12-Mar-2010 3:59 PM

Lufthansa Group revenue down 10.3%, expects improved operating profit in FY2010

Lufthansa Group revenue down 10.3% - consolidated financial/traffic highlights for the 12 months ended 31-Dec-2009:

  • Total revenue: EUR22,283 million, -10.3% year-on-year;
    • Passenger Airline Group: EUR16,798 million, -8.5%;
      • Lufthansa Passenger Airlines: EUR12,331 million, -15.5%;
      • SWISS: EUR2,770 million, -14.3%;
      • Austrian: EUR665 million, n/a;
      • bmi: EUR541 million, n/a;
      • Germanwings: EUR580 million, -7.6%;
    • Logistics: EUR1,951 million, -32.9%;
    • MRO: EUR3,963 million, +6.6%;
    • IT Services: EUR605 million, -7.9%;
    • Catering: EUR2,102 million, -9.6%;
  • Total operating income: EUR25,039 million, -7.2%;
  • Total operating cost: EUR24.8 million, -3.6%;
      • Passenger Airline Group: EUR18,071 million, -1.1%;
    • Labour: EUR5,996 million, +5.3%;
      • Passenger Airline Group: EUR3,330 million, +10.1%;
    • Fuel: EUR3,645 million, -32.2%;
      • Passenger Airline Group: EUR3,381 million, -29.7%;
  • Operating profit (loss)**: EUR130 million, -89.8%;
    • Passenger Airline Group: (EUR8 million), compared to a profit of EUR789 million in the previous corresponding period;
      • Lufthansa Passenger Airlines: EUR(107.0 million),
      • SWISS: EUR93 million, -68.0%;
      • Austrian: (EUR31 million), n/a;
      • bmi: (EUR78 million), n/a;
      • Germanwings: EUR24 million, +300.0%;
    • Logistics: (EUR171 million), compared to a profit of EUR164 million in the previous corresponding period;
    • MRO: EUR316 million, +5.7%;
    • IT Services: EUR16 million, -60.0%;
    • Catering: EUR72 million, +2.9%;
  • EBIT: EUR96 million, -89.4%;
  • EBITDA: EUR1,743 million, -25.7%;
  • Net profit (loss): (EUR112 million), compared to a profit of EUR542 million in the previous corresponding period;
  • Passenger numbers*: 76.5 million, +8.5%;
    • Lufthansa Passenger Airlines: 55.5 million, -2.6%;
    • SWISS: 13.8 million, +2.4%;
    • Austrian: 10.0 million, -10.2%;
    • Germanwings: 7.2 million, -6.0%;
  • Passenger load factor: 77.9%, -1.0 ppt;
    • Lufthansa Passenger Airlines: 77.7%, -0.9 ppt;
  • Cargo volume: 1.7 million tonnes, -10.6%. [more]

*Excludes Germanwings
**Adjusted for net book gains, reversals of provisions, impairment losses, results of financial investments and the period-end valuation of financial liabilities

Lufthansa Group: “The passenger airlines in the Lufthansa Group held their ground well in a challenging market in 2009, nearly breaking even in terms of the operating result. Economic growth is expected to pick up again in the 2010 financial year, whereby different regions and sectors will benefit to varying degrees…it nevertheless remains uncertain when the economic recovery will lead to an upturn in demand in the air traffic sector. The companies in the Lufthansa airline group are currently still assuming that a sustainable recovery will only take root in the second half of the year. In long-haul traffic, a tangible improvement should be felt later in the year, as long as the massive capacity growth spurred on by some airlines (in the Gulf region for instance) without corresponding market growth does not lead to distortions. In European traffic by contrast, lasting structural effects in demand patterns are to be expected, so that prices in particular are not likely to regain the level seen in previous years for the foreseeable future. To get to grips with these changes the Lufthansa Passenger Airlines segment is pursuing the Climb 2011 programme with even greater vigour. SWISS and Germanwings are also addressing important issues to deal with their challenges. Austrian Airlines and British Midland in particular, both strongly hit by the crisis, are making considerable efforts to restructure, which are intended to bring them back to profitability in the medium term. Negative earnings contributions are nevertheless expected from these companies for the full year 2010,” Company statement. Source: Lufthansa Group, 11-Mar-2010.

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