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海擇短評 Haize Comment：
總部位於德國慕尼黑的歐洲旅行社FTI集團，近期啟動了破產程序。由於FTI在2022-2023財年的銷售額達41億歐元，其被認定是歐洲第三大旅行社，加上FTI在全球有90家子公司，擁有1.1萬名員工，本次破產在全球都有影響力。根據公告，集團核心公司FTI Tourismik GmbH已在6月3日向慕尼黑地方法院申請啟動破產程序 成為集團中第一家申請破產的公司，BigXtra Tourismik GmbH將緊隨其後，集團內的FTI Voyages SAS也於6月10日宣布暫停付款。目前集團除旗下的財務獨立的Windrose Finest Travel GmbH及其豪華品牌WINDROSE將繼續營業，此外就是處於德國特許經營的公司Euvia Travel GmbH及其旅遊購物頻道sonnenklar.TV，因為不屬於FTI GROUP，不受本次破產波及。
FTI集團源於Dietmar Gunz於1983年創立的地中海旅行社Frosch Tourismik GmbH，事業覆蓋地中海島馬爾他島、戈佐島(Gozo)和科米諾島(Comino)。1989年公司收購德國出境組團社CA Ferntouristik GmbH的股份後，進一步覆蓋歐洲。在1998年後，英國旅遊業者Airtours plc收購FTI Frosch Tourismik，並將公司轉變為一家擁有航空公司和酒店的巨型旅遊集團。從2014年至2020年，埃及的酒店投資人Samih Sawiris陸續持有公司75%的股份，成為最大股東。Covid19疫情發生後，FTI集團面臨瓶頸，除了清算郵輪事業FTI Cruises外，也接受了德國聯邦政府經濟穩定基金5.95億歐元，但這都無法讓FTI集團恢復舊有榮光。在6月3日正式申請破產後，公司宣布與美國金融集團Certares簽署合約，以1歐元轉售所有股東的股份(但須清償約10億歐元債務)。
FTI集團的破產事件，海擇資本認為有兩點值得重視：
1. 歐盟對旅客權益保障更完整：相對於2019年Thomas Cook庫克倒閉後的紛亂，今年FTI Group破產相對有序。由於FTI必須投保德國旅行保障基金(DRSF, German Travel Security Fund)，基於保險理賠，目前旅行中的團隊遊旅客都受到保障，行程能如期進行；而未出行的旅行團若被取消，也將通過DRSF保證退款；唯一的問題是FIT自由行產品(機票、飯店、交通、露營地、租車等)不在保險範圍內。保險對產業也是好事，以FTI的規模，必定有很多月結的款項停留在FTI的帳上未支付給供應商，行程如期進行確保了金流也能如期運作，避免了部分現金不足的供應商受創而破產的系統性風險。
2. 旅遊回歸正常化，競爭格局將重整：海擇資本認為，FTI集團在疫情後已聚焦於地接社定位，但仍难逃破產結局。這意味著，隨著報復性旅遊平息，暴利時期結束，旅遊將進入新常態，競爭格局也將再整。不管美國後續升息降息，基於歐美中俄多邊關係出現的反全球化步伐不會停止，通膨的影響不會消失；旅遊公司的體質，在因應新生態、取得新客源、並兼顧增長與盈利的過程中，又會再刷去一波競爭者。
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Munich-based European travel agency FTI Group recently initiated bankruptcy proceedings. As Europe's third-largest travel agency with a turnover of €4.1 billion in the fiscal year 2022-2023, and with 90 subsidiaries worldwide employing 11,000 staff, FTI's bankruptcy has global implications. FTI Tourismik GmbH, the core company, applied for bankruptcy at the Munich District Court on June 3, becoming the first in the group to do so. BigXtra Tourismik GmbH is set to follow, and FTI Voyages SAS announced a suspension of payments on June 10. Excluding Windrose Finest Travel GmbH and its luxury brand WINDROSE, which will continue operations, and Euvia Travel GmbH along with its shopping channel sonnenklar.TV, which are not affected as they are franchised in Germany and not part of FTI GROUP.
FTI Group originated from a Mediterranean travel agency, Frosch Tourismik GmbH, founded by Dietmar Gunz in 1983, covering Malta, Gozo, and Comino. In 1989, after acquiring shares of CA Ferntouristik GmbH, the company expanded across Europe. In 1998, UK-based Airtours plc acquired FTI Frosch Tourismik, transforming it into a major travel conglomerate with airlines and hotels. From 2014 to 2020, Egyptian hotel investor Samih Sawiris acquired 75% of the company, becoming the major shareholder. Following challenges posed by the COVID-19 pandemic, FTI Group liquidated its FTI Cruises and received €595 million from the German Federal Government's Economic Stabilization Fund, but these measures failed to restore its former glory. On June 3, upon filing for bankruptcy, FTI announced a deal with American financial group Certares to sell all shares for €1, contingent on settling around €1 billion in debt.
Haize Capital believes the bankruptcy of FTI Group highlights two important points:
1. Enhanced protection for travelers within the EU: Compared to the chaos following Thomas Cook's collapse in 2019, FTI Group's bankruptcy has been more orderly. FTI was insured by the German Travel Security Fund (DRSF), ensuring that ongoing group travels are protected and can proceed as scheduled under the insurance claims. For tours not yet started that get canceled, refunds are also secured through the DRSF. The only issue is that FIT products (flights, hotels, transportation, campsites, car rentals) are not covered by this insurance. The insurance is also beneficial for the industry; with FTI's scale, many accounts payable to suppliers are on hold, and ensuring scheduled travels helps maintain cash flow, thus preventing systemic risk of supplier insolvencies due to cash shortages.
2. Normalization and restructuring of the travel industry: Haize Capital notes that despite focusing on local handling agency services post-pandemic, FTI Group could not escape bankruptcy. This suggests that as revenge travel subsides and the period of high profits ends, travel will enter a new normal, leading to a restructuring of competitive dynamics. Regardless of future interest rate increases or decreases in the U.S., the anti-globalization trend emerging from the complex relations among Europe, America, China, and Russia will continue, and inflation's impact will persist. In this new ecosystem, travel companies must adapt, attract new customers, and balance growth with profitability, which will eliminate some competitors in the process.
標籤 Label： Travel agency EU Travel Security