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1 TUI Group Investor Presentation WestLB Deutschland Conference November 2010 TUI AG Investor Relations Seite 1

2 Future-related 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 ti from the expected ones. The potential ti 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. TUI AG Investor Relations Page 2

3 Agenda I. Group overview II. Financials & Financing update III. Outlook TUI AG Investor Relations Page 3

4 TUI current group structure Tourism Tour operator Hotels Cruises Container shipping At equity 43.3% * TUI AG Investor Relations Page 4 * 49.8% after conversion of Hybrid I on or prior 31 December 2010 in the context of the capital markets refinancing of Hapag-Lloyd

5 Tourism TUI Travel TUI AG Investor Relations Page 5

6 Tourism TUI Travel business segments Mainstream Specialist & Emerging Markets Activity Central, Northern & Western Europe TUI Travel is No 1 in most 22m customers European markets: Classic tour operator business Market leadership 40 specialist tour operators worldwide Approximately 1m customers Exclusive products / strong local brands 57 business units in 8 countries Lifestyle travel products Market leading brands Country Market position* Market share* Germany 1 27% Austria 1 48% Switzerland 3 18% Poland 1 14% UK 1 34% Nordics 2 26% France 1 33% Accommodation & Destinations TUI AG Investor Relations Page 6 Incoming agencies in 48 countries Online portals in Europe and Asia Destination services / online accommodation Belgium 2 44% Netherlands 1 20% * Mainstream sector based on external research

7 Tourism TUI Hotels & Resorts TUI AG Investor Relations Seite 7

8 Tourism TUI Hotels & Resorts at a glance No 1 leisure hotelier in Europe with 243 hotels and approx. 154,000 beds Most hotel companies with local partners Focus on four star category High occupancy rates through access to TUI Travel customers and direct distribution Selective growth in existing and new destinations Group-controlled hotel beds by regions Caribbean 21% North Africa/ Egypt 22% 5 Stars 24% Other 7% Hotels by categories Total: 243 Western Mediterranean 32% Eastern Mediterranean 18% 3Stars 12% 4 Stars 64% TUI AG Investor Relations Page 8

9 Tourism TUI Cruises TUI AG Investor Relations Seite 9

10 Tourism Cruises overview Hapag-Lloyd Cruises operates 4 ships in the German premium and luxury segment EUROPA, the flagship of the fleet, is for the eleventh time in succession the only 5 stars plus cruise ship in the world* * rated by Berlitz Cruise Guide Joint Venture (50/50) with Royal Caribbean Cruises Ltd. First cruise of Mein Schiff in May 2009 Fleet expansion announced for May 2011 with Mein Schiff II TUI AG Investor Relations Page 10

11 Tourism Relative strength of Corporate Germany TUI turnover split 08/09 Growth potential in segments* thereof Germany 29% thereof UK 23% Total: 16.6 bn Mainstream 82% Mainstream Sun & Beach Activity & Specialist Round trips, soft Adventure, Educational Travel, Residences Modular Flight, Hotel, Dynamics 2-3% 5-7% 8-10% Specialist 15% Hotel & Resorts Cruises 2% 1% Leisure Hotels 4-6% Cruises Ocean, River 8-10% * Based on external research Opportunities: Increase profitability by improving efficiency, exploiting synergies and reducing costs Leverage flexible business model and take advantage of new trends Growing differentiated hotel portfolio and carefully expand the German speaking cruise business Enter new source markets like China, India, Russia and Brazil TUI AG Investor Relations Page 11

12 Container shipping Hapag-Lloyd participation TUI AG Investor Relations Page 12

13 Container shipping Hapag-Lloyd at a glance TUI AG Albert Ballin KG Leading global container carrier 43 1/3%* 56 2/3% BidCo 100% 127 container vessels with a total capacity of 571,279 TEU** Revenues of approx. 4.9 bn (pro forma 08/09) Volume of 4.8 m TEU (pro forma 08/09) Hapag-Lloyd * 49.8% after conversion of Hybrid I on or prior 31 December 2010 in the context of the capital markets refinancing of Hapag-Lloyd ** Fleet Status: 30 June 2010 Sale of majority stake of Hapag-Lloyd to Albert Ballin in March 2009 Remaining participation of 43.3%* consolidated at equity from Q onwards TUI AG Investor Relations Page 13

14 Container shipping Relative strength of Corporate Germany Hapag-Lloyd volume split 2009 (m TEU) Developm. of transport volume (m TEU) CAGR 7% 160 CAGR 10% e 2011e 2012e 2013e 2014e 2015e HISTORICAL FORECAST Opportunities: Continue to increase operational efficiency, productivity and profitability Build on our strong reputation and long-standing and diversified customer base Achieving profitable organic growth and a solid financial profile Source: Global Insight, June 2010 TUI AG Investor Relations Page 14

15 Agenda I. Group overview II. Financials i & Financing i update III. Outlook TUI AG Investor Relations Page 15

16 P&L statement 3 rd quarter 2009/10 (in m) Group - key figures Q3 09/10 Q3 08/09 % Turnover 4, , Underlying EBITA Reported EBITA n.m. Group profit Segments - Underl. EBITA Q3 09/10 Q3 08/09 % TUI Travel TUI Hotels & Resorts Cruises n.m. Central operations Continuing operations Container shipping* n.m. *for information only on a 100% basis TUI AG Investor Relations Page 16

17 Balance sheet 30 June 10 Net financial debt position bn 06/10 03/10 09/09 06/09 Financial liabilities non-current current Cash Net debt Net debt assets held for sale Net debt incl. assets held for sale The net financial debt position decreased with the typical seasonal swing in the tourism business compared to the end of March The net financial debt position increased y-o-y due to additional liquidity idit support for Hapag-Lloyd in H TUI AG Investor Relations Page 17

18 Capital employed in shipping Amount 1 ( m) Comment Pro Forma ( m) Equity 43.3% 1,187 Right to tender in 2012 ³ 1,537² Hybrid I Conversion into equity on or prior to 12/2010 _ Hybrid II 350 Hybrid III 215 Interest of 5% p.a. Interest step up to market rate as of 07/2011 Expected repayment by 12/2010, 25 m guaranteed by Hamburg in 03/ _ Bridge loan 226 Repayment in 11/2010 _ Vendor loan 180 Maturity 01/ Loans and hybrids 1, Ttl Total 2,508 2,067 TUI AG Investor Relations Page 18 1) Nominal value 2) Conversion of Hybrid I ( 350 m) on or prior 31 December 2010 leads to 49.8% stake in Hapag-Lloyd 3) For 33.3%

19 Impact of the successful refinancing of Hapag-Lloyd on TUI AG Termination of state loan guarantee by Hapag-Lloyd Payment restrictions imposed by such guarantee ceased to exist Successful issue of bonds by Hapag-Lloyd totaling approx. 650 m Cash inflow of around 65 m in November 2010 on deferred interest Repayment of the bridge loan in the amount of 226 m in November 2010 Expected repayment of Hybrid III (TUI portion 215 m) at the end of 2010 TUI AG Investor Relations Page 19

20 Pro forma financing TUI AG assuming no further repayments from HL until 2012 and excluding operational effects -in m - TTP HL loan HL Real est. d) 79 b) c) 150 Hybrid III 150 CASH IN Disposal proceeds / 1800 Repaym. repayments of 1600 HL City of remaining capital Cash TUI AG a) 1061 TTP bridge loan 190 e) 455 loan HH HL 25 TUI interest PP 65 b) employed in HL (approx. 2.1bn) Asset streamlining programme (approx. 0.5bn) 400 CASH OUT 2009/ /11 Repayment of bonds ( 1.1bn in H2/2012) a) includes cash deposit of TUI Travel of 430 m b) split loans/private placements: 50 m (09/10); 150 m (12/10) c) approx. amount expected at the end of 2010 d) outstanding shareholder loan (12/10) netted against deposit e) further early repayment of 35 m in Q3 06/10 TUI AG Investor Relations Page 20 Cash Senior notes Loans and private placements

21 Agenda I. Group overview II. Financials i & Financing i update III. Outlook TUI AG Investor Relations Page 21

22 Outlook FY 09/10 Expectations for underlying earnings (EBITA) Synergy benefits from integration and stronger FX rate of GBP vs. Positive effects from cooperation between TUIfly and Air Berlin Negative margin impact in the source markets UK and Germany Earnings on last year s level expected Decline in average rates per bednight partly offset by cost cutting measures Slight decrease in earnings expected Chance: Continued positive booking trend for the summer season Earnings expected to rise slightly Due to the continued recovery in the container shipping business, significant positive earnings are expected The Group result for FY 2009/10 is now expected to be positive TUI AG Investor Relations Page 22

23 Group strategy Maximising value of Hapag-Lloyd investment, closely monitoring options to exit the business Pursuing restrictive cash and working capital management Optimising the structure within the tourism segments Expanding the tour operator business in growth markets like Russia and the Ukraine Focusing on a high-yield, differentiated hotel portfolio in TUI Hotel & Resorts Expanding the market share in the German-speaking volume market for cruises TUI AG Investor Relations Page 23

24 IV. Appendix A. Financials Underlying and reported EBITA Profit and loss statement Balance sheet B. Financial calendar TUI AG Investor Relations Page 24

25 A. Underlying and reported EBITA Q3 & 9M 09/10 m Q3 09/10 Q3 08/09 % 9M 09/10 9M 08/09 % Tourism Underlying EBITA TUI Travel TUI Hotels & Resorts Cruises n.m. Reported EBITA n.m. TUI Travel n.m. TUI Hotels & Resorts Cruises n.m. Central operations Underlying EBITA Reported EBITA n.m. Continuing operations Underlying EBITA Reported EBITA n.m Container shipping* Underlying EBITA n.m. Reported EBITA nm n.m n.m *for information only on a 100% basis TUI AG Investor Relations Page 25

26 A. Profit and loss statement million Q3 2009/10 Q3 2008/09 Var. % 9M 2009/10 9M 2008/09 Var. % restated restated Turnover 4, , , , Cost of sales 3, , , , Gross profit Administrative expenses , Other income/other expenses n.m Impairment of goodwill - - n.m n.m. Financial result Financial income Financial expenses Share of results of joint ventures and associates n.m n.m. Earnings before income taxes , Income taxes n.m Result from continuing operations Result from discontinued operation n.m n.m. Group loss n.m. Group loss attributable to shareholders of TUI AG n.m. Group loss attributable to minority interest n.m Group loss n.m. Basic and diluted earnings per share (in ) n.m. from continuing operations (in ) from discontinued operation (in ) n.m n.m. TUI AG Investor Relations Page 26

27 A. Balance sheet 30 June Sep Oct 2008 million restated restated Assets Goodwill 3 036, , ,0 Other intangible assets 948,7 887,9 883,7 Investment property 66,3 76,7 87,1 Property, plant and equipment 2 504, , ,9 Companies measured at equity 1 805, ,0 446,3 Financial assets available for sale 606,9 103,0 117,1 Trade accounts receivables and other receivables 611, ,0 423,4 Derivative financial instruments 214,5 111,4 78,3 Deferred income tax claims 394,6 277,9 182,1 Non-current assets , , ,9 Inventories 95,0 81,5 81,1 Financial assets available for sale 0,0 2,0 11,4 Trade accounts receivables and other receivables 2 649, , ,9 Derivative financial instruments 353,0 338,1 219,3 Current income tax receivables 146,0 21,2 42,3 Cash and cash equivalents 1 680, , ,4 Assets held for sale 258,7 405, ,8 Current assets 5 182, , , , , ,1 TUI AG Investor Relations Page June Sep Oct 2008 million restated restated Equity and liabilities Subscribed capital 643,1 642,8 642,3 Capital reserves 913,5 871, ,9 Revenue reserves - 43,6 230,0-812,7 Hybrid capital 294,8 294,8 294,8 Equity before minority interests 1 807, , ,3 Minority interests 383,0 324,4 321,5 Equity 2 190, , ,8 Pension provisions and similar obligations 967,6 838,6 573,6 Current income tax provisions 182,0 169,5 157,7 Deferred income tax provisions 217,3 181,3 273,0 Other provisions 549,1 500,3 524,5 Non-current provisions 1 916, , ,8 Financial liabilities 2 854, , ,2 Derivative financial instruments 95,2 78,7 95,5 Other liabilities 95,8 92,6 95,0 Non-current liabilities 3 045, , ,7 Non-current provisions and liabilities 4 961, , ,5 Pension provisions and similar obligations 34,0 29,8 34,5 Current income tax provisions 71,0 85,9 154,1 Other provisions 368,1 415,2 384,6 Current provisions 473,1 530,9 573,2 Financial liabilities 1 725,2 539,7 810,5 Trade accounts payable 2 270, , ,9 Derivative financial instruments 317,0 363,4 284,2 Other liabilities 3 336, , ,7 Current liabilities 7 649, , ,3 Liabilities related to assets held for sale 97,4 180, ,3 Current provisions and liabilities 8 219, , , , , ,1

28 B. Financial calendar 11 August 2010 Third Quarter 09/10 14 December 2010 Financial Year 09/10 Analysts Meeting 09 February 2011 Annual General Meeting TUI Investor Relations phone: TUI AG Investor Relations Page 28

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