Lufthansa is crisis-proof: Spohr: Don’t need government aid a second time

Lufthansa is crisis-proof
Spohr: They don’t need state aid a second time

Lufthansa is repaying all corona aid from the state earlier than planned. Boss Spohr sees the airline as well prepared for the future, even if the situation should come to a head again. His company no longer depends on the help of the taxpayer.

After the repayment of the German state aid, Lufthansa boss Carsten Spohr does not expect to need the support of the taxpayers again. In an interview with the “Handelsblatt”, he referred to the significantly improved financial reserves of the MDax group, which now has more than three times as much liquidity as before the crisis.

Lufthansa 6.78

“And I do not assume that there will be another situation similar to last year, when air traffic all over the world came to a virtual standstill. Should the situation worsen again, we are crisis-proof.” Despite the rapidly increasing number of corona infections, Spohr does not expect any new travel restrictions, which had badly affected air traffic in the past.

He said: “I expect that instead of restrictive measures like in the past 19 months, the governments are now focusing more on consistent rules like 3G or 2G. Personally, I would like to make 2G the standard for our office buildings, for example. After all, we now have 3G a.”

After the state rescue operation, the company had been supplying itself with new liquidity in several steps on the capital market since November last year. In addition, a capital increase was resolved in October, which brought in 2.2 billion euros. Spohr had always emphasized that he would rather be indebted to the capital market than to taxpayers. With the repayment, Lufthansa also loses its entrepreneurial shackles.

Takeovers and dividend payments will be possible again, as will bonus payments to managers. Many vacationer flights in the summer, the strong cargo business and the reopening of the US borders for Europeans had recently given Lufthansa a boost. Even if a billion-dollar loss is expected again for the year as a whole, an initial operating profit in the summer quarter was seen as a signal for a start – especially since important competitors such as the British Airways parent company IAG fared significantly worse.

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