Because the company had to cancel in the third fiscal quarter from April to June, almost all of the holiday deals, it lost the bottom line is that around 1.4 billion euros. This Tui said on Thursday in Hanover. A year before, had been almost 23 million Euro profit in the interim balance sheet. Sales fell to 98.5 percent to 72 million euros, so the money to cover operating costs was not sufficient.

For the long-battered Tui share price went up shortly after the start of trading by more than seven percent down. Most recently, she was still with 4.22 percent in the negative at € 3.90. Since the turn of the year, the paper has lost two-thirds of its value. Meanwhile, Tui is on the stock exchange, only about 2.4 billion euros in value. TUI 3,88 EUR -0,20 (-4,79%) Xetra

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Tui CEO positive Trend

CEO Fritz Joussen hopes the cash outflow to the group this summer to stop. To Tui needs as many tourists. Since the resumption of the travel is a positive Trend manifested itself: There were 1.7 million new bookings had been received. Starting in mid-June, the Hanover-based company started the operation in some holiday regions in July are, then traveling within Europe more than 500 000 customers with Tui. The Balearic Islands are also a popular destination such as the Greek Islands. For holiday destinations outside the EU, travel warnings, there are besides about of the Turkish Mediterranean coast, but still.

in Order to survive the crisis, secured a Tui state aid in the amount of three billion euros. In April of granted credit, the funding Bank KfW over 1.8 billion euros is to be increased to 1.05 billion euros. Moreover, 150 million euros is to go via a convertible bond of Tui, the of the economic stabilization Fund (WSF), the Federal government signed. Such bonds may be exchanged by the owner, under certain conditions, in shares.

Up to nine percent possible: the Federal government could be a shareholder of Tui

So the Federal government could get up to nine per cent in the case of Tui as a co-owner. Thus, the state could contribute - after Lufthansa - to a large group. Joussen sees the increase in loans, mainly as a precautionary measure in the event that demand picks up by the autumn. By the end of September, the formal conditions must be fulfilled for the aid.

The tourism industry is one of the most difficult of the pandemic-stricken sectors of the economy. Tui has savings pushed, the criticism of works councils and trade unionists violently. The planned drastic reduction of the own fleet Tuifly faces strong resistance in the workforce. So far in the group 8000 Jobs will be cut, especially abroad. The overall cost will be reduced per year to about 300 million euros.

Through the previous steps, you have the financial Corona-follow stem, said Tui. The adjusted loss before interest and taxes in the first nine months of the fiscal year was at 2 billion euros - out computing the factor virus crisis was in the Minus but only around 100 million euros, which corresponds to an improvement compared to the previous year. In the Winter, the business travel provider is traditionally weak, they earn their money in regular years, primarily in the summer. Net of the loss was from October, 2019 to June 2020 in the case of Tui at around 2.3 billion euros - around seven times the previous year's value.

securing Liquidity takes precedence over investments

Also important investments have been recently cut. Except for the tag in the direction of digitization. Tui wants to work in the sales efforts across platforms and a consistent brand image. The customers can also take advantage of a Central Service App.

Joussen sets for a speedy stabilization of the Corona location. The signs are currently good. You expect to be able to the end of the current quarter, the running cost in operation, re-cover, and the bookings for next summer were already positive. A precise forecast for the full year, does not want to give the Chairman of the Board, yet. He believes, however, that Tui will emerge stronger from the crisis. The company will be "long-term, economically again as successful as before the pandemic".

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hyo/dpa

Date Of Update: 13 August 2020, 06:28