Germany has sold its remaining shares and Lufthansa is once again fully private

The Economic Stabilization Fund of the Federal Republic of Germany (WSF) has sold its remaining shares in Deutsche Lufthansa AG, completing the airline bailout that was implemented in 2020 at the height of the COVID pandemic crisis. -19.

At that time, the State had acquired 20% of the capital of Lufthansa for 306 million euros on the condition of divesting itself of this stake by October 2023 at the latest, which was finally brought forward by nearly one year. year. WSF still kept the 6.2% that was sold this week for 74.4 million euros.

Deutsche Lufthansa AG thus returned entirely to private hands, and the German state left with a profit of 700 million euros.

In November last year, the company had already finished repaying to the state the 9 billion euros in aid it had received under the rescue plan.

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“On behalf of all Lufthansa employees, I would like to thank the current and previous German government as well as all German taxpayers for their support of our Lufthansa during the most severe financial crisis in our company’s history,” said Carsten Spohr, Chairman of the Board of Directors and CEO of Deutsche Lufthansa AG.

“The stabilization of Lufthansa was successful and also pays off financially for the German government and thus for the taxpayer (…) Lufthansa is again completely in private hands. All Lufthansa employees worldwide will continue to work hard to strengthen our position among the world’s leading airline groups, for example through an extensive premium and quality product offensive,” he concluded.

At the holding company level, between January and June 2022, the Lufthansa Group (which includes Lufthansa – and Germanwings and Eurowings Discover, Austrian, SWISS – and Edelweiss, Eurowings, Brussels Airlines and other aviation services companies) recorded total revenues 140% higher than those of the same period of 2021, reaching €13,825m and operating expenses of €14,964m (+81%), strongly driven by the rise in oil prices. The net loss amounted to -325 million euros (a significant reversal compared to -1,805 million euros in the first half of 2021). Adjusted EBITDA was positive at €930 million (vs. -750 million the previous year).

In the first six months of 2022, the Lufthansa Group carried 42.38 million passengers (+322%). Capacity (in ASK) increased by 162%, while demand (RPK) increased by 297%. The load factor was 74.3%, 25 percentage points higher than in the first six months of 2021.