FULL YEAR 2017
? Robust traffic statistics with 99 million passengers carried, up 5.6% compared to last year
? Operating income at 1,488 million euros, up 41.8% compared to 2016.
? Significant balance-sheet de-risking linked to the de-recognition of two pension plans, with a related non-current net expense of 1,429 million euros. Including this impact, the net result group share stands at -274 million euros.
Excluding this non-current expense, the 2017 net result stands at +1,155 million euros, up 363 million euros compared to last year.
? Flat unit costs at constant currency, fuel and pension charges in spite of increased load factor and profit sharing effects.
? Significant strengthening in the group’s financial structure with a net debt reduction of 2 billion euros resulting from strong operating free cash flow and issued capital.
? Adjusted net debt / EBITDAR ratio of 2.1x, an improvement of 0.8 points compared to 31 December 2016.
OUTLOOK FOR FULL YEAR 2018
? First quarter 2018 unit revenue growth expected to be positive at constant currency compared to last year.
? Unit cost reduction of between -1.0% and -1.5% at constant currency, fuel and pension charges.
? Fuel bill increase of 150 million euros, based on current forward prices and hedge portfolio.
? Positive operating free cash flow (before acquisitions and disposals).
The Board of Directors of Air France-KLM, chaired by Jean-Marc Janaillac, met on 15 February 2018 to approve the accounts for the Full Year 2017.
Jean-Marc Janaillac made the following comments: “Air France-KLM closed 2017 with strong results boosted by a positive business environment. Thanks to the commitment of employees and the continuing focus on the quality of customer service, the group confirmed its leadership position in Europe in traffic terms while reporting an operating income increase of 42% and significantly improving its financial profile. These achievements went hand in hand with major strategic advances including the strengthening and broadening of our network of alliances and the successful launch of Joon. As we enter 2018, in a context of rising oil prices and even more intense competition, we will pursue the offensive, work on competitiveness and unit cost reduction, and capitalize on the realizations of 2017 in order to maintain a profitable growth momentum.”
Air France-KLM Group
Fourth Quarter Full year 2017 Change 2017 Change
Passengers (thousands) 23,665 +4.7% 98,721 +5.6%
Unit revenue per ASK (€ cts) 6.51 +2.3% 6.69 +2.0%
Operating result (€m) 113 +20.2% 1,488 +41.8%
Net result – group (€m) -977 na -274 na
Operating free cash flow (€m) -97 -194 696 +349
Net debt at end of period (€m) 1,657 -1,998
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Air France KLM EUR 10,165 -53,5ct vol. ruim 6 miljoen.