Annual Report 2015 - Lufthansa Technik AG

www.lufthansa-technik.com
Annual Report 2015
2 / Rubrik / Jahresbericht / 2015
lufthansa-technik.com
2015
Lufthansa Technik Group
at a glance
2015
2014
of euros)
(all figures quoted in thousands
5,099,1454,336,848
Revenue
445,234422,780
s
Result from operating activitie
taxes
Earnings before interest and
454,398380,157
(Adjusted EBIT)
318,580319,925
Earnings before tax (EBT)
148,421117,644
Investments
103,03593,218
Depreciation on assets
4,454,5093,897,765
Balance sheet total
20,289 20,085
r)
Employees (average over yea
1,317,0951,186,142
Personnel expenditure 2 / Facts and figures / Annual Report 2015
2015
Foreword from the
Executive Board
Ladies and Gentlemen,
For Lufthansa Technik, 2015 was a special year
– the company celebrated its 20th birthday.
In the course of the past 20 years, the former
engineering operations of the Lufthansa Group
have become the world’s market leader in MRO
services, with 31 technical maintenance organizations operating all over the world and well over
20,000 employees looking after around 3,700
civilian aircraft.
We have done a number of things in the year
under review to begin the next chapter in this success story. We have achieved significant increases
in both revenue and earnings, maintaining our
international growth curve. Examples include the
opening of a new aircraft overhaul site in Puerto
Rico, focused on the markets of the Americas, and
the expansion of capacity of our site in the Philippines. Construction work has also begun for a new
wheels and brakes workshop in Frankfurt, representing an investment of around 60 million euros
in our German and European home market.
The market for MRO services saw positive development overall, with 6.9 percent growth, but
broken down this includes growth within Asia of
almost 12 percent, contrasted with only minimal
growth of 2.5 percent in the largest market, North
America. The core market of Europe, too, reported
below-average growth.
At the same time, a growth in MRO capacities is
resulting in sustained intense pressure on prices in
the MRO business. Aircraft, engine, and equipment
manufacturers are also increasingly forcing their
way into the market as competitors. This is having
a noticeable impact on our company. For this
reason, in 2015, for example, we restructured our
sales organization with new products and services
to focus even more strongly on strong, growing
markets such as Asia and America, and we have
begun to establish new industrial partnerships.
The agreement to establish a joint venture with the
engine manufacturer, General Electric (GE), is an
important example of this, as is our cooperation
with Honeywell.
Antonio Schulthess (Human Resources, Aircraft Systems and VIP Services), Constanze Hufenbecher (Finance), Dr. Thomas Stueger (Products,
Services & IT), Dr. Johannes Bussmann (Chairman of the Executive
Board) (left)
In 2015, then, we reached important milestones
along the road of the successful ongoing developmentof our company. We will continue to pursue
this path this year.
The company’s success in 2015 is largely thanks
to the ability and the commitment of its employees.
We thank them all for what they have achieved.
We also thank our customers for the cooperative
partnerships which continue to characterize our
relationships.
Annual Report 2015 / Foreword / 3
2015
The Lufthansa Technik Group
Reflecting on the importance of
Lufthansa Technik AG’s global network, this report presents financial
information for the Lufthansa Technik
subgroup. In the 2015 financial year,
the consolidation group consisted of
the parent company, Lufthansa Technik
AG, and 22 other companies, both
within Germany and abroad. In this
report, we present the parent company,
Lufthansa Technik AG, along with those
production operations from within the
worldwide network listed below.
4 / The Lufthansa Technik Group / Annual Report 2015
Lufthansa Technik AG, Hamburg: Established
in October 1994 as a subsidiary of Deutsche
Lufthansa AG, Lufthansa Technik AG is the parent
company of the engineering business segment of
Deutsche Lufthansa AG and the global Lufthansa
Technik Group, and comprises a total of 54
companies. Lufthansa Technik is the foundation of
Deutsche Lufthansa’s top-tier engineering image
and numbers more than 800 other airlines and
commercial aircraft operators among its customers. Revenue in 2015 was 4,482 million euros.
With 10,637 employees, the heart of the company
is its overhaul, development, and logistics center
in Hamburg, birthplace of engineering operations
for the newly reestablished post-war Lufthansa in
1955. Today, some 6,608 people are employed
here for Lufthansa Technik AG alone. The focus
is on the overhaul of wide-bodied aircraft, the
maintenance of engines, equipment, and components, the fitting-out of large executive aircraft, and
the field of research and development. Servicing
is conducted in Frankfurt, where 2,722 employees
are based, and in Munich (483 employees) and
Berlin (328 employees).
Hawker Pacific Aerospace, Corp.,
Sun Valley/California, USA:
Established in 1912 and a wholly owned subsidiary
of Lufthansa Technik since April 2002, this company offers landing gear overhaul services in Sun
Valley, USA. Revenue for the year under review
was 55 million euros, with an average workforce
of 317.
Lufthansa Technik AERO Alzey GmbH, Alzey:
This company has been very successful for the
past 25 years, especially in maintaining turboprop
engines from Pratt & Whitney and CF34 turbofan
engines from General Electric. Revenue was 326
million euros in the year under review with an
average of 480 employees.
Lufthansa Technik Budapest offers overhaul and
maintenance services for Boeing 737 Classic and
Next Generation aircraft as well as the Airbus A320
family. Founded in 2000 as a joint venture with
Budapest Airport Plc., which holds a share of 15%,
Lufthansa Technik Budapest generated revenue of
32 million euros in the year under review with an
average workforce of 434.
2015
Lufthansa Technik Component Services LLC,
Tulsa/Oklahoma, USA,
offers a wide spectrum of aircraft component
maintenance services from its five bases in
the USA, particularly for customers in North
and South America. The company generated
revenue of 49 million euros and had an annual
average of 279 employees.
Lufthansa Technik Landing Gear Services
UK, London/United Kingdom, specializes in
the maintenance, repair, and overhaul of landing
gear. The company was formed from the English Hawker Pacific Aerospace site and renamed
in March 2011. Revenue of 60 million euros was
achieved with an average workforce of 277.
Lufthansa Technik Logistik Services GmbH,
Hamburg:
The logistics subsidiary specializes in logistical
services such as procurement, warehousing,
and transportation of materials. The company
generated revenue of 230 million euros and
had an annual average of 746 employees.
Lufthansa Technik Maintenance International
GmbH, Frankfurt:
This company, which was formed by merging
Condor Cargo Technik and parts of the maintenance division of Lufthansa Technik, has been
the competence center for maintenance services
for non-Lufthansa Passage customers since the
beginning of 2009. In the fifth year of operation,
revenue of 29 million euros was achieved by an
annual average of 637 employees.
Lufthansa Technik Malta, a joint venture with
Air Malta, which holds a share of 8%, has been
offering maintenance and overhaul services since
2002, focusing on Boeing 737 and Airbus A320,
A330 and A340 aircraft. An annual average of 531
employees generated 53 million euros in revenue.
Lufthansa Technik Philippines Inc., Manila/
Philippines:
Established in 1999 as a joint venture with Macro
Asia, the company services and overhauls aircraft,
engines and equipment for the fleets of Philippine
Airlines and other customers. Revenue of 154
million euros was achieved by an average of
2,471 employees.
Lufthansa Technik Puerto Rico, Aguadilla:
The company was newly established in the autumn
of 2015 and offers overhaul services for the A320
range of short-haul aircraft for American customers.
The company’s revenue for the first year of operations was 9 million euros, with an average of 148
employees.
Lufthansa Technik Sofia OOD, Sofia/Bulgaria:
This joint venture with the Bulgarian Aviation Group
(24.9%) specializes in maintenance of aircraft from
the Airbus A320 Boeing 737 ranges. An annual average of 943 employees generated 51 million euros
in revenue.
Shannon Aerospace Ltd., Shannon/Ireland:
The maintenance portfolio of Shannon Aerospace
is focused on the overhaul of short-haul aircraft for
European customers. The company, established in
1992, generated revenue of 79 million euros in the
year under review, and employed an average of 482
people.
Annual Report 2015 / The Lufthansa Technik Group / 5
2015
Status Report
54
holdings
new
procedure
gate.control
Lufthansa Technik is the world’s leading
provider of maintenance, repair and
overhaul services for civilian commercial aircraft. Focus is on organic growth
and strategic partnerships. Positive
order situation and development of
dollar market bring higher revenue and
adjusted EBIT than in previous year.
31
technical
maintenance
organizations
6 / Status Report / Annual Report 2015
Business activities
Lufthansa Technik is the world’s
leading MRO provider
Lufthansa Technik is the world’s leading provider of
maintenance, repair and overhaul (MRO) services
for civilian commercial aircraft. 31 technical maintenance organizations around the world are part of
the Lufthansa Technik Group. The company has a
direct or indirect stake in 54 other companies.
The service spectrum of Lufthansa Technik is
distributed across seven product divisions:
Maintenance, Aircraft Overhaul, Engines, Components, Aircraft Systems, Innovations, and VIP
Aircraft (completion and maintenance). Its portfolio
encompasses products and product combinations
with a variety of structures – from the repair of
single components to consulting services, to the
fully integrated support of entire fleets. Through
the development of new products and services,
Lufthansa Technik assists airlines in many ways,
including making it possible for them to introduce
new aircraft models into scheduled operations and
to operate them in a fuel-efficient way.
Lufthansa Technik focuses
on innovation and cooperation
With gate.control, Lufthansa Technik Logistik Services, a Lufthansa Technik subsidiary, has developed and patented an innovative procedure for
the identification of materials used in aircraft during
the international repair cycle. The smart.life product
has been developed to provide optimal support
for older aircraft until the end of their operating
life. This minimizes the steep increase in costs for
customers typical of the last phase of an aircraft’s
life cycle.
Furthermore, Lufthansa Technik continues to build
on cooperation and collaboration. In the field of
cabin completion, the subsidiary Lufthansa Bombardier Aviation Services will work together with
OHS Aviation Services in the future, a specialist in
interior completion for executive jets. The collaboration will provide a one-stop solution for cabin
services. Working together with Airbus Corporate
Jets, Lufthansa Technik is extending the
Elite concept for pre-assembled cabin
cooperation
modifications for the ACJ319. A luxurious,
with
integrated cabin concept for short and
Mercedesmedium-haul aircraft is being developed
Benz
by the VIP division in conjunction with
Style
Mercedes-Benz Style.
2015
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overhaul
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Lufthansa Technik operations
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Lufthansa Technik stations
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Lufthansa Technik sales offices
GEnx-2B
GE9X
component
services for
Airbus A350
Boeing 787
Status: December 31, 2015
Lufthansa and GE Aviation have agreed to establish a state-of-the-art operation for the overhaul
of the new GEnx-2B and GE9X engine models.
The joint venture is due to commence operations
in 2018. In the field of component services, an
agreement has been reached with Moog, an OEM
supplier for components in the Airbus A350 and
Boeing 787, whereby Lufthansa Technik is to be
an authorized service center for Moog aircraft
components.
Profitable expansion through organic growth and
through partnerships and corporate acquisitions
will be an essential goal of Lufthansa Technik in
the coming years.
Annual Report 2015 / Status Report / 7
2015
Status Report
800
customers
rund
27
3,680.
new
customers
in 2015
supported
aircraft
375
new
contracts
Market and Competitors
Lufthansa Technik responds to demanding
competition with partnerships and innovations
Lufthansa Technik supports around 800 customers around the world, consisting mostly of airlines
and aircraft leasing companies, but also of VIP
jet operators and public sector customers. The
most important market for the company remains
the region of Europe, including the states of the
former CIS. In 2015, this region had a 66.0 percent
share of total revenue, slightly lower than in the
previous year. Asia/Pacific’s share remained stable
at 7.1 percent. The Middle East and Africa had 6.7
percent. The share of total revenue in the America
region rose to 11.1 percent. Total revenue from
leasing companies and VIP jet operators decreased to 9.1 percent.
The demanding competitive situation, largely
attributable to OEMs and the restrictions they
impose on access to intellectual property, is being
successfully countered by Lufthansa Technik via
partnerships with these OEMs and, increasingly,
via the company’s own innovations, which make
the company itself into an active OEM.
8 / Status Report / Annual Report 2015
In view of the law on equal access for men
and women to leadership positions in both
private and public sectors, relevant leadership levels, target figures, and target data for
promoting the cause of women have been
the subject of intense discussions, and targets
have been named.
The Supervisory Board has defined a target of
at least 30% women for the Lufthansa Technik
AG Supervisory Board and at least 0% for the
Executive Board. The deadline for achieving
this target has been set at 31 December, 2016.
The Executive Board has defined a target
of at least 3.2% women in the first tier of
management below the Executive Board. The
Executive Board has defined a target of at
least 3.2% women in the first tier of management below the Executive Board. The deadline
for achieving this target has been set at 31
December, 2016.
On the reference date, 31 December, 2015, the
targets had already been fulfilled for both the
Supervisory Board (31.25% women) first tier
management (3.3%). Women made up 3.7%
of second tier management.
2015
Development of
business operations
Important contracts extended and
new contracts agreed
During the period under review, the number of
aircraft supported under exclusive agreements
rose by 12 percent to 3,680. This means that,
worldwide, every ninth commercially operated
aircraft is supported by Lufthansa Technik. The 2015
financial year saw the successful acquisition of 27
new customers and the signing of 375 contracts,
representing an annual contractual volume of 3.1
billion euros for 2015 and the following years for
Lufthansa Technik. This includes, amongst others,
several contracts with low-cost airlines, e.g. engine
contracts with Jetstar Pacific and GoAir.
Important contracts covered, amongst other things,
component services, e.g. with Finnair, Europe’s first
operator of the Airbus A350, and with Air Europa
Lineas Aéreas for its Boeing 787 fleet. In South
America, Lufthansa Technik expanded its market
position in component services through several
contracts with Avianca Holdings Group and Azul
Linhas. Frontier Airlines was acquired as a new
customer in North America.
In autumn, Lufthansa Technik installed a new cabin
interior and new inflight entertainment in the last of
a total of 80 long-haul airliners from Lufthansa Passage. At the same time, the installation of the FlyNet
broadband internet connection was completed.
After two-and-a-half years, the largest modification
program to date in the history of Lufthansa Technik
was thus brought to a successful conclusion.
Annual Report 2015 / Status Report / 9
2015
Status Report
Lufthansa Technik Puerto Rico, Aguadilla:
Puerto
Rico
Global capacity being extended
in line with demand
Capacity is being significantly extended to fulfill
growth in demand, particularly in Asia and America. 2015 saw, for example, the first two Lufthansa
Technik Puerto Rico overhaul lines enter operation.
By 2017, five lines are planned. The capacity for
aircraft component maintenance was extended
at Lufthansa Technik Components Services in
Tulsa, Oklahoma. Lufthansa Technik Philippines
commissioned additional hangar space for the
overhaul of Airbus A380 and Boeing 777 aircraft.
Since the third quarter of 2015, this site has also
been authorized, as part of the Lufthansa Technik
Development Organization, to carry out smaller
modifications in-house, further increasing efficiency in processing customer orders.
Tulsa
USA
10 / Status Report / Annual Report 2015
The company was newly established in the
autumn of 2015 and offers overhaul services
for the A320 range of short-haul aircraft for
American customers. The company’s revenue
for the first year of operations was 9 million
euros, with an average of 148 employees.
The North American subsidiary, Bizjet, will extend
its focus to the repair and overhaul of engines
starting in mid 2016, to become an Engine Excellence Center. Bizjet’s VIP Completion operations,
on the other hand, will be closed down by mid
2016 in response to sustained negative business
development.
Philippines
2015
Annual Report 2015 / Status Report / 11
2015
5.1
billon
sales revenue
500
400
300
200
100
Revenue development
2011
2012
2013
2014
Lufthansa Technik Group
(in millions of euros)
2015
5000
4000
3000
2000
1000
2011
2012
2013
2014
11
2012
2013
2014
2015
93
4013
4180
4337
5099
2015
Revenue and result
Positive order situation leads
to further revenue growth
Lufthansa Technik increased sales revenues to
around 5.1 billion euros in 2015 (+762 million
euros, +17.6 percent). Revenue from companies
within the Group rose over the previous year to 1.8
billion euros (+179 million euros), essentially as a
result of the large Lufthansa Passage modification
program. External revenue from outside the Group
grew by 21.8 percent to 3.3 billion euros. Around
75 percent of revenue growth was achieved by
Lufthansa Technik AG. Alongside the successful
implementation of the growth strategy, the US
dollar exchange rate also played a supportive role
in revenue development. Other operating income
of 317 million euros was around 108 million
euros higher than in the previous year. All in all,
Lufthansa Technik generated total income of 5.4
billion euros (+19.1 percent).
Total operating expenses rose to 5.0 billion euros
(+20.6 percent). As a consequence of the higher
modification volume and the increase in overall performance in the equipment aea, material
expenses rose to 2.7 billion euros (+23.3 percent).
Personnel expenses rose by 131 million euros over
the previous year to 1.3 billion euros. Amortisation
and depreciation, at 103 million euros, was also
higher than in the previous year (+10.8 percent).
Other operating expenses rose due to growth
and currency issues to 895 million euros (+29.7
percent).
+762
million euros
sales revenue
12 / Status Report / Annual Report 2015
2015
Annual Report 2015 / Status Report / 13
11
2015
2010 2011 2012 2013 2014 2015
305 304 371 474 380 454
Segment result rises further
Due to growth and resulting from the successful
implementation of several SCORE measures
along with currency-related special balance items,
Lufthansa Technik achieved an adjusted EBIT of
454 million euros (+19.5 percent). Special pension
items also influenced result growth the previous
year. The EBIT of 448 million euros exceeded the
previous year’s very strong result by 3.5 percent.
In long-term comparison, Lufthansa Technik thus
achieved a very strong result.
Adjusted EBIT development
Lufthansa Technik Group
(in millions of euros)
500
400
300
200
100
2011
2012
2013
2014
2015
454
5000
4000
million euros
Adjusted EBIT
3000
2000
1000
2011
2012
2013
2014
14 / Status Report / Annual Report 2015
2012
2013
2014
2015
Segment investments rose to 148 million euros
(+25.4 percent). Substantial investments took
the form of the purchase of reserve engines for
Lufthansa Technik Airmotive Ireland Leasing, primarily to expand the Group fleets; of the construction of an aircraft overhaul hangar for Lufthansa
Technik Puerto Rico; of the construction of a new
wheel and brakes workshop in Frankfurt; and
of technology and innovation projects within the
business area’s growth strategy. (
2015
+19.5
percent
2015
Annual Report 2015 / Status Report / 15
2015
Balance sheet
ASSETS
December 31, 2015
December 31, 2014
(all figures in EUR thousands)
Intangible assets
Property, plant and equipment
Repairable aircraft parts
Equity-accounted financial assets
Other financial assets
Receivables and other assets
Non-current assets
51,38551,867
1,045,668965,790
1,315,7731,017,541
132,074113,769
31,43426,175
215,776224,301
2,792,1112,399,444
Inventories
Receivables and other assets
Cash and cash equivalents
Assets held for sale
Current assets
483,172444,454
1,161,1021,040,165
16,55612,294
1,5681,407
1,662,3981,498,321
4,454,5093,897,765
LIABILITIES
December 31, 2015
December 31, 2014
(all figures in EUR thousands)
Equity capital Provisions
Financial debt
Liabilities
Non-current provisions and liabilities
Provisions
Financial debt
Liabilities
Current provisions and liabilities
16 / Balance sheet / Annual Report 2015
822,824501,954
538,253693,678
28,74135,785
46,1431,454,274
613,1382,183,737
342,111277,682
18,57716,676
2,657,860917,716
3,018,5481,212,075
4,454,5093,897,765
2015
Lufthansa Technik Group
Profit and loss statement
for the financial year 2015
(all figures in EUR thousands)
2015
2014
1. Sales Revenue
2. Other income
5,099,1454,336,848
316,591209,009
Total operating revenue
5,415,7364,545,857
1. Personnel expenses 1,317,0951,186,142
2. Cost of materials
2,655,6632,154,078
3. Amortization and depreciation 103,03593,218
4. Other expenses 894,710689,639
Total expenses Result from operating activities Income from equity holdings Earnings before interest and taxes (EBIT)
Reconciliation items Earnings before interest and taxes (Adjusted EBIT)
4,970,5024,123,077
445,234422,780
2,5709,996
447,804432,777
6,594-52,619
454,398379,157
1. Net interest result 2. Trading and hedging activities -36,490-25,162
13,8920
3. Financial debt as valued on balance sheet date
-106,626-87,690
Net financial result -129,224-112,851
Earnings before tax (EBT)
318,580319,925
Annual Report 2015 / Profit & Loss Statement / 17
2015
Notes on consolidated group financial statement
December 31, 2015
I. G
eneral notes on accounting
and valuation methods
1. Application of IFRS
In addition to preparing single-entity financial
statements in accordance with the German
Commercial Code (“HGB”) and/or regional
GAAP, Lufthansa Technik AG and its subsidiaries also prepare financial statements in
accordance with the International Financial
Reporting Standards (IFRS) within the framework of consolidation. These IFRS single-entity
financial statements form the basis for the consolidated financial statements presented here
for Lufthansa Technik AG and its subsidiaries.
These statements have been included in the
audit of the consolidated financial statements
of Deutsche Lufthansa AG. The auditors have
issued the respective inter-office opinions to the
Group.
The use of IFRS serves to enhance the international comparability of the annual financial
statements. All standards applicable to the 2015
financial year have been observed.
18 / Notes / Annual Report 2015
The 2015 annual financial statement has been
prepared according to the same accounting
and valuation methods used for the previous
financial statement, issued for the period ending
31 December, 2014. Due to the Group-wide
hedging policy, the provisions of IAS 39 have
only been applied to a limited extent in the IFRS
financial statements of Lufthansa Technik AG.
2. Changes to the reporting standard The Lufthansa Group decided to replace
the CVA as central controlling indicator with
the EACC (“Earnings After Cost of Capital”)
with effect from 2015, as part of the value-oriented corporate management policy. As an
absolute value added indicator, the EACC is
determined on the basis of Earnings Before
Interest and Taxes (EBIT) in the period under
review.
The primary profit indicator, as of the 2015
financial year, is the Adjusted EBIT. This
adjusts the EBIT for earnings effects arising
from the evaluation and disposal of fixed
assets and for evaluation effects arising from
pension provisions and impairments.
The introduction of the new controlling and
profit indicators also have an effet on the
structure and explanation of the earnings
performance. In the course of this change,
the following changes in the profit and loss
statement have been adopted in order to
further clarify the essential result indicators.
Results from holdings will in future be
reported as a component within EBIT. The
earnings effects arising from the valuation
and realization of financial debt, previously
reported in operating earnings, are now reported in other financial items, whereby they
are indicated together with the associated
interest and currency acquisitions in a single
earnings row. The unscheduled amortization
and depreciation of financial assets, previously reported under other financial items,
are now presented in the operating result, as
are unscheduled amortization and depreciation of other assets. Furthermore, earnings
from the sale of short-term financial investments, previously reported as other operating income, will be reported as of 2015 within
the interest result.
2015
Company
3. Consolidation group
The consolidation group for 2015
consists of Lufthansa Technik AG
as parent company, along with the
following 22 domestic and foreign
companies:
Holding (%)
Lufthansa Technik Immobilien- und Verwaltungsgesellschaft mbH, Hamburg, Germany
100
Hamburger Gesellschaft für Flughafenanlagen mbH, Hamburg, Germany
100
Lufthansa Technik Objekt- und Verwaltungsgesellschaft mbH, Hamburg, Germany
100
Lufthansa Technik Logistik GmbH, Hamburg, Germany
100
Lufthansa Technik Logistik Services GmbH, Hamburg, Germany
100
Lufthansa Technik AERO Alzey GmbH, Alzey, Germany
100
Lufthansa Technik Maintenance International GmbH, Frankfurt/Main, Germany
100
JASEN Grundstücksgesellschaft mbH & Co. KG, Grünwald, Germany
100
Lufthansa Technik Airmotive Ireland Holdings Limited, Dublin, Ireland
100
Lufthansa Technik Airmotive Ireland Limited, Dublin, Ireland
100
Lufthansa Technik Airmotive Ireland (Leasing) Limited, Dublin, Ireland
100 Shannon Aerospace Ltd., Shannon, Ireland
100
Lufthansa Technik Landing Gear Services UK, Hayes, United Kingdom
100
Lufthansa Technik North America Holding, Corp., Wilmington, USA
100
BizJet International Sales & Support, Inc., Tulsa, USA
100
Lufthansa Technik Component Services LLC, Tulsa, USA
100
Hawker Pacific Aerospace, Corp., Sun Valley, USA
100
Lufthansa Technik Budapest Kft, Budapest, Hungary
100
Lufthansa Technik Puerto Rico LLC, Aguadilla, Puerto Rico
100*
Lufthansa Technik Malta Limited, Luqa, Malta
92
Lufthansa Technik Sofia OOD, Sofia, Bulgaria
75.1
Lufthansa Technik Philippines, Inc., Manila, Philippines
51
*) consolidation in 2015 financial year
Annual Report 2015 / Notes / 19
2015
Notes to the consolidated financial statement
December 31, 2015
4. Group (Consolidated)
financial statement
Lufthansa Technik AG is exempted from the obligation to prepare a Group financial statement
and a Group Status Report. The company is
included in the Group statement of Deutsche
Lufthansa AG. The Group financial statement
is prepared on the basis of the International
Financial Reporting Standards (IFRS). It is
deposited with the Amtsgericht (Court) of
Cologne, HRB 2168.
6. Other financial assets
8. Inventories
(in thousand EUR)
12/31/2015 12/31/2014
(in thousand EUR)
12/31/2015 12/31/2014
Shares in
Spare parts for aircraft 441,030422,483
affiliated companies
18,47218,767
Raw materials
Loans to
and supplies
1,4911,438
affiliated companies
8,1752,385
Unfinished goods,
Holdings 4,5624,212
works in progress
40,65120,533
Other loans
225811
Total
483,172444,454
Total
31,43426,175
9. Current receivables
and other assets
7. Non-current receivables
and other assets
II. Notes on balance sheet
(in thousand EUR)
12/31/2015 12/31/2014
(in thousand EUR)
12/31/2015 12/31/2014
5. Equity-accounted financial assets
Trade accounts
receivable
645,663537,048
Other
assets
with
a
residual
term
Trade
accounts
(in thousand EUR)
12/31/2015 12/31/2014
of more than one year
3,5632,094
receivable from
Other receivables from affiliated
affiliated companies
265,500316,984
Shares in
companies with a residual term
Trade accounts
joint ventures Equity
78,72467,997
of more than one year
47
receivable from holdings 18,37321,137
Shares in associated
Deferred tax claims 212,209222,200
Other assets
231,566164,996
companies Equity
53,35045,772
Total
215,776224,301
Total
1,161,1021,040,165
Total
132,074113,769
20 / Notes / Annual Report 2015
2015
10. Equity capital
The capital stock of Lufthansa Technik AG
amounts to 220 million euros, divided into
44,000,000 no-par-value shares. Deutsche
Lufthansa Aktiengesellschaft is the sole shareholder.
13. Non-current liabilities
(in thousand EUR)
12/31/2015 12/31/2014
Liabilities to affiliated
companies
22,0771,430,604
Other non-current
liabilities
8,28011,003
Advance payments
received
6,2726,583
11. Non-current provisions
Provisions for
deferred taxes
9,5146,084
(in thousand EUR)
12/31/2015 12/31/2014
Total
46,1431,454,274
15. Current liabilities
Provisions for pensions
and similar obligations 438,502560,891
(in thousand EUR)
12/31/2015 12/31/2014
Other non-current
provisions
99,751132,787
Trade accounts
14. Current provisions
Total
538,253693,678
payable
464,280425,121
Advance payments
(in thousand EUR)
12/31/2015 12/31/2014
received and
deferred income
178,517125,727
Provisions for other
Other liabilities
2,011,538366,089
personnel expenses 10,5938,511
12. Financial debt
Income
Other current provisions 331,518269,171
tax liabilities
3,525779
Total
342,111277,682
Total
2,657,860917,716
Financial debt relates to non-current liabilities
to financial institutions.
Annual Report 2015 / Notes / 21
2015
Notes on consolidated group financial statement
December 31, 2015
III. Notes on profit & loss statement *
16. Sales revenue
Sales revenue breaks down as follows:
18. Other operating expenses
(in thousand EUR)
12/31/2015 12/31/2014
Personnel expenses 1,317,0951,186,142
Cost of materials
2,655,6632,154,078
(in thousand EUR)
12/31/2015 12/31/2014
Amortization
and depreciation
103,03593,218
Group companies
1,843,1851,663,779
20. Financial result
Miscellaneous other
Non-Group
operating expenses
894,710689,639
companies
3,255,9602,673,069
(in thousand EUR)
12/31/2015 12/31/2014
Total
4,970,5024,123,077
Total
5,099,1454,336,848
Other interest received
and similar income 6,7825,705
19. Income from
Interest paid and
equity holdings
17. Other operating income
similar expenses 43,27230,866
Trading and
(in thousand EUR)
12/31/2015 12/31/2014
hedging activities 13,8920
(in thousand EUR)
12/31/2015 12/31/2014
Financial debt as valued
Income from
Currency exchange
on balance sheet date -106,626-87,690
other holdings 15,12916,954
differences
73,21530,793
Total
-129,244-112,851
Expenses arising from
Miscellaneous other
assumption of loss
12,5596,958
operating income
243,376178,217
Total
2,5709,996
Total
316,591209,009
* Figures for the previous year have been
adjusted in accordance with the new reporting
system
22 / Notes / Annual Report 2015
2015
IV. General notes on
the financial statement
21. Number of employees
22. Supervisory Board
and Executive Board
On average throughout the year, the Lufthansa
Technik Group employeed 20,289 people
(previous year: 20,085 employees).
Members of the Supervisory Board and
Executive Board of Lufthansa Technik AG
are listed on page 24/25.
Hamburg, February 8, 2016
Lufthansa Technik Aktiengesellschaft
Executive Board
Dr. Johannes Bussmann
Constanze Hufenbecher
Antonio Schulthess
Dr. Thomas Stueger
Annual Report 2015 / Notes / 23
2015
Supervisory Board and Executive Board
Supervisory Board
Carsten Spohr
Chairman of the Executive Board
Deutsche Lufthansa AG, Chairman
Dietmar Stretz
Head of the Transportation Division,
Multi-service trade union ver.di
Hamburg region
Employee representative
Deputy Chairman
(until August 31, 2015)
Cornelia Doerries
Secretary of trade union ver.di
Employee representative
(until August 31, 2015)
Frank Goertz
Logistics manager
Employee representative
(since August 31, 2015)
Karin van Hall
Administrative officer
Employee representative
(since August 31, 2015)
August W. Henningsen
Former Chairman of the
Executive Board of Lufthansa Technik AG
(since August 31, 2015)
Anke Hess
Aircraft electronic technician
Employee representative
Prof. Dr. Jochem Heizmann
Member of the Executive Board,
Volkswagen AG
Simone Menne
Member of the Executive Board,
Deutsche Lufthansa AG
Frank Hartstein
Employee representative
Deputy Chairman
Secretary of trade union ver.di
(since August 31, 2015)
Anka Haetzel
Officer, Process and
Quality Management
Employee representative
Bernard Meyer
Managing Partner
Meyer Werft GmbH
Hauke Brockmann
Member of the Hamburg Works Council
Employee representative
(until August 31, 2015)
Li Hai
President & CEO
China Aviation Supplies Import and
Export Group Corporation, Beijing
Michael Nilles
CIO Schindler Group &
CEO Schindler Digital Business AG
(since August 31, 2015)
24 / Supervisory Board and Executive Board / Annual Report 2015
2015
Janine Peltier
Secretary of trade union ver.di
Employee representative
(since August 31, 2015)
Jobst D. Siemer
Chairman of the Supervisory Board
ExxonMobil Central Europe Holding GmbH
(until August 31, 2015)
Torsten Schmidt
Member of the Hamburg Works Council
Employee representative
(since August 31, 2015)
Dipl.-Ing. Dr.-Ing. E.h. Juergen Weber
Graduate Engineer
Dipl.-Ing. Wolfgang Weynell
Head of division
Employee representative
of executive managers
(until August 31, 2015)
Executive Board
Dr. Johannes Bussmann
Chairman
Constanze Hufenbecher
Finance
Antonio Schulthess
Human Resources, Aircraft Systems and
VIP Services
Dr. Thomas Stueger
Products, Services and IT
Sigfried Trissler
Aircraft mechanic
Employee representative
Burkhard Walter
Industrial clerk
Employee representative
(until August 31, 2015)
Annual Report 2015 / Supervisory Board and Executive Board / 25
26 / Bericht zur Lage / Jahresbericht / 2015
Imprint
Lufthansa Technik AG
Weg beim Jaeger 193
22335 Hamburg, Germany
Phone: +49(40) 50 70-36 67
Fax:
+49(40) 50 70-85 34
Email: [email protected]
Internet: www.lufthansa-technik.com
Editorial contact:
Dr. Jens Krueger, Corporate Communications, Lufthansa Technik AG
Design/Production:
Jespersen Communication, Hamburg
Photos:
Jan Brandes, Sonja Brueggemann, Gregor Schlaeger