In 2012 Lufthansa Passenger Airlines also expects the ongoing uncertainty about economic developments to continue. It has therefore taken steps to achieve the earnings development necessary for future investments, dividends and job security by reducing the growth rates originally planned, exploiting sales potential and cutting other costs. Factoring in modest capacity growth, it is therefore anticipating a rise in revenue and the achievement of an operating profit for 2012. The amount cannot be quantified more precisely at present, however, for the reasons described above.

The full potential of the EUR 1bn Climb 2011 programme will be evident for the first time in 2012. Intercontinental traffic is to be expanded further, with Lufthansa Passenger Airlines benefiting from the deployment of additional low-unit-cost Airbus A380s, as well as from its extensive route network and its great attractiveness for customers and partners. Competitiveness in European traffic is being strengthened by further optimisation of the cost structure.

The ongoing modernisation of the fleet plays a vital role in achieving further cost reductions. A total of 33 aircraft are scheduled for delivery in 2012, including two Airbus A380s and five Boeing 747-8is. The new Boeing 747-8i promises significant unit cost advantages and will be the first plane to feature the new Business Class. Further development of the hubs holds additional potential. With the opening of the new runway in Frankfurt in late 2011 and the agreed extension to the satellite terminal in Munich, Lufthansa’s development prospects in the European competitive landscape are very good. Regulatory intervention, such as the imposition of the night-flight ban at Frankfurt Airport, however, can diminish competitiveness and prospects severely.

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