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Lufthansa Group Reports Preliminary Third Quarter Financial Results

The Group decreased their operating loss versus the second quarter due to substantial cost reductions and an expansion of their flight schedule during July and August. Preliminarily, the Group reported a third quarter adjusted EBIT loss of €1.262 billion.

Lufthansa Group Reports Preliminary Q3 Financial Results - Courtesy Lufthansa

On Wednesday (October 21, 2020), the Lufthansa Group reported preliminary third quarter 2020 financial results with an adjusted EBIT loss of (€1.262) billion compared to a positive result of €1.297 billion for the third quarter of 2020. The Group’s operating loss for the first nine months of 2020 totaled (€4.161) billion compared to €1.715 for the first three quarters of 2019. The company’s adjusted free cash flow for the first nine months of the year was (€2.579) billion versus €685 million during the same period last year. Third quarter adjusted free cash flow totaled (€2.069) billion compared to €416 million for Q3 2019. The Group paid out €2.0 billion in refunds for COVID-19 related flight cancellations, which was partially offset by increased cash inflows in July and August from expanded flight activity.

During the third quarter, the Lufthansa Group benefited from strict working capital management and tax payment deferrals. The company closed the quarter with a net debt of €8.930 billion, an increase from €6.662 billion on December 31, 2019, and €10.1 billion in liquidity. The liquidity total includes undrawn funds from the €9 billion stabilization packages from Germany, Switzerland, Austria and Belgium, of which €6.3 billion remains available.

The Lufthansa Group is well positioned to weather further burdens related to the ongoing COVID-19 pandemic and associated travel restrictions. During the fourth quarter, the Group’s airlines plan on operating at around 25 percent of last year’s capacity, thereby generating a positive cash contribution to operations. The company continues work on restructuring measures in all business segments to reduce costs and minimize operating cash outflows.

Source: Lufthansa


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