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(Reuters) – British aero-engine maker Rolls-Royce will abandon its targets on profits, cash and deliveries, and suspend its dividend, as airlines around the world ground planes due to the coronavirus outbreak, the Financial Times reported late on Sunday.

Rolls-Royce is also aiming to announce new credit facilities in excess of 1 billion pounds ($1.22 billion) to bolster liquidity, the newspaper said https://on.ft.com/2ULsL7q.

Rolls-Royce, which makes engines for large civil and military planes, has been hit hard by the pandemic as its airline customers park hundreds of planes.

In March, engine flying hours were down by about 40%, the newspaper said, citing a source. The company is paid by airlines based on how many hours its engines fly.

At the end of February, Rolls Royce had forecast 2020 free cash flow of 1 billion pounds, excluding any material impact from COVID-19. The group will ditch that pledge, the FT said.

The dividend payment of 11.7 pence per share, which has been frozen since 2016, will also be suspended, the newspaper added.

Rolls-Royce declined to comment.

In addition, the FT said the company on Monday will reopen its civil aerospace facilities in the UK with a fraction of the normal workforce, after suspending operations in March.

The company could also eventually furlough some 50% of its 7,500 UK shop-floor workers, with wages supported by government subsidy, two sources told the newspaper.

(Reporting by Bhargav Acharya in Bengaluru; Editing by Daniel Wallis and Richard Pullin)

Rolls Royce engine of the first Fiji Airways A350 XWB airliner is seen at the aircraft builder’s headquarters of Airbus in Colomiers near Toulouse

An Airbus concept aircraft with a wing design inspired by nature, dubbed Bird of Prey, is displayed at the Royal International Air Tattoo at Raf Fairford, near Fairford

RAF FAIRFORD, England (Reuters) – Airbus <EADSY> on Friday unveiled a concept aircraft with splayed wingtips and a fanned tail inspired by the feathers of an eagle as it experiments with “biomimicry” technology that could eventually lead to quieter landings and less pollution.

The European planemaker’s UK subsidiary sought to capture the imagination of future engineers by showing off a model of the raptor-like airliner at a military air show in England.

The propeller-driven aircraft would have individually controlled “feathers” on the wingtips to provide what Airbus calls “active flight control” used by an eagle or a falcon.

Also evident is the absence of a traditional vertical tail, relying instead on a split, wedge-shaped tail to reduce drag.

The regional aircraft would carry as many as 80 passengers up to 1,500 kilometres (930 miles) and burn 30% to 50% less fuel than today’s equivalent planes, Airbus said.

Inaugurating the display to curious military chiefs and visitors to the Royal International Air Tattoo, Britain’s Trade Secretary Liam Fox said it highlighted Britain’s technical capability and its attractiveness as a place to invest.

Airbus said its concept plane would have a geodesic or curved fuselage in a throwback to the contours of the Wellington bomber designed by British aircraft designer Barnes Wallis.

That aircraft was built in Broughton in Wales from the 1930s to keep it beyond the range of German bombers.

Airbus now uses the same site to produce wings for over 800 jetliners a year. But it has warned the plant faces competition from European nations such as Germany, or others such as Korea, for future generations following Britain’s decision to leave the European Union. Brexit supporters are sceptical Airbus would take such a step given Britain’s experience with wingmaking.

(Reporting by Tim Hepher; Editing by Tom Brown)

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Rolls-Royce Scraps Dividend & Targets Due to Coronavirus

Airbus Mimics Nature With ‘Bird of Prey’ Concept Plane

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