The world number one in tourism TUI announced on Friday a capital increase of 1.8 billion euros to reimburse the balance of public aid obtained from the German State during the Covid-19 pandemic.
The group will place nearly 329 million new shares, at the rate of 8 new shares for three existing ones, reiterating its objective of a sustainable return to profits.
All existing shareholders, individuals and institutions, have the right to subscribe to these new shares, or to transfer this right to a third party.
Notable exception: main shareholder of TUI with nearly 31% of the capital, the Russian billionaire Alexey Mordashov is prohibited from participating in this operation because of the financial sanctions imposed by Germany against him since the Russian invasion of Ukraine. .
The Hanoverian company benefited, during the health crisis, from three aid plans from the German government for a total amount of 4.3 billion euros, part of which was reimbursed last year by already increasing the capital.
Read alsoTour operator TUI continues to reduce its losses in the first quarter of 2022/2023
A year 2023 in the green?
With the proceeds of this new equity raising, "
we are implementing what we promised: the full repayment of state aid
" received during the pandemic, said Sebastian Ebel, group CEO, in a press release.
Tui thus manages to clean up its balance sheet while it will lighten its debt load.
“
Profitable growth remains our goal for the future
,” continues Sebastian Ebel.
The proceeds from the capital increase will make it possible to fully repay the silent participation received from the Public Stabilization Fund, for 420 million euros, and another bond for 59 million euros, as well as interest.
In all, the Fund will receive 720 million euros.
Tui will also repay 440 million euros to the public bank KfW, which represents the amount drawn on a global credit line of 2.1 billion euros.
This will remain but will be significantly reduced, explains the group.
The company experienced record losses in 2020 and 2021, weighed down by the Covid-19 pandemic which virtually halted its activity for several months, then came close to breaking even in 2022 thanks to the resumption of travel .
“
The development of reservations is still very encouraging
” in the spring of 2023, underlines Sebastian Ebel, while Tui expects to generate positive and sharply rising adjusted operating income for the financial year.
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