Tui to pay back €700m of Covid loans

The company will pay back €700m on 1 April, which was loaned mainly by KfW. It said the "rescue umbrella" was important during the pandemic and the associated massive restrictions on its business but that now was "the right time to reduce the first credit lines".

Tui said liquidity remains high at €3.4bn euros, even after the initial return.

Chief executive Fritz Joussen said: "Tui was a very healthy company before the pandemic. The worldwide travel restrictions, especially at the beginning of the pandemic, almost completely deprived us of our business basis.

"That is why temporary aid was important and right. Thanks to the credit lines from the German federal government and from the private banks and the contribution of our shareholders, we have steered Tui safely through its most serious crisis."

The travel company also said that demand for travel and booking momentum remain high, with summer 2022 reservations at 80% of 2019 levels. The UK market remains the most advanced booked, with bookings up 14% on summer 2019.

Joussen said: "We are on course and the trends are intact. People want to travel, we see the demand in bookings and expect a good Summer 22 at TUI."