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German travel and tourism giant Tui AG said on Wednesday it is returning the first part of the credit lines of around €700 million provided during the pandemic on April 1.
Regarding its outlook, the company said it expects a stable business development for 2022, especially for the main months of the summer season.
The financial resources were made available by the German government and private banks in the framework of three stabilization packages.
The company said the state credit lines granted were a safety buffer during the pandemic and lockdown.
The pandemic aid from the state was mostly interest-bearing credit lines, and it already stopped using the state credit lines in recent weeks with the recovery of the business.
Fritz Joussen, TUI's chief executive, said: ‘The worldwide travel restrictions, especially at the beginning of the pandemic, almost completely deprived us of our business foundation. That is why temporary aid was important and right.’
The company added that the KfW RCF credit line, which was still drawn at around €500 million at the beginning of February, could be reduced to zero at today's date due to the expected good operational performance.
TUI further said it is well positioned for growth in the post-pandemic period, with travel restrictions largely lifted and sustained stable business development.
source: dpa
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