Organisations & Operators,

The International Air Transport Association (IATA) is once again calling on the Canadian Government to urgently discontinue the current COVID-19 related travel restrictions. These are now out of step with the global trend of lifting travel restrictions and are partly responsible for the ongoing delays and disruption affecting air travelers across Canada.
“Canada has become a total outlier in managing COVID-19 and travel. While governments across the globe are rolling back restrictions, the Government of Canada is reinstating them. The Government should follow the lead of its peers, including, for example, Australia. While that country had some of the toughest travel restrictions during the height of the pandemic, it has now lifted these, including the vaccination requirement. Rather than following this example and enabling travel and tourism to recover, those in power in Canada believe that throwing more red tape at the pandemic is the way forward,” said Peter Cerda, IATA’s Regional Vice President for the Americas.
Hence, IATA is calling on the Government of Canada to quickly address the following issues:
Remove random testing of international arriving passengersIf, as announced, random testing is reinstated from 19 July 2022, then travelers will be forced to either go to a designated testing center or administer a self-test after arrival. In case of a positive test result, travelers must isolate for 10 days, which is twice as long as the average isolation period recommend by any provincial or territorial health authority in Canada and once again singles out travelers as compared to the rest of the population.
End the vaccination requirement for international travelThe vaccination mandate for international travel to Canada is in essence obsolete, as only the basic immunisation and no booster shots are required to be considered fully vaccinated. In addition, the proof of vaccination is no longer used in everyday life in Canada. Ending this travel-related mandate would remove the need for the manual and time-intensive documentation check at flight origins outside Canada and during immigration upon arrival.ADVERTISEMENTUse ArriveCAN solely as an entry tool for customsThe removal of the vaccination mandate would also allow ArriveCAN to be used solely for customs and immigration purposes and not for capturing and validating COVID-19 related health and vaccination information. This is what is slowing down border processing. In addition, airlines are now being asked to provide a list of passengers who have not completed ArriveCAN not later than one hour after the departure of an international flight to Canada. This is tying up critical staff at a time when resources are already stretched to the limit.
Ending Mask MandatesMask mandates at airports and on aircraft need to be withdrawn, especially since they are no longer in place in most public settings in Canada, including public transport and sporting venues.“After more than two-years of onerous COVID-19 restrictions people want to be able to travel again, as we can clearly see from the current level of demand. Ramping up the entire value chain has come with some challenges. Maintaining outdated COVID-19 restrictions contributes to the delays passengers are experiencing at major Canadian international gateways. Governments need to ensure that travel restrictions are designed to address today’s environment, not the environment of the previous two years. Now is the time for the Government of Canada to join its counterparts around the world and remove unnecessary and outdated measures,” said Cerda.

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Launched at the High-Level Political Forum on Sustainable Development, which this year is held around the theme of ‘building back better’ from the pandemic, the UN reports draw on UNWTO’s statistical work to track tourism’s role in delivering meaningful progress for people and the planet. Specifically, the UN SG Progress report on SDGs with its statistical annex will serve as an input to the deliberations of the HLFP. Alongside this, the Sustainable Development Goals Extended Report is aimed at the wider public and provides an overview of all 17 Goals with infographics, including those illustrating the relevance of tourism.
Prepared in collaboration with the entire UN Statistical System, the reports and their latest available data show that action is needed to accelerate the delivery on the SDGs and to step up national measurement efforts, including for the tourism sector.
As demonstrated in section on SDG8 (‘Decent Work and Economic Growth’), tourism a major force of development was one of the most affected economic sectors by the COVID-19 Pandemic as global GDP from tourism nearly halved between 2019 and 2020, with wide-reaching consequences for jobs, local businesses and conservation efforts.
On SDG12 (‘Responsible Production and Consumption’), UNWTO’s statistics serve to highlight the importance of national efforts to implement standardized tools like Tourism Satellite Accounts (TSAs) and the System of Environmental-Economic Accounting (SEEA). Both underpin the UNWTO-led Statistical Framework for Measuring the Sustainability of Tourism (MST) that assesses the social, economic and environmental impacts and dependencies of tourism—at national and sub-national levels -. These tools also underline the importance of multistakeholder collaboration which is fostered through the Sustainable Tourism Programme of the One Planet network.
As countries build back better and aim to build more sustainable and resilient tourism, various policy frameworks have recognized the need for these measurement tools to guide their efforts and thus contribute to more evidence-based policymaking. Examples at the international and regional level are the UNWTO Recommendations for the Transition to a Green Travel and Tourism Economy and the AlUla Framework for Inclusive Community Development Through Tourism, both welcomed and endorsed by the G20, the European Parliament resolution on establishing a strategy for sustainable tourism, the Pacific Sustainable Tourism Policy Framework, UNWTO General Assembly resolutions and UN Statistical Commission decisions.ADVERTISEMENT

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Setting a new industry standard and anticipating consumer trends through an enhanced experience for passengers and greater benefits for landlords and brands, with a new global platform generating immediate value for consumers and shareholders.
Xavier Rossinyol, CEO of Dufry, commented: “I am very happy to lead this transformative combination, which I am sure will reinforce the new Group strategy and will create sustainable long-term value for our customers and shareholders.
We are transforming our industry and redefining its boundaries, and we will create a new corporate identity to reflect this fundamental move. By executing on this unique opportunity, we will accelerate growth by fully focusing on consumers and the digital revolution, by offering additional value to landlords and airport partners with an expanded service portfolio, while further diversifying the Group and increasing our resilience.
With a culture of prioritising serving customers while relentlessly driving operational efficiencies and actively managing our portfolio of concessions, we will be able to drive growth and innovation as well as profitability.
We remain committed to our ESG principles and contributing to the communities and environments we work in.ADVERTISEMENTI am impressed by the know-how, skills and – above all – the passion of the teams, both at Dufry and Autogrill. I am sure that together we will build the next generation of travel experience.
I want to express my admiration for what Gianmario Tondato da Ruos has achieved over the last two decades at Autogrill and his passion for the business. I thank him for continuing to support the company and me going forward.
I thank Edizione and its Chairman Alessandro Benetton for their trust, full alignment on the strategy and long-term commitment to the new combined company, with great vision and precise execution.”
Gianmario Tondato da Ruos, CEO Autogrill, added: “A new cycle opens that will allow us to unleash a whole array of options centered around the needs of travelers worldwide. The business combination will enable a flurry of innovations in its offerings, which will translate into more enjoyable travel experiences across various geographies and channels. It represents an outstanding value creation opportunity for our stakeholders.”
COMBINED GROUP IN FIGURES
The combined Group will be able to serve over 2.3 billion passengers across all continents in around 5,500 outlets at around 1,200 airport and other locations generating CHF 13.6 billion revenues (2019 pro-forma) and CHF 1.4 billion of EBITDA (2019 pro-forma, pre-IFRS 16). The Group’s global footprint and presence in more than 75 countries will provide an exceptional experience and knowledge within the industry and enable strong, mutual value-creating relationships with landlords, airport partners and suppliers. The Group will employ around 60,000 people from over 150 nationalities globally, united as one team.
COMPELLING STRATEGIC RATIONALE
Enhanced travel experience including F&B and digital engagement to serve passengers:
The combined entity is well positioned to provide travelers with a redefined, holistic travel experience that reflects evolving consumer trends. Complementing Dufry’s portfolio with F&B broadens our offering and gives us more contact points with travelers. In addition, the integrated Group will have greater resource to grow its digital capabilities, focused on delivering tailored passenger experiences. Dufry’s strategy has always been to serve the traveler along its journey, adapting our offers and concepts to accommodate its changing needs.
Holistic service portfolio for landlords and brands: The integration of Travel Retail, Convenience and F&B allows the combined entity to improve the commercial setup and revenue generation for landlords. This also includes bidding to act as Master Concessionaire/Terminal Manager, guaranteeing the best commercial setup and efficient handling to landlords and airport partners.
Business diversification and expansion in the highly attractive and resilient US market: The combined entity will benefit from an increased level of diversification by geography, business type and channel, driven by Autogrill’s strong position in the highly attractive and resilient US F&B market, as well as its current exposure to the duty paid market and multi-channel approach. In particular, the US has proven to recover quicker and to be less volatile than the rest of the world due to the high share of domestic passengers. The combined Group will be present in more than 100 airports in the US, and with a shared presence in 17 of the country’s top 20 largest airports.
Increased business development opportunities: Moreover, the transaction will expand Dufry’s growth opportunities in other attractive international markets including Asia-Pacific, the Middle East, Latin America and Africa. F&B is expected to be supported by future industry dynamics that can further drive growth, e.g. limited offerings on board, increasing travelers’ propensity to grab drinks and foods before boarding, rising interest in regional food, and demand for new experiences and concepts.
Supportive for deleveraging: The combined entity is expected to benefit from a materially strengthened balance sheet and lower financial leverage compared to Dufry as a stand-alone business. Dufry agreed to reduce its leverage to below 3x between 2024 and 2025, depending on the timing of the completion of the overall transaction.
Compelling cost synergies potential: Dufry and Autogrill will integrate into one organisation and expect to generate cost synergies with an annual run-rate of approx. CHF 85 million5, comprising both cost reductions and gross profit improvements. First, Dufry expects to realise optimisation measures at cost of goods sold level in F&B and convenience with focus on the US. Secondly, Dufry expects to optimise support function costs and reduce business related operating expenses. Synergies are planned to be fully realised in the first two years post-transaction. A dedicated team will focus on the delivery on a zero-based budgeting approach.
Value enhancing transaction for shareholders: As a consequence of all the above, the transaction is expected to create sustainable value to shareholders. Despite the significantly lower leverage level, Dufry expects to achieve an EFCF per share accretion in the first year-post-closing6. The EFCF conversion from the targeted cost synergies amounts to approx. 65%. In addition, the business combination is expected to generate new revenue opportunities going forward through diversification and innovation. The combined entity will continue to foster its ESG commitments and engagement for all stakeholders.
TRANSACTION OVERVIEW
Pursuant to the Combination Agreement, Edizione will transfer its entire 50.3% stake of the issued share capital of Autogrill to Dufry. Edizione will ultimately become Dufry’s largest shareholder with a stake of between about 25% and 20% at the end of the transaction, depending on the level of Autogrill shareholders choosing to receive Dufry shares in the mandatory tender offer7. For technical reasons, Dufry will issue mandatory convertible notes to Edizione convertible into an aggregate of 30,663,329 newly issued Dufry shares, at an implied exchange ratio of 0.158 new Dufry shares for each Autogrill share. The mandatory convertible notes will be convertible at any time at Edizione’s option and mandatorily convert six months after issuance; they carry no coupon.
The exchange ratio has been agreed by reference to the 3-month VWAP of Autogrill and Dufry shares prior to April 14, 2022, equal to EUR 6.33 per share for Autogrill and EUR 39.71 (CHF 40.96) per share for Dufry8.
The closing of the Transfer is subject to regulatory approvals, including clearance from the relevant antitrust authorities, the approval by Dufry’s shareholders at the Extraordinary General Meeting, as well as other conditions including requisite lender consent under Dufry’s existing multicurrency term and revolving credit facilities.
Following completion of the Transfer, Dufry will launch a mandatory tender offer for the remaining Autogrill shares, offering 0.158 new Dufry shares for each Autogrill share9. In compliance with Italian takeover law, Dufry will offer a cash alternative equivalent to EUR 6.33 per Autogrill share in the mandatory tender offer. Neither the exchange ratio, nor the cash alternative will be subject to any adjustment (assuming no dividends will be paid nor distributions will be made by Dufry). The mandatory tender offer will aim at ultimately delisting the Autogrill shares from Euronext Milan. Dufry will publish the relevant announcements and documentation with further details related to the mandatory tender offer in due course after the closing of the Transfer.
Dufry expects to refinance any cash consideration in the mandatory tender offer with equity and/or debt instruments.
The Transfer is currently expected to close in Q1 2023, subject to regulatory approvals, while the transaction inclusive of mandatory takeover offer settlement is expected to be completed by Q2 2023.
Effective upon completion of the Transfer, Dufry and Edizione will enter into a long-term Relationship Agreement, which underlines the commitment of Edizione as long-term strategic anchor shareholder supporting the enhanced strategy of the combined entity. Edizione will be entitled to designate three representatives on the Board of Directors out of eleven. Edizione will enter into a lock-up for a period of two years after closing, subject to customary exceptions.
LEADERSHIP AND GOVERNANCE OF THE COMBINED GROUP
The Board of Directors of the combined entity will be chaired by Juan Carlos Torres. Assuming shareholder approval at Dufry’s Extraordinary General Meeting on August 31, 2022, the Board of Directors will comprise of Dufry’s current Board members as well as two representatives of Edizione, Alessandro Benetton (Chairman of Edizione) as Honorary Chairman and Enrico Laghi (CEO of Edizione) as Vice Chairman. Edizione has indicated its intention to nominate Paolo Roverato (Chairman of Autogrill) as additional Vice Chairman for election at the Dufry 2023 Annual General Meeting.
Xavier Rossinyol will lead the combined Group as CEO, with his extensive skills in both travel retail and travel food & beverage.
Moreover, at the closing of the Transfer, Gianmario Tondato da Ruos, Autogrill’s current CEO, will assume the position of Executive Chairman of the North American business of the combined entity, contributing with his wealth of experience, and be succeeded in his current function by Paolo Roverato.
The senior management team of the combined entity will comprise of members from both companies’, ensuring all necessary skills are represented. Yves Gerster will continue as the Group’s CFO.
A Strategy and Integration Committee – including directors representing both legacies – will be set up to advise on the integration process and on the strategy of the combined group.
Juan Carlos Torres, Executive Chairman of Dufry added: “As a leader of travel retail, Dufry has strived to be at the forefront of services and products offered to travelers, airports and brands for years. Now, Dufry pledges to define the travel experience in a manner that creates value for all stakeholders.
The combination of the two groups will create a new leader in travel experience and will allow us to significantly increase our presence in core markets, such as the US, and in the sector of Travel F&B. In addition, this transaction will strengthen our balance sheet, reduce our leverage and create meaningful synergies.
The Board of Directors unanimously approved the business combination, recognising the strategic fit and value generation. We encourage our shareholders to support this truly transformative, growth-enhancing and value-accretive transaction. On behalf of the board and myself, I would like to thank the Autogrill, Dufry, and Edizione management teams for their hard work and effort to make this strategic combination happen.”
Alessandro Benetton, Chairman of Edizione, confirmed: “This agreement allows the continuation of Autogrill’s growth and development path, an asset that will remain strategic for Edizione. The union between Autogrill and Dufry will allow the creation of the world champion in the sector, with a leadership position in different geographies and on different services, also favored by important synergies within the new Group. In this new reality, Autogrill will play a leading role, bringing with it its values and corporate culture, particularly in the areas of sustainable development and innovation. In Dufry and its current management, we immediately recognised a common vision and values, combined with a management culture and skills of the highest level recognised throughout the industry.”
EXTRAORDINARY GENERAL MEETING
In order to implement the combination, Dufry will hold an Extraordinary General Meeting, which is scheduled to take place on August 31, 2022.
The Board of Directors will propose to the Extraordinary General Meeting among other things to create additional conditional capital and authorised share capital allowing it to issue the required shares to Edizione and the free float shareholders of Autogrill and to conduct a rights offering (if any), to elect Alessandro Benetton and Enrico Laghi as representatives of Edizione to the Board of Directors, and to amend its Articles of Incorporation. In addition to the increase in the maximum size of the Board of Directors and certain other transaction-related amendments, it is proposed to limit the exercise of voting rights by any shareholder or shareholders acting in concert to 25.1% of the Company’s registered share capital until June 30, 2029.
The invitation, together with the detailed proposals of the Board of Directors, will be published in due course.
CURRENT TRADING
Dufry continued to see positive trend in travel demand in general, and travel retail specifically, with all regions contributing positively during the second quarter.
For the second quarter, net sales performed around -17% vs 2019, and for half-year 2022 around -25% vs 2019. Compared to 2019, net sales April periodic were around -23%; May periodic around -15%; June periodic around -13%, all figures are at constant FX.
Half-year 2022 performance stood at around +145% in net sales compared to 2021 at constant FX. Best performing regions already at or even ahead of 2019 have been the US due to the strong domestic market as well as uptake in intra-regional and transatlantic travel, Central America and the Caribbean as well as the Mediterranean and South European regions.
Dufry expects to have achieved a strong EFCF in the area of CHF 150 million during the first half 2022, which is in line with the performance in the same period 2019.
Dufry will publish its Half-Year Results 2022 and full set of financials on August 9, 2022.
Moreover, Dufry will hold a Capital Markets Day in London on September 6, 2022 (with an optional site visit to Dufry’s operations at London Heathrow on September 7, 2022).

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The first Global Youth Tourism Summit concluded with the launch of the Sorrento Call to Action, a bold and ground-breaking vision for young people to be active participants in tourism’s restart and growth as a pillar of sustainable and inclusive development.
The Sorrento Call to Action was adopted on the final day of the landmark summit, during a simulation of the UNWTO General Assembly and signed by 120 participants from 57 countries and aged between 12 and 18. It was drawn up based on the discussions of a series of webinars where young participants learned and shared their thoughts on some of the key issues facing tourism right now, among them innovation and digitalisation, plastic pollution and the growing relevance of sport, culture and gastronomy for destinations. The document goes beyond recognising that the voice of youth must be consulted in policymaking and instead states that young people now need to active participants in every stage of the decision-making process across the whole of the tourism sector.
The final text was adopted with 52 favorable opinions during the simulation of a UNWTO General Assembly. The General Assembly simulation opened with high-level interventions both in person and via video messages from His Holiness Pope Francis, Italian Minister for Tourism Massimo Garavaglia, UNWTO Secretary-General Zurab Pololikashvili, Italian Minister for Foreign Affairs and International Cooperation Luigi Di Maio, Italian Minister for Youth Policies Fabiana Dadone, and the UN Envoy for Youth Jayathma Wickramanayake. 
Zurab Pololikashvili, mentioned that “The Global Youth Tourism Summit is a hugely important first, for UNWTO and for our sector, and that young talent from every region will be supported to give them a stage to voice their ideas about tourism’s future.” 
Massimo Garavaglia emphasized Italy as being the proud hosts of this first ever event and encouraged the young people present to become the responsible travelers of tomorrow and to keep their optimism for making their dreams a reality.ADVERTISEMENTJayathma Wickramanayake highlighted the importance of promoting the active engagement of young people as agents of transformational change, challenging the status quo, and realizing the Agenda 2030.
People, planet and prosperityThree pillars are enshrined in the Sorrento Call to Action: People, Planet, and Prosperity. For people, for example, the young signatories call for the safeguarding of human rights, especially of persons with disabilities through adequate tourism strategies and policies. For the planet, the issues of food waste, plastic pollution, climate change mitigation, and biodiversity preservation are flagged up. Finally, for prosperity, poverty reduction, upgrading digital skills, and creating more employment opportunities are voiced by the young participants.
The Call to Action states that “decision-makers must empower the youth, providing them with opportunities to voice their concerns” while also working to it “stimulate education to ensure responsible travelers and professionals.” At the same time, it recognizes the historic significance of the first Global Youth Tourism Summit and calls on UNWTO to hold annual summits and to work with its Member States on national events.

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Tottenham Hotspur Football Club and TUMI announced today a new partnership designating TUMI as an Official Partner of the Club’s pre-season tour to Korea this July. With this partnership, TUMI will outfit the team and the Club’s full travel delegation with its travel luggage and lifestyle accessories.
TUMI, the international travel and lifestyle brand, specialises in products featuring elevated craftsmanship, durability and resilience. Each Tottenham Hotspur tour team member will receive personalised TUMI products to ease their journey, featuring a variety of gear, including the brand’s iconic Alpha Bravo Search Backpack and 19 Degree Extended Trip Expandable 4 Wheel Packing Case, both comprised with recycled materials.
Tottenham Hotspur’s Premier League Golden Boot winner, Son Heung-min, is already a TUMI brand ambassador.  As an Official Partner of Tottenham Hotspur, this expands TUMI’s relationship with Son and presents an opportunity to support his colleagues.  Speaking about his Club’s new partnership with TUMI, Son said: “I’m so happy that my partner, TUMI, is supporting my Club this summer for our tour.  I’m excited to have my teammates join me in my home country.  It’s perfect for them to arrive in style thanks to TUMI.”
“We are committed to perfecting the journey and have been long inspired by Son’s unwavering dedication to be the best he can be, both for his team and representing his home country. We couldn’t be more thrilled to expand our partnership to support his full team on this momentous trip and look forward to welcoming them to Korea,” said Jay Jeong, Brand Head of TUMI Korea.
In celebration of this partnership, TUMI Korea will launch a special initiative in-stores and on TUMI.CO.KR; visit online to learn more.ADVERTISEMENTTodd Kline, Chief Commercial Officer of Tottenham Hotspur added, “We are delighted to have entered into this partnership with TUMI.  The Club and TUMI share the same uncompromising standards and determination to drive excellence; we know our athletes and delegation lead active lifestyles and are constantly traveling, often carrying their most prized possessions with them while they’re on the go.  We wanted to equip the team with high quality travel and lifestyle products, offering them style and function, so they can keep performing to the highest standard.”
In keeping with the company’s recent sports initiatives, the Tottenham Hotspur partnership is the second of its kind where TUMI will serve as an Official Partner. In 2019, TUMI announced a multi-year partnership with F1’s McLaren Racing Team, as the team’s Official Luggage Partner.
TUMI is sold in-stores and online at http://TUMI.COM.  Visit the site for additional information about partnerships, capsule collections, excellence in design and more.
Tottenham Hotspur’s Pre-Season Tour of South Korea includes two matches in the Coupang Play Series. Firstly against Team K League at the Seoul World Cup Stadium on July 13, and then against Sevilla FC at the Suwon World Cup Stadium on July 16, 2022. Both matches are already sold out.

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Business travelers are taking to the roads and the skies again, but are corporate travel programs and policies keeping up with the way business travel happens now? With corporate travel and in-person meetings increasingly returning, businesses need to be thoughtful about how they’re implementing – or re-implementing – their travel programs, especially when it comes to their ground transportation.
That’s the premise behind a first-ever ground transportation report – “The Corporate Travel Comeback: The Evolution of Ground Transportation and Other Trending Business Travel Topics” – which is based on a quantitative survey of corporate travel managers across the U.S. and Canada. From Uber for Business, Uber’s enterprise arm, and the Global Business Travel Association, the world’s largest association representing the pre-pandemic $1.4 trillion global business travel industry, the report uncovers pressing concerns and considerations from travel managers at some of the world’s biggest companies.
“Corporate travel is on the rise. Uber saw airport rides represent 13% of Mobility Gross Bookings in Q1 2022, growing 166% from the past year,” said Susan Anderson, Global Head of Uber for Business. “As more and more companies shift to in-person and hybrid work flows, it’s important that businesses reimagine their travel programs and policies, so that they’re tailored to this new era of business that we’re operating in. Our hope is that this report’s findings can provide travel managers and others in the business travel space with the insights and data they need in order to roll out seamless and efficient travel programs that outpace the requirements of a changing world.”
The report finds that travel managers emerging from the pandemic are laser-focused on a few key considerations when it comes to evolving business travel programs at their companies: traveler safety, policy compliance, and sustainability. Compared to two years ago, 75% of employers are more focused on traveler safety/well-being, 55% are more focused on sustainability/social responsibility, and 53% are more focused on travel policy compliance/enforcement.
“As we’ve moved through the pandemic, business travel and travelers have changed and therefore company travel programs must evolve accordingly. This research puts a spotlight on some of the important and thoughtful considerations happening across companies and corporate travel departments when it comes to serving employees traveling for business moving forward,” said Suzanne Neufang, CEO of GBTA.ADVERTISEMENTGetting business travelers from Point A to B and everywhere in between
When thinking about their company’s current approach to managing ground transportation, survey respondents identified some of the top strengths of their travel programs – as well as notable areas for improvement.
Rideshare and rental cars top the list. Most travel managers say their company’s employees “frequently” use rental cars (82%) and rideshare apps (70%) on work trips, but fewer than half (48%) say employees frequently use taxis.
Going premium. Most travel policies at least sometimes allow chauffeured transportation/black car service (74%), premium ridesharing (68%), and premium/luxury rental cars (51%). Roughly one-third say their company’s employees “sometimes” or frequently” use chauffeured transportation (36%) or premium ridesharing (30%).
Half of travel programs (49%) currently have a business account with a rideshare platform and one-third (35%) would consider it. The most important features cited by travel managers were reporting (76%), integration with expense platforms (69%), and ability to apply company policies (62%).
Evolving business travel for people and the planet – despite the cost
Making sustainability a priority. An overwhelming majority (84%) say sustainability is at least somewhat important in the design of their company’s travel program, with 50% saying it is very or extremely important.
Of the companies surveyed, 73% are tracking or considering setting up tracking ground transportation sustainability efforts.
Even though travel programs prioritize sustainability, not all are willing to incur significant additional cost in order to achieve more sustainable outcomes. Only 6% of respondents say their company currently allows employees to spend more on sustainable travel options, and an additional one-quarter (26%) are considering allowing employees to spend more.
Work meets play, but how does travel policy follow?
Business and leisure, better together. Ninety percent of respondents say employees are more (30%) or equally as interested (60%) in bleisure travel – adding vacation days to their work trips – compared to pre-pandemic times. And although 36% say their company’s travel policy expressly allows bleisure trips, 49% their policy does not, but employees are often allowed to take these trips in practice.
A business traveler has to eat – but what are the rules now?
Inflation’s impact on meals. Meal prices are rising because of high inflation. While almost one-third of respondents (29%) say their company has raised its spending limit or per diem for meals, a larger number (56%) say these are unchanged from last fiscal or calendar year.
Food delivery is here to stay. More than half (55%) of travel managers say their company’s employees at least sometimes use food delivery apps on business trips and 32% expect employees to use them more than they do today.
Most travel programs (52%) already have or would consider having a business account with a food delivery platform. Features important to travel managers are integration with expense software (74%), reporting (72%), ability to order group meals (66%), and ability to apply company policies (64%).

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TUI has again repaid state aid from the Corona programme and also further reduced its credit lines. On June 30, 2022, Silent Participation II of 671 million euros was repaid in full, plus interest due, to WSF (Economic Stabilisation Fund). The repayment was made with the proceeds from the successful capital increase in mid-May and from cash funds. Including interest, TUI repaid 725 million euros to WSF. Due to the continued very good operating business, the existing and currently undrawn KfW credit lines were also reduced from 2.4 to 2.1 billion euros as previously announced.
TUI is gradually repaying the loans from the Corona period. With the repayment of Silent Participation II to WSF, we are continuing on the path of debt reduction as planned in order to strengthen the balance sheet and align TUI for the period after the Corona pandemic. Operationally, we continue to see a strong summer business. Therefore, TUI is on its way back to being a normal company. This was stated by Fritz Joussen, CEO of TUI Group, and Sebastian Ebel, CFO and designated CEO from October 1, 2022, in Hanover.
After the repayment of the Silent Participation II and the reduction of the KfW credit lines, the following state aid still exists:
WSF Silent Participation I: 420 million euros, convertible into 420 million shares.
WSF warrant bond: 59 million euros, convertible into 59 million shares
KfW credit lines: 2.1 billion euros, currently undrawn
TUI Group is considered the Europe’s Leading Tour Operator 2021 by voters at the World Travel Awards.

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