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DEUTSCHE LUFTHANSA AG

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

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)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AMP LIMITED 0.47% 1.075 End-of-day quote.-31.09%
DEUTSCHE LUFTHANSA AG 2.80% 11.238 Delayed Quote.3.91%
DOW JONES AFRICA TITANS 50 INDEX -0.01% 548.26 Delayed Quote.3.46%
S&P AFRICA 40 INDEX 0.07% 181.06 Delayed Quote.4.39%
TEAM, INC. 3.01% 8.9 Delayed Quote.-18.35%
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Financials
Sales 2021 17 483 M 21 257 M 21 257 M
Net income 2021 -2 367 M -2 878 M -2 878 M
Net Debt 2021 13 574 M 16 505 M 16 505 M
P/E ratio 2021 -2,88x
Yield 2021 -
Capitalization 6 717 M 8 164 M 8 167 M
EV / Sales 2021 1,16x
EV / Sales 2022 0,72x
Nbr of Employees 111 262
Free-Float 79,0%
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Mean consensus SELL
Number of Analysts 23
Average target price 7,93 €
Last Close Price 11,24 €
Spread / Highest target 42,4%
Spread / Average Target -29,5%
Spread / Lowest Target -82,2%
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Managers and Directors
NameTitle
Carsten Spohr Chairman-Executive Board & CEO
Remco J. Steenbergen Chief Financial Officer
Karl-Ludwig Kley Chairman-Supervisory Board
Roland Schütze Chief Information Officer
Christine Behle Deputy Chairman-Supervisory Board
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