Due to an expansion of the flight schedule in the summer months of July and August, and considerable cost reductions, Lufthansa Group losses were reduced in the third quarter compared to the second quarter. On a preliminary basis, Adjusted EBIT in the third quarter was €1,262 million (previous year: €1,297 million).
After nine months, the operating loss was €-4,161 million (previous year: €1,715 million). The Adjusted free cash flow for the first nine months of 2020 amounted to €-2,579 million (previous year: €685 million). In the third quarter, adjusted free cash flow was €-2,069 million (previous year: €416 million).
Payments of €2.0 billion for corona-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 the postponement of tax payments. Net debt at the end of the third quarter was €8,930 million (December 31, 2019: €6,662 million).
At the end of September, the Group had liquidity of €10.1 billion at its disposal. This figure includes undrawn funds from the €9 billion stabilization packages from Germany, Switzerland, Austria and Belgium. Out of those, €6.3 billion are still available. (€1.00 = US$1.18 at time of publication.)
