TUI adds flight capacity to guarantee customers’ holidays after 737 MAX grounding
Hanover, 29 March 2019. Following the grounding of the 737 MAX, TUI has made arrangements in order to guarantee customers’ holidays. The Group is utilising spare aircraft of its fleet, extending expiring leases for aircraft that were supposed to be replaced by 737 MAX aircraft, as well as leasing in additional aircraft. TUI’s fleet, which comprises around 150 aircraft, currently includes 15 grounded 737 MAX for the UK, Belgium, the Netherlands and Sweden. A further eight 737 MAX are scheduled for delivery by the end of May 2019.
Considerable uncertainty around when the 737 MAX will return to service
No dates have yet been announced for modifications of the existing aircraft model by the manufacturer, neither for approval of such modifications by the Federal Aviation Administration (FAA) and the European Aviation Safety Agency (EASA). Therefore, TUI has taken precautions along with other airlines, covering the time until mid-July, in order to be prepared for the Easter-, Whitsun- and start of the summer holiday season and to secure holidays for its customers and their families.
Update on guidance for Underlying EBITA1 rebased
Assuming 737 MAX flight resumption latest by mid-July, the Group currently expects to see a one-off impact on underlying EBITA of approx. 200 million euros in connection with the 737 MAX grounding. This impact is especially attributable to costs related to the replacement of aircraft, higher fuel costs, other disruption costs, and the anticipated impact on trading. As a result of this one-off impact, the Executive Board of TUI AG has decided today to update the guidance and now expects an Underlying EBITA1 rebased for FY19 of approx. minus 17% (previously “broadly flat”) compared with FY18 of 1.177 billion euros2.
Should it not become clear within the coming weeks that flying the 737 MAX will resume by mid-July, TUI will need to extend the abovementioned measures until the end of the summer season. The current assumption for this additional one-off impact until 30 September 2019 is up to 100 million euros. For this scenario the Executive Board of TUI AG has also decided today to update the guidance for the Underlying EBITA1 rebased for FY19 to up to minus 26% compared with FY18 of 1.177 billion euros2.
About the TUI Group
TUI Group is the world’s number one integrated tourism group operating in around 180 destinations worldwide. The company is domiciled in Germany. The TUI Group’s share is listed in the FTSE 100 index, the leading index of the London Stock Exchange and in the German open market. In financial year 2017, the TUI Group recorded turnover of €18.5bn and an operating result of €1.121bn. The Group employs 67,000 people in more than 100 countries. TUI offers its more than 20 million customers comprehensive services from a single source. It covers the entire tourism value chain under one roof. This comprises around 380 Group-owned hotels and resorts with premium brands such as RIU and Robinson and a fleet of cruise ships ranging from the MS Europa and MS Europa 2 luxury class vessels to the “Mein Schiff” fleet of TUI Cruises and the vessels of Marella Cruises in the UK. Furthermore, TUI features leading tour operator brands, 1,600 travel agencies in Europe and five European airlines with around 150 modern medium and long-haul aircraft. Global responsibility for sustainable economic, ecological and social activity is a key feature of our corporate culture. TUI Care Foundation supports the positive impacts of tourism. It initiates projects creating opportunities for the next generation and contributing to a positive development of the holiday destinations. Further information is available at www.tuigroup.com.
- 1 Underlying EBITA has been adjusted for gains/losses on disposal of investments, restructuring costs according to IAS 37, ancillary acquisition costs and conditional purchase price payments under purchase price allocations and other expenses for and income from one-off items.
- 2 Rebased in December 2018 to 1.187 billion euros to take into account 40 million euros impact for revaluation of Euro loans balances within Turkish Lira entities in FY18 and further rebased to 1.177 billion euros for retrospective application of IFRS 15.
RELATED TOPICS: Greece, Greek tourism news, Tourism in Greece, Greek islands, Hotels in Greece, Travel to Greece, Greek destinations , Greek travel market, Greek tourism statistics, Greek tourism report
26/03 23:51
St. Thomas Hellenic School honors 1821 and the Feast of the Annunciation in NJ
26/03 21:59
PM at Economic Club of Canada: Greece is an attractive investment destination
26/03 17:56
Greek State budget primary balance reaches a surplus of 3,378 million euros
26/03 11:45
Ancient Messene to get upgraded visitors' facilities after approval by Council
23/03 17:43
New requirements for 'Golden Visa' program to kick in on March 31
23/03 16:49
Athenians continue to head out of the Greek Capital for March 25 long weekend
23/03 16:47
Greek Parliament lights to be turned off for Earth Hour 8:30-9:30 pm
22/03 21:54
US President on Greek Independence Day: Alliance with Greece stronger than ever
22/03 19:51
High diplomacy and geopolitics at Delphi Economic Forum IX in Greece
22/03 19:32
Tax authorities enable payments with foreign bank cards in Greece
22/03 14:19
22/03 00:24
Greece ranks first on list of countries with fastest business environment progress
22/03 00:02
Hellenic Police acquires first electric VAN-type highway patrol vehicle
21/03 22:41
21/03 15:33
Unseen Museum presents "The stele of the twin babies" exhibition in Athens
20/03 22:48
Health Minister: 95% of Greek hospitals to perform afternoon surgeries
20/03 21:52
Greek Deputy Minister of Justice meets delegation from US Embassy in Athens
20/03 21:44
Greek Interior Minister to visit United States and Canada on postal vote
20/03 20:55
Philadelphia Icarians mark 85th Anniversary and organize Apokriatiko Dance
20/03 18:01
Development Minister: We continue the battle against high prices in Greece
19/03 22:28
President of the Hellenic Republic meets her Ethiopian counterpart in Athens
19/03 20:57
19/03 20:25
FinMIn: Moody’s analysis records significant progress in the Greek economy
19/03 11:15
Sector chiefs report: Good news for Greek tourism in 2024 at ITB Berlin
18/03 22:20
American Hellenic Educational Progressive Association honors Past Supreme President
16/03 13:01
Greek Deputy Foreign Μinister meets her Slovenian counterpart in Athens
16/03 12:56
Greek-Canadian Diaspora to welcome Greek Prime Minister to Toronto
16/03 11:28
Greek Migration Minister visits refugee hosting facilities in Kavala, Drama and Serres
15/03 21:50
Greek Minister announces conference on defence ecosystem in Athens from Lithuania
15/03 13:45
PM: More than 80 hospitals and 156 health centres being upgraded in Greece
15/03 12:55
Piraeus Port and Genoa Chambers of Commerce ink memorandum of cooperation
14/03 23:43
President of Hellenic Republic meets Prime Minister of Slovakia in Bratislava
14/03 22:58
American Express report highlights Global Travel Trends during 2024
14/03 22:52
Four hospitals in Attica Region already organizing afternoon surgical procedures
14/03 22:49
US Ambassador to Athens: More flights from the United States to Greece and Thessaloniki
14/03 22:43
Greek archaeologists discover ten ancient shipwrecks off Aegean island of Kasos
14/03 19:32
No new intubations for Covid-19 recorded in Greece for the first time
14/03 18:36
Extra road safety measures adopted for Greek pre-lent carnival and Clean Monday
14/03 14:48
14/03 12:54
Electric buses to be deployed on the streets of Athens and Thessaloniki by May
13/03 22:23
13/03 20:11
Prices of basic lenten products either lower or equal to last year's in Greece
13/03 19:15
US Ambassador to Athens: Greece secures NATO readiness via Alexandroupolis
13/03 17:19
13/03 12:26
Greece shows new costumes for revamped Olympic Flame-lighting ceremony
12/03 22:46
Epirotes Society of Philadelphia ‘Omonia’ organized 16th Annual ‘Tsipourovradia’
12/03 21:38
The President of the Hellenic Republic to visit Slovakia on March 13-15
12/03 20:29
First afternoon surgeries in Greece kick off at Papageorgiou Hospital in Thessaloniki
11/03 23:58
Greek Foreign Minister: We stand behind Montenegro's European perspective
11/03 23:47
Visa Express for Turkish citizens to commence on five Greek islands in March
11/03 19:40
11/03 18:49
Microsoft Data Center construction kicks off in Spata next to Athens Airport
11/03 17:53
Dodecanese Federation marked 76th Anniversary of Unification with Greece
09/03 22:23
08/03 14:27
Prime Minister: Radical change in Greek education and a brave reform for growth
08/03 14:24
Traffic restrictions expected in Athens mid-morning to evening on Friday due to protests
08/03 14:24
Applications to out-of-court settlement more than doubled in Greece in February
08/03 13:18
Metro station 'Maniatika' near Piraeus Port to be closed on Saturday and Sunday
07/03 14:12
Athens wins World Travel Award 2024 as the top city-break destination in Europe
06/03 22:51
WTTC data show Greece and Portugal lead league for growth in tourist arrivals
06/03 20:28
Greek Tourism Minister at ITB: 2024 will be another excellent year for sector
06/03 19:47
Greek Foreign Minister to meet UAE Minister of Industry and Technology on Friday
06/03 18:43
European Union actions of 274m euros to support cultural heritage in Greece
06/03 16:37
'Odontotos' rack railway temporarily stopped until landslides issue is resolved
06/03 14:40
Minister: Bringing about the return of Greeks abroad 'a moral duty'
05/03 14:28
Archdiocese of America Eparchial Synod to meet on March 14-17 in Florida
05/03 14:21
05/03 14:11
ITB BERLIN 2024 opens with excellent bookings after global rise in travel in 2023
05/03 12:24
Greek PM at Athens supermarket: Consumers 'can already see lower prices on the shelf'
04/03 22:02
Greek Health Minister: Afternoon surgeries at state hospitals to begin shortly
04/03 21:47
Holy Cross Greek Orthodox Whitestone Community marks 49th Anniversary
04/03 20:27
Labor chief: Greece to train 500,000 workers in digital, green skills by 2025
04/03 19:44
Foreign Ministry to organize event on 'Women, Peace, and Security' on Friday
04/03 15:12
Athens Riviera | The summer experience with Athens as a background
29/02 22:54
Consumers to see price cuts up to 18.1% in 3,000 Greek supermarket products as of Friday
29/02 21:44
Greece and Germany set up Working Group on shipping cooperation
29/02 21:30
Wyndham Rewards’ Member Month offers 5 weeks of deals, discounts, and bonus points
29/02 21:03
Temple of Poseidon at Sounion near Athens to get new lighting system
29/02 21:02
29/02 20:47
Greece is represented by 60 firms at GULFOOD 2024 exhibition
29/02 19:58
Greek government gives 1+1 month extension for cash register-integrated POS terminals
29/02 19:49
Archangel Michael Church Dance Program shines at Folk Dance Festival in SF
29/02 15:39
'Renovate-rent' programme to be launched, Minister tells Greek Parliament
29/02 12:39
Rio-Antirrio ferry line in central Greece closed due to strong winds
28/02 21:34
Weather with heavy rain and storms in Greece as of Sunday night
28/02 17:31
CEO: The goal is for PPC to become a leading player in Southeast Europe
28/02 17:04
New Wyndham Hotels Market Managing Director of Central and Eastern Europe
28/02 12:21
Minister: Transactions with the Greek State will be further simplified in 2024
28/02 11:57
27/02 17:25
UN Tourism hails Saudi Arabia's historic milestone of 100 million tourists
27/02 15:00
Greek Prime Minister: Relations with Armenia can become even more productive
27/02 14:26
Wyndham: New growth cycle in Greece for the largest hotel chain franchise in the world
27/02 13:15
Price cuts of up to 15% in important product categories in Greece after March 1
27/02 12:46
Athens taxi drivers' protest rally in progress from Athinon avenue to Messogion
26/02 18:30
Annual Summit of Women Political Leaders (WPL) to be held in Athens in April
26/02 18:27
Culture Ministry: Schwartz Mansion in Ampelakia near Larisa to get new lighting
26/02 17:25
Greek president organizes reception for diplomats at Presidential Mansion
26/02 16:33
Trapped rack-railway passengers returned safely to Diakopto in Peloponnese
26/02 16:21
Public transport, ferry and taxi strikes in Athens on Wednesday
25/02 12:30
Greek island of Ikaria among the Blue Zones for Health Eating and Longevity
Greek State budget primary balance reaches a surplus of 3,378 million euros
PM at Economic Club of Canada: Greece is an attractive investment destination
New requirements for 'Golden Visa' program to kick in on March 31
Greek Parliament lights to be turned off for Earth Hour 8:30-9:30 pm
St. Thomas Hellenic School honors 1821 and the Feast of the Annunciation in NJ
High diplomacy and geopolitics at Delphi Economic Forum IX in Greece
US President on Greek Independence Day: Alliance with Greece stronger than ever
Ancient Messene to get upgraded visitors' facilities after approval by Council
Tax authorities enable payments with foreign bank cards in Greece
Athenians continue to head out of the Greek Capital for March 25 long weekend
Athens streets reopen after private university protest rally and minor incidents
Ski resort on Mt. Pelion of central Greece in full operation
Greek Deputy Transport Minister flies in first test seaplane flight from Lavrio port
AEGEAN concludes transfer of stake in Animawings to Memento Group
3-year stay and work permits approved for 30,000 undocumented migrants in Greece
Foreign Ministers: Cooperation between Greece & Egypt should 'serve as an example'
Toronto Economic Forum II on Greek-Canadian relations to take place on October 23
Greek Prime Minister to meet Bulgarian counterpart at Maximos Mansion
Greek president organizes reception for diplomats at Presidential Mansion
Holiday opening hours for shops resume in Greece on Wednesday
Historic Second Annual Reunion held in Greece as adoptees meet in the homeland
Highest bidder for Sani property in Greece's Chalkidiki announced