ventures were included in TUI AG's consolidated financial statements on the basis of at equity measurement. 
 
For details on principles and methods underlying the consolidated financial statements and TUI Group shareholdings see pages 154 and 244. 
 
Organisation and management 
 
TUI AG is a stock corporation under German law, whose basic principle is two-tiered management by two boards, the Executive Board and the 
Supervisory Board. The Executive and Supervisory Boards cooperate closely in governing and monitoring the Company. The Executive Board is 
responsible for the overall management of the Company. 
 
The appointment and removal of Board members are based on Sections 84 et seq. of the German Stock Corporation Act in combination with 
Section 31 of the German Co-Determination Act. Amendments to the Articles of Association are effected on the basis of the provisions of 
Sections 179 et seq. of the German Stock Corporation Act in combination with Section 24 of TUI AG's Articles of Association. 
 
Executive Board and Group Executive Committee 
 
As at the balance sheet date, the Executive Board of TUI AG consisted of the CEO and five other Board members. 
 
For details on Executive Board members see page 104. 
 
A Group Executive Committee was set up in order to manage TUI Group strategically and operationally. As at 30 September 2020, the 
Committee consisted of twelve members, who meet under the chairmanship of CEO Friedrich Joussen. 
 
After the balance sheet date, the Supervisory Board resolved to reshuffle the Group's management with effect from 1 January 2021. 
 
For details see: www.tuigroup.com/en-en/investors/corporate-governance 
 
TUI Group reporting structure 
 
TUI Group is a global integrated tourism group. Its core businesses, Holiday Experiences and Markets & Airlines, are clustered into the 
segments Hotels & Resorts, Cruises and TUI Musement (previously Destination Experiences) as well as three regions: Northern, Central and 
Western Regions. TUI Group also comprises All other segments. 
 
With the exception of the following reclassifications, the Group's management structure is thus comparable year-on-year. 
 
In February 2020, we agreed to sell Hapag-Lloyd Kreuzfahrten to the joint venture TUI Cruises. In July 2020, all necessary approvals 
including merger clearance by the EU Commission had been fulfilled, and the transfer of title to the Hapag-Lloyd Kreuzfahrten vessels was 
completed during that month. We have already received the major part of the purchase price for Hapag-Lloyd Kreuzfahrten; the remainder 
will be paid within one year upon the completion of the ship transfers. Hapag-Lloyd Cruises is thus part of TUI Cruises, and will 
continue to be managed under the existing traditional brand. 
 
In the period under review, TUI changed the allocation of the items on the profit and loss statements of the aircraft leasing companies 
who hold TUI Group's aircraft and lease them to the Group's airlines. Since the financial year under review, these items have been fully 
allocated to the airlines using the corresponding aircraft (Northern Region, Central Region and Western Region). In the 2019 Annual 
Report, only the result from intra-Group aircraft leasing had been allocated to the relevant airlines, while the other items were carried 
in All other segments. The prior year's comparatives have been restated accordingly. 
 
Holiday Experiences 
 
Holiday Experiences comprises our hotel, cruise and destination activities. 
 
Hotels & Resorts 
 
The Hotels & Resorts segment comprises TUI Group's diversified portfolio of Group hotel brands and hotel companies. The segment includes 
hotels majority-owned by TUI, joint ventures with local partners, stakes in companies giving TUI significant influence, and hotels 
operated under management contracts. 
 
In financial year 2020, Hotels & Resorts comprised a total of 355 hotels with 266,002 beds. 329 hotels, i. e. the majority, are in the 
four- or five-star categories. 46 % were operated under management contracts, 42 % were owned by one of the hotel companies, 11 % were 
leased and 1 % of the hotels were managed under franchise agreements. 
 
Hotels & Resorts portfolio 
Hotel      3 stars  4 stars  5 stars Total    Beds     Main 
brand                                hotels            sites 
Riu        3        49       47      99       101,528  Spain, 
                                                       Mexico, 
                                                       Caribbea 
                                                       n, Cape 
                                                       Verde, 
                                                       Portugal 
                                                       , 
                                                       Morocco 
Robinson   1        17       7       25       15,321   Spain, 
                                                       Greece, 
                                                       Turkey, 
                                                       Austria 
Blue       3        12       18      33       30,610   Cuba, 
Diamond                                                Dom. 
                                                       Rep., 
                                                       Jamaica, 
                                                       Mexico, 
                                                       Saint 
                                                       Lucia 
Other      19       112      67      198      118,543  Spain, 
hotel                                                  Greece, 
companies                                              Turkey, 
                                                       Egypt 
Total      26       190      139     355      266,002 
 
As at 30 September 2020 
 
Riu is the largest hotel company in the portfolio of Hotels & Resorts in terms of the number of hotels. The Mallorca-based enterprise 
primarily operates four- and five-star hotels in Spain, Mexico and the Caribbean. Its three product lines Riu Clubhotels, Riu Plaza (city 
hotels) and Riu Palace (premium segment) target different customer groups. 
 
Robinson operates mainly four- and five-star club hotels and is a leading German provider of club holidays. Most of its clubs are located 
in Spain, Greece, Turkey, the Maldives and Austria. 
 
Blue Diamond is a hotel chain in the Caribbean. The Hotels & Resorts segment comprises 33 resorts in the Caribbean and Mexico. 
 
Other hotel companies include in particular the flagship brand TUI Blue and TUI Magic Life. TUI Blue is TUI Group's youngest hotel brand, 
targeting an international audience. Its portfolio is being expanded by combining TUI Blue's existing offerings with those of the concept 
brands TUI Sensimar and TUI Family Life. Including the hotels rebranded as TUI Blue hotels, the brand has 93 hotels in 19 countries. TUI 
Magic Life is an all-inclusive brand, targeting an international audience seeking club holidays with different profiles in beachfront 
locations. 
 
Our hotels operated by third-party hoteliers include a total of 78 hotels belonging to our international concept brands. This brings the 
total number of hotels belonging to TUI Group to 433. 
 
Cruises 
 
The Cruises segment consists of the joint venture TUI Cruises, our former subsidiary Hapag-Lloyd Kreuzfahrten, transferred to the joint 
venture TUI Cruises in July 2020, and Marella Cruises. With their combined fleet of 17 vessels as at the reporting date, the three cruise 
lines offer different service concepts to serve different target groups. 
 
Cruise fleet by ownership structure 
                                Owned      Leases     Total 
TUI Cruises (Joint Venture)     7          -          7 
Marella Cruises                 4          1          5 
Hapag-Lloyd Cruises (subsidiary 5          -          5 
of TUI Cruises) 
 
As at 30 September 2020 
 
TUI Cruises is a joint venture in which TUI AG and the US shipping company Royal Caribbean Cruises Ltd. each hold a 50 % stake. With its 
seven ships, TUI Cruises is top-ranked in the German-speaking premium volume market for cruises. The Berlitz Cruise Guide 2020, the most 
important international reference guide for cruise ship ratings, rated four ships operated by TUI Cruises among the Top 5 liners in the 
"Large ships" category. 
 
The sale of Hapag-Lloyd Kreuzfahrten, previously a wholly owned TUI Group subsidiary, to the joint venture TUI Cruises was completed in 
July 2020. The traditional Hapag-Lloyd Cruises brand will remain a leading provider of luxury and expedition cruises in German-speaking 
markets under the new structure. At the reporting date, the fleet comprised two luxury liners in the 5-star-plus category, Europa and 
Europa 2, as well as three expedition cruise ships, including Hanseatic inspiration, which joined the fleet in October 2019. A further 
expedition cruise ship is under construction and is scheduled for delivery in 2021. She will replace the expedition vessel Bremen. 
 
With a fleet of five ships, Marella Cruises offers voyages in different segments, including family and city cruises, in the British 
market. 
 
TUI Musement (previously Destination Experiences) 
 
The TUI Musement segment delivers local services at our holiday destinations around the world. TUI Musement's business model is based on 
an open online platform available to suppliers and customers alike. It gives our customers the option to book tours, activities and 
excursions in the destinations directly and enables our partners and third-party providers to sell offerings. TUI also employs its own 
staff in numerous holiday destinations. 
 
Markets & Airlines 
 
With our three regions - Northern, Central and Western - we have well-positioned sales and marketing structures offering our customers 
attractive holiday experiences. Our sales activities are based on online and offline channels. The travel agencies include Group-owned 
agencies as well as joint ventures and agencies operated by third parties. In order to offer our customers a wide choice of hotels, our 

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