AIRFRANCE KLM Financial Year 2015: Third Quarter results.


Third Quarter

  • Revenues of 7.4 billion euros, up 4.2% excluding strike impact, down 2.4% like-for-like (1)
  • EBITDAR (2) of 1,605 million euros, up 314 million euros like-for-like
  • Operating result of 898 million euros, up 321 million euros excluding strike impact, up 304 million euros like-for-like
  • Unit cost (2) down 0.9% like-for-like

First nine months of 2015

  • Revenues of 19.7 billion euros, up 3.1% excluding strike impact, down 3.1% like-for-like
  • EBITDAR of 2,658 million euros, an improvement of 388 million euros like-for-like
  • Strong operating free cash flow (2) generation: 533 million euros
  • Further net debt reduction: net debt (2) of 4.33 billion euros, down 1,077 million euros compared to 31 December 2014
  • Adjusted net debt / EBITDAR ratio (3) of 3.4x, an improvement of 0.6 compared to 31 December 2014

Full year 2015 outlook

  • Unit cost target: reduction in the 0.5% to 0.7% range (4) (previously: in the 1.0% to 1.3% range)
  • End 2015 net debt target unchanged: around 4.4 billion euros, down 1 billion euros compared to end of 2014

The Board of Directors of Air France-KLM, chaired by Alexandre de Juniac, met on 28 October 2015 to examine the accounts for the Third Quarter of the Financial Year 2015.


1) Like-for-like: excluding currency and September 2014 pilot strike. 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

A favorable environment, principally characterized by lower fuel prices and strong demand over the summer, resulted in an improvement of Air France-KLM’s results during the third quarter and first nine months of 2015. Such circumstances came in addition to the positive effects of the Transform 2015 plan implemented since 2012.This improvement is however not sufficient to bridge the competitiveness gap with our competitors or to generate the financial resources required to finance the Group’s growth. The implementation of the Perform 2020 plan is therefore vital since unit cost reduction is Air France-KLM’s main lever enabling the Group to return to a profitable growth path in a highly competitive environment.The management invites union representatives to resume negotiations as soon as possible as they are crucial for the success of this plan.
Alexandre de Juniac, Chairman and CEO of Air France-KLM