How do I improve the travel business
HANNOVER (awp international) - The tourism group TUI sees the travel business on the road to recovery after the severe crisis. The demand for vacation travel is improving in all important markets, said Tui boss Michael Frenzel on Wednesday at the annual general meeting in Hanover. The price development is good. "We are satisfied with the start of the 2010 summer season." The TUI subsidiary TUI Travel is considering moderately expanding the capacities that were significantly reduced in the previous year. Frenzel also said that TUI wanted to expand its international activities. After entering the Russian market, Tui also wants to continue growing in China and India.
Michael Frenzel also defended the travel group's aid to the ailing container shipping company Hapag-Lloyd, which was massively criticized by major shareholder John Fredriksen. Without the partial sale of the shipping company "the group would have got into heavy seas as a whole," as Frenzel said, according to the speech. He justified the subsequent loan to Hapag-Lloyd with the imminent bankruptcy of the company. The only choice was "to put together a rescue package for this company or to let Hapag-Lloyd go under". The latter, however, would also have "drastically and sustainably reduced the value of the Tui share".
Frenzel announced that the group would "as soon as possible" again pay an "appropriate dividend". However, he made the distribution dependent on the group being able to reduce its involvement with Hapag-Lloyd as quickly as possible "to reasonable values" and improving business in tourism. Tui still has a 43 percent stake in Hapag-Lloyd. Together with the loans granted, the commitment amounts to 2.5 billion euros. The Tui Group did not pay its shareholders a dividend in 2008 and 2009.
hoe / DP / tw
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