Good morning, ladies and gentlemen, and welcome to the TUI AG conference call regarding the FY21 Q3 results. At this time, all participants have been placed on a listen-only mode. The floor will be open for questions following the presentation. Let me now turn the floor over to your hosts, Mr. Friedrich Joussen and Mr. Sebastian Ebel. Thank you very much, and good morning, everybody, and welcome to our Q3 results announcement. I will be opening the floor, and I will be followed by Sebastian, and then we will be taking questions. Let me turn to page number four and summarize the major developments. I think the first good news is that we added 1.5 million summer bookings since H1 update. In the last three months, net adding is 1.5, and we have right now 4.2 summer bookings in the system. The second good news is that we saw a rebound of working capital, EUR 320 million free cash flow before financing. It's the first quarter since the pandemic that we didn't burn cash, but that we had a positive free cash flow. When you look at our liquidity position, then our headroom increased to EUR 3.1 billion. If you recall, our headroom just three months ago was EUR 1.7. Sebastian will talk about it later, but we added EUR 700 million, mainly customer prepayments, EUR 200 million via the upsizing of our convertible bond, and EUR 540 million via our selling of the real estate portfolio joint venture with RIU 19 real estate, EUR 541 million. All together, EUR 1.4 billion. Our liquidity position is quite strong, and it is building as we speak. At the same time, you will see that our free cash flow is now mainly built on prepayments, and you will see that in a later slide. It is not yet built mainly based on revenues because we are talking Q3. Of the 4.2 million, only less than 900,000 customers have been on their vacation in Q3. The revenues are still very moderate. The start-up costs are high. The route for our free cash flow is prepayment as we speak in Q3. One major point last quarter was actually the extension of the RCF maturity by 24 months. The maturity right now is 2024. We have a good cash position. We got all 20 banks plus WSF to agree to our prolongation of our RCF maturity. We have now some time to think a little bit better and more in detail about the balance sheet and to get to a lower debt profile. I think it's important that we have now the certainty, we have the liquidity, business is building. Two other things I want to mention in the summary. Global Realignment Programme is on track. We promised more than EUR 400 million savings, more than half have been delivered. Acceleration of digital strategy, maybe the most important or one of the most impressive things is now two-thirds of our customers are active users of our app. In line with it, by the way, is that we get week over week over week already record highs, for example, selling our excursion through the app, even with low customers and destinations, yet we see record levels of sales of excursions. Let's turn to page six. Some major drivers, 283 hotels open in Q3. Of course, now more. We have 354, so more than 80% open in Q3. Also, occupancy levels very good. You'll see in one later slide. At the same time, in Q3, it was only 876. Of course, much better than 159, 876,000 paxs. Of the 4.2, much more to come. This is actually the missing revenue, what I said. The revenue in Q4 will be, of course, much better, and then the picture will be not so much influenced by the prepayments, but more by the revenue that also has resulting effects in profitability, as you can imagine. We have eight of 15 ships operating, and excursions, of course, have increased their sales as well. Now, on digitalization, page number 17, bookings have been coming in much more online in Q3, and Germany being usually the least online, even Germany is now up 17 percentage points to 39. It has been 22 before. So almost a doubling of online sales in Germany with respective positive effects. In the U.K., we are now talking about three quarters of sales being online and Belgium, Netherlands, the like. Now, the thing I mentioned was 68%, approximately 21 percentage points package departure penetration of our app. That actually you have your document and everything, you get the cost saving 1:1 and next best activity, each and every customer. We see the resulting effects, not only in customer care, but also in the satisfaction with our app. The ratings of our app very, very high, but also in terms of cost saving. Now, vaccination. Vaccination progress has been significantly, you see the vaccination rates in source markets, you see they're in destinations. They have been going up. Still, incidence rates are in some countries higher, in some countries they are lower. In the U.K., for example, they are now here on the chart 274. They have been 400, by the way. The interesting thing here is actually the hospitalization. Here, it doesn't come as a surprise, but it's important to note that the hospitalization rates are very low. In the U.K., just one- fifth of peak hospitalization in January, right? You do not have overloads in the health system, and therefore we expect that we will have no restrictions on vaccinated. In some countries, even no restrictions for people who are not vaccinated, but who did not have to vaccinate or should not vaccinate, like children. We expect a stable outcome for Q4. A lot of the bookings now turning into revenue. That is the message here, which I want to make. Now, that said, still there are differences. This is actually the next page where you see the government messaging and restrictions. Here you see the ticks, that actually you more or less do not have any procedure. The yellow ticks, that you have PCR tests and then red ticks and red crosses that even more harsh restrictions, until red cross is no operation. The major difference, which actually is driving right now net bookings and to some extent also cross bookings, is the yellow ticks in the U.K. More or less everybody treats vaccinated as without any restriction. The U.K., there you need to have PCR tests on return, sometimes even two. That is of course additional efforts, but this is also additional cost that actually has some elasticity. When you look in the next slide, you see actually the net bookings almost everywhere we see very positive net bookings or catch-up effects. In the U.K. we have been losing customers until the last week. In the last week, you see first days, actually now positive and the trajectory is quite good. At least here you didn't see the very positive net bookings like you had in all other countries. That actually led us to the decision that we thought on risk capacity we would actually do summer 60% instead of 75%. That is the explanation. Now it will come up in the U.K. and it has come up. It needs to turn positive over the next weeks. When you look at capacity, then it's even more clear what I mean. Capacity you see here on the left side, April, May and June. In June for example, we saw a capacity of around about 350,000. In July you already saw a capacity of 700,000, right? The capacity is building nicely. When you look for example right now the U.K., it has been quadrupling from June, but it is still only half the level of what it is in Germany and usually it should be, let's say 30% above Germany, right? That's actually what I mean. The dynamic is there, it is getting there, but it's getting there later than we originally expected and that's the reason why we actually are now more targeting 60% of summer than 75% of the summer 2019. Load factors anyhow are very good, in very stable environments between 83%-89%. On the right side, 71% U.K. is actually related to the strong build of program from June to July. When you have this strong build of program, you have this intellect challenge. You fly much more customers into destination than you get back and that actually makes it 71%. Otherwise it would be also higher than 80%. I think interesting here is still 71% is not a bad load factor when you compare to competitors. We are internalizing demand. We are getting good load factors into aircraft and therefore I think you will see the results in revenues and EBIT also in Q4. Internalization is working well in the hotels. I mean, even with this July pattern which is around 45% of program we achieve in all of our destinations more than index average occupancy in our hotels. I did Germany and Greece and Turkey, and I could have done Spain. Majorca or the Canaries are equally booked, and you even have scarcity of supply. The next page actually shows the numbers. Net bookings up from 2.6 for summer 2021 to 4.2. Summer next year is 120% higher than you would expect, and capacity planning, as I said, we reduced slightly from 75% to 60%. Summer 2022, by the way, it says "Not fixed." We actually pushed out here our dates to really fix the capacity to something in February and March so that we have enough time to react. Maybe one last point before I hand over to Sebastian. Our positioning on vaccination. I think the vaccination levels are very good. I think there's a sentiment building in the EU and also in U.K. that whoever is vaccinated should get the freedom of rights back and travel. I think this is very good. For us it is the cornerstone for Q4 this year and future seasons to believe that the program will be much more stable than the last year that we had on-and-off developments based on incidence. Quite to the contrary, we believe incidence is less and less important than hospitalization is important. Now, there are two camps in different countries. The one camp says, "Well, the non-vaccinated, if they don't want to protect themselves, the society shouldn't protect them." It is their own right to determine. There are others to say that we should push them to vaccinate themselves. I think good arguments for both sides. I believe the only thing we are lobbying for is, of course, that people, particularly children, where the recommendation is not to vaccinate, they should not suffer any restrictions and that for example, now in the U.K., if they are part of a family on travel, they should be traveling without quarantine requirements. I think that is important. With that, I would stop for a moment and would like to hand over to Sebastian. Sebastian? Many thanks, Fritz, and a very warm welcome also from my side. Let me guide you on the following pages through the Q3 results of the financial year 2021. I would like to start with our achievements during the last quarter. Post the completion of the third support package in Q2, including a EUR 500 million capital increase, we managed to successfully further enhance our financing structure and liquidity position with the following instruments. We used the favorable capital markets environment to issue convertible bonds in the total volume of EUR 590 million. This includes the upsizing of our bonds with a tap issue of around EUR 190 million in June. Post-balance sheet date, we successfully agreed with our 19 banks and KfW the prolongation of our maturity profile with the extension of our EUR 4.7 billion RCF. We achieved an extension by 24 months, the new maturity now being July 2024. Based on our current rating, the margin will be 4.5% per annum. As you will all remember, part of our state support package was the agreement of covenant waivers for September 2020 and March 2021. Reflecting the continued disruption and limitation on our operations as a result of travel restriction, in May we again agreed with our banks and KfW a further covenant testing waiver until the end of March 2022. Covenant testing will resume in September 2022, with higher ratio limits set for testing in September 2022 and March 2023. For these dates, net leverage was agreed at 4.5x multiple and interest cover at 2.25. Normalized limits have been agreed to resume from September 2023. Here the ratios are for net leverage 3x and for interest cover 2.5. Finally, we made further progress with our asset-right strategy by disposing of a real estate portfolio of 21 properties to the RIU family. The transaction with an equity value of around EUR 1.5 billion implies an equity value EBITDA multiple of close to 12, closed earlier than expected on July 30th, and we received cash proceeds of EUR 541 million. There is an additional earn out of EUR 130 million payable upon RIU II delivering its FY 2022 and FY 2023 operating budget, and we furthermore expect a considerable booking of around EUR 200 million, which will benefit our adjustment line in the P&L in the fourth quarter. Strategically, allow me to mention once again that the 21 hotels will still be operated under our core entity, RIUSA II, and thus remain exclusively available to our customers. Only the ownership structure of the 21 RIU properties is changing from owned under RIU Hotels to a managed structure under RIU II. All in all, we have achieved important steps regarding our refinancing this quarter. Operationally, we are very pleased that with the rebound of customer deposits and the inflow in working capital, Q3 is the first quarter to deliver a positive cash flow since the start of the pandemic, reflecting the strong pent-up demand for travel. With the current liquidity position of EUR 3.1 billion, we are fully financed through the winter, and let me confirm again that we will work hard to return to solid and healthy balance sheet and a gross leverage of less than three. Let me now come to our Q3 results. The ongoing effects of the corona virus crisis are still putting considerable pressure on our business performance overall. Clear signs of recovery started to emerge in the third quarter, and we expect to see further improvements in the fourth quarter. Before I start to take you through the detailed analysis of our income statement, cash flow, and balance sheet, where I will focus on quarter development, meaning Q2 versus the ramp-up quarter Q3, allow me a quick view on the year-over-year comparison. Compared to last year's Q3, where our operations were in standstill, we saw a significant improvement of performance. TUI benefited from market recovery with increasing customer numbers, relaxation of travel restrictions in an international air traffic, and a pent-up demand drove both demand and activity. This led to an increase in revenue year-on-year by more than 8 x to EUR 650 million. EBITDA and EBIT improved significantly by 28% and 43% respectively. I will continue with the income statement and our Q3 versus Q2 commentary. As already mentioned, Q3 group revenue of EUR 650 million reflects the restart of travel across our markets and reopening of destinations ahead of the key summer period. This is an increase of EUR 400 million compared to Q2 and was driven by 876,000 markets and airline passengers departing in the quarter compared to 159,000 in Q2. After this mixed start into the summer season, due constantly changing governmental advice, we recently see an improvement booking trend for the remainder of the season. Q3 underlying EBIT loss of -EUR 670 million demonstrated our continuing cost discipline on fixed cost, also higher operational ramp-up costs ahead of peak summer period, with a limited opportunity to recover these due to the change in restrictions. This was particularly true for the U.K., I will give you some more color on the following chart. Let me continue first with my comments on the income statement. Adjustments this quarter were predominantly related to the Group Realignment Programme. Overall, for FY 2021, we now assume a positive adjustment range of between +EUR 50 million and +EUR 70 million, taking the expected RIU real estate portfolio booking of around EUR 200 million in Q4 into account. Lower Q3 net interest cost versus Q2 reflect the non-repeat of the bond modification cost in Q2 and lower RCF drawings in the period. For FY 2021, we can reconfirm expected net interest charges of between EUR 400 million - EUR 450 million. The increase in the tax expense was mainly attributable to a future tax rate increase from 19% to 25% in the U.K., which affects the valuation of deferred tax balances. This has no effect on cash taxes. As said, with the following chart, I would like to give some more color on the ramp-up costs which occurred in the quarter to prepare for the peak summer period, as well as in context of limited opportunities to cover these due to constant and late changes in governmental advice. The first bucket of ramp costs is airline related and reflects the start-up of our airlines from minimum operations to the peak season. This is seasonal staff coming to the business as well as necessary engineering, maintenance, and additional airport flying and landing parking changes. Of course, when you start the operation, you have a lower load factor and especially the return flights, you hardly have any customers. The second bucket is in the amount of EUR 50 million refers to the impact of changing restrictions. An example which you probably all remember is the change of governmental advice in the U.K. regarding Portugal. The third bucket is the distribution cost, which includes expenses for online distribution and also for the reopening of our stores. As Fritz said, we have an increase of our online booking share and the cost of sale for online bookings have to be recognized immediately as cost. The fourth bucket consists of cost for getting our hotels ready for operations ahead the summer season. The following bucket is related to our cruise segment in connection with additional ships returning to the fleet during the quarter. Last but not least, the sixth bucket is TUI Musement, facing EUR 5 million in ramp-up cost as we prepared our cost base for receiving our summer customers. Overall, in total, EUR 125 million. This brings me to our underlying EBITDA bridge. As in the prior quarters, we continued to focus on cost discipline as we quite successfully do since the beginning of the corona crisis, and we're also trying to capture margins where possible. Nevertheless, we achieved a lower result in Q3 compared to Q2 as a result of permanent changing travel advice during the period of ramp-up of operations, and I explained the cost in detail on my previous slide. We look on the performance of the segment, we saw improved contribution from hotels due to the increase in levels of operations. For continental Europe, we saw increased passenger numbers, which also led to an improvement of results. The remaining businesses, however, were impacted by operational ramp-up costs, which could not be recovered in an environment of constantly changing travel advice restrictions. Looking now at the development of the single segments. I will start with hotels and resorts. Within hotels and resorts, 283 hotels, almost 80% of group portfolio, were open at the end of the third quarter across destinations such as Balearics, Canaries, North Africa, Greek islands, Mexico, Turkey, and Cuba. These hotels delivered an average occupancy rate of 48% and average revenue per bed of EUR 70. Underlying EBIT loss improved by EUR 28 million versus prior quarter as a result. During Q3, TUI Cruises increased its operation from May from three ships to four, offering itineraries to the Canaries, Spanish Coast, Greek islands, and Baltic Sea. Average daily rate of the operated fleet was under EUR 20, reflecting shorter average duration of itineraries offered. Occupancy of the operated fleet was 41%. For Hapag-Lloyd Cruises, in addition to EUROPA 2, which was already in operation, expedition class ship HANSEATIC nature and HANSEATIC inspiration resumed sailings with short cruises from Hamburg and to the Baltic Sea. Average daily rate of the operated fleet was EUR 443, reflecting the pricing of shorter and more local itineraries. Occupancy of the operated fleet was 42%. Our U.K. cruise brand, Marella, resumed sailing with the ship Explorer at the end of June, with a domestic program from Southampton, its first since the government imposed suspension of cruise operations in March 2020. Average daily rate and occupancy of the operated fleet was GBP 127 and 48%, respectively, with occupancy kept at 50% as required by U.K. government restrictions. The segment underlying EBIT loss declined by EUR 26 million versus prior quarter, reflecting the ramp-up of operations in preparing our fleet and returning our crew on board ahead of our peak summer period. On to Musement. As Fritz already mentioned, TUI Musement sold 212,000 excursions and activities in the quarter, reflecting the increased departures and reopening of destinations. Online sales participation were 39%. Underlying EBIT loss declined by EUR 5 million, including ramp-up cost as we prepared staff to return to destinations ahead of peak summer period. Our Markets and Airline business restarted operations in April, firstly from our German source markets. In Q3, we took 876,000 customers on their summer holidays, mostly from our Central and Western markets. The Greek islands, the Balearics and Canaries were the most popular destinations during the quarter. Underlying loss increased by EUR 69 million versus prior quarter, reflecting the ramp-up cost of operations as we prepared for airline fleet, retained crew, and increased the number of retail staff in stores ahead of peak summer periods. A quick look at the different source markets. In Northern Region, 50,000 customers departed in the third quarter, reflecting the limited green list destinations made available by the U.K. government. Underlying loss increased by EUR 94 million versus prior quarter as a result of ramped-up cost in preparation for peak quarter four and related costs from stop-start nature of permitting destinations under U.K. travel restrictions. In Central Region, 510,000 customers departed in the third quarter, reflecting the more consistent travel advice given by our Central Region governments, enabling customers to depart with more certainty to destinations such as Greece, the Balearics, Canaries, and Turkey. Underlying loss improved by EUR 18 million versus prior quarter, reflecting the contribution from more substantial departures and operations. In Western Region, 317,000 customers departed in the period reflecting the reopening of destinations partway through the quarter. Underlying loss improved by EUR 7 million versus prior quarter as a result. All other segments and other one-off costs contributed with EUR 30 million to the development of the quarter. An improvement in other segments reflecting ongoing cost-saving measures across head office and other entities as part of our Global Realignment Programme. Net one-offs quarter-on-quarter were EUR 5 million, mainly comprising the impact from net hedging ineffectiveness and impairments. Moving over to our cash flow slide of Q3, we are very pleased to have generated a positive free cash flow for the first time since the start of the pandemic. This positive development was driven, as expected, by the inflow of working capital. The Q3 inflow of around EUR 790 million is mainly reflecting the increase in customers' deposits for summer 2021 and underlines the high level of short-term bookings we are currently seeing. The other main driver was the increase in supplier payables from the operational ramp-up. Our assumption for full year 2021 is that we expect the working capital position to further recover during Q4 due to the late summer business. Coming to various other cash items, the Q3 improvement was driven by a lower non-cash effect of a positive P&L impact from derivatives compared to Q2, as well as some reduced cash interest due to the lower RCF drawings and the repayment of the senior notes. In line with our initiatives to support liquidity, net investment is an inflow of EUR 14 million. While we managed to reduce Q3 CapEx further, proceeds from divestments were lower in Q2. The inflow comprises net positive pre-delivery payments and the sale of two smaller hotel assets in Castelfalfi and Lena Mare. As already mentioned, we have successfully executed our asset-right strategy, and we are pleased to update our assumptions for the development of net investments for FY 2021. Including the disposal proceeds for RIU properties, we now expect overall net investment to show an inflow of EUR 6 million-EUR 650 million for full year 2021. That brings me to a positive free cash flow of EUR 320 million and a total cash flow post-financing activities of EUR 120 million. Overall, total cash flow is in line with Q2 as the cash flow from financing is reflecting our reduction in RCF drawings. We managed to improve our cash and available facilities position per August 9th to EUR 3.1 billion, which is an increase of EUR 1.4 billion compared to our Q2 update. This position includes the proceeds from the convertible bond tap as well as from the RIU disposal. Even more importantly, it demonstrates that we were able to generate positive EUR 700 million cash from our operations in the month of May, June, July, and the early days of August. As mentioned several times already, this year, we are managing the business with a strong focus on cash. Coming to the left-hand side of the chart. With many of our key continental European markets reopening for travel and confirmation of quarantine exemption and lesser restriction for those fully vaccinated, we have seen an increase in customers' confidence and subsequently new bookings momentum from Central and Western Region markets. Q3, as a result, saw our first cash break-even quarter since the start of the pandemic, delivering an average positive EUR 40 million of cash per month in this quarter. Net fixed costs of EUR 225 million per month were better than our assumption range of EUR 250 million-EUR 300 million per month due to our strict cash discipline. Our assumption for Q3 FY 2021 is for short-term bookings to drive working capital and revenue. Given the prevailing uncertainty in our fixed capacity over Q4, we target towards net cash-neutral, excluding special items such as real estate disposal proceeds. To conclude, I would like to reiterate that we are fully financed through the winter with EUR 3.1 billion available liquidity. I also wanted to remind here that we are also expect to see a lower liquidity swing this winter due to lower volumes this summer compared to a normal year. This brings me to my next slide, the balance sheet and the movement in net debt. The net financial position improved by EUR 460 million quarter on quarter and stood at EUR 6.4 billion at June 30, 2021. The improvement in net predominantly reflects the positive cash flow driven by the positive working capital development and the increase in equity by drawing the Silent Participation II in full. For more details, please find also on this chart our comments regarding drawings of the Silent Participations, as well as under the RCF as at June 30 and post-balance sheet date on August 10. As last time, on the right-hand side of the slide, we have included for your convenience, the split of our financial liabilities with a full detail on lease liabilities and liabilities to banks. As a reminder and as our commitment, I would like to finalize my section again with the ongoing priorities I have on my agenda as the CFO of TUI. Manage liquidity, drive operating effectiveness and optimize financing. We are and remain committed to return to a gross leverage ratio of less than 3x and the whole of TUI is working hard on achieving this target. We have made very good progress over the quarter, and I want to use the opportunity here to once thank you to all the teams who go through these challenging times with us. The corona pandemic has been the biggest challenge for the industry and our company. As a team, we acted quickly and managed the situation, taking important and necessary actions at the right time. We can see the light at the end of the tunnel, and we are preparing TUI to be even stronger and more resilient in the future. With this, let me hand over to Fritz again for his closing remarks. Thank you, Sebastian. Before you get to the questions, I think three things are worth mentioning. First of all, the pandemic has been pushing the pause button for our industry, but there's no reason to assume that travel is not a mega trend in the future. Tourism has been growing above GDP in the last 15 years, and it will be growing above GDP. We have aging populations, more time, more money, more healthy. I think one major contribution. The other one, experience new luxury. It's more important what people want to experience than what they own, and tourism as a force for good in destinations. You see it everywhere. Travel will be a mega trend. Leisure travel will be a great business. Our business model, I think is fit for purpose. When you look at our brand positioning, leading market position, the integrated model, which helps us right now to steer up the demand and steer the demand into our hotels, get good occupancy levels, load factors in our aircraft. Good hygiene concepts and high quality in destination, I think it's important. Last, yes, we understand and we know that we have to transform. More digital, less cost, better quality at the same time, and that is digitalization. We stay committed to the balance sheet target of the leverage ratio, less than 3 x. When the crisis will be gone and we are now in front of, I think, the full back to normality, then TUI will be in a better position than before. With that, I would like to open for your questions. Thanks a lot. Ladies and gentlemen, if you'd like to raise a question now, please press nine and star on your telephone keypad. In case that you'd like to withdraw your question, please press nine and star again. The first question comes from Jamie Rollo. Your line is open now. Morning, everyone. It's Jamie Rollo from Morgan Stanley. I've got three questions, please. First, the statement talks about having sufficient liquidity to get over the winter season. I've just got a question about that liquidity number of EUR 3.1 billion. What's the customer deposit number behind that on that August 9th date? I can see it's about EUR 2.8 billion at June, including both elements, but it's probably gone up since then. It looks like company cash is actually still quite small. Although you're expecting cash neutrality in the fourth quarter, are you not expecting an outflow in your fiscal first quarter? Secondly, Fritz, I saw a Reuters interview this morning where you were talking about you might raise more capital at some point. What does that mean? Is that equity? Could you talk a bit about what the German government's view on the Silent Participation is, particularly the convertible one? It looks like Lufthansa is trying to repay theirs as soon as possible. I'm just wondering whether that's your plan or whether you think they might convert that. Just finally, just on some trading numbers, the 120% increase in volumes for next summer sounds great, but what percent of summer 2022 is sold at this stage? You've not mentioned winter much. That was mentioned in the last update, but what percent of the winter season is also sold, both compared to 2019? Thank you. Fritz? Should I? Yeah. Do you want to start, Sebastian, or? If you like. Yes, sure. Why not? The customer prepayments, if we compare the situation to 2019, we should have had in a normal year, roughly EUR 5 billion. We would not see a significant reduction from the base we have now if there would be a normal winter. EUR 500 million -EUR 1 billion. That shows very clearly that we are well-financed, and what we can see is that the strong short-term intake improves the liquidity situation in general. That's why we will have significant cash above any threshold. Capital measures, as we said in the past, we are looking at all the options, and if there are opportunities, we will take them. We are screening the market, and we will always take decisions on the latest development. On the bookings for summer, the overall magnitude and the increases on a base of 20%. A reasonable high number which shows that there is pent-up demand, especially compared to the booking pattern we have seen before. The winter has seen a slow start. It's very difficult to judge as we see actually a very strong momentum on short-term bookings for always the next two, three, four months. That's why it's very difficult for us to predict how much increase we can achieve. At the moment, we are roughly at 50% and with taking into account the short-term bookings, there will be a significantly higher number to be achieved. Maybe one thing to add, Jamie, when you look operationally. Today, we, at the last week before departure, between 13% and 15% load factor in our aircraft. This is absolutely unprecedented. Therefore, winter will be okay. In summer, by the way, we pushed out the time when we really have to fix our capacity to some time, let's say mid-February. Therefore, that is something that I think is important in times where it's not 100% clear where we will stand. The risk capacity will be finally fixed on the end of February 2022 for summer 2022. Thanks. Sorry, can I just follow up on the first two questions? Is there any company cash then? Or is all that liquidity essentially customer deposits? Also on the second question, what's the view on the German government's approach to the Silent Participation I in particular? The cash position is something Sebastian or the team in Hannover to answer. We are in constant discussions with the German state. The likelihood that they will convert of it is very high. They will convert, if that was the question. That's what we assume, at least. We want to repay, of course, we want to get out of government debt as soon as possible, but let's say as soon as reasonably possible, right? When you think about our cash position right now, which is still building, so EUR 3.1 liquidity is still building as we speak. The position is not so bad, particularly when we think about maybe M&A or maybe an equity raise that might be coming. Okay. Just to clarify, you think it's a very high likelihood that the state converts, so the discussion about raising equity is not to repay the Silent Participation I. That's just to support other company liquidity needs and deleverage? We have no indication. Deleverage. Yeah what the government wants to do. It is very likely that it will do it. Let's make it right. Okay. Thank you very much. The next question is Alex Brignall. Please go ahead. Morning. Thank you so much for taking my questions. I just got a couple. Looking at 2022, I didn't quite get answers that you gave to Jamie on how much of 2022 is booked. Therefore, within that, could you tell us if there are sort of coupons, tokens that have been rolled over that couldn't be taken from the early part of this summer? The second question is on restricted cash. That's a bit higher now than it was sort of pre-COVID. I think there was some changes to CAA restricted cash requirements, and obviously you've had customer deposit inflows. Could you just tell us what restricted cash might look like sort of in a normal world post-COVID with sort of normal customer deposit levels? The third question, again, I think Jamie was looking for this and maybe I just didn't interpret it correctly, but in terms of how cash works through the winter, what would you anticipate customer deposits will look like, let's say at the end of Q1, or, and the end of Q2, versus where we currently are? Thank you so much. Okay. On the restricted cash, which is around EUR 500 million, in the medium term, we believe that we can reduce this number, again. On the customer deposits at the end of Q2, I think there, because we anticipate a significant intake of bookings in end of December, January, this should be up to the level we have. The cash outflow in the Q1 is not easy to calculate. As said, we have strong short-term bookings, but we have no real knowledge today what the long-term bookings will be. If you look at the base where we are today, the outflow should be s omething between EUR 500 million and maybe EUR 700 million, EUR 800 million, maximum EUR 1 billion. That really depends on the momentum of short-term bookings. As we have seen at the moment, we always have underestimated the intake, and we assume, while the situation gets more stable, that we will see this trend also in future. The 2022 summer bookings are set 20% of overall, and there is only a very, very small portion of bookings rolled over. Brilliant. Thanks so much. The next question comes from Richard Clarke. Your line is open now. Good morning. Thanks for taking my questions. Just first one on price. At the half year results, you talked about price for summer up 22%. Today, you said 9%. If I roughly do the calculation, it looks like the incremental bookings have come at a price about 10% below maybe pre-pandemic levels. Is that about right? With the remaining capacity you've got left to sell through the rest of summer, should we be thinking about that kind of pricing level sort of running forward? I know there's a mix in there as well, but maybe you could help with that. Just the RIU sale, you made about EUR 100 million of EBIT from RIU in Q4 2018, 2019. What would be the impact from the disposals you've done in RIU on that sort of normalized level, when we recover back from there? Just last one, just want to understand the leverage, the sort of covenant calculation. Could you give us what gross debt is today? Because I know it often differs from the accounting number. Where are we on gross debt today? That's sort of backward-looking. At September 2023, and I guess March 2024, you'll need to make EBIT dollars that's a third of that gross debt. Is that the right way to think about it? Maybe on pricing. One thing is very clear. The pricing is a mix, as you said, between more holidays, but at the same time, the short-term booking is, of course, putting some pressure. At the end of the day, if we get to load factors of let's say above 80%, 85% in aircraft, also 10% discount is producing very, very good margins. The high pricing period will start to happen right now. The biggest margins we are making is summer. You can assume that the prices will be lower because it is absolutely the right thing to do in order to marginally fill our aircrafts. On RIU and gross leverage, maybe I let Sebastian take this. Sebastian, can you do this? The average EBIT of the participation within RIU was over the years EUR 35 million. The cash dividend on average, EUR 15 million. We expect a book gain of EUR 200 million. That shows that this is very value creative to realize the sale here. Financial liabilities stand end of June at EUR 7.887 billion, so almost EUR 7.9 billion. This not includes yet the proceeds from RIU with the EUR 450 million. Out of these EUR 7.9 billion, the lease liabilities are EUR 3.3 billion. Does that match the gross leverage number you use for the covenant calculation? I know sometimes the lease liability number is different between the two definitions. No. Okay. What you also have to take into account are the pension obligations, which were at end of June, EUR 839 million. Yeah, the lease liabilities are part or not part of the 3.3 multiple. That's your question, right? Yeah. Yes, they are. It's the same number. It's the same calculation. Okay. That's very helpful. Thank you. The next question comes from Stuart Gordon. Please go ahead. Yeah, good morning. A few from me as well. Just circling back on summer 2022. Last year at this time, you told us you had 1.5 million holidays booked for summer 2021. What is that number now for summer 2022? Question on online distribution. It was rising 1%-2% per annum prior to the pandemic. That's not really changed, which given what we've seen elsewhere in terms of online migration, seems a little bit disappointing. Is there anything structurally different that is not accelerating that moving forward? Okay. Can you just clarify how many passengers in the summer season travel with children? Okay. Let me tackle online. When you look at the page with online migration, you see enormous uplift from 10 percentage points to 17 percentage points, right? 17 is actually Germany. It goes up from 22 to 39. That the average is going up five. Below all single upgrades is a mixed effect because in Germany you have the highest migration with the lowest absolute level, right? The 5% is just a mix. When you want to have the trends, you need to look into the countries. This is an enormous online shift. Even more so, I think, interesting is the shift which we see after booking. This is actually the up shift, the 68%. This is 21 percentage point up. This is related also to our after sales, which we have here at channels. Even though the customers and destinations are relatively low in Q3, and also today only picking up, we saw week over week, the highest in-app sales, which we have seen ever, and particularly also excursions week over week, we see a new record high for excursion sales and accessory sales. I think that is something which is remarkable and which is there to stick. On the summer bookings 2022, I think, 1.2, 1.3, is not a bad number. How much it is relatively is determined by, of course, the capacity which we will fix only end of February. The interesting thing, I think, and that is the difference between last year and this year is that now vaccination levels are at above 60%. That's, of course, something that actually makes the predictability of our revenues much better. Just remember last time this year, all the bookings were more or less in the U.K. 1.5 million, and then that actually decreased to something below EUR 750,000 as a base because we couldn't fulfill the travel demands, Portugal on, off, and so on. That is something which I believe is an enormous difference between a year ago and this year. The third question, I'm not 100% sure that I remember it. Maybe Sebastian, can you answer that when you remember it? It was how many passengers travel with children? Okay. In all fairness, I would be wrong if I think I would be, of course, different in seasonality, I would be wrong if I just picked a number. I'm not sure that I can answer that question. I have an idea, but it's better not to speculate, to give you then later the real number. Yeah. Okay. Thank you very much. That's great. Thanks. The next questioner is James Ainley. Please go ahead. Morning, everybody. Thank you for taking my questions. T hree from me as well, please. Just coming back to Q4, you said you expect to be cash neutral after the working capital benefit. I assume therefore you are suggesting you will be no better than break even in the fourth quarter. If you could just confirm that, please. Secondly, when you talk about that really strong online growth, which is encouraging, do you think there is potential to restructure or close more of your shop network? How much savings do you think you could make from that? Third, following the RIU disposal, are there more assets, meaningful assets that you can sell, and what sort of potential asset realization could we be thinking about? Thank you. I think the online migration is something which is around to stick. Therefore, we closed in the U.K. almost half the retail outlets. In Germany, we are talking about targeting 70, 80, 90 of 400. We need to be careful that we overdo this because customers want to buy retail. We don't have retail, like, for example, in Germany, we should be careful. That said, we are taking the advantage. Each and every shop needs to be profitable, right? It's baked into our Realignment Programme. It's a big part of it. Now, on Q4, maybe Sebastian, I think it's a fair assessment what I heard. And more- Other asset sales, maybe you want to take that? Yes. We have a list of assets we look at. We announced in some of the earlier meetings that we are looking for a good harbor for our Marella assets, which would be the TUI Cruises. This is something which we have on the agenda. We also have some assets which we would like to dispose. For us, it's very much important that we don't have a minimum impact on the P&L. Good example, ours is we have two ROBINSON clubs on the Maldives. I think with one less, we would probably have the same profitability, but gaining the cash. We do that very carefully, but there is still a significant amount to become. The Q4 assessment or conclusion you made is a good one. It's very difficult to predict. We are quite surprised by the very strong intake we see in the last days, but we have also seen some limitations which suddenly came from governments. We don't expect that anymore, but that's why we are more careful. The short-term bookings are encouraging, but we would support the conclusions you have made. Okay, great. Thank you. The next question is James Rowland Clark. Your line is open now. Hi there. A couple of questions, please. The first is on the winter cash burn, excluding working capital. I wondered if you could give us an idea of what the monthly operating cash burn, so excluding working capital, might be through Q1 and Q2. You previously delivered, I think, EUR 225 million of net fixed costs in the third quarter. Secondly, earlier you were just talking about restricted cash of EUR 500 million. The first question I have is, could you just outline exactly why that is restricted? I don't know what proportion relates to ring-fencing of customer cash and what portion may relate to any debt holder requirements. A follow-up to that is exactly how do you expect to reduce that restricted cash number in the future, given the ring-fencing of U.K. customer cash pressure that may come from the ATOL review by the CAA at the moment? Thank you. I mean, Sebastian, should I maybe take the first one? Yeah. Okay. I mean, in the nature of our business, we have a seasonal swing with our working capital. Yeah. Therefore, our liquidity will be less, and the cash low point, as you know, is end of December. The seasonal swing will be less, right? Not because we want it to be less, but because the summer business was less strong than normal. Right? The seasonal swing of liquidity, and that's what Sebastian talked about, might be EUR 500 million, might be EUR 700 million, might be EUR 1 billion. That's maybe the order of magnitudes. Yeah. Operationally, we need to earn our costs. I mean, if that answers your question, right? In liquidity wise, there will be a swing, cost wise, we will be able to cover costs. The second one. On the restricted cash, the EUR 500 million. Yeah as said, it is our target, and as the situation eases, to reduce this in the next fiscal year. The majority are for customer deposits. On the other hand, there are items where we work on. That's why we predict that this number could go down in the future. Not immediately now, but in the timeframe of 12 months. Can I just follow up on both of those? On the second one, you don't see any pressure on that minimum liquidity requirement given the ATOL review at the moment. On the first one, is there any way you could sort of provide a rough monthly operating cost through the winter, given you've pulled out a lot of cost already with your Global Realignment Program? I mean, we told you what the costs are if we are in a hibernation mode, the EUR 250 million - EUR 300 million, which we now were able to reduce significantly low to EUR 50 million. In 2019, we had a loss of EUR 100 million in the first quarter, EUR 200 million in the second quarter. I mean, probably it's ambitious goal to offset less revenues by less cost we have. If you then take into account that from end of or middle of December onwards, we should be on the working capital significantly positive. We're not talking about EUR 100 million, but several hundred million euros, then you see how well we are financed through the winter. Thank you. On the minimum liquidity? You mean the EUR 500 million. Yes, exactly. I just wonder why you have such conviction that might come down in the future with the CAA review of the ATOL scheme at the moment and ring-fencing customer cash. Of course, we work on, like you have seen with all the other cash measures, we work there very much to come to very good solutions. You may have seen that there were significant discussions in Germany. We have now found a good solution with the state authorities. We are in the same process. The market, the sector is in the same process with the U.K. As you know, it's normally only for packages and not for flight only or accom only. You know that payments with the credit card, which has a very high share, is normally also treated differently. That's why the numbers, and you know that we have restricted cash already. That's why the situation is not as sometimes it is described in public. Thank you. The last question comes from Cristian Nedelcu. Your line is open now. Hi. Thank you. This is Cristian Nedelcu from UBS. Could I please ask you, I think every year between January and March, you used to get between EUR 1 billion and EUR 1.5 billion of cash inflows from advanced payments. I think we can argue with the CAA review in there, we can argue with the fact that people seem to be booking closer to the departure date. Also you can argue there's more uncertainty than normal due to COVID, maybe some of this cash will not come in. I guess my question is, what is the minimum liquidity the business needs, in a prudent way, for throughout the winter? The second question, can you give us a bit of color in terms of your profitability expectations once things come back to normal? I was looking in your Q3 statement, the margin levels that you give in the goodwill impairment tests. If I use those margins levels, I get more or less to the old EBITs that you were generating on 2019 revenues. Is this the right way to think about it? Do you think the business can generate the same level of EBIT as in 2019? I guess the third one, just maybe coming back again to the restricted cash. May I ask you, it was my impression that some of the cash restricted in relation to the CAA is linked to your volumes. Is that correct? That would say if there's further recovery in volumes, the cash restricted would go up. Is that correct or not? Thank you. Maybe on the working capital. You are right. If the bookings come later, this has an impact. On the other hand, the good thing is, as the base now is so low and the intake is so on short-term, that this could offset the delay, which we may see in January and March. That's why the impact is low. On the capital minimum liquidity needed, it's the EUR 500 million. On the CAA, as I said, we have managed this very well for all the other markets. We will manage that also in the U.K. market very well. That's why we anticipate that the number we have today is a number which is not only defendable, but which we hopefully can also improve in future. Maybe Fritz, you want to say something about the profitability expectations we have. I just would add that the EUR 400 million of the Realignment Programme is available and has lowered our cost base in the future. Yeah reduction. Yeah. I would say that's absolutely right. Nothing to add here. I also would like to emphasize one thing. This is just cost. If you take into account commercial positioning and pricing as well, lower risk capacity, and we have taken out 20% of aircraft. Lower risk capacity will also normally, and should also normally generate higher yields, so higher prices. Particularly when you're in a risk capacity business, that's what you'll see. This said, this is difficult to predict because you might see overcapacities in the airline industry and more competition. I think it's a safe bet to say the EUR 400 million cost savings will also turn into profits. That's what we should be seeing definitely. Understood. Thank you. Just a short follow-up on the minimum liquidity requirement. Now you have that EUR 3.1 billion liquidity in there. Just what would be the minimum level you would feel comfortable with throughout the next quarters? Is it EUR 2.5 billion? Is it EUR 2 billion? I think I'm trying to understand how much of the German government debt would you be willing to pay from your current cash position. Thank you. It's EUR 500 million, of course our expectation with what the cash we have today is significantly higher. I fully understand the assessment on the biggest risk, we are really happy that we have the EUR 3.1 billion. We see an increase at the moment day by day. We see the short-term bookings. We will have a EUR 500 million-EUR 1 billion lower working capital due to the season, there will be a counter effect because the bookings comes short-term. Normally, the October bookings would have been paid now. As they come in September, we will have that as an incremental, that we have lowered the cost base significantly. That's why, and we are sure that the level we will have is very reasonable. We don't want to give a number, but we feel safe and comfortable, but this doesn't take away any pressure in the company to improve the situation significantly. Yeah. As said, we have managed the company for cash, and that we will do also in future, and we have seen a lot of levers to do so, and we still have. Yeah. Maybe, Sebastian, to add one thing. Before we saw the crisis, before COVID, usually we targeted our RCF, so excluding the state debt and so on, the RCF that our minimum liquidity headroom was between EUR 500 million and EUR 1 billion in the meantime. That's how we managed our business. Of course, we could start to hand back some of the state money. We always say, we need to be careful to be reasonable. There is still a lot of volatility out, and once we have given back the money, it's difficult to unpick, if a black swan would come around and so on. Therefore, being careful is something which we will be doing, let's say, a couple of other quarters, three, four quarters, to understand exactly how the pandemic turns into an endemic and we live with it all. Of course, EUR 3.1 billion is a good number, and it shows it is a lot of liquidity. Short term, it's giving the safety net for our company, but long term, it's a potential to pay out the state. That is, of course, something we want to do and we will do because that's the prime goal, to actually pay back the state money. Thank you very much for your answers. Yeah. We have no further questions from the audience. We are closing the Q&A, and I hand over again to Mr. Joussen. Thank you very much. I think you have seen a good starting point of the recovery. Cash inflows and net cash flows of EUR 320 million. Liquidity position as they are. Now is the quarter we want to turn the prepayment into real revenues. I think we had a good starting point. You saw the summer capacity in July, how it builds from 350,000 capacity to 700,000 capacity. August, even bigger. I think this is where we need the eyes on the ball. Cost saving remains the main target. Then, of course, taking care of the balance sheet and the question how we get the state out again, is something which is a priority together with a good balance sheet and a solid balance sheet and a solid leverage ratio. Thank you very much for dialing in, and have a great day.