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    GIAA   ID1000118300

PT. GARUDA INDONESIA (PERSERO) TBK

(GIAA)
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German airline Condor to acquire Airbus A330neo jets

07/28/2021 | 04:33pm EDT
An Airbus A330neo aircraft takes off from the Airbus delivery center in Colomiers near Toulouse

PARIS, July 29 (Reuters) - German leisure airline Condor is acquiring 16 Airbus A330neo jets to replace a wide-bodied fleet of Boeing 767 aircraft, accounting for almost half of a backlog of planes whose debt-strapped buyers were unable to take delivery.

"The first aircraft is expected in autumn 2022, whilst the replacement of the entire long-haul fleet is scheduled to be completed by mid-2024," Condor said on its website.

Airbus CEO Guillaume Faury told reporters seven of the jets would be supplied directly by the planemaker, with the rest to be provided by leasing companies.

The deal was announced late on Wednesday, a day after EU regulators approved 525.3-million euros ($619.3 million) in German aid for Condor that will help it restructure after an earlier decision was annulled by a European court..

Condor has a mixed fleet of planes from Airbus and Boeing, but relies solely on its ageing 767s for long-haul needs.

The A330neo is an upgraded version of the A330 passenger plane with recent Rolls-Royce engines. Its closest competitor in typical airline competitions is seen as the 787-10 variant of the newer Boeing 787 Dreamliner family.

The Condor deal provides homes for A330neo jets earmarked for airlines whose finances have worsened during the pandemic.

That means they are likely to have been sold at a steeper than usual discounts, industry sources said, mirroring recent moves by Boeing to find homes for some unsold 737 MAX jets.

Three of the seven so-called "white tail" jets, or unsold A330neos left without the livery of a purchasing airline, were originally allocated to Indonesia's Garuda and four to AirAsia X of Malaysia.

Airbus declined comment on terms of the deal.

Reuters reported on Wednesday that Airbus was also in talks to replace Boeing jets at another European leisure carrier, British airline and holiday group Jet2. (Reporting by Tim Hepher; editing by Jonathan Oatis, Grant McCool and David Evans)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AIRASIA X BERHAD 0.00% 0.085 End-of-day quote.13.33%
AIRBUS SE 1.72% 117.4 Real-time Quote.28.54%
JET2 PLC 1.76% 1328.8142 Delayed Quote.-8.81%
PT. GARUDA INDONESIA (PERSERO) TBK -1.77% 222 End-of-day quote.-44.78%
ROLLS-ROYCE HOLDINGS PLC 3.98% 138.02 Delayed Quote.19.10%
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Financials
Sales 2020 1 492 M - -
Net income 2020 -2 443 M - -
Net Debt 2020 7 565 M - -
P/E ratio 2020 -4 260x
Yield 2020 -
Capitalization 402 M 402 M -
EV / Sales 2019 0,54x
EV / Sales 2020 5,56x
Nbr of Employees 14 715
Free-Float 7,60%
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Last Close Price 222,00 
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Managers and Directors
Irfan Setiaputra Chief Executive Officer
Fuad Rizal Director-Finance & Risk Management
Triawan Munaf President Commissioner
Ade R. Susardi Director-Service, Business Development & IT
Tumpal Manumpak Hutapea Operational Director