TUI Group has decided, in line with government guidelines, to suspend the vast majority of all travel operations until further notice. This temporary suspension is aimed at contributing to global governmental efforts to mitigate the effects of the spread of the COVID-19 virus.
In light of this situation, the Executive Board has decided to withdraw the Financial Year 2020 guidance as communicated on February 11, 2020. Furthermore the Executive Board will also refrain from issuing a new guidance for the Financial Year 2020 under the current circumstances.
The Group has cash and available facilities of approx. €1.4 billion and year-to-date performance had been in-line with expectations prior to COVID-19. The company said that it is taking substantial cost measures to mitigate the earnings effect and moreover has decided to apply for state aid guarantees to support the business until normal operations are resumed.
