German airline giant Lufthansa announced on Friday that it has returned to profit in 2022, driven by a strong recovery in air travel after two years of losses linked to the Covid-19 pandemic.
Its net profit stood at 791 million euros last year (almost as much in francs), against a loss of 2.19 billion euros a year earlier, according to a press release.
Its key indicator, adjusted operating profit, reached 1.51 billion euros, in line with expectations, and should see a “significant improvement” in 2023.
The net result last year is substantially identical to the 728 million posted by the competitor Air France-KLM, also largely back in the green after the repercussions of the Covid.
In the last quarter of last year, Lufthansa generated adjusted operating income of 575 million euros, slightly exceeding the consensus forecast polled by Bloomberg.
‘Lufthansa is back’, with an ‘unprecedented financial recovery’ achieved in one year, welcomed Carsten Spohr, CEO of the company, quoted in the press release and whose mandate was extended Thursday by 5 years for the leave in charge until 2028.
The German state, which had entered 20% in the capital of the group in 2020 during a rescue plan of 9 billion euros in the face of the health crisis, sold all its shares in September.
The recovery last year owes above all to the record profits of the two subsidiaries Lufthansa Cargo (1.6 billion euros) in freight and Lufthansa Technik (511 million euros) in aircraft maintenance.
The passenger activity of the leading European airline group, which includes Austrian, Swiss, Eurowings and Brussels Airlines alongside Lufthansa, still generated an adjusted operating loss of 300 million euros, despite a positive balance of 900 million. over the second half of the year.
Revenue from this activity more than doubled at the same time, to 22.8 billion euros, thanks to revenue per seat up 148% over one year.
The group expects ‘continued strong demand’ for travel in 2023, after enduring traveler annoyance over delays and lost suitcases last year.
While the total seat capacity of the fleet represented 72% of the pre-crisis level in 2022, it must be increased to 75% in the first quarter of 2023 and reach between 85 and 90% over the current year.
Lufthansa says it is on track to consolidate its recovery and achieve an adjusted operating margin of at least 8% in 2024, after 4.6% last year.
/ATS