German TUI (ETR:TUIGn) AG, Europe’s largest tour operator, has repaid a debt of 671 million euros to the state.

This amount was allocated to TUI in the form of assistance from the ESF (Economic Stabilization Fund), a stabilization fund created by the German authorities to support businesses during the pandemic.

According to the TUI report, the amount of payments to the state, including interest, amounted to 725 million euros. Payments were made from funds received from the placement of shares in May of this year and from the company’s internal reserves.

In addition, TUI reduced to 2.1 billion euros from 2.4 billion euros the debt on the credit line opened for it by the German development bank KfW.

“We continue to reduce debt, as planned, in order to strengthen our balance sheet and be ready for the period after the end of the pandemic. From an operational point of view, we still forecast a strong summer season,” the company said.

TUI shares have risen in price today. Since the beginning of this year, their value has fallen by 40%.