Profit distribution


Lufthansa’s dividend policy aims for continuity on the basis of distributing a stable percentage of the operating result, as long as a dividend payment is possible from the net profit for the year as shown in the individual financial statements for Deutsche Lufthansa AG drawn up according to the commercial law provisions (HGB). Please see also the “Financial strategy” section.

Full details of the individual financial statements for Deutsche Lufthansa AG in accordance with German commercial law can be found in this management report. According to these individual financial statements, a net loss of EUR 116m for the financial year 2011 was reported, which was largely (EUR –571m) due to the negative result and valuation effects in connection with the disposal of bmi.

In spite of this, the Executive Board and Supervisory Board have decided to make a departure from the dividend policy by transferring retained earnings and proposing the distribution of a dividend of EUR 0.25 per share at the Annual General Meeting. This distribution is intended to let shareholders participate in the operating performance of the year 2011 in a way that is justifiable for the Group’s financial profile and does not allow the operational success to be overcompensated by the valuation effects mentioned above. The loss in the individual financial statements brought about by the sale of bmi will in fact strengthen the Group’s profitability sustainably in the future.

The Executive Board and Supervisory Board emphasise that this dividend payment is an exception. Future dividend proposals will again follow the established dividend policy and be based on the operating result, if and to the extent the net profit for the year in the individual HGB financial statements allows a distribution to be made.

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