The previously reported results for the short fiscal year 2019 (1 March - 31 December) are unchanged after completion of the audit. New orders worth USD 800 million will help offset impending market corrections. The general economic situation resulting from the COVID 19 crisis cannot yet be assessed. FACC is therefore adopting a comprehensive package of measures to protect the workforce, safeguard jobs and ensure economic stability.
"The aviation industry is currently experiencing challenging times. While a largely stable development was the forecast in the previous year, no short-term and serious assessment of the market is currently possible for the entire industry. New orders from existing and also new customers with a total order value of USD 800 million are of course very positive, but under the new corona framework conditions this aspect as well as the 2019 fiscal year results are also fading into the background. Our focus is on assessing the immediate future and the orientation of the company during and after the corona crisis. In doing so, we have to find an optimal balance between protecting our workforce - that is the most important thing - and struggling to achieve the necessary economic stability, secure financial stamina and maintain the trust of our customers. Even in this for us completely new environment, we will do everything in our power to secure the jobs of our workforce," said CEO Robert Machtlinger.
"A special thanks goes to the entire FACC staff, who have supported the measures taken with enormous solidarity and understanding and thus have given the company excellent support," Machtlinger added
Coronavirus: effects on FACC
Against the background of the current development in the international aviation industry in connection with the COVID-19 crisis, which will affect the market side and in our own plants, we must assume today that there will be noticeable demand and production restrictions in the next quarters. From today's perspective, the impact on the Group's earnings for 2020 and at least also in 2021 is currently difficult to assess. From today's perspective, FACC assumes that a serious market assessment will not be possible until mid-2020. "The aviation industry is being subjected to a severe test of endurance, both unexpectedly and through no fault of its own," said Machtlinger. "The situation is very uncertain and changes daily or hourly. We are constantly in consultation with our global customers and have taken the necessary precautions to be able to react quickly to changes".
Against this background, the Supervisory Board and Management Board decided the following package of measures at their meeting.
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