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DGAP-News 27/06/2020. This site uses cookies to assist with navigation, analyse your use of our services, and provide content from third parties. Archive Fact Book.
Wirecard AG: Company statement regarding filing for insolvency. By using our site, you acknowledge that you have read and understand our "In view of the very slow recovery in demand, we must now take far-reaching restructuring measures to counteract this," chief executive Carsten Spohr said in a statement.On top of the collapse in passenger numbers, depreciation of some company assets sapped the bottom line.The first quarter was much worse than the loss of 342 million euros booked in 2019's first quarter—traditionally a quiet time for travel.The airline's supervisory board on Monday approved a nine-billion-euro bailout deal from the Germany government.The group is to ask its shareholders to back the accord at an online meeting on June 25.The bailout will see the German government take a 20-percent stake in the group, with an option to claim a further five percent plus one share to block hostile takeovers.That would make the federal government Lufthansa's biggest shareholder.Like its rivals, the Lufthansa group—which also includes Eurowings, Swiss, Brussels and Austrian Airlines—has been battered by the coronavirus pandemic.The airline said Wednesday it plans to increase seat capacity in September to "up to 40 percent" of what was expected before the pandemic, and compared with around three percent in May.But of its 760 aircraft, 300 are expected to remain parked next year and 200 in 2022.Even with the hoped-for gradual ramp-up of passenger traffic, Lufthansa's push to repay the bailout cash "will only succeed if we implement restructuring programs in all areas... and agree on innovative solutions with the unions and working councils," finance director Thorsten Dirks said.Brussels is slashing its fleet by 30 percent and its workforce 25 percent, while Austrian will have 20 percent fewer planes and aims to cut personnel costs by the same amount.Over the long term, the flagship airline may have 100 planes too many, giving an overhang of 10,000 jobs, Spohr said in May.Other divisions at Lufthansa face similar cost-cutting programmes, while the company is in talks with aircraft builders to postpone deliveries of new planes and is eyeing sales of non-core business units.Looking ahead, "the uncertain further development of the corona pandemic continues to make it impossible to make a precise forecast of the earnings trend for 2020", the group said, predicting only a "significant decline" in adjusted operating profit. This document is subject to copyright.
German airline giant Lufthansa said Wednesday it will undergo "far-reaching" restructuring as it posted a first-quarter net loss of 2.1 billion euros ($2.3 billion) on Wednesday, hammered by the coronavirus pandemic.
For the first time this year, shareholders were able to follow the entire Annual General Meeting online.On this page you will find all the information about the AGM. Also a short summary of the resolutions (AGM-Summary) and the voting results are published here.Registration for the e-mail delivery of future invitations to the Annual General Meeting and other specified shareholder information.If you have registered for e-mail delivery, you are able to alter your address data in the Lufthansa share register, year-round.Take advantage of convenient features for the Annual General MeetingThe Lufthansa Group is a global aviation group with a total of more than 580 subsidiaries and equity investments.Corporate responsibility, that is to say sustainable and responsible entrepreneurial practice, is an integral part of our corporate strategy.
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