TUI Group said, "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 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 is considering a variety of actions to support our customers, colleagues and stakeholder.
The Group has cash and available facilities of approx. €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.
Tags: TUI Group
