Lufthansa will also close the third quarter of 2020 in the deep red. The group announced on Tuesday that the adjusted EBIT was on a preliminary basis at -1.262 million euros. In the previous year it was clearly positive at 1.297 million euros. The crane puts the operating loss in the first nine months at 4.161 million euros. 

The adjusted free cash flow in the first nine months of 2020 was EUR -2.579 million (previous year: EUR 685 million). In the third quarter, the adjusted free cash flow was EUR -2.069 million (previous year: EUR 416 million). Payouts for Corona-related flight cancellations in the amount of EUR 2,0 billion in the third quarter were mainly offset by cash inflows from the expansion of flight activities in July and August. The group also benefited from strict working capital management and the postponement of tax payments. The net debt at the end of the third quarter was EUR 8.930 million (December 31, 2019: EUR 6.662 million).

Lufthansa also explains that at the end of September, liquid funds totaling 10,1 billion euros were available throughout the group. This also includes funds that have not yet been called from the state aid granted by Austria, Germany, Belgium and Switzerland. According to the adhoc announcement, 6,3 billion euros have not yet been accessed.

However, flight operations will be further restricted and, according to current planning, will only amount to “a maximum of 2020 percent” of the previous year's capacity in the fourth quarter of 25. In this way Lufthansa wants to ensure "that flight operations continue to make a positive cash contribution." At the same time, the Lufthansa Group is working intensively on restructuring measures in all business areas in order to achieve short and medium-term cost savings and to minimize operational cash outflows.