Air France-KLM year results 2009-2010
(Thomson Reuters ONE) -
FINANCIAL YEAR 2009-10
FOURTH QUARTER
* Stronger demand and improvement in unit revenues at the end of the quarter
* Better than expected operating result, despite negative impact of 173
million euros from fuel hedging and the effects of adverse weather
conditions and the air traffic control strike in February
* Positive operating cash flow and stabilization of debt level
FULL YEAR RESULTS REFLECT IMPACT OF GLOBAL ECONOMIC CRISIS
* 15% drop in revenues
* Negative impact of 637 million euros due to fuel hedges
* Operating loss of 1.28 billion euros
Outlook for FY 2010-11: Objective of operating break-even maintained excluding
impact of pre-2009 fuel hedges and subject to definitive cost of European
airspace closure
The board of directors of Air France-KLM, chaired by Jean-Cyril Spinetta,
convened on 19(th) May 2010 to approve the accounts for Financial Year 2009-10.
Pierre-Henri Gourgeon, Chief Executive Officer, made the following comments:
"2009-10 will go on record as our 'annus horribilis'. The global economic crisis
had a profound effect on the entire airline industry. In addition, Air
France-KLM had to contend with the tragedy of the Rio-Paris accident of June
1(st) 2009. During these demanding times, the strengths of the Air France-KLM
combination have come into their own, and its efficiencies have proven even
greater than expected. As a result, we have been able, together with Peter
Hartman, to rapidly implement drastic changes within the group. The entire
workforces of Air France and KLM have been mobilized under the motto 'keep the
family together', and have delivered an outstanding performance. With their
support, we have launched a robust action plan, based on three pillars:
controlling capacity and investments, adapting our business models in passenger
and cargo, and strengthening our alliance and partnerships. These actions have
started to bear fruit and will enable us to emerge from the crisis with a young
fleet, a rejuvenated product offer, adapted to the needs of our customers, and a
preserved financial position. We are therefore maintaining our objective of
operating break-even for the current financial year excluding the impact of
pre-2009 fuel hedges, and subject to the definitive cost of the closure of
European airspace."
In this difficult context, the board of directors decided not to propose the
payment of a dividend in respect of Financial Year 2009-10.
Key data
+-----------------------------+-----------------------+------------------------+
| | | Full Year to 31(st) |
| |Quarter to 31(st) March| March |
|? millions (per share data in+-------+-------+-------+--------+-------+-------+
|?) | 2010 | 2009* |change | 2010 |2009** |change |
+-----------------------------+-------+-------+-------+--------+-------+-------+
|Revenues | 5,021 | 5,060 |(0.8)% | 20,994 |24,693 |(15.0)%|
+-----------------------------+-------+-------+-------+--------+-------+-------+
|EBITDAR*** | 77 | 62 | 24.2% | 1,111 | 2,275 |(51.2)%|
+-----------------------------+-------+-------+-------+--------+-------+-------+
|Operating income/(loss) | (497) | (535) | 7.1% | (1,285)| (186) | nm |
+-----------------------------+-------+-------+-------+--------+-------+-------+
|Adjusted operating | | | | | | |
|income/(loss)**** | (435) | (474) | 8.2% | (1,040)| 45 | nm |
+-----------------------------+-------+-------+-------+--------+-------+-------+
|Net income/(loss), group | | | | | | |
|share | (691) | (479) |(44.3)%|(1,559) | (811) |(91.5)%|
+-----------------------------+-------+-------+-------+--------+-------+-------+
|Earnings/(loss) per share |(2.35) | (1.62)| nm | (5.30) |(2.75) | nm |
+-----------------------------+-------+-------+-------+--------+-------+-------+
|Diluted earnings/(loss) per | | | | | | |
|share |(2.35) | (1.62)| nm | (5.30) | (2.75)| nm |
+-----------------------------+-------+-------+-------+--------+-------+-------+
*Restated for the application of IFRIC 13 and pro forma Martinair.
Reconciliation table available in results presentation.
**Pro forma Martinair. Reconciliation table available in results presentation
***EBITDAR: operating income / (loss) before amortization, provisions and
operating leases.
****Adjusted for the portion of operating leases corresponding to financial
costs (34%).
Fourth Quarter
Progressive recovery in demand
Group revenues stood at 5.02 billion euros (-0.8%). Passenger demand picked up,
especially at the end of the quarter. A 0.9% increase in traffic, combined with
a 3.4% reduction in capacity led to a 3.3 point rise in the load factor to
78.8%. Revenue trends were also positive with an improvement in both premium
and economy. In total, unit revenue per available seat kilometer (RASK) was up
2.7%, and by 3.5% on a constant currency basis. Passenger revenues declined
slightly to 3.88 billion euros (-1.3%). The operating loss of the passenger
business stood at 381 million euros (-239 million euros excluding the impact of
pre-2009 fuel hedges).
The restructuring of the cargo business, launched in the previous quarter,
started to bear fruit, and coincided with an upturn in activity. As a result the
load factor gained 8.9 points to 69.2% on the back of traffic up 0.7% and
capacity down by 12.2%. Unit revenue per available ton kilometer (RATK) rose
strongly (+28.9% and +30.9% on a constant currency basis). Revenues therefore
progressed by 12.3% to 674 million euros. Despite rigorous cost control, the
business remained in the red (-63 million euros) but showed a marked improvement
on the previous year (-164 million euros at 31(st) March 2009). Excluding the
impact of pre-2009 fuel hedges, the operating loss of the cargo business would
have stood at 39 million euros.
Operating costs contained
Although production measured in equivalent available seat kilometers (EASK)
declined by 5.1%, unit costs per EASK rose by 4.9%, but by only 1.0% on a
constant currency and fuel price basis. Operating costs fell 1.4% to 5.52
billion euros. Excluding fuel, they declined by 4.1%. The group realized 190
million euros in savings in the context of the 'Challenge 12' plan.
For the first time since the beginning of the financial year, the fuel bill rose
(+9.3%) to 1.24 billion euros under the combined effects of a reduction in
volumes of 6%, a favorable currency impact of 5%, a rise in the jet fuel price
of 31% and a negative impact from fuel hedges of 173 million euros.
Other costs also contributed to the overall cost performance:
* Employee costs rose slightly to 1.84 billion euros (+1.3%). Excluding the
additional contributions to the Air France and KLM pension funds, they would
have declined by 0.8%.
* Marketing and other costs fell by 1.0% and 16.0% respectively.
The group recorded an operating loss of 497 million euros against 535 million
euros a year earlier. Excluding the negative impact of fuel hedges, the
operating loss would have been 324 million euros. Elsewhere, the group booked a
152 million euro exceptional provision for restructuring charges mainly related
to the voluntary departure plan at Air France.
Net interest charges rose from 47 million euros to 91 million euros on the back
of a rise in the cost of debt (+30 million euros) and a decline in interest
income (-14 million euros). Other financial income and costs stood at -94
million euros (-96 million euros at 31(st) March 2009) of which 88 million euros
related to a negative exchange result.
The pre-tax loss stood at 943 million euros, while the net loss, group share
amounted to 691 million euros. The net loss restated* for non-recurring and
non-cash items related to the hedging instruments amounted to 477 million euros
(-610 million euros at 31(st) March 2009).
Both the loss per share and fully diluted loss per share amounted to 2.35 euros
(-1.62 euros at 31(st) March 2009).
During the quarter, the group generated positive operating cash flow of 70
million euros and slightly positive free cash flow, while net debt remained
virtually stable.
* As defined in the 2008-09 Reference Document p 117 and p. 6 of the update;
reconciliation table available in results presentation
Full Year 2009-10
Passenger traffic declined by 3.2%, less than the reduction in capacity of
4.3%, leading to a 1 point rise in load factor to the high level of 80.7%. In
cargo, the decline in traffic (-13.7%) was also below the reduction in capacity
(-16.5%), enabling the load factor to gain 2.2 points to 66.5%. In both
activities, unit revenues were sharply down relative to the previous year. Total
revenues therefore fell by 15.0% to 20.99 billion euros. For production measured
in EASK down 6.7%, unit costs per EASK fell 4.4%. Savings realized in the
context of the 'Challenge 12' plan amounted to 718 million euros.
The operating loss stood at 1.28 billion euros after a negative impact of 637
million euros linked to the pre-2009 fuel hedges. The adjusted operating loss
stood at 1.04 billion euros.
The net loss, group share stood at 1.56 billion euros (-811 million euros at
31(st) March 2009). The net loss restated* for non-recurring and non-cash items
related to the hedging instruments amounted to 1.23 billion euros (-578 million
euros at 31(st) March 2009).
The net loss per share and fully diluted net loss per share both stood at 5.30
euros, against a loss of 2.75 euros at 31(st) March 2009.
Financial position maintained
Investments net of disposals amounted to 1.04 billion euros at 31(st) March
2010 (1.9 billion euros at 31(st) March 2009). Net cash stood at 4.28 billion
euros with available credit facilities of 1.2 billion euros (1.1 billion euros
as of April 2010).
Shareholders' funds amounted to 5.42 billion euros after the negative impact of
the change in fair value of hedging instruments of 325 million euros. Net debt
stood at 6.22 billion euros (4.44 billion euros at 31(st) March 2009). The
gearing ratio* stood at 1.15, and 1.08 excluding hedging instruments.
At the end of April 2010, the initial public offering of Amadeus of which the
group now holds 15.2%, generated a capital gain of 1.03 billion euros for the
group, of which 195 million euros of cash. Based on the balance sheet at 31(st)
March 2010, this transaction reduces the gearing ratio to 0.94, and 0.89
excluding derivative instruments.
Outlook
The Financial Year 2010-11 started with the shut down of European air space
following the volcanic eruption in Iceland. The quasi totality of our passenger,
cargo and leisure activities were suspended for four days, followed by a
progressive reinstatement of the schedules over three further days. The group
estimates the loss in revenues at 260 million euros with a 160 million euro
impact on our operating result. As of today, negotiations are ongoing with the
relevant authorities concerning the eventual level of compensation. Elsewhere,
we are also actively working with the authorities to define a comprehensive and
pragmatic approach to the volcanic ash risk, so as to avoid the repetition of
unnecessary flight operation stoppages in the future.
For the current year, the group's priorities are to control costs via headcount
reduction, and to restore unit revenues by limiting capacity growth (+1% for
passenger and zero for cargo). Elsewhere, the benefits of the measures launched
in 2009-10 to adapt both our products and our organization will continue to feed
through.
As a result, the group maintains its objective of operating break-even excluding
the impact of pre-2009 hedges, and subject to the final evaluation of the cost
of the European airspace closure, including any compensation.
* As defined in the 2008-09 Reference Document p 117-118 and p.6 of the update;
reconciliation table available in results presentation
Information by business
Passenger
+--------------------------------+---------------------+-----------------------+
| | Quarter to 31(st) | Full Year to 31(st |
| | March | )March |
| +------+------+-------+-------+-------+-------+
| | 2010 | 2009 |Change | 2010 | 2009 |Change |
+--------------------------------+------+------+-------+-------+-------+-------+
|Traffic (RPK millions) |46,627|46,216| 0.9% |202,455|209,060|(3.2)% |
+--------------------------------+------+------+-------+-------+-------+-------+
|Capacity (ASK millions) |59,165|61,235|(3.4)% |251,012|262,356|(4.3)% |
+--------------------------------+------+------+-------+-------+-------+-------+
|Load factor |78.8% |75.5% |3.3 pts| 80.7% | 79.7% |1.0 pt |
+--------------------------------+------+------+-------+-------+-------+-------+
|Total passenger revenues (? m) |3,879 |3,931*|(1.3)% |16,267 |18,832 |(13.6)%|
+--------------------------------+------+------+-------+-------+-------+-------+
|Revenues from scheduled |3,696 |3,723*|(7.3)% |15,489 |17,937 |(13.6)%|
|passenger business (?m) | | | | | | |
+--------------------------------+------+------+-------+-------+-------+-------+
|Unit revenue per RPK (? cts) | 7.93 | 8.06 |(1.6)% | 7.65 | 8.58 |(10.8)%|
+--------------------------------+------+------+-------+-------+-------+-------+
|Unit revenue per RPK ex | - | - |(0.9)% | - | - |(11.4)%|
|currency (? cts) | | | | | | |
+--------------------------------+------+------+-------+-------+-------+-------+
|Unit revenue per ASK (? cts) | 6.25 | 6.08 | 2.7% | 6.17 | 6.84 |(9.7)% |
+--------------------------------+------+------+-------+-------+-------+-------+
|Unit revenue per ASK ex | - | - | 3.5% | - | - |(10.3)%|
|currency (? cts) | | | | | | |
+--------------------------------+------+------+-------+-------+-------+-------+
|Unit cost per ASK (? cts) | 6.81 | 6.60 | 3.1% | 6.46 | 6.78 |(4.6)% |
+--------------------------------+------+------+-------+-------+-------+-------+
|Unit cost per ASK at constant | - | - |(0.7)% | - | - |(1.5)% |
|currency and fuel price (? cts) | | | | | | |
+--------------------------------+------+------+-------+-------+-------+-------+
|Operating income (?m) |(381) |(365) |(4.4)% | (918) | (21) | nm |
+--------------------------------+------+------+-------+-------+-------+-------+
* Restated for the application of IFRIC 13
Cargo
+------------------------------------+-------------------+---------------------+
| |Quarter to 31(st) | Full Year to 31(st |
| | March | )March |
| +-----+-----+-------+------+------+-------+
| |2010 |2009*|Change | 2010 |2009* |Change |
+------------------------------------+-----+-----+-------+------+------+-------+
|Traffic (RTK millions) |2,751|2,732| 0.7% |11,155|12,923|(13.7)%|
+------------------------------------+-----+-----+-------+------+------+-------+
|Capacity (ATK millions) |3,977|4,530|(12.2)%|16,764|20,073|(16.5)%|
+------------------------------------+-----+-----+-------+------+------+-------+
|Load factor |69.2%|60.3%|8.9 pts|66.5% |64.4% |2.2 pts|
+------------------------------------+-----+-----+-------+------+------+-------+
|Load factor excluding Martinair | 674 | 600 | 12.3% |2,439 |3,378 |(27.8)%|
+------------------------------------+-----+-----+-------+------+------+-------+
|Total cargo business revenues (?m) | 639 | 550 | 16.2% |2,313 |3,191 |(27.5)%|
+------------------------------------+-----+-----+-------+------+------+-------+
|Revenues from the transportation of |23.13|20.77| 11.3% |20.74 |24.66 |(15.9)%|
|cargo (?m) | | | | | | |
+------------------------------------+-----+-----+-------+------+------+-------+
|Unit revenue per RTK (? cts) | - | - | 13.1% | - | - |(17.0)%|
+------------------------------------+-----+-----+-------+------+------+-------+
|Unit revenue per RTK ex currency (? |16.08|12.48| 28.9% |13.79 |15.91 |(13.3)%|
|cts) | | | | | | |
+------------------------------------+-----+-----+-------+------+------+-------+
|Unit revenue per ATK (? cts) | - | - | 30.9% | - | - |(14.4)%|
+------------------------------------+-----+-----+-------+------+------+-------+
|Unit revenue per ATK ex currency (? |17.39|15.86| 9.7% |16.14 |16.83 |(4.1)% |
|cts) | | | | | | |
+------------------------------------+-----+-----+-------+------+------+-------+
|Unit cost per ATK (? cts) | - | - | 4.0% | - | - | 3.3% |
+------------------------------------+-----+-----+-------+------+------+-------+
|Unit cost per ATK on constant |(63) |(164)| nm |(436) |(221) | nm |
|currency and fuel price (? cts) | | | | | | |
+------------------------------------+-----+-----+-------+------+------+-------+
* Pro forma Martinair
Maintenance
The maintenance business realised revenues of 233 million euros in the Fourth
Quarter of 2009-10 against pro forma revenues including Martinair of 254 million
euros at 31(st) March 2009, which had been impacted by non-recurring events.
Operating income amounted to 1 million euros (47 million euros pro forma at
31(st) March 2009).
For the Full Year, revenues totalled 956 million euros versus 996 million euros
pro forma a year earlier, impacted by slightly weaker demand and intensified
competition. Operating income amounted to 81 million euros (98 million euros pro
forma at 31(st) March 2009).
Other businesses
'Other Businesses' mainly include the leisure activities of Transavia and the
catering business of Servair. Revenues amounted to 235 million euros in the
Fourth Quarter, versus pro forma revenues of 275 million euros at 31(st) March
2009, a decline of 14.5% due mainly to capacity reductions at Transavia
Netherlands and the reduction of the leisure activity of Martinair. The
operating loss was stable relative to a year earlier (-54 million euros versus
-53 million euros pro forma at 31(st) March 2009).
For the full year, the revenues of other businesses amounted to 1.33 billion
euros versus 1.49 billion euros pro forma a year earlier. The leisure business
recorded revenues of 918 million euros (1.05 billion euros pro forma at 31(st)
March 2009) while catering generated 347 million euros in revenues (349 million
euros a year earlier). The operating loss of Other Businesses was sharply
reduced from 42 million euros pro forma at 31(st )March 2009 to just 12 million
euros at 31(st) March 2010, including a loss of 23 million euros for leisure (-3
million euros excluding the impact of pre-2009 fuel hedges) and operating income
of 19 million euros for catering.
Agenda
Wednesday 19(th) May 2010:
The Press Conference will be broadcast live today at 18:00 am CET on the Air
France website: http://corporate.airfrance.com
· Pierre-Henri Gourgeon, President & CEO of Air France-KLM
· Peter Hartman, President & CEO of KLM
· Philippe Calavia, Executive Vice President and CFO of Air France-KLM
Air France-KLM fleet as of 31 March 2010
+--------+-------------------------------+---------------------------+-----------------------------------------+
| Air- | Brit City Régio- Trans-| KLM Trans- Martin-| Finance Opera- In Change/|
| craft |AF Air Jet nal VLM avia |KLM Cityhop. avia air |Owned lease ting Total opera- 3/31/09|
| | | | lease tion |
+--------+-------------------------------+---------------------------+--------------------+-----+--------------+
|B747- |13 |22 | 17 6 12 | 35 | 31 -4 |
|400 | | | | | |
+--------+-------------------------------+---------------------------+--------------------+-----+--------------+
|B777- |30 | 4 | 17 6 11 | 34 | 34 6 |
|300 | | | | | |
+--------+-------------------------------+---------------------------+--------------------+-----+--------------+
|B777- |25 |15 | 15 8 17 | 40 | 40 |
|200 | | | | | |
+--------+-------------------------------+---------------------------+--------------------+-----+--------------+
|B767- | | 4 | 4 | 4 | 4 -2 |
|300 | | | | | |
+--------+-------------------------------+---------------------------+--------------------+-----+--------------+
|A380- | 2 | | 1 1 | 2 | 2 2 |
|800 | | | | | |
+--------+-------------------------------+---------------------------+--------------------+-----+--------------+
|A340- |18 | | 11 2 5 | 18 | 18 -1 |
|300 | | | | | |
+--------+-------------------------------+---------------------------+--------------------+-----+--------------+
|A330- |15 |10 | 5 7 13 | 25 | 25 -1 |
|200 | | | | | |
+--------+-------------------------------+---------------------------+--------------------+-----+--------------+
|MD | |10 | 8 2 | 10 | 10 |
|11 | | | | | |
+--------+-------------------------------+---------------------------+--------------------+-----+--------------+
|Total | | | | | |
|long |103 |61 4 | 74 29 65 | 168 | 164 |
|haul | | | | | |
+--------+-------------------------------+---------------------------+--------------------+-----+--------------+
|B747- | | | | | |
|400 | 8 | 4 4 | 5 3 8 | 16 | 9 -5 |
|cargo | | | | | |
+--------+-------------------------------+---------------------------+--------------------+-----+--------------+
|B747- | | | | | |
|200 | 1 | | 1 | 1 | |
|cargo | | | | | |
+--------+-------------------------------+---------------------------+--------------------+-----+--------------+
|B777- | 2 | | 2 | 2 | 2 |
|cargo | | | | | |
+--------+-------------------------------+---------------------------+--------------------+-----+--------------+
|MD- | | | | | |
|11- | | 4 | 3 1 | 4 | 4 |
|CF | | | | | |
+--------+-------------------------------+---------------------------+--------------------+-----+--------------+
|MD- | | | | | |
|11- | | 3 | 2 1 | 3 | 3 |
|F | | | | | |
+--------+-------------------------------+---------------------------+--------------------+-----+--------------+
|Total | | | | | |
|freight-|11 | 4 11 | 11 5 10 | 26 | 18 -5 |
|er | | | | | |
+--------+-------------------------------+---------------------------+--------------------+-----+--------------+
|B737- | | 5 | 2 3 | 5 | 5 |
|900 | | | | | |
+--------+-------------------------------+---------------------------+--------------------+-----+--------------+
|B737- | 7 |21 19 | 3 17 27 | 47 | 47 1 |
|800 | | | | | |
+--------+-------------------------------+---------------------------+--------------------+-----+--------------+
|B737- | | 6 10 | 11 5 | 16 | 16 2 |
|700 | | | | | |
+--------+-------------------------------+---------------------------+--------------------+-----+--------------+
|B737- | | 9 | 6 3 | 9 | 9 -3 |
|400 | | | | | |
+--------+-------------------------------+---------------------------+--------------------+-----+--------------+
|B737- | | 7 | 7 | 7 | 7 -3 |
|300 | | | | | |
+--------+-------------------------------+---------------------------+--------------------+-----+--------------+
|A321 |24 | | 12 1 11 | 24 | 23 2 |
+--------+-------------------------------+---------------------------+--------------------+-----+--------------+
|A320 |61 | | 35 2 24 | 61 | 58 -7 |
+--------+-------------------------------+---------------------------+--------------------+-----+--------------+
|A319 |45 | | 22 4 19 | 45 | 45 |
+--------+-------------------------------+---------------------------+--------------------+-----+--------------+
|A318 |18 | | 18 | 18 | 18 |
+--------+-------------------------------+---------------------------+--------------------+-----+--------------+
|Total | | | | | |
|me- |148 7 |48 29 | 103 37 92 | 232 | 228 -8 |
|dium | | | | | |
|haul | | | | | |
+--------+-------------------------------+---------------------------+--------------------+-----+--------------+
|AVRO | 27 | | 15 12 | 27 | 23 -2 |
|RJ 85 | | | | | |
+--------+-------------------------------+---------------------------+--------------------+-----+--------------+
|Canad- | | | | | |
|air | 2 | | 2 | 2 | 2 2 |
|Jet 900 | | | | | |
+--------+-------------------------------+---------------------------+--------------------+-----+--------------+
|Canad- | | | | | |
|air | 15 | | 6 9 | 15 | 15 |
|Jet 700 | | | | | |
+--------+-------------------------------+---------------------------+--------------------+-----+--------------+
|Canad- | | | | | |
|air | 15 | | 8 5 2 | 15 | 14 -1 |
|Jet 100 | | | | | |
+--------+-------------------------------+---------------------------+--------------------+-----+--------------+
|Em- | | | | | |
|braer | 10 | 13 | 4 9 10 | 23 | 23 12 |
|190 | | | | | |
+--------+-------------------------------+---------------------------+--------------------+-----+--------------+
|Em- | | | | | |
|braer | 7 | | 6 1 | 7 | 7 4 |
|170 | | | | | |
+--------+-------------------------------+---------------------------+--------------------+-----+--------------+
|Em- | | | | | |
|braer | 28 | | 8 14 6 | 28 | 28 |
|145 | | | | | |
+--------+-------------------------------+---------------------------+--------------------+-----+--------------+
|Em- | | | | | |
|braer | 9 | | 4 3 2 | 9 | 8 -1 |
|135 | | | | | |
+--------+-------------------------------+---------------------------+--------------------+-----+--------------+
|Em- | | | | | |
|braer | 3 | | 3 | 3 | |
|120 | | | | | |
+--------+-------------------------------+---------------------------+--------------------+-----+--------------+
|Fok- | | | | | |
|ker | 11 7 | 5 | 9 14 | 23 | 23 -14 |
|100 | | | | | |
+--------+-------------------------------+---------------------------+--------------------+-----+--------------+
|Fok- | | | | | |
|ker | | 26 | 23 3 | 26 | 26 1 |
|70 | | | | | |
+--------+-------------------------------+---------------------------+--------------------+-----+--------------+
|Fok- | | | | | |
|ker | 17 | 4 | 17 4 | 21 | 15 -15 |
|50 | | | | | |
+--------+-------------------------------+---------------------------+--------------------+-----+--------------+
|Total | | | | | |
|Regio- | 43 27 64 17 | 48 | 103 44 52 | 199 | 184 -14 |
|nal | | | | | |
+--------+---+----+----+------+---+------+---+--------+------+-------+-----+-------+------+-----+------+-------+
| | | | | | | | | | | | | | | | | |
+--------+---+----+----+------+---+------+---+--------+------+-------+-----+-------+------+-----+------+-------+
| Air- | |Brit|City|Régio-| |Trans-| | KLM |Trans-|Martin-| |Finance|Opera-| | In |Change/|
| craft |AF |Air |Jet | nal |VLM| avia |KLM|Cityhop.| avia | air |Owned| lease | ting |Total|opera-|3/31/09|
| | | | | | | | | | | | | |lease | | tion | |
+--------+---+----+----+------+---+------+---+--------+------+-------+-----+-------+------+-----+------+-------+
| TOTAL |262| 43 | 27 | 64 |17 | 7 |113| 48 | 29 | 15 | 291 | 115 | 219 | 625 | 594 | -27 |
+--------+---+----+----+------+---+------+---+--------+------+-------+-----+-------+------+-----+------+-------+
Income statement as of March 31, 2010
+------------------+-------------------------------+---------------------------+
| | Q4 (January to March) |12 months (April to March) |
+------------------+-------+-------------+---------+-------+---------+---------+
| | | 2008-09| | | | |
| | |(adjusted and| | | 2008-09| |
|In euros million |2009-10| pro forma)|Variation|2009-10|pro forma|Variation|
+------------------+-------+-------------+---------+-------+---------+---------+
| | | | | | | |
+------------------+-------+-------------+---------+-------+---------+---------+
|SALES | 5,021| 5,060| -0.8%| 20,994| 24,693| -15.0%|
+------------------+-------+-------------+---------+-------+---------+---------+
|Other revenues | 1| 1| 0.0%| 5| 5| 0.0%|
+------------------+-------+-------------+---------+-------+---------+---------+
|EXTERNAL EXPENSES | -3,328| -3,358| -0.9%|-13,243| -15,540| -14.8%|
+------------------+-------+-------------+---------+-------+---------+---------+
|Aircraft fuel | -1,240| -1,134| 9.3%| -4,725| -6,044| -21.8%|
+------------------+-------+-------------+---------+-------+---------+---------+
|Chartering costs | -116| -135| -14.1%| -487| -641| -24.0%|
+------------------+-------+-------------+---------+-------+---------+---------+
|Aircraft operating| -182| -179| 1.7%| -721| -678| 6.3%|
|lease costs | | | | | | |
+------------------+-------+-------------+---------+-------+---------+---------+
|Landing fees and | -394| -420| -6.2%| -1,707| -1,834| -6.9%|
|en route charges | | | | | | |
+------------------+-------+-------------+---------+-------+---------+---------+
|Catering | -108| -111| -2.7%| -472| -490| -3.7%|
+------------------+-------+-------------+---------+-------+---------+---------+
|Handling charges | | | | | | |
|and other | -311| -328| -5.2%| -1,281| -1,408| -9.0%|
|operating costs | | | | | | |
+------------------+-------+-------------+---------+-------+---------+---------+
|Aircraft | -279| -293| -4.8%| -1,065| -1,170| -9.0%|
|maintenance costs | | | | | | |
+------------------+-------+-------------+---------+-------+---------+---------+
|Commercial and | -203| -205| -1.0%| -854| -1,023| -16.5%|
|distribution costs| | | | | | |
+------------------+-------+-------------+---------+-------+---------+---------+
|Other external | -495| -553| -10.5%| -1,931| -2,252| -14.3%|
|expenses | | | | | | |
+------------------+-------+-------------+---------+-------+---------+---------+
|Salaries and | -1,843| -1,819| 1.3%| -7,388| -7,423| -0.5%|
|related costs | | | | | | |
+------------------+-------+-------------+---------+-------+---------+---------+
|Taxes other than | -38| -59| -35.6%| -216| -250| -13.6%|
|income taxes | | | | | | |
+------------------+-------+-------------+---------+-------+---------+---------+
|Amortization and | -399| -400| -0.3%| -1,640| -1,667| -1.6%|
|depreciation | | | | | | |
+------------------+-------+-------------+---------+-------+---------+---------+
|Provisions | 7| -18| -138.9%| -35| -116| -69.8%|
+------------------+-------+-------------+---------+-------+---------+---------+
|Other income and | 82| 58| 41.4%| 238| 112| nm|
|expenses | | | | | | |
+------------------+-------+-------------+---------+-------+---------+---------+
|INCOME FROM | -497| -535| 7.1%| -1,285| -186| nm|
|CURRENT OPERATIONS| | | | | | |
+------------------+-------+-------------+---------+-------+---------+---------+
|Sales of aircraft | -21| -| nm| -21| 5| nm|
|equipment | | | | | | |
+------------------+-------+-------------+---------+-------+---------+---------+
|Sales of | -| 6| nm| 1| 13| nm|
|subsidiaries | | | | | | |
+------------------+-------+-------------+---------+-------+---------+---------+
|Negative goodwill | -| 1| nm| -| 17| nm|
+------------------+-------+-------------+---------+-------+---------+---------+
|Other non-current | | | | | | |
|income and | -240| -57| nm| -327| -106| nm|
|expenses | | | | | | |
+------------------+-------+-------------+---------+-------+---------+---------+
|INCOME FROM | | | | | | |
|OPERATING | -758| -585| -29.6%| -1,632| -257| nm|
|ACTIVITIES | | | | | | |
+------------------+-------+-------------+---------+-------+---------+---------+
|Income from cash | | | | | | |
|and cash | 21| 35| -40.0%| 106| 269| -60.6%|
|equivalents | | | | | | |
+------------------+-------+-------------+---------+-------+---------+---------+
|Cost of financial | -112| -82| 36.6%| -410| -372| 10.2%|
|debt | | | | | | |
+------------------+-------+-------------+---------+-------+---------+---------+
|Net cost of | -91| -47| 93.6%| -304| -103| nm|
|financial debt | | | | | | |
+------------------+-------+-------------+---------+-------+---------+---------+
|Foreign exchange | | | | | | |
|gains (losses), | -88| -27| nm| -26| -195| nm|
|net | | | | | | |
+------------------+-------+-------------+---------+-------+---------+---------+
|Change in fair | | | | | | |
|value of financial| -7| -65| nm| -160| -707| nm|
|assets and | | | | | | |
|liabilities | | | | | | |
+------------------+-------+-------------+---------+-------+---------+---------+
|Other financial | | | | | | |
|income and | 1| -4| nm| -7| -15| -53.3%|
|expenses | | | | | | |
+------------------+-------+-------------+---------+-------+---------+---------+
|INCOME BEFORE TAX | -943| -728| -29.5%| -2,129| -1,277| -66.7%|
+------------------+-------+-------------+---------+-------+---------+---------+
|Income taxes | 249| 244| 2.0%| 586| 457| 28.2%|
+------------------+-------+-------------+---------+-------+---------+---------+
|NET INCOME OF | | | | | | |
|CONSOLIDATED | -694| -484| -43.4%| -1,543| -820| -88.2%|
|COMPANIES | | | | | | |
+------------------+-------+-------------+---------+-------+---------+---------+
|Share of profits | | | | | | |
|(losses) of | 1| 9| nm| -17| 18| nm|
|associates | | | | | | |
+------------------+-------+-------------+---------+-------+---------+---------+
|INCOME FROM | | | | | | |
|CONTINUING | -693| -475| -45.9%| -1,560| -802| -94.5%|
|OPERATIONS | | | | | | |
+------------------+-------+-------------+---------+-------+---------+---------+
|Net income from | | | | | | |
|discontinued | -| -| -| -| -| -|
|operations | | | | | | |
+------------------+-------+-------------+---------+-------+---------+---------+
|NET INCOME FOR THE| -693| -475| -45.9%| -1,560| -802| -94.5%|
|PERIOD | | | | | | |
+------------------+-------+-------------+---------+-------+---------+---------+
|Minority interest | 2| -4| nm| 1| -9| nm|
+------------------+-------+-------------+---------+-------+---------+---------+
|NET INCOME FOR THE| -691| -479| -44.3%| -1,559| -811| -92.2%|
|PERIOD - GROUP | | | | | | |
+------------------+-------+-------------+---------+-------+---------+---------+
Consolidated balance sheet
+------------------------------------------------+--------------+--------------+
|Assets | | |
| |March 31, 2010|March 31, 2009|
| In ? millions| | |
+------------------------------------------------+--------------+--------------+
|Goodwill | 401| 400|
+------------------------------------------------+--------------+--------------+
|Intangible assets | 612| 559|
+------------------------------------------------+--------------+--------------+
|Flight equipment | 11,349| 12,125|
+------------------------------------------------+--------------+--------------+
|Other property, plant and equipment | 2,252| 2,313|
+------------------------------------------------+--------------+--------------+
|Investments in equity associates | 446| 446|
+------------------------------------------------+--------------+--------------+
|Pension assets | 2,733| 2,499|
+------------------------------------------------+--------------+--------------+
|Other financial assets (including ? 630 million| | |
|of deposits related to financial leases as of | 840| 938|
|March 31, 2010 and ? 740 million as of March | | |
|31, 2009) | | |
+------------------------------------------------+--------------+--------------+
|Deferred tax assets | 942| 811|
+------------------------------------------------+--------------+--------------+
|Other non-current assets | 180| 629|
+------------------------------------------------+--------------+--------------+
|Total non-current assets | 19,755| 20,720|
+------------------------------------------------+--------------+--------------+
|Assets held for sale | 93| 93|
+------------------------------------------------+--------------+--------------+
|Other short-term financial assets (including ? | | |
|482 million of deposits related to financial | | |
|leases and investments between 3 months and 1 | 517| 580|
|year as of March 31, 2010 and ? 538 million as | | |
|of March 31, 2009) | | |
+------------------------------------------------+--------------+--------------+
|Inventories | 537| 527|
+------------------------------------------------+--------------+--------------+
|Trade accounts receivable | 2,142| 2,038|
+------------------------------------------------+--------------+--------------+
|Income tax receivables | 1| 2|
+------------------------------------------------+--------------+--------------+
|Other current assets | 979| 1,065|
+------------------------------------------------+--------------+--------------+
|Cash and cash equivalents | 3,751| 3,748|
+------------------------------------------------+--------------+--------------+
|Total current assets | 8,020| 8,053|
+------------------------------------------------+--------------+--------------+
|Total assets | 27,775| 28,773|
+------------------------------------------------+--------------+--------------+
+------------------------------------------------+--------------+--------------+
|Liabilities and equity | | |
| |March 31, 2010|March 31, 2009|
| In ? millions| | |
+------------------------------------------------+--------------+--------------+
|Issued capital | 2,552| 2,552|
+------------------------------------------------+--------------+--------------+
|Additional paid-in capital | 719| 765|
+------------------------------------------------+--------------+--------------+
|Treasury shares | (106)| (124)|
+------------------------------------------------+--------------+--------------+
|Reserves and retained earnings | 2,198| 2,429|
+------------------------------------------------+--------------+--------------+
|Equity attributable to equity holders of Air | 5,363| 5,622|
|France-KLM | | |
+------------------------------------------------+--------------+--------------+
|Minority interests | 55| 54|
+------------------------------------------------+--------------+--------------+
|Total Equity | 5,418| 5,676|
+------------------------------------------------+--------------+--------------+
|Provisions and retirement benefits | 1,432| 1,334|
+------------------------------------------------+--------------+--------------+
|Long-term debt | 9,222| 7,864|
+------------------------------------------------+--------------+--------------+
|Deferred tax | 418| 339|
+------------------------------------------------+--------------+--------------+
|Other non-current liabilities | 818| 2,170|
+------------------------------------------------+--------------+--------------+
|Total non-current liabilities | 11,890| 11,707|
+------------------------------------------------+--------------+--------------+
|Liability related to assets held for sale | 10| 7|
+------------------------------------------------+--------------+--------------+
|Provisions | 696| 480|
+------------------------------------------------+--------------+--------------+
|Current portion of long-term debt | 1,825| 1,353|
+------------------------------------------------+--------------+--------------+
|Trade accounts payable | 2,032| 1,887|
+------------------------------------------------+--------------+--------------+
|Deferred revenue on ticket sales | 2,340| 2,131|
+------------------------------------------------+--------------+--------------+
|Frequent flyer programs | 840| 917|
+------------------------------------------------+--------------+--------------+
|Current tax liabilities | 11| 11|
+------------------------------------------------+--------------+--------------+
|Other current liabilities | 2,597| 4,322|
+------------------------------------------------+--------------+--------------+
|Bank overdrafts | 116| 282|
+------------------------------------------------+--------------+--------------+
|Total current liabilities | 10,467| 11,390|
+------------------------------------------------+--------------+--------------+
|Total liabilities | 22,357| 23,097|
+------------------------------------------------+--------------+--------------+
|Total liabilities and equity | 27,775| 28,773|
+------------------------------------------------+--------------+--------------+
Consolidated statement of cash flows
+-------------------------------------------------------------+--------+-------+
|Period from April 1 to March 31, | | |
| |2009-10 |2008-09|
| In ? millions| | |
+-------------------------------------------------------------+--------+-------+
|Net income for the period - Group | (1,559)| (814)|
+-------------------------------------------------------------+--------+-------+
|Minority interests | (1)| 7|
+-------------------------------------------------------------+--------+-------+
|Amortization, depreciation and operating provisions | 1,675| 1,719|
+-------------------------------------------------------------+--------+-------+
|Financial provisions | 7| 14|
+-------------------------------------------------------------+--------+-------+
|Gain on disposals of tangible and intangible assets | 61| (22)|
+-------------------------------------------------------------+--------+-------+
|Loss / (gain) on disposals of subsidiaries and associates | -| (13)|
+-------------------------------------------------------------+--------+-------+
|Reversal of provision for cargo investigation | -| (225)|
+-------------------------------------------------------------+--------+-------+
|Derivatives - non monetary result | (8)| 333|
+-------------------------------------------------------------+--------+-------+
|Unrealized foreign exchange gains and losses, net | 13| 6|
+-------------------------------------------------------------+--------+-------+
|Negative goodwill | -| (17)|
+-------------------------------------------------------------+--------+-------+
|Share of (profits) losses of associates | 17| 42|
+-------------------------------------------------------------+--------+-------+
|Deferred taxes | (591)| (340)|
+-------------------------------------------------------------+--------+-------+
|Other non-monetary items | 143| (188)|
+-------------------------------------------------------------+--------+-------+
|Subtotal | (243)| 502|
+-------------------------------------------------------------+--------+-------+
|(Increase) / decrease in inventories | (28)| 8|
+-------------------------------------------------------------+--------+-------+
|(Increase) / decrease in trade receivables | (89)| 676|
+-------------------------------------------------------------+--------+-------+
|Increase / (decrease) in trade payables | 126| (401)|
+-------------------------------------------------------------+--------+-------+
|Change in other receivables and payables | (564)| 13|
+-------------------------------------------------------------+--------+-------+
|Net cash flow from operating activities | (798)| 798|
+-------------------------------------------------------------+--------+-------+
|Acquisitions of subsidiaries and investments in associates, | (18)| (348)|
|net of cash acquired | | |
+-------------------------------------------------------------+--------+-------+
|Purchase of property, plant and equipment and intangible | (2,097)|(2,043)|
|assets | | |
+-------------------------------------------------------------+--------+-------+
|Proceeds on disposal of subsidiaries and investments in | 3| 16|
|associates | | |
+-------------------------------------------------------------+--------+-------+
|Proceeds on disposal of property, plant and equipment and | 1,053| 141|
|intangible assets | | |
+-------------------------------------------------------------+--------+-------+
|Dividends received | 5| 6|
+-------------------------------------------------------------+--------+-------+
|Decrease (increase) in investments, net between 3 months and | 87| (246)|
|1 year | | |
+-------------------------------------------------------------+--------+-------+
|Net cash used in investing activities | (967)|(2,474)|
+-------------------------------------------------------------+--------+-------+
|Increase in capital | -| 1|
+-------------------------------------------------------------+--------+-------+
|Issuance of long-term debt | 2,704| 1,899|
+-------------------------------------------------------------+--------+-------+
|Repayments on long-term debt
Unternehmensinformation / Kurzprofil:
Datum: 19.05.2010 - 19:03 Uhr
Sprache: Deutsch
News-ID 21179
Anzahl Zeichen: 0
contact information:
Town:
Amstelveen
Kategorie:
Business News
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"Air France-KLM year results 2009-2010"
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