3 - 153.3 + 31.4 + 33.6
TUI Musement - 16.8 - 29.3 + 42.8 - 29.5 - 62.0 + 52.4 + 52.4
Holiday Experiences - 66.6 - 186.9 + 64.4 - 49.9 - 413.6 + 87.9 + 87.8
Northern Region - 180.9 - 221.0 + 18.1 - 352.6 - 418.3 + 15.7 + 19.5
Central Region - 20.7 - 122.7 + 83.1 - 75.7 - 272.0 + 72.2 + 72.0
Western Region - 57.0 - 83.3 + 31.5 - 89.4 - 159.8 + 44.1 + 43.4
Markets & Airlines - 258.7 - 427.0 + 39.4 - 517.7 - 850.1 + 39.1 + 40.8
All other segments - 4.6 - 19.1 + 76.1 - 35.8 - 45.1 + 20.6 + 22.6
TUI Group - 329.9 - 633.0 + 47.9 - 603.5 - 1,308.8 + 53.9 + 55.0
EBIT1 - 343.1 - 600.5 + 42.9 - 614.5 - 1,298.5 + 52.7
Underlying EBITDA - 123.1 - 398.5 + 69.1 - 188.4 -856.1 + 78.0
EBITDA2 - 130.0 - 356.7 + 63.6 - 185.5 - 831.5 + 77.7
Group loss - 321.4 - 707.9 + 54.6 - 707.9 - 1,498.1 + 52.7
Earnings per share € - 0.21 - 0.67 + 68.7 - 0.47 - 1.82 + 74.2
Net capex and 83.3 - 61.3 n. a. 136.7 - 108.4 n. a.
investment
Equity ratio (31 % 1.5 1.3 + 0.1
March)3
Net debt (31 March) - 3,936.0 - 6,813.1 - 42.2
Employees (31 March) 46,123 36,029 + 28.0
Differences may occur due to rounding.
This Quarterly Report of the TUI Group was prepared for the reporting period Q1 2022 from 1 October 2021 to 31
March 2022.
1 We define the EBIT in underlying EBIT as earnings before interest, income taxes and result of the measurement
of the Group’s interest hedges. For further details please see page 15.
2 EBITDA is defined as earnings before interest, income taxes, goodwill impairment and amortisation and
write-ups of other intangible assets, depreciation and write-ups of property, plant and equipment, investments
and current assets.
3 Equity divided by balance sheet total in %, variance is given in percentage points.
All change figures refer to the same period of the previous year, unless otherwise stated.
Trading update
Strong recovery building through Q2, confident Summer 2022 will be close to Summer 2019 levels
• 11m bookings across Winter 2021/22 and Summer 2022, with ~5m bookings added since our Q1 2022 Interim
Report, as the demand for holidays and confidence in international travel returns.
• Bookings across our key markets UK, Germany and Benelux have been largely unaffected by the war in Ukraine,
with only the Nordics and Poland subdued.
• Winter 2021/22 programme closed with bookings1 down 34% and ASP strongly up 13%.
• Summer 2022 booking2 are 85% of Summer 2019 levels. Total bookings have been trending strongly with the
last six weeks’ bookings firmly surpassing Summer 2019 levels, boosted by the return to a more pre-pandemic
environment of restriction-free travel. ASP continues to be strong at up 20%, reflecting a higher mix of
package products, and the popularity of our summer holidays.
• The UK market in particular remains the most advanced booked, with bookings up 11% versus Summer 2019.
• The latest positive booking trends, combined with clear pent-up demand as Omicron-related travel
restrictions eased, increasing intention to holiday abroad for a beach holiday3 and a later booking
profile, we are confident in our Summer 2022 capacity assumption of close to normalised 2019 Summer levels.
• Hotels & Resorts –The segment delivered a third consecutive quarter of positive underlying EBIT since the
start of the pandemic. We expect occupancies and average rates to develop strongly through the second half
and the short-term booking environment to contribute significantly to a strong Summer.
• Cruises – Since the beginning of April, all 16 ships across our three brands are back in operation.
Compared to our other segments, Cruises recovery is expected to be slower with short-term bookings continue
to represent a large share of overall bookings. We see H2 2022 calendar year building steadily. Bookings
are currently trending at higher rates for all three cruise brands, in comparison to prior years.
• TUI Musement – 681k excursions, activities and tours (EATs) were sold in the second quarter, reflecting
firstly the more open travel environment and secondly the successful integration of Musement. Benefitting
from our integrated business model and complemented by our increased inventory of products offered in
popular cities and sun and beach locations, we expect EATs to develop beyond the capacity assumptions of
our Markets & Airlines for Summer 2022, as third-party sales return, in line with a return to a more
normalised pre-pandemic travel environment across our global destinations.
• After two years of turbulence and against the backdrop of current bookings and the business performance to
date, we expect to return to significantly positive underlying EBIT for financial year 2022.
1 Bookings up to 30 April 2022 compared to Winter 2018/19 programme (undistorted by COVID-19 effects and thus
provide an appropriate benchmark) and relate to all customers whether risk or non-risk
2 Bookings up to 8 May 2022 compared to Summer 2019 programme (undistorted by COVID-19 effects and thus provide
an appropriate benchmark) and relate to all customers whether risk or non-risk
3 The Netherlands Bureau of Tourism and Congress, Holiday Sentiment Monitor, April 2022
Global Realignment Programme – Targeted savings ~€400m p.a. by financial year 2023
In May 2020, we announced our Global Realignment Programme to address group-wide costs, with a target of
permanently saving more than €400m per annum by financial year 2023.
In the financial year ending September 2021, ~60% (€240m) of our announced targeted savings were delivered.
Savings have been most significantly delivered across the Markets & Airlines division (~85% of savings to
date).
We expect to deliver a further 20% (€80m) of our targeted savings in financial year 2022 and we remain on track
to deliver the full programme benefits by end of financial year 2023.
Net debt
H1 2022 net debt position of €3,936m is an improvement of €1,134m versus Q1 2022 net position of €5,070m and an
improvement of €2,877m year-on-year (H1 2021: €6,813m). The quarterly improvement is predominantly driven by
positive cash flow, as the business returns to a more normalised pre-pandemic environment for travel and
bookings and operations recover. The year-on-year improvement is driven by positive cash flow as operations
recover, and proceeds from our capital increase completed in the first quarter of 2022.
Strategic priorities
Ongoing priorities – we will continue with our disciplined cash management, drive operating effectiveness,
whilst maximising opportunities to de-lever, continue the reduction of debt and German government exposure in
order to return to a solid balance sheet. Mid-term ambitions – we expect underlying EBIT to significantly build
on financial year 2019, driven by both top-line growth and benefits from our Global Realignment Programme, with
a target to return to gross leverage ratio of less than 3.0x.
Our growth opportunities will be driven by the expansion of our TUI Musement tours & activities segment, which
will benefit from both our integration as well as growth through third party sales, accelerated digitalisation,
our increased offer of dynamic packaging, growth through asset-right financing structures and execution of our
Global Realignment Programme. The combination of these drivers will enable us to emerge stronger, leaner, more
digitalised and more agile, and ready to exploit market recovery and growth opportunities.
TUI is strategically well positioned and will continue to benefit from the strong rebound in the leisure
industry.
Report on changes in expected development
The impact of the pandemic and the war in Ukraine on customer behaviour remains difficult to predict. The
greatest area of uncertainty will be the impact on consumer confidence, should travel restrictions be
reintroduced, should there be further cost inflation volatility and/or an escalation of the war in Ukraine. In
view of these considerable uncertainties, the Executive Board continues to believe that it is not in a position
to issue a specific, quantified forecast for the financial year 2022.
Against the backdrop of current bookings and the business performance to date, we confirm our expectation in
the 2021 Annual Report of a significant improvement in TUI Group's underlying EBIT compared with 2021 and now
expect to return to a significantly positive underlying EBIT in the current financial year.
We continue to consider the remaining assumptions for the financial year 2022 made in the Annual Report 2021 to
be valid.
• See also TUI Group Annual Report 2021 page 50 ff
Structure and strategy of TUI Group
Reporting structure
The present Half-Year Financial Report for H1 2022 is based on TUI Group’s reporting structure set out in the
Consolidated Financial Statements of TUI AG as at 30 September 2021.
• See TUI Group Annual Report 2021 from page 28
Group strategy
The TUI Group's strategy outlined in the Annual Report 2021 will be continued in the current financial year.
• See TUI Group Annual Report 2021 from page 25
Consolidated earnings
Revenue
€ million Q2 2022 Q2 2021 Var. % H1 2022 H1 2021 Var. %
Hotels & Resorts 181.0 27.5 + 558.2 379.3 83.9 + 352.0
Cruises 41.3 1.0 n. a. 75.5 1.5 n. a.
TUI Musement 62.5 8.1 + 671.6 128.8 18.6 + 593.2
Holiday Experiences 284.8 36.5 + 680.3 583.6 104.0 + 461.2
Northern Region 847.9 52.1 n. a. 1,500.2 159.1 + 842.8
Central Region 619.6 124.2 + 398.9 1,604.7 337.4 + 375.6
Western Region 366.2 28.0 n. a. 782.2 102.1 + 666.1
Markets & Airlines 1,833.7 204.3 + 797.6 3,887.1 598.6 + 549.4
All other segments 9.9 7.3 + 35.6 26.9 13.6 + 97.2
TUI Group 2,128.4 248.1 + 757.9 4,497.6 716.3 + 527.9
TUI Group (at constant currency) 2,093.2 248.1 + 743.7 4,424.2 716.3 + 517.6
Underlying EBIT
€ million Q2 2022 Q2 2021 Var. % H1 2022 H1 2021 Var. %
Hotels & Resorts 23.7 - 102.6 n. a. 84.8 - 198.3 n. a.
Cruises - 73.5 - 55.0 - 33.6 - 105.3 - 153.3 + 31.3
TUI Musement - 16.8 - 29.3 + 42.7 - 29.5 - 62.0 + 52.4
Holiday Experiences - 66.6 - 186.9 + 64.4 - 49.9 - 413.6 + 87.9
Northern Region - 180.9 - 221.0 + 18.1 - 352.6 - 418.3 + 15.7
Central Region - 20.7 - 122.7 + 83.1 - 75.7 - 272.0 + 72.2
Western Region - 57.0 - 83.3 + 31.6 - 89.4 - 159.8 + 44.1
Markets & Airlines - 258.7 - 427.0 + 39.4 - 517.7 - 850.1 + 39.1
All other segments - 4.6 - 19.1 + 75.9 - 35.8 - 45.1 + 20.6
TUI Group - 329.9 - 633.0 + 47.9 - 603.5 - 1,308.8 + 53.9
EBIT
€ million Q2 2022 Q2 2021 Var. % H1 2022 H1 2021 Var. %
Hotels & Resorts 24.3 - 102.7 n. a. 106.8 - 198.4 n. a.
Cruises - 73.5 - 55.0 - 33.6 - 105.3 - 153.4 + 31.4
TUI Musement - 18.7 - 32.9 + 43.2 - 33.3 - 67.1 + 50.4
Holiday Experiences - 67.8 - 190.5 + 64.4 - 31.8 - 418.9 + 92.4
Northern Region - 185.2 - 239.8 + 22.8 - 360.7 - 441.0 + 18.2
Central Region - 29.0 - 64.3 + 54.9 - 93.0 - 224.1 + 58.5
Western Region - 57.5 - 87.0 + 33.9 - 90.7 - 166.5 + 45.5
Markets & Airlines - 271.7 - 391.1 + 30.5 - 544.5 - 831.7 + 34.5
All other segments - 3.5 - 18.9 + 81.5 - 38.2 - 48.0 + 20.4
TUI Group - 343.1 - 600.5 + 42.9 - 614.5 - 1,298.5 + 52.7
Segmental performance
Holiday Experiences
€ million Q2 2022 Q2 2021 Var. % H1 2022 H1 2021 Var. %
Revenue 284.8 36.5 + 680.3 583.6 104.0 + 461.2
Underlying EBIT - 66.6 - 186.9 + 64.4 - 49.9 - 413.6 + 87.9
Underlying EBIT at constant currency - 67.7 - 186.9 + 63.8 - 50.4 - 413.6 + 87.8
Hotels & Resorts
€ million Q2 2022 Q2 2021 Var. % H1 2022 H1 2021 Var. %
Total revenue1 241.8 53.1 + 355.4 524.6 146.8 + 257.4
Revenue 181.0 27.5 + 558.2 379.3 83.9 + 352.1
Underlying EBIT 23.7 - 102.6 n. a. 84.8 - 198.3 n. a.
Underlying EBIT at constant currency 20.9 - 102.6 n. a. 81.0 - 198.3 n. a.
Capacity hotels total2 ('000) 6,935 4,242 + 63.5 15,530 9,418 + 64.9
Riu 3,059 2,286 + 33.8 6,490 4,782 + 35.7
Robinson 592 237 + 150.0 1,321 601 + 119.9
Blue Diamond 1,343 1,159 + 15.9 2,667 2,032 + 31.2
Occupancy rate hotels total3 65 36 + 29 64 40 + 24
(in %, variance in % points)
Riu 73 36 + 37 71 41 + 30
Robinson 51 49 + 2 58 48 + 10
Blue Diamond 78 37 + 41 76 39 + 37
Average revenue per bed hotels total4 86 69 + 24.2 78 64 + 22.8
(in €)
Riu 71 59 + 20.7 68 55 + 23.3
Robinson 115 96 + 19.9 106 92 + 15.8
Blue Diamond 143 96 + 49.8 132 93 + 40.9
Revenue includes fully consolidated companies, all other KPIs incl. companies measured at equity
1 Total revenue includes intra-Group revenue
2 Group owned or leased hotel beds multiplied by opening days per quarter
3 Occupied beds divided by capacity
4 Arrangement revenue divided by occupied beds
H1 2022 revenue grew to €379.3m, an improvement of €295.4m year-on-year (H1 2021: €83.9m) reflecting the more
normalised pre-pandemic travel environment across our multiple destinations, , versus the prior year. The
segment reported a H1 underlying EBIT profit of €84.8m as a result, improving by up €283.1m year-on-year (H1
2021: €198m loss), with Riu delivering strong results in their core Caribbean and Spanish markets.
Q2 2022 revenue respectively grew to €181.0m, improving €153.5m year-on-year (Q2 2021: €27.5m), delivering an
underlying EBIT profit of €23.7m, an improvement of €126.3m year-on-year (Q2 2021: €-102.6m loss), the third
sequential quarterly positive underlying EBIT result since the start of the pandemic.
For the Q2 period, we operated 6.9m available bednights (capacity) which is an increase of 2.7m available
bednights versus the prior year (Q2 2021: 4.2m), and nearing pre pandemic levels (Q2 2019: 7.6m). The benefit
of our brands, with a high level of capacity in popular year-round destinations such as the Caribbean and
Canaries, both of which achieved average occupancies of 77% in the quarter, is evident in our operational
results. Q2 occupancy rate increased 29%pts year-on-year to 65% for the segment, with Riu achieving 73% in the
quarter, up 37%pts year-on-year (Q2 2021: 36%) and Blue Diamond achieving 78%, up 41%pts year-on-year (Q2 2021:
37%), reflecting the benefit of third-party sales in the Caribbean from North America and our ability to steer
our base of European customers to our own hotels e.g. in the Canaries first. Robinson average occupancy
increased 2%pts to 51% year-on-year (Q2 2021: 49%), reflective of the usual winter seasonality for its more
European portfolio.
Q2 2022 average daily rate increased by 24% to €86, with Riu’s average daily rate increasing 21% to €71 (Q2
2021: €59) and Blue Diamond average daily rate increasing 50% to €143 (Q2 2021: €96), driven by higher average
spend in the Caribbean. Robinson also delivered a strong average rate of €115, an increase of 20% year-on-year
(Q2 2021: €96).
Cruises
€ million Q2 2022 Q2 2021 Var. % H1 2022 H1 2021 Var. %
Revenue1 41.3 1.0 n. a. 75.5 1.5 n. a.
Underlying EBIT - 73.5 - 55.0 - 33.6 - 105.3 - 153.3 + 31.3
Underlying EBIT at constant currency - 71.8 - 55.0 - 30.5 - 101.8 - 153.3 + 33.6
Occupancy (in %, variance in % points)
Mein Schiff2 51 34 + 17 52 35 + 17
Hapag-Lloyd Cruises 29 29 - 39 33 + 6
Marella Cruises 53 - n. a. 51 - n. a.
Passenger days ('000)
Mein Schiff2 582 176 + 230.0 1,277 354 + 261.0
Hapag-Lloyd Cruises 41 8 + 397.6 115 21 + 441.8
Marella Cruises 184 - n. a. 365 - n. a.
Average daily rates3 (in €)
Mein Schiff2 138 89 + 55.1 147 104 + 41.3
Hapag-Lloyd Cruises 606 376 + 61.2 640 411 + 55.6
Marella Cruises (in £) 156 - n. a. 149 - n. a.
1 No revenue is carried for Mein Schiff and Hapag-Lloyd Cruises as the joint venture TUI Cruises is
consolidated at equity
2 Brand Mein Schiff was reported under TUI Cruises in the previous
year's periods
3 Per day and passenger
The Cruises segment comprises the joint venture TUI Cruises, which operates cruise ships under the brands
Mein Schiff and Hapag-Lloyd Cruises, and Marella Cruises.
H1 2022 Cruises revenue, reflecting Marella Cruises solely (TUI Cruises consisting of Mein Schiff and
Hapag-Lloyd Cruises is equity accounted) grew to €75.5m, an improvement of €74.0m year-on-year (H1 2021:
€1.5m), reflecting the more normalised pre-pandemic travel environment, versus the prior year when Marella’s
operations were suspended in line with UK government travel advice. Resultingly, H1 underlying EBIT loss for
the segment (including the equity result of TUI Cruises) reduced to €-105.3m loss, an improvement of €48.0m
(H1 2021: €-153.3m loss), with a partial fleet operated by all three brands in the first six months due to
Omicron restrictions, which held back the performance for the segment.
Q2 2022 revenue for Marella grew to €41.3m respectively, improving €40.3m year-on-year (Q2 2021: €1.0m). Q2
underlying EBIT loss (including equity result for TUI Cruises) increased by €18.5m to €-73.5m loss due to
Omicron restrictions introduced at the end of Q1 2022, which resulted in operational disruption costs for all
three brands throughout January and February.
Mein Schiff – January in particular, was impacted by short-term Omicron-related amendments, resulting in the
cancellation of itineraries and a temporary operational pause for part of the fleet. Four ships (out of seven)
operated in January, five ships operated in February, returning to six ships from March as Omicron-related
travel restrictions eased during the quarter. (Mein Schiff 5 already in use as a vaccination hub until February
and Mein Schiff Herz in pre-planned lay-up until April). Occupancy of the operated fleet in the second quarter
was 51% as a result (Q2 2021: 34%). Q2 average daily rate of operated fleet was €138, up 55% versus prior year
(Q2 2021: €89), with cruises operated in the Canaries, the Mediterranean, Caribbean, and United Arab Emirates
during the second quarter, versus shorter average duration “Blue Cruises” operated in the prior year.
Hapag-Lloyd Cruises – Hapag-Lloyd Cruises saw the same short-term Omicron-related amendments, resulting in the
cancellation of itineraries and temporary operational pause of two ships, with three (out of five) operated in
January and February, returning to full fleet of five from March as Omicron-related restrictions eased during
the quarter. Q2 average daily rate of operated fleet was €606, an increase of 61% on prior year (Q2 2021:
€376), reflecting the resumption of worldwide itineraries versus European cruises in the prior year. Q2
occupancy of the operated fleet was 29% (Q2 2021 Q2: 29%), reflecting the previously discussed factors.
Marella Cruises – Similarly to Mein Schiff and Hapag-Lloyd Cruises, Marella operated a partial fleet throughout
the second quarter, with just one ship (out of four) in operation in January, two in February and three in
March as Omicron-related restrictions eased. Q2 average daily rate of was £156 and occupancy was 53%, versus a
previous Q2 which saw operations suspended in line with UK government travel advice.
TUI Musement
€ million Q2 2022 Q2 2021 Var. % H1 2022 H1 2021 Var. %
Total revenue1 92.4 9.8 + 842.9 192.6 25.4 + 658.3
Revenue 62.5 8.1 + 671.6 128.8 18.6 + 592.5
Underlying EBIT - 16.8 - 29.3 + 42.7 - 29.5 - 62.0 + 52.4
Underlying EBIT at constant currency - 16.8 - 29.3 + 42.7 - 29.5 - 62.0 + 52.4
1 Total revenue includes intra-Group revenue
H1 2022 revenue of €128.8m, up €110.2m year-on-year (H1 2021: €18.6m). H1 underlying EBIT loss of €-29.5m,
improving €32.5m year-on-year (H1 2021: €-62.0m), reflecting the same previously discussed factors.
Q2 revenue of €62.5m, up €54.4m year-on-year (Q2 2021: €8.1m). Q2 underlying EBIT loss of €-16.8m, improving
€12.5m year-on-year (Q2 2021: €-29.3m loss).
0.7m excursions, activities and tours sold in the second quarter, an increase of 0.6m excursions versus the
prior year (Q2 2021: 0.1m) reflecting the more normalised pre-pandemic travel environment across our global
destinations. The increase reflects the breadth of our coverage in both popular cities and traditional sun &
beach locations, benefitting from the advantage of our integrated model and growth of third-party sales through
the Musement platform.
Q2 online distribution was 45% (Q2 2021: 56%) reflecting the return of destination staff in resort versus the
prior year, in line with our hybrid in-person and online self-service model.
Markets & Airlines
€ million Q2 2022 Q2 2021 Var. % H1 2022 H1 2021 Var. %
Revenue 1,833.7 204.3 + 797.6 3,887.1 598.6 + 549.4
Underlying EBIT - 258.7 - 427.0 + 39.4 - 517.7 - 850.1 + 39.1
Underlying EBIT at constant currency - 253.1 - 427.0 + 40.7 - 503.2 - 850.1 + 40.8
Direct distribution mix1 80 74 + 6 77 76 + 1
(in %, variance in % points)
Online mix2 57 57 - 55 56 - 1
(in %, variance in % points)
Customers ('000) 1,857 159 n. a. 4,113 684 + 501.3
1 Share of sales via own channels (retail and online)
2 Share of online sales
H1 2022 revenue of €3.9bn, up €3.3bn year-on-year (H1 2021: €0.6bn). H1 underlying EBIT loss for the segment of
€-517.7m improved by loss €332.4m year-on-year (H1 2021: €-850.1m) reflecting the more normalised pre-pandemic
travel environment versus the prior year against our typical winter seasonality.
Q2 2022 revenue of €1.8bn, up €1.6bn year-on-year (Q2 2021: €0.2bn). Q2 underlying EBIT loss of €258.7m,
improved by €168.3m year-on-year (Q2 2021: €427.0m). The result includes a €43m net benefit from the
revaluation and unwinding of ineffective hedge positions, €50m state compensation within Central Region for
loss of business in the course of the pandemic as well as savings delivered by our Global Realignment Programme
across all markets.
A total of 1.9m customers departed in the second quarter, an increase of 1.7m customers versus Q2 2021. Average
load factor of 84% was achieved for the second quarter (Q2 2019: 85%)
Northern Region
€ million Q2 2022 Q2 2021 Var. % H1 2022 H1 2021 Var. %
Revenue 847.9 52.1 n. a. 1,500.2 159.1 + 842.9
Underlying EBIT - 180.9 - 221.0 + 18.1 - 352.6 - 418.3 + 15.7
Underlying EBIT at constant currency - 174.6 - 221.0 + 21.0 - 336.7 - 418.3 + 19.5
Direct distribution mix1 93 87 + 6 94 93 + 1
(in %, variance in % points)
Online mix2 69 72 - 3 71 76 - 5
(in %, variance in % points)
Customers ('000) 752 6 n. a. 1,417 119 n. a.
1 Share of sales via own channels (retail and online)
2 Share of online sales
H1 2022 revenue of €1.5bn, up €1.3bn year-on-year (H1 2021: €0.2bn). H1 underlying EBIT loss for the region of
€-352.6m improved by €65.7m year-on-year (H1 2021: €-418.3m) per the factors already mentioned.
Q2 2022 revenue of €847.9m, up €795.8m year-on-year (Q2 2021: €52.1m). Q2 underlying EBIT loss for the region
of €180.9m, improved by €40.1m year-on-year (Q2 2021: €-221.0m), driven by improving departure volumes in a
more normalised pre-pandemic travel environment, €16m benefit from the revaluation and unwinding of ineffective
hedge position and savings delivered through our Global Realignment Programme. The loss position, comparatively
to other markets, predominantly reflects the higher operational leverage for the UK, as well as a more subdued
Nordics market.
Northern Region reported an increase in Q2 customer volumes, with 752k guests departing overall in the quarter
representing 75% of pre-pandemic Q2 2019 volumes and versus 6k customers in Q2 2021. Online distribution for
region continues to be strong at 69%, up 2%pts versus pre-pandemic levels (Q2 2019: 67%). Direct distribution
is up 1%pts to 93% versus pre-pandemic levels (Q2 2019: 92%)
Central Region
€ million Q2 2022 Q2 2021 Var. % H1 2022 H1 2021 Var. %
Revenue 619.6 124.2 + 398.9 1,604.7 337.4 + 375.6
Underlying EBIT - 20.7 - 122.7 + 83.1 - 75.7 - 272.0 + 72.2
Underlying EBIT at constant currency - 20.9 - 122.7 + 83.0 - 76.2 - 272.0 + 72.0
Direct distribution mix1 58 62 - 4 57 63 - 6
(in %, variance in % points)
Online mix2 33 39 - 6 31 37 - 6
(in %, variance in % points)
Customers ('000) 524 87 + 502.3 1,441 333 + 332.7
1 Share of sales via own channels (retail and online)
2 Share of online sales
H1 revenue of €1.6bn, up €1.3bn year-on-year (H1 2021: €0.3bn). H1 underlying EBIT loss for the region
of €-75.7m, improved by €196.3m year-on-year (H1 2021: €-272.0m) per the factors already mentioned.
Q2 2022 revenue of €619.6m, up €495.4m year-on-year (Q2 2021: €124.2m). Q2 underlying EBIT loss for the region
of €-20.7m, improved by €102.0m year-on-year (Q2 2021: €-122.7m), driven by better departure volumes, the
benefit of a €50m state compensation for loss of business in the course of the pandemic receipted in the second
quarter, €30m benefit from the revaluation and unwinding of ineffective hedge position, in addition to savings
delivered by our Global Realignment Programme.
Central Region similarly saw a step-up in operations, with 524k customers departed in the second quarter,
representing 54% of pre-pandemic Q2 2019 volumes and versus 87k customers in Q2 2021. Online distribution for
region stood at 33%, up 9%pts versus pre-pandemic levels (Q2 2019: 24%). Direct distribution is up 5%pts to 58%
versus pre-pandemic levels (Q2 2019: 53%).
Western Region
€ million Q2 2022 Q2 2021 Var. % H1 2022 H1 2021 Var. %
Revenue 366.2 28.0 n. a. 782.2 102.1 + 666.1
Underlying EBIT - 57.0 - 83.3 + 31.6 - 89.4 - 159.8 + 44.1
Underlying EBIT at constant currency - 57.6 - 83.3 + 30.9 - 90.4 - 159.8 + 43.4
Direct distribution mix1 82 90 - 8 82 86 - 4
(in %, variance in % points)
Online mix2 64 81 - 17 63 72 - 9
(in %, variance in % points)
Customers ('000) 582 66 + 781.8 1,255 232 + 440.9
1 Share of sales via own channels (retail and online)
2 Share of online sales
H1 2022 revenue of €0.8bn, up €0.7bn year-on-year (H1 2021: €0.1bn). H1 underlying EBIT loss for the region of
€-89.4m, improved by €70.4m year-on-year (H1 2021: €-160m) per the factors already mentioned.
Q2 2022 revenue of €366.2m, up €338.2m year-on-year (Q2 2021: €28.0m). Q2 underlying EBIT loss for the region
of €-57.0m, improved by €26.3m year-on-year (Q2 2021: €-83.3m), driven by better departure volumes in the more
normalised pre-pandemic travel environment and savings delivered through our Global Realignment Programme.
Western Region also saw operations ramp-up, with 582k customers departing in the second quarter, representing
65% of pre-pandemic Q2 2019 volumes and versus 66k customers in Q2 2021. Online distribution for region stood
at 64%, up 4%pts versus pre-pandemic levels (Q2 2019: 60%). Direct distribution is up 5%pts to 82% versus
pre-pandemic levels (Q2 2019: 77%).
All other segments
€ million Q2 2022 Q2 2021 Var. % H1 2022 H1 2021 Var. %
Revenue 9.9 7.3 + 35.6 26.9 13.6 + 97.8
Underlying EBIT - 4.6 - 19.1 + 75.9 - 35.8 - 45.1 + 20.6
Underlying EBIT at constant currency) - 4.3 - 19.1 + 77.5 - 34.9 - 45.1 + 22.6
H1 2022 underlying EBIT loss of €-35.8m, improved €9.3m year-on-year (H1 2021: €-45.1m) and Q2 underlying EBIT
loss of €-4.6m, improved €14.5m year-on-year (Q2 2021: €-19.1m, driven by strong cost discipline.
Financial position and net assets
Cash Flow / Net capex and investments / Net debt
As a result of the continued easing or lifting of global travel restrictions in the course of H1 2022, TUI
Group was able to increase its business volume year-on-year. Nevertheless, TUI Group's operating cash inflow
continued to be impacted by the COVID-19 pandemic in the period under review. At €439.8m, it increased by
€1,915.8m compared to previous year.
In October 2021, TUI AG carried out a capital increase. This resulted in an inflow of €1,106.4m after deduction
of borrowing costs.
H1 2022 net debt position of €3,936.0m is an improvement of €1,133.6m versus Q1 2022 net position of €5,069.6m
and an improvement of €2,877.1m year-on-year (H1 2021: €6,813.1m). The quarterly improvement is predominantly
driven by positive cash flow, as the business returns to a more normalised pre-pandemic environment for travel
and bookings and operations recover. The year-on-year improvement is driven by positive cash flow as operations
recover, and proceeds from our capital increase completed in the first quarter of 2022.
Net debt
€ million 31 Mar 2022 31 Mar 2021 Var. %
Financial debt - 2,426.5 - 4,847.9 - 49.9
Lease liabilities - 3,146.0 - 3,377.8 - 6.9
Cash and cash equivalents 1,522.6 1,399.7 + 8.8
Short-term interest-bearing investments 113.8 12.9 + 782.2
Net debt -3,936.0 -6,813.1 - 42.2
Net capex and investments
€ million Q2 2022 Q2 2021 Var. % H1 2022 H1 2021 Var. %
Cash gross capex
Hotels & Resorts 34.0 36.2 - 6.1 56.0 69.9 - 19.9
Cruises 6.8 7.2 - 5.6 28.3 15.1 + 87.4
TUI Musement 4.6 3.0 + 53.3 8.1 5.8 + 39.7
Holiday Experiences 45.3 46.5 - 2.6 92.4 90.8 + 1.8
Northern Region 6.5 - 0.6 n. a. 12.8 5.4 + 137.0
Central Region 3.9 1.6 + 143.8 4.8 2.5 + 92.0
Western Region 1.5 - 0.3 n. a. 3.3 1.7 + 94.1
Markets & Airlines* 13.3 3.0 + 343.3 23.6 15.0 + 57.3
All other segments 27.7 20.0 + 38.5 53.3 32.9 + 62.0
TUI Group 86.4 69.4 + 24.5 169.3 138.7 + 22.1
Net pre delivery payments on aircraft 1.8 - 32.0 n. a. - 44.6 - 31.6 - 41.1
Financial investments - 21.2 n. a. - 21.7 n. a.
Divestments - 4.9 - 119.9 + 95.9 12.0 - 237.2 n. a.
Net capex and investments 83.3 - 61.3 n. a. 136.7 - 108.4 n. a.
* Including €1.4m for Q2 2022 (Q2 2021: €2.3m) and €2.7m for H1 2022 (H1 2021: €5.4m) cash gross capex of the
aircraft leasing companies, which are allocated to Markets & Airlines as a whole, but not to the individual
segments Northern Region, Central Region and Western Region.
Cash gross capex in H1 2022 was 22.1% higher year-on-year. This increase was mainly due to dock periods at
Marella Cruises and Group IT investments. Net capex and investments of €136.7m increased by €245.1m
year-on-year. The divestments related mainly to the sale and lease back of spares. In addition, a subsequent
reconciliation of the disposal of RIU Hotels S.A. was included, in total resulting in positive divestments.
Previous year’s divestments included sale and lease back of spares and aircraft as well as a part of the sales
proceeds of Hapag-Lloyd Kreuz-fahrten to our joint venture TUI Cruises.
Assets and liabilities
€ million 31 Mar 2022 30 Sep 2021 Var. %
Non-current assets 11,188.7 11,222.3 - 0.3
Current assets 3,549.9 2,933.3 + 21.0
Total assets 14,738.7 14,155.7 + 4.1
Equity 216.6 - 418.4 n. a.
Provisions 2,004.2 2,238.2 - 10.5
Financial liabilities 2,426.5 3,320.8 - 26.9
Other liabilities 10,091.4 9,015.2 + 11.9
Total equity, liabilities and provisions 14,738.7 14,155.7 + 4.1
Comments on the consolidated income statement
As a result of the continued easing or lifting of global travel restrictions, TUI Group was able to increase
its business volume compared with the prior-year period under review. Nevertheless, the development of revenue
and earnings in H1 2022 continued to be significantly impacted by the measures to contain the spread of
COVID-19. TUI Group’s results generally also reflect the significant seasonal swing in tourism between the
winter and summer travel months, however this period the impact is less evident due to the COVID-19 pandemic.
In H1 2022, consolidated revenue increased by €3.8bn year-on-year to €4.5bn.
Unaudited condensed consolidated Income Statement of TUI AG for the period from
1 Oct 2021 to 31 Mar 2022
€ million Q2 2022 Q2 2021 Var. % H1 2022 H1 2021 Var. %
Revenue 2,128.4 248.1 +757.9 4,497.6 716.3 +527.9
Cost of sales 2,262.0 638.1 +254.5 4,734.4 1,518.2 +211.8
Gross loss - 133.6 - 390.0 +65.7 - 236.9 - 801.9 +70.5
Administrative expenses 175.3 194.6 - 9.9 377.0 387.7 - 2.8
Other income 4.6 5.0 - 8.0 30.8 10.8 +185.2
Other expenses 0.7 2.2 - 68.2 1.6 8.2 - 80.5
Impairment (+) / Reversal of impairment (-) of - 0.2 - 19.5 +99.0 - 4.5 - 29.1 +84.5
financial assets
Financial income 5.1 - 9.2 n. a. 25.9 26.9 - 3.7
Financial expense 133.5 112.5 +18.7 281.3 256.0 +9.9
Share of result of investments accounted for - 33.3 - 53.3 +37.5 - 35.6 - 157.2 +77.4
using the equity method
Impairment (+) / Reversal of impairment (-) of - - 0.5 n. a. - - 0.5 n. a.
net investments in joint ventures and associates
Earnings before income taxes - 466.5 - 736.9 +36.7 - 871.0 - 1,543.7 +43.6
Income taxes (expense (+), income (-)) - 145.1 - 29.0 - 400.3 - 163.1 - 45.6 - 257.7
Group loss - 321.4 - 707.9 +54.6 - 707.9 - 1,498.1 +52.7
Group loss attributable to shareholders of TUI AG - 335.7 - 694.7 +51.7 - 720.0 - 1,474.8 +51.2
Group profit / loss attributable to 14.4 - 13.2 n. a. 12.1 - 23.3 n. a.
non-controlling interest
Alternative performance measures
The Group’s main financial KPI is underlying EBIT. We define the EBIT in underlying EBIT as earnings before
interest, income taxes and expenses for the measurement of the Group’s interest hedges. EBIT by definition
includes goodwill impairments.
One-off items carried here include adjustments for income and expense items that reflect amounts and
frequencies of occurrence rendering an evaluation of the operating profitability of the segments and the Group
more difficult or causing distortions. These items include gains on disposal of financial investments,
significant gains and losses from the sale of assets as well as significant restructuring and integration
expenses. Any effects from purchase price allocations, ancillary acquisition costs and conditional purchase
price payments are adjusted. Also, any goodwill impairments are adjusted in the reconciliation to underlying
EBIT.
Reconciliation to underlying EBIT
€ million Q2 2022 Q2 2021 Var. % H1 2022 H1 2021 Var. %
Earnings before income taxes - 466.5 - 736.9 +36.7 - 871.0 - 1,543.7 +43.6
plus: Net interest expenses (excluding expense / 122.2 137.4 - 11.1 253.8 239.6 +5.9
income from measurement of interest hedges)
plus / less: (Expenses) income from measurement of 1.3 - 1.0 n. a. 2.7 5.6 - 51.8
interest hedges
EBIT - 343.1 - 600.5 +42.9 - 614.5 - 1,298.5 +52.7
Adjustments:
plus: Separately disclosed items 6.0 - 40.6 - 3.3 - 26.4
plus: Expense from purchase price allocation 7.2 8.1 14.3 16.2
Underlying EBIT - 329.9 - 633.0 +47.9 - 603.5 - 1,308.8 +53.9
The TUI Group’s operating loss adjusted for special items increased by €705.3m to €603.5m in H1 2022.
• For further details on the separately disclosed items see page 42 in the Notes of this Half-Year Financial
Report.
Key figures of income statement
€ million Q2 2022 Q2 2021 Var. % H1 2022 H1 2021 Var. %
EBITDAR - 122.6 - 351.6 + 65.1 - 174.0 - 824.0 + 78.9
Operating rental expenses - 7.4 - 5.1 - 45.1 - 11.5 - 7.5 - 53.3
EBITDA - 130.0 - 356.7 + 63.6 - 185.5 - 831.5 + 77.7
Depreciation/amortisation less reversals of - 213.1 - 243.8 + 12.6 - 429.0 - 467.0 + 8.1
depreciation*
EBIT - 343.1 - 600.5 + 42.9 - 614.5 - 1,298.5 + 52.7
Income/Expense from the measurement of interest 1.3 - 1.0 n. a. 2.7 5.6 - 51.8
hedges
Net interest expense (excluding expense/income from 122.2 137.4 - 11.1 253.8 239.6 + 5.9
measurement of interest hedges)
EBT - 466.5 - 736.9 + 36.7 - 871.0 - 1,543.7 + 43.6
* on property, plant and equipment, intangible assets, right of use assets and other assets
Other segment indicators
Underlying EBITDA
€ million Q2 2022 Q2 2021 Var. % H1 2022 H1 2021 Var. %
Hotels & Resorts 68.0 - 45.6 n. a. 175.0 - 87.1 n. a.
Cruises - 55.5 - 38.6 - 43.8 - 70.5 - 122.3 + 42.4
TUI Musement - 10.9 - 22.7 + 52.0 - 17.7 - 49.5 + 64.2
Holiday Experiences 1.6 - 106.9 n. a. 86.7 - 258.9 n. a.
Northern Region - 105.5 - 134.7 + 21.7 - 202.0 - 255.5 + 20.9
Central Region 7.6 - 90.2 n. a. - 19.5 - 209.9 + 90.7
Western Region - 23.4 - 50.2 + 53.4 - 20.4 - 90.7 + 77.5
Markets & Airlines - 121.3 - 275.2 + 55.9 - 241.9 - 556.1 + 56.5
All other segments - 3.3 - 16.4 + 79.9 - 33.3 - 41.1 + 19.0
TUI Group - 123.1 - 398.5 + 69.1 - 188.4 - 856.1 + 78.0
EBITDA
€ million Q2 2022 Q2 2021 Var. % H1 2022 H1 2021 Var. %
Hotels & Resorts 68.6 - 45.6 n. a. 196.9 - 87.2 n. a.
Cruises - 55.5 - 38.6 - 43.8 - 70.5 - 122.3 + 42.4
TUI Musement - 11.0 - 24.3 + 54.7 - 18.0 - 50.9 + 64.6
Holiday Experiences 2.1 - 108.6 n. a. 108.4 - 260.4 n. a.
Northern Region - 106.3 - 148.3 + 28.3 - 203.4 - 272.1 + 25.2
Central Region - 0.4 - 31.5 + 98.7 - 35.0 - 161.3 + 78.3
Western Region - 23.1 - 52.1 + 55.7 - 20.0 - 93.8 + 78.7
Markets & Airlines - 129.8 - 231.9 + 44.0 - 258.4 - 527.2 + 51.0
All other segments - 2.3 - 16.2 + 85.8 - 35.5 - 44.0 + 19.3
TUI Group - 130.0 - 356.7 + 63.6 - 185.5 - 831.5 + 77.7
Employees
31 Mar 2022 31 Mar 2021 Var. %
Hotels & Resorts 17,176 9,068 + 89.4
Cruises* 61 59 + 3.4
TUI Musement 5,187 3,856 + 34.5
Holiday Experiences 22,424 12,983 + 72.7
Northern Region 9,606 8,710 + 10.3
Central Region 7,131 7,860 - 9.3
Western Region 4,609 4,163 + 10.7
Markets & Airlines 21,346 20,733 + 3.0
All other segments 2,353 2,313 + 1.7
Total 46,123 36,029 + 28.0
* Excludes TUI Cruises (JV) employees. Cruises employees are primarily hired by external crew management
agencies.
Corporate Governance
Composition of the Boards
In H1 2022 the composition of the Boards of TUI AG changed as follows:
Supervisory Board
Ms Carola Schwirn left the Supervisory Board at the end of 28 February 2022. Ms Schwirn, department coordinator
in the Berlin transport division of the ver.di trade union, had been a member of the Supervisory Board since
2014 and was also a member of the Mediation Committee. In the quarter under review, the Executive Board of
TUI AG subsequently filed an application for judicial appointment with the local court. The local court
appointed Ms Sonja Austermühle, trade union secretary and lawyer at ver.di, as an employee representative on
the Supervisory Board with effect from 1 April 2022.
As a result of the war in Ukraine triggered by Russia, the European Union issued sanctions against Mr Alexey
Mordashov on 28 February 2022. Mr Mordashov notified us on 2 March 2022 that he was resigning from the
Supervisory Board of TUI AG with immediate effect. He had been elected to TUI's Supervisory Board in 2016 and
was also a member of the Presiding Committee, the Nomination Committee and the Strategy Committee.
On 3 March 2022, Mr Vladimir Lukin also informed us that he was resigning from his mandate as shareholder
representative on the Supervisory Board of TUI AG with immediate effect. Mr Lukin had been a member of our
Supervisory Board since 2019 and was also a member of the Audit Committee and the Strategy Committee. We will
also seek to fill these two vacancies by means of a court appointment.
Executive Board
There were no changes in the TUI AG Executive Board in the period under review.
The current, complete composition of the Executive Board and Supervisory Board is published on our website,
where it is permanently accessible to the public.
www.tuigroup.com/en-en/investors/corporate-governance
Risk and Opportunity Report
Successful management of existing and emerging risks is critical to the long-term success of our business and
to the achievement of our strategic objectives. Full details of our risk governance framework and principal
risks can be found in the Annual Report 2021.
Details see Risk Report in our Annual Report 2021, from page 35
Principal risks above risk appetite: Lack of integration & flexibility within operations and IT systems;
Reduction in customer demand; Inability to attract & retain talent; Insufficient cash flow; Volatility of input
costs; Impact of Brexit; Disruption to IT Systems (Cyber attack); Lack of sustainability improvements;
Principal risks within appetite: Disruption within our destinations; Security Health & Safety breach; Reliance
on key suppliers; Breach of regulatory requirements; Management of joint venture partnerships
Several principal risks materialised simultaneously as a result of the COVID-19 pandemic, which has led to
travel restrictions across the world, both within the markets as well as in destination countries.
Currently, TUI Group continues to be affected by the negative financial impact of the COVID 19 pandemic.
Although the number of COVID 19 cases remained high, in particular due to the rapid spread of the Omicron
variant, contact restriction measures and travel restrictions were gradually eased in most countries in the
first months of the calendar year. TUI Group's operating business recorded good demand during Q2 2022. The
booking momentum in our key markets so far remained largely unaffected by Russia's war of aggression on
Ukraine. However, an enhanced general price increase as a possible impact of the war could affect our
customers' purchasing power and desire to travel in the medium term, thus impacting our principle risk of a
reduction in customer demand. In addition, the war affects our principle risk of input cost volatility and led
to an increase in fuel costs, which particularly might affect the results of the Northern Region, Central
Region, Western Region and Cruises segments. There is a risk that fuel price levels will remain elevated.
From the Executive Board's perspective, despite the existing risks, the TUI Group currently has and will
continue to have sufficient funds, resulting from both borrowings and operating cash flows, to meet its payment
obligations and to ensure the going concern of the company accordingly in the foreseeable future. In this
context, the Executive Board assumes that the credit lines expiring in summer 2024 will be refinanced.
Therefore, as at 31 March 2022, the Executive Board does not identify any material uncertainty that may cast
significant doubt on the Group's ability to continue as a going concern risk. The Executive Board does not
consider the remaining risk with regard to a further pandemic/war-related change in booking behaviour as a
going concern. In its assessment, the Executive Board assumes that booking figures will gradually recover in
the remainder of the 2022 financial year and that volumes in the summer of 2022 will settle approximately close
to the level of the summer of 2019.
For the 2023 financial year, it is expected that booking behaviour in the 2023 financial year will largely
correspond to the pre-pandemic level. In this regard, the Board assumes that travel behaviour will not be
affected by further long-term closures and lockdowns or by the impact of Russia's war of aggression on Ukraine.
Nevertheless, customer bookings may deteriorate due to new new pandemic or war-related travel restrictions,
insufficient vaccination coverage against the COVID-19 virus in the individual countries and virus variants for
which there is insufficient vaccination protection, thus affecting TUI Group's performance.
During this period of reduced travel compared to pre-pandemic levels, the Executive Board continues to monitor
the key risks, particularly heightened risks such as customer demand and those that impact the financial
profile (i.e. cost volatility and cash flow) of the Group.
Unaudited condensed consolidated Interim Financial Statements
Unaudited condensed consolidated Income Statement of TUI AG for the period from
1 Oct 2021 to 31 Mar 2022
€ million Notes Q2 2022 Q2 2021 H1 2022 H1 2021
Revenue (1) 2,128.4 248.1 4,497.6 716.3
Cost of sales (2) 2,262.0 638.1 4,734.4 1,518.2
Gross loss - 133.6 - 390.0 - 236.9 - 801.9
Administrative expenses (2) 175.3 194.6 377.0 387.7
Other income (3) 4.6 5.0 30.8 10.8
Other expenses (4) 0.7 2.2 1.6 8.2
Impairment (+) / Reversal of impairment (-) of financial (21) - 0.2 - 19.5 - 4.5 - 29.1
assets
Financial income (5) 5.1 - 9.2 25.9 26.9
Financial expense (5) 133.5 112.5 281.3 256.0
Share of result of investments accounted for using the equity (6) - 33.3 - 53.3 - 35.6 - 157.2
method
Impairment (+) / Reversal of impairment (-) of net (6) - - 0.5 - - 0.5
investments in joint ventures and associates
Earnings before income taxes - 466.5 - 736.9 - 871.0 - 1,543.7
Income taxes (expense (+), income (-)) (7) - 145.1 - 29.0 - 163.1 - 45.6
Group loss - 321.4 - 707.9 - 707.9 - 1,498.1
Group loss attributable to shareholders of TUI AG - 335.7 - 694.7 - 720.0 - 1,474.8
Group profit / loss attributable to non-controlling interest (8) 14.4 - 13.2 12.1 - 23.3
Earnings per share
€ Q2 2022 Q2 2021 H1 2022 H1 2021
Basic and diluted loss / earnings per share - 0.21 - 0.67 - 0.47 - 1.82
Unaudited condensed consolidated Statement of Comprehensive Income of TUI AG for the period from
1 Oct 2021 to 31 Mar 2022
€ million Q2 2022 Q2 2021 H1 2022 H1 2021
Group loss - 321.4 - 707.8 - 707.9 - 1,498.1
Remeasurements of defined benefit obligations and related fund assets 133.0 60.9 205.6 - 144.3
Other comprehensive income of investments accounted for using the - 15.5 - 29.9
equity method that will not be reclassified
Fair value loss on investments in equity instruments designated as at - 0.2 - 0.5 - 0.5 - 0.5
FVTOCI
Income tax related to items that will not be reclassified (expense - 40.4 - 12.4 - 58.5 32.9
(-), income (+))
Items that will not be reclassified to profit or loss 92.4 63.5 146.6 - 82.0
Foreign exchange differences 28.1 60.8 31.8 63.1
Foreign exchange differences outside profit or loss 28.2 59.9 31.9 62.2
Reclassification - 0.1 1.0 - 0.1 1.0
Cash flow hedges 65.6 66.0 61.7 53.9
Changes in the fair value 67.0 54.1 64.5 3.4
Reclassification - 1.4 11.9 - 2.8 50.5
Other comprehensive income of investments accounted for using the 5.6 4.4 8.4 - 23.3
equity method that may be reclassified
Income tax related to items that may be reclassified (expense (-), - 13.1 - 13.6 - 12.5 - 22.1
income (+))
Items that may be reclassified to profit or loss 86.2 117.6 89.4 71.6
Other comprehensive income 178.6 181.1 236.0 - 10.4
Total comprehensive income - 142.8 - 526.7 - 471.9 - 1,508.5
attributable to shareholders of TUI AG - 166.7 - 520.0 - 498.6 - 1,498.1
attributable to non-controlling interest 23.9 - 6.7 26.7 - 10.4
Unaudited condensed consolidated Statement of Financial Position of TUI AG as at 31 Mar 2022
€ million Notes 31 Mar 2022 30 Sep 2021
Assets
Goodwill (9) 3,019.2 2,993.1
Other intangible assets 502.1 498.6
Property, plant and equipment (10) 3,201.2 3,159.3
Right-of-use assets (11) 2,936.7 3,009.2
Investments in joint ventures and associates 609.8 640.5
Trade and other receivables (12), (21) 161.4 308.7
Derivative financial instruments (21) 15.1 8.9
Other financial assets (13), (21) 10.3 12.3
Touristic payments on account 114.8 107.6
Other non-financial assets 234.5 183.4
Income tax assets - 9.6
Deferred tax assets 383.6 291.1
Non-current assets 11,188.7 11,222.3
Inventories 50.1 42.8
Trade and other receivables (12), (21) 820.0 471.6
Derivative financial instruments (21) 121.2 53.4
Other financial assets (13), (21) 113.8 12.1
Touristic payments on account 697.9 508.6
Other non-financial assets 154.8 106.7
Income tax assets 69.5 57.7
Cash and cash equivalents (21) 1,522.6 1,583.9
Assets held for sale (14) - 96.5
Current assets 3,549.9 2,933.3
Total assets 14,738.7 14,155.7
Unaudited condensed consolidated Statement of Financial Position of TUI AG as at 31 Mar 2022
€ million Notes 31 Mar 2022 30 Sep 2021
Equity and liabilities
Subscribed capital 1,622.9 1,099.4
Capital reserves 5,832.5 5,249.6
Revenue reserves - 9,023.9 - 8,525.7
Silent participation 1,091.0 1,091.0
Equity before non-controlling interest - 477.5 - 1,085.8
Non-controlling interest 694.1 667.3
Equity (20) 216.6 - 418.4
Pension provisions and similar obligations (15) 742.4 901.9
Other provisions 675.7 763.6
Non-current provisions 1,418.0 1,665.5
Financial liabilities (16), (21) 2,113.7 3,036.1
Lease liabilities (17) 2,455.9 2,606.1
Derivative financial instruments (21) 4.2 10.9
Other financial liabilities (18), (21) 2.8 5.9
Other non-financial liabilities 175.1 206.3
Income tax liabilities 15.5 56.4
Deferred tax liabilities 70.0 123.3
Non-current liabilities 4,837.2 6,045.1
Non-current provisions and liabilities 6,255.2 7,710.5
Pension provisions and similar obligations (15) 33.7 33.2
Other provisions 552.5 539.5
Current provisions 586.2 572.7
Financial liabilities (16), (21) 312.7 284.6
Lease liabilities (17) 690.1 623.3
Trade payables (21) 1,832.8 2,052.4
Derivative financial instruments (21) 37.7 12.9
Other financial liabilities (18), (21) 150.8 313.0
Touristic advance payments received (19) 4,003.1 2,379.4
Other non-financial liabilities 493.9 518.0
Income tax liabilities 159.6 56.7
Current liabilities 7,680.7 6,240.3
Liabilities related to assets held for sale - 50.6
Current provisions and liabilities 8,266.9 6,863.6
Total equity, liabilities and provisions 14,738.7 14,155.7
Unaudited condensed consolidated Statement of Changes in Equity of TUI AG as of 31 Mar 2022
Subscribed Capital Revenue Silent Equity before Non-controlling
€ million capital reserves reserves participation non-controlling interest Total
interest
Balance as at 1,509.4 4,211.0 - - - 448.4 666.5 218.1
30 Sep 2020 6,168.8
Dividends - - - - - - 0.1 - 0.1
Share-based
payment - - 0.5 - 0.5 - 0.5
schemes
Issuance of
bonds with
warrant and - 34.5 - - 34.5 - 34.5
convertible
bonds
Capital 509.0 25.9 - 920.0 1,454.9 - 1,454.9
increase
Capital - 919.0 919.0 - - - - -
reduction
Other - - - 6.9 - - 6.9 - - 6.9
Group loss for - - - - - 1,474.8 - 23.3 -
the year 1,474.8 1,498.1
Foreign
exchange - - 50.2 - 50.2 12.9 63.1
differences
Financial
assets at - - - 0.5 - - 0.5 - - 0.5
FVTOCI
Cash flow - - 53.9 - 53.9 - 53.9
hedges
Remeasurements
of defined
benefit - - - 144.3 - - 144.3 - - 144.3
obligations
and related
fund assets
Other
comprehensive
income of
investments - - 6.7 - 6.7 - 6.7
accounted for
using the
equity method
Taxes
attributable
to other - - 10.8 - 10.8 - 10.8
comprehensive
income
Other
comprehensive - - - 23.2 - - 23.2 12.9 - 10.3
income
Total - -
comprehensive - - 1,498.0 - - 1,498.0 - 10.4 1,508.4
income
Balance as at 1,099.4 5,190.4 - 920.0 - 463.4 656.0 192.6
31 Mar 2021 7,673.2
Balance as at 1,099.4 5,249.6 - 1,091.0 - 1,085.7 667.3 - 418.4
30 Sep 2021 8,525.7
Dividends - - - - - 0.1 0.1
Share-based
payment - - 0.3 - 0.3 - 0.3
schemes
Capital 523.5 582.9 - - 1,106.4 - 1,106.4
increase
Group
profit/loss - - - 720.0 - - 720.0 12.1 - 707.9
for the year
Foreign
exchange - - 17.2 - 17.2 14.6 31.8
differences
Financial
assets at - - - 0.5 - - 0.5 - - 0.5
FVTOCI
Cash flow - - 61.7 - 61.7 - 61.7
hedges
Remeasurements
of defined
benefit - - 205.6 - 205.6 - 205.6
obligations
and related
fund assets
Other
comprehensive
income of
investments - - 8.4 - 8.4 - 8.4
accounted for
using the
equity method
Taxes
attributable
to other - - - 71.0 - - 71.0 - - 71.0
comprehensive
income
Other
comprehensive - - 221.4 - 221.4 14.6 236.0
income
Total
comprehensive - - - 498.6 - - 498.6 26.7 - 471.9
income
Balance as at 1,622.9 5,832.5 - 1,091.0 - 477.5 694.1 216.6
31 Mar 2022 9,023.9
Unaudited condensed consolidated Cash Flow Statement of TUI AG for the period from
1 Oct 2021 to 31 Mar 2022
€ million Notes H1 2022 H1 2021
Group loss - 707.9 - 1,498.1
Depreciation, amortisation and impairment (+) / write-backs (-) 429.0 467.3
Other non-cash expenses (+) / income (-) 28.8 127.8
Interest expenses 269.4 251.4
Dividends from joint ventures and associates 0.1 10.0
Profit (-) / loss (+) from disposals of non-current assets - 26.5 - 3.1
Increase (-) / decrease (+) in inventories - 8.0 4.4
Increase (-) / decrease (+) in receivables and other assets - 396.2 540.2
Increase (+) / decrease (-) in provisions - 127.1 - 235.7
Increase (+) / decrease (-) in liabilities (excl. financial liabilities) 978.2 - 1,140.1
Cash inflow / cash outflow from operating activities (24) 439.8 - 1,476.0
Payments received from disposals of property, plant and equipment and 63.4 228.1
intangible assets
Payments received/made from disposals of consolidated companies - 2.2 31.3
(less disposals of cash and cash equivalents due to divestments)
Payments received/made from disposals of other non-current assets - 23.6 23.5
Payments made for investments in property, plant and equipment and intangible - 174.1 - 150.0
assets
Payments made for investments in consolidated companies - - 0.7
(less cash and cash equivalents received due to acquisitions)
Payments made for investments in other non-current assets - - 22.2
Cash inflow / cash outflow from investing activities (24) - 136.5 110.0
Payments received from capital increase by issuing new shares 1,106.4 -
Payments received from capital increase and from equity component of the bond - 1,489.4
with warrants issued
Payments received from the issuance of employee shares - - 0.5
Payments received from the raising of financial liabilities 18.3 844.2
Payments made for redemption of loans and financial liabilities - 1,007.9 - 314.1
Payments made for principal of lease liabilities - 306.4 - 290.6
Interest paid - 173.9 - 217.2
Cash inflow / cash outflow from financing activities (24) - 363.6 1,511.2
Net change in cash and cash equivalents - 60.3 145.3
Development of cash and cash equivalents (24)
Cash and cash equivalents at beginning of period 1,586.1 1,233.1
Change in cash and cash equivalents due to exchange rate fluctuations - 3.2 21.4
Net change in cash and cash equivalents - 60.3 145.3
Cash and cash equivalents at end of period 1,522.6 1,399.7
Notes
General
The TUI Group and its major subsidiaries and shareholdings operate in tourism. TUI AG, based in
Karl-Wiechert-Allee 4, 30625 Hanover, Germany, is the TUI Group’s parent company and a listed corporation under
German law. The Company is registered in the commercial registers of the district courts of
Berlin-Charlottenburg (HRB 321) and Hanover (HRB 6580), Germany. The shares in TUI AG are traded on the London
Stock Exchange and the Hanover and Frankfurt Stock Exchanges. In this document, the term “TUI Group” represents
the consolidated group of TUI AG and its direct and indirect investments. Additionally, the unaudited condensed
consolidated interim financial statements of TUI AG are referred to as “Interim Financial Statements”, the
unaudited condensed consolidated income statement of TUI AG is referred to as “income statement”, the unaudited
condensed consolidated statement of financial position of TUI AG is referred to as “statement of financial
position”, the unaudited condensed consolidated statement of comprehensive income of TUI AG is referred to as
“statement of comprehensive income” and the unaudited condensed consolidated statement of changes in equity of
TUI AG is referred to as “statement of changes in equity”.
The Interim Financial Statements cover the period from 1 October 2021 to 31 March 2022. The Interim Financial
Statements are prepared in euros. Unless stated otherwise, all amounts are stated in million euros (€m).
The Interim Financial Statements were approved for publication by the Executive Board of TUI AG on 10 May 2022.
Accounting principles
Declaration of compliance
The consolidated interim financial report for the period ended 31 March 2022 comprise the Interim Financial
Statements and the Interim Management Report in accordance with section 115 of the German Securities Trading
Act (WpHG).
The Interim Financial Statements were prepared in conformity with the International Financial Reporting
Standards (IFRS) of the International Accounting Standards Board (IASB) and the relevant interpretations of the
IFRS Interpretation Committee (IFRS IC) for interim financial reporting applicable in the European Union.
In accordance with IAS 34, the Interim Financial Statements are published in a condensed form compared with the
consolidated annual financial statements and should therefore be read in combination with TUI Group’s
consolidated financial statements for financial year 2021. The Interim Financial Statements were reviewed by
the Group’s auditor.
Going concern reporting in accordance with the UK Corporate Governance Code
The TUI Group covers its day-to-day working capital requirements through cash on hand, balances with and
borrowings from banks. TUI Group's net debt (financial debt plus lease liabilities less cash and cash
equivalents and less short-term interest-bearing cash investments) as of 31 March 2022 was €3.9bn (as at 30
September 2021 €5.0bn).
Net debt
€ million 31 Mar 2022 30 Sept 2021 Var. %
Financial debt - 2,426.5 - 3,320.8 - 26.9
Lease liabilities - 3,146.0 - 3,229.4 - 2.6
Cash and cash equivalents 1,522.6 1,583.9 - 3.9
Short-term interest-bearing investments 113.8 12.1 + 840.5
Net debt -3,936.0 -4,954.2 - 20.6
The global travel restrictions to contain COVID-19 have had a continuous negative impact on the Group's
earnings and liquidity development since the end of March 2020. To cover the resulting liquidity needs, the
Group has carried out various financing measures in the financial years 2020 and 2021, which, in addition to a
capital increase, the use of the banking and capital markets and cash inflows from the sale of assets, also
include financing measures from the Federal Republic of Germany in the form of a KfW credit line totalling
€2.85bn, an option bond from the Economic Stabilisation Fund (WSF) totalling €150m and two silent
participations from the WSF totalling €1.091bn. In the IFRS consolidated financial statements, the silent
participations are – with the exception of €11.3m accumulated interest – reported as equity due to their nature
and are therefore not included in the Group's net debt. The financing measures are described in detail in the
annual reports for the past two financial years.
With the entry of the new shares in the commercial register on 28 October 2021 and final settlement with the
participating banks on 2 November 2021, TUI AG successfully completed another capital increase. The gross issue
proceeds totalled around €1.1bn. The Group's share capital increased nominally by €523.5m to €1.623bn.
As at 31 March 2022, TUI Group's credit facilities comprised the following
• €1.75bn credit line from 20 private banks (incl. €215m guarantee line)
• €1.8bn KfW credit line from the first financing package
• €1.05bn KfW credit line from the second financing package
• €0.17bn KfW credit line and private banks.
As at 31 March 2022, TUI Group's revolving credit facilities totalled €4.8bn. For regulatory reasons due to
Brexit, the credit line of a British bank (around €80m liquid funds and €25m guarantee line) cannot be extended
beyond summer 2022. The remaining credit lines of €4.7bn have a term until summer 2024.
With regard to the KfW credit lines, it was also agreed that TUI AG would use 50% of individual cash inflows
exceeding €50m by 20 July 2022, but not exceeding €700m, for example from capital measures or disposals of
assets or companies, to reduce the financing granted to TUI AG to bridge the effects of COVID-19. In accordance
with this agreement, TUI AG returned the unused credit facility of €170m after the balance sheet date on 1
April 2022. In addition, the volume of unused credit commitments under the KfW credit line as at 31 March 2022
was reduced by €413.7m. Finally, 913 of the 1,500 warrant bonds issued to WSF were redeemed. A purchase price
of €91.3m plus accrued interest and early repayment penalties of €7.2m was paid for these.
After 20 July 2022, 50% of individual specific cash inflows exceeding €50m must be used to reduce the financing
granted to TUI AG to bridge the effects of COVID-19; there is no maximum limit.
TUI AG's €1.75bn credit line from private banks and KfW credit line are subject to compliance with certain
financial target values (covenants) for debt coverage and interest coverage, the review of which is carried out
on the basis of the last four reported quarters at the end of the financial year or the half-year of a
financial year. Against the backdrop of the ongoing pressures from the COVID-19 pandemic, the review will only
be resumed in September 2022. In addition, higher limits will be applied on the first two cut-off dates before
normalised limits have to be complied with from September 2023.
Currently, TUI Group continues to be affected by the negative financial impact of the COVID-19 pandemic.
Although the number of COVID-19 cases remained high, in particular due to the rapid spread of the Omicron
variant, contact restriction measures and travel restrictions were gradually eased in most countries in the
first months of the calendar year. TUI Group's operating business recorded good demand during Q2 2022. The
booking momentum in our key markets was largely unaffected by Russia's war of aggression on our European
neighbour Ukraine.
From the Executive Board's perspective, despite the existing risks, the TUI Group currently has and will
continue to have sufficient funds, resulting from both borrowings and operating cash flows, to meet its payment
obligations and to ensure the going concern of the company accordingly in the foreseeable future. In this
context, the Executive Board assumes that the credit lines expiring in summer 2024 will be refinanced.
Therefore, as at 31 March 2022, the Executive Board does not identify any material uncertainty that may cast
significant doubt on the Group's ability to continue as a going concern. The Executive Board does not consider
the remaining risk with regard to a further pandemic/war-related change in booking behaviour as a going concern
risk. In its assessment, the Executive Board assumes that booking figures will gradually recover in the
remainder of the 2022 financial year and that volumes in the summer of 2022 will settle approximately close to
the level of the summer of 2019. For the 2023 financial year, it is expected that booking behaviour in the 2023
financial year will largely correspond to the pre-pandemic level. In this regard, the Board assumes that travel
behaviour will not be affected by further long-term closures and lockdowns or by the impact of Russia's war of
aggression on Ukraine. Nevertheless, customer bookings may deteriorate due to new pandemic or war-related
travel restrictions, insufficient vaccination coverage against the COVID-19 virus in the individual countries
and virus variants for which there is insufficient vaccination protection, thus affecting TUI Group's
performance.
In accordance with Regulation 30 of the UK Corporate Governance Code, the Executive Board confirms that, in its
opinion, it is appropriate to prepare the consolidated interim financial statements on a going concern basis.
Accounting and measurement methods
The preparation of the Interim Financial Statements requires management to make estimates and judgements that
affect the reported values of assets, liabilities and contingent liabilities at the balance sheet date and the
reported values of revenues and expenses during the reporting period.
Both the recent development of the pandemic and current trading for the summer programme have confirmed the
business performance guidance provided by TUI at the end of financial year 2021. The positive booking momentum
has remained largely unaffected by Russia’s war of aggression against Ukraine. TUI therefore continues to
expect bookings for Summer 2022 to approach the level of Summer 2019. However, the war has resulted in an
increase in jet fuel costs, impacting the results delivered by the Northern Region, Western Region and Central
Region segments. There is the risk that jet fuel prices will remain high. H1 2022 was a challenging period for
the Cruises segment. This segment was more strongly impacted by measures to restrict the spread of COVID-19.
Cruises recovery is expected to be slower with short-term bookings continuing to represent a large share of
overall bookings. The increase in bunker oil might impact the results additionally. Hotels & Resorts remains
largely unaffected by the war in Ukraine.
Taking account, in particular, of the above-mentioned factors, a risk assessment was performed for the Group’s
assets to identify any indications of impairment as at 31 March 2022. On the basis of that assessment, TUI does
not see any indication that the Group’s assets may generally be impaired.
The accounting and measurement methods adopted in the preparation of the Interim Financial Statements as at 31
March 2022 are materially consistent with those followed in preparing the annual consolidated financial
statements for the financial year ended 30 September 2021, except for the initial application of new or amended
standards, as outlined below.
The income taxes were recorded based on the best estimate of the weighted average tax rate that is expected for
the whole financial year.
Newly applied standards
Since the beginning of financial year 2022, TUI Group has initially applied the following standards, amended by
the IASB and endorsed by the EU, on a mandatory basis:
Newly applied standards in financial year 2022
Standard Applicable from Amendments Impact on financial
statements
The amendments relate to the provision of
relief from potential consequences arising
Amendments to IFRS 9, from the reform of interbank offered rates
IAS 39, IFRS 7, IFRS 4 (IBORs) such as LIBOR on companies' financial
and IFRS 16 1 Jan 2021 reporting. They address issues that affect Not material.
Interest Rate Benchmark financial reporting when an existing interest
Reform (Phase 2) rate benchmark is actually replaced by an
alternative interest rate benchmark as a
result of the interest rate benchmark reform.
Group of consolidated companies
The Interim Financial Statements include all material subsidiaries over which TUI AG has control. Control
requires TUI AG to have decision-making power over the relevant activities, be exposed to variable returns or
have entitlements regarding the returns, and can affect the level of those variable returns through its
decision-making power.
The Interim Financial Statements as of 31 March 2022 comprised a total of 270 subsidiaries of TUI AG.
Development of the group of consolidated companies*
and the Group companies measured at equity
Consolidated subsidiaries Associates Joint ventures
Number at 30 Sep 2021 272 18 27
Additions - - -
Disposals 2 - -
Sale 1 - -
Merger 1 - -
Change in ownership stake - - -
Number at 31 Mar 2022 270 18 27
* excl. TUI AG
Acquisitions – Divestments
Acquisitions in the period under review
In H1 2022, no companies were acquired.
No acquisitions were made after the reporting date.
Acquisitions of the prior financial year
In financial year 2021, no companies were acquired under IFRS 3.
Divestments
On 16 July 2021, a contract was signed with Grupotel S.A., a joint venture of TUI Group, to sell Nordotel S.A.,
a fully consolidated entity within the Hotels & Resorts segment. Accordingly, the assets and liabilities of the
disposal group were classified as ‘held for sale’ in August 2021. The disposal transaction was completed on 5
October 2021. The first purchase price payment of €50.0m was made on 21 September 2021. Additional deferred
purchase price payments of €10.2m and €20.4m are due one and two years, respectively, after the closing of the
transaction, taking account of final purchase price adjustments. The divestment of the stakes taking currency
effects into account generated a preliminary profit of €22.0m, reported within Other income.
Condensed balance sheet of 'Nordotel S.A.' divestment as at 5 Oct 2021
€ million
Assets
Property, plant and equipment and intangible assets 65.7
Other non-current assets 26.8
Trade receivables 21.2
Other current assets 0.7
Cash and cash equivalents 2.2
116.6
€ million
Provisions and liabilities
Trade payables 21.2
Touristic advance payments received 4.9
Other current liabilities 31.4
57.5
Notes to the unaudited condensed consolidated Income Statement
As a result of the partial easing of global travel restrictions, TUI Group was able to increase its business
volume compared with H1 2021. Nevertheless, the development of revenue and earnings in the first six months of
the financial year 2022 continued to be significantly impacted by the measures to contain the spread of
COVID-19. TUI Group’s results generally also reflect the significant seasonal swing in tourism between the
winter and summer travel months, however this period the impact is less evident due to the COVID-19 pandemic.
1. Revenue
In the first six months of the financial year 2022, consolidated revenue increased by €3.8bn year-on-year to
€4.5bn.
External revenue allocated by destinations for the period from 1 Oct 2021 to 31 Mar 2022
Rest of H1 2022
Spain Other Caribbean, North Africa, Revenues
€ million (incl. European Mexico, Africa Ind. Other from Other H1 2022
Canary destinations USA & & Ocean, countries contracts Total
Islands) Canada Turkey Asia with
customers
Hotels & 153.2 23.2 110.1 14.3 78.5 - 379.3 - 379.3
Resorts
Cruises 35.8 3.3 36.3 - - 0.1 75.5 - 75.5
TUI 27.6 40.0 34.3 5.1 13.1 8.8 128.9 - 128.8
Musement
Holiday 216.6 66.5 180.7 19.4 91.6 8.9 583.7 - 583.6
experiences
Northern 490.8 350.3 383.4 90.9 172.0 9.0 1,496.4 3.8 1,500.2
Region
Central 506.5 373.3 149.3 260.1 314.1 0.9 1,604.2 0.5 1,604.7
Region
Western 336.1 122.2 211.2 47.2 61.6 2.9 781.2 1.0 782.2
Region
Markets & 1,333.4 845.8 743.9 398.2 547.7 12.8 3,881.8 5.3 3,887.1
Airlines
All other 11.7 3.9 0.5 - 8.7 2.0 26.8 - 26.9
segments
Total 1,561.7 916.2 925.1 417.6 648.0 23.7 4,492.3 5.3 4,497.6
External revenue allocated by destinations for the period from 1 Oct 2020 to 31 Mar 2021
Rest of H1 2021
Spain Other Caribbean, North Africa, Revenues
€ million (incl. European Mexico, Africa Ind. Other from Other H1 2021
Canary destinations USA & & Ocean, countries contracts Total
Islands) Canada Turkey Asia with
customers
Hotels & 32.8 8.7 29.4 2.3 10.5 0.3 84.0 - 83.9
Resorts
Cruises 0.2 1.2 0.1 - - - 1.5 - 1.5
TUI 2.6 8.8 3.1 0.2 3.9 - 18.6 - 18.6
Musement
Holiday 35.6 18.7 32.6 2.5 14.4 0.3 104.1 - 104.0
experiences
Northern 14.4 84.7 43.4 3.0 12.1 0.5 158.1 1.0 159.1
Region
Central 74.7 135.7 19.2 27.4 73.8 6.3 337.1 0.3 337.4
Region
Western 24.3 39.4 27.4 9.2 1.2 0.1 101.6 0.5 102.1
Region
Markets & 113.4 259.8 90.0 39.6 87.1 6.9 596.8 1.8 598.6
Airlines
All other 0.2 3.6 0.3 - 8.8 0.7 13.6 - 13.6
segments
Total 149.2 282.1 122.9 42.1 110.3 7.9 714.5 1.8 716.3
2. Cost of sales and administrative expenses
Cost of sales relates to the expenses incurred in the provision of tourism services. In addition to the
expenses for staff costs, depreciation, amortisation, rental and leasing, it includes all costs incurred by TUI
Group in connection with the procurement and delivery of airline services, hotel accommodation and cruises and
distribution costs.
Due to the increased business volume, the cost of sales increased by 211.8% to €4.7bn in H1 2022.
Government Grants
€ million H1 2022 H1 2021
Cost of Sales 58.3 84.6
Administrative expenses 31.1 46.1
Total 89.4 130.7
The government grants reported under cost of sales and administrative expenses include in particular grants for
wages and salaries as well as social security contributions directly reimbursed to the relevant company. In
addition, a number of Group companies have received government grants, e. g. in the form of grants for fixed
costs. The resumption of travel activity in Summer 2021 led to a decrease in government grants. In the second
quarter of the financial year TUI received predominantly grants for fixed costs which are granted with a time
lag from the months affected by travel restrictions.
Administrative expenses comprise all expenses incurred in connection with the performance of administrative
functions and break down as follows:
Administrative expenses
€ million H1 2022 H1 2021
Staff costs 271.6 275.0
Rental and leasing expenses 6.9 7.2
Depreciation, amortisation and impairment 39.2 44.8
Others 59.3 60.8
Total 377.0 387.7
The cost of sales and administrative expenses include the following expenses for staff and
depreciation/amortisation:
Staff costs
€ million H1 2022 H1 2021
Wages and salaries 781.9 579.9
Social security contributions, pension costs and benefits 178.6 161.3
Total 960.5 741.2
Depreciation/amortisation/impairment
€ million H1 2022 H1 2021
Depreciation and amortisation of other intangible assets, property, plant and equipment and 431.1 444.5
right-of-use assets
Impairment of other intangible assets, property, plant and equipment and right-of-use 3.1 32.9
assets
Total 434.2 477.4
In H1 2022, reversals of impairment losses of €5.2m were recognized, all recorded in cost of sales (H1 2021
€10.3m). €2.9m of the impairments were presented within cost of sales (H1 2021 €29.3m). Of the impairments
losses of the previous year €14.0m correspond to right-of-use assets, €18.6m relate to property, plant and
equipment, and €0.3m to other intangible assets.
3. Other income
In H1 2022 other income reflects €22.0m from the disposal of Nordotel S.A., plus the sale of aircraft assets.
In the prior year, this item had primarily included income from the sale of aircraft assets and the disposal of
a joint venture.
4. Other expenses
In the previous year, losses from the disposal of aircraft assets and the result from the sale of TUI Group
companies were presented in other expenses.
5. Financial income and financial expenses
The decrease in the net financial result from €-229.1 m in the first six months of the previous year to
€-255.4m in the current financial year is mainly the result of higher interest expenses as well as exchange
rate changes on lease liabilities in accordance with IFRS 16.
6. Share of result of investments accounted for using the equity method
Share of result of investments accounted for using the equity method
€ million H1 2022 H1 2021
Hotels & Resorts 22.1 - 47.1
Cruises - 38.2 - 94.2
TUI Musement 2.3 - 2.2
Holiday Experiences - 13.8 - 143.5
Northern Region - 20.7 - 12.5
Central Region - 1.1 - 1.2
Western Region - -
Markets & Airlines - 21.8 - 13.7
All other segments - -
Total - 35.6 - 157.2
The result improved in comparison to the first six months of the prior year due to the resumption of the
business.
7. Income taxes
The tax income arising in the first six months of the financial year 2022 is mainly driven by the seasonality
of the tourism business.
8. Group profit / loss attributable to non-controlling interest
TUI Group’s result attributable to non-controlling interests is substantially a gain, primarily relating to
RIUSA II Group at an amount of €12.5m (H1 2021 €21.4m loss).
Notes to the unaudited condensed consolidated Statement of Financial Position
9. Goodwill
Goodwill increased by €26.1m to €3,019.2m due to foreign exchange translation. The following table presents a
breakdown of goodwill by cash generating unit (CGU) at carrying amounts.
Goodwill per cash generating unit
€ million 31 Mar 2022 30 Sep 2021
Northern Region 1,245.5 1,224.6
Central Region 502.0 501.7
Western Region 412.3 412.3
Riu 343.1 343.1
Marella Cruises 300.1 295.2
TUI Musement 169.7 170.3
Other 46.5 45.9
Total 3,019.2 2,993.1
As at March 31, 2022, a risk assessment of the capitalised goodwill was carried out based on updated
information for the current financial year. As part of this assessment, there were no indications that led to a
requirement to perform impairment testing of the capitalised goodwill. In this context, please refer to the
section ‘Accounting and measurement methods’.
10. Property, plant and equipment
Compared to 30 September 2021 property, plant and equipment increased by €41.9m to €3,201.2m. Additions of
€136.1m included €53.8m of acquisitions in the Hotel & Resorts segment. The construction of a new hotel in
Mexico, the refurbishment and extension of a hotel in Zanzibar and the renovation of hotels in Spain and Cape
Verde led to additions by the Riu Group totalling €43.8m. Further additions of €28.1m were attributable to
payments on account to carry out maintenance work on cruise ships. The purchase of an aircraft in the amount of
€25.4m and of aircraft spare parts in the amount of €10.6m resulted in further additions. The reclassification
of an aircraft from right-of-use assets was the result of the exercise of an existing purchase option and led
to an increase in property, plant and equipment of €16.9m. Furthermore property, plant and equipment increased
by €54.5m due to foreign exchange translation.
On the other hand, disposals of €54.4m led to a reduction of property, plant and equipment. The decrease is
mainly caused by sale and leaseback transactions for new aircraft and led to a disposal of advance payments for
future delivery of aircraft (€49.3m). As a result of the lease transactions the new aircraft are reported as
additions to Right-of-use assets (for details please refer to the section ‘Right-of-use-assets’). Depreciation
and amortisation of €114.3m led to a further decrease in property, plant and equipment.
11. Right-of-use assets
Compared to 30 September 2021 Right-of-use assets decreased by €72.5m to €2,936.7m. Depreciation charged of
€251.5m led to a decrease in Right-of-use assets. The reclassification of an aircraft into property, plant and
equipment led to a further reduction of right-of-use assets by €16.9m (in this context, we refer to the section
‘Property, plant and equipment’).
Contrarily, additions totalled €97.3m, of which €90.1m was attributable to the delivery of four new aircraft
which were purchased and then sold and leased back. Furthermore foreign exchange translation led to an increase
in Right-of-use assets of €64.8m. Modifications and reassessment of existing lease contracts increased the
Right-of-use assets by €33.1m. The increase is mainly due to contract extensions related to hotel leases
(€11.6m), leased aircraft (€9.8m) and leased travel agencies (€8.0m).
The corresponding liabilities are explained in the section ‘Lease Liabilities’.
12. Trade and other receivables
In the first quarter of the current financial year the reorganisation of insolvency protection for package
tours became effective in Germany. Accordingly the liquid funds which were provided by TUI to the former
insolvency protection fund were returned. Partially offsetting this, receivables from deferred purchase price
payments were recognised relating to the disposal of Nordotel S.A. .
The increase in the current trade and other receivables is related to the resumption of travel activity and
increased bookings.
13. Other financial assets
The increase of other financial assets relates to short-term financial investments, which were issued to secure
advance payments from customers.
14. Assets held for sale
As at 31 March 2022, no assets were classified as held for sale. During the period under review, there were no
reclassifications to assets held for sale.
As at the end of the prior financial year, assets classified as held for sale exclusively consisted of assets
of the Nor-dotel disposal group in the Hotels & Resorts segment worth €96.5m as well as the associated
liabilities of €50.6m. The sale of this disposal group was completed in October 2021. In this context, please
refer to the section ‘Divest-ments’.
15. Pension provisions and similar obligations
The pension provisions for unfunded plans and plans with underfunding decreased by €159.0m to €776.1m compared
to the end of the previous financial year.
The overfunding of funded pension plans reported in other non-financial assets increased by €88.0m to €225.1m
compared to 30 September 2021.
This development is attributable in particular to remeasurement effects due to significantly increased interest
rate levels in the UK and the Eurozone.
16. Financial liabilities
Non-current financial liabilities decreased by €922.4m to €2,113.7m compared to 30 September 2021. This
decrease was primarily attributable to a decrease in liabilities to banks of €853.1m as well as on a
contractually agreed prior repurchase of 913 partial option bonds on 1 April 2022.
The main financing instrument is a syndicated revolving credit facility (RCF) between TUI AG and the existing
banking syndicate which from 2020, included the KfW. The volume of this revolving credit facility totals €4.6bn
at 31 March 2022. In April 2022, the volume of the at 31 March 2022 unused loan commitments under the separate
KfW credit line within this syndicated revolving credit facility was reduced by €413.7m.
In addition, there has been a separate syndicated revolving credit facility of €170.0m. This credit facility
was fully returned in April 2022.
At 31 March 2022, the amounts drawn under the revolving credit facilities totalled €955.6m (30 September 2021
€1,852.9m).
Current financial liabilities increased by €28.1m to €312.7m at 31 March 2022 compared to €284.6m at 30
September 2021. The increase is mainly due to the early repurchase of 913 partial option bonds of the €150m
bond with warrants issued to WSF as of 1 April 2022, which increased current financial liabilities by €98.5m.
Of this amount, €91.3m is accounted for by the nominal value of the partial option bonds and €7.2m by interest
and early repayment penalties. The remaining 587 partial bonds shown under non-current financial liabilities
are not affected by the early repurchase, nor are the approx. 58.7m call options on TUI shares, which are
legally and financially separated from the warrant bond. The increase in current financial liabilities is
partly offset by a decline in liabilities to banks.
For more details on the terms, conditions and the returns of the credit lines as well as the repurchase of the
bond with warrants, please refer to the section "Going Concern Reporting under the UK Corporate Governance
Code".
17. Lease liabilities
Compared to 30 September 2021 the lease liabilities decreased by €83.4m to €3,146.0m. Payments of €378.3 led to
a decline in lease liabilities. Partially offsetting this, additions from newly leased contracts led to an
increase in lease liabilities of €106.0m, of which €98.3m relate to the addition of four new aircraft.
Furthermore, lease liabilities increased by €78.1m due to foreign exchange translation and by €78.1m due to
interest charges. Changes and remeasurements of existing leases resulted in an increase in lease liabilities of
€32.8m.
18. Other financial liabilities
The other financial liabilities include touristic advance payments received for tours cancelled because of
COVID-19 restrictions of €44.8m (as at 30 September 2021 €204.6m), for which immediate cash refund options
exist and which have to be repaid shortly if the customer opts for payment. Please see the following section
for more details.
19. Touristic advance payments received
Apart from the immediate cash refund option in certain jurisdictions, TUI Group offers its customers
voucher/refund credits for trips cancelled because of the COVID-19 crisis. If these voucher/refund credits are
not used for future bookings within a specified period, the customer is entitled to a refund of the voucher
value. The entitlement to a refund of the voucher value represents a financial liability. Due to the high level
of uncertainty regarding the further development of the COVID-19 crisis and customer behavior, it is not
possible for TUI Group to reliably estimate the extent of utilization of the voucher/refund credits for future
bookings. As at 31 March 2022 the touristic advance payments received include no advance payments (as at 30
September 2021 €2.4m) for cancelled trips for which customers have received voucher/refund credits which may
have to be refunded after a certain period of time.
20. Changes in equity
Overall, equity increased by €635.0m when compared to 30 September 2021, from €-418.4m to €216.6m.
In October 2021, TUI AG carried out a capital increase for cash. 523.5m shares were issued. The Company's
subscribed capital increased due to the capital increase in the nominal amount of €1.00 per share by €523.5m.
The capital reserve increased by €582.9m in total. The change results from an increase related to the premium
of the capital increase in the amount of €609.3m and a decrease due to offsetting of expenses incurred from
capital measures in the amount of €26.4m. The expenses from capital measures were incurred mainly in connection
with the capital increase.
In the first six months of the financial year 2022, TUI AG paid no dividend (previous year: no dividend).
TUI Group’s loss in the first six months of the financial year 2022 is attributable to the significant seasonal
swing in tourism and to measures to contain the spread of COVID-19.
The proportion of gains and losses from hedging instruments for effective hedging of future cash flows includes
an amount of €61.7m (pre‑tax) carried under other comprehensive income in equity outside profit and loss
(previous year €53.9m).
The revaluation of pension obligations is also recognised under other comprehensive income directly in equity
without effect on profit and loss.
21. Financial instruments
Carrying amounts and fair values according to classes and measurement categories according to IFRS 9 as at 31
Mar 2022
Category according to IFRS 9
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 971.7 834.1 - - 137.6 973.0
IFRS 9
thereof instruments
within the scope of 9.7 - - - - 10.0
IFRS 16
Derivative
financial
instruments
Hedging 50.1 - - 50.1 - 50.1
transactions
Other derivative
financial 86.2 - - - 86.2 86.2
instruments
Other financial 124.1 113.8 9.3 - 1.0 123.6
assets
Cash and cash 1,522.6 1,522.6 - - - 1,522.6
equivalents
Liabilities
Financial 2,426.4 2,426.4 - - - 2,386.4
liabilities
Trade payables 1,832.8 1,832.8 - - - 1,832.8
Derivative
financial
instruments
Hedging 8.5 - - 8.5 - 8.5
transactions
Other derivative
financial 33.4 - - - 33.4 33.4
instruments
Other financial 153.6 153.6 - - - 153.6
liabilities
Carrying amounts and fair values according to classes and measurement categories according to IFRS 9 as at 30
Sep 2021
Category according to IFRS 9
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 769.2 661.1 - - 108.1 783.2
IFRS 9
thereof instruments
within the scope of 11.1 - - - - 11.7
IFRS 16
Derivative
financial
instruments
Hedging 4.5 - - 4.5 - 4.5
transactions
Other derivative
financial 57.8 - - - 57.8 57.8
instruments
Other financial 24.4 12.1 10.3 - 2.0 24.4
assets
Cash and cash 1,583.9 1,586.1 - - - 1,586.1
equivalents
Liabilities
Financial 3,320.7 3,320.8 - - - 3,359.7
liabilities
Trade payables 2,052.4 2,071.9 - - - 2,071.9
Derivative
financial
instruments
Hedging 0.4 - - 0.4 - 0.4
transactions
Other derivative
financial 23.4 - - - 23.4 23.4
instruments
Other financial 318.9 318.9 - - - 318.9
liabilities
The amounts shown in the column ‘carrying amount’ (as shown in the balance sheet) in the tables above can
differ from those in the other columns of a particular row since the latter includes all financial instruments
incorporating those financial instruments which are part of disposal groups according to IFRS 5. In the balance
sheet, financial instruments, which are part of a disposal group, are shown in separate items. Further details
on this can be found in the consolidated financial statements as of 30 September 2021.
The instruments measured at fair value through other comprehensive income within the other financial assets
class are investments in companies based on medium to long-term strategic objectives. Recording all short-term
fluctuations in the fair value in the income statement would not be in line with TUI Group's strategy; these
equity instruments were, therefore, designated as at fair value through OCI.
In the period under review, the fair values of other current receivables and current liabilities to banks were
determined in line with the past financial year, taking into account yield curves and the respective credit
risk premium (credit spread) based on credit rating. Thus, as an adjustment to the current market conditions
due to the implications of the COVID-19 pandemic to the business activities, the assumption that the carrying
amount approximately corresponds to the fair value due to the short remaining term has been rejected.
The fair values of non-current trade receivables and other receivables correspond to the present values of the
cash flows associated with the assets, taking account of current interest parameters which reflect market and
counterparty-related changes in terms and expectations. In the case of cash and cash equivalents, current trade
receivables, other financial assets, current trade payables and other financial liabilities the carrying amount
approximates the fair value due to the short remaining term.
The COVID-19 pandemic significantly impacted business operations and the existing hedging strategy for currency
risks and fuel price risks. Due to numerous travel restrictions and limitations in the past two financial
years, the occurrence of numerous hedged underlying transactions could no longer be assessed as highly likely,
causing a decline in fuel price and currency hedge requirements and therefore requiring the prospective
termination of these hedges.
For the hedges affected, occurrence of the underlying transactions can no longer be expected for a future point
in time, so that all accrued amounts from the change in the value of the relevant hedging instruments were
reclassified from cash flow hedge reserve (OCI) to the cost of sales in the income statement. Despite the
significant increase in bookings, €-0.3m were reclassified from foreign currency hedges in the current
financial year.
All future changes in the value of these de-designated hedges are taken to the cost of sales in the income
statement through profit and loss and recognised as other derivative financial instruments from the date of the
termination of the cash flow hedge accounting. At 31 March 2022 specific foreign currency hedges have been
de-designated. The fair value of these reclassified hedging instruments totalled €+0.6m at a nominal volume of
€98.5m.
Furthermore, the significant increase in TUI Group’s credit risk had a direct impact on the retrospective hedge
effectiveness test. As a result, fuel price, interest rate and currency hedges had to be de-designated as they
no longer met the effectiveness requirements of IAS 39.
All future changes in the value of these de-designated fuel and foreign currency hedges are taken to the cost
of sales, whilst interest rate hedges are recognised in the financial result, in the income statement through
profit and loss, and recognised as other derivative financial instruments from the date of the termination of
the cash flow hedge accounting. At 31 March 2022, the fair value of these reclassified fuel price hedges
totalled €+72.7m at a nominal value of €112.9m, while the fair value of the interest rate hedges amounted to
€-1.5m at a nominal volume of €352.4m and the fair value of foreign currency hedges totalled €+3.4m at a
nominal volume of €93.7m.
Aggregation according to measurement categories under IFRS 9 as at 31 Mar 2022
€ million Carrying amount of financial instruments Fair Value
Total
Financial assets
at amortised cost 2,470.5 2,471.3
at fair value – recognised directly in equity without 9.3 9.3
recycling
at fair value – through profit and loss 224.8 224.8
Financial liabilities
at amortised cost 4,412.8 4,372.8
at fair value – through profit and loss 33.4 33.4
Aggregation according to measurement categories under IFRS 9 as at 30 Sep 2021
€ million Carrying amount of financial instruments Fair Value
Total
Financial assets
at amortised cost 2,259.3 2,381.4
at fair value – recognised directly in equity without 10.3 10.3
recycling
at fair value – through profit and loss 167.9 167.9
Financial liabilities
at amortised cost 5,711.6 5,750.5
at fair value – through profit and loss 23.4 23.4
Fair value measurement
The table below presents the fair values of recurring, non-recurring and other financial instruments measured
at fair value in line with the underlying measurement level. The individual measurement levels have been
defined as follows in line with the inputs:
• Level 1: (unadjusted) quoted prices in active markets for identical assets or liabilities.
• Level 2: inputs for the measurement other than quoted market prices included within Level 1 that 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 Mar 2022
Fair value hierarchy
€ million Total Level 1 Level 2 Level 3
Assets
Other receivables 137.6 - - 137.6
Other financial assets 10.6 - - 10.6
Derivative financial instruments
Hedging transactions 50.1 - 50.1 -
Other derivative financial instruments 86.2 - 86.2 -
Liabilities
Derivative financial instruments
Hedging transactions 8.5 - 8.5 -
Other derivative financial instruments 33.4 - 33.4 -
Hierarchy of financial instruments measured at fair value as of 30 Sep 2021
Fair value hierarchy
€ million Total Level 1 Level 2 Level 3
Assets
Other receivables 108.1 - - 108.1
Other financial assets 12.3 - - 12.3
Derivative financial instruments
Hedging transactions 4.5 - 4.5 -
Other derivative financial instruments 57.8 - 57.8 -
Liabilities
Derivative financial instruments
Hedging transactions 0.4 - 0.4 -
Other derivative financial instruments 23.4 - 23.4 -
At the end of every reporting period, TUI Group checks whether there are any reasons for reclassification to or
from one of the measurement levels. Financial assets and financial liabilities are generally transferred out of
Level 1 into Level 2 if the liquidity and trading activity no longer indicate an active market. The opposite
situation applies to potential transfers out of Level 2 into Level 1. In the reporting period, there were no
transfers between Level 1 and Level 2.
Reclassifications from Level 3 to Level 2 or Level 1 are made if observable market price quotations become
available for the asset or liability concerned. In the reporting period there were no other transfers from or
to Level 3. TUI Group records transfers from or to Level 3 at the date of the obligating event or occasion
triggering the transfer.
Level 1 financial instruments
The fair value of financial instruments for which an active market exists is based on quoted prices at the
reporting date. An active market exists if quoted prices are readily and regularly available from an exchange,
dealer, broker, pricing service or regulatory agency and these prices represent actual and regularly occurring
market transactions on an arm’s length basis. These financial instruments are classified as Level 1. The fair
values correspond to the nominal amounts multiplied by the quoted prices at the reporting date. Level 1
financial instruments primarily comprise shares in listed companies classified as at fair value through OCI and
bonds issued classified as financial liabilities at amortised cost.
Level 2 financial instruments
The fair values of financial instruments not traded in an active market, e.g., over-the-counter (OTC)
derivatives, are determined by means of valuation techniques. These valuation techniques make maximum use of
observable market data and minimise the use of Group-specific assumptions. If all essential inputs for the
determination of the fair value of an instrument are observable, the instrument is classified as Level 2.
If one or several key inputs are not based on observable market data, the instrument is classified as Level 3.
The following specific valuation techniques are used to measure financial instruments:
• For OTC bonds, debt components of warrants and convertible bonds, liabilities to banks, promissory 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 2020 - 10.6
Additions 108.1 -
sale 108.1 -
Disposals - - 0.1
sale - - 0.1
Total gains or losses for the period - - 0.1
recognised in other comprehensive income - - 0.1
Foreign currency effects - 1.9
Balance as at 30 Sep 2021 108.1 12.3
Balance as at 1 Oct 2021 108.1 12.3
Additions 30.6 -
sale 30.6 -
Total gains or losses for the period - 1.1 - 0.5
recognised through profit and loss - 1.1 -
recognised in other comprehensive income - - 0.5
Foreign currency effects - - 1.5
Balance as at 31 Mar 2022 137.6 10.3
Evaluation process
The fair value of financial instruments in level 3 has been determined by TUI Group's financial department
using the discounted cash flow method. This involves the market data and parameters required for measurement
being compiled or validated. Non-observable input parameters are reviewed based on internally available
information and updated if necessary.
In principle, the unobservable input parameters relate to the following parameters: the (estimated) EBITDA
margin is in a range between -4.2% and 26.2% (30 September 2021: -4.2% and 22.5%). The constant growth rate is
1% (30 September 2021: 1%). The weighted average cost of capital (WACC) is in a range between 9.1%-10.0% (30
September 2021: 8.8-9.9%). Due to materiality, no detailed figures have been provided. With the exception of
the WACC, there is a positive correlation between the input factors and the fair value.
The decrease of the fair values of the Other financial assets in Level 3 mainly results from an immaterial
valuation effect in the amount of -€0.5m and foreign exchange rate effects in the amount of -€1.5m.
The Other receivables according to IFRS 9 in Level 3 at a carrying amount of €107.0m as at 31 March 2022 (as at
30 September 2021 €108.1m) relate to a variable purchase price receivable from the sale of Riu Hotels S.A.,
carried as a financial instrument in the measurement category at fair value through profit and loss. The fair
value is determined using a probability calculation for the future gross operating profit, taking account of
contractual entitlements to an additional purchase price demand and an appropriate risk-adjusted discount rate
(0.02% to 0.70%, 30 September 2021: -0.33% to -0.22%). Gross operating profit is defined as total revenue minus
operating expenses. The cash flows from the contractual claims set out in the underlying Memorandum of
Understanding depend solely on a number of contractually determined Riu hotels delivering the gross operating
profit for calendar years 2022 and 2023.
The variable purchase price payment varies as a function of delivering the contractually fixed gross operating
profit. The maximum amount is limited. At least 90% of the target gross operating profit contractually agreed
for 2022 or 2023, respectively, has to be achieved in order to generate a variable purchase price payment. If
the 90% target is not met, no further purchase price payment will be made. The maximum purchase price payment
totals €127.4m. Due to different expectations regarding target achievement, potential purchase price payments
vary between €0 and €127.4m.
TUI expects the hotels concerned to deliver around 95% to 100% of cumulative gross operating profit in calendar
year 2022 and around 100% to 105% in calendar year 2023. The current planning for the relevant hotels (input
parameters) is regularly reviewed by the responsible accounting staff. In the period under review, within the
scope of subsequent remeasurement a loss of €1.1m was recognised in the income statement in connection with the
variable purchase price receivable from the sale of Riu Hotels S.A. due to the risk-adjusted discount rate.
Sensitivity analysis shows that an increase in the hotels’ gross operating profit of 10% would result in a
change in the present value of the additional purchase price receivable of €19.8m (as at 30 September 2021
€20m), while a reduction in gross operating profit of 10% would result in a change in the present value of
€-95.0m (as at 30 September 2021 €-95.9m). An interest rate shift of +/-100 basis points would alter the
present value of the purchase price receivable by €1.4m (as at 30 September 2021 €2.0m).
Other receivables in Level 3 in accordance with IFRS 9 include deferred purchase price receivables from the
sale of Nordotel S.A. with a carrying amount of €30.6m at 31 March 2022, measured as a financial instrument at
fair value through profit or loss. The deferred purchase price payments of €10.2m and €20.4m are due after one
year and two years, respectively, following the closing of the transaction on 5 October 2021, taking account of
final purchase price adjustments.
The cash flows of the final purchase price adjustments from the contractual claims arising from the underlying
purchase contract exclusively depend on the delivery of balance sheet items defined in the purchase contract
for net debt and working capital in the audited annual financial statements of Nordotel S.A. as per 30
September 2021 under Spanish law. The fair value is determined on the basis of an estimate of net debt and
working capital, taking account of the contractual claims for additional payments in adjusted purchase price
and an appropriate risk-adjusted discount rate (-0.27% to +0.37%).
Any deviation from the parameter results in a purchase price adjustment of the same amount. Sensitivity
analysis shows that an interest rate shift of +/-100 basis points would alter the present value of the purchase
price receivable by around €0.4m.
Effects on results
The effects of remeasuring of financial assets carried at fair value through OCI as well as the effective
portions of changes in fair values of derivatives designated as cash flow hedges are listed in the statement of
changes in equity.
22. Contingent liabilities
As at 31 March 2022, contingent liabilities amounted to €78.8m (as at 30 September 2021 €102.8m). They are
mainly attributable to the granting of guarantees for the benefit of hotel and cruises activities and are
reported at an amount representing the best estimate of the expenditure required to meet the potential
obligation at the balance sheet date.
23. Other financial commitments
Nominal values of other financial commitments
€ million 31 Mar 2022 30 Sep 2021
Order commitments in respect of capital expenditure 2,404.0 2,386.1
Other financial commitments 74.2 91.7
Total 2,478.2 2,477.8
As at 31 March 2022 order commitment in respect of capital expenditure increased by €17.9m as against
30 September 2021. The increase in obligations is attributed to the restart of the hotel development programme
and due to the effects of foreign exchange for commitments denominated in non-functional currencies. The
increase has largely been offset by delivery of aircraft in the period.
24. Note to the unaudited condensed consolidated Cash Flow Statement
The cash flow statement shows the flow of cash and cash equivalents on the basis of a separate presentation of
cash inflows and outflows from operating, investing and financing activities. The effects of changes in the
group of consolidated companies and of foreign currency translation are eliminated.
In the period under review, cash and cash equivalents decreased by €63.5m to €1,522.6m.
In H1 2022, the cash inflow from operating activities totalled €439.8m (H1 2021 cash outflow of €1,476.0m),
including an inflow of €2.8m (H1 2021 €3.6m) from interest payments. Income tax payments resulted in a cash
outflow of €10.1m (H1 2021 €5.3m).
The total cash outflow from investing activities totalled €136.5m (H1 2021 cash inflow of €110.0m). This
includes a cash outflow for capital expenditure on property, plant and equipment and intangibles of €174.1m.
The Group recorded a cash inflow of €63.4m from the divestment of property, plant and equipment and intangible
assets. A sales price adjustment for the sale of the stakes in Riu Hotels S.A., effected in the prior year,
resulted in a cash outflow of €23.9m. A further €2.2m relates to cash balances leaving TUI Group in connection
with the sale of Nordotel S.A. in the financial year under review. While the selling price had already been
partly paid in the prior year, some payments are still due.
The cash outflow from financing activities totalled €-363.6m (H1 2021 cash inflow of €1,511.2m). TUI AG
recorded a cash inflow of €1,106.4m from a capital increase in October 2021 after deduction of transaction
costs. In the financial year under review, TUI AG decreased its syndicated credit facility by €900.0m. Other
TUI Group companies took out loans worth €18.3m. A cash outflow of €414.4m resulted from the redemption of
financial liabilities, including €306.4m for lease liabilities. Interest payments resulted in an outflow of
€173.9m.
Moreover, cash and cash equivalents decreased by €-3.2m (H1 2021 €21.4m) due to changes in exchange rates.
At 31 March 2022, cash and cash equivalents of €447.4m were subject to restrictions (as at 30 September 2021
€509.0m).
On 30 September 2016, TUI AG entered into a long term agreement to close the gap between the obligations and
the fund assets of defined benefit pension plans in the UK. At the balance sheet date an amount of €47.2m is
deposited as a security within a bank account (as at 30 September 2021 €46.4m). TUI Group can only use that
cash and cash equivalents if it provides alternative collateral.
Furthermore, an amount of €116.2m (as at 30 September 2021 €116.3m) was deposited with a Belgian subsidiary
without acknowledgement of debt by the Belgian tax authorities in financial year 2013 in respect of
long-standing litigation over VAT refunds for the years 2001 to 2011. The purpose was to suspend the accrual of
interest for both parties. In order to collateralise a potential repayment, the Belgian government was granted
a bank guarantee. Due to the bank guarantee, TUI’s ability to dispose of the cash and cash equivalents is
restricted.
The remaining €284.0 (as at 30 September 2021 €346.3m) subject to restrictions relate to cash and cash
equivalents to be deposited due to statutory or regulatory requirements mainly in order to secure customer
deposit and credit card payables.
25. Reporting segments
Revenue by segment for the period from 1 Oct 2021 to 31 Mar 2022
€ million External Group H1 2022 Total
Hotels & Resorts 379.3 145.3 524.6
Cruises 75.5 - 75.5
TUI Musement 128.8 63.8 192.6
Consolidation - - 2.0 - 2.0
Holiday Experiences 583.6 207.1 790.7
Northern Region 1,500.2 155.6 1,655.8
Central Region 1,604.7 38.3 1,643.0
Western Region 782.2 70.7 852.9
Consolidation - - 260.2 - 260.2
Markets & Airlines 3,887.1 4.4 3,891.5
All other segments 26.9 1.9 28.8
Consolidation - - 213.4 - 213.4
Total 4,497.6 - 4,497.6
Revenue by segment for the period from 1 Oct 2020 to 31 Mar 2021
€ million External Group H1 2021 Total
Hotels & Resorts 83.9 62.9 146.8
Cruises 1.5 - 1.5
TUI Musement 18.6 6.8 25.4
Consolidation - - 0.5 - 0.5
Holiday Experiences 104.0 69.2 173.2
Northern Region 159.1 135.1 294.2
Central Region 337.4 41.0 378.4
Western Region 102.1 64.7 166.8
Consolidation - - 239.7 - 239.7
Markets & Airlines 598.6 1.1 599.7
All other segments 13.6 1.3 14.9
Consolidation - - 71.5 - 71.5
Total 716.3 - 716.3
The segment data shown are based on regular internal reporting to the Executive Board. Since the 2020 fiscal
year, the internationally more commonly used earnings measure "underlying EBIT" is used for value-based
management.
Accordingly, this represents the segment performance indicator within the meaning of IFRS 8.
We define the EBIT in underlying EBIT as earnings before interest, income taxes and expenses from the
measurement of the Group's interest rate hedging instruments. Impairment losses on goodwill are by definition
included in EBIT.
Underlying EBIT has been adjusted to exclude certain items which, due to their size and frequency of
occurrence, make it difficult or distort the assessment of the operating performance of the business areas and
the Group. These items include gains and losses on the disposal of financial assets, significant gains and
losses on the disposal of assets, and significant restructuring and integration expenses. In addition, all
effects from purchase price allocations, incidental acquisition costs and contingent purchase price payments
are adjusted. Impairment losses on goodwill have also been eliminated in the reconciliation to underlying EBIT.
In H1 2022, underlying EBIT includes results of investments accounted for using the equity method of €-35.6m
(H1 2021 €-157.2m), primarily generated within the sector Holiday Experiences.
Underlying EBIT by segment
H1 2022 H1 2021
€ million
Hotels & Resorts 84.8 - 198.3
Cruises - 105.3 - 153.3
TUI Musement - 29.5 - 62.0
Holiday Experiences - 49.9 - 413.6
Northern Region - 352.6 - 418.3
Central Region - 75.7 - 272.0
Western Region - 89.4 - 159.8
Markets & Airlines - 517.7 - 850.1
All other segments - 35.8 - 45.1
Total - 603.5 - 1,308.8
Impairment on other intangible assets, property, plant and equipment and right of use assets
€ million H1 2022 H1 2021
Hotels & Resorts - 17.3
Holiday Experiences - 17.3
Northern Region 1.6 11.9
Central Region 1.3 3.4
Markets & Airlines 2.9 15.3
All other segments 0.2 0.3
Total 3.1 32.9
Reconciliation to underlying EBIT of TUI Group
€ million H1 2022 H1 2021
Earnings before income taxes - 871.0 - 1,543.7
plus: Net interest expenses (excluding expense / income from measurement of interest 253.8 239.6
hedges)
plus / less: (Expenses) income from measurement of interest hedges 2.7 5.6
EBIT - 614.5 - 1,298.5
Adjustments:
plus: Separately disclosed items - 3.3 - 26.4
plus: Expense from purchase price allocation 14.3 16.2
Underlying EBIT - 603.5 - 1,308.8
Net income for the separately disclosed items of €3.3m in H1 2022 include income of €22m from the sale of the
shares in Nordotel S.A, fully consolidated in the Hotels & Resorts segment, to Grupotel S.A., a joint venture
of the TUI Group and €2m from the reversal of an impairment on the Group’s office building. In addition,
restructuring expenses in the Central Region (€17m) and All Other Segments (€4m) segments were adjusted.
Net income for the separately disclosed items of €26.4m in H1 2021 include income of €53m from the reversal of
restructuring provisions no longer required in the Central Region due to the lower than expected reduction in
fleet size in TUIfly. In addition, restructuring expenses of €21m were incurred in TUI Musement (€1m), Northern
Region (€13m, thereof UK €6m and Nordics €7m), Central Region (€3m), Western Region (€3m) and All other
segments (€1m). Furthermore, the loss from the sale of an investment in an aircraft asset company was adjusted
in the Northern Region (€ 2 million) and Central Region (€ 1 million) as well as an expense from a subsequent
purchase price adjustment in the amount of € 2 million in All other segments.
Expenses for purchase price allocations of €14.3m (previous year €16.2m) relate in particular to the scheduled
amortization of intangible assets from acquisitions made in previous years.
26. Related parties
Apart from the subsidiaries included in the Interim Financial Statements, TUI AG, in carrying out its ordinary
business activities, maintains direct and indirect relationships with related parties. All transactions with
related parties were executed on an arm’s length basis.
As at 31 December 2021, Unifirm Ltd, Cyprus, held 34.0% of the shares in TUI AG (as at 30 September 2021
32.0%). Unifirm Ltd was indirectly controlled by Alexey Mordashov. TUI received voting rights notifications
informing the company that a 4.1% stake in TUI AG had been transferred to Severgroup LLC, Russia, a company
controlled by Alexey Mordashov, on 28 February 2022 via a number of share transfers, and that Alexey Mordashov
had ceded control over Unifirm Limited which still holds 29,9% of the shares of TUI AG. The controlling company
of Unifirm Ltd after completion of the transactions is Ondero Ltd, Virgin Islands. In a further regulatory
notification TUI has been informed on 18 March 2022 that Marina Mordashova is the controlling shareholder of
Ondero Ltd.
Moreover, the Federal Ministry for Economic Affairs and Climate Action has informed TUI that it has initiated
an assessment procedure under the Foreign Trade and Payments Act to ascertain whether the reported transactions
are effective. Until the conclusion of these proceedings the transactions are pending invalid and the voting
rights of Unifirm Ltd may not be exercised.
Due to the EU sanctions imposed on 28 February 2022, Mr Mordashov does not have access to the shares in TUI AG
controlled by him, the associated voting rights and economic benefits.
Mr Mordashov stepped down from TUI AG’s Supervisory Board with immediate effect on 2 March 2022.
Accordingly Mr Mordashov and the companies controlled by him are no longer a related party to TUI AG. As Marina
Mordashova cannot exercise voting rights she is not a related party.
On 4 March 2022 Mr Vladimir Lukin stepped down from TUI AG’s Supervisory Board with immediate effect.
More detailed information on related parties is provided under section 51 in the Notes to the consolidated
financial statements for 2021.
27. Significant transactions after the balance sheet date
On 1 April 2022 TUI AG returned €675.0m of the financing measures it received to cover the impact of COVID-19
on its liquidity according to the provisions of the KfW credit line. Thereof €170.0m has been used for the
cancellation of the never utilized loan facility of €200.0m which had already been reduced by €30.0m on 30
September 2021. In addition €413.7m of the KfW credit line was cancelled. The KfW credit line was not utilized
as at 31 March 2022. Finally TUI AG repurchased 913 of the 1,500 bonds issued to WSF. The purchase price
amounted to €91.3m plus accrued interest and acceleration fees of €7.2m.
Responsibility Statement
To the best of our knowledge, and in accordance with the applicable reporting principles for half-year
financial reporting and in the accordance with (German) principles of proper accounting, the interim
consolidated financial statements give a true and fair view of the assets, liabilities, financial position and
profit or loss of the Group, and the interim Group management report includes a fair review of the development
and performance of the business and the position of the Group, together with a description of the principal
opportunities and risks associated with the expected development of the Group for the remaining months of the
financial year.
The Executive Board
Hanover, 9 May 2022
Friedrich Joussen
David Burling
Sebastian Ebel
Peter Krueger
Sybille Reiss
Frank Rosenberger
Review Report
To TUI AG, Berlin/Germany and Hanover/Germany
We have reviewed the condensed interim consolidated financial statements – comprising the condensed income
statement, the condensed statement of comprehensive income, the condensed statement of financial position, the
condensed statement of changes in equity, the condensed statement of cash flows as well as selected explanatory
notes to the consolidated financial statements – and the interim Group management report for the period from
1 October 2021 until 31 March 2022 of TUI AG, Berlin and Hanover, which are components of the half-year
financial report pursuant to § 115 WpHG (Wertpapierhandelsgesetz: German Securities Trading Act). The
preparation of the condensed interim consolidated financial statements in accordance with the International
Financial Reporting Standards (IFRS) applicable to interim financial reporting as adopted by the EU, and of the
interim group management report which has been prepared in accordance with the requirements of the WpHG
applicable to interim Group management reports is the responsibility of the entity’s executive board. Our
responsibility is to express a conclusion on the condensed interim consolidated financial statements and on the
interim Group management report based on our review.
We conducted our review of the condensed interim consolidated financial statements and the interim Group
management report in accordance with the German generally accepted standards for the review of financial
statements promulgated by the Institut der Wirtschaftsprüfer (IDW) as well as in supplementary compliance with
the International Standard on Review Engagements “Review of Interim Financial Information Performed by the
Independent Auditor of the Entity” (ISRE 2410). Those standards require that we plan and perform the review in
compliance with professional standards such that we can preclude through critical evaluation, with limited
assurance, that the condensed interim consolidated financial statements have not been prepared, in all material
respects, in accordance with the IFRS applicable to interim financial reporting as adopted by the EU or that
the interim Group management report has not been prepared, in all material respects, in accordance with the
requirements of the WpHG applicable to interim Group management reports. A review is limited primarily to
inquiries of personnel of the entity and analytical procedures and therefore does not provide the assurance
attainable in a financial statement audit. Since, in accordance with our engagement, we have not performed a
financial statement audit, we cannot issue an auditor’s report.
Based on our review, no matters have come to our attention that cause us to presume that the condensed interim
consolidated financial statements of TUI AG, Berlin and Hanover, have not been prepared, in material respects,
in accordance with the IFRS applicable to interim financial reporting as adopted by the EU, or that the interim
Group management report has not been prepared, in material respects, in accordance with the requirements of the
WpHG applicable to interim group management reports.
Hanover/Germany, 9 May 2022
Deloitte GmbH
Wirtschaftsprüfungsgesellschaft
Christoph B. Schenk Annika Deutsch
German Public Auditor German Public Auditor
Cautionary statement regarding forward-looking statements
The present Half-Year Financial Report contains various statements relating to TUI Group’s and TUI AG’s future
development. These statements are based on assumptions and estimates. Although we are convinced that these
forward-looking statements are realistic, they are not guarantees of future performance since our assumptions
involve risks and uncertainties that could cause actual results to differ materially from those anticipated.
Such factors include market fluctuations, the development of world market prices for commodities and exchange
rates or fundamental changes in the economic environment. TUI does not intend to and does not undertake any
obligation to update any forward-looking statements in order to reflect events or developments after the date
of this Report.
Financial calendar
Date
Half-Year Financial Report H1 2022 11 May 2022
Quarterly Statement Q3 2022 10 August 2022
Annual Report 2022 December 2022
Contacts
Mathias Kiep
Group Director Controlling, Corporate Finance & Investor Relations
Tel.: + 44 (0)1293 645 925 /
+ 49 (0)511 566-1425
Nicola Gehrt
Director, Head of Group Investor Relations
Tel.: + 49 (0)511 566-1435
Hazel Chung
Senior Investor Relations Manager
Tel.: + 44 (0)1293 645 823
James Trimble
Investor Relations Manager
Tel: +44 (0)1582 315 293
Stefan Keese
Investor Relations Manager
Tel.: + 49 (0)511 566-1387
Anika Heske
Junior Investor Relations Manager
Tel.: + 49 (0)511 566-1425
TUI AG
Karl-Wiechert-Allee 4
30625 Hannover
Tel.: + 49 (0)511 566-00
www.tuigroup.com
This Half-Year Financial Report, the presentation slides and the video webcast for Q2 2022 (published on 11 May
2022) are available at the following link:
26 www.tuigroup.com/en-en/investors
═══════════════════════════════════════════════════════════════════════════════════════════════════════════════
ISIN: DE000TUAG000
Category Code: IR
TIDM: TUI
LEI Code: 529900SL2WSPV293B552
OAM Categories: 1.2. Half yearly financial reports and audit
reports/limited reviews
Sequence No.: 160804
EQS News ID: 1348783
End of Announcement EQS News Service
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27 fncls.ssp?fn=show_t_gif&application_id=1348783&application_name=news&site_id=refinitiv
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