Tui increases capital – bookings significantly improved

Released on 06.10. 2021

  • The travel group Tui, which is state-supported because of the pandemic, wants to further increase its financial flexibility and wants to issue new shares. Photo: Nicolas Armer

Already heard?

You can now also have your messages read out to you. Simply click on the play symbol in any article or add the article to your personal playlist using the plus symbol and listen to it later.

Listen to the article:

Traveling – badly missed in Corona times – is getting easier again. The tourism group Tui also feels this: Customers catch up on what they have missed.

Hanover (dpa) – The travel company Tui, which was supported by the state in the pandemic, wants to further increase its financial leeway. The company announced on Wednesday that it plans to issue new shares for 1.1 billion euros.

Russian investor Alexej Mordaschow, who is currently 32 holds percent of the shares, therefore wants to participate in the move and keep his stake constant. At the same time, the Hanover-based company reported an improved booking situation: The confidence of holidaymakers in European travel destinations is returning.

a big step closer, ”said CEO Fritz Joussen. With the money, Tui wants to repay the loan granted by the state KfW bank of 375 million euros. In addition, bank debts are to be reduced.

A silent participation and convertible bond of the federal government totaling around 1.2 billion euros are not affected by the step. In addition, the credit line granted by KfW remains in place for a little more than three billion euros in order to be able to react flexibly to the further development of the pandemic. Tui had already increased the capital in January by 500 million euros.

5.2 million trips have been booked for this summer, the company said. “In the last few weeks in particular, there has been a strong upward trend.” The demand for destinations in Germany and the Netherlands is higher than in the summer 2019 before the pandemic.

For the coming winter Tui plans according to its own information 60 to 80 Percentage of the normal program. Popular winter travel destinations are the Canary Islands, mainland Spain, Egypt and Cape Verde. For short and medium-haul destinations in winter, the travel restrictions have largely been lifted. The vaccination rate in the EU and Great Britain is high. “Therefore, a further increase in international travel can be expected this winter.” A slower recovery is assumed for long-haul destinations.

Tui also called the number of 1.6 million bookings for the summer so far

“very encouraging” . «The demand is there. Wherever government travel restrictions are lifted, we immediately see the rapid return of business, catch-up effects and higher sales for customers for their trips. ”

Related Articles

Back to top button