Tui AG to Discuss Reaching Agreement With Private Investors, Banks and the German Federal Government on Additional Financing Package Management Call Transcript

Feb 15, 2024

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Dec 02, 2020 / 04:00PM GMT
Friedrich Joussen - TUI AG - Chairman of Executive Board & CEO

Thank you, and good evening, everybody. It's an interesting day. Actually, it's a good day for TUI, I think. I'm remote sitting in Germany, and the team is sitting everywhere, and we are meeting virtually since days and weeks. And it's a nature of this crisis, which is a huge crisis and the biggest crisis tourism has ever seen that we are not sitting together. And therefore, I need to say right now that I want to talk about Page #3. And while you might be guided to 3, I just want to say that the whole TUI finance team is sitting here with Birgit Conix and Mathias Kiep and all the team in Hanover and Brussels; and also, Peter Krueger. Peter will be talking after me as he has been our lead and architect of the deal, negotiating with the related parties.

Now let me open for a moment. And as you know, we started into the crisis very, very strongly. And before the crisis, we had good -- very good booking numbers and enormous year-on-year increases, and then the revenue went down to almost 0 in the quarter starting April. We recovered a

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