Lufthansa Group announces medium-term targets and makes preparations for a capital increase
The Lufthansa Group aims to achieve an Adjusted EBIT margin of at least 8% and an Adjusted ROCE (excluding cash)1) of at least 10% in 2024.
The Group has mandated banks to prepare a possible capital increase. The Economic Stabilization Fund (ESF) is considering, also taking into account market conditions, participating in a potential capital increase without the use of additional funds by way of a so-called Opération Blanche.
The Executive Board and Supervisory Board have not yet taken a decision on the size and timing of a potential capital increase. In addition, the ESF has not yet given its approval.
1) Adjusted EBIT and adjusted ROCE (excluding cash and cash equivalents) are not key performance indicators under IFRS.
Disclaimer
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Each of the Company and the Joint Global Coordinators and their respective affiliates expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statement contained in this release, whether as a result of new information, future developments or otherwise.
Each of the Joint Global Coordinators is acting exclusively for the Company and no-one else in connection with the potential capital increase. They will not regard any other person as their respective clients in relation to the potential capital increase and will not be responsible to anyone other than the Company for providing the protections afforded to their respective clients, nor for providing advice in relation to the potential capital increase, the contents of this announcement or any transaction, arrangement or other matter referred to herein.
None of the Joint Global Coordinators or any of their respective directors, officers, employees, advisers or agents accepts any responsibility or liability whatsoever for or makes any representation or warranty, express or implied, as to the truth, accuracy or completeness of the information in this announcement (or whether any information has been omitted from the announcement) or any other information relating to the Company, its subsidiaries or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of this announcement or its contents or otherwise arising in connection therewith.
This announcement also contains certain financial measures that are not recognized under International Financial Reporting Standards (“IFRS”). These non-IFRS measures are presented because the Company believes that they and similar measures are widely used in the markets in which it operates as a means of evaluating a company's operating performance and financing structure. They may not be comparable to other similarly titled measures of other companies and are not measurements under IFRS or other generally accepted accounting principles.
This announcement does not purport to contain all information required to evaluate Deutsche Lufthansa Aktiengesellschaft and/or its respective financial position. Financial information (including percentages) has been rounded according to established commercial standards. Certain market data about Deutsche Lufthansa Aktiengesellschaft included in this announcement is sourced from third party sources. Third party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the fairness, quality, accuracy, relevance, completeness or sufficiency of such data. Such research and estimates, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change without notice. Accordingly, Deutsche Lufthansa Aktiengesellschaft expressly disclaims any responsibility for, or liability in respect of, such information and undue reliance should not be placed on such data.