Lufthansa’s shares gain as positive news flow continues
Lufthansa's shares rose a further 3.3% on Friday taking the month's gain to close to 10% as the airline announced leadership succession and fleet modernisation plans.
Gaining altitude: Lufthansa's share price (EUR) over the past month
Source: Centre for Asia Pacific Aviation Yahoo!
Last week the airline's Supervisory Board approved the Group's order for 48 new aircraft for replacement and growth, including eight A330-300s equipped with Rolls-Royce Trent700 engines to be deployed on long-haul routes. The remaining 40 aircraft will be deployed on European continental routes.
Lufthansa Group orders
|
Carrier |
Aircraft |
Number |
|---|---|---|
|
Lufthansa Passenger Airlines |
A330-300 |
3 |
|
Lufthansa Passenger Airlines |
A320 family |
20 |
|
Lufthansa Regional |
Embraer 195 |
8 |
|
A330-300 |
5 |
|
|
A321 |
2 |
|
|
2 |
||
|
A319 |
8 |
|
|
Total |
|
48 |
The aircraft, with a list value of approximately EUR3.5 billion, will be delivered to the Group from 2012. The financing of the orders "shall occur using the Group's liquid assets or external financing".
Mayrhuber's successor announced
The carrier also announced last week that Christoph Franz is to succeed Wolfgang Mayrhuber as Chairman and CEO of Deutsche Lufthansa AG, effective 01-Jan-2011.
Also with effect from 1 January 2011, the members of the Supervisory Board appointed Carsten Spohr to the Executive Board of the Lufthansa Group. As head of Lufthansa German Airlines he shall also occupy the position of CEO and Chairman of the Lufthansa German Airlines Board. Karl Ulrich Garnadt (currently responsible for Hub Management & Passenger Services on the Lufthansa German Airlines Board) was proposed as Mr Spohr's successor.
Elsewhere, Air France-KLM rose 2.0% and British Airways rose 1.6% in a broadly positive day for European airline stocks on Friday.
Europe selected airlines daily share price movements (% change): 24-Sep-2010
Source: Centre for Asia Pacific Aviation, Yahoo! Finance & Reuters