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  "documentTitle": "2024 Annual Report",
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      "text": "Cooperation between the Supervisory Board and the Executive Board",
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      "text": "The Executive Board and Supervisory Board are closely guided by the principles of responsible and good corporate governance and work together in a spirit of trust in accordance with the principles set out in the Corporate Governance Report (page 134). The Supervisory Board primarily monitored the legality, regularity, expediency and economic efficiency of the work of the Executive Board and management with a key focus on the refinancing of the Group. Further details can be found in the following report.",
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      "text": "Financial year 2024 was another year of recovery and renewal for TUI. We significantly increased our earnings with a very good operational performance compared to the previous year. Our focus was on optimising balance sheet structures, improving credit metrics and implementing strategic measures and transformations.",
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      "text": "In financial year 2024, we simplified the listing structure of the TUI share. The Supervisory Board supported the delisting in the UK in favour of a single listing in Germany. The aim is to centralise liquidity, reduce complexity and facilitate compliance with EU requirements for ownership and control of the Group's own airlines. You, our esteemed shareholders, voted by a large majority in favour of the delisting in London, which enabled the TUI share to be included in the German Prime Standard and the MDAX of the German Stock Exchange.",
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      "text": "We also intensively discussed the Group's refinancing strategy with the Executive Board. Key steps in this context were the successful placements of a sustainability-linked senior notes and a convertible bond. Both financial instruments extend our debt maturity profile and reduce our future interest costs. This in turn gives us greater financial flexibility, particularly in light of the ongoing transformation.",
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      "text": "Dear shareholders, in financial year 2024, you once again placed your trust in us and set an important course for the TUI Group. Without your support, the simplification of the listing structure would not have been possible. On behalf of the entire Supervisory Board, I would like to express my sincere thanks to you!",
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      "text": "The positive booking trend continued in this financial year, underlining the unabated demand for TUI products and the importance of holidays for our customers. Thanks to our diversified product portfolio and asset-right growth strategy, we also significantly exceeded expectations in the Holiday Experiences segment.",
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      "kind": "paragraph",
      "text": "Dear Ladies and Gentlemen, dear Shareholders,",
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      "text": "The Executive Board informed us regularly, promptly and comprehensively through written and verbal reports during and outside of meetings. The reports included all relevant information on the development and implementation of strategic objectives, liquidity development, planning, business development and the Group's position during the year, risk management and the internal control system, compliance, the implementation of the sustainability strategy and current developments in sustainability reporting, as well as reports from the capital markets (e.g. from analysts) and the press. In financial year 2024, the focus was on the refinancing strategy for the Group, in particular the issue of a high-yield bond and the issue of a convertible bond. Discussions also focused on the personnel and Group strategy as well as the booking behavior of guests in the current macroeconomic environment. The Supervisory Board was involved in all decisions of fundamental importance to the company in good time. We passed the resolutions required by law, the articles of association or the rules of procedure after thorough consultation. To this end, we regularly prepared ourselves on the basis of documents that the Executive Board made available to the Supervisory Board and the committees in advance. The Executive Board also informed the Supervisory Board immediately of urgent matters in writing and at extraordinary meetings convened at short notice. As Chairman of the Supervisory Board, I was also regularly informed by the Executive Board about the current business situation and significant business transactions in the company outside of Supervisory Board meetings.",
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      "text": "The Supervisory Board also dealt intensively with strategic issues, particularly in the context of the transformation of the Group. We discussed measures to accelerate profitable growth and to increase the agility and cost efficiency of the TUI Group. At the end of financial year 2024, the focus was on the transformation of the Markets + Airline segment, the implementation of globally uniform technology platforms and the strengthening of the commercial responsibility of the TUI airline.",
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