11.12.2019 TUI AG  DE000TUAG000

DGAP-Adhoc: TUI AG: TUI updates dividend policy effective for dividend payouts from 2021 onwards


DGAP-Ad-hoc: TUI AG / Key word(s): Dividend
TUI AG: TUI updates dividend policy effective for dividend payouts from 2021 onwards

11-Dec-2019 / 10:56 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

Hanover, 11.12.2019. TUI's Executive Board, with the Supervisory Board's approval, has today decided to update the Group's dividend policy as one element of TUI's revised capital allocation framework. The new policy will be applied for the first time for Financial Year 2020 (1 October 2019 - 30 September 2020), i.e. for dividend payments from 2021 onwards.

For Financial Year 2019 (1 October 2018 - 30 September 2019), we will submit a dividend proposal to the Annual General Meeting scheduled for 11 February 2020 of €0.54 per share, which remains in line with our current dividend policy (dividend per share growth in line with Underlying EBITA¹ at constant currency).

From Financial Year 2020 onwards, the Group's dividend policy will change as follows:

- a core dividend payout of 30 - 40% of the Group's Underlying EAT2 with

- a dividend floor (minimum payout) of €0.35 per share.

While the new dividend policy is expected to result in lower payouts, the dividend floor guarantees shareholders a minimum payout irrespective of the market environment of the tourism industry and subsequent impacts on Underlying EAT2. Based on TUI's share price at the end of Financial Year 2019, the dividend floor would represent a dividend yield of 3.3% p.a.

The new dividend policy is one element of TUI's updated capital allocation framework which reflects our financial priorities as follows:

(i) Organic growth
(ii) Payout of a core dividend
(iii) Accretive Mergers & Acquisitions and portfolio optimisation
(iv) Excess cash to be returned to shareholders

At the same time we are disciplined in maintaining a solid balance sheet and keep our target gross leverage ratio comfortably within the range of 3.0x - 2.25x.

This updated capital allocation framework will provide TUI Group with increased flexibility as it facilitates investments in our strategic initiatives and future growth opportunities, as well as an attractive dividend to shareholders, underpinned by a solid and robust financial structure.

1. We define (Underlying) EBITA as earnings before interest, income taxes and expenses for the measurement of interest hedges, and amortisation of goodwill. Underlying EBITA has been adjusted for gains on disposal of investments, restructuring expenses in accordance with IAS 37, all effects from purchase price allocations, ancillary acquisition costs and conditional purchase price payments, and other expenses for and income from one-off effects. The one-off items carried as adjustments are income and expense items impacting or distorting the assessment of the operating profitability of the segments and the Group due to their level and frequency. These one-off items include major restructuring and integration expenses not meeting the criteria of IAS 37, major expenses for litigation, profit and loss from the sale of aircraft and other material business transactions of a one-off nature.

As from FY 2020, we will be using the indicator 'Underlying EBIT', which is more common in the international sphere, for our management system. Underlying EBITA will therefore no longer be used as a KPI. We define the EBIT in underlying EBIT as earnings before interest, taxes and expenses for the measurement of the Group's interest hedges. Unlike the previous KPI EBITA, EBIT by definition includes amortisation of goodwill. Should any goodwill impairments arise in future, they would therefore be adjusted for in the reconciliation to underlying EBIT. In this respect, the amount carried for underlying EBIT will correspond to the amount previously carried for underlying EBITA.

2. Underlying EAT post minorities at constant currency is calculated as Underlying EBIT minus interest expenses adjusted by one-off items minus tax based on underlying tax rate of currently 18% minus minorities adjusted for one-off items.


Mathias Kiep, Group Director Investor Relations and Corporate Finance Tel: +44 (0)1293 645 925/
+49 (0)511 566 1425

Contacts for Analysts and Investors in UK, Ireland and Americas
Hazel Chung, Senior Investor Relations Manager Tel: +44 (0)1293 645 823
Corvin Martens, Senior Investor Relations Manager Tel: +49 (0)170 566 2321

Contacts for Analysts and Investors in Continental Europe, Middle East and Asia
Nicola Gehrt, Head of Investor Relations Tel: +49 (0)511 566 1435
Ina Klose, Senior Investor Relations Manager Tel: +49 (0)511 566 1318
Kuzey Alexander Esener, Head of Media Relations, Tel: +49 (0)511 566 6024


11-Dec-2019 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Language: English
Company: TUI AG
Karl-Wiechert-Allee 4
30625 Hannover
Phone: +49 (0)511 566-1425
Fax: +49 (0)511 566-1096
E-mail: [email protected]
Internet: www.tuigroup.com
Listed: Regulated Market in Hanover; Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt, Hamburg, Munich, Stuttgart, Tradegate Exchange; London
EQS News ID: 933035

End of Announcement DGAP News Service

933035  11-Dec-2019 CET/CEST


Die wichtigsten Finanzdaten auf einen Blick
  2016 2017 2018 2019 2020 2021 2022e
Umsatzerlöse1 17.153,90 18.535,00 18.468,70 18.928,10 7.943,70 4.731,60 0,00
EBITDA1,2 1.305,10 1.490,90 1.494,30 1.277,50 -1.355,00 -1.000,40 0,00
EBITDA-Marge3 7,61 8,04 8,09 6,75 -17,06 -21,14 0,00
EBIT1,4 905,70 1.006,60 1.053,90 767,70 -2.927,40 -2.012,80 0,00
EBIT-Marge5 5,28 5,43 5,71 4,06 -36,85 -42,54 0,00
Jahresüberschuss1 1.152,20 761,40 813,60 532,10 -3.139,10 -2.480,90 0,00
Netto-Marge6 6,72 4,11 4,41 2,81 -39,52 -52,43 0,00
Cashflow1,7 1.034,70 1.583,10 1.150,90 1.114,90 -2.771,90 -151,30 0,00
Ergebnis je Aktie8 1,78 1,10 1,25 0,71 -5,34 -2,58 0,16
Dividende8 0,63 0,65 0,72 0,54 0,00 0,00 0,00
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2021 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: Deloitte

WKN Kurs in € Einschätzung Börsenwert in Mio. €
TUAG00 1,712 Halten 3.056,27
KGV 2023e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
7,78 14,32 0,55 -7,85
8,51 - 0,65 -5,11
Dividende '20 in € Dividende '21e in € Div.-Rendite '21e
in %
0,00 0,00 0,00 08.02.2022
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
08.02.2022 12.05.2021 12.08.2021 08.12.2021
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
-29,08% -38,57% -36,62% -59,54%
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