Morning, ladies and gentlemen. A warm welcome to TUI Group's Q2 2023 results presentation. My name is Nicola, and I think most of you are familiar with me. I'm here on stage with our CEO, Sebastian Ebel, and our CFO, Mathias Kiep. They will show you where we are with our second quarter results and how we move ahead, which we think will be a strong summer business. As you all know, we will kind of end our presentation with some anecdotes and some progress which we have made on our strategic initiatives. Afterwards, we will be available for Q&A as always. We will start with questions here from the audience before we actually give over to the operator, so that the external audience also has the opportunity to ask for Q&A. With that, I hand over to Sebastian and the floor is yours. Thank you very much. A warm welcome here in the room and in the net. I hope that no one expects anecdotes from me except for tourism. I would like to give you an overview about TUI, about the quarter two and what we do see for the foreseeable future. I think for us it's really good to see that the Q2 shows the clear path to full recovery and even more what we do see for the summer, we are back to normality. What is very important that with all the measures we have taken, there is a very strong foundation for future profitable growth. I need the clicker. Thank you. I will give you an overview about the highlights and afterwards, I would like to present some of the strategic initiatives because that is important to show you that TUI of today is a very different animal to TUI three years ago. Looking back, there was a strong for winter, not yet on 19 levels, so still missing 10, 11, 12%, but on a very clear path to recovery. What is even for all the different segments TUI are in. The last week bookings very, very strong on 19 levels and this should help us to achieve the 19 summer numbers. You may recall that when I was asked last time, I said I would expect the summer could be -10%. Today, we are by far more confident that we are getting closer, or very close or even at 19 levels. I also looked in the morning to the actual booking numbers of today, which is strange every day the same procedure, and it looks that the momentum is even accelerating. That's why we are very confident to deliver a significant increase in full year profitability. That gives us a lot of positive momentum. Also working in such an environment is a lot more fun than what we had experienced the last years. We are laying, as said, the foundation for future growth because we don't want to stand still compared to 19, but we want to grow even in a market which is challenging. I think we should not forget, if you look at departure numbers in Europe, they are well below 2019. When we say, we were 12% lower than 2019 in winter and that we are getting close to 2019 numbers, you can calculate that we are doing quite significant market shares, and that's the result of the initiatives we do. If you look at the numbers in detail, we have had 2.4 customers. That is 88%, so the -12% of 2019 levels. The level of load factor, 93% is at the level where we had been before. That is important. Revenue up by 50% to EUR 3.2 billion and the EBIT -EUR 242 million. The 2Q is always the weakest in the year. What is good is that we are almost back on the 19 levels, I think EUR 9 million missing, and we are EUR 88 million up to last year. If we take two exceptions out, the hedging ineffectiveness and the state grant we get, we are even EUR 188 million up. Net debt after the capital increase improved to EUR 3.1 million. What is important, as said, is the booking momentum, 13% versus prior year at 96% of 19 levels. When we presented last time here 3 months ago, it was -11%, so we gained 7 percentage points, which shows the very clear dynamic we have. When I was asked by one of the newspapers in Germany how we think the summer will be, we said we believe that the last minute business will not have the dimension as we were experiencing it before. Last minute defined as the sales 14 days before departure, which normally were under price pressure. What we do see today, it is very different. We see strong momentum now, and we see also short-term bookings, but with a good price quality. The momentum has changed. We always discussed in the past what is the difference about pricing low cost carrier to a tour operator? The tour operator go more into the pricing structure as a low cost carrier has. I think this is important. U.K. bookings even better, which is really important because of all things which impacted U.K. I must admit, I'm really surprised that U.K. is booking so strong. Maybe it has something to do with the, with the weathers. In the last weeks, we were above 19 booking levels at 6% higher prices, like for like 8%. We still had some reductions from people who had booked before Corona. This helps us, not only helps us, that is also necessary to offset the inflation impact. We go into the different segments, holiday experience is doing very well, especially hotels and resort. There we are now again above the Q2 2019. Although we have had the same capacity, we have seen that significant improvement because of occupancy. 83% for Q2 is a very good number. Also the daily rate has increased a lot. There is also a mixed effect in it because the Caribbean has seen significant price increases more than Europe because of the very strong Americas business. Cruises, again, profitable, significant up to last year's level. Not yet there where it had been Q2, but heading to it. You can a little bit distinguish between Marella and TUI Cruise. Marella or the UK cruise business needed probably 3, 4 months more to recover. We only have 4 ships at the moment. The 5th ship from TUI Cruises will come now middle of or end of May. There's also a capacity difference. TUI Cruises who is performing now looking forward at very close or at the level of 19. Again, for the second quarter, there was a small catch-up effect and the crisis-related debt produces more negative interest. As we have the 50% result of the income after interest and tax, this has an impact. Overall, very good development and in summer and for the foreseeable future, going back to pattern, booking patterns as we had seen for the first time. Also, we can see that the ADRs are above a prior period. To Musement, it's fluctuating about what we had at 19 and 22. We have seen very strong growth on the experience part. We decided to use the money we gained there to invest in customer getting customers because we want to have as many new customers into the TUI e-ecosystem to sell them also the other TUI products. That's very different to the other segments. Here we really go for customer growth because our business model is that we want to earn money with the customers through other products. If we look at market and airlines, we are at the level of Q2 in 2019. The comparison to 2022 is a little bit more difficult because in the 356 or the 262, there were two positive impacts which were one-time. One is the hedging ineffectiveness. Mathias can explain or will explain later, which is a balance sheet item from the past when we had no business, so no cash, nothing. Second, we got a grant like all the other companies in Germany of EUR 50 something million last year, which we don't have to pay back, and that helped us last year to reduce the volumes. Overall, it's a good development. If you look at the different segments, we do see that in Northern and in Central, we are still EUR 50 million or EUR 20 million behind 2019. Belgium, Western EU region has significantly improved. There is one very good story into it. The ones who have been with TUI for a long time remember all the huge losses we had in France. We changed the business model. We skipped all the loss-making long tail business and focused really on the own hotel products. The volume is 50% or 40% less, but we are profitable. I mean, like in my hundreds of years with TUI, I can only remember early 2001 year with a profit, and between that, we had a significant amount of losses. We now eventually returned the business, and this is also a good. What we also should have in mind if we look at the numbers, you may recall that we had due to the balance sheet structure and the market situation, we had issues in hedging, so we were not able to hedge. These two quarters were significantly impacted compared to the competition by this fact that we could not hedge. Now looking forward, we are for summer 80% hedged. This issue is gone for the foreseeable future. Therefore, you see also some impact here, negative impact of this. We can be satisfied, and we are with the numbers. Just to I don't want to repeat maybe one thing. We were very lucky in winter that we have destinations with own assets in Egypt and on Cape Verde. What we have seen is that long haul is significant in volume below 19. If you compare the minus 12 in winter, you see that long haul is down minus 40, minus 50, and short or medium haul is coming close to historical levels. Here we were, which was important that we had destinations which are Sun destinations also in winter, and they were the winners of the seasons. If you look forward, summer 23 bookings are +13% versus prior year. This is a very, very stable trend, which is more than we had hoped -4%. Bookings compared to 19, and the momentum is there. At the moment there is no indication of why that should slow down. Yes, we do expect that there will be a shortage of beds, which is a good message, especially in some destinations like Greece or Spain. It's a good message because that helps the price margin quality. It's a good message because due to our own hotel properties, we have made sure that we don't double sell beds. That's why we are very confident. If I look at today, it's 60% are sold, so still 40% to be sold, which is not a small number. On the other hand, having sold at this time of the year, 60 is very encouraging. Especially amazing is the strong performance in the UK bookings, where it's two-thirds are sold in the meantime. We benefit here that we have introduced the dynamic packaging. Still needing 6 months to be really as others do it at the best, but we do see a significant growth there as well. The 3 strong markets are UK, Germany and Netherlands. Germany has really picked up now, so that is good. If we would ask the question, where are the weaker markets? One asset is France. That we have done by purpose to make sure that we are profitable. The other two are the Nordics. The Nordic States plus Finland and Belgium. The Nordic States, first, there is a slower recovery. The ones who have very long been, which TUI knows that, the difference between a very good result and an even result is the weather in Nordics. Apparently, like in the U.K., the weather has been not as good as it is. That's why we are catching up, but it's not there. Secondly, the market has turned to very strong part, portion, 50% plus on dynamic packaging. We are just introducing the dynamic packaging there. This impact will come at the second half of the year. Belgium has a lot of more capacity. We reduced therefore the capacity to stay and to increase profitability because a lot of airlines moved their capacity from Amsterdam due to the constraints there to Brussels, and that has changed the dynamics. Overall, these are the numbers, the markets, which really supports the growth. With the other ones, we have voluntarily taken out capacity because we wanted to make sure that capacity is in line with demand. If we look at hotel and resorts, the outlook in the second half available, bed nights 5% plus. At the moment, occupancy is 3%, up 60%. That for the hotel business is quite extraordinary because normally these numbers are behind tour operator. What we do see is that here very high level also compared to last year. You could ask, why are the hotels as full as they are when the European market is still 10% down in general? TUI performing better. What we do see, this effect we underestimated, like Mallorca, it's a good example. If Europe is 10% down, you now have source markets which in the past were never there. I mean, you have now the first direct flights from New York to Palma. You have Apple Vacations bringing customers to Mallorca. You have the Chinese. You have the Middle East. That's one of the reasons that the hotels, where there is a slight decline from Europe, they can make it up from markets which actually are prepared to pay more. As said, we expect a very good occupancy there. Cruise, the capacity is on the same level. One ship from TUI Cruises went into Marella, which helps to go back to five ships, which was the historical number pre-COVID. One ship in the meantime, we had scraped. Occupancy up 22%. Marella now in April, May, coming to the numbers occupancy we had before and TUI Cruises as well. For the first time, booking rates are above pre-pandemic levels for most of the itineraries. Musement, as said, we are broadening the product a lot more into digital selling, and therefore we expect going back to 2019 profitability and using the incremental margin to invest in getting more customers. Mathias. Thank you, Sebastian. I have my own clicker. Okay. Thank you. Good morning to all. Good morning to all in the room and to all in the webcast. I'll bring to you a bit of a recap on the capital raise. What is the performer impact on the balance sheet? It's of course really a milestone in terms of the capital structure for the company and its recovery. As Sebastian Ebel said, a couple of more details to P&I cash flow and the balance sheet of the quarter. I think this quarter, again, as I said, operationally, this is really another quarter that delivers into our target and our expectations. That I'm really pleased with. Alone, this EUR 1 billion increase in sales versus last year's same time, I think this is a great achievement. Also, the company could execute this in a very ordinary manner. Sebastian mentioned customer satisfaction is at record highs, and that's something where we're really proud of, that these increases that normally firms take much longer periods, we can do, and customers are very happy with that, and also these translate into finance. I think with the underlying EBIT, and I'll come to the exceptions, to the one-offs in a second, with this EUR 180 million of improvement versus last year, that's clearly within our expectations. I think we remain confident that we do significantly better result than we did last year. I think that's our clear ambition. Now, the capital raise, I think that was the second milestone. Let me come to the performer numbers in a second. I think that's of course a milestone to the balance sheet, repayment of the state. That's really great. We are really grateful for all the shareholders and new investors who have contributed to that and have made that possible. Please be ensured, we are very much committed to the trust that we received for EUR 1.8 billion of investment into TUI. Thank you very much for that. Now, what does it mean in terms of receiving these monies? If you think about our capital structure on the 2022 numbers, 30th of September, which is also the test numbers in the balance sheet year-end, we would come down to a net debt of EUR 2.4 billion. Now, with the EBITDA that we had of EUR 1.2 billion, that would result in a leverage on the balance sheet of below 2 times. If you want to come to 19 levels, you can do a reverse calculation, that would mean we would need this year an EBITDA of EUR 1.6 billion. I think EUR 1.2 billion last year, our commitment to do substantially better, I think that's why we're confident, this is the chart that we also used in roadshow, that these numbers are really achievable. Very importantly, we also repay the Silent Participation I, which was an interest-bearing hybrid instrument on our balance sheet, accounted for as equity, at the other time, with an accelerating interest charge. There we are very pleased that we could clean up the balance sheet for that. The same effect you will see on the gross leverage, the same dynamics are accounted there. Our target remains get back also to the rating that we had prior to the pandemic, which was BB. We got the first step with the B rating and a positive outlook. Of course, this is a longer journey. At the same time, we will continue to deliver. Let's get to the quarter, P&L, balance sheet, and cash flow. P&L, Sebastian already mentioned all segments contributed well to this operational recovery. I'm also pretty pleased with the adjustments, which are at a low amount. This allowed us to also lower our modeling assumptions on these adjustments by EUR 20 million to get down to EUR 40 million-EUR 60 million, and we were at EUR 60 million-EUR 80 million. What is a bit a pressure point is interest, remains interest. We have seen another interest increase from the central banks. We will see the benefits from the capital raise. At the same time, the extension of our credit facilities, which are on the way, and also the repayment, the full repayment of the state funds and debt, which will be in this quarter, so Q3, they will result in a couple of one-offs. We're tending towards the lower end of our guidance. Again, these one-offs are difficult to plan, and it's something we'll have to have a look at. Taxes, this is also just to reconfirm this underlying tax rate of 18%, something we see materialize throughout the quarters, which is also very helpful. I'm also very pleased that we can reconfirm that. I like this chart because as you said, Sebastian, all segments have really well contributed to the improvement in EBIT. Hotels, which were already starting with operations last year in the same quarter. You see cruises profitable again, and I think the track record and the bookings that you described, Sebastian, they suggest this is more, again, as we always said, a timing topic rather than a structural topic. Also markets getting trajectory, and this is really needed because we want to have a much better result this year in the summer than we had last year. On the adjustments, EUR 50 million last year, we already talked about this in the last quarter at the same time, was a grant from the state, which is very separate to all the state aid on group level, which was done on local level. This was these grants that you receive when your business was closed, and you get support for instance, retail and things like that. This was common structures in all markets that we're in. Because of the structure, EUR 50 million arrived in one quarter in Germany a year ago. That's something we took out in the comparison. The same is the hedge ineffectiveness, which resulted in a positive EUR 40 last year. What is hedge ineffectiveness? IFRS is very strict that if you don't have an underlying that you lose and there are some other reasons, then you go out of hedge accounting, which you normally have, and you don't see anything coming from a hedge. If you're out of hedge accounting, your hedge subject to pricing of the underlying, so fuel and FX, just moves through the P&L. This was a positive impact last year, EUR 40, because there were very long-ranged hedges which during COVID went out of hedge accounting, and they were just moving to the P&L until they got into their maturity. These were for EUR 40 million positive last year, again, that's something we took out for comparison reason. On an adjusted basis, this results in this EUR 180 million of positive quarter-to-quarter. On cash flow as a result, I think this follows more or less the P&L and the operational recovery. Working capital, this is EUR 1.5 billion. This is really strong, I must say, because, one, the discipline on the asset side of the working capital remains. At the same time, the ramp up is more or less the same that we had a year ago when we ramped up from effectively no business to a normal summer or to some kind of towards a normal summer at that point in time. Now we did the ramp up from a 90% winter business to a summer business as just described. I think this shows the discipline that we have in working capital and also the very strong trajectory that we saw. You may remember since January, the bookings really took and become up and become very positive. I think on the cash flow statement, there's something which occurred in the quarter, very much driven by working capital, and the rest follows the P&L. As a result, again, the balance sheet is within expectations. I think what is really good is to see these pro forma numbers. Again, to remind everyone, we did the capital raise. It started end of March, and it closed end of April, so just over the balance sheet date. We will not see it in our reports. That's why we did this pro forma, and only in the coming quarters you see it in reported numbers. I think if you look at our liabilities to banks, the proceeds from the raise more or less would have halved in the numbers. I think at the same time, the very positive situation we had at the end of the quarter already without the capital raise was that we completely got out of the KfW facility, and I think that's really showing how we're ramping up the business in a very good way. The covenant test, which was a debate that I had with some of you earlier, I think these numbers showed this was something which was easily passed with sufficient, very much sufficient headroom. That's also something, even without the capital raise, which I was very pleased to see. Finally, let me sum up with our modeling assumptions. I know most I already talked, but what remains is, I think we are committed to further increase the turnover of the company. This remains unchanged. We expect underlying EBIT or results to improve significantly versus last year. I think, Sebastian, we discussed, I think what we can say, where we'll not provide a more detailed guidance for obvious reasons. I think with what is market expectation, what is consensus around us, we remain comfortable with that, and I think that's something we can say. The rest of the modeling assumptions remain broadly unchanged. We talked about adjustments, which go down, which is very good. It's very helpful also for cash conversion. Interest something we have to have a look also. More clarity, I guess, next year when all the one-offs move out of the accounts, and we have probably a more stable interest rate environment and asset financing and net debt will be impacted then positively also by the capital raise. I think that's for me. Thank you very much. Again, I think I'm very pleased with the quarter. Sebastian. Thank you, Mathias. Something you probably have not expected, the change in the company. We want to bring to the heart to our employees, because in the past, the vision was think travel, think TUI. We have very much moved to an experience business. It's not about bringing a customer from Hanover to Mallorca. It's about bringing a customer into a wonderful hotel, doing a lot of tours, of experiences, party, pool, and so on. By really changing the nature of the business, we needed something to bring this to our people and a vision for TUI internally. It's not a marketing slang thing, because then it's too short and too long and too complex. It's something to tell our people. Leisure experiences, it's not business. It's about experience in leisure. We added also excellence in. I think this is more and more important that strong organization have strong people, managers who decide, people who have fun, who want to deliver. Sometimes, especially in a mid-European environment, to talk about excellence is not something which is so well received. We think it's differently. If we are excellent, people have more fun working in the company because they do achieve what we, what we do. We have more happier customers, therefore we have more profits, which means shareholders are happier, and at the end, we can also be more generous to our people. That's why we change from think travel, think TUI, to excellence in leisure experiences. We have a short film on that, and I don't know about- At TUI, we aim to lead the way, consistently evolving to adapt to new consumer needs and market opportunities to ensure we stay ahead of the game. Since 2015, our business vision was think travel, think TUI. The goal TUI equals travel. A clear vision to guide us whilst transitioning from local heritage brands into the global power brand we have today. We have successfully moved from individual tour operators to one global brand with our own assets and owned distribution network. We are ready to broaden and grow that power brand, so it's time to reflect on a new vision statement to help us get there. We need a vision that stretches across our full product offering: packages, components, hotels, flights, tours, cities, experiences, cars and more, and focuses our efforts on our specialist expertise, leisure experiences and enriching people's lives. A vision to set our new North Star, directing us all towards the same goal and making our ambition clear to the marketplace. What could it be then? TUI enriches lives through travel and leisure experiences. Powered by our unrivaled combination of product, technology and people, we create distinctive leisure experiences that open up the world responsibly and advance our position as pioneers in the market. What's behind this unrivaled combination? We have distinctive products, broad range and scale that create a unique offering across the value chain. Our technology is leveraged throughout the customer journey to deliver the freedom of choice, enable personalization, and provide seamless service with ease. We can't achieve anything without our people. We're a people business, creating an attractive place to work and grow. Our team around the world bring the passion and knowledge to craft customer experiences with our TUI flair. What's our new vision statement? To summarize this vision, our North Star goal, TUI's new vision statement is excellence in leisure experiences. Excellence is what we strive for in everything we do every day. Leisure is our focus, our heart. It's our heritage and what we know. Experiences encompass the broad range of products we have to offer and the end-to-end customer journey we own. Remind us again. Excellence in leisure experiences. Great. How does that fit with all the other guiding initiatives around the business? Our vision is the North Star goal. The ambition should we deliver all we need to. You should have heard of our brand purpose. TUI creates the moments that make life richer. This brand purpose is why we are here and the role we play in people's lives, customers, colleagues and communities. Makers of Happy is our culture program, driving us to customer centricity and bringing together the TUI values in which we believe: trusted, unique and inspiring with the behaviors we ask of our colleagues. We believe that all of this allows us to state a customer promise of Live Happy. We want to enrich our customers' lives so that they can Live Happy, and we know that experiences add up over time to do just this. What about us as colleagues and the potential talent that may join us on our journey? Our employer brand spirit, Let's TUI it, summarizes the reasons why we all work here and encourages others to hop on board. Each initiative is directed towards specific audiences with different goals in mind. However, all of them are connected by the same ingredients that make us unique and motivations that drive us. Excellence in leisure experiences, TUI's new vision statement completes the picture. We're ready to succeed. TUI: Live Happy. This was developed with our colleagues, presented to our colleagues, and is a mind shift in the organization. If you compare TUI 6 months ago, if you compare TUI 3 years ago, it's a very different company and I'm pretty sure if in 6 months we will be here again, it's again a different company and it's a big change. I really like Let's TUI It because to be quick to make sure that colleagues are deciding that they have the courage to decide is so important because there are some other competitors had an advantage. With this change, we are not only want to catch up, but we want to make sure that we are creating and developing the market. What does it mean in some more details on the product side? High quality, new products, broad range and scale. Not only wholesale package. Unique travel leisure offerings across the value chain. We are not the 31st OTA. We are unique. As Amazon has Prime, we have our RIU, our TUI Cruises, our TUI MAGIC LIFE, our own experiences, and very important is sustainability because we believe that without sustainability there is no first no future for the world. Second, no future for tourism. Therefore we not only aligned, assigned to the SBTi targets, but we want to be by far more ambition. Technology, we sometimes say now we are an IT company which sells experiences. We are building more and more platforms and this will be a huge change. You will see we have a lot of thoughts for future growth. If in the past, you may recall the one or the other, we started business in Brazil. It cost us a lot of money, and at the end, we were not successful. What we are doing now is we have built platforms. If we would go to Brazil or to India or to South Africa, we would use the platform we have. We will open a distribution sales organization, 5, 10 people. We would not further invest in technology because we have the platform. We would not invest in service organization because we have the service organization. I mean, for other sectors, it's nothing new, but for our sector it's something new. Very much using and leveraging scalable solutions. Are we yet there? No. We are on the way to it. Every month there will be more platform introduced, and the main target is to, at the end of this calendar year, to have 80%, 90% achieved. You will never achieve 100% of you, because if you achieve 100%, then you are not moving anymore. The last thing is maybe the most important thing is our people. Performance driven. Performance driven culture. As said, it's not always popular, but we very much believe, when it's about wellbeing, we are not a spa. We should create fun for customers, for employees by delivering and then by having also materialized benefits out of that. That is, I think, a good process, and we do see in more momentum. Creating winning teams is something easy to write down. It's sometimes easy to create program. At the end, it needs a mind shift, and we do know which organization have done that very well in the past. In other sectors, there are good reasons why Apple became so strong as they are. We see that sector by sector, and we are heading to it. Management takes a lot of time also by living the example to do so. Whatever someone can decide should be decided there. What does it mean? You remember that we presented our strategy to go into dynamic packaging. A dynamic package in the market bigger than the wholesale package TUI was there in with a very small market share. Now we are bringing that to all the markets, and that is one of the reasons, the last bullet point here, why we are able to offer by far broader range, product range in the UK, which will lead to significant growth. Extension of, and I will go more into the details, flight market, ancillary growth, B2C growth with Musement, the TUI BLUE Hotel, asset-light growth, and our sustainability. These are examples like we did in the past with others. The TUI flight market is something new. The idea there is that we link directly to the airlines through the NDC connection, not through Amadeus or Sabre anymore. The big benefit, it's a win-win situation for airlines and for TUI and then for the customers, because we have daily pricing, so it's not about agreements which we did three or six months ago. We get daily prices on a by far lower cost basis because all the intermediate costs have gone out, and it's a benefit asset to the airline, for TUI and for the customer, which means in our app, you can get flights for a very attractive price where we don't have to fear the competition with the ones who sell today million more tickets. This is also then used for the dynamic package to make sure that we have the best content there. As well, today we have all the European major airlines now starting with the Far East airlines. There's one big group missing, British Airways and Iberia. Hopefully in the next 6 month, they are the last cornerstone what we do need. Ancillaries, we have not been the most innovative company there. If we look at our competitors, they have done better. Some of them have done better. Ancillaries are quite often 100% or 80% or 70% margin. We have a very strong program in delivering it through into all the channels. Because in the past, if you wanted to have a seat upgrade, it was a complex thing to do. Now you will get through the TUI app an offer, and you can decide. Two things are even more important. One is bundling, because more and more customer don't want to have priority, more legroom and a meal, but to bundle as a VIP product. Bundling is getting more important. Dynamic pricing, again here important, because if a plane is empty, you will have a different pricing than if the plane is full for these high demand, extra legroom. One, you may only add 5 EUR, and for the other one, when there's high demand, 50 EUR. A lot of things and adding also products which have not been with TUI. One thing which getting really, I never, I never have played golf up to now. What we do see, especially in winter, this market segment is huge. Now getting groups, you will only get if it's linked to the hotelier with the tee times and so on. By introducing that, there is a significant demand which we didn't get before. TUI Musement, as said, very important to get customers into the, into the TUI ecosystem. Therefore, TUI experience as part of all distribution channels and the TUI ecosystem, as we said, it's very strong growth, 200%. What we are now doing is focusing on city experience. TUI Musement, one of the best investments we did. Was and is a Milan-based company, so they were strong and are strong in Italy and Spain and France, but they were very weak or not existing in Germany or the UK. We are building, and we have started with 100 key cities to have the full product range and own experience in 100 cities. We are doing is now to start selling this product if the customer is at home. If I'm in Berlin, I buy the Musement, the Musement museum a ticket. If I'm here, the Madame Tussauds ticket. To make sure that we can more interact with the customer during time when he is not in the city. Experience if you are at home, key cities and owned products, because If we get critical volumes, it means it more and more makes sense to have own products, which allows different margins and more uniqueness also by collaborations with other suppliers. TUI BLUE asset-light. You see growth in areas where you would not have expected it. The Far East for TUI. There's so much TUI BLUE, by the way, which is also important. If you look at customer satisfaction, our own brands score significantly higher than on average with the market. Which means that the customer experience something superior when he's with us. The TUI BLUE, when it goes into the world, has not only the good experience and the great experience for the customer, but brings the TUI brand into the world. This is an asset in itself. It's not about the EUR 1 million management fee we get per hotel. It's also about bringing the brand into these markets so that we become stronger in distribution and in sales whenever we sell other products. I think we will see a acceleration here too. Management franchise. For us, it's important that we stick to the investment policy we have, at least for the next two years, till we have convinced the markets that we are not talking about something delivering, but that we have delivered. Getting EUR 1.8 billion after and having shareholders who have been extremely loyal, although they lost basic... Sometimes the majority of our investment is a big, big obligation for us, which we want to fulfill. Sustainability. You know about the SBTi targets. Our own ambition is stronger and for the next 10 years, and every day we do small steps. I mentioned once, the new head office in Hanover opened in August, carbon free. We have now the first hotels which will be carbon free. Marketing as carbon free. We have signed a green fuel supply. We are talking about bioenergy, methanol for ships. A lot of good things which we now create. We do see it as a chance, not as an opportunity, not as a threat. Why? The business case has improved a lot, and we do see, beside all willingness of a customer to pay something incremental, that the break-even between carbon fuel and green fuel is shortening. 3 years, 4 years, 5 years. But it's not altruistic anymore, but it's really making business-wise a sense to do so. We think as the market leader, if we do it first, we will see the benefits for us cost-wise, but also for with the customers. We do see is where we don't compensate, but we tell the customer, "This is a carbon-free hotel," there is the willingness to pay a premium or to book that more frequently. I discussed and I presented the expansion plan for the UK. It's not about starting a price war or to bring overcapacity in the market. It's using, mainly using the capacity which is there by connecting to airlines, third-party airlines, by connecting to great hotel stuff, to package dynamic, as others have done well. To get the market share we have in the wholesale package also into this new sector. For us, new sector, not for the market. By having a very strong focus on quality, using the service infrastructure we have at airport, in hotels and the omni-channel distribution we have to make sure that the customer gets the great experience he's getting from TUI in with other products, but also in this product, so that we are not another me too, but that we are really making the difference there. Therefore, we are very happy about what we have seen here, what we have built here, what we are building here. As the proof is in the pudding, and therefore, we need to deliver. If we look at the booking for next winter and we look at the summer after, we have never seen such a strong start. This mainly comes out of the initiative. First, we need to deliver this year's summer, and we have to make sure that every one of our investors is happy about what they've seen in summer with us, that our customers have the same great NPS as we see at the moment, and that our people benefit also from having more fun and more exciting working with TUI. Making a long story short, accelerate profitable growth through all the measures that we set, which should and will improve profitability and margin. A strong focus on cash flow, which is sometimes quite a tough thing, because we have now, with all what we do see such a strong interest in TUI, and we would have huge amount of great ideas what we should do. first we need to deliver to make sure that the cash flow comes in to reduce further debt as we have planned and of course on a strong balance sheet to create shareholder value to pay back the trust we received. As we said, now we are available for Q&A. We have two colleagues here who actually distribute mics and I see Richard here, so perhaps we can give a mic to Richard first. Thanks very much. Richard Clarke from Bernstein. three questions as per normal. I guess a lot of people jumped on your comments on Monday, Sebastian, about price discipline in the market. No last minute deals. I guess the very next day Ryanair ordered 300 new planes. To what extent is that sort of wishful thinking versus a TUI commitment not to discount? How will you react if the European consumer starts maybe spending a bit less on travel, if not through price? Second question, changing the tagline, bringing experiences in, I guess sounds a bit like Musement coming even more to the fore. Is that the correct interpretation? What are your ambitions for Musement? You know, the path to profitability, how big can that business get in your view? Thirdly, I guess there's been a couple of changes in the wider travel distribution market. Iberostar signed a deal with IHG. Expedia is launching a new points-based loyalty program. You talked about share gains. Is that just a COVID impact or do you see yourself kind of gaining share over the longer term? Any comments on those changes at Iberostar particularly? First, when I saw the announcement of Ryanair ordering the 300 Dash 10 of Boeing, we felt very happy because I mean, you know that we are a loyal Boeing customer despite all the hassle we have and we still have. They're not performing as they should perform. There was a big question mark on the Dash 10, which we have ordered and we have a significant backlog. With this order, I think we can now expect that they will deliver the Dash 10, which is extremely important for us to be competitive to the neo of Airbus, which is mainly used by competitors. This is a good move and as we have ordered them a couple of years ago, and pricing has changed quite a bit, we have very good contracts and it's a good move. On pricing stability, it's also a quite interesting development. What I've seen is markets are very different. Ryanair reduced significantly the capacity in Germany and I found very interesting the reason they gave to it. That is different, of course, to the UK. What we do see is, and that's why whatever the price is of an air seat, we want to benefit. If there's oversupply, we want to benefit from the low cost. If there's, like today, not enough capacity, we also want to benefit from that. What is more important is the shortage on hotel rooms and especially on shortage on very attractive destinations and very strong brand. Customers have moved more to the branded product, expect that this stays, and have even more moved into the good, whatever a good destination is. Today, to get a flight seat to Greece is easier. It's also not easy, but it's easier than to get a bed. It will get even more difficult because of over-contracting. The limiting factor, not today, that's on both sides, will be more the bed and all the services around. Therefore, we believe very much if we focus on quality, on having very stable organization, on sustainability, great products, we will benefit from this development. The last EUR 10 which an airline or EUR 20 or EUR 30 will give as a reduction, and especially because they can afford like Ryanair, we would like to benefit from that because we dynamic package. Musement, you are right. Musement is an amazing development because it has three main activities. One is the transfer, the service of TUI guests. There, the profitability depends if we have +10% more guests or -10%. That's a little bit not what we can change. We have the B2B product where it's all about making our B2B partners happy. We signed with easyJet, as you know, and which gives us scale in buying products. That's what we said when you really triple volume and you go to the same suppliers that I want to have, 3 times as much, you will get different rates than only for TUI. Thirdly, which is the most important one is own customers. Because when we have own customers, there are 2 things. 1, we gain the customer for TUI ecosystem. We now start to attract customer in the destination to a QR code. It gets the TUI app, like the other 2 major competitors. We don't really care if this customer came with schauinsland-reisen or came with Expedia or whomever. If we have this customer in the ecosystem in our app. 1 customer account, 1 payment, 1 loyalty, then we should be able to sell the product. Second, the more volume we get, the more we can create an own product, what we call a collection product, where we are not selling a third-party product, but where we produce an own product. What we said, despite all the promise on delivering results, the profit increase in Musement, we invest for the foreseeable future into growth. We have catched up with GetYourGuide and Klook and Viator. The market consolidation has not happened yet. There are the big four have 20% maximum. Very different to the hotel, OTA business, where Booking is the very dominant player. We want to not only to catch up, but we want to grow quicker than the competitors. I think it's important a step not only for being successful in Europe, but also to grow outside Europe business. Wider distribution, hotel distribution. First, if you look at the big hotel chains, they have done and used the time in Corona extremely well. They introduced membership pricing. They introduced services, seamless booking. If you're going to a hotel, you only need the phone to check-in. You don't need a key anymore. Even the most remote Hilton Hotel, I was in Luton, I used my phone to open the door. The checkout was one push. I get the. So great service concept, and the membership pricing is something very profitable. Beside the fact that we have outstanding product, this really shows the way forward. As said, we are now having one customer account, not in a small version, getting more and more different. One payment is introduced, the last missing part is the loyalty. There is an interesting question, is it one of the big ones, or what do we do something on our own? With our Blue Diamond business in Canada, we joined the Caribbean, we joined the Marriott scheme. Extremely big success. In Europe, we haven't taken the decision. We are working at something we want to introduce at the end of the year, but there are different options. That is the missing piece, which we will implement. We think membership pricing, and services, seamless services, and differentiated sales, is key and even more important for leisure because you may like to have the bottle of champagne, the Veuve Clicquot, in the room. I think it's more important than having it on a business trip like for us tonight. It's more important if you are on vacation. Thank you very much. Cristian Nedelcu from UBS. Maybe the first one, when we think at your EBIT generation in the second half of the year, any reason why this should not be well above 2019 levels? Your volumes are almost back, your pricing is 20% up, and you have the EUR 400 million cost savings that you announced a couple of years ago. What am I missing here? The second one, your first half working capital performance was better, so the cash inflow was better than the normal pre-COVID cash inflow. I guess my question, historically, you generated around EUR 300 million of cash inflow from working capital in the second half of the year. Is it fair to assume that this year you're gonna have a few EUR hundred million more, so EUR 500 million-EUR 600 million? Any headwinds here that we should keep in mind? Maybe the last one, just a technical question. The kerosene prices have been coming down. The pound has been strengthening over the last months. I think you mentioned today that you hedge now around 80% for the summer. Could you provide a bit more granularity at what level are you hedged for fuel? What is the fuel price that you locked in or the effects that you have locked in within that 80% hedging? Thank you. We haven't given $0.10 because there are risks and chances. We want to be careful not to overpromise. The chances you mentioned, again, we are 60% booked, not 100% booked. There are also some operational challenges. We wanted to make sure that our view is balanced. Let's see what the outcome it will be. Second, that leads to your. Mathias can give you some more questions. When we started to hedge, we were only able to hedge very late, we are still fighting for every hedge line, especially long term. We hedged in an environment. We started to hedge. Now it's very different. where the GBP was very weak, where the EUR was also weaker against the USD, and fuel price were significant higher. The first significant portion was not so favorable as we do see, and this has impacted significantly first half, and there will have also some impact to the second half. Therefore, we said with the consensus, we feel happy it's in line with chances and risk. The whole situation will be better if we can hedge looking forward as we have done before. We are not yet there, but we are moving to it. That would be my answer. Thank you, Sebastian. Cristian, thank you. Just on the working capital, as you said, so this EUR 300 million in the second half in 2019, I think this is a good kind of momentum, how do you say, sentiment, how the company is developing also this year. At the same time, we will have a positive impact from just the inflation and the higher turnover that generally there is. As Sebastian said, there are some business like France, Nord, et cetera, where we have lower capacity also planned. We're moving towards 2019. We would expect a bit more, but at the same time, not like a very substantial change of the pattern that we saw in 2019. On hedging, I think, we have a challenge to provide kind of more details than we said at the moment. At the same time, I think it's when you look at our first quarter, we were really impacted double-digit by the kind of movements. This is something which has moved out now. I would say overall on our hedge position, this is something, this pricing that we have, that gives us, let's say, a position where we can generate what we need in order to get to something towards consensus, if that makes sense. Thank you very much. Thank you. Mark. Thank you. Good morning. Mark from Fortescue from Stifel. 3 questions, if that's all right. 1 on cruise, 1 on growth, and 1 on long-haul. Just on cruise, if you think about next year, FY 2024, once the Marella fleet is back to full strength, is there any reason why you can't aim for and we might expect a full profit recovery on a like-for-like basis, 2024 versus 2019 for cruise? Secondly, on growth, you put up that million extra passengers in the UK tour operator. I think for the group overall, your sort of airline fleet capacity is still pretty flat on 2019 levels. Ryanair has been mentioned. Jet2 has also got a big new order. Do you really think you can sustainably grow the business without investing more in the airline fleet? The last one on long-haul, I just wanted to sort of understand a little bit more about the dynamics there. It sounded like the slowness was more in the tour operator, so outbound from Europe, whereas the hotels and resorts piece in the Caribbean, Mexico, Asia was not seeing some of that weakness because the source markets were a more resilient customer. Could you just touch on that, please? Thank you. I may start, if you allow, with the long-haul, because that's the easier part. If you look at departure numbers, we are just yet above 50% of what we had seen pre corona. Actually, this is also true for business long haul recovering, but we don't see that this will recover short term or medium term to the levels we had seen before. Why? The cost increases have been significant, not only because of kerosene, of whatever, aircraft cost and taxes, but especially on the hotel side. Because, I mean, the same hotel in the past, European, the Caribbean, European customers, compared with American customers may be 10% difference, 20%. At the moment, it's easily 100% difference. The Americans pay 100% more in the hotel years than say, "If I get EUR 400 instead of EUR 200, I don't want so much." Europeans/UK are not still not yet used to differentiate. Hopefully, there will be some changes tomorrow. Not tomorrow, after the day tomorrow. This makes the product really more expensive. People think, especially in times which are more... The dollar, yes, has lost strength against the Euro pound, but is still not where it had been. This leads to what we expect that the long haul will be under pressure. You see, read every day how much airlines have increased the long haul prices. That's different to it. Therefore, it will be under pressure. The good thing is that it's not a margin issue, because if the demand, the demand follows also the offers. Luckily, they are not 100% offers and 50% demand. It's very much in line with it. It's a more challenging business with limited growth in the future. Luckily, there are strong demand in the Americas, who really substitute the European demand. On airline, yes, we definitely compete. One, you should not forget that we also have a backlog, luckily, placed in 2015 or whenever it was, 2014, to Boeing, and we could get as many, not as many aircraft as we want, but a high two-digit number if we would need them, and we use them for the fleet rollover. The question is: where do we grow with own aircraft? Where we grow with wet leases? Because we need the capacity in summer. We don't need the capacity so much in winter. Thirdly, where do we grow with dynamic packaging? The more the others bring capacity into the market, the more access to dynamic stock we have on the hotel side and on the airline side. I mean, I would not expect that Jet2 delivers products to us or the other way around, but there are so many products now. If you look, for example, I mean this is an amazing thing. If you look at the Turkish carriers now, I flew from Hanover yesterday, and we had 10 flights to Antalya. The Turkish carriers, due to the stupid de-regulation, has a cost benefit of EUR 60, EUR 70 to no denied boarding compensation, no this and that. Doesn't make sense there to fly. It makes a lot of sense to buy from SunExpress, as we do all over. It's a great airline, huge cost advantage, and they are happy to have us as elite customers. That's why, yes, we will grow one or the other aircraft, and we do see a lot of benefit in bringing our demand in line with the supply of others. As said, with the exception of the Dash 10 problem, which hopefully, or I assume, Ryanair has solved due to this very clever move, and they probably will get outstanding rates. This aircraft will deliver it. That will help us to get the right aircraft as well into our own. On cruise, as said, I'm more a controller like Mathias, so, we should always be very cautious what we do say, because at the end it's all about delivery. I have some sympathy for what you do see, especially now with the fifth ship this year or half of the year. We only had, or three-quarter of the year, we had four ships. Especially the, I mean, in winter there were a lot of problems still with ships in the Caribbean due to regulation and so on. I think there is a good likelihood that cruise will return to normal profitability. Any further question here in the room? I would give over to the operator in case we have questions from the external audience. Should be another three questions. Ladies and gentlemen, if you would like to ask a question or make a contribution on today's call, please press star 1 on your telephone keypad. We'll take our first question from Alex Brignall from Redburn. Please go ahead. Your line is open. Morning. Thank you for taking the question. Sorry I couldn't be there. The first one is on trading. A few people have asked this morning about the charts you've put in the presentation and the sort of appearance of a slowdown in booking volumes against 2022. Could you just give us some comments on the different comps in 2022 and how that manifests in what matters, in terms of what it is versus 2019, or your expectations for how the comps evolve and how that would affect that number, obviously with 2019 being more important? For the full year, given that you've so far made a loss in the first half, obviously increasing guidance would be probably a little bit foolhardy. Could you just talk about what the current rate of bookings might do for profitability levels if we just look at what your current booked position is? It seems like you're probably heading for a higher number, but obviously being a little bit conservative with how things might play out between now and the end of the year. The third question, a bit of a specific one on Musement. You have an important relationship with Booking.com. They are rolling out a lot more of that Connected Trip in which Musement is an important part. To what extent is your growth of the exposure to the cities related to working with those OTAs which are clearly bigger in the cities and much less exposed to sort of sun and beach markets? Thank you very much. Okay. Maybe starting with the first question, we are up on bookings compared to 2022, 13%, and we are catching up only -4% now compared to -11 a quarter ago to 2019. If you look at the booking pattern last year, the summer was actually, especially the 4th quarter, was a good quarter, almost also back to normality. What you saw that the bookings were late and then during this time now had a peak. Therefore, to be close to the peak is something which surprises us quite a bit because we thought it would be less because the peak last year was huge and then normalizing in middle of June. That's why we look on 2 numbers. How do we book against 19 to really close the gap further and not in these strong weeks compare with 22. If we are as close as we are, it's great, but the overall is good. We think that the last-minute business or the business 14 days before departure will be different to what we had seen before. Yes, there are still significant volumes, but the price quality is very different. If you ask what could be in a very positive scenario, the growth, we think the growth is limited due to 2 facts. I mean, if you look at Germany, and partly also the UK. There is less flight capacity in Corendon adjust, not pulled out, but reduced through because of restructuring very much the supply. Others airlines had to shrink because of non-availability of flights. The bed situation is probably very, very stressed. That's why we think it's very important that we keep demand and supply in balance, more optimized on price than on volume. Last... You are right, that's also one of the reasons why we are cautious. We still have to catch up something from the first half year. As said, the proud we are on a stable operation for one week around Easter. No one knows what in the very, very, very high peak it will be. It will be by far better than it had been. We still have the ATC strike. There are still some also things we are hedged 80% of fuel, but the 20 are and so on. I think to balance risk and chances is very important. On TUI Musement, as I always stress, we want to look at the best of breed. Booking is a very well-run company. I really admire what they have built. They're doing very well. I mean, it's If you look at the two main brands in Europe, it's Booking and it's us. To partner in this area, I think makes a lot of sense. They do see a benefit, we do see a benefit. Important is that no one. I must admit, I've never been in contact with them. It's all discussed on a working level. I would assume they don't want to rely on us too much. We don't want to rely too much on us. As long as both parties see the benefit, it works well. As said, we have a lot of B2B partners now, so to have a variety is very important. The most important are our B2C customer, because these are really TUI customers, and that's also the profitable customer which we have. On the other hand, if we now do see, we introduced ECCO only in Nordics and will be introduced during the year also the UK and others. I was quite positively surprised. Normally, you don't hit ambitious plans. Here it's different. Although we are catching up to others, we are not at the same level when it comes to app and product portfolio. We'll take another six months. We're doing very well, especially because of the service components we can offer as others can't offer. Eighty-one percent, if I remember right, are new customers which have never been with a TUI, and that is very similar with a TUI Musement. The whole thing is doing very well. Is it something which creates profit today? No, today it's about growing. That's actually the only developed market in ECCO only or really experiences only Germany. The level of margin, I mean, is maybe EUR 10 difference between a 3, not 3 hour, 3-day stay in a hotel compared to a 10-day package. It's amazing what these component sets bring as margin, and we will like to benefit from us. The main thing is to get customers. I mean, the competitors, the strong one, have a retention of 70. When you start new, you have one of 0. To build very quickly to 70, to 50% retention, where you don't have to pay commission, and you can afford to get new customers is so important, and then to sell all the other products. It's very important. We can compete now with all the other big ones also in European cities, and it will take two to three years if the volumes kick in, so retention kick in, that we not only have the purchasing benefits, but also see full profitability as we do see in the markets where we started earlier with that. Thank you so much. Thank you. We'll move on with our next participant, Jamie Rollo from Morgan Stanley. Please go ahead. Your line is open. Thanks. Morning. Sorry not to be there in person. Three questions, please. First, on the cruise business, Mein Schiff's average daily rates were 7% below Q2 2019. Just really wondering what's happened there 'cause the commentary on the last call, I think, was a bit more positive on cruise pricing. Secondly, could you talk about the options to refinance the bank debt? Are you considering just to extend the facility, or would you consider some term debt or convertible debt? Also what's the plan for the remaining KfW facilities? Do you plan to keep that? Finally, just a point of clarification. You said you're happy with market expectations, but I think you also said the leverage target implies EUR 1.6 billion EBITDA, which is about EUR 200 million below consensus. That might just be 'cause that's the minimum you need. Just wanted to check, you're still happy with EUR 1.8 billion of EBITDA for consensus and EUR 950 of EBIT for consensus. Thank you. Thank you for the, for the questions, Jamie. On the cruise, there is a significant mix effect. As the long haul had been difficult and still has some challenges. The long haul cruise were limited in demand, but luckily also in supply from our side. As Marella took out one fleet, which normally would have had in long haul, there's a mathematical effect to offset that. Now coming in summer to more a normal pattern. It's not yet normal because we still have a lot more non-flight cruises than we had in the past. Going from Kiel to Norway, which means that we miss the flight part, which you would have anyhow. Despite this structural mix effect, we do see that the day rate has been, is above the level before. We are very happy with the development. As said, the second quarter was still influenced by one ship less in Marella. For Marella, it took more time to build the demand. Actually, by the way, this is also valid for Royal or Carnival. They are so strong, although they have half the volume from the UK. And some more interest TUI Cruises has to pay. Looking forward, it's very normal, lies to what we had seen, except the higher interest of TUI Cruises, because they will take another one or two years till they got rid of the incremental debt. If you look at the bond, you know what the increase of debt was and what they pay for it. Maybe, Mathias, you can answer the other 2 questions which I have forgotten. No, thank you. One was on the expectations for this year and how this will correlate to what you see on this chart on the rate on the, on the leverage levels. I think the line wasn't excellent, but just to reconfirm, I think it is, as said, we would need 1.6 in order to get there. This doesn't mean that 1.6 is kind of the new target. I think we feel comfortable with the consensus where it currently is, which is just a bit below EUR 1 billion on EBIT, and then you would add the EUR 800 million of depreciation amortization, as you said. At the same time, given that we don't have a concrete guidance and given that we are where we are with all the kind of volatility that we, that may or may not come, I think this is probably the best position that we are in terms of communication on the numbers going forward today. On the RCF, I think that's what you refer to in the bank's loan. This is the EUR 1.5 billion facility. The KfW facility is linked to that. We have now, as planned, halved the KfW's facility. It's an undrawn facility. It's now EUR 1 billion only. Both facilities together, we plan to extend for another two years over the summer. This will be just, I would say, a standard amend and extend process with the same kind of volume and targeting that we can keep KfW as a buffer for this maximum period. What we then do exactly with it, this is to be seen. There are two questions to it. One, how much do we really need it? What is the real, I think also in the winter, you saw we don't need the full facility even as a buffer. We did something to reduce it. Secondly, we will need the further rating upgrades. Given the performance, that's something we would also expect to come. We have full optionality and do the right things in order to find good and right instruments if we want to have that buffer on a commercial market rather than from KfW. Thank you very much. Thank you. Thank you. Once again, ladies and gentlemen, if you would like to ask a question, please press star one on your telephone keypad. One in the room. It appears there is no further questions at this time. I'd like to turn the conference back to Sebastian for any additional or closing remarks. There is one question in the room. Thank you. Richard Stuber from Numis, just really one question on hotels. I mean, you talk a lot about the about the supply constraints and the prices you can get there. Could you remind us just what your growth strategy is in hotels? How many more hotels you expect to build in the next sort of 2, 3 years? Again, sort of how you'll be financing that? Will it be through the Capital Light program? Thank you. Due to the strength of distribution we have, hoteliers are very interested in us. That's also a change what has been seen. If we commit to supply to customers, we will deliver it. There are great opportunities for us to invest in hotels at the moment, which we don't do because we feel obliged to what we have promised. That's why we are working with an asset-light model and with investment through our JV companies or through our hotel fund to make sure that we have not, for the next 5 year, access to the hotel, which we make strong, but long term. To take the benefits out of two worlds. The main focus for investment is through these vehicles, nothing else. Second, nothing else means very limited. As we is always doing great investments. Second, to build further through management and franchise contracts the TUI brand also outside Europe. By doing that, bringing the brand TUI into the world, bringing the sales and product machine also into markets where we have not been yet strong. Thank you. We are then done for with the Q&A, thank you so much. Ah. So. Last words. Hopefully not last words, but for today. A market which can have challenges every day, but also have a lot of chances every day. We work hard that more chances are materialized than risk. Therefore we, as I said before, it's a lot of fun to move the company forward, especially if you feel for the first time more tailwind than headwind. Thank you very much for the fair analysis and I think it has been a great I mean, I do see representatives of banks to do successful capital launch, capital raise means a lot of trust into us, a lot of trust of the banks who supported us here to sign. We want to deliver and, as said, we want that after another two years, you see the TUI, the TUI of today again in two years is a different animal than of today. If we would stop, we would lose. We want to not stop, but we want to accelerate. Thank you for being here and, seeing you soon.