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

DEUTSCHE LUFTHANSA AG

(LHA)
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Real-time Estimate Quote. Real-time Estimate Tradegate - 07/09 04:20:17 am
8.905 EUR   -1.25%
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Lufthansa supervisory board rubber stamps $10 billion state bailout

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06/01/2020 | 11:05am EDT
FILE PHOTO: The spread of the coronavirus disease (COVID-19) in Germany

By Christoph Steitz

Lufthansa's supervisory board has approved a 9 billion euro government bailout that will force the German airline to give some of its prized landing slots to rivals.

The approval marks the latest step in the complex state rescue of Lufthansa, which has been badly hit by the coronavirus pandemic's impact on the travel sector.

Under the plans, the German government will take a 20% stake in the airline, which could rise to 25% plus one share in the event of a takeover attempt, as well as two seats on its supervisory board.

Lufthansa will also be obliged to transfer to rivals up to 24 take-off and landing slots at Frankfurt and Munich airports.

"We recommend that our shareholders follow this path, even if it requires them to make substantial contributions to stabilising their company," supervisory board Chairman Karl-Ludwig Kley said in a statement.

"It must be clearly stated, however, that Lufthansa is facing a very difficult road ahead."

The bailout still needs to be approved by regulators and Lufthansa investors, who are due to meet virtually at an extraordinary general meeting on June 25, Lufthansa said, adding that the rescue funds would have to be repaid as soon as possible.

Lufthansa, which said it would publish first-quarter results on June 3, said it is obvious that international air traffic will not bounce back to pre-crisis levels in the foreseeable future.

"The expected slow market recovery in global air traffic makes an adjustment of our capacities unavoidable," said Chief Executive Carsten Spohr.

"Among other things, we want to discuss with our collective bargaining and social partners how the impact of this development can be softened in the most socially acceptable way possible."

Lufthansa's executive board will discuss the necessary measures with the Verdi, Vereinigung Cockpit and UFO unions, it said without elaborating.

Spohr told employees in late April that the carrier expects to operate 100 fewer aircraft with 10,000 fewer staff after the coronavirus crisis ends. The group has roughly 140,000 employees and 760 planes.

(Editing by Jan Harvey and David Goodman)

Stocks mentioned in the article
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AT HOME GROUP INC. 5.03% 6.27 Delayed Quote.14.00%
DEUTSCHE LUFTHANSA AG -0.86% 8.954 Delayed Quote.-45.05%
JUST GROUP PLC 0.17% 48.08 Delayed Quote.-39.49%
RISE, INC. -2.94% 33 End-of-day quote.10.00%
THE GLOBAL LTD. 1.83% 222 End-of-day quote.-52.87%
THE NEW HOME COMPANY INC. 6.17% 3.27 Delayed Quote.-29.83%
WILL GROUP, INC. -1.22% 648 End-of-day quote.-48.24%
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Financials
Sales 2020 17 899 M 20 326 M 20 326 M
Net income 2020 -4 711 M -5 350 M -5 350 M
Net Debt 2020 11 121 M 12 630 M 12 630 M
P/E ratio 2020 -0,98x
Yield 2020 0,18%
Capitalization 5 390 M 6 101 M 6 121 M
EV / Sales 2019
EV / Sales 2020 0,92x
Nbr of Employees 136 966
Free-Float 82,8%
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Technical analysis trends DEUTSCHE LUFTHANSA AG
Short TermMid-TermLong Term
TrendsBearishNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus SELL
Number of Analysts 21
Average target price 5,83 €
Last Close Price 9,02 €
Spread / Highest target 10,9%
Spread / Average Target -35,3%
Spread / Lowest Target -94,5%
EPS Revisions
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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