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SWISS Reports Marginally Positive Earnings for Third Quarter Quarter

November 4, 2021 /

The coronavirus pandemic depressed earnings at Swiss International Air Lines (SWISS) in the first nine months of 2021, too. Following an extremely challenging winter period, however, spring 2021 saw a slight recovery in demand which then strengthened in the summer months. 

Marginally positive Adjusted EBIT for the seasonally strong third quarter

SWISS witnessed a significant increase in air travel in the traditionally strongest third-quarter period which, thanks to a certain catch-up effect, extended into autumn. The company was able to raise its summer-months capacities to 55 per cent of their pre-crisis levels, and was able to sell the additional production, too. Third-quarter revenue rose by 91.0 per cent as a result, from the CHF 370.5 million of 2020 to CHF 707.8 million. The combination of higher production and sizeable cost reductions enabled SWISS to report an Adjusted EBIT of CHF 6.7 million for the period (Q3 2020: CHF -148.3 million). The positive third-quarter earnings reduced the operating loss for the first nine months of the year to CHF -391 million (Q1-3 2020: CHF -415 million), even though the first two months of 2020 had been unaffected by the coming crisis. Total revenue for the first nine months of 2021 was some 11 per cent down on the prior-year period at CHF 1.37 billion (Q1-3 2020: CHF 1.54 billion). Very strong demand on the cargo front continued to partially make up for the weak passenger business. 

“We are delighted to have achieved a marginally positive earnings result for the third quarter of this year,” says SWISS CFO Markus Binkert. “We were able to both sell our increased capacities and further lower our costs over the summer months. But our third-quarter earnings result is still substantially below its pre-crisis levels.” For seasonal reasons, SWISS will be unable to emulate these positive quarterly earnings in the current fourth-quarter period, and the company expects to report a substantially negative earnings result for 2021 as a whole. 

Restructuring measures initiated are having their effect 

The actions taken under the ‘reach’ strategic restructuring programme to achieve recurring savings of some CHF 500 million are progressing according to plan. Five Airbus A330s have been temporarily stored to downsize the long-haul aircraft fleet. A reduction should also be effected in the short-haul fleet by withdrawing older aircraft of the Airbus A320 family earlier than planned and deferring deliveries of new Airbus A320neo family aircraft. The number of aircraft of other airlines operating SWISS services on SWISS’s behalf under wet-lease agreements should also be reduced. Two further new Airbus A320neo aircraft will be delivered to SWISS this year. 

SWISS’s liquidity also continues to steadily improve. The company now expects to utilize no more than half of its bank credit facility, and is also confident of repaying such loans ahead of their maturity. “The actions we have taken under our restructuring are having their effect, and we are on track to overcome the crisis. With the revival in air travel worldwide, which has been further boosted by the announcement that the USA is opening up again, we now expect to be able to raise our capacities next year to at least 70 per cent of their pre-crisis levels,” says CFO Markus Binkert. 

Strong passenger growth in the summer months 

SWISS registered increases in its passenger numbers of 88.3 per cent for July, 123.7 per cent for August and 204.6 per cent for September 2021 compared to their prior-year periods. Systemwide seat load factor for the third-quarter period amounted to 66.4 per cent, on capacity that was at 55 per cent of its pre-crisis level. Seat load factors on SWISS’s European network remained higher than those on its intercontinental routes, though the latter were still a substantial improvement on their 2020 levels. 

SWISS1 transported 3.7 million passengers in the first nine months of 2021, some 15.2 per cent2 fewer than it had carried in the same period last year. A total of 35,264 flights were performed in the period, 14.6 per cent fewer than in January-to-September 2020. Nine-month systemwide capacity was 3.4 per cent down in available seat-kilometre (ASK) terms, while total traffic volume, measured in revenue passenger-kilometres (RPKs), saw a 23.7-per-cent decline. Nine-month systemwide seat load factor stood at 50.7 per cent, 13.5 percentage points below its prior-year level. 

For the fourth quarter of 2021 SWISS will continue to offer more than 50 per cent of its pre-crisis capacities and thereby maintain a flight programme that is as stable and reliable as possible. Some 90 destinations are served from Zurich and Geneva in the current winter schedules – broadly the same number of points that were served before the present crisis, but with fewer frequencies. The aircraft providing these services also include three long-haul Boeing 777s which were temporarily converted to operate cargo-only flights in response to the pandemic, but which have now been converted back for regular passenger use. 

1 Excluding Edelweiss Air

2 In line with the provisions and practice of the Lufthansa Group, SWISS has modified the definitions used in its traffic volume reporting, with retroactive effect to 1 January 2021. This is also reflected in the corresponding year-on-year comparisons.

Panasonic Verifies Inhibitory Effect of Hydroxyl Radicals Contained in Water on 4 novel Coronavirus Variants

November 2, 2021 /

Osaka, Japan – Panasonic Corporation (Tokyo: 6752.T) today announced it has verified the inhibitory effect of hydroxyl radicals contained in water on novel coronavirus variants, namely Alpha, Beta, Gamma, and Delta, in collaboration with the Japan Textile Products Quality and Technology Center.

Many viruses constantly change through mutation with some generating variants that may significantly affect viral infectivity and toxicity, which could lead to a global pandemics. Currently on a worldwide rampage, novel coronavirus also generated variants, four of which, as described above, have been designated as Variants of Concern by the World Health Organization (WHO), namely, Alpha, Beta, Gamma, and Delta.

Panasonic-Verification-Inhibitory-Effect-Hydroxyl-Radicals-Contained-in-Water

Embraer E190-E2 Makes First Commercial Flight into London City Airport

September 7, 2021 /

London, UK – Last Thursday, 2 September 2021 saw an important debut for London City Airport. At 5:45 pm, an Embraer E190-E2 made its first commercial flight into the iconic airport in the centre of the British political and financial capital. Registered HB-AZG, the Helvetic Airways aircraft flew from Zurich to London in 1 hour 20 minutes, also reestablishing an essential link for the global financial community.

Flight LX 456, operated by Helvetic Airways on behalf of its partner company Swiss International Air Lines, was welcomed by a water salute from London City Airport’s fire service. On board the sold out flight were 110 passengers, including representatives of the international media, business travellers, as well as those visiting friends and family.

It should be noted that Embraer aircraft account for nearly 90% of all movements at the airport. At the same time, the E190-E2 nearly doubles the available range from LCY to more than 4,000 km, for the first time bringing destinations such as Istanbul, Casablanca and Moscow within reach.

With the coronavirus pandemic bringing a more regional emphasis to air transport along with a trend towards the use of smaller aircraft types, Helvetic Airways is now ideally equipped both to provide reliable and cost-effective flight operations and to take full and fruitful advantage of the new opportunities currently offered in markets worldwide. With a fleet of 12 Embraer E2 aircraft, Helvetic Airways is currently the largest Embraer E-Jets operator in the world, strengthening its position as a regional airline based in Switzerland, Europe and beyond.

SBB Swiss Rail to Offer Customers with Bicycles More Space and Reliability

February 26, 2021 /

SBB is improving its services for travelling with bicycles for the 2021 cycling season. It is taking this step in response to strong demand and to insufficient capacity last summer. On key leisure travel lines (Bern to Brig, Zurich to Chur) SBB is tripling capacity at times of high demand from 21 March. SBB will offer customers with bicycles more reliable journey planning: thanks to reservations, passengers taking along bikes can be sure that they will find space for them on trains. The price of bicycle reservations is reduced from CHF 5 to CHF 2. SBB presented the improved services to cycling, consumer and industry organisations today and outlined future prospects for traveling with bikes.

There has been a sharp increase in demand for travelling with bikes and holidays in Switzerland due to the coronavirus crisis. In some cases this has led to capacity shortages and dissatisfied customers who were unable to travel with their bike on the train they had planned to use. Around 80,000 Bike Day Passes were sold in the peak month of July 2020, for example, which is up by around 45% compared to the previous year. SBB also transported up to 15,000 bikes with self-service loading on the main axes of Zurich to Chur and Bern to Brig.

SBB expects demand for travel with bikes to continue to rise and is responding to this trend. This is why – together with Pro Velo and the Swiss Transport and Environment Association – it engaged in broad-based dialogue with cycling stakeholders as well as consumer and industry organisations on the issue of ‘sustainable travel with bicycles’. The aim is to offer customers reliable journey planning and reservations, to further improve and simplify services and to make them even more customer-friendly. SBB has a duty of responsibility towards all customers and wishes to provide services that meet and take account of the needs of all passengers as far as possible – including, for example, people with disabilities or families.

In view of the forthcoming cycling season, which begins on 21 March, SBB has introduced various changes to make travelling with bikes easier:

SBB is increasing capacity for the self-service loading of bicycles at times of high demand on the key leisure travel lines, tripling capacity compared to the current levels where possible. These routes include Bern to Brig and Zurich to Chur. Additional capacity will also be provided on routes to Ticino, Interlaken and the southern foot of the Jura. Passengers will be assisted with the loading of bicycles by SBB staff on these lines where possible.

In order to expand capacity medium and long-term, SBB is currently assessing which technical measures can be implemented long-term to create additional bicycle spaces on various types of train. Only minor modifications to rolling stock are possible in the short term.

Customers with bicycles need to be able to plan their journey reliably and safely. SBB makes this possible on all Swiss InterCity trains with a reservation costing CHF 2. Passengers who made a reservation can be certain that they will find space for their bike on the trains. Trains are labelled with the well-known bicycle symbol in the online timetable. Bikes can only be transported using self-service loading on trains labelled with this symbol if a reservation has been made and a valid bike ticket is presented. Reservations can be made up until shortly before departure in the SBB Mobile app. They can also be purchased at the counter or several days in advance via the SBB Contact Center

(tel. 0848 44 66 88)

The price for reservations will be reduced from CHF 5 to CHF 2 for a continuous connection – for example for a route with more than one section. International trains within Switzerland can now also be used for bike transport with a reservation, but prices and booking options may differ. Bikes can be transported with a valid bicycle ticket but without a reservation on regional services (R, S, RE trains) as well as on InterRegio trains (IR).

Hilton Reports Fourth Quarter and Full Year Results

February 17, 2021 /

MCLEAN, Virginia – Hilton Worldwide Holdings Inc. (“Hilton” or the “Company”) (NYSE: HLT) today reported its fourth quarter and full year 2020 results. The following results reflect the material impact that the novel coronavirus (“COVID-19”) pandemic has had on Hilton’s business. Highlights include: 

  • Diluted EPS was $(0.80) for the fourth quarter and $(2.56) for the full year, and diluted EPS, adjusted for special items, was $(0.10) for the fourth quarter and $0.10 for the full year
  • Net loss was $225 million for the fourth quarter and $720 million for the full year
  • Adjusted EBITDA was $204 million for the fourth quarter and $842 million for the full year
  • System-wide comparable RevPAR decreased 59.2 percent and 56.7 percent on a currency neutral basis for the fourth quarter and full year, respectively, from the same periods in 2019
  • Approved 18,700 new rooms for development during the fourth quarter, bringing Hilton’s development pipeline to 397,000 rooms as of December 31, 2020
  • Opened 22,900 rooms in the fourth quarter, reaching the one million room milestone and contributing to 47,400 net additional rooms in Hilton’s system for the full year, which represented approximately 5.1 percent net unit growth from December 31, 2019 
  • As of February 10, 2021, 97 percent of Hilton’s system-wide hotels were open
  • In December 2020, issued $1.9 billion of senior notes consisting of: (i) $800 million aggregate principal amount of 3.750% Senior Notes due 2029 and (ii) $1.1 billion aggregate principal amount of 4.000% Senior Notes due 2031; and used the net proceeds to redeem: (i) $1.0 billion in aggregate principal amount of outstanding 4.250% Senior Notes due 2024 and (ii) $900 million in aggregate principal amount of outstanding 4.625% Senior Notes due 2025 
  • In January 2021, repaid $250 million of the outstanding debt balance under the $1.75 billion senior secured revolving credit facility
  • In February 2021, issued $1.5 billion aggregate principal amount of 3.625% Senior Notes due 2032 and used the net proceeds to redeem $1.5 billion in aggregate principal amount of outstanding 5.125% Senior Notes due 2026

Click the link below to view the full press release!

https://newsroom.hilton.com/assets/HWW/docs/2021/Q1/2020-Q4-Earnings-Release-FINAL.pdf

Air New Zealand Updates International Schedule Through June

January 19, 2021 /

Air New Zealand is extending its COVID-19 international schedule through to 30 June 2021 in response to ongoing travel restrictions and low passenger demand. The schedule aims to keep air links open for essential travel and cargo movement on key trade routes.

Air New Zealand’s General Manager Networks Scott Carr says the airline has been progressively updating its schedule over the past 12 months in response to the global pandemic.

“Our schedule is driven by a number of factors including airport takeoff and landing slots which generally operate on a ‘use it or lose it’ basis. This means if you don’t fly the majority of your schedule you may lose access to airports. We have been waiting to receive slot alleviation for the April to end of June period, which means our regular slot times are protected even if we can’t fly them all. As this is now progressing, we are now able to move ahead with adapting our schedule through to 30 June to better reflect the low demand environment we are currently operating in.”

“We understand these are very uncertain times and it can be tricky for people looking to get home with a lot of things needing to line up including flights, testing and managed isolation bookings. We feel a responsibility to ensure Kiwis can come home and are doing our best to make this happen as smoothly as possible. We strongly recommend customers check government border restrictions for the relevant countries and/or individual passport requirements before booking a ticket.”

The airline’s customer service team is supporting those affected by these changes. Customers booked via a travel agent, including a third-party website (e.g. Expedia, Booking.com) should speak with their agent. Air New Zealand’s dedicated COVID-19 information hub is being updated continuously and customers should check this first, before calling the airline’s contact centre.

The updated schedule from 28 March 2021 to 30 June 2021 is below. There is no change to trans-Tasman services at this stage. All services are subject to change in line with global travel and border restrictions.

Pacific servicesFrequency
Auckland – NadiOne return service per week
Auckland – NiueOne return service per week
Auckland – RarotongaDaily return service
Auckland – SamoaOne return service per week
Auckland – TongaOne return service per week
Sydney – Norfolk IslandThree return services per week
Brisbane – Norfolk IslandThree return services per week
Long haul servicesFrequency
Auckland – Los AngelesTwo return services per week
Auckland – Hong KongTwo return services per week
Auckland – ShanghaiTwo return services per week
Auckland – TokyoOne return service per week
Auckland – SeoulOne return service per month

American Airlines Introduces Health Passport for All International Travel to US

January 17, 2021 /
  • American is the first U.S. airline to introduce a health passport for inbound travel to the United States from all international destinations. 
  • Customers traveling to the United States can use the VeriFLY app to confirm testing and other COVID-19 travel requirements beginning Jan. 23.

American Airlines is the first U.S. airline to introduce an easy way to provide results from a negative coronavirus (COVID-19) test and other completed documents required for international travel into the United States. The VeriFLY app, a mobile health passport that helps customers understand and verify their travel requirements, will be available for travelers starting Saturday, Jan. 23, for travel from all international destinations. American is expanding access to the app in support of the U.S. government’s requirement that all passengers 2 years of age and older traveling to the United States from any international location test negative for COVID-19 within three calendar days of departure.

“We’re expanding our work with VeriFLY to quickly evolve our usage of the app and make international travel easier for our customers,” said Julie Rath, Vice President of Customer Experience at American. “We support the implementation of a global program to require COVID-19 testing for travelers to the United States, and we want to do everything we can to make travel a seamless experience for customers. We’ve received positive feedback about the app so far and look forward to more customers having the opportunity to use it.”

Customers can already use VeriFLY to streamline their travel from the U.S. to several countries including Jamaica, Chile, Colombia, El Salvador, Guatemala and Honduras. To date, thousands of American Airlines customers have traveled using the app.

Using VeriFLY

Using the VeriFLY app is simple. After downloading the app from the iOS App Store or Google Play Store, customers create an account, enter their destination and upload required documentation such as proof of a negative COVID-19 test.

Customers are encouraged to review travel requirements to their destination, including any restrictions on passport or point of origin. Visit aa.com to learn more about VeriFLY and the airline’s preflight testing program.

American Airlines Transports Its First COVID-19 Vaccine Shipment From Chicago To Miami

December 14, 2020 /

The American Airlines Cargo team carried its first shipment of coronavirus (COVID-19) vaccine last night. In close collaboration with pharmaceutical and cargo partners, the airline received the shipment by truck at Chicago O’Hare International Airport (ORD) and loaded the shipment onto a Boeing 777-200 aircraft flying to Miami International Airport (MIA). The vaccine shipment will arrive at its final destination in a U.S. territory in the Caribbean later today. 

“The American team is proud to be a part of the critical effort to get lifesaving vaccine safely and quickly to people around the world,” said American Airlines Cargo President Jessica Tyler. “We were able to mobilize within hours of getting the call to move thousands of doses. We know this is the first of many shipments to come, and we are ready to scale our operation as additional vaccine is produced and ready for distribution.”

American began conducting trial flights in November to simulate the conditions required to transport the COVID-19 vaccine, stress testing the thermal packaging and operational handling process to ensure it remains stable in transit.

American is an internationally recognized expert in cold chain logistics with an established network of facilities and team members who specialize in temperature-critical shipments to more than 150 cities in 46 countries around the world. In addition, American has the largest dedicated temperature-controlled pharmaceutical shipping facility operated by an airline in the United States. From the time a shipment arrives at one of American’s facilities, it is tracked throughout its journey on the ground and from the airline’s Cargo Control Center, located within its Integrated Operations Control in Fort Worth, Texas.

This level of expert care has earned American the International Air Transport Association’s prestigious Center of Excellence for Independent Validators in Pharmaceutical Logistics (CEIV Pharma) certification. The CEIV certification is given to air carriers and players in the air cargo supply chain that have established the tools, procedures and staffing to ensure life sciences products are properly handled and arrive at their destination fully effective.

Since the beginning of the pandemic, American has been transporting hundreds of thousands of pounds of personal protective equipment (PPE), medical equipment, COVID-19 test kits and pharmaceuticals to help battle the coronavirus, as well as components for Phase III COVID-19 vaccine trials.

Mesa Air Completes Second Closing On Secured Loan Facility

November 16, 2020 /

Mesa Air Group, Inc. (NASDAQ: MESA) today announced that it has completed a second closing through its previously disclosed five-year Loan and Guarantee Agreement under the Coronavirus Air, Relief, and Economic Security Act (CARES Act).

The Loan Agreement provided a secured term loan facility of up to $200 million. On October 30, 2020, Mesa borrowed $43 million under the facility and today, completed a second closing to borrow an additional $152 million. These funds may be used for general corporate purposes and operating expenses, to the extent permitted by the CARES Act.

“I’d like to again express my sincere gratitude to everyone involved in making this deal happen. Our people have been working very hard to ensure Mesa and its employees are prepared to weather this storm”, said Jonathan Ornstein, Chairman and Chief Executive Officer. “These additional funds will substantially benefit our airline and the communities we serve as we continue to navigate the obstacles created by the pandemic”.

In connection with the additional $152 million drawn under the facility, Mesa issued warrants to the U.S. Treasury to purchase 3,819,095 shares of common stock, no par value. The Warrants have a five-year term from the date issued, were issued pursuant to the Warrant Agreement, and have substantially identical terms to the warrants issued on the initial closing.

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