Air Berlin CEO Stefan Pichler has become cautious. started about a year ago with great fanfare, he could now only again reported a record loss. A forecast whether Air Berlin could fly off this year finally out of the red, the highly paid managers dared not to.
Last year, the second largest German airline grew its net loss to 446.6 (previous year: 377) million euros. Sales fell by two percent to 4.08 billion euros, and in business operations (EBIT) there was a decrease of 307 (294) million euros.
Air Berlin has not managed to take advantage of low fuel prices to the same extent such as Lufthansa or other European competitors. This was according to CFO Arnd Schwierholz especially because so-called hedging contracts, thus hedging instruments on the financial market, from 2014 to hedge the fuel consumption in 2015 were much too expensive. For this reason, the airline has the hedging strategy now adapted and hopes aloud chief Pichler in the second half 2016, thereby able to earn around 250 million euros.
Yet until then, there is still a long way. Operationally looks Pichler his company still on the right track. He wants the Air Berlin further converted into a so-called network providers. For this purpose the two air hubs in Berlin and Dusseldorf are to be expanded, especially in the USA.
From Munich wants Pichler contrast offer no more long-distance connections. is
contribute to this, a further injection of funds amounting to 325: “We can do it We are facing significant challenges for 2016. But I’m confident.” million euros. According to CFO Schwierholz it involves bank loans amounting to 250 million euros and a shareholder loan from major shareholder Etihad Airways totaling EUR 75 million.
This money Air Berlin needed urgently. Because the liquid funds are considerably dwindled, increased the debt to over 800 million euros and equity slipped further into negative territory threatening. Therefore, many observers wondering already for a long time, how long whether and Air Berlin at such a high economic burden can still continue to fly.
rumors of liquidity problems at Air Berlin there for several weeks. According to statements made by a renowned German insolvency but the German courts have become much more merciful since the financial crisis in 2008, the assessment of whether a firm is in financial difficulties: “As a rule, today only a bankruptcy occurs when a company’s current Invoices can not pay. ” And that is obviously not previously been the case with Air Berlin.
Even the Federal Aviation Authority (LBA) in Braunschweig’s mission is precisely to an acceptable respected economic situation of the German passenger airlines. The background is that in the assessment of aviation safety in government inspectors there is a fear that an airline might try in economically threatening lopsided to save on maintenance and staff training.
According to CFO Schwierholz also the auditor of Air Berlin currently has no fundamental objections that the company Air Berlin is viable.
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