Stephan Bernstein, CEO of GreenRoc, details the PFS results for the new graphite processing plant. Watch the video here.
Doesn’t have to be Monday for me.. I’m here for the long run, I’m holding 153,000 shares now and excited about LGRS growth prospects. Cheap rents and and a great business model will see this past £3 before the end of the year then we will see potential dividends being given!
Dear Colleagues,
I would first like to thank you for your active participation in our virtual employee event. The measures we have presented to you to save our airline in these difficult times are extremely difficult for all of us. But I would like to repeat myself again here: The cuts are necessary to open up a future for our airline. Nobody in our industry expects a return to the status quo.
For all colleagues who did not have the opportunity to take part in the virtual event this evening, I would like to briefly outline the key points of the planned changes.
Marek and Kenton already got to the point very well in today's letter: The capacity in the German aviation market was already much too high before Corona. As a result of the corona pandemic, overcapacity will intensify again. The huge changes in our market force us to reposition the TUI fly. In contrast to the past, we no longer operate from a position of strength. Because our shareholder, the TUI Group, no longer has the financial scope of earlier years due to the slump in global business and the bridging loan from the state. We must therefore position ourselves in a healthy manner. This applies to all areas of the group and of course also to us. It's about the right size for us as an airline in Germany.
To ensure the survival of our TUI fly, we have developed a rescue plan that includes the following measures:
We are reducing our fleet from 39 machines today to around half in the future. The suspension of the wet lease contract with Eurowings is already taken into account here. We can then utilize the remaining aircraft throughout the year, thus ensuring the results-oriented operation of our airline. In the high season in the summer months we then expand the fleet with full charter.
With the reduction in the fleet, there is also a reduction in the crew bases. In the future, we only want to operate in Hanover, Düsseldorf, Frankfurt, Stuttgart and Munich.
The downsizing of the fleet and the reduction of the crew bases will affect around 700 jobs.
As with the downsizing of our fleet, we are also reducing the number of employees in the central functions. In addition, we will bundle more tasks in the future in the TUI Aviation Platform - a process that we have already initiated in the past. In the future, all operational control functions will be located on the central platform. The Group Operations Center (GOC) will continue to be based as a Center of Excellence at TUI fly in Germany. The traffic center, the Group Operations Control Center (OCC), will control the operationally relevant activities for all airlines from one location. The Group Maintenance Operations Center (MOC) will also be set up centrally in the UK. Crew planning will continue to be carried out locally in the future. Central functions such as finance, HR or the PMO are to be established with local satellites in the aviation platform.
In total, around 230 full-time positions are affected by the pro