Notes to the consolidated income statement

4. Traffic revenue

In the consolidated income statement, the Lufthansa Group attributes revenue to the segments Passenger Airlines, Logistics, MRO and Additional Businesses and Group Functions. Revenue from the discontinued Catering segment is shown separately as part of the result from discontinued operations.

Table T067 provides a breakdown of traffic revenue according to the different business models.

T067 TRAFFIC REVENUE BY SECTOR
    2023 2022
in €m Total Europe1) North
America1)
Central and South America1) Asia/
Pacific1)
Middle East1) Africa 1) Total Europe1) North
America1)
Central and South America1) Asia/
Pacific1)
Middle East1) Africa 1)
                             
Passenger Airlines2) 27,151 18,778 5,165 519 1,827 420 442 21,4343) 14,7683) 4,1043) 4883) 1,2153) 447 412
Lufthansa German Airlines 15,011             11,9693)            
SWISS2) 5,820             4,6883)            
Austrian Airlines 2,268             1,7803)            
Brussels Airlines 1,466             1,140            
Eurowings2) 2,586             1,857            
Logistics 2,775 1,395 317 93 867 30 73 4,430 2,363 484 152 1,299 51 81
Total 29,926             25,8643)            
                               
1) Traffic revenue is allocated according to the original location of sale.
2) Disclosure of traffic revenue, including belly revenue; this is reported in the segment reporting in the reconciliation column.
3) Previous year’s figure adjusted due to the reclassification of the Catering segment to discontinued operations.

The increase in traffic revenue was due to higher sales, in connection with improved yields for certain routes.

Traffic revenue of EUR 29,926m (previous year: EUR 25,864m) includes cargo and mail revenue of EUR 3,225m (previous year: EUR 5,159m). The Logistics segment accounted for EUR 2,775m (previous year: EUR 4,430m) of this amount. Other cargo and mail revenue of EUR 450m (previous year: EUR 729m) stems mainly from marketing belly capacities on passenger flights by SWISS and Eurowings.

5. Other revenue

Table T068 provides a breakdown of other revenue by category (type of service) and geographical distribution.

T068 OTHER OPERATING REVENUE BY AREA OF OPERATIONS
    2023 2022
in €m Total Europe1) North
America1)
Central and South America1) Asia/
Pacific1)
Middle East1) Africa 1) Total Europe1) North
America1)
Central and South America1) Asia/
Pacific1)
Middle East1) Africa 1)
                             
MRO 4,389 1,552 1,393 202 887 244 111 4,004 1,458 1,420 127 719 210 70
MRO services 3,710             3,608            
Other operating revenue 679             396            
Passenger Airlines 490 433 29 2 21 1 4 4672) 3842) 422) 3 25 72) 6
Logistics 152 88 47 10 7 152 84 61 1 6
Additional Businesses and Group Functions 485 330 42 19 66 18 10 408 285 38 16 46 16 7
IT services 175             157            
Travel management 243             188            
Other 67             63            
Total 5,516             5,0312)            
                               
1) Other operating revenue is allocated according to the original location of sale.
2) Previous year’s figure adjusted due to the reclassification of the Catering segment to discontinued operations.
             

MRO services make up the majority of external revenue in the MRO segment. Other revenue in the MRO segment from the sale of material and hiring out material and engines, as well as logistics services, are classified as other services.

Other revenue also includes revenue from customer contracts that are fulfilled over a given period. These are mainly MRO and IT services.

6. Changes in inventories and other work performed by the entity and capitalised
T069 CHANGES IN INVENTORIES AND OTHER
WORK PERFORMED BY THE ENTITY AND CAPITALISED
in €m 2023 2022
     
Increase/decrease in finished goods and work in progress 42 6
Other internally produced and capitalised assets 685 348
  727 354
       

Other own work capitalised relates to aircraft and engine overhauls. The year-on-year upward trend stems from a significant increase in the number of maintenance inspections since the fleet was used much more.

7. Other operating income
T070 OTHER OPERATING INCOME
in €m 2023 2022¹⁾
     
Foreign exchange gains 1,041 1,168
Income from the reversal of provisions and accruals 357 341
Compensation received for damages 201 24
Income from the disposal of non-current assets 115 21
Reversal of write-downs on receivables 77 52
Rental income 36 35
Services provided by the Group 33 41
Income from the disposal of non-current available-for-sale financial assets 19 38
Staff secondment 18 16
Commission income 10 11
Subsidies 9 9
Income from the reversal of impairment losses on fixed assets 4 2
Other operating income 493 422
    2,413 2,180
       
1) Previous year’s figure adjusted due to the reclassification of the Catering segment to discontinued operations.

Foreign exchange gains (excluding financial liabilities) mainly include gains from differences between the average rate for the month on the transaction date and on the payment date, along with foreign exchange gains from measurement at the closing rate. Income from exchange rate hedging is also recognised here. Foreign exchange losses from these transactions are reported under other operating expenses. ↗ Note 11. The foreign currency effects of borrowing are recognised in other financial items, in the context of the net results of exchange rate hedging relationships for borrowing.

Income from the reversal of provisions and accruals relates to a number of provisions and accruals recognised in previous years that have not been fully used. The main reversals related to advance payments for products and services and to provisions for onerous contracts, for net income from equity investments and for legal disputes. In the previous year, the main reversals related to advance payments for products and services and provisions for restructuring obligations. Expenses from insufficient provisions recognised in prior years are presented together with the primary expense type to which they relate.

Income from compensation for damages stems mainly from compensation from suppliers for exceeding contractually agreed maintenance costs and delivery dates for aircraft, and insurance payments for damage to aircraft.

Income from the disposal of property, plant and equipment also includes EUR 108m in book gains on aircraft sold (previous year: EUR 7m). This income was primarily generated in connection with the sale and lease-back of twelve aircraft from the Airbus A320 family. ↗ Note 23

Income from the reversal of valuation allowances on receivables mainly related to the MRO and Passenger Airlines segments. In contrast to earlier expectations, receivables from customers for which defaults were considered to be highly probable as of the last reporting date did turn out to be recoverable.

The Lufthansa Group recognised rental and lease income of EUR 35m in 2023 (previous year: EUR 35m). Table T071 shows the contractual lease payments for future periods.

T071 CONTRACTUAL LEASE PAYMENTS (LESSOR)
in €m 31 Dec 2023 As of 31 Dec 2022
     
to 1 year 17 20
more than 1 year to 2 years 12 14
more than 2 years to 3 years 10 10
more than 3 years to 4 years 8 7
more than 4 years to 5 years 6 6
more than 5 years 46 53
       

Other operating income includes items not attributable to any of the aforementioned categories.

8. Cost of materials and services
T072 COST OF MATERIALS AND SERVICES
in €m 2023 2022¹⁾
     
Aircraft fuel and lubricants 7,931 7,601
Other raw materials, consumables and supplies 2,662 2,123
Purchased goods 67 61
Total cost of raw materials, consumables and supplies and of purchased goods 10,660 9,785
Fees and charges 4,487 3,730
External MRO services 2,104 1,756
In-flight services 980 768
Charter expenses 878 855
External IT services 415 387
Flight irregularities 271 224
Other services 583 468
Total cost of purchased services 9,718 8,188
     
  20,378 17,973
       
¹⁾ Previous year’s figure adjusted due to the reclassification of the Catering segment to discontinued operations.

The increase in the cost of materials and services is largely due to the growth in business volume and to price increases as a result of inflation. This was offset by price and currency effects in connection with fuel expenses.

Depreciation and valuation allowances on repairable spare parts are also reported within expenses for other raw materials, consumables and supplies. In the 2023 financial year, there were no impairment losses or valuation allowances (previous year: EUR 78m). An amount of EUR 42m in the previous year related to inventories in Russia to which the Group no longer has access.

Expenses for flight irregularities includes accommodation and meals in the case of delays, for instance, or payments for damaged luggage. Direct compensation payments to customers are recognised as a reduction in traffic revenue in accordance with IFRS 15.

Other purchased services also include costs for lounge operations and costs in connection with the miles programme.

9. Staff costs
T073 STAFF COSTS
in €m 2023 2022¹⁾
     
Wages and salaries 6,770 5,804
Social security contributions 996 880
Expenses for pension plans and other employee benefits 578 593
  8,344 7,277
       
¹⁾ Previous year’s figure adjusted due to the reclassification of the Catering segment to discontinued operations.

The increase in staff costs stems particularly from payscale salary increases, higher variable remuneration components and the end of short-time work that reduced expenses in the previous year. Adjusted for the employees in the discontinued Catering segment, the average number of employees rose by 6%, which is another reason for the higher staff costs.

These costs were offset by lower partial retirement expenses (2023: EUR 97m; previous year: EUR 134m), severance payments (2023: EUR 10m; previous year: EUR 34m) and company pensions (2023: EUR 578m; previous year: EUR 593m). Expenses for retirement benefits principally consist of additions to pension provisions ↗ Note 36.

T074 EMPLOYEES
  Average for
the year
2023
Average for
the year
2022
As of 31 Dec 2023 As of 31 Dec 2022
         
Ground staff 67,089 65,919 52,426 68,016
Flight staff 41,760 39,905 42,611 40,248
Staff 108,849 105,824 95,037 108,264
Trainees 1,415 1,065 1,640 1,245
  110,264 106,889 96,677 109,509
           

The annual average is calculated pro rata temporis from the time companies are consolidated or deconsolidated for the first time.

10. Depreciation, amortisation and impairment

Total depreciation, amortisation and impairment came to EUR 2,242m (previous year: EUR 2,245m).

T075 DEPRECIATION, AMORTISATION AND IMPAIRMENT
in €m 2023 2022¹⁾
     
Amortisation of other intangible assets 88 95
Depreciation of aircraft 1,764 1,709
Depreciation of other property, plant and equipment 376 395
Total amortisation/depreciation 2,228 2,199
Impairment of goodwill
Impairment of other intangible assets 5 21
Impairment of aircraft and reserve engines 18
Impairment of other property, plant and equipment 1
Impairment of right-of-use assets 3
Impairment of financial investments 9 3
Total impairment 14 46
     
Total depreciation, amortisation and impairment 2,242 2,245
       
¹⁾ Previous year’s figure adjusted due to the reclassification of the Catering segment to discontinued operations.

Depreciation and amortisation only changed slightly year-on-year.

In the 2023 financial year, impairment losses of EUR 14m relate to Passenger Airlines (EUR 8m) and Additional Businesses and Group Functions (EUR 6m).

Other operating expenses include a further EUR 32m in impairment losses (previous year: EUR 14m). These impairments relate to the Airbus A380s already reclassified as assets held for sale and stem from further reductions in purchase prices due to storm damage. Impairment losses of EUR 14m were incurred the previous year in this context.

11. Other operating expenses
T076 OTHER OPERATING EXPENSES
in €m 2023 2022¹⁾
     
Foreign exchange losses 993 1,051
Staff-related expenses 935 701
Rental and maintenance expenses 617 510
Sales commission paid to agencies 356 292
Expenses for computerised distribution systems 341 302
Auditing, consulting and legal expenses 312 266
Commissions for credit cards 281 240
Advertising and sales promotions 281 229
Other services 206 182
Insurance premiums for flight operations 63 65
Other taxes 62 71
Write-downs on receivables 61 79
Communications costs 48 48
Losses on disposal of non-current assets 33 26
Other operating expenses 573 476
  5,162 4,538
       
¹⁾ Previous year’s figure adjusted due to the reclassification of the Catering segment to discontinued operations.

The increase in other operating expenses results particularly from higher sales and marketing costs, as well as a rise in crew travel expenses as flight operations escalated. This was partly offset by the decline in foreign currency losses.

Foreign exchange losses (excluding borrowings) mainly consist of losses from differences between the monthly average rates on the transaction date and on the payment date, expenses from exchange rate hedges and translation losses from measurement at the exchange rate on the closing date. ↗ Note 7. The foreign currency effects of borrowing are recognised in other financial items, in the context of the net results of exchange rate hedging relationships for borrowing.

Staff-related expenses also include travel and training costs for Group employees and the costs of outside staff.

Rental expenses include property maintenance expenses of EUR 158m (previous year: EUR 141m).

The valuation allowances on receivables at EUR 32m (previous year: EUR 43m), mainly related to customer receivables at direct risk of default. Write-downs of EUR 1m (previous year: EUR 5m) were also recognised for general default risks under application of the expected credit loss model defined in IFRS 9. Expenses for valuation allowances on receivables of EUR 20m in the previous year related to receivables in connection with the war in Ukraine.

Of advisory and legal expenses, a total of EUR 39m (previous year: EUR 37m) relates to costs in connection with company transactions.

12. Result from equity investments
T077 RESULT FROM EQUITY INVESTMENTS
in €m 2023 2022¹⁾
     
Result of joint ventures accounted for using the equity method 103 20
Result of associated companies accounted for using the equity method 18 -35
Result of equity investments accounted for using the equity method 121 -15
Dividends from other joint ventures 8 10
Dividends from other associated companies 2 1
Income from profit transfer agreements 54 33
Expenses from loss transfer agreements -16 -34
Dividends from other equity investments 44 28
Result of other equity investments 92 38
     
  213 23
       
¹⁾ Previous year’s figure adjusted due to the reclassification of the Catering segment to discontinued operations.

The improved result from equity investments accounted for using the equity method comes from Günes Ekspres Havacilik Anonim Sirketi (Sunexpress). In addition to a significant earnings increase, the company reported tax income in connection with the introduction of an inflation correction mechanism in the tax balance sheet. The other entities accounted for using the equity method reported a net result of zero overall.

Income and expenses from profit and loss transfer agreements include apportionments of taxes.

13. Net interest
T078 NET INTEREST
in €m 2023 2022¹⁾
     
Income from other securities and non-current financial loans 7 3
Other interest and similar income 238 65
Interest income 245 68
Interest expenses on pensions obligations -77 -83
Interest expenses on other provisions - 9 -7
Interest and similar expenses -507 -387
Interest expenses -593 -477
     
  -348 -409
       
¹⁾ Previous year’s figure adjusted due to the reclassification of the Catering segment to discontinued operations.

Net interest comprises interest income and interest expenses – calculated using the effective interest method in accordance with IFRS 9 – from financial assets and liabilities not classified as at fair value through profit or loss.

Net interest improved year-on-year by EUR 61m. This is largely due to a EUR 177m increase in income from cash investments in connection with higher interest rates. It was offset by an increase of EUR 120m in interest expenses for capital market borrowing.

14. Other financial items
T079 OTHER FINANCIAL ITEMS
in €m 2023 2022
     
Result of fair value hedges – change in time value of hedged transactions 41 274
Result of fair value hedges – change in time value of hedging instruments -42 - 234
Ineffective portion of derivatives used as cash flow hedges - 127 35
Result of derivatives classified as “at fair value through profit or loss” -5 104
Result of measuring securities classified as “at fair value through profit or loss” 91 84
Exchange rates effects from financial liabilities 38 - 24
  -4 239
       

The main reasons for the decline in other financial items are as follows.

For US dollars, the Lufthansa Group is in a net payer position as regards currency risks from planned aircraft purchases, since the purchase price payments are dollar-denominated. Changes to the timing of planned aircraft purchases make the investment hedges partially ineffective. Changes in USD exchange rates in 2023 resulted in expenses of EUR 105m (previous year: income of EUR 37m) in the item “Ineffective portion of derivatives used as cash flow hedges”.

Other expenses of EUR 7m (previous year: income of EUR 107m) relate to the measurement of the derivatives used for strategic interest rate hedging, which are measured at fair value through profit or loss. The underlying programme was ended in 2023.

Contrary changes in the time value of hedged items and hedge instruments in fair value hedges resulted in a net result of zero in 2023 (previous year: income of EUR 40m).

15. Income taxes

Tax expenses of EUR 380m (previous year: tax expenses of EUR 239m) were incurred in the 2023 financial year and are made up as follows:

T080 INCOME TAXES
in €m 2023 2022
     
Current income taxes 109 137
Deferred taxes 271 102
of which from temporary differences 149 277
of which from loss carry-forwards 122 -175
  380 239
       

Current income taxes include corporation tax, the solidarity surcharge, trade tax and other income taxes payable outside Germany totalling EUR 274m (previous year: EUR 193m). Other tax income of EUR 165m related to prior years (previous year: tax income of EUR 55m).

The tax rates used to calculate deferred taxes abroad in the 2023 financial year were unchanged from the previous year at 3.5% to 35.0%. For measuring deferred taxes, the relevant taxation rules in force or adopted at the balance sheet date are used.

The Act to Ensure a Global Minimum Tax for Corporate Groups was passed in Germany with effect from 1 January 2024. Deutsche Lufthansa AG is domiciled for tax purposes in Germany and so falls within the scope of the act. It therefore carried out an impact analysis based on the last tax declarations, country-specific reporting and historical financial data. On this basis, the Lufthansa Group expects current taxes to increase by a low to medium two-figure million euro amount per year. Tax effects that could result from the future application of the rules on global minimum taxation are not taken into account when measuring the amount of deferred tax assets and liabilities to be recognised.

Table T081 shows the reconciliation from the expected to the effective, recognised tax expense. The expected tax expense is calculated by multiplying profit before income taxes by a tax rate of 25% (previous year: 25%). This is calculated as the average estimated value for the tax group of the Group parent company and is made up of a tax rate of 15.825% (previous year: 15.825%) for corporation tax/solidarity surcharge and 9.175% for trade tax (previous year: 9.175%). The portion of trade tax related to foreign air transport operations is deducted when calculating the trade tax rate, particularly in the case of the Group parent company with its head office in Germany.

T081 TAX RECONCILIATION
  2023 2022
in €m Basis of
assessment
Tax
expenses
Basis of
assessment
Tax
expenses
         
Expected income tax expenses 2,055 514 1,050 263
Non-taxable profits / losses on disposal - 141 35 -62 16
Non-deductible costs 262 66 282 71
Non-taxable income 353 -88 164 - 41
Non-taxable income from equity investments 183 - 46 44 - 11
Difference between local taxes and the deferred tax rates of the parent company as well as effects of changes in tax rates 8 - 29
Taxes from other periods - 80 - 29
of which current taxes -165 -55
of which deferred taxes 85 26
Effects from recognised / unrecognised deferred tax assets -43 6
Recognised income tax expenses 366 246
           

The assessment base for the expected income tax expenses is made up of profit before tax from continuing operations of EUR 2,317m (previous year: EUR 1,249m) and the loss before tax from discontinued operations of EUR 261m (previous year: EUR 198m). Of the income tax expenses shown, EUR 380m (previous year: EUR 239m) relates to continuing operations, and tax income of EUR 13m (previous year: tax expenses of EUR 8m) to discontinued operations.

Including both continuing and discontinued operations, the effective tax rate in 2023 was 18% (previous year: EUR 23%).

Deferred tax liabilities of EUR 153m (previous year: EUR 158m) were not recognised on temporary differences in connection with shares in subsidiaries, as the temporary differences are not expected to reverse in future.

Deferred tax assets and liabilities in 2023 and 2022 were allocable to the following items:

T082 DEFERRED TAX ASSETS AND LIABILITIES
  As of 31 Dec 2023 As of 31 Dec 2022
in €m Assets Liabilities Assets Liabilities
         
Tax loss carry-forwards and tax credits 2,343 2,464
Pension provisions 1,335 1,160
Intangible assets, property, plant and equipment 1,194 1,147
Non-current financial assets 2 14
Fair value measurement of financial instruments 62 276
Provisions for contingent losses 49 53
Receivables/liabilities/other provisions 87 4
Inventories 172 172
Assets held for sale 5
Other
amounts -840 -840 - 925 - 925
  3,059 505 2,928 517
           

In addition to a deferred tax asset on temporary differences of EUR 1,068m (previous year: EUR 879m), a deferred tax asset on losses of EUR 1,943m (previous year: EUR 1,960m) was recognised for companies which incurred a net tax loss in the reporting year or in the previous year. In cases of a history of losses, an assessment of whether there would be sufficient taxable income in future was made on the basis of the forecasts for taxable income. Deferred tax assets were only recognised to the extent that these analyses indicated that there is a strong probability.

EUR 1,888m (previous year: EUR 1,847m) of the deferred tax assets recognised for loss carry-forwards related to the tax group of Deutsche Lufthansa AG. The loss carry-forward for the financial year was recognised in full. The basis for this approach was long-term tax planning based on current corporate planning. Both external forecasts, e.g. by the industry association IATA, and internal planning currently assume that the loss was due to an exogenous shock which will be overcome in the next few years and which does not fundamentally call into question the sustainable profitability of the industry or the Company. Deutsche Lufthansa AG has shown in the past that positive tax results could be achieved over long-term periods, and the Company’s planning indicates a return to sustained positive tax results from 2025 and for subsequent years. Based on these external and internal indicators, as well as the fact that under current German law the tax loss carry-forward is not restricted in time, the Company assumes that there is a high probability of sufficiently positive tax results in the future to be able to fully utilise the deferred tax assets. This means that the period of use is subject to uncertainty, but the Company does not consider the full use as such to be subject to uncertainty. A further EUR 82m (previous year: EUR 24m) related to Austrian Airlines companies.

In addition to recognised deferred tax assets from tax loss carry-forwards and tax credits, further tax loss carry-forwards and temporary differences totalling EUR 3,746m (previous year: EUR 3,910m) for which no deferred tax assets could be recognised exist at companies which already had a history of losses before the pandemic. Among other things, these amounts include a notional interest deduction for Maltese entities that was recorded for the first time, but whose use was not considered to be sufficiently certain.

Of the tax loss carry-forwards and tax credits of EUR 3,715m for which no deferred tax assets were recognised, EUR 38m expire in 2024. The majority of the additional tax loss carry-forwards can be used for an indefinite period and a small portion will expire after 2033.

16. Result from discontinued operations

By contract dated 4 April 2023, Deutsche Lufthansa AG sold the main commercial activities of its Catering segment to the private equity firm AURELIUS Equity Opportunities SE & Co. KGaA in Grünwald, Germany, via a carve-out. The transaction covers the full range of traditional catering activities as well as the onboard retail and food commerce business. Also included are all the LSG group brands, the onboard retail specialist Retail InMotion (RiM), which is headquartered in Europe, and SCIS Air Security Services in the United States. The transaction closed on 31 October 2023. In line with IFRS 5, the individual items were reclassified in the income statement from March 2023 onwards to the item “Profit/loss for the year from discontinued operations”. The comparative figures for the previous year are adjusted accordingly.

A summary of the effects of the discontinued operation on the income statement, statement of financial position and cash flow statement is given below.

The breakdown of revenue for the discontinued Catering business is as follows for the Group’s regions:

T083 DISCONTINUED CATERING OPERATING SEGMENT - REVENUE BY AREA OF OPERATIONS
    2023 2022
in €m Total Europa1) North
America1)
Central and South America1) Asia/
Pacific1)
Middle East1) Africa1) Total Europa1) North
America1)
Central and South America1) Asia/
Pacific1)
Middle East1) Africa1)
                             
Catering 1,888 270 1,213 112 227 35 31 1,903 265 1,299 119 146 36 38
Catering services 1,574             1,577            
Revenue from in-flight sales 214             207            
Other services 100             119            
                               
1) Other operating revenue is allocated according to the original location of sale.

Table T084 shows the loss from discontinued operations. The figures show the discontinued Catering operation’s business activities with third parties. The entries to eliminate revenue and expenses from intra-Group transactions in the course of consolidation were allocated to the discontinued operation.

The adjustment of the net assets of the discontinued operation in line with the expected cash inflows from the purchase agreement necessitated the recognition of an impairment charge of EUR 95m in the course of the 2023 financial year, taking into account offsetting deferred tax effects, which is reported in the profit/loss from discontinued operations. The result attributable to non-controlling interests includes a profit of EUR 4m from discontinued operations (previous year: profit of EUR 2m).

T084 DISCONTINUED CATERING OPERATING SEGMENT - PROFIT AND LOSS
in €m 2023 2022
     
Income 1,980 1,906
Expenses -1,903 -1,948
Result from ordinary activities before taxes 77 -42
Income taxes -24 -8
Result from ordinary activities after taxes 53 -50
Impairment for valuation at fair value less costs to sell -95 -156
Disposal loss -65
Reclassification of currency translation differences without effect on profit and loss -178
Income taxes 37
Profit or loss after tax from discontinued operations -248 -206
       

At the time of disposal, the assets and liabilities sold from the discontinued Catering segment consisted of the following:

T085 DISCONTINUED OPERATIONS - ASSETS AND ADDITIONAL LIABILITIES
in €m 31 Oct 2023
   
Assets  
Other intangible assets 21
Property, plant and equipment 428
Other assets (non-current) 23
Borrowings (non-current) 57
Deferred tax assets 24
Inventories 48
Trade receivables and other current assets 305
Cash and cash equivalents 69
Total 975
Shareholders’ equity and liabilities  
Pension provisions 25
Other provisions (non-current) 13
Borrowings (non-current) 137
Other liabilities (non-current) 49
Other provisions (current) 15
Borrowings (current) 37
Trade payables and other current financial liabilities 383
Total 659
     

The following amounts in the cash flow statement are attributable to the discontinued Catering business segment:

T086 DISCONTINUED CATERING OPERATING SEGMENT - CASH FLOW STATEMENT
in €m 2023 2022
     
Net cash from/used in operating activities -30 77
Net cash from/used for investing activities 2 -28
Net cash from/used in cash management activities -5 -33
Net cash from/used for investing and cash management activities -3 -61
Net cash from/used for financing activities -79 -194
       

Including the cash transferred in the course of the disposal of the LSG entities and the purchase price components already paid, the net outflow came to EUR 14m.

17. Earnings per share

Basic/diluted earnings per share are calculated by dividing consolidated net profit by the weighted average number of shares in circulation during the financial year. When determining the average number of shares, the shares bought back and reissued for the employee share programmes are included in the calculation on a pro rata basis.

The convertible bond issued in 2020 has not yet had any effect on earnings per share, since the strike price for the options were higher than the average price of shares in Deutsche Lufthansa AG in the reporting period.

Since there are relatively few of them, the shares potentially created by the new share-based remuneration do not have any effect on earnings per share either.

T087 EARNINGS PER SHARE
In €   2023 2022
       
Basic/diluted earnings per share   1.40 0.66
of which from continuing operations   1.61 0.84
of which from discontinued operations   -0.21 -0.18
Net profit/loss for the period in € million 1,673 791
of which from continuing operations in € million 1,925 999
of which from continuing operations in € million -252 - 208
Weighted average number of shares Number 1,195,534,545 1,195,485,644
         

As the parent company of the Group, Deutsche Lufthansa AG reported a distributable profit of EUR 3,383m for the 2023 financial year. The Executive Board and Supervisory Board will table a proposal at the Annual General Meeting to be held on 7 May 2024 to pay a dividend of EUR 0.30 per share. This represents a total dividend of EUR 359m or 21.5% of the net profit for 2023 attributable to the Company shareholders. The remaining amount of EUR 3,024m is to be transferred to other retained earnings.

Lufthansa Group Annual Report 2023