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TUI AG | Investor Relations | Page 1
Merrill LynchAll Stars 2009 Conference New York, 31 March - 01 April 2009
TUI GroupInvestor Presentation
TUI AG | Investor Relations | Page 2
I. Strategy
II. Tourism – Travel/Hotels&Resorts/Cruises
III. Container shipping – discontinued operations
IV. Financials
V. Outlook
Agenda
TUI AG | Investor Relations | Page 3
Tourism
TUI – current group structure
Tour Operator At equity (43.3%)Hotels Cruises
TUI AG | Investor Relations | Page 4
Hapag-Lloyd disposal: transaction highlights
Gain on disposal
Net debt
Approx. €1.0 bnRealization at closing
Significant reduction by approx. €2.8 bn
Additional liquidity frame of €1.1 bn
Entity Value
TUI sells 100% of Hapag-Lloyd to BidCo
TUI acquires 43.3% of BidCo; Albert Ballin KG holds 56.7% Deal Structure
€4.450 bn (=100%)
Deal components Container line, terminal participations and real estate
Timing Closing completed in March 2009
TUI AG | Investor Relations | Page 5
Deal structure
Albert BallinKG
Hapag-Lloyd
TUI AG
TUI with controlled Container shipping exit
TUI keeps a significant interest in Hapag-Lloyd
Earn-Out of €250 m on fulfillment of 3 year budget (cumulated)
TUI can sell 33.3% participation early 2010, but 10% immediately
pre-emption right of Albert Ballin KG
TUI holds a put option to sell all shares to Albert Ballin KG exercisable from 1 January 2012, but the execution of 10% can be extended until 2014
43 1/3% 56 2/3%
BidCo
100%
TUI AG | Investor Relations | Page 6
Tourism
TUI AG | Investor Relations | Page 7
TourismTUI Travel – overview
Merger of TUI Tourism activities with First Choice Holidays businesses in 2007
Europe’s leading international leisure travel company
Over 30 million customers from over 25 source markets
Over 150 aircraft
Circa 3,500 retail shops in Continental Europe, UK & Ireland
50,000 colleagues
Widest range of leisure travel experiences available
TUI AG | Investor Relations | Page 8
TourismTUI Travel – business segments
MainstreamSector
Classic TO business /market leadership
Online Destination
Services Sector
Destination services / Online accommodation
SpecialistsSector
Exclusive products / strong local brands
ActivitySector
Lifestyle travel products / market-leading brands
Turnover~€15,5 bn
Turnover~€1.0 bn
Turnover~€1.0 bn
Turnover~€0.5 bn
TUI AG | Investor Relations | Page 9
TourismTUI Travel – pillars of profitable growth
Product & Content Differentiated and specialist product
Levers
Business Model & People
Synergy deliveryEfficiency improvementsCapacity managementLeadership & structure
Distribution & BrandsDirect distributionBrand positioning
Growth & Capital Allocation
Acquisition programmeOrganic growthROI focusCash management
Delivering sustainable
margin growth
Strategic Imperatives
TUI AG | Investor Relations | Page 10
Tourism TUI Travel – integration and synergy update
TUI Travel achieved following milestones in 2008:
Integrating and relocating all tour operating and airline functions into Luton
Integrating the charter airlines in the UK under one common airline operating certificate
Integrating controlled distribution and introducing one reservation system for the Mainstream and Specialist tour operators in the UK
Integrating the former TUI and First Choice activities outside the UK, e.g. in France or in the Online Destination Services sector
Integration programme is well on track, additional amount of £25 m of synergies identified, particularly in the UK mainstream business➔ Full synergy benefit of £200 m expected
TUI AG | Investor Relations | Page 11
TourismTUI Hotels&Resorts
TUI AG | Investor Relations | Page 12
TourismTUI Hotels&Resorts – at a glance
No 1 leisure hotelier in Europe with
238 hotels and approx. 150,000 beds
Most hotel companies with local
partners
Focus on four star category (65%)
High occupancy rates (~80%) through
access to TUI Travel customers and
direct distribution
TUI AG | Investor Relations | Page 13
TourismTUI Hotels&Resorts – overview
Group-controlled hotel beds by regions
Eastern Mediterranean
19%
West. Mediterranean
33%
North Africa/ Egypt21%
Caribbean20%
Other7%
Hotels by categories
5 Stars23%
3 Stars12%
4 Stars65%
Total:238
Total:149,424
TUI AG | Investor Relations | Page 14
TourismTUI Cruises
TUI AG | Investor Relations | Page 15
TourismTUI Cruises
Joint Venture (50/50) with Royal Caribbean Cruises Ltd.
First broschure published in early September 2008
First cruise in May 2009
Hapag-Lloyd Cruises operates 4 ships in the German premium and luxury segment
High average fleet utilisation with 80.2% in 2008
TUI AG | Investor Relations | Page 16
Container shipping – discontinued operations
TUI AG | Investor Relations | Page 17
944
634492 459 448 435 425 376 354 348 299 298 292 287 251 241 184 138
1,932
1,425
MAERSKMSC
CMA-CGM
EVERGREEN
HAPAG-LLOYD
COSCO
NOLNYKCSCL
MOLOOCLHANJINK-LI
NE
HAMBURG-SUD
YANG MIN
GCSAV
ZIMHYUNDAI
PILUASC
Capacities in tsd TEUships >399 Teu
Hapag-Lloyd ranked Number 5
Container shippingGlobal Top 20 Container Carriers
Source: Transmodal, Jan 09
TUI AG | Investor Relations | Page 18
Far East24%
Australasia13%
Latin America
18%
Atlantic25%
Trans-Pacific20%
Container shipping Hapag-Lloyd at a glance
Top 5 global container shipping company
128 container vessels with a total capacity
of 492,000 TEU*
Revenues in 2008: €6.2 bn
(+ 4.3% y-o-y)
Volume in 2008: 5.5 mill TEU
(+ 1.7% y-o-y)
Share of volume for FY 2008 (mill TEU):
*Fleet Status: 31 December 2008
TUI AG | Investor Relations | Page 19
I. Strategy
II. Tourism – Travel/Hotels&Resorts/Cruises
III. Container shipping – discontinued operations
IV. Financials
V. Outlook
Agenda
TUI AG | Investor Relations | Page 20
46
439
548
404
0
100
200
300
400
500
600
- 88.6%
18.7
15.9
0
4
8
12
16
20
P&L highlights 2008
Turnover ReportedEBITA
-121
173
-200
-100
0
100
200
2007 2008Group profit after
minorities
in € bn in € m in € m
UnderlyingEBITA
+ 17.5% + 24.8%
2007 2008 2007 2008 2007 2008
Goodwill impairment
Reported EBITA 2008 impacted by integration related cost at TUI Travel
TUI AG | Investor Relations | Page 21
€ m 2008 2007 %
Tourism Turnover 18,628.4 15,814.5 + 17.8 Underlying EBITA 601.9 463.2 + 29.9Central operations Turnover 85.9 117.6 - 27.0 Underlying EBITA - 54.4 - 24.5 -122.0Continuing operations Turnover 18,714.3 15,932.1 + 17.5 Underlying EBITA 547.5 438.7 + 24.8Container shipping* Turnover 6,219.8 5,964.5 + 4.3 Underlying EBITA 211.1 177.4 + 19.0Consolidation Turnover -25.9 -38.2
Group Turnover 24,908.2 21,858.4 + 14.0 Underlying EBITA 758.6 616.1 + 23.1
Turnover and Earnings 2008
*Discontinued operations
TUI AG | Investor Relations | Page 22
Balance sheet 2008Net financial debt position
€ bn 2008 2007 %
Financial liabilities 4.98 5.53 - 9.9
thereof non-current 3.97 4.73
thereof current 1.01 0.80
Cash 2.05 1.61 + 27.3
Net debt 2.93 3.92 - 25.3Net debt container shipping 1.15 -
Net debt incl. container shipping 4.08 3.92 + 4.1
Reclassification of liabilities of €1.15 bn under IFRS 5 (Hapag-Lloyd)
TUI AG | Investor Relations | Page 23
Impact from Hapag-Lloyd disposalMedium-term capital employed in shipping
-in €m- Amount Maturity
TUI Vendor Loan 180 03/2014
TUI RCF 200 03/2010
New short-term loan 380 03/2010-11
New long-term loan 400 12/2011
New subordinated loan 300 12/2012
∑ Credit lines 1.460
43 1/3 % participation (Put option)
910
∑ ∑ Financial engagement 2.370
to be sold: Real estate 150
Remaining inter-company receivable of TUI AG – no fresh money
Repayment guaranteed by the consortium
Chances
Refinancing opportunities of Hapag-Lloyd to replace drawings
FactoringSecured financingAsset disposals
approx. US$ 600 - 700 m
€190 m to be repaid 03/2010
€1.1 bn liquidity frameActual drawings €0.7 bn
TUI AG | Investor Relations | Page 24
TUI Group
Net debt current structure (31.12.2008) €4.1 bn
Net impact upon closing of HL-deal (56.7%) €2.8 bn
Pro forma net debt after closing of shipping €1.3 bn
Drawings from liquidity frame €0.7 bn
Pro forma net debt including drawings €2.0 bn
Impact from Hapag-Lloyd disposalPro forma impact of disposal proceeds on net debt
€1.6 bn cash€1.2 bn net debt
TUI AG | Investor Relations | Page 25
I. Strategy
II. Tourism – Travel/Hotels&Resorts/Cruises
III. Container shipping – discontinued operations
IV. Financials
V. Outlook
Agenda
TUI AG | Investor Relations | Page 26
Tourism – TUI TravelTrading update
Summer 2009
y-o-y variation% ASP Sales Customers Capacity Left to sell ASP Sales Customers Capacity Left to sell Short-haul + 5 - 12 - 16 + 8 - 17 - 23 Medium-haul + 10 + 1 - 8 + 11 - 7 - 16
Long-haul + 6 + 2 - 4 + 12 - 16 - 25
UK Charter + 10 - 2 - 11 - 9 + 4 + 10 - 10 - 18 - 17 - 14Nordic + 2 - 6 - 8 - 8 - 11 + 8 - 14 - 20 - 14 - 10
Northern Region + 7 - 3 - 9 - 8 + 3 + 10 - 11 - 19 - 16 - 15
Germany - charter flat - 4 - 4 + 1 - 12 - 13 Germany - Scheduled + 16 - 15 - 27 + 14 + 22 + 7Total Germany + 7 - 5 - 11 - 16 - 29 - 2 - 11 - 9 - 15 - 17Austria + 8 - 20 - 26 - 27 + 4 - 15 - 18Switzerland - 5 - 14 - 9 - 29 - 8 - 26 - 20Poland + 7 + 17 + 10 + 17 flat - 52 - 52
Central Europe + 6 - 6 - 11 - 17 - 30 -2 - 13 - 11 -15 - 17
France + 7 - 7 - 13 - 10 + 4 - 20 - 23Belgium + 4 + 2 - 2 - 6 flat - 7 - 7Netherlands + 2 - 7 - 9 - 15 + 1 - 19 - 20
Western Europe + 4 - 5 - 9 - 10 - 18 + 1 - 15 - 15 - 10 - 5
Specialist + 11 - 1 - 11 + 2 - 15 - 17
Activity n/a - 7 n/a n/a - 20 n/a
ODS + 1 + 2 + 1 + 3 - 9 - 11
Winter 2008/09
Based on trading statistics up to 15 March 2009
TUI AG | Investor Relations | Page 27
Measure US$ m Details
Ship system 193 Service network optimization, re-routing, bunker management
Terminal, inland, operations 118 Renegotiation terminal and inland contracts
General and administration 45 Consulting, IT, Travel etc.
Hiring freeze, temps 9 No extension of temporary staff contracts, hiring freeze
Total 365
Cost saving measures Hapag-Lloyd in 2009
TUI AG | Investor Relations | Page 28
Outlook 2009Expectations for underlying earnings (EBITA)
2008 2009
€453 m
€142 m
€7 m
€211 m
Synergy benefits from integrationTight capacity managementStable product margins; high capacity utilization
Slightly higher capacityStable earnings expected
Positive development of Hapag-Lloyd KreuzfahrtenEarnings expected to fall due tostart-up costs of TUI Cruises
Full consolidation until 03/09 (no cash impact!)At equity from 04/09 (43.3%) Cost saving program initiated (~ US$ 360 m)
TUI AG | Investor Relations | Page 29
25 March 2009 Financial Year 2008
11 May 2009* First Quarter 2009
13 May 2009 Annual General Meeting 2009
13 August 2009* Second Quarter 2009
12 November 2009* Third Quarter 2009
Financial calendar 2009
TUI AG Investor Relations - E-Mail: [email protected] - Phone: +49-511-566-1425
* scheduled
TUI AG | Investor Relations | Page 30
Future-related statements
This presentation contains a number of statements related to the future
development of TUI. These statements are based both on assumptions and
estimates. Although we are convinced that these future-related statements
are realistic, we cannot guarantee them, for our assumptions involve risks
and uncertainties which may give rise to situations in which the actual
results differ substantially from the expected ones. The potential reasons
for such differences include market fluctuations, the development of world
market fluctuations, the development of world market commodity prices,
the development of exchange rates or fundamental changes in the economic
environment. TUI does not intend or assume any obligation to update any
forward-looking statement to reflect events or circumstances after the date
of these materials.