Income increased, but the result is still down by half

Premium share of intercontinental traffic revenue for Lufthansa Passenger Airlines (bar chart)

Lufthansa Passenger Airlines registered growth in passenger numbers of 11.1 per cent to 65.5 million in 2011. Capacity was extended by 11.8 per cent, whereas the number of flights rose at the much lower rate of 6.3 per cent. This reflects the modernisation of the fleet with larger aircraft and new seating. Due to the one-off factors described above and the deterioration of the macroeconomic situation, this additional capacity could not be sold in full, however. Sales nonetheless climbed by 8.8 per cent, with a slight fall in the load factor (–2.2 percentage points). Thanks to an improvement of 3.4 per cent in average yields, Lufthansa Passenger Airlines increased its traffic revenue by 12.5 per cent to EUR 14.5bn in the reporting period.

Altogether, revenue rose to EUR 15.7bn (+12.2 per cent) in the reporting year. The non-recurring expenses mentioned above and the resurgent oil price meant that Lufthansa Passenger Airlines was only able to report an operating result of EUR 168m, however (previous year: EUR 382m). The adjusted operating margin therefore fell by half to 1.8 per cent (previous year: 3.5 per cent).