TUI AR11 Management Report

8/2/2019 TUI AR11 Management Report

1/98


2/98

ManagementReport

ManaGeMenT rePorT

49 Management Report**)

49 fc y 2010/11 ow

52 T Tui Gp

62 hm rscs

64 Sstb dpmt

80 ecmc fmwk

82 Gp egs

86 egs b t Scts

105 nt assts t Gp

109 fc Pst t Gp

117 a fc Sttmts Tui aG

121 imt rq Tk lw

125 rsk rpt137 rpt Sbsqt ets

138 rpt epct dpmts

143 Tui Gp fgs

**) Cmb Mgmt rpt Tui aG Tui Gp


3/98

g

p

ManaGeMenT rePorT


4/98

Tourism business impacted by crisis in North Africa

i c 2010/11, t Tui Gp pm w spt t s mpct ptcst nt ac. i t st t c ptc, Scts c

csb gwt ct tg gst t bckp t pst cmc mwk.atg t mccmc pmts tt t cs t , cstm m-bs w p -- mst sc mkts c 2010/11. T b tTui Gp gw b 6.9% t 17.5b.

Bsss Tsm ws t b t ptc st nt ac t p w. fwg t st, Tui T ws mpct b csts t ptt -mks Ts egpt t tmp cct t t ts cts.as t ss pgss, t smp m stts nt ac cs tsss mpcts gs, ptc Tui t pts fc Tui ts egpt. B ctst, t mpct bsss t t sc mkts ws g mt tkst b cpct mgmt. o- csts t sss w ptg -

gs b Tsm b tt 83m t p w.

i spt t s cts t b, ptg gs (g eBiTa) b T-sm gw b 10.9m t 656.6m c 2010/11. rpt gs (eBiTa) tt476.8m, p 231.2m gst ps s , wc b mpct b t tmt t cc pt ic.

TUI Travel

Tui T sw pst pmt. Tks t b cpct mgmt, tmpct t nt ac css ws mt sc mkts wt t cpt fc.d t st-tm ps cpct Sp, Gc Tk, Tui T c csb cs ts bsss m. i t uK, ptc, t Tui t ptsc tpm t cmptt. T fc t pts, b ctst, sw t bs-

ss pmt s t b t ptc st nt ac t p w.d t t stg c t nt ac cts s stts t fcmkt, Tui t pts w t b t pc ts Ts Mcc wt t-t t gs t st tm. dspt t s cts 74m t t ntamc c ptg gs, Tui T cs t c wt geBiTa 500.1, p 15.5m t c p t ps .

TUI Hotels & Resorts

at 145.3m, g gs b Tui hts & rsts w 2.7m w --.Ts c gs ws m ttbtb t t mpct t ptc st ntac, wc cs w ccpc ts Tui ts egpt. T gs stt Tui hts & rsts c b 9m s st. Bsss pmc t t -

gs bt pt m t sts m tgg b ts nt ac sw pst pmt.

ManaGeMenT rePorTfinanCial year 2010/11 an overvieW

Bg s Tsm t spt css nt ac.Cmmtmt t Ct Sppg c b 1b.Gp bt ct t ss t 1b. Stct mtt Gp bt ptms.

Management Report fc 2010/11 owTUI AG a rpt 2010/11 49


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Cruises

i t p w, gs b t Css Sct ct t stt-p csts tps, s pct. hw, wg t cmmssg t sc cs sp, tbkgs gs Tui Css gw csb st t p. ug eBiTab t Css Sct gw b tt 3.6m -- t 11.2m.

TUI Group

at 600.1m, g gs b t Gp c sgt t p s 589.2m. apt m t mp gs b Tsm, ts st ct t sgt t-t Ct opts, b w cm t t stt cmps.

Container Shipping (nancial investment)

T pmt t Ct Sppg bsss ct t s g pcs tp w. i mkt mt ccts b g tspt cpct ts cmptt, hpg-l ws t b t pss t pc-c s bkcsts t ts cstms. ug eBiTa Ct Sppg t t 212.3m(ps 477.9m; bss 100%). as csqc, t t qt gs m t st-mt hpg-l, sw Tui aGs cst c sttmts, s c sg-ct -- t 2m (ps 150.3m).

Group result

i c 2010/11, t Gp st cs t 118.2m (ps 113.6m).

Net debt

d t t w s m cg t cmmtmt t Ct Sppg, ctg tmtst pgmm mpg t wkg cpt Tui T, t Tui Gps tbt c b 1.5b t 0.8b s gst t st bc st t.

Financial commitment to Container Shipping reduced

i t c w, Tui aG c pmts ttg 1b m tc stmts gt t hpg-l aG s w s m t s hpg-l ss.

i t st qt t w, hpg-l m pmts gg tst, t bg t b iii . i ap 2011, t t, hpg-l s p t gt b Tui.

as t b i ws ct t qt, t s Ct Sppg b Tui tm-p s t 49.8% t st qt 2010/11. at t M 2011, Tui ts 11.3% ts stk hpg-l t t abt B cstm.

d t t tscts scb b, Tui aG c ts cmmtmt t Ct Sppgt 1.5b t p w. Tui ms cmmtt t mmsg t t ssts st Ct Sppg.

50 Management Report fc 2010/11 ow TUI AG a rpt 2010/11


6/98

Structure of nancial liabilities in the TUI Group optimised

Bt Tui aG Tui T tk tg t pst mkt mt t t bg-g t c w t cg ct cts. Tui aG sptms t stct ts c bt b ms t pt bbck bs.

TUI AG

i Mc 2011, Tui aG ss ctb bs 339m wt - tm t

mtt. T cp ws t 2.75% p. .

lkws Mc 2011, Tui sbmtt pbc mt t t t s Tui aGsctb bs mtg Sptmb 2012 Tui aGs bs mtg dcmb 2012.fm t t bs, Tui pcs bs wt m m 550m. atbs wt tt 150m w pcs t mkt. T c bt c wsc ccg. T bbck ws c m q s , t cs t ct , g c m t pcs t ctb bs ss Mc 2011.

i nmb 2011, Tui aG c t cs t t t s ts ctbbs Sptmb 2012. M t mt s p t rpt Sb-sqt ets.

TUI Travel

i M 2011, Tui T c ct cts 1.2b t t. Tct m, mst wc w b J 2012, s w b p sctct mtg J 2015.

Financial exposure of TUI AG in Container Shipping

million 30 Sp 2010 31 M 2011 30 Sep 2011

Equity stake 1,187 1,537 1,187

istmt s Tui aG % 43.2 49.8 38.4

Tui st-tm 227 - -

Tui 180 180 -

Loans 407 180 -

hb cpt i 350 - -

hb cpt ii 350 350 350

hb cpt iii 215 - -

Hybrid capital 915 350 350

Financial exposure 2,509 2,067 1,537

S pg 137

Management Report fc 2010/11 owTUI AG a rpt 2010/11 51


7/98

Group structure

T Tui Gp ts k sbss sgs pt tsm. T Gp stc-t cmpss t Scts: Tui T, Tui hts & rsts Css. T ct 38.4%stk (s p 30 Sptmb 2011) hpg-l aG tk t t cmpt t s Ct Sppg s ms t qt c Ct opts t cs-t c sttmts.

TUI AG

Parent company

Tui aG s t Gps pt cmp qt h. v ts ts, t s ct

ct tsts t pcp Gp cmps cctg t Gps pt bsss cts. o, Tui aGs gp cst cmps cmps 766 ct ct sbss t t bc st t, wc 45 w bs Gm 721 b. a t 17 t cmps 40 jt ts w c Tui aGscst c sttmts t bss t qt msmt.

Organisation and management

Tui aG s stck cpt Gm w, ws bsc pcp s mgmt btw bs, t ect B t Sps B. T ect SpsBs cpt cs gg mtg t Cmp. T ect B sspsb t mgmt t Cmp.

T pptmt m B mmbs s bs scts 84. t Gm Stck

Cpt act cmbt wt sct 31 t Gm C-dtmt act. am-mts t t atcs assct ct t bss t pss scts 179. t Gm Stck Cpt act cmbt wt sct 24 Tui aGs atcs assct.

Board structure

as t t bc st t, t ect B Tui aG csst mmbs: t Ceo t t B mmbs cg fc, hm rscs/lg Tsm.

ManaGeMenT rePorTThe Tui GrouP

Aktien esellschaft

T pt hts

Tourism

Css

Financial stake

Ct Sppg

Hotels & Resorts

52 Management Report T Tui Gp TUI AG a rpt 2010/11


8/98

TUI Travel

Tui T ws m 2007 m t mg t Tui Gps stbt, t pt, cmg pts wt ts t m Bts fst Cc hs PlC.

Tui T PlC s mc t uK s b st t l Stck ecg sc3 Sptmb 2007. at t bc st t, Tui aG 55%, . . t mjt, tss ts sbs.

Tui T pts 180 cts t w, scg 30 m cstmsm 27 sc mkts wt pt m t 200 pcts bs. its ctts stct t Bssss: Mstm, accmmt & dstts, Spcst &actt emgg Mkts.

Ct ep at rss CiS

nt rg nt amc Spcst Bz, i, CWst ep ect

Spt

M

Spcst h Gp

accmmtWss/B2B

accmmt oT agts/B2C

dstt Scs

Cs hg

Aktiengesellschaft

Mainstream

Accommodation &

Destinations

Specialist &

Activity Emerging Markets

Mainstream

T Mstm Bsss s t gst bsss t wt Tui T. apt m t t-c tgt t pts c , t s cmpss t m t 140 ct 3,500 t gcs. T t pts g mkt psts ep.T pt cmpss t s gts, ccmmt t tsm scs, bt sspt cmpts s pckg ts. actts bk w t Ct ep, ntep Wst ep.

Accommodation & Destinations

T accmmt & dstts Bsss cmpss ctts ep, nt amc as s stct t ss. T B2B s (ccmmt wss) ssccmmt t bsss cstms sc s t gcs t pts -s tt pts. i t B2C s (ccmmt t gts), ccmmts spp t cstms t t pts ltms asms. i -t, g cmg gcs mg t stt scs s p cmgscs, sc s tss scs t pts. T t s, cs g,ps w-gg scs t Css Sct.

Management Report T Tui GpTUI AG a rpt 2010/11 53


9/98

Specialist & Activity

T Spcst & actt Bsss ps m t 100 spcst t t pts ep, nt amc ast. it pts s ss: at, nt amcSpcsts, M, ect, Spt Spcst h Gp. it cs t ptsg mkt-g t pcs ts, ps ct cts, pmmspps, t pts stt tps ps skg t sptg ts.

Emerging Markets

T emgg Mkts Bsss s gwg pt tsm t pt tps. Tui Ts t st tt t pt wt psc rss CiS. T bsss s spg t sc mkts Bz, i C.

TUI Hotels & Resortsh-bs Tui hts & rsts mgs t Gps t cmps. Ts Sct csmjt ptcpts, jt ts wt c pts, stks cmps tt b tss t t sgct c, ts pt mgmt ctcts. Tuihts & rsts s t k btw t pts t pts, ts sg t stgpstg t t bs wt t Gp mg t cmptt. apt m sttgcpg, pg w t mts pg pt sppt, t s cts tmktg stbt ctts t mt sc mss tk b tt cmps.

Aktiengesellschaft

r Gptrbs otibt Gct dt

Hotels & Resorts

i c 2010/11, Tui hts & rsts cmps tt 248 ts wt 157,000bs; 224 t ts, .. t mjt, w - -st stbsmts. a tt 53% wpt mgmt ctcts, 38% w w b t spct t cmp, 6% w

s. 3% t cts w mg cs gmts.



10/98

Riu

r s t gst t cmp t pt Tui hts & rsts. T Mjc-bstps s g ppt g cstms sts psssm c-t sc. Mst t ts t pmm cmt sgmts ct Sp, Mc t Cbb.

Robinson

rbs, t g p t pmm cb sgmt, s ccts b ts p-ss spt, ttmt t pt. M, t cbs g-qt tscs, ct sc gs ctct. Mst t ts ct Sp,Gc, Tk, Swtz ast. T cts s mt mbts sts tms pmtg sstb pmt ctts mtg spcc mt sts.

Iberotel

ibt ts cmps cmt ct g pts. Mst tspmm ts ct egpt Tk. T tp-qt pcts, cmpg wtt gst qt, st mt sts.

Financing structureTUI Hotels & Resorts

2010/11

2009/10

%

Mgmt 53 51

owsp 38 41

ls 6 5

fcs 3 3

Owned hotel bedsaccording to regions

2010/11

2009/10

%

Wst Mt 31 31

nt ac/egpt 24 23

Cbb 23 23

estMt 12 13

ot cts 10 10


Hotel brand 3 sts 4 sts 5 stsTt

ts Bs M sts

r 7 64 32 103 87,478Sp, Mc,Ts,

Cbb, Cp vs

rbs - 20 4 24 12,625Sp, Gc, Tk,

Swtz, ast

ibt - 16 11 27 16,151 egpt, Tk, Gm

Gpt 15 17 2 34 13,182 SpGct - 12 10 22 10,623 Gc

dt - 3 - 3 2,211 Gm, ast

ot tcmps 2 20 13 35 15,013 egpt, ast

Total 24 152 72 248 157,283

as t 30 Sptmb 2011



11/98

Grupotel

Mjc-bs Gpt s t mj t cs t Bcs, g ptmts,ptts sts. Mst ts t cmt sgmt.

Grecotel

Gct s g Gk t cmp. its ccpt s bs tt t mgmt css ct mt ts. Gct sts ccts b tbc ct, m ctct pmm stts.

Dorfhotel

dts ct Gm ast. T cmb t tgs qpp ptmts wt t cmt m t. St t mt

tg ctct tpc t g, dts b g ctts ms t s.

Cruises

Hapag-Lloyd Kreuzfahrten

hmbg-bs hpg-l Kzt Gmbh ct pts cs sps tmkt pmm css. its pt css pt css tGm-spkg mkt.

its gsp s t -st-ps ss MS ep. it ws w ts ctg b t BtzCs G t twt tm sccss s t ws sp w ts ctg.T MS ep pm css w ts. T MS Cmbs, t-st-ps ss,s css t ws s ss. M, t s t c-gg cpb csgt Gt lks nt amc. T MS hstc s s, mg t tgs, ptcss t t actc atctc. it s t ws -st pssg ss wt t g-

st actc css. T MS Bm, -st ss s w t gst actc css st pt sp tg t sm stts. Tw t sps w w, t ttw ct. ag t g ws 16 s.

B 2013, hpg-l Kzt w b bg ts pt b g tw sps t tst: t sgmt w b p b g-tm ct t w MS ep 2. Wt258 cbs, t MS ep 2 s pssg cpct 516. T wb w b c 2013. T pmm sgmt w b p b ctg sp s ap 2012: TMS Cmbs 2 s cpct 698 pssgs 349 cbs.

Aktiengesellschaft

Cruises



12/98

TUI Cruises

Tui Css s jt t btw Tui aG t uS sppg cmp r CbbCss lt., m 2008, wc c pt s 50% stk. T hmbg-bscmp s css t t Gm-spkg pmm mkt. Tui Css ws ccptpm m t cps ms w ttc ptc mptc t ps cc,gst, qt sc cs. Tui Css s s ts mkt wt tw sps ts, M Sc 1 M Sc 2. i Sptmb 2011, Tui Css c tt t wp ts t b wb, t b 2014.

Financial investment in Container Shipping

fwg t s mjt stk Ct Sppg, cmpt t st qt 2009, Tui aG 38.4% stk hpg-l hg aG t t bc st t. hpg-l hg aG s ss hpg-l aG. v ts ct stmt, Tui aG st gst s hpg-l aG. T mg 61.6% t ss tcmp b cstm, t hmbg-bs sppg cstm abt Bhg Gmbh & C. KG.

S pg 51 103

ft mt t c cmmtmt Tui aG t Ct Sppg s pst t scts fc w egs b t Scts.

Business activity and strategy

Tourism

Market

T b cmc mwk c 2011 pst ct gbm t t mkt. i t st gt mts 2011, tt s gw b 4.5%.as ep w s csstt p, b bt 6%, t st gt mts 2011. dt t ptc st egpt Ts, s nt ac t M est c b 15% 9%, spct (sc: unWTo, nmb 2011). f 2011 s w,t unWTo pcts t ww t mkt t gw b 4 t 4.5%. T tsm mkts, wcstt t pck p g 2010, ts cts t c.

Shareholdings Hapag-Lloyd Holding AG

%

TUI AG (via its 100% shareholding TUI-Hapag-Beteiligungs GmbH) 38.4

Hamburgische Seefahrtsbeteiligung Albert Ballin GmbH & Co. KG 61.6

K hg aG 24.6

hGv hmbg Gssct vmgs- Btggsmgmt mbh 23.6

iduna vgt lbsscg G hwk, h Gwb 5.5

hSh nbk aG 3.2

hs Mk aG 1.5

Gp sts mg b M. M. Wbg & Co Gpp KGa 3.2

Total 100.0

as 30 Sptmb 2011



13/98

T mkt bsss ts ep bt m mpmts t c-mc mt g t p w. ht ccpc s p bm ct sg ep c 2010/2011. B agst 2011, t ccpc ep ws p bt 4% t ps (bss: -- cmps ccpcm J t agst 2011). as m pck p g, ts ep w s b tcs t g m ts b 3%. Ts tw cmb cts bgt cs s p b m 7%. a gs ep c g ccpc, btwt sm ts. Wt cs ccpc 5%, gwt 3% g mts gwt s p b m mst 9%, t pts st epbt m t g m ts pmt. T b ptt t ep tst ws ttbtb t mpmts t cmc mt t -cc spc - cts, sc s t cc pt ic t spg 2010, wc

t bgt ep t t stst t ps s c p (sc:Gb ht rw, STr Gb, Sptmb 2011). i nt ac, t st cct wtt ptc sc cgs st w t ccpc, s m mks cstt stts Sp, Gc Tk.

T ep mkt css m gwt mkt. accg t st b t epCs Cc (eCC: Sttstcs Mkts, ap 2011), t mb ep pssgs c css gw b 10% -- t 5.5m 2010. T Gm c css mkts gw spptt ts spct g c c sts tms pssg t gs 2010. Pssg ms gw b 19% -- t 1.2m s gst2009. Ts gwt ws m ttbtb t t cmmssg w, t sps tm mkt. f t t, t Gm c cs mkt s sws stg gwt ptt:

t 1.5%, mkt ptt s w t t t ppt cmp wt m mtcs mkts sc s t uK, w ts s sgct g t 2.5%.

Competition

T pts g tgt -tgt bsss ms cmpt wt tcmps, s gcs. d t t ptc sc tm sm cts t M est nt ac t wt spg 2011, cpcts wwtw m t gs cc st t t stts. i ts mt,Tui T bt m ts stg mkt pst t b bsss m.

T cmptt mt t t mkt ct t ct t sg pp-t t -cs ppc gg t tws g, sp, wss tpcts. Cstms wss mt sss ct t p mj . as t

g p ts ep, Tui hts & rsts tk cct ts ts pg ts ttct pts.

T tt c css mkt s mt b w g cs cmps. TGm-spkg c cs mkt cmpss t tt ps. hw,pssgs tg wt Gm cs cmps cct mst 58% ts gpctg t pssgs tg wt tt ps (drv: d Kztmktdtsc 2010; Mc 2011). T k cs s t Gm cs mkt twst Mt, w b n ts t st Mt. i 2010/11,hpg-l Kzt m t g p t Gm pmm sgmt cssc pt css. Css b Tui Css pm ssGm-spkg cstms g 35 t 70 s.



14/98

Business model

Tui T s ts cstms b pct pt, gg m pckg ts t wtg t ts spcc pt spcst pcts. it pts t Mstm, accm-mt & dstts, Spcst & actt s w s emgg Mkts Bssss.

T Mstm Bsss ccts t gst s Tui Ts bsss pts. itcmpss ctts t pckg t sgmt m stbt t pt t -t. Mstm s m p s tgt tsm gps, c wt cs sp-cc sc mkt. M, Tui T s g mkt psts s, t ggmt spcst ct mkts ccps pmsg psts gwtmkts sc s rss, C i.

d t ts b cstm bs 27 sc mkts, Tui T s b t cmpst t ts sc mkts pct gps. i t, Tui T pss b cpct mgmt pc ts Mstm Bsss. o sm pt gt t cmmtmts b ms ctcts.

T gt cpct Gp-w s s pm t tws t s tspct t pts. Tks t stgg sg gmts t ct s b tGps w s, wt -Gp t-pt s pg mst t t gtcpct q, Tui T s b t sp b t cgs m.

Sct stmts Gp-w ppt, pt qpmt s w s c st-mts ct t st cpt w pc pppt b t

Gp t c cspg q sg ppsts s--s ts cmptt, stc tg t ts w ct cts.

Stg mkt psts t s sc mkts pct sgmts st w-tpp cms sc. Tks t g ppt cs tt pct bssss, Tui T s ts cstms -cg bt ttct cc scg bkg ts. T t pcts s t, pt ctss cs cg t itt. Wt ts ts mkt psc stg bs,Tui T gs stg cstm t.

Tui hts & rsts ws t cpct stg ptt gwt stts wc wb p sct. Pc s g t sst-gt mgmt ctcts jt -ts. at t sm tm, t q sg ppsts t t bs t b

t mpss gs c tgt gps w b p wt tstg pt. occpc Gp-w ts w b ptms b ms stbt t pts bt s t sct stbsmt ps ss.

Wt ts t, hpg-l Kzt ccps g pst t Gm-spkgmkt , pt st ts. Ts pst w b c b t pcmmssg MS Cmbs 2 (2012) MS ep 2 (2013).

Tui Css s t st t p t ccp t pmm m sgmt tGm-spkg mkt css. M Sc 1 M Sc 2, t sss Tui Css,w st t m stg m ts cmptt t bcs t s tmbc: t, st jmt.



15/98

Strategy

i Tsm, t wg sttgc pts s t tcmg c : csg t ppt tt pct csg ct stbt, ptc stgtg ss mpmtg cc cmt pgmms wt w t ptmsg pct

pcsss sstms, b ts t pts sc mkts uK Gm mpmtg t stctg pgmms fc wt g t t mg t t

pt bsss cc cmts Cs ctg -t cpct mgmt Tui Ts Mstm Bsss b

jstg gt t cmmtmts t mkt qmts pg t mkt pst t spcst t pt bsss tg gc gwt

sct cqsts

t pg ttst t t pt bsss gwt mktssc s rss, C i

csg g-, tt t pt Tui hts & rsts pg t mkt ss t Gm-spkg pmm m mkt css psg stct cs wkg cpt mgmt

Value-oriented Group management

T c bjct ps b Tui aG s cpt mkt-t g cmp s tsc sstb cs t t Tui Gp. i t mpmt -mgmt t Gp s w ts bsss scts, sts m-

gmt sstm s b st. T -t Gp mgmt sstm s tgpt csstt Gp-w pg ctg pcsss.

K mgmt bs s g ss rt o ist Cpt (roiC) bst . roiC s cmp wt t Sct-spcc cst cpt.

Cost of capital

T cst cpt s cct s t wgt g cst cpt (WaCC). W t cst qt cts t t pct b sts m Tui ss, t cst ts cpt s bs t g bwg csts t Tui Gp. as mtt pcp, t cst cpt wssws p-t csts, .. csts b cpt st ts. T pct t tm ts w csps t t sm t s t g gs c roiC.

i t tk cct t t sk/t ps t Gp Sgmts Scts,spcc p-t csts cpt tm. f t Tsm Sgmt, t mt t11.50% (ps 10.50%). f t Tui T Sct, t ws 11.50% 2010/11(ps 10.50%). i t p w, t cst cpt ws 11.00% Tui hts &rsts (ps 10.80%) 12.00% t Css Sct (ps 11.90%). f tGp s w, t g ws 10.75% (ps 10.50%).



16/98

ROIC and economic value added

roiC s cct s t t g gs b tst, ts mtst gw (g eBiTa) t t g st tst-bg cpt (st cpt) t Sgmt Sct. G ts t, ts pmc ct s t c b t c cts s b jst - cts. fm Gp pspct,st cpt s m bts, cmpsg qt (cg -ctg tsts) t bc tst-bg bts tst-bg ssts. T cmt mt-sts pcs pc cts t ct t st cpt.

apt m roiC s t pmc ct, cmc s s s bs-t -t pmc ct. ecmc s cct s t pct roiC ss ssct cpt csts mtp b st tst-bg cpt.

Value-oriented key gures

Tsm Gp

m 2010/11 2009/10 2010/11 2009/10

Underlying EBITA 656.6 640.2 600.1 589.2

ist cpt 1) 5,258.5 5,403.3 5,246.0 5,615.6

ROIC % 12.49 11.85 11.44 10.49

Wgt g cst cpt (WaCC) % 11.50 10.50 10.75 10.50

Value added 51.9 72.9 36.2 - 0.4

1) g bs bc t bgg -

i Tsm, roiC ws p b 0.64 pctg pts t ps t 12.49%. Ts ws t mp gs cmb wt w g st tst-bg cpt.T t m Tsm ws g t 11.50%, t spcc cst cpt. Mtmtc tsst pst 51.9m.

f t Gp, roiC mt t 11.44%, p b 0.95 pctg pts --. Wt tcst cpt t 10.75%, ts mt pst cmc 36.2m.



17/98

Changes in headcount

at t bc st t, t Tui Gps ww ct ws 73,707, 3.2% p --. T Tsm Sgmt mp t gst ppt ps t 99.1%, s tps . Ct opts cct 0.9% mps.

ManaGeMenT rePorThuMan reSourCeS

i c 2010/11, t Tui Gps ct gw b 3.2%t 73,707. T cs ws pm b Tui T tCss Sct.

Tourism

at t t c w, t ct Tsm tt 73,079, p 3.3%--. T Scts c t ts.

T ct Tui T gw b 3.7% t 58,378. Ts cs ws b tps t Spcst & actt Bsss w cqsts t accmmt &dstts Bsss.

T ct Tui hts & rsts s sgt b 1.6% -- t 14,424. Ts -ct gwt ws m ttbtb t pcg t cts - pt.

T Css Sct pt cs ct 23.1% t 277 t t ps twbs.

Personnel by sector

30 Sep 2011 30 Sp 2010 v. %

Tourism 73,079 70,745 + 3.3

Tui T 58,378 56,318 + 3.7

Tui hts & rsts 14,424 14,202 + 1.6

Css 277 225 + 23.1

Central Operations 628 653 - 3.8

Cpt Ct 202 181 + 11.6

ot ts 426 472 - 9.7

Group 73,707 71,398 + 3.2

62 Management Report hm rscs TUI AG a rpt 2010/11


18/98

Central Operations

Ct opts c -- c ct 3.8% t 628. d t tssmpt w cts ts ctts t pmt j st, t mb mps wkg t Cpt Ct cs b 11.6% t 202. T mg Ctopts tts pst c ct 9.7% t 426.

International headcount

T mb mps wkg G-

m cs b 2.7% t 9,846. T Gpsct ep m t -- t 58,476 79.3% t Gps ct. d t t s t mb mps wkg Gp cmps nt St amc t m-g gs, t ppt st wkgts ep cs b 19.6% t 15,231, 20.7% t ct. Tscs ws b w cqsts, ptc ast as.

Personnel costs

Ps csts Tui Gp c b 2.4% t 2,203.2m --. Ts ws ttbtbt t ttg cm m cgs t ps ps t uK.

Personnel by region 30 Sep 2011

%

Gt Bt 24

eu 17

Gm 13

Sp 13

ot eu 12

nt Stamc 11

ot gs 10

Personnel by region

30 Sep 2011 30 Sp 2010 v. %

Gm 9,846 9,585 + 2.7

Gt Bt 18,201 18,515 - 1.7

Sp 9,392 9,647 - 2.6

ot eu 12,398 12,133 + 2.2

rst ep 8,639 8,778 - 1.6

nt St amc 8,149 6,850 + 19.0

ot gs 7,082 5,890 + 20.2

Total 73,707 71,398 + 3.2

Personnel costs

million 2010/11 2009/10 v. %

Wgs ss 1,878.0 1,925.7 - 2.5

Sc sct ctbts 325.2 332.6 - 2.2

Total 2,203.2 2,258.3 - 2.4

Management Report hm rscsTUI AG a rpt 2010/11 63


19/98

Sstb cmc, cgc sc ctt s spsb pt cp-t ct. W cs cmmtmt, ptc t cmt ptct, cst scs ptct bst, s ctbt t sstb cmc ct. Tss w w sc t cts Cmps sstb bsss sccss ssmspsbt t gts.

i ts Sstbt rpt, Tui aG ps t mt bt ctts, msts,tgts cts wt t tt ckwg Gs t Gbrptg itt (Gri). Ct pjcts tts s pbs wbst twww.t-gp.cm//sstbt.

i J 2011 Tui T pbs ts Sstb dpmt rpt t tt Tws m sstb t. T pt ps w t cmmtmt t tpts, stbt, s cmg gcs tt mk p t W Tui. TuiT ct t w t sttgc pmt t mt sstbt tgts pgmms bsss pts Gp-w pjct gps cpt wt Tui aG. T sts t c wkstms cmt ptct,stt cpt/spp c mgmt, cstm wss sg mp

cmmtmt pst t pt.

i c 2010/11, sm Tui Gp t pts pbs sstbt pts, .g.t t st tp spcst Gbc Tui n.

ManaGeMenT rePorTSuSTainaBle develoPMenT

Cmmtmt t cts stts. rspsbt tmt, sct mps.

Tui aG sstbtwbst: www.t-gp.cm//sstbt

ttp://s2010.ttpc.cm/t-s2010

Sc 19 Sptmb 2011, Tui aG s b st t st tm s st tdw Js Sstbt is (dJSi) W ep t T & Tsm sct. it w t cmpst t , Tui aG sc bst s ctgs -cg cmt cg sttg, sk css mgmt, stk g. T dJSicmpss 342 cmps t 2,500 mmbs t dw Js Gb i g t

tms sstbt. ags cmc ct, t ssssmt tks ptc cct sct cgc sc ct.

Tui aGs pst t sstbt fTSe4G ws cm Sptmb 2011. Tuis s pst t s daxgb Ss Sstbt Gm, etb ecci eCPi etc i . km rsc aG s st wg Tui Pm stmtstts.

64 Management Report Sstb dpmt TUI AG a rpt 2010/11


20/98

Strategic partnership and cooperation

i t mwk mt-stk g tt cpt, w bct pmtg mt ptct, t cst sstb pmt ep sc mkts tsm stts.

Biodiversity in Good Company Initiative

Sc 2008, Tui aG s b mmb t Bst G Cmp itt. T cm-pg ws c b t Gm Mst t emt, nt Cst n-c St, bt s b ct tms b ts mmbs t bsss cmmtsc 2011. T ptcptg cmps skg t tgt t qmts bstptct m cs t t cmc ctts. T tt s sppt b t Gm

gc tt cpt (GiZ).

Business and Biodiversity Campaign

i t p w, Tui aG ct t sppt t ep Bsss BstCmpg t Gb nt f, stbs 2010 s eu l+ pjct. a bstcck ws c t cpt wt t tt. T gs p s t t t-sct mss.

Federal Agency for Nature Conservation

Cpt wt t f agc nt Cst (Bn) Gm ctsccss, spc t wss sg mg mks bt tptct bst. Tui aG t Bn w jt w t tt Cs pc

t s agst 2011 t bst pjct. Ts mks Tui 365 ws g ts tt scm c Gm l is, t gs t Gm Pst cpt wt dtsc Bk.

Futouris e. V.

Tui aG c- t st tt fts .v. T tt s t ptg t Gm T ist assct (drv) s sppt sstbt pjcts tsm stts wt spcc tts t s cmt mt ptc-t, bst sc-ct spsbt sc 2009. Tui aG ptcpt t ftsst pjct W()mt sstb w wtcg t Cs. Tg fts,Tui aG s pmt pjct c Ts wtt ts t ptct t gs tt ppt Tk.

econsense

Tui aG ct ts ctts s g mmb css fm t Sstbdpmt Gm Bsss. i 2011, Tui aG tk Cmsp t Bst &ecsstm Scs pjct gp.

Europarc

i t c w, Tui aG ct ts wk s mmb t tcmmtt t ep Ct Sstb Tsm Ptct as, mpmtgsts t sstb s ep ptct s tsm. i 2011, w sp-pt t tg w cts.

Management Report Sstb dpmtTUI AG a rpt 2010/11 65


21/98

Bonn Convention

i 2010 2011, Tui aG sppt t B Ct t Cst MgtSpcs W ams (CMS) mpmtg wss-sg cmpgs. i cptwt t B Ct, Tui s spptg t ptct g bt ppts t y t Bt 2011-2012.

Framework agreement on the sustainable development of the Balearics

Sc 2005, mwk gmt s st btw Tui t Bc Mst temt t c t sstb pmt tsm Mjc. i 2009, g-sc stt pjct ws c t t t s ac. Sm21,000 p ts b pt t Tui fst t Pc lt ts b agst 2011.

Tour Operators Initiative for Sustainable Tourism Development

Tui T cts t sppt t T opts itt Sstb Tsm d-pmt (Toi) g wt t t pts wt t sppt uneP, uneSCo unWTo.

Global Sustainable Tourism Council

T Gb Sstb Tsm Cc (GSTC) s gb tt cmmtt t pmtgsstb tsm sttg tt ckwg sts. T wk t GSTCcss t Gb Sstbt Tsm Ct (s c GSTC), cg t cccts wc ct sstbt tsm. Sc J 2011, Tui s b mmb GSTC,wt st t B dcts. T mt s cs b Tui T.

Travel Foundation

Tui T ct t sppt t wk t Bts T ft tws sstbtsm pmt 2011. Pjcts t ptct mp t mt stt g cts t c ppt w c t cpt wt t ft, tcmg gcs c pts.

The environment

emt cmptbt pcts, scs pcsss s pt pc qt sts. Sg t scs cg s cts t mtsc Tuis sccss.

Group-wide environmental monitoring

i t p w, t Gp-w pcsss mpmt t mt mtpmc tm mg cts mts w p t. T bs tt ckwg sts sc s t Gs Gs Ptc t ct Gs t Gb rptg itt (Gri/G3). Cct mts b mp sm cts, t ctt mmm cmpbt tsp-c. Gp-w mtg css bsss pts mt sgcc, sgt mtcs t mp mt pmc.



22/98

Energy consumption

i tms t s ss s, mst t Gps g s csm b t css. Tt g csmpt t Tui Gp g t c ws 99,815 TJ.

i c 2010/11, g csmpt b Tui T tt 93,203 TJ, g bt ctts Tui s. Tuis cmps c g spcc csmpt 3.00 ts ct p 100 pssg kmts (pkm) (ps 3.00 /100 pkm).Ts spcc csmpt cms t g cc Tui s pcs tmmg t mst ct ep pts b tt sts.

i c 2010/11, Css pt spcc csmpt 0.28 ts p pssgtc m (/pm) (ps 0.32 /pm). T c ws b m ct t

pg g tst cpct.

Carbon dioxide emissions

f m s, t Tui Gp s pt sstm bg t t pst ts cmt-tpmc. Tui ts tms ts msss cb (Co

2), wc ctbt t

cmt cg, s cc mt cts ss tm s qt t stbs tTui Gps mt pmc. Tt Co

2msss b t Gp mt t 6,563

ts ts (ps 6,257 ts ts) c 2010/11. Ts bksw t 6,260 ts ts Tui T, 224 ts ts Css 79 t-s ts Tui hts & rsts.

Carbon dioxide emissions in aviation

i c 2010/11, t cct 83.3% tt ct Co2 msss b t TuiGp ts 87.3% ct Co2

msss b Tui T. i c 2010/11, spcc Co2

msss b t Tui s mt t 75.9 g/100 pkm (ps 76.1 g/pkm). T ptctt cmt, Tui s m t ct t Co

2msss 6% b t c 2013/14

(bs 2007/08) b ct pcg ct. Tui ws s t st t wt s t w c c sc t t ws gs, sg 220 ts Co

2p

ct p . Ts mt ccs t wt s t c t gs p t 100 tms.

Carbon emissions in aviation

fwg st b t ep u, msss m tc ep w b -c t emsss Tg Scm (eu eTS) s 2012. T Tui Gps s mtt w g qmts, cmpg wt t pcsss q. i 2010 t st ps t ptg bgt s c t msss tg sstm ws cmpt.

Tui s t c t t kmts w t Co2 msss t tc 2010. Sbsqt, t pts m t Tui s w t ct b ts PwC b sbmtt tm t t cmptt ttts. T cst t s ws t sbmtt b t t ttst t ep Cmmss. at t Sptmb 2011, t ep Cmmss t-m t bcmkg cts, wc m t bss cctg t ct gts.



23/98

Voluntary CO2

offsetting within the Group

i cpt wt t mcmt t, cstms g wt Tui t ppt-t t t st t gs gs msss cs b t gt. Tui dtsccstms s b t pptt t st t cb msss t ttp w bkg t sp t tt. T bcs ct t cstmsbt t Co2 msss c t. T scm sppts tt ckwgcmt ptct pjct t p ct cks t ppt t S (K). ot Tui Gp t pts s t cstms t pptt t stt Co2 msss. T Bts t pts Tms T fst Cc mg ms-ss sttg tg t W C f.

i 2011, ptsp wt t -pt gst tms, hpg-l Kz-

t bcm t st cs p t ts cstms t cc t g cbsttg t css. T ts s t pmt s mps s i.

CO2

offsetting for business ights

Tui aG tct st cb msss gts tk b ts mps c 2010/11 tg t mcmt t. a tt 308 ts cb w st.Tui dtsc Gmbh s st msss bsss gts, tt 1,441 ts.

Carbon emissions by Cruises

i t cmpt c , t Css Sct cct 3.4% tt ct cbmsss t Tui Gp. Tks t m ct t pg g cts, ptc t w c sp M Sc 2, spcc Co2 msss w ct t 0.84 kg

p pssg tc m (kg/pm) (ps 0.95 kg/pm).

Carbon emissions by hotels

i c 2010/2011, Tui hts & rsts cct 1.2% tt ct Co 2 ms-ss b t Gp. ag spcc Co2 msss tt 11.0 kg Co2 p cstm bgt (ps 11.7 kg/cstm/bgt). Ts c ws ttbtb t cgs t t pt m ct s scs.

a Tui t bs cmmtt t t s wb scs. a cmb t pw pt ws st t rbs Cb fss t gt t pw s Co2msss ptg csts. ibt Sgm tc t t t gtm -ctg tcg, wc ct ss t s tg c-g g w t s . Tks t ts tcg, g csmpt ws sgct

c.

Carbon Disclosure Project

Tui aG g ptcpt t Cb dscs Pjct (CdP) 2011. T Gps cbtpt t sttgc spcts Tui aGs cmt pc w scb t Cb ds-cs Pjct m b t tt sts sts. i t ssssmt ts cmt ptg, Tui aG g s t Gm Cb dscs lsp i,cg t pc.



24/98

Certied environmental management system

Tui sts t c ct mpmts t Gps mt pmc btcg st pg mt mgmt sstms t Gpcmps, ptc t pts.

i c 2010/2011, w ts cbs bgg t Tui hts & rsts t mt mgmt sstms sccss ct ccc wt t t-t mt st iSo 14001. a tt 56 ts t Tui hts & rstspt ts b ct ccg t iSo 14001, cm b pt pts(ps s c 51 iSo 14001 ctcts).

i t, t t cmps t mt mgmt sstms ct t cgs mt sts sc s t ast emt lb T.

T stg mt mgmt sstms pt t t qts Tui aG, tpt Tui dtsc Gmbh Tui dststgsgssct mbh h wg sccss ct iSo 14001 c 2010/11. i J 2011, Tmsaws ws t st Bts t c t iSo 14001 ctct ts mtctts gg pts.

T gwg cs sgmt Tui dtsc p sstbt ccpt tspt. Ts ccpt cs g cb sttg t ts cstms tg mcmt g tw sps ct ccg t G Gb. a w st ws spcc -

p cpt wt G Gb t ctct ts sps.

ISO 14001 certied TUI Hotels & Resorts

2010/11 2009/10

rbs Cb 17 17

ibt 13 12

Gpt 9 7

dt 5 5

S y M 5 4

Gct 3 3

Jz hts & rsts 3 3

r 1 -

Total 56 51



25/98

Environmental quality in TUI holiday hotels

EcoResort quality label

T ecrst qt b, p b Tui hts & rsts cpt wt Tui aGssstbt mgmt, s ct t mst mg qt sts ss-tb pmt ts.

fwg t c t b cct t pts, 49 t sts cbs b-gg t t Gps w t bs Tui hts & rsts w w t b tcmpt c . Sc M 2011, Tui hts & rsts b pg cmp-s mt bt t spsb g t t mt b Tuis tbs t sg ecrst wbst. apt m c c ct, ts spts t m t cgc sc-ct sstbt pjcts tt

bg mpmt b ecrst ts. T ecrst wbst s t ctmt c ccssb t t pbc, bt s spps m t bcmks tGp-w t bs t mt sstbt mgs.

M Tui hts & rsts bs mg t mt cmps t w c-ts. i 2011, rbs Cb C S ws w t Tui emt h ts cm-mtmt t t mt.

TUI Environment Champion

T mst mt ts m Tui dtscs pct pt g -c t Tui emt Cmp w 2011. T cgc cmmtmt t sctts t ctct ts w ssss wt t cckst t sts

Tui cstm s. i c 2010/11, rbs cbs c t Tui emtCmp.

Green Star Hotel Initiative

Tui ts egpt pt Tc Gp tw t k ptcpts t G Stht itt, ct pmtg t ptct scs t r S. T tt s ptsp wt t Gm gc tt cpt GiZ, t egpt Mst Tsm t Gm Mst ecmc Cpt dpmt.

as pt ts pjct, mt b ws p egpt ts cptwt t cts t e G g. it s tt sts (Gb Ss-tb Tsm Ct). T ct G St t b t t t tmggpc cmtc cts egpt. T G St t sstm css pctc

c mpmtt ppcbt, s tt sm ts b t tgt -mt mgmt t t pts. a m tg pgmm m wtgt sppt cts b t t t pts tkg pt t scm.

T tt c e G s mw b p t c t gs tr S: Mt Mk, Mt C, Tb hgts Sm e Sk. i c 2010/11, 35 ts cg m Tui hts & rsts ctct ts w ct t G St b.

www.cst-t.cm



26/98

International TUI Environment Award

i 2011, Tui aG g t itt emt aw t t ec Ct Kmt, s t rs t t Ms. T pz, w wt 10,000, ws w t spc cmmtmt t ec Ct t ptctg t c s. C s swms bst bt s mg t ts mst sst c-sstms. T Pst t Ms, Mm ns, ws pst t t itt emt aw.

Biodiversity

as gb p, w w tt bsss ctts g t c mpct bst t t c, g gb s. i c 2010/11, Tui ct twk mpmtg t lsp dct t Bst G Cmp it-t. Ts cs bgt t s t mpct cmmc pts bst

t cs bst ct mt mgmt sstm.

Tui s qt ct tgts, wc mpmt tgt t Gp t m pgmms. Tgt cmt s w g bss, cmp-s t t cmmct s p, .g. t a rpt, Sstbtrpt t Gps wbst. Ts ppc ss t mstt t ctss t pst mss s w s t ct wss cc mg cstms,mps pts.

i t cmpt c , w ptcpt css Gp m t pjcts tts t ptct bst.

Year of Forestsi t 2011 y fsts, cs mgz ws sg stbt t Gm-spkg cs cbs b t Tui cpt wt t f agc nt Cst. ot Gp cmps c ctts t ps sts, mptt c-sstm, tt pgmms cpt wt cstms. Bt bsw st t t pmss rbs, dt ibt Gm, ast Tk t ts g ms pptts g.

Sea turtles

S tts ptc mptc t mtm btts csttt gspcs. Tk s t k stg s s tts t Mt. T cstzs t dm g ptc mptt, b t g tt tgg tt. T stg p t s tts s g t smm ss, t pk

t ss mks. d t t ts pmt s bcs, tsmm pt s tt ppts t sk.

i t ptct t g pt ppt, Tui aGs mt mgmt sc t Ts wtt fts pjct ptsp wt t sstbt ttfts. at wksp t ibt Sgm Pk M 2011, t cs ws tkt mpmt t ptct mss s tts Tks dm. i t, -mt bs w b st scts bc t p mt bt stg s, spc cgs w ptct t ggs.

Tui aG s s pc M t sstb ptct s tts tpts s w s cstm mt wt b gs, t b m b t

ts t g.



27/98

Employees

o mps m t bss t sccss Gp w t cmmtmt st. i t p t mps t g tm, Tui s mtt t, gg t tg scms, g ps t mss sttgc ps pjcts. o w mg t b ttct mp w w b b tsc g pst t cmptt .

Initial and continuous training

Junior staff development and training

i t sc t Gps cmpttss t g tm, t Tui Gp s stg pptts g pp. i Gm , t tsps tw

t jb ps tw st swc css. as t t 2011 bc st t, 530 g mps w tkg pt ts tg scms. a 56.0% tts w s t cs 2011 w tk b t Cmp. at 5.4%, t t-g t s sgt t ps s . T ct qt ts tg s bcm tm g, wt s q gsts wg pzs m cmbs st cmmc ws s t bst t t g. i Mc 2011, tbg T T!, s b Tui ls T t ts ts tg scms t gts tsm mgs, c spc w m t W Scw ft.

T Cfa (Ct fmt p apptssg) t rbs ht Sc t rbsCb ag p ts tg pgmm 2008 t g pp Mcc, sp-g cm, t pspct t. d t t stg tst pss, t mb

pcs s st cs: t t t pgmm 85 cts w ccpt.Ts s - cs g tm stt-pp qct s s, cgcpt, skpg, ktc stt, tc t st tm 2011 sp & tcg.

Development of senior and executive staff

T pmt s ct st t Tui Gp s t mt stct qtsts. Ts sts w cgs t c w, w ctct t ps pmt ws bt t Gm ft Tg rcg-t Ctct oc (aZWW). as Gp s tt p wt bssstsps 180 cts, t ptc cs wt tct tg ttgt cts, tb i C s k t mkts. dm s s mpjct mgmt cs, sg t ss t spcc pbms ct t

scts.

Gt mptc s ttc t tg pg cts wt t Tui Gp.T ts , mgmt pg ws tc s t, mg hr gstct. T ptcpts ps b ptts sccss sttgs t tgt pmt p g t t ptc tts stgts.

T Pp Pmc Mgmt (PPM) sstm s b Tui dtsc s bs st cmptc m t ms w b mpmt: tt mg-mt, pmc tgt mgmt s w s 360 bck. o t k bjcts t PPM sstm s t pmt tt pp ts w sp t t ssm gtspsbt. T ts , cmpt tt mgmt pgmm s b mpmt,

bgg tt Cmp mmbs tgt g cmmts pjcts w tc b t kwg sks. lg ccs t cg ts jt -cs g mg cts pmsg w tt.



28/98

at t tt , t Gb hg Pmc lsp Pgmm ws tst tm t cmpt c . Bss ts pgmm, s mg-mt, hzs t hzs Mst Csss w w stbs t Gp s pgmm pmt sccss pg mg s cts. at kmt sp pmt s t Gb rspsb lsp Pgmm, mg tpmt t g-tm pmt sc cmmtmt t ptcpts.

d t ts sccss, t Tui Gps itt Mgmt T Pgmm stgts w b t p s cc mt t sstb, ct ctmt pmt j mgmt st. T tt pgmm, wc cs pcmts t Gp pts t m b, tks 18 mts t cmpt s ptcpts cmps w t tsm bsss. T tt

cct t Gp s ct t mk-p t ptcpts, w m rss, tuK, t nts, Gm, fc, P, Bg, it i. e t t tgstg, t g t twk css bs.

Social responsibility

Pension schemes

T cmps t Tui Gp t mps bts m t cmp-bs p-s scms b t mp. opts t mps c ps scms ct sc ctcts, ps ps t pt mkt t Gm rsts, cmpst ms t b p pt ps. Ts scms ws s s t tk tg sc sc sct c-spssp pptts.

Part-time early retirementas pt t cmp hr sccss pg, Gp cmps Gm mksbstt s t pptts p t Gm Pt-Tm e rtmtact t st g m mpmt t tmt. Tui, mp, s ts mps pt-tm tmt scm t cmpst t stss c b cgg wkgs st wk. appg cpt stmt m, pp. 11.5m ws p t235 mps wkg pt-tm tmt ctcts t g t cc sstsgst mp sc.

Health and diversity

Tui aG pts m, t t mgmt sstm, wc ws 2011 gmg t bst Cpt ht aws, c t t ecc Ctg. dt t stc ppc t t mgmt, wc css mt ctt

(t st, mt t, cpt ct) bss cssc cmp t pm-t scm, Tui aG ws t w t Cpt ht Spc Pz Kt Gst.

Sc 2004, t t mgmt sstm s b bt p wt t ctmt st. it s sst bs tw ps: b mss, .g. cssc- cmp t pmt scms, ctt mss, .g. t st wt ct mpct t mmst ccts, gm t ptct. Tui dst-stgsgssct, t -s sc p t st Gm, ws c-t iSo 18001 octb 2010 ts t st sstm.



29/98

Tui aGs cssc cmp t pmt scm cs b g ctts.emps csg ttmt pts wt t pts, .g. wksct, t st c, cpct, psgst, pscgst t cmp-tc tm. T cmptc tm cssts mps w g pscgctg b scsss wt t mps s m css tt.as t ctts ts scsss ws m wt t pscgst, t mmbs t cmptc tm g ct t tg. i t p ts scm, cm-ps st s ws c t wt t p t Tcc ust dtmt t t ws pmtg t. T cssc gs bg cmpmt bt pgmms t-cscs g, .g. WBg, itgt Tg.

i t p w, t rbs Cb t Ms c pt pjct t

mp t tss ts st. it css t mps psc mt t s tg tps, stcts t-cscs ws t m kp t, mb css.

Tui aG s sg t dst Ct pmts sc st wt ts tGp. T ccpt st ts ps mpcts t b c t pts cts t wksp. i t p w, ts wksp ws sg tgt wtt Tcc ust Bswck. apt m pg ttc kwg t sms,t ccpt s ws mps t pc st tmss. Ts s c bs mss, cg swtcg pspcts. a mmb st c tk p ts t sp sc sttt, pc b pscgc bg.

dst s sts s s t. Tui s ct sppt mwkt ctt ps wk- bc. it cs b wkg s, t pt-tmms, t pt t tk p t tk c m mmbs w c, s t mss t p cc m wt wk: scssg tt t wk b c s b; sbstttg cgs w pt ; pt-tm tg ct pts; c sppt cc; cmp cc; t-c 2011 smm scms pm sc c.

Tui s s ts cb cws ttct pt-tm ms s cmptb wt t g- sc s. emps m cs, mp, btw mt wmt . T c s pt t wk s mt, mkg t s t bc twk m .

Company health insurance fund

Wt Tui BKK, Tui s ts mps ct t sc. at tm w m tsc s c c sts, BKK s csg ts ts, pt m ptctg pmtg t, stbsg ts c pst bg p ssts. B t tc , BKKs ss w cmpt t st tm; t, t pt-g cs ss wt mts pt. Ts g t tp mks t ct tg t mb gst Gm t sc s.



30/98

Tui BKK p c gst sppt cmp t pmt pjcts. aspscgc ss, ptc, s ct s, t btt pgmms t b p. Tt s w ps ppc t tptt st ttmtws p wt t hs Mc ust (Mhh). it s b cs t wtstg cmp csg pgmms t s ct ttmt ps t s wtt tg t tws cstm wtg tms.

TUI Europa Forum

T Tui ep fm ws stbs b t Gm gst pt t act ep Wks Ccs 1996. T mmbs t Tui ep fm csst p-stts gt m t bsss scts t cts t ep ecmc a wc Tui ggs bsss pts. T w ppt s, s

2011. T Tui ep fm cts s mt b mps ttbsss pts, cg t tspc tst tp css. Wtts ctts t ep , t ps t Gp t cp wt cmc, sc m-t cgs s tgt ct. T Tui ep fm mts c . Ts, tt 51 pstts m 14 cts b gt t t Tui epfm.

Strategic staff projects

Group-wide encouragement for staff ideas

Tui cc Gp gmt 2010 t pmt mgmt wt t Cmp.its g s t ct gg mps spg Gp-w wkws pg tGp. Tks t Gp-w t mktg t tt t mp wstt,

ms sggsts b sbmtt sc J 2011 b mp-mt, stg, stc, mpmts cstm stsct. is s tt w pcts, pcss mpmts, cst g sgs.

Employer branding

i t p w, t-Gp bg pjct ws tt Gm. its g st pst Tui s ttct mp t g tm, mt ccts btgt cmptt. T s b m Tui s mp w sp wt tp mps. vs st mktg pgmms, .g. tg sc twks, w bmpmt t tcmg c .

Mixed Leadership

T M lsp pjct s tt ggg m Gp cmps wt t cmm

m ctg m, p cpt ct w m wm q b tps t pss ps tsts. apt m sg q pptts ttw gs, t pps s b t stbs M lsp bs s pt pgs-s sp ct. M lsp, t, s t mtt ttt bt sbcm g t hr sttg.

opt mpmtt w t tk pc k s. T m t cptct sb-pjct s t ct t t mwk q m sp, m -cgs btw mgmt s t pctc wk- bc. T wkstm t tms wkg tm w sk t sg mpmt b wkg gmts ttt b t ct g ms t Tui. T tt mgmt wkstmcss mss t s tt cpt s ctc t Cmp sccss c b

wtt tpt t g tm; t ts , t ms t mp Gp-w cpt.T tt mgmt pcss s cs k wt t mtg wkstm, b -sg t mtt m j (mgmt) st t sppt t cs csstt.



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at t t c , wm cct 70.0% (ps 69.2%) t tt Gp wkc Gm. T ppt wm s mgmt ps-ts ws t 37.0% Gm. i t ctt t M lsp pjct w t s mgmt ws stbs s t cct t st tm. o g-tm m s t sgct cs t ppt wm mgmt psts.

i Mc, t Tui T mps w sg t b Wm 1st t Mst itWm aws.

myTUI Career

T ppct pt mTui C, tc Gm J 2011, s p-pcts t pptt t sbmt ppcts t Tui. it s sgct cs t

cc ppct sct pcssg. it ts ctbts t st sps tms stb ppcts css ccs wg g sk spcsts s Gpmps.

Corporate citizenship

lg sc spsbt w w pt s pt pc cpt ct. Tscmmtmt s ct, mg t tgs, t mpmtt , sppt , m-pt pjcts.

Drinking water for Africa

T dkg wt ac cmpg, jt tt b t Gb nt f, t tbcb h 96 Tui, ct sccss 2010/11. T ts cct t mmtcs w s t sps t stt w kg wt pcssg sstms K scs cmmts.

i J 2011, t st kg wt ws stt pt i Cst. Tks t tsm t pjct, pjct pt, t Gb nt f (Gnf), st t st t ws t gs Bss, Gtmb Gg ( t pjct g M), b tsc pts .v.

German-Russian youth parliament

Tui aG sppt t Gm-rss t pmt h J 2011 b tGm-rss yt ecg ft. T 40 ptcpts m rss Gm

w p ppss t mp Gm-rss stg. at p sss tPtsbg dg, wc ws p, t ptcpts pst t sts tGm Cc ag Mk rss Pst dmt M.

Travelling with respect

as t c 2010/11, Tui dtsc s tst cstms t pp-tt t tk cs k t t stt. T ts , t s c cptpjct wt Stks Tsms etwckg .v. Gsts tg t Cst rc Gc c t SmptMgz pbs b ts st gp, wt cmps bck-g mt sct, ptcs, t cm g t stt cts.



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Support for disadvantaged children and teenagers

Aid for Haiti

fwg t sttg tqk ht 2010, Tui st p t - pjct lnsts ht, mg t ctbt t cstct. Tui m 0.5m bjst t t tqk. T Gp-w pjct s c t wt pts, t Sss d Bsc, w sppt sc ct ct tg p c tgs t w b ct gg ht 75 s. T s c-t m Gm b t B-bs d Bsc Jg dtt Wt .v.

l nsts p m, sc ct, ct tg mpmt pspctst ht c tgs. l nsts s tm spc t sc t ct

tt gct sks. T Gp-w pjct, ptsp wt t sst-bt cmpg gp fts .v., s sps b Tui aG, Tui dtsc, Tui Sss Tui stc.

ECPAT

i t w, Tui Gp cmps mt t ww cmmtmt tptct c m s bs. Tui t ps w tg pgmms tptct c s pt t gg tg.

Peter Maffay Foundation

Tui aG ct t sppt t Pt M ft wt 200 gts t mMjc. T t bs c wt s sss sc pbms t sp sm

tm t c Mjc b t t.

TUI sponsorship

i 2011, t spssp scm b Tui mps h sppt vtt .v., csg tt s bs gs g wm t ct. vtt s csg ts scs s b t pp t gs tst.

Activities by the TUI Foundation

T Tui ft ws stbs 2000 t mk t 75t s Pssg aG, wTui aG. Tuis sc pbc cmmtmts t Gm stt lw S ct tg ts ctb b. i t st t s ts stc, t t sps285 pjcts wt tt m m t 3.6m.

fm octb 2010 t Sptmb 2011, t Tui ft sps m t 25 sctpjcts t t m tgt s: scc sc, ct tg c g pp, ct ts.

i scc sc, t Tui ft s, t st s s, b g t sp-ptg sc Pt c fg, s-stt ct pjct b tCmgc rsc isttt lw S. i t P K (p c) pt pjct, wms s-stt ct sg t pt cm b bg tst mgc g-sk ms ssss ctss. T st sts t g-tmpt w pst 2010. T pjct w b cmpt 2012.

ft mt t:www.t-sttg.

fm bt t pjct:ttp://www.t-gp.cm//ctgkt/gss-ct/bsst



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at tt scc sc ws t r Sc aw, pst t twt-t tm 2011 t bst sctc pbct t hs Mc ust (Mhh). ft sc tm, t Tui ft sppt t c twk s c g pp t Mhh, wc ps t sgct mp tptt c ts c lw S.

i ts wk wt scs, t Tui ft sps tt 15 pjcts lw S.T cs ws pg ct gc t -cmc pps t sc scs pmtg ct ct. J t tm Spt mc Sc, mp, s tg scm p wt t p t tb cb h 96 t pmt tg-t sks ct gc c t scs sc tspts. a w c t pjcts h Gmsm h W s Zkt ws

pst t sc tm 2010, t pmt j sct s wg pjcts.

i ct ts, t cs ws ct ts h wt stg tstc mt. ht, ctts ct pjcts g c g pp. T u18 tt c g pp bt m spssp t t Ttm st. at ths t st, t Tui ft sps akm Sp, tstswksp pgmm tgs. T wk g cgps ws pmt tgg t itt Bt Cmptt gs b t h Bt Sct.

Research and development innovation

as sc p, t Tui Gp s t gg sc pmt t wss. hw, Tui pts mt w cmpttss ps t pcts scs. T Tui Gps ptg tts t m t ppw tcgs, tcpt w mkt ts st jst t pct pts tcgg mkt qmts.

TUI Think Tank

S s t b b t tcpt scss k qsts ccg t t t tsmsct m Gp-w pspct, Tui aG stbs Tk Tk ls & Tsm 2011. T Tui Tk Tk gss bts bt t t tsm t, cmmsssss k sss t t ps twk pts. T Tk Tk twkbgs tgt t pts m Tui aG ts sbss wt t pts mt tsm sct, t sts, t cmc cmmt t mkt t

sc. T Tui Tk Tk ms t t pmts ts tsm wc wb ptc t t g tm, t t p ppcs t Tui Gpscpt sttg. T g t Tui Tk Tk cs ctg pspt, sc m,pstg stts w pct ws.

Social media

T st gwg ppt sc twks s g t cmps sc s Tui.Tui ss t sc m s pptt p, spct g wt Cmpstks. i t p w, Tui aG w p cmmts ts mpsbt sg sc m spsb, s mps m wttg t b ctg s Cm-p mbsss.



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i t cmpt c , m Gp cmps b bsg w ctts t sc m t stbs gt g wt cstms ss pts. Tui Css, mp, c B2B cmmct wt t sp gcs sg sc m: bmssgs, bckg mt cstm bck pst t sppg cks b t Tui Css ss p.

Innovation and sustainability

T sstbt t spsb s t scs b gwg ct s. Cstms csg ct t pc mt sc spsb-t cmps w tkg t pcsg css. o t ct tsks t p w ws t t g pct pmt tws sstbt.

Research project on All Inclusive Tourisma sc pjct c 2010 b t T ft t oss dpmtisttt s b kg t w t sc-cmc mpcts Tui T ts c mp, tkg t 4-st -cs t vg Tk s mp.

T st, cmpt 2011, s sw tt 55% t s gt b pckg t t Tk, b t t pts, .g. scg t s ct-g Tks st, bt s bcs t w cstms sp t m, .g. sppg css. W t st cc tt t sgcc t t t cm ws stg,t t m ct t g cm. Ts, w, s b mptks t tgt mss b ts. Wt jst s mts, t g cm gw b16%. Ts gwt ps t mp t g cts t g ppt.

EU research project CILECCTA

Tui aG s pt cstm 19 cmps m tw cts pg stwt ssss t cc cst cstct bjcts s pt eu sc pjct. CileCCTa,s s - pjct, s b ct. it tks cct cstct csts bts sbsqt ptg, mtc sps csts, .. t t cc bg.Tui ps c ctbt t smtg stw ppct.

Biofuel in aviation

Tui T PlC s ct ts mmbsp SafuG (Sstb at f uss Gp) tks pt scsss bt t s sstb bs t. a wkg gpg pts m s t Tui Gp s cckg t sttgc pts t s bs t bss 5-pt p. i t p w, ppts w w

t t Tui Gps Tms aws t st b gt.

Clean Sky research project

T s Cs, Tms aws Tui pts t C Sk scpjct sps b t ep u. Wt t CarinG (Ctbt as t rct ist nscs Gss) pjct m, t ptcptg s wkg wt mt scs tcg mcts t p ss-t m gt msss. Ts cs t ss gt t, wc tcg scss.

Aviation Initiative for Renewable Energy

i t pmt cmt- s t, 2011 25 cmps j t m t

ssct at itt rwb eg Gm (aireG). T tt ms tcs t s wb gs t. as t g mmbs, Tuissm cmsp t -s wkg gp.



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General economic development

i c 2010/11, t w cm sw w gb sc. T ss tscmc wt w t cmc mpct t s t pc, wk pmc w t, pct sss cs b t tqk Jp. i t smm mts 2011, pspcts w t mp b gwg ctt t c mkts. Tmgg cms m t g c cmc gwt, tg t sw

tc t t. f c 2011, t itt Mt f (iMf, W ec-mc otk, Sptmb 2011) pcts cs gb gss mstc pct 4.0%.

Development in the regions

North America

i t st c 2011, t cm t uS c w sbstt. Ts wsm t t ss pcsg pw pt ss cs b t s t pc pt csmpt mst stgt. i t, t t sst Jp cstpts t spp c ts pct sss, ptc t tmtst. T stt t b mkt tt gst t bckp wk cmcctt. o, gss mstc pct s pct t gw b 1.5% t uS b 2.1% C 2011.

Asia

T as g sw pmt cmc ctt. Jp mb t st as mgg cms s csb m t mpct t smp st pct Jp wg t tqk tsm. accg t iMf csts,t gss mstc pct Jp w c b 0.5% 2011. i C, b ctst, mc-cmc pct ct t s. its pmt ws b stg mstc m psstt g stmt ms. f 2011, t gss mstc pct s pct tgw b 9.5%. i, t, c psstt stg gwt gss mstc pct, bstb stg mmtm t scs sct tt stg mstc cm. f2011, t s pct t gw b 7.8%. T t st as cts c tbsww cmc ctt t cs t st t c . apt mt mpct t tqk Jp, cmc pmt ws cb b wkg

m wst ss mkts.

Eurozone

f t ez, t iMf pcts t cm t gw b 1.6% 2011. ecmc pssw w --. Ts ws m t t ggt t sg bt css t ctts t c mkts, wc mp st csm tst. fep, t gwt ts b cst 2011: w Gm s pct t sw t stg s (2.7%), gwt w b w t uK (1.1%) fc (1.7%). d tt bt css, Gc (-5.0%) Ptg (-2.2%) pct t pt c gssmstc pct bst tms. agst t bckg ct cmc pspcts,t eCB cs ts k tst t t 1.25% nmb 2011.

ManaGeMenT rePorTeConoMiC fraMeWorK

Gb cmc gwt cb b gwg ctt t c mkts g pc

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Russia/CIS

f rss t CiS cts, t iMf pcts t cm t gw b 4.6% 2011. Tm ts cmc c s rss wt tcpt GdP gwt 4.3% 2011.

Development of tourism

f tsm, t W Tsm ogzt (unWTo, nmb 2011) pcts gwt 4 4.5% 2011, wt g ts. i t st gt mts 2011, tt sw p 4.5% g t ps s . Wt t cpt nt ac(-15%) t M est (-9%), gs sw pw mmt c gwt.ep c cs tst s pct s (+6%). Ts ws

t t stb cmc stt nt Ct ep t s pmt St ep, wc bt m s tt s ssct wt t pt cst nt ac t M est. at +6%, as c mc gwt, spt t sst Jp t smwt sww gwt sm mgg cms.

Assessment of the economic framework

Mccmc pmt t c 2010/11 t mtc t pct-ts t ect B. fwg pst cmc mwk t t bgg t c 2010/11, t tqk ct sst Jp Mc 2011 cssb ctt t c mkts. i t cs t , t ws c b

t bts bt sg bt t uS s ep cts.

T ttg cmt t c mkts s s mpct csm stmt t tsm sc mkts wt tm g. i t uK, ptc, csm stmt t mtc pctts t t stt pckg pt b t gmt twkss stg. M, t st nt ac t sb sts m tsm, ctg ptc t fc t mkts ts ts stts.

d t t ct stt t M est, t pc s g t tcpt bgt. i tsm, t ct mpct t s pcs ws mt t p w tks t gs t t s w s pc scgs.

a sgct gt mpct bsss pmt ct sppg ws cs b t

s g csts. hpg-l c s bk csts, wc w t pss t cstms mkt mt ccts b g tspt cpcts tgtcmptt. i t, gs b ct sppg w mpct b ts w t,wc st pctts. as st, t t qt st t c stmt hpg-l ws w t bgt.

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ManaGeMenT rePorTGrouP earninGS

ics t Gp gs. impmt Tsmcmpsts w pt ctbts b Ct Sppg.

Income Statement of the TUI Group

million 2010/11 2009/10 v. %

T 17,480.3 16,350.1 + 6.9

Cst ss 15,655.2 14,680.1 + 6.6

Gross prot 1,825.1 1,670.0 + 9.3amstt pss 1,508.8 1,536.0 - 1.8

ot cm/t pss + 77.1 + 53.6 + 43.8

impmt gw - 18.2 /

fc st - 239.5 - 162.2 - 47.7

fc cm 254.3 319.0 - 20.3

fc pss 493.8 481.2 + 2.6

S st jt ts sscts 52.9 170.6 - 69.0

Earnings before income taxes 206.8 177.8 + 16.3

Reconciliation to underlying earnings:

egs b cm ts 206.8 177.8 + 16.3

ps: lss (ps g) m Ct Sppg ms t qt 2.1 - 150.3 /

ss: G m msmt c stmts t Ct Sppg - 51.2 - 135.0 + 62.1ps: nt tst ps ps m msmt tst gs 286.8 304.8 - 5.9

ps: impmt gw - 18.2 /

Gp eBiTa 444.5 215.5 + 106.3

Adjustments

ss: Gs sps - - 24.0

ps: rstctg ps + 70.8 + 124.9

ps: eps m pcs pc ct + 96.1 + 69.8

ss: icm (ps ps) m t - tms - 11.3 + 203.0

Underlying Group EBITA 600.1 589.2 + 1.8

Earnings before income taxes 206.8 177.8 + 16.3

icm ts 88.6 64.2 + 38.0

Group prot for the year 118.2 113.6 + 4.0Gp pt t ttbtb t ss Tui aG 23.9 101.8 - 76.5

Gp pt t ttbtb t -ctg tst 94.3 11.8 + 699.2

Group prot for the year 118.2 113.6 + 4.0

2010/11 2009/10 v. %

Bsc t gs p s - 0.01 0.30 /

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T Tui Gps cm sttmt s pm ccts b Tsm ctts. i c 2010/11, t gw b 6.9% --. ug eBiTa sw stb p-mt, spt t mpct t ptc st nt ac. d t w - cgs,pt eBiTa s csb --.

Tui aGs stk hpg-l hg aG 38.4% s ms t qt Tuis c-st c sttmts. T t qt st b Ct Sppg s t c tTui Gps ptg pmc ct eBiTa.

Comments on the consolidated income statement

Turnover and cost of salesat 17.5b, Gp t gw b 6.9% --. T cs ws ttbtb b t t g bsss m b Tui T. T s pst gs t cst ss, wc s s b 6.6% t t bsss m gwt. a t bkw t swg w t s p s pst t sct Bsss dpmt t Scts.

Gross prot

Gss pt, .. t c btw t t cst ss, s b 9.3% t 1.8b c 2010/11.

Administrative expenses

amstt pss cmps pss t ct ttbtb t t tscts, ptc pss g mgmt cts. i c 2010/11, t cct 1.5b, w 1.8% --.

Other income/Other expenses

ot cm ot pss pm cmps pts sss m t s ssts. at 77.1m, t bc cm pss mp b 23.5m --. i tp w, ot cm pm t t bk pts m t s Tkst cts s w s ct ssts tw mstt bgs s b hpg-l.ot cm s cs t g sps m t s 11.33% t stk hpg-l t t abt B cstm. i t ps , ot cm m c-sst cc gs m cpt ct scms -pt g sbss gs sps m t s t cmp t stmt Tui Ts C

t pt ctts t Swg.

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Impairments of goodwill

i t p w, mpmts w q. T mpmts c t p csst mts 9.1m t t Tui T 9.1m t t Tui hts &rsts.

Financial income and expenses/Financial result

T c st cs t tst st t cm m mktb scts.fc cm 254.3m c pss 493.8m s c 2010/11.T t c st mt t -239.5m. T tst st t p wcs pss 32.1m t mpt pts t 2007/12 ct-b b t 2005/12 bs. T tst pss t ts cpt cmpt t ctb b t b cgs t mtt w ps 2010/11

t t bbck. T c cm t p c cm 135.0m m tmsmt t s b cpt gt t Ct Sppg; t p w, t cspg cm cct 51.2m.

Result from joint ventures and associates

T st m jt ts sscts cmps t pptt t pt t t ssct cmps jt ts mpmts gw tscmps. T st m jt ts sscts tt 52.9m c 2010/11, w 117.7m --. T csb cs ws m ttbtb t ttt t t qt st Ct Sppg, pm b t csbs bk csts t cs t , wc ws t pss t cstms cspg gt ts t ct cmptt mt. o, t pt ctb-

t m t stk hpg-l cs t -2.1m, s gst 150.3m t p-c p.

Underlying earnings (EBITA)

at 600.1m, g gs b t Tui Gp w 10.9m p --. ugeBiTa ws jst gs sps stmts, pss t mwk stc-tg mss, mtst tgb ssts m pcs pc cts tpss - tms. T pmt gs t jstmts t t t cpts egs b t Scts Bsss pmt t Scts.

S pg 90

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Income taxes

icm ts ts t pts m bsss ctts. i t p -w, t cs b 24.4m t 88.6m cmps ct t bts 124.1m t ssts 35.5m. T -- cs t cm t bts stm g ct ts cmb wt w ts. i t ps c , ts t pss t sks st ct ct ts b.

Group prot

Gp pt cs b 4.6m -- t 118.2m t ps .

Non-controlling interests

n-ctg tsts Gp pt t tt 94.3m t t t

ss Tui T PlC t Tui hts & rsts cmps.

Earnings per share

T tst Gp pt t ttbtb t Tui aG ss (t ct -ctg tsts t t b cpt) tt 23.9m. i t tt wgt g mb ss 251,683,128 ts, bsc gs p s st t-0.01 (ps 0.30). a t ct t t b tk t cct, t t p w t p- c p. dt gs p s t- s mt t -0.01 (ps 0.30).

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ManaGeMenT rePorTearninGS By The SeCTorS

T Tui Gp cmpss t Tsm Sgmt Ct opts. Tsm cssts t Scts: Tui T, Tui hts & rsts Css. Ct opts cmpssa t sgmts, cg ptc Tui aGs Cpt Ct cts t tmgs g wt t Gps stt cmps. Ct opts s cs t-sgmt cst cts.

i t ssss p t pt pmc b t Scts, ts sct swsgs jst - cts (g eBiTa). Ts gs b jst gs sps m c stmts, stctg pss, mtst tgbssts m pcs pc cts t pss , cm m, - cts.

Assessment of earnings

i c 2010/11, t Tui Gp sw pst pmc, tkg cct sc cgs stg m t ptc st nt ac. i t st tc , ptc, Tsm c csb gwt ct tg, b tttct pct pt t g mccmc mwk. i c 2010/11,gs b t Tsm Sgmt w t t mt ct b t tt csm

stmt t cs t sc t pcts s bk w c. o-, cstm mbs Tui Ts Mstm Bsss pt t Tsm mt pctts.

T ptt cstms m Ts egpt t t st t ptc st ts cts st sc - csts t Tsm Sgmt t scqt 2010/11. as t ss pgss, m stts nt ac smp,ctg ptc Tui t pts fc Tui ts egpt. T mpct bsss t sc mkts ws g mt b ms b cpct mgmt. o, t- csts mg sss ssct wt t ts t Tui Gps ptg -gs w b 83m.

Csb t gwt Tsm. nt ac css mpcts ptc Tui t pts sc mkt fc ts egpt.

Group turnover Group EBITA Underlying Group EBITA

billion million million

17.5

2010/11 2009/10

0

3.0

6.0

9.0

12.0

15.0

18.016.4

2010/11 2009/10

0

100

200

300

400

500

600

215.5

600.1

2010/11 2009/10

0

100

200

300

400

500

600 589.2

444.5

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i t p w, t stg s t pc ws t t ct gs bt Tsm Sgmt sc qmts w g g c b pc s-cgs.

Tui T sw pst pmt cgg mkt mt. Tks t bcpct mgmt, t mpct t nt ac css ws mt sc mkts wtt cpt fc. d t st-tm ps cpct Sp, Gc Tk,Tui T c gwt ts bsss m. i t uK, ptc, t Tui t p-ts csb tpm t cmptt. Tui uK t mkt t pts bsss ct mt, ccts b t psstt wkss stg ttt csm stmt. T t cst sgs pgmms Tui TsMstm Bsss, t t bgg t c , w tck gt

t pct pt ctbts.

i Tui hts & rsts, ts Ts egpt w ct b t smp m ts stts. T pmc t mg mkts bt sm css m tsts m tgg b ts nt ac ws wt pctts.

i t p w, gs b t Css Sct ct t stt-p csts tps, s pct. hw, wg t cmmssg t sc cs sp, t bk-gs gs Tui Css gw csb st t p.

Ct opts p wt pctts.

T mkt mt Ct Sppg st pctts. i mkt mtccts b g tspt cpct ts cmptt, hpg-l ws t bt pss t pc-c s pt csts t ts cstms. as csqc, tt qt gs m t stmt hpg-l, sw Tui aGs cst csttmts, w csb w t bgt.

Development of turnover

i c 2010/11, t b t Tui Gp gw b 6.9% --. Ts csws m ttbtb t gwt bsss m c b Tui T.

Development of turnover

million 2010/11 2009/10 v. %

Tourism 17,430.4 16,286.7 + 7.0

Tui T 16,867.0 15,754.8 + 7.1

Tui hts & rsts 362.6 353.2 + 2.7

Css 200.8 178.7 + 12.4

Central Operations 49.9 63.4 - 21.3

Group 17,480.3 16,350.1 + 6.9

Management Report egs b t SctsTUI AG a rpt 2010/11 87


43/98

Development of EBITA

ug eBiTa

million 2010/11 2009/10 v. %

Tourism 656.6 640.2 + 2.6

Tui T 500.1 484.6 + 3.2

Tui hts & rsts 145.3 148.0 - 1.8

Css 11.2 7.6 + 47.4

Central Operations - 56.5 - 51.0 - 10.8


eBiTa

million 2010/11 2009/10 v. %

Tourism 476.8 245.6 + 94.1

Tui T 321.4 101.6 + 216.3

Tui hts & rsts 144.2 137.2 + 5.1

Css 11.2 6.8 + 64.7

Central Operations - 32.3 - 30.1 - 7.3

Group EBITA 444.5 215.5 + 106.3

Development of earnings

i c 2010/11, t Tui Gps gs jst - cts (geBiTa) mp b 10.9m -- t 600.1m. T w m ccts b -g gs b Tsm, wc s b 16.4m t 656.6m, spt t stg mpct ts nt ac. Ct opts pst -- c g gs 5.5m t -56.5m.

rpt gs (eBiTa) b t Tui Gp mp csb b 229.0m t 444.5m.Ts ws ttbtb t w stctg pss b t - pss 127m wc s m t cs ep spc w c t p-mbs.



44/98

dspt t mpct t ptc st nt ac ttg 83m, ptg gs

(g eBiTa) b Tsm mp sgt b 16.4m t 656.6m. ets nt acct ptc Tui t pts fc, s ts nt ac cts ttcsttt pp stts t cstms. Tui ts egpt Ts s ccsb -- cs cts mgs.

i c 2010/11, jstmts - cts q Tsm tt 179.8m(ps 394.6m). T m st m pss t gst tpt ctts Gm, t uK fc m pcs pc c-ts. o t t , cm ws gt m t ct ps bgts TuiT. T p- jstmts c stctg tgt pss ptc - pss 127m stg m t cs eps spc wgt cc pt ic. d t t cs - csts, pt gs b T-

sm cs sbstt b 231.2m t 476.8m c 2010/11.

Underlying EBITA: Tourism

million 2010/11 2009/10 v. %

EBITA 476.8 245.6 + 94.1

Gs sps - - 24.0

rstctg + 70.8 + 124.9

Pcs pc ct + 96.1 + 69.8

ot - tms + 12.9 + 223.9

Underlying EBITA 656.6 640.2 + 2.6

Underlying EBITA: Central Operations

million 2010/11 2009/10 v. %

EBITA - 32.3 - 30.1 - 7.3

Gs sps - -

rstctg - -

Pcs pc ct - -

ot - tms - 24.2 - 20.9

Underlying EBITA - 56.5 - 51.0 - 10.8

egs b Ct opts cmps t Cpt Ct cts Tui aG ttm gs g wt t ptg s, sst t Gps stt cmps.

i t p w, g gs b Ct opts w 5.5m w -- t -56.5m. T cs ws b w pcs t stt cmps.

i t c w, Ct opts t c jstmts cm wt24.2m. Ts mt t t bk pts m t s t ppt t Bmm rsst hmbg, wc s s b hpg-l aG, t hpg-l aG.

at -32.3m, pt gs b Ct opts c b 2.2m gst t pss , ccts b - cm m cc gs cct wt cpt

ct mss g sbss t ggg pt bsss.



45/98

T Tui Gps ptg gs jst - cts (g Gp eBiTa)

mp b 10.9m t 600.1m c 2010/11.

i c 2010/11, jstmts wt 155.6m (ps 373.7m) tb c. T c jstmts ws m ttbtb t t - csts 127mcs b t cc s c c t p- mbs s w s t ct stctg pss.

i c 2010/11, pt gs (Gp eBiTa) s sgct b 229.0m t444.5m, b t w - pss.

Business development in the Sectors

TUI Travel

Turnover EBITA Underlying EBITA


16.9

2010/11 2009/10

0

3,0

6,0

9,0

12,0

15,0

18,015.8

2010/11 2009/10

0

100

200

300

400

500

600

101.6

500.1

2010/11 2009/10

0

100

200

300

400

500

600

484.6

321.4

Tui Ts bsss s stct t Bsss ls: Mstm, accmmt &dstt, Spcst & actt emgg Mkts.

Underlying EBITA: Group

million 2010/11 2009/10 v. %

Group EBITA 444.5 215.5 + 106.3

Gs sps - - 24.0

rstctg + 70.8 + 124.9

Pcs pc ct + 96.1 + 69.8

ot - tms - 11.3 + 203.0




46/98

TUI Travel Key gures

million 2010/11 2009/10 v. %

T 16,867.0 15,754.8 + 7.1

EBITA 321.4 101.6 + 216.3

Gs sps - - 24.0

rstctg + 70.8 + 124.9

Pcs pc ct + 96.1 + 69.8

ot - tms + 11.8 + 212.3

Underlying EBITA 500.1 484.6 + 3.2

ug eBiTda 718.4 711.4 + 1.0

istmts 380.6 395.9 - 3.9

hct (30 Sp) 58,378 56,318 + 3.7

i c 2010/11, t b Tui T gw b 7.1% -- t 16.9b. Tcs ws b t g bsss m t Mstm Bsss. T --gwt ws ttbtb t stg m t p w t t ssswc st m t cs ep spc c 2009/10.

fwg t t-Gp s, t Mgc l Gp s c t Tui T Sct t

t c 2010/11 t cspg p- p. T cssct Mgcl cs cs g gs b Tui T 17.3m c 2010/11 21.4m t p .

i c 2010/11, g gs b Tui T gw b 15.5m - t500.1m, spt t mpct t nt ac css 74m. i t st 2010/11,Tui T bt m stb cmc mwk stg tg mst sc mkts.as t sc qt 2010/11, t pmc t Mstm Bsss ws mpctb t ptc st Ts egpt, t bmb ttck Mks ap 2011 tpsstt cct lb. Sc mkt fc ws ptc t, s t sgct smp m t tt pp stts Ts Mcc ws t st btt gs t st tm. i t t sc mkts, b ctst, t mpct tmptt smm ss ws g mt b ms b cpct mgmt, -

g cstms tt stts Sp, Gc Tk. o, t bsss mt s -- t Mstm Bsss. dm stts nt ac c sw m sgct bw t p s tgt c 2010/11.

T stg cs t pc t t mpct gs b Tui T t p w s qmts g b c b gs pc scgs.

agst t bckg ts cgg mkt mt, Tui T s c cpst pmc wt t cmptt mt. apt m t ttct pctpt b bsss m, t mpmtt t t cst sgspgmms t Mstm Bsss s ctbt t t pct pt ctbts.

Turnover and earnings



47/98

i c 2010/11, gs b Tui T t b jst t wg - cts:

stctg csts 70.8m, ptc t tgt mstt cts t uK t stctg t pt ctts Gm,

cts pcs pc cts wt 96.1m, cm m - tms ttg 11.8m t tms, ptc pss t -

stctg t pt ctts t uK fc t stctg ctts Cs; t t , cm ws gt m t ct psbgts t uK.

rpt gs b Tui T tt 321.4m c 2010/11, p 219.8m--. T sgct cs pt gs ws b ttbtb t t

mpmt t pt pmc ptc w - cts. i t p, pt gs c b - cgs 123.2m cs b tcc pt ic.

Mainstream

Mainstream total

Customer volumes in '000*)

2010/11 2009/10

0

4,000

8,000

12,000

16,000

20,000

24,000

19,48120,249

Central Europe

Customer volumes in '000*)

7,282

2010/11 2009/10

0

1,500

3,000

4,500

6,000

7,500

9,000

7,043

T Mstm Bsss s t gst sct wt Tui T,sg gt, ccmmt t tsm scs tt ss Ct ep, nt rg Wstep.

i c 2010/11, tt 20,249 ts cstmsw sc t Mstm Bsss. Ts csps t -- cs 3.9%.

i Ct ep (Gm, ast, Swtz, P Tui), cstm ms s b 3.4% -- c 2010/11.

i 2010/11, Gm t pts sw stsc-t pmc. T s cmc mwk st s cstm mbs g ppt bkgs. o t t , Tui dtsc c c g ctbt mgs t t sts -m m nt ac cts t tt stts.

Central Europe

*) jstmt ps s gs

*)

jstmt ps s gs



48/98

i Sptmb 2011, Tui dtsc stt t mpmt ts sttg gwt pgmmGeT 2015. apt m ps t pt cs ts s t bsss, cc s t b cs b m tt mktg g g tmt.

Tui Sss ct t s pmc t ps . as t Swss c sgst t e, t ppt css-b bkgs cs. Tui ast Tui Ps pt g cstm mbs.

Northern EuropeCustomer volumes in '000*)

2010/11 2009/10

0

1,500

3,000

4,500

6,000

7,500

9,000

6,6236,867

Western Europe

Customer volumes in '000

2010/11 2009/10

0

1,500

3,000

4,500

6,000

7,500

9,000

5,8156,100

Northern Region

i t nt rg (uK, i, C, nc cts,

s Tms Tui nc t ht s Tui T), cstm ms b 3.7% c 2010/11.

i t uK, t mkt t ws ccts b t pssttwkss stg sbstt wt csmstmt. i ts ct mt, Tui uK c pst pmt c m gwt gst tmkt t wt ts stg bs tt pctpt. T C t pt Swg cmpt tst t p w cts t p w. i t wt ss 2010/11, wc tt

ps mj C, Swg c t cpctmpmts b sg sm B737 ct. T jt tts cm t pctts ssct wt t mg.Wt t c tsttc pgmm, t pctpt t smm mts s t b t p.Tui t pts t nc cts ct t g pmc t ps . T Mgc l Gp,ts t Tui T, ws ct tspct t tnt rg t bsss t t ptg p ps .

i Wst ep (fc, t nts, Bgm -s Cs, ak Jt), cstm ms gwb 4.9% c 2010/11.

T bsss ctct b t fc t pts wscsb mp b t ptc st nt ac c 2010/11. as t nt ac cts p mj s stts t fc mkt, tTui t pts w b t pc ts Ts Mcc wt tt t gs t st tm.fc mks csg t t fcst. T fc Cs cs ts cpct

tst t m ttct gt sc gppt ct gts.

*) jstmt ps s gs

Western Europe



49/98

agst t bckg t psstt ct mkt cts fc, Tui T wcmb t ps spt t pt bs ns fts Mm t sg tt. T pps ts m s t c csb cst sgs mct mktg. Tui t pts t nts pst pst pmc,btg m t s cmc mwk. Tui Bgm p t g pmtwtss t ps .

Accommodation & Destinations

T accmmt & dstts Bsss cmpss Tui Ts scs s-tt scs. i t p w, t c stb pmt. oscs c g ms, bt B2B B2C ctts; t t , t tc t stt-p csts w gs. T bsss m t stt scs

gw -- t g cstm mbs t t pts.

Specialist & Activity

T Spcst & actt Bsss cmpss t pts t ss at, ntamc Spcst, ect, Spt, M Spcst hs Gp.

i t 2010/11 p w, t ss sw wk pmc --. W t pmm t pts nt amc ct t c stg m g-qt t, t bsss t at t pts st pctts.T wt t uK cm t p s st tt s t uK t w m t ect s. T pts t Spt ds s pt wkg t pmc cmp wt t ps , wc bt m t

W Cp tb.

Emerging Markets

T emgg Mkts Bsss csts ctts t gwt mkts. i t p w, gs b t Bsss l ct t ct t csts t c tTui b rss t CiS cts t pmt ts stcts. Tui rssc c cstm mbs ts t egpt t p w. W tt wg ws t b t rss gmt t t Mc 2011, m tsstt, mptt t t rss mkt, c sw.

i M 2011, Tui C ws t ep t pt t c cc gsgtb ts Cs mks.



50/98



million million million

362.6

2010/11 2009/10

0

100

200

300

400

500

600

353.2

144.2

2010/11 2009/10

0

25

50

75

100

125

150 137.2145.3

2010/11 2009/10

0

25

50

75

100

125

150 148.0

Tui hts & rsts s cmps t Gps t cmps. its pt cmpss tcmps wc mjt tsts , jt ts wt c pts, stks cmps tt b t ss t t sgct c, ts pt mgmt gmts.

TUI Hotels & Resorts - Key gures

million 2010/11 2009/10 v. %

Tt t780.8 771.6 + 1.2T 362.6 353.2 + 2.7

EBITA 144.2 137.2 + 5.1

Gs sps - -

rstctg - -

Pcs pc ct - -

ot - tms + 1.1 + 10.8

Underlying EBITA 145.3 148.0 - 1.8

ug eBiTda 234.9 212.6 + 10.5

istmts 79.9 61.3 + 30.3

hct (30 Sp) 14,424 14,202 + 1.6

Capacity Occupancy Average revenue per bed

'0001) %2) 3)

24,053

2010/11 2009/10

0

5,000

10,000

15,000

20,000

25,000

30,000

23,787

2010/11 2009/10

0

15

30

45

60

75

90

75.2 49.72

2010/11 2009/10

0

10

20

30

40

50

60

48.85

1) number of beds multiplied by open days) occupied beds divided by capacity) arrangement turnover divided by ocupied beds

77.9



51/98

Tt t b Tui hts & rsts gw b 1.2% -- t 780.8m. W cpctws sgt p b 1.1%, t t gwt ws b ttbtb t t 1.8% cs g s p b t mpmt ccpc 2.7 pctg pts. ic 2010/11, t wt -Gp t pts cmb b 2.7% t 362.6m. dt t g t wt Gp t pts, wc s t b cst m Gppspct, ts ct, w, s mt s t Tui hts & rsts sct.

T cssct Mgc l t t Tui T Sct cs mpmt ggs b Tui hts & rsts 17.3m c 2010/11, w gs tp cs b 21.4m --.

i t p w, g gs b Tui hts & rsts cs b 2.7m

-- t 145.3m. agst t bckp s pmc Tui ts,ts cs gs ws m ttbtb t t mpct t ptc st ntac, wc st w ccpc ts b Tui ts egpt. i tt, gs bTui hts & rsts c b 9m s st.

i c 2010/11, t pss 1.1m t b jst Tui hts & rsts.o- pss t b jst t p w w mst mtc b cmm t cts, pt mp t p .

rpt gs b Tui hts & rsts gw b 7.0m t 144.2m -- c 2010/11.

Riu


'0001) %2) 3)

2010/11 2009/10

0

3,000

6,000

9,000

12,000

15,000

18,000

2010/11 2009/10

0

15

30

45

60

75

90

2010/11 2009/10

0

10

20

30

40

50

60

45.37

) number of beds multiplied by open days) occupied beds divided by capacity) arrangement turnover divided by occupied beds

16,39216,719

45.60

82.3 78.6

r, t g Sps t gps, pt 103 ts t p w.Cpct ws cs b 2.0% -- t 16.7m b t bs c 2010/11. ag ccpc ts r ts gw b 3.7 pctg pts t 82.3% --. ag s p b kws gw b 0.5%.



52/98

ag ccpc r ts t Cs cs b 8.8 pctg pts t 91.2%--. ag s p b cmb b 2.2%. Ts csb mpmtcts t pp t Cs s stt t p w. r ts t Cs s spptt bt m t pt cstms bkg ts, g p Ts egpt, t t Sps ss bcs t ts ts cts.

at 79.0%, r ts t Bcs c cs ccpc 0.8 pctg pts--. ag s p b gw b 1.8% --. i m Sp, gccpc r ts m t -- t 72.1%. ag s p b w4.9% p --. r ts t Bcs t Sps m w t tb t bt t t sm tt s t Cs m bkgs b t pt cstms.

f g- stts (Mc, Jmc, t dmc rpbc, t Bms, Cp viss, Pm t uSa), r ts c g ccpc 79.8%. Ts p-sts cs 3.5 pctg pts --, ttbtb m t stg mm t nt amc sc mkts ts Mc Jmc. ag s pb c sgt -- t sts t t spct t ccsgst t .

Robinson


'0001) %2) 3)

2,864

2010/11 2009/10

0

500

1,000

1,500

2,000

2,500

3,000 2,946

2010/11 2009/10

0

15

30

45

60

75

90

2010/11 2009/10

0

15

30

45

60

75

90

1) number of beds multiplied by open days2) occupied beds divided by capacity3) arrangement turnover divided by occupied beds

80.9484.07

63.969.4

i c 2010/11, rbs, t mkt t pmm sgmt cb -s, pt tt 24 cb cts wt 12,625 bs cts. Cpct wsw -- t t t t rbs Cb J P t sspg sm cb cts t aps. T rbs Cbs Ptg, Sp, Tk t rbs Cb t Ms cs t ccpc b p t 10.0 pctg pts--. fcts Swtz egpt, b ctst, c w ccpc. o,ts st -- s ccpc 5.5 pctg pts. ag s pb w 3.9% p --.,



53/98

Iberotel


'0001) %2) 3)

2010/11 2009/10

0

500

1,000

1,500

2,000

2,500

3,000 2,719

2010/11 2009/10

0

10

20

30

40

50

60


37.6637.25

2,590

2010/11 2009/10

0

15

30

45

60

75

90

61.468.6

i c 2010/11, ibt 27 ts wt 16,151 t bs, ct egpt, tut ab emts, Tk, it Gm. d t t tmp cs ts egpt t sc qt 2010/11 cgs sss, cpct c sgt. at61.4%, ccpc ibts ws 7.2 pctg pts w --. at p-g, ts egpt, ptc, c wk ccpc ts. hts t ut abemts Tk c ccpc gwt 6.2 pctg pts c --.

d t pc jstmts t stbs m ibts egpt, g s p bcs b 1.1%.

Grupotel

'0001) %2) 3)

842

2010/11 2009/10

0

150

300

450

600

750

900 841

2010/11 2009/10

0

15

30

45

60

75

90

2010/11 2009/10

0

15

30

45

60

75

90


43.7643.75

75.681.9


T Gpt c, ptg 34 cts Mjc, Mc ibz, 13,182 bs tp w. Wt stb cpct, ccpc Gpt ts ws 81.9%, p 6.3 p-ctg pts --. Gpts Mjc, ptc, bt m t st -m stts t wst Mt t t ts nt ac. ags p b w t --.



54/98

Grecotel


'0001) %2) 3)

693

2010/11 2009/10

0

150

300

450

600

750

900

629

2010/11 2009/10

0

15

30

45

60

75

90

2010/11 2009/10

0

15

30

45

60

75

90


67.7770.87

80.682.6

Gct, t g t cmp Gc, pt 22 cmps wt tt 10,623 bs t p w. T -- cs cpct 10.2% wsm t t ct tt Gct dp B ws c t st tm t kgs c 2010/11. occpc s sgt b 2.0 pctg pts t 82.6%.ag s p b cs b 4.6% --.



55/98


i c 2010/11, hpg-l Kzt cs ts t b 12.4% t 200.8m.Ts gwt s mt c sc -ck p b MS ep gt tsss t p . i Tuis cst c sttmts, t s sw TuiCss s t jt t s ms t qt.

ug gs b t Css Sct cmb b 3.6m t 11.2m c 2010/11.W pst bsss pmc ws c, gs b t Css Sct wmpct b t stt-p csts t ps t tw cmps. i t p w, hpg-l Kzt c stt-p csts t p mkt c MS Cmbs 2 2012 MS ep 2 2013. i Tui Css, t cmmssg MSc 2 st - csts t p w, wc, w, w m tst b t g bsss pmt.

i c 2010/11, t Css Sct t t c jstmts. rptgs s b 4.4m -- t 11.2m t p w.

Hapag-Lloyd Kreuzfahrten

Cruises Key gures

million 2010/11 2009/10 v. %

T 200.8 178.7 + 12.4

EBITA 11.2 6.8 64.7

Gs sps - -

rstctg - -

Pcs pc ct - -

ot - tms - + 0.8

Underlying EBITA 11.2 7.6 47.4

ug eBiTda 19.7 16.0 + 23.1

istmts 8.5 8.8 - 3.4

hct (30 Sp) 277 225 + 23.1

Cruises



2010/11 2009/10

0

40

80

120

200

240

280

2010/11 2009/10

0

2

4

6

8

10

12

0

2

4

6

8

10

12

2010/11 2009/10

7.6178.7200.8

11.211.2

6.8

T Css Sct cmpss hpg-l Kzt t jt t Tui Css.



56/98

Occupancy Passenger cruise days Average daily rates

% '000 1)

2010/11 2009/10

0

15

30

45

60

75

90

2010/11 2009/10

0

60

120

180

240

300

360

2010/11 2009/10

0

100

200

300

400

500

600

73.776.7

422

315.0

1) per day and passenger

291.7413

hpg-l Kzt, ws t cmps t cs sps MS ep,MS Cmbs, MS hstc MS Bm c 2010/11, pst --cs ts ct 3.0 pctg pts t 76.7% t p w. Tg t p pssg p ws 422, p 2.2% --. i t p w,314,993 pssg s w s, p 8.0% --. Ts css ptg c-ts ct mp pmc pst mkt mt. at spct t tk tcct s t ct tt t p s cts w ct b tp ccts t tsc -ck p MS ep.

TUI Cruises

Occupancy Passenger cruise days Average daily rates

% '000 1)

2010/11 2009/10

0

20

40

60

80

100

120

2010/11 2009/10

0

200

400

600

800

1,000

1,200

2010/11 2009/10

0

30

60

90

120

150

180

14887.3

100.0 152968.6

613.2

1) per day and passenger

Tui Css pm w c 2010/11. T Tui Css t ws p M 2011 t c M Sc 2. T sp stbs ts m t mkt s s s tws cmmss.

o, t t c ct 100.0%, p 12.8 pctg pts --. Tst ws b bt sps. d t t ps t t, pssg s cs b58.0% t tt 968,626. T g t p pssg p ws 152, p 2.8% --.

fwg t sccss pstg t tw sps t pmm m sgmt, t w-b ctct t Tui Css sp ws w Sptmb 2011. it s t b 2014.



57/98

Central Operations - Key gures

million 2010/11 2009/10 v. %

T 49.9 63.4 - 21.3

EBITA - 32.3 - 30.1 - 7.3

Gs sps - -

rstctg - -Pcs pc ct - -

ot - tms - 24.2 - 20.9

Underlying EBITA - 56.5 - 51.0 - 10.8

ug eBiTda - 49.5 - 35.1 - 41.0

istmts 2.7 4.1 - 34.1

hct (30 Sp) 628 653 - 3.8

wc Cpt Ct 202 181 + 11.6



2010/11 2009/10

0

15

30

45

60

75

90

2010/11 2009/10

- 90

- 75

- 60

- 45

- 30

- 15

0

- 90

- 75

- 60

- 45

- 30

- 15

0

2010/11 2009/10

- 51.0- 56.5

- 30.1- 32.3

63.4

49.9

d t w pcs m t stt cmps, g gs b Ct op-ts c b 5.5m -- t -56.5m c 2010/11.

i t p w, cm 24.2m t b jst b Ct opts. Tsmt t t bk pts m t s t ppt s b hpg-l aG tBmm rsst hmbg t hpg-l aG.

at -32.3m, pt gs b Ct opts c 2010/11 c b2.2m t ps , w t mt b c b - cm mcc gs cct wt cpt ct mss g sbss.

Central Operations

Ct opts cmps t cpt ct cts Tui aG t tm gss w s t t pt s, b t Gps stt cmps.



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Business operations in Container Shipping



6.0

2010/11 2009/10

0

10

20

30

40

50

60 5.9

161.0

2010/11 2009/10

0

100

200

300

400

500

600

405.6

212.3

2010/11 2009/10

0

100

200

300

400

500

600

477.9

T 38.4% stk (s p 30 Sptmb 2011) hpg-l hg aG s ms t qt Tuis cst c sttmts. Sc t stk s c stmt m Tui aGspspct, t qt gs t c t Tui Gps pt pmc c-t eBiTa.

f mt ppss, t tb bw psts Ct Sppg m hpg-l aGspspct 100% bss.


Container Shipping - Key gures

million 2010/11 2009/10 v. %

T 6,038.6 5,863.0 + 3.0

EBITA 161.0 405.6 - 60.3

Gs sps 1.6 - 0.7

rstctg 0.1 + 0.4

Pcs pc ct 47.6 + 49.5

ot - tms 2.0 + 23.1

Underlying EBITA 212.3 477.9 - 55.6

T m Ct Sppg pts gw b 3.0% t 6.0b c

2010/11. Ts pmt m st m t 4.5% s tspt ms 3.9% -cs g gt ts. a ppst t ws cs b t wkg t uS dgst t e.

ug gs b 265.6m t 212.3m c 2010/11. ajstmts 51.3m t b c - cts, b pcs pc ct -pss sppg -tgs wc w q t t css Jp 2011.egs b jstmts - cts tt 161.0m, p 244.6m --.egs w m mpct b t csb s bk csts wk uS gst t . M, t mkt mt ws ccts b stg cmpttpss s tt t cs csts ws pt pss t cstms gtts.



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Transport volumes and freight rates

Transport volumes Freight rates

000 TEU US-$/TEU

2010/11 2009/10

0

1,000

2,000

3,000

4,000

5,000

6,000

4,871

2010/11 2009/10

0

300

600

900

1,200

1,500

1,800

1,5055,093 1,564

Financial exposure of TUI AG in Container Shipping

million 30 Sp 2010 31 M 2011 30 Sep 2011

Equity stake 1,187 1,537 1,187

istmt s Tui aG % 43.3 49.8 38.4

Tui st-tm 227 - -

Tui 180 180 -

Loans 407 180 -

hb cpt i 350 - -hb cpt ii 350 350 350

hb cpt iii 215 - -

Hybrid capital 915 350 350

Financial exposure 2,509 2,067 1,537

i c 2010/11, hpg-l spp tt 5,093 ts st cts(Teu) s tt tspt ms s b 4.5% -- spt sct cg mg-mt. Tspt ms gw t s. T g gt t ws 1,564 uSd/Teu c 2010/11, p 3.9% --. rts cs mst t sspt stg pc pss, t cpt bg t f est t w t -g gt t bw t p s .

Financial commitment of TUI AG to Container Shipping

as t t c 2010/11, Tui stk 38.4% hpg-l, gst 1.54b (qt 1.19b b cpt 0.35b).



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T Gps bc st tt cs b 7.7% s gst 30 Sptmb 2010 t 13.5b.

Vertical structural indicators

n-ct ssts cct 67.5% tt ssts, cmp wt 64.0% t ps. T cptst t (t ssts t tt ssts) s m 59.7% t 62.9%.

Ct ssts cct 32.5% tt ssts, cmp wt 36.0% t ps .T Gps cs cs qts c b 293.0m -- t 1,981.3m. Tts cct 14.7% tt ssts, s gst 15.6% t ps .

ManaGeMenT rePorTneT aSSeTS

Bc st tt c b 7.7%. Csb ct Gp bt t ws s m hpg-l sstmtst

Development of the Groups asset structure

million 30 Sep 2011 30 Sp 2010 v. %

f ssts 8,491.4 8,723.0 - 2.7n-ct cbs 616.2 633.7 - 2.8

Non-current assets 9,107.6 9,356.7 - 2.7

its 106.7 89.5 + 19.2

Ct cbs 2,272.1 2,602.6 - 12.7

Cs cs qts 1,981.3 2,274.3 - 12.9

assts s 24.2 292.4 - 91.7

Current assets 4,384.3 5,258.8 - 16.6

Assets 13,491.9 14,615.5 - 7.7

eqt 2,557.0 2,434.2 + 5.0

lbts 10,934.9 12,181.3 - 10.2

Equity and liabilities 13,491.9 14,615.5 - 7.7

Management Report nt asstsTUI AG a rpt 2010/11 105


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Horizontal structural indicators

at t bc st t, t t qt t -ct ssts ws 28.1%, s gst 26.0% t ps . T t qt t ssts ws 30.1% (ps : 27.9%). Tt qt ps -ct c bts t ssts ws 98.3%, cmp wt90.2% t ps .

Development of the Groups non-current asset

Goodwill

Gw c b 44.6m t 2,907.2m. i t p w, mpmts wq t mwk t mpmt tsts.

at 2,515.3m 86.5%, gw mst t t Tui T. Tui hts & rsts cct 391.9m 13.5%.

Property, plant and equipment

at 2,445.1m, ppt, pt qpmt pst t sc-gst tm t stt-mt c pst. Ppt, pt qpmt s cmps s ssts wcGp cmps c cmc wsp. at t bc st t, ts c ss cg mt 168.5m, w 34.5% --.

Development of property, plant and equipment

million 30 Sep 2011 30 Sp 2010 v. %

r stt wt ts 908.1 915.4 - 0.8

ot 202.3 167.0 + 21.1

act 241.1 347.2 - 30.6

Sps 430.8 403.9 + 6.7

Mc ts 421.1 419.0 + 0.5

assts cstct, pmts ccts 241.7 247.3 - 2.3

Total 2,445.1 2,499.8 - 2.2

Structure of the Groups non-current assets

million 30 Sep 2011 30 Sp 2010 v. %

Gw 2,907.2 2,862.6 + 1.6

ot tgb ssts 856.6 907.2 - 5.6istmt ppt 59.2 66.2 - 10.6

Ppt. pt qpmt 2,445.1 2,499.8 - 2.2

Cmps ms t qt 1,735.5 1,775.2 - 2.2

fc ssts b s 487.8 612.0 - 20.3

Fixed assets 8,491.4 8,723.0 - 2.7

rcbs ssts 452.7 500.1 - 9.5

d t cms 163.5 133.6 + 22.4

Non-current receivables 616.2 633.7 - 2.8

Non-current assets 9,107.6 9,356.7 - 2.7

106 Management Report nt assts TUI AG a rpt 2010/11


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Development of the Groups current assets

Inventories

at 106.7m, ts cs b 19.2% --. as t ps , mtmpmts mt ss wt-ws ts w ct c 2010/11.

Current receivables

Ct cbs cmps t ccts cb t cbs, ct cmt ssts cms m t c stmts. at 2,272.1m, ct cbscs b 12.7% --.

Cash and cash equivalents

at 1,981.3m, cs cs qts c b 12.9% --.

Assets held for sale

assts s c b 91.7% t 24.2m. Ts cs ws b t stmts mstt bgs Tks t ct, wc mw b cmpt.M, t ss gtts t s Jt4y w cmpt s tt t ssts b-ts ts sps gp w css m t cspg tms t sttmt c pst.

Companies measured at equity

a tt 57 cmps w ms t qt. Ts g csst 17 ssct cm-ps 40 jt ts. at 1,735.5m, t cs b 2.2% -- s t tbc st t.

Financial assets available for sale

fc ssts b s cs b 20.3% t 487.8m. T cmps ss -cst Gp sbss, stmts t scts.

Structure of the Groups current assets

million 30 Sep 2011 30 Sp 2010 v. %

Inventories 106.7 89.5 + 19.2

T ccts cb t ssts1) 2,182.1 2,531.5 - 13.8

Ct t ssts 90.0 71.1 + 26.6

Current receivables 2,272.1 2,602.6 - 12.7

Cash and cash equivalents 1,981.3 2,274.3 - 12.9

Assets held for sale 24.2 292.4 - 91.7

Current assets 4,384.3 5,258.8 - 16.6

1) c. cbs m t c stmts

Management Report nt asstsTUI AG a rpt 2010/11 107


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Unrecognised assets

i cg t t bsss pts, Gp cmps s ssts wc t w tt cmc w ccc wt t iaSB s. Mst ts ssts w ct, tcmps sps wc ptg ss, .. t, s ct gmts, w c-c t t tms cts cstm t sct.T c bts m ptg t, s ct gmts s b 13.1% t3,288.1m. at 41.9%, ct cct t gst pt, wt t cmps cctg 26.1%.

ft pts s w s t stct t mg tms t c bts

m ptg t, s ct gmts p t sct ot cbts t nts t t cst c sttmts.

Operating rental, lease and charter contracts

million 30 Sep

TUI AR11 Management Report

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