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Frankfurt / Main (dpa) - How is the Lufthansa group rescued by the state doing in the ongoing corona pandemic?
Investors today expect answers to this question from the management of the MDax Group, which reports in Frankfurt on the course of business in the first quarter of 2021.
Particular attention is paid to the further outflow of cash and the scope of the remaining reserves.
According to CEO Carsten Spohr, the group must become more flexible, more digital and more sustainable in the crisis. In this way, savings in personnel and in the fleet are inevitable. Lufthansa ended the 2020 financial year with a record loss of 6.7 billion euros, following a profit of 1.2 billion in the pre-crisis year 2019. Revenue slumped by almost two thirds to 13.6 billion euros.
The sluggish vaccination start in Europe and the persistent travel barriers further paralyzed air traffic in the first three months of this year.
Despite a slight recovery before Easter, according to the flight safety organization Eurocontrol, the traffic figures were still only a good third of the values of 2019. Lufthansa has announced for the full year that it intends to offer between 40 and 50 percent of the previous capacity.
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The cash outflow in ongoing business at the end of the year was around 300 million euros per month.
The board of directors had targeted this level for the first quarter as well.
The liquid funds at the turn of the year were estimated at 10.6 billion euros.
The group received government aid of 9 billion euros from Germany, Switzerland, Austria and Belgium last year.
A loan from the KfW Bank in the amount of one billion euros has already been repaid.
© dpa-infocom, dpa: 210428-99-390631 / 2
Lufthansa Annual Report 2020