The coronavirus crisis continued to have a considerable impact on the development of the Lufthansa Group’s earnings in the third quarter of 2020. However, due to the expansion of the flight program in the summer months of July and August and considerable cost reductions, losses were reduced compared to the second quarter. Adjusted EBIT in the third quarter was After nine months, the operating loss was EUR 4.161 billion.
See also: Lufthansa will deploy four Airbus A350s at its Frankfurt hub during the winter.
The adjusted free cash flow for the first nine months of 2020 had an outflow of EUR 2,579 million. Payments of EUR 2 billion for coronation-related flight cancellations were partly offset in the third quarter by cash inflows from the expansion of flight activities in July and August. The Group also benefited from strict working capital management and tax deferral. Net debt at the end of the third quarter was EUR 8.93 billion.
At the end of September, the Group had liquidity of EUR 10,100 million. This figure includes the unused funds from the EUR 9,000 million stabilisation packages of Germany, Switzerland, Austria and Belgium. Of these, EUR 6.3 billion remain available.
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