Tui Group today confirmed a final repayment of €750 million in state aid received to support the company through the Covid-19 crisis.
Europe’s largest travel group received three German state “stabilisation” packages worth around €4.3 billion to keep afloat during the pandemic.
These have been gradually returned, including interest, since the beginning of 2022 by means of several equity measures and through the return of the operating business.
Chief executive Sebastian Ebel said: “This is a very important day for TUI. Together with the WSF, we had agreed on a roadmap to repay the state aid and implemented it consistently and swiftly.
“Today we are repaying the remaining aid from the WSF including interest.
“Sustainable travel demand, a future-proof business model, the confidence of the capital market and the state as well as the support of our shareholders and all Tui employees worldwide have made this possible.
“We are very grateful to all those involved. Tui is strengthened and on course, now the focus is on profitable growth.”
Chief financial officer Mathias Kiep said: “The successful implementation of the capital increase and the repayment of the WSF aid is a decisive step for Tui, on which we have worked intensively with all stakeholders over the past months.
“We are reducing our debt and interest costs and already expect a better net leverage ratio for the current financial year than in 2019.
“We have thus strengthened our balance sheet and gain more financial flexibility in implementing our strategy.”
Chief strategy officer and holiday experiences chief executive Peter Krueger added: “The full repayment of the aid marks the end of the stabilisation package received from the WSF in accordance with the framework agreement.
“My team and I would like to thank the WSF for the trustful and constructive co-operation and the quick and effective support from the state during the corona pandemic.”