This is what the CEO should have said a month ago. They now have approximately 30% of LH destinations suspended (and surely low pax loads on the ones still operating) and he calls it 'limited impact on our operations'. He now sees a negative impact on demand...he didn't see it coming late Jan / early Feb when it was so obvious to anyone following the news or just FT here?
If I was a shareholder I would definitely have a few questions to management about the transparency (or accuracy) of their demand forecasting and the way it is communicated to investors.
I think they wanted to see the reactions on the "postpone or cancel" policy. They knew flights in the short term were lost business, but hoped to save travel in Q2.
And I guess we now know that most people cancelled.