Half Year 2019 Tui AG Earnings Call Transcript
So good morning. Good morning, everybody. So the music is off. So I assume as we are on. I'm going to have you all here.
And so let me guide you through our H1 result. And then, of course, Birgit and I are here for your questions as well.
So I would like to start with -- before I turn into the results, a strategy update, and assume for a moment the slide comes up, you know I talked to you about our recent developments and how I see our position.
I mean, we -- as you know, and we always talked about, we are, of course, a vertically integrated business. So we have 2 components in our business which are important. The one is the Market & Airline piece, the other one is the Experiences piece.
And what you see on the slide, if I turn to the middle, we have actually transformed the business quite successfully. 2/3 of our profits right now are in Experiences, mainly driven by hotels as well as cruise ships. And of course, you know what we see also in H1 results. We have a very high resilience in profits,
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