|
TUI AG on Friday confirmed it paid back €671 million in German government aid to the Economic Stabilisation Fund, as previously announced in May.
It now fully repaid ‘Silent Participation II’ but still has to pay back three other state aids - Silent Participation I, warrant bond, and credit lines.
‘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 to Economic Stabilisation Fund. 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,’ it explained. KfW is a German state-owned development bank.
It still owes €2.6 billion in state aid. It owes €2.1 billion to KfW via credit lines, €420 million to Germany's Economic Stabilisation Fund via Silent Participation I, and €59 million in warrant bonds.
The conditions of Tui's Covid aid from the German government included a suspension of dividends until it pays back the support. The Hanover-based Anglo-German holiday operator last paid a dividend of €0.54 in respect of its 2019 financial year.
Shares in Tui were up 2.6% at 135.87 pence in London on Friday.
Copyright 2022 Alliance News Limited. All Rights Reserved.
|
