Commenting on the corona crises Dr. Johannes Bussmann, Chairman of the Executive Board of Lufthansa Technik said "With the outbreak of the corona crisis, nothing is the same as it was just a few weeks ago. The maintenance industry is already suffering from the decline in air traffic. The full extent will hit us with a delay, which means a forecast is currently not possible, but first impacts are massive. Everything depends on the duration of the crisis and how our customers will recover from it. We have prepared ourselves with a very comprehensive package of measures - also, to be able to deliver at any time. Especially now, our customers need a reliable technical partner."
Looking back over the past year Lufthansa Technik closed with record revenue and earnings. Revenue rose by 13 per cent to EUR 6.9 billion. Earnings before interest and taxes (adjusted EBIT) grew by around eleven per cent to EUR 493 million.
The immediate effects of the worldwide aviation crises are currently not visible but the impact is already massive.
In 2019, the overall aviation industry showed a strong growth trajectory with Lufthansa Technik showed growth curve of almost 60 per cent. In the last financial year alone, the company acquired 25 new customers and signed 625 contracts with new business worth EUR 4.1bn.
On an average, in 2019 Lufthansa Technik employed almost 26,000 people worldwide.
With two joint ventures XEOS (with GE Aviation) and EME Aero (with MTU Aero Engines) Lufthansa Technik reached an important milestone in long-term partnerships with engine and component manufacturers
Lufthansa Technik also continued to drive the digitalization of the industry with its AVIATAR platform: More than 30 different modules are now offered to meet the various needs of airlines.
"In the past year, we successfully continued our growth path: More than 5,000 serviced aircraft from more than 850 customers speak for themselves," explained Johannes Bumann. "Due to the international nature of our company, we believe that we can cope with the effects of the crisis."
It is not yet clear how quickly the industry will recover from the decline. It was last forecasted to grow by an average of seven per cent per year until 2029.