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(Alliance News) TUI AG on Friday confirmed it paid back EUR671 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 EUR725 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 EUR2.6 billion in state aid. It owes EUR2.1 billion to KfW via credit lines, EUR420 million to Germany's Economic Stabilisation Fund via Silent Participation I, and EUR59 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 EUR0.54 in respect of its 2019 financial year.
Shares in Tui were up 2.6% at 135.87 pence in London on Friday.
By Tom Budszus; tombudszus@alliancenews.com
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