Lufthansa revenues down 1.2% to EUR 31.7 billion
Adjusted EBIT for the year amounted to EUR 1.75 billion, a decline of 3.6 percent. This means that, as expected, earnings before strike costs of EUR 100 million came in at previous year’s level.
The Adjusted EBIT margin for 2016 was 5.5 percent, a decline of 0.2 percentage-points.
EBIT for the year amounted to EUR 2.3 billion, a significant improvement of EUR 599 million on 2015.
The difference between the EBIT and Adjusted EBIT is largely attributable to the new collective labor agreement concluded between Lufthansa and its flight attendants’ union UFO.
The agreed switch from a defined benefit in a defined contribution pension system had a EUR 652 million positive impact on EBIT for the year which is not included in the Adjusted EBIT.
But even without this non-recurring item, the Lufthansa Group further enhanced its financial strength in 2016, achieving a further 2.5-per-cent reduction in its unit costs excluding fuel and currency effects. ■