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Wikipedia

TUI Group

TUI Group is a German leisure, travel and tourism company.[3] TUI is an acronym for Touristik Union International ("Tourism Union International"). TUI AG was known as Preussag AG until 1997 when the company changed its activities from mining to tourism. It is headquartered in Hanover, Germany.[4]

TUI Group
TUI AG
FormerlyPreussag AG (1923–2002)
TypePublic (Aktiengesellschaft)
FWB: TUI1
LSE: TUI
FTSE 250 Component
ISINDE000TUAG505
IndustryHospitality, tourism
Founded1923; 100 years ago (1923)
HeadquartersHannover and Berlin, Germany
Area served
  • United Kingdom
  • Sweden
  • Denmark
  • Norway
  • Finland
  • Germany
  • Canada
  • Poland
  • Netherlands
  • Belgium
Key people
  • Dieter Zetsche (Chairman of the Supervisory Board)
  • Sebastian Ebel (CEO)
ProductsCharter and scheduled passenger airlines, package holidays, cruise lines, hotels and resorts
ServicesTravel agencies
Revenue €16,544.9 million (2022)[1]
€320.0 million (2022)[1]
– €212.6 million (2022)[1]
Number of employees
61,091 (2022)[2]
Websitetuigroup.com

It fully or partially owns several travel agencies, hotel chains, cruise lines and retail shops as well as five European airlines. These activities involve the operation of 353 hotels with 275,144 beds and it allows its brand to be used for another 65 hotels operated by third parties. These hotels accommodate 21 million guests a year.[5] It also operates 16 cruise ships under the TUI Cruises, Hapag-Lloyd Cruises and Marella Cruises brands, as well as a fleet of 134 aircraft.[1]

It is trading as TUI AG jointly listed on the Frankfurt Stock Exchange and the London Stock Exchange as a constituent of the FTSE 250 Index.

History edit

 
Thomson travel agents in Wetherby, United Kingdom
 
The same branch now in TUI branding (2017)

The origins of the company lie in the industrial and transportation company Preussag AG, which was originally formed as a German mining company. It was incorporated on 9 October 1923, as Preußische Bergwerks- und Hütten-Aktiengesellschaft (Prussian Mine and Foundry Company). In 1927 it was merged with the Ruhr coal company, Hibernia AG, and electricity utility to become the Vereinigte Elektrizitäts und Bergwerks AG (VEBA AG) (United Electrical and Mining Company).[6]

After the sale of Salzgitter AG and purchase of Hapag-Lloyd AG (the navigation and logistics company) in 1997, Preussag AG became a global enterprise in the service and leisure industry. At that time, Hapag-Lloyd held a 30% interest in the tourism conglomerate TUI (founded 1968), increased to 100% by 1999.[7] In addition the company acquired 25% of Thomas Cook shares in 1997, which it doubled the following year. On 2 February 1999, the Carlson Leisure Group merged with Thomas Cook into a holding company owned by the German bank Westdeutsche Landesbank, Carlson Inc and Preussag.[8] However, in mid-2000 Preussag acquired Thomas Cook's rival Thomson Travel and was forced to sell its majority 50.1% stake in Thomas Cook by regulatory authorities.[9] In 2002, Preussag renamed itself TUI AG.[10]

TUI announced a merger of its travel division with the British tour operator First Choice in March 2007,[11] which was approved by the European Commission on 4 June 2007, on the condition that the merged company sell Budget Travel in Ireland.[12] TUI held a 55% stake in the new company, TUI Travel PLC, which began operations in September 2007.[13]

In April 2008, Alexey Mordashov, who purchased his first shares in TUI Travel in autumn 2007, purchased additional TUI Travel shares under S-Group in order to expand TUI Travel into Eastern Europe and Russia.[14][15][16]

Its logistics activities, concentrated in the shipping sector, were kept separate and bundled within Hapag-Lloyd AG. A majority stake in Hapag-Lloyd was sold to the Albert Ballin consortium of investors in March 2009[17] and a further stake was sold to Ballin in February 2012, as TUI worked to exit from the shipping business and to optimize its tourism business with expansion in Russia, China and India under Michael Frenzel.[16][18] Prior to August 2010, John Fredriksen held the largest Norwegian privately held stake in TUI Travel and had a significant influence upon TUI Travel's direction and strategy.[19] As Alexey Mordashov through his S-Group Travel Holding increased his stake in TUI Travel to a stake larger than Fredriksen's stake, the shipping business had to be sold.[19]

In June 2014 the company announced it would fully merge with TUI Travel to create a united group with a value of $US9.7 billion.[20] The merger was completed on 17 December 2014 and the combined business began trading on the Frankfurt and London stock exchanges.[21] Prior to this merger, Alexey Mordashov, the largest private shareholder in TUI Travel, held a blocking stake in TUI Travel through his S-Group.[22] After the merger, Alexey Mordashov's stake was reduced to less than a blocking stake of 25%.[22]

On 12 December 2016, Alexey Mordashov increased his stake in TUI Group from 18% to more than 20%.[22][23] In October 2018, his 24.9% stake was the largest privately held stake in TUI Group.[24] In June 2019 Mordashov transferred 65% of his stake to the KN-Holding, owned by his sons Kirill Mordashov and Nikita Mordashov. TUI says in a statement that they ”welcome the second generation of the family amongst its shareholders”.[25]

Berge & Meer and Boomerang Reisen as well as Atraveo were sold to the holding company GENUI in 2019.[26]

At the end of 2019, the holiday home provider Wolters Reisen GmbH and the round trip specialist Wolters Rundreisen GmbH, of which TUI Group owned 100% of the shares via an investment company, were sold to the Frankfurt-based company e-domizil.[27]

In August 2020, the company reported a net loss of €2.3 billion (from October 2019 to June 2020) as a result of the COVID-19 pandemic. Out of the sum, €1.5 billion loss related to the period from April to June 2020, while the revenue for the same period was €75 million, 98% less than the same period in 2019. TUI's chief executive officer, Fritz Joussen announced that the firm was considering selling the Marella cruise line.[28]

In March 2022, the company's largest single shareholder, Alexey Mordashov, a Russian oligarch and confidante of Vladimir Putin, was placed under sanctions due to the 2022 Russian invasion of Ukraine.[29][30]

In March 2023 it was announced that TUI would seek to raise $1.8 billion by selling shares at a discount to existing investors, excluding Mordashov as a result of sanctions under German securities law.[31][32]

Governance edit

The following people have served in key roles:

Time period Chief Executive Officer (CEO) Time period Chairman of the Supervisory Board
2022- Sebastian Ebel 2019- Dieter Zetsche[33]
2013-2022 Friedrich Joussen 2011-2019 Klaus Mangold[33]
2014-2016 Peter Long (Co-CEO)[34] 2009-2011 Dietmar Kuhnt[35]
2004-2009 Jürgen Krumnow[35]

Stock exchange and shareholders edit

The company's shares are listed on the Frankfurt Stock Exchange, the London Stock Exchange, as well as the Hanover Stock Exchange.[36]

In spring 2007, the Norwegian shipowner and financial investor John Fredriksen acquired a 15.01% stake in TUI. At TUI's AGM in May 2008, Fredriksen demanded a split-up of the group and the dismissal of TUI CEO Michael Frenzel.[37] At the AGM on 13 May 2009, Fredriksen demanded that Supervisory Board Chairman Jürgen Krumnow be voted out of office so that he could then join the Supervisory Board himself. However, these attempts were unsuccessful.[38] On 28 February 2014, Monteray Enterprises Ltd (John Fredriksen) notified TUI that its share of voting rights in TUI had fallen below the 3% thresholds on 24 February 2014.[39]

Russian oligarch Alexey Mordashov joined TUI at the beginning of 2008. By July 2008, he had increased his stake to 15.03% and in March 2012 to 25.29%, and later to 34%.[40] He was thus the largest single shareholder.[41] Alexey Mordashov has been on the EU sanctions list since 28 February 2022 and, according to a corresponding voting rights notification, transferred control of most of his indirectly held shares to the Virgin Islands-based company Ondero Limited, controlled by Marina Mordashova, on that date. Due to an investigation by the Federal Ministry of Economics and Climate Protection regarding the transfer of the shares to Ondero Limited, the transfer is suspended.[42] The shareholding in TUI AG therefore continues to be held (indirectly) by Alexey Mordashov. Due to the capital increase in spring 2023, in which Alexey Mordashov was not allowed to participate due to his sanction,[43] his shareholding has meanwhile decreased significantly. According to the voting rights notifications of the German Federal Financial Supervisory Authority of 16 May 2023, 10.87% shares in TUI AG have been indirectly attributable to Alexey Mordashov since 19 April 2023, while Marina Mordashowa holds 0% in TUI AG.[44]

Shareholder structure (July 2023)
Shareholder Share
Institutional investors 57,8 %
Alexei Mordaschow 10,9 %
Private investors 30,2 %
RIU S.A. (Familie Riu Güell) 1,1 %

Group structure edit

Business segments edit

TUI Hotels & Resorts Cruises TUI Airlines Markets TUI Destination Services
Hotel brands:
  • TUI Blue
  • Robinson Club
  • TUI Magic Life
  • RIU
  • TUI Suneo

As well as other hotel brands and joint ventures such as Blue Diamond, Atlantica, Grupotel and more.

Shipping companies:
  • TUI Cruises
  • Hapag-Lloyd Cruises
  • Marella Cruises
Airlines:
  • TUIfly
  • TUI Airways
  • TUIfly Nordic
  • TUI Airlines Belgium
  • TUI Airlines Nederland
Tour operators, divided into the markets:
  • Nord
  • Zentral
  • West
Incoming agencies

in countries of tourism importance for TUI AG.

TUI Hotels & Resorts edit

In the 2022 financial year, the Hotels & Resorts segment comprised a total of 353 hotels with 275,144 beds. With 322 properties, the majority are four- or five-star hotels. 53% were operated under management contracts, 38% were owned by the respective hotel company, 8% were leased and 1% of the facilities were operated under franchise agreements. In addition, 65 hotels were operated by third-party hoteliers under TUI's international concept brands as at 30 September 2022, bringing the total number including third-party hotels to 418.[1]

Cruises edit

A total of 16 cruise ships belong to TUI AG via TUI Cruises, Hapag-Lloyd Cruises and Marella Cruises:

  • TUI Cruises is a joint venture with Royal Caribbean Cruises. The fleet currently comprises six ships named Mein Schiff 1 to 6.[45]
  • Hapag-Lloyd Cruises is responsible for luxury and expedition cruises in German-speaking countries. The brand was transferred to TUI Cruises in 2020.[46][47] With the MS Europa and the MS Europa 2, the group offers luxury cruises; the two ships were the only cruise ships worldwide to be awarded the 5-star-plus category by the Berlitz Cruise Guide. HEANSEATIC class expedition ships include the HANSEATIC nature, the HANSEATIC inspiration and the HANSEATIC spirit.[48]
  • In the UK market, Marella Cruises offers cruises with four ships.[45]

TUI Airlines edit

TUI is the owner of several airlines. These used to be grouped under the umbrella brand TUI fly. Since January 2007, when the two TUI subsidiaries Hapag-Lloyd Flug (Hapagfly) and Hapag-Lloyd Express (HLX) were merged into a new airline with the very same brand name TUI fly, TUI now groups its airlines under the term TUI Airlines. They are managed by TUI Airline Management. In addition to the German airline TUI fly, TUI operates TUI Airlines Belgium in Belgium and TUI Airlines Nederland in the Netherlands, as well as TUI Airways in the UK and TUI fly Nordic in Sweden. The shares in France in Corsair were sold in full in 2020.[49]

Airline Country Image Description
TUI Airways   United Kingdom
  Ireland
  TUI Airways is the largest of the TUI airlines. It has 70 aircraft and flies from 26 British airports to 109 destinations worldwide. It was formed by the merger of Thomsonfly (formerly Britannia Airways) and First Choice Airways (formerly Air 2000). The airline was the last TUI airline to be rebranded.
TUI fly Belgium   Belgium   TUI fly Belgium has operated since March 2004 to more than 105 destinations around Europe, the Red Sea, Caribbean, Canary Islands, US and Africa. Since 2012 it has operated scheduled flights as well as charter services. It was formerly known as Jetairfly, rebranded to TUI fly Belgium in late 2016.
TUI fly Deutschland   Germany   TUI fly Deutschland has operated since 1972, under the name Hapag-Lloyd Flug, and rebranded to TUIfly in 2007. It has yet again rebranded as TUI fly Deutschland. It has 40 aircraft, flying to 39 destinations.
TUI fly Netherlands   Netherlands   Since 2005, TUI fly Netherlands has operated charter flights from Amsterdam Schiphol Airport to destinations in Southern Europe, North Africa, the Caribbean, and Latin America. It was formerly known as Arkefly, rebranded to Arke in 2013, and rebranded again to its current name in 2015.
TUI fly Nordic   Denmark
  Finland
  Norway
  Sweden
  TUI fly Nordic flies from Sweden, Denmark, Finland, and Norway. They fly holidaymakers travelling with the following tour operators; TUI Sverige (Sweden), TUI Finland (Finland), TUI Norge (Norway), and TUI Danmark (Denmark). There was a slight name change, from TUIfly Nordic to TUI fly Nordic.

The TUI Airline fleet includes the following aircraft, as of July 2023:[50]

TUI Group fleet
Aircraft In Service Orders Passengers Notes
P E Total
Airbus A320-200 15 180 180 All on short-term lease
Boeing 737-700 4 148 148
Boeing 737-800 62 189 189
Boeing 737 MAX 8 37 17[51] 189 189
Boeing 737 MAX 10 18[52] TBA
Boeing 767-300ER 3 31 264 295 To be phased out by 2024.[53]
328 328
Boeing 787-8 13 25 280 305
47 253 300
325 325
Boeing 787-9 6 63 282 345
Embraer 190 1 112 112 Currently being phased out and replaced by Embraer 195-E2
Embraer 195-E2 2 1[54] 136 136 Replacing Embraer 190
Total 143 37

Corporate affairs edit

See below the financial information of TUI AG:

TUI Group Financial Information
Year Revenue Net Profit
2015/16[55] €17.18 billion €1.15 billion
2016/17[55]  €18.53 billion  €910.9 million
2017/18[55]  €19.52 billion  €780.2 million
2018/19[55]  €18.92 billion  €531.9 million
2019/20[55]  €7.94 billion  (€3.13) billion
2020/21[55]  €4.73 billion  (€2.48) billion
2021/22[55]  €16.54 billion  (€0.22) billion

Controversies edit

On 16 April 2009, TUI Travel and S-Group Travel Holding of the Russian shareholder Mordashov declared the formation of a joint venture in Russia with investments of 30 million euros to develop tourism activities in Russia and Ukraine. The intention was to take over the tour operators VKO Group and Mostravel in Russia and Voyage Kiev in Ukraine, which had over 160 travel agencies and over half a million customers.[56] In March 2022, TUI AG terminated the brand use agreement with TUI Russia; TUI Russia is no longer a TUI Group company. The last shares in TUI Russia were sold in 2021.[57]

A 2018 study in the UK found that Tui had the largest gender pay gap reported to date by a major UK company, with its male employees paid more than twice what female employees are paid.[58]

In August 2018, some air passengers questioned the distribution of gendered stickers to children on a flight: "future pilot" for boys, "future cabin crew" for girls.[59]

TUI has become the main airline carrying out charter deportation flights for the UK Home Office.[60] It is estimated that in November and December 2020 TUI carried out the deportation of more than 150 people in 13 flights to 23 destinations for the Home Office.[61]

On 20 May 2022, the German TV Programme ZDF-Magazin Royale dedicated an episode to the history of TUI. It reported that Preussag was active in World War II producing bombs for the Nazi Party. Later Preussag also provided chemicals to Saddam Hussein's in Iraq, so facilitating the development of chemical weapons.[62][63] The company were also supportive of the regime of Muammar Gaddafi in Libya and helped to build a factory for the production of chemical bombs.[62] The management responded to a request for information, by saying that they were not aware of the company's history.[64]

In May 2022, it was reported that the Russian oligarch Alexei Mordashov had made a transfer of a holding of 29.9% of the company: TUI failed to follow the rules and verify the new owner of the shares. In addition, the transfer was a violation of the sanctions against Russia by the European Union, which sanctioned Mordashov personally.[64][65]

See also edit

References edit

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  2. ^ "Frequently asked questions". TUI Group. Retrieved 18 February 2023.
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  6. ^ "History". Preussen Elektra. Retrieved 14 April 2017.
  7. ^ "TUI Group GmbH". company-histories.com. Retrieved 23 March 2018.
  8. ^ "WESTDEUTSCHE LANDESBANK / CARLSON / THOMAS COOK (Merger) [1999] ECComm 26 (8 March 1999)". www.worldlii.org. Retrieved 2015-12-02.
  9. ^ "German firm buys Thomas Cook". BBC. 7 December 2000. Retrieved 14 April 2017.
  10. ^ Leadbeater, Chris (18 October 2017). "Goodbye Thomson, hello TUI – how Germany beat Britain in the battle of the sunlounge". The Telegraph. Archived from the original on 2022-01-12. Retrieved 11 March 2019.
  11. ^ "First Choice to tie up with TUI". BBC News. 19 March 2007. Retrieved 24 June 2013.
  12. ^ "First Choice-TUI merger cleared". BBC News. 4 June 2007. Retrieved 24 June 2013.
  13. ^ "Thomson and First Choice to merge". The Guardian. 19 March 2007.
  14. ^ "TUI gründet mit Mordaschow Reisetochter in Russland Touristikkonzern und Oligarch vertiefen Partnerschaft" [TUI establishes a subsidiary in Russia with Mordashov. Touristkonzern and Oligarch deepen partnership.]. Financial Times Deutschland (in German). 11 April 2008. Retrieved 22 October 2018.
  15. ^ Heitmann, Jens (30 August 2010). "Alexej Mordaschow baut Einfluss bei TUI aus" [Alexei Mordashov is extending his influence at TUI]. Göttinger Tageblatt (in German). Retrieved 22 October 2018.
  16. ^ a b "Russischer Investor baut Einfluss bei TUI aus" [Russian investor is extending his influence at TUI]. Der Spiegel (in German). 31 January 2011. Retrieved 22 October 2018.
  17. ^ Kuehnen, Eva (23 March 2009). "TUI AG completes sale of Hapag-Lloyd unit". Reuters. Retrieved 8 August 2010.
  18. ^ "TUI AG set to agree Hapag-Lloyd deal this week". Chicago Tribune. 12 February 2012.[permanent dead link]
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  20. ^ . International Travel News. Archived from the original on 2014-10-06. Retrieved 17 December 2014.
  21. ^ Young, Sarah (17 December 2014). "TUI Travel, TUI AG merger completes". Reuters. Retrieved 17 December 2014.
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  24. ^ "Shareholder structure". TUI Group. Retrieved 22 October 2018.
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  27. ^ "TUI Group sells German holiday home provider Wolters Reisen". www.tuigroup.com. Retrieved 2023-10-02.
  28. ^ Hancock, Alice (13 August 2020). "Tour operator Tui considers disposals after racking up €2.3bn loss". Financial Times. Retrieved 13 August 2020.
  29. ^ "Alexei Mordashov: Russia's richest man is now an EU sanctions target". The Guardian. 2022-03-02. Retrieved 2022-03-05.
  30. ^ Welle, Deutsche. "The Russian oligarchs of the FinCEN Files | DW | 26.09.2020". DW.COM. Retrieved 2022-03-05.
  31. ^ "TUI open to new majority shareholder following resignation of sanctioned Russian billionaire". City A.M. 2023-03-24. Retrieved 2023-08-15.
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  33. ^ a b "Dr Dieter Zetsche to succeed Professor Klaus Mangold as Chairman of the Supervisory Board of TUI AG in 2018". www.tuigroup.com. Retrieved 2023-10-02.
  34. ^ "Change at the helm of TUI Group: Fritz Joussen becomes sole CEO of TUI Group / Peter Long, Joint CEO up to the AGM, becomes Supervisory Board member". www.tuigroup.com. Retrieved 2023-10-02.
  35. ^ a b "EANS-Adhoc: TUI AG / Change at the helm of the Supervisory Board". presseportal.de (in German). 2009-10-28. Retrieved 2023-10-02.
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  38. ^ "Activist investor fails to oust Tui chairman | Financial Times". www.ft.com. Retrieved 2023-10-02.
  39. ^ "Financial Statements TUI AG" (PDF). tuigroup.com.
  40. ^ "TUI AG has been informed about changes in ownership of shareholder Unifirm Limited / Change in TUI's shareholder structure". www.tuigroup.com. Retrieved 2023-10-02.
  41. ^ "TUI Group's Largest Shareholder Hit With European Union Sanctions". Yahoo Finance. 2022-03-01. Retrieved 2023-10-02.
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  43. ^ "Capital Increase". www.tuigroup.com. Retrieved 2023-10-02.
  44. ^ "Shareholder structure". www.tuigroup.com. Retrieved 2023-10-02.
  45. ^ a b "Our business". www.tuigroup.com. Retrieved 2023-10-02.
  46. ^ "TUI Group: Sale of Hapag-Lloyd Cruises to TUI Cruises completed". www.tuigroup.com. Retrieved 2023-10-02.
  47. ^ "Imprint - Hapag-Lloyd Cruises". www.hl-cruises.com. Retrieved 2023-10-02.
  48. ^ "Our Ships - Hapag-Lloyd Cruises". www.hl-cruises.com. Retrieved 2023-10-02.
  49. ^ Singh, Sumit (2020-12-06). "Corsair Receives €300m As TUI Sheds Its Share". Simple Flying. Retrieved 2023-10-02.
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  51. ^ "TUI fly krijgt naast B737 MAX8 ook vier MAX10's in de vloot (Dutch)". flightlevel.be. 21 November 2017. Retrieved 21 November 2017.
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  56. ^ "TUI Travel launches Russian joint venture". www.travelweekly.com. Retrieved 2023-10-02.
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  58. ^ Butler, Sarah; Barr, Caelainn (16 February 2018). "Tui's male employees paid more than double female staff – report". Retrieved 22 January 2019 – via www.theguardian.com.
  59. ^ Khomami, Nadia (22 August 2018). "'Sexist' Tui Airways crew gave different badges to girls and boys". Retrieved 22 January 2019 – via www.theguardian.com.
  60. ^ "The two sides of TUI: crisis-hit holiday giant turned deportation specialist – Corporate Watch". corporatewatch.org. 27 January 2021.
  61. ^ "The Home Office deportation drive against Channel-crossing migrants: a balance sheet – Corporate Watch". corporatewatch.org. 29 April 2021.
  62. ^ a b Kelly, Michael J. (2013). """"Never Again""? German Chemical Corporation Complicity in the Kurdish Genocide"". Berkeley Journal of International Law. doi:10.15779/Z38594T. S2CID 145705967.
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  64. ^ a b "ZDF Magazin Royale vom 20. Mai 2022". www.zdf.de (in German). Retrieved 2022-05-20.
  65. ^ Ltd, Jacobs Media Group. "Scrutiny grows on Mordashov Tui stake". Travel Weekly. Retrieved 2022-05-20.

External links edit

group, german, leisure, travel, tourism, company, acronym, touristik, union, international, tourism, union, international, known, preussag, until, 1997, when, company, changed, activities, from, mining, tourism, headquartered, hanover, germany, trade, nametui,. TUI Group is a German leisure travel and tourism company 3 TUI is an acronym for Touristik Union International Tourism Union International TUI AG was known as Preussag AG until 1997 when the company changed its activities from mining to tourism It is headquartered in Hanover Germany 4 TUI GroupTrade nameTUI AGFormerlyPreussag AG 1923 2002 TypePublic Aktiengesellschaft Traded asFWB TUI1LSE TUIFTSE 250 ComponentISINDE000TUAG505IndustryHospitality tourismFounded1923 100 years ago 1923 HeadquartersHannover and Berlin GermanyArea servedUnited KingdomSwedenDenmarkNorwayFinlandGermanyCanadaPolandNetherlandsBelgiumKey peopleDieter Zetsche Chairman of the Supervisory Board Sebastian Ebel CEO ProductsCharter and scheduled passenger airlines package holidays cruise lines hotels and resortsServicesTravel agenciesRevenue 16 544 9 million 2022 1 Operating income 320 0 million 2022 1 Net income 212 6 million 2022 1 Number of employees61 091 2022 2 Websitetuigroup comIt fully or partially owns several travel agencies hotel chains cruise lines and retail shops as well as five European airlines These activities involve the operation of 353 hotels with 275 144 beds and it allows its brand to be used for another 65 hotels operated by third parties These hotels accommodate 21 million guests a year 5 It also operates 16 cruise ships under the TUI Cruises Hapag Lloyd Cruises and Marella Cruises brands as well as a fleet of 134 aircraft 1 It is trading as TUI AG jointly listed on the Frankfurt Stock Exchange and the London Stock Exchange as a constituent of the FTSE 250 Index Contents 1 History 2 Governance 3 Stock exchange and shareholders 4 Group structure 4 1 Business segments 4 2 TUI Hotels amp Resorts 4 3 Cruises 4 4 TUI Airlines 5 Corporate affairs 6 Controversies 7 See also 8 References 9 External linksHistory edit nbsp Thomson travel agents in Wetherby United Kingdom nbsp The same branch now in TUI branding 2017 The origins of the company lie in the industrial and transportation company Preussag AG which was originally formed as a German mining company It was incorporated on 9 October 1923 as Preussische Bergwerks und Hutten Aktiengesellschaft Prussian Mine and Foundry Company In 1927 it was merged with the Ruhr coal company Hibernia AG and electricity utility to become the Vereinigte Elektrizitats und Bergwerks AG VEBA AG United Electrical and Mining Company 6 After the sale of Salzgitter AG and purchase of Hapag Lloyd AG the navigation and logistics company in 1997 Preussag AG became a global enterprise in the service and leisure industry At that time Hapag Lloyd held a 30 interest in the tourism conglomerate TUI founded 1968 increased to 100 by 1999 7 In addition the company acquired 25 of Thomas Cook shares in 1997 which it doubled the following year On 2 February 1999 the Carlson Leisure Group merged with Thomas Cook into a holding company owned by the German bank Westdeutsche Landesbank Carlson Inc and Preussag 8 However in mid 2000 Preussag acquired Thomas Cook s rival Thomson Travel and was forced to sell its majority 50 1 stake in Thomas Cook by regulatory authorities 9 In 2002 Preussag renamed itself TUI AG 10 TUI announced a merger of its travel division with the British tour operator First Choice in March 2007 11 which was approved by the European Commission on 4 June 2007 on the condition that the merged company sell Budget Travel in Ireland 12 TUI held a 55 stake in the new company TUI Travel PLC which began operations in September 2007 13 In April 2008 Alexey Mordashov who purchased his first shares in TUI Travel in autumn 2007 purchased additional TUI Travel shares under S Group in order to expand TUI Travel into Eastern Europe and Russia 14 15 16 Its logistics activities concentrated in the shipping sector were kept separate and bundled within Hapag Lloyd AG A majority stake in Hapag Lloyd was sold to the Albert Ballin consortium of investors in March 2009 17 and a further stake was sold to Ballin in February 2012 as TUI worked to exit from the shipping business and to optimize its tourism business with expansion in Russia China and India under Michael Frenzel 16 18 Prior to August 2010 John Fredriksen held the largest Norwegian privately held stake in TUI Travel and had a significant influence upon TUI Travel s direction and strategy 19 As Alexey Mordashov through his S Group Travel Holding increased his stake in TUI Travel to a stake larger than Fredriksen s stake the shipping business had to be sold 19 In June 2014 the company announced it would fully merge with TUI Travel to create a united group with a value of US9 7 billion 20 The merger was completed on 17 December 2014 and the combined business began trading on the Frankfurt and London stock exchanges 21 Prior to this merger Alexey Mordashov the largest private shareholder in TUI Travel held a blocking stake in TUI Travel through his S Group 22 After the merger Alexey Mordashov s stake was reduced to less than a blocking stake of 25 22 On 12 December 2016 Alexey Mordashov increased his stake in TUI Group from 18 to more than 20 22 23 In October 2018 his 24 9 stake was the largest privately held stake in TUI Group 24 In June 2019 Mordashov transferred 65 of his stake to the KN Holding owned by his sons Kirill Mordashov and Nikita Mordashov TUI says in a statement that they welcome the second generation of the family amongst its shareholders 25 Berge amp Meer and Boomerang Reisen as well as Atraveo were sold to the holding company GENUI in 2019 26 At the end of 2019 the holiday home provider Wolters Reisen GmbH and the round trip specialist Wolters Rundreisen GmbH of which TUI Group owned 100 of the shares via an investment company were sold to the Frankfurt based company e domizil 27 In August 2020 the company reported a net loss of 2 3 billion from October 2019 to June 2020 as a result of the COVID 19 pandemic Out of the sum 1 5 billion loss related to the period from April to June 2020 while the revenue for the same period was 75 million 98 less than the same period in 2019 TUI s chief executive officer Fritz Joussen announced that the firm was considering selling the Marella cruise line 28 In March 2022 the company s largest single shareholder Alexey Mordashov a Russian oligarch and confidante of Vladimir Putin was placed under sanctions due to the 2022 Russian invasion of Ukraine 29 30 In March 2023 it was announced that TUI would seek to raise 1 8 billion by selling shares at a discount to existing investors excluding Mordashov as a result of sanctions under German securities law 31 32 Governance editThe following people have served in key roles Time period Chief Executive Officer CEO Time period Chairman of the Supervisory Board2022 Sebastian Ebel 2019 Dieter Zetsche 33 2013 2022 Friedrich Joussen 2011 2019 Klaus Mangold 33 2014 2016 Peter Long Co CEO 34 2009 2011 Dietmar Kuhnt 35 2004 2009 Jurgen Krumnow 35 Stock exchange and shareholders editThe company s shares are listed on the Frankfurt Stock Exchange the London Stock Exchange as well as the Hanover Stock Exchange 36 In spring 2007 the Norwegian shipowner and financial investor John Fredriksen acquired a 15 01 stake in TUI At TUI s AGM in May 2008 Fredriksen demanded a split up of the group and the dismissal of TUI CEO Michael Frenzel 37 At the AGM on 13 May 2009 Fredriksen demanded that Supervisory Board Chairman Jurgen Krumnow be voted out of office so that he could then join the Supervisory Board himself However these attempts were unsuccessful 38 On 28 February 2014 Monteray Enterprises Ltd John Fredriksen notified TUI that its share of voting rights in TUI had fallen below the 3 thresholds on 24 February 2014 39 Russian oligarch Alexey Mordashov joined TUI at the beginning of 2008 By July 2008 he had increased his stake to 15 03 and in March 2012 to 25 29 and later to 34 40 He was thus the largest single shareholder 41 Alexey Mordashov has been on the EU sanctions list since 28 February 2022 and according to a corresponding voting rights notification transferred control of most of his indirectly held shares to the Virgin Islands based company Ondero Limited controlled by Marina Mordashova on that date Due to an investigation by the Federal Ministry of Economics and Climate Protection regarding the transfer of the shares to Ondero Limited the transfer is suspended 42 The shareholding in TUI AG therefore continues to be held indirectly by Alexey Mordashov Due to the capital increase in spring 2023 in which Alexey Mordashov was not allowed to participate due to his sanction 43 his shareholding has meanwhile decreased significantly According to the voting rights notifications of the German Federal Financial Supervisory Authority of 16 May 2023 10 87 shares in TUI AG have been indirectly attributable to Alexey Mordashov since 19 April 2023 while Marina Mordashowa holds 0 in TUI AG 44 Shareholder structure July 2023 Shareholder ShareInstitutional investors 57 8 Alexei Mordaschow 10 9 Private investors 30 2 RIU S A Familie Riu Guell 1 1 Group structure editBusiness segments edit TUI Hotels amp Resorts Cruises TUI Airlines Markets TUI Destination ServicesHotel brands TUI Blue Robinson Club TUI Magic Life RIU TUI SuneoAs well as other hotel brands and joint ventures such as Blue Diamond Atlantica Grupotel and more Shipping companies TUI Cruises Hapag Lloyd Cruises Marella Cruises Airlines TUIfly TUI Airways TUIfly Nordic TUI Airlines Belgium TUI Airlines Nederland Tour operators divided into the markets Nord Zentral West Incoming agencies in countries of tourism importance for TUI AG TUI Hotels amp Resorts edit In the 2022 financial year the Hotels amp Resorts segment comprised a total of 353 hotels with 275 144 beds With 322 properties the majority are four or five star hotels 53 were operated under management contracts 38 were owned by the respective hotel company 8 were leased and 1 of the facilities were operated under franchise agreements In addition 65 hotels were operated by third party hoteliers under TUI s international concept brands as at 30 September 2022 bringing the total number including third party hotels to 418 1 Cruises edit A total of 16 cruise ships belong to TUI AG via TUI Cruises Hapag Lloyd Cruises and Marella Cruises TUI Cruises is a joint venture with Royal Caribbean Cruises The fleet currently comprises six ships named Mein Schiff 1 to 6 45 Hapag Lloyd Cruises is responsible for luxury and expedition cruises in German speaking countries The brand was transferred to TUI Cruises in 2020 46 47 With the MS Europa and the MS Europa 2 the group offers luxury cruises the two ships were the only cruise ships worldwide to be awarded the 5 star plus category by the Berlitz Cruise Guide HEANSEATIC class expedition ships include the HANSEATIC nature the HANSEATIC inspiration and the HANSEATIC spirit 48 In the UK market Marella Cruises offers cruises with four ships 45 TUI Airlines edit TUI is the owner of several airlines These used to be grouped under the umbrella brand TUI fly Since January 2007 when the two TUI subsidiaries Hapag Lloyd Flug Hapagfly and Hapag Lloyd Express HLX were merged into a new airline with the very same brand name TUI fly TUI now groups its airlines under the term TUI Airlines They are managed by TUI Airline Management In addition to the German airline TUI fly TUI operates TUI Airlines Belgium in Belgium and TUI Airlines Nederland in the Netherlands as well as TUI Airways in the UK and TUI fly Nordic in Sweden The shares in France in Corsair were sold in full in 2020 49 Airline Country Image DescriptionTUI Airways nbsp United Kingdom nbsp Ireland nbsp TUI Airways is the largest of the TUI airlines It has 70 aircraft and flies from 26 British airports to 109 destinations worldwide It was formed by the merger of Thomsonfly formerly Britannia Airways and First Choice Airways formerly Air 2000 The airline was the last TUI airline to be rebranded TUI fly Belgium nbsp Belgium nbsp TUI fly Belgium has operated since March 2004 to more than 105 destinations around Europe the Red Sea Caribbean Canary Islands US and Africa Since 2012 it has operated scheduled flights as well as charter services It was formerly known as Jetairfly rebranded to TUI fly Belgium in late 2016 TUI fly Deutschland nbsp Germany nbsp TUI fly Deutschland has operated since 1972 under the name Hapag Lloyd Flug and rebranded to TUIfly in 2007 It has yet again rebranded as TUI fly Deutschland It has 40 aircraft flying to 39 destinations TUI fly Netherlands nbsp Netherlands nbsp Since 2005 TUI fly Netherlands has operated charter flights from Amsterdam Schiphol Airport to destinations in Southern Europe North Africa the Caribbean and Latin America It was formerly known as Arkefly rebranded to Arke in 2013 and rebranded again to its current name in 2015 TUI fly Nordic nbsp Denmark nbsp Finland nbsp Norway nbsp Sweden nbsp TUI fly Nordic flies from Sweden Denmark Finland and Norway They fly holidaymakers travelling with the following tour operators TUI Sverige Sweden TUI Finland Finland TUI Norge Norway and TUI Danmark Denmark There was a slight name change from TUIfly Nordic to TUI fly Nordic The TUI Airline fleet includes the following aircraft as of July 2023 50 TUI Group fleet Aircraft In Service Orders Passengers NotesP E TotalAirbus A320 200 15 180 180 All on short term leaseBoeing 737 700 4 148 148Boeing 737 800 62 189 189Boeing 737 MAX 8 37 17 51 189 189Boeing 737 MAX 10 18 52 TBABoeing 767 300ER 3 31 264 295 To be phased out by 2024 53 328 328Boeing 787 8 13 25 280 30547 253 300 325 325Boeing 787 9 6 63 282 345Embraer 190 1 112 112 Currently being phased out and replaced by Embraer 195 E2Embraer 195 E2 2 1 54 136 136 Replacing Embraer 190Total 143 37Corporate affairs editSee below the financial information of TUI AG TUI Group Financial Information Year Revenue Net Profit2015 16 55 17 18 billion 1 15 billion2016 17 55 nbsp 18 53 billion nbsp 910 9 million2017 18 55 nbsp 19 52 billion nbsp 780 2 million2018 19 55 nbsp 18 92 billion nbsp 531 9 million2019 20 55 nbsp 7 94 billion nbsp 3 13 billion2020 21 55 nbsp 4 73 billion nbsp 2 48 billion2021 22 55 nbsp 16 54 billion nbsp 0 22 billionControversies editOn 16 April 2009 TUI Travel and S Group Travel Holding of the Russian shareholder Mordashov declared the formation of a joint venture in Russia with investments of 30 million euros to develop tourism activities in Russia and Ukraine The intention was to take over the tour operators VKO Group and Mostravel in Russia and Voyage Kiev in Ukraine which had over 160 travel agencies and over half a million customers 56 In March 2022 TUI AG terminated the brand use agreement with TUI Russia TUI Russia is no longer a TUI Group company The last shares in TUI Russia were sold in 2021 57 A 2018 study in the UK found that Tui had the largest gender pay gap reported to date by a major UK company with its male employees paid more than twice what female employees are paid 58 In August 2018 some air passengers questioned the distribution of gendered stickers to children on a flight future pilot for boys future cabin crew for girls 59 TUI has become the main airline carrying out charter deportation flights for the UK Home Office 60 It is estimated that in November and December 2020 TUI carried out the deportation of more than 150 people in 13 flights to 23 destinations for the Home Office 61 On 20 May 2022 the German TV Programme ZDF Magazin Royale dedicated an episode to the history of TUI It reported that Preussag was active in World War II producing bombs for the Nazi Party Later Preussag also provided chemicals to Saddam Hussein s in Iraq so facilitating the development of chemical weapons 62 63 The company were also supportive of the regime of Muammar Gaddafi in Libya and helped to build a factory for the production of chemical bombs 62 The management responded to a request for information by saying that they were not aware of the company s history 64 In May 2022 it was reported that the Russian oligarch Alexei Mordashov had made a transfer of a holding of 29 9 of the company TUI failed to follow the rules and verify the new owner of the shares In addition the transfer was a violation of the sanctions against Russia by the European Union which sanctioned Mordashov personally 64 65 See also edit nbsp Companies portal nbsp Germany portalReferences edit a b c d e Annual Report 2022 PDF TUI Retrieved 18 February 2023 Frequently asked questions TUI Group Retrieved 18 February 2023 TUI forges World s biggest tourism operator TUI AG Retrieved on 29 October 2014 Contact TUI Group TUI AG Retrieved on 29 May 2009 About TUI Group www tuigroup com Retrieved 2023 10 10 History Preussen Elektra Retrieved 14 April 2017 TUI Group GmbH company histories com Retrieved 23 March 2018 WESTDEUTSCHE LANDESBANK CARLSON THOMAS COOK Merger 1999 ECComm 26 8 March 1999 www worldlii org Retrieved 2015 12 02 German firm buys Thomas Cook BBC 7 December 2000 Retrieved 14 April 2017 Leadbeater Chris 18 October 2017 Goodbye Thomson hello TUI how Germany beat Britain in the battle of the sunlounge The Telegraph Archived from the original on 2022 01 12 Retrieved 11 March 2019 First Choice to tie up with TUI BBC News 19 March 2007 Retrieved 24 June 2013 First Choice TUI merger cleared BBC News 4 June 2007 Retrieved 24 June 2013 Thomson and First Choice to merge The Guardian 19 March 2007 TUI grundet mit Mordaschow Reisetochter in Russland Touristikkonzern und Oligarch vertiefen Partnerschaft TUI establishes a subsidiary in Russia with Mordashov Touristkonzern and Oligarch deepen partnership Financial Times Deutschland in German 11 April 2008 Retrieved 22 October 2018 Heitmann Jens 30 August 2010 Alexej Mordaschow baut Einfluss bei TUI aus Alexei Mordashov is extending his influence at TUI Gottinger Tageblatt in German Retrieved 22 October 2018 a b Russischer Investor baut Einfluss bei TUI aus Russian investor is extending his influence at TUI Der Spiegel in German 31 January 2011 Retrieved 22 October 2018 Kuehnen Eva 23 March 2009 TUI AG completes sale of Hapag Lloyd unit Reuters Retrieved 8 August 2010 TUI AG set to agree Hapag Lloyd deal this week Chicago Tribune 12 February 2012 permanent dead link a b Wnuck Corinna 30 August 2010 Tui Grossaktionar stockt Anteil auf Tui major shareholder increases stake Finance in German Retrieved 22 October 2018 Tui Travel agrees to merger with German majority stakeholder International Travel News Archived from the original on 2014 10 06 Retrieved 17 December 2014 Young Sarah 17 December 2014 TUI Travel TUI AG merger completes Reuters Retrieved 17 December 2014 a b c Roundup Tui Grossaktionar Mordaschow nahert sich der Sperrminoritat Roundup Tui major shareholder Mordashov approaches the blocking minority Bild in German 1 September 2017 Retrieved 22 October 2018 Aleksej Mordashov priblizil svoyu dolyu v TUI k blokiruyushemu paketu Alexey Mordashov brought his stake in TUI closer to the blocking stake RBC in Russian 10 January 2017 Retrieved 22 October 2018 Shareholder structure TUI Group Retrieved 22 October 2018 Change in the shareholder structure of TUI AG www tuigroup com Retrieved 2019 12 05 TUI Group to sell German specialist tour operators Berge amp Meer and Boomerang Reisen Group sharpens its profile www tuigroup com Retrieved 2023 10 02 TUI Group sells German holiday home provider Wolters Reisen www tuigroup com Retrieved 2023 10 02 Hancock Alice 13 August 2020 Tour operator Tui considers disposals after racking up 2 3bn loss Financial Times Retrieved 13 August 2020 Alexei Mordashov Russia s richest man is now an EU sanctions target The Guardian 2022 03 02 Retrieved 2022 03 05 Welle Deutsche The Russian oligarchs of the FinCEN Files DW 26 09 2020 DW COM Retrieved 2022 03 05 TUI open to new majority shareholder following resignation of sanctioned Russian billionaire City A M 2023 03 24 Retrieved 2023 08 15 TUI launches 1 8bn share sale but Russian owner is banned Travel Gossip 2023 03 24 Retrieved 2023 08 15 a b Dr Dieter Zetsche to succeed Professor Klaus Mangold as Chairman of the Supervisory Board of TUI AG in 2018 www tuigroup com Retrieved 2023 10 02 Change at the helm of TUI Group Fritz Joussen becomes sole CEO of TUI Group Peter Long Joint CEO up to the AGM becomes Supervisory Board member www tuigroup com Retrieved 2023 10 02 a b EANS Adhoc TUI AG Change at the helm of the Supervisory Board presseportal de in German 2009 10 28 Retrieved 2023 10 02 TUI Group listed in the Open Market of the Frankfurt Stock Exchange as of 1 April www tuigroup com Retrieved 2023 10 02 TUI shares soar on breakup news Reuters 2008 03 14 Retrieved 2023 10 02 Activist investor fails to oust Tui chairman Financial Times www ft com Retrieved 2023 10 02 Financial Statements TUI AG PDF tuigroup com TUI AG has been informed about changes in ownership of shareholder Unifirm Limited Change in TUI s shareholder structure www tuigroup com Retrieved 2023 10 02 TUI Group s Largest Shareholder Hit With European Union Sanctions Yahoo Finance 2022 03 01 Retrieved 2023 10 02 TUI AG receives information about the owner of its shareholder Unifirm www tuigroup com Retrieved 2023 10 02 Capital Increase www tuigroup com Retrieved 2023 10 02 Shareholder structure www tuigroup com Retrieved 2023 10 02 a b Our business www tuigroup com Retrieved 2023 10 02 TUI Group Sale of Hapag Lloyd Cruises to TUI Cruises completed www tuigroup com Retrieved 2023 10 02 Imprint Hapag Lloyd Cruises www hl cruises com Retrieved 2023 10 02 Our Ships Hapag Lloyd Cruises www hl cruises com Retrieved 2023 10 02 Singh Sumit 2020 12 06 Corsair Receives 300m As TUI Sheds Its Share Simple Flying Retrieved 2023 10 02 TUI Group Fleet Planespotters net Retrieved 17 July 2023 TUI fly krijgt naast B737 MAX8 ook vier MAX10 s in de vloot Dutch flightlevel be 21 November 2017 Retrieved 21 November 2017 TUI fly krijgt naast B737 MAX8 ook vier MAX10 s in de vloot flightlevel be 21 November 2017 Retrieved 21 November 2017 UK s TUI Airways to wet lease a B787 9 in Summer 2023 ch aviation 5 January 2023 Retrieved 7 January 2023 TUI Launches Flights With First Embraer E195 E2 simpleflying 20 June 2023 Retrieved 17 July 2023 a b c d e f g All TUI Annual Reports 2016 2021 www tuigroup com Retrieved 18 February 2023 TUI Travel launches Russian joint venture www travelweekly com Retrieved 2023 10 02 TUI terminates agreement TUI brand name may no longer be used by TUI Russia www tuigroup com Retrieved 2023 10 02 Butler Sarah Barr Caelainn 16 February 2018 Tui s male employees paid more than double female staff report Retrieved 22 January 2019 via www theguardian com Khomami Nadia 22 August 2018 Sexist Tui Airways crew gave different badges to girls and boys Retrieved 22 January 2019 via www theguardian com The two sides of TUI crisis hit holiday giant turned deportation specialist Corporate Watch corporatewatch org 27 January 2021 The Home Office deportation drive against Channel crossing migrants a balance sheet Corporate Watch corporatewatch org 29 April 2021 a b Kelly Michael J 2013 Never Again German Chemical Corporation Complicity in the Kurdish Genocide Berkeley Journal of International Law doi 10 15779 Z38594T S2CID 145705967 Adib Moghaddam Arshin 2006 07 01 The Whole Range of Saddam Hussein s War Crimes Middle East Report 239 30 35 doi 10 2307 25164729 ISSN 0899 2851 JSTOR 25164729 a b ZDF Magazin Royale vom 20 Mai 2022 www zdf de in German Retrieved 2022 05 20 Ltd Jacobs Media Group Scrutiny grows on Mordashov Tui stake Travel Weekly Retrieved 2022 05 20 External links edit nbsp Wikimedia Commons has media related to TUI Official website Documents and clippings about Preussag in the 20th Century Press Archives of the ZBW Retrieved from https en wikipedia org w index php title TUI Group amp oldid 1180174452 History, wikipedia, wiki, book, books, library,

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