The profit from operating activities as defined by IFRS fell sharply by EUR 613m year on year to EUR 773m. As in prior years, it was adjusted for net book gains, write-backs of provisions, impairment losses, results of financial investments and measurements of financial liabilities on the reporting date. This adjusted operating result facilitates comparison of the financial performance with other financial years. The adjustments applied are shown in the table . In 2011 net expenses of EUR 47m (previous year: net income of EUR 366m) were eliminated in this way.
After these adjustments the operating profit came to EUR 820m (previous year: EUR 1.0bn). The adjusted operating margin, calculated by adding write-backs of provisions, was 3.4 per cent (previous year: 4.7 per cent).
The contribution of the individual business segments to the operating profit varied enormously. Whereas the airborne companies suffered a sharp fall in earnings, the service companies were able to increase their overall earnings contributions slightly. Profit for the Passenger Airline Group sank year on year by EUR 280m or 44.5 per cent to EUR 349m. With an operating profit of EUR 249m the Logistics segment too was, as expected, below its record result of EUR 310m from the financial year 2010. The MRO segment generated an operating profit of EUR 257m, which was slightly lower than in the previous year (–4.1 per cent).
By contrast, the segments IT Services and Catering improved their operating profits to EUR 19m (+90.0 per cent) and EUR 85m (+11.8 per cent) respectively. The other Group companies, which under IFRS 8 do not require separate reporting, and the central Group functions reduced the Group’s operating result by a total of EUR –92m (previous year: EUR –226m).
The variation in seasonal earnings was similarly pronounced. Earnings for the individual business segments in the Group also have their own variations and ranges of fluctuation. Overall, this had a stabilising effect on the Group’s operating result. Despite the deteriorating market environment, Lufthansa was therefore able to report a substantial operating profit for the financial year 2011, in contrast to many of its competitors.