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Annual Report 2017 Contents & Financial Highlights

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Annual Report 2017 Contents & Financial Highlights ANNUAL REPORT 2017 CONTENTS & FINANCIAL HIGHLIGHTS TUI GroupFinancial 2017 in numbers highlights Formats The Annual Report and 2017 2016 Var. % Var. % at the Magazine are also available online € 18.5 bn € 1,102.1restated m constant € million currency Turnover 18,535.0 17,153.9 + 8.1 + 11.7 Underlying EBITA1 1 1 + 11.7Hotels & %Resorts + 12.0356.5 % 303.8 + 17.3 + 19.2 Cruises 255.6 190.9 + 33.9 + 38.0 Online turnoverSource Markets underlying526.5 554.3 – 5.0 – 4.0 Northern Region 345.8 383.1 – 9.7 – 8.4 year-on-year Central Region 71.5 85.1 – 16.0 – 15.8 Western Region EBITA109.2 86.1 + 26.8 + 27.0 Other Tourism year-on-year13.4 7.9 + 69.6 + 124.6 Tourism 1,152.0 1,056.9 + 9.0 + 11.2 All other segments – 49.9 – 56.4 + 11.5 + 3.4 Mobile TUI Group 1,102.1 1,000.5 + 10.2 + 12.0 Discontinued operations – 1.2 92.9 n. a. Total 1,100.9 1,093.4 + 0.7 http://annualreport2017. tuigroup.com EBITA 2, 4 1,026.5 898.1 + 14.3 Underlying EBITDA4 1,541.7 1,379.6 + 11.7 56 %EBITDA2 4 23.61,490.9 % ROIC1,305.1 + 14.2 Net profi t for the period 910.9 464.9 + 95.9 fromEarnings hotels per share4 & € 6.751.36 % WACC0.61 + 123.0 Equity ratio (30 Sept.)3 % 24.9 22.5 + 2.4 cruisesNet capex and contentinvestments (30 Sept.) 1,071.9 634.8 + 68.9 comparedNet with cash 30 %(302 at Sept.) time 4of merger 583.0 31.8 n. a. Net cash (30 Sept.) 5 – 318.0 n. a. Employees (30 Sept.) 66,577 66,779 – 0.3 € 1.14 € 65 cents Compass Diff erences may occur due to rounding This Annual Report of the TUI Group was prepared for the fi nancial year from 1 October 2016 to 30 September 2017. The terms for previous years were renamed accordingly. Due to the following changes to segmental reporting the prior year’s reference fi gures were restated accordingly: The main part of 1the Specialist Group (Travelopia), carried under discontinued operations in previous year, was sold June 2017. + 33.7Prior to that % Crystal Ski and Thomson Lakes & Mountains,Dividend previously part of the Specialist Group, were transferred to the segment Northern Region. Blue Diamond Hotels & Resorts lnc., former part of Northern Region was reclassifi ed to the Hotels & This is a page Resorts segment. Marella Cruises (former Thomson Cruises, Northern Region) was transferred to the Cruises segment. reference. underlying1 In order to explain and evaluate EPS the operating performanceper by theshare segments, EBITA adjusted for one-off eff ects (underlying EBITA) is presented. Underlying EBITA has been adjusted for gains/losses on disposal of investments, restructuring costs year-on-year according to IAS 37, ancillary acquisition costs and conditional purchase price payments under purchase price allocations and other expenses for and income from one-off items. This is a 2 Our defi nition of EBITA is earnings before net interest result, income tax and impairment of goodwill and excluding the result web link. from the measurement of interest hedges. 3 Equity divided by balance sheet total in %, variance is given in percentage points. 4 Continuing operations 5 Discontinuing operations 1 At constant currency rates 2 Share of underlying EBITA TUI Group, based on 2017 Year End and 2014 Year End reported numbers COMBINED MANAGEMENT REPORT CORPORATE GOVERNANCE CONSOLIDATED FINANCIAL STATEMENTS TO OUR SHAREHOLDERS OUTLOOK »Three years after the merger, we are in an ideal strategic position to turn our sights onto new horizons. We will pursue consistent growth, investments to generate value and effi ciency through digitalisation.« Friedrich Joussen, Chief Executive Offi cer of TUI AG Contents 2 Letter to our shareholders 5 Outlook 6 Group Executive Committee 8 Report of the Supervisory Board 15 Audit Committee Report COMBINED MANAGEMENT REPORT 20 Corporate profi le 30 Risk report 47 Overall assessment by the Executive Board and report on expected developments 51 Business review 72 Non-fi nancial Group declaration 88 Annual fi nancial statements of TUI AG 91 TUI share 96 Information required under takeover law CORPORATE GOVERNANCE 100 Executive Board and Supervisory Board 103 Corporate Governance Report CONSOLIDATED FINANCIAL STATEMENTS AND NOTES 134 Income statement 134 Earnings per share 135 Statement of comprehensive income 136 Financial position 138 Statement of changes in Group equity 140 Cash fl ow statement 141 Notes 241 Responsibility statement by management 242 Independent auditor’s report 250 Forward-looking statements Financial highlights Formats The Annual Report and 2017 2016 Var. % Var. % at the Magazine are also available online restated constant € million currency Turnover 18,535.0 17,153.9 + 8.1 + 11.7 Underlying EBITA1 Hotels & Resorts 356.5 303.8 + 17.3 + 19.2 Cruises 255.6 190.9 + 33.9 + 38.0 Online Source Markets 526.5 554.3 – 5.0 – 4.0 Northern Region 345.8 383.1 – 9.7 – 8.4 Central Region 71.5 85.1 – 16.0 – 15.8 Western Region 109.2 86.1 + 26.8 + 27.0 Other Tourism 13.4 7.9 + 69.6 + 124.6 Tourism 1,152.0 1,056.9 + 9.0 + 11.2 All other segments – 49.9 – 56.4 + 11.5 + 3.4 Mobile TUI Group 1,102.1 1,000.5 + 10.2 + 12.0 Discontinued operations – 1.2 92.9 n. a. Total 1,100.9 1,093.4 + 0.7 http://annualreport2017. tuigroup.com EBITA 2, 4 1,026.5 898.1 + 14.3 Underlying EBITDA4 1,541.7 1,379.6 + 11.7 EBITDA4 1,490.9 1,305.1 + 14.2 Net profi t for the period 910.9 464.9 + 95.9 Earnings per share4 € 1.36 0.61 + 123.0 Equity ratio (30 Sept.)3 % 24.9 22.5 + 2.4 Net capex and investments (30 Sept.) 1,071.9 634.8 + 68.9 Net cash (30 Sept.)4 583.0 31.8 n. a. Net cash (30 Sept.) 5 – 318.0 n. a. Employees (30 Sept.) 66,577 66,779 – 0.3 Compass Diff erences may occur due to rounding This Annual Report of the TUI Group was prepared for the fi nancial year from 1 October 2016 to 30 September 2017. The terms for previous years were renamed accordingly. Due to the following changes to segmental reporting the prior year’s reference fi gures were restated accordingly: The main part of the Specialist Group (Travelopia), carried under discontinued operations in previous year, was sold June 2017. Prior to that Crystal Ski and Thomson Lakes & Mountains, previously part of the Specialist Group, were transferred to the segment Northern Region. Blue Diamond Hotels & Resorts lnc., former part of Northern Region was reclassifi ed to the Hotels & This is a page Resorts segment. Marella Cruises (former Thomson Cruises, Northern Region) was transferred to the Cruises segment. reference. 1 In order to explain and evaluate the operating performance by the segments, EBITA adjusted for one-off eff ects (underlying EBITA) is presented. Underlying EBITA has been adjusted for gains/losses on disposal of investments, restructuring costs according to IAS 37, ancillary acquisition costs and conditional purchase price payments under purchase price allocations and other expenses for and income from one-off items. This is a 2 Our defi nition of EBITA is earnings before net interest result, income tax and impairment of goodwill and excluding the result web link. from the measurement of interest hedges. 3 Equity divided by balance sheet total in %, variance is given in percentage points. 4 Continuing operations 5 Discontinuing operations TO OUR SHAREHOLDERS OUTLOOK LETTER TO OUR SHAREHOLDERS Dear shareholders, 2017 was another very good year! We were able to continue our We enhanced our leeway for growth even further during the last success story. With underlying EBITA up by 12 per cent, TUI Group fi nancial year by selling our specialist travel brands. The disposal increased its operating result by more than ten per cent for the of Travelopia to the private equity company KKR generated an third time in a row. We are keeping our promise. Above all, the stra- enterprise value of around 370 million euros. We also spun off our tegic alignment for the new TUI is clearly correct. Our focus on remaining stake in Hapag-Lloyd AG. This fi nal exit from container hotels and our investment in cruise liners is reaping rewards. We shipping and the sale of non-core businesses complete the trans- owe the Group’s positive economic performance to our customers, formation. TUI is now a pure play tourism group. Our vision to our 67,000 employees in over 100 countries and to your loyalty ‘Think Travel. Think TUI.’ aptly refl ects our aspirations. And our as shareholders of TUI AG. This year too, we want you to share strategic positioning ensures that we can provide every module in TUI’s success with a very attractive dividend. We have therefore in the tourism value chain from advice and booking to travel, ac- proposed to the Annual General Meeting to increase the dividend commodation and destination services. The TUI brand symbolises to 65 cents per share for the completed fi nancial year. quality and trust. Diff erentiated product is above all secured by our own hotels, clubs and ships. Brands like TUI Blue, Robinson, We operate in a growth industry. People want to travel, regardless of Riu and TUI Magic Life, Hapag-Lloyd Cruises with the MS Europa global political events. With the exception of 2009 at the peak of and TUI Cruises with the ‘Mein Schiff ’ fl eet guarantee TUI quality the fi nancial crisis, our sector has grown faster than gross domestic for holidaymakers all over the world.
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