FRANKFURT (dpa-AFX) - The travel group Tui does not intend to pay its shareholders a dividend for the foreseeable future. Before a payout is considered, it is important to "gain confidence", said CFO Mathias Kiep to the "Borsen-Zeitung" (Saturday edition). To this end, the company wanted to "do our homework, reduce debt and consistently exploit our growth opportunities", said Group CEO Sebastian Ebel. The manager ruled out the acquisition of own shares. "You consider share buybacks when you lack ideas where investments would otherwise be worthwhile. We are currently not lacking in good ideas."

Now that the consequences of the pandemic have largely been digested in Tui's operating business, the Executive Board is concentrating on the remaining balance sheet burdens. The first step is to return the last tranche of the KfW loan, which currently amounts to 550 million euros. The Group is in no hurry to refinance, as both managers emphasized. The focus is "on our own cash flow in order to optimize financing costs", said Ebel. This should also reduce the relative level of debt. The aim is to return to a rating "in the 'BB' range".

With the return to the Frankfurt Stock Exchange, the Management Board also hopes for a "normalization" in the shareholder base. While a year ago numerous hedge funds with short-term commitments were still involved in Tui, "other investors are now crystallizing who want to remain involved for longer," said Kiep. The aim is "for the Tui share to be perceived as a growth share", said Eberl. "The final step is to attract one or two long-term investors who like a solid dividend."

Kiep puts the planned investments at 500 million euros per year. This sum is the "pacemaker for the future". In business terms, Ebel is optimistic. Tui is expanding its circle of airline partners and thus its capacities. The company wants to grow by bundling flights with short-term hotel stays and city breaks and thus catch up with strong rivals such as Booking.com./he/bek