Feb 11, 2020 / 07:15AM GMT
Operator
Good morning, ladies and gentlemen. Welcome to the TUI AG conference call regarding Q1 results for 2020. (Operator Instructions) Let me now turn the floor over to your hosts, Mr. Friedrich Joussen and Ms. Birgit Conix.
Friedrich Joussen - TUI AG - Chairman of Executive Board & CEO
Thank you very much, operator. Good morning, everybody, from Hanover, where we have our Annual General Meeting in due course. I'm very happy to update you on the latest quarter result.
Before I do that, a very short recap of last week's development where we actually sold our 100% AG -- on the 100% Hapag-Lloyd Cruise into the JV with TUI Cruises. That has been, and I think you know, a very strong and good transaction for us. It has been part of the Holiday Experiences asset-right expansion strategy piece. So it is the question of how to grow our businesses with the right input of capital. Now when you look at the acquisition, we sold Hapag-Lloyd for an enterprise value of EUR 1.2 billion, which is, when you compare it to our EBIT, a very strong multiple, I would say. We had
Q1 2020 Tui AG Earnings Call Transcript
Feb 15, 2024
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