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Annual Report 2015

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Annual Report 2015 Consistently safeguarding the future Annual Report 2015 Lufthansa Group The Lufthansa Group is the world’s leading aviation group. Its portfolio of companies consists of hub airlines, point-to-point airlines and aviation service companies. Its combination of business segments makes the Lufthansa Group a globally unique aviation group whose integrated value chain not only offers financial synergies but also puts it in a superior position over its competitors in terms of know-how. Key figures Lufthansa Group 2015 2014 Change in % Revenue and result Total revenue €m 32,056 30,011 6.8 of which traffic revenue €m 25,322 24,388 3.8 EBIT1) €m 1,676 1,000 67.6 Adjusted EBIT €m 1,817 1,171 55.2 EBITDA1) €m 3,395 2,530 34.2 Net profit / loss €m 1,698 55 2,987.3 Key balance sheet and cash flow statement figures Total assets €m 32,462 30,474 6.5 Equity ratio % 18.0 13.2 4.8 pts Net indebtedness €m 3,347 3,418 – 2.1 Cash flow from operating activities €m 3,393 1,977 71.6 Capital expenditure (gross) €m 2,569 2,777 – 7.5 Key profitability and value creation figures EBIT margin % 5.2 3.3 1.9 pts Adjusted EBIT margin % 5.7 3.9 1.8 pts EBITDA margin 1) % 10.6 8.4 2.2 pts EACC €m 323 – 223 ROCE % 7.7 4.6 3.1 pts Lufthansa share Share price at year-end € 14.57 13.83 5.3 Earnings per share € 3.67 0.12 2,958.3 Proposed dividend per share € 0.50 – Traffic figures 2) Passengers thousands 107,679 105,991 1.6 Freight and mail thousand tonnes 1,864 1,924 – 3.1 Passenger load factor % 80.4 80.1 0.3 pts Cargo load factor % 66.3 69.9 – 3.6 pts Flights number 1,003,660 1,001,961 0.2 Employees Average number of employees number 119,559 118,973 0.5 Employees as of 31.12. number 120,652 118,781 1.6 1) Previous year‘s figures have been adjusted due to the new reporting method. 2) Previous year’s figures have been adjusted. Date of publication: 17 March 2016. Business segments 2015 figures Passenger Airline Group Passenger Airline Group 2015 Change 32.1 in % Passenger transport is the largest business segment Revenue Revenue €m 24,499 5.1 in the Lufthansa Group. The Passenger Airline Group of which traffic revenue €m 22,610 4.9 in EUR bn includes the airlines Lufthansa Passenger Airlines EBIT €m 1,465 104.9 (including Germanwings and Eurowings), SWISS Adjusted EBIT €m 1,505 114.7 EBITDA* €m 2,767 46.1 and Austrian Airlines. Equity interests in Brussels Adjusted EBIT margin % 6.1 3.1 pts Airlines and SunExpress are strategic additions to EACC €m 414 the portfolio. ROCE % 9.5 4.5 pts 1,817 Segment capital expenditure €m 2,147 – 4.5 Employees as of 31.12. number 55,255 0.5 Adjusted EBIT in EUR m Logistics Logistics 2015 Change in % Lufthansa Cargo is the logistics specialist within the Lufthansa Group and Europe’s leading cargo Revenue €m 2,355 – 3.3 airline. As well as marketing the freight capacities of which traffic revenue €m 2,275 – 3.8 3,393 EBIT €m 3 – 97.6 of Lufthansa Passenger Airlines’ and Austrian Adjusted EBIT €m 74 – 39.8 Operating Cash flow Airlines’ passenger aircraft, the company operates EBITDA* €m 155 – 17.1 in EUR m its own fleet of cargo aircraft, comprising 14 Boeing Adjusted EBIT margin % 3.1 – 2.0 pts MD11Fs and five B777Fs. EACC €m – 72 ROCE % 0.2 – 7.8 pts Segment capital expenditure €m 116 – 45.8 Employees as of 31.12. number 4,607 – 1.2 2,569 Capital expenditure MRO MRO 2015 Change in % in EUR m Lufthansa Technik is the world’s leading independ- ent provider of maintenance, repair and overhaul Revenue €m 5,099 17.6 services (MRO) for civilian commercial aircraft. The of which external revenue €m 3,256 21.8 EBIT €m 448 3.5 portfolio consists of a variety of different products Adjusted EBIT €m 454 19.5 and product combinations, from the repair of indivi- EBITDA* €m 551 4.8 323 dual components to consultancy services and the Adjusted EBIT margin % 8.9 0.1 pts fully integrated supply of entire fleets. EACC €m 158 – 6.0 EACC ROCE % 10.6 – 1.0 pts Segment capital expenditure €m 148 25.4 in EUR m Employees as of 31.12. number 20,661 2.9 Catering Catering 2015 Change in % LSG Sky Chefs is the world’s largest provider of 5.3 services related to in-flight service. The portfolio Revenue €m 3,022 14.8 Total Shareholder comprises catering, in-flight sales and entertainment, of which external revenue €m 2,386 18.0 EBIT €m 85 13.3 Return in per cent in-flight service equipment and the associated Adjusted EBIT €m 99 12.5 logistics as well as consultancy services and the EBITDA* €m 166 7.1 operation of lounges. The company also operates in Adjusted EBIT margin % 3.3 0.0 pts adjacent markets, such as services for rail operators EACC €m – 8 42.9 ROCE % 5.0 0.3 pts and supplying the retail sector. Segment capital expenditure €m 127 – 9.3 Employees as of 31.12. number 34,310 4.5 * Without Group-internal profit and loss transfer / investment income. Business segments’ share of Group revenue in % Logistics 7.3 Other 0.8 Catering 7.4 Passenger Key figures Airline MRO 10.2 Group 74.3 Lufthansa Group overview Contents 1 To our shareholders 1 Consistently safeguarding the future 3 Letter from the Executive Board 5 The setup of the Lufthansa Group 6 Report of the Supervisory Board 9 Lufthansa share 12 Combined management report 14 Principles of the Group 14 Business activities and Group structure 15 Goals and strategies 18 Management system and supervision 19 Legal and regulatory factors 19 Research and development 20 Economic report 20 Macroeconomic situation 22 Sector developments 24 Course of business 28 Earnings position 33 Assets and financial position 41 Overall statement by the Executive Board 42 Business segments 42 Business segment Passenger Airline Group 50 Business segment Logistics 54 Business segment MRO 57 Business segment Catering 60 Other 62 Employees 66 Corporate responsibility 68 Supplementary report 69 Opportunities and risk report 86 Forecast 91 Corporate Governance 107 Notes to the individual financial statements for Deutsche Lufthansa AG (HGB) 111 Consolidated financial statements 196 Further information 196 Ten-year overview 200 Glossary 202 Credits / Contact Financial calendar 2016 / 2017 and Disclaimer Consistently safeguarding the future Customer Market positi Fleet age on Shareholder Employee Financial stability Customer centricity and quality focus New concepts for growth Innovation and digitalisation Effective and lean organisation Culture and leadership Value-based steering Constantly improving efficiency Seven fields of action, one objective: Lufthansa – First choice for customers, employees, shareholders and partners The Lufthansa Group has set itself the goal of being the first choice in aviation for customers, employees, shareholders and partners. Going forward, the Lufthansa Group therefore intends to continue playing a significant role in shaping the global aviation market. To support this goal, the Executive Board has initiated the “7to1 – Our Way Forward” strategic programme in 2014. The programme comprises seven fields of action, which are applied both in the individual business segments and across the Group. The fields of action “Value-based steering”, “Constantly improving efficiency” and “Culture and leadership” form the overarching framework for developing the Group. “Customer centricity and quality focus”, “New concepts for growth” and “Innovation and digitalisation” relate primarily to segment- specific projects. The field of action “Effective and lean organisation” is intended to ensure an optimal structure and appropriate governance for the entire Lufthansa Group. Dr Bettina Volkens Karl Ulrich Garnadt Carsten Spohr Harry Hohmeister Simone Menne Member of the Member of the Chairman of the Member of the Member of the Executive Board Executive Board Executive Board Executive Board Executive Board and Corporate Human Eurowings and and CEO Hub Management Chief Financial Officer Resources and Aviation Services Born in 1966, industrial Born in 1964, diploma in Born in 1960, business Legal Affairs Born in 1957, diploma in engineer, Chairman of the commercial air transport, administration graduate, Born in 1963, lawyer, commercial air transport, Executive Board and Executive Board member Executive Board member Executive Board member Executive Board member CEO since 1 May 2014, since 2013, with Lufthansa since 2012, with Lufthansa since 2013, with Lufthansa since 2014, with Lufthansa Executive Board member since 1985 since 1989 since 2012 since 1979 since 2011, with Lufthansa since 1994 2 Lufthansa – Consistently safeguarding the future Letter from the Executive Board Ladies and gentlemen, The financial year 2015 was overshadowed by the deep and lasting sorrow caused by the Germanwings accident on 24 March 2015. For us as a corporate group, the people affected were and are our prime concern in dealing with this catas- trophe, and we are doing everything we can to alleviate their suffering. Together with providing important psychological care, trustee accounts and a support fund for relatives of the victims have been set up. In addition to providing financial support for their families, we have built memorials at the places connected with the accident. Even after this tragedy, however, flight operations and the entire aviation group could not and should not stand still. One thing remains certain: after safety, the most important priority of the Lufthansa Group is its own future viability.
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