HITS is good for aeronautical engineering
After the agreement on a rescue package for Lufthansa, the shareholders are on the move. The pilots' union Vereinigung Cockpit (VC) solicited approval from shareholders on Tuesday. "There is no alternative for Lufthansa," said VC President Markus Wahl.
"The agreement that has now been reached is a difficult but acceptable compromise. A protective shield procedure would have entailed incalculable risks for all stakeholders. The shareholders should follow the decisions of the management board and the supervisory board and agree to the measures so that the remaining uncertainties are ended."
Shareholders should decide on June 25th
At an extraordinary general meeting on June 25, the shareholders are to decide on the bailout package that is linked to certain conditions. The agreement between Lufthansa, the German government and the EU Commission was well received on the stock exchange. The Lufthansa share rose temporarily by 8.5 percent on Tuesday. In the afternoon it was just under 3 percent up at 9.41 euros.
The corona pandemic with the following travel restrictions had brought Lufthansa's business to almost a standstill, with the exception of freight. The group therefore needs state help. In return for a rescue package worth around nine billion euros, including the participation of the federal government in the company, Lufthansa has to give up 24 take-off and landing rights at its important airports in Frankfurt and Munich. Formal approval by the Brussels competition authorities is still pending.
Lufthansa must now "concentrate on the urgent operational challenges in order to prepare flight operations and the group for future challenges," warned the VC. The airline wants to reduce its capacities because of the crisis. The Lufthansa Executive Board wants to discuss the necessary measures in Germany with the trade unions Verdi, VC and Ufo (flight attendants) in a top-level meeting.
Lufthansa presents quarterly figures
Lufthansa presents its figures for the first quarter this Wednesday. The main question is how long the money in the till will last - and how many jobs in the group will fall victim to the crisis.
Hesse's Minister of Economic Affairs, Tarek Al-Wazir, also expects cuts. "The Lufthansa of the future will be different. It will have to shrink, and that will also cost jobs," said the Green politician on Hit Radio FFH. He expects the corona crisis to have lasting consequences, especially in business travel. Perhaps "it will never again be the case that, for example, the Lufthansa intercontinental aircraft are full of well-paying business class travelers".
During the Corona crisis, many companies learned "that there is another way", for example via video conference. In addition, the crisis ensures that companies check spending very carefully, said Al-Wazir. "In case of doubt, this means that - if the trip is already necessary - they will no longer fly business, but wood class. And that too will ultimately be seen in the balance sheet of airlines."
According to the key data published at the end of April, Lufthansa recorded an 18 percent drop in sales to 6.4 billion euros in the first quarter. The operating loss adjusted for special items (adjusted EBIT) increased from 336 million to 1.2 billion euros year-on-year due to the collapse in air traffic in March. For the second quarter, the board of directors already predicted an even higher operating loss.
The Lufthansa Executive Board wants to discuss the necessary measures in Germany with the trade unions Verdi, VC and Ufo (flight attendants) in a top-level meeting.
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