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    TUI1   DE000TUAG000

TUI AG

(TUI1)
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(Continued-4) TUI AG : ACS-Annual Financial Report -23-

12/10/2020 | 01:08am EST
Triposo Travel B. V., Amsterdam  Netherlands       100 
TUI 4 U Poland sp.zo. o.,        Poland            100 
Warschau 
TUI Blue DE GmbH, Hannover       Germany           100 
TUI d. o. o., Maribor            Slovenia          100 
TUI Magyarország Utazasi Iroda   Hungary           100 
Kft., Budapest 
TUI Reisecenter GmbH, Salzburg   Austria           100 
TUI ReiseCenter Slovensko s. r.  Slovakia (Slovak  100 
o., Bratislava                   Republic) 
TUI Travel Cyprus Limited,       Cyprus            100 
Nikosia 
TUIFly Academy Brussels,         Belgium           100 
Zaventem 
VPM Antilles S. R. L., Levallois France            100 
Perret 
VPM SA, Levallois Perret         France            100 
 
All other segments 
Bergbau Goslar GmbH, Goslar      Germany           100 
travel-Ba.Sys Beteiligungs GmbH, Germany           83.5 
Mülheim an der Ruhr 
 
Joint ventures and associates 
Tourism 
Abou Soma for Hotels S. A. E.,   Egypt             16.7 
Giza 
Ahungalla Resorts Limited,       Sri Lanka         40 
Colombo 
Aitken Spence Travels (Private)  Sri Lanka         50 
Limited, Colombo 
Alpha Tourism and Marketing      Mauritius         25 
Services Ltd., Port Louis 
ARP Africa Travel Limited,       United Kingdom    25 
Harrow 
Atlantica Hellas A. E., Rhodos   Greece            50 
Atlantica Hotels and Resorts     Cyprus            49.9 
Limited, Lemesos 
Bartu Turizm Yatirimlari Anonim  Turkey            50 
Sirketi, Istanbul 
Clubhotel Kleinarl GmbH & Co KG, Austria           24 
Flachau 
Corsair SA, Rungis               France            25 
Daktari Travel & Tours Ltd.,     Cyprus            33.3 
Limassol 
DER Reisecenter TUI GmbH,        Germany           50 
Dresden 
Diamondale Limited, Dublin       Ireland           27 
ENC for touristic Projects       Egypt             50 
Company S. A. E., Sharm el 
Sheikh 
Etapex, S. A., Agadir            Morocco           35 
Fanara Residence for Hotels S.   Egypt             50 
A. E., Sharm el Sheikh 
Gebeco Gesellschaft für          Germany           50.1 
internationale Begegnung und 
­Cooperation mbH & Co. KG, Kiel 
GRUPOTEL DOS S. A., Can Picafort Spain             50 
Ha Minh Ngan Company Limited,    Vietnam           50 
Hanoi 
Holiday Travel (Israel) Limited, Israel            50 
Airport City 
Hydrant Refuelling System NV,    Belgium           25 
Brüssel 
InteRes Gesellschaft für         Germany           25.2 
Informationstechnologie mbH, 
Darmstadt 
Interyachting Limited, Limassol  Cyprus            45 
Jaz Hospitality Services DMCC,   United Arab       50 
Dubai                            Emirates 
Jaz Hotels & Resorts S. A. E.,   Egypt             51 
Kairo 
Kamarayat Nabq Company for       Egypt             50 
Hotels S. A. E., Sharm el Sheikh 
Karisma Hotels Adriatic d. o.    Croatia           33.3 
o., Zagreb 
Karisma Hotels Caribbean S. A.,  Panama            50 
Panama 
Pollman's Tours and Safaris      Kenya             25 
Limited, Mombasa 
Raiffeisen-Tours RT-Reisen GmbH, Germany           25.1 
Burghausen 
Ranger Safaris Ltd., Arusha      Tanzania          25 
Riu Hotels S. A., Palma de       Spain             49 
Mallorca 
Sharm El Maya Touristic Hotels   Egypt             50 
Co. S. A. E., Kairo 
Südwest Presse + Hapag-Lloyd     Germany           50 
Reisebüro GmbH & Co.KG, Ulm 
Sun Oasis for Hotels Company S.  Egypt             50 
A. E., Hurghada 
Sunwing Travel Group, Inc,       Canada            49 
Toronto 
Teckcenter Reisebüro GmbH,       Germany           50 
Kirchheim unter Teck 
Tikida Bay S. A., Agadir         Morocco           34 
TIKIDA DUNES S. A., Agadir       Morocco           30 
Tikida Palmeraie S. A.,          Morocco           33.3 
Marrakesch 
Togebi Holdings Limited, Nikosia Cyprus            10 
Travco Group Holding S. A. E.,   Egypt             50 
Kairo 
TRAVELStar GmbH, Hanover         Germany           50 
TRAVELStar Touristik GmbH & Co.  Austria           50 
OHG, Wien 
TUI Cruises GmbH, Hamburg        Germany           50 
UK Hotel Holdings FZC L. L. C.,  United Arab       50 
Fujairah                         Emirates 
Vitya Holding Co. Ltd., Takua,   Thailand          47.5 
Phang Nga Province 
WOT Hotels Adriatic Asset        Croatia           50 
Company d. o. o., Tucepi 
 
All other segments 
.BOSYS SOFTWARE GMBH, Hamburg    Germany           25.2 
 
Responsibility Statement 
by Management 
 
To the best of our knowledge, and in accordance with the applicable reporting principles, the consolidated financial statements give a 
true and fair view of the net assets, financial position and results of operations of the Group, and the 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. 
 
Hanover, 9 December 2020 
 
The Executive Board 
 
Friedrich Joussen David Burling Birgit Conix 
 
Sebastian Ebel    Dr Elke Eller Frank Rosenberger 
 
INDEPENDENT AUDITOR'S REPORT 
 
To TUI AG, Berlin and Hanover / Germany 
 
Report on the audit of the consolidated financial statements and of the combined management report 
 
Audit Opinions 
 
We have audited the consolidated financial statements of TUI AG, Berlin and Hanover / Germany, and its subsidiaries (the Group), which 
comprise the consolidated statement of financial position as at 30 September 2020, and the consolidated statement of profit or loss and 
other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the 
financial year from 1 October 2019 to 30 September 2020, and the notes to the consolidated financial statements, including a summary of 
significant accounting policies. In addition, we have audited the combined management report for the parent and the group of TUI AG, 
Berlin and Hanover / Germany, for the financial year from 1 October 2019 to 30 September 2020. In accordance with the German legal 
requirements, we have not audited the content of those parts of the combined management report set out in the appendix to the auditor's 
report. 
 
In our opinion, on the basis of the knowledge obtained in the audit, 
 
· the accompanying consolidated financial statements comply, in all material respects, with the IFRS as adopted by the EU and the 
additional requirements of German commercial law pursuant to Section 315e (1) German Commercial Code (HGB) and, in compliance with 
these requirements, give a true and fair view of the assets, liabilities and financial position of the Group as at 30 September 2020 
and of its financial performance for the financial year from 1 October 2019 to 30 September 2020, and 
 
· the accompanying combined management report as a whole provides an appropriate view of the Group's position. In all material 
respects, this combined management report is consistent with the consolidated financial statements, complies with German legal 
requirements and appropriately presents the opportunities and risks of future development. Our audit opinion on the combined management 
report does not cover the content of those parts of the combined management report set out in the appendix to the auditor's report. 
 
Pursuant to Section 322 (3) sentence 1 HGB, we declare that our audit has not led to any reservations relating to the legal compliance of 
the consolidated financial statements and of the combined management report. 
 
Basis for the Audit Opinions 
 
We conducted our audit of the consolidated financial statements and of the combined management report in accordance with Section 317 HGB 
and the EU Audit Regulation (No 537 / 2014; referred to subsequently as "EU Audit Regulation") and in compliance with German Generally 
Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirtschaftsprüfer (IDW). We performed the audit of the 
consolidated financial statements in supplementary compliance with the International Standards on Auditing (ISA). Our responsibilities 
under those requirements, principles and standards are further described in the "Auditor's Responsibilities for the Audit of the 
Consolidated Financial Statements and of the Combined Management Report" section of our auditor's report. We are independent of the group 
entities in accordance with the requirements of European law and German commercial and professional law, and we have fulfilled our other 
German professional responsibilities in accordance with these requirements. In addition, in accordance with Article 10 (2) point (f) of 
the EU Audit Regulation, we declare that we have not provided non-audit services prohibited under Article 5 (1) of the EU Audit 
Regulation. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions 
on the consolidated financial statements and on the combined management report. 
 
Material Uncertainty Related to Going Concern 
 
We refer to the "Viability Statement" section of the combined management report and to the chapter "Going concern reporting according to 
the UK Corporate Governance Code" in the notes to the consolidated financial statements, in which the management board describes that as 
a result of the new travel restrictions in force since autumn 2020, and since it is possible that an increase in new travel bookings and 
associated payments on account might fail to materialise, there are not enough financial resources available to settle TUI AG's payment 
obligations. In order to maintain the solvency of TUI Group, the management board thus, in principle, agreed on a third financial package 
with the Economic Stabilisation Fund, KfW, the dominant shareholder of TUI AG, and further financial partners. If this financial package 
fails to be successfully implemented, there is a risk that TUI AG might encounter insolvency in the first quarter of fiscal year 2021. As 
is described in the "Viability Statement" section in the combined management report and in the chapter "Going concern reporting according 

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Analyst Recommendations on TUI AG
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Financials
Sales 2022 15 229 M 17 244 M 17 244 M
Net income 2022 105 M 119 M 119 M
Net Debt 2022 4 002 M 4 532 M 4 532 M
P/E ratio 2022 10,1x
Yield 2022 -
Capitalization 3 338 M 3 782 M 3 780 M
EV / Sales 2022 0,48x
EV / Sales 2023 0,40x
Nbr of Employees 35 081
Free-Float -
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Number of Analysts 11
Last Close Price 3,04 €
Average target price 2,43 €
Spread / Average Target -19,9%
EPS Revisions
Managers and Directors
Friedrich Peter Joussen Chief Executive Officer
Sebastian Ebel Chief Financial Officer
Dieter Zetsche Chairman-Supervisory Board
Frank Rosenberger Chief Information Officer & Head-Future Markets
Edgar Ernst Member-Supervisory Board