{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "ifrs-full": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "scheme": "http://standards.iso.org/iso/17442", "tuiag": "http://www.tuigroup.com", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "http://www.tuigroup.com/529900SL2WSPV293B552-2023-09-30.xsd" ] }, "facts": { "fact-783": { "value": "Risk Report Successful management of existing and emerging risks is critical to the long-term success of our business and to the achievement of our strategic objectives. In order to seize market opportunities and leverage the potential for success, risk must be accepted to a reasonable degree. Risk management is therefore an integral component of the Group\u2019s Corporate Governance. AtTUI, managing risk has always been a vital part of how we conduct our business. At TUI we incorporate all elements of a fully developed risk management system. It is not limited to identifying only those developmentsthat could jeopardise the companies continued existence, it also includes the active management of all oth ermaterial risks. Risk management is limited to risks only, short-term chances or opportunities are managed in the controlling process, whereas Group Strategy continuously identifies and monitors long-term chances. Legal risks are reported in a separate legal risk report. In financial year 2023, the Group has conducted a Climate Scenario Analysis following the recommendations of the Task Force for Climate Related Financial Disclosures ( TCFD) initiative. Certain risks and opportunities resulting from projected climatical changes have been identified and assessed. Given the importance of climate change, TUI is using its established Risk Management Process to facilitate the management of these risks. Given the variety of potential impacts on our business and to report on these elements centrally, we have decided to set up a new principal risk \u201cClimate change impacting our business model\u201d (see principal risk 10 on page 48) These topics have been discussed intensively in two of our Group Risk Oversight Committee meetings and results have been presented to both, the Group Executive Committee and the Audit Committee.AUDIT COMMITTEE \u2013 OVERSEE & REVIEW The Audit Committee, as a subcommittee of the Supervisory Board, is overseeing the appopriateness and effectiveness of the risk management system. The Head of the Group Risk team reports minimum once a year on the system itself, on topics which have been discussed in the Group Risk Oversight Committee, the principal risks and their changes. The Committee considers the adequacy and the effectiveness of the risk management system and reviews and acknowledges the risk appetite on a principal risk level as formulated by the Executive Board. EXECUTIVE BOARD \u2013 DIRECT & ASSURE With oversight by the Supervisory Board, the Executive Board determines the strategic direction of the Group and agrees the nature and extent of the risks it is willing to take to achieve its strategic objectives. Ultimate accountability for the Group\u2019s risk management rests with the Executive Board and therefore it has established and maintains a risk management system to identify, assess, manage and monitor risks which could threaten the existence of the company or have a significant impact on the achievement of its strategic objectives: these are referred to as the principal risks of the Group. This risk management system includes an internally-published risk management policy which helps to reinforce the tone set from the top on risk, by instilling an appropriate risk culture in the organisation whereby employees are expected to be risk aware, control minded and to \u2019do the right thing\u2019. The policy provides a formal structure for risk management to embed it in the fabric of the business. Each principal risk has assigned to it a member of the Executive Board as overall risk sponsor to ensure that there is clarity of responsibility and to ensure that each of the principal risks are understood fully and managed effectively. The Executive Board reports to the Audit Committee of the Supervisory Board on the adherence to both the German legal and the UK listing requirements, the overall risk position of the Group, on the individual principal risks and their management, and on the performance and effectiveness of the risk management system as a whole. GROUP RISK OVERSIGHT COMMITTEE \u2013 REVIEW & COMMUNICATE On behalf of the Executive Board, the Group Risk Oversight Committee (the GROC), ensures that business risks are identified, assessed, managed and monitored across the businesses and functions of the Group. As a rule meeting on a quarterly basis, theGROC\u2019s responsibilities include considering the principal risks to the Group\u2019s strategy and the risk appetite for each of those risks, assessing the operational effectiveness of the mitigation in place to manage those risks and any action plans to further mitigate them, as well as reviewing the bottom-up risk reporting from the businesses themselves to assess whether there are any heightened areas of concern. Chaired by the Chief Financial Officer, senior operational and finance management as well as those Central Functions which are fulfilling the role as a second line are represented on the committee. Leaders of Central Functions as well as senior executives from the Group\u2019s major businesses are invited on a rotational basis to present on their risk and control framework. This allows members of theGROC to ask questions on the processes in place, the risks present in each business or function, as well as any new or evolving risks which may be on their horizon. It also provides opportunity to seek confirmation that an appropriate risk culture continues to be in place in each of the major businesses and that there are no gaps between risk management at business level and at function level. The GROC reports biannually to the Executive Board to ensure that it is kept abreast of changes in the risk landscape and developments in the management of principal risks, and to facilitate regular quality discussions on risk management at the Executive Board meetings. GROUP RISK TEAM \u2013 SUPPORT & REPORT The Executive Board has also established a Group Risk team to ensure that an adequate risk management system is set up and functions effectively and that the risk management policy is implemented appropriately across the Group. The team facilitates the risk management process by providing guidance, support and challenge to management whilst acting as the central point for coordinating, monitoring and reporting on risk across the Group. It also supports the GROC in fulfilling its duties and the reporting to both the Executive and Supervisory Boards. Additionally, Group Risk is responsible for the operation of the risk and control software that underpins the Group\u2019s risk reporting and risk management process. SECTOR RISK & CONTROL \u2013 COORDINATE, SUPPORT & REPORT IN SECTOR Sector risk and control teams work as the connecting element between businesses and the Group. They facilitate the risk management process in their respective areas by providing guidance support and reporting. They challenge management in identifying and assessing risks, hence ensuring proper sector governance. BUSINESSES & FUNCTIONS \u2013 IDENTIFY, ASSESS & MANAGE Every business and function in the Group is required to adopt the Group Risk Management policy. In order to do this, each either has their own risk committee or includes risk as a regular agenda item at their Board meetings to ensure that it receives the appropriate senior management attention within their business. In addition, the businesses each appoint a Risk Champion, who promotes the implementation of the risk management policy within their business and ensures its effective application. The Risk Champions are in close contact with the Group Risk team and are critical both in ensuring that the risk management systemfunctions effectively, and in implementing a culture of continuous awareness and improvement in risk management and reporting. Risk Reporting The Group Risk team applies a consistent risk reporting methodology across the Group. This is underpinnedby risk and control software which reinforces clarity of language, visibility of risks, mitigation and actions andaccountability of ownership. Although the process of risk identification, assessment and response is continuousand embedded within the day-to-day operations of the businesses and functions, it is consolidated, reportedand reviewed at varying levels throughout the Group on at least a quarterly basis.Risk Identification: Management closest to the risks identify those that are relevant to the pursuit of the strategy within their business area. A risk owner is assigned to each risk, who has the accountability and authority for ensuring that the risk isappropriately managed.Risk Assessment: The methodology used is to initially assess the gross (or inherent) risk. This is essentially the downside, being the product of the impact together with the likelihood of the risk materialising if there is no mitigation in place to manage or monitor the risk. In line with the Group budgeting horizon, risk assessment is made for a timeframe of one year with longer horizons where necessary, e. g. in case of longer term projects. The key benefit of assessing the gross risk is that it highlights the potential risk exposure if mitigation wereto fail completely or not be in place at all. Both impact and likelihood are scored using the criteria shown below.
Impact Assessment
MINOR
MODERATE
SIGNIFICANT
MAJORSERIOUS
Impact on
Impact on
Impact on
Impact on
Impact on
Financials (Sales and / or Costs) Financials (Sales and / or Costs) Financials (Sales and / or Costs) Financials (Sales and / or Costs) Financials (Sales and / or Costs)
Reputation Reputation Reputation Reputation Reputation
Technology reliability Technology reliability Technology reliability Technology reliability Technology reliability
Compliance Compliance Compliance Compliance Compliance
Health & Safety standards Health & Safety standards Health & Safety standards Health & Safety standards Health & Safety standards
Programme Delivery Programme Delivery Programme Delivery Programme Delivery Programme Delivery
Likelihood Assessment
RARE UNLIKELY POSSIBLE LIKELY ALMOST CERTAIN
< 10 % 10 \u2013 < 30 % 30 \u2013 < 60 % 60 \u2013 < 80 % \u2265 80 %
The next step in the risk reporting process is to assess and document the mitigation currently in place to reduce the likelihood of the risk materialising and / or its impact if it does. Consideration of these then enables the current (or residual) risk score to be assessed, which is essentially the reasonably foreseeable scenario. This measures the impact and likelihood of the risk with the mitigation in place and eff ective. The key benefi t of assessing the current risk score is that it provides an understanding of the current level of risk faced today and the reliance on the mitigation in place. Risk Response: If management is comfortable that the current risk position is within the Group\u2019s appetite, the risk is accepted and no further action is required to further reduce it. The mitigation continues to be operated and management monitors the risk, the mitigation and the risk landscape to ensure that it remains at an acceptable level. If management assesses that the current risk score is too high, an action plan will be drawn up with the objective of introducing new or stronger mitigation that will further reduce the impact and / or likelihood of the risk to an acceptable level. This is known as the target risk score and is the parameter by which management can ensure the risk is being managed in line with their overall risk appetite. The risk owner will normally be the individual tasked with ensuring that this action plan is implemented within an agreed timetable. Each business and function will continue to review their risk register on an ongoing basis through the mechanism appropriate for their business e. g. local Risk Committee. This bottom-up risk reporting is considered by the GROC alongside the Group\u2019s principal risks. New risks are added to the Group\u2019s risk register if deemed to be of a signifi cant nature so that the ongoing status and the progression of key action plans can be managed in line with the Group\u2019s targets and expectations. AD HOC RISK REPORTING Whilst there is a formal process in place for reporting on risks on a quarterly basis, the process of riskidentifi cation, assessment and response is continuous and therefore if required, risks can be reported to the Executive Board outside of the quarterly process, should events dictate that this is necessary and appropriate. Ideally such ad hoc reporting is performed by the business or function which is closest to the risk, but it can be performed by the Group Risk team if necessary. PRINCIPAL RISKS To keep a manageable overview of the risks reported in the process, and to understand the changes in our risk landscape, we map individual risk into a cluster of similar risks, which we report as principal risks. Principal risks are subject to the risk appetite assessment and are reported separately in this risk report. OVERSIGHT OVER OF THE RISK MANAGEMENT SYSTEM Based on the work of the GROC and the Group Risk team, the Executive Board regularly reports to the Audit Committee of the Supervisory Board on the performance of the risk management system. Additionally, the Audit Committee receives assurance from Group Audit over a selection of principal risks, processes and business transformation initiatives most critical to the Group\u2019s continued success. In accordance with Section 317 (4) HGB (German Commercial Code), the external auditor of TUI AG has audited the early detection system for risks, being a part of the Risk Management System. The early detection system is required by Section 91 (2) AktG (German Stock Corporation Act) and the auditor has to conclude, if the system can fulfill its duties. Risk appetite The Executive Board and Audit Committee, in conjunction with the Group Risk Oversight Committee has reviewed the Group\u2019s risk appetite. The results of the review indicate the board\u2019s risk appetite across three risk types: Operational risks \u2013 In the second summer season after pandemic restrictions, significant efforts have and are still undertaken internally and externally to stabilize the tourism value chain significantly at all levels and our offers have been close to normalised levels. We have therefore lowered our risk appetite from a medium- high level in the financial year 2022 to a medium-low level with regards to all operational risks. However, tourism business has always been vulnerable to unforeseen external events and our business is prepared to manage such adverse events and our risk appetite is adapted to this: Since we cannot foresee the type or location of external events and their magnitude of impact to our business, we can \u2013 in case events occur \u2013 offer a variety of alternative products for rebooking. Further, we manage the situation on the ground for our colleagues and our customers already en route using our highly professional crisis management. In the financial year 2023, wildfires on Southern Europe and an extensive heatwave in the Mediterranean hascaused crisis management procedures. Compliance risks \u2013 a continued low risk tolerance with regard to compliance-related risks, including compliance with regulatory requirements, the security of information in any form and the prevention of harm to customers, employees and all other stakeholders. Financial risks \u2013 a continued \u201celevated-low\u201d risk tolerance with regard to financial risks due to volatile prices of important tourism expenses. With a fundamentally unchanged hedging policy, the hedging ratios for all input costs in foreign currency and fuel risks continue to be below the target values. We assume that the hedging ratios will approach the historical ratios again in the medium term. Our principal risks are aligned to these risk types. Adapting the risk appetite to the principal risks The principal risks to the Group are either considered to be \u2019Above\u2019 or \u2019Within\u2019 risk appetite. Risks above the appetite are those that either require further mitigation in order to reduce them to an acceptable position or are heightened by external events beyond our control. We have action plans in place to increase or strengthen mitigation around each of these risks and reduce the current risk score to the target level indicated in the heat map diagram. Risks within the appetite are those that considered to be at an acceptable level. For these, we have controls, processes and procedures in place as a matter of course that serve to mitigate each risk to either minimize the likelihood of the event occurring and / or minimise the impact if it does occur. These risks remain on our risk radar where we regularly monitor the risk, the mitigation and the risk landscape to ensure that the risk score stays stable and within our risk appetite in each case. In the heat map diagram, the assessment criteria used are shown on page 38. If the risk details in the subsequent tables do not suggest otherwise, the risks shown below relate to all segments of the Group. The risks listed are the principal risks to which we are exposed but are not exhaustive and will evolve over time due to the dynamic nature of our business.
Principal risks above risk appetite
Nature of Risk Mitigating Factors
1. LACK OF INTEGRATION AND FLEXIBILITY WITHIN OPERATIONS AND IT SYSTEMS The Group\u2019s strategy is focused on driving profitable topline growth, based on growth in market share,customer growth, product growth, sustainability and winning team. A clearly defined and comprehensive set of strategic initiatives are in place to deliver this, covering five areas: Markets & Airlines, Holiday Experiences, Central Customer Ecosystem, People and Sustainability. The Group\u2019s strategy ensures that we are more vertically integrated, which reduces the impact of disruption by pure digital players. The overall strategy is to drive profitable topline growth whilst reducing our cost base. This involves the integration of our businesses and the development of core platform capabilities and technical infrastructure providing flexibility ofIT services. Our focus is on enhancing our operations and customer experience by providing engaging, intuitive and seamless customer service through the delivery of these projects. The Group believes that this strategy positions well TUI for growth, and will further strengthen TUI versus the competition. However, the Group recognizes that there is a risk of ineffective strategic execution, arising from various factors including: \u2022 Failure to notice and respond to structural shifts in market trends \u2022 Failure to prioritise strategic initiatives with the greatest impact for TUI \u2022 Lack of resource to deliver strategic initiatives \u2022 Inadequate execution of strategic initiatives The lack of integration and flexibility within our systems and operations, particularly in the Markets & Airline businesses can impact our competitiveness and our ability to provide a superior customer experience as well as to deliver on quality and operational efficiency. Unchanged risk Increased risk Lower risk New risk Change of net risk compared to previous year: \u2022 Evaluation of the current and future leisure experiences market landscape, based on analysis of consum er needs, development of supply, emerging trends, innovation, considerations of sustainability and resource availability \u2022 Regular updates on and discussion of strategic topics and initiatives at the GEC, Executive Board and Supervisory Board \u2022 Allocation of resource to strategic initiatives, including product owners, project teams and budget \u2022 Approval of business cases relating to strategic initiatives by the appropriate body (in accordance with the Group\u2019s Investment Approvals Policy) \u2022 Strategic initiatives and KPIs incorporated into Budget and 3YP process \u2022 Strong project management structures exist for all of the major restructuring, acquisition and disposal programs, which are underway to ensure that they are managed effectively. \u2022 Project reporting tool and reporting of strategicKPIs in monthly Operating and Financial review ensures enhanced visibility of the progress of major projects as a matter of routine. \u2022 Centralised management structures to oversee the Markets & Airline businesses. 2. REDUCTION IN CUSTOMER DEMAND Spending on travel and tourism is discretionary and price sensitive as well as competitive. The economicoutlook remains uncertain. Furthermore, in recent years there has been an emergence of successfulsubstitute business models such as web-based travel and hotel portals which allow end users to combinethe individual elements of a holiday trip on their own and book them separately.There is the risk that these external factors within our industry will impact on the spending power as well as the desire to travel of our customers. This could impact our short-term growth rates and lead to margin erosion. The price increases observed in the year under review had no relevant impact on customer demand. Adverse climate conditions (heat-waves, droughts, heavy rain) bear the risk that customer demand for popular holiday destinations, where TUI is active, decline. This could impact our mid-term growth and the valuation of our hotel assets in these countries. \u2022 Our market position as a globally operating tourism group, our brand and our integrated business model enables us to respond robustly to competitive threats. \u2022 The Group is characterised by the continuous development of new holiday experiences, developing new concepts and services which match the needs and preferences of our customers. Our strong and lasting relationships with our key hotel partners further reinforces our ability to develop new concepts exclusive to the Group. \u2022 The traditional package tour is becoming more diverse by combining low-cost flights with currently available hotels, even at short notice. This also creates new offers, such as city breaks. In the industry we call this process dynamic packaging. In addition, we also offer individual travel products separately, i. e. accommo- dation, flights, rental cars, insurance and TUI Musement products which are services ranging from excursions at the holiday destination to visits to museums in the city. \u2022 Experience shows that many consumers give high priority to their travel spending. \u2022 Leveraging our scale to keep costs down and prices competitive. \u2022 The multitude of source markets, which react to external shocks to varying degrees, can lead to a balancing effect. \u2022 Promoting the benefits of travelling with a globally operating tour operator to increase customer confidence and peace of mind. \u2022 With our asset right strategy in our hotels business, we aim a mix of owned, leased or other partnership arrangements to manage the investment into the holiday destinations. This secures capacity and thus limiting the financial investment. \u2022 The Executive Board has continued to place significant focus on the review of the Group\u2019s cash flowposition during and after theCOVID-19 crisis period.\u2022 The strong demand for holidays has brought operations back to pre-pandemic levels in FY23 and thuscontributed towards improving the cash position.\u2022 With the positive cash flow in 2023 and, the financing measures implemented in the year under review(capital increase in April 2023 andRCF prolongation in May 2023 net of government handbacks), theExecutive Board believes that, despite the existing risks, theTUI Group currently has and will continueto have sufficient funds resulting both from the borrowing and from operating cash flows to meet itspayment obligations and to continue as a going concern.\u2022 Our focus on holiday experiences is helping to reduce the seasonality risk, as hotels, cruises and desti-nation experiences have a more evenly distributed profit and cash profile across the year.\u2022 As our business is spread across a number of markets, there are some counter-cyclical features e. g.winter is a more important season for the Nordic and Canadian markets. Some brands, such as theUKski brand Crystal Ski, have a different seasonality profile which helps to counter-balance the overallprofile.\u2022The business regularly produces both short term and long term cash forecasts during the year \u2013 on adaily basis when needed \u2013, which the Treasury department use to manage cash resources effectively.We continue to maintain high-quality relationships with the Group\u2019s key financiers.TUI AG\u2019s RCF andKfW credit line are subject to compliance with certain financial target values (covenants) for debtcoverage and interest coverage, the review of which is carried out based on the last four reportedquarters at the end of the financial year or the half-year of a financial year. As of 30 September 2023,TUI successfully complied with the financial covenants. Please refer to the Viability Statement on page 52 for further details on the measures taken this year. 3. INSUFFICIENT CASH FLOW Tourism is an inherently seasonal business with the majority of profits earned in the European summer months. Cash flows are similarly seasonal with the cash high occurring in the summer as advance payments and final balances are received from customers, with the cash low occurring in the winter as liabilities have to be settled with many suppliers after the end of the summer season. There is the risk that if we do not adequately manage cash balances through the winter low period this could impact on the Group\u2019s liquidity and ability to settle liabilities as they fall due whilst ensuring that financial covenants are maintained.
\u2022 An established Hedging Committee that monitors the Group\u2019s hedging position.
\u2022 Ensuring that the appropriate derivative financial instruments are used to provide hedging cover for the
underlying transactions involving fuel and foreign currency.
\u2022 Maintaining an appropriate hedging policy to ensure that hedging cover is taken out ahead of the markets\u2019
customer booking profiles. This provides a degree of certainty over input costs when planning pricing and
capacity, whilst also allowing some flexibility in prices so as to be able to respond to competitive pressures
if necessary.
\u2022 Tracking the foreign exchange and fuel markets to ensure the most up-to-date market intelligence and the
ongoing appropriateness of our hedging policies.
\u2022 Expressing our key profit growth target in constant currency terms so that short term performance can
be assessed without the distortion caused by exchange rate fluctuations.
Further information on currency and fuel hedges can be found in the Notes to the consolidated financial statements in the
Financial instruments section.
4. VOLATILITY OF INPUT COSTS
A significant proportion of operating expenses are in non-local currency and / or relate to aircraft and cruise
fuel which therefore exposes the business to fluctuations in both exchange rates and fuel prices.
There is the risk that if we do not manage the volatility of exchange rates, fuel prices and other input costs
adequately, then this could result in increased costs and lead to margin erosion, impacting on our ability to
achieve profit targets. Although we are still not back to prepandemic levels of hedging lines, we have signifi-
cantly improved our positions against future volatilities for the upcoming winter and summer seasons.
Furthermore, changes in macroeconomic conditions, such as those that were experienced as a result of the
pandemic and other geopolitical events, like the war on Ukraine, can have an impact on fuel rates and
exchange rates which, particularly for the \u00a3 / \u20ac rate has a direct impact on the translation of non-euro market
results into euros, the reporting currency of our Group. The increase in inflationary pressures has led to
central banks increasing interest rates. Initially, the aggressive raising of
US interest rates by the US Federal
Reserve vs. a slower pace of monetary tightening by other central banks, most notably the
ECB, increased
interest rate differentials and caused the
US dollar to strengthen against other currencies such as the Euro
and British Pound. Central banks are now expected to be nearing the peak of their interest rate hiking cycle,
as inflation has generally been falling, but at a slower pace than many had anticipated. Whilst the
US Federal
Reserve was (and still is) expected to be amongst the first to cut rates, the resilience of the
US economy
means that
US rates are expected to remain higher for longer. It is also the case that interest rates are likely
to stay higher for longer in the Euro Zone and the
UK, but after a period of US dollar weakening against both
Euro and the British Pound, the resilience of the US economy has not yet seen the pivot to a weaker US
dollar
to the extent that many market commentators have been predicting. Where the Group has unhedged expo-
sures, any strengthening of the US dollar will have an adverse impact on input costs denominated in US
dollars.
Conversely any weakening of the US dollar will have a beneficial impact on input costs denominated in
US
dollars.
5. ACCESS TO EU AIRSPACE Our main concern is whether or not all of our airlines will continue to have access to EU airspace as now. Ifwe were unable to continue to fly intra- EU routes, such as from Germany to Spain, this would have a significant operational and financial impact on the Group. Other areas impacted by Brexit include the status of ourUK employees working in the EU and vice versa and potential customer visa requirements for holidays from theUK to the EU. \u2022 Dedicated workstreams to coordinate suitable mitigation strategies where the UK exit from the European Union has impacted on our operations, particularly the airlines. \u2022 Regular engagement and lobbying towards relevantUK and EU decision makers to stress the continued importance of a liberalised and less regulated aviation market across Europe to allow access to investment capital and to protect consumer choice in both regions. 6. DISRUPTION TO IT SYSTEMS (CYBER ATTACKS) Our responsibility is to protect the confidentiality, integrity and availability of the data we process for our customers, employees, and businesses. This is an evolving risk due to increasing digitalisation, our supply chain, emerging technologies such as generative AI, growing global cyber-crime activity, Russia-Ukraine conflict and more regulation (e. g. EU GDPR). Our consolidation under the TUI brand and increasing dependence on digital sales and customer care increases our exposure and the potential worst-case impact of a successful cyber-attack. If we do not ensure we have the appropriate level of security controls in place across the Group, this could have a significant negative impact on our key stakeholders, associated reputational damage and potential for financial implications. \u2022 Continued commitment from the Executive Board in support of key initiatives to ensure existing and future IT systems are secure by design, protected against denial of service attacks that could impact system availability, exposure to vulnerability is managed and user access is monitored. We consider security first in everything we do. \u2022 TUI\u2019s Information Security Management System ensures a coordinated, standards based, proactive approach to the identification and management of information security risk across the Group. \u2022 We keep people safe in the digital world. Our colleagues are made aware of information security risks through appropriate training and awareness campaigns. TUI are investing in modern authentication and protecting the digital identities of our customers and colleagues. \u2022 Security is integrated into our software development and release processes. \u2022 Our security risk assessment methodology, controls, policy, and guidelines have been updated to include provisions for the assessment and secure use of Generative AI. \u2022 We continue to increase the maturity and coverage of our Security Operations Centre and platform to anticipate, detect and respond to cyber-attacks and information security incidents. \u2022 Continuous improvement through lessons learned from real or simulated cyber incidents. 7. LACK OF SUSTAINABILITY IMPROVEMENTS For the Group, economic, environmental and social sustainability is a fundamental management principle and a cornerstone of our strategy for continually enhancing the value of our Company. This is the way we create the conditions for long-term economic success and assume responsibility for sustainable transformation in the tourism sector. Our focus is to reduce the environmental impact of our operations and promote responsible social policies and outcomes both directly through our own business and indirectly via our influence over our supply chain partners, thereby driving the sustainable transformation of the tourism industry. There is a risk that we are not successful in driving social and environmental improvements across our oper- ations, that our suppliers do not uphold our corporate and social responsibility standards and we fail to influence destinations to manage tourism more sustainably. If we do not maximise our positive impact on destinations and minimise the negative impact to the extent that our stakeholders expect, this could result in a decline in stakeholder confidence, reputational damage and reduction in demand for our products and services. \u2022 TheTUI Sustainability Agenda purpose is to set and drive industry standards, ambitious goals and develop transformation roadmaps for all parts of the business. \u2022 This means to actively engage colleagues, partners and customers, bringing sustainability to life in a tangible and emotional way.\u2022 The Group Sustainability department sets clear goals, priorities, and the framework to deliver the Sustainability Agenda. \u2022 Operating one of the most carbon efficient airlines in Europe with continued investment in new, more efficient aircraft and cruise ships. \u2022 Our ambition is to achieve net-zero emissions across our operations and supply chain by 2050 at the latest. \u2022 Science-based targets have been set for our airline, hotel and cruise operations by 2030, validated by the Science Based Targets initiative ( SBTi). \u2022 Development and implementation of emission reduction roadmaps for airlines, cruises and hotels to significantly reduce emissions. \u2022 Adhering to increasingly supply chain focused regulations (e. g. German Supply Chain Act,EU Supply chain due diligence regulation 2025) rolling out new processes and structure with a strong focus on procurement.\u2022 Implemented an environmental management system with all TUI airlines having achieved ISO 14001 certification. \u2022 Driving up social and environmental standards through accommodation suppliers achieving certifications recognised by the Global Sustainable Tourism Council (GSTC) and applying the GSTC Criteria to TUI experiences.\u2022 Enabling customers to make more sustainable holiday choices by launching our Green & Fair label. \u2022 Using reputable and financially stable suppliers, particularly in areas where a single supplier is used to provide a service. \u2022 Regular monitoring of supplier performance against agreed terms and conditions \u2022 Strong working relationships with all key suppliers \u2022 Owned and joint venture partner hotels form a substantial part of our program which reduces our inherent risk in this area. \u2022 A robust prepayment authorisation process is established and embedded to both limit the level ofprepayments made and ensure that they are only paid to trusted, credit-worthy counterparties. \u2022 Prepayments are monitored on a timely and sufficiently granular basis to manage our financial exposure to justifiable levels. \u2022 Developing adequate controls around key suppliers operative ability. In service meetings, for example, we discuss current challenges with suppliers even more closely, so that we are also in a position to react operationally ourselves. 8. RELIANCE ON KEY SUPPLIERS Providers of holiday and travel services are exposed to the inherent risk of failure in their key suppliers, particularly for hotels, aircraft and cruise ships. This is heightened by the industry convention of paying hoteliersin advance (\u2019prepayments\u2019) to secure a level of room allocation for the season as well as in areas where a singlesupplier is used to provide a product or service.There is the risk that we are unable to continue with our core operations in the event of a major service failurefrom our key suppliers.\u2022 Within our Group Security, Health and Safety (SHS) centre of excellence we have a centralised Crisis Management Planning and Coordination function, providing centralised frameworks, personnel reporting structures, incident management systems and crisis communications plans for use in the local delivery of any response. \u2022 Our well-established crisis management procedures and emergency response and business continuity plans are activated when an event of this nature occurs and focus on the welfare of our customers. \u2022 Due to our presence in key holiday destinations, in the event of a local event occurring, we can offeralternative options to our customers and remix our destination portfolio away from the affected area in future seasons if necessary. 9. DISRUPTION WITHIN OUR DESTINATIONSProviders of package holiday and leisure experiences are exposed to the inherent risk of external eventsin operational areas. This can include natural disasters such as wild fires in Greece or hurricanes in theCaribbean, outbreaks of disease, such as theCOVID-19 pandemic, political instability or wars close to ourdestinations, such as in the Middle East, with an impact on our destinations in Egypt or Turkey, as well asterrorist events such as the tragic incident in Tunisia in 2015.There is the risk that if such an event occurs, impacting one or more of our destinations that we couldpotentially suffer operational disruption and increased costs. We may be required to repatriate ourcustomers and / or need to provide additional support and / or the event could lead to a significant declinein demand to the affected destinations over an extended period. 10. CLIMATE CHANGE IMPACTING OUR BUSINESS MODEL Climate change is a complex issue and there is significant uncertainty surrounding the climate system, as well as how the world will respond to mitigate the effects of climate change. However, physicals effects are already being felt today and are predicted to worsen, and we\u2019re seeing increasing climate action. Increased costs due to the introduction of new, or extension of existing, carbon pricing mechanisms (including pass-through of higher costs by suppliers), and new energy and emissions regulations Increasing regulations and restrictions targeting the airline and cruise industry, leading to reduced revenue and / or stranded assets Decline of travellers due to shifts in consumer preferences and behaviour, and increasing negative public sentiment towards travel, resulting in loss of revenue Decline of overall customer demand as the price for our products will increase to reflect higher capital expenditures and operational expenses to offer carbon low products Difficulties in obtaining access to financing and increasing cost of capital due to the inability to reduce emissionsin line with market expectationsCostly or unavailable future fuels and technologies resulting in higher costs, or preventing further decarboni-sation and compliance with regulations \u2022 TUI is committed to decarbonising its business, and has set ambitious near-term science-based emissions reduction targets with the SBTi. \u2022 To achieve these, TUI airlines procures state-of-the-art aircraft, implements operational efficiencies ( including route optimisation), and will increase the use of SAF. TUI already has cooperation agreements in place to promote the production and supply of SAF. \u2022 TUI Cruises invests in energy efficiency at ship operations, fuel-saving route optimisation, shore power in ports and alternative fuels, such as sustainable biofuels, bio-LNG and green methanol. The three newbuilds coming into the fleet by 2026 will not use heavy fuel oil. Mein Schiff 7 will enter service in 2024 and will run on lower-emission marine diesel and be equipped with catalytic converters and a shore power connection. In addition, the ship will also be able to run on green methanol in the future. In 2024 and 2026, two ships will follow, which will be operated withLNG. LNG serves as a bridge technology until bio-LNG is available, which will be produced either from biogenic sources or synthetically from renewable energy. \u2022 TUI Hotels & Resorts is focused on renewable energy and resource-saving operational practices to reduce hotel emissions as far as possible. \u2022 Managing both market and reputational risks depends on the successful implementation of our emissions reduction initiatives. Accordingly, we have roadmaps in place to deliver on our science-based targets. \u2022 Whilst the cost for flights is very likely to increase, all markets participants have to roll-over this \u201cgreen inflation\u201d. With our state-of-the-art efficienct fleet, it is likely that our cost increase is competitive. Further, the share of extra cost from low-carbon flying is lower in a package and hence we believe that we can effectively transfer cost additions. \u2022 TUI has set science-based emissions reduction targets for 2030 and a net zero target for 2050. TUI continues to notice a wide range of financiers due to TUI Group\u2019s financial performance and is continuing to develop relationships with new sources of finance and monitor development of the market.TUI is in a continuing education process with lessors and the financial community to maintain confidence in the strategy. \u2022 The risk of airport disruption was found to be low in the physical risk analysis. Nonetheless, TUI works closely with airports in case of disruption and will continue to evaluate the risk profile of its material airports. \u2022 Whilst docking is already considered a resilient activity, the risk is further mitigated by the flexibility to adjust cruise itineraries. \u2022 Whilst the scenario analysis indicate higher probability of extreme wheather events, non of the locations where our hotels & resorts are located is vulnerable to a rising sea level during the time frame of our climate scenario analysis. \u2022 This risk is managed with insurance and TUI Hotels & Resorts\u2019 renewable energy strategy. \u2022 Climate-related factors are considered in the expansion of TUI\u2019s Hotels & Resorts business segment. \u2022 This risk is managed at the asset-level. \u2022 We manage the overarching risk through insurance and a large and regional spread hotels & resorts portfolio, providing diversifiying the risk of asset impairment. \u2022 We hold relatively short-duration lease contracts, enabling flexibility in case of changes in insurability. Extreme weather events disrupting transport hubs, resulting in delays and cancellations, and increased costs Physical damage to assets and business disruption due to longer-term shifts in climate patternsChanging weather patterns decreasing suitability for tourism and / or making source markets more attractive,impacting tourism demandPhysical damage to assets and business disruption due to extreme weather-related events A. SECURITY HEALTH & SAFETY FAILURE The safety and security of customers and colleagues is of paramount importance to any holiday and trave service provider. There is the risk of accidents, incidents or events occurring causing illness, injury or death to customers o colleagues whilst on aTUI holiday or whilst using a TUI operated / provided activity or service. In addition to the harm caused the affected individual(s), this could result in disruption to operational activitiesreputational damage to the business and / or financial liabilities through loss of earnings, lack of demand and / or legal claims being brought by the affected parties. B. BREACH OF REGULATORY REQUIREMENTS Most providers of holiday and travel services operate across a number of economies and jurisdictions, which therefore exposes them to a range of regulatory laws which must be complied with. As we are operating from multiple source markets and providing holidays in more than many destinations, we are exposed to a range of laws and regulations with which we must comply or else risk incurring fines or other sanctions from regulatory bodies. \u2022 The established Group Security, Health & Safety (Group SHS) centre of excellence oversees safety and security risk management activities, delivering alignment and consistency across the TUI Group. \u2022 Group SHS operational responsibilities include TUI Tour Operations, TUI Hotels & Resorts and TUI Musement (including Intercruises). Operational safety and security risk management activities for Airline and Cruise operations are managed from within the respective business units. \u2022 Data-led, risk-based Safety and Security Risk Management systems are in place and are subject to continuous review / improvement. \u2022 Safety and Security Risk Management clauses are included in supplier contracts. \u2022 Appropriate insurance policies are in place to mitigate any financial losses. \u2022 Communication and strong tone from the top concerning compliance with laws and regulations. \u2022 Risk based compliance management systems managing the most relevant legal areas for the Group. \u2022 Regular reporting of Integrity and Compliance Director in different bodies (Group Executive Committee, Audit Committee, Group Works Council) in order to guarantee appropriate monitoring, supervision and implementation of action plans and to strengthen the Integrity & Compliance culture across the Group. \u2022 Embedded legal expertise in all major businesses responsible for maintaining high quality relationships with the relevant regulators and authorities. \u2022 Ongoing implementation and review of Compliance Management System conducted by the Group Integrity & Compliance department to monitor compliance with regulations and provide expert advice to local teams on specific compliance areas.
Principal Risks within appetite
C. MANAGEMENT OF JOINT VENTURE PARTNERSHIPS It is common for tourism groups to use partnerships in some of their operations in order to reduce the risk of new ventures, to gain access to their expertise of the local market and, in case of consolidation at equity, to strengthen the balance sheet position in line with our less capital intensive \u2018asset-right\u2019 strategy (e. g. the trans - action completed with Riu). There are threee significant partnerships within the Group: Pep Toni Hotels S. A., TUI Cruises GmbH and Midnight International Holdings Limited. For details on our strategy refer to page 24. There is the risk that if we do not maintain good relations with our key partners that the ventures\u2019 objectives may not remain consistent with that of the Group which could lead to operational difficulties and jeopardize the achievement of financial targets. Good working relationships exist with all of our main partners and they are fully aligned with and committed to the growth strategy of the Group. D. INABILITY TO ATTRACT AND RETAIN TALENT Our success depends on the ability to attract, retain, and develop our talent to ensure that we equip our employees to deliver our strategy as well as to also become our future leaders. There is a risk that we are unable to attract and retain key talent, build future leadership capability and maintain the commitment and trust of our employees. Challenges in managing and maintaining our talent pipeline in order to deliver against our strategy, drive competitiveness and maximize on our operating performance, may impact on our ability to future proof the Group and the associated potential for negative impact on shareholder confidence. The risk has stabilised and reduced to prepandemic levels but we continue to monitor closely to ensure that we retain our key talent through development initiatives, whilst launching a new tool to measure our Employee Experience and supports all of the activities around our new Employee Value Proposition. \u2022 Support retention by refreshing our Performance Management processes, aligning our development opportunities to the business needs and communicating all internal vacancies to our employees. \u2022 Promoting a working from anywhere culture, allows us to attract and retain a wider pool of talent that does not require to be located close to our base offices. \u2022 Build and develop internal talent pools of our high potential employees ensuring that they are diverse and inclusive. \u2022 A strategically aligned leadership programme for high performing management at all levels and the creation of strong management development programme for all people managers Viability Statement In accordance with Rule 31 of the UK Corporate Governance Code, the Executive Board assesses the Company\u2019s future prospects for a period exceeding the twelve months required by the going concern premise. The Executive Board reviews the business development annually and on a rolling basis based on a three-year strategic plan. The current three-year plan was adopted in October 2023 and covers the period until30 September 2026. A three-year horizon is considered appropriate for a fast moving competitive environ- ment such as tourism. The global travel restrictions to contain COVID-19 have had a continuous negative impact on the Group\u2019s earnings and liquidity development since the end of March 2020. Following the successive lifting of the measures to restrict contact and travel in most countries, business has been mainly resumed in all segments in the course of the first half year of the 2022 calendar year. To cover the resulting liquidity needs, the Group has carried out various financing measures in the financial years 2020 to 2022, which, in addition to three capital increases, the use of the banking and capital markets and cash inflows from the sale of assets, also include financing measures from the Federal Republic of Germany in the form of a KfW credit line initially totalling \u20ac 2.85 bn, an option bond from the German Economic Stabilisation Fund ( WSF) totalling \u20ac 150 m and two silent participations from the WSF initially totalling \u20ac 1.091 bn. In financial year 2022, TUI reduced KfW\u2019s credit line to \u20ac 2.1 bn in various steps. In addition, 913 of the1,500 bonds with warrants issued to WSF were redeemed and the Silent Participation II of the WSF of\u20ac 671.0 m was repaid in full ahead of schedule. The financing measures are described in detail in the annual reports for the past three financial years. On 13 December 2022,TUI has concluded a new agreement with the WSF on the repayment of stabilization measures (\u201cRepayment Agreement\u201d). This agreement regulates the intended complete termination of the stabilization measures granted by theWSF by means of a right of the Company (i) to repayment of the con- tribution made by theWSF as a silent partner in January 2021 in the nominal amount of then \u20ac 420 m (\u201c Silent Participation I\u201d) and (ii) to repurchase the warrant-linked bond 2020 / 2026 (\u201cWarrant Bond\u201d) issued by the Company to WSF in the remaining amount of \u20ac 58.7 m as well as the 58,674,899 option rights (\u201c Warrants\u201d) originally attached to the warrant bond. In addition, the Repayment Agreement regulates the implementation of capital measures for the purpose of refinancing the aforementioned measures. In February 2023,TUI AG implemented the ten-for-one reverse stock split previously resolved by the 2023AGM in accordance with the provisions of the Economic Stabilisation Acceleration Act. As a result, the Company\u2019s share capital declined from \u20ac 1.785 bn to around \u20ac 179 m. The corresponding reduction amount of around \u20ac 1.606 bn was transferred to the company\u2019s capital reserves. In accordance with the repayment agreement with the WSF, the Executive Board of TUI AG resolved a capital increase with subscription rights of \u20ac 1.8 bn with the approval of the Supervisory Board on 24 March 2023. For the fully subscribed capital increase, 328,910,448 new shares were offered at a subscription ratio of 8:3 and a subscription price of \u20ac 5.55. The subscription period for the new shares ended on 17 April 2023. Following receipt of the proceeds from the capital increase on 24 April 2023, Silent Participation I and the around 56.8 m warrants held by theWSF as well as the outstanding 587 of the 2020 / 2026 bonds with warrants were fully redeemed on 27 April 2023. For Silent Participation I and the 2023 coupon payable on it, a redemption price of \u20ac 651.6 m was paid. \u20ac 30.8 m were used for the repurchase of the warrants and further \u20ac 61.9 m for the early redemption of the 587 bonds with a nominal value of \u20ac 58.7 m, including accrued interest of \u20ac 3.2 m. At the same time, the early repayment penalty for Silent ParticipationII of \u20ac 5.7 m, agreed with the WSF in April 2022, became due. TUI has thus terminated and repaid all stabilisation measures of the WSF. Moreover,TUI AG reduced the volume of the KfW credit facility from \u20ac 2.1 bn to \u20ac 1.05 bn following completion of the capital increase. The capital increase completed in April 2023 and the subsequent substantial reduction in government financing will enable a significant improvement in the TUI Group\u2019s credit ratios and reduce current interest costs, allowing TUI to focus on growth and further market recovery. In May 2023, TUI extended the maturity of the existing credit lines of \u20ac 2.7 bn by a further two years. The syndicated credit line with the 19 banks (\u20ac 1.64 bn), including the credit line with KfW (\u20ac 1.05 bn), together referred to as the \u201c RCF\u201d, will now mature in July 2026. The RCF of TUI AG is subject to compliance with certain financial targets (covenants) for debt coverage and interest coverage, the review of which is carried out on the basis of the last four reported quarters at the end of the financial year or the half-year of a financial year. As at 30 September 2023,TUI Group\u2019s revolving credit facilities totalled \u20ac 2.7 bn, they comprised the following \u2022 \u20ac 1.64 bn credit line from 19 private banks (incl. \u20ac 190 m guarantee line) \u2022 \u20ac 1.05 bn KfW credit line. The KfW credit line, which was reduced to \u20ac 1.05 billion after the successful capital increase, is not expected to be drawn on and serves only as a buffer. The aim is to return this credit line quickly. The support and stabilisation package as well as the further financing measures are described in detail in the chapter \u2019Going concern reporting according to the UK Corporate Governance Code\u2019 in the notes. See chapter Going Concern Reporting in accordance with the UK Corporate Governance Code, page 188. In the view of the Executive Board, the TUI Group currently has and will continue to have sufficient funds,resulting both from borrowings and from operating cash flows, to meet its payment obligations and to continue as a going concern in the foreseeable future. Therefore, as at 30 September 2023, the Board does not identify any material uncertainty that may cast significant doubt on the Group\u2019s ability to continue as a going concern. The Board does not foresee risks that may jeopardise the Group\u2019s ability to continue as a going concern and does not believe that compliance with the financial covenants is at risk as at 31 March 2024 and 30 Septem- ber 2024. Taking into account the current situation of the Group and the main risks, the Executive Board has a reason- able expectation that the Group will be able to continue operations and meet the obligations arising within the three-year period under review. Key features of the internal control and risk management system in relation to the (Group) accounting process (sections 289 (4) and 315 (4) of the German Commercial Code) 1. CONCEPTUAL FRAMEWORK AND GOVERNANCEThe internationally recognised framework created by COSO (Committee of Sponsoring Organizations ofthe Treadway Commission) forms the conceptual basis forTUI Group\u2019s accounting-related internal controlsystem.On the basis of section 107 (3) of the German Stock Corporation Act, the Audit Committee of the Super-visory Board of TUI AG reviews the auditing of the annual financial statements, monitoring the accountingprocess and the effectiveness of the internal control and risk management systems. The reliability of financial reporting and the monitoring of the financial accounting process as well as the effectiveness ofthe internal control and risk management systems are described in the Audit Committee Report. This alsotakes account of the effectiveness of the accounting-related internal control and risk management system. Audit Committee Report, see page 19. The Group\u2019s auditors gain insight into TUI Group\u2019s established control environment and control measures. Theaccounting-related audits by the auditor are complemented by an assessment of selected controls. The auditof the consolidated financial statements by the Group auditor and the audit of the individual financial state-ments of Group companies included in the consolidated financial statements, in particular, constitute a keynon-process-related monitoring measure in relation to Group accounting.In Group accounting, the risk management system, implemented as a component of the internal control systemin the form of an Enterprise Risk Management (ERM) System, also addresses the risk of misstatements inGroup bookkeeping and external reporting. A more detailed explanation of the risk management system isprovided in the section on Risk Governance in the Risk Report.2. USE OF IT SYSTEMS Bookkeeping transactions are captured in the individual financial statements of TUI AG and of the subsidiaries ofTUI AG through local accounting systems, above all supplied by SAP. When preparing TUI AG\u2019s consolidated financial statements, the subsidiaries complement their individual financial statements by setting up standard-ised reporting packages in the Oracle Hyperion Financial Management (HFM) reporting system. HFM isused as the uniform reporting and consolidation system throughout the Group and hence no additional interfaces are involved in preparing the consolidated financial statements. All consolidation processes used to prepare the consolidated financial statements of TUI AG, e. g. capital consolidation, the consolidation of assets and liabilities and the elimination of expenses and income and at equity measurement, are generated and fully documented in HFM. Virtually all elements of TUI AG\u2019s consoli- dated financial statements, including the disclosures in the Notes, are developed from and validated by the HFM consolidation system. HFM also provides various modules for evaluation purposes in order to present complementary information to explainTUI AG\u2019s consolidated financial statements. The HFM reporting and consolidation system has an in-built workflow process whereby, when the reporting companies capture their data packages within the system, they are then locked out from making any further changes to that data. This ensures data integrity within the system. This workflow process has been checked and validated by the TUI AG Group Audit department on several occasions since the system was introduced. At their own discretion, TUI AG\u2019s Group auditors select certain individual financial statements from the financial statements entered in the HFM reporting and consolidation system by the Group companies, which are then reviewed for the purposes of auditing the consolidated financial statements. 3. SPECIFIC RISKS RELATED TO (GROUP) ACCOUNTING Specific risks related to (Group) accounting may arise, for example, from unusual or complex business transactions, in particular at critical times towards the end of the financial year. Business transactions not routinely processed also entail special risks. The discretion necessarily granted to employees for the recognition and measurement of assets and liabilities may result in further (Group) accounting-related risks. The out- sourcing and transfer of accounting-specific tasks to service companies may also give rise to specific risks. 4. KEY REGULATION AND CONTROL ACTIVITIES TO ENSURE PROPER AND RELIABLE (GROUP) ACCOUNTING The internal control measures aimed at securing proper and reliable (Group) accounting ensure that business transactions are fully recorded in a timely manner in accordance with legal requirements and the Articles of Association. This also ensures that assets and liabilities are properly recognised, measured and presented in the financial statements and the consolidated financial statements. The control operations also ensure that bookkeeping records provide reliable and comprehensive information. Controls implemented to secure proper and reliable accounting include, for instance, analysis of facts and developments on the basis of specific indicators. Separation of administrative, execution, settlement and authorisation functions and the implementation of these functions by different persons reduces the potential for fraudulent operations. Organisational measures also aim to capture any corporate or Groupwide restructur-ing or changes in sector business operations rapidly and appropriately in (Group) accounting. They alsoensure, for instance, that bookkeeping transactions are correctly recognised in the period in which they occur in the event of changes in the IT systems used by the accounting departments of Group companies. The internal control system likewise ensures that changes in the TUI Group\u2019s economic or legal environment are mapped and that new or amended accounting standards are correctly applied. To safeguard financial processes, there is a Group-wide framework under which all major companies included in the consolidated financial statements as fully consolidated companies are required to report the nature of their controls and their implementation for financial reporting, fraud prevention and detection and effective- ness of working capital management in relation to defined risks from financial processes to the Group Risk & Controls function with system support and to assess their effectiveness on a quarterly basis. The Group Risk & Controls function reviews these reports on a sample basis and provides advice on how to improve efficiency and effectiveness. Where financial processes are carried out in the Group\u2019s own Shared Service Center, this function provides support for the further development of the process and control framework. Based on the feedback received, Internal Audit selects companies for an in-depth review of the control measures in accordance with its own risk assessment. The TUI Group\u2019s accounting policies together with the International Financial Reporting Standards (IFRS) in compliance withEU legislation, govern the uniform accounting and measurement principles for the German and foreign companies included inTUI\u2019s consolidated financial statements. They include general accounting principles and methods, policies concerning the statement of financial position, income statement, notes, management report and cash flow statement. The TUI Group\u2019s accounting policies also govern specific formal requirements for the consolidated financial statements. Besides defining the group of consolidated companies, they include detailed guidance on the reporting of financial information by those companies via the group reporting systemHFM on a monthly, quarterly and year end basis. TUI\u2019s accounting policies also include, for instance, specific instructions on the initiating, reconciling, accounting for and settlement of transactions between group companies or determi- nation of the fair value of certain assets, especially goodwill. At Group level, specific controls to ensure proper and reliable (Group) accounting include the analysis and, where necessary, correction of the individual financial statements submitted by the Group companies, taking account of the reports prepared by the auditors and meetings to discuss the financial statements which involve both the auditors and local manage- ment. Any further content that requires adjusting can be isolated and processed downstream. The control mechanisms already established in the HFM consolidation system minimise the risk of processing erroneous financial statements. Certain parameters are determined at Group level and have to be applied by Group companies. This includes parameters applicable to the measurement of pension provisions or other provisions and the interest rates to be applied when cash flow models are used to calculate the fair value of certain assets. The central implementation of impairment tests for goodwill recognised in the financial statements secures the application of uniform and standardized evaluation criteria. 5. DISCLAIMER With the organisational, control and monitoring structures established by the TUI Group, the internal control and risk management system enables company-specific facts to be captured, processed and recognised in full and properly presented in the Group\u2019s accounts. However, it lies in the very nature of the matter that discretionary decision-making, faulty checks, criminal acts and other circumstances, in particular, cannot be ruled out and will restrict the efficiency and reliability of the internal control and risk management systems, so that even Group-wide application of the systems cannot guarantee with absolute certainty the accurate, complete and timely recording of facts in the Group\u2019s accounts. Any statements made relate exclusively to TUI AG and to subsidiaries according to IFRS 10 included in TUI AG\u2019s consolidated financial statements. (41) Financial instruments RISKS AND RISK MANAGEMENT RISK MANAGEMENT PRINCIPLES Due to the nature of its business operations, TUI Group is exposed to various financial risks, including market risks (consisting of currency risks, interest rate risks and market price risks), credit risks and liquidity risks. In accordance with TUI Group\u2019s financial goals, financial risks have to be mitigated. In order to achievethis, policies and procedures have been developed to manage risk associated with financial transactionsundertaken. The rules, responsibilities and processes as well as limits for transactions and risk positions have been definedin policies. The trading, processing and control have been segregated in functional and organisational terms . Compliance with the policies and limits is continually monitored. All hedges byTUI Group are consistently based on recognised or forecasted underlying transactions. Standard software is used for assessing, monitoring , reporting, documenting and reviewing the effectiveness of the hedging relationships for the hedges entered into. In this context, the fair values of all derivative financial instruments determined on the basis of the Group\u2019s own systems are regularly compared with the fair value confirmations from the external counterparties. The processes, the methods applied and the organisation of risk management are reviewed for compliance with the relevant regulations on at least an annual basis by the internal audit department and external auditors. Within TUI Group, financial risks primarily arise from cash flows in foreign currencies, fuel requirements (jet fuel and bunker oil) and financing via the money and capital markets. In order to limit the risks from changes in exchange rates, market prices and interest rates for underlying transactions,TUI Group uses over-the- counter derivative financial instruments. These are primarily fixed-price transactions. In addition,TUI can also use options and structured products. Use of derivative financial instruments is confined to internally fixed limits and other policies. The transactions are concluded on an arm\u2019s length basis with counterparties operating in the financial sector, whose counterparty risk is regularly monitored. Foreign exchange translation risks from the consolidation of group companies not preparing their accounts in euros are not hedged. MARKET RISK Market risks result in fluctuations in earnings, equity and cash flows. Risks arising from input cost volatility are more fully detailed in the risk report section of the management report. In order to limit or eliminate these risks,TUI Group has developed various hedging strategies, including the use of derivative financial instruments. IFRS 7 requires the presentation of a sensitivity analysis showing the effects of hypothetical changes inrelevant market risk variables on profit or loss and equity. The effects for the period are determined by relating the hypothetical changes in risk variables to the portfolio of primary and derivative financial instruments as at the balance sheet date. It is assured that the portfolio of financial instruments as at the balance sheet date is representative for the entire financial year. The analyses ofTUI Group\u2019s risk reduction activities outlined below and the amounts determined using sensitivity analyses represent hypothetical and thus uncertain risks. Due to unforeseeable developments in the global financial markets, actual results may deviate substantially from the disclosures provided. The risk analysis methods used must not be considered a projection of future events or losses, since TUI is also exposedto risks of a non-financial or non-quantifiable nature. These risks primarily include sovereign, business and legal risks not covered by the following presentation of risks. CURRENCY RISK The business operations of TUI\u2019s group companies generate payments or receipts denominated in foreign currencies, which are not always matched by payments or receipts with equivalent terms in the same currency. Using potential netting effects (netting of payments made and received in the same currency with identical or similar terms),TUI Group enters into appropriate hedges with external counterparties in order to protect its profit margin from exchange rate-related fluctuations. Within TUI Group, risks from exchange rate fluctuations are hedged, with the largest hedging volumes relat ing to US dollars, euros and pound sterling. The Eurozone limits the currency risk from transactions in the key tourist destinations to group companies whose functional currency is not the euro. The tourism business operations are mainly affected by changes in the value of the US dollar and the euro, the latter predominantly affecting the TUI tour operators in the UK and the Nordic countries. In tourism operations, payments in US dollars primarily relate to the procurement of services in non-European destinations, purchases of jet and ship fuel and aircraft and cruise ship purchases or charter. The tourism companies use financial derivatives to hedge their planned foreign exchange requirements. They aim to take out cover ahead of the markets\u2019 customer booking profiles in the planned currency require- ments in the run-up to the tourism season. In this regard, account is taken of the different risk profiles of TUI\u2019s group companies. The hedged currency volumes are adjusted in line with changes in planned require- ments based on reporting by business units. Target hedge ratios are regularly reviewed with the aim of matching hedge ratios with the respective target hedging ratios for future seasons. Currency risks as defined byIFRS 7 arise from primary and derivative monetary financial instruments issued in a currency other than the functional currency of a company. Exchange rate-related differences from the translation of financial statements into the Group\u2019s presentation currency are not taken into account. Taking account of the different functional currencies within the TUI Group, the sensitivity analyses of the currencies identified as relevant risk variables are presented below. A 10 % strengthening or weakening of the respective functional currencies, primarily euro and pound sterling, against the other currencies would cause thefollowing effects on the revaluation reserve and earnings after income tax:
Sensitivity analysis \u2013 currency risk
\u20ac million
30 Sep 2023
30
Sep 2022
Variable: Foreign exchange rate
+ 10 %
\u2013 10 %
+ 10 %
\u2013 10 %
Exchange rates of key currencies
\u20ac / US dollar
Revaluation reserve
+ 3.2
\u2013 6.7
+ 1.4
\u2013 1.5
Earnings after income taxes
\u2013 2.3
+ 6.5
\u2013 53.7
+ 66.0
Pound sterling / \u20ac
Revaluation reserve
+ 159.5
\u2013 161.1
+ 67.5
\u2013 66.3
Earnings after income taxes
+ 65.4
\u2013 62.1
+ 49.8
\u2013 47.1
Pound sterling / US dollar
Revaluation reserve
+ 115.9
\u2013 125.5
+ 58.9
\u2013 58.3
Earnings after income taxes
+ 57.9
\u2013 43.3
+ 406.7
\u2013 481.4
\u20ac / Swedish krona
Revaluation reserve
\u2013 0.1
+ 0.1
+ 0.1
\u2013 0.1
Earnings after income taxes
+ 0.1
\u2013 0.1
+ 0.1
\u2013 0. 1
INTEREST RATE RISK
TUI Group is exposed to interest rate risks from floating-rate primary and derivative financial instruments.
Where interest-driven cash flows of floating-rate primary financial instruments are converted into fixed cash
flows using derivative hedges and the critical terms of the hedging transaction are the same as those of the
hedged items they are not exposed to an interest rate risk. No interest rate risk exists for fixed-interest fi
nancial
instruments carried at amortised cost.
Changes in market interest rates mainly impact floating-rate non-derivative financial instruments and deriv
ative
financial instruments entered into in order to reduce interest-induced cash flow fluctuations.
The table below presents the equity and earnings after income taxes effects of an assumed increase or
decrease in the market interest rate of 100 basis points (previous year + / \u2013 100 basis points) as at the balance
sheet date. Maintaining the sensitivity of market prices at 100 basis points is based on the assumption that
an elevated level of volatility in interest rates is likely to continue as some central banks are expected to
continue with their rate hike cycle whilst others are likely to pause, or even start to cut rates, in the coming
months.
Sensitivity analysis \u2013 interest rate risk
\u20ac million
30 Sep 2023
30 Sep 2022
Variable: Interest rate level for + 100 basis \u2013 100 basis + 100 ba sis \u2013 100 ba sis
floating interest-bearing debt points points points points
Earnings after income taxes
+ 1.7
\u2013 1.3
\u2013 0.3
+ 0.4
IMPACT OF THE REFORM OF GLOBAL BENCHMARK INTEREST RATES
The global reform of benchmark interest rates (IBORs) creates uncertainties for TUI in that variable bench-
mark interest rates available today, on which individual transactions concluded in foreign currencies are
based, will no longer be available in the future or will be determined differently. At
TUI, these uncertainties
only affect non-derivative risk positions. As in the previous year, there are no derivative risk positions.
With regard to
EURIBOR, there is no impact from the change to the accounting for non-derivative assets and
liabilities. In 2019, the European Money Market Institute adapted
EURIBOR\u2019s method of determination to
ensure
EURIBOR\u2019s compliance with the EU Benchmark Regulation.
Quotes for USD-LIBOR were last published on 30 June 2023. Until September 30, 2024, a so-called synthet
ic
LIBOR will be provided for one-month, three-month and six-month maturity rates. According to the UK\u2019s
Financial Conduct Authority (
FCA), these synthetic rates may be used to settle certain legacy contracts.
As of September 30, 2023, there are non-derivative liabilities with total carrying amounts of \u20ac 310.0 m
(previous year: \u20ac 492.7 m) relating to the leasing and financing of aircraft. Of this amount, \u20ac 205.6 m is attribut-
able to USD-LIBOR financings, for which a conversion to the alternative reference interest rate USD SOFR
has been negotiated but not yet contracted.
Overall, no material impact is expected from the conversion of financing from
USD-LIBOR to alternative
benchmark interest rates.
FUEL PRICE RISK
Due to the nature of its business operations, TUI Group is exposed to market price risks from the purchase
of fuel for the aircraft fleet and the cruise ships.
The tourism companies use financial derivatives to hedge their exposure to market price risks for the planned
consumption of fuel. They aim to take out cover ahead of the markets\u2019 customer booking profiles in the
planned commodity requirements in the run-up to the tourism season. The different risk profiles of the
group companies operating in different source markets are taken into account, including the possibility of
levying fuel surcharges. The hedging volumes are adjusted for changes in planned consumption as identified
by the group companies. Target hedge ratios are regularly reviewed with the aim of matching hedge ratios
with the respective target hedging ratios for future seasons.
If the commodity prices, which underlie the fuel price hedges, increase or decrease by 15 % (previous year
+ 15 % / \u2013 15 %), on the balance sheet date, the impact on equity and on earnings after income taxes would be
as shown in the table below. The sensitivity of market prices of + / \u2013 15 % is based on the assumption that an
above-average price volatility in fuel prices could be expected to continue over the coming months in the
context of the current geo-political environment.
Sensitivity analysis \u2013 fuel price risk
\u20ac million
30 Sep 2023
30
Sep 2022
Variable: Fuel prices for aircraft and ships
+ 15 %
\u2013 15 %
+ 15 %
\u2013 15 %
Revaluation reserve
+ 92.2
\u2013 94.9
+ 13.5
\u2013 26.0
Earnings after income taxes
+ 0.3
+ 2.0
+ 15.0
\u2013 3.0
OTHER PRICE RISKS Apart from the financial risks that may result from changes in exchange rates, commodity prices and interest rates,TUI Group is not exposed to significant price risks at the balance sheet date. CREDIT RISK The credit risk in non-derivative financial instruments results from the risk of counterparties defaulting on their contractual payment obligations. Maximum credit risk exposure corresponds in particular to the total of the recognised carrying amounts of the financial assets (including derivative financial instruments with positive market values). Furthermore, there are no material financial guarantees for the discharge of liabilities. Where legally enforceable, financial assets and liabilities are netted. Credit risks are reviewed closely on conclusion of the contract and continually monitored thereafter in order to swiftly respond to potential impairment in a counterparty\u2019s solvency.Responsibility for handling the credit risk is generally held by the Group company holding the receivable. SinceTUI Group operates in many different business areas and regions, significant credit risk concentrations of receivables from and loans to specific debtors or groups of debtors are not to be expected. A significant concentration of credit risks related to specific countries is not to be expected either. As in the previous year, at the balance sheet date, there is no material collateral held, or other credit enhancements that reduce the maximum credit risk. Collateral held relates exclusively to financial assets of the category trade receivables and other receivables. The collateral mainly comprises collateral for financial receivables granted and maturing in more than one year and / or with a volume of more than \u20ac 1.0 m. Real property rights, directly enforceable guarantees, bank guarantees and comfort letters are used as collateral. Credit management also coversTUI Group\u2019s derivative financial instruments. The maximum credit risk for derivative financial instruments entered into is limited to the total of all positive market values of theseinstruments since in the event of counterparty default asset losses would only be incurred up to that amount. Since derivative financial instruments are concluded with different debtors, credit risk exposure is reduced. The specific credit risks of individual counterparties are taken into account in determining the fair values of derivative financial instruments. In addition, the counterparty risk is continually monitored and controlled using internal bank limits. IFRS 9 requires entities to recognise expected losses for all financial assets held at amortised cost and for financial assets constituting debt instruments and measured atFVTOCI (Fair Value Through Other Compre- hensive Income). In TUI Group, the items affected are financial instruments recognised at amortised cost in the following categories: trade receivables and other receivables with the sub-classes trade receivables, advances and loans, other receivables and assets as well as lease receivables. Additional classes are other financial assets and cash and cash equivalents. In determining expected losses,IFRS 9 distinguishes between the general and the simplified approach to impairment. Under the general approach to impairment, financial assets are classified into three stages. Stage 1 is where financial assets are recognised for the first time or where credit risk has not increased significantly since initial recognition. At this stage, the expected bad debt losses that may arise from possible default events within the next 12 months after the respective balance sheet date are reported. For financial assets in stage1, entities are required to recognise 12-month Expected Credit Losses (ECL). Stage 2 is where credit risk has increased significantly since initial recognition. Stage 3 includes financial assets that additionally have objective evidence of impairment alongside the criteria of stage 2. Stages 2 and 3 show lifetime ECL. Under the simplified approach to impairment, a loss allowance is carried at an amount equal to life-time ECL at initial recognition for trade receivables and lease receivables, regardless of the credit quality of the accounts receivable and the lease receivables. TUI uses a provision matrix to determine the expected loss for trade receivables and lease receivables. Average historical default rates are determined for the following maturity bands. Not overdue, less than 30 days past due, 30 \u2013 90 days, 91 \u2013 180 days and more than 180 days past due . To determine the historical default rate, the weighted average of the last three years is calculated for the receivables in default in the respective year in relation to the receivables portfolio at the end of therespective financial year. This is multiplied by the probability that a receivable will age into the final maturity band. The loss rates determined are adjusted by credit default swap ( CDS) rates in order to take account of forward-looking information. The adjusted loss rates are based on average rates for the past few years. The economic environment of the relevant geographical regions is taken into account through a weighting ofCDS rates. All model parameters mentioned above are regularly reviewed and updated. Under the simplified approach to impairment, trade receivable and lease receivables are transferred to Stage3 when there is any objective evidence of impairment. In principle TUI Group classifies whether a trade receivableis to be transferred to Stage 3 on an individual basis, depending on the region, after 180 days at the earliest. In the event of insolvencies or other objective indications of impairment before this date, a transfer to stage 3 is made earlier. If a receivable is more than 180 days overdue, it is assumed to be impaired and, in the event of uncollectibility, generally written down in full. Objective evidence of impairment of lease receivables includes, for example, significant financial difficulties on the part of the debtor, breach of contract (default or delay in interest and repayment) or concessions made for economic or contractual reasons in connection with the debtor\u2019s financial difficulties . For all other financial assets carried at amortised cost impairments are determined in accordance with the general approach . For cash and cash equivalents, the low credit risk exemption of IFRS 9 is applied, according to which financial instruments with a low default risk at the time of acquisition can be classified in stage 1 of the impairment model. Cash and cash equivalents include, for instance, cash in hand or bank balances that are exclusively due to counterparties with a high credit rating. In accordance with stage 1 of the impairment hierarchy, a risk provision corresponding to the 12-month credit loss is recorded in cash and cash equivalents upon initial recognition. At each balance sheet date, a verification is made as to whether the counterparties continue to have a rating of investment grade quality. As the corresponding financial assets have a maximum term of 3 months, the impairment requirement is very low. A transfer from Stage 1 to Stage 2 or 3 has no practical relevance, as the business relationship would be terminated immediately in the case of a correspondingevent. For material advances and loans and other receivables and assets, the expected credit losses are determined by multiplying the probability of default with the loss given default and the exposure of default. TUI Group determines the probabilities of default on the basis of an internal rating model. As part of TUI Group\u2019s busi- ness model, the ratings of debtors for material receivables are evaluated on the basis of this internal rating. Category 1 of the rating model contains the debtors with the highest credit rating, whereas the debtors with the lowest credit rating are classified in the category 7. If the credit risk has not significantly deteriorated since initial recognition, 12-month credit losses are determined (stage 1). In the event of a significant increase in the credit risk, the lifetime-expected credit loss is determined (stage 2). A significant increase in thedefault risk is assumed on the basis of the internal rating and other relevant information such as changes in the economic, regulatory or technological environment. If there is any objective evidence of impairment, a transfer is made to Stage 3. The gross carrying amount of a financial asset of all classes of financial instruments recognised at amortised cost is written off when there is no longer the expectation of full or partial recovery a financial asset following an appropriate assessment. For individual customers the gross carrying amount is usually written off by the Group companies based on past experience of recoveries of such assets in the country specific business environment if the financial asset is no longer expected to be collected due to days overdue. For corporate customers, TUI Group\u2019s businesses conduct an individual assessment about the timing and the amount of write off based on whether there is a reasonable expectation of recovery. TUI Group does not expect significant recovery of amounts written off. However, written-off financial assets may still be subject to enforcement actions to collect overdue receivables. For advances and loans, other receivables and assets as well as other financial assets, the expected credit losses are determined on a portfolio basis. In significant individual cases, this portfolio approach is deviated from, as the relevant information for determining the expected loss is available at the stage of the individual instrument. TUI Group ensures that solely financial assets with similar credit risk characteristics are combined, e. g. type of product and geographical region.TUI Group initially carries the credit loss based on a loss rate expected for the next twelve months. This loss rate is adjusted at regular intervals depending on the macro- economic market environment. If the credit risk increases significantly, the lifetime expected credit loss is determined (Stage 2). The assessment of a significant increase in the credit risk, because of the past due status of the instruments, is determined in TUI Group on an individual basis by region, change in default risk-related market data or change in contractual conditions, among other factors. Depending on the portfolio, a reclassification to stage 2 is regularly made if the overdue amount is more than 30 days past due. If there is objective evidence of impairment, the instrument is transferred to Stage 3. In principle, the general approach assumes that the default risk of financial assets has increased significantly since initial recognition if contractual payments are more than 30 days overdue. However, this can be refuted by TUI Group\u2019s available appropriate and comprehensible information. The assessment of the objectiveevidence of impairment for all instruments falling within the scope of the ECL model is based on the following indicators: e. g. severe financial difficulties of the debtor, breach of contract (default or delinquency in interest or principal payment) or concessions made for economic or contractual reasons in connection with financial difficulties of the debtor. As a result, such instruments are usually written off in full. CDS rates are used as forward-looking information in the general impairment model, too. The impairment ratio for financial assets in the general approach that are not included in the \u2018default risk\u2019 table below is based on observable past default rates, but is set at a minimum of 1 %. The 1 % results from this year\u2019s calculation of the simplified approach. The decline is due in particular to the greatly reducedimpact of the coronavirus pandemic. TUI Group recognises an impairment gain or loss on all financial assets with a corresponding adjustment of the carrying amount through a provision for impairment. In order to improve the presentation, from the 2023 financial year onwards only the expected credit losses will be shown in the \u2018Ageing structure\u2019 tables in the \u2018impairment for expected credit losses\u2019 column and only the change in the impairment for expected credit losses will be shown in the \u2018changes in risk provisions\u2019 ta bles. The information relating to the previous year remains unchanged. In the \u2018Ageing structure\u2019 tables the specific bad debt allowance determined at subsidiary level is shown sepa-rately in the \u2018specific bad debt allowance\u2019 column. The previous year\u2019s \u2018impairment\u2019 column includes both the impairment for expected credit losses and the specific bad debt allowance determined at subsidiary level. In the tables on \u2018changes in risk provisioning\u2019 the specific bad debt allowance determined at subsidiary level which is included in the risk provisioning as at 1 October 2022 is removed in line \u2018Removing specific bad debt allowance from presentation\u2019. The impairment ratios stated from the current year onwards relate exclusively to expected credit losses and no longer include the specific bad debt allowances determined at subsidiary level. As at 30 September 2023, trade receivables were impaired in the amount of \u20ac 49.7 m (previous year \u20ac 59.5 m). The following overview shows a maturity analysis of the impairments:
Ageing structure of impairment of financial instruments classified as trade receivables
30 Sep 2023
Gross value Specific Impairment Net value Impairment
bad debt for expected ratio
\u20ac million allowance credit losses
Trade receivables
Not overdue
294.4
\u2013
\u2013
294.4
\u2013
Overdue less than
30 days
95.5
26.2
1.0
68.3
1 %
Overdue 30 \u2013 90 days
31.1
4.4
0.3
26.4
1 %
Overdue 91 \u2013 180 days
10.2
3.5
0.2
6.5
2 %
Overdue more than
180 days
30.1
13.5
0.6
16.0
2 %
Total
461.3
47.6
2.1
411.6
Ageing structure of impairment of financial instruments classified as trade receivables
30 Sep 2022
Gross value
Impairment
Net value
Impairment
\u20ac million ratio
Trade receivables
Not overdue
271.9
6.8
265.1
5 \u2013 25 %
Overdue less than 30 days
95.9
11.6
84.3
10 \u2013 30 %
Overdue 30 \u2013 90 days
35.4
12.3
23.1
15 \u2013 35 %
Overdue 91 \u2013 180 days
17.5
8.5
9.0
20 \u2013 45 %
Overdue more than 180 days
38.0
20.3
17.7
50 \u2013 75 %
Total
458.7
59.5
399.2
Impairments of lease receivables have developed as follows:
Ageing structure of impairment of financial instruments classified as lease receivables
30 Sep 2023
Gross value Specific bad Impairment Net value Impairment
(after specific debt allowance for expected ratio
bad debt credit losses
\u20ac million allowance)
Lease receivables
Not overdue
4.1
\u2013
\u2013
4.1
\u2013
Overdue less than
30 days
\u2013
\u2013
\u2013
\u2013
1 %
Overdue 30 \u2013 90 days
\u2013
\u2013
\u2013
\u2013
1 %
Overdue 91 \u2013 180 days
\u2013
\u2013
\u2013
\u2013
2 %
Overdue more than
180 days
\u2013
\u2013
\u2013
\u2013
2 %
Total
4.1
\u2013
\u2013
4. 1
Ageing structure of impairment of financial instruments classified as lease receivables
30 Sep 2022
Gross value
Impairment
Net value
Impairment
\u20ac million ratio
Lease receivables
Not overdue
9.8
0.2
9.6
5 \u2013 25 %
Overdue less than 30 days
\u2013
\u2013
\u2013
10 \u2013 30 %
Overdue 30 \u2013 90 days
\u2013
\u2013
\u2013
15 \u2013 35 %
Overdue 91 \u2013 180 days
\u2013
\u2013
\u2013
20 \u2013 45 %
Overdue more than 180 days
\u2013
\u2013
\u2013
50 \u2013 75 %
Total
9.8
0.2
9.6
The following tables show the development of impairment losses on financial instruments in the category Other receivables and assets and in the category advances and loans, in each case less the amounts shown for the corresponding category in the table of the default risk below.
Ageing structure of impairment of financial instruments classified as other receivables and assets
30 Sep 2023
Gross value Specific bad Impairment Net value Impairment
debt allowance for expected ratio
\u20ac million credit losses
Other receivables
and assets
Not overdue
211.3
21.0
2.1
188.2
1 %
Overdue less than
30 days
0.7
\u2013
\u2013
0.7
1 %
Overdue 30 \u2013 90 days
\u2013
\u2013
\u2013
\u2013
1 %
Overdue 91 \u2013 180 days
0.1
\u2013
\u2013
0.1
1 %
Overdue more than
180 days
13.3
5.2
0.1
8.0
1 %
Total
225.4
26.2
2.2
197.0
Ageing structure of impairment of financial instruments classified as other receivables and assets
30 Sep 2022 adjuste d
Gross value
Impairment
Net value
Impairment
\u20ac million ratio
Other receivables and assets
Not overdue
142.7
*
0.1
*
142.6
*
5 \u2013 25 %
Overdue less than 30 days
\u2013
\u2013
\u2013
10 \u2013 30 %
Overdue 30 \u2013 90 days
3.4
3.4
\u2013
15 \u2013 35 %
Overdue 91 \u2013 180 days
0.2
\u2013
0.2
20 \u2013 45 %
Overdue more than 180 days
1.1
0.3
0.8
50 \u2013 75 %
Total
147.4
*
3.8
*
143.6
*
* The previous year was adjusted because some of the financial instruments are now shown in the table \u2018Default risk on financial instru-
ments classified as advances and loans, as other receivables or as other financial assets\u2019.
Impairments of advances and loans developed as follows:
Ageing structure of impairment of financial instruments classified as advances and loans
30 Sep 2023
Gross value Specific bad Impairment Net value
debt allowance for expected
\u20ac million credit losses
Advances and loans
Not overdue
7.1
0.1
0.1
6.9
Overdue less than 30 days
\u2013
\u2013
\u2013
\u2013
Overdue 30 \u2013 90 days
\u2013
\u2013
\u2013
\u2013
Overdue 91 \u2013 180 days
\u2013
\u2013
\u2013
\u2013
Overdue more than 180 days
1.2
1.2
\u2013
\u2013
Total
8.3
1.3
0.1
6.9
Ageing structure of impairment of financial instruments classified as advances and loans
30 Sep 2022 adjusted
\u20ac million
Gross value
Impairment
Net value
Advances and loans
Not overdue
8.5
*
0.7
*
7.8
*
Overdue less than 30 days
\u2013
\u2013
\u2013
Overdue 30 \u2013 90 days
0.1
0.1
\u2013
Overdue 91 \u2013 180 days
\u2013
\u2013
\u2013
Overdue more than 180 days
0.2
*
0.2
*
\u2013
Total
8.8
*
1.0
*
7.8
*
* The previous year was adjusted because some of the financial instruments are now shown in the table \u2018Default risk on financial instru
ments
classified as advances and loans, as other receivables or as other financial assets\u2019.
The material single items in the following table, \u2018Default risk on financial instruments classified as advances and loans, as other receivables or as other financial assets\u2019 are disclosed based on an internal rating. In the past financial year, there was one stage transfer in the individual items listed there from stage 2 to stage 3 in the amount of \u20ac 12.9 m (previous year: one transfers from stage 2 to stage 3 in the amount of \u20ac 6.2 m).
Default risk on financial instruments classified as advances and loans, as other receivables or as other financial assets
30 Sep 2023
30 Sep 2022 adjusted
Impairment Rating Gross value Specific bad Impairment Net value Gross value Impairment Net value
stage debt allowance for expected
\u20ac million credit losses
Financial instruments with related parties
Advances and loans
1
internal: grade 2
\u2013
\u2013
\u2013
\u2013
21.9
\u2013 0.6
21.3
Advances and loans
3
internal: grade 5
9.5
\u2013 6.4
\u2013 0.3
2.8
20.8
*
\u2013 18.6
*
2.2
*
Advances and loans
3
internal: grade 6
4.5
\u2013 4.5
\u2013
\u2013
\u2013
\u2013
\u2013
Advances and loans
3
internal: grade 7
11.4
\u2013 11.4
\u2013
\u2013
\u2013
\u2013
\u2013
Other receivables
3
internal: grade 7
0.9
\u2013 0.9
\u2013
\u2013
\u2013
\u2013
\u2013
Financial instruments with hotels
Advances and loans
1
internal: grade 5
9.6
9.6
\u2013 1.3
8.3
10.4
\u2013 1.8
8.6
Advances and loans
2
internal: grade 5
17.0
17.0
\u2013 1.1
15.9
30.0
\u2013 3.3
26.7
Advances and loans
3
internal: grade 5
12.9
\u2013 12.9
\u2013
\u2013
\u2013
\u2013
\u2013
Other receivables
1
internal: grade 2
\u2013
\u2013
\u2013
\u2013
3.0
*
\u2013
3.0
*
Other receivables
3
internal: grade 3
\u2013
\u2013
\u2013
\u2013
41.0
\u2013 13.8
27.2
Financial instruments with other companies
Advances and loans
3
internal: grade 5
5.0
\u2013 5.0
\u2013
\u2013
5.4
*
\u2013 5.4
*
\u2013
Other financial assets
1
internal: grade 1
\u2013
\u2013
\u2013
\u2013
34.6
\u2013 0.2
34.4
Other financial assets
1
external
45.1
\u2013
\u2013 0.1
45.0
45.1
\u2013 0.1
45.0
Other receivables
1
internal: grade 1
66.1
\u2013
\u2013 0.1
66.0
106.6
*
\u2013 0.2
*
106.4
*
Other receivables
1
internal: grade 2
44.1
\u2013
\u2013 0.1
44.0
30.2
*
\u2013 0.1
*
30.1
*
Other receivables
1
internal: grade 4
7.4
\u2013
\u2013 0.2
7.2
6.3
*
\u2013 0.3
*
6.0
*
Other receivables
1
internal: grade 5
24.2
\u2013
\u2013 1.5
22.7
\u2013
\u2013
\u2013
Other receivables
1
external
378.2
\u2013
\u2013 0.5
377.7
350.5
*
\u2013 0.6
*
349.9
*
Other receivables
3
internal: grade 4
1.8
\u2013 0.9
\u2013
0.9
2.9
*
\u2013 1.0
*
1.9
*
* The table takes into account all default risk rating grades used as at 30 September 2023. The previous year\u2019s figures have been
adjusted accordingly.
Insofar as the default risk can only be determined on the basis of past due information, the information is contained in the tables \u2018ageing structure of impairment of financial instruments classified as other receivables and assets\u2019 and \u2018ageing structure of impairment of financial instruments classified as advances and loans\u2019. Other financial assets carried at amortised cost at an amount of \u20ac 48.6 m (previous year \u20ac 85.8 m) relate to short-term deposits with banks. The full amount of these investments with a gross amount of \u20ac 48.7 m (previous year \u20ac 86.2 m) is not overdue. Impairments of \u20ac 0.1 m (previous year \u20ac 0.5 m) were carried in the framework of risk provisioning . In the financial year 2023, there were no significant cash inflows from impaired interest-bearing trade receiv- ables and other receivables (previous year of \u20ac 4.8 m cash inflows). The tables below show a reconciliation of the loan loss provisions for financial assets, measured at amortised cost, for which loan loss provisions are determined using the general approach or the simplified approach.
Change in risk provisions for financial assets measured at amortised cost in the classes advances
and loans, other receivables and assets and other financial assets
Stage 1 Stage 2 Stage 3 To t a l
12-month-
ECL
lifetime-
ECL
lifetime-
ECL
\u20ac million (not impaired) (impaired)
Risk provisioning as at 1 Oct 2021
27.6
14.3
\u2013
41.9
Addition of impairment on newly issued / acquired
financial assets
2.3
1.8
20.8
24.9
Transfer to stage 3 lifetime ECL (impaired)
\u2013 7.4
\u2013 12.8
20.2
\u2013
Unrequired impairments on financial assets
derecognised during the period and use of impairments
\u2013 15.9
\u2013
\u2013
\u2013 15.9
Risk provisioning as at 30 Sep 2022
6.6
3.3
41.0
50.9
Risk provisioning as at 1 Oct 2022
6.6
3.3
41.0
50.9
Addition of impairment on newly issued / acquired
financial assets
2.3
\u2013
\u2013
2.3
Transfer to stage 3 lifetime ECL (impaired)
\u2013
\u2013 1.5
1.5
\u2013
Unrequired impairments on financial assets
derecognised during the period and use of impairments
\u2013 1.4
\u2013 0.8
\u2013 3.1
\u2013 5.3
Removing specific bad debt allowance from
presentation
\u2013
\u2013
\u2013 39.0
\u2013 39.0
Change of models, risk parameters
\u2013 1.4
\u2013
\u2013
\u2013 1.4
Risk provisioning as at 30 Sep 2023
6.1
1.0
0.4
7.5
As at 30 September 2023, risk provisioning totals \u20ac 4.6 m (previous year \u20ac 19.8 m) for the other receivables and assets class and \u20ac 0.1 m (previous year \u20ac 0.5 m) for the other financial assets class as well as \u20ac 2.8 m (previous year \u20ac 30.6 m) for the advances and loans class. As at 30 September, 2023, one instrument in class other receivables and assets and ten instruments in class advances and loans were reported in stage 3 (previous year: three and eight instruments respectively in stage 3). There were no currency differences (previous year: no currency differences). The changes in the scope of consolidation had no material impact on risk provisioning (previous year: no changes). A transfer was made in the advances and loans class in the amount of \u20ac 1.5 m from stage 2 to stage 3 (previous year transfer from stage 1 to stage 3: \u20ac 6.6 m and transfer from stage 2 to stage 3:\u20ac 12.8 m). No transfer was made in the other receivables and assets class (previous year transfer from stage 1 to stage 3: \u20ac 0.8 m). In the current financial year in class advances and loans no material impairments have been used (previous year \u20ac 9.5 m). The models were adjusted with regard to the risk parameters used in terms of the loss rate in line with the macroeconomic market environment. This resulted in a lower risk provision of \u20ac 1.9 m (previous year: \u20ac 6.2 m).
Change in risk provisions for financial assets measured at amortised cost classified
as trade receivables
Lifetime ECL
\u20ac million simplified approach
Risk provisioning as at 1 Oct 2021
71.6
Exchange differences
0.7
Addition of impairment on newly issued / acquired financial assets
23.6
Other changes
1.3
Unrequired impairments on financial assets derecognised during the period and use of impairments
\u2013 37.7
Risk provisioning as at 30 Sep 2022
59.5
Risk provisioning as at 1 Oct 2022
59.5
Exchange differences
\u2013 0.3
Unrequired impairments on financial assets derecognised during the period
\u2013 9.4
Use of impairments
\u2013 4.8
Removing specific bad debt allowance from presentation
\u2013 41.9
Change of models, risk parameters
\u2013 1.0
Risk provisioning as at 30 Sep 2023
2.1
Change in risk provisions for financial assets measured at amortised cost classified
as lease receivables
Lifetime ECL
\u20ac million simplified approach
Risk provisioning as at 1 Oct 2021
0.3
Exchange differences
\u2013 0.3
Unrequired impairments on financial assets derecognised during the period and use of impairments
0.2
Risk provisioning as at 30 Sep 2022
0.2
Risk provisioning as at 1 Oct 2022
0.2
Unrequired impairments on financial assets derecognised during the period and use of impairments
\u2013 0.2
Risk provisioning as at 30 Sep 2023
\u2013
The tables below show a reconciliation of gross carrying amounts for financial assets measured at amor-tisedcost:
Change in gross carrying amounts classified as advances and loans
Stage 1 Stage 2 life- Stage 3 life- To t a l
12-month-
ECL
time-
ECL
time-
ECL
\u20ac million (not impaired) (impaired)
Gross carrying amounts as at 1 Oct 2021
188.9
45.0
\u2013
233.9
Addition of assets
13.2
1.0
2.3
16.5
Reduction of assets
\u2013 153.1
\u2013
\u2013
\u2013 153.1
Transfer to impaired financial assets (Stage 3)
\u2013 9.1
\u2013 16.0
25.1
\u2013
Gross carrying amounts as at 30 Sep 2022
39.9
30.0
27.4
97.3
Gross carrying amounts as at 1 Oct 2022
39.9
30.0
27.4
97.3
Addition of assets
1.5
17.7
5.7
24.9
Reduction of assets
\u2013 25.5
\u2013 17.2
\u2013 1.4
\u2013 44.1
Transfer to impaired financial assets (Stage 3)
\u2013
\u2013 12.9
12.9
\u2013
Gross carrying amounts as at 30 Sep 2023
15.9
17.6
44.6
78.1
As of 30 September 2023, instruments of the class advances and loans amounting to \u20ac 44.6 m are reported in stage 3. There were no significant changes or modifications. There was a transfer of \u20ac 12.9 m from stage 2 to stage 3 (previous year: transfers between stage 1 and 3: \u20ac 9.1 m and transfers between stage 2 and 3: \u20ac 16.0 m).
Change in gross carrying amounts classified as other receivables and assets and other financial assets
Stage 1 Stage 2 Stage 3 To t a l
12-month
ECL
lifetime
ECL
lifetime-
ECL
\u20ac million (not impaired) (impaired)
Gross carrying amounts as at 1 Oct 2021
329.6
\u2013
\u2013
329.6
Addition of assets
685.4
\u2013
44.4
729.8
Reduction of assets
\u2013 285.3
\u2013
\u2013
\u2013 285.3
Transfer to impaired financial assets (Stage 3)
\u2013 7.7
\u2013
7.7
\u2013
Gross carrying amounts as at 30 Sep 2022
722.0
\u2013
52.1
774.1
Gross carrying amounts as at 1 Oct 2022
722.0
\u2013
52.1
774.1
Addition of assets
679.8
0.5
57.5
737.8
Reduction of assets
\u2013 673.7
\u2013
\u2013 41.4
\u2013 715.1
Gross carrying amounts as at 30 Sep 2023
728.1
0.5
68.2
796.8
As at 30 September 2023, instruments in the classes of other receivables and assets and other financial assets amounting to \u20ac 68.2 m were reported in stage 3. There were no significant changes or modifications. There were no transfers between the stages 1 to 3 (previous year transfers from stage 1 to stage 3: \u20ac 7.7 m). No newly issued or acquired instruments were impaired at the date of addition.
Change in gross carrying amounts of assets classified as trade receivables
Lifetime ECL
simplified
\u20ac million approach
Gross carrying amounts as at 1 Oct 2021
331.4
Addition of assets
458.7
Reduction of assets
\u2013 331.4
Gross carrying amounts as at 30 Sep 2022
458.7
Gross carrying amounts as at 1 Oct 2022
458.7
Addition of assets
461.3
Reduction of assets
\u2013 458.7
Gross carrying amounts as at 30 Sep 2023
461.3
Change in gross carrying amounts of assets classified as lease receivables
Lifetime ECL
simplified
\u20ac million approach
Gross carrying amounts as at 1 Oct 2021
11.4
Addition of assets
9.8
Reduction of assets
\u2013 11.4
Gross carrying amounts as at 30 Sep 2022
9.8
Gross carrying amounts as at 1 Oct 2022
9.8
Addition of assets
4.1
Reduction of assets
\u2013 9.8
Gross carrying amounts as at 30 Sep 2023
4.1
LIQUIDITY RISK Liquidity risks arise from TUI Group being unable to meet its short-term financial obligations and the result- ing increases in funding costs. TUI Group has established an internal liquidity management system to secure TUI Group\u2019s liquidity at all times and consistently comply with contractual payment obligations. To that end, TUI Group\u2019s liquidity management system uses the opportunities of physical and virtual cash pooling for more efficient liquidity pooling. It also uses credit lines to compensate for the seasonal fluctuations in liquidity resulting from the tourism business. The core credit facility is a syndicated revolving credit facility agreed with the previous syndicate banks and KfW Bank, which has been included due to the COVID-19 pandemic. The total amount of the revolving credit facility has now been reduced to a total of \u20ac 2.5 bn. Details of the financing transactions are presented in the section \u2018Going-concern reporting in accordance with the UK Corporate Governance Code\u2019. As in the previous year, no material assets were deposited as collateral for liabilities. Moreover, the Group companies participating in the automated cash pool are jointly and severally liable for financial liabilities from cash pooling agreements. At the balance sheet date, 19TUI Group companies are jointly and severally liable for TUI AG\u2019s financial debts from the revolving credit facility and the promissory note loan. The tables provided below list the contractually agreed (undiscounted) cash flows of all primary financialliabilities as at the balance sheet date. Planned payments for future new liabilities were not taken into account. Where financial liabilities have a floating interest rate, the forward interest rates fixed at the balance sheet date were used to determine future interest payments. Financial liabilities cancellable at any time are allocatedto the earliest maturity band. The analysis of cash flows from derivative financial instruments shows the contractually agreed (undiscounted) cash flows by maturity of foreign exchange hedges and hedges of other price risks of all liabilities that exist ed at the balance sheet date.
Cash flow of financial instruments \u2013 financial and lease liabilities (30 Sep 2023)
Cash outflow until 30 Sep
up to 1 year
1 \u2013 2 years
2 \u2013 5 years
more than 5 years
repay-
interest
repay-
interest
repay-
interest
repay-
interest
\u20ac million ment ment ment ment
Financial liabilities
Convertible bonds
\u2013
\u2013 29.5
\u2013
\u2013 29.5
\u2013 589.6
\u2013 88.4
\u2013
\u2013
Bonds
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Liabilities to banks
\u2013 69.9
\u2013 31.9
\u2013 275.8
\u2013 29.0
\u2013 163.1
\u2013 38.4
\u2013 210.0
\u2013 34.9
Other financial debt
\u2013 15.0
\u2013 1.8
\u2013 3.8
\u2013 2.1
\u2013 16.7
\u2013 0.1
\u2013
\u2013
Trade payables
\u2013 3,373.7
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Other financial liabilities
\u2013 121.9
\u2013 1.6
\u2013 2.6
\u2013
\u2013
\u2013
\u2013
\u2013
Lease liabilities
\u2013 701.2
\u2013 128.6
\u2013 521.5
\u2013 104.5
\u2013 1,032.1
\u2013 184.2
\u2013 663.3
\u2013 264.3
Cash flow of financial instruments \u2013 financial and lease liabilities (30 Sep 2022)
Cash outflow until 30 S ep
up to 1 year
1 \u2013 2 years
2 \u2013 5 years
more than 5 yea rs
repayment
interest
repayment
interest
repay-
interest
repay-
intere st
\u20ac million ment ment
Financial liabilities
Convertible bonds
\u2013
\u2013 29.5
\u2013
\u2013 29.5
\u2013
\u2013 88.4
\u2013 589.6
\u2013 29 .5
Bonds
\u2013
\u2013 5.6
\u2013
\u2013 5.6
\u2013 58.7
\u2013 11.2
\u2013
\u2013
Liabilities to banks
\u2013 280.0
\u2013 65.3
\u2013 600.9
\u2013 44.0
\u2013 312.8
\u2013 36.5
\u2013 188.9
\u2013 16 .7
Other financial debt
\u2013 26.4
\u2013 1.6
\u2013 44.9
\u2013 2.0
\u2013 16.9
\u2013 0.5
\u2013
\u2013
Trade payables
\u2013 3,316.5
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Other financial liabilities
\u2013 174.7
\u2013 0.3
\u2013 0.3
\u2013
\u2013 2.5
\u2013
\u2013
\u2013
Lease liabilities
\u2013 698.8
\u2013 60.8
\u2013 655.7
\u2013 69.8
\u2013 1,012.4
\u2013 182.5
\u2013 840.7
\u2013 393 .4
Cash flow of derivative financial instruments (30 Sep 2023)
Cash in- / outflow until 30 S ep
up to 1 year
1 \u2013 2 years
2 \u2013 5 years
more th an
\u20ac million 5 yea rs
Derivative financial instruments
Hedging transactions \u2013 inflows
+ 1,604.5
+ 133.5
\u2013
\u2013
Hedging transactions \u2013 outflows
\u2013 1,638.4
\u2013 136.2
\u2013
\u2013
Other derivative financial instruments \u2013 inflows
+ 1,294.1
\u2013
\u2013
\u2013
Other derivative financial instruments \u2013 outflows
\u2013 1,308.7
\u2013
\u2013
\u2013
Cash flow of derivative financial instruments (30 Sep 2022)
Cash in- / outflow until 30 Sep
up to 1 year
1 \u2013 2 years
2 \u2013 5 years
more than
\u20ac million 5 years
Derivative financial instruments
Hedging transactions \u2013 inflows
+ 156.2
\u2013
\u2013
\u2013
Hedging transactions \u2013 outflows
\u2013 185.1
\u2013
\u2013
\u2013
Other derivative financial instruments \u2013 inflows
+ 630.3
\u2013
\u2013
\u2013
Other derivative financial instruments \u2013 outflows
\u2013 665.7
\u2013
\u2013
\u2013
The derivative financial instruments carried as Other derivative financial instruments are derivatives not designated as hedging instruments according to IAS 39. For further information for hedging strategies and risk management see also the remarks in the Risk Report section of the Management Report. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-1": { "value": "\u2022 The Executive Board has continued to place significant focus on the review of the Group\u2019s cash flow position during and after the COVID-19 crisis period. \u2022 The strong demand for holidays has brought operations back to pre-pandemic levels in FY23 and thus contributed towards improving the cash position. \u2022 With the positive cash flow in 2023 and, the financing measures implemented in the year under review (capital increase in April 2023 and RCF prolongation in May 2023 net of government handbacks), the Executive Board believes that, despite the existing risks, the TUI Group currently has and will continue to have sufficient funds resulting both from the borrowing and from operating cash flows to meet its payment obligations and to continue as a going concern. \u2022 Our focus on holiday experiences is helping to reduce the seasonality risk, as hotels, cruises and desti-nation experiences have a more evenly distributed profit and cash profile across the year. \u2022 As our business is spread across a number of markets, there are some counter-cyclical features e. g. winter is a more important season for the Nordic and Canadian markets. Some brands, such as the UK ski brand Crystal Ski, have a different seasonality profile which helps to counter-balance the overall profile.\u2022 The business regularly produces both short term and long term cash forecasts during the year \u2013 on a daily basis when needed \u2013, which the Treasury department use to manage cash resources effectively. We continue to maintain high-quality relationships with the Group\u2019s key financiers. TUI AG\u2019s RCF and KfW credit line are subject to compliance with certain financial target values (covenants) for debt coverage and interest coverage, the review of which is carried out based on the last four reported quarters at the end of the financial year or the half-year of a financial year. As of 30 September 2023, TUI successfully complied with the financial covenants. 3. INSUFFICIENT CASH FLOW Tourism is an inherently seasonal business with the majority of profits earned in the European summer months. Cash flows are similarly seasonal with the cash high occurring in the summer as advance payments and final balances are received from customers, with the cash low occurring in the winter as liabilities have to be settled with many suppliers after the end of the summer season. There is the risk that if we do not adequately manage cash balances through the winter low period this could impact on the Group\u2019s liquidity and ability to settle liabilities as they fall due whilst ensuring that financial covenants are maintained. LIQUIDITY RISK Liquidity risks arise from TUI Group being unable to meet its short-term financial obligations and the result- ing increases in funding costs. TUI Group has established an internal liquidity management system to secure TUI Group\u2019s liquidity at all times and consistently comply with contractual payment obligations. To that end, TUI Group\u2019s liquidity management system uses the opportunities of physical and virtual cash pooling for more efficient liquidity pooling. It also uses credit lines to compensate for the seasonal fluctuations in liquidity resulting from the tourism business. The core credit facility is a syndicated revolving credit facility agreed with the previous syndicate banks and KfW Bank, which has been included due to the COVID-19 pandemic. The total amount of the revolving credit facility has now been reduced to a total of \u20ac 2.5 bn. Details of the financing transactions are presented in the section \u2018Going-concern reporting in accordance with the UK Corporate Governance Code\u2019. As in the previous year, no material assets were deposited as collateral for liabilities. Moreover, the Group companies participating in the automated cash pool are jointly and severally liable for financial liabilities from cash pooling agreements. At the balance sheet date, 19TUI Group companies are jointly and severally liable for TUI AG\u2019s financial debts from the revolving credit facility and the promissory note loan. The tables provided below list the contractually agreed (undiscounted) cash flows of all primary financialliabilities as at the balance sheet date. Planned payments for future new liabilities were not taken into account. Where financial liabilities have a floating interest rate, the forward interest rates fixed at the balance sheet date were used to determine future interest payments. Financial liabilities cancellable at any time are allocatedto the earliest maturity band. The analysis of cash flows from derivative financial instruments shows the contractually agreed (undiscounted) cash flows by maturity of foreign exchange hedges and hedges of other price risks of all liabilities that exist ed at the balance sheet date.
Cash flow of financial instruments \u2013 financial and lease liabilities (30 Sep 2023)
Cash outflow until 30 Sep
up to 1 year
1 \u2013 2 years
2 \u2013 5 years
more than 5 years
repay-
interest
repay-
interest
repay-
interest
repay-
interest
\u20ac million ment ment ment ment
Financial liabilities
Convertible bonds
\u2013
\u2013 29.5
\u2013
\u2013 29.5
\u2013 589.6
\u2013 88.4
\u2013
\u2013
Bonds
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Liabilities to banks
\u2013 69.9
\u2013 31.9
\u2013 275.8
\u2013 29.0
\u2013 163.1
\u2013 38.4
\u2013 210.0
\u2013 34.9
Other financial debt
\u2013 15.0
\u2013 1.8
\u2013 3.8
\u2013 2.1
\u2013 16.7
\u2013 0.1
\u2013
\u2013
Trade payables
\u2013 3,373.7
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Other financial liabilities
\u2013 121.9
\u2013 1.6
\u2013 2.6
\u2013
\u2013
\u2013
\u2013
\u2013
Lease liabilities
\u2013 701.2
\u2013 128.6
\u2013 521.5
\u2013 104.5
\u2013 1,032.1
\u2013 184.2
\u2013 663.3
\u2013 264.3
Cash flow of financial instruments \u2013 financial and lease liabilities (30 Sep 2022)
Cash outflow until 30 S ep
up to 1 year
1 \u2013 2 years
2 \u2013 5 years
more than 5 yea rs
repayment
interest
repayment
interest
repay-
interest
repay-
intere st
\u20ac million ment ment
Financial liabilities
Convertible bonds
\u2013
\u2013 29.5
\u2013
\u2013 29.5
\u2013
\u2013 88.4
\u2013 589.6
\u2013 29 .5
Bonds
\u2013
\u2013 5.6
\u2013
\u2013 5.6
\u2013 58.7
\u2013 11.2
\u2013
\u2013
Liabilities to banks
\u2013 280.0
\u2013 65.3
\u2013 600.9
\u2013 44.0
\u2013 312.8
\u2013 36.5
\u2013 188.9
\u2013 16 .7
Other financial debt
\u2013 26.4
\u2013 1.6
\u2013 44.9
\u2013 2.0
\u2013 16.9
\u2013 0.5
\u2013
\u2013
Trade payables
\u2013 3,316.5
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Other financial liabilities
\u2013 174.7
\u2013 0.3
\u2013 0.3
\u2013
\u2013 2.5
\u2013
\u2013
\u2013
Lease liabilities
\u2013 698.8
\u2013 60.8
\u2013 655.7
\u2013 69.8
\u2013 1,012.4
\u2013 182.5
\u2013 840.7
\u2013 393 .4
Cash flow of derivative financial instruments (30 Sep 2023)
Cash in- / outflow until 30 S ep
up to 1 year
1 \u2013 2 years
2 \u2013 5 years
more th an
\u20ac million 5 yea rs
Derivative financial instruments
Hedging transactions \u2013 inflows
+ 1,604.5
+ 133.5
\u2013
\u2013
Hedging transactions \u2013 outflows
\u2013 1,638.4
\u2013 136.2
\u2013
\u2013
Other derivative financial instruments \u2013 inflows
+ 1,294.1
\u2013
\u2013
\u2013
Other derivative financial instruments \u2013 outflows
\u2013 1,308.7
\u2013
\u2013
\u2013
Cash flow of derivative financial instruments (30 Sep 2022)
Cash in- / outflow until 30 Sep
up to 1 year
1 \u2013 2 years
2 \u2013 5 years
more than
\u20ac million 5 years
Derivative financial instruments
Hedging transactions \u2013 inflows
+ 156.2
\u2013
\u2013
\u2013
Hedging transactions \u2013 outflows
\u2013 185.1
\u2013
\u2013
\u2013
Other derivative financial instruments \u2013 inflows
+ 630.3
\u2013
\u2013
\u2013
Other derivative financial instruments \u2013 outflows
\u2013 665.7
\u2013
\u2013
\u2013
The derivative financial instruments carried as Other derivative financial instruments are derivatives not designated as hedging instruments according to IAS 39. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-732": { "value": "\u2022 An established Hedging Committee that monitors the Group\u2019s hedging position. \u2022 Ensuring that the appropriate derivative financial instruments are used to provide hedging cover for the underlying transactions involving fuel and foreign currency. \u2022 Maintaining an appropriate hedging policy to ensure that hedging cover is taken out ahead of the markets\u2019 customer booking profiles. This provides a degree of certainty over input costs when planning pricing and capacity, whilst also allowing some flexibility in prices so as to be able to respond to competitive pressures if necessary. \u2022 Tracking the foreign exchange and fuel markets to ensure the most up-to-date market intelligence and the ongoing appropriateness of our hedging policies. \u2022 Expressing our key profit growth target in constant currency terms so that short term performance can be assessed without the distortion caused by exchange rate fluctuations. Further information on currency and fuel hedges can be found in the Notes to the consolidated financial statements in the Financial instruments section. 4. VOLATILITY OF INPUT COSTS A significant proportion of operating expenses are in non-local currency and / or relate to aircraft and cruise fuel which therefore exposes the business to fluctuations in both exchange rates and fuel prices. There is the risk that if we do not manage the volatility of exchange rates, fuel prices and other input costs adequately, then this could result in increased costs and lead to margin erosion, impacting on our ability to achieve profit targets. Although we are still not back to prepandemic levels of hedging lines, we have signifi- cantly improved our positions against future volatilities for the upcoming winter and summer seasons. Furthermore, changes in macroeconomic conditions, such as those that were experienced as a result of the pandemic and other geopolitical events, like the war on Ukraine, can have an impact on fuel rates and exchange rates which, particularly for the \u00a3 / \u20ac rate has a direct impact on the translation of non-euro market results into euros, the reporting currency of our Group. The increase in inflationary pressures has led to central banks increasing interest rates. Initially, the aggressive raising ofUS interest rates by the US Federal Reserve vs. a slower pace of monetary tightening by other central banks, most notably the ECB, increased interest rate differentials and caused theUS dollar to strengthen against other currencies such as the Euro and British Pound. Central banks are now expected to be nearing the peak of their interest rate hiking cycle, as inflation has generally been falling, but at a slower pace than many had anticipated. Whilst the US Federal Reserve was (and still is) expected to be amongst the first to cut rates, the resilience of theUS economy means that US rates are expected to remain higher for longer. It is also the case that interest rates are likely to stay higher for longer in the Euro Zone and the UK, but after a period of US dollar weakening against both Euro and the British Pound, the resilience of the US economy has not yet seen the pivot to a weaker USdollar to the extent that many market commentators have been predicting. Where the Group has unhedged expo- sures, any strengthening of the US dollar will have an adverse impact on input costs denominated in USdollars. Conversely any weakening of the US dollar will have a beneficial impact on input costs denominated inUSdollars. MARKET RISK Market risks result in fluctuations in earnings, equity and cash flows. Risks arising from input cost volatility are more fully detailed in the risk report section of the management report. In order to limit or eliminate these risks,TUI Group has developed various hedging strategies, including the use of derivative financial instruments. IFRS 7 requires the presentation of a sensitivity analysis showing the effects of hypothetical changes inrelevant market risk variables on profit or loss and equity. The effects for the period are determined by relating the hypothetical changes in risk variables to the portfolio of primary and derivative financial instruments as at the balance sheet date. It is assured that the portfolio of financial instruments as at the balance sheet date is representative for the entire financial year. The analyses ofTUI Group\u2019s risk reduction activities outlined below and the amounts determined using sensitivity analyses represent hypothetical and thus uncertain risks. Due to unforeseeable developments in the global financial markets, actual results may deviate substantially from the disclosures provided. The risk analysis methods used must not be considered a projection of future events or losses, since TUI is also exposedto risks of a non-financial or non-quantifiable nature. These risks primarily include sovereign, business and legal risks not covered by the following presentation of risks. CURRENCY RISK The business operations of TUI\u2019s group companies generate payments or receipts denominated in foreign currencies, which are not always matched by payments or receipts with equivalent terms in the same currency. Using potential netting effects (netting of payments made and received in the same currency with identical or similar terms),TUI Group enters into appropriate hedges with external counterparties in order to protect its profit margin from exchange rate-related fluctuations. Within TUI Group, risks from exchange rate fluctuations are hedged, with the largest hedging volumes relat ing to US dollars, euros and pound sterling. The Eurozone limits the currency risk from transactions in the key tourist destinations to group companies whose functional currency is not the euro. The tourism business operations are mainly affected by changes in the value of the US dollar and the euro, the latter predominantly affecting the TUI tour operators in the UK and the Nordic countries. In tourism operations, payments in US dollars primarily relate to the procurement of services in non-European destinations, purchases of jet and ship fuel and aircraft and cruise ship purchases or charter.
The tourism companies use financial derivatives to hedge their planned foreign exchange requirements.
They aim to take out cover ahead of the markets\u2019 customer booking profiles in the planned currency require-
ments in the run-up to the tourism season. In this regard, account is taken of the different risk profiles of
TUI\u2019s group companies. The hedged currency volumes are adjusted in line with changes in planned require-
ments based on reporting by business units. Target hedge ratios are regularly reviewed with the aim of
matching hedge ratios with the respective target hedging ratios for future seasons.
Currency risks as defined by
IFRS 7 arise from primary and derivative monetary financial instruments issued
in a currency other than the functional currency of a company. Exchange rate-related differences from the
translation of financial statements into the Group\u2019s presentation currency are not taken into account. Taking
account of the different functional currencies within the
TUI Group, the sensitivity analyses of the currencies
identified as relevant risk variables are presented below. A 10 % strengthening or weakening of the respec
tive
functional currencies, primarily euro and pound sterling, against the other currencies would cause the
fol
lowing effects on the revaluation reserve and earnings after income tax:
Sensitivity analysis \u2013 currency risk
\u20ac million
30 Sep 2023
30
Sep 2022
Variable: Foreign exchange rate
+ 10 %
\u2013 10 %
+ 10 %
\u2013 10 %
Exchange rates of key currencies
\u20ac / US dollar
Revaluation reserve
+ 3.2
\u2013 6.7
+ 1.4
\u2013 1.5
Earnings after income taxes
\u2013 2.3
+ 6.5
\u2013 53.7
+ 66.0
Pound sterling / \u20ac
Revaluation reserve
+ 159.5
\u2013 161.1
+ 67.5
\u2013 66.3
Earnings after income taxes
+ 65.4
\u2013 62.1
+ 49.8
\u2013 47.1
Pound sterling / US dollar
Revaluation reserve
+ 115.9
\u2013 125.5
+ 58.9
\u2013 58.3
Earnings after income taxes
+ 57.9
\u2013 43.3
+ 406.7
\u2013 481.4
\u20ac / Swedish krona
Revaluation reserve
\u2013 0.1
+ 0.1
+ 0.1
\u2013 0.1
Earnings after income taxes
+ 0.1
\u2013 0.1
+ 0.1
\u2013 0. 1
INTEREST RATE RISK TUI Group is exposed to interest rate risks from floating-rate primary and derivative financial instruments. Where interest-driven cash flows of floating-rate primary financial instruments are converted into fixed cash flows using derivative hedges and the critical terms of the hedging transaction are the same as those of the hedged items they are not exposed to an interest rate risk. No interest rate risk exists for fixed-interest financial instruments carried at amortised cost. Changes in market interest rates mainly impact floating-rate non-derivative financial instruments and derivative financial instruments entered into in order to reduce interest-induced cash flow fluctuations. The table below presents the equity and earnings after income taxes effects of an assumed increase or decrease in the market interest rate of 100 basis points (previous year + / \u2013 100 basis points) as at the balancesheet date. Maintaining the sensitivity of market prices at 100 basis points is based on the assumption that an elevated level of volatility in interest rates is likely to continue as some central banks are expected to continue with their rate hike cycle whilst others are likely to pause, or even start to cut rates, in the coming months.
Sensitivity analysis \u2013 interest rate risk
\u20ac million
30 Sep 2023
30 Sep 2022
Variable: Interest rate level for + 100 basis \u2013 100 basis + 100 ba sis \u2013 100 ba sis
floating interest-bearing debt points points points points
Earnings after income taxes
+ 1.7
\u2013 1.3
\u2013 0.3
+ 0.4
IMPACT OF THE REFORM OF GLOBAL BENCHMARK INTEREST RATES The global reform of benchmark interest rates (IBORs) creates uncertainties for TUI in that variable bench- mark interest rates available today, on which individual transactions concluded in foreign currencies are based, will no longer be available in the future or will be determined differently. AtTUI, these uncertainties only affect non-derivative risk positions. As in the previous year, there are no derivative risk positions. With regard to EURIBOR, there is no impact from the change to the accounting for non-derivative assets and liabilities. In 2019, the European Money Market Institute adaptedEURIBOR\u2019s method of determination to ensureEURIBOR\u2019s compliance with the EU Benchmark Regulation. Quotes for USD-LIBOR were last published on 30 June 2023. Until September 30, 2024, a so-called synthet ic LIBOR will be provided for one-month, three-month and six-month maturity rates. According to the UK\u2019s Financial Conduct Authority ( FCA), these synthetic rates may be used to settle certain legacy contracts. As of September 30, 2023, there are non-derivative liabilities with total carrying amounts of \u20ac 310.0 m(previous year: \u20ac 492.7 m) relating to the leasing and financing of aircraft. Of this amount, \u20ac 205.6 m is attribut-able to USD-LIBOR financings, for which a conversion to the alternative reference interest rate USD SOFR has been negotiated but not yet contracted. Overall, no material impact is expected from the conversion of financing fromUSD-LIBOR to alternative benchmark interest rates. FUEL PRICE RISK Due to the nature of its business operations, TUI Group is exposed to market price risks from the purchase of fuel for the aircraft fleet and the cruise ships. The tourism companies use financial derivatives to hedge their exposure to market price risks for the planned consumption of fuel. They aim to take out cover ahead of the markets\u2019 customer booking profiles in the planned commodity requirements in the run-up to the tourism season. The different risk profiles of the group companies operating in different source markets are taken into account, including the possibility of levying fuel surcharges. The hedging volumes are adjusted for changes in planned consumption as identified by the group companies. Target hedge ratios are regularly reviewed with the aim of matching hedge ratios with the respective target hedging ratios for future seasons. If the commodity prices, which underlie the fuel price hedges, increase or decrease by 15 % (previous year + 15 % / \u2013 15 %), on the balance sheet date, the impact on equity and on earnings after income taxes would be as shown in the table below. The sensitivity of market prices of + / \u2013 15 % is based on the assumption that an above-average price volatility in fuel prices could be expected to continue over the coming months in the context of the current geo-political environment.
Sensitivity analysis \u2013 fuel price risk
\u20ac million
30 Sep 2023
30
Sep 2022
Variable: Fuel prices for aircraft and ships
+ 15 %
\u2013 15 %
+ 15 %
\u2013 15 %
Revaluation reserve
+ 92.2
\u2013 94.9
+ 13.5
\u2013 26.0
Earnings after income taxes
+ 0.3
+ 2.0
+ 15.0
\u2013 3.0
OTHER PRICE RISKS Apart from the financial risks that may result from changes in exchange rates, commodity prices and interest rates,TUI Group is not exposed to significant price risks at the balance sheet date. 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"concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-659": { "value": "583600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:529900SL2WSPV293B552", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-660": { "value": "435600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-661": { "value": "385600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:529900SL2WSPV293B552", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-662": 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"entity": "scheme:529900SL2WSPV293B552", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-670": { "value": "310500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-671": { "value": "138600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:529900SL2WSPV293B552", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-672": { "value": "2060500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:529900SL2WSPV293B552", "period": "2023-10-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-673": { "value": "1736900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-674": { "value": "200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale", "entity": "scheme:529900SL2WSPV293B552", "period": "2023-10-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-675": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-716": { "value": "General TUI Group and its major subsidiaries and shareholdings operate in tourism. TUI AG, based in Karl-Wiechert-Allee 23, 30625 Hanover, Germany, is TUI Group\u2019s parent company and a listed corporation under German law. The Company is registered in the commercial registers of the district courts of Berlin-Charlottenburg ( HRB 321) and Hanover (HRB 6580). The shares in the company are traded on the London Stock Exchange and the Hanover and Frankfurt Stock Exchanges. These consolidated financial statements ofTUI AG were prepared for financial year 2023 comprising the period from 1 October 2022 to 30 September 2023. Where any of TUI\u2019s subsidiaries have different financial years, financial statements were prepared as at 30 September in order to include these subsidiaries in TUI AG\u2019s consolidated financial statements. The Executive Board and the Supervisory Board have submitted a Declaration of Compliance with the German Corporate Governance Code required pursuant to section 161 of the German Stock Corporation Act (AktG) and made it permanently available to the general public on the Company\u2019s website (www.tuigroup.com). The consolidated financial statements are prepared in euros. Unless stated otherwise, all amounts are indicated in million euros (\u20acm). Due to the utilisation of rounded amounts there may be minor rounding differences in total and percentages. The consolidated financial statements were approved for publication by TUI AG\u2019s Executive Board on 4 Decem-ber 2023. Accounting principles DECLARATION OF COMPLIANCE Pursuant to Regulation EEC No. 1606 / 2002 of the European Parliament and Council, TUI AG\u2019s consolidated financial statements as at 30 September 2023 were prepared in accordance with the International Financial Reporting Standards ( IFRS) as applicable in the European Union. Moreover, the commercial-law provisions listed in section 315e (1) of the German Commercial Code (HGB) were also observed in preparing the con- solidated financial statements. The accounting and measurement methods and the explanatory information and Notes to these annualfinancial statements for financial year 2023 are generally consistent with those followed in preparing the previous consolidated financial statements for financial year 2022, with the exception of the initial application of new or amended standards, as outlined below. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-810": { "value": "
TUI Group and its major subsidiaries and shareholdings operate in tourism.
", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-811": { "value": "TUI AG,", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-695": { "value": "Karl-Wiechert-Allee 23, 30625 Hanover, Germany", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-813": { "value": "Karl-Wiechert-Allee 23, 30625 Hanover,", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-812": { "value": "Germany", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-676": { "value": "Germany", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-814": { "value": "listed corporation under German law", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-677": { "value": "These consolidated financial statements ofTUI AG were prepared for financial year 2023 comprising the period from 1 October 2022 to 30 September 2023. Where any of TUI\u2019s subsidiaries have different financial years, financial statements were prepared as at 30 September in order to include these subsidiaries in TUI AG\u2019s consolidated financial statements. Principles and methods of consolidation PRINCIPLES The consolidated financial statements include all significant subsidiaries directly or indirectly controlled by TUI AG. Control exists where TUI AG has power over the relevant activities, is exposed to variable returns or has rights to the returns, and has the ability to affect those variable returns through its power over theinvestee. Generally, the control is exercised by means of a direct or indirect majority of voting rights. IfTUI Group holds less than the majority of voting rights in a shareholding, it may exercise control due to contractual or similar agreements, as in the case of the participation in the RIUSA II Group. Due to the contractual agreements between the shareholders and the framework agreements with TUI Group as well as the considerableimportance of tour operation for the economic success of RIUSA II Group, TUI Group is able to exercise a controlling influence on decisions about the most relevant activities and consequently the amount of returns. TUI Group is subject to variable returns from RIUSA II Group, in particular due to dividend payments andfluctuations in the fair value of the stake itself.RIUSA II Group is therefore consolidated although TUIGroup only holds a 50 % equity stake. In assessing control, the existence and effect of potential voting rights are taken into account that arecurrently exercisable when decisions about the direction of relevant activities are made. Consolidation of subsidiaries starts from the date TUI gains control. When TUI ceases to control the corresponding companies, they are removed from the group of consolidated companies. The consolidated financial statements are prepared from the separate or single-entity financial statements ofTUI AG and its subsidiaries, drawn up on the basis of uniform accounting, measurement and consolidation methods and usually audited or reviewed by auditors. Associates for which TUI Group is able to exert significant influence over the financial and operating policy decisions within these companies are accounted for using the equity method. Generally, significant influence is assumed if TUI AG directly or indirectly holds voting rights of between 20 to 50 %. Stakes in joint ventures are also measured using the equity method. A joint venture is a company managed jointly by TUI Group with one or several partners based on a contractual agreement, in which the parties that jointly exercise control have rights to the company\u2019s net assets. Joint ventures also include companies in which TUI Group holds a majority or minority of voting rights but in which decisions about the relevant activities may only be taken on an unanimous basis due to contractual agreements. The dates on which associates and joint ventures are included in or removed from the group of companies measured at equity are determined in a manner consistent with that applied to subsidiaries. At equity measure- ment in each case is based on the last annual financial statements available or the interim financial statements as at 30 September if the balance sheet dates differ from TUI AG\u2019s balance sheet date. This affects 34 com - panies with a financial year from 1 January to 31 December, three companies with a financial year from 1 November to 31 October and two companies with a financial year from 1 April to 31 March
Development of the group of consolidated companies*
and the Group companies measured at equity
Consolidated
Associates
Joint ventures
subsidiaries
Number at 30 Sep 2022
268
17
27
Additions
4
4
\u2013
Incorporation
1
2
\u2013
Demerger
1
\u2013
\u2013
Acquisition
2
1
\u2013
Start / expansion of business operations
\u2013
1
\u2013
Disposals
6
1
\u2013
Liquidation
2
\u2013
\u2013
Merger
4
1
\u2013
Change in ownership stake
\u2013
\u2013
\u2013
Number at 30 Sep 2023
266
20
27
* excl. TUI AG
TUI AG\u2019s direct and indirect subsidiaries, associates and joint ventures are listed under Other Notes \u2013 TUI
Group Shareholdings.
Where subsidiaries prepare their financial statements in functional currencies other than the Euro, being the
Group\u2019s reporting currency, the assets and liabilities are translated at the rate of exchange applicable at the
balance sheet date (closing rate). Goodwill allocated to these companies and adjustments of the fair value
arising on the acquisition of a foreign company are treated as assets and liabilities of the foreign company
and also translated at the rate of exchange applicable at the balance sheet date. The items of the income
statement and hence the result for the year shown in the income statement are translated at the average
rate of the month in which the respective transaction takes place.
Differences arising on the translation of the annual financial statements of foreign subsidiaries are reported
outside profit and loss and separately shown as foreign exchange differences in the consolidated statement
of changes in equity. When a foreign company or operation is sold, any foreign exchange differences previ
ously
included in equity outside profit and loss are recognised as a gain or loss from disposal in the income state
ment
through profit and loss.
Translation differences relating to non-monetary items with changes in their fair values eliminated through
profit and loss (e. g. equity instruments measured at their fair value through profit and loss) are included in
the income statement. In contrast, translation differences for non-monetary items with changes in their fair
values taken to equity are included in revenue reserves.
Some
TUI Group subsidiaries operate their business in a hyperinflation country (previous year: equally
Group companies in hyperinflationary economies). As the Euro is the functional currency for these compa
nies,
accounting in accordance with
IAS 29, Financial Reporting in Hyperinflationary Economies, is not required.
The translation of the financial statements of foreign companies measured at equity follows the same principles
for adjusting carrying amounts and translating goodwill as those used for consolidated subsidiaries .
CONSOLIDATION METHODS The recognition of the assets and liabilities of acquired businesses is based on the acquisition method.Accordingly all identifiable assets, all liabilities and certain contingent liabilities assumed are measured at fair value as of the acquisition date. Subsequently, the consideration for the stake is measured at fair value and eliminated against the acquiree\u2019s revalued equity attributable to the acquired share. The option to measure the non-controlling interests at their fair value (full goodwill method) was not used. Any excess of acquisition costs over net assets acquired is capitalised as goodwill and recognised as an asset in accordance with the provisions ofIFRS 3. Any negative goodwill is recognised immediately in profit and loss and presented as other income. When additional shares are purchased after obtaining control, the difference between the purchase price and the carrying amount of the stakes acquired is recognised directly in equity. The effects from sales of stakes not entailing a loss of control are also recognised directly in equity. By contrast, when control isobtained or lost, gains or losses are recognised in profit and loss. In the case of business combinations achieved in stages (where the acquirer held an equity interest before he obtained control), the equity stake previously held in the acquired company is revalued at the fair value applicable at the acquisition date and the resulting gain or loss is recognised in profit or loss. For transactions involving a loss of control, the profit or loss does not only comprise the difference between the carrying amounts of the disposed stakes and the consideration received but also the result from the revaluation of the remaining shares . On loss of control of a subsidiary, the gain or loss on derecognition will be calculated as the total of the fai r value of the consideration plus the fair value of any investment retained in the former subsidiary less the share of the book value of the net assets of the subsidiary. Any gains or losses previously recognised in other comprehensive income from currency translations or the valuation of financial assets and liabilities wil l be reclassified to the income statement. When a subsidiary is sold, any goodwill allocated to the respective subsidiary is taken into account in the calculation of the profit or loss of disposal. The Group\u2019s associates and joint ventures are measured at equity and included at the cost to purchase as a t the acquisition date. The Group\u2019s stake in associates and joint ventures includes the goodwill arising from the respective acquisition. The Group\u2019s share in profits and losses of associates and joint ventures is carried in the income statemen t from the date of acquisition (Share of result from joint ventures and associates), while the Group\u2019s share in the total other comprehensive income is shown in its revenue reserves. The accumulated changes arisin g after the acquisition are shown in the carrying amount of the shareholding. When the share in the loss of an associated company or joint venture equals or exceeds the Group\u2019s original stake in this company, including other unsecured receivables, no further losses are recognised. Any losses exceeding that stake are onl y recognised to the extent that obligations have been assumed or payments have been made for the associatedcompany or joint venture. Where the accounting and measurement methods applied by associates and joint ventures differ from th e uniform accounting rules applied in the Group, the differences are adjusted. Intercompany receivables and payables or provisions are eliminated, as are intercompany revenue, othe r income and the corresponding expenses. Intercompany results from intercompany deliveries and service s are reversed through profit and loss, taking account of deferred taxes . However, intercompany losses are an indicator that an asset may be impaired. Intercompany profits from transactions with companies measured at equity are eliminated in relation to the Group\u2019s stake in the companies. Intercompany transactions are entered into on an arm\u2019s length basis. I n accordance with the provisions of IAS 21, goodwill allocated to the individual segments and sectors was recognised in the functional currency of the subsidiaries and subsequently translated when preparing the consolidated financial statements. Similar to the treatment of other differences from the translation of annual financial statements of foreign subsidiaries, differences due to exchange rate fluctuations between the exchange rate at the date of acquisition of the subsidiary and the exchange rate at the balance sheet date are taken directly to equity outside profit and loss and disclosed as a separate item .", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-815": { "value": "
The consolidated financial statements were approved for publication by TUI AG\u2019s Executive Board on 4 Decem-
ber 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-678": { "value": "
Accounting principles
DECLARATION OF COMPLIANCE
Pursuant to Regulation EEC No. 1606 / 2002 of the European Parliament and Council, TUI AG\u2019s consolidated
financial statements as at 30 September 2023 were prepared in accordance with the International Financial
Reporting Standards (
IFRS) as applicable in the European Union. Moreover, the commercial-law provisions
listed in section 315e (1) of the German Commercial Code (HGB) were also observed in preparing the con-
solidated financial statements.
The accounting and measurement methods and the explanatory information and Notes to these annual
fi
nancial statements for financial year 2023 are generally consistent with those followed in preparing the
previous consolidated financial statements for financial year 2022, with the exception of the initial applica
tion
of new or amended standards, as outlined below.
NEWLY APPLIED STANDARDS Since the beginning of financial year 2023, TUI Group has initially applied the following standards and inter- pretations, amended or newly issued by theIASB and endorsed by the EU, on a mandatory or voluntary basis:
Newly applied standards in financial year 2023
Standard
Applicable from
Amendments
Impact on financial statements
Amendments to IAS 37 1 Jan 2022 The amendments specify which costs to include in assessing whether a contract is onerous. The amendments clarify that the cost of fulfilling a No material impacts.
Onerous Contracts contract consists of the direct cost of the contract representing either the incremental costs of fulfilling the contract or an allocation of other costs
that relate directly to fulfilling the contract.
Amendments to IAS 16 1 Jan 2022 The amendments prohibit deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while No impacts.
Proceeds before Intended Use bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an
entity has to recognise the proceeds from selling such items, and the cost of producing those items, in profit or loss.
Amendments to IFRS 3
1 Jan 2022
The amendments update a reference to the Conceptual Framework in IFRS 3 without changing the accounting requirements for business
No impacts.
Reference to the Conceptual Framework combinations.
Various
1 Jan 2022
The amendments resulting from the Annual Improvements 2018 \u2013 2020 Cycle include small amendments to IFRS 1, IFRS 9, IAS 41, and the
No material impacts.
amendments to
IFRS (2018 \u2013 2020)
Illustrative Examples accompanying
IFRS 16.
Amendments to IAS 12 Immediately or, The amendments to IAS 12 (endorsement during the preparation period) introduce a temporary recognition exception for the accounting of No material impacts.
International Tax Reform \u2013 respectively,
deferred taxes as part of the implementation of the global minimum taxation (so-called \u2018Pillar Two\u2019 regulations of the
OECD). This is intended to
Pillar Two Model Rules 1 Jan 2023 help ensure the consistency of the financial statements and facilitate the implementation of the regulations. This recognition exception is applicable
with immediate effect according to the
IASB requirements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-816": { "value": "DECLARATION OF COMPLIANCE Pursuant to Regulation EEC No. 1606 / 2002 of the European Parliament and Council, TUI AG\u2019s consolidated financial statements as at 30 September 2023 were prepared in accordance with the International Financial Reporting Standards ( IFRS) as applicable in the European Union. Moreover, the commercial-law provisions listed in section 315e (1) of the German Commercial Code (HGB) were also observed in preparing the con- solidated financial statements. The accounting and measurement methods and the explanatory information and Notes to these annualfinancial statements for financial year 2023 are generally consistent with those followed in preparing the previous consolidated financial statements for financial year 2022, with the exception of the initial application of new or amended standards, as outlined below. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-761": { "value": "NEWLY APPLIED STANDARDS Since the beginning of financial year 2023, TUI Group has initially applied the following standards and inter- pretations, amended or newly issued by the IASB and endorsed by the EU, on a mandatory or voluntary basis:
Newly applied standards in financial year 2023
Standard
Applicable from
Amendments
Impact on financial statements
Amendments to IAS 37 1 Jan 2022 The amendments specify which costs to include in assessing whether a contract is onerous. The amendments clarify that the cost of fulfilling a No material impacts.
Onerous Contracts contract consists of the direct cost of the contract representing either the incremental costs of fulfilling the contract or an allocation of other costs
that relate directly to fulfilling the contract.
Amendments to IAS 16 1 Jan 2022 The amendments prohibit deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while No impacts.
Proceeds before Intended Use bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an
entity has to recognise the proceeds from selling such items, and the cost of producing those items, in profit or loss.
Amendments to IFRS 3
1 Jan 2022
The amendments update a reference to the Conceptual Framework in IFRS 3 without changing the accounting requirements for business
No impacts.
Reference to the Conceptual Framework combinations.
Various
1 Jan 2022
The amendments resulting from the Annual Improvements 2018 \u2013 2020 Cycle include small amendments to IFRS 1, IFRS 9, IAS 41, and the
No material impacts.
amendments to
IFRS (2018 \u2013 2020)
Illustrative Examples accompanying
IFRS 16.
Amendments to IAS 12 Immediately or, The amendments to IAS 12 (endorsement during the preparation period) introduce a temporary recognition exception for the accounting of No material impacts.
International Tax Reform \u2013 respectively,
deferred taxes as part of the implementation of the global minimum taxation (so-called \u2018Pillar Two\u2019 regulations of the
OECD). This is intended to
Pillar Two Model Rules 1 Jan 2023 help ensure the consistency of the financial statements and facilitate the implementation of the regulations. This recognition exception is applicable
with immediate effect according to the
IASB requirements.
For more information on the impact of the reform of global interest rate benchmarks, please refer to the section \u2018Interest rate risk\u2019 in Note 41. For more information about the introduction of a global minimum taxation at TUI, we refer to the chapter \u2018Deferred taxes and income taxes\u2019 within the section accounting and measurement methods", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-679": { "value": "
Going concern reporting according to the UK Corporate Governance Code
TUI Group covers its daily working capital requirements through cash in hand, balances with and borrowings
from banks. As at 30 September 2023, TUI Group\u2019s net debt (financial debt plus lease liabilities less cash
and cash equivalents and less short-term interest-bearing investments) totalled \u20ac 2,106.2 m (as at 30 Sep-
tem
ber 2022 \u20ac 3,436.2 m).
Net debt
\u20ac million
30 Sep 2023
30 Sep 2022
Var. %
Financial debt
1,297.0
2,051.3
\u2013 36.8
Lease liabilities
2,918.1
3,207.5
\u2013 9.0
Cash and cash equivalents
2,060.3
1,736.9
+ 18.6
Short-term interest-bearing investments
48.6
85.8
\u2013 43.3
Net debt
2,106.2
3,436.2
\u2013 38.7
The global travel restrictions to contain COVID-19 have had a continuous negative impact on the Group\u2019s earnings and liquidity development since the end of March 2020. Following the successive lifting of the measures to restrict contact and travel in most countries, business has been mainly resumed in all segments in the course of the first half year of the 2022 calendar year. To cover the resulting liquidity needs, the Group has carried out various financing measures in the financial years 2020 to 2022, which, in addition to three capital increases, the use of the banking and capital markets and cash inflows from the sale of assets, also include financing measures from the Federal Republic ofGermany in the form of a KfW credit line initially totalling \u20ac 2.85 bn, an option bond from the GermanEconomic Stabilisation Fund (WSF) totalling \u20ac 150 m and two silent participations from the WSF initiallytotalling \u20ac 1.091 bn. In financial year 2022, TUI reduced KfW\u2019s credit line to \u20ac 2.1 bn in various steps. In addition, 913 of the1,500 partial bonds with warrants issued to WSF were redeemed and the Silent Participation II of the WSF of \u20ac 671.0 m was repaid in full ahead of schedule. The financing measures are described in detail in the annual reports for the past three financial years. On 13 December 2022,TUI has concluded a new agreement with the WSF on the repayment of stabilization measures (\u2018Repayment Agreement\u2019). This agreement regulates the intended complete termination of the stabilization measures granted by the WSF by means of a right of the Company (i) to repayment of thecontribution made by the WSF as a silent partner in January 2021 in the nominal amount of then \u20ac 420 m (\u2018Silent Participation I\u2019) and (ii) to repurchase the warrant-linked bond 2020 / 2026 (\u2018Warrant Bond\u2019) issued by the Company to WSF in the remaining amount of \u20ac 58.7 m as well as the 58,674,899 option rights (\u2018Warrants\u2019) originally attached to the warrant bond. In addition, the Repayment Agreement regulates the implementation of capital measures for the purpose of refinancing the aforementioned measures. In February 2023,TUI AG implemented the ten-for-one reverse stock split previously resolved by the 2023 AGM in accordance with the provisions of the Economic Stabilisation Acceleration Act. As a result, the Company\u2019s share capital declined from \u20ac 1.785 bn to around \u20ac 179 m. The corresponding reduction amount of around \u20ac 1.606 bn was transferred to the company\u2019s capital reserves. In accordance with the repayment agreement with the WSF, the Executive Board of TUI AG resolved a capital increase with subscription rights of \u20ac 1.8 bn with the approval of the Supervisory Board on 24 March 2023. For the fully subscribed capital increase, 328,910,448 new shares were offered at a subscription ratio of 8:3 and a subscription price of \u20ac 5.55. The subscription period for the new shares ended on 17 April 2023. Following receipt of the proceeds from the capital increase on 24 April 2023, Silent Participation I and the around 58.7 m warrants held by the WSF as well as the outstanding 587 of the 2020 / 2026 bonds with warrants were fully redeemed. For Silent Participation I and the 2023 coupon payable on it, a redemption price of \u20ac 651.6 m was paid. \u20ac 30.8 m were used for the repurchase of the warrants and further \u20ac 61.9 m for the early redemption of the 587 bonds with a nominal value of \u20ac 58.7 m, including accrued interest of \u20ac 3.2 m. At the same time, the early repayment penalty for Silent ParticipationII of \u20ac 5.7 m, agreed with the WSF in April 2022, became due.TUI has thus terminated and repaid all stabilisation measures of the WSF. Moreover, TUI AG reduced the volume of the KfW credit facility from \u20ac 2.1 bn to \u20ac 1.05 bn following completion of the capital increase. The capital increase completed in April 2023 and the subsequent substantial reduction in government financing will enable a significant improvement in the TUI Group\u2019s credit ratios and reduce current interest costs, al low- ingTUI to focus on growth and further market recovery. In May 2023, TUI extended the maturity of the existing credit lines of \u20ac 2.7 bn by a further two years. The syndicated credit line with the 19 banks (\u20ac 1.64 bn), including the credit line with KfW (\u20ac 1.05 bn), together referred to as the \u2018 RCF\u2019, will now mature in July 2026. The RCF of TUI AG is subject to compliance with certain financial targets (covenants) for debt coverage and interest coverage, the review of which is carried out on the basis of the last four reported quarters at the end of the financial year or the half-year of a financial year. As at 30 September 2023, TUI Group\u2019s revolving credit facilities totalled \u20ac 2.7 bn, they comprised the follow ing \u2022 \u20ac 1.64 bn credit line from 19 private banks (incl. \u20ac 190 m guarantee line) \u2022 \u20ac 1.05 bn KfW credit line The KfW credit line, which was reduced to \u20ac 1.05 bn after the successful capital increase, is not expected to be drawn on and serves only as a buffer. The aim is to return this credit line quickly. In the view of the Executive Board, the TUI Group currently has and will continue to have sufficient funds, resulting both from borrowings and from operating cash flows, to meet its payment obligations and tocontinue as a going concern in the foreseeable future. Therefore, as at 30 September 2023, the Board does not identify any material uncertainty that may cast significant doubt on the Group\u2019s ability to continue as a going concern. The Board does not foresee risks that may jeopardise the Group\u2019s ability to continue as a going concern and does not believe that compliance with the financial covenants is at risk as at 31 March 2024 and 30 Septem- ber 2024. In accordance with Regulation 30 of theUK Corporate Governance Code, the Board confirms that, in its opinion, it is appropriate to prepare the consolidated financial statements on a going concern basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-748": { "value": "TUI Group covers its daily working capital requirements through cash in hand, balances with and borrowings from banks. As at 30 September 2023, TUI Group\u2019s net debt (financial debt plus lease liabilities less cash and cash equivalents and less short-term interest-bearing investments) totalled \u20ac 2,106.2 m (as at 30 Sep- tem ber 2022 \u20ac 3,436.2 m).
Net debt
\u20ac million
30 Sep 2023
30 Sep 2022
Var. %
Financial debt
1,297.0
2,051.3
\u2013 36.8
Lease liabilities
2,918.1
3,207.5
\u2013 9.0
Cash and cash equivalents
2,060.3
1,736.9
+ 18.6
Short-term interest-bearing investments
48.6
85.8
\u2013 43.3
Net debt
2,106.2
3,436.2
\u2013 38.7
(4) Financial income
Financial income
\u20ac million
2023
2022
Bank interest income
39.1
4.7
Other interest and similar income
37.3
20.2
Income from the measurement of hedges
0.5
1.4
Interest income
76.9
26.3
Income from investments
0.1
0.3
Income from the measurement of other financial instruments
0.7
\u2013
Foreign exchange gains
9.9
9.3
Total
87.6
35.9
The increase in financial income by \u20ac 51.7 m in the financial year 2023 is primarily due to a \u20ac 50.6 m increase in interest income.
Non-current financial liabilities decreased by \u20ac 532.9 m versus 30 September 2022 to \u20ac 1,198.5 m. The
decrease is mainly due to the reduction in liabilities to banks.
In April 2023, a capital increase with rights issue was successfully completed. Parts of the proceeds wer e
used to redeem, or repurchase, in full the outstanding warrant bond including warrants at the nomina l
amount of \u20ac 58.7 m plus accrued interest at fair value. The bond component of this warrant bond was
recognised in financial liabilities, while the separately tradable warrants were recognised in equity.
The early termination rights by
TUI as well as the conversion right and the put option held by the holders o f
the convertible bond represent embedded derivatives which were not separated in accordance with
IFRS 9
as they are classified as closely related to the host contract.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-769": { "value": "TUI Group covers its daily working capital requirements through cash in hand, balances with and borrowings from banks. As at 30 September 2023, TUI Group\u2019s net debt (financial debt plus lease liabilities less cash and cash equivalents and less short-term interest-bearing investments) totalled \u20ac 2,106.2 m (as at 30 Sep- tem ber 2022 \u20ac 3,436.2 m).
Net debt
\u20ac million
30 Sep 2023
30 Sep 2022
Var. %
Financial debt
1,297.0
2,051.3
\u2013 36.8
Lease liabilities
2,918.1
3,207.5
\u2013 9.0
Cash and cash equivalents
2,060.3
1,736.9
+ 18.6
Short-term interest-bearing investments
48.6
85.8
\u2013 43.3
Net debt
2,106.2
3,436.2
\u2013 38.7
(5) Financial expenses
Financial expenses
\u20ac million
2023
2022
Bank interest payable on loans and overdrafts
29.7
15.2
Interest expenses on lease liabilities
175.6
159.3
Net interest expenses from defined benefit pension plans
10.5
6.6
Unwinding of discount on provisions
25.4
10.1
Other interest and similar expenses
267.8
293.1
Expenses relating to the measurement of hedges
16.1
7.8
Interest expenses
525.1
492.1
Expenses relating to the measurement of other financial instruments
0.8
0.1
Foreign exchange losses
7.7
17.3
Total
533.6
509.5
In the period under review, financial expenses increased by \u20ac 24.1 m. This increase mainly results from higherinterest expenses, driven in particular by liabilities to banks and lease liabilities, higher expenses fromcompounding on provisions and increased expenses from the measurement of hedges. On the other hand, lower expenses were incurred for other interest and similar expenses, largely due to lower interest expenses in connection with the early redemption of the warrant bond and Silent ParticipationII of the ESF and lower expenses for exchange rate changes in lease liabilities in accordance with IFRS 16. Non-current financial liabilities decreased by \u20ac 532.9 m versus 30 September 2022 to \u20ac 1,198.5 m. Thedecrease is mainly due to the reduction in liabilities to banks. In April 2023, a capital increase with rights issue was successfully completed. Parts of the proceeds wer e used to redeem, or repurchase, in full the outstanding warrant bond including warrants at the nomina l amount of \u20ac 58.7 m plus accrued interest at fair value. The bond component of this warrant bond wasrecognised in financial liabilities, while the separately tradable warrants were recognised in equity. The early termination rights by TUI as well as the conversion right and the put option held by the holders o f the convertible bond represent embedded derivatives which were not separated in accordance withIFRS 9 as they are classified as closely related to the host contract. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-696": { "value": "
Principles and methods of consolidation
PRINCIPLES
The consolidated financial statements include all significant subsidiaries directly or indirectly controlled by
TUI AG. Control exists where TUI AG has power over the relevant activities, is exposed to variable returns or
has rights to the returns, and has the ability to affect those variable returns through its power over the
in
vestee.
Generally, the control is exercised by means of a direct or indirect majority of voting rights. If
TUI Group
holds less than the majority of voting rights in a shareholding, it may exercise control due to contractual or
similar agreements, as in the case of the participation in the RIUSA II Group. Due to the contractual agree
ments
between the shareholders and the framework agreements with TUI Group as well as the considerable
im
portance of tour operation for the economic success of RIUSA II Group, TUI Group is able to exercise a
controlling influence on decisions about the most relevant activities and consequently the amount of re
turns.
TUI Group is subject to variable returns from RIUSA II Group, in particular due to dividend payments
and
fluctuations in the fair value of the stake itself.
RIUSA II Group is therefore consolidated although TUI
Group only holds a 50 % equity stake.
In assessing control, the existence and effect of potential voting rights are taken into account that are
cur
rently exercisable when decisions about the direction of relevant activities are made. Consolidation of
subsidiaries starts from the date TUI gains control. When TUI ceases to control the corresponding compa
nies,
they are removed from the group of consolidated companies.
The consolidated financial statements are prepared from the separate or single-entity financial statements
of
TUI AG and its subsidiaries, drawn up on the basis of uniform accounting, measurement and consolidation
methods and usually audited or reviewed by auditors.
Associates for which
TUI Group is able to exert significant influence over the financial and operating policy
decisions within these companies are accounted for using the equity method. Generally, significant influence
is assumed if
TUI AG directly or indirectly holds voting rights of between 20 to 50 %.
Stakes in joint ventures are also measured using the equity method. A joint venture is a company managed
jointly by
TUI Group with one or several partners based on a contractual agreement, in which the parties that
jointly exercise control have rights to the company\u2019s net assets. Joint ventures also include companies in
which TUI Group holds a majority or minority of voting rights but in which decisions about the relevant
ac
tivities may only be taken on an unanimous basis due to contractual agreements.
The dates on which associates and joint ventures are included in or removed from the group of companies
measured at equity are determined in a manner consistent with that applied to subsidiaries. At equity meas
ure-
ment in each case is based on the last annual financial statements available or the interim financial state
ments
as at 30 September if the balance sheet dates differ from
TUI AG\u2019s balance sheet date. This affects 34 com -
panies with a financial year from 1 January to 31 December, three companies with a financial year from
1 November to 31 October and two companies with a financial year from 1 April to 31 March .
CONSOLIDATION METHODS
The recognition of the assets and liabilities of acquired businesses is based on the acquisition method.
Ac
cordingly all identifiable assets, all liabilities and certain contingent liabilities assumed are measured at fair
value as of the acquisition date. Subsequently, the consideration for the stake is measured at fair value and
eliminated against the acquiree\u2019s revalued equity attributable to the acquired share. The option to measure
the non-controlling interests at their fair value (full goodwill method) was not used.
Any excess of acquisition costs over net assets acquired is capitalised as goodwill and recognised as an asset
in accordance with the provisions of
IFRS 3. Any negative goodwill is recognised immediately in profit and
loss and presented as other income.
When additional shares are purchased after obtaining control, the difference between the purchase price
and the carrying amount of the stakes acquired is recognised directly in equity. The effects from sales of
stakes not entailing a loss of control are also recognised directly in equity. By contrast, when control is
ob
tained or lost, gains or losses are recognised in profit and loss. In the case of business combinations
achieved in stages (where the acquirer held an equity interest before he obtained control), the equity stake
previously held in the acquired company is revalued at the fair value applicable at the acquisition date and
the resulting gain or loss is recognised in profit or loss. For transactions involving a loss of control, the prof
it
or loss does not only comprise the difference between the carrying amounts of the disposed stakes and the
consideration received but also the result from the revaluation of the remaining shares .
On loss of control of a subsidiary, the gain or loss on derecognition will be calculated as the total of the fai r
value of the consideration plus the fair value of any investment retained in the former subsidiary less the
share of the book value of the net assets of the subsidiary. Any gains or losses previously recognised in
other comprehensive income from currency translations or the valuation of financial assets and liabilities wil l
be reclassified to the income statement. When a subsidiary is sold, any goodwill allocated to the respective
subsidiary is taken into account in the calculation of the profit or loss of disposal.
The Group\u2019s associates and joint ventures are measured at equity and included at the cost to purchase as a t
the acquisition date. The Group\u2019s stake in associates and joint ventures includes the goodwill arising from the
respective acquisition.
The Group\u2019s share in profits and losses of associates and joint ventures is carried in the income statemen t
from the date of acquisition (Share of result from joint ventures and associates), while the Group\u2019s share in
the total other comprehensive income is shown in its revenue reserves. The accumulated changes arisin g
after the acquisition are shown in the carrying amount of the shareholding. When the share in the loss of an
associated company or joint venture equals or exceeds the Group\u2019s original stake in this company, including
other unsecured receivables, no further losses are recognised. Any losses exceeding that stake are onl y
recognised to the extent that obligations have been assumed or payments have been made for the associated
company or joint venture.
Where the accounting and measurement methods applied by associates and joint ventures differ from th e
uniform accounting rules applied in the Group, the differences are adjusted.
Intercompany receivables and payables or provisions are eliminated, as are intercompany revenue, othe r
income and the corresponding expenses. Intercompany results from intercompany deliveries and service s
are reversed through profit and loss, taking account of deferred taxes . However, intercompany losses are an
indicator that an asset may be impaired. Intercompany profits from transactions with companies measured
at equity are eliminated in relation to the Group\u2019s stake in the companies. Intercompany transactions are
entered into on an arm\u2019s length basis.
Depending on the functional area of the intangible asset, amortisation and impairment charges are included under cost of sales or administrative expenses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-777": { "value": "Principles and methods of consolidation PRINCIPLES The consolidated financial statements include all significant subsidiaries directly or indirectly controlled by TUI AG. Control exists where TUI AG has power over the relevant activities, is exposed to variable returns or has rights to the returns, and has the ability to affect those variable returns through its power over the investee. Generally, the control is exercised by means of a direct or indirect majority of voting rights. If TUI Group holds less than the majority of voting rights in a shareholding, it may exercise control due to contractual or similar agreements, as in the case of the participation in the RIUSA II Group. Due to the contractual agreements between the shareholders and the framework agreements with TUI Group as well as the considerable importance of tour operation for the economic success of RIUSA II Group, TUI Group is able to exercise a controlling influence on decisions about the most relevant activities and consequently the amount of returns. TUI Group is subject to variable returns from RIUSA II Group, in particular due to dividend payments and fluctuations in the fair value of the stake itself. RIUSA II Group is therefore consolidated although TUI Group only holds a 50 % equity stake. In assessing control, the existence and effect of potential voting rights are taken into account that are currently exercisable when decisions about the direction of relevant activities are made. Consolidation of subsidiaries starts from the date TUI gains control. When TUI ceases to control the corresponding companies, they are removed from the group of consolidated companies. The consolidated financial statements are prepared from the separate or single-entity financial statements of TUI AG and its subsidiaries, drawn up on the basis of uniform accounting, measurement and consolidation methods and usually audited or reviewed by auditors. Associates for which TUI Group is able to exert significant influence over the financial and operating policy decisions within these companies are accounted for using the equity method. Generally, significant influence is assumed if TUI AG directly or indirectly holds voting rights of between 20 to 50 %. Stakes in joint ventures are also measured using the equity method. A joint venture is a company managed jointly by TUI Group with one or several partners based on a contractual agreement, in which the parties that jointly exercise control have rights to the company\u2019s net assets. Joint ventures also include companies in which TUI Group holds a majority or minority of voting rights but in which decisions about the relevant activities may only be taken on an unanimous basis due to contractual agreements. The dates on which associates and joint ventures are included in or removed from the group of companies measured at equity are determined in a manner consistent with that applied to subsidiaries. At equity measure- ment in each case is based on the last annual financial statements available or the interim financial statements as at 30 September if the balance sheet dates differ from TUI AG\u2019s balance sheet date. This affects 34 com - panies with a financial year from 1 January to 31 December, three companies with a financial year from 1 November to 31 October and two companies with a financial year from 1 April to 31 March . CONSOLIDATION METHODS The recognition of the assets and liabilities of acquired businesses is based on the acquisition method.Accordingly all identifiable assets, all liabilities and certain contingent liabilities assumed are measured at fair value as of the acquisition date. Subsequently, the consideration for the stake is measured at fair value and eliminated against the acquiree\u2019s revalued equity attributable to the acquired share. The option to measure the non-controlling interests at their fair value (full goodwill method) was not used. Any excess of acquisition costs over net assets acquired is capitalised as goodwill and recognised as an asset in accordance with the provisions ofIFRS 3. Any negative goodwill is recognised immediately in profit and loss and presented as other income. When additional shares are purchased after obtaining control, the difference between the purchase price and the carrying amount of the stakes acquired is recognised directly in equity. The effects from sales of stakes not entailing a loss of control are also recognised directly in equity. By contrast, when control isobtained or lost, gains or losses are recognised in profit and loss. In the case of business combinations achieved in stages (where the acquirer held an equity interest before he obtained control), the equity stake previously held in the acquired company is revalued at the fair value applicable at the acquisition date and the resulting gain or loss is recognised in profit or loss. For transactions involving a loss of control, the profit or loss does not only comprise the difference between the carrying amounts of the disposed stakes and the consideration received but also the result from the revaluation of the remaining shares . On loss of control of a subsidiary, the gain or loss on derecognition will be calculated as the total of the fai value of the consideration plus the fair value of any investment retained in the former subsidiary less the share of the book value of the net assets of the subsidiary. Any gains or losses previously recognised in other comprehensive income from currency translations or the valuation of financial assets and liabilities wil be reclassified to the income statement. When a subsidiary is sold, any goodwill allocated to the respective subsidiary is taken into account in the calculation of the profit or loss of disposal. The Group\u2019s associates and joint ventures are measured at equity and included at the cost to purchase as a the acquisition date. The Group\u2019s stake in associates and joint ventures includes the goodwill arising from the respective acquisition. The Group\u2019s share in profits and losses of associates and joint ventures is carried in the income statemen from the date of acquisition (Share of result from joint ventures and associates), while the Group\u2019s share in the total other comprehensive income is shown in its revenue reserves. The accumulated changes arisin g after the acquisition are shown in the carrying amount of the shareholding. When the share in the loss of an associated company or joint venture equals or exceeds the Group\u2019s original stake in this company, including other unsecured receivables, no further losses are recognised. Any losses exceeding that stake are onl y recognised to the extent that obligations have been assumed or payments have been made for the associatedcompany or joint venture. Where the accounting and measurement methods applied by associates and joint ventures differ from th uniform accounting rules applied in the Group, the differences are adjusted. Intercompany receivables and payables or provisions are eliminated, as are intercompany revenue, othe income and the corresponding expenses. Intercompany results from intercompany deliveries and service are reversed through profit and loss, taking account of deferred taxes . However, intercompany losses are an indicator that an asset may be impaired. Intercompany profits from transactions with companies measured at equity are eliminated in relation to the Group\u2019s stake in the companies. Intercompany transactions are entered into on an arm\u2019s length basis. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-717": { "value": "Principles and methods of consolidation PRINCIPLES The consolidated financial statements include all significant subsidiaries directly or indirectly controlled by TUI AG. Control exists where TUI AG has power over the relevant activities, is exposed to variable returns or has rights to the returns, and has the ability to affect those variable returns through its power over the investee. Generally, the control is exercised by means of a direct or indirect majority of voting rights. If TUI Group holds less than the majority of voting rights in a shareholding, it may exercise control due to contractual or similar agreements, as in the case of the participation in the RIUSA II Group. Due to the contractual agreements between the shareholders and the framework agreements with TUI Group as well as the considerable importance of tour operation for the economic success of RIUSA II Group, TUI Group is able to exercise a controlling influence on decisions about the most relevant activities and consequently the amount of returns. TUI Group is subject to variable returns from RIUSA II Group, in particular due to dividend payments and fluctuations in the fair value of the stake itself. RIUSA II Group is therefore consolidated although TUI Group only holds a 50 % equity stake. In assessing control, the existence and effect of potential voting rights are taken into account that are currently exercisable when decisions about the direction of relevant activities are made. Consolidation of subsidiaries starts from the date TUI gains control. When TUI ceases to control the corresponding companies, they are removed from the group of consolidated companies. The consolidated financial statements are prepared from the separate or single-entity financial statements of TUI AG and its subsidiaries, drawn up on the basis of uniform accounting, measurement and consolidation methods and usually audited or reviewed by auditors. Associates for which TUI Group is able to exert significant influence over the financial and operating policy decisions within these companies are accounted for using the equity method. Generally, significant influence is assumed if TUI AG directly or indirectly holds voting rights of between 20 to 50 %. Stakes in joint ventures are also measured using the equity method. A joint venture is a company managed jointly by TUI Group with one or several partners based on a contractual agreement, in which the parties that jointly exercise control have rights to the company\u2019s net assets. Joint ventures also include companies in which TUI Group holds a majority or minority of voting rights but in which decisions about the relevant activities may only be taken on an unanimous basis due to contractual agreements. The dates on which associates and joint ventures are included in or removed from the group of companies measured at equity are determined in a manner consistent with that applied to subsidiaries. At equity measure- ment in each case is based on the last annual financial statements available or the interim financial statements as at 30 September if the balance sheet dates differ from TUI AG\u2019s balance sheet date. This affects 34 com - panies with a financial year from 1 January to 31 December, three companies with a financial year from 1 November to 31 October and two companies with a financial year from 1 April to 31 March . GOODWILL AND OTHER INTANGIBLE ASSETS Acquired intangible assets are carried at cost. Internally generated intangible assets are capitalised at cost where an inflow of future economic benefits for the Group is probable and can be reliably measured. The cost to produce comprises direct costs and directly allocable overheads. Intangible assets with a finite service life are amortised over the expected useful life. Intangible assets acquired as a result of business combinations are included at their fair value as at the date of acquisition and are amortised on a straight-line basis.
Useful lives of intangible assets
Useful lives
Brands, licences and other rights
5 to 20 years
Transport and leasing contracts
12 to 20 years
Computer software
3 to 13 years
Customer base as at acquisition date
7 to 15 years
Due to changes in our strategy and delays in the digital transformation, the useful lives of certain software solutions were extended by up to three years. As a result of the adjustment of individual useful lives for computer software, the economic useful life in individual cases has been extended from the previous ten years to a total of 13 years. For further information, please refer to the section \u2018Other intangible assets\u2019. If there are any events or indications suggesting potential impairment, the amortised carrying amount of the intangible asset is compared with the recoverable amount. Any losses in value going beyond wear-and-tear depreciation are taken into account through the recognition of impairment charges. Depending on the functional area of the intangible asset, amortisation and impairment charges are included under cost of sales or administrative expenses. Intangible assets with indefinite useful lives are not amortised but are tested for impairment at least annually. In addition, impairment tests are conducted if there are any events or indications suggesting potential impairment. TUI Group\u2019s intangible assets with an indefinite useful life consist exclusively of goodwill. Impairment tests for goodwill are conducted on the basis of cash-generating units (CGU) or groups of cash-generating units . Impairment charges are recognised where the carrying amount of the tested units, including the allocated goodwill, exceeds the recoverable amount. The recoverable amount is the higher of fair value less costs of disposal and the present value of future cash flows based on continued use (value in use). The fair value less costs of disposal corresponds to the amount that could be generated between knowledgeable, willing, inde- pendent business partners after deduction of the costs of disposal. Impairment of goodwill is shown separately in the consolidated income statement ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-2": { "value": "PRINCIPLES The consolidated financial statements include all significant subsidiaries directly or indirectly controlled by TUI AG. Control exists where TUI AG has power over the relevant activities, is exposed to variable returns or has rights to the returns, and has the ability to affect those variable returns through its power over theinvestee. Generally, the control is exercised by means of a direct or indirect majority of voting rights. IfTUI Group holds less than the majority of voting rights in a shareholding, it may exercise control due to contractual or similar agreements, as in the case of the participation in the RIUSA II Group. Due to the contractual agreements between the shareholders and the framework agreements with TUI Group as well as the considerableimportance of tour operation for the economic success of RIUSA II Group, TUI Group is able to exercise a controlling influence on decisions about the most relevant activities and consequently the amount of returns. TUI Group is subject to variable returns from RIUSA II Group, in particular due to dividend payments andfluctuations in the fair value of the stake itself.RIUSA II Group is therefore consolidated although TUIGroup only holds a 50 % equity stake. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-749": { "value": "Associates for which TUI Group is able to exert significant influence over the financial and operating policy decisions within these companies are accounted for using the equity method. Generally, significant influence is assumed if TUI AG directly or indirectly holds voting rights of between 20 to 50 %. Stakes in joint ventures are also measured using the equity method. A joint venture is a company managed jointly by TUI Group with one or several partners based on a contractual agreement, in which the parties that jointly exercise control have rights to the company\u2019s net assets. Joint ventures also include companies in which TUI Group holds a majority or minority of voting rights but in which decisions about the relevant activities may only be taken on an unanimous basis due to contractual agreements. The dates on which associates and joint ventures are included in or removed from the group of companies measured at equity are determined in a manner consistent with that applied to subsidiaries. At equity measure- ment in each case is based on the last annual financial statements available or the interim financial statements as at 30 September if the balance sheet dates differ from TUI AG\u2019s balance sheet date. This affects 34 com - panies with a financial year from 1 January to 31 December, three companies with a financial year from 1 November to 31 October and two companies with a financial year from 1 April to 31 March ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-789": { "value": "Associates for which TUI Group is able to exert significant influence over the financial and operating policy decisions within these companies are accounted for using the equity method. Generally, significant influence is assumed if TUI AG directly or indirectly holds voting rights of between 20 to 50 %. The dates on which associates and joint ventures are included in or removed from the group of companies measured at equity are determined in a manner consistent with that applied to subsidiaries. At equity measure- ment in each case is based on the last annual financial statements available or the interim financial statements as at 30 September if the balance sheet dates differ from TUI AG\u2019s balance sheet date. This affects 34 com panies with a financial year from 1 January to 31 December, three companies with a financial year from 1 November to 31 October and two companies with a financial year from 1 April to 31 March . The Group\u2019s associates and joint ventures are measured at equity and included at the cost to purchase as a the acquisition date. The Group\u2019s stake in associates and joint ventures includes the goodwill arising from the respective acquisition. The Group\u2019s share in profits and losses of associates and joint ventures is carried in the income statemen from the date of acquisition (Share of result from joint ventures and associates), while the Group\u2019s share in the total other comprehensive income is shown in its revenue reserves. The accumulated changes arisin after the acquisition are shown in the carrying amount of the shareholding. When the share in the loss of an associated company or joint venture equals or exceeds the Group\u2019s original stake in this company, including other unsecured receivables, no further losses are recognised. Any losses exceeding that stake are onl recognised to the extent that obligations have been assumed or payments have been made for the associatedcompany or joint venture. Where the accounting and measurement methods applied by associates and joint ventures differ from th uniform accounting rules applied in the Group, the differences are adjusted. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-762": { "value": "Stakes in joint ventures are also measured using the equity method. A joint venture is a company managed jointly by TUI Group with one or several partners based on a contractual agreement, in which the parties that jointly exercise control have rights to the company\u2019s net assets. Joint ventures also include companies in which TUI Group holds a majority or minority of voting rights but in which decisions about the relevantactivities may only be taken on an unanimous basis due to contractual agreements. The dates on which associates and joint ventures are included in or removed from the group of companies measured at equity are determined in a manner consistent with that applied to subsidiaries. At equity measure- ment in each case is based on the last annual financial statements available or the interim financial statements as at 30 September if the balance sheet dates differ from TUI AG\u2019s balance sheet date. This affects 34 com - panies with a financial year from 1 January to 31 December, three companies with a financial year from 1 November to 31 October and two companies with a financial year from 1 April to 31 March . The Group\u2019s associates and joint ventures are measured at equity and included at the cost to purchase as a t the acquisition date. The Group\u2019s stake in associates and joint ventures includes the goodwill arising from the respective acquisition. The Group\u2019s share in profits and losses of associates and joint ventures is carried in the income statemen t from the date of acquisition (Share of result from joint ventures and associates), while the Group\u2019s share in the total other comprehensive income is shown in its revenue reserves. The accumulated changes arisin g after the acquisition are shown in the carrying amount of the shareholding. When the share in the loss of an associated company or joint venture equals or exceeds the Group\u2019s original stake in this company, including other unsecured receivables, no further losses are recognised. Any losses exceeding that stake are onl y recognised to the extent that obligations have been assumed or payments have been made for the associatedcompany or joint venture. Where the accounting and measurement methods applied by associates and joint ventures differ from th e uniform accounting rules applied in the Group, the differences are adjusted. IMPAIRMENT OF THE CARRYING AMOUNTS OF ASSOCIATES AND JOINT VENTURES Due to the increase in the interest rates, the effects of Russia\u2019s war of aggression against Ukraine an d general price inflation a risk assessment was performed if indicators for impairments exist. If this was th e case the carrying amounts of the respective associates and joint ventures concerned were subsequentl y tested for impairment. In addition all carrying amounts of associates and joint ventures which have bee n impaired in before were tested for reversals of impairment. All impairment tests used the business plan o f the respective joint venture or associate. Based on these business plans, the recoverable amount wascalculated by discounting future net cash flows. In all cases the fair value less cost to sell was higher than th e value in use. Level 3 inputs of fair value hierarchy were used in the calculations. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-3": { "value": "GROUP OF CONSOLIDATED COMPANIES In financial year 2023, the consolidated financial statements included a total of 266 subsidiaries. The table below presents changes in the number of companies since 1 October 2022.
Development of the group of consolidated companies*
and the Group companies measured at equity
Consolidated
Associates
Joint ventures
subsidiaries
Number at 30 Sep 2022
268
17
27
Additions
4
4
\u2013
Incorporation
1
2
\u2013
Demerger
1
\u2013
\u2013
Acquisition
2
1
\u2013
Start / expansion of business operations
\u2013
1
\u2013
Disposals
6
1
\u2013
Liquidation
2
\u2013
\u2013
Merger
4
1
\u2013
Change in ownership stake
\u2013
\u2013
\u2013
Number at 30 Sep 2023
266
20
27
* excl. TUI AG
TUI AG\u2019s direct and indirect subsidiaries, associates and joint ventures are listed under Other Notes \u2013 TUI Group Shareholdings. 16) Investments in joint ventures and associates The table below presents all joint arrangements and associates of relevance to TUI Group. All joint arrangementsand associates are listed as TUI Group shareholdings in Note 53. All joint arrangements are joint ventures. There are no joint operations within the meaning of IFRS 11.
Significant associate and joint ventures
Capital share in %
Voting rights share in %
30 Sep 30 Sep 30 Sep 30 Sep
Name and headquarter of company
Nature of business
2023 2022 2023 2022
Associate
Midnight Canada Inc., Tour operator &
Toronto, Canada Hotel operator
49.0
49.0
49.0
25.0
Midnight International Holdings
Limited, Toronto, Canada
Hotel operator
49.0
\u2013
49.0
\u2013
Pep Toni Hotels S. A., Palma, Spain
Hotel operator
49.0
\u2013
49.0
\u2013
Joint venture
Grupotel dos S. A.,
Can Picafort, Spain
Hotel operator
50.0
50.0
50.0
50.0
TUI Cruises GmbH,
Hamburg, Germany
Cruise ship operator
50.0
50.0
50.0
50.0
All companies presented above are measured at equity. The financial year of the Canadian associated companies corresponds to TUI Group\u2019s financial year. The financial years of Pep Toni Hotels S. A. and of the joint ventures deviate from TUI Group\u2019s financial year, ending on 31 December. In order to update the at equity measurement as at TUI Group\u2019s balance sheet date, interim financial statements for the period ending 30 September are prepared for these companies. SIGNIFICANT ASSOCIATES In 2009, TUI Group entered into a partnership with Sunwing. Sunwing was a vertically integrated travel company comprising tour operation, an airline and retail shops. After the transfer of the hotel operation and development company Blue Diamond Hotels & Resorts Inc., St Michael / Barbados, to Sunwing in September 2016, Sunwing also included the hotel operation business with a chain of luxury beach resorts and hotels in the Caribbean and Mexico. Sunwing\u2019s hotel operation business is carried in the Hotels & Resorts segment, while the tour operation business is carried in the Northern Region segment. Sunwing transferred its tour operation, airline and retail shops to the Canadian airline WestJet Airlines Ltd. in the current financial year. Sunwing received essentially shares of the newformed business as consideration and in addition contingent considerations. Within the framework of the transaction the hotel operations business was transferred to the newly formed Midnight International Holdings Limited, in which TUI Group directly holds 49 % of its shares. Sunwing itself has no longer any operative business after the transaction and was renamed in Midnight Canada Inc. TUI group continues to hold 49 % of the shares of Midnight Canada Inc Sunwing realised a gain from the transfer of its activities in return for the shares in the newformed business. Accordingly, this gain increased pro rata the share of result of investments accounted for using the equity method by \u20ac 110.3 m. A portion of the goodwill allocated to the segment Northern Region was disposed with the transfer of the operational business of Sunwing. This portion was determined as the relative value of the operations of Sunwing disposed of in relation to the retained segment Northern Region. The expense of \u20ac 19.5 m from the disposal of the goodwill is recognised in other expenses. Pep Toni Hotels S. A. is a company founded at the end of the reporting year, which will own and operate hotels. . FINANCIAL INFORMATION ON ASSOCIATES AND JOINT VENTURES The tables below present summarised financial information for the significant associates and joint ventures of TUI Group. The amounts shown reflect the full amounts presented in the consolidated financial statements of the relevant associates and joint ventures (100 %); they do not represent TUI Group\u2019s share of those amounts.
Summarised financial information of material associates
Midnight International Pep Toni Hotels S. A., Midnight Canada Inc.,
Holdings Limited, Palma, Spain Toronto, Canada
Toronto, Canada
30 Sep 30 Sep 30 Sep 30 Sep 30 Sep 30 Sep
\u20ac million 2023 / 2023 2022 / 2022 2023 / 2023 2022 / 2022 2023 / 2023 2022 / 2022
Non-current assets
1,606.6
1,697.0
\u2013
\u2013
93.9
489.2
Current assets
316.2
324.6
150.8
\u2013
6.3
538.2
Non-current provisions and
liabilities
1,123.7
961.1
\u2013
\u2013
\u2013
609.5
Current provisions and liabilities
329.7
618.1
\u2013
\u2013
4.2
660.3
Revenue
820.5
643.6
\u2013
\u2013
1,722.7
1,263.7
Profit / loss
62.9
101.3
0.8
\u2013
345.0
\u2013 94.2
Other comprehensive
income / loss
\u2013 30.6
61.0
\u2013
\u2013
21.9
\u2013 16.0
Total comprehensive
income / loss
32.3
162.3
0.8
\u2013
366.9
\u2013 110.2
.1 In financial year 2023, TUI Group received dividends of \u20ac 22.6 m (previous year \u20ac 0.9 m) from its joint ventures and dividends of \u20ac 3.9 m (previous year \u20ac 0.2 m) from its associates. In addition to TUI Group\u2019s significant associates and joint ventures, TUI AG has interests in other associates and joint ventures accounted for under the equity-method, which individually are not considered to be of material significance. The tables below provide information on TUI Group\u2019s share of the earnings figures shown for the major associates and joint ventures as well as the aggregated amount of the share of profit / loss, other comprehensive income and total comprehensive income for the immaterial associates and joint ventures.
Share of financial information of material and other associates
Midnight Pep Toni Midnight Other immaterial Associates total
International Hotels S. A., Canada Inc., associates
Holdings Limited, Palma, Spain Toronto, Canada
Toronto, Canada
\u20ac million
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
TUI's share
of
Profit / loss
30.8
49.6
0.4
\u2013
112.8
*
\u2013 46.2
2.2
4.2
146.2
7.6
Other com-
prehensive
income / loss
\u2013 15.0
29.9
\u2013
\u2013
7.4
\u2013 3.2
\u2013 1.1
\u2013 2.2
\u2013 8.7
24.5
Total
comprehen-
sive income /
loss
15.8
79.5
0.4
\u2013
120.2
\u2013 49.4
1.1
2.0
137.5
32.1
* The share of result includes TUI\u2019s share of the result of Midnight Canada Inc. and the expenses for the realisation of foreign exchange
differences and for the derecognition of goodwill due to the sale of Sunwing\u2019s operating business, included in the result of investments
in joint ventures and associates.
Net assets of the material associates
Midnight International Midnight Canada Inc., Pep Toni Hotels S. A.,
Holdings Limited, Toronto, Canada Palma, Spain
\u20ac million Toronto, Canada
Net assets as at 1 Oct 2021
280.0
\u2013 132.0
\u2013
Foreign exchange effects
61.0
\u2013 16.0
\u2013
Profit / loss
101.3
\u2013 94.2
\u2013
Net assets as at 30 Sep 2022
442.3
\u2013 242.2
\u2013
Other comprehensive income
\u2013
2.6
\u2013
Foreign exchange effects
\u2013 30.6
19.3
\u2013
Capital increase / decrease
\u2013 33.9
\u2013
150.1
Profit / loss
62.9
345.0
0.8
Consolidation effects
28.7
\u2013 28.7
\u2013
Net assets as at 30 Sep 2023
469.4
96.0
150.9
Reconciliation to the carrying amount of the associates in the Group balance sheet
Midnight Midnight Pep Toni Other Associates
International Canada Inc., Hotels S. A., immaterial total
Holdings Toronto, Palma, associates
Limited, Canada Spain
Toronto,
\u20ac million Canada
Share of TUI in % as at 30 Sep 2022
49.0
49.0
\u2013
n. a.
n. a.
TUI's share of the net assets
as at 30 Sep 2022
216.8
\u2013 118.5
\u2013
28.2
126.5
Goodwill as at 30 Sep 2022
7.6
49.3
\u2013
5.0
61.9
Unrecognised share of losses
\u2013
\u2013
\u2013
1.1
1.1
Impairment of carrying amounts
\u2013
\u2013
\u2013
\u2013
\u2013
Carrying amount as at 30 Sep 2022
224.4
\u2013 69.2
\u2013
34.3
189.5
Share of TUI in % as at 30 Sep 2023
49.0
49.0
49.0
n. a.
n. a.
TUI's share of the net assets
as at 30 Sep 2023
230.0
46.9
73.9
33.0
383.8
Goodwill as at 30 Sep 2023
7.1
\u2013
\u2013
1.4
8.5
Unrecognised share of losses
\u2013
\u2013
\u2013
2.7
2.7
Impairment of carrying amounts
\u2013
\u2013
\u2013
\u2013
\u2013
Carrying amount as at 30 Sep 2023
237.1
46.9
73.9
37.1
395.0
IMPAIRMENT OF THE CARRYING AMOUNTS OF ASSOCIATES AND JOINT VENTURES Due to the increase in the interest rates, the effects of Russia\u2019s war of aggression against Ukraine an d general price inflation a risk assessment was performed if indicators for impairments exist. If this was th e case the carrying amounts of the respective associates and joint ventures concerned were subsequentl y tested for impairment. In addition all carrying amounts of associates and joint ventures which have bee n impaired in before were tested for reversals of impairment. All impairment tests used the business plan o f the respective joint venture or associate. Based on these business plans, the recoverable amount wascalculated by discounting future net cash flows. In all cases the fair value less cost to sell was higher than th e value in use. Level 3 inputs of fair value hierarchy were used in the calculations. The shares in the joint venture WOT Hotels Adriatic Asset Company d. o. o. are held for sale. An impairment loss of \u20ac 7.6 m recognised in 2020 was reversed. A further reversal of an impairment loss of \u20ac 0.3 m and the recognition of an impairment loss of \u20ac 0.7 m related to joint ventures in Central Region. The shares in the associated company Raiffeisen-ToursRT-Reisen GmbH intended for sale were written down by \u20ac 1.8 m. In all other respects, the parameters used were identical with those used for the goodwill impairment test in Hotels & Resorts (Note 12). UNRECOGNISED LOSSES BY ASSOCIATES AND JOINT VENTURES As at the end of the financial year under review, accumulated unrecognised losses of joint ventures amounted to \u20ac 12.3 m (previous year \u20ac 7.3 m). In the period under review, unrecognised losses relating to WOT Hotels Vietnam rose by \u20ac 4.2 m to \u20ac 11.1 m, while unrecognised losses relating to Abou Soma for Hotels S. A. E. grew by \u20ac 0.8 m to \u20ac 1.1 m. Accumulated unrecognised losses by associates of \u20ac 2.7 m (previous year \u20ac 1.1 m) related to Ahungalla Resorts Limited. Recognition of additional losses would have resulted in the carrying amounts falling to below nil. RISKS ASSOCIATED WITH THE STAKES IN ASSOCIATES AND JOINT VENTURES Contingent liabilities of \u20ac 0.7 m (previous year \u20ac 6.5 m) existed in respect of associates as at 30 Septem- ber 2023. Contingent liabilities in respect of joint ventures totalled \u20ac 1.7 m (previous year \u20ac 3.1 m). Company Country Capital share in % Joint ventures and associates Tourism Abou Soma for Hotels S.A.E., Giza Egypt 16.7 Ahungalla Resorts Limited, Colombo Sri Lanka 40 Aitken Spence Travels (Private) Limited, Colombo Sri Lanka 50 ARP Africa Travel Limited, Harrow United Kingdom 25 Atlantica Hellas A.E., Rhodes Greece 50 Atlantica Hotels and Resorts Limited, Lemesos Cyprus 49.9 Bartu Turizm Yatirimlari Anonim Sirketi, Istanbul Turkiye 50 Clubhotel Kleinarl GmbH & Co KG, Flachau Austria 24 Daktari Travel & Tours Ltd., Limassol Cyprus 33.3 DER Reisecenter TUI GmbH, Dresden Germany 50 Diamondale Limited, Dublin Ireland 27 ENC for touristic Projects Company S.A.E., Sharm el Sheikh Egypt 50 Etapex, S.A., Agadir Morocco 35 Fanara Residence for Hotels S.A.E., Sharm el Sheikh Egypt 50 Gebeco Gesellschaft f\u00fcr internationale Begegnung und Cooperation mbH & Co. KG, Kiel Germany 50 Grupotel dos S.A., Can Picafort Spain 50 Ha Minh Ngan Company Limited, Hanoi Vietnam 50 Holiday Travel (Israel) Limited, Airport City Israel 50 Hydrant Refuelling System NV, Brussels Belgium 25 InteRes Gesellschaft f\u00fcr Informationstechnologie mbH, Darmstadt Germany 25.2 Interyachting Limited, Limassol Cyprus 45 Jaz Hospitality Services DMCC, Dubai United Arab Emirates 50 Jaz Hotel Group S.A.E., Cairo Egypt 51 Kamarayat Nabq Company for Hotels S.A.E., Sharm el Sheikh Egypt 50 Midnight Canada Inc., Toronto Canada 49 Midnight International Holdings Limited, Toronto Canada 49 Pep Toni Hotels S.A., Palma Spain 49 Pollman\u2019s Tours and Safaris Limited, Mombasa Kenya 25 Raiffeisen-Tours RT-Reisen GmbH, Burghausen Germany 25.1 Ranger Safaris Ltd., Arusha Tanzania 25 Sharm El Maya Touristic Hotels Co. S.A.E., Cairo Egypt 50 S\u00fcdwest Presse + Hapag-Lloyd Reiseb\u00fcro GmbH & Co.KG, Ulm Germany 50 Sun Oasis for Hotels Company S.A.E., Hurghada Egypt 50 Teckcenter Reiseb\u00fcro GmbH, Kirchheim unter Teck Germany 50
Company
Country
Capital share in %
Tikida Bay S.A., Agadir
Morocco
34
TIKIDA DUNES S.A., Agadir
Morocco
30
Tikida Palmeraie S.A., Marrakesh
Morocco
33.3
Travco Group Holding S.A.E., Cairo
Egypt
50
TRAVELStar GmbH, Hanover
Germany
50
TRAVELStar Touristik GmbH & Co. OHG, Vienna
Austria
50
TUI Cruises GmbH, Hamburg
Germany
50
TUI Global Hospitality Fund SCS, SICAF-RAIF, Grevenmacher
Luxembourg
10
UK Hotel Holdings FZC L.L.C., Fujairah
United Arab Emirates
50
Vitya Holding Co. Ltd., Takua, Phang Nga Province
Thailand
47.5
WOT Hotels Adriatic Asset Company d.o.o., Tu\u010depi
Croatia
50
All other segments
.BOSYS SOFTWARE GMBH, Hamburg
Germany
25.2
MSN
1359
GmbH, Hanover
Germany
25
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-697": { "value": "GROUP OF CONSOLIDATED COMPANIES In financial year 2023, the consolidated financial statements included a total of 266 subsidiaries. The table below presents changes in the number of companies since 1 October 2022.
Development of the group of consolidated companies*
and the Group companies measured at equity
Consolidated
Associates
Joint ventures
subsidiaries
Number at 30 Sep 2022
268
17
27
Additions
4
4
\u2013
Incorporation
1
2
\u2013
Demerger
1
\u2013
\u2013
Acquisition
2
1
\u2013
Start / expansion of business operations
\u2013
1
\u2013
Disposals
6
1
\u2013
Liquidation
2
\u2013
\u2013
Merger
4
1
\u2013
Change in ownership stake
\u2013
\u2013
\u2013
Number at 30 Sep 2023
266
20
27
* excl. TUI AG
TUI AG\u2019s direct and indirect subsidiaries, associates and joint ventures are listed under Other Notes \u2013 TUI Group Shareholdings. 30 subsidiaries were not included in the consolidated financial statements. Even when taken together, these companies are of minor significance to the presentation of a true and fair view of the financial position and performance of the Group. Acquisitions \u2013 Divestments ACQUISITIONS OF THE CURRENT FINANCIAL YEAR A total of three companies were acquired. One of the acquisitions did not comprise any business operations. Another acquisition is immaterial and not explained in greater detail here. On 26 September 2023, an agreement was signed to acquire 49 % of the shares in Pep Toni Hotels S. A., Palma de Mallorca. The purpose of the company is to invest in and develop leisure hotels and hotels in (tourist) cities worldwide. The purchase price of \u20ac 29,400 corresponds to the nominal value of the shares. The invest- ment is carried as aTUI Group associate. Subsequently, the shareholders contributed equity in line with their stakes in the company. This equity was transferred to the company\u2019s capital reserves. In this context, we refer to the section \u2018Companies measured at equity\u2019. An insignificant company acquisition took place after the balance sheet date that requires no further expla- nation. ACQUISITIONS OF THE PRIOR FINANCIAL YEAR In financial year 2022, no companies were acquired under IFRS 3. DIVESTMENTS The non-consolidated shares in Peakwork AG were sold in financial year 2023. The divestment of the shares and the payment of the purchase price of \u20ac 24.0 m took place in April 2023. After the balance sheet date the following divestments took place: The shares in the joint ventureWOT Hotels Adriatic Asset Company d. o. o., a company accounted for using the equity method, were sold by way of an agreement dated 30 August 2023 and effective as of 20 Octo- ber 2023. The purchase price amounts to \u20ac 12.0 m and was paid on 10 November 2023. The preliminary gain on disposal from this transaction is zero. In this context, we refer to the section \u2018Assets held for sale\u2019. The shares in the joint venture Raiffeisen-TourRT-Reisen GmbH, a company accounted for using the equity method, were sold by way of a purchase agreement dated 29 August 2023 and effective as of 19 Octo- ber 2023. The consideration calculated as part of a purchase price distribution amounts to \u20ac 3.1 m. The payment was made on 30 October 2023. The preliminary gain on disposal from this transaction is zero. In this context, we refer to the section \u2018Assets held for sale\u2019. On 31 March 2023, an agreement was signed with TUI Global Hospitality Fund S. C. S. to sell Club Hotel CV,S. A. (Robinson Club Cabo Verde), consolidated in the Hotels & Resorts segment. The divestment was completed on 31 October 2023. The purchase price was \u20ac 3.4 m. The purchase price was paid on 31 October 2023.Apreliminary gain on disposal of \u20ac 4.6 m was generated from the transaction, reported under Other income. The divestment of the company resulted in the disposal of goodwill totalling \u20ac 2.3 m by the \u2018Robinson\u2019 cash-generating unit. In this context, we refer to the section \u2018Assets held for sale\u2019. (52) TUI Group Shareholdings
Company
Country
Capital share in %
Company
Country
Capital share in %
Consolidated companies
FIRST Reiseb\u00fcro G\u00fcttler GmbH & Co. KG, Dormagen
Germany
75.1
Tourism
FIRST Travel GmbH, Hanover
Germany
100
Absolut Holding Limited, Qormi
Malta
99.9
Follow Coordinate Hotels Portugal Unipessoal Lda, Albufeira
Portugal
100
Advent Insurance PCC Limited (Absolut Cell), Qormi
Malta
100
Fritidsresor Tours & Travels India Pvt Ltd., Bardez, Goa
India
100
Africa Focus Tours Namibia (Proprietary) Limited, Windhoek
Namibia
100
GBH Turizm Sanayi Isletmecilik ve Ticaret A.\u015e., Istanbul
Turkiye
100
Antwun S.A., Cl\u00e9mency
Luxembourg
100
GEAFOND N\u00famero dos Fuerteventura S.A., Las Palmas,
ATC African Travel Concept Proprietary Limited, Cape Town
South Africa
50.1
Gran Canaria
Spain
100
ATC-Meetings and Conferences Proprietary Limited, Cape Town
South Africa
100
GEAFOND N\u00famero uno Lanzarote S.A., Las Palmas, Gran Canaria
Spain
100
B.D.S Destination Services Tours, Cairo
Egypt
100
Gemma Limited, Unguja
Tanzania
100
B2B d.o.o., Dubrovnik
Croatia
100
German Tur Turizm Ticaret A.\u015e., Izmir
Turkiye
100
BU RIUSA II EOOD, Sofia
Bulgaria
100
Groupement Touristique International SAS, Lille
France
100
Cabotel-Hoteleria e Turismo Lda., Santiago
Cape Verde
100
Gulliver Travel d.o.o., Dubrovnik
Croatia
100
Cel Obert SL, Sant Joan de Caselles
Andorra
100
Hannibal Tourisme et Culture SA, Tunis
Tunisia
100
Chaves Hotel & Investimentos S.A., Sal-Rei, Boa Vista Island
Cape Verde
100
Hapag-Lloyd Reiseb\u00fcro Hagen GmbH & Co. KG, Hanover
Germany
100
Citirama Ltd., Quatre Bornes
Mauritius
100
Hellenic EFS Hotel Management E.P.E., Athens
Greece
100
Club Hotel CV SA, Santa Maria
Cape Verde
100
Holiday Center S.A., Cala Serena/Cala d\u2019Or
Spain
100
Club H\u00f4tel Management Tunisia SARL, Djerba
Tunisia
100
Holidays Services S.A., Agadir
Morocco
100
Clubhotel Cala Serena S.A., Madrid
Spain
100
Hoteli Kolo\u010dep d.d., Kolo\u010dep
Croatia
100
Clubhotel IP S.A., Athens
Greece
100
Hoteli \u017divogo\u0161\u0107e d.d., \u017divogo\u0161\u0107e
Croatia
100
Clubhotel JD, S.A., Las Palmas
Spain
100
Iberotel International A.S., Antalya
Turkiye
100
Cruisetour AG, Zurich
Switzerland
100
Iberotel Otelcilik A.\u015e., Istanbul
Turkiye
100
Daidalos Hotel- und Touristikunternehmen A.E., Athens
Greece
89.8
Imperial Cruising Company SARL, Heliopolis-Cairo
Egypt
90
Darecko S.A., Luxembourg
Luxembourg
100
Inter Hotel SARL, Tunis
Tunisia
100
Destination Services Singapore Pte Limited, Singapore
Singapore
100
Intercruises Port Operations Spain SLU, Barcelona
Spain
100
Egyptian Germany Co. for Hotels Limited, Cairo
Egypt
66.6
Intercruises Port Operations USA Inc., Wilmington DE
United States
100
Elena SL, Palma de Mallorca
Spain
100
Intercruises Shoreside & Port Services Canada, Inc., Quebec
Canada
100
ETA Turizm Yatirim ve Isletmeleri A.S., Ankara
Turkiye
100
Intercruises Shoreside & Port Services Pty Limited, Sydney
Australia
100
Evre Grup Turizm Yatirim A.\u015e., Ankara
Turkiye
100
Intercruises Shoreside & Port Services Sam, Monaco
Monaco
100
Explorers Travel Club Limited, Luton
United Kingdom
100
Intercruises Shoreside & Port Services SARL, Paris
France
100
Faberest S.r.l., Verona
Italy
100
Intercruises Shoreside & Port Services UK Limited, Luton
United Kingdom
100
First Choice (Turkey) Limited, Luton
United Kingdom
100
Intercruises Shoreside & Port Services, Inc., State of Delaware
United States
100
First Choice Holiday Hypermarkets Limited, Luton
United Kingdom
100
Itaria Limited, Nicosia
Cyprus
100
First Choice Holidays & Flights Limited, Luton
United Kingdom
100
Jandia Playa S.A., Morro Jable/Fuerteventura
Spain
100
First Choice Land (Ireland) Limited, Dublin
Ireland
100
Kurt Safari Proprietary Limited, White River - Mpumalanga
South Africa
51
First Choice Travel Shops Limited, Luton
United Kingdom
100
Kybele Turizm Yat\u0131r\u0131m San. Ve Tic. A.\u015e., Istanbul
Turkiye
100
Company
Country
Capital share in %
Company
Country
Capital share in %
Label Tour EURL, Levallois-Perret
France
100
RCHM S.A.S., Agadir
Morocco
100
Le Passage to India Tours and Travels Pvt Ltd., New Delhi
India
100
Rideway Investments Limited, London
United Kingdom
100
Lima Tours S.A.C., Lima
Peru
100
Riu Jamaicotel Ltd., Negril
Jamaica
100
Lodges & Mountain Hotels SARL, Courchevel
France
100
Riumauricio Ltd., Port Louis
Mauritius
100
l\u2019tur GmbH, Rastatt
Germany
100
RIUSA II S.A., Palma de Mallorca
*
Spain
50
L\u2019TUR Suisse AG, Basel
Switzerland
99.5
Riusa Lanka (PVT) Ltd., Ahungalla
Sri Lanka
100
Lunn Poly Limited, Luton
United Kingdom
100
RIUSA NED B.V., Amsterdam
Netherlands
100
Magic Hotels SA, Tunis
Tunisia
100
Robinson Austria Clubhotel GmbH, Villach-Landskron
Austria
100
MAGIC LIFE Assets GmbH, Vienna
Austria
100
Robinson Club GmbH, Hanover
Germany
100
Magic Life Egypt for Hotels LLC, Sharm el Sheikh
Egypt
100
Robinson Club Italia S.p.A., Marina di Ugento
Italy
100
Magic Tourism International S.A., Tunis
Tunisia
100
Robinson Club Maldives Private Limited, Mal\u00e9
Maldives
100
Mai Khao Golden Land Company Limited, Phuket
Thailand
100
Robinson Clubhotel Turizm Ltd. Sti., Istanbul
Turkiye
100
Manahe Ltd., Quatre Bornes
Mauritius
51
Robinson Hoteles Espa\u00f1a S.A., Cala d\u2019Or
Spain
100
Marella Cruises Limited, Luton
United Kingdom
100
Robinson Hotels Portugal S.A., Vila Nova de Cacela
Portugal
67
Meetings & Events Spain S.L.U., Palma de Mallorca
Spain
100
Robinson Otelcilik A.\u015e., Istanbul
Turkiye
100
Musement S.p.A., Milan
Italy
100
Santa Maria Hotels SA, Santa Maria
Cape Verde
100
MX RIUSA II S.A. de C.V., Cabo San Lucas
Mexico
100
SERAC Travel GmbH, Zermatt
Switzerland
100
Nazar Nordic AB, Malmo
Sweden
100
Skymead Leasing Limited, Luton
United Kingdom
100
Nouvelles Fronti\u00e8res Senegal S.R.L., Dakar
Senegal
100
Soci\u00e9t\u00e9 d\u2019Exploitation du Paladien Marrakech SA, Marrakesh
Morocco
100
Nungwi Limited, Zanzibar
Tanzania
100
Soci\u00e9t\u00e9 d\u2019Investissement A\u00e9rien S.A., Casablanca
Morocco
100
Ocean College LLC, Sharm el Sheikh
Egypt
100
Soci\u00e9t\u00e9 d\u2019investissement hotelier Almoravides S.A., Marrakesh
Morocco
100
Ocean Ventures for Hotels and Tourism Services SAE, Soci\u00e9t\u00e9 Marocaine pour le Developpement des Transports
Sharm el Sheikh
Egypt
98
 Touristiques S.A., Agadir
Morocco
100
Pacific World (Beijing) Travel Agency Co., Ltd., Beijing
China
100
Sons of South Sinai for Tourism Services and Supplies SAE,
Pacific World (Shanghai) Travel Agency Co. Limited, Shanghai
China
100
Sharm el Sheikh
Egypt
84.1
Pacific World Destination East Sdn. Bhd., Penang
Malaysia
65
Stella Polaris Creta A.E., Heraklion
Greece
100
Pacific World Meetings & Events Hong Kong, Limited, Hongkong
Hong Kong SAR
100
STIVA RII Ltd., Dublin
Ireland
100
Pacific World Meetings & Events SAM, Monaco
Monaco
100
Summer Times Ltd., Quatre Bornes
Mauritius
100
Pacific World Meetings & Events Singapore Pte. Ltd., Singapore
Singapore
100
Summertime International Ltd., Quatre Bornes
Mauritius
100
Pacific World Meetings and Events France SARL, Nice
France
100
Sunshine Cruises Limited, Luton
United Kingdom
100
Pacific World Travel Services Company Limited, Ho Chi Minh City
Vietnam
90
Tantur Turizm Seyahat A.\u015e., Istanbul
Turkiye
100
Papir\u00fcs Otelcilik Yat\u0131r\u0131m Turizm Seyahat \u0130n\u015faat Ticaret A.\u015e., Antalya
Turkiye
100
Tec4Jets NV, Zaventem
Belgium
100
Paradise Hotel Management Company LLC, Cairo
Egypt
100
Thomson Reisen GmbH, St. Johann
Austria
100
PATS N.V., Oostende
Belgium
100
Thomson Travel Group (Holdings) Limited, Luton
United Kingdom
100
Promociones y Edificaciones Chiclana S.A., Palma de Mallorca
Spain
100
TICS GmbH Touristische Internet und Call Center Services, Rastatt
Germany
100
PT Pacific World Nusantara, Bali
Indonesia
100
TLT Reiseb\u00fcro GmbH, Hanover
Germany
100
RC Clubhotel Cyprus Limited, Limassol
Cyprus
100
TLT Urlaubsreisen GmbH, Hanover
Germany
100
* Entrepreneurial management
Company
Country
Capital share in %
Company
Country
Capital share in %
Travel Choice Limited, Luton
United Kingdom
100
TUI Holidays Ireland Limited, Dublin
Ireland
100
Travel Guide With Offline Maps B.V., Amsterdam
Netherlands
100
TUI Hotel Betriebsgesellschaft mbH, Hanover
Germany
100
TT Hotels Croatia d.o.o., Zagreb
Croatia
100
TUI India Private Limited, New Delhi
India
100
TT Hotels Italia S.R.L., Rome
Italy
100
TUI International Holiday (Malaysia) Sdn. Bhd., Kuala Lumpur
Malaysia
100
TT Hotels Turkey Otel Hizmetleri Turizm ve ticaret A.\u015e., Antalya
Turkiye
100
TUI Ireland Limited, Luton
United Kingdom
100
TUI (Suisse) AG, Zurich
Switzerland
100
TUI Italia S.r.l., Sorrent
Italy
100
TUI 4 U GmbH, Bremen
Germany
100
TUI Italia S.r.l. \u201cin liquidazione\u201d, Fidenza
Italy
100
TUI Airlines Belgium N.V., Oostende
Belgium
100
TUI Jamaica Limited, Montego Bay
Jamaica
100
TUI Airlines Nederland B.V., Rijswijk
Netherlands
100
TUI LTE Viajes S.A de C.V, Mexico City
Mexico
100
TUI Airways Limited, Luton
United Kingdom
100
TUI Malta Limited, Pieta
Malta
100
TUI Ambassador Tours Unipessoal Lda, Lisbon
Portugal
100
TUI Mexicana SA de CV, Mexico City
Mexico
100
TUI Asset Management and Advisory GmbH, Hanover
Germany
100
TUI Musement UK Holding Limited, Luton
United Kingdom
100
TUI Austria Holding GmbH, Vienna
Austria
100
TUI Nederland Holding N.V., Rijswijk
Netherlands
100
TUI Belgium NV, Oostende
Belgium
100
TUI Nederland N.V., Rijswijk
Netherlands
100
TUI Belgium Real Estate N.V., Brussels
Belgium
100
TUI Nordic Holding AB, Stockholm
Sweden
100
TUI Belgium Retail N.V., Zaventem
Belgium
100
TUI Norge AS, Stabekk
Norway
100
TUI BLUE AT GmbH, Schladming
Austria
100
TUI Northern Europe Limited, Luton
United Kingdom
100
TUI BLUE DE GmbH, Hanover
Germany
100
TUI \u00d6sterreich GmbH, Vienna
Austria
100
TUI Blue Hotels L.L.C., Dubai
United Arab Emirates
100
TUI Pension Scheme (UK) Limited, Luton
United Kingdom
100
TUI Brasil Operadora e Ag\u00eancia de Viagens LTDA., Curitiba
Brazil
100
TUI Poland Dystrybucja Sp. z o.o., Warsaw
Poland
100
TUI Bulgaria EOOD, Varna
Bulgaria
100
TUI Poland Sp. z o.o., Warsaw
Poland
100
TUI Chile Operador y Agencia de Viajes SpA, Santiago
Chile
100
TUI PORTUGAL - Agencia de Viagens e Turismo S.A., Faro
Portugal
100
TUI China Travel CO. Ltd., Beijing
China
75
TUI Reisecenter Austria Business Travel GmbH, Vienna
Austria
74.9
TUI Cura\u00e7ao N.V., Cura\u00e7ao
Country of Cura\u00e7ao
100
TUI Service AG, Altendorf
Switzerland
100
TUI Customer Operations GmbH, Hanover
Germany
100
TUI Spain, SLU, Madrid
Spain
100
TUI Cyprus Limited, Nicosia
Cyprus
100
TUI Suisse Retail AG, Zurich
Switzerland
100
TUI Danmark A/S, Copenhagen
Denmark
100
TUI Sverige AB, Stockholm
Sweden
100
TUI Destination Experiences (Thailand) Limited, Bangkok
*
Thailand
49
TUI Technology NV, Zaventem
Belgium
100
TUI Destination Experiences Costa Rica SA, San Jos\u00e9
Costa Rica
100
TUI Travel Distribution N.V., Oostende
Belgium
100
TUI Destination Services Cyprus, Nicosia
Cyprus
100
TUI UK Italia Srl, Turin
Italy
100
TUI Deutschland GmbH, Hanover
Germany
100
TUI UK Limited, Luton
United Kingdom
100
TUI Dominicana SAS, Higuey
Dominican Republic
100
TUI UK Retail Limited, Luton
United Kingdom
100
TUI Espa\u00f1a Turismo SL, Palma de Mallorca
Spain
100
TUI UK Transport Limited, Luton
United Kingdom
100
TUI Finland OY AB, Helsinki
Finland
100
TUIfly GmbH, Langenhagen
Germany
100
TUI France SA, Levallois-Perret
France
100
TUIfly Nordic AB, Stockholm
Sweden
100
TUI Hellas Travel Tourism and Airlines A.E., Athens
Greece
100
TUIfly Vermarktungs GmbH, Hanover
Germany
100
TUI Holding Spain S.L., Palma de Mallorca
Spain
100
Tunisie Investment Services Holding S.A., Tunis
Tunisia
100
* Entrepreneurial management
Company
Country
Capital share in %
Company
Country
Capital share in %
Tunisie Voyages S.A., Tunis
Tunisia
100
TUI Canada Holdings, Inc., Toronto
Canada
100
Tunisotel S.A.R.L., Tunis
Tunisia
100
TUI Global Business Services Tunisia S.A.R.L, Tunis
Tunisia
100
Turcotel Turizm A.\u015e., Istanbul
Turkiye
100
TUI Group Fleet Finance Limited, Luton
United Kingdom
100
Turkuaz Insaat Turizm A.\u015e., Ankara
Turkiye
100
TUI Group Services GmbH, Hanover
Germany
100
Ultramar Express Transport S.A., Palma de Mallorca
Spain
100
TUI Group UK Healthcare Limited, Luton
United Kingdom
100
Umbhaba Eco Lodge Proprietary Limited, Cape Town
South Africa
85
TUI Group UK Trustee Limited, Luton
United Kingdom
100
WOT Hotels Adriatic Management d.o.o., Zagreb
Croatia
51
TUI Immobilien Services GmbH, Hanover
Germany
100
Zanzibar Beach Village Limited, Zanzibar
Tanzania
100
TUI InfoTec GmbH, Hanover
Germany
100
TUI Insurance & Financial GmbH, Hanover
Germany
100
All other segments
TUI Leisure Travel Service GmbH, Neuss
Germany
100
Absolut Insurance Limited, St. Peter Port
Guernsey
100
TUI Technology Portugal Unipessoal, Lda., Matosinhos
Portugal
100
Canadian Pacific (UK) Limited, Luton
United Kingdom
100
TUI Travel Amber E&W LLP, Luton
United Kingdom
100
Cast Agencies Europe Limited, Luton
United Kingdom
100
TUI Travel Aviation Finance Limited, Luton
United Kingdom
100
CP Ships (Bermuda) Ltd., Hamilton
Bermuda
100
TUI Travel Common Investment Fund Trustee Limited, Luton
United Kingdom
100
CP Ships (UK) Limited, Luton
United Kingdom
100
TUI Travel Group Management Services Limited, Luton
United Kingdom
100
DEFAG Beteiligungsverwaltungs GmbH I, Hanover
Germany
100
TUI Travel Group Solutions Limited, Luton
United Kingdom
100
DEFAG Beteiligungsverwaltungs GmbH III, Hanover
Germany
100
TUI Travel Holdings Limited, Luton
United Kingdom
100
First Choice Holidays Finance Limited, Luton
United Kingdom
100
TUI Travel Limited, Luton
United Kingdom
100
First Choice Holidays Limited, Luton
United Kingdom
100
TUI Travel Overseas Holdings Limited, Luton
United Kingdom
100
First Choice Olympic Limited, Luton
United Kingdom
100
Jetset Group Holding (Brazil) Limited, Luton
United Kingdom
100
Non-consolidated Group companies
Jetset Group Holding Limited, Luton
United Kingdom
100
Tourism
Leibniz-Service GmbH, Hanover
Germany
100
\u201cSchwerin Plus\u201d Touristik-Service GmbH, Schwerin
Germany
80
Mala Pronta Viagens e Turismo Ltda., Curitiba
Brazil
100
Airline Consultancy Services S.A.R.L., Casablanca
Morocco
100
Manufacturer\u2019s Serial Number 852 Limited, Dublin
Ireland
100
Ambassador Tours S.A., Barcelona
Spain
100
PM Peiner Maschinen GmbH, Hanover
Germany
100
Centro de Servicios Destination Management SA de CV, Cancun
Mexico
100
Preussag Beteiligungsverwaltungs GmbH IX, Hanover
Germany
100
FIRST Reiseb\u00fcro G\u00fcttler Verwaltungs GmbH, Hanover
Germany
75
Sovereign Tour Operations Limited, Luton
United Kingdom
100
Hapag-Lloyd Reiseb\u00fcro Hagen Verwaltungs GmbH, Hanover
Germany
100
Thomson Airways Trustee Limited, Luton
United Kingdom
100
Ikaros Travel A.E.(i.L.), Heraklion
Greece
100
travel-Ba.Sys GmbH & Co KG, M\u00fclheim an der Ruhr
Germany
83.5
L\u2019TUR SARL, Schiltigheim
France
100
TUI Airline Service GmbH, Hanover
Germany
100
Lunn Poly (Jersey) Limited, St. Helier
Jersey
100
TUI Aviation Asset Company Limited, Luton
United Kingdom
100
N.S.E. Travel and Tourism A.E. (i.L.), Athens
Greece
100
TUI Aviation GmbH, Hanover
Germany
100
NEA Synora Hotels Limited (Hinitsa Beach), Porto Heli Argolide
Greece
100
TUI Aviation Holding GmbH, Hanover
Germany
100
New Eden S.A., Marrakesh
Morocco
100
TUI Aviation Services Limited, Luton
United Kingdom
100
Nouvelles Fronti\u00e8res Burkina Faso EURL, Ouagadougou
Burkina Faso
100
TUI Beteiligungs GmbH, Hanover
Germany
100
Nouvelles Fronti\u00e8res Tereso EURL, Grand Bassam
Ivory Coast
100
TUI Business Services GmbH, Hanover
Germany
100
Nouvelles Fronti\u00e8res Togo S.R.L.(i.L), Lome
Togo
99
Company
Country
Capital share in %
Company
Country
Capital share in %
Riusa Hotel Management FZC, Dubai
United Arab Emirates
100
Joint ventures and associates
Soci\u00e9t\u00e9 de Gestion du resort Al Baraka, Marrakesh
Morocco
100
Tourism
Trendturc Turizm Otelcilik ve Ticaret A.\u015e., Istanbul
Turkiye
100
Abou Soma for Hotels S.A.E., Giza
Egypt
16.7
TUI 4 U Poland sp.zo.o., Warsaw
Poland
100
Ahungalla Resorts Limited, Colombo
Sri Lanka
40
TUI d.o.o., Maribor
Slovenia
100
Aitken Spence Travels (Private) Limited, Colombo
Sri Lanka
50
TUI Magyarorsz\u00e1g Utazasi Iroda Kft., Budapest
Hungary
100
ARP Africa Travel Limited, Harrow
United Kingdom
25
TUI Reisecenter GmbH, Salzburg
Austria
100
Atlantica Hellas A.E., Rhodes
Greece
50
TUI ReiseCenter Slovensko s.r.o., Bratislava
Slovakia (Slovak Republic)
100
Atlantica Hotels and Resorts Limited, Lemesos
Cyprus
49.9
TUI Travel Cyprus Limited, Nicosia
Cyprus
100
Bartu Turizm Yatirimlari Anonim Sirketi, Istanbul
Turkiye
50
TUI Travel Tech Vietnam Limited, Ho Chi Minh City
Vietnam
100
Clubhotel Kleinarl GmbH & Co KG, Flachau
Austria
24
TUIFly Academy Brussels, Zaventem
Belgium
100
Daktari Travel & Tours Ltd., Limassol
Cyprus
33.3
VPM Antilles S.R.L., Levallois-Perret
France
100
DER Reisecenter TUI GmbH, Dresden
Germany
50
VPM SA, Levallois-Perret
France
100
Diamondale Limited, Dublin
Ireland
27
ENC for touristic Projects Company S.A.E., Sharm el Sheikh
Egypt
50
All other segments
Etapex, S.A., Agadir
Morocco
35
Bergbau Goslar GmbH, Goslar
Germany
100
Fanara Residence for Hotels S.A.E., Sharm el Sheikh
Egypt
50
travel-Ba.Sys Beteiligungs GmbH, M\u00fclheim an der Ruhr
Germany
83.5
Gebeco Gesellschaft f\u00fcr internationale Begegnung und
Cooperation mbH & Co.
KG, Kiel
Germany
50
Grupotel dos S.A., Can Picafort
Spain
50
Ha Minh Ngan Company Limited, Hanoi
Vietnam
50
Holiday Travel (Israel) Limited, Airport City
Israel
50
Hydrant Refuelling System NV, Brussels
Belgium
25
InteRes Gesellschaft f\u00fcr Informationstechnologie mbH, Darmstadt
Germany
25.2
Interyachting Limited, Limassol
Cyprus
45
Jaz Hospitality Services DMCC, Dubai
United Arab Emirates
50
Jaz Hotel Group S.A.E., Cairo
Egypt
51
Kamarayat Nabq Company for Hotels S.A.E., Sharm el Sheikh
Egypt
50
Midnight Canada Inc., Toronto
Canada
49
Midnight International Holdings Limited, Toronto
Canada
49
Pep Toni Hotels S.A., Palma
Spain
49
Pollman\u2019s Tours and Safaris Limited, Mombasa
Kenya
25
Raiffeisen-Tours RT-Reisen GmbH, Burghausen
Germany
25.1
Ranger Safaris Ltd., Arusha
Tanzania
25
Sharm El Maya Touristic Hotels Co. S.A.E., Cairo
Egypt
50
S\u00fcdwest Presse + Hapag-Lloyd Reiseb\u00fcro GmbH & Co.KG, Ulm
Germany
50
Sun Oasis for Hotels Company S.A.E., Hurghada
Egypt
50
Teckcenter Reiseb\u00fcro GmbH, Kirchheim unter Teck
Germany
50
Company
Country
Capital share in %
Tikida Bay S.A., Agadir
Morocco
34
TIKIDA DUNES S.A., Agadir
Morocco
30
Tikida Palmeraie S.A., Marrakesh
Morocco
33.3
Travco Group Holding S.A.E., Cairo
Egypt
50
TRAVELStar GmbH, Hanover
Germany
50
TRAVELStar Touristik GmbH & Co. OHG, Vienna
Austria
50
TUI Cruises GmbH, Hamburg
Germany
50
TUI Global Hospitality Fund SCS, SICAF-RAIF, Grevenmacher
Luxembourg
10
UK Hotel Holdings FZC L.L.C., Fujairah
United Arab Emirates
50
Vitya Holding Co. Ltd., Takua, Phang Nga Province
Thailand
47.5
WOT Hotels Adriatic Asset Company d.o.o., Tu\u010depi
Croatia
50
All other segments
.BOSYS SOFTWARE GMBH, Hamburg
Germany
25.2
MSN
1359
GmbH, Hanover
Germany
25
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-733": { "value": "GROUP OF CONSOLIDATED COMPANIES In financial year 2023, the consolidated financial statements included a total of 266 subsidiaries. The table below presents changes in the number of companies since 1 October 2022.
Development of the group of consolidated companies*
and the Group companies measured at equity
Consolidated
Associates
Joint ventures
subsidiaries
Number at 30 Sep 2022
268
17
27
Additions
4
4
\u2013
Incorporation
1
2
\u2013
Demerger
1
\u2013
\u2013
Acquisition
2
1
\u2013
Start / expansion of business operations
\u2013
1
\u2013
Disposals
6
1
\u2013
Liquidation
2
\u2013
\u2013
Merger
4
1
\u2013
Change in ownership stake
\u2013
\u2013
\u2013
Number at 30 Sep 2023
266
20
27
* excl. TUI AG
TUI AG\u2019s direct and indirect subsidiaries, associates and joint ventures are listed under Other Notes \u2013 TUI Group Shareholdings. 30 subsidiaries were not included in the consolidated financial statements. Even when taken together, these companies are of minor significance to the presentation of a true and fair view of the financial position and performance of the Group.
(6) Share of result of joint ventures and associates
The share of result of joint ventures and associates of \u20ac 407.2 m (previous year \u20ac 100.7 m) comprises the net
result for the year attributable to the associated companies and joint ventures.
Joint ventures and associates were tested for impairment as at 30 September 2023. This resulted in no
im
pairments (previous year \u20ac 4.8 m) and reversals of \u20ac 7.6 m (previous year \u20ac 3.4 m) in the Hotels & Resorts
segment and \u20ac 2.5 m impairments (previous year \u20ac 0.4 m) and \u20ac 0.3 m reversals (previous year \u20ac 0.2 m) in the
Central Region segment.
For the breakdown of the results of the material joint ventures and associates, please refer to Note 16
\u2018In
vestments in joint ventures and associates\u2019.
(16) Investments in joint ventures and associates The table below presents all joint arrangements and associates of relevance to TUI Group. All joint arrangementsand associates are listed as TUI Group shareholdings in Note 53. All joint arrangements are joint ventures. There are no joint operations within the meaning of IFRS 11.
Significant associate and joint ventures
Capital share in %
Voting rights share in %
30 Sep 30 Sep 30 Sep 30 Sep
Name and headquarter of company
Nature of business
2023 2022 2023 2022
Associate
Midnight Canada Inc., Tour operator &
Toronto, Canada Hotel operator
49.0
49.0
49.0
25.0
Midnight International Holdings
Limited, Toronto, Canada
Hotel operator
49.0
\u2013
49.0
\u2013
Pep Toni Hotels S. A., Palma, Spain
Hotel operator
49.0
\u2013
49.0
\u2013
Joint venture
Grupotel dos S. A.,
Can Picafort, Spain
Hotel operator
50.0
50.0
50.0
50.0
TUI Cruises GmbH,
Hamburg, Germany
Cruise ship operator
50.0
50.0
50.0
50.0
All companies presented above are measured at equity. The financial year of the Canadian associated companies corresponds to TUI Group\u2019s financial year. The financial years of Pep Toni Hotels S. A. and of the joint ventures deviate from TUI Group\u2019s financial year, ending on 31 December. In order to update the at equity measurement as at TUI Group\u2019s balance sheet date, interim financial statements for the period ending 30 September are prepared for these companies. SIGNIFICANT ASSOCIATES In 2009, TUI Group entered into a partnership with Sunwing. Sunwing was a vertically integrated travel company comprising tour operation, an airline and retail shops. After the transfer of the hotel operation and development company Blue Diamond Hotels & Resorts Inc., St Michael / Barbados, to Sunwing in September 2016, Sunwing also included the hotel operation business with a chain of luxury beach resorts and hotels in the Caribbean and Mexico. Sunwing\u2019s hotel operation business is carried in the Hotels & Resorts segment, while the tour operation business is carried in the Northern Region segment. Sunwing transferred its tour operation, airline and retail shops to the Canadian airline WestJet Airlines Ltd. in the current financial year. Sunwing received essentially shares of the newformed business as consideration and in addition contingent considerations. Within the framework of the transaction the hotel operations business was transferred to the newly formed Midnight International Holdings Limited, in which TUI Group directly holds 49 % of its shares. Sunwing itself has no longer any operative business after the transaction and was renamed in Midnight Canada Inc. TUI group continues to hold 49 % of the shares of Midnight Canada Inc .
Sunwing realised a gain from the transfer of its activities in return for the shares in the newformed business.
Accordingly, this gain increased pro rata the share of result of investments accounted for using the equity
method by \u20ac 110.3 m. A portion of the goodwill allocated to the segment Northern Region was disposed with
the transfer of the operational business of Sunwing. This portion was determined as the relative value of the
operations of Sunwing disposed of in relation to the retained segment Northern Region. The expense of
\u20ac 19.5 m from the disposal of the goodwill is recognised in other expenses.
Pep Toni Hotels S. A. is a company founded at the end of the reporting year, which will own and operate
hotels.
SIGNIFICANT JOINT VENTURES
Grupotel dos S. A., founded in 1998, owns and operates hotels in the Balearic and the Canary Islands.
TUI Cruises GmbH is a joint venture with the US shipping line Royal Caribbean Cruises Ltd established in
2008. The Hamburg-based company offers German-speaking cruises for the premium market.
TUI Cruises
GmbH currently operates eleven cruise ships.
FINANCIAL INFORMATION ON ASSOCIATES AND JOINT VENTURES
The tables below present summarised financial information for the significant associates and joint ventures
of TUI Group. The amounts shown reflect the full amounts presented in the consolidated financial statements
of the relevant associates and joint ventures (100 %); they do not represent TUI Group\u2019s share of those amounts.
Summarised financial information of material associates
Midnight International Pep Toni Hotels S. A., Midnight Canada Inc.,
Holdings Limited, Palma, Spain Toronto, Canada
Toronto, Canada
30 Sep 30 Sep 30 Sep 30 Sep 30 Sep 30 Sep
\u20ac million 2023 / 2023 2022 / 2022 2023 / 2023 2022 / 2022 2023 / 2023 2022 / 2022
Non-current assets
1,606.6
1,697.0
\u2013
\u2013
93.9
489.2
Current assets
316.2
324.6
150.8
\u2013
6.3
538.2
Non-current provisions and
liabilities
1,123.7
961.1
\u2013
\u2013
\u2013
609.5
Current provisions and liabilities
329.7
618.1
\u2013
\u2013
4.2
660.3
Revenue
820.5
643.6
\u2013
\u2013
1,722.7
1,263.7
Profit / loss
62.9
101.3
0.8
\u2013
345.0
\u2013 94.2
Other comprehensive
income / loss
\u2013 30.6
61.0
\u2013
\u2013
21.9
\u2013 16.0
Total comprehensive
income / loss
32.3
162.3
0.8
\u2013
366.9
\u2013 110.2
Summarised financial information of material joint ventures
Grupotel dos S. A., TUI Cruises GmbH,
Can Picafort, Spain Hamburg, Germany
30 Sep 30 Sep 30 Sep 30 Sep
\u20ac million 2023 / 2023 2022 / 2022 2023 / 2023 2022 / 2022
Non-current assets
270.6
260.6
4,449.0
4,153.0
Current assets
25.4
37.8
432.3
591.4
thereof cash and cash equivalents
4.6
16.9
97.5
255.9
Non-current provisions and liabilities
132.8
146.3
2,655.8
3,195.7
thereof financial liabilities
120.7
134.1
2,628.1
3,165.3
Current provisions and liabilities
32.6
36.9
1,189.5
863.5
thereof financial liabilities
14.9
14.7
501.0
282.9
Revenue
159.9
131.0
1,823.7
1,238.2
Depreciation / amortisation of intangible assets and property,
plant and equipment
13.1
12.0
131.4
129.9
Interest income
0.2
0.2
13.7
17.2
Interest expenses
4.1
2.4
121.2
135.8
Income taxes
6.4
5.1
3.6
\u2013 8.6
Profit / loss
27.4
18.8
348.4
82.8
Other comprehensive income / loss
\u2013
0.2
2.4
37.3
Total comprehensive income / loss
27.4
19.0
350.8
120.1
In financial year 2023, TUI Group received dividends of \u20ac 22.6 m (previous year \u20ac 0.9 m) from its joint ventures and dividends of \u20ac 3.9 m (previous year \u20ac 0.2 m) from its associates. In addition to TUI Group\u2019s significant associates and joint ventures, TUI AG has interests in other associates and joint ventures accounted for under the equity-method, which individually are not considered to be of material significance. The tables below provide information onTUI Group\u2019s share of the earnings figures shown for the major associates and joint ventures as well as the aggregated amount of the share of profit / loss, other comprehensive income and total comprehensive income for the immaterial associates and joint ventures.
Share of financial information of material and other associates
Midnight Pep Toni Midnight Other immaterial Associates total
International Hotels S. A., Canada Inc., associates
Holdings Limited, Palma, Spain Toronto, Canada
Toronto, Canada
\u20ac million
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
TUI's share
of
Profit / loss
30.8
49.6
0.4
\u2013
112.8
*
\u2013 46.2
2.2
4.2
146.2
7.6
Other com-
prehensive
income / loss
\u2013 15.0
29.9
\u2013
\u2013
7.4
\u2013 3.2
\u2013 1.1
\u2013 2.2
\u2013 8.7
24.5
Total
comprehen-
sive income /
loss
15.8
79.5
0.4
\u2013
120.2
\u2013 49.4
1.1
2.0
137.5
32.1
* The share of result includes TUI\u2019s share of the result of Midnight Canada Inc. and the expenses for the realisation of foreign exchange
differences and for the derecognition of goodwill due to the sale of Sunwing\u2019s operating business, included in the result of investments
in joint ventures and associates.
Share of financial information of material and other joint ventures
Grupotel dos S. A., TUI Cruises GmbH, Other immaterial Joint ventures total
Can Picafort, Spain Hamburg, Germany joint ventures
\u20ac million
2023
2022
2023
2022
2023
2022
2023
2022
TUI\u2019s share of
Profit / loss
13.7
9.4
174.2
41.4
73.1
42.3
261.0
93.1
Other comprehensive income / loss
\u2013
0.1
1.2
18.6
\u2013 27.5
\u2013 2.0
\u2013 26.3
16.7
Total comprehensive income / loss
13.7
9.5
175.4
60.0
45.6
40.3
234.7
109.8
d
Net assets of the material associates
Midnight International Midnight Canada Inc., Pep Toni Hotels S. A.,
Holdings Limited, Toronto, Canada Palma, Spain
\u20ac million Toronto, Canada
Net assets as at 1 Oct 2021
280.0
\u2013 132.0
\u2013
Foreign exchange effects
61.0
\u2013 16.0
\u2013
Profit / loss
101.3
\u2013 94.2
\u2013
Net assets as at 30 Sep 2022
442.3
\u2013 242.2
\u2013
Other comprehensive income
\u2013
2.6
\u2013
Foreign exchange effects
\u2013 30.6
19.3
\u2013
Capital increase / decrease
\u2013 33.9
\u2013
150.1
Profit / loss
62.9
345.0
0.8
Consolidation effects
28.7
\u2013 28.7
\u2013
Net assets as at 30 Sep 2023
469.4
96.0
150.9
Reconciliation to the carrying amount of the associates in the Group balance sheet
Midnight Midnight Pep Toni Other Associates
International Canada Inc., Hotels S. A., immaterial total
Holdings Toronto, Palma, associates
Limited, Canada Spain
Toronto,
\u20ac million Canada
Share of TUI in % as at 30 Sep 2022
49.0
49.0
\u2013
n. a.
n. a.
TUI's share of the net assets
as at 30 Sep 2022
216.8
\u2013 118.5
\u2013
28.2
126.5
Goodwill as at 30 Sep 2022
7.6
49.3
\u2013
5.0
61.9
Unrecognised share of losses
\u2013
\u2013
\u2013
1.1
1.1
Impairment of carrying amounts
\u2013
\u2013
\u2013
\u2013
\u2013
Carrying amount as at 30 Sep 2022
224.4
\u2013 69.2
\u2013
34.3
189.5
Share of TUI in % as at 30 Sep 2023
49.0
49.0
49.0
n. a.
n. a.
TUI's share of the net assets
as at 30 Sep 2023
230.0
46.9
73.9
33.0
383.8
Goodwill as at 30 Sep 2023
7.1
\u2013
\u2013
1.4
8.5
Unrecognised share of losses
\u2013
\u2013
\u2013
2.7
2.7
Impairment of carrying amounts
\u2013
\u2013
\u2013
\u2013
\u2013
Carrying amount as at 30 Sep 2023
237.1
46.9
73.9
37.1
395.0
Net assets of the material joint ventures
Grupotel dos S. A., TUI Cruises GmbH,
\u20ac million Can Picafort, Spain Hamburg, Germany
Net assets as at 1 Oct 2021
96.2
565.1
Profit / loss
18.8
82.8
Other comprehensive income
0.2
37.3
Net assets as at 30 Sep 2022
115.2
685.2
Profit / loss
27.4
348.4
Other comprehensive income
\u2013
2.4
Dividends payable
\u2013 12.0
\u2013
Net assets as at 30 Sep 2023
130.6
1,036.0
Reconciliation to the carrying amount of the joint ventures in the consolidated balance sheet
Grupotel TUI Cruises Other Joint ventures
dos S. A., GmbH, immaterial total
Can Picafort, Hamburg, joint ventures
\u20ac million Spain Germany
Share of TUI in % as at 30 Sep 2022
50.0
50.0
n. a.
n. a.
TUI's share of the net assets as at 30 Sep 2022
57.6
342.6
208.4
608.6
Goodwill as at 30 Sep 2022
\u2013
\u2013
15.5
15.5
Unrecognised share of losses
\u2013
\u2013
7.3
7.3
Impairment of carrying amounts
\u2013
\u2013
\u2013 35.5
\u2013 35.5
Carrying amount as at 30 Sep 2022
57.6
342.6
195.7
595.9
Share of TUI in % as at 30 Sep 2023
50.0
50.0
n. a.
n. a.
TUI's share of the net assets as at 30 Sep 2023
65.3
518.0
224.2
807.5
Goodwill as at 30 Sep 2023
\u2013
\u2013
11.7
11.7
Unrecognised share of losses
\u2013
\u2013
12.3
12.3
Impairment of carrying amounts
\u2013
\u2013
\u2013 28.3
\u2013 28.3
Carrying amount as at 30 Sep 2023
65.3
518.0
219.9
803.2
IMPAIRMENT OF THE CARRYING AMOUNTS OF ASSOCIATES AND JOINT VENTURES Due to the increase in the interest rates, the effects of Russia\u2019s war of aggression against Ukraine an d general price inflation a risk assessment was performed if indicators for impairments exist. If this was th e case the carrying amounts of the respective associates and joint ventures concerned were subsequentl y tested for impairment. In addition all carrying amounts of associates and joint ventures which have bee n impaired in before were tested for reversals of impairment. All impairment tests used the business plan o f the respective joint venture or associate. Based on these business plans, the recoverable amount wascalculated by discounting future net cash flows. In all cases the fair value less cost to sell was higher than th e value in use. Level 3 inputs of fair value hierarchy were used in the calculations. The shares in the joint venture WOT Hotels Adriatic Asset Company d. o. o. are held for sale. An impairment loss of \u20ac 7.6 m recognised in 2020 was reversed. A further reversal of an impairment loss of \u20ac 0.3 m and the recognition of an impairment loss of \u20ac 0.7 m related to joint ventures in Central Region. The shares in the associated company Raiffeisen-ToursRT-Reisen GmbH intended for sale were written down by \u20ac 1.8 m. In all other respects, the parameters used were identical with those used for the goodwill impairment test in Hotels & Resorts (Note 12). UNRECOGNISED LOSSES BY ASSOCIATES AND JOINT VENTURES As at the end of the financial year under review, accumulated unrecognised losses of joint ventures amounted to \u20ac 12.3 m (previous year \u20ac 7.3 m). In the period under review, unrecognised losses relating to WOT Hotels Vietnam rose by \u20ac 4.2 m to \u20ac 11.1 m, while unrecognised losses relating to Abou Soma for Hotels S. A. E. grew by \u20ac 0.8 m to \u20ac 1.1 m. Accumulated unrecognised losses by associates of \u20ac 2.7 m (previous year \u20ac 1.1 m) related to Ahungalla Resorts Limited. Recognition of additional losses would have resulted in the carrying amounts falling to below nil. RISKS ASSOCIATED WITH THE STAKES IN ASSOCIATES AND JOINT VENTURES Contingent liabilities of \u20ac 0.7 m (previous year \u20ac 6.5 m) existed in respect of associates as at 30 Septem- ber 2023. Contingent liabilities in respect of joint ventures totalled \u20ac 1.7 m (previous year \u20ac 3.1 m).
(52) TUI Group Shareholdings
Company
Country
Capital share in %
Company
Country
Capital share in %
Consolidated companies
FIRST Reiseb\u00fcro G\u00fcttler GmbH & Co. KG, Dormagen
Germany
75.1
Tourism
FIRST Travel GmbH, Hanover
Germany
100
Absolut Holding Limited, Qormi
Malta
99.9
Follow Coordinate Hotels Portugal Unipessoal Lda, Albufeira
Portugal
100
Advent Insurance PCC Limited (Absolut Cell), Qormi
Malta
100
Fritidsresor Tours & Travels India Pvt Ltd., Bardez, Goa
India
100
Africa Focus Tours Namibia (Proprietary) Limited, Windhoek
Namibia
100
GBH Turizm Sanayi Isletmecilik ve Ticaret A.\u015e., Istanbul
Turkiye
100
Antwun S.A., Cl\u00e9mency
Luxembourg
100
GEAFOND N\u00famero dos Fuerteventura S.A., Las Palmas,
ATC African Travel Concept Proprietary Limited, Cape Town
South Africa
50.1
Gran Canaria
Spain
100
ATC-Meetings and Conferences Proprietary Limited, Cape Town
South Africa
100
GEAFOND N\u00famero uno Lanzarote S.A., Las Palmas, Gran Canaria
Spain
100
B.D.S Destination Services Tours, Cairo
Egypt
100
Gemma Limited, Unguja
Tanzania
100
B2B d.o.o., Dubrovnik
Croatia
100
German Tur Turizm Ticaret A.\u015e., Izmir
Turkiye
100
BU RIUSA II EOOD, Sofia
Bulgaria
100
Groupement Touristique International SAS, Lille
France
100
Cabotel-Hoteleria e Turismo Lda., Santiago
Cape Verde
100
Gulliver Travel d.o.o., Dubrovnik
Croatia
100
Cel Obert SL, Sant Joan de Caselles
Andorra
100
Hannibal Tourisme et Culture SA, Tunis
Tunisia
100
Chaves Hotel & Investimentos S.A., Sal-Rei, Boa Vista Island
Cape Verde
100
Hapag-Lloyd Reiseb\u00fcro Hagen GmbH & Co. KG, Hanover
Germany
100
Citirama Ltd., Quatre Bornes
Mauritius
100
Hellenic EFS Hotel Management E.P.E., Athens
Greece
100
Club Hotel CV SA, Santa Maria
Cape Verde
100
Holiday Center S.A., Cala Serena/Cala d\u2019Or
Spain
100
Club H\u00f4tel Management Tunisia SARL, Djerba
Tunisia
100
Holidays Services S.A., Agadir
Morocco
100
Clubhotel Cala Serena S.A., Madrid
Spain
100
Hoteli Kolo\u010dep d.d., Kolo\u010dep
Croatia
100
Clubhotel IP S.A., Athens
Greece
100
Hoteli \u017divogo\u0161\u0107e d.d., \u017divogo\u0161\u0107e
Croatia
100
Clubhotel JD, S.A., Las Palmas
Spain
100
Iberotel International A.S., Antalya
Turkiye
100
Cruisetour AG, Zurich
Switzerland
100
Iberotel Otelcilik A.\u015e., Istanbul
Turkiye
100
Daidalos Hotel- und Touristikunternehmen A.E., Athens
Greece
89.8
Imperial Cruising Company SARL, Heliopolis-Cairo
Egypt
90
Darecko S.A., Luxembourg
Luxembourg
100
Inter Hotel SARL, Tunis
Tunisia
100
Destination Services Singapore Pte Limited, Singapore
Singapore
100
Intercruises Port Operations Spain SLU, Barcelona
Spain
100
Egyptian Germany Co. for Hotels Limited, Cairo
Egypt
66.6
Intercruises Port Operations USA Inc., Wilmington DE
United States
100
Elena SL, Palma de Mallorca
Spain
100
Intercruises Shoreside & Port Services Canada, Inc., Quebec
Canada
100
ETA Turizm Yatirim ve Isletmeleri A.S., Ankara
Turkiye
100
Intercruises Shoreside & Port Services Pty Limited, Sydney
Australia
100
Evre Grup Turizm Yatirim A.\u015e., Ankara
Turkiye
100
Intercruises Shoreside & Port Services Sam, Monaco
Monaco
100
Explorers Travel Club Limited, Luton
United Kingdom
100
Intercruises Shoreside & Port Services SARL, Paris
France
100
Faberest S.r.l., Verona
Italy
100
Intercruises Shoreside & Port Services UK Limited, Luton
United Kingdom
100
First Choice (Turkey) Limited, Luton
United Kingdom
100
Intercruises Shoreside & Port Services, Inc., State of Delaware
United States
100
First Choice Holiday Hypermarkets Limited, Luton
United Kingdom
100
Itaria Limited, Nicosia
Cyprus
100
First Choice Holidays & Flights Limited, Luton
United Kingdom
100
Jandia Playa S.A., Morro Jable/Fuerteventura
Spain
100
First Choice Land (Ireland) Limited, Dublin
Ireland
100
Kurt Safari Proprietary Limited, White River - Mpumalanga
South Africa
51
First Choice Travel Shops Limited, Luton
United Kingdom
100
Kybele Turizm Yat\u0131r\u0131m San. Ve Tic. A.\u015e., Istanbul
Turkiye
100
Company
Country
Capital share in %
Company
Country
Capital share in %
Label Tour EURL, Levallois-Perret
France
100
RCHM S.A.S., Agadir
Morocco
100
Le Passage to India Tours and Travels Pvt Ltd., New Delhi
India
100
Rideway Investments Limited, London
United Kingdom
100
Lima Tours S.A.C., Lima
Peru
100
Riu Jamaicotel Ltd., Negril
Jamaica
100
Lodges & Mountain Hotels SARL, Courchevel
France
100
Riumauricio Ltd., Port Louis
Mauritius
100
l\u2019tur GmbH, Rastatt
Germany
100
RIUSA II S.A., Palma de Mallorca
*
Spain
50
L\u2019TUR Suisse AG, Basel
Switzerland
99.5
Riusa Lanka (PVT) Ltd., Ahungalla
Sri Lanka
100
Lunn Poly Limited, Luton
United Kingdom
100
RIUSA NED B.V., Amsterdam
Netherlands
100
Magic Hotels SA, Tunis
Tunisia
100
Robinson Austria Clubhotel GmbH, Villach-Landskron
Austria
100
MAGIC LIFE Assets GmbH, Vienna
Austria
100
Robinson Club GmbH, Hanover
Germany
100
Magic Life Egypt for Hotels LLC, Sharm el Sheikh
Egypt
100
Robinson Club Italia S.p.A., Marina di Ugento
Italy
100
Magic Tourism International S.A., Tunis
Tunisia
100
Robinson Club Maldives Private Limited, Mal\u00e9
Maldives
100
Mai Khao Golden Land Company Limited, Phuket
Thailand
100
Robinson Clubhotel Turizm Ltd. Sti., Istanbul
Turkiye
100
Manahe Ltd., Quatre Bornes
Mauritius
51
Robinson Hoteles Espa\u00f1a S.A., Cala d\u2019Or
Spain
100
Marella Cruises Limited, Luton
United Kingdom
100
Robinson Hotels Portugal S.A., Vila Nova de Cacela
Portugal
67
Meetings & Events Spain S.L.U., Palma de Mallorca
Spain
100
Robinson Otelcilik A.\u015e., Istanbul
Turkiye
100
Musement S.p.A., Milan
Italy
100
Santa Maria Hotels SA, Santa Maria
Cape Verde
100
MX RIUSA II S.A. de C.V., Cabo San Lucas
Mexico
100
SERAC Travel GmbH, Zermatt
Switzerland
100
Nazar Nordic AB, Malmo
Sweden
100
Skymead Leasing Limited, Luton
United Kingdom
100
Nouvelles Fronti\u00e8res Senegal S.R.L., Dakar
Senegal
100
Soci\u00e9t\u00e9 d\u2019Exploitation du Paladien Marrakech SA, Marrakesh
Morocco
100
Nungwi Limited, Zanzibar
Tanzania
100
Soci\u00e9t\u00e9 d\u2019Investissement A\u00e9rien S.A., Casablanca
Morocco
100
Ocean College LLC, Sharm el Sheikh
Egypt
100
Soci\u00e9t\u00e9 d\u2019investissement hotelier Almoravides S.A., Marrakesh
Morocco
100
Ocean Ventures for Hotels and Tourism Services SAE, Soci\u00e9t\u00e9 Marocaine pour le Developpement des Transports
Sharm el Sheikh
Egypt
98
 Touristiques S.A., Agadir
Morocco
100
Pacific World (Beijing) Travel Agency Co., Ltd., Beijing
China
100
Sons of South Sinai for Tourism Services and Supplies SAE,
Pacific World (Shanghai) Travel Agency Co. Limited, Shanghai
China
100
Sharm el Sheikh
Egypt
84.1
Pacific World Destination East Sdn. Bhd., Penang
Malaysia
65
Stella Polaris Creta A.E., Heraklion
Greece
100
Pacific World Meetings & Events Hong Kong, Limited, Hongkong
Hong Kong SAR
100
STIVA RII Ltd., Dublin
Ireland
100
Pacific World Meetings & Events SAM, Monaco
Monaco
100
Summer Times Ltd., Quatre Bornes
Mauritius
100
Pacific World Meetings & Events Singapore Pte. Ltd., Singapore
Singapore
100
Summertime International Ltd., Quatre Bornes
Mauritius
100
Pacific World Meetings and Events France SARL, Nice
France
100
Sunshine Cruises Limited, Luton
United Kingdom
100
Pacific World Travel Services Company Limited, Ho Chi Minh City
Vietnam
90
Tantur Turizm Seyahat A.\u015e., Istanbul
Turkiye
100
Papir\u00fcs Otelcilik Yat\u0131r\u0131m Turizm Seyahat \u0130n\u015faat Ticaret A.\u015e., Antalya
Turkiye
100
Tec4Jets NV, Zaventem
Belgium
100
Paradise Hotel Management Company LLC, Cairo
Egypt
100
Thomson Reisen GmbH, St. Johann
Austria
100
PATS N.V., Oostende
Belgium
100
Thomson Travel Group (Holdings) Limited, Luton
United Kingdom
100
Promociones y Edificaciones Chiclana S.A., Palma de Mallorca
Spain
100
TICS GmbH Touristische Internet und Call Center Services, Rastatt
Germany
100
PT Pacific World Nusantara, Bali
Indonesia
100
TLT Reiseb\u00fcro GmbH, Hanover
Germany
100
RC Clubhotel Cyprus Limited, Limassol
Cyprus
100
TLT Urlaubsreisen GmbH, Hanover
Germany
100
* Entrepreneurial management
Company
Country
Capital share in %
Company
Country
Capital share in %
Travel Choice Limited, Luton
United Kingdom
100
TUI Holidays Ireland Limited, Dublin
Ireland
100
Travel Guide With Offline Maps B.V., Amsterdam
Netherlands
100
TUI Hotel Betriebsgesellschaft mbH, Hanover
Germany
100
TT Hotels Croatia d.o.o., Zagreb
Croatia
100
TUI India Private Limited, New Delhi
India
100
TT Hotels Italia S.R.L., Rome
Italy
100
TUI International Holiday (Malaysia) Sdn. Bhd., Kuala Lumpur
Malaysia
100
TT Hotels Turkey Otel Hizmetleri Turizm ve ticaret A.\u015e., Antalya
Turkiye
100
TUI Ireland Limited, Luton
United Kingdom
100
TUI (Suisse) AG, Zurich
Switzerland
100
TUI Italia S.r.l., Sorrent
Italy
100
TUI 4 U GmbH, Bremen
Germany
100
TUI Italia S.r.l. \u201cin liquidazione\u201d, Fidenza
Italy
100
TUI Airlines Belgium N.V., Oostende
Belgium
100
TUI Jamaica Limited, Montego Bay
Jamaica
100
TUI Airlines Nederland B.V., Rijswijk
Netherlands
100
TUI LTE Viajes S.A de C.V, Mexico City
Mexico
100
TUI Airways Limited, Luton
United Kingdom
100
TUI Malta Limited, Pieta
Malta
100
TUI Ambassador Tours Unipessoal Lda, Lisbon
Portugal
100
TUI Mexicana SA de CV, Mexico City
Mexico
100
TUI Asset Management and Advisory GmbH, Hanover
Germany
100
TUI Musement UK Holding Limited, Luton
United Kingdom
100
TUI Austria Holding GmbH, Vienna
Austria
100
TUI Nederland Holding N.V., Rijswijk
Netherlands
100
TUI Belgium NV, Oostende
Belgium
100
TUI Nederland N.V., Rijswijk
Netherlands
100
TUI Belgium Real Estate N.V., Brussels
Belgium
100
TUI Nordic Holding AB, Stockholm
Sweden
100
TUI Belgium Retail N.V., Zaventem
Belgium
100
TUI Norge AS, Stabekk
Norway
100
TUI BLUE AT GmbH, Schladming
Austria
100
TUI Northern Europe Limited, Luton
United Kingdom
100
TUI BLUE DE GmbH, Hanover
Germany
100
TUI \u00d6sterreich GmbH, Vienna
Austria
100
TUI Blue Hotels L.L.C., Dubai
United Arab Emirates
100
TUI Pension Scheme (UK) Limited, Luton
United Kingdom
100
TUI Brasil Operadora e Ag\u00eancia de Viagens LTDA., Curitiba
Brazil
100
TUI Poland Dystrybucja Sp. z o.o., Warsaw
Poland
100
TUI Bulgaria EOOD, Varna
Bulgaria
100
TUI Poland Sp. z o.o., Warsaw
Poland
100
TUI Chile Operador y Agencia de Viajes SpA, Santiago
Chile
100
TUI PORTUGAL - Agencia de Viagens e Turismo S.A., Faro
Portugal
100
TUI China Travel CO. Ltd., Beijing
China
75
TUI Reisecenter Austria Business Travel GmbH, Vienna
Austria
74.9
TUI Cura\u00e7ao N.V., Cura\u00e7ao
Country of Cura\u00e7ao
100
TUI Service AG, Altendorf
Switzerland
100
TUI Customer Operations GmbH, Hanover
Germany
100
TUI Spain, SLU, Madrid
Spain
100
TUI Cyprus Limited, Nicosia
Cyprus
100
TUI Suisse Retail AG, Zurich
Switzerland
100
TUI Danmark A/S, Copenhagen
Denmark
100
TUI Sverige AB, Stockholm
Sweden
100
TUI Destination Experiences (Thailand) Limited, Bangkok
*
Thailand
49
TUI Technology NV, Zaventem
Belgium
100
TUI Destination Experiences Costa Rica SA, San Jos\u00e9
Costa Rica
100
TUI Travel Distribution N.V., Oostende
Belgium
100
TUI Destination Services Cyprus, Nicosia
Cyprus
100
TUI UK Italia Srl, Turin
Italy
100
TUI Deutschland GmbH, Hanover
Germany
100
TUI UK Limited, Luton
United Kingdom
100
TUI Dominicana SAS, Higuey
Dominican Republic
100
TUI UK Retail Limited, Luton
United Kingdom
100
TUI Espa\u00f1a Turismo SL, Palma de Mallorca
Spain
100
TUI UK Transport Limited, Luton
United Kingdom
100
TUI Finland OY AB, Helsinki
Finland
100
TUIfly GmbH, Langenhagen
Germany
100
TUI France SA, Levallois-Perret
France
100
TUIfly Nordic AB, Stockholm
Sweden
100
TUI Hellas Travel Tourism and Airlines A.E., Athens
Greece
100
TUIfly Vermarktungs GmbH, Hanover
Germany
100
TUI Holding Spain S.L., Palma de Mallorca
Spain
100
Tunisie Investment Services Holding S.A., Tunis
Tunisia
100
* Entrepreneurial management
Company
Country
Capital share in %
Company
Country
Capital share in %
Tunisie Voyages S.A., Tunis
Tunisia
100
TUI Canada Holdings, Inc., Toronto
Canada
100
Tunisotel S.A.R.L., Tunis
Tunisia
100
TUI Global Business Services Tunisia S.A.R.L, Tunis
Tunisia
100
Turcotel Turizm A.\u015e., Istanbul
Turkiye
100
TUI Group Fleet Finance Limited, Luton
United Kingdom
100
Turkuaz Insaat Turizm A.\u015e., Ankara
Turkiye
100
TUI Group Services GmbH, Hanover
Germany
100
Ultramar Express Transport S.A., Palma de Mallorca
Spain
100
TUI Group UK Healthcare Limited, Luton
United Kingdom
100
Umbhaba Eco Lodge Proprietary Limited, Cape Town
South Africa
85
TUI Group UK Trustee Limited, Luton
United Kingdom
100
WOT Hotels Adriatic Management d.o.o., Zagreb
Croatia
51
TUI Immobilien Services GmbH, Hanover
Germany
100
Zanzibar Beach Village Limited, Zanzibar
Tanzania
100
TUI InfoTec GmbH, Hanover
Germany
100
TUI Insurance & Financial GmbH, Hanover
Germany
100
All other segments
TUI Leisure Travel Service GmbH, Neuss
Germany
100
Absolut Insurance Limited, St. Peter Port
Guernsey
100
TUI Technology Portugal Unipessoal, Lda., Matosinhos
Portugal
100
Canadian Pacific (UK) Limited, Luton
United Kingdom
100
TUI Travel Amber E&W LLP, Luton
United Kingdom
100
Cast Agencies Europe Limited, Luton
United Kingdom
100
TUI Travel Aviation Finance Limited, Luton
United Kingdom
100
CP Ships (Bermuda) Ltd., Hamilton
Bermuda
100
TUI Travel Common Investment Fund Trustee Limited, Luton
United Kingdom
100
CP Ships (UK) Limited, Luton
United Kingdom
100
TUI Travel Group Management Services Limited, Luton
United Kingdom
100
DEFAG Beteiligungsverwaltungs GmbH I, Hanover
Germany
100
TUI Travel Group Solutions Limited, Luton
United Kingdom
100
DEFAG Beteiligungsverwaltungs GmbH III, Hanover
Germany
100
TUI Travel Holdings Limited, Luton
United Kingdom
100
First Choice Holidays Finance Limited, Luton
United Kingdom
100
TUI Travel Limited, Luton
United Kingdom
100
First Choice Holidays Limited, Luton
United Kingdom
100
TUI Travel Overseas Holdings Limited, Luton
United Kingdom
100
First Choice Olympic Limited, Luton
United Kingdom
100
Jetset Group Holding (Brazil) Limited, Luton
United Kingdom
100
Non-consolidated Group companies
Jetset Group Holding Limited, Luton
United Kingdom
100
Tourism
Leibniz-Service GmbH, Hanover
Germany
100
\u201cSchwerin Plus\u201d Touristik-Service GmbH, Schwerin
Germany
80
Mala Pronta Viagens e Turismo Ltda., Curitiba
Brazil
100
Airline Consultancy Services S.A.R.L., Casablanca
Morocco
100
Manufacturer\u2019s Serial Number 852 Limited, Dublin
Ireland
100
Ambassador Tours S.A., Barcelona
Spain
100
PM Peiner Maschinen GmbH, Hanover
Germany
100
Centro de Servicios Destination Management SA de CV, Cancun
Mexico
100
Preussag Beteiligungsverwaltungs GmbH IX, Hanover
Germany
100
FIRST Reiseb\u00fcro G\u00fcttler Verwaltungs GmbH, Hanover
Germany
75
Sovereign Tour Operations Limited, Luton
United Kingdom
100
Hapag-Lloyd Reiseb\u00fcro Hagen Verwaltungs GmbH, Hanover
Germany
100
Thomson Airways Trustee Limited, Luton
United Kingdom
100
Ikaros Travel A.E.(i.L.), Heraklion
Greece
100
travel-Ba.Sys GmbH & Co KG, M\u00fclheim an der Ruhr
Germany
83.5
L\u2019TUR SARL, Schiltigheim
France
100
TUI Airline Service GmbH, Hanover
Germany
100
Lunn Poly (Jersey) Limited, St. Helier
Jersey
100
TUI Aviation Asset Company Limited, Luton
United Kingdom
100
N.S.E. Travel and Tourism A.E. (i.L.), Athens
Greece
100
TUI Aviation GmbH, Hanover
Germany
100
NEA Synora Hotels Limited (Hinitsa Beach), Porto Heli Argolide
Greece
100
TUI Aviation Holding GmbH, Hanover
Germany
100
New Eden S.A., Marrakesh
Morocco
100
TUI Aviation Services Limited, Luton
United Kingdom
100
Nouvelles Fronti\u00e8res Burkina Faso EURL, Ouagadougou
Burkina Faso
100
TUI Beteiligungs GmbH, Hanover
Germany
100
Nouvelles Fronti\u00e8res Tereso EURL, Grand Bassam
Ivory Coast
100
TUI Business Services GmbH, Hanover
Germany
100
Nouvelles Fronti\u00e8res Togo S.R.L.(i.L), Lome
Togo
99
Company Country Capital share in % Riusa Hotel Management FZC, Dubai United Arab Emirates 100 Soci\u00e9t\u00e9 de Gestion du resort Al Baraka, Marrakesh Morocco 100 Trendturc Turizm Otelcilik ve Ticaret A.\u015e., Istanbul Turkiye 100 TUI 4 U Poland sp.zo.o., Warsaw Poland 100 TUI d.o.o., Maribor Slovenia 100 TUI Magyarorsz\u00e1g Utazasi Iroda Kft., Budapest Hungary 100 TUI Reisecenter GmbH, Salzburg Austria 100 TUI ReiseCenter Slovensko s.r.o., Bratislava Slovakia (Slovak Republic) 100 TUI Travel Cyprus Limited, Nicosia Cyprus 100 TUI Travel Tech Vietnam Limited, Ho Chi Minh City Vietnam 100 TUIFly Academy Brussels, Zaventem Belgium 100 VPM Antilles S.R.L., Levallois-Perret France 100 VPM SA, Levallois-Perret France 100 All other segments Bergbau Goslar GmbH, Goslar Germany 100 travel-Ba.Sys Beteiligungs GmbH, M\u00fclheim an der Ruhr Germany 83.5", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-750": { "value": "
Development of the group of consolidated companies*
and the Group companies measured at equity
Consolidated
Associates
Joint ventures
subsidiaries
Number at 30 Sep 2022
268
17
27
Additions
4
4
\u2013
Incorporation
1
2
\u2013
Demerger
1
\u2013
\u2013
Acquisition
2
1
\u2013
Start / expansion of business operations
\u2013
1
\u2013
Disposals
6
1
\u2013
Liquidation
2
\u2013
\u2013
Merger
4
1
\u2013
Change in ownership stake
\u2013
\u2013
\u2013
Number at 30 Sep 2023
266
20
27
* excl. TUI AG
ACQUISITIONS OF THE CURRENT FINANCIAL YEAR
A total of three companies were acquired. One of the acquisitions did not comprise any business operations.
Another acquisition is immaterial and not explained in greater detail here.
On 26 September 2023, an agreement was signed to acquire 49 % of the shares in Pep Toni Hotels S. A.,
Palma de Mallorca. The purpose of the company is to invest in and develop leisure hotels and hotels in (tour
ist)
cities worldwide. The purchase price of \u20ac 29,400 corresponds to the nominal value of the shares. The invest-
ment is carried as a
TUI Group associate. Subsequently, the shareholders contributed equity in line with their
stakes in the company. This equity was transferred to the company\u2019s capital reserves. In this context, we
refer to the section \u2018Companies measured at equity\u2019.
An insignificant company acquisition took place after the balance sheet date that requires no further expla-
nation.
Property, plant and equipment
Hotels incl. land
Other buildings
Aircraft
Cruise ships
Other plant, operating and
Assets under Payments To t a l
\u20ac million and land office equipment construction on account
Balance as at 1 Oct 2021
2,350.4
183.5
285.3
692.1
1,172.5
134.6
259.2
5,077.6
Exchange differences
118.5
26.2
39.3
\u2013 15.9
37.9
25.2
20.8
252.0
Additions
34.7
0.2
150.7
\u2013
32.9
184.2
57.1
459.8
Disposals
\u2013 8.0
\u2013 4.5
\u2013 51.9
\u2013 16.5
\u2013 23.4
\u2013 0.3
\u2013 157.9
\u2013 262.5
Transfer to assets held for sale
\u2013
\u2013 4.9
\u2013
\u2013
\u2013 0.6
\u2013
\u2013
\u2013 5.5
Transfer
98.9
\u2013
98.7
35.2
46.6
\u2013 173.0
\u2013 66.5
39.9
Balance as at 30 Sep 2022
2,594.5
200.5
522.1
694.9
1,265.9
170.7
112.7
5,561.3
Exchange differences
\u2013 9.1
1.8
\u2013 22.2
12.8
\u2013 8.3
\u2013 4.7
\u2013 7.6
\u2013 37.3
Acquisitions
\u2013
\u2013
\u2013
\u2013
0.2
\u2013
\u2013
0.2
Additions
68.3
0.2
52.9
\u2013
66.1
189.6
106.2
483.3
Disposals
\u2013 57.8
\u2013 0.1
\u2013 68.3
\u2013 1.0
\u2013 101.8
\u2013 0.3
\u2013 36.6
\u2013 265.9
Transfer to assets held for sale
\u2013 76.0
0.3
\u2013 31.8
\u2013 0.2
\u2013 12.8
\u2013 10.6
\u2013
\u2013 131.1
Transfer
206.8
\u2013 151.9
162.2
86.2
63.3
\u2013 192.8
\u2013 14.8
159.0
Balance as at 30 Sep 2023
2,726.7
50.8
614.9
792.7
1,272.6
151.9
159.9
5,769.5
The TUI Group contributed \u20ac 73.5 m to the capital increase of Pep Toni Hotels and \u20ac 9.9 m to the capital increase of the TUI Global Hospitality Fund. The sale of money market funds generated \u20ac 2.1 m, \u20ac 0.7 m was spent on the purchase. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-806": { "value": "
DIVESTMENTS
The non-consolidated shares in Peakwork AG were sold in financial year 2023. The divestment of the shares
and the payment of the purchase price of \u20ac 24.0 m took place in April 2023.
After the balance sheet date the following divestments took place:
The shares in the joint venture
WOT Hotels Adriatic Asset Company d. o. o., a company accounted for using
the equity method, were sold by way of an agreement dated 30 August 2023 and effective as of 20 Octo-
ber 2023. The purchase price amounts to \u20ac 12.0 m and was paid on 10 November 2023. The preliminary gain
on disposal from this transaction is zero. In this context, we refer to the section \u2018Assets held for sale\u2019.
The shares in the joint venture Raiffeisen-Tour
RT-Reisen GmbH, a company accounted for using the equity
method, were sold by way of a purchase agreement dated 29 August 2023 and effective as of 19 Octo-
ber 2023. The consideration calculated as part of a purchase price distribution amounts to \u20ac 3.1 m. The
payment was made on 30 October 2023. The preliminary gain on disposal from this transaction is zero. In
this context, we refer to the section \u2018Assets held for sale\u2019.
On 31 March 2023, an agreement was signed with TUI Global Hospitality Fund S. C. S. to sell Club Hotel CV,
S. A.
(Robinson Club Cabo Verde), consolidated in the Hotels & Resorts segment. The divestment was completed
on 31 October 2023. The purchase price was \u20ac 3.4 m. The purchase price was paid on 31 October 2023.
A
preliminary gain on disposal of \u20ac 4.6 m was generated from the transaction, reported under Other income.
The divestment of the company resulted in the disposal of goodwill totalling \u20ac 2.3 m by the \u2018Robinson\u2019
cash-generating unit. In this context, we refer to the section \u2018Assets held for sale\u2019.
The reclassification of property, plant and equipment to the balance sheet item \u2018Assets held for sale\u2019 relates
to \u20ac 41.0 m for the planned disposal of the Robinson Club Cabo Verde and to planned sales of land in Mexico
(\u20ac 39.9 m) and Jamaica (\u20ac 8.6 m) and are attributable to the Riu group in the Hotels & Resorts segment. In
this context, we refer to the section \u2018Assets held for sale\u2019. Further reclassifications of \u20ac 31.0 m related to the
disposal of aircraft engines in the Markets & Airline segment.
Right-of-use assets
Aircraft and Hotels
Travel agencies
Buildings
Cruise ships
Other
To t a l
\u20ac million engines
Historical cost
Balance as at 1 Oct 2021
3,323.4
497.5
233.1
184.3
232.9
84.6
4,555.8
Exchanges differences
454.2
\u2013 2.4
\u2013 0.3
3.0
\u2013 5.0
\u2013 0.1
449.4
Additions
142.0
\u2013
6.3
4.8
0.5
2.6
156.2
Revaluations and modifications
57.1
\u2013 12.9
15.2
\u2013 5.7
\u2013 1.5
\u2013 0.8
51.4
Disposals
\u2013 63.2
\u2013 15.0
\u2013 10.5
\u2013 4.2
\u2013 0.5
\u2013 4.0
\u2013 97.4
Transfer
\u2013 33.4
\u2013
0.3
0.9
\u2013 0.3
\u2013 0.1
\u2013 32.6
Balance as at 30 Sep 2022
3,880.1
467.2
244.1
183.1
226.1
82.2
5,082.8
Exchanges differences
\u2013 214.5
\u2013 10.1
2.0
\u2013 2.4
6.6
\u2013 0.2
\u2013 218.6
Additions
112.1
10.5
14.8
6.0
144.1
23.1
310.6
Revaluations and modifications
84.8
13.5
20.8
7.2
\u2013 1.0
0.6
125.9
Disposals
\u2013 115.1
\u2013 45.4
\u2013 18.0
\u2013 2.7
\u2013
\u2013 5.0
\u2013 186.2
Transfer
\u2013 143.4
\u2013
\u2013 0.2
\u2013 0.2
\u2013
\u2013 7.5
\u2013 151.3
Balance as at 30 Sep 2023
3,604.0
435.7
263.5
191.0
375.8
93.2
4,963.2
Depreciation and impairment
Balance as at 1 Oct 2021
\u2013 1,055.5
\u2013 181.2
\u2013 116.3
\u2013 70.5
\u2013 87.4
\u2013 35.7
\u2013 1,546.6
Exchange differences
\u2013 184.2
1.6
0.9
\u2013 0.1
2.6
\u2013
\u2013 179.2
Depreciation for the current year
\u2013 365.0
\u2013 59.8
\u2013 37.7
\u2013 21.4
\u2013 16.0
\u2013 10.7
\u2013 510.6
Impairment for the current year
\u2013
\u2013 4.4
\u2013 3.4
\u2013
\u2013 1.0
\u2013
\u2013 8.8
Reversals of impairments loses
0.6
13.2
2.0
\u2013
\u2013
\u2013
15.8
Disposals
63.2
15.1
10.5
3.5
0.5
4.0
96.8
Transfer
22.4
\u2013
\u2013
0.1
\u2013
\u2013 1.2
21.3
Balance as at 30 Sep 2022
\u2013 1,518.5
\u2013 215.5
\u2013 144.0
\u2013 88.4
\u2013 101.3
\u2013 43.6
\u2013 2,111.3
Exchange differences
94.5
5.7
\u2013 1.3
1.0
\u2013 1.9
0.2
98.2
Depreciation for the current year
\u2013 325.7
\u2013 45.2
\u2013 37.2
\u2013 21.5
\u2013 18.8
\u2013 9.6
\u2013 458.0
Impairment for the current year
\u2013
\u2013 11.8
\u2013 2.2
\u2013
\u2013
\u2013
\u2013 14.0
Reversals of impairments losses
\u2013
5.3
1.3
\u2013
\u2013
\u2013
6.6
Disposals
115.1
38.8
18.2
2.6
\u2013
5.1
179.8
Transfer
93.6
\u2013
0.3
0.4
\u2013
4.6
98.9
Balance as at 30 Sep 2023
\u2013 1,541.0
\u2013 222.7
\u2013 164.9
\u2013 105.9
\u2013 122.0
\u2013 43.3
\u2013 2,199.8
Carrying amounts as at 30 Sep 2022
2,361.6
251.7
100.1
94.7
124.8
38.6
2,971.5
Carrying amounts as at 30 Sep 2023
2,063.0
213.0
98.6
85.1
253.8
49.9
2,763.4
(23) Assets held for sale
Assets held for sale
\u20ac million
30 Sep 2023
30 Sep 2022
Disposal group Robinson Club Cabo Verde
44.4
\u2013
Investments accounted for using the equity method
15.1
\u2013
Other assets
9.1
2.7
Total
68.6
2.7
As at 30 September 2023, the shares in WOT Hotels Adriatic Asset Company d. o. o. with a carrying amount of \u20ac 12.0 m were classified as held for sale. Prior to the reclassification to assets held for sale, the shares in WOT Adriatic were measured at fair value. This measurement resulted in a reversal of an impairment loss of \u20ac 4.5 m recognised in the past. The income is recognised under the result from companies accounted for using the equity method. The shares were sold on 20 October 2023. For further details, please refer to the section \u2018Acquisitions \u2013 divestments\u2019. As at 30 September 2023, the shares in Raiffeisen-Tour RT-Reisen GmbH totalling \u20ac 3.1 m were classified as held for sale. The purchase agreement was signed on 29 August 2023. Prior to the reclassification to assets held for sale, the shares in RT Reisen were measured at fair value. The resulting impairment loss of \u20ac 1.8 m is carried under the result from companies accounted for using the equity method. The sale was completed on 19 October 2023. For further details, please refer to the section \u2018Acquisitions \u2013 divestments\u2019. The Riu Mangoos property in Jamaica was sold with effect from 2 October 2023. The purchase price totals $ 9.6 m. As at 30 September 2023, the property was classified as held for sale with a carrying amount of \u20ac 8.9 m. On 31 March 2023, an agreement was signed with TUI Global Hospitality Fund S. C. S. for the divestment of Club Hotel CV, S. A. (Robinson Club Cabo Verde), fully consolidated in the Hotels & Resorts segment. Accordingly, the assets and liabilities of the disposal group were classified as held for sale. In addition, part of the goodwill of the \u2018Robinson\u2019 cash-generating unit amounting to \u20ac 2.3 m was classified as held for sale. The sale was completed on 31 October 2023. In this context, we refer to the sections \u2018Liabilities related to assets held for sale\u2019 and \u2018Acquisitions \u2013 divestments\u2019.
Disposal group \u2018Robinson Club Cabo Verde\u2019
\u20ac million
30 Sep 2023
Goodwill
2.3
Other intangible assets and property, plant and equipment
41.0
Inventories
0.3
Trade and other receivables
0.5
Other non-financial assets
0.1
Cash and cash equivalents
0.2
Total
44.4
During the period under review, the following reclassifications were made to assets held for sale: As of December 31, 2022, two aircraft engines with a total value of \u20ac 31.0 m were classified as held for sale. The sale of the aircraft engines took place in February 2023. As of March 31, 2023, the shares in the non-consolidated investment Peakwork AG with a value of \u20ac 24.0 m were classified as held for sale. The shares were sold in April 2023. The purchase price payment of \u20ac 24.0 m was made in April 2023. As of June 30, 2023, the Riu Punta Nizuc plot in Mexico with a total value of \u20ac 39.7 m was classified as held for sale. The plot was sold on September 6, 2023. The purchase price amounted to MXN 817.0 m. As at the end of the prior financial year, the building at Jet Set House (Crawley) of TUI Airways Limited was classified as held for sale (\u20ac 2.7 m). The disposal transaction was completed on 3 October 2022. The purchase price payment of GBP 6.5 m was made on 3 October 2022
(36) Liabilities related to assets held for sale
As at 30 September 2023, the following liabilities were related to assets held for sale:
Disposal Robinson Club Cabo Verde
\u20ac million
30 Sep 2023
Trade payables
1.1
Touristic advance payments received
0.1
Other non-financial liabilities
0.4
Total
1.6
In this context, we refer to the note \u2018Assets held for sale\u2019.
In the previous year, there were no liabilities in relation to assets held for sale.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-718": { "value": "FOREIGN EXCHANGE TRANSLATION Transactions in foreign currencies are translated into the functional currency at the foreign exchange rates at the date of the transaction. Any gains and losses resulting from the execution of such transactions and the translation of monetary assets and liabilities denominated in foreign currencies at the foreign exchange rate at the date of the transaction are shown in the income statement, with the exception of gains and losses to be recognised in equity as qualifying cash flow hedges. The annual financial statements of companies are prepared in the respective functional currency. The functional currency of a company is the currency of the primary economic environment in which the company operates. Where subsidiaries prepare their financial statements in functional currencies other than the Euro, being the Group\u2019s reporting currency, the assets and liabilities are translated at the rate of exchange applicable at the balance sheet date (closing rate). Goodwill allocated to these companies and adjustments of the fair value arising on the acquisition of a foreign company are treated as assets and liabilities of the foreign company and also translated at the rate of exchange applicable at the balance sheet date. The items of the income statement and hence the result for the year shown in the income statement are translated at the average rate of the month in which the respective transaction takes place. Differences arising on the translation of the annual financial statements of foreign subsidiaries are reported outside profit and loss and separately shown as foreign exchange differences in the consolidated statement of changes in equity. When a foreign company or operation is sold, any foreign exchange differences previously included in equity outside profit and loss are recognised as a gain or loss from disposal in the income statement through profit and loss. Translation differences relating to non-monetary items with changes in their fair values eliminated through profit and loss (e. g. equity instruments measured at their fair value through profit and loss) are included in the income statement. In contrast, translation differences for non-monetary items with changes in their fair values taken to equity are included in revenue reserves. Some TUI Group subsidiaries operate their business in a hyperinflation country (previous year: equally Group companies in hyperinflationary economies). As the Euro is the functional currency for these companies, accounting in accordance with IAS 29, Financial Reporting in Hyperinflationary Economies, is not required. The translation of the financial statements of foreign companies measured at equity follows the same principles for adjusting carrying amounts and translating goodwill as those used for consolidated subsidiaries . TUI Group uses the accounting policy choice provided by IFRS 9, enabling entities to continue applying the hedge accounting requirements ofIAS 39. Hedge accounting is exclusively used to hedge the exposure due to foreign currency and fuel price fluctuations in cash flows from highly probable forecast transactions (cash flow hedges). Hedges of balance sheet items (fair value hedges), i. e. hedges of the fair value of an asset or a liability, which would be accounted for at amortised cost, are currently not designated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-698": { "value": "FOREIGN EXCHANGE TRANSLATION Transactions in foreign currencies are translated into the functional currency at the foreign exchange rates at the date of the transaction. Any gains and losses resulting from the execution of such transactions and the translation of monetary assets and liabilities denominated in foreign currencies at the foreign exchange rate at the date of the transaction are shown in the income statement, with the exception of gains and losses to be recognised in equity as qualifying cash flow hedges. The annual financial statements of companies are prepared in the respective functional currency. Thefunctional currency of a company is the currency of the primary economic environment in which the company operates. Some TUI Group subsidiaries operate their business in a hyperinflation country (previous year: equally Group companies in hyperinflationary economies). As the Euro is the functional currency for these companies, accounting in accordance with IAS 29, Financial Reporting in Hyperinflationary Economies, is not required. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-795": { "value": "Where subsidiaries prepare their financial statements in functional currencies other than the Euro, being the Group\u2019s reporting currency, the assets and liabilities are translated at the rate of exchange applicable at the balance sheet date (closing rate). Goodwill allocated to these companies and adjustments of the fair value arising on the acquisition of a foreign company are treated as assets and liabilities of the foreign company and also translated at the rate of exchange applicable at the balance sheet date. The items of the income statement and hence the result for the year shown in the income statement are translated at the average rate of the month in which the respective transaction takes place. Differences arising on the translation of the annual financial statements of foreign subsidiaries are reported outside profit and loss and separately shown as foreign exchange differences in the consolidated statement of changes in equity. When a foreign company or operation is sold, any foreign exchange differences previously included in equity outside profit and loss are recognised as a gain or loss from disposal in the income statement through profit and loss. Translation differences relating to non-monetary items with changes in their fair values eliminated through profit and loss (e. g. equity instruments measured at their fair value through profit and loss) are included in the income statement. In contrast, translation differences for non-monetary items with changes in their fair values taken to equity are included in revenue reserves. Some TUI Group subsidiaries operate their business in a hyperinflation country (previous year: equally Group companies in hyperinflationary economies). As the Euro is the functional currency for these companies, accounting in accordance with IAS 29, Financial Reporting in Hyperinflationary Economies, is not required. The translation of the financial statements of foreign companies measured at equity follows the same principles for adjusting carrying amounts and translating goodwill as those used for consolidated subsidiaries CONSOLIDATION METHODS The recognition of the assets and liabilities of acquired businesses is based on the acquisition method. Accordingly all identifiable assets, all liabilities and certain contingent liabilities assumed are measured at fair value as of the acquisition date. Subsequently, the consideration for the stake is measured at fair value and eliminated against the acquiree\u2019s revalued equity attributable to the acquired share. The option to measure the non-controlling interests at their fair value (full goodwill method) was not used. Any excess of acquisition costs over net assets acquired is capitalised as goodwill and recognised as an asset in accordance with the provisions of IFRS 3. Any negative goodwill is recognised immediately in profit and loss and presented as other income. When additional shares are purchased after obtaining control, the difference between the purchase price and the carrying amount of the stakes acquired is recognised directly in equity. The effects from sales of stakes not entailing a loss of control are also recognised directly in equity. By contrast, when control is obtained or lost, gains or losses are recognised in profit and loss. In the case of business combinations achieved in stages (where the acquirer held an equity interest before he obtained control), the equity stake previously held in the acquired company is revalued at the fair value applicable at the acquisition date and the resulting gain or loss is recognised in profit or loss. For transactions involving a loss of control, the profit or loss does not only comprise the difference between the carrying amounts of the disposed stakes and the consideration received but also the result from the revaluation of the remaining shares On loss of control of a subsidiary, the gain or loss on derecognition will be calculated as the total of the fai r value of the consideration plus the fair value of any investment retained in the former subsidiary less the share of the book value of the net assets of the subsidiary. Any gains or losses previously recognised in other comprehensive income from currency translations or the valuation of financial assets and liabilities wil l be reclassified to the income statement. When a subsidiary is sold, any goodwill allocated to the respective subsidiary is taken into account in the calculation of the profit or loss of disposal. The Group\u2019s associates and joint ventures are measured at equity and included at the cost to purchase as a t the acquisition date. The Group\u2019s stake in associates and joint ventures includes the goodwill arising from the respective acquisition. GOODWILL AND OTHER INTANGIBLE ASSETS Acquired intangible assets are carried at cost. Internally generated intangible assets are capitalised at cost where an inflow of future economic benefits for the Group is probable and can be reliably measured. The cost to produce comprises direct costs and directly allocable overheads. Intangible assets with a finite service life are amortised over the expected useful life. Intangible assets acquired as a result of business combinations are included at their fair value as at the date of acquisition and are amortised on a straight-line basis.
Useful lives of intangible assets
Useful lives
Brands, licences and other rights
5 to 20 years
Transport and leasing contracts
12 to 20 years
Computer software
3 to 13 years
Customer base as at acquisition date
7 to 15 years
Due to changes in our strategy and delays in the digital transformation, the useful lives of certain software solutions were extended by up to three years. As a result of the adjustment of individual useful lives for computer software, the economic useful life in individual cases has been extended from the previous ten years to a total of 13 years. For further information, please refer to the section \u2018Other intangible assets\u2019. If there are any events or indications suggesting potential impairment, the amortised carrying amount of the intangible asset is compared with the recoverable amount. Any losses in value going beyond wear-and-tear depreciation are taken into account through the recognition of impairment charges. Depending on the functional area of the intangible asset, amortisation and impairment charges are included under cost of sales or administrative expenses. Intangible assets with indefinite useful lives are not amortised but are tested for impairment at least annually. In addition, impairment tests are conducted if there are any events or indications suggesting potential impairment. TUI Group\u2019s intangible assets with an indefinite useful life consist exclusively of goodwill. Impairment tests for goodwill are conducted on the basis of cash-generating units (CGU) or groups of cash-generating units . Impairment charges are recognised where the carrying amount of the tested units, including the allocated goodwill, exceeds the recoverable amount. The recoverable amount is the higher of fair value less costs of disposal and the present value of future cash flows based on continued use (value in use). The fair value less costs of disposal corresponds to the amount that could be generated between knowledgeable, willing, inde- pendent business partners after deduction of the costs of disposal. Impairment of goodwill is shown separately in the consolidated income statement Goodwill At cost (subsequent measurement: impairment test) Other intangible assets with definite useful lives At amortised cost BUSINESS ACQUISITIONS AND INTANGIBLE ASSETS In accounting for business combinations, the identifiable assets, liabilities and contingent liabilities acquired have to be measured at their fair values. In this context, cash flow-based methods are regularly used, which may lead to different results depending on the underlying assumptions. In particular, some judgement is required in estimating the economic useful lives of intangible assets and determining the fair values ofcontingent liabilities. We define the EBIT in underlying EBIT as earnings before interest, income taxes and result of the measurement of the Group\u2019s interest hedges.EBIT by definition includes goodwill impairments. Underlying EBIT is adjusted for by income and expense items impacting or distorting the assessment of the operating profitability of the segments and the Group due to their level and frequency. These separately disclosed items include gains on disposal from investments, major gains and losses from the sale of assets and major restructuring and integration expenses . In addition, adjustments are carried for all effects from purchase price allocations, ancillary acquisition costs and conditional purchase price payments. Adjustments made in the reconciliation to underlying EBIT also include goodwill impairments . n accordance with the provisions of IAS 21, goodwill allocated to the individual segments and sectors was recognised in the functional currency of the subsidiaries and subsequently translated when preparing the consolidated financial statements. Similar to the treatment of other differences from the translation of annual financial statements of foreign subsidiaries, differences due to exchange rate fluctuations between the exchange rate at the date of acquisition of the subsidiary and the exchange rate at the balance sheet date are taken directly to equity outside profit and loss and disclosed as a separate item ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-734": { "value": "Where subsidiaries prepare their financial statements in functional currencies other than the Euro, being the Group\u2019s reporting currency, the assets and liabilities are translated at the rate of exchange applicable at the balance sheet date (closing rate). Goodwill allocated to these companies and adjustments of the fair value arising on the acquisition of a foreign company are treated as assets and liabilities of the foreign company and also translated at the rate of exchange applicable at the balance sheet date. The items of the income statement and hence the result for the year shown in the income statement are translated at the average rate of the month in which the respective transaction takes place. Differences arising on the translation of the annual financial statements of foreign subsidiaries are reported outside profit and loss and separately shown as foreign exchange differences in the consolidated statement of changes in equity. When a foreign company or operation is sold, any foreign exchange differences previously included in equity outside profit and loss are recognised as a gain or loss from disposal in the income statement through profit and loss. Translation differences relating to non-monetary items with changes in their fair values eliminated through profit and loss (e. g. equity instruments measured at their fair value through profit and loss) are included in the income statement. In contrast, translation differences for non-monetary items with changes in their fair values taken to equity are included in revenue reserves. Some TUI Group subsidiaries operate their business in a hyperinflation country (previous year: equally Group companies in hyperinflationary economies). As the Euro is the functional currency for these companies, accounting in accordance with IAS 29, Financial Reporting in Hyperinflationary Economies, is not required. The translation of the financial statements of foreign companies measured at equity follows the same principles for adjusting carrying amounts and translating goodwill as those used for consolidated subsidiaries CONSOLIDATION METHODS The recognition of the assets and liabilities of acquired businesses is based on the acquisition method.Accordingly all identifiable assets, all liabilities and certain contingent liabilities assumed are measured at fair value as of the acquisition date. Subsequently, the consideration for the stake is measured at fair value and eliminated against the acquiree\u2019s revalued equity attributable to the acquired share. The option to measure the non-controlling interests at their fair value (full goodwill method) was not used. Any excess of acquisition costs over net assets acquired is capitalised as goodwill and recognised as an asset in accordance with the provisions ofIFRS 3. Any negative goodwill is recognised immediately in profit and loss and presented as other income. When additional shares are purchased after obtaining control, the difference between the purchase price and the carrying amount of the stakes acquired is recognised directly in equity. The effects from sales of stakes not entailing a loss of control are also recognised directly in equity. By contrast, when control isobtained or lost, gains or losses are recognised in profit and loss. In the case of business combinations achieved in stages (where the acquirer held an equity interest before he obtained control), the equity stake previously held in the acquired company is revalued at the fair value applicable at the acquisition date and the resulting gain or loss is recognised in profit or loss. For transactions involving a loss of control, the profit or loss does not only comprise the difference between the carrying amounts of the disposed stakes and the consideration received but also the result from the revaluation of the remaining shares . On loss of control of a subsidiary, the gain or loss on derecognition will be calculated as the total of the fai r value of the consideration plus the fair value of any investment retained in the former subsidiary less the share of the book value of the net assets of the subsidiary. Any gains or losses previously recognised in other comprehensive income from currency translations or the valuation of financial assets and liabilities wil l be reclassified to the income statement. When a subsidiary is sold, any goodwill allocated to the respective subsidiary is taken into account in the calculation of the profit or loss of disposal. The Group\u2019s associates and joint ventures are measured at equity and included at the cost to purchase as a t the acquisition date. The Group\u2019s stake in associates and joint ventures includes the goodwill arising from the respective acquisition. Intangible assets with indefinite useful lives are not amortised but are tested for impairment at least annually. In addition, impairment tests are conducted if there are any events or indications suggesting potentialimpairment. TUI Group\u2019s intangible assets with an indefinite useful life consist exclusively of goodwill. Impairment tests for goodwill are conducted on the basis of cash-generating units (CGU) or groups of cash-generating units . Impairment charges are recognised where the carrying amount of the tested units, including the allocated goodwill, exceeds the recoverable amount. The recoverable amount is the higher of fair value less costs of disposal and the present value of future cash flows based on continued use (value in use). The fair value less costs of disposal corresponds to the amount that could be generated between knowledgeable, willing, inde- pendent business partners after deduction of the costs of disposal. Impairment of goodwill is shown separately in the consolidated income statement .
BUSINESS ACQUISITIONS AND INTANGIBLE ASSETS
In accounting for business combinations, the identifiable assets, liabilities and contingent liabilities acquired
have to be measured at their fair values. In this context, cash flow-based methods are regularly used, which
may lead to different results depending on the underlying assumptions. In particular, some judgement is
required in estimating the economic useful lives of intangible assets and determining the fair values of
con
tingent liabilities.
We define the
EBIT in underlying EBIT as earnings before interest, income taxes and result of the measurement
of the Group\u2019s interest hedges.
EBIT by definition includes goodwill impairments.
Underlying
EBIT is adjusted for by income and expense items impacting or distorting the assessment of the
operating profitability of the segments and the Group due to their level and frequency. These separately
disclosed items include gains on disposal from investments, major gains and losses from the sale of assets
and major restructuring and integration expenses . In addition, adjustments are carried for all effects from
purchase price allocations, ancillary acquisition costs and conditional purchase price payments. Adjustments
made in the reconciliation to underlying
EBIT also include goodwill impairments .
I n accordance with the provisions of IAS 21, goodwill allocated to the individual segments and sectors was recognised in the functional currency of the subsidiaries and subsequently translated when preparing the consolidated financial statements. Similar to the treatment of other differences from the translation of annual financial statements of foreign subsidiaries, differences due to exchange rate fluctuations between the exchange rate at the date of acquisition of the subsidiary and the exchange rate at the balance sheet date are taken directly to equity outside profit and loss and disclosed as a separate item ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-751": { "value": "Where subsidiaries prepare their financial statements in functional currencies other than the Euro, being the Group\u2019s reporting currency, the assets and liabilities are translated at the rate of exchange applicable at the balance sheet date (closing rate). Goodwill allocated to these companies and adjustments of the fair value arising on the acquisition of a foreign company are treated as assets and liabilities of the foreign company and also translated at the rate of exchange applicable at the balance sheet date. The items of the income statement and hence the result for the year shown in the income statement are translated at the average rate of the month in which the respective transaction takes place. Differences arising on the translation of the annual financial statements of foreign subsidiaries are reported outside profit and loss and separately shown as foreign exchange differences in the consolidated statement of changes in equity. When a foreign company or operation is sold, any foreign exchange differences previously included in equity outside profit and loss are recognised as a gain or loss from disposal in the income statement through profit and loss. The consolidated financial statements are prepared according to the historical cost principle, with the exception of certain financial instruments such as financial assets and derivatives as well as plan assets from externally funded pensions benefit obligations held at fair value at the balance sheet date. Impairment charges are recognised where the carrying amount of the tested units, including the allocated goodwill, exceeds the recoverable amount. The recoverable amount is the higher of fair value less costs of disposal and the present value of future cash flows based on continued use (value in use). The fair value less costs of disposal corresponds to the amount that could be generated between knowledgeable, willing, inde- pendent business partners after deduction of the costs of disposal. SHARE-BASED PAYMENTS Share-based payment schemes in the Group comprise both cash-settled and equity-settled schemes. For cash-settled transactions, the resulting liability for the Group is charged to expenses at its fair value as at the date of the performance of the service by the beneficiary. Until settlement of the liability, the fair value of the liability is re-measured at every closing date and all changes in the fair value are recognised through profit and loss. For equity-settled transactions the fair value of the awards granted is recognised under staff costs with a corresponding direct increase in equity. The fair value is determined at the point when the awards are granted and spread over the vesting period during which the employees become entitled to the awards. The method for the calculation of the granted awards is described in note 40 \u2018Share-based payments in accordancewithIFRS 2\u2019. For all CGUs, the recoverable amount was determined on the basis of fair value less costs of disposal, being the higher value compared to the value in use. The fair value was calculated by discounting the expected cashflows CARRYING AMOUNTS AND FAIR VALUES Where financial instruments are listed in an active market, e. g. shares held and bonds issued, the fair value or market value is the respective quotation in this market at the balance sheet date. For over-the-counter bonds, debt components of bonds with warrants and convertible bonds, liabilities to banks, promissory notes and other non-current financial liabilities, the fair value is determined as the present value of futurecash flows, taking account of yield curves and the respective credit spread, which depends on the credit rating. In financial year 2023, the fair values of other current receivables and current liabilities to banks were deter- mined in line with the past financial year, taking into account yield curves and the respective credit risk premium (credit spread) based on credit rating. As a result, the assumption that the carrying amountapproximately corresponds to the fair value due to the short remaining term has been adjusted to thecurrent market conditions. The fair values of non-current trade receivables and for parts of current other receivables and current other financial assets as well as cash and cash equivalents, current other financial liabilities and trade payables correspond to the present values of the cash flows associated with the assets, taking account of current interest parameters which reflect market and counterparty-related changes in terms and expectations.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-752": { "value": "Translation differences relating to non-monetary items with changes in their fair values eliminated through profit and loss (e. g. equity instruments measured at their fair value through profit and loss) are included in the income statement. In contrast, translation differences for non-monetary items with changes in their fair values taken to equity are included in revenue reserves.
NON
-
DERIVATIVE FINANCIAL ASSETS AND FINANCIAL LIABILITIES
The classification and measurement of financial assets are determined on the basis of the business model
assigned to manage financial assets and the related contractual cash flows. At initial recognition of financial
assets, the classification comprises the categories \u2018Financial assets at amortised cost (
AC)\u201d, \u2018Financial assets
at fair value through other comprehensive income (
FVTOCI)\u201d and \u2018Financial assets at fair value through
profit and loss (
FVPL)\u201d.
The equity instruments held in the balance sheet item \u2018Other financial assets\u2019 were irrevocably designated
as \u2018Financial assets at fair value through
OCI\u2019 as they are held for medium- to long-term strategic objectives.
These instruments are stakes in associated non-consolidated subsidiaries, equity investments and other
investments. Recognising all fluctuations in the fair value in the income statement would not be in line with
the Group\u2019s strategy. They are allocated to assets unless the entity intends to sell them within twelve
months after the balance sheet date. Dividends from these equity instruments are recognised in the income
statement unless the dividends are clearly a partial repayment of the cost to purchase the equity instru
ment.
The cumulative gain or loss from the subsequent measurement of the equity instruments recognised in
other comprehensive income will continue to be recognised in equity even after the equity instrument has
been derecognised and reclassified to revenue reserves.
All other financial assets not recognised at amortised cost or at fair value through
OCI must be measured at
fair value through profit and loss.
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGE ACCOUNTING At initial measurement, derivative financial instruments are measured at the fair value attributable to them on the date the contract is entered into and recognised in the balance sheet. Subsequent remeasurement is also recognised at the fair value calculated at the respective balance sheet date. Where derivative financial instruments are not part of a designated hedging relationship in connection with hedge accounting, they are classified as \u2018at fair value through profit and loss\u2019. The method used to recognise gains and losses depends on whether the derivative financial instrument has been fully or possibly only partly designated as a hedging instrument, and on the nature of the hedged item. Changes in the fair value of a derivative financial instrument not designated as a hedging instrument or the component of a derivative financial instrument not designated as a hedging instrument are immediately recognised through profit and loss. If, by contrast, an effective hedging relationship exists, the transaction is recognised as a hedge. The unrealised gains and losses from the fair value valuation of derivative financial instruments that are designated as hedging instruments with in hedge accounting are initially recognised in equity without affecting profit or loss. In the case of derivative financial instruments that are not part of a hedging relationship, the effect on profit or loss is immediate, i. e. the changes from the fair valuation are recognised through profit and loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-4": { "value": "CONSOLIDATION METHODS The recognition of the assets and liabilities of acquired businesses is based on the acquisition method.Accordingly all identifiable assets, all liabilities and certain contingent liabilities assumed are measured at fair value as of the acquisition date. Subsequently, the consideration for the stake is measured at fair value and eliminated against the acquiree\u2019s revalued equity attributable to the acquired share. The option to measure the non-controlling interests at their fair value (full goodwill method) was not used. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-784": { "value": "CONSOLIDATION METHODS The recognition of the assets and liabilities of acquired businesses is based on the acquisition method.Accordingly all identifiable assets, all liabilities and certain contingent liabilities assumed are measured at fair value as of the acquisition date. Subsequently, the consideration for the stake is measured at fair value and eliminated against the acquiree\u2019s revalued equity attributable to the acquired share. The option to measure the non-controlling interests at their fair value (full goodwill method) was not used. The contingent liabilities are reported at an amount representing the best estimate of the expenditure required to meet the potential obligation at the balance sheet date ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-5": { "value": "Intercompany receivables and payables or provisions are eliminated, as are intercompany revenue, othe r income and the corresponding expenses. Intercompany results from intercompany deliveries and service s are reversed through profit and loss, taking account of deferred taxes DEFERRED TAXES AND INCOME TAXES Expected tax savings from the use of tax losses carried forward assessed as recoverable in the future are recognised as deferred tax assets. Regardless of the unlimited ability to carry German tax losses forward which continues to exist, the annual utilisation is limited by the minimum taxation. Foreign tax losses carried forward frequently have to be used within a given country-specific time limit and are subject to restrictions concerning the use of these losses carried forward for profits on ordinary activities, which are taken into account accordingly in the measurement. Income taxes are charged or credited directly to equity or other comprehensive income if the tax relates to items that are charged or credited to equity or recognised in other comprehensive income without affecting Group profit or loss. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the temporary difference or an unused tax loss can be utilised. Deferred taxes are measured at the tax rates and tax provisions applicable at the balance sheet date or adopted by law and expected to be applicable at the date of recognition of the deferred tax asset or the payment of the deferred tax liability. Deferred and current income tax liabilities are offset against the corresponding tax assets if they exist in the same fiscal territory and have the same nature and maturity", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-753": { "value": "Intercompany receivables and payables or provisions are eliminated, as are intercompany revenue, othe r income and the corresponding expenses. Intercompany results from intercompany deliveries and service s are reversed through profit and loss, taking account of deferred taxes . However, intercompany losses are an indicator that an asset may be impaired. Intercompany profits from transactions with companies measured at equity are eliminated in relation to the Group\u2019s stake in the companies. Intercompany transactions are entered into on an arm\u2019s length basis. PENSION PROVISIONS The pension provision recognised for defined benefit plans corresponds to the net present value of the de- fined benefit obligations (DBOs) as at the balance sheet date less the fair value of the plan assets. If the value of the plan assets exceeds the value of the DBO, the excess amount is shown within other non-financial assets as far as the capitalisation is not limited under the asset ceiling defined in IAS 19. The DBOs arecalculated annually by independent actuaries using the projected unit credit method. For defined contribution plans, the Group pays contributions to public or private pension insurance plans on the basis of a statutory or contractual obligation or on a voluntary basis. The Group does not have anyfurther payment obligations on top of the payment of the contributions. The contributions are recognised under staff costs when they fall due. OTHER PROVISIONS Other provisions are formed when the Group has a current legal or constructive obligation as a result of a past event, where in addition it is probable that assets will be impacted by the settlement of the obligation and the level of the provision can be reliably determined. Where a large number of similar obligations exist, the probability of a charge over assets is determined on the basis of this group of obligations. A provision is also recognised if the probability of a charge over assets is low in relation to an individual obligation contained in this group. Provisions are measured at the present value of the expected expenses, taking account of a pre-tax interest rate, reflecting current market assessments of the time value of money and the risks specific to the liability . Risks already taken into account in estimating future cash flows do not affect the discount rate. Increases in provisions due to accretion of interest are recognised as interest expenses through profit or loss.
In order to determine the obligations under defined benefit pension schemes, actuarial calculations are used
which rely on underlying assumptions concerning life expectancy and the discount rate.
Determining whether a current obligation exists is usually based on review by internal or external experts.
The amount of provisions is based on expected expenses, and is either calculated by assessing the specific
case in the light of empirical values, outcomes from comparable circumstances or ranges of possible claims,
or else estimated by experts. Due to the uncertainties associated with assessment, actual expenses may
deviate from estimates so that unexpected charges may result.
(30) Pension provisions and similar obligations
A number of defined contribution and defined benefit pension plans are operated for Group employees.
Pension obligations vary, reflecting the different legal, fiscal and economic conditions in each country of
operation, and usually depend on employees\u2019 length of service and pay levels.
All defined contribution plans are funded by the payment of contributions to external insurance companies
or funds. German employees enjoy benefits from a statutory defined contribution plan paying pensions as a
function of employees\u2019 income and the contributions paid in. Several additional industry pension organisations
exist for TUI Group companies. Once the contributions to the state-run pension plans and private pension
insurance organisations have been paid, the Company has no further payment obligations. Apart from Germany,
major defined contribution plans are also operated the Netherlands and in the UK. Contributions paid are
expensed for the respective period. In the reporting period, the expenses for all defined contribution plans
totalled \u20ac 84.8 m (previous year \u20ac 80.5 m).
Apart from these defined contribution pension plans, TUI Group operates defined benefit plans, which usually
entail the formation of provisions within the Company or investments in funds outside the Company.
Within this group,
MER-Pensionskasse VVaG, a private pension fund in which German companies of the
tourism industry are organised, represents a multi-employer plan classified as a defined benefit plan. In
accordance with the statues of the plan, the plan participants and the employers pay salary-based contribu-
tions into the plan. There are no further obligations pursuant to the statutes of the plan; an additional
funding obligation of the participating companies is explicitly excluded. The paid-in contributions are invested
in accordance with the policies of the pension plan unless they are used in the short term for benefit payments.
As the investments are pooled and are not kept separately for each participating employer, an allocation of
plan assets to individual participating employers is not possible. The investment risk and the mortality risk
are jointly shared by all plan participants. Moreover, the pension fund does not provide any information to
participating companies that would allow the allocation of any over- or underfunding or
TUI\u2019s participation
in the plan. For this reason, accounting for the plan as defined benefit plan is not possible, and the plan is
therefore in accordance with the requirements of IAS 19 shown like a defined contribution plan. In the
reporting period, contributions to
MER-Pensionskasse VVaG totalled \u20ac 5.6 m (previous year \u20ac 5.6 m). For the
next financial year, contributions are expected to remain at that level.
TUI Group\u2019s major pension plans recognised as defined benefit plans exist in Germany and the UK. By far the
largest pension plans are operated by the Group\u2019s tour operators in the
UK. They accounted for 68.6 %
(previous year 68.2 %) of
TUI Group\u2019s total obligations at the balance sheet date. German plans account for
a further 25.0 % (previous year 25.6 %).
Material defined benefit plans in the United Kingdom
Scheme name
Status
BAL Scheme
closed
TUI UK Scheme
closed
TAPS Scheme
closed
Almost all defined benefit plans in the UK are funded externally. Under UK law, the employer is obliged to ensure sufficient funding so that plan assets cover the pension payments to be made and the administrative costs of the funds. The pension funds are managed by independent trustees. The trustees comprise independent members, beneficiaries of the plan and employer representatives. The trustees are responsible for the investment of fund assets, taking account of the interests of plan members, but they also negotiate the level of the contributions to the fund to be paid by the employers, which constitute minimum contribu- tions to the funds. To that end, actuarial valuations are made every three years by actuaries commissioned by the trustees. The annual contributions to be paid to the funds in order to cover any shortfalls were last defined on the basis of the measurement as at 30 September 2019. Since 31 October 2018, the main sections of TUI Group\u2019s UK Pension Trust have been closed to future accrual of benefits. As a result, current service cost no longer arises for services delivered by the employees. Since 1 November 2018, increases in accrued pension benefits from the plan have been therefore calculated in line with the rules for deferred members. With the closure of the Pension Trust for future accrual, all existing staff in the defined benefit scheme were offered the opportunity to join the existing defined contribution plan to accrue pension from 1 November 2018 onwards. By contrast, defined benefit plans in Germany are mainly unfunded and the obligations from these plans are recognised as provisions. The company assumes the obligation for payments of company pensions when the beneficiaries reach the legal retirement age. The amount of the pension paid usually depends either on the remuneration received by the employee at the retirement date or the amount of the average remuneration over the employee\u2019s service period. Pension obligations usually include surviving dependants\u2019 benefits and invalidity benefits. Pension payments are partly limited by third party compensations, e. g. from insurances and MER\u2013Pensionskasse. Material defined benefit plans in Germany Scheme name Status Versorgungsordnung TUI AG open Versorgungsordnung TUIfly GmbH open Versorgungsordnung TUI Deutschland GmbH closed Versorgungsordnung TUI Beteiligungs GmbH closed Versorgungsordnungen TUI Immobilien Services GmbH close
Provisions for pension obligations are established for benefits payable in the form of retirement, invalidity
and surviving dependants\u2019 benefits. Provisions are exclusively formed for defined benefit schemes under
which the Company guarantees employees a specific pension level, including arrangements for early retirement
and temporary assistance benefits.
Where plan assets exceed funded pension obligations, taking account of a difference due to past service cost, and where at the same time there is an entitlement to reimbursement or reduction of future contributions to the fund, the excess is recognised in conformity with the asset ceiling defined by IAS 19 Where the difference between the present value and the settlement value of a provision is material for the measurement of a non-current provision as at the balance sheet date, the provision is recognised at its present value in accordance with IAS 37. The discount rate to be applied should take account of the specific risks of the liability and of future price increases.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-763": { "value": "Intercompany receivables and payables or provisions are eliminated, as are intercompany revenue, othe r income and the corresponding expenses. Intercompany results from intercompany deliveries and service s are reversed through profit and loss, taking account of deferred taxes . However, intercompany losses are an indicator that an asset may be impaired. Intercompany profits from transactions with companies measured at equity are eliminated in relation to the Group\u2019s stake in the companies. Intercompany transactions are entered into on an arm\u2019s length basis. Impairments and reversals of impairments are recognised under \u2019Impairment / reversals of impairment of financial assets\u2019 in the income statement. DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGE ACCOUNTING At initial measurement, derivative financial instruments are measured at the fair value attributable to them on the date the contract is entered into and recognised in the balance sheet. Subsequent remeasurement is also recognised at the fair value calculated at the respective balance sheet date. Where derivative financial instruments are not part of a designated hedging relationship in connection with hedge accounting, they are classified as \u2018at fair value through profit and loss\u2019. The method used to recognise gains and losses depends on whether the derivative financial instrument has been fully or possibly only partly designated as a hedging instrument, and on the nature of the hedged item. Changes in the fair value of a derivative financial instrument not designated as a hedging instrument or the component of a derivative financial instrument not designated as a hedging instrument are immediately recognised through profit and loss. If, by contrast, an effective hedging relationship exists, the transaction is recognised as a hedge. The unrealised gains and losses from the fair value valuation of derivative financial instruments that are designated as hedging instruments with in hedge accounting are initially recognised in equity without affecting profit or loss. In the case of derivative financial instruments that are not part of a hedging relationship, the effect on profit or loss is immediate, i. e. the changes from the fair valuation are recognised through profit and loss. TUI Group uses the accounting policy choice provided by IFRS 9, enabling entities to continue applying the hedge accounting requirements ofIAS 39. Hedge accounting is exclusively used to hedge the exposure due to foreign currency and fuel price fluctuations in cash flows from highly probable forecast transactions (cash flow hedges). Hedges of balance sheet items (fair value hedges), i. e. hedges of the fair value of an asset or a liability, which would be accounted for at amortised cost, are currently not designated. Upon entering into a transaction,TUI documents the hedge relationship between the hedge and the under- lying transaction, the risk management goal and the underlying strategy. In addition, a record is kept of the assessment, both at the beginning of the hedge relationship by using the Critical Terms Match method and on a continual qualitative basis, as to whether the derivatives used for the hedge are highly effective incompensating for the changes in the fair values or cash flows of the underlying transactions. IFRS 9 requires entities to recognise expected losses for all financial assets held at amortised cost and for financial assets constituting debt instruments and measured atFVTOCI (Fair Value Through Other Compre- hensive Income). In TUI Group, the items affected are financial instruments recognised at amortised cost in the following categories: trade receivables and other receivables with the sub-classes trade receivables, advances and loans, other receivables and assets as well as lease receivables. Additional classes are other financial assets and cash and cash equivalents. In determining expected losses,IFRS 9 distinguishes between the general and the simplified approach to impairment. Under the general approach to impairment, financial assets are classified into three stages. Stage 1 is where financial assets are recognised for the first time or where credit risk has not increased significantly since initial recognition. At this stage, the expected bad debt losses that may arise from possible default events within the next 12 months after the respective balance sheet date are reported. For financial assets in stage1, entities are required to recognise 12-month Expected Credit Losses (ECL). Stage 2 is where credit risk has increased significantly since initial recognition. Stage 3 includes financial assets that additionally have objective evidence of impairment alongside the criteria of stage 2. Stages 2 and 3 show lifetime ECL. Under the simplified approach to impairment, a loss allowance is carried at an amount equal to life-time ECL at initial recognition for trade receivables and lease receivables, regardless of the credit quality of the accounts receivable and the lease receivables. TUI uses a provision matrix to determine the expected loss for trade receivables and lease receivables. Average historical default rates are determined for the following maturity bands. Not overdue, less than 30 days past due, 30 \u2013 90 days, 91 \u2013 180 days and more than 180 days past due . To determine the historical default rate, the weighted average of the last three years is calculated for the receivables in default in the respective year in relation to the receivables portfolio at the end of therespective financial year. This is multiplied by the probability that a receivable will age into the final maturity band. The loss rates determined are adjusted by credit default swap ( CDS) rates in order to take account of forward-looking information. The adjusted loss rates are based on average rates for the past few years. The economic environment of the relevant geographical regions is taken into account through a weighting ofCDS rates. All model parameters mentioned above are regularly reviewed and updated. Under the simplified approach to impairment, trade receivable and lease receivables are transferred to Stage3 when there is any objective evidence of impairment. In principle TUI Group classifies whether a trade receivableis to be transferred to Stage 3 on an individual basis, depending on the region, after 180 days at the earliest. In the event of insolvencies or other objective indications of impairment before this date, a transfer to stage 3 is made earlier. If a receivable is more than 180 days overdue, it is assumed to be impaired and, in the event of uncollectibility, generally written down in full. Objective evidence of impairment of lease receivables includes, for example, significant financial difficulties on the part of the debtor, breach of contract (default or delay in interest and repayment) or concessions made for economic or contractual reasons in connection with the debtor\u2019s financial difficulties . For all other financial assets carried at amortised cost impairments are determined in accordance with the general approach .
For cash and cash equivalents, the low credit risk exemption of IFRS 9 is applied, according to which financial
instruments with a low default risk at the time of acquisition can be classified in stage 1 of the impairment
model. Cash and cash equivalents include, for instance, cash in hand or bank balances that are exclusively
due to counterparties with a high credit rating. In accordance with stage 1 of the impairment hierarchy, a risk
provision corresponding to the 12-month credit loss is recorded in cash and cash equivalents upon initial
recognition. At each balance sheet date, a verification is made as to whether the counterparties continue to
have a rating of investment grade quality. As the corresponding financial assets have a maximum term of
3 months, the impairment requirement is very low. A transfer from Stage 1 to Stage 2 or 3 has no practical
relevance, as the business relationship would be terminated immediately in the case of a corresponding
event.
For material advances and loans and other receivables and assets, the expected credit losses are determined
by multiplying the probability of default with the loss given default and the exposure of default.
TUI Group
determines the probabilities of default on the basis of an internal rating model. As part of
TUI Group\u2019s busi-
ness model, the ratings of debtors for material receivables are evaluated on the basis of this internal rating.
Category 1 of the rating model contains the debtors with the highest credit rating, whereas the debtors with
the lowest credit rating are classified in the category 7. If the credit risk has not significantly deteriorated
since initial recognition, 12-month credit losses are determined (stage 1). In the event of a significant in
crease
in the credit risk, the lifetime-expected credit loss is determined (stage 2). A significant increase in the
de
fault risk is assumed on the basis of the internal rating and other relevant information such as changes in
the economic, regulatory or technological environment.
If there is any objective evidence of impairment, a transfer is made to Stage 3.
The gross carrying amount of a financial asset of all classes of financial instruments recognised at amortised
cost is written off when there is no longer the expectation of full or partial recovery a financial asset follow
ing
an appropriate assessment. For individual customers the gross carrying amount is usually written off by the
Group companies based on past experience of recoveries of such assets in the country specific business
environment if the financial asset is no longer expected to be collected due to days overdue. For corporate
customers,
TUI Group\u2019s businesses conduct an individual assessment about the timing and the amount of
write off based on whether there is a reasonable expectation of recovery. TUI Group does not expect signif
icant
recovery of amounts written off. However, written-off financial assets may still be subject to enforcement
actions to collect overdue receivables.
For advances and loans, other receivables and assets as well as other financial assets, the expected credit
losses are determined on a portfolio basis. In significant individual cases, this portfolio approach is deviated
from, as the relevant information for determining the expected loss is available at the stage of the individu
al
instrument. TUI Group ensures that solely financial assets with similar credit risk characteristics are com
bined,
e. g. type of product and geographical region.
TUI Group initially carries the credit loss based on a loss rate
expected for the next twelve months. This loss rate is adjusted at regular intervals depending on the mac
ro-
economic market environment. If the credit risk increases significantly, the lifetime expected credit loss is
determined (Stage 2). The assessment of a significant increase in the credit risk, because of the past due
status of the instruments, is determined in
TUI Group on an individual basis by region, change in default
risk-related market data or change in contractual conditions, among other factors. Depending on the port
folio,
a reclassification to stage 2 is regularly made if the overdue amount is more than 30 days past due. If there
is objective evidence of impairment, the instrument is transferred to Stage 3.
In principle, the general approach assumes that the default risk of financial assets has increased significant
ly
since initial recognition if contractual payments are more than 30 days overdue. However, this can be refut
ed
by TUI Group\u2019s available appropriate and comprehensible information. The assessment of the objective
evidence of impairment for all instruments falling within the scope of the ECL model is based on the follow
ing
indicators: e. g. severe financial difficulties of the debtor, breach of contract (default or delinquency in inter
est
or principal payment) or concessions made for economic or contractual reasons in connection with financial
difficulties of the debtor. As a result, such instruments are usually written off in full.
CDS rates are used as forward-looking information in the general impairment model, too.
The impairment ratio for financial assets in the general approach that are not included in the \u2018default risk\u2019
table below is based on observable past default rates, but is set at a minimum of 1 %. The 1 % results from
this year\u2019s calculation of the simplified approach. The decline is due in particular to the greatly reduced
im
pact of the coronavirus pandemic.
TUI Group recognises an impairment gain or loss on all financial assets with a corresponding adjustment of
the carrying amount through a provision for impairment.
In order to improve the presentation, from the 2023 financial year onwards only the expected credit losses
will be shown in the \u2018Ageing structure\u2019 tables in the \u2018impairment for expected credit losses\u2019 column and only
the change in the impairment for expected credit losses will be shown in the \u2018changes in risk provisions\u2019 ta
bles.
The information relating to the previous year remains unchanged.
In the \u2018Ageing structure\u2019 tables the specific bad debt allowance determined at subsidiary level is shown sepa-
rately in the \u2018specific bad debt allowance\u2019 column. The previous year\u2019s \u2018impairment\u2019 column includes both the
impairment for expected credit losses and the specific bad debt allowance determined at subsidiary level.
In the tables on \u2018changes in risk provisioning\u2019 the specific bad debt allowance determined at subsidiary level
which is included in the risk provisioning as at 1 October 2022 is removed in line \u2018Removing specific bad debt
allowance from presentation\u2019.
The impairment ratios stated from the current year onwards relate exclusively to expected credit losses and
no longer include the specific bad debt allowances determined at subsidiary level.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-770": { "value": "Intercompany receivables and payables or provisions are eliminated, as are intercompany revenue, othe r income and the corresponding expenses. Intercompany results from intercompany deliveries and service s are reversed through profit and loss, taking account of deferred taxes . However, intercompany losses are an indicator that an asset may be impaired. Intercompany profits from transactions with companies measured at equity are eliminated in relation to the Group\u2019s stake in the companies. Intercompany transactions are entered into on an arm\u2019s length basis. If there are any events or indications suggesting potential impairment, the amortised carrying amount of the intangible asset is compared with the recoverable amount. Any losses in value going beyond wear-and-tear depreciation are taken into account through the recognition of impairment charges. Depending on the functional area of the intangible asset, amortisation and impairment charges are included under cost of sales or administrative expenses. Intangible assets with indefinite useful lives are not amortised but are tested for impairment at least annually. In addition, impairment tests are conducted if there are any events or indications suggesting potentialimpairment. TUI Group\u2019s intangible assets with an indefinite useful life consist exclusively of goodwill. Impairment tests for goodwill are conducted on the basis of cash-generating units (CGU) or groups of cash-generating units . Impairment charges are recognised where the carrying amount of the tested units, including the allocated goodwill, exceeds the recoverable amount. The recoverable amount is the higher of fair value less costs of disposal and the present value of future cash flows based on continued use (value in use). The fair value less costs of disposal corresponds to the amount that could be generated between knowledgeable, willing, inde- pendent business partners after deduction of the costs of disposal. Impairment of goodwill is shown separately in the consolidated income statement .
Any losses in value going beyond wear-and-tear depreciation are taken into account through the recognition
of impairment losses. If there are any events or indications suggesting impairment, the required impairment
test is performed to compare the carrying amount of an asset with the recoverable amount.
In addition, a right-of-use asset is recognised at the commencement date. Right-of-use assets for the leased items are measured at amortised cost less cumulative depreciation / amortisation and cumulative impairment and adjusted for revaluations of the lease liability. The costs of a right-of-use asset comprise the present value of the future lease payments plus initial direct costs and the lease payments made prior to commence- ment less any lease incentives received and the estimated costs to be incurred to restore the leased asset to the condition required by the terms and conditions of the lease. Capitalised right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the expected useful life of the right-of-use asset. If the lease transfers ownership of the leased asset to TUI by the end of the lease term, or if the lease payments reflect the future exercise of a purchase option, the right-of-use asset is depreciated over the useful life of the leased asset. Depreciation of capitalised right-of-use assets is carried in the cost of sales or in administrative expenses. Impairments and reversals of impairments are recognised under \u2019Impairment / reversals of impairment of financial assets\u2019 in the income statement.
PROPERTY, PLANT AND EQUIPMENT
The measurement of wear-and-tear to property, plant and equipment items entails estimates. The carrying
amount of property, plant and equipment as at 30 September 2023 totals \u20ac 3,480.3 m (previous year
\u20ac 3,400.9 m). Material assumptions and estimates are the determination of useful lives and residual carrying
amounts of property, plant and equipment. The effects of climate-related risks are also taken into account
here. From the analysis to review the amounts carried, an evaluation is carried out on a regular basis to as
sess
whether there are any indications of a potential impairment. These indications relate to a number of areas
and factors, e. g. the market-related or technical environment but also physical condition. If any such indica
tion
exists, management must estimate the recoverable amount on the basis of expected cash flows and appro
priate
interest rates.
IMPAIRMENT OF THE CARRYING AMOUNTS OF ASSOCIATES AND JOINT VENTURES Due to the increase in the interest rates, the effects of Russia\u2019s war of aggression against Ukraine an general price inflation a risk assessment was performed if indicators for impairments exist. If this was th case the carrying amounts of the respective associates and joint ventures concerned were subsequentl tested for impairment. In addition all carrying amounts of associates and joint ventures which have bee impaired in before were tested for reversals of impairment. All impairment tests used the business plan o the respective joint venture or associate. Based on these business plans, the recoverable amount wacalculated by discounting future net cash flows. In all cases the fair value less cost to sell was higher than th value in use. Level 3 inputs of fair value hierarchy were used in the calculations. IFRS 9 requires entities to recognise expected losses for all financial assets held at amortised cost and for financial assets constituting debt instruments and measured at FVTOCI (Fair Value Through Other Compre- hensive Income). In TUI Group, the items affected are financial instruments recognised at amortised cost in the following categories: trade receivables and other receivables with the sub-classes trade receivables, advances and loans, other receivables and assets as well as lease receivables. Additional classes are other financial assets and cash and cash equivalents. In determining expected losses, IFRS 9 distinguishes between the general and the simplified approach to impairment. Under the general approach to impairment, financial assets are classified into three stages. Stage 1 is where financial assets are recognised for the first time or where credit risk has not increased significantly since initial recognition. At this stage, the expected bad debt losses that may arise from possible default events within the next 12 months after the respective balance sheet date are reported. For financial assets in stage 1, entities are required to recognise 12-month Expected Credit Losses (ECL). Stage 2 is where credit risk has increased significantly since initial recognition. Stage 3 includes financial assets that additionally have objective evidence of impairment alongside the criteria of stage 2. Stages 2 and 3 show lifetime ECL. Under the simplified approach to impairment, a loss allowance is carried at an amount equal to life-time ECL at initial recognition for trade receivables and lease receivables, regardless of the credit quality of the accounts receivable and the lease receivables. TUI uses a provision matrix to determine the expected loss for trade receivables and lease receivables. Average historical default rates are determined for the following maturity bands. Not overdue, less than 30 days past due, 30 \u2013 90 days, 91 \u2013 180 days and more than 180 days past due . To determine the historical default rate, the weighted average of the last three years is calculated for the receivables in default in the respective year in relation to the receivables portfolio at the end of the respective financial year. This is multiplied by the probability that a receivable will age into the final maturity band. The loss rates determined are adjusted by credit default swap ( CDS) rates in order to take account of forward-looking information. The adjusted loss rates are based on average rates for the past few years. The economic environment of the relevant geographical regions is taken into account through a weighting of CDS rates. All model parameters mentioned above are regularly reviewed and updated. Under the simplified approach to impairment, trade receivable and lease receivables are transferred to Stage 3 when there is any objective evidence of impairment. In principle TUI Group classifies whether a trade receivable is to be transferred to Stage 3 on an individual basis, depending on the region, after 180 days at the earliest. In the event of insolvencies or other objective indications of impairment before this date, a transfer to stage 3 is made earlier. If a receivable is more than 180 days overdue, it is assumed to be impaired and, in the event of uncollectibility, generally written down in full. Objective evidence of impairment of lease receivables includes, for example, significant financial difficulties on the part of the debtor, breach of contract (default or delay in interest and repayment) or concessions made for economic or contractual reasons in connection with the debtor\u2019s financial difficulties . For all other financial assets carried at amortised cost impairments are determined in accordance with the general approach For cash and cash equivalents, the low credit risk exemption of IFRS 9 is applied, according to which financial instruments with a low default risk at the time of acquisition can be classified in stage 1 of the impairment model. Cash and cash equivalents include, for instance, cash in hand or bank balances that are exclusively due to counterparties with a high credit rating. In accordance with stage 1 of the impairment hierarchy, a risk provision corresponding to the 12-month credit loss is recorded in cash and cash equivalents upon initial recognition. At each balance sheet date, a verification is made as to whether the counterparties continue to have a rating of investment grade quality. As the corresponding financial assets have a maximum term of 3 months, the impairment requirement is very low. A transfer from Stage 1 to Stage 2 or 3 has no practical relevance, as the business relationship would be terminated immediately in the case of a correspondingevent. For material advances and loans and other receivables and assets, the expected credit losses are determined by multiplying the probability of default with the loss given default and the exposure of default. TUI Group determines the probabilities of default on the basis of an internal rating model. As part of TUI Group\u2019s busi- ness model, the ratings of debtors for material receivables are evaluated on the basis of this internal rating. Category 1 of the rating model contains the debtors with the highest credit rating, whereas the debtors with the lowest credit rating are classified in the category 7. If the credit risk has not significantly deteriorated since initial recognition, 12-month credit losses are determined (stage 1). In the event of a significant increase in the credit risk, the lifetime-expected credit loss is determined (stage 2). A significant increase in thedefault risk is assumed on the basis of the internal rating and other relevant information such as changes in the economic, regulatory or technological environment. If there is any objective evidence of impairment, a transfer is made to Stage 3. The gross carrying amount of a financial asset of all classes of financial instruments recognised at amortised cost is written off when there is no longer the expectation of full or partial recovery a financial asset following an appropriate assessment. For individual customers the gross carrying amount is usually written off by the Group companies based on past experience of recoveries of such assets in the country specific business environment if the financial asset is no longer expected to be collected due to days overdue. For corporate customers, TUI Group\u2019s businesses conduct an individual assessment about the timing and the amount of write off based on whether there is a reasonable expectation of recovery. TUI Group does not expect significant recovery of amounts written off. However, written-off financial assets may still be subject to enforcement actions to collect overdue receivables. For advances and loans, other receivables and assets as well as other financial assets, the expected credit losses are determined on a portfolio basis. In significant individual cases, this portfolio approach is deviated from, as the relevant information for determining the expected loss is available at the stage of the individual instrument. TUI Group ensures that solely financial assets with similar credit risk characteristics are combined, e. g. type of product and geographical region.TUI Group initially carries the credit loss based on a loss rate expected for the next twelve months. This loss rate is adjusted at regular intervals depending on the macro- economic market environment. If the credit risk increases significantly, the lifetime expected credit loss is determined (Stage 2). The assessment of a significant increase in the credit risk, because of the past due status of the instruments, is determined in TUI Group on an individual basis by region, change in default risk-related market data or change in contractual conditions, among other factors. Depending on the portfolio, a reclassification to stage 2 is regularly made if the overdue amount is more than 30 days past due. If there is objective evidence of impairment, the instrument is transferred to Stage 3. In principle, the general approach assumes that the default risk of financial assets has increased significantly since initial recognition if contractual payments are more than 30 days overdue. However, this can be refuted by TUI Group\u2019s available appropriate and comprehensible information. The assessment of the objectiveevidence of impairment for all instruments falling within the scope of the ECL model is based on the following indicators: e. g. severe financial difficulties of the debtor, breach of contract (default or delinquency in interest or principal payment) or concessions made for economic or contractual reasons in connection with financial difficulties of the debtor. As a result, such instruments are usually written off in full. CDS rates are used as forward-looking information in the general impairment model, too. The impairment ratio for financial assets in the general approach that are not included in the \u2018default risk\u2019 table below is based on observable past default rates, but is set at a minimum of 1 %. The 1 % results from this year\u2019s calculation of the simplified approach. The decline is due in particular to the greatly reducedimpact of the coronavirus pandemic. TUI Group recognises an impairment gain or loss on all financial assets with a corresponding adjustment of the carrying amount through a provision for impairment. In order to improve the presentation, from the 2023 financial year onwards only the expected credit losses will be shown in the \u2018Ageing structure\u2019 tables in the \u2018impairment for expected credit losses\u2019 column and only the change in the impairment for expected credit losses will be shown in the \u2018changes in risk provisions\u2019 ta bles. The information relating to the previous year remains unchanged. In the \u2018Ageing structure\u2019 tables the specific bad debt allowance determined at subsidiary level is shown sepa-rately in the \u2018specific bad debt allowance\u2019 column. The previous year\u2019s \u2018impairment\u2019 column includes both the impairment for expected credit losses and the specific bad debt allowance determined at subsidiary level. In the tables on \u2018changes in risk provisioning\u2019 the specific bad debt allowance determined at subsidiary level which is included in the risk provisioning as at 1 October 2022 is removed in line \u2018Removing specific bad debt allowance from presentation\u2019. The impairment ratios stated from the current year onwards relate exclusively to expected credit losses and no longer include the specific bad debt allowances determined at subsidiary level. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-800": { "value": "Accounting and measurement methods The consolidated financial statements are prepared according to the historical cost principle, with the exception of certain financial instruments such as financial assets and derivatives as well as plan assets from externally funded pensions benefit obligations held at fair value at the balance sheet date. The financial statements of the consolidated subsidiaries are prepared in accordance with uniform accounting and measurement principles. The amounts recognised in the consolidated financial statements are notdetermined by tax regulations but solely by the commercial presentation of the financial position andperformance as set out in the rules of the IASB. REVENUE RECOGNITION TUI recognises revenue upon transfer of control over distinct goods or services to the customer. In Markets and Airlines, TUI predominantly generates revenue from the sale of package holidays. The flights, hotel accommodation and other services included in a package holiday are transformed into one product for the customer through a significant integration service provided byTUI as tour operator within the meaning of IFRS 15, so that the package holiday constitutes one performance obligation for TUI. This revenue is recognised whenTUI delivers the service for its customer, i. e. on a linear basis over the duration of the holiday tour, as customers consume their holiday on a pro rata basis.TUI generates further revenue from the sale of other tourist services, e. g. seat-only, accommodation-only, cruises, etc. Revenue is recognised when or asTUI has satisfied its performance obligation, either over time in relation to the duration of the journey if the services relate to a period of time, e. g. in the case of multi-day hotel stays, or at a point in time on the day of the performance of the performance obligation, e. g. for flight services on the day of the flight. Revenue from long-term contracts is recognised over the duration of the individual contract in accordance with IFRS 15. Amendment fees do not constitute an independent performance obligation. Revenue is therefore recognised along with the delivery of the main performance obligation. IfTUI has control over the asset before it is delivered to the customer, TUI acts as the principal in relation to that service. Otherwise,TUI acts as an agent. As a principal, TUI carries the recognised revenue and costs in the income statement on a gross basis, e. g. for revenue from its own tour operator activities, for hotel revenuein own hotels, and for aviation revenue. When acting as an agent, TUI carries the relevant revenue on a net basis at the amount of the commission received, e. g. for car rental and hotel revenue for third-party hotels in whichTUI does not have control over the hotel rooms. Passenger-related aviation taxes and fees charged byTUI on behalf of third parties and passed on to these third parties are carried in the income statement on a net basis. TUI uses the practical expedient offered under IFRS 15.121(a). For open performance obligations as at the balance sheet date, TUI discloses all performance obligations for contracts with an original term of more than twelve months, i. e. at least twelve months lie between the start of the contract (in principle the booking date) and the end of the contract (in principle the end of the service). TUI has to pay compensation to customers for flight delays or cancellations (so-called denied boardingcompensation). These payments are directly related to the obligation of the flight service. Therefore these payments represent variable considerations. Hence, denied boarding compensations are shown net in revenue.GOODWILL AND OTHER INTANGIBLE ASSETS Acquired intangible assets are carried at cost. Internally generated intangible assets are capitalised at cost where an inflow of future economic benefits for the Group is probable and can be reliably measured. Thecost to produce comprises direct costs and directly allocable overheads. Intangible assets with a finite service life are amortised over the expected useful life. Intangible assets acquired as a result of business combinations are included at their fair value as at the date of acquisition and are amortised on a straight-line basis.
Useful lives of intangible assets
Useful lives
Brands, licences and other rights
5 to 20 years
Transport and leasing contracts
12 to 20 years
Computer software
3 to 13 years
Customer base as at acquisition date
7 to 15 years
Due to changes in our strategy and delays in the digital transformation, the useful lives of certain software solutions were extended by up to three years. As a result of the adjustment of individual useful lives for computer software, the economic useful life in individual cases has been extended from the previous tenyears to a total of 13 years. For further information, please refer to the section \u2018Other intangible assets\u2019. If there are any events or indications suggesting potential impairment, the amortised carrying amount of the intangible asset is compared with the recoverable amount. Any losses in value going beyond wear-and-tear depreciation are taken into account through the recognition of impairment charges. Depending on the functional area of the intangible asset, amortisation and impairment charges are included under cost of sales or administrative expenses. Intangible assets with indefinite useful lives are not amortised but are tested for impairment at least annually. In addition, impairment tests are conducted if there are any events or indications suggesting potentialimpairment. TUI Group\u2019s intangible assets with an indefinite useful life consist exclusively of goodwill. Impairment tests for goodwill are conducted on the basis of cash-generating units (CGU) or groups of cash-generating units . Impairment charges are recognised where the carrying amount of the tested units, including the allocated goodwill, exceeds the recoverable amount. The recoverable amount is the higher of fair value less costs of disposal and the present value of future cash flows based on continued use (value in use). The fair value less costs of disposal corresponds to the amount that could be generated between knowledgeable, willing, inde- pendent business partners after deduction of the costs of disposal. Impairment of goodwill is shown separately in the consolidated income statement . PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are measured at amortised cost. The costs to purchase include costs to bring the asset to a working condition. The costs to produce are determined on the basis of direct costs anddirectly attributable indirect costs and depreciation . Borrowing costs directly associated with the acquisition, construction or production of qualifying assets are included in the costs to acquire or produce these assets until the assets are ready for their intended use. To the extent that funds are borrowed specifically for the purpose of obtaining a qualifying asset, the under- lying capitalisation rate is determined on the basis of the specific borrowing cost; in all other cases the weighted average of the borrowing costs applicable to the borrowings outstanding is applied . Depreciation of property, plant and equipment is based on the straight-line method over the useful economic life. The useful economic lives are as follows:
Useful lives of property, plant and equipment
Useful lives
Hotel buildings
30 to 50 years
Other buildings
25 to 50 years
Cruise ships
30 to 38 years
Aircraft
Fuselages and engines
22 to 25 years
Engine overhaul
depending on intervals, up to 12 years
Major overhaul
depending on intervals, up to 12 years
Spare parts
up to 10 years
Operating and business equipment
3 to 10 years
Moreover, the level of depreciation is determined by the residual values at the end of the useful life of an asset. The residual value assumed at first-time recognition for cruise ships is between 4 % and 30 % of the acquisition costs. The determination of the depreciation of aircraft fuselages and aircraft engines in first-time recognition is based on a residual value of a maximum of 5 % of the cost of acquisition. In addition, a residual value of 20 % is used to determine the scheduled depreciation of spare parts. The payments made under a power by the hour arrangement relating to maintenance overhauls are capitalised asPPE under construction up to a maintenance event at which point the cost is transferred to the appropriatePPE category. Both the useful lives and residual values are reviewed on an annual basis when preparing the Group financial statements. The review of the residual values is based on comparable assets at the end of their useful lives as at the current point in time. Any adjustments required are recognised as a correction of depreciation over the remaining useful life of the asset. The adjustment of depreciation is recognised retrospectively for the entire financial year in which the review has taken place. Where the review results in an increase in theresidual value so that it exceeds the remaining net carrying amount of the asset, depreciation is suspended. In this case, the amounts are not written back. Any losses in value going beyond wear-and-tear depreciation are taken into account through the recognition of impairment losses. If there are any events or indications suggesting impairment, the required impairment test is performed to compare the carrying amount of an asset with the recoverable amount. LEASES Leases are agreements transferring the right to use an identified asset for a given period of time in return for a payment. As a lessee, TUI leases moveable assets such as aircraft, vehicles and cruise ships, as well as, in particular, immoveable property such as hotel buildings and land, office buildings and travel agencies. As a lessor,TUI subleases some aircraft, travel agency and office space as well as a hotel. TUI AS LESSEE TUI recognises right-of-use assets and corresponding lease liabilities for the lease arrangements, in which it is the lessee, in the statement of financial position. As an exception, TUI applies the recognition and measure-ment exemptions for all short-term leases and low-value asset leases. A short-term lease is a lease that has a lease term of twelve months or less and does not contain a purchase option. The lease payments for those leases are recognised as an expense in the cost of sales or in administrative expenses on a straight-line basis over the lease term or on another systematic basis. At the inception of an agreement,TUI evaluates whether it contains a lease. Apart from traditional lease, tenancy or leasing contracts, service or capacity agreements may also fall within the scope of IFRS 16. In connection with the purchase of mixed tourism services, the rental or purchase of the largest portion of a hotel\u2019s room capacity is identified as a lease component ifTUI commits to its contract partner to purchase a fixed allotment of more than 90 % of the hotel\u2019s capacity for a period of more than twelve months, provided the agreement does not include an exemption to return committed capacity for self-marketing by the hotelier, and if therefore an irrevocable payment obligation exists. For agreements that contain one or several lease components alongside non-lease components, TUI uses the option not to separate these non-leasecomponents, in particular for vehicle or IT leases and for hotel capacity contracts. At the commencement date, i. e. the date from which the lessee is entitled to exercise the right to use the underlying asset, a lease liability amounting to the present value of the lease payments not yet made as at that date is recognised. The lease payments include all fixed and in substance-fixed payments less any future lease incentives to be provided by the lessor. The lease payments also include variable payments linked to an index or an interest rate as well as expected payments from residual value guarantees. Lease payments for the exercise of extension, purchase and termination options are included if the exercise of these options is assessed as reasonably certain. As a rule, the lease payments are discounted at the lessor\u2019s interest rate implicit in the lease. If that rate is not known toTUI, the present value is determined using the incremental borrowing rate. After initial measurement, the carrying amount is increased to reflect interest on the lease liability and reduced to reflect the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e. g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. The interest expense from the subsequent measurement of the lease liability is presented in the interest result. Variable lease payments not linked to an index nor to an interest rate are recognised through profit or loss in the period in which the event or condition that triggers the payment occurs . In addition, a right-of-use asset is recognised at the commencement date. Right-of-use assets for the leased items are measured at amortised cost less cumulative depreciation / amortisation and cumulative impairment and adjusted for revaluations of the lease liability. The costs of a right-of-use asset comprise the present value of the future lease payments plus initial direct costs and the lease payments made prior to commence- ment less any lease incentives received and the estimated costs to be incurred to restore the leased asset to the condition required by the terms and conditions of the lease. Capitalised right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the expected useful life of the right-of-use asset. If the lease transfers ownership of the leased asset to TUI by the end of the lease term, or if the lease payments reflect the future exercise of a purchase option, the right-of-use asset is depreciated over the useful life of the leased asset. Depreciation of capitalised right-of-use assets is carried in the cost of sales or in administrative expenses. SALE AND LEASEBACK For sale and leaseback transactions, TUI initially determines in accordance with IFRS 15 whether the transfer of the asset has to be accounted for as a sale. If the transfer is accounted for as a sale, TUI recognises the right-of-use asset associated with the sale and leaseback transaction, as seller and as lessee, at the proportion of the previous carrying amount that relates to the right-of-use asset retained. The gain or loss from the sale transaction is carried in profit or loss on a pro rata basis at the amount of the rights transferred to the buyer and lessor. If the transfer is not accounted for as a sale, TUI continues to recognise the legally transferred asset as before and carries a financial liability for the proceeds received. TUI AS LESSOR As a lessor, TUI classifies each lease as an operating lease or a finance lease. If TUI as a lessor has substantially all the risks and rewards incidental to ownership of the underlying asset, the lease is classified as an operat ing lease. If the lease transfers substantially all the risks and rewards incidental to ownership of the underlying asset to the lessee, the lease is classified as a finance lease. For subleases, the lease classification has been made by reference to the right-of-use asset arising from the head lease in accordance with IFRS 16 and not by reference to the underlying lease asset. The lease payments from operating leases are recognised in revenue on a straight-line basis over the lease term. Any initial direct costs incurred in obtaining the lease are added to the carrying amount of the underlyingleased item and depreciated over the lease term on a straight-line basis. For finance leases, TUI recognises a lease receivable at an amount equal to the net investment in the lease and derecognises the underlying leased asset or the right-of-use asset from the head lease. The lease payments made by the lessees are broken down into an interest portion and a redemption portion using the effective interest rate method so as to produce a constant periodic rate of interest on the balance of the net investment. The redemption portions received are deducted from the lease receivable. The interest portion of thepayments received is carried in the interest result. FINANCIAL INSTRUMENTS Financial instruments are contractual rights or obligations that will lead to an inflow or outflow of financial assets or the issue of own equity instruments for one of the two contracting parties and correspondingly to an inflow or outflow of financial assets for the other contracting party. They also comprise (derivative) rights or obligations derived in particular, from non-derivative financial assets. NON - DERIVATIVE FINANCIAL ASSETS AND FINANCIAL LIABILITIES The classification and measurement of financial assets are determined on the basis of the business model assigned to manage financial assets and the related contractual cash flows. At initial recognition of financial assets, the classification comprises the categories \u2018Financial assets at amortised cost (AC)\u201d, \u2018Financial assets at fair value through other comprehensive income (FVTOCI)\u201d and \u2018Financial assets at fair value through profit and loss (FVPL)\u201d. With the exception of trade receivables, non-derivative financial financial assets are recognised at fair value. Trade receivables are recognised with their values at the trading date on whichTUI Group under-takes to buy the assets. When recognised for the first time, they are either classified at amortised costs or at fair value, depending on their objective. Non-derivative financial assets are classified as financial assets at amortised cost when the objective of the entity\u2019s business model is to hold the financial assets to collect contractually agreed cash flows, and when the cash flows exclusively constitute interest and principal payments on the nominal amount outstanding. For financial assets held at amortised cost, a loss allowance for expected credit losses is recognised in ac- cordance with IFRS 9. Loss allowances for financial assets are based on either full lifetime expected credit losses or 12-month expected credit losses. A loss allowance for lifetime expected credit losses is required for a financial instrument if the credit risk of that financial asset has increased significantly since initial recognition or if the financial instruments are trade receivables, lease liabilities or contract assets. For all other financial instruments, expected credit losses are measured at an amount equal to the 12-month expected credit losses. IFRS 9 allows entities to apply a simplified approach inter alia for trade receivables. Lifetime expected credit losses on all these assets can be recognised at initial recognition.TUI applies the simplified approach for all trade receivables . Impairments and reversals of impairments are recognised under \u2019Impairment / reversals of impairment of financial assets\u2019 in the income statement. The equity instruments held in the balance sheet item \u2018Other financial assets\u2019 were irrevocably designated as \u2018Financial assets at fair value through OCI\u2019 as they are held for medium- to long-term strategic objectives. These instruments are stakes in associated non-consolidated subsidiaries, equity investments and other investments. Recognising all fluctuations in the fair value in the income statement would not be in line with the Group\u2019s strategy. They are allocated to assets unless the entity intends to sell them within twelve months after the balance sheet date. Dividends from these equity instruments are recognised in the income statement unless the dividends are clearly a partial repayment of the cost to purchase the equity instrument. The cumulative gain or loss from the subsequent measurement of the equity instruments recognised in other comprehensive income will continue to be recognised in equity even after the equity instrument has been derecognised and reclassified to revenue reserves. All other financial assets not recognised at amortised cost or at fair value through OCI must be measured at fair value through profit and loss. Financial assets are derecognised at the date on which the rights for payments from the assets expire or are transferred and therefore at the date on which essentially all risks and rewards of ownership are transferred. The rights to an asset expire when the rights to receive the cash flows from the asset have expired. For transfers of financial assets, it is assessed whether they have to be derecognised in accordance with the derecognition requirements ofIFRS 9. Non-derivative financial liabilities are recognised in the consolidated statement of financial position if an obligation exists to transfer cash and cash equivalents or other financial assets to another party. A non- derivative financial liability is initially recognised at its fair value. For loans taken out, the nominal amount is reduced by discounts retained and transaction costs paid and discounted over the expected remaining term of the liability. The subsequent measurement of non-derivative financial liabilities is effected at amortised cost using the effective interest method.TUI does not use the fair value option. Financial liabilities are derecognised when the obligations specified in the contract are discharged, cancelled or expire. All foreign exchange differences resulting from the translation of trade accounts payable are recognised in the income statement within cost of sales. Foreign exchange differences from the translation of liabilities not resulting from normal operating processes are reported under Other income / expenses, Financial expenses / income or Administrative expenses, depending on the nature of the underlying receivables or payables. The bond with warrants and the convertible bond on shares inTUI AG have to be accounted for as compound financial instruments. Compound financial instruments are divided into an equity and a debt component in accordance with IAS 32. The debt component shown under financial liabilities is valued, less the pro rata transaction costs and added to the repayment amount using the effective interest method. The equitycomponent is valued at the residual value that results after deducting the amount determined for the debt component from the fair value of the entire instrument. The pro rata transaction costs of the equitycomponent are deducted from this component. No gain or loss will result from the exercise or expiry of the relevant conversion option . DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGE ACCOUNTING At initial measurement, derivative financial instruments are measured at the fair value attributable to them on the date the contract is entered into and recognised in the balance sheet. Subsequent remeasurement is also recognised at the fair value calculated at the respective balance sheet date. Where derivative financial instruments are not part of a designated hedging relationship in connection with hedge accounting, they are classified as \u2018at fair value through profit and loss\u2019. The method used to recognise gains and losses depends on whether the derivative financial instrument has been fully or possibly only partly designated as a hedging instrument, and on the nature of the hedged item. Changes in the fair value of a derivative financial instrument not designated as a hedging instrument or the component of a derivative financial instrument not designated as a hedging instrument are immediately recognised through profit and loss. If, by contrast, an effective hedging relationship exists, the transaction is recognised as a hedge. The unrealised gains and losses from the fair value valuation of derivative financial instruments that are designated as hedging instruments with in hedge accounting are initially recognised in equity without affecting profit or loss. In the case of derivative financial instruments that are not part of a hedging relationship, the effect on profit or loss is immediate, i. e. the changes from the fair valuation are recognised through profit and loss. TUI Group uses the accounting policy choice provided by IFRS 9, enabling entities to continue applying the hedge accounting requirements ofIAS 39. Hedge accounting is exclusively used to hedge the exposure due to foreign currency and fuel price fluctuations in cash flows from highly probable forecast transactions (cash flow hedges). Hedges of balance sheet items (fair value hedges), i. e. hedges of the fair value of an asset or a liability, which would be accounted for at amortised cost, are currently not designated. Upon entering into a transaction,TUI documents the hedge relationship between the hedge and the under- lying transaction, the risk management goal and the underlying strategy. In addition, a record is kept of the assessment, both at the beginning of the hedge relationship by using the Critical Terms Match method and on a continual qualitative basis, as to whether the derivatives used for the hedge are highly effective incompensating for the changes in the fair values or cash flows of the underlying transactions. The effective portion of changes in the fair value of derivatives forming cash flow hedges is recognised i n equity without affecting profit and loss. Any ineffective portion of such changes in the fair value, by contras t, is recognised immediately in the income statement through profit and loss. Amounts taken to equity ar e reclassified to the income statement and carried as income or expenses in the period in which the hedge d item or the hedge has an effect on results or it is no longer highly expected that the hedged item or acorresponding part thereof will occur. If a hedge expires, is sold or no longer meets the criteria of IAS 39 for hedge accounting, the cumulative gai n or loss remains in equity and is only recognised in the income statement through profit and loss when th e originally hedged future forecasted transaction occurs. If the future transaction is no longer expected t o take place, the cumulative gains or losses recognised directly in equity are immediately recognised throug h profit and loss. More detailed information on the Group\u2019s risk management activities is provided in Note 41 and as well as i n the \u2018Risk report\u2019 section of the Management Report. CONTRACTUAL ASSETS AND TRADE RECEIVABLES If TUI has fulfilled their contractual obligations, contractual assets or trade receivables are carried. Trade receivables are carried if the claim for the acquisition of the consideration is no longer subject to a condition. As a rule, this is the case when the Group is contractually entitled to issue an invoice to the customer that has not yet been paid in advance through a customer deposit. Due to the tourism business model under which customers pay for their travel services in advance, TUI generally does not have any contractual assets. CONTRACTUAL COSTS The direct costs immediately resulting from obtaining a contract, e. g. sales commissions to travel agencies for sales of travel services, are capitalised as contractual costs in the statement of financial position upon payment of the commission. As a rule, the resulting expenses are recognised over the duration of the travel service in line with the associated revenue. INVENTORIES The measurement method applied to similar inventory items is the weighted average cost formula. CASH AND CASH EQUIVALENTS Cash and cash equivalents comprise cash, call deposits, current account balances and other highly liquid current financial assets with an original term of a maximum of three months, such as shares in money market funds . Investments in money market funds are made in shares with a stable net asset value or LVNAV (low volatility net asset value). The investment criteria of the individual money market funds, their credit ratings, historical performance and stress tests meet the criteria for cash and cash equivalents. As the contractual cash flows of the money market funds do not exclusively comprise interest and principal payments, they are measured at fair value through profit or loss. Bank overdrafts are shown as liabilities to banks under current financial liabilities . EQUITY Ordinary shares are classified as equity. Costs directly attributable to the issue of new shares or conversion options are taken to equity on a net after-tax basis as a deduction from the issuance proceeds. OWN SHARES The group\u2019s holdings in its own equity instruments are shown as deductions from shareholders\u2019 equity at cost, including directly attributable transaction costs. No gain or loss is recognised in the income statement on the purchase or sale of shares. Any difference between the proceeds from sale and the original cost are taken to reserves. PENSION PROVISIONS The pension provision recognised for defined benefit plans corresponds to the net present value of the de- fined benefit obligations (DBOs) as at the balance sheet date less the fair value of the plan assets. If the value of the plan assets exceeds the value of the DBO, the excess amount is shown within other non-financial assets as far as the capitalisation is not limited under the asset ceiling defined in IAS 19. The DBOs arecalculated annually by independent actuaries using the projected unit credit method. For defined contribution plans, the Group pays contributions to public or private pension insurance plans on the basis of a statutory or contractual obligation or on a voluntary basis. The Group does not have anyfurther payment obligations on top of the payment of the contributions. The contributions are recognised under staff costs when they fall due. OTHER PROVISIONS Other provisions are formed when the Group has a current legal or constructive obligation as a result of a past event, where in addition it is probable that assets will be impacted by the settlement of the obligation and the level of the provision can be reliably determined. Where a large number of similar obligations exist, the probability of a charge over assets is determined on the basis of this group of obligations. A provision is also recognised if the probability of a charge over assets is low in relation to an individual obligation contained in this group. Provisions are measured at the present value of the expected expenses, taking account of a pre-tax interest rate, reflecting current market assessments of the time value of money and the risks specific to the liability . Risks already taken into account in estimating future cash flows do not affect the discount rate. Increases in provisions due to accretion of interest are recognised as interest expenses through profit or loss. GOVERNMENT GRANTS Government grants are recognised if there is reasonable assurance that TUI will comply with all attached conditions for receiving the grant and the grant will be awarded. Investment grants received are deducted from the carrying amounts of assets in property, plant or equipment where these grants are directly allocable to individual assets. If a direct allocation of grants to individual items of property, plant or equipment is not possible, or if the grants are from other government programmes, the grants and subsidies received are recognised as deferred income and shown within Other liabilities. Grants related to income are deducted from related expenses in the period in which the corresponding expenses are incurred. Government grants include, for example, income subsidies or social security contributions for short-time allowances. If short-time allowance is a personal benefit for the employee, the respective payments are not recognised as income in the statement of profit or loss. TOURISTIC ADVANCE PAYMENTS RECEIVED (CONTRACT LIABILITIES) A contract liability is an obligation of the Group to deliver goods or services for a customer for which the customer has already delivered a performance, e. g. in the form of payment of a deposit. In the tourism business model, customers pay deposits on most travel services prior to departure. The deposits received therefore constitute contract liabilities within the meaning ofIFRS 15. DEFERRED TAXES AND INCOME TAXES Expected tax savings from the use of tax losses carried forward assessed as recoverable in the future are recognised as deferred tax assets. Regardless of the unlimited ability to carry German tax losses forward which continues to exist, the annual utilisation is limited by the minimum taxation. Foreign tax losses carried forward frequently have to be used within a given country-specific time limit and are subject to restrictions concerning the use of these losses carried forward for profits on ordinary activities, which are taken into account accordingly in the measurement. Income taxes are charged or credited directly to equity or other comprehensive income if the tax relates to items that are charged or credited to equity or recognised in other comprehensive income without affecting Group profit or loss. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the temporary difference or an unused tax loss can be utilised. Deferred taxes are measured at the tax rates and tax provisions applicable at the balance sheet date or adopted by law and expected to be applicable at the date of recognition of the deferred tax asset or the payment of the deferred tax liability. Deferred and current income tax liabilities are offset against the corresponding tax assets if they exist in the same fiscal territory and have the same nature and maturity. Based on the OECD initiative, numerous jurisdictions are in the process of the introduction of a globalminimum tax. The aim of this minimum taxation is to ensure that multinational groups with a turnover of over \u20ac 750 m are subject to a minimum taxation of 15 %. As a potentially affected company, TUI is closely following the worldwide development towards the introduction of global minimum taxation and is analysing the potential impact on TUI. As the transposition into local law has not yet been finalised and the draftregulations published to date are highly complex, TUI has not yet been able to make a reliable estimate of the future impact. TUI has applied the temporary exception issued by the IASB in May 2023 from the accounting requirements for deferred taxes in IAS 12. Accordingly, TUI neither recognises nor discloses information about deferred tax assets and liabilities related to Pillar Two income taxes. SHARE-BASED PAYMENTS Share-based payment schemes in the Group comprise both cash-settled and equity-settled schemes. For cash-settled transactions, the resulting liability for the Group is charged to expenses at its fair value as at the date of the performance of the service by the beneficiary. Until settlement of the liability, the fair value of the liability is re-measured at every closing date and all changes in the fair value are recognised through profit and loss. For equity-settled transactions the fair value of the awards granted is recognised under staff costs with a corresponding direct increase in equity. The fair value is determined at the point when the awards are granted and spread over the vesting period during which the employees become entitled to the awards. The method for the calculation of the granted awards is described in note 40 \u2018Share-based payments in accordancewithIFRS 2\u2019. SUMMARY OF SELECTED ACCOUNTING AND MEASUREMENT METHODS The table below lists the key accounting and measurement methods used by TUI Group.
Summary of selected measurement bases
Item in the statement of financial position
Measurement base
Assets
Goodwill
At cost (subsequent measurement: impairment test)
Other intangible assets with definite useful lives
At amortised cost
Property, plant & equipment
At amortised cost
Right-of-use assets
At amortised cost
Investments in joint ventures and associates
At the Group's share of the net assets of the joint ventures
and associates
Financial assets
Equity instruments
At fair value through other comprehensive income
(without subsequent reclassification to profit or loss)
Trade and other receivables At amortised cost or at fair value through profit or loss (depending
on the underlying business model and the contractual cash flows)
Derivative financial instruments
At fair value through profit or loss
Cash and cash equivalents
At amortised cost or at fair value through profit or loss
Inventories
Lower of cost and net realisable value
Touristic prepayments
At cost (or lower recoverable amount)
Assets held for sale
Lower of cost and fair value less costs of disposal
Liabilities and Provisions
Financial liabilities
At amortised cost
Provision for pensions
Projected unit credit method
Other provisions
Present value of the settlement amount
Lease liabilities
At amortised cost
Touristic advance payments received
At amortised cost
Other financial liabilities
Non-derivative financial liabilities
At amortised cost
Derivative financial liabilities
At fair value through profit or loss
Payables, trade and other liabilities
At amortised cost
", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-735": { "value": "REVENUE RECOGNITION TUI recognises revenue upon transfer of control over distinct goods or services to the customer. In Markets and Airlines, TUI predominantly generates revenue from the sale of package holidays. The flights, hotel accommodation and other services included in a package holiday are transformed into one product for the customer through a significant integration service provided byTUI as tour operator within the meaning of IFRS 15, so that the package holiday constitutes one performance obligation for TUI. This revenue is recognised whenTUI delivers the service for its customer, i. e. on a linear basis over the duration of the holiday tour, as customers consume their holiday on a pro rata basis.TUI generates further revenue from the sale of other tourist services, e. g. seat-only, accommodation-only, cruises, etc. Revenue is recognised when or asTUI has satisfied its performance obligation, either over time in relation to the duration of the journey if the services relate to a period of time, e. g. in the case of multi-day hotel stays, or at a point in time on the day of the performance of the performance obligation, e. g. for flight services on the day of the flight. Revenue from long-term contracts is recognised over the duration of the individual contract in accordance with IFRS 15. Amendment fees do not constitute an independent performance obligation. Revenue is therefore recognised along with the delivery of the main performance obligation. IfTUI has control over the asset before it is delivered to the customer, TUI acts as the principal in relation to that service. Otherwise,TUI acts as an agent. As a principal, TUI carries the recognised revenue and costs in the income statement on a gross basis, e. g. for revenue from its own tour operator activities, for hotel revenuein own hotels, and for aviation revenue. When acting as an agent, TUI carries the relevant revenue on a net basis at the amount of the commission received, e. g. for car rental and hotel revenue for third-party hotels in whichTUI does not have control over the hotel rooms. Passenger-related aviation taxes and fees charged byTUI on behalf of third parties and passed on to these third parties are carried in the income statement on a net basis. TUI uses the practical expedient offered under IFRS 15.121(a). For open performance obligations as at the balance sheet date, TUI discloses all performance obligations for contracts with an original term of more than twelve months, i. e. at least twelve months lie between the start of the contract (in principle the booking date) and the end of the contract (in principle the end of the service). TUI has to pay compensation to customers for flight delays or cancellations (so-called denied boardingcompensation). These payments are directly related to the obligation of the flight service. Therefore these payments represent variable considerations. Hence, denied boarding compensations are shown net in revenue.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-680": { "value": "
GOODWILL AND OTHER INTANGIBLE ASSETS
Acquired intangible assets are carried at cost. Internally generated intangible assets are capitalised at cost
where an inflow of future economic benefits for the Group is probable and can be reliably measured. The
cost
to produce comprises direct costs and directly allocable overheads. Intangible assets with a finite service life
are amortised over the expected useful life.
Intangible assets acquired as a result of business combinations are included at their fair value as at the date
of acquisition and are amortised on a straight-line basis.
Useful lives of intangible assets
Useful lives
Brands, licences and other rights
5 to 20 years
Transport and leasing contracts
12 to 20 years
Computer software
3 to 13 years
Customer base as at acquisition date
7 to 15 years
Due to changes in our strategy and delays in the digital transformation, the useful lives of certain software
solutions were extended by up to three years. As a result of the adjustment of individual useful lives for
computer software, the economic useful life in individual cases has been extended from the previous ten
years
to a total of 13 years. For further information, please refer to the section \u2018Other intangible assets\u2019.
If there are any events or indications suggesting potential impairment, the amortised carrying amount of the
intangible asset is compared with the recoverable amount. Any losses in value going beyond wear-and-tear
depreciation are taken into account through the recognition of impairment charges.
Depending on the functional area of the intangible asset, amortisation and impairment charges are included
under cost of sales or administrative expenses.
Intangible assets with indefinite useful lives are not amortised but are tested for impairment at least annu
ally.
In addition, impairment tests are conducted if there are any events or indications suggesting potential
im
pairment. TUI Group\u2019s intangible assets with an indefinite useful life consist exclusively of goodwill.
Impairment tests for goodwill are conducted on the basis of cash-generating units (
CGU) or groups of
cash-generating units .
Impairment charges are recognised where the carrying amount of the tested units, including the allocated
goodwill, exceeds the recoverable amount. The recoverable amount is the higher of fair value less costs of
disposal and the present value of future cash flows based on continued use (value in use). The fair value less
costs of disposal corresponds to the amount that could be generated between knowledgeable, willing, inde-
pendent business partners after deduction of the costs of disposal.
Impairment of goodwill is shown separately in the consolidated income statement .
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-754": { "value": "GOODWILL AND OTHER INTANGIBLE ASSETS Acquired intangible assets are carried at cost. Internally generated intangible assets are capitalised at cost where an inflow of future economic benefits for the Group is probable and can be reliably measured. The cost to produce comprises direct costs and directly allocable overheads. Intangible assets with a finite service life are amortised over the expected useful life. Intangible assets acquired as a result of business combinations are included at their fair value as at the date of acquisition and are amortised on a straight-line basis.
Useful lives of intangible assets
Useful lives
Brands, licences and other rights
5 to 20 years
Transport and leasing contracts
12 to 20 years
Computer software
3 to 13 years
Customer base as at acquisition date
7 to 15 years
Due to changes in our strategy and delays in the digital transformation, the useful lives of certain software solutions were extended by up to three years. As a result of the adjustment of individual useful lives for computer software, the economic useful life in individual cases has been extended from the previous ten years to a total of 13 years. For further information, please refer to the section \u2018Other intangible assets\u2019. If there are any events or indications suggesting potential impairment, the amortised carrying amount of the intangible asset is compared with the recoverable amount. Any losses in value going beyond wear-and-tear depreciation are taken into account through the recognition of impairment charges. Depending on the functional area of the intangible asset, amortisation and impairment charges are included under cost of sales or administrative expenses. Intangible assets with indefinite useful lives are not amortised but are tested for impairment at least annually. In addition, impairment tests are conducted if there are any events or indications suggesting potential impairment. TUI Group\u2019s intangible assets with an indefinite useful life consist exclusively of goodwill. Impairment tests for goodwill are conducted on the basis of cash-generating units (CGU) or groups of cash-generating units ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-6": { "value": "GOODWILL AND OTHER INTANGIBLE ASSETS Acquired intangible assets are carried at cost. Internally generated intangible assets are capitalised at cost where an inflow of future economic benefits for the Group is probable and can be reliably measured. The cost to produce comprises direct costs and directly allocable overheads. Intangible assets with a finite service life are amortised over the expected useful life. Intangible assets acquired as a result of business combinations are included at their fair value as at the date of acquisition and are amortised on a straight-line basis.
Useful lives of intangible assets
Useful lives
Brands, licences and other rights
5 to 20 years
Transport and leasing contracts
12 to 20 years
Computer software
3 to 13 years
Customer base as at acquisition date
7 to 15 years
Due to changes in our strategy and delays in the digital transformation, the useful lives of certain software solutions were extended by up to three years. As a result of the adjustment of individual useful lives for computer software, the economic useful life in individual cases has been extended from the previous ten years to a total of 13 years. For further information, please refer to the section \u2018Other intangible assets\u2019. If there are any events or indications suggesting potential impairment, the amortised carrying amount of the intangible asset is compared with the recoverable amount. Any losses in value going beyond wear-and-tear depreciation are taken into account through the recognition of impairment charges. Depending on the functional area of the intangible asset, amortisation and impairment charges are included under cost of sales or administrative expenses. Intangible assets with indefinite useful lives are not amortised but are tested for impairment at least annually. In addition, impairment tests are conducted if there are any events or indications suggesting potential impairment. TUI Group\u2019s intangible assets with an indefinite useful life consist exclusively of goodwill. Impairment tests for goodwill are conducted on the basis of cash-generating units (CGU) or groups of cash-generating units . Impairment charges are recognised where the carrying amount of the tested units, including the allocated goodwill, exceeds the recoverable amount. The recoverable amount is the higher of fair value less costs of disposal and the present value of future cash flows based on continued use (value in use). The fair value less costs of disposal corresponds to the amount that could be generated between knowledgeable, willing, inde- pendent business partners after deduction of the costs of disposal. Impairment of goodwill is shown separately in the consolidated income statement . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProgrammingAssetsExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-778": { "value": "If there are any events or indications suggesting potential impairment, the amortised carrying amount of the intangible asset is compared with the recoverable amount. Any losses in value going beyond wear-and-tear depreciation are taken into account through the recognition of impairment charges. Depending on the functional area of the intangible asset, amortisation and impairment charges are included under cost of sales or administrative expenses. Intangible assets with indefinite useful lives are not amortised but are tested for impairment at least annually. In addition, impairment tests are conducted if there are any events or indications suggesting potential impairment. TUI Group\u2019s intangible assets with an indefinite useful life consist exclusively of goodwill. Impairment tests for goodwill are conducted on the basis of cash-generating units (CGU) or groups of cash-generating units . Impairment charges are recognised where the carrying amount of the tested units, including the allocated goodwill, exceeds the recoverable amount. The recoverable amount is the higher of fair value less costs of disposal and the present value of future cash flows based on continued use (value in use). The fair value less costs of disposal corresponds to the amount that could be generated between knowledgeable, willing, inde- pendent business partners after deduction of the costs of disposal. Impairment of goodwill is shown separately in the consolidated income statement . Any losses in value going beyond wear-and-tear depreciation are taken into account through the recognition of impairment losses. If there are any events or indications suggesting impairment, the required impairment test is performed to compare the carrying amount of an asset with the recoverable amount. In addition, a right-of-use asset is recognised at the commencement date. Right-of-use assets for the leased items are measured at amortised cost less cumulative depreciation / amortisation and cumulative impairment and adjusted for revaluations of the lease liability. The costs of a right-of-use asset comprise the present value of the future lease payments plus initial direct costs and the lease payments made prior to commence- ment less any lease incentives received and the estimated costs to be incurred to restore the leased asset to the condition required by the terms and conditions of the lease. Capitalised right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the expected useful life of the right-of-use asset. If the lease transfers ownership of the leased asset to TUI by the end of the lease term, or if the lease payments reflect the future exercise of a purchase option, the right-of-use asset is depreciated over the useful life of the leased asset. Depreciation of capitalised right-of-use assets is carried in the cost of sales or in administrative expenses. SALE AND LEASEBACK For sale and leaseback transactions, TUI initially determines in accordance with IFRS 15 whether the transfer of the asset has to be accounted for as a sale. If the transfer is accounted for as a sale, TUI recognises the right-of-use asset associated with the sale and leaseback transaction, as seller and as lessee, at the proportion of the previous carrying amount that relates to the right-of-use asset retained. The gain or loss from the sale transaction is carried in profit or loss on a pro rata basis at the amount of the rights transferred to the buyer and lessor. If the transfer is not accounted for as a sale, TUI continues to recognise the legally transferred asset as before and carries a financial liability for the proceeds received. TUI AS LESSOR As a lessor, TUI classifies each lease as an operating lease or a finance lease. If TUI as a lessor has substantially all the risks and rewards incidental to ownership of the underlying asset, the lease is classified as an operat ing lease. If the lease transfers substantially all the risks and rewards incidental to ownership of the underlying asset to the lessee, the lease is classified as a finance lease. For subleases, the lease classification has been made by reference to the right-of-use asset arising from the head lease in accordance with IFRS 16 and not by reference to the underlying lease asset. The lease payments from operating leases are recognised in revenue on a straight-line basis over the lease term. Any initial direct costs incurred in obtaining the lease are added to the carrying amount of the underlyingleased item and depreciated over the lease term on a straight-line basis. For finance leases, TUI recognises a lease receivable at an amount equal to the net investment in the lease and derecognises the underlying leased asset or the right-of-use asset from the head lease. The lease payments made by the lessees are broken down into an interest portion and a redemption portion using the effective interest rate method so as to produce a constant periodic rate of interest on the balance of the net investment. The redemption portions received are deducted from the lease receivable. The interest portion of thepayments received is carried in the interest result. PROPERTY, PLANT AND EQUIPMENT The measurement of wear-and-tear to property, plant and equipment items entails estimates. The carrying amount of property, plant and equipment as at 30 September 2023 totals \u20ac 3,480.3 m (previous year \u20ac 3,400.9 m). Material assumptions and estimates are the determination of useful lives and residual carrying amounts of property, plant and equipment. The effects of climate-related risks are also taken into account here. From the analysis to review the amounts carried, an evaluation is carried out on a regular basis to assess whether there are any indications of a potential impairment. These indications relate to a number of areas and factors, e. g. the market-related or technical environment but also physical condition. If any such indication exists, management must estimate the recoverable amount on the basis of expected cash flows and appropriate interest rates. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-785": { "value": "Depending on the functional area of the intangible asset, amortisation and impairment charges are included under cost of sales or administrative expenses.
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment are measured at amortised cost. The costs to purchase include costs to bring
the asset to a working condition. The costs to produce are determined on the basis of direct costs and
di
rectly attributable indirect costs and depreciation .
Depreciation of property, plant and equipment is based on the straight-line method over the useful econom
ic
life. The useful economic lives are as follows:
Useful lives of property, plant and equipment
Useful lives
Hotel buildings
30 to 50 years
Other buildings
25 to 50 years
Cruise ships
30 to 38 years
Aircraft
Fuselages and engines
22 to 25 years
Engine overhaul
depending on intervals, up to 12 years
Major overhaul
depending on intervals, up to 12 years
Spare parts
up to 10 years
Operating and business equipment
3 to 10 years
In addition, a right-of-use asset is recognised at the commencement date. Right-of-use assets for the leased items are measured at amortised cost less cumulative depreciation / amortisation and cumulative impairment and adjusted for revaluations of the lease liability. The costs of a right-of-use asset comprise the present value of the future lease payments plus initial direct costs and the lease payments made prior to commence- ment less any lease incentives received and the estimated costs to be incurred to restore the leased asset to the condition required by the terms and conditions of the lease. Capitalised right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the expected useful life of the right-of-use asset. If the lease transfers ownership of the leased asset to TUI by the end of the lease term, or if the lease payments reflect the future exercise of a purchase option, the right-of-use asset is depreciated over the useful life of the leased asset. Depreciation of capitalised right-of-use assets is carried in the cost of sales or in administrative expenses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-699": { "value": "PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are measured at amortised cost. The costs to purchase include costs to bring the asset to a working condition. The costs to produce are determined on the basis of direct costs and directly attributable indirect costs and depreciation . Borrowing costs directly associated with the acquisition, construction or production of qualifying assets are included in the costs to acquire or produce these assets until the assets are ready for their intended use. To the extent that funds are borrowed specifically for the purpose of obtaining a qualifying asset, the under- lying capitalisation rate is determined on the basis of the specific borrowing cost; in all other cases the weighted average of the borrowing costs applicable to the borrowings outstanding is applied . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-681": { "value": "PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are measured at amortised cost. The costs to purchase include costs to bring the asset to a working condition. The costs to produce are determined on the basis of direct costs and directly attributable indirect costs and depreciation The payments made under a power by the hour arrangement relating to maintenance overhauls are capitalised as PPE under construction up to a maintenance event at which point the cost is transferred to the appropriate PPE category. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-7": { "value": "PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are measured at amortised cost. The costs to purchase include costs to bring the asset to a working condition. The costs to produce are determined on the basis of direct costs anddirectly attributable indirect costs and depreciation . Borrowing costs directly associated with the acquisition, construction or production of qualifying assets are included in the costs to acquire or produce these assets until the assets are ready for their intended use. To the extent that funds are borrowed specifically for the purpose of obtaining a qualifying asset, the under- lying capitalisation rate is determined on the basis of the specific borrowing cost; in all other cases the weighted average of the borrowing costs applicable to the borrowings outstanding is applied . Depreciation of property, plant and equipment is based on the straight-line method over the useful economic life. The useful economic lives are as follows:
Useful lives of property, plant and equipment
Useful lives
Hotel buildings
30 to 50 years
Other buildings
25 to 50 years
Cruise ships
30 to 38 years
Aircraft
Fuselages and engines
22 to 25 years
Engine overhaul
depending on intervals, up to 12 years
Major overhaul
depending on intervals, up to 12 years
Spare parts
up to 10 years
Operating and business equipment
3 to 10 years
Moreover, the level of depreciation is determined by the residual values at the end of the useful life of an asset. The residual value assumed at first-time recognition for cruise ships is between 4 % and 30 % of the acquisition costs. The determination of the depreciation of aircraft fuselages and aircraft engines in first-time recognition is based on a residual value of a maximum of 5 % of the cost of acquisition. In addition, a residual value of 20 % is used to determine the scheduled depreciation of spare parts. The payments made under a power by the hour arrangement relating to maintenance overhauls are capitalised asPPE under construction up to a maintenance event at which point the cost is transferred to the appropriatePPE category. Both the useful lives and residual values are reviewed on an annual basis when preparing the Group financial statements. The review of the residual values is based on comparable assets at the end of their useful lives as at the current point in time. Any adjustments required are recognised as a correction of depreciation over the remaining useful life of the asset. The adjustment of depreciation is recognised retrospectively for the entire financial year in which the review has taken place. Where the review results in an increase in theresidual value so that it exceeds the remaining net carrying amount of the asset, depreciation is suspended. In this case, the amounts are not written back. Any losses in value going beyond wear-and-tear depreciation are taken into account through the recognition of impairment losses. If there are any events or indications suggesting impairment, the required impairment test is performed to compare the carrying amount of an asset with the recoverable amount. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-682": { "value": "
Borrowing costs directly associated with the acquisition, construction or production of qualifying assets are
included in the costs to acquire or produce these assets until the assets are ready for their intended use.
To the extent that funds are borrowed specifically for the purpose of obtaining a qualifying asset, the under-
lying capitalisation rate is determined on the basis of the specific borrowing cost; in all other cases the
weighted average of the borrowing costs applicable to the borrowings outstanding is applied .
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-719": { "value": "Borrowing costs directly associated with the acquisition, construction or production of qualifying assets are included in the costs to acquire or produce these assets until the assets are ready for their intended use. To the extent that funds are borrowed specifically for the purpose of obtaining a qualifying asset, the under- lying capitalisation rate is determined on the basis of the specific borrowing cost; in all other cases the weighted average of the borrowing costs applicable to the borrowings outstanding is applied ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-8": { "value": "LEASES Leases are agreements transferring the right to use an identified asset for a given period of time in return for a payment. As a lessee, TUI leases moveable assets such as aircraft, vehicles and cruise ships, as well as, in particular, immoveable property such as hotel buildings and land, office buildings and travel agencies. As a lessor, TUI subleases some aircraft, travel agency and office space as well as a hotel. TUI AS LESSEE TUI recognises right-of-use assets and corresponding lease liabilities for the lease arrangements, in which it is the lessee, in the statement of financial position. As an exception, TUI applies the recognition and measure-ment exemptions for all short-term leases and low-value asset leases. A short-term lease is a lease that has a lease term of twelve months or less and does not contain a purchase option. The lease payments for those leases are recognised as an expense in the cost of sales or in administrative expenses on a straight-line basis over the lease term or on another systematic basis. At the inception of an agreement, TUI evaluates whether it contains a lease. Apart from traditional lease, tenancy or leasing contracts, service or capacity agreements may also fall within the scope of IFRS 16. In connection with the purchase of mixed tourism services, the rental or purchase of the largest portion of a hotel\u2019s room capacity is identified as a lease component if TUI commits to its contract partner to purchase a fixed allotment of more than 90 % of the hotel\u2019s capacity for a period of more than twelve months, provided the agreement does not include an exemption to return committed capacity for self-marketing by the hotelier, and if therefore an irrevocable payment obligation exists. For agreements that contain one or several lease components alongside non-lease components, TUI uses the option not to separate these non-lease components, in particular for vehicle or IT leases and for hotel capacity contracts. At the commencement date, i. e. the date from which the lessee is entitled to exercise the right to use the underlying asset, a lease liability amounting to the present value of the lease payments not yet made as at that date is recognised. The lease payments include all fixed and in substance-fixed payments less any future lease incentives to be provided by the lessor. The lease payments also include variable payments linked to an index or an interest rate as well as expected payments from residual value guarantees. Lease payments for the exercise of extension, purchase and termination options are included if the exercise of these options is assessed as reasonably certain. As a rule, the lease payments are discounted at the lessor\u2019s interest rate implicit in the lease. If that rate is not known to TUI, the present value is determined using the incremental borrowing rate. After initial measurement, the carrying amount is increased to reflect interest on the lease liability and reduced to reflect the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e. g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. The interest expense from the subsequent measurement of the lease liability is presented in the interest result. Variable lease payments not linked to an index nor to an interest rate are recognised through profit or loss in the period in which the event or condition that triggers the payment occurs In addition, a right-of-use asset is recognised at the commencement date. Right-of-use assets for the leased items are measured at amortised cost less cumulative depreciation / amortisation and cumulative impairment and adjusted for revaluations of the lease liability. The costs of a right-of-use asset comprise the present value of the future lease payments plus initial direct costs and the lease payments made prior to commence- ment less any lease incentives received and the estimated costs to be incurred to restore the leased asset to the condition required by the terms and conditions of the lease. Capitalised right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the expected useful life of the right-of-use asset. If the lease transfers ownership of the leased asset to TUI by the end of the lease term, or if the lease payments reflect the future exercise of a purchase option, the right-of-use asset is depreciated over the useful life of the leased asset. Depreciation of capitalised right-of-use assets is carried in the cost of sales or in administrative expenses. SALE AND LEASEBACK For sale and leaseback transactions, TUI initially determines in accordance with IFRS 15 whether the transfer of the asset has to be accounted for as a sale. If the transfer is accounted for as a sale, TUI recognises the right-of-use asset associated with the sale and leaseback transaction, as seller and as lessee, at the proportion of the previous carrying amount that relates to the right-of-use asset retained. The gain or loss from the sale transaction is carried in profit or loss on a pro rata basis at the amount of the rights transferred to the buyer and lessor. If the transfer is not accounted for as a sale, TUI continues to recognise the legally transferred asset as before and carries a financial liability for the proceeds received. TUI AS LESSOR As a lessor, TUI classifies each lease as an operating lease or a finance lease. If TUI as a lessor has substantially all the risks and rewards incidental to ownership of the underlying asset, the lease is classified as an operat ing lease. If the lease transfers substantially all the risks and rewards incidental to ownership of the underlying asset to the lessee, the lease is classified as a finance lease. For subleases, the lease classification has been made by reference to the right-of-use asset arising from the head lease in accordance with IFRS 16 and not by reference to the underlying lease asset. The lease payments from operating leases are recognised in revenue on a straight-line basis over the lease term. Any initial direct costs incurred in obtaining the lease are added to the carrying amount of the underlyingleased item and depreciated over the lease term on a straight-line basis. For finance leases, TUI recognises a lease receivable at an amount equal to the net investment in the lease and derecognises the underlying leased asset or the right-of-use asset from the head lease. The lease payments made by the lessees are broken down into an interest portion and a redemption portion using the effective interest rate method so as to produce a constant periodic rate of interest on the balance of the net investment. The redemption portions received are deducted from the lease receivable. The interest portion of thepayments received is carried in the interest result. The interest rate implicit in the lease can only be easily determined in exceptional cases. In all other cases TUI therefore uses its own incremental borrow ing rate to measure the lease liability. The incremental borrowing rate is the interest rate TUI would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. Determining the incremental borrowing rate therefore regularly involves estimates regarding the interest rate the Group would have to pay. In this context, estimates are required, for instance, to determine the interest the Group companies would have to pay if no observable interest rates are available, or if adjustments are required regarding the specific agreed terms and conditions such as the transaction currency or contract term. TUI determines the incremental borrowing rate using observable inputs (bond yields and CDS quotations) and makes specific adjustments for individual companies (e. g. country risk premiums) IFRS 9 requires entities to recognise expected losses for all financial assets held at amortised cost and for financial assets constituting debt instruments and measured at FVTOCI (Fair Value Through Other Compre- hensive Income). In TUI Group, the items affected are financial instruments recognised at amortised cost in the following categories: trade receivables and other receivables with the sub-classes trade receivables, advances and loans, other receivables and assets as well as lease receivables. Additional classes are other financial assets and cash and cash equivalents. In determining expected losses, IFRS 9 distinguishes between the general and the simplified approach to impairment. Under the general approach to impairment, financial assets are classified into three stages. Stage 1 is where financial assets are recognised for the first time or where credit risk has not increased significantly since initial recognition. At this stage, the expected bad debt losses that may arise from possible default events within the next 12 months after the respective balance sheet date are reported. For financial assets in stage 1, entities are required to recognise 12-month Expected Credit Losses (ECL). Stage 2 is where credit risk has increased significantly since initial recognition. Stage 3 includes financial assets that additionally have objective evidence of impairment alongside the criteria of stage 2. Stages 2 and 3 show lifetime ECL. Under the simplified approach to impairment, a loss allowance is carried at an amount equal to life-time ECL at initial recognition for trade receivables and lease receivables, regardless of the credit quality of the accounts receivable and the lease receivables. TUI uses a provision matrix to determine the expected loss for trade receivables and lease receivables. Average historical default rates are determined for the following maturity bands. Not overdue, less than 30 days past due, 30 \u2013 90 days, 91 \u2013 180 days and more than 180 days past due . To determine the historical default rate, the weighted average of the last three years is calculated for the receivables in default in the respective year in relation to the receivables portfolio at the end of the respective financial year. This is multiplied by the probability that a receivable will age into the final maturity band. The loss rates determined are adjusted by credit default swap ( CDS) rates in order to take account of forward-looking information. The adjusted loss rates are based on average rates for the past few years. The economic environment of the relevant geographical regions is taken into account through a weighting of CDS rates. All model parameters mentioned above are regularly reviewed and updated. Under the simplified approach to impairment, trade receivable and lease receivables are transferred to Stage 3 when there is any objective evidence of impairment. In principle TUI Group classifies whether a trade receivable is to be transferred to Stage 3 on an individual basis, depending on the region, after 180 days at the earliest. In the event of insolvencies or other objective indications of impairment before this date, a transfer to stage 3 is made earlier. If a receivable is more than 180 days overdue, it is assumed to be impaired and, in the event of uncollectibility, generally written down in full. Objective evidence of impairment of lease receivables includes, for example, significant financial difficulties on the part of the debtor, breach of contract (default or delay in interest and repayment) or concessions made for economic or contractual reasons in connection with the debtor\u2019s financial difficulties . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-700": { "value": "TUI AS LESSEE TUI recognises right-of-use assets and corresponding lease liabilities for the lease arrangements, in which it is the lessee, in the statement of financial position. As an exception, TUI applies the recognition and measure-ment exemptions for all short-term leases and low-value asset leases. A short-term lease is a lease that has a lease term of twelve months or less and does not contain a purchase option. The lease payments for those leases are recognised as an expense in the cost of sales or in administrative expenses on a straight-line basis over the lease term or on another systematic basis.
In addition, a right-of-use asset is recognised at the commencement date. Right-of-use assets for the leased
items are measured at amortised cost less cumulative depreciation / amortisation and cumulative impair
ment
and adjusted for revaluations of the lease liability. The costs of a right-of-use asset comprise the present
value of the future lease payments plus initial direct costs and the lease payments made prior to commence-
ment less any lease incentives received and the estimated costs to be incurred to restore the leased asset to
the condition required by the terms and conditions of the lease. Capitalised right-of-use assets are depreci
ated
on a straight-line basis over the shorter of the lease term and the expected useful life of the right-of-use
asset. If the lease transfers ownership of the leased asset to
TUI by the end of the lease term, or if the lease
payments reflect the future exercise of a purchase option, the right-of-use asset is depreciated over the
useful life of the leased asset. Depreciation of capitalised right-of-use assets is carried in the cost of sales or
in administrative expenses.
Impairments and reversals of impairments are recognised under \u2019Impairment / reversals of impairment of
financial assets\u2019 in the income statement.
All foreign exchange differences resulting from the translation of trade accounts payable are recognised in
the income statement within cost of sales. Foreign exchange differences from the translation of liabilities not
resulting from normal operating processes are reported under Other income / expenses, Financial expenses /
income or Administrative expenses, depending on the nature of the underlying receivables or payables.
Provisions are measured at the present value of the expected expenses, taking account of a pre-tax interest rate, reflecting current market assessments of the time value of money and the risks specific to the liability Risks already taken into account in estimating future cash flows do not affect the discount rate. Increases in provisions due to accretion of interest are recognised as interest expenses through profit or loss. We define the EBIT in underlying EBIT as earnings before interest, income taxes and result of the measurement of the Group\u2019s interest hedges. EBIT by definition includes goodwill impairments. Underlying EBIT is adjusted for by income and expense items impacting or distorting the assessment of the operating profitability of the segments and the Group due to their level and frequency. These separately disclosed items include gains on disposal from investments, major gains and losses from the sale of assets and major restructuring and integration expenses
(2) Cost of sales and administrative expenses
Cost of sales relates to the expenses incurred in the provision of tourism services. In addition to the expens
es
for personnel, depreciation, amortisation, rental and leasing, it includes all costs incurred by the Group in
connection with the procurement and delivery of airline services, hotel accommodation, cruises and distri
bution
costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-736": { "value": "TUI AS LESSEE TUI recognises right-of-use assets and corresponding lease liabilities for the lease arrangements, in which it is the lessee, in the statement of financial position. As an exception, TUI applies the recognition and measure-ment exemptions for all short-term leases and low-value asset leases. A short-term lease is a lease that has a lease term of twelve months or less and does not contain a purchase option. The lease payments for those leases are recognised as an expense in the cost of sales or in administrative expenses on a straight-line basis over the lease term or on another systematic basis. At the inception of an agreement,TUI evaluates whether it contains a lease. Apart from traditional lease, tenancy or leasing contracts, service or capacity agreements may also fall within the scope of IFRS 16. In connection with the purchase of mixed tourism services, the rental or purchase of the largest portion of a hotel\u2019s room capacity is identified as a lease component ifTUI commits to its contract partner to purchase a fixed allotment of more than 90 % of the hotel\u2019s capacity for a period of more than twelve months, provided the agreement does not include an exemption to return committed capacity for self-marketing by the hotelier, and if therefore an irrevocable payment obligation exists. For agreements that contain one or several lease components alongside non-lease components, TUI uses the option not to separate these non-leasecomponents, in particular for vehicle or IT leases and for hotel capacity contracts. At the commencement date, i. e. the date from which the lessee is entitled to exercise the right to use the underlying asset, a lease liability amounting to the present value of the lease payments not yet made as at that date is recognised. The lease payments include all fixed and in substance-fixed payments less any future lease incentives to be provided by the lessor. The lease payments also include variable payments linked to an index or an interest rate as well as expected payments from residual value guarantees. Lease payments for the exercise of extension, purchase and termination options are included if the exercise of these options is assessed as reasonably certain. As a rule, the lease payments are discounted at the lessor\u2019s interest rate implicit in the lease. If that rate is not known toTUI, the present value is determined using the incremental borrowing rate. After initial measurement, the carrying amount is increased to reflect interest on the lease liability and reduced to reflect the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e. g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. The interest expense from the subsequent measurement of the lease liability is presented in the interest result. Variable lease payments not linked to an index nor to an interest rate are recognised through profit or loss in the period in which the event or condition that triggers the payment occurs . In addition, a right-of-use asset is recognised at the commencement date. Right-of-use assets for the leased items are measured at amortised cost less cumulative depreciation / amortisation and cumulative impairment and adjusted for revaluations of the lease liability. The costs of a right-of-use asset comprise the present value of the future lease payments plus initial direct costs and the lease payments made prior to commence- ment less any lease incentives received and the estimated costs to be incurred to restore the leased asset to the condition required by the terms and conditions of the lease. Capitalised right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the expected useful life of the right-of-use asset. If the lease transfers ownership of the leased asset to TUI by the end of the lease term, or if the lease payments reflect the future exercise of a purchase option, the right-of-use asset is depreciated over the useful life of the leased asset. Depreciation of capitalised right-of-use assets is carried in the cost of sales or in administrative expenses. Non-derivative financial liabilities are recognised in the consolidated statement of financial position if an obligation exists to transfer cash and cash equivalents or other financial assets to another party. A non- derivative financial liability is initially recognised at its fair value. For loans taken out, the nominal amount is reduced by discounts retained and transaction costs paid and discounted over the expected remaining term of the liability. The subsequent measurement of non-derivative financial liabilities is effected at amortised cost using the effective interest method.TUI does not use the fair value option. Financial liabilities are derecognised when the obligations specified in the contract are discharged, cancelled or expire. The bond with warrants and the convertible bond on shares inTUI AG have to be accounted for as compound financial instruments. Compound financial instruments are divided into an equity and a debt component in accordance with IAS 32. The debt component shown under financial liabilities is valued, less the pro rata transaction costs and added to the repayment amount using the effective interest method. The equitycomponent is valued at the residual value that results after deducting the amount determined for the debt component from the fair value of the entire instrument. The pro rata transaction costs of the equitycomponent are deducted from this component. No gain or loss will result from the exercise or expiry of the relevant conversion option . Financial liabilities At amortised cost Lease liabilities At amortised cost Touristic advance payments received At amortised cost Other financial liabilities Non-derivative financial liabilities At amortised cost Derivative financial liabilities At fair value through profit or loss Payables, trade and other liabilities At amortised cost
LEASE LIABILITIES
As at 30 September 2023, lease liabilities worth \u20ac 2,918.1 m (previous year \u20ac 3,207.5 m) were carried, reflect
ing
the present value of the future lease payments as at that date. The interest rate implicit in the lease can only
be easily determined in exceptional cases. In all other cases TUI therefore uses its own incremental borrow
ing
rate to measure the lease liability. The incremental borrowing rate is the interest rate
TUI would have to pay
to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar
value to the right-of-use asset in a similar economic environment. Determining the incremental borrowing
rate therefore regularly involves estimates regarding the interest rate the Group would have to pay. In this
context, estimates are required, for instance, to determine the interest the Group companies would have to
pay if no observable interest rates are available, or if adjustments are required regarding the specific agreed
terms and conditions such as the transaction currency or contract term.
TUI determines the incremental
borrowing rate using observable inputs (bond yields and
CDS quotations) and makes specific adjustments
for individual companies (e. g. country risk premiums) .
FINANCIAL INSTRUMENTS \u2013 ADDITIONAL DISCLOSURES
CARRYING AMOUNTS AND FAIR VALUES
Where financial instruments are listed in an active market, e. g. shares held and bonds issued, the fair value
or market value is the respective quotation in this market at the balance sheet date. For over-the-counter
bonds, debt components of bonds with warrants and convertible bonds, liabilities to banks, promissory
notes and other non-current financial liabilities, the fair value is determined as the present value of future
cash
flows, taking account of yield curves and the respective credit spread, which depends on the credit rating.
In financial year 2023, the fair values of other current receivables and current liabilities to banks were deter-
mined in line with the past financial year, taking into account yield curves and the respective credit risk
premium (credit spread) based on credit rating. As a result, the assumption that the carrying amount
approximately corresponds to the fair value due to the short remaining term has been adjusted to the
cur
rent market conditions.
The fair values of non-current trade receivables and for parts of current other receivables and current other
financial assets as well as cash and cash equivalents, current other financial liabilities and trade payables
correspond to the present values of the cash flows associated with the assets, taking account of current
interest parameters which reflect market and counterparty-related changes in terms and expectations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-701": { "value": "At the commencement date, i. e. the date from which the lessee is entitled to exercise the right to use the underlying asset, a lease liability amounting to the present value of the lease payments not yet made as at that date is recognised. The lease payments include all fixed and in substance-fixed payments less any future lease incentives to be provided by the lessor.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-779": { "value": "The interest expense from the subsequent measurement of the lease liability is presented in the interest result. Variable lease payments not linked to an index nor to an interest rate are recognised through profit or loss in the period in which the event or condition that triggers the payment occurs Provisions are measured at the present value of the expected expenses, taking account of a pre-tax interest rate, reflecting current market assessments of the time value of money and the risks specific to the liability . Risks already taken into account in estimating future cash flows do not affect the discount rate. Increases in provisions due to accretion of interest are recognised as interest expenses through profit or loss. In order to hedge the risks of fluctuations in future cash flows from currency, interest rate and fuel price risks, TUI regularly enters into hedges. The planned underlying transactions are used to determine theineffective portions of hedges designated as cash flow hedges. In designating cash flow hedges, only the spot rate component is included in hedge accounting as a hedge for some forward exchange transactions while the interest component of these financial instruments is shown separately in all relevant tables unde Other derivative financial instruments, in line with derivatives not designated as hedging instrumentsaccording to IAS 39. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-790": { "value": "
SALE AND LEASEBACK
For sale and leaseback transactions, TUI initially determines in accordance with IFRS 15 whether the transfer
of the asset has to be accounted for as a sale. If the transfer is accounted for as a sale,
TUI recognises the
right-of-use asset associated with the sale and leaseback transaction, as seller and as lessee, at the propor
tion
of the previous carrying amount that relates to the right-of-use asset retained. The gain or loss from the sale
transaction is carried in profit or loss on a pro rata basis at the amount of the rights transferred to the buy
er
and lessor. If the transfer is not accounted for as a sale,
TUI continues to recognise the legally transferred
asset as before and carries a financial liability for the proceeds received.
NON - DERIVATIVE FINANCIAL ASSETS AND FINANCIAL LIABILITIES The classification and measurement of financial assets are determined on the basis of the business model assigned to manage financial assets and the related contractual cash flows. At initial recognition of financial assets, the classification comprises the categories \u2018Financial assets at amortised cost (AC)\u201d, \u2018Financial assets at fair value through other comprehensive income (FVTOCI)\u201d and \u2018Financial assets at fair value through profit and loss (FVPL)\u201d. With the exception of trade receivables, non-derivative financial financial assets are recognised at fair value. Trade receivables are recognised with their values at the trading date on whichTUI Group under-takes to buy the assets. When recognised for the first time, they are either classified at amortised costs or at fair value, depending on their objective. Non-derivative financial assets are classified as financial assets at amortised cost when the objective of the entity\u2019s business model is to hold the financial assets to collect contractually agreed cash flows, and when the cash flows exclusively constitute interest and principal payments on the nominal amount outstanding. For financial assets held at amortised cost, a loss allowance for expected credit losses is recognised in ac- cordance with IFRS 9. Loss allowances for financial assets are based on either full lifetime expected credit losses or 12-month expected credit losses. A loss allowance for lifetime expected credit losses is required for a financial instrument if the credit risk of that financial asset has increased significantly since initial recognition or if the financial instruments are trade receivables, lease liabilities or contract assets. For all other financial instruments, expected credit losses are measured at an amount equal to the 12-month expected credit losses. IFRS 9 allows entities to apply a simplified approach inter alia for trade receivables. Lifetime expected credit losses on all these assets can be recognised at initial recognition.TUI applies the simplified approach for all trade receivables . Impairments and reversals of impairments are recognised under \u2019Impairment / reversals of impairment of financial assets\u2019 in the income statement. The equity instruments held in the balance sheet item \u2018Other financial assets\u2019 were irrevocably designated as \u2018Financial assets at fair value through OCI\u2019 as they are held for medium- to long-term strategic objectives. These instruments are stakes in associated non-consolidated subsidiaries, equity investments and other investments. Recognising all fluctuations in the fair value in the income statement would not be in line with the Group\u2019s strategy. They are allocated to assets unless the entity intends to sell them within twelve months after the balance sheet date. Dividends from these equity instruments are recognised in the income statement unless the dividends are clearly a partial repayment of the cost to purchase the equity instrument. The cumulative gain or loss from the subsequent measurement of the equity instruments recognised in other comprehensive income will continue to be recognised in equity even after the equity instrument has been derecognised and reclassified to revenue reserves. All other financial assets not recognised at amortised cost or at fair value through OCI must be measured at fair value through profit and loss. Financial assets are derecognised at the date on which the rights for payments from the assets expire or are transferred and therefore at the date on which essentially all risks and rewards of ownership are transferred. The rights to an asset expire when the rights to receive the cash flows from the asset have expired. For transfers of financial assets, it is assessed whether they have to be derecognised in accordance with the derecognition requirements of IFRS 9. Non-derivative financial liabilities are recognised in the consolidated statement of financial position if an obligation exists to transfer cash and cash equivalents or other financial assets to another party. A non- derivative financial liability is initially recognised at its fair value. For loans taken out, the nominal amount is reduced by discounts retained and transaction costs paid and discounted over the expected remaining term of the liability. The subsequent measurement of non-derivative financial liabilities is effected at amortised cost using the effective interest method. TUI does not use the fair value option. Financial liabilities are derecognised when the obligations specified in the contract are discharged, cancelled or expire. All foreign exchange differences resulting from the translation of trade accounts payable are recognised in the income statement within cost of sales. Foreign exchange differences from the translation of liabilities not resulting from normal operating processes are reported under Other income / expenses, Financial expenses / income or Administrative expenses, depending on the nature of the underlying receivables or payables. The bond with warrants and the convertible bond on shares in TUI AG have to be accounted for as compound financial instruments. Compound financial instruments are divided into an equity and a debt component in accordance with IAS 32. The debt component shown under financial liabilities is valued, less the pro rata transaction costs and added to the repayment amount using the effective interest method. The equity component is valued at the residual value that results after deducting the amount determined for the debt component from the fair value of the entire instrument. The pro rata transaction costs of the equity component are deducted from this component. No gain or loss will result from the exercise or expiry of the relevant conversion option Other financial liabilities Non-derivative financial liabilities At amortised cost Derivative financial liabilities At fair value through profit or loss CARRYING AMOUNTS AND FAIR VALUES Where financial instruments are listed in an active market, e. g. shares held and bonds issued, the fair value or market value is the respective quotation in this market at the balance sheet date. For over-the-counter bonds, debt components of bonds with warrants and convertible bonds, liabilities to banks, promissory notes and other non-current financial liabilities, the fair value is determined as the present value of futurecash flows, taking account of yield curves and the respective credit spread, which depends on the credit rating. In financial year 2023, the fair values of other current receivables and current liabilities to banks were deter- mined in line with the past financial year, taking into account yield curves and the respective credit risk premium (credit spread) based on credit rating. As a result, the assumption that the carrying amountapproximately corresponds to the fair value due to the short remaining term has been adjusted to thecurrent market conditions. The fair values of non-current trade receivables and for parts of current other receivables and current other financial assets as well as cash and cash equivalents, current other financial liabilities and trade payables correspond to the present values of the cash flows associated with the assets, taking account of current interest parameters which reflect market and counterparty-related changes in terms and expectations. I n the case of cash and cash equivalents, current trade receivables, other financial assets, current trade payables and other financial liabilities the carrying amount approximates the fair value due to the short remaining term ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-683": { "value": "FINANCIAL INSTRUMENTS Financial instruments are contractual rights or obligations that will lead to an inflow or outflow of financial assets or the issue of own equity instruments for one of the two contracting parties and correspondingly to an inflow or outflow of financial assets for the other contracting party. They also comprise (derivative) rights or obligations derived in particular, from non-derivative financial assets. NON - DERIVATIVE FINANCIAL ASSETS AND FINANCIAL LIABILITIES The classification and measurement of financial assets are determined on the basis of the business model assigned to manage financial assets and the related contractual cash flows. At initial recognition of financial assets, the classification comprises the categories \u2018Financial assets at amortised cost (AC)\u201d, \u2018Financial assets at fair value through other comprehensive income (FVTOCI)\u201d and \u2018Financial assets at fair value through profit and loss (FVPL)\u201d. With the exception of trade receivables, non-derivative financial financial assets are recognised at fair value. Trade receivables are recognised with their values at the trading date on which TUI Group under-takes to buy the assets. When recognised for the first time, they are either classified at amortised costs or at fair value, depending on their objective. Non-derivative financial assets are classified as financial assets at amortised cost when the objective of the entity\u2019s business model is to hold the financial assets to collect contractually agreed cash flows, and when the cash flows exclusively constitute interest and principal payments on the nominal amount outstanding. For financial assets held at amortised cost, a loss allowance for expected credit losses is recognised in ac- cordance with IFRS 9. Loss allowances for financial assets are based on either full lifetime expected credit losses or 12-month expected credit losses. A loss allowance for lifetime expected credit losses is required for a financial instrument if the credit risk of that financial asset has increased significantly since initial recognition or if the financial instruments are trade receivables, lease liabilities or contract assets. For all other financial instruments, expected credit losses are measured at an amount equal to the 12-month expected credit losses. IFRS 9 allows entities to apply a simplified approach inter alia for trade receivables. Lifetime expected credit losses on all these assets can be recognised at initial recognition. TUI applies the simplified approach for all trade receivables Impairments and reversals of impairments are recognised under \u2019Impairment / reversals of impairment of financial assets\u2019 in the income statement. The equity instruments held in the balance sheet item \u2018Other financial assets\u2019 were irrevocably designated as \u2018Financial assets at fair value through OCI\u2019 as they are held for medium- to long-term strategic objectives. These instruments are stakes in associated non-consolidated subsidiaries, equity investments and other investments. Recognising all fluctuations in the fair value in the income statement would not be in line with the Group\u2019s strategy. They are allocated to assets unless the entity intends to sell them within twelve months after the balance sheet date. Dividends from these equity instruments are recognised in the income statement unless the dividends are clearly a partial repayment of the cost to purchase the equity instrument. The cumulative gain or loss from the subsequent measurement of the equity instruments recognised in other comprehensive income will continue to be recognised in equity even after the equity instrument has been derecognised and reclassified to revenue reserves. All other financial assets not recognised at amortised cost or at fair value through OCI must be measured at fair value through profit and loss. Financial assets are derecognised at the date on which the rights for payments from the assets expire or are transferred and therefore at the date on which essentially all risks and rewards of ownership are transferred. The rights to an asset expire when the rights to receive the cash flows from the asset have expired. For transfers of financial assets, it is assessed whether they have to be derecognised in accordance with the derecognition requirements ofIFRS 9. Non-derivative financial liabilities are recognised in the consolidated statement of financial position if an obligation exists to transfer cash and cash equivalents or other financial assets to another party. A non- derivative financial liability is initially recognised at its fair value. For loans taken out, the nominal amount is reduced by discounts retained and transaction costs paid and discounted over the expected remaining term of the liability. The subsequent measurement of non-derivative financial liabilities is effected at amortised cost using the effective interest method.TUI does not use the fair value option. Financial liabilities are derecognised when the obligations specified in the contract are discharged, cancelled or expire. All foreign exchange differences resulting from the translation of trade accounts payable are recognised in the income statement within cost of sales. Foreign exchange differences from the translation of liabilities not resulting from normal operating processes are reported under Other income / expenses, Financial expenses / income or Administrative expenses, depending on the nature of the underlying receivables or payables. The bond with warrants and the convertible bond on shares inTUI AG have to be accounted for as compound financial instruments. Compound financial instruments are divided into an equity and a debt component in accordance with IAS 32. The debt component shown under financial liabilities is valued, less the pro rata transaction costs and added to the repayment amount using the effective interest method. The equitycomponent is valued at the residual value that results after deducting the amount determined for the debt component from the fair value of the entire instrument. The pro rata transaction costs of the equitycomponent are deducted from this component. No gain or loss will result from the exercise or expiry of the relevant conversion option . DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGE ACCOUNTING At initial measurement, derivative financial instruments are measured at the fair value attributable to them on the date the contract is entered into and recognised in the balance sheet. Subsequent remeasurement is also recognised at the fair value calculated at the respective balance sheet date. Where derivative financial instruments are not part of a designated hedging relationship in connection with hedge accounting, they are classified as \u2018at fair value through profit and loss\u2019. The method used to recognise gains and losses depends on whether the derivative financial instrument has been fully or possibly only partly designated as a hedging instrument, and on the nature of the hedged item. Changes in the fair value of a derivative financial instrument not designated as a hedging instrument or the component of a derivative financial instrument not designated as a hedging instrument are immediately recognised through profit and loss. If, by contrast, an effective hedging relationship exists, the transaction is recognised as a hedge. The unrealised gains and losses from the fair value valuation of derivative financial instruments that are designated as hedging instruments with in hedge accounting are initially recognised in equity without affecting profit or loss. In the case of derivative financial instruments that are not part of a hedging relationship, the effect on profit or loss is immediate, i. e. the changes from the fair valuation are recognised through profit and loss. TUI Group uses the accounting policy choice provided by IFRS 9, enabling entities to continue applying the hedge accounting requirements ofIAS 39. Hedge accounting is exclusively used to hedge the exposure due to foreign currency and fuel price fluctuations in cash flows from highly probable forecast transactions (cash flow hedges). Hedges of balance sheet items (fair value hedges), i. e. hedges of the fair value of an asset or a liability, which would be accounted for at amortised cost, are currently not designated. Upon entering into a transaction,TUI documents the hedge relationship between the hedge and the under- lying transaction, the risk management goal and the underlying strategy. In addition, a record is kept of the assessment, both at the beginning of the hedge relationship by using the Critical Terms Match method and on a continual qualitative basis, as to whether the derivatives used for the hedge are highly effective incompensating for the changes in the fair values or cash flows of the underlying transactions. The effective portion of changes in the fair value of derivatives forming cash flow hedges is recognised i n equity without affecting profit and loss. Any ineffective portion of such changes in the fair value, by contras t, is recognised immediately in the income statement through profit and loss. Amounts taken to equity ar e reclassified to the income statement and carried as income or expenses in the period in which the hedge d item or the hedge has an effect on results or it is no longer highly expected that the hedged item or acorresponding part thereof will occur. If a hedge expires, is sold or no longer meets the criteria of IAS 39 for hedge accounting, the cumulative gai n or loss remains in equity and is only recognised in the income statement through profit and loss when th e originally hedged future forecasted transaction occurs. If the future transaction is no longer expected t o take place, the cumulative gains or losses recognised directly in equity are immediately recognised throug h profit and loss. More detailed information on the Group\u2019s risk management activities is provided in Note 41 and as well as i n the \u2018Risk report\u2019 section of the Management Report. CASH AND CASH EQUIVALENTS Cash and cash equivalents comprise cash, call deposits, current account balances and other highly liquid current financial assets with an original term of a maximum of three months, such as shares in money market funds . Investments in money market funds are made in shares with a stable net asset value or LVNAV (low volatility net asset value). The investment criteria of the individual money market funds, their credit ratings, historical performance and stress tests meet the criteria for cash and cash equivalents. As the contractual cash flows of the money market funds do not exclusively comprise interest and principal payments, they are measured at fair value through profit or loss. Bank overdrafts are shown as liabilities to banks under current financial liabilities DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGES STRATEGY AND GOALS In accordance with TUI Group\u2019s policy, derivatives are allowed to be used if they are based on underlying recognised assets or liabilities, firm commitments or forecast transactions. Hedge accounting based on the rules ofIAS 39 is applied to forecasted transactions. In the completed financial year, hedges consisted of cash flow hedges. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-737": { "value": "FINANCIAL INSTRUMENTS Financial instruments are contractual rights or obligations that will lead to an inflow or outflow of financial assets or the issue of own equity instruments for one of the two contracting parties and correspondingly to an inflow or outflow of financial assets for the other contracting party. They also comprise (derivative) rights or obligations derived in particular, from non-derivative financial assets. NON - DERIVATIVE FINANCIAL ASSETS AND FINANCIAL LIABILITIES The classification and measurement of financial assets are determined on the basis of the business model assigned to manage financial assets and the related contractual cash flows. At initial recognition of financial assets, the classification comprises the categories \u2018Financial assets at amortised cost (AC)\u201d, \u2018Financial assets at fair value through other comprehensive income (FVTOCI)\u201d and \u2018Financial assets at fair value through profit and loss (FVPL)\u201d. With the exception of trade receivables, non-derivative financial financial assets are recognised at fair value. Trade receivables are recognised with their values at the trading date on whichTUI Group under-takes to buy the assets. When recognised for the first time, they are either classified at amortised costs or at fair value, depending on their objective. Non-derivative financial assets are classified as financial assets at amortised cost when the objective of the entity\u2019s business model is to hold the financial assets to collect contractually agreed cash flows, and when the cash flows exclusively constitute interest and principal payments on the nominal amount outstanding. For financial assets held at amortised cost, a loss allowance for expected credit losses is recognised in ac- cordance with IFRS 9. Loss allowances for financial assets are based on either full lifetime expected credit losses or 12-month expected credit losses. A loss allowance for lifetime expected credit losses is required for a financial instrument if the credit risk of that financial asset has increased significantly since initial recognition or if the financial instruments are trade receivables, lease liabilities or contract assets. For all other financial instruments, expected credit losses are measured at an amount equal to the 12-month expected credit losses. IFRS 9 allows entities to apply a simplified approach inter alia for trade receivables. Lifetime expected credit losses on all these assets can be recognised at initial recognition.TUI applies the simplified approach for all trade receivables . Impairments and reversals of impairments are recognised under \u2019Impairment / reversals of impairment of financial assets\u2019 in the income statement. The equity instruments held in the balance sheet item \u2018Other financial assets\u2019 were irrevocably designated as \u2018Financial assets at fair value through OCI\u2019 as they are held for medium- to long-term strategic objectives. These instruments are stakes in associated non-consolidated subsidiaries, equity investments and other investments. Recognising all fluctuations in the fair value in the income statement would not be in line with the Group\u2019s strategy. They are allocated to assets unless the entity intends to sell them within twelve months after the balance sheet date. Dividends from these equity instruments are recognised in the income statement unless the dividends are clearly a partial repayment of the cost to purchase the equity instrument. The cumulative gain or loss from the subsequent measurement of the equity instruments recognised in other comprehensive income will continue to be recognised in equity even after the equity instrument has been derecognised and reclassified to revenue reserves. All other financial assets not recognised at amortised cost or at fair value through OCI must be measured at fair value through profit and loss. Financial assets are derecognised at the date on which the rights for payments from the assets expire or are transferred and therefore at the date on which essentially all risks and rewards of ownership are transferred. The rights to an asset expire when the rights to receive the cash flows from the asset have expired. For transfers of financial assets, it is assessed whether they have to be derecognised in accordance with the derecognition requirements ofIFRS 9. DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGE ACCOUNTING At initial measurement, derivative financial instruments are measured at the fair value attributable to them on the date the contract is entered into and recognised in the balance sheet. Subsequent remeasurement is also recognised at the fair value calculated at the respective balance sheet date. Where derivative financial instruments are not part of a designated hedging relationship in connection with hedge accounting, they are classified as \u2018at fair value through profit and loss\u2019. The method used to recognise gains and losses depends on whether the derivative financial instrument has been fully or possibly only partly designated as a hedging instrument, and on the nature of the hedged item. Changes in the fair value of a derivative financial instrument not designated as a hedging instrument or the component of a derivative financial instrument not designated as a hedging instrument are immediately recognised through profit and loss. If, by contrast, an effective hedging relationship exists, the transaction is recognised as a hedge. The unrealised gains and losses from the fair value valuation of derivative financial instruments that are designated as hedging instruments with in hedge accounting are initially recognised in equity without affecting profit or loss. In the case of derivative financial instruments that are not part of a hedging relationship, the effect on profit or loss is immediate, i. e. the changes from the fair valuation are recognised through profit and loss. TUI Group uses the accounting policy choice provided by IFRS 9, enabling entities to continue applying the hedge accounting requirements ofIAS 39. Hedge accounting is exclusively used to hedge the exposure due to foreign currency and fuel price fluctuations in cash flows from highly probable forecast transactions (cash flow hedges). Hedges of balance sheet items (fair value hedges), i. e. hedges of the fair value of an asset or a liability, which would be accounted for at amortised cost, are currently not designated. Upon entering into a transaction,TUI documents the hedge relationship between the hedge and the under- lying transaction, the risk management goal and the underlying strategy. In addition, a record is kept of the assessment, both at the beginning of the hedge relationship by using the Critical Terms Match method and on a continual qualitative basis, as to whether the derivatives used for the hedge are highly effective incompensating for the changes in the fair values or cash flows of the underlying transactions.
The effective portion of changes in the fair value of derivatives forming cash flow hedges is recognised i n
equity without affecting profit and loss. Any ineffective portion of such changes in the fair value, by contras t,
is recognised immediately in the income statement through profit and loss. Amounts taken to equity ar e
reclassified to the income statement and carried as income or expenses in the period in which the hedge d
item or the hedge has an effect on results or it is no longer highly expected that the hedged item or a
cor
responding part thereof will occur.
If a hedge expires, is sold or no longer meets the criteria of
IAS 39 for hedge accounting, the cumulative gai n
or loss remains in equity and is only recognised in the income statement through profit and loss when th e
originally hedged future forecasted transaction occurs. If the future transaction is no longer expected t o
take place, the cumulative gains or losses recognised directly in equity are immediately recognised throug h
profit and loss.
CASH AND CASH EQUIVALENTS Cash and cash equivalents comprise cash, call deposits, current account balances and other highly liquid current financial assets with an original term of a maximum of three months, such as shares in money market funds ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-796": { "value": "NON - DERIVATIVE FINANCIAL ASSETS AND FINANCIAL LIABILITIES The classification and measurement of financial assets are determined on the basis of the business model assigned to manage financial assets and the related contractual cash flows. At initial recognition of financial assets, the classification comprises the categories \u2018Financial assets at amortised cost (AC)\u201d, \u2018Financial assets at fair value through other comprehensive income (FVTOCI)\u201d and \u2018Financial assets at fair value through profit and loss (FVPL)\u201d. With the exception of trade receivables, non-derivative financial financial assets are recognised at fair value. Trade receivables are recognised with their values at the trading date on whichTUI Group under-takes to buy the assets. When recognised for the first time, they are either classified at amortised costs or at fair value, depending on their objective. Non-derivative financial assets are classified as financial assets at amortised cost when the objective of the entity\u2019s business model is to hold the financial assets to collect contractually agreed cash flows, and when the cash flows exclusively constitute interest and principal payments on the nominal amount outstanding. For financial assets held at amortised cost, a loss allowance for expected credit losses is recognised in ac- cordance with IFRS 9. Loss allowances for financial assets are based on either full lifetime expected credit losses or 12-month expected credit losses. A loss allowance for lifetime expected credit losses is required for a financial instrument if the credit risk of that financial asset has increased significantly since initial recognition or if the financial instruments are trade receivables, lease liabilities or contract assets. For all other financial instruments, expected credit losses are measured at an amount equal to the 12-month expected credit losses. IFRS 9 allows entities to apply a simplified approach inter alia for trade receivables. Lifetime expected credit losses on all these assets can be recognised at initial recognition.TUI applies the simplified approach for all trade receivables . IFRS 9 requires entities to recognise expected losses for all financial assets held at amortised cost and for financial assets constituting debt instruments and measured at FVTOCI (Fair Value Through Other Compre- hensive Income). In TUI Group, the items affected are financial instruments recognised at amortised cost in the following categories: trade receivables and other receivables with the sub-classes trade receivables, advances and loans, other receivables and assets as well as lease receivables. Additional classes are other financial assets and cash and cash equivalents. In determining expected losses, IFRS 9 distinguishes between the general and the simplified approach to impairment. Under the general approach to impairment, financial assets are classified into three stages. Stage 1 is where financial assets are recognised for the first time or where credit risk has not increased significantly since initial recognition. At this stage, the expected bad debt losses that may arise from possible default events within the next 12 months after the respective balance sheet date are reported. For financial assets in stage 1, entities are required to recognise 12-month Expected Credit Losses (ECL). Stage 2 is where credit risk has increased significantly since initial recognition. Stage 3 includes financial assets that additionally have objective evidence of impairment alongside the criteria of stage 2. Stages 2 and 3 show lifetime ECL. Under the simplified approach to impairment, a loss allowance is carried at an amount equal to life-time ECL at initial recognition for trade receivables and lease receivables, regardless of the credit quality of the accounts receivable and the lease receivables. TUI uses a provision matrix to determine the expected loss for trade receivables and lease receivables. Average historical default rates are determined for the following maturity bands. Not overdue, less than 30 days past due, 30 \u2013 90 days, 91 \u2013 180 days and more than 180 days past due . To determine the historical default rate, the weighted average of the last three years is calculated for the receivables in default in the respective year in relation to the receivables portfolio at the end of the respective financial year. This is multiplied by the probability that a receivable will age into the final maturity band. The loss rates determined are adjusted by credit default swap ( CDS) rates in order to take account of forward-looking information. The adjusted loss rates are based on average rates for the past few years. The economic environment of the relevant geographical regions is taken into account through a weighting of CDS rates. All model parameters mentioned above are regularly reviewed and updated. Under the simplified approach to impairment, trade receivable and lease receivables are transferred to Stage 3 when there is any objective evidence of impairment. In principle TUI Group classifies whether a trade receivable is to be transferred to Stage 3 on an individual basis, depending on the region, after 180 days at the earliest. In the event of insolvencies or other objective indications of impairment before this date, a transfer to stage 3 is made earlier. If a receivable is more than 180 days overdue, it is assumed to be impaired and, in the event of uncollectibility, generally written down in full. Objective evidence of impairment of lease receivables includes, for example, significant financial difficulties on the part of the debtor, breach of contract (default or delay in interest and repayment) or concessions made for economic or contractual reasons in connection with the debtor\u2019s financial difficulties . The fair values of non-current trade receivables and for parts of current other receivables and current other financial assets as well as cash and cash equivalents, current other financial liabilities and trade payables correspond to the present values of the cash flows associated with the assets, taking account of current interest parameters which reflect market and counterparty-related changes in terms and expectations.LEVEL 2 FINANCIAL INSTRUMENTS The fair values of financial instruments not traded in an active market, e. g., over-the-counter (OTC) derivatives, are determined by means of valuation techniques. These valuation techniques make maximum use of observable market data and minimise the use of group-specific assumptions. If all essential inputs for the determination of the fair value of an instrument are observable, the instrument is classified as Level 2. If one or several key inputs are not based on observable market data, the instrument is classified as Level 3. The following specific valuation techniques are used to measure financial instruments: \u2022 For over-the-counter bonds, debt components of warrant and convertible bonds, liabilities to banks, promissory notes and other non-current financial liabilities as well as for current other receivables, current financial liabilities and non-current trade and other receivables, the fair value is determined as the present value of future cash flows, taking account of observable yield curves and the respective credit spread, which depends on the credit rating. \u2022 The fair value of over-the-counter derivatives is determined by means of appropriate calculation meth ods, e. g., by discounting the expected future cash flows. The forward prices of forward transactions are based on the spot or cash prices, taking account of forward premiums and discounts. The fair values of optional hedges are calculated on the basis of option pricing models. The fair values determined on the basis of the group\u2019s own systems are periodically compared with fair value confirmations of the external counter- parties. \u2022 Other valuation techniques, e. g., discounting future cash flows, are used to determine the fair values of other financial instruments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-803": { "value": "NON - DERIVATIVE FINANCIAL ASSETS AND FINANCIAL LIABILITIES The classification and measurement of financial assets are determined on the basis of the business model assigned to manage financial assets and the related contractual cash flows. At initial recognition of financial assets, the classification comprises the categories \u2018Financial assets at amortised cost (AC)\u201d, \u2018Financial assets at fair value through other comprehensive income (FVTOCI)\u201d and \u2018Financial assets at fair value through profit and loss (FVPL)\u201d. With the exception of trade receivables, non-derivative financial financial assets are recognised at fair value. Trade receivables are recognised with their values at the trading date on whichTUI Group under-takes to buy the assets. When recognised for the first time, they are either classified at amortised costs or at fair value, depending on their objective. Non-derivative financial assets are classified as financial assets at amortised cost when the objective of the entity\u2019s business model is to hold the financial assets to collect contractually agreed cash flows, and when the cash flows exclusively constitute interest and principal payments on the nominal amount outstanding. For financial assets held at amortised cost, a loss allowance for expected credit losses is recognised in ac- cordance with IFRS 9. Loss allowances for financial assets are based on either full lifetime expected credit losses or 12-month expected credit losses. A loss allowance for lifetime expected credit losses is required for a financial instrument if the credit risk of that financial asset has increased significantly since initial recognition or if the financial instruments are trade receivables, lease liabilities or contract assets. For all other financial instruments, expected credit losses are measured at an amount equal to the 12-month expected credit losses. IFRS 9 allows entities to apply a simplified approach inter alia for trade receivables. Lifetime expected credit losses on all these assets can be recognised at initial recognition.TUI applies the simplified approach for all trade receivables .
Non-derivative financial liabilities are recognised in the consolidated statement of financial position if an
obligation exists to transfer cash and cash equivalents or other financial assets to another party. A non-
derivative financial liability is initially recognised at its fair value. For loans taken out, the nominal amount is
reduced by discounts retained and transaction costs paid and discounted over the expected remaining term
of the liability. The subsequent measurement of non-derivative financial liabilities is effected at amortised
cost using the effective interest method.
TUI does not use the fair value option.
CASH AND CASH EQUIVALENTS Cash and cash equivalents comprise cash, call deposits, current account balances and other highly liquid current financial assets with an original term of a maximum of three months, such as shares in money market funds . Investments in money market funds are made in shares with a stable net asset value or LVNAV (low volatility net asset value). The investment criteria of the individual money market funds, their credit ratings, historical performance and stress tests meet the criteria for cash and cash equivalents. As the contractual cash flows of the money market funds do not exclusively comprise interest and principal payments, they are measured at fair value through profit or loss. Bank overdrafts are shown as liabilities to banks under current financial liabilities CREDIT RISK The credit risk in non-derivative financial instruments results from the risk of counterparties defaulting on their contractual payment obligations. Maximum credit risk exposure corresponds in particular to the total of the recognised carrying amounts of the financial assets (including derivative financial instruments with positive market values). Furthermore, there are no material financial guarantees for the discharge of liabilities. Where legally enforceable, financial assets and liabilities are netted. Credit risks are reviewed closely on conclusion of the contract and continually monitored thereafter in order to swiftly respond to potential impairment in a counterparty\u2019s solvency. Responsibility for handling the credit risk is generally held by the Group company holding the receivable. Since TUI Group operates in many different business areas and regions, significant credit risk concentrations of receivables from and loans to specific debtors or groups of debtors are not to be expected. A significant concentration of credit risks related to specific countries is not to be expected either. As in the previous year, at the balance sheet date, there is no material collateral held, or other credit enhancements that reduce the maximum credit risk. Collateral held relates exclusively to financial assets of the category trade receivables and other receivables. The collateral mainly comprises collateral for financial receivables granted and maturing in more than one year and / or with a volume of more than \u20ac 1.0 m. Real property rights, directly enforceable guarantees, bank guarantees and comfort letters are used as collateral. Credit management also covers TUI Group\u2019s derivative financial instruments. The maximum credit risk for derivative financial instruments entered into is limited to the total of all positive market values of these instruments since in the event of counterparty default asset losses would only be incurred up to that amount. Since derivative financial instruments are concluded with different debtors, credit risk exposure is reduced. The specific credit risks of individual counterparties are taken into account in determining the fair values of derivative financial instruments. In addition, the counterparty risk is continually monitored and controlled using internal bank limits. IFRS 9 requires entities to recognise expected losses for all financial assets held at amortised cost and for financial assets constituting debt instruments and measured at FVTOCI (Fair Value Through Other Compre- hensive Income). In TUI Group, the items affected are financial instruments recognised at amortised cost in the following categories: trade receivables and other receivables with the sub-classes trade receivables, advances and loans, other receivables and assets as well as lease receivables. Additional classes are other financial assets and cash and cash equivalents. In determining expected losses, IFRS 9 distinguishes between the general and the simplified approach to impairment. Under the general approach to impairment, financial assets are classified into three stages. Stage 1 is where financial assets are recognised for the first time or where credit risk has not increased significantly since initial recognition. At this stage, the expected bad debt losses that may arise from possible default events within the next 12 months after the respective balance sheet date are reported. For financial assets in stage 1, entities are required to recognise 12-month Expected Credit Losses (ECL). Stage 2 is where credit risk has increased significantly since initial recognition. Stage 3 includes financial assets that additionally have objective evidence of impairment alongside the criteria of stage 2. Stages 2 and 3 show lifetime ECL. Under the simplified approach to impairment, a loss allowance is carried at an amount equal to life-time ECL at initial recognition for trade receivables and lease receivables, regardless of the credit quality of the accounts receivable and the lease receivables. TUI uses a provision matrix to determine the expected loss for trade receivables and lease receivables. Average historical default rates are determined for the following maturity bands. Not overdue, less than 30 days past due, 30 \u2013 90 days, 91 \u2013 180 days and more than 180 days past due . To determine the historical default rate, the weighted average of the last three years is calculated for the receivables in default in the respective year in relation to the receivables portfolio at the end of the respective financial year. This is multiplied by the probability that a receivable will age into the final maturity band. The loss rates determined are adjusted by credit default swap ( CDS) rates in order to take account of forward-looking information. The adjusted loss rates are based on average rates for the past few years. The economic environment of the relevant geographical regions is taken into account through a weighting of CDS rates. All model parameters mentioned above are regularly reviewed and updated. Under the simplified approach to impairment, trade receivable and lease receivables are transferred to Stage 3 when there is any objective evidence of impairment. In principle TUI Group classifies whether a trade receivable is to be transferred to Stage 3 on an individual basis, depending on the region, after 180 days at the earliest. In the event of insolvencies or other objective indications of impairment before this date, a transfer to stage 3 is made earlier. If a receivable is more than 180 days overdue, it is assumed to be impaired and, in the event of uncollectibility, generally written down in full. Objective evidence of impairment of lease receivables includes, for example, significant financial difficulties on the part of the debtor, breach of contract (default or delay in interest and repayment) or concessions made for economic or contractual reasons in connection with the debtor\u2019s financial difficulties The fair values of non-current trade receivables and for parts of current other receivables and current other financial assets as well as cash and cash equivalents, current other financial liabilities and trade payables correspond to the present values of the cash flows associated with the assets, taking account of current interest parameters which reflect market and counterparty-related changes in terms and expectations. LEVEL 2 FINANCIAL INSTRUMENTS The fair values of financial instruments not traded in an active market, e. g., over-the-counter (OTC) derivatives, are determined by means of valuation techniques. These valuation techniques make maximum use of observable market data and minimise the use of group-specific assumptions. If all essential inputs for the determination of the fair value of an instrument are observable, the instrument is classified as Level 2. If one or several key inputs are not based on observable market data, the instrument is classified as Level 3. The following specific valuation techniques are used to measure financial instruments: \u2022 For over-the-counter bonds, debt components of warrant and convertible bonds, liabilities to banks, promissory notes and other non-current financial liabilities as well as for current other receivables, current financial liabilities and non-current trade and other receivables, the fair value is determined as the present value of future cash flows, taking account of observable yield curves and the respective credit spread, which depends on the credit rating. \u2022 The fair value of over-the-counter derivatives is determined by means of appropriate calculation meth ods, e. g., by discounting the expected future cash flows. The forward prices of forward transactions are based on the spot or cash prices, taking account of forward premiums and discounts. The fair values of optional hedges are calculated on the basis of option pricing models. The fair values determined on the basis of the group\u2019s own systems are periodically compared with fair value confirmations of the external counter- parties. \u2022 Other valuation techniques, e. g., discounting future cash flows, are used to determine the fair values of other financial instruments. LEVEL 3 FINANCIAL INSTRUMENTS The table below presents the fair values of the financial instruments measured at fair value on a recurring basis, classified as Level 3 ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-702": { "value": "Dividends from these equity instruments are recognised in the income statement unless the dividends are clearly a partial repayment of the cost to purchase the equity instrument. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-705": { "value": "
Financial assets are derecognised at the date on which the rights for payments from the assets expire or are
transferred and therefore at the date on which essentially all risks and rewards of ownership are transferred.
The rights to an asset expire when the rights to receive the cash flows from the asset have expired. For
transfers of financial assets, it is assessed whether they have to be derecognised in accordance with the
derecognition requirements of
IFRS 9.
Financial liabilities are derecognised when the obligations specified in the contract are discharged, cancelled
or expire.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-9": { "value": "All foreign exchange differences resulting from the translation of trade accounts payable are recognised in the income statement within cost of sales. Foreign exchange differences from the translation of liabilities not resulting from normal operating processes are reported under Other income / expenses, Financial expenses / income or Administrative expenses, depending on the nature of the underlying receivables or payables. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-703": { "value": "
The bond with warrants and the convertible bond on shares in
TUI AG have to be accounted for as compound
financial instruments. Compound financial instruments are divided into an equity and a debt component in
accordance with
IAS 32. The debt component shown under financial liabilities is valued, less the pro rata
transaction costs and added to the repayment amount using the effective interest method. The equity
com
ponent is valued at the residual value that results after deducting the amount determined for the debt
component from the fair value of the entire instrument. The pro rata transaction costs of the equity
com
ponent are deducted from this component. No gain or loss will result from the exercise or expiry of the
relevant conversion option .
Financial and lease liabilities
30 Sep 2023
30 Sep 2022
Remaining term
Remaining term
up to 1
1\u2013 5 years
more than
To t a l
up to 1
1\u2013 5 years
more than
Total
\u20ac million year 5 years year 5 years
Convertible bonds
13.5
529.2
\u2013
542.7
13.5
\u2013
518.6
532.1
Bonds
\u2013
\u2013
\u2013
\u2013
\u2013
48.4
\u2013
48.4
Liabilities to banks
69.9
438.9
210.0
718.8
280.0
913.8
188.8
1,382.6
Other financial
liabilities
15.1
20.4
\u2013
35.5
26.4
61.8
\u2013
88.2
Financial
liabilities
98.5
988.5
210.0
1,297.0
319.9
1,024.0
707.4
2,051.3
Lease liabilities
701.2
1,553.6
663.3
2,918.1
698.8
1,668.0
840.7
3,207.5
Non-current financial liabilities decreased by \u20ac 532.9 m versus 30 September 2022 to \u20ac 1,198.5 m. Thdecrease is mainly due to the reduction in liabilities to banks. In April 2023, a capital increase with rights issue was successfully completed. Parts of the proceeds wer used to redeem, or repurchase, in full the outstanding warrant bond including warrants at the nomina amount of \u20ac 58.7 m plus accrued interest at fair value. The bond component of this warrant bond warecognised in financial liabilities, while the separately tradable warrants were recognised in equity. The early termination rights by TUI as well as the conversion right and the put option held by the holders o the convertible bond represent embedded derivatives which were not separated in accordance withIFRS as they are classified as closely related to the host contract. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForWarrantsExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-704": { "value": "
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGE ACCOUNTING
At initial measurement, derivative financial instruments are measured at the fair value attributable to them
on the date the contract is entered into and recognised in the balance sheet. Subsequent remeasurement is
also recognised at the fair value calculated at the respective balance sheet date. Where derivative financial
instruments are not part of a designated hedging relationship in connection with hedge accounting, they are
classified as \u2018at fair value through profit and loss\u2019. The method used to recognise gains and losses depends
on whether the derivative financial instrument has been fully or possibly only partly designated as a hedging
instrument, and on the nature of the hedged item. Changes in the fair value of a derivative financial instru
ment
not designated as a hedging instrument or the component of a derivative financial instrument not designat
ed
as a hedging instrument are immediately recognised through profit and loss. If, by contrast, an effective
hedging relationship exists, the transaction is recognised as a hedge. The unrealised gains and losses from
the fair value valuation of derivative financial instruments that are designated as hedging instruments with
in
hedge accounting are initially recognised in equity without affecting profit or loss. In the case of derivative
financial instruments that are not part of a hedging relationship, the effect on profit or loss is immediate, i. e.
the changes from the fair valuation are recognised through profit and loss.
TUI Group uses the accounting policy choice provided by IFRS 9, enabling entities to continue applying the
hedge accounting requirements of
IAS 39. Hedge accounting is exclusively used to hedge the exposure due
to foreign currency and fuel price fluctuations in cash flows from highly probable forecast transactions (cash
flow hedges). Hedges of balance sheet items (fair value hedges), i. e. hedges of the fair value of an asset or a
liability, which would be accounted for at amortised cost, are currently not designated.
Upon entering into a transaction,
TUI documents the hedge relationship between the hedge and the under-
lying transaction, the risk management goal and the underlying strategy. In addition, a record is kept of the
assessment, both at the beginning of the hedge relationship by using the Critical Terms Match method and
on a continual qualitative basis, as to whether the derivatives used for the hedge are highly effective in
com
pensating for the changes in the fair values or cash flows of the underlying transactions.
The effective portion of changes in the fair value of derivatives forming cash flow hedges is recognised i equity without affecting profit and loss. Any ineffective portion of such changes in the fair value, by contras is recognised immediately in the income statement through profit and loss. Amounts taken to equity ar reclassified to the income statement and carried as income or expenses in the period in which the hedge item or the hedge has an effect on results or it is no longer highly expected that the hedged item or corresponding part thereof will occur. If a hedge expires, is sold or no longer meets the criteria of IAS 39 for hedge accounting, the cumulative gai or loss remains in equity and is only recognised in the income statement through profit and loss when th originally hedged future forecasted transaction occurs. If the future transaction is no longer expected t take place, the cumulative gains or losses recognised directly in equity are immediately recognised throug profit and loss. More detailed information on the Group\u2019s risk management activities is provided in Note 41 and as well as i the \u2018Risk report\u2019 section of the Management Report. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-771": { "value": "DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGE ACCOUNTING At initial measurement, derivative financial instruments are measured at the fair value attributable to them on the date the contract is entered into and recognised in the balance sheet. Subsequent remeasurement is also recognised at the fair value calculated at the respective balance sheet date. Where derivative financial instruments are not part of a designated hedging relationship in connection with hedge accounting, they are classified as \u2018at fair value through profit and loss\u2019. The method used to recognise gains and losses depends on whether the derivative financial instrument has been fully or possibly only partly designated as a hedging instrument, and on the nature of the hedged item. Changes in the fair value of a derivative financial instrument not designated as a hedging instrument or the component of a derivative financial instrument not designated as a hedging instrument are immediately recognised through profit and loss. If, by contrast, an effective hedging relationship exists, the transaction is recognised as a hedge. The unrealised gains and losses from the fair value valuation of derivative financial instruments that are designated as hedging instruments with in hedge accounting are initially recognised in equity without affecting profit or loss. In the case of derivative financial instruments that are not part of a hedging relationship, the effect on profit or loss is immediate, i. e. the changes from the fair valuation are recognised through profit and loss. TUI Group uses the accounting policy choice provided by IFRS 9, enabling entities to continue applying the hedge accounting requirements ofIAS 39. Hedge accounting is exclusively used to hedge the exposure due to foreign currency and fuel price fluctuations in cash flows from highly probable forecast transactions (cash flow hedges). Hedges of balance sheet items (fair value hedges), i. e. hedges of the fair value of an asset or a liability, which would be accounted for at amortised cost, are currently not designated. Upon entering into a transaction,TUI documents the hedge relationship between the hedge and the under- lying transaction, the risk management goal and the underlying strategy. In addition, a record is kept of the assessment, both at the beginning of the hedge relationship by using the Critical Terms Match method and on a continual qualitative basis, as to whether the derivatives used for the hedge are highly effective incompensating for the changes in the fair values or cash flows of the underlying transactions. The effective portion of changes in the fair value of derivatives forming cash flow hedges is recognised i n equity without affecting profit and loss. Any ineffective portion of such changes in the fair value, by contras t, is recognised immediately in the income statement through profit and loss. Amounts taken to equity ar e reclassified to the income statement and carried as income or expenses in the period in which the hedge d item or the hedge has an effect on results or it is no longer highly expected that the hedged item or acorresponding part thereof will occur. If a hedge expires, is sold or no longer meets the criteria of IAS 39 for hedge accounting, the cumulative gai n or loss remains in equity and is only recognised in the income statement through profit and loss when th e originally hedged future forecasted transaction occurs. If the future transaction is no longer expected t o take place, the cumulative gains or losses recognised directly in equity are immediately recognised throug h profit and loss. More detailed information on the Group\u2019s risk management activities is provided in Note 41 and as well as i n the \u2018Risk report\u2019 section of the Management Report. DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGES STRATEGY AND GOALS In accordance with TUI Group\u2019s policy, derivatives are allowed to be used if they are based on underlying recognised assets or liabilities, firm commitments or forecast transactions. Hedge accounting based on the rules of IAS 39 is applied to forecasted transactions. In the completed financial year, hedges consisted of cash flow hedges. Derivative financial instruments in the form of fixed-price transactions and options as well as structured products can be used to limit currency, interest rate and fuel risks. The COVID-19 pandemic significantly impacted TUI\u2019s business operations, causing a strong increase in TUI\u2019s credit risk premiums. The significant increase in TUI\u2019s credit risk had a direct impact on the effectiveness of hedging relationships according to IAS 39 and explicitly on the retrospective hedge effectiveness test, because when calculating retrospective effectiveness, the credit risk is included in the derivative instrument entered into with the counterparty, but not in the hypothetical derivative. As a result, fuel price, interest rate and currency hedges had to be de-designated as they no longer met the effectiveness requirements of IAS 39. For the de-designated hedging instruments cash flow hedge accounting is terminated and the hedges are recognised as other derivative financial instruments. Based on these de-designations any further changes in the fair value of these instruments will be recognised in profit or loss in the income statement in the cost of sales or, in the case of interest rate hedges, in the financial result. For all fuel price hedges contracted from 1 January 2023, the retrospective effectiveness will be determined , based on regression analysis. For fuel price hedges contracted before 31 December 2022, the dollar offset method will continue to be applied. This change in method allows hedge relationships to be presented more appropriately, so that as at 30 September 2023, no newly contracted fuel price hedges after the 1 January 2023 have to be de-designated. Furthermore, from 31 March 2023, the designation of the hedged item for foreign currency hedges is evaluated on a seasonal basis. The designation on a seasonal basis reflects the operational tourism business model with a summer and winter season within a financial year and corresponds to the hedging approach of TUI\u2019s risk management strategy. Due to the COVID-19 pandemic and its impact on the business operations of TUI, the seasonal consideration of the hedge ratio of foreign currency hedges was temporarily suspended and a designation on a monthly basis has been established. This approach for desig- nation of hedges no longer corresponds to the risk management strategy as the tourism operating business has returned to pre-crisis levels ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-764": { "value": "The effective portion of changes in the fair value of derivatives forming cash flow hedges is recognised i n equity without affecting profit and loss. Any ineffective portion of such changes in the fair value, by contras t, is recognised immediately in the income statement through profit and loss. Amounts taken to equity ar e reclassified to the income statement and carried as income or expenses in the period in which the hedge d item or the hedge has an effect on results or it is no longer highly expected that the hedged item or acorresponding part thereof will occur. If a hedge expires, is sold or no longer meets the criteria of IAS 39 for hedge accounting, the cumulative gai n or loss remains in equity and is only recognised in the income statement through profit and loss when th e originally hedged future forecasted transaction occurs. If the future transaction is no longer expected t o take place, the cumulative gains or losses recognised directly in equity are immediately recognised throug h profit and loss. More detailed information on the Group\u2019s risk management activities is provided in Note 41 and as well as i n the \u2018Risk report\u2019 section of the Management Report. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-10": { "value": "CONTRACTUAL COSTS The direct costs immediately resulting from obtaining a contract, e. g. sales commissions to travel agencies for sales of travel services, are capitalised as contractual costs in the statement of financial position upon payment of the commission. As a rule, the resulting expenses are recognised over the duration of the travel service in line with the associated revenue. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerAcquisitionCostsExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-11": { "value": "INVENTORIES The measurement method applied to similar inventory items is the weighted average cost formula. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-706": { "value": "CASH AND CASH EQUIVALENTS Cash and cash equivalents comprise cash, call deposits, current account balances and other highly liquid current financial assets with an original term of a maximum of three months, such as shares in money market funds . Investments in money market funds are made in shares with a stable net asset value or LVNAV (low volatility net asset value). The investment criteria of the individual money market funds, their credit ratings, historical performance and stress tests meet the criteria for cash and cash equivalents. As the contractual cash flows of the money market funds do not exclusively comprise interest and principal payments, they are measured at fair value through profit or loss. Bank overdrafts are shown as liabilities to banks under current financial liabilities Under the general approach to impairment, financial assets are classified into three stages. Stage 1 is where financial assets are recognised for the first time or where credit risk has not increased significantly since initial recognition. At this stage, the expected bad debt losses that may arise from possible default events within the next 12 months after the respective balance sheet date are reported. For financial assets in stage 1, entities are required to recognise 12-month Expected Credit Losses (ECL). Stage 2 is where credit risk has increased significantly since initial recognition. Stage 3 includes financial assets that additionally have objective evidence of impairment alongside the criteria of stage 2. Stages 2 and 3 show lifetime ECL. Under the simplified approach to impairment, a loss allowance is carried at an amount equal to life-time ECL at initial recognition for trade receivables and lease receivables, regardless of the credit quality of the accounts receivable and the lease receivables. TUI uses a provision matrix to determine the expected loss for trade receivables and lease receivables. Average historical default rates are determined for the following maturity bands. Not overdue, less than 30 days past due, 30 \u2013 90 days, 91 \u2013 180 days and more than 180 days past due To determine the historical default rate, the weighted average of the last three years is calculated for the receivables in default in the respective year in relation to the receivables portfolio at the end of the respective financial year. This is multiplied by the probability that a receivable will age into the final maturity band. The loss rates determined are adjusted by credit default swap ( CDS) rates in order to take account of forward-looking information. The adjusted loss rates are based on average rates for the past few years. The economic environment of the relevant geographical regions is taken into account through a weighting of CDS rates. All model parameters mentioned above are regularly reviewed and updated. Under the simplified approach to impairment, trade receivable and lease receivables are transferred to Stage 3 when there is any objective evidence of impairment. In principle TUI Group classifies whether a trade receivable is to be transferred to Stage 3 on an individual basis, depending on the region, after 180 days at the earliest. In the event of insolvencies or other objective indications of impairment before this date, a transfer to stage 3 is made earlier. If a receivable is more than 180 days overdue, it is assumed to be impaired and, in the event of uncollectibility, generally written down in full. Objective evidence of impairment of lease receivables includes, for example, significant financial difficulties on the part of the debtor, breach of contract (default or delay in interest and repayment) or concessions made for economic or contractual reasons in connection with the debtor\u2019s financial difficulties . For all other financial assets carried at amortised cost impairments are determined in accordance with the general approach For cash and cash equivalents, the low credit risk exemption of IFRS 9 is applied, according to which financial instruments with a low default risk at the time of acquisition can be classified in stage 1 of the impairment model. Cash and cash equivalents include, for instance, cash in hand or bank balances that are exclusively due to counterparties with a high credit rating. In accordance with stage 1 of the impairment hierarchy, a risk provision corresponding to the 12-month credit loss is recorded in cash and cash equivalents upon initial recognition. At each balance sheet date, a verification is made as to whether the counterparties continue to have a rating of investment grade quality. As the corresponding financial assets have a maximum term of 3 months, the impairment requirement is very low. A transfer from Stage 1 to Stage 2 or 3 has no practical relevance, as the business relationship would be terminated immediately in the case of a correspondingevent. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-772": { "value": "EQUITY Ordinary shares are classified as equity. Costs directly attributable to the issue of new shares or conversion options are taken to equity on a net after-tax basis as a deduction from the issuance proceeds. OWN SHARES The group\u2019s holdings in its own equity instruments are shown as deductions from shareholders\u2019 equity at cost, including directly attributable transaction costs. No gain or loss is recognised in the income statement on the purchase or sale of shares. Any difference between the proceeds from sale and the original cost are taken to reserves. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-720": { "value": "OWN SHARES The group\u2019s holdings in its own equity instruments are shown as deductions from shareholders\u2019 equity at cost, including directly attributable transaction costs. No gain or loss is recognised in the income statement on the purchase or sale of shares. Any difference between the proceeds from sale and the original cost are taken to reserves. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-12": { "value": "PENSION PROVISIONS The pension provision recognised for defined benefit plans corresponds to the net present value of the de- fined benefit obligations (DBOs) as at the balance sheet date less the fair value of the plan assets. If the value of the plan assets exceeds the value of the DBO, the excess amount is shown within other non-financial assets as far as the capitalisation is not limited under the asset ceiling defined in IAS 19. The DBOs arecalculated annually by independent actuaries using the projected unit credit method. For defined contribution plans, the Group pays contributions to public or private pension insurance plans on the basis of a statutory or contractual obligation or on a voluntary basis. The Group does not have anyfurther payment obligations on top of the payment of the contributions. The contributions are recognised under staff costs when they fall due. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-765": { "value": "
OTHER PROVISIONS
Other provisions are formed when the Group has a current legal or constructive obligation as a result of a
past event, where in addition it is probable that assets will be impacted by the settlement of the obligation
and the level of the provision can be reliably determined.
Where a large number of similar obligations exist, the probability of a charge over assets is determined on
the basis of this group of obligations. A provision is also recognised if the probability of a charge over assets
is low in relation to an individual obligation contained in this group.
Provisions are measured at the present value of the expected expenses, taking account of a pre-tax interest
rate, reflecting current market assessments of the time value of money and the risks specific to the liability .
Risks already taken into account in estimating future cash flows do not affect the discount rate. Increases in
provisions due to accretion of interest are recognised as interest expenses through profit or loss.
Post-employment benefits are transfers to or reversals of pension provisions for Executive Board members active in the reporting period. The expenses mentioned do not meet the definition of remuneration for Executive and Supervisory Board members under German accounting rules. The share-based payments are an offset amount of expenses due to the addition to the provision and income resulted from the reversal of the provision due to the valuation. Termination benefits last year relate to provisions in connection with the resignation of Frank Rosenberger, whose service agreement will continue until 31 December 2023. The benefits in the previous year relate to Friedrich Joussen, whose service agreement including all related compensation components will continue until the end of the 2024 financial year. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-13": { "value": "GOVERNMENT GRANTS Government grants are recognised if there is reasonable assurance that TUI will comply with all attached conditions for receiving the grant and the grant will be awarded. Investment grants received are deducted from the carrying amounts of assets in property, plant or equipment where these grants are directly allocable to individual assets. If a direct allocation of grants to individual items of property, plant or equipment is not possible, or if the grants are from other government programmes, the grants and subsidies received are recognised as deferred income and shown within Other liabilities. Grants related to income are deducted from related expenses in the period in which the corresponding expenses are incurred. Government grants include, for example, income subsidies or social security contributions for short-time allowances. If short-time allowance is a personal benefit for the employee, the respective payments are not recognised as income in the statement of profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-721": { "value": "DEFERRED TAXES AND INCOME TAXES Expected tax savings from the use of tax losses carried forward assessed as recoverable in the future are recognised as deferred tax assets. Regardless of the unlimited ability to carry German tax losses forward which continues to exist, the annual utilisation is limited by the minimum taxation. Foreign tax losses carried forward frequently have to be used within a given country-specific time limit and are subject to restrictions concerning the use of these losses carried forward for profits on ordinary activities, which are taken into account accordingly in the measurement. Income taxes are charged or credited directly to equity or other comprehensive income if the tax relates to items that are charged or credited to equity or recognised in other comprehensive income without affecting Group profit or loss. Deferred and current income tax liabilities are offset against the corresponding tax assets if they exist in the same fiscal territory and have the same nature and maturity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-14": { "value": "SHARE-BASED PAYMENTS Share-based payment schemes in the Group comprise both cash-settled and equity-settled schemes. For cash-settled transactions, the resulting liability for the Group is charged to expenses at its fair value as at the date of the performance of the service by the beneficiary. Until settlement of the liability, the fair value of the liability is re-measured at every closing date and all changes in the fair value are recognised through profit and loss. For equity-settled transactions the fair value of the awards granted is recognised under staff costs with a corresponding direct increase in equity. The fair value is determined at the point when the awards are granted and spread over the vesting period during which the employees become entitled to the awards. The method for the calculation of the granted awards is described in note 40 \u2018Share-based payments in accordancewithIFRS 2\u2019. PERFORMANCE SHARE PLAN (PSP) FOR ELIGIBLE GROUP EXECUTIVES The PSP governs the phantom share-based remuneration for eligible executives who are not members of the Executive Board. ThePSP is in principle harmonized with the LTIP EPS 20 \u2013 23 of the Board members. The performance period of the PSP is three years. The current PSP has been in effect in its current form since2019. For the tranches granted since 2020 the vesting of the phantom shares is dependent on the achievement of absolute EPS values instead of relative EPS growth. Since LTIP EPS20 \u2013 23 and PSP follow common scheme principles, the following development of allocated phantom shares under the programs are shown on an aggregated basis. ACCOUNTING FOR SHARE-BASED PAYMENT SCHEMES As at 30 September 2023, all existing awards are recognised as cash-settled share-based payment schemes and are allocated with an exercise price of \u20ac 0.00 (previous year \u20ac 0.00). The personnel expense is recognised upon actual delivery of service according toIFRS 2 and is, therefore, spread over a period of time. According toIFRS 2, all contractually granted entitlements have to be accounted for, irrespective of whether and when they are actually allocated. Accordingly, phantom shares allocated in the past are charged on a pro rata basis upon actual delivery of service. Post-employment benefits are transfers to or reversals of pension provisions for Executive Board members active in the reporting period. The expenses mentioned do not meet the definition of remuneration for Executive and Supervisory Board members under German accounting rules. The share-based payments are an offset amount of expenses due to the addition to the provision and income resulted from the reversal of the provision due to the valuation. Termination benefits last year relate to provisions in connection with the resignation of Frank Rosenberger, whose service agreement will continue until 31 December 2023. The benefits in the previous year relate to Friedrich Joussen, whose service agreement including all related compensation components will continue until the end of the 2024 financial year. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-722": { "value": "Assets held for sale Lower of cost and fair value less costs of disposal ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-738": { "value": "Assets held for sale Lower of cost and fair value less costs of disposal ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-684": { "value": "Key judgements, assumptions and estimates The presentation of the assets, liabilities and provisions as well as contingent assets and liabilities shown in the consolidated financial statements is based on judgements, assumptions and estimates. Any uncertainties are appropriately taken into account in determining the values. All estimates and assumptions are based on the conditions and assessments as at the balance sheet date. In evaluating the future development of business, reasonable assumptions are made regarding the expected future economic environment in the business areas and regions in which the Group operates. Despite careful preparation of the estimates, actual results may differ from the estimate. In such cases, the assumptions and the carrying amounts of the assets and liabilities concerned, if necessary, are adjusted accordingly. As a matter of principle, changes in estimates are taken into account in the financial year in which the changes have occurred and in future periods. JUDGEMENTS The judgements made by management in applying accounting policies that may have a significant impact on TUI Group\u2019s assets and liabilities mainly relate to the following topics: \u2022 Assessment of when the Group has control over an investee and therefore consolidates this investment \u2022 Definition of whether a Group company acts as an agent or as a principal in a transaction \u2022 Determination of whether an agreement is to be classified as a lease or contains a lease \u2022 Determination of the term of the lease as a lessee in the event of agreements with extension or termination options DETERMINATION OF THE TERM OF THE LEASE AS A LESSEE TUI determines the term of the lease based on the non-cancellable period for which the lessee has the right to use the asset, together with any periods covered by extension options, if exercise of that option byTUI is reasonably certain, as well as periods covered by termination options ifTUI is reasonably certain that it will not exercise that option. Many of TUI\u2019s individually negotiated aircraft and real estate leases contain extension or termination options. TUI applies judgement in evaluating whether it is reasonably certain that an option to renew will be exercised or that an option to terminate the lease will not be exercised. In this context, TUI considers all relevant facts and circumstances that create an economic incentive for TUI to exercise, or not to exercise, the extension or termination option, respectively. From the commencement date,TUI remeasures the lease term if there is either a significant event or a significant change in the circumstances within our control that alters any of our assessments about what is reasonably certain. The lease term, for instance, is adjusted if an extensionoption is exercised or if a termination option is not exercised and if this had been considered differently in the original assessment. For aircraft leases, we determine the end of the lease term on the basis of the contractually agreed return date. For medium- to long-term property agreements, e. g. office buildings, hotels or travel agency leases, options to renew the lease are included in the lease term to the extent to which TUI presumes that the future exercise of the option is reasonably certain in the individual case. For information on potential future lease payments relating to periods after the exercise date for extension or termination options, please refer to Note 15. ASSUMPTIONS AND ESTIMATES Assumptions and estimates that may have a material impact on the amounts reported as assets and liabilities inTUI Group are mainly related to the following balance sheet-related facts and circumstances: \u2022 Assumptions for use in impairment tests, in particular for goodwill and property, plant and equipment \u2022 Effect of climate-related risks on the useful lives and the measurement of assets \u2022 Determination of the fair values for acquisitions of companies and determination of the useful lives of acquired intangible assets \u2022 Determination of useful lives and residual carrying amounts of property, plant and equipment \u2022 Determination of actuarial assumptions to measure pension obligations \u2022 Recognition and measurement of other provisions \u2022 Determination of the incremental borrowing rate used to measure lease liabilities \u2022 Recoverability of future tax savings from tax losses carried forward and tax-deductible temporary differ- ences \u2022 Measurement of tax risks \u2022 Recoverable amounts of touristic prepayments \u2022 Determination that the package holiday represents a performance obligation due to the significant inte- gration service \u2022 Determination of period-related revenue recognition on a straight-line basis over the duration of the trip \u2022 Determination of the expected credit losses ( ECL) of financial instruments ASSUMPTIONS FOR USE IN IMPAIRMENT TESTS, IN PARTICULAR FOR GOODWILL AND PROPERTY, PLANT AND EQUIPMENT The impairment tests are performed on the basis of future discounted cash inflows derived from the medium- term corporate planning. Both the derivation of future cash inflows and the determination of the interest rate are heavily influenced by assumptions and estimates and are associated with uncertainties, in particular due to the strong general increase in prices and interest rates, which could lead to a decline in demand for tourism products and increased expenses for input factors. In addition assumptions and estimates regarding the financial impact of climate-related risks were made, which are described further below. In the financial year 2023TUI left behind the impacts of the COVID-19 pandemic. In the holiday experience division the complete product portfolio could be offered. In aviation business disruptions did not occur unlike in the financial year 2022. The number of guests reached near pre crisis levels, revenues exceeded pre crisis levels. In contrast the financial year 2023 was still affected by the general increase in prices, especially for fuel, and by changes in exchange rates. TUI was insufficiently hedged against these changes due to limited access to relevant hedging instruments. However, overall all the segments increased their results in comparisonto the financial year 2022. For the financial year 2024 it is expected that customer volumes will reach 2019 levels. In the course of the financial year 2023 TUI improved its financial position due to the recovery of its business, the capital increase and the prolongation of the RCF. Accordingly TUI has now far more options to hedge against changes in fuel prices or exchange rates. The further digitalisation of our business and the expansion of existing and new business areas are expected to take effect. Below we describe the key assumptions underlying the medium- term business planning in the segments. In its business plan, Hotels & Resorts expects to deliver further earnings growth due to capacity expansion, demand growth and increases in average selling prices. In the Cruises segment, results are expected to recover further in the financial year 2024 as the winter season of the financial year 2023 was still affected by the comparative late recovery of demand in 2022. Further- more, results will increase until 2026 due to the expansion of the fleets of Marella and TUI Cruises. InSummer 2023 Marella took over one cruise ship from TUI Cruises, which will deliver a full year\u2019s trading result in 2024. TUI Cruises will launch a new ship in Summer 2024 and expand its fleet to nine ships (excluding the Hapag Lloyd Kreuzfahrten brand) in the following years to 2027. However, the results will be negativelyimpacted by the cost of meeting the emission reducing regulatory measures, notably the introduction of the EU emission trading system from 2024. The future development of TUI Musement depends in part on the development of customer numbers in Markets & Airlines. TUI Musement will also generate growth through the sale of tours, activities and tickets due to the expansion of its own / direct distribution via the internet and the app. In Markets & Airlines, beginning with the financial year 2024 it is expected that customer numbers will reach 2019 levels. Wider use of online distribution and distribution by the app, the provision of dynamic production capacities for flights and accommodation and the investments in digitalisation are expected to further improve the results. In addition, TUI has now by far more options to hedge against changes in fuel prices and inexchange rates in comparison to financial year 2023. Conversely the emission trading system of the EU and Great Britain will lead to higher expenses. In addition, the usage of alternative fuels with lower climate-damaging emissions will increase in order to reach emission reduction targets for 2030 and beyond. These fuels are more expensive than conventional kerosine. For further information on assumptions and estimates in relation to climate related risks we refer to the section below .
Other key factors are the weighted average cost of capital after income taxes (WACC), on which discounting
is based, the sustainable growth rate and the growth in perpetuity. Changes in these assumptions may have
a significant impact on the recoverable amount and the amount of any impairment loss.
The weighted average cost of capital after income taxes (
WACC), on which discounting is based, was derived
from external capital market information about comparable companies. The cost of capital to Markets &
Airlines was increased by an additional risk premium of 2.1 % (previous year: 1.9 %). This additional risk pre
mium
was based on an analysis of internal and external market expectations and reflects the elevated uncertainty
with regard to medium- and long-term market developments. Additional country-specific risk premiums are
included, in particular, in the measurement of individual hotels. For further details on the determination of
WACC refer to the section \u2018Goodwill\u2019.
Finally we have implemented sensitivity analyses to estimate the uncertainty associated with the assump
tions
on which the impairment tests are based. The sensitivities and their impact on the fair value result exclusive
ly
from the adjustment of individual parameters. Possible compensatory measures were not taken into account.
Sensitivities have been calculated for changes of the WACC and sustainable growth in perpetuity. In addition,
sensitivity analyses have been carried out for a general increase or decrease of future cash flows and for
material climate related risks. For further details refer to the section \u2018Goodwill\u2019.
EFFECT OF CLIMATE-RELATED RISKS ON THE USEFUL LIVES AND THE MEASUREMENT OF ASSETS
OVERVIEW OF CLIMATE RELATED RISKS
The tourism industry faces significant impacts from climate change. As temperature rises the attractiveness
of certain destinations might decline. Extreme weather events due to climate change might damage our as
sets
and might lead to increased cancellations of holidays. Political and legal developments might increase the
expenses for emission certificates and customer preferences might change. Climate change might also pres
ent
opportunities for TUI to extending the touristic season in summer destinations or to diversify to new regions.
All these changes impact to some extend already and will have a more significant impact on long term finan
cial
performance.
As a result of climate-related risks TUI has committed to the Science Based Targets initiative (SBTi) to re
duce
emissions by 2030 in comparison to a baseline 2019. Our targets are:
\u2022 Reduction of airline
CO
2
e per revenue passenger kilometer by 24 % by 2030
\u2022 Reduction of absolute
CO
2
e from our cruise operations by 27.5 % by 2030
\u2022 Reduction of absolute
CO
2
e from TUI Hotels & Resorts by 46.2 % by 2030
Furthermore it is the commitment of
TUI to achieve net-zero emissions by 2050. The reduction of emissions
will be accomplished with investments in new technologies and the use of fuel with less
CO
2
emissions.
To assess the impact of climate-related risks on our financial performance and business model TUI has
con
ducted a qualitative and quantitative climate risk assessment in the financial year 2023. A number of
assumptions underpin this assessment regarding changes to the intensity and frequency of weather related
events, technology development, development of energy and carbon prices and the development of knowl
edge
on global warming. The impact of climate-related risks was assessed for two scenarios, one scenario which
implies a global warming of approximately 4.3\u00b0C and a scenario which implies a global warming of approx
i-
mately 1.5\u00b0C, both by 2100. The analysis was carried out for the periods until 2030, 2040 and until 2050. The
level of uncertainty of the results of the analysis increases over time.
Given the uncertainty
TUI has applied critical estimation and judgment in the evaluation of the impact of
climate-related risks regarding the recognition and measurement within its financial statements which are
described below.
EFFECT OF CLIMATE
-
RELATED RISKS ON THE USEFUL LIVES OF ASSETS
The useful lives of assets can be affected by climate-related risks in different ways:
\u2022 Physical changes in the climate like an increased frequency and intensity of acute events (storms, fire and
floodings) as well as long term trends like increased temperature might impact our assets
\u2022 Transitional changes related to the transition to a low-carbon economy including policy, legal, technology
and market changes might affect the use of our assets
In the assessment of the impact of the climate change on the useful lives of our assets TUI applied the
fol
lowing assumptions and estimates:
The impact of physical risks on our aircrafts and our cruise ships is assumed to be low. Both assets could be
flexibly used and itineraries or flight routes could be adjusted. The main risk relates to the commitment of
TUI to decarbonize its business. However, all aircrafts of the current aircraft fleet have the capability to
utilise sustainable aviation fuel (
SAF). In addition the useful lives of our aircrafts, which are mainly leased and
recognised as right of use assets, end before 2050 so that TUI could replace the aircraft with new technolo
gies
such as hydrogen powered aircraft if these prove viable. Likewise our cruise ships can either already utilise
sustainable marine fuel (
SMF) or can be converted to do so. Accordingly TUI concluded that climate-related
risks do not affect the useful life of aircrafts or cruise ships.
TUI assessed as well the useful lives of our Hotels in light of climate related risks. Based on the aforemen-
tioned analysis TUI concludes that the risk from acute weather events like storms, fire and floodings will
in
crease only to a level which is still manageable through insurance and the large and regional spread of our
hotels & resorts portfolio. Furthermore the increase of these risks will most likely occur in the long term so
that our leased hotels with a relatively short useful life are less affected. Based on this analysis
TUI concludes
that none of our hotels will have a reduced useful life due to sea level rise. The risk for our hotels relating to
the decarbonization of our business is assumed to be low as there exists already technology to produce
carbon neutral energy for example from renewable sources such as solar panels or wind turbines. The useful
lives of our hotels could also be affected by consumer behaviour reacting to increased temperatures. Certain
destinations might see a reduced number of tourists in the long term, especially in the peak season e. g. in
summer in the Mediteranean. However, it is assumed that the shoulder seasons in spring and autumn will
become broader which will mitigate this effect. In addition
TUI has the ability to steer our customers to our
owned Hotels and to manage reduced numbers of guests through reduction in use of 3rd party capacity.
Overall,
TUI does not see any impact of climate-related risks on the useful life of hotels.
Overall, useful lives and residual values have not been amended in the prior and current financial year as a
result of climate related risks.
IMPACT OF CLIMATE
-
RELATED RISKS ON THE MEASUREMENT OF DEFERRED TAX ASSETS
IN RELATION TO LOSSES CARRIED FORWARD
TUI applies a five-year planning horizon derived from its medium-term corporate planning when determining
the usability of tax losses carried forward and deductible temporary differences. Medium-term climate-
related risks are factored into the measurement of deferred tax assets in relation to losses carried forward.
Accordingly, the considerably higher charges that will occur in the long term do not impact the measurement
of deferred tax assets in relation to losses carried forward.
IMPACT OF CLIMATE
-
RELATED RISKS ON IMPAIRMENT TESTS, IN PARTICULAR FOR GOODWILL
AND PROPERTY, PLANT AND EQUIPMENT
When performing impairment tests, the discounted future financial charges determined on the basis of the
above-mentioned climate-related risk analysis were deducted from the discounted future cash flow surplus
es
calculated based on our medium-term planning. Due to the long-term nature of these future charges and
uncertain technological and regulatory developments, the charges determined in this manner are subject to
a high level of uncertainty.
The underlying assumption is that until 2030
TUI will reduce its climate-damaging emissions in accordance
with the
SBTi and will subsequently follow a linear path to achieving net-zero emissions by 2050. It is likewise
assumed that the emissions of our suppliers are reduced for the period until 2050. These will be achieved in
particular by gradually replacing aircraft fuel and bunker oil with fuels that do not cause climate-damaging
emissions. The expectation here is that these fuels will be available in sufficient quantities. This assumption
depends on the development of technologies and production capacities and is therefore subject to elevated
uncertainty. A key estimate concerns price movements for fuels without greenhouse gas emissions. Current
ly
the prices for these fuels are by far higher as conventional fuels. It is assumed that the prices will level off
by
2050.
Technological innovation, such as in the form of hydrogen-powered aircraft, is not taken into account. Great
er
fuel efficiency was only considered insofar as it relates to the planned fleet renewal in aviation or else can be
achieved by means of known technologies such as underwater coatings on cruise ships. Fleet expansion in
the Cruises segment has also been factored in. In the segment Hotels & Resorts, it is assumed that emission
reductions will be achieved by means of existing and continued investments in renewable energies, such as
solar panels.
This reduction in greenhouse gas emissions will be underpinned by a public regulatory framework encom-
passing everyone, including
TUI\u2019s suppliers, leading in particular to a reduction in free emission allowances
or an increase in the price of emission certificates. While harmful gas emissions will be reduced in the manner
described above, rising prices for emission certificates will generate substantial financial charges before the
expenses for emission certificates drop to zero in 2050. The calculation of these financial charges reflects
TUI\u2019s own costs and the costs of emission certificates passed on by suppliers.
In addition, physical risks from climate-related one-off events such as storms or floods or long-term devel
op-
ments such as rising temperatures, affecting the Hotels & Resorts segment, were taken into account. Aver
age
annual charges were determined based on external studies. It is expected that the financial impact of these
climate-related risks are relatively low.
Overall, the use of low-emission fuels and rising prices for emission certificates will lead to significant finan
cial
charges, particularly for energy-intensive aviation operations in the Northern Region, Western Region, and
Central Region segments. The Cruises segment will also be impacted. In Hotels & Resorts segment, the
burden will be relatively low; in fact, the autonomous generation of energy, such as by means of solar power,
may even generate cost savings.
One key assumption, then, concerns the extent to which costs for low-emission fuels and emission certifi
cates
can be passed on to customers.
TUI assumes that the reduction in greenhouse gas emissions will generate
general price increases (green inflation).
TUI additionally benefits from opportunities to pass on costs across
the entire value chain. Overall,
TUI therefore assumes that it will be able to pass on 90 % of the costs in
aviation, a sector that is particularly affected, and 95 % in other sectors.
In the light of the uncertainties regarding the long-term financial burden from climate-related risks, TUI has calculated sensitivities for the particularly affected Markets & Airlines and Cruises. These are presented in the section on \u2018Goodwill\u2019. The sensitivities relate to assumptions on the development of climate related risks in general, the development of prices for alternative fuels and emission certifivates and the potential forpassing on climate change-related costs to our customers. Overall, TUI does not regard climate-related risks as a triggering event for carrying out impairment tests. BUSINESS ACQUISITIONS AND INTANGIBLE ASSETS In accounting for business combinations, the identifiable assets, liabilities and contingent liabilities acquired have to be measured at their fair values. In this context, cash flow-based methods are regularly used, which may lead to different results depending on the underlying assumptions. In particular, some judgement is required in estimating the economic useful lives of intangible assets and determining the fair values ofcontingent liabilities. Detailed information on business acquisitions and useful lives of intangible assets is provided in the section \u2018Acquisitions \u2013 divestments\u2019 in the section on \u2018Principles and methods of consolidation\u2019 and in the section on \u2018Goodwill and other intangible assets\u2019 of the section \u2018Accounting and measurement methods\u2019. PROPERTY, PLANT AND EQUIPMENT The measurement of wear-and-tear to property, plant and equipment items entails estimates. The carrying amount of property, plant and equipment as at 30 September 2023 totals \u20ac 3,480.3 m (previous year \u20ac 3,400.9 m). Material assumptions and estimates are the determination of useful lives and residual carrying amounts of property, plant and equipment. The effects of climate-related risks are also taken into account here. From the analysis to review the amounts carried, an evaluation is carried out on a regular basis to assess whether there are any indications of a potential impairment. These indications relate to a number of areas and factors, e. g. the market-related or technical environment but also physical condition. If any such indication exists, management must estimate the recoverable amount on the basis of expected cash flows and appropriate interest rates. More detailed information on the useful lives and residual values of property, plant and equipment items is provided in the section \u2018Property, plant and equipment\u2019 in the section \u2018Accounting and measurement methods\u2019. PENSION PROVISIONS As at 30 September 2023, the carrying amount of provisions for pensions and similar obligations totals \u20ac 670.4 m (previous year \u20ac 601.3 m). For those pension plans where the plan assets exceed the obligation, other non-financial assets amounting to \u20ac 98.5 m are shown as at 30 September 2023 (previous year \u20ac 163.4 m). In order to determine the obligations under defined benefit pension schemes, actuarial calculations are used which rely on underlying assumptions concerning life expectancy and the discount rate. At the balance sheet date, the fair value of the plan assets totals \u20ac 1,905.8 m (previous year \u20ac 2,076.4 m). A s assets classified as plan assets are never available for short-term sale, the fair values of these plan asset s may change significantly up to the realisation date. Detailed information on actuarial assumptions is provided in Note 30 . OTHER PROVISIONS As at 30 September 2023, other provisions amount to \u20ac 1,181.9 m (previous year \u20ac 1,296.0 m). When recognising and measuring provisions, assumptions to a considerable content regarding the probability of occurrence, maturity and level of risk are required. Determining whether a current obligation exists is usually based on review by internal or external experts. The amount of provisions is based on expected expenses, and is either calculated by assessing the specific case in the light of empirical values, outcomes from comparable circumstances or ranges of possible claims, or else estimated by experts. Due to the uncertainties associated with assessment, actual expenses may deviate from estimates so that unexpected charges may result. More detailed information on Other provisions is provided in the Notes to the statement of financial position in Note 31. LEASE LIABILITIES As at 30 September 2023, lease liabilities worth \u20ac 2,918.1 m (previous year \u20ac 3,207.5 m) were carried, reflect ing the present value of the future lease payments as at that date. The interest rate implicit in the lease can only be easily determined in exceptional cases. In all other cases TUI therefore uses its own incremental borrow ing rate to measure the lease liability. The incremental borrowing rate is the interest rate TUI would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. Determining the incremental borrowing rate therefore regularly involves estimates regarding the interest rate the Group would have to pay. In this context, estimates are required, for instance, to determine the interest the Group companies would have to pay if no observable interest rates are available, or if adjustments are required regarding the specific agreed terms and conditions such as the transaction currency or contract term.TUI determines the incremental borrowing rate using observable inputs (bond yields and CDS quotations) and makes specific adjustments for individual companies (e. g. country risk premiums) . DEFERRED TAX ASSETS As at 30 September 2023, deferred tax assets totalling \u20ac 310.6 m (previous year \u20ac 222.0 m) were recognised. Prior to offsetting against deferred tax liabilities, deferred tax assets total \u20ac 675.7 m, including an amount of \u20ac 269.4 m (previous year \u20ac 194.4 m) for recognised losses carried forward. The assessment of the recoverability of deferred tax assets is based on the ability of the respective Group company to generate sufficient taxable income. TUI therefore assesses at every balance sheet date whether the recoverability of expected future tax savings is sufficiently probable in order to recognise deferred tax assets. The assessment is based on various factors including internal forecasts regarding the future earnings situation of the Group company. TUI uses a five-year planning horizon to derive the recoverability of tax loss carryforwards and deductible differences. If the assessment of the recoverability of deferred tax assets changes, the carrying amount of deferred tax assets will be reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow the benefit of part or all of that deferred tax asset to be utilised. Any such reduction is subsequently reversed to the extent that it becomes probable that sufficient taxable profit will be available. More detailed information on deferred tax assets is available in the Notes to the statement of financial position in Note 20. INCOME TAXES The Group is liable to pay income taxes in various countries. Key estimates are required when determining income tax liabilities, including the probability, the timing and the size of any amounts that may become payable. For certain transactions and calculations the final tax charge cannot be determined during the ordinary course of business. After taking appropriate external advice, the Group makes provisions or discloses contingencies for uncertain tax positions based on the probable or possible level of additional taxes that might be incurred. The level of obligations for expected tax audits is based on an estimation of whether and to what extent additional income taxes will be due. Judgements are corrected, if necessary, in the period in which the final tax charge is determined. RECOVERABLE AMOUNTS OF TOURISTIC PREPAYMENTS As at 30 September 2023, the carrying amount of touristic prepayments totals \u20ac 939.9 m (previous year \u20ac 757.6 m). The assessment of the recoverable amounts of touristic prepayments made to hoteliers requires judgement about the volume of future trading with hoteliers and the credit worthiness of those hoteliers. To assess the recoverability of touristic prepayments,TUI considers the financial strength of those hoteliers, the quality of the hotels as well as the demand for each hotel and the relevant destination during the past and in forthcoming seasons. FINANCIAL INSTRUMENTS When measuring ECL of financial instruments under IFRS 9 TUI uses, besides historical information, reasonable and supportable forward-looking information, which is based on assumptions for the future movement of different economic drivers. The uncertainty remains that this futureECL will not be in line with actual default rates due to market development.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-15": { "value": "ASSUMPTIONS FOR USE IN IMPAIRMENT TESTS, IN PARTICULAR FOR GOODWILL AND PROPERTY, PLANT AND EQUIPMENT The impairment tests are performed on the basis of future discounted cash inflows derived from the medium- term corporate planning. Both the derivation of future cash inflows and the determination of the interest rate are heavily influenced by assumptions and estimates and are associated with uncertainties, in particular due to the strong general increase in prices and interest rates, which could lead to a decline in demand for tourism products and increased expenses for input factors. In addition assumptions and estimates regarding the financial impact of climate-related risks were made, which are described further below. In the financial year 2023 TUI left behind the impacts of the COVID-19 pandemic. In the holiday experience division the complete product portfolio could be offered. In aviation business disruptions did not occur unlike in the financial year 2022. The number of guests reached near pre crisis levels, revenues exceeded pre crisis levels. In contrast the financial year 2023 was still affected by the general increase in prices, especially for fuel, and by changes in exchange rates. TUI was insufficiently hedged against these changes due to limited access to relevant hedging instruments. However, overall all the segments increased their results in comparison to the financial year 2022. For the financial year 2024 it is expected that customer volumes will reach 2019 levels. In the course of the financial year 2023 TUI improved its financial position due to the recovery of its business, the capital increase and the prolongation of the RCF. Accordingly TUI has now far more options to hedge against changes in fuel prices or exchange rates. The further digitalisation of our business and the expansion of existing and new business areas are expected to take effect. Below we describe the key assumptions underlying the medium- term business planning in the segments. In its business plan, Hotels & Resorts expects to deliver further earnings growth due to capacity expansion, demand growth and increases in average selling prices. In the Cruises segment, results are expected to recover further in the financial year 2024 as the winter season of the financial year 2023 was still affected by the comparative late recovery of demand in 2022. Further- more, results will increase until 2026 due to the expansion of the fleets of Marella and TUI Cruises. In Summer 2023 Marella took over one cruise ship from TUI Cruises, which will deliver a full year\u2019s trading result in 2024. TUI Cruises will launch a new ship in Summer 2024 and expand its fleet to nine ships (excluding the Hapag Lloyd Kreuzfahrten brand) in the following years to 2027. However, the results will be negatively impacted by the cost of meeting the emission reducing regulatory measures, notably the introduction of the EU emission trading system from 2024. The future development of TUI Musement depends in part on the development of customer numbers in Markets & Airlines. TUI Musement will also generate growth through the sale of tours, activities and tickets due to the expansion of its own / direct distribution via the internet and the app. In Markets & Airlines, beginning with the financial year 2024 it is expected that customer numbers will reach 2019 levels. Wider use of online distribution and distribution by the app, the provision of dynamic production capacities for flights and accommodation and the investments in digitalisation are expected to further improve the results. In addition, TUI has now by far more options to hedge against changes in fuel prices and in exchange rates in comparison to financial year 2023. Conversely the emission trading system of the EU and Great Britain will lead to higher expenses. In addition, the usage of alternative fuels with lower climate- damaging emissions will increase in order to reach emission reduction targets for 2030 and beyond. These fuels are more expensive than conventional kerosine. For further information on assumptions and estimates in relation to climate related risks we refer to the section below . Other key factors are the weighted average cost of capital after income taxes (WACC), on which discounting is based, the sustainable growth rate and the growth in perpetuity. Changes in these assumptions may have a significant impact on the recoverable amount and the amount of any impairment loss. The weighted average cost of capital after income taxes (WACC), on which discounting is based, was derived from external capital market information about comparable companies. The cost of capital to Markets & Airlines was increased by an additional risk premium of 2.1 % (previous year: 1.9 %). This additional risk premium was based on an analysis of internal and external market expectations and reflects the elevated uncertainty with regard to medium- and long-term market developments. Additional country-specific risk premiums are included, in particular, in the measurement of individual hotels. For further details on the determination of WACC refer to the section \u2018Goodwill\u2019. Finally we have implemented sensitivity analyses to estimate the uncertainty associated with the assumptions on which the impairment tests are based. The sensitivities and their impact on the fair value result exclusively from the adjustment of individual parameters. Possible compensatory measures were not taken into account.Sensitivities have been calculated for changes of the WACC and sustainable growth in perpetuity. In addition, sensitivity analyses have been carried out for a general increase or decrease of future cash flows and for material climate related risks. For further details refer to the section \u2018Goodwill\u2019. EFFECT OF CLIMATE-RELATED RISKS ON THE USEFUL LIVES AND THE MEASUREMENT OF ASSETS OVERVIEW OF CLIMATE RELATED RISKS The tourism industry faces significant impacts from climate change. As temperature rises the attractiveness of certain destinations might decline. Extreme weather events due to climate change might damage our assets and might lead to increased cancellations of holidays. Political and legal developments might increase the expenses for emission certificates and customer preferences might change. Climate change might also present opportunities for TUI to extending the touristic season in summer destinations or to diversify to new regions. All these changes impact to some extend already and will have a more significant impact on long term financial performance. As a result of climate-related risks TUI has committed to the Science Based Targets initiative (SBTi) to reduce emissions by 2030 in comparison to a baseline 2019. Our targets are: \u2022 Reduction of airlineCO 2 e per revenue passenger kilometer by 24 % by 2030 \u2022 Reduction of absolute CO 2 e from our cruise operations by 27.5 % by 2030 \u2022 Reduction of absolute CO 2 e from TUI Hotels & Resorts by 46.2 % by 2030 Furthermore it is the commitment ofTUI to achieve net-zero emissions by 2050. The reduction of emissions will be accomplished with investments in new technologies and the use of fuel with less CO 2 emissions. To assess the impact of climate-related risks on our financial performance and business model TUI hasconducted a qualitative and quantitative climate risk assessment in the financial year 2023. A number of assumptions underpin this assessment regarding changes to the intensity and frequency of weather related events, technology development, development of energy and carbon prices and the development of knowledge on global warming. The impact of climate-related risks was assessed for two scenarios, one scenario which implies a global warming of approximately 4.3\u00b0C and a scenario which implies a global warming of approx i-mately 1.5\u00b0C, both by 2100. The analysis was carried out for the periods until 2030, 2040 and until 2050. The level of uncertainty of the results of the analysis increases over time. Given the uncertainty TUI has applied critical estimation and judgment in the evaluation of the impact of climate-related risks regarding the recognition and measurement within its financial statements which are described below. EFFECT OF CLIMATE - RELATED RISKS ON THE USEFUL LIVES OF ASSETS The useful lives of assets can be affected by climate-related risks in different ways: \u2022 Physical changes in the climate like an increased frequency and intensity of acute events (storms, fire and floodings) as well as long term trends like increased temperature might impact our assets \u2022 Transitional changes related to the transition to a low-carbon economy including policy, legal, technology and market changes might affect the use of our assets In the assessment of the impact of the climate change on the useful lives of our assets TUI applied thefollowing assumptions and estimates: The impact of physical risks on our aircrafts and our cruise ships is assumed to be low. Both assets could be flexibly used and itineraries or flight routes could be adjusted. The main risk relates to the commitment of TUI to decarbonize its business. However, all aircrafts of the current aircraft fleet have the capability to utilise sustainable aviation fuel (SAF). In addition the useful lives of our aircrafts, which are mainly leased and recognised as right of use assets, end before 2050 so that TUI could replace the aircraft with new technologies such as hydrogen powered aircraft if these prove viable. Likewise our cruise ships can either already utilise sustainable marine fuel ( SMF) or can be converted to do so. Accordingly TUI concluded that climate-related risks do not affect the useful life of aircrafts or cruise ships. TUI assessed as well the useful lives of our Hotels in light of climate related risks. Based on the aforemen- tioned analysis TUI concludes that the risk from acute weather events like storms, fire and floodings willincrease only to a level which is still manageable through insurance and the large and regional spread of our hotels & resorts portfolio. Furthermore the increase of these risks will most likely occur in the long term so that our leased hotels with a relatively short useful life are less affected. Based on this analysisTUI concludes that none of our hotels will have a reduced useful life due to sea level rise. The risk for our hotels relating to the decarbonization of our business is assumed to be low as there exists already technology to produce carbon neutral energy for example from renewable sources such as solar panels or wind turbines. The useful lives of our hotels could also be affected by consumer behaviour reacting to increased temperatures. Certain destinations might see a reduced number of tourists in the long term, especially in the peak season e. g. in summer in the Mediteranean. However, it is assumed that the shoulder seasons in spring and autumn will become broader which will mitigate this effect. In additionTUI has the ability to steer our customers to our owned Hotels and to manage reduced numbers of guests through reduction in use of 3rd party capacity. Overall, TUI does not see any impact of climate-related risks on the useful life of hotels. Overall, useful lives and residual values have not been amended in the prior and current financial year as a result of climate related risks. IMPACT OF CLIMATE - RELATED RISKS ON THE MEASUREMENT OF DEFERRED TAX ASSETS IN RELATION TO LOSSES CARRIED FORWARD TUI applies a five-year planning horizon derived from its medium-term corporate planning when determining the usability of tax losses carried forward and deductible temporary differences. Medium-term climate- related risks are factored into the measurement of deferred tax assets in relation to losses carried forward. Accordingly, the considerably higher charges that will occur in the long term do not impact the measurement of deferred tax assets in relation to losses carried forward. IMPACT OF CLIMATE - RELATED RISKS ON IMPAIRMENT TESTS, IN PARTICULAR FOR GOODWILL AND PROPERTY, PLANT AND EQUIPMENT When performing impairment tests, the discounted future financial charges determined on the basis of the above-mentioned climate-related risk analysis were deducted from the discounted future cash flow surpluses calculated based on our medium-term planning. Due to the long-term nature of these future charges and uncertain technological and regulatory developments, the charges determined in this manner are subject to a high level of uncertainty. The underlying assumption is that until 2030TUI will reduce its climate-damaging emissions in accordance with the SBTi and will subsequently follow a linear path to achieving net-zero emissions by 2050. It is likewise assumed that the emissions of our suppliers are reduced for the period until 2050. These will be achieved in particular by gradually replacing aircraft fuel and bunker oil with fuels that do not cause climate-damaging emissions. The expectation here is that these fuels will be available in sufficient quantities. This assumption depends on the development of technologies and production capacities and is therefore subject to elevated uncertainty. A key estimate concerns price movements for fuels without greenhouse gas emissions. Currently the prices for these fuels are by far higher as conventional fuels. It is assumed that the prices will level off by2050. Technological innovation, such as in the form of hydrogen-powered aircraft, is not taken into account. Greater fuel efficiency was only considered insofar as it relates to the planned fleet renewal in aviation or else can be achieved by means of known technologies such as underwater coatings on cruise ships. Fleet expansion in the Cruises segment has also been factored in. In the segment Hotels & Resorts, it is assumed that emission reductions will be achieved by means of existing and continued investments in renewable energies, such as solar panels. This reduction in greenhouse gas emissions will be underpinned by a public regulatory framework encom- passing everyone, including TUI\u2019s suppliers, leading in particular to a reduction in free emission allowances or an increase in the price of emission certificates. While harmful gas emissions will be reduced in the manner described above, rising prices for emission certificates will generate substantial financial charges before the expenses for emission certificates drop to zero in 2050. The calculation of these financial charges reflects TUI\u2019s own costs and the costs of emission certificates passed on by suppliers. In addition, physical risks from climate-related one-off events such as storms or floods or long-term develop- ments such as rising temperatures, affecting the Hotels & Resorts segment, were taken into account. Average annual charges were determined based on external studies. It is expected that the financial impact of these climate-related risks are relatively low. Overall, the use of low-emission fuels and rising prices for emission certificates will lead to significant financial charges, particularly for energy-intensive aviation operations in the Northern Region, Western Region, and Central Region segments. The Cruises segment will also be impacted. In Hotels & Resorts segment, the burden will be relatively low; in fact, the autonomous generation of energy, such as by means of solar power, may even generate cost savings. One key assumption, then, concerns the extent to which costs for low-emission fuels and emission certificates can be passed on to customers.TUI assumes that the reduction in greenhouse gas emissions will generate general price increases (green inflation).TUI additionally benefits from opportunities to pass on costs across the entire value chain. Overall, TUI therefore assumes that it will be able to pass on 90 % of the costs in aviation, a sector that is particularly affected, and 95 % in other sectors. In the light of the uncertainties regarding the long-term financial burden from climate-related risks, TUI has calculated sensitivities for the particularly affected Markets & Airlines and Cruises. These are presented in the section on \u2018Goodwill\u2019. The sensitivities relate to assumptions on the development of climate related risks in general, the development of prices for alternative fuels and emission certifivates and the potential forpassing on climate change-related costs to our customers. Overall, TUI does not regard climate-related risks as a triggering event for carrying out impairment tests. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-707": { "value": "ASSUMPTIONS FOR USE IN IMPAIRMENT TESTS, IN PARTICULAR FOR GOODWILL AND PROPERTY, PLANT AND EQUIPMENT The impairment tests are performed on the basis of future discounted cash inflows derived from the medium- term corporate planning. Both the derivation of future cash inflows and the determination of the interest rate are heavily influenced by assumptions and estimates and are associated with uncertainties, in particular due to the strong general increase in prices and interest rates, which could lead to a decline in demand for tourism products and increased expenses for input factors. In addition assumptions and estimates regarding the financial impact of climate-related risks were made, which are described further below. In the financial year 2023 TUI left behind the impacts of the COVID-19 pandemic. In the holiday experience division the complete product portfolio could be offered. In aviation business disruptions did not occur unlike in the financial year 2022. The number of guests reached near pre crisis levels, revenues exceeded pre crisis levels. In contrast the financial year 2023 was still affected by the general increase in prices, especially for fuel, and by changes in exchange rates. TUI was insufficiently hedged against these changes due to limited access to relevant hedging instruments. However, overall all the segments increased their results in comparison to the financial year 2022. For the financial year 2024 it is expected that customer volumes will reach 2019 levels. In the course of the financial year 2023 TUI improved its financial position due to the recovery of its business, the capital increase and the prolongation of the RCF. Accordingly TUI has now far more options to hedge against changes in fuel prices or exchange rates. The further digitalisation of our business and the expansion of existing and new business areas are expected to take effect. Below we describe the key assumptions underlying the medium- term business planning in the segments. In its business plan, Hotels & Resorts expects to deliver further earnings growth due to capacity expansion, demand growth and increases in average selling prices. In the Cruises segment, results are expected to recover further in the financial year 2024 as the winter season of the financial year 2023 was still affected by the comparative late recovery of demand in 2022. Further- more, results will increase until 2026 due to the expansion of the fleets of Marella and TUI Cruises. In Summer 2023 Marella took over one cruise ship from TUI Cruises, which will deliver a full year\u2019s trading result in 2024. TUI Cruises will launch a new ship in Summer 2024 and expand its fleet to nine ships (excluding the Hapag Lloyd Kreuzfahrten brand) in the following years to 2027. However, the results will be negatively impacted by the cost of meeting the emission reducing regulatory measures, notably the introduction of the EU emission trading system from 2024. The future development of TUI Musement depends in part on the development of customer numbers in Markets & Airlines. TUI Musement will also generate growth through the sale of tours, activities and tickets due to the expansion of its own / direct distribution via the internet and the app. In Markets & Airlines, beginning with the financial year 2024 it is expected that customer numbers will reach 2019 levels. Wider use of online distribution and distribution by the app, the provision of dynamic production capacities for flights and accommodation and the investments in digitalisation are expected to further improve the results. In addition, TUI has now by far more options to hedge against changes in fuel prices and in exchange rates in comparison to financial year 2023. Conversely the emission trading system of the EU and Great Britain will lead to higher expenses. In addition, the usage of alternative fuels with lower climate- damaging emissions will increase in order to reach emission reduction targets for 2030 and beyond. These fuels are more expensive than conventional kerosine. For further information on assumptions and estimates in relation to climate related risks we refer to the section below Other key factors are the weighted average cost of capital after income taxes (WACC), on which discounting is based, the sustainable growth rate and the growth in perpetuity. Changes in these assumptions may have a significant impact on the recoverable amount and the amount of any impairment loss. The weighted average cost of capital after income taxes (WACC), on which discounting is based, was derived from external capital market information about comparable companies. The cost of capital to Markets & Airlines was increased by an additional risk premium of 2.1 % (previous year: 1.9 %). This additional risk premium was based on an analysis of internal and external market expectations and reflects the elevated uncertainty with regard to medium- and long-term market developments. Additional country-specific risk premiums are included, in particular, in the measurement of individual hotels. For further details on the determination of WACC refer to the section \u2018Goodwill\u2019. Finally we have implemented sensitivity analyses to estimate the uncertainty associated with the assumptions on which the impairment tests are based. The sensitivities and their impact on the fair value result exclusively from the adjustment of individual parameters. Possible compensatory measures were not taken into account.Sensitivities have been calculated for changes of the WACC and sustainable growth in perpetuity. In addition, sensitivity analyses have been carried out for a general increase or decrease of future cash flows and for material climate related risks. For further details refer to the section \u2018Goodwill\u2019. EFFECT OF CLIMATE-RELATED RISKS ON THE USEFUL LIVES AND THE MEASUREMENT OF ASSETS OVERVIEW OF CLIMATE RELATED RISKS The tourism industry faces significant impacts from climate change. As temperature rises the attractiveness of certain destinations might decline. Extreme weather events due to climate change might damage our assets and might lead to increased cancellations of holidays. Political and legal developments might increase the expenses for emission certificates and customer preferences might change. Climate change might also present opportunities for TUI to extending the touristic season in summer destinations or to diversify to new regions. All these changes impact to some extend already and will have a more significant impact on long term financial performance. As a result of climate-related risks TUI has committed to the Science Based Targets initiative (SBTi) to reduce emissions by 2030 in comparison to a baseline 2019. Our targets are: \u2022 Reduction of airlineCO 2 e per revenue passenger kilometer by 24 % by 2030 \u2022 Reduction of absolute CO 2 e from our cruise operations by 27.5 % by 2030 \u2022 Reduction of absolute CO 2 e from TUI Hotels & Resorts by 46.2 % by 2030 Furthermore it is the commitment ofTUI to achieve net-zero emissions by 2050. The reduction of emissions will be accomplished with investments in new technologies and the use of fuel with less CO 2 emissions. To assess the impact of climate-related risks on our financial performance and business model TUI hasconducted a qualitative and quantitative climate risk assessment in the financial year 2023. A number of assumptions underpin this assessment regarding changes to the intensity and frequency of weather related events, technology development, development of energy and carbon prices and the development of knowledge on global warming. The impact of climate-related risks was assessed for two scenarios, one scenario which implies a global warming of approximately 4.3\u00b0C and a scenario which implies a global warming of approx i-mately 1.5\u00b0C, both by 2100. The analysis was carried out for the periods until 2030, 2040 and until 2050. The level of uncertainty of the results of the analysis increases over time. Given the uncertainty TUI has applied critical estimation and judgment in the evaluation of the impact of climate-related risks regarding the recognition and measurement within its financial statements which are described below. EFFECT OF CLIMATE - RELATED RISKS ON THE USEFUL LIVES OF ASSETS The useful lives of assets can be affected by climate-related risks in different ways: \u2022 Physical changes in the climate like an increased frequency and intensity of acute events (storms, fire and floodings) as well as long term trends like increased temperature might impact our assets \u2022 Transitional changes related to the transition to a low-carbon economy including policy, legal, technology and market changes might affect the use of our assets In the assessment of the impact of the climate change on the useful lives of our assets TUI applied thefollowing assumptions and estimates: The impact of physical risks on our aircrafts and our cruise ships is assumed to be low. Both assets could be flexibly used and itineraries or flight routes could be adjusted. The main risk relates to the commitment of TUI to decarbonize its business. However, all aircrafts of the current aircraft fleet have the capability to utilise sustainable aviation fuel (SAF). In addition the useful lives of our aircrafts, which are mainly leased and recognised as right of use assets, end before 2050 so that TUI could replace the aircraft with new technologies such as hydrogen powered aircraft if these prove viable. Likewise our cruise ships can either already utilise sustainable marine fuel ( SMF) or can be converted to do so. Accordingly TUI concluded that climate-related risks do not affect the useful life of aircrafts or cruise ships. TUI assessed as well the useful lives of our Hotels in light of climate related risks. Based on the aforemen- tioned analysis TUI concludes that the risk from acute weather events like storms, fire and floodings willincrease only to a level which is still manageable through insurance and the large and regional spread of our hotels & resorts portfolio. Furthermore the increase of these risks will most likely occur in the long term so that our leased hotels with a relatively short useful life are less affected. Based on this analysisTUI concludes that none of our hotels will have a reduced useful life due to sea level rise. The risk for our hotels relating to the decarbonization of our business is assumed to be low as there exists already technology to produce carbon neutral energy for example from renewable sources such as solar panels or wind turbines. The useful lives of our hotels could also be affected by consumer behaviour reacting to increased temperatures. Certain destinations might see a reduced number of tourists in the long term, especially in the peak season e. g. in summer in the Mediteranean. However, it is assumed that the shoulder seasons in spring and autumn will become broader which will mitigate this effect. In additionTUI has the ability to steer our customers to our owned Hotels and to manage reduced numbers of guests through reduction in use of 3rd party capacity. Overall, TUI does not see any impact of climate-related risks on the useful life of hotels. Overall, useful lives and residual values have not been amended in the prior and current financial year as a result of climate related risks. IMPACT OF CLIMATE - RELATED RISKS ON THE MEASUREMENT OF DEFERRED TAX ASSETS IN RELATION TO LOSSES CARRIED FORWARD TUI applies a five-year planning horizon derived from its medium-term corporate planning when determining the usability of tax losses carried forward and deductible temporary differences. Medium-term climate- related risks are factored into the measurement of deferred tax assets in relation to losses carried forward. Accordingly, the considerably higher charges that will occur in the long term do not impact the measurement of deferred tax assets in relation to losses carried forward. IMPACT OF CLIMATE - RELATED RISKS ON IMPAIRMENT TESTS, IN PARTICULAR FOR GOODWILL AND PROPERTY, PLANT AND EQUIPMENT When performing impairment tests, the discounted future financial charges determined on the basis of the above-mentioned climate-related risk analysis were deducted from the discounted future cash flow surpluses calculated based on our medium-term planning. Due to the long-term nature of these future charges and uncertain technological and regulatory developments, the charges determined in this manner are subject to a high level of uncertainty. The underlying assumption is that until 2030TUI will reduce its climate-damaging emissions in accordance with the SBTi and will subsequently follow a linear path to achieving net-zero emissions by 2050. It is likewise assumed that the emissions of our suppliers are reduced for the period until 2050. These will be achieved in particular by gradually replacing aircraft fuel and bunker oil with fuels that do not cause climate-damaging emissions. The expectation here is that these fuels will be available in sufficient quantities. This assumption depends on the development of technologies and production capacities and is therefore subject to elevated uncertainty. A key estimate concerns price movements for fuels without greenhouse gas emissions. Currently the prices for these fuels are by far higher as conventional fuels. It is assumed that the prices will level off by2050. Technological innovation, such as in the form of hydrogen-powered aircraft, is not taken into account. Greater fuel efficiency was only considered insofar as it relates to the planned fleet renewal in aviation or else can be achieved by means of known technologies such as underwater coatings on cruise ships. Fleet expansion in the Cruises segment has also been factored in. In the segment Hotels & Resorts, it is assumed that emission reductions will be achieved by means of existing and continued investments in renewable energies, such as solar panels. This reduction in greenhouse gas emissions will be underpinned by a public regulatory framework encom- passing everyone, including TUI\u2019s suppliers, leading in particular to a reduction in free emission allowances or an increase in the price of emission certificates. While harmful gas emissions will be reduced in the manner described above, rising prices for emission certificates will generate substantial financial charges before the expenses for emission certificates drop to zero in 2050. The calculation of these financial charges reflects TUI\u2019s own costs and the costs of emission certificates passed on by suppliers. In addition, physical risks from climate-related one-off events such as storms or floods or long-term develop- ments such as rising temperatures, affecting the Hotels & Resorts segment, were taken into account. Average annual charges were determined based on external studies. It is expected that the financial impact of these climate-related risks are relatively low. Overall, the use of low-emission fuels and rising prices for emission certificates will lead to significant financial charges, particularly for energy-intensive aviation operations in the Northern Region, Western Region, and Central Region segments. The Cruises segment will also be impacted. In Hotels & Resorts segment, the burden will be relatively low; in fact, the autonomous generation of energy, such as by means of solar power, may even generate cost savings. One key assumption, then, concerns the extent to which costs for low-emission fuels and emission certificates can be passed on to customers.TUI assumes that the reduction in greenhouse gas emissions will generate general price increases (green inflation).TUI additionally benefits from opportunities to pass on costs across the entire value chain. Overall, TUI therefore assumes that it will be able to pass on 90 % of the costs in aviation, a sector that is particularly affected, and 95 % in other sectors.
In the light of the uncertainties regarding the long-term financial burden from climate-related risks, TUI has
calculated sensitivities for the particularly affected Markets & Airlines and Cruises. These are presented in
the section on \u2018Goodwill\u2019. The sensitivities relate to assumptions on the development of climate related risks
in general, the development of prices for alternative fuels and emission certifivates and the potential for
passing on climate change-related costs to our customers. Overall, TUI does not regard climate-related risks
as a triggering event for carrying out impairment tests.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-723": { "value": "PENSION PROVISIONS As at 30 September 2023, the carrying amount of provisions for pensions and similar obligations totals \u20ac 670.4 m (previous year \u20ac 601.3 m). For those pension plans where the plan assets exceed the obligation, other non-financial assets amounting to \u20ac 98.5 m are shown as at 30 September 2023 (previous year \u20ac 163.4 m). In order to determine the obligations under defined benefit pension schemes, actuarial calculations are used which rely on underlying assumptions concerning life expectancy and the discount rate. At the balance sheet date, the fair value of the plan assets totals \u20ac 1,905.8 m (previous year \u20ac 2,076.4 m). A s assets classified as plan assets are never available for short-term sale, the fair values of these plan asset s may change significantly up to the realisation date. Detailed information on actuarial assumptions is provided in Note 30 Administrative expenses comprise all expenses incurred in connection with activities by the administrative functions and break down as follows:
Administrative expenses
\u20ac million
2023
2022
Staff cost
619.2
544.7
Rental and leasing expenses
9.5
11.0
Depreciation, amortisation and impairment
87.0
73.6
Others
299.9
116.9
Total
1,015.6
746.3
Other administrative expenses mainly increased due to the termination of state aid programmes as well as increased exchange rates. The cost of sales and administrative expenses include the following expenses for personnel and depreciation /amortisation / impairment:
Staff costs
\u20ac million
2023
2022
Wages and salaries
1,954.6
1,732.3
Social security contributions
294.9
300.4
Pension costs
108.8
109.2
Total
2,358.3
2,141.9
Pension costs include service cost for defined benefit obligations and contributions to defined contribution pension schemes. In the period under review,TUI Group\u2019s personnel expenses rose from \u20ac 2.1 bn in the prior year to \u20ac 2.4 bn. The year-on-year increase in wages and salaries and social security contributions in financial year 2023 resulted in particular from a 11.4 % increase in the average number of employees across the Group . (30) Pension provisions and similar obligations A number of defined contribution and defined benefit pension plans are operated for Group employees. Pension obligations vary, reflecting the different legal, fiscal and economic conditions in each country of operation, and usually depend on employees\u2019 length of service and pay levels. All defined contribution plans are funded by the payment of contributions to external insurance companies or funds. German employees enjoy benefits from a statutory defined contribution plan paying pensions as a function of employees\u2019 income and the contributions paid in. Several additional industry pension organisationsexist for TUI Group companies. Once the contributions to the state-run pension plans and private pension insurance organisations have been paid, the Company has no further payment obligations. Apart from Germany,major defined contribution plans are also operated the Netherlands and in the UK. Contributions paid are expensed for the respective period. In the reporting period, the expenses for all defined contribution plans totalled \u20ac 84.8 m (previous year \u20ac 80.5 m). Apart from these defined contribution pension plans, TUI Group operates defined benefit plans, which usuallyentail the formation of provisions within the Company or investments in funds outside the Company. Within this group,MER-Pensionskasse VVaG, a private pension fund in which German companies of the tourism industry are organised, represents a multi-employer plan classified as a defined benefit plan. In accordance with the statues of the plan, the plan participants and the employers pay salary-based contribu- tions into the plan. There are no further obligations pursuant to the statutes of the plan; an additional funding obligation of the participating companies is explicitly excluded. The paid-in contributions are invested in accordance with the policies of the pension plan unless they are used in the short term for benefit payments.As the investments are pooled and are not kept separately for each participating employer, an allocation of plan assets to individual participating employers is not possible. The investment risk and the mortality risk are jointly shared by all plan participants. Moreover, the pension fund does not provide any information to participating companies that would allow the allocation of any over- or underfunding orTUI\u2019s participation in the plan. For this reason, accounting for the plan as defined benefit plan is not possible, and the plan is therefore in accordance with the requirements of IAS 19 shown like a defined contribution plan. In thereporting period, contributions to MER-Pensionskasse VVaG totalled \u20ac 5.6 m (previous year \u20ac 5.6 m). For the next financial year, contributions are expected to remain at that level. TUI Group\u2019s major pension plans recognised as defined benefit plans exist in Germany and the UK. By far the largest pension plans are operated by the Group\u2019s tour operators in the UK. They accounted for 68.6 % (previous year 68.2 %) of TUI Group\u2019s total obligations at the balance sheet date. German plans account for a further 25.0 % (previous year 25.6 %).
Material defined benefit plans in the United Kingdom
Scheme name
Status
BAL Scheme
closed
TUI UK Scheme
closed
TAPS Scheme
closed
Almost all defined benefit plans in the UK are funded externally. Under UK law, the employer is obliged to ensure sufficient funding so that plan assets cover the pension payments to be made and the administrative costs of the funds. The pension funds are managed by independent trustees. The trustees compriseindependent members, beneficiaries of the plan and employer representatives. The trustees are responsible for the investment of fund assets, taking account of the interests of plan members, but they also negotiate the level of the contributions to the fund to be paid by the employers, which constitute minimum contribu- tions to the funds. To that end, actuarial valuations are made every three years by actuaries commissioned by the trustees. The annual contributions to be paid to the funds in order to cover any shortfalls were last defined on the basis of the measurement as at 30 September 2019. Since 31 October 2018, the main sections of TUI Group\u2019s UK Pension Trust have been closed to future accrualof benefits. As a result, current service cost no longer arises for services delivered by the employees. Since 1 November 2018, increases in accrued pension benefits from the plan have been therefore calculated in line with the rules for deferred members. With the closure of the Pension Trust for future accrual, all existing staff in the defined benefit scheme were offered the opportunity to join the existing defined contribution plan to accrue pension from 1 November 2018 onwards. By contrast, defined benefit plans in Germany are mainly unfunded and the obligations from these plans are recognised as provisions. The company assumes the obligation for payments of company pensions when the beneficiaries reach the legal retirement age. The amount of the pension paid usually depends either on the remuneration received by the employee at the retirement date or the amount of the average remuneration over the employee\u2019s service period. Pension obligations usually include surviving dependants\u2019 benefits and invalidity benefits. Pension payments are partly limited by third party compensations, e. g. from insurances andMER\u2013Pensionskasse.
Material defined benefit plans in Germany
Scheme name
Status
Versorgungsordnung TUI AG
open
Versorgungsordnung TUIfly GmbH
open
Versorgungsordnung TUI Deutschland GmbH
closed
Versorgungsordnung TUI Beteiligungs GmbH
closed
Versorgungsordnungen TUI Immobilien Services GmbH
closed
In the period under review, defined benefit pension obligations created total expenses of \u20ac 29.0 m for TUI Group, principally comprising current service cost. In the previous year, the restructuring of the activitiesof the Group\u2019s German airline additionally resulted in a past service cost and a curtailment expense. The administrative expenses shown relate to professional advisor costs for the pension plans settled from the plan assets.
Pension costs for defined benefit obligations
\u20ac million
2023
2022
Current service cost for employee service in the period
18.4
23.1
Curtailment losses / (gains)
\u2013 0.1
13.6
Net interest on the net defined benefit liability
10.5
6.6
Past service cost
\u2013 0.4
19.8
Administration cost
0.6
2.2
Total
29.0
65.3
Provisions for pension obligations are established for benefits payable in the form of retirement, invalidity and surviving dependants\u2019 benefits. Provisions are exclusively formed for defined benefit schemes under which the Company guarantees employees a specific pension level, including arrangements for early retirementand temporary assistance benefits.
Defined benefit obligation recognised on the balance sheet
30 Sep 2023 30 Sep 2022
\u20ac million To t a l Total
Present value of funded obligations
1,904.8
1,918.0
Fair value of external plan assets
1,905.8
2,076.4
Surplus (\u2013) / Deficit (+) of funded plans
\u2013 1.0
\u2013 158.4
Present value of unfunded pension obligations
572.8
596.3
Defined benefit obligation recognised on the balance sheet
571.8
437.9
of which
Overfunded plans in other non-financial assets
98.5
163.4
Provisions for pensions and similar obligations
670.3
601.3
of which current
33.3
33.1
of which non-current
637.1
568.2
For funded pension plans, the provision carried only covers the shortfall in coverage between plan assets and the present value of benefit obligations. Where plan assets exceed funded pension obligations, taking account of a difference due to past servicecost, and where at the same time there is an entitlement to reimbursement or reduction of future contributions to the fund, the excess is recognised in conformity with the asset ceiling defined by IAS 19 . As at 30 Sep- tember 2023, other non-financial assets include excesses of \u20ac 98.5 m (previous year \u20ac 163.4 m).
Development of defined benefit obligations
Present value Fair value of To t a l
\u20ac million of obligation plan assets
Balance as at 1 Oct 2022
2,514.3
\u2013 2,076.4
437.9
Current service cost
18.4
\u2013
18.4
Past service cost
\u2013 0.4
\u2013
\u2013 0.4
Curtailments and settlements
\u2013 0.1
\u2013
\u2013 0.1
Interest expense (+) / interest income (\u2013)
114.1
\u2013 103.6
10.5
Administration cost
\u2013
0.6
0.6
Pensions paid
\u2013 135.3
100.0
\u2013 35.3
Contributions paid by employer
\u2013
\u2013 98.4
\u2013 98.4
Contributions paid by employees
1.5
\u2013 1.5
\u2013
Remeasurements
\u2013 68.4
309.8
241.4
due to changes in financial assumptions
\u2013 84.5
\u2013
\u2013 84.5
due to changes in demographic assumptions
\u2013 77.6
\u2013
\u2013 77.6
due to experience adjustments
93.7
\u2013
93.7
due to return on plan assets not included in Group profit / loss
for the year
\u2013
304.5
304.5
due to assets that have not been capitalised due to the asset
ceiling under
IAS 19
\u2013
5.3
5.3
Exchange differences
33.5
\u2013 36.3
\u2013 2.8
Other changes
\u2013
\u2013
\u2013
Balance as at 30 Sep 2023
2,477.6
\u2013 1,905.8
571.8
Development of defined benefit obligations
Present value Fair value of Total
\u20ac million of obligation plan assets
Balance as at 1 Oct 2021
3,970.1
\u2013 3,172.1
798.0
Current service cost
23.1
\u2013
23.1
Past service cost
19.8
\u2013
19.8
Curtailments and settlements
13.6
\u2013
13.6
Interest expense (+) / interest income (\u2013)
68.4
\u2013 61.8
6.6
Administration cost
\u2013
2.2
2.2
Pensions paid
\u2013 163.8
123.8
\u2013 40.0
Contributions paid by employer
\u2013
\u2013 141.1
\u2013 141.1
Contributions paid by employees
1.4
\u2013 1.4
\u2013
Remeasurements
\u2013 1,413.2
1,167.7
\u2013 245.5
due to changes in financial assumptions
\u2013 1,433.7
\u2013
\u2013 1,433.7
due to changes in demographic assumptions
10.1
\u2013
10.1
due to experience adjustments
10.4
\u2013
10.4
due to return on plan assets not included in Group profit / loss
for the year
\u2013
1,167.7
1,167.7
Exchange differences
\u2013 4.5
6.3
1.8
Other changes
\u2013 0.6
\u2013
\u2013 0.6
Balance as at 30 Sep 2022
2,514.3
\u2013 2,076.4
437.9
The net defined benefit obligation increased by \u20ac 133.9 m to \u20ac 571.8 m in the financial year under review. The present value of the obligation decreased slightly by a total of \u20ac 36.7 m compared to the previous year, mainlydue to an increase in discount rates in the euro area and the United Kingdom. The fair value of the plan assets decreased as well by \u20ac 170.6 m. In order to limit the risk arising from the obligation, the trustees of the UK pension plans acquired insurance policies in the fiscal year 2021 securitising full reimbursement by insurers of the payments to be made for parts of the existing obligations. The obligation to fulfill the pension commitment has not been assumed by theinsurer in this transaction. Accordingly, the insured portions of the pension plan continue to be recognised in the financial statements. At the balance sheet date,TUI Group\u2019s fund assets break down as shown in the table below.
Composition of fund assets at the balance sheet date
30 Sep 2023
30
Sep 2022
Quoted market price Quoted market price
in an active market in an active market
\u20ac million
yes
no
yes
no
Fair value of fund assets at end of period
973.9
937.2
1,127.5
948.9
of which liability driven investments
484.7
\u2013
528.2
\u2013
of which corporate bonds
185.0
118.8
229.0
116.2
of which property
195.2
\u2013
260.8
\u2013
of which government bonds
43.1
\u2013
41.7
\u2013
of which securitised debt
42.2
\u2013
39.1
\u2013
of which equity instruments
13.7
\u2013
22.1
\u2013
of which insurance policies
\u2013
619.9
\u2013
642.3
of which loans
\u2013
125.1
\u2013
155.0
of which insurance linked securities
\u2013
3.1
\u2013
10.4
of which cash
\u2013
70.3
\u2013
25.0
of which other
Total fund assets before recognition of asset ceiling
10.0
\u2013
6.6
\u2013
under
IAS 19
1,911.1
2,076.4
Assets not recognised due to the asset ceiling under IAS 19
\u2013 5.3
\u2013
Total fund assets after recognition of the asset ceiling
under
IAS 19
1,905.8
2,076.4
At the balance sheet date, as in the prior year, fund assets did not comprise any direct investments in financial instruments issued by TUI AG or its consolidated subsidiaries or any property owned by the Group. For funded plans, investments in passive index tracker funds may entail a proportionate investment in Group- owned financial instruments. Pension obligations are measured on the basis of actuarial calculations based on country-specific parameters and assumptions. The obligations under defined benefit plans are calculated on the basis of the internationallyaccepted projected unit credit method, taking account of expected future increases in salaries and pensions. For the pension plans in theUK, expected increases in salaries are not taken into account as they are no longer relevant for the measurement due to the plan amendment outlined above. In order to take account of the currently high inflation, significantly higher pension trends have been applied for the next scheduled pension adjustment for the German pension plans in deviation from the projected future pension increases indicated below for Germany.
Actuarial assumptions
30 Sep 2023
Germany
United
Other countries
Percentage p. a. Kingdom
Discount rate
4.1
5.5
3.4
Projected future salary increases
2.0
\u2013
1.5
Projected future pension increases
2.5
3.3
1.0
30 Sep 2022
Germany
United
Other countries
Percentage p. a. Kingdom
Discount rate
3.7
5.1
3.1
Projected future salary increases
2.0
\u2013
1.5
Projected future pension increases
2.5
3.6
0.9
The interest rate applicable in discounting the provision for pensions is based on an index for corporate bonds adjusted for securities already downgraded and under observation by rating agencies as well as subordinate bonds in order to meet the criterion for high quality bonds (rated AA or higher) required under IAS 19. The resulting yield structure is extrapolated on the basis of the yield curves for almost risk-free bonds, taking account of an appropriate risk mark-up reflecting the term of the obligation. In order to cover a correspondingly broad market, an index partly based on shorter-term bonds is used (for instance for Eurozone bonds from the iBoxx \u20ac Corporates AA 10+ and iBoxx \u20ac Corporates AA 7 \u2013 10). Apart from the parameters described above, a further key assumption relates to life expectancy. In Germany, the Heubeck reference tables 2018 G are used to determine life expectancy. In the UK, the S3NxA base tables are used, adjusted to future expected increases on the basis of the Continuous Mortality Investigation (CMI) 2022. The pension in payment escalation formulae depend primarily on the pension plan concerned. Apart from fixed rates of increase, there are also a number of inflation-linked pension adjustment mechanismsin different countries. Changes in the key actuarial assumptions mentioned above would lead to the changes in defined benefit obligations presented below. The methodology used to determine sensitivity corresponds to the method used to calculate the defined benefit obligation. The assumptions were amended in isolation each time; actual interdependencies between the assumptions were not taken into account. The effect of the increase in life expectancy by one year is calculated by means of a reduction in mortality due to the use of the Heubeck tables 2018 G for pension plans in Germany. In the UK, an extra year is added to the life expectancy determinedon the basis of the mortality tables.
Sensitivity of the defined benefit obligation due to changed actuarial assumptions
30 Sep 2023
30 Sep 2022
\u20ac million
+ 50 Basis points
\u2013 50 Basis points
+ 50 Basis points
\u2013 50 Basis points
Discount rate
\u2013 145.4
+ 160.7
\u2013 171.0
+ 193.4
Salary increase
+ 7.2
\u2013 6.8
+ 12.2
\u2013 11.1
Pension increase
+ 43.3
\u2013 51.8
+ 54.4
\u2013 45.7
+ 1 year
+ 1 year
Life expectancy
+ 79.7
\u2013
+ 79.1
\u2013
The weighted average duration of the defined benefit obligations totalled 13.5 years (previous year 15.8 years) for the overall Group. In the UK, the weighted duration was 13.4 years (previous year 16.2 years), while it stood at 14.1 years (previous year 15.4 years) in Germany. Fund assets are determined on the basis of the fair values of the funds invested as at 30 September 2023. The interest rate used to determine the interest income from the assets of external funds is identical with the discount rate used for the defined benefit obligation. For the forthcoming financial year, the companies ofTUI Group are expected to contribute around \u20ac 106.2 m (previous year \u20ac 104.4 m) to pension funds and pay pensions worth \u20ac 33.3 m (previous year \u20ac 33.1 m) for unfunded plans. The expected employer contribution to the pension funds mainly includes the annualpayment agreed with the trustees in the UK to reduce the existing coverage shortfall. For funded plans, the payments to the recipients are fully made from fund assets and therefore do not result in a cash outflow for TUI Group. TUI Group\u2019s defined benefit plans entail various risks; some of which may have a substantial effect on the Company. The purchase of insurance policies within the UK schemes serves to eliminate these risks inrespect of the liabilities due to pension scheme members covered by this insurance, and hence reduce the overall level of risk in respect of all the categories detailed below. INVESTMENT RISK The investment risk plays a major role, in particular for the large funded plans in the UK. Although shares usually outperform bonds in terms of producing higher returns, they also entail stronger volatility of balance sheet items and the risk of short-term shortfalls in coverage. In order to limit this risk, the trustees have built a balanced investment portfolio to limit the concentration of risks. INTEREST RATE RISK The interest rate influences in particular unfunded schemes in Germany as a decline in interest rates leads to an increase in the defined benefit obligations. Accordingly, an increase in the interest rate leads to areduction in the defined benefit obligations. Funded plans are less strongly affected by this development as the performance of the interest-bearing assets included in plan assets regularly dampens the effects. For the funded plans in the UK, the trustees have invested a part of the plan assets in liability-driven investment portfolios, holding credit and hedging instruments in order to largely offset the impact of changes in interest rates. INFLATION RISK An increase in the inflation rate normally increases the obligation in pension schemes linked to the final salary of beneficiaries as inflation causes an increase in the projected salary increases. At the same time, inflation-based pension increases included in the plan also rise. The inflation risk is reduced through the use of caps and collars. Moreover, the large pension funds in theUK hold inflation-linked assets, which also partly reduce the risk from a significant rise in inflation. By investing, in particular, plan assets in liability- driven investment portfolios, which hold credit and hedging instruments, they aim to largely offset theimpact of the inflation rate. LONGEVITY RISK An increasing life expectancy increases the expected benefit duration of the pension obligation. This risk is countered by using regularly updated mortality data in calculating the present values of the obligation. CURRENCY RISK For TUI Group, the pension schemes entail a currency risk as most pension schemes are operated in the UK and therefore denominated in sterling. The risk is limited as the currency effects on the obligation and the assets partly offset each other. The currency risk only relates to any excess of pension obligations over plan assets or vice versa. ACCOUNTING FOR SHARE-BASED PAYMENT SCHEMES As at 30 September 2023, all existing awards are recognised as cash-settled share-based payment schemes and are allocated with an exercise price of \u20ac 0.00 (previous year \u20ac 0.00). The personnel expense is recognised upon actual delivery of service according toIFRS 2 and is, therefore, spread over a period of time. According toIFRS 2, all contractually granted entitlements have to be accounted for, irrespective of whether and when they are actually allocated. Accordingly, phantom shares allocated in the past are charged on a pro rata basis upon actual delivery of service. Overall, expenses from the addition of provisions for cash-settled share-based payments of \u20ac 3.8 m was recognised through profit or loss in financial year 2023 (previous year income \u20ac 4.5 m). As at 30 September 2023, provisions relating to entitlements under these long-term incentive programmes totalled \u20ac 10.9 m (previous year \u20ac 7.6 m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-755": { "value": "PENSION PROVISIONS As at 30 September 2023, the carrying amount of provisions for pensions and similar obligations totals \u20ac 670.4 m (previous year \u20ac 601.3 m). For those pension plans where the plan assets exceed the obligation, other non-financial assets amounting to \u20ac 98.5 m are shown as at 30 September 2023 (previous year \u20ac 163.4 m).
Property, plant and equipment
Hotels incl. land
Other buildings
Aircraft
Cruise ships
Other plant, operating and
Assets under Payments To t a l
\u20ac million and land office equipment construction on account
Depreciation and impairment
Balance as at 1 Oct 2021
\u2013 674.6
\u2013 18.0
\u2013 158.2
\u2013 245.8
\u2013 820.8
\u2013
\u2013 0.9
\u2013 1,918.3
Exchange differences
\u2013 34.1
0.9
\u2013 8.9
7.3
\u2013 22.2
\u2013
\u2013 0.1
\u2013 57.1
Depreciation for the current year
\u2013 59.1
\u2013 1.4
\u2013 27.9
\u2013 59.7
\u2013 82.5
\u2013
\u2013
\u2013 230.6
Impairment for the current year
\u2013 53.0
\u2013
\u2013
\u2013
\u2013 4.2
\u2013
\u2013
\u2013 57.2
Reversal of impairment losses
19.4
\u2013
\u2013
15.2
\u2013
\u2013
\u2013
34.6
Disposals
7.7
1.9
38.0
16.5
23.1
\u2013
\u2013
87.2
Transfer to assets held for sale
\u2013
2.2
\u2013
\u2013
0.5
\u2013
\u2013
2.7
Transfer
0.1
\u2013
\u2013 22.8
\u2013
1.0
\u2013
\u2013
\u2013 21.7
Balance as at 30 Sep 2022
\u2013 793.6
\u2013 14.4
\u2013 179.8
\u2013 266.5
\u2013 905.1
\u2013
\u2013 1.0
\u2013 2,160.4
Exchange differences
6.0
\u2013
4.4
\u2013 5.2
4.5
\u2013
\u2013
9.7
Depreciation for the current year
\u2013 67.7
\u2013 1.2
\u2013 40.8
\u2013 63.5
\u2013 86.9
\u2013
\u2013
\u2013 260.1
Impairment for the current year
\u2013 13.3
\u2013
\u2013 0.6
\u2013
\u2013 0.1
\u2013
\u2013
\u2013 14.0
Reversals of impairment losses
16.4
\u2013
\u2013
11.6
\u2013
\u2013
\u2013
28.0
Disposals
57.6
\u2013
34.7
0.4
101.1
\u2013
\u2013
193.8
Transfer to assets held for sale
4.0
\u2013
0.8
\u2013
5.6
\u2013
\u2013
10.4
Transfer
0.2
2.1
\u2013 92.1
0.1
\u2013 6.9
\u2013
\u2013
\u2013 96.6
Balance as at 30 Sep 2023
\u2013 790.4
\u2013 13.5
\u2013 273.4
\u2013 323.1
\u2013 887.8
\u2013
\u2013 1.0
\u2013 2,289.2
Carrying amounts as at 30 Sep 2022
1,800.9
186.1
342.3
428.4
360.8
170.7
111.7
3,400.9
Carrying amounts as at 30 Sep 2023
1,936.3
37.3
341.5
469.6
384.8
151.9
158.9
3,480.3
In the financial year under review, the construction of a new hotel in Mauritius, the acquisition of land in Jamaica and the renovation of hotels in Mexico, Spain and Cape Verde led to additions to the Riu Group totalling \u20ac 164.0 m. These investments include an amount of \u20ac 70.1 m for assets under construction, \u20ac 54.9 m for hotels including land and \u20ac 17.8 m for payments in advance. Additions to assets under construction include \u20ac 81.3 m in reconstruction measures for a cruise ship, that was commissioned in April 2023 and the carrying out of maintenance work on cruise ships. Further additions to assets under construction relate with \u20ac 17.5 m to investments in aircraft. In the financial year under review, advance payments of \u20ac 88.4 m (previous year \u20ac 29.7 m) were made for the future delivery of aircraft. In the previous year, further payments in advance of \u20ac 10.1 m related to cruise ships. Further additions to aircraft assets include \u20ac 32.3 m for spare parts and \u20ac 17.0 m for engines. The renovation of an administrative building in Hanover led to further investments of \u20ac 18.0 m in the financial year under review.The main disposals in the financial year under review include \u20ac 36.6 m (previous year \u20ac 157.9 m) for thedisposal of advance payments for the delivery of aircraft. Due to sale and leaseback transactions, the disposal of these pre-delivery payments led to additions of right-of-use assets. In this context, please refer to the section \u2018Right-of-use assets and leases\u2019. Further disposals relate with \u20ac 17.7 m to the sale of spare parts and with \u20ac 15.9 m to the sale of aircraft.
(18) Touristic payments on account
Touristic payments on account mainly relate to customary advance payments in respect of future tourism
services, in particular advance payments made by tour operators for future hotel and flight services.
In the financial year under review the additions to impairments recognised through profit or loss for advance
payments made by tour operators for future hotel services totalled \u20ac 3.4 m (previous year: reversals of
impairments \u20ac 33.6 m).
(19) Other non-financial assets
The other non-financial assets of \u20ac 230.6 m (previous year \u20ac 305.1 m) resulted mainly from the overfunded
pension plans worth \u20ac 98.5 m (previous year \u20ac 163.4 m) and assets from other taxes worth \u20ac 77.5 m (previous
year \u20ac 70.3 m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-805": { "value": "For those pension plans where the plan assets exceed the obligation, other non-financial assets amounting to \u20ac 98.5 m are shown as at 30 September 2023 (previous year \u20ac 163.4 m). (19) Other non-financial assets The other non-financial assets of \u20ac 230.6 m (previous year \u20ac 305.1 m) resulted mainly from the overfunded pension plans worth \u20ac 98.5 m (previous year \u20ac 163.4 m) and assets from other taxes worth \u20ac 77.5 m (previous year \u20ac 70.3 m).
Default risk on financial instruments classified as advances and loans, as other receivables or as other financial assets
30 Sep 2023
30 Sep 2022 adjusted
Impairment Rating Gross value Specific bad Impairment Net value Gross value Impairment Net value
stage debt allowance for expected
\u20ac million credit losses
Financial instruments with related parties
Advances and loans
1
internal: grade 2
\u2013
\u2013
\u2013
\u2013
21.9
\u2013 0.6
21.3
Advances and loans
3
internal: grade 5
9.5
\u2013 6.4
\u2013 0.3
2.8
20.8
*
\u2013 18.6
*
2.2
*
Advances and loans
3
internal: grade 6
4.5
\u2013 4.5
\u2013
\u2013
\u2013
\u2013
\u2013
Advances and loans
3
internal: grade 7
11.4
\u2013 11.4
\u2013
\u2013
\u2013
\u2013
\u2013
Other receivables
3
internal: grade 7
0.9
\u2013 0.9
\u2013
\u2013
\u2013
\u2013
\u2013
Financial instruments with hotels
Advances and loans
1
internal: grade 5
9.6
9.6
\u2013 1.3
8.3
10.4
\u2013 1.8
8.6
Advances and loans
2
internal: grade 5
17.0
17.0
\u2013 1.1
15.9
30.0
\u2013 3.3
26.7
Advances and loans
3
internal: grade 5
12.9
\u2013 12.9
\u2013
\u2013
\u2013
\u2013
\u2013
Other receivables
1
internal: grade 2
\u2013
\u2013
\u2013
\u2013
3.0
*
\u2013
3.0
*
Other receivables
3
internal: grade 3
\u2013
\u2013
\u2013
\u2013
41.0
\u2013 13.8
27.2
Financial instruments with other companies
Advances and loans
3
internal: grade 5
5.0
\u2013 5.0
\u2013
\u2013
5.4
*
\u2013 5.4
*
\u2013
Other financial assets
1
internal: grade 1
\u2013
\u2013
\u2013
\u2013
34.6
\u2013 0.2
34.4
Other financial assets
1
external
45.1
\u2013
\u2013 0.1
45.0
45.1
\u2013 0.1
45.0
Other receivables
1
internal: grade 1
66.1
\u2013
\u2013 0.1
66.0
106.6
*
\u2013 0.2
*
106.4
*
Other receivables
1
internal: grade 2
44.1
\u2013
\u2013 0.1
44.0
30.2
*
\u2013 0.1
*
30.1
*
Other receivables
1
internal: grade 4
7.4
\u2013
\u2013 0.2
7.2
6.3
*
\u2013 0.3
*
6.0
*
Other receivables
1
internal: grade 5
24.2
\u2013
\u2013 1.5
22.7
\u2013
\u2013
\u2013
Other receivables
1
external
378.2
\u2013
\u2013 0.5
377.7
350.5
*
\u2013 0.6
*
349.9
*
Other receivables
3
internal: grade 4
1.8
\u2013 0.9
\u2013
0.9
2.9
*
\u2013 1.0
*
1.9
*
* The table takes into account all default risk rating grades used as at 30 September 2023. The previous year\u2019s figures have been
adjusted accordingly.
Insofar as the default risk can only be determined on the basis of past due information, the information is contained in the tables \u2018ageing structure of impairment of financial instruments classified as other receivables and assets\u2019 and \u2018ageing structure of impairment of financial instruments classified as advances and loans\u2019. Other financial assets carried at amortised cost at an amount of \u20ac 48.6 m (previous year \u20ac 85.8 m) relate to short-term deposits with banks. The full amount of these investments with a gross amount of \u20ac 48.7 m (previous year \u20ac 86.2 m) is not overdue. Impairments of \u20ac 0.1 m (previous year \u20ac 0.5 m) were carried in the framework The tables below show a reconciliation of the loan loss provisions for financial assets, measured at amortised cost, for which loan loss provisions are determined using the general approach or the simplified approach.
Change in risk provisions for financial assets measured at amortised cost in the classes advances
and loans, other receivables and assets and other financial assets
Stage 1 Stage 2 Stage 3 To t a l
12-month-
ECL
lifetime-
ECL
lifetime-
ECL
\u20ac million (not impaired) (impaired)
Risk provisioning as at 1 Oct 2021
27.6
14.3
\u2013
41.9
Addition of impairment on newly issued / acquired
financial assets
2.3
1.8
20.8
24.9
Transfer to stage 3 lifetime ECL (impaired)
\u2013 7.4
\u2013 12.8
20.2
\u2013
Unrequired impairments on financial assets
derecognised during the period and use of impairments
\u2013 15.9
\u2013
\u2013
\u2013 15.9
Risk provisioning as at 30 Sep 2022
6.6
3.3
41.0
50.9
Risk provisioning as at 1 Oct 2022
6.6
3.3
41.0
50.9
Addition of impairment on newly issued / acquired
financial assets
2.3
\u2013
\u2013
2.3
Transfer to stage 3 lifetime ECL (impaired)
\u2013
\u2013 1.5
1.5
\u2013
Unrequired impairments on financial assets
derecognised during the period and use of impairments
\u2013 1.4
\u2013 0.8
\u2013 3.1
\u2013 5.3
Removing specific bad debt allowance from
presentation
\u2013
\u2013
\u2013 39.0
\u2013 39.0
Change of models, risk parameters
\u2013 1.4
\u2013
\u2013
\u2013 1.4
Risk provisioning as at 30 Sep 2023
6.1
1.0
0.4
7.5
As at 30 September 2023, risk provisioning totals \u20ac 4.6 m (previous year \u20ac 19.8 m) for the other receivables and assets class and \u20ac 0.1 m (previous year \u20ac 0.5 m) for the other financial assets class as well as \u20ac 2.8 m (previous year \u20ac 30.6 m) for the advances and loans class. As at 30 September, 2023, one instrument in class other receivables and assets and ten instruments in class advances and loans were reported in stage 3 (previous year: three and eight instruments respectively in stage 3). There were no currency differences (previous year: no currency differences). The changes in the scope of consolidation had no material impact on risk provisioning (previous year: no changes). A transfer was made in the advances and loans class in the amount of \u20ac 1.5 m from stage 2 to stage 3 (previous year transfer from stage 1 to stage 3: \u20ac 6.6 m and transfer from stage 2 to stage 3:\u20ac 12.8 m). No transfer was made in the other receivables and assets class (previous year transfer from stage 1 to stage 3: \u20ac 0.8 m). In the current financial year in class advances and loans no material impairments have been used (previous year \u20ac 9.5 m). The models were adjusted with regard to the risk parameters used in terms of the loss rate in line with the macroeconomic market environment. This resulted in a lower risk provision of \u20ac 1.9 m (previous year: \u20ac 6.2 m).
Change in risk provisions for financial assets measured at amortised cost classified
as trade receivables
Lifetime ECL
\u20ac million simplified approach
Risk provisioning as at 1 Oct 2021
71.6
Exchange differences
0.7
Addition of impairment on newly issued / acquired financial assets
23.6
Other changes
1.3
Unrequired impairments on financial assets derecognised during the period and use of impairments
\u2013 37.7
Risk provisioning as at 30 Sep 2022
59.5
Risk provisioning as at 1 Oct 2022
59.5
Exchange differences
\u2013 0.3
Unrequired impairments on financial assets derecognised during the period
\u2013 9.4
Use of impairments
\u2013 4.8
Removing specific bad debt allowance from presentation
\u2013 41.9
Change of models, risk parameters
\u2013 1.0
Risk provisioning as at 30 Sep 2023
2.1
Change in risk provisions for financial assets measured at amortised cost classified
as lease receivables
Lifetime ECL
\u20ac million simplified approach
Risk provisioning as at 1 Oct 2021
0.3
Exchange differences
\u2013 0.3
Unrequired impairments on financial assets derecognised during the period and use of impairments
0.2
Risk provisioning as at 30 Sep 2022
0.2
Risk provisioning as at 1 Oct 2022
0.2
Unrequired impairments on financial assets derecognised during the period and use of impairments
\u2013 0.2
Risk provisioning as at 30 Sep 2023
\u2013
Change in gross carrying amounts classified as other receivables and assets and other financial assets
Stage 1 Stage 2 Stage 3 To t a l
12-month
ECL
lifetime
ECL
lifetime-
ECL
\u20ac million (not impaired) (impaired)
Gross carrying amounts as at 1 Oct 2021
329.6
\u2013
\u2013
329.6
Addition of assets
685.4
\u2013
44.4
729.8
Reduction of assets
\u2013 285.3
\u2013
\u2013
\u2013 285.3
Transfer to impaired financial assets (Stage 3)
\u2013 7.7
\u2013
7.7
\u2013
Gross carrying amounts as at 30 Sep 2022
722.0
\u2013
52.1
774.1
Gross carrying amounts as at 1 Oct 2022
722.0
\u2013
52.1
774.1
Addition of assets
679.8
0.5
57.5
737.8
Reduction of assets
\u2013 673.7
\u2013
\u2013 41.4
\u2013 715.1
Gross carrying amounts as at 30 Sep 2023
728.1
0.5
68.2
796.8
As at 30 September 2023, instruments in the classes of other receivables and assets and other financial assets amounting to \u20ac 68.2 m were reported in stage 3. There were no significant changes or modifications. There were no transfers between the stages 1 to 3 (previous year transfers from stage 1 to stage 3: \u20ac 7.7 m). No newly issued or acquired instruments were impaired at the date of addition. I n the case of cash and cash equivalents, current trade receivables, other financial assets, current trade payables and other financial liabilities the carrying amount approximates the fair value due to the short remaining term . The table below shows the reconciliation of the balance sheet items to the financial instrument categorie s by carrying amount and fair value of the financial instruments.
Carrying amounts and fair values according to classes and measurement categories according to IFRS 9 as at 30 Sep 2023
Category according to IFRS 9
Carrying amount At amortised cost Fair value with no Fair value with no Fair value Fair value of
effect on profit and effect on profit and through profit financial
\u20ac million loss without recycling loss with recycling and loss instruments
Assets
Trade receivables and other receivables
thereof instruments within the scope of IFRS 9
1,161.0
1,122.6
\u2013
\u2013
38.9
1,153.0
thereof instruments within the scope of IFRS 16
4.1
\u2013
\u2013
\u2013
\u2013
4.4
Derivative financial instruments
Hedging transactions
236.4
\u2013
\u2013
236.4
\u2013
236.4
Other derivative financial instruments
32.1
\u2013
\u2013
\u2013
32.1
32.1
Other financial assets
59.4
48.6
9.9
\u2013
0.9
57.3
Cash and cash equivalents
2,060.3
1,588.3
\u2013
\u2013
472.2
2,060.5
Liabilities
Financial liabilities
1,297.0
1,297.0
\u2013
\u2013
\u2013
1,120.1
Trade payables
3,373.7
3,374.7
\u2013
\u2013
\u2013
3,374.7
Derivative financial instruments
Hedging transactions
25.9
\u2013
\u2013
25.9
\u2013
25.9
Other derivative financial instruments
11.1
\u2013
\u2013
\u2013
11.1
11.1
Other financial liabilities
124.4
124.4
\u2013
\u2013
\u2013
124.4
Carrying amounts and fair values according to classes and measurement categories according to IFRS 9 as at 30 Sep 2022
Category according to IFRS 9
Carrying amount At amortised cost Fair value with no Fair value with no Fair value Fair value of
effect on profit and effect on profit and through profit financial
\u20ac million loss without recycling loss with recycling and loss instruments
Assets
Trade receivables and other receivables
thereof instruments within the scope of IFRS 9
1,133.8
1,027.3
\u2013
\u2013
106.5
1,124.5
thereof instruments within the scope of IFRS 16
9.6
\u2013
\u2013
\u2013
\u2013
9.9
Derivative financial instruments
Hedging transactions
124.4
\u2013
\u2013
124.4
\u2013
124.4
Other derivative financial instruments
134.7
\u2013
\u2013
\u2013
134.7
134.7
Other financial assets
96.4
85.9
9.6
\u2013
0.9
90.5
Cash and cash equivalents
1,736.9
1,736.9
\u2013
\u2013
\u2013
1,736.9
Liabilities
Financial liabilities
2,051.3
2,051.3
\u2013
\u2013
\u2013
1,656.7
Trade payables
3,316.5
3,316.5
\u2013
\u2013
\u2013
3,316.5
Derivative financial instruments
Hedging transactions
27.0
\u2013
\u2013
27.0
\u2013
27.0
Other derivative financial instruments
33.7
\u2013
\u2013
\u2013
33.7
33.7
Other financial liabilities
177.4
177.4
\u2013
\u2013
\u2013
177.4
The amounts shown in the column \u2018carrying amount\u2019 (as shown in the balance sheet) in the tables above can differ from those in the other columns of a particular row since the latter include all financial instruments. That is the latter columns include financial instruments which are part of disposal groups according to IFRS 5. In the balance sheet, financial instruments, which are part of a disposal group, are shown as separate items. If such financial instruments are included, further details on these financial instruments are explained in the sections \u2018Assets held for sale\u2019 and \u2018Liabilities related to assets held. The instruments measured at fair value through other comprehensive income within the other financial assets class are investments in companies based on medium to long-term strategic objectives. Recording all short- term fluctuations in the fair value in the income statement would not be in line withTUI Group\u2019s strategy; these equity instruments were therefore designated as fair value through OCI.
Aggregation according to measurement categories under IFRS 9 as at 30 Sep 2023
Carrying Fair Value
amount of
financial
instruments
\u20ac million To t a l
Financial assets
at amortised cost
2,759.5
3,221.1
at fair value \u2013 recognised directly in equity without recycling
9.9
9.9
at fair value \u2013 through profit and loss
544.1
544.1
Financial liabilities
at amortised cost
4,796.1
4,619.2
at fair value \u2013 through profit and loss
11.1
11.1
Aggregation according to measurement categories under IFRS 9 as at 30 Sep 2022
Carrying Fair Value
amount of
financial
instruments
\u20ac million Total
Financial assets
at amortised cost
2,850.1
2,834.9
at fair value \u2013 recognised directly in equity without recycling
9.6
9.6
at fair value \u2013 through profit and loss
242.1
242.1
Financial liabilities
at amortised cost
5,545.2
5,150.6
at fair value \u2013 through profit and loss
33.7
33.7
FAIR VALUE MEASUREMENT The table below presents the fair values of recurring, non-recurring and other financial instruments measured at fair value in line with the underlying measurement level. The individual measurement levels have been defined as follows in line with the inputs: \u2022 Level 1: (unadjusted) quoted prices in active markets for identical assets or liabilities. \u2022 Level 2: inputs for the measurement other than quoted market prices included within Level 1 that are observable in the market for the asset or liability, either directly (as quoted prices) or indirectly (derivable from quoted prices). \u2022 Level 3: inputs for the measurement of the asset or liability not based on observable market data.
Hierarchy of financial instruments measured at fair value as at 30 Sep 2023
Fair value hierarchy
\u20ac million
To t a l
Level 1
Level 2
Level 3
Assets
Other receivables
38.9
\u2013
\u2013
38.9
Other financial assets
10.8
\u2013
\u2013
10.8
Derivative financial instruments
Hedging transactions
236.4
\u2013
236.4
\u2013
Other derivative financial instruments
32.1
\u2013
32.1
\u2013
Cash and cash equivalents
472.2
472.2
\u2013
\u2013
Liabilities
Derivative financial instruments
Hedging transactions
25.9
\u2013
25.9
\u2013
Other derivative financial instruments
11.1
\u2013
11.1
\u2013
Hierarchy of financial instruments measured at fair value as at 30 Sep 2022
Fair value hierarchy
\u20ac million
Total
Level 1
Level 2
Level 3
Assets
Other receivables
106.5
\u2013
\u2013
106.5
Other financial assets
10.5
\u2013
\u2013
10.5
Derivative financial instruments
Hedging transactions
124.4
\u2013
124.4
\u2013
Other derivative financial instruments
134.7
\u2013
134.7
\u2013
Liabilities
Derivative financial instruments
Hedging transactions
27.0
\u2013
27.0
\u2013
Other derivative financial instruments
33.7
\u2013
33.7
\u2013
At the end of every reporting period, TUI Group checks whether there are any reasons for reclassification to or from one of the measurement levels. Financial assets and financial liabilities are generally transferred out of Level 1 into Level 2 if the liquidity and trading activity no longer indicate an active market. The opposite situation applies to potential transfers out of Level 2 into Level 1. In the reporting period, there were no transfers between Level 1 and Level 2. Reclassifications from Level 3 to Level 2 or Level 1 are made if observable market price quotations become available for the asset or liability concerned. In the reporting period there were no other transfers from or to Level 3. TUI Group records transfers from or to Level 3 at the date of the obligating event or occasion triggering the transfer. LEVEL 1 FINANCIAL INSTRUMENTS The fair value of financial instruments for which an active market exists is based on quoted prices at the reporting date. An active market exists if quoted prices are readily and regularly available from an exchange, dealer, broker, pricing service or regulatory agency and these prices represent actual and regularly occurring market transactions on an arm\u2019s length basis. These financial instruments are classified as Level 1. The fair values correspond to the nominal amounts multiplied by the quoted prices at the reporting date. At 30 Sep- tember 2023 Level 1 financial instruments only include shares in money market funds measured at fair value. LEVEL 2 FINANCIAL INSTRUMENTS The fair values of financial instruments not traded in an active market, e. g., over-the-counter (OTC) derivatives, are determined by means of valuation techniques. These valuation techniques make maximum use ofobservable market data and minimise the use of group-specific assumptions. If all essential inputs for the determination of the fair value of an instrument are observable, the instrument is classified as Level 2. If one or several key inputs are not based on observable market data, the instrument is classified as Level 3. The following specific valuation techniques are used to measure financial instruments: \u2022 For over-the-counter bonds, debt components of warrant and convertible bonds, liabilities to banks, promissory notes and other non-current financial liabilities as well as for current other receivables, current financial liabilities and non-current trade and other receivables, the fair value is determined as the present value of future cash flows, taking account of observable yield curves and the respective credit spread, which depends on the credit rating. \u2022 The fair value of over-the-counter derivatives is determined by means of appropriate calculation meth ods, e. g., by discounting the expected future cash flows. The forward prices of forward transactions are based on the spot or cash prices, taking account of forward premiums and discounts. The fair values of optional hedges are calculated on the basis of option pricing models. The fair values determined on the basis of the group\u2019s own systems are periodically compared with fair value confirmations of the external counter- parties. \u2022 Other valuation techniques, e. g., discounting future cash flows, are used to determine the fair values of other financial instruments. LEVEL 3 FINANCIAL INSTRUMENTS The table below presents the fair values of the financial instruments measured at fair value on a recurring basis, classified as Level 3 .
Financial assets measured at fair value in Level 3
Other receivables Other financial
\u20ac million IFRS 9
assets
IFRS 9
Balance as at 1 Oct 2021
108.1
12.3
Disposals
\u2013 15.0
\u2013
Total gains or losses for the period
13.4
\u2013 1.4
recognised through profit and loss
13.4
\u2013 0.1
recognised in other comprehensive income
\u2013
\u2013 1.3
Foreign currency effects
\u2013
\u2013 0.4
Balance as at 30 Sep 2022
106.5
10.5
Balance as at 1 Oct 2022
106.5
10.5
Additions
\u2013
0.1
acquisition
\u2013
0.1
Disposals
\u2013 70.6
\u2013 24.0
sale
\u2013
\u2013 24.0
payment
\u2013 70.6
\u2013
Total gains or losses for the period
3.0
23.8
recognised through profit and loss
3.0
\u2013
recognised in other comprehensive income
\u2013
23.8
Foreign currency effects
\u2013
0.4
Balance as at 30 Sep 2023
38.9
10.8
EVALUATION PROCESS The fair value of financial instruments in Level 3 has been determined by TUI Group\u2019s financial department using the discounted cash flow method. This involves the market data and parameters required for measure- ment being compiled or validated. Non-observable input parameters are reviewed on the basis of internally available information and updated if necessary. In principle, the unobservable input parameters relate to the following parameters; the (estimated)EBITDA margin is in a range between \u2013 5.9 % and 34.2 % (previous year 8.3 % and 24.0 %). The constant growth rate is 1 % (previous year 1 %). The weighted average cost of capital (WACC) is in a range between 11.0 % (previous year 9.5 % \u2013 11.3 %). Due to materiality, no detailed figures have been provided. With the exception of the WACC, there is a positive correlation between the input factors and the fair value. The increase in the fair values of the financial instruments in Level 3 resulted mainly from revaluation effects of \u20ac 23.8 m and the sale of the shares in PeakworkAG of \u20ac 24.0 m. Financial instruments classified as Other financial assets include shares in corporations. The total fair value of these financial investments at 30 September 2023 is \u20ac 9.9 m (previous year \u20ac 9.6 m). In the year under review, there were no disposals (previous year \u20ac 0.0 m) of shares in corporations as part of the initial consolida- tion which were measured at fair value, as part of their first consolidation. None of these strategic financial investments were sold in the completed financial year. Dividend payments of \u20ac 0.1 m (previous year \u20ac 0.3 m) resulted from these financial investments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-739": { "value": "For those pension plans where the plan assets exceed the obligation, other non-financial assets amounting to \u20ac 98.5 m are shown as at 30 September 2023 (previous year \u20ac 163.4 m). (19) Other non-financial assets The other non-financial assets of \u20ac 230.6 m (previous year \u20ac 305.1 m) resulted mainly from the overfunded pension plans worth \u20ac 98.5 m (previous year \u20ac 163.4 m) and assets from other taxes worth \u20ac 77.5 m (previous year \u20ac 70.3 m).
Default risk on financial instruments classified as advances and loans, as other receivables or as other financial assets
30 Sep 2023
30 Sep 2022 adjusted
Impairment Rating Gross value Specific bad Impairment Net value Gross value Impairment Net value
stage debt allowance for expected
\u20ac million credit losses
Financial instruments with related parties
Advances and loans
1
internal: grade 2
\u2013
\u2013
\u2013
\u2013
21.9
\u2013 0.6
21.3
Advances and loans
3
internal: grade 5
9.5
\u2013 6.4
\u2013 0.3
2.8
20.8
*
\u2013 18.6
*
2.2
*
Advances and loans
3
internal: grade 6
4.5
\u2013 4.5
\u2013
\u2013
\u2013
\u2013
\u2013
Advances and loans
3
internal: grade 7
11.4
\u2013 11.4
\u2013
\u2013
\u2013
\u2013
\u2013
Other receivables
3
internal: grade 7
0.9
\u2013 0.9
\u2013
\u2013
\u2013
\u2013
\u2013
Financial instruments with hotels
Advances and loans
1
internal: grade 5
9.6
9.6
\u2013 1.3
8.3
10.4
\u2013 1.8
8.6
Advances and loans
2
internal: grade 5
17.0
17.0
\u2013 1.1
15.9
30.0
\u2013 3.3
26.7
Advances and loans
3
internal: grade 5
12.9
\u2013 12.9
\u2013
\u2013
\u2013
\u2013
\u2013
Other receivables
1
internal: grade 2
\u2013
\u2013
\u2013
\u2013
3.0
*
\u2013
3.0
*
Other receivables
3
internal: grade 3
\u2013
\u2013
\u2013
\u2013
41.0
\u2013 13.8
27.2
Financial instruments with other companies
Advances and loans
3
internal: grade 5
5.0
\u2013 5.0
\u2013
\u2013
5.4
*
\u2013 5.4
*
\u2013
Other financial assets
1
internal: grade 1
\u2013
\u2013
\u2013
\u2013
34.6
\u2013 0.2
34.4
Other financial assets
1
external
45.1
\u2013
\u2013 0.1
45.0
45.1
\u2013 0.1
45.0
Other receivables
1
internal: grade 1
66.1
\u2013
\u2013 0.1
66.0
106.6
*
\u2013 0.2
*
106.4
*
Other receivables
1
internal: grade 2
44.1
\u2013
\u2013 0.1
44.0
30.2
*
\u2013 0.1
*
30.1
*
Other receivables
1
internal: grade 4
7.4
\u2013
\u2013 0.2
7.2
6.3
*
\u2013 0.3
*
6.0
*
Other receivables
1
internal: grade 5
24.2
\u2013
\u2013 1.5
22.7
\u2013
\u2013
\u2013
Other receivables
1
external
378.2
\u2013
\u2013 0.5
377.7
350.5
*
\u2013 0.6
*
349.9
*
Other receivables
3
internal: grade 4
1.8
\u2013 0.9
\u2013
0.9
2.9
*
\u2013 1.0
*
1.9
*
* The table takes into account all default risk rating grades used as at 30 September 2023. The previous year\u2019s figures have been
adjusted accordingly.
Insofar as the default risk can only be determined on the basis of past due information, the information is contained in the tables \u2018ageing structure of impairment of financial instruments classified as other receivables and assets\u2019 and \u2018ageing structure of impairment of financial instruments classified as advances and loans\u2019. Other financial assets carried at amortised cost at an amount of \u20ac 48.6 m (previous year \u20ac 85.8 m) relate to short-term deposits with banks. The full amount of these investments with a gross amount of \u20ac 48.7 m (previous year \u20ac 86.2 m) is not overdue. Impairments of \u20ac 0.1 m (previous year \u20ac 0.5 m) were carried in the framework of risk provisioning .
The tables below show a reconciliation of the loan loss provisions for financial assets, measured at amortised
cost, for which loan loss provisions are determined using the general approach or the simplified approach.
Change in risk provisions for financial assets measured at amortised cost in the classes advances
and loans, other receivables and assets and other financial assets
Stage 1 Stage 2 Stage 3 To t a l
12-month-
ECL
lifetime-
ECL
lifetime-
ECL
\u20ac million (not impaired) (impaired)
Risk provisioning as at 1 Oct 2021
27.6
14.3
\u2013
41.9
Addition of impairment on newly issued / acquired
financial assets
2.3
1.8
20.8
24.9
Transfer to stage 3 lifetime ECL (impaired)
\u2013 7.4
\u2013 12.8
20.2
\u2013
Unrequired impairments on financial assets
derecognised during the period and use of impairments
\u2013 15.9
\u2013
\u2013
\u2013 15.9
Risk provisioning as at 30 Sep 2022
6.6
3.3
41.0
50.9
Risk provisioning as at 1 Oct 2022
6.6
3.3
41.0
50.9
Addition of impairment on newly issued / acquired
financial assets
2.3
\u2013
\u2013
2.3
Transfer to stage 3 lifetime ECL (impaired)
\u2013
\u2013 1.5
1.5
\u2013
Unrequired impairments on financial assets
derecognised during the period and use of impairments
\u2013 1.4
\u2013 0.8
\u2013 3.1
\u2013 5.3
Removing specific bad debt allowance from
presentation
\u2013
\u2013
\u2013 39.0
\u2013 39.0
Change of models, risk parameters
\u2013 1.4
\u2013
\u2013
\u2013 1.4
Risk provisioning as at 30 Sep 2023
6.1
1.0
0.4
7.5
As at 30 September 2023, risk provisioning totals \u20ac 4.6 m (previous year \u20ac 19.8 m) for the other receivables
and assets class and \u20ac 0.1 m (previous year \u20ac 0.5 m) for the other financial assets class as well as \u20ac 2.8 m
(previous year \u20ac 30.6 m) for the advances and loans class.
As at 30 September, 2023, one instrument in class other receivables and assets and ten instruments in class
advances and loans were reported in stage 3 (previous year: three and eight instruments respectively in
stage 3). There were no currency differences (previous year: no currency differences).
The changes in the scope of consolidation had no material impact on risk provisioning (previous year: no
changes). A transfer was made in the advances and loans class in the amount of \u20ac 1.5 m from stage 2 to
stage 3 (previous year transfer from stage 1 to stage 3: \u20ac 6.6 m and transfer from stage 2 to stage 3:
\u20ac 12.8 m). No transfer was made in the other receivables and assets class (previous year transfer from stage
1 to stage 3: \u20ac 0.8 m).
In the current financial year in class advances and loans no material impairments have been used (previous
year \u20ac 9.5 m). The models were adjusted with regard to the risk parameters used in terms of the loss rate in
line with the macroeconomic market environment. This resulted in a lower risk provision of \u20ac 1.9 m (previous
year: \u20ac 6.2 m).
Change in risk provisions for financial assets measured at amortised cost classified
as trade receivables
Lifetime ECL
\u20ac million simplified approach
Risk provisioning as at 1 Oct 2021
71.6
Exchange differences
0.7
Addition of impairment on newly issued / acquired financial assets
23.6
Other changes
1.3
Unrequired impairments on financial assets derecognised during the period and use of impairments
\u2013 37.7
Risk provisioning as at 30 Sep 2022
59.5
Risk provisioning as at 1 Oct 2022
59.5
Exchange differences
\u2013 0.3
Unrequired impairments on financial assets derecognised during the period
\u2013 9.4
Use of impairments
\u2013 4.8
Removing specific bad debt allowance from presentation
\u2013 41.9
Change of models, risk parameters
\u2013 1.0
Risk provisioning as at 30 Sep 2023
2.1
Change in risk provisions for financial assets measured at amortised cost classified
as lease receivables
Lifetime ECL
\u20ac million simplified approach
Risk provisioning as at 1 Oct 2021
0.3
Exchange differences
\u2013 0.3
Unrequired impairments on financial assets derecognised during the period and use of impairments
0.2
Risk provisioning as at 30 Sep 2022
0.2
Risk provisioning as at 1 Oct 2022
0.2
Unrequired impairments on financial assets derecognised during the period and use of impairments
\u2013 0.2
Risk provisioning as at 30 Sep 2023
\u2013
Change in gross carrying amounts classified as other receivables and assets and other financial assets
Stage 1 Stage 2 Stage 3 To t a l
12-month
ECL
lifetime
ECL
lifetime-
ECL
\u20ac million (not impaired) (impaired)
Gross carrying amounts as at 1 Oct 2021
329.6
\u2013
\u2013
329.6
Addition of assets
685.4
\u2013
44.4
729.8
Reduction of assets
\u2013 285.3
\u2013
\u2013
\u2013 285.3
Transfer to impaired financial assets (Stage 3)
\u2013 7.7
\u2013
7.7
\u2013
Gross carrying amounts as at 30 Sep 2022
722.0
\u2013
52.1
774.1
Gross carrying amounts as at 1 Oct 2022
722.0
\u2013
52.1
774.1
Addition of assets
679.8
0.5
57.5
737.8
Reduction of assets
\u2013 673.7
\u2013
\u2013 41.4
\u2013 715.1
Gross carrying amounts as at 30 Sep 2023
728.1
0.5
68.2
796.8
As at 30 September 2023, instruments in the classes of other receivables and assets and other financial assets amounting to \u20ac 68.2 m were reported in stage 3. There were no significant changes or modifications. There were no transfers between the stages 1 to 3 (previous year transfers from stage 1 to stage 3: \u20ac 7.7 m). No newly issued or acquired instruments were impaired at the date of addition. I n the case of cash and cash equivalents, current trade receivables, other financial assets, current trade payables and other financial liabilities the carrying amount approximates the fair value due to the short remaining term . The table below shows the reconciliation of the balance sheet items to the financial instrument categorie s by carrying amount and fair value of the financial instruments.
Carrying amounts and fair values according to classes and measurement categories according to IFRS 9 as at 30 Sep 2023
Category according to IFRS 9
Carrying amount At amortised cost Fair value with no Fair value with no Fair value Fair value of
effect on profit and effect on profit and through profit financial
\u20ac million loss without recycling loss with recycling and loss instruments
Assets
Trade receivables and other receivables
thereof instruments within the scope of IFRS 9
1,161.0
1,122.6
\u2013
\u2013
38.9
1,153.0
thereof instruments within the scope of IFRS 16
4.1
\u2013
\u2013
\u2013
\u2013
4.4
Derivative financial instruments
Hedging transactions
236.4
\u2013
\u2013
236.4
\u2013
236.4
Other derivative financial instruments
32.1
\u2013
\u2013
\u2013
32.1
32.1
Other financial assets
59.4
48.6
9.9
\u2013
0.9
57.3
Cash and cash equivalents
2,060.3
1,588.3
\u2013
\u2013
472.2
2,060.5
Liabilities
Financial liabilities
1,297.0
1,297.0
\u2013
\u2013
\u2013
1,120.1
Trade payables
3,373.7
3,374.7
\u2013
\u2013
\u2013
3,374.7
Derivative financial instruments
Hedging transactions
25.9
\u2013
\u2013
25.9
\u2013
25.9
Other derivative financial instruments
11.1
\u2013
\u2013
\u2013
11.1
11.1
Other financial liabilities
124.4
124.4
\u2013
\u2013
\u2013
124.4
Carrying amounts and fair values according to classes and measurement categories according to IFRS 9 as at 30 Sep 2022
Category according to IFRS 9
Carrying amount At amortised cost Fair value with no Fair value with no Fair value Fair value of
effect on profit and effect on profit and through profit financial
\u20ac million loss without recycling loss with recycling and loss instruments
Assets
Trade receivables and other receivables
thereof instruments within the scope of IFRS 9
1,133.8
1,027.3
\u2013
\u2013
106.5
1,124.5
thereof instruments within the scope of IFRS 16
9.6
\u2013
\u2013
\u2013
\u2013
9.9
Derivative financial instruments
Hedging transactions
124.4
\u2013
\u2013
124.4
\u2013
124.4
Other derivative financial instruments
134.7
\u2013
\u2013
\u2013
134.7
134.7
Other financial assets
96.4
85.9
9.6
\u2013
0.9
90.5
Cash and cash equivalents
1,736.9
1,736.9
\u2013
\u2013
\u2013
1,736.9
Liabilities
Financial liabilities
2,051.3
2,051.3
\u2013
\u2013
\u2013
1,656.7
Trade payables
3,316.5
3,316.5
\u2013
\u2013
\u2013
3,316.5
Derivative financial instruments
Hedging transactions
27.0
\u2013
\u2013
27.0
\u2013
27.0
Other derivative financial instruments
33.7
\u2013
\u2013
\u2013
33.7
33.7
Other financial liabilities
177.4
177.4
\u2013
\u2013
\u2013
177.4
The amounts shown in the column \u2018carrying amount\u2019 (as shown in the balance sheet) in the tables above can differ from those in the other columns of a particular row since the latter include all financial instruments. That is the latter columns include financial instruments which are part of disposal groups according to IFRS 5. In the balance sheet, financial instruments, which are part of a disposal group, are shown as separate items. If such financial instruments are included, further details on these financial instruments are explained in the sections \u2018Assets held for sale\u2019 and \u2018Liabilities related to assets held. The instruments measured at fair value through other comprehensive income within the other financial assets class are investments in companies based on medium to long-term strategic objectives. Recording all short- term fluctuations in the fair value in the income statement would not be in line withTUI Group\u2019s strategy; these equity instruments were therefore designated as fair value through OCI.
Aggregation according to measurement categories under IFRS 9 as at 30 Sep 2023
Carrying Fair Value
amount of
financial
instruments
\u20ac million To t a l
Financial assets
at amortised cost
2,759.5
3,221.1
at fair value \u2013 recognised directly in equity without recycling
9.9
9.9
at fair value \u2013 through profit and loss
544.1
544.1
Financial liabilities
at amortised cost
4,796.1
4,619.2
at fair value \u2013 through profit and loss
11.1
11.1
Aggregation according to measurement categories under IFRS 9 as at 30 Sep 2022
Carrying Fair Value
amount of
financial
instruments
\u20ac million Total
Financial assets
at amortised cost
2,850.1
2,834.9
at fair value \u2013 recognised directly in equity without recycling
9.6
9.6
at fair value \u2013 through profit and loss
242.1
242.1
Financial liabilities
at amortised cost
5,545.2
5,150.6
at fair value \u2013 through profit and loss
33.7
33.7
FAIR VALUE MEASUREMENT The table below presents the fair values of recurring, non-recurring and other financial instruments measured at fair value in line with the underlying measurement level. The individual measurement levels have been defined as follows in line with the inputs: \u2022 Level 1: (unadjusted) quoted prices in active markets for identical assets or liabilities. \u2022 Level 2: inputs for the measurement other than quoted market prices included within Level 1 that are observable in the market for the asset or liability, either directly (as quoted prices) or indirectly (derivable from quoted prices). \u2022 Level 3: inputs for the measurement of the asset or liability not based on observable market data.
Hierarchy of financial instruments measured at fair value as at 30 Sep 2023
Fair value hierarchy
\u20ac million
To t a l
Level 1
Level 2
Level 3
Assets
Other receivables
38.9
\u2013
\u2013
38.9
Other financial assets
10.8
\u2013
\u2013
10.8
Derivative financial instruments
Hedging transactions
236.4
\u2013
236.4
\u2013
Other derivative financial instruments
32.1
\u2013
32.1
\u2013
Cash and cash equivalents
472.2
472.2
\u2013
\u2013
Liabilities
Derivative financial instruments
Hedging transactions
25.9
\u2013
25.9
\u2013
Other derivative financial instruments
11.1
\u2013
11.1
\u2013
Hierarchy of financial instruments measured at fair value as at 30 Sep 2022
Fair value hierarchy
\u20ac million
Total
Level 1
Level 2
Level 3
Assets
Other receivables
106.5
\u2013
\u2013
106.5
Other financial assets
10.5
\u2013
\u2013
10.5
Derivative financial instruments
Hedging transactions
124.4
\u2013
124.4
\u2013
Other derivative financial instruments
134.7
\u2013
134.7
\u2013
Liabilities
Derivative financial instruments
Hedging transactions
27.0
\u2013
27.0
\u2013
Other derivative financial instruments
33.7
\u2013
33.7
\u2013
At the end of every reporting period, TUI Group checks whether there are any reasons for reclassification to or from one of the measurement levels. Financial assets and financial liabilities are generally transferred out of Level 1 into Level 2 if the liquidity and trading activity no longer indicate an active market. The opposite situation applies to potential transfers out of Level 2 into Level 1. In the reporting period, there were no transfers between Level 1 and Level 2.
Reclassifications from Level 3 to Level 2 or Level 1 are made if observable market price quotations become
available for the asset or liability concerned. In the reporting period there were no other transfers from or
to Level 3.
TUI Group records transfers from or to Level 3 at the date of the obligating event or occasion
triggering the transfer.
LEVEL 1 FINANCIAL INSTRUMENTS
The fair value of financial instruments for which an active market exists is based on quoted prices at the
reporting date. An active market exists if quoted prices are readily and regularly available from an exchange,
dealer, broker, pricing service or regulatory agency and these prices represent actual and regularly occurring
market transactions on an arm\u2019s length basis. These financial instruments are classified as Level 1. The fair
values correspond to the nominal amounts multiplied by the quoted prices at the reporting date. At 30 Sep-
tember 2023 Level 1 financial instruments only include shares in money market funds measured at fair value.
LEVEL 2 FINANCIAL INSTRUMENTS
The fair values of financial instruments not traded in an active market, e. g., over-the-counter (OTC) deriva
tives,
are determined by means of valuation techniques. These valuation techniques make maximum use of
ob
servable market data and minimise the use of group-specific assumptions. If all essential inputs for the
determination of the fair value of an instrument are observable, the instrument is classified as Level 2.
If one or several key inputs are not based on observable market data, the instrument is classified as Level 3.
The following specific valuation techniques are used to measure financial instruments:
\u2022 For over-the-counter bonds, debt components of warrant and convertible bonds, liabilities to banks,
promissory notes and other non-current financial liabilities as well as for current other receivables, cur
rent
financial liabilities and non-current trade and other receivables, the fair value is determined as the present
value of future cash flows, taking account of observable yield curves and the respective credit spread,
which depends on the credit rating.
\u2022
The fair value of over-the-counter derivatives is determined by means of appropriate calculation meth
ods,
e. g., by discounting the expected future cash flows. The forward prices of forward transactions are based
on the spot or cash prices, taking account of forward premiums and discounts. The fair values of optional
hedges are calculated on the basis of option pricing models. The fair values determined on the basis of
the group\u2019s own systems are periodically compared with fair value confirmations of the external counter-
parties.
\u2022 Other valuation techniques, e. g., discounting future cash flows, are used to determine the fair values of
other financial instruments.
LEVEL 3 FINANCIAL INSTRUMENTS
The table below presents the fair values of the financial instruments measured at fair value on a recurring
basis, classified as Level 3 .
Financial assets measured at fair value in Level 3
Other receivables Other financial
\u20ac million IFRS 9
assets
IFRS 9
Balance as at 1 Oct 2021
108.1
12.3
Disposals
\u2013 15.0
\u2013
Total gains or losses for the period
13.4
\u2013 1.4
recognised through profit and loss
13.4
\u2013 0.1
recognised in other comprehensive income
\u2013
\u2013 1.3
Foreign currency effects
\u2013
\u2013 0.4
Balance as at 30 Sep 2022
106.5
10.5
Balance as at 1 Oct 2022
106.5
10.5
Additions
\u2013
0.1
acquisition
\u2013
0.1
Disposals
\u2013 70.6
\u2013 24.0
sale
\u2013
\u2013 24.0
payment
\u2013 70.6
\u2013
Total gains or losses for the period
3.0
23.8
recognised through profit and loss
3.0
\u2013
recognised in other comprehensive income
\u2013
23.8
Foreign currency effects
\u2013
0.4
Balance as at 30 Sep 2023
38.9
10.8
EVALUATION PROCESS
The fair value of financial instruments in Level 3 has been determined by TUI Group\u2019s financial department
using the discounted cash flow method. This involves the market data and parameters required for meas
ure-
ment being compiled or validated. Non-observable input parameters are reviewed on the basis of internally
available information and updated if necessary.
In principle, the unobservable input parameters relate to the following parameters; the (estimated)
EBITDA
margin is in a range between \u2013 5.9 % and 34.2 % (previous year 8.3 % and 24.0 %). The constant growth rate
is 1 % (previous year 1 %). The weighted average cost of capital (WACC) is in a range between 11.0 % (previ
ous
year 9.5 % \u2013 11.3 %). Due to materiality, no detailed figures have been provided. With the exception of the
WACC, there is a positive correlation between the input factors and the fair value.
The increase in the fair values of the financial instruments in Level 3 resulted mainly from revaluation effects
of \u20ac 23.8 m and the sale of the shares in Peakwork
AG of \u20ac 24.0 m.
Financial instruments classified as Other financial assets include shares in corporations. The total fair value
of these financial investments at 30 September 2023 is \u20ac 9.9 m (previous year \u20ac 9.6 m). In the year under
review, there were no disposals (previous year \u20ac 0.0 m) of shares in corporations as part of the initial consoli
da-
tion which were measured at fair value, as part of their first consolidation. None of these strategic financial
investments were sold in the completed financial year. Dividend payments of \u20ac 0.1 m (previous year \u20ac 0.3 m)
resulted from these financial investments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-786": { "value": "At the balance sheet date, the fair value of the plan assets totals \u20ac 1,905.8 m (previous year \u20ac 2,076.4 m). A assets classified as plan assets are never available for short-term sale, the fair values of these plan asset may change significantly up to the realisation date. For all CGUs, the recoverable amount was determined on the basis of fair value less costs of disposal, being the higher value compared to the value in use. The fair value was calculated by discounting the expected cashflows . This was based on the medium-term plan for the respective entity as at 30 September 2023. Budgeted revenues and EBIT margins are based on expectations with regard to the future business perfor- mance. We refer to the section \u2018Key judgements, assumptions and estimates\u2019. The discount rates are calculated as the weighted average cost of capital, taking account of country-specific risks of the CGU and based on external capital market information. The unchanged high weighted average cost of capital reflects the current market situation. The table below provides an overview of the parameters versus the previous financial year, underlying the determination of the fair values per CGU. As in the previous year, the EBIT margin has been adjusted for deductions of centrally incurred costs. The table lists theCGUs to which goodwill has been allocated:
Parameters for calculation of the recoverable amount as at 30 Sep 2023
Planning Growth EBIT Sustain- WACC Level Carrying Recov er-
period in rate margin able in % amount in able
years revenues in % p. a. growth \u20ac million amount in
in % p. a.
rate
4
in %
\u20ac million
Northern Region
3.00
13.2
1.9
0.5
11.60
3
641.7
2,221.4
Central Region
3.00
8.6
1.9
0.5
11.60
3
212.0
1,327.5
Western Region
3.00
6.2
2.3
0.5
11.60
3
180.5
673.6
Riu
3.00
4.8
29.5
1.0
9.05
3
2,391.3
3,238.3
Marella Cruises
3.00
4.6
12.1
1.0
10.70
3
828.0
956.1
TUI Musement
3.00
12.3
4.6
1.0
9.52
3
477.3
722.9
1.4 to 15.3 to 9.05 to 563.9 to 618.0 to
Other
3.00
3.0 20.0 1.0 10.33 3 746.0 810.2
1 Those are groups of CGUs
2 Planned growth rate in revenues in % in relation financial year 2025 to financial year 2026
3 EBIT-Margin for financial year 2026
4 Growth rate of expected net cash inflows
2 3 1 1
Parameters for calculation of the recoverable amount as at 30 Sep 2022
Planning Growth EBIT Sustain- WACC Level Carrying Recov er-
period in rate margin able in % amount in able
years revenues in % p. a. growth \u20ac million amount in
in % p. a.
rate
4
in %
\u20ac million
Northern Region
3.00
8.7
2.8
0.5
11.75
3
1,099.5
2,787.8
Central Region
3.00
4.1
2.5
0.5
11.75
3
\u2013 134.2
1,133.5
Western Region
3.00
4.1
2.1
0.5
11.75
3
471.1
786.2
Riu
3.00
8.8
30.5
1.0
8.55
3
2,279.8
3,107.2
Marella Cruises
3.00
0.7
11.0
1.0
10.57
3
722.6
1,081.5
TUI Musement
5.00
25.0
2.9
1.0
9.84
3
453.0
805.3
15.5 to 8.55 to 669.4 to 711.8 to
Other
3.00
2.3 to 4.3
21.3 1.0 9.21 3 812.3 956.0
1 Those are groups of CGUs
2 Planned growth rate in revenues in % in relation financial year 2024 to financial year 2025
3 EBIT margin for financial year 2025
4 Growth rate of expected net cash inflows
2 3 1 1 In view of the existing uncertainties regarding future business development, an analysis of sensitivities for themain planning parameters was carried out. In the sector Markets & Airlines a risk premium of 2.1 % (previousyear 1.9 %) was added to the cost of capital. For further information we refer to \u2018Key judgements, assumptionsand estimates\u2019. The following table shows the effects of potential deviations in fair value in financial year 2023:
Sensitivities presenting potential changes of the recoverable amount
WACC WACC Sustainable Sustainable Cash inflow Cash inflow
+ 150
BPS
\u2013 150
BPS
growth rate growth rate + 15 % \u2013 15 %
\u20ac million \u20ac million
+ 50
BPS
\u2013 50
BPS
\u20ac million \u20ac million
Sensitivity analysis Markets & Airlines \u20ac million \u20ac million
Northern Region
\u2013 142.7
178.9
35.9
\u2013 32.8
333.2
\u2013 333.2
Central Region
\u2013 119.9
154.1
34.7
\u2013 31.7
203.1
\u2013 203.1
Western Region
\u2013 50.1
63.3
13.2
\u2013 11.9
101.0
\u2013 101.0
WACC WACC Sustainable Sustainable Cash inflow Cash inflow
+ 100
BPS
\u2013 100
BPS
growth rate growth rate + 10 % \u2013 10 %
\u20ac million \u20ac million
+ 50
BPS
\u2013 50
BPS
\u20ac million \u20ac million
Sensitivity analysis Cruises \u20ac million \u20ac million
Marella Cruises
1
\u2013 86.6
106.3
41.5
\u2013 37.5
95.6
\u2013 95.6
WACC WACC Sustainable Sustainable Cash inflow Cash inflow
+ 100
BPS
\u2013 100
BPS
growth rate growth rate + 10 % \u2013 10 %
\u20ac million \u20ac million
+ 50
BPS
\u2013 50 BPS \u20ac million \u20ac million
Sensitivity analysis Hotels & Resorts and TUI Musement \u20ac million \u20ac million
Riu
1
\u2013 388.8
500.6
202.9
\u2013 179.1
323.8
\u2013 323.8
TUI Musement
\u2013 79.2
100.3
40.1
\u2013 35.6
79.5
\u2013 79.5
Other
\u2013 67.2
to \u2013 75.7
86.2 to 93.8
34.4 to 36.8
\u2013 30.3 to \u2013 33.0
61.8 to 81.0
\u2013 61.8 to \u2013 81.0
1 Those are groups of CGUs
2 Sustainable growth rate of expected net cash inflows
2 2 2 2 2 2 The fair values determined in the sensitivity analysis would have led to an impairment requirement of \u20ac 13.0 m in theCGU Robinson and of \u20ac 11.6 m in the CGU Midnight International in the Hotels & Resorts segment if the WACC had increased by 100 basis points. A reduction in the Cash inflow by 10 % would result in an impairment requirement of \u20ac 16.9 m in theCGU Midnight International and of \u20ac 7.7 m in the CGU Robinson. With the exception of the impairments presented in the Hotels & Resorts segment, the sensitivity analysis did not reveal any further indications of an additional need for impairment losses. In the financial year 2023 a study was carried out on the financial impact of climate related risks on the business model ofTUI. The use of low-emission fuels and rising prices for emission certificates will lead to significant financial charges, particularly for energy-intensive aviation operations in the Northern Region, Western Region, and Central Region segments. The Cruises segment will also be impacted. In Hotels & Resorts, the burden will be relatively low; in fact, the autonomous generation of energy, such as by means of solar power, may even generate cost savings. In addition, physical risks from climate-related one-off events such as storms or floods or long-term developments such as rising temperatures, mainly affecting Hotels & Resorts, were taken into account. It is expected that the financial impact of these climate-related risks are relatively low. The financial impact overall is especially dependent in as far these costs can be passed on to customers. For further information on the impact of climate related risks on impairment test refer to the section \u2018Key judgements, assumptions and estimates\u2019. The estimation of the financial impact are particular uncertain with regard to the development of climate related risks, the price development for alternative fuel and emission certificates and the willingness of customers, to bear these costs, amongst others. Therefore, sensitivities of climate related risks and chances were calculated for especially impacted energy intensive Markets & Airlines and Cruises segments. The sensitivity for climate related risks refers to an increase of climate related costs by 50 %. The climate related chances relate to a decrease by 50 %. The sensitivity on climate related risk would not have led to an impairment. The following table provides the effects of the sensitivities on the fair value as of 30 September 2023.
Sensitivities presenting potential changes of the recoverable amount
Climate-related Climate-related
Sensitivity analysis Markets & Airlines risks chances
Northern Region
\u2013 160.0
160.0
Central Region
\u2013 59.0
59.0
Western Region
\u2013 90.0
90.0
Climate-related Climate-related
Sensitivit\u00e4tsanalyse Kreuzfahrten risks chances
Marella Cruises
*
\u2013 11.5
11.5
* Those are groups of CGUs
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGES
STRATEGY AND GOALS
In accordance with TUI Group\u2019s policy, derivatives are allowed to be used if they are based on underlying
recognised assets or liabilities, firm commitments or forecast transactions. Hedge accounting based on the
rules of
IAS 39 is applied to forecasted transactions. In the completed financial year, hedges consisted of
cash flow hedges.
Derivative financial instruments in the form of fixed-price transactions and options as well as structured
products can be used to limit currency, interest rate and fuel risks.
The
COVID-19 pandemic significantly impacted TUI\u2019s business operations, causing a strong increase in TUI\u2019s
credit risk premiums. The significant increase in
TUI\u2019s credit risk had a direct impact on the effectiveness of
hedging relationships according to IAS 39 and explicitly on the retrospective hedge effectiveness test, be
cause
when calculating retrospective effectiveness, the credit risk is included in the derivative instrument entered
into with the counterparty, but not in the hypothetical derivative. As a result, fuel price, interest rate and
currency hedges had to be de-designated as they no longer met the effectiveness requirements of
IAS 39.
For the de-designated hedging instruments cash flow hedge accounting is terminated and the hedges are
recognised as other derivative financial instruments. Based on these de-designations any further changes in
the fair value of these instruments will be recognised in profit or loss in the income statement in the cost of
sales or, in the case of interest rate hedges, in the financial result.
For all fuel price hedges contracted from 1 January 2023, the retrospective effectiveness will be determined ,
based on regression analysis. For fuel price hedges contracted before 31 December 2022, the dollar offset
method will continue to be applied. This change in method allows hedge relationships to be presented more
appropriately, so that as at 30 September 2023, no newly contracted fuel price hedges after the 1 Janu
ary 2023
have to be de-designated. Furthermore, from 31 March 2023, the designation of the hedged item for foreign
currency hedges is evaluated on a seasonal basis. The designation on a seasonal basis reflects the operation
al
tourism business model with a summer and winter season within a financial year and corresponds to the
hedging approach of
TUI\u2019s risk management strategy. Due to the COVID-19 pandemic and its impact on the
business operations of
TUI, the seasonal consideration of the hedge ratio of foreign currency hedges was
temporarily suspended and a designation on a monthly basis has been established. This approach for desig-
nation of hedges no longer corresponds to the risk management strategy as the tourism operating business
has returned to pre-crisis levels .
As at 30 September 2023, the fair value of these reclassified fuel price hedges totalled \u20ac 3.5 m at a nomina l
volume of \u20ac 10.3 m, while the fair value of the interest rate hedges amounted to \u20ac 2.5 m at a nominal volume
of \u20ac 46.0 m and the fair value of foreign currency hedges totalled \u20ac 0.3 m at a nominal volume of \u20ac 2.4 m.
CASH FLOW HEDGES
At 30 September 2023, hedges in hedging relationships in accordance with IAS 39 existed to manage cash
flows in foreign currencies with maturities of up to two years (previous year up to two years). The fuel price
hedges in hedging relationships in accordance with
IAS 39 had terms of up to two years (previous year up to
one year). Hedges in hedging relationships in accordance with
IAS 39 to protect variable interest payment
obligations are currently not in the portfolio (previous year none). The impact on profit or loss for is
reco
g-
nised at the time the expected cash inflow / outflow occurs.
Nominal amounts of derivative financial instruments used
30 Sep 2023
Remaining term
up to more than To t a l Average
1 year 1 year hedged
\u20ac million rate / price
Currency hedges
Forwards
5,798.5
554.1
6,352.6
Forwards EUR / GBP
2,267.6
173.6
2,441.2
1.1380
Forwards EUR / USD
1,086.1
114.3
1,200.4
0.9081
Forwards GBP / USD
1,646.5
182.2
1,828.7
0.7982
Forwards EUR / SEK
235.3
50.3
285.6
0.0859
Other currencies
563.0
33.7
596.7
Commodity hedges
Swaps
779.5
25.7
805.2
Jet fuel
732.7
20.7
753.4
737.29
Marine fuel
46.8
5.0
51.8
530.08
Other fuels
\u2013
\u2013
\u2013
\u2013
Other derivative financial instruments
3,356.6
46.0
3,402.6
Nominal amounts of derivative financial instruments used
30 Sep 2022
Remaining term
up to more than Total Average
1 year 1 year hedged
\u20ac million rate / price
Currency hedges
Forwards
2,535.6
2.4
2,538.0
Forwards EUR / GBP
1,013.5
\u2013
1,013.5
1.1582
Forwards EUR / USD
464.7
2.4
467.1
0.9627
Forwards GBP / USD
878.6
\u2013
878.6
0.8368
Forwards EUR / SEK
63.5
\u2013
63.5
0.0942
Other currencies
115.3
\u2013
115.3
Commodity hedges
Swaps
165.2
\u2013
165.2
Jet fuel
154.8
\u2013
154.8
1,088.90
Marine fuel
10.4
\u2013
10.4
674.27
Other fuels
\u2013
\u2013
\u2013
\u2013
Other derivative financial instruments
3,743.2
53.6
3,796.8
Other derivative hedging instruments comprise the nominal value of hedges not designated for hedge ac
count-
ing.
TUI Group exclusively enters into derivative financial instruments for hedging purposes. Depending on
the type of the hedged underlying transaction,
TUI exercises the option to apply hedge accounting according
to IAS 39. Due to the COVID-19 pandemic, a large number of hedges according to IAS 39 had to be terminat
ed.
Accordingly, the derivative financial instruments underlying these hedges are shown under Other derivative
financial instruments.
The nominal values correspond to the total of all purchase and sale amounts underlying the transactions or
the respective contract values of the transactions.
In order to hedge the risks of fluctuations in future cash flows from currency, interest rate and fuel price
risks, TUI regularly enters into hedges. The planned underlying transactions are used to determine the
inef
fective portions of hedges designated as cash flow hedges. In designating cash flow hedges, only the
spot rate component is included in hedge accounting as a hedge for some forward exchange transactions ,
while the interest component of these financial instruments is shown separately in all relevant tables unde r
Other derivative financial instruments, in line with derivatives not designated as hedging instruments
ac
cording to IAS 39.
Disclosures on underlying transactions of cash flow hedges
30 Sep 2023
Fair Value Balance of Hedging
changes to hedging reserve
determine reserve of completed
inefficient active cash (ended) cash
\u20ac million portions flow hedges flow hedges
Interest rate risk hedges
\u2013
\u2013
\u2013 13.2
Currency risk hedges
\u2013 78.3
78.7
\u2013
Fuel price risk hedges
\u2013 152.6
132.0
18.1
Hedging
\u2013 230.9
210.7
4.9
Total
\u2013 230.9
210.7
4.9
Disclosures on underlying transactions of cash flow hedges
30 Sep 2022
Fair Value Balance of Hedging
changes to hedging reserve
determine reserve of completed
inefficient active cash (ended) cash
\u20ac million portions flow hedges flow hedges
Interest rate risk hedges
\u2013
\u2013
\u2013 30.6
Currency risk hedges
\u2013 121.7
121.6
1.4
Fuel price risk hedges
23.8
\u2013 22.9
\u2013 19.3
Hedging
\u2013 97.9
98.7
\u2013 48.5
Total
\u2013 97.9
98.7
\u2013 48.5
in OCI outside profit and loss. Any additional changes in the fair value of the designated components are recognised as ineffective portions in cost of sales. The table below presents the development of OCI infinancial year 2023.
Development of OCI
30 Sep 2023
Interest
Currency risk
Fuel price risk
To t a l
\u20ac million rate risk
Gain or loss from fair value changes of
hedges within hedge accounting
\u2013 13.2
78.7
150.1
215.6
recognised in equity
\u2013 13.2
78.7
150.1
215.6
Reclassification from cash flow hedge
reserve to income statement
17.4
5.9
39.1
62.4
due to early termination of the hedge
\u2013
0.9
\u2013
0.9
due to recognition of the
underlying transaction
17.4
5.0
39.1
61.5
Development of OCI
30 Sep 2022
Interest
Currency risk
Fuel price risk
Total
\u20ac million rate risk
Gain or loss from fair value changes of
hedges within hedge accounting
\u2013 30.6
123.0
\u2013 42.2
50.2
recognised in equity
\u2013 30.6
123.0
\u2013 42.2
50.2
Reclassification from cash flow hedge
reserve to income statement
\u2013 1.4
4.1
\u2013 22.0
\u2013 19.3
due to early termination of the hedge
\u2013
0.5
\u2013
0.5
due to recognition of the
underlying transaction
\u2013 1.4
3.6
\u2013 22.0
\u2013 19.8
The table Development of OCI presents the changes including foreign currency effects and can therefore not be directly reconciled with the statement of comprehensive income. In the reporting period, expenses of \u20ac 44.1 m (previous year: expenses of \u20ac 18.4 m) from currency hedges and derivative financial instruments used to hedge the impact of exposure to fuel price risks was recognised in cost of sales. Interest rate hedges result in expenses of \u20ac 17.4 m (previous year: expenses of \u20ac 1.4 m), carried innet interest income. Income of \u20ac 1.0 m (previous year: expenses of \u20ac 1.3 m) was recognised for the ineffective portion of cash flow hedges. FAIR VALUES OF DERIVATIVE FINANCIAL INSTRUMENTS The fair values of derivative financial instruments generally correspond to the market value. The market price determined for all derivative financial instruments is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A description of the determination of the fair values of derivative financial instruments is provided with the classification of financial instruments measured at fair value.
Positive and negative fair values of derivative financial instruments shown as receivables or liabilitie s
30 Sep 202 3
Receivables Liabilities FV changes to Nominal
determine volume
ineffective
\u20ac million portions
Cash flow hedges for
currency risks
102.9
24.4
78.5
6,352.5
fuel price risks
133.5
1.5
132.0
805.1
interest rate risks
\u2013
\u2013
\u2013
\u2013
Hedging
236.4
25.9
210.5
7,157.6
Other derivative financial instruments
32.1
11.1
\u2013
3,402.5
Total
268.5
37.0
210.5
10,560.1
Positive and negative fair values of derivative financial instruments shown as receivables or liabilities
30 Sep 2022
Receivables Liabilities FV changes to Nominal
determine volume
ineffective
\u20ac million portions
Cash flow hedges for
currency risks
124.4
2.8
121.6
2,537.9
fuel price risks
\u2013
24.2
\u2013 24.2
165.2
interest rate risks
\u2013
\u2013
\u2013
\u2013
Hedging
124.4
27.0
97.4
2,703.1
Other derivative financial instruments
134.7
33.7
\u2013
3,796.7
Total
259.1
60.7
97.4
6,499.8
Financial instruments which are entered into in order to hedge a risk position according to operational criteria but do not meet the criteria ofIAS 39 to qualify for hedge accounting are shown as other derivative financial instruments. They include foreign currency transactions entered into in order to hedge against foreignexchange-exposure to changes in the value of balance sheet items and foreign exchange fluctuations from future expenses in tourism . FINANCIAL INSTRUMENTS \u2013 ADDITIONAL DISCLOSURES CARRYING AMOUNTS AND FAIR VALUES Where financial instruments are listed in an active market, e. g. shares held and bonds issued, the fair value or market value is the respective quotation in this market at the balance sheet date. For over-the-counter bonds, debt components of bonds with warrants and convertible bonds, liabilities to banks, promissory notes and other non-current financial liabilities, the fair value is determined as the present value of futurecash flows, taking account of yield curves and the respective credit spread, which depends on the credit rating. In financial year 2023, the fair values of other current receivables and current liabilities to banks were deter- mined in line with the past financial year, taking into account yield curves and the respective credit risk premium (credit spread) based on credit rating. As a result, the assumption that the carrying amountapproximately corresponds to the fair value due to the short remaining term has been adjusted to thecurrent market conditions. The fair values of non-current trade receivables and for parts of current other receivables and current other financial assets as well as cash and cash equivalents, current other financial liabilities and trade payables correspond to the present values of the cash flows associated with the assets, taking account of current interest parameters which reflect market and counterparty-related changes in terms and expectations.I n the case of cash and cash equivalents, current trade receivables, other financial assets, current trade payables and other financial liabilities the carrying amount approximates the fair value due to the short remainingterm . The table below shows the reconciliation of the balance sheet items to the financial instrument categorie s by carrying amount and fair value of the financial instruments.
Carrying amounts and fair values according to classes and measurement categories according to IFRS 9 as at 30 Sep 2023
Category according to IFRS 9
Carrying amount At amortised cost Fair value with no Fair value with no Fair value Fair value of
effect on profit and effect on profit and through profit financial
\u20ac million loss without recycling loss with recycling and loss instruments
Assets
Trade receivables and other receivables
thereof instruments within the scope of IFRS 9
1,161.0
1,122.6
\u2013
\u2013
38.9
1,153.0
thereof instruments within the scope of IFRS 16
4.1
\u2013
\u2013
\u2013
\u2013
4.4
Derivative financial instruments
Hedging transactions
236.4
\u2013
\u2013
236.4
\u2013
236.4
Other derivative financial instruments
32.1
\u2013
\u2013
\u2013
32.1
32.1
Other financial assets
59.4
48.6
9.9
\u2013
0.9
57.3
Cash and cash equivalents
2,060.3
1,588.3
\u2013
\u2013
472.2
2,060.5
Liabilities
Financial liabilities
1,297.0
1,297.0
\u2013
\u2013
\u2013
1,120.1
Trade payables
3,373.7
3,374.7
\u2013
\u2013
\u2013
3,374.7
Derivative financial instruments
Hedging transactions
25.9
\u2013
\u2013
25.9
\u2013
25.9
Other derivative financial instruments
11.1
\u2013
\u2013
\u2013
11.1
11.1
Other financial liabilities
124.4
124.4
\u2013
\u2013
\u2013
124.4
Carrying amounts and fair values according to classes and measurement categories according to IFRS 9 as at 30 Sep 2022
Category according to IFRS 9
Carrying amount At amortised cost Fair value with no Fair value with no Fair value Fair value of
effect on profit and effect on profit and through profit financial
\u20ac million loss without recycling loss with recycling and loss instruments
Assets
Trade receivables and other receivables
thereof instruments within the scope of IFRS 9
1,133.8
1,027.3
\u2013
\u2013
106.5
1,124.5
thereof instruments within the scope of IFRS 16
9.6
\u2013
\u2013
\u2013
\u2013
9.9
Derivative financial instruments
Hedging transactions
124.4
\u2013
\u2013
124.4
\u2013
124.4
Other derivative financial instruments
134.7
\u2013
\u2013
\u2013
134.7
134.7
Other financial assets
96.4
85.9
9.6
\u2013
0.9
90.5
Cash and cash equivalents
1,736.9
1,736.9
\u2013
\u2013
\u2013
1,736.9
Liabilities
Financial liabilities
2,051.3
2,051.3
\u2013
\u2013
\u2013
1,656.7
Trade payables
3,316.5
3,316.5
\u2013
\u2013
\u2013
3,316.5
Derivative financial instruments
Hedging transactions
27.0
\u2013
\u2013
27.0
\u2013
27.0
Other derivative financial instruments
33.7
\u2013
\u2013
\u2013
33.7
33.7
Other financial liabilities
177.4
177.4
\u2013
\u2013
\u2013
177.4
The amounts shown in the column \u2018carrying amount\u2019 (as shown in the balance sheet) in the tables above can differ from those in the other columns of a particular row since the latter include all financial instruments. That is the latter columns include financial instruments which are part of disposal groups according to IFRS 5. In the balance sheet, financial instruments, which are part of a disposal group, are shown as separate items. If such financial instruments are included, further details on these financial instruments are explained in the sections \u2018Assets held for sale\u2019 and \u2018Liabilities related to assets held. The instruments measured at fair value through other comprehensive income within the other financial assets class are investments in companies based on medium to long-term strategic objectives. Recording all short- term fluctuations in the fair value in the income statement would not be in line withTUI Group\u2019s strategy; these equity instruments were therefore designated as fair value through OCI.
Aggregation according to measurement categories under IFRS 9 as at 30 Sep 2023
Carrying Fair Value
amount of
financial
instruments
\u20ac million To t a l
Financial assets
at amortised cost
2,759.5
3,221.1
at fair value \u2013 recognised directly in equity without recycling
9.9
9.9
at fair value \u2013 through profit and loss
544.1
544.1
Financial liabilities
at amortised cost
4,796.1
4,619.2
at fair value \u2013 through profit and loss
11.1
11.1
Aggregation according to measurement categories under IFRS 9 as at 30 Sep 2022
Carrying Fair Value
amount of
financial
instruments
\u20ac million Total
Financial assets
at amortised cost
2,850.1
2,834.9
at fair value \u2013 recognised directly in equity without recycling
9.6
9.6
at fair value \u2013 through profit and loss
242.1
242.1
Financial liabilities
at amortised cost
5,545.2
5,150.6
at fair value \u2013 through profit and loss
33.7
33.7
FAIR VALUE MEASUREMENT The table below presents the fair values of recurring, non-recurring and other financial instruments measured at fair value in line with the underlying measurement level. The individual measurement levels have been defined as follows in line with the inputs: \u2022 Level 1: (unadjusted) quoted prices in active markets for identical assets or liabilities. \u2022 Level 2: inputs for the measurement other than quoted market prices included within Level 1 that are observable in the market for the asset or liability, either directly (as quoted prices) or indirectly (derivable from quoted prices). \u2022 Level 3: inputs for the measurement of the asset or liability not based on observable market data.
Hierarchy of financial instruments measured at fair value as at 30 Sep 2023
Fair value hierarchy
\u20ac million
To t a l
Level 1
Level 2
Level 3
Assets
Other receivables
38.9
\u2013
\u2013
38.9
Other financial assets
10.8
\u2013
\u2013
10.8
Derivative financial instruments
Hedging transactions
236.4
\u2013
236.4
\u2013
Other derivative financial instruments
32.1
\u2013
32.1
\u2013
Cash and cash equivalents
472.2
472.2
\u2013
\u2013
Liabilities
Derivative financial instruments
Hedging transactions
25.9
\u2013
25.9
\u2013
Other derivative financial instruments
11.1
\u2013
11.1
\u2013
Hierarchy of financial instruments measured at fair value as at 30 Sep 2022
Fair value hierarchy
\u20ac million
Total
Level 1
Level 2
Level 3
Assets
Other receivables
106.5
\u2013
\u2013
106.5
Other financial assets
10.5
\u2013
\u2013
10.5
Derivative financial instruments
Hedging transactions
124.4
\u2013
124.4
\u2013
Other derivative financial instruments
134.7
\u2013
134.7
\u2013
Liabilities
Derivative financial instruments
Hedging transactions
27.0
\u2013
27.0
\u2013
Other derivative financial instruments
33.7
\u2013
33.7
\u2013
At the end of every reporting period, TUI Group checks whether there are any reasons for reclassification to or from one of the measurement levels. Financial assets and financial liabilities are generally transferred out of Level 1 into Level 2 if the liquidity and trading activity no longer indicate an active market. The opposite situation applies to potential transfers out of Level 2 into Level 1. In the reporting period, there were no transfers between Level 1 and Level 2. Reclassifications from Level 3 to Level 2 or Level 1 are made if observable market price quotations become available for the asset or liability concerned. In the reporting period there were no other transfers from or to Level 3. TUI Group records transfers from or to Level 3 at the date of the obligating event or occasion triggering the transfer. LEVEL 1 FINANCIAL INSTRUMENTS The fair value of financial instruments for which an active market exists is based on quoted prices at the reporting date. An active market exists if quoted prices are readily and regularly available from an exchange, dealer, broker, pricing service or regulatory agency and these prices represent actual and regularly occurring market transactions on an arm\u2019s length basis. These financial instruments are classified as Level 1. The fair values correspond to the nominal amounts multiplied by the quoted prices at the reporting date. At 30 Sep- tember 2023 Level 1 financial instruments only include shares in money market funds measured at fair value. LEVEL 2 FINANCIAL INSTRUMENTS The fair values of financial instruments not traded in an active market, e. g., over-the-counter (OTC) derivatives, are determined by means of valuation techniques. These valuation techniques make maximum use ofobservable market data and minimise the use of group-specific assumptions. If all essential inputs for the determination of the fair value of an instrument are observable, the instrument is classified as Level 2. If one or several key inputs are not based on observable market data, the instrument is classified as Level 3. The following specific valuation techniques are used to measure financial instruments: \u2022 For over-the-counter bonds, debt components of warrant and convertible bonds, liabilities to banks, promissory notes and other non-current financial liabilities as well as for current other receivables, current financial liabilities and non-current trade and other receivables, the fair value is determined as the present value of future cash flows, taking account of observable yield curves and the respective credit spread, which depends on the credit rating. \u2022 The fair value of over-the-counter derivatives is determined by means of appropriate calculation meth ods, e. g., by discounting the expected future cash flows. The forward prices of forward transactions are based on the spot or cash prices, taking account of forward premiums and discounts. The fair values of optional hedges are calculated on the basis of option pricing models. The fair values determined on the basis of the group\u2019s own systems are periodically compared with fair value confirmations of the external counter- parties. \u2022 Other valuation techniques, e. g., discounting future cash flows, are used to determine the fair values of other financial instruments. LEVEL 3 FINANCIAL INSTRUMENTS The table below presents the fair values of the financial instruments measured at fair value on a recurring basis, classified as Level 3 .
Financial assets measured at fair value in Level 3
Other receivables Other financial
\u20ac million IFRS 9
assets
IFRS 9
Balance as at 1 Oct 2021
108.1
12.3
Disposals
\u2013 15.0
\u2013
Total gains or losses for the period
13.4
\u2013 1.4
recognised through profit and loss
13.4
\u2013 0.1
recognised in other comprehensive income
\u2013
\u2013 1.3
Foreign currency effects
\u2013
\u2013 0.4
Balance as at 30 Sep 2022
106.5
10.5
Balance as at 1 Oct 2022
106.5
10.5
Additions
\u2013
0.1
acquisition
\u2013
0.1
Disposals
\u2013 70.6
\u2013 24.0
sale
\u2013
\u2013 24.0
payment
\u2013 70.6
\u2013
Total gains or losses for the period
3.0
23.8
recognised through profit and loss
3.0
\u2013
recognised in other comprehensive income
\u2013
23.8
Foreign currency effects
\u2013
0.4
Balance as at 30 Sep 2023
38.9
10.8
EVALUATION PROCESS The fair value of financial instruments in Level 3 has been determined by TUI Group\u2019s financial department using the discounted cash flow method. This involves the market data and parameters required for measure- ment being compiled or validated. Non-observable input parameters are reviewed on the basis of internally available information and updated if necessary. In principle, the unobservable input parameters relate to the following parameters; the (estimated)EBITDA margin is in a range between \u2013 5.9 % and 34.2 % (previous year 8.3 % and 24.0 %). The constant growth rate is 1 % (previous year 1 %). The weighted average cost of capital (WACC) is in a range between 11.0 % (previous year 9.5 % \u2013 11.3 %). Due to materiality, no detailed figures have been provided. With the exception of the WACC, there is a positive correlation between the input factors and the fair value. The increase in the fair values of the financial instruments in Level 3 resulted mainly from revaluation effects of \u20ac 23.8 m and the sale of the shares in PeakworkAG of \u20ac 24.0 m. Financial instruments classified as Other financial assets include shares in corporations. The total fair value of these financial investments at 30 September 2023 is \u20ac 9.9 m (previous year \u20ac 9.6 m). In the year under review, there were no disposals (previous year \u20ac 0.0 m) of shares in corporations as part of the initial consolida- tion which were measured at fair value, as part of their first consolidation. None of these strategic financial investments were sold in the completed financial year. Dividend payments of \u20ac 0.1 m (previous year \u20ac 0.3 m) resulted from these financial investments. At 30 September 2023, other receivables in accordance withIFRS 9 in Level 3 include a carrying amount of \u20ac 38.9 m (previous year \u20ac 106.5 m) for a variable purchase price receivable from the sale of Riu Hotels S. A. in the prior year, measured as a financial instrument in the categoryFVTPL. The fair value is determined using a probability calculation for the future gross operating profit, taking account of contractual entitlements to an additional purchase price demand and an appropriate risk-adjusted discount rate (4.25 % previous year 1.99 % until 2.87 %). Gross operating profit is defined as total revenue minus operating expenses . The range of potential purchase price payments varies due to different expectations of target achievement between \u20ac 0 and \u20ac 39.7 m (corresponding to a target achievement of < 90 % to max. 105 %). The hotels concerned to deliver already reached around of 105.5 % in August 2023. Therefore, the variable purchase price receivable is set at the maximum level of \u20ac 39.7 m. A sensitivity analysis shows that an increase in the hotels\u2019 gross operating profit of 10 % (regarding calendar year 2023) would not result in a change in the present value of the additional purchase price receivable (previous year \u20ac 2.0 m), while a reduction in gross operating profit of 10 % would result in a change in the present value of around \u20ac \u2013 22.0 m (previous year \u20ac \u2013 24.7 m). An interest rate shift of + / \u2013 100 basis points would alter the present value of the purchase price receivable by around \u20ac 0.2 m (previous year \u20ac 0.5 m). EFFECTS ON RESULTS The effects of remeasuring the financial assets carried at fair value through OCI as well as the effective portions of changes in fair values of derivatives designated as cash flow hedges are listed in the statement of chang e s in equity. The net results of the financial instruments by measurement category according toIFRS 9 are as follows:
Net results of financial instruments
2023
from interest
other
net result
\u20ac million net results
Financial assets
39.6
\u2013 49.2
\u2013 9.6
at amortised cost
35.4
\u2013 48.7
\u2013 13.3
at fair value through profit or loss
4.2
\u2013 0.5
3.7
Financial liabilities
\u2013 275.3
\u2013 158.9
\u2013 434.2
at amortised cost
\u2013 229.3
\u2013 119.7
\u2013 349.0
at fair value through profit or loss
\u2013 46.0
\u2013 39.2
\u2013 85.2
Total
\u2013 235.7
\u2013 208.1
\u2013 443.8
Net results of financial instruments
2022
from interest
other
net resul t
\u20ac million net results
Financial assets
1.4
202.9
204.3
at amortised cost
1.4
40.1
41.5
at fair value through profit or loss
\u2013
162.8
162.8
Financial liabilities
\u2013 256.7
\u2013 1.7
\u2013 258.4
at amortised cost
\u2013 256.7
\u2013 1.6
\u2013 258.3
at fair value through profit or loss
\u2013
\u2013 0.1
\u2013 0.1
Total
\u2013 255.3
201.2
\u2013 54.1
Financial assets at amortised cost include expenses of \u20ac 58.5 m (previous year \u20ac 45.4 m), arising from cred
it
card costs incurred when settling receivables. In addition, the financial assets at amortised cost include
ex
penses from bank fees amounting to \u20ac 5.3 m (previous year \u20ac 5.2 m). For financial liabilities at amortised
cost, expenses from bank fees amounted to \u20ac 4.1 m (previous year \u20ac 4.5 m).
(49) Remuneration of Executive and Supervisory Board members according to \u00a7 314 HGB In the completed financial year, the remuneration granted to active Executive Board members totalled \u20ac 10.1 m (previous year \u20ac 6.4 m), and that of the Supervisory Board members totalled \u20ac 3.1 m (previous year \u20ac 3.2 m). The remuneration granted to the former members of the Executive Board members in the financial year totalled \u20ac 3.0 m (previous year \u20ac 0.0 m). The aforementioned remuneration of the Executive Board members includes a tranche of the long term incentive plan of \u20ac 1.8 m (previous year \u20ac 2.0 m), which representsthe fair value at the time of granting in relation to a number of 679,328 phantom shares granted in the 2023 financial year (previous year 252,094, adjusted for the capital reduction and capital increase carried out in the financial year). This includes \u20ac \u2013 0.6 m in the financial year in connection with the departure of Friedrich Joussen in the previous year, whose service agreement runs until the end of the 2024 financial year.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-708": { "value": "
DEFERRED TAX ASSETS
As at 30 September 2023, deferred tax assets totalling \u20ac 310.6 m (previous year \u20ac 222.0 m) were recognised.
Prior to offsetting against deferred tax liabilities, deferred tax assets total \u20ac 675.7 m, including an amount of
\u20ac 269.4 m (previous year \u20ac 194.4 m) for recognised losses carried forward. The assessment of the recovera
bility
of deferred tax assets is based on the ability of the respective Group company to generate sufficient taxable
income.
TUI therefore assesses at every balance sheet date whether the recoverability of expected future
tax savings is sufficiently probable in order to recognise deferred tax assets. The assessment is based on
various factors including internal forecasts regarding the future earnings situation of the Group company.
TUI uses a five-year planning horizon to derive the recoverability of tax loss carryforwards and deductible
differences. If the assessment of the recoverability of deferred tax assets changes, the carrying amount of
deferred tax assets will be reduced to the extent that it is no longer probable that sufficient taxable profit
will be available to allow the benefit of part or all of that deferred tax asset to be utilised. Any such reduction
is subsequently reversed to the extent that it becomes probable that sufficient taxable profit will be availa
ble.
(7) Income taxes As in the previous year, TUI Group\u2019s German companies have to pay trade tax of 15.7 % and corporation tax of 15.0 % plus a 5.5 % solidarity surcharge on corporation tax. Foreign income taxes are calculated on the basis of the laws and provisions applicable in the individualcountries. The income tax rates applied to foreign companies vary from 0 % to 35.0 %.
Breakdown of income taxes
\u20ac million
2023
2022
Current tax (expense [+] / income [\u2013])
in Germany
3.0
\u2013 15.7
abroad
118.8
127.5
Deferred tax (expense [+] / income [\u2013])
\u2013 26.3
\u2013 45.1
Total
95.5
66.7
In financial year 2023, the actual tax income in Germany included income attributable to prior periods. Dueto the required reassessment of tax risks, income tax liabilities of \u20ac 3.5 m (previous year \u20ac 4.8 m) were reversed. In financial year 2023, the tax income from actual taxes attributable to prior periods totalled \u20ac 4.9 m (previous year tax expense of \u20ac 42.4 m). In the financial year deferred tax expenses include deferred tax income from the reassessment of tax loss carryforwards in Germany of \u20ac 46.8 m (previous year tax income \u20ac 61.4 m ). In financial year 2023, tax expense totalled \u20ac 95.5 m (previous year \u20ac 66.7 m) and are derived as follows from an \u2018expected\u2019 income tax expense that would have arisen if the statutory income tax rate of parent company TUI AG (aggregate income tax rate) had been applied to earnings before taxes.
Reconciliation of expected to actual income taxes
\u20ac million
2023
2022
Earnings before income taxes
551.2
\u2013 145.9
Expected income tax (current year 31.5 %, previous year 31.5 %)
173.6
\u2013 46.0
Effect from the difference of the actual tax rates to the expected tax rates
\u2013 14.9
35.4
Changes in tax rates and tax law
27.3
23.0
Income not taxable
\u2013 236.4
\u2013 61.8
Expenses not deductible
92.4
30.5
Effects from loss carryforwards
59.3
89.5
Temporary differences for which no deferred taxes were recognised
1.2
\u2013 15.0
Deferred and current income tax relating to other periods (net)
\u2013 18.8
31.8
Other differences (expense [+] / income [\u2013])
11.8
\u2013 20.7
Income taxes
95.5
66.7
(11) Taxes attributable to other comprehensive income
Tax effects relating to other comprehensive income
2023
2022
\u20ac million
Gross
Tax effect
Net
Gross
Tax effect
Net
Foreign exchange differences
\u2013 65.6
\u2013
\u2013 65.6
206.1
\u2013
206.1
Cash flow hedges
169.3
\u2013 37.1
132.2
110.7
\u2013 28.5
82.2
Remeasurements of benefit
obligations and related fund
assets
\u2013 241.3
47.6
\u2013 193.7
245.5
\u2013 71.8
173.7
Changes in the measurement
of companies measured at
equity outside profit or loss
2.7
\u2013
2.7
17.0
\u2013
17.0
Fair value gain / loss on invest-
ments in equity instruments
designated as at
FVTOCI
23.7
\u2013
23.7
\u2013 1.2
\u2013
\u2013 1.2
Other comprehensive income
\u2013 111.2
10.5
\u2013 100.7
578.1
\u2013 100.3
477.8
In the period under review corporate income taxes in the amount of \u20ac 0.0 m were recognised directly in equity (previous year \u20ac \u2013 1.0 m). Deferred income taxes recognised directly in equity were not generated, as in theprior year. (20) Deferred tax assets
Individual items of deferred tax assets and liabilities recognised in the statement of financial position
30 Sep 2023
30
Sep 2022
\u20ac million
Asset
Liability
Asset
Liability
Lease transactions
13.6
96.8
14.1
71.3
Recognition and measurement differences for property, plant
and equipment and other non-current assets
184.4
225.3
153.4
230.4
Recognition differences for receivables and other assets
16.4
38.5
21.9
55.5
Measurement of financial instruments
4.5
72.9
0.2
61.4
Measurement of pension provisions
79.7
21.2
78.6
43.3
Recognition and measurement differences for other provisions
62.1
3.0
50.4
5.3
Other transactions
45.6
66.4
95.5
40.5
Capitalised tax savings from recoverable losses carried forward
269.4
\u2013
194.4
\u2013
Netting of deferred tax assets and liabilities
\u2013 365.1
\u2013 365.1
\u2013 386.5
\u2013 386.5
Balance sheet amount
310.6
159.0
222.0
121.2
Deferred tax assets include an amount of \u20ac 290.2 m (previous year \u20ac 138.0 m) expected to be realised after more than twelve months. Deferred tax liabilities include an amount of \u20ac 102.0 m (previous year \u20ac 119.5 m) expected to be realised after more than twelve months. No deferred tax assets are recognised for deductible temporary differences of \u20ac 29.4 m (previous year \u20ac 22.7 m). No deferred tax liabilities are carried for temporary differences of \u20ac 91.3 m (previous year \u20ac 87.2 m) between the net assets of subsidiaries and the respective taxable carrying amounts of subsidiaries since thesetemporary differences are not expected to be reversed in the near future. The net asset surplus of deferred tax assets and liabilities increased by \u20ac 50.8 m compared to the previous year. Of this, \u20ac 26.3 m was recognised as deferred tax income in the income statement and \u20ac 24.9 m as an increase in other comprehensive income. The change in other comprehensive income mainly relates toactuarial gains and losses in pension assets and the measurement of cash flow hedges. The remaining amount of \u20ac \u2013 0.4 m results from currency effects.
Recognised losses carried forward and time limits for non-recognised losses carried forward
\u20ac million
30 Sep 2023
30 Sep 2022
Recognised losses carried forward
1,415.1
1,091.0
Non-recognised losses carried forward
12,246.4
11,880.6
of which losses carried forward forfeitable within one year
5.7
\u2013
of which losses carried forward forfeitable within two to five years
2.7
8.7
of which losses carried forward forfeitable within more than five years
(excluding non-forfeitable loss carryforwards)
\u2013
6.2
of which non-forfeitable losses carried forward
12,238.0
11,865.7
Total unused losses carried forward
13,661.5
12,971.6
Losses carried forward for German companies comprise the cumulative amount of trade tax and corporation tax as well as interest carried forward in relation to the German interest barrier rule. Potential tax savings totalling \u20ac 2,562.1 m (previous year \u20ac 2,444.6 m) were not recognised as the underlying losses carried forward were not expected to be utilised in the planning horizon. In financial year 2023, tax savings of \u20ac 9.3 m (previous year \u20ac 0.0 m) resulted from the use of tax losses carried forward previously not assessed as recoverable for which, therefore, no deferred tax assets had been carried as at 30 September 2022 for the potential tax savings resulting from these assets. Tax reductions from loss carry-backs (previous year \u20ac 0.0 m) were not realised.
Development of deferred tax assets from losses carried forward
\u20ac million
2023
2022
Capitalised tax savings at the beginning of the year
194.4
147.3
Use of losses carried forward
\u2013 12.3
\u2013 23.7
Capitalisation of tax savings from tax losses carried forward
97.1
84.7
Impairment of capitalised tax savings from tax losses carried forward
\u2013 8.6
\u2013 14.2
Exchange adjustments and other items
\u2013 1.2
0.3
Capitalised tax savings at financial year-end
269.4
194.4
Capitalised deferred tax assets from temporary differences and losses carried forward that are assessed as recoverable of \u20ac 207.0 m (previous year \u20ac 321.3 m) are covered by expected future taxable income even for companies that generated losses in the reporting period or the prior year. This is based on the futurebusiness development planned by TUI\u2019s management. The key points of this planning are presented in the section \u2018Key judgements, assumptions and estimates\u2019. TUI uses a five-year planning horizon to derive the recoverability of tax loss carryforwards and deductible differences. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-756": { "value": "DEFERRED TAX ASSETS As at 30 September 2023, deferred tax assets totalling \u20ac 310.6 m (previous year \u20ac 222.0 m) were recognised. Prior to offsetting against deferred tax liabilities, deferred tax assets total \u20ac 675.7 m, including an amount of \u20ac 269.4 m (previous year \u20ac 194.4 m) for recognised losses carried forward. The assessment of the recoverability of deferred tax assets is based on the ability of the respective Group company to generate sufficient taxable income. TUI therefore assesses at every balance sheet date whether the recoverability of expected future tax savings is sufficiently probable in order to recognise deferred tax assets. The assessment is based on various factors including internal forecasts regarding the future earnings situation of the Group company. TUI uses a five-year planning horizon to derive the recoverability of tax loss carryforwards and deductible differences. If the assessment of the recoverability of deferred tax assets changes, the carrying amount of deferred tax assets will be reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow the benefit of part or all of that deferred tax asset to be utilised. Any such reduction is subsequently reversed to the extent that it becomes probable that sufficient taxable profit will be available. (7) Income taxes As in the previous year, TUI Group\u2019s German companies have to pay trade tax of 15.7 % and corporation tax of 15.0 % plus a 5.5 % solidarity surcharge on corporation tax. Foreign income taxes are calculated on the basis of the laws and provisions applicable in the individualcountries. The income tax rates applied to foreign companies vary from 0 % to 35.0 %.
Breakdown of income taxes
\u20ac million
2023
2022
Current tax (expense [+] / income [\u2013])
in Germany
3.0
\u2013 15.7
abroad
118.8
127.5
Deferred tax (expense [+] / income [\u2013])
\u2013 26.3
\u2013 45.1
Total
95.5
66.7
In financial year 2023, the actual tax income in Germany included income attributable to prior periods. Dueto the required reassessment of tax risks, income tax liabilities of \u20ac 3.5 m (previous year \u20ac 4.8 m) were reversed. In financial year 2023, the tax income from actual taxes attributable to prior periods totalled \u20ac 4.9 m (previous year tax expense of \u20ac 42.4 m). In the financial year deferred tax expenses include deferred tax income from the reassessment of tax loss carryforwards in Germany of \u20ac 46.8 m (previous year tax income \u20ac 61.4 m ). In financial year 2023, tax expense totalled \u20ac 95.5 m (previous year \u20ac 66.7 m) and are derived as follows from an \u2018expected\u2019 income tax expense that would have arisen if the statutory income tax rate of parent company TUI AG (aggregate income tax rate) had been applied to earnings before taxes.
Reconciliation of expected to actual income taxes
\u20ac million
2023
2022
Earnings before income taxes
551.2
\u2013 145.9
Expected income tax (current year 31.5 %, previous year 31.5 %)
173.6
\u2013 46.0
Effect from the difference of the actual tax rates to the expected tax rates
\u2013 14.9
35.4
Changes in tax rates and tax law
27.3
23.0
Income not taxable
\u2013 236.4
\u2013 61.8
Expenses not deductible
92.4
30.5
Effects from loss carryforwards
59.3
89.5
Temporary differences for which no deferred taxes were recognised
1.2
\u2013 15.0
Deferred and current income tax relating to other periods (net)
\u2013 18.8
31.8
Other differences (expense [+] / income [\u2013])
11.8
\u2013 20.7
Income taxes
95.5
66.7
(11) Taxes attributable to other comprehensive income
Tax effects relating to other comprehensive income
2023
2022
\u20ac million
Gross
Tax effect
Net
Gross
Tax effect
Net
Foreign exchange differences
\u2013 65.6
\u2013
\u2013 65.6
206.1
\u2013
206.1
Cash flow hedges
169.3
\u2013 37.1
132.2
110.7
\u2013 28.5
82.2
Remeasurements of benefit
obligations and related fund
assets
\u2013 241.3
47.6
\u2013 193.7
245.5
\u2013 71.8
173.7
Changes in the measurement
of companies measured at
equity outside profit or loss
2.7
\u2013
2.7
17.0
\u2013
17.0
Fair value gain / loss on invest-
ments in equity instruments
designated as at
FVTOCI
23.7
\u2013
23.7
\u2013 1.2
\u2013
\u2013 1.2
Other comprehensive income
\u2013 111.2
10.5
\u2013 100.7
578.1
\u2013 100.3
477.8
In the period under review corporate income taxes in the amount of \u20ac 0.0 m were recognised directly in eq
uity
(previous year \u20ac \u2013 1.0 m). Deferred income taxes recognised directly in equity were not generated, as in the
prior year.
(20) Deferred tax assets
Individual items of deferred tax assets and liabilities recognised in the statement of financial position
30 Sep 2023
30
Sep 2022
\u20ac million
Asset
Liability
Asset
Liability
Lease transactions
13.6
96.8
14.1
71.3
Recognition and measurement differences for property, plant
and equipment and other non-current assets
184.4
225.3
153.4
230.4
Recognition differences for receivables and other assets
16.4
38.5
21.9
55.5
Measurement of financial instruments
4.5
72.9
0.2
61.4
Measurement of pension provisions
79.7
21.2
78.6
43.3
Recognition and measurement differences for other provisions
62.1
3.0
50.4
5.3
Other transactions
45.6
66.4
95.5
40.5
Capitalised tax savings from recoverable losses carried forward
269.4
\u2013
194.4
\u2013
Netting of deferred tax assets and liabilities
\u2013 365.1
\u2013 365.1
\u2013 386.5
\u2013 386.5
Balance sheet amount
310.6
159.0
222.0
121.2
Deferred tax assets include an amount of \u20ac 290.2 m (previous year \u20ac 138.0 m) expected to be realised after
more than twelve months. Deferred tax liabilities include an amount of \u20ac 102.0 m (previous year \u20ac 119.5 m)
expected to be realised after more than twelve months.
No deferred tax assets are recognised for deductible temporary differences of \u20ac 29.4 m (previous year
\u20ac 22.7 m).
No deferred tax liabilities are carried for temporary differences of \u20ac 91.3 m (previous year \u20ac 87.2 m) between
the net assets of subsidiaries and the respective taxable carrying amounts of subsidiaries since these
temporary differences are not expected to be reversed in the near future.
The net asset surplus of deferred tax assets and liabilities increased by \u20ac 50.8 m compared to the previous
year. Of this, \u20ac 26.3 m was recognised as deferred tax income in the income statement and \u20ac 24.9 m as an
increase in other comprehensive income. The change in other comprehensive income mainly relates to
actuarial gains and losses in pension assets and the measurement of cash flow hedges. The remaining
amount of \u20ac \u2013 0.4 m results from currency effects.
Recognised losses carried forward and time limits for non-recognised losses carried forward
\u20ac million
30 Sep 2023
30 Sep 2022
Recognised losses carried forward
1,415.1
1,091.0
Non-recognised losses carried forward
12,246.4
11,880.6
of which losses carried forward forfeitable within one year
5.7
\u2013
of which losses carried forward forfeitable within two to five years
2.7
8.7
of which losses carried forward forfeitable within more than five years
(excluding non-forfeitable loss carryforwards)
\u2013
6.2
of which non-forfeitable losses carried forward
12,238.0
11,865.7
Total unused losses carried forward
13,661.5
12,971.6
Losses carried forward for German companies comprise the cumulative amount of trade tax and corporation
tax as well as interest carried forward in relation to the German interest barrier rule. Potential tax savings
totalling \u20ac 2,562.1 m (previous year \u20ac 2,444.6 m) were not recognised as the underlying losses carried forward
were not expected to be utilised in the planning horizon.
In financial year 2023, tax savings of \u20ac 9.3 m (previous year \u20ac 0.0 m) resulted from the use of tax losses
carried forward previously not assessed as recoverable for which, therefore, no deferred tax assets had been
carried as at 30 September 2022 for the potential tax savings resulting from these assets. Tax reductions
from loss carry-backs (previous year \u20ac 0.0 m) were not realised.
Development of deferred tax assets from losses carried forward
\u20ac million
2023
2022
Capitalised tax savings at the beginning of the year
194.4
147.3
Use of losses carried forward
\u2013 12.3
\u2013 23.7
Capitalisation of tax savings from tax losses carried forward
97.1
84.7
Impairment of capitalised tax savings from tax losses carried forward
\u2013 8.6
\u2013 14.2
Exchange adjustments and other items
\u2013 1.2
0.3
Capitalised tax savings at financial year-end
269.4
194.4
Capitalised deferred tax assets from temporary differences and losses carried forward that are assessed as
recoverable of \u20ac 207.0 m (previous year \u20ac 321.3 m) are covered by expected future taxable income even for
companies that generated losses in the reporting period or the prior year. This is based on the future
business development planned by TUI\u2019s management. The key points of this planning are presented in the
section \u2018Key judgements, assumptions and estimates\u2019.
TUI uses a five-year planning horizon to derive the
recoverability of tax loss carryforwards and deductible differences.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-724": { "value": "Segment Reporting Notes to the segments The identification of operating segments is based on the internal organisational and reporting structure primarily built around the different products and services as well as a geographical structure withinTUI Group. Allocation of individual organisational entities to operating segments is exclusively based on economic criteria, irrespective of the participation structure under company law. The segments are independently managed by those in charge, who regularly receive separate financial information for each segment. They regularly report to the Group Executive Committee, which consists of six Executive Board members and five other executives. The legally binding decision regarding the use of resources is taken by the Executive Board. TUI Group\u2019s Executive Board has therefore been identified as the Chief Operating Decision Maker ( CODM) in accordance with IFRS 8. The Hotels & Resorts segment comprises all Group-owned hotels and hotel shareholdings of TUI Group. The Cruises segment consists of the joint venture TUI Cruises, its subsidiary Hapag-Lloyd Cruises as well as the British cruise business Marella Cruises. The TUI Musement segment comprises the companies providing services in the destinations. The income statement items of the aircraft leasing companies holdingTUI Group\u2018s aircraft and sublettingthem within the Group have been fully allocated to the airlines using the respective aircraft (Northern Region, Central Region and Western Region segments). The Northern Region segment comprises the tour operators and airlines in theUK, Ireland and the Nordic countries and the stake in the tour operation business of the Canadian company Sunwing. Our strategic investment in Sunwing Travel Inc., Canada, sold its tour operator business, which was previously included in this segment, in May 2023. This segment also includes the tour operatorTUI Lakes & Mountains, which plays a major role in securing the load factor for ourUK aircraft fleet in winter. The Central Region segment comprises the tour operators and airlines in Germany and tour operators in Austria, Poland and Switzerland. The Western Region segment comprises the tour operators and airlines in Belgium and the Netherlands and tour operators in France. Apart from the above segments, the recognised items also include All other segments. This comprises in particular the central corporate functions and interim holdings ofTUI Group and the Group\u2019s real estate companies, as well as central tourism functions such as information technology. The Future Markets Division was dissolved in the year under review and the activities managed here were reclassified from All other seg- ments to the Hotels & Resorts, TUI Musement and Central Region segments. The prior periods were adjusted. Notes to the segment data The selection of segment data presented is based on the regular internal reporting to the Executive Board. From the 2020 financial year onwards, adjusted EBIT is the segment performance indicator within the mean-ing of IFRS 8. We define the EBIT in underlying EBIT as earnings before interest, income taxes and result of the measurement of the Group\u2019s interest hedges.EBIT by definition includes goodwill impairments. Underlying EBIT is adjusted for by income and expense items impacting or distorting the assessment of the operating profitability of the segments and the Group due to their level and frequency. These separately disclosed items include gains on disposal from investments, major gains and losses from the sale of assets and major restructuring and integration expenses . In addition, adjustments are carried for all effects from purchase price allocations, ancillary acquisition costs and conditional purchase price payments. Adjustments made in the reconciliation to underlying EBIT also include goodwill impairments . In financial year 2023, net income totalling \u20ac 45.8 m was adjusted as separately disclosed items. The adjusted separately disclosed items for the financial year 2023 include a positive gain on disposal of \u20ac 91 m from the sale of the tour operator business by the equity method accounted company Sunwing Travel Group Inc., Ontario in the Northern Region segment and a profit share from the disposal of our 49 % stake in the joint venture Riu Hotels S. A. to a company of the Riu Group in the financial year 2021 (\u20ac 3 m). In addition, expenses in connection with the sale of an investment in All other segments (\u20ac 1 m) and in the Hotels & Resorts segment (\u20ac 1 m) were adjusted. The adjusted restructuring expenses related to the Central Region (\u20ac 4 m), All other segments (\u20ac 45 m, in particular from the impairment of software) andTUI Musement (\u20ac 5 m, mainly from the revaluation of the risk following the termination of the Tantur /TUI Russia business in the previous financial year). This was contrasted by income from the reversal of restructuring provisions no longer required in the Northern Region (\u20ac 3 m) and Western Region (\u20ac 1 m) as well as in Hotels & Resorts (\u20ac 4 m). In financial year 2022, net expenses totalling \u20ac 58.7 m were adjusted as separately disclosed items. The adjusted separately disclosed items for financial year 2022 include restructuring expenses of \u20ac 94 m in the Hotels & Resorts (\u20ac 37 m), Central Region (\u20ac 21 m), Northern Region (\u20ac 19 m), TUI Musement (\u20ac 9 m), All Other Segments (\u20ac 14 m) and Western Region (\u20ac 3 m) segments. Restructuring expenses also include income of \u20ac 9 m from the reversal of restructuring provisions no longer required in Western Region. In addition, income of \u20ac 19 m from the sale of the shares in Nordotel S.A, fully consolidated in the Hotels & Resorts segment, to Grupotel dos S. A., a joint venture of theTUI Group, income of \u20ac 16 m from the subsequent purchase price adjustment of the disposal of our 49 % stake in the Riu Hotels S. A. joint venture to a company of the Riu Group in the previous year was adjusted.
The adjusted expenses of \u20ac 23.7 m (previous year \u20ac 30.1 m) from purchase price allocations mainly include
scheduled amortization of intangible assets from acquisitions made in previous years.
In accordance with
IFRS 8 TUI presents intercompany leases \u2013 in line with the internal steering logic \u2013 as if
they were
IAS 17 Operating leases in segment reporting.
Apart from this indicator, internal and external revenue, depreciation and amortisation, impairments of
other intangible assets (excluding goodwill), property, plant and equipment, right-of-use assets and invest-
ments as well as the share of result of joint ventures and associates are likewise shown for each segment, as
these amounts are included when determining underlying
EBIT. As a rule, intersegment business trans-
actions are based on the arm\u2019s length principle, as applied in transactions with third parties. No single external
customer accounts for 10 % or more of revenue.
Assets and liabilities by segment are not included in the reporting to the Executive Board and are therefore
not shown in segment reporting.
Depreciation and write-backs relate to non-current assets by region.
Non-current assets by region contain other intangible assets, property, plant and equipment, right-of-use
assets and specific other non-current assets that do not meet the definition of financial instruments.
Segment indicators
Revenue by segment
*
2023
2022
\u20ac million
External
Group
To t a l
External
Group
Total
Hotels & Resorts
1,032.5
822.8
1,855.3
806.2
693.4
1,499.6
Cruises
656.0
\u2013
656.0
331.5
\u2013
331.5
TUI Musement
770.0
390.9
1,160.9
578.4
288.3
866.7
Consolidation
\u2013
\u2013 1.0
\u2013 1.0
\u2013
\u2013 3.6
\u2013 3.6
Holiday Experiences
2,458.5
1,212.7
3,671.2
1,716.0
978.2
2,694.2
Northern Region
7,722.9
328.5
8,051.4
6,320.2
327.8
6,648.0
Central Region
7,329.7
88.2
7,417.9
5,787.3
83.7
5,871.0
Western Region
3,142.8
144.1
3,286.9
2,712.6
146.2
2,858.8
Consolidation
\u2013
\u2013 528.8
\u2013 528.8
\u2013
\u2013 538.1
\u2013 538.1
Markets & Airlines
18,195.4
32.0
18,227.4
14,820.1
19.6
14,839.7
All other segments
11.9
7.8
19.7
8.8
6.2
15.0
Consolidation
\u2013
\u2013 1,252.4
\u2013 1,252.4
\u2013
\u2013 1,004.0
\u2013 1,004.0
Total
20,665.9
\u2013
20,665.9
16,544.9
\u2013
16,544.9
* Due to the resegmentation of Future Markets from All other segments to Hotels & Resorts, TUI Musement
and Central Region in the current financial year, previous periods have been adjusted.
Underlying EBIT by segment
*
\u20ac million
2023
2022
Hotels & Resorts
549.5
480.3
Cruises
236.0
0.8
TUI Musement
36.0
23.7
Holiday Experiences
821.5
504.7
Northern Region
71.5
\u2013 101.6
Central Region
88.1
74.6
Western Region
81.1
\u2013 31.5
Markets & Airlines
240.6
\u2013 58.6
All other segments
\u2013 84.8
\u2013 37.4
Total
977.2
408.7
* Due to the resegmentation of Future Markets from All other segments to Hotels & Resorts, TUI Musement
and Central Region in the current financial year, previous periods have been adjusted.
Reconciliation to underlying EBIT of TUI Group
\u20ac million
2023
2022
Earnings before income taxes
551.2
\u2013 145.9
plus: Net interest expense (excluding expense / income from measurement
of interest hedges)
432.6
478.9
plus: Expense / less income from measurement of interest hedges
15.6
\u2013 13.0
EBIT
999.3
320.0
Adjustments:
less / plus: Separately disclosed items
\u2013 45.8
58.7
plus: Expense from purchase price allocation
23.7
30.1
Underlying EBIT
977.2
408.7
Other segmental information
*
Amor tisation (+), depreciation (+), Thereof impairment of intangible Thereof reversal of impairment Thereof amortisation / depreciation Share of result of
impairment (+) and write-backs (\u2013) assets and property, plant, losses on intangible assets and of intangible assets and joint ventures and associates
of other intangible assets, property, equipment and right-of-use assetsproperty, plant, equipment and property, plant, equipment and
plant and equipment, right-of-use right-of-use assetsright-of-use assets
assets and investments
\u20ac million
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
Hotels & Resorts
184.9
208.7
25.0
62.6
21.7
30.6
181.5
176.7
105.3
94.0
Cruises
65.4
54.6
\u2013
\u2013
11.6
15.2
77.0
69.8
174.2
41.4
TUI Musement
35.3
33.0
1.7
1.2
\u2013
\u2013
33.6
31.7
13.2
7.5
Holiday Experiences
285.6
296.3
26.7
63.8
33.3
45.8
292.2
278.3
292.7
142.9
Northern Region
296.0
328.1
2.2
4.1
1.3
3.6
295.1
327.6
112.8
\u2013 46.2
Central Region
97.2
111.2
0.7
5.7
0.1
0.8
96.5
106.2
1.1
3.8
Western Region
142.2
144.6
0.6
\u2013
\u2013
\u2013
141.6
144.6
0.3
\u2013
Markets & Airlines
535.5
583.9
3.6
9.8
1.3
4.5
533.3
578.5
114.3
\u2013 42.3
All other segments
38.0
3.1
37.4
0.2
\u2013
0.1
0.6
3.1
0.2
0.2
Total
859.1
883.4
67.7
73.9
34.6
50.4
826.1
859.8
407.2
100.7
* Due to the resegmentation of Future Markets from All other segments to Hotels & Resorts, TUI Musement
and Central Region in the current financial year, previous periods have been adjusted.
Key figures by region
External revenue by Non-current
customer location assets
\u20ac million
2023
2022
2023
2022
Germany
5,699.1
4,555.2
276.3
257.8
United Kingdom
7,475.8
6,103.1
3,756.0
3,829.3
Spain
175.6
145.5
564.3
551.4
Other Europe
6,653.7
5,357.9
482.6
483.7
North and South America
494.8
293.7
733.8
728.4
Rest of the world
166.9
89.6
1,141.4
1,196.1
Total
20,665.9
16,545.0
6,954.4
7,046.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-16": { "value": "Notes to the segments The identification of operating segments is based on the internal organisational and reporting structure primarily built around the different products and services as well as a geographical structure within TUI Group. Allocation of individual organisational entities to operating segments is exclusively based on economic criteria, irrespective of the participation structure under company law. The segments are independently managed by those in charge, who regularly receive separate financial information for each segment. They regularly report to the Group Executive Committee, which consists of six Executive Board members and five other executives. The legally binding decision regarding the use of resources is taken by the Executive Board. TUI Group\u2019s Executive Board has therefore been identified as the Chief Operating Decision Maker ( CODM) in accordance with IFRS 8. The Hotels & Resorts segment comprises all Group-owned hotels and hotel shareholdings of TUI Group. The Cruises segment consists of the joint venture TUI Cruises, its subsidiary Hapag-Lloyd Cruises as well as the British cruise business Marella Cruises. The TUI Musement segment comprises the companies providing services in the destinations. The income statement items of the aircraft leasing companies holding TUI Group\u2018s aircraft and subletting them within the Group have been fully allocated to the airlines using the respective aircraft (Northern Region, Central Region and Western Region segments). The Northern Region segment comprises the tour operators and airlines in the UK, Ireland and the Nordic countries and the stake in the tour operation business of the Canadian company Sunwing. Our strategic investment in Sunwing Travel Inc., Canada, sold its tour operator business, which was previously included in this segment, in May 2023. This segment also includes the tour operator TUI Lakes & Mountains, which plays a major role in securing the load factor for our UK aircraft fleet in winter. The Central Region segment comprises the tour operators and airlines in Germany and tour operators in Austria, Poland and Switzerland. The Western Region segment comprises the tour operators and airlines in Belgium and the Netherlands and tour operators in France. Apart from the above segments, the recognised items also include All other segments. This comprises in particular the central corporate functions and interim holdings of TUI Group and the Group\u2019s real estate companies, as well as central tourism functions such as information technology. The Future Markets Division was dissolved in the year under review and the activities managed here were reclassified from All other seg- ments to the Hotels & Resorts, TUI Musement and Central Region segments. The prior periods were adjusted. Notes to the segment data The selection of segment data presented is based on the regular internal reporting to the Executive Board. From the 2020 financial year onwards, adjusted EBIT is the segment performance indicator within the mean-ing of IFRS 8. We define the EBIT in underlying EBIT as earnings before interest, income taxes and result of the measurement of the Group\u2019s interest hedges. EBIT by definition includes goodwill impairments. Underlying EBIT is adjusted for by income and expense items impacting or distorting the assessment of the operating profitability of the segments and the Group due to their level and frequency. These separately disclosed items include gains on disposal from investments, major gains and losses from the sale of assets and major restructuring and integration expenses . In addition, adjustments are carried for all effects from purchase price allocations, ancillary acquisition costs and conditional purchase price payments. Adjustments made in the reconciliation to underlying EBIT also include goodwill impairments In accordance withIFRS 8 TUI presents intercompany leases \u2013 in line with the internal steering logic \u2013 as if they were IAS 17 Operating leases in segment reporting. Apart from this indicator, internal and external revenue, depreciation and amortisation, impairments of other intangible assets (excluding goodwill), property, plant and equipment, right-of-use assets and invest- ments as well as the share of result of joint ventures and associates are likewise shown for each segment, as these amounts are included when determining underlyingEBIT. As a rule, intersegment business trans- actions are based on the arm\u2019s length principle, as applied in transactions with third parties. No single external customer accounts for 10 % or more of revenue. Assets and liabilities by segment are not included in the reporting to the Executive Board and are therefore not shown in segment reporting. Depreciation and write-backs relate to non-current assets by region. Non-current assets by region contain other intangible assets, property, plant and equipment, right-of-use assets and specific other non-current assets that do not meet the definition of financial instruments.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-685": { "value": "The adjusted expenses of \u20ac 23.7 m (previous year \u20ac 30.1 m) from purchase price allocations mainly include scheduled amortization of intangible assets from acquisitions made in previous years. In accordance withIFRS 8 TUI presents intercompany leases \u2013 in line with the internal steering logic \u2013 as if they were IAS 17 Operating leases in segment reporting. Apart from this indicator, internal and external revenue, depreciation and amortisation, impairments of other intangible assets (excluding goodwill), property, plant and equipment, right-of-use assets and invest- ments as well as the share of result of joint ventures and associates are likewise shown for each segment, as these amounts are included when determining underlyingEBIT. As a rule, intersegment business trans- actions are based on the arm\u2019s length principle, as applied in transactions with third parties. No single external customer accounts for 10 % or more of revenue. Assets and liabilities by segment are not included in the reporting to the Executive Board and are therefore not shown in segment reporting. Depreciation and write-backs relate to non-current assets by region.
Other segmental information
*
Amor tisation (+), depreciation (+), Thereof impairment of intangible Thereof reversal of impairment Thereof amortisation / depreciation Share of result of
impairment (+) and write-backs (\u2013) assets and property, plant, losses on intangible assets and of intangible assets and joint ventures and associates
of other intangible assets, property, equipment and right-of-use assetsproperty, plant, equipment and property, plant, equipment and
plant and equipment, right-of-use right-of-use assetsright-of-use assets
assets and investments
\u20ac million
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
Hotels & Resorts
184.9
208.7
25.0
62.6
21.7
30.6
181.5
176.7
105.3
94.0
Cruises
65.4
54.6
\u2013
\u2013
11.6
15.2
77.0
69.8
174.2
41.4
TUI Musement
35.3
33.0
1.7
1.2
\u2013
\u2013
33.6
31.7
13.2
7.5
Holiday Experiences
285.6
296.3
26.7
63.8
33.3
45.8
292.2
278.3
292.7
142.9
Northern Region
296.0
328.1
2.2
4.1
1.3
3.6
295.1
327.6
112.8
\u2013 46.2
Central Region
97.2
111.2
0.7
5.7
0.1
0.8
96.5
106.2
1.1
3.8
Western Region
142.2
144.6
0.6
\u2013
\u2013
\u2013
141.6
144.6
0.3
\u2013
Markets & Airlines
535.5
583.9
3.6
9.8
1.3
4.5
533.3
578.5
114.3
\u2013 42.3
All other segments
38.0
3.1
37.4
0.2
\u2013
0.1
0.6
3.1
0.2
0.2
Total
859.1
883.4
67.7
73.9
34.6
50.4
826.1
859.8
407.2
100.7
* Due to the resegmentation of Future Markets from All other segments to Hotels & Resorts, TUI Musement
and Central Region in the current financial year, previous periods have been adjusted.
(2) Cost of sales and administrative expenses Cost of sales relates to the expenses incurred in the provision of tourism services. In addition to the expenses for personnel, depreciation, amortisation, rental and leasing, it includes all costs incurred by the Group inconnection with the procurement and delivery of airline services, hotel accommodation, cruises and distribution costs. Administrative expenses comprise all expenses incurred in connection with activities by the administrative functions and break down as follows:
Administrative expenses
\u20ac million
2023
2022
Staff cost
619.2
544.7
Rental and leasing expenses
9.5
11.0
Depreciation, amortisation and impairment
87.0
73.6
Others
299.9
116.9
Total
1,015.6
746.3
Other administrative expenses mainly increased due to the termination of state aid programmes as well as increased exchange rates. Impairment losses of \u20ac 45.8 m (previous year \u20ac 73.6 m) are presented within cost of sales and \u20ac 21.9 m (previous year \u20ac 0.3 m) in administrative expenses. Impairments losses of \u20ac 14.0 m (previous year \u20ac 57.2 m) relate to property, plant and equipment. Additionally \u20ac 14.0 m (previous year \u20ac 8.8 m) correspond to right-of-use assets and \u20ac 39.7 m (previous year \u20ac 7.9 m) to other intangible assets. In financial year 2023, reversals of impairment losses of \u20ac 34.6 m (previous year \u20ac 50.4 m) were recognised which are all presented in cost of sales. In the previous year \u20ac 49.6 m were recorded in cost of sales and \u20ac 0.8 m in administrative expenses. For details of the impairment losses and reversals of impairment losses effected in financial year 2023, please refer to the respective sections in the Notes to the consolidated statement of financial position. A breakdown of impairments and reversals of impairments is presented in Segment Reporting
Other intangible assets
Computer software
Brands, Internally Acquired Transport Customer Intangible assets in the To t a l
licenses and generated contracts base course of construction and
\u20ac million other rights Payments on account
Amortisation and impairment
Balance as at 1 Oct 2021
\u2013 203.0
\u2013 342.7
\u2013 182.7
\u2013 49.7
\u2013 54.3
\u2013 17.3
\u2013 849.7
Exchange differences
1.9
9.3
\u2013 2.6
1.2
0.1
0.1
10.0
Amortisation for the current year
\u2013 15.9
\u2013 64.5
\u2013 30.3
\u2013 2.5
\u2013 5.4
\u2013
\u2013 118.6
Impairment for the current year
\u2013
\u2013
\u2013 7.3
\u2013
\u2013
\u2013 0.6
\u2013 7.9
Reversal of impairments
\u2013
\u2013
\u2013
\u2013
\u2013
0.1
0.1
Disposals
0.2
74.1
17.4
\u2013
0.3
0.6
92.6
Transfer
0.2
\u2013 1.8
\u2013 1.1
\u2013
\u2013
2.7
\u2013
Balance as at 30 Sep 2022
\u2013 216.6
\u2013 325.6
\u2013 206.6
\u2013 51.0
\u2013 59.3
\u2013 14.4
\u2013 873.5
Exchange differences
\u2013 0.7
\u2013 3.3
\u2013 0.7
\u2013 1.0
\u2013 0.2
0.2
\u2013 5.7
Amortisation for the current year
\u2013 14.4
\u2013 58.6
\u2013 29.0
\u2013 2.4
\u2013 3.5
\u2013
\u2013 107.9
Impairment for the current year
\u2013
\u2013 37.1
\u2013 1.6
\u2013
\u2013
\u2013 1.0
\u2013 39.7
Disposals
2.0
37.8
34.5
\u2013
\u2013
7.4
81.7
Transfer
\u2013
\u2013
0.2
\u2013
\u2013
\u2013 0.2
\u2013
Balance as at 30 Sep 2023
\u2013 228.7
\u2013 386.8
\u2013 203.1
\u2013 54.4
\u2013 63.0
\u2013 8.0
\u2013 944.0
Carrying amounts as at 30 Sep 2022
117.4
134.5
53.0
10.0
20.7
172.0
507.6
Carrying amounts as at 30 Sep 2023
114.3
162.7
47.4
7.8
16.8
189.0
538.0
Due to changes in our strategy and delays in the digital transformation, the useful lives of a number of software
solutions were reviewed, with the result to extend the useful lives of the affected software systems, which
reduced the amortization by \u20ac 3.8 m in the financial year under review. We expect a decrease of amortization
of \u20ac 2.6 m for the financial year 2024 and of \u20ac 0.6 m for the financial year 2025 compared with the amount that
would have been charged before the change in useful life. The extension of the useful life beyond the previous
end of useful life will lead to an increase in amortisation of \u20ac 5.4 m for financial year 2026 and of \u20ac 2.2 m for
financial year 2027.
In the previous year, due to a change in strategy with a focus on key strategic elements and delays in the
digital transformation, the useful lives of various software solutions in the Markets & Airline segment had
been revised. Due to the revision the useful life of the affected software systems were extended which
reduced the amortisation by \u20ac 8.6 m in the previous year.
Property, plant and equipment
Hotels incl. land
Other buildings
Aircraft
Cruise ships
Other plant, operating and
Assets under Payments To t a l
\u20ac million and land office equipment construction on account
Depreciation and impairment
Balance as at 1 Oct 2021
\u2013 674.6
\u2013 18.0
\u2013 158.2
\u2013 245.8
\u2013 820.8
\u2013
\u2013 0.9
\u2013 1,918.3
Exchange differences
\u2013 34.1
0.9
\u2013 8.9
7.3
\u2013 22.2
\u2013
\u2013 0.1
\u2013 57.1
Depreciation for the current year
\u2013 59.1
\u2013 1.4
\u2013 27.9
\u2013 59.7
\u2013 82.5
\u2013
\u2013
\u2013 230.6
Impairment for the current year
\u2013 53.0
\u2013
\u2013
\u2013
\u2013 4.2
\u2013
\u2013
\u2013 57.2
Reversal of impairment losses
19.4
\u2013
\u2013
15.2
\u2013
\u2013
\u2013
34.6
Disposals
7.7
1.9
38.0
16.5
23.1
\u2013
\u2013
87.2
Transfer to assets held for sale
\u2013
2.2
\u2013
\u2013
0.5
\u2013
\u2013
2.7
Transfer
0.1
\u2013
\u2013 22.8
\u2013
1.0
\u2013
\u2013
\u2013 21.7
Balance as at 30 Sep 2022
\u2013 793.6
\u2013 14.4
\u2013 179.8
\u2013 266.5
\u2013 905.1
\u2013
\u2013 1.0
\u2013 2,160.4
Exchange differences
6.0
\u2013
4.4
\u2013 5.2
4.5
\u2013
\u2013
9.7
Depreciation for the current year
\u2013 67.7
\u2013 1.2
\u2013 40.8
\u2013 63.5
\u2013 86.9
\u2013
\u2013
\u2013 260.1
Impairment for the current year
\u2013 13.3
\u2013
\u2013 0.6
\u2013
\u2013 0.1
\u2013
\u2013
\u2013 14.0
Reversals of impairment losses
16.4
\u2013
\u2013
11.6
\u2013
\u2013
\u2013
28.0
Disposals
57.6
\u2013
34.7
0.4
101.1
\u2013
\u2013
193.8
Transfer to assets held for sale
4.0
\u2013
0.8
\u2013
5.6
\u2013
\u2013
10.4
Transfer
0.2
2.1
\u2013 92.1
0.1
\u2013 6.9
\u2013
\u2013
\u2013 96.6
Balance as at 30 Sep 2023
\u2013 790.4
\u2013 13.5
\u2013 273.4
\u2013 323.1
\u2013 887.8
\u2013
\u2013 1.0
\u2013 2,289.2
Carrying amounts as at 30 Sep 2022
1,800.9
186.1
342.3
428.4
360.8
170.7
111.7
3,400.9
Carrying amounts as at 30 Sep 2023
1,936.3
37.3
341.5
469.6
384.8
151.9
158.9
3,480.3
Right-of-use assets
Aircraft and Hotels
Travel agencies
Buildings
Cruise ships
Other
To t a l
\u20ac million engines
Historical cost
Balance as at 1 Oct 2021
3,323.4
497.5
233.1
184.3
232.9
84.6
4,555.8
Exchanges differences
454.2
\u2013 2.4
\u2013 0.3
3.0
\u2013 5.0
\u2013 0.1
449.4
Additions
142.0
\u2013
6.3
4.8
0.5
2.6
156.2
Revaluations and modifications
57.1
\u2013 12.9
15.2
\u2013 5.7
\u2013 1.5
\u2013 0.8
51.4
Disposals
\u2013 63.2
\u2013 15.0
\u2013 10.5
\u2013 4.2
\u2013 0.5
\u2013 4.0
\u2013 97.4
Transfer
\u2013 33.4
\u2013
0.3
0.9
\u2013 0.3
\u2013 0.1
\u2013 32.6
Balance as at 30 Sep 2022
3,880.1
467.2
244.1
183.1
226.1
82.2
5,082.8
Exchanges differences
\u2013 214.5
\u2013 10.1
2.0
\u2013 2.4
6.6
\u2013 0.2
\u2013 218.6
Additions
112.1
10.5
14.8
6.0
144.1
23.1
310.6
Revaluations and modifications
84.8
13.5
20.8
7.2
\u2013 1.0
0.6
125.9
Disposals
\u2013 115.1
\u2013 45.4
\u2013 18.0
\u2013 2.7
\u2013
\u2013 5.0
\u2013 186.2
Transfer
\u2013 143.4
\u2013
\u2013 0.2
\u2013 0.2
\u2013
\u2013 7.5
\u2013 151.3
Balance as at 30 Sep 2023
3,604.0
435.7
263.5
191.0
375.8
93.2
4,963.2
Depreciation and impairment
Balance as at 1 Oct 2021
\u2013 1,055.5
\u2013 181.2
\u2013 116.3
\u2013 70.5
\u2013 87.4
\u2013 35.7
\u2013 1,546.6
Exchange differences
\u2013 184.2
1.6
0.9
\u2013 0.1
2.6
\u2013
\u2013 179.2
Depreciation for the current year
\u2013 365.0
\u2013 59.8
\u2013 37.7
\u2013 21.4
\u2013 16.0
\u2013 10.7
\u2013 510.6
Impairment for the current year
\u2013
\u2013 4.4
\u2013 3.4
\u2013
\u2013 1.0
\u2013
\u2013 8.8
Reversals of impairments loses
0.6
13.2
2.0
\u2013
\u2013
\u2013
15.8
Disposals
63.2
15.1
10.5
3.5
0.5
4.0
96.8
Transfer
22.4
\u2013
\u2013
0.1
\u2013
\u2013 1.2
21.3
Balance as at 30 Sep 2022
\u2013 1,518.5
\u2013 215.5
\u2013 144.0
\u2013 88.4
\u2013 101.3
\u2013 43.6
\u2013 2,111.3
Exchange differences
94.5
5.7
\u2013 1.3
1.0
\u2013 1.9
0.2
98.2
Depreciation for the current year
\u2013 325.7
\u2013 45.2
\u2013 37.2
\u2013 21.5
\u2013 18.8
\u2013 9.6
\u2013 458.0
Impairment for the current year
\u2013
\u2013 11.8
\u2013 2.2
\u2013
\u2013
\u2013
\u2013 14.0
Reversals of impairments losses
\u2013
5.3
1.3
\u2013
\u2013
\u2013
6.6
Disposals
115.1
38.8
18.2
2.6
\u2013
5.1
179.8
Transfer
93.6
\u2013
0.3
0.4
\u2013
4.6
98.9
Balance as at 30 Sep 2023
\u2013 1,541.0
\u2013 222.7
\u2013 164.9
\u2013 105.9
\u2013 122.0
\u2013 43.3
\u2013 2,199.8
Carrying amounts as at 30 Sep 2022
2,361.6
251.7
100.1
94.7
124.8
38.6
2,971.5
Carrying amounts as at 30 Sep 2023
2,063.0
213.0
98.6
85.1
253.8
49.9
2,763.4
The transfer to property, plant and equipment led to a reduction in right-of-use assets of \u20ac 52.4 m and mainly result from reclassifications of aircraft and aircraft engines into property, plant and equipment. In this context, we refer to the section \u2018Property, plant and equipment\u2019. Information on the associated lease liabilities is provided in Note 32 \u2018Financial liabilities and lease liabilities\u2019. Details regarding the maturities of the lease payments not yet made at the balance sheet date are shown in the section \u2018Liquidity risk\u2019 in Note 41 \u2018Financial instruments\u2019. The table below presents the expenses and income carried in the consolidated income statement in financial year 2023 in connection with leases in whichTUI is the lessee:
Expenses and income from leases with TUI as the lessee
\u20ac million
2023
2022
Expenses from short-term leases
\u2013 124.0
\u2013 131.1
Expenses from low-value leases
\u2013 8.2
\u2013 3.0
Variable lease income and expenses
\u2013 8.0
0.5
Depreciation of right-of-use assets
\u2013 458.0
\u2013 510.6
Impairment of right-of-use assets
\u2013 14.0
\u2013 8.8
Reversal of impairments
6.6
15.8
Interest expenses from lease liabilities
\u2013 175.6
\u2013 159.3
Gains or losses arising from sale and leaseback transactions
8.9
2.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-757": { "value": "Segment indicators
Revenue by segment
*
2023
2022
\u20ac million
External
Group
To t a l
External
Group
Total
Hotels & Resorts
1,032.5
822.8
1,855.3
806.2
693.4
1,499.6
Cruises
656.0
\u2013
656.0
331.5
\u2013
331.5
TUI Musement
770.0
390.9
1,160.9
578.4
288.3
866.7
Consolidation
\u2013
\u2013 1.0
\u2013 1.0
\u2013
\u2013 3.6
\u2013 3.6
Holiday Experiences
2,458.5
1,212.7
3,671.2
1,716.0
978.2
2,694.2
Northern Region
7,722.9
328.5
8,051.4
6,320.2
327.8
6,648.0
Central Region
7,329.7
88.2
7,417.9
5,787.3
83.7
5,871.0
Western Region
3,142.8
144.1
3,286.9
2,712.6
146.2
2,858.8
Consolidation
\u2013
\u2013 528.8
\u2013 528.8
\u2013
\u2013 538.1
\u2013 538.1
Markets & Airlines
18,195.4
32.0
18,227.4
14,820.1
19.6
14,839.7
All other segments
11.9
7.8
19.7
8.8
6.2
15.0
Consolidation
\u2013
\u2013 1,252.4
\u2013 1,252.4
\u2013
\u2013 1,004.0
\u2013 1,004.0
Total
20,665.9
\u2013
20,665.9
16,544.9
\u2013
16,544.9
* Due to the resegmentation of Future Markets from All other segments to Hotels & Resorts, TUI Musement
and Central Region in the current financial year, previous periods have been adjusted.
Key figures by region
External revenue by Non-current
customer location assets
\u20ac million
2023
2022
2023
2022
Germany
5,699.1
4,555.2
276.3
257.8
United Kingdom
7,475.8
6,103.1
3,756.0
3,829.3
Spain
175.6
145.5
564.3
551.4
Other Europe
6,653.7
5,357.9
482.6
483.7
North and South America
494.8
293.7
733.8
728.4
Rest of the world
166.9
89.6
1,141.4
1,196.1
Total
20,665.9
16,545.0
6,954.4
7,046.7
(1) Revenue
Group revenue is mainly generated from tourism services. The other revenues present income from sub-
lease.
In financial year 2023, consolidated revenue increased by 24.9 % year-on-year from \u20ac 16.5 bn to \u20ac 20.7 bn.
External revenue allocated by destinations for the period from 1 Oct 2022 to 30 Sep 2023
*
Spain Other Caribbean, North Africa & Rest of Africa, Other 2023 Other 2023
(incl. Canary European Mexico, Turkey Ind. Ocean, countries Revenues from To t a l
Islands) destinations USA & Canada Asia contracts with
\u20ac million customers
Hotels & Resorts
358.9
89.0
314.9
91.2
178.6
\u2013
1,032.5
\u2013
1,032.5
Cruises
232.0
179.5
244.6
\u2013
\u2013
\u2013
656.1
\u2013
656.0
TUI Musement
111.0
251.1
187.5
39.1
128.0
53.3
770.0
\u2013
770.0
Holiday experiences
701.9
519.6
747.0
130.3
306.6
53.3
2,458.6
\u2013
2,458.5
Northern Region
2,246.3
2,384.9
1,292.7
1,175.2
604.9
13.3
7,717.3
5.5
7,722.9
Central Region
2,037.2
2,254.1
341.5
1,803.7
886.1
5.3
7,327.8
1.9
7,329.7
Western Region
819.7
902.5
540.9
568.5
290.5
16.6
3,138.7
4.1
3,142.8
Markets & Airlines
5,103.2
5,541.5
2,175.1
3,547.4
1,781.5
35.2
18,183.9
11.5
18,195.4
All other segments
0.3
11.1
0.5
\u2013
\u2013
\u2013
11.9
\u2013
11.9
Total
5,805.4
6,072.2
2,922.6
3,677.7
2,088.1
88.5
20,654.4
11.5
20,665.9
* Due to the re-segmentation of Future Markets from All other segments to Hotels & Resorts, TUI Musement and Central Region in the
current financial year, previous periods have been adjusted.
External revenue allocated by destinations for the period from 1 Oct 2021 to 30 Sep 2022
*
Spain Other Caribbean, North Africa & Rest of Africa, Other 2022 Other 2022
(incl. Canary European Mexico, Turkey Ind. Ocean, countries Revenues from Total
Islands) destinations USA & Canada Asia contracts with
\u20ac million customers
Hotels & Resorts
292.0
85.8
216.1
74.7
137.6
\u2013
806.2
\u2013
806.2
Cruises
158.2
124.8
48.3
\u2013
\u2013
0.1
331.4
\u2013
331.5
TUI Musement
99.9
203.2
129.1
37.0
63.3
45.9
578.4
\u2013
578.4
Holiday experiences
550.1
413.8
393.5
111.7
200.9
46.0
1,716.0
\u2013
1,716.0
Northern Region
1,955.3
1,986.4
1,202.6
816.7
333.1
20.8
6,314.9
5.3
6,320.2
Central Region
1,646.2
1,987.9
305.3
1,271.3
570.8
5.3
5,786.8
0.5
5,787.3
Western Region
868.7
832.5
474.6
390.8
138.8
6.0
2,711.4
1.3
2,712.6
Markets & Airlines
4,470.2
4,806.8
1,982.5
2,478.8
1,042.7
32.1
14,813.1
7.1
14,820.1
All other segments
0.1
8.3
0.3
\u2013
\u2013
\u2013
8.7
\u2013
8.8
Total
5,020.4
5,228.9
2,376.3
2,590.5
1,243.6
78.1
16,537.8
7.1
16,544.9
* Due to the re-segmentation of Future Markets from All other segments to Hotels & Resorts, TUI Musement and Central Region in the
current financial year, previous periods have been adjusted.
Future revenue from performance obligations not yet delivered as at 30 September 2023, of which at least
twelve
months are between the contract start and the contract end date, totals \u20ac 799.6 m (previous year
\u20ac 1,502.1 m),
including an amount of \u20ac 758.3 m (previous year \u20ac 1,340.6 m) to be recognised within the next
twelve months. The remaining revenue will be recognised in the following twelve months.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-740": { "value": "Revenue by segment* 2023 2022 \u20ac million External Group To t a l External Group Total Hotels & Resorts 1,032.5 822.8 1,855.3 806.2 693.4 1,499.6 Cruises 656.0 \u2013 656.0 331.5 \u2013 331.5 TUI Musement 770.0 390.9 1,160.9 578.4 288.3 866.7 Consolidation \u2013 \u2013 1.0 \u2013 1.0 \u2013 \u2013 3.6 \u2013 3.6 Holiday Experiences 2,458.5 1,212.7 3,671.2 1,716.0 978.2 2,694.2 Northern Region 7,722.9 328.5 8,051.4 6,320.2 327.8 6,648.0 Central Region 7,329.7 88.2 7,417.9 5,787.3 83.7 5,871.0 Western Region 3,142.8 144.1 3,286.9 2,712.6 146.2 2,858.8 Consolidation \u2013 \u2013 528.8 \u2013 528.8 \u2013 \u2013 538.1 \u2013 538.1 Markets & Airlines 18,195.4 32.0 18,227.4 14,820.1 19.6 14,839.7 All other segments 11.9 7.8 19.7 8.8 6.2 15.0 Consolidation \u2013 \u2013 1,252.4 \u2013 1,252.4 \u2013 \u2013 1,004.0 \u2013 1,004.0 Total 20,665.9 \u2013 20,665.9 16,544.9 \u2013 16,544.9 Due to the resegmentation of Future Markets from All other segments to Hotels & Resorts, TUI Musement and Central Region in the current financial year, previous periods have been adjusted.
Key figures by region
External revenue by Non-current
customer location assets
\u20ac million
2023
2022
2023
2022
Germany
5,699.1
4,555.2
276.3
257.8
United Kingdom
7,475.8
6,103.1
3,756.0
3,829.3
Spain
175.6
145.5
564.3
551.4
Other Europe
6,653.7
5,357.9
482.6
483.7
North and South America
494.8
293.7
733.8
728.4
Rest of the world
166.9
89.6
1,141.4
1,196.1
Total
20,665.9
16,545.0
6,954.4
7,046.7
(1) Revenue Group revenue is mainly generated from tourism services. The other revenues present income from sub-lease. In financial year 2023, consolidated revenue increased by 24.9 % year-on-year from \u20ac 16.5 bn to \u20ac 20.7 bn.
External revenue allocated by destinations for the period from 1 Oct 2022 to 30 Sep 2023
*
Spain Other Caribbean, North Africa & Rest of Africa, Other 2023 Other 2023
(incl. Canary European Mexico, Turkey Ind. Ocean, countries Revenues from To t a l
Islands) destinations USA & Canada Asia contracts with
\u20ac million customers
Hotels & Resorts
358.9
89.0
314.9
91.2
178.6
\u2013
1,032.5
\u2013
1,032.5
Cruises
232.0
179.5
244.6
\u2013
\u2013
\u2013
656.1
\u2013
656.0
TUI Musement
111.0
251.1
187.5
39.1
128.0
53.3
770.0
\u2013
770.0
Holiday experiences
701.9
519.6
747.0
130.3
306.6
53.3
2,458.6
\u2013
2,458.5
Northern Region
2,246.3
2,384.9
1,292.7
1,175.2
604.9
13.3
7,717.3
5.5
7,722.9
Central Region
2,037.2
2,254.1
341.5
1,803.7
886.1
5.3
7,327.8
1.9
7,329.7
Western Region
819.7
902.5
540.9
568.5
290.5
16.6
3,138.7
4.1
3,142.8
Markets & Airlines
5,103.2
5,541.5
2,175.1
3,547.4
1,781.5
35.2
18,183.9
11.5
18,195.4
All other segments
0.3
11.1
0.5
\u2013
\u2013
\u2013
11.9
\u2013
11.9
Total
5,805.4
6,072.2
2,922.6
3,677.7
2,088.1
88.5
20,654.4
11.5
20,665.9
* Due to the re-segmentation of Future Markets from All other segments to Hotels & Resorts, TUI Musement and Central Region in the
current financial year, previous periods have been adjusted.
External revenue allocated by destinations for the period from 1 Oct 2021 to 30 Sep 2022
*
Spain Other Caribbean, North Africa & Rest of Africa, Other 2022 Other 2022
(incl. Canary European Mexico, Turkey Ind. Ocean, countries Revenues from Total
Islands) destinations USA & Canada Asia contracts with
\u20ac million customers
Hotels & Resorts
292.0
85.8
216.1
74.7
137.6
\u2013
806.2
\u2013
806.2
Cruises
158.2
124.8
48.3
\u2013
\u2013
0.1
331.4
\u2013
331.5
TUI Musement
99.9
203.2
129.1
37.0
63.3
45.9
578.4
\u2013
578.4
Holiday experiences
550.1
413.8
393.5
111.7
200.9
46.0
1,716.0
\u2013
1,716.0
Northern Region
1,955.3
1,986.4
1,202.6
816.7
333.1
20.8
6,314.9
5.3
6,320.2
Central Region
1,646.2
1,987.9
305.3
1,271.3
570.8
5.3
5,786.8
0.5
5,787.3
Western Region
868.7
832.5
474.6
390.8
138.8
6.0
2,711.4
1.3
2,712.6
Markets & Airlines
4,470.2
4,806.8
1,982.5
2,478.8
1,042.7
32.1
14,813.1
7.1
14,820.1
All other segments
0.1
8.3
0.3
\u2013
\u2013
\u2013
8.7
\u2013
8.8
Total
5,020.4
5,228.9
2,376.3
2,590.5
1,243.6
78.1
16,537.8
7.1
16,544.9
* Due to the re-segmentation of Future Markets from All other segments to Hotels & Resorts, TUI Musement and Central Region in the
current financial year, previous periods have been adjusted.
Future revenue from performance obligations not yet delivered as at 30 September 2023, of which at least twelve months are between the contract start and the contract end date, totals \u20ac 799.6 m (previous year\u20ac 1,502.1 m),including an amount of \u20ac 758.3 m (previous year \u20ac 1,340.6 m) to be recognised within the next twelve months. The remaining revenue will be recognised in the following twelve months.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-773": { "value": "
Other segmental information
*
Amor tisation (+), depreciation (+), Thereof impairment of intangible Thereof reversal of impairment Thereof amortisation / depreciation Share of result of
impairment (+) and write-backs (\u2013) assets and property, plant, losses on intangible assets and of intangible assets and joint ventures and associates
of other intangible assets, property, equipment and right-of-use assetsproperty, plant, equipment and property, plant, equipment and
plant and equipment, right-of-use right-of-use assetsright-of-use assets
assets and investments
\u20ac million
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
Hotels & Resorts
184.9
208.7
25.0
62.6
21.7
30.6
181.5
176.7
105.3
94.0
Cruises
65.4
54.6
\u2013
\u2013
11.6
15.2
77.0
69.8
174.2
41.4
TUI Musement
35.3
33.0
1.7
1.2
\u2013
\u2013
33.6
31.7
13.2
7.5
Holiday Experiences
285.6
296.3
26.7
63.8
33.3
45.8
292.2
278.3
292.7
142.9
Northern Region
296.0
328.1
2.2
4.1
1.3
3.6
295.1
327.6
112.8
\u2013 46.2
Central Region
97.2
111.2
0.7
5.7
0.1
0.8
96.5
106.2
1.1
3.8
Western Region
142.2
144.6
0.6
\u2013
\u2013
\u2013
141.6
144.6
0.3
\u2013
Markets & Airlines
535.5
583.9
3.6
9.8
1.3
4.5
533.3
578.5
114.3
\u2013 42.3
All other segments
38.0
3.1
37.4
0.2
\u2013
0.1
0.6
3.1
0.2
0.2
Total
859.1
883.4
67.7
73.9
34.6
50.4
826.1
859.8
407.2
100.7
* Due to the resegmentation of Future Markets from All other segments to Hotels & Resorts, TUI Musement
and Central Region in the current financial year, previous periods have been adjusted.
Depreciation / amortisation / impairment
\u20ac million
2023
2022
Depreciation and amortisation of other intangible assets, property, plant and
equipment and right-of-use assets
826.1
859.8
Impairment of other intangible assets, property, plant and equipment and
right-of-use assets
67.7
73.9
Total
893.8
933.7
Impairment losses of \u20ac 45.8 m (previous year \u20ac 73.6 m) are presented within cost of sales and \u20ac 21.9 m(previous year \u20ac 0.3 m) in administrative expenses. Impairments losses of \u20ac 14.0 m (previous year \u20ac 57.2 m) relate to property, plant and equipment. Additionally \u20ac 14.0 m (previous year \u20ac 8.8 m) correspond to right-of-use assets and \u20ac 39.7 m (previous year \u20ac 7.9 m) to other intangible assets. In financial year 2023, reversals of impairment losses of \u20ac 34.6 m (previous year \u20ac 50.4 m) were recognised which are all presented in cost of sales. In the previous year \u20ac 49.6 m were recorded in cost of sales and \u20ac 0.8 m in administrative expenses. For details of the impairment losses and reversals of impairment losses effected in financial year 2023,please refer to the respective sections in the Notes to the consolidated statement of financial position. A breakdownof impairments and reversals of impairments is presented in Segment Reporting . (12) Goodwill
Goodwill
\u20ac million
2023
2022
Historical cost
Balance as at 1 Oct
3,444.9
3,469.5
Exchange differences
2.2
\u2013 24.6
Disposals
\u2013 19.5
\u2013
Reclassification as assets held for sale
\u2013 2.3
\u2013
Balance as at 30 Sep
3,425.3
3,444.9
Impairment
Balance as at 1 Oct
\u2013 474.3
\u2013 476.4
Exchange differences
\u2013 1.8
2.1
Balance as at 30 Sep
\u2013 476.1
\u2013 474.3
Carrying amounts as at 30 Sep
2,949.2
2,970.6
The goodwill disposals relate to the sale of the operating business in Canada by the company Sunwing Travel Group Inc., Ontario, which is accounted for using the equity-method. The disposal is attributable to the Northern Region. In this context, we refer to section \u2018Significant associates\u2019. The reclassification of assets held for sale led to a reduction of goodwill of \u20ac 2.3 m and relate to the planned disposal of the Robinson Club Cabo Verde. Detailed information on acquisitions and divestments are presented under Acquisitions \u2013 Divestments. I n accordance with the provisions of IAS 21, goodwill allocated to the individual segments and sectors was recognised in the functional currency of the subsidiaries and subsequently translated when preparing the consolidated financial statements. Similar to the treatment of other differences from the translation of annual financial statements of foreign subsidiaries, differences due to exchange rate fluctuations between the exchange rate at the date of acquisition of the subsidiary and the exchange rate at the balance sheet date are taken directly to equity outside profit and loss and disclosed as a separate item . In financial year 2023, an increase in the carrying amount of goodwill of \u20ac 0.4 m (previous year reduction of \u20ac 22.5 m) resulted from foreign exchange differences. The following table presents a breakdown of goodwill by cash-generating unit (CGU) at carrying amounts. \u2018Other\u2019 consists of the two independent cash-generating units, Robinson, and Midnight International ( formerly Blue Diamond), which belong to the Hotels & Resorts segment.
Goodwill per cash-generating unit
\u20ac million
30 Sep 2023
30 Sep 2022
Northern Region
1,185.1
1,204.7
Central Region
502.4
502.5
Western Region
412.3
412.3
Riu
343.1
343.1
Marella Cruises
294.3
288.8
TUI Musement
167.3
171.4
Other
44.7
47.8
Total
2,949.2
2,970.6
As at 30 September 2023, an impairment test of capitalised goodwill was performed at the level of cash- generating units. No impairments of capitalised goodwill were identified. (13) Other intangible assets The development of the line items of Other intangible assets in financial year 2023 is shown in the following table.
Other intangible assets
Computer software
Brands, Internally Acquired Transport Customer Intangible assets in the To t a l
licenses and generated contracts base course of construction and
\u20ac million other rights Payments on account
Historical cost
Balance as at 1 Oct 2021
329.7
508.8
249.3
62.4
79.6
118.5
1,348.3
Exchange differences
4.7
\u2013 11.1
2.6
\u2013 1.4
0.7
\u2013 3.6
\u2013 8.1
Additions
0.1
10.0
12.5
\u2013
\u2013
112.6
135.2
Disposals
\u2013 0.2
\u2013 74.2
\u2013 17.5
\u2013
\u2013 0.3
\u2013 0.7
\u2013 92.9
Transfer
\u2013 0.3
26.6
12.7
\u2013
\u2013
\u2013 40.4
\u2013 1.4
Balance as at 30 Sep 2022
334.0
460.1
259.6
61.0
80.0
186.4
1,381.1
Exchange differences
\u2013 4.9
5.0
0.7
1.2
\u2013 0.2
2.6
4.4
Additions
16.9
15.7
11.1
\u2013
\u2013
137.2
180.9
Disposals
\u2013 2.0
\u2013 37.8
\u2013 34.5
\u2013
\u2013
\u2013 7.4
\u2013 81.7
Transfer
\u2013
106.5
13.7
\u2013
\u2013
\u2013 121.8
\u2013 1.6
Balance as at 30 Sep 2023
343.0
549.5
250.5
62.2
79.8
197.0
1,482.0
Other intangible assets
Computer software
Brands, Internally Acquired Transport Customer Intangible assets in the To t a l
licenses and generated contracts base course of construction and
\u20ac million other rights Payments on account
Amortisation and impairment
Balance as at 1 Oct 2021
\u2013 203.0
\u2013 342.7
\u2013 182.7
\u2013 49.7
\u2013 54.3
\u2013 17.3
\u2013 849.7
Exchange differences
1.9
9.3
\u2013 2.6
1.2
0.1
0.1
10.0
Amortisation for the current year
\u2013 15.9
\u2013 64.5
\u2013 30.3
\u2013 2.5
\u2013 5.4
\u2013
\u2013 118.6
Impairment for the current year
\u2013
\u2013
\u2013 7.3
\u2013
\u2013
\u2013 0.6
\u2013 7.9
Reversal of impairments
\u2013
\u2013
\u2013
\u2013
\u2013
0.1
0.1
Disposals
0.2
74.1
17.4
\u2013
0.3
0.6
92.6
Transfer
0.2
\u2013 1.8
\u2013 1.1
\u2013
\u2013
2.7
\u2013
Balance as at 30 Sep 2022
\u2013 216.6
\u2013 325.6
\u2013 206.6
\u2013 51.0
\u2013 59.3
\u2013 14.4
\u2013 873.5
Exchange differences
\u2013 0.7
\u2013 3.3
\u2013 0.7
\u2013 1.0
\u2013 0.2
0.2
\u2013 5.7
Amortisation for the current year
\u2013 14.4
\u2013 58.6
\u2013 29.0
\u2013 2.4
\u2013 3.5
\u2013
\u2013 107.9
Impairment for the current year
\u2013
\u2013 37.1
\u2013 1.6
\u2013
\u2013
\u2013 1.0
\u2013 39.7
Disposals
2.0
37.8
34.5
\u2013
\u2013
7.4
81.7
Transfer
\u2013
\u2013
0.2
\u2013
\u2013
\u2013 0.2
\u2013
Balance as at 30 Sep 2023
\u2013 228.7
\u2013 386.8
\u2013 203.1
\u2013 54.4
\u2013 63.0
\u2013 8.0
\u2013 944.0
Carrying amounts as at 30 Sep 2022
117.4
134.5
53.0
10.0
20.7
172.0
507.6
Carrying amounts as at 30 Sep 2023
114.3
162.7
47.4
7.8
16.8
189.0
538.0
The impairments recognised for the financial year under review totalled \u20ac 39.7 m (previous year \u20ac 7.9 m).
Impairments of \u20ac 37.1 m are mainly attributable to an adjusted strategy in the digital transformation in the
Markets & Airline business, which resulted in impairment charges on internally generated computer software
in \u2018All other segments\u2019. In the previous year, Impairment charges of \u20ac 6.7 m related primarily to purchased
computer software and were due to restructuring.
(14) Property, plant and equipment The table below presents the development of the individual items of property, plant and equipment in financial year 2023.
Property, plant and equipment
Hotels incl. land
Other buildings
Aircraft
Cruise ships
Other plant, operating and
Assets under Payments To t a l
\u20ac million and land office equipment construction on account
Balance as at 1 Oct 2021
2,350.4
183.5
285.3
692.1
1,172.5
134.6
259.2
5,077.6
Exchange differences
118.5
26.2
39.3
\u2013 15.9
37.9
25.2
20.8
252.0
Additions
34.7
0.2
150.7
\u2013
32.9
184.2
57.1
459.8
Disposals
\u2013 8.0
\u2013 4.5
\u2013 51.9
\u2013 16.5
\u2013 23.4
\u2013 0.3
\u2013 157.9
\u2013 262.5
Transfer to assets held for sale
\u2013
\u2013 4.9
\u2013
\u2013
\u2013 0.6
\u2013
\u2013
\u2013 5.5
Transfer
98.9
\u2013
98.7
35.2
46.6
\u2013 173.0
\u2013 66.5
39.9
Balance as at 30 Sep 2022
2,594.5
200.5
522.1
694.9
1,265.9
170.7
112.7
5,561.3
Exchange differences
\u2013 9.1
1.8
\u2013 22.2
12.8
\u2013 8.3
\u2013 4.7
\u2013 7.6
\u2013 37.3
Acquisitions
\u2013
\u2013
\u2013
\u2013
0.2
\u2013
\u2013
0.2
Additions
68.3
0.2
52.9
\u2013
66.1
189.6
106.2
483.3
Disposals
\u2013 57.8
\u2013 0.1
\u2013 68.3
\u2013 1.0
\u2013 101.8
\u2013 0.3
\u2013 36.6
\u2013 265.9
Transfer to assets held for sale
\u2013 76.0
0.3
\u2013 31.8
\u2013 0.2
\u2013 12.8
\u2013 10.6
\u2013
\u2013 131.1
Transfer
206.8
\u2013 151.9
162.2
86.2
63.3
\u2013 192.8
\u2013 14.8
159.0
Balance as at 30 Sep 2023
2,726.7
50.8
614.9
792.7
1,272.6
151.9
159.9
5,769.5
Property, plant and equipment
Hotels incl. land
Other buildings
Aircraft
Cruise ships
Other plant, operating and
Assets under Payments To t a l
\u20ac million and land office equipment construction on account
Depreciation and impairment
Balance as at 1 Oct 2021
\u2013 674.6
\u2013 18.0
\u2013 158.2
\u2013 245.8
\u2013 820.8
\u2013
\u2013 0.9
\u2013 1,918.3
Exchange differences
\u2013 34.1
0.9
\u2013 8.9
7.3
\u2013 22.2
\u2013
\u2013 0.1
\u2013 57.1
Depreciation for the current year
\u2013 59.1
\u2013 1.4
\u2013 27.9
\u2013 59.7
\u2013 82.5
\u2013
\u2013
\u2013 230.6
Impairment for the current year
\u2013 53.0
\u2013
\u2013
\u2013
\u2013 4.2
\u2013
\u2013
\u2013 57.2
Reversal of impairment losses
19.4
\u2013
\u2013
15.2
\u2013
\u2013
\u2013
34.6
Disposals
7.7
1.9
38.0
16.5
23.1
\u2013
\u2013
87.2
Transfer to assets held for sale
\u2013
2.2
\u2013
\u2013
0.5
\u2013
\u2013
2.7
Transfer
0.1
\u2013
\u2013 22.8
\u2013
1.0
\u2013
\u2013
\u2013 21.7
Balance as at 30 Sep 2022
\u2013 793.6
\u2013 14.4
\u2013 179.8
\u2013 266.5
\u2013 905.1
\u2013
\u2013 1.0
\u2013 2,160.4
Exchange differences
6.0
\u2013
4.4
\u2013 5.2
4.5
\u2013
\u2013
9.7
Depreciation for the current year
\u2013 67.7
\u2013 1.2
\u2013 40.8
\u2013 63.5
\u2013 86.9
\u2013
\u2013
\u2013 260.1
Impairment for the current year
\u2013 13.3
\u2013
\u2013 0.6
\u2013
\u2013 0.1
\u2013
\u2013
\u2013 14.0
Reversals of impairment losses
16.4
\u2013
\u2013
11.6
\u2013
\u2013
\u2013
28.0
Disposals
57.6
\u2013
34.7
0.4
101.1
\u2013
\u2013
193.8
Transfer to assets held for sale
4.0
\u2013
0.8
\u2013
5.6
\u2013
\u2013
10.4
Transfer
0.2
2.1
\u2013 92.1
0.1
\u2013 6.9
\u2013
\u2013
\u2013 96.6
Balance as at 30 Sep 2023
\u2013 790.4
\u2013 13.5
\u2013 273.4
\u2013 323.1
\u2013 887.8
\u2013
\u2013 1.0
\u2013 2,289.2
Carrying amounts as at 30 Sep 2022
1,800.9
186.1
342.3
428.4
360.8
170.7
111.7
3,400.9
Carrying amounts as at 30 Sep 2023
1,936.3
37.3
341.5
469.6
384.8
151.9
158.9
3,480.3
The review of the carrying amounts of property, plant and equipment resulted in impairment losses of
\u20ac 14.0 m in the financial year under review (previous year \u20ac 57.2 m). The impairments mainly comprised
\u20ac 13.3 m (previous year \u20ac 53.0 m) to hotels including land and were attributable to hotels of Magic Life,
TUI Blue and Robinson in the Hotels & Resorts segment. The impairment loss of the previous year,
notably included \u20ac 36.2 m relating to the demolition of a hotel in Mauritius.
L d ed The development of the right-of-use assets in financial year 2023 is presented in the table below:
Right-of-use assets
Aircraft and Hotels
Travel agencies
Buildings
Cruise ships
Other
To t a l
\u20ac million engines
Historical cost
Balance as at 1 Oct 2021
3,323.4
497.5
233.1
184.3
232.9
84.6
4,555.8
Exchanges differences
454.2
\u2013 2.4
\u2013 0.3
3.0
\u2013 5.0
\u2013 0.1
449.4
Additions
142.0
\u2013
6.3
4.8
0.5
2.6
156.2
Revaluations and modifications
57.1
\u2013 12.9
15.2
\u2013 5.7
\u2013 1.5
\u2013 0.8
51.4
Disposals
\u2013 63.2
\u2013 15.0
\u2013 10.5
\u2013 4.2
\u2013 0.5
\u2013 4.0
\u2013 97.4
Transfer
\u2013 33.4
\u2013
0.3
0.9
\u2013 0.3
\u2013 0.1
\u2013 32.6
Balance as at 30 Sep 2022
3,880.1
467.2
244.1
183.1
226.1
82.2
5,082.8
Exchanges differences
\u2013 214.5
\u2013 10.1
2.0
\u2013 2.4
6.6
\u2013 0.2
\u2013 218.6
Additions
112.1
10.5
14.8
6.0
144.1
23.1
310.6
Revaluations and modifications
84.8
13.5
20.8
7.2
\u2013 1.0
0.6
125.9
Disposals
\u2013 115.1
\u2013 45.4
\u2013 18.0
\u2013 2.7
\u2013
\u2013 5.0
\u2013 186.2
Transfer
\u2013 143.4
\u2013
\u2013 0.2
\u2013 0.2
\u2013
\u2013 7.5
\u2013 151.3
Balance as at 30 Sep 2023
3,604.0
435.7
263.5
191.0
375.8
93.2
4,963.2
Depreciation and impairment
Balance as at 1 Oct 2021
\u2013 1,055.5
\u2013 181.2
\u2013 116.3
\u2013 70.5
\u2013 87.4
\u2013 35.7
\u2013 1,546.6
Exchange differences
\u2013 184.2
1.6
0.9
\u2013 0.1
2.6
\u2013
\u2013 179.2
Depreciation for the current year
\u2013 365.0
\u2013 59.8
\u2013 37.7
\u2013 21.4
\u2013 16.0
\u2013 10.7
\u2013 510.6
Impairment for the current year
\u2013
\u2013 4.4
\u2013 3.4
\u2013
\u2013 1.0
\u2013
\u2013 8.8
Reversals of impairments loses
0.6
13.2
2.0
\u2013
\u2013
\u2013
15.8
Disposals
63.2
15.1
10.5
3.5
0.5
4.0
96.8
Transfer
22.4
\u2013
\u2013
0.1
\u2013
\u2013 1.2
21.3
Balance as at 30 Sep 2022
\u2013 1,518.5
\u2013 215.5
\u2013 144.0
\u2013 88.4
\u2013 101.3
\u2013 43.6
\u2013 2,111.3
Exchange differences
94.5
5.7
\u2013 1.3
1.0
\u2013 1.9
0.2
98.2
Depreciation for the current year
\u2013 325.7
\u2013 45.2
\u2013 37.2
\u2013 21.5
\u2013 18.8
\u2013 9.6
\u2013 458.0
Impairment for the current year
\u2013
\u2013 11.8
\u2013 2.2
\u2013
\u2013
\u2013
\u2013 14.0
Reversals of impairments losses
\u2013
5.3
1.3
\u2013
\u2013
\u2013
6.6
Disposals
115.1
38.8
18.2
2.6
\u2013
5.1
179.8
Transfer
93.6
\u2013
0.3
0.4
\u2013
4.6
98.9
Balance as at 30 Sep 2023
\u2013 1,541.0
\u2013 222.7
\u2013 164.9
\u2013 105.9
\u2013 122.0
\u2013 43.3
\u2013 2,199.8
Carrying amounts as at 30 Sep 2022
2,361.6
251.7
100.1
94.7
124.8
38.6
2,971.5
Carrying amounts as at 30 Sep 2023
2,063.0
213.0
98.6
85.1
253.8
49.9
2,763.4
The table below presents the expenses and income carried in the consolidated income statement in financial year 2023 in connection with leases in whichTUI is the lessee:
Expenses and income from leases with TUI as the lessee
\u20ac million
2023
2022
Expenses from short-term leases
\u2013 124.0
\u2013 131.1
Expenses from low-value leases
\u2013 8.2
\u2013 3.0
Variable lease income and expenses
\u2013 8.0
0.5
Depreciation of right-of-use assets
\u2013 458.0
\u2013 510.6
Impairment of right-of-use assets
\u2013 14.0
\u2013 8.8
Reversal of impairments
6.6
15.8
Interest expenses from lease liabilities
\u2013 175.6
\u2013 159.3
Gains or losses arising from sale and leaseback transactions
8.9
2.4
As in the previous year, the expenses from short-term leases relate mainly to the temporary rental ofaircraft. Impairment losses of \u20ac 11.8 m were attributable to leased hotels. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-791": { "value": "(1) Revenue Group revenue is mainly generated from tourism services. The other revenues present income from sub-lease. In financial year 2023, consolidated revenue increased by 24.9 % year-on-year from \u20ac 16.5 bn to \u20ac 20.7 bn.
Administrative expenses
\u20ac million
2023
2022
Staff cost
619.2
544.7
Rental and leasing expenses
9.5
11.0
Depreciation, amortisation and impairment
87.0
73.6
Others
299.9
116.9
Total
1,015.6
746.3
Other administrative expenses mainly increased due to the termination of state aid programmes as well as
increased exchange rates.
(5) Financial expenses
Financial expenses
\u20ac million
2023
2022
Bank interest payable on loans and overdrafts
29.7
15.2
Interest expenses on lease liabilities
175.6
159.3
Net interest expenses from defined benefit pension plans
10.5
6.6
Unwinding of discount on provisions
25.4
10.1
Other interest and similar expenses
267.8
293.1
Expenses relating to the measurement of hedges
16.1
7.8
Interest expenses
525.1
492.1
Expenses relating to the measurement of other financial instruments
0.8
0.1
Foreign exchange losses
7.7
17.3
Total
533.6
509.5
In the period under review, financial expenses increased by \u20ac 24.1 m. This increase mainly results from higherinterest expenses, driven in particular by liabilities to banks and lease liabilities, higher expenses fromcompounding on provisions and increased expenses from the measurement of hedges. On the other hand, lower expenses were incurred for other interest and similar expenses, largely due to lower interest expenses in connection with the early redemption of the warrant bond and Silent ParticipationII of the ESF and lower expenses for exchange rate changes in lease liabilities in accordance with IFRS 16.
Right-of-use assets
Aircraft and Hotels
Travel agencies
Buildings
Cruise ships
Other
To t a l
\u20ac million engines
Historical cost
Balance as at 1 Oct 2021
3,323.4
497.5
233.1
184.3
232.9
84.6
4,555.8
Exchanges differences
454.2
\u2013 2.4
\u2013 0.3
3.0
\u2013 5.0
\u2013 0.1
449.4
Additions
142.0
\u2013
6.3
4.8
0.5
2.6
156.2
Revaluations and modifications
57.1
\u2013 12.9
15.2
\u2013 5.7
\u2013 1.5
\u2013 0.8
51.4
Disposals
\u2013 63.2
\u2013 15.0
\u2013 10.5
\u2013 4.2
\u2013 0.5
\u2013 4.0
\u2013 97.4
Transfer
\u2013 33.4
\u2013
0.3
0.9
\u2013 0.3
\u2013 0.1
\u2013 32.6
Balance as at 30 Sep 2022
3,880.1
467.2
244.1
183.1
226.1
82.2
5,082.8
Exchanges differences
\u2013 214.5
\u2013 10.1
2.0
\u2013 2.4
6.6
\u2013 0.2
\u2013 218.6
Additions
112.1
10.5
14.8
6.0
144.1
23.1
310.6
Revaluations and modifications
84.8
13.5
20.8
7.2
\u2013 1.0
0.6
125.9
Disposals
\u2013 115.1
\u2013 45.4
\u2013 18.0
\u2013 2.7
\u2013
\u2013 5.0
\u2013 186.2
Transfer
\u2013 143.4
\u2013
\u2013 0.2
\u2013 0.2
\u2013
\u2013 7.5
\u2013 151.3
Balance as at 30 Sep 2023
3,604.0
435.7
263.5
191.0
375.8
93.2
4,963.2
Depreciation and impairment
Balance as at 1 Oct 2021
\u2013 1,055.5
\u2013 181.2
\u2013 116.3
\u2013 70.5
\u2013 87.4
\u2013 35.7
\u2013 1,546.6
Exchange differences
\u2013 184.2
1.6
0.9
\u2013 0.1
2.6
\u2013
\u2013 179.2
Depreciation for the current year
\u2013 365.0
\u2013 59.8
\u2013 37.7
\u2013 21.4
\u2013 16.0
\u2013 10.7
\u2013 510.6
Impairment for the current year
\u2013
\u2013 4.4
\u2013 3.4
\u2013
\u2013 1.0
\u2013
\u2013 8.8
Reversals of impairments loses
0.6
13.2
2.0
\u2013
\u2013
\u2013
15.8
Disposals
63.2
15.1
10.5
3.5
0.5
4.0
96.8
Transfer
22.4
\u2013
\u2013
0.1
\u2013
\u2013 1.2
21.3
Balance as at 30 Sep 2022
\u2013 1,518.5
\u2013 215.5
\u2013 144.0
\u2013 88.4
\u2013 101.3
\u2013 43.6
\u2013 2,111.3
Exchange differences
94.5
5.7
\u2013 1.3
1.0
\u2013 1.9
0.2
98.2
Depreciation for the current year
\u2013 325.7
\u2013 45.2
\u2013 37.2
\u2013 21.5
\u2013 18.8
\u2013 9.6
\u2013 458.0
Impairment for the current year
\u2013
\u2013 11.8
\u2013 2.2
\u2013
\u2013
\u2013
\u2013 14.0
Reversals of impairments losses
\u2013
5.3
1.3
\u2013
\u2013
\u2013
6.6
Disposals
115.1
38.8
18.2
2.6
\u2013
5.1
179.8
Transfer
93.6
\u2013
0.3
0.4
\u2013
4.6
98.9
Balance as at 30 Sep 2023
\u2013 1,541.0
\u2013 222.7
\u2013 164.9
\u2013 105.9
\u2013 122.0
\u2013 43.3
\u2013 2,199.8
Carrying amounts as at 30 Sep 2022
2,361.6
251.7
100.1
94.7
124.8
38.6
2,971.5
Carrying amounts as at 30 Sep 2023
2,063.0
213.0
98.6
85.1
253.8
49.9
2,763.4
Additions of \u20ac 144.1 m were attributable in particular to the rental of a cruise ship, that was put into service in April 2023. Furthermore, additions of \u20ac 112.1 m were due to the delivery of eight aircraft and four aircraft engines (previous year \u20ac 142.0 m for the delivery of six aircraft), some of which were acquired through sale and leaseback transactions. Changes and remeasurements of existing leases increased the right-of-use assets by \u20ac 125.9 m. The increase is primarily driven by a large number of lease extensions for leased aircraft (\u20ac 84.8 m), leased travel agencies (\u20ac 20.8 m) and hotel contracts (\u20ac 13.5 m). The transfer to property, plant and equipment led to a reduction in right-of-use assets of \u20ac 52.4 m and mainly result from reclassifications of aircraft and aircraft engines into property, plant and equipment. In this context, we refer to the section \u2018Property, plant and equipment\u2019. Information on the associated lease liabilities is provided in Note 32 \u2018Financial liabilities and lease liabilities\u2019. Details regarding the maturities of the lease payments not yet made at the balance sheet date are shown in the section \u2018Liquidity risk\u2019 in Note 41 \u2018Financial instruments\u2019. The table below presents the expenses and income carried in the consolidated income statement in financial year 2023 in connection with leases in whichTUI is the lessee:
Expenses and income from leases with TUI as the lessee
\u20ac million
2023
2022
Expenses from short-term leases
\u2013 124.0
\u2013 131.1
Expenses from low-value leases
\u2013 8.2
\u2013 3.0
Variable lease income and expenses
\u2013 8.0
0.5
Depreciation of right-of-use assets
\u2013 458.0
\u2013 510.6
Impairment of right-of-use assets
\u2013 14.0
\u2013 8.8
Reversal of impairments
6.6
15.8
Interest expenses from lease liabilities
\u2013 175.6
\u2013 159.3
Gains or losses arising from sale and leaseback transactions
8.9
2.4
As in the previous year, the expenses from short-term leases relate mainly to the temporary rental ofaircraft. Impairment losses of \u20ac 11.8 m were attributable to leased hotels. Gains from sale and leaseback transactions of \u20ac 8.9 m are attributable to aircraft financing. In the financial yearunder review, two newly delivered Boeing B737 Max aircraft, one previously owned Boeing B737\u2013800 aircraft and four acquired engines were refinanced by means of sale and leaseback contracts. As at 30 Septem- ber 2023, lease liabilities resulting from these transactions totalled \u20ac 75.7 m. Gains obtained in the previous year of \u20ac 2.4 m related to sale and leaseback transactions for six newly delivered Boeing B737 Max aircraft. As at 30 September 2022, lease liabilities resulting from that transaction totalled \u20ac 165.6 m. The cash outflows for leases totalled \u20ac 901.2 m (previous year \u20ac 867.4 m) in financial year 2023. At the balance sheet date, unrecognised financial commitments for short-term leases amounted to \u20ac 3.3 m (previous year \u20ac 4.3 m). In addition, potential future lease payments from extension and termination options of \u20ac 220.3 m (previous year \u20ac 270.3 m) were not included in the measurement of the right-of-use assets and lease liabilities as it was not reasonably certain that the lease contracts were going to be extended or to be terminated. TUI AS LESSOR As a lessor, TUI leases or subleases aircraft and, less significantly, space in office buildings and travel agencies and a hotel. In financial year 2023, proceeds from operating leases worth \u20ac 12.0 m (previous year \u20ac 7.8 m) were carried in revenue. In addition, income from finance leases of \u20ac 0.5 m (previous year \u20ac 0.7 m) was carried in the interest result. The following table shows the reconciliation from the undiscounted lease payments to the net investment for the two subleases classified as finance leases:
Net investments \u2013 finance leases
\u20ac million
30 Sep 2023
30 Sep 2022
Undiscounted lease payments (lease components)
4.3
10.5
Unguaranteed residual values
\u2013
\u2013
Gross investment
4.3
10.5
Unearned finance income
0.2
0.7
Impairment
\u2013
0.2
Net investment
4.1
9.6
The table below comprises a maturity analysis of the undiscounted annual payments from leases in which TUI is the lessor:
Expected minimum lease payments
30 Sep 2023
Remaining term
up to 1
1\u2013 2 years
2\u2013 3 years
3\u2013 4 years
4\u2013 5 years
more than
To t a l
\u20ac million year 5 years
Operating lease contracts
6.1
0.1
\u2013
\u2013
\u2013
\u2013
6.2
Finance lease contracts
3.4
0.9
\u2013
\u2013
\u2013
\u2013
4.3
30 Sep 2022
Remaining term
up to 1
1\u2013 2 years
2\u2013 3 years
3\u2013 4 years
4\u2013 5 years
more than
Total
\u20ac million year 5 years
Operating lease contracts
15.6
0.6
\u2013
\u2013
\u2013
\u2013
16.2
Finance lease contracts
4.6
3.9
2.0
\u2013
\u2013
\u2013
10.5
(17) Trade and other receivables
Trade and other receivables
30 Sep 2023
30
Sep 2022
Remaining To t a l Remaining Total
term more term more
\u20ac million than 1 year than 1 year
Trade receivables
\u2013
411.6
\u2013
399.2
Security deposits
\u2013
372.3
\u2013
312.5
Advances and loans
15.9
33.9
43.4
66.7
Lease receivables
0.8
4.1
5.2
9.6
Other receivables and assets
58.0
343.2
83.0
355.4
Total
74.7
1,165.1
131.6
1,143.4
Provisions for maintenance primarily relate to contractual maintenance, overhaul and repair requirements for aircraft, engines and other specific components arising from aircraft lease contracts. Measurement of these provisions is based on the expected cost of the next maintenance event, estimated on the basis of current prices, expected price increases and manufacturers\u2019 data sheets. In line with the terms of theindividual contracts and the aircraft model concerned, additions are recognised on a prorated basis inrelation to flight hours, the number of flights or the length of the complete maintenance cycle. Lowermaintenance expenses than expected led also to a reversal of \u20ac 6.6 m. (32) Financial and lease liabilities
Financial and lease liabilities
30 Sep 2023
30 Sep 2022
Remaining term
Remaining term
up to 1
1\u2013 5 years
more than
To t a l
up to 1
1\u2013 5 years
more than
Total
\u20ac million year 5 years year 5 years
Convertible bonds
13.5
529.2
\u2013
542.7
13.5
\u2013
518.6
532.1
Bonds
\u2013
\u2013
\u2013
\u2013
\u2013
48.4
\u2013
48.4
Liabilities to banks
69.9
438.9
210.0
718.8
280.0
913.8
188.8
1,382.6
Other financial
liabilities
15.1
20.4
\u2013
35.5
26.4
61.8
\u2013
88.2
Financial
liabilities
98.5
988.5
210.0
1,297.0
319.9
1,024.0
707.4
2,051.3
Lease liabilities
701.2
1,553.6
663.3
2,918.1
698.8
1,668.0
840.7
3,207.5
Movements financial and lease liabilities
Convertible Bonds Short-term Long-term Other To t a l Lease
bonds liabilities to liabilities to financial financial liabilities
\u20ac million banks banks liabilities liabilities
Balance as at
1 Oct 2022
532.1
48.4
280.0
1,102.6
88.2
2,051.3
3,207.5
Raisings /
redemptions of
the period
\u2013
\u2013 58.7
\u2013 243.5
\u2013 433.8
\u2013 9.4
\u2013 745.4
\u2013 595.0
Foreign exchange
movements
\u2013
\u2013
\u2013 0.9
\u2013 7.5
\u2013
\u2013 8.4
\u2013 146.2
Other non-cash
movement
10.6
10.3
34.3
\u2013 12.4
\u2013 43.3
\u2013 0.5
451.8
Balance as at
30 Sep 2023
542.7
\u2013
69.9
648.9
35.5
1,297.0
2,918.1
Movements financial and lease liabilities
Convertible Bonds Short-term Long-term Other Total Lease
bonds liabilities to liabilities to financial financial liabilities
\u20ac million banks banks liabilities liabilities
Balance as at
1 Oct 2021
522.2
119.3
247.5
2,365.1
66.6
3,320.7
3,229.4
Raisings /
redemptions of
the period
\u2013
\u2013 91.3
\u2013 95.0
\u2013 1,270.6
\u2013 16.0
\u2013 1,472.9
\u2013 572.6
Changes in scope
of consolidation
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Foreign exchange
movements
\u2013
\u2013
5.0
24.8
0.1
29.9
328.8
Other non-cash
movement
9.9
20.4
122.5
\u2013 16.7
37.5
173.6
221.9
Balance as at
30 Sep 2022
532.1
48.4
280.0
1,102.6
88.2
2,051.3
3,207.5
The payments made in the period include beside the raisings of financial debt, in particular the repayment of bonds and financial debt as well as the repayment of lease liabilities. (37) Contingent liabilities As at 30 September 2023, contingent liabilities amounted to \u20ac 73.7 m (previous year \u20ac 93.5 m). They are mainly attributable to the granting of guarantees for the benefit of hotel activities and the granting ofguarantees for contingent liabilities from aircraft leasing agreements. The contingent liabilities are reported at an amount representing the best estimate of the expenditure required to meet the potential obligation at the balance sheet date .
Impairments of lease receivables have developed as follows:
Ageing structure of impairment of financial instruments classified as lease receivables
30 Sep 2023
Gross value Specific bad Impairment Net value Impairment
(after specific debt allowance for expected ratio
bad debt credit losses
\u20ac million allowance)
Lease receivables
Not overdue
4.1
\u2013
\u2013
4.1
\u2013
Overdue less than
30 days
\u2013
\u2013
\u2013
\u2013
1 %
Overdue 30 \u2013 90 days
\u2013
\u2013
\u2013
\u2013
1 %
Overdue 91 \u2013 180 days
\u2013
\u2013
\u2013
\u2013
2 %
Overdue more than
180 days
\u2013
\u2013
\u2013
\u2013
2 %
Total
4.1
\u2013
\u2013
4. 1
Ageing structure of impairment of financial instruments classified as lease receivables
30 Sep 2022
Gross value
Impairment
Net value
Impairment
\u20ac million ratio
Lease receivables
Not overdue
9.8
0.2
9.6
5 \u2013 25 %
Overdue less than 30 days
\u2013
\u2013
\u2013
10 \u2013 30 %
Overdue 30 \u2013 90 days
\u2013
\u2013
\u2013
15 \u2013 35 %
Overdue 91 \u2013 180 days
\u2013
\u2013
\u2013
20 \u2013 45 %
Overdue more than 180 days
\u2013
\u2013
\u2013
50 \u2013 75 %
Total
9.8
0.2
9.6
Change in risk provisions for financial assets measured at amortised cost classified
as lease receivables
Lifetime ECL
\u20ac million simplified approach
Risk provisioning as at 1 Oct 2021
0.3
Exchange differences
\u2013 0.3
Unrequired impairments on financial assets derecognised during the period and use of impairments
0.2
Risk provisioning as at 30 Sep 2022
0.2
Risk provisioning as at 1 Oct 2022
0.2
Unrequired impairments on financial assets derecognised during the period and use of impairments
\u2013 0.2
Risk provisioning as at 30 Sep 2023
\u2013
Change in gross carrying amounts of assets classified as lease receivables
Lifetime ECL
simplified
\u20ac million approach
Gross carrying amounts as at 1 Oct 2021
11.4
Addition of assets
9.8
Reduction of assets
\u2013 11.4
Gross carrying amounts as at 30 Sep 2022
9.8
Gross carrying amounts as at 1 Oct 2022
9.8
Addition of assets
4.1
Reduction of assets
\u2013 9.8
Gross carrying amounts as at 30 Sep 2023
4.1
Cash flow of financial instruments \u2013 financial and lease liabilities (30 Sep 2023)
Cash outflow until 30 Sep
up to 1 year
1 \u2013 2 years
2 \u2013 5 years
more than 5 years
repay-
interest
repay-
interest
repay-
interest
repay-
interest
\u20ac million ment ment ment ment
Financial liabilities
Convertible bonds
\u2013
\u2013 29.5
\u2013
\u2013 29.5
\u2013 589.6
\u2013 88.4
\u2013
\u2013
Bonds
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Liabilities to banks
\u2013 69.9
\u2013 31.9
\u2013 275.8
\u2013 29.0
\u2013 163.1
\u2013 38.4
\u2013 210.0
\u2013 34.9
Other financial debt
\u2013 15.0
\u2013 1.8
\u2013 3.8
\u2013 2.1
\u2013 16.7
\u2013 0.1
\u2013
\u2013
Trade payables
\u2013 3,373.7
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Other financial liabilities
\u2013 121.9
\u2013 1.6
\u2013 2.6
\u2013
\u2013
\u2013
\u2013
\u2013
Lease liabilities
\u2013 701.2
\u2013 128.6
\u2013 521.5
\u2013 104.5
\u2013 1,032.1
\u2013 184.2
\u2013 663.3
\u2013 264.3
Cash flow of financial instruments \u2013 financial and lease liabilities (30 Sep 2022)
Cash outflow until 30 S ep
up to 1 year
1 \u2013 2 years
2 \u2013 5 years
more than 5 yea rs
repayment
interest
repayment
interest
repay-
interest
repay-
intere st
\u20ac million ment ment
Financial liabilities
Convertible bonds
\u2013
\u2013 29.5
\u2013
\u2013 29.5
\u2013
\u2013 88.4
\u2013 589.6
\u2013 29 .5
Bonds
\u2013
\u2013 5.6
\u2013
\u2013 5.6
\u2013 58.7
\u2013 11.2
\u2013
\u2013
Liabilities to banks
\u2013 280.0
\u2013 65.3
\u2013 600.9
\u2013 44.0
\u2013 312.8
\u2013 36.5
\u2013 188.9
\u2013 16 .7
Other financial debt
\u2013 26.4
\u2013 1.6
\u2013 44.9
\u2013 2.0
\u2013 16.9
\u2013 0.5
\u2013
\u2013
Trade payables
\u2013 3,316.5
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Other financial liabilities
\u2013 174.7
\u2013 0.3
\u2013 0.3
\u2013
\u2013 2.5
\u2013
\u2013
\u2013
Lease liabilities
\u2013 698.8
\u2013 60.8
\u2013 655.7
\u2013 69.8
\u2013 1,012.4
\u2013 182.5
\u2013 840.7
\u2013 393 .4
TUI AG received \u20ac 1,760.9 m from the equity increase carried out in April 2023. An amount of \u20ac 682.4 m was used to repurchase own equity instruments from the Economic Stabilisation Fund. In the completed financial year, TUI AG reduced its syndicated credit facility by \u20ac 561.2 m. \u20ac 13.5 m was spent to extend the syndicated credit facility. The promissory note placed in 2018 was reduced by \u20ac 183.0 m as planned. The remaining portion of the bond with warrants issued to the Economic Stabilisation Fund in 2020 in the amount of \u20ac 58.7 m was repaid. An amount of \u20ac 739.9 m went towards repaying financial liabilities, including \u20ac 595.1 m for lease liabilities
Transactions with related parties
\u20ac million
2023
2022
Services provided by the Group
Management and consultancy services
8.1
3.9
Sales of tourism services
66.4
49.2
Other services
0.5
0.8
Total
75.0
53.9
Services received by the Group
Rental and leasing agreements
12.5
18.3
Purchase of hotel services
377.9
309.3
Distribution services
8.7
6.5
Other services
13.8
14.7
Total
412.9
348.8
Financial liabilities to joint ventures included liabilities from leases of \u20ac 217.0 m (previous year \u20ac 91.2 m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-766": { "value": "(2) Cost of sales and administrative expenses Cost of sales relates to the expenses incurred in the provision of tourism services. In addition to the expenses for personnel, depreciation, amortisation, rental and leasing, it includes all costs incurred by the Group in connection with the procurement and delivery of airline services, hotel accommodation, cruises and distribution costs. Due to the increased business volume, the cost of sales increased by 22.0 % from \u20ac 15.6 bn to \u20ac 19.1 bn in financial year 2023. The cost of sales in financial year 2023 and in the prior year include effects from the termination of hedging relationships that were previously designated in hedge accounting relationships. For more details, please refer to Note 41 \u2018Financial instruments\u2019.
Government grants
\u20ac million
2023
2022
Cost of Sales
1.6
58.0
Administrative expenses
\u2013 0.5
35.5
Total
1.1
93.5
Government grants were awarded due to the measures in place to contain the COVID-19 pandemic. When these measures ended in financial year 2022, the various aid programs were also terminated. The government grants reported under cost of sales and administrative expenses include in particular grants for wages and salaries as well as social security contributions directly reimbursed to the relevant company. In addition, a number of Group companies have received government grants, e. g. in the form of grants for fixed costs. In the current financial year receivables from government grants of \u20ac 2.9 m were written off. The related expenses are presented within administrative expenses. In addition TUI AG received government assistance in the form of financing measures to cover the liquidity requirements due to the COVID-19 pandemic from the KfW and the ESF. The financial aid received from the ESF was fully redeemed in the current financial year. The volume of the KfW credit facility was reduced from \u20ac 2.1 bn to \u20ac 1.05 bn. For further details we refer to the section \u2018Going concern reporting according to the UK Corporate Governance Code\u2019 . Administrative expenses comprise all expenses incurred in connection with activities by the administrative functions and break down as follows:
Administrative expenses
\u20ac million
2023
2022
Staff cost
619.2
544.7
Rental and leasing expenses
9.5
11.0
Depreciation, amortisation and impairment
87.0
73.6
Others
299.9
116.9
Total
1,015.6
746.3
Other administrative expenses mainly increased due to the termination of state aid programmes as well as increased exchange rates. The cost of sales and administrative expenses include the following expenses for personnel and depreciation / amortisation / impairment:
Staff costs
\u20ac million
2023
2022
Wages and salaries
1,954.6
1,732.3
Social security contributions
294.9
300.4
Pension costs
108.8
109.2
Total
2,358.3
2,141.9
Pension costs include service cost for defined benefit obligations and contributions to defined contribution pension schemes. In the period under review, TUI Group\u2019s personnel expenses rose from \u20ac 2.1 bn in the prior year to \u20ac 2.4 bn. The year-on-year increase in wages and salaries and social security contributions in financial year 2023 resulted in particular from a 11.4 % increase in the average number of employees across the Group
Depreciation / amortisation / impairment
\u20ac million
2023
2022
Depreciation and amortisation of other intangible assets, property, plant and
equipment and right-of-use assets
826.1
859.8
Impairment of other intangible assets, property, plant and equipment and
right-of-use assets
67.7
73.9
Total
893.8
933.7
Impairment losses of \u20ac 45.8 m (previous year \u20ac 73.6 m) are presented within cost of sales and \u20ac 21.9 m
(pre
vious year \u20ac 0.3 m) in administrative expenses.
Impairments losses of \u20ac 14.0 m (previous year \u20ac 57.2 m) relate to property, plant and equipment. Additional
ly
\u20ac 14.0 m (previous year \u20ac 8.8 m) correspond to right-of-use assets and \u20ac 39.7 m (previous year \u20ac 7.9 m) to
other intangible assets.
In financial year 2023, reversals of impairment losses of \u20ac 34.6 m (previous year \u20ac 50.4 m) were recognised
which are all presented in cost of sales. In the previous year \u20ac 49.6 m were recorded in cost of sales and
\u20ac 0.8 m in administrative expenses.
In financial year 2023, other expenses result in particular from portion of the goodwill allocated to thesegment Northern Region was disposed with the transfer of the operational business of Sunwing (\u20ac 19.5 m). This portion was determined as the relative value of the operations of Sunwing disposed of in relation to the retained segment Northern Region. In this context, please refer to the section \u201cInvestments in joint ventures and associates \u2013 Significant associates\u201d. Furthermore, the losses from the disposal of aircraft assets in the amount of \u20ac 6.3 m are recognised in other expenses. In the previous year, other expenses included in particular the losses from the disposal of aircraft assets . (5) Financial expenses
Financial expenses
\u20ac million
2023
2022
Bank interest payable on loans and overdrafts
29.7
15.2
Interest expenses on lease liabilities
175.6
159.3
Net interest expenses from defined benefit pension plans
10.5
6.6
Unwinding of discount on provisions
25.4
10.1
Other interest and similar expenses
267.8
293.1
Expenses relating to the measurement of hedges
16.1
7.8
Interest expenses
525.1
492.1
Expenses relating to the measurement of other financial instruments
0.8
0.1
Foreign exchange losses
7.7
17.3
Total
533.6
509.5
In the period under review, financial expenses increased by \u20ac 24.1 m. This increase mainly results from higherinterest expenses, driven in particular by liabilities to banks and lease liabilities, higher expenses fromcompounding on provisions and increased expenses from the measurement of hedges. On the other hand, lower expenses were incurred for other interest and similar expenses, largely due to lower interest expenses in connection with the early redemption of the warrant bond and Silent ParticipationII of the ESF and lower expenses for exchange rate changes in lease liabilities in accordance with IFRS 16. (7) Income taxes As in the previous year, TUI Group\u2019s German companies have to pay trade tax of 15.7 % and corporation tax of 15.0 % plus a 5.5 % solidarity surcharge on corporation tax. Foreign income taxes are calculated on the basis of the laws and provisions applicable in the individualcountries. The income tax rates applied to foreign companies vary from 0 % to 35.0 %.
Breakdown of income taxes
\u20ac million
2023
2022
Current tax (expense [+] / income [\u2013])
in Germany
3.0
\u2013 15.7
abroad
118.8
127.5
Deferred tax (expense [+] / income [\u2013])
\u2013 26.3
\u2013 45.1
Total
95.5
66.7
In financial year 2023, the actual tax income in Germany included income attributable to prior periods. Dueto the required reassessment of tax risks, income tax liabilities of \u20ac 3.5 m (previous year \u20ac 4.8 m) were reversed. In financial year 2023, the tax income from actual taxes attributable to prior periods totalled \u20ac 4.9 m (previous year tax expense of \u20ac 42.4 m). In the financial year deferred tax expenses include deferred tax income from the reassessment of tax loss carryforwards in Germany of \u20ac 46.8 m (previous year tax income \u20ac 61.4 m ). In financial year 2023, tax expense totalled \u20ac 95.5 m (previous year \u20ac 66.7 m) and are derived as follows from an \u2018expected\u2019 income tax expense that would have arisen if the statutory income tax rate of parent company TUI AG (aggregate income tax rate) had been applied to earnings before taxes.
Reconciliation of expected to actual income taxes
\u20ac million
2023
2022
Earnings before income taxes
551.2
\u2013 145.9
Expected income tax (current year 31.5 %, previous year 31.5 %)
173.6
\u2013 46.0
Effect from the difference of the actual tax rates to the expected tax rates
\u2013 14.9
35.4
Changes in tax rates and tax law
27.3
23.0
Income not taxable
\u2013 236.4
\u2013 61.8
Expenses not deductible
92.4
30.5
Effects from loss carryforwards
59.3
89.5
Temporary differences for which no deferred taxes were recognised
1.2
\u2013 15.0
Deferred and current income tax relating to other periods (net)
\u2013 18.8
31.8
Other differences (expense [+] / income [\u2013])
11.8
\u2013 20.7
Income taxes
95.5
66.7
The table below presents the expenses and income carried in the consolidated income statement in financial
year 2023 in connection with leases in which
TUI is the lessee:
Expenses and income from leases with TUI as the lessee
\u20ac million
2023
2022
Expenses from short-term leases
\u2013 124.0
\u2013 131.1
Expenses from low-value leases
\u2013 8.2
\u2013 3.0
Variable lease income and expenses
\u2013 8.0
0.5
Depreciation of right-of-use assets
\u2013 458.0
\u2013 510.6
Impairment of right-of-use assets
\u2013 14.0
\u2013 8.8
Reversal of impairments
6.6
15.8
Interest expenses from lease liabilities
\u2013 175.6
\u2013 159.3
Gains or losses arising from sale and leaseback transactions
8.9
2.4
As in the previous year, the expenses from short-term leases relate mainly to the temporary rental of
aircraft. Impairment losses of \u20ac 11.8 m were attributable to leased hotels.
In the period under review, defined benefit pension obligations created total expenses of \u20ac 29.0 m for TUI Group, principally comprising current service cost. In the previous year, the restructuring of the activitiesof the Group\u2019s German airline additionally resulted in a past service cost and a curtailment expense. The administrative expenses shown relate to professional advisor costs for the pension plans settled from the plan assets.
Pension costs for defined benefit obligations
\u20ac million
2023
2022
Current service cost for employee service in the period
18.4
23.1
Curtailment losses / (gains)
\u2013 0.1
13.6
Net interest on the net defined benefit liability
10.5
6.6
Past service cost
\u2013 0.4
19.8
Administration cost
0.6
2.2
Total
29.0
65.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-758": { "value": "(2) Cost of sales and administrative expenses Cost of sales relates to the expenses incurred in the provision of tourism services. In addition to the expenses for personnel, depreciation, amortisation, rental and leasing, it includes all costs incurred by the Group in connection with the procurement and delivery of airline services, hotel accommodation, cruises and distribution costs. Due to the increased business volume, the cost of sales increased by 22.0 % from \u20ac 15.6 bn to \u20ac 19.1 bn in financial year 2023. The cost of sales in financial year 2023 and in the prior year include effects from the termination of hedging relationships that were previously designated in hedge accounting relationships. For more details, please refer to Note 41 \u2018Financial instruments\u2019.
Government grants
\u20ac million
2023
2022
Cost of Sales
1.6
58.0
Administrative expenses
\u2013 0.5
35.5
Total
1.1
93.5
Government grants were awarded due to the measures in place to contain the COVID-19 pandemic. When these measures ended in financial year 2022, the various aid programs were also terminated. The government grants reported under cost of sales and administrative expenses include in particular grants for wages and salaries as well as social security contributions directly reimbursed to the relevant company. In addition, a number of Group companies have received government grants, e. g. in the form of grants for fixed costs. In the current financial year receivables from government grants of \u20ac 2.9 m were written off. The related expenses are presented within administrative expenses. In addition TUI AG received government assistance in the form of financing measures to cover the liquidity requirements due to the COVID-19 pandemic from the KfW and the ESF. The financial aid received from the ESF was fully redeemed in the current financial year. The volume of the KfW credit facility was reduced from \u20ac 2.1 bn to \u20ac 1.05 bn. For further details we refer to the section \u2018Going concern reporting according to the UK Corporate Governance Code\u2019 . Administrative expenses comprise all expenses incurred in connection with activities by the administrative functions and break down as follows:
Administrative expenses
\u20ac million
2023
2022
Staff cost
619.2
544.7
Rental and leasing expenses
9.5
11.0
Depreciation, amortisation and impairment
87.0
73.6
Others
299.9
116.9
Total
1,015.6
746.3
Other administrative expenses mainly increased due to the termination of state aid programmes as well as increased exchange rates. The cost of sales and administrative expenses include the following expenses for personnel and depreciation / amortisation / impairment:
Staff costs
\u20ac million
2023
2022
Wages and salaries
1,954.6
1,732.3
Social security contributions
294.9
300.4
Pension costs
108.8
109.2
Total
2,358.3
2,141.9
Pension costs include service cost for defined benefit obligations and contributions to defined contribution pension schemes. In the period under review, TUI Group\u2019s personnel expenses rose from \u20ac 2.1 bn in the prior year to \u20ac 2.4 bn. The year-on-year increase in wages and salaries and social security contributions in financial year 2023 resulted in particular from a 11.4 % increase in the average number of employees across the Group .
Depreciation / amortisation / impairment
\u20ac million
2023
2022
Depreciation and amortisation of other intangible assets, property, plant and
equipment and right-of-use assets
826.1
859.8
Impairment of other intangible assets, property, plant and equipment and
right-of-use assets
67.7
73.9
Total
893.8
933.7
Impairment losses of \u20ac 45.8 m (previous year \u20ac 73.6 m) are presented within cost of sales and \u20ac 21.9 m(previous year \u20ac 0.3 m) in administrative expenses. Impairments losses of \u20ac 14.0 m (previous year \u20ac 57.2 m) relate to property, plant and equipment. Additionally \u20ac 14.0 m (previous year \u20ac 8.8 m) correspond to right-of-use assets and \u20ac 39.7 m (previous year \u20ac 7.9 m) to other intangible assets. In financial year 2023, reversals of impairment losses of \u20ac 34.6 m (previous year \u20ac 50.4 m) were recognised which are all presented in cost of sales. In the previous year \u20ac 49.6 m were recorded in cost of sales and \u20ac 0.8 m in administrative expenses. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-741": { "value": "(2) Cost of sales and administrative expenses Cost of sales relates to the expenses incurred in the provision of tourism services. In addition to the expenses for personnel, depreciation, amortisation, rental and leasing, it includes all costs incurred by the Group in connection with the procurement and delivery of airline services, hotel accommodation, cruises and distribution costs. Due to the increased business volume, the cost of sales increased by 22.0 % from \u20ac 15.6 bn to \u20ac 19.1 bn in financial year 2023. The cost of sales in financial year 2023 and in the prior year include effects from the termination of hedging relationships that were previously designated in hedge accounting relationships. For more details, please refer to Note 41 \u2018Financial instruments\u2019.
Government grants
\u20ac million
2023
2022
Cost of Sales
1.6
58.0
Administrative expenses
\u2013 0.5
35.5
Total
1.1
93.5
Government grants were awarded due to the measures in place to contain the COVID-19 pandemic. When these measures ended in financial year 2022, the various aid programs were also terminated. The government grants reported under cost of sales and administrative expenses include in particular grants for wages and salaries as well as social security contributions directly reimbursed to the relevant company. In addition, a number of Group companies have received government grants, e. g. in the form of grants for fixed costs. In the current financial year receivables from government grants of \u20ac 2.9 m were written off. The related expenses are presented within administrative expenses. In addition TUI AG received government assistance in the form of financing measures to cover the liquidity requirements due to the COVID-19 pandemic from the KfW and the ESF. The financial aid received from the ESF was fully redeemed in the current financial year. The volume of the KfW credit facility was reduced from \u20ac 2.1 bn to \u20ac 1.05 bn. For further details we refer to the section \u2018Going concern reporting according to the UK Corporate Governance Code\u2019 . Administrative expenses comprise all expenses incurred in connection with activities by the administrative functions and break down as follows:
Administrative expenses
\u20ac million
2023
2022
Staff cost
619.2
544.7
Rental and leasing expenses
9.5
11.0
Depreciation, amortisation and impairment
87.0
73.6
Others
299.9
116.9
Total
1,015.6
746.3
Other administrative expenses mainly increased due to the termination of state aid programmes as well as increased exchange rates. The cost of sales and administrative expenses include the following expenses for personnel and depreciation / amortisation / impairment:
Staff costs
\u20ac million
2023
2022
Wages and salaries
1,954.6
1,732.3
Social security contributions
294.9
300.4
Pension costs
108.8
109.2
Total
2,358.3
2,141.9
Pension costs include service cost for defined benefit obligations and contributions to defined contribution pension schemes. In the period under review, TUI Group\u2019s personnel expenses rose from \u20ac 2.1 bn in the prior year to \u20ac 2.4 bn. The year-on-year increase in wages and salaries and social security contributions in financial year 2023 resulted in particular from a 11.4 % increase in the average number of employees across the Group
Depreciation / amortisation / impairment
\u20ac million
2023
2022
Depreciation and amortisation of other intangible assets, property, plant and
equipment and right-of-use assets
826.1
859.8
Impairment of other intangible assets, property, plant and equipment and
right-of-use assets
67.7
73.9
Total
893.8
933.7
Impairment losses of \u20ac 45.8 m (previous year \u20ac 73.6 m) are presented within cost of sales and \u20ac 21.9 m (previous year \u20ac 0.3 m) in administrative expenses. Impairments losses of \u20ac 14.0 m (previous year \u20ac 57.2 m) relate to property, plant and equipment. Additionally \u20ac 14.0 m (previous year \u20ac 8.8 m) correspond to right-of-use assets and \u20ac 39.7 m (previous year \u20ac 7.9 m) to other intangible assets. In financial year 2023, reversals of impairment losses of \u20ac 34.6 m (previous year \u20ac 50.4 m) were recognised which are all presented in cost of sales. In the previous year \u20ac 49.6 m were recorded in cost of sales and \u20ac 0.8 m in administrative expenses. For details of the impairment losses and reversals of impairment losses effected in financial year 2023, please refer to the respective sections in the Notes to the consolidated statement of financial position. A breakdown of impairments and reversals of impairments is presented in Segment Reporting
In financial year 2023, other expenses result in particular from portion of the goodwill allocated to the
seg
ment Northern Region was disposed with the transfer of the operational business of Sunwing (\u20ac 19.5 m).
This portion was determined as the relative value of the operations of Sunwing disposed of in relation to the
retained segment Northern Region. In this context, please refer to the section \u201cInvestments in joint ventures
and associates \u2013 Significant associates\u201d. Furthermore, the losses from the disposal of aircraft assets in the
amount of \u20ac 6.3 m are recognised in other expenses.
In the previous year, other expenses included in particular the losses from the disposal of aircraft assets .
(5) Financial expenses
Financial expenses
\u20ac million
2023
2022
Bank interest payable on loans and overdrafts
29.7
15.2
Interest expenses on lease liabilities
175.6
159.3
Net interest expenses from defined benefit pension plans
10.5
6.6
Unwinding of discount on provisions
25.4
10.1
Other interest and similar expenses
267.8
293.1
Expenses relating to the measurement of hedges
16.1
7.8
Interest expenses
525.1
492.1
Expenses relating to the measurement of other financial instruments
0.8
0.1
Foreign exchange losses
7.7
17.3
Total
533.6
509.5
In the period under review, financial expenses increased by \u20ac 24.1 m. This increase mainly results from higherinterest expenses, driven in particular by liabilities to banks and lease liabilities, higher expenses fromcompounding on provisions and increased expenses from the measurement of hedges. On the other hand, lower expenses were incurred for other interest and similar expenses, largely due to lower interest expenses in connection with the early redemption of the warrant bond and Silent ParticipationII of the ESF and lower expenses for exchange rate changes in lease liabilities in accordance with IFRS 16.
(7) Income taxes
As in the previous year, TUI Group\u2019s German companies have to pay trade tax of 15.7 % and corporation tax
of 15.0 % plus a 5.5 % solidarity surcharge on corporation tax.
Foreign income taxes are calculated on the basis of the laws and provisions applicable in the individual
coun
tries. The income tax rates applied to foreign companies vary from 0 % to 35.0 %.
Breakdown of income taxes
\u20ac million
2023
2022
Current tax (expense [+] / income [\u2013])
in Germany
3.0
\u2013 15.7
abroad
118.8
127.5
Deferred tax (expense [+] / income [\u2013])
\u2013 26.3
\u2013 45.1
Total
95.5
66.7
In financial year 2023, the actual tax income in Germany included income attributable to prior periods. Due
to
the required reassessment of tax risks, income tax liabilities of \u20ac 3.5 m (previous year \u20ac 4.8 m) were reversed.
In financial year 2023, the tax income from actual taxes attributable to prior periods totalled \u20ac 4.9 m (previ
ous
year tax expense of \u20ac 42.4 m).
In the financial year deferred tax expenses include deferred tax income from the reassessment of tax loss
carryforwards in Germany of \u20ac 46.8 m (previous year tax income \u20ac 61.4 m ).
In financial year 2023, tax expense totalled \u20ac 95.5 m (previous year \u20ac 66.7 m) and are derived as follows from
an \u2018expected\u2019 income tax expense that would have arisen if the statutory income tax rate of parent company
TUI AG (aggregate income tax rate) had been applied to earnings before taxes.
Reconciliation of expected to actual income taxes
\u20ac million
2023
2022
Earnings before income taxes
551.2
\u2013 145.9
Expected income tax (current year 31.5 %, previous year 31.5 %)
173.6
\u2013 46.0
Effect from the difference of the actual tax rates to the expected tax rates
\u2013 14.9
35.4
Changes in tax rates and tax law
27.3
23.0
Income not taxable
\u2013 236.4
\u2013 61.8
Expenses not deductible
92.4
30.5
Effects from loss carryforwards
59.3
89.5
Temporary differences for which no deferred taxes were recognised
1.2
\u2013 15.0
Deferred and current income tax relating to other periods (net)
\u2013 18.8
31.8
Other differences (expense [+] / income [\u2013])
11.8
\u2013 20.7
Income taxes
95.5
66.7
The table below presents the expenses and income carried in the consolidated income statement in financial year 2023 in connection with leases in whichTUI is the lessee:
Expenses and income from leases with TUI as the lessee
\u20ac million
2023
2022
Expenses from short-term leases
\u2013 124.0
\u2013 131.1
Expenses from low-value leases
\u2013 8.2
\u2013 3.0
Variable lease income and expenses
\u2013 8.0
0.5
Depreciation of right-of-use assets
\u2013 458.0
\u2013 510.6
Impairment of right-of-use assets
\u2013 14.0
\u2013 8.8
Reversal of impairments
6.6
15.8
Interest expenses from lease liabilities
\u2013 175.6
\u2013 159.3
Gains or losses arising from sale and leaseback transactions
8.9
2.4
As in the previous year, the expenses from short-term leases relate mainly to the temporary rental ofaircraft. Impairment losses of \u20ac 11.8 m were attributable to leased hotels.
In the period under review, defined benefit pension obligations created total expenses of \u20ac 29.0 m for TUI
Group, principally comprising current service cost. In the previous year, the restructuring of the activities
of the Group\u2019s German airline additionally resulted in a past service cost and a curtailment expense. The
administrative expenses shown relate to professional advisor costs for the pension plans settled from the
plan assets.
Pension costs for defined benefit obligations
\u20ac million
2023
2022
Current service cost for employee service in the period
18.4
23.1
Curtailment losses / (gains)
\u2013 0.1
13.6
Net interest on the net defined benefit liability
10.5
6.6
Past service cost
\u2013 0.4
19.8
Administration cost
0.6
2.2
Total
29.0
65.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-17": { "value": "(2) Cost of sales and administrative expenses Cost of sales relates to the expenses incurred in the provision of tourism services. In addition to the expenses for personnel, depreciation, amortisation, rental and leasing, it includes all costs incurred by the Group in connection with the procurement and delivery of airline services, hotel accommodation, cruises and distribution costs. Due to the increased business volume, the cost of sales increased by 22.0 % from \u20ac 15.6 bn to \u20ac 19.1 bn in financial year 2023. The cost of sales in financial year 2023 and in the prior year include effects from the termination of hedging relationships that were previously designated in hedge accounting relationships. For more details, please refer to Note 41 \u2018Financial instruments\u2019.
Government grants
\u20ac million
2023
2022
Cost of Sales
1.6
58.0
Administrative expenses
\u2013 0.5
35.5
Total
1.1
93.5
Government grants were awarded due to the measures in place to contain the COVID-19 pandemic. When these measures ended in financial year 2022, the various aid programs were also terminated. The government grants reported under cost of sales and administrative expenses include in particular grants for wages and salaries as well as social security contributions directly reimbursed to the relevant company. In addition, a number of Group companies have received government grants, e. g. in the form of grants for fixed costs. In the current financial year receivables from government grants of \u20ac 2.9 m were written off. The related expenses are presented within administrative expenses. In addition TUI AG received government assistance in the form of financing measures to cover the liquidity requirements due to the COVID-19 pandemic from the KfW and the ESF. The financial aid received from the ESF was fully redeemed in the current financial year. The volume of the KfW credit facility was reduced from \u20ac 2.1 bn to \u20ac 1.05 bn. For further details we refer to the section \u2018Going concern reporting according to the UK Corporate Governance Code\u2019 . Administrative expenses comprise all expenses incurred in connection with activities by the administrative functions and break down as follows:
Administrative expenses
\u20ac million
2023
2022
Staff cost
619.2
544.7
Rental and leasing expenses
9.5
11.0
Depreciation, amortisation and impairment
87.0
73.6
Others
299.9
116.9
Total
1,015.6
746.3
Other administrative expenses mainly increased due to the termination of state aid programmes as well as increased exchange rates. The cost of sales and administrative expenses include the following expenses for personnel and depreciation / amortisation / impairment:
Staff costs
\u20ac million
2023
2022
Wages and salaries
1,954.6
1,732.3
Social security contributions
294.9
300.4
Pension costs
108.8
109.2
Total
2,358.3
2,141.9
Pension costs include service cost for defined benefit obligations and contributions to defined contribution pension schemes. In the period under review, TUI Group\u2019s personnel expenses rose from \u20ac 2.1 bn in the prior year to \u20ac 2.4 bn. The year-on-year increase in wages and salaries and social security contributions in financial year 2023 resulted in particular from a 11.4 % increase in the average number of employees across the Group
Depreciation / amortisation / impairment
\u20ac million
2023
2022
Depreciation and amortisation of other intangible assets, property, plant and
equipment and right-of-use assets
826.1
859.8
Impairment of other intangible assets, property, plant and equipment and
right-of-use assets
67.7
73.9
Total
893.8
933.7
Impairment losses of \u20ac 45.8 m (previous year \u20ac 73.6 m) are presented within cost of sales and \u20ac 21.9 m (previous year \u20ac 0.3 m) in administrative expenses. Impairments losses of \u20ac 14.0 m (previous year \u20ac 57.2 m) relate to property, plant and equipment. Additionally \u20ac 14.0 m (previous year \u20ac 8.8 m) correspond to right-of-use assets and \u20ac 39.7 m (previous year \u20ac 7.9 m) to other intangible assets. In financial year 2023, reversals of impairment losses of \u20ac 34.6 m (previous year \u20ac 50.4 m) were recognised which are all presented in cost of sales. In the previous year \u20ac 49.6 m were recorded in cost of sales and \u20ac 0.8 m in administrative expenses. For details of the impairment losses and reversals of impairment losses effected in financial year 2023, please refer to the respective sections in the Notes to the consolidated statement of financial position. A breakdown of impairments and reversals of impairments is presented in Segment Reporting For all fuel price hedges contracted from 1 January 2023, the retrospective effectiveness will be determined , based on regression analysis. For fuel price hedges contracted before 31 December 2022, the dollar offset method will continue to be applied. This change in method allows hedge relationships to be presented more appropriately, so that as at 30 September 2023, no newly contracted fuel price hedges after the 1 January 2023 have to be de-designated. Furthermore, from 31 March 2023, the designation of the hedged item for foreign currency hedges is evaluated on a seasonal basis. The designation on a seasonal basis reflects the operational tourism business model with a summer and winter season within a financial year and corresponds to the hedging approach of TUI\u2019s risk management strategy. Due to the COVID-19 pandemic and its impact on the business operations ofTUI, the seasonal consideration of the hedge ratio of foreign currency hedges was temporarily suspended and a designation on a monthly basis has been established. This approach for desig- nation of hedges no longer corresponds to the risk management strategy as the tourism operating business has returned to pre-crisis levels . As at 30 September 2023, the fair value of these reclassified fuel price hedges totalled \u20ac 3.5 m at a nomina l volume of \u20ac 10.3 m, while the fair value of the interest rate hedges amounted to \u20ac 2.5 m at a nominal volume of \u20ac 46.0 m and the fair value of foreign currency hedges totalled \u20ac 0.3 m at a nominal volume of \u20ac 2.4 m. In the reporting period, expenses of \u20ac 44.1 m (previous year: expenses of \u20ac 18.4 m) from currency hedges and derivative financial instruments used to hedge the impact of exposure to fuel price risks was recognised in cost of sales. Interest rate hedges result in expenses of \u20ac 17.4 m (previous year: expenses of \u20ac 1.4 m), carried innet interest income. Income of \u20ac 1.0 m (previous year: expenses of \u20ac 1.3 m) was recognised for the ineffective portion of cash flow hedges. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-686": { "value": "
Government grants
\u20ac million
2023
2022
Cost of Sales
1.6
58.0
Administrative expenses
\u2013 0.5
35.5
Total
1.1
93.5
Government grants were awarded due to the measures in place to contain the COVID-19 pandemic. When these measures ended in financial year 2022, the various aid programs were also terminated. The government grants reported under cost of sales and administrative expenses include in particular grants for wages and salaries as well as social security contributions directly reimbursed to the relevant company. In addition, a number of Group companies have received government grants, e. g. in the form of grants for fixed costs. In the current financial year receivables from government grants of \u20ac 2.9 m were written off. The related expenses are presented within administrative expenses. In addition TUI AG received government assistance in the form of financing measures to cover the liquidity requirements due to the COVID-19 pandemic from the KfW and the ESF. The financial aid received from the ESF was fully redeemed in the current financial year. The volume of the KfW credit facility was reduced from \u20ac 2.1 bn to \u20ac 1.05 bn. For further details we refer to the section \u2018Going concern reporting according to the UK Corporate Governance Code\u2019 ", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-742": { "value": "
The average annual headcount (excluding trainees) evolved as follows:
Average annual headcount in the financial year (excl. trainees)
*
2023
2022
Hotels & Resorts
24,442
21,766
Cruises
75
63
TUI Musement
8,965
6,983
Holiday Experiences
33,482
28,812
Northern Region
10,401
9,722
Central Region
6,935
7,001
Western Region
5,310
4,867
Markets & Airlines
22,646
21,590
All other segments
2,214
1,962
Total
58,342
52,364
* Due to the re-segmentation of Future Markets from All other segments to Hotels & Resorts, TUI Musement and Central Region in the
current financial year, previous periods have been adjusted.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-787": { "value": "(3) Other income and other expenses In financial year 2023 other income mainly shows the gain in the amount of \u20ac 14.5 m from the disposal of aircraft assets and \u20ac 10.6 m income from the sale of emission certificates ( ETS). In the previous year, this item had primarily included the gain on disposal of Nordhotel S.A. in October 2022 and the subsequent income of \u20ac 13.4 m relating to the disposal of Riu Hotels S.A. in financial year 2021. In financial year 2023, other expenses result in particular from portion of the goodwill allocated to the segment Northern Region was disposed with the transfer of the operational business of Sunwing (\u20ac 19.5 m). This portion was determined as the relative value of the operations of Sunwing disposed of in relation to the retained segment Northern Region. In this context, please refer to the section \u201cInvestments in joint ventures and associates \u2013 Significant associates\u201d. Furthermore, the losses from the disposal of aircraft assets in the amount of \u20ac 6.3 m are recognised in other expenses. In the previous year, other expenses included in particular the losses from the disposal of aircraft assets ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-18": { "value": "(3) Other income and other expenses In financial year 2023 other income mainly shows the gain in the amount of \u20ac 14.5 m from the disposal of aircraft assets and \u20ac 10.6 m income from the sale of emission certificates ( ETS). In the previous year, this item had primarily included the gain on disposal of Nordhotel S.A. in October 2022 and the subsequent income of \u20ac 13.4 m relating to the disposal of Riu Hotels S.A. in financial year 2021. In financial year 2023, other expenses result in particular from portion of the goodwill allocated to thesegment Northern Region was disposed with the transfer of the operational business of Sunwing (\u20ac 19.5 m). This portion was determined as the relative value of the operations of Sunwing disposed of in relation to the retained segment Northern Region. In this context, please refer to the section \u201cInvestments in joint ventures and associates \u2013 Significant associates\u201d. Furthermore, the losses from the disposal of aircraft assets in the amount of \u20ac 6.3 m are recognised in other expenses. In the previous year, other expenses included in particular the losses from the disposal of aircraft assets . ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-780": { "value": "(3) Other income and other expenses In financial year 2023 other income mainly shows the gain in the amount of \u20ac 14.5 m from the disposal of aircraft assets and \u20ac 10.6 m income from the sale of emission certificates ( ETS). In the previous year, this item had primarily included the gain on disposal of Nordhotel S.A. in October 2022 and the subsequent income of \u20ac 13.4 m relating to the disposal of Riu Hotels S.A. in financial year 2021. In financial year 2023, other expenses result in particular from portion of the goodwill allocated to thesegment Northern Region was disposed with the transfer of the operational business of Sunwing (\u20ac 19.5 m). This portion was determined as the relative value of the operations of Sunwing disposed of in relation to the retained segment Northern Region. In this context, please refer to the section \u201cInvestments in joint ventures and associates \u2013 Significant associates\u201d. Furthermore, the losses from the disposal of aircraft assets in the amount of \u20ac 6.3 m are recognised in other expenses. In the previous year, other expenses included in particular the losses from the disposal of aircraft assets . ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-709": { "value": "
(4) Financial income
Financial income
\u20ac million
2023
2022
Bank interest income
39.1
4.7
Other interest and similar income
37.3
20.2
Income from the measurement of hedges
0.5
1.4
Interest income
76.9
26.3
Income from investments
0.1
0.3
Income from the measurement of other financial instruments
0.7
\u2013
Foreign exchange gains
9.9
9.3
Total
87.6
35.9
The increase in financial income by \u20ac 51.7 m in the financial year 2023 is primarily due to a \u20ac 50.6 m increase
in interest income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-725": { "value": "(4) Financial income
Financial income
\u20ac million
2023
2022
Bank interest income
39.1
4.7
Other interest and similar income
37.3
20.2
Income from the measurement of hedges
0.5
1.4
Interest income
76.9
26.3
Income from investments
0.1
0.3
Income from the measurement of other financial instruments
0.7
\u2013
Foreign exchange gains
9.9
9.3
Total
87.6
35.9
The increase in financial income by \u20ac 51.7 m in the financial year 2023 is primarily due to a \u20ac 50.6 m increase in interest income.
(5) Financial expenses
Financial expenses
\u20ac million
2023
2022
Bank interest payable on loans and overdrafts
29.7
15.2
Interest expenses on lease liabilities
175.6
159.3
Net interest expenses from defined benefit pension plans
10.5
6.6
Unwinding of discount on provisions
25.4
10.1
Other interest and similar expenses
267.8
293.1
Expenses relating to the measurement of hedges
16.1
7.8
Interest expenses
525.1
492.1
Expenses relating to the measurement of other financial instruments
0.8
0.1
Foreign exchange losses
7.7
17.3
Total
533.6
509.5
In the period under review, financial expenses increased by \u20ac 24.1 m. This increase mainly results from higher
interest expenses, driven in particular by liabilities to banks and lease liabilities, higher expenses from
com
pounding on provisions and increased expenses from the measurement of hedges. On the other hand,
lower expenses were incurred for other interest and similar expenses, largely due to lower interest expenses
in connection with the early redemption of the warrant bond and Silent Participation
II of the ESF and lower
expenses for exchange rate changes in lease liabilities in accordance with
IFRS 16.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-774": { "value": "(4) Financial income
Financial income
\u20ac million
2023
2022
Bank interest income
39.1
4.7
Other interest and similar income
37.3
20.2
Income from the measurement of hedges
0.5
1.4
Interest income
76.9
26.3
Income from investments
0.1
0.3
Income from the measurement of other financial instruments
0.7
\u2013
Foreign exchange gains
9.9
9.3
Total
87.6
35.9
The increase in financial income by \u20ac 51.7 m in the financial year 2023 is primarily due to a \u20ac 50.6 m increase in interest income. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-710": { "value": "(5) Financial expenses
Financial expenses
\u20ac million
2023
2022
Bank interest payable on loans and overdrafts
29.7
15.2
Interest expenses on lease liabilities
175.6
159.3
Net interest expenses from defined benefit pension plans
10.5
6.6
Unwinding of discount on provisions
25.4
10.1
Other interest and similar expenses
267.8
293.1
Expenses relating to the measurement of hedges
16.1
7.8
Interest expenses
525.1
492.1
Expenses relating to the measurement of other financial instruments
0.8
0.1
Foreign exchange losses
7.7
17.3
Total
533.6
509.5
In the period under review, financial expenses increased by \u20ac 24.1 m. This increase mainly results from higherinterest expenses, driven in particular by liabilities to banks and lease liabilities, higher expenses fromcompounding on provisions and increased expenses from the measurement of hedges. On the other hand, lower expenses were incurred for other interest and similar expenses, largely due to lower interest expenses in connection with the early redemption of the warrant bond and Silent ParticipationII of the ESF and lower expenses for exchange rate changes in lease liabilities in accordance with IFRS 16. As in the previous year, no borrowing cost were capitalised as part of the acquisition cost.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-687": { "value": "(6) Share of result of joint ventures and associates The share of result of joint ventures and associates of \u20ac 407.2 m (previous year \u20ac 100.7 m) comprises the net result for the year attributable to the associated companies and joint ventures. Joint ventures and associates were tested for impairment as at 30 September 2023. This resulted in noimpairments (previous year \u20ac 4.8 m) and reversals of \u20ac 7.6 m (previous year \u20ac 3.4 m) in the Hotels & Resorts segment and \u20ac 2.5 m impairments (previous year \u20ac 0.4 m) and \u20ac 0.3 m reversals (previous year \u20ac 0.2 m) in the Central Region segment. For the breakdown of the results of the material joint ventures and associates, please refer to Note 16\u2018Investments in joint ventures and associates\u2019.
(16) Investments in joint ventures and associates
The table below presents all joint arrangements and associates of relevance to TUI Group. All joint arrangements
and associates are listed as
TUI Group shareholdings in Note 53. All joint arrangements are joint ventures.
There are no joint operations within the meaning of
IFRS 11.
Significant associate and joint ventures
Capital share in %
Voting rights share in %
30 Sep 30 Sep 30 Sep 30 Sep
Name and headquarter of company
Nature of business
2023 2022 2023 2022
Associate
Midnight Canada Inc., Tour operator &
Toronto, Canada Hotel operator
49.0
49.0
49.0
25.0
Midnight International Holdings
Limited, Toronto, Canada
Hotel operator
49.0
\u2013
49.0
\u2013
Pep Toni Hotels S. A., Palma, Spain
Hotel operator
49.0
\u2013
49.0
\u2013
Joint venture
Grupotel dos S. A.,
Can Picafort, Spain
Hotel operator
50.0
50.0
50.0
50.0
TUI Cruises GmbH,
Hamburg, Germany
Cruise ship operator
50.0
50.0
50.0
50.0
All companies presented above are measured at equity.
The financial year of the Canadian associated companies corresponds to TUI Group\u2019s financial year. The
financial years of Pep Toni Hotels S. A. and of the joint ventures deviate from TUI Group\u2019s financial year,
ending on 31 December. In order to update the at equity measurement as at
TUI Group\u2019s balance sheet date,
interim financial statements for the period ending 30 September are prepared for these companies.
SIGNIFICANT ASSOCIATES
In 2009, TUI Group entered into a partnership with Sunwing. Sunwing was a vertically integrated travel
company comprising tour operation, an airline and retail shops. After the transfer of the hotel operation
and development company Blue Diamond Hotels & Resorts Inc., St Michael / Barbados, to Sunwing in
September 2016, Sunwing also included the hotel operation business with a chain of luxury beach resorts
and hotels in the Caribbean and Mexico. Sunwing\u2019s hotel operation business is carried in the Hotels &
Resorts segment, while the tour operation business is carried in the Northern Region segment.
Sunwing transferred its tour operation, airline and retail shops to the Canadian airline WestJet Airlines Ltd.
in the current financial year. Sunwing received essentially shares of the newformed business as consideration
and in addition contingent considerations. Within the framework of the transaction the hotel operations
business was transferred to the newly formed Midnight International Holdings Limited, in which
TUI Group
directly holds 49 % of its shares. Sunwing itself has no longer any operative business after the transaction
and was renamed in Midnight Canada Inc. TUI group continues to hold 49 % of the shares of Midnight
Canada Inc .
Sunwing realised a gain from the transfer of its activities in return for the shares in the newformed business. Accordingly, this gain increased pro rata the share of result of investments accounted for using the equity method by \u20ac 110.3 m. A portion of the goodwill allocated to the segment Northern Region was disposed with the transfer of the operational business of Sunwing. This portion was determined as the relative value of the operations of Sunwing disposed of in relation to the retained segment Northern Region. The expense of \u20ac 19.5 m from the disposal of the goodwill is recognised in other expenses. Pep Toni Hotels S. A. is a company founded at the end of the reporting year, which will own and operate hotels. SIGNIFICANT JOINT VENTURES Grupotel dos S. A., founded in 1998, owns and operates hotels in the Balearic and the Canary Islands. TUI Cruises GmbH is a joint venture with the US shipping line Royal Caribbean Cruises Ltd established in 2008. The Hamburg-based company offers German-speaking cruises for the premium market.TUI Cruises GmbH currently operates eleven cruise ships. FINANCIAL INFORMATION ON ASSOCIATES AND JOINT VENTURES The tables below present summarised financial information for the significant associates and joint ventures of TUI Group. The amounts shown reflect the full amounts presented in the consolidated financial statements of the relevant associates and joint ventures (100 %); they do not represent TUI Group\u2019s share of those amounts.
Summarised financial information of material associates
Midnight International Pep Toni Hotels S. A., Midnight Canada Inc.,
Holdings Limited, Palma, Spain Toronto, Canada
Toronto, Canada
30 Sep 30 Sep 30 Sep 30 Sep 30 Sep 30 Sep
\u20ac million 2023 / 2023 2022 / 2022 2023 / 2023 2022 / 2022 2023 / 2023 2022 / 2022
Non-current assets
1,606.6
1,697.0
\u2013
\u2013
93.9
489.2
Current assets
316.2
324.6
150.8
\u2013
6.3
538.2
Non-current provisions and
liabilities
1,123.7
961.1
\u2013
\u2013
\u2013
609.5
Current provisions and liabilities
329.7
618.1
\u2013
\u2013
4.2
660.3
Revenue
820.5
643.6
\u2013
\u2013
1,722.7
1,263.7
Profit / loss
62.9
101.3
0.8
\u2013
345.0
\u2013 94.2
Other comprehensive
income / loss
\u2013 30.6
61.0
\u2013
\u2013
21.9
\u2013 16.0
Total comprehensive
income / loss
32.3
162.3
0.8
\u2013
366.9
\u2013 110.2
Summarised financial information of material joint ventures
Grupotel dos S. A., TUI Cruises GmbH,
Can Picafort, Spain Hamburg, Germany
30 Sep 30 Sep 30 Sep 30 Sep
\u20ac million 2023 / 2023 2022 / 2022 2023 / 2023 2022 / 2022
Non-current assets
270.6
260.6
4,449.0
4,153.0
Current assets
25.4
37.8
432.3
591.4
thereof cash and cash equivalents
4.6
16.9
97.5
255.9
Non-current provisions and liabilities
132.8
146.3
2,655.8
3,195.7
thereof financial liabilities
120.7
134.1
2,628.1
3,165.3
Current provisions and liabilities
32.6
36.9
1,189.5
863.5
thereof financial liabilities
14.9
14.7
501.0
282.9
Revenue
159.9
131.0
1,823.7
1,238.2
Depreciation / amortisation of intangible assets and property,
plant and equipment
13.1
12.0
131.4
129.9
Interest income
0.2
0.2
13.7
17.2
Interest expenses
4.1
2.4
121.2
135.8
Income taxes
6.4
5.1
3.6
\u2013 8.6
Profit / loss
27.4
18.8
348.4
82.8
Other comprehensive income / loss
\u2013
0.2
2.4
37.3
Total comprehensive income / loss
27.4
19.0
350.8
120.1
In financial year 2023, TUI Group received dividends of \u20ac 22.6 m (previous year \u20ac 0.9 m) from its joint ventures and dividends of \u20ac 3.9 m (previous year \u20ac 0.2 m) from its associates. In addition to TUI Group\u2019s significant associates and joint ventures, TUI AG has interests in other associates and joint ventures accounted for under the equity-method, which individually are not considered to be of material significance. The tables below provide information onTUI Group\u2019s share of the earnings figures shown for the major associates and joint ventures as well as the aggregated amount of the share of profit / loss, other comprehensive income and total comprehensive income for the immaterial associates and joint
Share of financial information of material and other associates
Midnight Pep Toni Midnight Other immaterial Associates total
International Hotels S. A., Canada Inc., associates
Holdings Limited, Palma, Spain Toronto, Canada
Toronto, Canada
\u20ac million
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
TUI's share
of
Profit / loss
30.8
49.6
0.4
\u2013
112.8
*
\u2013 46.2
2.2
4.2
146.2
7.6
Other com-
prehensive
income / loss
\u2013 15.0
29.9
\u2013
\u2013
7.4
\u2013 3.2
\u2013 1.1
\u2013 2.2
\u2013 8.7
24.5
Total
comprehen-
sive income /
loss
15.8
79.5
0.4
\u2013
120.2
\u2013 49.4
1.1
2.0
137.5
32.1
* The share of result includes TUI\u2019s share of the result of Midnight Canada Inc. and the expenses for the realisation of foreign exchange
differences and for the derecognition of goodwill due to the sale of Sunwing\u2019s operating business, included in the result of investments
in joint ventures and associates.
Share of financial information of material and other joint ventures
Grupotel dos S. A., TUI Cruises GmbH, Other immaterial Joint ventures total
Can Picafort, Spain Hamburg, Germany joint ventures
\u20ac million
2023
2022
2023
2022
2023
2022
2023
2022
TUI\u2019s share of
Profit / loss
13.7
9.4
174.2
41.4
73.1
42.3
261.0
93.1
Other comprehensive income / loss
\u2013
0.1
1.2
18.6
\u2013 27.5
\u2013 2.0
\u2013 26.3
16.7
Total comprehensive income / loss
13.7
9.5
175.4
60.0
45.6
40.3
234.7
109.8
Net assets of the material associates
Midnight International Midnight Canada Inc., Pep Toni Hotels S. A.,
Holdings Limited, Toronto, Canada Palma, Spain
\u20ac million Toronto, Canada
Net assets as at 1 Oct 2021
280.0
\u2013 132.0
\u2013
Foreign exchange effects
61.0
\u2013 16.0
\u2013
Profit / loss
101.3
\u2013 94.2
\u2013
Net assets as at 30 Sep 2022
442.3
\u2013 242.2
\u2013
Other comprehensive income
\u2013
2.6
\u2013
Foreign exchange effects
\u2013 30.6
19.3
\u2013
Capital increase / decrease
\u2013 33.9
\u2013
150.1
Profit / loss
62.9
345.0
0.8
Consolidation effects
28.7
\u2013 28.7
\u2013
Net assets as at 30 Sep 2023
469.4
96.0
150.9
Reconciliation to the carrying amount of the associates in the Group balance sheet
Midnight Midnight Pep Toni Other Associates
International Canada Inc., Hotels S. A., immaterial total
Holdings Toronto, Palma, associates
Limited, Canada Spain
Toronto,
\u20ac million Canada
Share of TUI in % as at 30 Sep 2022
49.0
49.0
\u2013
n. a.
n. a.
TUI's share of the net assets
as at 30 Sep 2022
216.8
\u2013 118.5
\u2013
28.2
126.5
Goodwill as at 30 Sep 2022
7.6
49.3
\u2013
5.0
61.9
Unrecognised share of losses
\u2013
\u2013
\u2013
1.1
1.1
Impairment of carrying amounts
\u2013
\u2013
\u2013
\u2013
\u2013
Carrying amount as at 30 Sep 2022
224.4
\u2013 69.2
\u2013
34.3
189.5
Share of TUI in % as at 30 Sep 2023
49.0
49.0
49.0
n. a.
n. a.
TUI's share of the net assets
as at 30 Sep 2023
230.0
46.9
73.9
33.0
383.8
Goodwill as at 30 Sep 2023
7.1
\u2013
\u2013
1.4
8.5
Unrecognised share of losses
\u2013
\u2013
\u2013
2.7
2.7
Impairment of carrying amounts
\u2013
\u2013
\u2013
\u2013
\u2013
Carrying amount as at 30 Sep 2023
237.1
46.9
73.9
37.1
395.0
Net assets of the material joint ventures
Grupotel dos S. A., TUI Cruises GmbH,
\u20ac million Can Picafort, Spain Hamburg, Germany
Net assets as at 1 Oct 2021
96.2
565.1
Profit / loss
18.8
82.8
Other comprehensive income
0.2
37.3
Net assets as at 30 Sep 2022
115.2
685.2
Profit / loss
27.4
348.4
Other comprehensive income
\u2013
2.4
Dividends payable
\u2013 12.0
\u2013
Net assets as at 30 Sep 2023
130.6
1,036.0
Reconciliation to the carrying amount of the joint ventures in the consolidated balance sheet
Grupotel TUI Cruises Other Joint ventures
dos S. A., GmbH, immaterial total
Can Picafort, Hamburg, joint ventures
\u20ac million Spain Germany
Share of TUI in % as at 30 Sep 2022
50.0
50.0
n. a.
n. a.
TUI's share of the net assets as at 30 Sep 2022
57.6
342.6
208.4
608.6
Goodwill as at 30 Sep 2022
\u2013
\u2013
15.5
15.5
Unrecognised share of losses
\u2013
\u2013
7.3
7.3
Impairment of carrying amounts
\u2013
\u2013
\u2013 35.5
\u2013 35.5
Carrying amount as at 30 Sep 2022
57.6
342.6
195.7
595.9
Share of TUI in % as at 30 Sep 2023
50.0
50.0
n. a.
n. a.
TUI's share of the net assets as at 30 Sep 2023
65.3
518.0
224.2
807.5
Goodwill as at 30 Sep 2023
\u2013
\u2013
11.7
11.7
Unrecognised share of losses
\u2013
\u2013
12.3
12.3
Impairment of carrying amounts
\u2013
\u2013
\u2013 28.3
\u2013 28.3
Carrying amount as at 30 Sep 2023
65.3
518.0
219.9
803.2
IMPAIRMENT OF THE CARRYING AMOUNTS OF ASSOCIATES AND JOINT VENTURES
Due to the increase in the interest rates, the effects of Russia\u2019s war of aggression against Ukraine an d
general price inflation a risk assessment was performed if indicators for impairments exist. If this was th e
case the carrying amounts of the respective associates and joint ventures concerned were subsequentl y
tested for impairment. In addition all carrying amounts of associates and joint ventures which have bee n
impaired in before were tested for reversals of impairment. All impairment tests used the business plan o f
the respective joint venture or associate. Based on these business plans, the recoverable amount was
calculated by discounting future net cash flows. In all cases the fair value less cost to sell was higher than th e
value in use. Level 3 inputs of fair value hierarchy were used in the calculations.
The shares in the joint venture
WOT Hotels Adriatic Asset Company d. o. o. are held for sale. An impairment
loss of \u20ac 7.6 m recognised in 2020 was reversed. A further reversal of an impairment loss of \u20ac 0.3 m and the
recognition of an impairment loss of \u20ac 0.7 m related to joint ventures in Central Region. The shares in the
associated company Raiffeisen-Tours
RT-Reisen GmbH intended for sale were written down by \u20ac 1.8 m. In all
other respects, the parameters used were identical with those used for the goodwill impairment test in
Hotels & Resorts (Note 12).
UNRECOGNISED LOSSES BY ASSOCIATES AND JOINT VENTURES
As at the end of the financial year under review, accumulated unrecognised losses of joint ventures amounted
to \u20ac 12.3 m (previous year \u20ac 7.3 m). In the period under review, unrecognised losses relating to WOT Hotels
Vietnam rose by \u20ac 4.2 m to \u20ac 11.1 m, while unrecognised losses relating to Abou Soma for Hotels S. A. E. grew
by \u20ac 0.8 m to \u20ac 1.1 m. Accumulated unrecognised losses by associates of \u20ac 2.7 m (previous year \u20ac 1.1 m) related
to Ahungalla Resorts Limited. Recognition of additional losses would have resulted in the carrying amounts
falling to below nil.
RISKS ASSOCIATED WITH THE STAKES IN ASSOCIATES AND JOINT VENTURES
Contingent liabilities of \u20ac 0.7 m (previous year \u20ac 6.5 m) existed in respect of associates as at 30 Septem-
ber 2023. Contingent liabilities in respect of joint ventures totalled \u20ac 1.7 m (previous year \u20ac 3.1 m).
Company Country Capital share in % Joint ventures and associates Tourism Abou Soma for Hotels S.A.E., Giza Egypt 16.7 Ahungalla Resorts Limited, Colombo Sri Lanka 40 Aitken Spence Travels (Private) Limited, Colombo Sri Lanka 50 ARP Africa Travel Limited, Harrow United Kingdom 25 Atlantica Hellas A.E., Rhodes Greece 50 Atlantica Hotels and Resorts Limited, Lemesos Cyprus 49.9 Bartu Turizm Yatirimlari Anonim Sirketi, Istanbul Turkiye 50 Clubhotel Kleinarl GmbH & Co KG, Flachau Austria 24 Daktari Travel & Tours Ltd., Limassol Cyprus 33.3 DER Reisecenter TUI GmbH, Dresden Germany 50 Diamondale Limited, Dublin Ireland 27 ENC for touristic Projects Company S.A.E., Sharm el Sheikh Egypt 50 Etapex, S.A., Agadir Morocco 35 Fanara Residence for Hotels S.A.E., Sharm el Sheikh Egypt 50 Gebeco Gesellschaft f\u00fcr internationale Begegnung und Cooperation mbH & Co. KG, Kiel Germany 50 Grupotel dos S.A., Can Picafort Spain 50 Ha Minh Ngan Company Limited, Hanoi Vietnam 50 Holiday Travel (Israel) Limited, Airport City Israel 50 Hydrant Refuelling System NV, Brussels Belgium 25 InteRes Gesellschaft f\u00fcr Informationstechnologie mbH, Darmstadt Germany 25.2 Interyachting Limited, Limassol Cyprus 45 Jaz Hospitality Services DMCC, Dubai United Arab Emirates 50 Jaz Hotel Group S.A.E., Cairo Egypt 51 Kamarayat Nabq Company for Hotels S.A.E., Sharm el Sheikh Egypt 50 Midnight Canada Inc., Toronto Canada 49 Midnight International Holdings Limited, Toronto Canada 49 Pep Toni Hotels S.A., Palma Spain 49 Pollman\u2019s Tours and Safaris Limited, Mombasa Kenya 25 Raiffeisen-Tours RT-Reisen GmbH, Burghausen Germany 25.1 Ranger Safaris Ltd., Arusha Tanzania 25 Sharm El Maya Touristic Hotels Co. S.A.E., Cairo Egypt 50 S\u00fcdwest Presse + Hapag-Lloyd Reiseb\u00fcro GmbH & Co.KG, Ulm Germany 50 Sun Oasis for Hotels Company S.A.E., Hurghada Egypt 50 Teckcenter Reiseb\u00fcro GmbH, Kirchheim unter Teck Germany 50
Company
Country
Capital share in %
Tikida Bay S.A., Agadir
Morocco
34
TIKIDA DUNES S.A., Agadir
Morocco
30
Tikida Palmeraie S.A., Marrakesh
Morocco
33.3
Travco Group Holding S.A.E., Cairo
Egypt
50
TRAVELStar GmbH, Hanover
Germany
50
TRAVELStar Touristik GmbH & Co. OHG, Vienna
Austria
50
TUI Cruises GmbH, Hamburg
Germany
50
TUI Global Hospitality Fund SCS, SICAF-RAIF, Grevenmacher
Luxembourg
10
UK Hotel Holdings FZC L.L.C., Fujairah
United Arab Emirates
50
Vitya Holding Co. Ltd., Takua, Phang Nga Province
Thailand
47.5
WOT Hotels Adriatic Asset Company d.o.o., Tu\u010depi
Croatia
50
All other segments
.BOSYS SOFTWARE GMBH, Hamburg
Germany
25.2
MSN
1359
GmbH, Hanover
Germany
25
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-788": { "value": "(7) Income taxes As in the previous year, TUI Group\u2019s German companies have to pay trade tax of 15.7 % and corporation tax of 15.0 % plus a 5.5 % solidarity surcharge on corporation tax. Foreign income taxes are calculated on the basis of the laws and provisions applicable in the individuacountries. The income tax rates applied to foreign companies vary from 0 % to 35.0 %. In financial year 2023, the actual tax income in Germany included income attributable to prior periods. Due to the required reassessment of tax risks, income tax liabilities of \u20ac 3.5 m (previous year \u20ac 4.8 m) were reversed. In financial year 2023, the tax income from actual taxes attributable to prior periods totalled \u20ac 4.9 m (previous year tax expense of \u20ac 42.4 m). In the financial year deferred tax expenses include deferred tax income from the reassessment of tax loss carryforwards in Germany of \u20ac 46.8 m (previous year tax income \u20ac 61.4 m (19) Other non-financial assets The other non-financial assets of \u20ac 230.6 m (previous year \u20ac 305.1 m) resulted mainly from the overfunded pension plans worth \u20ac 98.5 m (previous year \u20ac 163.4 m) and assets from other taxes worth \u20ac 77.5 m (previous year \u20ac 70.3 m). (20) Deferred tax assets
Individual items of deferred tax assets and liabilities recognised in the statement of financial position
30 Sep 2023
30
Sep 2022
\u20ac million
Asset
Liability
Asset
Liability
Lease transactions
13.6
96.8
14.1
71.3
Recognition and measurement differences for property, plant
and equipment and other non-current assets
184.4
225.3
153.4
230.4
Recognition differences for receivables and other assets
16.4
38.5
21.9
55.5
Measurement of financial instruments
4.5
72.9
0.2
61.4
Measurement of pension provisions
79.7
21.2
78.6
43.3
Recognition and measurement differences for other provisions
62.1
3.0
50.4
5.3
Other transactions
45.6
66.4
95.5
40.5
Capitalised tax savings from recoverable losses carried forward
269.4
\u2013
194.4
\u2013
Netting of deferred tax assets and liabilities
\u2013 365.1
\u2013 365.1
\u2013 386.5
\u2013 386.5
Balance sheet amount
310.6
159.0
222.0
121.2
Deferred tax assets include an amount of \u20ac 290.2 m (previous year \u20ac 138.0 m) expected to be realised after more than twelve months. Deferred tax liabilities include an amount of \u20ac 102.0 m (previous year \u20ac 119.5 m) expected to be realised after more than twelve months. No deferred tax assets are recognised for deductible temporary differences of \u20ac 29.4 m (previous year \u20ac 22.7 m). No deferred tax liabilities are carried for temporary differences of \u20ac 91.3 m (previous year \u20ac 87.2 m) between the net assets of subsidiaries and the respective taxable carrying amounts of subsidiaries since thesetemporary differences are not expected to be reversed in the near future. The net asset surplus of deferred tax assets and liabilities increased by \u20ac 50.8 m compared to the previous year. Of this, \u20ac 26.3 m was recognised as deferred tax income in the income statement and \u20ac 24.9 m as an increase in other comprehensive income. The change in other comprehensive income mainly relates toactuarial gains and losses in pension assets and the measurement of cash flow hedges. The remaining amount of \u20ac \u2013 0.4 m results from currency effects.
Recognised losses carried forward and time limits for non-recognised losses carried forward
\u20ac million
30 Sep 2023
30 Sep 2022
Recognised losses carried forward
1,415.1
1,091.0
Non-recognised losses carried forward
12,246.4
11,880.6
of which losses carried forward forfeitable within one year
5.7
\u2013
of which losses carried forward forfeitable within two to five years
2.7
8.7
of which losses carried forward forfeitable within more than five years
(excluding non-forfeitable loss carryforwards)
\u2013
6.2
of which non-forfeitable losses carried forward
12,238.0
11,865.7
Total unused losses carried forward
13,661.5
12,971.6
Losses carried forward for German companies comprise the cumulative amount of trade tax and corporation tax as well as interest carried forward in relation to the German interest barrier rule. Potential tax savings totalling \u20ac 2,562.1 m (previous year \u20ac 2,444.6 m) were not recognised as the underlying losses carried forward were not expected to be utilised in the planning horizon. In financial year 2023, tax savings of \u20ac 9.3 m (previous year \u20ac 0.0 m) resulted from the use of tax losses carried forward previously not assessed as recoverable for which, therefore, no deferred tax assets had been carried as at 30 September 2022 for the potential tax savings resulting from these assets. Tax reductions from loss carry-backs (previous year \u20ac 0.0 m) were not realised.
Development of deferred tax assets from losses carried forward
\u20ac million
2023
2022
Capitalised tax savings at the beginning of the year
194.4
147.3
Use of losses carried forward
\u2013 12.3
\u2013 23.7
Capitalisation of tax savings from tax losses carried forward
97.1
84.7
Impairment of capitalised tax savings from tax losses carried forward
\u2013 8.6
\u2013 14.2
Exchange adjustments and other items
\u2013 1.2
0.3
Capitalised tax savings at financial year-end
269.4
194.4
Capitalised deferred tax assets from temporary differences and losses carried forward that are assessed as recoverable of \u20ac 207.0 m (previous year \u20ac 321.3 m) are covered by expected future taxable income even for companies that generated losses in the reporting period or the prior year. This is based on the futurebusiness development planned by TUI\u2019s management. The key points of this planning are presented in the section \u2018Key judgements, assumptions and estimates\u2019. TUI uses a five-year planning horizon to derive the recoverability of tax loss carryforwards and deductible differences. (35) Other non-financial liabilities
Other non-financial liabilities
30 Sep 2023
30 Sep 2022
Remaining term
Remaining term
\u20ac million
up to 1 year
1\u2013 5 years
To t a l
up to 1 year
1\u2013 5 years
Total
Other liabilities relating to employees
237.5
28.3
265.8
224.8
27.4
252.2
Other liabilities relating to social
security
38.2
\u2013
38.2
39.7
\u2013
39.7
Other liabilities relating to other taxes
63.5
\u2013
63.5
50.6
\u2013
50.6
Other miscellaneous liabilities
137.0
1.6
138.6
144.2
0.9
145.1
Deferred income
57.9
222.9
280.8
60.6
136.9
197.5
Other non-financial liabilities
534.1
252.8
786.9
519.9
165.2
685.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-743": { "value": "(9) Group profit attributable to non-controlling interest In the Hotels & Resorts segment, the Group profit attributable to non-controlling interest primarily relates to theRIUSA II Group with \u20ac 147.1 m (previous year Group profit \u20ac 64.2 m). (29) Non-controlling interest Non-controlling interests mainly relate to RIUSA II S. A. based in Palma de Mallorca, Spain. TUI\u2019s capital share in this hotel operator stands at 50.0 %, as in the prior year. The financial year ofRIUSA II S. A. ends on 31 December and thus deviates from TUI Group\u2019s financial year This reporting date was fixed when the company was founded. In order to include theRIUSA II Group in TUI Group\u2019s consolidated financial statements as at 30 September, the RIUSA II Group prepares sub-group financiastatements as at 30 September, the balance sheet date. RIUSA II Group, allocated to Hotels & Resorts, operates owned and leased hotels and hotels operated under management contracts in tourism destinations of TUI Group.
The table below provides summarised financial information on
RIUSA II S. A., Palma de Mallorca, Spain \u2013 the
subsidiary for which material non-controlling interests exist. It presents the consolidated financial statements
of the sub-group.
Summarised financial information on RIUSA II S. A., Palma de Mallorca, Spain
*
30 Sep 2023 / 30 Sep 2022 /
\u20ac million 2023 2022
Current assets
201.0
206.0
Non-current assets
2,077.4
2,016.0
Current liabilities
185.5
199.3
Non-current liabilities
109.3
108.6
Revenues
1,182.9
916.2
Profit / loss
294.2
128.4
Other comprehensive income
16.5
112.9
Cash inflow / outflow from operating activities
375.8
275.4
Cash inflow / outflow from investing activities
\u2013 163.6
\u2013 169.6
Cash inflow / outflow from financing activities
\u2013 276.0
\u2013 31.9
Accumulated non-controlling interest
820.3
785.5
Profit / loss attributable to non-controlling interest
147.1
64.2
* Consolidated subgroup
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-19": { "value": "(10) Earnings per share In accordance with IAS 33, basic earnings per share were calculated by dividing the Group result for the year attributable to TUI AG shareholders by the weighted average number of registered shares outstandingduring the financial year. The average number of shares was calculated on the basis of the shares outstanding at the beginning of the financial year, taking account of the capital reduction and the pro rata temporisconsideration of the issue of subscription rights in the financial year under review and the capital increase in April of this year. Dilution of earnings per share generally occurs when the average number of shares is increased by theaddition of the issue of potential shares. This is not the case in the event of a loss. The situation described below therefore had no dilutive effect as at the previous year\u2019s reporting date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-688": { "value": "(10) Earnings per share In accordance with IAS 33, basic earnings per share were calculated by dividing the Group result for the year attributable to TUI AG shareholders by the weighted average number of registered shares outstandingduring the financial year. The average number of shares was calculated on the basis of the shares outstanding at the beginning of the financial year, taking account of the capital reduction and the pro rata temporisconsideration of the issue of subscription rights in the financial year under review and the capital increase in April of this year.
Earnings per share
2023
2022
Group profit / loss for the year attributable to shareholders of TUI AG
\u20ac million
305.8
\u2013 277.3
Weighted average number of shares
384,257,173
273,082,806
*
Basic earnings per share
\u20ac
0.80
\u2013 1.02
* Previous year adjusted
Diluted Earnings per share
2023
2022
Group profit / loss for the year attributable to shareholders of TUI AG
\u20ac million
305.8
\u2013 277.3
Weighted average number of shares
384,257,173
273,082,806
*
Weighted average number of shares (diluted)
406,363,829
273,082,806
*
Diluted earnings per share
\u20ac
0.75
\u2013 1.02
* Previous year adjusted
Earnings per share for all periods presented were adjusted retrospectively for the effect of the capitalreduction carried out in February 2023 at a ratio of 10:1 from 1,785,205,850 shares to 178,520,585 shares. In addition,TUI completed a capital increase on April 24, 2023 in which subscription rights were issued to the existing shareholders. As the subscription price of the new shares was below the market price of the existing shares, the capital increase included a bonus component. To take into account that the number of shares outstanding had increased without a corresponding change in resources, the weighted average number of shares was adjusted according toIAS 33 for all periods presented. The weighted average number of shares was therefore increased retrospectively for the time-weighted effect of the issue of subscription rights by 61,556,666 shares (prior year: 109,600,893 shares). Dilution of earnings per share generally occurs when the average number of shares is increased by theaddition of the issue of potential shares. This is not the case in the event of a loss. The situation described below therefore had no dilutive effect as at the previous year\u2019s reporting date. In April and July 2021, a convertible bond was issued for a total of \u20ac 589.6 m. At a current conversion price of \u20ac 26.67 per share, the number of potential shares amounts to 22.1 m.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-804": { "value": "(11) Taxes attributable to other comprehensive income
Tax effects relating to other comprehensive income
2023
2022
\u20ac million
Gross
Tax effect
Net
Gross
Tax effect
Net
Foreign exchange differences
\u2013 65.6
\u2013
\u2013 65.6
206.1
\u2013
206.1
Cash flow hedges
169.3
\u2013 37.1
132.2
110.7
\u2013 28.5
82.2
Remeasurements of benefit
obligations and related fund
assets
\u2013 241.3
47.6
\u2013 193.7
245.5
\u2013 71.8
173.7
Changes in the measurement
of companies measured at
equity outside profit or loss
2.7
\u2013
2.7
17.0
\u2013
17.0
Fair value gain / loss on invest-
ments in equity instruments
designated as at
FVTOCI
23.7
\u2013
23.7
\u2013 1.2
\u2013
\u2013 1.2
Other comprehensive income
\u2013 111.2
10.5
\u2013 100.7
578.1
\u2013 100.3
477.8
In the period under review corporate income taxes in the amount of \u20ac 0.0 m were recognised directly in equity (previous year \u20ac \u2013 1.0 m). Deferred income taxes recognised directly in equity were not generated, as in theprior year. I n the case of cash and cash equivalents, current trade receivables, other financial assets, current trade payables and other financial liabilities the carrying amount approximates the fair value due to the short remaining term . The table below shows the reconciliation of the balance sheet items to the financial instrument categorie s by carrying amount and fair value of the financial instruments.
Carrying amounts and fair values according to classes and measurement categories according to IFRS 9 as at 30 Sep 2023
Category according to IFRS 9
Carrying amount At amortised cost Fair value with no Fair value with no Fair value Fair value of
effect on profit and effect on profit and through profit financial
\u20ac million loss without recycling loss with recycling and loss instruments
Assets
Trade receivables and other receivables
thereof instruments within the scope of IFRS 9
1,161.0
1,122.6
\u2013
\u2013
38.9
1,153.0
thereof instruments within the scope of IFRS 16
4.1
\u2013
\u2013
\u2013
\u2013
4.4
Derivative financial instruments
Hedging transactions
236.4
\u2013
\u2013
236.4
\u2013
236.4
Other derivative financial instruments
32.1
\u2013
\u2013
\u2013
32.1
32.1
Other financial assets
59.4
48.6
9.9
\u2013
0.9
57.3
Cash and cash equivalents
2,060.3
1,588.3
\u2013
\u2013
472.2
2,060.5
Liabilities
Financial liabilities
1,297.0
1,297.0
\u2013
\u2013
\u2013
1,120.1
Trade payables
3,373.7
3,374.7
\u2013
\u2013
\u2013
3,374.7
Derivative financial instruments
Hedging transactions
25.9
\u2013
\u2013
25.9
\u2013
25.9
Other derivative financial instruments
11.1
\u2013
\u2013
\u2013
11.1
11.1
Other financial liabilities
124.4
124.4
\u2013
\u2013
\u2013
124.4
Carrying amounts and fair values according to classes and measurement categories according to IFRS 9 as at 30 Sep 2022
Category according to IFRS 9
Carrying amount At amortised cost Fair value with no Fair value with no Fair value Fair value of
effect on profit and effect on profit and through profit financial
\u20ac million loss without recycling loss with recycling and loss instruments
Assets
Trade receivables and other receivables
thereof instruments within the scope of IFRS 9
1,133.8
1,027.3
\u2013
\u2013
106.5
1,124.5
thereof instruments within the scope of IFRS 16
9.6
\u2013
\u2013
\u2013
\u2013
9.9
Derivative financial instruments
Hedging transactions
124.4
\u2013
\u2013
124.4
\u2013
124.4
Other derivative financial instruments
134.7
\u2013
\u2013
\u2013
134.7
134.7
Other financial assets
96.4
85.9
9.6
\u2013
0.9
90.5
Cash and cash equivalents
1,736.9
1,736.9
\u2013
\u2013
\u2013
1,736.9
Liabilities
Financial liabilities
2,051.3
2,051.3
\u2013
\u2013
\u2013
1,656.7
Trade payables
3,316.5
3,316.5
\u2013
\u2013
\u2013
3,316.5
Derivative financial instruments
Hedging transactions
27.0
\u2013
\u2013
27.0
\u2013
27.0
Other derivative financial instruments
33.7
\u2013
\u2013
\u2013
33.7
33.7
Other financial liabilities
177.4
177.4
\u2013
\u2013
\u2013
177.4
The amounts shown in the column \u2018carrying amount\u2019 (as shown in the balance sheet) in the tables above can differ from those in the other columns of a particular row since the latter include all financial instruments. That is the latter columns include financial instruments which are part of disposal groups according to IFRS 5. In the balance sheet, financial instruments, which are part of a disposal group, are shown as separate items. If such financial instruments are included, further details on these financial instruments are explained in the sections \u2018Assets held for sale\u2019 and \u2018Liabilities related to assets held. The instruments measured at fair value through other comprehensive income within the other financial assets class are investments in companies based on medium to long-term strategic objectives. Recording all short- term fluctuations in the fair value in the income statement would not be in line withTUI Group\u2019s strategy; these equity instruments were therefore designated as fair value through OCI.
Aggregation according to measurement categories under IFRS 9 as at 30 Sep 2023
Carrying Fair Value
amount of
financial
instruments
\u20ac million To t a l
Financial assets
at amortised cost
2,759.5
3,221.1
at fair value \u2013 recognised directly in equity without recycling
9.9
9.9
at fair value \u2013 through profit and loss
544.1
544.1
Financial liabilities
at amortised cost
4,796.1
4,619.2
at fair value \u2013 through profit and loss
11.1
11.1
Aggregation according to measurement categories under IFRS 9 as at 30 Sep 2022
Carrying Fair Value
amount of
financial
instruments
\u20ac million Total
Financial assets
at amortised cost
2,850.1
2,834.9
at fair value \u2013 recognised directly in equity without recycling
9.6
9.6
at fair value \u2013 through profit and loss
242.1
242.1
Financial liabilities
at amortised cost
5,545.2
5,150.6
at fair value \u2013 through profit and loss
33.7
33.7
Hierarchy of financial instruments measured at fair value as at 30 Sep 2023
Fair value hierarchy
\u20ac million
To t a l
Level 1
Level 2
Level 3
Assets
Other receivables
38.9
\u2013
\u2013
38.9
Other financial assets
10.8
\u2013
\u2013
10.8
Derivative financial instruments
Hedging transactions
236.4
\u2013
236.4
\u2013
Other derivative financial instruments
32.1
\u2013
32.1
\u2013
Cash and cash equivalents
472.2
472.2
\u2013
\u2013
Liabilities
Derivative financial instruments
Hedging transactions
25.9
\u2013
25.9
\u2013
Other derivative financial instruments
11.1
\u2013
11.1
\u2013
Hierarchy of financial instruments measured at fair value as at 30 Sep 2022
Fair value hierarchy
\u20ac million
Total
Level 1
Level 2
Level 3
Assets
Other receivables
106.5
\u2013
\u2013
106.5
Other financial assets
10.5
\u2013
\u2013
10.5
Derivative financial instruments
Hedging transactions
124.4
\u2013
124.4
\u2013
Other derivative financial instruments
134.7
\u2013
134.7
\u2013
Liabilities
Derivative financial instruments
Hedging transactions
27.0
\u2013
27.0
\u2013
Other derivative financial instruments
33.7
\u2013
33.7
\u2013
At 30 September 2023, other receivables in accordance with IFRS 9 in Level 3 include a carrying amount of \u20ac 38.9 m (previous year \u20ac 106.5 m) for a variable purchase price receivable from the sale of Riu Hotels S. A. in the prior year, measured as a financial instrument in the category FVTPL. The fair value is determined using a probability calculation for the future gross operating profit, taking account of contractual entitlements to an additional purchase price demand and an appropriate risk-adjusted discount rate (4.25 % previous year 1.99 % until 2.87 %). Gross operating profit is defined as total revenue minus operating expenses
EFFECTS ON RESULTS
The effects of remeasuring the financial assets carried at fair value through OCI as well as the effective por
tions
of changes in fair values of derivatives designated as cash flow hedges are listed in the statement of chang
e s
in equity.
The net results of the financial instruments by measurement category according to
IFRS 9 are as follows:
Net results of financial instruments
2023
from interest
other
net result
\u20ac million net results
Financial assets
39.6
\u2013 49.2
\u2013 9.6
at amortised cost
35.4
\u2013 48.7
\u2013 13.3
at fair value through profit or loss
4.2
\u2013 0.5
3.7
Financial liabilities
\u2013 275.3
\u2013 158.9
\u2013 434.2
at amortised cost
\u2013 229.3
\u2013 119.7
\u2013 349.0
at fair value through profit or loss
\u2013 46.0
\u2013 39.2
\u2013 85.2
Total
\u2013 235.7
\u2013 208.1
\u2013 443.8
Net results of financial instruments
2022
from interest
other
net resul t
\u20ac million net results
Financial assets
1.4
202.9
204.3
at amortised cost
1.4
40.1
41.5
at fair value through profit or loss
\u2013
162.8
162.8
Financial liabilities
\u2013 256.7
\u2013 1.7
\u2013 258.4
at amortised cost
\u2013 256.7
\u2013 1.6
\u2013 258.3
at fair value through profit or loss
\u2013
\u2013 0.1
\u2013 0.1
Total
\u2013 255.3
201.2
\u2013 54.1
NETTING
Offsetting of financial assets
Financial assets and
liabilities not set off in the
balance sheet
Gross Gross Net amounts of Financial Collateral Net amount
amounts of amounts of financial assets set off, liabilities received
financial financial presented in the
assets liabilities set balance sheet
\u20ac million off
Financial assets
as at 30 Sep 2023
Derivative financial
assets
268.5
\u2013
268.5
37.0
\u2013
231.5
Cash and cash
equivalents
2,075.4
15.1
2,060.3
\u2013
\u2013
2,060.3
Financial assets
as at 30 Sep 2022
Derivative financial
assets
259.1
\u2013
259.1
32.9
\u2013
226.2
Cash and cash
equivalents
1,859.7
122.8
1,736.9
\u2013
\u2013
1,736.9
Offsetting of financial liabilities Financial assets and liabilities not set off in the balance sheet Gross Gross Net amounts of Financial Collateral Net amount amounts of amounts of financial liabilities set assets granted financial financial off, presented in the liabilities assets set balance sheet \u20ac million off Financial liabilities as at 30 Sep 2023 Derivative financial liabilities 37.0 \u2013 37.0 37.0 \u2013 \u2013 Financial liabilities 1,312.1 15.1 1,297.0 \u2013 \u2013 1,297.0 Financial liabilities as at 30 Sep 2022 Derivative financial liabilities 60.7 \u2013 60.7 32.9 \u2013 27.8 Financial liabilities 2,174.1 122.8 2,051.3 \u2013 \u20132,051.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-808": { "value": "(11) Taxes attributable to other comprehensive income
Tax effects relating to other comprehensive income
2023
2022
\u20ac million
Gross
Tax effect
Net
Gross
Tax effect
Net
Foreign exchange differences
\u2013 65.6
\u2013
\u2013 65.6
206.1
\u2013
206.1
Cash flow hedges
169.3
\u2013 37.1
132.2
110.7
\u2013 28.5
82.2
Remeasurements of benefit
obligations and related fund
assets
\u2013 241.3
47.6
\u2013 193.7
245.5
\u2013 71.8
173.7
Changes in the measurement
of companies measured at
equity outside profit or loss
2.7
\u2013
2.7
17.0
\u2013
17.0
Fair value gain / loss on invest-
ments in equity instruments
designated as at
FVTOCI
23.7
\u2013
23.7
\u2013 1.2
\u2013
\u2013 1.2
Other comprehensive income
\u2013 111.2
10.5
\u2013 100.7
578.1
\u2013 100.3
477.8
(12) Goodwill
Goodwill
\u20ac million
2023
2022
Historical cost
Balance as at 1 Oct
3,444.9
3,469.5
Exchange differences
2.2
\u2013 24.6
Disposals
\u2013 19.5
\u2013
Reclassification as assets held for sale
\u2013 2.3
\u2013
Balance as at 30 Sep
3,425.3
3,444.9
Impairment
Balance as at 1 Oct
\u2013 474.3
\u2013 476.4
Exchange differences
\u2013 1.8
2.1
Balance as at 30 Sep
\u2013 476.1
\u2013 474.3
Carrying amounts as at 30 Sep
2,949.2
2,970.6
The goodwill disposals relate to the sale of the operating business in Canada by the company Sunwing Travel Group Inc., Ontario, which is accounted for using the equity-method. The disposal is attributable to the Northern Region. In this context, we refer to section \u2018Significant associates\u2019. The reclassification of assets held for sale led to a reduction of goodwill of \u20ac 2.3 m and relate to the planned disposal of the Robinson Club Cabo Verde. Detailed information on acquisitions and divestments are presented under Acquisitions \u2013 Divestments. I n accordance with the provisions of IAS 21, goodwill allocated to the individual segments and sectors was recognised in the functional currency of the subsidiaries and subsequently translated when preparing the consolidated financial statements. Similar to the treatment of other differences from the translation of annual financial statements of foreign subsidiaries, differences due to exchange rate fluctuations between the exchange rate at the date of acquisition of the subsidiary and the exchange rate at the balance sheet date are taken directly to equity outside profit and loss and disclosed as a separate item . In financial year 2023, an increase in the carrying amount of goodwill of \u20ac 0.4 m (previous year reduction of \u20ac 22.5 m) resulted from foreign exchange differences.
Other intangible assets
Computer software
Brands, Internally Acquired Transport Customer Intangible assets in the To t a l
licenses and generated contracts base course of construction and
\u20ac million other rights Payments on account
Historical cost
Balance as at 1 Oct 2021
329.7
508.8
249.3
62.4
79.6
118.5
1,348.3
Exchange differences
4.7
\u2013 11.1
2.6
\u2013 1.4
0.7
\u2013 3.6
\u2013 8.1
Additions
0.1
10.0
12.5
\u2013
\u2013
112.6
135.2
Disposals
\u2013 0.2
\u2013 74.2
\u2013 17.5
\u2013
\u2013 0.3
\u2013 0.7
\u2013 92.9
Transfer
\u2013 0.3
26.6
12.7
\u2013
\u2013
\u2013 40.4
\u2013 1.4
Balance as at 30 Sep 2022
334.0
460.1
259.6
61.0
80.0
186.4
1,381.1
Exchange differences
\u2013 4.9
5.0
0.7
1.2
\u2013 0.2
2.6
4.4
Additions
16.9
15.7
11.1
\u2013
\u2013
137.2
180.9
Disposals
\u2013 2.0
\u2013 37.8
\u2013 34.5
\u2013
\u2013
\u2013 7.4
\u2013 81.7
Transfer
\u2013
106.5
13.7
\u2013
\u2013
\u2013 121.8
\u2013 1.6
Balance as at 30 Sep 2023
343.0
549.5
250.5
62.2
79.8
197.0
1,482.0
Other intangible assets
Computer software
Brands, Internally Acquired Transport Customer Intangible assets in the To t a l
licenses and generated contracts base course of construction and
\u20ac million other rights Payments on account
Amortisation and impairment
Balance as at 1 Oct 2021
\u2013 203.0
\u2013 342.7
\u2013 182.7
\u2013 49.7
\u2013 54.3
\u2013 17.3
\u2013 849.7
Exchange differences
1.9
9.3
\u2013 2.6
1.2
0.1
0.1
10.0
Amortisation for the current year
\u2013 15.9
\u2013 64.5
\u2013 30.3
\u2013 2.5
\u2013 5.4
\u2013
\u2013 118.6
Impairment for the current year
\u2013
\u2013
\u2013 7.3
\u2013
\u2013
\u2013 0.6
\u2013 7.9
Reversal of impairments
\u2013
\u2013
\u2013
\u2013
\u2013
0.1
0.1
Disposals
0.2
74.1
17.4
\u2013
0.3
0.6
92.6
Transfer
0.2
\u2013 1.8
\u2013 1.1
\u2013
\u2013
2.7
\u2013
Balance as at 30 Sep 2022
\u2013 216.6
\u2013 325.6
\u2013 206.6
\u2013 51.0
\u2013 59.3
\u2013 14.4
\u2013 873.5
Exchange differences
\u2013 0.7
\u2013 3.3
\u2013 0.7
\u2013 1.0
\u2013 0.2
0.2
\u2013 5.7
Amortisation for the current year
\u2013 14.4
\u2013 58.6
\u2013 29.0
\u2013 2.4
\u2013 3.5
\u2013
\u2013 107.9
Impairment for the current year
\u2013
\u2013 37.1
\u2013 1.6
\u2013
\u2013
\u2013 1.0
\u2013 39.7
Disposals
2.0
37.8
34.5
\u2013
\u2013
7.4
81.7
Transfer
\u2013
\u2013
0.2
\u2013
\u2013
\u2013 0.2
\u2013
Balance as at 30 Sep 2023
\u2013 228.7
\u2013 386.8
\u2013 203.1
\u2013 54.4
\u2013 63.0
\u2013 8.0
\u2013 944.0
Carrying amounts as at 30 Sep 2022
117.4
134.5
53.0
10.0
20.7
172.0
507.6
Carrying amounts as at 30 Sep 2023
114.3
162.7
47.4
7.8
16.8
189.0
538.0
Property, plant and equipment
Hotels incl. land
Other buildings
Aircraft
Cruise ships
Other plant, operating and
Assets under Payments To t a l
\u20ac million and land office equipment construction on account
Balance as at 1 Oct 2021
2,350.4
183.5
285.3
692.1
1,172.5
134.6
259.2
5,077.6
Exchange differences
118.5
26.2
39.3
\u2013 15.9
37.9
25.2
20.8
252.0
Additions
34.7
0.2
150.7
\u2013
32.9
184.2
57.1
459.8
Disposals
\u2013 8.0
\u2013 4.5
\u2013 51.9
\u2013 16.5
\u2013 23.4
\u2013 0.3
\u2013 157.9
\u2013 262.5
Transfer to assets held for sale
\u2013
\u2013 4.9
\u2013
\u2013
\u2013 0.6
\u2013
\u2013
\u2013 5.5
Transfer
98.9
\u2013
98.7
35.2
46.6
\u2013 173.0
\u2013 66.5
39.9
Balance as at 30 Sep 2022
2,594.5
200.5
522.1
694.9
1,265.9
170.7
112.7
5,561.3
Exchange differences
\u2013 9.1
1.8
\u2013 22.2
12.8
\u2013 8.3
\u2013 4.7
\u2013 7.6
\u2013 37.3
Acquisitions
\u2013
\u2013
\u2013
\u2013
0.2
\u2013
\u2013
0.2
Additions
68.3
0.2
52.9
\u2013
66.1
189.6
106.2
483.3
Disposals
\u2013 57.8
\u2013 0.1
\u2013 68.3
\u2013 1.0
\u2013 101.8
\u2013 0.3
\u2013 36.6
\u2013 265.9
Transfer to assets held for sale
\u2013 76.0
0.3
\u2013 31.8
\u2013 0.2
\u2013 12.8
\u2013 10.6
\u2013
\u2013 131.1
Transfer
206.8
\u2013 151.9
162.2
86.2
63.3
\u2013 192.8
\u2013 14.8
159.0
Balance as at 30 Sep 2023
2,726.7
50.8
614.9
792.7
1,272.6
151.9
159.9
5,769.5
Property, plant and equipment
Hotels incl. land
Other buildings
Aircraft
Cruise ships
Other plant, operating and
Assets under Payments To t a l
\u20ac million and land office equipment construction on account
Depreciation and impairment
Balance as at 1 Oct 2021
\u2013 674.6
\u2013 18.0
\u2013 158.2
\u2013 245.8
\u2013 820.8
\u2013
\u2013 0.9
\u2013 1,918.3
Exchange differences
\u2013 34.1
0.9
\u2013 8.9
7.3
\u2013 22.2
\u2013
\u2013 0.1
\u2013 57.1
Depreciation for the current year
\u2013 59.1
\u2013 1.4
\u2013 27.9
\u2013 59.7
\u2013 82.5
\u2013
\u2013
\u2013 230.6
Impairment for the current year
\u2013 53.0
\u2013
\u2013
\u2013
\u2013 4.2
\u2013
\u2013
\u2013 57.2
Reversal of impairment losses
19.4
\u2013
\u2013
15.2
\u2013
\u2013
\u2013
34.6
Disposals
7.7
1.9
38.0
16.5
23.1
\u2013
\u2013
87.2
Transfer to assets held for sale
\u2013
2.2
\u2013
\u2013
0.5
\u2013
\u2013
2.7
Transfer
0.1
\u2013
\u2013 22.8
\u2013
1.0
\u2013
\u2013
\u2013 21.7
Balance as at 30 Sep 2022
\u2013 793.6
\u2013 14.4
\u2013 179.8
\u2013 266.5
\u2013 905.1
\u2013
\u2013 1.0
\u2013 2,160.4
Exchange differences
6.0
\u2013
4.4
\u2013 5.2
4.5
\u2013
\u2013
9.7
Depreciation for the current year
\u2013 67.7
\u2013 1.2
\u2013 40.8
\u2013 63.5
\u2013 86.9
\u2013
\u2013
\u2013 260.1
Impairment for the current year
\u2013 13.3
\u2013
\u2013 0.6
\u2013
\u2013 0.1
\u2013
\u2013
\u2013 14.0
Reversals of impairment losses
16.4
\u2013
\u2013
11.6
\u2013
\u2013
\u2013
28.0
Disposals
57.6
\u2013
34.7
0.4
101.1
\u2013
\u2013
193.8
Transfer to assets held for sale
4.0
\u2013
0.8
\u2013
5.6
\u2013
\u2013
10.4
Transfer
0.2
2.1
\u2013 92.1
0.1
\u2013 6.9
\u2013
\u2013
\u2013 96.6
Balance as at 30 Sep 2023
\u2013 790.4
\u2013 13.5
\u2013 273.4
\u2013 323.1
\u2013 887.8
\u2013
\u2013 1.0
\u2013 2,289.2
Carrying amounts as at 30 Sep 2022
1,800.9
186.1
342.3
428.4
360.8
170.7
111.7
3,400.9
Carrying amounts as at 30 Sep 2023
1,936.3
37.3
341.5
469.6
384.8
151.9
158.9
3,480.3
Continued from previous page
Right-of-use assets
Aircraft and Hotels
Travel agencies
Buildings
Cruise ships
Other
To t a l
\u20ac million engines
Historical cost
Balance as at 1 Oct 2021
3,323.4
497.5
233.1
184.3
232.9
84.6
4,555.8
Exchanges differences
454.2
\u2013 2.4
\u2013 0.3
3.0
\u2013 5.0
\u2013 0.1
449.4
Additions
142.0
\u2013
6.3
4.8
0.5
2.6
156.2
Revaluations and modifications
57.1
\u2013 12.9
15.2
\u2013 5.7
\u2013 1.5
\u2013 0.8
51.4
Disposals
\u2013 63.2
\u2013 15.0
\u2013 10.5
\u2013 4.2
\u2013 0.5
\u2013 4.0
\u2013 97.4
Transfer
\u2013 33.4
\u2013
0.3
0.9
\u2013 0.3
\u2013 0.1
\u2013 32.6
Balance as at 30 Sep 2022
3,880.1
467.2
244.1
183.1
226.1
82.2
5,082.8
Exchanges differences
\u2013 214.5
\u2013 10.1
2.0
\u2013 2.4
6.6
\u2013 0.2
\u2013 218.6
Additions
112.1
10.5
14.8
6.0
144.1
23.1
310.6
Revaluations and modifications
84.8
13.5
20.8
7.2
\u2013 1.0
0.6
125.9
Disposals
\u2013 115.1
\u2013 45.4
\u2013 18.0
\u2013 2.7
\u2013
\u2013 5.0
\u2013 186.2
Transfer
\u2013 143.4
\u2013
\u2013 0.2
\u2013 0.2
\u2013
\u2013 7.5
\u2013 151.3
Balance as at 30 Sep 2023
3,604.0
435.7
263.5
191.0
375.8
93.2
4,963.2
Depreciation and impairment
Balance as at 1 Oct 2021
\u2013 1,055.5
\u2013 181.2
\u2013 116.3
\u2013 70.5
\u2013 87.4
\u2013 35.7
\u2013 1,546.6
Exchange differences
\u2013 184.2
1.6
0.9
\u2013 0.1
2.6
\u2013
\u2013 179.2
Depreciation for the current year
\u2013 365.0
\u2013 59.8
\u2013 37.7
\u2013 21.4
\u2013 16.0
\u2013 10.7
\u2013 510.6
Impairment for the current year
\u2013
\u2013 4.4
\u2013 3.4
\u2013
\u2013 1.0
\u2013
\u2013 8.8
Reversals of impairments loses
0.6
13.2
2.0
\u2013
\u2013
\u2013
15.8
Disposals
63.2
15.1
10.5
3.5
0.5
4.0
96.8
Transfer
22.4
\u2013
\u2013
0.1
\u2013
\u2013 1.2
21.3
Balance as at 30 Sep 2022
\u2013 1,518.5
\u2013 215.5
\u2013 144.0
\u2013 88.4
\u2013 101.3
\u2013 43.6
\u2013 2,111.3
Exchange differences
94.5
5.7
\u2013 1.3
1.0
\u2013 1.9
0.2
98.2
Depreciation for the current year
\u2013 325.7
\u2013 45.2
\u2013 37.2
\u2013 21.5
\u2013 18.8
\u2013 9.6
\u2013 458.0
Impairment for the current year
\u2013
\u2013 11.8
\u2013 2.2
\u2013
\u2013
\u2013
\u2013 14.0
Reversals of impairments losses
\u2013
5.3
1.3
\u2013
\u2013
\u2013
6.6
Disposals
115.1
38.8
18.2
2.6
\u2013
5.1
179.8
Transfer
93.6
\u2013
0.3
0.4
\u2013
4.6
98.9
Balance as at 30 Sep 2023
\u2013 1,541.0
\u2013 222.7
\u2013 164.9
\u2013 105.9
\u2013 122.0
\u2013 43.3
\u2013 2,199.8
Carrying amounts as at 30 Sep 2022
2,361.6
251.7
100.1
94.7
124.8
38.6
2,971.5
Carrying amounts as at 30 Sep 2023
2,063.0
213.0
98.6
85.1
253.8
49.9
2,763.4
(26) Revenue reserves In the completed financial year, TUI AG did not pay a dividend to its shareholders (previous year no dividend). The ongoing recording of existing equity-settled stock option plans resulted in a decrease in equity of \u20ac 0.0 m (previous year increase \u20ac 0.2 m) in the reporting period. Disclosures on these long-term incentive programmes are outlined in the section on Share-based payments in accordance with IFRS 2. Foreign exchange differences comprise differences from the translation of the financial statements of foreign subsidiaries as well as differences from the translation of goodwill denominated in foreign currencies The tables below show a reconciliation of the loan loss provisions for financial assets, measured at amortised cost, for which loan loss provisions are determined using the general approach or the simplified approach.
Change in risk provisions for financial assets measured at amortised cost in the classes advances
and loans, other receivables and assets and other financial assets
Stage 1 Stage 2 Stage 3 To t a l
12-month-
ECL
lifetime-
ECL
lifetime-
ECL
\u20ac million (not impaired) (impaired)
Risk provisioning as at 1 Oct 2021
27.6
14.3
\u2013
41.9
Addition of impairment on newly issued / acquired
financial assets
2.3
1.8
20.8
24.9
Transfer to stage 3 lifetime ECL (impaired)
\u2013 7.4
\u2013 12.8
20.2
\u2013
Unrequired impairments on financial assets
derecognised during the period and use of impairments
\u2013 15.9
\u2013
\u2013
\u2013 15.9
Risk provisioning as at 30 Sep 2022
6.6
3.3
41.0
50.9
Risk provisioning as at 1 Oct 2022
6.6
3.3
41.0
50.9
Addition of impairment on newly issued / acquired
financial assets
2.3
\u2013
\u2013
2.3
Transfer to stage 3 lifetime ECL (impaired)
\u2013
\u2013 1.5
1.5
\u2013
Unrequired impairments on financial assets
derecognised during the period and use of impairments
\u2013 1.4
\u2013 0.8
\u2013 3.1
\u2013 5.3
Removing specific bad debt allowance from
presentation
\u2013
\u2013
\u2013 39.0
\u2013 39.0
Change of models, risk parameters
\u2013 1.4
\u2013
\u2013
\u2013 1.4
Risk provisioning as at 30 Sep 2023
6.1
1.0
0.4
7.5
As at 30 September 2023, risk provisioning totals \u20ac 4.6 m (previous year \u20ac 19.8 m) for the other receivables and assets class and \u20ac 0.1 m (previous year \u20ac 0.5 m) for the other financial assets class as well as \u20ac 2.8 m (previous year \u20ac 30.6 m) for the advances and loans class. As at 30 September, 2023, one instrument in class other receivables and assets and ten instruments in class advances and loans were reported in stage 3 (previous year: three and eight instruments respectively in stage 3). There were no currency differences (previous year: no currency differences). The changes in the scope of consolidation had no material impact on risk provisioning (previous year: no changes). A transfer was made in the advances and loans class in the amount of \u20ac 1.5 m from stage 2 to stage 3 (previous year transfer from stage 1 to stage 3: \u20ac 6.6 m and transfer from stage 2 to stage 3:\u20ac 12.8 m). No transfer was made in the other receivables and assets class (previous year transfer from stage 1 to stage 3: \u20ac 0.8 m). In the current financial year in class advances and loans no material impairments have been used (previous year \u20ac 9.5 m). The models were adjusted with regard to the risk parameters used in terms of the loss rate in line with the macroeconomic market environment. This resulted in a lower risk provision of \u20ac 1.9 m (previous year: \u20ac 6.2 m).
Change in risk provisions for financial assets measured at amortised cost classified
as trade receivables
Lifetime ECL
\u20ac million simplified approach
Risk provisioning as at 1 Oct 2021
71.6
Exchange differences
0.7
Addition of impairment on newly issued / acquired financial assets
23.6
Other changes
1.3
Unrequired impairments on financial assets derecognised during the period and use of impairments
\u2013 37.7
Risk provisioning as at 30 Sep 2022
59.5
Risk provisioning as at 1 Oct 2022
59.5
Exchange differences
\u2013 0.3
Unrequired impairments on financial assets derecognised during the period
\u2013 9.4
Use of impairments
\u2013 4.8
Removing specific bad debt allowance from presentation
\u2013 41.9
Change of models, risk parameters
\u2013 1.0
Risk provisioning as at 30 Sep 2023
2.1
Change in risk provisions for financial assets measured at amortised cost classified
as lease receivables
Lifetime ECL
\u20ac million simplified approach
Risk provisioning as at 1 Oct 2021
0.3
Exchange differences
\u2013 0.3
Unrequired impairments on financial assets derecognised during the period and use of impairments
0.2
Risk provisioning as at 30 Sep 2022
0.2
Risk provisioning as at 1 Oct 2022
0.2
Unrequired impairments on financial assets derecognised during the period and use of impairments
\u2013 0.2
Risk provisioning as at 30 Sep 2023
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-726": { "value": "
(12) Goodwill
Goodwill
\u20ac million
2023
2022
Historical cost
Balance as at 1 Oct
3,444.9
3,469.5
Exchange differences
2.2
\u2013 24.6
Disposals
\u2013 19.5
\u2013
Reclassification as assets held for sale
\u2013 2.3
\u2013
Balance as at 30 Sep
3,425.3
3,444.9
Impairment
Balance as at 1 Oct
\u2013 474.3
\u2013 476.4
Exchange differences
\u2013 1.8
2.1
Balance as at 30 Sep
\u2013 476.1
\u2013 474.3
Carrying amounts as at 30 Sep
2,949.2
2,970.6
The goodwill disposals relate to the sale of the operating business in Canada by the company Sunwing Travel
Group Inc., Ontario, which is accounted for using the equity-method. The disposal is attributable to the
Northern Region. In this context, we refer to section \u2018Significant associates\u2019. The reclassification of assets
held for sale led to a reduction of goodwill of \u20ac 2.3 m and relate to the planned disposal of the Robinson Club
Cabo Verde. Detailed information on acquisitions and divestments are presented under Acquisitions \u2013
Divestments.
I n accordance with the provisions of
IAS 21, goodwill allocated to the individual segments and sectors was
recognised in the functional currency of the subsidiaries and subsequently translated when preparing the
consolidated financial statements. Similar to the treatment of other differences from the translation of
annual financial statements of foreign subsidiaries, differences due to exchange rate fluctuations between
the exchange rate at the date of acquisition of the subsidiary and the exchange rate at the balance sheet
date are taken directly to equity outside profit and loss and disclosed as a separate item . In financial year
2023, an increase in the carrying amount of goodwill of \u20ac 0.4 m (previous year reduction of \u20ac 22.5 m) resulted
from foreign exchange differences.
The following table presents a breakdown of goodwill by cash-generating unit (
CGU) at carrying amounts.
\u2018Other\u2019 consists of the two independent cash-generating units, Robinson, and Midnight International
( formerly Blue Diamond), which belong to the Hotels & Resorts segment.
Goodwill per cash-generating unit
\u20ac million
30 Sep 2023
30 Sep 2022
Northern Region
1,185.1
1,204.7
Central Region
502.4
502.5
Western Region
412.3
412.3
Riu
343.1
343.1
Marella Cruises
294.3
288.8
TUI Musement
167.3
171.4
Other
44.7
47.8
Total
2,949.2
2,970.6
As at 30 September 2023, an impairment test of capitalised goodwill was performed at the level of cash-
generating units. No impairments of capitalised goodwill were identified.
For all
CGUs, the recoverable amount was determined on the basis of fair value less costs of disposal, being
the higher value compared to the value in use. The fair value was calculated by discounting the expected
cashflows . This was based on the medium-term plan for the respective entity as at 30 September 2023.
Budgeted revenues and
EBIT margins are based on expectations with regard to the future business perfor-
mance. We refer to the section \u2018Key judgements, assumptions and estimates\u2019.
The discount rates are calculated as the weighted average cost of capital, taking account of country-specific
risks of the
CGU and based on external capital market information. The unchanged high weighted average
cost of capital reflects the current market situation.
The table below provides an overview of the parameters versus the previous financial year, underlying the
determination of the fair values per
CGU. As in the previous year, the EBIT margin has been adjusted for
deductions of centrally incurred costs. The table lists the
CGUs to which goodwill has been allocated:
Parameters for calculation of the recoverable amount as at 30 Sep 2023
Planning Growth EBIT Sustain- WACC Level Carrying Recov er-
period in rate margin able in % amount in able
years revenues in % p. a. growth \u20ac million amount in
in % p. a.
rate
4
in %
\u20ac million
Northern Region
3.00
13.2
1.9
0.5
11.60
3
641.7
2,221.4
Central Region
3.00
8.6
1.9
0.5
11.60
3
212.0
1,327.5
Western Region
3.00
6.2
2.3
0.5
11.60
3
180.5
673.6
Riu
3.00
4.8
29.5
1.0
9.05
3
2,391.3
3,238.3
Marella Cruises
3.00
4.6
12.1
1.0
10.70
3
828.0
956.1
TUI Musement
3.00
12.3
4.6
1.0
9.52
3
477.3
722.9
1.4 to 15.3 to 9.05 to 563.9 to 618.0 to
Other
3.00
3.0 20.0 1.0 10.33 3 746.0 810.2
1 Those are groups of CGUs
2 Planned growth rate in revenues in % in relation financial year 2025 to financial year 2026
3 EBIT-Margin for financial year 2026
4 Growth rate of expected net cash inflows
2
3
1
1
Parameters for calculation of the recoverable amount as at 30 Sep 2022
Planning Growth EBIT Sustain- WACC Level Carrying Recov er-
period in rate margin able in % amount in able
years revenues in % p. a. growth \u20ac million amount in
in % p. a.
rate
4
in %
\u20ac million
Northern Region
3.00
8.7
2.8
0.5
11.75
3
1,099.5
2,787.8
Central Region
3.00
4.1
2.5
0.5
11.75
3
\u2013 134.2
1,133.5
Western Region
3.00
4.1
2.1
0.5
11.75
3
471.1
786.2
Riu
3.00
8.8
30.5
1.0
8.55
3
2,279.8
3,107.2
Marella Cruises
3.00
0.7
11.0
1.0
10.57
3
722.6
1,081.5
TUI Musement
5.00
25.0
2.9
1.0
9.84
3
453.0
805.3
15.5 to 8.55 to 669.4 to 711.8 to
Other
3.00
2.3 to 4.3
21.3 1.0 9.21 3 812.3 956.0
1 Those are groups of CGUs
2 Planned growth rate in revenues in % in relation financial year 2024 to financial year 2025
3 EBIT margin for financial year 2025
4 Growth rate of expected net cash inflows
2
3
1
1
In view of the existing uncertainties regarding future business development, an analysis of sensitivities for the
main planning parameters was carried out. In the sector Markets & Airlines a risk premium of 2.1 % (previous
year 1.9 %) was added to the cost of capital. For further information we refer to \u2018Key judgements, assumptions
and estimates\u2019. The following table shows the effects of potential deviations in fair value in financial year 2023:
Sensitivities presenting potential changes of the recoverable amount
WACC WACC Sustainable Sustainable Cash inflow Cash inflow
+ 150
BPS
\u2013 150
BPS
growth rate growth rate + 15 % \u2013 15 %
\u20ac million \u20ac million
+ 50
BPS
\u2013 50
BPS
\u20ac million \u20ac million
Sensitivity analysis Markets & Airlines \u20ac million \u20ac million
Northern Region
\u2013 142.7
178.9
35.9
\u2013 32.8
333.2
\u2013 333.2
Central Region
\u2013 119.9
154.1
34.7
\u2013 31.7
203.1
\u2013 203.1
Western Region
\u2013 50.1
63.3
13.2
\u2013 11.9
101.0
\u2013 101.0
WACC WACC Sustainable Sustainable Cash inflow Cash inflow
+ 100
BPS
\u2013 100
BPS
growth rate growth rate + 10 % \u2013 10 %
\u20ac million \u20ac million
+ 50
BPS
\u2013 50
BPS
\u20ac million \u20ac million
Sensitivity analysis Cruises \u20ac million \u20ac million
Marella Cruises
1
\u2013 86.6
106.3
41.5
\u2013 37.5
95.6
\u2013 95.6
WACC WACC Sustainable Sustainable Cash inflow Cash inflow
+ 100
BPS
\u2013 100
BPS
growth rate growth rate + 10 % \u2013 10 %
\u20ac million \u20ac million
+ 50
BPS
\u2013 50 BPS \u20ac million \u20ac million
Sensitivity analysis Hotels & Resorts and TUI Musement \u20ac million \u20ac million
Riu
1
\u2013 388.8
500.6
202.9
\u2013 179.1
323.8
\u2013 323.8
TUI Musement
\u2013 79.2
100.3
40.1
\u2013 35.6
79.5
\u2013 79.5
Other
\u2013 67.2
to \u2013 75.7
86.2 to 93.8
34.4 to 36.8
\u2013 30.3 to \u2013 33.0
61.8 to 81.0
\u2013 61.8 to \u2013 81.0
1 Those are groups of CGUs
2 Sustainable growth rate of expected net cash inflows
2
2
2
2
2
2
The fair values determined in the sensitivity analysis would have led to an impairment requirement of
\u20ac 13.0 m in the
CGU Robinson and of \u20ac 11.6 m in the CGU Midnight International in the Hotels & Resorts
segment if the
WACC had increased by 100 basis points. A reduction in the Cash inflow by 10 % would result
in an impairment requirement of \u20ac 16.9 m in the
CGU Midnight International and of \u20ac 7.7 m in the CGU
Robinson. With the exception of the impairments presented in the Hotels & Resorts segment, the sensitivity
analysis did not reveal any further indications of an additional need for impairment losses.
In the financial year 2023 a study was carried out on the financial impact of climate related risks on the
business model of
TUI. The use of low-emission fuels and rising prices for emission certificates will lead to
significant financial charges, particularly for energy-intensive aviation operations in the Northern Region,
Western Region, and Central Region segments. The Cruises segment will also be impacted. In Hotels &
Resorts, the burden will be relatively low; in fact, the autonomous generation of energy, such as by means
of solar power, may even generate cost savings. In addition, physical risks from climate-related one-off
events such as storms or floods or long-term developments such as rising temperatures, mainly affecting
Hotels & Resorts, were taken into account. It is expected that the financial impact of these climate-related
risks are relatively low. The financial impact overall is especially dependent in as far these costs can be
passed on to customers. For further information on the impact of climate related risks on impairment test
refer to the section \u2018Key judgements, assumptions and estimates\u2019. The estimation of the financial impact are
particular uncertain with regard to the development of climate related risks, the price development for
alternative fuel and emission certificates and the willingness of customers, to bear these costs, amongst
others. Therefore, sensitivities of climate related risks and chances were calculated for especially impacted
energy intensive Markets & Airlines and Cruises segments. The sensitivity for climate related risks refers to
an increase of climate related costs by 50 %. The climate related chances relate to a decrease by 50 %.
The sensitivity on climate related risk would not have led to an impairment. The following table provides the
effects of the sensitivities on the fair value as of 30 September 2023.
Sensitivities presenting potential changes of the recoverable amount
Climate-related Climate-related
Sensitivity analysis Markets & Airlines risks chances
Northern Region
\u2013 160.0
160.0
Central Region
\u2013 59.0
59.0
Western Region
\u2013 90.0
90.0
Climate-related Climate-related
Sensitivit\u00e4tsanalyse Kreuzfahrten risks chances
Marella Cruises
*
\u2013 11.5
11.5
* Those are groups of CGUs
(13) Other intangible assets
The development of the line items of Other intangible assets in financial year 2023 is shown in the following
table.
Other intangible assets
Computer software
Brands, Internally Acquired Transport Customer Intangible assets in the To t a l
licenses and generated contracts base course of construction and
\u20ac million other rights Payments on account
Historical cost
Balance as at 1 Oct 2021
329.7
508.8
249.3
62.4
79.6
118.5
1,348.3
Exchange differences
4.7
\u2013 11.1
2.6
\u2013 1.4
0.7
\u2013 3.6
\u2013 8.1
Additions
0.1
10.0
12.5
\u2013
\u2013
112.6
135.2
Disposals
\u2013 0.2
\u2013 74.2
\u2013 17.5
\u2013
\u2013 0.3
\u2013 0.7
\u2013 92.9
Transfer
\u2013 0.3
26.6
12.7
\u2013
\u2013
\u2013 40.4
\u2013 1.4
Balance as at 30 Sep 2022
334.0
460.1
259.6
61.0
80.0
186.4
1,381.1
Exchange differences
\u2013 4.9
5.0
0.7
1.2
\u2013 0.2
2.6
4.4
Additions
16.9
15.7
11.1
\u2013
\u2013
137.2
180.9
Disposals
\u2013 2.0
\u2013 37.8
\u2013 34.5
\u2013
\u2013
\u2013 7.4
\u2013 81.7
Transfer
\u2013
106.5
13.7
\u2013
\u2013
\u2013 121.8
\u2013 1.6
Balance as at 30 Sep 2023
343.0
549.5
250.5
62.2
79.8
197.0
1,482.0
Other intangible assets
Computer software
Brands, Internally Acquired Transport Customer Intangible assets in the To t a l
licenses and generated contracts base course of construction and
\u20ac million other rights Payments on account
Amortisation and impairment
Balance as at 1 Oct 2021
\u2013 203.0
\u2013 342.7
\u2013 182.7
\u2013 49.7
\u2013 54.3
\u2013 17.3
\u2013 849.7
Exchange differences
1.9
9.3
\u2013 2.6
1.2
0.1
0.1
10.0
Amortisation for the current year
\u2013 15.9
\u2013 64.5
\u2013 30.3
\u2013 2.5
\u2013 5.4
\u2013
\u2013 118.6
Impairment for the current year
\u2013
\u2013
\u2013 7.3
\u2013
\u2013
\u2013 0.6
\u2013 7.9
Reversal of impairments
\u2013
\u2013
\u2013
\u2013
\u2013
0.1
0.1
Disposals
0.2
74.1
17.4
\u2013
0.3
0.6
92.6
Transfer
0.2
\u2013 1.8
\u2013 1.1
\u2013
\u2013
2.7
\u2013
Balance as at 30 Sep 2022
\u2013 216.6
\u2013 325.6
\u2013 206.6
\u2013 51.0
\u2013 59.3
\u2013 14.4
\u2013 873.5
Exchange differences
\u2013 0.7
\u2013 3.3
\u2013 0.7
\u2013 1.0
\u2013 0.2
0.2
\u2013 5.7
Amortisation for the current year
\u2013 14.4
\u2013 58.6
\u2013 29.0
\u2013 2.4
\u2013 3.5
\u2013
\u2013 107.9
Impairment for the current year
\u2013
\u2013 37.1
\u2013 1.6
\u2013
\u2013
\u2013 1.0
\u2013 39.7
Disposals
2.0
37.8
34.5
\u2013
\u2013
7.4
81.7
Transfer
\u2013
\u2013
0.2
\u2013
\u2013
\u2013 0.2
\u2013
Balance as at 30 Sep 2023
\u2013 228.7
\u2013 386.8
\u2013 203.1
\u2013 54.4
\u2013 63.0
\u2013 8.0
\u2013 944.0
Carrying amounts as at 30 Sep 2022
117.4
134.5
53.0
10.0
20.7
172.0
507.6
Carrying amounts as at 30 Sep 2023
114.3
162.7
47.4
7.8
16.8
189.0
538.0
Internally generated computer software consists of computer programs for tourism applications exclusively used internally by the Group. Transport contracts relate to landing rights at airports in the UK purchased and measured during theacquisition of First Choice Holidays Plc in 2007. The intangible assets in the course of construction amounted to \u20ac 189.0 m as at 30 September 2023 (previous year \u20ac 172.0 m). The impairments recognised for the financial year under review totalled \u20ac 39.7 m (previous year \u20ac 7.9 m). Impairments of \u20ac 37.1 m are mainly attributable to an adjusted strategy in the digital transformation in the Markets & Airline business, which resulted in impairment charges on internally generated computer software in \u2018All other segments\u2019. In the previous year, Impairment charges of \u20ac 6.7 m related primarily to purchased computer software and were due to restructuring. Due to changes in our strategy and delays in the digital transformation, the useful lives of a number of softwaresolutions were reviewed, with the result to extend the useful lives of the affected software systems, which reduced the amortization by \u20ac 3.8 m in the financial year under review. We expect a decrease of amortization of \u20ac 2.6 m for the financial year 2024 and of \u20ac 0.6 m for the financial year 2025 compared with the amount that would have been charged before the change in useful life. The extension of the useful life beyond the previous end of useful life will lead to an increase in amortisation of \u20ac 5.4 m for financial year 2026 and of \u20ac 2.2 m for financial year 2027. In the previous year, due to a change in strategy with a focus on key strategic elements and delays in the digital transformation, the useful lives of various software solutions in the Markets & Airline segment had been revised. Due to the revision the useful life of the affected software systems were extended which reduced the amortisation by \u20ac 8.6 m in the previous year. In addition to TUI Group\u2019s significant associates and joint ventures, TUI AG has interests in other associates and joint ventures accounted for under the equity-method, which individually are not considered to be of material significance. The tables below provide information on TUI Group\u2019s share of the earnings figures shown for the major associates and joint ventures as well as the aggregated amount of the share of profit / loss, other comprehensive income and total comprehensive income for the immaterial associates and joint ventures.
Share of financial information of material and other associates
Midnight Pep Toni Midnight Other immaterial Associates total
International Hotels S. A., Canada Inc., associates
Holdings Limited, Palma, Spain Toronto, Canada
Toronto, Canada
\u20ac million
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
TUI's share
of
Profit / loss
30.8
49.6
0.4
\u2013
112.8
*
\u2013 46.2
2.2
4.2
146.2
7.6
Other com-
prehensive
income / loss
\u2013 15.0
29.9
\u2013
\u2013
7.4
\u2013 3.2
\u2013 1.1
\u2013 2.2
\u2013 8.7
24.5
Total
comprehen-
sive income /
loss
15.8
79.5
0.4
\u2013
120.2
\u2013 49.4
1.1
2.0
137.5
32.1
* The share of result includes TUI\u2019s share of the result of Midnight Canada Inc. and the expenses for the realisation of foreign exchange
differences and for the derecognition of goodwill due to the sale of Sunwing\u2019s operating business, included in the result of investments
in joint ventures and associates.
Share of financial information of material and other joint ventures
Grupotel dos S. A., TUI Cruises GmbH, Other immaterial Joint ventures total
Can Picafort, Spain Hamburg, Germany joint ventures
\u20ac million
2023
2022
2023
2022
2023
2022
2023
2022
TUI\u2019s share of
Profit / loss
13.7
9.4
174.2
41.4
73.1
42.3
261.0
93.1
Other comprehensive income / loss
\u2013
0.1
1.2
18.6
\u2013 27.5
\u2013 2.0
\u2013 26.3
16.7
Total comprehensive income / loss
13.7
9.5
175.4
60.0
45.6
40.3
234.7
109.8
Net assets of the material associates
Midnight International Midnight Canada Inc., Pep Toni Hotels S. A.,
Holdings Limited, Toronto, Canada Palma, Spain
\u20ac million Toronto, Canada
Net assets as at 1 Oct 2021
280.0
\u2013 132.0
\u2013
Foreign exchange effects
61.0
\u2013 16.0
\u2013
Profit / loss
101.3
\u2013 94.2
\u2013
Net assets as at 30 Sep 2022
442.3
\u2013 242.2
\u2013
Other comprehensive income
\u2013
2.6
\u2013
Foreign exchange effects
\u2013 30.6
19.3
\u2013
Capital increase / decrease
\u2013 33.9
\u2013
150.1
Profit / loss
62.9
345.0
0.8
Consolidation effects
28.7
\u2013 28.7
\u2013
Net assets as at 30 Sep 2023
469.4
96.0
150.9
Reconciliation to the carrying amount of the associates in the Group balance sheet
Midnight Midnight Pep Toni Other Associates
International Canada Inc., Hotels S. A., immaterial total
Holdings Toronto, Palma, associates
Limited, Canada Spain
Toronto,
\u20ac million Canada
Share of TUI in % as at 30 Sep 2022
49.0
49.0
\u2013
n. a.
n. a.
TUI's share of the net assets
as at 30 Sep 2022
216.8
\u2013 118.5
\u2013
28.2
126.5
Goodwill as at 30 Sep 2022
7.6
49.3
\u2013
5.0
61.9
Unrecognised share of losses
\u2013
\u2013
\u2013
1.1
1.1
Impairment of carrying amounts
\u2013
\u2013
\u2013
\u2013
\u2013
Carrying amount as at 30 Sep 2022
224.4
\u2013 69.2
\u2013
34.3
189.5
Share of TUI in % as at 30 Sep 2023
49.0
49.0
49.0
n. a.
n. a.
TUI's share of the net assets
as at 30 Sep 2023
230.0
46.9
73.9
33.0
383.8
Goodwill as at 30 Sep 2023
7.1
\u2013
\u2013
1.4
8.5
Unrecognised share of losses
\u2013
\u2013
\u2013
2.7
2.7
Impairment of carrying amounts
\u2013
\u2013
\u2013
\u2013
\u2013
Carrying amount as at 30 Sep 2023
237.1
46.9
73.9
37.1
395.0
Net assets of the material joint ventures
Grupotel dos S. A., TUI Cruises GmbH,
\u20ac million Can Picafort, Spain Hamburg, Germany
Net assets as at 1 Oct 2021
96.2
565.1
Profit / loss
18.8
82.8
Other comprehensive income
0.2
37.3
Net assets as at 30 Sep 2022
115.2
685.2
Profit / loss
27.4
348.4
Other comprehensive income
\u2013
2.4
Dividends payable
\u2013 12.0
\u2013
Net assets as at 30 Sep 2023
130.6
1,036.0
Reconciliation to the carrying amount of the joint ventures in the consolidated balance sheet
Grupotel TUI Cruises Other Joint ventures
dos S. A., GmbH, immaterial total
Can Picafort, Hamburg, joint ventures
\u20ac million Spain Germany
Share of TUI in % as at 30 Sep 2022
50.0
50.0
n. a.
n. a.
TUI's share of the net assets as at 30 Sep 2022
57.6
342.6
208.4
608.6
Goodwill as at 30 Sep 2022
\u2013
\u2013
15.5
15.5
Unrecognised share of losses
\u2013
\u2013
7.3
7.3
Impairment of carrying amounts
\u2013
\u2013
\u2013 35.5
\u2013 35.5
Carrying amount as at 30 Sep 2022
57.6
342.6
195.7
595.9
Share of TUI in % as at 30 Sep 2023
50.0
50.0
n. a.
n. a.
TUI's share of the net assets as at 30 Sep 2023
65.3
518.0
224.2
807.5
Goodwill as at 30 Sep 2023
\u2013
\u2013
11.7
11.7
Unrecognised share of losses
\u2013
\u2013
12.3
12.3
Impairment of carrying amounts
\u2013
\u2013
\u2013 28.3
\u2013 28.3
Carrying amount as at 30 Sep 2023
65.3
518.0
219.9
803.2
IMPAIRMENT OF THE CARRYING AMOUNTS OF ASSOCIATES AND JOINT VENTURES Due to the increase in the interest rates, the effects of Russia\u2019s war of aggression against Ukraine an d general price inflation a risk assessment was performed if indicators for impairments exist. If this was th e case the carrying amounts of the respective associates and joint ventures concerned were subsequentl y tested for impairment. In addition all carrying amounts of associates and joint ventures which have bee n impaired in before were tested for reversals of impairment. All impairment tests used the business plan o f the respective joint venture or associate. Based on these business plans, the recoverable amount wascalculated by discounting future net cash flows. In all cases the fair value less cost to sell was higher than th e value in use. Level 3 inputs of fair value hierarchy were used in the calculations. The shares in the joint venture WOT Hotels Adriatic Asset Company d. o. o. are held for sale. An impairment loss of \u20ac 7.6 m recognised in 2020 was reversed. A further reversal of an impairment loss of \u20ac 0.3 m and the recognition of an impairment loss of \u20ac 0.7 m related to joint ventures in Central Region. The shares in the associated company Raiffeisen-Tours RT-Reisen GmbH intended for sale were written down by \u20ac 1.8 m. In all other respects, the parameters used were identical with those used for the goodwill impairment test in Hotels & Resorts (Note 12). UNRECOGNISED LOSSES BY ASSOCIATES AND JOINT VENTURES As at the end of the financial year under review, accumulated unrecognised losses of joint ventures amounted to \u20ac 12.3 m (previous year \u20ac 7.3 m). In the period under review, unrecognised losses relating to WOT Hotels Vietnam rose by \u20ac 4.2 m to \u20ac 11.1 m, while unrecognised losses relating to Abou Soma for Hotels S. A. E. grew by \u20ac 0.8 m to \u20ac 1.1 m. Accumulated unrecognised losses by associates of \u20ac 2.7 m (previous year \u20ac 1.1 m) related to Ahungalla Resorts Limited. Recognition of additional losses would have resulted in the carrying amounts falling to below nil. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-711": { "value": "(12) Goodwill
Goodwill
\u20ac million
2023
2022
Historical cost
Balance as at 1 Oct
3,444.9
3,469.5
Exchange differences
2.2
\u2013 24.6
Disposals
\u2013 19.5
\u2013
Reclassification as assets held for sale
\u2013 2.3
\u2013
Balance as at 30 Sep
3,425.3
3,444.9
Impairment
Balance as at 1 Oct
\u2013 474.3
\u2013 476.4
Exchange differences
\u2013 1.8
2.1
Balance as at 30 Sep
\u2013 476.1
\u2013 474.3
Carrying amounts as at 30 Sep
2,949.2
2,970.6
The goodwill disposals relate to the sale of the operating business in Canada by the company Sunwing Travel Group Inc., Ontario, which is accounted for using the equity-method. The disposal is attributable to the Northern Region. In this context, we refer to section \u2018Significant associates\u2019. The reclassification of assets held for sale led to a reduction of goodwill of \u20ac 2.3 m and relate to the planned disposal of the Robinson Club Cabo Verde. Detailed information on acquisitions and divestments are presented under Acquisitions \u2013 Divestments. I n accordance with the provisions of IAS 21, goodwill allocated to the individual segments and sectors was recognised in the functional currency of the subsidiaries and subsequently translated when preparing the consolidated financial statements. Similar to the treatment of other differences from the translation of annual financial statements of foreign subsidiaries, differences due to exchange rate fluctuations between the exchange rate at the date of acquisition of the subsidiary and the exchange rate at the balance sheet date are taken directly to equity outside profit and loss and disclosed as a separate item . In financial year 2023, an increase in the carrying amount of goodwill of \u20ac 0.4 m (previous year reduction of \u20ac 22.5 m) resulted from foreign exchange differences. The following table presents a breakdown of goodwill by cash-generating unit (CGU) at carrying amounts. \u2018Other\u2019 consists of the two independent cash-generating units, Robinson, and Midnight International ( formerly Blue Diamond), which belong to the Hotels & Resorts segment.
Goodwill per cash-generating unit
\u20ac million
30 Sep 2023
30 Sep 2022
Northern Region
1,185.1
1,204.7
Central Region
502.4
502.5
Western Region
412.3
412.3
Riu
343.1
343.1
Marella Cruises
294.3
288.8
TUI Musement
167.3
171.4
Other
44.7
47.8
Total
2,949.2
2,970.6
As at 30 September 2023, an impairment test of capitalised goodwill was performed at the level of cash- generating units. No impairments of capitalised goodwill were identified. For all CGUs, the recoverable amount was determined on the basis of fair value less costs of disposal, being the higher value compared to the value in use. The fair value was calculated by discounting the expected cashflows . This was based on the medium-term plan for the respective entity as at 30 September 2023. Budgeted revenues and EBIT margins are based on expectations with regard to the future business perfor- mance. We refer to the section \u2018Key judgements, assumptions and estimates\u2019. The discount rates are calculated as the weighted average cost of capital, taking account of country-specific risks of the CGU and based on external capital market information. The unchanged high weighted average cost of capital reflects the current market situation. The table below provides an overview of the parameters versus the previous financial year, underlying the determination of the fair values per CGU. As in the previous year, the EBIT margin has been adjusted for deductions of centrally incurred costs. The table lists theCGUs to which goodwill has been allocated:
Parameters for calculation of the recoverable amount as at 30 Sep 2023
Planning Growth EBIT Sustain- WACC Level Carrying Recov er-
period in rate margin able in % amount in able
years revenues in % p. a. growth \u20ac million amount in
in % p. a.
rate
4
in %
\u20ac million
Northern Region
3.00
13.2
1.9
0.5
11.60
3
641.7
2,221.4
Central Region
3.00
8.6
1.9
0.5
11.60
3
212.0
1,327.5
Western Region
3.00
6.2
2.3
0.5
11.60
3
180.5
673.6
Riu
3.00
4.8
29.5
1.0
9.05
3
2,391.3
3,238.3
Marella Cruises
3.00
4.6
12.1
1.0
10.70
3
828.0
956.1
TUI Musement
3.00
12.3
4.6
1.0
9.52
3
477.3
722.9
1.4 to 15.3 to 9.05 to 563.9 to 618.0 to
Other
3.00
3.0 20.0 1.0 10.33 3 746.0 810.2
1 Those are groups of CGUs
2 Planned growth rate in revenues in % in relation financial year 2025 to financial year 2026
3 EBIT-Margin for financial year 2026
4 Growth rate of expected net cash inflows
2 3 1 1
Parameters for calculation of the recoverable amount as at 30 Sep 2022
Planning Growth EBIT Sustain- WACC Level Carrying Recov er-
period in rate margin able in % amount in able
years revenues in % p. a. growth \u20ac million amount in
in % p. a.
rate
4
in %
\u20ac million
Northern Region
3.00
8.7
2.8
0.5
11.75
3
1,099.5
2,787.8
Central Region
3.00
4.1
2.5
0.5
11.75
3
\u2013 134.2
1,133.5
Western Region
3.00
4.1
2.1
0.5
11.75
3
471.1
786.2
Riu
3.00
8.8
30.5
1.0
8.55
3
2,279.8
3,107.2
Marella Cruises
3.00
0.7
11.0
1.0
10.57
3
722.6
1,081.5
TUI Musement
5.00
25.0
2.9
1.0
9.84
3
453.0
805.3
15.5 to 8.55 to 669.4 to 711.8 to
Other
3.00
2.3 to 4.3
21.3 1.0 9.21 3 812.3 956.0
1 Those are groups of CGUs
2 Planned growth rate in revenues in % in relation financial year 2024 to financial year 2025
3 EBIT margin for financial year 2025
4 Growth rate of expected net cash inflows
2 3 1 1 In view of the existing uncertainties regarding future business development, an analysis of sensitivities for themain planning parameters was carried out. In the sector Markets & Airlines a risk premium of 2.1 % (previousyear 1.9 %) was added to the cost of capital. For further information we refer to \u2018Key judgements, assumptionsand estimates\u2019. The following table shows the effects of potential deviations in fair value in financial year 2023:
Sensitivities presenting potential changes of the recoverable amount
WACC WACC Sustainable Sustainable Cash inflow Cash inflow
+ 150
BPS
\u2013 150
BPS
growth rate growth rate + 15 % \u2013 15 %
\u20ac million \u20ac million
+ 50
BPS
\u2013 50
BPS
\u20ac million \u20ac million
Sensitivity analysis Markets & Airlines \u20ac million \u20ac million
Northern Region
\u2013 142.7
178.9
35.9
\u2013 32.8
333.2
\u2013 333.2
Central Region
\u2013 119.9
154.1
34.7
\u2013 31.7
203.1
\u2013 203.1
Western Region
\u2013 50.1
63.3
13.2
\u2013 11.9
101.0
\u2013 101.0
WACC WACC Sustainable Sustainable Cash inflow Cash inflow
+ 100
BPS
\u2013 100
BPS
growth rate growth rate + 10 % \u2013 10 %
\u20ac million \u20ac million
+ 50
BPS
\u2013 50
BPS
\u20ac million \u20ac million
Sensitivity analysis Cruises \u20ac million \u20ac million
Marella Cruises
1
\u2013 86.6
106.3
41.5
\u2013 37.5
95.6
\u2013 95.6
WACC WACC Sustainable Sustainable Cash inflow Cash inflow
+ 100
BPS
\u2013 100
BPS
growth rate growth rate + 10 % \u2013 10 %
\u20ac million \u20ac million
+ 50
BPS
\u2013 50 BPS \u20ac million \u20ac million
Sensitivity analysis Hotels & Resorts and TUI Musement \u20ac million \u20ac million
Riu
1
\u2013 388.8
500.6
202.9
\u2013 179.1
323.8
\u2013 323.8
TUI Musement
\u2013 79.2
100.3
40.1
\u2013 35.6
79.5
\u2013 79.5
Other
\u2013 67.2
to \u2013 75.7
86.2 to 93.8
34.4 to 36.8
\u2013 30.3 to \u2013 33.0
61.8 to 81.0
\u2013 61.8 to \u2013 81.0
1 Those are groups of CGUs
2 Sustainable growth rate of expected net cash inflows
2 2 2 2 2 2 The fair values determined in the sensitivity analysis would have led to an impairment requirement of \u20ac 13.0 m in theCGU Robinson and of \u20ac 11.6 m in the CGU Midnight International in the Hotels & Resorts segment if the WACC had increased by 100 basis points. A reduction in the Cash inflow by 10 % would result in an impairment requirement of \u20ac 16.9 m in theCGU Midnight International and of \u20ac 7.7 m in the CGU Robinson. With the exception of the impairments presented in the Hotels & Resorts segment, the sensitivity analysis did not reveal any further indications of an additional need for impairment losses. In the financial year 2023 a study was carried out on the financial impact of climate related risks on the business model ofTUI. The use of low-emission fuels and rising prices for emission certificates will lead to significant financial charges, particularly for energy-intensive aviation operations in the Northern Region, Western Region, and Central Region segments. The Cruises segment will also be impacted. In Hotels & Resorts, the burden will be relatively low; in fact, the autonomous generation of energy, such as by means of solar power, may even generate cost savings. In addition, physical risks from climate-related one-off events such as storms or floods or long-term developments such as rising temperatures, mainly affecting Hotels & Resorts, were taken into account. It is expected that the financial impact of these climate-related risks are relatively low. The financial impact overall is especially dependent in as far these costs can be passed on to customers. For further information on the impact of climate related risks on impairment test refer to the section \u2018Key judgements, assumptions and estimates\u2019. The estimation of the financial impact are particular uncertain with regard to the development of climate related risks, the price development for alternative fuel and emission certificates and the willingness of customers, to bear these costs, amongst others. Therefore, sensitivities of climate related risks and chances were calculated for especially impacted energy intensive Markets & Airlines and Cruises segments. The sensitivity for climate related risks refers to an increase of climate related costs by 50 %. The climate related chances relate to a decrease by 50 %. The sensitivity on climate related risk would not have led to an impairment. The following table provides the effects of the sensitivities on the fair value as of 30 September 2023.
Sensitivities presenting potential changes of the recoverable amount
Climate-related Climate-related
Sensitivity analysis Markets & Airlines risks chances
Northern Region
\u2013 160.0
160.0
Central Region
\u2013 59.0
59.0
Western Region
\u2013 90.0
90.0
Climate-related Climate-related
Sensitivit\u00e4tsanalyse Kreuzfahrten risks chances
Marella Cruises
*
\u2013 11.5
11.5
* Those are groups of CGUs
In financial year 2023, TUI Group received dividends of \u20ac 22.6 m (previous year \u20ac 0.9 m) from its joint ventures
and dividends of \u20ac 3.9 m (previous year \u20ac 0.2 m) from its associates.
In addition to
TUI Group\u2019s significant associates and joint ventures, TUI AG has interests in other associates
and joint ventures accounted for under the equity-method, which individually are not considered to be of
material significance. The tables below provide information on
TUI Group\u2019s share of the earnings figures
shown for the major associates and joint ventures as well as the aggregated amount of the share of profit /
loss, other comprehensive income and total comprehensive income for the immaterial associates and joint
ventures.
Share of financial information of material and other associates
Midnight Pep Toni Midnight Other immaterial Associates total
International Hotels S. A., Canada Inc., associates
Holdings Limited, Palma, Spain Toronto, Canada
Toronto, Canada
\u20ac million
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
TUI's share
of
Profit / loss
30.8
49.6
0.4
\u2013
112.8
*
\u2013 46.2
2.2
4.2
146.2
7.6
Other com-
prehensive
income / loss
\u2013 15.0
29.9
\u2013
\u2013
7.4
\u2013 3.2
\u2013 1.1
\u2013 2.2
\u2013 8.7
24.5
Total
comprehen-
sive income /
loss
15.8
79.5
0.4
\u2013
120.2
\u2013 49.4
1.1
2.0
137.5
32.1
* The share of result includes TUI\u2019s share of the result of Midnight Canada Inc. and the expenses for the realisation of foreign exchange
differences and for the derecognition of goodwill due to the sale of Sunwing\u2019s operating business, included in the result of investments
in joint ventures and associates.
Share of financial information of material and other joint ventures
Grupotel dos S. A., TUI Cruises GmbH, Other immaterial Joint ventures total
Can Picafort, Spain Hamburg, Germany joint ventures
\u20ac million
2023
2022
2023
2022
2023
2022
2023
2022
TUI\u2019s share of
Profit / loss
13.7
9.4
174.2
41.4
73.1
42.3
261.0
93.1
Other comprehensive income / loss
\u2013
0.1
1.2
18.6
\u2013 27.5
\u2013 2.0
\u2013 26.3
16.7
Total comprehensive income / loss
13.7
9.5
175.4
60.0
45.6
40.3
234.7
109.8
Net assets of the material associates
Midnight International Midnight Canada Inc., Pep Toni Hotels S. A.,
Holdings Limited, Toronto, Canada Palma, Spain
\u20ac million Toronto, Canada
Net assets as at 1 Oct 2021
280.0
\u2013 132.0
\u2013
Foreign exchange effects
61.0
\u2013 16.0
\u2013
Profit / loss
101.3
\u2013 94.2
\u2013
Net assets as at 30 Sep 2022
442.3
\u2013 242.2
\u2013
Other comprehensive income
\u2013
2.6
\u2013
Foreign exchange effects
\u2013 30.6
19.3
\u2013
Capital increase / decrease
\u2013 33.9
\u2013
150.1
Profit / loss
62.9
345.0
0.8
Consolidation effects
28.7
\u2013 28.7
\u2013
Net assets as at 30 Sep 2023
469.4
96.0
150.9
Reconciliation to the carrying amount of the associates in the Group balance sheet
Midnight Midnight Pep Toni Other Associates
International Canada Inc., Hotels S. A., immaterial total
Holdings Toronto, Palma, associates
Limited, Canada Spain
Toronto,
\u20ac million Canada
Share of TUI in % as at 30 Sep 2022
49.0
49.0
\u2013
n. a.
n. a.
TUI's share of the net assets
as at 30 Sep 2022
216.8
\u2013 118.5
\u2013
28.2
126.5
Goodwill as at 30 Sep 2022
7.6
49.3
\u2013
5.0
61.9
Unrecognised share of losses
\u2013
\u2013
\u2013
1.1
1.1
Impairment of carrying amounts
\u2013
\u2013
\u2013
\u2013
\u2013
Carrying amount as at 30 Sep 2022
224.4
\u2013 69.2
\u2013
34.3
189.5
Share of TUI in % as at 30 Sep 2023
49.0
49.0
49.0
n. a.
n. a.
TUI's share of the net assets
as at 30 Sep 2023
230.0
46.9
73.9
33.0
383.8
Goodwill as at 30 Sep 2023
7.1
\u2013
\u2013
1.4
8.5
Unrecognised share of losses
\u2013
\u2013
\u2013
2.7
2.7
Impairment of carrying amounts
\u2013
\u2013
\u2013
\u2013
\u2013
Carrying amount as at 30 Sep 2023
237.1
46.9
73.9
37.1
395.0
Net assets of the material joint ventures
Grupotel dos S. A., TUI Cruises GmbH,
\u20ac million Can Picafort, Spain Hamburg, Germany
Net assets as at 1 Oct 2021
96.2
565.1
Profit / loss
18.8
82.8
Other comprehensive income
0.2
37.3
Net assets as at 30 Sep 2022
115.2
685.2
Profit / loss
27.4
348.4
Other comprehensive income
\u2013
2.4
Dividends payable
\u2013 12.0
\u2013
Net assets as at 30 Sep 2023
130.6
1,036.0
Reconciliation to the carrying amount of the joint ventures in the consolidated balance sheet
Grupotel TUI Cruises Other Joint ventures
dos S. A., GmbH, immaterial total
Can Picafort, Hamburg, joint ventures
\u20ac million Spain Germany
Share of TUI in % as at 30 Sep 2022
50.0
50.0
n. a.
n. a.
TUI's share of the net assets as at 30 Sep 2022
57.6
342.6
208.4
608.6
Goodwill as at 30 Sep 2022
\u2013
\u2013
15.5
15.5
Unrecognised share of losses
\u2013
\u2013
7.3
7.3
Impairment of carrying amounts
\u2013
\u2013
\u2013 35.5
\u2013 35.5
Carrying amount as at 30 Sep 2022
57.6
342.6
195.7
595.9
Share of TUI in % as at 30 Sep 2023
50.0
50.0
n. a.
n. a.
TUI's share of the net assets as at 30 Sep 2023
65.3
518.0
224.2
807.5
Goodwill as at 30 Sep 2023
\u2013
\u2013
11.7
11.7
Unrecognised share of losses
\u2013
\u2013
12.3
12.3
Impairment of carrying amounts
\u2013
\u2013
\u2013 28.3
\u2013 28.3
Carrying amount as at 30 Sep 2023
65.3
518.0
219.9
803.2
IMPAIRMENT OF THE CARRYING AMOUNTS OF ASSOCIATES AND JOINT VENTURES Due to the increase in the interest rates, the effects of Russia\u2019s war of aggression against Ukraine an d general price inflation a risk assessment was performed if indicators for impairments exist. If this was th e case the carrying amounts of the respective associates and joint ventures concerned were subsequentl y tested for impairment. In addition all carrying amounts of associates and joint ventures which have bee n impaired in before were tested for reversals of impairment. All impairment tests used the business plan o f the respective joint venture or associate. Based on these business plans, the recoverable amount wascalculated by discounting future net cash flows. In all cases the fair value less cost to sell was higher than th e value in use. Level 3 inputs of fair value hierarchy were used in the calculations. The shares in the joint venture WOT Hotels Adriatic Asset Company d. o. o. are held for sale. An impairment loss of \u20ac 7.6 m recognised in 2020 was reversed. A further reversal of an impairment loss of \u20ac 0.3 m and the recognition of an impairment loss of \u20ac 0.7 m related to joint ventures in Central Region. The shares in the associated company Raiffeisen-Tours RT-Reisen GmbH intended for sale were written down by \u20ac 1.8 m. In all other respects, the parameters used were identical with those used for the goodwill impairment test in Hotels & Resorts (Note 12). UNRECOGNISED LOSSES BY ASSOCIATES AND JOINT VENTURES As at the end of the financial year under review, accumulated unrecognised losses of joint ventures amounted to \u20ac 12.3 m (previous year \u20ac 7.3 m). In the period under review, unrecognised losses relating to WOT Hotels Vietnam rose by \u20ac 4.2 m to \u20ac 11.1 m, while unrecognised losses relating to Abou Soma for Hotels S. A. E. grew by \u20ac 0.8 m to \u20ac 1.1 m. Accumulated unrecognised losses by associates of \u20ac 2.7 m (previous year \u20ac 1.1 m) related to Ahungalla Resorts Limited. Recognition of additional losses would have resulted in the carrying amounts falling to below nil. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-20": { "value": "(13) Other intangible assets The development of the line items of Other intangible assets in financial year 2023 is shown in the following table.
Other intangible assets
Computer software
Brands, Internally Acquired Transport Customer Intangible assets in the To t a l
licenses and generated contracts base course of construction and
\u20ac million other rights Payments on account
Historical cost
Balance as at 1 Oct 2021
329.7
508.8
249.3
62.4
79.6
118.5
1,348.3
Exchange differences
4.7
\u2013 11.1
2.6
\u2013 1.4
0.7
\u2013 3.6
\u2013 8.1
Additions
0.1
10.0
12.5
\u2013
\u2013
112.6
135.2
Disposals
\u2013 0.2
\u2013 74.2
\u2013 17.5
\u2013
\u2013 0.3
\u2013 0.7
\u2013 92.9
Transfer
\u2013 0.3
26.6
12.7
\u2013
\u2013
\u2013 40.4
\u2013 1.4
Balance as at 30 Sep 2022
334.0
460.1
259.6
61.0
80.0
186.4
1,381.1
Exchange differences
\u2013 4.9
5.0
0.7
1.2
\u2013 0.2
2.6
4.4
Additions
16.9
15.7
11.1
\u2013
\u2013
137.2
180.9
Disposals
\u2013 2.0
\u2013 37.8
\u2013 34.5
\u2013
\u2013
\u2013 7.4
\u2013 81.7
Transfer
\u2013
106.5
13.7
\u2013
\u2013
\u2013 121.8
\u2013 1.6
Balance as at 30 Sep 2023
343.0
549.5
250.5
62.2
79.8
197.0
1,482.0
Other intangible assets
Computer software
Brands, Internally Acquired Transport Customer Intangible assets in the To t a l
licenses and generated contracts base course of construction and
\u20ac million other rights Payments on account
Amortisation and impairment
Balance as at 1 Oct 2021
\u2013 203.0
\u2013 342.7
\u2013 182.7
\u2013 49.7
\u2013 54.3
\u2013 17.3
\u2013 849.7
Exchange differences
1.9
9.3
\u2013 2.6
1.2
0.1
0.1
10.0
Amortisation for the current year
\u2013 15.9
\u2013 64.5
\u2013 30.3
\u2013 2.5
\u2013 5.4
\u2013
\u2013 118.6
Impairment for the current year
\u2013
\u2013
\u2013 7.3
\u2013
\u2013
\u2013 0.6
\u2013 7.9
Reversal of impairments
\u2013
\u2013
\u2013
\u2013
\u2013
0.1
0.1
Disposals
0.2
74.1
17.4
\u2013
0.3
0.6
92.6
Transfer
0.2
\u2013 1.8
\u2013 1.1
\u2013
\u2013
2.7
\u2013
Balance as at 30 Sep 2022
\u2013 216.6
\u2013 325.6
\u2013 206.6
\u2013 51.0
\u2013 59.3
\u2013 14.4
\u2013 873.5
Exchange differences
\u2013 0.7
\u2013 3.3
\u2013 0.7
\u2013 1.0
\u2013 0.2
0.2
\u2013 5.7
Amortisation for the current year
\u2013 14.4
\u2013 58.6
\u2013 29.0
\u2013 2.4
\u2013 3.5
\u2013
\u2013 107.9
Impairment for the current year
\u2013
\u2013 37.1
\u2013 1.6
\u2013
\u2013
\u2013 1.0
\u2013 39.7
Disposals
2.0
37.8
34.5
\u2013
\u2013
7.4
81.7
Transfer
\u2013
\u2013
0.2
\u2013
\u2013
\u2013 0.2
\u2013
Balance as at 30 Sep 2023
\u2013 228.7
\u2013 386.8
\u2013 203.1
\u2013 54.4
\u2013 63.0
\u2013 8.0
\u2013 944.0
Carrying amounts as at 30 Sep 2022
117.4
134.5
53.0
10.0
20.7
172.0
507.6
Carrying amounts as at 30 Sep 2023
114.3
162.7
47.4
7.8
16.8
189.0
538.0
Internally generated computer software consists of computer programs for tourism applications exclusively used internally by the Group. Transport contracts relate to landing rights at airports in the UK purchased and measured during theacquisition of First Choice Holidays Plc in 2007. The intangible assets in the course of construction amounted to \u20ac 189.0 m as at 30 September 2023 (previous year \u20ac 172.0 m). The impairments recognised for the financial year under review totalled \u20ac 39.7 m (previous year \u20ac 7.9 m). Impairments of \u20ac 37.1 m are mainly attributable to an adjusted strategy in the digital transformation in the Markets & Airline business, which resulted in impairment charges on internally generated computer software in \u2018All other segments\u2019. In the previous year, Impairment charges of \u20ac 6.7 m related primarily to purchased computer software and were due to restructuring. Due to changes in our strategy and delays in the digital transformation, the useful lives of a number of softwaresolutions were reviewed, with the result to extend the useful lives of the affected software systems, which reduced the amortization by \u20ac 3.8 m in the financial year under review. We expect a decrease of amortization of \u20ac 2.6 m for the financial year 2024 and of \u20ac 0.6 m for the financial year 2025 compared with the amount that would have been charged before the change in useful life. The extension of the useful life beyond the previous end of useful life will lead to an increase in amortisation of \u20ac 5.4 m for financial year 2026 and of \u20ac 2.2 m for financial year 2027. In the previous year, due to a change in strategy with a focus on key strategic elements and delays in the digital transformation, the useful lives of various software solutions in the Markets & Airline segment had been revised. Due to the revision the useful life of the affected software systems were extended which reduced the amortisation by \u20ac 8.6 m in the previous year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-744": { "value": "
(14) Property, plant and equipment
The table below presents the development of the individual items of property, plant and equipment in financial
year 2023.
Property, plant and equipment
Hotels incl. land
Other buildings
Aircraft
Cruise ships
Other plant, operating and
Assets under Payments To t a l
\u20ac million and land office equipment construction on account
Balance as at 1 Oct 2021
2,350.4
183.5
285.3
692.1
1,172.5
134.6
259.2
5,077.6
Exchange differences
118.5
26.2
39.3
\u2013 15.9
37.9
25.2
20.8
252.0
Additions
34.7
0.2
150.7
\u2013
32.9
184.2
57.1
459.8
Disposals
\u2013 8.0
\u2013 4.5
\u2013 51.9
\u2013 16.5
\u2013 23.4
\u2013 0.3
\u2013 157.9
\u2013 262.5
Transfer to assets held for sale
\u2013
\u2013 4.9
\u2013
\u2013
\u2013 0.6
\u2013
\u2013
\u2013 5.5
Transfer
98.9
\u2013
98.7
35.2
46.6
\u2013 173.0
\u2013 66.5
39.9
Balance as at 30 Sep 2022
2,594.5
200.5
522.1
694.9
1,265.9
170.7
112.7
5,561.3
Exchange differences
\u2013 9.1
1.8
\u2013 22.2
12.8
\u2013 8.3
\u2013 4.7
\u2013 7.6
\u2013 37.3
Acquisitions
\u2013
\u2013
\u2013
\u2013
0.2
\u2013
\u2013
0.2
Additions
68.3
0.2
52.9
\u2013
66.1
189.6
106.2
483.3
Disposals
\u2013 57.8
\u2013 0.1
\u2013 68.3
\u2013 1.0
\u2013 101.8
\u2013 0.3
\u2013 36.6
\u2013 265.9
Transfer to assets held for sale
\u2013 76.0
0.3
\u2013 31.8
\u2013 0.2
\u2013 12.8
\u2013 10.6
\u2013
\u2013 131.1
Transfer
206.8
\u2013 151.9
162.2
86.2
63.3
\u2013 192.8
\u2013 14.8
159.0
Balance as at 30 Sep 2023
2,726.7
50.8
614.9
792.7
1,272.6
151.9
159.9
5,769.5
Property, plant and equipment
Hotels incl. land
Other buildings
Aircraft
Cruise ships
Other plant, operating and
Assets under Payments To t a l
\u20ac million and land office equipment construction on account
Depreciation and impairment
Balance as at 1 Oct 2021
\u2013 674.6
\u2013 18.0
\u2013 158.2
\u2013 245.8
\u2013 820.8
\u2013
\u2013 0.9
\u2013 1,918.3
Exchange differences
\u2013 34.1
0.9
\u2013 8.9
7.3
\u2013 22.2
\u2013
\u2013 0.1
\u2013 57.1
Depreciation for the current year
\u2013 59.1
\u2013 1.4
\u2013 27.9
\u2013 59.7
\u2013 82.5
\u2013
\u2013
\u2013 230.6
Impairment for the current year
\u2013 53.0
\u2013
\u2013
\u2013
\u2013 4.2
\u2013
\u2013
\u2013 57.2
Reversal of impairment losses
19.4
\u2013
\u2013
15.2
\u2013
\u2013
\u2013
34.6
Disposals
7.7
1.9
38.0
16.5
23.1
\u2013
\u2013
87.2
Transfer to assets held for sale
\u2013
2.2
\u2013
\u2013
0.5
\u2013
\u2013
2.7
Transfer
0.1
\u2013
\u2013 22.8
\u2013
1.0
\u2013
\u2013
\u2013 21.7
Balance as at 30 Sep 2022
\u2013 793.6
\u2013 14.4
\u2013 179.8
\u2013 266.5
\u2013 905.1
\u2013
\u2013 1.0
\u2013 2,160.4
Exchange differences
6.0
\u2013
4.4
\u2013 5.2
4.5
\u2013
\u2013
9.7
Depreciation for the current year
\u2013 67.7
\u2013 1.2
\u2013 40.8
\u2013 63.5
\u2013 86.9
\u2013
\u2013
\u2013 260.1
Impairment for the current year
\u2013 13.3
\u2013
\u2013 0.6
\u2013
\u2013 0.1
\u2013
\u2013
\u2013 14.0
Reversals of impairment losses
16.4
\u2013
\u2013
11.6
\u2013
\u2013
\u2013
28.0
Disposals
57.6
\u2013
34.7
0.4
101.1
\u2013
\u2013
193.8
Transfer to assets held for sale
4.0
\u2013
0.8
\u2013
5.6
\u2013
\u2013
10.4
Transfer
0.2
2.1
\u2013 92.1
0.1
\u2013 6.9
\u2013
\u2013
\u2013 96.6
Balance as at 30 Sep 2023
\u2013 790.4
\u2013 13.5
\u2013 273.4
\u2013 323.1
\u2013 887.8
\u2013
\u2013 1.0
\u2013 2,289.2
Carrying amounts as at 30 Sep 2022
1,800.9
186.1
342.3
428.4
360.8
170.7
111.7
3,400.9
Carrying amounts as at 30 Sep 2023
1,936.3
37.3
341.5
469.6
384.8
151.9
158.9
3,480.3
In the financial year under review, the construction of a new hotel in Mauritius, the acquisition of land in Jamaica and the renovation of hotels in Mexico, Spain and Cape Verde led to additions to the Riu Group totalling \u20ac 164.0 m. These investments include an amount of \u20ac 70.1 m for assets under construction, \u20ac 54.9 m for hotels including land and \u20ac 17.8 m for payments in advance. Additions to assets under construction include \u20ac 81.3 m in reconstruction measures for a cruise ship, that was commissioned in April 2023 and the carrying out of maintenance work on cruise ships. Further additions to assets under construction relate with \u20ac 17.5 m to investments in aircraft. In the financial year under review, advance payments of \u20ac 88.4 m (previous year \u20ac 29.7 m) were made for the future delivery of aircraft. In the previous year, further payments in advance of \u20ac 10.1 m related to cruise ships. Further additions to aircraft assets include \u20ac 32.3 m for spare parts and \u20ac 17.0 m for engines. The renovation of an administrative building in Hanover led to further investments of \u20ac 18.0 m in the financial year under review.The main disposals in the financial year under review include \u20ac 36.6 m (previous year \u20ac 157.9 m) for thedisposal of advance payments for the delivery of aircraft. Due to sale and leaseback transactions, the disposal of these pre-delivery payments led to additions of right-of-use assets. In this context, please refer to the section \u2018Right-of-use assets and leases\u2019. Further disposals relate with \u20ac 17.7 m to the sale of spare parts and with \u20ac 15.9 m to the sale of aircraft. The review of the carrying amounts of property, plant and equipment resulted in impairment losses of\u20ac 14.0 m in the financial year under review (previous year \u20ac 57.2 m). The impairments mainly comprised\u20ac 13.3 m (previous year \u20ac 53.0 m) to hotels including land and were attributable to hotels of Magic Life,TUI Blue and Robinson in the Hotels & Resorts segment. The impairment loss of the previous year, notably included \u20ac 36.2 m relating to the demolition of a hotel in Mauritius.The review of the carrying amounts also led to the reversal of impairment losses of \u20ac 28.0 m (previous year \u20ac 34.6 m). Reversal of impairments of \u20ac 16.4 m were attributable to hotels of Robinson and TUI Blue in the Hotels & Resorts segment. In addition, reversal of impairments of \u20ac 11.6 m were made for one Marella cruise ship in the Cruises segment. The reclassification of property, plant and equipment to the balance sheet item \u2018Assets held for sale\u2019 relates to \u20ac 41.0 m for the planned disposal of the Robinson Club Cabo Verde and to planned sales of land in Mexico (\u20ac 39.9 m) and Jamaica (\u20ac 8.6 m) and are attributable to the Riu group in the Hotels & Resorts segment. In this context, we refer to the section \u2018Assets held for sale\u2019. Further reclassifications of \u20ac 31.0 m related to the disposal of aircraft engines in the Markets & Airline segment. The transfer to property, plant and equipment among others relate to the carrying amounts of previously leased assets carried as right-of-use assets for which purchase options were exercised. As in the previous year, no borrowing cost were capitalised as part of the acquisition cost.The carrying amount of property, plant and equipment subject to ownership restrictions or pledged as security totals \u20ac 616.7 m as at the balance sheet date (previous year \u20ac 611.3 m).", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-689": { "value": "
As in the previous year, no borrowing cost were capitalised as part of the acquisition cost.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-781": { "value": "
The carrying amount of property, plant and equipment subject to ownership restrictions or pledged as
security totals \u20ac 616.7 m as at the balance sheet date (previous year \u20ac 611.3 m).
(17) Trade and other receivables
Trade and other receivables
30 Sep 2023
30
Sep 2022
Remaining To t a l Remaining Total
term more term more
\u20ac million than 1 year than 1 year
Trade receivables
\u2013
411.6
\u2013
399.2
Security deposits
\u2013
372.3
\u2013
312.5
Advances and loans
15.9
33.9
43.4
66.7
Lease receivables
0.8
4.1
5.2
9.6
Other receivables and assets
58.0
343.2
83.0
355.4
Total
74.7
1,165.1
131.6
1,143.4
As at 30 September 2023, TUI has recognised deferred sales commissions to travel agencies and other distribution channels worth \u20ac 82.5 m (previous year \u20ac 63.3 m) in respect of costs of obtaining a contract until the associated revenue was earned. In the financial year under review, sales commissions worth \u20ac 798.9 m (previous year \u20ac 622.5 m) were recognised in profit and loss. Security deposits include securities for credit card acquirers as well as securities for received touristicadvance payments. (22) Cash and cash equivalents
Cash and cash equivalents
\u20ac million
30 Sep 2023
30 Sep 2022
Bank deposits
1,566.2
1,718.6
Money market funds
472.2
\u2013
Cash in hand and cheques
21.9
18.3
Total
2,060.3
1,736.9
At 30 September 2023, cash and cash equivalents of \u20ac 772.2 m (previous year \u20ac 526.1 m) were subject to the restrictions listed below: On 30 September 2016, TUI AG entered into a long-term agreement to close the gap between the obligations and the fund assets of defined benefit pension plans in the UK. At the balance sheet date an amount of \u20ac 66.9 m is deposited as security within a bank account. TUI Group can only use that cash and cash equivalentsif it provides alternative collateral. Furthermore, an amount of \u20ac 116,3 m (previous year \u20ac 116.1 m) was deposited with a Belgian subsidiary without acknowledgement of debt by the Belgian tax authorities in financial year 2013 in respect of long-standing litigation over VAT refunds for the years 2001 to 2011. The purpose was to suspend the accrualof interest for both parties. In order to collateralise a potential repayment, the Belgian government was granted a bank guarantee. Due to the bank guarantee, TUI\u2019s ability to dispose of the cash and cash equivalentsis restricted. The remaining \u20ac 589,0 m (previous year \u20ac 343.9 m) subject to restrictions relate to cash and cash equivalents to be deposited due to statutory or regulatory requirements mainly in order to secure potential liability to travel regulators and payment service providers. Investments in money market funds meet the requirements ofIAS7 for accounting as cash equivalents. SinceTUI Group operates in many different business areas and regions, significant credit risk concentrations of receivables from and loans to specific debtors or groups of debtors are not to be expected. A significant concentration of credit risks related to specific countries is not to be expected either. As in the previous year, at the balance sheet date, there is no material collateral held, or other credit enhancements that reduce the maximum credit risk. Collateral held relates exclusively to financial assets of the category trade receivables and other receivables. The collateral mainly comprises collateral for financial receivables granted and maturing in more than one year and / or with a volume of more than \u20ac 1.0 m. Real property rights, directly enforceable guarantees, bank guarantees and comfort letters are used as collateral.
As in the previous year, no material assets were deposited as collateral for liabilities. Moreover, the Group
companies participating in the automated cash pool are jointly and severally liable for financial liabilities from
cash pooling agreements.
At the balance sheet date, 19
TUI Group companies are jointly and severally liable for TUI AG\u2019s financial debts
from the revolving credit facility and the promissory note loan.
NETTING
Offsetting of financial assets
Financial assets and
liabilities not set off in the
balance sheet
Gross Gross Net amounts of Financial Collateral Net amount
amounts of amounts of financial assets set off, liabilities received
financial financial presented in the
assets liabilities set balance sheet
\u20ac million off
Financial assets
as at 30 Sep 2023
Derivative financial
assets
268.5
\u2013
268.5
37.0
\u2013
231.5
Cash and cash
equivalents
2,075.4
15.1
2,060.3
\u2013
\u2013
2,060.3
Financial assets
as at 30 Sep 2022
Derivative financial
assets
259.1
\u2013
259.1
32.9
\u2013
226.2
Cash and cash
equivalents
1,859.7
122.8
1,736.9
\u2013
\u2013
1,736.9
Offsetting of financial liabilities
Financial assets and
liabilities not set off in the
balance sheet
Gross Gross Net amounts of Financial Collateral Net amount
amounts of amounts of financial liabilities set assets granted
financial financial off, presented in the
liabilities assets set balance sheet
\u20ac million off
Financial liabilities
as at 30 Sep 2023
Derivative financial
liabilities
37.0
\u2013
37.0
37.0
\u2013
\u2013
Financial liabilities
1,312.1
15.1
1,297.0
\u2013
\u2013
1,297.0
Financial liabilities
as at 30 Sep 2022
Derivative financial
liabilities
60.7
\u2013
60.7
32.9
\u2013
27.8
Financial liabilities
2,174.1
122.8
2,051.3
\u2013
\u2013
2,051.3
Financial assets and financial liabilities are only netted in the balance sheet if a legally enforceable right to
netting exists and the Company concerned intends to settle on a net basis.
The contracts for financial instruments are based on standardised master agreements for financial deriva
tives
(including ISDA Master Agreement, German master agreement for financial derivatives), creating a condition
al
right to netting contingent on defined future events. Under the contractual agreements all derivatives
con
tracted with the corresponding counterparty with positive or negative fair values are netted in that case,
resulting in a net receivable or payable in the amount of the balance. As this conditional right to netting is
not enforceable in the course of ordinary business transactions and thus the criteria for netting are not met,
the derivative financial assets and liabilities are carried at their gross amounts in the balance sheet at the
reporting date.
Financial assets and liabilities in the framework of the cash pooling scheme are shown on a net basis if there is a right to netting in ordinary business transactions and TUI intends to settle on a net basis. These financia l instruments are included in the balance sheet items in the tables shown above. The gross amount of these netted cash and cash equivalents is \u20ac 181.9 m as at 30 September 2023 (previous year \u20ac 391.1 m), while the gross amount of the netted financial liabilities is \u20ac 15.1 m as at 30 September 2023 (previous year \u20ac 122.8 m).", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-690": { "value": "
At the balance sheet date, unrecognised financial commitments for short-term leases amounted to \u20ac 3.3 m
(previous year \u20ac 4.3 m). In addition, potential future lease payments from extension and termination options
of \u20ac 220.3 m (previous year \u20ac 270.3 m) were not included in the measurement of the right-of-use assets and
lease liabilities as it was not reasonably certain that the lease contracts were going to be extended or to be
terminated.
(18) Touristic payments on account Touristic payments on account mainly relate to customary advance payments in respect of future tourism services, in particular advance payments made by tour operators for future hotel and flight services. In the financial year under review the additions to impairments recognised through profit or loss for advance payments made by tour operators for future hotel services totalled \u20ac 3.4 m (previous year: reversals ofimpairments \u20ac 33.6 m). (37) Contingent liabilities As at 30 September 2023, contingent liabilities amounted to \u20ac 73.7 m (previous year \u20ac 93.5 m). They are mainly attributable to the granting of guarantees for the benefit of hotel activities and the granting ofguarantees for contingent liabilities from aircraft leasing agreements. The contingent liabilities are reported at an amount representing the best estimate of the expenditure required to meet the potential obligation at the balance sheet date .
(39) Other financial commitments
Other financial commitments
30 Sep 2023
30 Sep 2022
Remaining term
Remaining term
up to 1\u2013 5 more To t a l up to 1 \u2013 5 more Total
1 year years than 5 1 year years than 5
\u20ac million years years
Order commitments in respect
of capital expenditure
1,070.9
1,101.6
\u2013
2,172.5
400.7
1,730.6
160.1
2,291.4
Other financial commitments
107.8
84.4
\u2013
192.2
71.9
28.5
28.8
129.2
Total
1,178.7
1,186.0
\u2013
2,364.7
472.6
1,759.1
188.9
2,420.6
As at 30 September 2023 order commitments in respect of capital expenditure decreased by \u20ac 118.9 m as
against 30 September 2022. The reduction in order commitments can be explained by aircraft orders
fulfilled in the year, delivery of Marella Voyager and due to the effects of foreign exchange for order commit-
ments denominated in non-functional currencies. The reduction is to a greater extent partially offset by new
aircraft orders undertaken during the year. The commitment for IT obligations reported within other financial
commitments increased due to the extension of existing contracts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-21": { "value": "At the balance sheet date, unrecognised financial commitments for short-term leases amounted to \u20ac 3.3 m (previous year \u20ac 4.3 m). In addition, potential future lease payments from extension and termination options of \u20ac 220.3 m (previous year \u20ac 270.3 m) were not included in the measurement of the right-of-use assets and lease liabilities as it was not reasonably certain that the lease contracts were going to be extended or to be terminated. (39) Other financial commitments
Other financial commitments
30 Sep 2023
30 Sep 2022
Remaining term
Remaining term
up to 1\u2013 5 more To t a l up to 1 \u2013 5 more Total
1 year years than 5 1 year years than 5
\u20ac million years years
Order commitments in respect
of capital expenditure
1,070.9
1,101.6
\u2013
2,172.5
400.7
1,730.6
160.1
2,291.4
Other financial commitments
107.8
84.4
\u2013
192.2
71.9
28.5
28.8
129.2
Total
1,178.7
1,186.0
\u2013
2,364.7
472.6
1,759.1
188.9
2,420.6
As at 30 September 2023 order commitments in respect of capital expenditure decreased by \u20ac 118.9 m as against 30 September 2022. The reduction in order commitments can be explained by aircraft ordersfulfilled in the year, delivery of Marella Voyager and due to the effects of foreign exchange for order commit- ments denominated in non-functional currencies. The reduction is to a greater extent partially offset by new aircraft orders undertaken during the year. The commitment for IT obligations reported within other financial commitments increased due to the extension of existing contracts.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-759": { "value": "(16) Investments in joint ventures and associates The table below presents all joint arrangements and associates of relevance to TUI Group. All joint arrangementsand associates are listed as TUI Group shareholdings in Note 53. All joint arrangements are joint ventures. There are no joint operations within the meaning of IFRS 11.
Significant associate and joint ventures
Capital share in %
Voting rights share in %
30 Sep 30 Sep 30 Sep 30 Sep
Name and headquarter of company
Nature of business
2023 2022 2023 2022
Associate
Midnight Canada Inc., Tour operator &
Toronto, Canada Hotel operator
49.0
49.0
49.0
25.0
Midnight International Holdings
Limited, Toronto, Canada
Hotel operator
49.0
\u2013
49.0
\u2013
Pep Toni Hotels S. A., Palma, Spain
Hotel operator
49.0
\u2013
49.0
\u2013
Joint venture
Grupotel dos S. A.,
Can Picafort, Spain
Hotel operator
50.0
50.0
50.0
50.0
TUI Cruises GmbH,
Hamburg, Germany
Cruise ship operator
50.0
50.0
50.0
50.0
All companies presented above are measured at equity. The financial year of the Canadian associated companies corresponds to TUI Group\u2019s financial year. Thefinancial years of Pep Toni Hotels S. A. and of the joint ventures deviate from TUI Group\u2019s financial year, ending on 31 December. In order to update the at equity measurement as at TUI Group\u2019s balance sheet date, interim financial statements for the period ending 30 September are prepared for these companies. SIGNIFICANT JOINT VENTURES Grupotel dos S. A., founded in 1998, owns and operates hotels in the Balearic and the Canary Islands. TUI Cruises GmbH is a joint venture with the US shipping line Royal Caribbean Cruises Ltd established in 2008. The Hamburg-based company offers German-speaking cruises for the premium market.TUI Cruises GmbH currently operates eleven cruise ships.
Summarised financial information of material joint ventures
Grupotel dos S. A., TUI Cruises GmbH,
Can Picafort, Spain Hamburg, Germany
30 Sep 30 Sep 30 Sep 30 Sep
\u20ac million 2023 / 2023 2022 / 2022 2023 / 2023 2022 / 2022
Non-current assets
270.6
260.6
4,449.0
4,153.0
Current assets
25.4
37.8
432.3
591.4
thereof cash and cash equivalents
4.6
16.9
97.5
255.9
Non-current provisions and liabilities
132.8
146.3
2,655.8
3,195.7
thereof financial liabilities
120.7
134.1
2,628.1
3,165.3
Current provisions and liabilities
32.6
36.9
1,189.5
863.5
thereof financial liabilities
14.9
14.7
501.0
282.9
Revenue
159.9
131.0
1,823.7
1,238.2
Depreciation / amortisation of intangible assets and property,
plant and equipment
13.1
12.0
131.4
129.9
Interest income
0.2
0.2
13.7
17.2
Interest expenses
4.1
2.4
121.2
135.8
Income taxes
6.4
5.1
3.6
\u2013 8.6
Profit / loss
27.4
18.8
348.4
82.8
Other comprehensive income / loss
\u2013
0.2
2.4
37.3
Total comprehensive income / loss
27.4
19.0
350.8
120.1
In financial year 2023, TUI Group received dividends of \u20ac 22.6 m (previous year \u20ac 0.9 m) from its joint ventures and dividends of \u20ac 3.9 m (previous year \u20ac 0.2 m) from its associates. In addition to TUI Group\u2019s significant associates and joint ventures, TUI AG has interests in other associates and joint ventures accounted for under the equity-method, which individually are not considered to be of material significance. The tables below provide information onTUI Group\u2019s share of the earnings figures shown for the major associates and joint ventures as well as the aggregated amount of the share of profit / loss, other comprehensive income and total comprehensive income for the immaterial associates and joint ventures. Share of financial information of material and other joint ventures Grupotel dos S. A., TUI Cruises GmbH, Other immaterial Joint ventures total Can Picafort, Spain Hamburg, Germany joint ventures \u20ac million 2023 2022 2023 2022 2023 2022 2023 2022 UI\u2019s share of rofit / loss 13.7 9.4 174.2 41.4 73.1 42.3 261.0 93.1 Other comprehensive income / loss \u2013 0.1 1.2 18.6 \u2013 27.5 \u2013 2.0 \u2013 26.3 16.7 Total comprehensive income / loss 13.7 9.5 175.4 60.0 45.6 40.3 234.7 109.8
Net assets of the material joint ventures
Grupotel dos S. A., TUI Cruises GmbH,
\u20ac million Can Picafort, Spain Hamburg, Germany
Net assets as at 1 Oct 2021
96.2
565.1
Profit / loss
18.8
82.8
Other comprehensive income
0.2
37.3
Net assets as at 30 Sep 2022
115.2
685.2
Profit / loss
27.4
348.4
Other comprehensive income
\u2013
2.4
Dividends payable
\u2013 12.0
\u2013
Net assets as at 30 Sep 2023
130.6
1,036.0
Reconciliation to the carrying amount of the joint ventures in the consolidated balance sheet
Grupotel TUI Cruises Other Joint ventures
dos S. A., GmbH, immaterial total
Can Picafort, Hamburg, joint ventures
\u20ac million Spain Germany
Share of TUI in % as at 30 Sep 2022
50.0
50.0
n. a.
n. a.
TUI's share of the net assets as at 30 Sep 2022
57.6
342.6
208.4
608.6
Goodwill as at 30 Sep 2022
\u2013
\u2013
15.5
15.5
Unrecognised share of losses
\u2013
\u2013
7.3
7.3
Impairment of carrying amounts
\u2013
\u2013
\u2013 35.5
\u2013 35.5
Carrying amount as at 30 Sep 2022
57.6
342.6
195.7
595.9
Share of TUI in % as at 30 Sep 2023
50.0
50.0
n. a.
n. a.
TUI's share of the net assets as at 30 Sep 2023
65.3
518.0
224.2
807.5
Goodwill as at 30 Sep 2023
\u2013
\u2013
11.7
11.7
Unrecognised share of losses
\u2013
\u2013
12.3
12.3
Impairment of carrying amounts
\u2013
\u2013
\u2013 28.3
\u2013 28.3
Carrying amount as at 30 Sep 2023
65.3
518.0
219.9
803.2
IMPAIRMENT OF THE CARRYING AMOUNTS OF ASSOCIATES AND JOINT VENTURES Due to the increase in the interest rates, the effects of Russia\u2019s war of aggression against Ukraine an d general price inflation a risk assessment was performed if indicators for impairments exist. If this was th e case the carrying amounts of the respective associates and joint ventures concerned were subsequentl y tested for impairment. In addition all carrying amounts of associates and joint ventures which have bee n impaired in before were tested for reversals of impairment. All impairment tests used the business plan o f the respective joint venture or associate. Based on these business plans, the recoverable amount wascalculated by discounting future net cash flows. In all cases the fair value less cost to sell was higher than th e value in use. Level 3 inputs of fair value hierarchy were used in the calculations. The shares in the joint venture WOT Hotels Adriatic Asset Company d. o. o. are held for sale. An impairment loss of \u20ac 7.6 m recognised in 2020 was reversed. A further reversal of an impairment loss of \u20ac 0.3 m and the recognition of an impairment loss of \u20ac 0.7 m related to joint ventures in Central Region. The shares in the associated company Raiffeisen-ToursRT-Reisen GmbH intended for sale were written down by \u20ac 1.8 m. In all other respects, the parameters used were identical with those used for the goodwill impairment test in Hotels & Resorts (Note 12). UNRECOGNISED LOSSES BY ASSOCIATES AND JOINT VENTURES As at the end of the financial year under review, accumulated unrecognised losses of joint ventures amounted to \u20ac 12.3 m (previous year \u20ac 7.3 m). In the period under review, unrecognised losses relating to WOT Hotels Vietnam rose by \u20ac 4.2 m to \u20ac 11.1 m, while unrecognised losses relating to Abou Soma for Hotels S. A. E. grew by \u20ac 0.8 m to \u20ac 1.1 m. Accumulated unrecognised losses by associates of \u20ac 2.7 m (previous year \u20ac 1.1 m) related to Ahungalla Resorts Limited. Recognition of additional losses would have resulted in the carrying amounts falling to below nil. RISKS ASSOCIATED WITH THE STAKES IN ASSOCIATES AND JOINT VENTURES Contingent liabilities of \u20ac 0.7 m (previous year \u20ac 6.5 m) existed in respect of associates as at 30 Septem- ber 2023. Contingent liabilities in respect of joint ventures totalled \u20ac 1.7 m (previous year \u20ac 3.1 m). Company Country Capital share in % Joint ventures and associates Tourism Abou Soma for Hotels S.A.E., Giza Egypt 16.7 Ahungalla Resorts Limited, Colombo Sri Lanka 40 Aitken Spence Travels (Private) Limited, Colombo Sri Lanka 50 ARP Africa Travel Limited, Harrow United Kingdom 25 Atlantica Hellas A.E., Rhodes Greece 50 Atlantica Hotels and Resorts Limited, Lemesos Cyprus 49.9 Bartu Turizm Yatirimlari Anonim Sirketi, Istanbul Turkiye 50 Clubhotel Kleinarl GmbH & Co KG, Flachau Austria 24 Daktari Travel & Tours Ltd., Limassol Cyprus 33.3 DER Reisecenter TUI GmbH, Dresden Germany 50 Diamondale Limited, Dublin Ireland 27 ENC for touristic Projects Company S.A.E., Sharm el Sheikh Egypt 50 Etapex, S.A., Agadir Morocco 35 Fanara Residence for Hotels S.A.E., Sharm el Sheikh Egypt 50 Gebeco Gesellschaft f\u00fcr internationale Begegnung und Cooperation mbH & Co. KG, Kiel Germany 50 Grupotel dos S.A., Can Picafort Spain 50 Ha Minh Ngan Company Limited, Hanoi Vietnam 50 Holiday Travel (Israel) Limited, Airport City Israel 50 Hydrant Refuelling System NV, Brussels Belgium 25 InteRes Gesellschaft f\u00fcr Informationstechnologie mbH, Darmstadt Germany 25.2 Interyachting Limited, Limassol Cyprus 45 Jaz Hospitality Services DMCC, Dubai United Arab Emirates 50 Jaz Hotel Group S.A.E., Cairo Egypt 51 Kamarayat Nabq Company for Hotels S.A.E., Sharm el Sheikh Egypt 50 Midnight Canada Inc., Toronto Canada 49 Midnight International Holdings Limited, Toronto Canada 49 Pep Toni Hotels S.A., Palma Spain 49 Pollman\u2019s Tours and Safaris Limited, Mombasa Kenya 25 Raiffeisen-Tours RT-Reisen GmbH, Burghausen Germany 25.1 Ranger Safaris Ltd., Arusha Tanzania 25 Sharm El Maya Touristic Hotels Co. S.A.E., Cairo Egypt 50 S\u00fcdwest Presse + Hapag-Lloyd Reiseb\u00fcro GmbH & Co.KG, Ulm Germany 50 Sun Oasis for Hotels Company S.A.E., Hurghada Egypt 50 Teckcenter Reiseb\u00fcro GmbH, Kirchheim unter Teck Germany 50
Company
Country
Capital share in %
Tikida Bay S.A., Agadir
Morocco
34
TIKIDA DUNES S.A., Agadir
Morocco
30
Tikida Palmeraie S.A., Marrakesh
Morocco
33.3
Travco Group Holding S.A.E., Cairo
Egypt
50
TRAVELStar GmbH, Hanover
Germany
50
TRAVELStar Touristik GmbH & Co. OHG, Vienna
Austria
50
TUI Cruises GmbH, Hamburg
Germany
50
TUI Global Hospitality Fund SCS, SICAF-RAIF, Grevenmacher
Luxembourg
10
UK Hotel Holdings FZC L.L.C., Fujairah
United Arab Emirates
50
Vitya Holding Co. Ltd., Takua, Phang Nga Province
Thailand
47.5
WOT Hotels Adriatic Asset Company d.o.o., Tu\u010depi
Croatia
50
All other segments
.BOSYS SOFTWARE GMBH, Hamburg
Germany
25.2
MSN
1359
GmbH, Hanover
Germany
25
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-792": { "value": "In financial year 2023, TUI Group received dividends of \u20ac 22.6 m (previous year \u20ac 0.9 m) from its joint ventures and dividends of \u20ac 3.9 m (previous year \u20ac 0.2 m) from its associates.
In the completed financial year, TUI AG did not pay a dividend to its shareholders (previous year no dividend).
Financial instruments classified as Other financial assets include shares in corporations. The total fair value of these financial investments at 30 September 2023 is \u20ac 9.9 m (previous year \u20ac 9.6 m). In the year under review, there were no disposals (previous year \u20ac 0.0 m) of shares in corporations as part of the initial consolida- tion which were measured at fair value, as part of their first consolidation. None of these strategic financial investments were sold in the completed financial year. Dividend payments of \u20ac 0.1 m (previous year \u20ac 0.3 m) resulted from these financial investments.
(43) Cash inflow / cash outflow from operating activities
Based on the Group result after tax, the cash flow from operating activities is derived using the indirect
method. In the completed financial year, the cash inflow from operating activities totalled \u20ac 1,637.3 m (previous
year \u20ac 2,077.8 m). This amount includes interest payments received of \u20ac 54.9 m (previous year \u20ac 12.4 m) and
dividends of \u20ac 24.1 m from companies measured at equity (previous year \u20ac 0.2 m). Income tax payments
resulted in a cash outflow of \u20ac 106.9 m (previous year \u20ac 131.4 m).
TUI Group companies raised \u20ac 217.8 m from taking out loans. \u20ac 435.6 m was used to pay interest and \u20ac 120.3 m to pay for dividends to minority shareholders. TUI AG paid \u20ac 16.8 m for the coupon for Silent Participation I of the Economic Stabilisation Fund, shown as a dividend ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-727": { "value": "RISKS ASSOCIATED WITH THE STAKES IN ASSOCIATES AND JOINT VENTURES Contingent liabilities of \u20ac 0.7 m (previous year \u20ac 6.5 m) existed in respect of associates as at 30 Septem- ber 2023. Contingent liabilities in respect of joint ventures totalled \u20ac 1.7 m (previous year \u20ac 3.1 m).
(37) Contingent liabilities
As at 30 September 2023, contingent liabilities amounted to \u20ac 73.7 m (previous year \u20ac 93.5 m). They are
mainly attributable to the granting of guarantees for the benefit of hotel activities and the granting of
guarantees for contingent liabilities from aircraft leasing agreements. The contingent liabilities are reported
at an amount representing the best estimate of the expenditure required to meet the potential obligation at
the balance sheet date .
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-767": { "value": "RISKS ASSOCIATED WITH THE STAKES IN ASSOCIATES AND JOINT VENTURES Contingent liabilities of \u20ac 0.7 m (previous year \u20ac 6.5 m) existed in respect of associates as at 30 Septem- ber 2023. Contingent liabilities in respect of joint ventures totalled \u20ac 1.7 m (previous year \u20ac 3.1 m). (31) Other provisions
Development of provisions in the financial year 2023
Balance as at Changes with Usage Reversal Additions Balance
30 Sep 2022 no effect on as at
profit and 30 Sep 2023
\u20ac million
loss
*
Maintenance provisions
827.7
22.9
208.0
6.6
142.6
778.6
Provisions for litigation
71.3
1.1
4.8
2.4
3.2
68.4
Restructuring provisions
88.3
0.1
27.6
9.1
6.4
58.1
Provisions for other
personnel costs
42.5
\u2013 2.3
3.4
1.2
7.1
42.7
Provisions for other taxes
41.9
\u2013 0.4
7.8
2.7
4.0
35.0
Provisions for environmental
protection
34.9
\u2013
0.4
0.7
1.1
34.9
Risks from onerous contracts
28.1
\u2013 4.9
0.7
7.4
11.7
26.8
Miscellaneous provisions
161.3
\u2013 5.2
52.6
46.9
80.8
137.4
Other provisions
1,296.0
11.3
305.3
77.0
256.9
1,181.9
* Reclassifications, transfers, exchange differences and changes in the group of consolidated companies
Provisions for maintenance primarily relate to contractual maintenance, overhaul and repair requirements for aircraft, engines and other specific components arising from aircraft lease contracts. Measurement of these provisions is based on the expected cost of the next maintenance event, estimated on the basis of current prices, expected price increases and manufacturers\u2019 data sheets. In line with the terms of theindividual contracts and the aircraft model concerned, additions are recognised on a prorated basis inrelation to flight hours, the number of flights or the length of the complete maintenance cycle. Lowermaintenance expenses than expected led also to a reversal of \u20ac 6.6 m. Provisions for litigation relate to existing lawsuits. For further details on lawsuits, please refer to Note 38.
Restructuring provisions comprise payments for personnel measures as well as payments for the early
termination of leases. They primarily relate to restructuring projects as part of our Global Realignment
Programme for which detailed, formal restructuring plans were drawn up and communicated to the parties
concerned. The reversal of the provision in the amount of \u20ac 9.1 m is mainly due to the lower than expected
reduction in the fleet size of the Group\u2019s German airline. At the balance sheet date, restructuring provisions
totalled \u20ac 58.1 m (previous year \u20ac 88.3 m), for a large part relating to benefits for planned personnel measures.
Provisions for personnel costs comprise provisions for jubilee benefits and provisions for cash-settled
share-based payment schemes in accordance with IFRS 2. For information on these long-term incentive
programmes, please refer to Note 40 \u2018Share-based payments in accordance with IFRS 2\u2019.
Provisions for environmental protection primarily relate to statutory obligations to remediate sites contam-
inated with legacy waste from former mining and metallurgical activities.
Provisions for onerous contracts include \u20ac 16.7 m for the early exit from a leased administrative building as
the largest single item.
Miscellaneous provisions include various provisions that, taken individually, do not have a significant
influence on TUI Group\u2019s economic position. This item includes provisions for dismantling obligations and
compensation claims from customers.
Changes in other provisions outside profit and loss primarily relate to changes in the group of consolidated
companies, foreign exchange differences and reclassifications within other provisions.
Where the difference between the present value and the settlement value of a provision is material for the
measurement of a non-current provision as at the balance sheet date, the provision is recognised at its
present value in accordance with
IAS 37. The discount rate to be applied should take account of the specific
risks of the liability and of future price increases. This criterion applies to some items contained in TUI Group\u2019s
other provisions. Additions to other provisions comprise an interest portion of \u20ac 25.4 m (previous year
\u20ac 10.1 m), recognised as an interest expense. An interest portion of \u20ac 23.6 million (previous year \u20ac 10.1 million)
is attributable to provisions for maintenance.
Terms to maturity of other provisions
30 Sep 2023
30
Sep 2022
Remaining To t a l Remaining Total
term more term more
\u20ac million than 1 year than 1 year
Maintenance provisions
657.8
778.6
561.1
827.7
Provisions for litigation
37.4
68.4
38.6
71.3
Restructuring provisions
25.3
58.1
28.6
88.3
Provisions for other personnel costs
34.1
42.7
34.9
42.5
Provisions for other taxes
26.1
35.0
21.9
41.9
Provisions for environmental protection
32.8
34.9
32.9
34.9
Risks from onerous contracts
14.9
26.8
15.1
28.1
Miscellaneous provisions
20.2
137.4
21.9
161.3
Other provisions
848.6
1,181.9
755.0
1,296. 0
(37) Contingent liabilities As at 30 September 2023, contingent liabilities amounted to \u20ac 73.7 m (previous year \u20ac 93.5 m). They are mainly attributable to the granting of guarantees for the benefit of hotel activities and the granting ofguarantees for contingent liabilities from aircraft leasing agreements. The contingent liabilities are reported at an amount representing the best estimate of the expenditure required to meet the potential obligation at the balance sheet date . (38) Litigation TUI AG and its subsidiaries are involved in several pending or foreseeable court or arbitration proceedings, which do not have a significant impact on their economic position as at 30 September 2023 or future periods. This also applies to actions claiming warranty, repayment or any other compensation in connection withthe divestment of subsidiaries and business units over the past few years. As in previous years, the Group recognised adequate provisions, partly covered by expected claims for insurance benefits, to cover allprobable financial charges from court or arbitration proceedings.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-799": { "value": "(17) Trade and other receivables
Trade and other receivables
30 Sep 2023
30
Sep 2022
Remaining To t a l Remaining Total
term more term more
\u20ac million than 1 year than 1 year
Trade receivables
\u2013
411.6
\u2013
399.2
Security deposits
\u2013
372.3
\u2013
312.5
Advances and loans
15.9
33.9
43.4
66.7
Lease receivables
0.8
4.1
5.2
9.6
Other receivables and assets
58.0
343.2
83.0
355.4
Total
74.7
1,165.1
131.6
1,143.4
As at 30 September 2023, TUI has recognised deferred sales commissions to travel agencies and other distribution channels worth \u20ac 82.5 m (previous year \u20ac 63.3 m) in respect of costs of obtaining a contract until the associated revenue was earned. In the financial year under review, sales commissions worth \u20ac 798.9 m (previous year \u20ac 622.5 m) were recognised in profit and loss. Security deposits include securities for credit card acquirers as well as securities for received touristicadvance payments.
Ageing structure of impairment of financial instruments classified as trade receivables
30 Sep 2023
Gross value Specific Impairment Net value Impairment
bad debt for expected ratio
\u20ac million allowance credit losses
Trade receivables
Not overdue
294.4
\u2013
\u2013
294.4
\u2013
Overdue less than
30 days
95.5
26.2
1.0
68.3
1 %
Overdue 30 \u2013 90 days
31.1
4.4
0.3
26.4
1 %
Overdue 91 \u2013 180 days
10.2
3.5
0.2
6.5
2 %
Overdue more than
180 days
30.1
13.5
0.6
16.0
2 %
Total
461.3
47.6
2.1
411.6
Ageing structure of impairment of financial instruments classified as trade receivables
30 Sep 2022
Gross value
Impairment
Net value
Impairment
\u20ac million ratio
Trade receivables
Not overdue
271.9
6.8
265.1
5 \u2013 25 %
Overdue less than 30 days
95.9
11.6
84.3
10 \u2013 30 %
Overdue 30 \u2013 90 days
35.4
12.3
23.1
15 \u2013 35 %
Overdue 91 \u2013 180 days
17.5
8.5
9.0
20 \u2013 45 %
Overdue more than 180 days
38.0
20.3
17.7
50 \u2013 75 %
Total
458.7
59.5
399.2
The following tables show the development of impairment losses on financial instruments in the category Other receivables and assets and in the category advances and loans, in each case less the amounts shown for the corresponding category in the table of the default risk below.
Ageing structure of impairment of financial instruments classified as other receivables and assets
30 Sep 2023
Gross value Specific bad Impairment Net value Impairment
debt allowance for expected ratio
\u20ac million credit losses
Other receivables
and assets
Not overdue
211.3
21.0
2.1
188.2
1 %
Overdue less than
30 days
0.7
\u2013
\u2013
0.7
1 %
Overdue 30 \u2013 90 days
\u2013
\u2013
\u2013
\u2013
1 %
Overdue 91 \u2013 180 days
0.1
\u2013
\u2013
0.1
1 %
Overdue more than
180 days
13.3
5.2
0.1
8.0
1 %
Total
225.4
26.2
2.2
197.0
Ageing structure of impairment of financial instruments classified as other receivables and assets
30 Sep 2022 adjuste d
Gross value
Impairment
Net value
Impairment
\u20ac million ratio
Other receivables and assets
Not overdue
142.7
*
0.1
*
142.6
*
5 \u2013 25 %
Overdue less than 30 days
\u2013
\u2013
\u2013
10 \u2013 30 %
Overdue 30 \u2013 90 days
3.4
3.4
\u2013
15 \u2013 35 %
Overdue 91 \u2013 180 days
0.2
\u2013
0.2
20 \u2013 45 %
Overdue more than 180 days
1.1
0.3
0.8
50 \u2013 75 %
Total
147.4
*
3.8
*
143.6
*
* The previous year was adjusted because some of the financial instruments are now shown in the table \u2018Default risk on financial instru-
ments classified as advances and loans, as other receivables or as other financial assets\u2019.
Default risk on financial instruments classified as advances and loans, as other receivables or as other financial assets
30 Sep 2023
30 Sep 2022 adjusted
Impairment Rating Gross value Specific bad Impairment Net value Gross value Impairment Net value
stage debt allowance for expected
\u20ac million credit losses
Financial instruments with related parties
Advances and loans
1
internal: grade 2
\u2013
\u2013
\u2013
\u2013
21.9
\u2013 0.6
21.3
Advances and loans
3
internal: grade 5
9.5
\u2013 6.4
\u2013 0.3
2.8
20.8
*
\u2013 18.6
*
2.2
*
Advances and loans
3
internal: grade 6
4.5
\u2013 4.5
\u2013
\u2013
\u2013
\u2013
\u2013
Advances and loans
3
internal: grade 7
11.4
\u2013 11.4
\u2013
\u2013
\u2013
\u2013
\u2013
Other receivables
3
internal: grade 7
0.9
\u2013 0.9
\u2013
\u2013
\u2013
\u2013
\u2013
Financial instruments with hotels
Advances and loans
1
internal: grade 5
9.6
9.6
\u2013 1.3
8.3
10.4
\u2013 1.8
8.6
Advances and loans
2
internal: grade 5
17.0
17.0
\u2013 1.1
15.9
30.0
\u2013 3.3
26.7
Advances and loans
3
internal: grade 5
12.9
\u2013 12.9
\u2013
\u2013
\u2013
\u2013
\u2013
Other receivables
1
internal: grade 2
\u2013
\u2013
\u2013
\u2013
3.0
*
\u2013
3.0
*
Other receivables
3
internal: grade 3
\u2013
\u2013
\u2013
\u2013
41.0
\u2013 13.8
27.2
Financial instruments with other companies
Advances and loans
3
internal: grade 5
5.0
\u2013 5.0
\u2013
\u2013
5.4
*
\u2013 5.4
*
\u2013
Other financial assets
1
internal: grade 1
\u2013
\u2013
\u2013
\u2013
34.6
\u2013 0.2
34.4
Other financial assets
1
external
45.1
\u2013
\u2013 0.1
45.0
45.1
\u2013 0.1
45.0
Other receivables
1
internal: grade 1
66.1
\u2013
\u2013 0.1
66.0
106.6
*
\u2013 0.2
*
106.4
*
Other receivables
1
internal: grade 2
44.1
\u2013
\u2013 0.1
44.0
30.2
*
\u2013 0.1
*
30.1
*
Other receivables
1
internal: grade 4
7.4
\u2013
\u2013 0.2
7.2
6.3
*
\u2013 0.3
*
6.0
*
Other receivables
1
internal: grade 5
24.2
\u2013
\u2013 1.5
22.7
\u2013
\u2013
\u2013
Other receivables
1
external
378.2
\u2013
\u2013 0.5
377.7
350.5
*
\u2013 0.6
*
349.9
*
Other receivables
3
internal: grade 4
1.8
\u2013 0.9
\u2013
0.9
2.9
*
\u2013 1.0
*
1.9
*
* The table takes into account all default risk rating grades used as at 30 September 2023. The previous year\u2019s figures have been
adjusted accordingly.
In the financial year 2023, there were no significant cash inflows from impaired interest-bearing trade receiv- ables and other receivables (previous year of \u20ac 4.8 m cash inflows).
Change in gross carrying amounts classified as other receivables and assets and other financial assets
Stage 1 Stage 2 Stage 3 To t a l
12-month
ECL
lifetime
ECL
lifetime-
ECL
\u20ac million (not impaired) (impaired)
Gross carrying amounts as at 1 Oct 2021
329.6
\u2013
\u2013
329.6
Addition of assets
685.4
\u2013
44.4
729.8
Reduction of assets
\u2013 285.3
\u2013
\u2013
\u2013 285.3
Transfer to impaired financial assets (Stage 3)
\u2013 7.7
\u2013
7.7
\u2013
Gross carrying amounts as at 30 Sep 2022
722.0
\u2013
52.1
774.1
Gross carrying amounts as at 1 Oct 2022
722.0
\u2013
52.1
774.1
Addition of assets
679.8
0.5
57.5
737.8
Reduction of assets
\u2013 673.7
\u2013
\u2013 41.4
\u2013 715.1
Gross carrying amounts as at 30 Sep 2023
728.1
0.5
68.2
796.8
As at 30 September 2023, instruments in the classes of other receivables and assets and other financial assets amounting to \u20ac 68.2 m were reported in stage 3. There were no significant changes or modifications. There were no transfers between the stages 1 to 3 (previous year transfers from stage 1 to stage 3: \u20ac 7.7 m). No newly issued or acquired instruments were impaired at the date of addition.
Change in gross carrying amounts of assets classified as trade receivables
Lifetime ECL
simplified
\u20ac million approach
Gross carrying amounts as at 1 Oct 2021
331.4
Addition of assets
458.7
Reduction of assets
\u2013 331.4
Gross carrying amounts as at 30 Sep 2022
458.7
Gross carrying amounts as at 1 Oct 2022
458.7
Addition of assets
461.3
Reduction of assets
\u2013 458.7
Gross carrying amounts as at 30 Sep 2023
461.3
n the case of cash and cash equivalents, current trade receivables, other financial assets, current trade payables and other financial liabilities the carrying amount approximates the fair value due to the short remaining term . The table below shows the reconciliation of the balance sheet items to the financial instrument categorie s by carrying amount and fair value of the financial instruments.
Carrying amounts and fair values according to classes and measurement categories according to IFRS 9 as at 30 Sep 2023
Category according to IFRS 9
Carrying amount At amortised cost Fair value with no Fair value with no Fair value Fair value of
effect on profit and effect on profit and through profit financial
\u20ac million loss without recycling loss with recycling and loss instruments
Assets
Trade receivables and other receivables
thereof instruments within the scope of IFRS 9
1,161.0
1,122.6
\u2013
\u2013
38.9
1,153.0
thereof instruments within the scope of IFRS 16
4.1
\u2013
\u2013
\u2013
\u2013
4.4
Derivative financial instruments
Hedging transactions
236.4
\u2013
\u2013
236.4
\u2013
236.4
Other derivative financial instruments
32.1
\u2013
\u2013
\u2013
32.1
32.1
Other financial assets
59.4
48.6
9.9
\u2013
0.9
57.3
Cash and cash equivalents
2,060.3
1,588.3
\u2013
\u2013
472.2
2,060.5
Liabilities
Financial liabilities
1,297.0
1,297.0
\u2013
\u2013
\u2013
1,120.1
Trade payables
3,373.7
3,374.7
\u2013
\u2013
\u2013
3,374.7
Derivative financial instruments
Hedging transactions
25.9
\u2013
\u2013
25.9
\u2013
25.9
Other derivative financial instruments
11.1
\u2013
\u2013
\u2013
11.1
11.1
Other financial liabilities
124.4
124.4
\u2013
\u2013
\u2013
124.4
Carrying amounts and fair values according to classes and measurement categories according to IFRS 9 as at 30 Sep 2022
Category according to IFRS 9
Carrying amount At amortised cost Fair value with no Fair value with no Fair value Fair value of
effect on profit and effect on profit and through profit financial
\u20ac million loss without recycling loss with recycling and loss instruments
Assets
Trade receivables and other receivables
thereof instruments within the scope of IFRS 9
1,133.8
1,027.3
\u2013
\u2013
106.5
1,124.5
thereof instruments within the scope of IFRS 16
9.6
\u2013
\u2013
\u2013
\u2013
9.9
Derivative financial instruments
Hedging transactions
124.4
\u2013
\u2013
124.4
\u2013
124.4
Other derivative financial instruments
134.7
\u2013
\u2013
\u2013
134.7
134.7
Other financial assets
96.4
85.9
9.6
\u2013
0.9
90.5
Cash and cash equivalents
1,736.9
1,736.9
\u2013
\u2013
\u2013
1,736.9
Liabilities
Financial liabilities
2,051.3
2,051.3
\u2013
\u2013
\u2013
1,656.7
Trade payables
3,316.5
3,316.5
\u2013
\u2013
\u2013
3,316.5
Derivative financial instruments
Hedging transactions
27.0
\u2013
\u2013
27.0
\u2013
27.0
Other derivative financial instruments
33.7
\u2013
\u2013
\u2013
33.7
33.7
Other financial liabilities
177.4
177.4
\u2013
\u2013
\u2013
177.4
FAIR VALUE MEASUREMENT The table below presents the fair values of recurring, non-recurring and other financial instruments measured at fair value in line with the underlying measurement level. The individual measurement levels have been defined as follows in line with the inputs: \u2022 Level 1: (unadjusted) quoted prices in active markets for identical assets or liabilities. \u2022 Level 2: inputs for the measurement other than quoted market prices included within Level 1 that are observable in the market for the asset or liability, either directly (as quoted prices) or indirectly (derivable from quoted prices). \u2022 Level 3: inputs for the measurement of the asset or liability not based on observable market data.
Hierarchy of financial instruments measured at fair value as at 30 Sep 2023
Fair value hierarchy
\u20ac million
To t a l
Level 1
Level 2
Level 3
Assets
Other receivables
38.9
\u2013
\u2013
38.9
Other financial assets
10.8
\u2013
\u2013
10.8
Derivative financial instruments
Hedging transactions
236.4
\u2013
236.4
\u2013
Other derivative financial instruments
32.1
\u2013
32.1
\u2013
Cash and cash equivalents
472.2
472.2
\u2013
\u2013
Liabilities
Derivative financial instruments
Hedging transactions
25.9
\u2013
25.9
\u2013
Other derivative financial instruments
11.1
\u2013
11.1
\u2013
Hierarchy of financial instruments measured at fair value as at 30 Sep 2022
Fair value hierarchy
\u20ac million
Total
Level 1
Level 2
Level 3
Assets
Other receivables
106.5
\u2013
\u2013
106.5
Other financial assets
10.5
\u2013
\u2013
10.5
Derivative financial instruments
Hedging transactions
124.4
\u2013
124.4
\u2013
Other derivative financial instruments
134.7
\u2013
134.7
\u2013
Liabilities
Derivative financial instruments
Hedging transactions
27.0
\u2013
27.0
\u2013
Other derivative financial instruments
33.7
\u2013
33.7
\u2013
At the end of every reporting period, TUI Group checks whether there are any reasons for reclassification to or from one of the measurement levels. Financial assets and financial liabilities are generally transferred out of Level 1 into Level 2 if the liquidity and trading activity no longer indicate an active market. The opposite situation applies to potential transfers out of Level 2 into Level 1. In the reporting period, there were no transfers between Level 1 and Level 2. Reclassifications from Level 3 to Level 2 or Level 1 are made if observable market price quotations become available for the asset or liability concerned. In the reporting period there were no other transfers from or to Level 3. TUI Group records transfers from or to Level 3 at the date of the obligating event or occasion triggering the transfer. LEVEL 1 FINANCIAL INSTRUMENTS The fair value of financial instruments for which an active market exists is based on quoted prices at the reporting date. An active market exists if quoted prices are readily and regularly available from an exchange, dealer, broker, pricing service or regulatory agency and these prices represent actual and regularly occurring market transactions on an arm\u2019s length basis. These financial instruments are classified as Level 1. The fair values correspond to the nominal amounts multiplied by the quoted prices at the reporting date. At 30 Sep- tember 2023 Level 1 financial instruments only include shares in money market funds measured at fair value. LEVEL 2 FINANCIAL INSTRUMENTS The fair values of financial instruments not traded in an active market, e. g., over-the-counter (OTC) derivatives, are determined by means of valuation techniques. These valuation techniques make maximum use ofobservable market data and minimise the use of group-specific assumptions. If all essential inputs for the determination of the fair value of an instrument are observable, the instrument is classified as Level 2. If one or several key inputs are not based on observable market data, the instrument is classified as Level 3. The following specific valuation techniques are used to measure financial instruments: \u2022 For over-the-counter bonds, debt components of warrant and convertible bonds, liabilities to banks, promissory notes and other non-current financial liabilities as well as for current other receivables, current financial liabilities and non-current trade and other receivables, the fair value is determined as the present value of future cash flows, taking account of observable yield curves and the respective credit spread, which depends on the credit rating. \u2022 The fair value of over-the-counter derivatives is determined by means of appropriate calculation meth ods, e. g., by discounting the expected future cash flows. The forward prices of forward transactions are based on the spot or cash prices, taking account of forward premiums and discounts. The fair values of optional hedges are calculated on the basis of option pricing models. The fair values determined on the basis of the group\u2019s own systems are periodically compared with fair value confirmations of the external counter- parties. \u2022 Other valuation techniques, e. g., discounting future cash flows, are used to determine the fair values of other financial instruments. LEVEL 3 FINANCIAL INSTRUMENTS The table below presents the fair values of the financial instruments measured at fair value on a recurring basis, classified as Level 3 .
Financial assets measured at fair value in Level 3
Other receivables Other financial
\u20ac million IFRS 9
assets
IFRS 9
Balance as at 1 Oct 2021
108.1
12.3
Disposals
\u2013 15.0
\u2013
Total gains or losses for the period
13.4
\u2013 1.4
recognised through profit and loss
13.4
\u2013 0.1
recognised in other comprehensive income
\u2013
\u2013 1.3
Foreign currency effects
\u2013
\u2013 0.4
Balance as at 30 Sep 2022
106.5
10.5
Balance as at 1 Oct 2022
106.5
10.5
Additions
\u2013
0.1
acquisition
\u2013
0.1
Disposals
\u2013 70.6
\u2013 24.0
sale
\u2013
\u2013 24.0
payment
\u2013 70.6
\u2013
Total gains or losses for the period
3.0
23.8
recognised through profit and loss
3.0
\u2013
recognised in other comprehensive income
\u2013
23.8
Foreign currency effects
\u2013
0.4
Balance as at 30 Sep 2023
38.9
10.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-802": { "value": "(17) Trade and other receivables
Trade and other receivables
30 Sep 2023
30
Sep 2022
Remaining To t a l Remaining Total
term more term more
\u20ac million than 1 year than 1 year
Trade receivables
\u2013
411.6
\u2013
399.2
Security deposits
\u2013
372.3
\u2013
312.5
Advances and loans
15.9
33.9
43.4
66.7
Lease receivables
0.8
4.1
5.2
9.6
Other receivables and assets
58.0
343.2
83.0
355.4
Total
74.7
1,165.1
131.6
1,143.4
As at 30 September 2023, TUI has recognised deferred sales commissions to travel agencies and other distribution channels worth \u20ac 82.5 m (previous year \u20ac 63.3 m) in respect of costs of obtaining a contract until the associated revenue was earned. In the financial year under review, sales commissions worth \u20ac 798.9 m (previous year \u20ac 622.5 m) were recognised in profit and loss. Security deposits include securities for credit card acquirers as well as securities for received touristicadvance payments. (22) Cash and cash equivalents
Cash and cash equivalents
\u20ac million
30 Sep 2023
30 Sep 2022
Bank deposits
1,566.2
1,718.6
Money market funds
472.2
\u2013
Cash in hand and cheques
21.9
18.3
Total
2,060.3
1,736.9
At 30 September 2023, cash and cash equivalents of \u20ac 772.2 m (previous year \u20ac 526.1 m) were subject to the restrictions listed below: On 30 September 2016, TUI AG entered into a long-term agreement to close the gap between the obligations and the fund assets of defined benefit pension plans in the UK. At the balance sheet date an amount of \u20ac 66.9 m is deposited as security within a bank account. TUI Group can only use that cash and cash equivalentsif it provides alternative collateral. Furthermore, an amount of \u20ac 116,3 m (previous year \u20ac 116.1 m) was deposited with a Belgian subsidiary without acknowledgement of debt by the Belgian tax authorities in financial year 2013 in respect of long-standing litigation over VAT refunds for the years 2001 to 2011. The purpose was to suspend the accrualof interest for both parties. In order to collateralise a potential repayment, the Belgian government was granted a bank guarantee. Due to the bank guarantee, TUI\u2019s ability to dispose of the cash and cash equivalentsis restricted. The remaining \u20ac 589,0 m (previous year \u20ac 343.9 m) subject to restrictions relate to cash and cash equivalents to be deposited due to statutory or regulatory requirements mainly in order to secure potential liability to travel regulators and payment service providers. Investments in money market funds meet the requirements ofIAS7 for accounting as cash equivalents. (32) Financial and lease liabilities
Financial and lease liabilities
30 Sep 2023
30 Sep 2022
Remaining term
Remaining term
up to 1
1\u2013 5 years
more than
To t a l
up to 1
1\u2013 5 years
more than
Total
\u20ac million year 5 years year 5 years
Convertible bonds
13.5
529.2
\u2013
542.7
13.5
\u2013
518.6
532.1
Bonds
\u2013
\u2013
\u2013
\u2013
\u2013
48.4
\u2013
48.4
Liabilities to banks
69.9
438.9
210.0
718.8
280.0
913.8
188.8
1,382.6
Other financial
liabilities
15.1
20.4
\u2013
35.5
26.4
61.8
\u2013
88.2
Financial
liabilities
98.5
988.5
210.0
1,297.0
319.9
1,024.0
707.4
2,051.3
Lease liabilities
701.2
1,553.6
663.3
2,918.1
698.8
1,668.0
840.7
3,207.5
Non-current financial liabilities decreased by \u20ac 532.9 m versus 30 September 2022 to \u20ac 1,198.5 m. Thedecrease is mainly due to the reduction in liabilities to banks. In April 2023, a capital increase with rights issue was successfully completed. Parts of the proceeds wer e used to redeem, or repurchase, in full the outstanding warrant bond including warrants at the nomina l amount of \u20ac 58.7 m plus accrued interest at fair value. The bond component of this warrant bond wasrecognised in financial liabilities, while the separately tradable warrants were recognised in equity. The early termination rights by TUI as well as the conversion right and the put option held by the holders o f the convertible bond represent embedded derivatives which were not separated in accordance withIFRS 9 as they are classified as closely related to the host contract. The largest financing instrument is a revolving credit facility (RCF) between TUI AG and an existing banking syndicate, which has included KfW since 2020. Following the capital increase effected in April 2023, the KfW line within the syndicated revolving credit facility was reduced from \u20ac 2.1 bn to \u20ac 1.05 bn so that the credit facility decreased from \u20ac 3.74 bn to \u20ac 2.7 bn. In May 2023, the revolving credit facility from the bankingsyndicate was extended to July 2026. As at 30 September 2023, there were no drawdowns on the revolving credit facilities (30 September 2022 \u20ac 562.0 m). Current financial liabilities decreased by \u20ac 221.4 m to \u20ac 98.5 m as at 30 September 2023 as against \u20ac 319.9 m as at 30 September 2022. For more details on the terms and conditions of the credit lines provided by KfW, please refer to the section \u2018Going concern reporting according to theUK Corporate Governance Code\u2019.
Movements financial and lease liabilities
Convertible Bonds Short-term Long-term Other To t a l Lease
bonds liabilities to liabilities to financial financial liabilities
\u20ac million banks banks liabilities liabilities
Balance as at
1 Oct 2022
532.1
48.4
280.0
1,102.6
88.2
2,051.3
3,207.5
Raisings /
redemptions of
the period
\u2013
\u2013 58.7
\u2013 243.5
\u2013 433.8
\u2013 9.4
\u2013 745.4
\u2013 595.0
Foreign exchange
movements
\u2013
\u2013
\u2013 0.9
\u2013 7.5
\u2013
\u2013 8.4
\u2013 146.2
Other non-cash
movement
10.6
10.3
34.3
\u2013 12.4
\u2013 43.3
\u2013 0.5
451.8
Balance as at
30 Sep 2023
542.7
\u2013
69.9
648.9
35.5
1,297.0
2,918.1
d
Movements financial and lease liabilities
Convertible Bonds Short-term Long-term Other Total Lease
bonds liabilities to liabilities to financial financial liabilities
\u20ac million banks banks liabilities liabilities
Balance as at
1 Oct 2021
522.2
119.3
247.5
2,365.1
66.6
3,320.7
3,229.4
Raisings /
redemptions of
the period
\u2013
\u2013 91.3
\u2013 95.0
\u2013 1,270.6
\u2013 16.0
\u2013 1,472.9
\u2013 572.6
Changes in scope
of consolidation
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Foreign exchange
movements
\u2013
\u2013
5.0
24.8
0.1
29.9
328.8
Other non-cash
movement
9.9
20.4
122.5
\u2013 16.7
37.5
173.6
221.9
Balance as at
30 Sep 2022
532.1
48.4
280.0
1,102.6
88.2
2,051.3
3,207.5
The payments made in the period include beside the raisings of financial debt, in particular the repayment of bonds and financial debt as well as the repayment of lease liabilities.
Fair values and carrying amounts of the bonds at 30 Sep 2023
30 Sep 2023
30 Sep 2022
Issuer Nominal Nominal Interest Stock Carrying Stock Carrying
value value out- rate market amount market amount
\u20ac million initial standing % p. a. value value
2021 / 2028
convertible bond
TUI AG
589.6
589.6
5.000
541.0
542.7
423.0
532.1
Total
541.0
542.7
423.0
532.1
(33) Other financial liabilities Other financial liabilities include touristic advance payments received for tours cancelled because of COVID-1 restrictions of \u20ac 3.7 m (previous year \u20ac 16.7 m), for which immediate cash refund options exist and which hav to be repaid immediately if the customer chooses to receive a refund . (34) Touristic advance payments received Touristic advance payments received \u20ac million Touristic advance payments received as at 1 Oct 2021 2,379. Revenue recognised that was included in the balance at the beginning of the period \u2013 2,253. Increases due to cash received, excluding amounts recognised as revenue during the period 3,237. Reclassification to other financial liabilities \u2013 12. Customer refund repayments \u2013 325. Other \u2013 28. Touristic advance payments received as at 30 Sep 2022 2,998. Revenue recognised that was included in the balance at the beginning of the period \u2013 2,696. Increases due to cash received, excluding amounts recognised as revenue during the period 3,256. Reclassification to other financial liabilities \u2013 0. Customer refund repayments \u2013 56. Other 27. Touristic advance payments received as at 30 Sep 2023 3,530. (41) Financial instruments RISKS AND RISK MANAGEMENT RISK MANAGEMENT PRINCIPLES Due to the nature of its business operations, TUI Group is exposed to various financial risks, including market risks (consisting of currency risks, interest rate risks and market price risks), credit risks and liquidity risks. In accordance with TUI Group\u2019s financial goals, financial risks have to be mitigated. In order to achievethis, policies and procedures have been developed to manage risk associated with financial transactionsundertaken. The rules, responsibilities and processes as well as limits for transactions and risk positions have been definedin policies. The trading, processing and control have been segregated in functional and organisational terms Compliance with the policies and limits is continually monitored. All hedges byTUI Group are consistently based on recognised or forecasted underlying transactions. Standard software is used for assessing, monitoring reporting, documenting and reviewing the effectiveness of the hedging relationships for the hedges entered into. In this context, the fair values of all derivative financial instruments determined on the basis of the Group\u2019s own systems are regularly compared with the fair value confirmations from the external counterparties. The processes, the methods applied and the organisation of risk management are reviewed for compliance with the relevant regulations on at least an annual basis by the internal audit department and external auditors. Within TUI Group, financial risks primarily arise from cash flows in foreign currencies, fuel requirements (jet fuel and bunker oil) and financing via the money and capital markets. In order to limit the risks from changes in exchange rates, market prices and interest rates for underlying transactions,TUI Group uses over-the- counter derivative financial instruments. These are primarily fixed-price transactions. In addition,TUI can also use options and structured products. Use of derivative financial instruments is confined to internally fixed limits and other policies. The transactions are concluded on an arm\u2019s length basis with counterparties operating in the financial sector, whose counterparty risk is regularly monitored. Foreign exchange translation risks from the consolidation of group companies not preparing their accounts in euros are not hedged. MARKET RISK Market risks result in fluctuations in earnings, equity and cash flows. Risks arising from input cost volatility are more fully detailed in the risk report section of the management report. In order to limit or eliminate these risks,TUI Group has developed various hedging strategies, including the use of derivative financial instruments. IFRS 7 requires the presentation of a sensitivity analysis showing the effects of hypothetical changes inrelevant market risk variables on profit or loss and equity. The effects for the period are determined by relating the hypothetical changes in risk variables to the portfolio of primary and derivative financial instruments as at the balance sheet date. It is assured that the portfolio of financial instruments as at the balance sheet date is representative for the entire financial year. The analyses ofTUI Group\u2019s risk reduction activities outlined below and the amounts determined using sensitivity analyses represent hypothetical and thus uncertain risks. Due to unforeseeable developments in the global financial markets, actual results may deviate substantially from the disclosures provided. The risk analysis methods used must not be considered a projection of future events or losses, since TUI is also exposedto risks of a non-financial or non-quantifiable nature. These risks primarily include sovereign, business and legal risks not covered by the following presentation of risks. CURRENCY RISK The business operations of TUI\u2019s group companies generate payments or receipts denominated in foreign currencies, which are not always matched by payments or receipts with equivalent terms in the same currency. Using potential netting effects (netting of payments made and received in the same currency with identical or similar terms),TUI Group enters into appropriate hedges with external counterparties in order to protect its profit margin from exchange rate-related fluctuations. Within TUI Group, risks from exchange rate fluctuations are hedged, with the largest hedging volumes relat ing to US dollars, euros and pound sterling. The Eurozone limits the currency risk from transactions in the key tourist destinations to group companies whose functional currency is not the euro. The tourism business operations are mainly affected by changes in the value of the US dollar and the euro, the latter predominantly affecting the TUI tour operators in the UK and the Nordic countries. In tourism operations, payments in US dollars primarily relate to the procurement of services in non-European destinations, purchases of jet and ship fuel and aircraft and cruise ship purchases or charter. The tourism companies use financial derivatives to hedge their planned foreign exchange requirements. They aim to take out cover ahead of the markets\u2019 customer booking profiles in the planned currency require- ments in the run-up to the tourism season. In this regard, account is taken of the different risk profiles of TUI\u2019s group companies. The hedged currency volumes are adjusted in line with changes in planned require- ments based on reporting by business units. Target hedge ratios are regularly reviewed with the aim of matching hedge ratios with the respective target hedging ratios for future seasons. Currency risks as defined byIFRS 7 arise from primary and derivative monetary financial instruments issued in a currency other than the functional currency of a company. Exchange rate-related differences from the translation of financial statements into the Group\u2019s presentation currency are not taken into account. Taking account of the different functional currencies within the TUI Group, the sensitivity analyses of the currencies identified as relevant risk variables are presented below. A 10 % strengthening or weakening of the respective functional currencies, primarily euro and pound sterling, against the other currencies would cause thefollowing effects on the revaluation reserve and earnings after income tax:
Sensitivity analysis \u2013 currency risk
\u20ac million
30 Sep 2023
30
Sep 2022
Variable: Foreign exchange rate
+ 10 %
\u2013 10 %
+ 10 %
\u2013 10 %
Exchange rates of key currencies
\u20ac / US dollar
Revaluation reserve
+ 3.2
\u2013 6.7
+ 1.4
\u2013 1.5
Earnings after income taxes
\u2013 2.3
+ 6.5
\u2013 53.7
+ 66.0
Pound sterling / \u20ac
Revaluation reserve
+ 159.5
\u2013 161.1
+ 67.5
\u2013 66.3
Earnings after income taxes
+ 65.4
\u2013 62.1
+ 49.8
\u2013 47.1
Pound sterling / US dollar
Revaluation reserve
+ 115.9
\u2013 125.5
+ 58.9
\u2013 58.3
Earnings after income taxes
+ 57.9
\u2013 43.3
+ 406.7
\u2013 481.4
\u20ac / Swedish krona
Revaluation reserve
\u2013 0.1
+ 0.1
+ 0.1
\u2013 0.1
Earnings after income taxes
+ 0.1
\u2013 0.1
+ 0.1
\u2013 0. 1
INTEREST RATE RISK TUI Group is exposed to interest rate risks from floating-rate primary and derivative financial instruments. Where interest-driven cash flows of floating-rate primary financial instruments are converted into fixed cash flows using derivative hedges and the critical terms of the hedging transaction are the same as those of the hedged items they are not exposed to an interest rate risk. No interest rate risk exists for fixed-interest financial instruments carried at amortised cost. Changes in market interest rates mainly impact floating-rate non-derivative financial instruments and derivative financial instruments entered into in order to reduce interest-induced cash flow fluctuations. The table below presents the equity and earnings after income taxes effects of an assumed increase or decrease in the market interest rate of 100 basis points (previous year + / \u2013 100 basis points) as at the balancesheet date. Maintaining the sensitivity of market prices at 100 basis points is based on the assumption that an elevated level of volatility in interest rates is likely to continue as some central banks are expected to continue with their rate hike cycle whilst others are likely to pause, or even start to cut rates, in the coming months.
Sensitivity analysis \u2013 interest rate risk
\u20ac million
30 Sep 2023
30 Sep 2022
Variable: Interest rate level for + 100 basis \u2013 100 basis + 100 ba sis \u2013 100 ba sis
floating interest-bearing debt points points points points
Earnings after income taxes
+ 1.7
\u2013 1.3
\u2013 0.3
+ 0.4
IMPACT OF THE REFORM OF GLOBAL BENCHMARK INTEREST RATES The global reform of benchmark interest rates (IBORs) creates uncertainties for TUI in that variable bench- mark interest rates available today, on which individual transactions concluded in foreign currencies are based, will no longer be available in the future or will be determined differently. AtTUI, these uncertainties only affect non-derivative risk positions. As in the previous year, there are no derivative risk positions. With regard to EURIBOR, there is no impact from the change to the accounting for non-derivative assets and liabilities. In 2019, the European Money Market Institute adaptedEURIBOR\u2019s method of determination to ensureEURIBOR\u2019s compliance with the EU Benchmark Regulation. Quotes for USD-LIBOR were last published on 30 June 2023. Until September 30, 2024, a so-called synthet ic LIBOR will be provided for one-month, three-month and six-month maturity rates. According to the UK\u2019s Financial Conduct Authority ( FCA), these synthetic rates may be used to settle certain legacy contracts. As of September 30, 2023, there are non-derivative liabilities with total carrying amounts of \u20ac 310.0 m(previous year: \u20ac 492.7 m) relating to the leasing and financing of aircraft. Of this amount, \u20ac 205.6 m is attribut-able to USD-LIBOR financings, for which a conversion to the alternative reference interest rate USD SOFR has been negotiated but not yet contracted. Overall, no material impact is expected from the conversion of financing fromUSD-LIBOR to alternative benchmark interest rates. FUEL PRICE RISK Due to the nature of its business operations, TUI Group is exposed to market price risks from the purchase of fuel for the aircraft fleet and the cruise ships. The tourism companies use financial derivatives to hedge their exposure to market price risks for the planned consumption of fuel. They aim to take out cover ahead of the markets\u2019 customer booking profiles in the planned commodity requirements in the run-up to the tourism season. The different risk profiles of the group companies operating in different source markets are taken into account, including the possibility of levying fuel surcharges. The hedging volumes are adjusted for changes in planned consumption as identified by the group companies. Target hedge ratios are regularly reviewed with the aim of matching hedge ratios with the respective target hedging ratios for future seasons. If the commodity prices, which underlie the fuel price hedges, increase or decrease by 15 % (previous year + 15 % / \u2013 15 %), on the balance sheet date, the impact on equity and on earnings after income taxes would be as shown in the table below. The sensitivity of market prices of + / \u2013 15 % is based on the assumption that an above-average price volatility in fuel prices could be expected to continue over the coming months in the context of the current geo-political environment.
Sensitivity analysis \u2013 fuel price risk
\u20ac million
30 Sep 2023
30
Sep 2022
Variable: Fuel prices for aircraft and ships
+ 15 %
\u2013 15 %
+ 15 %
\u2013 15 %
Revaluation reserve
+ 92.2
\u2013 94.9
+ 13.5
\u2013 26.0
Earnings after income taxes
+ 0.3
+ 2.0
+ 15.0
\u2013 3.0
d ed OTHER PRICE RISKS Apart from the financial risks that may result from changes in exchange rates, commodity prices and interest rates,TUI Group is not exposed to significant price risks at the balance sheet date. CREDIT RISK The credit risk in non-derivative financial instruments results from the risk of counterparties defaulting on their contractual payment obligations. Maximum credit risk exposure corresponds in particular to the total of the recognised carrying amounts of the financial assets (including derivative financial instruments with positive market values). Furthermore, there are no material financial guarantees for the discharge of liabilities. Where legally enforceable, financial assets and liabilities are netted. Credit risks are reviewed closely on conclusion of the contract and continually monitored thereafter in order to swiftly respond to potential impairment in a counterparty\u2019s solvency.Responsibility for handling the credit risk is generally held by the Group company holding the receivable. SinceTUI Group operates in many different business areas and regions, significant credit risk concentrations of receivables from and loans to specific debtors or groups of debtors are not to be expected. A significant concentration of credit risks related to specific countries is not to be expected either. As in the previous year, at the balance sheet date, there is no material collateral held, or other credit enhancements that reduce the maximum credit risk. Collateral held relates exclusively to financial assets of the category trade receivables and other receivables. The collateral mainly comprises collateral for financial receivables granted and maturing in more than one year and / or with a volume of more than \u20ac 1.0 m. Real property rights, directly enforceable guarantees, bank guarantees and comfort letters are used as collateral. Credit management also coversTUI Group\u2019s derivative financial instruments. The maximum credit risk for derivative financial instruments entered into is limited to the total of all positive market values of theseinstruments since in the event of counterparty default asset losses would only be incurred up to that amount. Since derivative financial instruments are concluded with different debtors, credit risk exposure is reduced. The specific credit risks of individual counterparties are taken into account in determining the fair values of derivative financial instruments. In addition, the counterparty risk is continually monitored and controlled using internal bank limits. IFRS 9 requires entities to recognise expected losses for all financial assets held at amortised cost and for financial assets constituting debt instruments and measured atFVTOCI (Fair Value Through Other Compre- hensive Income). In TUI Group, the items affected are financial instruments recognised at amortised cost in the following categories: trade receivables and other receivables with the sub-classes trade receivables, advances and loans, other receivables and assets as well as lease receivables. Additional classes are other financial assets and cash and cash equivalents. In determining expected losses,IFRS 9 distinguishes between the general and the simplified approach to impairment. Under the general approach to impairment, financial assets are classified into three stages. Stage 1 is where financial assets are recognised for the first time or where credit risk has not increased significantly since initial recognition. At this stage, the expected bad debt losses that may arise from possible default events within the next 12 months after the respective balance sheet date are reported. For financial assets in stage1, entities are required to recognise 12-month Expected Credit Losses (ECL). Stage 2 is where credit risk has increased significantly since initial recognition. Stage 3 includes financial assets that additionally have objective evidence of impairment alongside the criteria of stage 2. Stages 2 and 3 show lifetime ECL. Under the simplified approach to impairment, a loss allowance is carried at an amount equal to life-time ECL at initial recognition for trade receivables and lease receivables, regardless of the credit quality of the accounts receivable and the lease receivables. TUI uses a provision matrix to determine the expected loss for trade receivables and lease receivables. Average historical default rates are determined for the following maturity bands. Not overdue, less than 30 days past due, 30 \u2013 90 days, 91 \u2013 180 days and more than 180 days past due . To determine the historical default rate, the weighted average of the last three years is calculated for the receivables in default in the respective year in relation to the receivables portfolio at the end of therespective financial year. This is multiplied by the probability that a receivable will age into the final maturity band. The loss rates determined are adjusted by credit default swap ( CDS) rates in order to take account of forward-looking information. The adjusted loss rates are based on average rates for the past few years. The economic environment of the relevant geographical regions is taken into account through a weighting ofCDS rates. All model parameters mentioned above are regularly reviewed and updated. Under the simplified approach to impairment, trade receivable and lease receivables are transferred to Stage3 when there is any objective evidence of impairment. In principle TUI Group classifies whether a trade receivableis to be transferred to Stage 3 on an individual basis, depending on the region, after 180 days at the earliest. In the event of insolvencies or other objective indications of impairment before this date, a transfer to stage 3 is made earlier. If a receivable is more than 180 days overdue, it is assumed to be impaired and, in the event of uncollectibility, generally written down in full. Objective evidence of impairment of lease receivables includes, for example, significant financial difficulties on the part of the debtor, breach of contract (default or delay in interest and repayment) or concessions made for economic or contractual reasons in connection with the debtor\u2019s financial difficulties . For all other financial assets carried at amortised cost impairments are determined in accordance with the general approach . For cash and cash equivalents, the low credit risk exemption of IFRS 9 is applied, according to which financial instruments with a low default risk at the time of acquisition can be classified in stage 1 of the impairment model. Cash and cash equivalents include, for instance, cash in hand or bank balances that are exclusively due to counterparties with a high credit rating. In accordance with stage 1 of the impairment hierarchy, a risk provision corresponding to the 12-month credit loss is recorded in cash and cash equivalents upon initial recognition. At each balance sheet date, a verification is made as to whether the counterparties continue to have a rating of investment grade quality. As the corresponding financial assets have a maximum term of 3 months, the impairment requirement is very low. A transfer from Stage 1 to Stage 2 or 3 has no practical relevance, as the business relationship would be terminated immediately in the case of a correspondingevent. For material advances and loans and other receivables and assets, the expected credit losses are determined by multiplying the probability of default with the loss given default and the exposure of default. TUI Group determines the probabilities of default on the basis of an internal rating model. As part of TUI Group\u2019s busi- ness model, the ratings of debtors for material receivables are evaluated on the basis of this internal rating. Category 1 of the rating model contains the debtors with the highest credit rating, whereas the debtors with the lowest credit rating are classified in the category 7. If the credit risk has not significantly deteriorated since initial recognition, 12-month credit losses are determined (stage 1). In the event of a significant increase in the credit risk, the lifetime-expected credit loss is determined (stage 2). A significant increase in thedefault risk is assumed on the basis of the internal rating and other relevant information such as changes in the economic, regulatory or technological environment. If there is any objective evidence of impairment, a transfer is made to Stage 3. The gross carrying amount of a financial asset of all classes of financial instruments recognised at amortised cost is written off when there is no longer the expectation of full or partial recovery a financial asset following an appropriate assessment. For individual customers the gross carrying amount is usually written off by the Group companies based on past experience of recoveries of such assets in the country specific business environment if the financial asset is no longer expected to be collected due to days overdue. For corporate customers, TUI Group\u2019s businesses conduct an individual assessment about the timing and the amount of write off based on whether there is a reasonable expectation of recovery. TUI Group does not expect significant recovery of amounts written off. However, written-off financial assets may still be subject to enforcement actions to collect overdue receivables. For advances and loans, other receivables and assets as well as other financial assets, the expected credit losses are determined on a portfolio basis. In significant individual cases, this portfolio approach is deviated from, as the relevant information for determining the expected loss is available at the stage of the individual instrument. TUI Group ensures that solely financial assets with similar credit risk characteristics are combined, e. g. type of product and geographical region.TUI Group initially carries the credit loss based on a loss rate expected for the next twelve months. This loss rate is adjusted at regular intervals depending on the macro- economic market environment. If the credit risk increases significantly, the lifetime expected credit loss is determined (Stage 2). The assessment of a significant increase in the credit risk, because of the past due status of the instruments, is determined in TUI Group on an individual basis by region, change in default risk-related market data or change in contractual conditions, among other factors. Depending on the portfolio, a reclassification to stage 2 is regularly made if the overdue amount is more than 30 days past due. If there is objective evidence of impairment, the instrument is transferred to Stage 3. In principle, the general approach assumes that the default risk of financial assets has increased significantly since initial recognition if contractual payments are more than 30 days overdue. However, this can be refuted by TUI Group\u2019s available appropriate and comprehensible information. The assessment of the objectiveevidence of impairment for all instruments falling within the scope of the ECL model is based on the following indicators: e. g. severe financial difficulties of the debtor, breach of contract (default or delinquency in interest or principal payment) or concessions made for economic or contractual reasons in connection with financial difficulties of the debtor. As a result, such instruments are usually written off in full. CDS rates are used as forward-looking information in the general impairment model, too. The impairment ratio for financial assets in the general approach that are not included in the \u2018default risk\u2019 table below is based on observable past default rates, but is set at a minimum of 1 %. The 1 % results from this year\u2019s calculation of the simplified approach. The decline is due in particular to the greatly reducedimpact of the coronavirus pandemic. TUI Group recognises an impairment gain or loss on all financial assets with a corresponding adjustment of the carrying amount through a provision for impairment. In order to improve the presentation, from the 2023 financial year onwards only the expected credit losses will be shown in the \u2018Ageing structure\u2019 tables in the \u2018impairment for expected credit losses\u2019 column and only the change in the impairment for expected credit losses will be shown in the \u2018changes in risk provisions\u2019 ta bles. The information relating to the previous year remains unchanged. In the \u2018Ageing structure\u2019 tables the specific bad debt allowance determined at subsidiary level is shown sepa-rately in the \u2018specific bad debt allowance\u2019 column. The previous year\u2019s \u2018impairment\u2019 column includes both the impairment for expected credit losses and the specific bad debt allowance determined at subsidiary level. In the tables on \u2018changes in risk provisioning\u2019 the specific bad debt allowance determined at subsidiary level which is included in the risk provisioning as at 1 October 2022 is removed in line \u2018Removing specific bad debt allowance from presentation\u2019. The impairment ratios stated from the current year onwards relate exclusively to expected credit losses and no longer include the specific bad debt allowances determined at subsidiary level. As at 30 September 2023, trade receivables were impaired in the amount of \u20ac 49.7 m (previous year \u20ac 59.5 m). The following overview shows a maturity analysis of the impairments:
Ageing structure of impairment of financial instruments classified as trade receivables
30 Sep 2023
Gross value Specific Impairment Net value Impairment
bad debt for expected ratio
\u20ac million allowance credit losses
Trade receivables
Not overdue
294.4
\u2013
\u2013
294.4
\u2013
Overdue less than
30 days
95.5
26.2
1.0
68.3
1 %
Overdue 30 \u2013 90 days
31.1
4.4
0.3
26.4
1 %
Overdue 91 \u2013 180 days
10.2
3.5
0.2
6.5
2 %
Overdue more than
180 days
30.1
13.5
0.6
16.0
2 %
Total
461.3
47.6
2.1
411.6
Ageing structure of impairment of financial instruments classified as trade receivables
30 Sep 2022
Gross value
Impairment
Net value
Impairment
\u20ac million ratio
Trade receivables
Not overdue
271.9
6.8
265.1
5 \u2013 25 %
Overdue less than 30 days
95.9
11.6
84.3
10 \u2013 30 %
Overdue 30 \u2013 90 days
35.4
12.3
23.1
15 \u2013 35 %
Overdue 91 \u2013 180 days
17.5
8.5
9.0
20 \u2013 45 %
Overdue more than 180 days
38.0
20.3
17.7
50 \u2013 75 %
Total
458.7
59.5
399.2
Impairments of lease receivables have developed as follows:
Ageing structure of impairment of financial instruments classified as lease receivables
30 Sep 2023
Gross value Specific bad Impairment Net value Impairment
(after specific debt allowance for expected ratio
bad debt credit losses
\u20ac million allowance)
Lease receivables
Not overdue
4.1
\u2013
\u2013
4.1
\u2013
Overdue less than
30 days
\u2013
\u2013
\u2013
\u2013
1 %
Overdue 30 \u2013 90 days
\u2013
\u2013
\u2013
\u2013
1 %
Overdue 91 \u2013 180 days
\u2013
\u2013
\u2013
\u2013
2 %
Overdue more than
180 days
\u2013
\u2013
\u2013
\u2013
2 %
Total
4.1
\u2013
\u2013
4. 1
Ageing structure of impairment of financial instruments classified as lease receivables
30 Sep 2022
Gross value
Impairment
Net value
Impairment
\u20ac million ratio
Lease receivables
Not overdue
9.8
0.2
9.6
5 \u2013 25 %
Overdue less than 30 days
\u2013
\u2013
\u2013
10 \u2013 30 %
Overdue 30 \u2013 90 days
\u2013
\u2013
\u2013
15 \u2013 35 %
Overdue 91 \u2013 180 days
\u2013
\u2013
\u2013
20 \u2013 45 %
Overdue more than 180 days
\u2013
\u2013
\u2013
50 \u2013 75 %
Total
9.8
0.2
9.6
The following tables show the development of impairment losses on financial instruments in the category Other receivables and assets and in the category advances and loans, in each case less the amounts shown for the corresponding category in the table of the default risk below.
Ageing structure of impairment of financial instruments classified as other receivables and assets
30 Sep 2023
Gross value Specific bad Impairment Net value Impairment
debt allowance for expected ratio
\u20ac million credit losses
Other receivables
and assets
Not overdue
211.3
21.0
2.1
188.2
1 %
Overdue less than
30 days
0.7
\u2013
\u2013
0.7
1 %
Overdue 30 \u2013 90 days
\u2013
\u2013
\u2013
\u2013
1 %
Overdue 91 \u2013 180 days
0.1
\u2013
\u2013
0.1
1 %
Overdue more than
180 days
13.3
5.2
0.1
8.0
1 %
Total
225.4
26.2
2.2
197.0
Ageing structure of impairment of financial instruments classified as other receivables and assets 30 Sep 2022 adjuste Gross value Impairment Net value Impairment \u20ac million ratio Other receivables and assets Not overdue 142.7* 0.1* 142.6* 5 \u2013 25 % Overdue less than 30 days \u2013 \u2013 \u2013 10 \u2013 30 % Overdue 30 \u2013 90 days 3.4 3.4 \u2013 15 \u2013 35 % Overdue 91 \u2013 180 days 0.2 \u2013 0.2 20 \u2013 45 % Overdue more than 180 days 1.1 0.3 0.8 50 \u2013 75 % Total 147.4* 3.8* 143.6* * The previous year was adjusted because some of the financial instruments are now shown in the table \u2018Default risk on financial instru- ments classified as advances and loans, as other receivables or as other financial assets\u2019. Impairments of advances and loans developed as follows:
Ageing structure of impairment of financial instruments classified as advances and loans
30 Sep 2023
Gross value Specific bad Impairment Net value
debt allowance for expected
\u20ac million credit losses
Advances and loans
Not overdue
7.1
0.1
0.1
6.9
Overdue less than 30 days
\u2013
\u2013
\u2013
\u2013
Overdue 30 \u2013 90 days
\u2013
\u2013
\u2013
\u2013
Overdue 91 \u2013 180 days
\u2013
\u2013
\u2013
\u2013
Overdue more than 180 days
1.2
1.2
\u2013
\u2013
Total
8.3
1.3
0.1
6.9
Ageing structure of impairment of financial instruments classified as advances and loans
30 Sep 2022 adjusted
\u20ac million
Gross value
Impairment
Net value
Advances and loans
Not overdue
8.5
*
0.7
*
7.8
*
Overdue less than 30 days
\u2013
\u2013
\u2013
Overdue 30 \u2013 90 days
0.1
0.1
\u2013
Overdue 91 \u2013 180 days
\u2013
\u2013
\u2013
Overdue more than 180 days
0.2
*
0.2
*
\u2013
Total
8.8
*
1.0
*
7.8
*
* The previous year was adjusted because some of the financial instruments are now shown in the table \u2018Default risk on financial instru
ments
classified as advances and loans, as other receivables or as other financial assets\u2019.
The material single items in the following table, \u2018Default risk on financial instruments classified as advances and loans, as other receivables or as other financial assets\u2019 are disclosed based on an internal rating. In the past financial year, there was one stage transfer in the individual items listed there from stage 2 to stage 3 in the amount of \u20ac 12.9 m (previous year: one transfers from stage 2 to stage 3 in the amount of \u20ac 6.2 m).
Default risk on financial instruments classified as advances and loans, as other receivables or as other financial assets
30 Sep 2023
30 Sep 2022 adjusted
Impairment Rating Gross value Specific bad Impairment Net value Gross value Impairment Net value
stage debt allowance for expected
\u20ac million credit losses
Financial instruments with related parties
Advances and loans
1
internal: grade 2
\u2013
\u2013
\u2013
\u2013
21.9
\u2013 0.6
21.3
Advances and loans
3
internal: grade 5
9.5
\u2013 6.4
\u2013 0.3
2.8
20.8
*
\u2013 18.6
*
2.2
*
Advances and loans
3
internal: grade 6
4.5
\u2013 4.5
\u2013
\u2013
\u2013
\u2013
\u2013
Advances and loans
3
internal: grade 7
11.4
\u2013 11.4
\u2013
\u2013
\u2013
\u2013
\u2013
Other receivables
3
internal: grade 7
0.9
\u2013 0.9
\u2013
\u2013
\u2013
\u2013
\u2013
Financial instruments with hotels
Advances and loans
1
internal: grade 5
9.6
9.6
\u2013 1.3
8.3
10.4
\u2013 1.8
8.6
Advances and loans
2
internal: grade 5
17.0
17.0
\u2013 1.1
15.9
30.0
\u2013 3.3
26.7
Advances and loans
3
internal: grade 5
12.9
\u2013 12.9
\u2013
\u2013
\u2013
\u2013
\u2013
Other receivables
1
internal: grade 2
\u2013
\u2013
\u2013
\u2013
3.0
*
\u2013
3.0
*
Other receivables
3
internal: grade 3
\u2013
\u2013
\u2013
\u2013
41.0
\u2013 13.8
27.2
Financial instruments with other companies
Advances and loans
3
internal: grade 5
5.0
\u2013 5.0
\u2013
\u2013
5.4
*
\u2013 5.4
*
\u2013
Other financial assets
1
internal: grade 1
\u2013
\u2013
\u2013
\u2013
34.6
\u2013 0.2
34.4
Other financial assets
1
external
45.1
\u2013
\u2013 0.1
45.0
45.1
\u2013 0.1
45.0
Other receivables
1
internal: grade 1
66.1
\u2013
\u2013 0.1
66.0
106.6
*
\u2013 0.2
*
106.4
*
Other receivables
1
internal: grade 2
44.1
\u2013
\u2013 0.1
44.0
30.2
*
\u2013 0.1
*
30.1
*
Other receivables
1
internal: grade 4
7.4
\u2013
\u2013 0.2
7.2
6.3
*
\u2013 0.3
*
6.0
*
Other receivables
1
internal: grade 5
24.2
\u2013
\u2013 1.5
22.7
\u2013
\u2013
\u2013
Other receivables
1
external
378.2
\u2013
\u2013 0.5
377.7
350.5
*
\u2013 0.6
*
349.9
*
Other receivables
3
internal: grade 4
1.8
\u2013 0.9
\u2013
0.9
2.9
*
\u2013 1.0
*
1.9
*
* The table takes into account all default risk rating grades used as at 30 September 2023. The previous year\u2019s figures have been
adjusted accordingly.
Insofar as the default risk can only be determined on the basis of past due information, the information is contained in the tables \u2018ageing structure of impairment of financial instruments classified as other receivables and assets\u2019 and \u2018ageing structure of impairment of financial instruments classified as advances and loans\u2019. Other financial assets carried at amortised cost at an amount of \u20ac 48.6 m (previous year \u20ac 85.8 m) relate to short-term deposits with banks. The full amount of these investments with a gross amount of \u20ac 48.7 m (previous year \u20ac 86.2 m) is not overdue. Impairments of \u20ac 0.1 m (previous year \u20ac 0.5 m) were carried in the framework of risk provisioning . In the financial year 2023, there were no significant cash inflows from impaired interest-bearing trade receiv- ables and other receivables (previous year of \u20ac 4.8 m cash inflows). d The tables below show a reconciliation of the loan loss provisions for financial assets, measured at amortised cost, for which loan loss provisions are determined using the general approach or the simplified approach.
Change in risk provisions for financial assets measured at amortised cost in the classes advances
and loans, other receivables and assets and other financial assets
Stage 1 Stage 2 Stage 3 To t a l
12-month-
ECL
lifetime-
ECL
lifetime-
ECL
\u20ac million (not impaired) (impaired)
Risk provisioning as at 1 Oct 2021
27.6
14.3
\u2013
41.9
Addition of impairment on newly issued / acquired
financial assets
2.3
1.8
20.8
24.9
Transfer to stage 3 lifetime ECL (impaired)
\u2013 7.4
\u2013 12.8
20.2
\u2013
Unrequired impairments on financial assets
derecognised during the period and use of impairments
\u2013 15.9
\u2013
\u2013
\u2013 15.9
Risk provisioning as at 30 Sep 2022
6.6
3.3
41.0
50.9
Risk provisioning as at 1 Oct 2022
6.6
3.3
41.0
50.9
Addition of impairment on newly issued / acquired
financial assets
2.3
\u2013
\u2013
2.3
Transfer to stage 3 lifetime ECL (impaired)
\u2013
\u2013 1.5
1.5
\u2013
Unrequired impairments on financial assets
derecognised during the period and use of impairments
\u2013 1.4
\u2013 0.8
\u2013 3.1
\u2013 5.3
Removing specific bad debt allowance from
presentation
\u2013
\u2013
\u2013 39.0
\u2013 39.0
Change of models, risk parameters
\u2013 1.4
\u2013
\u2013
\u2013 1.4
Risk provisioning as at 30 Sep 2023
6.1
1.0
0.4
7.5
As at 30 September 2023, risk provisioning totals \u20ac 4.6 m (previous year \u20ac 19.8 m) for the other receivables and assets class and \u20ac 0.1 m (previous year \u20ac 0.5 m) for the other financial assets class as well as \u20ac 2.8 m (previous year \u20ac 30.6 m) for the advances and loans class. As at 30 September, 2023, one instrument in class other receivables and assets and ten instruments in class advances and loans were reported in stage 3 (previous year: three and eight instruments respectively in stage 3). There were no currency differences (previous year: no currency differences). The changes in the scope of consolidation had no material impact on risk provisioning (previous year: no changes). A transfer was made in the advances and loans class in the amount of \u20ac 1.5 m from stage 2 to stage 3 (previous year transfer from stage 1 to stage 3: \u20ac 6.6 m and transfer from stage 2 to stage 3:\u20ac 12.8 m). No transfer was made in the other receivables and assets class (previous year transfer from stage 1 to stage 3: \u20ac 0.8 m). In the current financial year in class advances and loans no material impairments have been used (previous year \u20ac 9.5 m). The models were adjusted with regard to the risk parameters used in terms of the loss rate in line with the macroeconomic market environment. This resulted in a lower risk provision of \u20ac 1.9 m (previous year: \u20ac 6.2 m).
Change in risk provisions for financial assets measured at amortised cost classified
as trade receivables
Lifetime ECL
\u20ac million simplified approach
Risk provisioning as at 1 Oct 2021
71.6
Exchange differences
0.7
Addition of impairment on newly issued / acquired financial assets
23.6
Other changes
1.3
Unrequired impairments on financial assets derecognised during the period and use of impairments
\u2013 37.7
Risk provisioning as at 30 Sep 2022
59.5
Risk provisioning as at 1 Oct 2022
59.5
Exchange differences
\u2013 0.3
Unrequired impairments on financial assets derecognised during the period
\u2013 9.4
Use of impairments
\u2013 4.8
Removing specific bad debt allowance from presentation
\u2013 41.9
Change of models, risk parameters
\u2013 1.0
Risk provisioning as at 30 Sep 2023
2.1
Change in risk provisions for financial assets measured at amortised cost classified
as lease receivables
Lifetime ECL
\u20ac million simplified approach
Risk provisioning as at 1 Oct 2021
0.3
Exchange differences
\u2013 0.3
Unrequired impairments on financial assets derecognised during the period and use of impairments
0.2
Risk provisioning as at 30 Sep 2022
0.2
Risk provisioning as at 1 Oct 2022
0.2
Unrequired impairments on financial assets derecognised during the period and use of impairments
\u2013 0.2
Risk provisioning as at 30 Sep 2023
\u2013
The tables below show a reconciliation of gross carrying amounts for financial assets measured at amor-tisedcost:
Change in gross carrying amounts classified as advances and loans
Stage 1 Stage 2 life- Stage 3 life- To t a l
12-month-
ECL
time-
ECL
time-
ECL
\u20ac million (not impaired) (impaired)
Gross carrying amounts as at 1 Oct 2021
188.9
45.0
\u2013
233.9
Addition of assets
13.2
1.0
2.3
16.5
Reduction of assets
\u2013 153.1
\u2013
\u2013
\u2013 153.1
Transfer to impaired financial assets (Stage 3)
\u2013 9.1
\u2013 16.0
25.1
\u2013
Gross carrying amounts as at 30 Sep 2022
39.9
30.0
27.4
97.3
Gross carrying amounts as at 1 Oct 2022
39.9
30.0
27.4
97.3
Addition of assets
1.5
17.7
5.7
24.9
Reduction of assets
\u2013 25.5
\u2013 17.2
\u2013 1.4
\u2013 44.1
Transfer to impaired financial assets (Stage 3)
\u2013
\u2013 12.9
12.9
\u2013
Gross carrying amounts as at 30 Sep 2023
15.9
17.6
44.6
78.1
As of 30 September 2023, instruments of the class advances and loans amounting to \u20ac 44.6 m are reported in stage 3. There were no significant changes or modifications. There was a transfer of \u20ac 12.9 m from stage 2 to stage 3 (previous year: transfers between stage 1 and 3: \u20ac 9.1 m and transfers between stage 2 and 3: \u20ac 16.0 m).
Change in gross carrying amounts classified as other receivables and assets and other financial assets
Stage 1 Stage 2 Stage 3 To t a l
12-month
ECL
lifetime
ECL
lifetime-
ECL
\u20ac million (not impaired) (impaired)
Gross carrying amounts as at 1 Oct 2021
329.6
\u2013
\u2013
329.6
Addition of assets
685.4
\u2013
44.4
729.8
Reduction of assets
\u2013 285.3
\u2013
\u2013
\u2013 285.3
Transfer to impaired financial assets (Stage 3)
\u2013 7.7
\u2013
7.7
\u2013
Gross carrying amounts as at 30 Sep 2022
722.0
\u2013
52.1
774.1
Gross carrying amounts as at 1 Oct 2022
722.0
\u2013
52.1
774.1
Addition of assets
679.8
0.5
57.5
737.8
Reduction of assets
\u2013 673.7
\u2013
\u2013 41.4
\u2013 715.1
Gross carrying amounts as at 30 Sep 2023
728.1
0.5
68.2
796.8
As at 30 September 2023, instruments in the classes of other receivables and assets and other financial assets amounting to \u20ac 68.2 m were reported in stage 3. There were no significant changes or modifications. There were no transfers between the stages 1 to 3 (previous year transfers from stage 1 to stage 3: \u20ac 7.7 m). No newly issued or acquired instruments were impaired at the date of addition.
Change in gross carrying amounts of assets classified as trade receivables
Lifetime ECL
simplified
\u20ac million approach
Gross carrying amounts as at 1 Oct 2021
331.4
Addition of assets
458.7
Reduction of assets
\u2013 331.4
Gross carrying amounts as at 30 Sep 2022
458.7
Gross carrying amounts as at 1 Oct 2022
458.7
Addition of assets
461.3
Reduction of assets
\u2013 458.7
Gross carrying amounts as at 30 Sep 2023
461.3
Change in gross carrying amounts of assets classified as lease receivables
Lifetime ECL
simplified
\u20ac million approach
Gross carrying amounts as at 1 Oct 2021
11.4
Addition of assets
9.8
Reduction of assets
\u2013 11.4
Gross carrying amounts as at 30 Sep 2022
9.8
Gross carrying amounts as at 1 Oct 2022
9.8
Addition of assets
4.1
Reduction of assets
\u2013 9.8
Gross carrying amounts as at 30 Sep 2023
4.1
LIQUIDITY RISK Liquidity risks arise from TUI Group being unable to meet its short-term financial obligations and the result- ing increases in funding costs. TUI Group has established an internal liquidity management system to secure TUI Group\u2019s liquidity at all times and consistently comply with contractual payment obligations. To that end, TUI Group\u2019s liquidity management system uses the opportunities of physical and virtual cash pooling for more efficient liquidity pooling. It also uses credit lines to compensate for the seasonal fluctuations in liquidity resulting from the tourism business. The core credit facility is a syndicated revolving credit facility agreed with the previous syndicate banks and KfW Bank, which has been included due to the COVID-19 pandemic. The total amount of the revolving credit facility has now been reduced to a total of \u20ac 2.5 bn. Details of the financing transactions are presented in the section \u2018Going-concern reporting in accordance with the UK Corporate Governance Code\u2019. As in the previous year, no material assets were deposited as collateral for liabilities. Moreover, the Group companies participating in the automated cash pool are jointly and severally liable for financial liabilities from cash pooling agreements. At the balance sheet date, 19TUI Group companies are jointly and severally liable for TUI AG\u2019s financial debts from the revolving credit facility and the promissory note loan. The tables provided below list the contractually agreed (undiscounted) cash flows of all primary financialliabilities as at the balance sheet date. Planned payments for future new liabilities were not taken into account. Where financial liabilities have a floating interest rate, the forward interest rates fixed at the balance sheet date were used to determine future interest payments. Financial liabilities cancellable at any time are allocatedto the earliest maturity band. The analysis of cash flows from derivative financial instruments shows the contractually agreed (undiscounted) cash flows by maturity of foreign exchange hedges and hedges of other price risks of all liabilities that exist ed at the balance sheet date.
Cash flow of financial instruments \u2013 financial and lease liabilities (30 Sep 2023)
Cash outflow until 30 Sep
up to 1 year
1 \u2013 2 years
2 \u2013 5 years
more than 5 years
repay-
interest
repay-
interest
repay-
interest
repay-
interest
\u20ac million ment ment ment ment
Financial liabilities
Convertible bonds
\u2013
\u2013 29.5
\u2013
\u2013 29.5
\u2013 589.6
\u2013 88.4
\u2013
\u2013
Bonds
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Liabilities to banks
\u2013 69.9
\u2013 31.9
\u2013 275.8
\u2013 29.0
\u2013 163.1
\u2013 38.4
\u2013 210.0
\u2013 34.9
Other financial debt
\u2013 15.0
\u2013 1.8
\u2013 3.8
\u2013 2.1
\u2013 16.7
\u2013 0.1
\u2013
\u2013
Trade payables
\u2013 3,373.7
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Other financial liabilities
\u2013 121.9
\u2013 1.6
\u2013 2.6
\u2013
\u2013
\u2013
\u2013
\u2013
Lease liabilities
\u2013 701.2
\u2013 128.6
\u2013 521.5
\u2013 104.5
\u2013 1,032.1
\u2013 184.2
\u2013 663.3
\u2013 264.3
Cash flow of financial instruments \u2013 financial and lease liabilities (30 Sep 2022) Cash outflow until 30 S up to 1 year 1 \u2013 2 years 2 \u2013 5 years more than 5 yea repayment interest repayment interest repay- interest repay-intere \u20ac million ment ment Financial liabilities Convertible bonds \u2013 \u2013 29.5 \u2013 \u2013 29.5 \u2013 \u2013 88.4 \u2013 589.6 \u2013 29 Bonds \u2013 \u2013 5.6 \u2013 \u2013 5.6 \u2013 58.7 \u2013 11.2 \u2013 Liabilities to banks \u2013 280.0 \u2013 65.3 \u2013 600.9 \u2013 44.0 \u2013 312.8 \u2013 36.5 \u2013 188.9 \u2013 16 Other financial debt \u2013 26.4 \u2013 1.6 \u2013 44.9 \u2013 2.0 \u2013 16.9 \u2013 0.5 \u2013 Trade payables \u2013 3,316.5 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Other financial liabilities \u2013 174.7 \u2013 0.3 \u2013 0.3 \u2013 \u2013 2.5 \u2013 \u2013 Lease liabilities \u2013 698.8 \u2013 60.8 \u2013 655.7 \u2013 69.8 \u2013 1,012.4 \u2013 182.5 \u2013 840.7 \u2013 393 Cash flow of derivative financial instruments (30 Sep 2023) Cash in- / outflow until 30 S up to 1 year 1 \u2013 2 years 2 \u2013 5 years more th \u20ac million 5 yea Derivative financial instruments Hedging transactions \u2013 inflows + 1,604.5 + 133.5 \u2013 Hedging transactions \u2013 outflows \u2013 1,638.4 \u2013 136.2 \u2013 Other derivative financial instruments \u2013 inflows + 1,294.1 \u2013 \u2013 Other derivative financial instruments \u2013 outflows \u2013 1,308.7 \u2013 \u2013
Cash flow of derivative financial instruments (30 Sep 2022)
Cash in- / outflow until 30 Sep
up to 1 year
1 \u2013 2 years
2 \u2013 5 years
more than
\u20ac million 5 years
Derivative financial instruments
Hedging transactions \u2013 inflows
+ 156.2
\u2013
\u2013
\u2013
Hedging transactions \u2013 outflows
\u2013 185.1
\u2013
\u2013
\u2013
Other derivative financial instruments \u2013 inflows
+ 630.3
\u2013
\u2013
\u2013
Other derivative financial instruments \u2013 outflows
\u2013 665.7
\u2013
\u2013
\u2013
The derivative financial instruments carried as Other derivative financial instruments are derivatives not designated as hedging instruments according to IAS 39. For further information for hedging strategies and risk management see also the remarks in the Risk Report section of the Management Report. DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGES STRATEGY AND GOALS In accordance with TUI Group\u2019s policy, derivatives are allowed to be used if they are based on underlying recognised assets or liabilities, firm commitments or forecast transactions. Hedge accounting based on the rules ofIAS 39 is applied to forecasted transactions. In the completed financial year, hedges consisted of cash flow hedges. Derivative financial instruments in the form of fixed-price transactions and options as well as structured products can be used to limit currency, interest rate and fuel risks. The COVID-19 pandemic significantly impacted TUI\u2019s business operations, causing a strong increase in TUI\u2019s credit risk premiums. The significant increase inTUI\u2019s credit risk had a direct impact on the effectiveness of hedging relationships according to IAS 39 and explicitly on the retrospective hedge effectiveness test, because when calculating retrospective effectiveness, the credit risk is included in the derivative instrument entered into with the counterparty, but not in the hypothetical derivative. As a result, fuel price, interest rate and currency hedges had to be de-designated as they no longer met the effectiveness requirements ofIAS 39. For the de-designated hedging instruments cash flow hedge accounting is terminated and the hedges are recognised as other derivative financial instruments. Based on these de-designations any further changes in the fair value of these instruments will be recognised in profit or loss in the income statement in the cost of sales or, in the case of interest rate hedges, in the financial result. For all fuel price hedges contracted from 1 January 2023, the retrospective effectiveness will be determined , based on regression analysis. For fuel price hedges contracted before 31 December 2022, the dollar offset method will continue to be applied. This change in method allows hedge relationships to be presented more appropriately, so that as at 30 September 2023, no newly contracted fuel price hedges after the 1 January 2023 have to be de-designated. Furthermore, from 31 March 2023, the designation of the hedged item for foreign currency hedges is evaluated on a seasonal basis. The designation on a seasonal basis reflects the operational tourism business model with a summer and winter season within a financial year and corresponds to the hedging approach of TUI\u2019s risk management strategy. Due to the COVID-19 pandemic and its impact on the business operations ofTUI, the seasonal consideration of the hedge ratio of foreign currency hedges was temporarily suspended and a designation on a monthly basis has been established. This approach for desig- nation of hedges no longer corresponds to the risk management strategy as the tourism operating business has returned to pre-crisis levels . As at 30 September 2023, the fair value of these reclassified fuel price hedges totalled \u20ac 3.5 m at a nomina l volume of \u20ac 10.3 m, while the fair value of the interest rate hedges amounted to \u20ac 2.5 m at a nominal volume of \u20ac 46.0 m and the fair value of foreign currency hedges totalled \u20ac 0.3 m at a nominal volume of \u20ac 2.4 m. CASH FLOW HEDGES At 30 September 2023, hedges in hedging relationships in accordance with IAS 39 existed to manage cash flows in foreign currencies with maturities of up to two years (previous year up to two years). The fuel price hedges in hedging relationships in accordance with IAS 39 had terms of up to two years (previous year up to one year). Hedges in hedging relationships in accordance withIAS 39 to protect variable interest payment obligations are currently not in the portfolio (previous year none). The impact on profit or loss for is recog- nised at the time the expected cash inflow / outflow occurs.
Nominal amounts of derivative financial instruments used
30 Sep 2023
Remaining term
up to more than To t a l Average
1 year 1 year hedged
\u20ac million rate / price
Currency hedges
Forwards
5,798.5
554.1
6,352.6
Forwards EUR / GBP
2,267.6
173.6
2,441.2
1.1380
Forwards EUR / USD
1,086.1
114.3
1,200.4
0.9081
Forwards GBP / USD
1,646.5
182.2
1,828.7
0.7982
Forwards EUR / SEK
235.3
50.3
285.6
0.0859
Other currencies
563.0
33.7
596.7
Commodity hedges
Swaps
779.5
25.7
805.2
Jet fuel
732.7
20.7
753.4
737.29
Marine fuel
46.8
5.0
51.8
530.08
Other fuels
\u2013
\u2013
\u2013
\u2013
Other derivative financial instruments
3,356.6
46.0
3,402.6
Nominal amounts of derivative financial instruments used
30 Sep 2022
Remaining term
up to more than Total Average
1 year 1 year hedged
\u20ac million rate / price
Currency hedges
Forwards
2,535.6
2.4
2,538.0
Forwards EUR / GBP
1,013.5
\u2013
1,013.5
1.1582
Forwards EUR / USD
464.7
2.4
467.1
0.9627
Forwards GBP / USD
878.6
\u2013
878.6
0.8368
Forwards EUR / SEK
63.5
\u2013
63.5
0.0942
Other currencies
115.3
\u2013
115.3
Commodity hedges
Swaps
165.2
\u2013
165.2
Jet fuel
154.8
\u2013
154.8
1,088.90
Marine fuel
10.4
\u2013
10.4
674.27
Other fuels
\u2013
\u2013
\u2013
\u2013
Other derivative financial instruments
3,743.2
53.6
3,796.8
Other derivative hedging instruments comprise the nominal value of hedges not designated for hedge account- ing. TUI Group exclusively enters into derivative financial instruments for hedging purposes. Depending on the type of the hedged underlying transaction,TUI exercises the option to apply hedge accounting according to IAS 39. Due to the COVID-19 pandemic, a large number of hedges according to IAS 39 had to be terminat ed. Accordingly, the derivative financial instruments underlying these hedges are shown under Other derivative financial instruments. The nominal values correspond to the total of all purchase and sale amounts underlying the transactions or the respective contract values of the transactions. In order to hedge the risks of fluctuations in future cash flows from currency, interest rate and fuel price risks, TUI regularly enters into hedges. The planned underlying transactions are used to determine theineffective portions of hedges designated as cash flow hedges. In designating cash flow hedges, only the spot rate component is included in hedge accounting as a hedge for some forward exchange transactions , while the interest component of these financial instruments is shown separately in all relevant tables unde r Other derivative financial instruments, in line with derivatives not designated as hedging instrumentsaccording to IAS 39.
Disclosures on underlying transactions of cash flow hedges
30 Sep 2023
Fair Value Balance of Hedging
changes to hedging reserve
determine reserve of completed
inefficient active cash (ended) cash
\u20ac million portions flow hedges flow hedges
Interest rate risk hedges
\u2013
\u2013
\u2013 13.2
Currency risk hedges
\u2013 78.3
78.7
\u2013
Fuel price risk hedges
\u2013 152.6
132.0
18.1
Hedging
\u2013 230.9
210.7
4.9
Total
\u2013 230.9
210.7
4.9
Disclosures on underlying transactions of cash flow hedges
30 Sep 2022
Fair Value Balance of Hedging
changes to hedging reserve
determine reserve of completed
inefficient active cash (ended) cash
\u20ac million portions flow hedges flow hedges
Interest rate risk hedges
\u2013
\u2013
\u2013 30.6
Currency risk hedges
\u2013 121.7
121.6
1.4
Fuel price risk hedges
23.8
\u2013 22.9
\u2013 19.3
Hedging
\u2013 97.9
98.7
\u2013 48.5
Total
\u2013 97.9
98.7
\u2013 48.5
In accounting for cash flow hedges, the effective portions of the hedging relationships have to be recognised in OCI outside profit and loss. Any additional changes in the fair value of the designated components are recognised as ineffective portions in cost of sales. The table below presents the development of OCI infinancial year 2023.
Development of OCI
30 Sep 2023
Interest
Currency risk
Fuel price risk
To t a l
\u20ac million rate risk
Gain or loss from fair value changes of
hedges within hedge accounting
\u2013 13.2
78.7
150.1
215.6
recognised in equity
\u2013 13.2
78.7
150.1
215.6
Reclassification from cash flow hedge
reserve to income statement
17.4
5.9
39.1
62.4
due to early termination of the hedge
\u2013
0.9
\u2013
0.9
due to recognition of the
underlying transaction
17.4
5.0
39.1
61.5
Development of OCI
30 Sep 2022
Interest
Currency risk
Fuel price risk
Total
\u20ac million rate risk
Gain or loss from fair value changes of
hedges within hedge accounting
\u2013 30.6
123.0
\u2013 42.2
50.2
recognised in equity
\u2013 30.6
123.0
\u2013 42.2
50.2
Reclassification from cash flow hedge
reserve to income statement
\u2013 1.4
4.1
\u2013 22.0
\u2013 19.3
due to early termination of the hedge
\u2013
0.5
\u2013
0.5
due to recognition of the
underlying transaction
\u2013 1.4
3.6
\u2013 22.0
\u2013 19.8
The table Development of OCI presents the changes including foreign currency effects and can therefore not be directly reconciled with the statement of comprehensive income. In the reporting period, expenses of \u20ac 44.1 m (previous year: expenses of \u20ac 18.4 m) from currency hedges and derivative financial instruments used to hedge the impact of exposure to fuel price risks was recognised in cost of sales. Interest rate hedges result in expenses of \u20ac 17.4 m (previous year: expenses of \u20ac 1.4 m), carried innet interest income. Income of \u20ac 1.0 m (previous year: expenses of \u20ac 1.3 m) was recognised for the ineffective portion of cash flow hedges. FAIR VALUES OF DERIVATIVE FINANCIAL INSTRUMENTS The fair values of derivative financial instruments generally correspond to the market value. The market price determined for all derivative financial instruments is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A description of the determination of the fair values of derivative financial instruments is provided with the classification of financial instruments measured at fair value.
Positive and negative fair values of derivative financial instruments shown as receivables or liabilitie s
30 Sep 202 3
Receivables Liabilities FV changes to Nominal
determine volume
ineffective
\u20ac million portions
Cash flow hedges for
currency risks
102.9
24.4
78.5
6,352.5
fuel price risks
133.5
1.5
132.0
805.1
interest rate risks
\u2013
\u2013
\u2013
\u2013
Hedging
236.4
25.9
210.5
7,157.6
Other derivative financial instruments
32.1
11.1
\u2013
3,402.5
Total
268.5
37.0
210.5
10,560.1
Positive and negative fair values of derivative financial instruments shown as receivables or liabilities
30 Sep 2022
Receivables Liabilities FV changes to Nominal
determine volume
ineffective
\u20ac million portions
Cash flow hedges for
currency risks
124.4
2.8
121.6
2,537.9
fuel price risks
\u2013
24.2
\u2013 24.2
165.2
interest rate risks
\u2013
\u2013
\u2013
\u2013
Hedging
124.4
27.0
97.4
2,703.1
Other derivative financial instruments
134.7
33.7
\u2013
3,796.7
Total
259.1
60.7
97.4
6,499.8
Financial instruments which are entered into in order to hedge a risk position according to operational criteria but do not meet the criteria ofIAS 39 to qualify for hedge accounting are shown as other derivative financial instruments. They include foreign currency transactions entered into in order to hedge against foreignexchange-exposure to changes in the value of balance sheet items and foreign exchange fluctuations from future expenses in tourism . FINANCIAL INSTRUMENTS \u2013 ADDITIONAL DISCLOSURES CARRYING AMOUNTS AND FAIR VALUES Where financial instruments are listed in an active market, e. g. shares held and bonds issued, the fair value or market value is the respective quotation in this market at the balance sheet date. For over-the-counter bonds, debt components of bonds with warrants and convertible bonds, liabilities to banks, promissory notes and other non-current financial liabilities, the fair value is determined as the present value of futurecash flows, taking account of yield curves and the respective credit spread, which depends on the credit rating. In financial year 2023, the fair values of other current receivables and current liabilities to banks were deter- mined in line with the past financial year, taking into account yield curves and the respective credit risk premium (credit spread) based on credit rating. As a result, the assumption that the carrying amountapproximately corresponds to the fair value due to the short remaining term has been adjusted to thecurrent market conditions. The fair values of non-current trade receivables and for parts of current other receivables and current other financial assets as well as cash and cash equivalents, current other financial liabilities and trade payables correspond to the present values of the cash flows associated with the assets, taking account of current interest parameters which reflect market and counterparty-related changes in terms and expectations.I n the case of cash and cash equivalents, current trade receivables, other financial assets, current trade payables and other financial liabilities the carrying amount approximates the fair value due to the short remainingterm . The table below shows the reconciliation of the balance sheet items to the financial instrument categorie s by carrying amount and fair value of the financial instruments.
Carrying amounts and fair values according to classes and measurement categories according to IFRS 9 as at 30 Sep 2023
Category according to IFRS 9
Carrying amount At amortised cost Fair value with no Fair value with no Fair value Fair value of
effect on profit and effect on profit and through profit financial
\u20ac million loss without recycling loss with recycling and loss instruments
Assets
Trade receivables and other receivables
thereof instruments within the scope of IFRS 9
1,161.0
1,122.6
\u2013
\u2013
38.9
1,153.0
thereof instruments within the scope of IFRS 16
4.1
\u2013
\u2013
\u2013
\u2013
4.4
Derivative financial instruments
Hedging transactions
236.4
\u2013
\u2013
236.4
\u2013
236.4
Other derivative financial instruments
32.1
\u2013
\u2013
\u2013
32.1
32.1
Other financial assets
59.4
48.6
9.9
\u2013
0.9
57.3
Cash and cash equivalents
2,060.3
1,588.3
\u2013
\u2013
472.2
2,060.5
Liabilities
Financial liabilities
1,297.0
1,297.0
\u2013
\u2013
\u2013
1,120.1
Trade payables
3,373.7
3,374.7
\u2013
\u2013
\u2013
3,374.7
Derivative financial instruments
Hedging transactions
25.9
\u2013
\u2013
25.9
\u2013
25.9
Other derivative financial instruments
11.1
\u2013
\u2013
\u2013
11.1
11.1
Other financial liabilities
124.4
124.4
\u2013
\u2013
\u2013
124.4
Carrying amounts and fair values according to classes and measurement categories according to IFRS 9 as at 30 Sep 2022
Category according to IFRS 9
Carrying amount At amortised cost Fair value with no Fair value with no Fair value Fair value of
effect on profit and effect on profit and through profit financial
\u20ac million loss without recycling loss with recycling and loss instruments
Assets
Trade receivables and other receivables
thereof instruments within the scope of IFRS 9
1,133.8
1,027.3
\u2013
\u2013
106.5
1,124.5
thereof instruments within the scope of IFRS 16
9.6
\u2013
\u2013
\u2013
\u2013
9.9
Derivative financial instruments
Hedging transactions
124.4
\u2013
\u2013
124.4
\u2013
124.4
Other derivative financial instruments
134.7
\u2013
\u2013
\u2013
134.7
134.7
Other financial assets
96.4
85.9
9.6
\u2013
0.9
90.5
Cash and cash equivalents
1,736.9
1,736.9
\u2013
\u2013
\u2013
1,736.9
Liabilities
Financial liabilities
2,051.3
2,051.3
\u2013
\u2013
\u2013
1,656.7
Trade payables
3,316.5
3,316.5
\u2013
\u2013
\u2013
3,316.5
Derivative financial instruments
Hedging transactions
27.0
\u2013
\u2013
27.0
\u2013
27.0
Other derivative financial instruments
33.7
\u2013
\u2013
\u2013
33.7
33.7
Other financial liabilities
177.4
177.4
\u2013
\u2013
\u2013
177.4
The amounts shown in the column \u2018carrying amount\u2019 (as shown in the balance sheet) in the tables above can differ from those in the other columns of a particular row since the latter include all financial instruments. That is the latter columns include financial instruments which are part of disposal groups according to IFRS 5. In the balance sheet, financial instruments, which are part of a disposal group, are shown as separate items. If such financial instruments are included, further details on these financial instruments are explained in the sections \u2018Assets held for sale\u2019 and \u2018Liabilities related to assets held. The instruments measured at fair value through other comprehensive income within the other financial assets class are investments in companies based on medium to long-term strategic objectives. Recording all short- term fluctuations in the fair value in the income statement would not be in line withTUI Group\u2019s strategy; these equity instruments were therefore designated as fair value through OCI.
Aggregation according to measurement categories under IFRS 9 as at 30 Sep 2023
Carrying Fair Value
amount of
financial
instruments
\u20ac million To t a l
Financial assets
at amortised cost
2,759.5
3,221.1
at fair value \u2013 recognised directly in equity without recycling
9.9
9.9
at fair value \u2013 through profit and loss
544.1
544.1
Financial liabilities
at amortised cost
4,796.1
4,619.2
at fair value \u2013 through profit and loss
11.1
11.1
Aggregation according to measurement categories under IFRS 9 as at 30 Sep 2022
Carrying Fair Value
amount of
financial
instruments
\u20ac million Total
Financial assets
at amortised cost
2,850.1
2,834.9
at fair value \u2013 recognised directly in equity without recycling
9.6
9.6
at fair value \u2013 through profit and loss
242.1
242.1
Financial liabilities
at amortised cost
5,545.2
5,150.6
at fair value \u2013 through profit and loss
33.7
33.7
FAIR VALUE MEASUREMENT The table below presents the fair values of recurring, non-recurring and other financial instruments measured at fair value in line with the underlying measurement level. The individual measurement levels have been defined as follows in line with the inputs: \u2022 Level 1: (unadjusted) quoted prices in active markets for identical assets or liabilities. \u2022 Level 2: inputs for the measurement other than quoted market prices included within Level 1 that are observable in the market for the asset or liability, either directly (as quoted prices) or indirectly (derivable from quoted prices). \u2022 Level 3: inputs for the measurement of the asset or liability not based on observable market data.
Hierarchy of financial instruments measured at fair value as at 30 Sep 2023
Fair value hierarchy
\u20ac million
To t a l
Level 1
Level 2
Level 3
Assets
Other receivables
38.9
\u2013
\u2013
38.9
Other financial assets
10.8
\u2013
\u2013
10.8
Derivative financial instruments
Hedging transactions
236.4
\u2013
236.4
\u2013
Other derivative financial instruments
32.1
\u2013
32.1
\u2013
Cash and cash equivalents
472.2
472.2
\u2013
\u2013
Liabilities
Derivative financial instruments
Hedging transactions
25.9
\u2013
25.9
\u2013
Other derivative financial instruments
11.1
\u2013
11.1
\u2013
Hierarchy of financial instruments measured at fair value as at 30 Sep 2022
Fair value hierarchy
\u20ac million
Total
Level 1
Level 2
Level 3
Assets
Other receivables
106.5
\u2013
\u2013
106.5
Other financial assets
10.5
\u2013
\u2013
10.5
Derivative financial instruments
Hedging transactions
124.4
\u2013
124.4
\u2013
Other derivative financial instruments
134.7
\u2013
134.7
\u2013
Liabilities
Derivative financial instruments
Hedging transactions
27.0
\u2013
27.0
\u2013
Other derivative financial instruments
33.7
\u2013
33.7
\u2013
At the end of every reporting period, TUI Group checks whether there are any reasons for reclassification to or from one of the measurement levels. Financial assets and financial liabilities are generally transferred out of Level 1 into Level 2 if the liquidity and trading activity no longer indicate an active market. The opposite situation applies to potential transfers out of Level 2 into Level 1. In the reporting period, there were no transfers between Level 1 and Level 2. Reclassifications from Level 3 to Level 2 or Level 1 are made if observable market price quotations become available for the asset or liability concerned. In the reporting period there were no other transfers from or to Level 3. TUI Group records transfers from or to Level 3 at the date of the obligating event or occasion triggering the transfer. LEVEL 1 FINANCIAL INSTRUMENTS The fair value of financial instruments for which an active market exists is based on quoted prices at the reporting date. An active market exists if quoted prices are readily and regularly available from an exchange, dealer, broker, pricing service or regulatory agency and these prices represent actual and regularly occurring market transactions on an arm\u2019s length basis. These financial instruments are classified as Level 1. The fair values correspond to the nominal amounts multiplied by the quoted prices at the reporting date. At 30 Sep- tember 2023 Level 1 financial instruments only include shares in money market funds measured at fair value. LEVEL 2 FINANCIAL INSTRUMENTS The fair values of financial instruments not traded in an active market, e. g., over-the-counter (OTC) derivatives, are determined by means of valuation techniques. These valuation techniques make maximum use ofobservable market data and minimise the use of group-specific assumptions. If all essential inputs for the determination of the fair value of an instrument are observable, the instrument is classified as Level 2. If one or several key inputs are not based on observable market data, the instrument is classified as Level 3. The following specific valuation techniques are used to measure financial instruments: \u2022 For over-the-counter bonds, debt components of warrant and convertible bonds, liabilities to banks, promissory notes and other non-current financial liabilities as well as for current other receivables, current financial liabilities and non-current trade and other receivables, the fair value is determined as the present value of future cash flows, taking account of observable yield curves and the respective credit spread, which depends on the credit rating. \u2022 The fair value of over-the-counter derivatives is determined by means of appropriate calculation meth ods, e. g., by discounting the expected future cash flows. The forward prices of forward transactions are based on the spot or cash prices, taking account of forward premiums and discounts. The fair values of optional hedges are calculated on the basis of option pricing models. The fair values determined on the basis of the group\u2019s own systems are periodically compared with fair value confirmations of the external counter- parties. \u2022 Other valuation techniques, e. g., discounting future cash flows, are used to determine the fair values of other financial instruments. LEVEL 3 FINANCIAL INSTRUMENTS The table below presents the fair values of the financial instruments measured at fair value on a recurring basis, classified as Level 3 .
Financial assets measured at fair value in Level 3
Other receivables Other financial
\u20ac million IFRS 9
assets
IFRS 9
Balance as at 1 Oct 2021
108.1
12.3
Disposals
\u2013 15.0
\u2013
Total gains or losses for the period
13.4
\u2013 1.4
recognised through profit and loss
13.4
\u2013 0.1
recognised in other comprehensive income
\u2013
\u2013 1.3
Foreign currency effects
\u2013
\u2013 0.4
Balance as at 30 Sep 2022
106.5
10.5
Balance as at 1 Oct 2022
106.5
10.5
Additions
\u2013
0.1
acquisition
\u2013
0.1
Disposals
\u2013 70.6
\u2013 24.0
sale
\u2013
\u2013 24.0
payment
\u2013 70.6
\u2013
Total gains or losses for the period
3.0
23.8
recognised through profit and loss
3.0
\u2013
recognised in other comprehensive income
\u2013
23.8
Foreign currency effects
\u2013
0.4
Balance as at 30 Sep 2023
38.9
10.8
EVALUATION PROCESS The fair value of financial instruments in Level 3 has been determined by TUI Group\u2019s financial department using the discounted cash flow method. This involves the market data and parameters required for measure- ment being compiled or validated. Non-observable input parameters are reviewed on the basis of internally available information and updated if necessary. In principle, the unobservable input parameters relate to the following parameters; the (estimated)EBITDA margin is in a range between \u2013 5.9 % and 34.2 % (previous year 8.3 % and 24.0 %). The constant growth rate is 1 % (previous year 1 %). The weighted average cost of capital (WACC) is in a range between 11.0 % (previous year 9.5 % \u2013 11.3 %). Due to materiality, no detailed figures have been provided. With the exception of the WACC, there is a positive correlation between the input factors and the fair value. The increase in the fair values of the financial instruments in Level 3 resulted mainly from revaluation effects of \u20ac 23.8 m and the sale of the shares in PeakworkAG of \u20ac 24.0 m. Financial instruments classified as Other financial assets include shares in corporations. The total fair value of these financial investments at 30 September 2023 is \u20ac 9.9 m (previous year \u20ac 9.6 m). In the year under review, there were no disposals (previous year \u20ac 0.0 m) of shares in corporations as part of the initial consolida- tion which were measured at fair value, as part of their first consolidation. None of these strategic financial investments were sold in the completed financial year. Dividend payments of \u20ac 0.1 m (previous year \u20ac 0.3 m) resulted from these financial investments. At 30 September 2023, other receivables in accordance withIFRS 9 in Level 3 include a carrying amount of \u20ac 38.9 m (previous year \u20ac 106.5 m) for a variable purchase price receivable from the sale of Riu Hotels S. A. in the prior year, measured as a financial instrument in the categoryFVTPL. The fair value is determined using a probability calculation for the future gross operating profit, taking account of contractual entitlements to an additional purchase price demand and an appropriate risk-adjusted discount rate (4.25 % previous year 1.99 % until 2.87 %). Gross operating profit is defined as total revenue minus operating expenses . The range of potential purchase price payments varies due to different expectations of target achievement between \u20ac 0 and \u20ac 39.7 m (corresponding to a target achievement of < 90 % to max. 105 %). The hotels concerned to deliver already reached around of 105.5 % in August 2023. Therefore, the variable purchase price receivable is set at the maximum level of \u20ac 39.7 m. A sensitivity analysis shows that an increase in the hotels\u2019 gross operating profit of 10 % (regarding calendar year 2023) would not result in a change in the present value of the additional purchase price receivable (previous year \u20ac 2.0 m), while a reduction in gross operating profit of 10 % would result in a change in the present value of around \u20ac \u2013 22.0 m (previous year \u20ac \u2013 24.7 m). An interest rate shift of + / \u2013 100 basis points would alter the present value of the purchase price receivable by around \u20ac 0.2 m (previous year \u20ac 0.5 m). EFFECTS ON RESULTS The effects of remeasuring the financial assets carried at fair value through OCI as well as the effective portions of changes in fair values of derivatives designated as cash flow hedges are listed in the statement of chang e in equity. The net results of the financial instruments by measurement category according toIFRS 9 are as follows:
Net results of financial instruments
2023
from interest
other
net result
\u20ac million net results
Financial assets
39.6
\u2013 49.2
\u2013 9.6
at amortised cost
35.4
\u2013 48.7
\u2013 13.3
at fair value through profit or loss
4.2
\u2013 0.5
3.7
Financial liabilities
\u2013 275.3
\u2013 158.9
\u2013 434.2
at amortised cost
\u2013 229.3
\u2013 119.7
\u2013 349.0
at fair value through profit or loss
\u2013 46.0
\u2013 39.2
\u2013 85.2
Total
\u2013 235.7
\u2013 208.1
\u2013 443.8
Net results of financial instruments 2022 from interest other net resul \u20ac million net results Financial assets 1.4 202.9 204.3 at amortised cost 1.4 40.1 41.5 at fair value through profit or loss \u2013 162.8 162.8 Financial liabilities \u2013 256.7 \u2013 1.7 \u2013 258.4 at amortised cost \u2013 256.7 \u2013 1.6 \u2013 258.3 at fair value through profit or loss \u2013 \u2013 0.1 \u2013 0.1 Total \u2013 255.3 201.2 \u2013 54.1 Financial assets at amortised cost include expenses of \u20ac 58.5 m (previous year \u20ac 45.4 m), arising from credit card costs incurred when settling receivables. In addition, the financial assets at amortised cost includeexpenses from bank fees amounting to \u20ac 5.3 m (previous year \u20ac 5.2 m). For financial liabilities at amortised cost, expenses from bank fees amounted to \u20ac 4.1 m (previous year \u20ac 4.5 m). NETTING
Offsetting of financial assets
Financial assets and
liabilities not set off in the
balance sheet
Gross Gross Net amounts of Financial Collateral Net amount
amounts of amounts of financial assets set off, liabilities received
financial financial presented in the
assets liabilities set balance sheet
\u20ac million off
Financial assets
as at 30 Sep 2023
Derivative financial
assets
268.5
\u2013
268.5
37.0
\u2013
231.5
Cash and cash
equivalents
2,075.4
15.1
2,060.3
\u2013
\u2013
2,060.3
Financial assets
as at 30 Sep 2022
Derivative financial
assets
259.1
\u2013
259.1
32.9
\u2013
226.2
Cash and cash
equivalents
1,859.7
122.8
1,736.9
\u2013
\u2013
1,736.9
Offsetting of financial liabilities
Financial assets and
liabilities not set off in the
balance sheet
Gross Gross Net amounts of Financial Collateral Net amount
amounts of amounts of financial liabilities set assets granted
financial financial off, presented in the
liabilities assets set balance sheet
\u20ac million off
Financial liabilities
as at 30 Sep 2023
Derivative financial
liabilities
37.0
\u2013
37.0
37.0
\u2013
\u2013
Financial liabilities
1,312.1
15.1
1,297.0
\u2013
\u2013
1,297.0
Financial liabilities
as at 30 Sep 2022
Derivative financial
liabilities
60.7
\u2013
60.7
32.9
\u2013
27.8
Financial liabilities
2,174.1
122.8
2,051.3
\u2013
\u2013
2,051.3
Financial assets and financial liabilities are only netted in the balance sheet if a legally enforceable right to netting exists and the Company concerned intends to settle on a net basis. The contracts for financial instruments are based on standardised master agreements for financial derivatives (including ISDA Master Agreement, German master agreement for financial derivatives), creating a conditional right to netting contingent on defined future events. Under the contractual agreements all derivativescontracted with the corresponding counterparty with positive or negative fair values are netted in that case, resulting in a net receivable or payable in the amount of the balance. As this conditional right to netting is not enforceable in the course of ordinary business transactions and thus the criteria for netting are not met, the derivative financial assets and liabilities are carried at their gross amounts in the balance sheet at the reporting date. Financial assets and liabilities in the framework of the cash pooling scheme are shown on a net basis if there is a right to netting in ordinary business transactions and TUI intends to settle on a net basis. These financia instruments are included in the balance sheet items in the tables shown above. The gross amount of these netted cash and cash equivalents is \u20ac 181.9 m as at 30 September 2023 (previous year \u20ac 391.1 m), while the gross amount of the netted financial liabilities is \u20ac 15.1 m as at 30 September 2023 (previous year \u20ac 122.8 m)", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-807": { "value": "(19) Other non-financial assets The other non-financial assets of \u20ac 230.6 m (previous year \u20ac 305.1 m) resulted mainly from the overfunded pension plans worth \u20ac 98.5 m (previous year \u20ac 163.4 m) and assets from other taxes worth \u20ac 77.5 m (previous year \u20ac 70.3 m).
Default risk on financial instruments classified as advances and loans, as other receivables or as other financial assets
30 Sep 2023
30 Sep 2022 adjusted
Impairment Rating Gross value Specific bad Impairment Net value Gross value Impairment Net value
stage debt allowance for expected
\u20ac million credit losses
Financial instruments with related parties
Advances and loans
1
internal: grade 2
\u2013
\u2013
\u2013
\u2013
21.9
\u2013 0.6
21.3
Advances and loans
3
internal: grade 5
9.5
\u2013 6.4
\u2013 0.3
2.8
20.8
*
\u2013 18.6
*
2.2
*
Advances and loans
3
internal: grade 6
4.5
\u2013 4.5
\u2013
\u2013
\u2013
\u2013
\u2013
Advances and loans
3
internal: grade 7
11.4
\u2013 11.4
\u2013
\u2013
\u2013
\u2013
\u2013
Other receivables
3
internal: grade 7
0.9
\u2013 0.9
\u2013
\u2013
\u2013
\u2013
\u2013
Financial instruments with hotels
Advances and loans
1
internal: grade 5
9.6
9.6
\u2013 1.3
8.3
10.4
\u2013 1.8
8.6
Advances and loans
2
internal: grade 5
17.0
17.0
\u2013 1.1
15.9
30.0
\u2013 3.3
26.7
Advances and loans
3
internal: grade 5
12.9
\u2013 12.9
\u2013
\u2013
\u2013
\u2013
\u2013
Other receivables
1
internal: grade 2
\u2013
\u2013
\u2013
\u2013
3.0
*
\u2013
3.0
*
Other receivables
3
internal: grade 3
\u2013
\u2013
\u2013
\u2013
41.0
\u2013 13.8
27.2
Financial instruments with other companies
Advances and loans
3
internal: grade 5
5.0
\u2013 5.0
\u2013
\u2013
5.4
*
\u2013 5.4
*
\u2013
Other financial assets
1
internal: grade 1
\u2013
\u2013
\u2013
\u2013
34.6
\u2013 0.2
34.4
Other financial assets
1
external
45.1
\u2013
\u2013 0.1
45.0
45.1
\u2013 0.1
45.0
Other receivables
1
internal: grade 1
66.1
\u2013
\u2013 0.1
66.0
106.6
*
\u2013 0.2
*
106.4
*
Other receivables
1
internal: grade 2
44.1
\u2013
\u2013 0.1
44.0
30.2
*
\u2013 0.1
*
30.1
*
Other receivables
1
internal: grade 4
7.4
\u2013
\u2013 0.2
7.2
6.3
*
\u2013 0.3
*
6.0
*
Other receivables
1
internal: grade 5
24.2
\u2013
\u2013 1.5
22.7
\u2013
\u2013
\u2013
Other receivables
1
external
378.2
\u2013
\u2013 0.5
377.7
350.5
*
\u2013 0.6
*
349.9
*
Other receivables
3
internal: grade 4
1.8
\u2013 0.9
\u2013
0.9
2.9
*
\u2013 1.0
*
1.9
*
* The table takes into account all default risk rating grades used as at 30 September 2023. The previous year\u2019s figures have been
adjusted accordingly.
Insofar as the default risk can only be determined on the basis of past due information, the information is contained in the tables \u2018ageing structure of impairment of financial instruments classified as other receivables and assets\u2019 and \u2018ageing structure of impairment of financial instruments classified as advances and loans\u2019. Other financial assets carried at amortised cost at an amount of \u20ac 48.6 m (previous year \u20ac 85.8 m) relate to short-term deposits with banks. The full amount of these investments with a gross amount of \u20ac 48.7 m (previous year \u20ac 86.2 m) is not overdue. Impairments of \u20ac 0.1 m (previous year \u20ac 0.5 m) were carried in the framework of risk provisioning
Change in risk provisions for financial assets measured at amortised cost in the classes advances
and loans, other receivables and assets and other financial assets
Stage 1 Stage 2 Stage 3 To t a l
12-month-
ECL
lifetime-
ECL
lifetime-
ECL
\u20ac million (not impaired) (impaired)
Risk provisioning as at 1 Oct 2021
27.6
14.3
\u2013
41.9
Addition of impairment on newly issued / acquired
financial assets
2.3
1.8
20.8
24.9
Transfer to stage 3 lifetime ECL (impaired)
\u2013 7.4
\u2013 12.8
20.2
\u2013
Unrequired impairments on financial assets
derecognised during the period and use of impairments
\u2013 15.9
\u2013
\u2013
\u2013 15.9
Risk provisioning as at 30 Sep 2022
6.6
3.3
41.0
50.9
Risk provisioning as at 1 Oct 2022
6.6
3.3
41.0
50.9
Addition of impairment on newly issued / acquired
financial assets
2.3
\u2013
\u2013
2.3
Transfer to stage 3 lifetime ECL (impaired)
\u2013
\u2013 1.5
1.5
\u2013
Unrequired impairments on financial assets
derecognised during the period and use of impairments
\u2013 1.4
\u2013 0.8
\u2013 3.1
\u2013 5.3
Removing specific bad debt allowance from
presentation
\u2013
\u2013
\u2013 39.0
\u2013 39.0
Change of models, risk parameters
\u2013 1.4
\u2013
\u2013
\u2013 1.4
Risk provisioning as at 30 Sep 2023
6.1
1.0
0.4
7.5
As at 30 September 2023, risk provisioning totals \u20ac 4.6 m (previous year \u20ac 19.8 m) for the other receivables and assets class and \u20ac 0.1 m (previous year \u20ac 0.5 m) for the other financial assets class as well as \u20ac 2.8 m (previous year \u20ac 30.6 m) for the advances and loans class. As at 30 September, 2023, one instrument in class other receivables and assets and ten instruments in class advances and loans were reported in stage 3 (previous year: three and eight instruments respectively in stage 3). There were no currency differences (previous year: no currency differences). The changes in the scope of consolidation had no material impact on risk provisioning (previous year: no changes). A transfer was made in the advances and loans class in the amount of \u20ac 1.5 m from stage 2 to stage 3 (previous year transfer from stage 1 to stage 3: \u20ac 6.6 m and transfer from stage 2 to stage 3: \u20ac 12.8 m). No transfer was made in the other receivables and assets class (previous year transfer from stage 1 to stage 3: \u20ac 0.8 m).
Change in risk provisions for financial assets measured at amortised cost classified
as trade receivables
Lifetime ECL
\u20ac million simplified approach
Risk provisioning as at 1 Oct 2021
71.6
Exchange differences
0.7
Addition of impairment on newly issued / acquired financial assets
23.6
Other changes
1.3
Unrequired impairments on financial assets derecognised during the period and use of impairments
\u2013 37.7
Risk provisioning as at 30 Sep 2022
59.5
Risk provisioning as at 1 Oct 2022
59.5
Exchange differences
\u2013 0.3
Unrequired impairments on financial assets derecognised during the period
\u2013 9.4
Use of impairments
\u2013 4.8
Removing specific bad debt allowance from presentation
\u2013 41.9
Change of models, risk parameters
\u2013 1.0
Risk provisioning as at 30 Sep 2023
2.1
Change in risk provisions for financial assets measured at amortised cost classified
as lease receivables
Lifetime ECL
\u20ac million simplified approach
Risk provisioning as at 1 Oct 2021
0.3
Exchange differences
\u2013 0.3
Unrequired impairments on financial assets derecognised during the period and use of impairments
0.2
Risk provisioning as at 30 Sep 2022
0.2
Risk provisioning as at 1 Oct 2022
0.2
Unrequired impairments on financial assets derecognised during the period and use of impairments
\u2013 0.2
Risk provisioning as at 30 Sep 2023
\u2013
Change in gross carrying amounts classified as other receivables and assets and other financial assets
Stage 1 Stage 2 Stage 3 To t a l
12-month
ECL
lifetime
ECL
lifetime-
ECL
\u20ac million (not impaired) (impaired)
Gross carrying amounts as at 1 Oct 2021
329.6
\u2013
\u2013
329.6
Addition of assets
685.4
\u2013
44.4
729.8
Reduction of assets
\u2013 285.3
\u2013
\u2013
\u2013 285.3
Transfer to impaired financial assets (Stage 3)
\u2013 7.7
\u2013
7.7
\u2013
Gross carrying amounts as at 30 Sep 2022
722.0
\u2013
52.1
774.1
Gross carrying amounts as at 1 Oct 2022
722.0
\u2013
52.1
774.1
Addition of assets
679.8
0.5
57.5
737.8
Reduction of assets
\u2013 673.7
\u2013
\u2013 41.4
\u2013 715.1
Gross carrying amounts as at 30 Sep 2023
728.1
0.5
68.2
796.8
As at 30 September 2023, instruments in the classes of other receivables and assets and other financial assets amounting to \u20ac 68.2 m were reported in stage 3. There were no significant changes or modifications. There were no transfers between the stages 1 to 3 (previous year transfers from stage 1 to stage 3: \u20ac 7.7 m). No newly issued or acquired instruments were impaired at the date of addition. I n the case of cash and cash equivalents, current trade receivables, other financial assets, current trade payables and other financial liabilities the carrying amount approximates the fair value due to the short remaining term . The table below shows the reconciliation of the balance sheet items to the financial instrument categorie s by carrying amount and fair value of the financial instruments.
Carrying amounts and fair values according to classes and measurement categories according to IFRS 9 as at 30 Sep 2023
Category according to IFRS 9
Carrying amount At amortised cost Fair value with no Fair value with no Fair value Fair value of
effect on profit and effect on profit and through profit financial
\u20ac million loss without recycling loss with recycling and loss instruments
Assets
Trade receivables and other receivables
thereof instruments within the scope of IFRS 9
1,161.0
1,122.6
\u2013
\u2013
38.9
1,153.0
thereof instruments within the scope of IFRS 16
4.1
\u2013
\u2013
\u2013
\u2013
4.4
Derivative financial instruments
Hedging transactions
236.4
\u2013
\u2013
236.4
\u2013
236.4
Other derivative financial instruments
32.1
\u2013
\u2013
\u2013
32.1
32.1
Other financial assets
59.4
48.6
9.9
\u2013
0.9
57.3
Cash and cash equivalents
2,060.3
1,588.3
\u2013
\u2013
472.2
2,060.5
Liabilities
Financial liabilities
1,297.0
1,297.0
\u2013
\u2013
\u2013
1,120.1
Trade payables
3,373.7
3,374.7
\u2013
\u2013
\u2013
3,374.7
Derivative financial instruments
Hedging transactions
25.9
\u2013
\u2013
25.9
\u2013
25.9
Other derivative financial instruments
11.1
\u2013
\u2013
\u2013
11.1
11.1
Other financial liabilities
124.4
124.4
\u2013
\u2013
\u2013
124.4
Carrying amounts and fair values according to classes and measurement categories according to IFRS 9 as at 30 Sep 2022
Category according to IFRS 9
Carrying amount At amortised cost Fair value with no Fair value with no Fair value Fair value of
effect on profit and effect on profit and through profit financial
\u20ac million loss without recycling loss with recycling and loss instruments
Assets
Trade receivables and other receivables
thereof instruments within the scope of IFRS 9
1,133.8
1,027.3
\u2013
\u2013
106.5
1,124.5
thereof instruments within the scope of IFRS 16
9.6
\u2013
\u2013
\u2013
\u2013
9.9
Derivative financial instruments
Hedging transactions
124.4
\u2013
\u2013
124.4
\u2013
124.4
Other derivative financial instruments
134.7
\u2013
\u2013
\u2013
134.7
134.7
Other financial assets
96.4
85.9
9.6
\u2013
0.9
90.5
Cash and cash equivalents
1,736.9
1,736.9
\u2013
\u2013
\u2013
1,736.9
Liabilities
Financial liabilities
2,051.3
2,051.3
\u2013
\u2013
\u2013
1,656.7
Trade payables
3,316.5
3,316.5
\u2013
\u2013
\u2013
3,316.5
Derivative financial instruments
Hedging transactions
27.0
\u2013
\u2013
27.0
\u2013
27.0
Other derivative financial instruments
33.7
\u2013
\u2013
\u2013
33.7
33.7
Other financial liabilities
177.4
177.4
\u2013
\u2013
\u2013
177.4
The amounts shown in the column \u2018carrying amount\u2019 (as shown in the balance sheet) in the tables above can differ from those in the other columns of a particular row since the latter include all financial instruments. That is the latter columns include financial instruments which are part of disposal groups according to IFRS 5. In the balance sheet, financial instruments, which are part of a disposal group, are shown as separate items. If such financial instruments are included, further details on these financial instruments are explained in the sections \u2018Assets held for sale\u2019 and \u2018Liabilities related to assets held. The instruments measured at fair value through other comprehensive income within the other financial assets class are investments in companies based on medium to long-term strategic objectives. Recording all short- term fluctuations in the fair value in the income statement would not be in line withTUI Group\u2019s strategy; these equity instruments were therefore designated as fair value through OCI.
Aggregation according to measurement categories under IFRS 9 as at 30 Sep 2023
Carrying Fair Value
amount of
financial
instruments
\u20ac million To t a l
Financial assets
at amortised cost
2,759.5
3,221.1
at fair value \u2013 recognised directly in equity without recycling
9.9
9.9
at fair value \u2013 through profit and loss
544.1
544.1
Financial liabilities
at amortised cost
4,796.1
4,619.2
at fair value \u2013 through profit and loss
11.1
11.1
Aggregation according to measurement categories under IFRS 9 as at 30 Sep 2022
Carrying Fair Value
amount of
financial
instruments
\u20ac million Total
Financial assets
at amortised cost
2,850.1
2,834.9
at fair value \u2013 recognised directly in equity without recycling
9.6
9.6
at fair value \u2013 through profit and loss
242.1
242.1
Financial liabilities
at amortised cost
5,545.2
5,150.6
at fair value \u2013 through profit and loss
33.7
33.7
FAIR VALUE MEASUREMENT The table below presents the fair values of recurring, non-recurring and other financial instruments measured at fair value in line with the underlying measurement level. The individual measurement levels have been defined as follows in line with the inputs: \u2022 Level 1: (unadjusted) quoted prices in active markets for identical assets or liabilities. \u2022 Level 2: inputs for the measurement other than quoted market prices included within Level 1 that are observable in the market for the asset or liability, either directly (as quoted prices) or indirectly (derivable from quoted prices). \u2022 Level 3: inputs for the measurement of the asset or liability not based on observable market data.
Hierarchy of financial instruments measured at fair value as at 30 Sep 2023
Fair value hierarchy
\u20ac million
To t a l
Level 1
Level 2
Level 3
Assets
Other receivables
38.9
\u2013
\u2013
38.9
Other financial assets
10.8
\u2013
\u2013
10.8
Derivative financial instruments
Hedging transactions
236.4
\u2013
236.4
\u2013
Other derivative financial instruments
32.1
\u2013
32.1
\u2013
Cash and cash equivalents
472.2
472.2
\u2013
\u2013
Liabilities
Derivative financial instruments
Hedging transactions
25.9
\u2013
25.9
\u2013
Other derivative financial instruments
11.1
\u2013
11.1
\u2013
Hierarchy of financial instruments measured at fair value as at 30 Sep 2022
Fair value hierarchy
\u20ac million
Total
Level 1
Level 2
Level 3
Assets
Other receivables
106.5
\u2013
\u2013
106.5
Other financial assets
10.5
\u2013
\u2013
10.5
Derivative financial instruments
Hedging transactions
124.4
\u2013
124.4
\u2013
Other derivative financial instruments
134.7
\u2013
134.7
\u2013
Liabilities
Derivative financial instruments
Hedging transactions
27.0
\u2013
27.0
\u2013
Other derivative financial instruments
33.7
\u2013
33.7
\u2013
At the end of every reporting period, TUI Group checks whether there are any reasons for reclassification to or from one of the measurement levels. Financial assets and financial liabilities are generally transferred out of Level 1 into Level 2 if the liquidity and trading activity no longer indicate an active market. The opposite situation applies to potential transfers out of Level 2 into Level 1. In the reporting period, there were no transfers between Level 1 and Level 2. Reclassifications from Level 3 to Level 2 or Level 1 are made if observable market price quotations become available for the asset or liability concerned. In the reporting period there were no other transfers from or to Level 3. TUI Group records transfers from or to Level 3 at the date of the obligating event or occasion triggering the transfer. LEVEL 1 FINANCIAL INSTRUMENTS The fair value of financial instruments for which an active market exists is based on quoted prices at the reporting date. An active market exists if quoted prices are readily and regularly available from an exchange, dealer, broker, pricing service or regulatory agency and these prices represent actual and regularly occurring market transactions on an arm\u2019s length basis. These financial instruments are classified as Level 1. The fair values correspond to the nominal amounts multiplied by the quoted prices at the reporting date. At 30 Sep- tember 2023 Level 1 financial instruments only include shares in money market funds measured at fair value. LEVEL 2 FINANCIAL INSTRUMENTS The fair values of financial instruments not traded in an active market, e. g., over-the-counter (OTC) derivatives, are determined by means of valuation techniques. These valuation techniques make maximum use ofobservable market data and minimise the use of group-specific assumptions. If all essential inputs for the determination of the fair value of an instrument are observable, the instrument is classified as Level 2. If one or several key inputs are not based on observable market data, the instrument is classified as Level 3. The following specific valuation techniques are used to measure financial instruments: \u2022 For over-the-counter bonds, debt components of warrant and convertible bonds, liabilities to banks, promissory notes and other non-current financial liabilities as well as for current other receivables, current financial liabilities and non-current trade and other receivables, the fair value is determined as the present value of future cash flows, taking account of observable yield curves and the respective credit spread, which depends on the credit rating. \u2022 The fair value of over-the-counter derivatives is determined by means of appropriate calculation meth ods, e. g., by discounting the expected future cash flows. The forward prices of forward transactions are based on the spot or cash prices, taking account of forward premiums and discounts. The fair values of optional hedges are calculated on the basis of option pricing models. The fair values determined on the basis of the group\u2019s own systems are periodically compared with fair value confirmations of the external counter- parties. \u2022 Other valuation techniques, e. g., discounting future cash flows, are used to determine the fair values of other financial instruments. LEVEL 3 FINANCIAL INSTRUMENTS The table below presents the fair values of the financial instruments measured at fair value on a recurring basis, classified as Level 3 .
Financial assets measured at fair value in Level 3
Other receivables Other financial
\u20ac million IFRS 9
assets
IFRS 9
Balance as at 1 Oct 2021
108.1
12.3
Disposals
\u2013 15.0
\u2013
Total gains or losses for the period
13.4
\u2013 1.4
recognised through profit and loss
13.4
\u2013 0.1
recognised in other comprehensive income
\u2013
\u2013 1.3
Foreign currency effects
\u2013
\u2013 0.4
Balance as at 30 Sep 2022
106.5
10.5
Balance as at 1 Oct 2022
106.5
10.5
Additions
\u2013
0.1
acquisition
\u2013
0.1
Disposals
\u2013 70.6
\u2013 24.0
sale
\u2013
\u2013 24.0
payment
\u2013 70.6
\u2013
Total gains or losses for the period
3.0
23.8
recognised through profit and loss
3.0
\u2013
recognised in other comprehensive income
\u2013
23.8
Foreign currency effects
\u2013
0.4
Balance as at 30 Sep 2023
38.9
10.8
EVALUATION PROCESS The fair value of financial instruments in Level 3 has been determined by TUI Group\u2019s financial department using the discounted cash flow method. This involves the market data and parameters required for measure- ment being compiled or validated. Non-observable input parameters are reviewed on the basis of internally available information and updated if necessary. In principle, the unobservable input parameters relate to the following parameters; the (estimated)EBITDA margin is in a range between \u2013 5.9 % and 34.2 % (previous year 8.3 % and 24.0 %). The constant growth rate is 1 % (previous year 1 %). The weighted average cost of capital (WACC) is in a range between 11.0 % (previous year 9.5 % \u2013 11.3 %). Due to materiality, no detailed figures have been provided. With the exception of the WACC, there is a positive correlation between the input factors and the fair value. The increase in the fair values of the financial instruments in Level 3 resulted mainly from revaluation effects of \u20ac 23.8 m and the sale of the shares in PeakworkAG of \u20ac 24.0 m. Financial instruments classified as Other financial assets include shares in corporations. The total fair value of these financial investments at 30 September 2023 is \u20ac 9.9 m (previous year \u20ac 9.6 m). In the year under review, there were no disposals (previous year \u20ac 0.0 m) of shares in corporations as part of the initial consolida- tion which were measured at fair value, as part of their first consolidation. None of these strategic financial investments were sold in the completed financial year. Dividend payments of \u20ac 0.1 m (previous year \u20ac 0.3 m) resulted from these financial investments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-691": { "value": "
(21) Inventories
Inventories
\u20ac million
30 Sep 2023
30 Sep 2022
Airline spares and operating equipment
22.9
13.3
Real estate for sale
0.2
0.2
Consumables used in hotels
21.4
20.9
Other inventories
17.6
21.7
Total
62.1
56.1
In financial year 2023, inventories of \u20ac 638.6 m (previous year \u20ac 584.2 m) were recognised as expense.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-692": { "value": "
(22) Cash and cash equivalents
Cash and cash equivalents
\u20ac million
30 Sep 2023
30 Sep 2022
Bank deposits
1,566.2
1,718.6
Money market funds
472.2
\u2013
Cash in hand and cheques
21.9
18.3
Total
2,060.3
1,736.9
At 30 September 2023, cash and cash equivalents of \u20ac 772.2 m (previous year \u20ac 526.1 m) were subject to the
restrictions listed below:
On 30 September 2016,
TUI AG entered into a long-term agreement to close the gap between the obligations
and the fund assets of defined benefit pension plans in the
UK. At the balance sheet date an amount of
\u20ac 66.9 m is deposited as security within a bank account. TUI Group can only use that cash and cash equivalents
if it provides alternative collateral.
Furthermore, an amount of \u20ac 116,3 m (previous year \u20ac 116.1 m) was deposited with a Belgian subsidiary
without acknowledgement of debt by the Belgian tax authorities in financial year 2013 in respect of
long-standing litigation over VAT refunds for the years 2001 to 2011. The purpose was to suspend the accrual
of interest for both parties. In order to collateralise a potential repayment, the Belgian government was
granted a bank guarantee. Due to the bank guarantee, TUI\u2019s ability to dispose of the cash and cash equivalents
is restricted. The remaining \u20ac 589,0 m (previous year \u20ac 343.9 m) subject to restrictions relate to cash and cash
equivalents to be deposited due to statutory or regulatory requirements mainly in order to secure potential
liability to travel regulators and payment service providers. Investments in money market funds meet the
requirements of
IAS7 for accounting as cash equivalents.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-22": { "value": "(22) Cash and cash equivalents
Cash and cash equivalents
\u20ac million
30 Sep 2023
30 Sep 2022
Bank deposits
1,566.2
1,718.6
Money market funds
472.2
\u2013
Cash in hand and cheques
21.9
18.3
Total
2,060.3
1,736.9
At 30 September 2023, cash and cash equivalents of \u20ac 772.2 m (previous year \u20ac 526.1 m) were subject to the restrictions listed below: On 30 September 2016, TUI AG entered into a long-term agreement to close the gap between the obligations and the fund assets of defined benefit pension plans in the UK. At the balance sheet date an amount of \u20ac 66.9 m is deposited as security within a bank account. TUI Group can only use that cash and cash equivalentsif it provides alternative collateral. Furthermore, an amount of \u20ac 116,3 m (previous year \u20ac 116.1 m) was deposited with a Belgian subsidiary without acknowledgement of debt by the Belgian tax authorities in financial year 2013 in respect of long-standing litigation over VAT refunds for the years 2001 to 2011. The purpose was to suspend the accrualof interest for both parties. In order to collateralise a potential repayment, the Belgian government was granted a bank guarantee. Due to the bank guarantee, TUI\u2019s ability to dispose of the cash and cash equivalentsis restricted. The remaining \u20ac 589,0 m (previous year \u20ac 343.9 m) subject to restrictions relate to cash and cash equivalents to be deposited due to statutory or regulatory requirements mainly in order to secure potential liability to travel regulators and payment service providers. Investments in money market funds meet the requirements ofIAS7 for accounting as cash equivalents. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-745": { "value": "23) Assets held for sale
Assets held for sale
\u20ac million
30 Sep 2023
30 Sep 2022
Disposal group Robinson Club Cabo Verde
44.4
\u2013
Investments accounted for using the equity method
15.1
\u2013
Other assets
9.1
2.7
Total
68.6
2.7
As at 30 September 2023, the shares in WOT Hotels Adriatic Asset Company d. o. o. with a carrying amount of \u20ac 12.0 m were classified as held for sale. Prior to the reclassification to assets held for sale, the shares in WOT Adriatic were measured at fair value. This measurement resulted in a reversal of an impairment loss of \u20ac 4.5 m recognised in the past. The income is recognised under the result from companies accounted for using the equity method. The shares were sold on 20 October 2023. For further details, please refer to the section \u2018Acquisitions \u2013 divestments\u2019. As at 30 September 2023, the shares in Raiffeisen-Tour RT-Reisen GmbH totalling \u20ac 3.1 m were classified as held for sale. The purchase agreement was signed on 29 August 2023. Prior to the reclassification to assets held for sale, the shares in RT Reisen were measured at fair value. The resulting impairment loss of \u20ac 1.8 m is carried under the result from companies accounted for using the equity method. The sale was completed on 19 October 2023. For further details, please refer to the section \u2018Acquisitions \u2013 divestments\u2019. The Riu Mangoos property in Jamaica was sold with effect from 2 October 2023. The purchase price totals $ 9.6 m. As at 30 September 2023, the property was classified as held for sale with a carrying amount of \u20ac 8.9 m. On 31 March 2023, an agreement was signed with TUI Global Hospitality Fund S. C. S. for the divestment of Club Hotel CV, S. A. (Robinson Club Cabo Verde), fully consolidated in the Hotels & Resorts segment. Accordingly, the assets and liabilities of the disposal group were classified as held for sale. In addition, part of the goodwill of the \u2018Robinson\u2019 cash-generating unit amounting to \u20ac 2.3 m was classified as held for sale. The sale was completed on 31 October 2023. In this context, we refer to the sections \u2018Liabilities related to assets held for sale\u2019 and \u2018Acquisitions \u2013 divestments\u2019.
Disposal group \u2018Robinson Club Cabo Verde\u2019
\u20ac million
30 Sep 2023
Goodwill
2.3
Other intangible assets and property, plant and equipment
41.0
Inventories
0.3
Trade and other receivables
0.5
Other non-financial assets
0.1
Cash and cash equivalents
0.2
Total
44.4
(36) Liabilities related to assets held for sale As at 30 September 2023, the following liabilities were related to assets held for sale:
Disposal Robinson Club Cabo Verde
\u20ac million
30 Sep 2023
Trade payables
1.1
Touristic advance payments received
0.1
Other non-financial liabilities
0.4
Total
1.6
In this context, we refer to the note \u2018Assets held for sale\u2019. In the previous year, there were no liabilities in relation to assets held for sale.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-728": { "value": "
(24) Subscribed capital
The fully paid subscribed capital of TUI AG consists of no-par value shares, each representing an identical
share in the capital stock. The proportionate share in the capital stock per no-par value share is \u20ac 1.00. As the
capital stock consists of registered shares, the owners are listed by name in the share register. The subscribed
capital of TUI AG is registered in the commercial registers of the district courts of Berlin-Charlottenburg and
Hanover.
In the past financial year, after prior smoothing of the share capital through the retirement of three shares,
the existing share capital of
TUI AG in the amount of \u20ac 1,785,205,850.00, divided into 1,785,205,850 no-par
value registered shares with a proportionate amount of the share capital of \u20ac 1.00 per no-par value share,
was reduced in accordance with the provisions on capital reduction pursuant to sections 222 et seq. AktG in
conjunction with Section 7 (6) WStBG for the purpose of transferring a part of the capital stock to the
company\u2019s capital reserve by \u20ac 1,606,685,265.00 to \u20ac 178,520,585.00.
The reduction was effected by consolidation of shares. The capital reduction was carried out at a ratio of ten
to one, so that ten no-par value registered shares were merged to form one no-par value registered share.
The capital reduction was related to a recapitalisation of the Company within the meaning of Sec. 22 St
FG.
The reduction amount of \u20ac 1,606,685,265.00 was allocated to the Company\u2019s non-distributable capital
reserve in accordance with Sec. 7 (6) Sentence 5 WStBG.
Following the capital reduction, the Company\u2019s capital stock in the amount of \u20ac 178,520,585.00, divided into
178,520,585 no-par value registered shares was increased by issuing 328,910,448 new no-par value registered
shares with a proportionate amount of the share capital of \u20ac 1.00 per no-par value share to \u20ac 507,431,033.00,
divided into 507,431,033 no-par value registered shares. This increase in capital stock totalling \u20ac 328.9 m was
carried out using the authorisations granted by the Annual Stockholders\u2019 Meeting on 8 February 2022 to
issue new registered shares against cash contributions for a maximum total of \u20ac 162.3 m (Authorised Capital
2022 / I) and to issue new shares against cash or non-cash contributions in the amount of \u20ac 626.9 m (Authorised
Capital 2022 / II ) entirely from authorised capital.
CONDITIONAL CAPITAL
The Annual General Meeting on 9 February 2016 had created conditional capital of \u20ac 150.0 m for the issuance
of
bonds. The authorisation to acquire bonds with conversion or option rights or obligations or profit partici
pation
rights (with or without a fixed term) was limited to a nominal amount of \u20ac 2.0 bn and expired on 8 Febru
ary 2021.
This authorisation was fully utilised with the issuance of a bond with warrants totalling \u20ac 150.0 m to the
Economic Stabilisation Fund (ESF) in October 2020. The outstanding bonds and warrants were repurchased
in full on 27 April 2023 without the
ESF having previously exercised its option right.
The Extraordinary General Meeting on 5 January 2021 resolved to create conditional capital of \u20ac 420.0 m in
order to grant the
ESF the right to convert ESF\u2019s asset contribution in the form of a silent participation of
\u20ac 420.0 m (\u2018Silent Participation I\u2019) at any time (in a single or several transactions) in full or in part into up to
420 m new no-par value registered shares with a proportionate share in the capital stock of \u20ac 1.0 per no-par
value share. The new shares will be issued at the minimum issuance amount of \u20ac 1.0. The silent participation
I was repaid in full on 27 April 2023 without
ESF having previously exercised its conversion right.
The Annual General Meeting on 25 March 2021 resolved to create conditional capital for the issuance of
bonds totalling \u20ac 109.9 m. The authorisation to acquire bonds with conversion or option rights or obligations
or profit participation rights (with or without a fixed term) was limited to a nominal amount of \u20ac 2.0 bn and
expires on 24 March 2026. This authorisation was fully utilised with the issuance of a convertible bond totalling
\u20ac 589.6 m in April and July 2021. As at the reporting date, no shares had been issued to serve the convertible
bond.
The Annual General Meeting on 8 February 2022 resolved to create two further amounts of conditional
capital for the issuance of bonds worth \u20ac 162.3 m and \u20ac 81.1 m. The authorisation to acquire bonds with
conversion or option rights or obligations or profit participation rights (with or without a fixed term) was
limited to a nominal amount of \u20ac 2.0 bn and expires on 7 February 2027.
As of 30 September 2023, unused conversion rights of issued convertible bonds result in conditional capital
of \u20ac 109.9 m. In addition,
TUI AG has unused conditional capital in the amount of \u20ac 243.4 m as of the balance
sheet date, resulting in total unused conditional capital in the amount of \u20ac 353.3 m.
AUTHORISED CAPITAL
The Annual General Meeting on 13 February 2018 resolved to create authorised capital of \u20ac 30.0 m for the
issuance of employee shares. The Executive Board of
TUI AG was authorised to use this capital in one or
several transactions to issue employee shares against cash contribution by 12 February 2023. No new employee
shares were issued in the completed financial year.
The Annual General Meeting on 8 February 2022 resolved to authorise the Executive Board to issue new
registered shares against cash contributions for up to a maximum of \u20ac 162.3 m (Authorised Capital 2022 / I).
This authorisation will expire on 7 February 2027.
The Annual General Meeting on 8 February 2022 also resolved to create authorised capital for the issuance
of new shares against cash and non-cash contribution of \u20ac 626.9 m (Authorised Capital 2022 / II). The issuance
of new shares against non-cash contributions is limited to \u20ac 162.3 m. The authorisation for this capital will
expire on 7 February 2027.
In the past fiscal year, the capital stock was increased by \u20ac 328.9 m by making partial use of the latter two
authorisations for authorised capital. Authorised Capital 2022 / I was mainly used in the amount of \u20ac 140.4 m
to fully repay the federal stabilisation measures and Authorised Capital 2022 /
II was used in the amount of
\u20ac 188.5 m to reduce KfW credit lines.
By resolution of the Annual General Meeting on 14 February 2023, the authorised capital of originally
\u20ac 671.0 m (Authorised Capital 2022 /
III) was deleted from the Articles of association without replacement, as
the intended purpose of this authorisation was achieved in June 2022 with the repayment of the Silent
participation
II granted by the ESF.
At the balance sheet date, total authorisations for unused authorised capital amounted to around \u20ac 460.3 m
(prior year around \u20ac 1,320.2 m, of which \u20ac 508.7 m could no longer be used). The further use of unused
authorised capital is subject to the Executive Board\u2019s binding declaration of commitment from February 2023,
which was announced at the Annual General Meeting, that it will be used primarily for the completion of the
stabilisation measures respectively primarily for the reduction of KfW credit lines.
25) Capital reserves The capital reserves comprise transfers of premiums. They also comprise amounts entitling the holders to acquire shares in TUI AG in the framework of bonds issued for conversion options and warrants. In the completed financial year, capital reserves rose by \u20ac 3,004.2 m from \u20ac 6,085.9 m to \u20ac 9,090.1 m. \u20ac 1,606.7 mwere transferred from subscribed capital to capital reserves in the context of the consolidation of shares in the ratio of ten to one. In addition the premium of the capital increase which was carried out in April 2023 increased the capital reserves by \u20ac 1,498.0 m whereas the costs of the capital increase of \u20ac 66.0 m reduced the capital reserve. With the resolution on 24th March 2023 to carry out a rights issue, the warrants presented within capital reserves at their book value of \u20ac 34.5 m were to be recognised as a financial liability at the present value of the repurchase amount. Accordingly the warrants were revalued, reclassified to current liabilities and repurchased in April 2023. The difference between the book value and the present value reduced the retained earnings, the reclassification to liabilities therefore reduced the capital reserves by only the book value of \u20ac 34.5 m. (26) Revenue reserves In the completed financial year, TUI AG did not pay a dividend to its shareholders (previous year no dividend). The ongoing recording of existing equity-settled stock option plans resulted in a decrease in equity of \u20ac 0.0 m (previous year increase \u20ac 0.2 m) in the reporting period. Disclosures on these long-term incentive programmes are outlined in the section on Share-based payments in accordance with IFRS 2. Foreign exchange differences comprise differences from the translation of the financial statements of foreign subsidiaries as well as differences from the translation of goodwill denominated in foreign currencies . The net gain from investments in equity instruments in the amount of \u20ac 23.7 m designated at fair value through other comprehensive income includes \u20ac 23.2 m of the upward revaluation recognised directly in equity of the non-consolidated investment Peakwork AG, which was sold during the financial year. For detailed explanations we refer to section \u2018Assets held for sale\u2019. The proportion of gains and losses from hedges used as effective hedges of future cash flows is carried directly in equity under other comprehensive income at \u20ac + 169.3 m (previous year \u20ac + 110.7 m). The increase in financial year 2023 is mainly attributable to changes in exchange rates and fuel prices. The revaluation of pension obligations (in particular actuarial gains or losses) is also carried directly in Other income in equity. The valuation of the warrants and the silent participation I at the present value of their respective repurchase amount lowered the retained earnings by \u20ac 222.8 m in total in March 2023. The revaluation reserve formed in accordance with IAS 27 (old version) in the framework of step acquisitions of companies is retained until the date of deconsolidation of the company concerned. (27) Silent participations In financial year 2021, two silent participations were issued to the ESF. They were both carried in equity in accordance with IAS 32. The silent participation II in the amount of \u20ac 671.0 m was fully repaid in May 2022. With the resolution on 24th March 2023 to carry out a rights issue, the silent participation I was revalued at the present value of the repurchase amount, reclassified to current liabilities and repurchased in April 2023. The difference of the book value of \u20ac 420.0 m and the present value reduced the retained earnings. The silent participations are reduced by \u20ac 420.0 m. (28) Use of Group profit available for distribution In accordance with the German Stock Corporation Act, the Annual General Meeting resolves the use of the profit available for distribution carried in TUI AG\u2019s commercial-law annual financial statements. TUI AG\u2019s loss for the year amounts to \u20ac 517.6 m (previous year loss of \u20ac 530.9 m). Taking account of loss carried forward of \u20ac 831.5 m (previous year profit carried forward \u20ac 300.6 m) TUI AG\u2019s balance sheet loss totals \u20ac 1,349.1 m. (29) Non-controlling interest Non-controlling interests mainly relate to RIUSA II S. A. based in Palma de Mallorca, Spain. TUI\u2019s capital share in this hotel operator stands at 50.0 %, as in the prior year. The financial year ofRIUSA II S. A. ends on 31 December and thus deviates from TUI Group\u2019s financial year . This reporting date was fixed when the company was founded. In order to include theRIUSA II Group in TUI Group\u2019s consolidated financial statements as at 30 September, the RIUSA II Group prepares sub-group financialstatements as at 30 September, the balance sheet date. RIUSA II Group, allocated to Hotels & Resorts, operates owned and leased hotels and hotels operated under management contracts in tourism destinations of TUI Group. The table below provides summarised financial information onRIUSA II S. A., Palma de Mallorca, Spain \u2013 the subsidiary for which material non-controlling interests exist. It presents the consolidated financial statementsof the sub-group.
Summarised financial information on RIUSA II S. A., Palma de Mallorca, Spain
*
30 Sep 2023 / 30 Sep 2022 /
\u20ac million 2023 2022
Current assets
201.0
206.0
Non-current assets
2,077.4
2,016.0
Current liabilities
185.5
199.3
Non-current liabilities
109.3
108.6
Revenues
1,182.9
916.2
Profit / loss
294.2
128.4
Other comprehensive income
16.5
112.9
Cash inflow / outflow from operating activities
375.8
275.4
Cash inflow / outflow from investing activities
\u2013 163.6
\u2013 169.6
Cash inflow / outflow from financing activities
\u2013 276.0
\u2013 31.9
Accumulated non-controlling interest
820.3
785.5
Profit / loss attributable to non-controlling interest
147.1
64.2
* Consolidated subgroup
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-23": { "value": "(24) Subscribed capital The fully paid subscribed capital of TUI AG consists of no-par value shares, each representing an identical share in the capital stock. The proportionate share in the capital stock per no-par value share is \u20ac 1.00. As the capital stock consists of registered shares, the owners are listed by name in the share register. The subscribedcapital of TUI AG is registered in the commercial registers of the district courts of Berlin-Charlottenburg and Hanover. In the past financial year, after prior smoothing of the share capital through the retirement of three shares, the existing share capital ofTUI AG in the amount of \u20ac 1,785,205,850.00, divided into 1,785,205,850 no-par value registered shares with a proportionate amount of the share capital of \u20ac 1.00 per no-par value share, was reduced in accordance with the provisions on capital reduction pursuant to sections 222 et seq. AktG in conjunction with Section 7 (6) WStBG for the purpose of transferring a part of the capital stock to thecompany\u2019s capital reserve by \u20ac 1,606,685,265.00 to \u20ac 178,520,585.00. The reduction was effected by consolidation of shares. The capital reduction was carried out at a ratio of ten to one, so that ten no-par value registered shares were merged to form one no-par value registered share. The capital reduction was related to a recapitalisation of the Company within the meaning of Sec. 22 StFG. The reduction amount of \u20ac 1,606,685,265.00 was allocated to the Company\u2019s non-distributable capitalreserve in accordance with Sec. 7 (6) Sentence 5 WStBG. Following the capital reduction, the Company\u2019s capital stock in the amount of \u20ac 178,520,585.00, divided into 178,520,585 no-par value registered shares was increased by issuing 328,910,448 new no-par value registered shares with a proportionate amount of the share capital of \u20ac 1.00 per no-par value share to \u20ac 507,431,033.00, divided into 507,431,033 no-par value registered shares. This increase in capital stock totalling \u20ac 328.9 m was carried out using the authorisations granted by the Annual Stockholders\u2019 Meeting on 8 February 2022 to issue new registered shares against cash contributions for a maximum total of \u20ac 162.3 m (Authorised Capital 2022 / I) and to issue new shares against cash or non-cash contributions in the amount of \u20ac 626.9 m (AuthorisedCapital 2022 / II ) entirely from authorised capital. CONDITIONAL CAPITAL The Annual General Meeting on 9 February 2016 had created conditional capital of \u20ac 150.0 m for the issuanceof bonds. The authorisation to acquire bonds with conversion or option rights or obligations or profit participation rights (with or without a fixed term) was limited to a nominal amount of \u20ac 2.0 bn and expired on 8 February 2021. This authorisation was fully utilised with the issuance of a bond with warrants totalling \u20ac 150.0 m to theEconomic Stabilisation Fund (ESF) in October 2020. The outstanding bonds and warrants were repurchased in full on 27 April 2023 without the ESF having previously exercised its option right. The Extraordinary General Meeting on 5 January 2021 resolved to create conditional capital of \u20ac 420.0 m in order to grant theESF the right to convert ESF\u2019s asset contribution in the form of a silent participation of \u20ac 420.0 m (\u2018Silent Participation I\u2019) at any time (in a single or several transactions) in full or in part into up to 420 m new no-par value registered shares with a proportionate share in the capital stock of \u20ac 1.0 per no-par value share. The new shares will be issued at the minimum issuance amount of \u20ac 1.0. The silent participation I was repaid in full on 27 April 2023 without ESF having previously exercised its conversion right. The Annual General Meeting on 25 March 2021 resolved to create conditional capital for the issuance of bonds totalling \u20ac 109.9 m. The authorisation to acquire bonds with conversion or option rights or obligations or profit participation rights (with or without a fixed term) was limited to a nominal amount of \u20ac 2.0 bn and expires on 24 March 2026. This authorisation was fully utilised with the issuance of a convertible bond totalling\u20ac 589.6 m in April and July 2021. As at the reporting date, no shares had been issued to serve the convertible bond. The Annual General Meeting on 8 February 2022 resolved to create two further amounts of conditional capital for the issuance of bonds worth \u20ac 162.3 m and \u20ac 81.1 m. The authorisation to acquire bonds with conversion or option rights or obligations or profit participation rights (with or without a fixed term) was limited to a nominal amount of \u20ac 2.0 bn and expires on 7 February 2027. As of 30 September 2023, unused conversion rights of issued convertible bonds result in conditional capital of \u20ac 109.9 m. In addition,TUI AG has unused conditional capital in the amount of \u20ac 243.4 m as of the balance sheet date, resulting in total unused conditional capital in the amount of \u20ac 353.3 m. AUTHORISED CAPITAL The Annual General Meeting on 13 February 2018 resolved to create authorised capital of \u20ac 30.0 m for the issuance of employee shares. The Executive Board ofTUI AG was authorised to use this capital in one or several transactions to issue employee shares against cash contribution by 12 February 2023. No new employeeshares were issued in the completed financial year. The Annual General Meeting on 8 February 2022 resolved to authorise the Executive Board to issue new registered shares against cash contributions for up to a maximum of \u20ac 162.3 m (Authorised Capital 2022 / I). This authorisation will expire on 7 February 2027. The Annual General Meeting on 8 February 2022 also resolved to create authorised capital for the issuance of new shares against cash and non-cash contribution of \u20ac 626.9 m (Authorised Capital 2022 / II). The issuance of new shares against non-cash contributions is limited to \u20ac 162.3 m. The authorisation for this capital will expire on 7 February 2027. In the past fiscal year, the capital stock was increased by \u20ac 328.9 m by making partial use of the latter two authorisations for authorised capital. Authorised Capital 2022 / I was mainly used in the amount of \u20ac 140.4 m to fully repay the federal stabilisation measures and Authorised Capital 2022 / II was used in the amount of \u20ac 188.5 m to reduce KfW credit lines. By resolution of the Annual General Meeting on 14 February 2023, the authorised capital of originally \u20ac 671.0 m (Authorised Capital 2022 /III) was deleted from the Articles of association without replacement, as the intended purpose of this authorisation was achieved in June 2022 with the repayment of the Silent participation II granted by the ESF. At the balance sheet date, total authorisations for unused authorised capital amounted to around \u20ac 460.3 m (prior year around \u20ac 1,320.2 m, of which \u20ac 508.7 m could no longer be used). The further use of unused authorised capital is subject to the Executive Board\u2019s binding declaration of commitment from February 2023,which was announced at the Annual General Meeting, that it will be used primarily for the completion of the stabilisation measures respectively primarily for the reduction of KfW credit lines. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-746": { "value": "(25) Capital reserves The capital reserves comprise transfers of premiums. They also comprise amounts entitling the holders to acquire shares in TUI AG in the framework of bonds issued for conversion options and warrants. In the completed financial year, capital reserves rose by \u20ac 3,004.2 m from \u20ac 6,085.9 m to \u20ac 9,090.1 m. \u20ac 1,606.7 mwere transferred from subscribed capital to capital reserves in the context of the consolidation of shares in the ratio of ten to one. In addition the premium of the capital increase which was carried out in April 2023 increased the capital reserves by \u20ac 1,498.0 m whereas the costs of the capital increase of \u20ac 66.0 m reduced the capital reserve. With the resolution on 24th March 2023 to carry out a rights issue, the warrants presented within capital reserves at their book value of \u20ac 34.5 m were to be recognised as a financial liability at the present value of the repurchase amount. Accordingly the warrants were revalued, reclassified to current liabilities and repurchased in April 2023. The difference between the book value and the present value reduced the retained earnings, the reclassification to liabilities therefore reduced the capital reserves by only the book value of \u20ac 34.5 m. (26) Revenue reserves In the completed financial year, TUI AG did not pay a dividend to its shareholders (previous year no dividend). The ongoing recording of existing equity-settled stock option plans resulted in a decrease in equity of \u20ac 0.0 m (previous year increase \u20ac 0.2 m) in the reporting period. Disclosures on these long-term incentive programmes are outlined in the section on Share-based payments in accordance with IFRS 2. Foreign exchange differences comprise differences from the translation of the financial statements of foreign subsidiaries as well as differences from the translation of goodwill denominated in foreign currencies . The net gain from investments in equity instruments in the amount of \u20ac 23.7 m designated at fair value through other comprehensive income includes \u20ac 23.2 m of the upward revaluation recognised directly in equity of the non-consolidated investment Peakwork AG, which was sold during the financial year. For detailed explanations we refer to section \u2018Assets held for sale\u2019. The proportion of gains and losses from hedges used as effective hedges of future cash flows is carried directly in equity under other comprehensive income at \u20ac + 169.3 m (previous year \u20ac + 110.7 m). The increase in financial year 2023 is mainly attributable to changes in exchange rates and fuel prices. The revaluation of pension obligations (in particular actuarial gains or losses) is also carried directly in Other income in equity. The valuation of the warrants and the silent participation I at the present value of their respective repurchase amount lowered the retained earnings by \u20ac 222.8 m in total in March 2023. The revaluation reserve formed in accordance with IAS 27 (old version) in the framework of step acquisitions of companies is retained until the date of deconsolidation of the company concerned. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-797": { "value": "The ongoing recording of existing equity-settled stock option plans resulted in a decrease in equity of \u20ac 0.0 m (previous year increase \u20ac 0.2 m) in the reporting period. Disclosures on these long-term incentive programmes are outlined in the section on Share-based payments in accordance withIFRS 2. (40) Share-based payments in accordance with IFRS 2 As at 30 September 2023, all existing awards are recognised as cash-settled share-based payment schemes. The following share-based payment schemes are in effect within TUI Group as at 30 September 2023. 1. PHANTOM SHARES UNDER THE LONG-TERM INCENTIVE PLAN (LTIP) FOR THE EXECUTIVE BOARD OF TUI AG 1.1 LTIP WITH SHARE ALLOCATION FROM FINANCIAL YEAR 2020 ( LTIP EPS20 \u2013 23 ) Since the 2020 financial year, the Long Term Incentive Plan (LTIP) consists of a programme based on phantom shares and is measured over a period of four years (performance reference period). The phantom shares are allocated in annual tranches. All Executive Board members have their individual target amounts defined in their service contracts. At the beginning of each financial year, this target amount is translated into a preliminary number of phantom shares based on the target amount. It constitutes the basis for the determination of the performance-related pay after the end of the performance reference period. In order to determine that number, the target amount is divided by the average Xetra share price ofTUI AG shares during the 20 trading days prior to the beginning of the performance reference period (1 October of any one year). The entitlement under the long- term incentive programme arises upon completion of the four-year performance reference period and is subject to attainment of the relevant target. The performance target for determining the amount of the final payout after the end of the performance reference period is the average development over four years of the earning per share based on a pro-forma adjustedEPS from continuing operations (Earnings per Share \u2013 EPS) as reported in the annual report of the company. The average development ofEPS per annum (in percent) is derived from the four equally weighted yearly EPS development values (in %). Each yearly EPS development value is calculated as the quotient of the EPS of the current financial year and the EPS of the previous financial year. The initial EPS value used to determine the target achievement is calculated at the beginning of the performance period from the first EPS in the performance period and the last EPS before the performance period. Target achievement for the average development of EPS per annum based on the annual amounts is deter- mined as follows: \u2022 An average absoluteEPS of less than 50 % of the absolute EPS value determined at the beginning of the performance period corresponds to target achievement of 0 %. \u2022 An average absolute EPS of 50 % of the absolute EPS value determined at the beginning of the performanceperiod corresponds to target achievement of 25 %. \u2022 An average absolute EPS of 50 % or more of the absolute EPS value determined at the beginning of the performance period up to an average increase of 5 % corresponds to target achievement of 25 % to 100 %. \u2022 An average increase of 5 % p. a. corresponds to target achievement of 100 %. \u2022 An average increase of 5 % to 10 % p. a. corresponds to target achievement of 100 % to 175 %. \u2022 An average increase of 10 % or more p. a. corresponds to target achievement of 175 %. For an average absoluteEPS of 50 % or more of the absolute EPS value determined at the beginning of the performance period up to an average increase of 5 %, corresponding to a target achievement of 25 % to 100 %, and an average increase of 5 % to 10 % p. a., corresponding to a target achievement of 100 % to 175 %, linear interpolation is used to determine the degree of target achievement. The degree of target achievement is rounded to two decimal places. If the prior-year EPS amounts to less than \u20ac 0.50, the Supervisory Board defines new absolute targets for EPS as well as minimum and maximum amounts for determining the percentage target achievement for each subsequent financial year in the performance reference period. Due to the development ofEPS as a result of theCOVID-19 pandemic, the Supervisory Board has made use of this clause and has accordingly defined absolute target values for the current tranches,LTIP tranche 2020 \u2013 2023, LTIP tranche 2021 \u2013 2024, LTIP tranche 2022 \u2013 2025 andLTIP tranche 2023 \u2013 2026. In order to determine the final number of phantom shares, the degree of target achievement is multiplied by the preliminary number of phantom shares on the final day of the performance reference period. The payout amount is determined by multiplying the final number of phantom shares by the average Xetra share price ofTUI AG shares over the 20 trading days prior to the end of the performance reference period (30 Septem- ber of any one year). The payout amount determined in this way is paid out in the month of the approval and audit ofTUI Group\u2019s annual financial statements for the relevant financial year. If the service contract begins or ends in the course of the financial year relevant for the allocation of theLTIP, the entitlement to payment of theLTIP is determined on a pro rata basis. In the case of a capital increase from company funds, the number of preliminary phantom shares would in- crease in the same ratio as the nominal value of the share capital. In the case of a capital decrease without return of capital, the number of preliminary phantom shares would decrease in the same ratio as the nominal value of the share capital. In the case of a capital increase against contributions, a capital decrease withreturn of capital or any other capital or structural measures that have an effect on the share capital and cause a material change in the value of theTUI AG share, the number of preliminary phantom shares would also be adjusted. The Supervisory Board is entitled, at reasonable discretion, to make adjustments to neu- tralize any negative or positive effects from such capital or structural measures. The same rule applies in the case of a change in share price due to the payment of an unusually high superdividend. The Supervisory Board has made use of this authorisation for the capital increases carried out in January and October 2021, March 2023 and the share consolidation at a ratio of 10:1 in February 2023. The maximum LTIP payout is capped at 240 % of the individual target amount for each performance referenceperiod. This means that there is an annual LTIP cap which is determined individually for each Executive Board member. The Supervisory Board is furthermore, according to section 87 para. 1 cl. 3 German stock corporation law, authorized to cap the LTIP payout in case of extraordinary circumstances (e. g. company mergers, segment disposals, recognition of hidden reserves or external influences).
PERFORMANCE SHARE PLAN (PSP) FOR ELIGIBLE GROUP EXECUTIVES
The PSP governs the phantom share-based remuneration for eligible executives who are not members of the
Executive Board. The
PSP is in principle harmonized with the LTIP EPS 20 \u2013 23 of the Board members. The
performance period of the PSP is three years. The current PSP has been in effect in its current form since
2019.
For the tranches granted since 2020 the vesting of the phantom shares is dependent on the achievement
of
absolute EPS values instead of relative EPS growth.
Since
LTIP EPS20 \u2013 23 and PSP follow common scheme principles, the following development of allocated
phantom shares under the programs are shown on an aggregated basis.
Development of phantom shares allocated (LTIP EPS20 \u2013 23, PSP)
LTIP EPS20\u2013 23 & PSP
Number Present value
of shares \u20ac million
Balance as at 30 Sep 2021
6,375,600
23.1
Phantom shares allocated
2,986,295
10.8
New virtual shares allocated from subscription rights
2,349,794
\u2013
Phantom shares forfeited
\u2013 1,358,549
\u2013 3.1
Measurement results
\u2013
\u2013 15.2
Balance as at 30 Sep 2022
10,353,140
15.6
Phantom shares allocated
9,256,236
14.0
Balance after phantom shares allocated
19,609,376
29.6
Shares forfeited through 10:1 share consolidation
\u2013
17,648,438
\u2013 26.6
Balance after 10:1 share consolidation
1,960,938
3.0
New virtual shares allocated from subscription rights
683,871
\u2013
Phantom shares forfeited
\u2013
257,204
\u2013 0.4
Measurement results
\u2013
10.4
Balance as at 30 Sep 2023
2,387,605
13.0
ACCOUNTING FOR SHARE-BASED PAYMENT SCHEMES
As at 30 September 2023, all existing awards are recognised as cash-settled share-based payment schemes
and are allocated with an exercise price of \u20ac 0.00 (previous year \u20ac 0.00). The personnel expense is recognised
upon actual delivery of service according to
IFRS 2 and is, therefore, spread over a period of time. According
to
IFRS 2, all contractually granted entitlements have to be accounted for, irrespective of whether and when
they are actually allocated. Accordingly, phantom shares allocated in the past are charged on a pro rata basis
upon actual delivery of service.
Overall, expenses from the addition of provisions for cash-settled share-based payments of \u20ac 3.8 m was
recognised through profit or loss in financial year 2023 (previous year income \u20ac 4.5 m).
As at 30 September 2023, provisions relating to entitlements under these long-term incentive programmes
totalled \u20ac 10.9 m (previous year \u20ac 7.6 m).
Remuneration of Executive and Supervisory Board
\u20ac million
2023
2022
Short-term benefits
10.9
7.6
Post-employment benefits
1.2
1.9
*
Share-based payment
2.3
1.1
Termination benefits \u2013 Share-based payment
0.1
1.4
Termination benefits \u2013 Other
1.4
3.0
Total
15.9
15.0
* Previous year adjusted
Post-employment benefits are transfers to or reversals of pension provisions for Executive Board members active in the reporting period. The expenses mentioned do not meet the definition of remuneration for Executive and Supervisory Board members under German accounting rules. The share-based payments are an offset amount of expenses due to the addition to the provision and income resulted from the reversal of the provision due to the valuation. Termination benefits last year relate to provisions in connection with the resignation of Frank Rosenberger, whose service agreement will continue until 31 December 2023. The benefits in the previous year relate to Friedrich Joussen, whose service agreement including all related compensation components will continue until the end of the 2024 financial year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-775": { "value": "(30) Pension provisions and similar obligations A number of defined contribution and defined benefit pension plans are operated for Group employees. Pension obligations vary, reflecting the different legal, fiscal and economic conditions in each country of operation, and usually depend on employees\u2019 length of service and pay levels. All defined contribution plans are funded by the payment of contributions to external insurance companies or funds. German employees enjoy benefits from a statutory defined contribution plan paying pensions as a function of employees\u2019 income and the contributions paid in. Several additional industry pension organisationsexist for TUI Group companies. Once the contributions to the state-run pension plans and private pension insurance organisations have been paid, the Company has no further payment obligations. Apart from Germany,major defined contribution plans are also operated the Netherlands and in the UK. Contributions paid are expensed for the respective period. In the reporting period, the expenses for all defined contribution plans totalled \u20ac 84.8 m (previous year \u20ac 80.5 m). Apart from these defined contribution pension plans, TUI Group operates defined benefit plans, which usuallyentail the formation of provisions within the Company or investments in funds outside the Company. Within this group,MER-Pensionskasse VVaG, a private pension fund in which German companies of the tourism industry are organised, represents a multi-employer plan classified as a defined benefit plan. In accordance with the statues of the plan, the plan participants and the employers pay salary-based contribu- tions into the plan. There are no further obligations pursuant to the statutes of the plan; an additional funding obligation of the participating companies is explicitly excluded. The paid-in contributions are invested in accordance with the policies of the pension plan unless they are used in the short term for benefit payments.As the investments are pooled and are not kept separately for each participating employer, an allocation of plan assets to individual participating employers is not possible. The investment risk and the mortality risk are jointly shared by all plan participants. Moreover, the pension fund does not provide any information to participating companies that would allow the allocation of any over- or underfunding orTUI\u2019s participation in the plan. For this reason, accounting for the plan as defined benefit plan is not possible, and the plan is therefore in accordance with the requirements of IAS 19 shown like a defined contribution plan. In thereporting period, contributions to MER-Pensionskasse VVaG totalled \u20ac 5.6 m (previous year \u20ac 5.6 m). For the next financial year, contributions are expected to remain at that level. TUI Group\u2019s major pension plans recognised as defined benefit plans exist in Germany and the UK. By far the largest pension plans are operated by the Group\u2019s tour operators in the UK. They accounted for 68.6 % (previous year 68.2 %) of TUI Group\u2019s total obligations at the balance sheet date. German plans account for a further 25.0 % (previous year 25.6 %).
Material defined benefit plans in the United Kingdom
Scheme name
Status
BAL Scheme
closed
TUI UK Scheme
closed
TAPS Scheme
closed
Almost all defined benefit plans in the UK are funded externally. Under UK law, the employer is obliged to ensure sufficient funding so that plan assets cover the pension payments to be made and the administrative costs of the funds. The pension funds are managed by independent trustees. The trustees compriseindependent members, beneficiaries of the plan and employer representatives. The trustees are responsible for the investment of fund assets, taking account of the interests of plan members, but they also negotiate the level of the contributions to the fund to be paid by the employers, which constitute minimum contribu- tions to the funds. To that end, actuarial valuations are made every three years by actuaries commissioned by the trustees. The annual contributions to be paid to the funds in order to cover any shortfalls were last defined on the basis of the measurement as at 30 September 2019. Since 31 October 2018, the main sections of TUI Group\u2019s UK Pension Trust have been closed to future accrualof benefits. As a result, current service cost no longer arises for services delivered by the employees. Since 1 November 2018, increases in accrued pension benefits from the plan have been therefore calculated in line with the rules for deferred members. With the closure of the Pension Trust for future accrual, all existing staff in the defined benefit scheme were offered the opportunity to join the existing defined contribution plan to accrue pension from 1 November 2018 onwards. By contrast, defined benefit plans in Germany are mainly unfunded and the obligations from these plans are recognised as provisions. The company assumes the obligation for payments of company pensions when the beneficiaries reach the legal retirement age. The amount of the pension paid usually depends either on the remuneration received by the employee at the retirement date or the amount of the average remuneration over the employee\u2019s service period. Pension obligations usually include surviving dependants\u2019 benefits and invalidity benefits. Pension payments are partly limited by third party compensations, e. g. from insurances andMER\u2013Pensionskasse.
Material defined benefit plans in Germany
Scheme name
Status
Versorgungsordnung TUI AG
open
Versorgungsordnung TUIfly GmbH
open
Versorgungsordnung TUI Deutschland GmbH
closed
Versorgungsordnung TUI Beteiligungs GmbH
closed
Versorgungsordnungen TUI Immobilien Services GmbH
closed
In the period under review, defined benefit pension obligations created total expenses of \u20ac 29.0 m for TUI Group, principally comprising current service cost. In the previous year, the restructuring of the activitiesof the Group\u2019s German airline additionally resulted in a past service cost and a curtailment expense. The administrative expenses shown relate to professional advisor costs for the pension plans settled from the plan assets.
Pension costs for defined benefit obligations
\u20ac million
2023
2022
Current service cost for employee service in the period
18.4
23.1
Curtailment losses / (gains)
\u2013 0.1
13.6
Net interest on the net defined benefit liability
10.5
6.6
Past service cost
\u2013 0.4
19.8
Administration cost
0.6
2.2
Total
29.0
65.3
Provisions for pension obligations are established for benefits payable in the form of retirement, invalidity and surviving dependants\u2019 benefits. Provisions are exclusively formed for defined benefit schemes under which the Company guarantees employees a specific pension level, including arrangements for early retirementand temporary assistance benefits.
Defined benefit obligation recognised on the balance sheet
30 Sep 2023 30 Sep 2022
\u20ac million To t a l Total
Present value of funded obligations
1,904.8
1,918.0
Fair value of external plan assets
1,905.8
2,076.4
Surplus (\u2013) / Deficit (+) of funded plans
\u2013 1.0
\u2013 158.4
Present value of unfunded pension obligations
572.8
596.3
Defined benefit obligation recognised on the balance sheet
571.8
437.9
of which
Overfunded plans in other non-financial assets
98.5
163.4
Provisions for pensions and similar obligations
670.3
601.3
of which current
33.3
33.1
of which non-current
637.1
568.2
For funded pension plans, the provision carried only covers the shortfall in coverage between plan assets and the present value of benefit obligations. Where plan assets exceed funded pension obligations, taking account of a difference due to past servicecost, and where at the same time there is an entitlement to reimbursement or reduction of future contributions to the fund, the excess is recognised in conformity with the asset ceiling defined by IAS 19 . As at 30 Sep- tember 2023, other non-financial assets include excesses of \u20ac 98.5 m (previous year \u20ac 163.4 m).
Development of defined benefit obligations
Present value Fair value of To t a l
\u20ac million of obligation plan assets
Balance as at 1 Oct 2022
2,514.3
\u2013 2,076.4
437.9
Current service cost
18.4
\u2013
18.4
Past service cost
\u2013 0.4
\u2013
\u2013 0.4
Curtailments and settlements
\u2013 0.1
\u2013
\u2013 0.1
Interest expense (+) / interest income (\u2013)
114.1
\u2013 103.6
10.5
Administration cost
\u2013
0.6
0.6
Pensions paid
\u2013 135.3
100.0
\u2013 35.3
Contributions paid by employer
\u2013
\u2013 98.4
\u2013 98.4
Contributions paid by employees
1.5
\u2013 1.5
\u2013
Remeasurements
\u2013 68.4
309.8
241.4
due to changes in financial assumptions
\u2013 84.5
\u2013
\u2013 84.5
due to changes in demographic assumptions
\u2013 77.6
\u2013
\u2013 77.6
due to experience adjustments
93.7
\u2013
93.7
due to return on plan assets not included in Group profit / loss
for the year
\u2013
304.5
304.5
due to assets that have not been capitalised due to the asset
ceiling under
IAS 19
\u2013
5.3
5.3
Exchange differences
33.5
\u2013 36.3
\u2013 2.8
Other changes
\u2013
\u2013
\u2013
Balance as at 30 Sep 2023
2,477.6
\u2013 1,905.8
571.8
Development of defined benefit obligations
Present value Fair value of Total
\u20ac million of obligation plan assets
Balance as at 1 Oct 2021
3,970.1
\u2013 3,172.1
798.0
Current service cost
23.1
\u2013
23.1
Past service cost
19.8
\u2013
19.8
Curtailments and settlements
13.6
\u2013
13.6
Interest expense (+) / interest income (\u2013)
68.4
\u2013 61.8
6.6
Administration cost
\u2013
2.2
2.2
Pensions paid
\u2013 163.8
123.8
\u2013 40.0
Contributions paid by employer
\u2013
\u2013 141.1
\u2013 141.1
Contributions paid by employees
1.4
\u2013 1.4
\u2013
Remeasurements
\u2013 1,413.2
1,167.7
\u2013 245.5
due to changes in financial assumptions
\u2013 1,433.7
\u2013
\u2013 1,433.7
due to changes in demographic assumptions
10.1
\u2013
10.1
due to experience adjustments
10.4
\u2013
10.4
due to return on plan assets not included in Group profit / loss
for the year
\u2013
1,167.7
1,167.7
Exchange differences
\u2013 4.5
6.3
1.8
Other changes
\u2013 0.6
\u2013
\u2013 0.6
Balance as at 30 Sep 2022
2,514.3
\u2013 2,076.4
437.9
The net defined benefit obligation increased by \u20ac 133.9 m to \u20ac 571.8 m in the financial year under review. The
present value of the obligation decreased slightly by a total of \u20ac 36.7 m compared to the previous year, mainly
due to an increase in discount rates in the euro area and the United Kingdom. The fair value of the plan
assets decreased as well by \u20ac 170.6 m.
In order to limit the risk arising from the obligation, the trustees of the
UK pension plans acquired insurance
policies in the fiscal year 2021 securitising full reimbursement by insurers of the payments to be made for
parts of the existing obligations. The obligation to fulfill the pension commitment has not been assumed by the
insurer in this transaction. Accordingly, the insured portions of the pension plan continue to be recognised
in the financial statements.
At the balance sheet date,
TUI Group\u2019s fund assets break down as shown in the table below.
Composition of fund assets at the balance sheet date
30 Sep 2023
30
Sep 2022
Quoted market price Quoted market price
in an active market in an active market
\u20ac million
yes
no
yes
no
Fair value of fund assets at end of period
973.9
937.2
1,127.5
948.9
of which liability driven investments
484.7
\u2013
528.2
\u2013
of which corporate bonds
185.0
118.8
229.0
116.2
of which property
195.2
\u2013
260.8
\u2013
of which government bonds
43.1
\u2013
41.7
\u2013
of which securitised debt
42.2
\u2013
39.1
\u2013
of which equity instruments
13.7
\u2013
22.1
\u2013
of which insurance policies
\u2013
619.9
\u2013
642.3
of which loans
\u2013
125.1
\u2013
155.0
of which insurance linked securities
\u2013
3.1
\u2013
10.4
of which cash
\u2013
70.3
\u2013
25.0
of which other
Total fund assets before recognition of asset ceiling
10.0
\u2013
6.6
\u2013
under
IAS 19
1,911.1
2,076.4
Assets not recognised due to the asset ceiling under IAS 19
\u2013 5.3
\u2013
Total fund assets after recognition of the asset ceiling
under
IAS 19
1,905.8
2,076.4
At the balance sheet date, as in the prior year, fund assets did not comprise any direct investments in financial
instruments issued by
TUI AG or its consolidated subsidiaries or any property owned by the Group. For
funded plans, investments in passive index tracker funds may entail a proportionate investment in Group-
owned financial instruments.
Pension obligations are measured on the basis of actuarial calculations based on country-specific parameters
and assumptions. The obligations under defined benefit plans are calculated on the basis of the internationally
accepted projected unit credit method, taking account of expected future increases in salaries and pensions.
For the pension plans in the
UK, expected increases in salaries are not taken into account as they are no
longer relevant for the measurement due to the plan amendment outlined above. In order to take account
of the currently high inflation, significantly higher pension trends have been applied for the next scheduled
pension adjustment for the German pension plans in deviation from the projected future pension increases
indicated below for Germany.
Actuarial assumptions
30 Sep 2023
Germany
United
Other countries
Percentage p. a. Kingdom
Discount rate
4.1
5.5
3.4
Projected future salary increases
2.0
\u2013
1.5
Projected future pension increases
2.5
3.3
1.0
30 Sep 2022
Germany
United
Other countries
Percentage p. a. Kingdom
Discount rate
3.7
5.1
3.1
Projected future salary increases
2.0
\u2013
1.5
Projected future pension increases
2.5
3.6
0.9
The interest rate applicable in discounting the provision for pensions is based on an index for corporate
bonds adjusted for securities already downgraded and under observation by rating agencies as well as
subordinate bonds in order to meet the criterion for high quality bonds (rated AA or higher) required under
IAS 19. The resulting yield structure is extrapolated on the basis of the yield curves for almost risk-free
bonds, taking account of an appropriate risk mark-up reflecting the term of the obligation. In order to cover
a correspondingly broad market, an index partly based on shorter-term bonds is used (for instance for
Eurozone bonds from the iBoxx \u20ac Corporates AA 10+ and iBoxx \u20ac Corporates AA 7 \u2013 10).
Apart from the parameters described above, a further key assumption relates to life expectancy. In Germany,
the Heubeck reference tables 2018 G are used to determine life expectancy. In the UK, the S3NxA base
tables are used, adjusted to future expected increases on the basis of the Continuous Mortality Investigation
(
CMI) 2022. The pension in payment escalation formulae depend primarily on the pension plan concerned.
Apart from fixed rates of increase, there are also a number of inflation-linked pension adjustment mechanisms
in different countries.
Changes in the key actuarial assumptions mentioned above would lead to the changes in defined benefit
obligations presented below. The methodology used to determine sensitivity corresponds to the method
used to calculate the defined benefit obligation. The assumptions were amended in isolation each time;
actual interdependencies between the assumptions were not taken into account. The effect of the increase
in life expectancy by one year is calculated by means of a reduction in mortality due to the use of the Heubeck
tables 2018 G for pension plans in Germany. In the UK, an extra year is added to the life expectancy determined
on the basis of the mortality tables.
Sensitivity of the defined benefit obligation due to changed actuarial assumptions
30 Sep 2023
30 Sep 2022
\u20ac million
+ 50 Basis points
\u2013 50 Basis points
+ 50 Basis points
\u2013 50 Basis points
Discount rate
\u2013 145.4
+ 160.7
\u2013 171.0
+ 193.4
Salary increase
+ 7.2
\u2013 6.8
+ 12.2
\u2013 11.1
Pension increase
+ 43.3
\u2013 51.8
+ 54.4
\u2013 45.7
+ 1 year
+ 1 year
Life expectancy
+ 79.7
\u2013
+ 79.1
\u2013
The weighted average duration of the defined benefit obligations totalled 13.5 years (previous year 15.8 years)
for the overall Group. In the UK, the weighted duration was 13.4 years (previous year 16.2 years), while it
stood at 14.1 years (previous year 15.4 years) in Germany.
Fund assets are determined on the basis of the fair values of the funds invested as at 30 September 2023.
The interest rate used to determine the interest income from the assets of external funds is identical with
the discount rate used for the defined benefit obligation.
For the forthcoming financial year, the companies of
TUI Group are expected to contribute around \u20ac 106.2 m
(previous year \u20ac 104.4 m) to pension funds and pay pensions worth \u20ac 33.3 m (previous year \u20ac 33.1 m) for
unfunded plans. The expected employer contribution to the pension funds mainly includes the annual
payment agreed with the trustees in the UK to reduce the existing coverage shortfall. For funded plans, the
payments to the recipients are fully made from fund assets and therefore do not result in a cash outflow for
TUI Group.
TUI Group\u2019s defined benefit plans entail various risks; some of which may have a substantial effect on the
Company. The purchase of insurance policies within the UK schemes serves to eliminate these risks in
respect of the liabilities due to pension scheme members covered by this insurance, and hence reduce the
overall level of risk in respect of all the categories detailed below.
INVESTMENT RISK
The investment risk plays a major role, in particular for the large funded plans in the UK. Although shares
usually outperform bonds in terms of producing higher returns, they also entail stronger volatility of balance
sheet items and the risk of short-term shortfalls in coverage. In order to limit this risk, the trustees have built
a balanced investment portfolio to limit the concentration of risks.
INTEREST RATE RISK
The interest rate influences in particular unfunded schemes in Germany as a decline in interest rates leads
to an increase in the defined benefit obligations. Accordingly, an increase in the interest rate leads to a
reduction in the defined benefit obligations. Funded plans are less strongly affected by this development as
the performance of the interest-bearing assets included in plan assets regularly dampens the effects. For
the funded plans in the
UK, the trustees have invested a part of the plan assets in liability-driven investment
portfolios, holding credit and hedging instruments in order to largely offset the impact of changes in interest
rates.
INFLATION RISK
An increase in the inflation rate normally increases the obligation in pension schemes linked to the final
salary of beneficiaries as inflation causes an increase in the projected salary increases. At the same time,
inflation-based pension increases included in the plan also rise. The inflation risk is reduced through the use
of caps and collars. Moreover, the large pension funds in the
UK hold inflation-linked assets, which also
partly reduce the risk from a significant rise in inflation. By investing, in particular, plan assets in liability-
driven investment portfolios, which hold credit and hedging instruments, they aim to largely offset the
impact of the inflation rate.
LONGEVITY RISK
An increasing life expectancy increases the expected benefit duration of the pension obligation. This risk is
countered by using regularly updated mortality data in calculating the present values of the obligation.
CURRENCY RISK
For TUI Group, the pension schemes entail a currency risk as most pension schemes are operated in the UK
and therefore denominated in sterling. The risk is limited as the currency effects on the obligation and the
assets partly offset each other. The currency risk only relates to any excess of pension obligations over plan
assets or vice versa.
(31) Other provisions
Development of provisions in the financial year 2023
Balance as at Changes with Usage Reversal Additions Balance
30 Sep 2022 no effect on as at
profit and 30 Sep 2023
\u20ac million
loss
*
Maintenance provisions
827.7
22.9
208.0
6.6
142.6
778.6
Provisions for litigation
71.3
1.1
4.8
2.4
3.2
68.4
Restructuring provisions
88.3
0.1
27.6
9.1
6.4
58.1
Provisions for other
personnel costs
42.5
\u2013 2.3
3.4
1.2
7.1
42.7
Provisions for other taxes
41.9
\u2013 0.4
7.8
2.7
4.0
35.0
Provisions for environmental
protection
34.9
\u2013
0.4
0.7
1.1
34.9
Risks from onerous contracts
28.1
\u2013 4.9
0.7
7.4
11.7
26.8
Miscellaneous provisions
161.3
\u2013 5.2
52.6
46.9
80.8
137.4
Other provisions
1,296.0
11.3
305.3
77.0
256.9
1,181.9
* Reclassifications, transfers, exchange differences and changes in the group of consolidated companies
Provisions for maintenance primarily relate to contractual maintenance, overhaul and repair requirements for aircraft, engines and other specific components arising from aircraft lease contracts. Measurement of these provisions is based on the expected cost of the next maintenance event, estimated on the basis of current prices, expected price increases and manufacturers\u2019 data sheets. In line with the terms of the individual contracts and the aircraft model concerned, additions are recognised on a prorated basis inrelation to flight hours, the number of flights or the length of the complete maintenance cycle. Lower maintenance expenses than expected led also to a reversal of \u20ac 6.6 m. Provisions for litigation relate to existing lawsuits. For further details on lawsuits, please refer to Note 38. Restructuring provisions comprise payments for personnel measures as well as payments for the early termination of leases. They primarily relate to restructuring projects as part of our Global Realignment Programme for which detailed, formal restructuring plans were drawn up and communicated to the parties concerned. The reversal of the provision in the amount of \u20ac 9.1 m is mainly due to the lower than expected reduction in the fleet size of the Group\u2019s German airline. At the balance sheet date, restructuring provisions totalled \u20ac 58.1 m (previous year \u20ac 88.3 m), for a large part relating to benefits for planned personnel measures. Provisions for personnel costs comprise provisions for jubilee benefits and provisions for cash-settled share-based payment schemes in accordance with IFRS 2. For information on these long-term incentive programmes, please refer to Note 40 \u2018Share-based payments in accordance with IFRS 2\u2019. Provisions for environmental protection primarily relate to statutory obligations to remediate sites contam- inated with legacy waste from former mining and metallurgical activities. Provisions for onerous contracts include \u20ac 16.7 m for the early exit from a leased administrative building as the largest single item.Miscellaneous provisions include various provisions that, taken individually, do not have a significant influence on TUI Group\u2019s economic position. This item includes provisions for dismantling obligations and compensation claims from customers. Changes in other provisions outside profit and loss primarily relate to changes in the group of consolidated companies, foreign exchange differences and reclassifications within other provisions. Where the difference between the present value and the settlement value of a provision is material for the measurement of a non-current provision as at the balance sheet date, the provision is recognised at its present value in accordance with IAS 37. The discount rate to be applied should take account of the specific risks of the liability and of future price increases. This criterion applies to some items contained in TUI Group\u2019s other provisions. Additions to other provisions comprise an interest portion of \u20ac 25.4 m (previous year \u20ac 10.1 m), recognised as an interest expense. An interest portion of \u20ac 23.6 million (previous year \u20ac 10.1 million) is attributable to provisions for maintenance.
Terms to maturity of other provisions
30 Sep 2023
30
Sep 2022
Remaining To t a l Remaining Total
term more term more
\u20ac million than 1 year than 1 year
Maintenance provisions
657.8
778.6
561.1
827.7
Provisions for litigation
37.4
68.4
38.6
71.3
Restructuring provisions
25.3
58.1
28.6
88.3
Provisions for other personnel costs
34.1
42.7
34.9
42.5
Provisions for other taxes
26.1
35.0
21.9
41.9
Provisions for environmental protection
32.8
34.9
32.9
34.9
Risks from onerous contracts
14.9
26.8
15.1
28.1
Miscellaneous provisions
20.2
137.4
21.9
161.3
Other provisions
848.6
1,181.9
755.0
1,296. 0
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-693": { "value": "
(31) Other provisions
Development of provisions in the financial year 2023
Balance as at Changes with Usage Reversal Additions Balance
30 Sep 2022 no effect on as at
profit and 30 Sep 2023
\u20ac million
loss
*
Maintenance provisions
827.7
22.9
208.0
6.6
142.6
778.6
Provisions for litigation
71.3
1.1
4.8
2.4
3.2
68.4
Restructuring provisions
88.3
0.1
27.6
9.1
6.4
58.1
Provisions for other
personnel costs
42.5
\u2013 2.3
3.4
1.2
7.1
42.7
Provisions for other taxes
41.9
\u2013 0.4
7.8
2.7
4.0
35.0
Provisions for environmental
protection
34.9
\u2013
0.4
0.7
1.1
34.9
Risks from onerous contracts
28.1
\u2013 4.9
0.7
7.4
11.7
26.8
Miscellaneous provisions
161.3
\u2013 5.2
52.6
46.9
80.8
137.4
Other provisions
1,296.0
11.3
305.3
77.0
256.9
1,181.9
* Reclassifications, transfers, exchange differences and changes in the group of consolidated companies
Provisions for maintenance primarily relate to contractual maintenance, overhaul and repair requirements
for aircraft, engines and other specific components arising from aircraft lease contracts. Measurement of
these provisions is based on the expected cost of the next maintenance event, estimated on the basis of
current prices, expected price increases and manufacturers\u2019 data sheets. In line with the terms of the
individual contracts and the aircraft model concerned, additions are recognised on a prorated basis in
relation to flight hours, the number of flights or the length of the complete maintenance cycle. Lower
maintenance expenses than expected led also to a reversal of \u20ac 6.6 m.
Provisions for litigation relate to existing lawsuits. For further details on lawsuits, please refer to Note 38.
Restructuring provisions comprise payments for personnel measures as well as payments for the early termination of leases. They primarily relate to restructuring projects as part of our Global Realignment Programme for which detailed, formal restructuring plans were drawn up and communicated to the parties concerned. The reversal of the provision in the amount of \u20ac 9.1 m is mainly due to the lower than expected reduction in the fleet size of the Group\u2019s German airline. At the balance sheet date, restructuring provisions totalled \u20ac 58.1 m (previous year \u20ac 88.3 m), for a large part relating to benefits for planned personnel measures. Provisions for personnel costs comprise provisions for jubilee benefits and provisions for cash-settled share-based payment schemes in accordance with IFRS 2. For information on these long-term incentive programmes, please refer to Note 40 \u2018Share-based payments in accordance with IFRS 2\u2019. Provisions for environmental protection primarily relate to statutory obligations to remediate sites contam- inated with legacy waste from former mining and metallurgical activities. Provisions for onerous contracts include \u20ac 16.7 m for the early exit from a leased administrative building as the largest single item.Miscellaneous provisions include various provisions that, taken individually, do not have a significant influence on TUI Group\u2019s economic position. This item includes provisions for dismantling obligations and compensation claims from customers. Changes in other provisions outside profit and loss primarily relate to changes in the group of consolidated companies, foreign exchange differences and reclassifications within other provisions. Where the difference between the present value and the settlement value of a provision is material for the measurement of a non-current provision as at the balance sheet date, the provision is recognised at its present value in accordance with IAS 37. The discount rate to be applied should take account of the specific risks of the liability and of future price increases. This criterion applies to some items contained in TUI Group\u2019s other provisions. Additions to other provisions comprise an interest portion of \u20ac 25.4 m (previous year \u20ac 10.1 m), recognised as an interest expense. An interest portion of \u20ac 23.6 million (previous year \u20ac 10.1 million) is attributable to provisions for maintenance. Terms to maturity of other provisions 30 Sep 2023 30 Sep 2022 Remaining To t a l Remaining Total term more term more \u20ac million than 1 year than 1 year Maintenance provisions 657.8 778.6 561.1 827.7 Provisions for litigation 37.4 68.4 38.6 71.3 Restructuring provisions 25.3 58.1 28.6 88.3 Provisions for other personnel costs 34.1 42.7 34.9 42.5 Provisions for other taxes 26.1 35.0 21.9 41.9 Provisions for environmental protection 32.8 34.9 32.9 34.9 Risks from onerous contracts 14.9 26.8 15.1 28.1 Miscellaneous provisions 20.2 137.4 21.9 161.3 Other provisions 848.6 1,181.9 755.0 1,296. (33) Other financial liabilities Other financial liabilities include touristic advance payments received for tours cancelled because of COVID-1 9 restrictions of \u20ac 3.7 m (previous year \u20ac 16.7 m), for which immediate cash refund options exist and which hav e to be repaid immediately if the customer chooses to receive a refund . (34) Touristic advance payments received
Touristic advance payments received
\u20ac million
Touristic advance payments received as at 1 Oct 2021
2,379. 4
Revenue recognised that was included in the balance at the beginning of the period
\u2013 2,253. 1
Increases due to cash received, excluding amounts recognised as revenue during the period
3,237. 7
Reclassification to other financial liabilities
\u2013 12. 0
Customer refund repayments
\u2013 325. 0
Other
\u2013 28. 1
Touristic advance payments received as at 30 Sep 2022
2,998. 9
Revenue recognised that was included in the balance at the beginning of the period
\u2013 2,696. 4
Increases due to cash received, excluding amounts recognised as revenue during the period
3,256. 1
Reclassification to other financial liabilities
\u2013 0. 1
Customer refund repayments
\u2013 56. 2
Other
27. 9
Touristic advance payments received as at 30 Sep 2023
3,530. 2
(35) Other non-financial liabilities
Other non-financial liabilities
30 Sep 2023
30 Sep 2022
Remaining term
Remaining term
\u20ac million
up to 1 year
1\u2013 5 years
To t a l
up to 1 year
1\u2013 5 years
Total
Other liabilities relating to employees
237.5
28.3
265.8
224.8
27.4
252.2
Other liabilities relating to social
security
38.2
\u2013
38.2
39.7
\u2013
39.7
Other liabilities relating to other taxes
63.5
\u2013
63.5
50.6
\u2013
50.6
Other miscellaneous liabilities
137.0
1.6
138.6
144.2
0.9
145.1
Deferred income
57.9
222.9
280.8
60.6
136.9
197.5
Other non-financial liabilities
534.1
252.8
786.9
519.9
165.2
685.1
Cash flow of financial instruments \u2013 financial and lease liabilities (30 Sep 2023)
Cash outflow until 30 Sep
up to 1 year
1 \u2013 2 years
2 \u2013 5 years
more than 5 years
repay-
interest
repay-
interest
repay-
interest
repay-
interest
\u20ac million ment ment ment ment
Financial liabilities
Convertible bonds
\u2013
\u2013 29.5
\u2013
\u2013 29.5
\u2013 589.6
\u2013 88.4
\u2013
\u2013
Bonds
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Liabilities to banks
\u2013 69.9
\u2013 31.9
\u2013 275.8
\u2013 29.0
\u2013 163.1
\u2013 38.4
\u2013 210.0
\u2013 34.9
Other financial debt
\u2013 15.0
\u2013 1.8
\u2013 3.8
\u2013 2.1
\u2013 16.7
\u2013 0.1
\u2013
\u2013
Trade payables
\u2013 3,373.7
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Other financial liabilities
\u2013 121.9
\u2013 1.6
\u2013 2.6
\u2013
\u2013
\u2013
\u2013
\u2013
Lease liabilities
\u2013 701.2
\u2013 128.6
\u2013 521.5
\u2013 104.5
\u2013 1,032.1
\u2013 184.2
\u2013 663.3
\u2013 264.3
Cash flow of financial instruments \u2013 financial and lease liabilities (30 Sep 2022)
Cash outflow until 30 S ep
up to 1 year
1 \u2013 2 years
2 \u2013 5 years
more than 5 yea rs
repayment
interest
repayment
interest
repay-
interest
repay-
intere st
\u20ac million ment ment
Financial liabilities
Convertible bonds
\u2013
\u2013 29.5
\u2013
\u2013 29.5
\u2013
\u2013 88.4
\u2013 589.6
\u2013 29 .5
Bonds
\u2013
\u2013 5.6
\u2013
\u2013 5.6
\u2013 58.7
\u2013 11.2
\u2013
\u2013
Liabilities to banks
\u2013 280.0
\u2013 65.3
\u2013 600.9
\u2013 44.0
\u2013 312.8
\u2013 36.5
\u2013 188.9
\u2013 16 .7
Other financial debt
\u2013 26.4
\u2013 1.6
\u2013 44.9
\u2013 2.0
\u2013 16.9
\u2013 0.5
\u2013
\u2013
Trade payables
\u2013 3,316.5
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Other financial liabilities
\u2013 174.7
\u2013 0.3
\u2013 0.3
\u2013
\u2013 2.5
\u2013
\u2013
\u2013
Lease liabilities
\u2013 698.8
\u2013 60.8
\u2013 655.7
\u2013 69.8
\u2013 1,012.4
\u2013 182.5
\u2013 840.7
\u2013 393 .4
The table below shows the reconciliation of the balance sheet items to the financial instrument categorie s
by carrying amount and fair value of the financial instruments.
Carrying amounts and fair values according to classes and measurement categories according to IFRS 9 as at 30 Sep 2023
Category according to IFRS 9
Carrying amount At amortised cost Fair value with no Fair value with no Fair value Fair value of
effect on profit and effect on profit and through profit financial
\u20ac million loss without recycling loss with recycling and loss instruments
Assets
Trade receivables and other receivables
thereof instruments within the scope of IFRS 9
1,161.0
1,122.6
\u2013
\u2013
38.9
1,153.0
thereof instruments within the scope of IFRS 16
4.1
\u2013
\u2013
\u2013
\u2013
4.4
Derivative financial instruments
Hedging transactions
236.4
\u2013
\u2013
236.4
\u2013
236.4
Other derivative financial instruments
32.1
\u2013
\u2013
\u2013
32.1
32.1
Other financial assets
59.4
48.6
9.9
\u2013
0.9
57.3
Cash and cash equivalents
2,060.3
1,588.3
\u2013
\u2013
472.2
2,060.5
Liabilities
Financial liabilities
1,297.0
1,297.0
\u2013
\u2013
\u2013
1,120.1
Trade payables
3,373.7
3,374.7
\u2013
\u2013
\u2013
3,374.7
Derivative financial instruments
Hedging transactions
25.9
\u2013
\u2013
25.9
\u2013
25.9
Other derivative financial instruments
11.1
\u2013
\u2013
\u2013
11.1
11.1
Other financial liabilities
124.4
124.4
\u2013
\u2013
\u2013
124.4
Carrying amounts and fair values according to classes and measurement categories according to IFRS 9 as at 30 Sep 2022
Category according to IFRS 9
Carrying amount At amortised cost Fair value with no Fair value with no Fair value Fair value of
effect on profit and effect on profit and through profit financial
\u20ac million loss without recycling loss with recycling and loss instruments
Assets
Trade receivables and other receivables
thereof instruments within the scope of IFRS 9
1,133.8
1,027.3
\u2013
\u2013
106.5
1,124.5
thereof instruments within the scope of IFRS 16
9.6
\u2013
\u2013
\u2013
\u2013
9.9
Derivative financial instruments
Hedging transactions
124.4
\u2013
\u2013
124.4
\u2013
124.4
Other derivative financial instruments
134.7
\u2013
\u2013
\u2013
134.7
134.7
Other financial assets
96.4
85.9
9.6
\u2013
0.9
90.5
Cash and cash equivalents
1,736.9
1,736.9
\u2013
\u2013
\u2013
1,736.9
Liabilities
Financial liabilities
2,051.3
2,051.3
\u2013
\u2013
\u2013
1,656.7
Trade payables
3,316.5
3,316.5
\u2013
\u2013
\u2013
3,316.5
Derivative financial instruments
Hedging transactions
27.0
\u2013
\u2013
27.0
\u2013
27.0
Other derivative financial instruments
33.7
\u2013
\u2013
\u2013
33.7
33.7
Other financial liabilities
177.4
177.4
\u2013
\u2013
\u2013
177.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-24": { "value": "Miscellaneous provisions include various provisions that, taken individually, do not have a significant influence on TUI Group\u2019s economic position. This item includes provisions for dismantling obligations and compensation claims from customers. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-729": { "value": "(32) Financial and lease liabilities
Financial and lease liabilities
30 Sep 2023
30 Sep 2022
Remaining term
Remaining term
up to 1
1\u2013 5 years
more than
To t a l
up to 1
1\u2013 5 years
more than
Total
\u20ac million year 5 years year 5 years
Convertible bonds
13.5
529.2
\u2013
542.7
13.5
\u2013
518.6
532.1
Bonds
\u2013
\u2013
\u2013
\u2013
\u2013
48.4
\u2013
48.4
Liabilities to banks
69.9
438.9
210.0
718.8
280.0
913.8
188.8
1,382.6
Other financial
liabilities
15.1
20.4
\u2013
35.5
26.4
61.8
\u2013
88.2
Financial
liabilities
98.5
988.5
210.0
1,297.0
319.9
1,024.0
707.4
2,051.3
Lease liabilities
701.2
1,553.6
663.3
2,918.1
698.8
1,668.0
840.7
3,207.5
Non-current financial liabilities decreased by \u20ac 532.9 m versus 30 September 2022 to \u20ac 1,198.5 m. Thedecrease is mainly due to the reduction in liabilities to banks. In April 2023, a capital increase with rights issue was successfully completed. Parts of the proceeds wer e used to redeem, or repurchase, in full the outstanding warrant bond including warrants at the nomina l amount of \u20ac 58.7 m plus accrued interest at fair value. The bond component of this warrant bond wasrecognised in financial liabilities, while the separately tradable warrants were recognised in equity. The early termination rights by TUI as well as the conversion right and the put option held by the holders o f the convertible bond represent embedded derivatives which were not separated in accordance withIFRS 9 as they are classified as closely related to the host contract. The largest financing instrument is a revolving credit facility (RCF) between TUI AG and an existing banking syndicate, which has included KfW since 2020. Following the capital increase effected in April 2023, the KfW line within the syndicated revolving credit facility was reduced from \u20ac 2.1 bn to \u20ac 1.05 bn so that the credit facility decreased from \u20ac 3.74 bn to \u20ac 2.7 bn. In May 2023, the revolving credit facility from the bankingsyndicate was extended to July 2026. As at 30 September 2023, there were no drawdowns on the revolving credit facilities (30 September 2022 \u20ac 562.0 m). Current financial liabilities decreased by \u20ac 221.4 m to \u20ac 98.5 m as at 30 September 2023 as against \u20ac 319.9 m as at 30 September 2022. For more details on the terms and conditions of the credit lines provided by KfW, please refer to the section \u2018Going concern reporting according to theUK Corporate Governance Code\u2019.
Movements financial and lease liabilities
Convertible Bonds Short-term Long-term Other To t a l Lease
bonds liabilities to liabilities to financial financial liabilities
\u20ac million banks banks liabilities liabilities
Balance as at
1 Oct 2022
532.1
48.4
280.0
1,102.6
88.2
2,051.3
3,207.5
Raisings /
redemptions of
the period
\u2013
\u2013 58.7
\u2013 243.5
\u2013 433.8
\u2013 9.4
\u2013 745.4
\u2013 595.0
Foreign exchange
movements
\u2013
\u2013
\u2013 0.9
\u2013 7.5
\u2013
\u2013 8.4
\u2013 146.2
Other non-cash
movement
10.6
10.3
34.3
\u2013 12.4
\u2013 43.3
\u2013 0.5
451.8
Balance as at
30 Sep 2023
542.7
\u2013
69.9
648.9
35.5
1,297.0
2,918.1
Movements financial and lease liabilities
Convertible Bonds Short-term Long-term Other Total Lease
bonds liabilities to liabilities to financial financial liabilities
\u20ac million banks banks liabilities liabilities
Balance as at
1 Oct 2021
522.2
119.3
247.5
2,365.1
66.6
3,320.7
3,229.4
Raisings /
redemptions of
the period
\u2013
\u2013 91.3
\u2013 95.0
\u2013 1,270.6
\u2013 16.0
\u2013 1,472.9
\u2013 572.6
Changes in scope
of consolidation
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Foreign exchange
movements
\u2013
\u2013
5.0
24.8
0.1
29.9
328.8
Other non-cash
movement
9.9
20.4
122.5
\u2013 16.7
37.5
173.6
221.9
Balance as at
30 Sep 2022
532.1
48.4
280.0
1,102.6
88.2
2,051.3
3,207.5
The payments made in the period include beside the raisings of financial debt, in particular the repayment of bonds and financial debt as well as the repayment of lease liabilities.
Fair values and carrying amounts of the bonds at 30 Sep 2023
30 Sep 2023
30 Sep 2022
Issuer Nominal Nominal Interest Stock Carrying Stock Carrying
value value out- rate market amount market amount
\u20ac million initial standing % p. a. value value
2021 / 2028
convertible bond
TUI AG
589.6
589.6
5.000
541.0
542.7
423.0
532.1
Total
541.0
542.7
423.0
532.1
LIQUIDITY RISK
Liquidity risks arise from TUI Group being unable to meet its short-term financial obligations and the result-
ing increases in funding costs.
TUI Group has established an internal liquidity management system to secure
TUI Group\u2019s liquidity at all times and consistently comply with contractual payment obligations. To that end,
TUI Group\u2019s liquidity management system uses the opportunities of physical and virtual cash pooling for
more efficient liquidity pooling. It also uses credit lines to compensate for the seasonal fluctuations in liquid
ity
resulting from the tourism business. The core credit facility is a syndicated revolving credit facility agreed
with the previous syndicate banks and KfW Bank, which has been included due to the
COVID-19 pandemic.
The total amount of the revolving credit facility has now been reduced to a total of \u20ac 2.5 bn.
Details of the financing transactions are presented in the section \u2018Going-concern reporting in accordance with the UK Corporate Governance Code\u2019. As in the previous year, no material assets were deposited as collateral for liabilities. Moreover, the Group companies participating in the automated cash pool are jointly and severally liable for financial liabilities from cash pooling agreements. At the balance sheet date, 19TUI Group companies are jointly and severally liable for TUI AG\u2019s financial debts from the revolving credit facility and the promissory note loan. The tables provided below list the contractually agreed (undiscounted) cash flows of all primary financialliabilities as at the balance sheet date. Planned payments for future new liabilities were not taken into account. Where financial liabilities have a floating interest rate, the forward interest rates fixed at the balance sheet date were used to determine future interest payments. Financial liabilities cancellable at any time are allocatedto the earliest maturity band. The analysis of cash flows from derivative financial instruments shows the contractually agreed (undiscounted) cash flows by maturity of foreign exchange hedges and hedges of other price risks of all liabilities that exist ed at the balance sheet date.
Cash flow of financial instruments \u2013 financial and lease liabilities (30 Sep 2023)
Cash outflow until 30 Sep
up to 1 year
1 \u2013 2 years
2 \u2013 5 years
more than 5 years
repay-
interest
repay-
interest
repay-
interest
repay-
interest
\u20ac million ment ment ment ment
Financial liabilities
Convertible bonds
\u2013
\u2013 29.5
\u2013
\u2013 29.5
\u2013 589.6
\u2013 88.4
\u2013
\u2013
Bonds
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Liabilities to banks
\u2013 69.9
\u2013 31.9
\u2013 275.8
\u2013 29.0
\u2013 163.1
\u2013 38.4
\u2013 210.0
\u2013 34.9
Other financial debt
\u2013 15.0
\u2013 1.8
\u2013 3.8
\u2013 2.1
\u2013 16.7
\u2013 0.1
\u2013
\u2013
Trade payables
\u2013 3,373.7
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Other financial liabilities
\u2013 121.9
\u2013 1.6
\u2013 2.6
\u2013
\u2013
\u2013
\u2013
\u2013
Lease liabilities
\u2013 701.2
\u2013 128.6
\u2013 521.5
\u2013 104.5
\u2013 1,032.1
\u2013 184.2
\u2013 663.3
\u2013 264.3
Cash flow of financial instruments \u2013 financial and lease liabilities (30 Sep 2022)
Cash outflow until 30 S ep
up to 1 year
1 \u2013 2 years
2 \u2013 5 years
more than 5 yea rs
repayment
interest
repayment
interest
repay-
interest
repay-
intere st
\u20ac million ment ment
Financial liabilities
Convertible bonds
\u2013
\u2013 29.5
\u2013
\u2013 29.5
\u2013
\u2013 88.4
\u2013 589.6
\u2013 29 .5
Bonds
\u2013
\u2013 5.6
\u2013
\u2013 5.6
\u2013 58.7
\u2013 11.2
\u2013
\u2013
Liabilities to banks
\u2013 280.0
\u2013 65.3
\u2013 600.9
\u2013 44.0
\u2013 312.8
\u2013 36.5
\u2013 188.9
\u2013 16 .7
Other financial debt
\u2013 26.4
\u2013 1.6
\u2013 44.9
\u2013 2.0
\u2013 16.9
\u2013 0.5
\u2013
\u2013
Trade payables
\u2013 3,316.5
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Other financial liabilities
\u2013 174.7
\u2013 0.3
\u2013 0.3
\u2013
\u2013 2.5
\u2013
\u2013
\u2013
Lease liabilities
\u2013 698.8
\u2013 60.8
\u2013 655.7
\u2013 69.8
\u2013 1,012.4
\u2013 182.5
\u2013 840.7
\u2013 393 .4
Cash flow of derivative financial instruments (30 Sep 2023)
Cash in- / outflow until 30 S ep
up to 1 year
1 \u2013 2 years
2 \u2013 5 years
more th an
\u20ac million 5 yea rs
Derivative financial instruments
Hedging transactions \u2013 inflows
+ 1,604.5
+ 133.5
\u2013
\u2013
Hedging transactions \u2013 outflows
\u2013 1,638.4
\u2013 136.2
\u2013
\u2013
Other derivative financial instruments \u2013 inflows
+ 1,294.1
\u2013
\u2013
\u2013
Other derivative financial instruments \u2013 outflows
\u2013 1,308.7
\u2013
\u2013
\u2013
Cash flow of derivative financial instruments (30 Sep 2022)
Cash in- / outflow until 30 Sep
up to 1 year
1 \u2013 2 years
2 \u2013 5 years
more than
\u20ac million 5 years
Derivative financial instruments
Hedging transactions \u2013 inflows
+ 156.2
\u2013
\u2013
\u2013
Hedging transactions \u2013 outflows
\u2013 185.1
\u2013
\u2013
\u2013
Other derivative financial instruments \u2013 inflows
+ 630.3
\u2013
\u2013
\u2013
Other derivative financial instruments \u2013 outflows
\u2013 665.7
\u2013
\u2013
\u2013
Carrying amounts and fair values according to classes and measurement categories according to IFRS 9 as at 30 Sep 2022
Category according to IFRS 9
Carrying amount At amortised cost Fair value with no Fair value with no Fair value Fair value of
effect on profit and effect on profit and through profit financial
\u20ac million loss without recycling loss with recycling and loss instruments
Assets
Trade receivables and other receivables
thereof instruments within the scope of IFRS 9
1,133.8
1,027.3
\u2013
\u2013
106.5
1,124.5
thereof instruments within the scope of IFRS 16
9.6
\u2013
\u2013
\u2013
\u2013
9.9
Derivative financial instruments
Hedging transactions
124.4
\u2013
\u2013
124.4
\u2013
124.4
Other derivative financial instruments
134.7
\u2013
\u2013
\u2013
134.7
134.7
Other financial assets
96.4
85.9
9.6
\u2013
0.9
90.5
Cash and cash equivalents
1,736.9
1,736.9
\u2013
\u2013
\u2013
1,736.9
Liabilities
Financial liabilities
2,051.3
2,051.3
\u2013
\u2013
\u2013
1,656.7
Trade payables
3,316.5
3,316.5
\u2013
\u2013
\u2013
3,316.5
Derivative financial instruments
Hedging transactions
27.0
\u2013
\u2013
27.0
\u2013
27.0
Other derivative financial instruments
33.7
\u2013
\u2013
\u2013
33.7
33.7
Other financial liabilities
177.4
177.4
\u2013
\u2013
\u2013
177.4
Aggregation according to measurement categories under IFRS 9 as at 30 Sep 2023
Carrying Fair Value
amount of
financial
instruments
\u20ac million To t a l
Financial assets
at amortised cost
2,759.5
3,221.1
at fair value \u2013 recognised directly in equity without recycling
9.9
9.9
at fair value \u2013 through profit and loss
544.1
544.1
Financial liabilities
at amortised cost
4,796.1
4,619.2
at fair value \u2013 through profit and loss
11.1
11.1
Aggregation according to measurement categories under IFRS 9 as at 30 Sep 2022
Carrying Fair Value
amount of
financial
instruments
\u20ac million Total
Financial assets
at amortised cost
2,850.1
2,834.9
at fair value \u2013 recognised directly in equity without recycling
9.6
9.6
at fair value \u2013 through profit and loss
242.1
242.1
Financial liabilities
at amortised cost
5,545.2
5,150.6
at fair value \u2013 through profit and loss
33.7
33.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-798": { "value": "(32) Financial and lease liabilities
Financial and lease liabilities
30 Sep 2023
30 Sep 2022
Remaining term
Remaining term
up to 1
1\u2013 5 years
more than
To t a l
up to 1
1\u2013 5 years
more than
Total
\u20ac million year 5 years year 5 years
Convertible bonds
13.5
529.2
\u2013
542.7
13.5
\u2013
518.6
532.1
Bonds
\u2013
\u2013
\u2013
\u2013
\u2013
48.4
\u2013
48.4
Liabilities to banks
69.9
438.9
210.0
718.8
280.0
913.8
188.8
1,382.6
Other financial
liabilities
15.1
20.4
\u2013
35.5
26.4
61.8
\u2013
88.2
Financial
liabilities
98.5
988.5
210.0
1,297.0
319.9
1,024.0
707.4
2,051.3
Lease liabilities
701.2
1,553.6
663.3
2,918.1
698.8
1,668.0
840.7
3,207.5
Non-current financial liabilities decreased by \u20ac 532.9 m versus 30 September 2022 to \u20ac 1,198.5 m. Thedecrease is mainly due to the reduction in liabilities to banks. In April 2023, a capital increase with rights issue was successfully completed. Parts of the proceeds wer e used to redeem, or repurchase, in full the outstanding warrant bond including warrants at the nomina l amount of \u20ac 58.7 m plus accrued interest at fair value. The bond component of this warrant bond wasrecognised in financial liabilities, while the separately tradable warrants were recognised in equity. The early termination rights by TUI as well as the conversion right and the put option held by the holders o f the convertible bond represent embedded derivatives which were not separated in accordance withIFRS 9 as they are classified as closely related to the host contract. The largest financing instrument is a revolving credit facility (RCF) between TUI AG and an existing banking syndicate, which has included KfW since 2020. Following the capital increase effected in April 2023, the KfW line within the syndicated revolving credit facility was reduced from \u20ac 2.1 bn to \u20ac 1.05 bn so that the credit facility decreased from \u20ac 3.74 bn to \u20ac 2.7 bn. In May 2023, the revolving credit facility from the bankingsyndicate was extended to July 2026. As at 30 September 2023, there were no drawdowns on the revolving credit facilities (30 September 2022 \u20ac 562.0 m). Current financial liabilities decreased by \u20ac 221.4 m to \u20ac 98.5 m as at 30 September 2023 as against \u20ac 319.9 m as at 30 September 2022. For more details on the terms and conditions of the credit lines provided by KfW, please refer to the section \u2018Going concern reporting according to theUK Corporate Governance Code\u2019.
Movements financial and lease liabilities
Convertible Bonds Short-term Long-term Other To t a l Lease
bonds liabilities to liabilities to financial financial liabilities
\u20ac million banks banks liabilities liabilities
Balance as at
1 Oct 2022
532.1
48.4
280.0
1,102.6
88.2
2,051.3
3,207.5
Raisings /
redemptions of
the period
\u2013
\u2013 58.7
\u2013 243.5
\u2013 433.8
\u2013 9.4
\u2013 745.4
\u2013 595.0
Foreign exchange
movements
\u2013
\u2013
\u2013 0.9
\u2013 7.5
\u2013
\u2013 8.4
\u2013 146.2
Other non-cash
movement
10.6
10.3
34.3
\u2013 12.4
\u2013 43.3
\u2013 0.5
451.8
Balance as at
30 Sep 2023
542.7
\u2013
69.9
648.9
35.5
1,297.0
2,918.1
Movements financial and lease liabilities
Convertible Bonds Short-term Long-term Other Total Lease
bonds liabilities to liabilities to financial financial liabilities
\u20ac million banks banks liabilities liabilities
Balance as at
1 Oct 2021
522.2
119.3
247.5
2,365.1
66.6
3,320.7
3,229.4
Raisings /
redemptions of
the period
\u2013
\u2013 91.3
\u2013 95.0
\u2013 1,270.6
\u2013 16.0
\u2013 1,472.9
\u2013 572.6
Changes in scope
of consolidation
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Foreign exchange
movements
\u2013
\u2013
5.0
24.8
0.1
29.9
328.8
Other non-cash
movement
9.9
20.4
122.5
\u2013 16.7
37.5
173.6
221.9
Balance as at
30 Sep 2022
532.1
48.4
280.0
1,102.6
88.2
2,051.3
3,207.5
The payments made in the period include beside the raisings of financial debt, in particular the repayment of bonds and financial debt as well as the repayment of lease liabilities.
Fair values and carrying amounts of the bonds at 30 Sep 2023
30 Sep 2023
30 Sep 2022
Issuer Nominal Nominal Interest Stock Carrying Stock Carrying
value value out- rate market amount market amount
\u20ac million initial standing % p. a. value value
2021 / 2028
convertible bond
TUI AG
589.6
589.6
5.000
541.0
542.7
423.0
532.1
Total
541.0
542.7
423.0
532.1
(33) Other financial liabilities Other financial liabilities include touristic advance payments received for tours cancelled because of COVID-1 9 restrictions of \u20ac 3.7 m (previous year \u20ac 16.7 m), for which immediate cash refund options exist and which hav e to be repaid immediately if the customer chooses to receive a refund (39) Other financial commitments
Other financial commitments
30 Sep 2023
30 Sep 2022
Remaining term
Remaining term
up to 1\u2013 5 more To t a l up to 1 \u2013 5 more Total
1 year years than 5 1 year years than 5
\u20ac million years years
Order commitments in respect
of capital expenditure
1,070.9
1,101.6
\u2013
2,172.5
400.7
1,730.6
160.1
2,291.4
Other financial commitments
107.8
84.4
\u2013
192.2
71.9
28.5
28.8
129.2
Total
1,178.7
1,186.0
\u2013
2,364.7
472.6
1,759.1
188.9
2,420.6
As at 30 September 2023 order commitments in respect of capital expenditure decreased by \u20ac 118.9 m as against 30 September 2022. The reduction in order commitments can be explained by aircraft ordersfulfilled in the year, delivery of Marella Voyager and due to the effects of foreign exchange for order commit- ments denominated in non-functional currencies. The reduction is to a greater extent partially offset by new aircraft orders undertaken during the year. The commitment for IT obligations reported within other financial commitments increased due to the extension of existing contracts.
Cash flow of financial instruments \u2013 financial and lease liabilities (30 Sep 2023)
Cash outflow until 30 Sep
up to 1 year
1 \u2013 2 years
2 \u2013 5 years
more than 5 years
repay-
interest
repay-
interest
repay-
interest
repay-
interest
\u20ac million ment ment ment ment
Financial liabilities
Convertible bonds
\u2013
\u2013 29.5
\u2013
\u2013 29.5
\u2013 589.6
\u2013 88.4
\u2013
\u2013
Bonds
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Liabilities to banks
\u2013 69.9
\u2013 31.9
\u2013 275.8
\u2013 29.0
\u2013 163.1
\u2013 38.4
\u2013 210.0
\u2013 34.9
Other financial debt
\u2013 15.0
\u2013 1.8
\u2013 3.8
\u2013 2.1
\u2013 16.7
\u2013 0.1
\u2013
\u2013
Trade payables
\u2013 3,373.7
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Other financial liabilities
\u2013 121.9
\u2013 1.6
\u2013 2.6
\u2013
\u2013
\u2013
\u2013
\u2013
Lease liabilities
\u2013 701.2
\u2013 128.6
\u2013 521.5
\u2013 104.5
\u2013 1,032.1
\u2013 184.2
\u2013 663.3
\u2013 264.3
Cash flow of financial instruments \u2013 financial and lease liabilities (30 Sep 2022)
Cash outflow until 30 S ep
up to 1 year
1 \u2013 2 years
2 \u2013 5 years
more than 5 yea rs
repayment
interest
repayment
interest
repay-
interest
repay-
intere st
\u20ac million ment ment
Financial liabilities
Convertible bonds
\u2013
\u2013 29.5
\u2013
\u2013 29.5
\u2013
\u2013 88.4
\u2013 589.6
\u2013 29 .5
Bonds
\u2013
\u2013 5.6
\u2013
\u2013 5.6
\u2013 58.7
\u2013 11.2
\u2013
\u2013
Liabilities to banks
\u2013 280.0
\u2013 65.3
\u2013 600.9
\u2013 44.0
\u2013 312.8
\u2013 36.5
\u2013 188.9
\u2013 16 .7
Other financial debt
\u2013 26.4
\u2013 1.6
\u2013 44.9
\u2013 2.0
\u2013 16.9
\u2013 0.5
\u2013
\u2013
Trade payables
\u2013 3,316.5
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Other financial liabilities
\u2013 174.7
\u2013 0.3
\u2013 0.3
\u2013
\u2013 2.5
\u2013
\u2013
\u2013
Lease liabilities
\u2013 698.8
\u2013 60.8
\u2013 655.7
\u2013 69.8
\u2013 1,012.4
\u2013 182.5
\u2013 840.7
\u2013 393 .4
Carrying amounts and fair values according to classes and measurement categories according to IFRS 9 as at 30 Sep 2023
Category according to IFRS 9
Carrying amount At amortised cost Fair value with no Fair value with no Fair value Fair value of
effect on profit and effect on profit and through profit financial
\u20ac million loss without recycling loss with recycling and loss instruments
Assets
Trade receivables and other receivables
thereof instruments within the scope of IFRS 9
1,161.0
1,122.6
\u2013
\u2013
38.9
1,153.0
thereof instruments within the scope of IFRS 16
4.1
\u2013
\u2013
\u2013
\u2013
4.4
Derivative financial instruments
Hedging transactions
236.4
\u2013
\u2013
236.4
\u2013
236.4
Other derivative financial instruments
32.1
\u2013
\u2013
\u2013
32.1
32.1
Other financial assets
59.4
48.6
9.9
\u2013
0.9
57.3
Cash and cash equivalents
2,060.3
1,588.3
\u2013
\u2013
472.2
2,060.5
Liabilities
Financial liabilities
1,297.0
1,297.0
\u2013
\u2013
\u2013
1,120.1
Trade payables
3,373.7
3,374.7
\u2013
\u2013
\u2013
3,374.7
Derivative financial instruments
Hedging transactions
25.9
\u2013
\u2013
25.9
\u2013
25.9
Other derivative financial instruments
11.1
\u2013
\u2013
\u2013
11.1
11.1
Other financial liabilities
124.4
124.4
\u2013
\u2013
\u2013
124.4
Carrying amounts and fair values according to classes and measurement categories according to IFRS 9 as at 30 Sep 2022
Category according to IFRS 9
Carrying amount At amortised cost Fair value with no Fair value with no Fair value Fair value of
effect on profit and effect on profit and through profit financial
\u20ac million loss without recycling loss with recycling and loss instruments
Assets
Trade receivables and other receivables
thereof instruments within the scope of IFRS 9
1,133.8
1,027.3
\u2013
\u2013
106.5
1,124.5
thereof instruments within the scope of IFRS 16
9.6
\u2013
\u2013
\u2013
\u2013
9.9
Derivative financial instruments
Hedging transactions
124.4
\u2013
\u2013
124.4
\u2013
124.4
Other derivative financial instruments
134.7
\u2013
\u2013
\u2013
134.7
134.7
Other financial assets
96.4
85.9
9.6
\u2013
0.9
90.5
Cash and cash equivalents
1,736.9
1,736.9
\u2013
\u2013
\u2013
1,736.9
Liabilities
Financial liabilities
2,051.3
2,051.3
\u2013
\u2013
\u2013
1,656.7
Trade payables
3,316.5
3,316.5
\u2013
\u2013
\u2013
3,316.5
Derivative financial instruments
Hedging transactions
27.0
\u2013
\u2013
27.0
\u2013
27.0
Other derivative financial instruments
33.7
\u2013
\u2013
\u2013
33.7
33.7
Other financial liabilities
177.4
177.4
\u2013
\u2013
\u2013
177.4
Offsetting of financial liabilities
Financial assets and
liabilities not set off in the
balance sheet
Gross Gross Net amounts of Financial Collateral Net amount
amounts of amounts of financial liabilities set assets granted
financial financial off, presented in the
liabilities assets set balance sheet
\u20ac million off
Financial liabilities
as at 30 Sep 2023
Derivative financial
liabilities
37.0
\u2013
37.0
37.0
\u2013
\u2013
Financial liabilities
1,312.1
15.1
1,297.0
\u2013
\u2013
1,297.0
Financial liabilities
as at 30 Sep 2022
Derivative financial
liabilities
60.7
\u2013
60.7
32.9
\u2013
27.8
Financial liabilities
2,174.1
122.8
2,051.3
\u2013
\u2013
2,051.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-747": { "value": "l f
Movements financial and lease liabilities
Convertible Bonds Short-term Long-term Other To t a l Lease
bonds liabilities to liabilities to financial financial liabilities
\u20ac million banks banks liabilities liabilities
Balance as at
1 Oct 2022
532.1
48.4
280.0
1,102.6
88.2
2,051.3
3,207.5
Raisings /
redemptions of
the period
\u2013
\u2013 58.7
\u2013 243.5
\u2013 433.8
\u2013 9.4
\u2013 745.4
\u2013 595.0
Foreign exchange
movements
\u2013
\u2013
\u2013 0.9
\u2013 7.5
\u2013
\u2013 8.4
\u2013 146.2
Other non-cash
movement
10.6
10.3
34.3
\u2013 12.4
\u2013 43.3
\u2013 0.5
451.8
Balance as at
30 Sep 2023
542.7
\u2013
69.9
648.9
35.5
1,297.0
2,918.1
Movements financial and lease liabilities
Convertible Bonds Short-term Long-term Other Total Lease
bonds liabilities to liabilities to financial financial liabilities
\u20ac million banks banks liabilities liabilities
Balance as at
1 Oct 2021
522.2
119.3
247.5
2,365.1
66.6
3,320.7
3,229.4
Raisings /
redemptions of
the period
\u2013
\u2013 91.3
\u2013 95.0
\u2013 1,270.6
\u2013 16.0
\u2013 1,472.9
\u2013 572.6
Changes in scope
of consolidation
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Foreign exchange
movements
\u2013
\u2013
5.0
24.8
0.1
29.9
328.8
Other non-cash
movement
9.9
20.4
122.5
\u2013 16.7
37.5
173.6
221.9
Balance as at
30 Sep 2022
532.1
48.4
280.0
1,102.6
88.2
2,051.3
3,207.5
Notes to the Cash Flow Statement The cash flow statement shows the flow of cash and cash equivalents on the basis of a separate presentation of cash inflows and outflows from operating, investing and financing activities. The effects of changes in the group of consolidated companies and of foreign currency translation are eliminated. In the period under review, cash and cash equivalents increased by \u20ac 323.6 m to \u20ac 2,060.5 m. (43) Cash inflow / cash outflow from operating activities Based on the Group result after tax, the cash flow from operating activities is derived using the indirect method. In the completed financial year, the cash inflow from operating activities totalled \u20ac 1,637.3 m (previousyear \u20ac 2,077.8 m). This amount includes interest payments received of \u20ac 54.9 m (previous year \u20ac 12.4 m) and dividends of \u20ac 24.1 m from companies measured at equity (previous year \u20ac 0.2 m). Income tax payments resulted in a cash outflow of \u20ac 106.9 m (previous year \u20ac 131.4 m). (44) Cash inflow / cash outflow from investing activities In financial year 2023, the cash outflow from investing activities totalled \u20ac 492.2 m (previous year \u20ac 308.2 m). This amount includes a cash outflow for capital expenditure related to property, plant and equipment and intangible assets of \u20ac 666.2 m. The Group recorded a cash inflow of \u20ac 142.9 m from the sale of property, plant and equipment and intangible assets.TUI received \u20ac 70.7 m from the earn-out payment in connection with sale of the stakes in Riu Hotels S. A. and \u20ac 3.0 m from the sale of Karisma Hotels Caribbean S. A., effected in financial year 2021. \u20ac 24.0 m was received from the sale of the shares in PeakworkAG and \u20ac 16.6 m from a capital reduction in Midnight International Holdings. The TUI Group contributed \u20ac 73.5 m to the capitalincrease of Pep Toni Hotels and \u20ac 9.9 m to the capital increase of the TUI Global Hospitality Fund. The sale of money market funds generated \u20ac 2.1 m, \u20ac 0.7 m was spent on the purchase. (45) Cash inflow / cash outflow from financing activities The cash outflow from financing activities totalled \u20ac 834.6 m (previous year \u20ac 1,630.9 m). TUI AG received \u20ac 1,760.9 m from the equity increase carried out in April 2023. An amount of \u20ac 682.4 m was used to repurchase own equity instruments from the Economic Stabilisation Fund. In the completed financial year,TUI AG reduced its syndicated credit facility by \u20ac 561.2 m. \u20ac 13.5 m was spent to extend the syndicated credit facility. The promissory note placed in 2018 was reduced by \u20ac 183.0 m as planned. The remaining portion of the bond with warrants issued to the Economic Stabilisation Fund in 2020 in the amount of \u20ac 58.7 mwas repaid. An amount of \u20ac 739.9 m went towards repaying financial liabilities, including \u20ac 595.1 m for lease liabilities . TUI Group companies raised \u20ac 217.8 m from taking out loans. \u20ac 435.6 m was used to pay interest and \u20ac 120.3 m to pay for dividends to minority shareholders.TUI AG paid \u20ac 16.8 m for the coupon for Silent Participation I of the Economic Stabilisation Fund, shown as a dividend . (46) Development of cash and cash equivalents Cash and cash equivalents comprise all liquid funds, i. e. cash in hand, bank balances and cheques. Cash and cash equivalents increased by \u20ac 13.1 m (previous year \u20ac 12.2 m) due to foreign exchange effects.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-768": { "value": "
(33) Other financial liabilities
Other financial liabilities include touristic advance payments received for tours cancelled because of COVID-1 9
restrictions of \u20ac 3.7 m (previous year \u20ac 16.7 m), for which immediate cash refund options exist and which hav e
to be repaid immediately if the customer chooses to receive a refund .
(34) Touristic advance payments received
Touristic advance payments received
\u20ac million
Touristic advance payments received as at 1 Oct 2021
2,379. 4
Revenue recognised that was included in the balance at the beginning of the period
\u2013 2,253. 1
Increases due to cash received, excluding amounts recognised as revenue during the period
3,237. 7
Reclassification to other financial liabilities
\u2013 12. 0
Customer refund repayments
\u2013 325. 0
Other
\u2013 28. 1
Touristic advance payments received as at 30 Sep 2022
2,998. 9
Revenue recognised that was included in the balance at the beginning of the period
\u2013 2,696. 4
Increases due to cash received, excluding amounts recognised as revenue during the period
3,256. 1
Reclassification to other financial liabilities
\u2013 0. 1
Customer refund repayments
\u2013 56. 2
Other
27. 9
Touristic advance payments received as at 30 Sep 2023
3,530. 2
Cash flow of financial instruments \u2013 financial and lease liabilities (30 Sep 2023)
Cash outflow until 30 Sep
up to 1 year
1 \u2013 2 years
2 \u2013 5 years
more than 5 years
repay-
interest
repay-
interest
repay-
interest
repay-
interest
\u20ac million ment ment ment ment
Financial liabilities
Convertible bonds
\u2013
\u2013 29.5
\u2013
\u2013 29.5
\u2013 589.6
\u2013 88.4
\u2013
\u2013
Bonds
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Liabilities to banks
\u2013 69.9
\u2013 31.9
\u2013 275.8
\u2013 29.0
\u2013 163.1
\u2013 38.4
\u2013 210.0
\u2013 34.9
Other financial debt
\u2013 15.0
\u2013 1.8
\u2013 3.8
\u2013 2.1
\u2013 16.7
\u2013 0.1
\u2013
\u2013
Trade payables
\u2013 3,373.7
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Other financial liabilities
\u2013 121.9
\u2013 1.6
\u2013 2.6
\u2013
\u2013
\u2013
\u2013
\u2013
Lease liabilities
\u2013 701.2
\u2013 128.6
\u2013 521.5
\u2013 104.5
\u2013 1,032.1
\u2013 184.2
\u2013 663.3
\u2013 264.3
Cash flow of financial instruments \u2013 financial and lease liabilities (30 Sep 2022)
Cash outflow until 30 S ep
up to 1 year
1 \u2013 2 years
2 \u2013 5 years
more than 5 yea rs
repayment
interest
repayment
interest
repay-
interest
repay-
intere st
\u20ac million ment ment
Financial liabilities
Convertible bonds
\u2013
\u2013 29.5
\u2013
\u2013 29.5
\u2013
\u2013 88.4
\u2013 589.6
\u2013 29 .5
Bonds
\u2013
\u2013 5.6
\u2013
\u2013 5.6
\u2013 58.7
\u2013 11.2
\u2013
\u2013
Liabilities to banks
\u2013 280.0
\u2013 65.3
\u2013 600.9
\u2013 44.0
\u2013 312.8
\u2013 36.5
\u2013 188.9
\u2013 16 .7
Other financial debt
\u2013 26.4
\u2013 1.6
\u2013 44.9
\u2013 2.0
\u2013 16.9
\u2013 0.5
\u2013
\u2013
Trade payables
\u2013 3,316.5
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Other financial liabilities
\u2013 174.7
\u2013 0.3
\u2013 0.3
\u2013
\u2013 2.5
\u2013
\u2013
\u2013
Lease liabilities
\u2013 698.8
\u2013 60.8
\u2013 655.7
\u2013 69.8
\u2013 1,012.4
\u2013 182.5
\u2013 840.7
\u2013 393 .4
Carrying amounts and fair values according to classes and measurement categories according to IFRS 9 as at 30 Sep 2023
Category according to IFRS 9
Carrying amount At amortised cost Fair value with no Fair value with no Fair value Fair value of
effect on profit and effect on profit and through profit financial
\u20ac million loss without recycling loss with recycling and loss instruments
Assets
Trade receivables and other receivables
thereof instruments within the scope of IFRS 9
1,161.0
1,122.6
\u2013
\u2013
38.9
1,153.0
thereof instruments within the scope of IFRS 16
4.1
\u2013
\u2013
\u2013
\u2013
4.4
Derivative financial instruments
Hedging transactions
236.4
\u2013
\u2013
236.4
\u2013
236.4
Other derivative financial instruments
32.1
\u2013
\u2013
\u2013
32.1
32.1
Other financial assets
59.4
48.6
9.9
\u2013
0.9
57.3
Cash and cash equivalents
2,060.3
1,588.3
\u2013
\u2013
472.2
2,060.5
Liabilities
Financial liabilities
1,297.0
1,297.0
\u2013
\u2013
\u2013
1,120.1
Trade payables
3,373.7
3,374.7
\u2013
\u2013
\u2013
3,374.7
Derivative financial instruments
Hedging transactions
25.9
\u2013
\u2013
25.9
\u2013
25.9
Other derivative financial instruments
11.1
\u2013
\u2013
\u2013
11.1
11.1
Other financial liabilities
124.4
124.4
\u2013
\u2013
\u2013
124.4
Carrying amounts and fair values according to classes and measurement categories according to IFRS 9 as at 30 Sep 2022
Category according to IFRS 9
Carrying amount At amortised cost Fair value with no Fair value with no Fair value Fair value of
effect on profit and effect on profit and through profit financial
\u20ac million loss without recycling loss with recycling and loss instruments
Assets
Trade receivables and other receivables
thereof instruments within the scope of IFRS 9
1,133.8
1,027.3
\u2013
\u2013
106.5
1,124.5
thereof instruments within the scope of IFRS 16
9.6
\u2013
\u2013
\u2013
\u2013
9.9
Derivative financial instruments
Hedging transactions
124.4
\u2013
\u2013
124.4
\u2013
124.4
Other derivative financial instruments
134.7
\u2013
\u2013
\u2013
134.7
134.7
Other financial assets
96.4
85.9
9.6
\u2013
0.9
90.5
Cash and cash equivalents
1,736.9
1,736.9
\u2013
\u2013
\u2013
1,736.9
Liabilities
Financial liabilities
2,051.3
2,051.3
\u2013
\u2013
\u2013
1,656.7
Trade payables
3,316.5
3,316.5
\u2013
\u2013
\u2013
3,316.5
Derivative financial instruments
Hedging transactions
27.0
\u2013
\u2013
27.0
\u2013
27.0
Other derivative financial instruments
33.7
\u2013
\u2013
\u2013
33.7
33.7
Other financial liabilities
177.4
177.4
\u2013
\u2013
\u2013
177.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-760": { "value": "(33) Other financial liabilities Other financial liabilities include touristic advance payments received for tours cancelled because of COVID-1 9 restrictions of \u20ac 3.7 m (previous year \u20ac 16.7 m), for which immediate cash refund options exist and which hav e to be repaid immediately if the customer chooses to receive a refund . (34) Touristic advance payments received
Touristic advance payments received
\u20ac million
Touristic advance payments received as at 1 Oct 2021
2,379. 4
Revenue recognised that was included in the balance at the beginning of the period
\u2013 2,253. 1
Increases due to cash received, excluding amounts recognised as revenue during the period
3,237. 7
Reclassification to other financial liabilities
\u2013 12. 0
Customer refund repayments
\u2013 325. 0
Other
\u2013 28. 1
Touristic advance payments received as at 30 Sep 2022
2,998. 9
Revenue recognised that was included in the balance at the beginning of the period
\u2013 2,696. 4
Increases due to cash received, excluding amounts recognised as revenue during the period
3,256. 1
Reclassification to other financial liabilities
\u2013 0. 1
Customer refund repayments
\u2013 56. 2
Other
27. 9
Touristic advance payments received as at 30 Sep 2023
3,530. 2
(35) Other non-financial liabilities
Other non-financial liabilities
30 Sep 2023
30 Sep 2022
Remaining term
Remaining term
\u20ac million
up to 1 year
1\u2013 5 years
To t a l
up to 1 year
1\u2013 5 years
Total
Other liabilities relating to employees
237.5
28.3
265.8
224.8
27.4
252.2
Other liabilities relating to social
security
38.2
\u2013
38.2
39.7
\u2013
39.7
Other liabilities relating to other taxes
63.5
\u2013
63.5
50.6
\u2013
50.6
Other miscellaneous liabilities
137.0
1.6
138.6
144.2
0.9
145.1
Deferred income
57.9
222.9
280.8
60.6
136.9
197.5
Other non-financial liabilities
534.1
252.8
786.9
519.9
165.2
685.1
Cash flow of financial instruments \u2013 financial and lease liabilities (30 Sep 2023)
Cash outflow until 30 Sep
up to 1 year
1 \u2013 2 years
2 \u2013 5 years
more than 5 years
repay-
interest
repay-
interest
repay-
interest
repay-
interest
\u20ac million ment ment ment ment
Financial liabilities
Convertible bonds
\u2013
\u2013 29.5
\u2013
\u2013 29.5
\u2013 589.6
\u2013 88.4
\u2013
\u2013
Bonds
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Liabilities to banks
\u2013 69.9
\u2013 31.9
\u2013 275.8
\u2013 29.0
\u2013 163.1
\u2013 38.4
\u2013 210.0
\u2013 34.9
Other financial debt
\u2013 15.0
\u2013 1.8
\u2013 3.8
\u2013 2.1
\u2013 16.7
\u2013 0.1
\u2013
\u2013
Trade payables
\u2013 3,373.7
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Other financial liabilities
\u2013 121.9
\u2013 1.6
\u2013 2.6
\u2013
\u2013
\u2013
\u2013
\u2013
Lease liabilities
\u2013 701.2
\u2013 128.6
\u2013 521.5
\u2013 104.5
\u2013 1,032.1
\u2013 184.2
\u2013 663.3
\u2013 264.3
Cash flow of financial instruments \u2013 financial and lease liabilities (30 Sep 2022)
Cash outflow until 30 S ep
up to 1 year
1 \u2013 2 years
2 \u2013 5 years
more than 5 yea rs
repayment
interest
repayment
interest
repay-
interest
repay-
intere st
\u20ac million ment ment
Financial liabilities
Convertible bonds
\u2013
\u2013 29.5
\u2013
\u2013 29.5
\u2013
\u2013 88.4
\u2013 589.6
\u2013 29 .5
Bonds
\u2013
\u2013 5.6
\u2013
\u2013 5.6
\u2013 58.7
\u2013 11.2
\u2013
\u2013
Liabilities to banks
\u2013 280.0
\u2013 65.3
\u2013 600.9
\u2013 44.0
\u2013 312.8
\u2013 36.5
\u2013 188.9
\u2013 16 .7
Other financial debt
\u2013 26.4
\u2013 1.6
\u2013 44.9
\u2013 2.0
\u2013 16.9
\u2013 0.5
\u2013
\u2013
Trade payables
\u2013 3,316.5
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Other financial liabilities
\u2013 174.7
\u2013 0.3
\u2013 0.3
\u2013
\u2013 2.5
\u2013
\u2013
\u2013
Lease liabilities
\u2013 698.8
\u2013 60.8
\u2013 655.7
\u2013 69.8
\u2013 1,012.4
\u2013 182.5
\u2013 840.7
\u2013 393 .4
I n the case of cash and cash equivalents, current trade receivables, other financial assets, current trade payables and other financial liabilities the carrying amount approximates the fair value due to the short remaining term . The table below shows the reconciliation of the balance sheet items to the financial instrument categorie s by carrying amount and fair value of the financial instruments.
Carrying amounts and fair values according to classes and measurement categories according to IFRS 9 as at 30 Sep 2023
Category according to IFRS 9
Carrying amount At amortised cost Fair value with no Fair value with no Fair value Fair value of
effect on profit and effect on profit and through profit financial
\u20ac million loss without recycling loss with recycling and loss instruments
Assets
Trade receivables and other receivables
thereof instruments within the scope of IFRS 9
1,161.0
1,122.6
\u2013
\u2013
38.9
1,153.0
thereof instruments within the scope of IFRS 16
4.1
\u2013
\u2013
\u2013
\u2013
4.4
Derivative financial instruments
Hedging transactions
236.4
\u2013
\u2013
236.4
\u2013
236.4
Other derivative financial instruments
32.1
\u2013
\u2013
\u2013
32.1
32.1
Other financial assets
59.4
48.6
9.9
\u2013
0.9
57.3
Cash and cash equivalents
2,060.3
1,588.3
\u2013
\u2013
472.2
2,060.5
Liabilities
Financial liabilities
1,297.0
1,297.0
\u2013
\u2013
\u2013
1,120.1
Trade payables
3,373.7
3,374.7
\u2013
\u2013
\u2013
3,374.7
Derivative financial instruments
Hedging transactions
25.9
\u2013
\u2013
25.9
\u2013
25.9
Other derivative financial instruments
11.1
\u2013
\u2013
\u2013
11.1
11.1
Other financial liabilities
124.4
124.4
\u2013
\u2013
\u2013
124.4
Carrying amounts and fair values according to classes and measurement categories according to IFRS 9 as at 30 Sep 2022
Category according to IFRS 9
Carrying amount At amortised cost Fair value with no Fair value with no Fair value Fair value of
effect on profit and effect on profit and through profit financial
\u20ac million loss without recycling loss with recycling and loss instruments
Assets
Trade receivables and other receivables
thereof instruments within the scope of IFRS 9
1,133.8
1,027.3
\u2013
\u2013
106.5
1,124.5
thereof instruments within the scope of IFRS 16
9.6
\u2013
\u2013
\u2013
\u2013
9.9
Derivative financial instruments
Hedging transactions
124.4
\u2013
\u2013
124.4
\u2013
124.4
Other derivative financial instruments
134.7
\u2013
\u2013
\u2013
134.7
134.7
Other financial assets
96.4
85.9
9.6
\u2013
0.9
90.5
Cash and cash equivalents
1,736.9
1,736.9
\u2013
\u2013
\u2013
1,736.9
Liabilities
Financial liabilities
2,051.3
2,051.3
\u2013
\u2013
\u2013
1,656.7
Trade payables
3,316.5
3,316.5
\u2013
\u2013
\u2013
3,316.5
Derivative financial instruments
Hedging transactions
27.0
\u2013
\u2013
27.0
\u2013
27.0
Other derivative financial instruments
33.7
\u2013
\u2013
\u2013
33.7
33.7
Other financial liabilities
177.4
177.4
\u2013
\u2013
\u2013
177.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-776": { "value": "(33) Other financial liabilities Other financial liabilities include touristic advance payments received for tours cancelled because of COVID-1 9 restrictions of \u20ac 3.7 m (previous year \u20ac 16.7 m), for which immediate cash refund options exist and which hav e to be repaid immediately if the customer chooses to receive a refund . (34) Touristic advance payments received
Touristic advance payments received
\u20ac million
Touristic advance payments received as at 1 Oct 2021
2,379. 4
Revenue recognised that was included in the balance at the beginning of the period
\u2013 2,253. 1
Increases due to cash received, excluding amounts recognised as revenue during the period
3,237. 7
Reclassification to other financial liabilities
\u2013 12. 0
Customer refund repayments
\u2013 325. 0
Other
\u2013 28. 1
Touristic advance payments received as at 30 Sep 2022
2,998. 9
Revenue recognised that was included in the balance at the beginning of the period
\u2013 2,696. 4
Increases due to cash received, excluding amounts recognised as revenue during the period
3,256. 1
Reclassification to other financial liabilities
\u2013 0. 1
Customer refund repayments
\u2013 56. 2
Other
27. 9
Touristic advance payments received as at 30 Sep 2023
3,530. 2
Other non-financial liabilities
30 Sep 2023
30 Sep 2022
Remaining term
Remaining term
\u20ac million
up to 1 year
1\u2013 5 years
To t a l
up to 1 year
1\u2013 5 years
Total
Other liabilities relating to employees
237.5
28.3
265.8
224.8
27.4
252.2
Other liabilities relating to social
security
38.2
\u2013
38.2
39.7
\u2013
39.7
Other liabilities relating to other taxes
63.5
\u2013
63.5
50.6
\u2013
50.6
Other miscellaneous liabilities
137.0
1.6
138.6
144.2
0.9
145.1
Deferred income
57.9
222.9
280.8
60.6
136.9
197.5
Other non-financial liabilities
534.1
252.8
786.9
519.9
165.2
685.1
Cash flow of financial instruments \u2013 financial and lease liabilities (30 Sep 2023)
Cash outflow until 30 Sep
up to 1 year
1 \u2013 2 years
2 \u2013 5 years
more than 5 years
repay-
interest
repay-
interest
repay-
interest
repay-
interest
\u20ac million ment ment ment ment
Financial liabilities
Convertible bonds
\u2013
\u2013 29.5
\u2013
\u2013 29.5
\u2013 589.6
\u2013 88.4
\u2013
\u2013
Bonds
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Liabilities to banks
\u2013 69.9
\u2013 31.9
\u2013 275.8
\u2013 29.0
\u2013 163.1
\u2013 38.4
\u2013 210.0
\u2013 34.9
Other financial debt
\u2013 15.0
\u2013 1.8
\u2013 3.8
\u2013 2.1
\u2013 16.7
\u2013 0.1
\u2013
\u2013
Trade payables
\u2013 3,373.7
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Other financial liabilities
\u2013 121.9
\u2013 1.6
\u2013 2.6
\u2013
\u2013
\u2013
\u2013
\u2013
Lease liabilities
\u2013 701.2
\u2013 128.6
\u2013 521.5
\u2013 104.5
\u2013 1,032.1
\u2013 184.2
\u2013 663.3
\u2013 264.3
Cash flow of financial instruments \u2013 financial and lease liabilities (30 Sep 2022)
Cash outflow until 30 S ep
up to 1 year
1 \u2013 2 years
2 \u2013 5 years
more than 5 yea rs
repayment
interest
repayment
interest
repay-
interest
repay-
intere st
\u20ac million ment ment
Financial liabilities
Convertible bonds
\u2013
\u2013 29.5
\u2013
\u2013 29.5
\u2013
\u2013 88.4
\u2013 589.6
\u2013 29 .5
Bonds
\u2013
\u2013 5.6
\u2013
\u2013 5.6
\u2013 58.7
\u2013 11.2
\u2013
\u2013
Liabilities to banks
\u2013 280.0
\u2013 65.3
\u2013 600.9
\u2013 44.0
\u2013 312.8
\u2013 36.5
\u2013 188.9
\u2013 16 .7
Other financial debt
\u2013 26.4
\u2013 1.6
\u2013 44.9
\u2013 2.0
\u2013 16.9
\u2013 0.5
\u2013
\u2013
Trade payables
\u2013 3,316.5
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Other financial liabilities
\u2013 174.7
\u2013 0.3
\u2013 0.3
\u2013
\u2013 2.5
\u2013
\u2013
\u2013
Lease liabilities
\u2013 698.8
\u2013 60.8
\u2013 655.7
\u2013 69.8
\u2013 1,012.4
\u2013 182.5
\u2013 840.7
\u2013 393 .4
n the case of cash and cash equivalents, current trade receivables, other financial assets, current trade payables and other financial liabilities the carrying amount approximates the fair value due to the short remaining term . The table below shows the reconciliation of the balance sheet items to the financial instrument categorie s by carrying amount and fair value of the financial instruments.
Carrying amounts and fair values according to classes and measurement categories according to IFRS 9 as at 30 Sep 2023
Category according to IFRS 9
Carrying amount At amortised cost Fair value with no Fair value with no Fair value Fair value of
effect on profit and effect on profit and through profit financial
\u20ac million loss without recycling loss with recycling and loss instruments
Assets
Trade receivables and other receivables
thereof instruments within the scope of IFRS 9
1,161.0
1,122.6
\u2013
\u2013
38.9
1,153.0
thereof instruments within the scope of IFRS 16
4.1
\u2013
\u2013
\u2013
\u2013
4.4
Derivative financial instruments
Hedging transactions
236.4
\u2013
\u2013
236.4
\u2013
236.4
Other derivative financial instruments
32.1
\u2013
\u2013
\u2013
32.1
32.1
Other financial assets
59.4
48.6
9.9
\u2013
0.9
57.3
Cash and cash equivalents
2,060.3
1,588.3
\u2013
\u2013
472.2
2,060.5
Liabilities
Financial liabilities
1,297.0
1,297.0
\u2013
\u2013
\u2013
1,120.1
Trade payables
3,373.7
3,374.7
\u2013
\u2013
\u2013
3,374.7
Derivative financial instruments
Hedging transactions
25.9
\u2013
\u2013
25.9
\u2013
25.9
Other derivative financial instruments
11.1
\u2013
\u2013
\u2013
11.1
11.1
Other financial liabilities
124.4
124.4
\u2013
\u2013
\u2013
124.4
Carrying amounts and fair values according to classes and measurement categories according to IFRS 9 as at 30 Sep 2022
Category according to IFRS 9
Carrying amount At amortised cost Fair value with no Fair value with no Fair value Fair value of
effect on profit and effect on profit and through profit financial
\u20ac million loss without recycling loss with recycling and loss instruments
Assets
Trade receivables and other receivables
thereof instruments within the scope of IFRS 9
1,133.8
1,027.3
\u2013
\u2013
106.5
1,124.5
thereof instruments within the scope of IFRS 16
9.6
\u2013
\u2013
\u2013
\u2013
9.9
Derivative financial instruments
Hedging transactions
124.4
\u2013
\u2013
124.4
\u2013
124.4
Other derivative financial instruments
134.7
\u2013
\u2013
\u2013
134.7
134.7
Other financial assets
96.4
85.9
9.6
\u2013
0.9
90.5
Cash and cash equivalents
1,736.9
1,736.9
\u2013
\u2013
\u2013
1,736.9
Liabilities
Financial liabilities
2,051.3
2,051.3
\u2013
\u2013
\u2013
1,656.7
Trade payables
3,316.5
3,316.5
\u2013
\u2013
\u2013
3,316.5
Derivative financial instruments
Hedging transactions
27.0
\u2013
\u2013
27.0
\u2013
27.0
Other derivative financial instruments
33.7
\u2013
\u2013
\u2013
33.7
33.7
Other financial liabilities
177.4
177.4
\u2013
\u2013
\u2013
177.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-712": { "value": "(35) Other non-financial liabilities
Other non-financial liabilities
30 Sep 2023
30 Sep 2022
Remaining term
Remaining term
\u20ac million
up to 1 year
1\u2013 5 years
To t a l
up to 1 year
1\u2013 5 years
Total
Other liabilities relating to employees
237.5
28.3
265.8
224.8
27.4
252.2
Other liabilities relating to social
security
38.2
\u2013
38.2
39.7
\u2013
39.7
Other liabilities relating to other taxes
63.5
\u2013
63.5
50.6
\u2013
50.6
Other miscellaneous liabilities
137.0
1.6
138.6
144.2
0.9
145.1
Deferred income
57.9
222.9
280.8
60.6
136.9
197.5
Other non-financial liabilities
534.1
252.8
786.9
519.9
165.2
685.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-782": { "value": "
Other non-financial liabilities
30 Sep 2023
30 Sep 2022
Remaining term
Remaining term
\u20ac million
up to 1 year
1\u2013 5 years
To t a l
up to 1 year
1\u2013 5 years
Total
Other liabilities relating to employees
237.5
28.3
265.8
224.8
27.4
252.2
Other liabilities relating to social
security
38.2
\u2013
38.2
39.7
\u2013
39.7
Other liabilities relating to other taxes
63.5
\u2013
63.5
50.6
\u2013
50.6
Other miscellaneous liabilities
137.0
1.6
138.6
144.2
0.9
145.1
Deferred income
57.9
222.9
280.8
60.6
136.9
197.5
Other non-financial liabilities
534.1
252.8
786.9
519.9
165.2
685.1
Cash flow of financial instruments \u2013 financial and lease liabilities (30 Sep 2023)
Cash outflow until 30 Sep
up to 1 year
1 \u2013 2 years
2 \u2013 5 years
more than 5 years
repay-
interest
repay-
interest
repay-
interest
repay-
interest
\u20ac million ment ment ment ment
Financial liabilities
Convertible bonds
\u2013
\u2013 29.5
\u2013
\u2013 29.5
\u2013 589.6
\u2013 88.4
\u2013
\u2013
Bonds
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Liabilities to banks
\u2013 69.9
\u2013 31.9
\u2013 275.8
\u2013 29.0
\u2013 163.1
\u2013 38.4
\u2013 210.0
\u2013 34.9
Other financial debt
\u2013 15.0
\u2013 1.8
\u2013 3.8
\u2013 2.1
\u2013 16.7
\u2013 0.1
\u2013
\u2013
Trade payables
\u2013 3,373.7
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Other financial liabilities
\u2013 121.9
\u2013 1.6
\u2013 2.6
\u2013
\u2013
\u2013
\u2013
\u2013
Lease liabilities
\u2013 701.2
\u2013 128.6
\u2013 521.5
\u2013 104.5
\u2013 1,032.1
\u2013 184.2
\u2013 663.3
\u2013 264.3
Cash flow of financial instruments \u2013 financial and lease liabilities (30 Sep 2022)
Cash outflow until 30 S ep
up to 1 year
1 \u2013 2 years
2 \u2013 5 years
more than 5 yea rs
repayment
interest
repayment
interest
repay-
interest
repay-
intere st
\u20ac million ment ment
Financial liabilities
Convertible bonds
\u2013
\u2013 29.5
\u2013
\u2013 29.5
\u2013
\u2013 88.4
\u2013 589.6
\u2013 29 .5
Bonds
\u2013
\u2013 5.6
\u2013
\u2013 5.6
\u2013 58.7
\u2013 11.2
\u2013
\u2013
Liabilities to banks
\u2013 280.0
\u2013 65.3
\u2013 600.9
\u2013 44.0
\u2013 312.8
\u2013 36.5
\u2013 188.9
\u2013 16 .7
Other financial debt
\u2013 26.4
\u2013 1.6
\u2013 44.9
\u2013 2.0
\u2013 16.9
\u2013 0.5
\u2013
\u2013
Trade payables
\u2013 3,316.5
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Other financial liabilities
\u2013 174.7
\u2013 0.3
\u2013 0.3
\u2013
\u2013 2.5
\u2013
\u2013
\u2013
Lease liabilities
\u2013 698.8
\u2013 60.8
\u2013 655.7
\u2013 69.8
\u2013 1,012.4
\u2013 182.5
\u2013 840.7
\u2013 393 .4
I n the case of cash and cash equivalents, current trade receivables, other financial assets, current trade payables and other financial liabilities the carrying amount approximates the fair value due to the short remaining term . The table below shows the reconciliation of the balance sheet items to the financial instrument categorie s by carrying amount and fair value of the financial instruments.
Carrying amounts and fair values according to classes and measurement categories according to IFRS 9 as at 30 Sep 2023
Category according to IFRS 9
Carrying amount At amortised cost Fair value with no Fair value with no Fair value Fair value of
effect on profit and effect on profit and through profit financial
\u20ac million loss without recycling loss with recycling and loss instruments
Assets
Trade receivables and other receivables
thereof instruments within the scope of IFRS 9
1,161.0
1,122.6
\u2013
\u2013
38.9
1,153.0
thereof instruments within the scope of IFRS 16
4.1
\u2013
\u2013
\u2013
\u2013
4.4
Derivative financial instruments
Hedging transactions
236.4
\u2013
\u2013
236.4
\u2013
236.4
Other derivative financial instruments
32.1
\u2013
\u2013
\u2013
32.1
32.1
Other financial assets
59.4
48.6
9.9
\u2013
0.9
57.3
Cash and cash equivalents
2,060.3
1,588.3
\u2013
\u2013
472.2
2,060.5
Liabilities
Financial liabilities
1,297.0
1,297.0
\u2013
\u2013
\u2013
1,120.1
Trade payables
3,373.7
3,374.7
\u2013
\u2013
\u2013
3,374.7
Derivative financial instruments
Hedging transactions
25.9
\u2013
\u2013
25.9
\u2013
25.9
Other derivative financial instruments
11.1
\u2013
\u2013
\u2013
11.1
11.1
Other financial liabilities
124.4
124.4
\u2013
\u2013
\u2013
124.4
Carrying amounts and fair values according to classes and measurement categories according to IFRS 9 as at 30 Sep 2022
Category according to IFRS 9
Carrying amount At amortised cost Fair value with no Fair value with no Fair value Fair value of
effect on profit and effect on profit and through profit financial
\u20ac million loss without recycling loss with recycling and loss instruments
Assets
Trade receivables and other receivables
thereof instruments within the scope of IFRS 9
1,133.8
1,027.3
\u2013
\u2013
106.5
1,124.5
thereof instruments within the scope of IFRS 16
9.6
\u2013
\u2013
\u2013
\u2013
9.9
Derivative financial instruments
Hedging transactions
124.4
\u2013
\u2013
124.4
\u2013
124.4
Other derivative financial instruments
134.7
\u2013
\u2013
\u2013
134.7
134.7
Other financial assets
96.4
85.9
9.6
\u2013
0.9
90.5
Cash and cash equivalents
1,736.9
1,736.9
\u2013
\u2013
\u2013
1,736.9
Liabilities
Financial liabilities
2,051.3
2,051.3
\u2013
\u2013
\u2013
1,656.7
Trade payables
3,316.5
3,316.5
\u2013
\u2013
\u2013
3,316.5
Derivative financial instruments
Hedging transactions
27.0
\u2013
\u2013
27.0
\u2013
27.0
Other derivative financial instruments
33.7
\u2013
\u2013
\u2013
33.7
33.7
Other financial liabilities
177.4
177.4
\u2013
\u2013
\u2013
177.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-793": { "value": "
(41) Financial instruments
RISKS AND RISK MANAGEMENT
RISK MANAGEMENT PRINCIPLES
Due to the nature of its business operations, TUI Group is exposed to various financial risks, including mar
ket
risks (consisting of currency risks, interest rate risks and market price risks), credit risks and liquidity risks.
In accordance with TUI Group\u2019s financial goals, financial risks have to be mitigated. In order to achieve
this, policies and procedures have been developed to manage risk associated with financial transactions
undertaken.
The rules, responsibilities and processes as well as limits for transactions and risk positions have been defined
in policies. The trading, processing and control have been segregated in functional and organisational terms .
Compliance with the policies and limits is continually monitored. All hedges by
TUI Group are consistently
based on recognised or forecasted underlying transactions. Standard software is used for assessing, moni
toring ,
reporting, documenting and reviewing the effectiveness of the hedging relationships for the hedges entered
into. In this context, the fair values of all derivative financial instruments determined on the basis of the
Group\u2019s own systems are regularly compared with the fair value confirmations from the external counterpar
ties.
The processes, the methods applied and the organisation of risk management are reviewed for compliance
with the relevant regulations on at least an annual basis by the internal audit department and external au
ditors.
Within TUI Group, financial risks primarily arise from cash flows in foreign currencies, fuel requirements (jet fuel and bunker oil) and financing via the money and capital markets. In order to limit the risks from changes in exchange rates, market prices and interest rates for underlying transactions,TUI Group uses over-the- counter derivative financial instruments. These are primarily fixed-price transactions. In addition,TUI can also use options and structured products. Use of derivative financial instruments is confined to internally fixed limits and other policies. The transactions are concluded on an arm\u2019s length basis with counterparties operating in the financial sector, whose counterparty risk is regularly monitored. Foreign exchange translation risks from the consolidation of group companies not preparing their accounts in euros are not hedged. MARKET RISK Market risks result in fluctuations in earnings, equity and cash flows. Risks arising from input cost volatility are more fully detailed in the risk report section of the management report. In order to limit or eliminate these risks,TUI Group has developed various hedging strategies, including the use of derivative financial instruments. IFRS 7 requires the presentation of a sensitivity analysis showing the effects of hypothetical changes inrelevant market risk variables on profit or loss and equity. The effects for the period are determined by relating the hypothetical changes in risk variables to the portfolio of primary and derivative financial instruments as at the balance sheet date. It is assured that the portfolio of financial instruments as at the balance sheet date is representative for the entire financial year. The analyses ofTUI Group\u2019s risk reduction activities outlined below and the amounts determined using sensitivity analyses represent hypothetical and thus uncertain risks. Due to unforeseeable developments in the global financial markets, actual results may deviate substantially from the disclosures provided. The risk analysis methods used must not be considered a projection of future events or losses, since TUI is also exposedto risks of a non-financial or non-quantifiable nature. These risks primarily include sovereign, business and legal risks not covered by the following presentation of risks. CURRENCY RISK The business operations of TUI\u2019s group companies generate payments or receipts denominated in foreign currencies, which are not always matched by payments or receipts with equivalent terms in the same currency. Using potential netting effects (netting of payments made and received in the same currency with identical or similar terms),TUI Group enters into appropriate hedges with external counterparties in order to protect its profit margin from exchange rate-related fluctuations. Within TUI Group, risks from exchange rate fluctuations are hedged, with the largest hedging volumes relat ing to US dollars, euros and pound sterling. The Eurozone limits the currency risk from transactions in the key tourist destinations to group companies whose functional currency is not the euro. The tourism business operations are mainly affected by changes in the value of the US dollar and the euro, the latter predominantly affecting the TUI tour operators in the UK and the Nordic countries. In tourism operations, payments in US dollars primarily relate to the procurement of services in non-European destinations, purchases of jet and ship fuel and aircraft and cruise ship purchases or charter. The tourism companies use financial derivatives to hedge their planned foreign exchange requirements. They aim to take out cover ahead of the markets\u2019 customer booking profiles in the planned currency require- ments in the run-up to the tourism season. In this regard, account is taken of the different risk profiles of TUI\u2019s group companies. The hedged currency volumes are adjusted in line with changes in planned require- ments based on reporting by business units. Target hedge ratios are regularly reviewed with the aim of matching hedge ratios with the respective target hedging ratios for future seasons. Currency risks as defined byIFRS 7 arise from primary and derivative monetary financial instruments issued in a currency other than the functional currency of a company. Exchange rate-related differences from the translation of financial statements into the Group\u2019s presentation currency are not taken into account. Taking account of the different functional currencies within the TUI Group, the sensitivity analyses of the currencies identified as relevant risk variables are presented below. A 10 % strengthening or weakening of the respective functional currencies, primarily euro and pound sterling, against the other currencies would cause thefollowing effects on the revaluation reserve and earnings after income tax:
Sensitivity analysis \u2013 currency risk
\u20ac million
30 Sep 2023
30
Sep 2022
Variable: Foreign exchange rate
+ 10 %
\u2013 10 %
+ 10 %
\u2013 10 %
Exchange rates of key currencies
\u20ac / US dollar
Revaluation reserve
+ 3.2
\u2013 6.7
+ 1.4
\u2013 1.5
Earnings after income taxes
\u2013 2.3
+ 6.5
\u2013 53.7
+ 66.0
Pound sterling / \u20ac
Revaluation reserve
+ 159.5
\u2013 161.1
+ 67.5
\u2013 66.3
Earnings after income taxes
+ 65.4
\u2013 62.1
+ 49.8
\u2013 47.1
Pound sterling / US dollar
Revaluation reserve
+ 115.9
\u2013 125.5
+ 58.9
\u2013 58.3
Earnings after income taxes
+ 57.9
\u2013 43.3
+ 406.7
\u2013 481.4
\u20ac / Swedish krona
Revaluation reserve
\u2013 0.1
+ 0.1
+ 0.1
\u2013 0.1
Earnings after income taxes
+ 0.1
\u2013 0.1
+ 0.1
\u2013 0. 1
d INTEREST RATE RISK TUI Group is exposed to interest rate risks from floating-rate primary and derivative financial instruments. Where interest-driven cash flows of floating-rate primary financial instruments are converted into fixed cash flows using derivative hedges and the critical terms of the hedging transaction are the same as those of the hedged items they are not exposed to an interest rate risk. No interest rate risk exists for fixed-interest financial instruments carried at amortised cost. Changes in market interest rates mainly impact floating-rate non-derivative financial instruments and derivative financial instruments entered into in order to reduce interest-induced cash flow fluctuations. The table below presents the equity and earnings after income taxes effects of an assumed increase or decrease in the market interest rate of 100 basis points (previous year + / \u2013 100 basis points) as at the balancesheet date. Maintaining the sensitivity of market prices at 100 basis points is based on the assumption that an elevated level of volatility in interest rates is likely to continue as some central banks are expected to continue with their rate hike cycle whilst others are likely to pause, or even start to cut rates, in the coming months.
Sensitivity analysis \u2013 interest rate risk
\u20ac million
30 Sep 2023
30 Sep 2022
Variable: Interest rate level for + 100 basis \u2013 100 basis + 100 ba sis \u2013 100 ba sis
floating interest-bearing debt points points points points
Earnings after income taxes
+ 1.7
\u2013 1.3
\u2013 0.3
+ 0.4
IMPACT OF THE REFORM OF GLOBAL BENCHMARK INTEREST RATES The global reform of benchmark interest rates (IBORs) creates uncertainties for TUI in that variable bench- mark interest rates available today, on which individual transactions concluded in foreign currencies are based, will no longer be available in the future or will be determined differently. AtTUI, these uncertainties only affect non-derivative risk positions. As in the previous year, there are no derivative risk positions. With regard to EURIBOR, there is no impact from the change to the accounting for non-derivative assets and liabilities. In 2019, the European Money Market Institute adaptedEURIBOR\u2019s method of determination to ensureEURIBOR\u2019s compliance with the EU Benchmark Regulation. Quotes for USD-LIBOR were last published on 30 June 2023. Until September 30, 2024, a so-called synthet ic LIBOR will be provided for one-month, three-month and six-month maturity rates. According to the UK\u2019s Financial Conduct Authority ( FCA), these synthetic rates may be used to settle certain legacy contracts. As of September 30, 2023, there are non-derivative liabilities with total carrying amounts of \u20ac 310.0 m(previous year: \u20ac 492.7 m) relating to the leasing and financing of aircraft. Of this amount, \u20ac 205.6 m is attribut-able to USD-LIBOR financings, for which a conversion to the alternative reference interest rate USD SOFR has been negotiated but not yet contracted. Overall, no material impact is expected from the conversion of financing fromUSD-LIBOR to alternative benchmark interest rates. FUEL PRICE RISK Due to the nature of its business operations, TUI Group is exposed to market price risks from the purchase of fuel for the aircraft fleet and the cruise ships. The tourism companies use financial derivatives to hedge their exposure to market price risks for the planned consumption of fuel. They aim to take out cover ahead of the markets\u2019 customer booking profiles in the planned commodity requirements in the run-up to the tourism season. The different risk profiles of the group companies operating in different source markets are taken into account, including the possibility of levying fuel surcharges. The hedging volumes are adjusted for changes in planned consumption as identified by the group companies. Target hedge ratios are regularly reviewed with the aim of matching hedge ratios with the respective target hedging ratios for future seasons. If the commodity prices, which underlie the fuel price hedges, increase or decrease by 15 % (previous year + 15 % / \u2013 15 %), on the balance sheet date, the impact on equity and on earnings after income taxes would be as shown in the table below. The sensitivity of market prices of + / \u2013 15 % is based on the assumption that an above-average price volatility in fuel prices could be expected to continue over the coming months in the context of the current geo-political environment.
Sensitivity analysis \u2013 fuel price risk
\u20ac million
30 Sep 2023
30
Sep 2022
Variable: Fuel prices for aircraft and ships
+ 15 %
\u2013 15 %
+ 15 %
\u2013 15 %
Revaluation reserve
+ 92.2
\u2013 94.9
+ 13.5
\u2013 26.0
Earnings after income taxes
+ 0.3
+ 2.0
+ 15.0
\u2013 3.0
OTHER PRICE RISKS
Apart from the financial risks that may result from changes in exchange rates, commodity prices and interest
rates,
TUI Group is not exposed to significant price risks at the balance sheet date.
CREDIT RISK
The credit risk in non-derivative financial instruments results from the risk of counterparties defaulting on
their contractual payment obligations.
Maximum credit risk exposure corresponds in particular to the total of the recognised carrying amounts of
the financial assets (including derivative financial instruments with positive market values). Furthermore,
there are no material financial guarantees for the discharge of liabilities. Where legally enforceable, financial
assets and liabilities are netted. Credit risks are reviewed closely on conclusion of the contract and continu
ally
monitored thereafter in order to swiftly respond to potential impairment in a counterparty\u2019s solvency.
Re
sponsibility for handling the credit risk is generally held by the Group company holding the receivable.
Since
TUI Group operates in many different business areas and regions, significant credit risk concentrations
of receivables from and loans to specific debtors or groups of debtors are not to be expected. A significant
concentration of credit risks related to specific countries is not to be expected either. As in the previous year,
at the balance sheet date, there is no material collateral held, or other credit enhancements that reduce the
maximum credit risk. Collateral held relates exclusively to financial assets of the category trade receivables
and other receivables. The collateral mainly comprises collateral for financial receivables granted and matur
ing
in more than one year and / or with a volume of more than \u20ac 1.0 m. Real property rights, directly enforceable
guarantees, bank guarantees and comfort letters are used as collateral.
Credit management also covers
TUI Group\u2019s derivative financial instruments. The maximum credit risk for
derivative financial instruments entered into is limited to the total of all positive market values of these
in
struments since in the event of counterparty default asset losses would only be incurred up to that
amount. Since derivative financial instruments are concluded with different debtors, credit risk exposure is
reduced. The specific credit risks of individual counterparties are taken into account in determining the fair
values of derivative financial instruments. In addition, the counterparty risk is continually monitored and
controlled using internal bank limits.
IFRS 9 requires entities to recognise expected losses for all financial assets held at amortised cost and for
financial assets constituting debt instruments and measured at
FVTOCI (Fair Value Through Other Compre-
hensive Income). In
TUI Group, the items affected are financial instruments recognised at amortised cost in
the following categories: trade receivables and other receivables with the sub-classes trade receivables,
advances and loans, other receivables and assets as well as lease receivables. Additional classes are other
financial assets and cash and cash equivalents. In determining expected losses,
IFRS 9 distinguishes between
the general and the simplified approach to impairment.
Under the general approach to impairment, financial assets are classified into three stages. Stage 1 is where
financial assets are recognised for the first time or where credit risk has not increased significantly since
initial recognition. At this stage, the expected bad debt losses that may arise from possible default events
within the next 12 months after the respective balance sheet date are reported. For financial assets in stage
1,
entities are required to recognise 12-month Expected Credit Losses (
ECL). Stage 2 is where credit risk has
increased significantly since initial recognition. Stage 3 includes financial assets that additionally have objec
tive
evidence of impairment alongside the criteria of stage 2. Stages 2 and 3 show lifetime
ECL.
Under the simplified approach to impairment, a loss allowance is carried at an amount equal to life-time
ECL
at initial recognition for trade receivables and lease receivables, regardless of the credit quality of the ac
counts
receivable and the lease receivables.
TUI uses a provision matrix to determine the expected loss for trade
receivables and lease receivables. Average historical default rates are determined for the following maturity
bands. Not overdue, less than 30 days past due, 30 \u2013 90 days, 91 \u2013 180 days and more than 180 days past
due . To determine the historical default rate, the weighted average of the last three years is calculated for
the receivables in default in the respective year in relation to the receivables portfolio at the end of the
re
spective financial year. This is multiplied by the probability that a receivable will age into the final maturity
band. The loss rates determined are adjusted by credit default swap (
CDS) rates in order to take account of
forward-looking information. The adjusted loss rates are based on average rates for the past few years. The
economic environment of the relevant geographical regions is taken into account through a weighting of
CDS
rates. All model parameters mentioned above are regularly reviewed and updated.
Under the simplified approach to impairment, trade receivable and lease receivables are transferred to Stage
3
when there is any objective evidence of impairment. In principle TUI Group classifies whether a trade receivable
is to be transferred to Stage 3 on an individual basis, depending on the region, after 180 days at the earliest.
In the event of insolvencies or other objective indications of impairment before this date, a transfer to stage
3 is made earlier. If a receivable is more than 180 days overdue, it is assumed to be impaired and, in the event
of uncollectibility, generally written down in full. Objective evidence of impairment of lease receivables in
cludes,
for example, significant financial difficulties on the part of the debtor, breach of contract (default or delay in
interest and repayment) or concessions made for economic or contractual reasons in connection with the
debtor\u2019s financial difficulties .
For all other financial assets carried at amortised cost impairments are determined in accordance with the
general approach .
For cash and cash equivalents, the low credit risk exemption of IFRS 9 is applied, according to which financial instruments with a low default risk at the time of acquisition can be classified in stage 1 of the impairment model. Cash and cash equivalents include, for instance, cash in hand or bank balances that are exclusively due to counterparties with a high credit rating. In accordance with stage 1 of the impairment hierarchy, a risk provision corresponding to the 12-month credit loss is recorded in cash and cash equivalents upon initial recognition. At each balance sheet date, a verification is made as to whether the counterparties continue to have a rating of investment grade quality. As the corresponding financial assets have a maximum term of 3 months, the impairment requirement is very low. A transfer from Stage 1 to Stage 2 or 3 has no practical relevance, as the business relationship would be terminated immediately in the case of a correspondingevent. For material advances and loans and other receivables and assets, the expected credit losses are determined by multiplying the probability of default with the loss given default and the exposure of default. TUI Group determines the probabilities of default on the basis of an internal rating model. As part of TUI Group\u2019s busi- ness model, the ratings of debtors for material receivables are evaluated on the basis of this internal rating. Category 1 of the rating model contains the debtors with the highest credit rating, whereas the debtors with the lowest credit rating are classified in the category 7. If the credit risk has not significantly deteriorated since initial recognition, 12-month credit losses are determined (stage 1). In the event of a significant increase in the credit risk, the lifetime-expected credit loss is determined (stage 2). A significant increase in thedefault risk is assumed on the basis of the internal rating and other relevant information such as changes in the economic, regulatory or technological environment. If there is any objective evidence of impairment, a transfer is made to Stage 3. The gross carrying amount of a financial asset of all classes of financial instruments recognised at amortised cost is written off when there is no longer the expectation of full or partial recovery a financial asset following an appropriate assessment. For individual customers the gross carrying amount is usually written off by the Group companies based on past experience of recoveries of such assets in the country specific business environment if the financial asset is no longer expected to be collected due to days overdue. For corporate customers, TUI Group\u2019s businesses conduct an individual assessment about the timing and the amount of write off based on whether there is a reasonable expectation of recovery. TUI Group does not expect significant recovery of amounts written off. However, written-off financial assets may still be subject to enforcement actions to collect overdue receivables. For advances and loans, other receivables and assets as well as other financial assets, the expected credit losses are determined on a portfolio basis. In significant individual cases, this portfolio approach is deviated from, as the relevant information for determining the expected loss is available at the stage of the individual instrument. TUI Group ensures that solely financial assets with similar credit risk characteristics are combined, e. g. type of product and geographical region.TUI Group initially carries the credit loss based on a loss rate expected for the next twelve months. This loss rate is adjusted at regular intervals depending on the macro- economic market environment. If the credit risk increases significantly, the lifetime expected credit loss is determined (Stage 2). The assessment of a significant increase in the credit risk, because of the past due status of the instruments, is determined in TUI Group on an individual basis by region, change in default risk-related market data or change in contractual conditions, among other factors. Depending on the portfolio, a reclassification to stage 2 is regularly made if the overdue amount is more than 30 days past due. If there is objective evidence of impairment, the instrument is transferred to Stage 3. In principle, the general approach assumes that the default risk of financial assets has increased significantly since initial recognition if contractual payments are more than 30 days overdue. However, this can be refuted by TUI Group\u2019s available appropriate and comprehensible information. The assessment of the objectiveevidence of impairment for all instruments falling within the scope of the ECL model is based on the following indicators: e. g. severe financial difficulties of the debtor, breach of contract (default or delinquency in interest or principal payment) or concessions made for economic or contractual reasons in connection with financial difficulties of the debtor. As a result, such instruments are usually written off in full. CDS rates are used as forward-looking information in the general impairment model, too. The impairment ratio for financial assets in the general approach that are not included in the \u2018default risk\u2019 table below is based on observable past default rates, but is set at a minimum of 1 %. The 1 % results from this year\u2019s calculation of the simplified approach. The decline is due in particular to the greatly reducedimpact of the coronavirus pandemic. TUI Group recognises an impairment gain or loss on all financial assets with a corresponding adjustment of the carrying amount through a provision for impairment. In order to improve the presentation, from the 2023 financial year onwards only the expected credit losses will be shown in the \u2018Ageing structure\u2019 tables in the \u2018impairment for expected credit losses\u2019 column and only the change in the impairment for expected credit losses will be shown in the \u2018changes in risk provisions\u2019 ta bles. The information relating to the previous year remains unchanged. In the \u2018Ageing structure\u2019 tables the specific bad debt allowance determined at subsidiary level is shown sepa-rately in the \u2018specific bad debt allowance\u2019 column. The previous year\u2019s \u2018impairment\u2019 column includes both the impairment for expected credit losses and the specific bad debt allowance determined at subsidiary level. In the tables on \u2018changes in risk provisioning\u2019 the specific bad debt allowance determined at subsidiary level which is included in the risk provisioning as at 1 October 2022 is removed in line \u2018Removing specific bad debt allowance from presentation\u2019. The impairment ratios stated from the current year onwards relate exclusively to expected credit losses and no longer include the specific bad debt allowances determined at subsidiary level.
(42) Capital management
TUI Group\u2019s capital management ensures that our goals and strategies can be achieved in the interest of our
share- / bond- and credit-holders as well as other stakeholders. The primary objectives of the Group are as
follows:
\u2022 Ensuring sufficient liquidity for the Group
\u2022 Profitable growth and a sustainable increase in
TUI Group\u2019s value
\u2022 Strengthening our cash generation allowing to invest, pay dividends and strengthen the balance sheet
\u2022 Maintaining sufficient debt capacity and an at least unchanged credit rating
The financing measures carried out in the year under review are described in detail in the section on Going concern reporting
in accordance with the
UK Corporate Governance Code, additional information can be found on page 188 and in the section on
Financial instruments, page 249 in the Notes.
Management variables used in capital management to measure and control the above objectives are Return
On Invested Capital (
ROIC) and the gross leverage ratio, presented in the table below.
From a Group perspective, invested capital is derived from liabilities, comprising equity (including non-
controlling interests) and the balance of interest-bearing liabilities and interest-bearing assets with an ad
just-
ment for the seasonality of the Group\u2019s net financial position. The cumulative amortisations of purchase
price allocations are then added to the invested capital.
TUI Group calculates the gross leverage ratio as the ratio of gross financial debt + lease liabilities + recognised
obligations from defined benefit pension plans to EBITDA. Due to the lower gross financial debt and the
improved
EBITDA, the gross leverage ratio improved in the 2023 financial year to a value of 2.6x (previous
year 4.7x). In the past financial year, we achieved our previous financial stability target of a gross leverage
ratio with a coverage ratio below 3.0x at 2.6x.
Key figures of capital risk management
\u20ac million
2023
2022
\u00d8 Invested Capital
5,115.1
5,457.8
Underlying EBIT
977.2
408.7
ROIC
19.1 %
7.5 %
Financial liabilities
1,297.0
2,051.3
Lease liabilities
2,918.1
3,207.5
Defined benefit obligation recognised on the balance sheet
571.9
438.0
EBITDA
1,858.5
1,203.3
Gross Leverage Ratio
2.6
4.7
From financial year 2024 onwards, we define the net-leverage ratio along the following basic lines:
Net Leverage Ratio
\u20ac million
2023
2022
Financial liabilities
1,297.0
2,051.3
plus Lease liabilities
2,918.1
3,207.5
less Cash and cash equivalents
2,060.3
1,736.9
less Other current financial assets
48.6
85.8
Net Debt
2,106.2
3,436.1
EBITDA (underlying)
1,775.3
1,224.6
Net Leverage Ratio
1.2
2.8
Due to lower net debt and the improvement in our EBITDA (underlying), our net-leverage ratio improved to
1.2x in the financial year 2023 (previous year 2.8x). We are aiming for a net-leverage ratio of strongly less
than 1.0x in the medium term.
Reconciliation to underlying EBITDA
\u20ac million
2023
2022
Var. %
EBIT
999.3
320.0
+ 212.3
Amortisation and impairment (+) / reversals (\u2013) of other intangible
assets and depreciation and impairment (+) / reversals (\u2013) of property,
plants and equipment and right of use assets
859.1
883.4
\u2013 2.7
EBITDA
1,858.5
1,203.3
+ 54.4
Adjustments
\u2013 83.2
21.3
n. a.
EBITDA (underlying)
1,775.3
1,224.6
+ 45.0
The items recognised in the reconciliation of EBITDA to adjusted EBITDA correspond to the items adjusted in EBIT without taking into account the impairments, depreciation / amortization and reversals of \u20ac 61.1 m (previous year \u20ac 67.5 m) included therein. TUI Group\u2019s financial and liquidity management for all Group subsidiaries is centrally operated by TUI AG, which acts as the Group\u2019s internal bank. Financing and refinancing requirements, derived from the multi-year finance budget, are satisfied by the timely conclusion of appropriate financing instruments. The short-term liquidity reserve is safeguarded by syndicated credit facilities, bilateral bank loans and liquid funds. Moreover, through intra-Group cash pooling the cash surpluses of individual Group companies are used to finance the cash requirements of other Group companies.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-801": { "value": "CURRENCY RISK The business operations of TUI\u2019s group companies generate payments or receipts denominated in foreign currencies, which are not always matched by payments or receipts with equivalent terms in the same currency. Using potential netting effects (netting of payments made and received in the same currency with identical or similar terms), TUI Group enters into appropriate hedges with external counterparties in order to protect its profit margin from exchange rate-related fluctuations. Within TUI Group, risks from exchange rate fluctuations are hedged, with the largest hedging volumes relat ing to US dollars, euros and pound sterling. The Eurozone limits the currency risk from transactions in the key tourist destinations to group companies whose functional currency is not the euro. The tourism business operations are mainly affected by changes in the value of the US dollar and the euro, the latter predominantly affecting the TUI tour operators in the UK and the Nordic countries. In tourism operations, payments in US dollars primarily relate to the procurement of services in non-European destinations, purchases of jet and ship fuel and aircraft and cruise ship purchases or charter. The tourism companies use financial derivatives to hedge their planned foreign exchange requirements. They aim to take out cover ahead of the markets\u2019 customer booking profiles in the planned currency require- ments in the run-up to the tourism season. In this regard, account is taken of the different risk profiles of TUI\u2019s group companies. The hedged currency volumes are adjusted in line with changes in planned require- ments based on reporting by business units. Target hedge ratios are regularly reviewed with the aim of matching hedge ratios with the respective target hedging ratios for future seasons. Currency risks as defined by IFRS 7 arise from primary and derivative monetary financial instruments issued in a currency other than the functional currency of a company. Exchange rate-related differences from the translation of financial statements into the Group\u2019s presentation currency are not taken into account. Taking account of the different functional currencies within the TUI Group, the sensitivity analyses of the currencies identified as relevant risk variables are presented below. A 10 % strengthening or weakening of the respective functional currencies, primarily euro and pound sterling, against the other currencies would cause the following effects on the revaluation reserve and earnings after income tax: Sensitivity analysis \u2013 currency risk \u20ac million 30 Sep 2023 30 Sep 2022 Variable: Foreign exchange rate + 10 % \u2013 10 % + 10 % \u2013 10 % Exchange rates of key currencies \u20ac / US dollar Revaluation reserve + 3.2 \u2013 6.7 + 1.4 \u2013 1.5 Earnings after income taxes \u2013 2.3 + 6.5 \u2013 53.7 + 66.0 Pound sterling / \u20ac Revaluation reserve + 159.5 \u2013 161.1 + 67.5 \u2013 66.3 Earnings after income taxes + 65.4 \u2013 62.1 + 49.8 \u2013 47.1 Pound sterling / US dollar Revaluation reserve + 115.9 \u2013 125.5 + 58.9 \u2013 58.3 Earnings after income taxes + 57.9 \u2013 43.3 + 406.7 \u2013 481.4 \u20ac / Swedish krona Revaluation reserve \u2013 0.1 + 0.1 + 0.1 \u2013 0.1 Earnings after income taxes + 0.1 \u2013 0.1 + 0.1 \u2013 0. INTEREST RATE RISK TUI Group is exposed to interest rate risks from floating-rate primary and derivative financial instruments. Where interest-driven cash flows of floating-rate primary financial instruments are converted into fixed cash flows using derivative hedges and the critical terms of the hedging transaction are the same as those of the hedged items they are not exposed to an interest rate risk. No interest rate risk exists for fixed-interest financial instruments carried at amortised cost. Changes in market interest rates mainly impact floating-rate non-derivative financial instruments and derivative financial instruments entered into in order to reduce interest-induced cash flow fluctuations. The table below presents the equity and earnings after income taxes effects of an assumed increase or decrease in the market interest rate of 100 basis points (previous year + / \u2013 100 basis points) as at the balancesheet date. Maintaining the sensitivity of market prices at 100 basis points is based on the assumption that an elevated level of volatility in interest rates is likely to continue as some central banks are expected to continue with their rate hike cycle whilst others are likely to pause, or even start to cut rates, in the coming months.
Sensitivity analysis \u2013 interest rate risk
\u20ac million
30 Sep 2023
30 Sep 2022
Variable: Interest rate level for + 100 basis \u2013 100 basis + 100 ba sis \u2013 100 ba sis
floating interest-bearing debt points points points points
Earnings after income taxes
+ 1.7
\u2013 1.3
\u2013 0.3
+ 0.4
IMPACT OF THE REFORM OF GLOBAL BENCHMARK INTEREST RATES The global reform of benchmark interest rates (IBORs) creates uncertainties for TUI in that variable bench- mark interest rates available today, on which individual transactions concluded in foreign currencies are based, will no longer be available in the future or will be determined differently. AtTUI, these uncertainties only affect non-derivative risk positions. As in the previous year, there are no derivative risk positions. With regard to EURIBOR, there is no impact from the change to the accounting for non-derivative assets and liabilities. In 2019, the European Money Market Institute adaptedEURIBOR\u2019s method of determination to ensureEURIBOR\u2019s compliance with the EU Benchmark Regulation. Quotes for USD-LIBOR were last published on 30 June 2023. Until September 30, 2024, a so-called synthet ic LIBOR will be provided for one-month, three-month and six-month maturity rates. According to the UK\u2019s Financial Conduct Authority ( FCA), these synthetic rates may be used to settle certain legacy contracts. As of September 30, 2023, there are non-derivative liabilities with total carrying amounts of \u20ac 310.0 m(previous year: \u20ac 492.7 m) relating to the leasing and financing of aircraft. Of this amount, \u20ac 205.6 m is attribut-able to USD-LIBOR financings, for which a conversion to the alternative reference interest rate USD SOFR has been negotiated but not yet contracted. Overall, no material impact is expected from the conversion of financing fromUSD-LIBOR to alternative benchmark interest rates. FUEL PRICE RISK Due to the nature of its business operations, TUI Group is exposed to market price risks from the purchase of fuel for the aircraft fleet and the cruise ships. The tourism companies use financial derivatives to hedge their exposure to market price risks for the planned consumption of fuel. They aim to take out cover ahead of the markets\u2019 customer booking profiles in the planned commodity requirements in the run-up to the tourism season. The different risk profiles of the group companies operating in different source markets are taken into account, including the possibility of levying fuel surcharges. The hedging volumes are adjusted for changes in planned consumption as identified by the group companies. Target hedge ratios are regularly reviewed with the aim of matching hedge ratios with the respective target hedging ratios for future seasons. If the commodity prices, which underlie the fuel price hedges, increase or decrease by 15 % (previous year + 15 % / \u2013 15 %), on the balance sheet date, the impact on equity and on earnings after income taxes would be as shown in the table below. The sensitivity of market prices of + / \u2013 15 % is based on the assumption that an above-average price volatility in fuel prices could be expected to continue over the coming months in the context of the current geo-political environment.
Sensitivity analysis \u2013 fuel price risk
\u20ac million
30 Sep 2023
30
Sep 2022
Variable: Fuel prices for aircraft and ships
+ 15 %
\u2013 15 %
+ 15 %
\u2013 15 %
Revaluation reserve
+ 92.2
\u2013 94.9
+ 13.5
\u2013 26.0
Earnings after income taxes
+ 0.3
+ 2.0
+ 15.0
\u2013 3.0
OTHER PRICE RISKS Apart from the financial risks that may result from changes in exchange rates, commodity prices and interest rates,TUI Group is not exposed to significant price risks at the balance sheet date.
Default risk on financial instruments classified as advances and loans, as other receivables or as other financial assets
30 Sep 2023
30 Sep 2022 adjusted
Impairment Rating Gross value Specific bad Impairment Net value Gross value Impairment Net value
stage debt allowance for expected
\u20ac million credit losses
Financial instruments with related parties
Advances and loans
1
internal: grade 2
\u2013
\u2013
\u2013
\u2013
21.9
\u2013 0.6
21.3
Advances and loans
3
internal: grade 5
9.5
\u2013 6.4
\u2013 0.3
2.8
20.8
*
\u2013 18.6
*
2.2
*
Advances and loans
3
internal: grade 6
4.5
\u2013 4.5
\u2013
\u2013
\u2013
\u2013
\u2013
Advances and loans
3
internal: grade 7
11.4
\u2013 11.4
\u2013
\u2013
\u2013
\u2013
\u2013
Other receivables
3
internal: grade 7
0.9
\u2013 0.9
\u2013
\u2013
\u2013
\u2013
\u2013
Financial instruments with hotels
Advances and loans
1
internal: grade 5
9.6
9.6
\u2013 1.3
8.3
10.4
\u2013 1.8
8.6
Advances and loans
2
internal: grade 5
17.0
17.0
\u2013 1.1
15.9
30.0
\u2013 3.3
26.7
Advances and loans
3
internal: grade 5
12.9
\u2013 12.9
\u2013
\u2013
\u2013
\u2013
\u2013
Other receivables
1
internal: grade 2
\u2013
\u2013
\u2013
\u2013
3.0
*
\u2013
3.0
*
Other receivables
3
internal: grade 3
\u2013
\u2013
\u2013
\u2013
41.0
\u2013 13.8
27.2
Financial instruments with other companies
Advances and loans
3
internal: grade 5
5.0
\u2013 5.0
\u2013
\u2013
5.4
*
\u2013 5.4
*
\u2013
Other financial assets
1
internal: grade 1
\u2013
\u2013
\u2013
\u2013
34.6
\u2013 0.2
34.4
Other financial assets
1
external
45.1
\u2013
\u2013 0.1
45.0
45.1
\u2013 0.1
45.0
Other receivables
1
internal: grade 1
66.1
\u2013
\u2013 0.1
66.0
106.6
*
\u2013 0.2
*
106.4
*
Other receivables
1
internal: grade 2
44.1
\u2013
\u2013 0.1
44.0
30.2
*
\u2013 0.1
*
30.1
*
Other receivables
1
internal: grade 4
7.4
\u2013
\u2013 0.2
7.2
6.3
*
\u2013 0.3
*
6.0
*
Other receivables
1
internal: grade 5
24.2
\u2013
\u2013 1.5
22.7
\u2013
\u2013
\u2013
Other receivables
1
external
378.2
\u2013
\u2013 0.5
377.7
350.5
*
\u2013 0.6
*
349.9
*
Other receivables
3
internal: grade 4
1.8
\u2013 0.9
\u2013
0.9
2.9
*
\u2013 1.0
*
1.9
*
* The table takes into account all default risk rating grades used as at 30 September 2023. The previous year\u2019s figures have been
adjusted accordingly.
Insofar as the default risk can only be determined on the basis of past due information, the information is contained in the tables \u2018ageing structure of impairment of financial instruments classified as other receivables and assets\u2019 and \u2018ageing structure of impairment of financial instruments classified as advances and loans\u2019. Other financial assets carried at amortised cost at an amount of \u20ac 48.6 m (previous year \u20ac 85.8 m) relate to short-term deposits with banks. The full amount of these investments with a gross amount of \u20ac 48.7 m (previous year \u20ac 86.2 m) is not overdue. Impairments of \u20ac 0.1 m (previous year \u20ac 0.5 m) were carried in the framework of risk provisioning . In the financial year 2023, there were no significant cash inflows from impaired interest-bearing trade receiv- ables and other receivables (previous year of \u20ac 4.8 m cash inflows). The tables below show a reconciliation of the loan loss provisions for financial assets, measured at amortised cost, for which loan loss provisions are determined using the general approach or the simplified approach.
Change in risk provisions for financial assets measured at amortised cost in the classes advances
and loans, other receivables and assets and other financial assets
Stage 1 Stage 2 Stage 3 To t a l
12-month-
ECL
lifetime-
ECL
lifetime-
ECL
\u20ac million (not impaired) (impaired)
Risk provisioning as at 1 Oct 2021
27.6
14.3
\u2013
41.9
Addition of impairment on newly issued / acquired
financial assets
2.3
1.8
20.8
24.9
Transfer to stage 3 lifetime ECL (impaired)
\u2013 7.4
\u2013 12.8
20.2
\u2013
Unrequired impairments on financial assets
derecognised during the period and use of impairments
\u2013 15.9
\u2013
\u2013
\u2013 15.9
Risk provisioning as at 30 Sep 2022
6.6
3.3
41.0
50.9
Risk provisioning as at 1 Oct 2022
6.6
3.3
41.0
50.9
Addition of impairment on newly issued / acquired
financial assets
2.3
\u2013
\u2013
2.3
Transfer to stage 3 lifetime ECL (impaired)
\u2013
\u2013 1.5
1.5
\u2013
Unrequired impairments on financial assets
derecognised during the period and use of impairments
\u2013 1.4
\u2013 0.8
\u2013 3.1
\u2013 5.3
Removing specific bad debt allowance from
presentation
\u2013
\u2013
\u2013 39.0
\u2013 39.0
Change of models, risk parameters
\u2013 1.4
\u2013
\u2013
\u2013 1.4
Risk provisioning as at 30 Sep 2023
6.1
1.0
0.4
7.5
As at 30 September 2023, risk provisioning totals \u20ac 4.6 m (previous year \u20ac 19.8 m) for the other receivables and assets class and \u20ac 0.1 m (previous year \u20ac 0.5 m) for the other financial assets class as well as \u20ac 2.8 m (previous year \u20ac 30.6 m) for the advances and loans class. As at 30 September, 2023, one instrument in class other receivables and assets and ten instruments in class advances and loans were reported in stage 3 (previous year: three and eight instruments respectively in stage 3). There were no currency differences (previous year: no currency differences). The changes in the scope of consolidation had no material impact on risk provisioning (previous year: no changes). A transfer was made in the advances and loans class in the amount of \u20ac 1.5 m from stage 2 to stage 3 (previous year transfer from stage 1 to stage 3: \u20ac 6.6 m and transfer from stage 2 to stage 3\u20ac 12.8 m). No transfer was made in the other receivables and assets class (previous year transfer from stage 1 to stage 3: \u20ac 0.8 m). In the current financial year in class advances and loans no material impairments have been used (previous year \u20ac 9.5 m). The models were adjusted with regard to the risk parameters used in terms of the loss rate in line with the macroeconomic market environment. This resulted in a lower risk provision of \u20ac 1.9 m (previous year: \u20ac 6.2 m).
Change in risk provisions for financial assets measured at amortised cost classified
as trade receivables
Lifetime ECL
\u20ac million simplified approach
Risk provisioning as at 1 Oct 2021
71.6
Exchange differences
0.7
Addition of impairment on newly issued / acquired financial assets
23.6
Other changes
1.3
Unrequired impairments on financial assets derecognised during the period and use of impairments
\u2013 37.7
Risk provisioning as at 30 Sep 2022
59.5
Risk provisioning as at 1 Oct 2022
59.5
Exchange differences
\u2013 0.3
Unrequired impairments on financial assets derecognised during the period
\u2013 9.4
Use of impairments
\u2013 4.8
Removing specific bad debt allowance from presentation
\u2013 41.9
Change of models, risk parameters
\u2013 1.0
Risk provisioning as at 30 Sep 2023
2.1
Change in risk provisions for financial assets measured at amortised cost classified
as lease receivables
Lifetime ECL
\u20ac million simplified approach
Risk provisioning as at 1 Oct 2021
0.3
Exchange differences
\u2013 0.3
Unrequired impairments on financial assets derecognised during the period and use of impairments
0.2
Risk provisioning as at 30 Sep 2022
0.2
Risk provisioning as at 1 Oct 2022
0.2
Unrequired impairments on financial assets derecognised during the period and use of impairments
\u2013 0.2
Risk provisioning as at 30 Sep 2023
\u2013
Cash flow of financial instruments \u2013 financial and lease liabilities (30 Sep 2023)
Cash outflow until 30 Sep
up to 1 year
1 \u2013 2 years
2 \u2013 5 years
more than 5 years
repay-
interest
repay-
interest
repay-
interest
repay-
interest
\u20ac million ment ment ment ment
Financial liabilities
Convertible bonds
\u2013
\u2013 29.5
\u2013
\u2013 29.5
\u2013 589.6
\u2013 88.4
\u2013
\u2013
Bonds
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Liabilities to banks
\u2013 69.9
\u2013 31.9
\u2013 275.8
\u2013 29.0
\u2013 163.1
\u2013 38.4
\u2013 210.0
\u2013 34.9
Other financial debt
\u2013 15.0
\u2013 1.8
\u2013 3.8
\u2013 2.1
\u2013 16.7
\u2013 0.1
\u2013
\u2013
Trade payables
\u2013 3,373.7
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Other financial liabilities
\u2013 121.9
\u2013 1.6
\u2013 2.6
\u2013
\u2013
\u2013
\u2013
\u2013
Lease liabilities
\u2013 701.2
\u2013 128.6
\u2013 521.5
\u2013 104.5
\u2013 1,032.1
\u2013 184.2
\u2013 663.3
\u2013 264.3
Cash flow of financial instruments \u2013 financial and lease liabilities (30 Sep 2022)
Cash outflow until 30 S ep
up to 1 year
1 \u2013 2 years
2 \u2013 5 years
more than 5 yea rs
repayment
interest
repayment
interest
repay-
interest
repay-
intere st
\u20ac million ment ment
Financial liabilities
Convertible bonds
\u2013
\u2013 29.5
\u2013
\u2013 29.5
\u2013
\u2013 88.4
\u2013 589.6
\u2013 29 .5
Bonds
\u2013
\u2013 5.6
\u2013
\u2013 5.6
\u2013 58.7
\u2013 11.2
\u2013
\u2013
Liabilities to banks
\u2013 280.0
\u2013 65.3
\u2013 600.9
\u2013 44.0
\u2013 312.8
\u2013 36.5
\u2013 188.9
\u2013 16 .7
Other financial debt
\u2013 26.4
\u2013 1.6
\u2013 44.9
\u2013 2.0
\u2013 16.9
\u2013 0.5
\u2013
\u2013
Trade payables
\u2013 3,316.5
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Other financial liabilities
\u2013 174.7
\u2013 0.3
\u2013 0.3
\u2013
\u2013 2.5
\u2013
\u2013
\u2013
Lease liabilities
\u2013 698.8
\u2013 60.8
\u2013 655.7
\u2013 69.8
\u2013 1,012.4
\u2013 182.5
\u2013 840.7
\u2013 393 .4
Cash flow of derivative financial instruments (30 Sep 2023)
Cash in- / outflow until 30 S ep
up to 1 year
1 \u2013 2 years
2 \u2013 5 years
more th an
\u20ac million 5 yea rs
Derivative financial instruments
Hedging transactions \u2013 inflows
+ 1,604.5
+ 133.5
\u2013
\u2013
Hedging transactions \u2013 outflows
\u2013 1,638.4
\u2013 136.2
\u2013
\u2013
Other derivative financial instruments \u2013 inflows
+ 1,294.1
\u2013
\u2013
\u2013
Other derivative financial instruments \u2013 outflows
\u2013 1,308.7
\u2013
\u2013
\u2013
Cash flow of derivative financial instruments (30 Sep 2022)
Cash in- / outflow until 30 Sep
up to 1 year
1 \u2013 2 years
2 \u2013 5 years
more than
\u20ac million 5 years
Derivative financial instruments
Hedging transactions \u2013 inflows
+ 156.2
\u2013
\u2013
\u2013
Hedging transactions \u2013 outflows
\u2013 185.1
\u2013
\u2013
\u2013
Other derivative financial instruments \u2013 inflows
+ 630.3
\u2013
\u2013
\u2013
Other derivative financial instruments \u2013 outflows
\u2013 665.7
\u2013
\u2013
\u2013
The derivative financial instruments carried as Other derivative financial instruments are derivatives not designated as hedging instruments according to IAS 39. For further information for hedging strategies and risk management see also the remarks in the Risk Report section of the Management Report. DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGES STRATEGY AND GOALS In accordance with TUI Group\u2019s policy, derivatives are allowed to be used if they are based on underlying recognised assets or liabilities, firm commitments or forecast transactions. Hedge accounting based on the rules ofIAS 39 is applied to forecasted transactions. In the completed financial year, hedges consisted of cash flow hedges. Derivative financial instruments in the form of fixed-price transactions and options as well as structured products can be used to limit currency, interest rate and fuel risks. The COVID-19 pandemic significantly impacted TUI\u2019s business operations, causing a strong increase in TUI\u2019s credit risk premiums. The significant increase inTUI\u2019s credit risk had a direct impact on the effectiveness of hedging relationships according to IAS 39 and explicitly on the retrospective hedge effectiveness test, because when calculating retrospective effectiveness, the credit risk is included in the derivative instrument entered into with the counterparty, but not in the hypothetical derivative. As a result, fuel price, interest rate and currency hedges had to be de-designated as they no longer met the effectiveness requirements ofIAS 39. For the de-designated hedging instruments cash flow hedge accounting is terminated and the hedges are recognised as other derivative financial instruments. Based on these de-designations any further changes in the fair value of these instruments will be recognised in profit or loss in the income statement in the cost of sales or, in the case of interest rate hedges, in the financial result. For all fuel price hedges contracted from 1 January 2023, the retrospective effectiveness will be determined based on regression analysis. For fuel price hedges contracted before 31 December 2022, the dollar offset method will continue to be applied. This change in method allows hedge relationships to be presented more appropriately, so that as at 30 September 2023, no newly contracted fuel price hedges after the 1 January 2023 have to be de-designated. Furthermore, from 31 March 2023, the designation of the hedged item for foreign currency hedges is evaluated on a seasonal basis. The designation on a seasonal basis reflects the operational tourism business model with a summer and winter season within a financial year and corresponds to the hedging approach of TUI\u2019s risk management strategy. Due to the COVID-19 pandemic and its impact on the business operations ofTUI, the seasonal consideration of the hedge ratio of foreign currency hedges was temporarily suspended and a designation on a monthly basis has been established. This approach for desig- nation of hedges no longer corresponds to the risk management strategy as the tourism operating business has returned to pre-crisis levels . As at 30 September 2023, the fair value of these reclassified fuel price hedges totalled \u20ac 3.5 m at a nomina volume of \u20ac 10.3 m, while the fair value of the interest rate hedges amounted to \u20ac 2.5 m at a nominal volume of \u20ac 46.0 m and the fair value of foreign currency hedges totalled \u20ac 0.3 m at a nominal volume of \u20ac 2.4 m. CASH FLOW HEDGES At 30 September 2023, hedges in hedging relationships in accordance with IAS 39 existed to manage cash flows in foreign currencies with maturities of up to two years (previous year up to two years). The fuel price hedges in hedging relationships in accordance with IAS 39 had terms of up to two years (previous year up to one year). Hedges in hedging relationships in accordance withIAS 39 to protect variable interest payment obligations are currently not in the portfolio (previous year none). The impact on profit or loss for is recog- nised at the time the expected cash inflow / outflow occurs.
Nominal amounts of derivative financial instruments used
30 Sep 2023
Remaining term
up to more than To t a l Average
1 year 1 year hedged
\u20ac million rate / price
Currency hedges
Forwards
5,798.5
554.1
6,352.6
Forwards EUR / GBP
2,267.6
173.6
2,441.2
1.1380
Forwards EUR / USD
1,086.1
114.3
1,200.4
0.9081
Forwards GBP / USD
1,646.5
182.2
1,828.7
0.7982
Forwards EUR / SEK
235.3
50.3
285.6
0.0859
Other currencies
563.0
33.7
596.7
Commodity hedges
Swaps
779.5
25.7
805.2
Jet fuel
732.7
20.7
753.4
737.29
Marine fuel
46.8
5.0
51.8
530.08
Other fuels
\u2013
\u2013
\u2013
\u2013
Other derivative financial instruments
3,356.6
46.0
3,402.6
Nominal amounts of derivative financial instruments used
30 Sep 2022
Remaining term
up to more than Total Average
1 year 1 year hedged
\u20ac million rate / price
Currency hedges
Forwards
2,535.6
2.4
2,538.0
Forwards EUR / GBP
1,013.5
\u2013
1,013.5
1.1582
Forwards EUR / USD
464.7
2.4
467.1
0.9627
Forwards GBP / USD
878.6
\u2013
878.6
0.8368
Forwards EUR / SEK
63.5
\u2013
63.5
0.0942
Other currencies
115.3
\u2013
115.3
Commodity hedges
Swaps
165.2
\u2013
165.2
Jet fuel
154.8
\u2013
154.8
1,088.90
Marine fuel
10.4
\u2013
10.4
674.27
Other fuels
\u2013
\u2013
\u2013
\u2013
Other derivative financial instruments
3,743.2
53.6
3,796.8
Other derivative hedging instruments comprise the nominal value of hedges not designated for hedge account- ing. TUI Group exclusively enters into derivative financial instruments for hedging purposes. Depending on the type of the hedged underlying transaction,TUI exercises the option to apply hedge accounting according to IAS 39. Due to the COVID-19 pandemic, a large number of hedges according to IAS 39 had to be terminat ed. Accordingly, the derivative financial instruments underlying these hedges are shown under Other derivative financial instruments. The nominal values correspond to the total of all purchase and sale amounts underlying the transactions or the respective contract values of the transactions. In order to hedge the risks of fluctuations in future cash flows from currency, interest rate and fuel price risks, TUI regularly enters into hedges. The planned underlying transactions are used to determine theineffective portions of hedges designated as cash flow hedges. In designating cash flow hedges, only the spot rate component is included in hedge accounting as a hedge for some forward exchange transactions , while the interest component of these financial instruments is shown separately in all relevant tables unde r Other derivative financial instruments, in line with derivatives not designated as hedging instrumentsaccording to IAS 39.
Disclosures on underlying transactions of cash flow hedges
30 Sep 2023
Fair Value Balance of Hedging
changes to hedging reserve
determine reserve of completed
inefficient active cash (ended) cash
\u20ac million portions flow hedges flow hedges
Interest rate risk hedges
\u2013
\u2013
\u2013 13.2
Currency risk hedges
\u2013 78.3
78.7
\u2013
Fuel price risk hedges
\u2013 152.6
132.0
18.1
Hedging
\u2013 230.9
210.7
4.9
Total
\u2013 230.9
210.7
4.9
Disclosures on underlying transactions of cash flow hedges
30 Sep 2022
Fair Value Balance of Hedging
changes to hedging reserve
determine reserve of completed
inefficient active cash (ended) cash
\u20ac million portions flow hedges flow hedges
Interest rate risk hedges
\u2013
\u2013
\u2013 30.6
Currency risk hedges
\u2013 121.7
121.6
1.4
Fuel price risk hedges
23.8
\u2013 22.9
\u2013 19.3
Hedging
\u2013 97.9
98.7
\u2013 48.5
Total
\u2013 97.9
98.7
\u2013 48.5
In accounting for cash flow hedges, the effective portions of the hedging relationships have to be recognised
in
OCI outside profit and loss. Any additional changes in the fair value of the designated components are
recognised as ineffective portions in cost of sales. The table below presents the development of OCI in
fi
nancial year 2023.
Development of OCI
30 Sep 2023
Interest
Currency risk
Fuel price risk
To t a l
\u20ac million rate risk
Gain or loss from fair value changes of
hedges within hedge accounting
\u2013 13.2
78.7
150.1
215.6
recognised in equity
\u2013 13.2
78.7
150.1
215.6
Reclassification from cash flow hedge
reserve to income statement
17.4
5.9
39.1
62.4
due to early termination of the hedge
\u2013
0.9
\u2013
0.9
due to recognition of the
underlying transaction
17.4
5.0
39.1
61.5
Development of OCI
30 Sep 2022
Interest
Currency risk
Fuel price risk
Total
\u20ac million rate risk
Gain or loss from fair value changes of
hedges within hedge accounting
\u2013 30.6
123.0
\u2013 42.2
50.2
recognised in equity
\u2013 30.6
123.0
\u2013 42.2
50.2
Reclassification from cash flow hedge
reserve to income statement
\u2013 1.4
4.1
\u2013 22.0
\u2013 19.3
due to early termination of the hedge
\u2013
0.5
\u2013
0.5
due to recognition of the
underlying transaction
\u2013 1.4
3.6
\u2013 22.0
\u2013 19.8
The table Development of OCI presents the changes including foreign currency effects and can therefore not be directly reconciled with the statement of comprehensive income. In the reporting period, expenses of \u20ac 44.1 m (previous year: expenses of \u20ac 18.4 m) from currency hedges and derivative financial instruments used to hedge the impact of exposure to fuel price risks was recognised in cost of sales. Interest rate hedges result in expenses of \u20ac 17.4 m (previous year: expenses of \u20ac 1.4 m), carried in net interest income. Income of \u20ac 1.0 m (previous year: expenses of \u20ac 1.3 m) was recognised for the ineffective portion of cash flow hedges. FAIR VALUES OF DERIVATIVE FINANCIAL INSTRUMENTS The fair values of derivative financial instruments generally correspond to the market value. The market price determined for all derivative financial instruments is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A description of the determination of the fair values of derivative financial instruments is provided with the classification of financial instruments measured at fair value.
Positive and negative fair values of derivative financial instruments shown as receivables or liabilitie s
30 Sep 202 3
Receivables Liabilities FV changes to Nominal
determine volume
ineffective
\u20ac million portions
Cash flow hedges for
currency risks
102.9
24.4
78.5
6,352.5
fuel price risks
133.5
1.5
132.0
805.1
interest rate risks
\u2013
\u2013
\u2013
\u2013
Hedging
236.4
25.9
210.5
7,157.6
Other derivative financial instruments
32.1
11.1
\u2013
3,402.5
Total
268.5
37.0
210.5
10,560.1
Positive and negative fair values of derivative financial instruments shown as receivables or liabilities
30 Sep 2022
Receivables Liabilities FV changes to Nominal
determine volume
ineffective
\u20ac million portions
Cash flow hedges for
currency risks
124.4
2.8
121.6
2,537.9
fuel price risks
\u2013
24.2
\u2013 24.2
165.2
interest rate risks
\u2013
\u2013
\u2013
\u2013
Hedging
124.4
27.0
97.4
2,703.1
Other derivative financial instruments
134.7
33.7
\u2013
3,796.7
Total
259.1
60.7
97.4
6,499.8
Financial instruments which are entered into in order to hedge a risk position according to operational criteria but do not meet the criteria of IAS 39 to qualify for hedge accounting are shown as other derivative financial instruments. They include foreign currency transactions entered into in order to hedge against foreign exchange-exposure to changes in the value of balance sheet items and foreign exchange fluctuations from future expenses in tourism I n the case of cash and cash equivalents, current trade receivables, other financial assets, current trade payables and other financial liabilities the carrying amount approximates the fair value due to the short remaining term . The table below shows the reconciliation of the balance sheet items to the financial instrument categorie s by carrying amount and fair value of the financial instruments.
Carrying amounts and fair values according to classes and measurement categories according to IFRS 9 as at 30 Sep 2023
Category according to IFRS 9
Carrying amount At amortised cost Fair value with no Fair value with no Fair value Fair value of
effect on profit and effect on profit and through profit financial
\u20ac million loss without recycling loss with recycling and loss instruments
Assets
Trade receivables and other receivables
thereof instruments within the scope of IFRS 9
1,161.0
1,122.6
\u2013
\u2013
38.9
1,153.0
thereof instruments within the scope of IFRS 16
4.1
\u2013
\u2013
\u2013
\u2013
4.4
Derivative financial instruments
Hedging transactions
236.4
\u2013
\u2013
236.4
\u2013
236.4
Other derivative financial instruments
32.1
\u2013
\u2013
\u2013
32.1
32.1
Other financial assets
59.4
48.6
9.9
\u2013
0.9
57.3
Cash and cash equivalents
2,060.3
1,588.3
\u2013
\u2013
472.2
2,060.5
Liabilities
Financial liabilities
1,297.0
1,297.0
\u2013
\u2013
\u2013
1,120.1
Trade payables
3,373.7
3,374.7
\u2013
\u2013
\u2013
3,374.7
Derivative financial instruments
Hedging transactions
25.9
\u2013
\u2013
25.9
\u2013
25.9
Other derivative financial instruments
11.1
\u2013
\u2013
\u2013
11.1
11.1
Other financial liabilities
124.4
124.4
\u2013
\u2013
\u2013
124.4
d
Carrying amounts and fair values according to classes and measurement categories according to IFRS 9 as at 30 Sep 2022
Category according to IFRS 9
Carrying amount At amortised cost Fair value with no Fair value with no Fair value Fair value of
effect on profit and effect on profit and through profit financial
\u20ac million loss without recycling loss with recycling and loss instruments
Assets
Trade receivables and other receivables
thereof instruments within the scope of IFRS 9
1,133.8
1,027.3
\u2013
\u2013
106.5
1,124.5
thereof instruments within the scope of IFRS 16
9.6
\u2013
\u2013
\u2013
\u2013
9.9
Derivative financial instruments
Hedging transactions
124.4
\u2013
\u2013
124.4
\u2013
124.4
Other derivative financial instruments
134.7
\u2013
\u2013
\u2013
134.7
134.7
Other financial assets
96.4
85.9
9.6
\u2013
0.9
90.5
Cash and cash equivalents
1,736.9
1,736.9
\u2013
\u2013
\u2013
1,736.9
Liabilities
Financial liabilities
2,051.3
2,051.3
\u2013
\u2013
\u2013
1,656.7
Trade payables
3,316.5
3,316.5
\u2013
\u2013
\u2013
3,316.5
Derivative financial instruments
Hedging transactions
27.0
\u2013
\u2013
27.0
\u2013
27.0
Other derivative financial instruments
33.7
\u2013
\u2013
\u2013
33.7
33.7
Other financial liabilities
177.4
177.4
\u2013
\u2013
\u2013
177.4
The amounts shown in the column \u2018carrying amount\u2019 (as shown in the balance sheet) in the tables above can differ from those in the other columns of a particular row since the latter include all financial instruments. That is the latter columns include financial instruments which are part of disposal groups according to IFRS 5. In the balance sheet, financial instruments, which are part of a disposal group, are shown as separate items. If such financial instruments are included, further details on these financial instruments are explained in the sections \u2018Assets held for sale\u2019 and \u2018Liabilities related to assets held. The instruments measured at fair value through other comprehensive income within the other financial assets class are investments in companies based on medium to long-term strategic objectives. Recording all short- term fluctuations in the fair value in the income statement would not be in line withTUI Group\u2019s strategy; these equity instruments were therefore designated as fair value through OCI. FAIR VALUE MEASUREMENT The table below presents the fair values of recurring, non-recurring and other financial instruments measured at fair value in line with the underlying measurement level. The individual measurement levels have been defined as follows in line with the inputs: \u2022 Level 1: (unadjusted) quoted prices in active markets for identical assets or liabilities. \u2022 Level 2: inputs for the measurement other than quoted market prices included within Level 1 that are observable in the market for the asset or liability, either directly (as quoted prices) or indirectly (derivable from quoted prices). \u2022 Level 3: inputs for the measurement of the asset or liability not based on observable market data.
Hierarchy of financial instruments measured at fair value as at 30 Sep 2023
Fair value hierarchy
\u20ac million
To t a l
Level 1
Level 2
Level 3
Assets
Other receivables
38.9
\u2013
\u2013
38.9
Other financial assets
10.8
\u2013
\u2013
10.8
Derivative financial instruments
Hedging transactions
236.4
\u2013
236.4
\u2013
Other derivative financial instruments
32.1
\u2013
32.1
\u2013
Cash and cash equivalents
472.2
472.2
\u2013
\u2013
Liabilities
Derivative financial instruments
Hedging transactions
25.9
\u2013
25.9
\u2013
Other derivative financial instruments
11.1
\u2013
11.1
\u2013
Hierarchy of financial instruments measured at fair value as at 30 Sep 2022
Fair value hierarchy
\u20ac million
Total
Level 1
Level 2
Level 3
Assets
Other receivables
106.5
\u2013
\u2013
106.5
Other financial assets
10.5
\u2013
\u2013
10.5
Derivative financial instruments
Hedging transactions
124.4
\u2013
124.4
\u2013
Other derivative financial instruments
134.7
\u2013
134.7
\u2013
Liabilities
Derivative financial instruments
Hedging transactions
27.0
\u2013
27.0
\u2013
Other derivative financial instruments
33.7
\u2013
33.7
\u2013
At the end of every reporting period, TUI Group checks whether there are any reasons for reclassification to or from one of the measurement levels. Financial assets and financial liabilities are generally transferred out of Level 1 into Level 2 if the liquidity and trading activity no longer indicate an active market. The opposite situation applies to potential transfers out of Level 2 into Level 1. In the reporting period, there were no transfers between Level 1 and Level 2. Reclassifications from Level 3 to Level 2 or Level 1 are made if observable market price quotations become available for the asset or liability concerned. In the reporting period there were no other transfers from or to Level 3. TUI Group records transfers from or to Level 3 at the date of the obligating event or occasion triggering the transfer. LEVEL 1 FINANCIAL INSTRUMENTS The fair value of financial instruments for which an active market exists is based on quoted prices at the reporting date. An active market exists if quoted prices are readily and regularly available from an exchange, dealer, broker, pricing service or regulatory agency and these prices represent actual and regularly occurring market transactions on an arm\u2019s length basis. These financial instruments are classified as Level 1. The fair values correspond to the nominal amounts multiplied by the quoted prices at the reporting date. At 30 Sep- tember 2023 Level 1 financial instruments only include shares in money market funds measured at fair value. LEVEL 2 FINANCIAL INSTRUMENTS The fair values of financial instruments not traded in an active market, e. g., over-the-counter (OTC) derivatives, are determined by means of valuation techniques. These valuation techniques make maximum use ofobservable market data and minimise the use of group-specific assumptions. If all essential inputs for the determination of the fair value of an instrument are observable, the instrument is classified as Level 2. If one or several key inputs are not based on observable market data, the instrument is classified as Level 3. The following specific valuation techniques are used to measure financial instruments: \u2022 For over-the-counter bonds, debt components of warrant and convertible bonds, liabilities to banks, promissory notes and other non-current financial liabilities as well as for current other receivables, current financial liabilities and non-current trade and other receivables, the fair value is determined as the present value of future cash flows, taking account of observable yield curves and the respective credit spread, which depends on the credit rating. \u2022 The fair value of over-the-counter derivatives is determined by means of appropriate calculation meth ods, e. g., by discounting the expected future cash flows. The forward prices of forward transactions are based on the spot or cash prices, taking account of forward premiums and discounts. The fair values of optional hedges are calculated on the basis of option pricing models. The fair values determined on the basis of the group\u2019s own systems are periodically compared with fair value confirmations of the external counter- parties. \u2022 Other valuation techniques, e. g., discounting future cash flows, are used to determine the fair values of other financial instruments. LEVEL 3 FINANCIAL INSTRUMENTS The table below presents the fair values of the financial instruments measured at fair value on a recurring basis, classified as Level 3 .
Financial assets measured at fair value in Level 3
Other receivables Other financial
\u20ac million IFRS 9
assets
IFRS 9
Balance as at 1 Oct 2021
108.1
12.3
Disposals
\u2013 15.0
\u2013
Total gains or losses for the period
13.4
\u2013 1.4
recognised through profit and loss
13.4
\u2013 0.1
recognised in other comprehensive income
\u2013
\u2013 1.3
Foreign currency effects
\u2013
\u2013 0.4
Balance as at 30 Sep 2022
106.5
10.5
Balance as at 1 Oct 2022
106.5
10.5
Additions
\u2013
0.1
acquisition
\u2013
0.1
Disposals
\u2013 70.6
\u2013 24.0
sale
\u2013
\u2013 24.0
payment
\u2013 70.6
\u2013
Total gains or losses for the period
3.0
23.8
recognised through profit and loss
3.0
\u2013
recognised in other comprehensive income
\u2013
23.8
Foreign currency effects
\u2013
0.4
Balance as at 30 Sep 2023
38.9
10.8
. NETTING
Offsetting of financial assets
Financial assets and
liabilities not set off in the
balance sheet
Gross Gross Net amounts of Financial Collateral Net amount
amounts of amounts of financial assets set off, liabilities received
financial financial presented in the
assets liabilities set balance sheet
\u20ac million off
Financial assets
as at 30 Sep 2023
Derivative financial
assets
268.5
\u2013
268.5
37.0
\u2013
231.5
Cash and cash
equivalents
2,075.4
15.1
2,060.3
\u2013
\u2013
2,060.3
Financial assets
as at 30 Sep 2022
Derivative financial
assets
259.1
\u2013
259.1
32.9
\u2013
226.2
Cash and cash
equivalents
1,859.7
122.8
1,736.9
\u2013
\u2013
1,736.9
Offsetting of financial liabilities
Financial assets and
liabilities not set off in the
balance sheet
Gross Gross Net amounts of Financial Collateral Net amount
amounts of amounts of financial liabilities set assets granted
financial financial off, presented in the
liabilities assets set balance sheet
\u20ac million off
Financial liabilities
as at 30 Sep 2023
Derivative financial
liabilities
37.0
\u2013
37.0
37.0
\u2013
\u2013
Financial liabilities
1,312.1
15.1
1,297.0
\u2013
\u2013
1,297.0
Financial liabilities
as at 30 Sep 2022
Derivative financial
liabilities
60.7
\u2013
60.7
32.9
\u2013
27.8
Financial liabilities
2,174.1
122.8
2,051.3
\u2013
\u2013
2,051.3
Financial assets and financial liabilities are only netted in the balance sheet if a legally enforceable right to netting exists and the Company concerned intends to settle on a net basis. The contracts for financial instruments are based on standardised master agreements for financial derivatives (including ISDA Master Agreement, German master agreement for financial derivatives), creating a conditional right to netting contingent on defined future events. Under the contractual agreements all derivatives contracted with the corresponding counterparty with positive or negative fair values are netted in that case, resulting in a net receivable or payable in the amount of the balance. As this conditional right to netting is not enforceable in the course of ordinary business transactions and thus the criteria for netting are not met, the derivative financial assets and liabilities are carried at their gross amounts in the balance sheet at the reporting date.
Financial assets and liabilities in the framework of the cash pooling scheme are shown on a net basis if there
is a right to netting in ordinary business transactions and
TUI intends to settle on a net basis. These financia l
instruments are included in the balance sheet items in the tables shown above. The gross amount of these
netted cash and cash equivalents is \u20ac 181.9 m as at 30 September 2023 (previous year \u20ac 391.1 m), while the
gross amount of the netted financial liabilities is \u20ac 15.1 m as at 30 September 2023 (previous year \u20ac 122.8 m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-730": { "value": ". CREDIT RISK The credit risk in non-derivative financial instruments results from the risk of counterparties defaulting on their contractual payment obligations. Maximum credit risk exposure corresponds in particular to the total of the recognised carrying amounts of the financial assets (including derivative financial instruments with positive market values). Furthermore, there are no material financial guarantees for the discharge of liabilities. Where legally enforceable, financial assets and liabilities are netted. Credit risks are reviewed closely on conclusion of the contract and continually monitored thereafter in order to swiftly respond to potential impairment in a counterparty\u2019s solvency. Responsibility for handling the credit risk is generally held by the Group company holding the receivable. Since TUI Group operates in many different business areas and regions, significant credit risk concentrations of receivables from and loans to specific debtors or groups of debtors are not to be expected. A significant concentration of credit risks related to specific countries is not to be expected either. As in the previous year, at the balance sheet date, there is no material collateral held, or other credit enhancements that reduce the maximum credit risk. Collateral held relates exclusively to financial assets of the category trade receivables and other receivables. The collateral mainly comprises collateral for financial receivables granted and maturing in more than one year and / or with a volume of more than \u20ac 1.0 m. Real property rights, directly enforceable guarantees, bank guarantees and comfort letters are used as collateral. Credit management also covers TUI Group\u2019s derivative financial instruments. The maximum credit risk for derivative financial instruments entered into is limited to the total of all positive market values of these instruments since in the event of counterparty default asset losses would only be incurred up to that amount. Since derivative financial instruments are concluded with different debtors, credit risk exposure is reduced. The specific credit risks of individual counterparties are taken into account in determining the fair values of derivative financial instruments. In addition, the counterparty risk is continually monitored and controlled using internal bank limits. IFRS 9 requires entities to recognise expected losses for all financial assets held at amortised cost and for financial assets constituting debt instruments and measured at FVTOCI (Fair Value Through Other Compre- hensive Income). In TUI Group, the items affected are financial instruments recognised at amortised cost in the following categories: trade receivables and other receivables with the sub-classes trade receivables, advances and loans, other receivables and assets as well as lease receivables. Additional classes are other financial assets and cash and cash equivalents. In determining expected losses, IFRS 9 distinguishes between the general and the simplified approach to impairment. Under the general approach to impairment, financial assets are classified into three stages. Stage 1 is where financial assets are recognised for the first time or where credit risk has not increased significantly since initial recognition. At this stage, the expected bad debt losses that may arise from possible default events within the next 12 months after the respective balance sheet date are reported. For financial assets in stage 1, entities are required to recognise 12-month Expected Credit Losses (ECL). Stage 2 is where credit risk has increased significantly since initial recognition. Stage 3 includes financial assets that additionally have objective evidence of impairment alongside the criteria of stage 2. Stages 2 and 3 show lifetime ECL. Under the simplified approach to impairment, a loss allowance is carried at an amount equal to life-time ECL at initial recognition for trade receivables and lease receivables, regardless of the credit quality of the accounts receivable and the lease receivables. TUI uses a provision matrix to determine the expected loss for trade receivables and lease receivables. Average historical default rates are determined for the following maturity bands. Not overdue, less than 30 days past due, 30 \u2013 90 days, 91 \u2013 180 days and more than 180 days past due . To determine the historical default rate, the weighted average of the last three years is calculated for the receivables in default in the respective year in relation to the receivables portfolio at the end of the respective financial year. This is multiplied by the probability that a receivable will age into the final maturity band. The loss rates determined are adjusted by credit default swap ( CDS) rates in order to take account of forward-looking information. The adjusted loss rates are based on average rates for the past few years. The economic environment of the relevant geographical regions is taken into account through a weighting of CDS rates. All model parameters mentioned above are regularly reviewed and updated. Under the simplified approach to impairment, trade receivable and lease receivables are transferred to Stage 3 when there is any objective evidence of impairment. In principle TUI Group classifies whether a trade receivable is to be transferred to Stage 3 on an individual basis, depending on the region, after 180 days at the earliest. In the event of insolvencies or other objective indications of impairment before this date, a transfer to stage 3 is made earlier. If a receivable is more than 180 days overdue, it is assumed to be impaired and, in the event of uncollectibility, generally written down in full. Objective evidence of impairment of lease receivables includes, for example, significant financial difficulties on the part of the debtor, breach of contract (default or delay in interest and repayment) or concessions made for economic or contractual reasons in connection with the debtor\u2019s financial difficulties . For all other financial assets carried at amortised cost impairments are determined in accordance with the general approach For cash and cash equivalents, the low credit risk exemption of IFRS 9 is applied, according to which financial instruments with a low default risk at the time of acquisition can be classified in stage 1 of the impairment model. Cash and cash equivalents include, for instance, cash in hand or bank balances that are exclusively due to counterparties with a high credit rating. In accordance with stage 1 of the impairment hierarchy, a risk provision corresponding to the 12-month credit loss is recorded in cash and cash equivalents upon initial recognition. At each balance sheet date, a verification is made as to whether the counterparties continue to have a rating of investment grade quality. As the corresponding financial assets have a maximum term of 3 months, the impairment requirement is very low. A transfer from Stage 1 to Stage 2 or 3 has no practical relevance, as the business relationship would be terminated immediately in the case of a correspondingevent. For material advances and loans and other receivables and assets, the expected credit losses are determined by multiplying the probability of default with the loss given default and the exposure of default. TUI Group determines the probabilities of default on the basis of an internal rating model. As part of TUI Group\u2019s busi- ness model, the ratings of debtors for material receivables are evaluated on the basis of this internal rating. Category 1 of the rating model contains the debtors with the highest credit rating, whereas the debtors with the lowest credit rating are classified in the category 7. If the credit risk has not significantly deteriorated since initial recognition, 12-month credit losses are determined (stage 1). In the event of a significant increase in the credit risk, the lifetime-expected credit loss is determined (stage 2). A significant increase in thedefault risk is assumed on the basis of the internal rating and other relevant information such as changes in the economic, regulatory or technological environment. If there is any objective evidence of impairment, a transfer is made to Stage 3. The gross carrying amount of a financial asset of all classes of financial instruments recognised at amortised cost is written off when there is no longer the expectation of full or partial recovery a financial asset following an appropriate assessment. For individual customers the gross carrying amount is usually written off by the Group companies based on past experience of recoveries of such assets in the country specific business environment if the financial asset is no longer expected to be collected due to days overdue. For corporate customers, TUI Group\u2019s businesses conduct an individual assessment about the timing and the amount of write off based on whether there is a reasonable expectation of recovery. TUI Group does not expect significant recovery of amounts written off. However, written-off financial assets may still be subject to enforcement actions to collect overdue receivables. For advances and loans, other receivables and assets as well as other financial assets, the expected credit losses are determined on a portfolio basis. In significant individual cases, this portfolio approach is deviated from, as the relevant information for determining the expected loss is available at the stage of the individual instrument. TUI Group ensures that solely financial assets with similar credit risk characteristics are combined, e. g. type of product and geographical region.TUI Group initially carries the credit loss based on a loss rate expected for the next twelve months. This loss rate is adjusted at regular intervals depending on the macro- economic market environment. If the credit risk increases significantly, the lifetime expected credit loss is determined (Stage 2). The assessment of a significant increase in the credit risk, because of the past due status of the instruments, is determined in TUI Group on an individual basis by region, change in default risk-related market data or change in contractual conditions, among other factors. Depending on the portfolio, a reclassification to stage 2 is regularly made if the overdue amount is more than 30 days past due. If there is objective evidence of impairment, the instrument is transferred to Stage 3. In principle, the general approach assumes that the default risk of financial assets has increased significantly since initial recognition if contractual payments are more than 30 days overdue. However, this can be refuted by TUI Group\u2019s available appropriate and comprehensible information. The assessment of the objectiveevidence of impairment for all instruments falling within the scope of the ECL model is based on the following indicators: e. g. severe financial difficulties of the debtor, breach of contract (default or delinquency in interest or principal payment) or concessions made for economic or contractual reasons in connection with financial difficulties of the debtor. As a result, such instruments are usually written off in full. CDS rates are used as forward-looking information in the general impairment model, too. The impairment ratio for financial assets in the general approach that are not included in the \u2018default risk\u2019 table below is based on observable past default rates, but is set at a minimum of 1 %. The 1 % results from this year\u2019s calculation of the simplified approach. The decline is due in particular to the greatly reducedimpact of the coronavirus pandemic. TUI Group recognises an impairment gain or loss on all financial assets with a corresponding adjustment of the carrying amount through a provision for impairment. In order to improve the presentation, from the 2023 financial year onwards only the expected credit losses will be shown in the \u2018Ageing structure\u2019 tables in the \u2018impairment for expected credit losses\u2019 column and only the change in the impairment for expected credit losses will be shown in the \u2018changes in risk provisions\u2019 ta bles. The information relating to the previous year remains unchanged. In the \u2018Ageing structure\u2019 tables the specific bad debt allowance determined at subsidiary level is shown sepa-rately in the \u2018specific bad debt allowance\u2019 column. The previous year\u2019s \u2018impairment\u2019 column includes both the impairment for expected credit losses and the specific bad debt allowance determined at subsidiary level. d In the tables on \u2018changes in risk provisioning\u2019 the specific bad debt allowance determined at subsidiary level which is included in the risk provisioning as at 1 October 2022 is removed in line \u2018Removing specific bad debt allowance from presentation\u2019. The impairment ratios stated from the current year onwards relate exclusively to expected credit losses and no longer include the specific bad debt allowances determined at subsidiary level. As at 30 September 2023, trade receivables were impaired in the amount of \u20ac 49.7 m (previous year \u20ac 59.5 m). The following overview shows a maturity analysis of the impairments:
Ageing structure of impairment of financial instruments classified as trade receivables
30 Sep 2023
Gross value Specific Impairment Net value Impairment
bad debt for expected ratio
\u20ac million allowance credit losses
Trade receivables
Not overdue
294.4
\u2013
\u2013
294.4
\u2013
Overdue less than
30 days
95.5
26.2
1.0
68.3
1 %
Overdue 30 \u2013 90 days
31.1
4.4
0.3
26.4
1 %
Overdue 91 \u2013 180 days
10.2
3.5
0.2
6.5
2 %
Overdue more than
180 days
30.1
13.5
0.6
16.0
2 %
Total
461.3
47.6
2.1
411.6
Ageing structure of impairment of financial instruments classified as trade receivables
30 Sep 2022
Gross value
Impairment
Net value
Impairment
\u20ac million ratio
Trade receivables
Not overdue
271.9
6.8
265.1
5 \u2013 25 %
Overdue less than 30 days
95.9
11.6
84.3
10 \u2013 30 %
Overdue 30 \u2013 90 days
35.4
12.3
23.1
15 \u2013 35 %
Overdue 91 \u2013 180 days
17.5
8.5
9.0
20 \u2013 45 %
Overdue more than 180 days
38.0
20.3
17.7
50 \u2013 75 %
Total
458.7
59.5
399.2
Impairments of lease receivables have developed as follows:
Ageing structure of impairment of financial instruments classified as lease receivables
30 Sep 2023
Gross value Specific bad Impairment Net value Impairment
(after specific debt allowance for expected ratio
bad debt credit losses
\u20ac million allowance)
Lease receivables
Not overdue
4.1
\u2013
\u2013
4.1
\u2013
Overdue less than
30 days
\u2013
\u2013
\u2013
\u2013
1 %
Overdue 30 \u2013 90 days
\u2013
\u2013
\u2013
\u2013
1 %
Overdue 91 \u2013 180 days
\u2013
\u2013
\u2013
\u2013
2 %
Overdue more than
180 days
\u2013
\u2013
\u2013
\u2013
2 %
Total
4.1
\u2013
\u2013
4. 1
Ageing structure of impairment of financial instruments classified as lease receivables
30 Sep 2022
Gross value
Impairment
Net value
Impairment
\u20ac million ratio
Lease receivables
Not overdue
9.8
0.2
9.6
5 \u2013 25 %
Overdue less than 30 days
\u2013
\u2013
\u2013
10 \u2013 30 %
Overdue 30 \u2013 90 days
\u2013
\u2013
\u2013
15 \u2013 35 %
Overdue 91 \u2013 180 days
\u2013
\u2013
\u2013
20 \u2013 45 %
Overdue more than 180 days
\u2013
\u2013
\u2013
50 \u2013 75 %
Total
9.8
0.2
9.6
The following tables show the development of impairment losses on financial instruments in the category
Other receivables and assets and in the category advances and loans, in each case less the amounts shown
for the corresponding category in the table of the default risk below.
Ageing structure of impairment of financial instruments classified as other receivables and assets
30 Sep 2023
Gross value Specific bad Impairment Net value Impairment
debt allowance for expected ratio
\u20ac million credit losses
Other receivables
and assets
Not overdue
211.3
21.0
2.1
188.2
1 %
Overdue less than
30 days
0.7
\u2013
\u2013
0.7
1 %
Overdue 30 \u2013 90 days
\u2013
\u2013
\u2013
\u2013
1 %
Overdue 91 \u2013 180 days
0.1
\u2013
\u2013
0.1
1 %
Overdue more than
180 days
13.3
5.2
0.1
8.0
1 %
Total
225.4
26.2
2.2
197.0
Ageing structure of impairment of financial instruments classified as other receivables and assets
30 Sep 2022 adjuste d
Gross value
Impairment
Net value
Impairment
\u20ac million ratio
Other receivables and assets
Not overdue
142.7
*
0.1
*
142.6
*
5 \u2013 25 %
Overdue less than 30 days
\u2013
\u2013
\u2013
10 \u2013 30 %
Overdue 30 \u2013 90 days
3.4
3.4
\u2013
15 \u2013 35 %
Overdue 91 \u2013 180 days
0.2
\u2013
0.2
20 \u2013 45 %
Overdue more than 180 days
1.1
0.3
0.8
50 \u2013 75 %
Total
147.4
*
3.8
*
143.6
*
* The previous year was adjusted because some of the financial instruments are now shown in the table \u2018Default risk on financial instru-
ments classified as advances and loans, as other receivables or as other financial assets\u2019.
Impairments of advances and loans developed as follows:
Ageing structure of impairment of financial instruments classified as advances and loans
30 Sep 2023
Gross value Specific bad Impairment Net value
debt allowance for expected
\u20ac million credit losses
Advances and loans
Not overdue
7.1
0.1
0.1
6.9
Overdue less than 30 days
\u2013
\u2013
\u2013
\u2013
Overdue 30 \u2013 90 days
\u2013
\u2013
\u2013
\u2013
Overdue 91 \u2013 180 days
\u2013
\u2013
\u2013
\u2013
Overdue more than 180 days
1.2
1.2
\u2013
\u2013
Total
8.3
1.3
0.1
6.9
Ageing structure of impairment of financial instruments classified as advances and loans
30 Sep 2022 adjusted
\u20ac million
Gross value
Impairment
Net value
Advances and loans
Not overdue
8.5
*
0.7
*
7.8
*
Overdue less than 30 days
\u2013
\u2013
\u2013
Overdue 30 \u2013 90 days
0.1
0.1
\u2013
Overdue 91 \u2013 180 days
\u2013
\u2013
\u2013
Overdue more than 180 days
0.2
*
0.2
*
\u2013
Total
8.8
*
1.0
*
7.8
*
* The previous year was adjusted because some of the financial instruments are now shown in the table \u2018Default risk on financial instru
ments
classified as advances and loans, as other receivables or as other financial assets\u2019.
The material single items in the following table, \u2018Default risk on financial instruments classified as advances
and loans, as other receivables or as other financial assets\u2019 are disclosed based on an internal rating. In the
past financial year, there was one stage transfer in the individual items listed there from stage 2 to stage 3
in the amount of \u20ac 12.9 m (previous year: one transfers from stage 2 to stage 3 in the amount of \u20ac 6.2 m).
Default risk on financial instruments classified as advances and loans, as other receivables or as other financial assets
30 Sep 2023
30 Sep 2022 adjusted
Impairment Rating Gross value Specific bad Impairment Net value Gross value Impairment Net value
stage debt allowance for expected
\u20ac million credit losses
Financial instruments with related parties
Advances and loans
1
internal: grade 2
\u2013
\u2013
\u2013
\u2013
21.9
\u2013 0.6
21.3
Advances and loans
3
internal: grade 5
9.5
\u2013 6.4
\u2013 0.3
2.8
20.8
*
\u2013 18.6
*
2.2
*
Advances and loans
3
internal: grade 6
4.5
\u2013 4.5
\u2013
\u2013
\u2013
\u2013
\u2013
Advances and loans
3
internal: grade 7
11.4
\u2013 11.4
\u2013
\u2013
\u2013
\u2013
\u2013
Other receivables
3
internal: grade 7
0.9
\u2013 0.9
\u2013
\u2013
\u2013
\u2013
\u2013
Financial instruments with hotels
Advances and loans
1
internal: grade 5
9.6
9.6
\u2013 1.3
8.3
10.4
\u2013 1.8
8.6
Advances and loans
2
internal: grade 5
17.0
17.0
\u2013 1.1
15.9
30.0
\u2013 3.3
26.7
Advances and loans
3
internal: grade 5
12.9
\u2013 12.9
\u2013
\u2013
\u2013
\u2013
\u2013
Other receivables
1
internal: grade 2
\u2013
\u2013
\u2013
\u2013
3.0
*
\u2013
3.0
*
Other receivables
3
internal: grade 3
\u2013
\u2013
\u2013
\u2013
41.0
\u2013 13.8
27.2
Financial instruments with other companies
Advances and loans
3
internal: grade 5
5.0
\u2013 5.0
\u2013
\u2013
5.4
*
\u2013 5.4
*
\u2013
Other financial assets
1
internal: grade 1
\u2013
\u2013
\u2013
\u2013
34.6
\u2013 0.2
34.4
Other financial assets
1
external
45.1
\u2013
\u2013 0.1
45.0
45.1
\u2013 0.1
45.0
Other receivables
1
internal: grade 1
66.1
\u2013
\u2013 0.1
66.0
106.6
*
\u2013 0.2
*
106.4
*
Other receivables
1
internal: grade 2
44.1
\u2013
\u2013 0.1
44.0
30.2
*
\u2013 0.1
*
30.1
*
Other receivables
1
internal: grade 4
7.4
\u2013
\u2013 0.2
7.2
6.3
*
\u2013 0.3
*
6.0
*
Other receivables
1
internal: grade 5
24.2
\u2013
\u2013 1.5
22.7
\u2013
\u2013
\u2013
Other receivables
1
external
378.2
\u2013
\u2013 0.5
377.7
350.5
*
\u2013 0.6
*
349.9
*
Other receivables
3
internal: grade 4
1.8
\u2013 0.9
\u2013
0.9
2.9
*
\u2013 1.0
*
1.9
*
* The table takes into account all default risk rating grades used as at 30 September 2023. The previous year\u2019s figures have been
adjusted accordingly.
Insofar as the default risk can only be determined on the basis of past due information, the information is
contained in the tables \u2018ageing structure of impairment of financial instruments classified as other receiva
bles
and assets\u2019 and \u2018ageing structure of impairment of financial instruments classified as advances and loans\u2019.
Other financial assets carried at amortised cost at an amount of \u20ac 48.6 m (previous year \u20ac 85.8 m) relate to
short-term deposits with banks. The full amount of these investments with a gross amount of \u20ac 48.7 m (pre
vious
year \u20ac 86.2 m) is not overdue. Impairments of \u20ac 0.1 m (previous year \u20ac 0.5 m) were carried in the framework
of risk provisioning .
In the financial year 2023, there were no significant cash inflows from impaired interest-bearing trade receiv-
ables and other receivables (previous year of \u20ac 4.8 m cash inflows).
d The tables below show a reconciliation of the loan loss provisions for financial assets, measured at amortised cost, for which loan loss provisions are determined using the general approach or the simplified approach.
Change in risk provisions for financial assets measured at amortised cost in the classes advances
and loans, other receivables and assets and other financial assets
Stage 1 Stage 2 Stage 3 To t a l
12-month-
ECL
lifetime-
ECL
lifetime-
ECL
\u20ac million (not impaired) (impaired)
Risk provisioning as at 1 Oct 2021
27.6
14.3
\u2013
41.9
Addition of impairment on newly issued / acquired
financial assets
2.3
1.8
20.8
24.9
Transfer to stage 3 lifetime ECL (impaired)
\u2013 7.4
\u2013 12.8
20.2
\u2013
Unrequired impairments on financial assets
derecognised during the period and use of impairments
\u2013 15.9
\u2013
\u2013
\u2013 15.9
Risk provisioning as at 30 Sep 2022
6.6
3.3
41.0
50.9
Risk provisioning as at 1 Oct 2022
6.6
3.3
41.0
50.9
Addition of impairment on newly issued / acquired
financial assets
2.3
\u2013
\u2013
2.3
Transfer to stage 3 lifetime ECL (impaired)
\u2013
\u2013 1.5
1.5
\u2013
Unrequired impairments on financial assets
derecognised during the period and use of impairments
\u2013 1.4
\u2013 0.8
\u2013 3.1
\u2013 5.3
Removing specific bad debt allowance from
presentation
\u2013
\u2013
\u2013 39.0
\u2013 39.0
Change of models, risk parameters
\u2013 1.4
\u2013
\u2013
\u2013 1.4
Risk provisioning as at 30 Sep 2023
6.1
1.0
0.4
7.5
As at 30 September 2023, risk provisioning totals \u20ac 4.6 m (previous year \u20ac 19.8 m) for the other receivables and assets class and \u20ac 0.1 m (previous year \u20ac 0.5 m) for the other financial assets class as well as \u20ac 2.8 m (previous year \u20ac 30.6 m) for the advances and loans class. As at 30 September, 2023, one instrument in class other receivables and assets and ten instruments in class advances and loans were reported in stage 3 (previous year: three and eight instruments respectively in stage 3). There were no currency differences (previous year: no currency differences). The changes in the scope of consolidation had no material impact on risk provisioning (previous year: no changes). A transfer was made in the advances and loans class in the amount of \u20ac 1.5 m from stage 2 to stage 3 (previous year transfer from stage 1 to stage 3: \u20ac 6.6 m and transfer from stage 2 to stage 3:\u20ac 12.8 m). No transfer was made in the other receivables and assets class (previous year transfer from stage 1 to stage 3: \u20ac 0.8 m). In the current financial year in class advances and loans no material impairments have been used (previous year \u20ac 9.5 m). The models were adjusted with regard to the risk parameters used in terms of the loss rate in line with the macroeconomic market environment. This resulted in a lower risk provision of \u20ac 1.9 m (previous year: \u20ac 6.2 m).
Change in risk provisions for financial assets measured at amortised cost classified
as trade receivables
Lifetime ECL
\u20ac million simplified approach
Risk provisioning as at 1 Oct 2021
71.6
Exchange differences
0.7
Addition of impairment on newly issued / acquired financial assets
23.6
Other changes
1.3
Unrequired impairments on financial assets derecognised during the period and use of impairments
\u2013 37.7
Risk provisioning as at 30 Sep 2022
59.5
Risk provisioning as at 1 Oct 2022
59.5
Exchange differences
\u2013 0.3
Unrequired impairments on financial assets derecognised during the period
\u2013 9.4
Use of impairments
\u2013 4.8
Removing specific bad debt allowance from presentation
\u2013 41.9
Change of models, risk parameters
\u2013 1.0
Risk provisioning as at 30 Sep 2023
2.1
Change in risk provisions for financial assets measured at amortised cost classified
as lease receivables
Lifetime ECL
\u20ac million simplified approach
Risk provisioning as at 1 Oct 2021
0.3
Exchange differences
\u2013 0.3
Unrequired impairments on financial assets derecognised during the period and use of impairments
0.2
Risk provisioning as at 30 Sep 2022
0.2
Risk provisioning as at 1 Oct 2022
0.2
Unrequired impairments on financial assets derecognised during the period and use of impairments
\u2013 0.2
Risk provisioning as at 30 Sep 2023
\u2013
The tables below show a reconciliation of gross carrying amounts for financial assets measured at amor-tisedcost:
Change in gross carrying amounts classified as advances and loans
Stage 1 Stage 2 life- Stage 3 life- To t a l
12-month-
ECL
time-
ECL
time-
ECL
\u20ac million (not impaired) (impaired)
Gross carrying amounts as at 1 Oct 2021
188.9
45.0
\u2013
233.9
Addition of assets
13.2
1.0
2.3
16.5
Reduction of assets
\u2013 153.1
\u2013
\u2013
\u2013 153.1
Transfer to impaired financial assets (Stage 3)
\u2013 9.1
\u2013 16.0
25.1
\u2013
Gross carrying amounts as at 30 Sep 2022
39.9
30.0
27.4
97.3
Gross carrying amounts as at 1 Oct 2022
39.9
30.0
27.4
97.3
Addition of assets
1.5
17.7
5.7
24.9
Reduction of assets
\u2013 25.5
\u2013 17.2
\u2013 1.4
\u2013 44.1
Transfer to impaired financial assets (Stage 3)
\u2013
\u2013 12.9
12.9
\u2013
Gross carrying amounts as at 30 Sep 2023
15.9
17.6
44.6
78.1
As of 30 September 2023, instruments of the class advances and loans amounting to \u20ac 44.6 m are reported in stage 3. There were no significant changes or modifications. There was a transfer of \u20ac 12.9 m from stage 2 to stage 3 (previous year: transfers between stage 1 and 3: \u20ac 9.1 m and transfers between stage 2 and 3: \u20ac 16.0 m).
Change in gross carrying amounts classified as other receivables and assets and other financial assets
Stage 1 Stage 2 Stage 3 To t a l
12-month
ECL
lifetime
ECL
lifetime-
ECL
\u20ac million (not impaired) (impaired)
Gross carrying amounts as at 1 Oct 2021
329.6
\u2013
\u2013
329.6
Addition of assets
685.4
\u2013
44.4
729.8
Reduction of assets
\u2013 285.3
\u2013
\u2013
\u2013 285.3
Transfer to impaired financial assets (Stage 3)
\u2013 7.7
\u2013
7.7
\u2013
Gross carrying amounts as at 30 Sep 2022
722.0
\u2013
52.1
774.1
Gross carrying amounts as at 1 Oct 2022
722.0
\u2013
52.1
774.1
Addition of assets
679.8
0.5
57.5
737.8
Reduction of assets
\u2013 673.7
\u2013
\u2013 41.4
\u2013 715.1
Gross carrying amounts as at 30 Sep 2023
728.1
0.5
68.2
796.8
As at 30 September 2023, instruments in the classes of other receivables and assets and other financial
assets amounting to \u20ac 68.2 m were reported in stage 3.
There were no significant changes or modifications. There were no transfers between the stages 1 to 3 (pre
vious
year transfers from stage 1 to stage 3: \u20ac 7.7 m). No newly issued or acquired instruments were impaired at
the date of addition.
Change in gross carrying amounts of assets classified as trade receivables
Lifetime ECL
simplified
\u20ac million approach
Gross carrying amounts as at 1 Oct 2021
331.4
Addition of assets
458.7
Reduction of assets
\u2013 331.4
Gross carrying amounts as at 30 Sep 2022
458.7
Gross carrying amounts as at 1 Oct 2022
458.7
Addition of assets
461.3
Reduction of assets
\u2013 458.7
Gross carrying amounts as at 30 Sep 2023
461.3
Change in gross carrying amounts of assets classified as lease receivables
Lifetime ECL
simplified
\u20ac million approach
Gross carrying amounts as at 1 Oct 2021
11.4
Addition of assets
9.8
Reduction of assets
\u2013 11.4
Gross carrying amounts as at 30 Sep 2022
9.8
Gross carrying amounts as at 1 Oct 2022
9.8
Addition of assets
4.1
Reduction of assets
\u2013 9.8
Gross carrying amounts as at 30 Sep 2023
4.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-25": { "value": "In principle, the general approach assumes that the default risk of financial assets has increased significantly since initial recognition if contractual payments are more than 30 days overdue. However, this can be refuted by TUI Group\u2019s available appropriate and comprehensible information. The assessment of the objectiveevidence of impairment for all instruments falling within the scope of the ECL model is based on the following indicators: e. g. severe financial difficulties of the debtor, breach of contract (default or delinquency in interest or principal payment) or concessions made for economic or contractual reasons in connection with financial difficulties of the debtor. As a result, such instruments are usually written off in full. CDS rates are used as forward-looking information in the general impairment model, too. The impairment ratio for financial assets in the general approach that are not included in the \u2018default risk\u2019 table below is based on observable past default rates, but is set at a minimum of 1 %. The 1 % results from this year\u2019s calculation of the simplified approach. The decline is due in particular to the greatly reducedimpact of the coronavirus pandemic. TUI Group recognises an impairment gain or loss on all financial assets with a corresponding adjustment of the carrying amount through a provision for impairment. FAIR VALUE MEASUREMENT The table below presents the fair values of recurring, non-recurring and other financial instruments measured at fair value in line with the underlying measurement level. The individual measurement levels have been defined as follows in line with the inputs: \u2022 Level 1: (unadjusted) quoted prices in active markets for identical assets or liabilities. \u2022 Level 2: inputs for the measurement other than quoted market prices included within Level 1 that are observable in the market for the asset or liability, either directly (as quoted prices) or indirectly (derivable from quoted prices). \u2022 Level 3: inputs for the measurement of the asset or liability not based on observable market data. At the end of every reporting period, TUI Group checks whether there are any reasons for reclassification to or from one of the measurement levels. Financial assets and financial liabilities are generally transferred out of Level 1 into Level 2 if the liquidity and trading activity no longer indicate an active market. The opposite situation applies to potential transfers out of Level 2 into Level 1. In the reporting period, there were no transfers between Level 1 and Level 2. Reclassifications from Level 3 to Level 2 or Level 1 are made if observable market price quotations become available for the asset or liability concerned. In the reporting period there were no other transfers from or to Level 3. TUI Group records transfers from or to Level 3 at the date of the obligating event or occasion triggering the transfer. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-713": { "value": "As at 30 September 2023, trade receivables were impaired in the amount of \u20ac 49.7 m (previous year \u20ac 59.5 m). The following overview shows a maturity analysis of the impairments:
Ageing structure of impairment of financial instruments classified as trade receivables
30 Sep 2023
Gross value Specific Impairment Net value Impairment
bad debt for expected ratio
\u20ac million allowance credit losses
Trade receivables
Not overdue
294.4
\u2013
\u2013
294.4
\u2013
Overdue less than
30 days
95.5
26.2
1.0
68.3
1 %
Overdue 30 \u2013 90 days
31.1
4.4
0.3
26.4
1 %
Overdue 91 \u2013 180 days
10.2
3.5
0.2
6.5
2 %
Overdue more than
180 days
30.1
13.5
0.6
16.0
2 %
Total
461.3
47.6
2.1
411.6
Ageing structure of impairment of financial instruments classified as trade receivables
30 Sep 2022
Gross value
Impairment
Net value
Impairment
\u20ac million ratio
Trade receivables
Not overdue
271.9
6.8
265.1
5 \u2013 25 %
Overdue less than 30 days
95.9
11.6
84.3
10 \u2013 30 %
Overdue 30 \u2013 90 days
35.4
12.3
23.1
15 \u2013 35 %
Overdue 91 \u2013 180 days
17.5
8.5
9.0
20 \u2013 45 %
Overdue more than 180 days
38.0
20.3
17.7
50 \u2013 75 %
Total
458.7
59.5
399.2
Impairments of lease receivables have developed as follows: Ageing structure of impairment of financial instruments classified as lease receivables 30 Sep 2023 Gross value Specific bad Impairment Net value Impairment (after specific debt allowance for expected ratio bad debt credit losses \u20ac million allowance) Lease receivables Not overdue 4.1 \u2013 \u2013 4.1 \u2013 Overdue less than 30 days \u2013 \u2013 \u2013 \u2013 1 % Overdue 30 \u2013 90 days \u2013 \u2013 \u2013 \u2013 1 % Overdue 91 \u2013 180 days \u2013 \u2013 \u2013 \u2013 2 % Overdue more than 180 days \u2013 \u2013 \u2013 \u2013 2 % Total 4.1 \u2013 \u2013 4. E L d ted
Ageing structure of impairment of financial instruments classified as lease receivables
30 Sep 2022
Gross value
Impairment
Net value
Impairment
\u20ac million ratio
Lease receivables
Not overdue
9.8
0.2
9.6
5 \u2013 25 %
Overdue less than 30 days
\u2013
\u2013
\u2013
10 \u2013 30 %
Overdue 30 \u2013 90 days
\u2013
\u2013
\u2013
15 \u2013 35 %
Overdue 91 \u2013 180 days
\u2013
\u2013
\u2013
20 \u2013 45 %
Overdue more than 180 days
\u2013
\u2013
\u2013
50 \u2013 75 %
Total
9.8
0.2
9.6
The following tables show the development of impairment losses on financial instruments in the category Other receivables and assets and in the category advances and loans, in each case less the amounts shown for the corresponding category in the table of the default risk below.
Ageing structure of impairment of financial instruments classified as other receivables and assets
30 Sep 2023
Gross value Specific bad Impairment Net value Impairment
debt allowance for expected ratio
\u20ac million credit losses
Other receivables
and assets
Not overdue
211.3
21.0
2.1
188.2
1 %
Overdue less than
30 days
0.7
\u2013
\u2013
0.7
1 %
Overdue 30 \u2013 90 days
\u2013
\u2013
\u2013
\u2013
1 %
Overdue 91 \u2013 180 days
0.1
\u2013
\u2013
0.1
1 %
Overdue more than
180 days
13.3
5.2
0.1
8.0
1 %
Total
225.4
26.2
2.2
197.0
Ageing structure of impairment of financial instruments classified as other receivables and assets
30 Sep 2022 adjuste d
Gross value
Impairment
Net value
Impairment
\u20ac million ratio
Other receivables and assets
Not overdue
142.7
*
0.1
*
142.6
*
5 \u2013 25 %
Overdue less than 30 days
\u2013
\u2013
\u2013
10 \u2013 30 %
Overdue 30 \u2013 90 days
3.4
3.4
\u2013
15 \u2013 35 %
Overdue 91 \u2013 180 days
0.2
\u2013
0.2
20 \u2013 45 %
Overdue more than 180 days
1.1
0.3
0.8
50 \u2013 75 %
Total
147.4
*
3.8
*
143.6
*
* The previous year was adjusted because some of the financial instruments are now shown in the table \u2018Default risk on financial instru-
ments classified as advances and loans, as other receivables or as other financial assets\u2019.
Impairments of advances and loans developed as follows:
Ageing structure of impairment of financial instruments classified as advances and loans
30 Sep 2023
Gross value Specific bad Impairment Net value
debt allowance for expected
\u20ac million credit losses
Advances and loans
Not overdue
7.1
0.1
0.1
6.9
Overdue less than 30 days
\u2013
\u2013
\u2013
\u2013
Overdue 30 \u2013 90 days
\u2013
\u2013
\u2013
\u2013
Overdue 91 \u2013 180 days
\u2013
\u2013
\u2013
\u2013
Overdue more than 180 days
1.2
1.2
\u2013
\u2013
Total
8.3
1.3
0.1
6.9
Ageing structure of impairment of financial instruments classified as advances and loans 30 Sep 2022 adjusted \u20ac million Gross value Impairment Net value Advances and loans Not overdue 8.5* 0.7* 7.8 Overdue less than 30 days \u2013 \u2013 \u2013 Overdue 30 \u2013 90 days 0.1 0.1 \u2013 Overdue 91 \u2013 180 days \u2013 \u2013 \u2013 Overdue more than 180 days 0.2* 0.2* \u2013 Total 8.8* 1.0* 7.8 * The previous year was adjusted because some of the financial instruments are now shown in the table \u2018Default risk on financial instruments classified as advances and loans, as other receivables or as other financial assets\u2019. The material single items in the following table, \u2018Default risk on financial instruments classified as advances and loans, as other receivables or as other financial assets\u2019 are disclosed based on an internal rating. In the past financial year, there was one stage transfer in the individual items listed there from stage 2 to stage 3 in the amount of \u20ac 12.9 m (previous year: one transfers from stage 2 to stage 3 in the amount of \u20ac 6.2 m).
Default risk on financial instruments classified as advances and loans, as other receivables or as other financial assets
30 Sep 2023
30 Sep 2022 adjusted
Impairment Rating Gross value Specific bad Impairment Net value Gross value Impairment Net value
stage debt allowance for expected
\u20ac million credit losses
Financial instruments with related parties
Advances and loans
1
internal: grade 2
\u2013
\u2013
\u2013
\u2013
21.9
\u2013 0.6
21.3
Advances and loans
3
internal: grade 5
9.5
\u2013 6.4
\u2013 0.3
2.8
20.8
*
\u2013 18.6
*
2.2
*
Advances and loans
3
internal: grade 6
4.5
\u2013 4.5
\u2013
\u2013
\u2013
\u2013
\u2013
Advances and loans
3
internal: grade 7
11.4
\u2013 11.4
\u2013
\u2013
\u2013
\u2013
\u2013
Other receivables
3
internal: grade 7
0.9
\u2013 0.9
\u2013
\u2013
\u2013
\u2013
\u2013
Financial instruments with hotels
Advances and loans
1
internal: grade 5
9.6
9.6
\u2013 1.3
8.3
10.4
\u2013 1.8
8.6
Advances and loans
2
internal: grade 5
17.0
17.0
\u2013 1.1
15.9
30.0
\u2013 3.3
26.7
Advances and loans
3
internal: grade 5
12.9
\u2013 12.9
\u2013
\u2013
\u2013
\u2013
\u2013
Other receivables
1
internal: grade 2
\u2013
\u2013
\u2013
\u2013
3.0
*
\u2013
3.0
*
Other receivables
3
internal: grade 3
\u2013
\u2013
\u2013
\u2013
41.0
\u2013 13.8
27.2
Financial instruments with other companies
Advances and loans
3
internal: grade 5
5.0
\u2013 5.0
\u2013
\u2013
5.4
*
\u2013 5.4
*
\u2013
Other financial assets
1
internal: grade 1
\u2013
\u2013
\u2013
\u2013
34.6
\u2013 0.2
34.4
Other financial assets
1
external
45.1
\u2013
\u2013 0.1
45.0
45.1
\u2013 0.1
45.0
Other receivables
1
internal: grade 1
66.1
\u2013
\u2013 0.1
66.0
106.6
*
\u2013 0.2
*
106.4
*
Other receivables
1
internal: grade 2
44.1
\u2013
\u2013 0.1
44.0
30.2
*
\u2013 0.1
*
30.1
*
Other receivables
1
internal: grade 4
7.4
\u2013
\u2013 0.2
7.2
6.3
*
\u2013 0.3
*
6.0
*
Other receivables
1
internal: grade 5
24.2
\u2013
\u2013 1.5
22.7
\u2013
\u2013
\u2013
Other receivables
1
external
378.2
\u2013
\u2013 0.5
377.7
350.5
*
\u2013 0.6
*
349.9
*
Other receivables
3
internal: grade 4
1.8
\u2013 0.9
\u2013
0.9
2.9
*
\u2013 1.0
*
1.9
*
* The table takes into account all default risk rating grades used as at 30 September 2023. The previous year\u2019s figures have been
adjusted accordingly.
Insofar as the default risk can only be determined on the basis of past due information, the information is contained in the tables \u2018ageing structure of impairment of financial instruments classified as other receivables and assets\u2019 and \u2018ageing structure of impairment of financial instruments classified as advances and loans\u2019. Other financial assets carried at amortised cost at an amount of \u20ac 48.6 m (previous year \u20ac 85.8 m) relate to short-term deposits with banks. The full amount of these investments with a gross amount of \u20ac 48.7 m (previous year \u20ac 86.2 m) is not overdue. Impairments of \u20ac 0.1 m (previous year \u20ac 0.5 m) were carried in the framework of risk provisioning . In the financial year 2023, there were no significant cash inflows from impaired interest-bearing trade receiv- ables and other receivables (previous year of \u20ac 4.8 m cash inflows). The tables below show a reconciliation of the loan loss provisions for financial assets, measured at amortised cost, for which loan loss provisions are determined using the general approach or the simplified approach.
Change in risk provisions for financial assets measured at amortised cost in the classes advances
and loans, other receivables and assets and other financial assets
Stage 1 Stage 2 Stage 3 To t a l
12-month-
ECL
lifetime-
ECL
lifetime-
ECL
\u20ac million (not impaired) (impaired)
Risk provisioning as at 1 Oct 2021
27.6
14.3
\u2013
41.9
Addition of impairment on newly issued / acquired
financial assets
2.3
1.8
20.8
24.9
Transfer to stage 3 lifetime ECL (impaired)
\u2013 7.4
\u2013 12.8
20.2
\u2013
Unrequired impairments on financial assets
derecognised during the period and use of impairments
\u2013 15.9
\u2013
\u2013
\u2013 15.9
Risk provisioning as at 30 Sep 2022
6.6
3.3
41.0
50.9
Risk provisioning as at 1 Oct 2022
6.6
3.3
41.0
50.9
Addition of impairment on newly issued / acquired
financial assets
2.3
\u2013
\u2013
2.3
Transfer to stage 3 lifetime ECL (impaired)
\u2013
\u2013 1.5
1.5
\u2013
Unrequired impairments on financial assets
derecognised during the period and use of impairments
\u2013 1.4
\u2013 0.8
\u2013 3.1
\u2013 5.3
Removing specific bad debt allowance from
presentation
\u2013
\u2013
\u2013 39.0
\u2013 39.0
Change of models, risk parameters
\u2013 1.4
\u2013
\u2013
\u2013 1.4
Risk provisioning as at 30 Sep 2023
6.1
1.0
0.4
7.5
As at 30 September 2023, risk provisioning totals \u20ac 4.6 m (previous year \u20ac 19.8 m) for the other receivables and assets class and \u20ac 0.1 m (previous year \u20ac 0.5 m) for the other financial assets class as well as \u20ac 2.8 m (previous year \u20ac 30.6 m) for the advances and loans class. As at 30 September, 2023, one instrument in class other receivables and assets and ten instruments in class advances and loans were reported in stage 3 (previous year: three and eight instruments respectively in stage 3). There were no currency differences (previous year: no currency differences). The changes in the scope of consolidation had no material impact on risk provisioning (previous year: no changes). A transfer was made in the advances and loans class in the amount of \u20ac 1.5 m from stage 2 to stage 3 (previous year transfer from stage 1 to stage 3: \u20ac 6.6 m and transfer from stage 2 to stage 3:\u20ac 12.8 m). No transfer was made in the other receivables and assets class (previous year transfer from stage 1 to stage 3: \u20ac 0.8 m). In the current financial year in class advances and loans no material impairments have been used (previous year \u20ac 9.5 m). The models were adjusted with regard to the risk parameters used in terms of the loss rate in line with the macroeconomic market environment. This resulted in a lower risk provision of \u20ac 1.9 m (previous year: \u20ac 6.2 m).
Change in risk provisions for financial assets measured at amortised cost classified
as trade receivables
Lifetime ECL
\u20ac million simplified approach
Risk provisioning as at 1 Oct 2021
71.6
Exchange differences
0.7
Addition of impairment on newly issued / acquired financial assets
23.6
Other changes
1.3
Unrequired impairments on financial assets derecognised during the period and use of impairments
\u2013 37.7
Risk provisioning as at 30 Sep 2022
59.5
Risk provisioning as at 1 Oct 2022
59.5
Exchange differences
\u2013 0.3
Unrequired impairments on financial assets derecognised during the period
\u2013 9.4
Use of impairments
\u2013 4.8
Removing specific bad debt allowance from presentation
\u2013 41.9
Change of models, risk parameters
\u2013 1.0
Risk provisioning as at 30 Sep 2023
2.1
Change in risk provisions for financial assets measured at amortised cost classified
as lease receivables
Lifetime ECL
\u20ac million simplified approach
Risk provisioning as at 1 Oct 2021
0.3
Exchange differences
\u2013 0.3
Unrequired impairments on financial assets derecognised during the period and use of impairments
0.2
Risk provisioning as at 30 Sep 2022
0.2
Risk provisioning as at 1 Oct 2022
0.2
Unrequired impairments on financial assets derecognised during the period and use of impairments
\u2013 0.2
Risk provisioning as at 30 Sep 2023
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-714": { "value": "DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGES STRATEGY AND GOALS In accordance with TUI Group\u2019s policy, derivatives are allowed to be used if they are based on underlying recognised assets or liabilities, firm commitments or forecast transactions. Hedge accounting based on the rules ofIAS 39 is applied to forecasted transactions. In the completed financial year, hedges consisted of cash flow hedges. Derivative financial instruments in the form of fixed-price transactions and options as well as structured products can be used to limit currency, interest rate and fuel risks. The COVID-19 pandemic significantly impacted TUI\u2019s business operations, causing a strong increase in TUI\u2019s credit risk premiums. The significant increase inTUI\u2019s credit risk had a direct impact on the effectiveness of hedging relationships according to IAS 39 and explicitly on the retrospective hedge effectiveness test, because when calculating retrospective effectiveness, the credit risk is included in the derivative instrument entered into with the counterparty, but not in the hypothetical derivative. As a result, fuel price, interest rate and currency hedges had to be de-designated as they no longer met the effectiveness requirements ofIAS 39. For the de-designated hedging instruments cash flow hedge accounting is terminated and the hedges are recognised as other derivative financial instruments. Based on these de-designations any further changes in the fair value of these instruments will be recognised in profit or loss in the income statement in the cost of sales or, in the case of interest rate hedges, in the financial result. For all fuel price hedges contracted from 1 January 2023, the retrospective effectiveness will be determined , based on regression analysis. For fuel price hedges contracted before 31 December 2022, the dollar offset method will continue to be applied. This change in method allows hedge relationships to be presented more appropriately, so that as at 30 September 2023, no newly contracted fuel price hedges after the 1 January 2023 have to be de-designated. Furthermore, from 31 March 2023, the designation of the hedged item for foreign currency hedges is evaluated on a seasonal basis. The designation on a seasonal basis reflects the operational tourism business model with a summer and winter season within a financial year and corresponds to the hedging approach of TUI\u2019s risk management strategy. Due to the COVID-19 pandemic and its impact on the business operations ofTUI, the seasonal consideration of the hedge ratio of foreign currency hedges was temporarily suspended and a designation on a monthly basis has been established. This approach for desig- nation of hedges no longer corresponds to the risk management strategy as the tourism operating business has returned to pre-crisis levels . As at 30 September 2023, the fair value of these reclassified fuel price hedges totalled \u20ac 3.5 m at a nomina l volume of \u20ac 10.3 m, while the fair value of the interest rate hedges amounted to \u20ac 2.5 m at a nominal volume of \u20ac 46.0 m and the fair value of foreign currency hedges totalled \u20ac 0.3 m at a nominal volume of \u20ac 2.4 m. CASH FLOW HEDGES At 30 September 2023, hedges in hedging relationships in accordance with IAS 39 existed to manage cash flows in foreign currencies with maturities of up to two years (previous year up to two years). The fuel price hedges in hedging relationships in accordance with IAS 39 had terms of up to two years (previous year up to one year). Hedges in hedging relationships in accordance withIAS 39 to protect variable interest payment obligations are currently not in the portfolio (previous year none). The impact on profit or loss for is recog- nised at the time the expected cash inflow / outflow occurs.
Nominal amounts of derivative financial instruments used
30 Sep 2023
Remaining term
up to more than To t a l Average
1 year 1 year hedged
\u20ac million rate / price
Currency hedges
Forwards
5,798.5
554.1
6,352.6
Forwards EUR / GBP
2,267.6
173.6
2,441.2
1.1380
Forwards EUR / USD
1,086.1
114.3
1,200.4
0.9081
Forwards GBP / USD
1,646.5
182.2
1,828.7
0.7982
Forwards EUR / SEK
235.3
50.3
285.6
0.0859
Other currencies
563.0
33.7
596.7
Commodity hedges
Swaps
779.5
25.7
805.2
Jet fuel
732.7
20.7
753.4
737.29
Marine fuel
46.8
5.0
51.8
530.08
Other fuels
\u2013
\u2013
\u2013
\u2013
Other derivative financial instruments
3,356.6
46.0
3,402.6
Nominal amounts of derivative financial instruments used
30 Sep 2022
Remaining term
up to more than Total Average
1 year 1 year hedged
\u20ac million rate / price
Currency hedges
Forwards
2,535.6
2.4
2,538.0
Forwards EUR / GBP
1,013.5
\u2013
1,013.5
1.1582
Forwards EUR / USD
464.7
2.4
467.1
0.9627
Forwards GBP / USD
878.6
\u2013
878.6
0.8368
Forwards EUR / SEK
63.5
\u2013
63.5
0.0942
Other currencies
115.3
\u2013
115.3
Commodity hedges
Swaps
165.2
\u2013
165.2
Jet fuel
154.8
\u2013
154.8
1,088.90
Marine fuel
10.4
\u2013
10.4
674.27
Other fuels
\u2013
\u2013
\u2013
\u2013
Other derivative financial instruments
3,743.2
53.6
3,796.8
Other derivative hedging instruments comprise the nominal value of hedges not designated for hedge account- ing. TUI Group exclusively enters into derivative financial instruments for hedging purposes. Depending on the type of the hedged underlying transaction,TUI exercises the option to apply hedge accounting according to IAS 39. Due to the COVID-19 pandemic, a large number of hedges according to IAS 39 had to be terminat ed. Accordingly, the derivative financial instruments underlying these hedges are shown under Other derivative financial instruments. The nominal values correspond to the total of all purchase and sale amounts underlying the transactions or the respective contract values of the transactions. In order to hedge the risks of fluctuations in future cash flows from currency, interest rate and fuel price risks, TUI regularly enters into hedges. The planned underlying transactions are used to determine theineffective portions of hedges designated as cash flow hedges. In designating cash flow hedges, only the spot rate component is included in hedge accounting as a hedge for some forward exchange transactions , while the interest component of these financial instruments is shown separately in all relevant tables unde r Other derivative financial instruments, in line with derivatives not designated as hedging instrumentsaccording to IAS 39.
Disclosures on underlying transactions of cash flow hedges
30 Sep 2023
Fair Value Balance of Hedging
changes to hedging reserve
determine reserve of completed
inefficient active cash (ended) cash
\u20ac million portions flow hedges flow hedges
Interest rate risk hedges
\u2013
\u2013
\u2013 13.2
Currency risk hedges
\u2013 78.3
78.7
\u2013
Fuel price risk hedges
\u2013 152.6
132.0
18.1
Hedging
\u2013 230.9
210.7
4.9
Total
\u2013 230.9
210.7
4.9
Disclosures on underlying transactions of cash flow hedges
30 Sep 2022
Fair Value Balance of Hedging
changes to hedging reserve
determine reserve of completed
inefficient active cash (ended) cash
\u20ac million portions flow hedges flow hedges
Interest rate risk hedges
\u2013
\u2013
\u2013 30.6
Currency risk hedges
\u2013 121.7
121.6
1.4
Fuel price risk hedges
23.8
\u2013 22.9
\u2013 19.3
Hedging
\u2013 97.9
98.7
\u2013 48.5
Total
\u2013 97.9
98.7
\u2013 48.5
In accounting for cash flow hedges, the effective portions of the hedging relationships have to be recognised in OCI outside profit and loss. Any additional changes in the fair value of the designated components are recognised as ineffective portions in cost of sales. The table below presents the development of OCI infinancial year 2023.
Development of OCI
30 Sep 2023
Interest
Currency risk
Fuel price risk
To t a l
\u20ac million rate risk
Gain or loss from fair value changes of
hedges within hedge accounting
\u2013 13.2
78.7
150.1
215.6
recognised in equity
\u2013 13.2
78.7
150.1
215.6
Reclassification from cash flow hedge
reserve to income statement
17.4
5.9
39.1
62.4
due to early termination of the hedge
\u2013
0.9
\u2013
0.9
due to recognition of the
underlying transaction
17.4
5.0
39.1
61.5
Development of OCI
30 Sep 2022
Interest
Currency risk
Fuel price risk
Total
\u20ac million rate risk
Gain or loss from fair value changes of
hedges within hedge accounting
\u2013 30.6
123.0
\u2013 42.2
50.2
recognised in equity
\u2013 30.6
123.0
\u2013 42.2
50.2
Reclassification from cash flow hedge
reserve to income statement
\u2013 1.4
4.1
\u2013 22.0
\u2013 19.3
due to early termination of the hedge
\u2013
0.5
\u2013
0.5
due to recognition of the
underlying transaction
\u2013 1.4
3.6
\u2013 22.0
\u2013 19.8
The table Development of OCI presents the changes including foreign currency effects and can therefore not be directly reconciled with the statement of comprehensive income. In the reporting period, expenses of \u20ac 44.1 m (previous year: expenses of \u20ac 18.4 m) from currency hedges and derivative financial instruments used to hedge the impact of exposure to fuel price risks was recognised in cost of sales. Interest rate hedges result in expenses of \u20ac 17.4 m (previous year: expenses of \u20ac 1.4 m), carried innet interest income. Income of \u20ac 1.0 m (previous year: expenses of \u20ac 1.3 m) was recognised for the ineffective portion of cash flow hedges. FAIR VALUES OF DERIVATIVE FINANCIAL INSTRUMENTS The fair values of derivative financial instruments generally correspond to the market value. The market price determined for all derivative financial instruments is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A description of the determination of the fair values of derivative financial instruments is provided with the classification of financial instruments measured at fair value.
Positive and negative fair values of derivative financial instruments shown as receivables or liabilitie s
30 Sep 202 3
Receivables Liabilities FV changes to Nominal
determine volume
ineffective
\u20ac million portions
Cash flow hedges for
currency risks
102.9
24.4
78.5
6,352.5
fuel price risks
133.5
1.5
132.0
805.1
interest rate risks
\u2013
\u2013
\u2013
\u2013
Hedging
236.4
25.9
210.5
7,157.6
Other derivative financial instruments
32.1
11.1
\u2013
3,402.5
Total
268.5
37.0
210.5
10,560.1
Positive and negative fair values of derivative financial instruments shown as receivables or liabilities
30 Sep 2022
Receivables Liabilities FV changes to Nominal
determine volume
ineffective
\u20ac million portions
Cash flow hedges for
currency risks
124.4
2.8
121.6
2,537.9
fuel price risks
\u2013
24.2
\u2013 24.2
165.2
interest rate risks
\u2013
\u2013
\u2013
\u2013
Hedging
124.4
27.0
97.4
2,703.1
Other derivative financial instruments
134.7
33.7
\u2013
3,796.7
Total
259.1
60.7
97.4
6,499.8
Financial instruments which are entered into in order to hedge a risk position according to operational criteria but do not meet the criteria ofIAS 39 to qualify for hedge accounting are shown as other derivative financial instruments. They include foreign currency transactions entered into in order to hedge against foreignexchange-exposure to changes in the value of balance sheet items and foreign exchange fluctuations from future expenses in tourism . FINANCIAL INSTRUMENTS \u2013 ADDITIONAL DISCLOSURES CARRYING AMOUNTS AND FAIR VALUES Where financial instruments are listed in an active market, e. g. shares held and bonds issued, the fair value or market value is the respective quotation in this market at the balance sheet date. For over-the-counter bonds, debt components of bonds with warrants and convertible bonds, liabilities to banks, promissory notes and other non-current financial liabilities, the fair value is determined as the present value of futurecash flows, taking account of yield curves and the respective credit spread, which depends on the credit rating. In financial year 2023, the fair values of other current receivables and current liabilities to banks were deter- mined in line with the past financial year, taking into account yield curves and the respective credit risk premium (credit spread) based on credit rating. As a result, the assumption that the carrying amountapproximately corresponds to the fair value due to the short remaining term has been adjusted to thecurrent market conditions. The fair values of non-current trade receivables and for parts of current other receivables and current other financial assets as well as cash and cash equivalents, current other financial liabilities and trade payables correspond to the present values of the cash flows associated with the assets, taking account of current nterest parameters which reflect market and counterparty-related changes in terms and expectations.I n the case of cash and cash equivalents, current trade receivables, other financial assets, current trade payables and other financial liabilities the carrying amount approximates the fair value due to the short remainingterm . The table below shows the reconciliation of the balance sheet items to the financial instrument categorie s by carrying amount and fair value of the financial instruments.
Carrying amounts and fair values according to classes and measurement categories according to IFRS 9 as at 30 Sep 2023
Category according to IFRS 9
Carrying amount At amortised cost Fair value with no Fair value with no Fair value Fair value of
effect on profit and effect on profit and through profit financial
\u20ac million loss without recycling loss with recycling and loss instruments
Assets
Trade receivables and other receivables
thereof instruments within the scope of IFRS 9
1,161.0
1,122.6
\u2013
\u2013
38.9
1,153.0
thereof instruments within the scope of IFRS 16
4.1
\u2013
\u2013
\u2013
\u2013
4.4
Derivative financial instruments
Hedging transactions
236.4
\u2013
\u2013
236.4
\u2013
236.4
Other derivative financial instruments
32.1
\u2013
\u2013
\u2013
32.1
32.1
Other financial assets
59.4
48.6
9.9
\u2013
0.9
57.3
Cash and cash equivalents
2,060.3
1,588.3
\u2013
\u2013
472.2
2,060.5
Liabilities
Financial liabilities
1,297.0
1,297.0
\u2013
\u2013
\u2013
1,120.1
Trade payables
3,373.7
3,374.7
\u2013
\u2013
\u2013
3,374.7
Derivative financial instruments
Hedging transactions
25.9
\u2013
\u2013
25.9
\u2013
25.9
Other derivative financial instruments
11.1
\u2013
\u2013
\u2013
11.1
11.1
Other financial liabilities
124.4
124.4
\u2013
\u2013
\u2013
124.4
Carrying amounts and fair values according to classes and measurement categories according to IFRS 9 as at 30 Sep 2022
Category according to IFRS 9
Carrying amount At amortised cost Fair value with no Fair value with no Fair value Fair value of
effect on profit and effect on profit and through profit financial
\u20ac million loss without recycling loss with recycling and loss instruments
Assets
Trade receivables and other receivables
thereof instruments within the scope of IFRS 9
1,133.8
1,027.3
\u2013
\u2013
106.5
1,124.5
thereof instruments within the scope of IFRS 16
9.6
\u2013
\u2013
\u2013
\u2013
9.9
Derivative financial instruments
Hedging transactions
124.4
\u2013
\u2013
124.4
\u2013
124.4
Other derivative financial instruments
134.7
\u2013
\u2013
\u2013
134.7
134.7
Other financial assets
96.4
85.9
9.6
\u2013
0.9
90.5
Cash and cash equivalents
1,736.9
1,736.9
\u2013
\u2013
\u2013
1,736.9
Liabilities
Financial liabilities
2,051.3
2,051.3
\u2013
\u2013
\u2013
1,656.7
Trade payables
3,316.5
3,316.5
\u2013
\u2013
\u2013
3,316.5
Derivative financial instruments
Hedging transactions
27.0
\u2013
\u2013
27.0
\u2013
27.0
Other derivative financial instruments
33.7
\u2013
\u2013
\u2013
33.7
33.7
Other financial liabilities
177.4
177.4
\u2013
\u2013
\u2013
177.4
The amounts shown in the column \u2018carrying amount\u2019 (as shown in the balance sheet) in the tables above can differ from those in the other columns of a particular row since the latter include all financial instruments. That is the latter columns include financial instruments which are part of disposal groups according to IFRS 5. In the balance sheet, financial instruments, which are part of a disposal group, are shown as separate items. If such financial instruments are included, further details on these financial instruments are explained in the sections \u2018Assets held for sale\u2019 and \u2018Liabilities related to assets held. The instruments measured at fair value through other comprehensive income within the other financial assets class are investments in companies based on medium to long-term strategic objectives. Recording all short- term fluctuations in the fair value in the income statement would not be in line withTUI Group\u2019s strategy; these equity instruments were therefore designated as fair value through OCI.
Aggregation according to measurement categories under IFRS 9 as at 30 Sep 2023
Carrying Fair Value
amount of
financial
instruments
\u20ac million To t a l
Financial assets
at amortised cost
2,759.5
3,221.1
at fair value \u2013 recognised directly in equity without recycling
9.9
9.9
at fair value \u2013 through profit and loss
544.1
544.1
Financial liabilities
at amortised cost
4,796.1
4,619.2
at fair value \u2013 through profit and loss
11.1
11.1
Aggregation according to measurement categories under IFRS 9 as at 30 Sep 2022
Carrying Fair Value
amount of
financial
instruments
\u20ac million Total
Financial assets
at amortised cost
2,850.1
2,834.9
at fair value \u2013 recognised directly in equity without recycling
9.6
9.6
at fair value \u2013 through profit and loss
242.1
242.1
Financial liabilities
at amortised cost
5,545.2
5,150.6
at fair value \u2013 through profit and loss
33.7
33.7
FAIR VALUE MEASUREMENT The table below presents the fair values of recurring, non-recurring and other financial instruments measured at fair value in line with the underlying measurement level. The individual measurement levels have been defined as follows in line with the inputs: \u2022 Level 1: (unadjusted) quoted prices in active markets for identical assets or liabilities. \u2022 Level 2: inputs for the measurement other than quoted market prices included within Level 1 that are observable in the market for the asset or liability, either directly (as quoted prices) or indirectly (derivable from quoted prices). \u2022 Level 3: inputs for the measurement of the asset or liability not based on observable market data.
Hierarchy of financial instruments measured at fair value as at 30 Sep 2023
Fair value hierarchy
\u20ac million
To t a l
Level 1
Level 2
Level 3
Assets
Other receivables
38.9
\u2013
\u2013
38.9
Other financial assets
10.8
\u2013
\u2013
10.8
Derivative financial instruments
Hedging transactions
236.4
\u2013
236.4
\u2013
Other derivative financial instruments
32.1
\u2013
32.1
\u2013
Cash and cash equivalents
472.2
472.2
\u2013
\u2013
Liabilities
Derivative financial instruments
Hedging transactions
25.9
\u2013
25.9
\u2013
Other derivative financial instruments
11.1
\u2013
11.1
\u2013
Hierarchy of financial instruments measured at fair value as at 30 Sep 2022
Fair value hierarchy
\u20ac million
Total
Level 1
Level 2
Level 3
Assets
Other receivables
106.5
\u2013
\u2013
106.5
Other financial assets
10.5
\u2013
\u2013
10.5
Derivative financial instruments
Hedging transactions
124.4
\u2013
124.4
\u2013
Other derivative financial instruments
134.7
\u2013
134.7
\u2013
Liabilities
Derivative financial instruments
Hedging transactions
27.0
\u2013
27.0
\u2013
Other derivative financial instruments
33.7
\u2013
33.7
\u2013
At the end of every reporting period, TUI Group checks whether there are any reasons for reclassification to or from one of the measurement levels. Financial assets and financial liabilities are generally transferred out of Level 1 into Level 2 if the liquidity and trading activity no longer indicate an active market. The opposite situation applies to potential transfers out of Level 2 into Level 1. In the reporting period, there were no transfers between Level 1 and Level 2. Reclassifications from Level 3 to Level 2 or Level 1 are made if observable market price quotations become available for the asset or liability concerned. In the reporting period there were no other transfers from or to Level 3. TUI Group records transfers from or to Level 3 at the date of the obligating event or occasion triggering the transfer. LEVEL 1 FINANCIAL INSTRUMENTS The fair value of financial instruments for which an active market exists is based on quoted prices at the reporting date. An active market exists if quoted prices are readily and regularly available from an exchange, dealer, broker, pricing service or regulatory agency and these prices represent actual and regularly occurring market transactions on an arm\u2019s length basis. These financial instruments are classified as Level 1. The fair values correspond to the nominal amounts multiplied by the quoted prices at the reporting date. At 30 Sep- tember 2023 Level 1 financial instruments only include shares in money market funds measured at fair value. LEVEL 2 FINANCIAL INSTRUMENTS The fair values of financial instruments not traded in an active market, e. g., over-the-counter (OTC) derivatives, are determined by means of valuation techniques. These valuation techniques make maximum use ofobservable market data and minimise the use of group-specific assumptions. If all essential inputs for the determination of the fair value of an instrument are observable, the instrument is classified as Level 2. If one or several key inputs are not based on observable market data, the instrument is classified as Level 3. The following specific valuation techniques are used to measure financial instruments: \u2022 For over-the-counter bonds, debt components of warrant and convertible bonds, liabilities to banks, promissory notes and other non-current financial liabilities as well as for current other receivables, current financial liabilities and non-current trade and other receivables, the fair value is determined as the present value of future cash flows, taking account of observable yield curves and the respective credit spread, which depends on the credit rating. \u2022 The fair value of over-the-counter derivatives is determined by means of appropriate calculation meth ods, e. g., by discounting the expected future cash flows. The forward prices of forward transactions are based on the spot or cash prices, taking account of forward premiums and discounts. The fair values of optional hedges are calculated on the basis of option pricing models. The fair values determined on the basis of the group\u2019s own systems are periodically compared with fair value confirmations of the external counter- parties. \u2022 Other valuation techniques, e. g., discounting future cash flows, are used to determine the fair values of other financial instruments. LEVEL 3 FINANCIAL INSTRUMENTS The table below presents the fair values of the financial instruments measured at fair value on a recurring basis, classified as Level 3 .
Financial assets measured at fair value in Level 3
Other receivables Other financial
\u20ac million IFRS 9
assets
IFRS 9
Balance as at 1 Oct 2021
108.1
12.3
Disposals
\u2013 15.0
\u2013
Total gains or losses for the period
13.4
\u2013 1.4
recognised through profit and loss
13.4
\u2013 0.1
recognised in other comprehensive income
\u2013
\u2013 1.3
Foreign currency effects
\u2013
\u2013 0.4
Balance as at 30 Sep 2022
106.5
10.5
Balance as at 1 Oct 2022
106.5
10.5
Additions
\u2013
0.1
acquisition
\u2013
0.1
Disposals
\u2013 70.6
\u2013 24.0
sale
\u2013
\u2013 24.0
payment
\u2013 70.6
\u2013
Total gains or losses for the period
3.0
23.8
recognised through profit and loss
3.0
\u2013
recognised in other comprehensive income
\u2013
23.8
Foreign currency effects
\u2013
0.4
Balance as at 30 Sep 2023
38.9
10.8
EVALUATION PROCESS The fair value of financial instruments in Level 3 has been determined by TUI Group\u2019s financial department using the discounted cash flow method. This involves the market data and parameters required for measure- ment being compiled or validated. Non-observable input parameters are reviewed on the basis of internally available information and updated if necessary. In principle, the unobservable input parameters relate to the following parameters; the (estimated)EBITDA margin is in a range between \u2013 5.9 % and 34.2 % (previous year 8.3 % and 24.0 %). The constant growth rate is 1 % (previous year 1 %). The weighted average cost of capital (WACC) is in a range between 11.0 % (previous year 9.5 % \u2013 11.3 %). Due to materiality, no detailed figures have been provided. With the exception of the WACC, there is a positive correlation between the input factors and the fair value. The increase in the fair values of the financial instruments in Level 3 resulted mainly from revaluation effects of \u20ac 23.8 m and the sale of the shares in PeakworkAG of \u20ac 24.0 m. Financial instruments classified as Other financial assets include shares in corporations. The total fair value of these financial investments at 30 September 2023 is \u20ac 9.9 m (previous year \u20ac 9.6 m). In the year under review, there were no disposals (previous year \u20ac 0.0 m) of shares in corporations as part of the initial consolida- tion which were measured at fair value, as part of their first consolidation. None of these strategic financial investments were sold in the completed financial year. Dividend payments of \u20ac 0.1 m (previous year \u20ac 0.3 m) resulted from these financial investments. At 30 September 2023, other receivables in accordance withIFRS 9 in Level 3 include a carrying amount of \u20ac 38.9 m (previous year \u20ac 106.5 m) for a variable purchase price receivable from the sale of Riu Hotels S. A. in the prior year, measured as a financial instrument in the categoryFVTPL. The fair value is determined using a probability calculation for the future gross operating profit, taking account of contractual entitlements to an additional purchase price demand and an appropriate risk-adjusted discount rate (4.25 % previous year 1.99 % until 2.87 %). Gross operating profit is defined as total revenue minus operating expenses . The range of potential purchase price payments varies due to different expectations of target achievement between \u20ac 0 and \u20ac 39.7 m (corresponding to a target achievement of < 90 % to max. 105 %). The hotels concerned to deliver already reached around of 105.5 % in August 2023. Therefore, the variable purchase price receivable is set at the maximum level of \u20ac 39.7 m. A sensitivity analysis shows that an increase in the hotels\u2019 gross operating profit of 10 % (regarding calendar year 2023) would not result in a change in the present value of the additional purchase price receivable (previous year \u20ac 2.0 m), while a reduction in gross operating profit of 10 % would result in a change in the present value of around \u20ac \u2013 22.0 m (previous year \u20ac \u2013 24.7 m). An interest rate shift of + / \u2013 100 basis points would alter the present value of the purchase price receivable by around \u20ac 0.2 m (previous year \u20ac 0.5 m). EFFECTS ON RESULTS The effects of remeasuring the financial assets carried at fair value through OCI as well as the effective portions of changes in fair values of derivatives designated as cash flow hedges are listed in the statement of chang e s in equity. The net results of the financial instruments by measurement category according toIFRS 9 are as follows:
Net results of financial instruments
2023
from interest
other
net result
\u20ac million net results
Financial assets
39.6
\u2013 49.2
\u2013 9.6
at amortised cost
35.4
\u2013 48.7
\u2013 13.3
at fair value through profit or loss
4.2
\u2013 0.5
3.7
Financial liabilities
\u2013 275.3
\u2013 158.9
\u2013 434.2
at amortised cost
\u2013 229.3
\u2013 119.7
\u2013 349.0
at fair value through profit or loss
\u2013 46.0
\u2013 39.2
\u2013 85.2
Total
\u2013 235.7
\u2013 208.1
\u2013 443.8
Net results of financial instruments
2022
from interest
other
net resul t
\u20ac million net results
Financial assets
1.4
202.9
204.3
at amortised cost
1.4
40.1
41.5
at fair value through profit or loss
\u2013
162.8
162.8
Financial liabilities
\u2013 256.7
\u2013 1.7
\u2013 258.4
at amortised cost
\u2013 256.7
\u2013 1.6
\u2013 258.3
at fair value through profit or loss
\u2013
\u2013 0.1
\u2013 0.1
Total
\u2013 255.3
201.2
\u2013 54.1
Financial assets at amortised cost include expenses of \u20ac 58.5 m (previous year \u20ac 45.4 m), arising from credit card costs incurred when settling receivables. In addition, the financial assets at amortised cost includeexpenses from bank fees amounting to \u20ac 5.3 m (previous year \u20ac 5.2 m). For financial liabilities at amortised cost, expenses from bank fees amounted to \u20ac 4.1 m (previous year \u20ac 4.5 m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-794": { "value": "
Nominal amounts of derivative financial instruments used
30 Sep 2023
Remaining term
up to more than To t a l Average
1 year 1 year hedged
\u20ac million rate / price
Currency hedges
Forwards
5,798.5
554.1
6,352.6
Forwards EUR / GBP
2,267.6
173.6
2,441.2
1.1380
Forwards EUR / USD
1,086.1
114.3
1,200.4
0.9081
Forwards GBP / USD
1,646.5
182.2
1,828.7
0.7982
Forwards EUR / SEK
235.3
50.3
285.6
0.0859
Other currencies
563.0
33.7
596.7
Commodity hedges
Swaps
779.5
25.7
805.2
Jet fuel
732.7
20.7
753.4
737.29
Marine fuel
46.8
5.0
51.8
530.08
Other fuels
\u2013
\u2013
\u2013
\u2013
Other derivative financial instruments
3,356.6
46.0
3,402.6
Nominal amounts of derivative financial instruments used
30 Sep 2022
Remaining term
up to more than Total Average
1 year 1 year hedged
\u20ac million rate / price
Currency hedges
Forwards
2,535.6
2.4
2,538.0
Forwards EUR / GBP
1,013.5
\u2013
1,013.5
1.1582
Forwards EUR / USD
464.7
2.4
467.1
0.9627
Forwards GBP / USD
878.6
\u2013
878.6
0.8368
Forwards EUR / SEK
63.5
\u2013
63.5
0.0942
Other currencies
115.3
\u2013
115.3
Commodity hedges
Swaps
165.2
\u2013
165.2
Jet fuel
154.8
\u2013
154.8
1,088.90
Marine fuel
10.4
\u2013
10.4
674.27
Other fuels
\u2013
\u2013
\u2013
\u2013
Other derivative financial instruments
3,743.2
53.6
3,796.8
Positive and negative fair values of derivative financial instruments shown as receivables or liabilitie s
30 Sep 202 3
Receivables Liabilities FV changes to Nominal
determine volume
ineffective
\u20ac million portions
Cash flow hedges for
currency risks
102.9
24.4
78.5
6,352.5
fuel price risks
133.5
1.5
132.0
805.1
interest rate risks
\u2013
\u2013
\u2013
\u2013
Hedging
236.4
25.9
210.5
7,157.6
Other derivative financial instruments
32.1
11.1
\u2013
3,402.5
Total
268.5
37.0
210.5
10,560.1
Positive and negative fair values of derivative financial instruments shown as receivables or liabilities
30 Sep 2022
Receivables Liabilities FV changes to Nominal
determine volume
ineffective
\u20ac million portions
Cash flow hedges for
currency risks
124.4
2.8
121.6
2,537.9
fuel price risks
\u2013
24.2
\u2013 24.2
165.2
interest rate risks
\u2013
\u2013
\u2013
\u2013
Hedging
124.4
27.0
97.4
2,703.1
Other derivative financial instruments
134.7
33.7
\u2013
3,796.7
Total
259.1
60.7
97.4
6,499.8
The table below shows the reconciliation of the balance sheet items to the financial instrument categorie s by carrying amount and fair value of the financial instruments.
Carrying amounts and fair values according to classes and measurement categories according to IFRS 9 as at 30 Sep 2023
Category according to IFRS 9
Carrying amount At amortised cost Fair value with no Fair value with no Fair value Fair value of
effect on profit and effect on profit and through profit financial
\u20ac million loss without recycling loss with recycling and loss instruments
Assets
Trade receivables and other receivables
thereof instruments within the scope of IFRS 9
1,161.0
1,122.6
\u2013
\u2013
38.9
1,153.0
thereof instruments within the scope of IFRS 16
4.1
\u2013
\u2013
\u2013
\u2013
4.4
Derivative financial instruments
Hedging transactions
236.4
\u2013
\u2013
236.4
\u2013
236.4
Other derivative financial instruments
32.1
\u2013
\u2013
\u2013
32.1
32.1
Other financial assets
59.4
48.6
9.9
\u2013
0.9
57.3
Cash and cash equivalents
2,060.3
1,588.3
\u2013
\u2013
472.2
2,060.5
Liabilities
Financial liabilities
1,297.0
1,297.0
\u2013
\u2013
\u2013
1,120.1
Trade payables
3,373.7
3,374.7
\u2013
\u2013
\u2013
3,374.7
Derivative financial instruments
Hedging transactions
25.9
\u2013
\u2013
25.9
\u2013
25.9
Other derivative financial instruments
11.1
\u2013
\u2013
\u2013
11.1
11.1
Other financial liabilities
124.4
124.4
\u2013
\u2013
\u2013
124.4
Carrying amounts and fair values according to classes and measurement categories according to IFRS 9 as at 30 Sep 2022
Category according to IFRS 9
Carrying amount At amortised cost Fair value with no Fair value with no Fair value Fair value of
effect on profit and effect on profit and through profit financial
\u20ac million loss without recycling loss with recycling and loss instruments
Assets
Trade receivables and other receivables
thereof instruments within the scope of IFRS 9
1,133.8
1,027.3
\u2013
\u2013
106.5
1,124.5
thereof instruments within the scope of IFRS 16
9.6
\u2013
\u2013
\u2013
\u2013
9.9
Derivative financial instruments
Hedging transactions
124.4
\u2013
\u2013
124.4
\u2013
124.4
Other derivative financial instruments
134.7
\u2013
\u2013
\u2013
134.7
134.7
Other financial assets
96.4
85.9
9.6
\u2013
0.9
90.5
Cash and cash equivalents
1,736.9
1,736.9
\u2013
\u2013
\u2013
1,736.9
Liabilities
Financial liabilities
2,051.3
2,051.3
\u2013
\u2013
\u2013
1,656.7
Trade payables
3,316.5
3,316.5
\u2013
\u2013
\u2013
3,316.5
Derivative financial instruments
Hedging transactions
27.0
\u2013
\u2013
27.0
\u2013
27.0
Other derivative financial instruments
33.7
\u2013
\u2013
\u2013
33.7
33.7
Other financial liabilities
177.4
177.4
\u2013
\u2013
\u2013
177.4
Aggregation according to measurement categories under IFRS 9 as at 30 Sep 2023
Carrying Fair Value
amount of
financial
instruments
\u20ac million To t a l
Financial assets
at amortised cost
2,759.5
3,221.1
at fair value \u2013 recognised directly in equity without recycling
9.9
9.9
at fair value \u2013 through profit and loss
544.1
544.1
Financial liabilities
at amortised cost
4,796.1
4,619.2
at fair value \u2013 through profit and loss
11.1
11.1
Aggregation according to measurement categories under IFRS 9 as at 30 Sep 2022
Carrying Fair Value
amount of
financial
instruments
\u20ac million Total
Financial assets
at amortised cost
2,850.1
2,834.9
at fair value \u2013 recognised directly in equity without recycling
9.6
9.6
at fair value \u2013 through profit and loss
242.1
242.1
Financial liabilities
at amortised cost
5,545.2
5,150.6
at fair value \u2013 through profit and loss
33.7
33.7
Hierarchy of financial instruments measured at fair value as at 30 Sep 2023
Fair value hierarchy
\u20ac million
To t a l
Level 1
Level 2
Level 3
Assets
Other receivables
38.9
\u2013
\u2013
38.9
Other financial assets
10.8
\u2013
\u2013
10.8
Derivative financial instruments
Hedging transactions
236.4
\u2013
236.4
\u2013
Other derivative financial instruments
32.1
\u2013
32.1
\u2013
Cash and cash equivalents
472.2
472.2
\u2013
\u2013
Liabilities
Derivative financial instruments
Hedging transactions
25.9
\u2013
25.9
\u2013
Other derivative financial instruments
11.1
\u2013
11.1
\u2013
Hierarchy of financial instruments measured at fair value as at 30 Sep 2022
Fair value hierarchy
\u20ac million
Total
Level 1
Level 2
Level 3
Assets
Other receivables
106.5
\u2013
\u2013
106.5
Other financial assets
10.5
\u2013
\u2013
10.5
Derivative financial instruments
Hedging transactions
124.4
\u2013
124.4
\u2013
Other derivative financial instruments
134.7
\u2013
134.7
\u2013
Liabilities
Derivative financial instruments
Hedging transactions
27.0
\u2013
27.0
\u2013
Other derivative financial instruments
33.7
\u2013
33.7
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-809": { "value": "
Nominal amounts of derivative financial instruments used
30 Sep 2023
Remaining term
up to more than To t a l Average
1 year 1 year hedged
\u20ac million rate / price
Currency hedges
Forwards
5,798.5
554.1
6,352.6
Forwards EUR / GBP
2,267.6
173.6
2,441.2
1.1380
Forwards EUR / USD
1,086.1
114.3
1,200.4
0.9081
Forwards GBP / USD
1,646.5
182.2
1,828.7
0.7982
Forwards EUR / SEK
235.3
50.3
285.6
0.0859
Other currencies
563.0
33.7
596.7
Commodity hedges
Swaps
779.5
25.7
805.2
Jet fuel
732.7
20.7
753.4
737.29
Marine fuel
46.8
5.0
51.8
530.08
Other fuels
\u2013
\u2013
\u2013
\u2013
Other derivative financial instruments
3,356.6
46.0
3,402.6
Nominal amounts of derivative financial instruments used
30 Sep 2022
Remaining term
up to more than Total Average
1 year 1 year hedged
\u20ac million rate / price
Currency hedges
Forwards
2,535.6
2.4
2,538.0
Forwards EUR / GBP
1,013.5
\u2013
1,013.5
1.1582
Forwards EUR / USD
464.7
2.4
467.1
0.9627
Forwards GBP / USD
878.6
\u2013
878.6
0.8368
Forwards EUR / SEK
63.5
\u2013
63.5
0.0942
Other currencies
115.3
\u2013
115.3
Commodity hedges
Swaps
165.2
\u2013
165.2
Jet fuel
154.8
\u2013
154.8
1,088.90
Marine fuel
10.4
\u2013
10.4
674.27
Other fuels
\u2013
\u2013
\u2013
\u2013
Other derivative financial instruments
3,743.2
53.6
3,796.8
Positive and negative fair values of derivative financial instruments shown as receivables or liabilitie 30 Sep 202 Receivables Liabilities FV changes to Nominal determine volume ineffective \u20ac million portions Cash flow hedges for currency risks 102.9 24.4 78.5 6,352.5 fuel price risks 133.5 1.5 132.0 805.1 interest rate risks \u2013 \u2013 \u2013 \u2013 Hedging 236.4 25.9 210.5 7,157.6 Other derivative financial instruments 32.1 11.1 \u2013 3,402.5 Total 268.5 37.0 210.5 10,560.1
Positive and negative fair values of derivative financial instruments shown as receivables or liabilities
30 Sep 2022
Receivables Liabilities FV changes to Nominal
determine volume
ineffective
\u20ac million portions
Cash flow hedges for
currency risks
124.4
2.8
121.6
2,537.9
fuel price risks
\u2013
24.2
\u2013 24.2
165.2
interest rate risks
\u2013
\u2013
\u2013
\u2013
Hedging
124.4
27.0
97.4
2,703.1
Other derivative financial instruments
134.7
33.7
\u2013
3,796.7
Total
259.1
60.7
97.4
6,499.8
The table below shows the reconciliation of the balance sheet items to the financial instrument categorie by carrying amount and fair value of the financial instruments.
Carrying amounts and fair values according to classes and measurement categories according to IFRS 9 as at 30 Sep 2023
Category according to IFRS 9
Carrying amount At amortised cost Fair value with no Fair value with no Fair value Fair value of
effect on profit and effect on profit and through profit financial
\u20ac million loss without recycling loss with recycling and loss instruments
Assets
Trade receivables and other receivables
thereof instruments within the scope of IFRS 9
1,161.0
1,122.6
\u2013
\u2013
38.9
1,153.0
thereof instruments within the scope of IFRS 16
4.1
\u2013
\u2013
\u2013
\u2013
4.4
Derivative financial instruments
Hedging transactions
236.4
\u2013
\u2013
236.4
\u2013
236.4
Other derivative financial instruments
32.1
\u2013
\u2013
\u2013
32.1
32.1
Other financial assets
59.4
48.6
9.9
\u2013
0.9
57.3
Cash and cash equivalents
2,060.3
1,588.3
\u2013
\u2013
472.2
2,060.5
Liabilities
Financial liabilities
1,297.0
1,297.0
\u2013
\u2013
\u2013
1,120.1
Trade payables
3,373.7
3,374.7
\u2013
\u2013
\u2013
3,374.7
Derivative financial instruments
Hedging transactions
25.9
\u2013
\u2013
25.9
\u2013
25.9
Other derivative financial instruments
11.1
\u2013
\u2013
\u2013
11.1
11.1
Other financial liabilities
124.4
124.4
\u2013
\u2013
\u2013
124.4
Carrying amounts and fair values according to classes and measurement categories according to IFRS 9 as at 30 Sep 2022
Category according to IFRS 9
Carrying amount At amortised cost Fair value with no Fair value with no Fair value Fair value of
effect on profit and effect on profit and through profit financial
\u20ac million loss without recycling loss with recycling and loss instruments
Assets
Trade receivables and other receivables
thereof instruments within the scope of IFRS 9
1,133.8
1,027.3
\u2013
\u2013
106.5
1,124.5
thereof instruments within the scope of IFRS 16
9.6
\u2013
\u2013
\u2013
\u2013
9.9
Derivative financial instruments
Hedging transactions
124.4
\u2013
\u2013
124.4
\u2013
124.4
Other derivative financial instruments
134.7
\u2013
\u2013
\u2013
134.7
134.7
Other financial assets
96.4
85.9
9.6
\u2013
0.9
90.5
Cash and cash equivalents
1,736.9
1,736.9
\u2013
\u2013
\u2013
1,736.9
Liabilities
Financial liabilities
2,051.3
2,051.3
\u2013
\u2013
\u2013
1,656.7
Trade payables
3,316.5
3,316.5
\u2013
\u2013
\u2013
3,316.5
Derivative financial instruments
Hedging transactions
27.0
\u2013
\u2013
27.0
\u2013
27.0
Other derivative financial instruments
33.7
\u2013
\u2013
\u2013
33.7
33.7
Other financial liabilities
177.4
177.4
\u2013
\u2013
\u2013
177.4
Aggregation according to measurement categories under IFRS 9 as at 30 Sep 2023
Carrying Fair Value
amount of
financial
instruments
\u20ac million To t a l
Financial assets
at amortised cost
2,759.5
3,221.1
at fair value \u2013 recognised directly in equity without recycling
9.9
9.9
at fair value \u2013 through profit and loss
544.1
544.1
Financial liabilities
at amortised cost
4,796.1
4,619.2
at fair value \u2013 through profit and loss
11.1
11.1
Aggregation according to measurement categories under IFRS 9 as at 30 Sep 2022
Carrying Fair Value
amount of
financial
instruments
\u20ac million Total
Financial assets
at amortised cost
2,850.1
2,834.9
at fair value \u2013 recognised directly in equity without recycling
9.6
9.6
at fair value \u2013 through profit and loss
242.1
242.1
Financial liabilities
at amortised cost
5,545.2
5,150.6
at fair value \u2013 through profit and loss
33.7
33.7
Hierarchy of financial instruments measured at fair value as at 30 Sep 2023
Fair value hierarchy
\u20ac million
To t a l
Level 1
Level 2
Level 3
Assets
Other receivables
38.9
\u2013
\u2013
38.9
Other financial assets
10.8
\u2013
\u2013
10.8
Derivative financial instruments
Hedging transactions
236.4
\u2013
236.4
\u2013
Other derivative financial instruments
32.1
\u2013
32.1
\u2013
Cash and cash equivalents
472.2
472.2
\u2013
\u2013
Liabilities
Derivative financial instruments
Hedging transactions
25.9
\u2013
25.9
\u2013
Other derivative financial instruments
11.1
\u2013
11.1
\u2013
Hierarchy of financial instruments measured at fair value as at 30 Sep 2022
Fair value hierarchy
\u20ac million
Total
Level 1
Level 2
Level 3
Assets
Other receivables
106.5
\u2013
\u2013
106.5
Other financial assets
10.5
\u2013
\u2013
10.5
Derivative financial instruments
Hedging transactions
124.4
\u2013
124.4
\u2013
Other derivative financial instruments
134.7
\u2013
134.7
\u2013
Liabilities
Derivative financial instruments
Hedging transactions
27.0
\u2013
27.0
\u2013
Other derivative financial instruments
33.7
\u2013
33.7
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-26": { "value": "LEVEL 1 FINANCIAL INSTRUMENTS The fair value of financial instruments for which an active market exists is based on quoted prices at the reporting date. An active market exists if quoted prices are readily and regularly available from an exchange, dealer, broker, pricing service or regulatory agency and these prices represent actual and regularly occurring market transactions on an arm\u2019s length basis. These financial instruments are classified as Level 1. The fair values correspond to the nominal amounts multiplied by the quoted prices at the reporting date. At 30 Sep- tember 2023 Level 1 financial instruments only include shares in money market funds measured at fair value. LEVEL 2 FINANCIAL INSTRUMENTS The fair values of financial instruments not traded in an active market, e. g., over-the-counter (OTC) derivatives, are determined by means of valuation techniques. These valuation techniques make maximum use of observable market data and minimise the use of group-specific assumptions. If all essential inputs for the determination of the fair value of an instrument are observable, the instrument is classified as Level 2. If one or several key inputs are not based on observable market data, the instrument is classified as Level 3. The following specific valuation techniques are used to measure financial instruments: \u2022 For over-the-counter bonds, debt components of warrant and convertible bonds, liabilities to banks, promissory notes and other non-current financial liabilities as well as for current other receivables, current financial liabilities and non-current trade and other receivables, the fair value is determined as the present value of future cash flows, taking account of observable yield curves and the respective credit spread, which depends on the credit rating. \u2022 The fair value of over-the-counter derivatives is determined by means of appropriate calculation meth ods, e. g., by discounting the expected future cash flows. The forward prices of forward transactions are based on the spot or cash prices, taking account of forward premiums and discounts. The fair values of optional hedges are calculated on the basis of option pricing models. The fair values determined on the basis of the group\u2019s own systems are periodically compared with fair value confirmations of the external counter- parties. \u2022 Other valuation techniques, e. g., discounting future cash flows, are used to determine the fair values of other financial instruments. LEVEL 3 FINANCIAL INSTRUMENTS The table below presents the fair values of the financial instruments measured at fair value on a recurring basis, classified as Level 3 . E L EVALUATION PROCESS The fair value of financial instruments in Level 3 has been determined by TUI Group\u2019s financial department using the discounted cash flow method. This involves the market data and parameters required for measure- ment being compiled or validated. Non-observable input parameters are reviewed on the basis of internally available information and updated if necessary. In principle, the unobservable input parameters relate to the following parameters; the (estimated)EBITDA margin is in a range between \u2013 5.9 % and 34.2 % (previous year 8.3 % and 24.0 %). The constant growth rate is 1 % (previous year 1 %). The weighted average cost of capital (WACC) is in a range between 11.0 % (previous year 9.5 % \u2013 11.3 %). Due to materiality, no detailed figures have been provided. With the exception of the WACC, there is a positive correlation between the input factors and the fair value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognisingDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-817": { "value": "(47) Significant events after balance sheet date In October 2023 TUI sold its shares in WOT Hotels Adriatic Asset Company d. o. o., in Raiffeisen-Tour RT-Reisen GmbH and in Club Hotel CV, S. A. For further details, please refer to the section \u201aAssets held for sale\u2019. In October 2023TUI signed sale and lease back agreements for six new Boeing 737 MAX-8 for the aggregate sum of around \u20ac 278 m. The aircrafts will be delivered in the course of the financial year 2024. The lifetime lease obligations amount to around \u20ac 210 m. The impact on right of use assets and lease liabilities willdepend on the interest rates on the measurement dates.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-27": { "value": "(48) Services of the auditors of the consolidated financial statements TUI AG\u2019s consolidated financial statements have been audited by Deloitte GmbH Wirtschaftspr\u00fcfungs- gesellschaft. Since financial year 2022, Annika Deutsch has been the auditor in charge. Total expenses for the services provided by the auditors of the consolidated financial statements in financial year 2023 break down as follows:
Services of the auditors of the consolidated financial statements
\u20ac million
2023
2022
Audit fees for TUI AG and subsidiaries in Germany
3.7
3.4
Audit fees
3.7
3.4
Review of interim financial statements
0.3
0.4
Other certification services (mainly in connection with comfort letters)
0.8
0.6
Other certification services
1.1
1.0
Total
4.8
4.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-694": { "value": "(51) Related parties Apart from the subsidiaries included in the consolidated financial statements, TUI AG, in carrying out its ordinary business activities, maintains indirect or direct relationships with related parties. Related parties controlled byTUI Group or over which TUI Group is able to exercise a significant influence are shown in the list of shareholdings (Note 53) published in the Unternehmensregister (www.unternehmensregister.de) Apart from pure equity investments, related parties also include companies that supply goods or provide services forTUI Group companies. Through the Economic Stabilisation Fund (ESF), the federal German government indirectly acquired two silent participations and a warrant bond, which combined form the stabilisation package forTUI AG. With the payments of \u20ac 420 m made in connection with the first silent participation on 25 January 2021, a number of terms and conditions relating to the package entered into force, which TUI AG had to comply with. Due to the scope of those terms and conditions, ESF was able to exercise material control over TUI AG and hence was a related party. On 27th April 2023TUI AG bought the warrant bond and terminated the remaining silent participation. Thereupon the terms and conditions expired, disregarding some information requirements Accordingly, theESF is no longer a related party of TUI AG since this date. The return of the stabilisation measures is a significant business transaction with the ESF. Please refer to Note 27 \u2018Silent participations\u2019 and Note 10 \u2018Earnings per share\u2019 for details regarding the warrant bond. Financial obligations from order commitments vis-\u00e0-vis related parties primarily relate to the purchasing of hotel services. In accordance withIAS 24, all transactions with related parties were executed on an arm\u2019s length basis as would be customary with third parties outside the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-715": { "value": "(51) Related parties Apart from the subsidiaries included in the consolidated financial statements, TUI AG, in carrying out its ordinary business activities, maintains indirect or direct relationships with related parties. Related parties controlled byTUI Group or over which TUI Group is able to exercise a significant influence are shown in the list of shareholdings (Note 53) published in the Unternehmensregister (www.unternehmensregister.de) . Apart from pure equity investments, related parties also include companies that supply goods or provide services forTUI Group companies.
Financial obligations from order commitments vis-\u00e0-vis related parties primarily relate to the purchasing of
hotel services.
Transactions with related parties
\u20ac million
2023
2022
Services provided by the Group
Management and consultancy services
8.1
3.9
Sales of tourism services
66.4
49.2
Other services
0.5
0.8
Total
75.0
53.9
Services received by the Group
Rental and leasing agreements
12.5
18.3
Purchase of hotel services
377.9
309.3
Distribution services
8.7
6.5
Other services
13.8
14.7
Total
412.9
348.8
Transactions with related parties
\u20ac million
2023
2022
Services provided by the Group to
non-consolidated Group companies
0.4
0.4
joint ventures
46.3
38.1
associates
28.3
15.4
Total
75.0
53.9
Services received by the Group from
non-consolidated Group companies
1.6
1.0
joint ventures
296.0
226.4
associates
115.3
121.4
Total
412.9
348.8
In accordance with
IAS 24, all transactions with related parties were executed on an arm\u2019s length basis as
would be customary with third parties outside the Group.
Receivables from related parties
\u20ac million
30 Sep 2023
30 Sep 2022
Trade receivables from
non-consolidated Group companies
\u2013
0.1
joint ventures
13.6
9.6
associates
0.6
0.5
Total
14.2
10.2
Advances and loans to
joint ventures
3.1
3.3
associates
4.6
26.9
Total
7.7
30.2
Payments on account to
joint ventures
7.4
15.1
Total
7.4
15.1
Other receivables from
non-consolidated Group companies
1.1
1.3
joint ventures
3.9
2.4
associates
0.3
1.6
Total
5.3
5.3
Payables due to related parties
\u20ac million
30 Sep 2023
30 Sep 2022
Trade payables due to
non-consolidated Group companies
0.1
0.1
joint ventures
45.3
40.5
associates
12.5
19.7
Total
57.9
60.3
Financial liabilities due to
non-consolidated Group companies
0.4
0.4
joint ventures
217.4
91.6
Total
217.8
92.0
Other liabilities due to
non-consolidated Group companies
4.8
4.5
joint ventures
15.6
15.8
associates
6.0
7.2
key management personnel
6.8
3.0
Total
33.2
30.5
Following the capital increase carried out in the financial year under review, Mr Alexey Mordashov holds 10.87 % of the shares inTUI AG. On 28 February 2022, he had been added to the list of natural and legal persons affected by the EU sanctions. As a result of these sanctions, he does not have access to the shares inTUI AG controlled by him or to the voting rights and economic benefits associated with them. Mr Mordashov resigned fromTUI AG\u2019s Supervisory Board on 2 March 2022 and is therefore no longer a related party of TUI AG. The Executive Board and the Supervisory Board are key management personnel. They are therefore related parties in the meaning ofIAS 24 whose compensation must be disclosed separately.
Remuneration of Executive and Supervisory Board
\u20ac million
2023
2022
Short-term benefits
10.9
7.6
Post-employment benefits
1.2
1.9
*
Share-based payment
2.3
1.1
Termination benefits \u2013 Share-based payment
0.1
1.4
Termination benefits \u2013 Other
1.4
3.0
Total
15.9
15.0
* Previous year adjusted
Post-employment benefits are transfers to or reversals of pension provisions for Executive Board members active in the reporting period. The expenses mentioned do not meet the definition of remuneration for Executive and Supervisory Board members under German accounting rules. The share-based payments are an offset amount of expenses due to the addition to the provision and income resulted from the reversal of the provision due to the valuation. Termination benefits last year relate to provisions in connection with the resignation of Frank Rosenberger, whose service agreement will continue until 31 December 2023. The benefits in the previous year relate to Friedrich Joussen, whose service agreement including all related compensation components will continue until the end of the 2024 financial year. Pension provisions for active Executive Board members total \u20ac 11.8 m (previous year \u20ac 13.2 m) as at the balancesheet date. In addition, provisions for active Executive Board members of \u20ac 4.8 m (previous year \u20ac 5.1 m) are recognised relating to the long-term incentive programme.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-731": { "value": "
Transactions with related parties
\u20ac million
2023
2022
Services provided by the Group
Management and consultancy services
8.1
3.9
Sales of tourism services
66.4
49.2
Other services
0.5
0.8
Total
75.0
53.9
Services received by the Group
Rental and leasing agreements
12.5
18.3
Purchase of hotel services
377.9
309.3
Distribution services
8.7
6.5
Other services
13.8
14.7
Total
412.9
348.8
Transactions with related parties
\u20ac million
2023
2022
Services provided by the Group to
non-consolidated Group companies
0.4
0.4
joint ventures
46.3
38.1
associates
28.3
15.4
Total
75.0
53.9
Services received by the Group from
non-consolidated Group companies
1.6
1.0
joint ventures
296.0
226.4
associates
115.3
121.4
Total
412.9
348.8
Transactions with joint ventures and associates are primarily effected in the tourism business. They relate in particular to the tourism services of the hotel companies used by the Group\u2019s tour operators. In accordance withIAS 24, all transactions with related parties were executed on an arm\u2019s length basis as would be customary with third parties outside the Group.
Receivables from related parties
\u20ac million
30 Sep 2023
30 Sep 2022
Trade receivables from
non-consolidated Group companies
\u2013
0.1
joint ventures
13.6
9.6
associates
0.6
0.5
Total
14.2
10.2
Advances and loans to
joint ventures
3.1
3.3
associates
4.6
26.9
Total
7.7
30.2
Payments on account to
joint ventures
7.4
15.1
Total
7.4
15.1
Other receivables from
non-consolidated Group companies
1.1
1.3
joint ventures
3.9
2.4
associates
0.3
1.6
Total
5.3
5.3
Payables due to related parties
\u20ac million
30 Sep 2023
30 Sep 2022
Trade payables due to
non-consolidated Group companies
0.1
0.1
joint ventures
45.3
40.5
associates
12.5
19.7
Total
57.9
60.3
Financial liabilities due to
non-consolidated Group companies
0.4
0.4
joint ventures
217.4
91.6
Total
217.8
92.0
Other liabilities due to
non-consolidated Group companies
4.8
4.5
joint ventures
15.6
15.8
associates
6.0
7.2
key management personnel
6.8
3.0
Total
33.2
30.5
Financial liabilities to joint ventures included liabilities from leases of \u20ac 217.0 m (previous year \u20ac 91.2 m). The share of result of associates and joint ventures is shown separately in segment reporting. Following the capital increase carried out in the financial year under review, Mr Alexey Mordashov holds 10.87 % of the shares inTUI AG. On 28 February 2022, he had been added to the list of natural and legal persons affected by the EU sanctions. As a result of these sanctions, he does not have access to the shares inTUI AG controlled by him or to the voting rights and economic benefits associated with them. Mr Mordashov resigned fromTUI AG\u2019s Supervisory Board on 2 March 2022 and is therefore no longer a related party of TUI AG.
The Executive Board and the Supervisory Board are key management personnel. They are therefore related
parties in the meaning of
IAS 24 whose compensation must be disclosed separately.
Remuneration of Executive and Supervisory Board
\u20ac million
2023
2022
Short-term benefits
10.9
7.6
Post-employment benefits
1.2
1.9
*
Share-based payment
2.3
1.1
Termination benefits \u2013 Share-based payment
0.1
1.4
Termination benefits \u2013 Other
1.4
3.0
Total
15.9
15.0
* Previous year adjusted
Post-employment benefits are transfers to or reversals of pension provisions for Executive Board members
active in the reporting period. The expenses mentioned do not meet the definition of remuneration for
Executive and Supervisory Board members under German accounting rules. The share-based payments are
an offset amount of expenses due to the addition to the provision and income resulted from the reversal of
the provision due to the valuation. Termination benefits last year relate to provisions in connection with the
resignation of Frank Rosenberger, whose service agreement will continue until 31 December 2023. The
benefits in the previous year relate to Friedrich Joussen, whose service agreement including all related
compensation components will continue until the end of the 2024 financial year.
Pension provisions for active Executive Board members total \u20ac 11.8 m (previous year \u20ac 13.2 m) as at the balance
sheet date. In addition, provisions for active Executive Board members of \u20ac 4.8 m (previous year \u20ac 5.1 m) are
recognised relating to the long-term incentive programme.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:529900SL2WSPV293B552", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } } } }