Aircraft. Lufthansa Group: 3Q2020 results
And the data of the nine months of this year
Lufthansa Group reported results of the third quarter 2020.
The highlights are:
Liquidity of EUR 10.1 billion available, of which EUR 6.3 billion are unutilized stabilization measures
Ongoing strong performance at Lufthansa Cargo further supports Group liquidity
Hub strategy enables cash-positive flight operations, even in the current market environment
Operating cash drain to be limited to around EUR 350 million per month in Q4
Return to positive operating cash flow expected during the course of 2021.
In the first nine months of this year, the Group generated revenues of EUR 11 billion (previous year: EUR 28 billion). Adjusted EBIT in this period was minus EUR 4.1 billion (previous year: plus EUR 1.7 billion). Net profit was minus EUR 5.6 billion (previous year: plus EUR 1 billion). The result was impacted by non-cash special items. This included, among other things, impairment losses of EUR 1.4 billion on 110 aircraft or rights of use, which are not expected to resume operations.
In the third quarter of 2020 the Group airlines carried 8.7 million passengers, 20 percent of previous year. Offered capacity fell to 22 percent of the previous year's level. The seat load factor was at 53 percent, 33 percentage points below the previous year's figure. Freight capacity fell by 47 percent due to a lack of capacity on passenger aircraft. The decline in freight kilometres sold was 34 percent. This reflects a 14-percentage point higher cargo load factor of 73 percent.
In the first nine months, the Group airlines carried a total of 32.2 million passengers, 29 percent of last year’s period. Offered capacity fell to 33 percent ofthe previous year's level. At 68 percent, the seat load factor in this period was 15 percentage points lower than last year. Freight capacity fell by 40 percent and freight kilometres sold fell by 33 percent. This resulted in a 7-percentage point higher cargo load factor of 68 percent.
AVIONEWS - World Aeronautical Press Agency