Lufthansa, which has already enjoyed a state-guaranteed loan of 9 billion, has decided to cut 150 planes and more than the previously announced 22,000 jobs due to the negative outlook caused by the pandemic. According to the Handelsblatt, at the end of the day the impact will be on 25-26 thousand places.
With the third restructuring package, the company reschedules the fleet in the medium term: the upgrade to now foresees a permanent reduction in group-wide capacity of 150 aircraft by the middle of this decade (the starting point is the group’s fleet , including wet leased aircraft).
Among the measures decided by the board of the company, there is also a devaluation of 1.1 billion euros of the fleet to be entered in the balance sheet already in the third quarter. The devaluation concerns in particular the aircraft removed from active service and parked in depots and the aircraft that will suffer the same fate over the next few months, including 8 airbus A380s and 10 airbus A340-600s after they had already been removed from service in the spring. you are A380. Lufthansa no longer plans to use these models unless there is a significant increase in air traffic. The German group also believes that a target of an activity level of 50% is no longer realistic compared to a year ago. “If the current trend continues – reads the press release of the group – the available seats per kilometer will remain only in the range between 20 and 30 percent of a year ago”.
The change in permanent staff in flight operations will be further adapted to market development. Compensation and reduction of staff surpluses will be discussed with employee representatives, the company says.
“Despite the worsening of the outlook – continues the group statement – the revised financial plan intends to further reduce liquidity disbursements through careful cost management. The liquidity outflow will be reduced from the current approximately 500 million euros per month to around 400 during the winter. The target previously communicated by the group to return to a positive operating cash flow during 2021 is strengthened “. Finally, a streamlining of 20% of managerial positions will be implemented and all administrative office spaces in the world will be reviewed with a reduction target of 30% for those in Germany.
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