The group recorded an adjusted loss before tax of €698.6 million between 1 October and 31 December, compared to a deficit of €146.7 million in the same quarter in 2019. Revenue plummeted from €3.85 billion to €468.1 million.

However, the operator said demand for summer 2021 was “strong” despite “major uncertainties".

Tui said it had 2.8 million bookings at an average price premium of 20% compared to summer 2019. Its planned 2021 capacity is “still 80% of summer 2019”.

During the period, Tui agreed a third Corona financing package together with shareholders, banks and the Economic Stabilisation Fund.

The €1.8 billion package was completed in the last week of January. It includes a rights issue, which will provide the group with funds of around €500 million. 

Russian billionaire Alexei Mordashov’s family, a strategic shareholder of the group, participated in the capital increase beyond its previous stake and now holds 30.1% of Tui AG. 

Tui now has cash and cash equivalent of €2.1 billion.

“The group thus secures further liquidity until the planned return of the business,” Tui said.