March 15, 2020 / 11:07 PM / 3 months ago

BRIEF-TUI Says Temporary Suspension Of The Vast Majority Of All Travel Operations Due To Covid-19

March 15 (Reuters) - TUI AG:

* DGAP-ADHOC: TUI AG: TUI AG - TEMPORARY SUSPENSION OF THE VAST MAJORITY OF ALL TRAVEL OPERATIONS DUE TO COVID-19 AND IMPLICATIONS FOR GUIDANCE 2020

* BOARD HAS DECIDED TODAY TO WITHDRAW FINANCIAL YEAR 2020 GUIDANCE AS COMMUNICATED ON 11 FEBRUARY 2020

* EXECUTIVE BOARD ALSO REFRAINS FROM ISSUING A NEW GUIDANCE FOR FINANCIAL YEAR 2020 UNDER CURRENT CIRCUMSTANCES

* DUE TO UNPRECEDENTED ESCALATION OF COVID-19, BOARD OF TUI ARE CONTINUOUSLY EVALUATING SITUATION

* BOARD CONSIDERING A VARIETY OF ACTIONS TO SUPPORT OUR CUSTOMERS, COLLEAGUES AND STAKEHOLDERS.

* GROUP HAS CASH AND AVAILABLE FACILITIES OF ABOUT EUR 1.4BN AND YEAR-TO-DATE PERFORMANCE HAD BEEN IN-LINE WITH EXPECTATIONS PRIOR TO COVID-19

* TAKING SUBSTANTIAL COST MEASURES TO MITIGATE EARNINGS EFFECT

* DECIDED TO APPLY FOR STATE AID GUARANTEES TO SUPPORT BUSINESS UNTIL NORMAL OPERATIONS ARE RESUMED Source text for Eikon: Further company coverage:

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