DAVY VIEW

The sale to gategroup is subject to the approval of the relevant competition authorities and financial details have not been disclosed. The businesses concerned currently employ some 7,100 personnel and generated revenues of around €1.1bn last year – about a third of the LSG Group’s total revenue volume. The transaction will not have any major impact on the EBIT or the net profit of the Lufthansa Group for 2019 or 2020. We note the comment that “the sale of the remaining part of the LSG Group should be initiated early next year” and recent Executive Board changes “are taking into account the strategic development of Lufthansa from an aviation group to an airline group”.