Outgoing chief executive Joussen and his chosen successor Ebel said a second tranche of German state support had been repaid in full, plus interest, as of 30 June, and also revealed the group had further reduced its currently undrawn credit lines to €2.1 billion.

The debt was repaid using the proceeds from a mid-May capital increase as well as cash reserves. Including interest, the group repaid €725 million to Germany’s Economic Stabilisation Fund.

Joussen and Ebel added that thanks to the group’s "continued very good operating business", Tui had been able to reduce its currently undrawn €2.4 billion credit facility, held with German state bank KfW, to €2.1 billion.

Together, they said that by "gradually" repaying the group’s Covid support lines, Tui was "continuing on the path of debt reduction as planned in order to strengthen the balance sheet and align Tui for the period after the coronavirus pandemic".

"Operationally, we continue to see a strong summer business," said Joussen and Ebel in a joint statement. "Therefore, Tui is on its way back to being a normal company."

Outstanding state aid runs to around €480 million. Last week, Joussen announced his intention to stand down as Tui chief executive at the end of September after 10 years heading up the group. Ebel, Tui’s chief financial officer, will succeed him from 1 October.