Asset and financial position of Deutsche Lufthansa AG


Sharp fall in cash flow from operating activities

Cash flow from operating activities came to EUR 474m and was therefore barely half the previous year’s amount. In the reporting year Lufthansa invested EUR 1.2bn (previous year: EUR 1.3bn) in new aircraft and advance payments for new aircraft. Of the total, EUR 605m was for advance payments. To finance future payment obligations arising from staff pension entitlements, Lufthansa again invested cash totalling EUR 330m in the Lufthansa Pension Trust on a long-term basis for investment in various fixed income and share funds. Altogether, investments, income from asset disposals and sales of securities resulted in a cash inflow of EUR 451m. Financial liabilities fell by EUR 114m as a result. With cash flow from operating activities of EUR 474m and gross capital expenditure of EUR 2.8bn the internal financing ratio came to just 17.0 per cent (previous year: 39.9 per cent).

Balance sheet for Deutsche Lufthansa AG in accordance with HGB

 

31.12.2011
in €m

31.12.2010
in €m

Assets

 

 

Intangible assets

157

140

Aircraft

4,573

4,338

Property, plant and other equipement

107

101

Financial investments

9,367

8,583

Non-current assets

14,204

13,162

 

 

 

Inventories

44

27

Trade receivables

537

502

Other receivables

1,754

1,576

Securities

1,199

2,717

Liquid funds

210

340

Current assets

3,744

5,162

Prepaid expenses

66

42

Total assets

18,014

18,366

 

 

 

Shareholders’ equity and liabilities

 

 

Issued capital

1,172

1,172

Capital reserve

857

857

Retained earnings

1,337

1,567

Distributable earnings

114

275

Shareholders’ equity

3,480

3,871

 

 

 

Provisions

6,684

6,358

Bonds

2,107

2,106

Liabilities to banks

1,007

1,068

Payables to affiliated companies

1,713

1,895

Other liabilities

2,999

3,037

Liabilities

7,826

8,106

Deferred income

24

31

Total shareholders’ equity and liabilities

18,014

18,366

Further balance sheet reduction

Total assets declined by 1.9 per cent or EUR 352m to EUR 18.0bn. Non-current assets went up by EUR 1.0bn, whereas current assets including prepaid expenses dropped by EUR 1.4bn.

The increase of EUR 784m in financial investments is largely due to the increase in shares in affiliated companies, particularly following capital increases at Lufthansa Malta Holding Ltd. (EUR 283m), the Lufthansa SICAV-FIS fund of funds (EUR 397m) and LHBD Holding Limited (EUR 278m). In addition, three more Austrian leasing companies were established by contributions in kind in the form of aircraft (EUR 183m).

A write-up on the carrying amount for LSG Lufthansa Service Holding AG (EUR 103m) also increased the amount of shares in affiliated companies. The opposite effect resulted from write-downs on the carrying amounts for LHBD Holding Limited (EUR 278m), Eurowings GmbH (EUR 60m) and SN Airholding SA/NV (EUR 13m). The item loans included an increase in loans to affiliated companies (EUR 722m) as well as the disposal of loans to affiliated companies (EUR 604m).

Cash and securities fell by EUR 1.6bn to EUR 1.4bn, especially as a result of weaker business performance and higher capital expenditure than in the previous year. They were principally invested in money market funds (EUR 522m) and in other securities (EUR 677m).

As a result, the balance sheet structure showed a slight shift towards non-current assets, which now make up 78.9 per cent of total assets (previous year: 71.7 per cent). Shareholders’ equity decreased by EUR 391m to EUR 3.5bn (previous year: EUR 3.9bn) due to the distribution of the distributable profit for 2010 and the net loss for the financial year 2011. The equity ratio sank as a result by 1.8 percentage points to 19.3 per cent. Non-current borrowing rose by EUR 121m.

The proportion of non-current funding in the balance sheet total sank a little accordingly by 0.4 percentage points and now amounts to 58.5 per cent (previous year: 58.9 per cent). Non-current assets are now 74.2 per cent (previous year: 82.1 per cent) covered by non-current funding.

Net indebtedness stood at EUR 1.8bn (previous year: EUR 539m). In the reporting year the present value of the outstanding off-balance-sheet finance lease payments no longer had any effect on net indebtedness (previous year: increase to EUR 563m).

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