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Travel Corona and job cuts pull Airbus into the red.

15:00  29 october  2020
15:00  29 october  2020 Source:   pressfrom.com

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The corona pandemic and the planned cut of thousands of jobs pulled aircraft manufacturer Airbus deep into the red in the summer.

Wegen der Corona-Krise hat Airbus seine Flugzeugproduktion um rund 40 Prozent heruntergefahren und will bis kommenden Sommer rund 15.000 Arbeitsplätze abbauen. © Christian Charisius / dpa Because of the Corona crisis, Airbus has cut its aircraft production by around 40 percent and plans to cut around 15,000 jobs by next summer.

But Airbus boss Guillaume Faury sees reason for hope in what is probably the worst crisis in the aviation industry to date. In the third quarter, the group again delivered more aircraft than in the first months of the pandemic.

In addition, the management was able to stop the outflow of money in ongoing business, as the group announced on Thursday in Toulouse. Faury even thinks it is conceivable that aircraft production, which has been cut back due to the crisis, will be ramped up again next summer. But that is not certain.

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The corona crisis hit aviation more severely than few other industries. Because of the pandemic and travel restrictions, the demand for flight tickets has largely collapsed. Airlines around the world are struggling to survive. Most of them can hardly use new aircraft from manufacturers such as Airbus and Boeing at the moment.


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Airbus has therefore reduced its aircraft production by around 40 percent and plans to cut around 15,000 jobs by next summer. Talks with employee representatives are still ongoing, but because of the expected severance payments, the group has already set aside 1.2 billion euros.

In the third quarter, Airbus fell deep into the red. The bottom line was a deficit of 767 million euros after a profit of 989 million a year earlier. In ongoing business, sales fell by 27 percent year-on-year to 11.2 billion euros due to the slowed delivery of passenger jets. The operating profit adjusted for special costs (adjusted EBIT) fell by 49 percent to 820 million euros, but was higher than analysts expected on average.

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In addition, the management was able to stop the outflow of money in ongoing business. Before takeovers and customer financing, the company posted an inflow of funds of 0.6 billion euros. Viewed over the first nine months, however, the minus was still 11.8 billion euros. For the fourth quarter, Faury is aiming for at least a balanced development.

It assumes that there will be no further disruptions to the global economy, air traffic, internal group processes or aircraft deliveries. However, management has apparently already considered lockdown measures in Germany and France. "Our forecast is based on what we can foresee now," said Faury in a conference call with journalists.

The manager did not want to make any further predictions for the current financial year - such as the number of aircraft to be delivered, sales or operating profit. The original goal of delivering 880 commercial aircraft this year was canceled by the board in the spring due to the crisis.

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