Lufthansa Group 2021 revenue up 24% – cuts operating loss by two-thirds

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Deutsche Lufthansa AG (Lufthansa Group) has released its financial report for 2021, seeing considerable improvement in most sectors compared to 2020. In summary, summer capacity on short- and medium-haul routes had virtually returned to 2019 levels, with Easter and summer bookings ahead of pre-crisis levels. Adjusted EBIT before restructuring expenses stood at €-1.8 billion compared to €-5.2 billion in 2020. Lufthansa cargo posted record figures with an adjusted EBIT which had doubled to €1.5 billion.

The Group had also achieved substantial structural cost reductions with over 75% of planned annual savings already secured. Annual revenue was €16.8 billion, a 24% increase on 2020 revenue of €13.6 billion. An increase in passenger numbers, restructuring of the company and associated cost reductions resulted in a significant improvement in earnings. For 2021, the operating loss was greatly reduced, despite the pandemic wave and associated travel restrictions. Adjusted EBIT in 2021 was €-2.3 billion (2020: €-5.5 billion). The Adjusted EBIT margin improved to -14.0% (2020: -40.1%). Compared with the pre-pandemic level, the structural decrease in personnel expenses, excluding one-off restructuring expenses, effects from short-time working and temporary measures, amounted to 10%. With the implementation of additional planned measures, the decrease will be 15 to 20 percent.

At the end of 2021, the Lufthansa Group had approximately 105,000 employees, over 30,000 fewer than before the start of the pandemic. The Group net income improved by 67% to €-2.2 billion (2022: €-6.7 billion).

“2021, was a challenging year for the Lufthansa Group and its employees. And 2022 also begins with developments that worry us as citizens of this continent. Our Airlines connect people, cultures and economies. We stand for international understanding and peace in Europe and around the world. Our thoughts are with the people of Ukraine and with our colleagues on the ground, to whom we are providing every possible support,” said Carsten Spohr, CEO of Deutsche Lufthansa AG.

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