Earnings performance
Result from operating activities of EUR -1,445m
The result from operating activities came to EUR -1,445m in the 2024 financial year (previous year: EUR 5,898m). The main reasons for this earnings performance were the significantly higher costs of materials and services and staff costs in 2024, along with the significant decline in other operating income. Earnings in the previous year stemmed largely from the book gains recognised on previously unrealised gains in the shares of Lufthansa Cargo AG and Lufthansa Technik AG.
Positive financial result of EUR 1,816m
The financial result amounted to EUR 1,816m (previous year: EUR 1,003m). The main driver was the result from equity investments of EUR 1,826m (previous year: EUR 812m), whereas positive interest income of EUR 87m (previous year: EUR 196m) was offset by other financial items of EUR -97m (previous year: EUR -5m).
| T082 | INCOME STATEMENT FOR DEUTSCHE LUFTHANSA AG IN ACCORDANCE WITH HGB | |
|---|---|---|
| in €m | 2024 | 2023 |
| Traffic revenue | 14,330 | 14,180 |
| Other revenue | 1,482 | 1,454 |
| Total revenue | 15,812 | 15,634 |
| Other operating income | 1,277 | 7,632 |
| Cost of materials and services | -11,288 | -10,294 |
| Staff costs | -3,858 | -3,661 |
| Depreciation, amortisation and impairment | -393 | -426 |
| Other operating expenses | -2,995 | -2,987 |
| Profit/loss from operating activities | -1,445 | 5,898 |
| Result from equity investments | 1,826 | 812 |
| Net interest | 87 | 196 |
| Impairment of investments and current securities | -97 | -5 |
| Financial result | 1,816 | 1,003 |
| Current income taxes | 109 | -46 |
| Deferred income taxes | -73 | -60 |
| Earnings after taxes | 407 | 6,795 |
| Other taxes | -35 | -30 |
| Net profit | 372 | 6,765 |
| Transfer to other retained earnings | -13 | -3,382 |
| Distributable earnings | 359 | 3,383 |
The result from equity investments includes profit and loss transfers of EUR 1,503m (previous year: EUR 528m) and other income from investments of EUR 323m (previous year: EUR 284m).
The positive performance of the result from equity investments is mainly due to Lufthansa Commercial Holding GmbH, which transferred earnings of EUR 1,369m (previous year: EUR 32m). For the first time, this result included earnings from Lufthansa Technik AG (EUR 362m; previous year: EUR 523m) and Lufthansa Cargo AG (EUR 143m; previous year: EUR 127m). In the previous year, earnings at Lufthansa Commercial Holding GmbH were reduced by an impairment loss of EUR 600m on its investment in Lufthansa Cargo AG.
Positive earnings contributions came from Miles & More GmbH (EUR 185m; previous year: EUR 137m), Delvag AG (EUR 24m; previous year: EUR 17m), Truffle Holding AG (formerly LSG Lufthansa Service Holding AG: EUR 7m; previous year: EUR -97m) and above all Eurowings GmbH, which reduced its loss by EUR 174m to EUR -27m (previous year: EUR -201m). Losses transferred from Lufthansa Cityline GmbH came to EUR -55m (previous year: EUR -8m). Other income from investments mainly comprised dividends from Austrian leasing companies of EUR 260m (previous year: EUR 280m).
Net interest in the financial year 2024 was positive again at EUR 87m (previous year: EUR 196m). The decline compared with the previous year is due to the lower market performance of plan assets for retirement benefits (EUR -88m) and additional interest expenses towards affiliated companies (EUR -106m). This was offset by a one-off effect from settling a dispute with the tax authorities resulting from a tax inspection (EUR 144m).
Impairment losses of EUR 97m on investments and current securities recognised in the financial result were significantly higher than in the previous year (EUR 5m). They were due in full to impairments on two securities held in the portfolio because of lower market values.
Net profit for the year of EUR 372m
The operating result and financial result add up to EUR 371m (previous year: EUR 6,901m). The positive effect of EUR 36m from income tax expenses (previous year: EUR -106m) was offset by expenses for other tax expenses of EUR 35m (previous year: EUR 30m), resulting in a positive net amount of EUR 1m. Also included in net taxes is the settlement of a dispute with the tax authorities concerning the tax treatment of intra-Group loans, which resulted in a positive income tax effect of EUR 158m. Deferred tax expenses of EUR 73m were also recognised in the financial year. Altogether, net profit of EUR 372m was recognised for the financial year 2024 (previous year: EUR 6,765m).