Operating performance.

Cargo tonnage at Lufthansa Cargo was down year on year by 2.4 per cent. Available tonne-kilometres increased by 2.0 per cent, of which 3.1 per cent was in belly capacities of passenger aircraft and 1.1 per cent was in freighters. Cargo tonne-kilometres fell by 2.9 per cent, however, so the cargo load factor declined year on year by 3.4 percentage points.

Capacity was expanded by 3.5 per cent in the Americas traffic region, but cargo tonne-kilometres fell by 2.9 per cent. The load factor shrank by 4.2 percentage points.

Capacity was expanded by 1.6 per cent in the Asia/Pacific traffic region, but cargo tonne-kilometres declined by 2.3 per cent. The load factor shrank by 3.0 percentage points.

Capacity was reduced by 2.3 per cent in the Middle East/Africa traffic region, while cargo tonne-kilometres fell by 5.3 per cent. The load factor shrank by 1.7 percentage points.

Available tonne-kilometres in Europe rose by 0.4 per cent, but cargo tonne-kilometres fell by 4.4 per cent. The load factor shrank by 2.4 percentage points.

 

Revenue and earnings development.

Impairment losses were the main reason for the Logistics segment’s reduced EBIT of EUR 3.0m in the 2015 financial year (previous year: EUR 122.8m). When adjusted for impairment losses, adjusted EBIT came to EUR 73.5m (previous year: EUR 122.9m). Profit/loss before income taxes came to EUR – 13.2m (down EUR 123.7m compared with the previous year).
Lufthansa Cargo generated revenue of EUR 2,354.9m in the reporting period. Traffic revenue is a major part of total revenue and fell by 3.8 per cent to EUR 2,289.6m. Positive exchange rate effects were mainly outweighed by a decline in fuel surcharges.

Other capitalised internal expenses fell by EUR 2.8m to EUR 3.3m compared with the previous year and related to internal project expenses which must be capitalised. Other operating income fell year on year by EUR 23.9m to EUR 54.8m. This was largely as a result of lower exchange rate gains.

Total income sank by 4.2 per cent to EUR 2,413.0m.

Operating expenses increased by 0.8 per cent compared with the previous year to EUR 2,435.3m.
The cost of materials and services fell year on year by 6.7 per cent to EUR 1,576.6m.

Staff costs were up on the previous year by 7.0 per cent to EUR 414.0m. The increase stems mainly from the effects of currency and wage settlements, as well as higher service costs for pension obligations. The Logistics segment had an average of 4,643 employees in the reporting period, largely unchanged compared with the previous year (4,656 employees).

Depreciation and amortisation was up by EUR 88.7m on the previous year, at EUR 152.5m. In addition to depreciation on the new B777F aircraft, this amount also includes impairment losses totalling EUR 71m on project costs in connection with the postponement of the new freight terminal (LCCneo) and on planning costs for the construction of an administration centre.
Other operating expenses rose year on year by 6.6 per cent to EUR 292.2m. This was largely due to foreign currency hedging losses.

Capital expenditure fell by EUR 97.7m to EUR 116.2m, which stemmed primarily from lower payments for the purchase of Boeing 777F aircraft.

The financial result improved by EUR 3.5m year on year to EUR 9.1m, primarily due to positive earnings contributions from subsidiaries accounted for using the equity method.