39 34 Saudia
40 35 Asiana Airlines 41 37 Garuda Indonesia 42 New Juneyao Airlines 43 50 China Airlines 44 33 Virgin Australia 45 49 Aeromexico 46 New Airasia 47 43 Swiss 48 New Jetstar
49 47 Scandinavian Airlines 50 45 Avianca
Appendix 2 – Lufthansa & Peers Analytical Income Statements Lufthansa
In Euro million 2013 2014 2015 2016 2017
Revenues
Passenger revenue 21,743 21,566 22,611 22,256 25,467
Freight and mail 2,825 2,822 2,711 2,405 2,932
Other Revenue 5,459 5,623 6,734 6,999 7,180
Other operating income 2,043 1,953 2,832 2,184 2,276
Changes in inventory 158 212 203 95 106
Total revenue 32,228 32,176 35,091 33,939 37,961
Staff costs -7,356 -7,335 -8,075 -7,354 -8,172
Fuel -7,115 -6,751 -5,784 -4,885 -5,232
Other operating expenses
Raw materials, consumables & supplies -2,212 -2,252 -2,670 -2,896 -3,095
Purchased goods -440 -476 -549 -444 -460
Fees and charges -5,167 -5,265 -5,651 -5,736 -6,357
Charter expenses -321 -215 -235 -343 -651
MRO services -1,050 -1,133 -1,341 -1,335 -1,519
In-flight services -317 -317 -347 -343 -379
External IT-services -166 -174 -285 -329 -381
Other services -616 -648 -728 -740 -851
Other operating expenses -4,756 -5,279 -6,106 -5,517 -5,571
Total other operating expenses -15,045 -15,759 -17,912 -17,683 -19,264
EBITDAR 2,712 2,331 3,320 4,017 5,293
Operating lease payments -94 -52 -50 -58 -88
Reported EBITDA 2,618 2,279 3,270 3,959 5,205
Implied interest on capitalized op leases 21 21 24 36 36
Adjusted EBITDA 2,639 2,300 3,294 3,995 5,241
Depreciation & amortization -1,767 -1,512 -1,715 -1,769 -2,052
EBIT 872 788 1,579 2,226 3,189
Tax rate 40.29% 58.33% 15.00% 19.80% 24.76%
Corporation tax 351 460 237 441 789
NOPAT 521 328 1,342 1,785 2,400
Result of equity investments 124 121 121 85 157
Interest income 162 135 186 64 178
Interest expense -508 -414 -356 -282 -373
Other financial items -83 -429 520 191 72
Implied interest on capitalized op leases -21 -21 -24 -36 -36
Net Financial Expense -326 -608 447 22 -2
Tax shield 131 355 -67 -4 0
Net Financial Expense After Tax -195 -253 380 18 -2
Air France-KLM
in Euro million 2013 2014 2015 2016 2017
Revenues
Passenger sales 20,112 19,570 20,541 19,682
Cargo sales 2,816 2,681 2,425 2,069
Network 21,561
Other network sales 919
Network sales (incl Passenger & cargo) 22,928 22,251 22,966 21,751 22,480
Maintenance sales 1,225 1,251 1,577 1,834 1,823
Transavia 0 1,056 1,099 1,218 1,436
Others sales 1,367 354 417 41 42
Total sales 25,520 24,912 26,059 24,844 25,781
Other Revenue 10 18 3 2 3
Total revenue 25,530 24,930 26,062 24,846 25,784
External expenses
Aircraft fuel -6,897 -6,629 -6,183 -4,597 -4,507
Chartering costs -455 -438 -430 -424 -403
Landing fees & en route charges -1,839 -1,840 -1,947 -1,900 -1,905
Catering -589 -591 -655 -445 -784
Handling charges & other operating costs -1,405 -1,476 -1,536 -1,565 -1,753
Aircraft maintenance costs -1,303 -1,356 -2,372 -2,469 -2,424
Commercial and distribution costs -852 -870 -896 -905 -935
Other External expenses -1,744 -1,718 -1,663 -1,958 -1,574
Salaries and related costs -7,482 -7,316 -7,852 -7,474 -7,624
Taxes other than income taxes -186 -169 -167 -164 -158
Other income & expenses -10 -65 1,113 842 635
Total expenses -22,762 -22,468 -22,588 -21,059 -21,432
EBITDAR 2,768 2,462 3,474 3,787 4,352
Aircraft operating lease costs -913 -873 -1,027 -1,073 -1,088
Reported EBITDA 1,855 1,589 2,447 2,714 3,264
Implied interest on capitalized op lease 359 423 442 448 448
Adjusted EBITDA 2,214 2,012 2,889 3,162 3,712
Depreciation, amortization & impairment -1,725 -1,718 -1,631 -1,665 -1,776
Sales of aircraft equipment -12 -6 21 18
Other non-current income and expenses -345 880 305 46 -1,925
EBIT 132 1,174 1,557 1,564 29
Tax rate -181.00% 332.00% 21.50% 36.00% 44.00%
Corporation tax -239 3,898 335 563 13
NOPAT 371 -2,724 1,222 1,001 16
Income from cash & cash equivalents 77 76 63 49 35
Other financial income & expenses 103 -318 -605 -33 116
Implied interest on capitalized op leases -359 -423 -442 -448 -448
Net Financial Expenses -660 -1,111 -1,357 -741 -546
Tax shield -1,195 3,689 292 267 240
Net Financial Expenses After Tax -1,855 2,578 -1,065 -474 -306
Share of profits/loses of associates -211 -39 -30 -7 21
Net income from discounted operations -122 -4 270 -8
Net Earnings -1,817 -189 127 790 -277
easyJet
in GBP Mio 2013 2014 2015 2016 2017
Revenues
Seat revenue 4,194 4,462 4,616 4,587 4,958
Non-seat revenue 64 65 70 82 89
Total revenue 4,258 4,527 4,686 4,669 5,047
Employee costs -748 -786 -818 -878 -1,026
Fuel, oil costs & emissions charges -1,182 -1,251 -1,199 -1,114 -1,062 External expense
Airports & ground handling -1,078 -1,107 -1,122 -1,267 -1,465
Maintenance -212 -212 -229 -237 -274
Selling and marketing -101 -103 -102 -107 -122
Other costs -226 -245 -276 -296 -389
Total other operating expenses -1,617 -1,667 -1,729 -1,907 -2,250
EBITDAR 711 823 940 770 709
Aircraft dry leasing -102 -124 -114 -91 -110
Reported EBITDA 609 699 826 679 599
Implied interest on capitalized op lease 227 271 270 269 268
Adjusted EBITDA 836 970 1,096 948 867
Depreciation, amortization & impairment -112 -118 -138 -169 -195
EBIT 724 852 958 779 672
Tax rate 16.74% 22.55% 20.12% 13.81% 20.78%
Corporation tax 121.1715 192.126 192.7496 107.5799 139.6416
NOPAT 603 660 765 671 532
Interest receivable & other fin income 5 11 9 10 10
Interest payable & other fin charges -24 -11 -11 -13 -29
Implied interest on capitalized op lease -227 -271 -270 -269 -268
Net Financial Expenses -246 -271 -272 -272 -287
Tax shield 41 61 55 38 60
Net Financial Expenses After Tax -205 -210 -217 -234 -227
IAG
In Euro million 2013 2014 2015 2016 2017
Revenues
Passenger revenue 16,158 17,825 20,350 19,924 20,245
Cargo revenue 1,073 992 1,024 1,022 1,084
Other revenue 1,338 1,353 1,484 1,621 1,643
Total revenue 18,569 20,170 22,858 22,567 22,972
Employee costs -4,221 -4,585 -4,905 -4,824 -4,988
Fuel, oil costs and emissions charges -5,945 -5,987 -6,031 -4,831 -4,610 Other expenses
Handling, catering & other operating costs -1,932 -2,063 -2,371 -2,664 -2,714 Landing fees & en-route charges -1,422 -1,555 -1,882 -2,151 -2,151 Engineering & other costs -1,252 -1,276 -1,395 -1,701 -1,792
Property, IT & other costs -927 -927 -1,033 -870 -922
Selling costs -785 -859 -912 -896 -982
Currency differences -45 -221 -45 -100 -14
Total other expenses -6,363 -6,901 -7,638 -8,382 -8,575
EBITDAR 2,040 2,697 4,284 4,530 4,799
Aircraft operating lease costs -499 -551 -659 -759 -888
Reported EBITDA 1,541 2,146 3,625 3,771 3,911
Implied interest on capitalized op lease 227 271 270 269 268
Adjusted EBITDA 1,768 2,417 3,895 4,040 4,179
Depreciation, amortization & impairment -1,014 -1,117 -1,307 -1,287 -1,184
EBIT 754 1,300 2,588 2,753 2,995
Tax rate 0.00% -21.14% 15.82% 17.36% 18.93%
Corporation tax 0 -275 409 478 567
NOPAT 754 1,575 2,179 2,275 2,428
Finance costs -301 -237 -294 -279 -225
Finance income 31 32 42 33 45
Retranslation (charges) 12 -27 -56 -25 27
Net gain rel. to available-for sale fin assets 2 93 5 4 7
Share of profits in investments accounted
for using the equity method 6 6 3
unrealised losses on derivatives 67 -14
realised losses on derivatives 43 -49 -170 -7 -19
Share of post-tax profits in associates -8 2
Loss on sale of prop., plant & equip. & inv. -26 -11 -38 67 -30
Net financing charge relating to pensions -53 -4 -12 12 -28
Implied interest on capitalized op. lease -227 -271 -270 -269 -268
Net Financial Expenses -527 -472 -787 -391 -502
Tax shield 0 -100 125 68 95
Net Financial Expenses After Tax -527 -572 -662 -323 -407
Net Earnings 223 1,003 1,516 1,952 2,021 Ryanair
In Euro million 2013 2014 2015 2016 2017
Revenues
Scheduled revenues 3,820 3,790 4,260 4,967 4,868
Ancillary revenues 1,064 1,247 1,394 1,569 1,780
Total operating revenues 4,884 5,037 5,654 6,536 6,648
Fuel and oil -1,886 -2,013 -1,992 -2,071 -1,913
Staff costs -436 -464 -503 -585 -633
Operating expenses
Airport and handling charges -612 -617 -713 -831 -865
Route charges -487 -522 -547 -623 -656
Marketing, distribution and other -198 -193 -234 -293 -322
Maintenance, materials and repairs -120 -116 -135 -130 -141
Total operating expense -1,417 -1,448 -1,629 -1,877 -1,984
EBITDAR 1,145 1,112 1,530 2,003 2,118
Aircraft rentals -98 -102 -109 -115 -86
Reported EBITDA 1,047 1,010 1,421 1,888 2,032
Implied interest on capitalized op. lease 42 45 47 35 35
Adjusted EBITDA 1,089 1,055 1,468 1,923 2,067
Depreciation -330 -352 -378 -427 -498
EBIT 759 703 1,090 1,496 1,569
Tax rate 12.60% 11.68% 11.81% 9.47% 10.48%
Corporation tax 96 82 129 142 164
NOPAT 663 621 962 1,355 1,405
Gain on disposal of av. for sale fin. asset 318
Finance Income 27 17 18 18 4
Finance expenses -99 -83 -74 -71 -67
foreign exchange (loss)/gain 5 -1 -4 -3 -1
Implied interest on capitalized op lease -42 -45 -47 -35 -35
Net Financial Expenses -109 -112 -107 227 -99
Tax shield 14 13 13 -21 10
Net Financial Expenses After Tax -95 -99 -95 205 -89
Net Earnings 568 522 867 1,560 1,316
SAS
In SEK million 2013 2014 2015 2016 2017
Revenues
Passenger revenue 31,739 28,710 30,496 30,371 32,644
Charter 2,066 2,108 1,742 1,791 1,964
Mail and freight 1,289 1,279 1,265 1,253 1,470
Other operating revenue
In-flight sales 169 242 253 252 269
Ground handling services 1,161 1,322 1,294 1,041 1,028
Technical maintenance 179 183 163 152 314
Terminal and forwarding services 412 369 370 351 354
Sales commissions and charges 758 735 548 556 569
Other operating revenue 2,056 1,255 1,453 1,399 1,623
Income from sale of shares in subsidiaries,
affiliated companies and operations 700 6 0 -7 -21
Share of income in affiliated companies 25 30 37 39 4
Total revenue 42,907 38,042 39,687 39,491 42,637
Payroll expenses -11,307 -9,181 -9,622 -9,105 -9,205
Jet fuel expenses -9,046 -8,806 -8,430 -6,449 -6,836
Other operating expenses
Selling costs -2,444 -2,228 -2,518 -2,372 -2,417
Government user fees -4,154 -3,962 -4,087 -4,106 -4,262
Catering costs -981 -756 -836 -948 -1,075
Handling costs -1,649 -1,703 -1,998 -2,477 -2,704
Technical aircraft maintenance -2,566 -2,468 -2,757 -3,292 -3,515
Wet-lease costs -1,123
Computer and telecommunications costs -981 -1,067 -1,159 -1,382 -1,569
Income for sale of aicraft and buidlings -118 -16 777 265 995
Other operating expenses -3,621 -4,132 -2,773 -3,526 -3,988
Total operating expenses -16,514 -16,332 -15,351 -17,838 -19,658
EBITDAR 6,040 3,723 6,284 6,099 6,938
Rental lease expense -1,786 -2,127 -2,593 -2,840 -3,116
Reported EBITDA 4,254 1,596 3,691 3,259 3,822
Implied interest on capitalized op. lease 876 1,068 1,169 1,283 1,283
Adjusted EBITDA 5,130 2,664 4,860 4,542 5,105
Depreciation, amortization & impairment -1,658 -1,443 -1,466 -1,367 -1,635
EBIT 3,472 1,221 3,394 3,175 3,470
Tax rate 17.60% 21.68% 32.53% 7.69% 33.39%
Corporation tax 611 265 1,104 244 1,159
NOPAT 2,861 956 2,290 2,931 2,311
Income from other holdings of securities 1 -43 -300 1 1
Financial Income 50 102 124 91 148
Financial expenses -999 -1,130 -632 -553 -611
Implied interest on capitalized op lease -876 -1,068 -1,169 -1,283 -1,283
Net Financial Expenses -1,824 -2,139 -1,977 -1,744 -1,745
Tax shield 321 464 643 134 583
Net Financial Expenses After Tax -1,503 -1,675 -1,334 -1,610 -1,162
Appendix 3 – Lufthansa & Peers Analytical Balance Sheet Lufthansa
In Euro million 2013 2014 2015 2016 2017
Operating side Operating assets Non-current assets
Intangible assets with indefinite useful life 1,188 1,197 1,235 1,265 1,343
Other intangible assets 381 390 422 472 492
Aircraft and reserve engines 12,354 13,572 14,591 14,798 15,959
spare parts 959 1,083 1,388 1,604 1,758
Property, plant and other equipment 2,058 2,109 2,173 2,199 2,186
Investments acc. for using equity method 458 445 520 516 585
Deferred charges and prepaid expenses 16 11 12 11 9
Effective income tax receivables 39 31 19 4 12
Deferred tax assets 622 1,489 1,200 1,413 1,523
Capitalized operating lease 612 588 682 1,035 1,035
Current Assets
Inventories 641 700 761 816 907
Trade receivables and other receivables 3,577 3,995 4,389 4,570 5,314
Deferred charges and prepaid expenses 146 147 158 167 197
Effective income tax receivables 72 122 85 37 58
Total Operating Assets 23,123 25,879 27,635 28,907 31,378
Operating Liabilities non-current liabilities
Other provisions (non-current) 581 601 526 503 601
Advance payment received, deferred
income, non-financial liabilities 1,187 1,179 1,223 1,246 1,289
Deferred tax liabilities 146 239 346 437 449
Current liabilities
Other provisions (current) 861 953 1,075 1,066 990
Trade payables 3,026 2,943 2,948 3,067 3,432
Liabilities from unused flight documents 2,635 2,848 2,901 3,040 3,773 Advance payments received, deferred
income, non-financial liabilitied 961 924 918 875 992
Effective income tax obligations 247 228 136 390 838
Total Operating Liabilities 9,644 9,915 10,073 10,624 12,364
Invested Capital (Net Operating Assets) 13,479 15,964 17,562 18,283 19,014 Financing side
Total shareholders equity 6,108 4,031 5,845 7,149 9,598
Pension provisions 4,718 7,231 6,626 8,364 5,116
Borrowings 4,823 5,364 5,031 5,811 6,142
Other financial liabilities 148 136 121 124 243
Derivative financial instruments 426 719 307 54 190
Capitalized operating lease 612 588 682 1,035 1,035
Current liabilities
Borrowings 1,514 594 1,339 764 672
Other financial liabilities 1,520 1,692 1,899 1,622 1,818
Derivative financial instruments 183 766 1,221 185 124
Liabilities related to assets held for sale 0 26 0 0 0
Total interest-bearing debt 13,944 17,116 17,226 17,959 15,340
Interest-bearing assets Non-current assets
Other equity investments 500 776 201 212 221
Non-current securities 20 10 15 23 32
Loans and non-current receivables 491 515 516 513 475
Derivative financial instruments 335 599 1,234 1,474 642
Current assets
Derivative financial instruments 460 456 440 534 600
Securities 3,146 1,785 1,994 2,681 2,551
Cash and cash equivalents 1,550 953 1,099 1,256 1,397
assets held for sale 71 89 10 132 6
Total interest-bearing assets 6,573 5,183 5,509 6,825 5,924
Net interest-bearing assets 7,371 11,933 11,717 11,134 9,416
Invested Capital 13,479 15,964 17,562 18,283 19,014
Air France-KLM
In Euro million 2013 2014 2015 2016 2017
Operating side Operating Assets Non-current assets
Goodwill 237 243 247 218 216
Intangible assets 896 1,009 1,018 1,066 1,122
Flight equipment 9,391 8,728 8,743 9,119 9,921
Other property, plant and euipment 1,819 1,750 1,670 1,480 1,492
Deferred tax assets 434 1,042 702 176 234
Other non-current assets 113 243 295 448 239
Capitalized operating lease 10,271 12,082 12,624 12,800 12,800
Investments in equity associates 177 139 118 292 301
Current Assets
Other current assets 845 961 1,138 1,105 1,264
Total Operating Assets 26,469 28,463 28,887 29,138 30,282
Operating Liabilities
Long-term liabilities (non-current)
Other provisions 1,404 1,513 1,673 1,710
Provisions and retirement benefits 3,102
deferred tax liabilities 178 14 11 -12 11
Other non-current liabilities 397 536 484 284 361
Current liabilities
Other provisions 731 742 654 488
Current portion of long term debt 2,137 1,885 2,017 1,021 1,378
Trade payables 2,369 2,444 2,395 2,359 2,365
Deferred revenue on ticket sales 2,371 2,429 2,515 2,517 2,889
Frequent flyer programs 755 759 760 810 819
Other current liabilities 2,329 3,330 3,567 2,775 3,100
Provisions 670
Total Operating Liabilities 14,308 13,532 14,004 12,081 13,121
Invested Capital (Net Operating Assets) 12,161 14,931 14,883 17,057 17,161 Financing side
Total shareholders equity 2,293 -653 273 1,296 3,015
Interest-bearing debt Non-current liabilities
Pension Provisions 2,119 1,995 2,119 2,202
Long term debt 8,596 7,994 7,060 7,431 6,064
Capitalized operating lease 10,271 12,082 12,624 12,800 12,800
Current liabilities
Bank overdraft 166 249 3 5 6
Liabilities relating to assets held for sale 58
Total interest-bearing debt 19,091 22,444 21,682 22,355 21,072
Interest-bearing assets Non-current assets
Other financial assets 1,963 1,502 1,224 1,064 1,242
Pension assets 2,454 1,409 1,773 1,462 590
Current Assets
Assets held for sale 91 3 4
Other short term financial assets 1,031 787 967 130 421
Cash and cash equivalents 3,684 3,159 3,104 3,938 4,673
Net interest-bearing assets 9,868 15,584 14,610 15,761 14,146
Invested Capital 12,161 14,931 14,883 17,057 17,161
easyJet
In GBP million 2013 2014 2015 2016 2017
Operating side Operating assets Non-current assets
Goodwill 365 365 365 365 365
Other intangible assets 102 113 127 152 179
Property, plant and equipment 2,280 2,542 2,877 3,252 3,525
Other non-current assets 185 152 130 112 74
Capitalized operating lease 1,459 1,341 1,071 1,294 1,294
Current Assets
Trade and other receivables 194 200 206 205 275
Total Operating Assets 4,585 4,713 4,776 5,380 5,712
Operating Liabilities non-current liabilities
Non-current deferred income 68 62 47 36 25
Provisions for liabilities and charges 171 147 165 235 218
Deferred tax 144 186 176 237 249
Current liabilities
Trade and other payables 1,093 1,110 495 565 714
Unearned revenue 619 568 727
Current tax payable 58 53 43 16 35
Provisions for liabilities and charges 61 53 104
Maintenance provisions 81 79
Total Operating Liabilities 1,615 1,637 1,606 1,710 2,072
Invested Capital (Net Operating Assets) 2,970 3,076 3,170 3,670 3,640 Financing side
Total shareholders equity 2,017 2,172 2,249 2,694 2,802
Interest-bearing debt Non-current liabilities
Borrowings 592 472 322 664 963
Derivative financial instruments 41 23 101 49 44
Capitalized opetating lease 1,459 1,341 1,071 1,294 1,294
Current liabilities
Total interest-bearing debt 2,239 2,014 2,044 2,374 2,391 Interest-bearing assets
Non-current assets
Derivative financial instruments 13 36 44 154 87
Restricted Cash 12 9 6 7 7
Loan notes 7 4
Current assets
Derivative financial instruments 17 53 128 268 131
Money market deposits 224 561 289 255 617
Cash and cash equivalents 1,013 424 650 714 711
Restricted cash 23 6
Total interest-bearing assets 1,286 1,110 1,123 1,398 1,553
Net interest-bearing assets 953 904 921 976 838
Invested Capital 2,970 3,076 3,170 3,670 3,640
IAG
in Euro million 2013 2014 2015 2016 2017
Operating side Operating assets Non-current assets
Property, plant and equipment 10,228 11,784 13,672 12,227 11,846
Intangible assets 2,196 2,438 3,246 3,037 3,018
Investments acc. for using equity method 25 27 41 29 30
Employee benefit assets 485 855 957 1,028 1,023
Deferred tax assets 501 769 723 526 521
Other non-current assets 197 188 365 499 376
Capitalized operating lease 6,482 7,753 8,929 10,447 10,447
Current Assets
Non-current assets held for sale 12 18 5 38
Inventories 411 424 520 458 432
Trade receivables 1,196 1,252 1,196 1,405 1,494
Other current assets 631 602 1,235 899 958
Current tax receivable 9 79 228 258
total current assets 2,250 2,305 3,035 3,028 3,142
Total Operating Assets 22,364 26,119 30,968 30,821 30,403
Operating Liabilities non-current liabilities
Employee benefit obligations 738 1,324 858 2,363 792
Deferred tax liability 884 278 419 176 531
Current liabilities
Current portion of long-term borrowings 587 713 1,132 926 930
Trade abd other payables 3,297 3,281 3,803 3,305 3,766
Deferred revenue of ticket sales 3,496 3,933 4,374 4,145 4,159
Current tax payables 11 57 124 101 179
Provisions for liabilities and charges 398 504 605 771 547
Total Operating Liabilities 11,432 12,283 13,587 14,012 13,239
Invested Capital (Net Operating Assets) 10,932 13,836 17,381 16,809 17,164 Financing side
Total shareholders equity 4,216 3,793 5,534 5,664 7,396
Interest-bearing debt Non-current liabilities
Interest-bearing long-term borrowings 4,535 5,904 7,498 7,589 6,401
Derivative financial instruments 66 359 282 20 114
Capitalized opetating lease 6,482 7,753 8,929 10,447 10,447
Current liabilities
Derivative financial instruments 528 1,313 1,328 88 111
Total interest-bearing debt 11,611 15,329 18,037 18,144 17,073
Interest-bearing assets Non-current assets
Derivative financial instruments 35 80 62 169 145
Available for sale financial assets 1,092 84 74 73 79
Current assets
Cash and cash equivalents 1,541 1,528 2,909 3,337 3,292
Other current interest-bearing deposits 2,092 3,416 2,947 3,091 3,384
Derivative financial instruments 135 178 198 329 405
total current assets 3,768 5,122 6,054 6,757 7,081
Total interest-bearing assets 4,895 5,286 6,190 6,999 7,305
Net interest-bearing assets 6,716 10,043 11,847 11,145 9,768
Invested Capital 10,932 13,836 17,381 16,809 17,164
Ryanair
in Eurom 2013 2014 2015 2016 2017
Operating side Operating assets
Intangible assets 47 47 47 47 47
Capitalized operating lease 1,200 1,282 1,353 1,012 1,012
Current Assets
Inventories 3 3 2 3 3
Other assets 68 124 139 149 222
Current tax 1 1
Trade receivables 56 58 60 66 54
total current assets 127 186 202 218 279
Total Operating Assets 6,280 6,575 7,073 7,539 8,552
Operating Liabilities non-current liabilities
Provisions 136 134 181 149 138
Deferred tax 347 369 462 386 473
Current liabilities
Trade payables 138 150 197 231 294
Accrued expenses and other liabilities 1,341 1,561 1,938 2,113 2,257
Current tax 21 3
Total Operating Liabilities 1,962 2,214 2,778 2,900 3,165
Invested Capital (Net Operating Assets) 4,318 4,361 4,295 4,639 5,387 Financing side
Total shareholders equity 3,273 3,286 4,035 3,597 4,423
Interest-bearing debt Non-current liabilities
Derivative financial instruments 50 43 73 112 3
Other creditors 128 90 56 33 12
Non-current maturities of debt 3,098 2,616 4,032 3,573 3,929
Capitalized opetating lease 1,200 1,282 1,353 1,012 1,012
Current liabilities
Current maturities of debt 400 468 400 450 456
Derivative financial instruments 32 95 812 555 2
total current liabilities 432 563 1,212 1,005 458
Total interest-bearing debt 4,908 4,594 6,726 5,735 5,414
Interest-bearing assets Non-current assets
Available for sale assets 221 260 371
derivative financial instruments 5 555 89 23
Current assets
Financial assets 2,293 1,498 3,605 3,062 2,905
Cash and cash equivalents 1,241 1,730 1,185 1,259 1,224
Total current assets 3,637 3,258 5,541 4,603 4,427
Total interest-bearing assets 3,863 3,518 6,467 4,692 4,450
Net interest-bearing assets 1,045 1,076 259 1,043 964
Invested Capital 4,318 4,362 4,294 4,640 5,387
SAS
In SEK million 2013 2014 2015 2016 2017
Operating side Operating Assets Non-current assets
Intangible assets 1,802 1,905 1,798 1,923 1,581
Land and Building 241 243 560 527 549
Aircraft 8,795 7,535 7,095 8,254 7,900
Spare engines and spare parts 147 76 31 48 57
Workshop and aircraft servicing equipment 117 85 101 93 88
Other equipment and vehicles 105 128 137 105 95
Investment in progress 21 71 190 33 16
Prepayment rel. to tangible fixed assets 251 763 1,482 2,135 1,987
Capitalized operating lease 25,023 30,506 33,412 36,659 36,659
Deferred tax assets 800 1,111 375 854 219
Other long-term receivables 2,249 1,928 1,951 2,331 2,512
Current Assets
Expendable spare parts and inventories 359 342 345 312 321
Prepayments to suppliers 2 8 0 0 0
Accounts receivable 1,376 1,067 1,249 1,406 1,363
Receivables from affiliated companies 1 0 2 1 2
Other receivables 866 1,263 867 1,193 931
Prepaid expenses and accrued income 858 937 1,093 1,153 850
Total Operating Assets 43,013 47,968 50,688 57,027 55,130
Operating Liabilities
Long-term liabilities (non-current)
Deferred tax liability 0 0 0 0 361
Other provisions 1,361 2,088 1,992 2,089 3,461
Other Liabilities 161 161 188 3 0
Current liabilities
Prepayments from Customers 16 4 22 0 11
Accounts Payable 1,689 1,499 1,528 1,755 1,448
Liabilities to affiliated companies 0 0 0 0 0
Current Portion of other provisions 855 709 479 457 1,499
Other Liabilities 722 679 964 872 712
Accrued expenses and prepaid income 3,416 4,355 4,684 5,336 3,334
Total Operating Liabilities 12,188 13,739 14,339 15,851 15,922
Invested Capital (Net Operating Assets) 30,825 34,229 36,349 41,176 39,208 Financing Side
Total Shareholders' equity 3,226 4,907 6,339 6,026 8,058
Interest-bearing debt Long-term liabilities
Subordinated Loans 956 1,003 1,104 1,157 1,067
Bond Loans 2,641 2,713 2,184 2,183 386
Other Loans 5,054 4,419 4,807 4,390 4,088
Capitalized operating lease 25,023 30,506 33,412 36,659 36,659
Current liabilities
Current Portion of long-term loans 2,517 2,082 1,264 1,827 2,868
Short term loans 231 462 229 320 166
total current liabilities 2,748 2,544 1,493 2,147 3,034
Total Interest-bearing debt 36,422 41,185 43,000 46,536 45,234
Interest-bearing assets Non-current assets
Equity in affiliated companies 352 395 421 398 374
Other holdings of securities 292 273 3 3 3
Pension funds, net 3,428 3,778 4,368 2,615 4,871
Current assets
Short-term Investments 2,080 3,703 5,151 6,067 5,932
Cash 2,671 3,714 3,047 2,303 2,904
total current assets 4,751 7,417 8,198 8,370 8,836
Total Interest-bearing assets 8,823 11,863 12,990 11,386 14,084
Net Interest-bearing debt 27,599 29,322 30,010 35,150 31,150
Invested Capital 30,825 34,229 36,349 41,176 39,208
Appendix 4 - Lufthansa & Peers Corporation Tax & Capitalized Operating Leases Lufthansa
In Euro million 2013 2014 2015 2016 2017
Income before tax 546 180 2,026 2,248 3,187
Income taxes 220 105 304 445 789
Profit/loss after income taxes 326 75 1,722 1,803 2,398
Corporate tax rate 40.29% 58.33% 15.00% 19.80% 24.76%
Air France-KLM
In Euro million 2013 2014 2015 2016 2017
Income before tax -528 63 200 823 -517
Income taxes -957 -209 -43 -294 229
Profit/loss after income taxes -1485 -146 157 529 -288 Corporate tax rate -181.25% 331.75% 21.50% 35.72% 44.29%
easyJet
In GBP million 2013 2014 2015 2016 2017
Income before tax 478 581 686 507 385
Income taxes -80 -131 -138 -70 -80
Profit/loss after income taxes 398 450 548 437 305
Corporate tax rate 16.74% 22.55% 20.12% 13.81% 20.78%
IAG
IAG (Euro millions) 2013 2014 2015 2016 2017
Income before tax 227 828 1,801 2,362 2,493
Income taxes -76 175 -285 -410 -472
Profit/loss after income taxes 151 1,003 1,516 1,952 2,021 Corporate tax rate 33.48% -21.14% 15.82% 17.36% 18.93%
Ryanair
In Euro million 2013 2014 2015 2016 2017
Income before tax 651 591 982 1,722 1,470
Income taxes 82 69 116 163 154
Profit/loss after income taxes 569 522 866 1,559 1,316
Corporate tax rate 12.60% 11.68% 11.81% 9.47% 10.48%
SAS
In SEK million 2013 2014 2015 2016 2017
Income before tax 1,648 -918 1,417 1,431 1,725
Income taxes 290 199 461 110 576
Profit/loss after income taxes 1,358 -1,117 956 1,321 1,149
Corporate tax rate 17.60% -21.68% 32.53% 7.69% 33.39%
Lufthansa
In Euro millions 2013 2014 2015 2016 2017
Rental expense (t+1) 52 50 58 88 88
Cost of secured debt 3.50% 3.50% 3.50% 3.50% 3.50%
Asset life 20 20 20 20 20
Asset value 612 588 682 1,035 1,035
Implied interest expense 21 21 24 36 36
Depreciation 31 29 34 52 52
Air France-KLM
In Euro million 2013 2014 2015 2016 2017
Rental expense (t+1) 873 1027 1073 1088 1088
Cost of secured debt 3.50% 3.50% 3.50% 3.50% 3.50%
Asset life 20 20 20 20 20
Asset value 10,271 12,082 12,624 12,800 12,800
Implied interest expense 359 423 442 448 448
Depreciation 514 604 631 640 640
easyJet
In GBP million 2013 2014 2015 2016 2017
Rental expense (t+1) 124 114 91 110 110
Cost of secured debt 3.50% 3.50% 3.50% 3.50% 3.50%
Asset life 20 20 20 20 20
Asset value 1,459 1,341 1,071 1,294 1,294
Implied interest expense 51 47 37 45 45
Depreciation 73 67 54 65 65
IAG
In Euro millions 2013 2014 2015 2016 2017
Rental expense (t+1) 551 659 759 888 888
Cost of secured debt 3.50% 3.50% 3.50% 3.50% 3.50%
Asset life 20 20 20 20 20
Asset value 6,482 7,753 8,929 10,447 10,447
Implied interest expense 227 271 313 366 366
Depreciation 324 388 446 522 522
Ryanair
In Euro millions 2013 2014 2015 2016 2017
Rental expense (t+1) 102 109 115 86 86
Cost of secured debt 3.50% 3.50% 3.50% 3.50% 3.50%
Asset life 20 20 20 20 20
Asset value 1,200 1,282 1,353 1,012 1,012
Implied interest expense 42 45 47 35 35
Depreciation 60 64 68 51 51
SAS
in SEK millions 2013 2014 2015 2016 2017
Rental expense (t+1) 2,127 2,593 2,840 3,116 3,116
Cost of secured debt 3.50% 3.50% 3.50% 3.50% 3.50%
Asset life 20 20 20 20 20
Asset value 25,024 30,506 33,412 36,659 36,659
Implied interest expense 876 1,068 1,169 1,283 1,283
Depreciation 1,251 1,525 1,671 1,833 1,833
Appendix 5 - Return on Equity for Lufthansa & Peers
2013 2014 2015 2016 2017
Lufthansa 5.34% 1.86% 29.46% 25.22% 24.98%
AirFrance-KLM -79.23% 28.97% 46.52% 61.11% -9.12%
EasyJet 23.70% 20.72% 24.37% 16.22% 10.89%
IAG 3.49% 26.44% 27.39% 34.45% 27.33%
RyanAir 17.36% 15.89% 21.48% 43.36% 29.75%
SAS 42.10% -14.65% 15.08% 21.92% 14.26%
Appendix 6 - Lufthansa Income Statement Trend & Common Size Analysis Lufthansa Income Statement Trend Analysis
2013 2014 2015 2016 2017
Revenues
Passenger revenue 100 99 104 102 117
Freight and mail 100 100 96 85 104
Other Revenue 100 103 123 128 132
Other operating income 100 96 139 107 111
Changes in inventory 100 134 128 60 67
Total revenue 100 100 109 105 118
Staff costs 100 100 110 100 111
Fuel 100 95 81 69 74
Other operating expenses
Raw materials, consumables & supplies 100 102 121 131 140
Purchased goods 100 108 125 101 105
Fees and charges 100 102 109 111 123
Charter expenses 100 67 73 107 203
MRO services 100 108 128 127 145
In-flight services 100 100 109 108 120
External IT-services 100 105 172 198 230
Other services 100 105 118 120 138
Other operating expenses 100 111 128 116 117
Total other operating expenses 100 105 119 118 128
EBITDAR 100 86 122 148 195
Operating lease payments 100 55 53 62 94
Reported EBITDA 100 87 125 151 199
Implied interest on capitalized op leases 100 100 114 171 171
Adjusted EBITDA 100 87 125 151 199
Depreciation & amortization 100 86 97 100 116
EBIT 100 90 181 255 366
Tax rate 100 145 37 49 61
Corporation tax 100 131 67 125 225
NOPAT 100 63 258 343 461
Result of equity investments 100 98 98 69 127
Interest income 100 83 115 40 110
Interest expense 100 81 70 56 73
Other financial items 100 517 -627 -230 -87
Implied interest on capitalized op leases 100 100 114 171 171
Net Financial Expense 100 187 -137 -7 1
Tax shield 100 270 -51 -3 0
Net Financial Expense After Tax 100 130 -195 -9 1
Lufthansa Income Common Size Analysis
2013 2014 2015 2016 2017
Revenues
Passenger revenue 67.47% 67.03% 64.44% 65.58% 67.09%
Freight and mail 8.77% 8.77% 7.73% 7.09% 7.72%
Other Revenue 16.94% 17.48% 19.19% 20.62% 18.91%
Other operating income 6.34% 6.07% 8.07% 6.44% 6.00%
Changes in inventory 0.49% 0.66% 0.58% 0.28% 0.28%
Total revenue 100.00% 100.00% 100.00% 100.00% 100.00%
Staff costs -22.82% -22.80% -23.01% -21.67% -21.53%
Fuel -22.08% -20.98% -16.48% -14.39% -13.78%
Other operating expenses
Raw materials, consumables & supplies -6.86% -7.00% -7.61% -8.53% -8.15%
Purchased goods -1.37% -1.48% -1.56% -1.31% -1.21%
Fees and charges -16.03% -16.36% -16.10% -16.90% -16.75%
Charter expenses -1.00% -0.67% -0.67% -1.01% -1.71%
MRO services -3.26% -3.52% -3.82% -3.93% -4.00%
In-flight services -0.98% -0.99% -0.99% -1.01% -1.00%
External IT-services -0.52% -0.54% -0.81% -0.97% -1.00%
Other services -1.91% -2.01% -2.07% -2.18% -2.24%
Other operating expenses -14.76% -16.41% -17.40% -16.26% -14.68%
Total other operating expenses -46.68% -48.98% -51.04% -52.10% -50.75%
EBITDAR 8.42% 7.24% 9.46% 11.84% 13.94%
Operating lease payments -0.29% -0.16% -0.14% -0.17% -0.23%
Reported EBITDA 8.12% 7.08% 9.32% 11.67% 13.71%
Implied interest on capitalized op leases 0.07% 0.07% 0.07% 0.11% 0.09%
Adjusted EBITDA 8.19% 7.15% 9.39% 11.77% 13.81%
Depreciation & amortization -5.48% -4.70% -4.89% -5.21% -5.41%
EBIT 2.71% 2.45% 4.50% 6.56% 8.40%
Tax rate 0.13% 0.18% 0.04% 0.06% 0.07%
Corporation tax 109.02% 142.86% 67.52% 129.83% 207.98%
NOPAT 1.62% 1.02% 3.82% 5.26% 6.32%
Result of equity investments 0.38% 0.38% 0.34% 0.25% 0.41%
Interest income 0.50% 0.42% 0.53% 0.19% 0.47%
Interest expense -1.58% -1.29% -1.01% -0.83% -0.98%
Other financial items -0.26% -1.33% 1.48% 0.56% 0.19%
Implied interest on capitalized op leases -0.07% -0.07% -0.07% -0.11% -0.09%
Net Financial Expense -1.01% -1.89% 1.27% 0.06% -0.01%
Tax shield 0.41% 1.10% -0.19% -0.01% 0.00%
Net Financial Expense After Tax -0.60% -0.79% 1.08% 0.05% 0.00%
Net Earnings 1.01% 0.23% 4.91% 5.31% 6.32%
Appendix 7 - Passenger numbers & Load factors for Lufthansa & Peers
Passenger numbers (in thousands) 2013 2014 2015 2016 2017
Lufthansa 104,593 105,988 107,679 109,670 130,039
Air France-KLM 77,328 77,450 79,016 80,163 83,947
easyJet 60,800 64,800 68,600 73,100 80,200
IAG 67,224 77,334 88,333 100,675 104,829
Ryanair 79,256 81,668 90,556 106,431 119,978
SAS 30,436 29,408 28,884 29,449 30,065
Passenger Load factor 2013 2014 2015 2016 2017
Lufthansa (Eurocents) 79.80% 80.10% 80.40% 79.10% 80.90%
Air France-KLM 83.80% 84.70% 85.10% 85.40% 86.80%
easyJet 89.30% 90.60% 91.50% 91.60% 92.60%
IAG 80.80% 80.40% 81.40% 81.60% 82.60%
Ryanair 82.00% 83.00% 88.00% 93.00% 94.00%
SAS 75.00% 76.90% 76.30% 76.00% 76.80%
Appendix 8 - Operational key figures for Lufthansa
2013 2014 2015 2016 2017
Number of employees 117,414 118,285 119,559 124,306 129,424
Salaries and related costs (in Euro million) 7,300 7,391 8,075 7,354 8,172
Salaries relative to revenue 0.23 0.23 0.23 0.22 0.22
ASK per employee (productivity) 2.24 2.27 2.29 2.31 2.49
Appendix 9 - Lufthansa Balance Sheet Trend, Turnover rate & Days on hand analysis Lufthansa Balance Sheet Trend Analysis
2013 2014 2015 2016 2017
Operating side Operating assets Non-current assets
Intangible assets with indefinite useful life 100.00 100.76 103.96 106.48 113.05
Other intangible assets 100.00 102.36 110.76 123.88 129.13
Aircraft and reserve engines 100.00 109.86 118.11 119.78 129.18
spare parts 100.00 112.93 144.73 167.26 183.32
Property, plant & other equipment 100.00 102.48 105.59 106.85 106.22 Investments acc. for using equity method 100.00 97.16 113.54 112.66 127.73 Deferred charges and prepaid expenses 100.00 68.75 75.00 68.75 56.25
Effective income tax receivables 100.00 79.49 48.72 10.26 30.77
Deferred tax assets 100.00 239.39 192.93 227.17 244.86
Capitalized operating lease 100.00 96.08 111.44 169.12 169.12
Current Assets
Inventories 100.00 109.20 118.72 127.30 141.50
Trade receivables and other receivables 100.00 111.69 122.70 127.76 148.56 Deferred charges and prepaid expenses 100.00 100.68 108.22 114.38 134.93 Effective income tax receivables 100.00 169.44 118.06 51.39 80.56
Total Operating Assets 100.00 111.92 119.51 125.01 135.70
Operating Liabilities non-current liabilities
Other provisions 100.00 103.44 90.53 86.57 103.44
Advance payment received, deferred
income, non-financial liabilities 100.00 99.33 103.03 104.97 108.59
Deferred tax liabilities 100.00 163.70 236.99 299.32 307.53
Current liabilities
Other provisions 100.00 110.69 124.85 123.81 114.98
Trade payables 100.00 97.26 97.42 101.35 113.42
Liabilities from unused flight documents 100.00 108.08 110.09 115.37 143.19 Advance payments received, deferred
income, non-financial liabilitied 100.00 96.15 95.53 91.05 103.23 Effective income tax obligations 100.00 92.31 55.06 157.89 339.27
Total Operating Liabilities 100.00 102.81 104.45 110.16 128.20
Invested Capital (Net Operating Assets) 100.00 118.44 130.29 135.64 141.06 Financing side
Total shareholders equity 100.00 66.00 95.69 117.04 157.14
Pension provisions 100.00 153.26 140.44 177.28 108.44
Borrowings 100.00 111.22 104.31 120.49 127.35
Other financial liabilities 100.00 91.89 81.76 83.78 164.19
Derivative financial instruments 100.00 168.78 72.07 12.68 44.60
Capitalized opetating lease 100.00 96.08 111.44 169.12 169.12
Current liabilities
Borrowings 100.00 39.23 88.44 50.46 44.39
Other financial liabilities 100.00 111.32 124.93 106.71 119.61
Derivative financial instruments 100.00 418.58 667.21 101.09 67.76 Liabilities related to assets held for sale
Total interest-bearing debt 100.00 122.75 123.54 128.79 110.01
Interest-bearing assets Non-current assets
Other equity investments 100.00 155.20 40.20 42.40 44.20
Non-current securities 100.00 50.00 75.00 115.00 160.00
Loans and non-current receivables 100.00 104.89 105.09 104.48 96.74 Derivative financial instruments 100.00 178.81 368.36 440.00 191.64 Current assets
Derivative financial instruments 100.00 99.13 95.65 116.09 130.43
Securities 100.00 56.74 63.38 85.22 81.09
Cash and cash equivalents 100.00 61.48 70.90 81.03 90.13
assets held for sale 100.00 125.35 14.08 185.92 8.45
Total interest-bearing assets 100.00 78.85 83.81 103.83 90.13
Net interest-bearing assets 100.00 161.89 158.96 151.05 127.74
Invested Capital 100.00 118.44 130.29 135.64 141.06
Lufthansa Analytical Balance Sheet Turnover rate
2013 2014 2015 2016 2017
Operating side Operating assets Non-current assets
Intangible assets with indefinite useful life 25.28 25.07 25.96 25.03 26.49
Other intangible assets 78.81 76.95 75.96 67.08 72.32
Aircraft and reserve engines 2.43 2.21 2.2 2.14 2.23
spare parts 31.31 27.71 23.1 19.74 20.24
Property, plant & other equipment 14.59 14.23 14.75 14.4 16.28 Investments acc. for using equity method 65.56 67.44 61.65 61.36 60.82 Deferred charges and prepaid expenses 1,876.69 2,728.27 2,671.33 2,878.18 3,953.22 Effective income tax receivables 769.92 968.1 1,687.16 7,915.00 2,964.92
Deferred tax assets 48.27 20.16 26.71 22.41 23.36
Capitalized operating lease 49.06 51.04 47 30.59 34.38
Trade receivables & other receivables 8.39 7.51 7.3 6.93 6.7 Deferred charges & prepaid expenses 205.66 204.16 202.89 189.58 180.6 Effective income tax receivables 417.04 245.99 377.13 855.68 613.43
Total Operating Assets 1.3 1.16 1.16 1.1 1.13
Operating Liabilities non-current liabilities
Other provisions 51.68 49.94 60.94 62.94 59.2
Advance payment received, deferred
income, non-financial liabilities 25.3 25.45 26.21 25.41 27.6
Deferred tax liabilities 205.66 125.57 92.65 72.45 79.24
Current liabilities
Other provisions 34.87 31.49 29.82 29.7 35.94
Trade payables 9.92 10.2 10.87 10.32 10.37
Liabilities from unused flight documents 11.4 10.54 11.05 10.41 9.43 Advance payments received, deferred
income, non-financial liabilitied 31.25 32.48 34.92 36.18 35.87
Effective income tax obligations 121.57 131.63 235.71 81.18 42.46
Total Operating Liabilities 3.11 3.03 3.18 2.98 2.88
Invested Capital (Net Operating Assets) 2.23 1.88 1.83 1.73 1.87 Financing side
Total shareholders equity 4.92 7.45 5.48 4.43 3.71
Interest-bearing debt Non-current liabilities
Pension provisions 6.36 4.15 4.84 3.79 6.95
Borrowings 6.23 5.59 6.37 5.45 5.79
Other financial liabilities 202.89 220.67 264.93 255.32 146.42
Derivative financial instruments 70.49 41.74 104.42 586.3 187.26
Capitalized operating lease 49.06 51.04 47 30.59 34.38
Current liabilities
Borrowings 19.83 50.52 23.94 41.44 52.94
Other financial liabilities 19.75 17.74 16.88 19.52 19.57
Derivative financial instruments 164.08 39.18 26.25 171.14 286.93 Liabilities related to assets held for sale 1,154.27
Total interest-bearing debt 2.15 1.75 1.86 1.76 2.32
Interest-bearing assets Non-current assets
Other equity investments 60.05 38.67 159.48 149.34 160.99
Non-current securities 1,501.35 3,001.10 2,137.07 1,376.52 1,111.84
Current assets
Derivative financial instruments 65.28 65.81 72.85 59.29 59.3
Securities 9.54 16.81 16.08 11.81 13.95
Cash & cash equivalents 19.37 31.49 29.17 25.21 25.47
Assets held for sale 422.92 337.2 3,205.60 239.85 5,929.83
Total interest-bearing assets 4.57 5.79 5.82 4.64 6.01
Net interest-bearing assets 4.07 2.51 2.74 2.84 3.78
Invested Capital 2.23 1.88 1.83 1.73 1.87
Lufthansa Analytical Balance Sheet Days on hand
2013 2014 2015 2016 2017
Operating side Operating assets Non-current assets
Intangible assets with indefinite useful life 14.24 14.36 13.87 14.38 13.59
Other intangible assets 4.57 4.68 4.74 5.37 4.98
Aircraft and reserve engines 148.11 162.8 163.86 168.27 161.48
Spare parts 11.5 12.99 15.59 18.24 17.79
Property, plant & other equipment 24.67 25.3 24.4 25 22.12
Investments acc. for using equity method 5.49 5.34 5.84 5.87 5.92
Deferred charges & prepaid expenses 0.19 0.13 0.13 0.13 0.09
Effective income tax receivables 0.47 0.37 0.21 0.05 0.12
Deferred tax assets 7.46 17.86 13.48 16.07 15.41
Capitalized operating lease 7.34 7.05 7.66 11.77 10.47
Current Assets
Inventories 7.69 8.4 8.55 9.28 9.18
Trade receivables & other receivables 42.89 47.92 49.29 51.96 53.77
Deferred charges & prepaid expenses 1.75 1.76 1.77 1.9 1.99
Effective income tax receivables 0.86 1.46 0.95 0.42 0.59
Total Operating Assets 277.23 310.43 310.35 328.7 317.49
Operating Liabilities non-current liabilities
Other provisions 6.97 7.21 5.91 5.72 6.08
Advance payment received, deferred
income, non-financial liabilities 14.23 14.14 13.73 14.17 13.04
Deferred tax liabilities 1.75 2.87 3.89 4.97 4.54
Current liabilities
Other provisions 10.32 11.43 12.07 12.12 10.02
Trade payables 36.28 35.3 33.11 34.87 34.73
income, non-financial liabilitied 11.52 11.08 10.31 9.95 10.04
Effective income tax obligations 2.96 2.73 1.53 4.43 8.48
Total Operating Liabilities 115.62 118.94 113.12 120.8 125.1
Invested Capital (Net Operating Assets) 161.6 191.5 197.23 207.89 192.39 Financing side
Total shareholders equity 73.23 48.35 65.64 81.29 97.12
Interest-bearing debt Non-current liabilities
Pension provisions 56.57 86.74 74.41 95.11 51.77
Borrowings 57.82 64.34 56.5 66.08 62.15
Other financial liabilities 1.77 1.63 1.36 1.41 2.46
Derivative financial instruments 5.11 8.62 3.45 0.61 1.92
Capitalized opetating lease 7.34 7.05 7.66 11.77 10.47
Current liabilities
Borrowings 18.15 7.13 15.04 8.69 6.8
Other financial liabilities 18.22 20.3 21.33 18.44 18.4
Derivative financial instruments 2.19 9.19 13.71 2.1 1.25
Liabilities related to assets held for sale 0.31
Total interest-bearing debt 167.18 205.32 193.45 204.21 155.22
Interest-bearing assets Non-current assets
Other equity investments 5.99 9.31 2.26 2.41 2.24
Non-current securities 0.24 0.12 0.17 0.26 0.32
Loans & non-current receivables 5.89 6.18 5.79 5.83 4.81
Derivative financial instruments 4.02 7.19 13.86 16.76 6.5
Current assets
Derivative financial instruments 5.52 5.47 4.94 6.07 6.07
Securities 37.72 21.41 22.39 30.49 25.81
Cash & cash equivalents 18.58 11.43 12.34 14.28 14.14
Assets held for sale 0.85 1.07 0.11 1.5 0.06
Total interest-bearing assets 78.81 62.17 61.87 77.61 59.94
Net interest-bearing assets 88.37 143.14 131.59 126.6 95.27
Invested Capital 161.6 191.5 197.23 207.89 192.39
Appendix 10 - Lufthansa and S&P Share Prices and Excess returns
Adj. Close share prices (in EUR) Returns Excess returns
Date LH S&P 350 LH S&P 350 rF LH S&P 350
04-01-2015 13.445848 1381.060059 0.18% -1.08% 0.04 -0.04 -0.05 11-01-2015 13.622766 1442.089966 1.32% 4.42% 0.04 -0.03 0.00
18-01-2015 14.249155 1515.109985 4.60% 5.06% 0.04 0.01 0.01
25-01-2015 14.397385 1501.630005 1.04% -0.89% 0.04 -0.03 -0.05 01-02-2015 13.259364 1528.530029 -7.90% 1.79% 0.04 -0.12 -0.02 08-02-2015 12.881619 1541.459961 -2.85% 0.85% 0.05 -0.07 -0.03 15-02-2015 12.714263 1563.300049 -1.30% 1.42% 0.04 -0.05 -0.03 22-02-2015 12.527781 1603.359985 -1.47% 2.56% 0.04 -0.05 -0.01 01-03-2015 12.513436 1610.430054 -0.11% 0.44% 0.04 -0.04 -0.04 08-03-2015 12.470402 1619.140015 -0.34% 0.54% 0.04 -0.04 -0.03
15-03-2015 13.359778 1651.02002 7.13% 1.97% 0.04 0.03 -0.02
22-03-2015 12.479965 1616.5 -6.59% -2.09% 0.03 -0.11 -0.06
29-03-2015 12.159598 1626.73999 -2.57% 0.63% 0.03 -0.07 -0.03 05-04-2015 12.389114 1688.319946 1.89% 3.79% 0.03 -0.02 0.00 12-04-2015 11.667093 1649.079956 -5.83% -2.32% 0.03 -0.10 -0.06 19-04-2015 11.743599 1669.089966 0.66% 1.21% 0.03 -0.03 -0.03 26-04-2015 11.858356 1612.359985 0.98% -3.40% 0.03 -0.03 -0.07
03-05-2015 12.656883 1633.76001 6.73% 1.33% 0.03 0.03 -0.03
10-05-2015 13.182859 1616.089966 4.16% -1.08% 0.03 0.00 -0.05 17-05-2015 12.742952 1662.26001 -3.34% 2.86% 0.03 -0.07 -0.01 24-05-2015 12.240885 1630.22998 -3.94% -1.93% 0.03 -0.08 -0.06 31-05-2015 11.824886 1587.689941 -3.40% -2.61% 0.03 -0.07 -0.07 07-06-2015 11.662312 1587.060059 -1.37% -0.04% 0.03 -0.05 -0.04 14-06-2015 11.112429 1571.920044 -4.72% -0.95% 0.03 -0.09 -0.05 21-06-2015 11.318038 1617.02002 1.85% 2.87% 0.03 -0.02 -0.01 28-06-2015 11.098083 1560.410034 -1.94% -3.50% 0.03 -0.06 -0.08 05-07-2015 11.734036 1584.550049 5.73% 1.55% 0.03 0.02 -0.02
12-07-2015 12.260011 1651.76001 4.48% 4.24% 0.03 0.00 0.00
19-07-2015 12.212195 1604.23999 -0.39% -2.88% 0.03 -0.04 -0.07 26-07-2015 11.810541 1614.339966 -3.29% 0.63% 0.03 -0.07 -0.03 02-08-2015 11.609715 1615.109985 -1.70% 0.05% 0.03 -0.06 -0.04 09-08-2015 11.332382 1568.589966 -2.39% -2.88% 0.02 -0.06 -0.07 16-08-2015 10.371282 1464.949951 -8.48% -6.61% 0.02 -0.13 -0.11
23-08-2015 10.5482 1476.030029 1.71% 0.76% 0.02 -0.02 -0.03
30-08-2015 10.959417 1429.660034 3.90% -3.14% 0.03 0.00 -0.07 06-09-2015 11.255877 1437.26001 2.71% 0.53% 0.03 -0.01 -0.03 13-09-2015 11.231968 1435.040039 -0.21% -0.15% 0.03 -0.04 -0.04 20-09-2015 11.313255 1410.199951 0.72% -1.73% 0.03 -0.03 -0.06 27-09-2015 12.121346 1407.180054 7.14% -0.21% 0.03 0.03 -0.04
04-10-2015 12.85771 1471.079956 6.07% 4.54% 0.03 0.02 0.01
11-10-2015 13.015503 1473.47998 1.23% 0.16% 0.03 -0.03 -0.04 18-10-2015 13.307181 1529.670044 2.24% 3.81% 0.03 -0.02 0.00 25-10-2015 12.843367 1522.949951 -3.49% -0.44% 0.03 -0.08 -0.04 01-11-2015 13.340652 1538.410034 3.87% 1.02% 0.02 0.00 -0.03 08-11-2015 12.771642 1495.530029 -4.27% -2.79% 0.02 -0.08 -0.07
29-11-2015 13.249801 1495.98999 3.59% -3.58% 0.02 0.00 -0.08 06-12-2015 12.742952 1433.640015 -3.83% -4.17% 0.02 -0.08 -0.08 13-12-2015 13.488881 1455.880005 5.85% 1.55% 0.02 0.02 -0.02 20-12-2015 13.847501 1477.550049 2.66% 1.49% 0.02 -0.01 -0.03 27-12-2015 13.928788 1474.060059 0.59% -0.24% 0.02 -0.03 -0.04 03-01-2016 14.268281 1373.900024 2.44% -6.79% 0.01 -0.02 -0.11 10-01-2016 13.015503 1328.380005 -8.78% -3.31% 0.01 -0.13 -0.07 17-01-2016 13.589295 1364.910034 4.41% 2.75% 0.01 0.00 -0.01 24-01-2016 12.876837 1380.52002 -5.24% 1.14% 0.01 -0.09 -0.03 31-01-2016 12.317391 1315.560059 -4.34% -4.71% 0.01 -0.08 -0.09 07-02-2016 11.853577 1262.829956 -3.77% -4.01% 0.01 -0.08 -0.08
14-02-2016 13.010722 1317.819946 9.76% 4.35% 0.01 0.06 0.00
21-02-2016 13.053756 1338.099976 0.33% 1.54% 0.01 -0.04 -0.02 28-02-2016 13.857064 1381.670044 6.15% 3.26% 0.02 0.02 -0.01 06-03-2016 14.325661 1383.410034 3.38% 0.13% 0.02 -0.01 -0.04 13-03-2016 13.885754 1379.48999 -3.07% -0.28% 0.01 -0.07 -0.04 20-03-2016 13.402814 1351.290039 -3.48% -2.04% 0.01 -0.08 -0.06
27-03-2016 13.436284 1340.75 0.25% -0.78% 0.01 -0.04 -0.05
03-04-2016 13.245021 1337.47998 -1.42% -0.24% 0.02 -0.05 -0.04
10-04-2016 13.57495 1386.47998 2.49% 3.66% 0.02 -0.02 0.00
17-04-2016 13.331088 1408.959961 -1.80% 1.62% 0.02 -0.06 -0.02 24-04-2016 12.967688 1378.839966 -2.73% -2.14% 0.02 -0.07 -0.06 01-05-2016 12.35535 1337.969971 -4.72% -2.96% 0.02 -0.09 -0.07 08-05-2016 12.221592 1350.819946 -1.08% 0.96% 0.02 -0.05 -0.03 15-05-2016 12.236454 1362.23999 0.12% 0.85% 0.02 -0.04 -0.03 22-05-2016 12.543604 1410.199951 2.51% 3.52% 0.02 -0.02 -0.01 29-05-2016 12.320673 1375.630005 -1.78% -2.45% 0.02 -0.06 -0.06 05-06-2016 11.225832 1344.609985 -8.89% -2.25% 0.02 -0.13 -0.06 12-06-2016 11.146567 1315.119995 -0.71% -2.19% 0.01 -0.05 -0.06 19-06-2016 10.85428 1301.959961 -2.62% -1.00% 0.01 -0.07 -0.05 26-06-2016 10.804739 1348.170044 -0.46% 3.55% 0.01 -0.04 0.00 03-07-2016 10.745291 1328.780029 -0.55% -1.44% 0.01 -0.05 -0.05 10-07-2016 11.295188 1371.400024 5.12% 3.21% 0.01 0.01 -0.01 17-07-2016 10.21521 1381.780029 -9.56% 0.76% 0.01 -0.14 -0.03 24-07-2016 10.532268 1384.589966 3.10% 0.20% 0.01 -0.01 -0.04 31-07-2016 10.383646 1381.630005 -1.41% -0.21% 0.01 -0.05 -0.04
07-08-2016 10.92859 1400.27002 5.25% 1.35% 0.01 0.01 -0.03
14-08-2016 10.304382 1376.170044 -5.71% -1.72% 0.00 -0.10 -0.06 21-08-2016 10.28952 1390.76001 -0.14% 1.06% 0.00 -0.04 -0.03 28-08-2016 10.62144 1417.459961 3.23% 1.92% 0.00 -0.01 -0.02 04-09-2016 11.027671 1397.699951 3.82% -1.39% 0.00 0.00 -0.05 11-09-2016 10.363831 1365.280029 -6.02% -2.32% 0.01 -0.10 -0.06
18-09-2016 10.3886 1396.579956 0.24% 2.29% 0.01 -0.04 -0.02
25-09-2016 9.813933 1387.859985 -5.53% -0.62% 0.01 -0.10 -0.05 02-10-2016 9.214496 1376.380005 -6.11% -0.83% 0.01 -0.10 -0.05 09-10-2016 10.140899 1378.48999 10.05% 0.15% 0.01 0.06 -0.04 16-10-2016 11.186199 1396.97998 10.31% 1.34% 0.01 0.06 -0.03 23-10-2016 11.597383 1382.719971 3.68% -1.02% 0.01 0.00 -0.05
13-11-2016 12.761581 1375.219971 0.98% 0.34% 0.00 -0.03 -0.04 20-11-2016 12.503971 1389.910034 -2.02% 1.07% 0.00 -0.06 -0.03 27-11-2016 12.023431 1378.030029 -3.84% -0.85% 0.00 -0.08 -0.05
04-12-2016 12.61296 1444.48999 4.90% 4.82% 0.00 0.01 0.01
11-12-2016 12.806168 1464.150024 1.53% 1.36% 0.00 -0.02 -0.03 18-12-2016 12.761581 1464.170044 -0.35% 0.00% 0.00 -0.04 -0.04 25-12-2016 12.15719 1468.689941 -4.74% 0.31% 0.00 -0.09 -0.04
01-01-2017 12.28104 1486.25 1.02% 1.20% 0.00 -0.03 -0.03
08-01-2017 11.369499 1488.859985 -7.42% 0.18% 0.00 -0.11 -0.04 15-01-2017 11.99866 1473.829956 5.53% -1.01% 0.00 0.02 -0.05
22-01-2017 12.637731 1488.76001 5.33% 1.01% 0.00 0.01 -0.03
29-01-2017 12.127465 1478.130005 -4.04% -0.71% 0.00 -0.08 -0.05 05-02-2017 12.489109 1490.619995 2.98% 0.84% 0.00 -0.01 -0.03
12-02-2017 13.375881 1502.76001 7.10% 0.81% 0.00 0.03 -0.03
19-02-2017 13.58395 1500.349976 1.56% -0.16% 0.00 -0.02 -0.04 26-02-2017 13.76725 1523.130005 1.35% 1.52% 0.00 -0.03 -0.03 05-03-2017 14.208158 1512.800049 3.20% -0.68% 0.00 -0.01 -0.05 12-03-2017 15.149424 1535.689941 6.62% 1.51% 0.00 0.03 -0.03 19-03-2017 14.916584 1527.290039 -1.54% -0.55% 0.00 -0.06 -0.05 26-03-2017 15.060251 1546.550049 0.96% 1.26% 0.00 -0.03 -0.03 02-04-2017 14.763009 1545.699951 -1.97% -0.05% 0.00 -0.06 -0.04 09-04-2017 15.060251 1540.339966 2.01% -0.35% 0.00 -0.02 -0.04 16-04-2017 15.951977 1528.719971 5.92% -0.75% 0.00 0.02 -0.05 23-04-2017 15.694366 1563.890015 -1.61% 2.30% 0.04 -0.06 -0.02 30-04-2017 16.165001 1594.26001 3.00% 1.94% 0.04 -0.01 -0.02 07-05-2017 16.650496 1600.51001 3.00% 0.39% 0.04 -0.01 -0.04 14-05-2017 16.295 1583.640015 -2.14% -1.05% 0.04 -0.06 -0.05
21-05-2017 17.09 1582.439941 4.88% -0.08% 0.04 0.01 -0.04
28-05-2017 17.785 1586.27002 4.07% 0.24% 0.05 0.00 -0.04
04-06-2017 18.6 1577.910034 4.58% -0.53% 0.04 0.01 -0.05
11-06-2017 18.594999 1570.01001 -0.03% -0.50% 0.04 -0.04 -0.05 18-06-2017 18.629999 1566.52002 0.19% -0.22% 0.04 -0.04 -0.04 25-06-2017 19.924999 1533.650024 6.95% -2.10% 0.04 0.03 -0.06
02-07-2017 20.5 1536.949951 2.89% 0.22% 0.04 -0.01 -0.04
09-07-2017 20.9 1563.75 1.95% 1.74% 0.03 -0.02 -0.02
16-07-2017 18.555 1535.869995 -11.22% -1.78% 0.03 -0.15 -0.06
23-07-2017 18.395 1529.72998 -0.86% -0.40% 0.03 -0.05 -0.04
30-07-2017 19.610001 1548.02002 6.61% 1.20% 0.03 0.03 -0.03
06-08-2017 19.605 1504.650024 -0.03% -2.80% 0.03 -0.04 -0.07 13-08-2017 20.735001 1512.180054 5.76% 0.50% 0.03 0.02 -0.04 20-08-2017 20.764999 1512.780029 0.14% 0.04% 0.03 -0.04 -0.04
27-08-2017 21.76 1520.880005 4.79% 0.54% 0.03 0.01 -0.03
03-09-2017 22.08 1518.619995 1.47% -0.15% 0.03 -0.03 -0.04
10-09-2017 22.459999 1539.680054 1.72% 1.39% 0.03 -0.02 -0.03
17-09-2017 22.875 1550.23999 1.85% 0.69% 0.03 -0.02 -0.03
24-09-2017 23.51 1570.530029 2.78% 1.31% 0.03 -0.01 -0.03
01-10-2017 24 1576.660034 2.08% 0.39% 0.03 -0.02 -0.04
08-10-2017 25.040001 1583.800049 4.33% 0.45% 0.03 0.00 -0.04