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  1. May 8, 2020 Lufthansa Group held its first ever virtual annual general meeting on 05-May-2020, with around 10,000 shareholders dialling-in. Chairman and CEO Carsten Spohr had the unenviable task of ‘e-informing’ shareholders of the board’s vision to getting the company through coronavirus and what the future will look like when the virus recedes. The meeting’s introduction was a poignant reminder of what was, and what the company is fighting for in the coming months. Mr Spohr admitted it is a “bitter” feeling that 65 years of work building up Lufthansa’s traffic volume and global network could be completely reversed in under 65 days. “After many tough years of modernisation, we recorded the best results in the history of our company for three years in a row. Now all of a sudden all of our efforts have been annihilated by a single global event… our company is in a state of emergency,” he explained. Echoing the vision of all major airline groups in the context of Covid-19, the CEO of Lufthansa Group stressed that the company will not return to its former fleet size “for the foreseeable future”. He warned it will have a “significantly smaller” structure compared to before the crisis and is now in negotiations with OEMs to delay aircraft deliveries and is reviewing its options with regards to staff cuts. None of its airline subsidiaries will be spared from hefty restructuring. Whereas in the past Lufthansa has relied on the brand value of carriers like Austrian and Brussels Airlines for each home market, the ‘new norm’ may require a rethink of this strategy as Austrian and Brussels Airlines’ return-to-profitability programmes are accelerated. The group will be mindful of LCCs and high-speed rail competing for what is left of post-Covid-19 European travel demand from its hubs in Brussels and Vienna. Plans to bundle aircraft from its four airline subsidiaries into one “tourist-oriented” holiday operator in the future were also mentioned, a move which had also been hinted at before the crisis. Mr Spohr said this will allow the group to better take advantage of expected higher leisure demand post-coronavirus after a lengthy lockdown period. Potentially, this could comprise a dramatic shift in the short haul operations of the network carriers to the Eurowings brand, with the mainline operators focusing exclusively on long haul to link their respective markets outside of Europe. But to get to this point, the company must minutely review its costs. To date, 100 aircraft have been signalled for removal from the group’s 760 aircraft fleet, prioritising older and less efficient units to reduce fleet complexity. This translates to a reduction of around 10,000 staff as of now, but it should be expected that a much larger portion of the company’s 130,000 global staff will be removed as further fleet cuts are made, in line with demand forecasts and as their flow-on effects for MRO, ground handling, IT and consultancy suppliers are felt. Lufthansa Group has said it is currently burning through EUR1 million of its liquidity reserves per hour. With over EUR4 billion in cash reserves, including credit lines and short-term loans, this adds up to a life expectancy of around five to six months without some form of external support as it exhausts its ability to repay financial liabilities and refund airfares. State aid negotiations have stalled in certain Lufthansa markets due the environmental and ownership strings that could be attached, however in total the group is reported to be negotiating a combined total of around EUR10 billion from the Belgium, Swiss, Austrian and German governments. Commenting on these negotiations during the AGM, Mr Spohr was very clear: “We need government support. We don’t need government management”. He said support from the governments, and by extension taxpayers, will be tied to clear long term profitability goals to make it “fit for the future” without the need for government oversight, and that any support will be paid back “as quickly as possible”. As is the consensus across the industry, Mr Spohr said that pre-coronavirus traffic volumes will only return by around 2023, given the expected long-term safety and hygiene concerns and a weakening of the global economy and purchasing power. In the meantime, with Lufthansa Group must, like all businesses, make some very tough decisions that will affect many thousands of direct and indirect jobs and likely disrupt German connectivity for many months, in a bid to make it through the crisis. https://blueswandaily.com/with-65-years-of-traffic-growth-wiped-out-in-under-65-days-where-now-for-the-lufthansa-group/
  2. MIAMI – The Lufthansa Group is considering bankruptcy under its own management amid reports of an alleged agreement for multi-billion state aid. The German government said this morning that as of yet there has not been an agreement on state aid. According to a report by the German Press Agency, the talks are not expected to end by the end of the week either, noting that with a company of this size, such aid must be used wisely. On a different front, the Swiss Lufthansa subsidiary Swiss, has apparently made progress, which, according to media reports, can expect state-guaranteed loans of €1.4b. Today, due to a report by Business Insider about an alleged agreement in the works, the previously agitated Lufthansa share price jumped by 12%. In the report, the news outlet states that the Federal Republic is to pump around €9b into the troubled group, more than double its current market value. The news of the said agreement was also reported by Bloomberg. In a nutshell, the agreement would entail the government receiving a blocking minority and one or two supervisory board mandates at Lufthansa as a new shareholder. Amid all the uncertainty, Lufthansa’s stock gave up its price gains once more during the day, even falling at times into the red. A HAIL MARY PROTECTIVE SHIELD PROCEDURE Filing for administration is a protective shield procedure much like what Condor Flugdienst (DE) did, in a move that could become an alternative if the group were to be threatened with uncompetitive conditions due to high lending rates, for example. Condor is set to receive €550m in loans from the German government and the state of Hesse. As part of this agreement, the company is to be placed under the supervision of an administrator and could undertake the reorganization under the previous management. According to aero.de, by implementing such procedure, Lufthansa has an opportunity to settle numerous obligations towards suppliers and other creditors. Pension costs and unfavorable collective agreements are also up for discussion. In the meantime, the Group is running out of time to implement such a procedure. Lufthansa airlines currently only fly around 1 percent of the usual program because of government restrictions. The carrier’s fixed costs amount despite its short-time work scheme, bleeding around €1m in cash every hour out of its €4b cash reserves. Interest and unfavorable kerosene contracts are also a burden due to the fall in oil prices. GOVERNMENT INFLUENCE ON LUFTHANSA AFFAIRS In an interview with the weekly newspaper “Die Zeit”, Lufthansa CEO Carsten Spohr warned against excessive influence by the state on his company. The aero.de report rightly notes that it is a complicated matter to control a company when several governments want to influence operational business tasks. Lufthansa’s CEO drilled the point by stating that aviation was always political, but that it should never be a politically prescribed question, whether flying from Munich or Zurich to Osaka. The CEO advocated for a vote of confidence in the decisions his management are about to take. The airline has had the three best years in its corporate history. “If it is to be successful in the future, it must continue to be able to shape its fate in an entrepreneurial manner.” DSW general manager Marc Tüngler has stated that the CEO received backing from the shareholders’ association DSW. As a result, it contends that Lufthansa needs capital but no political influence. Reports also surfaced stating that Spohr said he would rather lead the company into insolvency in the form of a protective shield procedure than let the politicians talk him into it. According to aero.de, a company spokesman denied that such a statement was made. Cabin crew union UFO hopes that government actions on Lufthansa will provide better protection of workers’ rights and strategic advantages for German air traffic. The union questions the domestic German flight connections and current coordination with other European airlines. A DEPLETED FLEET AND REDUNDANT WORKFORCE AFTER THE CRISIS On March 6, Lufthansa grounded aircraft and canceled flights for the months of March and June to reduce the dire financial consequences brought by the COVID-19 outbreak. At the time, just 7,100 domestic and Italy-bound flights the airline canceled amounted to 25% of its capacity. To bear the cost of the loss of traffic, in addition to the capacity cuts, the Lufthansa Group announced further cost-cutting measures in the areas of personnel, materials and project budgets. Moreover, the airline decided to ground 150 of its 770 aircraft. Then, on April 7, the Lufthansa Group’s Executive Board of Directors agreed on the first restructuring package, following the heavy disruption caused by the COVID-19 pandemic. The main theme of that package was a significant withdrawal of aircraft in its fleet, with the Group saying that it would “be implemented in a socially responsible manner, among other things, through collective employment models.” Last week, Lufthansa reported a first quarterly operating loss of €1.2b and announced even higher sums for Q2. After the crisis, Lufthansa will probably have a fleet that is 100 aircraft smaller. According to aero.de, this results in a calculated redundancy of 10,000 employees. https://airwaysmag.com/airlines/lufthansa-group-set-to-file-for-administration/
  3. As the bond rate inversion curve appeared on 14-Aug-2019 in the US and the UK, Wall Street headed rapidly south. A number of other countries have already this experienced inversion for a while. And in Germany, the world’s fourth largest economy, GDP growth rate went into reverse in 2Q2019. Does this mean recession is coming, or even imminent? Air freight numbers have been steadily falling for nearly a year. They used to be good forward indicators of where the world economy is headed, but not so much in recent years. Passenger traffic growth too has slowed markedly in the past year. Global trade conflict is creating uncertainty and aviation is inevitably caught up in that. So are we heading for trouble, and if so, when? Air Freight is not only an economic indicator, but a large revenue earner Especially for airlines in Asia Pacific, freight contributes considerably to overall revenues. And, since late-2018, the freight downturn has hit almost all regions, as this IATA chart shows. Freight tonne kilometres (FTKs) fell nearly 5% y-o-y in Jun-2019, the eighth consecutive month for negative annual growth. FTK growth by region, Jan-2016 to Jun2019 Source: IATA Economics The aggregated figure shows this emerging trend clearly, as the seasonally adjusted line tracked down since late 2018. Freight Tonne Kilometre growth 2014-2019 Source: IATA Economics Uncertainty is the killer ingredient for trade and investment There are conceivably two factors involved in this air freight trend: a broad slowing in many economies, cooling imports and exports, and the flow on impact of the accelerating trade dispute. In this mix, uncertainty is the common and increasingly dominant feature. Uncertainty leads to reluctance to invest and that, simply and predictably, flows down the line. President Trump’s recent threat to impose higher duties on a range of Chinese exports can be imagined as having a similar effect to that in a three mile long freight train, when the driver slams on the breaks. All down the train there is a thud-thud-thud as each truck hits the one in front of it, each creating disruption. Then, when the driver suddenly pushes the train back into fast forward, the process is repeated in reverse, thud-thud-thud, with each impact creating repercussions for every part of the supply chain. Those repercussions translate to bankruptcy for some in the supply chain, as payments and commitments become more unpredictable. Strong passenger growth of recent years is slowing fast Passenger number growth has slowed in most markets, notably Europe; 5.4% is still healthy growth but it is trending downwards. Only Latin America, Africa and Asia Pacific were up, month over month. International passenger traffic growth, year to May-2019, by region* *by airline region of registration Source: IATA Economics World markets have been skittish for some time Most of the world’s stock markets take their lead from Wall Street, which in turn is a fair reflection of the world’s most powerful economy. And, fuelled by tax reductions and low interest rates, that economy has been growing strongly for over a year. More recently, as the trade war has escalated, direct and collateral damage has spread through the world economy. The 14-Aug-2019 800-point fall in the Dow was the worst single day drop of the year, although the second worst fall, of 768 points had occurred the previous week. Recent behaviour has been for a quick recovery on the following day. And the index is still well above where it started the year and happily in front of the mini-slump in Jun-2019. The Dow Jones Index performance 1-Jan-2019 to 14-Aug- 2019 Source: google But some US airline stocks have had a less positive year Despite a solid profit performance in recent years, and professed expectations that high profitability would continue indefinitely, investors have been less kind to the US majors. American notably has borne the brunt of negative sentiment. American Airlines Group share price performance 1-Jan-2019 to 14-Aug- 2019 United Airlines share price performance 1-Jan-2019 to 14-Aug- 2019 Delta has been a standout, and even when the overall market came down 3%, managed to sustain a slightly smaller fall. Delta Air Lines share price performance 1-Jan-2019 to 14-Aug- 2019 And JetBlue too has been a strong performer, caught in the day's downdraft. JetBlue share price performance 1-Jan-2019 to 14-Aug- 2019 Globally, the airline share price picture is somewhat gloomier When viewed against generally strong overall share markets, the airline sector has clearly come off its highs of 2017 and 2018, when oil prices were low and traffic was stimulated by lower fares. Lufthansa has disappointed, down over 25% since Jan-2019. Meanwhile, by contrast, the DAX Index is up nearly 10% over 2019. Lufthansa share price performance 1-Jan-2019 to 14-Aug- 2019 Battered by Brexit, the International Airlines Group share price is down by one third for the year. There may be more to come, as B-Day looms. IAG share price performance 1-Jan-2019 to 14-Aug- 2019 Oddly enough, despite its weak marketplace performance, Air France-KLM's stock has performed relatively well, compared with its European airline neighbours. Air France-KLM share price performance 1-Jan-2019 to 14-Aug- 2019 In Asia, steep competition and recent trade insecurity have taken their toll on airline share prices Although performing sluggishly in 2019, Singapore Airlines has been relatively unaffected by the US uncertainty of the night before. Singapore Airlines share price performance 1-Jan-2019 to 15-Aug- 2019 Cathay however has other problems in the short term, as well as being a victim of the freight downturn, a significant earner for the airline. Its share price is down nearly 6% on the day following the Dow’s 3% fall. Cathay Pacific share price performance 1-Jan-2019 to 15-Aug- 2019 Asia’s largest international airline by passenger numbers is being affected by stern competition in the marketplace. AirAsia share price performance 1-Jan-2019 to 15-Aug- 2019 Meanwhile, China’s major airlines are being impacted by slowing overall economic growth in the country. They have however not been greatly affected by the overnight falls on Wall St. Air China share price performance 1-Jan-2019 to 15-Aug- 2019 China Eastern share price performance 1-Jan-2019 to 15-Aug- 2019 The major airline in the South Pacific, Qantas, dominates its domestic market and until now economic conditions have held up well. But here again, investor fragility in the face of growing uncertainty is evident with its post-Wall Street performance, on 15-Aug-2019. Qantas share price performance 1-Jan-2019 to 15-Aug- 2019 LATAM is spread across several Latin American countries and tends to reflect not only the growing level of competition, but also the strength of the region’s economy. Argentina’s rapid slump manages to pollute some of its neighbours too, notably Brazil, its largest trading partner. The size of the airline’s share price fall on 14-Aug-2019, more than twice the Dow’s drop, illustrates the sensitivity of investors towards the region’s airline market. LATAM share price performance 1-Jan-2019 to 14-Aug-2019 Preparing for stormy weather It may be that the markets will rebound quickly. Recent performance would suggest something of a rebound on Wall Street. But the volatility of the share market and a growing degree of pessimism, especially outside the US, means that any prudent airline will be looking to create a buffer in the event of a slowing in demand. https://centreforaviation.com/analysis/reports/whats-going-on-in-the-world-economy-and-where-is-aviation-heading-488084
  4. The Executive Board of Deutsche Lufthansa AG is informing investors and analysts today about the further development of its airline strategy. The planned actions should sustainably enhance Lufthansa Group’s value creation. A key element is a comprehensive set of measures to turn around Eurowings, which should be returned to profit as swiftly as possible and sustainably generate value for shareholders. To enable shareholders to participate more substantially in the Group’s results, the current dividend policy shall be changed. In future, 20 to 40% of the Group’s net income should be regularly distributed to shareholders. In the medium term, the Group aims to raise its free cash flow to at least EUR 1 billion a year. Various planned actions will be presented to analysts and investors today. These include: Eurowings turnaround: a clear focus on short-haul point-to-point operations Eurowings long-haul: transfer of commercial responsibility to the Network Organization Eurowings flight operations: less complexity and higher productivity through a reduction to one AOC in Germany Eurowings fleet: standardization on the Airbus A320 family Eurowings costs: a 15% reduction in unit costs (CASK) by 2022 Brussels Airlines: no integration into Eurowings and closer alignment to the Network Airlines (further details in the third quarter of 2019) Brussels Airlines: turnaround plan in the third quarter of 2019 Network Airlines: innovations in sales and distribution to make a structural growth contribution to raising unit revenues by 3% by 2022 Network Airlines: continuous 1 to 2% annual reduction of unit costs. “With the airlines in our Group we are excellently positioned in our home markets, which are among the strongest in the world,” says Carsten Spohr, Chairman of the Executive Board & CEO of Deutsche Lufthansa AG. “Our Group’s service companies are also world leaders in their fields. We want to translate this market strength even more consistently into sustainable profitability and value creation. And it is to this end that we are presenting concrete actions today which will enhance our efficiency and generate value for our shareholders. Because we don’t just want to be Number One for our customers and our employees: we want to be the first choice for our shareholders, too.” The presentations of today’s Capital Markets Day will be available online here today from 10:30 CEST onwards. https://newsroom.lufthansagroup.com/English/Newsroom/lufthansa-group-informs-investors-and-analysts-at-its-capital-markets-day/s/a51c5ddf-768a-419f-b562-db4c3fbd9fef
  5. A Lufthansa concluiu a operação comercial de seu mais antigo Airbus A320 Autor: avianews.com - 29/05/2019 1491 Em 29 de maio, a Lufthansa concluiu a operação comercial de seu mais antigo Airbus A320 com o registro do D-AIPA. Voo LH1005 aeronave levou os últimos passageiros de Bruxelas para Frankfurt. Um dia antes, o avião, apelidado de Papa Alpha nas duas últimas cartas de seu registro, fez um vôo de despedida de 2 horas sobre a Alemanha, fazendo passes baixos sobre o aeroporto de Hamburgo e o aeródromo da Airbus em Hamburgo. A320 D-AIPA lançado em 1989 na fábrica da Airbus em Toulouse. Tornou-se a 69ª aeronave produzida deste tipo e a primeira aeronave com registro alemão, que usava a tecnologia fly-by-wire, quando era controlada não por cabos enviando comandos aos aviões, mas por fios na forma de sinais elétricos. A aeronave é de propriedade da Lufthansa e todo o tempo desde a transferência de 13 de outubro de 1989 continuamente voado apenas na companhia aérea. Na frota da companhia aérea alemã, recebeu o nome de "Buxtehude" - em homenagem à cidade alemã de Buxtehude, na Baixa Saxônia. Na Lufthansa, observa-se que a história de quase 30 anos de voos faz desse A320 a força motriz mais fiel da companhia aérea e um símbolo de competência em voo e engenharia. Ao longo das décadas, este A320 tornou-se próximo do coração de muitos trabalhadores e passageiros, disse a Lufthansa. A partir de 28 de maio, a aeronave realizou 56.979 voos com uma duração de 71.397 horas. 30 de maio, o avião realizará seu último vôo - será um vôo técnico para a Bulgária. Com base na Lufthansa Technik Sofia, a aeronave extrairá peças que podem ser usadas no futuro. Aproximadamente em meados de junho, o processo de transferência de propriedade será completado com a conclusão correspondente da carreira de voo do Papa Alpha como um avião.
  6. May 22, 2019 There has been a lot of talk recently about airlines investing in airports. Is it a new trend? Is it even manageable? Well, the CAPA – Centre for Aviation Global Airport Investors Database highlights that it is a not a new phenomena and lists some 40 airlines worldwide that are investors in airports, or have been, or (have) aspire(d) to be; including the likes of Lufthansa. Lufthansa is probably the most notable of all, as well as being the largest, having a 5% stake in Fraport, one of the world’s leading airport operators and investors, which at least permits it some influence over Fraport’s decisions made in respect of Frankfurt International airport, its home base. Other than Lufthansa there are two other large airlines currently making the news for their efforts to take control of airports, in their own country or abroad. The first is Kenya Airways, which last year launched an audacious attempt to operate Nairobi Jomo Kenyatta International airport, by establishing a holding company, under the terms of a 30-year concession contract with Kenya Airports Authority. Following stiff opposition it became a proposal for a public-private-partnership instead but the Parliamentary Transport Committee rejected the takeover all the same. The airport argues the airline has neither the money nor the resources to run it while the airline warned of defective infrastructure at the airport which would risk Kenya losing its position as Africa’s aviation hub if unattended to. The other is Qatar Airways. The Gulf giant has been talking since 2018 to Russian authorities with regard to signing a concession agreement for Moscow Vnukovo Airport. It could be completed in 1H2019. At the other end of the scale are airlines such as Bangkok Airways of Thailand, a regional carrier that built and manages its own airports at Koh Samui, Sukhothai, and Trat. It isn’t finished yet. Its president Puttipong Prasarttong-Osoth has said the carrier aims to construct one new airport in Thailand and one in a neighbouring country, entering a JV with local investors for the project outside Thailand. The airports are necessary given the congestion of air traffic and the potential for routes that, “other competitors are yet to realise.” The European equivalent is Eastern Airways, a regional carrier which invested heavily in Humberside Airport in the UK several years ago when Manchester Airports Group quit that facility. There is no single region of the world where such practices are more popular than others but it does seem to have caught on in Southeast Asia, where VietJet Air, Vietnam Airlines, Jetstar Pacific (all Vietnam) Lao Central Airlines, AirAsia, Garuda Indonesia, Pacific Pearl Airways (as a start-up airline), and Thai Airways have at one time or another applied for the rights to operate one or more airports, in their own country or abroad, and either alone or in consortium with airport operators and investors. They are actually everywhere. Argentinean budget start-up FlyBondi for example presented a 15-year concession proposal for El Palomar Airport, a military facility in the Buenos Aires suburbs, outlining a USD30 million investment for the construction of a new terminal at the airport. It opted to use the airport as its main base anyway, irrespective of the fact that only three flights a day were permitted. El Palomar is currently operated by Aeropuertos Argentina 2000. At the other end of the scale in Brazil, Azul Airlines went after a 1% share in Campinas Viracopos airport, the maximum holding it was allowed as an airline under Brazilian law. Meanwhile, in Africa, Comair tried to save the old Durban Airport by taking it over, but failed to do so. There is no common theme as to why so many airlines have sought to enter the airport business, and still do so today. In most cases it is because they want to protect themselves where decision-making is concerned. Airlines and airports operate in different time zones, the former generally having a shorter-term outlook than the latter. Alternatively (and sometimes additionally) it is because they do not have faith in either the government or the airport operators in their own countries in particular to invest in new or upgraded airports, to match their expansion. That is particularly true in Southeast Asia where governments have also found it difficult to attract foreign investors. https://blueswandaily.com/airlines-investing-in-airports-theres-actually-more-than-youd-think/
  7. 07 MARCH, 2019 SOURCE: FLIGHT DASHBOARD BY: LEWIS HARPER BRUSSELS https://www.flightglobal.com/news/articles/oleary-joins-klm-europes-airline-chiefs-pick-fant-456435/ Many a true word is spoken in jest, they say. That phrase was perhaps pertinent during the closing chief executive panel at the A4E Summit on 6 March. "Imagine you could take over the airline of one of your co-panellists for one week. Which one and why?" asked moderator Richard Quest, to laughter from an expectant audience. Lufthansa chief executive Carsten Spohr was first to respond. "I would take Willie's job because I am jealous of his home market in London," he replies in reference to IAG's British Airways, playing it relatively safe. IAG chief Willie Walsh did not chose such a safe answer, however, instead picking a topic that his often been the subject of industry rumours. "I would take KLM and spend that week convincing them that they should be part of IAG," he says. But Walsh won't be doing a job swap with KLM chief executive Pieter Elbers. Instead, the latter says he fancies the idea of running a low-cost competitor. "I would take Ryanair and I would show customers that they could really have an enjoyable journey if they pay a few pounds more," he states. This prompts Ryanair chief Michael O’Leary to rethink his answer. "I’ve changed my mind in the last few seconds. I was originally going to say Carsten so I could [experience] what it feels like to own Germany, Austria and Switzerland," O’Leary says. "[but] I’ve changed [to KLM], so that I can encourage the Dutch government to buy more of Air France," he continues, in reference to earlier comments that state investment in an airline is bad for the respective business and therefore benefits Ryanair. And what of EasyJet’s chief executive, Johan Lundgren? "I’d take all of them," he says, to more laughs from the audience. "I noticed that nobody wanted to take [EasyJet]," he then observes, adding that he had decided to take that as "a massive compliment". https://www.flightglobal.com/news/articles/oleary-joins-klm-europes-airline-chiefs-pick-fant-456435/ _____________________________________________ E trazendo para cá, qual empresa você comandaria por uma semana?
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