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Results Annual Report 2015 / 16 Contents & Financial Highlights

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Results Annual Report 2015 / 16 Contents & Financial Highlights DELIVERING RESULTS ANNUAL REPORT 2015 / 16 CONTENTS & FINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTS TUI2013 Group / 14 5 2014 / 15 2015 / 16 Var. % Media € million in numbersrestated restated The Annual Report and Turnover 18,536.8 17,515.5 17,184.6 – 1.9 the Magazine are also available online Underlying EBITA1 Northern Region 404.9 538.4 460.9 – 14.4 Central Region 162.8 103.5 88.5 – 14.5 Western Region 83.3 68.7 86.1 + 25.3 Hotels & Resorts Over 50 % underlying 202.9 234.6 287.3 + 22.5 Cruises EBITA comes from our 9.7 80.5 129.6 + 61.0 1 Other Tourism content businesses 29.0 8.4 4.6 – 45.2 > 50 % Online Tourism 892.6 1,034.1 1,057.0 + 2.2 All other segments – 114.1 – 80.8 – 56.5 + 30.1 TUI Group 778.5 953.3 1,000.5 + 5.0 Discontinued operations 88.7 107.2 92.9 – 13.3 Total 867.2 1,060.5 1,093.4 + 3.1 EBITA 2 778.54 794.6 898.1 + 13.0 Mobile at least 4 Underlying EBITDA 1,068.6 Guidance1,344.1 extended1,379.6 to 2018 /+ 19 2.6 EBITDA 1,095.34 We expect1,214.7 to deliver at least1,305.1 10 % growth in+ underlying 7.4 http://annualreport2015-16. tuigroup.com/ EBITA in 2016 / 17 2, and reiterate our previous guidance 10 % 1 of at least 10 % underlying EBITA CAGR to 2018 / 19 . Net profi t for the period This balanced guidance is a clear demonstration of the (continuing operations) 332.04 confi dence407.6 we have in our464.9 growth strategy,+ 14.1 against Earnings per share what continues to be an uncertain geopolitical and macro- (continuing operations) € 0.484 economic backdrop.0.66 0.61 – 7.6 Equity ratio % 18.1 17.2 22.5 + 5.33 Net capex and investments 637.1 659.0 691.0 + 4.9 Net fi nancial position – 292.4 4 213.7 – 31.8 n. a. Employees 77,028 76,036 66,779 – 12.2 Merger synergies Compass We have delivered € 60 m additional € M merger synergies in 2015 / 16 and 60 expect the remaining € 20 m of synergies to be delivered in 2016 / 17. This is a page Diff erences may occur due to rounding. 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 invest- ments, 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. 2 EBITA comprises earnings before net interest result, income tax and impairment of goodwill excluding losses on This is a container shipping and excluding the result from the measurement of interest hedges. web link. 3 Equity divided by balance sheet total in %, variance is given in percentage points. 4 Excl. LateRooms, Hotelbeds1 In destination Group and content Specialist (Hotels, Group Destinations Services) and Cruises 5 Pro forma data, unaudited: Hotelbeds(TUI Cruises, Group Thomson and Specialist Cruises, GroupHapag-Lloyd were treated Cruises) as discontinued operations since 2013 / 14. 2 At constant currency rates and restated for discontinued operations Target values ANNUAL REPORT 2015 /16 5 K E Y TA R G E T OUT- FIGURES ACHIEVEMENT LOOK Target 2015 / 16 1 Actual 2015 / 16 Target 2016 / 17 Turnover in € bn at least approximately 3 % 2 17.2 + 1.4 % 2 + 3 % 2 EBITA (underlying) in € m at least at least 10 % 2 1,001 + 14.5 % 2 + 10 % 2 Adjustments in € m 1362, 3 103 80 costs costs costs TARGET VALUES Net »Whencapex and investments we in € bn merged with TUI Travel at the 0.8end of 2014, 0.7we promised to1.0 deliver4 an Net averagedebt in € bn increase in underlying EBITA of at least 10 per cent per annum over the broadly broadly approximately 0.8 neutralthree2, 3 years toneutral 2017 / 18. We netmaintain debt that guidance. We are delivering the results we promised.« 1 As publishedFriedrich on 10 Joussen, December CEO 2015, of TUI the Group outlook was updated during the year 2 Variance year-on-year assuming constant foreign exchange rates are applied to the result in the current and prior period and based on the current group structure; guidance relates to continuing operations and excludes any disposal proceeds for Travelopia and Hapag-Lloyd AG. 3 Target adjusted treating Hotelbeds Group and Specialist Group as discontinued operations 4 Excluding aircraft orderbook fi nance CONTENTS 2 Letter to our shareholders 5 Target values 6 Group Executive Committee 9 Report of the Supervisory Board 20 Audit Committee Report 01 MANAGEMENT REPORT 28 Principles underlying TUI Group 49 Risk Report 66 Overall assessment by the Executive Board and Report on expected development 70 Business Review 103 Annual fi nancial statements of TUI AG 106 TUI share 109 Information required under takeover law 111 Report on subsequent events 02 CORPORATE GOVERNANCE 114 Executive Board and Supervisory Board 117 Corporate Governance Report / Statement on Corporate Governance (as part of the Management Report) 127 Remuneration Report 03 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES 146 Income statement 146 Earnings per share 147 Statement of comprehensive income 148 Financial position 150 Statement of changes in group equity 152 Cash fl ow statement 153 Notes 268 Responsibility statement by management 269 Independent Auditor’s Report 277 Forward-looking statements FINANCIAL HIGHLIGHTS 2013 / 14 5 2014 / 15 2015 / 16 Var. % Media € million restated restated The Annual Report and Turnover 18,536.8 17,515.5 17,184.6 – 1.9 the Magazine are also available online Underlying EBITA1 Northern Region 404.9 538.4 460.9 – 14.4 Central Region 162.8 103.5 88.5 – 14.5 Western Region 83.3 68.7 86.1 + 25.3 Hotels & Resorts 202.9 234.6 287.3 + 22.5 Cruises 9.7 80.5 129.6 + 61.0 Other Tourism 29.0 8.4 4.6 – 45.2 Online Tourism 892.6 1,034.1 1,057.0 + 2.2 All other segments – 114.1 – 80.8 – 56.5 + 30.1 TUI Group 778.5 953.3 1,000.5 + 5.0 Discontinued operations 88.7 107.2 92.9 – 13.3 Total 867.2 1,060.5 1,093.4 + 3.1 EBITA 2 778.54 794.6 898.1 + 13.0 Mobile Underlying EBITDA 1,068.64 1,344.1 1,379.6 + 2.6 EBITDA 1,095.34 1,214.7 1,305.1 + 7.4 http://annualreport2015-16. tuigroup.com/ Net profi t for the period (continuing operations) 332.04 407.6 464.9 + 14.1 Earnings per share (continuing operations) € 0.484 0.66 0.61 – 7.6 Equity ratio % 18.1 17.2 22.5 + 5.33 Net capex and investments 637.1 659.0 691.0 + 4.9 Net fi nancial position – 292.4 4 213.7 – 31.8 n. a. Employees 77,028 76,036 66,779 – 12.2 Compass This is a page Diff erences may occur due to rounding. 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 invest- ments, 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. 2 EBITA comprises earnings before net interest result, income tax and impairment of goodwill excluding losses on This is a container shipping and excluding the result from the measurement of interest hedges. web link. 3 Equity divided by balance sheet total in %, variance is given in percentage points. 4 Excl. LateRooms, Hotelbeds Group and Specialist Group 5 Pro forma data, unaudited: Hotelbeds Group and Specialist Group were treated as discontinued operations since 2013 / 14. 2 ANNUAL REPORT 2015 /16 Letter to our shareholders CEO Friedrich Joussen Letter to our shareholders Target ANNUAL values REPORT ANNUAL 2015 REPORT /16 20153 /16 5 K E Y TA R G E T OUT- FIGURES ACHIEVEMENT LOOK Target 2015 / 16 1 Actual 2015 / 16 Target 2016 / 17 Dear Shareholders, Turnover in € bn Weat are least delighted to report that TUI Group recorded an excellent development inapproximately the completed fi nancial year 2015 / 16. Despite continued major geopolitical challenges, we managed to increase our operating result again3 by % 14.52 per cent. Our positive performance17.2 underpins + 1.4 the great % resilience2 of our+ strategic 3 % 2positioning as a vertically integrated tourism group. Thanks to our access to all elements of the value chain, we are very fl exible in responding to changes in our customers’ travel preferences. Your Company is therefore in an excellent stateEBITA of health. (underlying) Let me thankin € m you all for your interest and support in the completed year. And yet we will not rest on our laurels but will press ahead with our growth roadmap. In the cruise business, at least at least we have expanded our fl eet to 14 ships with the launch of Mein Schiff 5 in the German market andTUI Discovery in the10 UK .% We 2 are aiming to become one of1,001 Europe’s leading + 14.5cruise liners. % That 2 is why+ we10 will % continue 2 to invest in new ships in the next few years, at both TUI Cruises and Thomson Cruises and in our luxury cruise subsidiary Hapag-Lloyd Cruises.
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