2Nd Interim Report: January - June 2020

2ND INTERIM REPORT
January – June 2020

The Lufthansa Group
KEY FIGURES
Jan - Jun Jan - Jun Change Apr - Jun Apr - Jun Change
2020 2019 in % 2020 2019 in %
Revenue and result
Total revenue1) €m 8,335 17,416 -52 1,894 9,578 -80
of which traffic revenue 1) €m 5,641 13,375 -58 1,102 7,570 -85
Operating expenses1) €m 12,069 18,162 -34 3,907 9,480 -59
Adjusted EBITDA €m -1,578 1,736 -1,038 1,415
Adjusted EBIT €m -2,899 418 -1,679 754
EBIT €m -3,468 417 -1,846 761
Net profit/loss €m -3,617 -116 -3,018 -1,493 226
Key balance sheet and cash flow statement

figures
Total assets €m 39,887 43,094 -7 – –
Equity €m 5,702 9,166 -38 – –
Equity ratio % 14.3 21.3 -7.0 pts – –
Net indebtedness €m 7,314 6,234 17 – –
Pension provision €m 7,422 6,612 12 – –
Cash flow from operating activities €m 363 2,393 -85 -1,004 835
Capital expenditures (gross)2) €m 897 1,904 -53 127 668 -81
Adjusted free cash flow €m -510 269 -1,130 91
Key profitability and value creation figures
Adjusted EBITDA margin % -18.9 10.0 -28.9 pts -54.8 14.8 -69.6 pts
Adjusted EBIT margin % -34.8 2.4 -37.2 pts -88.6 7.9 -96.5 pts
EBIT margin % -41.6 2.4 -44.0 pts -97.5 7.9 -105.4 pts
Lufthansa share
Share price as of 30 Jun € 8.94 15.07 -41 – –
Earnings per share € -7.56 -0.24 -3,050 -3.12 0.48
Traffic figures1)
Flights number 225,937 575,466 -61 18,730 312,812 -94
Passengers thousands 23,475 68,973 -66 1,719 39,552 -96
Available seat-kilometres millions 68,604 174,603 -61 4,307 95,150 -95
Revenue seat-kilometres millions 49,512 141,169 -65 2,413 79,236 -97
Passenger load factor % 72.2 80.9 -8.7 pts 56.0 83.3 -27.3 pts
Available cargo tonne-kilometres millions 5,495 8,553 -36 2,047 4,497 -54
Revenue cargo tonne-kilometres millions 3,603 5,262 -32 1,447 2,711 -47
Cargo load factor % 65.6 61.6 4.0 pts 70.7 60.3 10.4 pts
Employees
Employees as of 30 Jun number 129,356 137,639 -6 – –
1)
Previous year's figures have been adjusted.
2)
Without acquisition of equity investments.
Date of publication: 6 August 2020.
Contents
4 Interim management report 26 Interim financials statements 44 Further information
4 Economic environment and sector 26 Consolidated income statement 44 Declaration by the
performance 27 Consolidated statement of compre- legal representatives
6 Course of business hensive income 45 Review report
6 Significant events 28 Consolidated balance sheet 46 Credits/Contact
8 Events after the reporting period 30 Consolidated statement of changes in Financial calendar 2020/2021
9 Financial performance shareholders‘ equity
14 Business segments 31 Consolidated cash flow statement
24 Opportunities and risk report 32 Notes
25 Forecast
3 TO OUR SHAREHOLDERS LUFTHANSA GROUP 2ND INTERIM REPORT JANUARY - JUNE 2020
Letter from the Executive Board
Ladies and gentlemen,
The coronavirus pandemic has had an impact on the avi- fleet by 100 aircraft as a long-term measure and not to
ation industry unlike any seen before. Hardly any other resume flight operations by Germanwings. The measures
sector has been more affected by the impact of the global forming part of the second package adopted at the begin-
crisis, and almost no other sector will take longer to re- ning of July include a smaller Executive Board, a stream-
cover. lined administrative team and measures to reduce the
number of management positions. Efforts are also under
This is clearly reflected in the Lufthansa Group’s busi- way to turn the Lufthansa airline into an autonomous
ness. Revenue in the first half of 2020 was down by 52% company. Our top priority is repaying state loans and de-
year-on-year to EUR 8,335m. Adjusted EBIT, our leading posits as quickly as possible.
performance indicator, dropped from EUR 418m in the
previous year to EUR –2,899m. As a result, we expect to We have already reached an agreement with the cabin
report a significant loss in 2020. crew union UFO on an extensive crisis package for
Lufthansa’s employees that should allow us to cut our
In order to ensure that the Lufthansa Group remains sol- costs significantly. We are still involved in intensive dis-
vent, we have agreed on stabilisation measures and cussions with other labour union partners to ensure the
loans with the Economic Stabilisation Fund of the Federal Company’s viability going forward.
Republic of Germany worth a total of EUR 9bn. These
measures have been approved by both the extraordinary The market environment will remain challenging for years
general meeting and the European Commission. We to come. Travel restrictions still apply in a large number
have also agreed that the governments of Switzerland, of countries, particularly in our key long-haul markets.
Austria and Belgium will take over a portion of the state Nevertheless, demand is gradually starting to recover,
stabilisation measures for their national airlines. These especially for short-haul destinations and in the tourism
agreements have sustainably secured the Company’s li- segment. As a result, we are expanding our airline flight
quidity – and, as a result, its future viability. The full re- timetables on an ongoing basis. By the end of October,
payment of the state loans and deposits, including inter- we will be back to offering around 40% of last year’s ca-
est, will, however, put considerable pressure on the Com- pacity. This will see us fly to over 90% of the Group’s
pany in the years to come, especially as we predict that original short and medium-haul destinations and more
the market recovery will be a slow one. This means that than 70% of our long-haul destinations.
we will be cutting our costs significantly and in the long
run. We would be pleased if you would continue to accom-
pany us on this journey.
We have already adopted two packages as part of our re-
structuring programme: The first package, approved in
early April, involves our decision to reduce the size of our
Frankfurt, 4 August 2020

The Executive Board
Carsten Spohr Christina Foerster Harry Hohmeister

Chairman of the Executive Board Member of the Executive Board Member of the Executive Board
and CEO Customer, IT & Commercial Passenger Airlines
Corporate Responsibility
Detlef Kayser Michael Niggemann

Member of the Executive Board Member of the Executive Board
Airline Resources & Corporate Human Resources,
Operations Standards Legal Affairs & M&A
4 INTERIM MANAGEMENT REPORT LUFTHANSA GROUP 2ND INTERIM REPORT JANUARY - JUNE 2020
Economic environment and sector performance
Economic environment and — Asia/Pacific was the least affected global region in the
second quarter, with a decline in economic output of
sector performance 3.2% (full year 2019: growth of 4.2%).
— The European economy contracted by 14.6% in the

second quarter of 2020 (full year 2019: growth of
MACROECONOMIC SITUATION 1.5%).
GDP DEVELOPMENT in 2020

DEVELOPMENT OF CRUDE OIL, KEROSENE AND CURRENCY
in % Q1 Q2 Q3 1) Q4 1) Full year 1) (Jan – Jun 2020)
World -2.3 -9.0 -5.5 -4.2 -5.5 30 Jun

Minimum Maximum Average 2020
Europe -2.0 -14.6 -9.7 -7.4 -8.5
ICE Brent in USD/bbl 19.33 68.91 42.02 41.15
Germany -2.3 -11.4 -6.6 -3.7 -6.0
Kerosene in USD/t 119.00 659.25 364.34 336.75
North America 0.2 -10.6 -7.4 -6.8 -6.2
USD 1 EUR/USD 1.0667 1.1463 1.1015 1.1243
South America -1.0 -16.0 -12.1 -10.3 -9.5
JPY 1 EUR/JPY 114.57 123.92 119.22 121.23
Asia/Pacific -4.8 -3.2 0.0 0.9 -2.1
CHF 1 EUR/CHF 1.0506 1.0866 1.0641 1.0648
China -6.7 0.6 4.0 4.0 0.5
CNY 1 EUR/CNY 7.5526 8.0563 7.746 7.9441
Middle East -6.1 -13.6 -12.6 -9.7 -10.2
GBP 1 EUR/GBP 0.8305 0.9321 0,8740 0.9082
Africa 1.4 -4.6 -5.3 -5.3 -4.4
Source: Bloomberg, annual average daily price.

Source: Global Insight World Overview as of 15 July 2020.
1)
Forecast.
— The oil price fell in the first half-year of 2020 from

— The coronavirus pandemic has caused economic out- USD 66.00/barrel at year-end 2019 to USD 41.15/bar-
put to drop severely. rel on 30 June 2020; the average price of
USD 42.02/barrel was down 37% on the prior-year pe-
— In addition, the trade dispute between the USA and riod.
China and the unclear impact of Brexit are adversely
affecting economic performance; to date, there has — The jet fuel crack, the price difference between crude
been no clear progress in the negotiations between oil and kerosene, was 72% down year-on-year.
the EU and the UK on a comprehensive free trade
— The average kerosene price dropped accordingly by
agreement.
42% on the year.
— According to data from Global Insight, the global econ-
— Compared with the previous year, the euro fell against
omy contracted by 9.0% year-on-year in the second
most of the relevant currencies for the Lufthansa
quarter of 2020; global economic growth in 2019 as a
Group: Swiss francs: –5.8%, Japanese yen: –4.1%,
whole was 2.6%.
US dollar: –2.5%, Chinese renminbi: –1.1%, British
pound sterling: +0.1%.
Economic environment and sector performance
SECTOR DEVELOPMENTS
SALES PERFORMANCE IN THE AIRLINE INDUSTRY

(Jan - Jun 2020)
in % compared Revenue Cargo
with previous year passenger-kilometres tonne-kilometres
Europe -62 -20
North America -57 -5
Central and South

America -52 -21
Asia/Pacific -59 -17
Middle East -56 -16
Africa -57 -7
Industry -58 -15
Source: IATA Air Passenger / Air Freight Market Analysis (June 2020).
— Sales in the passenger business dropped as a result

of the coronavirus pandemic; according to the Interna-
tional Air Transport Association’s (IATA) calculations,
revenue passenger-kilometres fell globally by 58%
year-on-year in the first half-year 2020.
— The cargo business also declined, although to a lesser

extent than the passenger business; according to
IATA, revenue tonne-kilometres dropped worldwide by
15% in the first half-year 2020.
— The markets for aircraft maintenance, repair and over-

haul (MRO) and for catering in the air transport, rail
and retail segments served by the LSG group were
just as badly affected by the coronavirus crisis and the
temporary suspension of global air transport in the first
half-year of 2020.
Course of business, Significant events, Events after the reporting period
Course of business Significant events

Coronavirus crisis puts significant strain on busi- European Commission approves sale of the LSG
ness at the Lufthansa Group group’s European business
— The global spread of the coronavirus had a severe im- — The European Commission approved the sale of the
pact on the Lufthansa Group’s business in the first LSG group’s European business on 3 April 2020 sub-
half-year of 2020. ject to conditions; once the conditions have been ful-
filled by the buyer gategroup, the sale should be com-
— The Lufthansa Group reacted quickly and decisively to pleted; the planned sale of the LSG group’s interna-
the outbreak of the coronavirus crisis, significantly re- tional activities has been postponed due to the corona-
ducing available capacity to avoid further losses and virus crisis. ↗ Catering business segment, p. 22.
initiating wide-ranging measures to cut costs and capi-
tal expenditure and to conserve liquidity; since the Lufthansa reorganises responsibilities on the Execu-
start of June, flight services have gradually increased tive Board
again; at the end of the first half-year, around 10% of — On 4 April 2020 Ulrik Svensson resigned his post as
the previous year’s capacity was available. Chief Financial Officer of Deutsche Lufthansa AG for
health reasons with effect from 6 April 2020.
— Lower traffic meant that traffic revenue fell year-on-
year by 58% to EUR 5,641m in the first half-year of — With effect from 26 June 2020, Thorsten Dirks re-
2020, and revenue of EUR 8,335m was 52% down on signed from the Executive Board of Deutsche
the year. Lufthansa AG as the member in charge of the Digital
and Finance function.
— Operating expenses fell by 34% in total to
EUR 12,069m, primarily due to the volume-related de- — In response to this, a new division of responsibilities
cline in the cost of materials and services, particularly for the Executive Board was adopted; the existing Dig-
for fuel, fees and charges, and the introduction of ital and Finance function has not been refilled; the re-
short-time working for large parts of the workforce. sponsibilities have been assigned to the other Execu-
tive Board members.
— Adjusted EBIT dropped to EUR –2,899m (previous
year: EUR 418m); the Adjusted EBIT margin came to — As Chairman of the Executive Board and CEO, Car-
–34.8% (previous year: 2.4%). sten Spohr is responsible for the Finance function until
further notice; the position of CFO is to be refilled in
— The net result for the period decreased to EUR the coming months; the Finance function is expected
–3,617m (previous year: EUR –116m); it was de- to become a separate function of its own again as a
pressed by impairment losses on the fleet and good- result.
will as well as the negative changes in the market
value of fuel hedging instruments. — Christina Foerster is responsible for the Customer, IT
& Corporate Responsibility function and also for the
— Adjusted free cash flow (free cash flow adjusted for ef- Lufthansa Innovation Hub and Purchasing.
fects of IFRS 16) declined to EUR –510m (previous
year: EUR 269m). — Harry Hohmeister is responsible for the Commercial
Passenger Airlines function.
— Net indebtedness of EUR 7,314m was 10% higher
than at year-end 2019 (31 December 2019: — Detlef Kayser is responsible for the Airline Resources
EUR 6,662m). The ratio of Adjusted Net Debt/12- & Operations Standards function, which also includes
month Adjusted EBITDA increased by 7.5 points to the central steering of the restructuring and transfor-
10.3 due to the lower earnings and the rise in net in- mation programme.
debtedness (31 December 2019: 2.8).
— Michael Niggemann is responsible for the Corporate
— Specific CO2 emissions were 9.97 kg per 100 passen- Human Resources, Legal Affairs and M&A function.
ger-kilometres in the first half-year of 2020 (full year
2019: 9.22 kg); the increase compared with 2019 was Lufthansa Group decides on first restructuring
mainly due to the travel restrictions and fall in demand package
caused by the outbreak of the coronavirus, which led — The Executive Board of Deutsche Lufthansa AG
to a drop in the passenger load factor, and the de- adopted an initial restructuring package on 7 April
creased share of long-haul traffic, which is character- 2020, consisting of various measures to adjust the ca-
ised by lower specific CO2 emissions. pacities of flight operations to customer demand,
which has been severely impacted by the crisis; these
measures include, in particular, a reduction of the fleet
with the first retired aircraft and the closure of
Germanwings. ↗ Business segments, p. 14.
— On 7 July 2020, the Executive Board of Deutsche may only be used for SWISS and Edelweiss; no divi-
Lufthansa AG approved a second package for the re- dend payments within the Group are permitted for the
structuring programme. ↗ Events after the reporting duration of the loan.
period, p. 8.
— On 8 June 2020, the Austrian federal government, the
Economic Stabilisation Fund, Swiss and Austrian Lufthansa Group and Austrian Airlines agreed on the
federal governments approve stabilisation packages basic structure of a coronavirus aid package of
— On 25 May 2020 the Economic Stabilisation Fund EUR 600m for Austrian Airlines.
(WSF) of the Federal Republic of Germany approved
the stabilisation package for Deutsche Lufthansa AG; — The Belgian government and the Lufthansa Group
the package provides for stabilisation measures and also reached a fundamental agreement on a stabilisa-
loans of up to EUR 9bn. tion package for Brussels Airlines. ↗ Events after the
reporting period, p. 8.
— The WSF subscribed to shares by means of a capital
increase and built up a 20% stake in the issued capital — The support provided by Switzerland, Austria and Bel-
of Deutsche Lufthansa AG ↗ Events after the reporting gium is subject to the final approval of the WSF and
period; in addition, the WSF will make silent participa- KfW and will be offset against the stabilisation pack-
tions of up to EUR 5.7bn in total in the assets of age for Deutsche Lufthansa AG. ↗ Further details on
Deutsche Lufthansa AG. Of this amount, approxi- the stabilisation measures: Notes, p. 32.
mately EUR 4.7bn is classified as equity in accord-
Lufthansa share now listed on the MDAX
ance with the provisions of the German Commercial
— Due to the share price losses resulting from the coro-
Code (HGB) and IFRS; finally, the stabilisation
navirus crisis and the corresponding decrease in the
measures are supplemented by a syndicated credit fa-
free float-adjusted market capitalisation, the Lufthansa
cility of up to EUR 3bn with the participation of KfW
share has no longer been listed on the DAX30 index
and private banks with a term of three years. It has
since 22 June 2020 and is now on the MDAX index in-
also been agreed that the governments of Switzerland,
stead.
Austria and Belgium will take over a portion of the
state support for their national airlines. ↗ Further Lufthansa and independent flight attendants’ union
details on the stabilisation measures: Notes, p. 32. UFO agree on crisis package
— On 24 June 2020, Lufthansa and the independent
— The expected conditions relate in particular to the
flight attendants’ union UFO agreed on a package of
waiver of future dividend payments and restrictions on
measures to overcome the economic effects of the cri-
management remuneration; in addition, the WSF may
sis; this will result in cost savings of more than half a
choose two members to run for the Supervisory Board
billion euros by the end of 2023.
based on proposals from Deutsche Lufthansa AG, one
of whom is to become a member of the Audit Commit- — The package of measures includes the suspension of
tee; except in the event of a takeover, the WSF under- pay increases, a reduction in flight hours with a corre-
takes not to exercise its voting rights at the Annual sponding decrease in pay, and a temporary reduction
General Meeting in connection with the usual resolu- in contributions to Company pension plans.
tions of ordinary Annual General Meetings.
— Furthermore, both parties agreed on a package of vol-
— The commitments made by Germany to the European untary measures and severance programmes; these
Commission oblige the Group to station up to four air- include unpaid leave, voluntary measures to reduce
craft for one competitor at its Frankfurt and Munich air- working hours further and assisted early retirement.
ports, and to transfer the competitor at each airport up
to 24 take-off and landing rights (slots) – meaning — This crisis package means that the Company can now
three take-off and three landing rights per aircraft per avoid terminating the contracts of the 22,000 cabin
day. crew of Deutsche Lufthansa AG for operational rea-
sons for the duration of the crisis; the agreements
— On 25 June 2020, the shareholders of Deutsche must still be approved by the members of UFO.
Lufthansa AG accepted the capital measures and the
participation of the WSF in Deutsche Lufthansa AG at Austrian Airlines and Brussels Airlines forge agree-
an extraordinary general meeting; on the same day, ments with employees to overcome crisis
the European Commission approved the stabilisation — On 21 and 22 May 2020, Austrian Airlines reached
package; the Executive Board therefore considers the agreements with flight and ground staff to help deal
Group’s existence to be secured for the next twelve with the crisis; these are expected to deliver annual
months on the basis of its current corporate planning. savings of EUR 80m.
— As early as 29 April 2020, the Swiss federal govern- — On 26 June 2020, Brussels Airlines also reached an
ment had promised guaranteed loans of CHF 1.5bn agreement with its labour union partners for flight
(approx. EUR 1.4bn) for SWISS and Edelweiss, the crews and ground employees to implement structural
two Swiss airlines in the Lufthansa Group; the funding measures.
Lufthansa Group increases capacities again — The comprehensive restructuring programme, entitled
— Due to significant changes in booking demands from “ReNew”, will run until December 2023 and is headed
its passengers, on 29 June 2020 the airlines of the by Dr Detlef Kayser, the Executive Board member in
Lufthansa Group switched from short-term to more charge of Airline Resources & Operations Standards;
long-term flight planning up to the end of October 2020 it also includes existing restructuring programmes at
and updated their booking systems accordingly. the Group’s airlines and service companies.
— This means that the airlines will be operating at around — Following the reduction in the size of the Executive
40% of the previous year’s capacity by the end of Oc- Board of Deutsche Lufthansa AG, the executive and
tober; this will involve the use of more than 380 aircraft management boards of the Group’s subsidiaries are to
by then, meaning that half the Lufthansa Group’s fleet decrease in size compared with 2019; the number of
will be airborne once again. managerial positions is to be reduced by 20% across
the Group; the administration at Deutsche Lufthansa
— The Group is expecting to fly to over 90% of its original AG is to be scaled down by 1,000 positions.
short and medium-haul destinations and more than
70% of its long-haul destinations by the end of Octo- — The government loans and deposits are to be repaid
ber. as quickly as possible to avoid an increase in the re-
sulting interest expenses.
Events after the reporting period — Efforts are under way to turn Lufthansa German Air-
lines into an autonomous company.
Rating agencies downgrade rating for Lufthansa
Group — The number of sub-fleets is being reduced, as
— On 1 July 2020 and 2 July 2020 respectively, the rat- planned, and flight operations are being pooled – in-
ing agencies Standard & Poor’s and Moody’s lowered cluding long and short-haul services for leisure travel
the credit rating of the Lufthansa Group from BB+ to at the Frankfurt and Munich hubs; at Lufthansa Ger-
BB and from Ba1 to Ba2 as a result of the spread of man Airlines alone, 22 aircraft have already been re-
the coronavirus and its wider impact. On 14 July 2020, tired early, including six Airbus A380s, eleven A320s
Scope Ratings confirmed its BBB- rating; Scope Rat- and five Boeing 747-400s.
ings thus continues to rate the Lufthansa Group within
— The financial planning up to 2023 specifies that a max-
the investment grade range.
imum of 80 new aircraft will be added to the Lufthansa
WSF builds up 20% stake in issued capital Group’s fleets; due to the postponement of planned
— As part of the stabilisation measures, on 2 July 2020 deliveries, capital expenditure on new aircraft will be
the WSF subscribed to shares by way of a capital in- halved in this period.
crease and built up a 20% stake in the issued capital
European Commission approves aid package for
of Deutsche Lufthansa AG; the subscription price was
Austrian Airlines
EUR 2.56 per share, resulting in a cash contribution of
— On 7 July 2020, the European Commission signed off
around EUR 0.3bn.
on the coronavirus package negotiated between the
First payments from the stabilisation package have Austrian federal government, the Lufthansa Group and
been made Austrian Airlines for EUR 600m.
— Deutsche Lufthansa AG has received a total of
— As part of the package, Deutsche Lufthansa AG pro-
EUR 2.3bn so far from the stabilisation package; on 2
vided Austrian Airlines with EUR 150m in equity after
July 2020, the WSF paid EUR 0.3bn through the capi-
this approval was granted.
tal increase. On 3 July 2020, a further EUR 1.0bn
came from the first tranche of the KfW facility, followed Agreement reached on stabilisation package for
by another EUR 1.0bn on 9 July 2020 as a silent par- Brussels Airlines
ticipation II from the WSF. — The Belgian government and the Lufthansa Group
reached a fundamental agreement on a loan of
— The LSG group and the LHT group also received total
EUR 290m to Brussels Airlines from the Belgian gov-
payments of USD 170m up to 4 August 2020 in the
ernment; this is to be supplemented by an equity pay-
USA under the Coronavirus Aid, Relief and Economic
ment of EUR 170m from Deutsche Lufthansa AG; this
Security Act (“CARES Act”).
will enable Brussels Airlines to implement its turna-
Lufthansa Group decides on second package for re- round programme aimed at securing the carrier’s long-
structuring programme term profitability; the contracts remain to be finalised;
— On 7 July 2020, the Executive Board of Deutsche the measures are also subject to the approval of the
Lufthansa AG approved a second package for the re- WSF and the European Commission.
structuring programme in response to the coronavirus
crisis.
Financial performance
REVENUE, INCOME AND EXPENSES

Financial performance in €m
Jan - Jun Jan - Jun Change
2020 2019 in %
Traffic revenue¹) 5,641 13,375 -58

EARNINGS POSITION Other revenue 2,694 4,041 -33
Total revenue¹) 8,335 17,416 -52

Traffic adversely affected by coronavirus crisis; traf-
fic revenue down by 58% Other operating income 952 1,076 -12
— Traffic for the Lufthansa Group Airlines fell significantly Total operating income 9,287 18,492 -50
as a result of the coronavirus pandemic; sales (reve- Cost of materials and services¹ )
5,127 9,631 -47
nue passenger-kilometres) were down year-on-year by
of which fuel 1,321 3,225 -59
65%, capacity (available passenger-kilometres) was
of which other raw materials, con-
cut by 61%, and the passenger load factor fell by 8.7 sumables and supplies and pur-
chased goods 1,277 1,996 -36
percentage points to 72.2%.
of which fees and charges 1,049 2,219 -53
of which external
— The Lufthansa Group’s cargo business is particularly services MRO 671 978 -31
affected by the loss of belly capacities on passenger Staff costs 3,612 4,518 -20
aircraft; to compensate for this, passenger aircraft
Depreciation 1,321 1,318 0
were refitted and used to transport cargo; capacity
Other operating expenses 2,009 2,695 -25
(available cargo tonne-kilometres) was down by 36%,
sales (revenue cargo tonne-kilometres) fell by 32% Total operating expenses 12,069 18,162 -34
and the cargo load factor of 65.6% was 4.0 percent- Result from equity
age points higher than last year. investments -117 88
Adjusted EBIT -2,899 418

— Traffic revenue declined by 58% to EUR 5,641m due Total reconciliation EBIT -569 -1 -56,800
to the lower traffic (previous year: EUR 13,375m).
EBIT -3,468 417
Net interest -162 -228 29
Other financial items -789 -77 -925
Profit/loss before
income taxes -4,419 112
Income taxes 792 -213
Profit/loss after
income taxes -3,627 -101 -3,491
Profit/loss attributable
to minority interests 10 -15
Net profit/loss attributable to

shareholders of Deutsche
Lufthansa AG -3,617 -116 -3,018
¹) Previous year's figures have been adjusted.
Operating expenses decrease by 34%

Revenue down year-on-year by 52% — Operating expenses for the Lufthansa Group fell by
— Other revenue fell by 33% to EUR 2,694m (previous 34% year-on-year to EUR 12,069m (previous year:
year: EUR 4,041m), mainly due to crisis-induced lower EUR 18,162m).
income in the MRO and Catering segments and at the
— The cost of materials and services for the Lufthansa
companies AirPlus and Lufthansa Aviation Training.
Group was 47% down on the previous year at
— Revenue of EUR 8,335m was 52% down on the year EUR 5,127m.
(previous year: EUR 17,416m); operating income de-
o Within the cost of materials and services, fuel ex-
clined by 50% to EUR 9,287m (previous year:
penses dropped by 59% to EUR 1,321m; this was
EUR 18,492m).
essentially due to lower consumption volumes,
while prices decreased only slightly due to hedging;
the result of price hedging was EUR –132m.
o Expenses for other raw materials, consumables and

supplies were down by 36% at EUR 1,277m due to
lower volumes.
o Expenses for fees and charges declined year-on- — Net interest rose by 29% to EUR –162m (previous
year by 53% to EUR 1,049m, particularly due to vol- year: EUR –228m), primarily due to non-recurring ex-
umes. penses for interest on audit results in the previous
year.
o Expenses for external MRO services of EUR 671m
were 31% down on the year; reduced flight opera- — Other financial items declined to EUR –789m (previ-
tions only had a delayed impact on MRO expenses. ous year: EUR –77m), particularly as a result of the
negative development of the market value of fuel
— Staff costs fell by 20% to EUR 3,612m (previous year: hedges which are recognised in the financial result
EUR 4,518m), primarily as a result of short-time work- due to the need to discontinue hedging relationships.
ing, the lower profit-share payment compared with the
previous year and a 3% decrease in the average num- — The relief from income taxes in the amount of
ber of employees. EUR 792m related to the recognition of deferred taxes
for negative earnings in the first half-year of 2020 (pre-
— Depreciation and amortisation of EUR 1,321m was at vious year: tax income of EUR 213m); the tax ratio
the same level as in the previous year (previous year: was just 17.9% due to deferred taxes not being recog-
EUR 1,318m). nised for companies with a history of losses.
— Other operating expenses dropped by 25% to — The net loss for the Lufthansa Group fell as a result to
EUR 2,009m (previous year: EUR 2,695m), mainly EUR –3,617m (previous year: EUR –116m).
due to a decline in costs directly linked to business ac-
tivities such as travel and selling expenses; by con- — Earnings per share amounted to EUR -7.56 (previous
trast, impairment losses on receivables went up. year: EUR -0.24).
Adjusted EBIT and net profit down significantly as a

result of the crisis
— Adjusted EBIT for the Lufthansa Group fell year-on-
year to EUR –2,899m (previous year: EUR 418m); the
Adjusted EBIT margin was –34.8% (previous year:
2.4%).
— EBIT came to EUR –3,468m (previous year:

EUR 417m); the difference to Adjusted EBIT was
therefore EUR –569m (previous year: EUR –1m); this
includes write-downs of EUR 300m on aircraft and on
right-of-use assets for aircraft which are no longer
planned to resume flight operations; this affected
Lufthansa German Airlines (six Airbus A380s, five
Boeing B747s, eleven A320s), Austrian Airlines (three
B767s, 13 Dash8-400s), Lufthansa Cargo (two MD11
freighters), Eurowings (right-of-use assets for 15 Dash
8-400s) and Brussels Airlines (right-of-use assets for
two A330s and eight A319s); impairment losses of
EUR –157m were recognised on goodwill at the busi-
ness entity LSG US and Eurowings; impairment losses
of EUR 62m were recognised on joint venture invest-
ments in the MRO segment due to the crisis-induced
deterioration in business prospects; the assets held for
sale of the LSG EU companies were written down by
EUR 26m in view of their expected purchase price.
RECONCILIATION OF RESULTS
Jan - Jun 2020 Jan - Jun 2019
Income Reconciliation Income Reconciliation

in €m statement Adjusted EBIT statement Adjusted EBIT
Total revenue¹) 8,335 – 17,416 –
Changes in invertories and work performed by entity and capitalised 158 – 319 –
Other operating income 797 – 795 –
of which book gains – -3 – -13
of which write-ups on capital assets and assets held for sale – -1 – -25
Total operating income 9,290 -4 18,530 -38
Costs of materials and services¹) -5,127 – -9,631 –
Staff costs -3,620 – -4,520 –
of which past service costs/settlements – 8 – 2
Depreciation -1,783 – -1,329 –
of which impairment losses – 462 – 11
Other operating expenses -2,048 – -2,721 –
of which impairment losses on assets held for sale – 29 – -1
of which expenses incurred from book losses – 12 – 27
Total operating expenses -12,578 511 -18,201 39
Profit/loss from operating activities -3,288 – 329 –
Result from equity investments -180 – 88 –
Impairment losses on investments accounted for using the equity method – 62 – –
EBIT -3,468 – 417 –
Total amount of reconciliation Adjusted EBIT – 569 – 1
Adjusted EBIT – -2,899 – 418
Depreciation – 1,321 – 1,318
Adjusted EBITDA – -1,578 – 1,736
FINANCIAL POSITION strengthened by the absence of advance income tax

payments, the postponement of payments from other
taxes and positive working capital effects.
Capital expenditure down 53% on previous year
— Gross capital expenditure by the Lufthansa Group — Adjusted free cash flow (free cash flow adjusted for ef-
(without acquisition of equity investments) fell by 53% fects of IFRS 16) declined to EUR –510m (previous
to EUR 897m, mainly due to the postponement of year: EUR 269m) due to the development of cash flow
planned aircraft deliveries (previous year: from operating activities.
EUR 1,904m).
Financing activities result in cash inflow
Cash flow from operating activities decreases by — The balance of financing activities resulted in a net
85%; Adjusted free cash flow falls to EUR –510m cash inflow of EUR 534m (previous year: outflow of
— Cash flow from operating activities fell year-on-year by EUR 127m); this resulted from obtaining two bor-
85% to EUR 363m due to lower pre-tax earnings (pre- rower’s note loans, drawing credit lines and obtaining
vious year: EUR 2,393m). short-term borrowing totalling EUR 1,784m, which was
offset by the scheduled repayments of five borrower’s
— The decline was lower than for pre-tax earnings, how- note loans and aircraft financing (EUR 1,126m).
ever, due to the non-cash components of earnings; the
latter included impairment losses on non-current as- — The stabilisation measures and loans agreed with the
sets and assets held for sale (EUR 553m; previous Economic Stabilisation Fund as part of the stabilisation
year: EUR 11m) as well as valuation effects from fuel package and the aid packages in Switzerland and
hedging transactions (EUR 344m); cash flow was also Austria had not yet been paid as of 30 June 2020; as a
result, they had no impact on the statement of financial securities, resulting from net borrowing and cash in-
position or cash flow in the first half-year of 2020. flows recognised directly in equity.
Liquidity up on the previous year’s level — Assets held for sale of EUR 384m included EUR 321m
— Liquidity (total of cash and current securities) rose in the disposal group for the European catering com-
year-on-year by 7% to EUR 3,659m, especially due to panies.
measures to increase liquidity (previous year:
EUR 3,406m); EUR 2,828m of the total was available — Non-current provisions and liabilities were up by 5% to
centrally as of the reporting date; the strategic liquidity EUR 17,268m (31 December 2019: EUR 16,417m),
of EUR 2.1bn which had been invested in a special due particularly to the increase in pension liabilities.
fund was released and added to operating liquidity to
— Pension liabilities rose by 11% to EUR 7,422m (31 De-
make it available immediately.
cember 2019: EUR 6,659m), mainly because of the
steep fall in the market values of plan assets, which
was only partly offset by the rise of 0.1 percentage
points in the interest rate used to discount the pension
obligations to 1.5%.
— Non-current provisions and liabilities were up by 6% to

EUR 16,917m (31 December 2019: EUR 15,986m),
mainly due to the increase in short-term borrowings,
derivative financial instruments and liabilities from un-
used flight tickets, which contrasted with a decrease in
trade payables.
— Liabilities of EUR 491m in connection with assets held

for sale relate to the disposal group for the European
1)
Without acquisition of equity investments.
catering companies.
2)
Capital payments of operating lease liabilities within cash flow from financing
activities. — Shareholders’ equity fell by 44% on year-end 2019 to
EUR 5,702m (31 December 2019: EUR 10,256m), pri-
marily because of the net loss and the negative valua-
tion effects for pensions and derivatives recognised di-
NET ASSETS rectly in equity.
Equity ratio down by 9.7 percentage points

Total assets down on year-end 2019
— The equity ratio fell by 9.7 percentage points com-
— Total assets as of 30 June 2020 decreased by 6% on
pared with year-end 2019 to 14.3% (31 December
year-end 2019 to EUR 39,887m (31 December 2019:
2019: 24.0%).
EUR 42,659m).
— Net indebtedness of EUR 7,314m was 10% higher
— Non-current assets fell by 2% to EUR 30,761m (31 than at year-end 2019 (31 December 2019:
December 2019: EUR 31,374m); the change was es- EUR 6,662m). Adjusted Net Debt, the sum of net in-
sentially due to write-downs on non-current assets,
debtedness and pension provisions less 50% of the
which were partly offset by the increase in deferred in-
hybrid bond issued in 2015, was up by 11% on the
come tax assets.
end of 2019 to EUR 14,489m (31 December 2019:
— Current assets went down by 19% to EUR 9,126m (31 EUR 13,074m).
December 2019: EUR 11,285m); the decline in current — The ratio of Adjusted Net Debt/12-month Adjusted
trade and other receivables was partly offset by the in- EBITDA increased by 7.5 points to 10.3 due to the
crease in cash and cash equivalents, including current
lower earnings and the rise in net indebtedness (31
December 2019: 2.8).
Finacial performance
GROUP FLEET – NUMBER OF COMMERCIAL AIRCRAFT
Lufthansa German Airlines including regional airlines (LH), SWISS including Edelweiss (LX), Austrian Airlines (OS), Brussels Airlines (SN), Eurowings including
Germanwings (EW) and Lufthansa Cargo (LCAG) as of 30 June 2020
LH LX OS SN EW LCAG Group of which Change Change

fleet lease as of as of
31 Dec 30 Jun
Manufacturer/type 2019 2019
Airbus A220 29 29
Airbus A319 30 7 22 51 110 35 -3 -3
Airbus A320 96 31 29 16 56 228 36 3 3
Airbus A321 68 9 6 5 88 2 3
1)
Airbus A330 26 16 10 52 10 -1 -1
Airbus A340 34 9 43
Airbus A350 16 16 1 2
Airbus A380 14 14
Boeing 747 32 32
Boeing 767 6 6
Boeing 777 12 6 18 2 2
Boeing 777F 11 2) 11 4 1
Boeing MD-11F 6 6 -2 -6
Bombardier CRJ 35 35
Bombardier Q Series 14 15 3) 29 15 -1 -5
Embraer 26 17 43
Total aircraft 377 106 85 48 127 17 760 104 -3 -4
1)
Partly operated by Brussels Airlines (SN) and SunExpress.
2)
Of which pro rata shares of two aircraft operated by AeroLogic.
3)
Operated by Luftfahrtgesellschaft Walter.
Business segments
Business segments
— The structure of the business segments was changed — The line maintenance business of Lufthansa Technik
at the start of financial year 2020. was transferred to Deutsche Lufthansa AG, which will
carry out the work itself from this point on, and is now
— Brussels Airlines, Germanwings and the Eurowings part of the Network Airlines business segment.
long-haul business have since been managed by the
Network Airlines group and have therefore been allo- — The figures for the previous year have been adjusted
cated to the Network Airlines business segment. accordingly.
NETWORK AIRLINES BUSINESS SEGMENT
KEY FIGURES
2020 2019 in % 2020 2019 in %
Revenue¹) €m 4,531 11,938 -62 498 6,744 -93

of which
traffic revenue¹) €m 3,858 10,938 -65 252 6,240 -96
Operating expenses¹) €m 7,377 11,917 -38 2,236 6,258 -64
Adjusted EBITDA¹) €m -1,460 1,425 -1,064 1,200
Adjusted EBIT¹) €m -2,416 488 -1,525 730
EBIT¹) €m -2,686 487 -1,527 729
Adjusted EBIT margin¹) % -53.3 4.1 -57.4 pts -306.2 10.8 -317.0 pts
Segment capital
expenditure¹) €m 664 1,520 -56 66 534 -88
)
Employees as of 30.06¹ number 59,953 60,472 -1 – –
Flights1) number 185,366 462,403 -60 15,441 251,063 -94
Passengers¹) thousands 19,220 56,316 -66 1,163 32,115 -96
Availabel
seat-kilometres¹) millions 63,173 159,167 -60 3,869 86,338 -96
Revenue
seat-kilometres¹) millions 45,230 128,832 -65 1,899 71,898 -97
Passenger
load factor¹) % 71.6 80.9 -9.3 pts 49.1 83.3 -34.2 pts
— Network Airlines has reduced its flight capacity signifi- have been and continue to be reviewed to ensure eve-
cantly due to the coronavirus crisis and temporarily re- ryone’s safety; a key aspect of the hygiene concept is
tired a large part of its fleet. the mandatory wearing of face masks throughout the
flight, from boarding to disembarking.
— Other steps to safeguard liquidity include HR
measures such as short-time working and a hiring — In order to provide their customers with the greatest
freeze, as well as reductions in operating costs. flexibility during the coronavirus crisis, Network Air-
lines continues to offer numerous rebooking options; in
— Since June, flight services have been gradually in- addition, refunds for flights that have been cancelled
creasing again; at the end of the first half-year of 2020, due to the coronavirus crisis are to be paid to custom-
9% of the previous year’s capacity was available, and ers more promptly.
this figure is to increase to around 40% by the end of
October. — Network Airlines also guarantees its passengers that
they will have a return flight on all European routes, ir-
— The health and safety of its passengers and employ- respective of the fare booked, thereby providing addi-
ees has the highest priority for Network Airlines; this tional security.
means that all processes throughout the travel chain
Business segments
OPERATING FIGURES
Exchange- Exchange-
rate ad- rate ad-
Jan - Jun Jan - Jun Change justed Apr - Jun Apr - Jun Change justed
2020 2019 1) in % change in % 2020 2019 1) in % change in %
Yields € Cent 7.6 7.8 -3.5 -5.0 10.6 8.0 32.7 33.7
Unit revenue (RASK) € Cent 7.5 7.6 -1.6 -3.7 15.5 8.0 95.2 87.5
Unit cost (CASK) excluding

fuel and emissions trading € Cent 9.5 5.6 69.8 67.8 52.6 5.3 892.9 884.9
TRENDS IN TRAFFIC REGIONS
Net traffic revenue Number of Available Revenue Passenger

external revenue passengers seat-kilometres seat-kilometres load factor
Jan - Jun Jan - Jun Jan - Jun Jan - Jun Jan - Jun
2020 Change 2020 Change 2020 Change 2020 Change 2020 Change
in
in €m in % thousands in % in millions in % in millions in % in % in pts
Europe 1,319 -67 14,409 -66 18,269 -61 11,831 -67 64,8 -10,9 pts
America 1,146 -66 2,259 -65 23,673 -60 17,598 -65 74,3 -9,6 pts
Asia/Pacific 552 -70 1,195 -67 13,082 -63 9,724 -67 74,3 -9,6 pts
Middle East/
Africa 402 -57 1,357 -61 8,149 -55 6,077 -58 74,6 -4,5 pts
Non allocable 439 -48
Total 3,858 -65 19,220 -66 63,173 -60 45,230 -65 71.6 -9,3 pts
— Traffic at Network Airlines was down as a result of the — Constant currency unit costs rose by 67.8%, without
coronavirus outbreak; sales fell by 65%, both capacity expenses for fuel and emissions trading; the signifi-
and the number of flights were reduced by 60%, and cant reduction in capacity was not matched in full by
the passenger load factor contracted by 9.3 percent- corresponding cuts in costs.
age points to 71.6%.
— Adjusted EBIT fell to EUR –2,416m accordingly (previ-
— Lower traffic meant that traffic revenue at the Network ous year: EUR 488m); EBIT came to EUR –2,686m
Airlines fell year-on-year by 65% to EUR 3,858m and (previous year: EUR 487m), the difference compared
revenue of EUR 4,531m was 62% down on the year. with Adjusted EBIT was essentially due to write-downs
on the fleet of EUR 268m.
— Constant currency unit revenues fell by 3.7% due to
the lower load factor in all traffic regions. — Segment capital expenditure was reduced by 56% to
EUR 664m.
— Operating expenses saw a volume-related decline of
38% to EUR 7,377m due to lower expenses for fuel,
fees and charges, and staff.
Business segments
Lufthansa German Airlines1) SWISS1)

KEY FIGURES Jan - Jun Jan - Jun Change KEY FIGURES Jan - Jun Jan - Jun Change
2020 2019 in % 2020 2019 in %
Revenue²) €m 2,917 7,981 -63 Revenue²) €m 1,095 2,434 -55

)
Operating expenses² €m 4,904 7,927 -38 Operating expenses²) €m 1,505 2,327 -35
Adjusted EBITDA²) €m -1,114 951 Adjusted EBITDA €m -75 411
Adjusted EBIT²) €m -1,708 361 Adjusted EBIT €m -293 215

)
EBIT² €m -1,887 361 EBIT €m -292 215
Employees as of Employees as of 31.03. number 10,475 10,341 1

30.06.²) number 38,993 39,275 -1
Flights number 32,239 80,818 -60
Flights²) number 115,990 279,858 -59
Passengers²) thousands 3,602 10,067 -64
Passengers²) thousands 12,071 34,964 -65
Available seat-kilomet-
Available seat-kilometres²) millions 13,406 30,949 -57
res²) millions 41,350 104,303 -60
Revenue seat-kilomet-
Revenue seat-kilometres²) millions 9,747 25,404 -62
res²) millions 29,586 84,575 -65
Passenger load factor % 72.7 82.1 -9.4 pts
Passenger load factor²) % 71.6 81.1 -9.5 pts
1)
Including Edelweiss Air.
¹) Including regional partners. 2)
²) Previous year's figures have been adjusted.
— SWISS reduced its flight programme to a minimum in

— Lufthansa German Airlines reduced its flight capacity
response to the coronavirus crisis, only flying to one
significantly as a result of the coronavirus crisis; the
long-haul destination and selected European cities;
remaining flights served to maintain connections to
charter cargo flights also operated to bring urgently
major international and European cities; in addition, an
needed medical equipment into Switzerland; since
extensive repatriation programme was carried out in
June, flight services have been gradually increasing
cooperation with the German federal government to
again.
bring travellers back home from all over the world;
since June, flight connections have increased signifi- — As part of the largest repatriation programme ever car-
cantly again. ried out by the Swiss Foreign Ministry, SWISS and
Edelweiss have also flown many passengers back to
— As part of the Lufthansa Group’s first restructuring
Switzerland from all over the world.
package, six Airbus A380s and five Boeing 747-400s
were retired on long-haul routes, and eleven A320s on — As part of the Lufthansa Group’s first restructuring
short-haul routes; this has reduced the capacity of package, the size of the fleet is to be reduced by post-
Lufthansa German Airlines at its hubs in Frankfurt and poning deliveries of short and medium-haul aircraft on
Munich for the long term. order and reviewing the early retirement of older air-
craft.
— Lufthansa German Airlines has also temporarily
grounded the entire Airbus A340-600 fleet, consisting — Revenue at SWISS fell by 55% to EUR 1,095m due to
of 17 aircraft; these aircraft will not be deployed in reg- the coronavirus outbreak; operating income of
ular scheduled services for at least the next twelve to EUR 1,212m was 52% down on the year.
eighteen months.
— Operating expenses saw a volume-related decline of
— Revenue at Lufthansa German Airlines fell year-on- 35% to EUR 1,505m due to lower expenses for fees
year by 63% to EUR 2,917m as a result of the corona- and charges and fuel.
virus crisis; operating income was down by 61% at
EUR 3,217m. — Adjusted EBIT fell accordingly to EUR –293m (previ-
ous year: EUR 215m); EBIT decreased to EUR –292m
— Operating expenses of EUR 4,904m were 38% down (previous year: EUR 215m).
year-on-year, primarily due to the volume-related de-
cline in the cost of materials and services and lower
staff costs as a result of short-time working.
— Adjusted EBIT fell to EUR –1,708m accordingly (previ-

ous year: EUR 361m); EBIT came to EUR –1,887m
(previous year: EUR 361m), the difference compared
with Adjusted EBIT was essentially due to write-downs
on the fleet of EUR 178m.
Business segments
Austrian Airlines Brussels Airlines

KEY FIGURES Jan - Jun Jan - Jun Change KEY FIGURES Jan - Jun Jan - Jun Change
2020 2019 in % 2020 2019 in %
Revenue¹) €m 322 973 -67 Revenue €m 252 684 -63
Operating expenses¹) €m 598 1,065 -44 Operating expenses €m 463 757 -39
Adjusted EBITDA €m -153 32 Adjusted EBITDA €m -119 32
Adjusted EBIT €m -235 -53 -343 Adjusted EBIT €m -182 -36 -406
EBIT €m -299 -55 -444 EBIT €m -211 -36 -486
Employees as of 31.03. number 6,756 6,999 -3 Employees as of 31.03. number 3,729 3,857 -3
Flights number 23,635 66,419 -64 Flights number 14,114 39,267 -64
Passengers¹) thousands 1,986 6,711 -70 Passengers thousands 1,590 4,855 -67
Available seat-kilomet- Available seat-kilomet-

res¹) millions 4,598 13,560 -66 res millions 3,834 10,528 -64
Revenue seat-kilomet- Revenue seat-kilomet-

res¹) millions 3,132 10,585 -70 res millions 2,776 8,402 -67
Passenger load factor % 68.1 78.1 -10.0 pts Passenger load factor % 72.4 79.8 -7.4 pts
1)
— Brussels Airlines temporarily suspended all scheduled

flights from 21 March to 14 June 2020 as a result of
— Austrian Airlines completely suspended regular flight the coronavirus crisis; minimal flight capacities were
operations between 18 March and 14 June 2020 in re- maintained for government repatriation flights and for
sponse to the coronavirus crisis; repatriation flights for transporting medical equipment; since resuming its
Austrian citizens worldwide continued to operate in flight operations, the airline has been gradually in-
close cooperation with the Austrian foreign ministry, as creasing its services again for both holidaymakers and
did cargo flights for urgently needed medical equip- business travellers.
ment; since the resumption of flight operations, capaci-
— The existing restructuring programme for Brussels Air-
ties have been gradually increasing again.
lines is to be further intensified as a result of the coro-
— The ongoing restructuring programme at Austrian Air- navirus outbreak; this is to include a reduction of the
lines is to be intensified as a result of the coronavirus fleet by 30% and the number of employees by 25%. In
pandemic, also by reducing the size of the fleet; three addition, Brussels Airlines initiated further measures to
Boeing 767-300s and 13 Bombardier Dash8-400s reduce variable and fixed costs in order to counteract
have already been retired early. the effects of the coronavirus crisis.
— Revenue at Austrian Airlines fell by 67% to EUR 322m — Revenue at Brussels Airlines fell by 63% to EUR 252m
as a result of the coronavirus; operating income was due to the coronavirus crisis; operating income of
down by 64% to EUR 363m. EUR 281m was 61% down on the year.
— Operating expenses of EUR 598m were 44% down — Operating expenses decreased by 39% to EUR 463m,
year-on-year, largely due to the volume-related decline primarily due to the volume-related decline in the cost
in expenses for fuel, fees and charges and lower staff of materials and services; this more than offset the
costs. provisions of EUR 47m that were recognised for re-
structuring measures.
— Adjusted EBIT fell to EUR –235m accordingly (previ-
ous year: EUR –53m); EBIT decreased to EUR –299m — Adjusted EBIT fell to EUR –182m accordingly (previ-
(previous year: EUR –55m), the difference compared ous year: EUR –36m); EBIT decreased to EUR –211m
with Adjusted EBIT was essentially due to write-downs (previous year: EUR –36m), the difference compared
on the fleet of EUR 59m in the first quarter of 2020. with Adjusted EBIT was essentially due to write-downs
of EUR 29m on right-of-use assets consisting of two
Airbus A330-200s and eight Airbus A319s.
Business segments
EUROWINGS BUSINESS SEGMENT
KEY FIGURES
2020 2019 in % 2020 2019 in %
Revenue¹) €m 377 1,047 -64 45 634 -93

of which traffic
revenue¹) €m 361 1,048 -66 40 634 -94
Operating expenses¹) €m 746 1,290 -42 230 685 -66

)
Adjusted EBITDA¹ €m -254 -68 -274 -133 45
Adjusted EBIT¹) €m -358 -188 -90 -183 -14 -1,207
EBIT¹) €m -432 -188 -130 -199 -15 -1,227

)
Adjusted EBIT margin¹ % -95.0 -18.0 -77.0 pts -406.7 -2.2 -404.5 pts
Segment capital
expenditures¹) €m 50 34 47 7 21 -67
Employees as of 30.06¹) number 3,219 3,608 -11 – –
Flights¹) number 40,571 113,063 -64 3,289 61,749 -95

)
Passengers¹ thousands 4,255 12,657 -66 556 7,437 -93
Available seat-kilometres¹) millions 5,431 15,436 -65 438 8,812 -95
Revenue seat-kilometres¹) millions 4,283 12,337 -65 514 7,338 -93

) 2) 2)
Passengers load factors¹ % 78.9 80.0 -1.1 pts 117.3 83.3 34.0 pts

2)
Based on booked passengers.
— In response to the spread of the coronavirus, Eurow- precautionary measures along the entire travel chain
ings temporarily cut its flight programme to around to protect public health; this includes comprehensive
10% of its existing capacities; since June 2020, Eu- new hygiene standards for passengers, from the air-
rowings has been significantly expanding its flight pro- port to their arrival at their destination; like other air-
gramme for both business travellers and holidaymak- lines in the Lufthansa Group, Eurowings has made it
ers; its capacities are to increase to around 55% by mandatory to wear face masks while on board.
the end of October.
— In addition, Eurowings has introduced more flexible
— Measures to deal with the effects of the coronavirus and customer-friendly rebooking options; in doing so,
crisis include decreasing the number of aircraft, reduc- Eurowings is catering to the desire of many customers
tions in staff costs, particularly by means of short-time to make their travel plans more flexible under the ex-
working, savings on operating and project costs and traordinary circumstances created by the spread of the
other measures to safeguard liquidity. coronavirus.
— In addition, Eurowings is to accelerate the implemen- — As of 1 March 2020, Jens Bischof took over as Chair-
tation of its pre-crisis plan to combine flight operations man of the Executive Board of Eurowings, thereby
into a single unit; for example, the flight operations of succeeding Thorsten Dirks as CEO of Eurowings;
Germanwings and SunExpress Deutschland have al- Jens Bischof was previously CEO of SunExpress.
ready been discontinued.
— Health and safety have the highest priority at Eurow-

ings; for this reason, the airline has taken extensive
Business segments
OPERATING FIGURES
Exchange- Währungs-
rate adjusted bereinigte
Jan - Jun Jan - Jun Change change Apr - Jun Apr - Jun Veränderung Veränderung
2020 2019 1) in % in % 2020 2019 1) in % in %
Yields € Cent 7.1 7.6 -7.6 -7.5 4.8 7.7 -38.4 -38.4
Unit revenue (RASK) € Cent 7.9 7.1 10.1 6.2 16.3 7.5 116.1 77.8
Unit cost (CASK) ex-

cluding fuel and
emissions trading € Cent 11.6 6.4 80.3 76.9 48.2 5.8 725.9 716.8
— Eurowings’ traffic fell as a result of the coronavirus — Constant currency unit costs, without fuel and emis-
outbreak; capacity and sales were both down by 65%, sions trading expenses, rose by 76.9%, driven by the
the number of flights was cut by 64%; the passenger significant capacity reduction which was only partly
load factor decreased by 1.1 percentage points to matched by corresponding cost savings.
78.9%.
— Adjusted EBIT fell to EUR –358m (previous year:
— Lower traffic meant that traffic revenue fell year-on- EUR –188m); EBIT decreased to EUR –432m (previ-
year by 66% to EUR 361m and revenue of EUR 377m ous year: EUR –188m), the difference compared with
was 64% down on the year. Adjusted EBIT was essentially due to write-downs of
EUR 57m on goodwill and of EUR 15m on right-of-use
— Constant currency unit revenues rose by 6.2% as a re- assets for 15 Dash400-8s which are no longer planned
sult of optimising the network. to resume flight operations.
— Operating expenses saw a decline of 42% to — Segment capital expenditure rose by 47% to EUR 50m
EUR 746m, primarily due to lower expenses for fees as a result of the increase in expenses for engine
and charges, external MRO services and fuel; this off- overhaul events.
set one-off expenses from the insolvency of the wet
lease partner LGW in the amount of EUR 24m.
Business segments
LOGISTICS BUSINESS SEGMENT
KEY FIGURES
2020 2019 in % 2020 2019 in %
Revenue €m 1,320 1,238 7 766 622 23

of which
traffic revenue €m 1,219 1,158 5 703 581 21
Operating expenses €m 1,089 1,286 -15 496 663 -25
Adjusted EBITDA €m 355 91 290 338 30 1,027
Adjusted EBIT €m 277 15 1,747 299 -9
EBIT €m 258 9 2,767 299 -10
Adjusted
EBIT margin % 21.0 1.2 19.8 pts 39.0 -1.4 40.4 pts
Segment capital
expenditure €m 89 169 -47 14 34 -59
Employees as of 30.06 number 4,452 4,557 -2 – –
Available cargo
tonne-kilometres¹) millions 4,770 7,147 -33 1,913 3,790 -50
Revenue cargo
tonne-kilometres¹) millions 3,130 4,379 -29 1,325 2,270 -42
Cargo load factor¹) % 65.6 61.2 4.4 pts 69.3 59.9 9.4 pts
1)
— Traffic in the Logistics segment decreased significantly across all traffic regions. Revenue increased by 7% to
as a result of the coronavirus outbreak, particularly EUR 1,320m.
due to the loss of belly capacities on passenger air-
craft. — Operating expenses fell by 15% to EUR 1,089m, due
to a volume and price-related decline in fuel expenses,
— Demand for the remaining cargo capacities went up lower belly expenses paid to Group companies and
during the first half-year of 2020, with the transporta- decreased expenses for handling services; additional
tion of personal protective equipment in particular be- staff and operating costs were also reduced as a result
ing in strong demand; to cope with the increased de- of the cost-cutting programme ProFlex launched in
mand and to compensate for the loss of belly capaci- 2019.
ties, passenger aircraft were refitted and used to carry
freight. — Adjusted EBIT increased to EUR 277m accordingly
(previous year: EUR 15m); EBIT rose to EUR 258m
— Capacity fell by 33% overall, sales by 29%, and the (previous year: EUR 9m), the difference compared
cargo load factor of 65.6% was 4.4 percentage points with Adjusted EBIT was essentially due to write-downs
up on the previous year. of EUR 19m on two MD11 freighters.
— As yields were higher, traffic revenue in the first half- — Segment capital expenditure fell by 47% to EUR 89m.
year of 2020 rose by 5% year-on-year to EUR 1,219m
TRENDS IN TRAFFIC REGIONS
Net traffic revenue Available Revenue Cargo load factor

external revenue cargo tonne-kilometres cargo tonne-kilometres
Jan - Jun Jan - Jun Jan - Jun Jan - Jun

2020 Change 2020 Change 2020 Change 2020 Change
in €m in % in millions in % in millions in % in % in pts
Europe 85 -11 243 -37 122 -23 50.0 9,1 pts
America 496 1 2,256 -32 1,471 -25 65.2 5,8 pts
Asia/Pacific 575 24 1,957 -30 1,363 -29 69.7 1,2 pts
Middle East/Africa 63 -42 314 -53 174 -50 55.6 3,1 pts
Total 1,219 5 4,770 -33 3,130 -29 65.6 4,4 pts

Business segments
MRO BUSINESS SEGMENT
KEY FIGURES
2020 2019 in % 2020 2019 in %
Revenue¹) €m 2,280 3,251 -30 688 1,606 -57

of which with
companies of the
Lufthansa Group¹) €m 674 1,105 -39 191 566 -66
Operating expenses¹) €m 2,554 3,154 -19 894 1,577 -43
Adjusted EBITDA¹) €m -22 326 -76 158
Adjusted EBIT¹) €m -122 235 -126 112
EBIT¹) €m -193 235 -194 112
Adjusted EBIT margin¹) % -5.4 7.2 -12.6 pts -18.3 7.0 -25.3 pts
Segment capital
expenditures¹) €m 71 161 -56 22 83 -73
)
Employees as of 30.06¹ number 23,927 22,766 5 – –
— The coronavirus crisis is continuing to hurt perfor- decline was partly offset by positive exchange rate ef-
mance in the MRO business; flight hours planned but fects; total revenue of EUR 2,464m was 26% lower
not carried out and growing pressure on airlines are in- than last year.
creasingly having an impact on Lufthansa Technik.
— Operating expenses went down by 19% to
— Lufthansa Technik obtained exemptions from the Ger- EUR 2,554m; a decrease in the cost of materials and
man Federal Aviation Office to convert four of services and staff costs offset write-downs on receiva-
Lufthansa German Airlines’ passenger aircraft into bles.
freighters to transport medical equipment; in addition,
a large number of projects are being implemented to — Adjusted EBIT fell accordingly to EUR –122m (previ-
convert various aircraft types from passenger aircraft ous year: EUR 235m); EBIT decreased to EUR –193m
into freighters. (previous year: EUR 235m), the difference compared
— Measures taken to deal with the coronavirus crisis in- of EUR 62m on joint venture investments.
clude HR measures such as the introduction of short-
time working and the postponement of capital expendi- — Segment capital expenditure was reduced by 56% to
ture projects. EUR 71m.
— In the first half-year of 2020, revenue fell year-on-year

by 30% to EUR 2,280m; the volume-related revenue
Business segments
CATERING BUSINESS SEGMENT
KEY FIGURES
2020 2019 in % 2020 2019 in %
Revenue €m 814 1,620 -50 154 855 -82

of which with
companies of the
Lufthansa Group €m 163 360 -55 28 193 -85
Adjusted EBITDA €m -134 90 -110 59
Adjusted EBIT €m -195 33 -140 31
EBIT €m -306 33 -150 30
Adjusted EBIT margin % -24.0 2.0 -26.0 pts -90.9 3.6 -94.5 pts
Segment capital
expenditure €m 21 45 -53 9 28 -68
)
— The ongoing coronavirus crisis and the almost total — As a result of the drastic effects of the coronavirus cri-
grounding of global air traffic are having a significant sis, the Executive Board of LSG took the decision to
impact on the LSG group’s worldwide business; close the production facility in Bor, Czech Republic;
measures adopted at short notice to limit the financial the construction of a new regional production centre
impact include project and hiring freezes, short-time has been halted until further notice.
working and temporary plant closures.
— Jochen Müller resigned his post as Chief Operating
— As part of a project for the future, the LSG group plans Officer of the LSG group as of 30 June 2020; as a re-
to lead the company through the coronavirus crisis sult, the Executive Board of the LSG group decreased
while also sustainably enhancing LSG’s business in size from three members to two as of 1 July 2020.
strategy; the aim of the project is to optimise the com-
pany in the medium term with regard to both its admin- — The LSG group’s revenue fell year-on-year by 50% to
istrative structure and its network structure based on EUR 814m as a result of the sharp decline in passen-
the lower passenger and service volumes while also ger numbers at the LSG group’s global customers due
adapting its range of services to the changed market to the coronavirus crisis; total revenue was down by
situation for the long term; in the medium term, overall 49% to EUR 847m.
costs are to be cut by at least 30%.
— Operating expenses of EUR 1,029m were 37% down
— The European Commission approved the sale of the on the year; extensive cost-cutting measures were
LSG group’s European business subject to conditions only able to partly offset the dramatic decrease in rev-
on 3 April 2020; gategroup, the buyer, must sell its ex- enue.
isting operations at some airports before closing can
— Adjusted EBIT fell to EUR –195m accordingly (previ-
take place; due to the dramatic impact of the corona-
ous year: EUR 33m); EBIT decreased to EUR –306m
virus pandemic on the global tourism and airline indus-
(previous year: EUR 33m), the difference compared
try, discussions are currently taking place regarding a
potential adjustment to the commercial conditions of
of EUR 100m on the goodwill of LSG North America.
the transaction; the planned sales process for the LSG
group’s international activities remains on hold in view — Segment capital expenditure fell by 53% to EUR 21m.
of the impact of the coronavirus pandemic on the
global tourism and airline industry.
Business segments
ADDITIONAL BUSINESSES AND GROUP FUNCTIONS
KEY FIGURES
2020 2019 in % 2020 2019 in %
Revenue €m 1,169 1,284 -9 519 660 -21
Adjusted EBITDA €m -64 -83 23 -18 -50 64
Adjusted EBIT €m -122 -135 10 -47 -76 38
EBIT €m -129 -126 -2 -50 -68 26
Segment capital
expenditures €m 32 30 7 21 13 62
)
— Total operating income for Additional Businesses and — Adjusted EBIT improved to EUR –122m accordingly
Group Functions fell year-on-year by 9% to (previous year: EUR –135m); the decline in earnings
EUR 1,169m, particularly due to exchange rate move- at AirPlus and Lufthansa Aviation Training was offset
ments. by cost reductions in Group Functions; EBIT fell to
EUR –129m (previous year: EUR –126m), the differ-
— Operating expenses of EUR 1,288m were 10% down ence compared with Adjusted EBIT was essentially
on the year. due to past service expenses for pension commit-
ments to employees in Group Functions.
Opportunities and risk report
— In addition, the possible financial losses and the

Opportunities and risk report changes in opportunities for further development
within the Group along with the associated impact on
The opportunities and risks for the Group described in the staff structure and available skills represent a risk.
detail in the Annual Report 2019 have materialised or de- Each risk must be counteracted using measures to
veloped as follows: preserve or increase the Group’s attractiveness so
that the commitment of employees can be maintained
— There has been a dramatic change in the economic and the loss of talent and expertise minimised or pre-
environment as a result of the coronavirus pandemic. vented.
Lockdowns, incoming travel restrictions, supply chain
disruptions, volatile commodity prices and deteriorat- — The drastic reduction in air travel is resulting in pro-
ing financial figures stoke fears of a global recession found changes in supply chains, both in terms of the
which could go far beyond the economic contraction sharp decrease in volume demanded and with regard
following the financial crisis in 2008/2009. to their structure. The resulting risk is that not only will
existing contract arrangements no longer be valid but
— Even though some countries are already seeing a de- suppliers will also default either in part or in full. Con-
cline in the number of infections and a resumption of tinuous dialogue with critical suppliers and the renego-
normal business, the spread of the infection has not tiation of affected contracts aim to reduce the risk of
peaked yet in several others. There is also the risk of a default.
second wave of infection. Either way, the pandemic
and its consequences will have a lasting impact on in- — Air travel has largely come to a halt, which also implies
ternational travel. The Lufthansa Group is precisely a significant change in exposure to fuel prices and ex-
evaluating the medical, economic and safety aspects change rates. Until air travel fully resumes again,
of the situation and constantly adjusting its business some of the existing fuel and foreign currency hedges
model on the basis of its findings. are no longer matched by any hedged items. The re-
sults of these financial derivatives, which are signifi-
— The pandemic spread of the coronavirus has resulted cantly negative at the moment due to low oil prices,
in massive restrictions in global air traffic, with subse- are shown in the financial result.
quent effects for the entire airline industry. This also
has an impact on the Lufthansa Group’s business rela- — Uncertainties still remain about the medium-term ef-
tionships with other airlines. fects of Brexit. The Lufthansa Group is preparing both
for the new air traffic agreement currently under nego-
— Wide-ranging steps were taken to cut costs and safe- tiation between the EU and the United Kingdom and
guard liquidity, including introducing short-time work- for contingency measures if such an agreement is not
ing, grounding part of the fleet, postponing aircraft designed by the end of the transition period on 31 De-
liveries and freezing all non-essential spending. Stabi- cember 2020. It cannot be ruled out that macroeco-
lisation measures and loans totalling EUR 9bn were nomic or regulatory changes could impact the me-
agreed with the Economic Stabilisation Fund of the dium-term financial performance of the Lufthansa
Federal Republic of Germany. In Switzerland, Austria Group.
and Belgium, stabilisation measures for the Group’s
airlines were agreed, which in principle can be cred- — Due to the enormous impact of the coronavirus pan-
ited to the EUR 9bn. The final approval of these demic, the rating agencies Standard & Poor’s and
measures by the Economic Stabilisation Fund is still Moody’s have lowered the Lufthansa Group’s credit
pending. In addition, the Company is preparing other rating. The Lufthansa Group is currently rated as BB
measures to adapt the long-term scope of business to by Standard & Poor’s and Ba2 by Moody’s. This
the lower demand, which is currently expected to be means that the agencies rate the Lufthansa Group as
lasting. being within the non-investment-grade rating range.
The rating agency Scope continues to rate the
— The increase in the duration of short-time worker ben- Lufthansa Group as BBB- and therefore within the in-
efits from 12 to 24 months, the successful conclusion vestment grade rating range. The outlook of the rating
of negotiations with the trade unions (the Vereinigung agencies mentioned is “negative”. Further downgrades
Cockpit e.V. and Ver.di) and the successful ballot of by the rating agencies would be likely to have negative
UFO members on the agreed crisis measures for effects on the Company’s ability to finance itself on the
Deutsche Lufthansa AG are of essential importance. capital market. These effects include a reduced mar-
The risk is that the necessary targets to cut costs fur- ket capacity for borrowing capital and increased fi-
ther and safeguard liquidity will not be achievable if the nancing costs.
maximum duration of short-time worker benefits of 12
months is not changed, negotiations with trade unions On the basis of the agreed stabilisation measures, the
and works councils are unproductive or the ballot of steps taken to combat the coronavirus crisis and its sce-
UFO members is unsuccessful. nario planning, the Executive Board does not consider
that the continued existence of the Lufthansa Group is at
risk.
Forecast
Sector outlook
Forecast — The International Air Transport Association (IATA) pro-
jects that global revenue passenger-kilometres will fall
Macroeconomic outlook by 63% in 2020 due to the impact of the coronavirus
— Global Insight predicts that global economic growth crisis; last year saw growth of 4%.
will drop by 5.5% in 2020 as a result of the corona-
virus; growth of 2.6% was achieved last year. — For the freight sector, IATA expects global revenue
tonne-kilometres to drop by 17%; the decline in the
GDP DEVELOPMENT in 2020 1) previous year was 3%.
in % 2020 2021 2022 2023 2024 — All in all, IATA predicts that the global airline industry
World -5.5 4.4 3.8 3.4 3.2 will make a loss of USD 84bn in the 2020 financial
Europe -8.5 4.2 3.3 2.1 1.7
year; the previous year saw a profit of USD 26bn.
Germany -6.0 3.9 3.6 2.0 1.3
Outlook for the Lufthansa Group
North America -6.2 3.7 3.6 3.3 2.8 — The stabilisation measures agreed with the WSF will
South America -9.5 3.5 2.9 2.4 2.5 secure the Company’s continued existence.
Asia/Pacific -2.1 5.5 4.6 4.5 4.4
— There is still considerable uncertainty surrounding the
China 0.5 7.8 5.7 5.5 5.3
development of the coronavirus crisis, particularly with
Middle East -10.2 5.8 2.5 3.3 2.8
regard to how travel restrictions will develop, espe-
Africa -4.4 0.9 3.6 3.5 3.5 cially in key long-haul markets, and in respect of cus-
tomer demand; both factors will depend on how the
Source: Global Insight World Overview per 15 July 2020.
1)
pandemic unfolds at global level and on customer trust
Forecast.
in the safety of travel; as a result, it is still not possible
to give a detailed financial forecast for 2020.
— Futures rates suggest that oil prices will increase — In this respect, the forecast in the Annual Report 2019
slightly in the second half of 2020 from their level at of a significant decline in Group revenue and Adjusted
the end of June 2020, in addition to the impact of the EBIT in financial year 2020 continues to apply.
global recession, oil prices are also affected by geopo-
litical developments, so volatile kerosene prices — Only the Logistics segment is expected to deviate from
should therefore also be expected for the remainder of the performance of the Group as a whole; significantly
the year 2020. higher yields compared with last year due to the lack
of freight capacities on passenger aircraft mean that
— Currency developments up to the end of the year will the segment will probably report a higher Adjusted
be determined by how the economic crisis triggered by EBIT margin than in the previous year.
the coronavirus pandemic continues to unfold; a re-
newed escalation of the crisis could result in “safe ha- — Specific CO2 emissions per 100 passenger-kilometres
ven currencies” like the US dollar, Japanese yen and are expected to increase year-on-year due to the drop
Chinese renminbi continuing to gain ground; differ- in the passenger load factor and the increasing share
ences in fiscal and monetary policy measures in the of European traffic compared to total traffic.
individual currency areas could also result in exchange
— Further details can be found in the Annual Report
rate movements; the consensus among analysts is
2019 starting on p. 106.
that the US dollar will be slightly weaker at the end of
the year.
26 INTERIM FINANCIAL STATEMENTS LUFTHANSA GROUP 2ND INTERIM REPORT JANUARY - JUNE 2020
Consolidated income statement
Consolidated income statement

January - June 2020
CONSOLIDATED INCOME STATEMENT
Jan - Jun Jan - Jun Apr - Jun Apr - Jun

in €m 2020 2019 2020 2019¹)
Trafic revenue¹) 5,641 13,375 1,102 7,570
Other revenue 2,694 4,041 792 2,008

Total revenue¹) 8,335 17,416 1,894 9,578
Changes in inventories and work performed by entity and capitalised 158 319 13 168
)
Other operating income² 797 795 353 418
Cost of materials and services¹) -5,127 -9,631 -1,084 -5,130
Staff costs -3,620 -4,520 -1,472 -2,279

)
Depreciation, amortisation and impairment³ -1,783 -1,329 -659 -662
Other operating expenses⁴) -2,048 -2,721 -745 -1,415

Profit/loss from operating activities -3,288 329 -1,700 678
Result of equity investments accounted for using the equity method -184 51 -149 55
Result of other equity investments 4 37 3 28
Interest income 33 35 -3 23
Interest expenses -195 -263 -103 -208
Other financial items -789 -77 209 -52
Financial result -1,131 -217 -43 -154

Profit/loss before income taxes -4,419 112 -1,743 524
Imcome taxes 792 -213 239 -290

Profit/loss after income taxes -3,627 -101 -1,504 234
Profit/loss attributable to non-controlling interests 10 -15 11 -8

Net profit/loss attributable to shareholders of Deutsche Lufthansa AG -3,617 -116 -1,493 226
Basic/diluted earnings per share in € -7.56 -0.24 -3.12 0.48

²) This includes EUR 17m (previous year: EUR 14m) from the reversal of write-downs on non-current receivables.
³) This includes EUR 1m (previous year: EUR 1m) for write-downs on non-current receivables.
⁴) This includes EUR 169m (previous year: EUR 35m) for the recognition of loss allowances on receivables.
Consolidated statement of comprehensive income
Consolidated statement of comprehensive income

January - June 2020
STATEMENT OF COMPREHENSIVE INCOME
Jan - Jun Jan - Jun Apr - Juni Apr - Juni

in €m 2020 2019¹) 2020 2019
Profit/loss after income taxes -3,627 -101 -1,504 234
Other comprehensive income
Other comprehensive income with subsequent

reclassification to the income statement
Differences from currency translation 27 44 -34 2
Subsequent measurement of financial assets at fair value

without effect on profit and loss -14 16 4 6
Subsequent measurement of hedges - cash flow hedge reserve -280 506 75 -162
Subsequent measurement of hedges - costs of hedges 5 282 -128 109
Other comprehensive income from investments accounted for using the eq-
uity method 2 2 1 1
Other expenses and income recognised directly in equity -2 12 -1 -4
Income taxes on items in other comprehensive income 59 -195 18 -5

-203 667 -65 -53
Other comprehensive income without subsequent

reclassification to the income statement
Revaluation of defined-benefit pension plans -672 -800 -345 -467
Subsequent measurement of financial assets at fair value – 5 3 2
Other expenses and income recognised directly in equity -4 0 -2 –
Income taxes on items in other comprehensive income -50 334 144 171
-726 -461 -200 -294
Other comprehensive income after income taxes -929 206 -265 -347
Total comprehensive income -4,556 105 -1,769 -113
Comprehensive income attributable to minority interests 14 -14 13 -4
Comprehensive income attributable to shareholders

of Deutsche Lufthansa AG -4,542 91 -1,756 -117
Consolidated statement of financial position

as of 30 June 2020
CONSOLIDATED BALANCE SHEET - ASSETS
in €m 30.06.2020 31.12.2019 30.06.2019
)
Intangable assets with an indefinite useful life¹ 1,242 1,395 1,385
Other intangable assets 538 547 521
Aircraft and reserve engines 17,693 18,349 17,956
Repairable spare parts for aircraft 2,135 2,270 2,301
Property, plant and other equipment 3,928 4,041 4,124
Investments accounted for using the the equity method 506 672 659
Other equity investments 257 256 228
Non-current securities 54 53 31
Loans and receivables 414 469 457
Derivative financial instruments 787 906 1,086
Deferred charges and prepaid expenses 100 116 109
Effective income tax receivables 33 32 37
Deferred tax assets 3,074 2,268 2,451

Non-current assets 30,761 31,374 31,345
Inventories 920 980 1,001
Contract assets 209 277 244
Trade receivables and other receivables 3,273 5,417 6,225
Derivative financial instruments 311 459 416
Deferred charges and prepaid expenses 278 245 348
Effective income tax receivables 92 153 84
Securities 2,448 1,970 2,406
Cash and cash equivalents 1,211 1,415 1,002
Assets held for sale 384 369 23

Current assets 9,126 11,285 11,749
Total assets 39,887 42,659 43,094
¹) Including Goodwill.
CONSOLIDATED BALANCE SHEET - SHAREHOLDERS' EQUITY AND LIABILITIES
in €m 30.06.2020 31.12.2019 30.06.2019¹)
Issued Capital 1,224 1,224 1,217
Capital reserve 378 378 343
Retained earnings 6,108 5,617 5,914
Other neutral reserves 1,531 1,715 1,708
Net profit/loss -3,617 1,213 -116
Equity attributable to shareholders of Deutsche Lufthansa AG 5,624 10,147 9,066
Minority interests 78 109 100

Shareholders' equity 5,702 10,256 9,166
Pension provisions 7,422 6,659 6,612
Other provisions 557 490 512
Borrowings 8,131 8,396 7,573
Contract liabilities 23 25 22
Other financial liabilities 212 76 140
Advance payments received, deferred income

and other non-financial liabilities 36 32 51
Deferred tax liabilities 603 611 639

Non-current provisions and liabilities 17,268 16,417 15,687
Other provisions 675 794 797
Borrowings 2,819 1,634 2,038
Trade payables and other financial liabilities 4,282 5,351 5,967
Contract liabilities from unused flight documents 4,499 4,071 5,602
Other contract liabilities 2,654 2,675 2,623
Advance payments received, deferred income

and other non-financial liabilities 403 382 490
Effective income tax obligations 469 402 540
Liabilities in connection with assets held for sale 491 540 –

Current provisions and liabilities 16,917 15,986 18,241
Total shareholders' equity and liabilities 39,887 42,659 43,094
¹) Previous year’s figures have been restated.

Consolidated statement of changes in shareholders‘ equity
Consolidated statement of changes in shareholders‘ equity

as of 30 June 2020
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
Reva-
Fair luation Equity
value reserve attrib-
meas- (due to utable
ure- busi- to share-
ment of Cur- ness Othe Total Retai- holders of Total
financial rency com- neutral other ned Net Deutsche sharehol-
Issued Capital instru- differ- bina- reser- neutral earni- profit/ Lufthansa Minority ders'
in €m capital reserve ments ences tions) ves reserves ngs loss AG interests equity
As of 01.01.2019 1,217 343 237 388 236 324 1,185 4,588 2,163 9,496 110 9,606
Capital increases /
reductions – – – – – – – – – – – –
Reclassifications – – -9 – – – -9 1,792 -1,783 – – –
Dividends to Lufthansa
shareholders/
minority interests – – – – – – – – -380 -380 -24 -404
Transaction with minority

interests – – – – – – – – – – – –
Consolidated net profit/

loss attributable to
Lufthansa shareholders/
minorities – – – – – – – – -116 -116 15 -101
Other expenses and in-

come recognised directly in
equity – – 614 44 – 15 673 -466 – 207 -1 206
Hedging results reclassi-

fied from non-financial as-
sets to acquisition costs – – -141 – – – -141 – – -141 – -141
As of 30.06.2019 1,217 343 701 432 236 339 1,708 5,914 -116 9,066 100 9,166
As of 01.01.2020 1,224 378 624 503 236 352 1,715 5,617 1,213 10,147 109 10,256
Capital increases /
reductions – – – – – – – – – – – –
Reclassifications – – - – – – – 1,213 -1,213 – – –
Dividends to Lufthansa
shareholders/
minority interests – – – – – – – – – – -17 -17
Transaction with minority

interests – – – – – – – – – – – –
Consolidated net profit/

loss attributable to
Lufthansa shareholders/
minorities – – – – – – – – -3,617 -3,617 -10 -3,627
Other expenses and in-

come recognised directly in
equity – – -230 27 – - -203 -722 – -925 -4 -929
Hedging results reclassi-

fied from non-financial as-
sets to acquisition costs – – 19 – – – 19 – – 19 – 19
As of 30.06.2020 1,224 378 413 530 236 352 1,531 6,108 -3,617 5,624 78 5,702
Consolidated cash flow statement
Consolidated cash flow statement

January - June 2020
CONSOLIDATED CASH FLOW STATEMENT
Jan - Jun Jan - Jun Apr - Jun Apr - Jun

in €m 2020 2019 2020 2019
Cash and cash equivalents at start of period¹) 1,431 1,434 1,853 1,240
Net profit/loss before income taxes -4,419 112 -1,743 524
Depreciation, amortisation and impairment losses on non-current assets

(net of reversals) 1,782 1,304 659 657
Depreciation, amortisation and impairment losses on current assets (net of

reversals) 49 44 27 22
Net proceeds on disposal of non-current assets 9 14 3 -4
Result of equity investments 180 -88 146 -83
Net interest 162 228 106 184
Income tax payments/reimbursements 112 -560 91 -183
Significant non-cash-relevant expenses/income 385 9 -626 10
Change in trade working capital 1,434 1,452 -437 -29
Change in other assets/shareholders' equity and liabilities 669 -122 770 -263
Cash flow from operating activities 363 2,393 -1,004 835
Capital expenditure for property, plant and equipment and intangible assets -883 -1,888 -120 -659
Capital expenditure for financial investments -14 -16 -7 -9
Additions/loss to repairable spare parts of aircraft 86 -211 58 -131
Proceeds from disposal of non-consolidated equity investments -1 - -1 -
Proceeds from disposal of consolidated equity investments - 3 - 3
Cash outflows for acquisitions/capital increase of/at non-consolidated equity

investments -5 -49 -2 -24
Cash outflows for acquisitions of consolidated equity investments - - - -
Proceeds from disposal of intangible assets, property, plant and equipment

and other financial investments 84 60 28 24
Interest invome 47 38 3 23
Dividends received 13 121 10 110
Net cash from/used in investing activities -673 -1,942 -31 -663
Purchase of securities/fund investments -5,450 -1,567 -2,232 -1,124
Disposal of securities/fund investments 5,040 809 3,199 709
Net cash from/used in investing and cash management activities -1,083 -2,700 936 -1,078
Capital increase - - - -
Transactions by non-controlling interests - - - -
Non-current borrowing 1,784 2,432 284 1,690
Repayment of non-current borrowing -1,126 -2,112 -745 -1,265
Dividends paid -17 -404 -17 -387
Interest paid -107 -43 -64 -29
Net cash from/used in financing activities 534 -127 -542 9
Net increase/decrease in cash and cash equivalents -186 -434 -610 -234
Changes due to currency translation differences -8 - -6 -6
Cash and cash equivalents 30 Jun²) 1,237 1,000 1,237 1,000
Less cash and cash equivalents of companies held for sale as of 30 Jun 26 - 26 -
Cash and cash equivalents of companies not classified as held for

sale as of 30 Jun²) 1,211 1,000 1,211 1,000
Securities 2,448 2,406 2,448 2,406
Liquidity 3,659 3,406 3,659 3,406
Net increase/decrease in liquidity 274 237 -1,480 88
¹) Amount as of 01/01/2020 (04/01/2020) includes EUR 16 (26)m, which were included in assets held for sale as of 12/31/2019 (03/31/2020).
²) The difference between the bank balance and cash-in-hand shown in the statement of financial position comes from fixed-term deposits of EUR 0m with
terms of four to twelve months (previous year: EUR 2m).
Notes
1 Applied standards, changes in the group of con- and Munich hub airports and pursuit of a sustainable cor-
solidated companies and accounting principles porate policy. The credit facility arrangement resulted in
the banking consortium being furnished with collateral in
The consolidated financial statements of Deutsche the form of stakes in a number of aircraft holding entities.
Lufthansa AG and its subsidiaries have been prepared in Subject to the full repayment of the silent participations
accordance with the International Financial Reporting by the Company and a minimum sale price of EUR 2.56
Standards (IFRS) issued by the International Accounting per share plus an annual interest of 12%, the WSF un-
Standards Board (IASB), as applicable in the European dertakes to sell its shareholding in full at the market price
Union (EU), taking account of interpretations by the IFRS by 31 December 2023.
Interpretations Committee (IFRIC). This interim report as
The Swiss federal government had promised guaranteed
of 30 June 2020 has been prepared in condensed form in
credit lines of CHF 1.5bn (approx. EUR 1.4bn) for SWISS
accordance with IAS 34.
and Edelweiss, the two Swiss airlines in the Lufthansa
In preparing the interim financial statements, the stand- Group, as early as 29 April 2020; the facility is granted at
ards and interpretations applicable as of 1 January 2020 normal market conditions by a consortium of Swiss banks
have been applied. The interim financial statements as of and has a term of five years with two one-year extension
30 June 2020 have been prepared using the same ac- options; it is 85% guaranteed by the Swiss federal gov-
counting policies as those on which the preceding con- ernment and is secured by shares in SWISS and Edel-
solidated financial statements as of 31 December 2019 weiss held by Deutsche Lufthansa AG; the funding may
were based. The standards and interpretations manda- only be used for SWISS and Edelweiss; no dividend pay-
tory from 1 January 2020 onwards had no effects on the ments within the Group are permitted for the duration of
Group’s net assets, financial and earnings position and the credit facility. The credit line still has to be approved
no restatements resulting from new standards were nec- by the Economic Stabilisation Fund and KfW.
essary.
In addition, the Austrian federal government, Lufthansa
Based on the Federal Republic of Germany’s Economic and Austrian Airlines reached an agreement on 8 June
Stabilisation Fund’s approval of the stabilisation package 2020 on the key aspects of a coronavirus aid package
for Deutsche Lufthansa AG on 25 May 2020, the ap- worth EUR 600m for Austrian Airlines. As of 30 June
proval granted by the shareholders of Deutsche 2020, approval by the European Commission was still
Lufthansa AG at the extraordinary general meeting held pending. The measures provide for equity capital of EUR
on 25 June 2020 regarding the capital measures agreed 300m to be injected into Austrian Airlines, an amount to
with the Economic Stabilisation Fund, and the conclusion be split 50/50 by Lufthansa and the Austrian government,
of the corresponding agreements with the Economic Sta- as well as debt financing of EUR 300m. Lufthansa’s con-
bilisation Fund on 29 June 2020 and with KfW on 1 July tribution of EUR 150m will be made by way of a share-
2020, the Executive Board considers the Group’s liquidity holder contribution made by Lufthansa to Austrian Air-
to be secured for the next twelve months on the basis of lines via the existing holding structure. The contribution
its current corporate planning. These interim financial made by the Austrian government, also amounting to
statements have therefore been prepared on a going EUR 150m, will be structured as a subordinated loan. A
concern assumption. declaration stating that the loan does not need to be re-
paid is expected to be issued later on in the year once
The support package has a total volume of up to EUR the airline has demonstrated the definitive amount of
9bn and comprises a 20% equity investment of EUR damage suffered. The contribution is subject to the pro-
0.3bn, a silent participation which can be recognised as viso that Austrian Airlines suffered damage of at least
equity worth EUR 4.7bn (Silent Participation I), a silent EUR 150m as a result of COVID-19. This has been con-
participation reported under borrowed capital worth EUR firmed. As regards the debt component, a credit line of
1bn (Silent Participation II) and a largely government- EUR 300m was agreed with a consortium of Austrian
guaranteed credit facility of EUR 3bn. If the Company banks on 25 June 2020. A guarantee for 90% of the
makes use of state stabilisation measures in Belgium, loans is provided by the Republic of Austria under the
Austria and Switzerland, Silent Participation I and/or the special Austrian COVID legislation. 38 aircraft are also to
credit facility will be reduced accordingly. be pledged to the banking consortium. The loans have a
term until 2025. The measures are still subject to ap-
Certain parts of Silent Participation II can be converted proval by the Economic Stabilisation Fund and KfW.
into shares in the event of a takeover, a dilution situation
or if no coupon payments are made on Silent Participa- The “Coronavirus Aid, Relief and Economic Security Act”
tion I. The framework agreement with the Economic Sta- (“CARES Act”), which is designed to mitigate the nega-
bilisation Fund also provides for extensive information tive economic impact of the COVID-19 pandemic, came
and auditing rights for the Economic Stabilisation Fund into force in the US on 27 March 2020. On 3 April 2020,
and obligations for the Lufthansa Group regarding the the LSG group submitted applications to the U.S. Depart-
suspension of dividend payments, limitations on management of the Treasury for the Payroll Support Program
ment compensation, a commitment not to make equity in- feature of the legislation for three companies in an
vestments, divestment of up to 24 slots at the Frankfurt
Notes
amount totalling USD 307m, with the LHT Group submit- 2 Notes to the income statement, statement of fi-
ting applications worth USD 50m for four companies. Due nancial position, cash flow statement and seg-
to the large volume of applications, it is currently ex- ment reporting
pected that the LSG Group will receive loans of USD 79
million and grants of USD 135 million and the LHT Group Total revenue
will receive loans of USD 11 million and grants of USD 19 Based on the IFRIC agenda decision on 17 September
million for the fiscal year 2020. The support is tied to a 2019, compensation payments for flight cancellations and
commitment to maintain a defined level of employment. delays are no longer recognised as expenses in the in-
No final agreement had been reached by the reporting come statement, but rather reduce traffic revenue and
date. the cost of materials and services by the same amount.
The Lufthansa Group applied this amendment as of 31
Negotiations with the Belgian government on support
December 2019. This adjustment reduced the traffic rev-
measures for Brussels Airlines are also under way, but
enue reported as of 30 June 2019 by EUR 107m.
had not been completed by the reporting date. ↗ Events
after the reporting period, p. 36.
TRAFFIC REVENUE BY AREA OF OPERATIONS
2020 Europe¹) North- Central- and Asia/ Middle Africa¹)

america¹) South Ame- Pacific¹) East¹)
in €m rica¹)
Network Airlines 4,059 2,794 651 90 357 86 81
Lufthansa German Airlines 2,486
SWISS²) 1,044
Austrian Airlines 294
Brussels 235
)
Eurowings² 363 358 3 1 1 – –
Logistics 1,219 533 132 42 481 10 21
Total 5,641
¹) Traffic revenue is allocated 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.
TRAFFIC REVENUE BY AREA OF OPERATIONS
2019 Europe¹) North- Central- and Asia/ Middle Africa¹)

america¹) South Ame- Pacific¹) East¹)
in €m rica¹)
Network Airlines²)³) 11,166 7,298 2,042 235 1,114 274 203
Lufthansa German Airlines³ ) 7,265
SWISS²) 2,367
Austrian Airlines 893
Brussels Airlines³ )
641
Eurowings²)³) 1,051 1,022 16 2 8 2 1
Logistics 1,158 580 133 48 343 15 39
Total 13,375
¹) Traffic revenue is allocated 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 restated because of the segment change for Brussels Airlines, Germanwings GmbH and longhaul operations of Eurowings to the Network Airlines.
Notes
OTHER OPERATING REVENUE BY AREA OF OPERATIONS
2020 Europe¹) North- Central and Asia/ Middle Africa¹)

America¹) South Ame- Pacific¹) East¹)
in €m rica¹)
MRO 1,606 691 404 70 305 81 55
MRO services 1,352
Other operating revenue 254
Catering 651 100 390 35 94 18 14
Catering services 554
Revenue from in-flight sales 31
Other services 66
Network Airlines 182 154 10 1 12 3 2
Eurowings 3 3 – – – – –
Logistics 86 63 18 – 2 3 –
Additional Businesses and Group Functions 166 116 16 6 18 7 3
IT services 86
Travel management 51
Other 29
Total 2,694
¹) Traffic revenue is allocated according to the original location of sale.
OTHER OPERATING REVENUE BY AREA OF OPERATIONS
2019 Europe¹) North- Central and Asia/ Middle Africa¹)

America¹) South Ame- Pacific¹) East¹)
in €m rica¹)
MRO 2,146 969 528 150 369 91 39
MRO services 1,835
Other operating revenue 311
Catering 1,260 228 662 75 227 35 33
Catering services 1,064
Revenue from in-flight sales 79
Other services 117
Network Airlines²) 302 244 21 2 24 5 6
Eurowings²) 2 2 – – – – –
Logistics 57 34 20 – – 3 –
Additional Businesses and Group Functions 274 199 25 6 33 8 3
IT services 89
Travel management 141
Other 44
Total 4,041
¹) Traffic revenue is allocated according to the original location of sale.

²) Previous year restated because of the segment change for Brussels Airlines, Germanwings Gmbh and longhaul operations of Eurowings to Network Airlines.
AIRCRAFT AND RESERVE ENGINES DEFERRED TAXES

In connection with preparations for state stabilisation Deferred taxes have been capitalised in full for the losses
measures for Austrian Airlines in Austria, a consortium of incurred in Germany during the financial year. As the
banks has been granted rights of lien for 27 aircraft, alt- losses were triggered by an exogenous shock with a tem-
hough the credit facility has not been used as of 30 June porary impact and the Company expects to be able to
2020. use the deferred tax assets when it generates sufficient
positive tax results in the foreseeable future, they are ex-
pected to be recoverable in full. Tax loss carry-forwards
Notes
are not subject to any restrictions regarding the period of tivating them at short notice. Based on current fleet plan-
time in which they can be used in Germany. ning and the resolutions taken by the management
boards, the assumption is that five Boeing B747s and
ASSETS CLASSIFIED AS HELD FOR SALE eleven Airbus A320s at Lufthansa German Airlines, three
Assets with a carrying amount of EUR 384m were held Boeing B767s and 13 Bombardier Dash 8-400s at Aus-
for sale as of 30 June 2020. This primarily relates to EUR trian Airlines, 15 leased Bombardier Dash 8-400s at Eu-
321 million of the assets of the disposal group “European rowings and two leased Airbus A330s and eight leased
commercial activities of the LSG group” which were sold Airbus A319s at Brussels Airlines will be retired perma-
to gategroup Holding AG by contract dated 6/7 Decem- nently. A further six Airbus A380-800s, which had already
ber 2019. This disposal group also included all liabilities, been sold to Airbus with forecast transfer dates in 2022
which are reported under liabilities allocated to assets and 2023, will no longer go back into operation. Impair-
held for sale in the amount of EUR 491 million. The Euro- ment testing was carried out for the aircraft and right-of-
pean competition authorities approved the transaction use assets on aircraft concerned, which resulted in a total
subject to conditions on 3 April. The fulfilment of these impairment loss of EUR 281m on the basis of the fore-
conditions has been delayed due to the overall economic cast sales prices and due to a lack of other values in use
conditions resulting from the impact of the coronavirus under the leases.
and negotiations have started with the Gate Group re-
garding a number of the implementation aspects. The The general risk that decisions may still be taken to retire
transaction is now expected to be closed in the third other parts of the fleets is considered in the impairment
quarter of 2020. The current purchase price estimate tests for the individual business entities.
shows additional impairment losses of EUR 26m as of 30
June 2020. In addition to the impairment testing for individual assets,
the occurrence of a “triggering event” meant that impair-
This item also includes aircraft and reserve engines held ment tests were carried out for all material business enti-
for sale with a carrying amount of EUR 61m. These in- ties at the level of the cash-generating units in the first
clude three Boeing MD 11, five Boeing B747, three Boe- quarter of 2020. These were based on updated cash flow
ing B767, one Airbus A321, eleven Airbus A320 and 14 and earnings forecasts, which predict that the operating
Dash 8-400 aircraft. environ-ment will only slowly recover by 2023. Compared
with year-end 2019, the tests were performed with a 1%
higher discount rate and 1% lower growth from the end of
PENSION PROVISIONS the planning period. The earnings figures in “terminal
The discount rate used to calculate obligations in Ger- value” were also subjected to an additional stress sce-
many was 1.5%. As of 31 December 2019, the rate was nario. The result was an impairment loss at the entities
1.4%. A discount rate of 0.35% was used for the pension Eurowings and LSG North America. Goodwill of EUR
obligations in Switzerland (31 December 2019: 0.3%). 57m at Eurowings was written off in full and goodwill at
The increase in pension provisions is essentially due to LSG North America was impaired by EUR 100m. With
the negative performance of the plan assets. In addition, the exception of Austrian Airlines, which had no further
EUR 95m was withdrawn from the plan assets for the cushion in the test scenario, the testing did not reveal any
German pension plans for pension payments made in the impairment at the other business entities, even when the
reporting period. discount rate was increased by 0.5 percentage points
and the growth assumptions and EBITDA margin were
CONTRACT LIABILITIES FROM UNUSED FLIGHT
each reduced by 0.5 percentage points. The duration of
DOCUMENTS
the ramp-up phase has a decisive influence on the risk
The contract liabilities from unused flight documents in
situation, as does the subsequent level of commercial ac-
the amount of EUR 4,499m include an amount of EUR
tivity and the profitability of the business entities.
1,139m for which customers had made reimbursement
claims by the end of the reporting period. Further reim- Due to the drastic changes in the overall conditions and
bursement claims are expected given that the flight the resulting need to revise profit forecasts, significant in-
schedule remains severely restricted. vestments accounted for using the equity method were
also tested for impairment. Subject to the same risk ad-
CHANGES IN ESTIMATES
justments as those referred to above, the equity invest-
In view of the almost complete cessation of passenger
ment in Sun Express did not reveal any need for impair-
flight operations, which can only be reversed in stages
ment. Given what is expected to be a dramatic drop in
and over an as yet uncertain period, the operation plans
the number of Airbus A380s in operation, which are sup-
for all components of the fleet are being revised. As well
plied with spare parts by the joint venture Spairliners in
as delays in new deliveries, the assumption is that parts
the MRO segment, the remaining carrying amount of
of the fleet will no longer return to active service, but will
EUR 26m was written off in full. The projections do not
be disposed of directly. The companies still reserve the
point towards any positive value contributions overall for
right to retire aircraft temporarily, so that they can re-
the future. Negotiations are currently under way with the
spond to changes in the operating environment by reac-
co-shareholder regarding the future business orientation
Notes
of the joint venture Xeos, which offers engine mainte- Provisions for other contingent liabilities were not made
nance services. Based on weighted scenario calculations because it was not sufficiently probable that they would
and a discount factor that was 2 percentage points be necessary. The potential financial effect of these pro-
higher, the test revealed an impairment of EUR 36m. visions on the result would have been EUR 56m in total
(as of 31 December 2019: EUR 55m).
Because flight operations have largely come to a stand-
still, purchases of kerosene and cash flows in foreign cur- As of 30 June 2020, the tax risks for which no provisions
rencies have been significantly reduced. As a result, had been recognised came to some EUR 200m (as of 31
hedged transactions were no longer concluded for a December 2019: EUR 200m).
large number of hedges in these areas in the period from
April to June. No further hedged transactions are ex- At the end of June 2020 there were order commitments
pected to be concluded in the foreseeable future either, of EUR 14.5bn for capital expenditure on property, plant
meaning that hedge accounting in accordance with IFRS and equipment, including repairable spare parts, as well
9 can no longer be applied. See also the comments in as for intangible assets. Order commitments as of 31 De-
↗ Note 5 (Financial instruments). cember 2019 came to EUR 14.6bn. Contracts to buy air-
craft were renegotiated as a result of the coronavirus cri-
OTHER GOVERNMENT AID MEASURES sis and delivery of some of the orders was postponed to
Total state subsidies of EUR 175m were collected in the later dates than was the case on 31 December 2019.
first half of 2020. They are primarily attributable to the re-
imbursement of wage-replacement benefits and social Rating agencies downgrade rating for Lufthansa
security contributions paid in the context of shorttime Group
working in Germany, Austria and Switzerland and are re- — On 1 July 2020 and 2 July 2020 respectively, the rat-
ported under staff costs, decreasing these expenses. In ing agencies Standard & Poor’s and Moody’s lowered
addition, liabilities resulting from import sales tax due for the credit rating of the Lufthansa Group from BB+ to
payment in 2021, in the total amount of EUR 246m on BB and from Ba1 to Ba2 as a result of the spread of
the reporting date, were deferred. the coronavirus and its wider impact. On 14 July 2020,
Scope Ratings confirmed its BBB- rating; Scope Rat-
In addition to the amounts granted to the companies in ings thus continues to rate the Lufthansa Group within
connection with short-time working, employees also re- the investment grade range.
ceived direct state support in the form of salary-replace-
ment benefits. WSF builds up 20% stake in issued capital
— As part of the stabilisation measures, on 2 July 2020
3 Seasonality the WSF subscribed to shares by way of a capital in-
crease and built up a 20% stake in the issued capital
The Group’s business activities are normally exposed to of Deutsche Lufthansa AG; the subscription price was
seasonal effects via the Network Airlines and Eurowings EUR 2.56 per share, resulting in a cash contribution of
segments in particular. As such, revenue in the first and around EUR 0.3bn.
fourth quarters is generally lower, since people travel
First payments from the stabilisation package have
less, while higher revenue and operating profits are nor-
been made
mally earned in the second and third quarters.
— Deutsche Lufthansa AG has received a total of
Due to the impact of the COVID-19 pandemic in the first EUR 2.3bn so far from the stabilisation package; on 2
half of 2020, the volume of business plummeted overall July 2020, the WSF paid EUR 0.3bn through the capi-
and no longer shows any signs of seasonal effects. tal increase. On 3 July 2020, a further EUR 1.0bn
came from the first tranche of the KfW facility, followed
4 Contingencies and events after the reporting by another EUR 1.0bn on 9 July 2020 as a silent par-
period ticipation II from the WSF.
— The LSG group and the LHT group also received total
CONTINGENT LIABILITIES
payments of USD 170m up to 4 August 2020 in the
in €m 30.06.2020 31.12.2019 USA under the Coronavirus Aid, Relief and Economic
From guarantees, bills of exchange and
Security Act (“CARES Act”).
cheque guarantees¹) 879 935
From warranty contracts 345 378 Lufthansa Group decides on second package for re-
structuring programme
From providing collateral for third-parties liabili-
ties 22 47 — On 7 July 2020, the Executive Board of Deutsche
1,246 1,360 Lufthansa AG approved a second package for the re-
structuring programme in response to the coronavirus
¹) Prior year figure adjusted crisis.
— The comprehensive restructuring programme, entitled

“ReNew”, will run until December 2023 and is headed
Notes
by Dr Detlef Kayser, the Executive Board member in — As part of the package, Deutsche Lufthansa AG pro-
charge of Airline Resources & Operations Standards; vided Austrian Airlines with EUR 150m in equity after
it also includes existing restructuring programmes at this approval was granted.
the Group’s airlines and service companies.
Agreement reached on stabilisation package for
— Following the reduction in the size of the Executive Brussels Airlines
Board of Deutsche Lufthansa AG, the executive and — The Belgian government and the Lufthansa Group
management boards of the Group’s subsidiaries are to reached a fundamental agreement on a loan of
decrease in size compared with 2019; the number of EUR 290m to Brussels Airlines from the Belgian gov-
managerial positions is to be reduced by 20% across ernment; this is to be supplemented by an equity pay-
the Group; the administration at Deutsche Lufthansa ment of EUR 170m from Deutsche Lufthansa AG; this
AG is to be scaled down by 1,000 positions. will enable Brussels Airlines to implement its turna-
round programme aimed at securing the carrier’s long-
— The government loans and deposits are to be repaid term profitability; the contracts remain to be finalised;
as quickly as possible to avoid an increase in the re- the measures are also subject to the approval of the
sulting interest expenses. WSF and the European Commission.
— Efforts are under way to make Lufthansa German Air-
lines into an autonomous company.
5 Financial instruments and financial liabilities
— The number of sub-fleets is being reduced, as
planned, and flight operations are being pooled – in-
FINANCIAL INSTRUMENTS
cluding long and short-haul services for leisure travel
The following tables show financial assets and liabilities
at the Frankfurt and Munich hubs; at Lufthansa Ger-
held at fair value by level in the fair value hierarchy. The
man Airlines alone, 22 aircraft have already been re-
levels are defined as follows:
tired early, including six Airbus A380s, eleven A320s
and five Boeing 747-400s. Level 1: Financial instruments traded on active markets,
the quoted prices for which are taken for measurement
— The financial planning up to 2023 specifies that a max-
unchanged.
imum of 80 new aircraft will be added to the Lufthansa
Group’s fleets; due to the postponement of planned Level 2: Measurement is made by means of valuation
deliveries, capital expenditure on new aircraft will be methods with parameters derived directly or indirectly
halved in this period. from observable market data.
European Commission approves aid package for Level 3: Measurement is made by means of valuation
Austrian Airlines methods with parameters not based exclusively on ob-
— On 7 July 2020, the European Commission signed off servable market data.
on the coronavirus package negotiated between the
Austrian federal government, the Lufthansa Group and As of 30 June 2020, the fair value hierarchy for assets
Austrian Airlines for EUR 600m. and liabilities held at fair value was as follows:
FAIR VALUE HIERARCHY OF ASSETS AS OF 30.06.2020
in €m Level 1 Level 2 Level 3 Total
Financial assets at fair value through profit and loss 2,448 25 – 2,473
Financial derivatives classified as held for trading – 25 – 25
Securities 2,448 – – 2,448
Derivative financial instruments which are an effective part of a hedging relationship – 1,073 – 1,073
Financial assets at fair value through other comprehensive income – 22 – 22
Equity instruments – 22 – 22
Debt instruments – – – –
Total assets 2,448 1,120 – 3,568

Notes
FAIR VALUE HIERARCHY OF LIABILITIES AS OF 30.06.2020
Derivative financial instruments at fair value through profit or loss – -337 – -337
Derivative financial instruments which are an affective part of a hedging relationship – -572 – -572
Total liabilities – -909 – -909
As of 30 June 2020, the decline in flight traffic due to the EUR 18m for foreign currency hedges. Overall, termi-
coronavirus crisis meant that fuel prices and foreign cur- nated hedging relationships therefore had an earnings
rencies were “overhedged”, meaning hedging relation- impact of EUR –746m. EUR 420m has been paid out in
ships previously designated under hedge accounting cash to date to settle such transactions.
rules had to be terminated early. The amount of the re-
maining fuel requirement and the foreign currency expo- CO2 emissions certificates valued at EUR 220m were
sure was determined for the remainder of the year on the sold and simultaneously repurchased on the market in
basis of current expectations. Hedging relationships for what are known as “repo” agreements so that economic
the excess volume of hedging instruments were “un- ownership of the certificates is maintained.
designated”, and the cumulative change in market value
Long-term foreign currency hedges were also realised
of EUR –284m was reclassified from the market valuation
early, generating cash proceeds of EUR 392m. The
reserve to the financial result. Fuel hedges accounted for
amounts will remain in the market valuation reserve until
expenses of EUR 301m and foreign currency hedges for
the hedged transactions have taken place and will then
income of EUR 17m. The corresponding hedging instru-
be allocated to the corresponding investments.
ments are accounted for through profit or loss as stand-
alone derivatives until their due date. The realised result As of 31 December 2019, the fair value hierarchy for as-
of hedging relationships terminated in Q1 came to ex- sets and liabilities held at fair value was as follows:
penses of EUR 480m for fuel hedging and income of
FAIR VALUE HIERARCHY OF ASSETS AS OF 31.12.2019
Financial assets at fair value through profit and loss 359 13 – 372
Financial derivatives classified as held for trading – 12 – 12
Securities 359 1 – 360
Derivative financial instruments which are an effective part of a hedging relationship – 1,352 – 1,352
Financial assets at fair value through other comprehensive income – 1,632 – 1,632
Equity instruments – 22 – 22
Debt instruments – 1,610 – 1,610
Total assets 359 2,997 – 3,356
FAIR VALUE HIERARCHY OF LIABILITIES AS OF 31.12.2019
Derivative financial instruments at fair value through profit or loss – -67 – -67
Derivative financial instruments which are an affective part of a hedging relationship – -199 – -199
Total liabilities – -266 – -266
The fair values of interest rate derivatives correspond to currency options and the options used to hedge fuel
their respective market values, which are measured us- prices are determined using acknowledged option pricing
ing appropriate mathematical methods, such as discount- models.
ing expected future cash flows. Discounting takes market
standard interest rates and the residual term of the re- The fair values of debt instruments also correspond to
spective instruments into account. Forward currency their respective market values, which are measured us-
transactions and swaps are individually discounted to the ing appropriate mathematical methods, such as discount-
reporting date based on their respective futures rates and ing expected future cash flows. Discounting takes market
the appropriate interest rate curve. The market prices of
Notes
standard interest rates and the residual term of the re- FINANCIAL LIABILITIES
spective instruments into account. The following table shows the carrying amounts and mar-
ket values for individual classes of financial liabilities.
The carrying amount for cash, trade receivables, other Market values for bonds are equal to the listed prices.
receivables, trade payables and other liabilities is as- The market values for other types of financial liability
sumed to be a realistic estimate of fair value. have been calculated using the applicable interest rates
for the remaining term to maturity and repayment struc-
tures at the reporting date based on available market in-
formation (Bloomberg).
FINANCIAL LIABILITIES
30.06.2020 31.12.2019
Carrying Market va- Carrying Market va-

in €m amount lue amount lue
Bonds 1,338 1,195 1,094 1,026
Liabilities to banks 2,993 2,945 2,110 2,150
Other liabilities 3,891 3,724 3,954 3,883
Total 8,222 7,864 7,158 7,059
Leasing liabilities 2,728 n.a. 2,872 n.a.
Total 10,950 n.a. 10,030 n.a.
6 Earnings per share 2024, subject to approval by the Supervisory Board, to in-
crease the Company’s issued capital by up to
Earnings per share
EUR 30,000,000 by issuing new registered shares to em-
ployees (Authorised Capital B) for payment in cash. Ex-
30/06/2020 30/06/2019
isting shareholders’ subscription rights are excluded.
Basic/diluted Shares with a total nominal amount of EUR 7,637,832
earnings per share € – 7.56 – 0.24
were issued under this authorisation up to 30 June 2020.
Consolidated net profit/loss €m – 3,617 – 116
Weighted average number of shares 478,194,257 475,210,712 A resolution of the extraordinary general meeting on 25
June 2020 increased the contingent capital of Deutsche
Lufthansa AG by up to EUR 102,014,776.32. The contin-
7 Issued capital gent capital increase serves to provide shares for the ex-
ercise of conversion rights granted to the Economic Sta-
bilisation Fund created by the Stabilisation Fund Act as a
By resolution of the extraordinary general meeting on 25
silent shareholder in the company for Silent Participation
June 2020, the issued capital of Deutsche Lufthansa AG
II-A at a strike rate of EUR 2.56 per share by resolution of
was increased by EUR 306,044,326.40 to EUR
the extraordinary general meeting on 25 June 2020. The
1,530,221,624.32 by issuing 119,548,565 registered
rights can be exercised if a decision is published to make
shares excluding shareholders’ subscription rights. The
a takeover offer pursuant to Section 10 Securities Acqui-
shares were bought by the Economic Stabilisation Fund
sition and Takeover Act (WpÜG) or if control is acquired
at the nominal amount of EUR 2.56 per share. The capi-
pursuant to Sections 35 and 29 WpÜG. The buyer can
tal increase took effect on 2 July 2020 when it was en-
exercise the conversion rights at any time if the Silent
tered in the commercial register.
Participation II-A is sold to a private purchaser.
A resolution passed at the Annual General Meeting on 7
A resolution of the extraordinary general meeting on 25
May 2019 authorised the Executive Board until 06 May
June 2020 increased the contingent capital of Deutsche
2024, subject to approval by the Supervisory Board, to in-
Lufthansa AG by up to EUR 897,985,223.68. The contin-
crease the Company’s issued capital by up to
gent capital increase serves to provide shares for the ex-
EUR 450,000,000 by issuing new registered shares on
ercise of conversion rights granted to the Economic Sta-
one or more occasions for payment in cash or in kind
bilisation Fund created by the Stabilisation Fund Act as a
(Authorised Capital A). In certain cases, the sharehold-
silent shareholder in the company for antidilution and/or
ers’ subscription rights can be excluded with the approval
coupon protection for Silent Participation II-B by resolu-
of the Supervisory Board.
tion of the extraordinary general meeting on 25 June
A resolution passed at the Annual General Meeting on 7 2020. If the conversion right is exercised to protect
May 2019 authorised the Executive Board until 6 May
Notes
against dilution, the new shares will be issued at the cur- 298m shown in the 2019 financial statements was trans-
rent market price on the conversion date, less 10%. If the ferred to retained earnings.
conversion right is exercised to protect the coupon, they
are issued at the current market price on the conversion 8 Segment reporting
date, less 5.25%. The conversion rights expire if Silent
Participation II-B is assigned to a third party. Based on the IFRIC agenda decision on 17 September
2019, compensation payments for flight cancellations and
A resolution of the Annual General Meeting on 5 May delays are no longer recognised as expenses in the in-
2020 increased the company’s contingent capital by up to come statement, but rather as reductions in revenue. The
EUR 122,417,728. The contingent capital increase Lufthansa Group applied this amendment retrospectively
serves to issue shares to the holders or creditors of con- as of 31 December 2019, and the previous year’s figures
version and/or option rights from convertible bonds that were adjusted accordingly by reducing traffic revenue
may be issued by the Company or its Group companies and the cost of materials and services by the same
until 4 May 2025 in accordance with the resolution of the amount.
Annual General Meeting on 5 May 2020. In certain
cases, the shareholders’ subscription rights can be ex- Segmentation has been changed compared with the fi-
cluded with the approval of the Supervisory Board. nancial statements as of 31 December 2019. Brussels
Airlines, Germanwings and the Eurowings long-haul busi-
A resolution passed at the Annual General Meeting held ness are managed by the Network Airlines group as of
on 7 May 2019 authorised the Executive Board pursuant the start of financial year 2020 and have therefore been
to Section 71 Paragraph 1 No. 8 Stock Corporation Act allocated to the Network Airlines segment. As of 1 Janu-
(AktG) to purchase treasury shares until 6 May 2024. The ary 2020, the line maintenance business of Lufthansa
authorisation is limited to 10% of current issued capital. Technik was transferred to Deutsche Lufthansa AG,
According to the resolution of the Annual General Meet- which will carry out the work itself from this point on, and
ing held on 7 May 2019, the Executive Board is also au- is now part of the Network Airlines segment. The figures
thorised to purchase treasury shares by means of deriva- for the previous year have been adjusted accordingly.
tives and to conclude corresponding derivative transac-
tions. The segmentation changes increased previous-year rev-
enue for the Network Airlines segment by EUR 878m and
Following a resolution of the Annual General Meeting reduced its Adjusted EBIT by EUR 77m. For the MRO
held on 5 May 2020, the full distributable profit of EUR segment the changes reduced previous-year revenue by
EUR 169m and Adjusted EBIT by EUR 8m.
Notes
SEGMENT INFORMATION FOR THE REPORTING SEGMENTS Jan - Jun 2020
Network Eurowings Logistics MRO Catering Total Additional Recon- Group

Airlines reportable Busi- ciliation
operating nesses
segments and Group
Segmente Functions
in €m
External revenue 4,241 366 1,305 1,606 651 8,169 166 – 8,335
of which traffic revenue 3,858 361 1,219 – – 5,438 – 203 5,641
Inter-segment revenue 290 11 15 674 163 1,153 83 -1,236 –

Total revenue 4,531 377 1,320 2,280 814 9,322 249 -1,236 8,335
Other operating income 451 75 31 184 33 774 920 -742 952
Operating income 4,982 452 1,351 2,464 847 10,096 1,169 -1,978 9,287
Operating expenses 7,377 746 1,089 2,554 1,029 12,795 1,288 -2,014 12,069
of which cost of materials 3,277 427 702 1,346 345 6,097 118 -1,088 5,127
of which staff cost 1,880 93 188 648 446 3,255 358 -1 3,612
of which depreciation and
amortisation 956 104 78 100 61 1,299 58 -36 1,321
of which other operating expenses 1,264 122 121 460 177 2,144 754 -889 2,009
Result of equity investments -21 -64 15 -32 -13 -115 -3 1 -117

of which result of investments ac-
counted for using the equity method -19 -64 7 -33 -13 -122 – 1 -121
Adjusted EBIT¹) -2,416 -358 277 -122 -195 -2,814 -122 37 -2,899
Reconciliation items -270 -74 -19 -71 -111 -545 -7 -17 -569
Impairment losses/gains -268 -73 -19 -65 -111 -536 1 -17 -552
Effects from pension provisions – – – -2 – -2 -6 – -8
Result of disposal of assets -2 -1 – -4 – -7 -2 – -9
EBIT -2,686 -432 258 -193 -306 -3,359 -129 20 -3,468
Other financial result -951
Profit/loss before income taxes -4,419
Capital employed²) 11,721 1,191 2,167 5,110 1,300 21,489 1,548 -571 22,466
of which from investments ac-
counted for using the equity method 35 115 56 181 115 502 5 -1 506
Segment capital expenditure 664 50 89 71 21 895 32 -25 902

counted for using the equity method – – – 4 – 4 – – 4
Number of employees at the end of pe-

riod 59,953 3,219 4,452 23,927 28,130 119,681 9,675 – 129,356
¹) For detailed reconciliation from EBIT to Adjusted EBIT ↗ table "reconciliation of results", p. XXX, in the interim management report.
²) The capital employed results from total assets adjusted for non-operating items, (deferred taxes, positive market values, derivatives) less non-interest bearing
liabilities (including trade payables and liabilities from unused flight documents).
Notes
SEGMENT INFORMATION FOR THE REPORTING SEGMENTS Jan - Jun 2019¹)
Network Eurowings Logistics MRO Catering Total Additional Recon- Group

Airlines reportable Busi- ciliation
operating nesses
segments and Group
Segmente Functions
in €m
External revenue 11,468 1,053 1,215 2,146 1,260 17,142 274 – 17,416
of which traffic revenue 10,938 1,048 1,158 – – 13,144 – 231 13,375
Inter-segment revenue 470 -6 23 1,105 360 1,952 124 -2,076 –

Total revenue 11,938 1,047 1,238 3,251 1,620 19,094 398 -2,076 17,416
Other operating income 440 74 39 100 30 683 886 -493 1,076
Operating income 12,378 1,121 1,277 3,351 1,650 19,777 1,284 -2,569 18,492
Operating expenses 11,917 1,290 1,286 3,154 1,628 19,275 1,426 -2,539 18,162
of which cost of materials 6,728 901 872 1,924 692 11,117 139 -1,625 9,631
of which staff cost 2,390 131 207 726 637 4,091 430 -3 4,518
of which depreciation and
amortisation 937 120 76 91 57 1,281 52 -15 1,318
of which other operating expenses 1,862 138 131 413 242 2,786 805 -896 2,695
Result of equity investments 27 -19 24 38 11 81 7 – 88

of which result of investments ac-
counted for using the equity method 16 -19 9 33 11 50 – 1 51
Adjusted EBIT²) 488 -188 15 235 33 583 -135 -30 418
Reconciliation items -1 – -6 – – -7 9 -3 -1
Impairment losses/gains 20 1 -10 – 1 12 6 -3 15
Effects from pension provisions -1 – – – -1 -2 – – -2
Result of disposal of assets -20 -1 4 – – -17 3 – -14
EBIT 487 -188 9 235 33 576 -126 -33 417
Other financial result -305
Profit/loss before income taxes 112
Capital employed³ 11,028 1,377 2,100 5,581 1,557 21,643 1,928 -253 23,318
counted for using the equity method 43 130 61 306 150 690 6 -37 659
Segment capital expenditure 1,520 34 169 161 45 1,929 30 -6 1,953

counted for using the equity method – – – 36 – 36 – – 36
Number of employees at the end of pe-

riod 60,472 3,608 4,557 22,766 36,227 127,630 10,009 – 137,639
¹) Figures have been adjusted.

²) For detailed reconciliation from Adjusted EBIT to EBIT ↗ table reconciliation of results, p. 3, in the interim management report.
³) The capital employed results from total assets adjusted for non-operating items (deferred taxes, positive market values, derivatives), less non-interest bearing
liabilities (including trade payables and liabilities from unused flight documents).
EXTERNAL REVENUE BY REGION Jan - Jun 2020
Europe thereof Ger- North thereof Central Asia/ Middle East Africa Group
many America USA and South Pacific
in €m America
Traffic revenue¹) 3,685 1,676 786 714 133 839 96 102 5,641
Other operating revenue 1,127 394 838 671 112 431 112 74 2,694
Total revenue 4,812 2,070 1,624 1,385 245 1,270 208 176 8,335
¹) Allocated according to the original location of sale.

Notes
EXTERNAL REVENUE BY REGION Jan - Jun 2019
Europe thereof Ger- North thereof Central Asia/ Middle East Africa Group
many America USA and South Pacific
in €m America
Traffic revenue¹) 8,900 4,173 2,191 1,968 285 1,465 291 243 13,375
Other operating revenue 1,676 511 1,256 1,048 233 653 142 81 4,041
Total revenue 10,576 4,684 3,447 3,016 518 2,118 433 324 17,416
¹) Allocated according to the original location of sale.
9 Related party disclosures
As stated in ↗ Note 48 to the consolidated financial state-

ments 2019 (Annual Report 2019, p. 219 ff.), the seg-
ments in the Lufthansa Group render numerous services
to related parties within the scope of their ordinary busi-
ness activities and also receive services from them.
These extensive supply and service relationships take
place unchanged on the basis of market prices. There
have been no significant changes in comparison with the
reporting date. The contractual relationships with the
group of related parties described in the ↗ Remuneration
Report 2019 (Annual Report 2019) (p. 115 ff.) and in the
consolidated financial statements 2019 in ↗ Note 49 (An-
nual Report 2019, p. 222) also still exist unchanged, but
are not of material significance for the Group.
10 Published standards that have not yet been ap-

plied
Amendments published by the IASB for financial years

beginning after 1 January 2020 currently have no effect
on the presentation of the net assets, financial and earn-
ings position. Further information on the amendments are
shown in the consolidated financial statements 2019 in
↗ Note 2 “New international accounting standards in
accordance with IFRS and interpretations”, p. 144ff.
44 FURTHER INFORMATION LUFTHANSA GROUP 2ND INTEREM REPORT JANUARY - JUNE 2020
Declaration by the legal representatives
Declaration by the
legal representatives
We declare that to the best of our knowledge and accord-
ing to the applicable accounting standards for interim re-
porting, the consolidated interim financial statements give
a true and fair view of the assets, liabilities, financial posi-
tion and profit or loss of the Group, and the interim man-
agement report of the Group includes a fair review of the
development and performance of the business and the
position of the Group, together with a description of the
principal opportunities and risks associated with the ex-
pected development of the Group for the remaining
months of the financial year.
Frankfurt, 4 August 2020

The Executive Board
Carsten Spohr Christina Foerster Harry Hohmeister

Chairman of the Executive Board Member of the Executive Board Member of the Executive Board
and CEO Customer, IT & Commercial Passenger Airlines
Corporate Responsibility
Detlef Kayser Michael Niggemann

Member of the Executive Board Member of the Executive Board
Airline Resources & Corporate Human Resources,
Operations Standards Legal Affairs & M&A
45 FURTHER INFORMATION LUFTHANSA GROUP 2ND INTERIM REPORT JANUARY - JUNE 2020
Review Report
Review Report
To Deutsche Lufthansa Aktiengesellschaft, Cologne

We have reviewed the condensed consolidated interim fi- and perform the review to obtain a certain level of assur-
nancial statements of Deutsche Lufthansa Aktiengesell- ance in our critical appraisal to preclude that the con-
schaft, Cologne, - which comprise the consolidated in- densed consolidated interim financial statements are not
come statement, consolidated statement of comprehen- prepared, in all material respects, in accordance with
sive income, consolidated statement of financial position, IFRS and that the interim group management report is
consolidated statement of changes in equity, consoli- not prepared, in all material respects, in accordance with
dated cash flow statement and notes – and the interim the requirements of the WpHG applicable to interim
group management report for the period from 1 January group management reports. A review is limited primarily
to 30 June 2020, which are part of the half-year financial to making inquiries of the Company’s employees and an-
report pursuant to Sec. 115 WpHG (“Wertpapierhan- alytical assessments and therefore does not provide the
delsgesetz”: German Securities Trading Act). The Com- assurance obtainable from an audit of financial state-
pany’s management is responsible for the preparation of ments. Since, in accordance with our engagement, we
the condensed consolidated interim financial statements have not performed an audit of financial statements, we
in accordance with IFRS applicable to interim financial re- cannot issue an auditor’s report.
porting as issued by the IASB and as adopted by the EU
and of the interim group management report in accord- Based on our review, nothing has come to our attention
ance with the provisions of the WpHG applicable to in- that causes us to believe that the condensed consoli-
terim group management reports. Our responsibility is to dated interim financial statements are not prepared, in all
issue a report on the condensed consolidated interim fi- material respects, in accordance with IFRS applicable to
nancial statements and the interim group management interim financial reporting as issued by the IASB and as
report based on our review. adopted by the EU or that the interim group management
report is not prepared, in all material respects, in accord-
We conducted our review of the condensed consolidated ance with the provisions of the WpHG applicable to in-
interim financial statements and the interim group man- terim group management reports.
agement report in compliance with German Generally Ac-
cepted Standards for the Review of Financial Statements Eschborn/Frankfurt am Main, 4 August 2020
promulgated by the Institut der Wirtschaftsprüfer (IDW -
Ernst & Young GmbH
Institute of Public Auditors in Germany) and in supple-
Wirtschaftsprüfungsgesellschaft
mentary compliance with the International Standard on
Review Engagements “Review of Interim Financial Infor- Prof. Dr. Hayn Keller
mation Performed by the Independent Auditor of the En- Wirtschaftsprüfer Wirtschaftsprüfer
tity” (ISRE 2410). Those standards require that we plan (German Public Auditor) (German Public Auditor)
46 FURTHER INFORMATION LUFTHANSA GROUP 2ND INTERIM REPORT JANUARY - JUNE 2020
Credits/Contact, Financial calendar 2020/2021
Credits Contact
Published by Dennis Weber
Deutsche Lufthansa AG + 49 69 696 – 28001
Venloer Str. 151 – 153
50672 Cologne Deutsche Lufthansa AG
Germany Investor Relations
LAC, Airportring
Entered in the Commercial Register of Cologne 60546 Frankfurt/Main
District Court under HRB 2168 Germany
Phone: + 49 69 696 – 28001
Editorial staff Fax: + 49 69 696 – 90990
Dennis Weber (Editor) E-Mail: [email protected]
Patrick Winter
The Lufthansa 2nd Interim Report is a translation of the
original German Lufthansa Zwischenbericht 2/2020.
Please note that only the German version is legally bind-
ing.
The latest financial information on the internet:

↗ www.lufthansagroup.com/investor-relations
Financial calendar 2020 / 2021
2020 2021
5 November Release of 3rd Interim Report 4 March Release of Annual Report 2020
January – September 2020
29 April Release of 1st Interim Report
January – March 2021
5 August Release of 2nd Interim Report

January – June 2021
28 October Release of 3rd Interim Report

January – September 2021
Disclaimer in respect of forward-looking statements

Information published in the 2nd Interim Report 2020, with regard to the future development of the Lufthansa Group and its subsidiar-
ies consists purely of forecasts and assessments and not of definitive facts. Its purpose is exclusively informational, and can be iden-
tified by the use of such cautionary terms as “believe”, “expect”, “forecast”, “intend”, “project”, “plan”, “estimate”, “anticipate”, “can”,
“could”, “should” or “endeavour”. These forward-looking statements are based on discernible information, facts and expectations
available at the time that the statements were made. They are therefore subject to a number of risks, uncertainties and factors, in-
cluding, but not limited to, those described in disclosures, in particular in the Opportunities and risk report in the Annual Report.
Should one or more of these risks occur, or should the underlying expectations or assumptions fail to materialise, this could have a
significant effect (either positive or negative) on the actual results.
It is possible that the Group’s actual results and development may differ materially from the results forecast in the forward-looking
statements. Lufthansa does not assume any obligation, nor does it intend, to adapt forward-looking statements to accommodate
events or developments that may occur at some later date. Accordingly, it neither expressly nor conclusively accepts liability, nor
gives any guarantee, for the actuality, accuracy and completeness of this data and information.
Note
Unless stated otherwise, all change figures refer to the corresponding period from the previous year. Due to rounding, some of the
figures may not add up precisely to the stated totals, and percentages may not precisely reflect the absolute figures.

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2Nd Interim Report: January - June 2020

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2ND INTERIM REPORT

January – June 2020

Revenue and result

Total revenue1) €m 8,335 17,416 -52 1,894 9,578 -80

of which traffic revenue 1) €m 5,641 13,375 -58 1,102 7,570 -85

Operating expenses1) €m 12,069 18,162 -34 3,907 9,480 -59

Adjusted EBITDA €m -1,578 1,736 -1,038 1,415

Adjusted EBIT €m -2,899 418 -1,679 754

EBIT €m -3,468 417 -1,846 761

Net profit/loss €m -3,617 -116 -3,018 -1,493 226

Key balance sheet and cash flow statement

Total assets €m 39,887 43,094 -7 – –

Equity €m 5,702 9,166 -38 – –

Equity ratio % 14.3 21.3 -7.0 pts – –

Net indebtedness €m 7,314 6,234 17 – –

Pension provision €m 7,422 6,612 12 – –

Capital expenditures (gross)2) €m 897 1,904 -53 127 668 -81

Adjusted free cash flow €m -510 269 -1,130 91

Key profitability and value creation figures

Share price as of 30 Jun € 8.94 15.07 -41 – –

Earnings per share € -7.56 -0.24 -3,050 -3.12 0.48

Flights number 225,937 575,466 -61 18,730 312,812 -94

Passengers thousands 23,475 68,973 -66 1,719 39,552 -96

Available seat-kilometres millions 68,604 174,603 -61 4,307 95,150 -95

Revenue seat-kilometres millions 49,512 141,169 -65 2,413 79,236 -97

Employees as of 30 Jun number 129,356 137,639 -6 – –

Ladies and gentlemen,

Frankfurt, 4 August 2020

Carsten Spohr Christina Foerster Harry Hohmeister

Detlef Kayser Michael Niggemann

— The European economy contracted by 14.6% in the

GDP DEVELOPMENT in 2020

World -2.3 -9.0 -5.5 -4.2 -5.5 30 Jun

Source: Bloomberg, annual average daily price.

— The oil price fell in the first half-year of 2020 from

SALES PERFORMANCE IN THE AIRLINE INDUSTRY

Europe -62 -20

North America -57 -5

Central and South

Asia/Pacific -59 -17

Middle East -56 -16

Industry -58 -15

— Sales in the passenger business dropped as a result

— The cargo business also declined, although to a lesser

— The markets for aircraft maintenance, repair and over-

Course of business Significant events

REVENUE, INCOME AND EXPENSES

Traffic revenue¹) 5,641 13,375 -58

Total revenue¹) 8,335 17,416 -52

Adjusted EBIT -2,899 418

Net interest -162 -228 29

Other financial items -789 -77 -925

Income taxes 792 -213

Net profit/loss attributable to

¹) Previous year's figures have been adjusted.

Operating expenses decrease by 34%

o Expenses for other raw materials, consumables and

Adjusted EBIT and net profit down significantly as a

— EBIT came to EUR –3,468m (previous year: