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FY21 Q1 Quarterly Statement

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FY21 Q1 Quarterly Statement 1 [ Quarterly Statement 1 October 2020 – 31 December 2020 Completion of third support package for €1.8bn including fully subscribed rights issue Liquidity bridged to Summer 2021 travel recovery Q1 result reflects minimal operations due to extended travel restrictions Proven delivery of safe holidays – 2.5m customers since restart, 7-day incidence rate 1 averages 0.54 per 100k guests 2.8m customers booked for Summer 2021 season – 80% capacity maintained Early redemption of €300m Senior Notes (due Oct 2021) announced post balance sheet date on 15 Janu- ary 2021, ensuring extension of major debt maturity to July 2022 1 Incidence rate calculated as cases / guests x 100,000 / number of calendar days x 7 TUI Group - financial highlights Q1 2021 Q1 2020 Var. % Var. % at adjusted constant cur- € million rency Revenue 468.1 3,850.8 - 87.8 - 87.6 Underlying EBIT 1 Hotels & Resorts - 95.6 35.3 n. a. n. a. Cruises - 98.4 48.8 n. a. n. a. TUI Musement - 32.6 - 8.9 - 267.0 - 274.2 Holiday Experiences - 226.6 75.2 n. a. n. a. Northern Region - 224.7 - 105.8 - 112.5 - 119.8 Central Region - 145.8 - 28.9 - 403.8 - 404.5 Western Region - 75.4 - 63.2 - 19.2 - 18.0 Markets & Airlines - 445.9 - 197.9 - 125.3 - 128.9 All other segments - 26.0 - 24.0 - 8.3 - 9.2 Underlying EBIT - 698.6 - 146.7 - 376.1 - 383.4 EBIT 1 - 720.9 - 77.9 - 825.8 Underlying EBITDA - 480.4 111.5 n. a. EBITDA 2 - 497.6 189.8 n. a. Group loss - 813.1 - 105.4 - 671.6 Earnings per share € - 1.36 - 0.22 - 518.2 Net capex and investment - 47.1 60.7 n. a. Equity ratio (31 Dec) 3 % - 5.0 21.7 - 26.7 Net financial position (31 Dec) - 7,177.0 - 5,072.2 - 41.5 Employees (31 Dec) 37,081 56,448 - 34.3 Differences may occur due to rounding. This Quarterly Statement of the TUI Group was prepared for the reporting period Q1 FY 2021 from 1 October 2020 to 31 December 2020. 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 14. 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. 2 Q1 Summary 1 Group revenue of €479m 1, down 88 % as a result of extended travel restrictions across our key European mar- kets during November and December 2020. Within Hotels & Resorts, 116 hotels were open at end of the quarter (versus ~229 open hotels in Q1 FY 2020) reflecting the usual winter seasonality and limited operations from travel restrictions. We saw good operational performance in both Greece and the Caribbean, but operations were limited in our other winter destinations such as Canaries and Maldives. TUI Cruises and Hapag-Lloyd Cruises operated five ships, offering itineraries to the Baltic Sea and Canary Is- lands, with TUI Cruises the only European cruise operator to continuously sail throughout the Winter. Group underlying EBIT loss of €709m 1 reflects our strong cost discipline and contribution from operational op- portunities, helping to reduce average monthly underlying EBIT loss to ~€230m per month. Completion of third support package for €1.8bn including ~€500m fully subscribed rights issue. Pro forma cash and available facilities of €2.1bn as at 3 February 2021, liquidity bridged to Summer 2021 travel recovery. 2.8m customers booked for Summer 2021 season - capacity plans maintained at 80% (of Summer 2019), with scope to flex as demand evolves. Global Realignment Programme on track to target cost savings of €400m p.a by FY 2023. Early redemption of €300m Senior Notes (due Oct 2021) announced post balance sheet date on 15 January 2021, ensuring extension of major debt maturity to July 2022. 1 Comments based on key figures at constant currency Completion of Third Support Package Our third support package as announced on 2 December 2020 amounting to €1.8bn, agreed with our shareholders, a syndicate of underwriting banks, KfW and the German Economic Support Fund (Wirtschaftsstabilisierungsfonds – WSF) was successfully concluded in the period, consisting of the following components: a capital increase with subscription rights in excess of €500m; a silent participation, convertible into shares by the WSF of €420m; a non-convertible silent participation by the WSF of €671m; an additional credit facility by KfW of €200m Liquidity Pro forma cash and available facilities as at 3 February 2021, including third support package, would amount to €2.1bn (post €300m senior notes redemption). Our assumption for Q2 FY 2021, is for working capital development to correlate with vaccine programme rollout and lifting of travel restrictions, with significant upside anticipated should travel restrictions be lifted ahead of Easter (early April 2020). We anticipate net cash fixed costs outflow to be in the range of €250m to €300m per month. For Q3 FY 2021, we assume significant positive working capital inflow and net costs moving towards cash break- even as both operations and bookings begin to normalise. Trading update Winter 2020/21 bookings 2 down 89% as a result of extended travel restrictions across our key European mar- kets during November and December 2020. Summer 2021 bookings 2 including amendments and voucher rebookings, down 44% versus Summer 2019 (un- distorted by COVID-19) 3 2.8m customers are currently booked for our Summer 2021 programme, and we continue to plan to operate ~80% capacity (of Summer 2019) for Summer 2021 Summer 2021 ASP 2 is up 20 %, driven by both pricing and mix, with a higher level of packaged holidays booked versus prior year TUI shares the industry expectation of delayed bookings whilst vaccine programmes are underway, the rollout of which will support the lifting of extensive travel restrictions Average daily bookings in January are up ~70% compared to December, with an expectation of peak booking period still to come 2 Bookings up to 31 January 2021 compared to 2019 programmes (undistorted by COVID-19) and relate to all customers whether risk or non- risk Integrated model provides capacity flexibility and a safe & enjoyable customer experience TUI’s integrated business model continues to be considered a success factor for the long term and remains a core element of our strategy. It enables us to: Flexibly adapt our programme as we gain more visibility; Maximise asset utilisation and yield in our airlines, hotels and cruise ships; Ensure our customers have a safe and enjoyable holiday. Our focus on the end-to-end delivery of safe holidays already resulted in the successful partial recommencement of operations during Summer 2020. Destinations have recognised this strength of TUI’s, as the governments of Greece and the Balearics selected TUI to implement pilot programmes in Summer 2020 aimed at restarting tourism in their regions. Our strong customer base and scale gives us an advantage in terms of brand awareness and distribution, securing attractive terms from suppliers, and in gaining greater insight into customer behaviour. In addition, selling into a range of source markets helps to diversify our customer base, meaning we are not reliant on a single market. Flying capacity The combination of in-house and committed and variable third-party flying capacity provides agility in destination planning and marketing, enabling us to swiftly and flexibly respond to changing travel restrictions and customer de- mand, whilst guaranteeing the delivery of our core programme. We expect third party flying to be widely available, enabling us to meet excess demand. Additionally, aircraft lease expiries in excess of incoming deliveries, negotiated as part of our Boeing compensation agreement, allow for a temporary reduction in our fleet, should recovery be slower than expected. We can also extend our current lease expiries with our various lessor partners and increase our flying capacity beyond the 80% currently planned for Summer 2021. Hotel capacity One of the key advantages of our integration is the ability to leverage our Markets & Airline distribution power by funnelling customers (FY 2019: 21m) to own and 3rd party committed capacity, allowing us to better optimise capac- ity utilisation and yield for our Group hotels and hotel partners. Another key advantage is our diversified portfolio, with hotels across the Western and Eastern Mediterranean, the Caribbean, North Africa & Asia. This diversification helps to mitigate the risks associated with single destinations. In addition, our integration means we are able to coordinate and restart operations sooner than competitors who rely on third parties across the supply chain. Finally, our significant control of our core brands and influence over exclu- sive hotel concepts and global partner hotels means we have been able to ensure the implementation of strict COVID-19 health & safety protocols, reinforcing the recognition of the TUI brand for safety and service quality. Cruise capacity TUI Cruises was the only European cruise operator sailing throughout the Winter. Our own capacity has also ena- bled us to control and swiftly implement rigorous COVID-19 preventative protocols, in addition to the already com- prehensive hygiene measures on board. 4 Our unique integrated model enables a high level of direct distribution, enhancing occupancy and yield. We also ex- pect to benefit from the reduction in global supply. Boeing 737 max update The recertification of the Boeing 737 Max was approved by EASA and the UK CAA on 27 January 2021, allowing for the resumption of commercial operations.
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