TUI repays further state aid to WSF and reduces undrawn KfW credit lines
- Silent participation II of 671 million euros repaid on June 30
- Currently undrawn KfW credit lines reduced to 2.1 billion euros
- Joussen and Ebel: TUI is on its way back to a "normal company" – operationally strong summer business and strengthening of the balance sheet
As announced, TUI has again repaid state aid from the Corona programme and also further reduced its credit lines. On June 30, 2022, Silent Participation II of 671 million euros was repaid in full, plus interest due, to WSF (Economic Stabilisation Fund). The repayment was made with the proceeds from the successful capital increase in mid-May and from cash funds. Including interest, TUI repaid 725 million euros to WSF. Due to the continued very good operating business, the existing and currently undrawn KfW credit lines were also reduced from 2.4 to 2.1 billion euros as previously announced.
TUI is gradually repaying the loans from the Corona period. With the repayment of Silent Participation II to WSF, we are continuing on the path of debt reduction as planned in order to strengthen the balance sheet and align TUI for the period after the Corona pandemic. Operationally, we continue to see a strong summer business. Therefore, TUI is on its way back to being a normal company. This was stated by Fritz Joussen, CEO of TUI Group, and Sebastian Ebel, CFO and designated CEO from October 1, 2022, in Hanover.
After the repayment of the Silent Participation II and the reduction of the KfW credit lines, the following state aid still exists:
- WSF Silent Participation I: 420 million euros, convertible into 420 million shares.
- WSF warrant bond: 59 million euros, convertible into 59 million shares
- KfW credit lines: 2.1 billion euros, currently undrawn
About TUI Group
The TUI Group is one of the world's leading tourism groups and operates worldwide. The Group is headquartered in Germany. TUI shares are listed in the MDAX index of the Frankfurt Stock Exchange and in the regulated market of the Lower Saxony Stock Exchange in Hanover. TUI Group offers its 20 million customers integrated services from a single source and forms the entire tourism value chain under one roof. The Group owns over 400 hotels and resorts with premium brands such as RIU, TUI Blue and Robinson and 17 cruise ships, ranging from the MS Europa and MS Europa 2 in the luxury class and expedition ships in the HANSEATIC class to the Mein Schiff fleet of TUI Cruises and cruise ships operated by Marella Cruises in the UK. The Group also includes Europe's leading tour operator brands and online marketing platforms, for example for hotel-only or flight-only offers, five airlines with more than 130 modern medium- and long-haul aircraft and around 1,200 travel agencies. In addition to expanding its core business with hotels and cruises via successful joint ventures and activities in vacation destinations, TUI is increasingly focusing on the expansion of digital platforms. The Group is transforming itself into a global tourism platform company.
Global responsibility for sustainable economic, environmental and social action is at the heart of our corporate culture. With projects in 25 countries, the TUI Care Foundation initiated by TUI focuses on the positive effects of tourism, on education and training and on strengthening environmental and social standards. In this way, it supports the development of vacation destinations. The globally active TUI Care Foundation initiates projects that create new opportunities for the next generation.
