DGAP-Ad-hoc: Deutsche Lufthansa AG / Key word(s): Quarter Results/Financing
The travel restrictions implemented as a consequence of the global spread of the coronavirus had a significant impact on the Lufthansa Group's earnings development in the first quarter of 2020.
On a preliminary basis, Group revenues fell by 18 percent to 6.4 billion euros
At present, it is not possible to foresee when the Group airlines will be able to resume flight operations beyond the current repatriation flight schedule. The Group therefore expects a considerably higher operating loss in the second quarter compared to the first quarter. Available liquidity currently amounts to around 4.4 billion euros. Financing measures totalling around 900 million euros since mid-March have helped strengthen liquidity. In particular, bilateral credit lines were drawn down and short-term loans were taken out.
However, in view of the business outlook, existing multibillion liabilities related to trade payables and refunds of cancelled tickets as well as upcoming repayments of financial liabilities, the Group expects a significant decline in liquidity in the coming weeks. The Group does not expect to be able to cover the resulting capital requirements with further borrowings on the market. The Group is therefore in intensive negotiations with the governments of its home countries regarding various financing instruments to sustainably secure the Group's solvency in the near future. The Management Board is confident that the talks will lead to a successful conclusion.
The Group will be announcing the exact publication date of the quarterly financial statement planned for the second half of May well in advance.
1Adjusted EBIT is not an indicator according to IFRS. Information on the calculation of adjusted EBIT is available in the Annual Report 2019 of Deutsche Lufthansa AG.
Responsible: Dennis Weber, Vice President Investor Relations, Phone +49 69 696 28000
23-Apr-2020 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
|Company:||Deutsche Lufthansa AG|
|Venloer Str. 151-153|
|Phone:||+49 (0)69 696 28000|
|Fax:||+49 (0)69 696 90990|
|Listed:||Regulated Market in Dusseldorf, Frankfurt (Prime Standard), Hamburg, Hanover; Regulated Unofficial Market in Tradegate Exchange|
|EQS News ID:||1028747|
|End of Announcement||DGAP News Service|
1028747 23-Apr-2020 CET/CEST