{
  "docId": "019dd923-5eff-723e-9be7-5d6e73ab277d",
  "docSlug": "f9e84ffd149e06c5",
  "documentTitle": "2025 Annual Report",
  "authorId": "Lufthansa",
  "authorName": "Lufthansa Group",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "strategy_consulting",
  "sourceTypeLabel": "Strategy consulting",
  "presentationDate": null,
  "orientation": "landscape",
  "aspectRatio": 1.414,
  "pageNumber": 333,
  "pageCount": 414,
  "prevPage": 332,
  "nextPage": 334,
  "slideType": "appendix_disclosure",
  "function": "appendix",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "Page 333 of the Lufthansa Group Annual Report 2025.",
  "elementsJson": [
    "paragraph"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-5eff-723e-9be7-5d6e73ab277d/333",
  "deckHref": "/decks/019dd923-5eff-723e-9be7-5d6e73ab277d",
  "deckJsonHref": "/decks/019dd923-5eff-723e-9be7-5d6e73ab277d.json",
  "deckAnchorHref": "/decks/019dd923-5eff-723e-9be7-5d6e73ab277d#slide-333",
  "components": [
    {
      "bbox": {
        "h": 0.25,
        "w": 0.416,
        "x": 0.083,
        "y": 0.182
      },
      "kind": "paragraph",
      "text": "The market values stated for financial derivatives correspond to the price at which an independent third party would assume the rights and/or obligations from the financial instrument. The fair values of interest rate derivatives correspond to their respective market values, which are measured using appropriate financial and mathematical methods, such as discounting expected future cash flows. Discounting takes market standard interest rates and the residual term of the respective instruments into account. Forward currency transactions and interest rate swaps are individually discounted to the balance sheet date based on their respective forward rates and the appropriate interest rate curve. The market prices of options used to hedge fuel prices are determined using acknowledged option pricing models.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "10073c6d-481c-421a-83ae-ad950314ceea",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.416,
        "x": 0.083,
        "y": 0.407
      },
      "kind": "paragraph",
      "text": "Depending on the hedged exposure, the Lufthansa Group designates interest rate hedges as both fair value hedges and cash flow hedges and accounts for them accordingly. Interest rate swaps are designated as part of a hedging relationship and are not broken down into individual components. Ineffectiveness in these hedging relationships result largely from different parameters in the hedged item and the hedging instrument and the basis spread in cross currency swaps. Ineffectiveness in fair value hedges and cash flow hedges are recognised and presented as part of the financial result, in other financial items.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "52b93234-067d-4b3c-bd86-c1bdb6986c6e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.416,
        "x": 0.5,
        "y": 0.413
      },
      "kind": "paragraph",
      "text": "The Lufthansa Group applies the spot-to-spot method for exchange rate forward transactions designated in cash flow hedges. The spot component of a forward contract is designated as a hedging instrument and effective value changes are recognised in the cash flow hedge reserve. The other effective components of a forward contract, the forward component and the basis spread are presented in a separate OCI component in line with the legal requirements for the cost of hedging. Ineffectiveness in hedging relationships results from changes in the timing of the planned aircraft purchases. Ineffectiveness is presented as part of the financial result in other financial items (Note 13).",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7fd5cfc6-4cbf-4f04-a849-5c4f12a57594",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.416,
        "x": 0.5,
        "y": 0.588
      },
      "kind": "paragraph",
      "text": "The Lufthansa Group uses the hypothetical derivative method to calculate changes in the value of hedged items designated as being part of a hedging relationship.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "91fdc001-aea9-4c8e-a0bb-41059a4737cd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.833,
        "x": 0.083,
        "y": 0.53
      },
      "kind": "paragraph",
      "text": "Derivatives used in the context of fuel hedging to hedge future kerosene purchases are designated as cash flow hedges. The Lufthansa Group applies the IFRS 9 component approach, using crude oil/gas oil, based on Brent ICE/gas oil ICE, as the designated risk component of the hedging instrument. The hedged item is composed of a global crude oil mix/gas oil mix. The base risk between individual crude oil components/gas oil components in the hedging instrument and the crude oil mix/gas oil mix in the hedged item is reduced by rebalancing the volumes that make up the hedged item on a quarterly basis. In 2025, the quarterly rebalancing factors for adjusting the hedged item for crude oil/gas oil were as follows: 1.008/0.993 (Q1), 1.008/0.993 (Q2), 1.007/0.991 (Q3) and 1.006/0.990 (Q4). The Lufthansa Group generally uses options and combinations of options to hedge fuel prices. The intrinsic value of the option is designated as the hedging instrument, so that effective changes in the intrinsic values are recognised in other comprehensive income in the cash flow hedge reserve. The fair value of an option is not designated as a hedging instrument and effective changes in the fair value are therefore recognised as a cost of hedging. Ineffectiveness in fuel price hedges results from the base risk between the crude oil component/gas oil component and the crude oil mix/gas oil mix in the component approach. Ineffectiveness in hedges is recognised and presented as part of the financial result in other financial items.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d56c10fb-2357-40ee-901a-483f1d007dfa",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.015,
        "w": 0.21,
        "x": 0.312,
        "y": 0.055
      },
      "kind": "title",
      "text": "Consolidated financial statements",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9113bce3-6e9c-471e-a171-4b4c2961337d",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 414,
      "from": 251,
      "beatId": "019debc8-a195-77f8-abd5-1c04c5a80119",
      "arcName": "The Triple Take",
      "arcSlug": "triple-take",
      "beatName": "The Action (Now What)",
      "beatSlug": null,
      "evidence": "Forecast, financial statements, auditor opinion, remuneration, SDG/TCFD index",
      "position": 3,
      "confidence": 60,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}