Deutsche Lufthansa Aktiengesellschaft - Luxembourg Stock ...
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Second Supplement dated 27 July 2016
to the Debt Issuance Programme Prospectus dated 9 October 2015
as supplemented by the First Supplement dated 21 December 2015
This document constitutes a supplement (the "Second Supplement") within the meaning of Article 16 of Directive
2003/71/EC of the European Parliament and the Council of 4 November 2003, as amended (the "Prospectus
Directive") to the base prospectus of Deutsche Lufthansa Aktiengesellschaft in respect of non-equity securities within
the meaning of Art. 22 No. 6 (4) of the Commission Regulation (EC) No. 809/2004 of 29 April 2004, as amended,
("Non-Equity Securities") (the "Debt Issuance Programme Prospectus" or the "Prospectus").
This Second Supplement is supplemental to, and should be read in conjunction with the Prospectus dated 9 October
2015 as supplemented by the first supplement dated 21 December 2015 (the "First Supplement" and together with
the Prospectus, the "Supplemented Prospectus").
Deutsche Lufthansa Aktiengesellschaft
(Cologne, Federal Republic of Germany)
as Issuer
EUR 4,000,000,000
Debt Issuance Programme
(the "Programme")
The Issuer has requested the Luxembourg Commission de Surveillance du Secteur Financier (the "Commission") in
its capacity as competent authority under the Luxembourg act relating to prospectuses for securities (Loi relative aux
prospectus pour valeurs mobilières) which implements the Prospectus Directive into Luxembourg law (the
"Luxembourg Law") to provide the competent authorities in the Federal Republic of Germany, the United Kingdom
of Great Britain and Northern Ireland, the Republic of Austria and the Republic of Ireland with a certificate of approval
attesting that the Prospectus has been drawn up in accordance with the Luxembourg Law ("Notification"). The
Issuer may request the Commission to provide competent authorities in additional Member States within the
European Economic Area with a Notification.
This Second Supplement has been approved by the Commission, has been filed with said authority and will be
published in electronic form on the website of the Luxembourg Stock Exchange (www.bourse.lu) and on the website
of Lufthansa (www.lufthansa.com).2
Deutsche Lufthansa Aktiengesellschaft ("Lufthansa" or "Lufthansa AG" or the "Issuer", together with its
consolidated group companies, the "Lufthansa Group") with its registered office in Cologne, Federal Republic
of Germany accepts responsibility for the information given in this Second Supplement.
The Issuer hereby declares that, having taken all reasonable care to ensure that such is the case, the
information contained in this Second Supplement for which it is responsible is, to the best of its knowledge, in
accordance with the facts and contains no omission likely to affect its import.
Terms defined or otherwise attributed meanings in the Supplemented Prospectus have the same meaning in
this Second Supplement.
This Second Supplement shall only be distributed in connection with the Supplemented Prospectus. It should
only be read in conjunction with the Supplemented Prospectus.
To the extent that there is any inconsistency between any statement in this Second Supplement and any other
statement in or incorporated by reference into the Supplemented Prospectus, the statements in this Second
Supplement will prevail.
Save as disclosed in this Second Supplement, there has been no other significant new factor, material mistake
or material inaccuracy relating to information included in the Supplemented Prospectus which is capable of
affecting the assessment of Notes issued under the Programme since the publication of the Supplemented
Prospectus.
The Issuer has confirmed to the Dealers that the Supplemented Prospectus as supplemented by this Second
Supplement contains all information which is necessary to enable investors to make an informed assessment
of the assets and liabilities, financial position, profit and losses and prospects of the Issuer and the rights
attaching to the Notes which is material in the context of the Programme; that the information contained therein
with respect to the Issuer and the Notes is accurate and complete in all material respects and is not misleading;
that any opinions and intentions expressed therein are honestly held and based on reasonable assumptions;
that there are no other facts with respect to the Issuer or the Notes, the omission of which would make the
Supplemented Prospectus as supplemented by this Second Supplement as a whole or any of such information
or the expression of any such opinions or intentions misleading; that the Issuer has made all reasonable
enquiries to ascertain all facts material for the purposes aforesaid.
No person has been authorised to give any information which is not contained in or not consistent with the
Supplemented Prospectus or this Second Supplement or any other document entered into in relation to the
Programme or any information supplied by the Issuer or any other information in the public domain and, if given
or made, such information must not be relied upon as having been authorised by the Issuer, the Dealers or any
of them.
To the extent permitted by the laws of any relevant jurisdiction, neither the Arranger nor any Dealer nor any
other person mentioned in the Supplemented Prospectus or this Second Supplement, excluding the Issuer, is
responsible for the information contained in the Supplemented Prospectus or this Second Supplement or any
Final Terms or any other document incorporated therein by reference, and accordingly, and to the extent
permitted by the laws of any relevant jurisdiction, none of these persons accepts any responsibility for the
accuracy and completeness of the information contained in any of these documents.
In accordance with Article 13 paragraph 2 of the Luxembourg Law, where the Prospectus relates to an
offer of Notes to the public, investors who have already agreed to purchase or subscribe for Notes
before this Second Supplement is published have the right, exercisable within a time limit of two
working days after the publication of this Second Supplement, until 29 July 2016, to withdraw their
acceptances provided that the new factor, mistake or inaccuracy referred to in Article 13 paragraph 1 of
the Luxembourg Law arose before the final closing of the offer to the public and the delivery of the
Notes.3
Replacement and supplemental information pertaining to the SUMMARY – Section B – Issuer
Elements B.4b – "Known trends affecting the Issuer and the industries in which it operates" and B.5 –
"Description of the Issuer's position within the Group" on page 6 of the Supplemented Prospectus
shall be replaced by the following:
"B.4b Known trends affecting After a growth rate of 2.5% in 2015, the global economy is
the Issuer and the forecast to grow by 2.8% in the 2016 financial year. Asia/Pacific
industries in which it remains the fastest growing region of the world with an expected
operates growth rate of 4.6%, followed by Africa with 2.8%. Growth of
2.6% is expected for North America, whereas South America is
predicted to decline by -0.2%. The economy of the European
Union is expected to grow by 1.9% in 2016. Taking forecasts for
global economic growth into account, the IATA predicts growth in
revenue passenger-kilometres of 6.9% for 2016 (previous year:
6.7%).On the basis of the generally positive outlook for both the
industry and for the global economy as a whole, the Lufthansa
Group expects a generally positive performance in 2016.
B.5 Description of the Deutsche Lufthansa Aktiengesellschaft is both an operatively
Group and the Issuer's active aviation company and the holding company of Lufthansa
position within the Group with, directly or indirectly, a total of more than 500
Group subsidiaries and equity investments as of 31 March 2016."
Element B.12 – "Selected historical key financial information", "No Material adverse change in the
prospects of the Issuer" and "Significant change in the financial and trading position" on pages 6 to 7
of the Supplemented Prospectus shall be replaced by the following:
"B.12 Selected historical key financial information
Period ended Period ended Financial year Financial year
ended ended
31 March 2016 31 March 2015 31 December 31 December
2015 2014(1)
(unaudited) (unaudited) (audited, (audited,
unless unless
otherwise otherwise
indicated) indicated)
(EUR in millions, unless otherwise indicated)
Revenues 6,916 6,973 32,056 30,011
EBITDA (2) 343 232 3,395 2,530
(3)
EBIT -49 -144 1,676 1,000
(4)
Adjusted EBIT -53 -167 1,817 1,171
Net profit attributable to -8 425 1,698 55
shareholders of Lufthansa AG
Cash flows from 1,102 1,394 3,393 1,977
operating activities
Total assets 33,311 34,165 32,462 30,474
Shareholder’s equity 4,819 2,579 5,845 4,031
Number of Employees 121,894 118,569 120,652 118,781
(1) 2014 year‘s figures have been adjusted due to the new reporting method.4
(2) "EBITDA" is defined as earnings before interest, taxes, depreciation and amortisation. Depreciation and
amortisation includes write-downs of tangible and intangible assets and of current and non-current financial
assets, as well as impairments of investments accounted for using the equity method and of assets held for
sale. EBITDA should not be considered by investors as an alternative to Lufthansa's profit/loss from
operating activities or profit/loss from ordinary activities as an indication of operating performance, or as an
alternative to cash flows from operating activities as indication of cash flows.
(3) "EBIT" is defined as earnings before interest and taxes. EBIT should not be considered by investors as an
alternative to Lufthansa's profit/loss from operating activities or profit/loss from ordinary activities as an
indication of operating performance, or as an alternative to cash flows from operating activities as
indication of cash flows.
(4) "Adjusted EBIT" is defined as EBIT adjusted for asset valuations and disposals and for the measurement of
pension provisions. Adjusted EBIT should not be considered by investors as an alternative to Lufthansa's
profit/loss from operating activities or profit/loss from ordinary activities as an indication of operating
performance, or as an alternative to cash flows from operating activities as indication of cash flows.
Information for the periods ended 31 March 2016 and 31 March 2015 extracted from the
Interim Report January to March 2016 of Deutsche Lufthansa AG.
Information for financial year ended 31 December 2015 and financial year ended
31 December 2014 extracted from the Annual Report 2015 of Deutsche Lufthansa AG.
No Material adverse There has been no material adverse change in the prospects of
change in the prospects Lufthansa since 31 December 2015.
of the Issuer
Significant change in Not applicable. There has been no significant change in the
the financial and trading financial or trading position of Lufthansa since 31 March 2016."
position
Element B.13 – "Recent events" on pages 7 to 9 of the Supplemented Prospectus shall be replaced by
the following:
"B.13 Recent events On 24 March 2015, Germanwings flight 4U 9525 crashed on its
way from Barcelona to Dusseldorf in the French Alps, killing all
150 passengers and crew members on board. The data
recovered from the Airbus A320's two black boxes have led the
prosecutors to believe that the aircraft was intentionally sent into
descent by the co-pilot. The Lufthansa Group supports all official
investigations. In agreement with the German Federal Aviation
Office, other German airlines and the Federal Association of the
German Aviation Industry, the airlines in the Lufthansa Group
are introducing a new procedure regarding the occupation of the
cockpit as a precautionary measure. At the same time, the
Lufthansa Group is expanding its safety structures. In addition to
the safety pilots at the individual airlines, the new function of a
Group safety pilot was created as of 27 March 2015. In
conjunction with his or her role as a safety pilot of Lufthansa's
German airlines, this officer will have overarching responsibility
for verifying and refining procedures relevant to flight safety.
After the tragic accident of Germanwings flight 4U 9525 the
Lufthansa Group is assuming long-term responsibility for the
consequences. The company intends to set up trustee accounts
and a support fund for relatives of the victims.
On 16 September 2015 and at the recommendation of the
Executive Board, the Supervisory Board of Deutsche Lufthansa
AG approved the new group alignment and new division of
business on the Executive Board. As part of its "7to1: Our Way
Forward" program, the Lufthansa Group is to adopt a new
organisational structure with effect from 1 January 2016 to
strengthen its position as a leading aviation group. The new
organisation will enable the Group's member airlines and service
companies to align structures and processes even more5 consistently to the needs of their customer groups. Furthermore, the Supervisory Board reappointed Harry Hohmeister and Dr. Bettina Volkens as Executive Board members for five further years. On 26 April 2016 the new satellite Terminal 2 in Munich Airport was put into operation, where Lufthansa Group holds an indirect general partner's interest of 40% in Terminal 2 Gesellschaft mbH & Co OHG. The new facility gives Munich Airport 27 new gate positions where passengers can board aircraft directly without bus transportation. With the new satellite facility, the capacity of Terminal 2, which is used by Lufthansa and its Star Alliance partners, is increased significantly. On 27 April 2016 the Executive Board of Lufthansa AG informed the company’s Supervisory Board that Lufthansa and Brussels Airlines have agreed to extend by a further three months the deadline for Lufthansa to decide on the call option to fully acquire Brussels Airlines’ parent company SN Airholding. Under their existing agreement, Lufthansa was required to take this decision, through which it could acquire the remaining 55% of SN Airholding, by the beginning of June 2016. This deadline has now been extended to the end of August. The call option could be exercised not before September 2016. On 9 June 2016 Lufthansa AG announced that Ms. Simone Menne, CFO of the Lufthansa Group, will step down from the Executive Board by mutual agreement. Simone Menne has asked the Supervisory Board of Lufthansa AG for the early termination of her assignment to the company’s Executive Board with effect from 31 August, to pursue individual career options. Ms. Menne, who is 55, has been serving as a member of the Executive Board and CFO of the Lufthansa Group since 1 July 2012. On 1 July 2016 Lufthansa AG announced that Ulrik Svensson has been appointed to the Executive Board of Deutsche Lufthansa AG to serve as the company’s Chief Financial Officer. He will assume his new duties on 1 January 2017, with a contract of employment valid until 31 December 2019. For the interim period between Simone Menne’s departure and Ulrik Svensson’s assumption of his new duties, Carsten Spohr, Chairman of the Executive Board & CEO of Deutsche Lufthansa AG, will head the company’s Finance division in addition to his CEO duties. On 5 July 2016 in Berlin, Lufthansa and the independent flight attendants’ organisation UFO have announced that they are accepting the mediator’s recommendation by former Brandenburg Prime Minister Matthias Platzeck. The parties had previously spent approximately half a year negotiating all open collective bargaining agreements and a wide range of other issues. The collective labour agreement will be active until 30 June 2019; the collective agreements regarding pensions and transitional payments will be active until 2023. As one of the key components of the agreement Lufthansa and UFO agreed upon a new system regarding pensions and transitional payments. It allows the group to shift the second- largest group of employees from a defined-benefit system to a defined-contribution system."
6
Element B.15 – "Principal activities" on page 9 of the Supplemented Prospectus shall be replaced by
the following:
"B.15 Principal activities The passenger airline business operated directly by Deutsche
Lufthansa Aktiengesellschaft (under the brand name
"Lufthansa") and the other airlines belonging to Lufthansa
Group (such as Eurowings, SWISS, Austrian Airlines) represents
the core business of its operating activities. The product portfolio
ranges from standard flights to individualised high-quality offers
on German, European and intercontinental distances. Deutsche
Lufthansa Aktiengesellschaft and its Star Alliance partner airlines
together currently operate flights to more than 1,000 destinations
worldwide.
Eurowings will report separately as an independent business
entity within the Passenger Airline Group as of the financial year
2016. The services of the Lufthansa Flight Training GmbH and
the frequent-flyer programme "Miles & More" are also included in
the Passenger Airline Group segment.
The segment Logistics' core business (mainly operated by
Lufthansa Cargo AG) is the provision of airport-to-airport air-
freight services. The segment includes services such as e.g. the
transport of valuable cargo, perishables or dangerous goods,
urgent express deliveries or individual transport solutions for
specific industries.
The focus of the segment MRO encompasses maintenance,
repair and overhaul services of both the aircraft fleets of
Lufthansa Group and aircrafts of airlines outside the group. The
product covers the whole spectrum from single jobs to the
servicing of entire fleets.
In the segment Catering LSG Sky Chefs is the global service
provider for both the Lufthansa Group and airlines outside the
group. This includes the development, sourcing and logistics of
onboard equipment as well as the management of all processes
that take place before, during and after the on-board service.
The Other segment consists primarily of Air Plus, the successor
companies of the former IT Services segment and central Group
functions."
Replacement and supplemental information regarding GERMAN TRANSLATION OF THE SUMMARY –
ZUSAMMENFASSUNG – Abschnitt B – Emittentin
Elements B.4b – "Bereits bekannte Trends, die sich auf die Emittentin und die Branchen, in denen sie
tätig ist, auswirken" and B.5 "Beschreibung der Gruppe und der Stellung der Emittentin innerhalb
dieser Gruppe" on page 18 of the Supplemented Prospectus shall be replaced by the following:
"B.4b Bereits bekannte Trends, Nach einem Wirtschaftswachstum von 2,5% im Jahr 2015, wird
die sich auf die Emittentin für das Geschäftsjahr 2016 mit einem Wachstum von 2,8%
und die Branchen, in denen gerechnet. Die am stärksten wachsende Weltregion ist
sie tätig ist, auswirken weiterhin Asien/Pazifik mit einer erwarteten Wachstumsrate
von 4,6%, gefolgt von Afrika mit 2,8% Wachstum. Für
Nordamerika wird ein Wachstum von 2,6% erwartet, während
für Südamerika mit einem Rückgang der Wirtschaft um -0,2%
gerechnet wird. Für die Europäische Union wird 2016 ein
Wirtschaftswachstum von 1,9% prognostiziert.
Die IATA rechnet unter Berücksichtigung der Prognosen für
das weltweite Wirtschaftswachstum mit einem Wachstum der
weltweite verkauften Passagierkilometer um 6,9% (Vorjahr:
6,7%).
Die Lufthansa Group nimmt auf Basis der allgemein erwarteten7
positiven Entwicklung der Industrie und des weltweiten
Wirtschaftswachstums einen generell positiven
Geschäftsverlauf für das Jahr 2016 an.
B.5 Beschreibung der Gruppe Die Deutsche Lufthansa Aktiengesellschaft ist sowohl eine
und der Stellung der operativ tätige Luftverkehrsgesellschaft als auch die
Emittentin innerhalb dieser Obergesellschaft der Lufthansa Group. Zum 31. März 2016
Gruppe beherrscht die Deutsche Lufthansa Aktiengesellschaft als
Muttergesellschaft der Lufthansa Group unmittelbar oder
mittelbar insgesamt mehr als 500 Tochterunternehmen und
Beteiligungsgesellschaften."
Element B.12 – "Ausgewählte wesentliche historische Finanzinformationen", "Keine wesentliche
Verschlechterung der Aussichten der Emittentin" and "Signifikante Veränderungen in der Finanz- bzw-
Handelsposition" on pages 19 – 20 of the Supplemented Prospectus shall be replaced by the following:
"B.12 Ausgewählte wesentliche historische Finanzinformationen
Periode zum Geschäftsjahr Geschäftsjahr
Periode zum
zum zum
31. März 2016 31. März 2015 31. Dezember 31. Dezember
2015 2014(1)
(ungeprüft) (ungeprüft) (geprüft, (geprüft,
wenn nicht wenn nicht
anders anders
angegeben) angegeben)
(EUR in Millionen,
sofern nicht anderweitig angegeben)
Umsatzerlöse 6.916 6.973 32.056 30.011
(2)
EBITDA 343 232 3.395 2.530
(3)
EBIT -49 -144 1.676 1.000
Adjusted EBIT (4) -53 -167 1.817 1.171
Auf Aktionäre der Deutsche -8 425 1.698 55
Lufthansa AG entfallendes
Konzernergebnis
Operativer Cash Flow 1.102 1.394 3.393 1.977
Bilanzsumme 33.311 34.165 32.462 30.474
Eigenkapital 4.819 2.579 5.845 4.031
Mitarbeiter (Anzahl) 121.894 118.569 120.652 118.781
(1) Die Vorjahreszahlen wurden entsprechend der neuen Ausweissystematik angepasst.
(2) "EBITDA" ist definiert als das Ergebnis vor Zinsen, Ertragsteuern und Abschreibungen. Der Begriff
Abschreibungen umfasst hier sowohl die Abschreibungen auf immaterielle Vermögenswerte und
Sachanlagevermögen als auch auf lang- und kurzfristige Finanzvermögenswerte. Weiterhin sind die
außerordentlichen Abschreibungen der nach der Equity-Methode bewerteten Beteiligungen und der zum
Verkauf vorgesehenen Vermögenswerte enthalten. EBITDA sollte von den Anlegern nicht als Alternative zu
dem Ergebnis der betrieblichen Tätigkeit oder der gewöhnlichen Geschäftstätigkeit der Lufthansa als
Indikator für das Betriebsergebnis des Unternehmens verstanden werden oder als Alternative zum Cashflow
aus der betrieblichen Tätigkeit als Indikator für den Cashflow.
(3) "EBIT" ist definiert als das Ergebnis vor Zinsen und Ertragsteuern. EBIT sollte von den Anlegern nicht als
Alternative zu dem Ergebnis der betrieblichen Tätigkeit oder der gewöhnlichen Geschäftstätigkeit der
Lufthansa als Indikator für das Betriebsergebnis des Unternehmens verstanden werden oder als Alternative
zum Cashflow aus der betrieblichen Tätigkeit als Indikator für den Cashflow.
(4) "Adjusted EBIT" ist definiert als das EBIT bereinigt um Ergebniseffekte aus Bewertung von8
Vermögensgegenständen, Ergebniseffekte aus Veräußerung von Vermögensgegenständen sowie
Bewertungseffekte von Pensionsrückstellungen. Adjusted EBIT sollte von den Anlegern nicht als Alternative
zu dem Ergebnis der betrieblichen Tätigkeit oder der gewöhnlichen Geschäftstätigkeit der Lufthansa als
Indikator für das Betriebsergebnis des Unternehmens verstanden werden oder als Alternative zum Cashflow
aus der betrieblichen Tätigkeit als Indikator für den Cashflow.
Die Informationen für die Periode zum 31. März 2016 und 31. März 2015 wurden aus dem
Zwischenbericht Januar bis März 2016 der Deutsche Lufthansa AG entnommen.
Die Informationen für das Geschäftsjahr zum 31. Dezember 2015 und zum 31. Dezember 2014
wurden aus dem Geschäftsbericht 2015 der Deutsche Lufthansa AG entnommen.
Keine wesentliche Der Geschäftsausblick von Lufthansa hat sich seit dem
Verschlechterung der 31. Dezember 2015 nicht wesentlich negativ verändert.
Aussichten der Emittentin
Signifikante Nicht anwendbar. Seit dem 31. März 2016 hat es keine
Veränderungen in der signifikanten Änderungen der Finanz- bzw. Handelsposition von
Finanz- bzw. Lufthansa gegeben."
Handelsposition
Element B.13 – "Letzte Ereignisse" on pages 20 to 21 of the Supplemented Prospectus shall be
replaced by the following:
"B.13 Letzte Ereignisse Am 24. März 2015 verunglückte der Germanwings-Flug 4U 9525
in den französischen Alpen auf dem planmäßigen Flug von
Barcelona nach Düsseldorf, wobei alle 150 Passagiere und
Besatzungsmitglieder umkamen. Die aus den beiden
Blackboxes des Airbus A320 gewonnenen Daten lassen die
Staatsanwälte davon ausgehen, dass der Co-Pilot das Flugzeug
willentlich zum Absturz gebracht hat. Die Lufthansa Group
unterstützt die behördlichen Untersuchungen. In Abstimmung
mit dem Luftfahrtbundesamt, den anderen deutschen Airlines
sowie dem Bundesverband der Deutschen
Luftverkehrswirtschaft führen die Fluggesellschaften der
Lufthansa Group vorsorglich ein neues Verfahren zur Cockpit-
Besetzung ein. Gleichzeitig erweitert die Lufthansa Group ihre
Sicherheitsstrukturen. Ergänzend zu den Sicherheitspiloten der
einzelnen Airlines wurde zum 27. März 2015 die neue Funktion
des Konzernsicherheitspiloten geschaffen. Er wird in
Personalunion zu seiner Rolle als Sicherheitspilot der Lufthansa
Passage mit übergreifender Verantwortung
flugsicherheitsrelevante Verfahren überprüfen und
weiterentwickeln. Nach dem tragischen Unglück des
Germanwings-Flugs 4U 9525 übernimmt die Lufthansa Group
langfristig Verantwortung für die Folgen. Das Unternehmen
beabsichtigt, Treuhandkonten sowie einen Hilfsfonds für die
Angehörigen der Opfer einzurichten.
Am 16. September 2015 hat der Aufsichtsrat der Deutschen
Lufthansa AG auf Empfehlung des Vorstands der
Neuausrichtung der Lufthansa Group und der neuen
Geschäftsverteilung im Vorstand zugestimmt. Im Rahmen ihres
Programms "7to1 - Our Way Forward" richtet sich die Lufthansa
Group mit Wirkung zum 1. Januar 2016 organisatorisch neu aus
und stärkt damit ihre Position als führender Aviation Konzern.
Die Airlines und Service-Gesellschaften des Konzerns sollen
sich dabei in ihrer Organisationsstruktur und ihren Prozessen
künftig noch konsequenter an den Bedürfnissen ihrer
Kundengruppen orientieren. Des Weiteren verlängerte der
Aufsichtsrat die Verträge von Harry Hohmeister und Dr. Bettina
Volkens als Vorstandsmitglieder um weitere fünf Jahre.
Am 26. April 2016 wurde das neue Satellitenterminal 2 in9
München in Betrieb genommen, an dem die Lufthansa Group als
haftender Gesellschafter indirekt 40% über die Terminal 2
Gesellschaft mbH & Co OHG hält. Der Münchner Flughafen
gewinnt durch den Satelliten 27 gebäudenahe
Flugzeugabstellpositionen, über die Fluggäste direkt und ohne
Bustransfer ins Flugzeug gelangen. Mit dem neuen
Passagiergebäude erhöht sich die Kapazität des von Lufthansa
und des Airline-Verbundes Star Alliance genutzten Terminals 2
signifikant.
Am 27. April 2016 hat der Vorstand der Lufthansa AG den
Aufsichtsrat darüber informiert, dass zwischen Lufthansa und
Brussels Airlines eine Verlängerung der Entscheidungsfrist über
die Call Option um weitere drei Monate vereinbart worden ist,
Die Call Option berechtigt Lufthansa zur vollständigen
Übernahme der Brussels Airlines Muttergesellschaft SN
Airholding. Nach der bisher bestehenden Vereinbarung hatte
Lufthansa die Möglichkeit, bis Anfang Juni 2016 über die
Ausübung der Option zu entscheiden. Die Frist zur
Entscheidung über die Übernahme der ausstehenden Anteile
von 55% an SN Airholding wurde nun bis Ende August
verlängert. Die Ausübung könnte somit frühestens im September
2016 erfolgen.
Am 9. Juni 2016 hat die Lufthansa AG bekannt gegeben, dass
Simone Menne, CFO der Lufthansa Group, im gegenseitigen
Einvernehmen das Amt als Mitglied des Vorstandes niederlegt.
Simone Menne (55) hat den Aufsichtsrat der Deutschen
Lufthansa AG um eine vorzeitige Beendigung ihres
Vorstandsvertrages zum 31. August 2016 gebeten, um eine
Möglichkeit zur persönlichen Weiterentwicklung nutzen zu
können. Als Mitglied des Vorstands und CFO der Lufthansa
Group hat Simone Menne das Ressort Finanzen seit dem 1. Juli
2012 geführt.
Am 1. Juli 2016 hat die Lufthansa AG bekannt gegeben, dass
Ulrik Svensson in den Vorstand der Lufthansa AG berufen wird
und mit Wirkung zum 1. Januar 2017 die Leitung des
Finanzressorts übernehmen wird. Er erhält einen Vertrag mit
einer Laufzeit bis zum 31.12.2019. Im Zeitraum zwischen dem
Ausscheiden von Simone Menne und dem Amtsantritt von Ulrik
Svensson wird das Finanzressort vorübergehend von Carsten
Spohr, dem Vorstandsvorsitzenden der Lufthansa AG, in
Personalunion geführt.
Am 5. Juli 2016 haben die Unabhängige Flugbegleiter
Organisation (UFO) und die Lufthansa erklärt, dass sie die
Schichtungsempfehlung des ehemaligen brandenburgischen
Ministerpräsidenten Matthias Platzeck annehmen. Zuvor hatten
die Tarifpartner rund ein halbes Jahr über alle offenen
Tarifverträge sowie zahlreiche weitere Themen verhandelt. Der
Vergütungstarifvertrag hat eine Laufzeit bis zum 30. Juni 2019,
die Tarifverträge zur Alters- und Übergangsversorgung bis 2023.
Als einer der Kernpunkte haben sich Lufthansa und UFO auf ein
neues System der Alters- und Übergangsversorgung geeinigt.
Damit kann der Lufthansa Konzern für die zweitgrößte
Mitarbeitergruppe von einem Defined-Benefit-System auf ein
Defined-Contribution-System umstellen."
Element B.15 – "Haupttätigkeiten" on pages 21 – 22 of the Supplemented Prospectus shall be replaced
by the following:
"B.15 Haupttätigkeiten Die Personenbeförderung durch die Deutsche Lufthansa
Aktiengesellschaft selbst (unter der Marke "Lufthansa") sowie
durch die anderen Airlines innerhalb der Lufthansa Group (so10 etwa Eurowings, SWISS, Austrian Airlines) stellt das Kerngeschäft der operativen Tätigkeit dar. Das Produktangebot reicht dabei von standardisierten Flügen bis hin zu individualisierten Premiumangeboten auf innerdeutschen, europäischen und internationalen Strecken. Die Deutsche Lufthansa Aktiengesellschaft bedient zusammen mit den Partnern aus der Star Alliance derzeit mehr als 1.000 Ziele weltweit. Eurowings berichtet beginnend mit dem Geschäftsjahr 2016 separat als eine eigenständige Einheit innerhalb der Passage Airline Gruppe. Die Services der Lufthansa Flight Training GmbH und das Frequent-Flyer Programm „Miles & More“ werden ebenfalls im Segment der Passage Airline Gruppe berichtet. Im Segment Logistik wird (im Schwerpunkt durch die Lufthansa Cargo AG) das Geschäft der Luftfrachtbeförderung von Flughafen zu Flughafen betrieben. Zu diesem Segment gehört auch Service wie z.B. der Transport von hochwertigen oder verderblichen sowie gefährlichen Gütern, dringender Expressbeförderung oder individuellen Transportlösungen für spezifische Industrien. Der Schwerpunkt des Segments Technik liegt in der Wartung, Instandsetzung und Überholung sowohl der Flugzeugflotten der Lufthansa Group als auch der Flugzeuge konzernfremder Airlines. Die Produktpalette besteht dabei aus dem gesamten Spektrum von Einzelreparaturaufträgen bis hin zu einer Betreuung ganzer Flugzeugflotten. Im Bereich Catering erbringt LSG Sky Chefs weltweiten Service für die Lufthansa Group und konzernfremde Airlines. Dies beinhaltet die Entwicklung, die Beschaffung und Versorgung mit bordeigenen Betriebsmitteln sowie die Planung aller Prozesse vor, während und nach dem Bord-Service. Das Segment Sonstige umfasst im Wesentlichen Air Plus, die Nachfolgegesellschaften des ehemaligen Geschäftsfeldes IT Services und die zentralen Konzernfunktionen."
11 Replacement and supplemental information pertaining to RISK FACTORS REGARDING DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT AND LUFTHANSA GROUP The first sentence of the second paragraph of the section "An economic downturn or a further intensification of the European sovereign debt crisis may negatively affect spending on airline tickets and air freight transport." on page 32 of the Supplemented Prospectus shall be replaced by the following: "Further, the number of new aircraft ordered by competitors and the current growth prospects mean that overcapacities are expected to persist in both the passenger and air-freight markets in the future." The second paragraph of the section "The ongoing European sovereign debt crisis could strongly curtail Lufthansa Group's financing options and increase its financing costs." on page 32 of the Supplemented Prospectus shall be replaced by the following: "Lufthansa Group's purchase commitments for capital expenditure on property, plant and equipment and for intangible assets as of 31 December 2015 totaled up to EUR 16.4 billion. For firm orders placed for aircraft, based on current expectations and depending on the delivery dates for the aircraft, approximately EUR 2.0 billion will be due in 2016, approximately EUR 2.0 billion will be due in 2017, and approximately EUR 2.0 billion will be due in 2018. Future orders for aircraft could also require considerable additional financing. Whether Lufthansa Group will be able to borrow the necessary funds at suitable terms depends on a number of factors, including prevailing interest rates, conditions in the capital markets, and its credit rating. Obtaining financing could become more difficult or more expensive, or could prove impossible. If Lufthansa Group is unable to borrow sufficient funds at suitable terms to meet its financing needs, it could have a material adverse effect on Lufthansa Group's financial condition and results of operations." The first paragraph of the section "Lufthansa Group's measures and programs aimed at safeguarding earnings and reducing costs, including its "7to1 – Our Way Forward" program to shore up earnings, could fail." on pages 33 – 34 of the Supplemented Prospectus shall be replaced by the following: "In 2012, the Lufthansa Group launched its "SCORE – Change for Success" program in order to maintain and improve the competitiveness of the Lufthansa Group by reducing costs. The SCORE program officially ended in 2015. In 2014, the strategic program of work entitled "7to1 – Our Way Forward" was initiated and it aims to create the necessary procedural and organisational conditions for strict, continuous efficiency management in the post-SCORE period. As part of its "7to1: Our Way Forward" program, the Lufthansa Group adopted a new organisational structure with effect from 1 January 2016 to strengthen its position as a leading aviation group. The new organisation enables the Group's member airlines and service companies to align structures and processes even more consistently to the needs of their customer groups. The new alignment will also raise the Lufthansa Group's overall efficiency, reduce complexity and increase decision-making speeds. The restructuring will further give the group organisation a more functional alignment and thrust and more closely intermesh the Group's commercial, operational and administrative functions throughout all its business segments. This will include managing the Group's network carriers using aligned processes, to offer customers a consistent and integrated travel experience throughout all its premium airlines and their operating hubs. The present four management levels below the Group Executive Board will be reduced to three in the new group organisation. This will enable decisions to be taken more quickly, while simultaneously expanding the decision- making scope of individual management members. The adoption of the new group organisation is expected to reduce the overall number of management positions by around 15%. The business goal of the realignment of the Lufthansa Group is to add some EUR 500 million a year to the Group's earnings results, through the cost and revenue synergies that the new organisation should provide once it is fully adopted." The first paragraph of the section "Lufthansa Group depends on sourcing fuel at acceptable prices and in sufficient volumes to meet its requirements. In addition, the existing tax exemption for aviation fuel could be repealed in the future." on page 34 of the Supplemented Prospectus shall be replaced by the following: "Aviation fuel costs, along with staff costs and air traffic control and take-off/landing fees, are Lufthansa Group's largest cost items. In 2015, aviation fuel costs amounted to EUR 5.8 billion and represented 17.3% of Lufthansa Group's total operating expenses. In addition to supply and demand, prices for aviation fuel, or kerosene, are influenced by a number of factors, including political events, speculative trading, natural disasters and decisions by the oil-producing cartels, especially the Organisation of Petroleum Exporting
12 Countries (OPEC). Since May 2015, the spot price for Jet Rotterdam Barges has been going down from USD 640 per tonne to USD 260 per tonne in January 2016. Since then the value for Jetfuel in Rotterdam has been recovering and is quoted at USD 462 per tonne on 30 June 2016. To improve planning certainty, Lufthansa Group generally hedges the majority of its estimated future aviation fuel needs on a revolving basis for specified time periods. However, hedging instruments do not fully protect Lufthansa Group against short-term or long-term price increases, as Lufthansa Group generally only hedges against specific margins of fluctuation and time periods. Furthermore, hedging transactions are generally concluded on the basis of crude oil prices, which can deviate from kerosene prices. Hedging also reduces Lufthansa Group's ability to take advantage of any decreases in aviation fuel prices. If Lufthansa Group's hedging policy were to fail, if Lufthansa Group's credit rating were downgraded, if there were changes in the over-the-counter derivatives market (as a result of, for example, mandatory clearing of standardised over-the-counter derivatives or a financial transaction tax on such instruments) or if the price of kerosene were to rise above Lufthansa Group's hedged price levels, aviation fuel costs could become an even more important cost category for Lufthansa Group, without Lufthansa Group's being able to pass on any increased costs to customers through higher prices for flight services or to offset such cost increases by reducing other costs which could have a material adverse effect on Lufthansa Group's cash flows, financial condition and results of operations." The following paragraph shall be inserted before the last paragraph of the section "The airline industry is highly competitive, and Lufthansa Group faces intense competition from national airlines and low- cost airlines. This competition could increase further." on page 35 of the Supplemented Prospectus: "The MRO segment is exposed to the financial risk posed by a demanding competitive situation, which is, in particular, due to original equipment manufacturers (OEMs), who restrict access to intellectual property." The section "Lufthansa Group faces risks in its merged point-to-point services outside its Frankfurt and Munich hubs under unified brand." on page 37 of the Supplemented Prospectus shall be replaced by the following: "Lufthansa Passenger Airlines transferred its point-to-point services that are not operated through the Frankfurt and Munich hubs to Germanwings with 60 aircraft which was completed successfully on 7 January 2015. In the past, both Lufthansa German Airlines and Germanwings have offered point-to-point flights on domestic German and European routes. Since 2013, however, these services are repositioned as a quality product – reasonably priced but not cheap – in the low-cost segment in an upgraded Germanwings. Lufthansa German Airlines will then focus on its hub and long-haul carrier business model. In addition to its long-haul services from Frankfurt, Munich and Dusseldorf, Lufthansa German Airlines will continue to operate all its German domestic and European routes to and from Frankfurt and Munich. Furthermore, Lufthansa Group establishes new platforms in order to derive maximum benefit from the further growth of the aviation sector. Thus, the Lufthansa Group's present multi-brand system with its multiple hubs of Frankfurt, Munich, Zurich, Vienna and Brussels will be consistently complemented by the "new" Eurowings (brand Germanwings is included into Eurowings) multi-platform concept in all the Lufthansa Group's European home markets. The Lufthansa Group will use the "new" Eurowings master brand to bundle the various platforms for its point-to-point air travel business; and it is considering extending the concept to intercontinental services, too. With the "new" Eurowings as its starting platform, the Lufthansa Group aims to develop a competitive air travel product for continental and inter-continental travel. If this business model under the "new" Eurowings sales brand were unsuccessful, this could have material adverse effects on Lufthansa Group's cash flows, financial condition and results of operations." The first paragraph of the section "Commitments in binding aircraft orders could prove less profitable than expected at the time of ordering." on page 37 of the Supplemented Prospectus shall be replaced by the following: "As of 31 March 2016, the Lufthansa Group’s order list contains 238 aircraft for delivery by 2025. In 2016, the Lufthansa Group is expecting to take delivery of 52 aircraft in total. Two Airbus A350 and 14 aircraft from the Airbus A320 family are destined for Lufthansa Passenger Airlines, while Eurowings is expecting 19 Airbus A320. SWISS is to receive six Boeing B777, one Airbus A330, one Airbus A321 and nine Bombardier CS100. Lufthansa Group may order additional aircraft in the future, which could substantially increase its financing requirements." The first paragraph of the section "Lufthansa Group is exposed to the risk of payment default by its contractual partners." on page 38 of the Supplemented Prospectus shall be replaced by the following:
13 "Particularly in its Logistics, MRO, and Catering segments, Lufthansa Group generates a significant portion of its revenue from a comparatively small number of customers. For instance, the ten highest revenue-generating customers (not including Group companies) in 2015 accounted for approximately 26% of external revenue in the MRO segment and approximately 48% of external revenue in the Catering segment. The share of external revenue in the Logistics segment attributable to the top 11 customers was 41% in 2015." The first three paragraphs of the section "Lufthansa Group is dependent on good relations with its employees and their unions – Union disputes, employee strikes or slowdowns and other labor related disruptions could impair Lufthansa Group's financial performance." on page 40 of the Supplemented Prospectus shall be replaced by the following: "Staff costs are one of Lufthansa Group's biggest operating expenses. In 2015, staff costs amounted to EUR 8,075 million and represented 24.1% of its total operating expenses. Lufthansa Group's employees have traditionally been represented by unions. For example, in the Passenger Airline Group business segment, interests of ground, cockpit and cabin staff are represented by different unions, "Vereinigung Cockpit" for pilots, "UFO" for flight attendants and "ver.di" for ground staff. Lufthansa is currently in ongoing negotiations about different collective labor agreements (e.g. remuneration agreements) with "Vereinigung Cockpit". In general, Lufthansa Group faces the risk of complications in negotiations with unions due to increased activism of each union seeking to obtain the best terms, which may lead to complicated and drawn out negotiations. Due to the numerous collective agreements and different interests within and between the unions, there is a risk that further growth and efficiency improvements in regard to staff usage may be met with resistance from the unions. There is also the possibility that any of Lufthansa Group's employees or third-party employees or their respective unions, may engage in workplace actions such as strikes, slowdowns, or other actions designed to disrupt Lufthansa Group's normal operations or those of the broader airline industry. Strike actions by pilots and security personnel reduced the 2015 Lufthansa Group result by a total of EUR 231 million." The section "Lufthansa Group is exposed to additional risks in connection with the aircraft loss of Germanwings flight 4U9525 on 24 March 2015." on pages 41 – 42 of the Supplemented Prospectus shall be replaced by the following: "On 24 March 2015, Germanwings flight 4U 9525 crashed on its way from Barcelona to Dusseldorf in the French Alps, killing all 144 passengers and six crew members on board. The data recovered from the Airbus A320's two black boxes have led the prosecutors to believe that the aircraft was intentionally sent into descent by the co-pilot. Germanwings is compensating the families of the passengers according to the applicable provisions of the relevant jurisdictions. Though Lufthansa Group has adequate insurances in place there is no certainty that Lufthansa Group will be fully indemnified by its insurers. In addition, the incident itself, any protracted legal disputes with the bereaved families or any other kind of administrative proceeding or investigations could harm Lufthansa Group's reputation and result in a significant decline in demand for flights or other products and services of Lufthansa Group and bookings in the current financial year have already declined, albeit for a number of reasons. Further, as a consequence of the incident, Germanwings as well as the entire Lufthansa Group, face the risk of substantial additional costs for insurance services in the future or may not be able to continue the current cover at commercially acceptable terms at all. In addition, the recent events have already resulted in changes to flight operating procedures and may result in further changes and new rules, e.g. in relation to cockpit staffing, statutory requirements affecting the current status or constitution of aircraft components (such as the cockpit door safety mechanism) or the expansion of pilot medical examination programs. Any such new rules and procedures could give rise to material additional costs for Lufthansa Group or could have a negative impact on Lufthansa Group's operations. The occurrence of any of these events could have material adverse effects on Lufthansa Group's cash flows, financial condition and results of operations."
14 The section "Lufthansa Group's revenue and profits are susceptible to seasonal fluctuations." on page 44 – 45 of the Supplemented Prospectus shall be replaced by the following: "Demand for Lufthansa Group's services by passengers, in particular leisure travelers, varies over the course of the year, which causes Lufthansa Group's quarterly results to fluctuate. During the winter months, Lufthansa's revenues are typically lower than in the rest of the year, which is generally reflected in lower operating results in the first and fourth quarters. Lufthansa Group's passenger numbers are highest in September and October. In 2015, Lufthansa Group's Adjusted EBIT was EUR (167) million in the first quarter, EUR 635 million in the second quarter, EUR 1,225 million in the third quarter and EUR 124 million in the fourth quarter. As a result of quarterly fluctuations, the level of Lufthansa Group's aircraft utilisation and profitability fluctuates during the year." The second sentence of the second paragraph of the section "Fluctuations in currency exchange rates can have material adverse effects on Lufthansa Group's cash flows, financial condition and results of operations." on page 46 of the Supplemented Prospectus shall be replaced by the following: "In 2015, exchange rate effects from foreign currency translation and currency transactions negatively impacted Lufthansa Group's revenue by EUR (228) million." The last paragraph of the section "Lufthansa Group's pension obligations could substantially increase and exceed the provisions it has recognised for these obligations in its accounts." on page 47 of the Supplemented Prospectus shall be replaced by the following: "As of 31 December 2015, the present value of Lufthansa Group's pension plans was EUR 471 million for unfunded pension obligations and EUR 18,508 million for funded pension obligations. As of 31 December 2015, the fair value of external plan assets was EUR 8,975 million for pension obligations in Germany and EUR 3,391 million for pension obligations outside Germany. As of 31 March 2016, the pension provisions of the Lufthansa Group were EUR 8,076 million (as of 31 December 2015: EUR 6,626 million)." The following sentence shall be inserted in the last paragraph of the section "Lufthansa's Legal and Regulatory Risks - Lufthansa Group is facing increasing costs as a result of regulatory measures to restrict the emission of greenhouse gases and related models of emission rights trading." on page 48 of the Supplemented Prospectus: "Such increased costs could have material adverse effects on Lufthansa Group's cash flows, financial condition and results of operations." The second paragraph of the section "Lufthansa's Legal and Regulatory Risks - Passenger rights cause additional cost for airlines." on page 48 of the Supplemented Prospectus shall be replaced by the following: "In 2013 the European Commission published a proposal for the revision of Regulation 261/2004, aiming at defining the rights of passengers more clearly and finding a fair burden sharing in cases of force majeure, such as the volcanic ash crisis and airport closures due to adverse weather conditions. The revision has not been finalized yet and the discussions between EU Council, Parliament and Commission are still ongoing. New passenger rights regulation might increase potential compensation payments which could have material adverse effects on Lufthansa Group's cash flows, financial condition and results of operations." The last sentence of the second paragraph of the section "Lufthansa's Legal and Regulatory Risks - The use of Standard Terms and Conditions has the inherent risk of clauses being declared void by courts. This may result in unenforceability of rights stipulated in affected clauses and/or payment obligations." on page 50 of the Supplemented Prospectus shall be replaced by the following: "It is therefore possible that provisions in standardised contract terms will lead to claims against Lufthansa Group, or to the loss of certain rights and privileges, or to the loss of Lufthansa Group's right to claim damages, which would have adverse effects on Lufthansa Group's cash flows, financial condition and results of operations."
15
Replacement and supplemental information pertaining to DEUTSCHE LUFTHANSA
AKTIENGESELLSCHAFT AND LUFTHANSA GROUP
The section "DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT AND LUFTHANSA GROUP" on pages
55 to 76 of the Supplemented Prospectus shall be replaced entirely by the following:
"Responsibility Statement
The Responsibility Statement is set out on page 2 of this Prospectus.
Statutory Auditors
The statutory auditor of Deutsche Lufthansa Aktiengesellschaft ("Lufthansa AG") is PricewaterhouseCoopers
Aktiengesellschaft Wirtschaftsprüfungsgesellschaft, Moskauer Strasse 19, 40227 Düsseldorf, Germany
("PwC"), a member of the German Chamber of Public Accountants, Berlin (Wirtschaftsprüferkammer). PwC
has audited the consolidated financial statements of Lufthansa for the fiscal years ended on
31 December 2015 and 2014, and has, in each case, issued an unqualified auditor's report.
Selected Financial Information
Financial year Financial year
Period ended Period ended
ended ended
31 March 31 March
31 December 31 December
2016 2015
2015 2014(1)
(audited, unless (audited, unless
(unaudited) (unaudited) otherwise otherwise
indicated) indicated)
(EUR in millions, unless otherwise indicated)
Revenues 6,916 6,973 32,056 30,011
EBITDA (2) 343 232 3,395 2,530
EBIT (3) -49 -144 1,676 1,000
Adjusted EBIT(4) -53 -167 1,817 1,171
Net profit/loss attributable to
-8 425 1,698 55
shareholders of Lufthansa AG
Cash flows from operating activities 1,102 1,394 3,393 1,977
Total Assets 33,311 34,165 32,462 30,474
Shareholders' equity 4,819 2,579 5,845 4,031
Employees (number) 121,894 118,569 120,652 118,781
(1) 2014 year‘s figures have been adjusted due to the new reporting method.
(2) "EBITDA" is defined as earnings before interest, taxes, depreciation and amortisation. Depreciation and amortisation includes
write-downs of tangible and intangible assets and of current and non-current financial assets, as well as impairments of
investments accounted for using the equity method and of assets held for sale. EBITDA should not be considered by investors
as an alternative to Lufthansa's profit/loss from operating activities or profit/loss from ordinary activities as an indication of
operating performance, or as an alternative to cash flows from operating activities as indication of cash flows.
(3) "EBIT" is defined as earnings before interest and taxes. EBIT should not be considered by investors as an alternative to
Lufthansa's profit/loss from operating activities or profit/loss from ordinary activities as an indication of operating performance, or
as an alternative to cash flows from operating activities as indication of cash flows.
(4) "Adjusted EBIT" is defined as EBIT adjusted for asset valuations and disposals and for the measurement of pension provisions.
Adjusted EBIT should not be considered by investors as an alternative to Lufthansa's profit/loss from operating activities or
profit/loss from ordinary activities as an indication of operating performance, or as an alternative to cash flows from operating
activities as indication of cash flows.16 Information for the periods ended 31 March 2016 and 31 March 2015 extracted from the Interim Report January to March 2016 of Deutsche Lufthansa AG. Information for financial year ended 31 December 2015 and financial year ended 31 December 2014 extracted from the Annual Report 2015 of Deutsche Lufthansa AG. Risk Factors The operations of Lufthansa Group involve certain risks typically associated with the business Lufthansa Group engages in. A description of such risks is set out in the section entitled "Risk Factors – Risk factors regarding Deutsche Lufthansa Aktiengesellschaft". Information about Deutsche Lufthansa Aktiengesellschaft General Lufthansa AG is a stock corporation (Aktiengesellschaft) organised under German law. It was incorporated with unlimited duration in Germany on 6 January 1953 as "Aktiengesellschaft für Luftverkehrsbedarf". At that time, the Federal Republic of Germany owned substantially all of the shares of Lufthansa. In 1954, Lufthansa AG was renamed "Deutsche Lufthansa Aktiengesellschaft". On 1 April 1955, Lufthansa AG started its flight operations in Germany. This was later followed by international flight operations. Lufthansa AG's shares were first traded on the German stock exchanges in 1966. The Federal Republic of Germany sold its remaining interest in Lufthansa AG in 1997, completing the privatisation of Lufthansa AG. Lufthansa AG has its registered office in Cologne, Germany. It is registered as "Deutsche Lufthansa Aktiengesellschaft" with the commercial register of the Cologne District Court under registration number HRB 2168. "Deutsche Lufthansa Aktiengesellschaft" is both the legal and the commercial name of Lufthansa AG. Lufthansa AG's head office is located at Von-Gablenz-Str. 2-6, 50679 Cologne; its telephone number is: +49 (0)221 826 0. Investments Lufthansa AG has made no material investments since the date of its last published financial statements and, as at the date of this Prospectus, its management has made no firm commitments on such material investments in the future. Organisational Structure Lufthansa AG is the main operating and holding company in Lufthansa Group. The Executive Board of Lufthansa AG directs the business activities of Lufthansa AG. Lufthansa Group has four integral business segments: Passenger Airline Group, Logistics, MRO (Maintenance, Repair and Overhaul of aircraft) and Catering. A number of other subsidiaries that provide services to Lufthansa Group's business segments, as well as most Lufthansa Group companies outside the core business areas, are held by Lufthansa Commercial Holding GmbH. The following diagram gives a simplified overview of Lufthansa Group's organisational structure in business segments:
You can also read
