AR-2011 1 Ready for a Safe Journey
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For a safe journey Contents Für eine sichere Reise AR-2011 1 Ready for a safe journey 18 To our shareholders 18 Letter to the shareholders 20 Annual review Please ensure good visibility conditions while reading. 22 Lufthansa share Bitte stellen Sie während des Lesens gute Sichtbedingungen sicher. 26 Report of the Supervisory Board Lufthansa Annual Report 2011 28 Corporate Governance 31 Combined management report Content Inhalt 139 Consolidated fi nancial statements 226 Further information 226 Ten-year overview 230 Glossary 232 Credits/contact Financial calendar 2012/2013 www.lufthansa.com www.lufthansa.com/investor-relations AR-2011 Please read the Annual Report 2011 carefully. / Bitte den Geschäftsbericht 2011 sorgfältig lesen. www.lufthansa.com/responsibility Lufthansa Group overview 2011 fi gures Key fi gures Lufthansa Group Key fi gures business segments Financial calendar 2012 2011 2010 Change Passenger Airline Group 2011 Change Passenger Airline Group The airlines in the in % in % Passenger Airline Group set a new record with 100.6 more than 100 million passengers. Despite Revenue and result Revenue €m 22,290 11.2 Passengers 2012 2013 of which external revenue €m 21,544 11.2 Total revenue €m 28,734 26,459 8.6 non-recurring expenses and a deteriorating eco- Operating result €m 349 – 44.5 in million nomic environment, the segment was able to of which traffi c revenue €m 23,779 21,466 10.8 Adjusted operating margin % 2.1 – 1.9 pts 15 March Press Conference and Analysts’ 14 March Press Conference and Analysts’ Operating result €m 820 1,020 – 19.6 Segment result €m 355 – 53.5 increase revenue and generate an operating profi t. Conference on 2011 results Conference on 2012 results EBIT €m 734 1,480 – 50.4 EBITDA* €m 1,667 – 18.9 Lufthansa dissociated itself of a persistently loss- CVA €m – 122 38.4 EBITDA €m 2,546 3,166 – 19.6 making subsidiary by selling bmi. Segment capital expenditure €m 2,085 1.9 3 May Release of Interim Report 2 May Release of Interim Report Net profi t/loss €m – 13 1,131 Employees as of 31.12. number 55,361 3.4 January – March 2012 January – March 2013 Key balance sheet and cash fl ow statement fi gures Total assets €m 28,081 29,320 – 4.2 Logistics 2011 Change Logistics As expected, Lufthansa Cargo was 8 May Annual General Meeting in Cologne 7 May Annual General Meeting in Cologne Equity ratio % 28.6 28.4 0.2 pts in % not able to repeat the previous year’s growth rates, 3.4 Net indebtedness €m 2,328 1,596 45.9 Revenue €m 2,943 5.3 but still reported its second-best operating result Adjusted 2 Aug. Release of Interim Report 1 Aug. Release of Interim Report Cash fl ow from operating activities €m 2,356 2,992 – 21.3 of which external revenue €m 2,917 5.3 ever thanks to tight capacity management. The January – June 2012 January – June 2013 Operating result €m 249 – 19.7 Capital expenditure (gross) €m 2,566 2,273 12.9 operating margin Adjusted operating margin % 9.1 – 2.3 pts temporary night-fl ight ban in place since late Octo- Segment result €m 243 – 26.4 ber at Frankfurt Airport has a considerable impact in per cent 31 Oct. Release of Interim Report 31 Oct. Release of Interim Report Key profi tability and value creation fi gures EBITDA* €m 328 – 26.3 on operations. The Lufthansa Cargo 2020 strategy January – September 2012 January – September 2013 Adjusted operating margin1) % 3.4 4.7 – 1.3 pts CVA €m 202 – 13.3 sets the course for sustainable growth. EBITDA margin % 8.9 12.0 – 3.1 pts Segment capital expenditure €m 76 261.9 Employees as of 31.12. number 4,624 2.4 CVA €m 99 71 39.4 CFROI % 8.0 9.4 – 1.4 pts MRO 2011 Change MRO Lufthansa Technik increased its revenue Lufthansa share in % slightly and generated an operating profi t that was Share price at year-end € 9.19 16.36 – 43.8 2,566 Revenue €m 4,093 1.9 only just short of the previous year’s. This was Earnings per share € – 0.03 2.47 of which external revenue €m 2,305 – 2.9 largely due to provisions for long-term contracts. Capital Suggested dividend per share € 0.25 0.60 – 58.3 Operating result €m 257 – 4.1 Adjusted operating margin % 6.9 – 0.5 pts By intensifying its involvement in Asia and intro- expenditure (gross) Traffi c fi gures Segment result €m 306 – 4.1 ducing products for new aircraft models, Lufthansa EBITDA* €m 377 – 8.9 in EUR m Passengers thousands 100,603 92,693 8.5 Technik is securing its future growth potential. CVA €m 152 – 11.6 Freight and mail thousand tonnes 2,120 2,023 4.8 Segment capital expenditure €m 139 107.5 Passenger load factor % 77.6 79.6 – 2.0 pts Employees as of 31.12. number 19,975 – 0.9 Cargo load factor % 66.8 68.2 – 1.4 pts Flights number 1,050,728 1,008,988 4.1 IT Services 2011 Change IT Services Lufthansa Systems stabilised its in % Employees 2) revenue in 2011 and improved its operating result Average number of employees number 119,084 117,066 1.7 Revenue €m 599 0.7 considerably. This is primarily the result of the 713 Employees as of 31.12. number 120,055 117,019 2.6 of which external revenue €m 230 – 0.9 realignment made as part of the Jetzt! initiative Operating result €m 19 90.0 Free cash fl ow 1) Performance indicator to enable comparison with other airlines: (operating result + write-backs of provisions) / revenue. Adjusted operating margin % 4.0 2.2 pts to improve competitiveness. The expansion of in EUR m 2) Including bmi. Segment result €m 21 existing and new customer business and product Date of publication: 15 March 2012. EBITDA €m 58 28.9 innovations pave the way for profi table growth. CVA €m 23 Segment capital expenditure €m 55 52.8 Employees as of 31.12. number 2,820 – 3.9 Disclaimer in respect of forward-looking statements Revenue in €m Operating result in €m Catering 2011 Change Catering As the global market leader in airline Information published in the Annual Report 2011, with regard to the future development of the Lufthansa Group and its subsidiaries consists in % catering LSG Sky Chefs again registered a rise purely of forecasts and assessments and not of defi nitive historical facts. Its purpose is exclusively informational identifi ed by the use of such 22,420 24,842 22,283 26,459 28,734 1,378 1,280 130 1,020 820 99 cautionary terms as “believe”, “expect”, “forecast”, “intend”, “project”, “plan”, “estimate” or “intend”. These forward-looking statements are Revenue €m 2,299 2.2 in revenue and operating profi t. Initiatives to based on all discernible information, facts and expectations available at the time. They can, therefore, only claim validity up to the date of their of which external revenue €m 1,738 1.3 standar d ise processes and improve performance Cash value added Operating result €m 85 11.8 publication. Adjusted operating margin % 3.7 0.3 pts were continued successfully. Its global presence in EUR m Segment result €m 97 11.5 was extended by establishing new own sites Since forward-looking statements are by their nature subject to uncertainties and imponderable risk factors – such as changes in underlying EBITDA €m 147 – 15.5 and in particular by means of joint ventures and economic conditions – and rest on assumptions that may not or divergently occur, it is possible that the Group’s actual results and development CVA €m – 25 10.7 may differ materially from those implied by the forecasts. Lufthansa makes a point of checking and updating the information it publishes. It entry into adjacent markets, such as catering Segment capital expenditure €m 74 94.7 cannot, however, assume any obligation to adapt forward-looking statements to accommodate events or developments that may occur at some Employees as of 31.12. number 29,586 3.8 for schools. later date. Accordingly, it neither expressly nor conclusively accepts liability, nor gives any guarantee, for the actuality, accuracy and complete- 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 * Without Group-internal profi t and loss transfer/investment income. ness of this data and information. Lufthansa Group overview 2011 fi gures Key fi gures Lufthansa Group Key fi gures business segments Financial calendar 2012 2011 2010 Change Passenger Airline Group 2011 Change Passenger Airline Group The airlines in the in % in % Passenger Airline Group set a new record with 100.6 more than 100 million passengers. Despite Revenue and result Revenue €m 22,290 11.2 Passengers 2012 2013 of which external revenue €m 21,544 11.2 Total revenue €m 28,734 26,459 8.6 non-recurring expenses and a deteriorating eco- Operating result €m 349 – 44.5 in million nomic environment, the segment was able to of which traffi c revenue €m 23,779 21,466 10.8 Adjusted operating margin % 2.1 – 1.9 pts 15 March Press Conference and Analysts’ 14 March Press Conference and Analysts’ Operating result €m 820 1,020 – 19.6 Segment result €m 355 – 53.5 increase revenue and generate an operating profi t. Conference on 2011 results Conference on 2012 results EBIT €m 734 1,480 – 50.4 EBITDA* €m 1,667 – 18.9 Lufthansa dissociated itself of a persistently loss- CVA €m – 122 38.4 EBITDA €m 2,546 3,166 – 19.6 making subsidiary by selling bmi.