TUI AG Other segment indicators
Underlying EBITDA
EUR million H1 2021 H1 2020 Var. %
adjusted
Hotels & Resorts - 87.1 156.4 n. a.
Cruises - 122.3 101.0 n. a.
TUI Musement - 49.5 - 15.3 - 223.5
Holiday Experiences - 258.9 242.1 n. a.
Northern Region - 255.5 - 247.8 - 3.1
Central Region - 209.9 - 103.5 - 102.8
Western Region - 90.7 - 99.5 + 8.8
Markets & Airlines - 556.1 - 450.7 - 23.4
All other segments - 41.1 - 57.4 + 28.4
TUI Group - 856.1 - 266.0 - 221.8
EBITDA
EUR million H1 2021 H1 2020 Var. %
adjusted
Hotels & Resorts - 87.2 156.3 n. a.
Cruises - 122.3 101.0 n. a.
TUI Musement - 50.9 - 19.8 - 157.1
Holiday Experiences - 260.4 237.5 n. a.
Northern Region - 272.1 - 249.5 - 9.1
Central Region - 161.3 - 21.4 - 653.7
Western Region - 93.8 - 103.8 + 9.6
Markets & Airlines - 527.2 - 374.6 - 40.7
All other segments - 44.0 - 59.8 + 26.4
TUI Group - 831.5 - 196.9 - 322.3
Employees
31 March 2021 31 March 2020 Var. %
Hotels & Resorts 9,068 16,655 - 45.6
Cruises* 59 347 - 83.0
TUI Musement 3,856 6,983 - 44.8
Holiday Experiences 12,983 23,985 - 45.9
Northern Region 8,710 11,458 - 24.0
Central Region 7,860 9,701 - 19.0
Western Region 4,163 5,954 - 30.1
Markets & Airlines 20,733 27,113 - 23.5
All other segments 2,313 2,427 - 4.7
Total 36,029 53,525 - 32.7
* Excludes TUI Cruises (JV) employees. Cruises employees are primarily hired by external crew management agencies. Corporate Governance
Composition of the Boards
In H1 2021 the composition of Boards of TUI AG changed as follows:
The terms of office of all ten employee representatives on the Supervisory Board and four of the ten Supervisory Board members to be elected by the Annual General Meeting ended at the close of the Annual General Meeting on 25 March 2021.
The following members were elected or re-elected to the Supervisory Board by this year's the ordinary General Meeting:
Dr. Jutta Dönges, Managing Director of Finanzagentur GmbH; Prof. Dr. Edgar Ernst, President of the German Financial Reporting Enforcement Panel (FREP); Janina Kugel, Supervisory Board member & Senior Advisor and Alexey Mordashov, Chairman of the Board of Directors of PAO Severstal. Peter Long and Angelika Gifford resigned from the Supervisory Board at the end of their regular term of office.
The ten Supervisory Board members representing the employees were already elected on 8 October 2020. Mark Muratovic and Tanja Viehl were elected to the Supervisory Board as new employee representatives. Dr Dierk Hirschel and Michael Pönipp stepped down at the end of their regular term of office.
The composition of TUI AG's Executive Board changed as follows in H1 2021:
Birgit Conix, who had been responsible for Finance on TUI AG's Executive Board since July 2018, left in December 2020. She was succeeded by Executive Board member Sebastian Ebel.
In January 2021, Peter Krueger took over a newly tailored Executive Board department as Chief Strategy Officer, combining the TUI Airlines, hotel and cruise shareholdings as well as his previous areas of responsibility TUI Strategy and M&A.
The current, complete composition of the Executive Board and Supervisory Board is published on our website, where it is permanently accessible to the public.
? www.tuigroup.com/en-en/investors/corporate-governance
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 2020.
? Details see Risk Report in our Annual Report 2020, from page 33
Actively Managed: IT Development & Strategy, Integration & Restructuring, Corporate & Social Responsibility, Information Security, Brexit
Monitored: Destination Disruption, Customer Demand, Input Cost Volatility, Cash flow, Legal & Regulatory Compliance, Health & Safety, Supplier Reliance, Talent & Leadership Development, Joint Venture Partnerships
Several principal risks materialised simultaneously as a result of the COVID-19 pandemic, which has led to travel restrictions across the world, both within the Markets as well as in destination countries.
There is material uncertainty as to when the TUI Group's travel activities can be fully resumed. Taking into account the financing lines still available and the low operating cash inflows in the last six months due to the pandemic, there is a risk that, in the absence of an increase in new travel bookings in the coming months and related customer prepayments from summer 2021 onwards, the TUI Group will no longer have sufficient financial resources to continue its business operations without further support measures or the short-term sale of non-current assets. Overall, there is a risk that the TUI Group will not be able to continue its business operations without further external support measures and realise its assets and service its liabilities in the normal course of business.
TUI's solvency could also be jeopardized if a further suspension of covenant compliance is not achieved for the test period ending on 30 September 2021 and beyond. Furthermore, the loans from KfW (both tranches) and the initial revolving credit facility totaling EUR4.6bn will have to be refinanced in FY 2022. Due to the uncertainty regarding future business development, there is a risk that refinancing on the banking and capital markets will not be successful and that an extension of the existing financing or further government support measures will therefore be necessary.
During this period of travel suspension, the Executive Board continues to monitor the key risks, particularly heightened risks such as customer demand and those that impact the financial profile (i.e. cost volatility and cashflow) of the Group.
Additionally, TUI Group is preparing to restart operations to align to the requirements to be introduced by source markets and destinations once restrictions begin to lift. This is to ensure resumption of activities at the earliest and in the safest manner.
Unaudited condensed Consolidated Interim Financial Statements
Unaudited condensed consolidated income statement of TUI Group for the period from
1 Oct 2020 to 31 Mar 2021
EUR million Notes H1 2021 H1 2020
adjusted*
Revenue (1) 716.3 6,638.7
Cost of sales (2) 1,518.2 6,959.7
Gross loss - 801.9 - 321.0
Administrative expenses (2) 387.7 528.4
Other income (3) 10.8 93.1
Other expenses (4) 8.2 3.7
Impairment (+) / Reversals of impairment (-) of financial assets (20) - 29.1 23.5
Financial income (5) 26.9 22.4
Financial expenses (5) 256.0 129.7
Share of result of joint ventures and associates (6) - 157.2 41.9
Impairment (+) / Reversals of impairment (-) of net investments in joint ventures and (6) - 0.5 -
associates
Earnings before income taxes - - 849.0
1,543.7
Income taxes (expense (+), income (-)) (7) - 45.6 - 34.0
Group loss - - 815.0
1,498.1
Group loss attributable to shareholders of TUI AG - - 861.4
1,474.8
Group loss / profit attributable to non-controlling interest (8) - 23.3 46.4
* For further information, please refer to the section 'Correction of comparative periods'
Earnings per share
EUR H1 2021 H1 2020 (MORE TO FOLLOW) Dow Jones Newswires
May 12, 2021 02:03 ET (06:03 GMT)
