Long-term overview of earnings position

Lufthansa operates in a highly volatile environment, which is marked by cyclical fluctuations and a high degree of dependency on general economic developments. Within this environment the Group stands out for its high stability in times of crisis and for its ability to profit disproportionately from economic upturns. In the crisis year 2009, for example, we earned a positive operating result despite the economic turbulence. In the first year after the crisis Lufthansa profited substantially from the upswing and generated a profit of EUR 1.0bn. Under last year’s difficult conditions Lufthansa achieved what in comparison with our competitors was a very good operating result of EUR 820m.