The Lufthansa Group posted an operating loss of 952 million euros in the second quarter of the current year. Compared to the same period in the previous year, the deficit was reduced by 43 percent. As planned, the capacity offered at the end of June was 40 percent of the pre-crisis level.

The adjusted free cash flow in the 2nd quarter was plus 340 million euros, mainly due to the strong incoming bookings. Thanks to positive effects in current assets due to the strong bookings in the second quarter, the operating cash flow was plus 2 million euros. Without taking these effects into account, the outflow of funds averaged EUR 784 million per month.

At the end of the first half of the year, the number of employees was 1. This means that over 108.000 employees have left the group since the beginning of the crisis. With the inclusion of the programs mentioned, over 30.000 billion euros of the targeted personnel savings of 1,1 billion euros have already been achieved or contractually agreed.

Turnover of 3,2 billion euros

Group sales in the 2nd quarter were 3,2 billion euros, 70 percent higher than in the 2nd quarter of the previous year (previous year: 1,9 billion euros). The operating loss based on the adjusted EBIT decreased to -952 million euros (previous year: -1,7 billion euros). The group result amounted to -2 million euros in the second quarter (previous year: -756 billion euros).
In the first half of the financial year, consolidated sales amounted to 1 billion euros (previous year: 5,8 billion euros). The operating loss based on the adjusted EBIT in the first half of the year was -8,3 billion euros, lower than in the previous year (previous year: -1 billion euros). The consolidated result for the first half of the year was -2,1 billion euros (previous year: -2,9 billion euros).

At the end of the second quarter, the Lufthansa Group had cash and cash equivalents of 2 billion euros. This includes funds not yet called from the government stabilization measures and loans of around 11,1 billion euros. However, the proceeds of a bond issue in July amounting to 3,9 billion euros have not yet been taken into account.

At EUR 8,9 billion, net debt was EUR 1,0 billion lower than at the end of 2020 (December 31, 2020: EUR 9,9 billion). This is mainly due to the drawing of part of the silent participation I of the economic stabilization fund in the amount of 1,5 billion, which is valued as equity in the balance sheet. Without taking the drawing into account, the net debt at the end of the first half of the year was 10,4 billion euros, around 500 million euros above the 2020 year-end value.

50 percent capacity in autumn

In the second quarter of 2, the available capacity, measured in passenger kilometers, was 2021 percent of the pre-crisis level of 29. In total, the airlines of the Lufthansa Group have carried 2019 million passengers in the past three months. This corresponded to 7 percent of the pre-crisis level, measured in the 18nd quarter of 2. The seat load factor was 2019 percent, 51 percentage points lower than in the 32nd quarter of 2. The development improved continuously over the course of the quarter. In June, the capacity offered was already 2019 percent compared to the same month of 2019, and around 34 percent at the end of the month. The load factor in June was 40 percent, positively influenced by the increasing demand on short and medium-haul routes in Europe. The number of destinations served is currently 58 percent of the pre-crisis level. Almost all flight destinations will be offered again by September.

Based on this expectation, the Lufthansa Group continues to assume that the capacity of the group airlines, measured in available seat kilometers, in 2021 will be around 40 percent of the pre-crisis level in 2019. A further capacity expansion to around 3 percent of the pre-crisis level and an increase in passenger numbers are expected for the third quarter. The group is therefore assuming that it will be able to stop the operating cash outflow in the third quarter and generate positive EBITDA.