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Lufthansa Group Reports Second Quarter Net Profit of €259 Million or €0.22 per Share

The Lufthansa Group has reported a second quarter net profit of €259 million or €0.22 per share on a 164 percent year-over-year revenue increase to €8.46 billion. For the first half of the year (H1), the Group reported a net loss of €325 million or (€0.27) per share.

Lufthansa Group Reports Second Quarter and H1 2022 Financial Results - Courtesy Lufthansa Group

On Thursday (August 4, 2022), the Lufthansa Group reported their financial results for the second quarter and first half of the year (H1) ending June 30, 2022. The Group reported a second quarter net profit of €259 million or €0.22 per share on a year-over-year increase in revenue of 164 percent to €8.46 billion. Lufthansa Group’s Q2 net income of €259 million is a substantial improvement compared to a net loss of €756 million during the same period last year. For H1 2022, the company reported a net loss of €325 million or (0.27) per share on a 140 percent increase in revenue compared to H1 2021 to €13.83 billion. At June 30, 0222, the Group’s total available liquidity was €11.4 billion, while net debt decreased to €6.4 billion, compared to €9.0 billion at December 31, 2021.

In Thursday’s announcement, Deutsche Lufthansa AG’s CEO, Carsten Spohr, said,

“The Lufthansa Group is back in the black. This is a strong result after a half-year that was challenging for our guests but also for our employees. Worldwide, the airline industry reached its operational limits. Nevertheless, we are optimistic about the future. Together, we have steered our company through the pandemic and thus through the most severe financial crisis in our history. Now we must continue to stabilize our flight operations. To this end, we have taken numerous measures and successfully implemented them. In addition, we are doing everything in our power to expand the premium positioning of our airlines again and thus to fully meet the demands of our customers and also our own standards. We want to and will continue to strengthen our position as the number 1 in Europe and thus maintain our place in the global top league of our industry. In addition to the achieved return to profitability, top products for our customers and prospects for our employees are now once again our top priority.”

Also commenting on the Group’s second quarter and H1 2022 financial results, Deutsche Lufthansa AG’s Chief Financial Officer, Remco Steenbergen, said,

“Returning to profitability in a quarter that was marked also by high geopolitical uncertainty and rising oil prices is a major achievement. This demonstrates that we are making good progress in recovering from the financial consequences of the Corona crisis. Even after the repayment of state aid last year, our goal remains to further strengthen the balance sheet on a sustainable basis. With a free cash flow of almost 3 billion euros, we were very successful in this regard in the first half of the year. Also in the full year 2022, thanks to the expected return to positive results, strict working capital management and disciplined investment activities, we forecast a clearly positive Adjusted free cash flow and thus a reduction in our net debt compared to the prior year.”

Lufthansa Group's Second Quarter and First Half 2022 Financial Results - Courtesy Lufthansa Group

During the first half of 2022 the number of passengers boarding Lufthansa Group airlines more than quadrupled compared to H1 2021 to 42 million guests. The Group’s capacity during the first six months of 2022 averaged 66 percent of pre-pandemic levels, and for the second quarter averaged around 74 percent compared to Q2 2019. Second quarter load factor averaged 80 percent, versus 83 percent in 2019, while premium class load factor was 80 percent, an increase from 76 percent in Q2 2019.

Lufthansa Cargo’s adjusted Q2 EBIT increased 48 percent versus the same period last year to €482 million, while for the first half of 2022, the company achieved a new record adjusted EBIT of €977 million, versus €326 million and €641 million in the same periods in 2021, respectively. Lufthansa Technik generated and adjusted EBIT of €100 million during Q2, and an H1 2022 adjusted EBIT of €220 million, compared to €90 million and €135 million in the same periods last year, respectively. Despite the discontinuation of grants under the U.S. Cares Act, LSG benefited from revenue growth in the Americas, achieving a positive adjusted EBIT of €1.0 million for the second quarter compared to €27 million in Q2 2021. LSG’s adjusted H1 2022 EBIT fell to (€13 million), versus €19 million in the same period last year.

With the increase in air traffic worldwide, the Lufthansa Group plans on hiring around 5,000 new team members during the second half of 2022. Key areas of personnel expansion include cockpit and cabin crew at Eurowings and Eurowings Discover, ground personnel at airports, workers at Lufthansa Technik and catering staff at LSG. The company also plans on adding a similar number of new team members in 2023. Results for select individual Lufthansa Group airlines are available here: Austrian Airlines, SWISS, Brussels Airlines.

Source: Lufthansa Group


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