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![Serious face to the bad game: The new Swiss CEO Dieter Vraneckx at his first public appearance.]()
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Serious face to the bad game: The new Swiss CEO Dieter Vraneckx at his first public appearance.
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![This should be achieved with job cuts. But additional measures such as reducing the fleet are also conceivable.]()
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This should be achieved with job cuts. But additional measures such as reducing the fleet are also conceivable.
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![Deep red numbers: Swiss wrote a loss of 654 million francs in 2020.]()
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Deep red numbers: Swiss wrote a loss of 654 million francs in 2020.
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![CCO Tamu Goudarzi Pour promises that prices will not increase this summer compared to previous years.]()
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CCO Tamu Goudarzi Pour promises that prices will not increase this summer compared to previous years.
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![He will step down at the end of March: Swiss COO Markus Frick.]()
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He will step down at the end of March: Swiss COO Markus Frick.
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His serious expression speaks volumes! Dieter Vranckx (47), the new Swiss CEO since the beginning of the year, is not in the mood for jokes this Thursday. “We were hit by an unprecedented crisis,” says the Swiss-Belgian at his first press appearance – the Swiss annual press conference – and of course he means the corona pandemic.
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The virus caused the profit turbo Swiss to crash financially. 654 million losses are recorded in the nightmare year 2020, which was marked by entry bans and quarantine obligations. Similar picture for sales: while in 2019 they earned 5.33 billion francs, last year it was only 1.85 billion francs. A full minus of 65 percent! “This sight hurts,” says Vranckx.
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CFO Markus Binkert (49) explains how severely the pandemic is affecting Swiss: “We transported 4.8 million passengers – that corresponds to the level of Swissair in 1973.”
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Probably the greatest evil for the airline: There is no prospect of improvement in sight – on the contrary. “Since the beginning of the year, the starting position has worsened massively,” says new CEO Vranckx. He means the virus mutations and the problems with the vaccinations.
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Swiss is giving away two million francs every day because most machines are still not allowed to take off. It will probably stay that way for a while. At Swiss, it is assumed that in 2021, compared to the year before the crisis, an occupancy rate of just 50 percent will be achieved.
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No further federal loan in 2021
The situation is currently not as dramatic as last spring, the bosses assured on Thursday. At that time, the Swiss federal government jumped to the rescue and approved the airline a loan of 1.5 billion francs. “We couldn’t have survived without the loan,” says Binkert. At present, the Swiss are left with around one billion francs from the federal loan. Does the airline need support again this summer?
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“No”, the CFO assures BLICK when asked. He promises: “We will have enough money by the end of the year. Liquidity is guaranteed. ” It will therefore not need another loan in 2021. “We want to repay part of it at the beginning of 2022,” continues Binkert, adding: “But if there is no recovery in summer business, you have to re-analyze the situation in winter.”
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“The Swiss are doing badly – like the whole industry. Aviation is in the biggest crisis since the Second World War, ”says aviation expert Stefan Eiselin to BLICK. Much depends on the summer business. If the hoped-for boom does not materialize, Swiss will continue to crash financially. SVP National Councilor and pilot Thomas Hurter (57) also looks forward to the future with concern. “The atmosphere is tense. Summer will be decisive. “
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Now comes the saving hammer
But one thing is clear in every scenario: Swiss CEO Vranckx has to save the ailing airline healthy. The 47-year-old does not hide this fact either. “At least since the turn of the year it has been clear to all of us that this crisis will be long-term and painful.” Swiss must reduce costs “significantly” and “permanently”.
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Predecessor Thomas Klühr (59) actually wanted to get through the crisis without layoffs. But Vranckx has to whip through the previously announced job cuts. 500 jobs have already been cut last year, and another 500 are to be added by the end of 2021 through natural fluctuation and early retirement.
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The dismantling also affects the carpet floor. “We have cut 20 percent of the management team in the last few months,” says Vranckx. The management is also being thinned out: COO Thomas Frick (61) will step down at the end of March – his position will not be filled.
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But Vranckx already doubts whether the previously announced downsizing will be enough. He vaguely speaks of “different scenarios”. It is the only time at this annual conference that the father of two does not speak plain language. Vranckx only reveals this much: Part of the fleet could also be canceled, which would affect the route network. Industry experts now consider it likely that Swiss will shrink.
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Swiss promises: “Prices will not rise”
Vranckx mastered his first annual conference with a grim expression and lived up to his reputation as a serious contemporary. The little good news that still had to be announced, he consequently left his colleague Tamu Goudarzi Pour (51). “Every customer who was affected by flight cancellations or rebookings got their money back,” said the Swiss CCO. A total of CHF 800 million was paid back to 1.5 million customers.
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And Pour was also able to elicit a promise from VIEW. “The prices for customers will not rise in the summer compared to previous years,” he said. There is currently an oversupply, which could lead to lower conditions.
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Published: March 5th, 2021, 1:13 am-Last updated: March 5, 2021, 12:01 pm–Related
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