TUI AG (TUI)
TUI AG: Full-year results to 30 September 2023
06-Dec-2023 / 08:02 CET/CEST
The issuer is solely responsible for the content of this announcement.
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6 December 2023
TUI GROUP
Full-year results to 30 September 2023
FY23 Q4 FINANCIAL HIGHLIGHTS & TRADING UPDATE
-- FY23 Group underlying EBIT of EUR977m increased significantly by +EUR568m (+139%) year-on-year and delivering
in line with expectations. Full year results were supported in Q4 by a continued strong performance across all our
Holiday Experiences segments backed up by further operational improvement in Markets & Airlines with more to come
-- A total of 7.8m customers took the opportunity to enjoy our unique product offering during the quarter,
up 0.2m year-on-year. Average load factor of 92% for the quarter, was +1%pts higher than prior year
-- Q4 Group revenue of EUR8.5bn closed 11% higher year-on year, supported by higher volumes and in particular
higher prices. As a result, we are pleased to report a record full year 2023 Group revenue of EUR20.7bn, +25% higher
than in FY22
-- Q4 underlying EBIT of EUR1,203m up +EUR164m on Q4 FY22
? Hotels & Resorts in line with expectations with a repeat of the strong performance in the prior year
? Cruises achieved significantly higher Q4 result year-on-year, boosted by an improved operational
performance across all brands
? TUI Musement continues to drive forward digitalisation and product innovation, with results up on
higher volumes
? Markets & Airlines reported a significant increase in underlying EBIT, generated by further growth in
customer volumes at higher prices
-- Q4 Group Result (EAT after minority interests) of EUR904m, +13% higher year-on-year, demonstrating the
strong operational transition of the business post pandemic in returning to profitable growth
-- Positive operating cash flow in Q4 of EUR463m driven by the improved operational performance with higher
EBITDA and improved working capital
-- Strong reduction in year-end net debt to EUR2.1bn
? Net debt reduction of EUR1.3bn from EUR3.4bn in the prior year reflecting the cash inflow from operations
as well as the successful completion of our EUR1.8bn rights issue in April
? Significant improvement in leverage ratios with net leverage ratio^1 reduced to 1.2x from 2.8x. Both
gross and net leverage are now well below FY19 levels
? We saw an initial upgrade in our credit rating during the Spring to B/B2 (S&P/Moody's) and we have a
clear pathway to a rating target of BB/Ba territory
-- In Markets & Airlines, our Winter bookings^2 maintain their positive momentum supported by higher prices.
Our Winter capacity is trending in line with booking levels following the sale of 56% of the programme which is in
line with the prior season. Bookings to date are up +11% against Winter 2022/23. ASP continues to be well ahead of
Winter 2022/23 across our key markets, +5% higher overall and notably +1% pts ahead of the level published in
September. Bookings for Summer 2024^2 are still at a very early stage with 14% of the season sold. Initial
indications are for a strong season with bookings in all markets starting promisingly up +13% against Summer 2023
and ASP +4% higher. Our hedging levels for the coming Winter and Summer seasons are in line with our expectations
-- Holiday Experiences trading^3 remains well on track to deliver in line with expectations for Winter 2023/
24, with volumes and booked occupancy in all segments well ahead of prior year
FY24 Guidance^4
-- We are focused on operational excellence and execution. Our strategic roadmap, the strong operational
recovery and the measures taken to strengthen our balance sheet, lay the foundations for future profitable growth.
Our Guidance for FY24 is provided within the framework of the current macroeconomic as well as geopolitical
uncertainties especially in the Middle East. It is based on the current positive booking momentum across both
seasons, albeit with Summer at an early stage, as well as a return to a normal hedging policy. Against this
background, we can provide the following guidance for FY24:
? We expect Revenue to increase by at least 10% year-on-year
? We expect underlying EBIT to increase by at least 25% year-on-year
Mid-Term Ambitions^4
-- We have a clear strategy to accelerate profitable growth by increasing the customer lifetime value,
creating a business which is more agile, more cost-efficient and achieving a higher speed to market with the aim to
create additional shareholder value. Our mid-term ambitions are as follows:
? Generate underlying EBIT growth of c. 7-10% CAGR
? Target net leverage^1 strongly below 1.0x
? Return to a credit rating territory in line with our pre-pandemic rating BB/Ba (S&P/Moody's)
Considerations of the appropriate long-term listing arrangements for TUI AG
-- TUI has been recently approached by certain shareholders to discuss and understand whether the current
listing structure is optimal and advantageous for the Company, and if the simplification of the listing structures
and an inclusion in the MDAX would be beneficial for TUI. This is against the background, that in the period since
the completion of the merger with TUI Travel and, more significantly in the past four years, the ownership of TUI
AG's shares and the liquidity on the exchanges has evolved significantly with a notable liquidity migration from UK
to Germany. In light of the views expressed by shareholders and any further feedback from shareholders, the
Executive Board is currently considering, if an Upgrade to a Prime Standard listing in Frankfurt with MDAX
inclusion and a delisting from the London Stock Exchange would be in the best interest of shareholders. The
Executive Board's focus is to provide an attractive, long-term listing for TUI AG which aligns with its ownership
and current liquidity and delivers benefits to all shareholders. Potential advantages of simplification of the
listing structures and an inclusion in the MDAX are the centralisation of liquidity, providing a clearer investment
profile under a single listing, potential benefits to European Union airline ownership and control requirements,
potentially enhancing TUI AG's equity profile with an expected prominent position in the MDAX50 and creating
efficiencies as well as reducing costs. While no decision has been taken, the Executive Board is therefore
currently considering including the UK-Delisting resolution on the agenda for the AGM on 13 February 2024. Under
the UK Listing Rules, the UK-Delisting will require shareholder approval of a delisting resolution with at least a
75% majority of the votes cast.
FY23 Q4 KEY FINANCIALS^5
Year ended 30 September in EURm FY23 Q4 FY22 Q4 Change FY23 FY22 Change
Revenue 8,476 7,614 +862 20,666 16,545 +4,121
Underlying EBIT^6 1,203 1,039 +164 977 409 +568
Reported EBIT^7 1,230 977 +253 999 320 +679
Earnings before tax^8 1,153 887 +266 551 -146 +697
Group result attributable to shareholders of TUI AG 904 799 +104 306 -277 +583
Underlying EPS^9 EUR1.71 EUR2.61 -EUR0.90 EUR0.74 -EUR0.45 +EUR1.18
Net debt (IFRS 16) -2,106 -3,436 +1,330 -2,106 -3,436 +1,330
FY23 Q4 RESULTS
-- A total of 7.8m customers took the opportunity to enjoy our
unique product offering during the quarter,up +0.2m year-on-year.
Average load factor of 92% for the quarter, was +1%pts higher than
prior year
-- Q4 underlying EBIT of EUR1,203m was up +EUR164m on Q4 FY22
with results supported by a continued strongperformance across all
our Holiday Experiences segments backed up by further operational
improvement in Markets &Airlines with more to come
Underlying EBIT in EURm FY23 Q4 FY22 Q4 Variance FY23 FY22 Variance
Hotels & Resorts 287 291 -3 549 480 +69
Cruises 157 103 +54 236 1 +235
TUI Musement 49 42 +7 36 24 +12
Holiday Experiences 493 435 +58 822 505 +317
Northern Region 342 344 -2 71 -102 +173
Central Region 210 137 +73 88 75 +13
Western Region 185 128 +57 81 -32 +113
Markets & Airlines 737 609 +128 241 -59 +299
All other segments -28 -5 -22 -85 -37 -47
Total TUI Group 1,203 1,039 +164 977 409 +568
-- Hotels & Resorts in line with expectations with a repeat
of the strong performance in the prior year ? Our hotel portfolio
is well-diversified in terms of product offer, destination mix and
ownership models,and benefits from multi-channel and multi-source
market distribution via Markets & Airlines, direct to
customer,and via third parties such as Online Travel Agents (OTAs)
and tour operators mainly outside our own source markets ? Q4
underlying EBIT of EUR287m was in line with prior year and well
above pre-pandemic levels supported by astrong operational
performance in particular for RIU and underlining the significant
development of this segment.Popular destinations during the key
summer quarter proved to be Turkey, Greece, the Canaries, the
Balearics as wellas the Caribbean ? A total of 12.0m available bed
nights^10 were on offer, +5% higher than in the prior year. Average
dailyrate^11 rose by +9% year-on-year to EUR87 across all our key
destinations with occupancy levels^12 remaining high at89%,
although -3% lower than in the prior year ? As at 30 September
2023, there were a total of 424 hotels in our TUI Group hotel
portfolio made up of 360own hotels against (353 in the prior year)
and 64 hotels belonging to our international concept brands
-- Cruises - Significantly higher Q4 result year-on-year,
boosted by improved operational performance acrossall brands ? Our
three cruise brands (Mein Schiff, Hapag-Lloyd Cruises, Marella)
cover the cruises sector from premiumall-inclusive to luxury to
expeditions, with leading positions in the German-speaking and UK
markets, benefitingfrom multi-channel distribution via Markets
& Airlines, direct to customer and via third parties ? Q4
underlying EBIT for the segment was EUR157m, a significant
improvement of +EUR54m against prior year. Thisincludes the equity
result of TUI Cruises of EUR101m (EAT). All three cruise brands
contributed to the positiveresults development supported by
increased volumes, higher occupancies and improved average daily
rates ? The segment operated a full fleet of sixteen ships as in
the prior year. As a result available passengercruise days^13 of
2.4m was in line with prior year. Occupancies^14 continued to rise
quarter by quarter throughoutthe financial year, ranging in Q4
between 84% for Hapag-Lloyd and over 100% for both Mein Schiff
(104%) and MarellaCruises (101%) and returning to pre-pandemic
levels. Average daily rates^15 also increased across all three
fleetsto EUR250 overall, up +11% against EUR226 in the prior year
and ahead of pre-pandemic levels, highlighting the strongdemand for
our cruise brands ? During the quarter, Mein Schiff offered
itineraries to the Mediterranean, Northern Europe, Baltic Sea
andNorth America, with Hapag-Lloyd's programme focused on Europe,
the Americas as well as voyages to the Artic, basedon an overall
fleet of eleven ships. Marella, with its fleet of five ships
operated itineraries across theMediterranean, North America and the
Caribbean
-- TUI Musement continues to drive forward digitalisation and
product innovation, with results up on highervolumes ? Our TUI
Musement business is one of the largest digital providers of
experiences (including excursions,activities and tickets) transfers
and multi-day tours. The business continues to drive growth through
itsdigitalisation initiatives and the development of own
differentiated products ? Underlying EBIT in Q4 of EUR49m improved
+EUR7m year-on-year, supported by the expansion of the
B2Cexperiences offering, increased B2B partnerships and higher
transfer volumes and experience sales to our Markets &Airlines
business ? During the quarter, TUI Musement provided 11.6m guest
transfers in the destinations, an increase of +0.6magainst the
prior year. In addition, 3.6m experiences were sold in the quarter,
+0.4m higher than in the prioryear. The uptake rate of 33% in Q4
highlights the cross-sell opportunity we have in this business and
underlinesthe benefit of our integrated business model
-- Markets & Airlines - Significant increase in underlying
EBIT generated by further growth in customervolumes at higher
prices ? Our Markets & Airlines business covers the whole
customer journey. We differentiate ourselves from thecompetition
(such as tour operators, OTAs, hotels and airlines) based on
exclusive and high-quality product,service and trust and by
following a customer-centric approach ? Q4 underlying EBIT for the
segment increased significantly by +EUR128m to EUR737m against the
prior year(FY22 Q4 EUR609m), driven in particular by higher prices
as well as good demand, demonstrating the strength of ourcustomer
offering. Whilst there was a more normalised level of flight
disruptions witnessed against the prior year,results in Q4 FY23
were impacted by EUR25m during the peak summer season due to the
wildfires on Rhodes. On aregional basis, both Central and Western
Region were the key contributors to the improved result ? During
the quarter, a total of 7.8m customers departed for their holidays,
+2% above Q4 FY22 (7.6m) withcustomer growth most notable in
Central Region and here in particular in the German and Polish
markets. Averageload factor of 92% for the quarter, was +1%pts
higher than prior year ? Spain, Greece, Turkey, the Balearics and
the Canaries proved again to be popular short- and
medium-hauldestinations during the quarter, with Mexico the most
booked long-haul destination ? Direct^16 and online^17 distribution
mix decreased slightly year-on-year to 75% (from 77%) and 51%
(from53%) respectively, with our customers benefiting from our
omni-channel distribution offer and again, post pandemic,having the
opportunity to receive support from our experienced and service
orientated retail colleagues ? In line with our strategy to
accelerate the Group's transformation into a digital platform
business wehave seen further growth in both dynamic packaging,
which now makes up 13% of our customer base and app sales whichare
now 5% of overall sales
NET DEBT
During the year we achieved a further strong improvement in our
net debt position by EUR1.3bn year-on-year to EUR2.1bn. This
positive development was supported by the net proceeds from our
rights issue in April 2023 and a positive inflow from operations.
In addition, the WSF Silent Participation I and Warrant Bond was
paid back at a market value of EUR750m.
The measures taken to strengthen our balance sheet resulted in a
significant improvement in our leverage ratios to below FY19 levels
with net leverage^1 reducing to 1.2x, from 2.8x in the prior year
and against 1.6x in FY19.
During the year we saw a first improvement in our credit rating
with S&P upgrading to B and Moody's upgrading to B2 both with a
positive outlook.
FUEL/FOREIGN EXCHANGE
Our strategy of hedging the majority of our jet fuel and
currency requirements for future seasons gives us increased
certainty of costs when planning capacity and pricing. Our current
hedged positions for the coming winter and summer seasons are in
line with our expectations. The following table shows the
percentage of our forecast requirement that is currently hedged for
Euros, US Dollars and jet fuel for our Markets & Airlines,
which account for over 90% of our Group currency and fuel
exposure.
Hedged Position* W23/24 S24 W24/25
Euro 94% 65% 25%
US Dollar 90% 76% 37%
Jet Fuel 94% 75% 35%
*Position at 26 November, 2023
CURRENT TRADING (further detail is provided in the appendix)
Hotels & Resorts^3 - Number of available bed nights^10 for
H1 FY24 is +4% ahead of H1 FY23 with higher capacities in
particular across the RIU portfolio due mainly to fewer hotel
renovations. Booked occupancy^12 is currently up +5%pts for the
same period. Average daily rates^11 are +5% ahead of prior year,
with rates up across our key hotel brands. We expect key
destinations in H1 to be the Canaries, Mexico, the Caribbean and
Cape Verde.
Cruises^3 - Demand for our unique cruise brands, which offer a
strong value proposition for customers, continues to be strong. We
plan to deploy a full fleet of sixteen ships during the Winter. As
a result available passenger cruise days^13 in H1 FY24 are at -1%
broadly in line with prior year given that additional ships are
scheduled for regular dry and wet dock during the period. Following
their recovery throughout FY23, booked occupancy rates^14 are
anticipated to remain high at +11%pts above H1 FY23. Average daily
rates^15 are also significantly above prior year at +14%,
underlining the strong recovery of this segment and the popularity
of the product on offer. Mein Schiff, with its fleet of six ships
will offer itineraries to the Canaries, the Orient, the Caribbean,
Central America, Asia and Northern Europe. Hapag-Lloyd's fleet of
five ships will focus on routes to the Americas, Caribbean and Asia
with standout expeditions including the semi-circumnavigation of
Antarctica. Marella, with its fleet of five ships, will operate
itineraries to the Canaries and the Caribbean with Asia also
reintroduced for the upcoming Winter season.
TUI Musement^3 - In our Tours and Activity business, we will
expand our B2C experiences offering as well as B2B business with
partners and anticipate a higher volume of transfers and
experiences sales driven by our Markets & Airlines business.
The business has seen a positive start to the winter with sales to
date for our experiences business, up +15% for H1 FY24 against
prior year. Over the same period, the provision of transfer
services and support to our customers in the destination, is
anticipated to develop in line with operations and capacity
operated by Markets & Airlines.
Markets & Airlines^2 - We are pleased to report, that the
positive Winter 2023/24 booking momentum is continuing, with +1.4m
bookings added since our Pre-Close Statement on 19 September.
Current booking trends and customer demand remain strong, whereby
recent weeks had seen a temporary slight slowing of bookings to
Egypt due to the Middle East conflict. Our Winter programme has
been expanded, with Winter capacity trending in line with booking
levels. We have a strong pipeline of 2.9m bookings for the season
to date, which is an increase of +11% against the prior Winter
season. As a result, 56% of the programme has already been sold,
which is in line with the prior season. ASP continues to be well
ahead of Winter 2022/23 across our key markets, +5% higher overall
and notably +1% pts ahead of the level published in September,
highlighting our customers' continued willingness to prioritise
spend on travel and experiences. 95% of the FY24 Q1 programme,
which represents a mix of late summer and winter bookings, has been
sold, with bookings in line with expectations. Demand for short-
and medium haul destinations continues to drive bookings, with
popular destinations proving to be the Canaries, Egypt and Cape
Verde. Key long-haul destinations for the Winter include Mexico,
Thailand and the Dominican Republic. In UK, traditionally our most
advanced booked market, 57% of the season has been sold to date.
Here, bookings are up +9% against Winter 2022/23, +1% pts higher
than our September publication, In Germany, our other major market,
volumes are up significantly at +16% against the prior season.
Bookings for Summer 2024 are still at a very early stage with
14% of the season sold. Initial indications are for a strong season
with bookings in all markets starting promisingly, up +13% against
Summer 2023 with ASP +4% higher. As usual at this point during the
season, we reserve the option to flexibly adjust capacity, for
instance from the eastern to western Mediterranean. In UK, which
has been on sale for the longest period, bookings are up +6%
following the sale of 24% of the programme. Similarly, in Germany
the season has started strongly, with bookings +25% higher
following the sale of 9% of the programme. In all other markets, we
have a promising early booking profile at stronger ASPs.
.
SUSTAINABLITY (ESG)
As industry leader, we want to set the standard for
sustainability in the market. We believe that sustainable
transformation should not be viewed solely as a cost factor, but
that sustainability pays off - for society, for the environment,
and for economic development. Our strategy is underpinned by clear
science-based goals and targets on sustainability. Our
sustainability agenda sets out our plans to reduce our
environmental footprint significantly, whilst maximising the
socio-economic impact of tourism. It consists of three building
blocks ? People, Planet and Progress.
We have near-term targets set for airline, cruises and hotels,
to reduce emissions according to the latest climate scientific
findings. These 2030 targets were validated by the Science Based
Targets initiative (SBTi) and published in our FY23 Q1 Interim
Report in February 2023.
We continue to make significant progress to reduce emissions
across our business. Most recently the following milestones were
achieved:
-- Markets & Airlines: sustainable aviation fuel (SAF) plays
a crucial role in reducing aviation emissions.TUI cooperates with a
number of partners to secure supplies of SAF. During summer 2023 an
additional SAF MOU wassigned with INERATEC and the first voluntary
SAF taken up in Amsterdam
-- Hotels & Resorts: TUI Blue Montafon has become the first
zero CO[2] hotel, marking the start of TUI'splan to reduce
emissions from own hotels to zero by 2030
-- Cruises: A bio-fuel blend on Mein Schiff 4 & Hanseatic
Inspiration has been introduced, reducing carbonemissions by up to
90% compared to fossil fuels. During the summer season in Northern
Europe, five of the TUICruises fleet used green shore power
In addition, we have also taken the following steps as part of
our sustainability agenda:
-- TUI Musement: Over 1,600 experiences now meet the strict
sustainability criteria of the GlobalSustainability Tourism Council
(GSTC)
-- TUI Care Foundation: As part of the TUI Forests programme
which is strengthening biodiversity and takingforest-based
experiences to the heart of tourism communities, 2.5 million trees
have already planted in TUI Forestsacross the world with a further
TUI forest for Rhodes recently announced. The aim is to plant 5
million trees by2025
STRATEGIC PRIORITIES
TUI's strategy is defined across both our Holiday Experiences
and Markets & Airlines business divisions. It is embedded onto
one central customer ecosystem, underpinned by our Sustainability
Agenda and by our people and is focused on rolling out the global
platform capturing the Customer Lifetime Value. Our Holiday
Experiences (Hotels & Resorts, Cruises, TUI Musement) strategy
focusses on asset-right, profitable growth in differentiated
content and expanding the customer base with multi-channel
distribution, in particular outside Markets & Airlines. In
Hotels & Resorts, product growth is delivered by expanding our
portfolio in new and existing destinations. Product growth in
Cruises is driven by investment into new-build ships by our TUI
Cruises JV, with three new ships being delivered over the next
three years. In addition, we are continuing Marella's fleet
upgrade, by replacing older ships with newer, larger ones, which
included the launch of Marella Voyager in June 2023 (previously
Mein Schiff Herz). In TUI Musement, we have realigned our strategy
to digitalise all three business segments (experiences, transfers
and tours), with a strong focus on delivering profitable growth
from the marketing of our own products across all channels and
investing in particular in more of our own differentiated
products.
Our Markets & Airlines strategy focusses on strengthening
and leveraging our capabilities (including brand and distribution
increasingly via the App, differentiated and exclusive product,
quality and service) and market positions, with growth delivered
from new products and new customers, based on scalable common
platforms. Product growth is based on an expanded offer of
accommodation only, flight only, car rentals, ancillaries and
tours, as well as increasing the volume and proportion of dynamic
packaging and supply, to deliver choice, flexibility and hence
growth, without increasing risk capacity. Customer growth is driven
by this increase in choice and flexibility, as we enlarge our
appeal across more customer segments, supported by our brand and
marketing strategy.
ANNUAL REPORT AND FY23 RESULTS INVESTOR & ANALYST VIDEO
WEBCAST
Our Annual Report for the financial year 2023 and the
accompanying results presentation slides can be found on our
corporate website:
https://www.tuigroup.com/en-en/investors/reports-and-presentations.
A video webcast from our live event for investors and analysts will
take place today at 09:30 GMT / 10.30 CET at Deutsche Bank, London.
The details of the webcast are available on our website via the
same link.
__________________________________________________________________________________________
^1 Net Leverage defined as net debt (Financial debt plus lease
liabilities less cash & cash equivalents & less short-term
interest bearing investments) divided by Underlying EBITDA
^2 Bookings up to 26 November 2023 relate to all customers
whether risk or non-risk and include amendments and voucher
re-bookings
^3 H1 FY24 trading data (excluding Blue Diamond in Hotels) as of
26 November 2023 compared to H1 FY23 trading data
^4 Based on constant currency and within the framework of the
macroeconomic and geopolitical uncertainties currently known,
including developments in the Middle East
^5 Due to the re-segmentation of Future Markets from All other
segments to Hotels & Resorts, TUI Musement and Central Region
in financial year 2023, prior
year's figures have been adjusted
^6 Underlying EBIT has been adjusted for gains on disposal of
investments, major gains and losses from the disposal of assets,
major restructuring and integration expenses. The indicator is also
adjusted for all effects from purchase price allocations, ancillary
acquisition costs and conditional purchase price payment as well as
for goodwill impairments
^7 Reported EBIT comprises earnings before net interest result,
income tax and result from the measurement of interest hedges
^8 For reconciliation of loss/earnings before tax to underlying
EBIT, please refer to page 65 of the Annual Report
^9 For calculation of underlying earnings per share please refer
to page 34 of the Annual Report ^
^10^ Number of hotel days open multiplied by beds available in
the hotel (Group owned and leased hotels)
^11^ Board and lodging revenue divided by occupied bed nights
(Group owned and leased hotels)
^12^ Occupied beds divided by available beds (Group owned and
lease hotels)
^13 Number of operating days multiplied by berths available on
the operated ships
^14 Achieved passenger cruise days divided by available
passenger cruise days
^15 TUI Cruises: Ticket revenue divided by achieved passenger
cruise days. Marella Cruises: Revenue (stay on ship inclusive of
transfers, flights and hotels due to the
integrated nature of Marella Cruises) divided by achieved
passenger cruise days
^16 Share of sales via own channels (retail and online)
^17 Share of online sales
ANALYST & INVESTOR ENQUIRIES
Nicola Gehrt, Group Director Investor Relations
Tel: +49 (0) 511 566 1435
Adrian Bell, Senior Investor Relations Manager
Tel: +49 (0) 511 566 2332
James Trimble, Investor Relations Manager
Tel: +44 (0) 1582 315 293
Stefan Keese, Investor Relations Manager
Tel: +49 (0) 511 566 1387
Anika Heske, Junior Investor Relations Manager
Tel: +49 (0) 511 566 1425
Cautionary statement regarding forward-looking statements The present announcement contains various statements relating to TUI Group's and TUI AG's future development. These statements are based on assumptions and estimates. Although we are convinced that these forward-looking statements are realistic, they are not guarantees of future performance since our assumptions involve risks and uncertainties that could cause actual results to differ materially from those anticipated. Such factors include market fluctuations, the development of world market prices for commodities and exchange rates or fundamental changes in the economic or political environment. TUI does not intend to and does not undertake any obligation to update any forward-looking statements in order to reflect events or developments after the date of this announcement. Appendix Markets & Airlines Trading
Winter 2023/242 vs. Winter 2022/23 (Variance in %)
Bookings +11
ASP +5
Summer 20242 vs. Summer 2023 (Variance in %)
Bookings +13
ASP +4 Holiday Experiences
H1 FY 2024 Trading3 October 2023 - March 2024 (Variance in % versus prior year)
Hotels & Resorts
Available bed nights10 +4
Occupancy %12 +5% pts
Average daily rate11 +5
Cruises
Available passenger cruise days13 -1
Occupancy %14 +11% pts
Average daily rate15 +14
TUI Musement
Experiences sold +15
Transfers In-line with Markets & Airlines ANNUAL GENERAL MEETING AND Q1 FY24 TUI Group will hold its Annual General Meeting and publish its Q1 FY24 Report on 13 February, 2024
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Dissemination of a Regulatory Announcement, transmitted by EQS
Group. The issuer is solely responsible for the content of this
announcement.
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ISIN: DE000TUAG505
Category Code: ACS
TIDM: TUI
LEI Code: 529900SL2WSPV293B552
OAM Categories: 1.1. Annual financial and audit reports
Sequence No.: 289898
EQS News ID: 1790079
End of Announcement EQS News Service
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