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    TUI1   DE000TUAG000

TUI AG

(TUI1)
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TUI : Pre-Close Trading Update

09/22/2020 | 02:15am EDT

Prior to entering its close period ahead of reporting its full year results for the twelve months ending 30 September 2019 on 12 December 2019, TUI Group announces the following update on current trading.

C-19 Highlights

  • Prior to the C-19 pandemic, January 2020 saw the best booking month in the company's history
  • TUI was on track to deliver a strong result for financial year 2020
  • Since the worldwide travel suspension in March, significant self-help actions have been taken to address the impact of the C-19 pandemic across the business
  • Liquidity swiftly managed by securing state aid from the German Federal government
  • Cash fixed costs reduced by more than 70% during the immediate lockdown period
  • Comprehensive compensation agreement finalised with Boeing
  • Completed the Hapag-Lloyd Cruises disposal to TUI Cruises joint venture in a challenging environment
  • First tour operator to successfully restart operations across multiple markets and destinations, helped by the advantage of our integrated and diversified business model
  • Global Realignment Programme launched to permanently reduce overhead cost base by 30% across the Group
  • Summer 2020 and Winter 2020/21 capacity reduced as a result of recent volatile changes in travel restrictions
  • Overall FY20 Q4 cash outflow remains as expected
  • As at 20 September 2020, cash and available facilities on a pro forma basis including additional stabilisation package, would amount to €2.0bn

Chief Executive of TUI Group, Friedrich Joussen, commented:

'We have successfully restarted our operations; customers are enjoying their holidays with newly adapted hygiene protocols and we have taken 1.4m customers on their holidays since restart1. Destination availability at present is highly influenced by government policy and development of the pandemic, meaning the environment remains volatile, and is likely to remain so for the next few quarters.

'Leisure holidays remain important to customers and have been one of the most missed activities2 during the pandemic, with leisure travel expected to recover faster than business travel. Our integrated model, underpinned by our trusted and leading brand, offering differentiated products and attractive value propositions, combined with proven flexibility in a volatile environment, means we are strategically well placed to benefit as leisure travel volume recovers over the coming seasons.

'We are on track to complete the additional stabilisation package provided by the German Federal government as announced on 12 August with waiver approval secured from our Senior Notes bond holders. Our Global Realignment Programme is firmly underway with digitalisation initiatives accelerated throughout the Group. TUI will emerge a stronger, leaner, more digitalised business and is well positioned to benefit from the expected recovery.'

1 Since restart of operations in mid-June to end of August 2020

2 BCG COVID-19 consumer sentiment survey UK, US, Italy and France https://www.bcg.com/en-gb/publications/2020/covid-consumer-sentiment-survey-snapshot-5-18-20

Disclaimer

TUI AG published this content on 22 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 September 2020 06:14:01 UTC


ę Publicnow 2020
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Financials
Sales 2021 9 016 M 10 907 M 10 907 M
Net income 2021 -1 461 M -1 768 M -1 768 M
Net Debt 2021 6 433 M 7 783 M 7 783 M
P/E ratio 2021 -3,21x
Yield 2021 -
Capitalization 5 412 M 6 546 M 6 547 M
EV / Sales 2021 1,31x
EV / Sales 2022 0,64x
Nbr of Employees 36 029
Free-Float 63,5%
Chart TUI AG
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Technical analysis trends TUI AG
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Income Statement Evolution
Consensus
Sell
Buy
Mean consensus SELL
Number of Analysts 11
Average target price 2,61 €
Last Close Price 4,92 €
Spread / Highest target -4,53%
Spread / Average Target -46,9%
Spread / Lowest Target -81,7%
EPS Revisions
Managers and Directors
NameTitle
Friedrich Peter Joussen Chief Executive Officer
Sebastian Ebel Chief Financial Officer
Dieter Zetsche Chairman-Supervisory Board
Frank Rosenberger Chief Information Officer & Head-Future Markets
Hilka Schneider Group Director-Legal, Compliance & Board Office
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