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

DEUTSCHE LUFTHANSA AG

(LHA)
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Lufthansa flags further cuts to planes, staff as outlook worsens

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09/21/2020 | 09:38am EDT

(Corrects number of airplanes to 650 from 610 in paragraph 4)

* Will reduce fleet by 50 more planes than planned

* Smaller fleet will lead to more job cuts

* Will take 1.1 bln euro writedown in third quarter

BERLIN, Sept 21 (Reuters) - A worsening outlook for air travel prompted Lufthansa to further cut its fleet and workforce on Monday as the coronavirus crisis forced it to take a 1.1 billion euro ($1.3 billion) impairment on the value of its aircraft.

The German airline, which secured a 9 billion euro state bailout in June, said the outlook for international air traffic had deteriorated in recent weeks and booking figures were declining as the summer travel period ended.

Lufthansa said it now expects capacity to be in the range of 20% to 30% in the fourth quarter, down from a previous forecast for 50%, as signs of a European recovery at the start of the summer evaporated due to travel restrictions and quarantines.

As a result, Lufthansa plans to reduce its fleet by 150, 50 more than previously planned, to around 650 aircraft, adding that this meant it would need to cut more jobs than the 22,000 full-time positions it had previously announced.

Shares in Lufthansa were down 9.6% by 1417 GMT, compared with a 4.1% DAX index decline.

Lufthansa, which had hoped to limit compulsory redundancies by cutting working hours and salaries, said it would talk with unions. The Verdi union criticised plans to cut staff, but said it remained open for further talks with Lufthansa.

"Job cuts alone will not save the company," Verdi spokeswoman Mira Neumaier said.

Lufthansa still aims to reduce its monthly cash burn by around 100 million euros per month to around 400 million in the winter period 2020/2021.

It plans to cut 20% of management positions in the first quarter of next year and will reduce its administrative office space by 30% in Germany.

Lufthansa said expanding coronavirus tests for passengers before departure is essential to reviving global air travel. ($1 = 0.8497 euros) (Additional reporting by Ilona Wissenbach; Editing by Thomas Escritt, Edward Taylor and Alexander Smith)


Stocks mentioned in the article
ChangeLast1st jan.
AIRBUS SE 5.55% 68.03 Real-time Quote.-47.86%
DAX 0.82% 12645.75 Delayed Quote.-4.55%
DEUTSCHE LUFTHANSA AG 5.59% 8.494 Delayed Quote.-48.24%
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Financials
Sales 2020 16 253 M 19 277 M 19 277 M
Net income 2020 -5 853 M -6 942 M -6 942 M
Net Debt 2020 12 710 M 15 075 M 15 075 M
P/E ratio 2020 -0,82x
Yield 2020 -
Capitalization 5 077 M 6 010 M 6 022 M
EV / Sales 2020 1,09x
EV / Sales 2021 0,71x
Nbr of Employees 129 356
Free-Float 83,3%
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Mean consensus SELL
Number of Analysts 22
Average target price 5,64 €
Last Close Price 8,49 €
Spread / Highest target 66,0%
Spread / Average Target -33,6%
Spread / Lowest Target -82,3%
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Managers
NameTitle
Carsten Spohr Chairman-Executive Board & CEO
Karl-Ludwig Kley Chairman-Supervisory Board
Roland Schütze Chief Information Officer
Christine Behle Deputy Chairman-Supervisory Board
Christina Weber Member-Supervisory Board
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