(New: expert assessment)
FRANKFURT (dpa-AFX) – Lufthansa want because of
severe crisis caused by the novel corona virus
delete their shareholders. The step is said to help that
To secure the company’s solvency, as Lufthansa
announced late Friday evening in Frankfurt. The board tries
to hold the money together. The group also takes additional
Loans and brings in his aircraft fleet as collateral.
The drastic steps are triggered by the collapse of the
Ticket demand and the international travel restrictions as a result
the spread of the coronavirus.
“Our airlines are now receiving more cancellations every day
as bookings, “said Lufthansa CEO Carsten Spohr on Friday in
a video message to the employees. The group is canceling
his flight program for the coming weeks by up to 70
Percent together. More than two thirds of the planes are then on
Ground. Even if the actual extent of the burdens is not yet
is foreseeable, management expects that the operational
Profit (adjusted EBIT) will decrease “significantly” in the current year.
The Dax Group’s earnings already broke in 2019 also
because of the tough price war in European business after preliminary
Figures by almost 29 percent to 2.03 billion euros. In order to
Lufthansa just reached its own forecast that it
cut to 2.0 to 2.4 billion euros last June.
The group plans to present detailed figures on March 19.
To help Lufthansa survive the crisis, not only should
Shareholders waive the dividend for 2019. The company has
secured new loans of 600 million euros.
This means that the group has cash and cash equivalents of around 4.3
Billions of euros, it said. There would also be unused lines of credit from
around 800 million euros. So the financial situation of the
Group significantly better than, for example, the renowned
Aviation expert Daniel Roeska expected from the Bernstein analysis house
would have. The canceled dividend, however, is in view of the
recent development no surprise.
The group also wants to continue filling the till
Use aircraft finance. 86 percent of the approximately 780 aircraft
strong fleet are owned by Lufthansa, of which are
almost 90 percent unencumbered by loans. That corresponds to you
Book value of 10 billion euros. Spohr was certain on Friday
demonstrated that Lufthansa “financially” the difficult situation
could last longer than other airlines. This one
Assessment in part by Bernstein analyst Roseka.
In the event that the crisis worsens or lasts longer,
Lufthansa is even exploring the chance of state aid. The
Board had given “this previously unknown
So decided to challenge with our governments
Home countries not only to reduce burdens as before
talk about active support as soon as this
become necessary, “said Spohr. According to a spokesman, there are
Talks with Austria, Belgium and Switzerland where the group
with its subsidiaries Austrian, Brussels and Swiss
is represented.
In Lufthansa circles, however, one wants government participation
know nothing given the high liquidity reserves. That
possible assistance below a participation through the Frankfurt
Staatsbank KfW could be organized, but at least remained
uncontested.
Meanwhile, Lufthansa cuts its current expenses and tries
To postpone investments. For part of the workforce
Short-time work can be requested.
Spohr called on the employees to show solidarity and waiver, “so that
To secure the future of the Lufthansa Group “. The goal is to have everyone, if possible
Keep workers on board. The top management also plays
opportunities through how they are part of flight operations in the
In extreme cases, it could be temporarily shut down. Spohr also called ”
potential temporary closings “of flight companies or individuals
Turnstiles. The turnstiles – so-called hubs – apply to the
Lufthansa the major airports in Frankfurt, Munich, Vienna and
Zurich./ stw / mis / zb
ISIN DE0008469008 DE0008232125
AXC0131 2020-03-14 / 19:05
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