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Lufthansa Group Company Presentation dbAccess German, Swiss & Austrian Conference June 2014 Page 1 Disclaimer in respect of forward-looking statements Information published in this presentation concerning the future development of the

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Lufthansa Group Company Presentation

dbAccess German, Swiss & Austrian Conference June 2014

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Disclaimer in respect of forward-looking statements

Information published in this presentation concerning the future development of the Lufthansa Group and its subsidiaries consists purely of forecasts and assessments and not of definitive historical facts. These forward-looking statements are based on all discernible information, facts and expectations available at the time. They can, therefore, only claim validity up to the date of their publication. Since forward-looking statements are by their nature subject to uncertainties and imponderable risk factors – such as changes in underlying economic conditions – and rest on assumptions that may not occur, or may occur differently, it is possible that the Group’s actual results and development may differ materially from the forecasts. Lufthansa makes a point of checking and updating the information it publishes. However, the Company is under no obligation to update forward-looking statements or adapt them to subsequent events or developments. Accordingly, it neither explicitly nor implicitly accepts liability, nor gives any guarantee for the actuality, accuracy or completeness

  • f this data and information.
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Executive Summary

In 2013 operating profit was above SCORE starting point

Clear progress in passenger business led to Group operating result excl. one-offs of 1,042 m EUR

Lufthansa Group's financial profile remains strong

Non-cyclical profit base; strong free cash flow; low net debt; investment grade rating; dividend payments

Profit expectation for 2014 adjusted; strong increase expected for 2015 to approx. 2 bn EUR

Cost reductions on track but revenue environment weakened, in particular lower pricing in passenger business and cargo

Restructuring and SCORE concept are continued; additional measures to be announced in July

Network and fleet rationalization as well as product upgrades continued

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FY 2013 FY 2012

  • vs. PY

Operating cash flow 3,290 2,842 +15.8% Net invest 1,982 1,445 +37.2% Free cash flow 1,308 1,397

  • 6.4%

FY 2013 FY 2012

  • vs. PY

Equity ratio 21.0% 16.9% +4.1 P. Net debt (excl. pensions) 1,697 1,953

  • 13.1%

Profit improvements made in FY 2013 and continued in Q1 2014 Key figures for the Lufthansa Group

Passenger Airline KPIs

FY 2013 Q1 2014

  • No. of flights
  • 3.7%
  • 1.2%

ASK (capacity) +1.0% +0.4% RPK (volume) +2.3%

  • 0.3%

SLF (load factor) +1.0pts.

  • 0.5pts.

Yield ex. currency

  • 0.1%
  • 1.0%

RASK (unit revenue)

  • 1.1%
  • 3.9%

CASK** (unit costs)

  • 2.4%
  • 6.1%

Lufthansa Group (in m EUR)

FY 2013 FY 2012

  • vs. PY

Q1 2014 Q1 2013

  • vs. PY

Total revenue 30,028 30,135

  • 0.4%

6,462 6,628

  • 2.5%
  • f which traffic revenue

24,565 24,793

  • 0.9%

5,161 5,338

  • 3.3%

Operating result 697 839

  • 16.9%
  • 245
  • 359

+31.8% One-off items* 345

  • 196
  • 55

64

  • 14.1%

Normalized operating result 1,042 643 +62.1%

  • 190
  • 295

+35.6% Net income 313 1,228

  • 74,5%
  • 252
  • 458

+45.0%

* adjusted for one-off items: 2012: -356 m EUR bmi & Austrian Airlines; +160 m EUR SCORE restructuring costs 2013: +245 m EUR SCORE restructuring costs, +100 m EUR project costs ** adjusted for one-off items (at passenger business)

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FY 2013 vs. FY 2011 Explanation Fleet Size

(no. of aircraft) fleet rollover, phase-out of small, non-efficient aircraft

Capacity

(ASK) capacity growth realized through larger aircraft with more seats per aircraft

Volume

(RPK)

Load Factor

(SLF)

Pricing

(Yield)

Unit Revenue

(RASK) increase driven by higher load factor and yield increases

Unit Costs

(CASK ex fuel) SCORE cost reductions: transfer of non-hub traffic to Germanwings, Austrian restructuring, etc.

Cargo Capacity

Reduction mainly due to terminated joint ventures and decrease in belly capacity

Profit improvement mainly driven by changes in passenger business Development 2013 vs. 2011 (initiation of SCORE)

+2.2%

  • 2.6%

+1.7%

  • 1.9%

+4.6% +4.1% +1.2%

  • 8.5%
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In 2013 operating profit was above SCORE starting point

Clear progress in passenger business led to Group operating result excl. one-offs of 1,042 m EUR

Lufthansa Group's financial profile remains strong

Non-cyclical profit base; strong free cash flow; low net debt; investment grade rating; dividend payments

Profit expectation for 2014 adjusted; strong increase expected for 2015 to approx. 2 bn EUR

Cost reductions on track but revenue environment weakened, in particular lower pricing in passenger business and cargo

Restructuring and SCORE concept are continued; additional measures to be announced in July

Network and fleet rationalization as well as product upgrades continued

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non-cyclical profit base

  • f ca. 300-550 m EUR

Revenue Operating result

  • Op. margin range

Airlines

Passenger Airline Group Logistics (Cargo)

Service Companies

MRO Catering IT Services

Others incl. Group Functions

Lufthansa operates a broad portfolio incl. non-cyclical businesses 300-550 m EUR non-cylical profit base

+4.8%

  • 0.1%

+11.4%

  • 8.0%

+10.9% +6.9% +6.2% +1.8% +4.3% +3.1%

23.5 bn 2.4 bn 4.2 bn 0.6 bn 2.5 bn 77 m 495 m

  • 420 m

404 m

(burdened by restructuring costs)

105 m 36 m

2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013

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Lufthansa Technik and LSG produced best ever results in 2013 Service companies as competitive advantage for the Lufthansa Group

  • No. 1 Independent MRO-provider
  • No. 1 Airline caterer

404 318 257 268 316 2013 2012 2010 2009 2011 105 101 85 76 72 2011 2010 2009 2013 2012

Operating result 2013: 404 m EUR Global market leader as independent MRO-provider Product innovations and strategic partnerships enable access to new customers and markets World-wide capacities and flexibility Increasing revenue and

  • perating result despite

challenging market environment Operating result 2013: 105 m EUR Global market leader in airline-catering Growth in demand and geographical expansion lead to increasing revenues Continuously enhanced product and service portfolio Successful transfer of know how in food and logistics to new adjacent markets

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Strong cash flow generation and conservative financial setup Strong balance sheet, fleet in ownership

  • 1. Lufthansa Group is profitable and

produces strong cash flows

  • 2. Conservative fleet structure and

ambitious balance sheet targets provide security buffer

  • 3. Solid financial profile provides

competitive edge in financing conditions and allows for constant capex

in bn EUR

S&P Investment Grade Rating (BBB-, stable) confirmed in April 2014 3.7 bn EUR 5.4 bn EUR high liquidity pension provision flexible funding model, no "margin call" for additional fundings 1.6 bn EUR moderate net debt

  • ca. 90% of fleet

is owned vs. 10% leased 2.0 1.3 3.3 2012 1.4 2.8 2011 0.7 2.4 2010 1.5 3.0 2009 0.3 2013 Operating CF Free Cash Flow 1.7 1.5 2011 2012 1.7 0.8 0.7 1.8 2010 2009 2013 1.8 0.1 0.8 1.0 Operating Profit Depreciation

Target Current Status Equity Ratio 21% Debt Repayment Ratio 37% Minimum Liquidity 4.7 bn EUR 45% (min. 35%) 25% mid-term 2.3 bn EUR

>70% of fleet is financially unburdened (not used as security for financing deals) 2.4 2.0 2.5 2012 1.4 2.4 2011 1.6 2.6 2010 1.5 2.3 2009 1.7 2013 Gross Capex Net Capex Status: 31.03.2014 Status: 31.12.2013

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Dividend policy is being currently reviewed/adjusted Lufthansa Group historical dividend pay-outs

Group dividend policy

  • 30-40% pay-out ratio of operating result
  • Net profit of Deutsche Lufthansa AG (German GAAP/HGB) must allow for dividend payment
  • Further payments possibly from extraordinary income, if capital structure targets are met

2005 2006 2007 2008 2009 2010 2011 2012 2013 Operating result m EUR 577 845 1,378 1,280 130 876 820 839 697 Net profit/loss (Group) m EUR 453 803 1,655 542

  • 34

1,131

  • 13

990 313 Net profit/loss (HGB) m EUR 455 523 1,123 276

  • 148

483

  • 116

592 407 Dividend paid (p. share) EUR 0.50 0.70 1.25 0.70

  • 0.60

0.25 0.00 0.45 Payout ratio (Op. result) 40% 38% 41% 25%

  • 31%

14%

  • 30%

Dividend yield (gross) 4.0% 3.4% 6.9% 6.3%

  • 3.7%

2.7%

  • 2.9%

Lufthansa results and dividends

1.25 0.00 0.45 0.70 0.50 0.25 0.00 0.60 0.70

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In 2013 operating profit was above SCORE starting point

Clear progress in passenger business led to Group operating result excl. one-offs of 1,042 m EUR

Lufthansa Group's financial profile remains strong

Non-cyclical profit base; strong free cash flow; low net debt; investment grade rating; dividend payments

Profit expectation for 2014 adjusted; strong increase expected for 2015 to approx. 2 bn EUR

Cost reductions on track but revenue environment weakened, in particular lower pricing in passenger business and cargo

Restructuring and SCORE concept are continued; additional measures to be announced in July

Network and fleet rationalization as well as product upgrades continued

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Start into the year 2014 showed unit costs on track but weak revenues Operating KPIs of Passenger Airline Group

Total FY '13 Q1 '14 Number of flights

  • 3.7%
  • 1.2%

ASK +1.0% +0.4% RPK +2.3%

  • 0.3%

SLF +1.0pts.

  • 0.5pts.

Yield

  • 2.3%
  • 3.2%

Yield ex currency

  • 0.1%
  • 1.0%

RASK

  • 1.1%
  • 3.9%

CASK* (incl. fuel)

  • 2.4%
  • 6.1%

RASK ex currency +1.2%

  • 1.7%

CASK* ex currency (incl. fuel)

  • 1.6%
  • 5.3%

CASK* ex currency (ex fuel)

  • 0.2%
  • 3.7%

Europe FY '13 Q1 '14 ASK +1.5% +2.8% RPK +4.3% +1.6% SLF +1.9pts.

  • 0.8pts.

Yield

  • 1.1%
  • 4.8%

Yield ex currency +0.3%

  • 3.6%

RASK +1.3%

  • 5.9%

RASK ex currency +2.7%

  • 4.7%

Asia/Pacific FY '13 Q1 '14 ASK +2.4%

  • 1.3%

RPK +2.6%

  • 0.0%

SLF +0.2pts. +1.0pts. Yield

  • 8.1%
  • 2.7%

Yield ex currency

  • 3.6%

+2.2% RASK

  • 7.8%
  • 1.4%

RASK ex currency

  • 3.3%

+3.5% Americas FY '13 Q1 '14 ASK +6.7% +1.7% RPK +7.1%

  • 0.8%

SLF +0.4pts.

  • 2.0pts.

Yield +0.2%

  • 2.3%

Yield ex currency +2.3%

  • 0.3%

RASK +0.6%

  • 4.7%

RASK ex currency +2.7%

  • 2.7%

Mid East / Africa FY '13 Q1 '14 ASK

  • 1.7%
  • 6.5%

RPK

  • 1.2%
  • 5.0%

SLF +0.3pts. +1.2pts. Yield

  • 1.7%
  • 2.8%

Yield ex currency +0.5%

  • 0.4%

RASK

  • 1.3%
  • 1.3%

RASK ex currency +1.0% +1.1%

*adjusted for one-off items

profitability growth: widened spread

  • f unit revenues versus unit costs
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Unit revenues are not expected to recover throughout the year Trading assumptions FY 2014 adjusted

Full Year 2014 assumptions Explanation Fleet Size

(no. of aircraft) Fleet rollover: Phase-out of small, non-efficient aircraft

Capacity

(ASK) Capacity growth mainly achieved through more seats per aircraft / flight. Forecast reduced from 5% due to pilot strike at LHP. Trim of winter capacity under review

Volume

(RPK)

Load Factor

(SLF)

Pricing

(Yield) Yields under pressure particularly in Europe an North America

Unit Revenue

(RASK ex currency)

Unit Costs

(CASK ex currency, ex fuel) Drivers: More capacity (ASK) at stable fleet and SCORE measures; -2pts. from new depreciation policy

Cargo Capacity

Forecast reduced from 1%; negative pricing environment

  • c. +4%
  • verall stable

stable to slightly up above capacity growth

  • c. -4%

negative negative flat

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Fuel cost relief driven by weak USD which also burdens revenues Fuel forecast and sensitivities

70 80 90 100 110 120 130 140 150 70 80 90 100 110 120 130 140 150

USD/barrel USD/barrel

Market price LH price 2014

as of 25 April 2014 Brent forward 108 USD/barrel EUR/USD 1.38 Lufthansa Group fuel expenses after hedging (in bn EUR)

break-even of hedges at 110 USD/bbl 7.1bn (+20%) 6.9bn (+10%) 6.3bn (-10%) 5.9bn (-20%)

Sensitivities costs with deviating

  • il price

FY 2014 FY 2015 Current fuel hedging levels 78% 47%

3.7 5.0 6.3 7.4 7.1 6.7

2009 2010 2011 2012 2013e 2014e

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Lufthansa Group reduces operating profit forecast 2014 Ad-hoc release 11 June 2014

The Executive Board of Deutsche Lufthansa AG reduces its operating profit forecast for 2014. It now expects an operating result of approximately 1 billion Euros, normalized approximately 1.3 billion Euros. Reason for lowering the forecast is a weaker than expected revenue development in the passenger and freight businesses as well as negative result impacts from strikes and the devaluation

  • f the Venezuelan Bolivar.

Against this background the Executive Board does no longer expect to achieve the 2015 operating result target. In stable conditions and upon implementation of additional measures it now aims for an

  • perating result of approximately 2 billion Euros.

FY 2014 FY 2015

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In 2013 operating profit was above SCORE starting point

Clear progress in passenger business led to Group operating result excl. one-offs of 1,042 m EUR

Lufthansa Group's financial profile remains strong

Non-cyclical profit base; strong free cash flow; low net debt; investment grade rating; dividend payments

Profit expectation for 2014 adjusted; strong increase expected for 2015 to approx. 2 bn EUR

Cost reductions on track but revenue environment weakened, in particular lower pricing in passenger business and cargo

Restructuring and SCORE concept are continued; additional measures to be announced in July

Network and fleet rationalization as well as product upgrades continued

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Group portfolio is being continuously optimized Miles and More in new legal structure, IT Infrastructure outsourcing

  • Bonus program activities to be

transferred into separate legal entity

  • Implementation from July 2014
  • Infrastructure division to be outsourced to

international IT service provider

  • Airline Solutions and Industry Solutions

divisions retained as independent units within Lufthansa Group

Create a framework fostering optimum development of business divisions Actively seeking growth opportunities Secure long term IT expertise and experience Realize economies of scale

Higher degree of transparency and integrated commercial steering Accelerated speed to market through dedicated resources and higher degree of entrepreneurial freedom Facilitate partnerships with new non-airline program partners Improved customer value proposition also for "non frequent flyers" Enable business and profits to grow

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Fleet is being modernized and complexity is reduced Outlook fleet structure: Lufthansa Passenger Airlines

200-300 seats 300-400 seats

A340-300 A330-300 740-400 A380 A340-600

400-500 seats 2011

A380 747-8I A330-300 Phase-out by age Development Phase-out by age Development almost complete Phase-out by age

long-haul

A350-900 777-9X

5 aircraft types 5 aircraft types

2025 Classic Regional

„in transition“

Regional

„sustainable“

DH4 E90/95 CR9 AT7 733/5 A310/19/20/21 AR8 F100 E90/95 CR9 A320Family CR7 Used as hub-Feeder Development & rollover Phase-out by 2015 Phase-out by 2015 targeted 2011 2015 2017 2013 2019 2021 Used as hub-Feeder and selected non-hub ops Phase-out 2012

short-haul

9 aircraft types 3 aircraft types

  • 20%CASK
  • vs. replaced

aircraft

Phase-out 2013

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Calvin – New base in Geneva Germanwings

Projects in existing SCORE pipeline Key projects in 2014 and 2015 Further projects under review Aim: Build buffer for potential further headwinds

Premium Economy Two-class-fleet Simplify hub structure Munich New surcharge structure as of April '14 Ancillary revenue potentials MRO set-up at Austrian Airlines IT Infrastructure Outsourcing

Top SCORE projects in 2014 and 2015 Selected SCORE measures and additional measures under review

Additional structural measures

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Deutsche Lufthansa AG Investor Relations / FRA IR Lufthansa Aviation Center Airportring D-60546 Frankfurt Andreas Hagenbring, Head of IR Phone: +49 (0) 69 696 28000 Fax: +49 (0) 69 696 90990 E-mail: investor.relations@dlh.de

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– Supplementary Information – Network, Fleet & Product

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Balanced network supported by leading intercontinental JVs Passenger network overview

Intra- European 46.6%

(+0.3pts.)

Asia Pacific 17.6%

(-1.3pts)

North America 21.4%

(+0.8pts.)

South America 6.3%

(+0.6pts.)

Africa 4.0%

(+0.0pts.)

Mid-East 4.1%

(-0.4pts.)

First Asian-European Joint Venture Largest Transatlantic Joint Venture Largest Airline Group in Europe

Traffic revenue shares Passenger Airline Group as of 31 December 2013 (comparison to previous year)

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LHP focuses on markets with highest margins: large and premium Fleet and network clusters

Share of premium passengers 350,000 1.2 million 14 million

30% 10% 20% 5%

Large Volume Medium Volume Small & Growing total passengers p.a. Premium Trunk Mid-Size Premium Small Niche long-haul O&Ds Europe-World served by Lufthansa

Expansion of A380 and 747-8I Fleet Introduction of 2 Class Fleet & New Technology Aircraft New Technology Aircraft

long-haul O&Ds Europe-World total market

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reduce overhead costs through shared services ASK growth mainly through more seats per plane (i.e. CASK reduction) freeze fleet size at 400 aircraft, ASK growth at half of market rate (ca. 3% p.a.) launch new technology aircraft from 2016

  • ca. 50 further cost reduction measures

turn LH from functional to process oriented company (project Shape!) reduce costs at all suppliers (ATC, internal suppliers, etc.) introduction of 2 class long-haul fleet A320neo first delivery reduce short-haul fleet from 9 to 3 aircraft models exit from 70-seater fleet return non-hub operations to break-even (new Germanwings) roll-out of new long-haul Business Class Roll-out new First Class become Europe’s first 5 Star Airline launch of Premium Economy shift in premium vs. non premium to optimize RASK vs. CASK restructure outstation operations

Reduce complexity, lower unit costs, but also invest in new aircraft SCORE at Lufthansa Passenger Airlines

2013 2014 2015 2016 onwards

Restructuring of long-haul Reduce unit cost Restructuring of short-haul Capacity & fleet dimensioning

1 2 3

Invest in revenue quality and best product

5 4

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Capacity growth with stable fleet size leads to unit cost reductions Growth path: Lufthansa Passenger Airlines

Number of aircraft

fleet size capacity growth unit costs

ASK growth year-on-year Expected non-fuel CASK development

3% long-term growth rate FY14 and FY15 with higher ASK growth due to increase in number of seats from roll-over, introduction of 2-class long-haul fleet, stage length effects and replacing 70 seaters with larger models on short-haul Fleet size frozen at 400 aircraft throughout 2016 Unit costs expected to further decrease in FY14 and FY15

3% roll-over effects 1% 2-class fleet 1% productivity, stage length

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Lufthansa Passage aims at becoming the first Western 5 Star airline Service initiatives underway to significantly improve customer experience

Aircraft order book 2014 et sqq. Planned product improvements Total Orders: 261 aircraft

  • Short haul: 177 aircraft
  • Long haul: 84 aircraft
  • Equals EUR 32 bn in list prices

Aircraft Orders 2013

  • 30x A320ceo, 70x A320neo
  • 25x A350-900
  • 34x 777-9X
  • Unit cost reduction
  • f 20% (CASK)
  • Superior comfort, lower emissions

Premium Economy New Business Class Two-Class Fleet

Available for sale as of May Up in the air from October 80% of long-haul fleet by end 2014 More than 100 aircraft 30 aircraft to be reconfigured Revenue maximization per flight

5 STAR

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– Supplementary Financial Information – FY 2013 + Q1 2014

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Group Revenue FY2013 vs. FY 2012

513 FY 2013 30,028 5,463 24,565 Currency: -2.3%

  • 566

Price: -0.7%

  • 175

Volume: +2.1% FY 2012 30,135 5,342 24,793 in m EUR Traffic revenue (-0.9%) Other revenue (+2.3%) Group revenue (-0.4%) 30,135 30,028

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Group Revenue Q1 2014 vs. Q1 2013

  • 129

Price: -1.0%

  • 52

Volume: +0.1% 4 Q1 2013 6,628 1,290 5,338 Q1 2014 5,161 Currency: -2.4% 6,462 1,301 in m EUR Traffic revenue (-3.3%) Other revenue (+2.3%) Group revenue (-2.5%) 6,628 6,462

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Fuel Cost FY 2013 vs. FY 2012

Hedging results by Quarter Q1 Q2 Q3 Q4

  • 25

42 32 26 125 +125 +7,058

  • 334 m EUR

FY 2013 Volume Currency

  • 222

Hedging Price

  • 123
  • 114

+7,392 FY 2012 in m EUR

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Fuel Cost Q1 2014 vs. Q1 2013

  • 157 m EUR

Q1 2014 +1,517 Currency

  • 67

Hedging

  • 5

Price

  • 68

Volume

  • 17

Q1 2013 +1,674 in m EUR

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Page 32 Lufthansa Group (in m EUR)

FY 2013

  • vs. PY

Q1 2014

  • vs. PY

Total revenue 30,028

  • 0.4%

6.462

  • 2.5%

Other operating income 1,918 +0.3% 480

  • 11.8%

Total operating income 31,946

  • 0.3%

6,942

  • 3.2%

Operating expenses

  • 31,249

+0.1%

  • 7,187
  • 4.6%

Non-fuel operating expenses

  • 24,191

+1.6%

  • 5,670
  • 3.2%

Cost of materials and services

  • 17,510
  • 2.4%
  • 3,933
  • 4.0%

Fuel expenses

  • 7,058
  • 4.5%
  • 1,517
  • 9.4%

Fees and charges

  • 5,154
  • 0.3%
  • 1,168
  • 0.8%

Staff costs

  • 7,361

+9.2%

  • 1,798

+0.6% Scheduled depreciation

  • 1,697
  • 1.5%
  • 337
  • 19.0%

Other operating expenses

  • 4,681
  • 2.5%
  • 1,119
  • 8.9%

Operating result 697

  • 16.9%
  • 245

+31.8%

Good underlying cost development was achieved in 2013 Operating costs and revenues

+2.6% excl. one-offs

  • 0.7% excl. one-offs

+62.1% excl. one-offs

  • 3.1% excl. one-offs
  • 1.6% excl. one-offs and D&A
  • 83 m EUR due to

new D&A policy +35.6% excl. one-offs +2.1% excl. one-offs

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Excluding one-off items operating profit shows clear improvement Normalized operating results for FY and Q4

all numbers in m EUR

FY 2012

100 245 160

FY 2012

  • perating profit

839

  • 115

Austrian

  • ne-offs

(Tyrolean Transfer) bmi pernsions

  • ne-offs
  • 31
  • 210

+62.1%

FY 2013 normalized

  • perating

result

1,042

project costs restructuring costs FY 2013

  • perating profit

697

FY 2012 normalized

  • perating

profit

643

restructuring costs IAS 19 restatement of Austrian and bmi one-offs

FY 2013 Q1 2013 Q1 2014

35 64

Q1 2013 normalized

  • perating profit

restructuring costs Q1 2013

  • perating profit
  • 359

Austrian and bmi one-offs IAS 19 restatement project costs

  • 295
  • 190

+35.6%

Q1 2014

  • perating profit
  • 245

Q1 2014 normalized

  • perating

result restructuring costs

20

project costs

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Page 34 Group Cash Flow Statement in m EUR

FY 2013

  • vs. PY

EBT (earnings before income taxes) 545

  • 751

Depreciation & amortisation (incl. D&A for non-current assets) 1,738

  • 187

Net proceeds from disposal of non-current assets

  • 11

+728 Result from equity investments

  • 125
  • 31

Net interest 346

  • 26

Income tax payments/reimbursements

  • 92
  • 58

Non-cash changes in measurement of financial derivatives 80 +61 Change in working capital 809 +630 Cash flow from continuing operating activities 3,290 +366 Cash flow from discontinued operating activities +82 Operating cash flow 3,290 +448 Capital expenditure (net)

  • 1,982
  • 537

Free cash flow 1,308

  • 89

Cash and cash equivalents as of 31.12.2013 1,550 +114 Liquidity reserves (non-current securities) 3,146

  • 384

Total Group liquidity 4,696

  • 270

Cash generation was again strong in 2013 Cash flow statement FY 2013

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Page 35 Group Cash Flow Statement in m EUR

Q1 2014

  • vs. PY

EBT (earnings before income taxes)

  • 307

+272 Depreciation & amortisation (incl. D&A for non-current assets) 353

  • 153

Net proceeds from disposal of non-current assets

  • 10
  • 9

Result from equity investments 8 +4 Net interest 75

  • 8

Income tax payments/reimbursements

  • 66
  • 47

Non-cash changes in measurement of financial derivatives 41 +12 Change in working capital 761

  • 195

Operating cash flow 855

  • 124

Capital expenditure (net)

  • 660
  • 147

Free cash flow 195

  • 271

Cash and cash equivalents as of 31.03.2014* 857

  • 695

Current securities 2,817

  • 329

Total Group liquidity* 3,674

  • 1,024

Positive free cash flow despite higher investments in the first quarter Cash flow statement Q1 2014

* Including fixed-term deposits with terms of three to twelve months (95 m EUR)

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Page 36

Operating margins (normalized*) FY2013 vs. FY2012

10.0 9.0 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0

  • 1.0
  • 2.0
  • 3.0

4.8 5.4 Lufthansa Passenger Airlines 0.1 2.1 0.8 9.7 Logistics 3.9 3.2 Passenger Airline Group 2.5 Austrian Airlines

  • 2.1

LH Group 2.1 1.2 IT Services 3.3 5.6 Catering 3.5 4.2 MRO 8.2 SWISS 4.0 FY 2012 FY 2013

all numbers in % * excluding one-off effects

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SLIDE 37

Page 37

Operating margins (normalized*) Q1 2014 vs. Q1 2013

  • 2.0

10.0 8.0

  • 14.0
  • 12.0

6.0 4.0

  • 6.0
  • 4.0
  • 10.0
  • 8.0

2.0 0.0 Catering 0.5

  • 0.7

MRO 8.1 9.2 Logistics 4.7 3.6 Passenger Airline Group

  • 7.2
  • 6.1

Austrian Airlines

  • 13.1
  • 13.4

SWISS

  • 1.6

0.6 Lufthansa Passenger Airlines 2.0 3.2

  • 7.1

LH Group

  • 4.5
  • 2.9

IT Services

  • 8.0

Q1 2013 Q1 2014

all numbers in % * excluding one-off effects