“The European aviation industry has changed in the recent time”: With these words, the latest press release of the German airline Germania, which she released on Tuesday, “current events” begins. This appears in the message, then continue below: Germania needs money in the short term.
if You check several options in order to secure the “short-term liquidity needs”. As a reason for financial problems is stated in the notice, among other things, the “massive fuel price increases over the summer of last year while depreciation of the Euro against the US Dollar”; it also “significant delays in the Acquisition of aircraft, as well as an exceptionally high number of technical services to our fleet”.
During the flight operation there is, however, no limitations. All Germania flights are held accordingly to plan.
Germania is considering, apparently, also a for sale
As the industry portal “Aero Telegraph” reported, was Germania shortly before the turn of the year in acute financial difficulties. Up to 27. December have used the German airline 20 million euros, to be able to fly further, according to the Portal, relying on several independent and consistent sources.
Therefore, it is no longer just a short-term funding gap: a sale of the whole of the Germania group in part or as a Whole, according to “Aero Telegraph” a current topic. However, the search for new shareholders had been unsuccessful.
Acute financial crisis at #Germania https://t.co/Bkh2Ek3P6V
— aeroTELEGRAPH (@aeroTELEGRAPH) 8. January 2019
the Germania of investment company CEO Karsten Balke is currently the sole owner of the Airline. The Germania investment company generated according to the annual financial statements for 2016 deep in the red: a loss of 32 million.
The figures for 2015 and 2016
As published in the Federal Gazette annual financial statements, had the in Berlin based Germania fluggesellschaft mbH, in the past few years, business with little success. For the year 2016, the company reported a loss of 7.7 million euros and a turnover of 369,1 million euros. In 2015, it wrote a Minus of 6.8 million euros, the turnover amounted to 424,5 million Euro.
by the end of 2016, the company had 954 employees, a good two thirds of them were aircrew. The equity was already in 2015, in the negative millions, by the end of 2016 Germania reported a deficit of more than 13 million euros. Annual financial statements for 2017 and 2018, the Germania are not published in the Federal Gazette yet.
Germania was founded in 1986 as a successor to the Cologne-based airline Special Air Transport. According to its own figures, the Airline transported with the green-and-white Logo route every year more than four million passengers on Short – and medium -, within Europe, to North Africa and the Middle East. Together with the Swiss Germania flight AG and the Bulgarian Eagle Germania currently operates a fleet of 37 aircraft.