Half-Year
Financial Report
1 October 2023 – 31 March 2024
Content
Interim Management Report
Summary
Report on changes in expected development
Consolidated earnings
Segmental performance
Financial position and net assets
Comments on the consolidated income statement
Alternative performance measures
Other segment indicators
Corporate Governance
Risk and Opportunity Report
Related parties
Unaudited condensed consolidated Interim Financial Statements
Notes
General
Accounting principles
Group of consolidated companies
Acquisitions – Divestments
Notes to the unaudited condensed consolidated Income Statement
Notes to the unaudited condensed consolidated Statement of Financial Position
Responsibility Statement
Review Report
Cautionary statement regarding forward-looking statements
Financial calendar
Contacts
This Half Year Financial Report of TUI Group was prepared for the reporting period from 1 October 2023 to 31 March 2024.
TUI AG
Karl-Wiechert-Allee 23
30625 Hannover
Germany
Interim Management Report
Summary
Record Q2 2024 performance, delivering highest ever revenues of €3.6bn and strong improvement in Q2 underlying EBIT by €53.6m to €-188.7m[1]. Following our strong performance in H1 and as we see the positive trends in our business continuing in H2, we reconfirm our FY24 guidance to increase our underlying EBIT by at least 25%.
- Q2 Group revenue of €3.6bn was a record for the period1 with strong growth of +16% versus prior year (Q2 2023: €3.2bn). It underlined the strength of demand for our product portfolio at improved prices across our businesses.
- As a result, the Group’s underlying EBIT for Q2 improved strongly by +€53.6m to €-188.7m. This emphasises the progress we have made as a business in executing and advancing our strategy for the Group.
- Hotels & Resorts achieved a record performance in the quarter1, reflecting significant operational growth driven by higher bed nights at improved rates.
- Similarly, our Cruises segment also delivered a record result for Q21, buoyed by significant growth. This achievement was marked by higher occupancies and improved rates within a strong trading environment.
- TUI Musement continues to drive forward digitalisation and differentiated product innovation, reporting higher customer volumes.
- In Markets & Airlines demand remained resilient with customer volumes ahead for all Regions and prices continuing to track higher. Results were however influenced by the absence of the prior year’s positive contribution from Canada, following the sale of the tour operator business.
- A total of 2.8m customers travelled with TUI during the quarter, +14% more than in the prior year. Average load factor of 93% for Q2 2024 again achieved the high levels of the prior year.
- Our net debt position further improved year-on-year by +€1.1bn to €3.1bn at 31 March 2024 (31 March 2023: €4.2bn). This improvement reflects foremost net proceeds (following repayment of the final WSF obligations) from our capital increase in April 2023 and a positive operational cash flow in the last twelve months since 31 March 2023.
- We remain committed to improving our cash flow position and maintaining strict cost and investment discipline, with the target to restore our balance sheet strength and improve our credit metrics.
- During the quarter, we successfully issued €500 million sustainability-linked senior notes, as part of our target to fully return and debt-finance the remaining KfW Revolving Credit Facility (RCF).
- In February 2024, we saw a further improvement in our credit rating, which was upgraded to B+ by S&P and B1 by Moody’s, with both noting a positive outlook. These upgrades reflect the operational and financial progress made by the business to date.
- Bookings in Markets & Airlines[2] continue to be well ahead year-on-year, highlighting the resilience of demand for our product offering. The Winter 2023/24 season closed with a strong lates market. Bookings were at +9% with average selling price (ASP) holding up well at +3%. Bookings for the Summer 2024 season continue to be promising, with 60% of the season sold. Bookings taken to date are +5% higher, supported by increased prices, up +4%.
- Holiday Experiences trading[3] remains well on track to deliver in line with expectations. Both our Hotels & Resorts and Cruises segments in particular, continue to benefit from strong demand.
- Our hedging levels for the coming Summer and Winter seasons remain in line with our normal hedging policy.
FY 2024 guidance[4]
Our focus is on operational excellence and execution as well as the continued transformation. 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 FY 2024 is based on the strong performance in H1 with underlying EBIT up +€232m[5] supported by a significant improvement in Hotels and Cruises and by the return to our normal hedging policy in our Markets & Airlines. We see the positive trends in our business continuing in H2, but also recognise the current macroeconomic as well as geopolitical uncertainties especially in the Middle East, with 40% of the Summer 2024 left to sell. We therefore reconfirm our guidance for FY 2024 as published in our Annual Report 2023:
- 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
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[6] strongly below 1.0x
- Return to a credit rating territory in line with our pre-pandemic rating BB/Ba (S&P/Moody’s)
Sustainability (ESG) as an opportunity[7]
- As an 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. We continue to make progress to reduce relative emissions and to achieve our targets. These include:
- The launch of a new Group Policy on Diverse, Sustainable and Ethical Sourcing. This policy sets targets and gives guidance for all procurement regarding emission reduction, energy usage, circular economy, plastic use, water conservation and design for re-use. It encompasses a broader ESG agenda, where diversity, equality, inclusion and ethical conduct are paramount. The policy will support our goal to be a catalyst for positive change.
- TUI Blue is working with tech company KITRO to reduce food waste through technology. Leftover food is weighed and analysed with the help of artificial intelligence. This year, the new process will be rolled out to 12 hotels in Germany, Austria, Turkey, Tunisia, Morocco and Croatia. The aim is to reduce food waste in hotels by 25 percent by 2030.
- TUI fosters socially responsible tourism, addressing concerns about scarce living space and environmental impact. We operate organised packaged tourism that impacts local living space less, whilst we feel the current critism is directed at the unregulated individual tourism on the Canaries. TUI is also committed to minimising hotel emissions, reduce water consumption significantly, and investing in solar systems, within the next decade. Despite protests highlighting issues such as rising housing prices and resource consumption, the general sentiment towards tourists remains positive. We continue our efforts to balance tourism benefits with community well-being.
TUI Group - financial highlights
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€ million
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Q2 2024
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Q2 2023 adjusted
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Var. %
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H1 2024
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H1 2023 adjusted
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Var. %
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Var. % at constant currency
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Revenue
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3,650.0
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3,152.9
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+ 15.8
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7,952.5
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6,903.4
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+ 15.2
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+ 14.5
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Underlying EBIT1
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Hotels & Resorts
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117.4
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78.0
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+ 50.4
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208.1
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149.7
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+ 39.0
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+ 45.2
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Cruises
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70.1
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14.8
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+ 373.5
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104.5
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15.0
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+ 598.6
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+ 592.5
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TUI Musement
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- 16.5
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- 12.7
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- 29.4
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- 27.1
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- 26.2
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- 3.5
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+ 5.9
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Holiday Experiences
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171.0
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80.1
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+ 113.5
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285.5
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138.4
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+ 106.2
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+ 114.1
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Northern Region
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- 164.9
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- 147.5
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- 11.8
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- 215.3
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- 269.5
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+ 20.1
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+ 22.7
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Central Region
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- 89.1
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- 102.1
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+ 12.7
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- 87.8
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- 131.1
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+ 33.0
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+ 33.6
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Western Region
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- 72.1
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- 59.2
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- 21.7
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- 118.4
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- 102.1
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- 15.9
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- 15.2
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Markets & Airlines
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- 326.1
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- 308.5
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- 5.7
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- 421.5
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- 502.4
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+ 16.1
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+ 17.8
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All other segments
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- 33.6
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- 13.9
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- 141.3
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- 46.7
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- 31.3
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- 48.9
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- 49.2
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Underlying EBIT1 TUI Group
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- 188.7
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- 242.4
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+ 22.1
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- 182.7
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- 395.3
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+ 53.8
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+ 58.7
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TUI Group (at constant currency)
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- 177.3
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- 242.4
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+ 26.8
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- 163.3
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- 395.3
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+ 58.7
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EBIT1
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- 194.9
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- 247.6
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+ 21.3
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- 194.7
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- 406.3
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+ 52.1
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Underlying EBITDA
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15.6
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- 42.9
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n. a.
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224.2
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15.3
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n. a.
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EBITDA2
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14.7
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- 42.7
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n. a.
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222.7
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15.3
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n. a.
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Group loss
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- 247.0
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- 326.2
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+ 24.3
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- 330.5
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- 558.0
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+ 40.8
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Earnings per share
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€
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- 0.58
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- 1.26
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+ 54.0
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- 0.82
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- 2.15
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+ 61.9
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Net capex and investment
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276.2
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68.9
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+ 301.1
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320.1
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217.8
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+ 46.9
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Equity ratio (31 Mar)3
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%
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-
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-
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7.7
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- 6.1
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+ 13.8
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Net debt (31 Mar)
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3,090.7
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4,196.4
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- 26.3
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Employee (31 Mar)
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56,370
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53,961
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+ 4.5
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Due to rounding, some of the figures may not add up precisely to the stated totals, and percentages may not precisely reflect the absolute figures. All change figures refer to the previous year, unless otherwise stated.
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 43.
2 EBITDA is defined as earnings before interest, income taxes and result of the measurement of the Group’s interest hedges, goodwill impairment and amortisation and write-ups of other intangible assets, depreciation and write-ups of property, plant and equipment, investments and current assets.
3 Equity divided by balance sheet total in %, variance is given in percentage points.
The present Half Year Financial Report 2024 is based on TUI Group’s reporting structure set out in the Consolidated Financial Statements of TUI AG as at 30 September 2023. See TUI Group Annual Report 2023 from page 28.
Due to the re-segmentation of an IT company from Western Region to All other segments in the current year the previous periods have been adjusted by €0.8m.
- H1 2024 Group revenue was €8.0bn, up +15.2% (H1 2023: €6.9bn). The Group's H1 2024 seasonal operating loss (underlying EBIT) declined by 53.8% to €-182.7m (H1 2023: €-395.3m).
Trading update Markets & Airlines[8] – Customer demand is proving to be resilient. Strong lates market for Winter season, with both bookings and ASP well ahead year-on-year, Summer season continues to be promising reflected by increased bookings and ASP
- The Winter 2023/24 season closed with bookings up +9%. Notably, ASP also held up well at +3% in a strong lates market.
- A total of 5.1m bookings were taken across our source markets for the season, with +0.7m added since our Q1 2024 update in February 2024.
- Short- and medium destinations proved to be most popular with our customers, with the Canaries and Egypt once again key destinations and demand for Cape Verde continuing to grow.
- Bookings across all our source markets were higher and notably both our key markets in UK and Germany reported increased bookings levels compared to our last update as the season ended with ASP ahead of Winter 2022/23. In UK bookings closed up +11%, whilst bookings in Germany finished +10% higher.
Summer 2024 vs. Summer 2023
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Variation in %
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Bookings
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+ 5
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ASP
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+ 4
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- We are pleased to report, that current indications for Summer 2024[9] continue to be promising, with 60% of the programme sold, which is in line with Summer 2023.
- With +3.9m bookings added since our last update in February, we have now taken a total of 9.0m bookings for the season to date. This is an increase of +5%, with our key markets ahead of prior year.
- ASP of +4% continues to be ahead and holding the level reported in February 2024.
- Demand for medium- and short-haul destinations continues to drive bookings, with all destinations reporting higher sales against Summer 2023. Greece, Turkey and the Balearics are once again proving to be the most sought-after destinations for the summer break.
- UK sales are +3% ahead with 65% of the season sold to date. In our other key market Germany sales are well ahead at +7% with 60% of the season sold.
- We continue to closely monitor geopolitical events as they unfold, especially concerning the Middle East and around the Arabian Peninsula. Our flexible business model allows us the option to adjust capacity from the eastern to western Mediterranean should there be a further escalation of the conflict in this region which has a significant and prolonged effect on customer demand.
Trading update Holiday Experiences[10] – Trading remains well on track to deliver in line with expectations
Trading
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H2 2024
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Variation in % versus previous year
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Hotels & Resorts
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Available bed nights
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+ 1
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Occupancy
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+ 1
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Average daily rate
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+ 9
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Cruises
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Available passenger cruise days
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+ 6
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Occupancy
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+ 7
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Average daily rate
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+ 2
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TUI Musement
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Experiences sold
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+ high single-digit
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Transfers
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in line with Markets & Airlines
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- Hotels & Resorts – Number of available bed nights[11] for H2 is up +1%, supported by an earlier start to the season. Booked occupancy[12] to date is +1%pt ahead as the strong demand for our hotel portfolio witnessed in the prior year continues. Average daily rates[13] are well ahead across our key brands, with overall rates up +9% for H2. Key destinations for the half-year are expected to be Turkey, Greece and the Balearics.
- Cruises – Our three brands will continue to operate a full fleet of initially sixteen ships over the summer period, with Mein Schiff 7 joining the TUI Cruises fleet in June. Available passenger cruise days[14] on offer in H2 are +6% supported by the additional ship for TUI Cruises and despite the cancellation of some itineraries around the Arabian Peninsula impacting our operational improvement in the second half of the financial year. Booked occupancy[15] rates are up +7%pts across both businesses, supported by stronger demand for the itineraries on sale. As a result, average daily rates[16] for H2 are ahead by between +3% and +5% across the individual cruise lines and at +2% overall, due to a change in the brand mix with the additional new ship for Mein Schiff and transfer of Marella Voyager within the segment. For the summer season Cruises offers a broad range of routes. Mein Schiff, with its fleet of seven ships, will sail to the Mediterranean, Northern Europe, Baltic Sea and North America, with the Hapag-Lloyd Cruises programme focusing on Europe, North America, Asia as well as voyages to the Arctic, based on a fleet of five vessels. Marella, with its fleet of five ships will operate itineraries across the Mediterranean.
- TUI Musement – We are continuing the expansion of our Tours and Activities business, increasing our range of B2C experiences as well as growing our B2B business with partners and anticipate a higher volume of transfers and experiences sales supported by our Markets & Airlines business. Bookings for our experiences business, providing excursions, activities and tickets are expected to increase by a high single digit percentage for H2. The transfer business providing support and services to our guests in their destination, is expected to develop in line with our Markets & Airlines capacity assumptions.
Strategic priorities
We continue to drive forward our TUI Group strategy as outlined in the Annual Report 2023[17]. Our aim is to grow a scalable and global tourism business and we have ambitious profitability targets.
Within this framework we are transforming the business and have recently achieved further milestones. These include the following:
- The growth of our hotel portfolio is driven by a strong pipeline of hotels. Our target is to sign around ten new hotels per quarter. By the end of the financial year, we aim to add around 20 new hotels to the business in line with our asset right growth strategy. As part of this strategy, we recently announced the opening of our first Robinson Club in the trend destination Vietnam. In addition, we are strengthening our presence across Sub-Saharan Africa. After launching our new luxury brand “The Mora” on Zanzibar, a further project is planned in East Africa where we have signed for our first TUI Blue hotel in Kenya.
- In Cruises our product growth is driven by investment into new build ships by our TUI Cruises joint venture. In June the first of three new ships sets sail. The Mein Schiff 7 adds almost three thousand berths to the fleet. It will be powered by marine diesel and in the future is planned to run on green methanol. Itineraries during the first summer season will focus on Northern Europe and Baltic Sea voyages, whilst in the upcoming winter season routes will be around the Canaries.
- Through TUI Musement, the Group has a scalable platform in the tours and activities market. Recently, we announced that the business will be the new partner for online travel agent loveholidays. TUI Musement will power a digital platform with a curated portfolio of thousands of excursions, activities and attraction tickets, which customers of the OTA can now directly access. The offering to loveholidays customers includes options from the TUI Collection range developed by the TUI team. Furthermore, loveholidays customers can book National Geographic Day Tours, which have been created by TUI in collaboration with National Geographic Expeditions.
- In Markets & Airlines we have delivered further progress in increasing the volume and proportion of dynamic packaging and supply, to deliver choice, flexibility and hence growth, without increasing operational leverage. A key example of this is our co-operation with Ryanair, announced in February 2024, which means TUI customers will be able to choose from an even wider range of flights when booking their trip. We have also further expanded the dynamic supply of accommodation and flights with multiple other suppliers. In addition, we have made further progress on quality, delivering a net promoter score of 52 in April year to date.
We also aim to further improve our net leverage, focusing on optimising working capital and cash from operations and maintaining disciplined capital expenditure through asset right and joint venture growth. This will support improving the structure of our balance sheet with the aim to bring our net leverage[18] down well below 1.0x in the mid-term. In this context, we successfully issued €500 million sustainability-linked senior notes during the quarter with a coupon of 5.875%. This issuance is part of our target to fully return and debt-finance the remaining KfW Revolving Credit Facility (RCF). The issue proceeds have been used to repay existing liabilities, reduce the KfW credit line and cover expenses associated with the bond. The coupon of the notes is linked to the achievement of a specific sustainability target, which is to reduce TUI Group’s Airlines CO2e-emissions per Revenue Passenger Kilometer[19] by at least 11% by the end of the financial year ending on 30 September 2026 (compared to the financial year that ended 30 September 2019). In February 2024, we saw a further improvement in our credit rating, which was upgraded to B+ by S&P and B1 by Moody’s, with both noting a positive outlook. These upgrades reflect the operational and financial progress made by the business to date.
Report on changes in expected development
We re-confirm all our expectations for financial year 2024 set out in the Annual Report 2023. See TUI Group Annual Report 2023 from page 56 onwards.
Consolidated earnings
Revenue
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€ million
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Q2 2024
|
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Q2 2023
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Var. %
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H1 2024
|
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H1 2023
|
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Var. %
|
Hotels & Resorts
|
|
247.3
|
|
218.3
|
|
+ 13.3
|
|
499.0
|
|
429.2
|
|
+ 16.3
|
Cruises
|
|
216.9
|
|
141.9
|
|
+ 52.9
|
|
383.8
|
|
257.1
|
|
+ 49.3
|
TUI Musement
|
|
149.5
|
|
130.3
|
|
+ 14.7
|
|
344.4
|
|
290.0
|
|
+ 18.8
|
Holiday Experiences
|
|
613.8
|
|
490.5
|
|
+ 25.1
|
|
1,227.2
|
|
976.4
|
|
+ 25.7
|
Northern Region
|
|
1,348.5
|
|
1,191.5
|
|
+ 13.2
|
|
2,790.0
|
|
2,534.6
|
|
+ 10.1
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Central Region
|
|
1,158.1
|
|
990.8
|
|
+ 16.9
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|
2,791.5
|
|
2,375.9
|
|
+ 17.5
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Western Region
|
|
527.4
|
|
477.6
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*
|
+ 10.4
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|
1,140.0
|
|
1,012.6
|
|
+ 12.6
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Markets & Airlines
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3,034.1
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|
2,660.0
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*
|
+ 14.1
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|
6,721.6
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5,923.2
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+ 13.5
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All other segments
|
|
2.1
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2.4
|
*
|
- 9.5
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|
3.7
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|
3.9
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- 3.2
|
TUI Group
|
|
3,650.0
|
|
3,152.9
|
|
+ 15.8
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|
7,952.5
|
|
6,903.4
|
|
+ 15.2
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TUI Group (at constant currency)
|
|
3,602.4
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|
3,152.9
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|
+ 14.3
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|
7,906.3
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|
6,903.4
|
|
+ 14.5
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Underlying EBIT
|
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€ million
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Q2 2024
|
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Q2 2023 adjusted
|
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Var. %
|
|
H1 2024
|
|
H1 2023 adjusted
|
|
Var. %
|
Hotels & Resorts
|
|
117.4
|
|
78.0
|
|
+ 50.4
|
|
208.1
|
|
149.7
|
|
+ 39.0
|
Cruises
|
|
70.1
|
|
14.8
|
|
+ 373.5
|
|
104.5
|
|
15.0
|
|
+ 598.6
|
TUI Musement
|
|
- 16.5
|
|
- 12.7
|
|
- 29.4
|
|
- 27.1
|
|
- 26.2
|
|
- 3.5
|
Holiday Experiences
|
|
171.0
|
|
80.1
|
|
+ 113.5
|
|
285.5
|
|
138.4
|
|
+ 106.2
|
Northern Region
|
|
- 164.9
|
|
- 147.5
|
|
- 11.8
|
|
- 215.3
|
|
- 269.5
|
|
+ 20.1
|
Central Region
|
|
- 89.1
|
|
- 102.1
|
|
+ 12.7
|
|
- 87.8
|
|
- 131.1
|
|
+ 33.0
|
Western Region
|
|
- 72.1
|
|
- 59.2
|
*
|
- 21.7
|
|
- 118.4
|
|
- 102.1
|
*
|
- 15.9
|
Markets & Airlines
|
|
- 326.1
|
|
- 308.5
|
*
|
- 5.7
|
|
- 421.5
|
|
- 502.4
|
*
|
+ 16.1
|
All other segments
|
|
- 33.6
|
|
- 13.9
|
*
|
- 141.3
|
|
- 46.7
|
|
- 31.3
|
*
|
- 48.9
|
TUI Group
|
|
- 188.7
|
|
- 242.4
|
|
+ 22.1
|
|
- 182.7
|
|
- 395.3
|
|
+ 53.8
|
TUI Group (at constant currency)
|
|
- 177.3
|
|
- 242.4
|
|
+ 26.8
|
|
- 163.3
|
|
- 395.3
|
|
+ 58.7
|
EBIT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
€ million
|
|
Q2 2024
|
|
Q2 2023 adjusted
|
|
Var. %
|
|
H1 2024
|
|
H1 2023 adjusted
|
|
Var. %
|
Hotels & Resorts
|
|
117.4
|
|
78.2
|
|
+ 50.1
|
|
209.2
|
|
149.2
|
|
+ 40.2
|
Cruises
|
|
70.1
|
|
14.8
|
|
+ 373.5
|
|
104.5
|
|
15.0
|
|
+ 598.6
|
TUI Musement
|
|
- 17.9
|
|
- 14.5
|
|
- 23.3
|
|
- 30.0
|
|
- 28.5
|
|
- 5.5
|
Holiday Experiences
|
|
169.5
|
|
78.5
|
|
+ 116.0
|
|
283.7
|
|
135.7
|
|
+ 109.0
|
Northern Region
|
|
- 168.7
|
|
- 148.6
|
|
- 13.5
|
|
- 220.4
|
|
- 274.4
|
|
+ 19.7
|
Central Region
|
|
- 89.5
|
|
- 102.5
|
|
+ 12.7
|
|
- 89.4
|
|
- 131.5
|
|
+ 32.0
|
Western Region
|
|
- 72.7
|
|
- 60.1
|
*
|
- 21.0
|
|
- 116.9
|
|
- 102.0
|
*
|
- 14.7
|
Markets & Airlines
|
|
- 331.0
|
|
- 310.9
|
*
|
- 6.4
|
|
- 426.8
|
|
- 507.5
|
*
|
+ 15.9
|
All other segments
|
|
- 33.5
|
|
- 15.1
|
*
|
- 121.3
|
|
- 51.6
|
|
- 34.5
|
*
|
- 49.5
|
TUI Group
|
|
- 194.9
|
|
- 247.6
|
|
+ 21.3
|
|
- 194.7
|
|
- 406.3
|
|
+ 52.1
|
* Due to the re-segmentation of an IT company from Western Region to All other segments in the current year the previous periods have been adjusted.
Segmental performance
Holiday Experiences
|
|
|
|
|
|
|
|
|
|
|
|
|
|
€ million
|
|
Q2 2024
|
|
Q2 2023
|
|
Var. %
|
|
H1 2024
|
|
H1 2023
|
|
Var. %
|
Revenue
|
|
613.8
|
|
490.5
|
|
+ 25.1
|
|
1,227.2
|
|
976.4
|
|
+ 25.7
|
Underlying EBIT
|
|
171.0
|
|
80.1
|
|
+ 113.5
|
|
285.5
|
|
138.4
|
|
+ 106.2
|
Underlying EBIT at constant currency
|
|
176.5
|
|
80.1
|
|
+ 120.3
|
|
296.4
|
|
138.4
|
|
+ 114.1
|
Hotels & Resorts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
€ million
|
|
Q2 2024
|
|
Q2 2023
|
|
Var. %
|
|
H1 2024
|
|
H1 2023
|
|
Var. %
|
Total revenue1
|
|
416.7
|
|
358.2
|
|
+ 16.3
|
|
865.1
|
|
742.9
|
|
+ 16.4
|
Revenue
|
|
247.3
|
|
218.3
|
|
+ 13.3
|
|
499.0
|
|
429.2
|
|
+ 16.3
|
Underlying EBIT
|
|
117.4
|
|
78.0
|
|
+ 50.4
|
|
208.1
|
|
149.7
|
|
+ 39.0
|
Underlying EBIT at constant currency
|
|
123.0
|
|
78.0
|
|
+ 57.6
|
|
217.4
|
|
149.7
|
|
+ 45.2
|
Available bed nights2 ('000)
|
|
7,642
|
|
7,018
|
|
+ 8.9
|
|
16,456
|
|
15,565
|
|
+ 5.7
|
Riu
|
|
3,379
|
|
3,188
|
|
+ 6.0
|
|
6,897
|
|
6,412
|
|
+ 7.6
|
Robinson
|
|
604
|
|
647
|
|
- 6.6
|
|
1,385
|
|
1,471
|
|
- 5.9
|
Blue Diamond
|
|
1,564
|
|
1,601
|
|
- 2.3
|
|
3,083
|
|
2,963
|
|
+ 4.0
|
Occupancy3 (%, variance in % points)
|
|
81
|
|
83
|
|
- 2
|
|
79
|
|
79
|
|
-
|
Riu
|
|
93
|
|
93
|
|
-
|
|
91
|
|
89
|
|
+ 2
|
Robinson
|
|
70
|
|
67
|
|
+ 3
|
|
71
|
|
68
|
|
+ 3
|
Blue Diamond
|
|
95
|
|
87
|
|
+ 8
|
|
89
|
|
86
|
|
+ 3
|
Average daily rate4 (€)
|
|
109
|
|
100
|
|
+ 9.1
|
|
99
|
|
92
|
|
+ 7.0
|
Riu
|
|
91
|
|
83
|
|
+ 10.5
|
|
87
|
|
80
|
|
+ 8.6
|
Robinson
|
|
123
|
|
112
|
|
+ 9.7
|
|
114
|
|
106
|
|
+ 7.7
|
Blue Diamond
|
|
181
|
|
165
|
|
+ 9.2
|
|
167
|
|
159
|
|
+ 4.8
|
Revenue includes fully consolidated companies, all other KPIs incl. companies measured at equity
|
1 Total revenue includes intra-Group revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
2 Number of hotel days open multiplied by beds available (Group owned and leased hotels)
|
3 Occupied beds divided by available beds (Group owned and leased hotels)
|
4 Board and lodging revenue divided by occupied bed nights (Group owned and leased hotels)
|
The Hotels & Resorts 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.
H1 2024 total revenue grew to €865.1m, an improvement of +16.4% (H1 2023: €742.9m). As a result, H1 2024 underlying EBIT of €208.1m was up +€58.4m (H1 2023: €149.7m) continuing the strong development of the segment post pandemic.
In Q2 2024 the segment achieved the highest ever total revenue of €416.7m1, an increase of +16.3% (Q2 2023: €358.2m), predominantly due to higher bed nights and increased rates. As a result, the business contributed a record Q2 underlying EBIT of €117.4m[20], up +€39.4m (Q2 2023: €78.0m). Results were driven in particular by a stronger operational performance across our key hotel brands and in particular for Riu. The Canaries, Cape Verde and Mexico continue to be popular destinations with our guests during this winter period, achieving high volumes at improved rates.
In the quarter a total of 7.6m available bed nights (capacity) were on offer equating to an increase of +9% and reflecting higher capacities in particular for Riu, as a result of fewer hotel renovations. Occupancy rates for the segment continue to maintain their high levels especially for our key brands. Overall occupancy was at 81%, which was -2%pts, due to higher available bed nights and the earlier opening in some of the Other hotels. Our hotels in the Caribbean achieved the highest occupancies, rising +4%pts to 96%.
Q2 2024 average daily rate rose by +9% to €109 supported by an improvement across our key brands.
Cruises
|
|
|
|
|
|
|
|
|
|
|
|
|
|
€ million
|
|
Q2 2024
|
|
Q2 2023
|
|
Var. %
|
|
H1 2024
|
|
H1 2023
|
|
Var. %
|
Revenue1
|
|
216.9
|
|
141.9
|
|
+ 52.9
|
|
383.8
|
|
257.1
|
|
+ 49.3
|
Underlying EBIT
|
|
70.1
|
|
14.8
|
|
+ 373.5
|
|
104.5
|
|
15.0
|
|
+ 598.6
|
Underlying EBIT at constant currency
|
|
69.2
|
|
14.8
|
|
+ 367.9
|
|
103.6
|
|
15.0
|
|
+ 592.5
|
Available passenger cruise days2 ('000)
|
|
2,327
|
|
2,391
|
|
- 2.6
|
|
4,663
|
|
4,775
|
|
- 2.3
|
Mein Schiff
|
|
1,346
|
|
1,600
|
|
- 15.9
|
|
2,775
|
|
3,223
|
|
- 13.9
|
Hapag-Lloyd Cruises
|
|
147
|
|
145
|
|
+ 1.1
|
|
293
|
|
294
|
|
- 0.2
|
Marella Cruises
|
|
835
|
|
645
|
|
+ 29.4
|
|
1,595
|
|
1,258
|
|
+ 26.8
|
Occupancy3 (%, variance in % points)
|
|
98
|
|
92
|
|
+ 6
|
|
97
|
|
90
|
|
+ 7
|
Mein Schiff
|
|
100
|
|
93
|
|
+ 7
|
|
100
|
|
91
|
|
+ 9
|
Hapag-Lloyd Cruises
|
|
77
|
|
67
|
|
+ 10
|
|
75
|
|
66
|
|
+ 9
|
Marella Cruises
|
|
99
|
|
95
|
|
+ 4
|
|
96
|
|
93
|
|
+ 3
|
Average daily rate (€)
|
|
221
|
|
184
|
|
+ 20.2
|
|
213.0
|
|
179.6
|
|
+ 18.6
|
Mein Schiff4
|
|
169
|
|
136
|
|
+ 24.9
|
|
169
|
|
137
|
|
+ 23.5
|
Hapag-Lloyd Cruises4
|
|
772
|
|
780
|
|
- 1.0
|
|
726
|
|
725
|
|
+ 0.2
|
Marella Cruises5 (in £)
|
|
197
|
|
181
|
|
+ 8.7
|
|
188
|
|
170
|
|
+ 10.2
|
1 Revenue is not included for Mein Schiff and Hapag-Lloyd Cruises as the joint venture TUI Cruises is consolidated at equity
|
2 Number of operating days multiplied by berths available on the operated ships.
|
3 Achieved passenger cruise days divided by available passenger cruise days
|
4 Ticket revenue divided by achieved passenger cruise days
|
|
|
|
|
|
|
5 Revenue (stay on ship inclusive of transfers, flights and hotels due to the integrated nature of Marella Cruises) divided by achieved passenger cruise days
|
The Cruises segment comprises the joint venture TUI Cruises in Germany, which operates cruise ships under the brands Mein Schiff and Hapag-Lloyd Cruises, and Marella Cruises in UK. These three brands cover the cruises sector from premium all-inclusive to luxury and expeditions, with leading positions in the German-speaking and UK markets and benefitting from multi-channel distribution via Markets & Airlines, direct to customer as well as via third parties. As in the previous year, the segment operated a full fleet of 16 ships during the quarter.
Cruises revenue only includes Marella Cruises, as TUI Cruises is reported at equity. Revenue in H1 2024 increased by +49.3% to €383.8m (H1 2023: €257.1m). H1 2024 underlying EBIT for the segment (including the equity result of TUI Cruises) improved to €104.5m, an increase of +€89.6m (H1 2023: €15.0m).
Q2 2024 revenue reflecting Marella Cruises only, rose to €216.9m, up +52.9% (Q2 2023: €141.9m). Q2 2024 underlying EBIT (including the equity result of TUI Cruises), was a record €70.1m[21], increasing +€55.3m (Q2 2023: €14.8m), as both TUI Cruises and Marella Cruises maintained their positive development. TUI Cruises achieved an EAT (Earning after Tax) of €43.6m, +€25.2m higher (Q2 2023: €18.4m). Key contributors to this improvement were foremost higher occupancies and rates. Available passenger cruise days for the segment of 2.3m were -3% overall (Q2 2023: 2.4m), due to a change in itineraries.
Mein Schiff – Mein Schiff operated their full fleet of six ships during the quarter compared to a fleet of seven vessels in the prior year following the transfer of Mein Schiff Herz to Marella Cruises in the prior year. The brand offered itineraries to the Canaries, the Orient, the Caribbean, Central America, Asia and Northern Europe. Occupancy of the operated fleet continued to improve, reaching 100% in the period under review (Q2 2023: 93%), which was above pre-pandemic levels. At €169, the average daily rate was +25% higher (Q2 2023: €136). Both performance indicators emphasis the strong demand for our German language, premium all-inclusive product.
Hapag-Lloyd Cruises – The brand is a leading provider of luxury and expeditions cruises in German speaking markets. As in the prior year, the fleet comprised two luxury liners and three expedition cruise ships. During the quarter itineraries were focused on Europe, the Americas, the Caribbean, South Pacific as well as voyages to Antarctica. Q2 occupancy of the fleet was 77% (Q2 2023: 67%), underlining the growth in demand for these cruises. Q2 average daily rate was €772, -1% year-on-year (Q2 2023: €780) as a result of increased occupancy.
Marella Cruises – Our UK brand offers a range of cruise experiences, with a fully all-inclusive fleet. Following the commissioning of the Marella Voyager, formerly Mein Schiff Herz, which complimented the fleet last year in time for the Summer 2023 season, the brand is now made up of five vessels. During the quarter, Marella Cruises operated itineraries to the Canaries, the Caribbean, as well as Asia. The Q2 average daily rate for the business of £197 was up +9% (Q2 2023: £181), whilst occupancy rose by 4%pts. to 99%, versus a prior year Q2 of 95%, emphasising the growing popularity of this product.
TUI Musement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
€ million
|
|
Q2 2024
|
|
Q2 2023
|
|
Var. %
|
|
H1 2024
|
|
H1 2023
|
|
Var. %
|
Total revenue1
|
|
207.9
|
|
176.1
|
|
+ 18.0
|
|
476.4
|
|
400.3
|
|
+ 19.0
|
Revenue
|
|
149.5
|
|
130.3
|
|
+ 14.7
|
|
344.4
|
|
290.0
|
|
+ 18.8
|
Underlying EBIT
|
|
- 16.5
|
|
- 12.7
|
|
- 29.4
|
|
- 27.1
|
|
- 26.2
|
|
- 3.5
|
Underlying EBIT at constant currency
|
|
- 15.8
|
|
- 12.7
|
|
- 23.9
|
|
- 24.7
|
|
- 26.2
|
|
+ 5.9
|
1 Total revenue includes intra-Group revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
TUI Musement is a leading Tours & Activities business that combines a highly curated product portfolio, scalable digital platforms and in-destination service, to provide experiences (excursions, activities and attraction tickets), transfers, and multi-day tours.
H1 2024 revenue of €344.4m, was up +18.8% (H1 2023: €290.0m). H1 2024 underlying EBIT was €-0.9m at
€-27.1m (H1 2023: €-26.2m).
Q2 2024 revenue increased by +14.7% to €149.5m (Q2 2023: €130.3m) underlining the growth in this segment and the advantage of our integrated model as well as growth of third-party sales via B2B partners utilising the TUI Musement platform technology. Underlying EBIT of €-16.5m was €-3.7m (Q2 2023: €-12.7m), as the business continues to focus on the expansion of its B2C experiences offering, while also increasing B2B partnerships and higher transfer and experiences volumes to our Markets & Airlines business, as well as the growth of its differentiated own product portfolio globally.
The number of guest transfers in the destinations rose by +14% to 3.9m (Q2 2023: 3.4m). Additionally, 1.5m experiences were sold in the quarter, up +9% (Q2 2023: 1.3m), as the business continues to grow. Experiences include the expansion of our own portfolio of experiences which rose +11% to 0.7m in Q2 year-on-year, and also encompass our flagship TUI Collection products. These products have been developed by the TUI team in conjunction with local operators. Top sellers during the period included the Chichen Itza ruins and Maya Village Tour in Mexico as well as the Timanfaya Volcanic Tour on Lanzarote.
Markets & Airlines
|
|
|
|
|
|
|
|
|
|
|
|
|
|
€ million
|
|
Q2 2024
|
|
Q2 2023 adjusted
|
|
Var. %
|
|
H1 2024
|
|
H1 2023 adjusted
|
|
Var. %
|
Revenue
|
|
3,034.1
|
|
2,660.0
|
|
+ 14.1
|
|
6,721.6
|
|
5,923.2
|
|
+ 13.5
|
Underlying EBIT
|
|
- 326.1
|
|
- 308.5
|
|
- 5.7
|
|
- 421.5
|
|
- 502.4
|
|
+ 16.1
|
Underlying EBIT at constant currency
|
|
- 320.2
|
|
- 308.5
|
|
- 3.8
|
|
- 412.9
|
|
- 502.4
|
|
+ 17.8
|
Direct distribution mix1 (in %, variance in % points)
|
|
75
|
|
76
|
|
- 1
|
|
74
|
|
75
|
|
- 1
|
Online mix2 (in %, variance in % points)
|
|
52
|
|
52
|
|
-
|
|
51
|
|
52
|
|
- 1
|
Customers ('000)
|
|
2,778
|
|
2,439
|
|
+ 13.9
|
|
6,293
|
|
5,743
|
|
+ 9.6
|
1 Share of sales via own channels (retail and online)
|
2 Share of online sales
|
|
|
|
|
|
Our Markets & Airlines business covers the whole customer journey. We differentiate ourselves from the competition (such as tour operators, OTAs, hotels and airlines) based on our products, services, customer care and trust, and by following a customer-centric approach.
H1 2024 revenue of €6,721.6m was 13.5% higher (H1 2023: €5,923.2m). H1 2024 underlying EBIT was €-421.5m, reflecting the usual winter season loss for the sector and was an improvement of €80.9m (H1 2023: €-502.4m).
Q2 2024 revenue of €3,034.1m, the highest ever for the quarter[22], rose by +14.1% (Q2 2023: €2,660.0m). Demand remains resilient, with volumes +14% ahead for all Regions and prices continuing to track higher across our product offering and up +3% for the quarter. As expected, whilst results benefitted from a return to normal hedging conditions, results in Q2 were also impacted by prior year still being supported by positive results from our tour operator venture in Canada, which was sold in May 2023. As a consequence Q2 2024 underlying EBIT was €-17.6m lower at €-326.1m (Q2 2023: €-308.5m).
In particular the Canaries, Mainland Spain, Egypt and Cape Verde proved to be highly sought after destinations from our short- and medium-haul programme. Mexico, Thailand, and the Dominican Republic again underlined their popularity as long-haul destinations with our customer.
In the quarter, customer volumes increased by 339k to 2,778k. Average load factor of 93% for Q2 2024, again achieved the high levels of the prior year quarter (Q2 2023: 93%).
Our strategic initiative to accelerate the Group’s transformation into a digital platform business continues to take shape. We remain focused on enhancing our app, and in particular our native book flows, targeting further growth in the proportion of digital sales made in-app. During the reported period, TUI app sales made up 6.8% of total sales, increasing across all markets and rising significantly overall by a total of 55%. Demand for our dynamically packaged products, providing our customers with greater choice and flexibility, also continues to grow, supported by the roll-out of our group-wide platforms. In total, 0.4m of our customers chose to enjoy a dynamically packaged product in the quarter, up 30% (Q2 2023: 0.3m).
Northern Region
|
|
|
|
|
|
|
|
|
|
|
|
|
|
€ million
|
|
Q2 2024
|
|
Q2 2023
|
|
Var. %
|
|
H1 2024
|
|
H1 2023
|
|
Var. %
|
Revenue
|
|
1,348.5
|
|
1,191.5
|
|
+ 13.2
|
|
2,790.0
|
|
2,534.6
|
|
+ 10.1
|
Underlying EBIT
|
|
- 164.9
|
|
- 147.5
|
|
- 11.8
|
|
- 215.3
|
|
- 269.5
|
|
+ 20.1
|
Underlying EBIT at constant currency
|
|
- 159.2
|
|
- 147.5
|
|
- 7.9
|
|
- 208.2
|
|
- 269.5
|
|
+ 22.7
|
Direct distribution mix1 (in %, variance in % points)
|
|
92
|
|
92
|
|
-
|
|
93
|
|
93
|
|
-
|
Online mix2 (in %, variance in % points)
|
|
69
|
|
67
|
|
+ 2
|
|
68
|
|
68
|
|
-
|
Customers ('000)
|
|
1,074
|
|
945
|
|
+ 13.6
|
|
2,314
|
|
2,153
|
|
+ 7.5
|
1 Share of sales via own channels (retail and online)
|
2 Share of online sales
|
Northern Region is made up of the source markets UK and Nordics after we sold our tour operator venture in Canada in May 2023.
H1 2024 revenue of €2,790.0m was +10.1% higher (H1 2023: €2,534.6m). Underlying EBIT of €-215.3m improved by +€54.2m for the same period (H1 2023: €-269.5m).
In Q2 2024 revenue was up by +13.2% to €1,348.5m (Q2 2023: €1,191.5m). The underlying EBIT for the quarter was €-164.9m, reflecting a year-on-year change of €-17.4m (Q2 2023: €-147.5m). Results were impacted by prior year still being supported by positive results from our tour operator venture in Canada, which was sold in May 2023. Both our ongoing operations in UK and Nordic reported higher results supported by increased volumes at higher prices.
Q2 2024 customer volumes increased by +13.6% to 1,074k (Q2 2023: 945k) which was +6% above pre-pandemic levels. Online distribution rose +2%pts to 69% (Q2 2023: 67%) and remained particularly high in the Nordic region. Direct distribution was at 92% maintaining the high rate of the prior year (Q2 2023: 92%) and pre-pandemic levels.
Central Region
|
|
|
|
|
|
|
|
|
|
|
|
|
|
€ million
|
|
Q2 2024
|
|
Q2 2023
|
|
Var. %
|
|
H1 2024
|
|
H1 2023
|
|
Var. %
|
Revenue
|
|
1,158.1
|
|
990.8
|
|
+ 16.9
|
|
2,791.5
|
|
2,375.9
|
|
+ 17.5
|
Underlying EBIT
|
|
- 89.1
|
|
- 102.1
|
|
+ 12.7
|
|
- 87.8
|
|
- 131.1
|
|
+ 33.0
|
Underlying EBIT at constant currency
|
|
- 89.0
|
|
- 102.1
|
|
+ 12.9
|
|
- 87.0
|
|
- 131.1
|
|
+ 33.6
|
Direct distribution mix1 (in %, variance in % points)
|
|
54
|
|
55
|
|
- 1
|
|
53
|
|
54
|
|
- 1
|
Online mix2 (in %, variance in % points)
|
|
29
|
|
30
|
|
- 1
|
|
28
|
|
29
|
|
- 1
|
Customers ('000)
|
|
975
|
|
829
|
|
+ 17.5
|
|
2,358
|
|
2,061
|
|
+ 14.4
|
1 Share of sales via own channels (retail and online)
|
2 Share of online sales
|
|
|
|
|
|
Central Region is made up of the source markets Germany, Austria, Switzerland and Poland.
H1 2024 revenue of €2,791.5m was up +17.5% (H1 2023: €2,375.9m). During the same period, underlying EBIT was €-87.8m, an increase of +€43.3m (H1 2023: €-131.1m).
Q2 2024 revenue of €1,158.1m, improved by +16.9% (Q2 2023: €990.8m). Underlying EBIT increased by +€13.0m to €-89.1m (Q2 2023: €-102.1m), supported in particular by a stronger performance in Germany as a result of increased customer volumes and prices.
Customer volumes increased in total by +17.5% to 975k guests (Q2 2023: 829k). All markets contributed to this growth, with the increase driven by our key German source market and further expansion in Poland. Online distribution was 1%pt lower at 29%. Direct distribution was also just shy of the previous year at 54% (Q2 2023 of 55%).
Western Region
|
|
|
|
|
|
|
|
|
|
|
|
|
|
€ million
|
|
Q2 2024
|
|
Q2 2023 adjusted
|
|
Var. %
|
|
H1 2024
|
|
H1 2023 adjusted
|
|
Var. %
|
Revenue
|
|
527.4
|
|
477.6
|
|
+ 10.4
|
|
1,140.0
|
|
1,012.6
|
|
+ 12.6
|
Underlying EBIT
|
|
- 72.1
|
|
- 59.2
|
|
- 21.7
|
|
- 118.4
|
|
- 102.1
|
|
- 15.9
|
Underlying EBIT at constant currency
|
|
- 72.0
|
|
- 59.2
|
|
- 21.5
|
|
- 117.6
|
|
- 102.1
|
|
- 15.2
|
Direct distribution mix1 (in %, variance in % points)
|
|
76
|
|
77
|
|
- 1
|
|
76
|
|
78
|
|
- 2
|
Online mix2 (in %, variance in % points)
|
|
59
|
|
59
|
|
-
|
|
59
|
|
61
|
|
- 2
|
Customers ('000)
|
|
729
|
|
665
|
|
+ 9.7
|
|
1,621
|
|
1,528
|
|
+ 6.1
|
1 Share of sales via own channels (retail and online)
|
2 Share of online sales
|
Western Region is made up of the source markets Belgium, Netherlands and France.
H1 2024 revenue rose by +12.6% to €1,140.0m (H1 2023: €1,012.6m). H1 2024 underlying EBIT of €-118.4m was €16.2m lower (H1 2023: €-102.1m).
The segment reported Q2 2024 revenue of €527.4m, up +10.4% (Q2 2023: €477.6m). Q2 underlying EBIT of
€-72.1m, decreased by €12.9m (Q2 2023: €-59.2m). Improved volumes and prices for the Region were offset by costs relating to the transformational development of the business, including higher investment in IT.
Customer volumes increased by +9.7% to 729k guests (Q2 2023: 665k). Online distribution for the region stood at 59%, on a par with the prior year. Direct distribution was down 1%pts to 76% (Q2 2023: 77%).
All other segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
€ million
|
|
Q2 2024
|
|
Q2 2023 adjusted
|
|
Var. %
|
|
H1 2024
|
|
H1 2023 adjusted
|
|
Var. %
|
Revenue
|
|
2.1
|
|
2.4
|
|
- 9.5
|
|
3.7
|
|
3.9
|
|
- 3.2
|
Underlying EBIT
|
|
- 33.6
|
|
- 13.9
|
|
- 141.3
|
|
- 46.7
|
|
- 31.3
|
|
- 48.9
|
Underlying EBIT at constant currency)
|
|
- 33.6
|
|
- 13.9
|
|
- 141.5
|
|
- 46.8
|
|
- 31.3
|
|
- 49.2
|
All other segments includes the corporate centre functions of TUI AG and the interim holdings, the Group’s real estate companies and the Group’s key tourism functions.
H1 2024 underlying EBIT stood at €-46.7m (H1 2023: €-31.3m). Q2 2024 underlying EBIT of €-33.6m, increased by €-19.7m (Q2 2023: €-13.9m), primarily due to valuation effects.
Financial position and net assets
Cash Flow / Net capex and investments / Net debt
TUI Group's operating cash outflow in H1 2024 of €268.5m decreased by 5.6% year-on-year This reflects the lower Group loss, which was partly offset by a higher cash outflow for prepayments for touristic services.
Net debt as at 31 March 2024 of €3.1bn decreased by €1.1bn compared to previous year level (31 March 2024: €4.2bn). This improvement was mainly driven by net proceeds (following repayment of the final WSF obligations) from our capital increase in April 2023 and the positive cash flow from operating activities in the last twelve months since 31 March 2023.
Net debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
€ million
|
|
31 Mar 2024
|
|
31 Mar 2023
|
|
Var. %
|
Financial debt
|
|
2,074.1
|
|
2,994.1
|
|
- 30.7
|
Lease liabilities
|
|
2,718.0
|
|
2,834.5
|
|
- 4.1
|
Cash and cash equivalents
|
|
1,648.2
|
|
1,575.9
|
|
+ 4.6
|
Short-term interest-bearing investments
|
|
53.2
|
|
56.3
|
|
- 5.5
|
Net debt
|
|
3,090.7
|
|
4,196.4
|
|
- 26.3
|
Net capex and investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
€ million
|
|
Q2 2024
|
|
Q2 2023 adjusted
|
|
Var. %
|
|
H1 2024
|
|
H1 2023 adjusted
|
|
Var. %
|
Cash gross capex
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotels & Resorts
|
|
126.2
|
|
62.0
|
|
+ 103.5
|
|
153.5
|
|
133.4
|
|
+ 15.1
|
Cruises
|
|
7.7
|
|
15.7
|
|
- 51.0
|
|
29.5
|
|
43.7
|
|
- 32.5
|
TUI Musement
|
|
5.9
|
|
7.7
|
|
- 23.4
|
|
11.2
|
|
13.0
|
|
- 13.8
|
Holiday Experiences
|
|
139.8
|
|
85.4
|
|
+ 63.7
|
|
194.1
|
|
190.1
|
|
+ 2.1
|
Northern Region
|
|
6.3
|
|
5.5
|
|
+ 14.5
|
|
11.3
|
|
11.1
|
|
+ 1.8
|
Central Region
|
|
3.6
|
|
4.2
|
|
- 14.3
|
|
8.0
|
|
6.2
|
|
+ 29.0
|
Western Region
|
|
6.1
|
|
6.6
|
|
- 7.6
|
|
13.5
|
|
10.5
|
|
+ 28.6
|
Markets & Airlines1
|
|
21.4
|
|
15.5
|
|
+ 38.1
|
|
38.7
|
|
48.4
|
|
- 20.0
|
All other segments
|
|
31.3
|
|
34.6
|
|
- 9.5
|
|
65.0
|
|
66.4
|
|
- 2.1
|
TUI Group
|
|
192.5
|
|
135.5
|
|
+ 42.1
|
|
297.7
|
|
305.0
|
|
- 2.4
|
Net pre delivery payments on aircraft
|
|
5.0
|
|
- 24.0
|
|
n. a.
|
|
66.2
|
|
35.0
|
|
+ 89.1
|
Financial investments2
|
|
77.4
|
|
-
|
|
n. a.
|
|
78.8
|
|
0.3
|
|
n. a.
|
Divestments
|
|
1.3
|
|
- 42.6
|
|
n. a.
|
|
- 122.6
|
|
- 122.4
|
|
- 0.2
|
Net capex and investments
|
|
276.2
|
|
68.9
|
|
+ 300.9
|
|
320.1
|
|
217.8
|
|
+ 47.0
|
1 Including €5.4m for Q2 2024 (Q2 2023: - €0.8m) and €5.9m for H1 2024 (H1 2023: €20.6m) cash gross capex of the aircraft leasing companies, which are allocated to Markets & Airlines as a whole, but not to the individual segments Northern Region, Central Region and Western Region.
2 Thereof €73.5m related to the pro rata capital injection into Pep Toni Hotels S.A. in Q2 2024
Cash gross capex in H1 2024 of €297.7m was €7.3m lower year-on-year. The increase in the Hotel & Resorts segment was mainly due to higher investments at Riu. In the period under review, financial investments of €73.5m related to the pro rata capital injection into Pep Toni Hotels S. A. Net capex and investments totaling €320.1m in H1 2024 increased by €102.3m compared to the previous year.
Foreign exchange/Fuel
We have a strategy of hedging the majority of our jet fuel and currency requirements for future seasons in place. Our hedging policy gives us certainty of costs when planning capacity and pricing. 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.
Foreign Exchange/Fuel
|
|
|
|
|
|
|
|
|
|
|
|
|
|
%
|
|
Summer 2024
|
|
Winter 2024/25
|
|
Summer 2025
|
Euro
|
|
94
|
|
63
|
|
20
|
US Dollar
|
|
94
|
|
77
|
|
40
|
Jet Fuel
|
|
93
|
|
77
|
|
52
|
As at 5 May 2024
|
|
|
|
|
|
|
Assets and liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
€ million
|
|
31 Mar 2024
|
|
30 Sep 2023
|
|
Var. %
|
Non-current assets
|
|
11,899.9
|
|
11,605.9
|
|
+ 2.5
|
Current assets
|
|
4,328.2
|
|
4,546.5
|
|
- 4.8
|
Total assets
|
|
16,228.1
|
|
16,152.4
|
|
+ 0.5
|
Equity
|
|
1,248.2
|
|
1,947.2
|
|
- 35.9
|
Provisions
|
|
1,876.5
|
|
1,852.4
|
|
+ 1.3
|
Financial liabilities
|
|
2,074.1
|
|
1,297.0
|
|
+ 59.9
|
Other liabilities
|
|
11,029.2
|
|
11,055.8
|
|
- 0.2
|
Total equity, liabilities and provisions
|
|
16,228.1
|
|
16,152.4
|
|
+ 0.5
|
Non-current financial liabilities increased from €580.7m at 30 September 2023 to €1,779.2m at 31 March 2024. This increase primarily results from an increase in liabilities to banks and from the issuance of a sustainability-linked bond in March 2024.
For more details refer to the section Financial liabilities in the Notes of this Half Year Financial Report.
Comments on the consolidated income statement
In the first six months of financial year 2024, TUI Group's revenue was strongly higher than in H1 2023, due to a year-on-year increase in pax numbers and higher average prices, in particular in Markets & Airlines. TUI Group’s results generally also reflect the significant seasonal swing in tourism between the winter and summer travel months.
In H1 2024, consolidated revenue increased by €1.0bn year-on-year to €8.0bn.
Unaudited condensed consolidated Income Statement of TUI AG for the period from 1 Oct 2023 to 31 Mar 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
€ million
|
|
Q2 2024
|
|
Q2 2023
|
|
Var. %
|
|
H1 2024
|
|
H1 2023
|
|
Var. %
|
Revenue
|
|
3,650.0
|
|
3,152.9
|
|
+15.8
|
|
7,952.5
|
|
6,903.4
|
|
+15.2
|
Cost of sales
|
|
3,651.3
|
|
3,228.5
|
|
+13.1
|
|
7,757.7
|
|
6,889.8
|
|
+12.6
|
Gross profit
|
|
- 1.3
|
|
- 75.6
|
|
+98.3
|
|
194.8
|
|
13.7
|
|
n. a.
|
Administrative expenses
|
|
283.2
|
|
250.7
|
|
+13.0
|
|
528.6
|
|
493.4
|
|
+7.1
|
Other income
|
|
1.2
|
|
5.7
|
|
- 78.9
|
|
8.5
|
|
11.7
|
|
- 27.4
|
Other expenses
|
|
1.8
|
|
- 1.1
|
|
n. a.
|
|
10.1
|
|
4.7
|
|
+114.9
|
Impairment (+) / Reversal of impairment (-) of financial assets
|
|
-
|
|
2.7
|
|
n. a.
|
|
- 7.2
|
|
3.5
|
|
n. a.
|
Financial income
|
|
20.8
|
|
19.9
|
|
+4.5
|
|
39.5
|
|
38.3
|
|
+3.1
|
Financial expense
|
|
126.0
|
|
152.4
|
|
- 17.3
|
|
247.8
|
|
284.9
|
|
- 13.0
|
Share of result of investments accounted for using the equity method
|
|
90.3
|
|
78.4
|
|
+15.2
|
|
133.4
|
|
74.0
|
|
+80.3
|
Earnings before income taxes
|
|
- 300.0
|
|
- 376.3
|
|
+20.3
|
|
- 403.1
|
|
- 648.8
|
|
+37.9
|
Income taxes (expense (+), income (-))
|
|
- 53.0
|
|
- 50.0
|
|
- 6.0
|
|
- 72.6
|
|
- 90.8
|
|
+20.0
|
Group loss
|
|
- 247.0
|
|
- 326.2
|
|
+24.3
|
|
- 330.5
|
|
- 558.0
|
|
+40.8
|
Group loss attributable to shareholders of TUI AG
|
|
- 294.2
|
|
- 364.3
|
|
+19.2
|
|
- 416.8
|
|
- 620.4
|
|
+32.8
|
Group profit attributable to non-controlling interest
|
|
47.2
|
|
38.1
|
|
+23.9
|
|
86.3
|
|
62.4
|
|
+38.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alternative performance measures
The Group’s main financial KPI is underlying EBIT. We define the EBIT in underlying EBIT as earnings before interest, income taxes and the result from the measurement of the Group’s interest hedges. EBIT by definition includes goodwill impairments.
In calculating Underlying EBIT from EBIT, we adjust for separately disclosed items (including any goodwill impair-ment) and expenses from purchase price allocations. Separately disclosed items include adjustments for income and expense items that reflect amounts and frequencies of occurrence rendering an evaluation of the operating profitability of the segments and Group more difficult or causing distortions. These items include gains on disposal of financial investments, significant gains and losses from the sale of assets as well as significant restructuring and integration expenses and any goodwill impairments. Effects from purchase price allocations, ancillary acquisition costs and conditional purchase price payments are adjusted. Expenses from purchase price allocations relate to the amortisation of intangible assets from acquisitions made in previous years.
Reconciliation to underlying EBIT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
€ million
|
|
Q2 2024
|
|
Q2 2023
|
|
Var. %
|
|
H1 2024
|
|
H1 2023
|
|
Var. %
|
Earnings before income taxes
|
|
- 300.0
|
|
- 376.3
|
|
+20.3
|
|
- 403.1
|
|
- 648.8
|
|
+37.9
|
plus: Net interest expenses (excluding expense / income from measurement of interest hedges)
|
|
104.5
|
|
122.6
|
|
- 14.8
|
|
207.3
|
|
233.1
|
|
- 11.1
|
plus: Expense/less income from measurement of interest hedges
|
|
0.6
|
|
6.0
|
|
- 90.0
|
|
1.1
|
|
9.5
|
|
- 88.4
|
EBIT
|
|
- 194.9
|
|
- 247.6
|
|
+21.3
|
|
- 194.7
|
|
- 406.3
|
|
+52.1
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
less / plus: Separately disclosed items
|
|
0.9
|
|
- 1.0
|
|
|
|
1.5
|
|
- 1.7
|
|
|
plus: Expense from purchase price allocation
|
|
5.3
|
|
6.3
|
|
|
|
10.5
|
|
12.7
|
|
|
Underlying EBIT
|
|
- 188.7
|
|
- 242.4
|
|
+22.2
|
|
- 182.7
|
|
- 395.3
|
|
+53.8
|
The TUI Group’s operating result adjusted for special items (underlying EBIT) improved by €212.6m to €-182.7m in Q2 2024.
- For further details on the separately disclosed items see page 42 in the Notes of this Interim Financial Report.
Key figures of income statement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
€ million
|
|
Q2 2024
|
|
Q2 2023
|
|
Var. %
|
|
H1 2024
|
|
H1 2023
|
|
Var. %
|
EBITDAR
|
|
18.9
|
|
- 29.1
|
|
n. a.
|
|
231.1
|
|
28.7
|
|
+ 706.3
|
Operating rental expenses
|
|
- 4.2
|
|
- 13.6
|
|
+ 69.2
|
|
- 8.4
|
|
- 13.4
|
|
+ 37.5
|
EBITDA
|
|
14.7
|
|
- 42.7
|
|
n. a.
|
|
222.7
|
|
15.3
|
|
n. a.
|
Depreciation/amortisation less reversals of depreciation*
|
|
- 209.7
|
|
- 204.8
|
|
- 2.4
|
|
- 417.4
|
|
- 421.5
|
|
+ 1.0
|
EBIT
|
|
- 194.9
|
|
- 247.6
|
|
+ 21.3
|
|
- 194.7
|
|
- 406.3
|
|
+ 52.1
|
Income/Expense from the measurement of interest hedges
|
|
0.6
|
|
6.0
|
|
- 90.0
|
|
1.1
|
|
9.5
|
|
- 88.4
|
Net interest expense (excluding expense/income from measurement of interest hedges)
|
|
104.5
|
|
122.6
|
|
- 14.8
|
|
207.3
|
|
233.1
|
|
- 11.1
|
EBT
|
|
- 300.0
|
|
- 376.3
|
|
+ 20.3
|
|
- 403.1
|
|
- 648.8
|
|
+ 37.9
|
* on property, plant and equipment, intangible assets, right of use assets and other assets
|
Other segment indicators
Underlying EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
€ million
|
|
Q2 2024
|
|
Q2 2023 adjusted
|
|
Var. %
|
|
H1 2024
|
|
H1 2023 adjusted
|
|
Var. %
|
Hotels & Resorts
|
|
161.7
|
|
123.6
|
|
+ 30.8
|
|
297.9
|
|
245.3
|
|
+ 21.4
|
Cruises
|
|
92.8
|
|
33.0
|
|
+ 181.2
|
|
149.5
|
|
50.9
|
|
+ 193.6
|
TUI Musement
|
|
- 8.8
|
|
- 6.5
|
|
- 36.4
|
|
- 12.5
|
|
- 13.9
|
|
+ 9.9
|
Holiday Experiences
|
|
245.6
|
|
150.1
|
|
+ 63.7
|
|
434.9
|
|
282.3
|
|
+ 54.0
|
Northern Region
|
|
- 90.4
|
|
- 73.6
|
|
- 22.7
|
|
- 67.5
|
|
- 116.9
|
|
+ 42.2
|
Central Region
|
|
- 62.8
|
|
- 77.9
|
|
+ 19.3
|
|
- 36.4
|
|
- 81.3
|
|
+ 55.3
|
Western Region
|
|
- 37.0
|
|
- 29.0
|
|
- 27.7
|
|
- 49.1
|
|
- 38.0
|
|
- 29.0
|
Markets & Airlines
|
|
- 190.2
|
|
- 180.2
|
|
- 5.6
|
|
- 152.9
|
|
- 235.7
|
|
+ 35.1
|
All other segments
|
|
- 39.8
|
|
- 12.9
|
|
- 209.2
|
|
- 57.8
|
|
- 31.2
|
|
- 85.0
|
TUI Group
|
|
15.6
|
|
- 42.9
|
|
n. a.
|
|
224.2
|
|
15.3
|
|
n. a.
|
EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
€ million
|
|
Q2 2024
|
|
Q2 2023 adjusted
|
|
Var. %
|
|
H1 2024
|
|
H1 2023 adjusted
|
|
Var. %
|
Hotels & Resorts
|
|
161.7
|
|
123.8
|
|
+ 30.6
|
|
299.0
|
|
244.8
|
|
+ 22.1
|
Cruises
|
|
92.8
|
|
33.0
|
|
+ 181.2
|
|
149.5
|
|
50.9
|
|
+ 193.6
|
TUI Musement
|
|
- 8.8
|
|
- 6.5
|
|
- 36.0
|
|
- 12.5
|
|
- 12.6
|
|
+ 0.2
|
Holiday Experiences
|
|
245.6
|
|
150.3
|
|
+ 63.5
|
|
436.0
|
|
283.2
|
|
+ 54.0
|
Northern Region
|
|
- 91.3
|
|
- 71.9
|
|
- 27.0
|
|
- 66.9
|
|
- 116.0
|
|
+ 42.4
|
Central Region
|
|
- 62.9
|
|
- 78.2
|
|
+ 19.6
|
|
- 37.5
|
|
- 81.5
|
|
+ 54.0
|
Western Region
|
|
- 37.0
|
|
- 29.2
|
|
- 26.8
|
|
- 46.3
|
|
- 36.5
|
|
- 26.9
|
Markets & Airlines
|
|
- 191.2
|
|
- 178.9
|
|
- 6.9
|
|
- 150.5
|
|
- 233.5
|
|
+ 35.5
|
All other segments
|
|
- 39.7
|
|
- 14.1
|
|
- 181.8
|
|
- 62.8
|
|
- 34.4
|
|
- 82.3
|
TUI Group
|
|
14.7
|
|
- 42.7
|
|
n. a.
|
|
222.7
|
|
15.3
|
|
n. a.
|
Employees
|
|
|
|
|
|
|
|
|
|
31 Mar 2024
|
|
31 Mar 2023 adjusted
|
|
Var. %
|
Hotels & Resorts
|
|
22,014
|
|
21,425
|
|
+ 2.7
|
Cruises*
|
|
77
|
|
77
|
|
-
|
TUI Musement
|
|
8,295
|
|
7,906
|
|
+ 4.9
|
Holiday Experiences
|
|
30,386
|
|
29,408
|
|
+ 3.3
|
Northern Region
|
|
10,833
|
|
10,127
|
|
+ 7.0
|
Central Region
|
|
7,337
|
|
7,086
|
|
+ 3.5
|
Western Region
|
|
5,089
|
|
4,957
|
|
+ 2.7
|
Markets & Airlines
|
|
23,259
|
|
22,170
|
|
+ 4.9
|
All other segments
|
|
2,725
|
|
2,383
|
|
+ 14.4
|
Total
|
|
56,370
|
|
53,961
|
|
+ 4.5
|
* Excludes TUI Cruises (JV) employees. Cruises employees are primarily hired by external crew management agencies.
|
Corporate Governance
Composition of the Boards
In H1 2024 and until 13 May 2024 the composition of the Boards of TUI AG changed as follows:
Executive Board
With effect from the end of 5 January 2024, David Burling resigned from his position as a member of the Executive Board. He was succeeded as of 1 January 2024 by David Schelp as CEO Markets & Airlines.
Supervisory Board
The term of office of the Supervisory Board members Ingrid-Helen Arnold, María Garaña Corces, Coline Lucille McConville and Joan Trían Riu ended at the close of the Annual General Meeting on 13 February 2024.
Based on corresponding proposals of the nomination committee and taking into account the Supervisory Board’s aims published in the Declaration on Corporate Governance regarding its composition, the profile of required skills and expertise as well as the diversity concept, the Supervisory Board proposed that these members be re-elected to the Supervisory Board as shareholder representatives. All four election proposals were accepted by the Annual General Meeting held on 13 February 2024 in individual elections.
As a result, there were no changes to the Supervisory Board in the reporting period.
The current, complete composition of the Executive Board and Supervisory Board is published on our website, where it is permanently accessible to the public.
Risk and Opportunity Report
Successful management of existing and emerging risks is critical to the long-term success of our business and to the achievement of our strategic objectives. In order to seize market opportunities and leverage the potential for success, risk must be accepted to a reasonable degree. Risk management is therefore an integral component of the Group’s Corporate Governance. Full details of our risk governance framework, principal risks and opportunities can be found in the Annual Report. There were no changes in H1 2024 and until 13 May 2024 compared to the risks and opportunities described in detail in our Annual Report 2023.
- For details of risks and opportunities, see our Annual Report 2023, from page 35 and page 58
Related parties
Apart from the subsidiaries included in the Interim Financial Statements, TUI AG, in carrying out its business activities, maintains direct and indirect relationships with related parties. All transactions with related parties were executed on an arm’s length basis.
Detailed information on related parties is provided under section 51 in the Notes to the consolidated financial statements 2023.
In order to strengthen the equity, the shareholders of Pep Toni Hotels S.A. have decided to make additional funds available to the company. In January 2024, TUI paid €73.5m into the capital reserve.
On 31 October 2023 the subsidiary Club Hotel CV, S.A. (Robinson Club Cabo Verde) was sold to the associated company TUI Global Hospitality Fund S.C.S. For further details please refer to the section ‘Divestments’.
Unaudited condensed consolidated Interim Financial Statements
Unaudited condensed consolidated Income Statement of TUI AG for the period from 1 Oct 2023 to 31 Mar 2024
|
|
|
|
|
|
|
|
|
|
|
|
€ million
|
|
Notes
|
|
Q2 2024
|
|
Q2 2023
|
|
H1 2024
|
|
H1 2023
|
Revenue
|
|
(1)
|
|
3,650.0
|
|
3,152.9
|
|
7,952.5
|
|
6,903.4
|
Cost of sales
|
|
(2)
|
|
3,651.3
|
|
3,228.5
|
|
7,757.7
|
|
6,889.8
|
Gross profit
|
|
|
|
- 1.3
|
|
- 75.6
|
|
194.8
|
|
13.7
|
Administrative expenses
|
|
(2)
|
|
283.2
|
|
250.7
|
|
528.6
|
|
493.4
|
Other income
|
|
(3)
|
|
1.2
|
|
5.7
|
|
8.5
|
|
11.7
|
Other expenses
|
|
(4)
|
|
1.8
|
|
- 1.1
|
|
10.1
|
|
4.7
|
Impairment (+) / Reversal of impairment (-) of financial assets
|
|
(18)
|
|
-
|
|
2.7
|
|
- 7.2
|
|
3.5
|
Financial income
|
|
(5)
|
|
20.8
|
|
19.9
|
|
39.5
|
|
38.3
|
Financial expense
|
|
(5)
|
|
126.0
|
|
152.4
|
|
247.8
|
|
284.9
|
Share of result of investments accounted for using the equity method
|
|
(6)
|
|
90.3
|
|
78.4
|
|
133.4
|
|
74.0
|
Earnings before income taxes
|
|
|
|
- 300.0
|
|
- 376.3
|
|
- 403.1
|
|
- 648.8
|
Income taxes (expense (+), income (-))
|
|
(7)
|
|
- 53.0
|
|
- 50.0
|
|
- 72.6
|
|
- 90.8
|
Group loss
|
|
|
|
- 247.0
|
|
- 326.2
|
|
- 330.5
|
|
- 558.0
|
Group loss attributable to shareholders of TUI AG
|
|
|
|
- 294.2
|
|
- 364.3
|
|
- 416.8
|
|
- 620.4
|
Group profit attributable to non-controlling interest
|
|
(8)
|
|
47.2
|
|
38.1
|
|
86.3
|
|
62.4
|
Earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
€
|
|
Q2 2024
|
|
Q2 2023
|
|
H1 2024
|
|
H1 2023
|
|
Basic and diluted loss / earnings per share
|
|
- 0.58
|
|
- 1.26
|
|
- 0.82
|
|
- 2.15
|
|
|
|
Unaudited condensed consolidated Statement of Comprehensive Income of TUI AG for the period from 1 Oct 2023 to 31 Mar 2024
|
|
|
|
|
|
|
|
|
|
€ million
|
|
Q2 2024
|
|
Q2 2023
|
|
H1 2024
|
|
H1 2023
|
Group loss
|
|
- 247.0
|
|
- 326.2
|
|
- 330.5
|
|
- 558.0
|
Remeasurements of defined benefit obligations and related fund assets
|
|
- 8.9
|
|
- 5.7
|
|
- 103.8
|
|
- 129.4
|
Other comprehensive income of investments accounted for using the equity method that will not be reclassified
|
|
2.1
|
|
-
|
|
2.1
|
|
-
|
Fair value profit / loss on investments in equity instruments designated as at FVTOCI
|
|
0.1
|
|
22.6
|
|
0.1
|
|
23.7
|
Income tax related to items that will not be reclassified (expense (-), income (+))
|
|
1.4
|
|
2.0
|
|
29.5
|
|
32.9
|
Items that will not be reclassified to profit or loss
|
|
- 5.2
|
|
18.8
|
|
- 72.0
|
|
- 72.9
|
Foreign exchange differences
|
|
9.1
|
|
- 2.1
|
|
- 42.6
|
|
- 103.4
|
Foreign exchange differences outside profit or loss
|
|
9.1
|
|
- 2.1
|
|
- 42.7
|
|
- 103.4
|
Reclassification
|
|
-
|
|
-
|
|
0.1
|
|
-
|
Cash flow hedges
|
|
119.6
|
|
- 39.9
|
|
- 224.3
|
|
- 176.2
|
Changes in the fair value
|
|
129.6
|
|
- 53.4
|
|
- 218.9
|
|
- 169.7
|
Reclassification
|
|
- 10.0
|
|
13.5
|
|
- 5.4
|
|
- 6.5
|
Other comprehensive income of investments accounted for using the equity method that may be reclassified
|
|
7.7
|
|
- 5.6
|
|
- 5.6
|
|
- 6.6
|
Changes in the measurement outside profit or loss
|
|
7.7
|
|
- 5.6
|
|
- 5.6
|
|
- 6.6
|
Income tax related to items that may be reclassified (expense (-), income (+))
|
|
- 29.8
|
|
9.6
|
|
51.1
|
|
44.3
|
Items that may be reclassified to profit or loss
|
|
106.6
|
|
- 38.0
|
|
- 221.4
|
|
- 241.8
|
Other comprehensive income
|
|
101.3
|
|
- 19.1
|
|
- 293.5
|
|
- 314.7
|
Total comprehensive income
|
|
- 145.7
|
|
- 345.4
|
|
- 624.0
|
|
- 872.7
|
attributable to shareholders of TUI AG
|
|
- 209.6
|
|
- 396.6
|
|
- 717.1
|
|
- 927.4
|
attributable to non-controlling interest
|
|
64.0
|
|
51.2
|
|
93.2
|
|
54.7
|
Unaudited condensed consolidated Statement of Financial Position of TUI AG as at 31 Mar 2024
|
|
|
|
|
|
|
|
€ million
|
|
Notes
|
|
31 Mar 2024
|
|
30 Sep 2023
|
Assets
|
|
|
|
|
|
|
Goodwill
|
|
(9)
|
|
2,960.4
|
|
2,949.2
|
Other intangible assets
|
|
|
|
557.0
|
|
538.0
|
Property, plant and equipment
|
|
(10)
|
|
3,689.1
|
|
3,480.3
|
Right-of-use assets
|
|
(11)
|
|
2,584.5
|
|
2,763.4
|
Investments in joint ventures and associates
|
|
|
|
1,347.9
|
|
1,198.2
|
Trade and other receivables
|
|
(12), (18)
|
|
79.2
|
|
74.7
|
Derivative financial instruments
|
|
(18)
|
|
11.5
|
|
10.3
|
Other financial assets
|
|
(18)
|
|
10.9
|
|
10.8
|
Touristic payments on account
|
|
|
|
158.2
|
|
152.5
|
Other non-financial assets
|
|
|
|
81.5
|
|
100.7
|
Income tax assets
|
|
|
|
17.2
|
|
17.2
|
Deferred tax assets
|
|
|
|
402.4
|
|
310.6
|
Non-current assets
|
|
|
|
11,899.9
|
|
11,605.9
|
|
|
|
|
|
|
|
Inventories
|
|
|
|
63.4
|
|
62.1
|
Trade and other receivables
|
|
(12), (18)
|
|
1,010.8
|
|
1,090.4
|
Derivative financial instruments
|
|
(18)
|
|
102.3
|
|
258.2
|
Other financial assets
|
|
(18)
|
|
53.2
|
|
48.6
|
Touristic payments on account
|
|
|
|
1,211.3
|
|
787.4
|
Other non-financial assets
|
|
|
|
178.0
|
|
129.9
|
Income tax assets
|
|
|
|
61.0
|
|
41.0
|
Cash and cash equivalents
|
|
(18)
|
|
1,648.2
|
|
2,060.3
|
Assets held for sale
|
|
(13)
|
|
0.1
|
|
68.6
|
Current assets
|
|
|
|
4,328.2
|
|
4,546.5
|
Total assets
|
|
|
|
16,228.1
|
|
16,152.4
|
Unaudited condensed consolidated Statement of Financial Position of TUI AG as at 31 Mar 2024
|
|
|
|
|
|
|
|
€ million
|
|
Notes
|
|
31 Mar 2024
|
|
30 Sep 2023
|
Equity and liabilities
|
|
|
|
|
|
|
|