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TUI FY19 Underlying EBITA In Line With Its Revised Guidance - Quick Facts

TUI (TUIFF.PK) reported underlying EBITA of 880 million euros for the full year to 30 September 2019, at constant currency, down 26 percent on prior year. This reflects 293 million euros cost impact from the grounding of the 737 MAX aircraft, in line with the company's announcement in March 2019. Excluding this impact, the result was in line with prior year.

For the fiscal year, Group profit attributable to shareholders of TUI AG was 532 million euros compared to 775 million euros, previous year. Reported EBITA declined by 27.1 percent at constant currency as a result of the cost impact from the grounding of 737 MAX aircraft. Underlying EBITA excluding MAX improved 0.3 percent to 1.19 billion euros. Underlying earnings per share was 0.89 euros, a reduction of 24.4 percent, at constant currency.

Fiscal year turnover was at 18.93 billion euros compared to 18.47 billion euros, previous year. Turnover was up 2.7 percent in constant currency.

For fiscal 2020, TUI projects an underlying EBIT range of between approximately 950 million euros to 1.05 billion euros, which includes an approximate 130 million euros cost impact from the 737 MAX grounding. Turnover is expected to rise mid to high single digit percentage.

TUI is proposing a dividend for financial year 2019 in line with underlying EBITA growth at constant currency. Therefore the Executive Board and the Supervisory Board recommended a dividend of 54 euro cents per share in respect of the financial year 2019.

Also, TUI updated its dividend policy for fiscal 2020. Updated policy will be based on a core dividend payout of 30 - 40% of the Group's Underlying EAT with a dividend floor (minimum payout) of 0.35 euros per share.

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