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Lufthansa Technik Posts Record 2001
Despite 2001's being one of the worst years in commercial aviation
history, Lufthansa Technik AG's sales and profit increased. Sales
were up by 320 million euros or 14% over 2000, while pre-tax profits
rose by 51 million euros to 88.1 million euros. Sales to customers
outside the Lufthansa Group again accounted for approximately 50%
of the total. Overall, profit on sales stood at 3.4% versus 1.6%
in 2000.
"The consequences of September 11 had little impact on Lufthansa
Technik," reports chief financial officer Dr. Peter Jansen.
In the first three quarters of the year new business and new customers
from outside the Lufthansa Group pushed sales up considerably, but
in the fourth quarter the downsizing of the Lufthansa fleet had
a strong influence on revenues.
The situation was eased by such emergency measures as halting
capital expenditures, suspending various projects, stopping new
hirings, and reducing the amount of work subcontracted to outside
vendors.
In the first quarter of 2002 the delayed economic crisis effects
predicted by industry analysts finally became more evident. Workload
in maintenance and engine divisions was down compared to the first
quarter of last year, with a corresponding slight dip in sales,
Jansen said.
Whereas the global maintenance, repair and overhaul industry is
anticipating an overall drop in sales of some 20% in 2002, Lufthansa
Technik is expecting an MRO demand falloff of only 5% to 10%. The
company attributes this to its focus on developing service products
for the latest aircraft, engines and components, and the fact that
its many international customers have been affected in different
ways and to different degrees.
"Thanks to our planning and to the income-protecting measures
that we have adopted, Lufthansa Technik is in a position to react
quickly and flexibly either to an upturn in sales or to any worsening
of the crisis," Jansen said. "Therefore, from today's
point of view we expect a satisfactory result."
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VVIP-Class completions continue to be the backbone of Lufthansa
Technik's VIP and Executive Jet Services, which earlier this
month delivered its seventh customized VVIP Boeing 747. The
airplane, a 747-400, was completed under contract with a private
undisclosed customer from the Middle East region following
delivery to the company's Hamburg facility in January 2001.
VIP and Executive Jet Services became an autonomous business
unit in 1999. VVIP Class is one of the company's two product
lines, encompassing all Boeing and Airbus wide-bodies such
as the 747, 777 and A340. Following its selection in 1997
as one of seven authorized completion centers for the Boeing
Business Jet, it also launched the XXL-Class covering the
BBJ, Airbus Corporate Jet and Fairchild Dornier Envoy 7.
Under a first of its kind all-inclusive program involving
services valued at nearly $300 million, Lufthansa Technik
has inked a deal with an undisclosed Middle East head of state
that will involve not only interior completion of a 747-400
but full support in procurement, writing system specifications,
supervising construction and modifications at the manufacturer's
plant, and final acceptance and flight test. The airplane
will be delivered to Hamburg in July for installation of a
cabin that will feature sleeping quarters, a conference room,
work areas, the latest airborne entertainment and communication
systems and state-of-the-art medical facilities. Lufthansa
Technik will deliver the completed aircraft before the end
of 2003.
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