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Carsten Spohr, CEO of Lufthansa, left no doubt in the middle of the year. Nearly three billion euros will be left behind from the record year of 2017.
The news has been received exceptionally on the stock market. The action Lufthansa sat in the morning at the head of the Dax and stayed there at noon. More recently, he dominated the main index, up 6.85%, to 23.69 euros.
The shareholders of the largest airline in Europe have not been very happy in recent months. After their record of 2017, newspapers are still worth nearly a quarter less than at the beginning of the year
. The quarterly numbers would have surprised slightly positive, writes Daniel Roeska of the US research firm Bernstein Research. The more expensive kerosene and the integration of Air Berlin coins have remained short-term challenges. In winter, the headwind may calm down. In the second quarter, the Lufthansa Group achieved operating profit (Adjusted EBIT) of 982 million euros, down 3% from the previous year.
The integration of the former subsidiary of Air Berlin sues the subsidiary Eurowings of Lufthansa create. "Bringing the Air Berlin plane to our level is taking longer than expected," said Ulrik Svensson, the group's CFO in Frankfurt. In addition, pilots and flight attendants had to be hired in rows and recycled according to Eurowings standards.
By the end of September, the integration should now be completed. Air Berlin filed for bankruptcy a little over a year ago. Much of the activity went to the Lufthansa group, which took it to its subsidiary Eurowings
For the integration, Lufthansa expects for the current year costs of 39, about 170 million euros. The last piece will be reserved for the third quarter. In the first half, the operating loss of the division amounted to 199 million euros
Management expects Eurowings to be in the red for the first time. set of the year. In 2019, however, the company must once again break even and gradually achieve an operating profit margin in subsequent years, such as that produced by the British low-cost airline Easyjet
. Lufthansa not without a trace. Although the group buys its fuel extensively in advance at fixed conditions, Svensson estimates that fuel costs in the current year instead of the previously estimated $ 5.8 billion are now climbing to $ 6 billion. d & # 39; euros. This represents 850 million euros more than the year before.
Other airlines such as Ryanair have recently felt the most expensive kerosene in their balance sheet. Next year, the rise should have an even greater impact, according to Lufthansa
| Type | Regular airline | |
|---|---|---|
| Base | Frankfurt am Main | |
| Machines | 267 [19659015] Destinations | 232 |
| Roads | 422 |
© Data provided by ch-aviation
The board of directors is in agreement with the increase in ticket prices. In the first half, the average business turnover of pbadenger activity grew by 1.3% excluding currency. Svensson is now expecting a slight increase for the entire year. Until now, the company had predicted a peak stagnation for 2018.
Lufthansa can not expand its range of flights this year as much as expected. Instead of 8.5%, as expected, it should increase by only 8%. In January, the board had even targeted 12%, but this plan was due to the difficult integration of the Air Berlin business and the delayed delivery of the new Airbus A320neo capped in the spring
. , The demand for airline tickets does not return back.
In the first half, Lufthansa achieved a turnover of 16.9 billion euros. Adjusted for accounting changes, this corresponds to an increase of about 5%. Net profit increased slightly by 0.7% to 677 million euros. The operating result, on which the Management Board mainly focuses, has dropped from just over 3% to just over 1 billion euros.
No additional acquisitions in sight
The clbadic airlines Lufthansa and Swiss which has significantly increased their operating profit. The Austrian Austrian subsidiary sank due to numerous flight cancellations at the beginning of the year slightly in the loss zone.
Overall, flight cancellations and delays due to air traffic controller and weather strikes cost the Lufthansa group between 70 and 80 million euros, Svensson said. . Lufthansa Cargo operating profit rose 60% to 125 million euros.
In total, the Lufthansa Group made a good third of its targeted annual profit of just under 3 billion euros at half – time. However, the most important quarter has just begun. Airlines earn most of their earnings during peak periods in the summer.
There are no other acquisitions of other airlines currently in sight. In the case of Alitalia, the Italian government is in the train, said Svensson. Lufthansa has proposed in its concept a much smaller company with much lower costs. Recently, the new government in Rome has emphasized the majority in the hands of Italians and wants to get so many jobs.
Even travel company Thomas Cook does not seem willing to sell its aircraft division with the German brand Condor. Peter Fankhauser, CEO of the company, explains: "We have no plans."
© dpa-AFX | Fig .: Lufthansa | 31.07.2018 07:40
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