By Sylvie Péron
The extent of the effects of the worldwide aviation crisis affecting Lufthansa Technik cannot yet be concretely foreseen, but the impact is already massive. “With the outbreak of the corona crisis, nothing is the same as it was just a few weeks ago,” said Dr. Johannes Bussmann, Chairman of the Executive Board. “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.”
Lufthansa Technik AG continued on its growth path in the past financial year and closed 2019 with record revenue and earnings. Over the past five years, Lufthansa Technik AG’s revenue has grown by almost 60 percent. “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 Bußmann. “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 percent per year until 2029.