Good morning, everybody. This is a very special day because it's snowing in Germany and I think in a lot of other places in Europe. It's the first time that actually we don't sit at all together. I sit in Düsseldorf and Sebastian in Braunschweig. The Investor Relations team, with Nicola and Mathias sit in Hanover and partly in London. You have a team sitting everywhere around. Hopefully, we still can do a good presentation. Therefore, I have to announce a little bit the slides I'm focusing on in my presentation. Maybe I could go to page four of my presentation and my opening comments. The quarter has been a successful quarter in one respect. We secured a support package of EUR 1.8 billion. I will focus on that in a moment. 1.5 billion you see now in our liquidity, which is EUR 2.1 billion in early February and EUR 300 million we used to pay back our EUR 300 million senior notes. Therefore, we extend maturity until July 2022. When you focus on the third package, you will see it's more equity-related than it is debt-related. I think that's very important because it doesn't only provide liquidity, but also starts to focus on the balance sheet structure. Now, when I look onto the market, we now brought 2.5 million customers to their vacations. What you can see is that safe travel is possible when you look and when you put emphasis on the routes. Our seven-day incidence rate averaged to 0.5 per 100,000 guests. Not 50, not 100, 0.5. Virtually nothing. I think it was 300, whatever incidents, on 2.5 million guests. It is safe to do holidays and customers like it. Good holidays and safe holidays are possible. On top of that, we see right now the vaccination ready to start, particularly in the U.K., extremely successful. Maybe there are not so many advantages, that's at least sentiment, of the Brexit, I think vaccination is one of it. The vaccination program in the U.K. is extremely ambitious. Fortunately, that is also the country with our biggest booking profile today. More than half of our bookings actually are in the U.K. More than half of 2.8 million summer bookings are in the U.K., and therefore, it's a good coincidence for us that the vaccination program is so successful there. Capacity will be maintained at 80%, some flexibility to go up and down. I come to that in a minute. U.K. summer 2021 load factor is already 42%. Again, it's our strongest market and also the market with best vaccination program. That's all good. Global realignment program update is tracking to deliver the savings of more than EUR 400 million PA. I will focus on that in a minute as well. More than half of the program is already executed and more than half of these savings will actually already hit this year. It's also part of the better cash burn than expected is actually that we are so much on cost. We believe that liquidity is bridged to summer 2021. We are strongly positioned to actually take advantage of the market situation, once actually the restrictions are lifted. Now, talk on page five, briefly on the support package. The third package has three major components. WSF components, silent participation, one and two. One is convertible, one is non-convertible. Both actually qualify for equity, therefore it is largely equity. We also have an additional component, RCF, with fresh bank money in. 20% fresh bank money that shows confidence of the banks. I think that is good. Even more important on the equity raise, which we had thought was not possible just beginning of November, but then through the news of vaccination, the share price rose and we could do a EUR 500 million equity raise. Rights issue, 98% + actually have executed their rights. 2% so 8.3 million shares were actually in the rump and have been oversubscribed and therefore we achieved a very good price of EUR 3.85 which was close on the trading price at that time. Even more I think also important that Unifirm actually increased the shareholding from 24.9% to 30.1%. Strong commitment to the company, strong belief touristic markets is about to come back. As I say, the subscription, the rights take up, the oversubscribe of the rump, the KfW fresh banking money as well as Unifirm, everything indicates that actually that full tourism will be coming back soon and the company will be strongly positioned. We used EUR 300 million to repay early the senior notes bond. It would have been due in 2021, but therefore we saved some money. The good thing is that now including the extension of the RCF to 2022, now the first maturity is actually now July 2022, and that gives us time to restructure our balance sheet to take care with different measures available, to manage maturity of the sheet until that point in time. Liquidity is EUR 2.1 billion. This is plenty to bridge into summer 2021. I think that's good. That actually gives us that certainty. I have some anecdotal press coverage on vaccines. You have read it all. It's not only BioNTech, Pfizer, AstraZeneca and Moderna and now, Johnson & Johnson. Think about its single-shot vaccine and enormous giant with strong production facilities. The U.K. has been strong anyway, but also the scarcity of supply in the other countries, I think, is a matter of time until managed a strong focus plus a strong supply coming up. I think that's good. Particularly when you look on the next slide number eight. More than 11 million people have been vaccinated in the U.K., close to 20%, 12 million jabs, so some have been receiving a second one. Until March, I recall everybody above 60, until May, everybody above 50 will be potentially vaccinated. I think this is very important because the main objective of vaccination was not to eliminate the virus. That will be not possible. To hinder the overload in the national health systems, I think when you have vaccinated the vulnerable, when you have vaccinated the doctors and nurses and so on, particularly in the U.K., that will happen fast. We are just, I think, potentially seeing maybe mid-March, April and so on. That actually having taken place. Because we have more than half of the bookings in the U.K., that is definitely very helpful. In the summer, it was not only the vaccines but also the antigen tests which are around, which are more and more the method of choice in our countries. Because you see after 10 minutes the results, so no latency. The countries that recognize the advantages. I think these two components, vaccination as well as the antigen test. These have been things not being around last year, but now around and therefore, I believe that is a strong indication that this year the summer holidays will happen. Looking at the bookings for a moment, that's page number nine. Bookings have arisen after the vaccination news, factor of two or up 70%. It should have been a factor of four, so even double the volume you see here. Of course, you see in light of the closed borders, still some short-term booking patterns. It's promising that we saw this rise and these are the daily bookings you see here. Of course, it's still some way to go. When you look on the next slide, you see that the bookings, 2.8 million in this light bar on the top compares to 4.9 million bookings in 2019. It's down 44%, but prices are up 20%. This is all about half of the effect is trading up of people. They book higher quality holidays or more package and the other one is actually a mix. I think both effects are good because high average selling prices guarantee good margins. The short-term booking as the winter holiday report suggests that actually we'll see a lot of short-term bookings, but other reports as well. I believe we will see a good summer. Let's look at our model and how will we do in the summer. This is actually page number 11. Here, you see on our flying capacity, we have been proving that as soon as flying was possible, we had a lot of flexibility to fly and we flew very fast making integrated decisions so we could make marketing initiatives immediately fly, open our hotels and so on. In the summer last year, that has been helping a lot. We have also still some flexibility on the 80% because we are using third-party capacity as well, so we can flex down, but we can also flex up if the demand is higher. I think that's good. We have a guaranteed flying, plus flexibility. On the hotel capacity, we have been proving that safety protocols have been in place. We have been proving that we over-indexed a lot for our own hotels, so we can channel demand to our own hotels. That, I think, is very important. With our diversified portfolio across Mediterranean, Caribbean, North Africa, Asia, wherever it opens, we can actually fly and bring customers into our hotels. Cruise capacity. We have been still sailing in the winter. We were the only European cruise operator doing so. We have had a strong direct distribution to operator integration. That means high margins on holiday sold, rigorous hygiene and safety concepts, and we believe that mid-term, we will see even a more reduced global supply, because there has been a lot of scrapping of old tonnage and also new tonnage has not been ordered. We believe the market will come back very strongly. Operational highlights and anecdotes. As I pointed to, as last time, you see the demand is very strong. Winter program, when you look at on the slides here, being at own hotels in Fuerteventura, St. Maarten, Maldives, all very good occupancies. When you look at the Fuerteventura hotels over New Year's, everything was booked 3x as many bookings in January even to the Maldives. The Maldives seem to be safe. You have a lot of good underpinning evidence that actually demand is strong. In airlines, we actually focused also on different business. We did more than 160 cargo flights. Of course, it's not a long-term business, but it's generated a good double-digit revenue. Why not? Contribution margins in mid-single digit. It's not so bad. Preparation, of course, for the MAX returns on the way. We have now the pilots on training. The MAX will come back, and will be a very safe airplane, I think. Now talk about the Global Realignment Program. That's, of course, what we announced. More than half of the Realignment Program is now executed. You should expect this year something EUR 250 million of EUR 400 million. The EUR 400 million were actually at least EUR 400 PA was something from 2023 onwards. Now we are more than, let's say this year will be EUR 250 million +. More than half of the program is executed, 5,000 FTEs reduced. Musement fully digital right now. I come to that in a minute, how that looks. TUI fly restructuring, particularly in Germany, halving the airline. Retail down in the U.K., particularly in the U.K., but also in Germany, more than half of the program is executed. Headquarter and staff savings are realized. As I said, you should expect EUR 250 million of the EUR 400 million, above EUR 400 million, let's say, already this year. Good companies look through the crisis. We talked about we don't only want to save cost on the program, but also thinking digital first, digital acceleration, innovation. Here, one example is actually the integration of TUI Musement into the TUI app. You book a journey, you have your documents in your app, and when you open the app, you see the new load of software every six weeks, things are new. You see now in the app integrated since March, not only holiday countdown, but also personalized planner, destination content, which is one click away. We know that customers come to Spain or Greece, for example. Therefore, we can actually already start selling activities in destination. Live transfer information. You see on the right of the screenshots, actually it's all integrated with maps and chat functions for our live chat functions for our reps and so on. That is something. Even hotel check-in for our own hotels is possible. For third-party hotels is yet to come. Here on the next slide, particularly when I think that the Musement, the tours activity segment is actually one of the most promising segments. We have now more than 170,000 experiences active in more than 140 countries. We have a full recommendation engine, all CRM enabled, app exclusive discount, dynamic merchandising. Everybody sees one-to-one what we believe they are interested in visiting, and so on. Here, what's next in the pipeline is sharing content with your communities, rating reviews, and so on. Not only we reduce, in Musement the staff in destination, but also we increase quality, and we believe that we are in a strong position to take advantage once the travel business actually will be revitalized. With that, I would like to pause for a moment. By the way, all of these are live screenshots, so I just took some screenshots of our app. It is already live since January this year and the latest software drop in March. With that, I would like to pause for a moment and actually Sebastian, to bounce back, to give you the opportunity to talk about our numbers. Thank you, Fritz, and a very warm welcome also from my side, looking out the window, half a meter snow in northern Germany is very unusual. Let me guide you on the following pages through the Q1 results of the financial year 2021. I'm starting with our revenue development during the first quarter. We generated around half a billion of revenue, with October being the strongest month. This is roughly 12% of what we achieved last year due to the ongoing travel restrictions forcing the cancellation of the majority of our winter program. Underlying EBITDA stood at -EUR 480, while underlying EBITA came in at -EUR 699 million. Demonstrating the strong discipline on cost while using every operational opportunity to offer holidays to those customers who wanted to travel. All in all, these measures helped to reduce our average monthly EBITDA loss to EUR 160 million and to EUR 230 million on EBITA level. Coming to the adjustment line with a total of -EUR 22 million, these are mainly related to the Global Realignment Program, so our cost-cutting program, as well as the normal Purchase Price Allocation. Last but not least, the interest development. As you all know, the increase by EUR 57 million to EUR 109 million minus is predominantly driven by the greater revolver credit drawings and the higher interest rate on the Senior Notes compared to the previous year. Let me remind you that the overall assumptions for the interest result are unchanged for financial year 2021 of between -EUR 400 million and EUR 450 million. I would now like to come to our underlying EBITA bridge. The deviation of the segment demonstrates limited operations possible due to the COVID-19 government-imposed travel restrictions. We continued to focus on cost discipline as we successfully do since the beginning of the crisis, trying to capture margins wherever possible. We managed to limit the average monthly EBITA loss to EUR 230 in the quarter. Looking now at the development of the single segments, the hotel and resorts decreased by EUR 132 million, with 116 hotels open at end of the quarter versus 229 hotels opened in Q1 last year. Reflecting the usual winter seasonality and limited operations from travel restrictions. The most popular destinations for our winter program were the Caribbean, the Canaries, Eastern Mediterranean, Maldives, Zanzibar, and North Africa. Occupancy rate declined 34% to 43% across our operating portfolio, and average daily rates declined by 12% to EUR 60. Our Greek hotels, which ran an extended program into October, delivered occupancy rates of 67%, demonstrating the strength of our integrated business. Our Caribbean hotels saw occupancy rates of 57%, largely driven by an increase in our third-party distribution, as well as reduced travel restriction from our North American markets. Cruises is EUR 149 million below last year's level, with TUI Cruises and Hapag-Lloyd Cruises operating five ships offering itineraries to the Baltic Sea and Canary Islands. Hapag-Lloyd is, as you know, now a part of TUI Cruises. Average daily rate of the operated fleet was EUR 118, down 18% versus prior, reflecting the shorter average duration and more local routes of Blue Cruises. Occupancy of our operated fleet were 35%, reflecting a more subdued environment for departures as a result of travel restrictions, as well as adherence to COVID-19 government safety advice, capping the numbers of passengers on board. Marella Cruises remained suspended throughout the first quarter in line with the U.K. government travel advice. TUI Cruises was the only cruise operator to continuously sail throughout the winter, and we are pretty proud of this, that we were able to offer this and that we had safeCruise itineraries. TUI Musement is down to EUR 24 million on prior year, with 75,000 excursions and activities sold, down 95% versus prior year, reflecting the limited operations during the quarter. Underlying loss in markets and airline increased by EUR 255 million, reflecting the limited capacity operations over the period. This includes EUR 10 million net cost impact from hedging ineffectiveness, partly offset by the non-repeat of Boeing 737 MAX costs of EUR 45 million in the prior year, and strict cost discipline across all markets. All markets experienced a strong increase in direct online distribution as retail shops remained closed, an effect which we expect to stay also post-crisis to a certain extent. Which is also interesting that the share of non-paid traffic also increased significantly, which let us believe that cost of distribution in future could be significantly lower. To give you two examples, online sales in Northern region amounted to 76%, up 11 percentage points year-over-year, and also Central region increased online sales by 16% to 37%, and as said, a very high share of non-paid traffic. I would now like to move into the cash flow chart. There I would like to come right away to the working capital movement, the Q1 outflow of around EUR 400 million, which mainly reflects the settlement of outstanding supplier payments, in particular to agreed deferral schemes, as well as customer refunds arising from canceled holidays. As I mentioned before, and just as a reminder, for fiscal year 2021, we assume the working capital position to recover in line with operational booking normalization. Moving on to net investment, which is an inflow of EUR 47 million, as announced at our full year 2020 results, we are looking at all kind of financing initiatives to support our liquidity. Net CapEx for our ongoing IT and digitalization initiatives, as well as some maintenance for aircraft and hotels, was more than offset by the sale and leaseback of spare parts and aircraft and divestment proceeds. Here, our assumptions for net investments for financial year 2021 are unchanged compared to what we stated in December. Here we expect an inflow of up to EUR 250 million, including divestments and PDPs. I would like to draw your attention on the free cash flow after dividends, which stood at -EUR 798 million. This is certainly better than expectations, as it was supported by our self-help measures, like the sale of receivables factoring and other cash items, as well as by the already mentioned measures above. Excluding the positive effect from these executed initiatives, the cash outflow in Q1 would have matched the EUR 350 million to EUR 400 million assumed cash flow for Q3 communicated early December, being the lower end of the range. Moving now on to the balance sheet. The financial position increased by roughly EUR 800 million from a year end, and stood at EUR 7.2 billion as December 2020. The increase mainly reflects the negative cash flow, which we had discussed on the previous page. The increase in net debt reflects the drawings under the second stabilization package from the German government, which you can see in the liabilities to banks and the bond with warrant lines. This was slightly offset by a reduction in these liabilities, around EUR 400 million being undrawn under KfW package one and two. Coming to the liquidity management during the quarter and beyond. Pro forma cash and available facilities as at 4th of February 2021, including third support package, would amount to EUR 2.1 billion. Please keep in mind that this number already assumes the redemption of the EUR 300 million senior notes. The monthly cash outflow in the first quarter was, with EUR 300 million per month, slightly better than expected due to the already mentioned financing initiatives we successfully executed in December. Looking ahead, our assumption for Q2 is for the working capital development to correlate with vaccine program rollout and lifting of travel restrictions, with significant upside anticipated should travel restriction be lifted ahead of Easter, which this year is early April. We still anticipate net cash fixed cost outflow to be in the range of EUR 250 million per month, the range you are already familiar with. Our assumption for Q3 is for working capital to recover in line with operational restart and booking normalization. In the case of lifted restriction, net cost could potentially move towards operational breakeven. I would like to finalize my section highlighting again my priorities, driving the recovery and returning to a healthy balance sheet. First, most important, to manage liquidity. The execution of the third support package was of utmost importance to bridge liquidity to summer. We will continue with a very disciplined CapEx management. We will work on further divestment opportunities for sale and manage back possibilities. Since we had initiated this program, it moves on very well. Second, driving revenues and earnings. The most important thing is, of course, that we are returning to profitability. That's why we also think that we are in a head start position, as we never stopped operating. I think that will help us whenever the demand and the opportunities are there. We will optimize capacity in line with demand, operate our business with less fixed capacity, and will further execute on our global realignment cost-cutting program. Of course, we will continue with our strict cost management. For us at TUI, that means reducing cost while improving quality through digitalization. Our big advantage is that this goes hand in hand. We can further reduce cost while improving the service to the customer at the same time. Here we have made a big step forward. Last but not least, we need to optimize the financing. Our focus will be on an asset-light strategy for airlines, hotels, and also for cruise. Manage the COVID-incurred debt and the related interest cost. Furthermore, we will evaluate continuously our capital markets options in the best interest of our company. This will allow us reinstalling solid and healthy balance sheet structures and returning to a gross leverage ratio target of less than 3x. With this, I would like to hand back to Fritz, and thank you very much for your attention. Sebastian, thanks a lot. Page number 36. Very short conclusion. Remind everybody, our position, I believe, is strong. We will be a beneficiary beyond the crisis. Integrated business model, big tickets of customers, 21 million customers spending close to EUR 900 each. Strong brand position in our markets and also strengthen position from further consolidation. We have not even seen the Thomas Cook consolidation in our numbers, we believe that is still to come. Other tour operators, other participants in the market already leaving or significantly weakened. On the other hand, we believe tourism is, contrary to business travel, something which will be coming back very fast and unchanged, that we have seen strong demand. TUI then will be leaner and more agile and more digital, less cost. Therefore, we believe the transformed TUI will be a key beneficiary driving profitable growth beyond the crisis. Slide 37 says 2021 will be a year of transition. That's very clear. Fortunately, we see the high vaccination in the U.K. where we have the biggest booking position. We will use the year to look through the crisis, to drive digitalization, to deliver the Global Realignment Program, at least the commitment of EUR 400 million and maybe even a little bit more. Drive digital acceleration and an integrated structure taking full advantage of our scale. Therefore, we believe in 2022, demand will be there again, very healthy again. With the new competitive positioning, lower cost, leaner structure, more digital, we will actually take the advantage of profitable growth with less capital and more digital as we have been before. That said, I would like to close it here or stop here. Now, Sebastian and also Mathias and Nicola Gehrt, the investor team in Hanover, and of course, myself, we are here to answer your questions and I would like to open the floor. If you would like to ask a question, please press star one on your telephone keypad. Please ensure your line remains unmuted locally. If you would like to withdraw your question, please press star two. You will be announced when you can ask your question. The first question is coming from the line of Jamie Rollo from Morgan Stanley. Please go ahead. Hi, Jamie. Hi there. Thanks. Morning, everyone. Thanks for taking my questions. First one is, could you please quantify the financing initiatives that helped liquidity in December and January? I can see there's about EUR 120 million of disposal proceeds in Q1, but could you talk about whether there's anything also in January? Also talk a bit more about the receivables or factoring, both again for January and December, please. Secondly, just on working capital for the current quarter, I appreciate your bookings are up 70% from December, but could you talk a bit about what the key to working capital movement is to date year-on-year rather than versus December? Also could you break out the EUR 1.7 billion customer deposits by quarter? I think you've only canceled holidays up to early March. I'm wondering what the risk is if Easter doesn't happen. Finally, Fritz, just on liquidity. You're saying the company's bridged to the summer. What does that mean? Does that mean you're confident in the liquidity position, that you need Easter to go ahead and you need summer to be at 80% of normal levels? What happens if those don't happen? What's the fallback option? Thank you. Thank you, Jamie. I will try to set the scene a little bit and then maybe ask, particularly on your first questions, in a little bit more detail, Sebastian or Mathias and the investor team in Hannover. As you know, we have right now, early February, we have a liquidity position of EUR 2.1. As you know, our fixed costs, our cash cost on the cost side is EUR 250, maybe a little above, but we don't have such ineffectiveness. This time because the prices for fuel has come up, it is, let's say EUR 250. Of course, the remainder on the cash burn is either working capital inflow or outflow. For Q1, you saw an outflow, I think, of around about EUR 400 million. The question is not so much. Of course, you can generate the inflow now with summer bookings and at a certain point in time, there will be more inflow and then at a certain point in time, you will have enough inflow to cover your fixed costs, and then you become cash positive. Of course, it is important to get prepayments in, but it is of course also important to deliver holidays. When you deliver holidays, first of all, you get the remaining payment and secondly, you do not need to pay out to customers anymore because you cancel holidays. Of course, in February and March, the volumes are very small and the likelihood that we actually get good prepayments in is not so bad. You have somehow a season, Easter. It is not that big, but it is bigger than, of course, in February. I think the big point is actually coming in, let's say, June onwards. Yeah. Here my view is, as long as the big markets, U.K. is fine because of our huge booking position, they'll be fine. And of course, in Germany is also important, but the booking position is only about such. Therefore, I think it's important now to see how that works. Of course, then it's also the question on summer with a 20% ASP up. It's important that we get the cost equation right. Here we still planned at 80%, but we have also significant scope to scale down if we want so. I believe we will not have to because I believe potentially in March and April you'll see a lot of removal of restrictions because of the vaccination program and the rapid testing. I believe then the bookings will come in strongly. Savings rate of households is up on record levels. We have just in Germany up from 11% to 17%, I think. This is record level. People want to go on vacation. No reason to assume that's different. Right? This is the situation how I see it, but maybe on the other questions, can I ask Sebastian, maybe you or Mathias to take that question? Yes. Thank you very much. On the customer deposits, the EUR 1.9 million, by far the majority is in the second half of our fiscal year. It's a very small portion for Q2. There in the second half, the majority is in Q4, which supports our working capital position. We do not expect a significant impact therefore in Q2. We are executing the program which we had initiated to optimize our asset structure. We do expect that we will see first successes rather soon. Of course, it's always depending that we get the right prices that we don't pay under stress. It's not so easy to predict if it's March or April, but we will see the first positive impacts here. Last question, the cash in for Q1, it was around EUR 250, which we were able to cash in receivable and one aircraft engine. Thank you. For EUR 250 in Q1, there was nothing in January. It was all in the December month. Yes. Okay. That's great. Thank you very much. Thank you, Jamie. The next question is coming from the line of James Rowland Clark from Barclays. Please go ahead. James, hi. Hi there. Good morning. Just on the cash burn, you're guiding to EUR 250 million-EUR 300 million of net fixed costs in Q2, breakeven in Q3, that all excludes working capital. You just talked there about sell and leasebacks helping your cash in December. Could you help us to sort of quantify what that might mean in this quarter and in Q3? Any guidance around the sell and leaseback cash inflow potential? Secondly, on price increases. The price is up 20% on the ASPs. You said earlier that's a mix of holidays, the mix, also just the way that customers are booking at the moment. Are you seeing any pricing power versus your peers? Is the competitive environment helping you to push price at the moment? As a follow-up as well would be, as bookings come in from other regions like Germany and Nordics, should we expect pricing to normalize in the summer? Actually, those are my two questions. Thank you. James, I take the second one, and on the cash burn, I will ask Sebastian. On the pricing, as you said, half of it is mix, and half of it is up trading. None of it is pricing power, right? It's not like we increased prices and these things. That's not the case right now. What I would expect anyhow, that for differentiated products, there will be some scarcity in the summer. Therefore, I would expect that we don't need to have a lot of discount. Actually, I have to say that some, for example, of the ROBINSON Clubs, we just removed the early booking discounts because we see that these products are already filling up for the summer. Usually we have quite some discounts, but here, we don't. The reason for this is that somehow people think that some of the ROBINSON Clubs might not be bookable. Some of the other ROBINSON Clubs when you look at Greece and so on, we just removed all discounts. I would say for differentiated products, I would assume that there will be some scarcity, and if we then have some pricing power, it remains to be seen. For the time being, that's not the case. For the time being, it's just mix, so more package, but also upselling of customers to higher quality products, after a year of no vacation or little vacation, demand is actually in that respect. Sebastian, do you want to take the cash design and therefore also the working capital, I think? Thank you. Unfortunately, we give no guidance on the quarterly sales on leaseback proceeds because it's very difficult to judge when we have the exact date of finalization. What we can confirm that is our expectations for net investment, and sale and lease are part of this, that we keep our expectations of up to EUR 250 million. Okay. Thank you very much. The next question is coming from the line of James Ainley from Citi. Please go ahead. Morning, everybody. Thank you for taking my questions. Three questions, please. Just coming back on the question about summer capacity. I think you said 50% of your hotel capacity is fixed. What's the equivalent number for your flying capacity, please? At what point are you going to have to commit to additional capacity as we move towards the summer? Second, the FT article today is pointing to a contraction in the Spanish tourist hotel base. Just interested to hear what, to what extent you've seen any contraction in your supply base and distress amongst your hotel partners. Some qualitative comments would be helpful there. The third question is, you obviously talked about rebuilding the balance sheet, but how should we think about the timeframe for that recap? Do you think that the KfW and the relationship banks might be open to extending their facilities beyond July 2022, or do you think it needs to be done prior to that? Okay. I try and maybe, to start, and maybe Sebastian, you kick in. On the summer capacity, when we talk about, the good thing is as we always said, for our own hotel we of course, have the obligations for third-party hotels. We have been avoiding obligations as much as possible. That was also successful because at the end of the day everybody will be open and win customers, and we will be the first in line to win customers because we can commit flying early and we can make integrated decisions, right? That has been proving to be quite successful when we restarted the business also last year. The flying capacity is actually of the 80%, let's say, of the capacity which we communicated for summer. I would say 2/3 around are somehow fixed. That means we can reduce it, but also we can increase for that. How can we increase? We either prolong lease contracts for our NGs or we actually purchase in the market. We assume that particularly because the business travel market will come late, there will be a lot of scarce capacity, if we then need capacity. If the summer would be 80%, it would be already very good. As I said, we have some flex down that anyway, and you talked about the hotel. Hotel partner, the contraction, I have not noticed. The partners seem to be in the market largely. There is not a huge insolvency wave and these things. Quite to the contrary, I think when I look into the market, many of the hotel investors are looking through the crisis. Even the prices for hotels are stable. Let's say not 100% stable, but let's say not so much discounts. Then, of course, on 2022 it's difficult to comment. Sebastian has talked about, I think the factor three, I think 2023, Sebastian, right? What's your view on that? Maybe if I just add on the hotel side. Especially the Greek and the Spanish hotel guests expect a strong summer, therefore prices are stable for summer. What we also see that the asset prices as we are looking to dispose are very strong, so expectations are high. On the refinancing, yes, if you look at our maturity, summer 2022, this is very important for us and therefore we have started to find a good way forward. It's one of the main efforts we have at the moment, and we are very confident that we will get good solutions with all partners. Also there we see very strong support from our banking partners, but also from the state. Okay. The intention is to do it sooner rather than later? I think there are always windows of opportunities, and I think it's our obligation to be prepared for the first attractive window of opportunity and especially when the business will restart, there will be a lot of good options. You have seen what Lufthansa has done, so there will be good opportunities. Okay. Very good. Thank you. The next question is coming from the line of Cristian Nedelcu from UBS. Please go ahead. Hi. Thank you very much for taking my question. Three, if I may. First of all, on your Q3 guidance, you're talking about net cost. I think it's now gone, right? Cristian, we cannot hear you. I think it would be best for Cristian to dial in again. Okay, we'll move on to the next question for now. Cristian, please try and dial in again and press star one. The next question is coming from the line of Stuart Gordon. Please go ahead. Yeah, good morning. Thanks for taking my questions. First one, just between the receivables financing that you've talked about, it looks as if there's much lower payments on account, and also there's a considerable number of the current bookings are legacy vouchers. Whilst you're confident of the liquidity through the summer, how confident are you of that liquidity through year end as the working capital unwinds in the fourth quarter? Secondly, can you talk a bit about your philosophy towards the summer and your 80% assumption? Obviously you've talked a lot with the vaccination programs, but it would appear as if you're making an assumption that travel restrictions are largely going to be fully removed before vaccinations are fully rolled out at the end of the summer months. Just to pick up on the point you made about scaling down? You're way above what Ryanair and easyJet are talking about. Is it fair to say that on that scaling down, you're kind of gearing yourselves up for maybe what they're talking about, 50%-70%, have your, for want of a better word, your fingers crossed that it's closer to the 80%? Thank you very much. Okay. I'll try to the second one. The receivers and the vouchers need some help. When you look at our philosophy, the first one is actually the stated intent of vaccination program is not to eliminate the COVID-19 incidence. It's not to eliminate the virus. The stated intent of vaccination program is to help with the load in the national health systems, the hospitals and the strong ill. For young people, there's no reasons to reduce their freedom and restrict their freedom of travel, even if they are not vaccinated. That's very clear. Therefore, it's not that we need 100% vaccination or 75% vaccination, which even the European Union had said for the end of first quarter. The third quarter meaning September. The intent is to protect the vulnerable and to protect the hospital staff and so on, and that is something which I think will happen in the U.K. in March. Therefore, we expect a strong summer. Right? The philosophy is 80%, but we can still make choices. We would be able to also scale down, but we also would be able to scale up. Definitely to levels 50%-70%, which you quoted from Ryanair and easyJet. Here, please keep in mind that Ryanair and easyJet are not just package tour operators. Right? They are also having a significant part of their business, which is not leisure. That part of the business will be much later. We know that teleconferencing and Teams meetings and Zoom meetings and so on are efficient. You save a lot of commuting times. At least, in business travel, I would assume that that actually will hit the business travel much harder than leisure. Their mix is very different to ours. Yeah. Therefore, I believe that the communicated numbers of Ryanair and easyJet are not comparable to ours. Sebastian or Julian? Yes. If I may add to the 80%. This is 80% of a consolidated market. You know that Thomas Cook is out, which had 20%-10% market share, depending per market. A lot of small tour operators in Germany have vanished. Retail with own offers have vanished. Probably if you look at the overall net market capacity, we increased significant. That's what we do see, market share, and it would mean market 65%, 70%. On the vouchers and working capital, what is quite interesting, if I look at customer deposits, at the moment less than EUR 2 billion. At the high end, in 2019, we had up to EUR 5 billion. That shows how much the positive impact could be. Out of that EUR 400 million are the vouchers. The vouchers are normally vouchers for customer prepayments, so 20%, 30% of the overall build size. That means that the first EUR 400 million are without cash. It will be a constant flow. What we do see now is that the people who ask for a voucher when they rebook is getting a very small portion. That's why this is a number which will be distributed month by month and will be reasonably low. Okay. Thank you very much. The next question is coming from the line of Mark Fortescue from Stifel. Please go ahead. Hello. Morning, everyone. Just two things left from me, please. One on vouchers as well, and one on asset ownership. Just on the vouchers, could I come back to what you just said about vouchers and credit notes? Maybe of the 2.8 million passengers booked for summer, can you give a feel for how many of those are booked on new bookings and how many are with vouchers, credit notes? Maybe just help us give a feel for how the cash inflows associated with those bookings might lag, given the voucher mix. Then on asset ownership, your asset rights strategy. Maybe not a detailed response at the Q1 stage, but would it be fair to say you'll be sort of prioritizing those assets, cruise Marella first, hotel second, and aircraft third, in terms of potential changes to asset ownership? Just on that subject, do you think there's any sort of compromise to the benefits you've talked about today of being integrated, having your own aircraft seats, your own hotel beds, and your own cruise berth? Thank you. Okay. On the asset structures, there's not a lot of change because of the crisis now. We always said, in some areas, you need the asset ownership, and to have control in others, you don't. When you look right now, for example, cruises, it's very efficient to organize it in joint ventures. We saw that before the crisis with AIDA Cruises. Not a good reason to have Marella on the balance sheet, for example, or on the hotels. Some of the hotels, if you put them, for example, in hotel funds, you don't need the full investment on your balance sheet. When you want to scale, even if you were not in need of liquidity, when you want to scale, you can have the full control of the brand, of distribution. You can, of course, have the risk of filling the hotel. At the end, the real estate business has so much money out right now doing good real estate businesses with a terminal value and so on and so on, that in these cases, not taking advantage of it would be potentially right. Maybe last, on aircraft, here we always have seen an oversupply in the last years, and a reduction would have been very advisable already last year or the year before. A reduction of an airline size, particularly in Germany, which is where you have a strong oversupply, since Air Berlin more or less didn't exit when it went insolvent. A reduction of supply is incredibly difficult and very expensive because you have all kinds of labor action, and you have discussions and so on. As we don't have any business right now, and we have the opportunity to discuss this Boeing order book. We have taken the advantage of just reducing it to what we call the strategic capacity. The strategic capacity or the winter capacity is capacity which we can fill, because at the end of the day, it is not so important. When you go to Cape Verde and you are the only one connecting Cape Verde because it's an infrastructure you need for the hotel which you have on Cape Verde, that is something you want to do. When you have an oversupply in Mallorca, nobody wants to go to Mallorca if you can avoid it, right? It's so much oversupply, and you have EUR 19 per ticket, which everybody knows is marginal cost pricing, and that is, of course, something you don't want to do. The reduction in capacity and the cost saving in that respect is something which is good. By the way, last but not least, I think it's important on the hotel front that we don't sell and lease back. This would be a pure financing, but then you still have it on the balance sheet and not good effect. It's mainly a sell and manage back or actually even more, it's a vehicle to grow. We are talking here about strong growth, but with a limited equity contribution in that respect. Okay. On the vouchers, I know that Sebastian has a strong view on that as well. Sebastian? Yes. Thank you. As said, the customer prepayments are more than 90% for the second half of the year, which is giving us a positive impact for our cash flow. The EUR 400 million vouchers are related to these bookings. That means that the impact will be in the second half of our half year and will be limited also because these vouchers came from prepayments of our customers, so of the 30%, 25%, 20%, 25%, 30%. Even a customer who has now a voucher normally has to pay 70% or 75% of his remaining bill for his summer booking. Therefore it's a very manageable process from the working capital point of view. Thank you. Could you maybe just give a feel for the quantum of outstanding vouchers that haven't been rebooked then? Maybe we should come back with the best answer. I would say it's a very small number. Okay. Thank you. We have to come back, but I think it was between EUR 100 million and EUR 200 million, but I'm equally not sure. Maybe Mathias, do you know off the top of your head? Yes. It's around roughly EUR 200 which are immediately due, and then another EUR 250 which are long-term vouchers over there's a guarantee scheme in place. It comes down versus year end already. Okay. Okay, we now have Cristian Nedelcu from UBS back. Cristian, please go ahead. Hi. Thank you very much. Apologies, my line dropped earlier. Could I kindly ask you in terms of your indications for Q3 that you may be moving towards cash break-even? Could you give us a color? What revenue do you need to be cash break even in Q3 and Q4? Is it as simple as taking a 15% gross margin and offsetting t hat's EUR 250 million-EUR 300 million cost per month you're saying? Or any color you could give us there? Secondly, touristic prepayments, I think in December, these are at around EUR 650 million. It's roughly half of what they were a year ago. How do you see this line evolving going forward? Do you think it will further go down? Or do you think as bookings restart, you will have to make more prepayments to the hotels, so more cash outflows there. Any color you could help us, please? Cristian, listen, you have two major sources of the cash inflow. One is the prepayment and one is the final payment, when customers really go. Therefore, it's not that easy. The big booking, usually the big cash inflow you'll find, working capital inflow, the biggest one is actually January, February in a normal year. Because then this is the high season, end of January, February, March. This is the high season for actually the booking of the summer months. Now, as soon as it's clear that summer will be happening, the cash inflow will be happening. Today, we still have on balance, I would say, or last year we had a huge outflow of working capital, and that will come into the system again. We are talking not little money, we are talking about big money. Let's say EUR 1 billion or so. That actually is what we have left in the system right now, and in the normal course of business, this flows in. That also answers a little bit your second question, where you say the prepayments are now half. Of course, it will not be half as soon as the business starts. As soon as the business starts, the prepayments flow in. Therefore, it is something which will happen, but of course, the certainty that it will be possible will have to increase. That is something we believe will happen as soon as clear when the borders open. Sentiment can change very fast, as we all know. I think the question was on hoteliers prepayment. There we have changed our philosophy completely. We are not in a position anymore to offer prepayments to hoteliers, and it's also not necessary at the moment. That may change in one or two years again, when demand is very high. Today, we can convince the hotelier to work with us because we are the best choice of filling a hotel with a decent occupancy. That helps us at the moment a lot to get good contracts by the assurance that we will fill the hotel if there is a customer demand. Oh, okay. Okay. I misunderstood your question. Okay. No. Thank you. On the revenue needed to break even on your cost side, excluding working capital, any color you could give us there for Q3? I think that's what I've said. You cannot exclude working capital because that's the first thing that flows in. The difference between the short-term cost, when you look on the liquidity, it's the difference with actually working capital. Thank you. Thank you very much. The next question is coming from the line of Alex Brignall from Redburn. Please go ahead. Morning. Thanks so much for taking the questions. I just have two. The first one is on airline capacity. You alluded to this, Fritz, earlier a little bit, but a lot of tour operator airline capacity is very specific by route. You had a huge amount of competition with Thomas Cook before they exited. It's very early in the year to know exactly the plans of the operators on specific routes. If there's anything that you can tell us about what route-specific, city pair-specific competition is looking like, and people's stance on some of that would be fantastic. The second question is on package. You talked about the package impact on pricing. Clearly, there's two components. One is better packages, and one is more packages than previously. It seems from the data, particularly in the U.K., that the mix of people taking package holidays is going up, which kind of confounds what a lot of people have been saying. Could you just talk about how COVID has affected people's demand for package holidays specifically? Thank you. Yeah. I think when you look at the demand changes, the most indifferent as I see it right now is the destination, because as long as something in the Mediterranean opens, people want to go into the sun. You have anyhow a change of demand, one is around safety and security. Does somebody believe that we take safety serious. Of course, when you say it's our hotels and we make sure that the policies are lived up to and so on, that is something which people like. By the way, on the cruising, we also have seen that people like that it's very strong procedures. We measure temperature. When you look at the customer feedbacks, that was something last year which was very positive seen. The second thing is flexibility. When I book something right now, travel should not be possible. Do I have complexities or is it something too easy to deal with? Both of these actually indicate that packages become more popular. Because it's easier to understand a hygiene concept. It's easier to understand who do I have an obligation with and how did I book? On the airline, I think it's a little bit of a scattered approach. I would say in U.K., there you don't have a charter market and so on. You just have Thomas Cook disappear, the margins would be good. Last year in 2020, we would have hired a lot of wet lease capacity because of the shortage of supply at that season because Thomas Cook disappeared, we would have said a lot of shortage of supply. MAX had not been available and so on. We reduced the order book. We will see, I think, some shortage if a normal summer happens. In Germany, it was very different. You had always oversupply and so on. Here we reduced dramatically, and that will be effective already this summer. We will have half the airline. That is actually I think the first time, at least I'm in the company, that we will have potentially less capacity than we potentially could fly, hopefully in the summer. That also says we put ourself just on the strategic capacity because we don't want to run into the risk of oversupply. That actually will generate good margins. If we generate then more, we believe to get a wet lease in the market will not be a problem. To prolong a couple of NG lease contracts will not be a problem. Therefore, it's a little bit of a mixed bag, if you like. Okay. Thank you very much. We have now run out of time for further questions. I will now hand you back to your host to conclude today's conference. Thank you. Thank you very much. Everybody, thank you very much for staying tuned. I think the good thing is we have seen less cash burn in Q1 than expected. The vaccination program is running well, particularly in our most important market in the U.K., where we have more than half of the pre-bookings for summer. Now we are waiting. I think the ambitions also in the European countries to vaccinate faster will be high. With that and the national health system being protected, I believe we will see opening of borders and potentially a good summer. The demand is there. Also, we have achieved, as I said, more than 50% of our program already today. More digital. Maybe I would like also to thank you. You see that we are confident for the summer that we have brought TUI into a good position on the cost side, but also for further revenue increases and we are looking forward to the future. Thank you.