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000-885 - IBM Tivoli Storage Manager Express V5.3.7 - BrainDump Information

Vendor Name : IBM
Exam Code : 000-885
Exam Name : IBM Tivoli Storage Manager Express V5.3.7
Questions and Answers : 90 Q & A
Updated On : August 14, 2018
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000-885 exam Dumps Source : IBM Tivoli Storage Manager Express V5.3.7

Test Code : 000-885
Test Name : IBM Tivoli Storage Manager Express V5.3.7
Vendor Name : IBM
Q&A : 90 Real Questions

IBM Tivoli Storage Manager

IBM provides dedupe to Tivoli Storage supervisor | killexams.com Real Questions and Pass4sure dumps

IBM has announced a massive unlock of its Tivoli Storage manager backup, archive and compliance product, adding scalability to up to 1000000000 records objects, up to 3X quicker backup speeds, and de-duplication.

TSM 6.0 has an built-in DB2 engine that doubles the variety of storable information objects with the advantage to control a thousand million objects in a single device and velocity backups by using up to 300 per cent. It claims one consumer discovered some jobs that could have taken three or four hours can now be executed in 30 minutes.

TSM 6 prolonged version offers what IBM calls facts reduction technologies - de-duplication to you and me - understood to be in keeping with Diligent know-how. IBM obtained Dilligent in April final year for a rumoured $200m.

surprisingly IBM, keen to quantitatively impress us with DB2 engine integration advantages, gives no information for raw to de-duplicated data ratios in any respect - no stated consumer experiences right here. or not it's practically as if IBM wants to downplay its facts discount capabilities.

TSM EE also offers an awful lot sooner backup for NAS (networked-connected storage) N sequence products - provided via NetApp - and NetApp FAS arrays via providing NDMP. this may cut back the time mandatory for incremental file backups from hours to minutes, this type of evaluation once more pointing up IBM's oddity in not giving us de-dupe ratio assistance. files on these products can now be backed up directly to tape, either at once-attached contraptions or accessed throughout a network.

here is as a result of NetApp has integrated its SnapMirror to Tape and image applied sciences with TSM 6 to obtain an as much as 12X increase in backup speeds for volumes and even larger velocity increases for snapshots of recent, changed, and deleted info because identification of information not needing backup is so plenty sooner.

TSM 6 also offers item-level healing for Microsoft change and active listing, plus full picture backups of digital machines in VMware environments. There are greater monitoring and reporting amenities as well.

TSM presents backup for data on laptops, desktops, servers and mainframes, and supports both disk to disk and disk to tape backup. The v 6.0 product might be accessible on March 27. ®




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000-885 exam Dumps Source : IBM Tivoli Storage Manager Express V5.3.7

Test Code : 000-885
Test Name : IBM Tivoli Storage Manager Express V5.3.7
Vendor Name : IBM
Q&A : 90 Real Questions

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The Ten States operating Out Of docs

10. new york > change in healthcare professional/Pop. Ratio (1995-2009): +12.15% > healthcare professional/population Ratio: 4.43 > total Physicians: 86,506 > total Pop. (000): 19,541

Some hospitals in manhattan have already been pressured to curtail features because of a shortage of doctors.  according to the Healthcare association of long island State, fifty seven% of hospitals in imperative long island pronounced that there have been times in 2009 when the medical professional scarcity left their emergency rooms without certain styles of insurance.  The affiliation additionally mentioned that 28% of central new york hospitals needed to cut back or get rid of services absolutely due because they lacked sufficient physicians.  The issue is expected to deteriorate as greater docs retire in coming years.  at the moment, 27% of manhattan doctors are over the age of 60.

9. California > change in health care provider/Pop. Ratio (1995-2009): +12.1% > medical professional/population Ratio: 3.15 > complete Physicians: 116,489 > complete Pop. (000): 36,962

in response to the California HealthCare groundwork, six out of nine regions in California are experiencing a shortage of primary care physicians.  just beneath 30% of the state’s physicians are older than 60 years — the optimum fee amongst all 50 states.  unluckily, whereas the state’s population has elevated 20% in the remaining 15 years, graduation rates from the state’s eight medical schools have remained relatively unchanged.  To assist fight the medical professional scarcity, the institution of California, which runs 5 of the state’s scientific programs, has introduced plans to extend pupil enrollment and to open two new clinical faculties.

8. Maryland > exchange in health practitioner/Pop. Ratio (1995-2009): +12% > health care provider/population Ratio: 4.76 > complete Physicians: 27,153 > total Pop. (000): 5,699

Maryland residents “don’t have ample basic care providers and our clinical schools aren’t producing satisfactory,” Sen. Delores Kelley of Maryland lately announced at a state health care meeting.  despite being domestic to the world-renown Johns Hopkins university, the state is graduating too few new physicians. according to the American clinical affiliation, Maryland, among other states, is given that legislation to expand the authority of nurses in the state as a method of shrinking the doctor/patient gap.

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7. Delaware > alternate in medical professional/Pop. Ratio (1995-2009): eleven.95% > health practitioner/inhabitants Ratio: 2.eighty one > total Physicians: 2,488 > complete Pop. (000): 885

The cost of raise for physicians in Delaware is barely over seventy five% of the national commonplace.  although the state has no longer yet suffered tremendously as a result of their scarcity, a rise in newly insured patients because of health care reform may quickly trade that.  The state is already devising how to deal with the situation.  One system deploy within the state to support areas which lack satisfactory medical doctors is using eCare programs, the place Delaware-primarily based physicians electronically computer screen patients in crucial care and report anomalies to onsite nursing staffs.

6. Texas > trade in general practitioner/Pop. Ratio (1995-2009): eleven.sixty three% > medical professional/population Ratio: 2.40 > complete Physicians: fifty nine,482 > complete Pop. (000): 24,782

As of 2009, 114 of the 254 counties in Texas had been detailed via the fitness supplies and functions Administration as basic-care shortage areas, with 27 counties not having any doctors in any respect.  according to the manager clinical officer at JPS fitness community, quoted in the superstar-Telegram, it's lack of funding that has left Texas with extra scientific college graduates than attainable residencies, thereby using medical doctors out of the state.  This scarcity of medical doctors is expected to irritate if action isn't taken in the near future.  Texas’ medical professional scarcity is mainly extreme in rural areas.


TUI AG: Half 12 months effects 2016/17 | killexams.com real questions and Pass4sure dumps

15-may additionally-2017 / 08:00 CET/CESTDissemination of a Regulatory Announcement, transmitted by means of EQS group AG.The issuer is entirely answerable for the content of this announcement.

H1 2016/17

TUI group - economic highlights

EUR million Q2 2016 / 17 Q2 2015 / 16restated Var. % H1 2016 / 17 H1 2015 / 16restated Var. % Var. % atconstantcurrency Turnover 3,096.five2,966.4 + 4.four 6,382.4 6,178.7 + 3.3 + 8.2                 Underlying EBITA1               Northern region - 108.6 - seventy eight.1 - 39.1 - 138.0 - one hundred twenty.9 - 14.1 - 34.1 relevant region - ninety one.four - 83.6 - 9.3 - 143.7 - one hundred ten.6 - 29.9 - 29.8 Western vicinity - fifty four.5 - forty eight.0 - 13.5 - 102.2 - seventy five.7 - 35.0 - 35.0 motels & resorts seventy three.6 67.6 + 8.9122.8 ninety six.0 + 27.9 + 31.0 Cruises 47.0 37.0 + 27.0 seventy five.0 forty nine.3 + fifty two.1 + 58.fiveOther Tourism - 13.1 - 6.four - 104.7 - 13.4 - 16.7 + 19.eight + 49.three Tourism - 147.0 - 111.5 - 31.8 - 199.5 - 178.6 - 11.7 - 19.0 All other segments - 7.0 - 14.5 + fifty one,7 - 14.eight - 27.eight + 46.8 + 31.eight TUI neighborhood - 154.0 - 126.0 - 22.2 - 214.3 - 206.4 - 3.eight - 12.2 Discontinued operations - 3.1 - 0.5 - 520.0 - 15.three - 21.eight + 29.eight + 37.fiveTotal - 157.1 - 126.5 - 24.2 - 229.6 - 228.2 - 0.6 - 7.four EBITA2 (continuing operations) - 182.4 - 138.1 - 32.1 - 251.9 -240.9 - four.6   Underlying EBITDA (continuingoperations) - 59.9 - 40.2 - forty nine.0 - 27.three - 33.4 + 18.three   EBITDA (carrying on with operations) - eighty two.1 - forty five.6 - 80.0 - 52.3 - fifty three.1 + 1.5   web loss for the duration(carrying on with operaitons) - 163.9 - 208.8 + 21.5 - 245.5 - 346.9 + 29.2   profits per share (carrying on with operations)EUR - 0.32 - 0.forty two + 23.8 - 0.fifty one - 0.69 + 26.1   internet capex and investments 365.9113.9 + 221.2 695.1 243.9 + 185.0   equity ratio (31 March) three %       20.0 12.6 + 7.4   web monetary position (continuingoperations as at 31 March)       - 1,404.1 - 1,579.6 + 11.1   net economic position (discontinuedoperations as at 31 March)       305.6 172.9 + 76.7   employees (carrying on with operations asat 31 March)       55,142 54,336 + 1.5    

changes might also ensue because of rounding.

as a result of here changes to segmental reporting, the prior 12 months's reference figures had been restated as a result:

In Q2 2016 / 17, the resort working business Blue Diamond resorts and inns Inc., St. Michael, Barbados, up to now carried within the Northern area section, become built-in within the resort enterprise and has therefore now been said inside motels & lodges. additionally, the British cruise company Thomson Cruises, which had additionally up to now been said inside the Northern area phase, turned into transferred to the Cruises phase. in addition, because of the deliberate disposal of Travelopia - a huge a part of the professional neighborhood section - Crystal Ski and Thomson Lakes & Mountains were reclassified to Northern location. The closing segment has been carried as a discontinued operation due to the fact 30 September 2016.

1 as a way to explain and evaluate the working efficiency by way of the segments, EBITA adjusted for one-off effects (underlying EBITA) is introduced. Underlying EBITA has been adjusted for beneficial properties / losses on disposal of investments, restructuring prices based on IAS 37, ancillary acquisition charges and conditional buy fee payments below purchase fee allocations and different expenses for and revenue from one-off items.

2 EBITA contains revenue before internet activity outcomes, income tax and impairment of goodwill with the exception of losses on container transport and except for the outcomes from the measurement of activity hedges.

three fairness divided via stability sheet complete in %, variance is given in percentage features.

period in-between management document

delivering our transformation as the world's leadingintegrated tourism company

- good basic performance in the first half pushed by means of increase inHotels & motels and Cruises, in addition to delivery of merger synergies.

- existing buying and selling for summer 2017 remains in accordance with our expectations.

- strength of the built-in model and balanced portfolio of markets and destinations enable us to continue to convey sustainable boom.

- Travelopia disposal heading in the right direction to finished during H2 2016 / 17; German airline JV negotiations ongoing.

- Reiterate our information of at the least 10 % increase in underlying EBITA in 2016 / 17 1.

1 At constant international change costs utilized in the latest and prior duration, and based on the existing neighborhood structure.

H1 outcomes at a glance EUR million H1 Underlying EBITA H1 2015 / 16 - 237 Restatements (together with Hotelbeds and Travelopia treatedas discontinued operations) 31 Underlying EBITA H1 2015 / sixteen restated 2 - 206 Underlying trading 25 Merger synergies (corporate streamlining) 10 12 months on 12 months impact of aircraft financing 2 TUI fly affliction - 24 Like for like underlying EBITA H1 2016 / 17 2 - 193 Easter timing have an effect on - 38 international change translation 17 Underlying EBITA H1 2016 / 17 2 - 214  

2 continuing operations

- to be able to reveal improved the performance of our hotel and cruise manufacturers, outcomes for Thomson Cruises and Blue Diamond inns (formerly within Northern area) are now reported within the Cruise and hotels & resorts segments. Prior yr outcomes were restated accordingly.

- hotels & resorts - good performance by means of Riu, Robinson and Blue Diamond, with openings for Riu in Jamaica, TUI Blue in Tenerife and Blue Diamond in the Caribbean. Our usual brands, integrated model and robust presence in 12 months round locations continue to pressure high stages of occupancy (Riu 88 %, average motels & hotels 75 %) while nonetheless delivering 5 % boom in ordinary revenue per bed.

- Cruises - effective boom pushed via TUI Cruises and Thomson Cruises because of the primary iciness operations of Mein Schiff 5 and TUI Discovery, as well as accelerated revenue from Hapag-Lloyd Cruises.

- source Markets - extra primary to extra clients, with three % growth in clients and extra growth in increasing direct and on-line distribution (seventy three % and 47 % respectively). The TUI rebrand is progressing smartly in Nordics and Belgium and our new consumer IT platform has been rolled out to all markets.

- As outlined at Q1, the supply Markets outcomes has been impacted by larger than commonplace tiers of disease in TUI fly in October 2016, as smartly because the have an impact on of rebrand costs and the later timing of Easter.

- See Segmental performance section on pages 7 to 11 for extra element.

latest trading

winter 2016/17

current trading for winter has closed out in keeping with our expectations. we now have delivered additional growth in our hotel and cruise manufacturers, with openings for Riu, TUI Blue, Blue Diamond, as well as the first iciness of operations for Mein Schiff 5 (TUI Cruises) and TUI Discovery (Thomson Cruises). In supply Markets, customer growth has been driven via long haul, Canaries, Cape Verde and Cyprus, with a continued increase in customers staying in our personal hotels.

summer season 2017

summer time 2017 continues to be based on our expectations, with first rate usual demand for our inn and cruise manufacturers, and from our source Markets. In our inn brands, we currently opened a TUI Blue property in Tuscany, and will open one more in Croatia this July. Subdued demand for Turkey and North Africa proceed to be offset through the popularity of different locations including Spain and Canaries, Greece, Cyprus, Cape Verde and Caribbean.

In Cruises, TUI Cruises will launch the newly built Mein Schiff 6 in June. the two,500 berth ship can be based mostly firstly in Kiel (Germany) before moving to New Jersey for itineraries in the country and Caribbean. Demand for cruises remains buoyant in Germany, and we remain blissful with the performance of the TUI Cruises fleet. Thomson Cruises continues its programme of modernisation with the launch of TUI Discovery 2. The 1,800 berth ship, these days acquired from Royal Caribbean, can be based in the Mediterranean this summer season earlier than moving to the Caribbean for wintry weather 2017 / 18. we're joyful with income for the brand new ship, as smartly because the performance of the relaxation of the Thomson Cruises fleet.

The supply Markets' programme, which includes earnings of vacations to our own and third celebration inns, is 62 % sold, in accordance with prior yr. Bookings are 4 % ahead of prior year, with growth popular for Greece, Bulgaria, Croatia, Cyprus, Cape Verde and long haul. we are also carrying on with to drive direct and on-line distribution, with bookings made by the use of these channels up four % and 6 % respectively.

in the UK, despite the backdrop of Brexit, demand for our holidays remains resilient with the percentage of the programme offered according to prior yr. As prior to now outlined, earnings and promoting expense displays to an extent the have an effect on of currency charge inflation for Euro based mostly destinations this summer season.

current trading summer season 2017* YoY model % total revenue total clients total ASP Programmesold (%) Northern place eight 1 7 sixty three united kingdom8 0 8 sixty five Memo: UK incl. Thomson Cruises 10 1 8 sixty five Nordics eight 3 five58 central place 96 2 sixty two Germany 7 four three 62 Western region eight four 4 61 Benelux 7 3 three sixty one total supply markets eight 4 4 62 Memo: complete source markets incl. Thomson Cruises 9four fivesixty two  

* These information are up to 7 might also 2017, shown on a continuing forex basis and relate to all consumers whether possibility or non-chance.

trading by using the hotels & lodges section generally mirrors consumer volumes in the supply markets, as a excessive share of the community owned lodge beds are taken up by TUI tour operators. in the Cruises section, improve bookings have been up yr-on-yr with sound demand levels, primarily due to continued fleet growth.

Outlook

The community has delivered a superb H1 average and summer time 2017 continues to change in accordance with our expectations. We therefore reiterate our advice of at the least 10 % increase in underlying EBITA in 2016 / 17 (at consistent overseas change quotes applied within the latest and prior period, and according to the present community structure.)

we are continuing to bring our transformation because the world's main built-in tourism enterprise, focussed on own lodge and cruise manufacturers, with boom enabled and de-risked with the aid of our energy in distribution and direct consumer relationships, and financed through our potent working money flows and disposal proceeds. while the turbulent macroeconomic and geopolitical backdrop is obvious in certain destinations and markets, our operational experience, integrated mannequin and balanced portfolio of markets and locations mean that we are neatly positioned to deal with these challenges and continue to deliver sustainable boom into the longer term.

anticipated development of community turnover, underlying EBITA and alterations   anticipated development vs. PY EUR million 2015 / 16 restated 2016 / 17* Turnover 17,185 round three % boom Underlying EBITA 1,001 as a minimum 10 % increase changes 103 approx. EUR a hundred m charge  

* Variance yr-on-yr assuming consistent overseas-trade charges are utilized to the outcomes within the existing and prior period and according to the current community structure;information pertains to carrying on with operations and excludes any disposal proceeds for Travelopia and Hapag-Lloyd AG.

The anticipated development of alterations has been updated to EUR a hundred m in order to mirror the previous focus of restructuring fees with regards to the Transat integration. it is expected that this can be offset via lessen web hobby costs for the neighborhood, reflecting the reduce charge of debt finance.

structure and method of TUI neighborhood

Reporting structure

for the time being fiscal document for H1 2016 / 17 the TUI community reporting constitution is particularly in keeping with that added for the Annual record 2015 / sixteen.

details see Annual document 2015 / 16: page 44ff

because of the following changes to segmental reporting, the prior year's reference figures have been restated as a result.

Reclassifications from Northern vicinity segment

In Q2 2016 / 17, the inn working business Blue Diamond inns and resorts Inc., St. Michael, Barbados, prior to now reported inside Northern vicinity, became covered within the hotel business and is hence now suggested within motels & lodges. additionally, the uk cruise enterprise Thomson Cruises, additionally in the past carried in Northern area, was reclassified to the Cruises segment.

specialist community

moreover, Crystal Ski and Thomson Lakes & Mountains have been reclassified to Northern vicinity in coaching for the deliberate disposal of Travelopia, a huge a part of the professional neighborhood segment. The last phase has been carried as a discontinued operation on the grounds that 30 September 2016. An contract on the disposal of Travelopia to Kohlberg Kravis Roberts & Co. LP became concluded in February 2017. KKR will purchase Travelopia for an business value of EUR 381 m. The disposal proceeds should be invested to finance the persisted expansion of the hotel and cruise growth segments. The closing of the transaction is subject to the vital regulatory approvals and is anticipated all the way through H2 2016 / 17.

particulars see Notes from web page 28

community ambitions and strategy

The TUI neighborhood continues to pursue its strategy as offered in monetary yr 2015 / sixteen.

Our assessment of the expected synergies and one-off costs due to the merger between TUI AG and TUI shuttle PLC is retained as offered in the Annual report for 2015 / sixteen. In H1 2016 / 17, we delivered synergies value EUR 10 m from the merger with TUI travel, which resulted from the consolidation of overlapping company Centre capabilities.

details see Annual report 2015 / 16: page 28 - 43

Consolidated earnings

Turnover EUR million Q2 2016 / 17 Q2 2015 / 16restated Var. % H1 2016 / 17 H1 2015 / 16restated Var. % Northern place 1,one hundred twenty.91,a hundred and seventy.1 - 4.2 2,232.nine2,358.3 - 5.three significant area 887.1 897.7 - 1.2 2,028.0 1,987.1 2.1 Western region 564.6 428.7 31.7 1,114.0 915.6 21.7 hotels & hotels 158.8 133.6 18.nine300.0 266.0 12.8 Cruises 194.0 173.911.6 345.9308.912.0 different Tourism 139.eight 142.0 - 1.five290.4 290.0 0.1 Tourism three,065.2 2,946.0 four.0 6,311.2 6,125.nine3.0 All different segments 31.3 20.4 53.4 71.2 52.eight 34.eight TUI community three,096.52,966.4 4.four 6,382.4 6,178.7 three.three TUI community at steady currency 3,202.2 2,966.four 7.nine6,688.4 6,178.7 eight.2 Discontinued operations 293.nine561.4 - forty seven.6 546.three 1,067.5 - forty eight.eight complete3,390.4 3,527.8 - 3.nine6,928.7 7,246.2 - 4.four  

Underlying EBITA

Underlying EBITA EUR million Q2 2016 / 17 Q2 2015 / 16restated Var. % H1 2016 / 17 H1 2015 / 16restated Var. % Northern location - 108.6 - 78.1 - 39.1 - 138.0 - one hundred twenty.9 - 14.1 relevant area - 91.four - 83.6 - 9.3 - 143.7 - one hundred ten.6 - 29.nineWestern place - fifty four.5 - forty eight.0 - 13.5 - 102.2 - 75.7 - 35.0 motels & hotels 73.6 67.6 8.9122.eight 96.0 27.9Cruises 47.0 37.0 27.0 seventy five.0 49.3 fifty two.1 different Tourism - 13.1 - 6.four - 104.7 - 13.four - sixteen.7 19.eight Tourism - 147.0 - 111.5 - 31.8 - 199.5 - 178.6 - 11.7 All other segments - 7.0 - 14.5fifty one.7 - 14.eight - 27.8 forty six.eight TUI neighborhood - 154.0 - 126.0 - 22.2 - 214.three - 206.4 - three.8 TUI group at constant foreign money - 177.7 - 126.0 - forty one.0 - 231.four - 206.four - 12.1 Discontinued operations - 3.1 - 0.5 - 520.0 - 15.3 - 21.eight 29.eight complete - 157.1 - 126.5 - 24.2 - 229.6 - 228.2 - 0.6  

EBITA

EBITA EUR million Q2 2016 / 17 Q2 2015 / 16restated Var. % H1 2016 / 17 H1 2015 / 16restated Var. % Northern vicinity - 114.four - 82.5 - 38.7 - 148.1 - 131.5 - 12.6 significant location - 86.5 - eighty four.four - 2.5 - a hundred and forty.2 - 117.0 - 19.eight Western vicinity - 80.1 - 50.5 - 58.6 - 128.8 - seventy nine.four - sixty two.1 resorts & hotels seventy two.4 sixty seven.57.3 one hundred twenty.0 95.2 26.1 Cruises 46.937.0 26.7 75.0 49.three 52.2 other Tourism - 14.0 - 7.9 - seventy seven.2 - 14.9 - 20.0 25.5Tourism - 175.7 - one hundred twenty.eight - 45.four - 237.0 - 203.four - 16.fiveAll different segments - 6.7 - 17.3 sixty one.3 - 14.9 - 37.five60.3 TUI group - 182.four - 138.1 - 32.1 - 251.9 - 240.9 - 4.6 Discontinued operations - 6.6 - 32.4 79.6 - 22.2 - 71.7 sixty nine.0 total - 189.0 - one hundred seventy.5 - 10.8 - 274.1 - 312.6 12.three  

Segmental efficiency

Northern place   Q2 2016 / 17 Q2 2015 / 16restated Var. % H1 2016 / 17 H1 2015 / 16restated Var. % Turnoverin EUR million 1,one hundred twenty.91,one hundred seventy.1 - 4.2 2,232.nine2,358.3 - 5.three Underlying EBITAin EUR million - 108.6 - 78.1 - 39.1 - 138.0 - a hundred and twenty.9 - 14.1 Underlying EBITA at constantcurrencyin EUR million - one hundred twenty five.four - 78.1 - 60.6 - 162.1 - one hundred twenty.9 - 34.1               Direct distribution1 in %, variance in % elements 90 91 - 1 ninety ninety - on-line distribution2 in %, variance in % points 63 60 three sixty three 59 four consumers in '000 1,177 1,080 9.0 2,363 2,250 5.0  

1 Share of sales by means of personal channels (retails and online); incl. Thomson Cruises

2 Share of on-line income; incl. Thomson Cruises

- Northern location effects had been restated to exclude Thomson Cruises (now in Cruises) and Blue Diamond resorts (now in motels & motels).

- The result comprises approximately EUR 20 m phasing influence from the later timing of Easter.

- Northern area continues to deliver excessive stages of direct and on-line distribution, at ninety % and sixty three % respectively.

- UK consumer volumes accelerated via 8 % in H1 2016 / 17, with a superb end to summer season and growth in lengthy haul in wintry weather. This became offset by using P & L prices bobbing up from a rise within the valuation of US dollar based preservation reserves (because of the weaker Pound Sterling) and a rise in pension provider charges (technically pushed with the aid of decrease pastime costs). The influence become also impacted to some extent in Q2 by means of currency cost inflation, due to the weakening of the Pound Sterling.

- As expected, Nordic's H1 performance become impacted with the aid of decrease demand for Turkey and Egypt. additionally, the result comprises the influence of rebrand advertising fees. in line with existing buying and selling, we predict an development in H2 performance and continue to be concentrated on riding extra operational efficiency advancements.

- income in our Canadian joint venture increased enormously on prior 12 months, when it was unable to absolutely circulate on higher accommodation expenses on account of the weakening of the Canadian versus US dollar.

critical place   Q2 2016 / 17 Q2 2015 / 16restated Var. % H1 2016 / 17 H1 2015 / 16restated Var. % Turnover in EUR million 887.1 897.7 - 1.2 2,028.0 1,987.1 2.1 Underlying EBITA in EUR million - 91.four - eighty three.6 - 9.3 - 143.7 - one hundred ten.6 - 29.9Underlying EBITA at constantcurrency in EUR million - 91.2 - eighty three.6 - 9.1 - 143.6 - a hundred and ten.6 - 29.8               Direct distribution1 in %, variance in % points forty nine 45 4 47 45 2 online distribution2 in %, variance in % points 19 15 four 17 14 three Customersin '000 885 958 - 7.6 2,146 2,215 - three.1  

1 Share of revenue via own channels (retails and on-line)

2 Share of on-line sales

- significant vicinity has persevered to raise the percentage of bookings via direct and online channels, to forty seven % and 17 % respectively.

- Germany continues to construct on its market share positive aspects with an increased latitude of vacations and departure airports on present, supplying an superior buying and selling performance in H1.

- As outlined at Q1, the outcomes was impacted via larger than commonplace levels of disorder in TUI fly in October 2016 leading to a couple of flight cancellations. moreover, the outcome comprises about EUR 4 m from the later timing of Easter, in addition to further plane fix prices.

- Negotiations with Etihad involving the creation of an airline joint venture to serve the German, Austrian and Swiss markets are ongoing.

Western region   Q2 2016 / 17 Q2 2015 / 16restated Var. % H1 2016 / 17 H1 2015 / 16restated Var. % Turnover in EUR million 564.6 428.7 31.7 1,114.0 915.6 21.7 Underlying EBITA in EUR million - fifty four.5 - 48.0 - 13.5 - 102.2 - 75.7 - 35.0 Underlying EBITA at constantcurrency in EUR million - fifty four.5 - 48.0 - 13.5 - 102.2 - 75.7 - 35.0               Direct distribution1 in %, variance in % facets 73 71 2 seventy three 70 three online distribution2 in %, variance in % elements fifty seven 54 3 56 53 3 purchasers in '000 882 795 10.nine1,835 1,671 9.8  

1 Share of revenue by means of own channels (retails and on-line)

2 Share of on-line sales

- extra increase in each direct and online distribution to seventy three % and 56 % respectively, aided via the rebrand in Belgium.

- The influence displays the first time inclusion of Transat's seasonal EBITA loss, as smartly because the influence of rebrand prices in Belgium and EUR 5 m timing influence of Easter.

- The Netherlands outcomes became impacted by using nighttime slot restrictions at Schiphol Airport and increased claims for denied boarding compensation. The summer programme has been altered to take these restrictions into account.

motels & hotels   Q2 2016 / 17 Q2 2015 / 16restated Var. % H1 2016 / 17 H1 2015 / 16restated Var. % complete turnover in EUR million 281.four 259.7 eight.four 564.6 530.three 6.5Turnover in EUR million 158.eight 133.6 18.nine300.0 266.0 12.8 Underlying EBITA in EUR million 73.6 67.6 8.nine122.eight 96.0 27.9Underlying EBITA at constantcurrency charges in EUR million seventy six.967.6 13.8 125.7 96.0 31.0               capacity inns total1,four in '000 6,496.four 6,237.4 4.2 14,287.7 13,970.three 2.3 Riu four,one hundred eighty.eight 4,134.nine1.1 8,382.98,370.1 0.2 Robinson 512.eight 493.1 4.0 1,167.0 1,143.2 2.1               Occupancy fee lodges total2 in %,variance in % elements 78.3 78.9 - 0.6 74.8 seventy five.7 - 0.nineRiu ninety.fiveninety one.6 - 1.1 88.2 87.7 0.fiveRobinson 60.1 sixty two.6 - 2.five62.four sixty three.5 - 1.1               usual profits per mattress resorts total3 in EUR 70.46 66.35 6.2 64.seventy one 61.sixty three 5.0 Riu 74.99 69.52 7.9sixty nine.28 64.68 7.1 Robinson a hundred and one.22 97.58 3.7 93.15 ninety.38 three.1  

These data consist of former TUI go back and forth resorts; Blue Diamond covered in underlying EBITA

1 group owned or leased resort beds multiplied by way of opening days per quarter

2 Occupied beds divided by way of skill

3 association salary divided through occupied beds

four previous 12 months's KPIs restated

- This phase now includes the outcomes of Blue Diamond resorts, which is a component of our joint venture in Canada. The result contains EUR 9 m have an impact on from the later timing of Easter.

- Our normal brands, integrated model and strong presence in 12 months round locations continue to pressure excessive ranges of occupancy(Riu 88 %, general inns & hotels 75 %) whilst still delivering 5 % growth in typical profits per bed.

- Riu delivered another mighty performance, particularly in Spain and Mexico, with a 7 % raise in common income per mattress. As expected, this turned into partly offset by way of the benefit on disposal of the Riu Tropicana in the prior yr.

- Robinson also delivered a fine performance, with three % growth in standard revenue per bed overall.

- As anticipated, these have been offset partly by using the opposed influence from lower demand for Turkey. Encouragingly we are seeing an growth in occupancy in our inns in North Africa.

Cruises   Q2 2016 / 17 Q2 2015 / 16restated Var. % H1 2016 / 17 H1 2015 / 16restated Var. % Turnover in EUR million 194.0 173.911.6 345.9308.912.0 Underlying EBITA in EUR million 47.0 37.0 27.0 75.0 49.three fifty two.1 Underlying EBITA at constantcurrency prices in EUR million forty eight.three 37.0 30.578.1 49.3 fifty eight.5               Occupancy in %, variance in % facets             Hapag-Lloyd Cruises seventy six.0 seventy nine.5 - 3.fiveseventy three.eight seventy four.9 - 1.1 TUI Cruises one hundred.0 one zero one.2 - 1.2 ninety nine.7 100.9 - 1.1 Thomson Cruises ninety eight.1 96.7 1.four 99.6 97.7 1.9               Passenger days in '000             Hapag-Lloyd Cruises 89.three ninety four.8 - 5.8 163.7 166.3 - 1.6 TUI Cruises 1,024.2 814.8 25.7 2,031.7 1,633.1 24.four Thomson Cruises 562.3 414.nine35.51,090.0 851.eight 28.0               usual day by day rates1 in EUR             Hapag-Lloyd Cruises 633 623 1.6 595 561 6.1 TUI Cruises one hundred fifty 148 1.four 147 147 - Thomson Cruises 2 168 160 5.0 161 148 8.8  

1 Per day and passenger

2 KPI profits, inclusive all equipment aspects

- This section now contains the results of Thomson Cruises, previously pronounced inside Northern location.

- TUI Cruises continues to convey gigantic increase at the same time as holding a strong occupancy and price performance, with an extra ship (Mein Schiff 5) this wintry weather. This was offset partly via a planned boost in dry dock days.

- Thomson Cruises' outcome has also improved enormously, with the primary wintry weather of operations of TUI Discovery and an outstanding occupancy and cost efficiency throughout the fleet.

- Hapag-Lloyd Cruises has delivered an increase in earnings, benefitting from improvements to itineraries and fewer dry dock days than prior 12 months.

other tourism EUR million Q2 2016 / 17 Q2 2015 / 16restated Var. % H1 2016 / 17 H1 2015 / 16restated Var. % Turnover 139.eight 142.0 - 1.5290.4 290.0 0.1 Underlying EBITA - 13.1 - 6.four - 104.7 - 13.four - sixteen.7 19.8 Underlying EBITA at constant forex - 10.0 - 6.6 - fifty one.5 - 8.5 - 16.7 forty nine.3  

- vacation spot features endured to convey better trading in H1.

- Corsair's influence also improved because of gas discount rates.

All different segments EUR million Q2 2016 / 17 Q2 2015 / 16restated Var. % H1 2016 / 17 H1 2015 / 16restated Var. % Turnover 31.3 20.4 fifty three.4 seventy one.2 fifty two.8 34.eight Underlying EBITA - 7.0 - 14.fivefifty one.7 - 14.eight - 27.8 46.eight Underlying EBITA at consistent forex rates - 8.7 - 14.5forty.0 - 18.9 - 27.eight 32.0  

- All other segments underlying EBITA more advantageous by way of EUR 13.0 m 12 months-on-year to EUR - 14.8 m in H1 2016 / 17.

- within the duration below evaluation, additional company streamlining synergies worth EUR 10 m were delivered.

fiscal place and internet belongings

money stream / internet capex and investments / internet debt

The money outlow from operating activities lowered via EUR 286.8 m yr-on-yr. This turned into mainly because of an improvement in working capital seasonality following the disposal of Hotelbeds group in September 2016, and wonderful exchanges cost results.

net capex and investments EUR million Q2 2016 / 17 Q2 2015 / 16 Var. % H1 2016 / 17 H1 2015 / 16 Var. % cash gross capex             Northern region 12.6 12.7 - 0.eight 25.2 30.1 - sixteen.three valuable vicinity four.1 5.four - 24.1 7.3 9.1 - 19.8 Western area 6.4 four.eight 33.three 13.7 7.7 seventy seven.9lodges & motels seventy one.eight 40.6 seventy six.eight 130.6 108.four 20.fiveCruises 224.7 5.4 n. a. 247.8 23.three 963.5Other Tourism 23.519.2 22.4 forty nine.1 43.6 12.6 Tourism 343.1 88.1 289.4 473.7 222.2 113.2 All different segments 0.four 2.8 - 85.7 1.8 14.8 - 87.eight TUI group 343.five90.nine277.nine475.5237.0 a hundred.6 Discontinued operations four.4 19.three - seventy seven.2 10.6 32.5 - 67.four total347.nine110.2 215.7 486.1 269.5eighty.4 net pre delivery payments on plane 33.8 20.6 64.1 117.five21.three 451.6 fiscal investments 1.0 1.5 - 33.3 103.1 14.0 636.four Divestments - 16.eight - 18.4 eight.7 - 11.6 - 60.9eighty one.0 web capex and investments 365.9113.nine221.2 695.1 243.9185.0  

The boost in cash gross capex within the Cruises sector chiefly resulted from the buy of the cruise liner TUI Discovery 2.

assets and liabilities

belongings and liabilities EUR million 31 Mar 2017 30 Sep 2016 Var. % Non-present belongings 9,894.99,131.8 + eight.4 current belongings 4,349.55,326.1 - 18.three belongings 14,244.four 14,457.9 - 1.5equity 2,845.0 3,248.2 - 12.four Provisions 2,401.52,628.7 - 8.6 monetary liabilities 2,027.four 2,041.1 - 0.7 other liabilities 6,970.56,539.9 + 6.6 Liabilities 14,244.four 14,457.9 - 1.5  

As at 31 March 2016 / 17, TUI neighborhood's balance sheet total amounted to EUR 14.2 bn (30 September 2016: EUR 14.5 bn). Non-present belongings rose by using eight.4 % average, especially driven by means of greater goodwill as a result of the acquisition of Transat's French tour operator enterprise and an increase in property, plant and equipment as a result of the purchase of cruise ship TUI Discovery 2. The decline in latest property of 18.3 % became above all as a result of the seasonal decline in cash and cash equivalents. On the liabilities side, non-latest provisions and liabilities lowered with the aid of 6.0 %, partly pushed by means of a decline in pension provisions as a result of better capital market interest prices, the issuance of a bond in October 2016 and using lengthy-term credit score strains. As at 31 March 2017, the fairness ratio stood at 20.0 %, falling below its level of twenty-two.5 % as at 30. September 2016, the steadiness sheet date.

particulars see Notes from web page 35

gas / international trade

Our method of hedging the vast majority of our jet fuel and currency necessities for future seasons, as certain beneath, continues to be unchanged. This offers us sure bet of expenses when planning ability and pricing. here desk suggests the percent of our forecast requirement it is currently hedged for Euros, US dollars and jet gasoline for our supply Markets, which account for over 90 % of our group currency and fuel publicity.

international alternate/gas % summer 2017 iciness 2017 / 18 Euro 95 70 US dollar ninety one seventy two Jet gas ninety three eighty five  

As at 5 may additionally 2017

feedback on the consolidated salary observation

The consolidated earnings statement displays the seasonality of the tourism enterprise, with bad outcomes generated within the length from October to March because of the seasonal nature of the enterprise.

income observation of the TUI neighborhood for the duration from 1 Oct 2016 to 31 Mar 2017 EUR million Q2 2016 / 17 Q2 2015 / 16restated Var. % H1 2016 / 17 H1 2015 / 16restated Var. % Turnover three,096.five2,966.4 four.four 6,382.4 6,178.7 three.3 charge of income 3,053.92,876.nine6.2 6,156.five5,916.5four.1 Gross benefitforty two.6 89.5 - fifty two.4 225.nine262.2 - 13.8 Administrative expenses313.8 282.2 eleven.2 601.1 593.8 1.2 different income 2.nine12.7 - 77.2 5.1 28.4 - eighty two.0 different expenses0.90.580.0 2.2 three.2 - 31.three fiscal salary 30.eight 12.4 148.four 37.0 18.fivea hundred.0 fiscal bills39.four 111.9 - sixty four.eight 81.1 199.7 - 59.four Share of effect of joint ventures andassociates 70.3 42.2 sixty six.6 one hundred and five.6 sixty four.7 63.2 salary earlier than salary taxes fromcontinuing operations - 207.5 - 237.8 12.7 - 310.8 - 422.nine26.5Income taxes - 43.6 - 29.0 - 50.3 - sixty five.3 - seventy six.0 14.1 result from continuing operations - 163.9 - 208.eight 21.5 - 245.5 - 346.929.2 result from discontinued operations - fifty four.6 - 22.2 - a hundred forty five.9 - 63.1 - forty eight.0 - 31.5group loss for the year - 218.5 - 231.0 5.four - 308.6 - 394.nine21.9neighborhood loss for the yr attributable to shareholders of TUI AG - 245.4 - 264.97.4 - 362.9 - 448.919.2 community loss for the year as a result of non-controlling attention26.933.9 - 20.6 fifty four.3 54.0 0.6  

In H1 2016 / 17, turnover totalled EUR 6.4 bn, up via three.three % yr-on-12 months. On a continuing forex basis, turnover grew through 8.2 % 12 months-on-12 months in H1. With customer numbers up around three %, this growth become pushed by way of an universal larger share of long-haul travel, higher promoting prices in source Market UK because of the trade expense-pushed can charge inflation for locations within the Eurozone and the acquisition of Transat's French tour operator business. The turnover boom also mirrored greater average costs within inns & motels and growth posted by way of Thomson Cruises due to the primary-time iciness operation of TUI Discovery.

The effect from carrying on with operations more desirable in H1 2016 / 17, driven by an increase in the working efficiency and an growth within the economic result, which had comprised an price of EUR one hundred.three m in connection with the dimension of the funding in Hapag-Lloyd AG in the prior yr reference length.

choice efficiency measures

Key symptoms used to manage the TUI neighborhood are EBITA and underlying EBITA. We agree with EBITA to be the most relevant performance indicator for explaining the development of the TUI group's operating performance. EBITA contains salary earlier than activity, taxes and goodwillimpairments; it does not encompass the results from container shippingoperations nor the outcomes from the size of pastime hedging contraptions.

The desk under suggests a reconciliation of revenue earlier than taxes from carrying on with operations to underlying salary. In H1 2016 / 17, changes including purchase rate allocations price EUR 37.6 m were effected for carrying on with operations, up EUR three.1 m yr-on-12 months. fabric changes in H1 concerning prices of around EUR 24 m for the mixing of the French TUI tour operator following the acquisition of Transat, which went hand in hand with earnings generated from the reversal of a restructuring provision not required in imperative place. adjustments also covered one-off items reflecting restructuring fees within the areas and the charge of integration of vacation spot capabilities with the supply Market organizations.

Reconciliation to underlying salary EUR million Q2 2016 / 17 Q2 2015 / 16restated Var. % H1 2016 / 17 H1 2015 / 16restated Var. % salary before earnings taxes - 207.5 - 237.eight 12.7 - 310.8 - 422.926.5influence from the partial sale / measurement of shares in Container delivery - 2.three fifty eight.7 n. a. - 2.three one hundred.three n. a. plus: web hobby expense and rate from the size of interest hedges 27.four 41.0 - 33.2 sixty one.2 81.7 - 25.1 EBITA - 182.4 - 138.1 - 32.1 - 251.9 - 240.9 - 4.6 alterations:             much less: beneficial properties on disposals - - 0.6   0.7 0.9   plus: Restructuring fee 16.93.eight   17.1 5.5   plus: rate from buy price allocation 7.five6.0   15.2 17.6   plus: cost / much less: profits from otherone-off itemsfour.0 2.9   four.6 10.5   Underlying EBITA - 154.0 - 126.0 - 22.2 - 214.three - 206.4 - 3.8  

Key figures of income statement

Key figures of income remark EUR million Q2 2016 / 17 Q2 2015 / 16restated Var. % H1 2016 / 17 H1 2015 / 16restated Var. % revenue earlier than hobby, salary taxes, depreciation, impairment and employ (EBITDAR) 102.eight a hundred forty five.4 - 29.3 315.0 339.3 - 7.2 operating condominium bills184.9190.9 - three.1 367.3 392.four - 6.4 profits earlier than pastime, earnings taxes, depreciation and impairment (EBITDA) - eighty two.1 - forty five.6 - 80.0 - 52.three - 53.1 + 1.5Depreciation / amortisation less reversals of depreciation 1) a hundred.3 ninety two.4 + eight.five199.6 187.eight + 6.3 salary earlier than pastime, profits taxes and impairment of goodwill (EBITA) - 182.4 - 138.1 - 32.1 - 251.9 - 240.9 - 4.6 Impairment of goodwill - - - - - - revenue before hobby and earnings taxes (EBIT) - 182.four - 138.1 - 32.1 - 251.9 - 240.9 - four.6 hobby influence and earnings from the dimension of pastime hedges 27.4 41.0 - 33.2 61.2 81.7 - 25.1 influence from the partial sale / size of shares in Container transport - 2.3 fifty eight.7 + 96.1 - 2.three one hundred.3 + ninety seven.7 revenue before earnings taxes (EBT) - 207.5 - 237.eight + 12.7 - 310.eight - 422.9 + 26.5  

* On property, plant and equipment, intangible asssets, economic and different assets

other segment symptoms

Underlying EBITDA EUR million Q2 2016 / 17 Q2 2015 / 16restated Var. % H1 2016 / 17 H1 2015 / 16restated Var. % Northern area - ninety four.6 - 63.3 - forty nine.4 - a hundred and ten.eight - 92.2 - 20.2 vital location - 86.6 - 78.eight - 9.9 - 134.1 - 101.0 - 32.eight Western area - 50.0 - forty four.1 - 13.4 - ninety three.7 - sixty seven.9 - 38.0 inns & motels 97.6 88.1 10.eight 167.9138.four 21.3 Cruises 60.1 forty seven.6 26.three a hundred and one.6 70.0 forty five.1 different Tourism 1.five5.6 - 73.2 16.2 7.four 118.9Tourism - seventy two.0 - forty four.9 - 60.four - 52.9 - 45.three - sixteen.8 All different segments 12.1 four.7 157.four 25.6 11.nine115.1 TUI neighborhood - fifty nine.9 - forty.2 - forty nine.0 - 27.three - 33.4 18.3 Discontinued operations - three.0 17.fiven. a. - 15.2 7.eight n. a. complete - 62.9 - 22.7 - 177.1 - forty two.5 - 25.6 - sixty six.0  

EBITDA

EBITDA EUR million Q2 2016 / 17 Q2 2015 / 16restated Var. % H1 2016 / 17 H1 2015 / 16restated Var. % Northern location - ninety seven.4 - 64.four - 51.2 - 114.8 - ninety five.9 - 19.7 relevant vicinity - eighty one.2 - seventy nine.1 - 2.7 - 129.6 - 106.2 - 22.0 Western location - 74.9 - forty five.7 - sixty three.9 - 118.7 - sixty nine.8 - 70.1 motels & resorts 97.6 89.1 9.5167.3 139.eight 19.7 Cruises 60.1 forty seven.6 26.3 101.6 70.0 45.1 other Tourism 0.54.2 - 88.1 14.7 4.2 250.0 Tourism - ninety five.3 - forty eight.3 - 97.3 - seventy nine.5 - 57.9 - 37.3 All different segments 13.2 2.7 388.nine27.2 4.eight 466.7 TUI neighborhood - 82.1 - 45.6 - 80.0 - 52.three - 53.1 1.5Discontinued operations - 6.6 - 9.three 29.0 - 22.1 - 29.1 24.1 total - 88.7 - fifty four.9 - sixty one.6 - seventy four.four - 82.2 9.5  

employees

personnel   31 Mar 2017 31 Mar 2016 restated Var. % Northern region 14,081 14,578 - three.4 significant vicinity 10,123 10,219 - 0.9Western region 6,037 5,227 15.fiveHotels & hotels four,418 4,867 - 9.2 Cruises 18,447 17,493 5.5Other Tourism 248 244 1.6 Tourism 53,354 fifty two,628 1.4 All different segments 1,788 1,708 four.7 TUI neighborhood 55,142 fifty four,336 1.fiveDiscontinued operations three,556 12,274 - 71.0 completefifty eight,698 sixty six,610 - eleven.9  

company Governance

Composition of the Boards

In H1 2016 / 17 the composition of the government Board of TUI AG modified as follows.

In December 2016, the Supervisory Board appointed Frank Rosenberger as TUI AG executive Board member IT and New Markets. Frank Rosenberger assumed these duties as at 1 January 2017, at first as Deputy government Board member.

The present, finished composition of the executive Board and Supervisory Board is listed on our site, the place it has been made permanently obtainable to the public.

possibility and chance file

successful administration of present and emerging dangers and alternatives is crucial to the long-time period success of our enterprise and to the fulfillment of our strategic goals. Full details of our risk governance framework and primary risks and opportunities may also be found in the Annual document 2015 / sixteen. The primary hazards and uncertainties outlined in that record proceed to face the neighborhood.

Of the above risks, enter can charge volatility is judged to have multiplied over the period beneath evaluation, H1 2016 / 17, as a result of sterling last at costs drastically reduce than these seen prior to remaining yr's UK Brexit referendum. according to TUI's hedging coverage, the united kingdom source Market had already hedged a significant percentage of its international foreign money requirements forward of the Brexit referendum, besides the fact that children on the unhedged portion this consequences in greater expenses a good way to have an impact on the united kingdom business in the second half of the 12 months.

With the united kingdom government formally triggering Article 50 on twenty ninth March 2017, Brexit has long past from being an emerging risk to an lively primary possibility facing the community. At this stage there remains now not an outstanding deal of counsel obtainable to permit us to confidently and precisely assess the skills have an impact on on the neighborhood. youngsters, with contemporary press briefings from eu officers declaring that there could be no special deal for aviation, our leading situation at current is centred round whether or not all of our airlines would, as issues stand, proceed to have entry to ecu airspace as now. we are able to proceed to lobby valuable UK and european ministers and officers to stress the significance of there being a unique deal for aviation to give protection to buyer choice in both regions, and may determine other steps we may be capable of take to be certain the neighborhood isn't adversely affected to any fabric extent during this area. Our Brexit guidance Committee will proceed to monitor external trends because the political negotiations commence in H2. When extra distinct assistance ultimately becomes available, it is going to check no matter if there might be any selected influences on our company mannequin and any quintessential alterations we may be forced to take to mitigate these affects as soon as the united kingdom does go away the european.

period in-between FINANCIALSTATEMENTS

earnings observation of the TUI community for the length from 1 Oct 2016 to 31 Mar 2017 EUR million Notes H1 2016 / 17 H1 2015 / 16restated Turnover (1) 6,382.4 6,178.7 charge of income (2) 6,156.55,916.5Gross profit   225.9262.2 Administrative fees (2) 601.1 593.8 different profits (3) 5.1 28.four other charges (three) 2.2 three.2 economic revenue (4) 37.0 18.5fiscal fees (four) 81.1 199.7 Share of effect of joint ventures and co-workers (5) one hundred and five.6 64.7 earnings earlier than earnings taxes from continuing operations   - 310.8 - 422.9salary taxes (6) - 65.3 - seventy six.0 outcomes from carrying on with operations   - 245.5 - 346.nineeffect from discontinued operations   - sixty three.1 - 48.0 group loss   - 308.6 - 394.ninegroup loss because of shareholders of TUI AG   - 362.9 - 448.ninecommunity loss brought on by non-controlling interest (7) fifty four.3 fifty four.0  

revenue per share

earnings per shareEUR H1 2016 / 17 H1 2015 / 16restated simple and diluted income per share - 0.62 - 0.77 from continuing operations - 0.fifty one - 0.sixty nine from discontinued operations - 0.11 - 0.08 Condensed observation of comprehensive profits of the TUI neighborhood for the periodfrom 1 Oct 2016 to 31 Mar 2017 EUR million H1 2016 / 17 H1 2015 / 16 community loss - 308.6 - 394.9Remeasurements of pension duties and connected fund property 223.2 - 129.three earnings tax involving objects that aren't reclassified - 53.4 20.three items that are usually not reclassified to income or loss 169.8 - 109.0 foreign trade alterations 28.8 138.5financial gadgets available for sale 131.9 - money movement hedges - 50.three 112.6 changes within the size of businesses measured at equity 15.6 - 28.5Income tax regarding objects that may well be reclassified - 0.2 3.5Items that may be reclassified to profit or loss 125.8 226.1 other finished revenue 295.6 117.1 complete comprehensive income - 13.0 - 277.eight caused by shareholders of TUI AG - eighty four.8 - 330.2 caused by non-controlling attention71.eight 52.4       Allocation of share of shareholders of TUI AG of complete comprehensive earnings     continuing operations - 22.3 - 362.2 Discontinued operations - sixty two.five32.0  

financial place of the TUI community as at 31 Mar 2017

financial position of the TUI community as at 31 Mar 2017 EUR million Notes 31 Mar 2017 30 Sep 2016 property       Goodwill (8) 2,949.4 2,853.5Other intangible property   560.three 545.8 Property, plant and machine (9) 4,185.3 3,714.fiveInvestments in joint ventures and colleagues   1,272.four 1,a hundred and eighty.eight economic assets attainable on the market   70.0 50.4 alternate receivables and different property   372.three 315.3 by-product economic contraptions   103.3 126.eight Deferred tax property   381.nine344.7 Non-present assets   9,894.nine9,131.8         Inventories   121.1 one hundred and five.2 monetary belongings available for sale (10) 395.0 265.8 alternate receivables and other assets   1,750.6 1,320.1 spinoff fiscal devices   389.five544.6 income tax belongings   116.1 87.7 cash and cash equivalents   623.three 2,072.9assets held on the market (eleven) 953.nine929.8 existing property   four,349.55,326.1     14,244.four 14,457.9  

economic place of the TUI community as at 31 Mar 2017

economic place of the TUI community as at 31 Mar 2017 EUR million Notes 31 Mar 2017 30 Sep 2016 equity and liabilities       Subscribed capital   1,500.7 1,500.7 Capital reserves   four,192.2 4,192.2 income reserves   - three,492.5 - 3,017.8 fairness before non-controlling pastime   2,200.four 2,675.1 Non-controlling activity   644.6 573.1 equity (15) 2,845.0 three,248.2         Pension provisions and an identical responsibilities (13) 1,168.0 1,410.3 different provisions   823.7 803.0 Non-latest provisions   1,991.7 2,213.three financial liabilities (14) 1,861.8 1,503.4 derivative fiscal gadgets   24.five27.fiveIncome tax liabilities   146.four 22.2 Deferred tax liabilities   forty six.3 sixty two.9Other liabilities   156.7 one hundred sixty.1 Non-latest liabilities   2,235.7 1,776.1 Non-existing provisions and liabilities   four,227.4 three,989.4         Pension provisions and equivalent obligations (13) forty one.4 40.6 other provisions   368.four 374.8 current provisions   409.8 415.four financial liabilities (14) one hundred sixty five.6 537.7 exchange payables   1,627.nine2,476.9derivative economic instruments   158.3 249.6 income tax liabilities   61.nine196.0 different liabilities   4,164.52,872.four current liabilities   6,178.2 6,332.6 Liabilities related to belongings held for sale (12) 584.0 472.3 latest provisions and liabilities   7,172.0 7,220.3     14,244.four 14,457.9Condensed observation of changes in neighborhood fairness for the duration from 1 Oct 2016 to 31 Mar 2017 EUR million Subscribedcapital Capitalreserves Revenuereserves Equitybefore non-controllinginterest Non-controllinginterest entirebalance as at 1 Oct 2016 1,500.7 4,192.2 - three,017.8 2,675.1 573.1 three,248.2 Dividends - - - 368.6 - 368.6 - 0.3 - 368.9Share-based price schemes - - 0.five0.5 - 0.5Acquisition of own shares - - - 21.eight - 21.eight - - 21.eight community loss - - - 362.9 - 362.954.three - 308.6 foreign change variations - - 11.four 11.four 17.four 28.eight financial contraptions accessible for sale - - 131.nine131.9 - 131.ninemoney movement Hedges - - - 50.four - 50.four 0.1 - 50.three Remeasurements of pension provisions and linked fund assets - - 223.2 223.2 - 223.2 alterations within the measurement of companies measured at equity - - 15.6 15.6 - 15.6 Taxes brought on by different complete salary - - - fifty three.6 - fifty three.6 - - fifty three.6 different complete revenue - - 278.1 278.1 17.five295.6 complete finished earnings - - - 84.eight - 84.8 seventy one.8 - 13.0 balance as at 31 Mar 2017 1,500.7 four,192.2 - three,492.52,200.four 644.6 2,845.0  

Condensed statement of changes in community equity for the length from 1 Oct 2015 to 31 Mar 2016

Condensed commentary of alterations in community equity for the duration from 1 Oct 2015 to 31 Mar 2016 EUR million Subscribed capital Capitalreserves Revenuereserves equity before non-controllinginterest Non-controllinginterest wholesteadiness as at 1 Oct 2015 1,499.6 four,187.7 - three,773.91,913.4 503.92,417.3 Dividends - - - 327.0 - 327.0 - 0.9 - 327.9Share-based payment schemes - - four.6 four.6 - four.6 problem of employee shares0.52.5 - 3.0 - three.0 Acquisition of own shares - - - fifty one.3 - fifty one.three - - 51.3 outcomes on the acquisition of non-controlling pastime - - 0.1 0.1 - 0.1 - neighborhood loss - - - 448.9 - 448.9fifty four.0 - 394.nineinternational alternate alterations - - a hundred and forty.0 140.0 - 1.5138.5cash move Hedges - - 112.6 112.6 - 112.6 Remeasurements of pension provisions and related fund property - - - 129.3 - 129.three - - 129.three alterations in the measurement of groups measured at fairness - - - 28.5 - 28.5 - - 28.fiveTaxes attributable to different comprehensive income - - 23.nine23.9 - 0.1 23.eight different complete revenue - - 118.7 118.7 - 1.6 117.1 complete comprehensive profits - - - 330.2 - 330.2 52.four - 277.8 stability as at 31 Mar 2016 1,500.1 four,a hundred ninety.2 - four,477.7 1,212.6 555.3 1,767.9Condensed money flow statement of the TUI community EUR million H1 2016 / 17 H1 2015 / 16 money outflow from working actions - 278.5 - 565.3 cash outflow from investing activities - 695.1 - 243.4 cash outflow / influx from financing activities - 478.3 199.6 net trade in cash and money equivalents - 1,451.9 - 609.1 change in money and money equivalents because of trade price fluctuation - 14.3 forty one.2 cash and cash equivalents at starting of period 2,403.6 1,682.2 money and cash equivalents at conclusion of length 937.4 1,114.3 of which protected in the stability sheet as assets held for sale 314.1 188.7  

NOTES

popular

TUI community, its predominant subsidiaries and other shareholdings operate within the tourism business. TUI AG based mostly in Hanover and Berlin, Germany, is TUI neighborhood's guardian enterprise and a listed corporation below German law. The shares in the enterprise are traded on the London inventory change and the Hanover and Frankfurt stock Exchanges.

The condensed intervening time consolidated economic statements of TUI AG and its subsidiaries cover the length from1 October 2016 to 31 March 2017. The period in-between consolidated economic statements are organized in euros. except pointed out in any other case, all amounts are brought up in million euros (EUR m).

The intervening time consolidated economic statements had been launched for publication with the aid of the executive Board of TUI AG on eleven may 2017.

Accounting ideas

statement of compliance

The intervening time consolidated fiscal statements for the period ended 31 March 2017 include condensed interim consolidated financial statements and an period in-between community administration file in keeping with section 37w of the German Securities buying and selling Act (WpHG).

The interim consolidated monetary statements were prepared in compliance with the Disclosure and Transparency suggestions of the united kingdom economic functions Authority and in conformity with the foreign financial Reporting specifications (IFRS) and the crucial Interpretations of the overseas Accounting requisites Board (IASB) for period in-between fiscal reporting relevant in the European Union.

based on IAS 34, the group's interim monetary statements are posted in a condensed form compared with the consolidated annual financial statements and will hence be read in combination with TUI AG's consolidated financial statements for fiscal year 2015 / sixteen. The period in-between fiscal statements were reviewed with the aid of the group's auditors.

Going situation document according to the united kingdom corporate Governance Code

TUI neighborhood meets its everyday working capital requirements through cash in hand, financial institution balances and financial institution loans. As at 31 March 2017, TUI group's web debt position (monetary liabilities less cash and money equivalents) together with discontinued operations totals EUR 1,098.5 m (as at 30 September 2016 net fiscal assets of EUR 349.eight m). The boost in internet debt versus fiscal yr-end is pushed by using ordinary seasonal cash outflows, peculiarly in the tour operators. internet debt consists of EUR 937.4 m of money and money equivalents, EUR 170.eight m of latest economic liabilities, and EUR 1,865.0 m of non-present financial liabilities. The executive Board is still convinced with the neighborhood's lengthy-term funding and liquidity place. The sources of debt funding include an exterior revolving credit score facility of EUR 1,535.0 m maturing in December 2020, used to manage the seasonality of the group's cash flows and liquidity. The revolving credit facility requires compliance with fiscal covenants. All covenants have been fully complied with at the balance sheet date.

Alongside this credit facility, different financial institution liabilities exist as at 31 March 2017, for example, loans used to acquire property, plant and device. These financial institution liabilities complete EUR 471.2 m on the balance sheet date.

aside from these financial institution liabilities, the neighborhood's leading financial liabilities as at 31 March 2017 encompass:

- bond 2016 / 21 with a nominal price of EUR 300.0 m issued by TUI AG, maturing in October 2021.

- finance lease tasks worth EUR 1,230.5 m

because of the latest economic elements and political circumstance in some destinations, there is extra uncertainty over client demand. TUI's executive Board assumes that TUI's enterprise mannequin is sufficiently bendy to compensate the challenges currently recognized. Forecasts have proven that TUI community will continue to have satisfactory cash accessible from borrowings and operating cash flows with the intention to meet its fee tasks for the foreseeable future and guarantee its skill to continue as a going difficulty. The period in-between monetary statements had been hence prepared on the going subject foundation of accounting.

Accounting and size methods

The practise of the interim economic statements requires management to make estimates and judgements thataffect the said quantities of assets, liabilities and contingent liabilities as at the steadiness sheet date and the mentioned quantities of turnover and charges throughout the reporting length. precise outcomes may deviate from the estimates.

The accounting and measurement strategies adopted in the training of the meantime financial statements as at 31 March 2017 are actually per these adopted in making ready the old consolidated fiscal statements for the financial yr ended 30 September 2016. The salary taxes have been recorded in keeping with the optimum estimate of the weighted standard tax fee it's anticipated for the complete fiscal year.

Newly utilized standards

because the starting of the financial 12 months 2016 / 17 the following necessities amended or newly issued with the aid of the IASB grew to be mandatorily relevant for the first time to TUI group:

New applied necessities in financial year 2016/17 usual relevant from Amendments have an effect on on monetary statements IFRS 11Accounting forAcquisitions ofInterests in Joint Operations 1 Jan 2016 The amendments specify the way to account for the acquisition of an hobby in a Joint Operation that constitutes a 'business' (as defined in IFRS 3). therefore, the acquirer has to measure identifiable property and liabilities at fair price, recognize acquisition-connected prices as prices, recognize deferred tax assets and liabilities and capitalise any residual quantities as goodwill. in addition, the disclosure necessities of IFRS three follow. The amendments are to be utilized prospectively. No fabric impact IAS 16 & IAS 38 Clarification ofAcceptable strategies of Depreciation and Amortisation 1 Jan 2016 The modification clarifies when a technique of depreciation or amortisation based on income may well be acceptable. according to it, depreciation of an item of property, plant and equipment in line with revenue generated byusing the asset is not acceptable, amortisation based on earnings for intangible assets handiest in exceptional circumstances. The amendments are to beapplied prospectively. No affect IAS 16 & IAS 41 Agriculture:Bearer vegetation 1 Jan 2016 Bearer plant life that undergo biological property for more than one duration without being an agricultural product themselves, similar to grape vines or olive trees, have this a ways been measured at reasonable cost. In future, bearer flowers can be handled as property, plant and gadget in scope of IAS sixteen and are to be measured at amortised can charge. by contrast, the produce becoming on bearer vegetation will proceed to be measured at fair cost based on IAS 41. No have an effect on VariousImprovementsto IFRS(2012 - 2014) 1 Jan 2016 The amendments from the Annual advancements undertaking incorporate alterations to 4 necessities: IAS 19, IAS 34, IFRS 5 and IFRS 7. The amendments introduce minor alterations to the content material in addition to clarifications concerning focus, presentation and measurement. No fabric influence IAS 1DisclosureInitiative 1 Jan 2016 The amendments handle the software of materiality when providing the add-ons of fiscal statements. The regular now not prescribes a particular order of the notes in order that the order of the notes may additionally replicate the particular person relevance for the enterprise. The amendments make clear that immaterial disclosures aren't required. This also applies if disclosure is required via an extra common. in addition, the presentation of an entity's share of other finished profits of fairness-accounted associates and joint ventures in the statement of comprehensive profits is clarified. No fabric influence          

Amendments to the following specifications helpful for the primary time on account that the beginning of fiscal yr 2016 / 17 have been not central for TUI community:

- IAS 27: equity system in Separate monetary Statements

- IAS 28, IFRS 10 & IFRS 12: funding Entities: applying the Consolidation Exception

Restatement of prior reporting length

the following restatements were made for the primary half of fiscal year 2015 / sixteen:

Restatement caused by means of Discontinued operations

due to the deliberate sale of the professional neighborhood phase in monetary 12 months 2016 / 17, the section is stated as a discontinued operation from 30 September 2016. The prior year consolidated profits observation changed into restated as a result.

as the community of groups of the Hotelbeds community offered changed into readjusted after the reclassification to 'property held on the market' within the first half year 2015 / 16, the result from the discontinued operation Hotelbeds neighborhood said for the primary half of economic year 2015 / sixteen also modified retrospectively.

For additional explanations please seek advice from the section 'Acquisitions - Divestments - Discontinued operations'.

Restated items of the revenue statement of the TUI community for the periodfrom 1 Oct 2015 to 31 Mar 2016   H1 2015 / sixteen EUR million beforerestatement Restatement professional neighborhood Subsequentadjustment ofentities ofHotelbeds group to be offered restated Turnover 6,792.three - 613.6 - 6,178.7 charge of sales 6,497.four - 580.9 - 5,916.5Gross benefit294.9 - 32.7 - 262.2 Administrative expenses673.2 - 79.4 - 593.8 other earnings 28.5 - 0.1 - 28.4 other expensesthree.0 0.2 - 3.2 monetary revenue 18.eight - 0.3 - 18.5monetary expenses200.three - 0.6 - 199.7 Share of effect of joint ventures and affiliatessixty three.7 - 1.0 sixty four.7 revenue earlier than profits taxes from carrying on with operations - 470.6 forty six.7 1.0 - 422.ninesalary taxes - 89.1 sixteen.0 - 2.9 - 76.0 effect from carrying on with operations - 381.five30.7 3.9 - 346.9result from discontinued operations - 13.4 - 30.7 - 3.9 - 48.0 community loss - 394.9 - - - 394.9  

group of consolidated companies

The consolidated monetary statements include all most important subsidiaries over which TUI AG has control. manage requires TUI AG to have determination-making vigor over the principal actions, be exposed to variable returns and have entitlements regarding the returns, or have the means to affect the stage of those variable returns via its decision-making energy.

The meantime fiscal statements as at 31 March 2017 included a total of 415 subsidiaries of TUI AG.

in view that 1 October 2016, a complete of seven agencies had been newly included in the consolidation. 4 of those companies have been newly established and three businesses had been got. Conversely, a total of 9 organizations had been deconsolidated considering that 1 October 2016, with five of these groups deconsolidated as a result of liquidation, three organizations as a result of a merger, and one as a result of sale.

Following the acquisition of two joint ventures and the merger of one joint venture, the number of joint ventures and co-workers measured at fairness increased via one company in complete in comparison to 30 September 2016.

Acquisitions - Divestments - Discontinued operations

Acquisitions

in the first half of 2016 / 17, 18 travel companies had been received via the purchase of trade and property. furthermore, 99.99 % of the shares in Transat France S.A., Ivry-sur-Seine, France (Transat), a french tour operator, have been got on31 October 2016. The acquisition goal is to increase market presence in France. The acquisition blanketed majority stakes in subsidiary corporations Transat Développement SAS, Ivry-sur-Seine, France, and Tourgreece Tourism business A.E., Athens, Greece. The concerns for all acquisitions via TUI group exclusively consisted of payments, totalling EUR sixty four.0 m for Transat and EUR 3.9 m for the trip groups.

The difference coming up between the considerations and the remeasured obtained web property as on the acquisition date became carried as provisional goodwill of EUR 89.1 m, thereof EUR 86.0 m for Transat. This goodwill pretty much constitutes part of the longer term synergy, revenue and value mark downs competencies.

statement of monetary place of Transat France S.A. as on the date offirst-time consolidation EUR million fair price at date offirst-time consolidation different intangible property 1.2 Property, plant and accessories5.7 fastened belongings 6.nineexchange receivables 6.1 other belongings 16.0 money and money equivalents 11.2 different provisions 6.0 different Liabilities fifty six.8 equity - 22.6  

according to the assistance attainable, it changed into not possible to finalise size of a few add-ons of the got property and liabilities of the acquisition of Transat, in particular intangible property and property, plant and gadget, on the stability sheet date. This buy allocation may be achieved within the 12-month duration authorised below IFRS three.

within the duration from November 2016 until March 2017, Transat generated a turnover of EUR 139.6 m. due to the seasonal swing, the income contribution amounts to EUR - 6.0 m. If the acquisition had took place on 1 October 2016, consolidated professional-forma income of the TUI neighborhood would had been EUR 26.1 m higher and earnings after tax would were EUR 1.2 m lessen.

No acquisitions have been effected after the steadiness sheet date.

in the existing interim financial statements, the buy cost allocations of the 15 commute companies received in the first half of fiscal yr 2015 / sixteen had been finalised with out a material effect on the consolidated statement of economic position inside the 12-month period stipulated by IFRS 3.

Divestments

The reclassification of the expert group to belongings held on the market is explained in the 'Discontinued Operations' section. The results of the other divestments on the TUI neighborhood's internet property, financial place and results of operations had been immaterial.

Discontinued operations

The effect from discontinued operations for the reporting length proven in the consolidated income remark basically completely contains the influence of the expert group. The handiest other item protected is subsequent costs of EUR 1.2 m for the sale of the Hotelbeds neighborhood.

in the prior year, the influence from discontinued operations comprised the outcome of Hotelbeds neighborhood, sold on 12 September 2016, and LateRooms community, bought on 6 October 2015. After reclassification to belongings held on the market in the first half of 2015 / 16, the community of corporations of the Hotelbeds community offered changed into readjusted so that the outcome from the discontinued operation Hotelbeds neighborhood pronounced for the primary half of the prior year modified just a little with retrospective effect.

within the prior yr, TUI AG had determined to sell expert community as there became constrained linkage to TUI group's last enterprise and consequently very little expertise for integration into the neighborhood's strategy. within the reporting period, professional group handiest includes the tour operators combined beneath the Travelopia manufacturer, offering in selected day trip trip, luxury tours, carrying activities, pupil shuttle and crusing trips. The language schools enterprise become bought in fiscal 12 months 2015 / sixteen.

In February 2017, TUI AG concluded an settlement with Kohlberg Kravis Roberts & Co. L.P. on the sale of Travelopia. The closing of the transaction is expected for the third quarter of the fiscal yr following regulatory approvals. within the 2nd quarter of 2016 / 17, measurement of the discontinued operation at the agreed buy rate much less charges to promote resulted in an impairment of EUR 47.4 m, proven as goodwill impairment within the profits commentary of the expert group.

The outcomes from this discontinued operation is pronounced one at a time from the revenue and prices of continuing operations in the consolidated profits observation, shown in a separate line as 'outcomes from discontinued operations'. The consolidated salary commentary of the prior year turned into restated as a result.

earnings statement of the discontinued operation expert group forthe duration from 1 Oct 2016 to 31 Mar 2017 EUR million H1 2016 / 17 H1 2015 / 16 Turnover 546.3 613.6 charge of income 497.1 580.9Gross profit49.2 32.7 Administrative bills66.nine79.4 different salary 0.1 0.1 different billsfour.7 - 0.2 Impairment of goodwill forty seven.four - fiscal revenue 0.1 0.three monetary bills0.four 0.6 salary before profits taxes from discontinued operation - 70.0 - forty six.7 earnings taxes - eight.1 - sixteen.0 effect from discontinued operation specialist community - 61.9 - 30.7 influence from discontinued operation professional group because of shareholders of TUI AG - 61.9 - 30.6 result from discontinued operation expert neighborhood because of non-controlling pastime - - 0.1  

The decline in turnover via specialist community is partly pushed through overseas trade effects. Turnover also lowered because of the sale of the language faculties enterprise in the prior year as well because the rugby and cricket world cups held in economic year 2015 / 16. an extra explanation for the 12 months-on-12 months decline in turnover was the removing of Travelopia from TUI neighborhood's distribution community, which went hand in hand with a corresponding lower in the can charge of earnings. furthermore, the suspension of depreciation / amortisation, effected on the grounds that 30 September 2016 according to IFRS 5, brought about an basic improvement in revenue.

The property and liabilities are proven one at a time in the consolidated commentary of economic place below 'belongings held on the market' and 'Liabilities involving property held on the market'. The desk under presents the important thing asset and liability companies of the discontinued operation expert community.

belongings and liabilities of the discontinued operation professional community as at 31 Mar 2017 EUR million 31 Mar 2017 belongings   Goodwill 6.four other intangible belongings one hundred forty.7 Property, plant and equipment219.1 exchange receivables and different property 0.ninealternate receivables and other property from carrying on with operations 3.1 spinoff economic gadgets 0.2 Deferred tax assets 18.1 Non-latest property 388.5     Inventories 56.9change receivables from third-parties and other belongings 170.four Receivables from carrying on with operations 103.0 derivative fiscal instruments 1.7 salary tax assets 18.9money and money equivalents 314.0 property held on the market 0.3 present property 665.2   1,053.7  

belongings and liabilities of the discontinued operation expert group as at 31 Mar 2017

assets and liabilities of the discontinued operation expert group as at 31 Mar 2017 EUR million 31 Mar 2017 equity and liabilities   revenue reserves 223.eight equity earlier than non-controlling attention223.8 Non-controlling activity - 2.0 equity 221.eight     other provisions 15.0 Non-current provisions 15.0 fiscal liabilities to third events three.2 economic liabilities to carrying on with operations 243.7 derivative monetary contraptions 0.1 Deferred tax liabilities 33.7 different liabilities 0.7 Non-present liabilities 281.four Non-current provisions and liabilities 296.4     other provisions 2.1 current provisions 2.1 monetary liabilities to third events 5.2 fiscal liabilities to continuing operations 2.four trade payables to 3rd events 82.2 change payables to continuing operations 2.2 spinoff fiscal contraptions 0.8 profits tax liabilities 17.7 other liabilities 422.ninecurrent liabilities 533.4 latest provisions and liabilities 535.5   1,053.7  

Receivables from and liabilities to TUI group's continuing operations and shares in groups categorized as carrying on with operations were eliminated in the consolidated remark of monetary place and are hence not protected within the items assets held for sale or Liabilities concerning property held for sale.

Reconciliation to assets held on the market in the fiscal place of theTUI community as at 31 Mar 2017 EUR million 31 Mar 2017 present and non-existing belongings of the specialist group 1,053.7 elimination of receivables from carrying on with operations - 106.1 assets held for sale of the professional neighborhood 947.6  

Reconciliation to liabilities regarding assets held for sale inthe financial place of the TUI community as at 31 Mar 2017

Reconciliation to liabilities related to property held for sale inthe fiscal position of the TUI community as at 31 Mar 2017 EUR million 31 Mar 2017 current and non-current liabilities of the expert community 831.9Elimination of liabilities in opposition t continuing operations - 248.3 Liabilities concerning assets held for sale of the professional neighborhood 583.6  

The community's cash movement commentary presents the cash flows for the standard community together with the discontinued operations. A separate presentation of the money flows for the discontinued operation specialist community is supplied in the following table. cash flows from intra-group financing schemes and intra-group dividends and enterprise disposals don't seem to be taken into consideration.

Condensed cash flow commentary of the discontinued operation specialist neighborhood EUR million H1 2016 / 17 H1 2015 / 16 cash inflow from operating activities 30.four 25.0 money outflow from investing activities - 3.0 - 12.ninemoney outflow from financing activities - four.4 - 0.nineinternet alternate in money and cash equivalents of the discontinued operation expert group 23.0 11.2  

Notes to the consolidated revenue statement

TUI group's consequences reflect the tremendous seasonal swing in tourism between the iciness and summer season commute months. The group seeks to counteract the seasonal swing via a huge range of holiday offerings in the summertime and wintry weather season and its presence in distinct go back and forth markets worldwide with varying annual cycles. The consolidated earnings observation reflects the seasonality of the tourism company, with the end result that the effect generated within the duration from October to March is bad. because of the seasonality of the business, a evaluation of the primary half 12 months's results with the full-12 months consequences isn't significant.

(1) Turnover

The turnover growth versus the first half of the prior yr is pushed with the aid of better customer volume, an increase in long-haul bookings, greater selling costs within the UK, the acquisition of Transat's French tour operator enterprise and better commonplace promoting costs in the lodges & inns section. furthermore, the growth in Thomson Cruises with the first iciness season of the cruise ship TUI Discovery resulted in an increase in turnover.

(2) charge of revenue and administrative expenses

charge of sales represents the fees incurred to deliver tourism capabilities. in addition to the charges for body of workers prices, depreciation, amortisation, rental and leasing, they encompass all costs incurred by the group in connection with theprovision and birth of airline functions, lodge accommodation and cruises in addition to distribution fees.

Administrative charges include all prices incurred in reference to the efficiency of the executive features and break down as follows:

Administrative expenes EUR million H1 2016 / 17 H1 2015 / 16restated team of workers can charge 355.1 334.7 condo and leasing expenses30.928.4 Depreciation, amortisation and impairment 35.1 33.3 Others a hundred and eighty.0 197.4 whole601.1 593.eight  

The cost of earnings and administrative fees encompass here costs for hire and leasing, workforce and depreciation / amortisation:

rental and leasing expensesEUR million H1 2016 / 17 H1 2015 / 16restated condominium and leasing bills383.three 400.eight thereof cost of earnings 352.four 372.four thereof administrative expenses30.928.4  

The yr-on-year decline in condo and leasing expenses is essentially pushed via overseas trade results and particularly relates to leasing prices for plane.

team of workers can charge EUR million H1 2016 / 17 H1 2015 / 16restated Wages and salaries 900.1 875.1 thereof charge of revenue 605.four 600.6 thereof administrative expenses294.7 274.5Social protection contributions, pension charges and merits 214.2 204.0 thereof can charge of revenue 153.8 143.8 thereof administrative expenses60.4 60.2 entire1,114.three 1,079.1  

The yr-on-yr boost in administrative costs for wages and salaries in the first half 12 months above all results from one-off expenses for the combination of the French TUI tour operator following the acquisition of Transat. the upward push in workforce expenses in operating areas, in selected in airways and motels, changed into nearly entirely offset through an opposite effect driven through foreign alternate results.

Depreciation/amortisation/impairment EUR million H1 2016 / 17 H1 2015 / 16restated Depreciation and amortisation 198.2 186.8 thereof can charge of earnings 163.1 154.3 thereof administrative expenses35.1 32.5Impairment of property, plant and machine and other intangible property - 0.8 thereof administrative charges - 0.8 whole198.2 187.6  

(3) different revenue/other charges

other salary/different billsEUR million H1 2016 / 17 H1 2015 / 16restated different income 5.1 28.four other bills2.2 3.2 whole2.nine25.2  

in the first half 12 months 2015 / sixteen, other earnings notably covered proceeds from the sale of a Riu group resort, a joint venture and a cruise ship as well as from the sale of land.

(four) economic influence

The improvement of the financial effect from EUR - 181.2 m in the first half of the prior 12 months to EUR - forty four.1 m in the latest financial 12 months peculiarly results from the expenses relating to the dimension of the funding in Hapag-Lloyd AG known within the prior year. The size with the stock market expense of the Hapag-Lloyd share as at 31 March 2016 ended in the recognition of an impairment amounting to EUR one hundred.three m within monetary prices within the prior yr. within the financial yr below evaluate, the enhance within the price from the upward push within the Hapag-Lloyd share expense as at 31 March 2017 and the resulting raise in the fair cost changed into carried in fairness outside earnings and loss based on IAS 39. For additional particulars, please discuss with observe 10 on financial property purchasable on the market.

The activity effect decreased from EUR - eighty one.7 m within the first half of the prior year to EUR - 61.2 m in the present reporting length and this additionally contributed to the growth of the monetary effect.

(5) Share of outcome of joint ventures and associates

Share of influence of joint ventures and associatesEUR million H1 2016 / 17 H1 2015 / 16restated Northern area sixteen.4 1.6 important region 1.2 1.0 Western region 0.1 - motels & lodges forty two.8 30.eight Cruises 38.3 29.8 other tourism 6.eight 1.fiveTourism one zero five.6 64.7 wholeone hundred and five.6 sixty four.7  

The yr-on-yr increase in profits from joint ventures and colleagues in the Northern place section is mainlyattributable to the wonderful buying and selling of the Canadian tour operator Sunwing.

The increase in profits from joint ventures within the inns & resorts phase certainly results from the development within the working performance of Riu resorts.

(6) revenue taxes

The tax income coming up within the reporting duration is partly pushed with the aid of the seasonality of the tourism business.

because of a judgment from the fiscal court Münster on four February 2016, a reassessment of the alternate tax possibility for the buy of lodge accomodation turned into undertaken, leading to a one at a time acknowledged tax expense of EUR 36.5 m within the first half of 2015 / 16.

(7) neighborhood loss as a result of non-controlling hobby

neighborhood loss as a result of non-controlling interestEUR million H1 2016 / 17 H1 2015 / 16 valuable location 0.4 - 0.2 motels & resorts fifty four.0 fifty four.1 Tourism 54.4 fifty three.9expert community - - 0.1 Hotelbeds community - 0.4 All other segments - 0.1 - 0.2 entirefifty four.three fifty four.0  

Notes to the financial place of the TUI group

(eight) Goodwill

The raise in goodwill is principally brought on by the preliminary goodwill in reference to the acquisition of Transat France S.A. of EUR 86.0 m. For extra particulars, please confer with the reasons within the section on 'Acquisitions'.

(9) Property, plant and machine

in the first half of 2016 / 17, the cruise ship TUI Discovery 2 became received for a purchase order fee of EUR 209.5 m. furthermore, boost funds of EUR 117.5 m have been made for future deliveries of aircraft ordered.

(10) economic property obtainable on the market

current monetary assets purchasable for sale encompass the closing shares in Hapag-Lloyd AG of EUR 395.0 m.

The shares in Hapag-Lloyd AG are traded in the regulated market (top common) of the Frankfurt stock exchange. The size of the stake at the closing expense of the Hapag-Lloyd share within the Xetra main market of EUR 27.5 per share resulted in a good price of EUR 395.0 m (level 1 size). The increase in the fair cost in comparison to 30 September 2016 become recognized in equity outdoor profit or loss.

(11) assets held for sale

belongings held for sale EUR million 31 Mar 2017 30 Sep 2016 Discontinued Operation professional neighborhood 947.6 928.9Property and lodge facilities6.2 - different assets 0.1 0.nineentire953.nine929.8  

regarding property held on the market of the specialist community, we check with the area on 'Discontinued operations'.

(12) Liabilities related to property held for sale

Liabilities related to property held for sale EUR million 31 Mar 2017 30 Sep 2016 Discontinued Operation professional neighborhood 583.6 472.3 other disposal businesses 0.four - entire584.0 472.three  

(13) Pension provisions

Pension provisions lower by way of EUR 241.5 m to EUR 1,209.four m as in opposition t the conclusion of the financial yr. The decline within the provisions is primarily pushed by greater capital market pastime fees in the Eurozone and within the UK. The resultingremeasurement effects of EUR 232.7 m are carried in equity outdoor earnings and loss.

The plans with a surplus of fund property, carried under alternate receivables and other property, exhibit revaluation losses leading to a lower within the acknowledged surplus of funded plans with the aid of EUR 9.5 m to EUR 29.1 m. These revaluation results are also carried in fairness outside profit and loss.

(14) financial liabilities

Non-latest financial liabilities rose by using EUR 358.4 m to EUR 1,861.8 m compared to 30 September 2016. This become certainly driven via the issuance of a bond with a carrying quantity of EUR 295.three m in October 2016. additionally, liabilities to banks grew by way of EUR 68.0 m, essentially as a result of the use of lengthy-time period credit lines to cowl the funds due within the touristic season.

As at 31 March 2017, latest economic liabilities declined with the aid of EUR 372.1 m to EUR a hundred sixty five.6 m versus 30 September 2016. The decline is particularly as a result of the redemption of a bond with a carrying volume of EUR 306.5 m issued in September 2014.

(15) changes in fairness

because 30 September 2016, fairness decreased through EUR 403.2 m to EUR 2,845.0 m.

in the first half yr 2016 / 17, TUI AG paid a dividend of EUR 0.sixty three per no-par price share, EUR 368.6 m in complete (old yr EUR 327.0 m), to its shareholders. within the first half of 2016 / 17, the shares of non-controlling shareholders lowered by EUR 0.3 m due to the fee of dividends (old yr EUR 0.9 m).

the continued measurement of the awards from share alternative plans serviced with shares resulted in an increase in fairness of EUR 0.5 m within the latest financial 12 months.

within the first half yr 2015 / sixteen, the issuance of employee shares gave rise to 181,280 shares in TUI AG or subscribed capital value EUR 0.5 m and capital reserves of EUR 2.5 m, respectively. within the reporting duration, the employee share programme turned into replaced via equity-settled share-based mostly payments, with a purpose to result in adjustments in TUI AG's fairness within the second half 12 months for the primary time.

moreover, an employee advantage have confidence of TUI trip confined bought shares in TUI AG in the first half of 2016 / 17 in an effort to use them for share alternative plans. because the transaction constitutes an acquisition of own shares the buy charge is eliminated towards earnings reserves, reducing fairness via EUR 21.8 m. average, own shares remained in reality unchanged as a result of the issuance of shares within the framework of the share option plans. The worker advantage have confidence now holds 2,650,671 shares in TUI AG.

The group loss within the first half of the yr is caused by the seasonality of the tourism business.

The adjustments in financial instruments obtainable on the market of EUR 131.9 m, carried outside income and loss, incorporate the price raise from a rise in Hapag-Lloyd's share rate within the first half of 2016 / 17. greater designated advice on the boost in reasonable value is presented within the part on 'monetary contraptions obtainable on the market.'

The proportion of features and losses from hedging gadgets used as useful hedges of future money flows value EUR - 50.three m (pre-tax) is carried beneath different complete salary in fairness outside income and loss.

The revaluation of pension tasks (in selected actuarial positive aspects and losses) is also carried below different finished salary in equity backyard income and loss.

monetary instruments

Carrying amounts and fair values according to classes and dimension classes as at 31 Mar 2017     class below IAS 39       EUR million Carrying quantity At amortised can charge At can charge reasonable value without a effect on income and loss fair valuethrough profit and loss Valuesaccordingto IAS 17 (leases) Carryingamount offinancialinstruments reasonable price offinancialinstruments property                 economic property purchasable for sale 465.0 - forty three.nine421.1 - - 465.0 465.0 change receivables and different property 2,122.nine753.7 - - - - 753.7 753.7 spinoff economic gadgets                 Hedging transactions 401.four - - 401.four - - 401.4 401.4 different derivative financialinstruments 91.4 - - - ninety one.four - ninety one.four ninety one.4 money and cash equivalents 623.three 623.three - - - - 623.three 623.3 Liabilities                 fiscal liabilities 2,027.four 797.0 - - - 1,230.5797.0 810.1 trade payables 1,627.91,627.three - - - - 1,627.3 1,627.3 by-product fiscal instruments                 Hedging 152.0 - - 152.0 - - 152.0 152.0 different spinoff financialinstruments 30.8 - - - 30.eight - 30.eight 30.eight different liabilities 4,321.2 114.0 - - - - 114.0 114.0  

Carrying quantities and fair values in keeping with classes and measurement classes as at 30 Sep 2016

Carrying quantities and reasonable values in keeping with courses and measurement categories as at 30 Sep 2016     category beneath IAS 39       EUR million Carrying volume At amortised charge At charge fair price with no effect on profit and loss reasonable valuethrough income and loss Valuesaccordingto IAS 17 (leases) Carryingamount offinancialinstruments fair value offinancialinstruments belongings                 monetary belongings accessible on the market 316.2 - forty four.4 271.eight - - 316.2 316.2 change receivables and different belongings 1,635.four 689.7 - - - - 689.7 689.7 by-product monetary instruments                 Hedging transactions 539.7 - - 539.7 - - 539.7 539.7 other by-product financialinstruments 131.7 - - - 131.7 - 131.7 131.7 money and cash equivalents 2,072.nine2,072.9 - - - - 2,072.92,072.9Liabilities                 economic liabilities 2,041.1 809.4 - - - 1,231.eight 809.4 818.0 alternate payables 2,476.nine2,476.four - - - - 2,476.four 2,476.4 derivative fiscal devices                 Hedging transactions 219.0 - - 219.0 - - 219.0 219.0 other derivative financialinstruments 58.1 - - - 58.1 - fifty eight.1 58.1 other liabilities 3,032.five134.2 - - - - 134.2 134.2  

because of the short final terms of money and cash equivalents, latest exchange receivables and other assets, current exchange payables and different liabilities, the carrying amounts are taken as functional estimates of the reasonable values.

The fair values of non-latest alternate receivables and different property correspond to the current values of the cash flows associated with the belongings, taking account of existing hobby parameters which mirror market- and counterparty-connected changes in terms and expectations. There are not any fiscal investments held to maturity.

fiscal devices classified as 'fiscal property attainable on the market' encompass an quantity of EUR 43.9 m (old yr EUR forty four.4 m) for pastimes in partnerships and companies for which no energetic market exists. The fair values of these non-listed interests cannot be calculated by means of ability of a dimension model considering their future cash flows cannot be reliably decided. The investments are carried at cost. within the reporting duration, and additionally as at 30 September 2016, there have been no principal disposals of interests in partnerships or companies measured at can charge. TUI does not intend to sell or derecognise the activity in these partnerships or companies within the close future.

Aggregation in accordance with dimension categories under IAS 39 as at 31 Mar 2017   At amortised cost At charge fair cost Carrying quantity offinancialinstruments reasonable price EUR million     with no impact on earnings and loss through profit and loss complete   Loans and receivables 1,377.0 - - - 1,377.0 1,377.0 financial belongings             attainable on the market - 43.9421.1 - 465.0 465.0 held for trading - - - 91.4 ninety one.4 ninety one.four fiscal liabilities             at amortised cost 2,538.3 - - - 2,538.three 2,551.4 held for trading - - - 30.eight 30.8 30.eight  

Aggregation in line with size classes below IAS 39 as at 30 Sep 2016

Aggregation based on dimension categories under IAS 39 as at 30 Sep 2016   At amortised cost At can charge reasonable cost Carrying amount offinancialinstruments reasonable cost EUR million     with no effect on earnings and loss via income and loss complete   Loans and receivables 2,762.6 - - - 2,762.6 2,762.6 economic belongings             accessible on the market - forty four.four 271.eight - 316.2 316.2 held for buying and selling - - - 131.7 131.7 131.7 economic liabilities             at amortised charge 3,420.0 - - - three,420.0 three,428.6 held for trading - - - 58.1 fifty eight.1 fifty eight.1  

reasonable value dimension

right here table items the fair values of the recurring, non-ordinary and different economic instruments recognised at fair cost based on the underlying size tiers. The particular person degrees have been described as follows in line with the input components:

- level 1: quoted (unadjusted) costs in energetic markets for similar belongings or liabilities.

- stage 2: input factors for the size are quoted market rate aside from those mentioned in stage 1, at once (as market fee quotation) or in some way (derivable from market price quotation) observable in the market for the asset or liability.

- stage 3: enter factors for the dimension of the asset or legal responsibility are in keeping with non-observable market records.

Hierarchy of economic instruments measured at fair price as at 31 Mar 2017     reasonable value hierarchy EUR million totalLevel 1 level 2 degree 3 belongings         financial belongings available for sale 421.1 395.0 - 26.1 by-product fiscal instruments         Hedging transactions 401.4 - 401.four - different spinoff economic gadgets 91.four - 91.4 -           Liabilities         derivative fiscal gadgets         Hedging transactions 152.0 - 152.0 - different derivative monetary instruments 30.8 - 30.8 -  

Hierarchy of economic contraptions measured at reasonable price as at 30 Sep 2016

Hierarchy of financial devices measured at fair price as at 30 Sep 2016     reasonable cost hierarchy EUR million totalLevel 1 degree 2 level three assets         economic property attainable on the market 271.8 265.eight - 6.0 by-product monetary contraptions         Hedging transactions 539.7 - 539.7 - other spinoff economic gadgets 131.7 - 131.7 -           Liabilities         by-product economic gadgets         Hedging transactions 219.0 - 219.0 - different spinoff fiscal devices fifty eight.1 - 58.1 -  

on the conclusion of each reporting period, TUI community assessments whether there are any explanations for reclassification to or from one of the size stages. economic belongings and economic liabilities are often transferred out of level 1 into level 2 if the liquidity and buying and selling undertaking no longer point out an active market. The contrary situation applies to talents transfers out of level 2 into stage 1. within the reporting period, there were no transfers between level 1 and level 2.

within the reporting period, there were also no transfers out of or in level 3. Reclassifications from level three to degree 2 or stage 1 are effected if observable market fee quotations become accessible for the asset or liability involved. TUI community statistics transfers to and out of level three as at the date of the obligating adventure or event triggering the transfer.

level 1 monetary contraptions

The reasonable price of financial instruments for which an energetic market is accessible is in response to the market rate quotation on the stability sheet date. An energetic market exists if fee quotations are simply and regularly purchasable from a inventory exchange, merchants, brokers, cost service providers or regulatory authorities, and if these costs characterize specific and commonplace market transactions between independent enterprise partners. These financial devices are classified inside stage 1. The reasonable values correspond to the nominal values multiplied by the fee quotations on the steadiness sheet date. stage 1 economic contraptions basically incorporate shares in listed groups categorized as available on the market and bonds issued within the category 'financial liabilities measured at amortised can charge'.

level 2 fiscal gadgets

The reasonable values of financial devices now not traded in an lively market, e. g. over the counter derivatives (OTC), aredetermined by way of potential of valuation options. These valuation suggestions maximise using observable market records and minimise using group-selected assumptions. If all standard enter factors for the determination of the fair cost of an instrument are observable, the instrument is classified within level 2.

If one or several of the basic input factors don't seem to be based on observable market statistics, the instrument is classified inside stage three.

The certain valuation ideas used for the measurement of economic instruments are:

- For over the counter bonds, liabilities to banks, promissory notes and other non-current economic liabilities, the reasonable price is determined because the current cost of future cash flows, taking account of observable yield curves and the respective credit spread, which depends on the credit rating.

- For over the counter derivatives, the fair cost will depend on skill of applicable calculation methods, e. g. by discounting the expected future money flows. The forward expenses of forward transactions are in line with the spot or cash fees, taking account of ahead premiums and coupon codes. The calculation of the reasonable values of foreign change options and hobby derivatives is based on the Black & Scholes model and the Turnbull & Wakeman model for gasoline hedge alternate options. The reasonable values decided on the foundation of the neighborhood's own methods are consistently compared with reasonable cost confirmations of the external counterparties.

- different valuation suggestions, e. g. discounting future money flows, are used for the dimension of the reasonable values of different monetary gadgets.

degree 3 fiscal gadgets

the following table shows the building of the values of the economic gadgets measured at fair cost on a habitual basis categorised inside stage three of the dimension hierarchy.

financial assets measured at fair price in stage 3 EUR million fiscal assetsavailable for sale steadiness as at 1 Oct 2015 340.7 Disposals - conversion / rebooking 334.nineTotal positive factors or losses for the period 0.2 regarded via profit and loss 0.2 balance as at 30 Sep 2016 6.0 change in unrealised gains or losses for the duration for economic belongings held at the balance sheet date - steadiness as at 1 Oct 2016 6.0 Additions 20.1 Disposals - reimbursement / sale - conversion / rebooking - total beneficial properties or losses for the duration - regarded through income and loss - known in other comprehensive profits - steadiness as at 31 Mar 2017 26.1 alternate in unrealised positive factors or losses for the duration for monetary belongings held at the steadiness sheet date -  

The additions to stage three of the valuation hierarchy relate to the 15.38 % stake in peakwork AG, which turned into brought inOctober 2016.

Contingent liabilities

As at 31 March 2017, contingent liabilities quantity to EUR 291.three m (as at 30 September 2016 EUR 326.1 m). Contingent liabilities are suggested at an amount representing the gold standard estimate of the capabilities expenditure that could be required to satisfy the knowledge duty as at the stability sheet date. Contingent liabilities as at 31 March 2017 are principallyattributable to the granting of ensures for the benefit of Hapag-Lloyd AG and TUI Cruises GmbH for collateralised ship financing schemes. The 12 months-on-yr decline is driven by means of scheduled repayments and the return of ensures.

different monetary commitments

monetary commitments from working hire, rental and charter contracts EUR million 31 Mar 2017 30 Sep 2016 Nominal cost three,428.93,437.four reasonable cost three,233.three 3,319.6  

Nominal values of different economic commitments

Nominal values of different economic commitments EUR million 31 Mar 2017 30 Sep 2016 Order commitments in admire of capital expenditure four,789.fivefour,786.7 other monetary commitments 97.five114.0 entirefour,887.0 4,900.7 fair price 4,599.eight four,711.2  

as a result of offsetting outcomes, capital commitments for investments rose by EUR 2.8 m as at 31 March 17 in comparison to 30 September 2016. increases in the length are mostly driven by commitments with appreciate to plane. This includes new order commitments for plane and an increase due to international change effects from liabilities denominated in non-practical currencies. Off-environment this boost is a major discount in capital commitments for ships because of the beginning of the TUI Discovery 2.

Notes to the community's cash stream observation

based on the after-tax group outcome, the money move from operating activities is decided the use of the indirect components. The cash circulate commentary suggests the carrying on with and discontinued operations. in the reporting length, money and money equivalents declined by way of EUR 1,466.2 m to EUR 937.four m, including an quantity of EUR 314.1 m carried as assets held on the market.

in the reporting duration, the outflow of money from working actions amounted to EUR 278.5 m (old yr EUR 565.3 m).

The outflow of cash from investing actions totals EUR 695.1 m (outdated yr EUR 243.4 m). It comprises a cash outflow for investments in property, plant and device and intangible assets of EUR 603.6 m. The neighborhood additionally recorded an inflow of EUR 19.eight m from the sale of property, plant and equipment and intangible assets. The cash circulate from investing activities also comprises an outflow of EUR 103.1 m in connection with the acquisition of consolidated companies and for acquisitions of and a capital raise in joint ventures as well as an funding in a tourism know-how provider. The sale of joint ventures in prior years resulted in an inflow of EUR eleven.7 m. a part of the prices incurred in reference to the disposal of the Hotelbeds community within the prior 12 months resulted in money outflows in the first half of the existing economic yr (EUR 20.5 m). an additional EUR 4.5 m had already resulted in cash outflows prior to the disposal of the professional group. The sale of shares in Hapag-Lloyd Aktiengesellschaft resulted in an inflow of EUR 5.1 m in the reporting length.

The outflow of money from financing actions totalled EUR 478.three m (previous 12 months influx of EUR 199.6 m). at the reporting date, an amount of EUR 93.5 m was drawn from the external revolving credit score line to manage the seasonality of cash flows and the neighborhood's liquidity. The issuance of a bond resulted in an inflow of EUR 294.9 m for TUI AG in October 2016. other TUI group groups took out further economic liabilities price EUR 4.9 m. In September 2014, TUI AG had issued an unsecured bond maturing on 1 October 2019. This bond changed into redeemed as at 18 November 2016. An amount of EUR 306.eight m become spent to redeem the bond, while an additional cash outflow of EUR 134.3 m became used to redeem other financial liabilities,together with EUR fifty one.5 m for finance lease liabilities. An outflow of cash of EUR 38.4 m pertains to interest payments, while an outflow of cash of EUR 368.6 m resulted from dividends paid to TUI AG shareholders and EUR 1.four m for dividends paid to minority shareholders. The employee improvement trust of TUI trip Ltd. bought shares in TUI AG price EUR 21.eight m in order to use them for its share option plans.

cash and money equivalents also reduced with the aid of EUR 14.3 m as a result of adjustments in alternate prices (previous yr boost of EUR 41.2 m).

As at 31 March 2017, cash and money equivalents worth EUR a hundred seventy five.1 m have been field to restrictions (old yr EUR 179.2 m). This amount protected EUR 116.three m for cash collateral deposited with a Belgian subsidiary by Belgian tax authorities infinancial 12 months 2012 / 13 relating to a protracted-standing litigation over VAT refunds for the period from 2001 to 2011 without act of contrition, the goal being to suspend the accrual of pastime for both parties. as a way to collateralise a possible reimbursement, the Belgian executive was granted a bank guarantee. because of the bank assure, TUI's ability to get rid of the money and cash equivalents has been restrained. The last restrictions of EUR fifty eight.eight m relate to cash and cash equivalents to be deposited because of criminal or regulatory necessities.

phase warning signs

within the second quarter of 2016 / 17, the lodge operating enterprise Blue Diamond resorts and lodges Inc., St. Michael, Barbados, previously carried in the Northern area segment, become integrated in the lodge company and is therefore now stated inside the hotels & inns section. furthermore, the uk cruise business Thomson Cruises, which turned into additionally previously stated inside the Northern vicinity phase, became transferred to the Cruises phase. because of the deliberate disposal of the professional community segment in fiscal year 2016 / 17, this section is carried as a discontinued operation. The prior year's phase reporting was restated as a consequence.

Turnover by way of phase for the length from 1 Oct 2016 to 31 Mar 2017 EUR million exterior group H1 2016 /17 wholeNorthern location 2,232.919.three 2,252.2 important vicinity 2,028.0 8.eight 2,036.eight Western area 1,114.0 21.3 1,135.three motels & inns 300.0 264.6 564.6 Cruises 345.90.3 346.2 different Tourism 290.4 106.5396.nineConsolidation - - 396.5 - 396.fiveTourism 6,311.2 24.three 6,335.fiveAll different segments 71.2 22.1 ninety three.three Consolidation - - forty six.four - 46.4 continuing operations 6,382.four - 6,382.4 Discontinued operations 546.three - 546.3 Sum of the segments 6,928.7 - 6,928.7  

Turnover by means of segment for the period from 1 Oct 2015 to 31 Mar 2016

Turnover by means of segment for the duration from 1 Oct 2015 to 31 Mar 2016 EUR million Externalrestated Grouprestated H1 2015 / 16 complete restated Northern vicinity 2,358.3 30.7 2,389.0 relevant place 1,987.1 21.0 2,008.1 Western location 915.6 9.5925.1 motels & inns 266.0 264.3 530.three Cruises 308.90.four 309.3 other Tourism 290.0 one zero five.0 395.0 Consolidation - - 393.5 - 393.fiveTourism 6,one hundred twenty five.937.4 6,163.three All different segments 52.eight 18.6 71.four Consolidation - - 56.0 - 56.0 continuing operations 6,178.7 - 6,178.7 Discontinued operations 1,067.526.7 1,094.2 Sum of the segments 7,246.2 26.7 7,272.9  

right here tables demonstrate the group efficiency warning signs EBITA and underlying EBITA. The TUI community defines EBITA as earnings before activity, revenue taxes and goodwill impairment. EBITA includes amortisation of different intangible property. EBITA doesn't encompass size consequences from hobby hedges and measurement consequences from container delivery, as the stake in Hapag-Lloyd AG is a financial investment and not an working funding from TUI AG's viewpoint.

EBITA by phase EUR million H1 2016 / 17 H1 2015 / 16restated Northern vicinity - 148.1 - 131.fiveCentral area - one hundred forty.2 - 117.0 Western place - 128.eight - 79.four lodges & lodges one hundred twenty.0 ninety five.2 Cruises 75.0 forty nine.three different Tourism - 14.9 - 20.0 Tourism - 237.0 - 203.4 All other segments - 14.9 - 37.5carrying on with operations - 251.9 - 240.nineDiscontinued operations - 22.2 - seventy one.7 Sum of the segments - 274.1 - 312.6  

in the first half of 2016 / 17, EBITA contains consequences of EUR 105.6 m (previous 12 months EUR sixty four.7 m) from joint ventures and colleagues measured at fairness, essentially generated in Tourism.

The underlying EBITA has been adjusted for outcomes on disposal of fiscal investments, charges in reference to restructuring measures in line with IAS 37, all results of purchase expense allocations, ancillary acquisition cost and conditional purchase expense funds and different costs for and salary from one-off items. The one-off items carried as adjustments are earnings and cost gadgets impacting or distorting the evaluation of the working profitability of the segments and the community due to their dimension or frequency.

Underlying EBITA by using section EUR million H1 2016 / 17 H1 2015 / 16restated Northern location - 138.0 - 120.9primary location - 143.7 - one hundred ten.6 Western area - 102.2 - seventy five.7 resorts & motels 122.8 96.0 Cruises seventy five.0 forty nine.three different Tourism - 13.4 - sixteen.7 Tourism - 199.5 - 178.6 All different segments - 14.8 - 27.8 carrying on with operations - 214.3 - 206.4 Discontinued operations - 15.3 - 21.eight Sum of the segments - 229.6 - 228.2  

Reconciliation to income before income taxes of the continuingoperations of the TUI group

Reconciliation to income earlier than revenue taxes of the continuingoperations of the TUI group EUR million H1 2016 / 17 H1 2015 / 16restated Underlying EBITA of continuing operations - 214.3 - 206.four influence on disposal* - 0.7 - 0.nineRestructuring cost* - 17.1 - 5.fiveexpense from buy expense allocation* - 15.2 - 17.6 fee from different one-off objects* - four.6 - 10.fiveEBITA of carrying on with operations - 251.9 - 240.9result from the partial sale / size of shares in Container delivery 2.3 - 100.3 web interest price and fee from measurement of interest hedges - sixty one.2 - 81.7 revenue before earnings taxes of carrying on with operations - 310.8 - 422.9  

* For a description of the alterations see the management record

linked events

apart from the subsidiaries included in the consolidated financial statements, TUI AG, in conducting its usual business activities, keeps direct and oblique relationships with connected events. All transactions with linked events have been achieved at reasonable value on an arm's length groundwork, according to international comparable cost strategies according to IAS 24, as before.

The equity stake held by way of Riu resorts S.A., listed in the Notes on the consolidated financial statements as at 30 September 2016, remained unchanged at the reporting date for the interim financial statements. in the first half of 2016 / 17, the Russian entrepreneur Alexey Mordashov bought extra shares. at the reporting date, 31 March 2017, he held a 23.0 % stake in TUI. more certain information on linked parties is supplied beneath different notes in the Notes on the consolidated financial statements for 2015 / sixteen.

Togebi Holdings restricted (TUI Russia) is a joint venture between Oscrivia constrained (Oscrivia), a subsidiary of Unifirm restricted, and TUI neighborhood. Unifirm restrained is the subsidiary of an funding holding company owned by means of a large shareholder and Supervisory Board member of TUI AG. within the reporting period, TUI Russia was granted shareholder loans worth united states3.eight m with the aid of TUI group and USD11.3 by means of Unifirm. TUI has impaired its part of the mortgage.

accountability observation

To the best of our competencies, and in accordance with the relevant reporting ideas for interim monetary reporting and in the accordance with (German) principles of proper accounting, the interim consolidated fiscal statements give a true and reasonable view of the belongings, liabilities, fiscal position and earnings or lack of the community, and the intervening time community administration file includes a fair evaluate of the building and performance of the business and the place of the group, along side a description of the important alternatives and dangers linked to the anticipated development of the community for the last months of the economic year.

The govt Board

Hanover, 11 might also 2017

Friedrich Joussen

Horst Baier

David Burling

Sebastian Ebel

Dr Elke Eller

Frank Rosenberger

evaluation report

To TUI AG, Berlin / Germany and Hanover / Germany

we now have reviewed the condensed meantime consolidated monetary statements - comprising the observation of economic place, the profits statement, the condensed statement of finished salary, the condensed observation of cash flows, the condensed observation of changes in fairness as well as selected explanatory notes to the economic statements - and the intervening time community management report for the duration from 1 October 2016 until 31 March 2017 of TUI AG, which are components of the half-12 months fiscal report beneath § 37w WpHG (Wertpapierhandelsgesetz: German Securities trading Act).

overview report on the Condensed interim Consolidated monetary Statements

administration Board's responsibility for the Condensed intervening time Consolidated fiscal Statements

The instruction of the condensed intervening time consolidated monetary statements in line with the IFRS applicable to period in-between monetary reporting as adopted through the eu is the responsibility of the entity's administration Board. The management Board is additionally answerable for such internal manage because the administration Board determines is vital to permit the preparation of condensed period in-between consolidated economic statements that are free from fabric misstatement, no matter if due to fraud or error.

Pracitioner's accountability for the review of the Condensed intervening time ConsolidatedFinancial Statements

Our responsibility is to categorical an opinion on the condensed interim consolidated financial statements based on our overview. We conducted our review in response to the German generally authorized standards for the review of economic statements promulgated by the Institut der Wirtschaftsprüfer (IDW) in addition to in supplementary compliance with the international usual on evaluation Engagements 'Engagements to evaluate historic monetary Statements' (ISRE 2400 (revised)). those requirements require that we plan and function the overview in compliance with professional necessities such that we will avert via critical contrast, with constrained assurance, that the condensed interim consolidated monetary statements haven't been prepared, in all fabric respects, according to the IFRS applicable to interim fiscal reporting as adopted by using the ecu.

A review of the condensed intervening time consolidated financial statements based on the German generally accredited requisites for the evaluate of economic statements promulgated by using the Institut der Wirtschaftsprüfer (IDW) in addition to in supplementary compliance with ISRE 2400 (revised) is a restricted assurance engagement. A evaluation is restricted basically to inquiries of personnel of the entity and analytical approaches and for this reason doesn't supply the assurance purchasable in a financial statement audit. due to the fact that, in keeping with our engagement, we have not performed a financial plan audit, we cannot challenge an auditor's record.

Conclusion on the Condensed interim Consolidated monetary Statements

in keeping with our evaluation, no matters have come to our attention that trigger us to presume that the condensed period in-between consolidated fiscal statements haven't been organized, in all fabric respects, in line with the IFRS applicable to intervening time monetary reporting as adopted by the ecu.

different felony and Regulatory necessities

assessment file on the period in-between group administration file

management Board's accountability for the intervening time community administration report

The coaching of the meantime group administration report according to the necessities of the WpHG relevant to meantime neighborhood management reviews is the accountability of the entity's administration Board. The management Board is additionally accountable for such inner manage because the management Board determines is quintessential to allow the practise of an period in-between community management document it truly is free from cloth misstatement, no matter if due to fraud or error.

Pracitioner's responsibility for the evaluation of the interim community administration document

Our responsibility is to express an opinion on the period in-between group administration report according to our evaluation. We performed our evaluate in accordance with the German often authorised specifications for the evaluation of economic statements promulgated by way of the Institut der Wirtschaftsprüfer (IDW) as well as in supplementary compliance with the foreign ordinary on evaluation Engagements 'Engagements to review historic financial Statements' (ISRE 2400 (revised)). these requisites require that we plan and perform the assessment in compliance with skilled requirements such that we will avert via important comparison, with limited assurance, that the intervening time community management file has no longer been prepared, in all fabric respects, in line with the requirements of the WpHG relevant to period in-between neighborhood management reports.

A evaluate of the interim group administration report in keeping with the German commonly accepted specifications for the overview of monetary statements promulgated by means of the Institut der Wirtschaftsprüfer (IDW) in addition to in supplementary compliance with ISRE 2400 (revised) is a restrained assurance engagement. A overview is limited essentially to inquiries of personnel of the entity and analytical processes and hence doesn't supply the assurance accessible in a financial plan audit. on account that, based on our engagement, we haven't performed a financial statement audit, we can not subject an auditor's file.

Conclusion on the period in-between community administration report

based on our assessment, no matters have come to our attention that trigger us to presume that the period in-between group administration report has not been prepared, in all fabric respects, in line with the requirements of the WpHG relevant to intervening time group management reviews.

Hanover, eleven may 2017

Deloitte GmbH Wirtschaftsprüfungsgesellschaft

Christoph B. Schenk

Dr Hendrik Nardmann

Cautionary statement involving forward-looking statements

The latest meantime report consists of numerous statements relating to TUI's future building. These statements are according to assumptions and estimates. however we're convinced that these ahead-looking statements are practical, they aren't guarantees of future efficiency given that our assumptions involve hazards and uncertainties that could trigger specific effects to vary materially from those anticipated. Such components include market fluctuations, the building of world market fees for commodities and change quotes or fundamental adjustments in the financial environment. TUI does not intend to and doesn't undertake any obligation to replace any ahead-looking statements with the intention to mirror events of traits after the date of this record.

Analyst and investor enquiries

Contacts for Analysts and buyers in UK, eire and Americas

Sarah Coomes, Head of Investor RelationsTel.: + 44 (0)1293 645 827

Hazel Chung, Investor family members manager

Tel.: + 44 (0)1293 645 823

Contacts for Analysts and buyers in Continental Europe, core East and Asia

Nicola Gehrt, Head of Investor relations

Tel.: + 49 (0)511 566 1435

Ina Klose, Investor relations manager

Tel.: + 49 (0)511 566 1318

Jessica Blinne, group Assistant

Tel.: + forty nine (0)511 566 1425

The presentation slides and the video webcast forQ2 2016 / 17 can be found at the following link:www.tuigroup.com/en-en/buyers

Contact and publishing details

published by way of

TUI AG

Karl-Wiechert-Allee 430625 Hanover, Germany

phone: + forty nine 511 566-00Fax: +49 511 566-1901

www.tuigroup.com

conception and Design

3st kommunikation, Mainz

photography

cowl Getty pictures

The English and a German version of thisHalf-12 months financial record are available on the web:www.tuigroup.com/en-en/buyers

posted on 15 may additionally 2017

financial calendar

10 August 2017

meantime document Q3 2015 / sixteen

28 September 2017

trading update

13 DeCember 2017

Annual report 2016 / 17

February 2018

Annual frequent assembly 2018

The EQS Distribution features include Regulatory announcements, economic/company information and Press Releases.Archive at www.dgap.de/ukreg



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