30-Jul-2010 1:31 PM

Lufthansa Group revenue up 31.8%, remains in the red in 2Q2010

Lufthansa Group revenue up 31.8% - consolidated financial highlights:

  • Three months ended 30-Jun-2010:
    • Revenue: EUR6,867 million, +31.8% year-on-year;
      • Passenger Airline Group: EUR5,244 million, +35.9%;
      • Logistics: EUR720 million, +61.1%;
      • MRO: EUR975 million, -0.6%;
      • Catering: EUR563 million, +7.0%;
    • Operating profit: EUR159 million, +205.8%;
      • Passenger Airline Group: EUR31 million, -52.3%;
      • Logistics: EUR109 million, compared with a loss of EUR62 million in p-c-p;
      • MRO: EUR74 million, -10.8%;
      • Catering: EUR15 million, +275%;
    • Net profit: EUR194 million, +118.0%;
    • Operating cash flow: EUR856 million, +165.8%;
    • Passenger numbers: 22.7 million, +25.1%;
    • Passenger load factor: 79.5%, +3.2 ppts;
    • Cargo volume: 494 million, +20.0%;
    • Yield: +14.2%;
  • Six months ended 30-Jun-2010:
    • Revenue: EUR12,625 million, +23.5%;
      • Passenger Airline Group: EUR9,567 million, +28.0%;
        • Lufthansa Passenger Airlines: EUR6,377 million, +8.1%;
        • SWISS: EUR1,583 million, +16.7%;
        • Austrian Airlines: EUR964 million, n/a;
        • bmi: EUR417 million, n/a
        • Germanwings: EUR266 million, +3.5%;
      • Logistics: EUR1,283 million, +40.1%;
      • MRO: EUR1,974 million, -4.8%;
      • Catering: EUR1,056 million, +3.1%;
    • Operating costs: EUR14,227 million, +22.9%;
      • Labour: EUR3,193 million, +12.1%;
      • Fuel: EUR2,431 million, +56.1%;
      • Fees and charges: EUR2,163 million, +29.0%;
    • Operating profit (loss): (EUR171 million), compared with a profit of EUR8 million in p-c-p;
      • Passenger Airline Group: (EUR342 million), compared with a profit of EUR35 million in p-c-p;
        • Lufthansa Passenger Airlines: (EUR203 million), compared with a loss of EUR6 million in p-c-p;
        • SWISS: EUR54 million, +22.7%;
        • Austrian Airlines: (EUR70 million), n/a;
        • bmi: (EUR93 million), n/a;
        • Germanwings: (EUR39 million), compared with a loss of EUR4 million in p-c-p;
      • Logistics: EUR144 million, compared with a loss of EUR134 million in p-c-p;
      • MRO: EUR145 million, +0.7%;
      • Catering: EUR13 million, -48%;
    • Net profit (loss): (EUR104 million), compared with a loss of EUR178 million in p-c-p;
    • Total assets: EUR29,532 million, +25.8%;
    • Equity ratio: 24.3%, -1.4 ppt;
    • Net debt: EUR17,554 million, +342.9%;
    • Operating cash flow: EUR1,420 million, +37.9%;
    • Passenger numbers: 41.8 million, +25.8%;
      • Lufthansa Passenger Airlines: 27.2 million, +1.8%;
      • Austrian Airlines: 5.0 million, +8.8%;
      • Germanwings: 3.5 million, +4.0%;
    • Passenger load factor: 77.4%, +2.1 ppts;
      • Lufthansa Passenger Airlines: 77.8%, +2.7 ppts;
      • SWISS: 80.1%, +4.2 ppts;
      • Austrian Airlines: 74.2%, +3.7 ppts;
      • Germanwings: 74.0%, -3.9 ppts;
    • Cargo volume: 939,000 tonnes, +19.1%;
    • Yield: +7.4%. [more]

Lufthansa Group: “The recovery in long-haul traffic apparent since the beginning of the year continued steadily in the second quarter. Demand in the premium classes also rose by a larger extent than with the European competition. This took average yields for the reporting period up by a total of 7.4% and in the second quarter they were even 14.2% higher than last year. Positive effects from exchange rate movements (+3.2% in the first half-year) and fuel surcharges (+1.1%) also played their part. Overall, traffic revenue went up by 28.8% to EUR 8.5 billion (adjusted: +8.8%),” Company statement. Source: Lufthansa Group, 29-Jul-2010.

Lufthansa Group: “Business performance at the companies in the passenger airline group was determined by numerous non-recurring effects in the first half-year, but is also characterised by a fundamental recovery in demand patterns. This is particularly reflected in strong sales increases in intercontinental traffic, which in combination with a revival of business-class bookings also lead to a gratifying improvement in average yields. Lufthansa and SWISS are the main beneficiaries of this trend. The latest bookings give reason to expect that it will continue … under these circumstances a substantial increase in revenue is expected for the passenger airline group for the full year. The declared goal is to make up for the still negative earnings contributions delivered in 2010 by Austrian Airlines and bmi as a result of their first-time consolidation and to generate a positive overall operating result for the segment. An improved operating result for Lufthansa Passenger Airlines will play a part in achieving this goal,” Company statement. Source: Lufthansa Group, 29-Jul-2010.

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