Thursday, August 21, 2014
Air Berlin holds for a long time with money the Arab partners about water. Now it seems to go up. But must save Germany’s second largest airline continues – even when network .
The ailing airline Air Berlin is slowly making up ground. First time in five years, scored Germany’s second largest airline in a second-quarter net income. Group sales also rose compared to the same quarter a modest 2.9 percent. The operating profit despite a slight improvement with minus 6.9 million euros, however, remain negative.
Air Berlin can keep for a long time only with million dollar cash injections by major shareholder Etihad from Abu Dhabi to water. The Arabs had recently made a convertible 300 million euros of fresh money. Etihad 29.9 percent in Air Berlin. With the convertible bond, the Arabs could theoretically increase this share to 70 percent.
Recapitalization Air Berlin has indicated that currently 600 million euros in cash and an additional 300 million euros of unused credit. Shareholders’ equity stood at the end of the first half at minus 270 million euros.
network is restructured
“The bottom line is we are better off than a year ago . But that is not enough, “said CEO Wolfgang Prock-airline shower. He presented the first details of the new rehabilitation program. The airline would in future concentrate on the largest travel markets in Germany, Austria, Switzerland and Mallorca. In addition, a closer cooperation with the major shareholder Etihad and the Italian airline Alitalia was planned.More about
With the introduction of the new route network, the fleet is reduced by about ten aircraft, the number of seats offered reduced by ten percent and unprofitable areas are resolved. “We are determined to Air Berlin to restructure fundamentally anew in order to perform within three years of the company to sustainable profitability,” said Prock-Schauer. More details will imagine the end of September Air Berlin.
Due to a hasty expansion course with her “Mallorca Shuttle” became known Air Berlin is deep in debt and wrote in the last five years only once profits.