TUI AG: TUI AG - Temporary suspension of the vast majority of all travel operations due to COVID-19 and implications for Guidance 2020

TUI AG (TUI) 
TUI AG: TUI AG - Temporary suspension of the vast majority of all travel 
operations due to COVID-19 and implications for Guidance 2020 
 
15-March-2020 / 23:56 CET/CEST 
Dissemination of a Regulatory Announcement that contains inside information 
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
Hanover, 15.03.2020. In this rapidly changing environment the safety and 
welfare of our guests and employees worldwide remains of paramount 
importance and thus TUI Group has decided, in line with government 
guidelines, to suspend the vast majority of all travel operations until 
further notice, including package travel, cruises and hotel operations. This 
temporary suspension is aimed at contributing to global governmental efforts 
to mitigate the effects of the spread of the COVID-19. 
 
In light of this situation, the Executive Board has decided today to 
withdraw the Financial Year 2020 guidance as communicated on 11 February 
2020. Furthermore the Executive Board also refrains from issuing a new 
guidance for the Financial Year 2020 under the current circumstances. 
 
Due to the unprecedented escalation of COVID-19, the Board of TUI are 
continuously evaluating the situation and are considering a variety of 
actions to support our customers, colleagues and stakeholders. 
 
The Group has cash and available facilities of approx. EUR 1.4bn and 
year-to-date performance had been in-line with expectations prior to 
COVID-19. We are taking substantial cost measures to mitigate the earnings 
effect. Moreover, we have decided to apply for state aid guarantees to 
support the business until normal operations are resumed. 
 
*ANALYST & INVESTOR ENQUIRIES* 
Mathias Kiep, Group Director    Tel: [phone]/ 
Investor Relations              [phone] 
and Corporate Finance 
 
Nicola Gehrt, Director, Head of Tel: [phone] 
Group Investor Relations 
*Contacts for Analysts and Investors in UK, Ireland and 
Americas* 
Hazel Chung, Senior Investor    Tel: [phone] 
Relations Manager 
Corvin Martens, Senior Investor Tel: [phone] 
Relations Manager 
*Contacts for Analysts and Investors in Continental Europe, 
Middle East and Asia* 
Ina Klose, Senior Investor      Tel: [phone] 
Relations Manager 
*Media* 
Martin Riecken, Head of         Tel: [phone] 
Corporate Communications 
Group Corporate & External 
Affairs 
 
FORWARD-LOOKING STATEMENTS 
This announcement contains a number of statements related to the future 
development of TUI. These statements are based both on assumptions and 
estimates. Although we are convinced that these future-related statements 
are realistic, we cannot guarantee them, for our assumptions involve risks 
and uncertainties which may give rise to situations in which the actual 
results differ substantially from the expected ones. The potential reasons 
for such differences include market fluctuations, the development of world 
market fluctuations, the development of world market commodity prices, the 
development of exchange rates or fundamental changes in the economic 
environment. TUI does not intend or assume any obligation to update any 
forward-looking statement to reflect events or circumstances after the date 
of this announcement. 
 
ISIN:           DE000TUAG000 
Category Code:  MSCU 
TIDM:           TUI 
LEI Code:       529900SL2WSPV293B552 
OAM Categories: 2.2. Inside information 
Sequence No.:   52477 
EQS News ID:    997715 
 
End of Announcement EQS News Service 
 
 

(END) Dow Jones Newswires

March 15, 2020 18:56 ET (22:56 GMT)