AIR FRANCE - KLM : AIR FRANCE - KLM : FY 2012 results
AIR FRANCE - KLM : AIR FRANCE - KLM : FY 2012 results
February 22nd 2013
FISCAL YEAR 2012
FOURTH QUARTER
* Revenues up 4.6% to 6.30 billion euros (+2.3% ex currency)
* Unit cost down 0.9% at constant currency and fuel price
* Reduction in operating loss (-143 million euros versus -202 million euros
at 31st December 2011)
FULL YEAR
* Revenues up 5.2% to 25.63 billion euros (+2.5% ex currency)
* Increase of 890 million euros in fuel bill
* Reduction in operating loss (-300 million euros versus -353 million at
31st December 2011)
* Net result of -1.19 billion euros after 471 million euros in restructuring
charges
* Net debt reduced to 6 billion euros (6.5 billion euros a year earlier)
2013 OBJECTIVE
* Further reduction in unit cost* and net debt
The Board of Directors of Air France-KLM, chaired by Jean-Cyril Spinetta, met
on 21st February 2013 to approve the accounts for full year 2012.
Jean-Cyril Spinetta made the following comments: "The year2012 was
characterized by a slowdown in global growth and recession in Europe, but
nevertheless saw a sharp increase in the fuel price. Despite this very tough
context, our results were in line with our expectations, with the first
effects of the Transform plan enabling us to reduce the operating loss.
Most importantly, it was a year in which our fundamentals were restored, as
the first, necessary step towards the recovery of our group. Our working
practices have been overhauled, industrial projects have been determined for
each of our businesses while reducing costs and improving our financial
position.
In 2013 we will maintain strict discipline in terms of capacity management,
investments and costs. 2013 will also see the full implementation of all our
projects. It is therefore a crucial year for the success of the Transform
plan, and the return to sustainable profitability. On behalf of the Board, I
would like to thank the employees of the group for their commitment, and the
work they have accomplished during the past 12 months."
* At constant currency and fuel price
Key data
In millions of euros, Quarter to 31st December Full Year at 31st December
except per share data in 2011
Euros 2012 2011 Change 2012 Pro forma Change
Revenues 6,304 6,028 4.6% 25,633 24,363 5.2%
EBITDAR^[1] 533 466 14.4% 2,405 2,192 9.7%
Operating result -143 -202 nm -300 -353 nm
^Adjusted operating nm
result2 -62 -127 nm 25 -65
Net result, group share -235 -259 nm -1,192 -809 nm
Net result per share -0.79 -0.88 nm -4.03 -2.73 nm
Net diluted result per nm
share -0.79 -0.88 nm -4.03 -2.73
Net result per share
before restructuring
charges -0.52 -0.88 nm -2.49 -2.73 nm
Fourth Quarter 2012
Activity: Ongoing capacity control
The passenger business continued its on-going performance improvement in the
fourth quarter, in contrast to the cargo business.
In the passenger activity, traffic was stable for capacity down by 0.2% and a
load factor of 81.9% (+0.2 points). Unit revenue per available seat kilometre
(RASK) rose by 5.8% and by 3.4% ex-currency. Revenues amounted to 4.93 billion
euros (+5.3%) after a favourable currency effect (2.3%). The operating result
of the passenger business stood at -137 million euros (-224 million euros at
December 2011) after a rise of 156 million euros in the fuel bill.
In the cargo business, the decline in traffic (-5.9%) was in line with
capacity (-5.6%), leading to a virtually stable load factor of 67.4% (-0.2
points). Unit revenue per available tonne kilometre (RATK) rose by 4.3% (+1.5%
ex-currency). Weak volumes weighed on revenues which amounted to 791 million
euros (-1.4%).The operating result stood at -25 million euros compared to
break-even in 2011.
Maintenance generated revenues of 317 million euros (273 million euros a year
earlier) and an operating result of 37 million euros (versus 43 million euros
in Q4 2011).
The revenues of the other activities stood at 264 million euros (-1.9%) and
the operating result at -18 million euros (-21 million euros a year earlier).
Total revenues for the group stood at 6.30 billion euros against 6.02 billion
euros at 31^st December 2011, up 4.6% after a favourable currency impact of
2.3%.
Reduction in operating loss
Operating costs were well contained, up by 3.5% after a negative currency
impact of 2.2%. Ex-fuel, they rose by just 1.1%. Measured in equivalent
available seat kilometre, unit costs rose by 4.1%, but were down 0.9% on a
constant currency and fuel price basis, for production measured in equivalent
available seat kilometre (EASK) down by 0.7%.
The main increases in costs related to those denominated in dollars, notably
fuel, operating leases and aircraft maintenance, the dollar having appreciated
by 5% during the quarter. The fuel bill was up by 167 million euros to 1.79
billion euros under the combined effect of a decrease in volumes of 4%, a
negative currency effect of 5% and a decline in fuel cost after hedging of 1%.
Employee costs rose by 1.7% to 1.89 billion euros after booking an additional
pension charge at KLM of 18 million euros based on the actuarial assumptions
at 31st December 2011.
The operating result amounted to -143 million euros (-202 million euros a year
earlier). The adjusted operating result stood at -62 million euros. Elsewhere
the group booked an additional restructuring provision of 99 million euros in
non-recurring costs.
Net interest costs were down by some 10 million euros to 89 million euros.
Other financial income and costs stood at +101 million euros (+50 million
euros at Q4 2011) of which 91 million euros in currency result.
The net result, group share stood at -235 million euros (-259 million euros at
31st December 2011). Earnings and diluted earnings per share stood at -0.79
euros (-0.52 euros before restructuring provision).
Full Year 2012
The passenger business recorded traffic and capacity up by 2.1% and 0.6%
respectively. The load factor gained 1.2 points to 83.1%. Unit revenue per
available seat (RASK) rose by 5.9% and by 3.2% ex-currency. In the cargo
business, traffic declined sharply (-6.3%) for capacity down by 3.5% leading
to a 1.9 point decline in load factor to 64.5%. Unit revenue per available
tonne kilometre (RATK) was stable (-3.8% ex-currency) but down by 3.8%
ex-currency.
Total revenues amounted to 25.63 billion euros (+5.2% after a favourable
currency effect of 2.7%). Operating costs were up by 1.8% ex-fuel and by 4.9%
with fuel and a negative currency impact of 3.0%. The main change was the fuel
bill which rose by 890 million euros to 7.33 billion euros, mainly due to the
appreciation of the dollar. Employee costs of 7.66 billion euros were up by
2.7% after 81 million euros in additional pension charges at KLM based on
actuarial assumptions at 31st December 2011.
The operating result stood at -300 million euros (-353 million euros at 31st
December 2011) and the adjusted operating result was 25 million euros.
Net interest charges declined to 353 million euros against 371 million euros a
year earlier. Other financial income and costs went from -180 million euros to
+139 million euros of which a positive currency result of 62 million euros
(-116 million euros at 31^st December 2011) and a positive change in the fair
value of hedging instruments of 62 million euros (-66 million euros in 2011).
Taking account of these elements as well as the restructuring provision of 471
million euros, the net result, group share, amounted to -1.19 billion euros
(-809 million euros a year earlier). Earnings and diluted earnings per share
stood at -4.03 euros per share (-2.73 euros a year earlier). Excluding
restructuring provision, earnings per share stood at -2.49 (-2.73 at 31^st
December 2011).
Reduction in net debt
Investments amounted to 1.47 billion euros and disposals to 745 million euros
(2.43 billion euros and 1.17 billion euros respectively in 2011). To these
investments are added 175 million euros in non-monetary transactions.
Operational cash flow stood at 851 million euros. The group has cash of 3.9
billion euros and available credit lines of 1.85 billion euros. In December,
the Air France-KLM holding company issued 500 million euros in bonds at a rate
of 6.25%, maturing in 2018.
Shareholders' funds amounted to 4.98 billion euros. Net debt was reduced from
6.51 billion euros at 31st December 2011 to 5.97 billion euros at 31st
December 2012 thanks notably to the partial sale of Amadeus shares. However
under the impact of the reduction in shareholders' funds, the gearing
ratio^[3] increased (1.20 versus 1.07 at 31^st December 2011). On the other
hand the financial cover ratios improved and the group respects all its
covenants.
Application of IAS 19R
IAS19R will be applied to pensions as of 1st January 2013, backdated to
1stJanuary 2012. In terms of the balance sheet, the suppression of the
corridor leads to the booking of the actuarial differences directly to equity.
At 31st December 2012, this negative impact is valued at 1.3 billion euros
after tax. At the P&L level, the main impact comes from the fact that the
expected return on plan assets is henceforth calculated at the discounted rate
of the obligations. It should be noted that this impact is non-cash. As a
result of the application of the revised norm and the reduction in the
discount rate, the group should book in 2013 an increase in the pension charge
of the order of 130 million euros compared with 2012 published accounts.
2013 Outlook
2013 has started amid an uncertain environment with further volatility in the
fuel price and currencies. Against this backdrop, the group will maintain
strict control over capacity and investments. At the same time, the 'Transform
2015' plan will be fully rolled out. In these conditions, the group's
objective is to reduce both unit cost at constant currency and fuel price and
net debt.
Additional information
The audit procedures for the consolidated accounts have taken place. The
certification report will be published following the completion of procedures
necessary for the filing of the Registration Document.
The results presentation will be available on www.airfranceklm-finance.com on
22nd February 2013 from 7.15h CET.
Practical information
An Analysts' Meeting will be held on February 22nd 2013 at 14.00 CET
at Académie Diplomatique Internationale, 4^bis avenue Hoche - 75008 Paris.
* Audio-web conference:
to connect to the conference call, please dial
- UK 44 (0)20 7162 0125 (password: AKH)
- US 1 334 323 6203 (password: AKH)
* A live broadcast of the Analysts' Meeting will also be available on the
website:
www.airfranceklm-finance.com (password: AKHFY)
* To listen to a recording of the conference in English, dial:
- UK 44 (0)20 7031 4064 (code: 517829)
- US 1 954 334 0342 (code: 517829)
Information by business
Passenger business
Quarter to December 31 Full Year to December 31
2012 2011 Change 2012 2011 Change
Traffic (RPK millions) 54,236 54,257 0.0% 223,887 219,346 2.1%
Capacity (ASK millions) 66,206 66,363 -0.2% 269,299 267,578 0.6%
Load factor 81.9% 81.8% 0.2 pts 83.1% 82.0% 1.2 pts
Total passenger revenues (€m) 4,932 4,684 5.3% 20 186 18,834 7.2%
Scheduled passenger revenues 4,710 4,461 5.6% 19,262 17,998 7.0%
(€m)
Unit revenue per RPK (€cts) 8.69 8.23 5.6% 8.60 8.24 4.4%
Unit revenue per RPK at - - 3.2% - - 1.7%
constant currency (€cts)
Unit revenue per ASK (€cts) 7.12 6.73 5.8% 7.15 6.75 5.9%
Unit revenue per ASK at - - 3.4% - - 3.2%
constant currency (€cts)
Unit cost per ASK (€cts) 7.32 7.06 3.6% 7.24 6.90 4.9%
Unit cost per ASK at constant
currency and fuel price - - -1.2% - - -0.3%
(€cts)
Operating result (€m) -137 -224 nm -235 -375 nm
Cargo business
Quarter to December 31 Full Year to December 31
2012 2011 Change 2012 2011 Change
Traffic (RTK millions) 2,684 2,851 -5.9% 10,577 11,294 -6.3%
Capacity (ATK millions) 4,264 4,419 -5.6% 16,409 17,011 -3.5%
Load factor 67.4% 67.6% -0.2 pts 64.5% 66.4% -1.9 pts
Total cargo business revenues 791 802 -1.4% 3,057 3,143 -2.7%
(€m)
Revenues from the 746 756 -1.3% 2,872 2,977 -3.5%
transportation of cargo (€m)
Unit revenue per RTK (€cts) 27.80 26.52 4.8% 27.15 26.37 3.0%
Unit revenue per RTK ex - - 2.0% - - -0.9%
currency (€cts)
Unit revenue per ATK (€cts) 18.68 17.90 4.3% 17.50 17.50 0.0%
Unit revenue per ATK ex - - 1.5% - - -3.8%
currency (€cts)
Unit cost per ATK (€cts) 19.30 17.91 7.8% 18.85 17.86 5.6%
Unit cost per ATK on constant - - 1.4% - - -1.2%
currency and fuel price (€cts)
Operating income (€m) -25 0 nm -222 -60 nm
Maintenance business
The maintenance business realised third party revenues of 317 million euros in
the fourth quarter of 2012 (273 million euros in the same period of 2011). The
operating result stood at 37 million euros (43 million euros at 31st December
2011). For the full year, revenues amounted to 1.1 billion euros (+5.4%). The
operating result stood at 145 million euros (110 million euros at 31st
December 2011).
Other businesses
Other businesses comprise mainly Transavia and the catering activity. In the
fourth quarter, total revenues stood at 264 million euros against 269 million
euros a year earlier. The operating result stood at -18 million euros (-21
million euros at 31st December 2011). For the full year, revenues amounted to
1.29 billion euros (1.35 billion euros at 31st December 2011). The difference
comes essentially from the reclassification of the Martinair leisure
activities in passenger. The operating result stood at 12 million euros (-28
million euros a year earlier).
Transavia
Quarter to December 31 Full Year to December 31
2012 2011 Change 2012 2011 Change
Traffic (RPK millions) 2,899 2,775 4.5% 15,406 14,794 4.1%
Capacity (ASK millions) 3,415 3,290 3.8% 17,683 17,105 3.4%
Load factor 84.9% 84.3% 0.6 pts 87.1% 86.5% 0.6 pts
Total passenger revenues (€m) 157 149 6.0% 889 816 8.9%
Scheduled passenger revenues 150 141 7.0% 851 784 8.5%
(€m)
Unit revenue per RPK (€cts) 5.17 5.06 2.0% 5.53 5.30 4.3%
Unit revenue per RPK at - - 2.0% - - 4.3%
constant currency (€cts)
Unit revenue per ASK (€cts) 4.39 4.27 2.7% 4.81 4.58 5.0%
Unit revenue per ASK at - - 2.7% - - 5.0%
constant currency (€cts)
Unit cost per ASK (€cts) 5.10 4.98 2.3% 4.82 4.61 4.5%
Unit cost per ASK at constant - - -2.1% - - -1.1%
currency and fuel price (€cts)
Operating result (€m) -24 -23 nm -1 -5 nm
Catering revenues were stable in the fourth quarter at 319 million euros of
which 84 million euros in third party revenues. The operating result stood at
4 million euros (8 million euros at 31st December 2011). For the full year
revenues amounted to 928 million euros of which 355 million euros with third
parties (-5.6%) while the operating result was 6 million euros (25 million
euros at 31st December 2011).
INCOME STATEMENTS
Q4 (October to December) 12 months (January to December)
In euros 2012 2011 variation 2012 2011 variation
millions proforma
SALES 6,304 6,028 4.6% 25,633 24,363 5.2%
Other revenues 5 12 -58.3% 16 39 -59.0%
EXTERNAL EXPENSES (4,080) (3,899) 4.6% (16,432) (15,517) 5.9%
Aircraft fuel (1,789) (1,622) 10.3% (7,328) (6,438) 13.8%
Chartering costs (139) (140) -0.7% (556) (571) -2.6%
Aircraft operating (239) (220) 8.6% (957) (848) 12.9%
lease costs
Landing fees and en (451) (451) 0.0% (1,862) (1,818) 2.4%
route charges
Catering (145) (149) -2.7% (595) (577) 3.1%
Handling charges and
other operating (347) (339) 2.4% (1,389) (1,342) 3.5%
costs
Aircraft maintenance (320) (293) 9.2% (1,151) (1,172) -1.8%
costs
Commercial and (199) (209) -4.8% (876) (847) 3.4%
distribution costs
Other external (451) (476) -5.3% (1,718) (1,904) -9.8%
expenses
Salaries and related (1,898) (1,866) 1.7% (7,660) (7,460) 2.7%
costs
Taxes other than (44) (49) -10.2% (184) (191) -3.7%
income taxes
Amortization and (404) (416) -2.9% (1,591) (1,642) -3.1%
depreciation
Provisions (33) (32) 3.1% (157) (55) na
Other income and 7 20 -65.0% 75 110 -31.8%
expenses
INCOME FROM CURRENT (143) (202) 29.2% (300) (353) 15.0%
OPERATIONS
Sales of aircraft 2 10 Na 7 16 56.3%
equipment
Sales of 0 0 na 97 1 na
subsidiaries
Other non-current (119) (33) na (684) (144) na
income and expenses
INCOME FROM (260) (225) -15.6% (880) (480) -83.3%
OPERATING ACTIVITIES
Income from cash and 22 23 -4.3% 83 92 -9.8%
cash equivalents
Cost of financial (111) (121) -8.3% (436) (463) -5.8%
debt
Net cost of (89) (98) 9.2% (353) (371) 4.9%
financial debt
Foreign exchange 91 (28) na 62 (116) na
gains (losses), net
Change in fair value
of financial assets 4 76 na 62 (66) na
and liabilities
Other financial 6 2 na 15 2 na
income and expenses
INCOME BEFORE TAX (248) (273) 9.2% (1,094) (1,031) -6.1%
Income taxes 31 3 na (27) 245 na
NET INCOME OF
CONSOLIDATED (217) (270) 19.6% (1,121) (786) -42.6%
COMPANIES
Share of profits
(losses) of (17) 12 na (66) (19) na
associates
INCOME FROM
CONTINUING (234) (258) 9.3% (1,187) (805) -47.5%
OPERATIONS
Net income from
discontinued
operations
NET INCOME FOR THE (234) (258) 9.3% (1,187) (805) -47.5%
PERIOD
Minority interest (1) (1) (5) (4)
NET INCOME FOR THE (235) (259) 9.3% (1,192) (809) -47.3%
PERIOD - GROUP
CONSOLIDATED BALANCE SHEET
Assets December 31,
2012 December 31, 2011
In € millions
Goodwill 252 426
Intangible assets 842 774
Flight equipment 10,048 10,689
Other property, plant and equipment 1,932 2,055
Investments in equity associates 383 422
Pension assets 3,470 3,217
Other financial assets(*) 1,665 2,015
Deferred tax assets 1,151 1,143
Other non-current assets 152 168
Total non-current assets 19,895 20,909
Assets held for sale 7 10
Other short-term financial assets(*) 933 751
Inventories 521 585
Trade accounts receivables 1,859 1,774
Income tax receivables 11 10
Other current assets 828 995
Cash and cash equivalents 3,420 2,283
Total current assets 7,579 6,408
Total assets 27,474 27,317
Liabilities and equity December 31,
2012 December 31, 2011
In € millions
Issued capital 300 300
Additional paid-in capital 2,971 2,971
Treasury shares (85) (89)
Reserves and retained earnings 1,738 2,858
Equity attributable to equity holders of Air 4,924 6,040
France-KLM
Non-controlling interests 56 54
Total equity 4,980 6,094
Provisions and retirement benefits 2,287 2,061
Long-term debt 9,565 9,228
Deferred tax liabilities 431 466
Other non-current liabilities 384 321
Total non-current liabilities 12,667 12,076
Provisions 555 156
Current portion of long-term debt 1,434 1,174
Trade accounts payables 2,219 2,599
Deferred revenue on ticket sales 2,115 1,885
Frequent flyer programs 770 784
Current tax liabilities 3 6
Other current liabilities 2,474 2,386
Bank overdrafts 257 157
Total current liabilities 9,827 9,147
Total liabilities 22,494 21,223
Total liabilities and equity 27,474 27,317
CONSOLIDATED STATEMENT OF CASH FLOWS
In € millions 2012 2011 1/04/2011
Period from January 1 to December 31, (12 months) (12 months 31/12/2011
proforma) (9 months)
Net income for the period - Equity holders (1,192) (809) (442)
of Air France-KLM
Non-controlling interests 5 4 4
Amortization, depreciation and operating 1,748 1,697 1,296
provisions
Financial provisions (15) (2) (3)
Gain on disposals of tangible and intangible (24) (6) (7)
assets
Loss / (gain) on disposals of subsidiaries - (2) -
and associates
Gain on Amadeus operation (97) - -
Derivatives - non monetary result (86) (8) 12
Unrealized foreign exchange gains and (94) 95 169
losses, net
Share of (profits) losses of associates 66 19 12
Deferred taxes (14) (266) (100)
Other non-monetary items 505 (369) (296)
Subtotal 802 353 645
(Increase) / decrease in inventories 65 15 (13)
(Increase) / decrease in trade receivables (140) (49) 142
Increase / (decrease) in trade payables (307) 690 343
Change in other receivables and payables 431 (75) (559)
Net cash flow from operating activities 851 934 558
Acquisition of subsidiaries, of shares in (39) (30) (7)
non-controlled entities
Purchase of property plants equipments and (1,472) (2,433) (1,872)
intangible assets
Proceeds on Amadeus transaction 466 - -
Proceeds on disposal of subsidiaries and 1 - -
investments in associates
Proceeds on disposal of property, plant and 745 1,168 862
equipment and intangible assets
Dividends received 24 28 28
Decrease (increase) in investments, net 30 (562) (412)
between 3 months and 1 year
Net cash flow used in investing activities (245) (1,829) (1,401)
Increase in capital - 6 -
Purchase of non-controlling interests, of - (21) (6)
owned shares
Disposal of subsidiaries without loss of 7 2 2
control,of owned shares
Issuance of debt 1,780 1,414 868
Repayment on debt (847) (990) (874)
Payment of debt resulting from finance lease (514) (838) (689)
liabilities
New loans (90) (145) (102)
Repayment on loans 100 265 185
Dividends paid (2) (4) (3)
Net cash flow from financing activities 434 (311) (619)
Effect of exchange rate on cash and cash (3) (19) -
equivalents and bank overdrafts
Change in cash and cash equivalents and bank 1,037 (1,225) (1,462)
overdrafts
Cash and cash equivalents and bank 2,126 3,351 3,588
overdrafts at beginning of period
Cash and cash equivalents and bank 3,163 2,126 2,126
overdrafts at end of period
AIR FRANCE-KLM FLEET
Air France fleet
Aircraft AF Brit City Régional VLM Transavia Owned Finance Operating Total In Change /
Air Jet lease lease operation 12/31/11
B747-400 7 3 1 3 7 7 -2
B777-300 37 13 7 17 37 37 +3
B777-200 25 15 2 8 25 25
B767-300
A380-800 8 1 3 4 8 8 +2
A340-300 14 9 3 2 14 11 -4
A330-300
A330-200 15 3 2 10 15 15
MD11
Long haul 106 44 18 44 106 103 -1
B747-400 5 2 3 5 3
cargo
B777- 2 2 2 2
cargo
MD-11-CF
MD-11-F
Freighter 7 4 3 7 5
B737 900
B737-800 8 8 8 8
B737-700
B737-400
B737-300
A321 25 6 6 13 25 25
A320 59 20 3 36 59 56 -3
A319 42 20 5 17 42 41 -2
A318 18 11 7 18 18
Medium 144 8 57 21 74 152 148 -5
haul
AVRO RJ 22 11 11 22 19 -3
85
Canadair 13 13 13 13 +2
Jet 1000
Canadair
Jet 900
Canadair 15 6 9 15 15
Jet 700
Canadair 13 12 1 13 9 -4
Jet 100
Embraer 10 4 6 10 10
190
Embraer 16 8 2 6 16 16 +6
170
Embraer 23 11 11 1 23 23 -3
145
Embraer 6 4 2 6 -4
135
Fokker
100
Fokker 70
Fokker 50 13 12 1 13 13 -1
Regional 41 22 55 13 81 25 25 131 118 -7
TOTAL 257 41 22 55 13 8 186 64 146 396 374 -13
KLM fleet
Aircraft KLM KLM Transavia Martinair Owned Finance Operating Total In Change /
Cityhopper lease lease operation 12/31/11
B747-400 22 13 4 5 22 22
B777-300 7 7 7 7 +2
B777-200 15 6 9 15 15
B767-300
A380-800
A340-300
A330-300 3 3 3 3 +3
A330-200 11 6 5 11 11
MD11 8 7 1 8 6 -4
Long haul 66 20 24 22 66 64 +1
B747-400 4 3 3 4 7 4 -1
cargo
B777-
cargo
MD-11-CF 4 3 1 4 4
MD-11-F 3 2 1 3 2 -1
Freighter 4 10 3 5 6 14 10 -2
B737 900 5 1 1 3 5 5
B737-800 23 21 4 11 29 44 44 +1
B737-700 18 10 13 15 28 28
B737-400 3 3 3
B737-300
A321
A320
A319
A318
Medium 49 31 8 25 47 80 77 +1
haul
AVRO RJ
85
Canadair
Jet 1000
Canadair
Jet 900
Canadair
Jet 700
Canadair
Jet 100
Embraer 22 13 9 22 22 +5
190
Embraer
170
Embraer
145
Embraer
135
Fokker 1 1 1 -5
100
Fokker 70 26 26 26 26
Fokker 50
Regional 49 27 13 9 49 48
KLM 119 49 31 10 58 67 84 209 199
TOTAL Air France-KLM Group 244 131 230 605 573 -13
[1] Before amortisation, provisions and operating leases
[2]Adjusted for portion of operating leases corresponding to financial charges
(34%)
[3]Definition in 2011 Registration Document page 144. Reconciliation table
available in results presentation.
FY 2012 results
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Source: AIR FRANCE - KLM via Thomson Reuters ONE
HUG#1680121
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