Lufthansa Investor Relations: Latest Financial News

Lufthansa Group posts operating profit of 226 million euros for the first nine months of the year

Thu, 29 Oct 2009 08:00:00 +0100

Deutsche Lufthansa AG has posted an operating profit of 226 million euros for the first nine months of 2009. For the first time, this figure also includes the results of Austrian Airlines and bmi, who contributed a total of 28 million euros. The Group’s financial result therefore remained significantly below the previous year’s figure at the close of the third quarter. The reasons for the decline in the result lay essentially in the weaker demand due to the state of the economy and the disproportionate decline of average yields in the passenger business segment. The crisis-related slump in the number of business travellers has led to increased price sensitivity in all booking classes. “Today we benefit from the fact that we were on a solid foundation with attractive products and that we were quick to recognize the turbulence ahead and tighten our safety belts. However, we cannot be satisfied with the result that we have achieved to date and will therefore have to increase our efforts further and do even more to safeguard earnings,” commented Lufthansa Chairman and CEO Wolfgang Mayrhuber, speaking at the presentation of the third-quarter figures.

Lufthansa Chairman and CEO Wolfgang Mayrhuber commented on the economic developments in the Group’s individual business segments saying: “The figures speak for themselves. Whereas recent months have seen the stabilization of demand in the passenger business, revenues remain at rock-bottom despite record load factor. All of the business segments are working hard to overcome the consequences of the crisis and to adjust their structures to the altered competitive environment.” The operating result for the Passenger Airline Group, which included the financial results of Austrian Airlines and bmi for the first time, was clearly below the level of the previous year. In response to the negative trend in the core business segment, all of the Group’s airlines have initiated measures to safeguard earnings and continued to pursue these during the third quarter. The aim of Lufthansa Passenger Airlines’ “CLIMB 2011” programme to safeguard the earnings is the sustainable improvement of the result by one billion euros by the end of 2011. The implementation of the programme began in the third quarter. The Logistics business segment was forced to deal with a record slump in revenue during the first nine months of the year and posted an operating loss. The measures to safeguard earnings at Lufthansa Cargo, such as the reduction of freighter capacities and reduced working hours, as well as lower material costs and project budgets, continue to be applied. Lufthansa MRO recorded an increase in revenue despite highly challenging conditions. In addition, the business segment was able to compensate lower demand in individual areas and even achieve a year-on-year improvement in its operating result. The IT Services business segment also recorded a slight improvement in its result for the third quarter. However, revenue and operating result remained below the previous year’s figure and the measures to safeguard earnings will therefore also continue to be implemented in this business segment. Revenue and operating result also declined in the Catering business segment. The efforts of the LSG Sky Chefs therefore continue to focus on counteracting the decline in total revenues.

“Lufthansa is a strong company with a strong team of staff. We strike the balance between short-term result-optimization and long-term benefits. We have learned to successfully fly through turbulence and we now have the opportunity to prove this again,” emphasized Wolfgang Mayrhuber. He added that the Group would continue to operate in a challenging environment with significant declines in revenue and burdens on the result; the risks would lie particularly in the development of the fuel prices and demand. He continued to state that negative effects on the result could also be expected during the coming months from the Group’s new airlines. The decisive factor in achieving the targeted positive operating result for the Group would be the development of the financial result during the fourth quarter and the effectiveness of the introduced countermeasures. According to Mayrhuber, the achievement of this aim during the current business year was still accompanied by the corresponding risks.

The first nine months 2009 in figures

During the first nine months of 2009, the Lufthansa Group generated revenues totalling 16.2 billion euros, 13.2 per cent less than the year before. The traffic revenue fell by 16.3 per cent to 12.6 billion euros. This was mainly due to the decline in passenger and freight figures, as well as lower average yields per passenger. Overall, the operating income of the Group decreased by 8.7 per cent to 18.1 billion euros during the reporting period.

Operating expenses decreased by 5.8 per cent to 17.8 billion euros during the first nine months of 2009. This was mainly due to the 1.5 billion euros lower fuel costs; equivalent to a year-on-year reduction of 36.4 per cent, which was both price and volume related. The fees and charges were 3.0 per cent above the previous year’s figure. The adjusted figure without the consolidation effect was 2.1 per cent below the previous year’s figure.

The Group’s operating result during the first nine months of the year was 226 million euros, which was 728 million euros less than during the same period last year. This figure includes the financial results of Austrian Airlines and bmi with a total of 28 million euros, as well as a balance of 61 million euros from the first-time consolidation of Austrian Airlines (badwill). The decline is mainly the result of the negative developments in the Group’s Passenger Airline Group and Logistics business segments. The company’s net profit is -32 million euros; this time last year it was at 529 million euros.

Lufthansa’s capital expenditure during the reporting period totalled 1.8 billion euros, of which 1.4 billion euros were spent on the expansion and modernization of the fleet. The acquisition of 45 per cent of the shares in SN Airholding SA/NV (Brussels Airlines) accounted for 65 million euros. The acquisition of airlines, which are to be consolidated (particularly Austrian Airlines and bmi), accounted for 56 million euros after the deduction of the acquired cash and cash equivalents. 77 million euros were gained from the disposal of the remaining Condor shares and the repayment of related loans. Operating cash flow totalled 1.4 billion euros. At the close of the third quarter, the Group's net indebtedness stood at 1.9 billion euros.

Lufthansa Group

January - September

2009 2008*

Change in €m

Revenue

€m

16,162

18,611

- 2,449

of which traffic revenue

€m

12,589

15,032

- 2,443

Profit from operating activities

€m

316

936

- 620

Operating result

€m

226

954

- 728

Adjusted operating margin**

in %

2.0

5.4

- 3.4PP.

Group result

€m

- 32

529

- 561

Capital expenditure

€m

1,777

1,660

117

Cash flow

€m

1,438

2,142

- 704

Employees (as of 30 September)

118,945

109,401

Earnings per share (undiluted)

€

- 0.07

1.16

*) Some previous year figures have been adjusted to account for the valuation changes under IFRIC 13.
**) Operating result plus write back of provisions divided by revenue

Disclaimer in respect of forward-looking statements
Information published in this press release with regard to the future development of the Lufthansa Group and its subsidiaries consists purely of forecasts and assessments and not of definitive historical facts. These forward-looking statements are based on all discernible information, facts and expectations available at the time. They can, therefore, only claim validity up to the date of their publication. Since forward-looking statements are by their very nature subject to uncertainties and imponderable risk factors – such as changes in underlying economic conditions – and rest on assumptions that may not or divergently occur, it is possible that the Group's actual results and development may differ materially from those implied by the forecasts. Lufthansa makes a point of checking and updating the information it publishes. It cannot, however, assume any obligation to adapt forward-looking statements to accommodate events or developments that may occur at some later date. It neither expressly nor conclusively accepts liability, nor gives any guarantee, for the actuality, accuracy and completeness of this data and information.

Remaining minority shareholders of Austrian Airlines to receive 0.50 euros per share

Fri, 23 Oct 2009 08:13:00 +0200

The Executive Board of Austrian Airlines AG and the majority shareholder in Austrian Airlines, ÖLH Österreichische Luftverkehrs-Holding-GmbH (ÖLH), have jointly agreed on appropriate cash compensation of 0.50 euros per share in a squeeze out of the remaining shareholders of Austrian Airlines. The adequacy of this cash compensation still has to be verified by the Board of Directors of Austrian Airlines. A decision endorsing the squeeze out will be taken by an extraordinary shareholder meeting, which will presumably be held in mid-December. The minority shareholders of Austrian Airlines will receive cash compensation for their shares in conformity with the law after notification of the squeeze out has been entered in the commercial register. That will probably occur in the first half of 2010.

Lufthansa already holds 95.4 per cent of the share capital of Austrian Airlines through ÖLH.

Lufthansa Group airlines carried 55.4 million passengers in first nine months 2009

Fri, 09 Oct 2009 12:25:00 +0200

Lufthansa traffic figures declined in the first nine months 2009 owing to the persistent global recession. Germany’s biggest airline was consequently unable to match the level achieved in the comparable term in the previous year. The Lufthansa passenger count in the first three quarters of the current year were down by 3.9 per cent to 41.9 million. In the same period, capacity was scaled back by 1.9 per cent in line with the drop in demand. Revenue seat-kilometres fell by 3.8 per cent. The seat load factor was down accordingly by 1.5 points to 77.7 per cent. Passenger numbers dropped in all traffic regions with the exception of the MiddleEast/Africa.

All in all, Lufthansa, SWISS, bmi and Austrian Airlines welcomed 55.4 million passengers on board their flights in the first nine months of the year. Of the total, about 10.3 million flew with SWISS, around 970,000 with Austrian Airlines and about 2.2 million with bmi. The Group’s nine-month figures include passengers from Austrian Airlines only since September and those from bmi only since July. The number of flights operated by the Lufthansa Group rose to 636,199, an increase of 1.4 per cent.

Lufthansa Cargo also posted a drop in freight tonnage transported and utilisation in the first nine months of the year. Overall, the Lufthansa logistics services subsidiary transported a total of 1.1 million tonnes of freight and mail, which is 15.2 per cent less than in the previous year. Capacity utilisation in the airfreight business fell to 61.7 per cent.

The financial results of the Lufthansa Group for the first nine months of the year will be published at 8 a.m. on 29 October 2009. They can then be downloaded from www.lufthansa.com/investor-relations.

Lufthansa takes over bmi shares from SAS

Wed, 30 Sep 2009 10:24:00 +0200

With effect from 1 November 2009, Lufthansa-related UK holding company LHBD Holding Limited (LHBD) will take over a further 20 per cent stake in British Midland PLC (bmi). These shares are currently held by the SAS Group (SAS). Consequently LHBD will hold 100 per cent in bmi.

Under the terms of the agreement LHBD will acquire the 20 per cent stake for approximately GBP 19 million. Furthermore Lufthansa will pay SAS another GBP 19 million for the cancellation of its rights resulting from the shareholder agreement dated 1999. Should Lufthansa decide, on the background of its strategic analysis, to sell bmi completely or parts of the company SAS will under certain conditions receive an additional payment, within the next two years.

LHBD is a UK-based company, in which Lufthansa holds a 35 per cent stake. After obtaining the necessary traffic rights, Lufthansa expects to be able to acquire 100 per cent of LHBD.

Stephan Gemkow takes over as Supervisory Board Chairman for Lufthansa Group companies

Fri, 11 Sep 2009 12:01:00 +0200

Stephan Gemkow, member of the Executive Board of Deutsche Lufthansa AG and Chief Financial Officer, has been appointed Chairman of the Supervisory Board at Lufthansa Cargo AG, Lufthansa Technik AG, LSG Lufthansa Service Holding AG and Lufthansa Systems AG, respectively. Mr. Gemkow was elected by the Group companies’ Supervisory Board members within the framework of the regular Supervisory Board meetings.

The appointment of Mr. Gemkow to Supervisory Board Chairman for the respective Group companies represents a further organizational step in the redistribution of Executive Board remits at Deutsche Lufthansa AG. The process has been initiated in June 2009 and is intended to create the organizational requirements for the integration of further carriers into the Lufthansa airline group.

In the course of restructuring the “Group Airlines and Corporate Human Resources” remit on Executive Board level at Deutsche Lufthansa AG, Stefan Lauer, who previously held the position of Supervisory Board Chairman at the respective Group companies, has now taken over the responsibility for group airlines that are not part of Lufthansa Passenger Airlines (for example SWISS, Austrian Airlines, Brussels Airlines, bmi and Germanwings).

Lufthansa will hold 95.4 per cent of Austrian Airlines shares

Thu, 10 Sep 2009 13:35:00 +0200

Further free-float shareholders representing about 8.9 per cent of Austrian Airlines’ share capital have now accepted the public takeover bid made by Lufthansa, following the expiry on 9 September of the extended acceptance period. Upon completion of these further transactions, Lufthansa will indirectly hold 95.4 per cent of Austrian Airlines shares (excluding those shares held by Austrian Airlines itself).

On 27 February 2009, Lufthansa submitted a public takeover offer to all free-float shareholders of Austrian Airlines through ÖLH Österreichische Luftverkehrs-Holding-GmbH. Payment of the takeover price of 4.49 euros net per Austrian Airlines share offered for sale during the extended grace period will be made by 23 September at the latest.

Successful Conclusion of the Merger between Lufthansa and Austrian Airlines

Thu, 03 Sep 2009 11:00:00 +0200

Deutsche Lufthansa AG, Austrian Airlines AG and Österreichische Industrieholding AG (ÖIAG) today executed the successful take over of Austrian Airlines AG by Deutsche Lufthansa AG. All conditions precedent of the transaction have been duly fulfilled. Austrian Airlines will therefore become part of the Lufthansa Group as of this month. The European Commission had previously given the green light for the merger of Lufthansa and Austrian Airlines, and approved a restructuring aid to be made by ÖIAG in the amount of 500 million euros. Both were granted under conditions that were economically acceptable.

The shareholders of Austrian Airlines AG, who offered their shares for sale by 11 May 2009 and did not exercise the right to withdraw that was granted in the meantime, will today be paid the offer price of EUR 4.49 per share. In total, Lufthansa will pay for the 36,959,414 shares a sum of about 166 million euros to the shareholders. Including shares that were previously held by ÖIAG and shares that have already been submitted within the ongoing extension of the additional acceptance period, Lufthansa will hold more than 90 per cent of the shares in Austrian Airlines AG through ÖLH Österreichische Luftverkehrs-Holding-GmbH. ÖLH will prepare to carry out all necessary steps to squeeze out the rest of the minority shareholders.

All shareholders who have not yet accepted the offer may still offer their shares for sale until 9 September 2009. These shareholders will receive the takeover price no later than on 23 September 2009.

Further details on the successful conclusion of the transaction shall be announced at the press conference scheduled for today at 12:15 p.m. in the “Europa 1” room of Office Park 3 at Vienna Airport. The press conference will be attended by:

Dr. Peter Michaelis, Executive Board Member of Österreichische Industrieholding AG
Dr. Andreas Bierwirth, Executive Board Member and CCO of Austrian Airlines AG
Dr. Peter Malanik, Executive Board Member and COO of Austrian Airlines AG
Wolfgang Mayrhuber, Chairman and CEO of Deutsche Lufthansa AG
Stefan H. Lauer, Chief Officer Group Airlines and Corporate Human Resources at Deutsche Lufthansa AG

The press conference will be broadcast on the Internet at: www.lufthansa.com/konzern. The most important quotes from the press conference will be published on the same website after the press conference.

Green Light for Merger of Austrian Airlines and Lufthansa

Fri, 28 Aug 2009 12:11:00 +0200

The European Commission today approved the merger of the Austrian Airlines Group and Lufthansa, as well as the contribution to be made by Österreichische Industrieholding AG (ÖIAG) to the relief of Austrian Airlines’ debt (restructuring aid). Both anti-trust immunity and the approval of 500 million euros in restructuring aid for Austrian Airlines have been granted under conditions that are economically acceptable to Lufthansa. In addition, the shareholders of Austrian Airlines have, until today, offered a total of over 75 per cent of the necessary shares of Austrian Airlines for sale. Therefore, all of the necessary conditions for the merger in accordance with the public takeover offer have been met within the prescribed deadline and Austrian Airlines will be integrated into the Lufthansa Group as of September 2009.

Share transaction

The shareholders of Austrian Airlines AG, who offered their shares for sale by 11 May 2009 and did not exercise the right to withdraw that was granted in the meantime, will receive the offer price of EUR 4.49 per share probably on 3 September 2009. In total, Lufthansa will be paying the free-float shareholders a sum of about 166 million euros for their shares.

All shareholders who have not yet accepted the offer, may still offer their shares for sale until eight days after the announcement of Lufthansa in the Wiener Zeitung. The publication will confirm the fulfilment of the conditions precedent of the public takeover offer. In order to complete its takeover of the company upon completion of the public takeover offer, Lufthansa will seek a squeeze-out of the minority shareholders of Austrian Airlines AG.

Figures on the Lufthansa Group and Austrian Airlines

Last year the airlines of the Lufthansa Group welcomed aboard 70.5 million passengers, flying them to 242 destinations. In 2008, 10.7 million passengers flew with Austrian Airlines; the Austrian Airlines network currently includes 120 destinations. The Lufthansa Group operates a fleet of 549 aircraft; Austrian Airlines currently operates 91 aircraft. The Group currently employs over 105,000 employees worldwide from 15 countries.

Lufthansa CEO welcomes positive signals from Brussels regarding Austrian Airlines merger

Fri, 31 Jul 2009 19:11:00 +0200

“We welcome the positive signals we have received from Brussels and are counting on formal approval soon of the merger with Austrian Airlines“, said the Chairman and CEO of Deutsche Lufthansa AG, Wolfgang Mayrhuber. “In taking this course, the EU Commission underlines its strategy to give the European airline industry a chance to persist amid global competition. Also a market with the size of Austria can keep its international connections. The strategy thereby ensures competition which has risen steeply and steadily since deregulation and liberalisation of the market. The interests of customers and locations are taken into account adequately.”

Earlier, the Directorate General of the EU Competition Commission had expressed its support for the granting of anti-trust immunity for the merger with Austrian Airlines under economically acceptable conditions to Lufthansa. “A prompt go-ahead for the merger is essential for Austrian Airlines, the airport Vienna and all the partners involved in air traffic to obtain planning security and to undertake the necessary measures resolutely,” Mayrhuber emphasised.

In order set in train the measures required for a successful transaction, Lufthansa amended its last offer after intensive talks with the Directorate General of the EU Competition Commission and the completion of the market tests with competition commitments. Since substantive agreement had become apparent while the EU Commission, as a collegiate body, was unable to give its formal approval by the 31 July 2009 deadline, Lufthansa in consultation with the Österreichische Industrieholding AG (ÖIAG) applied with the Austrian Takeover Commission for an extension of the deadline up to 31 August 2009. With the formal go-ahead from the EU Commission for the merger and approval of a partial relief of Austrian Airlines by the extended deadline, all the necessary prerequisites for the tie-up between Austrian Airlines and Lufthansa would be met. The approval of the partial relief of Austrian Airlines´ total indebtedness of 500 million euros from the ÖIAG has to be granted under economically acceptable conditions for Lufthansa.

Despite thorough analysis, differing opinions and tough negotiations between the parties, one was at all times seeking a constructive solution, Mayrhuber observed. He added: “The merger of the two airlines is in the interests of all stakeholders. Customers will have continued access to a dense network with attractive connections. The international importance of Vienna as a business centre will be secured in the long term by cooperation with Lufthansa as the partner of Austrian Airlines. Eastern Europe will also retain important connections through the Vienna hub, which are of major significance for the economic development of this region. Under the terms of the public takeover offer, the shareholders will receive a very good price for their shares. The staff of Austrian Airlines has the chance to secure employment and therefore create perspectives for the future.”

Share transaction
More than 88 per cent of the shareholders of Austrian Airlines had offered to sell their stock to Lufthansa by 11 May 2009. The shareholders will receive the takeover price of 4.49 euros per share no later than ten trading days following formal approval of the merger from the EU Commission. For all shareholders of Austrian Airlines who have not yet accepted the offer, the acceptance period has been prolonged following the extension of the deadline for the takeover offer. Instead of 14 August 2009, these shareholders can now sell their shares up to eight days after publication of the fulfilment of the conditions of the takeover bid concomitant with the EU formal approval. These shareholders will receive the takeover price no later than ten trading days after the expiry of the extended period for selling their stock. Upon completion of the public takeover offer, Lufthansa will seek through a squeeze-out to acquire the stock of the remaining shareholders of Austrian Airlines in order to take over the Company completely.

Lufthansa: Crisis in the industry burdens economic result

Thu, 30 Jul 2009 08:00:00 +0200

Lufthansa has posted an operating profit of eight million euros for the first six months of 2009. The Group has therefore not been able to match the good results of the previous years during the current business year. The causes for the decline in earnings lie in the economy-related weaker demand and the altered travel behaviour of the passengers. Business travellers in particular, have increasingly been buying tickets in the cheaper booking classes, leading to a significant slide in average yields during the first half of the year. “Lufthansa has made provisions and is holding its course against the competition in highly challenging conditions. This is a strong performance by all of the employees in the Group; however, we still cannot be satisfied with this result”, commented Member of the Executive Board of Deutsche Lufthansa AG and Chief Financial Officer Stephan Gemkow, speaking at the presentation of the first-half results.

Chairman of the Executive Board and Chief Executive Officer of Deutsche Lufthansa AG Wolfgang Mayrhuber commented on the economic developments in the Group’s individual business segments saying: “The figures speak for themselves. Crises ruthlessly reveal the weak points and we shall act. It is only sustainable structures that will allow our company to match its past successes and succeed against the competition in the long-term.” During the first half of 2009, the Passenger Airline Group in particular had to deal with the economy-related decline in demand and achieved significantly lower traffic revenues. The operating result was therefore below the figure for the previous year. In response to the negative trend in its core business segment, Lufthansa has launched “CLIMB 2011”, a program to safeguard the earnings of Lufthansa Passenger Airlines. The aim is the sustainable improvement of the result for Lufthansa Passenger Airlines by one billion euros by the end of 2011; thereby, the focus will lie on cutting costs. According to Gemkow, the measures of the program would be elaborated and implemented during the upcoming weeks. The Logistics business segment also showed a significant slump in revenue and loss in the operating result during the first six months of the year, and consequently intensified the measures to safeguard earnings. Among others, the measures included the reduction of cargo capacity by 30 per cent and the increase of short-time work to 25 per cent in the business segment during the second quarter. MRO was the only business segment to record an increase in revenue despite the highly challenging conditions. However, the operating result was lower than in the same period the previous year: This was mainly due to increasing price pressure, reserves for bad debt and foreign exchange losses due to the record date effect in inventory valuation. The measures to safeguard earnings were also intensified in the IT-Services business segment. Lowering the number of external staff by half, time off in lieu and reducing the administrative costs by 30 per cent are all measures aimed at counteracting the slump in revenue and the operating result. Revenue and profits also slumped in the Catering business segment. The “Performance 2009“ and “Upgradeplus” programs aim to secure an operating profit for the current business year and ensure the set up of a sustainably competitive company structure.

“Lufthansa is a strong company and Lufthansa and SWISS belong to the best airlines in the world. We are fully determined to remain the best – also in a time of crisis and in significantly changing competition. We are acting now in order to ensure success”, stressed Stephan Gemkow. He went on to add that the Group was continuing to operate in a challenging environment that could also lead to expect a significant decline in revenue for the full year 2009. Despite these challenging conditions and the burdening effect of the new airlines on the result of the Group, its activities had continued to target an operating profit for the current business year. Gemkow however pointed out that achieving this target would require the timely implementation of the planned additional measures to safeguard earnings and would be accompanied by major risks, particularly in the form of the further development of demand and fuel prices.

First-half figures 2009

During the first six months of 2009, the Lufthansa Group generated revenues totalling 10.2 billion euros, 15.2 per cent less than the year before. The traffic revenue fell by 19.3 per cent to 7.8 billion euros. This was mainly due to the decline in passenger and freight figures, as well as lower average yields per passenger. Overall, the operating income of the Group decreased by 10.1 per cent to 11.6 billion euros during the reporting period.

Operating expenses decreased by 4.8 per cent to 11.6 billion euros during the first half of 2009. This was mainly due to the 897 million euros lower fuel costs; equivalent to a year-on-year reduction of 36.6 per cent, which was both price and volume related. The fees and charges were 2.5 per cent below the previous year’s figure.

The Group’s operating result during the first six months of the year was eight million euros, which was 669 million euros less than during the same period last year. The decline is mainly the result of the negative developments in the Group’s Passenger Airline Group and Logistics business segments. The company’s net profit is -216 million euros; this time last year it was at 381 million euros.

Lufthansa’s capital expenditure during the reporting period totalled 1.2 billion euros, of which 898 million euros were spent on the expansion and modernization of the fleet. 77 million euros were gained from the disposal of the remaining Condor shares and the repayment of related loans. Operating cash flow totalled one billion euros. At the close of the first half, the Group's net indebtedness stood at 396 million euros.

Lufthansa Group		January-June 2009 2008*		Change in €m
Revenue	€m	10,226	12,057	-1,831
of which traffic revenue	€m	7,846	9,722	-1,876
Profit from operating activities	€m	20	743	-723
Operating result	€m	8	677	-669
Adjusted operating margin**	in %	0.5	5.9	-5.4P.
Group result	€m	-216	381	-597
Capital expenditure	€m	1,165	1,231	-66
Cash flow	€m	1,030	1,753	-723
Employees (as of 30 June)		105,499	108,073	-2574
Earnings per share (undiluted)	€	-0.47	0.83	-1.30

*) Some previous year figures have been adjusted to account for the valuation changes under IFRIC 13.

**) Operating result plus write back of provisions divided by revenue.

The complete interim report for the first half of the 2009 financial year is available on the Internet at www.lufthansa.com/investor-relations.

Disclaimer in respect of forward-looking statements

Information published in this press release with regard to the future development of the Lufthansa Group and its subsidiaries consists purely of forecasts and assessments and not of definitive historical facts. These forward-looking statements are based on all discernible information, facts and expectations available at the time. They can, therefore, only claim validity up to the date of their publication. Since forward-looking statements are by their very nature subject to uncertainties and imponderable risk factors – such as changes in underlying economic conditions – and rest on assumptions that may not or divergently occur, it is possible that the Group's actual results and development may differ materially from those implied by the forecasts. Lufthansa makes a point of checking and updating the information it publishes. It cannot, however, assume any obligation to adapt forward-looking statements to accommodate events or developments that may occur at some later date. It neither expressly nor conclusively accepts liability, nor gives any guarantee, for the actuality, accuracy and completeness of this data and information.