Passenger Airline Group
The airlines in the Passenger Airline Group made good use of the positive demand trend. Passenger numbers went up sharply and at the same time the airlines continued their cost management, realising important synergies. Increased profitability meant that a sound operating profit was earned again, in spite of non-recurring expenses.
|
Passenger Airline Group | |||||
|
|
|
2010 |
Change | ||
| |||||
|
Revenue |
€m |
20,912 |
24.5 | ||
|
of which external revenue |
€m |
20,233 |
24.7 | ||
|
Operating result |
€m |
436 |
– | ||
|
Adjusted operating margin |
% |
3.0 |
2.2 pts | ||
|
Segment result |
€m |
572 |
– | ||
|
EBITDA1) |
€m |
2,601 |
81.9 | ||
|
CVA |
€m |
–198 |
71.4 | ||
|
Segment capital expenditure |
€m |
2,047 |
7.9 | ||
|
Employees as of 31.12. |
number |
57,157 |
–1.6 | ||
Logistics
The earnings turnaround was even more pronounced in the Logistics segment. Lufthansa Cargo benefited particularly from the global economic recovery and the boom in German exports. The measures taken in prior years to safeguard earnings continued to have a strong effect. Following an operating loss in the previous year, Lufthansa Cargo reported record profits in 2010.
|
Logistics | |||
|
|
|
2010 |
Change |
|
Revenue |
€m |
2,795 |
43.3 |
|
of which external revenue |
€m |
2,770 |
43.7 |
|
Operating result |
€m |
310 |
– |
|
Adjusted operating margin |
% |
11.4 |
19.4 pts |
|
Segment result |
€m |
330 |
– |
|
EBITDA |
€m |
445 |
– |
|
CVA |
€m |
233 |
|
|
Segment capital expenditure |
€m |
21 |
–16.0 |
|
Employees as of 31.12. |
number |
4,517 |
0.6 |
MRO
Lufthansa Technik is a late-cycle player and so suffered from still hesitant demand in the MRO market in 2010. Thanks to greater production flexibility and a broader product portfolio it was nevertheless able to continue its growth path and increase revenue. Lufthansa Technik again generated a strong operating profit, but as expected, it was below the record set the previous year.
|
MRO | |||
|
|
|
2010 |
Change |
|
Revenue |
€m |
4,018 |
1.4 |
|
of which external revenue |
€m |
2,373 |
3.3 |
|
Operating result |
€m |
268 |
–15.2 |
|
Adjusted operating margin |
% |
7.4 |
–0.9 pts |
|
Segment result |
€m |
319 |
–3.6 |
|
EBITDA |
€m |
412 |
–5.5 |
|
CVA |
€m |
172 |
4.9 |
|
Segment capital expenditure |
€m |
67 |
–44.6 |
|
Employees as of 31.12. |
number |
20,159 |
1.8 |
IT Services
Lufthansa Systems offers IT solutions for the airline industry and, despite the still difficult environment for the sector, was able to win new customers and orders. Revenue and earnings nevertheless remain under pressure. In 2010 a programme was therefore launched to reorient the company. Steps to cut costs and increase revenue are intended to shore up its competitiveness sustainably.
|
IT Services | |||
|
|
|
2010 |
Change |
|
Revenue |
€m |
595 |
–1.7 |
|
of which external revenue |
€m |
232 |
–4.9 |
|
Operating result |
€m |
10 |
–37.5 |
|
Adjusted operating margin |
% |
1.8 |
–1.0 pts |
|
Segment result |
€m |
–6 |
|
|
EBITDA |
€m |
45 |
–16.7 |
|
CVA |
€m |
–23 |
|
|
Segment capital expenditure |
€m |
36 |
–30.8 |
|
Employees as of 31.12. |
number |
2,935 |
–3.0 |
Catering
LSG Sky Chefs increased its revenue and confirmed its global market leadership in airline catering by expanding its range and signing new partnerships. Its operating profit was even higher than the previous year’s, which had been buoyed by non-recurring factors. The business segment benefited from higher passenger numbers and the recovery in the premium segment.
