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Lufthansa Annual Report

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Financial Statements 2008

Contents

1 Management Report of Deutsche Lufthansa AG 12 Deutsche Lufthansa AG Balance Sheet 14 Deutsche Lufthansa AG Income Statement 15 Deutsche Lufthansa AG Statement of Fixed Assets Movements 16 Deutsche Lufthansa AG Notes to the Financial Statements 31 Auditors’ Report 32 Supervisory Board and Executive Board 34 Other Mandates of the Supervisory Board Members 35 Mandates of the Executive Board Members 36 Legal information

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Deutsche Lufthansa AG Financial Statements 2008

Management report

Financial statements

Notes

Further information

Management Report of Deutsche Lufthansa AG 2008

In the second half-year 2008 the global economy was dominated by the financial and property crisis and slowed considerably. The financial crisis worsened again sharply following the insolvency of several banks. In addition to substantial economic losses this resulted in a breakdown of confidence in the financial markets worldwide. Financing conditions for companies and private households have similarly taken a turn for the worse. Billions in emergency funds were made available worldwide in response in order to ensure lending functions and to combat the dearth of liquidity in the money markets. Furthermore, several central banks took concerted action to make sometimes massive cuts in their prime interest rates. In Europe a drop in the growth rate to 1.2 per cent is expected for 2008, after 3.0 per cent the previous year. Here too, the worldwide financial and property crisis weighed on the state of the economy. While countries such as Ireland and Spain, which had previously experienced a property boom, were tangibly affected by the correction in property prices, other countries such as Germany and Austria felt the indirect and delayed effects of the crisis in the form of weaker overseas demand. Thus the German economy began the year positively, before sharply losing momentum in the second half-year as well. The mood...

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