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Air France-KLM revenue up 5.2%

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Staff writer ▼ | February 22, 2013
Air France-KLM's passenger business traffic and capacity increased by 2.1% and 0.6%, for a full year. Revenues were also better: up 5.2% to 25.63 billion euros (+2.5% ex currency).
Air France-KLM
Air France-KLMAir France-KLM's passenger business traffic and capacity increased by 2.1% and 0.6%, for a full year. Revenues were also better: up 5.2% to 25.63 billion euros (+2.5% ex currency).


The company reported an increase of 890 million euros in fuel bill, reduction in operating loss (-300 million euros versus -353 million in a previous year) , net result of -1.19 billion euros after 471 million euros in restructuring charges, and net debt reduced to 6 billion euros (6.5 billion euros a year earlier).

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 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.

Jean-Cyril Spinetta"The year 2012 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," said Jean-Cyril Spinetta, chairman and CEO of Air France-KLM.

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 31st 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 31st December 2011).


 

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