The German air carrier Lufthansa is coming out of the first quarter with a deficit of 15.8 billion kroner. It shows the company’s financial statements.
the financial Statements cover the first quarter, there rarely is particularly lucrative for carriers. But this year’s loss is still much greater than usual. Last year, lost to Lufthansa, a little over 2.5 billion dollars in the first quarter.
because of the outbreak of the coronavirus globally, many countries have introduced travel restrictions, and therefore keep many of Lufthansa’s planes on the ground instead of to make money for the company.
another reason for the deficit is that Lufthansa has written down the value of its aircraft, with nearly two billion crowns.
Also Lufthansa’s cateringselskab and lavprisselskabet Eurowings, Lufthansa owns, have been written down in value. The two impairments together have a value of 1,1 billion dollars.
Luftfartsanalytiker Jacob Pedersen from Sydbank notes to accounts as Lufthansa’s first quarter is going to go over in the industry’s history.
” This is a historic great loss in this quarter, he says.
– They expect to fly again a little more to september, with 40 percent of their capacity.
Genopstarten is greatly focused on their kortdistanceruter, he points out, and call it ’the initial knee bends for a very long restart’.
because of the lack of revenue during the coronakrisen, Lufthansa has applied for a bailout from the German state and the two parties have agreed the help of 67,5 billion.
For his money get the German state 20 percent of the ownership of Lufthansa. The proportion can rise to 25 percent if there are trials out from the to take over Lufthansa.
the Agreement slipped, however, not without problems in Brussels, where the EUROPEAN Commission demanded that Lufthansa gave up some of its coveted reservations at the landing and departure times at German airports like Frankfurt and Munich, where the aid had to be approved.
It would, the German state is willing to do this, while Lufthansa hesitated, before the company accepted in pentecost.
Lufthansa recognises that the large minus in the first quarter will have a negative impact for årsresultatet, but dare not yet guess how it ends.
Already at the end of april, it was clear that the situation will have consequences for the employees.
the Company estimates that it needs to use 100 fewer aircraft, and has also predicted that some of the aircraft, the company keeps, comes to be on earth to 2022. In all, expect the whole group to cut 10,000 posts.
