FINANCIAL YEAR 2010-11
(Thomson Reuters ONE) -
FINANCIAL YEAR 2010-11
EXCELLENT PERFOMANCE IN THE SECOND QUARTER
* 18.6% rise in revenues to 6.65 billion euros
* Sharp improvement in operating result: +576 million euros versus -47 million
at 30th September 2009
* Adjusted operating margin close to 10%
STRONG FIRST HALF RESULTS
* Growth of 14.8% in revenues to 12.37 billion euros
* Operating income of 444 million euros versus loss of 543 million euros at
30th September 2009
* Net income, group share of 1.03 billion euros after Amadeus income and
complementary cargo fine provision
* Significant improvement in the financial position
OBJECTIVE FOR FULL YEAR OPERATING INCOME REVISED UP
The Board of Directors of Air France-KLM, chaired by Jean-Cyril Spinetta, met on
17(th) November 2010 to examine the accounts for the First Half of Financial
Year 2010-11.
Commenting on the First Half, Pierre-Henri Gourgeon, Chief Executive Officer,
said: "In the context of a more favourable economic environment, all the
strategic actions we have undertaken over the past year have enabled us to
return to profit. The second quarter is especially satisfying and, despite the
disruption in April, we improved our operating result by some one billion euros
in the First Half. This has required a significant commitment from the entire
group, and, together with Peter Hartman, President and CEO of KLM, I take this
opportunity to thank, all our employees for their efforts. While we have
achieved a great deal in a short space of time, we will remain focused on
accomplishing the further measures required to ensure that we generate a value-
creating level of profitability. This is our ambition for the next three
years."
Key data
+---------------------------+-----------------------+--------------------------+
| | Quarter to 30(th) | Six months to 30(th) |
| | September | September |
|In euro millions, except +-----+-------+---------+------+-------+-----------+
|per share data in euros |2010 | 2009 | Change | 2010 | 2009 | Change |
+---------------------------+-----+-------+---------+------+-------+-----------+
|Revenues |6,649| 5,606 | 18.6% |12,370|10,775 | 14.8% |
+---------------------------+-----+-------+---------+------+-------+-----------+
|EBITDAR(([1])) |1,234| 555 | x2.2 |1,718 | 667 | x2.6 |
+---------------------------+-----+-------+---------+------+-------+-----------+
|Operating income/(loss) | 576 | (47) | +623 | 444 | (543) | +987 |
+---------------------------+-----+-------+---------+------+-------+-----------+
|Adjusted operating | | | | | | |
|income/(loss)(([2])) | 649 | 15 | +663 | 585 | (419) | +1,004 |
+---------------------------+-----+-------+---------+------+-------+-----------+
|Net income/(loss), group | | | | | | |
|share | 290 | (147) | +487 |1,026 | (573) | nm |
+---------------------------+-----+-------+---------+------+-------+-----------+
|Restated net | | | | | | |
|income/(loss)(([3])) | 366 | (95) | +461 | 104 | (509) | +613 |
+---------------------------+-----+-------+---------+------+-------+-----------+
|Earnings/(loss) per share |0.98 | (0.50)| nm | 3.48 |(1.95) | nm |
+---------------------------+-----+-------+---------+------+-------+-----------+
|Diluted earnings/(loss) per| | | | | | |
|share |0.81 |(0.50) | nm | 2.81 | (1.95)| nm |
+---------------------------+-----+-------+---------+------+-------+-----------+
Excellent performance in the Second Quarter
Strong rise in unit revenues
The recovery in demand for air transport continued in the Second Quarter, while
Air France-KLM continued to limit capacity, leading to an improvement in both
load factors and unit revenues. The Group also benefited from the adaptation and
restructuring measures implemented at its passenger and cargo divisions.
Passenger traffic was up 0.6% with capacity reduced by 0.5%. The load factor
therefore gained almost one point to 84.8%. Unit revenues continued to improve,
and are again approaching pre-crisis levels. Unit revenue per available seat
kilometre (RASK) increased by 18.9% with a marked improvement in both medium-
and long-haul. On the latter, both unit revenue and traffic rose more strongly
in premium than in economy class. Unit revenue in premium has, however, yet to
return to its pre-crisis level. Revenues rose 18% after a positive currency
impact of 4% to 5.12 billion euros. The operating result of the passenger
business stood at 453 million euros (-15 million euros a year earlier).
With traffic up by 2.6% for stable capacity (-0.3%), the load factor in the
cargo activity gained 1.9 points to 66.0%. Unit revenues exceeded pre-crisis
levels, with a rise of 34% in unit revenue per revenue ton kilometer. Revenues
rose 38% after a favourable currency effect of 7.1% to 786 million euros. The
operating result was in the black for the second consecutive quarter at 7
million euros (-147 million euros at 30(th) September 2009).
Total Group revenues amounted to 6.65 billion euros versus 5.61 billion euros at
30(th) September 2009, up 18.6% after a favourable currency impact of 4.2%.
Operating income of 576 million euros
Operating costs rose by 7.4% and by 4.9% ex-fuel. Measured in equivalent
available seat kilometres (EASK), the unit cost was up by 6.6%, but by only
1.2% on a constant fuel price and currency basis for stable production measured
in EASK (-0.1%). The 'Challenge 12' cost saving plan generated 156 million euros
in savings.
The main change in operating costs came from fuel, up 16.0%, or 207 million
euros, under the combined effects of a 1% rise in volume, a negative currency
impact of 12% and a fuel price rise after hedging of 3%. Employee costs were
stable at 1.82 billion euros.
Operating income amounted to 576 million euros after a loss of 47 million euros
a year earlier. Adjusted operating income stood at 649 million euros, implying
an adjusted operating margin of 9.7%(1).
Net interest charges rose from 70 million euros at 30(th) September 2009 to 93
million euros, under the effects of a rise in the cost of debt and a decline in
interest income. Other financial income and costs amounted to 41 million euros
(9 million euros at 30(th) September 2009), of which 46 million euros in
currency income.
Pre-tax income stood at 397 million euros (-183 million euros at 30(th)
September 2009) while net income, group share was 290 million euros after an
additional provision of 127 million euros relating to the cargo fine, versus a
negative result of 147 million euros at 30(th) September 2009.
Net earnings per share were 0.98 euros and diluted earnings per share 0.81 euros
versus -0.50 euros at 30(th) September 2009, both undiluted and diluted.
Strong First Half results
First Half results to 30(th) September 2010 were affected by the closure of
European airspace in April. The operating loss due to this shutdown is estimated
at 158 million euros.
Passenger traffic recorded a slight decline (-0.8%) for capacity down by 2.6%.
The load factor gained 1.5 points to 83.3%. In the cargo business, traffic rose
by 2.6% for capacity down 3.6%, leading to a 4.1 point rise in the load factor
to 67.7%. Year-on-year, unit revenues recovered strongly in both businesses
(+13.8% per ASK and +38.6% per ATK ex-currency).
Group revenues amounted to 12.37 billion euros (+14.8%). Operating costs grew by
5.4%, but by 1.1% only ex-fuel. Savings realised under the 'Challenge 12'
programme were 287 million euros during the First Half.
Operating income stood at 444 million euros (-543 million euros at 30(th)
September 2009) while adjusted operating income was 585 million euros, implying
an adjusted operating margin of 4.7%.
Net income, Group share amounted to 1.03 billion euros after a 1.03 billion euro
capital gain on the disposal of Amadeus shares (-573 million euros at 30(th)
September 2009). Net income restated(([4])) for non-recurrent items was 104
million euros (-509 million euros at 30(th) September 2009).
Earnings per share stood at 3.48 euros and diluted earnings per share at 2.81
euros versus -1.95 euros, undiluted and diluted, at 30(th) September 2009.
Free cash flow of 205 million euros
Investments net of disposals amounted to 696 million euros at 30(th) September
2010 (572 million euros at 30(th) September 2009). Operating cash flow stood at
708 million euros. Free cash flow was 205 million euros including the cash
proceeds from the Amadeus operation (193 million euros). The Group's cash
position remained strong with cash of 4.1 billion euros and available credit
lines of 1.3 billion euros.
Shareholders' funds amounted to 6.64 billion euros, an increase of 1.22 billion
euros since 31(st) March 2010 under the effect of the net result for the First
Half as well as the revaluation of the Group's holding in Amadeus. Net debt
stood at 6.10 billion euros (6.22 billion euros at 31(st) March 2010). The
gearing ratio(([5])) improved to 0.92 and 0.88 excluding derivative instruments
(1.15 and 1.08, respectively, at 31(st) March 2010).
Outlook: Objective revised up for FY 2010-11
In current market conditions, the group's objective is to generate operating
income for Full Year 2010-11 over 300 million euros(3).
In the context of its three year plan (2011-12/2013-14), the group has fixed
financial objectives of a 3% reduction in unit costs on a constant currency and
fuel price basis, an adjusted operating margin above 7%, a return to a gearing
ratio of 0.5 and ROCE (return on capital employed) of 8% after tax.
Information by business
Passenger business
+---------------------------+-----------------------+--------------------------+
| | Quarter to 30(th) | Six months to 30(th) |
| | September | September |
| +------+------+---------+-------+-------+----------+
| | 2010 | 2009 |Change | 2010 | 2009 | Change |
+---------------------------+------+------+---------+-------+-------+----------+
|Traffic (RPK millions) |56,457|56,141| 0.6% |105,739|106,608| -0.8% |
+---------------------------+------+------+---------+-------+-------+----------+
|Capacity (ASK millions) |66,558|66,862| -0.5% |126,993|130,440| -2.6% |
+---------------------------+------+------+---------+-------+-------+----------+
|Load factor |84.8% |84.0% | 0.9 pts | 83.3% | 81.7% | 1.5 pts |
+---------------------------+------+------+---------+-------+-------+----------+
|Total passenger revenues |5,125 |4 343 | 18.0% | 9,493 | 8,357 | 13.6% |
|(?m) | | | | | | |
+---------------------------+------+------+---------+-------+-------+----------+
|Revenues from scheduled |4,897 |4,137 | 18.4% | 9,061 | 7,952 | 14.0% |
|passenger business (?m) | | | | | | |
+---------------------------+------+------+---------+-------+-------+----------+
|Unit revenue per RPK (? | 8.68 | 7.37 | 17.7% | 8.57 | 7.46 | 14.9% |
|cts) | | | | | | |
+---------------------------+------+------+---------+-------+-------+----------+
|Unit revenue per RPK ex | - | - | 13.2% | - | - | 11.7% |
|currency | | | | | | |
+---------------------------+------+------+---------+-------+-------+----------+
|Unit revenue per ASK (? | 7.36 | 6.19 | 18.9% | 7.14 | 6.10 | 17.0% |
|cts) | | | | | | |
+---------------------------+------+------+---------+-------+-------+----------+
|Unit revenue per ASK ex | - | - | 14.3% | - | - | 13.8% |
|currency | | | | | | |
+---------------------------+------+------+---------+-------+-------+----------+
|Unit cost per ASK (? cts) | 6.59 | 6.14 | 7.3 % | 6.80 | 6.30 | 8.0% |
+---------------------------+------+------+---------+-------+-------+----------+
|Unit cost per ASK at | | | | | | |
|constant currency and fuel | - | - | 2.2% | - | - | 1.4% |
|price | | | | | | |
+---------------------------+------+------+---------+-------+-------+----------+
|Operating income (?m) | 453 | (15) | nm | 311 | (353) | nm |
+---------------------------+------+------+---------+-------+-------+----------+
Cargo business
+---------------------------+-----------------------+--------------------------+
| | Quarter to 30(th) | Six months to 30(th) |
| | September | September |
| +-----+-----+-----------+-----+-----+--------------+
| |2010 |2009 | Change |2010 |2009 | Change |
+---------------------------+-----+-----+-----------+-----+-----+--------------+
|Traffic (RTK millions) |2,872|2,800| 2.6% |5,684|5,541| 2.6% |
+---------------------------+-----+-----+-----------+-----+-----+--------------+
|Capacity (ATK millions) |4,352|4,339| (0.3)% |8,393|8,677| (3.6)% |
+---------------------------+-----+-----+-----------+-----+-----+--------------+
|Load factor |66.0%|64.1%| 1.9 pts |67.7%|63.7%| 4.1 pts |
+---------------------------+-----+-----+-----------+-----+-----+--------------+
|Total cargo business | 786 | 571 | 37.7% |1,560|1,115| 39.9% |
|revenues (?m) | | | | | | |
+---------------------------+-----+-----+-----------+-----+-----+--------------+
|Revenues from the | | | | | | |
|transportation of | 741 | 540 | 37.2% |1,475|1,051| 40.3% |
|cargo (?m) | | | | | | |
+---------------------------+-----+-----+-----------+-----+-----+--------------+
|Unit revenue per RTK (? |25.84|19.28| 34.0% |25.96|18.96| 36.9% |
|cts) | | | | | | |
+---------------------------+-----+-----+-----------+-----+-----+--------------+
|Unit revenue per RTK ex | - | - | 25.1% | - | - | 30.3% |
|currency | | | | | | |
+---------------------------+-----+-----+-----------+-----+-----+--------------+
|Unit revenue per ATK (? |17.05|12.36| 38.0% |17.58|12.07| 45.7% |
|cts) | | | | | | |
+---------------------------+-----+-----+-----------+-----+-----+--------------+
|Unit revenue per ATK ex | - | - | 28.9% | - | - | 38.6% |
|currency | | | | | | |
+---------------------------+-----+-----+-----------+-----+-----+--------------+
|Unit cost per ATK (? cts) |16.62|15.49| 7.3% |17.10|15.77| 8.5% |
+---------------------------+-----+-----+-----------+-----+-----+--------------+
|Unit cost per ATK on | | | | | | |
|constant currency and fuel | - | - | (1.5)% | - | - | (0.4)% |
|price | | | | | | |
+---------------------------+-----+-----+-----------+-----+-----+--------------+
|Operating income (?m) | 7 |(147)| nm | 18 |(344)| nm |
+---------------------------+-----+-----+-----------+-----+-----+--------------+
Maintenance business
Maintenance generated revenues of 288 million euros in the Second Quarter
2010-11 against 240 million euros at 30(th) September 2009, a rise of 20% after
a favourable currency impact of 11%. Operating income was 61 million euros (38
million euros at 30(th) September 2009). First Half revenues stood at 532
million euros against 486 million euros a year earlier, up 9.5% after a positive
currency effect of 7%. Operating income increased by 19.1%, from 68 million
euros at 30(th) September 2009 to 81 million euros at 30(th) September 2010. All
the maintenance activities contributed to this results improvement.
Other activities
The other activities principally comprise the leisure and catering businesses.
In the Second Quarter, total revenues amounted to 450 million euros, the same
level as at 30(th) September 2009. Operating income was 55 million euros (77
million euros at 30(th) September 2009).
In the First Half, total revenues stood at 785 million euros (817 million euros
at 30(th) September 2009) and operating income was 34 million euros (86 million
euros at 30(th) September 2009).
The Leisure business includes the Transavia group and, since January 2009, the
leisure activities of Martinair. The latter continues to reduce its activity.
Furthermore, leisure was affected by the closure of European airspace, with an
estimated loss in revenues of 24 million euros and an impact on operating income
of 9 million euros. In the Second Quarter, this business generated revenues of
348 million euros
(-1%) and operating income of 43 million euros (63 million euros a year
earlier). In the First Half, revenues declined by 2.6% to 589 million euros
while operating income fell from 64 million euros at 30(th) September 2009 to
23 million euros at 30(th) September 2010.
The Catering business generated third-party revenues of 89 million euros, up by
8%, while operating income declined by 26% to 11 million euros in the Second
Quarter. In the First Half, third party revenues declined by 14 million euros to
161 million euros while operating income dropped from 18,5 to 8,4 million
euros.
Agenda
Wednesday 17(th) November 2010:
The Press Conference will be broadcast live today at 18:00 am CET on the Air
France website: http://corporate.airfrance.com, with:
* Peter Hartman, President & CEO of KLM
* Philippe Calavia, Executive Vice President and CFO of Air France-KLM
* Pierre-Henri Gourgeon, President & CEO of Air France-KLM
Air France-KLM fleet as of 30 septembre 2010
KLM Ope- In Change
Aircraft AF Brit City Régio- VLM Trans- KLM City- Trans- Martin- Owned Finance rating Total ope- /3
Air Jet nal avia hop. avia air lease lease ration /31
/10
B747- 12 22 16 6 12 34 32 1
400
B777- 30 4 17 6 11 34 34
300
B777- 25 15 15 8 17 40 40
200
B767- 4 4 4 4
300
A380- 4 2 2 4 4 2
800
A340- 18 11 2 5 18 18
300
A330- 15 10 3 8 14 25 25
200
MD11 10 8 2 10 10
Total
long 104 61 4 72 30 67 169 167 3
haul
B747-
400 6 4 4 3 3 8 14 8 -1
cargo
B747-
200
cargo
B777- 2 2 2 2
cargo
MD-11-CF 4 3 1 4 4
MD-11-F 3 2 1 3 3
Total 8 4 11 8 5 10 23 17 -1
freighter
B737 5 2 3 5 5
900
B737- 9 21 21 9 13 29 51 51 4
800
B737- 8 10 11 7 18 18 2
700
B737- 8 6 2 8 8 -1
400
B737- 4 4 4 4 -3
300
A321 24 11 1 12 24 24 1
A320 58 29 2 27 58 56 -2
A319 45 21 4 20 45 44 -1
A318 18 18 18 18
Total
medium 145 9 46 31 98 33 100 231 228
haul
AVRO RJ 27 15 12 27 24 1
85
Canadair
Jet 2 2 2 2
900
Canadair
Jet 15 6 9 15 15
700
Canadair
Jet 15 9 4 2 15 15 1
100
Embraer 10 17 4 13 10 27 27 4
190
Embraer 10 8 2 10 10 3
170
Embraer 27 8 14 5 27 27 -1
145
Embraer 7 4 3 7 6 -2
135
Embraer 1 1 1
120
Fokker 9 2 5 8 8 16 14 -9
100
Fokker 26 23 3 26 26
70
Fokker 15 4 17 2 19 15
50
Total
Regio- 41 27 57 15 52 103 48 41 192 181 -3
nal
KLM Ope- In Change
Aircraft AF Brit City Régio- VLM Trans- KLM City- Trans- Martin- Owned Finance rating Total ope- /3
Air Jet nal avia hop. avia air lease lease ration /31
/10
TOTAL 257 41 27 57 15 9 111 52 31 15 281 116 218 615 593 -1
Income statement as of September 30, 2010 ( 6 months )
+---------------------------
| 6 months (April to
| Q2 (July to September) September)
+---------------------------
|In euros million 2009-10 2009-10 Variation 2 010 2009 Variation
+--------------------------+ | | | | | |
| | | | | | | |
| | | | | | | |
SALES 6,649 5,606 18.6% 12,370 10,775 14.8%
Other revenues 5 2 150.0% 5 3 66.7%
EXTERNAL EXPENSES -3,822 -3,438 11.2% -7,431 -6,770 9.8%
Aircraft fuel -1,503 -1,296 16.0% -2,944 -2,432 21.1%
Chartering costs -127 -127 0.0% -245 -252 -2.8%
Aircraft operating lease
costs -215 -182 18.1% -416 -364 14.3%
Landing fees and en route
charges -475 -454 4.6% -901 -904 -0.3%
Catering -150 -149 0.7% -285 -296 -3.7%
Handling charges and other
operating costs -343 -327 4.9% -665 -658 1.1%
Aircraft maintenance costs -310 -270 14.8% -595 -536 11.0%
Commercial and
distribution costs -257 -206 24.8% -496 -437 13.5%
Other external expenses -442 -427 3.5% -884 -891 -0.8%
Salaries and related costs -1,823 -1,822 0.1% -3,690 -3,715 -0.7%
Taxes other than income
taxes -45 -61 -26.2% -90 -124 -27.4%
Amortization and
depreciation -413 -410 0.7% -812 -833 -2.5%
Provisions -28 -10 180.0% -44 -13 238.5%
Other income and expenses 53 86 -38.4% 136 134 1.5%
INCOME FROM CURRENT
OPERATIONS 576 -47 nm 444 -543 nm
Sales of aircraft
equipment -5 1 nm 6 2 nm
Sales of subsidiaries - 1 nm - 1 nm
Negative goodwill - - nm - - nm
Other non-current income
and expenses -122 -77 nm 877 -78 nm
INCOME FROM OPERATING
ACTIVITIES 449 -122 nm 1,327 -618 nm
Income from cash and cash
equivalents 19 29 -34.5% 42 60 -30.0%
Cost of financial debt -112 -99 13.1% -231 -186 24.2%
Net cost of financial debt -93 -70 nm -189 -126 nm
Foreign exchange gains
(losses), net 46 13 nm -54 56 nm
Change in fair value of
financial assets and
liabilities -8 -1 nm -26 -99 nm
Other financial income and
expenses 3 -3 nm 8 -8 nm
INCOME BEFORE TAX 397 -183 nm 1,066 -795 nm
Income taxes -103 46 nm -10 241 nm
NET INCOME OF CONSOLIDATED
COMPANIES 294 -137 nm 1,056 -554 nm
Share of profits (losses)
of associates -1 -9 nm -32 -19 nm
INCOME FROM CONTINUING
OPERATIONS 293 -146 nm 1,024 -573 nm
Net income from - - - - - -
discontinued operations
NET INCOME FOR THE PERIOD 293 -146 nm 1,024 -573 nm
Minority interest -3 -1 nm 2 - nm
NET INCOME FOR THE PERIOD
- GROUP 290 -147 nm 1,026 -573 nm
Consolidated balance sheet (unaudited)
Assets |September 30, 2010|March 31, 2010
In ? millions | |
---------------------------------------------+------------------+--------------
Goodwill | 401| 401
---------------------------------------------+------------------+--------------
Intangible assets | 644| 612
---------------------------------------------+------------------+--------------
Flight equipment | 11,347| 11,349
---------------------------------------------+------------------+--------------
Other property, plant and equipment | 2,174| 2,252
---------------------------------------------+------------------+--------------
Investments in equity associates | 407| 446
---------------------------------------------+------------------+--------------
Pension assets | 2,873| 2,733
---------------------------------------------+------------------+--------------
Other financial assets ( including ? 573 | |
million of deposits related to financial | 1,733| 840
leases as of September 30, 2010 and ? 630 | |
million as of March 31, 2010) | |
---------------------------------------------+------------------+--------------
Deferred tax assets | 947| 942
---------------------------------------------+------------------+--------------
Other non-current assets | 136| 180
---------------------------------------------+------------------+--------------
Total non-current assets | 20,662| 19,755
---------------------------------------------+------------------+--------------
Assets held for sale | 37| 93
---------------------------------------------+------------------+--------------
Other short term financial assets (| |
including ? 561 million of deposits related| | 517
to financial leases and investments between| 588|
3 months and 1 year as of September| |
30, 2010 and ? 482 million as of March| |
31, 2010) | |
---------------------------------------------+------------------+--------------
Inventories | 566| 537
---------------------------------------------+------------------+--------------
Trade accounts receivable | 2,344| 2,142
---------------------------------------------+------------------+--------------
Income tax receivables | 1| 1
---------------------------------------------+------------------+--------------
Other current assets | 840| 979
---------------------------------------------+------------------+--------------
Cash and cash equivalents | 3,588| 3,751
---------------------------------------------+------------------+--------------
Total current assets | 7,964| 8,020
---------------------------------------------+------------------+--------------
Total assets | 28,626| 27,775
Liabilities and equity |September 30, 2010|March 31, 2010
In ? millions | |
---------------------------------------------+------------------+--------------
Issued capital | 300| 2,552
---------------------------------------------+------------------+--------------
Additional paid-in capital | 2,971| 719
---------------------------------------------+------------------+--------------
Treasury shares | (98)| (106)
---------------------------------------------+------------------+--------------
Reserves and retained earnings | 3,414| 2,198
---------------------------------------------+------------------+--------------
Equity attributable to equity holders of Air| 6,587| 5,363
France-KLM | |
---------------------------------------------+------------------+--------------
Minority interest | 51| 55
---------------------------------------------+------------------+--------------
Total Equity | 6,638| 5,418
---------------------------------------------+------------------+--------------
Provisions and retirement benefits | 1,516| 1,432
---------------------------------------------+------------------+--------------
Long-term debt | 9,163| 9,222
---------------------------------------------+------------------+--------------
Deferred tax | 436| 418
---------------------------------------------+------------------+--------------
Other non-current liabilities | 552| 818
---------------------------------------------+------------------+--------------
Total non-current liabilities | 11,667| 11,890
---------------------------------------------+------------------+--------------
Liability related to assets held for sale | 5| 10
---------------------------------------------+------------------+--------------
Provisions | 714| 696
---------------------------------------------+------------------+--------------
Current portion of long-term debt | 1,601| 1,825
---------------------------------------------+------------------+--------------
Trade accounts payable | 2,241| 2,032
---------------------------------------------+------------------+--------------
Deferred revenue on ticket sales | 2,125| 2,340
---------------------------------------------+------------------+--------------
Frequent flyer programs | 821| 840
---------------------------------------------+------------------+--------------
Current tax liabilities | 9| 11
---------------------------------------------+------------------+--------------
Other current liabilities | 2,651| 2,597
---------------------------------------------+------------------+--------------
Bank overdrafts | 154| 116
---------------------------------------------+------------------+--------------
Total current liabilities | 10,321| 10,467
---------------------------------------------+------------------+--------------
Total liabilities | 21,988| 22,357
---------------------------------------------+------------------+--------------
Total liabilities and equity | 28,626| 27,775
Consolidated statement of cash flows (unaudited)
In ? millions | 2010| 2009
Period from April 1 to September 30, | |
---------------------------------------------------------------+-------+-------
Net income for the period - Group | 1,026| (573)
---------------------------------------------------------------+-------+-------
Minority interest | (2)| -
---------------------------------------------------------------+-------+-------
Amortization, depreciation and operating provisions | 856| 846
---------------------------------------------------------------+-------+-------
Financial provisions | (8)| 7
---------------------------------------------------------------+-------+-------
Gain on disposals of tangible and intangible assets | (8)| -
---------------------------------------------------------------+-------+-------
Loss / (gain) on disposals of subsidiaries and associates | -| (1)
---------------------------------------------------------------+-------+-------
Gain on WAM (ex Amadeus) operation |(1,030)| -
---------------------------------------------------------------+-------+-------
Derivatives - non monetary results | (14)| (14)
---------------------------------------------------------------+-------+-------
Unrealized foreign exchange gains and losses, net | 61| (48)
---------------------------------------------------------------+-------+-------
Share of (profits) losses of associates | 32| 19
---------------------------------------------------------------+-------+-------
Deferred taxes | (4)| (239)
---------------------------------------------------------------+-------+-------
Other non-monetary items | (67)| (24)
---------------------------------------------------------------+-------+-------
Subtotal | 842| (27)
---------------------------------------------------------------+-------+-------
(Increase) / decrease in inventories | (23)| (62)
---------------------------------------------------------------+-------+-------
(Increase) / decrease in trade receivables | (229)| (106)
---------------------------------------------------------------+-------+-------
Increase / (decrease) in trade payables | 253| 63
---------------------------------------------------------------+-------+-------
Change in other receivables and payables | (135)| (613)
---------------------------------------------------------------+-------+-------
Net cash flow from operating activities | 708| (745)
---------------------------------------------------------------+-------+-------
Acquisitions of subsidiaries and investments in associates,| (9)| (15)
net of cash acquired | |
---------------------------------------------------------------+-------+-------
Purchase of property, plant and equipment and intangible|(1,128)|(1,095)
assets | |
---------------------------------------------------------------+-------+-------
Proceeds on WAM (ex Amadeus) transaction | 193| -
---------------------------------------------------------------+-------+-------
Proceeds on disposal of subsidiaries and investments in| 10| -
associates | |
---------------------------------------------------------------+-------+-------
Proceeds on disposal of property, plant and equipment and| 432| 523
intangible assets | |
---------------------------------------------------------------+-------+-------
Dividends received | 6| 3
---------------------------------------------------------------+-------+-------
Decrease (increase) in investments, net between 3 months and| (76)| 241
1 year | |
---------------------------------------------------------------+-------+-------
Net cash used in investing activities | (572)| (343)
---------------------------------------------------------------+-------+-------
Issuance of long-term debt | 297| 1,449
---------------------------------------------------------------+-------+-------
Repayments on long-term debt | (435)| (110)
---------------------------------------------------------------+-------+-------
Payment of debt resulting from finance lease liabilities | (258)| (234)
---------------------------------------------------------------+-------+-------
New loans | (43)| (31)
---------------------------------------------------------------+-------+-------
Repayments on loans | 107| 54
---------------------------------------------------------------+-------+-------
Dividends paid | (2)| (1)
---------------------------------------------------------------+-------+-------
Net cash flow from financing activities | (334)| 1,127
---------------------------------------------------------------+-------+-------
Effect of exchange rate on cash and cash equivalents and bank| (3)| (4)
overdrafts | |
---------------------------------------------------------------+-------+-------
Change in cash and cash equivalents and bank overdrafts | (201)| 35
---------------------------------------------------------------+-------+-------
Cash and cash equivalents and bank overdrafts at beginning of| 3,635| 3,466
period | |
---------------------------------------------------------------+-------+-------
Cash and cash equivalents and bank overdrafts at end of period| 3,434| 3,501
--------------------------------------------------------------------------------
[1] Operating income/(loss) before amortization, provisions and operating leases
[2] Adjusted for the portion of operating leases corresponding to financial
costs (34%)
[3] Restated net income: as defined in the 2009-10 Reference Document p 127;
reconciliation table available in results presentation
1 As defined in the 2009-10 Reference Document p 127
[4] Restated net income: as defined in the 2009-10 Reference Document p 127;
reconciliation table available in results presentation
[5] As defined in the 2009-10 Reference Document p 128; reconciliation table
available in results presentation
3 Consensus published on our website on 9th November 2010 (operating result
range: -156 million to +297 million euros)
[HUG#1463577]
Press Release: FINANCIAL YEAR 2010-11:
http://hugin.info/130669/R/1463577/402292.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: KLM via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 17.11.2010 - 18:19 Uhr
Sprache: Deutsch
News-ID 48879
Anzahl Zeichen: 48810
contact information:
Town:
Amstelveen
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 181 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"FINANCIAL YEAR 2010-11"
steht unter der journalistisch-redaktionellen Verantwortung von
KLM (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
