The corona pandemic continues to have a negative impact on the operating result of Austrian Airlines. In the third quarter of 2020, the adjusted EBIT was -106 million euros. The carrier continues to reduce production. This is only around 20 percent of the previous year's offer. The reason for this is in particular the extremely weak demand.

In mid-August, the Austrian Airlines flight program reached its annual high with a production of around 30 percent compared to the previous year. Since then, due to the many travel restrictions, things have been going downhill again. Sales in the period from July to September fell by 2019 percent to EUR 85 million compared to 93. In the same period, total revenues also fell by 85 percent to EUR 102 million (3rd quarter of 2019: EUR 667 million). Total expenses amounted to 208 million euros, which corresponds to a reduction of 65 percent (3rd quarter of 2019: 597 million euros). The adjusted EBIT in the 3rd quarter was EUR -106 million.

In the first nine months, sales fell by 85 percent to EUR 414 million (Q1-3 2019: EUR 1.612 million). Total revenues fell by 72 percent to EUR 465 million (Q1-3 2019: EUR 1.678 million). During this period, total expenses fell by 51 percent to EUR 806 million (Q1-3 2019: EUR 1.661 million). Countermeasures were taken accordingly with the expansion of short-time working at Austrian Airlines and extensive cost-cutting measures. Adjusted EBIT, which excludes valuation gains / losses from aircraft sales and valuations, amounted to EUR -341 million in the first nine months of the year. (Q1-3 2019: EUR 17 million). The EBIT was EUR -404 million. The cumulative EBIT and liquidity are still above the business plan.

“As an airline, we usually earn our money in the summer months. But this year Corona literally made our soup too salty. The patchwork of regulations within Europe and the new lockdown regulations in many countries are further exacerbating the situation, ”explains Austrian Airlines CFO Andreas Otto.

The tightening of the corona measures is also making planning in daily operations more difficult for Austrian Airlines. The 'lockdown light' of the Austrian government in the period from November 3rd to November 30th suggests a further decline in demand. The red-white-red airline is currently offering around 20 percent of the previous year's offer, far less than was planned for the winter months. Further flight plan adjustments are in preparation. In the first nine months, the cumulative occupancy was around 65 percent. This value is currently below 50 percent. The booking behavior is still very short-term and cautious.

“Winter 2020 will be hard and cold for us as an airline, as it is for so many others. What still gives us security at the moment is the good liquidity situation, but we still have to use all measures and levers here to keep our costs and expenses down and to make our company winter-proof. The next few months remain challenging. But we will survive the harsh winter. Next summer is decisive, ”says Otto.

The AUA figures at a glance: