German tourism group TUI recorded a net loss of EUR 3.148 billion in the 2019/2020 financial year, compared to a profit of EUR 416.4 million in the previous financial year, due to travel restrictions imposed following the pandemic, reports EFE agency.
TUI announced on Thursday that its revenues fell sharply, by 58%, in the last financial year ending in September, to EUR 7.943 billion. During the mentioned period, TUI had an operating loss (Ebit) of EUR 2.927 billion, compared to a profit of EUR 768.7 million a year earlier.
The company, which reduced its number of employees by 32.4% to 48,330 people at the end of September, had net financial debts of EUR 6.421 billion. The German group received state aid amounting to EUR 4.8 billion. Total bookings for the 2020/2021 winter season are 82% lower than the previous one, in line with capacity reductions, but average prices are 4% higher. At the same time, bookings for summer 2021 are 3% higher than summer 2019, and prices are 14% higher than in 2020, when TUI had to offer significant discounts.
Frequently Asked Questions
What was TUI’s net loss for the 2019/2020 fiscal year?TUI recorded a net loss of EUR 3.148 billion due to pandemic-related travel restrictions, reversing the profit from the previous year.
How much state aid did TUI receive?The German tourism group received state aid totaling EUR 4.8 billion to navigate the financial crisis caused by the pandemic.
What are the booking trends for summer 2021?Bookings for summer 2021 are 3% higher than in 2019, with prices increasing by 14% compared to the discounted rates of 2020.