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

DEUTSCHE LUFTHANSA AG

(LHA)
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Belgium tells Lufthansa state aid possible if conditions met

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05/15/2020 | 09:50am EDT

By Marine Strauss

The Belgian government said on Friday it was committed to reaching a deal with Lufthansa to save its Belgian subsidiary Brussels Airlines if the future of the national carrier was guaranteed.

Belgian prime minister Sophie Wilmes and key ministers said in a joint statement with Lufthansa that the government needed guarantees of a realistic and future-oriented business plan that saw the Belgian carrier as a profitable operation with favourable job prospects.

"Today's meeting provided both parties with the opportunity to clarify their respective positions and to accelerate a convergence of these positions," the statement said after Wilmes and her ministers met a Lufthansa team led by CEO Carsten Spohr.

Belgium is requesting that the number of forced layoffs at Brussels Airlines should be as limited as possible. The carrier announced on Tuesday plans to cut its fleet by 30% and its staff by a quarter to guarantee its survival during and after the pandemic..

At stake is also the future of the national airport, Brussels Airport, where Brussels Airlines represents 40% of air traffic.

Both Lufthansa and the Belgian government said they recognised the importance of the airport as an economic hub and the need for a growth plan focused on destinations in Africa and North America.

Airlines across Europe have been stranded since March due to the pandemic.

Brussels Airlines, which has 4,200 staff, said it needed to cut costs to a competitive level and was also asking for support from both Lufthansa and the Belgian government.

Friday's statement said progress had been made despite "difficult" conversations in recent weeks and negotiations would continue in the coming days to agree on the form and conditions of a possible Belgian state investment.

"Both parties are firmly committed to reaching a fruitful agreement," the joint statement said.

(Reporting by Marine Strauss @StraussMarine; editing by Philip Blenkinsop and Louise Heavens)

Stocks mentioned in the article
ChangeLast1st jan.
DEUTSCHE LUFTHANSA AG -6.43% 9.142 Delayed Quote.-44.29%
DOW JONES AFRICA TITANS 50 INDEX 1.21% 433.79 Delayed Quote.-20.31%
S&P AFRICA 40 INDEX 0.89% 141.39 Delayed Quote.-19.61%
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Financials
Sales 2020 21 354 M 23 714 M 23 714 M
Net income 2020 -3 315 M -3 681 M -3 681 M
Net Debt 2020 12 708 M 14 113 M 14 113 M
P/E ratio 2020 -1,47x
Yield 2020 -
Capitalization 4 372 M 4 860 M 4 855 M
EV / Sales 2019
EV / Sales 2020 0,80x
Nbr of Employees 118 292
Free-Float 98,6%
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Mean consensus UNDERPERFORM
Number of Analysts 19
Average target price 7,12 €
Last Close Price 9,14 €
Spread / Highest target 96,9%
Spread / Average Target -22,1%
Spread / Lowest Target -94,5%
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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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