Currency risks

International ticket sales and the purchase of fuel, aircraft and spare parts give rise to foreign currency risks for the Lufthansa Group. All subsidiaries report their currency exposure to the Group over a timeframe of at least 24 months. At Group level, a net position is aggregated for each currency in order that “natural hedging” can be taken advantage of. Of the 80 currencies in the Lufthansa Group, 20 positions are hedged. The main currencies are the US dollar, the yen and sterling. Currencies highly correlated with the US dollar are also set off against operating USD exposure. Operating exposure and other information on hedging general currency positions and hedging currency risks from aircraft investments can be found in the Notes to the consolidated financial statements, “Note 47”.

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