Lufthansa Group Commerzbank German Investment Seminar

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1 Lufthansa Group Commerzbank German Investment Seminar Simone Menne Member of the Executive Board and CFO New York, 12 th January 2015 Page 1

2 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 2

3 The Lufthansa Group: World s largest aviation group with leading airlines and aviation services Hub airlines to improve profitability at current size; point-to-point airlines and aviation services to grow From analysis to implementation: Comprehensive approach to managing change Specific measures underpin on-going focus on implementing structural change Significant improvement enforced: Financial guidance for FY 2015 Operational outlook and lower fuel costs support profit increase Focus on return: New value-based steering concept and new dividend policy EBIT, EACC, ROCE and dividend policy are directly linked to each other, transparent and easy to calculate Page 3

4 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: investment grade rating, dividend payments Reach higher profitability and strengthen return on capital focus Page 4

5 with a unique portfolio of airlines and aviation services Service companies sustainably contribute c. 500 m EUR operating profit p.a. Airlines Revenue Operating result Op. margin range Passenger Airline Group Service Companies 23.5 bn 495 m % -0.1% Logistics (Cargo) 2.4 bn m % -8.0% 4.2 bn 404 m +10.9% MRO % Catering IT Services Others incl. Group Functions 2.5 bn bn m m m % +3.1% +6.2% +1.8% (burdened by restructuring costs) stable non-airline profits of c. 500 m EUR Page 5

6 Our strategy is based on optimizing the three pillars of the Group Focus on profit improvement for hubs, growth in P2P and aviation services Lufthansa Aviation Group - Key Advantages Integrated Value Chain Financial Stability Strong Brand Family Natural Hedge Deep Customer Insights Favoured Employer Hubs Point-to-Point Aviation Services Revenue Share 70% 60% Profit Margin 3% Consolidation and profit improvement 1) excl. consolidation effects Revenue Share 6% Profit Margin - Redesign and growth Revenue Share 24% Profit Margin 7% Margin stabilization and growth Page 6

7 Therefore future growth will be focused outside the network airlines 40% revenue share of new platforms and aviation services by 2020 Revenue Share Today Targeted Revenue Share in 2020 Service companies Geographical expansion of LSG and Lufthansa Technik 30% 40% Growth in adjacent markets 70% 60% Network airlines (Frankfurt, Munich, Zurich, Vienna) Point-to-point airlines Profitability enhancement Growth through point-to-point airlines and new business models Page 7

8 Hub and P2P will be developed in balance Overall fleet size of ca. 600 aircraft remains stable in 2015 Hubs Point-to-Point incl. lower cost A340 sub-fleet Today c. 60 A320 ex GER c. 20 CR9 ex GER starting with 3 from 10/2015 Future c. 80 A320 ex GER 7 A330 ex GER currently c. 520 aircraft Σ c. 600 passenger aircraft currently c. 80 aircraft Page 8 Total fleet as of 30 September 2014

9 while aviation services pursue global growth 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 Joint Ventures with other service providers International expansion and exploring adjacent markets Grow global catering network organically and inorganically Assess opportunities in adjacent markets, e.g. train catering Margin improvement from restructuring parts of the network Extend business models to adjacent customer segments Attract new partners also from non-travel industries Enhance attractiveness for "less frequent" fliers Implement dedicated mileage program for P2P-platforms Page 9

10 The Lufthansa Group: World s largest aviation group with leading airlines and aviation services Hub airlines to improve profitability at current size; point-to-point airlines and aviation services to grow From analysis to implementation: Comprehensive approach to managing change Specific measures underpin on-going focus on implementing structural change Significant improvement enforced: Financial guidance for FY 2015 Operational outlook and lower fuel costs support profit increase Focus on return: New value-based steering concept and new dividend policy EBIT, EACC, ROCE and dividend policy are directly linked to each other, transparent and easy to calculate Page 10

11 Comprehensive approach to drive change Our Way Forward: Seven areas of action to tackle challenges ahead Customer centricity & quality focus New concepts for growth Constantly improving efficiency Innovation & digitalization Value based steering Effective & lean organization Culture & leadership Page 11

12 by enhancing product quality to strengthen pricing Implementation of five star product attains higher customer satisfaction New First Class: Passenger satisfaction at 98% 78% of retrofit completed Completion: June 2015 New Business Class: New full flat seat 52% of seats replaced Completion: August 2015 New Premium Economy Class: More exclusivity & personal space 16% of seats implemented Completion: Autumn 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 Faster and more personalized feedback processes 5 STAR Full flat Business Class seats now standard in the Lufthansa Group Page 12

13 by stepping into new markets and lowering costs Portfolio differentiation: The new Eurowings Complete migration of non-hub traffic from Lufthansa Passenger to Germanwings Letter of Intent signed with SunExpress for long-haul services under Eurowings brand Feb 15 Rollover of CRJ900 fleet (existing Eurowings) to A320 aircraft (new Eurowings) Oct 15 Launch of European low-cost platform outside Germany Launch of long-haul low cost-platform based in Cologne (initially 3x A330) Page 13

14 by negotiating labour deals to support change in the core business 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 since Dec 2014 o Move from DB to DC pension scheme On-going negotiations with pilot union (VC) New salary levels even below previous regional platform Productivity increased Change from DB to DC pension scheme New CLA to be negotiated with pilot unions Employees move to "new" Austrian: Reintegration of operations from Tyrolean Airways into legal unit Austrian Airlines AG as of March 2015 o Pilot union IPG agreed on new CLA effective since July 2014 Aeropers rejected new CLA; Existing agreement cancelled per Nov 16 Legal stability: withdrawal of lawsuits from union and workers' councils One-time payments for staff leaving the company No further negative p&l impact after Q Page 14

15 by structural change which go beyond mere optimization Recent example: Cost savings via outsourcing of IT Infrastructure 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 Χ Lack of scale of in business dominated by large providers Χ 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 15

16 by moving to more efficient structures on the ground Restructuring of non-hub stations in progress Stations to be restructured Starting point HAM BRE HAJ BER Transfer of Lufthansa Passenger non-hub services to Germanwings and Eurowings DUS CGN Δ 50-60% Handling providers in Germany produce services at approx % lower costs than LH STR NUE Non-hub stations Handling services 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 16

17 by creating efficiencies and strengthening perception of LH Group Consolidating the decentral sales forces of the LH Group airlines CCO Today de-central Ausgangslage steering of field sales Chief Commercial Officer Board In the future steering via Weiterentwicklung Head of Group Field Sales Chief Commercial Officer Board Area Mgmt. Head of Group Field Sales Market Field sales only bundled on market level Several reporting lines, partly competing steering impulses from five airlines One person in charge for Airline Group Redesign of processes, streamlining structures High coordination effort and complexity Faster and more consistent approach Page 17

18 by standing out through innovation and digitization Driving business through systematic approach to innovation 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 18

19 by diligently tracking profit improvement potentials SCORE outlook and tangible short-term measures in implementation Measures in 2015 Cabin product upgrade finalized 1,200 1,200 Start of operation to leisure destinations on lower cost sub-fleet from summer schedule >700 >700 Start of Eurowings in Europe from February and on long-haul routes from October ,083 Bundling of the airline group s field sales under one management responsibility from March ff. measures P&L effective measures in implementation further measures targeted Status: November 2014 Page 19

20 short-haul long-haul by rolling-over the existing fleet Fleet overview Lufthansa Passenger Airlines aircraft types 5 aircraft types seats seats A A Development Phase-out by age Phase-out by age Phase-in of 777-9X A I 777-9X -20%CASK vs. replaced aircraft seats A Use in 2-class configuration Phase-in of A Lower cost sub-fleet of 14 A340 A A 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 Regional sustainable E90/95 CR9 Used as hub-feeder E90/95 CR9 Regional in transition CR7 DH4 AT7 F100 AR8 Phase-out by 2015 Phased-out 2013 Phased-out 2012 Total Orders: 261 aircraft ( ) Short haul: 177 aircraft Long haul: 84 aircraft (thereof 59 new generation aircraft) Equals EUR 32 bn in list prices Page 20

21 Concrete measures and fleet strategy successfully reduce 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 21

22 The Lufthansa Group: World s largest aviation group with leading airlines and aviation services Hub airlines to improve profitability at current size; point-to-point airlines and aviation services to grow From analysis to implementation: Comprehensive approach to managing change Specific measures underpin on-going focus on implementing structural change Significant improvement enforced: Financial guidance for FY 2015 Operational outlook and lower fuel costs support profit increase Focus on return: New value-based steering concept and new dividend policy EBIT, EACC, ROCE and dividend policy are directly linked to each other, transparent and easy to calculate Page 22

23 Concrete measures and fleet strategy successfully reduce costs Fleet, costs and revenue figures FY12-14 and FY15 assumptions FY12 actual FY13 actual FY14 act. / *est. FY15 assumptions Number of flights -1.6% -3.7 % -2.6% further reduction Capacity (ASK) +0.6% +1.0% +2.1% c. +3% Volume (RPK) Load Factor (SLF) +2.2% +2.3% +2.4% +1.2pts +1.0pts +0.3pts above capacity growth slightly up Pricing (Yield) +3.7% -2.3% * negative clearly negative due to uncertain market dynamics from lower oil price (surcharge, yield, capacity discipline) Unit Revenue (RASK ex currency) +2.6% +1.2% * negative clearly negative Unit Costs (CASK ex fuel, ex one-offs) -0.5% -1.3% * c. -4% slightly reduced Cargo Capacity -8.2% -0.3% -1.1% overall stable * no actual data, expectation unchanged from previous guidance. Unit costs guidance for FY 14 excl. fuel costs, one-offs and currency effects Page 23

24 Price paid in USD/barrel Significantly lower fuel costs expected for FY 2015 Fuel forecast and sensitivities FY14 and FY LH price 2015 Market price (unhedged) break-even of hedges at 105 USD/bbl Lufthansa Group fuel expenses after hedging (in bn EUR) Sensitivities costs with deviating oil price 6.6bn (+20%) 6.2bn (+10%) 5.4bn (-10%) 5.0bn (-20%) Market price in USD/barrel e 2015e Assumptions FY 2014 FY 2015 Current fuel hedging levels 79% 73% Expected volume (m tons) Brent forward (USD/bbl) EUR / USD forward as of 11 Dec 2014 Page 24

25 Operating result FY15 expected "significantly above previous year" Profit increase to be achieved from airlines and aviation services Lufthansa Group Reported Operating result Actual and Forecast "significantly above previous year" Financial Year ,378 Operating profit expected at c. 1.0 bn EUR 1,280 Operating profit excl. one-offs at c. 1.3 bn EUR 1,020 c. 1,000 Forecast includes strike impacts until October, excludes costs from December strikes (2.5 days) Financial Year 2015 Operating profit "significantly above previous year" Profit increase in 2015 vs to be achieved from airlines and aviation services Lower fuel price to be main driver 130 High degree of uncertainty around market dynamics from lower fuel price (surcharge, yield, capacity discipline) Higher pension costs due to lower interest rate in m EUR forecast outlook Project costs to be slightly less than in FY2014 Potential further labor action effect from change in depreciation policy Page 25

26 The Lufthansa Group: World s largest aviation group with leading airlines and aviation services Hub airlines to improve profitability at current size; point-to-point airlines and aviation services to grow From analysis to implementation: Comprehensive approach to managing change Specific measures underpin on-going focus on implementing structural change Significant improvement enforced: Financial guidance for FY 2015 Operational outlook and lower fuel costs support profit increase Focus on return: New value-based steering concept and new dividend policy EBIT, EACC, ROCE and dividend policy are directly linked to each other, transparent and easy to calculate Page 26

27 Lufthansa Group is commited to value creation New KPIs are to improve transparency and usability from 2015 Introduction of value creation metric Cash Value Added (CVA) Positive track record. > 6 bn EUR CVA EACC (Earnings After Cost of Capital) and ROCE replace CVA Transparent: Quick and easy to calculate Simple: Easier to use in operational steering Integrated: Directly linked to comprehensive set of KPIs Comparable: Possibility to compare with peers EACC & ROCE Page 27

28 New system directly links profit figures and value creation metric EBIT, EACC and ROCE are transparent and can be calculated easily Balance Sheet Total Total Op. Income (Rev.+ Oth. Op. Income)./. non-interest bearing liabilities./. operating costs Capital Employed Current Year Capital Employed Last Year 50 : 50 + Income from Subsidiaries EBIT + Interest on Liquidity +/- pension changes: past service costs,./. Tax (assumed tax rate 25%) +/- book gains/losses on asset disposal WACC X./. Cost of Capital +/- impairments EACC Adj. EBIT ROCE = (EBIT + Interest on Liquidity Tax) Average Capital Employed Page 28

29 New system directly links profit figures and value creation metric Example for financial year ,084 32,156./. 11,555./. 31,344 17,529 17, : EBIT: / % X./. 1, EACC: -337 Adj. EBIT: 987 ROCE = ( ) 17,574 = 4.3% Page 29

30 EBIT is a structurally higher number than operating result Main difference is that income from subsidiaries is included 1,645 1,465 Operating profit 1,297 EBIT Adj. EBIT 1, Total Operating Income 29,136 31,070 32,947 32,156./. Operating Expenses -27,774-30,277-31,396-31,344 + Income from Subsidiaries EBIT 1, , /. Delta to Operating Result Operating Result Adj. EBIT 1, /. Delta to Operating Result Operating Result Page 30

31 Current capital employed is ca bn EUR Weighted average cost of capital is 6.2% Average Capital Employed 17,949 18,101 17,526 17,574 WACC 7.9% 7.0% 7.0% 6.2% Balance Sheet Total 29,320 28, /. Non-Interest Bearing Liabilities ,649 10, liabilities from unused flight documents 2,389 2,359 2,612 2,635 - trade payables, other fin. liabillites, other provisions 4,855 4,758 4,887 5,108 - adv. payments, deferred income, other non-fin. liabilities 2,153 2,095 2,096 2,148 - others 1,153 1,437 1,345 1,664 Capital Employed at year-end 18,770 17,432 17,619 17,529 Average Capital Employed 17,949 18,101 17,526 17,574 WACC 7.9% 7.0% 7.0% 6.2% EBIT Interest on liquidity Taxes Cost of capital -1,418-1,267-1,227-1,090 EACC ROCE 6.6% 3.8% 7.4% 4.3% Page 31

32 Lufthansa Group has strong track record of dividend payments Future dividends continue to be linked to profit development Dividend per share in EUR 1,25 0,60 0,00 0,60 0,00 0,30 0,50 0,70 0,70 0,00 0,60 0,25 0,00 0,45 continue regular payments Financial Year Dividend Year Old Dividend Policy New Dividend Policy Regular dividend payments Pay-out directly linked to performance Pay-out from earnings not equity Page 32

33 Dividends are now linked to EBIT Pay-out ratio adjusted for depreciation change and structurally higher base New Dividend Policy 10-25% of EBIT Links dividends to leading profit KPI EBIT Effective from financial year 2015 (pay-out 2016) Allows for similar pay-outs as old policy Adjusts non-cash effect from changed aircraft depreciation (+350 m EUR p.a.) Reflects that EBIT is a structurally higher number than operating result EBIT is structurally higher number than operating result +ca. 350 m EUR p.a. non-cash because of change in depreciation of aircraft Op. Result old EBIT 30-40% payout 10-25% payout Dividend per share = Dividend per share Page 33

34 Extraordinary Pay-outs Regular Pay-outs New dividend policy is to pay-out 10-25% of EBIT Maximum pay-out is defined by net result under German GAAP Old Dividend Policy New Dividend Policy Operating Result EBIT 30%-40% pay-out local GAAP net result = max payout in m EUR 10-25% pay-out local GAAP net result = max payout in m EUR Special dividends and share buy-backs possible Special dividends and share buy-backs possible Page 34

35 Shareholders will not be put in worse situation Different earning scenarios - local GAAP defines maximum payout in m EUR EBIT 10-25% of EBIT Local GAAP Result Pay-out Sum # of shares Dividend per Share Example 1 1, m = EUR Example 2 1, m = EUR Example 3 1, m = No Dividend Page 35

36 Implementation timeline 2014 Reporting, steering and management remuneration based on old KPIs Some new KPIs presented in annual report 2014 for information only 2015 External reporting fully based on new KPIs First interim report based on new KPIs will be Q Dividend proposal 2015 (for FY14) based on old policy and adjusted for depreciation 2016 Full internal and external integration of new KPIs Management Remuneration based on new KPIs First dividend payment based on new policy Page 36

37 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 37

38 Page 38 Appendix Detailed guidance 2014 and financial profile

39 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 39

40 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) affirmed in Nov 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 40

41 Cost of capital is based on a target capital structure of 50:50 Current WACC is 6.2% Cost of Debt 1 Cost of Equity 2 3.6% (FY2013) 8.8% (FY2013) Target Capital Structure 50 : 50 WACC: 6.2% 1 Currently no consideration of tax shield 2 Cost of Equity FY2013 = Risk-free market interest rate of 3.2% + (Market risk premium of 5.1% x Beta Factor 1.1) Page 41

42 Page 42 Appendix Lufthansa Passenger Airlines

43 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 43

44 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 44

45 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) 3 Restructuring of short-haul 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) 4 Reduce unit cost 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.) reduce IT infrastructure costs (c. 70 m EUR savings p.a.) 5 Invest in revenue quality and best product Roll-out new First and Business Class Premium Economy phase-in (c. 80 m EUR profit improvement) become Europe s first 5 Star Airline today Page 45

46 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 46

47 Page 47 Appendix Financial Figures 9M & Q3 2014

48 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 48

49 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 49

50 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 50

51 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 Non-fuel operating expenses 17, % 6, % +1.0% excl. one-offs & D&A +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, % +2.0% excl. one-offs 1, % +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 51

52 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 52

53 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 53

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