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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Tui Ag | LSE:TUI | London | Ordinary Share | DE000TUAG505 | ORD REG SHS NPV (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 4.50 | 0.78% | 583.00 | 580.00 | 581.50 | 586.00 | 571.50 | 572.00 | 83,496 | 11:29:03 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Travel Agencies | 20.67B | 305.8M | 0.1713 | 38.82 | 11.87B |
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TUI AG (TUI)
TUI AG: Half Year Results 2019
15-May-2019 / 08:00 CET/CEST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
H1 2019
TUI Group - financial highlights
EUR million Q2 Q2 2018 Var. H1 H1 2018 Var. % Var. %
2019 adjusted % 2019 adjusted at
constant
currency
Turnover 3,101 3,145.2 - 1.4 6,676. 6,565.9 + 1.7 + 1.7
.4 4
Underlying
EBITA1
Hotels & 66.7 80.4 - 135.4 172.3 - 21.4 - 28.0
Resorts 17.0
Cruises 59.4 56.0 + 6.1 106.4 93.7 + 13.6 + 13.4
Destination - 5.6 - 9.9 + - 10.4 - 13.3 + 21.8 + 22.6
Experiences 43.4
Holiday 120.5 126.5 - 4.7 231.4 252.7 - 8.4 - 12.9
Experiences
Northern - - 88.3 - - - 125.7 - 63.2 - 62.5
Region 130.8 48.1 205.1
Central - - 89.9 - 0.9 - - 144.7 + 11.7 + 11.7
Region 90.7 127.8
Western - - 56.5 - - - 105.1 - 55.9 - 55.9
Region 97.3 72.2 163.9
Markets & - - 234.7 - - - 375.5 - 32.3 - 32.1
Airlines 318.8 35.8 496.8
All other - - 24.8 + - 35.2 - 46.9 + 24.9 + 20.0
segments 18.7 24.6
TUI Group - - 133.0 - - - 169.7 - 77.1 - 84.7
217.0 63.2 300.6
- - 146.5 - - - 203.4 - 70.1
EBITA2 240.1 63.9 345.9
- - 32.1 - - 77.5 25.4 n. a.
Underlying 104.3 224.9
EBITDA3
- - 39.5 - - 4.1 n. a.
EBITDA3 118.7 200.5 106.7
48.1 120.5 - 237.7 334.9 - 29.0
EBITDAR4 60.1
- - 142.3 - - - 210.6 - 36.4
Net loss 175.1 23.0 287.2
for the
period
Earnings - - 0.29 - - 0.58 - 0.48 - 20.8
per 0.34 17.2
shareEUR
Net capex 356.7 66.5 + 651.5 207.3 +
and 436.4 214.3
investments
Equity 21.2 20.1 + 1.1
ratio5 (31
March) %
Net debt - - 576.0 -
position 1,964. 241.0
(31 March) 1
Employees 60,135 55,773 + 7.8
(31 March)
Differences may occur due to rounding.
This Half Year Financial Report of the TUI Group was prepared for the reporting period H1 2019 from 1
October 2018 to 31 March 2019.
The TUI Group applied IFRS 15 and IFRS 9 retrospectively from 1 October 2018. In contrast to IFRS 15, IFRS
9 was introduced without restating the previous year's figures.
In Q1 2019, the Italian tour operators were transferred from All other segments to the Central Region. In
addition, the Crystal Ski companies, which provide services in the destinations, were reclassified from
Northern Region to Destination Experiences. Prior-year figures were adjusted accordingly.
1 In order to explain and evaluate the operating performance by the segments, EBITA adjusted for one-off
effects (underlying EBITA) is presented. Underlying EBITA has been adjusted for gains / losses on disposal
of investments, restructuring costs according to IAS 37, ancillary acquisition costs and conditional
purchase price payments under purchase price allocations and other expenses for and income from one-off
items. Please also refer to page 15 for further details.
2 EBITA comprises earnings before interest, income taxes and goodwill impairment. EBITA includes
amortisation of other intangible assets. EBITA does not include measurement effects from interest hedges.
3 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. The amounts of amortisation and depreciation represent the net balance
including write-backs. Underlying EBITDA has been adjusted for gains / losses on disposal of investments,
restructuring costs according to IAS 37, ancillary acquisition costs and conditional purchase price
payments under purchase price allocations and other expenses for and income from one-off items.
4 For the reconciliation from EBITDA to the indicator EBITDAR, long-term leasing and rental expenses are
eliminated.
5 Equity divided by balance sheet total in %, variance is given in percentage points.
Interim Management Report
H1 Summary
The increase in the H1 seasonal underlying EBITA loss to EUR 301 m (H1 2018: EUR 170 m loss) reflects the
ongoing weak demand environment in Markets & Airlines. Holiday Experiences continues
to perform well (reflecting the non-repeat of prior year disposal gains in Riu), benefitting from the
integrated model and our investments in differentiated content.
H1 results at a glance
EUR million H1
Underlying EBITA H1 FY18 (originally reported) - 159
IFRS 15 impact - 11
Underlying EBITA H1 FY18 (adjusted) - 170
Holiday Experiences + 5
Markets & Airlines - 142
All other segments + 10
Special items
Prior year: Riu gains on disposal (Hotels & - 38
Resorts)
Prior year: Niki bankruptcy impact (Central + 20
Region)
Q1 FY19: Northern Region hedging gain + 29
Q2 FY19: 737 MAX grounding - 5
Q2 FY19: Easter timing - 22
Underlying EBITA H1 FY19 at constant currency - 313
Foreign exchange translation + 12
Underlying EBITA H1 FY19 - 301
For further detailed commentary, please see Segmental Performance (pages 7 to 11).
As expected, the decline in Markets & Airlines' H1 result reflects the knock-on impact of the summer 2018
heatwave, overcapacities in Spain arising from the shift in demand to Eastern Mediterranean, continued
Brexit uncertainty, as well as particularly strong comparatives for Nordics in H1 last year. In addition,
the result includes the initial impact from the 737 MAX grounding, which commenced in mid-March, and the
later timing of Easter this year.
Our strong market positions in Markets & Airlines are an important factor in the success of our integrated
model, with a strong customer base and leading market shares. This is what helps to drive the high return
on our investments in Holiday Experiences. We remain focussed on delivering the benefits of efficiency and
digitalisation across the Group.
In Holiday Experiences, our Hotels & Resorts (reflecting the non-repeat of prior year disposal gains in
Riu), Cruises and Destination Experiences segments continue to perform well. This is due to the investment
we have made in recent years to expand our differentiated content, and thanks to our integrated model,
which drives occupancies, rate and yields in our hotels and cruise ships.
Hotels & Resorts delivered a resilient performance in H1. The result reflects the non-repeat of prior year
disposal gains, as well as the continued shift of demand from Spain to Turkey. As Turkey is primarily a
Summer destination, and given that we have additional lease commitments in H1 2019 in order to secure
additional capacity in that destination, the benefit to the Turkish hotels' result will be H2 weighted.
Cruises continues to deliver a strong performance, taking into account additional dry dock and launch
costs in H1.
Net debt as at 31 March 2019 was EUR 1,964 m (H1 2018: EUR 576 m). As expected, net debt is returning to
the normal seasonal pattern, as we complete reinvestment of disposal proceeds received in recent years. It
also reflects the planned ongoing financing of our aircraft order book, with more aircraft being brought
into ownership and under finance leases.
Based on our building blocks for H2 growth, we therefore reiterate our updated FY19 underlying EBITA
guidance as per our ad hoc announcement of 29 March 2019 of approximately - 17 % (assuming 737 MAX flight
resumption mid-July) up to approximately - 26 % (assuming measures taken in relation to the grounding are
extended to end of Summer 2019), compared with underlying EBITA rebased in FY18 of EUR 1,177 m1. Please
refer to page 5 for further detail on the 737 MAX grounding. We believe that TUI's unique integrated model
delivers high returns, and our strategic initiatives provide strong strategic positioning for future
growth.
1 Based on constant currency: FY19 comparative rebased in December 2018 to EUR 1,187 m to take into
account EUR 40 m impact for revaluation of Euro loan balance within Turkish Lira entities in FY18, and
adjusted further to EUR 1,177 m for retrospective application of IFRS 15
Outlook and expected development
Holiday Experiences
Despite the pressures faced by Markets & Airlines, Holiday Experiences continues to perform well taking
into account the Riu gains on disposals in Hotels & Resorts in the previous year. This is due to the
investment we have made in recent years to expand our differentiated content and our integrated model (in
order to drive occupancies, rates and yields in our hotels and cruise ships).
We have opened 58 own hotels since the merger, with a pipeline of further openings to come. In terms of
destinations, we have seen demand continue to shift from Western Mediterranean back to the Eastern
Mediterranean and North Africa. In addition, demand for Mexico from US customers has softened, as a result
of border tensions and safety concerns. Our portfolio of destinations, unique brands and strong
distribution capability leave us well positioned to continue to deliver sector-leading returns in Hotels
& Resorts.
In Cruises, we have launched three ships this year (new Mein Schiff 2, Marella Explorer 2, and in May
Hanseatic nature) and continue to see good demand for these and the rest of our fleet. Load factor and
yield performance remain in line with our expectations. In Destination Experiences, we are on track to
deliver the integration of our prior year acquisitions, with continued growth in sales of excursions and
activities.
Markets & Airlines
In Markets & Airlines, the weak demand environment persists as outlined in our Quarterly Statement Q1
2019, resulting in significant yield and margin pressure. This is driven by a number of factors - reduced
demand due to last year's extraordinary hot summer, slowdown of consumer confidence, Brexit uncertainty,
shift in demand to the Eastern Mediterranean coupled with overcapacity of flights to Spain, as well as the
737 MAX grounding.
For Summer 2019, 59 % of the total programme has been sold compared with 62 % at this time last year.
Bookings are down 3 %, with average selling price up 1 % against strong comparatives1. The competitive
pricing environment means that this average selling price increase is not at a sufficient level to cover
cost inflation. All markets are trading on lower margins then prior year, given the weaker demand
environment and oversupply to some destinations such as Spain. We have taken a disciplined approach to
capacity, which is flat compared with prior year, at the same time enabling us to protect our strong
market leading positions.
1 These statistics are up to 5 May 2019, shown on a constant currency basis, and relate to all customers
whether risk or non-risk
Four strategic initiatives
We believe that TUI's unique integrated model delivers superior returns, and our strategic initiatives
provide strong strategic positioning for future growth.
· Grow Hotel & Cruise business with vertical integration to drive premium returns;
· Protect and where possible extend strong positions in Markets & Airlines through revenue and cost base
initiatives. These are focussed on digitalisation, mass-individualisation and upselling; airline
efficiency; procurement; increased mobile distribution; and efficiency and standardisation of processes.
· Add scale for own holiday experiences and expand into new markets, with our new GDN-OTA (Global
Distribution Network-Online Travel Agent) platform; and
· Add scale in destination experience markets with our new tours and activities platform.
Expected Development
We have clear building blocks to deliver growth in H2. In Holiday Experiences we will deliver growth from
our investments in hotels, cruises and destination experiences, with the annualisation of investment
benefits from last year, plus new hotel openings and ship launches this year. In addition, we expect
further recovery in demand for Turkey and North Africa, and the timing benefit of the later Easter. As
previously flagged, these benefits will be offset by the one-off costs relating to the 737 MAX grounding,
of around EUR 200 m (assuming grounding until mid-July) up to around EUR 300 m (assuming grounding until
end of Summer). Please refer to page 5 for further detail on the 737 MAX grounding.
TUI has strong strategic positioning for future growth, underpinned by our unique integrated model and
strategic initiatives. The lifting of the 737 MAX grounding and a cyclical recovery in Markets & Airlines,
would support growth beyond FY19, which will be further enhanced by revenue opportunities and cost base
improvements. Additional growth will be delivered by growth investments in hotels and cruise ships, based
on normalised run-rate net capex and investments (estimated to be around 3.5 % of turnover) and
ring-fenced investments by joint ventures, as well as our scalable GDN-OTA and destination experiences
platforms.
Report on changes in expected development
On 29 March 2019, we informed the markets via an ad hoc announcement that, following the grounding of the
737 MAX aircraft, TUI has made arrangements in order to guarantee customers' holidays. The Group is
utilising spare aircraft of its fleet, extending expiring leases for aircraft that were supposed to be
replaced by 737 MAX aircraft, as well as leasing in additional aircraft. TUI's fleet, which comprises
around 150 aircraft, currently includes 15 grounded 737 MAX for the UK, Belgium, the Netherlands and
Sweden. A further eight 737 MAX are scheduled for delivery after the lifting of the grounding.
Assuming 737 MAX flight resumption latest by mid-July, the Group currently expects to see a one-off impact
on underlying EBITA of approximately EUR 200 m in connection with the 737 MAX grounding. This impact is
especially attributable to costs related to the replacement of aircraft, higher fuel costs, other
disruption costs, and the anticipated impact on trading. As a result of this one-off impact, the Executive
Board of TUI AG has updated the guidance and now expects an underlying EBITA for FY19 of approximately
minus 17 % compared with FY18 of EUR 1,177 m rebased1.
As stated in the ad hoc announcement of 29 March 2019, the Executive Board of TUI AG expects a further
negative one-off effect if it does not become sufficiently certain in the course of May that flying the
737 MAX will resume by mid-July. TUI will then need to fully extend the measures until the end of the
summer season. TUI confirms the expectation disclosed in the ad hoc notification of 29 March 2019 for this
additional one-of impact until 30 September 2019 of up to EUR 100 m. For this scenario, the Executive
Board of TUI AG had also updated the guidance on underlying EBITAfor FY19 to up to minus 26 % compared
with FY18 of EUR 1,177 m rebased1.
Due to the application of IFRS 15, turnover for FY18 has been adjusted to EUR 18.5 bn. Our guidance of
around 3 % turnover growth in FY19 2 remains unchanged.
1 Based on constant currency: FY19 comparative rebased in December 2018 to EUR 1,187 m to take into
account EUR 40 m impact for revaluation of Euro loan balance within Turkish Lira entities in FY18, and
adjusted further to EUR 1,177 m for retrospective application of IFRS 15
2 Based on constant currency: Based on constant currency; prior year comparatives presented in accordance
with IFRS 15
Structure and strategy of TUI Group
Reporting structure
The present Half Year Financial Report 2019 is essentially based on TUI Group's reporting structure set
out in the Annual Report for 2018.
See Annual Report 2018 from page 32
In Q1 2019, the Italian tour operators were transferred from All other segments to the Central Region. In
addition, the Crystal Ski companies, which provide services in the destinations, were reclassified from
Northern Region to Destination Experiences. Prior-year figures were adjusted accordingly.
Group targets and strategy
TUI Group's strategy set out in the Annual Report 2018 remains unchanged.
Details see Annual Report 2018 from page 28
Consolidated earnings
Turnover
EUR million Q2 2019 Q2 2018 Var. % H1 2019 H1 2018 Var. %
adjusted adjusted
Hotels & 131.7 143.1 - 8.0 271.0 287.9 - 5.9
Resorts
Cruises 234.1 205.6 + 13.9 424.6 396.9 + 7.0
Destination 144.5 26.3 + 449.4 302.8 65.6 + 361.6
Experiences
Holiday 510.3 375.0 + 36.1 998.4 750.4 + 33.0
Experiences
Northern 1,023.0 1,098.0 - 6.8 2,123.3 2,226.6 - 4.6
Region
Central 934.4 1,002.0 - 6.7 2,224.7 2,235.6 - 0.5
Region
Western 513.9 518.9 - 1.0 1,057.1 1,064.6 - 0.7
Region
Markets & 2,471.3 2,618.9 - 5.6 5,405.1 5,526.8 - 2.2
Airlines
All other 119.8 151.3 - 20.8 272.9 288.7 - 5.5
segments
TUI Group 3,101.4 3,145.2 - 1.4 6,676.4 6,565.9 + 1.7
TUI Group 3,092.1 3,145.2 - 1.7 6,677.9 6,565.9 + 1.7
at constant
currency
Underlying EBITA
Q2 2019 Q2 2018 Var. % H1 2019 H1 2018 Var. %
EUR million adjusted adjusted
Hotels & 66.7 80.4 - 17.0 135.4 172.3 - 21.4
Resorts
Cruises 59.4 56.0 + 6.1 106.4 93.7 + 13.6
Destination - 5.6 - 9.9 + 43.4 - 10.4 - 13.3 + 21.8
Experiences
Holiday 120.5 126.5 - 4.7 231.4 252.7 - 8.4
Experiences
Northern - 130.8 - 88.3 - 48.1 - 205.1 - 125.7 - 63.2
Region
Central - 90.7 - 89.9 - 0.9 - 127.8 - 144.7 + 11.7
Region
Western - 97.3 - 56.5 - 72.2 - 163.9 - 105.1 - 55.9
Region
Markets & - 318.8 - 234.7 - 35.8 - 496.8 - 375.5 - 32.3
Airlines
All other - 18.7 - 24.8 + 24.6 - 35.2 - 46.9 + 24.9
segments
TUI Group - 217.0 - 133.0 - 63.2 - 300.6 - 169.7 - 77.1
TUI Group - 229.4 - 133.0 - 72.5 - 313.4 - 169.7 - 84.7
at constant
currency
EBITA
Q2 2019 Q2 2018 Var. % H1 2019 H1 2018 Var. %
EUR million adjusted adjusted
Hotels & 66.7 80.3 - 16.9 135.4 172.2 - 21.4
Resorts
Cruises 59.4 56.0 + 6.1 106.4 93.7 + 13.6
Destination - 9.6 - 10.1 + 5.0 - 18.5 - 13.9 - 33.1
Experiences
Holiday 116.5 126.2 - 7.7 223.3 252.0 - 11.4
Experiences
Northern - 136.7 - 92.7 - 47.5 - 227.7 - 134.4 - 69.4
Region
Central - 92.3 - 92.5 + 0.2 - 131.3 - 151.0 + 13.0
Region
Western - 101.6 - 59.7 - 70.2 - 170.0 - 118.2 - 43.8
Region
Markets & - 330.6 - 244.9 - 35.0 - 529.0 - 403.6 - 31.1
Airlines
All other - 26.0 - 27.8 + 6.5 - 40.2 - 51.8 + 22.4
segments
TUI Group - 240.1 - 146.5 - 63.9 - 345.9 - 203.4 - 70.1
Segmental performance
Holiday Experiences
Holiday Experiences
EUR Q2 2019 Q2 2018 Var. % H1 2019 H1 2018 Var. %
million adjusted adjusted
Turnover 510.3 375.0 + 36.1 998.4 750.4 + 33.0
Underlying 120.5 126.5 - 4.7 231.4 252.7 - 8.4
EBITA
Underlying 109.1 126.5 - 13.8 220.0 252.7 - 12.9
EBITA at
constant
currency
Hotels & Resorts
Q2 2019 Q2 2018 Var. % H1 2019 H1 2018 Var. %
adjusted adjusted
Total 277.8 267.9 + 3.7 591.3 563.3 + 5.0
turnoverin
EUR
million
Turnoverin 131.7 143.1 - 8.0 271.0 287.9 - 5.9
EUR
million
Underlying 66.7 80.4 - 17.0 135.4 172.3 - 21.4
EBITAin
EUR
million
Underlying 55.8 80.4 - 30.6 124.0 172.3 - 28.0
EBITA at
constant
currency
ratesin
EUR
million
Capacity 7,632 7,322 + 4.2 16,767 16,192 + 3.5
hotels
total1in
'000
Riu 4,187 4,038 + 3.7 8,601 8,433 + 2.0
Robinson 607 556 + 9.2 1,284 1,247 + 3.0
Blue 1,072 958 + 11.9 2,020 1,767 + 14.3
Diamond
Occupancy 79 80 - 1 77 77 -
rate
hotels
total2in %
variance
in %
points
Riu 86 88 - 2 84 87 - 3
Robinson 64 62 + 2 68 63 + 5
Blue 83 80 + 3 78 79 - 1
Diamond
Average 80 76 + 4.5 72 69 + 3.5
revenue
per bed
hotels
total3,
4in EUR
Riu 72 72 - 69 68 + 0.6
Robinson 105 105 - 96 97 - 1.4
Blue 139 131 + 6.5 127 120 + 6.6
Diamond
Turnover measures include fully consolidated companies, all other KPIs incl. companies measured at equity.
In total turnover no turnover is carried for Blue Diamond as the joint venture is consolidated at equity.
1 Group owned or leased hotel beds multiplied by opening days per quarter
2 Occupied beds divided by capacity
3 Arrangement revenue divided by occupied beds
4 Previous year revenue per bed restated to reflect revised PY rate at Blue Diamond
· Hotels & Resorts underlying EBITA for H1 decreased by EUR 37 m, reflecting the non-repeat of prior
year disposal gains in Riu totalling EUR 38 m. Occupancy remained high, at 77 %. Average revenue per bed
increased by 4 %, reflecting foreign exchange translation (mainly due to strengthening of the US
dollar).
· In Riu, underlying EBITA decreased compared with prior year, due to the non-repeat of disposal gains
and driven by the continued shift of demand from Western to Eastern Mediterranean. In addition, demand
from US customers for Mexico was softer, as a result of border tensions and safety concerns. Although
lower than prior year, occupancy remains strong at 84 %. Average rate increased by 1 %, reflecting
foreign exchange translation.
· The result for Robinson was slightly below prior year as the result of a club closure for renovation
during Q1, and seasonal losses of newly opened clubs. H1 occupancy grew by 5 % points to 68 %, driven by
increased demand for clubs in Turkey and North Africa, as well as the build-up of demand for new clubs
which opened last year.
· Blue Diamond delivered an increase in underlying EBITA as a result of new hotel openings. The increase
in average rate is due to foreign exchange translation.
· Although demand for our Turkish hotels continues to improve, this is not so apparent from the H1
(especially Q2) result due to the Summer weighted seasonality of these resorts, and due to the
additional lease commitments taken in order to secure additional capacity. We therefore expect earnings
improvement for Turkey to be more H2 weighted.
· Since merger, 58 hotels have been opened, 69 % of which are in lower capital intensity models (managed
or owned via joint venture).
Cruises
Q2 2019 Q2 2018 Var. % H1 2019 H1 2018 Var. %
adjusted adjusted
Turnover1in 234.1 205.6 + 13.9 424.6 396.9 + 7.0
EUR million
Underlying 59.4 56.0 + 6.1 106.4 93.7 + 13.6
EBITAin EUR
million
Underlying 59.1 56.0 + 5.5 106.3 93.7 + 13.4
EBITA at
constant
currencyin
EUR million
Occupancyin
%
variance in
% points
TUI Cruises 98 100 - 2 99 99 -
Marella 99 98 + 1 100 100 -
Cruises2
Hapag-Lloyd 79 77 + 2 77 76 + 1
Cruises
Passenger
days in
'000
TUI Cruises 1,445 1,248 + 15.9 2,817 2,514 + 12.1
Marella 738 559 + 32.1 1,442 1,251 + 15.3
Cruises2
Hapag-Lloyd 79 93 - 14.5 150 168 - 10.3
Cruises
Average
daily
rates3 in
EUR
TUI Cruises 146 147 - 0.8 148 148 - 0.3
Marella 154 143 + 7.2 145 136 + 6.5
Cruises2,
4in GBP
Hapag-Lloyd 683 653 + 4.5 639 600 + 6.6
Cruises
1 No turnover is carried for TUI Cruises as the joint venture is consolidated at equity
2 Rebranded from Thomson Cruises in October 2017
3 Per day and passenger
4 Inclusive of transfers, flights and hotels due to the integrated nature of Marella Cruises, in GBP
· Cruises underlying EBITA increased by EUR 13 m in H1. Growth was driven by Marella and Hapag-Lloyd
Cruises.
· The TUI Cruises result was ahead of prior year. As expected, the increase in capacity was offset by
the earlier than originally planned launch of new Mein Schiff 2 in the low yield Q2 season, a planned
dry dock for Mein Schiff Herz, and the exit of Mein Schiff 1 from the fleet in H2 FY18.
· TUI Cruises occupancy and average daily rate for H1 were in line with prior year, a good performance
given the significant increase in German cruise capacity this year. The lower occupancy and slightly
lower average daily rate in Q2 reflect the earlier launch of new Mein Schiff 2, meaning that sales
started relatively close to launch.
· Marella Cruises underlying EBITA increased due to the launch of Marella Explorer in H2 FY18 (formerly
Mein Schiff 1) and good performance across the fleet, offset partly by dry dock days for the Marella
Discovery and exit of the Spirit at the start of FY19.
· Hapag-Lloyd Cruises underlying EBITA increased on prior year, driven by the non-repeat of prior year
dry dock and improved occupancy and rates across the fleet, partially offset by the exit of Hanseatic at
the start of FY19.
Destination Experiences
EUR Q2 2019 Q2 2018 Var. % H1 2019 H1 2018 Var. %
million adjusted adjusted
Total 191.5 61.1 + 213.4 417.8 144.4 + 189.3
turnover
Turnover 144.5 26.3 + 449.4 302.8 65.6 + 361.6
Underlying - 5.6 - 9.9 + 43.4 - 10.4 - 13.3 + 21.8
EBITA
Underlying - 5.8 - 9.9 + 41.4 - 10.3 - 13.3 + 22.6
EBITA at
constant
currency
· H1 earnings growth was driven by the integration of last year's acquisition of Destination Management,
offset partly by start-up losses in Musement. As a result of these acquisitions, Destination Experiences
sold 2.4 million excursions and activities in H1, almost double the number of last year.
· Our growth expectations for Destination Experiences are intact, driven by integration of acquisitions
and launch of Musement as a fully digitalised, open platform for sales of excursions & activities.
Markets & Airlines
Markets & Airlines
Q2 2019 Q2 2018 Var. % H1 2019 H1 2018 Var. %
adjusted adjusted
Turnoverin 2,471.3 2,618.9 - 5.6 5,405.1 5,526.8 - 2.2
EUR
million
Underlying - 318.8 - 234.7 - 35.8 - 496.8 - 375.5 - 32.3
EBITAin
EUR
million
Underlying - 318.2 - 234.7 - 35.6 - 495.9 - 375.5 - 32.1
EBITA at
constant
currencyin
EUR
million
Direct 74 75 - 1 74 74 -
distributi
on mix1in
%
variance
in %
points
Online 51 50 + 1 50 49 + 1
mix2 in %
variance
in %
points
Customers 2,879 3,086 - 6.7 6,546 6,709 - 2.4
in '000
1 Share of sales via own channels (retail and online)
2 Share of online sales
· As expected, the Markets & Airlines H1 result reflects the reduced demand due to the summer 2018
heatwave, overcapacities in Spain arising from the shift in demand to Eastern Mediterranean, continued
Brexit uncertainty, as well as particularly strong comparatives for Nordics in H1 last year. In
addition, the result includes the initial EUR 5 m impact from the 737 MAX grounding, which commenced in
mid-March, and the EUR 22 m due to the later timing of Easter this year.
· The current year result for Northern Region includes EUR 29 m gain which was crystallised on a hedge
which is no longer required.
Northern Region
Q2 2019 Q2 2018 Var. % H1 2019 H1 2018 Var. %
adjusted adjusted
Turnoverin 1,023.0 1,098.0 - 6.8 2,123.3 2,226.6 - 4.6
EUR
million
Underlying - 130.8 - 88.3 - 48.1 - 205.1 - 125.7 - 63.2
EBITAin
EUR
million
Underlying - 130.3 - 88.3 - 47.6 - 204.2 - 125.7 - 62.5
EBITA at
constant
currencyin
EUR
million
Direct 92 91 + 1 92 92 -
distributi
on mix1in
%
variance
in %
points
Online 67 66 + 1 67 65 + 2
mix2 in %
variance
in %
points
Customers 1,009 1,114 - 9.4 2,246 2,363 - 4.9
in '000
1 Share of sales via own channels (retail and online)
2 Share of online sales
· In UK and Nordics, H1 demand was impacted by the factors outlined above. Customer volumes declined 5 %
on prior year and margins were significantly lower. Nordics was particularly badly affected by the
reduced demand due to last Summer's heatwave, with an 8 % drop in customer volumes and load factor
reduction.
· In addition, the later timing of Easter negatively impacted underlying EBITA by EUR 14 m, and the
grounding of the 737 MAX increased costs by EUR 1 m.
· Share of earnings for Canada also decreased in the quarter, primarily as a result of the year on year
impact of fuel and currency rates.
· These factors were partly offset by a EUR 29 m gain which crystallised during Q1 on a hedge which is
no longer required.
Central Region
Q2 2019 Q2 2018 Var. % H1 2019 H1 2018 Var. %
adjusted adjusted
Turnoverin 934.4 1,002.0 - 6.7 2,224.7 2,235.6 - 0.5
EUR
million
Underlying - 90.7 - 89.9 - 0.9 - 127.8 - 144.7 + 11.7
EBITAin
EUR
million
Underlying - 90.6 - 89.9 - 0.8 - 127.8 - 144.7 + 11.7
EBITA at
constant
currencyin
EUR
million
Direct 49 49 - 49 49 -
distributi
on mix1 in
%
variance
in %
points
Online 21 21 - 21 20 + 1
mix2 in %
variance
in %
points
Customers 976 1,062 - 8.1 2,380 2,435 - 2.3
in '000
1 Share of sales via own channels (retail and online)
2 Share of online sales
· The improvement in Central Region underlying earnings was driven primarily by Germany, as a result of
the non-repeat of the impact of the bankruptcy of Niki (EUR 20 m receivable write-off in prior year) as
well as reduced overheads.
· This was partly offset by weaker trading (for the reasons outlined above), the later timing of Easter
(EUR 7 m) and higher airline cost base due to the loss of the Air Berlin / Niki contract.
· Customer volumes for Central Region decreased by 2 % in H1, reflecting a reduction in airline capacity
in Germany, offset partly by a significant volume increase in Poland as we continue to drive growth in
that market.
· Increasing the level of direct distribution continues to be a key focus especially for our German
business. Direct distribution for Central Region in H1 was 49 % in H1, with online distribution at 21 %.
Western Region
Q2 2019 Q2 2018 Var. % H1 2019 H1 2018 Var. %
adjusted adjusted
Turnoverin 513.9 518.9 - 1.0 1,057.1 1,064.6 - 0.7
EUR
million
Underlying - 97.3 - 56.5 - 72.2 - 163.9 - 105.1 - 55.9
EBITAin
EUR
million
Underlying - 97.3 - 56.5 - 72.2 - 163.9 - 105.1 - 55.9
EBITA at
constant
currency
in EUR
million
Direct 76 75 + 1 76 75 + 1
distributi
on mix1 in
%
variance
in %
points
Online 60 58 + 2 60 58 + 2
mix2 in %
variance
in %
points
Customers 894 910 - 1.7 1,920 1,911 + 0.5
in '000
1 Share of sales via own channels (retail and online)
2 Share of online sales
· In Western Region, margins across all three markets (Belgium, Netherlands, France) were impacted by
weak trading and the factors outlined above. In addition, especially in France, the 'Gilets Jaunes'
protests drove negative consumer sentiment.
· Customer volumes for the region were broadly flat year on year, with growth in Benelux offset by
capacity reductions in France.
· In addition, the result reflects a higher level of airline disruption and staffing costs, as well as
737 MAX grounding costs of (EUR 4 m) and the timing of Easter (EUR 1 m).
All other segments
EUR Q2 2019 Q2 2018 Var. % H1 2019 H1 2018 Var. %
million adjusted adjusted
Turnover 119.8 151.3 - 20.8 272.9 288.7 - 5.5
Underlying - 18.7 - 24.8 + 24.8 - 35.2 - 46.9 + 24.9
EBITA
Underlying - 20.3 - 24.8 + 18.1 - 37.5 - 46.9 + 20.0
EBITA at
constant
currency
· The result for All other segments improved due to the reduction in head office costs and benefits from
aircraft financing.
· Corsair's revenues and earnings deteriorated on prior year due to increased delay, fuel and
maintenance costs and the impact of the 'Gilet Jaunes' protests in France. On 18 March TUI announced
the disposal of a majority stake in Corsair.
Financial position and net assets
Cash Flow / Net capex and investments / Net debt
The cash outflow from operating activities increased by EUR 274.0 m to EUR 717.5 m. As well as the lower
earnings in H1 2019, this was driven by a higher working capital outflow for the payment of hotel
creditors than prior year, mainly as a result of increased capacity in Summer 2018 in Central Region.
Net debt is defined as financial debt less cash and cash equivalents and future short-term
interest-bearing investments. As expected, net debt level is returning to the normal seasonal pattern, as
we complete reinvestment of disposal proceeds received in recent years. It also reflects the planned
ongoing financing of our aircraft order book, with more aircraft being brought into ownership and under
finance leases.
Net debt
EUR million 31 Mar 2019 31 Mar 2018 Var. %
Financial debt - 3,101.4 - 1,977.8 - 56.8
Cash and cash equivalents 1,091.6 1,338.1 - 18.4
Short-term interest-bearing 45.7 63.7 - 28.3
investments
Net debt - 1,964.1 - 576.0 - 241.0
Net capex and investments
EUR million Q2 2019 Q2 2018 Var. % H1 2019 H1 2018 Var. %
adjusted adjusted
Cash gross
capex
Hotels & 107.5 53.0 + 102.8 186.6 115.1 + 62.1
Resorts
Cruises 53.8 2.7 n. a. 200.0 38.1 + 424.9
Destination 7.6 1.3 + 484.6 9.6 2.9 + 231.0
Experiences
Holiday 169.0 57.0 + 196.5 396.3 156.1 + 153.9
Experiences
Northern 19.8 15.9 + 24.5 30.5 23.4 + 30.3
Region
Central 8.7 3.3 + 163.6 14.6 10.2 + 43.1
Region
Western 9.7 6.9 + 40.6 21.0 13.0 + 61.5
Region
Markets & 38.1 26.1 + 46.0 66.2 46.6 + 42.1
Airlines
All other 59.5 37.6 + 58.2 81.2 92.8 - 12.5
segments
TUI Group 266.6 120.7 + 120.9 543.6 295.6 + 83.9
Net pre - 22.4 - 60.7 + 63.1 - 54.4 - 20.2 - 169.3
delivery
payments on
aircraft
Financial 85.2 13.6 + 526.5 146.7 24.2 + 506.2
investments
Divestments 27.2 - 7.1 n. a. 15.6 - 92.3 n. a.
Net capex 356.7 66.5 + 436.4 651.5 207.3 + 214.3
and
investments
The increase in net capex and investments in H1 2019 was mainly driven by the acquisition of Marella
Explorer 2, acquisitions in Hotels & Resorts related to our core hotel brands Riu, Robinson and TUI Blue
as well as the acquisitions of the online platform Musement and further companies from Hotelbeds. The
development of divestments was related to the sale of the majority stake in Corsair, while the prior-year
figure included the sale of three Riu hotels.
Assets and liabilities
Assets and liabilities
EUR million 31 Mar 2019 30 Sep 2018 Var. %
adjusted
Non-current assets 11,519.8 10,663.2 + 8.0
Current assets 4,023.7 4,939.4 - 18.5
Assets 15,543.5 15,602.6 - 0.4
Equity 3,290.4 4,280.0 - 23.1
Provisions 2,077.7 2,111.2 - 1.6
Financial liabilities 3,101.4 2,442.9 + 27.0
Other liabilities 7,074.0 6,768.5 + 4.5
Liabilities 15,543.5 15,602.6 - 0.4
Prior-year figures adjusted due to retrospective application of IFRS 15 and PPA adjustments for
Destination Management
As at 31 March 2019, TUI Group's balance sheet total amounted to EUR 15.5 bn, nearly at the level of
financial year end 30 September 2018. The equity ratio stood at 21.2 %, falling below its level of 27.4 %
as at 30 September 2018.
Details see Notes from page 24
Foreign Exchange / Fuel
Our strategy of hedging the majority of our jet fuel and currency requirements for future seasons, as
detailed below, remains unchanged. This gives us certainty of costs when planning capacity and pricing.
The following table shows the percentage of our forecast requirement that is currently hedged for Euros,
US Dollars and jet fuel for our Markets & Airlines, which account for over 90 % of our Group currency and
fuel exposure.
Foreign Exchange / Fuel
% Summer 2019 Winter 2019 / 20
Euro 92 70
US Dollars 89 74
Jet Fuel 92 81
As at 9 May 2019
Comments on the consolidated income statement
TUI Group's results reflect the significant seasonal swing in tourism between the winter and summer travel
months. The Group seeks to counteract the seasonal swing through a broad range of holiday offerings in the
summer and winter season and its presence in different travel markets worldwide with varying annual
cycles.
The consolidated income statement reflects the seasonality of the tourism business, with negative results
generated in the period from October to March.
Income statement of the TUI Group for the period
from 1 Oct 2018 to 31 Mar 2019
EUR million Q2 2019 Q2 2018 Var. % H1 2019 H1 2018 Var. %
adjusted adjusted
Turnover 3,101.6 3,145.3 - 1.4 6,676.4 6,565.9 + 1.7
Cost of sales 3,088.5 3,052.1 + 1.2 6,519.1 6,288.6 + 3.7
Gross profit 13.1 93.2 - 85.9 157.3 277.3 - 43.3
Administrative 317.4 313.9 + 1.1 638.2 620.7 + 2.8
expenses
Other income 7.4 2.9 + 12.9 48.6 - 73.5
155.2
Other expenses 12.6 - n. a. 13.9 0.3 n. a.
Impairment of 1.6 2.1 - 23.8 - 2.8 27.0 n. a.
financial
assets
Financial 21.9 3.5 + 69.9 17.7 + 294.9
income 525.7
Financial 29.5 31.0 - 4.8 79.1 68.1 + 16.2
expenses
Share of 72.9 73.4 - 0.7 107.3 114.2 - 6.0
result of
joint ventures
and associates
Earnings - 245.8 - 174.0 - 41.3 - 381.0 - 258.3 - 47.5
before income
taxes from
continuing
operations
Income taxes - 70.7 - 31.7 - - 93.8 - 47.7 - 96.6
123.0
Result from - 175.1 - 142.3 - 23.0 - 287.2 - 210.6 - 36.4
continuing
operations
Group loss - 175.1 - 142.3 - 23.0 - 287.2 - 210.6 - 36.4
Group loss - 202.0 - 171.7 - 17.6 - 341.3 - 280.9 - 21.5
attributable
to
shareholders
of TUI AG
Group loss 26.9 29.4 - 8.5 54.1 70.3 - 23.0
attributable
to
non-controllin
g interest
Prior-year figures adjusted due to retrospective application of IFRS 15 and previous year's structure
adjusted due to the first-time application of IFRS 9
In the first half of 2019, turnover totalled EUR 6.7 bn, up 1.7 % year-on-year. This increase reflects the
expanded business volume resulting from the acquisition of the Destination Management division of
Hotelbeds Group and the Italian Technology Start-up Musement, offset by decreased turnover in Markets &
Airlines.
The year-on-year decline in the result from continuing operations was attributable to a weaker operating
performance in Markets & Airlines, profits from the sale of two hotel companies, a hotel and one aircraft
included in previous year's numbers, partly offset by higher financial income.
Alternative performance measures
Key indicators used to manage the TUI Group are underlying EBITA and EBITA.
EBITA comprises earnings before interest, taxes and goodwill impairments. EBITA includes amortisation of
other intangible assets. It does not include the result from the measurement of interest hedges.
Underlying EBITA has been adjusted for gains on disposal of financial investments, restructuring expenses
according to IAS 37, all effects from purchase price allocations, ancillary acquisition costs and
conditional purchase price payments and other expenses for and income from one-off items.
The table below shows a reconciliation of earnings before taxes from continuing operations to underlying
earnings.
Reconciliation to underlying earnings
EUR million Q2 2019 Q2 2018 Var. % H1 2019 H1 2018 Var. %
adjusted adjusted
Reconciliation
to underlying
earnings:
Earnings - 245.8 - 174.0 - 41.3 - 381.0 - 258.3 - 47.5
before income
taxes*
plus: Net 5.2 26.2 - 80.2 32.7 51.8 - 36.9
interest
expense
plus: Expense 0.5 1.3 - 61.5 2.4 3.1 - 22.6
from the
measurement of
interest
hedges
EBITA* - 240.1 - 146.5 - 63.9 - 345.9 - 203.4 - 70.1
Adjustments:
less: Losses 11.1 - 11.1 -
on disposals
plus: 0.1 4.3 1.6 13.4
Restructuring
expense
plus: Expense 9.5 7.4 18.0 15.0
from purchase
price
allocation
plus: Expense 2.4 1.8 14.6 5.3
from other
one-off items
Underlying - 217.0 - 133.0 - 63.2 - 300.6 - 169.7 - 77.1
EBITA*
* Prior-year figures adjusted due to restrospective application of IFRS 15
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 in particular major restructuring and
integration expenses not meeting the criteria of IAS 37, material expenses for litigation, gains and
losses from the sale of aircraft and other material business transactions with a one-off character.
In H1 2019, adjustments (including individual items and purchase price allocations) totaling EUR 45.3 m
(previous year: EUR 33.7 m) were made. The individual items adjusted in the quarter under review mainly
relate to one-off payments in connection with the conversion of the pension plan in the United Kingdom to
a defined contribution plan and the loss on the Corsair disposal. In the prior-year period, in addition
to expenses from purchase price allocations, restructuring costs for the integration of Transat in France
and the restructuring of our German airline in particular had to be adjusted.
The TUI Group's operating loss adjusted for one-off effects increased by EUR 130.9 m to EUR 300.6 m in H1
2019.
Key figures of income statement
EUR million Q2 2019 Q2 2018 Var. % H1 2019 H1 2018 Var. %
adjusted adjusted
Earnings 48.1 120.5 - 60.1 237.7 334.9 - 29.0
before
interest,
income
taxes,
depreciation
, impairment
and rent
(EBITDAR)
Operating 166.8 160.0 + 4.3 344.4 330.8 + 4.1
rental
expenses
Earnings - 118.7 - 39.5 - 200.5 - 106.7 4.1 n. a.
before
interest,
income
taxes,
depreciation
and
impairment
(EBITDA)
Depreciation - 121.4 - 107.0 - 13.4 - 239.2 - 207.5 - 15.3
/
amortisation
less
reversals
of
depreciation
*
Earnings - 240.1 - 146.5 - 63.9 - 345.9 - 203.4 - 70.1
before
interest,
income taxes
and
impairment
of goodwill
(EBITA)
Earnings - 240.1 - 146.5 - 63.9 - 345.9 - 203.4 - 70.1
before
interest and
income taxes
(EBIT)
Expense from - 0.5 - 1.3 + 61.5 - 2.4 - 3.1 + 22.6
the
measurement
of interest
hedges
Net interest - 5.2 - 26.2 + 80.2 - 32.7 - 51.8 + 36.9
expense
Earnings - 245.8 - 174.0 - 41.3 - 381.0 - 258.3 - 47.5
before
income taxes
(EBT)
* On property, plant and equipment, intangible assets, financial and other assets
Other segment indicators
Underlying EBITDA
EUR million Q2 2019 Q2 2018 Var. % H1 2019 H1 2018 Var. %
adjusted adjusted
Hotels & 91.8 107.1 - 14.3 186.1 221.6 - 16.0
Resorts
Cruises 79.9 69.6 + 14.8 146.5 127.0 + 15.4
Destination - 1.7 - 7.7 + 77.9 - 2.6 - 9.1 + 71.4
Experiences
Holiday 170.0 169.0 + 0.6 330.0 339.5 - 2.8
Experiences
Northern - 117.6 - 73.6 - 59.8 - 179.2 - 102.7 - 74.5
Region
Central - 84.6 - 84.7 + 0.1 - 116.5 - 134.7 + 13.5
Region
Western - 92.3 - 52.5 - 75.8 - 154.0 - 97.0 - 58.8
Region
Markets & - 294.5 - 210.8 - 39.7 - 449.7 - 334.4 - 34.5
Airlines
All other 20.2 9.7 + 108.2 42.2 20.3 + 107.9
segments
TUI Group - 104.3 - 32.1 - 224.9 - 77.5 25.4 n. a.
EBITDA
EUR million Q2 2019 Q2 2018 Var. % H1 2019 H1 2018 Var. %
adjusted adjusted
Hotels & 91.8 107.1 - 14.3 186.0 221.5 - 16.0
Resorts
Cruises 79.9 69.6 + 14.8 146.5 127.0 + 15.4
Destination - 3.5 - 7.9 + 55.7 - 6.5 - 9.7 + 33.0
Experiences
Holiday 168.2 168.8 - 0.4 326.0 338.8 - 3.8
Experiences
Northern - 120.4 - 75.0 - 60.5 - 195.8 - 105.5 - 85.6
Region
Central - 85.6 - 87.3 + 1.9 - 118.6 - 139.3 + 14.9
Region
Western - 95.5 - 54.6 - 74.9 - 157.8 - 107.8 - 46.4
Region
Markets & - 301.5 - 216.9 - 39.0 - 472.2 - 352.6 - 33.9
Airlines
All other 14.6 8.6 + 69.8 39.5 17.9 + 120.7
segments
TUI Group - 118.7 - 39.5 - 200.5 - 106.7 4.1 n. a.
Employees
31 March 31 March 2018 Var. %
2019 adjusted
Hotels & Resorts 20,217 19,068 + 6.0
Cruises* 348 313 + 11.2
Destination 6,527 3,333 + 95.8
Experiences
Holiday Experiences 27,092 22,714 + 19.3
Northern Region 12,636 13,268 - 4.8
Central Region 10,751 10,491 + 2.5
Western Region 6,129 6,058 + 1.2
Markets & Airlines 29,516 29,817 - 1.0
All other segments 3,527 3,242 + 8.8
TUI Group 60,135 55,773 + 7.8
* Excludes TUI Cruises (JV) employees. Cruises employees are primarily hired by external crew management
agencies.
Corporate Governance
Composition of the Boards
In H1 2019 the composition of the Supervisory Board of TUI AG changed as follows:
Ms Carmen Riu Güell had declared her resignation from office with effect as of the close of the Annual
General Meeting on 12 February 2019. As her successor Joan Trian Riu was elected to the Supervisory Board
for a full term of approximately five years.
There were no changes in the composition of TUI AG's Executive Board in H1 2019.
The current, complete composition of the Executive Board and Supervisory Board is listed on our website,
where it has been made permanently available to the public.
www.tuigroup.com/en-en/investors/corporate-governance [1]
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 2018.
Details see Risk Report in our Annual Report 2018, from page 40
Active principal risks
IT development & strategy; growth strategy; integration & restructuring opportunities; corporate & social
responsibilities; information security; impact of Brexit
Monitored principal risks
Destination disruption; customer demand*; input cost volatility; seasonal cashflow profile; legal &
regulatory compliance; health & safety; supplier reliance; joint venture partnerships
* The principal risks Macroeconomic and Competition & Customer Preferences, included in the 2018 Annual
Report are both related to trading and therefore have been consolidated and renamed to Customer Demand
With regard to the UK's exit from the EU in 2019, the main concern remains whether our airlines will
continue to have access to EU airspace. We are continuing to address the importance of there being a
special agreement for aviation between the EU and the UK post Brexit to protect consumer choice with the
relevant UK and EU ministers and officials, and are in regular exchange with relevant regulatory
authorities. While the date for the UK's exit from the EU has recently been delayed until latest 31st
October 2019, we continue to develop scenarios and mitigating strategies for various outcomes, including a
"hard Brexit", depending on the political negotiations, with a focus to alleviate potential impacts from
Brexit for the Group.
The risks flagged in the Report on changes in expected development related to 737 MAX grounding fall
within the supplier reliance and destination disruption principal risk categories. As per our Ad-hoc Risk
Reporting guidelines included in the Annual Report 2018, the grounding was reported directly to the
Executive Board outside of the quarterly process.
Report on changes in expected development see page 5
Interim Financial Statements
Income statement of the TUI Group for the
period from 1 Oct 2018 to 31 Mar 2019
EUR million Notes H1 2019 H1 2018
adjusted
Turnover (1) 6,676.4 6,565.9
Cost of sales (2) 6,519.1 6,288.6
Gross profit 157.3 277.3
Administrative expenses (2) 638.2 620.7
Other income (3) 12.9 48.6
Other expenses (4) 13.9 0.3
Impairment of financial assets - 2.8 27.0
Financial income (5) 69.9 17.7
Financial expenses (5) 79.1 68.1
Share of result of joint (6) 107.3 114.2
ventures and associates
Earnings before income taxes - 381.0 - 258.3
from continuing operations
Income taxes (7) - 93.8 - 47.7
Result from continuing - 287.2 - 210.6
operations
Group loss - 287.2 - 210.6
Group loss attributable to - 341.3 - 280.9
shareholders of TUI AG
Group loss attributable to (8) 54.1 70.3
non-controlling interest
Earnings per share
EUR H1 2019 H1 2018
adjusted
Basic and diluted earnings per share - 0.58 - 0.48
from continuing operations - 0.58 - 0.48
Condensed statement of comprehensive income of the TUI Group
for the period from 1 Oct 2018 to 31 Mar 2019
EUR million H1 2019 H1 2018
adjusted
Group loss - 287.2 - 210.6
Remeasurements of defined benefit - 53.1 79.1
obligations and related fund assets
Other comprehensive income of - 51.9 -
companies measured at equity that
will not be reclassified
Fair value gain / loss on - 0.7 -
investments in equity instruments
designated as at FVTOCI
Income tax related to items that 19.4 - 13.4
will not be reclassified
Items that will not be reclassified - 86.3 65.7
to profit or loss
Foreign exchange differences 67.4 - 66.6
Cash flow hedges - 342.8 21.3
Other comprehensive income of 2.6 25.7
companies measured at equity that
may be reclassified
Income tax related to items that may 67.7 - 4.5
be reclassified
Items that may be reclassified to - 205.1 - 24.1
profit or loss
Other comprehensive income - 291.4 41.6
Total comprehensive income - 578.6 - 169.0
attributable to shareholders of TUI - 644.7 - 234.6
AG
attributable to non-controlling 66.1 65.6
interest
Financial position of the TUI Group as at 31 Mar 2019
EUR million Notes 31 Mar 2019 30 Sep 2018 1 Oct 2017
adjusted adjusted
Assets
Goodwill (9) 3,027.5 2,914.5 2,889.5
Other intangible 664.5 627.1 548.1
assets
Property, plant (10) 5,475.1 4,899.2 4,253.7
and equipment
Investments in 1,439.8 1,402.3 1,284.1
joint ventures and
associates
Trade and other (14) 81.1 103.3 138.7
receivables
Derivative (14) 51.2 83.2 79.9
financial
instruments
Other financial (14) 43.4 54.3 69.5
assets
Touristic payments 205.5 157.3 185.2
on account
Other 232.6 184.4 73.1
non-financial
assets
Income tax assets 9.6 9.6 -
Deferred tax 289.5 228.0 326.0
assets
Non-current assets 11,519.8 10,663.2 9,847.8
Inventories 115.4 118.5 110.2
Trade and other (14) 785.9 821.9 700.9
receivables
Derivative (14) 318.8 441.8 215.4
financial
instruments
Other financial (14) 45.7 18.7 11.9
assets
Touristic payments 1,350.4 731.3 583.9
on account
Other 166.9 139.9 81.7
non-financial
assets
Income tax assets 149.0 113.8 98.7
Cash and cash (14), (17) 1,091.6 2,548.0 2,516.1
equivalents
Assets held for - 5.5 9.6
sale
Current assets 4,023.7 4,939.4 4,328.4
Total assets 15,543.5 15,602.6 14,176.2
Financial position of the TUI Group as at 31 Mar 2019
EUR million Notes 31 Mar 2019 30 Sep 1 Oct 2017
2018 adjusted
adjusted
Equity and
liabilities
Subscribed capital 1,502.9 1,502.9 1,501.6
Capital reserves 4,200.5 4,200.5 4,195.0
Revenue reserves - 3,117.4 - 2,058.2 - 2,798.3
Equity before 2,586.0 3,645.2 2,898.3
non-controlling
interest
Non-controlling 704.4 634.8 594.0
interest
Equity (13) 3,290.4 4,280.0 3,492.3
Pension provisions (11) 1,008.5 962.2 1,094.7
and similar
obligations
Other provisions 661.0 768.1 801.4
Non-current 1,669.5 1,730.3 1,896.1
provisions
Financial (12), (14) 2,511.3 2,250.7 1,761.2
liabilities
Derivative financial (14) 42.3 12.8 50.4
instruments
Other financial (14) 19.1 14.4 43.9
liabilities
Other non-financial 97.1 89.0 106.3
liabilities
Income tax 71.4 108.8 150.2
liabilities
Deferred tax 90.4 195.3 106.4
liabilities
Non-current 2,831.6 2,671.0 2,218.4
liabilities
Non-current 4,501.1 4,401.3 4,114.5
provisions and
liabilities
Pension provisions (11) 30.0 32.6 32.7
and similar
obligations
Other provisions 378.2 348.3 349.9
Current provisions 408.2 380.9 382.6
Financial (12), (14) 590.1 192.2 171.9
liabilities
Trade payables (14) 1,899.6 2,692.5 2,433.1
Derivative financial (14) 179.9 65.7 217.2
instruments
Other financial (14) 92.1 93.3 103.8
liabilities
Touristic advance 4,043.6 2,824.8 2,700.4
payments received
Other non-financial 461.0 585.7 495.1
liabilities
Income tax 77.5 86.2 65.3
liabilities
Current liabilities 7,343.8 6,540.4 6,186.8
Current provisions 7,752.0 6,921.3 6,569.4
and liabilities
Total provisions and 15,543.5 15,602.6 14,176.2
liabilities
Condensed statement of changes in Group equity
for the period from 1 Oct 2018 to 31 Mar 2019
Subscribed Capital Revenue Equity Non-controlling Total
capital reserves reserves before interest
EUR million non-co
ntroll
ing
intere
st
Balance as at 1,502.9 4,200.5 - 3,698. 635.5 4,333
30 Sep 2018 2,005.3 1 .6
(reported)
Adoption of - - - 51.9 - 51.9 - -
IFRS 15 51.9
Adjustment PPA - - - 1.0 - 1.0 - 0.7 - 1.7
Destination
Management
Balance as at 1,502.9 4,200.5 - 3,645. 634.8 4,280
30 Sep 2018 2,058.2 2 .0
(adjusted)
Adoption of - - 5.8 5.8 - 5.8
IFRS 9
Balance as at 1 1,502.9 4,200.5 - 3,651. 634.8 4,285
Oct 2018 2,052.4 0 .8
Dividends - - - 423.3 - - -
423.3 423.3
Share-based - - 3.0 3.0 - 3.0
payment schemes
Effects on the - - - - 3.5 3.5
acquisition of
non-controlling
interest
Group loss - - - 341.3 - 54.1 -
341.3 287.2
Foreign - - 55.6 55.6 11.8 67.4
exchange
differences
Financial - - - 0.7 - 0.7 - - 0.7
assets at FVOCI
Cash Flow - - - 343.0 - 0.2 -
Hedges 343.0 342.8
Remeasurements - - - 53.1 - 53.1 - -
of defined 53.1
benefit
obligations
and related
fund assets
Other - - - 49.3 - 49.3 - -
comprehensive 49.3
income of
companies
measured at
equity
Taxes - - 87.1 87.1 - 87.1
attributable to
other
comprehensive
income
Other - - - 303.4 - 12.0 -
comprehensive 303.4 291.4
income
Total - - - 644.7 - 66.1 -
comprehensive 644.7 578.6
income
Balance as at 1,502.9 4,200.5 - 2,586. 704.4 3,290
31 Mar 2019 3,117.4 0 .4
Condensed statement of changes in Group equity
for the period from 1 Oct 2017 to 31 Mar 2018
Subscribed Capital Revenue Equity Non-controlling Total
capital reserves reserves before interest
EUR million non-co
ntroll
ing
intere
st
Balance as at 1,501.6 4,195.0 - 2,939. 594.0 3,533
30 Sep 2017 2,756.9 7 .7
(reported)
Adoption of - - - 41.4 - 41.4 - -
IFRS 15 41.4
Balance as at 1,501.6 4,195.0 - 2,898. 594.0 3,492
1 Oct 2017 2,798.3 3 .3
(adjusted)
Dividends - - - 381.8 - - -
381.8 381.8
Share-based - - 1.0 1.0 - 1.0
payment
schemes
Group loss - - - 280.9 - 70.3 -
280.9 210.6
Foreign - - - 61.9 - 61.9 - 4.7 -
exchange 66.6
differences
Cash Flow - - 21.3 21.3 - 21.3
Hedges
Remeasurements - - 79.1 79.1 - 79.1
of defined
benefit
obligations
and related
fund assets
Other - - 25.7 25.7 - 25.7
comprehensive
income of
companies
measured at
equity
Taxes - - - 17.9 - 17.9 - -
attributable 17.9
to other
comprehensive
income
Other - - 46.3 46.3 - 4.7 41.6
comprehensive
income
Total - - - 234.6 - 65.6 -
comprehensive 234.6 169.0
income
Balance as at 1,501.6 4,195.0 - 2,282. 659.6 2,942
31 Mar 2018 3,413.7 9 .5
Condensed cash flow statement of the TUI Group
EUR million Notes H1 2019 H1 2018
Cash outflow from (17) - 717.5 - 443.5
operating activities
Cash outflow from (17) - 679.1 - 261.2
investing activities
Cash outflow from (17) - 72.5 - 470.6
financing activities
Net change in cash and - 1,469.1 - 1,175.3
cash equivalents
Change in cash and 12.7 - 2.4
cash equivalents due
to exchange rate
fluctuation
Cash and cash 2,548.0 2,516.1
equivalents at
beginning of period
Cash and cash 1,091.6 1,338.4
equivalents at end of
period
of which included in - 0.3
the balance sheet as
assets held for sale
Notes
General
The TUI Group, with its major subsidiaries and other shareholdings, operates in the tourism business. TUI
AG based in Hanover and Berlin, Germany, is TUI Group's parent company and a listed corporation under
German law. The shares in the Company are traded on the London Stock Exchange and the Hanover and
Frankfurt Stock Exchanges.
The condensed interim consolidated financial statements of TUI AG and its subsidiaries cover the period
from 1 October 2018 to 31 March 2019. The interim consolidated financial statements are prepared in euros.
Unless stated otherwise, all amounts are stated in million euros (EURm).
The interim consolidated financial statements were released for publication by the Executive Board of TUI
AG on 13 May 2019.
Accounting principles
Declaration of compliance
The interim consolidated financial statements for the period ended 31 March 2019 comprise condensed
interim consolidated financial statements and an interim Group management report in accordance with § 115
of the German Securities Trading Act (WpHG).
The interim consolidated financial statements were prepared in conformity with the International Financial
Reporting Standards (IFRS) of the International Acounting 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 Group's 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 AG's consolidated financial statements for financial year 2018. The interim financial statements
were reviewed by the Group's auditors.
Going concern report according to the UK Corporate Governance Code
TUI Group meets its day-to-day working capital requirements through cash in hand, bank balances and loans
from financial institutions. As at 31 March 2019, TUI Group's net debt position (financial liabilities
less short-term interest-bearing bank balances) totals EUR 1,964.1 m (as at 30 September 2018 net
financial assets of EUR 123.6 m). The increase in net debt versus year-end is driven by normal seasonal
cash outflows, mainly within the tour operator.
The Group's main financial liabilities and credit lines as at 31 March 2019 are:
· a bond 2016 / 21 with a nominal value of EUR 300.0 m, issued by TUI AG, maturing in October 2021,
· EUR 150.0 m drawn from an external revolving credit facility worth EUR 1,535.0 m maturing in July
2022, used to manage the seasonality of the Group's cash flows and liquidity,
· Schuldschein with a maximum maturity until July 2028 with a nominal value of EUR 425.0 m, issued by
TUI AG,
· short-term euro commercial papers worth EUR 220.5 m,
· further liabilities to banks worth EUR 460.4 m, and
· finance lease obligations worth EUR 1,526.9 m.
The revolving credit facility agreement contains certain financial covenants, which were fully complied
with at the reporting date.
The expectations and forecasts have shown that TUI Group will continue to have sufficient funds available
from borrowings and operating cash flows in order to meet its payment obligations for the foreseeable
future and guarantee its ability to continue as a going concern.
In conformity with Rule C1.3 of the UK Corporate Governance Code, the Executive Board confirms that it
considers it appropriate to adopt the going concern basis of accounting in preparing the consolidated
financial statements.
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 as at the balance sheet
date and the reported values of revenues and expenses during the reporting period. Actual results may
deviate from the estimates.
The accounting and measurement methods adopted in the preparation of the interim financial statements as
at 31 March 2019 are materially consistent with those followed in preparing the previous consolidated
financial statements for the financial year ended 30 September 2018. Exceptions to this are the standards
and interpretations applied for the first time in financial year 2019, in particular the standards on
Revenue Recognition (IFRS 15) and recognition of Financial Instruments (IFRS 9), applied as at 1 October
2018.
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 the financial year 2019 the following standards and interpretations amended or
newly issued by the IASB have been applied by TUI for the first time either mandatorily or voluntarily:
New applied standards in financial year 2019
Standard Applicable from Amendments Impact on
financial
statements
Amendments to IFRS 2 1.1.2018 The amendments Not
Classification and clarify the material.
Measurement of accounting for
Share-based Payment certain share
transactions based payment
transactions.
IFRS 9 1.1.2018 The new The effects
Financial standard are
Instruments replaces the explained
current below.
guidance in
IAS 39 on
classification
and
measurement of
financial
assets and
introduces new
rules for
hedge
accounting.
The existing
impairment
rules are
being
superseded by
a new model
based on
expected
credit losses.
Amendments to 1.1.2019 The amendments Not
IFRS 9 (early serve to material.
Prepayment Features adoption) enable
with Negative entities
Compensation applying IFRS
9 that hold
debt
instruments
with a
prepayment
feature under
which a party
receives or
pays a
reasonable
compensation
in the event
of early
termination of
the contract
to measure
these
instruments at
amortised cost
or at fair
value through
other
comprehensive
income. Until
the effective
date of the
amendments,
such
instruments
have to be
measured at
fair value
through profit
or loss.
IFRS 15 1.1.2018 IFRS 15 The effects
Revenue from combines and of IFRS 15
Contracts with supersedes the and the
Customers guidance on clarificatio
revenue ns to IFRS
recognition 15 are
comprised in explained
various below.
standards and
interpretation
s so far. It
establishes a
single,
comprehensive
framework for
revenue
recognition,
to be applied
across
industries and
for all
categories of
revenue
transactions,
specifying
which amount
of revenue and
at which point
in time or
over which
time period
revenue is to
be recognised.
IFRS 15
replaces,
amongst
others, IAS 18
and IAS 11.
Clarifications to 1.1.2018 The amendments
IFRS 15 comprise
Revenue from clarifications
Contracts with of the
Customers guidance on
identifying
performance
obligations,
the principal
versus agent
assessment as
well as
the accounting
for revenue
from licences
at a 'point in
time' or 'over
time'.
In addition,
it introduces
pract to
simplify
first-time
adoption.
Amendments to 1.1.2018 The amendments Not
IAS 40 set out the material.
Transfer of conditions,
Investment Property according to
which property
under
construction
or
development,
which was
previously
classified as
inventory,
could be
transferred to
investment
property in
case of an
evident change
in
use (and
reversal).
IFRIC 22 1.1.2018 The No impact.
Foreign Currency interpretation
Transactions and clarifies the
Advance exchange rate
Consideration to be used
when an entity
has
received or
paid advance
consideration
in a foreign
currency. The
date of
transaction
for the
purpose of
determining
the exchange
rate to use on
initial
recognition of
the related
asset, expense
or income is
the date on
which the
entity
initally
recognises the
advance
consideration.
The amendments to IFRS 4 "Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts",
published on 12 September 2016 and effective for the first time in the financial year under review, are
not relevant for TUI Group.
IFRS 9
The first-time application of IFRS 9 primarily has the following effects on TUI:
· Financial assets were reclassified based on the relevant business models for managing the financial
assets and the cash flows characteristics associated with the financial assets. With the exception of
the equity and debt instruments previously classified as "financial assets available for sale" under IAS
39 (see next item), this reclassification did not result in any material changes in measurement
categories. Based on our assessment, all financial assets previously measured at amortised cost also
meet the conditions for classification as "measured at amortised cost" under IFRS 9.
· All equity instruments held were irrevocably allocated to the new measurement category "financial
assets at fair value recognised in OCI". Debt instruments previously classified in the measurement
category "financial assets available for sale" are designated as measured at fair value through profit
or loss under IFRS 9. The determination of the fair values of the investments measured at cost under IAS
39 resulted in an overall increase in the carrying amount of EUR 22.9 m due to the transition to IFRS 9,
recognised in other comprehensive income in line with the transition requirements.
· The classification of financial liabilities did not give rise to any changes in measurement
categories. TUI does not apply the so-called fair value option. The transition from IAS 39 to IFRS 9
therefore had no effect.
· An impairment loss is recognised for financial assets measured at amortised cost. The simplified
approach is applied to trade receivables and all expected losses over the term of the contract are
recognised upon initial recognition. In this context, TUI uses historical loss rates adjusted for credit
default swaps (CDS) rates. For all other financial assets within the scope of IFRS 9, such as touristic
loans, impairments are determined using the general approach. TUI calculates the expected credit losses
on the basis of default probabilities determined on the basis of an internal rating model. The CDS rates
are also used as forward-looking element in the general approach of the impairment model. If the default
risk of the financial asset has not deteriorated significantly since initial recognition, 12-month
credit losses are calculated. In the event of a significant deterioration in the default risk, value
adjustments are recognised in the amount of the expected credit losses over the term. It is reviewed
quarterly whether the credit risk has increased significantly. The transition from the incurred loss
model to the new expected credit loss model resulted in an overall increase in loan loss provisions of
EUR 21.8 million upon transition to IFRS 9, which was recognised directly in equity. As a result, the
impairment loss changed from EUR 96.6 million to EUR 118.4 million.
· TUI Group exercises the option to continue to apply the hedge accounting requirements of IAS 39 under
IFRS 9.
In the retrospective first-time application of IFRS 9, TUI Group exercises the option not to restate
comparative periods but to continue presenting them in line with previous IAS 39 rules. The cumulative
first-time application effect from the transition to IFRS 9 is recognised in equity as at 1 October 2018.
The table below shows the reconciliation of the categories and carrying amounts of the financial assets
and the effects of the transition to IFRS 9 on the Group's equity.
Reconciliation of the carrying amounts of financial assets from
IAS 39 to IFRS 9 as at 1 Oct 2018
Measurement Carrying Valuation Reclassifications Remeasurements Carrying Changes
according amount approach amount in
to according according accordi revenue
IAS 39 to IAS 39 to IFRS 9 ng to reserv
EUR as at 30 IFRS 9 es as
million Sep 2018 as at at 1
1 Oct Oct
2018 2018
Financial LaR 3,473.2 AC - - 21.8 3,451.4 - 21.8
assets at
amortised
cost
Financial FAHfT 40.3 FVPL - - 40.3 -
assets at
fair
value
recognise
d through
profit or
loss
Financial AfS 18.7 AV - - 18.7 -
assets at
amortised
cost
Financial AfS 26.7 - 26.7 - - -
assets at
fair
value
recognise
d in
other
comprehen
sive
income
Financial - FVOCI 26.7 - 26.7 -
assets at
fair
value
recognise
d in
other
comprehen
sive
income
Financial AfS 27.6 - 27.6 - - -
assets at
cost
Financial - FVOCI 12.6 15.0 27.6 15.0
assets at
fair
value
recognise
d in
other
comprehen
sive
income
Financial - FVPL 15.0 7.9 22.9 7.9
assets at
fair
value
recognise
d through
profit or
loss
Total 3,586.5 - 1.1 3,587.6 1.1
The value adjustment effect of EUR 21.8 million on financial assets at amortised cost results exclusively
from the application of the impairment model in accordance with IFRS 9.
The table below shows the effect of the transition to IFRS 9 on the carrying amounts and fair values of
financial assets and liabilities as at 1 October 2018 by measurement category.
Reconciliation of financial assets and liabilities according to class
and measurement categories as at 1 Oct 2018
Measurement Measurement Carrying Carrying Fair Carrying Fair
categories categories amount amount value amount value
according according as at 30 according according according according
to IAS 39 to IFRS 9 Sep 2018 to IAS 39 to IAS 39 to IFRS 9 to IFRS 9
EUR million as at 30 as at 30 as at as at
Sep 2018 Sep 2018 1 Oct 1 Oct
2018 2018
Assets
Other AfS FVOCI 39.3 39.3 39.3 54.3 54.3
financial
assets
Other AfS FVPL 15.0 15.0 15.0 22.9 22.9
financial
assets
Other AfS AC 18.7 18.7 18.7 18.7 18.7
financial
assets
Trade and LaR / n. a. AC 925.2 925.2 925.2 903.4 903.4
other
receivables
Derivative
financial
instruments
Hedging n. a. n. a. 484.7 484.7 484.7 484.7 484.7
Other FAHfT FVPL 40.3 40.3 40.3 40.3 40.3
derivative
financial
instrument
s
Cash and LaR AC 2,548.0 2,548.0 2,548.0 2,548.0 2,548.0
cash
equivalents
Liabilities
Financial FLaC / n. AC 2,442.9 1,100.3 1,163.6 1,100.3 1,163.6
liabilities a.
Trade FLaC AC 2,692.5 2,692.5 2,692.5 2,692.5 2,692.5
payables
Derivative
financial
instruments
Hedging n. a. n. a. 56.0 56.0 56.0 56.0 56.0
Other FLHfT FVPL 22.5 22.5 22.5 22.5 22.5
derivative
financial
instrument
s
Other FLaC AC 107.7 107.7 107.7 107.7 107.7
financial
liabilities
IFRS 15
In May 2014, IASB issued IFRS 15 (Revenues from Contracts with Customers). TUI Group applied IFRS 15 for
the first time as at 1 October 2018, using the retrospective method under which the comparative period is
presented in line with IFRS 15. As at 1 October 2017, the transition date, the first-time application of
IFRS 15 resulted in a decrease in equity of EUR 41.4 m (after tax). The application of IFRS 15 lead in
particular to the following results:
· The flights, hotel nights and other services included in a package holiday are transformed into one
product for customers within the meaning of IFRS 15, TUI as a tour operator, provides a significant
service of integrating these services into a bundle, so that a package holiday constitute a single
performance obligation for TUI.
· Tour operator revenue recognition: Depending on the specific terms and conditions of the relevant
contract, most tour operator revenue transactions were recognised on departure, i. e. at a point in
time, under IAS 18. According to IFRS 15, revenue is now recognised when TUI performs the service for
the customer, i. e. over the duration of the holiday, as customers consume their holidays over time.
Compared with the rules of IAS 18, this usually leads to a change of timing for recognition of revenues
and costs to a later date.
· Change of presentation in the income statement: Due to the transition to IFRS 15, TUI has presented
some revenue from tour operation under certain business models, previously shown on a gross basis under
turnover and cost of sales, on a net basis since this financial year. This primarily affects
passenger-related taxes and charges as well as denied boarding compensation, shown on a net basis under
revenues under IFRS 15.
· The application of IFRS 15 for joint ventures and associates measured at equity also created effects
impacting underlying EBITA through the result from joint ventures and associates.
TUI applies the practical expedient offered under IFRS 15.63, dispensing with accounting for existing
financing components in contracts with a term of one year or less. Advance payments received from
customers constitute contract liaibilities within the meaning of IFRS 15. The effects of the first-time
application of IFRS 15 on TUI Group's consolidated financial statements are summarised in the section on
"Restatement of comparative periods".
The effects of the recognition of additional revenues and tourist expenses at the beginning of a financial
year and lower revenues and tourism expenses at the end of a financial year driven by the new, later
revenue recognition under IFRS 15 compared with revenue recognition on departure, i. e. at a point in
time, under IAS 18 will almost completely offset one another on constant business volumes.
Restatement of comparative periods
TUI Group has retrospectively applied IFRS 15 and IFRS 9 as at 1 October 2018 as described in the section
"Newly applied standards". Unlike IFRS 15, IFRS 9 was introduced without a restatement of prior year
comparatives. In order to improve the presentation and the comparability of the financial statements, the
comparative figures for impairments on financial assets have been reclassified to the new line introduced
by IFRS 9 accordingly.
Additionally, Purchase Price Allocation restatements for the business Destination Management resulted in a
restatement of prior-year comparatives in the statement of financial position (for further details, see
comments in the section on "Acquisitions").
Restatement of income statement
Restated items of the income statement of the TUI Group
for the period from 1 Oct 2017 to 31 Mar 2018
before Adoption of Amendment adjusted
adjustment IFRS 15 income
EUR million statement
structure
Turnover 6,813.5 - 247.6 - 6,565.9
Cost of sales 6,558.7 - 244.2 - 25.9 6,288.6
Gross profit 254.8 - 3.4 25.9 277.3
Administrative 621.4 0.4 - 1.1 620.7
expenses
Impairment of - - 27.0 27.0
financial assets
Share of result of 121.5 - 7.3 - 114.2
joint ventures and
associates
Earnings before - 247.2 - 11.1 - - 258.3
income taxes
Income taxes - 47.0 - 0.7 - - 47.7
Result from - 200.2 - 10.4 - - 210.6
continuing
operations
Group loss - 200.2 - 10.4 - - 210.6
Group loss for the - 270.5 - 10.4 - - 280.9
year attributable to
shareholders of TUI
AG
Restatement of earnings per share
Reconciliation to the adjusted earnings per share of the TUI
Group for the period
from 1 Oct 2017 to 31 Mar 2018
EUR before Adoption of adjusted
adjustment IFRS 15
Basic and diluted earnings per - 0.46 - 0.02 - 0.48
share
from continuing operations - 0.46 - 0.02 - 0.48
Restatement of condensed statement of comprehensive income
Restated items of the condensed statement of comprehensive
income of the
TUI Group for the period from 1 Oct 2017 to 31 Mar 2018
EUR million before Adoption of adjusted
adjustment IFRS 15
Group loss - 200.2 - 10.4 - 210.6
Items that will not be 65.7 - 65.7
reclassified to profit
or loss
Foreign exchange - 67.7 1.1 - 66.6
differences
Items that may be - 25.2 1.1 - 24.1
reclassified to profit
or loss
Other comprehensive 40.5 1.1 41.6
income
Total comprehensive - 159.7 - 9.3 - 169.0
income
attributable to - 225.3 - 9.3 - 234.6
shareholders of TUI AG
Restatement of statement of financial position
Adjusted items in the financial position of the TUI Group as at 30 Sep 2018 and 1 Oct 2017
30 Sep 2018 1 Oct 2017
EUR million before Adoption Adjustment Amendment adjusted before Adoption Amendment adjusted
adjustment of IFRS PPA balance adjustment of IFRS balance
15 Destinatio sheet 15 sheet
n structure structure
Management
Assets
Goodwill 2,958.6 - - 44.1 - 2,914.5 2,889.5 - - 2,889.5
Other 569.9 - 57.2 - 627.1 548.1 - - 548.1
intangible
assets
Investments in 1,436.6 - 34.3 - - 1,402.3 1,306.2 - 22.1 - 1,284.1
joint ventures
and associates
Trade and other 287.7 - - - 184.4 103.3 211.8 - - 73.1 138.7
receivables
Other - - - 184.4 184.4 - - 73.1 73.1
non-financial
assets
Deferred tax 225.7 2.3 - - 228.0 323.7 2.3 - 326.0
assets
Non-current 10,682.1 - 32.0 13.1 - 10,663.2 9,867.6 - 19.8 - 9,847.8
assets
Trade and other 981.9 - - 1.4 - 158.6 821.9 794.5 - - 93.6 700.9
receivables
Other financial - - - 18.7 18.7 - - 11.9 11.9
assets
Touristic 720.2 11.1 - - 731.3 573.4 10.5 - 583.9
payments on
account
Other - - - 139.9 139.9 - - 81.7 81.7
non-financial
assets
Current assets 4,929.7 11.1 - 1.4 - 4,939.4 4,317.9 10.5 - 4,328.4
Total assets 15,611.8 - 20.9 11.7 - 15,602.6 14,185.5 - 9.3 - 14,176.2
Equity and
liabilities
Revenue - 2,005.3 - 51.9 - 1.0 - - - 2,756.9 - 41.4 - -
reserves 2,058.2 2,798.3
Equity before 3,698.1 - 51.9 - 1.0 - 3,645.2 2,939.7 - 41.4 - 2,898.3
non-controlling
interest
Non-controlling 635.5 - - 0.7 - 634.8 594.0 - - 594.0
interest
Equity 4,333.6 - 51.9 - 1.7 - 4,280.0 3,533.7 - 41.4 - 3,492.3
Other financial 103.4 - - - 89.0 14.4 150.2 - - 106.3 43.9
liabilities
Other - - - 89.0 89.0 - - 106.3 106.3
non-financial
liabilities
Deferred tax 184.5 - 2.6 13.4 - 195.3 109.0 - 2.6 - 106.4
liabilities
Non-current 2,660.2 - 2.6 13.4 - 2,671.0 2,221.0 - 2.6 - 2,218.4
liabilities
Non-current 4,390.5 - 2.6 13.4 - 4,401.3 4,117.1 - 2.6 - 4,114.5
provisions and
liabilities
Trade payables 2,937.3 - 240.2 - - 4.6 2,692.5 2,653.3 - 219.3 - 0.9 2,433.1
Other financial 674.4 - - - 581.1 93.3 598.0 - - 494.2 103.8
liabilities
Touristic 2,551.0 273.8 - - 2,824.8 2,446.4 254.0 - 2,700.4
advance
payments
received
Other - - - 585.7 585.7 - - 495.1 495.1
non-financial
liabilities
Current 6,506.8 33.6 - - 6,540.4 6,152.1 34.7 - 6,186.8
liabilities
Current 6,887.7 33.6 - - 6,921.3 6,534.7 34.7 - 6,569.4
provisions and
liabilities
Total equity 15,611.8 - 20.9 11.7 - 15,602.6 14,185.5 - 9.3 - 14,176.2
and liabilities
Group of consolidated companies
The consolidated 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 and have entitlements regarding the returns, or have the ability to affect the level of those
variable returns through its decision-making power.
The interim financial statements as at 31 March 2019 comprised a total of 288 subsidiaries of TUI AG.
Development of the group of consolidated companies*
and the Group companies measured at equity
Consolidated Associates Joint ventures
subsidiaries
Balance at 30 Sep 285 17 27
2018
Additions 16 1 3
Acquisition 13 1 -
Expansion of 3 - 3
business
operations
Disposals 13 - -
Liquidation 10 - -
Sale 1 - -
Merger 2 - -
Balance at 31 Mar 288 18 30
2019
* excl. TUI AG
Acquisitions - Divestments
Acquisitions of the current financial year
In H1 2019, companies and businesses were acquired for a total consideration of EUR 142.5 m, exclusively
consisting of cash.
Summary presentation of acquisitions
Name and Business Acquirer Date of Acquired Consideration
headquarte activity acquisition share transferred
rs in
of the EUR million
acquired
company or
business
Musement Technology TUI 2.10.18 100 % 35.5
S.p.A., Start-up Holding
Milano, Spain
Italy S.L.
(subgroup)
Reisebüro Travel Agent TUI 1.1.19 100 % 2.5
Oggersheim Deutschl
Frank and GmbH
Jochim
GmbH,
Ludwigshaf
en
Evre Grup Accommodation Robinson 14.2.19 100 % 71.8
Turizm Service Club
Yatirim GmbH
Anonim
Sirketi,
Ankara,
Turkey
(subgroup)
Business Destination various 5.11.18 - various* 31.3
Destinatio Service 27.12.18
n
Management
5 Travel Travel Agent TUI 1.11.18 - n. a. 1.4
Agencies Deutschl 1.1.19
in Germany and GmbH
Total 142.5
* Five subsidiaries, two thereof with non-controlling interest, and one affiliated non-consolidated
company.
The acquisitions of travel agencies in Germany in the first half of financial year 2019 were carried out
as asset deals. The goal of these acquisitions and the acquisition of the travel agency Reisebüro
Oggersheim Frank Jochim GmbH, Ludwigshafen, is to increase the footprint in the German market. These
acquisitions will be disclosed as 'Travel Agencies' in the following.
The acquisition of the technology start-up Musement S.p.A., Milan, Italy, aiming to strengthen the growth
sector TUI Destination Experiences, included the acquisition of four additional companies. The acquisition
served to acquire a digital platform, which is one of the leading online providers of destination
activities, tours and excursions. The goal of the transaction is to strengthen TUI's position in this
business and expand its holiday experiences portfolio. Apart from the purchase price for the acquisition
of the stake totalling EUR 35.5 m, TUI also acquired receivables from the former owners against the
company and liabilities of the acquired company worth EUR 4.7 m.
The acquisition of a stake in Evre Grup Turizm Yatirim Anonim Sirketi, Ankara, also resulted in an
increase in TUI Group's stake in the company's Ankara-based subsidiary ETA Turizm ve Yatirim Isletmeleri
A.S. from 15 % to 100 %. The goal of the transaction is to increase TUI's earnings potential. The
investment, previously classified as an equity instrument under IFRS 9, was measured at fair value outside
profit and loss. In the course of the first-time consolidation a revaluation loss worth EUR 1.8 m was
disclosed in other comprehensive income.
Reconciliation to goodwill as at the date of first-time
consolidation
Musement Travel Evre Grup Business
S.p.A. Agencies Turizm Destination
EUR million (subgroup) Yatirim A.S. Management
(subgroup)
Consideration 35.5 3.9 71.8 31.3
transferred
Fair value of - - 12.6 -
interests held
immediately
before the
acquisition date
Non-controlling - - - 3.5
interests
Net Assets at - 1.6 1.0 62.6 22.4
fair value
Goodwill 37.1 2.9 21.8 12.4
The difference arising between the consideration transferred and the acquired revalued net assets was
provisionally carried as goodwill. It primarily constitutes a part of the future earnings potential and
synergy effects. Goodwill capitalised in the period under review includes an amount of EUR 1.2 m which is
expected to be tax-deductible.
Statement of financial position as at the date of first-time
consolidation
Musement Travel Evre Grup Business
S.p.A. Agencies Turizm Destination
EUR million (subgroup) Yatirim A.S. Management
(subgroup)
Other 9.8 0.5 3.4 3.3
intangible
assets
Property, plant 0.1 0.3 86.1 1.1
and equipment
Investments - - 0.1 -
Fixed assets 9.9 0.8 89.6 4.4
Inventories - - 0.3 -
Trade 0.3 0.3 0.8 6.1
receivables
Other assets 0.6 0.8 4.2 11.2
Cash and cash 0.7 - 0.2 16.6
equivalents
Deferred tax 1.9 - 15.7 1.4
liabilities
Other 0.4 0.5 0.5 2.3
provisions
Financial - - 9.5 -
liabilities
Other 10.8 0.4 6.8 12.2
liabilities
Equity - 1.6 1.0 62.6 22.4
attributable to - 1.6 1.0 62.6 18.9
shareholders of
TUI AG
attributable to - - - 3.5
non-controlling
interest
The gross amounts of the acquired trade receivables totalled EUR 0.3 m for Musement S.p.A., Milan and EUR
0.8 m for Evre Grup Turizm Yatirim A.S., Ankara and EUR 0.3 m for the travel agencies at the date of
acquisition. No impairments were carried.
Especially the measurement of other intangible assets of Musement S.p.A., Milan, and specific acquired
assets and liabilities of Evre Grup Turizm Yatirim Anonim Sirketi, Ankara, and the travel agency Reisebüro
Oggersheim Frank Jochim GmbH, Ludwigshafen, was not yet finalised as at the reporting date based on the
information available.
In financial year 2018, a purchase agreement was concluded between HNVR Midco Limited, the seller, and TUI
AG. Under the agreement, HNVR Midco Limited was obliged to transfer the stakes in 53 companies forming the
Destination Management division. Due to local legal requirements, six companies were not transferred until
the current financial year 2019, finalising the total transaction as scheduled. The purchase price for the
transfers to be finalised in the current financial year totals EUR 31.3 m. The total purchase price
including the purchase price for the companies acquired in the previous year amounts to EUR 126.1 m.
The Destination Management business primarily provides the delivery of services and leisure activities in
the holiday destinations and services for the cruise sector. The goal of the acquisition is to expand the
Group's global market presence in the activities and excursions business and deliver operational synergies
so as to become one of the world's leading providers of destination services.
Non-controlling interests were measured as the corresponding share of current equity instruments in the
amounts carried for the identifiable net assets of the acquired business division. The gross amounts of
the acquired trade receivables of this year's transferrred companies of Destination Management amounted to
EUR 6.3 m as at the acquisition date. Impairments were carried at an amount of EUR 0.2 m.The goodwill
provisionally capitalised for the Destination Management companies transferred in financial year 2019
totals EUR 12.4 m. Due to the provisional nature of amount determined, that goodwill constitutes expected
synergies plus potential measurement adjustments of intangible assets.
The measurement of some parts of the assets and liabilities acquired in the framework of the acquisition
of Destination Management was not yet finalised as at the reporting date. Due to the high complexity
resulting from the acquisition of a large number of companies with different business areas and currency
areas, the numbers presented are provisional for the time being. While identification of intangible assets
has been finalised, measurement is not yet finalised and the determined values remain provisional.
Turnover and profit contribution of newly acquired entities
EUR million Musement Evre Grup Turizm Business
S.p.A. Yatirim A.S. Destination
(subgroup) (subgroup) Management
Turnover from 9.9 2.0 22.4
first-time
consolidation
Profit / Loss - 4.9 - 1.0 0.3
from first-time
consolidation
Pro-Forma 9.9 7.4 32.3
turnover from 1
Oct 2018 until
31 Mar 2019
Pro-Forma loss - 4.9 - - 1.5
from 1 Oct 2018
until 31 Mar
2019
The revenues and profit contributions delivered by the other acquired companies were immaterial, even if
the acquired companies had already been included in consolidation as at 1 October 2018.
Acquisitions of the prior financial year
As at 31 March 2019, the purchase price allocation of the Destination Management companies already
acquired as at the end of financial year 2018 was adjusted to the current status of the measurement
process as follows:
Impact of changes in purchase price allocations and
adjustments on the consolidated
statement of financial position of the business unit
Destination Management
EUR million Fair value at Adjustment Fair values at
date of date of
acquisition first-time
(31 Jul 2018) consolidation
Other intangible 0.9 58.6 59.5
assets
Property, plant and 7.3 - 7.3
equipment
Investments in 4.5 - 4.5
joint ventures and
associates
Fixed assets 12.7 58.6 71.3
Inventories 0.1 - 0.1
Trade receivables 68.9 - 1.4 67.5
Other assets 64.5 - 64.5
Cash and cash 47.8 - 47.8
equivalents
Deferred tax 0.2 13.8 14.0
liabilities
Other provisions 7.4 - 7.4
Financial 10.3 - 10.3
liabilities
Trade payables 110.2 - 110.2
Other liabilities 49.0 - 49.0
Equity 16.9 - 16.9
The adjustments caused an increase in cost of sales and expenses of purchase price allocations by EUR 1.3
m and a decrease in income taxes by EUR 0.3 m in previous year. The provisional goodwill has been adjusted
from EUR 82.3 m by EUR 44.1 m to an amount of EUR 38.2 m.
In the presented financial statements, the purchase price allocations for the Cruisetour AG, Zurich,
Suisse, the Croisimonde AG, Zug, Suisse and the three travel agencies acquired in the first half-year of
the prior financial year were finalised without a material impact on the consolidated statement of
financial position. The purchase price allocation of last year's acquisition of Antwun S.A. is not yet
finalised in terms of specific receivables and liabilities due to an outstanding report.
After the balance sheet date no material acquisitions have been completed.
Divestments
On 15 March 2019, Corsair S.A. was sold to Diamondale Ltd for one euro. At the same time, a 27 % stake in
Diamondale Ltd. was acquired for one euro. This investment is carried as an associate in TUI AG's
consolidated financial statements. Other shareholders in Diamondale Ltd. are Intro Aviation GmbH and a
trust fund for the benefit of the employees of Corsair S.A. The divestment of Corsair S.A. resulted in a
loss of EUR 11.1 m, carried under Other expenses. This loss includes income from the reclassification of
amounts previously recognised in Other Comprehensive Income.
Condensed balance sheet of Corsair S.A. as at 15 Mar 2019
EUR million 15 Mar 2019
Assets
Property, plant and equipment and intangible 99.6
assets
Other non-current assets 44.6
Trade receivables 50.1
Other current assets 29.2
Cash and cash equivalents 47.4
270.9
Provisions and liabilities
Non-current provisions 47.3
Non-current liabilities 1.4
Current provisions 10.1
Trade payables 47.3
Touristic advance payments received 110.8
Other current liabilties 21.7
238.6
Notes to the consolidated income statement
TUI Group's results reflect the significant seasonal swing in tourism between the winter and summer travel
months. The Group seeks to counteract the seasonal swing through a broad range of holiday offerings in the
summer and winter season and its presence in different travel markets worldwide with varying annual
cycles. The consolidated income statement reflects the seasonality of the tourism business, with the
consequence that the result generated in the period from October to March is negative. Due to the
seasonality of the business, a comparison of the first half year's results with the full-year results is
not meaningful.
(1) Turnover
Turnover grew by 1.7 % year-on-year in H1. The turnover growth is driven primarily by an increase in the
business volume as a result of the acquisitions of Destination Management from Hotelbeds Group and the
Italian technology start-up Musement, offset by decreased turnover in Markets & Airlines.
External revenue allocated by destinations for the
period from 1 Oct 2018 to 31 Mar 2019
Spain Other Carribean North Rest Other H1
(incl. Europ , Afric of 2019
EUR million Canary ean Mexico, a & Africa Total
Islands) desti USA & Turke , Ind.
natio Canada y Ocean,
ns Asia
Hotels & 77.7 19.1 99.8 20.0 58.4 - 275.0
Resorts
Cruises 74.8 48.7 149.2 - 134.6 23.9 431.2
Destination 25.7 104.3 77.0 8.9 71.1 18.6 305.6
Experiences
Holiday 178.2 172.1 326.0 28.9 264.1 42.5 1,011.
experiences 8
Northern 788.3 392.8 429.5 117.3 367.6 13.8 2,109.
Region 3
Central 639.4 481.4 225.1 323.9 542.2 13.3 2,225.
Region 3
Western 253.2 133.8 306.8 153.5 192.3 16.7 1,056.
Region 3
Markets & 1,680.9 1,008 961.4 594.7 1,102. 43.8 5,390.
Airlines .0 1 9
All other 1.8 28.2 80.6 3.2 149.9 10.0 273.7
segments
Total 1,860.9 1,208 1,368.0 626.8 1,516. 96.3 6,676.
.3 1 4
External revenue allocated by destinations for the
period from 1 Oct 2017 to 31 Mar 2018 (adjusted)
Spain Other Carribean North Rest Other H1
(incl. Europ , Afric of 2018
EUR million Canary ean Mexico, a & Africa Total
Islands) desti USA & Turke , Ind.
natio Canada y Ocean,
ns Asia
Hotels & 114.3 19.2 97.5 13.3 50.2 - 294.5
Resorts
Cruises 94.2 44.7 164.7 1.0 46.2 53.6 404.4
Destination 25.1 17.0 18.2 2.3 3.5 0.1 66.2
Experiences
Holiday 233.6 80.9 280.4 16.6 99.9 53.7 765.1
experiences
Northern 853.6 409.6 462.0 87.5 386.5 14.7 2,213.
Region 9
Central 719.0 493.6 242.7 235.0 533.0 10.9 2,234.
Region 2
Western 286.8 146.2 263.8 146.5 206.9 13.5 1,063.
Region 7
Markets & 1,859.4 1,049 968.5 469.0 1,126. 39.1 5,511.
Airlines .4 4 8
All other 1.0 26.9 93.3 0.8 157.5 9.5 289.0
segments
Total 2,094.0 1,157 1,342.2 486.4 1,383. 102.3 6,565.
.2 8 9
(2) Cost of sales and administrative expenses
Cost of sales represent the expenses incurred to deliver tourism services. In addition to the expenses for
staff costs, depreciation, amortisation, rent and leasing, they include all costs incurred by the Group in
connection with the procurement and delivery of airline services, hotel accommodation and cruises as well
as distribution costs.
Administrative expenses comprise all expenses incurred in connection with the performance of
administrative functions and break down as follows:
Administrative expenses
H1 2019 H1 2018
EUR million adjusted
Staff cost 365.1 362.0
Rental and leasing expenses 32.5 27.0
Depreciation, amortisation and impairment 39.9 37.9
Others 200.7 193.8
Total 638.2 620.7
The cost of sales and administrative expenses include the following expenses for staff, depreciation /
amortisation, rent and leasing:
Staff cost
EUR million H1 2019 H1 2018
Wages and salaries 969.5 941.1
Social security contributions, pension costs 227.4 217.5
and benefits
Total 1,196.9 1,158.6
Depreciation / amortisation / impairment
EUR million H1 2019 H1 2018
Depreciation and amortisation of 238.4 203.2
other intangible assets and
property, plant and equipment
Impairment of other intangible - 4.8
assets and property, plant and
equipment
Total 238.4 208.0
Rental and leasing expenses
EUR million H1 2019 H1 2018
Rental and leasing expenses 358.8 349.5
(3) Other income
In H1 2019, other income mainly resulted from the sale of aircraft assets. In the prior year, this item
had primarily included income from the sale of two hotel companies as well as a hotel.
(4) Other expenses
Other expenses include an amount of EUR 11.1 m for the loss arising from the sale of Corsair S.A.
(5) Financial result
The improvement in the financial result from EUR- 50.4 m in the first half of the previous year to EUR-
9.2 m in the current financial year results above all from a reversal of a provision for interest due to a
revaluation of tax liabilities, from changes in foreign exchange rates relating to financial instruments,
and the closing out of foreign exchange hedges no longer required.
(6) Share of result of joint ventures and associates
Share of result of joint ventures and associates
H1 2019 H1 2018
EUR million adjusted
Hotels & Resorts 41.9 37.6
Cruises 54.0 53.3
Destination Experiences 5.2 4.2
Holiday Experiences 101.1 95.1
Northern Region 5.1 18.1
Central Region 1.0 0.7
Western Region 0.2 0.2
Markets & Airlines 6.3 19.0
All other segments - 0.1 0.1
Total 107.3 114.2
(7) Income taxes
The tax income arising in the first half of 2019 is partly driven by the seasonality of the tourism
business. Due to a revaluation of tax liabilities, tax liabilities worth EUR 40.5 m were reversed.
(8) Group loss attributable to non-controlling interest
The Group result attributable to non-controlling interests is substantially a profit, primarily relating
to RIUSA II Group at an amount of EUR 52.9 m (previous year EUR 70.7 m).
Notes to the financial position of the TUI Group
(9) Goodwill
Goodwill rose by EUR 76.6 m due to acquisitions and by EUR 36.4 m due to foreign currency translation.
(10) Property, plant and equipment
Property, plant and equipment totals EUR 5,475.1 m, up by EUR 575.9 m as against the financial year-end.
The increase is primarily attributable to the purchase of aircraft assets worth EUR 313.2 m, spent to
acquire six aircraft under finance leases, for which a total of EUR 205.8 m of finance lease liabilities
were carried as liabilities in the statement of financial position. In addition, Marella Cruises acquired
Explorer 2 for EUR 115.7 m and invested a further EUR 46.3 m to refurbish the ship. The Hotels & Resorts
segment acquired hotel assets totalling EUR 310.0 m, partly through company acquisitions. Exchange
differences resulted in an increase in property, plant and equipment of EUR 91.8 m, partly offset by
depreciation / amortisation for H1 2019 and the completion of disposals, in particular the sale of Corsair
S.A.
(11) Pension provisions and similar obligations
Pension commitments rose mainly due to lower discount rates as a result of the considerable decline in
interest rate levels in the UK and Germany. In the UK, this increase was more than offset by contributions
to the pension plan and a sound development of plan assets.
Pension provisions for unfunded plans and plans with a shortfall in coverage grew by EUR 43.7 m to EUR
1,038.5 m as against the end of the financial year.
Pension plans with an excess of plan assets over funded obligations carried under other non-financial
assets grew by EUR 49.9 m to EUR 175.0 m as against 30 September 2018.
(12) Financial liabilities
Non-current financial liabilities rose by EUR 260.6 m to EUR 2,511.3 m as against 30 September 2018 . This
was mainly driven by an increase in liabilities from finance leases of EUR 172.5 m and an increase in
liabilities to banks of EUR 87.6 m.
As at 31 March 2019, current financial liabilities grew by EUR 397.9 m to EUR 590.1 m as against 30
September 2018. The increase mainly results from the use of short-term credit lines and alternative
short-term refinancing options to cover the payments due in the wake of the seasonality in tourism.
(13) Changes in equity
Overall, equity decreased by EUR 989.6 m to EUR 3,290.4 m as against 30 September 2018. Due to the
first-time application of IFRS 9 equity decreased by EUR 5.8 m taking into consideration deferred taxes.
In the first half of 2019, TUI AG paid a dividend of EUR 0.72 per no-par value share. Total dividend
payments to the shareholders amounted to EUR 423.3 m (previous year EUR 381.8 m).
The Group loss in the first half of the year is attributable to the seasonality of the tourism business.
The proportion of gains and losses from cash flow hedges for future cash flows includes an amount of EUR-
342.8 m (pre-tax) carried under other comprehensive income in equity outside profit and loss (previous
year EUR 21.3 m).
The revaluation of pension obligations is also carried under other comprehensive income in equity outside
profit and loss.
(14) Financial instruments
Carrying amounts and fair values according to classes and measurement
categories according to IFRS 9 as at 31 Mar 2019
Category according to IFRS 9
Carrying At Fair Fair Fair Values Carrying Fair value
amount amortised value value valu according amount of of
cost with with no e to IAS 17 financial financial
no effect on thro (leases) instruments instruments
effect profit ugh
EUR million on and loss prof
profit with it
and recycling and
loss loss
withou
t
recycl
ing
Assets
Trade 867.0 867.0 - - - - 867.0 867.0
receivables
and other
receivables
Derivative
financial
instrument
s
Hedging 319.5 - - 319.5 - - 319.5 319.5
transaction
s
Other 50.5 - - - 50.5 - 50.5 50.5
derivative
financial
instruments
Other 89.1 45.7 40.7 - 2.7 - 89.1 89.1
financial
assets
Cash and 1,091.6 1,091.6 - - - - 1,091.6 1,091.6
cash
equivalents
Liabilities
Financial 3,101.4 1,574.5 - - - 1,526.9 1,574.5 1,679.0
liabilities
Trade 1,899.6 1,899.6 - - - - 1,899.6 1,899.6
payables
Derivative
financial
instrument
s
Hedging 203.1 - - 203.1 - - 203.1 203.1
transaction
s
Other 19.1 - - - 19.1 - 19.1 19.1
derivative
financial
instruments
Other 111.2 111.2 - - - - 111.2 111.2
financial
liabilities
Carrying amounts and fair values according to classes and measurement
categories according to IAS 39 as at 30 Sep 2018
Category according to
IAS 39
Carrying At At Fair Fair Values Carrying Fair value
amount amortised cost value valu accor amount of of
cost with e ding financial financial
no thro to IAS instruments instruments
EUR million effe ugh 17
ct on prof (Lease
profi it s)
t and and
loss loss
Assets
Trade 925.2 925.2 - - - - 925.2 925.2
receivables
and other
receivables
Derivative
financial
instruments
Hedging 484.7 - - 484.7 - - 484.7 484.7
transaction
s
Other 40.3 - - - 40.3 - 40.3 40.3
derivative
financial
instruments
Other 73.0 18.7 27.6 26.7 - - 73.0 73.0
financial
assets
Cash and 2,548.0 2,548.0 - - - - 2,548.0 2,548.0
cash
equivalents
Liabilities
Financial 2,442.9 1,100.3 - - - 1,342. 1,100.3 1,163.6
liabilities 6
Trade 2,692.5 2,692.5 - - - - 2,692.5 2,692.5
payables
Derivative
financial
instrument
s
Hedging 56.0 - - 56.0 - - 56.0 56.0
transaction
s
Other 22.5 - - - 22.5 - 22.5 22.5
derivative
financial
instruments
Other 107.7 107.7 - - - - 107.7 107.7
financial
liabilities
Due to the short remaining terms of cash and cash equivalents, current trade and other receivables,
current trade payables and other financial liabilities, the carrying amounts are taken as realistic
estimates of the fair values.
The fair values of non-current trade and other receivables correspond to the present values of the cash
flows associated with the assets, using current interest parameters which reflect market- and
counterparty-related changes in terms and expectations.
Aggregation according to measurement categories under IFRS 9
as at 31 Mar 2019
Carrying amount of Fair value
financial instruments
Total
EUR million
Financial assets - -
at amortised cost 2,004.3 2,004.3
at fair value recognised 40.7 40.7
directly in equity
without recycling
at fair value recognised - -
directly in equity with
recycling
at fair value through 53.2 53.2
profit or loss
Financial liabilities
at amortised cost 3,585.3 3,690.0
at fair value recognised 19.1 19.1
directly in equity
Aggregation according to measurement categories under IAS
39 as at 30 Sep 2018
At At cost Fair value Carrying Fair
amortise amount of value
d cost financial
instruments
EUR with no through Total
million effect profit
on and
profit loss
and loss
Loans and 3,473.2 - - - 3,473.2 3,473.2
receivabl
es
Financial
assets
available 18.7 27.6 26.7 - 73.0 73.0
for sale
held for - - - 40.3 40.3 40.3
trading
Financial
liabiliti
es
at 3,900.5 - - - 3,900.5 3,963.8
amortised
cost
held for - - - 22.5 22.5 22.5
trading
Fair value measurement
The following table presents the fair values of the recurring, non-recurring and other financial
instruments recognised at fair value in accordance with the underlying measurement levels. The individual
levels have been defined as follows in line with the input factors:
· Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.
· Level 2: input factors for the measurement are quoted market price other than those mentioned in Level
1, directly (as market price quotation) or indirectly (derivable from market price quotation) observable
in the market for the asset or liability.
· Level 3: input factors for the measurement of the asset or liability are based on non-observable
market data.
Hierarchy of financial instruments measured at fair value as
at 31 Mar 2019
Fair value hierarchy
EUR million Total Level 1 Level 2 Level 3
Assets
Other financial assets 43.4 - - 43.4
Derivative financial
instruments
Hedging transactions 319.5 - 319.5 -
Other derivative 50.5 - 50.5 -
financial instruments
Liabilities
Derivative financial
instruments
Hedging transactions 203.1 - 203.1 -
Other derivative 19.1 - 19.1 -
financial instruments
Hierarchy of financial instruments measured at fair value as
of 30 Sep 2018
Fair value hierarchy
EUR million Total Level 1 Level 2 Level 3
Assets
Other financial assets 26.7 - - 26.7
Derivative financial
instruments
Hedging transactions 484.7 - 484.7 -
Other derivative 40.3 - 40.3 -
financial instruments
Liabilities
Derivative financial
instruments
Hedging transactions 56.0 - 56.0 -
Other derivative 22.5 - 22.5 -
financial instruments
At the end of every reporting period, TUI 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 first half of the current financial year, in
accordance with the first-time application of IFRS 9, it should be noted that investments measured at cost
in accordance with IAS 39 are measured at fair value due to the changeover to IFRS 9. These investments
are therefore included in the fair value measurement for the first time. They are reported in Level 3 of
the valuation hierarchy. TUI 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 is available is based on the market
price quotation at the balance sheet date. An active market exists if price quotations are easily and
regularly available from a stock exchange, traders, brokers, price service providers or regulatory
authorities, and if these prices represent actual and regular market transactions between independent
business partners. These financial instruments are categorised within Level 1. The fair values correspond
to the nominal values multiplied by the price quotations at the balance sheet date.
Level 1 financial instruments primarily comprise shares of listed companies classified as other financial
assets and bonds issued in the class of other financial liabilities measured at amortised cost.
Level 2 financial instruments
The fair values of financial instruments not traded in an active market, e. g. over the counter
derivatives (OTC), are determined by means of valuation techniques. These valuation techniques maximise
the use of observable market data and minimise the use of Group-specific assumptions. If all essential
input factors for the determination of the fair value of an instrument are observable, the instrument is
categorised within Level 2.
If one or several of the essential input factors are not based on observable market data, the instrument
is categorised within Level 3.
The specific valuation techniques used for the measurement of financial instruments are:
· For over the counter bonds, liabilities to banks, promissory notes and other non-current financial
liabilities, 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.
· For over the counter derivatives, the fair value 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 value
calculations of optional hedging instruments are determined using standard market valuation methods. The
fair values determined on the basis of the Group's own systems are regularly compared with fair value
confirmations of the external counterparties.
· Other valuation techniques, e. g. discounting future cash flows, are used for the measurement of the
fair values of other financial instruments.
Level 3 financial instruments
The following table shows the development of the values of the financial instruments measured at fair
value on a recurring basis categorised within Level 3 of the measurement hierarchy.
Financial assets measured at fair value in Level 3
EUR million Financial Other Other
assets financial liabilities
available for assets IFRS 9
sale IAS 39
Balance as at 1 Oct 5.9 - 45.8
2017
Additions (incl. 20.1 - -
transfer)
conversion / 20.1 - -
rebooking
Disposals - - - 4.4
repayment / sale - - - 4.4
Total gains or 0.7 - - 41.4
losses for the
period
recognised through - - - 41.4
profit and loss
recognised in other 0.7 - -
comprehensive
income
Balance as at 30 26.7 - -
Sep 2018
Balance as at 30 - 26.7 -
Sep 2018
First-time adoption - 50.4 -
IFRS 9
Balance as at 1 Oct - 77.1 -
2018
Disposals - - 34.8 -
sale - - 0.2 -
consolidation - - 34.6 -
Total gains or - 1.1 -
losses for the
period
recognised through - - -
profit and loss
recognised in other - 1.1 -
comprehensive
income
Balance as at 31 - 43.4 -
Mar 2019
(15) Contingent liabilities
As at 31 March 2019, contingent liabilities totalled EUR 153.0 m (previous year EUR 118.7 m). Contingent
liabilities are reported at an amount representing the best estimate of the potential expenditure that
would be required to meet the potential obligation as at the balance sheet date.
As at 31 March 2019, contingent liabilities mainly relate to the provision of guarantees for the benefit
of hotel and aviation activities.
(16) Other financial commitments
Nominal values of other financial commitments
EUR million 31 Mar 2019 30 Sep 2018
Commitments from operating 3,016.3 2,810.9
lease, rental and charter
contracts
Order commitments in respect 3,245.6 3,883.3
of capital expenditure
Other financial commitments 75.5 70.2
Total 6,337.4 6,764.4
The increase in commitments from operating lease, rental and charter agreements of EUR 205.4 m as at 31
March 2019 resulted in particular from commitments for new hotel projects.
As at 31 March 2019, order commitment in respect of capital expenditure declined by a total of EUR 637.7 m
as against 30 September 2018. This was mainly attributable to the delivery of aircrafts and a cruise ship
in the United Kingdom.
(17) Note to the Group's cash flow statement
In the reporting period, cash and cash equivalents declined by EUR 1,456.4 m to EUR 1,091.6 m.
The cash outflow from operating activities totalled EUR 717.5 m (previous year EUR 443.5 m) in the period
under review.
The cash outflow from investing activities totals EUR 679.1 m (previous year EUR 261.2 m). It comprises a
cash outflow for investments in property, plant and equipment and intangible assets of EUR 604.2 m. The
Group also recorded an inflow of EUR 147.4 m from the sale of property, plant and equipment and intangible
assets. The cash flow from investing activities also includes outflows of EUR 143.6 m in connection with
the acquisition of consolidated companies and EUR 51.5 m in connection with the sale of shares in Corsair
SA. An outflow of EUR 27.7 m was recorded for short-term interest-bearing investments.
The cash outflow from financing activities totalled EUR 72.5 m (previous year EUR 470.6 m). TUI AG drew an
amount of EUR 150.0 m from the external revolving credit facility to manage the seasonality of the Group's
cash flows and liquidity as at the reporting date, and in addition took out further short-term loans worth
EUR 395.5 m. Other TUI Group companies took out loans worth EUR 7.8 m. The cash outflow for the redemption
of finance liabilities totalled EUR 148.1 m, including EUR 56.5 m for finance leases. An amount of EUR
54.4 m was used for interest payments, while EUR 423.3 m was utilised for dividends to TUI AG
shareholders.
Cash and cash equivalents also increased by EUR 12.7 m due to changes in exchange rates (previous year
decline of EUR 2.4 m).
Cash and cash equivalents worth EUR 122.4 m were subject to restrictions on disposal as at 31 March 2019.
The amount includes EUR 116.5 m (previous year EUR 116.5 m) for cash collateral received, deposited by
Belgian tax authorities with a Belgian subsidiary in financial year 2013 against the backdrop of
long-standing litigation concerning VAT refunds for the period from 2001 to 2011 without acknowledgement
of debt in order to suspend the accrual of interest for the two parties. In order to collateralise a
potential repayment, the Belgian government was granted a bank guarantee, which restricted TUI's ability
to dispose of the cash and cash equivalents. The other restrictions relate to cash and cash equivalents to
be deposited due to legal or regulatory requirements.
(18) Segment indicators
Since the first quarter of 2019, Italian tour operators previously included in the "All other segments"
segment have been reported under the Central Region segment. Also, the Crystal Ski companies delivering
services in the destinations were reclassified from Northern Region to Destination Experiences. The prior
year's figures were restated accordingly to reflect the changes in segmentation.
Turnover by segment for the period from 1 Oct 2018 to 31 Mar
2019
External Group H1 2019
EUR million Total
Hotels & Resorts 271.0 320.3 591.3
Cruises 424.6 - 424.6
Destination Experiences 302.8 115.0 417.8
Consolidation - - 3.0 - 3.0
Holiday Experiences 998.4 432.3 1,430.7
Northern Region 2,123.3 7.0 2,130.3
Central Region 2,224.7 9.2 2,233.9
Western Region 1,057.1 15.7 1,072.8
Consolidation - - 25.2 - 25.2
Markets & Airlines 5,405.1 6.7 5,411.8
All other segments 272.9 317.4 590.3
Consolidation - - 756.4 - 756.4
Total 6,676.4 - 6,676.4
Turnover by segment for the period from 1 Oct 2017 to 31 Mar
2018
External Group H1 2018
adjusted adjusted Total
EUR million adjusted
Hotels & Resorts 287.9 275.4 563.3
Cruises 396.9 - 396.9
Destination Experiences 65.6 78.8 144.4
Consolidation - - 1.4 - 1.4
Holiday Experiences 750.4 352.8 1,103.2
Northern Region 2,226.6 4.8 2,231.4
Central Region 2,235.6 7.6 2,243.2
Western Region 1,064.6 20.7 1,085.3
Consolidation - - 29.2 - 29.2
Markets & Airlines 5,526.8 3.9 5,530.7
All other segments 288.7 275.9 564.6
Consolidation - - 632.6 - 632.6
Total 6,565.9 - 6,565.9
The tables below present the performance indicator underlying EBITA. TUI Group defines underlying EBITA as
EBITA adjusted for gains on disposal of financial investments, expenses in connection with restructuring
measures according to IAS 37, all effects of purchase price allocations, ancillary acquisition costs and
conditional purchase price payments as well as other expenses for and income from one-off items. One-off
items carried as adjustments are income and expense items impacting or distorting the assessment of the
operating profitability of the segments and the Group due to their amount and their frequency of
occurrence. These items include in particular major reorganisation and integration expenses not meeting
the requirements of IAS 37, key expenses in connection with litigation, gains and losses from the sale of
aircraft and other major business transactions with a one-off character.
EBITA is defined as earnings before interest, taxes and goodwill impairment. EBITA includes amortisation
of other intangible assets. It does not include the result from the measurement of interest rate hedges.
In H1 2019, underlying EBITA includes a result of EUR 107.3 m (previous year EUR 114.2 m) from joint
ventures and associates, primarily generated within Holiday Experiences.
Underlying EBITA by segment
EUR million H1 2019 H1 2018
adjusted
Hotels & Resorts 135.4 172.3
Cruises 106.4 93.7
Destination Experiences - 10.4 - 13.3
Holiday Experiences 231.4 252.7
Northern Region - 205.1 - 125.7
Central Region - 127.8 - 144.7
Western Region - 163.9 - 105.1
Markets & Airlines - 496.8 - 375.5
All other segments - 35.2 - 46.9
Continuing operations - 300.6 - 169.7
Discontinued operations - -
Total - 300.6 - 169.7
Reconciliation to earnings before income taxes of the
continuing operations of the TUI Group
EUR million H1 2019 H1 2018
adjusted
Underlying EBITA of continuing - 300.6 - 169.7
operations
Result on disposal* - 11.1 -
Restructuring expense* - 1.6 - 13.4
Expense from purchase price - 18.0 - 15.0
allocation*
Expense from other one-off items* - 14.6 - 5.3
EBITA of continuing operations - 345.9 - 203.4
Net interest expense - 32.7 - 51.8
Expense from measurement of interest - 2.4 - 3.1
hedges
Earnings before income taxes of - 381.0 - 258.3
continuing operations
* For a description of the adjustments see the management report
(19) Related parties
Apart from the subsidiaries included in the consolidated 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, based on international
comparable price methods in accordance with IAS 24, as before.
In H1 2019, Riu Hotels S.A. increased its equity stake in TUI AG to 3.6 %. More detailed information on
related parties is provided under Other Notes in the Notes on the consolidated financial statements for
2018.
(20) International Financial Reporting Standards (IFRS) not yet applied
For the effects of the new accounting rules for leases, we refer to our Annual Report for 2018. In
relation to those comments, the following additional findings have emerged:
IFRS 16
TUI will apply IFRS 16 as at 1 October 2019 based on the modified retrospective approach. Under this
method, the prior year's comparative period is not restated. The effect of the transition will be
recognised in equity outside profit and loss as at 1 October 2019. For leases with a remaining term of
less than one year as at the date of first-time application, TUI will not recognise any right-of-use
assets nor any lease liabilities, in line with the exercise of the option relating to short-term leases of
12 months or less. TUI intends to exercise the option not to measure the right-of-use assets at an amount
equal to the lease liabilities as at the date of first-time application for most of its aircraft leases,
but to recognise them at the carrying amounts as if the standard had applied at the inception of the
lease, but discounted with the incremental borrowing rate of interest at the point of first-time
application.
TUI Group has launched a Group-wide project for the implementation of the rules and an IFRS 16 lease
accounting software. The Group has not yet completed its assessment of the impact of the new rules on the
accounting for provisions for aircraft maintenance costs in aircraft leases carried out within this
project, its interaction with the feasibility of an initial retrospective measurement of the
right-of-use-asset from long-term aircraft leases and the updating of the lease data captured for
portfolio changes, modifications and remeasurements that have occurred in the meantime. A reliable
estimate of the quantitative effects of the new rules on TUI Group's consolidated financial statements is
therefore not currently possible.
Responsibility
statement
To the best of our knowledge, and in accordance with the applicable reporting principles for Interim
financial reporting and in the accordance with (German) principles of proper accounting, the interim
consolidated financial statements give a true and fair view of the assets, liabilities, financial position
and profit or loss of the Group, and the interim Group management report includes a fair review of the
development and performance of the business and the position of the Group, together with a description of
the principal opportunities and risks associated with the expected development of the Group for the
remaining months of the financial year.
Hanover, 13 May 2019
The Executive Board
Friedrich Joussen
Birgit Conix
David Burling
Sebastian Ebel
Dr. Elke Eller
Frank Rosenberger
Review Report
To TUI AG, Berlin / Germany and Hanover / Germany
We have reviewed the condensed interim consolidated financial statements - comprising the statement of
financial position, the income statement, the condensed statement of comprehensive income, the condensed
statement of cash flows, the condensed statement of changes in equity as well as selected explanatory
notes to the financial statements - and the interim Group management report for the period from 1 October
2018 until 31 March 2019 of TUI AG, 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 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 Management Board. Our responsibility is to express a report on the condensed interim consolidated
financial statements and on the interim Group management report based on our review.
We conducted our review of the condensed interim consolidated financial statements and 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 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, 13 May 2019
Deloitte GmbH
Wirtschaftsprüfungsgesellschaft
Christoph B. Schenk Dr. Hendrik Nardmann
German Public Auditor German Public Auditor
Cautionary statement regarding forward-looking statements
The present Report contains various statements relating to TUI'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 Statement.
Analyst and investor enquiries
Peter Krueger
Member of the Group Executive Committee,
Group Director Strategy, M & A and Investor Relations
Tel.: + 49 (0)511 566-1440
Contacts for Analysts and Investors
in UK, Ireland and Americas
Sarah Coomes
Head of Investor Relations
Tel.: + 44 (0)1293 645827
Hazel Chung
Senior Investor Relations Manager
Tel.: + 44 (0)1293 645823
Contacts for Analysts and Investors in
Continental Europe, Middle East and Asia
Nicola Gehrt
Head of Investor Relations
Tel.: + 49 (0)511 566-1435
Ina Klose
Senior Investor Relations Manager
Tel.: + 49 (0)511 566-1318
Jessica Blinne
Junior Investor Relations Manager
Tel.: + 49 (0)511 566-1425
Financial calendar
15 May 2019
Half Year Financial Report 2019
13 August 2019
Quarterly Statement Q3 2019
September 2019
Pre-Close Trading Update
December 2019
Annual Report 2019
February 2020
Annual General Meeting 2020
PUBLISHED BY
TUI AG
Karl-Wiechert-Allee 4
30625 Hanover, Germany
Tel.: + 49 (0)511 566-00
Fax: + 49 (0)511 566-1901
www.tuigroup.com [2]
concept and Design
3st kommunikation, Mainz, Germany
Photography
Cover: Plainpicture
The English and a German version of this
Half Year Financial Report are available on the web:
www.tuigroup.com/en-en/investors [3]
Published on 15 May 2019
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.: 8637
EQS News ID: 810955
End of Announcement EQS News Service
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May 15, 2019 02:02 ET (06:02 GMT)
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