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LATEST NEWS
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Wednesday, November 3rd, 2021
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Air Canada has released its third-quarter 2021 financial results, which reveal operating revenues of CA$2.103 billion, representing almost three times the operating revenues of CA$757 million in the third quarter of 2020. Negative EBITDA (earnings before interest, taxes, depreciation, and amortization), excluding special items, was CA$67 million compared to negative EBITDA (excluding special items) of CA$554 million in the same quarter of 2020. Operating loss was CA$364 million, compared to an operating loss of CA$785 million in the third quarter of CA2020. Net cash flow was CA$153 million, approximately CA$520 million higher than the midpoint of the net cash burn guidance provided for the quarter. Record cargo revenues surpassed the billion-dollar mark year-to-date and unrestricted liquidity stood at CA$14.4 billion at September 30, 2021.
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"We are encouraged by the favourable revenue and traffic trends in the third quarter, with strong increases in key passenger geographic segments, a record cargo performance and significant improvements in both Air Canada Vacations and Aeroplan,” said Michael Rousseau, President and Chief Executive Officer of Air Canada. A summary of third-quarter finances is as follows: Air Canada recorded a net loss of CA$640 million or CA$1.79 per diluted share in the third quarter of 2021 compared to a net loss of CA$685 million or $2.31 per diluted share in the third quarter of 2020. The net loss in the third quarter of 2021 included a foreign exchange loss of CA$136 million, as compared to a foreign exchange gain of CA$88 million recorded during the third quarter of 2020. When compared to the third quarter of 2020, EBITDA improved CA$487 million to negative EBITDA, excluding special items, of CA$67 million in the third quarter of 2021. The last two months of the third quarter of 2021 each generated positive EBITDA. In the third quarter of 2021, net cash generation of CA$153 million was better than management's expectation of a net cash burn of between CA$280 and CA$460 million, as discussed in Air Canada's July 23, 2021 news release.
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Over the third quarter, Air Canada saw the benefit of strong advance ticket sales and a significant increase in passengers carried versus both the second quarter of 2021 and the third quarter of 2020. This, along with its strong liquidity position, gives Air Canada added confidence that it is well-positioned to emerge from the pandemic, and to continue building back its network and investing in the future. As at September 30, 2021, Air Canada's unrestricted liquidity was approximately CA$14.4 billion which consisted of approximately CA$9.5 billion in cash, cash equivalents, short- and long-term investments and about CA$4.9 billion available in undrawn funds from credit facilities.
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Dubai Aerospace Enterprise (DAE) has reported its financial results for the nine months ended September 30, 2021.
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Firoz Tarapore, Chief Executive Officer of DAE, stated, “Our financial results for the first nine months of 2021 demonstrate our continued focus in the leasing division on investing in new technology, fuel-efficient narrow-body aircraft, sales of portfolio aircraft in the secondary market and extending further relief to our airline customers. Since the onset of the pandemic, we have deployed approximately US$2.6 billion of capital commitments for our own balance sheet and on behalf of our aircraft investor partners.
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The company reported total revenue of US$925.3 million (nine months ended September 30, 2020: US$984.1 million) and adjusted profit before tax of US$134.4 million (nine months ended September 30, 2020: US$178.8 million).
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DAE reported operating cash flow of US$799.7 million (nine months ended September 30, 2020: US$602.7 million) and unsecured debt as a percentage of total debt of 68.6% (Year-end 2020: 62.6%). DAE had available liquidity of US$3,421.9 million at the end of the nine months (Year-end 2020: US$2,693.0 million) and a fleet utilisation of 98.8% (Year-end 2020: 98.2%).
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Ciara Ruane has joined Avolon to serve in a newly established role as Chief People Officer (CPO). As CPO, she will be responsible for leading Avolon’s people strategy, employee experience, rewards, retention, recruitment, diversity & inclusion and leadership development and learning. Ruane will be a core member of Avolon’s executive leadership team, joining its Executive Committee (ExCo) effective immediately.
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Ruane has over 20 years’ Human Resources (HR) experience working in strategic HR and effectiveness. Most recently, she served as Group Director of People and Culture at Primark. Aside from the management of the day-to-day employment lifecycle, she was also responsible for the creation of its people strategy and the development of Primark’s People & Culture leadership team globally, ensuring best practice HR processes were embedded across Primark’s 14 markets for the benefit of its 70,000 employees.
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Qatar Airways Cargo is the first cargo carrier to adopt Safran Cabin’s new Fire Resistant Container (FRC) solution, having taken delivery of the initial batch of containers on September 29, in Doha, Qatar.
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Over the next five years, the cargo airline will replace its entire fleet of more than 10,000 ULDs (Unit Load Devices) with this unique container design, aiming to exchange 70% of the units already during 2022. Qatar Airways Cargo’s decision to invest in Safran Cabin’s newly developed Fire Resistant Containers, stems from the airline’s vested interest in preventing safety issues related to the increasing risk posed by lithium battery shipments, a concern that Guillaume Halleux, Chief Officer Cargo at Qatar Airways, recently also raised in a key note presentation to the air cargo industry at IATA’s World Cargo Symposium in Dublin, Ireland.
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“As a leading cargo airline, we put the safety of our passengers and employees first. Due to the increased transport of devices with lithium-ion batteries in Unit Load Devices (ULDs), we were looking for a solution that prevents incidents in containers used for the handling and storage of baggage, as well as the transportation of cargo goods. Thorough testing has validated the absolute fire resistance of Safran Cabin’s new FRC containers, and we are very pleased to roll out this solution in our belly-hold fleet within such a short period of time,” he announced.
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It is precisely these rising concerns amongst airlines about the safe transportation of lithium-ion batteries and related goods such as smartphones, that prompted Safran Cabin to extend its portfolio with a Class-D Fire Resistant Container, complementing its existing solutions against Class-A fires (ordinary combustibles, such as paper and cardboard). Safran Cabin’s newly developed Fire Resistant Containers are designed to resist a lithium-based fire for 6 hours, and are equipped with an innovative SEN (Secure, Ergonomic, and Non-Velcro) door made of high impact resistant materials and without the use of Velcro, making the container easy to maintain and optimising the cost of ownership.
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The Lufthansa Group has reported that in the third quarter of 2021, capacity offered, measured in passenger-kilometres, was 50% of the pre-crisis level of 2019, about twice as high as in the second quarter. Overall, the airlines of the Lufthansa Group carried 19.6 million passengers in July, August and September. This represents 46% of the pre-crisis level in Q3 2019. The seat load factor was 68.8%, 17.4 percentage points higher than in Q2 2021 (-17.5 percentage points compared to Q3 2019).
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In the third quarter, Group sales nearly doubled (+96%) year-on-year to €5.2 billion (prior year: €2.7 billion). Adjusted EBIT excluding restructuring costs of €255 million was €272 million in the third quarter (prior year: €-1.2 billion). Including these restructuring expenses, Adjusted EBIT amounted to €17 million (prior year: €-1.3 billion). Net income amounted to €-72 million in the third quarter (prior year: €-2.0 billion).
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Adjusted free cash flow was €13 million in the third quarter of 2021, despite the payment of deferred taxes at Lufthansa Technik of €443 million. The main reasons for the positive result were the good working capital management and the strong inflow of new bookings that continued in the third quarter.
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From January to September 2021, the Lufthansa Group generated revenue of around €11 billion (prior year: €11 billion). Adjusted EBIT improved to €-1.6 billion excluding restructuring costs of €520 million (prior year: €-4.0 billion). Including these restructuring costs, it amounted to €-2.1 billion (prior year: €-4.2 billion). Net income for the first three quarters of the year was €-1.9 billion (prior year: €-5.6 billion).
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Wencor Group (Wencor), a leading solutions provider to the aerospace aftermarket, defense and OEM markets, has announced the acquisition of ASC Industries.
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“The addition of ASC broadens our capabilities and product offerings, allowing Wencor to deliver differentiated supply chain solutions, value-added inventory services and customised kitting solutions. This acquisition aligns with our market and product expansion strategy into the military and defense marketplace providing access to over 30 premier authorized distribution lines. We look forward to serving many of the world’s leading aerospace and defense original equipment manufacturers, their subcontractors and the warfighter,” said Wencor’s President of Defense, Scott Herndon.
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Established in 1951, ASC Industries is currently celebrating its 70th year servicing the aerospace market. ASC has a rich history supporting domestic and international military and commercial customers as a full-line stocking distributor of aerospace fasteners, fittings and hardware, from its 50,000 ft² facility in Arlington, Texas.
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Newly founded Hong Kong-based carrier Greater Bay Airlines is joining the AMOS Community. The airline starts flying soon with initially three Boeing B737-800 aircraft and aims to expand its fleet to more than 30 aircraft by 2026. To initiate its operation and support the gradual growth of its activities, the maintenance division of Greater Bay Airlines will make full use of the scalability of AMOS, as the system meets all the current needs of the start-up airline and has the potential to support the ambitious growth plans of the airline.
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Furthermore, with the choice of AMOS, the integration of the core MRO system with GBA’s eco-system has been ensured. Selecting AMOS coincided with Greater Bay Airlines' signing with flydocs, one of the leading asset management solution providers in the aviation industry. With flydocs the airline is able to automate and digitise its aircraft records from day one, while at the same time benefitting from the seamless integration between AMOS and flydocs.
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Greater Bay Airlines relies on third party maintenance providers for both line- and base-maintenance. Additionally, the airline selected Lufthansa Technik for the provisioning of CAMO services. Such partnerships support the very lean organisation model of the young airline and allow it to focus on its core business.
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To focus on its primary domain of expertise and keep internal IT effort and cost at a minimum, the airline has entrusted Swiss-AS as a cloud and operational services provider by subscribing to the AMOS Cloud Hosting package.
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