TUI AG Underlying EBIT loss of EUR198m, down EUR254m versus prior year reflects the factors as outlined above.
Cruises
EUR million H1 2021 H1 2020 Var. %
adjusted
Revenue1 1.5 481.6 - 99.7
Underlying EBIT - 153.3 26.9 n. a.
Underlying EBIT at constant currency - 155.2 26.9 n. a.
Occupancy (in %, variance in % points)
TUI Cruises 35 97 - 62
Marella Cruises - 96 n. a.
Hapag-Lloyd Cruises2 33 77 - 44
Passenger days ('000)
TUI Cruises 354 2,854 - 87.6
Marella Cruises - 1,366 n. a.
Hapag-Lloyd Cruises 21 191 - 88.8
Average daily rates3 (in EUR)
TUI Cruises 104 141 - 26.4
Marella Cruises4 (in GBP) - 146 n. a.
Hapag-Lloyd Cruises2 411 611 - 32.7
1 No revenue is carried for TUI Cruises and Hapag-Lloyd Cruises as the joint venture is consolidated at equity
2 Hapag-Lloyd Cruises prior year KPIs restated to align to TUI Cruises methodology
3 Per day and passenger
4 Inclusive of transfers, flights and hotels due to the integrated nature of Marella Cruises, in GBP In the first quarter, TUI Cruises operated three ships (Mein Schiff 1, 2 and 6), offering short "Blue Cruises" around the Baltic Sea, Greek and Canary Islands. In the second quarter, Mein Schiff 1 and 2 operated with itineraries to the Canaries. H1 average daily rate of the operated fleet was EUR104, down 26% versus prior year (H1 FY2020: EUR141) reflecting the shorter average duration and more local routes of "Blue Cruises". H1 occupancy of the operated fleet was 35%, reflecting the overall more subdued environment for departures as a result of travel restrictions as well as adherence to COVID-19 government safety advice capping the numbers of passengers on board.
Hapag-Lloyd Cruises operated two ships during the first quarter, the Europa 2 and Hanseatic inspiration, which offered sailings to the Baltic Sea and the Canaries. The Europa 2 continued to sail in the second quarter, offering itineraries to the Canary Islands. H1 average daily rate for the operated fleet was EUR411, down 33% versus prior year (H1 FY2020: EUR611), reflecting the pricing of shorter and more local itineraries. H1 occupancy of the operated fleet was 33% (H1 FY2020: 77%).
Marella Cruises (our UK cruise brand) remained suspended throughout the period, in line with UK government travel advice, with our teams in preparation mode for restart towards the end of Q3.
Underlying EBIT loss of EUR153m, down EUR180m versus prior year, reflects the limited capacity operated over the period as a result of travel restrictions. Prior year includes 100% result of Hapag-Lloyd Cruises (H1 FY2020: Underlying EBIT of EUR22m) which is now consolidated at equity within the TUI Cruises Joint Venture.
TUI Musement (formerly Destination Experiences)
EUR million H1 2021 H1 2020 Var. %
adjusted
Total revenue 25.4 423.7 - 94.0
Revenue 18.6 300.4 - 93.8
Underlying EBIT - 62.0 - 28.9 - 114.5
Underlying EBIT at constant currency - 62.9 - 28.9 - 117.6 141K excursions and activities sold, down 90% versus prior year, reflecting the limited operations throughout the period, resulting in an underlying EBIT loss of EUR62m, a decline of EUR33m on prior year.
Online distribution was 50% increasing from 21% in H1 2020, driven by the successful integration of Musement inventory across our TUI source markets App.
Markets & Airlines
EUR million H1 2021 H1 2020 Var. %
adjusted
Revenue 598.6 5,471.9 - 89.1
Underlying EBIT - 850.1 - 784.3 - 8.4
Underlying EBIT at constant currency - 855.5 - 784.3 - 9.1
Direct distribution mix1,3 76 73 + 3
(in %, variance in % points)
Online mix2,3 56 49 + 7
(in %, variance in % points)
Customers ('000)3 684 6,265 - 89.1
1 Share of sales via own channels (retail and online)
2 Share of online sales
3 Like-for-like basis excluding disposed entities Berge & Meer and Boomerang As covered above, due to the extended lockdown measures across many of our key source markets, operations have been highly limited for the majority of the first half. A total of 684k customers departed in the first half, down 89% versus prior year, with around half departing in the month of October, prior to more recent restrictions.
Underlying loss of EUR850m reflects the limited capacity operated over the period.
Northern Region
EUR million H1 2021 H1 2020 Var. %
adjusted
Revenue 159.1 2,187.0 - 92.7
Underlying EBIT - 418.3 - 415.2 - 0.7
Underlying EBIT at constant currency - 425.3 - 415.2 - 2.4
Direct distribution mix1 93 91 + 2
(in %, variance in % points)
Online mix2 76 65 + 11
(in %, variance in % points)
Customers ('000) 119 2,239 - 94.7
1 Share of sales via own channels (retail and online)
2 Share of online sales Underlying loss of EUR418m, down EUR3m versus prior year. 119K customers departed in the first six months, down 95% versus prior year.
Direct distribution increased by 2%pts to 93% (H1 FY2020: 91%) with online distribution increasing by 11%pts to 76% (H1 FY2020: 65%).
Central Region
EUR million H1 2021 H1 2020 Var. %
adjusted
Revenue 337.4 2,209.9 - 84.7
Underlying EBIT - 272.0 - 179.5 - 51.5
Underlying EBIT at constant currency - 272.0 - 179.5 - 51.5
Direct distribution mix1,3 63 51 + 12
(in %, variance in % points)
Online mix2,3 37 22 + 15
(in %, variance in % points)
Customers3 ('000) 333 2,196 - 84.9
1 Share of sales via own channels (retail and online)
2 Share of online sales
3 Like-for-like basis excluding disposed entities Berge & Meer and Boomerang Underlying loss of EUR272m, down EUR93m versus prior year. 333K customers departed in the first six months, down 85% versus prior year.
Direct distribution increased by 12%pts to 63% (H1 FY2020: 51%) with online distribution increasing by 15%pts to 37% (H1 FY2020: 22%).
Western Region
EUR million H1 2021 H1 2020 Var. %
adjusted
Revenue 102.1 1,075.1 - 90.5
Underlying EBIT - 159.8 - 189.6 + 15.7
Underlying EBIT at constant currency - 158.2 - 189.6 + 16.6
Direct distribution mix1 86 78 + 8
(in %, variance in % points)
Online mix2 72 61 + 11
(in %, variance in % points)
Customers ('000) 232 1,830 - 87.3
1 Share of sales via own channels (retail and online)
2 Share of online sales Underlying loss of EUR160m, up EUR30m versus prior year. 232K customers departed in the first six months, down 87% versus prior year.
Direct distribution increased by 8%pts to 86% (H1 FY2020: 78%) with online distribution increasing by 11%pts to 72% (H1 FY2020: 61%).
All other segments
EUR million H1 2021 H1 2020 Var. %
adjusted
Revenue 13.6 84.5 - 83.9
Underlying EBIT - 45.1 - 64.6 + 30.2
Underlying EBIT at constant currency) - 45.3 - 64.6 + 29.9 Underlying EBIT loss was EUR45m, up EUR20m versus prior year.
Financial position and net assets
Cash Flow / Net capex and investments / Net debt
In the period under review the TUI Group's operating cash flow continued to be impacted by the travel restrictions imposed by COVID-19 in March 2020.
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