TUI Group Investor Presentation

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1 TUI Group Investor Presentation WestLB Deutschland Conference Frankfurt, November 2009 TUI AG Investor Relations Seite 1

2 Agenda I. Group overview II. Financials III. Outlook 2009 IV. Financing update TUI AG Investor Relations Seite 2

3 TUI current group structure Tourism Tour operator Hotels Cruises At equity 43.33% TUI AG Investor Relations Seite 3

4 Tourism TUI AG Investor Relations Seite 4

5 Tourism TUI Travel overview Merger of TUI Tourism activities with First Choice Holidays businesses in 2007 Europe s leading international leisure travel company Over 30 m customers from over 25 source markets Over 135 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 Seite 5

6 Tourism TUI Travel business segments Mainstream Sector Specialist & Emerging Markets Sector Activity Sector Accommodation & Destinations Sector Central, Northern and Western Europe 25 m customers Classic tour operator business / market leadership 40 specialist tour operators worldwide Around 1 m customers Exclusive products / strong local brands 57 business units in 8 countries 1 m guests Lifestyle travel products / market-leading brands Incoming agencies in 48 countries Online portals in Europe and Asia Destination services / online accommodation TUI AG Investor Relations Seite 6

7 Tourism TUI Travel drivers of growth Strategic Imperatives Levers Product & Content Differentiated and specialist product Distribution & Brands Business Model & People Direct distribution Brand positioning Synergy delivery Efficiency improvements Capacity management Leadership & structure Delivering sustainable margin growth Growth & Capital Allocation Acquisition programme Organic growth ROI focus Cash management TUI AG Investor Relations Seite 7

8 Tourism TUI Travel synergy mix UK Mainstream and Group & Global Group & Global 40 m Airline 68 m Tour Operations 17 m Distribution 17 m Restructuring & IT 58 m Integration programme well on track to deliver cost synergies of 200 m TUI AG Investor Relations Seite 8

9 Tourism TUI Hotels & Resorts TUI AG Investor Relations Seite 9

10 Tourism TUI 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 Seite 10

11 Tourism TUI Hotels & Resorts overview Group-controlled hotel beds by regions Other 7% Caribbean 20% Total: 149,424 West. Mediterranean 33% North Africa/ Egypt 21% 5 Stars 23% Hotels by categories 3 Stars 12% Eastern Mediterranean 19% Total: Stars 65% TUI AG Investor Relations Seite 11

12 Tourism TUI Cruises TUI AG Investor Relations Seite 12

13 Tourism TUI Cruises Hapag-Lloyd Cruises operates 4 ships in the German premium and luxury segment EUROPA, the flagship of the fleet, is for the eighth 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. Christening of the first ship Mein Schiff and first cruise in May 2009 TUI AG Investor Relations Seite 13

14 Container shipping Hapag-Lloyd participation TUI AG Investor Relations Seite 14

15 Container shipping Hapag-Lloyd at a glance TUI AG Albert Ballin KG Top 5 global container shipping company 43 1/3% 56 2/3% BidCo 100% 128 container vessels with a total capacity of 492,000 TEU* Revenues in 2008: 6.2 bn Volume in 2008: 5.5 m TEU *Fleet Status: 31 December 2008 Hapag-Lloyd 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 Seite 15

16 Container shipping Freight rates and transport volumes Share of volume for FY 2008 (m TEU) Atlantic 25% 20% Development of freight rates & volumes since 2007 % change y-o-y Freight rate Volume Trans- Pacific 20% Latin America 18% 10% 0% Q1 07 Q2 07 Q3 07 Q4 07 Q108 Q208 Q308 Q408 Q1 09 Q % Far East 24% Australasia 13% -20% -30% TUI AG Investor Relations Seite 16

17 Agenda I. Group overview II. Financials III. Outlook 2009 IV. Financing update TUI AG Investor Relations Seite 17

18 Financials H / FY 2008 m H H % Turnover 7, , Underlying EBITA Reported EBITA Group profit* n.m. m FY 2008 FY 2007 % Turnover 18, , Underlying EBITA Reported EBITA Group profit* n.m. * before minorities TUI AG Investor Relations Seite 18

19 Turnover and Earnings H / FY 2008 Handout only m H H % FY 2008 FY 2007 % Tourism Turnover 7, , , , TUI Travel 6, , , , TUI Hotels & Resorts Cruises Underlying EBITA TUI Travel TUI Hotels & Resorts Cruises n.m Others/Consolidation Central operations Turnover Underlying EBITA n.m Continuing operations Turnover 7, , , , Underlying EBITA TUI AG Investor Relations Seite 19

20 P&L highlights H m H H Reported EBITA Impairment of goodwill EBIT Interest result Equity result container shipping EBT Income taxes Result from continuing operations Result from discontinued operations Group profit Minority interests Group profit after minorities Number of shares (average) m EPS 0,78-0,93 Incl. charges for the interest effects on the Hapag-Lloyd loans totaling 371 m resulting from a comparison between current appropriate interest rates compared to the interest rates agreed in March 2009 Equity result Hapag-Lloyd (43.3% participation) Book gain in Q on sale of Hapag-Lloyd of 1,134.9 m TUI AG Investor Relations Seite 20

21 Balance sheet H Net financial debt position bn 06/ / /2008 Financial liabilities non-current current Cash Net debt Hapag-Lloyd Net debt Q1: Q2: Considerable reduction in net financial debt position as a result of the disposal of Hapag-Lloyd Reduction in gross debt due to lower seasonal debt at TUI Travel as well as early redemption of 100 m private placement (12/2009) of TUI AG Reduction in cash mainly due to full drawings of loans by Hapag-Lloyd and the private placement TUI AG Investor Relations Seite 21

22 Agenda I. Group overview II. Financials III. Outlook 2009 IV. Financing update TUI AG Investor Relations Seite 22

23 Tourism Trading update Handout only Current Trading 1 y-o-y variation% ¹ These statistics are up to 20 September 2009 ² These statistics relate to all customers whether risk or non-risk ³ These statistics include Online businesses only TUI AG Investor Relations Seite 23 Summer 2009 ASP² Sales² Customers² UK Charter Nordic Northern Region Germany - charter Germany - scheduled Total Germany Austria Flat Switzerland Poland Central Europe France Belgium Netherlands Western Europe Specialist Activity NA -12 NA A&D (formerly ODS)

24 Outlook M short financial year* Expectations for underlying earnings (EBITA) Synergy benefits from integration Tight capacity management Stable product margins; high capacity utilization Stable earnings expected Slightly higher capacity scheduled Mexican operations negatively influenced by swine flu Slight decline in earnings expected Earnings expected to be below last year s level due to start-up costs of TUI Cruises * The Annual General Meeting of TUI approved the resolution on changing the financial year end 31 December to 30 September. The period from 01 January 2009 to 30 September 2009 will form a short financial year. TUI AG Investor Relations Seite 24

25 Agenda I. Group overview II. Financials III. Outlook 2009 IV. Financing update TUI AG Investor Relations Seite 25

26 Recent transaction highlights TUI TUI Travel Successful issue of convertible bonds at 218 m Maturity date: 17 November 2014 Extension of debt maturity profile Successful issue of convertible bonds at GBP350 m Raising of additional bank facilities of GBP140 m Early repayment of remaining shareholder loan initiated Hapag-Lloyd Approval for state guaranteed loans in the amount of 1.2 bn Shareholder contribution for Hapag-Lloyd support of 923 m (equity contribution) Restructuring of TUI loans TUI AG Investor Relations Seite 26 Hapag-Lloyd cost cutting programme of approx. US$1.1 bn installed

27 Revised repayment schedule for shareholder loan to TUI Travel Following the issue of the convertible bonds the new repayment schedule is as follows: 100 m 30 September m 01 April m 01 December 2010 at the latest (mandatory repayment obligation) 160 m 30 April ,019 m In addition to the refinancing raised, TUI Travel plans to repay the remainder of the shareholder loan by using existing cash and bank facilities Logic of the revised repayment schedule: Perfect fit with TUI maturity profile Comfortable cash reserves for TUI Travel for the upcoming winter seasons Comfortable refinancing position for TUI and TUI Travel TUI AG Investor Relations Seite 27

28 Hapag-Lloyd: Capital and financing measures New Hapag-Lloyd Financing 1.95 bn Shareholder contribution 0.75 bn State guaranteed bank loans 1.2 bn Hapag-Lloyd cost saving programme US$1.1 bn TUI AG Albert Ballin KG Secured by state guarantees Unsecured 43 1/3% 56 2/3% 90% 10% With the presented financing concept and the implemented cost cutting programme by Hapag-Lloyd the requirements for state aid by the federal government of Germany as well as the EU are met. TUI AG Investor Relations Seite 28

29 Background on state guarantees to Hapag-Lloyd Financial impact caused by state guarantees Hapag-Lloyd is principally not allowed to repay or serve any debt as long as the guarantees are in place Current TUI loans have to be restructured Size of the state guarantees All committed cash obligations are also covered by the facility The facility includes potential financing for the order book of container ships (approx. US$0.6 bn) Likelihood of drawings If or to what extent Hapag-Lloyd will use the state backed loans depends on the operational development going forward Strongly improved cash situation due to contribution from shareholders Low capex commitments going forward Bottoming-out of freight rates since July 2009 TUI AG Investor Relations Seite 29

30 Capital employed in shipping (status after state guarantees) -in m - Amount Comment 43 1/3% Hapag-Lloyd stake 910 Fresh equity 124 Debt equity swap 153 Put option in 2012 Timing 2009 e Timing 04/10 e Equity stake in Hapag-Lloyd 1,187 Debt hybrid swap I Debt hybrid swap II Convertible into equity from 03/11 Interest step-up after state guarantees New hybrid structure (ex CTA) m repayment guaranteed by Hamburg Subordinated loan 227 Structure acc. to guarantee Vendor loan 180 Maturity 03/14 Loans incl. hybrids 1,322 Total 2,509 RCF 200 Repayment guaranteed by consortium 03/10 Real estate Hapag-Lloyd 150 Sale&lease back H2/10 TUI AG Investor Relations Seite 30

31 Pro forma long-term financing TUI AG assuming no repayment from HL until 2012 and excluding operational effects -in m Cash TUI AG HL Real est. + RCF SHL TTP SHL TTP 509 ** Repaym. SHL 400 City of TTP HL 150 HH * support 25 Purchase Conv SHL 215 TTP bond 625 TTP shares CASH IN Disposal proceeds / repayments of capital employed in HL (approx. 2.5bn) Asset streamlining programme (approx. 0.5bn) CASH OUT Repayment of bonds ( 1.1bn in H2/2012) 0 TUI AG Investor Relations Seite * Early redemption of private placement of 83 m due in 12/09 and of 33 m due in 04/10 ** Split private placements/loans: 184 m (04/10); 50 m (09/10); 150 m (12/10) Cash Senior Notes Private placements and loans Other

32 Options for liquidity generation Asset streamlining Financing for owned assets (cruise ships, real estate and hotels) Disposal of non-core assets (e.g. real estate and hotels) Disposal proceeds / repayments of capital employed in Hapag-Lloyd Diversified financing instruments (loans, hybrids, equity) offer high flexibility to realise employed values in Hapag-Lloyd as soon as there are signs of improvement in the shipping industry TUI has sufficient sources to meet future financial obligations TUI AG Investor Relations Seite 32

33 V. Appendix A. Turnover and Earnings Pro Forma FY 2008/2009 Pro Forma FY 2007/2008 B. Financial calendar TUI AG Investor Relations Seite 33

34 A. Turnover and Earnings Pro Forma Financial year 2008/2009 (FY 30 Sept.) m TUI AG Investor Relations Seite 34 Q1 08/09 *Q2 08/09 Q3 08/09 Tourism Turnover 3, , ,158.8 TUI Travel 3, , ,007.9 TUI Hotels & Resorts Cruises Underlying EBITA TUI Travel TUI Hotels & Resorts Cruises Consolidation Central operations Turnover Underlying EBITA Continuing operations Turnover 3, , ,175.7 Underlying EBITA *restated Q4 08/09 FY 08/09

35 A. Turnover and Earnings Pro Forma Financial year 2007/2008 (FY 30 Sept.) m Q1 07/08 Q2 07/08 Q3 07/08 Q4 07/08 FY 07/08 Tourism Turnover 3, , , , ,828.2 TUI Travel 3, , , , ,213.0 TUI Hotels & Resorts Cruises Underlying EBITA TUI Travel TUI Hotels & Resorts Cruises Consolidation Central operations Turnover Underlying EBITA Continuing operations Turnover 3, , , , ,944.4 Underlying EBITA TUI AG Investor Relations Seite 35

36 B. Financial calendar 15 December 2009 Short Financial Year February 2010* First Quarter 2009/10 17 February 2010 Annual General Meeting 12 May 2010* Second Quarter 2009/10 11 August 2010* Third Quarter 2009/10 *scheduled TUI Investor Relations - investor.relations@tui.com - Phone: TUI AG Investor Relations Seite 36

37 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. TUI AG Investor Relations Seite 37

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