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TUI AG's revenue remains down almost 80% for the first nine months of 2021 to the end of June, despite a significant pick up in the third quarter.
According to its interim results, revenue for the nine months to the end of June was €1.3bn, compared with €6.7bn for the same period the year prior.
However, in the third quarter, revenue spiked to €649.7m, up from €71.8m in Q3 2020, as 876,000 customers departed in Q3 2021, against 159,000 in Q2.
TUI AG's net financial position improved to €6.3bn versus its net financial position of €6.8bn as of 31 March 2021. The €464m improvement in net debt in the third quarter reflects particularly cash generation from customer bookings.
In April 2021, the group completed the placement of senior unsecured convertible bonds for €400m and post balance sheet date, a further tap issue for €190m, both of which were oversubscribed.
The new tap issue bonds for €190m are convertible into new and/or existing no-par value ordinary registered shares of TUI and are fully fungible with the €400m convertible bonds issued on 16 April 2021.
In addition, the company also agreed the sale of its 49% minority stake in RIU Hotels S.A. real estate joint venture to Saranja S.L, an entity of Riu Group, owned by Carmen and Luis Riu.
The transaction for an enterprise value of €1.5bn, implies an EV/EBITDA multiple of 11.9x and equates to a sale price of €670m including earn-out. The earn-out element is payable upon RIU Hotels S.A. delivering its FY 2022 and FY 2023 operating budget.