LuxairGroup's operations are divided into four pillars and came to a total operative profits of €7.6 million in 2018, less than 2017's near €10 million in operative profits.
However, the group's net profits rose from €9.5 million to €12.5 million due to financial results. The group's airline operations continue to slide downwards, with losses of €10 million. The losses are predominantly due to kerosene prices.
Luxair Tours on the other hand saw a significant increase and Luxair Services operations also saw slight profit increases. In contrast, LuxairCARGO had a slight drop in profits.
The group is preparing for difficulties in the future due to the discussion surrounding CO2 emissions and kerosene prices.
On Monday, Luxair announced that Giovanni Giallombardo is succeeding Paul Helminger as the Chairman of the Board of Directors. Helminger did not renew his term, citing personal reasons.
Following the Luxair S.A. Shareholders General Meeting held on Monday 13 May 2019, Mr. Giovanni Giallombardo was appointed, on proposal of the Luxembourgish State, as Luxair S.A. Chairman of the Board of Directors. He will replace Mr. Paul Helminger, who has decided to not have his term renewed for personal reasons.
The assembly would like to thank Mr. Paul Helminger for his dedication and commitment to LuxairGroup. Mr. Paul Helminger was appointed as Chairman of Luxair S.A.’s Board of Directors in May 2012. He contributed considerably in developing the company’s structures, so that it would be able to meet the challenges of an ever-changing industry. The General Meeting of 13 May 2019 therefore grants Mr. Paul Helminger the title of Honorary Chairman of the Board of Directors.
Prior to his appointment, Mr. Giovanni Giallombardo has been administrator for Luxair S.A. since 2016. Mr. Giovanni Giallombardo has a Doctorate in Economics and Commerce from the University of Florence and started his career in finance and banking in Luxembourg in 1984, to go on to become Director General and member of the Management Board at UniCredit Luxembourg S.A. in 2009. Mr. Giallombardo is also on the Board of Directors of Essilor-Luxottica Group, world leader in the optics industry, and therefore has considerable experience in the private sector which he will put to good use at LuxairGroup.
Following his appointment, Mr. Giallombardo declared that “I am honoured to have been appointed as Chairman of the Board of Directors of Luxair S.A.. I am proud to fulfill this mandate. I am fully aware of the difficulties involved, as the aviation industry has been exposed to growing competition, which leaves a regional player very little room to manoeuvre. LuxairGroup has always managed to show how it can rise to challenges, inter alia due to its staff’s experience and dedication and therefore has sound foundations to ensure the company’s sustainability.”
