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Ready for Boarding 3 3rd Interim Report January – September 2010 Ready for boarding 3 www.lufthansa.com www.lufthansa.com/investor-relations www.lufthansa.com/responsibility WorldReginfo - f85274c6-5a41-42dd-b8f1-b9558fa92b70 Lufthansa Group overview Key fi gures Lufthansa Group Financial calendar 2011 Jan. – Sept. Jan. – Sept. Change July – Sept July – Sept. Change 2010 2009 3) in % 2010 2009 3) in % 17 March Press Conference and Analysts’ Conference Revenue and result on 2010 results Total revenue €m 20,193 16,162 24.9 7,568 5,936 27.5 of which traffi c revenue €m 16,445 12,589 30.6 6,242 4,743 31.6 3 May Annual General Meeting, Berlin Operating result €m 612 226 170.8 783 218 259.2 EBIT €m 957 208 360.1 893 359 148.7 5 May Release of Interim Report January – March 2011 EBITDA €m 2,206 1,417 55.7 1,330 753 76.6 Net profi t/loss for the period €m 524 31 628 209 200.5 28 July Release of Interim Report January – June 2011 Key balance sheet and cash fl ow statement fi gures 27 Oct Press Conference and Analysts’ Conference Total assets €m 29,501 27,281 8.1 – – – on interim result January – September 2011 Equity ratio % 25.1 22.5 2.6 pts – – – Net indebtedness €m 1,521 1,908 – 20.3 – – – Cash fl ow from operating activities €m 2,425 1,438 68.6 1,005 408 146.3 Capital expenditure (gross) €m 1,760 1,777 – 1.0 786 612 28.4 Key profi tability and value creation fi gures Adjusted operating margin 1) % 3.5 2.0 1.5 pts 11.1 4.5 6.6 EBITDA margin % 10.9 8.8 2.2 pts 17.6 12.7 4.9 The Lufthansa share Share price at the quarter-end € 13.49 12.11 11.4 – – – Earnings per share € 1.14 0.07 1.36 0.45 302 Traffi c fi gures2) Passengers thousands 67,869 55,635 22.0 26,089 22,432 16.3 Passenger load factor % 79.7 78.0 1.7 pts 83.6 82.6 1.0 pts thousand Freight and mail tonnes 1,468 1,231 19.3 530 443 19.8 Cargo load factor % 68.0 58.1 9.9 pts 66.4 61.6 4.8 pts Available tonne-kilometres millions 28,780 25,907 11.1 10,380 9,550 8.7 Revenue tonne-kilometres millions 21,479 17,994 19.4 7,943 7,026 13.0 Overall load factor % 74.6 69.5 5.1 pts 76.5 73.6 2.9 pts Flights number 763,170 638,492 19.5 271,316 244,538 11.0 Employees Employees as of 30.9. number 116,838 118,945 – 1.8 116,838 118,945 – 1.8 1) Performance indicator to enable comparison with other airlines: (operating result + write-backs of provisions) / revenue. 2) Lufthansa Group without Germanwings. 3) Last year’s fi gures have been restated in line with measurement changes under IAS 39. Date of publication: 28 October 2010. Contents Disclaimer in respect of forward-looking statements Information published in the 3rd Interim Report 2010, with regard to the future development of the Lufthansa Group and its subsidiaries consists purely 1 To our shareholders 43 Further information of forecasts and assessments and not of defi nitive historical facts. Its purpose is exclusively informational identifi ed by the use of such cautionary terms as “believe”, “expect”, “forecast”, “intend”, “project”, “plan”, “estimate” or “intend”. These forward-looking statements are based on all discernible 3 Interim management report 44 Credits/Contact information, facts and expectations available at the time. They can, therefore, only claim validity up to the date of their publication. 32 Interim fi nancial statements 45 Financial calendar 2011 Since forward-looking statements are by their nature subject to uncertainties and imponderable risk factors – such as changes in underlying economic conditions – and rest on assumptions that may not or divergently occur, it is possible that the Group’s actual results and development may differ materially from those implied by the forecasts. Lufthansa makes a point of checking and updating the information it publishes. It cannot, however, assume any obligation to adapt forward-looking statements to accommodate events or developments that may occur at some later date. Accordingly, it neither expressly nor conclusively accepts liability, nor gives any guarantee, for the actuality, accuracy and completeness of this data and information. To the extent that the interim Group management report refers to sources other than the interim Group management report or the interim consolidated fi nancial statements (e.g. internet sites), the contents of these sources are not part of the interim Group management report and are solely for informational purposes. WorldReginfo - f85274c6-5a41-42dd-b8f1-b9558fa92b70 To our shareholders | Interim management report | Interim financial statements | Further information Letter from the Executive Board Ladies and gentlemen, Our flight has crossed the financial and economic crisis success- As a German airline we are well aware that we can and may only fully! After a turbulent start to the year 2010, the Lufthansa Group rely on our own profitability. For this reason we are determined to regained uplift thanks to the gratifying performance of the cargo maintain and strengthen it. We are therefore continuing our pro- and passenger businesses. The strong positioning of our business grammes to safeguard earnings unchanged. Lufthansa Passenger segments, the synergy potential realised in the airline group and Airlines made further progress with its Climb 2011 programme. the ongoing cost-cutting measures have made a vital contribution It will lead to a significant reduction in costs. The restructuring and to this success. With an operating result of EUR 612m for the past integration of the new companies is also showing great success nine months, Lufthansa follows up on its performance of previous and running according to plan. years. This is a remarkable achievement, especially considering the lost production in the first months of the year, which is still fresh Based on the results achieved and the stable course of business in our memory. we can revise our expectations for earnings development in the 2010 financial year upwards. In view of the substantial increase in Lufthansa Passenger Airlines, SWISS and Lufthansa Cargo put in revenue and our unwavering efforts to reach our cost targets, we a particularly strong performance. In addition to higher passenger now expect the operating result to exceed the EUR 800m mark. numbers and cargo volumes, average yields continued to improve here as well. Lufthansa Cargo again posted a record result and Dear shareholders, we have kept our promise not only to practise the Passenger Airline Group too was able to report an operating short-term crisis management but always to look ahead and to profit. This includes earnings contributions from Austrian Airlines shape the future. In doing so we remain true to our principles – to and bmi that were negative overall, but also positive in the third solid financial structures, to our quality and customer focus, and quarter. Lufthansa Technik and Lufthansa Systems confirmed their to innovation and long-term value creation. Our fleet renewal and place as late-cycle segments with slight falls in revenue, but never- the continuous optimisation of our network with our partners in theless presented good results. LSG Sky Chefs also benefited the airline group are just two examples. We are also pleased that from the resurgent premium business. at its meeting in September the Supervisory Board prepared the way to continue on this course by appointing Christoph Franz The successes of the three last quarters confirm our course, but to succeed the current Chairman of the Executive Board and they should not obscure the fact that challenges still lie ahead. CEO and for Carsten Spohr to take his seat on the Executive Crude oil prices are going up again in conjunction with the eco- Board of Deutsche Lufthansa AG. These are all foundations nomic recovery, and the pressure this puts on earnings cannot for our success, which is built on sustainability. Lufthansa should be hedged away completely. A particular challenge for the years and will continue to grow – carefully and profitably! ahead is the air traffic tax adopted by the German federal government. It will also result in additional expenses for airlines and their passengers. Wolfgang Mayrhuber Christoph Franz Stephan Gemkow Stefan Lauer Chairman of the Deputy Chairman of the Member of the Executive Board Member of the Executive Board Executive Board Executive Board and Chief Financial Officer Chief Officer Group Airlines and CEO CEO Lufthansa and Corporate German Airlines Human Resources Lufthansa 3rd Interim Report January – September 2010 1 WorldReginfo - f85274c6-5a41-42dd-b8f1-b9558fa92b70 The Lufthansa share and synergies between the group airlines. The average target price was increased again in the third quarter, reaching EUR 15.20 As of 30 June 2010 the DAX had hardly changed compared with at the end of September. the beginning of the year, but in the third quarter of 2010 it rose by 4.4 per cent to 6,229 points. On 21 September the Lufthansa share reached a high for the year to date of EUR 13.65. The rea- Shareholder structure by nationality in % (as of 30.9.2010) son for the strong performance in the third quarter was the contin- uing momentum in sales and profit recovery. Lufthansa was one UK 3.4 Canada 2.0 of the three best performing shares in the DAX in the last quarter Luxembourg 7.4 with a price increase of 18.4 per cent. At the end of September Other 7.7 the price was EUR 13.49.
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