Auditors’ report


To Deutsche Lufthansa Aktiengesellschaft, Cologne

Remarks on the consolidated financial statements

We have audited the attached consolidated financial statements for Deutsche Lufthansa Aktiengesellschaft, Cologne, and its subsidiaries – comprising the consolidated balance sheet, consolidated income statement and consolidated statement of comprehensive income, consolidated statement of changes in equity, consolidated cash flow statement and notes to the consolidated financial statements for the financial year from 1 January to 31 December 2011.

Responsibility of the Executive Board for the consolidated financial statements

The Executive Board of Deutsche Lufthansa Aktiengesellschaft, Cologne, is responsible for the preparation of these financial statements. This responsibility extends to ensuring that the consolidated financial statements comply with IFRS as adopted by the EU and the additional requirements of German law pursuant to Section 315a Paragraph 1 HGB and that they give a true and fair view of the net assets, financial position and results of operations of the group in accordance with these requirements. The Executive Board is also responsible for the internal controls it believes are necessary to enable the preparation of consolidated financial statements that are free of material misstatements – either intentional or unintentional.

Auditors’ responsibility

Our responsibility is to express an opinion on the consolidated financial statements based on our audit. We conducted our audit of the financial statements in accordance with Section 317 HGB and the German generally accepted standards for the audit of financial statements promulgated by the Institut der Wirtschaftsprüfer (Institute of Public Auditors in Germany) (IDW) and additionally observed the International Standards on Auditing (ISA). These require that we carry out our professional duties and plan and perform the audit so as to obtain sufficient assurance as to whether the consolidated financial statements are free of material misstatements.

An audit involves carrying out audit procedures in order to obtain documentary evidence of the carrying amounts and other disclosures included in the consolidated financial statements. The audit procedures are chosen at the professional discretion of the auditors. This includes an assessment of the risks of material misstatements – either intentional or unintentional – in the consolidated financial statements. In assessing these risks the auditors take account of the internal control system, which is relevant to the preparation of true and fair consolidated financial statements. The aim is to plan and carry out audit procedures which are appropriate under the given circumstances, but not to form an audit opinion on the effectiveness of the Group’s internal control system. An audit also includes an assessment of whether the accounting methods applied are suitable and whether the accounting estimates determined by the Executive Board are reasonable, as well as an assessment of the overall presentation of the consolidated financial statements.

We believe that the documentary evidence we have obtained is sufficient and suitable to form the basis for our audit opinion.

Audit opinion

In accordance with Section 322 Paragraph 3 Sentence 1 HGB we declare that our audit of the consolidated financial statements has not given rise to any objections.

In our opinion based on the findings of our audit the consolidated financial statements comply in all material respects with the IFRS as adopted by the EU and the additional requirements of German law pursuant to Section 315a Paragraph 1 HGB and give a true and fair view of the net assets and financial position of the Group as of 31 December 2011 and of its earnings for the financial year ending on that date in accordance with these requirements.

Remarks on the Group management report

We have audited the attached Group management report for Deutsche Lufthansa Aktiengesellschaft, Cologne, which has been combined with the management report for the Company, for the financial year from 1 January to 31 December 2011. The Executive Board of Deutsche Lufthansa Aktiengesellschaft, Cologne, is responsible for the preparation of the combined management report in accordance with applicable statutory German regulations as defined in Section 315a Paragraph 1 HGB. We conducted our audit in accordance with Section 317 HGB and the German generally accepted standards for the audit of combined management reports promulgated by the Institut der Wirtschaftsprüfer (Institute of Public Auditors in Germany) (IDW). These require that we plan and carry out the audit of the combined management report so as to obtain sufficient assurance as to whether the combined management report is consistent with the consolidated financial statements and the findings of the audit and altogether provides an accurate view of the state of the Group and the opportunities and risks of its future development.

In accordance with Section 322 Paragraph 3 Sentence 1 HGB we declare that our audit of the combined management report has not given rise to any objections.

In our opinion, based on the findings of the audit of the consolidated financial statements and the combined management report, the combined management report is consistent with the consolidated financial statements and altogether provides an accurate view of the state of the Group and accurately presents the opportunities and risks of its future development.


Düsseldorf, 7 March 2012

PricewaterhouseCoopers
Aktiengesellschaft
Wirtschaftsprüfungsgesellschaft

Frank Hübner
Wirtschaftsprüfer
(German Public Auditor)

Dr Bernd Roese
Wirtschaftsprüfer
(German Public Auditor)