Q3 / 9M 2014 Lufthansa Group Roadshow Presentation

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1 Q3 / 9M 2014 Lufthansa Group Roadshow Presentation Page 1

2 The Lufthansa Group: World's largest aviation group with leading airlines and aviation services Hub airlines to improve profitability at current size; P2P airlines and services to grow Implementing Our Way Forward through seven areas of action Measures to overcome existing challenges and increase profitability underway Financials & outlook Solid Q3 results, FY14 target on track, significant improvement expected for FY15 Lufthansa Passenger Airlines is the core of the Group Fleet optimization, unit cost reduction and improvement of revenue quality Page 2

3 The Lufthansa Group is the largest aviation group in the world Strong global market position but facing multiple challenges Our strengths Our challenges World s largest aviation group with >30 bn EUR in revenue Compete with low-cost and Gulf carriers while securing strong market position Europe s largest passenger network with strong brands Lower unit costs and offset cost inflation and possible yield pressure Global leader in MRO and airline catering Lufthansa Group 5 STAR Become quality leader and innovation driver again Leading positions in air cargo and airline IT as well as other aviation services Execute faster, use of group synergies better and explore potential of service companies Strong financials: constant FCF generation, investment grade rating, dividend payments Reach higher profitability and strengthen return on capital focus Page 3

4 A unique portfolio of airlines and aviation service companies Service companies sustainably contribute c. 500 m EUR operating profit p.a. Airlines Revenue Operating result Op. margin range Passenger Airline Group 23.5 bn 495 m % -0.1% Logistics (Cargo) 2.4 bn m % -8.0% Service Companies 4.2 bn 404 m +10.9% MRO % Catering 2.5 bn m % +3.1% non-airline profits of c. 500 m EUR IT Services Others incl. Group Functions bn 36 m +6.2% % -420 m (burdened by restructuring costs) Page 4

5 Our success is based on optimizing all three pillars of our Group Focus on profitability improvement for hubs, growth in P2P and Services Lufthansa Aviation Group - Key Advantages Integrated Value Chain Favoured Employer Financial Stability Deep Customer Insights Strong Brand Family Natural Hedging Hubs Point-to-Point Aviation Services Revenue Share 70% 60% Profit Margin 3% 1) Revenue Share 6% Profit Margin Revenue Share 24% Profit Margin 7% 1) Improve Profit Redesign & Grow Sustain Margin & Grow 1) excl. germanwings and consolidation effects Page 5

6 Growth in airlines is focussed on P2P platforms One out of six aircraft will be on a lower unit cost platform Network Carriers Short-haul New P2P-Platforms 23 A320 ex GER starting 2015 c. 350* LH Passenger 14 A340 LH Passenger c. 90 SWISS aircraft c. 75 Austrian Airlines aircraft Long-haul c. 60 A320 ex GER in full swing in A330 ex GER starting 2015 * Lufthansa Passenger Airlines incl. regional partners, excl. germanwings, eurowings Page 6

7 Service companies have attractive global growth opportunities Extending business models geographically and into adjacent markets International expansions and new partnerships Grow APAC, MidEast, North America revenue Extension of Joint Venture with Air China (MoU signed in 2014) Joint Venture with McKinsey International expansion and exploring adjacent markets Grow global catering network via JVs, acquisitions and new sites Assess opportunities in adjacent markets, e.g. train catering Margin improvement from restructuring underperforming parts of the network Extend business models to adjacent customer segments Attract new partner companies also from non-travel industries Enhance attractiveness for "less frequent" fliers Implement dedicated mileage program for point-to-point platforms Page 7

8 The Lufthansa Group: World's largest aviation group with leading airlines and aviation services Hub airlines to improve profitability at current size; P2P airlines and services to grow Implementing Our Way Forward through seven areas of action Measures to overcome existing challenges and increase profitability underway Financials & outlook Solid Q3 results, FY14 target on track, significant improvement expected for FY15 Lufthansa Passenger Airlines is the core of the Group Fleet optimization, unit cost reduction and improvement of revenue quality Page 8

9 Our Way Forward: Seven areas of action to implement our strategy Lufthansa Group is tackling the challenges ahead Customer centricity & quality focus New concepts for growth Constantly improving efficiency Innovation & digitalization Value based steering Effective & lean organization Culture & leadership Page 9

10 Pipeline approach to continuous profit improvement SCORE concept to be maintained beyond 2015 Constantly improving efficiency program generated gross measures of >3 bn EUR (during program timeframe ) targeting minimum gross measures of ca. 700 m EUR p.a (to compensate 2% cost inflation and 1% yield decline) 1,170 1, >700 >700 >700 >700 > measures P&L effective measures in implementation further measures targeted Status: October 2014 Page 10

11 Structural change goes beyond mere optimization Recent example: Cost savings via outsourcing of IT Infrastructure Effective & lean organization Airline Solutions: Airline IT Industry Solutions: Professional Services IT Infrastructure One-time charge in 2014 of c. 240 m EUR in IFRS and HGB net results (non-operating) Equal revenue split of three Lufthansa Systems divisions Growth potential in international airline market Chances triggered by digital transformation and services Successful system integrator in automotive, transport & logistics Growth of process consulting and Big Data Lack of scale of in business dominated by large providers Cloud services and offshoring increase pressure on prices Average savings of 70 m EUR p.a. in IT costs for LH Group from 2015 Integration into international IT Group secures jobs and increases prospects for employees Transformation to be completed in Q Page 11

12 Constantly improving efficiency Labour deals to support change in core business Consensual agreements except of open issues with VC & Swiss pilot unions Preliminary agreement with cabin personnel Agreement with flight crews -20% costs for 14 Lufthansa A340s New terms effective as of Dec 2014 Move from DB to DC pension scheme Reduced salary levels vs. today o Open agreement with pilot union (VC) New CLA to be negotiated with pilot unions Pilot union IPG agreed on new CLA effective since July 2014 Productivity increased Employees move to "new" Austrian: Reintegration of operations from Tyrolean Airways into legal unit Austrian Airlines AG as of March 2015 Legal stability: withdrawal of lawsuits from union and workers' councils One-time payments for staff leaving the company o Aeropers rejected new CLA; Existing agreement cancelled per Nov 16 No further negative p&l impact after Q Page 12

13 Restructuring of non-hub stations in progress Move to more efficient structures Constantly improving efficiency Stations to be restructured Starting point HAM BRE Transfer of LH direct services to germanwings HAJ BER DUS CGN 50-60% Handling providers in Germany produce services at approx % lower costs than LH NUE Non-hub stations Handling services STR Objective C. 1,500 employees Operational tasks at stations (check-in, handling, lounges etc.) Stations transferred in up to eight separate legal entities Better cost structure and more flexibility in new setup Page 13

14 Standing out through innovation and digitization Driving business through systematic approach to innovation Innovation and digitalization Strengthen internal innovation culture by creating a new Group Innovation Unit Establish innovation budget to expedite the development of innovative products and ideas Consistently promote existing innovative projects within the Lufthansa Group (Lufthansa Technik Innovation Fund, ecargo, Board Connect, SMILE and similar) Innovation Hub company in Berlin to get close to the world of start-ups and the digital technology scene Close collaborations and partnerships with Silicon Valley companies Use potential of some 300,000 passengers a day to develop new products and services with partners Page 14

15 Value based steering Commitment to value creation New return on capital measures and dividend policy to be presented shortly Strong track record in value creation New KPIs to be introduced Return on Capital CVA (cash value added) concept introduced in 1999 Positive CVA generation: cumulated CVA of > 6 bn EUR in last 14 years New return on capital KPI to be introduced in late 2014 Objective: Enhanced transparency, standard KPI (e.g. ROCE), easier for capital allocation and operational steering Dividends Regular dividend payments 30-40% of operating result Dividends paid in 11 of 15 years Cumulated dividends of 5.95 EUR New dividend policy to be introduced in late 2014 Objective: Continue regular dividend payments, adjust for non-cash profit effects from change in new depreciation policy Historical dividend payments in EUR Page 15

16 The Lufthansa Group: World's largest aviation group with leading airlines and aviation services Hub airlines to improve profitability at current size; P2P airlines and services to grow Implementing Our Way Forward through seven areas of action Measures to overcome existing challenges and increase profitability underway Financials & outlook Solid Q3 results, FY14 target on track, significant improvement expected for FY15 Lufthansa Passenger Airlines is the core of the Group Fleet optimization, unit cost reduction and improvement of revenue quality Page 16

17 The Lufthansa Group was able to increase its profits Key figures 9M & Q for the Lufthansa Group Lufthansa Group (in m EUR) 9M M 2013 vs. PY Q Q vs. PY Total revenue 22,624 22, % 8,458 8, % of which traffic revenue 18,460 18, % 6,994 6, % Operating result ,1% % One-off items* Normalized operating result 1, % % Net income % % 9M M 2013 vs. PY Operating cash flow 2,052 3, % Net invest 1,823 1, % Free cash flow 229 1, % Passenger Airline KPIs 9M 2014 Q No. of flights -2.2% -2.2% ASK (capacity) +2.2% +4.0% RPK (volume) +2.6% +5.0% SLF (load factor) +0.3P. +0.8pts. 9M 2014 FY 2013 vs. Year-end Equity ratio 15.2% 21.0% -5.8pts. Net financial debt (excl. pensions) 2,262 1, % Pension provisions 7,397 4, % * adjusted for one-off items in m EUR: 9M 2013: 168 / 30; Q3 2013: 97 / 30 restructuring / project costs 9M 2014: 30 / 125; Q3 2014: 0 / 50 restructuring / project costs Yield ex. currency -3.6% -3.6% RASK (unit revenue) -3.2% -2.6% CASK** (unit costs) -4.4% -2.9% ** adjusted for one-off items in m EUR in (passenger airlines): 9M 2013: 102 / 30; Q3 2013: 91 / 30 restructuring / project costs 9M 2014: 22 / 125; Q3 2014: 0 / 50 restructuring / project costs Page 17

18 Profit increase driven by lower one-off costs and depreciation effect Segment Overview 9M Share of LH Group s external revenue 76.0% 7.7% 8.8% 6.6% 0.9% 9M 2014 vs. 9M 2013 in EUR m Passenger Airline Group Logistics MRO Catering IT Services Others & Consolidation Revenue vs. PY in% 17, % 1, % 3, % 1, % % -2, % Operating result vs. PY in m EUR m EUR excl. one-offs +73 m EUR excl. one-offs incl m EUR from lower D&A in EUR m Lufthansa Passenger Airlines SWISS Austrian Airlines Total revenue vs. PY 12, % 3, % 1, % Operating result vs. PY m EUR excl. one-offs Page 18

19 Nearly all business segments were able to improve their margin Normalized* operating margins 9M 2014 vs. 9M all numbers in % Lufthansa Passenger Airlines SWISS Austrian Airlines Passenger Airline Group Logistics MRO Catering IT Services LH Group 9M M 2013 * excluding one-off effects Page 19

20 Passenger airlines: Record volumes but pricing remained weak Operating KPIs of Passenger Airline Group Total 9M '14 Q3 '14 Number of flights -2.2% -2.2% ASK +2.2% +4.0% RPK +2.6% +5.0% SLF +0.3pts. +0.8pts. Europe 9M '14 Q3 '14 ASK +1.1% +0.3% RPK +2.3% +2.6% SLF +0.8pts. +1.8pts. Yield -2.7% -0.7% Yield ex currency -2.3% -1.1% RASK -1.6% +1.6% RASK ex currency -1.2% +1.2% Asia/Pacific 9M '14 Q3 '14 ASK +1.7% +4.0% RPK +2.4% +4.8% SLF +0.6pts. +0.7pts. Yield -4.5% -3.8% Yield ex currency -2.8% -4.2% RASK -3.8% -3.1% RASK ex currency -2.1% -3.5% Yield -3.6% -3.6% Yield ex currency -2.7% -3.9% RASK -3.2% -2.6% CASK* incl. fuel -4.4% -2.9% RASK ex currency -2.3% -2.9% CASK* ex currency ex fuel -3.4% -4.1% America 9M '14 Q3 '14 ASK +6.5% +10.9% RPK +4.7% +9.1% SLF -1.5pts. -1.4pts. Yield -4.0% -6.0% Yield ex currency -2.7% -5.9% RASK -5.7% -7.6% RASK ex currency -3.5% -7.5% Mid East / Africa 9M '14 Q3 '14 ASK -7.5% -6.5% RPK -3.6% -1.7% SLF +3.1pts. +3.9pts. Yield -3.7% -4.6% Yield ex currency -2.4% -5.1% RASK +0.3% +0.2% RASK ex currency +1.6% -0.4% *adjusted for one-off items Page 20

21 Fuel cost forecast FY14 unchanged at 6.7 bn EUR Fuel forecast and sensitivities USD/barrel LH price 2014 Market price break-even of hedges at 109 USD/bbl Lufthansa Group fuel expenses after hedging (in bn EUR) Sensitivities costs with deviating oil price 7.0bn (+20%) 6.8bn (+10%) 6.6bn (-10%) 6.5bn (-20%) e USD/barrel FY 2014 FY 2015 Current fuel hedging levels 79% 65% as of 24 October 2014 Brent forward 87 USD/barrel EUR/USD 1.27 (forward) Page 21

22 Proven measures and fleet strategy successfully lowered unit costs Airline KPIs 2013 vs. start of restructuring program in 2011 Fleet Size (no. of aircraft) FY 2013 vs. FY % Explanation fleet rollover, phase-out of small, non-efficient aircraft Capacity (ASK) +1.7% capacity growth realized through larger aircraft with more seats per aircraft Volume (RPK) +4.6% Load Factor (SLF) Pricing (Yield) Unit Revenue (RASK) +2.2% +1.2% +4.1% increase driven by higher load factor and yield increases Unit Costs (CASK ex fuel) -1.9% SCORE cost reductions: transfer of non-hub traffic to Germanwings, Austrian restructuring, etc. Cargo Capacity -8.5% Reduction mainly due to terminated joint ventures and decrease in belly capacity Page 22

23 Strategy is being continued in FY14 Fleet, costs and revenue assumptions Fleet Size (no. of aircraft) Capacity (ASK) Volume (RPK) Load Factor (SLF) Pricing (Yield) Unit Revenue (RASK ex currency) Unit Costs (CASK ex currency, ex fuel) Full Year 2014 assumptions overall stable c. +3% above capacity growth slightly up negative negative c. -4% Explanation Fleet rollover: Phase-out of small, non-efficient aircraft Capacity growth mainly achieved through more seats per aircraft / flight. Capacity reductions in winter schedule of 5 short-haul and 3 long-haul aircraft. Unchanged volatility from short-term bookings Drivers: More capacity (ASK) at stable fleet and SCORE measures; -2pts. from new depreciation policy Cargo Capacity c. -2% Reduction of freighter fleet by two MD 11 aircraft Page 23

24 Profit guidance for 2014 unchanged Operating profit expected at around 1 billion Euros Segment Result 2013 (m EUR) Lufthansa Passenger Airlines 265 on par with previous year SWISS 226 significantly above previous year Austrian Airlines 25 below previous year, but positive Consolidation -21 Forecast for 2014 Passenger Airline Group 495 slightly above previous year Logistics 77 above previous year MRO 404 significantly above 2012 level (328 m EUR) Catering 105 on par with previous year IT Services 36 slightly below previous year Others -378 significant improvement due to lower restructuring costs Internal Result / Consolidation -42 LH Group (reported) 697 approx. 1,000 Restructuring costs Project costs Lufthansa Passenger Airlines LH Group (normalised) 1,042 approx. 1,300 *incl. 340 m EUR lower depreciation for aircraft and engines Page 24

25 Operating profit outlook 2015: "significantly above previous year" Profit increase to be achieved from airlines and aviation services Lufthansa Group Reported Operating result Actual and Forecast 1,378 1,280 1,020 "significantly above previous year" ca. 1,000 Financial Year 2014 Operating profit expected at ca. 1.0 bn EUR Operating profit excl. one-offs at ca. 1.3 bn EUR Forecast includes strike impacts until October, excludes strike costs for rest of year Financial Year 2015 Operating profit outlook reduced to "significantly above previous year" Driven by weak revenue environment due to darkening economic outlook; 130 expected weaker pricing inflation of pension cost forecast 2015 outlook Profit increase in 2015 vs to be achieved from airlines and aviation services. in m EUR effect from change in depreciation policy Page 25

26 Lufthansa Group benefits from superior financing conditions Conservative financial profile, but currently burdened by pension provisions 1. Lufthansa Group is profitable and produces strong cash flows 2. Conservative fleet structure and ambitious balance sheet targets provide security buffer 3. Solid financial profile provides competitive edge in financing conditions; low net financial debt, but pension provision burden in bn EUR S&P Investment Grade Rating (BBB-, stable) confirmed in April Depreciation Operating Profit 0.8 9M 2014 ca. 90% of fleet is owned vs. 10% leased >70% of fleet is financially unburdened (not used as security for financing deals) Recent Debt financing Issuance of 1.125% Bond Volume of 500 m EUR and a maturity of 5 years (Sept Sept 2019) Target FY 13 9M Equity Ratio Debt Repayment Ratio 25% midterm 45% (min. 35%) 21% 15% 37% 23% pension provisions M 2014 net financial debt Operating CF Free Cash Flow 9M 2014 Min. Liquidity 2.3 bn EUR 4.7bn EUR 3.5bn EUR pension provisions: flexible funding model, no "margin call" for additional fundings Page 26

27 The Lufthansa Group: World's largest aviation group with leading airlines and aviation services Hub airlines to improve profitability at current size; P2P airlines and services to grow Implementing Our Way Forward through seven areas of action Measures to overcome existing challenges and increase profitability underway Financials & outlook Solid Q3 results, FY14 target on track, significant improvement expected for FY15 Lufthansa Passenger Airlines is the core of the Group Fleet optimization, unit cost reduction and improvement of revenue quality Page 27

28 Strong network quality through comprehensive route network Segmentation of long-haul network Share of premium passengers 30% Small Niche Mid-Size Premium Premium Trunk 20% New Technology Aircraft A380 and 747-8I Fleet 10% 5% Lower cost sub-fleet of 14 A340 Two Class Fleet & New Technology Aircraft Small & Growing Medium Volume Large Volume 350, million 14 million long-haul O&Ds Europe-World served by Lufthansa long-haul O&Ds Europe-World total market total passengers p.a. Page 28

29 Fleet structure fits route network requirements Fleet overview Lufthansa Passenger Airlines aircraft types 5 aircraft types long-haul seats seats seats A A A Development Phase-out by age Phase-in of 777-9X Phase-out by age Use in 2-class configuration Phase-in of A Lower cost sub-fleet of 14 A340 A I 777-9X A A %CASK vs. replaced aircraft A Deployment on thinner markets 9 aircraft types 3 aircraft types Classic A310/19/20/21 733/5 Development & rollover Phase-out by 2015 A320Family short-haul Regional sustainable Regional in transition E90/95 CR9 CR7 DH4 AT7 Used as hub-feeder Phase-out by 2015 Phased-out 2013 E90/95 CR9 F100 AR8 Phased-out Page 29

30 Successful track record of unit cost reductions set to continue Spread of RASK and CASK to be increased Lufthansa Passenger Airline development of KPIs (numbers normalized) yoy% Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q # of flights stable at constant fleet Capacity (ASK) % p.a. on average from upgauging (half of global passenger growth) Unit revenues (RASK) to be stabilized by product initiatives and new pricing concepts Non-fuel unit costs (CASK) continuous focus on cost reduction, introduction of new technology Fuel-only unit costs (CASK) net technology aircraft, group-wide fuel efficiency management today Page 30

31 Five focus areas to increase profitability Revenue quality to stabilize RASK, efficiency measures to reduce CASK new platforms Capacity & fleet dimensioning freeze fleet size at 400 aircraft Phase-in A380 and B747-8i (c. -15% CASK) ASK growth at half of market rate (3% p.a.) 2 Restructuring of long-haul introduction of 2 class long-haul fleet (c. -10% to -20% CASK) Lower cost sub-fleet of 14 a/c (>-20% CASK) WINGS Intercont (>-30% CASK) launch new technology aircraft (-20% CASK / -25% fuel-only CASK) Restructuring of short-haul Reduce unit cost Invest in revenue quality and best product reduction of regional platforms Roll-over Eurowings CR9 to A320 (c. -40% CASK) (c. -10 to -15% CASK) Eurowings p2p platform (c.-15% CASK to GW) Phase-Out Avro 85 exit from 70-seater fleet Phase-Out B737 A320neo delivery return non-hub operations to break-even (new germanwings) (c. -15% fuel-only CASK) (c. -20% CASK vs. mainline; 200 m EUR profit improvement) turn LH from functional to process oriented company (project Shape!) reduce overhead costs through shared services restructure outstation operations reduce costs at all suppliers (ATC, internal suppliers, etc.) Roll-out new First and Business Class Premium Economy phase-in (c. 80 m EUR profit improvement) today reduce IT infrastructure costs (c. 70 m EUR savings p.a.) become Europe s first 5 Star Airline Page 31

32 Network and partnerships are important drivers for revenue quality Passenger network and partner overview Largest Airline Group in Europe Largest Transatlantic Joint Venture First JV for Japan-Europe and Europe-China North America 21.4% (+0.8pts.) Intra- European 46.6% (+0.3pts.) Mid-East 4.1% (-0.4pts.) Asia Pacific 17.6% (-1.3pts) South America 6.3% (+0.6pts.) Africa 4.0% (+0.0pts.) Traffic revenue shares Passenger Airline Group as of 31 December 2013 (comparison to previous year) Page 32

33 Product quality has positive impact on yield and customer satisfaction Implementation of five star product New First Class: Passenger satisfaction at 98% 75 % of retrofit completed Completion June 2015 New Business Class: New full flat seat 50% of seats replaced Completion August 2015 New Premium Economy Class: More exclusivity & delight More personal space seats until October Star Service in addition to hardware upgrades: Upgrade in food & beverage on board and on ground New transfer & arrival services in Frankfurt and Munich New lounges in London and Newark 5 STAR Full flat Business Class seats now standard in the Lufthansa Group Page 33

34 Focus on fuel efficiency helps reduces fuel only-cask Activities to sustainably reduce fuel consumption & enhance CO2 footprint ATC/ATM Operations Network Domestic Routes China Usage of Domestic Routes in China for flights between SHE and TAO. Shortage of flight time by 17min saves 1600kg per flight. Packless Take-off By application of normal procedure Packs Off T/O the A/C-Packs are switched off during T/O, which leads to fuel and maintenance savings on A330, A340. Block time vs. Cost Index For every flight an individual Cost-Index is calculated considering the daily updated technic-, personneland fuel-costs. 510 tons p.a. 2,450 tons p.a. 8,640 tons p.a. Weight Trash compactor removal A380 Substitution of 2 Trashcompactors of 83 kg each and by 4 waste Trolleys (12kg) saves in addition to fuel also investment costs. Technical Performance Fanblade Recontouring Increased maintenance improves fuel consumption and avoids a fall of air flow quality due to erosion and roughening of fan blade leading edges. Ground Ops APU vs. GPU usage APU usage shall be minimized in order to safe fuel (number of cycles and usage time) compared to cost of ground power. 160 tons p.a. 4,320 toms p.a. 1,840 tons p.a. Page 34

35 Lufthansa Investor Relations Contact Deutsche Lufthansa AG Investor Relations / FRA IR Lufthansa Aviation Center Airportring D Frankfurt Andreas Hagenbring, Head of IR Phone: +49 (0) Fax: +49 (0) Visit our webpage: lufthansa-group.com/investor-relations Page 35

36 Page 36 Appendix Financial Figures 9M & Q3 2014

37 Group Revenue 9M 2014 vs. 9M 2013 in m EUR Volume: +2.3% 421 Price: -1.2% 226 Currency: -2.2% ,664 Traffic revenue (-1.1%) 18,460 4,103 Other revenue (+1.5 %) 4,164 9M M ,767 Group revenue (-0.6%) 22,624 Page 37

38 Operating expenses grew less than revenue in Q3, stable in 9M Operating costs and revenues Lufthansa Group (in m EUR) 9M 2014 vs. PY Q vs. PY Total revenue 22, % 8, % Other operating income 1, % % Total operating income 23, % 8, % Operating expenses 23, % 8, % -0.4% excl. one-offs +1.0% excl. one-offs & D&A Non-fuel operating expenses 17, % 6, % +2.7% excl. one-offs +4.2% excl. one-offs & D&A Cost of materials and services 13, % 4, % Fuel expenses 5, % 1, % Fees and charges 3, % 1, % Staff costs 5, % 1, % +2.0% excl. one-offs +2.5% excl. one-offs Scheduled depreciation 1, % % +3.0% excl. D&A change +4.9% excl. D&A change Other operating expenses 3, % 1, % Operating result % +16.6% excl. one-offs % +9.5% excl. one-offs Page 38

39 Fuel Cost 9M 2014 vs. 9M 2013 in m EUR +5,449 Volume +2 Price -269 m EUR -73 Hedging -46 Currency ,180 9M 2013 H Page 39

40 Excluding one-off items operating profit shows improvement Normalized operating results for 9M and Q ,004 9M 2013 operating profit restructuring costs project costs 9M 2013 normalized operating profit 9M 2014 operating profit restructuring costs project costs 9M M M 2014 normalized operating profit Q operating profit restructuring costs project costs Q normalized operating profit Q operating profit restructuring costs project costs Q Q Q normalized operating profit Page 40

41 Operating Results and one-off factors Quarterly operating results in m EUR Q1 Q2 Q3 Q4 6M 9M Full Year Reported operating result * 590* 36 73* 663* 699* incl. SCORE restructuring costs incl. Project costs Normalized operating result * 717* * 861* 1,044* Reported operating result incl. SCORE restructuring costs incl. Project costs Normalized operating result ,004 incl. depreciation policy change effect incl. strike impacts ** ** incl. Venezuelan cash write-offs * Restatement due to IFRS11: Aerologic GmbH has been proportionately consolidated as a joint operation since 1 January 2014 ** as of October 30, 2014 Page 41

42 Cash flow reduced due to working capital and higher investments Cash flow statement Group Cash Flow Statement in m EUR 9M 2014 vs. PY EBT (earnings before income taxes) Depreciation & amortisation (incl. D&A for non-current assets) 1, Net proceeds from disposal of non-current assets Result from equity investments Net interest FY 2010 FY 2011 FY 2012 FY 2013 Operating Cash Flow 9M 2014 Income tax payments/reimbursements Non-cash changes in measurement of financial derivatives Change in working capital Operating cash flow 2, Capital expenditure (net) -1, Free cash flow 229-1,329 FY 2010 FY 2011 FY 2012 Gross Capex FY 2013 Net Capex 9M 2014 Cash and cash equivalents as of * Current securities 2,711-1, Total Group liquidity* 3,530-1,865 FY 2010 FY 2011 FY 2012 FY M 2014 Free Cash Flow * Excluding fixed-term deposits with terms of three to twelve months (115 m EUR) Page 42

43 Disclaimer in respect of forward-looking statements Information published in this presentation concerning 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 nature subject to uncertainties and imponderable risk factors such as changes in underlying economic conditions and rest on assumptions that may not occur, or may occur differently, it is possible that the Group s actual results and development may differ materially from the forecasts. Lufthansa makes a point of checking and updating the information it publishes. However, the Company is under no obligation to update forward-looking statements or adapt them to subsequent events or developments. Accordingly, it neither explicitly nor implicitly accepts liability, nor gives any guarantee for the actuality, accuracy or completeness of this data and information. Page 43

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