{ "docId": "019dd923-5eff-723e-9be7-d26e8b9c7415", "docSlug": "db9dd26ce4c89573", "documentTitle": "2024 Annual Report", "authorId": "TUI-Group", "authorName": "TUI Group", "documentKindSlug": "consulting-deck", "documentKindLabel": "Consulting deck", "sourceTypeSlug": "strategy_consulting", "sourceTypeLabel": "Strategy consulting", "presentationDate": null, "orientation": "landscape", "aspectRatio": 1.777, "pageNumber": 118, "pageCount": 286, "prevPage": 117, "nextPage": 119, "slideType": "table_of_contents", "function": "front_matter", "density": "overcrowded", "nDataPoints": 0, "notes": "The page includes a detailed text summary of the climate strategy and scenario analysis approach.", "elementsJson": [ "paragraph", "numbered_list" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-5eff-723e-9be7-d26e8b9c7415/118", "deckHref": "/decks/019dd923-5eff-723e-9be7-d26e8b9c7415", "deckJsonHref": "/decks/019dd923-5eff-723e-9be7-d26e8b9c7415.json", "deckAnchorHref": "/decks/019dd923-5eff-723e-9be7-d26e8b9c7415#slide-118", "components": [ { "bbox": null, "kind": "callout", "text": "Climate change is an urgent global challenge that requires a strategic response.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd952-832e-76b9-811f-269d64026cc9", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.55, "w": 0.14, "x": 0.03, "y": 0.09 }, "kind": "list", "text": "FINANCIAL YEAR 2024 COMBINED MANAGEMENT REPORT\n23 TUI Group Strategy\n27 Corporate Profile\n34 Risk Report\n50 Overall Assessment by the Executive Board and Report on expected Developments\n54 Business Review\n76 Non-Financial Group Declaration of TUI Group\n105 Annual financial Statements of TUI AG\n108 Information required under Takeover Law\n111 TUI Share\n115 Report in accordance with recommendations of TCFD (unaudited)\nCORPORATE GOVERNANCE\nCONSOLIDATED FINANCIAL STATEMENTS AND NOTES", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "479d4119-722c-4df0-910e-566eddc6d4b7", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.2, "w": 0.35, "x": 0.17, "y": 0.62 }, "kind": "list", "text": "Two scenarios were considered in the climate risk assessment:\nA high emissions scenario to assess the impact of significant changes in the physical climate, which is based on the Intergovernmental Panel on Climate Change (IPCC) Representative Concentration Pathway 8.5 (IPCC RCP8.5) and the International Energy Agency (IEA) Stated Policies Scenario. This is aligned with global warming of approximately 4.3°C by the year 2100.\nA low emissions scenario to assess the impact of significant socioeconomic changes to achieve a low-carbon economy, which is based on IPCC RCP2.6 and the IEA Net Zero Scenario. This is aligned with global warming of approximately 1.5°C by the year 2100.", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5144ada6-919c-4468-af88-5b72b539c7ae", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.35, "x": 0.17, "y": 0.89 }, "kind": "paragraph", "text": "The identified risks and opportunities across the different combinations of scenarios and time horizons were first assessed qualitatively to identify the most relevant climate-related risks and opportunities for TUI. Based on the results of this qualitative analysis, a number of risks and opportunities were then subject to more detailed analysis to better understand the potential financial impacts.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1da15755-4678-499a-a013-793630cd13d2", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.35, "x": 0.17, "y": 0.36 }, "kind": "paragraph", "text": "As part of our strategic and financial planning process, we have analysed various industry and macro trends to model the expected development of TUI and the tourism industry as a whole. We clearly see sustainability as a major trend, largely driven by climate-related market and policy risks (e. g., changing customer behavior, emissions-based taxes and fees, and increasing regulations for aircraft and cruise ships). In financial year 2023, TUI 's 2030 emission reduction targets have been approved by the SBTi. Priorities and strategic directions from TUI's Sustainability Agenda 'People, Planet, Progress' take into account current challenges, global scenarios, and regulatory developments such as the EU Green Deal. These priorities were built into our midterm strategic and financial plan. To better identify and assess the impact of climate change on our financial performance and business model, we have conducted a qualitative and quantitative climate risk assessment in financial year 2023, the results of which we still consider valid.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b0de309b-3944-436b-812b-0eeb2ea789cc", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.35, "x": 0.17, "y": 0.83 }, "kind": "paragraph", "text": "A number of assumptions underpin these scenarios regarding changes to the frequency and intensity of weather-related events, economic growth, technology development, and the development of energy and carbon prices.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "becc6dfa-7b46-4b2e-b93a-4e24f42dda9c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.35, "x": 0.17, "y": 0.1 }, "kind": "paragraph", "text": "Climate change is an urgent global challenge that requires a strategic response. The tourism industry in which TUI operates faces significant impacts from climate change. As temperatures rise, the attractiveness of certain destinations will decline, and the biodiversity loss will make certain destinations less attractive. The sector also faces impacts of a more general nature: more cancellations from extreme weather-related events, increased risk of stranded assets, as well as changes in policy and customer preferences. Climate change also presents an opportunity for TUI – besides extending touristic seasons in summer destinations also to innovate in new types of tourism, to diversify to new regions, and to engage customers and other stakeholders along the business transformation process.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ec0af464-d6f9-4836-88e8-dbb711e3b2b3", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.08, "x": 0.03, "y": 0.06 }, "kind": "title", "text": "CONTENTS", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f7b7db02-78c8-426b-9cf5-15eceb25ad77", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.06, "x": 0.17, "y": 0.06 }, "kind": "title", "text": "STRATEGY", "attrs": null, "subkind": "subtitle", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "76701760-f56c-4d52-98cd-23348af68471", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [ { "name": "TCFD (climate disclosures)", "slug": "tcfd", "agent": null, "layer": "slide", "matchId": "61f2617a-9e52-4abb-95c7-b5711be65c93", "evidence": "Climate change is an urgent global challenge that requires a strategic response.", "confidence": 0.9 } ], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }