TUI AG · XETR:TUI1
TUI — Investor Presentation (December 2021)
43 slides from TUI's investor presentation, December 2021
Slide 1: TUI Group Factbook December 2021
TUI Group Factbook December 2021
Slide 2: Reasons to Invest & Business Overview
TUI GROUP - REASONS TO INVEST & BUSINESS OVERVIEW TUI GROUP | Factbook | December 2021
Slide 3: TUI Group at a glance – normalised levels pre C-19
TUI Group at a glance – normalised levels pre C-19 TUI GROUP HOLIDAY EXPERIENCES (~70% EBIT2) 21m Customers1 €452m Leading leisure hotel and club brands around EBIT the world; investments, operations, ownership €18.9bn Turnover €366m EBIT Leading German & UK cruise brands €893m EBIT / excl. MAX €1,1
Slide 4: Reasons to invest (1/2)
Reasons to invest (1/2) 1 2 3 Trusted brand providing great TUI is strategically well positioned Holidays remain a high priority – customer experiences throughout within growing tourism market our integrated business model “Experience is the new luxury” (>GDP) & will benefit from strong distinguishi
Slide 5: Reasons to invest (2/2)
Reasons to invest (2/2) 4 5 6 A leading tourism group pioneering Accelerated digital transformation Strengthening balance sheet & sustainable tourism creating & efficiency programme well operational recovery positive change for people and underway communities TUI will benefit from key market positio
Slide 6: World arrivals expected to show strong increase in 2022
World arrivals are expected to show strong increase in 2022 & return to normalisation in 2023 & 2024 ACTUAL DEVELOPMENT FORECAST2 Return to World arrivals both leisure and business travel (bn)1 FY19 levels 1.5 1.5 1.4 COVID-19 1.4 1.3 1.2 1.2 crisis 1.0 0.6 0.4 2015 2016 2017 2018 2019 2020 2021e 20
Slide 7: TUI's unique and integrated business model
TUI‘s unique and integrated business model continues to be the foundation of our success INTEGRATED BUSINESS MODEL MARKETS & AIRLINES HOLIDAY EXPERIENCES 21m customers1 414 Hotels2 • Integrated business model with differentiated product and service offering along the whole value chain 134 aircraft3
Slide 8: TUI managing the C-19 pandemic and prepared to benefit from rebound
TUI is managing the C-19 pandemic actively and is well prepared to benefit from a strong rebound in the leisure industry TRAVEL AS A TOURISM IS A FORCE MEGA TREND FOR GOOD Tourism is a growth industry Sustainable transformation is an opportunity Tourism creates jobs, provides education & improves so
Slide 9: Priorities to transform TUI into a digital platform company
Our priorities to transform TUI into a digital platform company enables the delivery of our mid-term ambitions POCKETS OF FUTURE GROWTH Expand tours & activity Drive digitalisation & Growth through asset- Execute Global segment dynamic packaging right financing structures Realignment Programme LEADI
Slide 10: Global Realignment Programme
GLOBAL REALIGNMENT PROGRAMME TUI GROUP | Factbook | December 2021
Slide 11: Global Realignment Programme on track to meet ~€400m cost reduction
Global Realignment Programme on track to meet ~€400m p.a. cost reduction target PILLARS RECENT PROGRESS PHASING • FY20 H1: Announced programme with potential impact on 8k roles, ~7k reduction in FTEs to date already agreed REDUCE COSTS P&L view ~€400m p.a / 100% • TUI Musement: significant progress
Slide 12: Group Financials
GROUP FINANCIALS TUI GROUP | Factbook | December 2021
Slide 13: Income Statement – Key Figures
Income Statement – Key Figures FY21 FY20 FY19 In €m IFRS 16 IFRS 16 IAS 17 adj. adj. Revenue 4,732 7,944 18,928 Underlying EBITDA -1,145 -1,615 1,360 • FY21 & FY20 both significantly affected by the COVID-19 Depreciation & Amortisation -930 -1,382 -466 related travel suspension:- • FY21 H1 impacted
Slide 14: Cash Flow & Movement in Net Cash
Cash Flow & Movement in Net Cash FY21 FY20 FY19 In €m IFRS 16 IFRS 16 IAS 17 Underlying EBITDA -1,145 -1,615 1,360 Adjustments 145 260 -82 Reported EBITDA -1,000 -1,355 1,277 Working capital 823 -1,351 -26 Other cash effects -108 -236 138 At equity income 233 193 -297 Dividends received (JV's, assoc
Slide 15: Balance Sheet
Balance Sheet 31-Dec-21 30-Sep-21 30-Sep-20 30-Sep-19 In €m IFRS 16 IFRS 16 IFRS 16 IAS 17 adj. adj. Non-current assets 11,261.1 11,222.3 12,647.8 11,947.9 Current assets 3,161.8 2,933.3 2,693.4 4,270.2 Assets 14,422.9 14,155.7 15,341.1 16,218.1 Subscribed capital 1,622.9 1,099.4 1,509.4 1,505.8 Cap
Slide 16: Gross Leverage Ratio
Gross Leverage Ratio LEVERAGE RATIO PAST LEVERAGE LEVEL ACHIEVED FY21 FY20 FY19 €m IFRS 16 IFRS 16 IAS 17 Gross debt 6,550 7,669 2,682 3.50x **2.7x if to Bonds 641 299 298 excluding 3.25x MAX2** to Liabilities to banks 2,612 3,954 870 2.75x 3.00x 3.00x to Lease liabilities (IFRS16) 3,229 3,400 - to
Slide 17: Financing facilities and support packages overview
Financing facilities and support packages overview (per 3 February 2022) Support Instrument Facility €m Utilisation €m Debt/equity Maturity date package # - 1,535 1,488m drawn Debt RCF - 215 guarantee line - July 2024 (unsecured) Bank 1&2 2,850 450m drawn Debt facilities RCF 3 1701 undrawn Debt July
Slide 18: Hotels & Resorts
HOTELS & RESORTS TUI GROUP | Factbook | December 2021
Slide 19: Hotels & Resorts Summary FY21
Hotels & Resorts Summary FY21 HOTEL BEDS BY REGION (%) FY21 FY20 FY19 7% Key figures IFRS 16 IFRS 16 IAS 17 Caribbean (C-19) (C-19) 30% 22% Western Med. Total Revenue (€m) 667 751 1,512 Total Eastern Med. 275,773 Africa & UAE o/w External Revenue (€m) 440 402 660 Other 21% 20% Underlying EBITDA (€m)
Slide 20: Hotels & Resorts Summary by brand
Hotels & Resorts Summary by brand Key figures FY21 IFRS 16 (C-19) Total External Revenue (€m) 286.3 67.4 - 440.5 Underlying EBIT (€m) -42.5 -6.2 -32.6 -152.7 Number of hotels 101 26 34 359 Number of beds 105,435 16,015 32,270 275,773 Capacity (k)1 10,604 2,289 4,671 27,070 Average occupancy2 % 55 58
Slide 21: Hotels & Resorts Summary by brand
Hotels & Resorts Summary by brand Key figures FY19 IAS 17 Total External Revenue (€m) 415.1 103.1 - 660.0 Underlying EBIT (€m)1 326.2 54.7 9.9 451.8 Number of hotels 99 23 32 354 Number of beds 90,460 13,927 30,080 262,644 Capacity (k)2 18,056 3,333 4,379 42,094 Average occupancy3 % 88 73 77 82 Aver
Slide 22: Hotels & Resorts RIU – Key figures FY21
Hotels & Resorts RIU – Key figures FY21 Total RIU 100% view1 o/w RIUSA II o/w Riu Hotels Riu in IFRS 16 In €m (fully consolidated) (consolidated at equity) TUI accounts (C-19) Total Revenue 443 344 99 344 Underlying EBIT -65 -27 -38 -42 EBIT Margin n.m n.m n.m n.m EAT2 -54 -21 -33 o/w EAT to TUI2 -2
Slide 23: Hotels & Resorts RIU – Key figures FY20
Hotels & Resorts RIU – Key figures FY20 Total Riu in RIU 100% view1 o/w RIUSA II o/w Riu Hotels IFRS 16 TUI accounts In €m (fully consolidated) (consolidated at equity) (C-19) IFRS 16 Total Revenue 675 449 226 449 Underlying EBIT 73 45 28 50 EBIT Margin 11% 10% EAT 38 28 10 o/w EAT to TUI 19 14 5 19
Slide 24: Hotels & Resorts RIU – Key figures FY19
Hotels & Resorts RIU – Key figures FY19 RIU 100% view1 Total o/w RIUSA II o/w Riu Hotels Riu in In €m IAS 17 (fully consolidated) (consolidated at equity) TUI accounts Total Revenue 1,169 850 319 850 Underlying EBIT 397 283 114 326 EBITA Margin 34% 33% EAT 315 226 89 o/w EAT to TUI 156 113 43 156 RO
Slide 25: Hotels & Resorts Robinson – Key figures FY21
Hotels & Resorts Robinson – Key figures FY21 (€m) FY21 FY20 FY19 Robinson IFRS 16 IFRS 16 IAS 17 In TUI accounts1 (C-19) (C-19) Total Revenue 168 147 257 Underlying EBIT -6 -99 55 EBIT margin n.m n.m 21% ROIC n.m n.m 11% Robinson Club Sarigerme Park, Turkey HOTEL BEDS BY REGION (%) FINANCING STRUCTU
Slide 26: Hotels & Resorts Blue Diamond – Key figures FY21
Hotels & Resorts Blue Diamond – Key figures FY21 (€m) FY21 FY20 FY19 Blue Diamond IFRS 16 IFRS 16 IAS 17 100% view1 (C-19) (C-19) Total Revenue 274 253 456 EBIT -30 -29 73 EBIT margin n.m n.m 16% EAT -67 -73 19 o/w EAT to TUI (49%) -33 -35 10 Royalton White Sands, Jamaica HOTEL BEDS BY LOCATION (%)
Slide 27: Cruise
CRUISE TUI GROUP | Factbook | December 2021
Slide 28: Cruises Summary by brand
Cruises Summary by brand Key figures FY21 IFRS 16 (C-19) MARELLA CRUISES Revenue (€m)1 - - 27.0 Underlying EBIT (€m) -146.7 - -130.8 Passengers (k) 177 14 23 Fleet Size3 (Group Total 16) 7 5 4 Total Berths4 17,780 1,614 7,410 Occupancy % 41 45 39 Av Daily Rate (€ for TC/HLC and £ for Marella) 132 51
Slide 29: Cruises Summary by brand
Cruises Summary by brand Key figures FY19 IAS 17 MARELLA CRUISES Revenue (€m) - 305.2 660.6 Underlying EBIT (€m) 202.6 1 43.0 120.4 Passengers (k) 663 25 338 Fleet Size2 (Group Total 18) 7 4 6 Total Berths4 17,780 1,318 10,195 Occupancy % 101 79 100 Av Daily Rate (€ for TC/HP and £ for Marella) 174
Slide 30: TUI Cruises - Key figures – 100% View
Cruises TUI Cruises - Key figures – 100% View FY21 FY20 FY19 • As of July 2020 (FY20 Q4) TUI Cruises JV entity TUI Cruises 100%1 IFRS 16 IFRS 16 IAS 17 includes the result of Hapag-Lloyd Cruises (C-19) (C-19) Revenue 319 646 1,445 Underlying EBIT -187 -89 465 EBIT Margin n.m n.m 32% EAT (100% TUI) -
Slide 31: TUI's cruise fleet development - capacity growth financed off-balance sheet
TUI’s cruise fleet development - capacity growth financed off-balance sheet (JV) OFF-BALANCE SHEET FINANCING AS BRAND / OWNERSHIP FLEET DEVELOPMENT PREFERRED OPTION Off-balance sheet: JV Current fleet: Mein Schiff Herz Exit FY23 Deliveries: • Funded by JV • No CAPEX requirements for TUI FY23 FY24 FY
Slide 32: TUI Cruises Fleet
Cruises TUI Cruises Fleet Mein Schiff Herz Mein Mein Mein Mein Mein Mein Mein New Build 1 New Build 2 (Prev MS2) Schiff 1 Schiff 2 Schiff 3 Schiff 4 Schiff 5 Schiff 6 Schiff 7 1,912 2,894 2,894 2,506 2,506 2,534 2,534 2,894 TBC TBC BERTHS BERTHS BERTHS BERTHS BERTHS BERTHS BERTHS BERTHS BERTHS BERTH
Slide 33: Hapag-Lloyd Cruises Fleet
Cruises Hapag-Lloyd Cruises Fleet Europa Europa 2 Hanseatic Hanseatic Hanseatic nature inspiration spirit 4081 5161 230 230 230 BERTHS BERTHS BERTHS BERTHS BERTHS Wholly owned Wholly owned Wholly owned Wholly owned Wholly owned OPERATING MODEL OPERATING MODEL OPERATING MODEL OPERATING MODEL OPERATIN
Slide 34: Marella Cruises Fleet
Cruises Marella Cruises Fleet Marella Marella Marella Marella Voyager Discovery Discovery 2 Explorer Explorer 2 (Prev MS Herz) 1,836 1,836 1,924 1,814 1,912 BERTHS BERTHS BERTHS BERTHS BERTHS Finance Lease exp. Wholly owned Wholly owned Wholly owned Finance lease 2026 OPERATING MODEL OPERATING MODEL
Slide 35: TUI Musement
TUI MUSEMENT TUI GROUP | Factbook | December 2021
Slide 36: TUI Musement – Tours & activities segment positioned to drive growth
TUI Musement – Tours & activities segment positioned to drive growth in 2022 and beyond > 215k excursions, activities, tickets and transfers available in >120 countries ATTRACTIVE GROWTH MARKET1 T&A Market (€bn) Back to +8% p.a. +8% p.a. 242 261 211 227 184 120 52 2018 2019 2020 2021e 2022e 2023e 20
Slide 37: TUI Musement – diverse portfolio of Things to do
TUI Musement – diverse portfolio of “Things to do“ in all relevant sun & beach and city destinations, whilst on holiday, during a city break, and at home HOLIDAYS >215k EXPERIENCES OFFERED EXPERIENCES FOR EVERYONE focused on high-margin products On holiday, on city breaks and at home Excursions & Da
Slide 38: Markets & Airlines
MARKETS & AIRLINES TUI GROUP | Factbook | December 2021
Slide 39: Markets & Airlines Key figures by Markets
Markets & Airlines Key figures by Markets Key figures FY21 (IFRS 16) (C-19) Northern Region Central Region Western Region Total Markets & Airlines Customers (k) 826 2,673 1,862 5,361 External Revenue (€m) 808 2,323 976 4,107 Underlying EBIT (€m) -966 -329 -177 -1,471 EBIT margin (%) n.m n.m n.m n.m
Slide 40: Markets & Airlines Key figures by Markets
Markets & Airlines Key figures by Markets Key figures FY19 (IAS 17) Northern Region Central Region Western Region Total Markets & Airlines Customers (k)1 7,428 7,830 5,816 21,075 FY19 includes impact External Revenue (€m) 6,355 6,417 3,237 16,009 of MAX grounding of Underlying EBIT2 (€m) 59 102 -29
Slide 41: Aircraft Commitments by Financing Type
Aircraft Commitments by Financing Type Operating Finance Lease Lease Owned Held for Sale Total As at 30 September 2020 108 26 4 1 139 Order book financing 9 - - - 9 External Lessor deliveries 1 - - - 1 External Lessor returns (9) - - - (9) Disposals - - (1) (1) (2) CRL Disposal - - (1) - (1) Reclass
Slide 42: Aircraft Commitments by Financing Type
Aircraft Commitments by Financing Type Operating Finance Lease Lease Owned Held for Sale Total As at 30 September 2021 111 24 2 - 137 Order book financing 4 - - - 4 External Lessor deliveries - - - - - External Lessor returns (6) - - - (6) - Disposals - - - - CRL Disposal - - - - - Reclassified - -
Slide 43: Aircraft order book deliveries – FY22 to FY26
Aircraft order book deliveries – FY22 to FY26 FY22 FY23 FY24 FY25 FY26 B737-MAX 5 17* 13* 13* - B787-9 1† - - - - Firm order book deliveries 2022-2026 6 17 13 13 - Financial Years (FY) ending 30 September; figures correct as at 31 December 2021 *TUI has the flexibility to defer delivery dates subjec