Hanover (dpa) - After the most difficult phase in the company's history to date due to the corona consequences, Tui is today drawing an initial interim balance sheet for the past few months.

In Hanover, the company presents its figures for the third business quarter (April to June), in which the almost complete collapse in international tourism occurred at the beginning of the virus crisis.

Since mid-June, operations at the world's largest travel company have been gradually starting up again. CEO Fritz Joussen is unlikely to show any sales because the activities in almost all countries were idle for weeks. The result is expected to be deep in the red - as is the case with many other companies in the travel industry.

In the first half of the 2019/2020 financial year (until March), the Tui Group had already posted a significantly higher loss of 892.2 million euros compared to the previous year. In winter, the business of the travel companies is traditionally weak, they earn their money in regular years especially in summer.

In order to secure the financing with a simultaneous tough austerity course, Tui was the first large German company to receive a government loan of 1.8 billion euros in April. This aid is to be expanded by a further 1.05 billion euros via the Kfw development bank. In addition, according to the plans announced on Wednesday, 150 million euros are to go through the construction of a convertible bond to Tui, which the Federal Economic Stabilization Fund (WSF) subscribes. Such bonds can be exchanged for shares by the owner under certain conditions. The federal government could join Tui as a co-owner with up to nine percent.

This shows that the state will - after Lufthansa - participate in another large tourism and transport group. Joussen sees the increased loan above all as a precautionary measure in the event that demand does not pick up by autumn at the latest.

The tourism industry is one of the most severely affected by the pandemic. Tui has already decided on sharp savings, which are heavily criticized by works councils and trade unionists. Important investments were also cut. An exception to this is to a large extent the conversion towards digitization. "The additional stabilization package allows us to focus on the operative business and at the same time to drive forward the realignment of the group," said Joussen. In sales, for example, Tui wants to work more intensively via platforms and a uniform brand identity. That too initially costs a lot of money.

In order to gain more financial air, Tui is also considering taking its aircraft off the balance sheet through possible partnerships with other airlines. You still need access to capacities, said Joussen of the "Börsen-Zeitung". But that does not necessarily mean that the expensive machines run through Tui books. There is speculation that the group could find a solution with Condor, where the Polish buyer LOT jumped off after the beginning of the Corona crisis.

In the cruise sector, Tui has now brought its ships into a joint venture with the provider Royal Caribbean. Instead of longer journeys with a higher risk of infection, the group initially wants to offer short trips. At the end of July, after a long cruise break in the port of Hamburg, the "Mein Schiff 2" set off for a three-day voyage on the North Sea towards Norway - with significantly fewer passengers than usual. Joussen is also examining the repudiation of hotels that are directly owned by Tui.

© dpa-infocom, dpa: 200813-99-147288 / 2