EANS-Adhoc: TUI AG / Restatement of prior-year financial results of TUI Travel PLC

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ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro
adhoc with the aim of a Europe-wide distribution. The issuer is solely
responsible for the content of this announcement.
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21.10.2010

Hanover, 21 October 2010. Following a meeting of the audit committee
TUI Travel PLC has announced today that recognized receivables
related to the tour operator business in source market UK need to be
written off. According to TUI Travel PLC, the write offs are caused
by failures to reconcile balances in the IT systems of the retail and
tour operators businesses in the UK. The write offs total 120 million
euro.

These write offs to be effected by TUI Travel PLC will affect TUI´s
consolidated financial statements. An amount of 45 million euro will
have to be recognised as a reduction of underlying EBITA in the TUI
Travel segment in the short financial year 2009. A restatement of 75
million euro relating financial years prior to 1 January 2009 will be
shown in equity for the short financial year 2009 in the framework of
a balance sheet correction.

Against this background, TUI Travel PLC CFO Paul Bowtell has decided
that it is appropriate to offer his resignation. Peter Long, CEO TUI
Travel PLC, and Paul Bowtell have agreed that he will leave the
company at the end of the year.

The write offs to be effected for TUI Travel PLC will not have a
negative impact on the TUI Group´s cash position and hence net debt.
TUI AG´s earnings forecast (underlying EBITA) for the Tourism segment
for financial year 2009/10 remains unchanged. TUI AG thus continues
to expect a positive Group result for financial year 2009/10.

Some of the information in this press release may contain
predictions, expectations or forward-looking statements. These
statements may entail known or unknown risks or uncertainties. Actual
results and developments may therefore differ materially from the
expressed expectations and assumptions. The performance of financial
markets, the development of exchange rates, amendments to national
and international laws, in particular concerning tax regulations, may
also have an impact. Except as provided by law, the Company
undertakes no obligation to update forward-looking statements.

end of announcement euro adhoc
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ots Originaltext: TUI AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Investor Relations contact:

Björn Beroleit, phone +49 (0) 511 566 1310

Nicola Gehrt, phone +49 (0) 511 566 1435

Media contact:

Uwe Kattwinkel, phone +49 (0) 511 566 1417

Robin Zimmermann, phone +49 (0) 511 566 1488

Branche: Transport
ISIN: DE000TUAG000
WKN: TUAG00
Index: MDAX, CDAX, HDAX, Prime All Share
Börsen: Frankfurt / regulated dealing/prime standard
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