TUI : Annual report FY22

2022 ANNUAL REPORT

"We used the pandemic to set ourselves up as solidly as possible for the time to come. Today TUI is leaner and more efficient than ever. The aim now is to implement the measures we agreed on properly and very swiftly. The formula is: new products, additional customers, increasing market share. For customers that means more choice, more per- sonalised­ options and greater flexibility. TUI will be their partner for holidays, leisure and experiences - not only when they are travelling, but in their home countries too."

Sebastian Ebel, Chief Executive Officer of TUI AG

CONTENTS

FINANCIAL YEAR 2022

COMBINED MANAGEMENT REPORT

CORPORATE GOVERNANCE

CONSOLIDATED FINANCIAL STATEMENTS AND NOTES

Contents

FINANCIAL YEAR 2022

1. Financial Highlights
2. Interview with Sebastian Ebel

1. Group Executive Committee
2. Report of the Supervisory Board

1. Report of the Audit Committee

CORPORATE GOVERNANCE

1. Supervisory Board and Executive Board

1. Statement on Corporate Governance

1. Remuneration Report

The Annual Report of TUI Group and the financial statements of TUI AG are ­available in German and in English: www.tuigroup.com/en-en/investors/annual-reports

This version does not comply with the statutory XHTML / iXBRL format, taking into account the requirements of the European Single Format (ESEF) Regulation.

This report was published on 14 December 2022.

The components subject to publication requirements are also published in the

­Federal Gazette and, for the first time, also in XHTML / iXBRL format, taking into account the requirements of the European Single Format (ESEF) Regulation.

R E P O R T N AV I G AT I O N

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COMBINED MANAGEMENT

REPORT

1. TUI Group Strategy

1. Corporate Profile

1. Risk Report

52 Overall Assessment by the Executive Board and Report on expected Developments

56 Business Review

1. Non-financialDeclaration of TUI Group

1. Annual financial Statements of TUI AG

1. Information required under Takeover Law

103 TUI Share

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CONSOLIDATED FINANCIAL STATEMENTS AND NOTES

1. Consolidated Financial Statements

1. Consolidated Income Statement

1. Earnings per share

1. Consolidated Statement of Comprehensive Income
2. Consolidated Statement of Financial Position
3. Consolidated Statement of Changes in Equity

1. Consolidated Cash Flow Statement
2. Notes

1. Responsibility Statement by Management
2. Independent Auditor's Report

267 Report of the Independent Auditor Regarding the consolidated non-financial statement

269 Forward-Looking Statements

S E A R C H				TA B L E O F		B A C K
			C O N T E N T S

T H E F O L L O W I N G S Y M B O L S A R E U S E D F O R C R O S S - R E F E R E N C E S :

This is a cross-reference provided by law and / or audited by the auditor as part of the audit of the financial statements.

Here you will find a page reference to further information within the annual ­report. This reference, as a cross-reference not provided for by law or by the German Accounting Standards (DRS) No. 20, is not subject of an auditor's review.

Here is a reference to websites or separate corporate publications. This reference, as a cross-reference not provided for by law or by the German Accounting ­Standards (DRS) No. 20, is not subject of an auditor's review.

Unless stated otherwise, all change figures refer to the corresponding period from the previous year.

CONTENTS

FINANCIAL YEAR 2022

COMBINED MANAGEMENT REPORT

CORPORATE GOVERNANCE

CONSOLIDATED FINANCIAL STATEMENTS AND NOTES

1

FINANCIAL YEAR 2022

1. Financial Highlights
2. Interview with Sebastian Ebel

1. Group Executive Committee
2. Report of the Supervisory Board

1. Report of the Audit Committee

4

CONTENTS

FINANCIAL YEAR 2022

Financial Highlights

1. Financial Highlights
2. Interview with Sebastian Ebel

1. Group Executive Committee
2. Report of the Supervisory Board

18 Report of the Audit Committee

COMBINED MANAGEMENT REPORT

CORPORATE GOVERNANCE

CONSOLIDATED FINANCIAL STATEMENTS AND NOTES

TUI Group - financial highlights

€ million

Revenue

Underlying EBIT 1

Hotels & Resorts

Cruises

TUI Musement

Holiday Experiences

Northern Region

Central Region

Western Region

Markets & Airlines

All other segments

TUI Group

EBIT 1

Underlying EBITDA

EBITDA 2

Group loss

Earnings per share	€
Net capex and investment
Equity ratio (30 Sept) 3	%
Net financial position (30 Sept)
Employees (30 Sept)

2022

16,544.9

480.6

0.8

23.2

504.6

-101.6

87.8

- 31.5

- 45.3

- 50.5

408.7

320.0

1,224.6

1,203.3

- 212.6

- 0.17

315.9

4.2

- 3,436.2

61,091

2021		Var. %	Var. %
					at constant
					currency
4,731.6		+ 249.7	+ 247.4
-152.7		n. a.	n. a.
- 277.5		n. a.	n. a.
-105.3	n. a.	n. a.
- 535.4		n. a.	n. a.
- 965.8		+ 89.5	+ 90.6
- 328.6	n. a.	n. a.
-176.6		+ 82.1	+79.8
-1,470.9		+ 96.9	+ 97.1
- 69.1	+ 26.9	+ 28.2
- 2,075.5		n. a.	n. a.
- 2,012.8		n. a.
-1,145.2		n. a.
-1,000.4		n. a.
- 2,480.9		+ 91.4
- 2.58		+ 93.4
- 699.1	n. a.
- 3.0		+7.2
- 4,954.2		+ 30.6
50,584		+ 20.8

Due to rounding, some of the figures may not add up precisely to the stated totals, and percentages may not precisely reflect the absolute figures. All change figures refer to the previous year, unless otherwise stated.

This Annual Report 2022 of the TUI Group was prepared for the reporting period from 1 October 2021 to 30 September 2022.

1. We define the EBIT in underlying EBIT as earnings before interest, income taxes and result of the measurement of the Group's interest hedges. For further details please see page 62.
2. EBITDA is defined as earnings before interest, income taxes, goodwill impairment and amortisation and write-downs of other intangible assets, depreciation and write-downs of property, plant and equipment, investments and current assets.
3. Equity divided by balance sheet total in %, variance is given in percentage points.

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