DOCSLIB.ORG

Transforming the Way We Connect People, Cultures and Economies

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

ANNUAL REPORT 2020 TRANSFORMING THE WAY WE CONNECT PEOPLE, CULTURES AND ECONOMIES lufthansagroup.com lufthansagroup.com/investor-relations LUFTHANSA GROUP ANNUAL REPORT 2020 1 CONTENTS 2 Key figures 86 Combined non-financial declaration 2 The Lufthansa Group 86 About this combined non-financial declaration 3 Business segments 89 Environmental concerns 98 Customer concerns 4 To our shareholders 103 Employee concerns 4 The Executive Board 108 Fighting corruption and bribery 5 Letter from the Executive Board 110 Respect for human rights 7 Report of the Supervisory Board 112 Social concerns 11 Lufthansa share 113 Responsible production and sustainability in the supply chain 14 Combined management report 114 Summary 15 Principles of the Group 118 Forecast 15 Business activities and Group structure 17 Goals and strategies 118 Macroeconomic outlook 25 Fleet and route network 118 Sector outlook 28 Employees 119 Changes in business and organisation 30 Research and development 120 Outlook Lufthansa Group 31 Legal and regulatory factors 121 Overall statement by the Executive Board on the expected development of the Lufthansa Group 32 Economic report 122 Corporate Governance 32 Macroeconomic situation 33 Sector developments 122 Supervisory Board and Executive Board 35 Course of business 123 Mandates 38 Earnings, assets and financial position 125 Disclosures in accordance with 49 Comparison with original forecast and Section 289a Paragraph 1 HGB and overall statement by the Executive Board Section 315a Paragraph 1 HGB on the economic position 128 Declaration on corporate governance in accordance with Section 289f HGB 51 Business segments and Section 315d HGB 51 Network Airlines business segment 128 Notes to the individual financial statements 59 Eurowings business segment of Deutsche Lufthansa AG (HGB) 62 Logistics business segment 65 MRO business segment 133 Consolidated financial statements 67 Catering business segment 69 Additional Businesses and Group Functions 240 Declaration by the legal representatives 71 Opportunities and risk report 241 Independent auditor’s report 71 Opportunities and risk management 251 Remuneration report 74 Opportunities and risks at an individual level 271 Further information 84 Overall statement on opportunities and risks 85 Description of the accounting-related Internal 272 Independent Auditor’s Limited Assurance Report Control System and risk management system regarding the Non-Financial Statement in accordance with Section 289 Paragraph 4 274 Report of the independent auditor on the audit and Section 315 Paragraph 4 HGB of the remuneration report pursuant to Sec. 162 (3) AktG 275 Ten-year overview 277 Glossary 279 Chart and table overview 282 Credits/Contact/Financial calendar 2021 and Disclaimer Navigation in the report per mouse click Further information Search ↗ Cross references Main table of contents Internet references Last page viewed Previous page This interactive pdf is optimised for use Next page with Adobe Acrobat. KEY FIGURES LUFTHANSA GROUP ANNUAL REPORT 2020 2 The Lufthansa Group The Lufthansa Group The Lufthansa Group is an aviation group with operations worldwide. It is composed of the segments Network Airlines, Eurowings and Aviation Services. T001 KEY FIGURES LUFTHANSA GROUP 2020 2019 Change in % Revenue and result Total revenue €m 13,589 36,424 – 63 of which traffic revenue €m 9,078 28,136 – 68 Operating expenses €m 20,846 37,124 – 44 Adjusted EBITDA 1) €m – 2,890 4,718 Adjusted EBIT 1) €m – 5,451 2,026 EBIT €m – 7,353 1,857 Net profit/loss €m – 6,725 1,213 Key balance sheet and cash flow statement figures Total assets €m 39,484 42,659 – 7 Equity ratio % 3.5 24.0 – 20.5 pts Net indebtedness €m 9,922 6,662 49 Pension provisions €m 9,531 6,659 43 Cash flow from operating activities €m – 2,328 4,030 Capital expenditure (gross) 2) €m 1,273 3,559 – 64 Adjusted free cash flow 1) €m – 3,669 203 Key profitability and value creation figures Adjusted EBITDA margin 1) % – 21.3 13.0 – 34.3 pts Adjusted EBIT margin 1) % – 40.1 5.6 – 45.7 pts EBIT margin % – 54.1 5.1 – 59.2 pts ROCE % – 22.7 6.1 – 28.8 pts Adjusted ROCE 1) % – 16.7 6.6 – 23.3 pts Lufthansa share Share price at year-end € 10.82 16.41 – 34 Earnings per share € – 12.51 2.55 Proposed dividend per share € – – Traffic figures 3) Flights number 390,900 1,187,728 – 67 Passengers thousands 36,354 145,299 – 75 Available seat-kilometres millions 109,828 358,803 – 69 Revenue seat-kilometres millions 69,462 296,217 – 77 Passenger load factor % 63.2 82.6 – 19.4 pts Available cargo tonne-kilometres millions 10,591 17,379 – 39 Revenue cargo tonne-kilometres millions 7,373 10,664 – 31 Cargo load factor % 69.6 61.4 8.2 pts Employees Employees as of 31 Dec number 110,065 138,353 – 20 Average number of employees number 125,207 137,784 – 9 1) Derivation ↗ Financial strategy and value-based management, p. 21ff., Earnings, assets and financial position, p. 38ff. 2) Without acquisition of equity investments. 3) Previous year’s figures have been adjusted. Date of publication: 4 March 2021. KEY FIGURES LUFTHANSA GROUP ANNUAL REPORT 2020 3 Business segments Business segments Network Airlines T002 NETWORK AIRLINES 2020 Change in % Revenue €m 6,622 – 74 The Network Airlines segment comprises Lufthansa German of which traffic revenue €m 5,488 – 76 Airlines, SWISS, Austrian Airlines and Brussels Airlines. With Adjusted EBIT €m – 4,674 their multi-hub strategy, the Network Airlines offer their Adjusted EBIT margin % – 70.6 – 77.7 pts customers a premium, high-quality product and service, Adjusted ROCE % – 27.9 – 38.8 pts and a comprehensive route network combined with the Segment capital expenditure €m 958 – 65 highest level of travel flexibility. Employees as of 31 Dec number 57,363 – 6 Eurowings T003 EUROWINGS 2020 Change in % Revenue €m 598 – 74 The Eurowings business segment includes the flight of which traffic revenue €m 579 – 75 operations of Eurowings and Eurowings Europe, as well Adjusted EBIT €m – 703 – 476 as the equity investment in SunExpress. With Eurowings, Adjusted EBIT margin % – 117.6 – 112.3 pts the Lufthansa Group has an innovative offering for Adjusted ROCE % – 43.4 – 37.6 pts price-sensitive and service-oriented customers in the Segment capital expenditure €m 106 – 17 structurally growing European direct traffic segment. Employees as of 31 Dec number 3,088 – 10 Logistics T004 LOGISTICS 2020 Change in % Revenue €m 2,757 11 In addition to Lufthansa Cargo AG, the Lufthansa Group’s of which traffic revenue €m 2,596 12 logistics specialists, the Logistics segment includes Adjusted EBIT €m 772 the airfreight container management specialist Jettainer Adjusted EBIT margin % 28.0 28.0 pts group, the time:matters subsidiary, which specialises in Adjusted ROCE % 26.2 26.2 pts particularly urgent consignments, and the equity invest- Segment capital expenditure €m 222 – 22 ment in the cargo airline AeroLogic. Employees as of 31 Dec number 4,373 – 4 MRO T005 MRO 2020 Change in % Revenue €m 3,747 – 43 Lufthansa Technik is the world’s leading independent of which external revenue €m 2,724 – 38 provider of maintenance, repair and overhaul services (MRO) Adjusted EBIT €m – 383 for civilian commercial aircraft. Lufthansa Technik AG Adjusted EBIT margin % – 10.2 – 17.2 pts serves more than 800 customers worldwide, including Adjusted ROCE % – 6.3 – 12.7 pts OEMs, aircraft leasing companies and operators of Segment capital expenditure €m 152 – 51 VIP jets, as well as airlines. Employees as of 31 Dec number 22,745 – 5 Catering T006 CATERING 2020 Change in % Revenue €m 1,305 – 61 The LSG group offers a comprehensive range of products, of which external revenue €m 1,064 – 59 concepts and services related to in-flight service. As the Adjusted EBIT €m – 284 strongest revenue driver in the LSG group, LSG Sky Chefs Adjusted EBIT margin % – 21.8 – 25.6 pts offers classical catering for airlines, as well as lounge Adjusted ROCE % – 17.3 – 23.7 pts management. After the sale of its European business, Segment capital expenditure €m 28 – 78 the LSG group still works for more than 300 airlines with Employees as of 31 Dec number 13,227 – 63 139 plants in 46 countries. TO OUR SHAREHOLDERS LUFTHANSA GROUP ANNUAL REPORT 2020 4 The Executive Board The Executive Board Deutsche Lufthansa AG Carsten Spohr, Chief Executive Officer Christina Foerster, Chief Customer Officer Born in 1966, industrial engineer, Chairman of the Executive Board Born in 1971, MBA, Executive Board member since 2020, and CEO since 1 May 2014, Executive Board member since 2011, with the Lufthansa Group since 2002 with the Lufthansa Group since 1994 Harry Hohmeister, Chief Commercial Officer Detlef Kayser, Chief Operations Officer Born in 1964, diploma in commercial air transport, Executive Board Born in 1965, Aerospace engineer, Executive Board member member since 2013, with the Lufthansa Group since 1985 since 2019, with the Lufthansa Group since 2016 Michael Niggemann, Chief HR & Legal Officer Remco Steenbergen, Chief Financial Officer Born in 1974, lawyer, Executive Board member since 2020, with the Born in 1968, MBA, RegisterAccountant, Executive Board member Lufthansa Group since 2007 since 2021, with the Lufthansa Group since 2021 TO OUR SHAREHOLDERS LUFTHANSA GROUP ANNUAL REPORT 2020 5 Letter from the Executive Board Ladies and gentlemen, 2020 was one of the most challenging years in the history of the Lufthansa Group. We will never forget it. The outbreak of the coronavirus pandemic dealt an unprecedented blow to the entire airline industry and this also to the Lufthansa Group. Last year, we welcomed only 36 million passengers on board our flights – a quarter of our normal passenger numbers. Our passenger airlines had to cut their capacity significantly, and for much longer and in more areas than anticipated over the course of the year.
Recommended publications
  • PRESS RELEASE East Meadow, November 7, 2019

    PRESS RELEASE East Meadow, November 7, 2019

    PRESS RELEASE East Meadow, November 7, 2019 Further informations on Lufthansa Group achieves an Adjusted EBIT of EUR 1.3 billion third-quarter results: → https://investor- in the third quarter relations.lufthansagroup. com/en/publications/fina ncial-reports.html − Third-quarter result only slightly below prior-year level, despite economic slowdown and higher fuel costs − Substantially greater unit cost reduction than in the first-half year − Slower growth at Group airlines and their competitors helps counter pricing pressures in Europe − North Atlantic business still buoyant, with third-quarter performance exceeding prior-year − Full-year guidance confirmed In a challenging operating environment, Lufthansa Group achieved an Adjusted EBIT of EUR 1.3 billion for the third quarter of 2019, only slightly below the EUR 1.4 billion of the prior-year period. Against the backdrop of higher fuel costs, which were EUR 171 million above their 2018 level in the third quarter alone, the Group delivered a sound business performance for the period. “Our airlines were able to translate their premium quality and market strength into solid third-quarter earnings,” confirms Carsten Spohr, Chairman of the Executive Board & CEO of Deutsche Lufthansa AG. “At Eurowings the turnaround measures are showing first results; and at Austrian Airlines, Brussels Airlines and Lufthansa Cargo we will be taking tangible corrective action to improve earnings. As Europe’s leading airline group, we are on a sound and stable strategic course.” The third-quarter earnings were supported by continued strong business on North Atlantic routes. Unit costs were also substantially reduced in the third quarter, particularly at the Network Airlines.
  • IATA CLEARING HOUSE PAGE 1 of 21 2021-09-08 14:22 EST Member List Report

    IATA CLEARING HOUSE PAGE 1 of 21 2021-09-08 14:22 EST Member List Report

    IATA CLEARING HOUSE PAGE 1 OF 21 2021-09-08 14:22 EST Member List Report AGREEMENT : Standard PERIOD: P01 September 2021 MEMBER CODE MEMBER NAME ZONE STATUS CATEGORY XB-B72 "INTERAVIA" LIMITED LIABILITY COMPANY B Live Associate Member FV-195 "ROSSIYA AIRLINES" JSC D Live IATA Airline 2I-681 21 AIR LLC C Live ACH XD-A39 617436 BC LTD DBA FREIGHTLINK EXPRESS C Live ACH 4O-837 ABC AEROLINEAS S.A. DE C.V. B Suspended Non-IATA Airline M3-549 ABSA - AEROLINHAS BRASILEIRAS S.A. C Live ACH XB-B11 ACCELYA AMERICA B Live Associate Member XB-B81 ACCELYA FRANCE S.A.S D Live Associate Member XB-B05 ACCELYA MIDDLE EAST FZE B Live Associate Member XB-B40 ACCELYA SOLUTIONS AMERICAS INC B Live Associate Member XB-B52 ACCELYA SOLUTIONS INDIA LTD. D Live Associate Member XB-B28 ACCELYA SOLUTIONS UK LIMITED A Live Associate Member XB-B70 ACCELYA UK LIMITED A Live Associate Member XB-B86 ACCELYA WORLD, S.L.U D Live Associate Member 9B-450 ACCESRAIL AND PARTNER RAILWAYS D Live Associate Member XB-280 ACCOUNTING CENTRE OF CHINA AVIATION B Live Associate Member XB-M30 ACNA D Live Associate Member XB-B31 ADB SAFEGATE AIRPORT SYSTEMS UK LTD. A Live Associate Member JP-165 ADRIA AIRWAYS D.O.O. D Suspended Non-IATA Airline A3-390 AEGEAN AIRLINES S.A. D Live IATA Airline KH-687 AEKO KULA LLC C Live ACH EI-053 AER LINGUS LIMITED B Live IATA Airline XB-B74 AERCAP HOLDINGS NV B Live Associate Member 7T-144 AERO EXPRESS DEL ECUADOR - TRANS AM B Live Non-IATA Airline XB-B13 AERO INDUSTRIAL SALES COMPANY B Live Associate Member P5-845 AERO REPUBLICA S.A.
  • IFC and Germany Partners in Private Sector Development

    IFC and Germany Partners in Private Sector Development

    IFC and Germany Partners in Private Sector Development OVERVIEW IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with over 2,000 businesses worldwide, IFC’s long-term investments in developing countries exceeded $19 billion in fiscal year (FY) 2019. IFC is an active partner of German companies interested in investing in emerging markets. Of IFC’s long-term committed portfolio of $1.7 billion with German partners, 49% is in manufacturing, agribusiness and services, 28% in infrastructure, 21% in financial markets and the remaining 2% in telecom, media, and technology. Investments are spread across regions, namely 46 % in Europe and Central Asia, 18% in East Asia and the Pacific, and 14% in Latin America and the Caribbean and Sub-Saharan Africa respectively. PARTNERSHIP WITH THE GOVERNMENT AND DEVELOPMENT FINANCE INSTITUTION Germany’s development institutions, KfW Bankengruppe (KfW), which includes DEG, are important partners and act as long-term co-lenders in a variety of industry sectors, including agri-finance, microfinance and sustainable energy. As of June 2019, Germany provided cumulative funding of over $57 million to support IFC Advisory Services, including over $16 million in FY19 for the PPP Advisory Fund for Infrastructure Investments in Developing Countries (over $7 million), and for the Energy Efficiency Support Program for Ukraine ($11 million). In December 2017, KfW contributed $12 million for IFC’s Support Program for the G20 Compact with Africa Initiative, which aims to unlock sustainable, inclusive private sector investment opportunities in Africa. IFC’s Long-Term Investment Portfolio with German Sponsors As of FY19 (ending in June 2019), IFC’s long-term investment portfolio with German sponsors amounted to $1.7 billion.
  • Gateway 2020 Strategy and H1 2015 Results

    Gateway 2020 Strategy and H1 2015 Results

    TITLE SIZES Gateway 2020 strategy COVER TITLE and H1 2015 results Arial Headings Bold 28 point / Dark Blue / Accent 1 SUBTITLE Investors Day presentation Arial Headings Bold 18point / 80% Grey September 3, 2015 DATE Arial Headings Regular © Copyright gategroup 2015 14point / 80% Grey gategroup Investor Day Table of Contents 1 Gateway 2020 strategy 2 1H 2015 Financial review 3 Conclusions 2 PHOTO(1) SLIDE INSERT PICTURE gategroup Investor Day 3 1 Schedule Right-click on existing picture and choose Fill/ 12.30 - 14.00 Lunch gategroup team Picture or Texture Fill. 14.00 - 16.00 Presentation and Q&A Xavier Rossinyol / 2 Christoph Schmitz Choose Insert from File, find the image and click 16.00 - 17.00 Apèro & Kitchen Tour gategroup team ´Insert´ Insert 3 If needed, select picture and ‘Send to Back’ gategroup H1 Results and Strategy Review – September 2015 gategroup Investor Day Table of contents 1 Gateway 2020 strategy • gategroup Today • Key Industry Trends • 2020 Gateway Strategy 2 1H2015 Financial Review 3 Conclusions PHOTO(1) SLIDE INSERT PICTURE What is gategroup? 5 1 gategroup is the leading global, independent airline caterer and on board passenger experience Right-click on existing picture and choose Fill/ gategroup is the leading… Picture or Texture Fill. …global … specialized in: …independent ▶ catering and hospitality ▶ provisioning and logistics …airline caterer ▶ on board products and services …and on board passenger experience 2 Market Share Customer Segmentation Product and Segmentation Choose Insert from File, find the image and click ´Insert´ gategroup, 21% Retail on Non-Aviation, Board, 8% Other, 2% 2% Equipment, Insert 9% Other, 37% 3 If needed, select picture Flying Food, 1% and ‘Send to Back’ SATS, 2% LSG, 20% Catering and Do & Co, 2% Handling, Dnata, 6% Hospitality, Newrest, 5% Servair, 6% 26% Aviation, 98% 56% Source: gategroup gategroup H1 Results and Strategy Review – September 2015 PHOTO(1) SLIDE INSERT PICTURE What is gategroup? 6 1 Key Figures Right-click on existing picture and choose Fill/ Picture or Texture Fill.
  • Onboard Retail LSG Sky Chefs – Catering And

    Onboard Retail LSG Sky Chefs – Catering And

    LETTER FROM THE EXECUTIVE BOARD AN INDUSTRY-LEADING NETWORK THE LSG GROUP - POSITIONING04 A GLANCE AT THE OPERATIONS 30 MARKET ENVIRONMENT06 CULINARY EXCELLENCE 32 PRODUCT PORTFOLIO08 ENVIRONMENTAL MANAGEMENT 34 STRATEGIC TRANSFORMATION10 PROVEN EXCELLENCE 38 COURSE OF BUSINESS18 OUTLOOK 40 FINANCIAL PERFORMANCE20 CONSOLIDATED INCOME STATEMENT 42 WORLDWIDE PRESENCE24 44KEY FIGURES 25 45 We look forward LETTER FROM THE EXECUTIVE BOARD to exploring with Dear reader, Once again, we gratefully look back at another year of growth Significant steps have been taken in the transformation of the for our industry. Despite looming turbulence over the world‘s LSG Group. Today, we are able to offer a complete portfolio of you. economy, developments in our key areas of activities – air and products and services for a variety of industries. In the backend, rail travel, as well as convenience retail – were positive around we are changing our operational landscape to become even more the globe. This has certainly laid a solid foundation for the flexible through a market-oriented mix of production modules continued good performance achieved by our company. and tailored logistics. And, most importantly, the processes throughout our value chain are progressively growing in The relative stability of our environment has allowed us to focus consistency, leading to higher efficiency. on the improvement of our processes in terms of standardization, sharing of best practices and learning from each other. Thus, Moving forward, we will concentrate on taking advantage of in addition to a satisfying financial result, we have also attained the multiple opportunities offered by digitalization in creating a remarkable operational standard underlined by quality and new products and applications, facilitating our workflows and sustainability.
  • A German Perspective

    A German Perspective

    15 A German Perspective HANS W. REICH This chapter will address some issues regarding Kreditanstalt für Wieder- aufbau’s (KfW’s) so-called market window. But before doing so, it will be useful to comment on how the German official trade finance system competes with the system in other nations. The Question of Competition Competition clearly exists between export credit agencies (ECAs) and the market windows of other official export financing agencies, such as KfW. Because these institutions were all established to support domestic companies in their exporting activities, and because this remains their main business today, it is obvious that there must be some kind of com- petition among them. But the existence of competition among official ECAs with different charters is no proof of unfair practice. The question of competition in trade finance should be examined in a broader perspective. Trade policy has always been an important instru- ment in national economic policy, either with an aim to protect the domes- tic economy against foreign competitors or to assist domestic companies in gaining access to foreign markets. Despite the General Agreement on Tariffs and Trade and the World Trade Organization, loopholes remain for public action to shape trade and investment flows. There are many Hans W. Reich is chairman of the board of managing directors of Kreditanstalt für Wiederaufbau, Frankfurt. 221 Institute for International Economics | http://www.iie.com ways to influence trade patterns other than export finance. Political inter- ventions, foreign policy, and geostrategic military interests definitely play a role, and perhaps a much greater role than export finance.
  • Annual Report 2015

    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.
  • Serving People on the Move Key Figures

    Serving People on the Move Key Figures

    FIRST QUARTER REPORT 2014 Serving people on the move Key Figures Key Figures in CHF m January - March January - March Change 2014 2013 Total revenue 666.3 686.0 (2.9)% EBITDA(I) 18.0 21.1 (14.7)% EBITDA margin 2.7% 3.1% (0.4)pp Operating (loss)/profit (0.4) 3.2 (112.5)% Operating profit margin (0.1)% 0.5% (0.6)pp Loss for the period (16.7) (5.0) (11.7) Cash (used in)/generated from operations (10.1) 1.1 (11.2) Net debt 300.4 290.8 9.6 Cash (incl. available credit lines) 254.0 265.7 (11.7) (I) EBITDA throughout the document refers to Segment EBITDA. Revenue by segment in CHF m EBITDA by segment in CHF m Airline Solutions Airline Solutions 2014 572.9 2014 18.3 2013 601.3 2013 21.5 Product and Supply Chain Solutions Product and Supply Chain Solutions 2014 130.9 2014 6.4 2013 125.8 2013 7.1 About gategroup gategroup is the leading independent global provider of products, services and solutions related to an airline passen- ger’s onboard experience. These products and services encompass catering and hospitality; provisioning and logistics; and onboard solutions to companies that serve people on the move. We are predominantly a business-to-business enterprise, primarily serving the commercial aviation industry, including executive jets and commercial airlines. We have a global presence, operating at over 130 locations in 35 countries on six continents, and we currently employ approximately 27,000 employees. We benefit from a broad customer base.
  • Market Data from Deutsche Börse

    Market Data from Deutsche Börse

    Market Data + Services Market data from Deutsche Börse Real-time. Reliable. Relevant. Deutsche Börse is a global German company Providing access to international capital markets Market data from Deutsche Börse 3 Deutsche Börse Group A global market operator Deutsche Börse Group, whose history dates back to 1585, is today one of the largest exchange organisations world-wide. The Group is headquartered in Germany and has more than 4,000 employees working to provide investors, financial institutions and companies access to global capital markets. Deutsche Börse Group’s integrated business model covers the entire process chain from securities and derivatives trading, clearing, settlement and custody, through to market data and the development and operation of electronic trading systems. Deutsche Börse Group owns the derivatives trading venue Eurex Exchange, as well as the settlement and custody business Clearstream. The Group’s market data business, operated by Market Data + Services, is trusted by more than 2,500 institutions and 160,000 subscribers. Deutsche Börse Group’s business areas Deutsche Börse Group Eurex Xetra Clearstream Market Data + Exchange Services Cash Settlement, market trading financing services Derivatives Information, indices, market trading tools, market solutions Simplified illustration Trademarks AlphaFlash ®, CEF ®, DAX ®, Eurex ® and Xetra ® are registered trademarks of Deutsche Börse AG. STOXX ® and EURO STOXX 50 ® are registered trademarks of STOXX Limited. Information is the basis for successful decision making
  • Allianz SE File No

    Allianz SE File No

    UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ' DIVISION OF MARKET REGULATION March 23,2007 Nikolaos G. Andronikos, Esq. Sullivan & Cromwell LLP 125 Broad Street New York, NY 10004 Re: Allianz SE File No. TP 07-51 Dear Mr. Andronikos: In your letter dated March 23,2007, as supplemented by conversations with the staff, you request on behalf of Allianz SE ("Allianz") an exemption fiom Rule 102 of Regulation M under the Securities Exchange Act of 1934 ("Exchange Act") in connection with the exchange offer ("Offer") being conducted by Allianz and its wholly-owned subsidiary, Allianz Holding France SAS, for all outstanding shares ("AGF Shares") in Assurances Gknkrales de France ("AGF") that they do not already own. Pursuant to the Offer, AGF shareholders will have the right to exchange their AGF Shares for a fixed sum of cash and shares of Allianz ("Allianz Shares"). You seek an exemption to permit Dresdner Bank AG ("Dresdner Bank"), a separate subsidiary of Allianz, to conduct specified transactions outside the United States in Allianz Shares during the distribution of Allianz Shares represented by the Offer. Specifically, you request that Dresdner Bank be permitted to continue to engage in market-making, derivatives market-making and hedging, and unsolicited brokerage activities as described in your letter.' You also seek an exemption to permit Dresdner Kleinwort Securities LLC ("Dresdner Kleinwort Securities"), Dresdner Bank's affiliated U.S. broker-dealer, to engage in unsolicited brokerage activities as described in your letter. We have attached a copy of your correspondence to avoid reciting the facts set forth therein.
  • Capital Markets Day 2019

    Capital Markets Day 2019

    Capital Markets Day 2019 24th June 2019 Frankfurt Agenda Capital Markets Day 2019 11.00 am – 11.05 am 12.30 am – 01.30 pm 02.35 pm – 03.00 pm Welcome by Dennis Weber, Lunch Presentation Ulrik Svensson, Head of Investor Relations Chief Financial Officer 01.30 pm – 02.10 pm 11.05 am – 11.55 am Presentation Thorsten Dirks, 03.00 pm – 04.00 pm Presentation Carsten Spohr, Chief Executive Officer Eurowings Q&A Chairman of the Executive Board & Chief Executive Officer 02.10 pm – 02.35 pm 04.00 pm – 06.30 pm Presentation Dr. Detlef Kayser, First-hand Product Experience, 11.55 am – 12.30 am Chief Officer Airline Resources Simulator Experience / Cabin Training / Presentation Harry Hohmeister, & Operations Standards Product Stands / Networking Chief Commercial Officer Network Airlines 06.30 pm End of event Capital Markets Day 2019 Group Strategy Carsten Spohr, Chairman of the Executive Board and CEO 24th June 2019 Frankfurt #1 for all stakeholders – committed to drive sustainably higher returns . ROCE doubled since 2014; further improvement through the cycle . Free Cash Flow to exceed EUR 1bn medium-term Shareholders . Dividend payout increased to 20% to 40% of net income #1 #THEREISNOBETTER Customers Employees #THEREISNOBETTER WAYTOFLY PLACETOWORK CMD 2019 Group Strategy Page 2 Lufthansa Group has become a structurally more profitable company 7to1 program Key achievements Adj. EBIT margin & Adj. ROCE started 2014 Customer centricity and quality focus Lufthansa: Europe’s first 5 Star Airline New concepts 14.2% for growth Eurowings: #3 P2P carrier in Europe ~ x2 Effective and lean organization Removal of an entire management level 7.9% Innovation and Digitalization of key operational and 7.1% digitalization customer processes Culture and Performance culture: 3.9% leadership Bonus 100% linked to financials Value based steering Doubling of Adj.
  • Science for a Better Life

    Science for a Better Life

    Financial Calendar Bayer Group Bayer Sustainable Development Report 2005 Bayer Sustainable Development Report 2005 Science For A Better Life Sustainable Development Report 2005 2005 q2 2006 Interim Report Tuesday, August 1, 2006* Sustainable Development Report 2005 This year’s Sustainable Development Report is also the first to depict the relevant information q3 2006 Interim Report for Bayer AG in its new structure – without Lanxess AG. It continues our Group’s long tradition Tuesday, October 31, 2006* of environmental and sustainability reporting that began with the publishing of our first report with economic, social and environmental data in 1976. Annual Stockholders’ Meeting 2007 Friday, April 27, 2007 * In the event of the successful acquisition of Schering AG, Reporting objectives and method lists the pages on which the Report provides infor- Payment of Dividend publication of the q2 and q3 2006 interim reports will be Like our previous reports, the Sustainable Develop- mation on the individual gri indicators. The state- Monday, April 30, 2007 deferred to later dates, which will be posted on the Internet ment Report 2005 is designed to give an insight ments provided here apply to all sites and activities at www.investor.bayer.com. into our commitment to sustainable development of the Bayer Group. Our environmental and safety Rahima Indira Hanifa, and is aimed primarily at stockholders, business data cover companies in which we have a share Indonesia, in front of Group Report Development Sustainable partners, employees and the media. However, the of more than 51 percent. A worldwide recording headquarters in Leverkusen publication also addresses non-governmental or- system is being established for some social per- Global commitment to the environment, education, sports and health ganizations, suppliers and authorities with whom formance indicators.