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Amstelveen,
24
juli
2015
|
07:15
Europe/Amsterdam

AirFrance-KLM Financial Year 2015: First Half results

SECOND QUARTER

  • Revenues of 6.64 billion euros, up 3.0%, down 4.5% like-for-like[1]
  • EBITDAR[2] of 824 million euros, a decrease of 30 million euros
  • Operating result of 185 million euros, a decrease of 53 million euros,stable like-for-like
  • Unit cost2 down 0.5% like-for-like

FIRST HALF

  • Revenues of 12.30 billion euros, up 2.4%, down 3.6% like-for-like
  • EBITDAR of 1,053 million euros, an improvement of 32 million euros
  • Strong operating free cash flow2 generation: 274 million euros
  • Further net debt reduction: net debt2 of 4.55 billion euros, down 857 million euros compared to 31 December 2014
  • Adjusted net debt / EBITDAR ratio[3] of 3.8x, an improvement of 0.2 compared to 31 December 2014

FULL YEAR 2015 OUTLOOK: OBJECTIVES MAINTAINED

  • Unit cost reduction in the 1% to 1.3% range[4]
  • Significant reduction in net debt, from 5.4 billion euros at end 2014 down to around 4.4 billion euros at end 2015

ACCELERATION OF PERFORM 2020

  • Launch of immediate cost-saving measures
  • Acceleration of all cost reduction initiatives
  • Adjustment of Winter 2015-16 capacity

[1] Like-for-like: excluding currency. Same definition applies in rest of press release

[2] See definition in appendix

[3] Trailing 12 months, EBITDAR adjusted for September 2014 pilot strike impact; see definition in appendix

[4] On a constant currency, fuel price and pension-related expense basis. See computation in appendix

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The Board of Directors of Air France-KLM, chaired by Alexandre de Juniac, met on 23 July 2015 to approve the accounts for the First Half of the Financial Year 2015.

In the First Half 2015, Air France-KLM’s results were characterized by exceptional volatility in exchange rates and the fuel price, and by on-going pressure on unit revenues. All the Perform 2020 cost-saving initiatives were identified and quantified, and productivity agreements have already been signed at KLM. Transavia is pursuing its rapid development and will serve 47 cities on departure from Paris this summer. The maintenance business is posting strong growth.

The lack of results improvement leads us to implement immediate additional adaptation measures including, in particular, the closure of heavily loss-making routes, the downward revision in capacity for the forthcoming Winter season, together with an acceleration and an increase in the magnitude of our cost-saving initiatives. Following the agreement signed by KLM with its unions, the rapid conclusion of the negotiations with the Air France unions is key to re-launching the results turnaround. At this pivotal moment in Air France-KLM’s history, the Board and I know that we can count on the spirit of responsibility and commitment shared by all the Group’s staff to enable us to return to a growth path.
Alexandre de Juniac, Chairman and CEO of Air France-KLM

Key Data

 

Second Quarter

First Half

 

2015

2014

Change

2015

2014

Change

Passengers (thousands)

23,580

23,390

+0.8%

42,601

42,188

+1.0%

Capacity (EASK m)

85,948

85,807

+0.2%

163,180

162,971

+0.1%

Revenues (€m)

6,642

6,451

+3.0%

12,298

12,005

+2.4%

Change like-for-like (%)

 

 

-4.5%

 

 

-3.6%

EBITDAR (€m)

824

854

-30

1,053

1,021

+32

EBITDA (€m)

569

641

-72

548

591

-43

EBITDA margin (%)

8.6

9.9

-1.3 pt

4.5

4.9

-0.4 pt

EBITDA change like-for-like (€m)

 

 

-17

 

 

+92

Operating result (€m)

185

238

-53

-232

-207

-25

Operating margin (%)

2.8%

3.7%

-0.9 pt

-1.9%

-1.7%

-0.2 pt

Operating result changelike-for-like (€m)

 

 

+2

 

 

+110

Net result, group share (€m)

-79

-11

-68

-638

-619

-19

Restated net result, group share2 (€m)

77

146

-69

-427

-339

-88

Earnings per share (€)

(0.27)

(0.04)

-0.23

(2.16)

(2.09)

-0.07

Diluted earnings per share (€)

(0.27)

(0.04)

-0.23

(2.16)

(2.09)

-0.07

Adjusted earnings per share (€)

0.24

0.49

-0.25

(1.46)

(1.15)

-0.31

Diluted adjusted earnings per share (€)

0.21

0.38

-0.17

(1.46)

(1.15)

-0.31

Operating free cash flow (€m)

311

175

+136

274

95

+179

Net debt at end of period (€m)

 

 

 

4,550

5,407

-857

The consolidated financial statements of the Group have been revised as of 1st January 2015 in order to improve their clarity. The changes are:

  • In view of its rapid development, Transavia is now presented as a separate business segment. The passenger business segment is thus renamed from “passenger” to “passenger network”.
  • Capitalized production costs are no longer deducted from individual cost lines in the profit and loss statement, but are instead fully allocated to the “other income and expenses” line. The impact per quarter of this restatement is provided in the appendix.
  • Foreign currency effects on provisions are no longer recorded in “amortization, depreciation and provisions” but in “other financial income and expenses”. The closing exchange rate is used to convert provisions at the closing date. Previously, the Group used the average rate of the US dollar to convert maintenance provisions. The consolidated financial statements as of December 31, 2014 have been restated for reason of comparison. The impact of this restatement is provided in the appendix.