Financial Statements 2023

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 DEUTSCHE LUFTHANSA AG – FINANCIAL STATEMENTS 2023

Financial statements of

Deutsche Lufthansa Aktiengesellschaft, Cologne

31 December 2023
FINANCIAL STATEMENTS DEUTSCHE LUFTHANSA AG – FINANCIAL STATEMENTS 2023
Contents

CONTENTS
___________________________________________________________________________________________
1 Balance sheet

3 Income statement

4 Statement of changes in non-current assets

5 Notes
5 General disclosures
9 Notes to the balance sheet
9 Assets
11 Shareholders’ equity and liabilities

19 Notes to the income statement

23 Other disclosures
26 Composition of Supervisory Board and Executive Board
27 Other mandates of the Supervisory Board members
28 Mandates of the Executive Board members
28 Supervisory Board Committees
29 List of shareholdings

38 Declaration by the legal representatives

39 Independent auditor’s report

48 Credits

The management report for Deutsche Lufthansa AG and the Group management report have been combined and published in the Lufthansa Annual Report 2023. The financial statements
and the management report of Deutsche Lufthansa AG combined with the Group management report for the 2023 financial year are published in the company registry.
FINANCIAL STATEMENTS DEUTSCHE LUFTHANSA AG – FINANCIAL STATEMENTS 2023 1
Balance sheet

Balance sheet
as of 31 December 2023

T01 BALANCE SHEET - ASSETS

in €m Notes 31.12.2023 31.12.2022

Intangible assets 335 348

Aircraft 3 7,223 6,425
Property, plant and other equipment 84 80
Financial investments 4 22,760 16,376
Non-current assets 3 30,402 23,229

Inventories 5 285 157

Trade receivables 6 584 423
Other receivables and other assets 6 2,235 1,896
Securities 7 6,265 6,300
Cash and cash equivalents 7 1,580 1,072
Current assets 10,949 9,848

Prepaid expenses 8 183 91

Deferred tax assets 9 4,091 4,151

Excess of plan assets over provisions for pensions 10 54 –

Total assets 45,679 37,319

FINANCIAL STATEMENTS DEUTSCHE LUFTHANSA AG – FINANCIAL STATEMENTS 2023 2
Balance sheet

Balance sheet
as of 31 December 2023

T02 BALANCE SHEET - SHAREHOLDERS' EQUITY AND LIABLITIES

in €m Notes 31.12.2023 31.12.2022

Issued capital 1) 11 3,063 3,060

Capital reserve 12 312 306
Retained earnings 12 4,830 1,448
Net profit/loss 31 3,383 –
Shareholders' equity 11,588 4,814

Provisions for pensions and similar obligations 4,480 4,570

Tax provisions 444 384
Other provisions 3,453 3,628
Provisions 14 8,377 8,582

Bonds 6,216 6,817

Liabilities to banks 1,272 1,432
Advanced payments on flight documents 3,020 2,814
Payables to affiliated companies 9,707 7,126
Other liabilities 5,459 5,716
Liabilities 15 25,674 23,905

Deferred income 40 18

Total shareholders' equity and liabilities 45,679 37,319

1)
Contingent capital as of 31 December 2023 amounts to EUR 428m (previous year: EUR 428m)
FINANCIAL STATEMENTS DEUTSCHE LUFTHANSA AG – FINANCIAL STATEMENTS 2023 3
Income statement

Income statement
for the financial year 2023

T03 INCOME STATEMENT

in €m Notes 2023 2022

Traffic revenue 19 14,180 11,720

Other revenue 20 1,454 1,107
Total revenue 15,634 12,827

Other operating income 21 7,632 1,483

Cost of materials and services 22 -10,294 -9,346
Staff costs 23 -3,661 -3,075
Depreciation, amortisation and impairment 24 -426 -401
Other operating expenses 25 -2,987 -2,766
Result from operating activities 5,898 -1,278

Result from equity investments 26 812 754

Net interest 27 196 -1,797
Impairment on investments and current securities 28 -5 -535
Financial result 1,003 -1,578
Current income taxes 29 -46 -23
Deferred income taxes 29 -60 242
Result after income taxes 6,795 -2,637

Other taxes 29 -30 -27

Net profit/loss for the year 6,765 -2,664

Loss carried-forward – -3,090

Transfer to retained earnings 12 -3,382 –
Withdrawals from capital reserves – 704
Withdrawals from statutory reserves – 26
Withdrawals from other reserves – 5,024
Balance sheet result 31 3,383 –
FINANCIAL STATEMENTS DEUTSCHE LUFTHANSA AG – FINANCIAL STATEMENTS 2023 4
Statement of changes in non-current assets

Statement of changes in non-current assets as of 31 December 2023

T04 STATEMENT OF CHANGES IN NON-CURRENT ASSETS

in €m Acquisitions Accumulated depreciation and amortisation Carrying amounts

as of Reclassifi- as of as of Reclassifi- as of as of as of
01.01.2023 Additions Disposals cations 31.12.2023 01.01.2023 Additions Disposals Write-ups cations 31.12.2023 31.12.2022 31.12.2023

I. Intangible assets
1. Purchased concessions, intellectual property and similar rights and
assets and licences in such rights and assets 650 26 2 36 710 452 44 1 – 1 496 198 214
2. Goodwill 103 – – – 103 31 10 – – – 41 72 62
3. Advance payments 91 24 13 -36 66 13 5 13 – 2 7 78 59
844 50 15 0 879 496 59 14 – 3 544 348 335

II. Aircraft
1. Aircraft and equipment 8,469 325 924 40 7,910 4,436 344 677 – – 4,103 4,033 3,807
2. Advance payments and plant under construction 2,395 1,195 132 -39 3,419 3 – – – – 3 2,392 3,416
10,864 1,520 1,056 1 11,329 4,439 344 677 – – 4,106 6,425 7,223

III. Property, plant and equipment

1. Land, leasehold rights and buildings including buildings on third-party
land 174 3 0 0 177 150 6 0 – – 156 24 21
2. Other equipment, operating and office equipment 154 21 8 0 167 100 17 7 – – 110 54 57
3. Advance payments and plant under construction 2 5 0 -1 6 – – – – – – 2 6
330 29 8 -1 350 250 23 7 – – 266 80 84

IV. Investments
1. Shares in affiliated companies 14,655 7,124 1,324 – 20,455 1,428 – – 40 – 1,388 13,227 19,067
2. Loans to affiliated companies 2,986 957 412 – 3,531 13 – – 2 – 11 2,973 3,520
3. Equity investments 161 5 – – 166 – 5 – – – 5 161 161
4. Non-current securities 6 0 – – 6 – – – – – – 6 6
5. Other loans 57 0 17 – 40 52 0 13 1 – 38 5 2
6. Prefinancing of leasehold 4 – 0 – 4 – – – – – – 4 4
17,869 8,086 1,753 – 24,202 1,493 5 13 43 – 1,442 16,376 22,760

Total 29,907 9,685 2,832 – 36,760 6,678 431 711 43 3 6,358 23,229 30,402
NOTES DEUTSCHE LUFTHANSA AG – FINANCIAL STATEMENTS 2023 5
General disclosures

Notes
Deutsche Lufthansa AG 2023
2. Summary of significant accounting policies
GENERAL DISCLOSURES
As before, preparation of the financial statements was essentially based on the following ac-
1. Principles counting policies.

The financial statements of Deutsche Lufthansa AG, Cologne, registered at Cologne District GOING CONCERN
Court under the number HRB 2168, have been prepared in accordance with the German
Commercial Code (HGB), the supplementary provisions of the German Stock Corporation In 2023, the business activities of the Lufthansa Group companies continued to be shaped
Act (AktG) and the Articles of Association, and have been audited by EY GmbH & Co. KG by a significant rise in the level of demand for flights. In the prior-year period, especially in
Wirtschaftsprüfungsgesellschaft, Eschborn/Frankfurt am Main. In accordance with Section the first quarter, business activities were still impacted by the effects of the coronavirus
315e Paragraph 1 HGB, Deutsche Lufthansa AG, the parent company of the Deutsche pandemic and the related restrictions and quarantine regulations. Ticket sales prices contin-
Lufthansa AG Group, prepares consolidated financial statements on the basis of the Interna- ued to edge up on the back of a return in demand and the simultaneous shortage of capacity
tional Financial Reporting Standards (IFRS) as adopted by the EU. on the passenger market. Overall, this increased revenue considerably compared with the
prior-year period. Logistics was the only business segment to report a significant decline in
The financial statements are prepared in millions of euros. The financial year is the calendar revenue due to the normalisation across the industry.
year.
Recent global developments in the area of security policy, including the Russian war of ag-
The separate and consolidated financial statements are published in the company registry. gression against Ukraine, the conflict between Israel and Hamas, various coups d’état in Af-
They are permanently available online at [Link] rica and continuing tensions between China and Taiwan, and other potential effects on in-
[Link]/en/publications/[Link]. ternational economic relations represent a risk for future business development. The same
applies to activities and developments related to climate protection.
The income statement has been prepared using the total cost method.
The earnings performance in the 2024 financial year and beyond will continue to depend on
the extent of the economic impact of the crises mentioned above. Other significant second-
To make the presentation clearer, certain items of the balance sheet and the income state- ary effects over and above the loss of some destinations for Deutsche Lufthansa AG, in-
ment have been grouped together and are shown and explained separately in the notes. For creases in the oil price and additional expenses for climate protection measures are also
the same reason, disclosures indicating how these items also belong to other items and dis- conceivable. High inflation rates, rising interest rates and volatile energy prices are already a
closures marked “of which” have likewise been made at this point. Over and above the stat- burden on macroeconomic performance in Germany. The management of operational prob-
utory classification system, the entry relating to aircraft is listed separately in order to im- lems due to supply chain bottlenecks and staff shortages in the airline industry is a further
prove the clarity of the financial statements. material risk factor.

Current corporate planning for the Lufthansa Group forecasts a slight year-on-year increase
in Adjusted EBIT for 2024. However, the potential impact of the conflicts and risks men-
tioned above constitute factors of uncertainty for the future earnings performance.
NOTES DEUTSCHE LUFTHANSA AG – FINANCIAL STATEMENTS 2023 6
General disclosures

Company management confirms the medium-term targets for return on capital and expects • Financial instruments which form a valuation unit. The effectiveness of hedging relation-
profitable growth. ships and the necessity of recognising gains and losses through profit or loss depend on
the assumptions – which are subject to uncertainty – about the volume of future items
Taking into account the corporate planning and the resulting liquidity planning, the further to be hedged (particularly kerosene consumption).
potential funding measures and the uncertainties about the future course of business, the
Company’s Executive Board considers the Company’s liquidity to be secure for the next 18 • Accounting for unused flight documents also depends on how customers use tickets.
months. In the management’s opinion, the uncertainties in connection with the public and Estimates about customers’ redemption and use behaviour are subject to uncertainty
political debate on climate protection are not a threat to this forecast either. The individual and play a role in forecasts of when tickets are likely to expire.
financial statements have therefore been prepared on a going concern basis.
CURRENCY TRANSLATION
MAIN ESTIMATION ASSUMPTIONS
In-house conversion rates for foreign currencies are set monthly in advance according to the
The application of the accounting policies prescribed under German commercial law requires exchange rates on international markets. These serve as the basis for converting foreign cur-
making a large number of estimates and assumptions with regard to the future that may, rency items into euros in the month in which the entries are made.
naturally, not coincide with actual future conditions. All of these estimates and assumptions
are, however, reviewed continuously and are based either on past experience and/or expec- Receivables/liabilities in foreign currencies, cash and cash equivalents as well as provisions
tations of future events that seem reasonable in the circumstances on the basis of sound are translated at the mean spot rate on the reporting date in accordance with Sec-
business judgement. Estimates and assumptions that are of material importance in deter- tion 256a HGB. For other non-current receivables/liabilities in foreign currencies, the
mining the carrying amounts for assets and liabilities are explained in the following descrip- lower/higher-of-cost-or-market principle is observed by comparing the purchase cost with
tion of the accounting policies applied to material balance sheet items. the value on the balance sheet date.

The uncertainties resulting from the crisis are vital for the general assessment of the Com- The cost of capital goods purchased in foreign currencies – mainly aircraft invoiced in US
pany’s status as a going concern, but also for specific accounting judgements and esti- dollars – is determined by translation at the exchange rates in effect at the time of payment.
mates. Above all, geopolitical uncertainties, as described in the comments on the going con- Assets for which payments are hedged against exchange rate fluctuations are recognised
cern basis of preparation, and their economic consequences represent a material risk for the within the framework of valuation units.
performance of the world economy, the entire aviation industry and Deutsche Lufthansa AG.
Fair value and cash flow hedges of interest rate, exchange rate and fuel price risks are de-
The costs of energy, particularly of kerosene, are of material importance for the Lufthansa
scribed in Note 18.
Group, in addition to their impact on the economy as a whole. The main assumptions and es-
timates were therefore based on the Group’s liquidity and profit forecasts. Critical account- INTANGIBLE ASSETS
ing areas that may be affected most severely by the ongoing uncertainty about the crises
mentioned above are: Intangible assets are measured at cost and generally amortised on a straight-line basis over
five years or their contractual useful lives, whichever is longer. Internally developed intangi-
• Value of carrying amount of equity investments, which depend to a large degree on
ble assets are not capitalised. Purchased take-off and landing rights are not amortised un-
achieving the planned earnings.
less permanently impaired.
• Carrying amounts of the aircraft.
As a rule, acquired goodwill is amortised over the expected useful life of three to ten years.
• Carrying amounts for deferred taxes. In view of the crisis-related uncertainties described This is based on the expected benefit of the businesses acquired and is primarily deter-
above, measurement of the carrying amount for deferred tax assets, particularly on the mined by economic factors such as future growth and profit forecasts, synergy effects and
tax loss carry-forwards, took the opportunities for using them into account. workforce.
NOTES DEUTSCHE LUFTHANSA AG – FINANCIAL STATEMENTS 2023 7
General disclosures

PROPERTY, PLANT AND EQUIPMENT CURRENT ASSETS

Straight-line depreciation of property, plant and equipment is based on the purchase and Raw materials, consumables and supplies are valued at cost, with stock risks being ac-
production costs depreciated over the asset’s expected useful life. Interest on liabilities is counted for by appropriate mark-downs.
not recognised as part of the purchase or production costs.
Other current securities are recognised at cost or, if applicable, at lower values as per listed
- AIRCRAFT or market prices on the reporting date, in accordance with Section 253 Paragraph 4 HGB.

New commercial aircraft are depreciated on a straight-line basis over a period of 20 years to Emissions certificates issued free of charge are held at a memo value; those purchased are
a residual value of 5%. held at acquisition cost.

Aircraft purchased in used condition are depreciated individually on a straight-line basis de- Receivables and other assets are recognised at their nominal value.
pending on their age at the time of acquisition. Aircraft which are less than 16 years old at
the time of acquisition are depreciated up to an age of 20 years to a residual carrying In addition to individual write-downs necessary for known risks applying to other current as-
amount of 5%. Aircraft which are more than 16 years old at the time of acquisition are depre- sets, adequate provision is made for the general credit risk by a write-down of each item by
ciated in full over four years without any residual value. a standard amount. The standardised write-downs on trade receivables reflect previous de-
faults, days past due, the business model and the region of the customer.
Aircraft are either the legal property of the Company or are leased from aircraft holding enti-
PENSION OBLIGATIONS
ties in which the Company holds a direct or indirect equity interest or from external third
parties. Leased aircraft are recognised as non-current assets when the Company is deemed
To meet retirement benefit obligations, phased early retirement obligations and claims on
to have economic ownership of them. Economic ownership is determined on the basis of
employees’ lifetime working hours accounts, appropriate funds have been invested in insol-
general commercial law and the decisions of the fiscal authorities concerning leasing, if ap-
vency-proof funds and reinsurance policies, which are not accessible to the Company’s
plicable.
other creditors.
- OTHER PROPERTY, PLANT AND EQUIPMENT
Pension assets are measured at fair value using external price information and netted out
Buildings are assigned a useful life of between 20 and 35 years. Buildings and installations with the underlying obligations. If there is an excess of obligations over assets, it is recog-
on land belonging to third parties are depreciated on a straight-line basis according to the nised in provisions. If the time value of the relevant pension assets exceeds that of the cor-
term of the lease or are assigned a shorter useful life. Operating and office equipment is de- responding obligations, the difference is shown separately as “excess of plan assets over
preciated over three to 14 years on a straight-line basis, assuming normal use. provisions for pensions” under assets on the balance sheet. If the fair value of the relevant
pension assets is higher than their historical acquisition cost, the resulting income may not
Movable assets with a finite useful life and acquisition costs of up to EUR 250 are depreci- be distributed as a dividend (Section 268 Paragraph 8 Sentence 3 HGB).
ated in full in the year of purchase. Minor capital goods costing between EUR 251 and
PROVISIONS
EUR 1,000 are pooled in an annual account set up for tax purposes and recognised in the
commercial balance sheet for reasons of simplicity. They are depreciated on a straight-line
Pension obligations are calculated using actuarial principles based on the projected unit
basis over five years.
credit method using the Heubeck 2018 G actuarial tables. In addition to appropriate pro-
FINANCIAL INVESTMENTS jected rates of fluctuation, a salary trend of 2.5% as well as a basic pension trend of 1% and
transitional benefits for cockpit staff of 2.5% are used, as in the previous year.
Financial investments are shown at cost, adjusted by any necessary impairment charges or
write-ups. No write-downs are recognised if the impairment is not permanent. Discounting took place at the average market interest rate for the past ten years with an as-
sumed term to maturity of 15 years as published by the German Bundesbank on 31
NOTES DEUTSCHE LUFTHANSA AG – FINANCIAL STATEMENTS 2023 8
General disclosures

December 2023. This amounts to 1.82%. As of 31 December 2022, the interest rate for that can be realised. A five-year period is used to account for deferred taxes on loss carry-
measurement purposes was 1.78%. The effect of this interest rate change is recognised in forwards.
interest expense. The difference between the amount of provisions calculated using the ten-
year and the seven-year average interest rate as of 31 December 2023 may not be distrib- VALUATION OPTIONS
uted as a dividend. As of 31 December 2023, the seven-year average interest rate used to
calculate this difference was 1.74% (previous year: 1.44%). To improve the presentation of the net assets, financial and earnings position, the option of-
fered by Section 274 Paragraph 1 Sentence 2 HGB of capitalising the net asset of
Benefit obligations from retirement benefit commitments that are funded by reinsurance or 4,091 Mio. EUR resulting from offsetting deferred tax assets and liabilities has been used.
capital market investments are recognised at the fair value of the underlying securities, inso-
far as this amount exceeds the present value of the guarantee. Deutsche Lufthansa AG exercises the option under Art. 28 Paragraph 1 of the Introduction to
the German Commercial Code (EGHGB) not to report in its balance sheet the indirect pen-
The provision for partial retirement agreements is recognised at the amount needed to settle sion commitments for employees in Germany, the United Kingdom, the USA, Canada and
the obligation. This amount is composed of the salary outstanding as of 31 December 2023, Switzerland. The indirect pension commitment granted in Germany is an occupational pen-
which is paid during the early retirement phase, as well as the superannuation premiums sion scheme commitment funded with matching cover. The schemes in other countries have
comprising the salary portion and the additional employer contributions to statutory pension been fully funded in accordance with local rules and there are currently no additional funding
insurance. The provision is calculated making reasonable use of biometric probabilities and a obligations.
short- to medium-term salary trend of 4.1%. It is discounted on the basis of average terms to
maturity at a seven-year average interest rate forecast as of 31 December 2023. This To improve the presentation of the earnings position, instruments to hedge the price of fu-
amounts to 1.07% (previous year: 0.59%). ture fuel requirements, foreign currency hedging transactions to hedge exchange rates as
well as interest rate hedges for interest-bearing financial liabilities are combined with the
The other provisions are recognised in the amount considered necessary to settle the obli- corresponding hedged items within valuation units in accordance with Section 254 HGB.
gations using sound commercial judgement, including future cost and price increases. Provi- Possible onerous contracts in the form of a valuation unit are calculated in line with sales
sions with a term to maturity of more than one year are discounted at the average market markets, so that, according to the principle of loss-free valuation, no impending losses are
interest rate for the past seven years corresponding to their remaining term. recognised, insofar as no loss is incurred from future sales business.

LIABILITIES Interests which are acquired through a contribution in kind or premium in kind are usually
measured as acquisition costs at the time value of the asset contributed. The time value is
Liabilities are shown at the amount needed to settle them. normally calculated using generally accepted valuation methods (e.g. as the value of future
income based on the discounted cash flow method) while applying the principles of IDW S 1.
DEFERRED TAXES

Temporary or quasi-permanent differences between the valuations of assets, liabilities, pre-

paid expenses and deferred income in the financial statements for commercial law and tax
purposes, or resulting from tax loss carry-forwards are measured and recognised using the
individual tax rates at the time when the differences are reduced. Deferred tax assets and
liabilities are recognised as a net amount. Deutsche Lufthansa AG not only recognises dif-
ferences resulting from items in its own balance sheet, but also for companies in the same
income tax group.

Tax loss carry-forwards are recognised to the extent that the deferred tax assets are likely to
be used in the future. Company earnings forecasts are used to determine whether deferred
tax assets from tax losses carried forward are usable or not, i.e. whether they have a value
NOTES DEUTSCHE LUFTHANSA AG – FINANCIAL STATEMENTS 2023 9
Notes to the balance sheet

NOTES TO BALANCE SHEET Deutsche Lufthansa AG approved and conducted a capital increase at its wholly owned eq-
uity investment Lufthansa Commercial Holding GmbH in the financial year. In connection
Assets with this, Deutsche Lufthansa AG increased the share capital of Lufthansa Commercial
Holding GmbH through a capital increase by issuing a shareholding for a nominal amount of
EUR 100 and acquiring the new shareholding itself. The Lufthansa Cargo shares were con-
3. Non-current assets
tributed by way of a contribution in kind in return for the grant of the new shareholding. In
this context, Deutsche Lufthansa AG has assigned its shares in its wholly owned equity in-
Changes in individual non-current asset items during the 2023 financial year are shown in a vestment Lufthansa Cargo AG.
separate table.
Deutsche Lufthansa AG approved and conducted a further capital increase at its wholly
In addition to the Company’s aircraft listed in the statement of changes in non-current as- owned equity investment Lufthansa Commercial Holding GmbH in the financial year 2023.
sets and in the balance sheet, further aircraft were chartered, in some cases complete with In connection with this, Deutsche Lufthansa AG increased the share capital of Lufthansa
crews. The following aircraft, primarily leased from Group companies, are in service for Commercial Holding GmbH through a capital increase by issuing four shareholdings for a
Deutsche Lufthansa AG: nominal amount of EUR 100 each and acquiring the four new shareholdings itself. The
Lufthansa Technik shares were contributed by way of a contribution in kind in return for the
T05 NUMBER OF LEASED AIRCRAFT
grant of the four new shareholdings. In this context, Deutsche Lufthansa AG has assigned
Aircraft type 31.12.2023 31.12.2022
its shares in its wholly owned equity investment Lufthansa Technik AG.
Airbus A319-100 30 31
Airbus A320-200 34 29
Airbus A321-100 17 20
Airbus A321-200 41 38
5. Inventories
Airbus A330-300 10 12
T06 INVENTORIES
Airbus A340-300 17 17
Airbus A340-600 7 7 in €m 31.12.2023 31.12.2022

Airbus A350-900 5 5 Consumables for aircraft 4 –

Airbus A380-800 2 5 Raw materials, consumables and supplies 15 8
Boeing 747-400 8 8 Emission certificates 265 145
Boeing 747-8 17 17 Merchandise 1 4
Bombardier CRJ 900 6 6 285 157
Embraer 190 9 9
Embraer 195 17 17
220 221

4. Financial investments

The main indirect and direct equity investments of Deutsche Lufthansa AG can be found in
the annexe to the notes, “List of shareholdings”.
NOTES DEUTSCHE LUFTHANSA AG – FINANCIAL STATEMENTS 2023 10
Notes to the balance sheet

6. Receivables and other assets 8. Prepaid expenses

T07 RECEIVABLES AND OTHER ASSETS This item essentially consists of a payment in the amount of EUR 92m to the subsidiary
thereof due thereof due Lufthansa Technik AG which is responsible for engine maintenance. This payment was made
after more than after more than in connection with the changeover of the maintenance contract from event-driven to flat-
in €m 31.12.2023 one year 31.12.2022 one year
rate, compensates for the condition of the engines at the time of this changeover and will be
Trade receivables 584 – 423 –
reversed through profit or loss over the term of the contract. Other significant prepaid ex-
Receivables from affiliated companies 1,004 – 997 –
penses consist of discounts on bonds issued in the 2021 financial year amounting to
Receivables from companies held as other equity in-
vestment 14 – 3 – EUR 18m as well as lease payments made to external and intra-Group aircraft lessors in the
Other assets 1,217 238 896 189 amount of EUR 25m.
2,819 238 2,319 189

9. Deferred tax assets

The share of trade receivables from affiliated companies under receivables from affiliated
companies amounts to 612 Mio. EUR (previous year: 681 Mio. EUR). This item consists of the net asset balance of 4,091 Mio. EUR remaining after deferred tax
assets and liabilities on temporary or quasi-permanent differences between carrying
amounts for commercial and tax purposes and on tax loss carry-forwards have been offset.
They are broken down as follows:
7. Securities and liquid assets
T08 DEFERRED TAX ASSETS AND LIABILITIES
Money market funds valued at EUR 3,065m and primarily managed by Amundi, BNP Paribas
in €m 31.12.2023 31.12.2022
and BlackRock were held as of the reporting date (previous year: EUR 4,157m). In addition, in
active passive active passive
February 2023 Deutsche Lufthansa AG invested a further EUR 1.0bn in two tranches in a
Loss carried forward 1,000 – 908 –
fund launched at HSBC INKA. As of the reporting date, this position thus amounts to
Non-current assets 324 76 369 45
EUR 3,200m. The fund, which is measured at market value, is an investment fund as defined
in Section 1 Paragraph 6 of the German Investment Code (KAGB). No distribution was made Receivables and other assets 74 – 79 0

in the financial year. It can be returned on a daily basis without any restriction. The invest- Pension accruals 2,288 0 2,333 0

ment serves to hold strategic liquidity. other Provisions 305 – 259 –

Liabilities 8 1 77 0
Cash in hand and bank balances consist almost entirely of credit balances held with banks. Inventories 169 – 171 –
Foreign currency bank balances of 33 Mio. EUR (previous year: 36 Mio. EUR) that are not Balancing -77 -77 -45 -45
likely to be transferred in the near future and which are discounted appropriately are re- 4,091 – 4,151 –
ported as other assets.

The bank balances include fixed-term deposits in the amount of EUR 275m with a term of
more than 90 days. Deferred tax assets result primarily from differences in the valuation of pension provisions
and similar obligations, other provisions, non-current assets and inventories, and tax loss
carry-forwards. Deferred tax liabilities, mainly arising from different valuations of aircraft and
other property, plant and equipment, are more than offset by deferred tax assets.
NOTES DEUTSCHE LUFTHANSA AG – FINANCIAL STATEMENTS 2023 11
Notes to the balance sheet

In addition to recognised deferred tax assets from loss carry-forwards, further tax loss carry- Shareholders’ equity and liabilities
forwards exist for which no deferred tax assets could be recognised, in the amount of
EUR 887m (previous year: EUR 939m).
11. Issued capital
Deferred taxes are calculated using the individual tax rates for Deutsche Lufthansa AG’s tax
group, which are between 24% and 31%. The tax rate used in each case comprises corpora- SHARE CAPITAL
tion tax, trade tax and the solidarity surcharge.
Deutsche Lufthansa AG’s share capital totals EUR 3,063,342,970.88. It is divided into
1,196,618,348 registered shares with transfer restrictions, with each share representing
EUR 2.56 of share capital.
10. Excess of plan assets over provisions for pensions
AUTHORISED CAPITAL
The excess results from offsetting retirement benefit obligations in accordance with Section
246 Paragraph 2 Sentence 2 HGB against assets that are exclusively used to fund the retire- A resolution passed at the Annual General Meeting on 10 May 2022 authorised the Execu-
ment benefit obligations and are not accessible to the Company’s other creditors. The as- tive Board until 9 May 2025, subject to approval by the Supervisory Board, to increase the
sets in question are securities. The gross figures in the following table only relate to the sub- Company’s share capital by up to EUR 1,000,000,000 by issuing new registered shares on
schemes for which an excess of plan assets is applicable as of the reporting date which can- one or more occasions for payment in cash or in kind (Authorised Capital A). In certain cases,
not be offset against the obligations under other sub-schemes. the shareholders’ subscription rights can be excluded with the approval of the Supervisory
Board.
T09 EXCESS OF PLAN ASSETS OVER PROVISIONS FOR PENSIONS
A resolution passed at the Annual General Meeting on 9 May 2023 authorised the Executive
in €m 31.12.2023 31.12.2022
Board until 8 May 2028, subject to approval by the Supervisory Board, to increase the share
Settlement amount of pension obligation 3,087 –
capital by EUR 100,000,000 by issuing new registered shares to employees (Authorised
Fair value of plan assets 3,141 –
Capital B) for payment in cash. Existing shareholders’ subscription rights are excluded. As
Excess of plan assets over provisions for pensions 54 –
of 31 December 2023, the issued capital was increased under this authorisation by a total of
EUR 2,899,722.24, so that Authorised Capital B still amounted to EUR 97,100,277.76 as of
Acquisition cost of plan asset 3,072 –
the reporting date.

The Executive Board is authorised, in the event of the fulfilment of the requirements stipu-
lated in Section 4 Paragraph 3 of the German Aviation Compliance Documentation Act
(LuftNaSiG) and with the consent of the Supervisory Board, to increase the issued capital by
up to 10% by issuing new shares in return for payment in cash and without subscription
rights for existing shareholders. The issue price for the new shares must be determined sub-
ject to the agreement of the Supervisory Board and may not be significantly lower than the
market price. The authorisation may only be made use of insofar as this is necessary in order
to achieve the non-applicability of the conditions stipulated in Section 4 Paragraph 3 Luft-
NaSiG.

The Executive Board is authorised, according to Section 5 Paragraph 2 LuftNaSiG and sub-
ject to the approval of the Supervisory Board, to require shareholders to sell some or all of
their shares and to provide the Company with proof of this sale without delay insofar as this
is necessary for compliance with the requirements for the maintenance of air traffic rights
NOTES DEUTSCHE LUFTHANSA AG – FINANCIAL STATEMENTS 2023 12
Notes to the balance sheet

and in the sequence prescribed in Section 5 Paragraph 3 LuftNaSiG, subject to an appropri- SHAREHOLDER STRUCTURE
ate time limit and while indicating the legal consequence which would otherwise be possible
of the loss of their shares in accordance with Section 5 Paragraph 7 LuftNaSiG. In the past financial year there were no notifications pursuant to Section 160 Paragraph 1 No.
8 of the German Stock Corporation Act (AktG) in conjunction with Section 33 Paragraph 1 of
CONTINGENT CAPITAL the German Securities Trading Act (WpHG) on changes in voting rights in the share capital
held by third parties (as of 31 December 2023).
A resolution of the Annual General Meeting on 5 May 2020 increased the Company’s con-
tingent capital by up to EUR 122,417,728. The contingent capital increase serves to provide For further details, we refer to the individual notifications on voting rights published on our
shares to the holders or creditors of conversion and/or option rights from convertible bonds website ↗ [Link]/investor-relations.
that may be issued by the Company or its Group companies until 4 May 2025. In certain
cases, the shareholders’ subscription rights can be excluded with the approval of the Super-
visory Board.
12. Reserves
On 10 May 2022, the Annual General Meeting increased the Company’s contingent capital
by up to EUR 306,044,326.40. The contingent capital increase serves to provide shares to The capital reserve contains the premiums resulting from capital increases and the proceeds
the holders or creditors of conversion and/or option rights from convertible bonds that may from the issue of debt securities for conversion options to acquire Company shares. In the
be issued by the Company or its Group companies until 9 May 2027. In certain cases, the 2023 financial year, a share premium of EUR 6m was added from a capital increase for em-
shareholders’ subscription rights can be excluded with the approval of the Supervisory ployee shares. The capital reserve thus amounts to 312 Mio. EUR (previous year:
Board. 306 Mio. EUR).

AUTHORISATION TO PURCHASE TREASURY SHARES The other retained earnings came to 4,830 Mio. EUR (previous year: 1,448 Mio. EUR).

A resolution passed at the Annual General Meeting held on 9 May 2023 authorised the Ex-
ecutive Board pursuant to Section 71 Paragraph 1 No. 8 of the German Stock Corporation
13. Disclosures regarding amounts subject to a restriction on distribution
Act (AktG) to purchase treasury shares until 8 May 2028. The acquisition is limited to 10% of
current share capital and can be purchased on the stock exchange or by a public purchase
An amount of 4,700 Mio. EUR may not be distributed as dividends. This is made up of
offer to all shareholders. The authorisation states that the Executive Board can use the
4,091 Mio. EUR from the recognition of deferred tax assets for differences between the val-
shares in particular for the purposes defined in the resolution passed at the Annual General
uations for commercial and tax purposes as well as on loss carry-forwards, 158 Mio. EUR
Meeting. According to the resolution of the Annual General Meeting held on 9 May 2023,
from the difference between the application of ten-year or seven-year average interest rates
the Executive Board is also authorised to purchase treasury shares by means of derivatives
to discount the pension obligations and 450 Mio. EUR from the amount by which the fair
and to conclude corresponding derivative transactions.
value of plan assets exceeds their cost. As of the reporting date, there are free retained
A capital increase (Authorised Capital B) in the 2023 financial year resulted in 1,132,704 earnings of EUR 131m to cover the amount that may not be distributed
treasury shares for Deutsche Lufthansa AG at an average price of EUR 8.12. This is equiva-
lent to 0.09% of issued capital. 1,115,557 shares were transferred to the employees of
Deutsche Lufthansa AG and to 26 other affiliated companies and equity investments as part
of the profit-sharing for 2023, at a share price of EUR 8.12. The remaining 17,246 shares
were still held on the reporting date.
NOTES DEUTSCHE LUFTHANSA AG – FINANCIAL STATEMENTS 2023 13
Notes to the balance sheet

14. Provisions For cabin crew recruited up to 5 July 2016, the pension entitlements vested up until 30
June 2016 are maintained. For service periods from 1 July 2016, employees receive employer
T10 PROVISIONS contributions to the Company pension scheme depending on their eligible gross salary. An
in €m 31.12.2023 31.12.2022 initial contribution to the transitional benefit scheme was calculated for the staff concerned
as of 30 June 2016 on the basis of parameters and valuation methods defined by the collec-
Provisions for pensions and similar obligations 4,480 4,570
tive bargaining partners. This initial transitional benefit contribution replaced all existing
Tax provisions 444 384
claims by the employees concerned under the collective agreement “Transitional Benefit for
Other provisions 3,453 3,628
Cabin Crew“. These claims were switched over to a contribution commitment with a mini-
8,377 8,582
mum guaranteed payment. All employees are free to make their own contributions on a vol-
untary basis. Contributions from both employer and employee, as well as the initial transi-
tional benefit contribution, are invested on the capital markets with a capital guarantee.
A Company pension scheme is in place for staff working in Germany and staff seconded When an employee reaches retirement age, the available account balance is converted into
abroad. Benefit obligations are mainly funded by means of contributions to an external trust an annuity on the basis of the applicable BilMoG interest rate in accordance with Section
fund to which access is restricted. There are also obligations from the conversion of salary 253 Paragraph 2 HGB, subject to a pension adjustment of 1% per annum.
components, which are likewise funded by pension fund assets.
For cockpit staff recruited before 1 January 2017, the pension entitlements vested up until 31
The actuarial obligations are netted with the corresponding assets measured at fair value as December 2016 are maintained. For service periods from 1 January 2017, employees receive
of 31 December 2023 to obtain the carrying amount for the balance sheet. The historical ac- employer contributions to the Company pension scheme depending on their eligible gross
quisition costs of the fund assets were 9,520 Mio. EUR as of 31 December 2023. Their fair salary. All employees are free to make their own contributions on a voluntary basis. The capi-
value as of the reporting date was 9,727 Mio. EUR. The actuarial amount required to settle tal is invested on capital markets with a capital guarantee and a simultaneously guaranteed
the obligation as of 31 December 2023 is 14,153 Mio. EUR. On the reporting date, return in the amount of the guaranteed interest rate offered by the life insurance companies
27 Mio. EUR is reported under the other assets as pension fund assets still potentially reim- (currently 0.25% per annum). When an employee reaches retirement age, the available ac-
bursable for the defined benefit plans. count balance is converted into an annuity on the basis of the applicable BilMoG interest
rate in accordance with Section 253 Paragraph 2 HGB, subject to a pension adjustment of
Between 2015 and 2017, the conversion of the defined benefit plans to defined contribution 1% per annum.
plans with guaranteed contributions during the vesting period for future pension commit-
ments was completed for all groups of employees. Cockpit staff are still additionally entitled to a transitional pension arrangement covering the
period from the end of their active in-flight service until the beginning of their statu-
The wage agreement “Lufthansa Pension Ground” introduced a new system of retirement tory/Company pension plans. Benefits depend on the number of years of service and the fi-
benefits in the form of a defined contribution pension commitment for ground staff em- nal salary before retirement (final salary plan). Pension entitlements continue to be granted
ployed in Germany. For employees recruited before 1 January 2016, the entitlements vested while transitional benefits are being received. Since 2021, the collective retirement age for
up until 31 December 2015 are maintained. For service periods starting from 1 January 2016, pilots has been 60.
employees can reach the same level of benefits by making contributions from their own
pocket. For employees recruited from 1 January 2016, the contributions to the new model In the new Company retirement benefit scheme for ground, cabin and cockpit staff, the obli-
will be invested on the capital market. When an employee reaches retirement age, the entire gations from the capital market components are recognised at the fair value of the individual
account balance is converted into an annuity on the basis of the applicable BilMoG interest contribution accounts measured according to their respective values, insofar as this value
rate in accordance with Section 253 Paragraph 2 of the German Commercial Code (HGB), exceeds the minimum guaranteed amount, and are offset against the plan assets. The ser-
subject to a pension adjustment of 1% per annum while guaranteeing the contributions that vice cost reported under staff costs is attributable to the employer contributions.
were originally made.
NOTES DEUTSCHE LUFTHANSA AG – FINANCIAL STATEMENTS 2023 14
Notes to the balance sheet

The effect of accrued interest expenses on provisions and offsetting income from measuring
the obligation with a higher discount rate than in the previous year of EUR 263m was offset
against income of EUR 815m from the market valuation of plan assets.

T11 PROVISIONS FOR PENSIONS

in €m 31.12.2023 31.12.2022

settlement amount of pension obligations 14,153 13,563

fair value of plan assets 9,727 9,019
Aktiver Unterschiedsbetrag aus der Vermögensverrechnung 54 –
net value of pension obligations – 4,480 – 4,544

acquisition cost of plan assets 9,520 9,803

Obligations under phased early retirement agreements are recognised in other provisions.
Obligations of EUR 105m are netted with pension fund assets with a fair value of EUR 73m.
The historical acquisition costs of the pension fund assets are EUR 78m. Accrued interest
expenses on provisions of EUR 0.6m were offset against income from the positive market
valuation of plan assets in the amount of EUR 2.6m.

Working hours accounts have been managed for cabin crew since 2017 and had a value of
EUR 74m as of the reporting date. They are offset by pension fund assets in the amount of
EUR 74m. The acquisition costs of the pension fund assets are EUR 73m.

The further other provisions essentially comprise amounts for aircraft maintenance
(EUR 1,403m), profit-share payments (EUR 298m), provisions for legal disputes (EUR 162m),
provisions for impending losses (EUR 82m), and provisions for flight irregularities (EUR 71m).

The majority of the aircraft maintenance provisions (EUR 1,082m) relate to end-of-lease
compensation. This is payable according to the maintenance condition of the respective
leased aircraft as of its return, by way of compensation to the (generally intra-Group) lessor.
NOTES DEUTSCHE LUFTHANSA AG – FINANCIAL STATEMENTS 2023 15
Notes to the balance sheet

15. Liabilities

T12 LIABILITIES

31.12.2023 31.12.2022
thereof due thereof due
between one after more than between one after more than
in €m Total within one year and five years five years Total within one year and five years five years

Bonds1) 6,216 1,116 4,600 500 6,817 717 4,750 1,350

Liabilities to banks 1,272 790 482 – 1,432 182 1,250 –
Advanced payments for flight documents 3,020 3020 – – 2,814 2,814 – –
Payables to affiliated companies 9,707 9,018 230 459 7,126 6,832 109 185
Other liabilities 5,459 2,450 1,801 1,208 5,716 2,079 1,985 1,652
thereof Advance payments for orders 4 4 – – 10 10 – –
thereof Trade payables 988 985 3 0 984 983 1 –
thereof Payables to affiliated companies 10 10 – – 3 2 1 –
thereof other remaining liabilies 4,457 1451 1,798 1,208 4,719 1084 1,983 1,652
thereof for taxes 68 68 – – 50 50 – –
thereof relating to social security obligations 19 19 – – 3 3 – –
25,674 16,394 7,113 2,167 23,905 12,624 8,094 3,187

1)
Share of convertible bonds amounts to EUR 600m (previous year: EUR 600m)

The outstanding bonds comprise seven bonds with fixed redemption amounts issued under In both the 2023 and 2022 financial years, all payment obligations and requirements from
the Euro Medium Term Notes programme. As of the reporting date, bonds with a nominal the loan agreements described have been fulfilled.
volume of EUR 5.0bn, interest rates between 0.25% and 3.75% and maturities between July
2024 and July 2029 had been issued under the programme. The programme enables bonds Liabilities to affiliated companies include trade payables to affiliated companies of
to be issued up to a total volume of EUR 10bn. One convertible bond and one hybrid bond 117 Mio. EUR (previous year: EUR 185m).
are also reported under this item. The convertible bond was issued with a nominal volume of
EUR 600m. Unless previously converted, the bond will be redeemed at its nominal value on
17 November 2025. Investors also have the option of converting the bond into new and/or
existing registered shares of Deutsche Lufthansa AG at a conversion price of EUR 9.23. The
hybrid bond has a term until August 2075 and an interest rate of 4.382%. It can be cancelled
in a five-year cycle, the next time in February 2026.

Liabilities to banks of 156 Mio. EUR are secured by aircraft. The majority of other liabilities,
amounting to EUR 3,412m, consist of aircraft financing (previous year: EUR 3,893m). This
includes obligations from finance leases to special purpose entities of 3,080 Mio. EUR that
are secured by the aircraft concerned.
NOTES DEUTSCHE LUFTHANSA AG – FINANCIAL STATEMENTS 2023 16
Notes to the balance sheet

16. Contingent liabilities 17. Other financial obligations

T13 CONTINGENT LIABILITIES Financial obligations on the basis of order commitments and loan commitments with no
in €m 31.12.2023 31.12.2022 long-term ongoing obligations came to EUR 23,222m as of the reporting date. For ongoing
obligations with varying terms of up to 30 years, there were expenses of EUR 1,039m in the
Relating to guarantees, bills of exchange and cheque guarantees 2,840 1,669
reporting year.
thereof to affiliated companies 847 224
Relating to warranty agreements 1,060 1,272
ORDER COMMITMENTS
thereof to affiliated companies 855 981
thereof to joint ventures 202 285 Order commitments for capital expenditure on property, plant and equipment came to
EUR 19,384m as of 31 December 2023. Of the corresponding payment obligations,
EUR 15,540m falls due in the years 2024 to 2028, and EUR 3,844m in the years 2029 to
The amounts listed under liabilities from guarantees include 1,978 Mio. EUR in co-debtors’ 2032.
guarantees given in favour of North American fuelling and handling firms. There was no re-
quirement to recognise these guarantee obligations as a liability, because the current fore- As of the reporting date, obligations to acquire company shares and to contribute capital to
casts of the companies do not indicate that fuelling and handling companies are unlikely to investee companies total EUR 224k, loan commitments to affiliated companies EUR 3,513m
be able to meet the underlying liabilities. Furthermore, this amount is matched by compen- and obligations to acquire shares in Italia Trasporto Aereo S.p.A (ITA) under the not yet exe-
satory claims against the other co-debtors amounting to 1,920 Mio. EUR. These amounts are cuted purchase agreement EUR 325m.
in some cases preliminary, since some financial statements are not yet available.
OBLIGATIONS UNDER TENANCY AGREEMENTS

New guarantees in the past financial year were issued in favour of fully consolidated subsidi-
The Company carries on its business almost exclusively in leased premises. The leases gen-
aries and mainly relate to the increase in the guarantee issued on behalf of Lufthansa Cargo
erally run for up to ten years. Facilities at Frankfurt and Munich airports are sometimes
AG in favour of Fraport AG (EUR 454m).
leased for longer periods, in some cases for up to 30 years, and are partly prefinanced by
Lufthansa. Annual lease payments amounted to around EUR 201m in the financial year.
Of the liabilities under warranties with affiliated companies, EUR 852m relates to guaran-
tees on loan liabilities granted in favour of Lufthansa Asset Management GmbH for a range
To optimise financing costs, aircraft are regularly leased from affiliated companies and ex-
of aircraft financing arrangements.
ternal lessors. Expenses for longer-term operating leases pertaining to aircraft with terms up
to 2038 came to EUR 705m in the financial year. It was possible to use them as a qualified
The liabilities under warranties to joint ventures include bank guarantees from the financing
assumption for amounts payable annually under these ongoing obligations. Expenses for op-
of two B777 cargo aircraft in service at Aerologic GmbH and further bank guarantees to se-
erating leases were mainly payable to affiliated companies; EUR 96m was paid to several
cure the operating business of the Lufthansa Technik joint venture, EME Sp.z.o.o.
external lessors (previous year: EUR 93m).
Otherwise, in all cases provisions were not made because utilisation was not sufficiently
OBLIGATIONS UNDER LONG-TERM MAINTENANCE CONTRACTS
probable.
Maintenance contracts for aircraft and aircraft components usually have terms of more than
15 years to secure contractual conditions on a long-term basis. Long-term maintenance con-
tracts with external providers signed as of the reporting date with terms up to 2039 gave
rise to expenses of EUR 133m in the financial year. Of the future payment obligations result-
ing from the long-term maintenance contracts, EUR 1,315m falls due in the years 2024 to
NOTES DEUTSCHE LUFTHANSA AG – FINANCIAL STATEMENTS 2023 17
Notes to the balance sheet

2028 while EUR 2,362m falls due in the years 2029 to 2039, if the contractual services are Forward currency transactions and swaps are valued individually at their respective forward
requested as scheduled. curve and discounted to the reporting date based on the corresponding interest rate curve.
The market prices of currency options are calculated using recognised option pricing mod-
els.
18. Hedging policy and financial derivatives The following table shows the market values of external hedges for Deutsche Lufthansa AG
and its subsidiaries.
As an international aviation company, Deutsche Lufthansa AG is exposed to the risk of
changes in exchange rates, interest rates and fuel priced in US dollars. T15 FOREIGN EXCHANGE RATE HEDGES FOR EXPOSURE FROM OPERATIONS

Carrying
EXCHANGE RATE HEDGES 31.12.2023 amounts of
in €m Nominal volume Market value Maturities up to other provisions

As regards currency risks from its operating business, Deutsche Lufthansa AG is in a net External hedges 4,827 -76 01.11.2024 -45

payer position in the case of the US dollar in particular, since fuel payments are dollar-de- External hedges for subsidiaries 4,830 41 01.11.2025 –
nominated. There is always a net surplus for other currencies. The main risks in this respect
stem from the Chinese renminbi, the Swiss franc, the British pound sterling, the Japanese
yen and the Indian rupee. Depending on market liquidity, currency risks from projected oper- HEDGED CAPITAL EXPENDITURE
ational exposure are hedged gradually over a period of 24 months by means of futures con-
tracts. The target hedging level is defined in the Group’s internal guidelines. At the end of Exchange rate hedges in the form of micro hedges are combined with expected aircraft de-
the 2023 financial year, exposure to the major foreign currency items from operations for the liveries to form valuation units for the purpose of hedging the risk of price increases due to
next 24 months was as follows: exchange rate movements and presented in the balance sheet using the net hedge method.
Aircraft purchases are now only hedged by means of forward transactions. The exposure for
T14 FOREIGN CURRENCY EXPOSURE FROM OPERATIONS capital expenditure at year-end 2023, the relevant hedging volume and the effects of the
31.12.2023 hedges on the acquisition costs of the hedged investments are as follows:
in €m USD CNY JPY GBP INR

Exposure (currency) -2,615 1,917 65,912 821 59,310 T16 HEDGED CAPITAL EXPENDITURE IN MILLION
Exposure (EUR at spot rate) -2,363 244 423 947 644
Exposure in Volume hedged Market values
Hedges (currency) 986 -890 -19,534 -246 -9,585 Year USD in USD in €m Hedge ratio
Hedge ratio 38% 46% 30% 30% 16% 2024 -3,497 2,995 135 86%
Hedge rate 1.08 7.48 146.42 0.88 91.11 2025 -3,063 2,293 166 75%
2026 -2,493 1,626 102 65%
2027 -2,593 1,540 60 59%

Anticipated macro valuation units are formed prospectively for operational currency hedges 2028 -2,113 1,085 -1 51%

in accordance with Section 254 HGB and presented using the net hedge method. The 2029 -1,421 546 -8 38%

hedged items are the net positions of highly probable future cash flows in foreign currencies 2030 -1,192 448 -17 38%

from the operating business for each foreign currency and hedging month. Since the target 2031 -508 119 -5 23%

hedging level is always less than the total foreign currency exposure, the hedges are consid- 2032 -87 – – 0%

ered to be fundamentally effective, meaning that no provision for impending losses from -16,967 10,652 432 63%
valuation units has to be recognised. In deviation from this, a provision for contingent losses
in the amount of EUR 45m (previous year: EUR 30m) was recognised for external derivative
transactions not covered by underlying transaction exposure as of the reporting date.
NOTES DEUTSCHE LUFTHANSA AG – FINANCIAL STATEMENTS 2023 18
Notes to the balance sheet

INTEREST RATE HEDGES Suitable forward transactions, spread options and combinations of hedges are arranged with
external counterparties to hedge price risks from future fuel requirements. They have been
Suitable interest rate swaps and combined interest rate/currency swaps are arranged with combined with the hedged items as macro valuation units and presented using the net
external contractual parties to hedge interest rate risks on bonds, loans and lease liabilities hedge method to improve the presentation of the earnings position.
recognised in the balance sheet. They are combined in valuation units as micro hedges and
presented in the balance sheet using the net hedge method. Hedged items and hedges T19 FUEL PRICE HEDGES
have identical maturities, up to 2032 at the latest. As the reciprocal cash flows balance each Volume of Carrying
hedged items in Market value in amount of other
other out, the interest rate swaps are not presented in the balance sheet. As of 31 December 31.12.2023 thousand t €m Maturities up to assets in €m
2023, provisions for onerous contracts of EUR 2m are recognised for impending losses re- Hedging combinations 5,760 67 2,025 177
garding interest rate hedges with no hedged items. Crackswaps 447 12 2,024 0

Furthermore, Deutsche Lufthansa AG and its subsidiaries have arranged combined interest
rate/currency swaps that are matched by interest rate/currency swaps of the same type,
volume and maturity with external third parties. They are also combined in valuation units as The market prices of options used to hedge fuel prices are determined using acknowledged
micro hedges. Hedged items and hedges have identical maturities, up to 2032 at the latest. option pricing models. The market values correspond to the price at which an independent
The hedged cash flows balance each other in full; the valuation units are thus fully effective. third party would assume the rights and/or obligations from the financial instrument.

T17 INTEREST RATE HEDGES FINANCIAL INSTRUMENTS HELD AS FINANCIAL INVESTMENTS

Carrying
31.12.2023 amount of other T20 BALANCE SHEET ITEMS - FINANCIAL INVESTMENTS
in €m Volume hedged Market value Maturities up to provision
Carrying
External hedges with hedged items 3,683 -184 2032 – Market values amounts
in €m 31.12.2023 31.12.2023
External hedges without hedged items 41 -2 2025 -2
External hedges for subsidiaries 826 – 2032 – Loans to affiliated companies 88 78
Other loans 1 1

The fair values of interest rate derivatives correspond to their respective market values,
which are measured using appropriate mathematical methods, such as discounting future Loans to affiliated companies in foreign currencies essentially comprise the loan granted to
cash flows. Discounting takes market standard interest rates and the residual term of the re- AirTrust AG in 2020 as well as two further loans to Airplus GmbH in GBP and USD. As of the
spective instruments into account. reporting date, the loan to Air Trust AG has a fair value of EUR 48m and a carrying amount
of EUR 40m. The fair value and carrying amount of the GBP loan to Airplus GmbH as of the
FUEL HEDGING reporting date is EUR 29m, while the fair value of the USD loan to Airplus GmbH is EUR 11m
and its carrying amount is EUR 8m.
As of 31 December 2023, exposure to fuel prices was as follows:

T18 FUEL PRICE EXPOSURE

2024 2025
Fuel exposure in thousand t 5,005 5,434
Volume hedged in thousand t 4,125 1,635
Hedge ratio in % 82% 30%
NOTES DEUTSCHE LUFTHANSA AG – FINANCIAL STATEMENTS 2023 19
Notes to the income statement

NOTES TO THE INCOME STATEMENT T23 OTHER REVENUE

in €m 2023 2022
19. Traffic revenue
Travel services (commissions / fees) 410 298
Services rendered 346 183
T21 TRAFFIC REVENUE BY TRAFFIC REGION
Matrix allocation 223 214
in €m 2023 2022 Aircraft on operating leases 153 166
Europe 5,318 4,648 Ground services / in-flight sales 120 108
North America 4,099 3,579 Rent for land / buildings 89 71
Asia /Pacific 2,583 1,476 Staff secondment 23 17
South America 916 824 Other 90 50
Africa 788 687 1,454 1,107
Middle East 476 506
14,180 11,720

On the one hand, the year-on-year increase reflects a further upswing in flight operations,
which is mainly reflected in higher revenue from travel services. On the other hand, services
T22 TRAFFIC REVENUE BY SECTOR
have been shaped by intra-Group settlement of costs with a newly established unit which is
in €m 2023 2022 responsible for the Group-wide new and ongoing development of digital products and con-
Scheduled 13,648 11,038 cepts.
Charter 532 682
14,180 11,720 Revenue from other periods amounts to 289 Mio. EUR in the financial year and is mainly at-
tributable to the release of unused flight documents.

20. Other revenue 21. Other operating income

T24 OTHER OPERATING INCOME

Europe accounted for 94% (previous year: 91%) of other revenue, which is made up as fol-
lows: in €m 2023 2022

Proceeds on the disposal of non-current assets 5955 26

Exchange rate gains from foreign currency translation 850 1,043
Reversal of provisions 318 156
Compensation received for damages 123 9
Earnings from write-backs on assets 122 12
Other operating income 264 237
7,632 1,483

Other operating income has resulted in particular from the recognition of book gains from
the capital contributions in connection with Lufthansa Cargo AG (EUR 2,998m) and
NOTES DEUTSCHE LUFTHANSA AG – FINANCIAL STATEMENTS 2023 20
Notes to the income statement

Lufthansa Technik AG (EUR 2,929m). The book gains resulted from measuring the additional 23. Staff costs
acquisition costs of the wholly owned equity investment in Lufthansa Commercial Holding
GmbH based on the fair value of the contributed wholly owned equity investments in T26 STAFF COSTS
Lufthansa Cargo AG and Lufthansa Technik AG. This led to the release of hidden reserves in in €m 2023 2022
the shares of Lufthansa Cargo AG and Lufthansa Technik AG and therefore to an increase in
Wages and salaries 2,659 2,353
the shareholders’ equity of Deutsche Lufthansa AG. For a detailed description of the capital
Social security, pensions and benefit contributions 1,002 722
contributions, we refer to Note 4, page 9.
thereof for retirement benefits 636 391
3,661 3,075
Income from other periods came to 550 Mio. EUR in the financial year and consisted mainly
of write-backs of provisions and compensation received for damages.

T27 AVERAGES NUMBER OF EMPLOYEES

2023 2022
22. Cost of materials and services
Flight staff 22,518 22,516
Ground staff 12,518 11,314
T25 COST OF MATERIALS AND SERVICES
35,036 33,830
in €m 2023 2022

Aircraft fuel and lubricants 3,963 3,792 Trainees 47 28

Other costs of raw materials, consumables and supplies and goods purchased 165 80
Costs of services purchased 6,166 5,474
10,294 9,346
The increase in staff costs is attributable to higher expenses for basic pay (EUR +223m) plus
the applicable social security contributions. Higher basic salaries have also affected the em-
ployer-financed share of retirement benefit commitments, which have likewise increased
The increase in the cost of materials and services reflects the continuing stabilisation of op- year on year.
erating business and primarily relates to expenses for fees and charges (EUR +236m), MRO
services (EUR +177m) and fuel (EUR +171m). Staff costs include expenses from other periods of 11 Mio. EUR.

The cost of materials and services includes expenses from other periods of 47 Mio. EUR
which have mainly resulted from MRO expenses.
24. Depreciation, amortisation and impairment

Depreciation, amortisation and impairment of intangible assets, aircraft and other property,
plant and equipment are detailed in the statement of changes in non-current assets. Impair-
ment losses of EUR 21m (previous year: EUR 15m) were recognised in the financial year.
NOTES DEUTSCHE LUFTHANSA AG – FINANCIAL STATEMENTS 2023 21
Notes to the income statement

25. Other operating expenses 26. Result from equity investments

Other operating expenses are made up as follows: T29 RESULTS FROM EQUITY INVESTMENTS

in €m 2023 2022
T28 OTHER OPERATING EXPENSES
Income from profit transfer agreements 836 1,414
in €m 2023 2022
Expenses from loss transfer agreements 308 930
Exchange rate losses from foreign currency translation 839 981 Income from equity investments 284 270
Rental and maintenance expenses 207 190 284 270
thereof from affiliated companies
Sales commission paid to agencies 204 178 812 754
Travel expenses 198 150
Payment system expenses (especially credit card commission payments) 190 164
Expenses for computerised distribution systems 167 150
Income/expenses from profit and loss transfer agreements are shown including tax contri-
Auditing, consulting and legal expenses 167 148
butions.
Advertising and sales promotions 135 117
Matrix allocation 134 138
Income from the profit and loss transfer agreement with the subsidiary Lufthansa Commer-
Courses / training for flight staff 77 55 cial Holding GmbH has been reduced by factors including impairment losses on its equity
Insurance for flight operations 24 28 investment Lufthansa Cargo AG. Due to an impairment which is expected to be permanent,
Impairment charges / depreciation and amortisation for current assets 35 42 impairment losses of EUR 600m were recognised on the equity investment held in
Other operating expenses 610 425 Lufthansa Cargo AG. These impairment losses reflect the gloomier outlook for Lufthansa
2,987 2,766 Cargo AG’s business at the end of 2023 by comparison with the date of its contribution
(May 2023), while complying with the commercial-law requirement of prudent valuation.

Income from equity investments consists primarily of the accrued dividends from the Aus-
The rise in other operating expenses is primarily attributable to the expenses indirectly asso-
trian leasing companies for the 2023 financial year due to aligning the timing of profit recog-
ciated with flight operations, such as sales commissions, travel expenses and expenses for
nition.
training.

The remaining operating expenses primarily comprise call centre services utilised and vari-
ous administrative services outsourced to Lufthansa Group Business Services GmbH. They
also include expenses resulting from the settlement of costs by a newly established unit
which is responsible for the Group-wide new and ongoing development of digital products
and concepts.

Expenses from other periods amount to 50 Mio. EUR in the current financial year and are
mainly attributable to the fact that actual expenses exceeded the provisions created in the
previous year.
NOTES DEUTSCHE LUFTHANSA AG – FINANCIAL STATEMENTS 2023 22
Notes to the income statement

27. Net interest As well as deferred tax expenses of EUR 60m, net taxes on income and earnings include ex-
penses of EUR 34m for back payments of income taxes. Overall, taxes on income and earn-
T30 NET INTEREST ings and other taxes include net items for previous years of EUR 37m.
thereof thereof
affiliated affiliated The Act to Ensure a Global Minimum Tax for Corporate Groups was passed in Germany with
in €m 2023 companies 2020 companies
effect from 1 January 2024.
Income from other securities and non-current finan-
cial loans 113 113 41 40
Since Deutsche Lufthansa AG is domiciled for tax purposes in Germany, the Lufthansa
Other interest and similar income 261 102 163 35
Group falls within the scope of the act. It therefore carried out an impact analysis based on
Interest and similar expenses -178 -258 -2,001 -4
the last tax returns, country-specific reporting and historical financial data.
thereof accrued interest -307 – -90 –
thereof from market valuation of pension fund as-
sets 819 – -1,598 – On this basis, the Lufthansa Group expects current taxes to increase by a low to medium
196 -43 -1,797 71 double-digit million euro amount per year.

Tax effects that could result from the future application of the rules on global minimum tax-
ation are not taken into account when measuring the amount of deferred tax assets and lia-
The positive net interest figure results primarily from the positive year-on-year change in the bilities to be recognised.
market value of pension assets used to fund retirement benefit obligations.

Net interest includes income from other periods of EUR 2m.

28. Impairment of investments and current securities

In the financial year 2023, a valuation allowance was recognised on the carrying amount of
the investment in Verimi GmbH in the amount of EUR 5m.

29. Taxes

T31 TAXES

in €m 2023 2022

Income taxes 106 -219

thereof deferred taxes 60 -242
Other taxes 30 27
136 -192
NOTES DEUTSCHE LUFTHANSA AG – FINANCIAL STATEMENTS 2023 23
Other disclosures

OTHER DISCLOSURES The Executive Board’s remuneration consists of the following components:

30. Supervisory Board and Executive Board Non-performance-related remuneration:

The members of the Supervisory Board and the Executive Board are listed on p. 26f. - Fixed annual salary. The fixed salary is paid in twelve equal monthly instalments.

The principles of the remuneration system and the amount of remuneration paid to the indi- - Retirement benefit commitments. The members of the Executive Board receive retire-
vidual Executive Board and Supervisory Board members are shown and explained in detail in ment benefit commitments based on a defined contribution plan. Since the 2019 finan-
the remuneration report in the Annual Report. cial year, every Executive Board member has received, for the duration of their employ-
ment, a fixed annual amount which is credited to their personal pension account.
Executive Board
- Ancillary benefits. Ancillary benefits include in-kind benefits from the use of company
The system for remunerating Executive Board members takes account of the Company’s cars and concessionary travel in accordance with the relevant IATA guidelines.
size, complexity and economic situation, as well as its prospects. It is also aligned with the
Performance-related remuneration:
Company strategy and thus creates an incentive for successful and sustainable governance.
At the same time, it takes into account the responsibilities and performance of the Execu-
tive Board as a whole and of the individual members, as well as the Company’s current posi- The performance criteria for one-year and long-term variable remuneration are derived from
tion. For this reason, the remuneration system is based on transparent, performance-related the Company’s strategic goals and operational management. They aim to boost profitability
parameters relevant to Company performance and sustainability. in order to set incentives for growth, while taking the importance of liquidity management
and the optimal use of capital into account. For this reason, Adjusted EBIT, Adjusted Free
Remuneration for the Executive Board members active in the financial year is as follows: Cash Flow and Adjusted ROCE are the relevant performance indicators for the Lufthansa
Group and the main performance criteria for variable remuneration. Taking the interests of
T32 TOTAL REMUNERATION OF EXECUTIVE BOARD MEMBERS shareholders and other stakeholders into account, this is intended to ensure the sustainabil-
in €k 2023 2022 ity of the business and reflect the Lufthansa Group’s social and ecological responsibilities.
Basic salary 6,450 5,934
On the basis of the remuneration system, the Supervisory Board determined the targets and
Other 1,250 1,193
minimum and maximum amounts for the financial performance indicators and selected fo-
One-year variable remuneration 7,884 7,912
cus topics for the non-financial targets for the variable remuneration for the 2023 financial
Long-term variable remuneration 997 1,217
1)
year. The Supervisory Board ensured that the targets were demanding and ambitious.
Share programme 5,556 12,200
Total remuneration 22,137 28,456 80% of the one-year variable remuneration for the 2023 financial year is based on financial
Staff costs of pension commitments 3,281 2,986 targets and 20% on overall and individual business and sustainability targets. To promote
1)
Fair value at the time the options are granted the long-term, sustainable development of the Company, the long-term variable remunera-
tion, and therefore the majority of variable remuneration, depends on the achievement of
long-term targets. Taking the absolute and relative share performance into account aligns
the interests of Executive Board members closely with those of shareholders.

Current payments to former members of the Executive Board and their surviving depend-
ants came to EUR 9.2m (previous year: EUR 5.7m). This includes payments by subsidiaries
as well as benefits in kind and concessionary travel.
NOTES DEUTSCHE LUFTHANSA AG – FINANCIAL STATEMENTS 2023 24
Other disclosures

Pension obligations toward former Executive Board members and their surviving dependants the positive trend in operating profitability at the Lufthansa Group, which had improved sig-
amount to EUR 56.2m (previous year: EUR 60.1m) nificantly in 2023.

Supervisory Board The upgrade by Moody’s means that Deutsche Lufthansa AG is again rated investment
grade by all the leading rating agencies.
The Executive Board and Supervisory Board proposed changes at the Annual General Meet-
ing 2023 to the remuneration of Supervisory Board members, which had been essentially Supervisory Board adopts wide-ranging reorganisation of the Executive Board
unchanged since 2013. It remains the case that the remuneration is structured as a purely
fixed remuneration. The proposed changes related to an adjustment to the annual remunera- The Supervisory Board of Deutsche Lufthansa AG voted to carry out a wide-ranging reor-
tion for working on the Supervisory Board and its committees in line with market standards, ganisation of the Executive Board at its meeting on 22 March 2024. The Executive Board is
and the cancellation of an attendance fee of EUR 500 previously paid for personal attend- to be reduced from six to five members and responsibilities redistributed.
ance at a physical meeting.
Christina Foerster, Harry Hohmeister and Detlef Kayser will leave the Executive Board as of
Fixed remuneration for the Supervisory Board came to 2,965 Tsd. EUR for the financial year 30 June 2024, and Remco Steenbergen will leave the Executive Board at the close of 7 May
(previous year: 2,170 Tsd. EUR). 2024, the date of the Annual General Meeting.

Furthermore, the Supervisory Board members of Deutsche Lufthansa AG were paid EUR 13k New members Grazia Vittadini and Dieter Vranckx will be appointed to the Executive Board
(previous year: EUR 21k) for their work on supervisory boards of Group companies. In addi- as of 1 July 2024.
tion to their Supervisory Board remuneration, employee representatives on the Supervisory
Grazia Vittadini, previously at Rolls-Royce Holdings plc, London, as Chief Technology Officer
Board received compensation for their work in the form of wages and salaries including pen-
and Member of the Executive Team, most recently active as a special consultant, will lead
sion entitlements amounting to EUR 1.0m in total (previous year: EUR 1.0m).
the MRO and IT function as Chief Technology Officer, which also includes responsibility for
In the reporting year, as in the previous year, no loans or advance payments were made to sustainability. Her contract will run for three years.
members of the Executive Board or Supervisory Board.
Dieter Vranckx, previously CEO of SWISS International Airlines, becomes the Executive
Board member for Global Markets and Commercial Hub Management. His contract will also
run for three years. The areas of Customer Experience and Group Brand Management, which
31. Resolution on profit distribution were previously part of Brand Management & Sustainability, are now also his responsibility.

It is proposed to use the distributable profit for the year of 3,383 Mio. EUR (previous year: A new candidate is to be found for the position of Chief Financial Officer. Until the position
0 Mio. EUR) to pay a dividend of 0.30 euro cents per share (EUR 359m) and for transfer to is filled,
the other retained earnings in the amount of EUR 3,024m. Michael Niggemann will lead the finance function provisionally in addition to his responsibil-
ity on the Executive Board for Human Resources, Logistics and Non-Hub Traffic, (previously
Human Resources and Infrastructure).

32. Events after the reporting period

Moody’s raises rating for Deutsche Lufthansa AG to investment grade

The rating agency Moody’s lifted its rating for Deutsche Lufthansa AG from Ba1 to the in-
vestment grade Baa3 on 18 January 2024. According to Moody’s, the upgrade was based on
NOTES DEUTSCHE LUFTHANSA AG – FINANCIAL STATEMENTS 2023 25
Other disclosures

33. Declaration of compliance in accordance with Section 161 German

Stock Corporation Act (AktG)

The declaration of compliance with the German Corporate Governance Code required by
Section 161 of the German Stock Corporation Act (AktG) was issued by the Executive Board
and Supervisory Board and made public permanently as part of the declaration on corporate
governance in line with Section 289f HGB on the Company’s website at [Link]-
[Link]/declaration-of-compliance.

34. Auditors’ fees

Total auditors’ fees calculated for the financial year are made up as follows:

T34 Auditors' fees

in €m 2023 2022

Audit services 5.3 4.3

Other certification services 0.4 0.5
Other services 0.5 2.3
6.2 7.1

The auditing services mainly consist of fees for auditing the consolidated financial state-
ments, the review of the half-yearly financial statements and the audit of the financial state-
ments of Deutsche Lufthansa AG and its consolidated subsidiaries. The fees recognised un-
der other certification services arose for various audit services such as the preparation of a
comfort letter for Deutsche Lufthansa AG’s ongoing euro debt issuance programme and for
cloud migration. Other services mainly comprise expenses for advisory services in connec-
tion with the sale of the LSG division.
NOTES DEUTSCHE LUFTHANSA AG – FINANCIAL STATEMENTS 2023 26
Other disclosures

Corporate Governance

SUPERVISORY BOARD AND EXECUTIVE BOARD

Supervisory Board Executive Board

Karl-Ludwig Kley Thomas Enders Arne Christian Karstens Birgit Rohleder Astrid Stange Carsten Spohr
Former Chairman Member of various (since 29 July 2023) Team Lead IT Application CEO/Chairwoman of ELE- Chairman of the Executive
of the Executive Board Supervisory Boards Flight captain and member Management Airport MENT Insurance AG Board
of Merck KgaA of the Services /
Karl Gernandt Olivia Stelz Supervisory Christina Foerster
Vereinigung Cockpit pilots’ Works Council member on
Christine Behle (since 9 May 2023) Board Member of the Executive
union leave of absence
Deputy Chair of the trade Executive Chairman of Kühne (until 28 July 2023) Board
Employee representative.1) Employee representative
union [Link] Holding AG Purser/Employee Brand &
Employee representative 1) Michael Kerkloh Miriam Sapiro representative on leave in Sustainability
Sara Grubisic
Deputy Chair Former Chairman of the Ex- (until 9 May 2023) absence
(since 29 July 2023)
ecutive Board President and CEO Employee representative Harry Hohmeister
Alexander Behrens Purser
of Flughafen München InterAction, Inc, USA Member of the Executive
(until 28 July 2023) Employee representative Angela Titzrath
GmbH Board
Flight attendant Ilja Schulz Chairwoman of the Executive
Christian Hirsch Global Markets & Network
Employee representative1) Carsten Knobel (until 28 July 2023) Board
(since 29 July 2023)
Chairman of the Executive Former Flight captain and Hamburger Hafen und Detlef Kayser
Tim Busse Information management
Board Henkel AG & Co. member of the Vereinigung Logistik AG Member of the Executive
(since 29 July 2023) consultant
KGaA Cockpit pilots’ union Board
Flight captain Works Council member on Klaus Winkler
Employee representative1) Fleet & Technology
Employee representative leave of absence Holger Benjamin Koch Engine technician
Employee representative Senior Director Airport / Britta Seeger Employee representative
Jörg Cebulla (until 28 July Michael Niggemann
Industry Charges Member of the Executive
2023) Jamila Jadran Honorary Chairman Member of the Executive
Employee representative Board Mercedes-Benz Group
Flight captain (since 29 July 2023) Board
AG
Employee representative Senior Project Manager Harald Krüger Dipl.-Ing. Jürgen Weber Human Resources & Infra-
Employee representative Member of the Supervisory Birgit Spineux Former Chairman of the structure,
Erich Clementi
Board of Deutsche Telekom (until 28 July 2023) Supervisory Board Labor Director
Chairman of the Jürgen Jennerke
AG Purser/Employee Deutsche Lufthansa AG
Supervisory Board of [Link] (until 28 July 2023) Remco Steenbergen
representative on leave in
SE Labour Relations executive Marvin Reschinsky 1)
Trade union representative in accord- Member of the Executive
absence
Employee representative (since 29 July 2023) ance with Section 7 Paragraph 2 Co-de-
Board
Employee representative termination Act (MitbestG.)
Trade union secretary [Link] Chief Financial Officer
Employee representative1)
NOTES DEUTSCHE LUFTHANSA AG – FINANCIAL STATEMENTS 2023 27
Other disclosures

MANDATES

Other mandates of the Supervisory Board members of Deutsche Lufthansa AG

(As of 31 December 2023)

Karl-Ludwig Kley Karl Gernandt Britta Seeger

a) [Link] SE 3) (Chair until 19 May 2023) a) Hapag-Lloyd AG (Deputy Chair) 3) a) Mercedes-AMG GmbH 1)
Kühne + Nagel AG & Co. KG (Chair) 1) Mercedes-Benz Mobility AG 1)
Christine Behle b) Kühne + Nagel International AG, Switzerland b) Beijing Mercedes-Benz Sales Service Co., Ltd., China
a) BREMER LAGERHAUS GESELLSCHAFT (Deputy Chair) 2),3) Mercedes-Benz (China) Ltd. 2), China (Deputy Chair)
– Aktiengesellschaft von 1877 – 3) (Deputy Chairwoman) Kühne Holding AG, Switzerland (Chair) 2) Mercedes-Benz South Africa Ltd. 2), South Africa
b) Autobahngesellschaft des Bundes mbH Kühne & Nagel AG, Luxembourg (Chair) 2) (until 1 April 2023)
(until 28 September 2023) Kühne Logistics University gGmbH 2) smart Automobile Co. Ltd., China
Kühne Real Estate AG (Chair) 2) smart Mobility Pte. Ltd., Singapore (since 26 June 2023)
Jörg Cebulla
SIGNA Prime Selection AG, Austria smart Mobility International Pte. Ltd., Singapore
a) Sparda-Bank Hessen eG
HGK Hochgebirgsklinik Davos AG, Switzerland (since 26 June 2023)
b) Albatros Versicherungsdienste GmbH
Jürgen Jennerke Astrid Stange
Erich Clementi
a) Lufthansa Cargo AG (Deputy Chair until b) Atos SE 3), France
a) [Link] SE 3) (Chairman)
30 November 2023)
Angela Titzrath
Thomas Enders
Michael Kerkloh a) Evonik Industries AG 3)
b) GE Aerospace 3), USA (since 1 December 2023)
a) Flughafen Hannover-Langenhagen GmbH Talanx AG 3)
Lilium NV 3), Netherlands (Chair)
(since 1 February 2023) HDI V.a.G.
Linde plc 3), Republic of Ireland
b) NEOM Aviation Founding Board, Saudi Arabia b) Metrans a.s. 2), Czech Republic

Carsten Knobel a) Membership of supervisory boards required by German law.

b) Kühne Holding AG, Switzerland (since 26 June 2023) b) Membership of comparable supervisory bodies at companies in Germany
and abroad.
1) Group mandate in accordance with Section 100 Paragraph 2 Sentence 2
Harald Krüger AktG.
a) Deutsche Telekom AG 3) 2) Other group mandate.
3) Publicly listed company.
Marvin Reschinsky
a) Eurowings GmbH (Deputy Chair)
NOTES DEUTSCHE LUFTHANSA AG – FINANCIAL STATEMENTS 2023 28
Other disclosures

Mandates of the Executive Board members of Deutsche Lufthansa AG

(As of 31 December 2023)

Carsten Spohr Harry Hohmeister Michael Niggemann

a) Münchener Rückversicherungs-Gesellschaft a) Eurowings GmbH 1) a) Lufthansa Cargo AG 1) (Chairman)
Aktiengesellschaft 3) EW Discover GmbH 1) (Chair since 27 October 2023)
Fraport AG 3) (since 23 May 2023) Remco Steenbergen
Christina Foerster b) Günes Ekspres Havacilik A.S. (SunExpress), Turkey a) Lufthansa AirPlus Servicekarten GmbH 1)
b) Austrian Airlines AG 2), Austria (Chairwoman) Lufthansa Technik AG 1) (since 1 January 2023)
SN Airholding SA/NV 2), Belgium (Chair) Detlef Kayser b) Swiss International Air Lines AG 2), Switzerland
Kulinary Holding AG, Switzerland (until 15 February a) Lufthansa Technik AG 1) (Chairman) Sandoz Group AG, Switzerland (since 4 October
2023) LSG Lufthansa Service Holding AG 1) 2023)
Swiss International Air Lines AG 2), Switzerland (Chair until 31 October 2023)
a) Membership of supervisory boards required by German law.
(until 23 February 2023) b) Membership of comparable supervisory bodies at companies in Ger-
many and abroad.
1) Group mandate in accordance with Section 100 Paragraph 2 Sentence
2 AktG.
2) Other group mandate.
3) Publicly listed company.
NOTES DEUTSCHE LUFTHANSA AG – FINANCIAL STATEMENTS 2023 29
List of shareholdings

LIST OF SHAREHOLDINGS – SIGNIFICANT EQUITY INVESTMENTS

T35 SIGNIFICANT EQUITY INVESTMENTS

Net profit of the last business year

Name, registered office Stake in % Shareholders' equity in €m * in €m *
5) 6)
Aerologic GmbH, Schkeuditz, Deutschland 50.00% 42 14
5) 6)
AFS Aviation Fuel Services GmbH, Hamburg, Deutschland 33.33% 4 2
5) 6) 9)
Air Dolomiti Deutschland GmbH, München, Deutschland 100.00% 1 0
Air Dolomiti S.p.A. Linee Aeree Regionali Europee, Dossobuono di Villafranca, Italien 100.00% 60 1
5) 6)
Aircraft Maintenance and Engineering Corporation, Peking, China 25.00% 74 -149
5) 6)
Airfoil Services Sdn. Bhd., Kuala Lumpur, Malaysia 50.00% 17 -3
5) 6) 9)
Airline Marketing Services India Private Limited, Mumbai, Indien 100.00% 1 0
12)
Airline Tariff Publishing Co., Dulles, USA 9.77% n/a n/a
9) 9)
AirPlus Finance S.à.r.l., Luxemburg, Luxemburg 0.00% 0 0
AirPlus International AG, Kloten, Schweiz 100.00% 22 2
AirPlus International Limited, London, Großbritannien 100.00% 18 3
AirPlus International S.r.l., Bologna, Italien 100.00% 28 6
5) 6) 9) 9)
AirPlus International Soluções de Pagamento Limitada, Sao Paulo, Brasilien 100.00% 0 0
AirPlus International, Inc., Alexandria, USA 100.00% 19 1
AirPlus Payment Management Co. Ltd., Shanghai, China 100.00% 49 -1
5) 6) 9)
Airport Services Dresden GmbH, Dresden, Deutschland 100.00% 0 -1
5) 6) 9)
Airport Services Leipzig GmbH, Schkeudiz, Deutschland 100.00% 0 -1
AirTrust AG, Kloten, Schweiz 100.00% 49 357
5) 6) 9)
Albatros Financial Solutions GmbH, Köln, Deutschland 100.00% 1 0
5) 6)
Albatros Versicherungsdienste GmbH, Köln, Deutschland 100.00% 6 8
5) 6) 10) 9)
amplimind GmbH, Hallbergmoos, Deutschland 51.00% n/a 0
5) 6)
AO Aeromar, Moskau Region, Russische Föderation 49.00% 31 2
5)
AO AeroMEAL, Yemelyanovo, Russische Föderation 100.00% 2 1
12)
ATLECON Fuel LLC, Atlanta, USA 14.29% n/a n/a
AUA Beteiligungen Gesellschaft m.b.H., Wien-Flughafen, Österreich 100.00% 10 -3
12)
AUS Fuel Company, LLC, Austin, USA 6.67% n/a n/a
Austrian Airlines AG, Wien-Flughafen, Österreich 100.00% 211 127
5) 6)
Austrian Airlines Technik-Bratislava, s.r.o., Bratislava, Slowakei 100.00% -5 -2
5) 6) 9)
Austrian Airlines Tele Sales Service GmbH, Innsbruck, Österreich 100.00% 1 0
8) 9) 9)
Austrian Asset Holding GP S.à r.l. i.L., Luxemburg, Luxemburg 100.00% 0 0
8)
Austrian Asset Holding S.C.S. i.L., Luxemburg, Luxemburg 100.00% 2 7
5) 6) 9) 9)
AVIATION Data Hub GmbH, Hamburg, Deutschland 100.00% 0 0
NOTES DEUTSCHE LUFTHANSA AG – FINANCIAL STATEMENTS 2023 30
List of shareholdings

5) 6) 9)
Aviation Quality Services GmbH, Frankfurt am Main, Deutschland 100.00% 0 1
5) 6) 9)
Aviation Services Network GmbH, Friedrichshafen, Deutschland 100.00% 0 1
5) 6)
AviationPower GmbH, Hamburg, Deutschland 40.83% -2 -10
5) 6) 9)
Avionic Design GmbH, Hamburg, Deutschland 100.00% 1 0
BizJet International Sales & Support, Inc., Tulsa, USA 100.00% 30 2
Brussels Airlines SA/NV, Brüssel, Belgien 100.00% -199 38
5) 6)
Cargo Future Communications (CFC) GmbH, Büchenbeuren, Deutschland 100.00% 1 1
5) 6) 9)
CB Customs Broker GmbH, Kelsterbach, Deutschland 100.00% 0 1
12)
Charlotte Fuel Facilities LLC, Charlotte, USA 10.00% n/a n/a
5) 6) 9) 9)
Chelyabinsk Catering Service OOO, Chelyabinsk, Russische Föderation 26.00% 0 0
City Airlines GmbH, München, Deutschland 100.00% 6 -18
Cockpitpersonal GmbH, Frankfurt am Main, Deutschland 100.00% 53 -22
5) 6)
Delvag Versicherungs-AG, Köln, Deutschland 100.00% 60 6
12)
Denver Fuel Company, LLC, Newark, USA 5.88% n/a n/a
5) 6)
DLH Fuel Company mbH, Hamburg, Deutschland 100.00% 7 4
10) 10)
DLH Malta Pension Ltd., St. Julians, Malta 100.00% n/a n/a
10) 10)
DLH Malta Transition Limited, St. Julians, Malta 100.00% n/a n/a
Edelweiss Air AG, Zürich, Schweiz 100.00% 108 57
5) 6) 7) 9)
EFM - Gesellschaft für Enteisen und Flugzeugschleppen am Flughafen München mbH, Freising, Deutschland 51.00% 3 0
12)
Egyptian Aviation Services Company (S.A.E.), Cairo, Ägypten 5.83% n/a n/a
5) 6)
EME Aero Sp.z.o.o, Jasionka, Polen 50.00% 30 -11
Eurowings Aviation GmbH, Köln, Deutschland 100.00% 8 10
9)
Eurowings Digital GmbH, Köln, Deutschland 100.00% 0 1
Eurowings Europe GmbH, Wien-Flughafen, Österreich 100.00% 1 -1
Eurowings Europe Limited, St Julians, Malta 100.00% 6 1
Eurowings GmbH, Düsseldorf, Deutschland 100.00% 481 -12
9)
Eurowings Technik GmbH, Köln, Deutschland 100.00% 0 -1
EW Discover GmbH, Frankfurt am Main, Deutschland 100.00% -9 27
8) 5) 6) 9) 9)
Finairport Service S.r.l. i.L., Roma, Italien 100.00% 0 0
6) 7)
Flight Training Alliance GmbH, Frankfurt am Main, Deutschland 50.00% 4 2
5) 6) 9) 9)
Flughafen München Baugesellschaft mbH, München-Flughafen, Deutschland 40.00% 0 0
10) 10)
FLYdocs Inc. (Delaware Corp.), City of Wilmington, New Castle, USA 100.00% n/a n/a
10) 10)
FLYdocs India Private Limited, Vadoora, Indien 100.00% n/a n/a
5) 6) 9) 9)
FLYdocs Systems (MIDCO) Limited, Tamworth, Staffordshire, Großbritannien 100.00% 0 0
5) 6) 9)
Flydocs Systems (TOPCO) Limited, Staffordshire, Großbritannien 100.00% 6 0
5) 6) 9) 9)
FLYdocs Systems Limited, Tamworth, Staffordshire, Großbritannien 100.00% 0 0
5) 6) 9)
FraAlliance GmbH, Frankfurt am Main, Deutschland 50.00% 1 0
5) 6) 9)
FraCareServices GmbH, Frankfurt am Main, Deutschland 49.00% 1 0
10) 10)
FSH Flughafen Schwechat-Hydranten-Gesellschaft Gmbh & Co OG, Wien-Flughafen, Österreich 14.29% n/a n/a
NOTES DEUTSCHE LUFTHANSA AG – FINANCIAL STATEMENTS 2023 31
List of shareholdings

5) 6)
Gen2 Systems Limited, Tamworth, Großbritannien 100.00% 7 1
Germanwings GmbH, Köln, Deutschland 100.00% 46 15
5) 6)
Global Load Control (PTY) LTD, Kapstadt, Südafrika 100.00% 3 1
10) 10)
Global Tele Sales (PTY) Ltd., Kapstadt, Südafrika 100.00% n/a n/a
5) 6) 9)
Global Tele Sales Brno s.r.o., Brno, Tschechische Republik 100.00% 5 0
10) 10)
Global Telesales of Canada, Inc., Peterborough, Kanada 100.00% n/a n/a
5) 6)
GOAL German Operating Aircraft Leasing GmbH & Co. KG, Grünwald, Deutschland 40.00% 42 4
5) 6) 9) 9)
GOAL German Operating Aircraft Leasing GmbH, München, Deutschland 40.00% 0 0
Group Engine Management GmbH, Frankfurt am Main, Deutschland 100.00% 64 -40
5) 6)
Guangzhou Baiyun International Airport LSG Sky Chefs Co. Ltd., Guangzhou, China 30.00% 2 -3
5)
Günes Ekspres Havacilik Anonim Sirketi (Sun Express), Antalya, Türkei 50.00% 198 60
Hamburger Gesellschaft für Flughafenanlagen mbH, Hamburg, Deutschland 100.00% 203 12
5) 6) 9)
handling counts GmbH, Frankfurt am Main, Deutschland 100.00% 0 1
Hawker Pacific Aerospace, Sun Valley, USA 100.00% 1 -6
5) 6) 7)
HEICO Aerospace Holdings Corp., Florida, USA 20.00% 191 35
5) 6) 9) 9)
help alliance gGmbH, Frankfurt am Main, Deutschland 100.00% 0 0
5) 6)
heyworld GmbH, Frankfurt am Main, Deutschland 100.00% 3 -4
5) 6) 9)
Hydranten-Betriebs OHG, Frankfurt am Main, Deutschland 49.00% 17 0
5) 6)
Idair GmbH, Hamburg, Deutschland 100.00% 3 -1
5) 6) 9) 9)
INAIRVATION GmbH, Edlitz-Thomasberg, Österreich 50.00% 0 0
5) 6) 9) 9)
IND Beteiligungs GmbH, Raunheim, Deutschland 100.00% 0 0
5) 9)
Inflight Catering Services Limited, Dar es Salaam, Tansania 61.99% 1 0
10) 10)
In-Flight Management Solutions Latin America, S.A. de C.V., Mexiko-Stadt, Mexiko 100.00% n/a n/a
JASEN Grundstücksgesellschaft mbH & Co. oHG, Grünwald, Deutschland 100.00% 20 1
Jettainer Americas, Inc., East Meadow, USA 100.00% 9 1
Jettainer GmbH, Raunheim, Deutschland 100.00% 6 4
10) 10)
Kulinary Holding AG, Opfikon, Schweiz 40.00% n/a n/a
10) 10)
LCAG Malta Pension Ltd., St. Julians, Malta 100.00% n/a n/a
10) 10)
LCAG Malta Transition Limited, St. Julians, Malta 100.00% n/a n/a
LCH Grundstücksgesellschaft Berlin mbH, Frankfurt am Main, Deutschland 100.00% 23 1
5) 6)
LG-LHT Aircraft Solutions GmbH, Hamburg, Deutschland 51.00% 11 -15
5) 6)
LG-LHT Passenger Solutions GmbH, Hamburg, Deutschland 51.00% 6 -17
5) 6)
LGSP Lufthansa Ground Service Portugal, Unipessoal Lda., Maia/Oporto, Portugal 100.00% 6 2
LHAMI LEASING LIMITED, Dublin, Irland 100.00% 2,278 147
LHAMIH LIMITED, Dublin, Irland 100.00% 2,554 281
1) 8) 9) 9)
LHBD Holding Limited i. L., London, Großbritannien 100.00% 0 0
10) 10)
LHT Malta Pension Ltd., St. Julians, Malta 100.00% n/a n/a
10) 10)
LSG Malta Pension Ltd., [Link], Malta 100.00% n/a n/a
9)
LSG Sky Chefs Hamburg GmbH, Neu-Isenburg, Deutschland 100.00% -3 0
NOTES DEUTSCHE LUFTHANSA AG – FINANCIAL STATEMENTS 2023 32
List of shareholdings

5) 9)
LSG Sky Chefs Havacılık Hizmetleri A.S., İstanbul, Türkei 100.00% -1 0
4) 5) 9)
LSG Sky Chefs İstanbul Catering Hizmetleri A.S., İstanbul, Türkei 100.00% 10 0
5)
LSG Sky Chefs Kenya Limited, Nairobi, Embakasi District, Kenia 50.20% -6 -1
8) 9) 9)
LSG Sky Chefs UK Ltd. i.L., Orpington, Großbritannien 100.00% 0 0
LSG/Sky Chefs Europe Holdings Ltd., Hounslow, Großbritannien 100.00% -26 -27
10) 10)
LSI Malta Pension Ltd., St. Julians, Malta 100.00% n/a n/a
8) 5) 6) 9) 9)
Luftfahrzeugverwaltungsgesellschaft GOAL mbH i.L., Grünwald, Deutschland 40.00% 0 0
Lufthansa AirPlus Servicekarten GmbH, Neu-Isenburg, Deutschland 100.00% 264 -69
Lufthansa Asset Management GmbH, Frankfurt am Main, Deutschland 100.00% 2,963 296
Lufthansa Asset Management Leasing GmbH, Frankfurt am Main, Deutschland 100.00% 849 104
5) 6)
Lufthansa Aviation Training Austria GmbH, Wien-Flughafen, Österreich 100.00% 10 1
Lufthansa Aviation Training Germany GmbH, Frankfurt am Main, Deutschland 100.00% 73 20
Lufthansa Aviation Training GmbH, München, Deutschland 100.00% 143 7
5) 6)
Lufthansa Aviation Training Operations Germany GmbH, Berlin, Deutschland 100.00% 5 1
5) 6) 9)
Lufthansa Aviation Training Pilot Academy GmbH, Frankfurt am Main, Deutschland 100.00% 1 0
Lufthansa Aviation Training Switzerland AG, Opfikon, Schweiz 100.00% 96 7
5) 6)
Lufthansa Aviation Training USA Inc., Goodyear, USA 100.00% 13 1
5) 6) 9) 9)
Lufthansa Blues Beteiligungs GmbH, Frankfurt am Main, Deutschland 100.00% 0 0
10) 10)
Lufthansa Cagri Merkezi ve Müsteri Hizmetleri A.S., Istanbul, Türkei 100.00% n/a n/a
Lufthansa Cargo Aktiengesellschaft, Frankfurt am Main, Deutschland 100.00% 670 105
5) 6)
Lufthansa Cargo Servicios Logisticos de Mexico, S.A. de C.V., Mexiko-Stadt, Mexiko 100.00% 5 5
5) 6) 9)
Lufthansa City Center International GmbH, Frankfurt am Main, Deutschland 50.00% 1 0
Lufthansa CityLine GmbH, München-Flughafen, Deutschland 100.00% 283 -49
Lufthansa Commercial Holding Gesellschaft mit beschränkter Haftung, Frankfurt am Main, Deutschland 100.00% 5,376 597
10) 10)
Lufthansa Consulting Brasil Ldta., Rio de Janeiro, Brasilien 99.90% n/a n/a
5) 6)
Lufthansa Consulting GmbH, Frankfurt am Main, Deutschland 100.00% 7 -1
5) 6)
Lufthansa Engineering and Operational Services GmbH, Frankfurt am Main, Deutschland 100.00% 6 -1
5) 6) 9)
Lufthansa Global Business Services Ltd., Bangkok, Thailand 100.00% 1 0
5) 6) 9) 9)
Lufthansa Global Business Services S.A. de C.V., Mexiko-Stadt, Mexiko 100.00% 0 0
5) 6)
Lufthansa Global Business Services Sp. z o. o., Krakow, Polen 100.00% 9 2
5) 6)
Lufthansa Global Tele Sales GmbH, Berlin, Deutschland 100.00% 7 -10
Lufthansa Group Business Services GmbH, Frankfurt am Main, Deutschland 100.00% 70 -3
5) 6) 9) 9)
Lufthansa Group Business Services Hong Kong Limited, Hong Kong, China 100.00% 0 0
5) 6) 9) 9)
Lufthansa Group Business Services Johannesburg (pty) Ltd., Gauteng, Südafrika 100.00% 0 0
10) 10)
Lufthansa Group Business Services New York LLC, Wilmington, Delaware, USA 100.00% n/a n/a
10) 10)
Lufthansa Group Business Services Wien GmbH, Wien, Österreich 100.00% n/a n/a
9) 9)
Lufthansa Group Digital Hangar GmbH, Raunheim, Deutschland 100.00% 0 0
Lufthansa Group Immobilien GmbH, Frankfurt am Main, Deutschland 100.00% 15 1
5) 6) 9)
Lufthansa Group Security Operations GmbH, Frankfurt am Main, Deutschland 100.00% 0 -1
NOTES DEUTSCHE LUFTHANSA AG – FINANCIAL STATEMENTS 2023 33
List of shareholdings

5) 6) 9)
LUFTHANSA GROUP TASTE & MORE GmbH, Hamburg, Deutschland 100.00% 0 -2
10) 10)
Lufthansa HNA Technical Training Co., Ltd., Meilan Airport, Hainan, China 50.00% n/a n/a
Lufthansa Industry Solutions AS GmbH, Norderstedt, Deutschland 100.00% 13 -12
Lufthansa Industry Solutions BS GmbH, Raunheim, Deutschland 100.00% 34 -4
Lufthansa Industry Solutions GmbH & Co. KG., Norderstedt, Deutschland 100.00% 35 3
5) 6)
Lufthansa Industry Solutions SHPK, Tirana, Albanien 100.00% 2 1
Lufthansa Industry Solutions Verwaltungs GmbH, Norderstedt, Deutschland 100.00% 270 -17
5) 6) 9)
Lufthansa Innovation Hub GmbH, Berlin, Deutschland 100.00% 0 -2
5) 6) 9) 9)
Lufthansa International Finance (Netherlands) N. V., Amsterdam, Niederlande 100.00% 0 0
5) 6) 9)
Lufthansa Job Services Norderstedt GmbH, Norderstedt, Deutschland 100.00% 2 0
Lufthansa Leasing Austria 1. Beteiligungs GmbH, Salzburg, Österreich 100.00% 3 3
11)
Lufthansa Leasing Austria GmbH & Co. OG Nr. 10, Salzburg, Österreich 100.00% 19 15
11)
Lufthansa Leasing Austria GmbH & Co. OG Nr. 12, Salzburg, Österreich 100.00% 35 27
11)
Lufthansa Leasing Austria GmbH & Co. OG Nr. 14, Salzburg, Österreich 100.00% 53 41
11)
Lufthansa Leasing Austria GmbH & Co. OG Nr. 15, Salzburg, Österreich 100.00% 21 17
11)
Lufthansa Leasing Austria GmbH & Co. OG Nr. 16, Salzburg, Österreich 100.00% 18 14
11)
Lufthansa Leasing Austria GmbH & Co. OG Nr. 18, Salzburg, Österreich 100.00% 2 1
11)
Lufthansa Leasing Austria GmbH & Co. OG Nr. 19, Salzburg, Österreich 100.00% 2 1
11)
Lufthansa Leasing Austria GmbH & Co. OG Nr. 20, Salzburg, Österreich 100.00% 18 13
11)
Lufthansa Leasing Austria GmbH & Co. OG Nr. 21, Salzburg, Österreich 100.00% 27 20
11)
Lufthansa Leasing Austria GmbH & Co. OG Nr. 22, Salzburg, Österreich 100.00% 45 12
11)
Lufthansa Leasing Austria GmbH & Co. OG Nr. 24, Salzburg, Österreich 100.00% 33 4
11)
Lufthansa Leasing Austria GmbH & Co. OG Nr. 25, Salzburg, Österreich 100.00% 23 4
11)
Lufthansa Leasing Austria GmbH & Co. OG Nr. 26, Salzburg, Österreich 100.00% 107 21
11)
Lufthansa Leasing Austria GmbH & Co. OG Nr. 27, Salzburg, Österreich 100.00% 17 6
11)
Lufthansa Leasing Austria GmbH & Co. OG Nr. 28, Salzburg, Österreich 100.00% 115 23
11)
Lufthansa Leasing Austria GmbH & Co. OG Nr. 29, Salzburg, Österreich 100.00% 19 13
11)
Lufthansa Leasing Austria GmbH & Co. OG Nr. 30, Salzburg, Österreich 100.00% 19 12
11)
Lufthansa Leasing Austria GmbH & Co. OG Nr. 31, Salzburg, Österreich 100.00% 16 2
11)
Lufthansa Leasing Austria GmbH & Co. OG Nr. 32, Salzburg, Österreich 100.00% 76 12
11)
Lufthansa Leasing Austria GmbH & Co. OG Nr. 33, Salzburg, Österreich 100.00% 29 1
11)
Lufthansa Leasing Austria GmbH & Co. OG Nr. 34, Salzburg, Österreich 100.00% 65 13
11)
Lufthansa Leasing Austria GmbH & Co. OG Nr. 35, Salzburg, Österreich 100.00% 46 1
11)
Lufthansa Leasing Austria GmbH & Co. OG Nr. 37, Salzburg, Österreich 100.00% 217 16
Lufthansa Leasing Austria GmbH & Co. OG Nr. 38, Salzburg, Österreich 100.00% 40 -1
Lufthansa Leasing Austria GmbH & Co. OG Nr. 39, Salzburg, Österreich 100.00% 31 3
Lufthansa Leasing Austria GmbH & Co. OG Nr. 40, Salzburg, Österreich 100.00% 94 -11
Lufthansa Leasing Austria GmbH & Co. OG Nr. 41, Salzburg, Österreich 100.00% 80 -7
11)
Lufthansa Leasing Austria GmbH & Co. OG Nr. 42, Salzburg, Österreich 100.00% 120 8
NOTES DEUTSCHE LUFTHANSA AG – FINANCIAL STATEMENTS 2023 34
List of shareholdings

11)
Lufthansa Leasing Austria GmbH & Co. OG Nr. 43, Salzburg, Österreich 100.00% 28 3
11)
Lufthansa Leasing Austria GmbH & Co. OG Nr. 44, Salzburg, Österreich 100.00% 25 -2
11) 9)
Lufthansa Leasing Austria GmbH & Co. OG Nr. 45, Salzburg, Österreich 100.00% 39 0
Lufthansa Leasing Austria GmbH & Co. OG Nr. 46, Salzburg, Österreich 100.00% 27 -2
Lufthansa Leasing Austria GmbH & Co. OG Nr. 47, Salzburg, Österreich 100.00% 50 1
9) 9)
Lufthansa Leasing Austria GmbH & Co. OG Nr. 48, Salzburg, Österreich 100.00% 0 0
9) 9)
Lufthansa Leasing Austria GmbH & Co. OG Nr. 49, Salzburg, Österreich 100.00% 0 0
9) 9)
Lufthansa Leasing Austria GmbH & Co. OG Nr. 51, Salzburg, Österreich 100.00% 0 0
11) 6) 9) 9)
Lufthansa Leasing Austria GmbH & Co. OG Nr. 52, Salzburg, Österreich 100.00% 0 0
11) 6) 9) 9)
Lufthansa Leasing Austria GmbH & Co. OG Nr. 53, Salzburg, Österreich 100.00% 0 0
11) 6) 9) 9)
Lufthansa Leasing Austria GmbH & Co. OG Nr. 54, Salzburg, Österreich 100.00% 0 0
6) 9) 9)
Lufthansa Leasing Austria GmbH & Co. OG Nr. 55, Salzburg, Österreich 100.00% 0 0
6) 9) 9)
Lufthansa Leasing Austria GmbH & Co. OG Nr. 56, Salzburg, Österreich 100.00% 0 0
5) 6)
Lufthansa Leasing GmbH, Grünwald, Deutschland 49.00% 5 1
Lufthansa Malta Aircraft-Leasing Ltd., St. Julians, Malta 100.00% 707 165
5) 6) 9) 9)
Lufthansa Malta Blues General Partner GmbH & Co. KG, Frankfurt am Main, Deutschland 100.00% 0 0
9)
Lufthansa Malta Blues LP, St. Julians, Malta 99.99% -562 0
Lufthansa Malta Corporate Finance Limited, St. Julians, Malta 100.00% 184 2
Lufthansa Malta Finance Holding Limited, St. Julians, Malta 100.00% 211 12
10) 10)
Lufthansa Malta Pension Holding Ltd., St. Julians, Malta 100.00% n/a n/a
9)
Lufthansa Malta Treasury Services Limited, St. Julians, Malta 100.00% 1 0
5) 6) 9) 9)
Lufthansa Pension Beteiligungs GmbH, Frankfurt am Main, Deutschland 100.00% 0 0
5) 6)
Lufthansa Pension GmbH & Co. KG, Frankfurt am Main, Deutschland 100.00% 8,751 1
Lufthansa Process Management GmbH, Neu-Isenburg, Deutschland 100.00% 6 2
Lufthansa Seeheim GmbH, Seeheim-Jugenheim, Deutschland 100.00% 4 -2
5) 6)
Lufthansa Services (Thailand) Ltd., Bangkok, Thailand 100.00% 2 1
5) 6) 9)
Lufthansa Services Philippines, Inc., Manila, Philippinen 100.00% 1 0
8) 5) 6) 9)
Lufthansa Super Star Gesellschaft mit beschränkter Haftung i.L., Berlin, Deutschland 100.00% -5 0
5) 6) 9) 9)
Lufthansa Systems 25. GmbH, Raunheim, Deutschland 100.00% 0 0
Lufthansa Systems Americas, Inc., Miami, USA 100.00% 5 4
5) 6)
Lufthansa Systems Asia Pacific Pte. Ltd., Singapur, Singapur 100.00% 4 1
5) 6)
Lufthansa Systems FlightNav AG, Opfikon, Schweiz 100.00% 6 2
Lufthansa Systems GmbH, Raunheim, Deutschland 100.00% 395 29
5) 6)
Lufthansa Systems Hungaria Kft, Budapest, Ungarn 100.00% 6 4
5) 6)
Lufthansa Systems Poland Sp. z o.o., Danzig, Polen 100.00% 7 2
5) 6)
Lufthansa Technical Training GmbH, Hamburg, Deutschland 100.00% 4 -5
Lufthansa Technik AERO Alzey GmbH, Alzey, Deutschland 100.00% 49 6
Lufthansa Technik AG, Hamburg, Deutschland 100.00% 2,021 305
Lufthansa Technik Airmotive Ireland Holdings Ltd., Dublin, Irland 100.00% 149 1
NOTES DEUTSCHE LUFTHANSA AG – FINANCIAL STATEMENTS 2023 35
List of shareholdings

Lufthansa Technik Airmotive Ireland Leasing Limited, Dublin, Irland 100.00% 455 54
Lufthansa Technik Budapest Repülögép Nagyjavító Kft., Budapest, Ungarn 100.00% 10 1
5) 6) 9)
Lufthansa Technik Component Services Asia Pacific Limited, Hongkong, China 100.00% 1 0
Lufthansa Technik Component Services LLC, Tulsa, USA 100.00% 37 5
Lufthansa Technik Immobilien- und Verwaltungsgesellschaft mbH, Hamburg, Deutschland 100.00% 35 -2
5) 6) 9)
Lufthansa Technik Intercoat GmbH, Kaltenkirchen, Deutschland 51.00% 2 0
9)
Lufthansa Technik Landing Gear Services UK Limited, Kestrel Way, Hayes, Großbritannien 100.00% -26 0
Lufthansa Technik Logistik GmbH, Hamburg, Deutschland 100.00% 51 2
9)
Lufthansa Technik Logistik Services GmbH, Hamburg, Deutschland 100.00% 18 0
Lufthansa Technik Malta Limited, Luqa, Malta 92.00% 9 1
5) 6) 9)
Lufthansa Technik Middle East FZE, Dubai, Vereinigte Arabische Emirate 100.00% 1 0
5) 6)
Lufthansa Technik Milan s.r.l., Somma Lombardo (VA), Italien 100.00% 4 1
Lufthansa Technik North America Holding Corp., Tulsa, USA 100.00% 256 -2
Lufthansa Technik Objekt- und Verwaltungsgesellschaft mbH, Hamburg, Deutschland 100.00% 85 7
Lufthansa Technik Philippines, Inc., Manila, Philippinen 51.00% 56 19
Lufthansa Technik Puerto Rico LLC, San Juan, Puerto Rico 100.00% 17 1
6) 7) 9)
Lufthansa Technik Services India Private Limited, New Delhi, Indien 100.00% 8 0
Lufthansa Technik Shenzhen Co. Ltd., Shenzhen, China 80.00% 73 8
Lufthansa Technik Sofia OOD, Sofia, Bulgarien 75.10% 19 3
5) 6)
Lufthansa Technik Turbine Shannon Limited, Shannon, Irland 100.00% 12 1
5) 6) 9)
Lufthansa Technik Vostok Services OOO, Moscow, Russische Föderation 100.00% 1 0
5) 6) 9) 9)
Lufthansa UK Pension Trustee Limited, West Drayton, Middlesex, Großbritannien 100.00% 0 0
5) 6) 9)
Lumics GmbH & Co. KG, Hamburg, Deutschland 50.00% 0 1
5) 6) 9) 9)
Lumics Verwaltungs GmbH, Hamburg, Deutschland 50.00% 0 0
12)
Malta Pension Investments, St. Julians, Malta 0.00% n/a n/a
MARDU Grundstücks-Verwaltungsgesellschaft mbH & Co. oHG, Grünwald, Deutschland 100.00% 134 13
Miles & More GmbH, Frankfurt am Main, Deutschland 100.00% -4 13
12)
Montreal International Fuel Facilities Corporation, Dorval, Kanada 8.10% n/a n/a
MUSA Grundstücks-Verwaltungsgesellschaft mbH & Co. oHG, Grünwald, Deutschland 100.00% 22 4
5) 6)
N3 Engine Overhaul Services GmbH & Co. KG, Arnstadt, Deutschland 50.00% 130 7
5) 6) 9) 9)
N3 Engine Overhaul Services Verwaltungsgesellschaft mbH, Hamburg, Deutschland 50.00% 0 0
9)
ÖLB Österreichische Luftverkehrs-Beteiligungs-GmbH, Wien-Flughafen, Österreich 100.00% 502 0
2)
ÖLH Österreichische Luftverkehrs-Holding-GmbH, Wien-Flughafen, Österreich 100.00% 186 8
3) 9) 9)
ÖLP Österreichische Luftverkehrs-Privatstiftung, Wien-Flughafen, Österreich 0.00% 0 0
5) 9)
OOO LSG Sky Chefs Rus, Moscow, Russische Föderation 100.00% 1 0
12)
Orlando Fuel Facilities LLC, Orlando, USA 5.88% n/a n/a
5) 6) 9) 9)
Oscar Bravo GmbH, München, Deutschland 100.00% 0 0
12)
PHL Fuel Facilities LLC, Philadelphia, USA 10.00% n/a n/a
Quinto Grundstücksgesellschaft mbH & Co. oHG, Grünwald, Deutschland 99.73% 68 3
NOTES DEUTSCHE LUFTHANSA AG – FINANCIAL STATEMENTS 2023 36
List of shareholdings

5) 6) 9)
Quinto Grundstücks-Verwaltungsgesellschaft mbH, Grünwald, Deutschland 94.80% 4 0
6) 7)
Reservation Data Maintenance India Private Ltd., Neu-Delhi, Indien 51.00% 5 1
9) 9)
RPC West GmbH, Neu-Isenburg, Deutschland 100.00% 0 0
12)
SAN Fuel Company, LLC, San Diego, USA 5.56% n/a n/a
5) 6)
Sanya LSG Air Catering Co. Ltd., Sanya, China 45.00% 6 -1
5) 6) 9)
SCA Schedule Coordination Austria GmbH, Wien-Flughafen, Österreich 25.00% 1 0
5) 6)
Shanghai Pudong International Airport Cargo Terminal Co. Ltd., Shanghai, China 29.00% 148 32
6) 7) 9)
Shared Services International India Private Limited, Neu-Delhi, Indien 100.00% 1 0
5) 6) 9)
Shared Services International, Singapore PTE. LTD, Singapur, Singapur 100.00% 1 0
5) 6)
Shenzhen Airport International Cargo Terminal Company Limited, Shenzhen, China 50.00% 26 14
5) 6) 9)
Sichuan Airlines LSG Air Catering Co. Ltd., Chengdu, China 40.00% 0 -10
SN Airholding SA/NV, Brüssel, Belgien 100.00% 715 -1
5) 6)
Spairliners GmbH, Hamburg, Deutschland 50.00% 47 13
8) 10) 10)
Star Risk Services Inc. i.L., Southlake, USA 100.00% n/a n/a
12)
STL Fuel Company, LLC, Washington, D.C., USA 10.00% n/a n/a
Swiss Aviation Software AG, Allschwil, Schweiz 100.00% 11 2
Swiss International Air Lines AG, Basel, Schweiz 100.00% 2,438 540
8) 5) 6) 9) 9)
Swiss WorldCargo (India) Private Limited i.L., Mumbai, Indien 100.00% 0 0
5) 6)
TATS - Travel Agency Technologies & Services GmbH, Frankfurt am Main, Deutschland 100.00% 2 -1
5) 6)
Terminal 2 Gesellschaft mbH & Co oHG, München-Flughafen, Deutschland 40.00% 61 32
5) 6) 9)
Terminal One Group Association, L.P., New York, USA 24.75% 8 0
5) 6) 9) 9)
Terminal One Management Inc., New York, USA 25.00% 0 0
5) 6) 10)
THBG BBI GmbH, Schönefeld, Deutschland 46.45% 14 n/a
5) 6)
time:matters (Shanghai) International Freight Forwarding Ltd., Shanghai, China 100.00% 5 3
5) 6) 7)
time:matters Americas, Inc., Miami, USA 100.00% 1 3
5) 6) 9)
time:matters Asia Pacific Pte. Ltd., Singapur, Singapur 100.00% 1 0
5) 6)
time:matters Austria GmbH, Wien-Flughafen, Österreich 100.00% 7 1
5) 6) 9)
time:matters Belgium BVBA, Mechelen, Belgien 100.00% 1 0
5) 6) 9)
time:matters Courier Terminals GmbH, Frankfurt am Main, Deutschland 100.00% 0 3
time:matters GmbH, Neu-Isenburg, Deutschland 100.00% 69 34
5) 6)
time:matters Netherlands B.V., Schiphol-Rijk, Niederlande 100.00% 21 15
5) 6)
Tolmachevo Catering OOO, Novosibirsk, Russische Föderation 26.00% 1 1
Truffle 2 GmbH, Frankfurt am Main, Deutschland 100.00% 149 -56
Truffle 3 GmbH, Frankfurt am Main, Deutschland 100.00% 27 -1
Truffle 4 GmbH, Frankfurt am Main, Deutschland 100.00% 33 26
9)
Truffle 5 GmbH, Frankfurt am Main, Deutschland 100.00% 0 11
Truffle Holding AG, Frankfurt am Main, Deutschland 100.00% 681 -476
12)
UBAG Unterflurbetankungsanlage Flughafen Zürich AG, Rümlang, Schweiz 12.00% n/a n/a
12)
Vancouver Airport Fuel Facilities Corporation, Dorval, Kanada 5.72% n/a n/a
NOTES DEUTSCHE LUFTHANSA AG – FINANCIAL STATEMENTS 2023 37
List of shareholdings

10) 10)
Vitech Development AD, Sofia, Bulgarien 75.01% n/a n/a
10) 10)
VPF Malta Pension Ltd., St. Julians, Malta 100.00% n/a n/a
10) 10)
Wings Handling Palma S.L., Madrid, Spanien 100.00% n/a n/a
5) 6)
XEOS Sp.z.o.o., Środa Śląska, Polen 25.00% 46 -10
5) 6) 9)
Xinjiang HNA LSG Sky Chefs Co. Ltd., Urumqi, China 49.00% 0 -3
5) 6) 9)
Yilu Travel Services GmbH, Berlin, Deutschland 100.00% 0 -1
5) 6) 9)
Zentrum für Angewandte Luftfahrtforschung GmbH, Hamburg, Deutschland 20.00% 8 0
5) 6) 9) 9)
ZeroG GmbH, Raunheim, Deutschland 100.00% 0 0

* IFRS disclosures
1)
Registrationnumber in Companies House: 06939137
2)
50.20% of the equity stake and voting rights come from ÖLP
3)
Management responsibility for this company lies within the LH Group
4)
33.34% of the equity stake and 50.01% of voting rights are attributed via a call option
5)
Financial statements from previous years
6)
Local GAAP disclosures
7)
Divergent financial year
8)
In liquidation
9)
< EUR 500k absolute
10)
No figures available
11)
Stated due to §285 Nr. 11a HGB: DLH as shareholder with unlimited liability
12)
Stated due to §285 Nr. 11b HGB: proportion of voting rights > 5%
DECLARATION BY THE LEGAL REPRESENTATIVES DEUTSCHE LUFTHANSA AG – FINANCIAL STATEMENTS 2023 38

Declaration by the legal representatives

We declare that, to the best of our knowledge and according to the applicable accounting standards, the financial statements give a true and fair view of the net assets, the financial and
earnings positions of the Company, and that the management report, which has been combined with the Group management report, includes a fair view of the course of business, including
the business result and the situation of the Company, and suitably presents the principal opportunities and risks to its future development.

Frankfurt am Main, 26 February 2024

Deutsche Lufthansa Aktiengesellschaft

Carsten Spohr Christina Foerster Harry Hohmeister

Chairman of the Executive Board Member of the Executive Board Member of the Executive Board
and CEO Brand & Sustainability Global Markets & Network

Detlef Kayser Michael Niggemann Remco Steenbergen

Member of the Executive Board Member of the ExecutiveBoard Member of the Executive Board
Fleet & Technology Human Resources & Finance
Infrastructure, Labor Director
AUDITOR’S REPORT DEUTSCHE LUFTHANSA AG – FINANCIAL STATEMENTS 2023 39

Independent auditor’s report

To Deutsche Lufthansa Aktiengesellschaft We do not express an opinion on the content of aforementioned declaration on corporate
governance, the content of the non-financial declaration, the aforementioned description
REPORT ON THE AUDIT OF THE ANNUAL FINANCIAL STATEMENTS AND OF THE COMBINED MANAGEMENT of the entire internal control system (disclosures in accordance with recommendation
REPORT A.5 DCGK 2022) or the aforementioned multi-year comparisons of the combined man-
agement report.
Opinions
We have audited the annual financial statements of Deutsche Lufthansa Aktiengesellschaft, Pursuant to Sec. 322 (3) Sentence 1 HGB, we declare that our audit has not led to any reser-
Cologne, which comprise the balance sheet as at 31 December 2023, and the income state- vations relating to the legal compliance of the annual financial statements and of the com-
ment for the fiscal year from 1 January to 31 December 2023, and notes to the financial bined management report.
statements, including the recognition and measurement policies presented therein. In addi-
tion, we have audited the combined management report of Deutsche Lufthansa Aktieng- Basis for the Opinions
esellschaft for the fiscal year from 1 January to 31 December 2023. In accordance with the We conducted our audit of the annual financial statements and of the combined manage-
German legal requirements, we have not audited the content of the declaration on corporate ment report in accordance with Sec. 317 HGB and the EU Audit Regulation (No 537/2014,
governance pursuant to Sec. 289f HGB [“Handelsgesetzbuch”: German Commercial Code] referred to subsequently as “EU Audit Regulation”) and in compliance with German Gener-
which is published on the website stated in the “Corporate Governance” section of the com- ally Accepted Standards for Financial Statement Audits promulgated by the Institut der
bined management report, the non-financial declaration pursuant to Sec. 289b HGB in- Wirtschaftsprüfer [Institute of Public Auditors in Germany] (IDW). Our responsibilities under
cluded in the “Combined non-financial declaration” section of the combined management those requirements and principles are further described in the “Auditor’s responsibilities for
report or the information on the main characteristics of the entire internal control system the audit of the annual financial statements and of the combined management report” sec-
(disclosures in accordance with recommendation A.5 of the German Corporate Governance tion of our auditor’s report. We are independent of the Company in accordance with the re-
Code (DCGK 2022)) contained in the Opportunities and risk report section of the combined quirements of European law and German commercial and professional law, and we have ful-
management report under the heading “Internal control system.” In addition, we have not filled our other German professional responsibilities in accordance with these requirements.
audited the content of the disclosures extraneous to management reports extending beyond In addition, in accordance with Art. 10 (2) f) of the EU Audit Regulation, we declare that we
the prior year in the tables with multi-year comparisons of the combined management re- have not provided non-audit services prohibited under Art. 5 (1) of the EU Audit Regulation.
port (information pertaining to fiscal years 2019, 2020 and 2021). Disclosures extraneous to We believe that the audit evidence we have obtained is sufficient and appropriate to provide
management reports are such disclosures that are not required pursuant to Secs. 289, 289a a basis for our opinions on the annual financial statements and on the combined manage-
HGB or Secs. 289b to 289f HGB. ment report.

In our opinion, on the basis of the knowledge obtained in the audit, Key audit matters in the audit of the annual financial statements
Key audit matters are those matters that, in our professional judgment, were of most signifi-
— the accompanying annual financial statements comply, in all material respects, with the cance in our audit of the annual financial statements for the fiscal year from 1 January to
requirements of German commercial law applicable to business corporations and give a 31 December 2023. These matters were addressed in the context of our audit of the annual
true and fair view of the assets, liabilities and financial position of the Company as at 31 financial statements as a whole, and in forming our opinion thereon; we do not provide a
December 2023 and of its financial performance for the fiscal year from 1 January to 31 separate opinion on these matters.
December 2023 in compliance with German legally required accounting principles, and
Below, we describe what we consider to be the key audit matters:
— the accompanying combined management report as a whole provides an appropriate
view of the Company’s position. In all material respects, this combined management re- 1. Recognition of traffic revenue, including the recognition of unused flight docu-
port is consistent with the annual financial statements, complies with German legal re- ments
quirements and appropriately presents the opportunities and risks of future development.
AUDITOR’S REPORT DEUTSCHE LUFTHANSA AG – FINANCIAL STATEMENTS 2023 40

Reasons why the matter was determined to be a key audit matter Using substantive analytical procedures, we examined whether the revenue generated in fis-
Passenger flights account for the largest share of the Company’s business operations. The cal year 2023 correlates with the corresponding prepayments received for flight documents
related flight documents are paid by the customer before the flight takes place. Prepay- and the corresponding payments received to identify any irregularities in the accounting
ments by customers for flight documents are accounted for as prepayments received for treatment. We examined the plausibility of and reasons for any deviations and/or irregulari-
flight documents until the flight documents are used. Deutsche Lufthansa Aktiengesell- ties in the correlation. In addition, we used data analytics to identify any irregularities in the
schaft recognizes flight documents as revenue in profit or loss when the aircraft lands at the posting data compared to relevant document types and system users, among other things.
destination airport. To detect any irregularities in the development of revenue, we also checked whether the de-
velopment of revenue is consistent with the Company’s key performance indicators reported
Any flight documents that have not been used by the end of the fiscal year, are still valid at internally and overall industry performance. Moreover, we reconciled individual payments re-
year-end and continue to be recognized in prepayments received for flight documents are ceived with the corresponding supporting documents for proof of payments received (e.g.,
examined at year-end to determine their age and validity. In addition, historical data is used account statements) on a sample basis and checked that they resulted in the derecognition
to estimate how many flight documents will no longer be used. The flight documents with a of a receivable from the sale of flight documents.
high probability of no longer being used are recognized as breakage under revenue in profit
or loss. In particular, we assessed the Company’s accounting approach with regard to the relevant
provisions of the HGB.
From our perspective, the recognition of traffic revenue, including the recognition of unused
flight documents, entails a significant risk of material misstatement and was therefore a key During our audit, we reviewed, with regard to the breakage revenue recognized upon the de-
audit matter in our audit, since the estimates of the executive directors have a significant ef- recognition of prepayments received for flight documents (release), outstanding valid flight
fect on the recognition and valuation of these items, which are specific to the business documents and their valuation with regard to their sales year and validity. Moreover, we as-
model and significant in terms of the amount. The estimates and assumptions of the execu- sessed the consistency of the calculation methods used to determine flight prices, fees,
tive directors regarding the passengers’ flight document usage patterns are based on com- taxes and other charges allocable to flight documents that are no longer expected to be
plex calculation procedures which are subject to judgment. This relates in particular to reve- used. We tested the plausibility of future expected usage rates for unused flight documents
nue from the derecognition (release) of the prepayments received for flight documents that are used to calculate breakage revenue based on past usage rates and the information
(breakage revenue). on the passengers’ expected future flight patterns provided to us by the executive directors.
In particular, we obtained an understanding of the manual accrual postings made in this re-
Auditor’s response spect on the basis of the supporting documents. As such manual accrual postings are al-
During our audit procedures, we obtained an understanding of the processes implemented ways made at year-end, we also assessed the accuracy of the accounting cut-off as part of
by the executive directors of Deutsche Lufthansa Aktiengesellschaft for recognizing traffic our assessment of the design and operating effectiveness of the Company’s internal control
revenue and the correct timing of revenue recognition related to breakage by reference to system. We discussed with the Company factors and unique features of the industry as well
individual transactions from the purchase of the flight documents through to recognition in as the transport conditions of Deutsche Lufthansa Aktiengesellschaft that influence the us-
the annual financial statements and tested the controls in place in this process. In addition, age ratios and assessed their completeness and plausibility. We tested the plausibility of the
with the aid of internal IT specialists, we assessed the design and operating effectiveness of effects and described implications of these factors by comparing the usage ratios to periods
the control system established by the Company with regard to the IT systems relevant for in which these factors did not apply. To assess the reliability of the forecasts and estimates
the recognition of traffic revenue. In so doing, we assessed in particular the mapping and used, we compared the number of expired tickets to the amount of breakage revenue recog-
processing of business processes, the possibilities for IT administrators to make changes nized in the past.
and the access rights of individual employees. With regard to services related to IT systems
and processes outsourced to third parties, we assessed, with the aid of internal IT special- Our audit procedures did not give rise to any reservations regarding the recognition of traffic
ists, the design and operating effectiveness of the internal control system regarding those IT revenue, including the recognition of unused flight documents.
systems and/or processes relevant for the recognition of traffic revenue, using an assurance
report (ISAE 3402 Type 2) on the design and operating effectiveness of the internal control
system at the service organization.
AUDITOR’S REPORT DEUTSCHE LUFTHANSA AG – FINANCIAL STATEMENTS 2023 41

Reference to related disclosures To assess the correctness of the recognition of additions to and disposals of aircraft as well
With regard to the accounting policies used for revenue recognition and prepayments re- as prepayments made for aircraft, we referred, among other things, to the related purchase
ceived for flight documents as well as the associated exercise of judgment, we refer to the agreements and transfer documents as well as the payment schedules and proofs of pay-
disclosures under “2 Summary of significant accounting policies,” “15 Liabilities” and “19 ment based on from the aircraft orders. Using transfer documents and proofs of payment,
Traffic revenue” in the notes to the financial statements. we checked the correct recognition of the carrying amounts of the equity investments in air-
craft owning companies. For leased aircraft, we examined the lease agreements concluded
2. Valuation of aircraft including investments in aircraft owning companies and assessed these in particular with regard to the correct attribution of economic owner-
ship. Furthermore, we assessed the appropriateness of the valuation assumptions used by
Reasons why the matter was determined to be a key audit matter the executive directors to determine the depreciation of the aircraft and the net realizable
In the aircraft balance sheet item of its annual financial statements, the Company recognizes value of the aircraft and aircraft owning companies, taking the available information into ac-
aircraft that it legally owns as well as prepayments made for new aircraft ordered. The Com- count.
pany also leases aircraft from aircraft owning companies in which the Company has a direct
or indirect equity investment and whose direct equity investments are recognized under the In addition, we assessed the method used in the impairment test conducted by the execu-
item financial investments, as well as from external lessors. Leased aircraft are recognized in tive directors. The impairment test of both the aircraft in the legal ownership of the Com-
the Company’s annual financial statements if the Company is the economic owner. Eco- pany and of the aircraft owning companies is based, among other things, on observable
nomic ownership is assessed according to the general principles of commercial law and con- market data on prices, which are determined taking TAVR into account. We assessed
sidering decrees on leasing issued by the tax authorities, where applicable. whether the prices used in the impairment tests for each aircraft model were transparently
derived from TAVR. We also examined the assessment of the executive directors of when
The valuation of aircraft for commercial law purposes is based on acquisition cost less de- impairment is expected to be permanent. Furthermore, we checked the clerical accuracy of
preciation or impairment losses. The Company calculates depreciation on the basis of the the calculation of the excess or shortfall in the carrying amounts of the aircraft and the eq-
average actual useful lives of aircraft. Impairment losses are recognized if the impairment of uity investments in individual periods compared with the TAVR values for each aircraft. We
an aircraft is permanent. Such impairment losses are recognized to reflect the lower net real- also checked whether all aircraft recognized in asset accounting were included in the execu-
izable value, taking into account The Aircraft Value Reference (TAVR) regularly published by tive directors’ impairment test. In addition, we scrutinized and checked fleet management’s
Aircraft Value Analysis Company Ltd, Derby, UK. assessment on the use of the TAVR values as references for the impairment test. We also
critically assessed and checked the Company’s assessment with regard to any potential for
Shares in aircraft owning companies are measured at the lower of acquisition cost or net re-
reversals of impairments on aircraft which were written down especially at the beginning of
alizable value for commercial law purposes. The net realizable value of the equity investment
the COVID-19 pandemic.
is calculated based on the net realizable value of the assets held by the aircraft owning com-
pany, primarily the aircraft, which is derived from TAVR. Our audit procedures did not lead to any reservations relating to the valuation of aircraft in-
cluding equity investments in aircraft owning companies.
From our perspective, the valuation of aircraft including equity investments in aircraft own-
ing companies was a key audit matter in our audit as the valuation of these items, which are Reference to related disclosures
significant in amount, is highly complex due to a wide variety of contractual provisions and is he disclosures for the accounting policies applied concerning aircraft and financial assets, as
also based to a large extent on estimates and assumptions made by the Company’s execu- well as the related judgments exercised are contained in sections “2 Summary of significant
tive directors, such that there is an elevated risk of incorrect valuation. accounting policies,” “3 Fixed assets” and “24 Depreciation, amortization and impairment” in
the notes to the financial statements
Auditor’s response
We firstly scrutinized the internal control system established by the executive directors for
the valuation of aircraft and of equity investments in aircraft owning companies by testing
the design of the processes and assessing the risk of material misstatement.
AUDITOR’S REPORT DEUTSCHE LUFTHANSA AG – FINANCIAL STATEMENTS 2023 42

3. Recoverability of deferred tax assets Deutsche Lufthansa Aktiengesellschaft and of management as well as through recalcula-
tions, plausibility testing and analysis of the reconciliation items.
Reasons why the matter was determined to be a key audit matter
The deferred tax assets arising from tax loss carryforwards and deductible temporary differ- We assessed the positive and negative evidence of sufficient taxable profit likely being
ences reported in the annual financial statements of Deutsche Lufthansa Aktiengesellschaft available in the future considered by management for the recognition of deferred tax assets
constitute an asset which is significant in amount. When accounting for the deferred tax as- and their individual significance for the overall assessment, discussed them with the respon-
sets, Deutsche Lufthansa Aktiengesellschaft assesses the extent to which it is probable that sible management level and examined their plausibility (transparency, consistency, lack of
sufficient taxable profit will be available in the future to allow the deferred tax assets to be contradiction).
utilized.
Our tax specialists were involved in all phases of the audit.
The recoverability of the deferred tax assets is based on estimates and assumptions made
Our audit procedures did not lead to any reservations relating to the assessment of the re-
by the Executive Board in relation to the future operating performance of Deutsche
coverability of deferred tax assets.
Lufthansa Aktiengesellschaft and its direct and indirect tax group companies. The Executive
Board has prepared a Group operational planning (GOP) for fiscal years 2024 to 2027 and, Reference to related disclosures
based thereon, forecast taxable profit for Deutsche Lufthansa Aktiengesellschaft and its di- With regard to the recognition of deferred tax assets and judgments made by the Executive
rect and indirect tax group companies. Board in financial reporting and sources of estimation uncertainty, we refer to the disclo-
sures in the notes to the financial statements under “2 Summary of significant accounting
From our perspective, the assessment of the recoverability of this item, which is significant
policies,” “9 Deferred tax assets” and “29 Taxes.”
in amount, was a key audit matter in our audit as it is based to a large extent on the judg-
ments, estimates and assumptions of the executive directors regarding sufficient taxable 4. Recognition of accounting gains from the in-kind contributions of the shares in
profit, particularly in light of current global security developments, including the war be- Lufthansa Cargo AG and Lufthansa Technik AG to Lufthansa Commercial Holding
tween Russia and Ukraine, the conflict between Israel and Hamas, various coups in Africa, GmbH and measurement of the contributed shares as of the reporting date
ongoing tensions between China and Taiwan as well as possible knock-on effects on inter-
national economic relationships and the related uncertainty surrounding the future develop- Reasons why the matter was determined to be a key audit matter
ment of air travel. At the beginning of fiscal year 2023, Deutsche Lufthansa Aktiengesellschaft was the direct
and sole shareholder of Lufthansa Commercial Holding GmbH (“LCH”), Lufthansa Cargo AG
Auditor’s response
(“LCAG”) and Lufthansa Technik AG (“LHT”). As the sole shareholder, Deutsche Lufthansa
We firstly scrutinized the internal control system established by the executive directors for
AG resolved to increase the capital stock of LCH by EUR 400 (four shares) and EUR 100
the determination and recognition of deferred taxes by testing the design of the processes
(one share). The capital increase was carried out by way of an in-kind contribution of all
and assessing the risk of material misstatement.
shares in LCAG (one share) as of 19 May 2023 and in LHT (four shares) as of 15 September
To assess the recoverability of the deferred tax assets, with the aid of our valuation special- 2023. As the acquisition cost of the contributed shares was measured at their fair value,
ists, we analyzed the executive directors’ forecasts of the further taxable profit, checked other operating income arose at the level of Deutsche Lufthansa AG from the recognition of
their mathematical accuracy and discussed them with the responsible management level. accounting gains and amounted to EUR 2,998 m in connection with LCAG and EUR 2,929 m
We analyzed management’s disclosures on the key planning assumptions, strategic objec- in connection with LHT.
tives, expected developments and operational measures and their inclusion/reflection in the
As part of the impairment test of the respective equity investments as of the reporting date
cash flows and assessed their plausibility (transparency, consistency, lack of contradiction).
31 December 2023 at the LCH level, an impairment loss of EUR 600 m was recognized on
Our analysis was based on analyst estimates, both for the Company as well as in relation to
the contributed equity investment in LCAG as the impairment is expected to be permanent.
comparable companies, along with other external forecasts on the development of the air-
The impairment loss is recognized in LCH’s net profit/loss for the year and is therefore part
line industry (market studies) and macroeconomic forecasts. We also checked the reconcili-
ation from the GOP to the tax planning by making inquiries of the responsible employees of
AUDITOR’S REPORT DEUTSCHE LUFTHANSA AG – FINANCIAL STATEMENTS 2023 43

of the result from equity investments at the level of Deutsche Lufthansa AG due to the ex- In addition, we tested the methodical conformity of the valuation model used by the experts
isting profit and loss transfer agreement with LCH. for the appraisals against the requirements set out under IDW S1 by analyzing the logical de-
sign, the applied valuation process and the conceptual procedure in deriving the individual
The determination of the respective acquisition cost of these contributions in kind and their components of the cash flows relevant to the valuation. Furthermore, we gained an under-
subsequent measurement as of the reporting date 31 December 2023 were a key audit mat- standing of the full recognition of the respective valuation subject and the relevant cash
ter in our audit due to the significant amount of accounting gains recognized and the related flows by comparing and reconciling the planning data used in the valuation model to the
complexity of the valuations performed for this purpose as well as the judgment exercised Group operational planning. Additionally, we gained an understanding of the arithmetical ac-
for the measurement as of the contribution date and the reporting date. curacy of the derivation of the estimated future cash flows on the basis of the calculations
performed by the experts and compared the consistent presentation of significant matters
Auditor’s response
and individual assumptions (e.g., growth rates and developments in aviation fuel prices and
With regard to the preparation of the Group operational planning and the performance of the
interest rates) in the relevant planning horizon with our expectations.
impairment tests for the measurement of the contributed shares as of the reporting date,
we examined the underlying processes in terms of their suitability for determining potential Furthermore, we reviewed the capital costs derived by the experts for methodological and
impairment and assessed the associated risk of material misstatement. arithmetic accuracy by tracing the individual inputs and their derivation and comparing these
to our own analyses. We also reperformed the calculation to discount the derived future
For the assessment of the in-kind capital increases in accordance with corporate law, we re-
cash flows using the capital costs to the respective valuation date.
viewed the entries of the contribution transactions in the commercial register and the contri-
bution agreements and assessed the effects of the contractual terms on recognition and In addition, we compared the assumptions for the applied cost of debt and equity with,
measurement, in particular with regard to the recognition of accounting gains. among other things, the current trend in borrowing rates, assessed the applied beta factor
based on the composition of the peer group companies and compared the cost of equity
For the valuation of the shares in LCAG and LHT at fair value, the Company obtained ap-
with available market data.
praisals in accordance with IDW S1 (“Principles for the Performance of Business Valuations”)
by external experts as of 19 May 2023 (LCAG) and 31 August 2023 (LHT). We discussed and gained an understanding of the considerations made by the experts con-
cerning the plausibility testing of the respective derived valuation result on the basis of the
We consulted our internal valuation specialists to assess the appropriateness of the experts’
working papers provided by the experts and in conversations. Furthermore, we compared
activities as audit evidence for the measurement of the shares in LCAG and LHT. Firstly, we
the valuation results with a multiplier analysis and a benchmark analysis of competitors in
assessed whether the experts had the necessary competencies, capabilities and sufficient
the same sector.
objectivity to prepare the appraisals based on the experts’ proven qualifications, among
other things. We also discussed material plausibility tests carried out by the experts, in par- As part of our assessment of the result from equity investments of Deutsche Lufthansa AG
ticular in relation to the business planning prepared by the executive directors and the sig- and the impairment loss on LCAG contained therein, we assessed the impairment test of
nificant assumptions, developments and reliability of forecasts with the experts and the ex- LCAG at the level of LCH in particular. For this purpose, we first assessed the methodology
ecutive directors, and assessed these with regard to their transparency, consistency and used to perform the impairment test and verified the clerical accuracy of the derivation of
lack of contradiction. For this purpose, we analyzed the assumptions underlying the meas- the planned future results and cash flows from Lufthansa Cargo’s planning data. We as-
urement to determine whether they are in line with general and industry-specific market ex- sessed the consistent presentation of significant matters and individual assumptions (e.g.,
pectations. Moreover, we validated the reliability of forecasts by performing historical growth rates and key performance data) in the relevant planning horizon. For this purpose,
plan/actual comparisons of the respective entity and drew corresponding conclusions for we discussed the business planning prepared by the Company and the significant assump-
the future planning data. We also performed our own sensitivity analyses for significant as- tions, developments and reliability of forecasts with the Company and assessed it with re-
sumptions and developments in the future in order to understand the influence of changes gard to its transparency, consistency and lack of contradiction. With the support of our in-
in certain inputs on the valuation models and assess any potential risk of material misstate- ternal valuation specialists, we also analyzed the assumptions and judgmental estimates
ment at the date of contribution or any further impairment risk as of the reporting date. used for the impairment test to determine whether they are consistent with general eco-
nomic data and industry-specific market expectations. In this connection, we discussed with
AUDITOR’S REPORT DEUTSCHE LUFTHANSA AG – FINANCIAL STATEMENTS 2023 44

the Executive Board the valuation inputs and business planning that had changed as of 31 If, based on the work we have performed, we conclude that there is a material misstatement
December 2023 compared to the valuation date of the contribution (19 May 2023), in partic- of this other information, we are required to report that fact. We have nothing to report in
ular. this regard

Our audit procedures did not lead to any reservations relating to the recognition of the ac- Responsibilities of the executive directors and the Supervisory Board for the annual fi-
counting gains from the in-kind contributions of the shares in LCAG and LHT to LCH and the nancial statements and the combined management report
measurement of the contributed shares as of the reporting date. The executive directors are responsible for the preparation of the annual financial state-
ments that comply, in all material respects, with the requirements of German commercial
Reference to related disclosures law applicable to business corporations, and that the annual financial statements give a true
Disclosures on the recognition of accounting gains from the in-kind contributions of the and fair view of the assets, liabilities, financial position and financial performance of the
shares in LCAG and LHT to LCH as well as on the measurement of the contributed shares as Company in compliance with German legally required accounting principles. In addition, the
of the reporting date and on the valuation methods and the related disclosures on the exer- executive directors are responsible for such internal control as they, in accordance with Ger-
cise of judgment can be found in sections “2 Summary of significant accounting policies,” “4 man legally required accounting principles, have determined necessary to enable the prepa-
Financial investments,” “21 Other operating income” and “26 Result from equity invest- ration of annual financial statements that are free from material misstatement, whether due
ments” of the notes to the financial statements. to fraud (i.e., fraudulent financial reporting and misappropriation of assets) or error.

Other Information In preparing the annual financial statements, the executive directors are responsible for as-
The executive directors and the Supervisory Board are responsible for the declaration pursu- sessing the Company’s ability to continue as a going concern. They also have the responsi-
ant to Sec. 161 AktG [“Aktiengesetz”: German Stock Corporation Act] on the German Corpo- bility for disclosing, as applicable, matters related to going concern. In addition, they are re-
rate Governance Code, which is part of the declaration on corporate governance. In all other sponsible for financial reporting based on the going concern basis of accounting, provided
respects, the executive directors are responsible for the other information. The other infor- no actual or legal circumstances conflict therewith.
mation comprises the aforementioned declaration on corporate governance, the aforemen-
tioned non-financial declaration, the aforementioned description of the entire internal con- Furthermore, the executive directors are responsible for the preparation of the combined
trol system (disclosures in accordance with recommendation A.5 DCGK 2022) and the management report that, as a whole, provides an appropriate view of the Company’s posi-
aforementioned other information included in the combined management report. tion and is, in all material respects, consistent with the annual financial statements, complies
with German legal requirements and appropriately presents the opportunities and risks of
A further component of the annual report is the declaration by the legal representatives. future development. In addition, the executive directors are responsible for such arrange-
ments and measures (systems) as they have considered necessary to enable the preparation
Our opinions on the annual financial statements and on the combined management report
of a combined management report that is in accordance with the applicable German legal
do not cover the other information, and consequently we do not express an opinion or any
requirements, and to be able to provide sufficient appropriate evidence for the assertions in
other form of assurance conclusion thereon.
the combined management report.
In connection with our audit, our responsibility is to read the other information and, in so do-
The Supervisory Board is responsible for overseeing the Company’s financial reporting pro-
ing, to consider whether the other information
cess for the preparation of the annual financial statements and of the combined manage-
— is materially inconsistent with the annual financial statements, with the combined man- ment report.
agement report or our knowledge obtained in the audit, or
Auditor’s responsibilities for the audit of the annual financial statements and of the
— otherwise appears to be materially misstated. combined management report
Our objectives are to obtain reasonable assurance about whether the annual financial state-
ments as a whole are free from material misstatement, whether due to fraud or error, and
whether the combined management report as a whole provides an appropriate view of the
AUDITOR’S REPORT DEUTSCHE LUFTHANSA AG – FINANCIAL STATEMENTS 2023 45

Company’s position and, in all material respects, is consistent with the annual financial disclosures are inadequate, to modify our respective opinions. Our conclusions are based
statements and the knowledge obtained in the audit, complies with the German legal re- on the audit evidence obtained up to the date of our auditor’s report. However, future
quirements and appropriately presents the opportunities and risks of future development, as events or conditions may cause the Company to cease to be able to continue as a going
well as to issue an auditor’s report that includes our opinions on the annual financial state- concern.
ments and on the combined management report.
— Evaluate the overall presentation, structure and content of the annual financial state-
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit con- ments, including the disclosures, and whether the annual financial statements present
ducted in accordance with Sec. 317 HGB and the EU Audit Regulation and in compliance the underlying transactions and events in a manner that the annual financial statements
with German Generally Accepted Standards for Financial Statement Audits promulgated by give a true and fair view of the assets, liabilities, financial position and financial perfor-
the IDW and supplementary compliance with the ISAs will always detect a material mis- mance of the Company in compliance with German legally required accounting principles.
statement. Misstatements can arise from fraud or error and are considered material if, indi-
vidually or in the aggregate, they could reasonably be expected to influence the economic — Evaluate the consistency of the combined management report with the annual financial
decisions of users taken on the basis of these annual financial statements and this com- statements, its conformity with [German] law, and the view of the Company’s position it
bined management report. provides.

We exercise professional judgment and maintain professional skepticism throughout the au- — Perform audit procedures on the prospective information presented by the executive di-
dit. We also: rectors in the combined management report. On the basis of sufficient appropriate audit
evidence we evaluate, in particular, the significant assumptions used by the executive di-
— Identify and assess the risks of material misstatement of the annual financial statements rectors as a basis for the prospective information, and evaluate the proper derivation of
and of the combined management report, whether due to fraud or error, design and per- the prospective information from these assumptions. We do not express a separate opin-
form audit procedures responsive to those risks, and obtain audit evidence that is suffi- ion on the prospective information and on the assumptions used as a basis. There is a
cient and appropriate to provide a basis for our opinions. The risk of not detecting a ma- substantial unavoidable risk that future events will differ materially from the prospective
terial misstatement resulting from fraud is higher than the risk of not detecting a material information.
misstatement resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control. We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any signifi-
— Obtain an understanding of internal control relevant to the audit of the annual financial cant deficiencies in internal control that we identify during our audit.
statements and of arrangements and measures (systems) relevant to the audit of the
combined management report in order to design audit procedures that are appropriate in We also provide those charged with governance with a statement that we have complied
the circumstances, but not for the purpose of expressing an opinion on the effectiveness with the relevant independence requirements, and communicate with them all relationships
of these systems of the Company. and other matters that may reasonably be thought to bear on our independence and where
applicable, the related safeguards.
— Evaluate the appropriateness of accounting policies used by the executive directors and
the reasonableness of estimates made by the executive directors and related disclosures. From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the annual financial statements of the
— Conclude on the appropriateness of the executive directors’ use of the going concern ba- current period and are therefore the key audit matters. We describe these matters in our au-
sis of accounting and, based on the audit evidence obtained, whether a material uncer- ditor’s report unless law or regulation precludes public disclosure about the matter.
tainty exists related to events or conditions that may cast significant doubt on the Com-
pany’s ability to continue as a going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in the auditor’s report to the related disclosures
in the annual financial statements and in the combined management report or, if such
AUDITOR’S REPORT DEUTSCHE LUFTHANSA AG – FINANCIAL STATEMENTS 2023 46

Other legal and regulatory requirements The executive directors of the Company are responsible for the preparation of the ESEF
documents including the electronic rendering of the annual financial statements and the
Report on the assurance on the electronic rendering of the annual financial statements and combined management report in accordance with Sec. 328 (1) Sentence 4 No. 1 HGB.
the combined management report prepared for publication purposes in accordance with
Sec. 317 (3a) HGB In addition, the executive directors of the Company are responsible for such internal control
as they have determined necessary to enable the preparation of ESEF documents that are
Opinion free from material intentional or unintentional non-compliance with the requirements of Sec.
We have performed assurance work in accordance with Sec. 317 (3a) HGB to obtain reason- 328 (1) HGB for the electronic reporting format.
able assurance about whether the rendering of the annual financial statements and the com-
bined management report (hereinafter the “ESEF documents”) contained in the file “DLH- The Supervisory Board is responsible for overseeing the process for preparing the ESEF doc-
[Link]” and prepared for publication purposes complies in all material respects uments as part of the financial reporting process.
with the requirements of Sec. 328 (1) HGB for the electronic reporting format (“ESEF for-
Auditor’s responsibilities for the assurance work on the ESEF documents
mat”). In accordance with German legal requirements, this assurance work extends only to
Our objective is to obtain reasonable assurance about whether the ESEF documents are free
the conversion of the information contained in the annual financial statements and the com-
from material intentional or unintentional non-compliance with the requirements of Sec. 328
bined management report into the ESEF format and therefore relates neither to the infor-
(1) HGB. We exercise professional judgment and maintain professional skepticism through-
mation contained within these renderings nor to any other information contained in the file
out the assurance work. We also:
identified above.
— Identify and assess the risks of material intentional or unintentional non-compliance with
In our opinion, the rendering of the annual financial statements and the combined manage-
the requirements of Sec. 328 (1) HGB, design and perform assurance procedures respon-
ment report contained in the file identified above and prepared for publication purposes
sive to those risks, and obtain assurance evidence that is sufficient and appropriate to
complies in all material respects with the requirements of Sec. 328 (1) HGB for the elec-
provide a basis for our assurance opinion.
tronic reporting format. Beyond this assurance opinion and our audit opinions on the accom-
panying annual financial statements and the accompanying combined management report — Obtain an understanding of internal control relevant to the assurance on the ESEF docu-
for the fiscal year from 1 January to 31 December 2023 contained in the “Report on the audit ments in order to design assurance procedures that are appropriate in the circumstances,
of the annual financial statements and of the combined management report” above, we do but not for the purpose of expressing an assurance opinion on the effectiveness of these
not express any assurance opinion on the information contained within these renderings or controls.
on the other information contained in the file identified above.
— Evaluate the technical validity of the ESEF documents, i.e., whether the file containing
Basis for the opinion the ESEF documents meets the requirements of Commission Delegated Regulation (EU)
We conducted our assurance work on the rendering of the annual financial statements and 2019/815, in the version in force at the date of the financial statements, on the technical
the combined management report contained in the file identified above in accordance with specification for this file.
Sec. 317 (3a) HGB and the IDW Assurance Standard: Assurance on the Electronic Rendering
of Financial Statements and Management Reports Prepared for Publication Purposes in Ac- — Evaluate whether the ESEF documents enable an XHTML rendering with content equiva-
cordance with Sec. 317 (3a) HGB (IDW AsS 410) (06.2022) and the International Standard on lent to the audited annual financial statements and to the audited combined manage-
Assurance Engagements 3000 (Revised). Our responsibility in accordance therewith is fur- ment report.
ther described in the “Auditor’s responsibilities for the assurance work on the ESEF docu-
ments” section. Our audit firm applies the IDW Standard on Quality Management 1: Require- Further information pursuant to Art. 10 of the EU Audit Regulation
ments for Quality Management in the Audit Firm (IDW QS 1). We were elected as auditor by the Annual General Meeting on 9 May 2023. We were en-
gaged by the Supervisory Board on 9 May 2023. We have been the auditor of Deutsche
Responsibilities of the executive directors and the Supervisory Board for the ESEF doc- Lufthansa Aktiengesellschaft without interruption since fiscal year 2020.
uments
AUDITOR’S REPORT DEUTSCHE LUFTHANSA AG – FINANCIAL STATEMENTS 2023 47

We declare that the opinions expressed in this auditor’s report are consistent with the addi- German Public Auditor responsible for the engagement
tional report to the audit committee pursuant to Art. 11 of the EU Audit Regulation (long-
form audit report). The German Public Auditor responsible for the engagement is Jörg Bösser.

In addition to the financial statement audit, we have provided to the Company or entities
controlled by it the following services that are not disclosed in the annual financial state-
ments or in the combined management report or have been engaged to provide them:

— Limited assurance engagement on the non-financial declaration pursuant to Secs. 289b

et seq. and 315b et seq. HGB

— Various agreed-upon procedures and assurance services that result from contractual obli-
gations (especially under leases, loan agreements and retirement benefit agreements)

— Reasonable assurance engagement relating to the system of Deutsche Lufthansa Ak-

tiengesellschaft designed to ensure compliance with the requirements under Sec. 32 (1)
WpHG [“Wertpapierhandelsgesetz”: German Securities Trading Act] for the period from 1
January to 31 December 2023

— Audit of the remuneration report pursuant to Sec. 162 (3) AktG

— Voluntary audits of financial statements as of 31 December 2023

— Project-based assurance engagement involving a migration of IT-based accounting-re-

lated systems pursuant to IDW AsS 850 for Lufthansa AirPlus Servicekarten GmbH, Neu-
Isenburg

— Specified procedures engagement at Albatros Service Center GmbH, Cologne, in accord-

ance with Sec. 24 FinVermV [“Finanzanlagenvermittlungsverordnung”: German Financial
Investment Brokerage Ordinance].

Other matter – Use of the auditor’s report

Our auditor’s report must always be read together with the audited annual financial state-
ments and the audited combined management report as well as the assured ESEF docu-
ments. The annual financial statements and the combined management report converted to
the ESEF format – including the versions to be published in the Unternehmensregister [Ger-
man Company Register] – are merely electronic renderings of the audited annual financial
statements and the audited combined management report and do not take their place. In
particular, the ESEF report and our assurance opinion contained therein are to be used solely
together with the assured ESEF documents made available in electronic form.
FURTHER INFORMATION DEUTSCHE LUFTHANSA AG – FINANCIAL STATEMENTS 2023 48

Contact
Publishing information Dennis Weber
Head of Investor Relations
Published by +49 69 696-28008
Deutsche Lufthansa Aktiengesellschaft
Investor Relations
Lufthansa Aviation Center
Airportring Further information
60546 Frankfurt/Main Comprehensive, up-to-date information about Lufthansa’s economic development, includ-
Germany ing the Group annual report and interim reports, is available online at
Phone: +49 69 696-28008
Email: [Link]@[Link] [Link]

Company address/headquarters
Deutsche Lufthansa Aktiengesellschaft
Venloer Straße 151-153
50672 Cologne
Germany

Entered in the Commercial Register of Cologne, Germany

District Court under HRB 2168

Disclaimer in respect of forward-looking statements

Information published in the financial statements 2023 with regard to the future development of Deutsche Lufthansa AG consists purely of forecasts and assessments and not of definitive
historical facts. Its purpose is exclusively informational and is identified by the use of such terms as “believe”, “expect”, “forecast”, “intend”, “project”, “plan”, “estimate”, “assume” and
“endeavour”. These forward-looking statements are based on all discernible information, facts and expectations available at the time. They can, therefore, only claim validity up to the date
of their publication.

Since forward-looking statements are by their nature subject to uncertainties and imponderable risk factors – such as changes in underlying economic conditions – and rest on assumptions
that may not come about or may occur differently, it is possible that the Company’s actual results and development may differ materially from those implied by the forecasts. Lufthansa
always endeavours to check and update the information it publishes. It cannot, however, assume any obligation to adapt forward-looking statements to subsequent events or develop-
ments. Accordingly, it neither expressly nor implicitly accepts liability, nor gives any guarantee, for the actuality, accuracy and completeness of this data and information.