TUI AG The Interim Financial Statements as at 31 March 2021 comprised a total of 277 subsidiaries of TUI AG.
Development of the group of consolidated companies*
and the Group companies measured at equity
Consolidated Associates Joint
subsidiaries ventures
Balance at 30 Sep 2020 277 19 30
Additions 7 - -
Incorporation 1 - -
Acquisition - - -
Expansion of business operations 1 - -
Added to group of consolidated companies due to further 5 - -
acquisition of shares
Disposals 7 2 1
Liquidation 2 - -
Sale - 2 1
Merger 5 - -
Change in ownership stake -** 1 - 1
Balance at 31 Mar 2021 277 18 28
* excl. TUI AG
** Addition 1 / disposal -1 Acquisitions - Divestments
Acquisitions in the period under review
In H1 FY21, companies were acquired for a total consideration of EUR10.0m, comprised of deferred purchase price payments worth EUR3.4m, settled purchase price payments worth EUR4.9m and cash consideration worth EUR1.7m.
Summary presentation of acquisitions
Name and headquarters of the acquired Business Date of Acquired Consideration
company activity Acquirer acquisition share transferred in EUR
% million
Karisma Hotels Adriatic d.o.o.za Accommodation TUI Travel
trgovinu i usluge, Zagreb, Croatia Service Overseas Holding 23.2.2021 67% 10.0
(subgroup) Limited
Total 10.0 The acquisition of the interests in Karisma Hotels Adriatic d.o.o.za trgovinu i usluge, Zagreb, Croatia, resulted in an increase of the 33% stake previously held by TUI Group to 100%. Following application of the fair value concentration test, this acquisition is not recognised in accordance with IFRS 3. Accordingly, the purchase price is allocated to the individual acquired assets and liabilities, based on their fair value at the acquisition date.
Condensed statement of financial position as at the date of acquisition EUR million Karisma Hotels Adriatic d.o.o.za trgovinu i usluge (subgroup) Assets Non-current assets 44.0 Current assets 5.1 Equity and liabilities Provisions 0.9 Liabilities 38.2
No acquisitions were made after the reporting date.
Acquisitions of the prior financial year
The purchase price allocation for the companies acquired in FY20 had already been finalised in the prior year.
Divestments
In March 2019, TUI Group sold its stake in the Corsair S.A. airline to Diamondale Ltd. and acquired a 27% stake in Diamondale Ltd. for EUR1. Since then, the investment has been carried as a TUI Group associate with a carrying amount of EUR1. On 30 December 2020, TUI Group sold the investment in Corsair S.A. As part of that transaction, on 29 December 2020, a 75% stake in the aircraft asset company MSN 1359 GmbH was sold to Corsair S.A. for EUR1. Following the divestment of the stake in MSN 1359 GmbH, previously recognised as a fully consolidated subsidiary, TUI Aviation GmbH has retained a 25% stake, recognised as an associate measured at equity. The divestment of the stake generated a loss of EUR3.3m, carried in Other expenses.
Condensed balance sheet of 'MSN 1359 GmbH' as at 29 Dec 2020
EUR million 29 Dec 2020
Assets
Property, plant and equipment and intangible assets 24.5
Trade receivables 1.7
Cash and cash equivalents 2.0
28.2
EUR million 29 Dec 2020
Provisions and liabilities
Non-current liabilities 19.3
Other current liabilities 5.6
24.9 Notes to the unaudited condensed consolidated income statement of TUI Group
The development of TUI Group's revenue and earnings in H1 of the financial year 2021 was still materially impacted by the suspension of the vast majority of our tour operation, aviation, hotel and cruise operations as a result of the global travel restrictions in order to contain the spread of COVID-19. TUI Group's results generally also reflect the significant seasonal swing in tourism between the winter and summer travel months, however this period the impact is less evident due to the COVID-19 pandemic. 1. Revenue
In H1of the financial year 2021, consolidated revenue decreased by 89.2 % year-on-year to EUR0.7bn. The decline was driven by the travel restrictions due to COVID-19.
External revenue allocated by destinations for the period from 1 Oct 2020 to 31 Mar 2021
Rest of H1 2021
Spain Other Caribbean, North Africa, Revenues
EUR million (incl. European Mexico, Africa Ind. Other from Other H1 2021
Canary destinations USA & & Ocean, countries contracts Total
Islands) Canada Turkey Asia with
customers
Hotels & 32.8 8.7 29.4 2.3 10.5 0.3 84.0 - 83.9
Resorts
Cruises 0.2 1.2 0.1 - - - 1.5 - 1.5
TUI Musement 2.6 8.8 3.1 0.2 3.9 - 18.6 - 18.6
Holiday 35.6 18.7 32.6 2.5 14.4 0.3 104.1 - 104.0
experiences
Northern 14.4 84.7 43.4 3.0 12.1 0.5 158.1 1.0 159.1
Region
Central 74.7 135.7 19.2 27.4 73.8 6.3 337.1 0.3 337.4
Region
Western 24.3 39.4 27.4 9.2 1.2 0.1 101.6 0.5 102.1
Region
Markets & 113.4 259.8 90.0 39.6 87.1 6.9 596.8 1.8 598.6
Airlines
All other 0.2 3.6 0.3 - 8.8 0.7 13.6 - 13.6
segments
Total 149.2 282.1 122.9 42.1 110.3 7.9 714.5 1.8 716.3
External revenue allocated by destinations for the period from 1 Oct 2019 to 31 Mar 2020
Rest of H1 2020
Spain Other Caribbean, North Africa, Revenues
EUR million (incl. European Mexico, Africa Ind. Other from Other H1 2020
Canary destinations USA & & Ocean, countries contracts Total
Islands) Canada Turkey Asia with
customers
Hotels & 128.2 19.4 56.6 18.9 76.8 0.3 300.2 - 300.2
Resorts
Cruises 80.8 54.7 167.1 0.2 90.5 88.3 481.6 - 481.6
TUI Musement 56.7 88.3 47.4 7.0 71.7 29.3 300.4 - 300.4
Holiday 265.7 162.4 271.1 26.1 239.0 117.9 1,082.2 - 1,082.2
experiences
Northern 844.4 370.5 453.3 119.9 353.6 37.6 2,179.3 7.7 2,187.0
Region
Central 666.8 469.3 179.3 390.9 484.5 8.8 2,199.6 10.3 2,209.9
Region
Western 126.9 159.7 229.8 137.1 381.6 23.9 1,059.0 16.1 1,075.1
Region
Markets & 1,638.1 999.5 862.4 647.9 1,219.7 70.3 5,437.9 34.1 5,471.9
Airlines
All other 2.7 34.9 4.7 2.2 28.6 11.4 84.5 - 84.5
segments
Total 1,906.5 1,196.8 1,138.2 676.2 1,487.3 199.6 6,604.6 34.1 6,638.7 2. Cost of sales and administrative expenses (MORE TO FOLLOW) Dow Jones Newswires
May 12, 2021 02:03 ET (06:03 GMT)
