Condor Flugdienst reported its financial performance for the fiscal year ending on September 30, 2019.
Despite the failure of Thomas Cook (UK), the German airline is thriving.
With tight cost controls, the operating profit increased by 32.4 percent for the fiscal year.
The airline issued this statement:
Condor Flugdienst GmbH improved its key figures for the Financial Year 2018/19 (ending 30 September 2019) despite a difficult second half year:
With disciplined cost management, the operating profit (EBIT) increased by 32.4 percent on a year-on-year comparison to 57 million EUR. The number of passengers carried increased by 4.5 percent to 9.4million (+6.9 percent) with increased capacity. Despite a long sunshine period in summer 2019, Condor achieved a six percent increase in revenue to 1.7 billion EUR with stable yields and a stable seat load factor of around 90 percent.
Ralf Teckentrup, CEO of Condor Flugdienst GmbH, was highly satisfied with this result: “We are an operationally healthy and profitable company. Our key figures and the further increase in profit underline this. Condor is thus further expanding its market leadership in the leisure airline business”.
At the end of September, Condor entered into a so-called preliminary protective shield procedure in order to release itself from joint liabilities from the insolvent former parent company Thomas Cook Group plc. This gives the company full independence from the Thomas Cook Group plc and at the same time more security for its own future. The federal government of Germany and the state government of Hesse have granted Condor a state-guaranteed bridging loan of 380 million EUR. In a structured bidding process, strategic and financial investors are showing high interest in Condor.
Bookings above expectations
Ralf Teckentrup continues: “The current booking trend is currently exceeding expectations. This is also a clear sign of confidence on the part of tour operators, travel agencies and our direct customers”. The loss of passengers from Thomas Cook Germany of around 15 percent is being compensated for by a strong demand.
Meanwhile, Condor was able to expand its range of routes with the new summer destinations on short- and medium-haul routes, such as Paphos (Cyprus), Tivat (Montenegro) and Toulon (France). Further destinations are currently under review.
One of the most punctual airlines in Europe
Condor is one of the most punctual airlines in Europe. With numerous measures agreed at the Aviation Summit in Hamburg in March 2019, the punctuality was improved after the difficult summer of 2018. In the 2018/19 business year, around 80 percent of all Condor flights took off on time. The relevant share of longer delays was reduced to a historic low.
Tight cost management
Condor’s profitable development is also based on its ongoing focus on strict cost and profit improvement measuresx. On the basis of Financial Year 2016/17, profit improvements totalling around 54 million EUR were achieved. The basis was a reduction in Condor’s own stations from twelve to eight as well as a number of measures to increase operational efficiency. These include, for example, improved maintenance through better material supply and purchasing processes, optimised planning and production processes through further standardisation and measures to improve technical reliability. In addition, ancillary revenues per passenger were increased by 18 percent.
Ralf Teckentrup continued: “I am confident that after the exit from the protective shield procedure in spring 2020 we will be able to further strengthen our position as Germany’s most popular holiday airline. Around 5,000 Condor employees are grateful for the trust and great encouragement we have received from all sides. The Condor team is highly motivated to take further important steps together to secure our future. We would like to thank all our customers, sales and business partners and all those involved for always believing in us and supporting us, even in difficult times”.
The airline is also expanding for next summer. Condor will take off with full speed in summer 2020 and expands its summer flight schedule by two new destinations.
The leisure airline will take off to new destinations in Montenegro and, for the first time, the Côte d’Azur.
In addition, Condor is increasing some of its existing frequencies to Greece, Mallorca and the Canary Islands. The summer flight schedule starts on May 1, 2020.
New from Frankfurt to Toulon in France and Tivat in Montenegro
In addition to the new destination Paphos in Cyprus, Condor is heading for two new destinations in summer 2020: Toulon at the Côte d’Azur and Tivat in Montenegro. Lovers of France will be leaving Frankfurt three times a week for the port city with its French lifestyle, delicious cuisine and dreamy sandy beaches between Saint-Tropez and Cassis. It is the ideal starting point for an onward journey to Provence.
Also new in the summer flight schedule is Tivat in Montenegro. The port city on the Montenegrin coast complements the existing Condor destinations in the region, Split and Dubrovnik. Montenegro is an insider tip for Adria lovers: The bay of Kotor with its fjord-like basins offers an impressive sight especially for nature-loving holidaymakers. Condor will set sail for Tivat twice a week from Frankfurt in summer 2020.
- Toulon (TLN), Wednesday, Friday, Sunday, from 59.99 EUR
- Tivat (TIV), Tuesday, Friday, from 59.99 EUR
From Germany nonstop to the Greek islands
Condor guests will be able to reach the two Greek islands of Mykonos and Santorini conveniently nonstop in summer 2020. The leisure airline brings its guests from Düsseldorf, Frankfurt and Munich to Mykonos in the Aegean Sea once a week. Also non-stop from Düsseldorf, Frankfurt and Munich, Condor will fly twice a week to the island of Santorini, which is popular for its typically picturesque white houses with blue roofs.
Likewise, Condor also flies to Paphos in Cyprus and takes off on Mondays and Fridays from Frankfurt, Munich, Düsseldorf and Leipzig. Flights are already bookable as of 99.99 euros.
Germany’s most popular leisure airline also offers a new weekly flight from Stuttgart to Samos. The Greek island will also be approached from Frankfurt, Düsseldorf, Munich and Hanover.
Condor flies to a total of 17 destinations in Greece from seven German departure airports.
- Mykonos (JMK), from FRA + DUS: Wednesday and from MUC: Saturday, from 89.99 EUR
- Santorini (JTR), from FRA: Tuesday and from DUS + MUC: Tuesday, Friday, from 89.99 EUR
- Paphos, from FRA, DUS, MUC + LEJ: Monday and Friday, from 99.99 EUR
- Samos, from FRA, DUS, HAJ, MUC + STR: Sunday, Tuesday, Friday, from 89.99 EUR
Summer holiday under the Canary sun
Condor currently flies to the Canary Islands of Gran Canaria, Tenerife and Fuerteventura several times a week from Düsseldorf, Frankfurt, Hanover, Hamburg, Leipzig, Munich and Stuttgart. In summer 2020, Condor will be offering its guests additional flight days from the airports of Düsseldorf, Frankfurt, Hamburg and Munich, so that guests of the leisure airline can reach the popular holiday islands even more often. The Canary Islands offer is completed by four weekly flights to La Palma and eleven weekly flights to Lanzarote.
- Gran Canaria (LPA), from DUS + FRA: Wednesday, Thursday, Saturday, Sunday and from HAM + MUC: Wednesday, Saturday, Sunday, from 99.99 EUR
- Tenerife (TFS), from DUS + FRA: Monday, Wednesday, Friday, Saturday, Sunday and from HAM + MUC: Monday, Wednesday, Friday, from 109.99 EUR
- Fuerteventura (FUE), from DUS + FRA: Monday, Tuesday, Thursday, Friday, Saturday and from HAM: Monday, Tuesday, Thursday, Saturday, as well as from MUC: Tuesday, Thursday, Saturday, from 109.99 EUR
The focus of the 2020 summer flight schedule on short- and medium-haul flights is clearly on the Mediterranean and the Canary Islands. To cover this, Condor has rescheduled capacity from Turkey, Tunisia and Italy to other destinations.
Condor aircraft photo gallery: