TUI AG (TUI)
TUI AG: Annual Financial Report - Part 1
11-Dec-2019 / 12:01 CET/CEST
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11 December 2019
TUI GROUP
Full year results to 30 September 2019
HIGHLIGHTS
· FY19 Group underlying EBITA result delivered in line with revised
guidance1 subsequent to MAX grounding, whilst continuing to invest in our
strategic transformation.
· This result, against a challenging market environment, proves the
resilience of our diversified business across both markets and
destinations, and our successful strategic transformation as an integrated
provider of holiday experiences.
· Our Holiday Experiences business delivered a strong performance and
double-digit ROIC performance.
· In contrast, our Markets & Airlines business saw a challenging market,
with a number of significant headwinds. Firstly, the continued Brexit
uncertainty and airline overcapacities led to a later customer booking
behaviour impacting margin performance for the year, compounded by the
grounding of the 737 MAX aircraft in March 2019. Our Summer 2019 programme
closed out well however, with both bookings and capacity in line with
prior year.
· Looking ahead, we will continue to focus and deliver on our four
strategic initiatives to enlarge TUI's ecosystem; 1) Protect and extend
our leading positions in Markets & Airlines, 2) Grow our Hotels & Cruise
businesses through asset-right expansion, 3) Build reach in new markets
through our new GDN-OTA2 digital platform and 4) Build scale in our
Destination Experience business through leveraging our Musement tours and
activities platform and targeted upselling through offering the potential
of 'One Million Things to Do'.
· We will continue to invest according to our disciplined capital
allocation policy. TUI remains well-positioned to benefit from the ongoing
transformation in this changing environment and deliver sustained growth
going forward.
· Based on our current outlook, we expect for FY20 an underlying EBIT
range of between approximately EUR 950m to EUR 1,050m1,3, which includes
an approximate EUR 130m cost impact from the 737 MAX grounding, assuming
a scenario whereby the MAX returns to service by end of April 20204.
However, in the alternative scenario, where the ban on the 737 MAX is not
lifted in time for a return to service by end of April 2020 and TUI has to
plan for a continued grounding for the remainder of FY20, the Group
assumes a further cost of between approximately EUR 220m to EUR 270m.
Neither scenarios include any potential grounding compensation from Boeing
in any form. Our guidance range above also includes a mid to high
double-digit millions investment in our digitalised platform growth.
· Proposed dividend of 54 Euro cents for financial year 2019 for payment
in February 2020.
· Capital allocation framework revised - updated dividend policy approved
for financial year 2020. Updated policy will be based on a core dividend
payout of 30 - 40% of the Group's Underlying EAT12 with a dividend floor
(minimum payout) of EUR 0.35 per share guaranteeing shareholders a
minimum payout irrespective of the market environment of the tourism
industry going forward.
KEY FINANCIALS
Year ended
30
September
EUR m 2019 2018 Change Constant
currency
change1
rebased
Turnover 18,928 18,469 +2.5% +2.7%
Underlying 893 1,1836 -24.5% -25.6%
EBITA5
Underlying 1,186 1,1836 +0.3% -0.8%
EBITA
excluding
MAX5
Reported 768 1,055 -27.1% -28.4%
EBITA7
Earnings 691 966 -28.4% -29.5%
before tax8
Group 532 775 -31.4% -32.4%
profit
attributabl
e to
shareholder
s of TUI AG
Underlying 0.89 1.16 -24.4% -24.4%
earnings
per share9
Proposed EUR 0.54 EUR 0.72 -25.6% n/a
dividend
per share
Net (EUR 910m) EUR 124m (EUR 1,034m) n/a
(debt)/cash
Leverage 3.0 times 2.7 times +0.3 times n/a
ratio10
Return on 15.5% 23.2% -7.7% ppts n/a
invested
capital
(ROIC)11
1 At constant currency
2 Global distribution network (GDN) as TUI's new Online Travel Agent (OTA)
platform, serving run rate of 250k customers to date
3 Excluding impact from IFRS16
4 Requires ban to be lifted by the end of February 2020 in order to allow
sufficient time to prepare for return to service by end of April 2020
5 Underlying EBITA has been adjusted for gains/losses on disposal of
investments, restructuring costs according to IAS 37, ancillary acquisition
costs, conditional purchase price payments under purchase price allocations,
amortisation of intangibles from purchase price allocations, and other
expenses and income from one-off items
6 FY19 comparative rebased in December 2018 to EUR 1,187m to take into
account EUR 40m impact for revaluation of Euro loan balance within Turkish
Lira entities in FY18, and adjusted further to EUR 1,183m for retrospective
application of IFRS 15
7 Reported EBITA comprises earnings before net interest result, income tax
and impairment of goodwill and excluding the result from the measurement of
interest hedges
8 For reconciliation of earnings before tax to underlying EBITA, please
refer to page 67 of the Annual Report
9 For calculation of underlying earnings per share please refer to page 39
of the Annual Report
10 Leverage ratio is calculated as the ratio of gross debt (including net
pension liabilities and discounted value of operating leases) to reported
EBITDAR
11 ROIC (return on invested capital) is calculated as the ratio of
underlying EBITA to the average for invested interest bearing capital for
the Group or relevant segment
Annual Report and FY19 Results Investor & Analyst Audio Webcast
Our year-end announcement and a full copy of our Annual Report can be found
on our corporate website: http://www.tuigroup.com/en-en/investors [1]. An
audio webcast for investors and analysts will take place today at 14.30 GMT
/ 15.30 CET. Our year-end presentation alongside details of the webcast,
will be made available via our website beforehand.
FY19 RESULTS
· In line with our revised expectations, we have delivered underlying
EBITA of EUR 880m at constant currency, 26% down on prior year. This
reflects EUR 293m cost impact from the grounding of the 737 MAX aircraft,
in line with our ad hoc announcement in March 2019. Excluding this impact,
we delivered a result in line with prior year, driven by the strong
underlying growth of our Holiday Experiences businesses and offset by our
Markets & Airlines business which faced ongoing external headwinds such as
continued Brexit uncertainty and airline overcapacities, impacting overall
underlying EBITA growth for the Group.
In EUR m
Underlying EBITA FY18 (originally reported) 1,147
IFRS15 adjustments -4
Rebase for Turkish loan revaluations +40
FY18 Underlying EBITA rebased for FY19 1,183
Holiday Experiences +72
Markets & Airlines -113
All other segments +27
Special items
Hotels & Resorts Prior Year: Riu gains on hotel disposals -43
net of lost earnings
Markets & Airlines Prior Year: Niki bankruptcy impact +20
(Central Region)
Markets & Airlines Prior Year: Airline disruptions (All +13
regions)
Markets & Airlines Q1 FY19: Hedging gain (Northern Region) +29
Markets & Airlines Q4 FY19: Thomas Cook Insolvency impact -15
(All regions)
Underlying EBITA FY19 at constant currency EXCLUDING 737 1,173
MAX grounding
Markets & Airlines Q2/Q3/Q4 FY19: 737 MAX grounding -293
Underlying EBITA FY19 at constant currency rates 880
Foreign exchange translation +13
Underlying EBITA FY19 at actual rates 893
Underlying FY19 at FY18 Variance FY19 at Variance at
EBITA in constant at actual actual
EUR m currency constant rates rates
rates1 currency
Rebased6 rates
Hotels & 437.5 460.0 -22.5 451.5 -8.5
Resorts
Cruises 366.7 323.9 +42.8 366.0 +42.1
Destination 54.9 45.6 +9.3 55.7 +10.1
Experiences
Holiday 859.1 829.5 +29.6 873.2 +43.7
Experiences
Northern 63.7 278.2 -214.5 56.8 -221.4
Region
Central Region 101.5 94.9 +6.6 102.0 +7.1
Western Region -27.1 124.2 -151.3 -27.0 -151.2
Markets & 138.1 497.3 -359.2 131.8 -365.5
Airlines
All other -117.3 -144.0 +26.7 -111.7 +32.3
segments
Total TUI 879.9 1,182.86 -302.9 893.3 -289.5
Group
· Hotels & Resorts delivered improved earnings and strong segmental ROIC
of 13.5% (versus segmental WACC of 7.8%), against a prior year result
which included EUR 43m of net disposal gains.
· Our diversified portfolio of destinations delivered an improved
like-for-like underlying result in the year - whilst our absolute
earnings for the segment saw a small decline year on year, this is
versus a result in the prior year which included net disposal gains of
EUR 43m.
· As anticipated, we saw demand for Spain during the year normalise with
both rates and occupancies coming off record highs in recent years. This
normalisation has been offset by a better result in our Turkish and
North African hotels as demand returned to these destinations. There was
continued high demand for the Caribbean and good demand for Greece.
· Occupancy rate remained high at 82% with average rate per bed
improving by 5% to EUR 66.
· We continue to deliver a strong ROIC performance of 13.5%,
demonstrating the benefit of our portfolio ownership approach of hotel
and club brands across multiple destinations, supported by our
integrated omni-channel distribution and underpinned by our disciplined
approach to investment.
· For further commentary on Hotels & Resorts, please see page 69 of the
Annual Report.
· Cruise delivered another year of strong growth, with record ROIC of
23.3% (versus segmental WACC of 6.73%).
· Growth was driven by new ship launches in each of our three brands -
Mein Schiff 2 by TUI Cruises in Germany, Explorer 2 by Marella Cruises
in the UK, and Hanseatic nature by Hapag-Lloyd Cruises in Germany, as
well as annualisation of new ships in the prior year.
· We delivered continued high occupancies and robust average daily rates
across the fleets, despite a significant increase in market capacity,
particularly in the German cruise market, demonstrating the continued
demand for our differentiated brands.
· Segmental ROIC grew to a record 23.3%, reflecting our equity
participation in TUI Cruises as well as strong performances by our
Marella Cruises and Hapag-Lloyd Cruises subsidiaries.
· For further commentary on Cruise, please see page 70 of the Annual
Report.
· Destination Experiences delivered a 22% increase in underlying EBITA in
the year, and a 44% increase if excluding EUR 10m investment in Musement
platform in the year. ROIC of 21.9%, 28.1% if excluding Musement
investment.
· Turnover up 105%, driven by both underlying customer growth and the
acquisition of Destination Management and Musement in 2018.
· Higher customer volumes in North Africa, South East Asia, Australia
and Caribbean.
· Tours and Activities increased by 116% to 9.7m versus prior year.
· Successful integration of Musement platform completed in the year.
· Third party distribution expanded through co-operation with Ctrip.
· For further commentary on Destination Experiences, please see page 70
of the Annual Report.
· Markets & Airlines delivered a result in line with revised expectations,
with underlying EBITA impacted by the 737 MAX grounding and external
market challenges.
· The grounding of the 737 MAX aircraft since March 2019 led to a cost
of EUR 293m across our Markets & Airlines business during the financial
year.
· The ongoing knock-on impact of last year's extraordinary hot Summer
and Brexit uncertainty led to a later booking behaviour versus prior
years.
· Additionally, external pressures such as airline overcapacity to
Spanish destinations, resulted in increased competition, putting
pressure on margins.
· These headwinds triggered the collapse of one of our key competitors
in this segment, leading to EUR 15m worth of bad debt write-offs in our
final quarter.
· Overall customer volumes declined slightly by 0.6% with customer
growth in Central Region (driven mostly by our growing market Poland)
offset by reductions in both Northern and Western Regions.
· Both direct and online distribution mix remained stable at 74% and 48%
respectively.
· Strong increase in our net promoter score to 53, from 50, which
evidences our continued priority and focus on our customer holiday
experiences as well as the strong appeal for our differentiated customer
offering.
· Against an environment of various market challenges, we initiated our
Markets & Domains Transformation Programme (MTP) which will focus on
driving our market competiveness, protecting and where possible
extending our leading market positions through revenue and cost base
initiatives.
· For further commentary on Markets & Airlines, please refer to pages 71
to 73 of the Annual Report.
· The underlying EBITA result for All other segments improved by EUR 27m
at constant currency versus prior year, reflecting various one-off cost
savings across central group functions. To better reflect airline economic
benefits in their respective regions, central aircraft financing effects
have been reallocated to each market at the end of the financial year.
Prior year FY18 underlying EBITA has subsequently been restated to provide
a like-for-like comparison, please refer to page 73 in the FY19 Annual
Report for further details.
· Reported EBITA declined by 27.1% at constant currency as a result of the
cost impact from the grounding of 737 MAX aircraft. Adjustments increased
EUR 37m mainly from one-off expenses relating to reorganisation costs in
Destination Experiences, the UK, Nordics, Germany and France as well the
loss on Corsair disposal, partly offset by income from the reduction of
pension obligations in the UK. For further detail on Adjustments, please
refer to page 67 of the Annual Report. In FY20, we expect approximately
EUR 100m gain on disposal from our German specialist businesses Berge &
Meer and Boomerang, to largely offset one-off expenses related to
efficiency enhancement and further transformation of our Market & Airlines
business, therefore anticipate net Adjustments for the new financial year
of between EUR 70m to EUR 90m.
· Underlying EPS decreased to EUR 0.89, a reduction of 24.4%, at constant
currency reflecting the operational developments as described above,
offset by the effect of more efficient financing, and continued low
underlying effective tax rate of 18%. For the calculation of underlying
EPS, please refer to page 39 of the Annual Report.
CAPITAL ALLOCATION
We have updated our capital allocation framework to reflect the following
financial priorities: (i) Organic growth, (ii) Payout of a core dividend,
(iii) Accretive Mergers & Acquisitions and portfolio optimisation and (iv)
Excess cash to be returned to shareholders. At the same time we are
disciplined in maintaining a solid balance sheet and keep our target gross
leverage ratio comfortably within the range of 3.0x - 2.25x. This updated
capital allocation framework will provide TUI Group with increased
flexibility as it facilitates investments in our strategic initiatives and
future growth opportunities, as well as an attractive dividend to
shareholders, underpinned by a solid and robust financial structure.
DIVIDEND
We are committed to delivering attractive returns to our shareholders. As
outlined in our guidance at the beginning of the financial year, we are
proposing a dividend for financial year 2019 in line with underlying EBITA
growth at constant currency. Therefore the Executive Board and the
Supervisory Board are recommending a dividend of 54 cents per share in
respect of the financial year 2019. Subject to approval at the Annual
General Meeting on 11 February 2020, shareholders who hold relevant shares
at close of business on 11 February 2020 will receive the dividend on 14
February 2020 and holders of depositary interests will receive the dividend
on 25 February 2020.
From Financial Year 2020 onwards, the Group's dividend policy will change as
follows:
* a core dividend payout of 30 - 40% of the Group's Underlying EAT12 with
* a dividend floor (minimum payout) of EUR 0.35 per share.
While the new dividend policy is expected to result in lower payouts, the
dividend floor guarantees shareholders a minimum payout irrespective of the
market environment of the tourism industry and subsequent impacts on
Underlying EAT12. Based on TUI's share price at the end of Financial Year
2019, the dividend floor would represent a dividend yield of 3.3% p.a.
12 Underlying EAT post minorities at constant currency is calculated as
Underlying EBIT minus interest expenses adjusted by one-off items minus tax
based on underlying tax rate of currently 18% minus minorities adjusted for
one-off items.
NET DEBT
Closing financial position declined from the prior year net cash position of
EUR 124m to EUR 910m net debt, in line with our plan. The higher net debt
position firstly reflects the full utilisation of our circa EUR 2bn
disposal proceeds generated post-merger, which benefitted our previous
closing balance sheet positions. Whilst operating cash flow was almost in
line with prior year, the increase in net debt was driven by higher net
investments in the year and our planned asset and debt financing of
EUR 437m, (predominantly related to our committed aircraft re-fleeting
programme) resulting in a net debt balance of EUR 910m at our financial
year end.
FUEL/FOREIGN EXCHANGE
Our strategy of hedging the majority of our jet fuel and currency
requirements for future seasons remains unchanged. This gives us increased
certainty of costs when planning capacity and pricing. The following table
shows the percentage of our forecast requirement that is currently hedged
for Euros, US Dollars and jet fuel for our Markets & Airlines, which account
for over 90% of our Group currency and fuel exposure.
Winter 2019/20 Summer 2020 Winter 2020/21
Euro 95% 74% 39%
US Dollars 95% 81% 45%
Jet Fuel 97% 88% 51%
As at 6 December 2019
EXPECTED DEVELOPMENT
FY19 saw a number of external challenges which limited our overall growth.
Some of these ongoing external challenges remain and are likely to persist
into FY20. TUI's sustained performance in a challenging market environment
demonstrates its successful transformation as an integrated provider of
holiday experiences, with strong strategic positioning, combining owned
products with strong omni-channel distribution capabilities, diversified
across markets and destinations. This coming year will see us focus on
driving competitiveness in Markets & Airlines, asset-right expansion of our
Holiday Experiences business, and building reach and scale through our
digital platforms in new markets and Destination Experiences, to enlarge
TUI's ecosystem. Delivering on our four strategic initiatives will ensure we
continue to grow our integrated business model and become a travel platform
with strong brands and strong customer relationships. We will invest
according to the priorities and discipline as outlined in our capital
allocation policy and TUI remains well-positioned to benefit in this
changing environment and deliver sustained growth going forward.
In Hotels & Resorts, our diversified portfolio of destinations means we will
continue to see a balanced result from the shift in demand for Turkey and
North Africa, against a normalisation in rates and occupancies in Spain,
particularly in the Canaries. Going forward we will continue to further
diversify our asset portfolio, we will selectively invest in our key hotels
brands such as Riu, Robinson and Blue Diamond. We will establish our TUI
Blue brand as a leading leisure asset-light hotel chain, growing from 11 to
100 hotels by end of 2020. Around 85 of these hotels will be through the
repositioning/conversion of existing hotels within the group portfolio, and
mostly under asset-light ownership such as joint ventures, management,
franchise and third-party concepts. We expect incremental capex over next
few financial years to acquire a small number of TUI Blue hotels which will
be fully owned. Around four new TUI Blue hotels will be opened during FY20.
Additionally, we plan to open around eight new incremental hotels across our
other key brands. Continuing on from past years, we expect to see
incremental profit contribution from the annualisation of past hotel
investments.
In Cruises, FY20 will see the annualisation benefit from three ships
launched across our three cruise brands during the course of FY19, plus a
full-year benefit from the Hanseatic inspiration expedition ship for
Hapag-Lloyd Cruises launched in October 2019. As well documented across the
sector, the international ocean cruise market saw a record year of new
capacity growth during 2019, with the German cruise market in particular
seeing an estimated 20% growth. As a result, TUI Cruises has seen customers
committing later to booking which we expect to limit yield and growth
contribution from TUI Cruises in the year. The introduction of IMO2020, the
new regulatory requirement to cap sulphur content of marine fuel oil as of 1
January 2020, will see higher operational costs incurred for Marella Cruises
(across the full fleet), Hapag-Lloyd Cruises (across full fleet) and TUI
Cruises (relating to Mein Schiff Herz). For Marella Cruises, average selling
price growth to date has been insufficient to cover the significantly higher
cost base as a result of IMO2020 and we expect this will fully erode any
annualisation benefit from Explorer 2 in FY20.
In Destination Experiences, we will continue to build customer reach and
scale to enlarge TUI's ecosystem. We will target upselling 'One Million
Things To Do' through both our Destination Management business and our
digitalised platform Musement. Alongside, we will grow both the number of
tours and activities offered and increase our 3rd party distribution through
partnerships such as Ctrip. In order to accelerate and achieve these
strategic goals, additional opex investment will be required which will be
at the expense of EBIT and margin in the short to medium term.
In Markets & Airlines, recent events have reinforced our leading market
position as an integrated provider of holiday experiences, enabling us to
benefit from our vertical integration model and drive more demand to our own
Holiday Experiences product businesses. Following the collapse of one of our
key competitors on 23 September 2019, we have experienced an unprecedented
number of customers in the UK migrating to TUI to fulfil their holidays. We
have subsequently increased our planned capacity for Winter 2019/20 by 2% to
flat year on year, from our previously planned reduction of 2%. For Summer
2020, we have increased capacity year on year by 14% driven by our recently
announced volume increases predominantly in the UK, followed by Germany and
Benelux. Currently Winter 2019/20 bookings are up 4% and average selling
prices are up 6% both versus prior year, with 59% of the programme sold, in
line with prior year13. Bookings for next Summer 2020 are at an early stage.
The UK is 25% sold, and at this stage, bookings are up 18% with average
selling price up 3%13.
13 These statistics are up to 1 December 2019, shown on a constant currency
basis and relate to all customers whether risk or non-risk
With regard to the UK's potential exit from the EU in 2020, a main concern
remains whether our airlines will continue to have access to EU airspace. We
are continuing to address the importance of there being a special and
comprehensive agreement for aviation between the EU and the UK post Brexit
to protect consumer choice with the relevant UK and EU decision makers, and
are in regular exchange with relevant regulatory authorities. We continue to
develop scenarios and mitigating strategies for various outcomes, including
a "hard Brexit", depending on the political negotiations, with a focus to
alleviate potential impacts from Brexit for the Group.
Based on our near-term strategic initiatives, we expect to deliver an
underlying EBIT range of between approximately EUR 950m to EUR 1,050m in
FY20, reflecting growth in Holiday Experiences and market uncertainties that
continues to impact our Markets & Airlines business, and includes an
approximate EUR 130m cost impact from the 737 MAX grounding, assuming a
scenario whereby the MAX returns to service by end of April 20204.
However, in the alternative scenario, where the ban on the 737 MAX is not
lifted in time for a return to service by end of April 2020 and TUI has to
plan for a continued grounding for the remainder of FY20, the Group assumes
a further cost of between approximately EUR 220m to EUR 270m.
Neither scenarios include any potential grounding compensation from Boeing
in any form.
Our guidance range above also includes a mid to high double-digit millions
investment in our digitalised platform growth. We would remind that FY20 Q1
will see a headwind of EUR 29m from the non-repeat of a hedging gain
reported in Q1 of the prior year and was also clear of any MAX grounding
costs during Q1 of the prior year.
Further detail on FY20 expected development is set out in the table below.
FY20 guidance1,3 FY19
Turnover Mid to high single digit EUR 18,928m
% growth
Underlying EBIT14 Between approximately EUR 893m3
EUR 950m -EUR 1,050m,
including approximately
EUR 130m cost impact
from MAX grounding,
assuming return to
service by end of April
20204
Should the MAX grounding
continue to the end of
FY20, additional cost
impact of EUR 220m
-EUR 270m expected
The above guidance does
not include any
potential grounding
compensation from Boeing
in any form; and
includes a mid to high
double-digit millions
investment in digital
platform growth.
Adjustments15 EUR 70m - EUR 90m EUR 125m
Underlying EAT (after EUR 540m - EUR 630m EUR 525m
minorities)
Net investments16 EUR 750m - EUR 900m EUR 1,118m
Asset & debt financing EUR 750m - EUR 850m EUR 447m
Net debt EUR 1.8bn - EUR 2.1bn EUR 910m
Dividend per share Updated dividend: a core EUR 0.54
dividend payout of 30 -
40% of the Group's
Underlying EAT17 with a
dividend floor (minimum
payout) of EUR 0.35 per
share
14 As from FY20, we will use Underlying EBIT which is more common in the
international sphere. Our previous KPI Underlying EBITA includes
amortisation of goodwill, any future goodwill impairments will be adjusted
for in the reconciliation to Underlying EBIT
15 Includes EUR 100m disposal gains from our German specialist businesses
Berge & Meer and Boomerang
16 Including net capex and net PDPs
17 Underlying EAT post minorities at constant currency is calculated as
Underlying EBIT minus interest expenses adjusted by one-off items minus tax
based on underlying tax rate of currently 18% minus minorities adjusted for
one-off items.
IMPLEMENTATION OF IFRS16 ACCOUNTING STANDARD UPDATE - WEBCAST
We will host an update on the implementation of IFRS16 by audio webcast on
Thursday 12th December at 10.00am GMT/11.00am CET. A short presentation
alongside details of the webcast will be made available via our website
beforehand.
ANNUAL GENERAL MEETING AND Q1 FY20
TUI Group will hold its Annual General Meeting and publish its Q1 FY20
Report on 11 February 2020.
ANALYST & INVESTOR ENQUIRIES
Mathias Kiep, Group Director Tel: +44 (0)1293 645 925/ +49
Investor Relations and (0)511 566 1425
Corporate Finance
Contacts for Analysts and Investors in UK, Ireland and
Americas
Hazel Chung, Senior Investor Tel: +44 (0)1293 645 823
Relations Manager
Corvin Martens, Senior Investor Tel: +49 (0)170 566 2321
Relations Manager
Contacts for Analysts and Investors in Continental Europe,
Middle East and Asia
Nicola Gehrt, Head of Investor Tel: +49 (0)511 566 1435
Relations
Ina Klose, Senior Investor Tel: +49 (0)511 566 1318
Relations Manager
Jessica Blinne, Junior Investor Tel: +49 (0)511 566 1442
Relations Manager
ISIN: DE000TUAG000
Category Code: ACS
TIDM: TUI
LEI Code: 529900SL2WSPV293B552
OAM Categories: 1.1. Annual financial and audit reports
Sequence No.: 34712
EQS News ID: 933315
End of Announcement EQS News Service
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December 11, 2019 06:01 ET (11:01 GMT)
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