Lufthansa announces positive results for first quarter

  • Published by Ozgur Tore

Lufthansa premium economy

The Lufthansa Group has reported a positive course of business for the first quarter of 2015. “All operating business segments were able to increase their results in the first quarter. Above all, SWISS and Lufthansa Cargo have done better than in the previous year. But Lufthansa German Airlines has also shown a positive development, although it was worse hit by strikes and other one-off effects than in the previous year,” said Simone Menne, Chief Officer Finance and Aviation Services of Deutsche Lufthansa AG.

At total revenue of nearly 8 per cent higher, the EBIT and adjusted EBIT both rose by EUR 73m. Both key performance indicators were thus 30 per cent higher than in the previous year. The Group closed the first quarter with an adjusted EBIT of EUR -167m (previous year: EUR -240m).

The Group result rose significantly more strongly than the adjusted EBIT in the reporting period. With a plus of EUR 677m in comparison with the same quarter in the previous year, the Lufthansa Group achieved a consolidated result of EUR 425m. An extraordinary effect from the premature exchange of JetBlue swaps made a significant contribution to this development. This transaction alone improved the financial result without an effect on equity by EUR 503m.

The result was once again overshadowed by the consequences of the strike called by the trade union Cockpit among the pilots of Lufthansa German Airlines, Lufthansa Cargo and Germanwings on a total of six days between January and March 2015. Flight cancellations caused by strikes led to a burden on the result of EUR 42m. Due to weaker advance bookings in the following quarters as a consequence of the strike, Lufthansa expects a further burden on the result of EUR 58m.

Cash flows, which are important in view of high total investments, developed positively in the reporting period. Cash flow from operating activities rose to EUR 1,394m (previous year: EUR 855m), the free cash flow improved to EUR 532m (previous year: EUR 195m)

Lufthansa Group   January – March Change
    2015 2014  
Revenue € m 6,973 6,462 +7.9%
of which traffic revenue € m 5,419 5,161 +5.0%
Operating result € m -133 -209 +36,4%
Net profit/loss for the period € m 425 -252  
EBIT € m -144 -217 +33.6%
Adjusted EBIT € m -167 -240 +30.4%
Adjusted EBIT margin In % -2.4% -3.7% +1.3%
Investments € m 815 859 -5.1%
Cash flow from operating activities € m 1,394 855 +63%
Employees as of 31.03.2015.   118,569 118,712 -143
Earnings per share 0.92 -0.55 +1.47


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