Focused on Our Way. What Defi Nes Us
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What drives us. Focused on our way. What defi nes us. Annual Report 2013 How Lufthansa Group Annual Report 2013 we work. Key fi gures Lufthansa Group 2013 2012 3) Change in % Revenue and result Total revenue €m 30,028 30,135 – 0.4 of which traffi c revenue €m 24,565 24,793 – 0.9 Operating result €m 697 839 – 16.9 EBIT €m 891 1,668 – 46.6 EBITDA €m 2,668 3,581 – 25.5 Net profi t/loss €m 313 1,228 – 74.5 Key balance sheet and cash fl ow statement fi gures Total assets €m 29,084 28,559 1.8 Equity ratio % 21.0 16.9 4.1 pts Net indebtedness €m 1,697 1,953 – 13.1 Cash fl ow from operating activities €m 3,290 2,842 15.8 Capital expenditure (gross) €m 2,499 2,359 5.9 Key profi tability and value creation fi gures Adjusted operating margin1) % 3.0 3.3 – 0.3 pts EBITDA margin % 8.9 11.9 – 3.0 pts CVA €m 3,133 375 Lufthansa share Share price at year-end € 15.42 14.24 8.3 Earnings per share € 0.68 2.68 – 74.6 Suggested dividend per share € 0.45 – Traffi c fi gures 2) Passengers thousands 104,587 103,590 1.0 Freight and mail thousand tonnes 1,965 1,984 – 0.9 Passenger load factor % 79.8 78.8 1.0 pts Cargo load factor % 69.1 69.4 – 0.3 pts Flights number 1,028,260 1,067,362 – 3.7 Employees Average number of employees number 117,343 118,368 – 0.9 Employees as of 31.12. number 118,214 116,957 1.1 1) Performance indicator to enable comparison with other airlines: (operating result + write-backs of provisions) / revenue. 2) Previous year’s fi gures have been adjusted. 3) The comparable fi gures from last year were adjusted retrospectively due to the application of the revised IAS 19 as of 1 January 2013. Date of publication: 13 March 2014. Revenue in €m Operating result in €m 22,283 26,459 28,734 30,135 30,028 130 1,020 820 839 697 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 Lufthansa Group overview 2013 fi gures Key fi gures business segments Passenger Airline Group 2013 Change Passenger Airline Group The airlines in the in % Passenger Airline Group carried more passengers Revenue €m 23,513 – 0.2 than ever before. Revenue fell slightly, however. 30.0 of which external revenue €m 22,838 – 0.1 The decline in operating profi t is largely due to the Revenue Operating result €m 495 – 11.0 one-off effects recognised in 2012 of transferring Adjusted operating margin % 2.6 – 0.3 pts in EUR bn Segment result €m 623 12.1 fl ight operations from Austrian Airlines to Tyrolean EBITDA* €m 2,105 – 1.9 Airways, and to the sale of bmi. Lufthansa Passen- CVA €m 175 Segment capital expenditure €m 1,837 – 1.7 ger Airlines and SWISS increased their operating Employees as of 31.12. number 54,702 – 1.0 results. 697 Logistics 2013 Change Logistics Lufthansa Cargo suffered from very Operating result in % weak demand across the industry in the fi nancial in EUR m Revenue €m 2,442 – 9.2 year. This resulted in lower revenue than in of which external revenue €m 2,418 – 9.2 the previous year. Thanks to consistent capacity Operating result €m 77 – 26.7 Adjusted operating margin % 3.6 – 0.7 pts management, it was nonetheless possible to Segment result €m 88 – 31.3 mitigate the effects of the market weakness on EBITDA* €m 131 – 33.8 the result. Lufthansa Cargo’s operating profi t 1,308 CVA €m – 41 Segment capital expenditure €m 318 60.6 was down on the previous year. Free cash fl ow Employees as of 31.12. number 4,589 – 0.4 in EUR m MRO 2013 Change MRO Lufthansa Technik closed the fi nancial year in % very successfully. Revenue and, above all, the Revenue €m 4,180 4.2 operating result were up sharply. The global mar- of which external revenue €m 2,598 7.0 ket leader in the MRO segment profi ted from 3,133 Operating result €m 404 23.2 Adjusted operating margin % 10.9 2.0 pts consistent cost management and a particularly full Cash value added Segment result €m 457 21.2 order book. in EUR m EBITDA* €m 594 18.3 CVA €m 377 56.4 Segment capital expenditure €m 136 5.4 Employees as of 31.12. number 19,917 – 1.8 8.3 Catering 2013 Change Catering LSG Sky Chefs increased its revenue in % and operating result compared with the previous Total Shareholder Revenue €m 2,514 0.4 year. This was helped primarily by internal Return in per cent of which external revenue €m 1,909 – 1.2 effi ciency and cost management programmes. Operating result €m 105 4.0 Adjusted operating margin % 4.3 0.2 pts The company consolidated its global market Segment result €m 123 – 6.1 leadership in airline catering and continues to grow EBITDA* €m 170 – 22.0 with related products and in adjacent markets, CVA €m 29 – 25.6 Segment capital expenditure €m 110 71.9 which are becoming more and more relevant. Employees as of 31.12. number 32,307 7.4 IT Services 2013 Change IT Services Lufthansa Systems reported sharp in % increases in revenue and operating result in the Revenue €m 640 5.1 past fi nancial year. Here, too, measures to improve Key fi gures of which external revenue €m 265 3.5 effi ciency gained traction and cut costs signifi - Operating result €m 36 80.0 Lufthansa Group cantly. In a positive market environment for airline Adjusted operating margin % 5.6 2.2 pts overview Segment result €m 34 78.9 IT services, revenue was boosted by many new EBITDA* €m 73 – 3.9 customers, and innovative new products were CVA €m 32 Segment capital expenditure €m 20 – 16.7 brought to market. Employees as of 31.12. number 2,718 – 1.7 * Without Group-internal profi t and loss transfer/investment income. Contents 2 To our shareholders 2 Letter to the Shareholders 6 Supervisory Board and Executive Board 8 Annual review 10 Lufthansa share 13 Report of the Supervisory Board 16 Corporate Governance 20 Combined management report 22 Principles of the Group 22 Business activities and Group structure 24 Legal and regulatory factors 25 Research and development 26 Goals and strategies 30 Management system and supervision 34 Economic report 34 Macroeconomic situation 36 Sector developments 38 Course of business 43 Earnings position 50 Assets and financial position 57 Overall statement by the Executive Board 58 Business segment Passenger Airline Group 69 Business segment Logistics 74 Business segment MRO 78 Business segment Catering 82 Business segment IT Services 86 Other 88 Employees 93 Corporate responsibility 96 Supplementary report 97 Opportunities report 102 Risk report 118 Forecast 124 Disclosures in accordance with Section 289 Paragraph 4 HGB and Section 315 Paragraph 4 HGB 126 Notes to the individual financial statements for Deutsche Lufthansa AG (HGB) 132 Consolidated financial statements 222 Further information 222 Ten-year overview 226 Glossary 228 Credits/contact Financial calendar 2014/2015 and Disclaimer Focused on our way How do we create the best Lufthansa Group? In challenging times like these, it is more important than ever to keep the long-term objective clearly in view, to know how to get there and to follow the path consistently. We are focused on our way. Our aim is to create a better Lufthansa Group. The strategy for achieving this is set. We are developing the necessary culture. We are permanently improving the effectiveness we need. Read here what drives us, what defi nes us and how we are working to be successful. 01 What Clear objectives page 7 drives us? A passion for development page 19 02 What defi nes us? The power of a strong Group page 131 03 How do we work? Focused on our way From left: Harry Hohmeister, Bettina Volkens, Christoph Franz, Carsten Spohr, Simone Menne Letter to the Shareholders 2013 was a successful, but also a demanding year for the Lufthansa Group. The transformation of our company progressed well and is bearing fruit. We ended last year with a good result. All our business segments are profitable and all passenger airlines in the Lufthansa Group improved their results. More than 104 million passengers flew with us last year. This confirms our position as the biggest European air- line group. Customer satisfaction also reached a new high. It is paying off that we are investing more than ever before for our customers: both in renewing our in-flight and ground product and in new aircraft. In 2013, we ordered a total of 168 short, medium and long-haul aircraft, with an aggregate list price of EUR 22bn. This sets the framework for the fleet structure until 2025. From 2016 onwards, our customers can look forward to the first of the next-generation long-haul aircraft. They are not only more comfortable, but are also considerably quieter and more fuel-efficient. For the first time, we will have long-haul aircraft that consume less than three litres of kerosene per passenger per 100 kilometres. This not only protects the environment and brings us significant cost savings in the future, but will also contribute to positioning our core business segment, the airlines, to achieve sustainable success in a tough competition.