Course of business

2011 defined by economic slowdown and one-off effects

Alongside the declining pace of economic growth, it was principally the crises in the Middle East and North Africa and in particular the catastrophes in Japan that depressed demand in 2011. Continuing to serve Japan throughout the crisis nevertheless confirmed the Group’s competitive position in this important and highly profitable market. Substantial capacity growth was largely sold in the market despite the difficult environment.

Thanks to their high degree of flexibility, the companies in the Passenger Airline Group could adapt quickly to changes in the operating environment. Over the course of this year they reacted to increasing sales and earnings risks by taking measures to safeguard earnings and by intensifying initiatives already underway. Detailed information on the performance and activities of the individual companies is provided in the respective comments.

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