Lufthansa Group returns to profit in third-quarter 2021

©Lufthansa Group

The Lufthansa Group has reported that in the third quarter of 2021, capacity offered, measured in passenger-kilometres, was 50% of the pre-crisis level of 2019, about twice as high as in the second quarter. Overall, the airlines of the Lufthansa Group carried 19.6 million passengers in July, August and September combined. This represents 46% of the pre-crisis level in Q3 2019. The seat load factor was 68.8%, 17.4 percentage points higher than in Q2 2021 (-17.5 percentage points compared to Q3 2019).

In the third quarter, Group sales nearly doubled (+96%) year-on-year to €5.2 billion (prior year: €2.7 billion). Adjusted EBIT excluding restructuring costs of €255 million was €272 million in the third quarter (prior year: €-1.2 billion). Including these restructuring expenses, Adjusted EBIT amounted to €17 million (prior year: €-1.3 billion). Net income amounted to €-72 million in the third quarter (prior year: €-2.0 billion).

Adjusted free cash flow was €13 million in the third quarter of 2021, despite the payment of deferred taxes at Lufthansa Technik of €443 million. The main reasons for the positive result were the good working capital management and the strong inflow of new bookings that continued in the third quarter.

From January to September 2021, the Lufthansa Group generated revenue of around €11 billion (prior year: €11 billion). Adjusted EBIT improved to €-1.6 billion excluding restructuring costs of €520 million (prior year: €-4.0 billion). Including these restructuring costs, it amounted to €-2.1 billion (prior year: €-4.2 billion). Net income for the first three quarters of the year was €-1.9 billion (prior year: €-5.6 billion). (£1.00 = €1.17 at time of publication)

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