The German national development bank KfW and private banks will wind up some of the credit facilities they extended to Tui at the end of this week, and the summer bookings will be close to the levels of 2019.
The German government and private banks will reduce aid by 700 million on April 1.
It was the right time to reduce the rescue umbrella, with the company well-positioned for growth after the Covidy period, according to the chief executive.
Majorca has a new hotel.
The mask mandate has been extended by Tui Airways.
The company reported good demand and high booking momentum, with the summer bookings currently at 80% of summer 2019.
The UK is the most advanced market and has taken 2.1 million bookings for this summer. The UK is seeing an increase in summer bookings.
Since the end of January, Tui has taken over three million additional bookings. There are 8.9 million total bookings for the winter of 2021-2022 and summer of 2022, as of March 27.
Average prices.
The company said that average prices for both seasons continue to hold up strongly, with this winter's prices up by 14 percent and summer's prices up by 19 percent.
The winter programme is expected to close with capacity in the low to mid-range of pre-crisis levels.
Since the last update in February, 725,000 bookings have been added.
Due to continued good demand with the lifting of travel restrictions and later booking profile, we expect summer 2022, to almost reach the normalised level of summer 2019.
The company said that bookings remained unaffected by the war in the Ukraine, with sales only increasing in its Nordic countries and Poland.
Positive booking momentum was reported in the Tui Hotels & Resorts division. The cruises division was expected to be challenging this summer due to the closing of ports worldwide and the trend towards later and short-term bookings.
As more destinations open up around the world, and as capacity for this winter and summer increases, bookings for its tours and activities business are expected to increase.
It was important and right to have temporary aid.
The KfW Revolving Credit Facility is part of the credit facility that will be returned on April 1. The company said it has a high level of liquid assets at 3.4 billion.
Tui was a very healthy company before the Pandemic. At the beginning of the Pandemic, the worldwide travel restrictions almost completely deprived us of our business basis.
That's why temporary aid was important. Thanks to the credit lines from the German federal government and from the private banks and the contribution of our shareholders, we have steered Tui through its most serious crisis.
Over the past two years, Joussen thanked staff for their outstanding commitment.
He said that the trends are intact. People want to travel and we expect a good summer at Tui. The company is leaner, more digital and more efficient after the transformation.
The aid from the state was mostly credit lines. We stopped using the state credit lines recently. We are returning part of the state aid because it is a normal step towards normality.
Majorca has a new hotel.
The mask mandate has been extended by Tui Airways.
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