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MarketScreener Homepage  >  Equities  >  Xetra  >  Deutsche Lufthansa AG    LHA   DE0008232125

DEUTSCHE LUFTHANSA AG

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German companies seek state aid to cope with coronavirus

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06/02/2020 | 07:09am EDT

A number of German companies have taken out state-backed loans as part of the federal government's aid package to deal with the coronavirus crisis.

Here is a list of companies that have applied for the package or plan to do so:

LUFTHANSA

The supervisory board of flagship carrier Lufthansa approved on Monday a 9 billion euro ($10 billion) government bailout that will force the German airline to give some of its prized landing slots to rivals.

Under the plans, the German government will take a 20% stake in the airline as well as two seats on its supervisory board.

KION

The German forklift truck and robotics maker said on May 22 it had agreed on an additional credit facility of up to 1.0 billion euros with its core group of lenders and Germany's development bank KfW [KFW.UL]. Under the agreement, KfW would grant 80% of the total while the company's core banks the remaining 20%.

LEONI

The battered German auto supplier will stay afloat with state aid of several hundred million euros.

Leoni said in April it was in advanced talks with its banks to obtain a loan, 90% of which would be guaranteed by the federal government and the state of Bavaria.

The firm's banks, which are supposed to bear the rest of the risk, have already shown their support for the plan.

K+S

Indebted German mineral miner K+S slashed its dividend proposal to 4 euro cents per share from a previously proposed 15 cents per share to become eligible for state aid.

The company said at the beginning of May it was eyeing loans backed by KfW, but declined to comment on whether it had already applied for a loan or how big it could be.

THYSSENKRUPP

Thyssenkrupp has secured about 1 billion euros in state aid, sources close to the matter said at the end of April.

The KfW loan should help the conglomerate to get through until money from the sale of its elevator division arrives.

PUMA

The sportswear maker, which in April proposed suspending its dividend due to the pandemic, said earlier this month it had secured a new revolving credit facility of 900 million euros, including 625 million from KfW.

ADIDAS

The sportswear maker, which was forced to suspend dividend payments as a condition of a government-backed loan in mid-April, said it would replace that loan with other financial options as soon as possible.

Manager Magazin later in April said Adidas was planning a multi-billion euro bond.

The company initially agreed to take a 2.4 billion euro government-backed loan to cope with the closure of stores and the postponement of the Olympic Games and Euro soccer tournament.

TUI

To cope with the impact of COVID-19, the holiday operator received a 1.8 billion euro loan commitment from KfW to supplement its existing 1.75 billion euro credit agreement.

"The commitment of the KfW bridging loan is an important first step for TUI to successfully bridge the current exceptional situation," said Chief Executive Fritz Joussen at the end of March.

CECONOMY

The electronics supplier secured a government-backed loan of 1.7 billion euros to mitigate the impact of the coronavirus on its business following forced shop closures, the company said at the end of April.

Ceconomy, which had put 20,000 employees on short-time work in Germany but has been reopening stores in the country since mid-April, said one condition of the loan is that the company suspend dividend payments.

SIXT

The German car rental company said earlier in May it had signed a syndicated loan agreement with a bank consortium including state-owned KfW for a revolving credit line of up to 1.5 billion euros, with a term of up to two years.

Among other conditions, Sixt has agreed to waive dividend payments during the term of the loan, except for the annual minimum dividend of 0.05 euros paid for preference shares.

DOUGLAS

The German perfume retailer said at the end of May it had been in talks with KfW about a loan, but discussions were put on hold as it could not reach an agreement on conditions. The company now hopes to be able to make it through the pandemic without state aid, despite expecting an ongoing hit to sales.

BENTELER

Car parts maker Benteler is considering applying for state-backed loans in Germany, three sources familiar with the talks said last week, adding though its tax status could ruin its chances.

The company, which makes chassis components, steel tubes and exhaust systems, moved from Germany to Austria in 2010 to lower its tax bill, but still employs 9,000 people out of a global workforce of 27,000 in Germany.

DEUTSCHE BAHN [DBN.UL]

Late in May, Germany's government said it was planning to inject at least 5.5 billion euros into state-owned rail operator Deutsche Bahn, which has been hit by the collapse in travel.

Employees will contribute a further 2 billion euros up until 2024 and a debt cap will be lifted, the government said.

Lawmakers from German Chancellor Angela Merkel's conservative party and Finance Minister Olaf Scholz's Social Democrats have agreed to lift the debt ceiling by 5 billion euros to 30 billion euros this year, according to the draft parliamentary resolution obtained by Reuters.

CONDOR

Germany's government and the federal state of Hesse have agreed to give charter airline Condor loans worth 550 million euros, the economy minister said at the end of April, after the owner of Poland's LOT pulled out of a deal to buy the group.

Condor said in a separate statement it would receive a 294 million euro loan as coronavirus aid and an additional 256 million euros to completely refinance a bridging loan it received after the collapse of parent company Thomas Cook.

(Compiled by Bartosz Dabrowski, Linda Pasquini and Veronica Snoj in Gdansk with contributions from Frankfurt, Duesseldorf and Munich; Editing by Tomasz Janowski/Emelia Sithole-Matarise/Jan Harvey/Barbara Lewis)

Stocks mentioned in the article
ChangeLast1st jan.
ADIDAS AG -0.72% 233.9 Delayed Quote.-18.67%
AT HOME GROUP INC. -7.50% 5.8 Delayed Quote.5.45%
CECONOMY 0.32% 3.17 Delayed Quote.-41.55%
DEUTSCHE LUFTHANSA AG -2.80% 8.476 Delayed Quote.-46.85%
DRAFT INC. -2.31% 1055 End-of-day quote.0.00%
JUST GROUP PLC 1.92% 49 Delayed Quote.-39.27%
K+S AG -1.32% 5.53 Delayed Quote.-49.58%
KERING SA -0.64% 495.4 Real-time Quote.-14.83%
KION GROUP AG 1.22% 58.2 Delayed Quote.-6.56%
LEONI AG -4.31% 7.21 Delayed Quote.-27.16%
ONE STOP SYSTEMS, INC. -3.68% 1.9264 Delayed Quote.-4.63%
PUMA SE -1.59% 68.06 Delayed Quote.1.13%
SEEK LIMITED 1.32% 21.57 End-of-day quote.-4.35%
SIXT SE -0.50% 69.6 Delayed Quote.-22.03%
THE GLOBAL LTD. -4.50% 212 End-of-day quote.-54.99%
THE NEW HOME COMPANY INC. -0.92% 3.24 Delayed Quote.-30.47%
THYSSENKRUPP AG -1.40% 6.196 Delayed Quote.-47.84%
TUI AG -1.91% 3.96 Delayed Quote.-64.59%
WEICHAI POWER CO., LTD. 1.79% 17.1 End-of-day quote.4.01%
WILL GROUP, INC. -2.16% 634 End-of-day quote.-49.36%
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Financials
Sales 2020 17 899 M 20 157 M 20 157 M
Net income 2020 -4 711 M -5 305 M -5 305 M
Net Debt 2020 11 121 M 12 525 M 12 525 M
P/E ratio 2020 -0,95x
Yield 2020 0,18%
Capitalization 5 214 M 5 891 M 5 871 M
EV / Sales 2019
EV / Sales 2020 0,91x
Nbr of Employees 136 966
Free-Float 86,3%
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Mean consensus SELL
Number of Analysts 21
Average target price 5,76 €
Last Close Price 8,72 €
Spread / Highest target 14,7%
Spread / Average Target -34,0%
Spread / Lowest Target -94,3%
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Managers
NameTitle
Carsten Spohr Chairman-Executive Board & CEO
Karl-Ludwig Kley Chairman-Supervisory Board
Roland Schütze Chief Information Officer
Martin Koehler Member-Supervisory Board
Christine Behle Deputy Chairman-Supervisory Board
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