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Lufthansa invited its shareholders to the most unusual general meeting in history. The event is taking place today on the Internet instead of at the Jahrhunderthalle in Frankfurt. The reason for this is the precautionary measures against the crown pandemic, which has also paralyzed the business of the largest aviation group in Europe, with the exception of cargo.
The AUA’s German mother has reduced its passenger operations to a minimum and flies just under 1 percent of passengers. Their daily number of guests fell from an average of 350,000 per day to around 3,000. Despite massive short-term work, many fixed costs continue, so the company, according to CEO Carsten Spohr, loses a million euros in cash every hour. In addition to interest rates, the kerosene contracts, which assumed that the price of oil would be much higher than the current one, had a negative impact. The chief executive emphasized in his previously released speech that there are currently more than four billion cash reserves.
The situation in the state aid talks is also complicated by multinationality. With Austrian, Swiss and Brussels Airlines, the Dax Group has three former state companies from neighboring countries in its portfolio. So far, only Switzerland has promised a € 1.4 billion line of credit, largely guaranteed by the state. Austria and Belgium insist on location guarantees for their help.
