AIR FRANCE - KLM : FIRST QUARTER 2018 RESULTS

4th May 2018

FIRST QUARTER 2018 RESULTS STRONG ONGOING DEMAND, STRIKE WEIGHING ON RESULTS

FIRST QUARTER 2018
Strong ongoing demand in the first quarter 2018:

However, Air France strikes have weighed on the economic performance of the Group:

The Group financial structure has been further improved: 

OUTLOOK FOR FULL YEAR 2018
The demand remains well oriented in a favourable business environment:

Some guidance elements have been adjusted to take into account the Air France strike impact of at least 300 million euros on the operating result, and the macroeconomic context:

As a consequence, full year 2018 operating result is expected to be notably below 2017[1].

The Group is targeting to further reduce its net debt compared to 31 December 20171.

The Board of Directors of Air France-KLM, chaired by Jean-Marc Janaillac, met on 3rd May 2018 to approve the accounts for the first quarter 2018.

Air France-KLM Group First quarter
2018 Change
Passengers (thousands) 22,014 +5.2%
Unit revenue per ASK (€ cts) 6.24 +1.2%
Operating result1 (€m) -118 -85
Net result - group1 (€m) -269 -126
Adjusted operating free cash flow1 (€m) 142 -182
Net debt at end of period1(€m) 6,282 -285

Restatement of accounts due to implementation of new accounting standards of IFRS

Since January 1, 2018, Air France-KLM Group applies the three following new standards:

Detailed information on the changes of IFRS are provided in the published document "Consolidated financial statements" of the first quarter 2018, Chapter 2: Restatement of accounts 2017, page 11-15.

Impact on the consolidated income statement

    Q1 2017  
In million euros Published accounts Restated Change Impact by
Revenues 5,709 5,705 -4 IFRS 15
External expenses -5,155 -5,057 +98 IFRS 15 & 16
Operating leases -285 0 +285 IFRS 16
EBITDA 269 648 +379 IFRS 15 & 16
Amortizations and depreciation -412 -681 -269 IFRS 16
Current operating income -143 -33 +110 IFRS 15 & 16
Cost of financial debt -56 -140 -84 IFRS 16
Operating income -/- cost of debt -199 -173 +26 IFRS 15 & 16
Other financial items -31 46 +77 IFRS 9 & 16
Income tax 9 -21 -30  
Net result -216 -143 +73  


    2017  
In million euros Published accounts Restated Change Impact by
Revenues 25,784 25,860 +76 IFRS 15
External expenses -21,432 -21,086 +346 IFRS 15 & 16
Operating leases -1,088 0 +1,088 IFRS 16
EBITDA 3,264 4,774 +1,510 IFRS 15 & 16
Amortizations and depreciation -1,776 -2,837 -1,061 IFRS 16
Current operating income 1,488 1,937 +449 IFRS 15 & 16
Cost of financial debt -214 -537 -322 IFRS 16
Operating income -/- cost of debt 1,273 1,400 +127 IFRS 15 & 16
Other financial items 116 582 +466 IFRS 9 & 16
Income tax 229 74 -155  
Net result -274 162 +436  

Impact on the consolidated balance sheet per 31 December 2017

In billion euros Published accounts Restated Change   Published accounts Restated Change
 

Asset 		24.4 30.2 +5.8 Liabilities & Equity 24.4 30.2 +5.8
Fixed Assets: Equipment 11.4 11.1 -0.3 Equity 3.0 2.5 -0.5
Fixed Assets: right of use 0.0 5.9 +5.9 Liabilities 21.4 27.7 +6.3
Deferred tax asset 0.2 0.5 +0.2 Lease debt 0.0 5.1 +5.1
       Maintenance provision 2.2 3.2 +1.0

Impact on the consolidated statement of cash flows

    Q1 2017  
In million euros Published accounts Restated Change
Operating free cash flow 329 581 +252
Cash flow from financing activities -192 -444 -252
Change in cash and cash equivalents 126 126 0

All the changes shown in this press release are based on 2017 restated financial statements.

Business Review

Network: Revenue growth in context of strikes impacting margin

Network First quarter
2018 Change Change
constant currency
Capacity (EASK m) 76,993 +2.8%  
Total revenues (€m) 5,090 +0.8% +4.5%
Scheduled revenues (€m) 4,836 +0.8% +4.6%
Unit revenue per EASK (€ cts) 6.28 -2.0% +1.7%
Unit cost per EASK (€ cts) 6.39 -0.5% +3.7%
Operating result (€m) -86 -76 -97

There has been a positive business environment in the first quarter of 2018, with strong ongoing demand. The Group has increased its Network capacity by 2.8% compared to last year, slightly lower than planned mainly as a result of three days of strikes at Air France. Despite this unfavourable event, the network revenues grew by +4.5% compared to last year at constant currency, which enabled to partly offsett the strike and fuel cost negative impacts. The combined Passenger and Cargo operating result amounted to -86 million euros for first quarter 2018, including around 75 million euros of negative strike impact, a decrease of 97 million euros compared to last year at constant currency.

Passenger: Strong ongoing demand for long-haul and medium-haul hubs, pressure in point-to-point network

  First quarter
Passenger network 2018 Change Change
constant currency
Passengers (thousands) 19,287 +4.4%  
Capacity (ASK m) 68,174 +3.2%  
Traffic (RPK m) 59,112 +4.9%  
Load factor  86.7% +1.4 pt  
Total passenger revenues (€m) 4,547 +0.6% +4.1%
Scheduled passenger revenues (€m) 4,359 +0.6% +4.2%
Unit revenue per ASK (€ cts) 6.39 -2.4% +1.0%

The number of passengers carried in the first quarter of 2018 grew by 4.4% to 19.3 million and unit revenue increased by 1.0% at constant currency.
The long-haul network benefitted from a dynamic demand resulting in an unit revenue increase of 1.9% at constant currency. This good performance was driven by the North America, Latin America and Asia networks, with unit revenue increases of respectively 4.9%, 6.2% and 2.4% at constant currency.
The medium-haul network was more mixed: the unit revenue was up 2.3% at constant currency for medium-haul hubs, but down -8.9% on the point-to-point network in France, mainly due to the new TGV competition on Bordeaux and Britanny.

Cargo: Increase in unit revenues compared to last year drives growth of revenues

  First quarter
Cargo business 2018 Change Change
at constant currency
Tons (thousands) 270 -0.8%  
Capacity (ATK m) 3,415 +0.6%  
Traffic (RTK m) 2,036 -0.4%  
Load factor  59.6% -0.6 pt  
Total Cargo revenues (€m) 543 +2.6% +7.9%
Scheduled cargo revenues (€m) 477 +2.4% +8.0%
Unit revenue per ATK (€ cts) 13.95 +1.8% +7.3%

The Cargo business has continued its turnaround in the first quarter of 2018, with a market demand remaining strong, especially on outbound Europe and inbound Asia.
Capacity grew by 0.6% and, despite a load factor slightly decreasing, the unit revenue increased by 7.3% at constant currency.

Transavia: Strong capacity growth and strong unit revenue performance contribute to an improvement in operating result

  First quarter
Transavia 2018 Change
Passengers (thousands) 2,727 +11.3%
Capacity (ASK m) 5,229 +10.1%
Traffic (RPK m) 4,807 +16.0%
Load factor  91.9% +4.6 pt
Total passenger revenues (€m) 235 +19.3%
Unit revenue per ASK (€ cts) 4.30 +8.4%
Unit cost per ASK (€ cts) 5.41 +1.3%
Operating result (€m) -58 +7

Transavia carried 2.7 million passengers in the first quarter 2018, an increase of 11.3% compared to last year. Capacity of Transavia France was strongly up by 25.0%, while capacity of Transavia Holland was up 2.2%. Transavia benefitted from shift of Easter leisure peak traffic from the month of April to March: in total the traffic growth was 16.0%, increasing the load factor by 4.6 pt compared to last year. The unit revenue was clearly up with 8.4% compared to last year.

The first quarter 2018 operating result stood at -58 million euros, an improvement of 7 million euros compared to last year.

Maintenance: Increase of third party revenues

  First quarter
Maintenance 2018 Change Change
at constant currency
Total revenues (€m) 1,075 +3.7%  
Third party revenues (€m) 471 +5.1% +17.2%
Operating result  (€m) 27 -17 -14
Operating margin (%) 2.5% -1.7 pt -1.7 pt

The Maintenance revenues increased in the first quarter 2018 compared to last year, with third-party revenues up by 17.2% at constant currency, driven by both engines and components activities. The operating margin expressed as a percentage of total revenues stood at 2.5%, a decrease of 1.7 points at constant currency, but stable excluding an exceptional effect related to the early termination of a components contract.

The Maintenance order book further increased to 10.8 billion dollars at end of the first quarter 2018, an increase of 0.4 billion dollars compared to end of 2017.

Air France-KLM Group: First quarter 2018 impacted by Air France strike

  First quarter
  2018 Change Change
at constant currency
Capacity (EASK m) 82,221 +3.3%  
Capacity excl. Cargo (ASK m) 73,403 +3.6%  
Revenues (€m) 5,806 +1.8% +5.9%
EBITDA (€m) 621 -4.2% -6.4%
Operating result (€m) -118 -85 -105
Operating margin (%) -2.0% -1.5 pt -1.8 pt
Net result, group share (€m) -269 -126  

In first quarter 2018, the Air France-KLM Group realized an operating result of -118 million euros, down by 85 million euros compared to last year. This decrease is mainly explained by the strikes at Air France with a negative impact of around 75 million euros and by the fuel price increase.

Unit revenue contributed positively with 91 million euros and unit cost showed a negative effect of 106 million euros, both including strike related effects.

The fuel bill amounted to 1,058 million euros, down 61 million euros, but up 83 million euros at constant currency due to the increase in jet fuel price including hedging.

Currencies had a negative 224 million euros impact on revenues versus first quarter 2017, due to the strengthening of the euro against other currencies. The positive impact on costs reached 245 million euros, including a tailwind from currency hedging. In the first quarter 2018, the net impact of currencies thus amounted to a positive 20 million euros.

Unit cost

On a constant currency, fuel price and pension-related expense basis, the unit cost was up +2.1% in the first quarter 2018, of which +1.7% was resulting from the strikes at Air France and +0.4% from a one-off item.

Increased productivity supported by capacity growth

Productivity, measured in EASK per FTE, increased by 2.1% with a capacity increase of 3.3%. The average number of staff increased by 900 FTEs including +100 FTEs in Pilots and +1100 FTEs in Cabin crew relating to the capacity increase. Ground staff were reduced by -300 FTEs.

Net employee costs in the first quarter 2018 were up 1.9% compared to last year, including a profit sharing component for KLM. Excluding this effect, the net employee costs were up 0.6%.

Further strengthening of the financial structure

  First quarter
In million euros 2018 Change
Cash flow before change in WCR and Voluntary Departure Plans, continuing operations 512 -49
Cash out related to Voluntary Departure Plans -22 +15
Change in Working Capital Requirement (WCR) 807 +125
Net cash flow from operating activities 1,297 +91
Net investments before sale & lease-back* -913 -288
Operating free cash flow 384 -197
Reduction of lease debt -242 +15
Adjusted operating free cash flow ** 142 -182

* Sum of 'Purchase of property, plant and equipment and intangible assets' and 'Proceeds on disposal of property, plant and equipment and intangible assets' as presented in the consolidated cash flow statement.
** With the implementation of new accounting standards IFRS 16, the cash-out related to the repayment of lease debt is not deducted from the "Operating free cash flow". The "Adjusted operating free cash" is the Operating free cash flow" after deduction of the repayment of lease debt.

Positive adjusted operating free cash flow

The Group has generated an adjusted operating free cash flow of 142 million euros in the first quarter 2018, compared to 324 million euros in the first quarter 2017. The change in working capital amounted to 807 million euros, an increase by 125 million euros compared to last year, and net investments amounted to 913 million euros, an increase of 288 million euros.

Net debt reduction by the generated adjusted operating free cash flow and reduction of lease debt

In million euros 31 Mar 2018 31 Dec 2017
Net debt 6,282 6,567
EBITDA1 4,748 4,774
Net debt/EBITDA1 1.3 x 1.4 x

At 31 March 2018, net debt had been further reduced to 6,282 million euros versus 6,567 million euros at 31 December 2017, an improvement of 329 million euros generated by the operating free cash flow and the net reduction of lease debt.
The net debt / EBITDA ratio decreased from 1.4x at 31 December 2017 to 1.3x at 31 March 2018.
  
Air France results impacted by strike and domestic market, KLM improvement  benefitting from robust demand

  First quarter
Operating result 2018 Change
Air France Group (€m) -178 -121
Operating margin (%) -5.0% -3.4 pt
KLM Group (€m) 60 +32
Operating margin (%) 2.5% +1.3pt

First Quarter 2018 operating income was down by -121 million euros at Air France due to strike and competitive pressure in the domestic market.
KLM operating income improved by 32 million euros benefitting from a robust demand environment.

Outlook

The global context remains uncertain given the current geopolitical environment, labour wage inflation pressure, strengthening of the euro compared to other currencies and rising fuel price trends.

Demand and revenue environement:

Some guidance elements have been adjusted to take into account the Air France strike impact of at least 300 million euros on the operating result, and the macroeconomic context:

As a consequence, the full year 2018 operating result is expected to be notably below 2017.

Capex plan and net debt target:

Due to the strike impacts on the 2018 Air France results, the management will carefully continue to manage the financial structure of the Group and its growth plan.

*****

The First Quarter 2017 accounts are not audited by the Statutory Auditors.

The results presentation is available at www.airfranceklm.com on 4th May 2018 from 7:15 am CET.

A conference call hosted by Mr Gagey (CFO) will be held on May 4th 2018 at 08.15.

To connect to the conference call, please dial:
Confirmation code: 9332673

Investor Relations                                                                                          Press
Marie-Agnès de Peslouan                   Wouter van Beek                                                       
+33 1 49 89 52 59                                 +33 1 49 89 52 60                                 +33 1 41 56 56 00
madepeslouan@airfranceklm.com        Wouter-van.Beek@airfranceklm.com
                       

Income Statement

  First quarter
In millions euros 2018 2017 Change
Sales 5,806 5,705 +1.8%
Other revenues 0 0 nm
Revenues 5,806 5,705 +1.8%
Aircraft fuel -1,061 -1,120 -5.3%
Chartering costs -130 -126 +3.2%
Landing fees and en route charges -427 -437 -2.3%
Catering -182 -185 -1.6%
Handling charges and other operating costs -476 -419 +13.6%
Aircraft maintenance costs -617 -592 +4.2%
Commercial and distribution costs -232 -228 +1.8%
Other external expenses -394 -358 +10.1%
Salaries and related costs -1,853 -1,812 +2.3%
Taxes other than income taxes -49 -45 +8.9%
Other income and expenses 236 265 -10.9%
EBITDA 621 648 -4.2%
Amortization, depreciation and provisions -739 -681 +8.5%
Income from current operations -118 -33 +257.6%
Sales of aircraft equipment -5 9 nm
Other non-current income and expenses -42 -7 +500.0%
Income from operating activities -165 -31 +432.3%
Cost of financial debt -114 -149 -23.5%
Income from cash and cash equivalent 10 9 +11.1%
Net cost of financial debt -104 -140 -25.7%
Other financial income and expenses 12 46 -73.9%
Income before tax -257 -125 +105.6%
Income taxes -6 -21 -71.4%
Net income of consolidated companies -263 -146 +80.1%
Share of profits (losses) of associates -6 3 nm
Income from continuing operations -269 -143 +88.1%
Net income from discontinued operations 0 0 nm
Net income for the period -269 -143 +88.1%
Minority interest 0 0 nm
Net income for the period - Group -269 -143 +88.1%

Consolidated Balance Sheet

Assets 31 Mar 2018 31 Dec 2017
In million euros
Goodwill 215 216
Intangible assets 1,147 1,122
Flight equipment 10,084 9,634
Other property, plant and equipment 1,446 1,418
Right-of-use assets 5,769 5,863
Investments in equity associates 290 301
Pension assets 602 590
Other financial assets 1,229 1,242
Deferred tax assets 430 479
Other non-current assets 207 239
Total non-current assets 21,419 21,104
Assets held for sale 0 0
Other short-term financial assets 399 421
Inventories 576 557
Trade receivables 2,452 2,165
Other current assets 1,325 1,242
Cash and cash equivalents 4,074 4,673
Total current assets 8,826 9,058
Total assets 30,245 30,162


Liabilities and equity 31 Mar 2018 31 Dec 2017
In million euros
Issued capital 429 429
Additional paid-in capital 4,139 4,139
Treasury shares -67 -67
Perpetual 600 600
Reserves and retained earnings -2,780 -2,620
Equity attributable to equity holders of Air France-KLM 2,321 2,481
Non-controlling interests 12 12
Total Equity 2,333 2,493
Pension provisions 2,175 2,202
Other provisions 2,971 2,927
Financial debt 5,766 5,919
Lease debt 3,831 4,148
Deferred tax liabilities 8 6
Other non-current liabilities 364 361
Total non-current liabilities 15,115 15,563
Provisions 279 284
Current portion of financial debt 774 1,378
Current portion of lease debt 1,151 993
Trade payables 2,428 2,366
Deferred revenue on ticket sales 4,042 3,017
Frequent flyer programs 816 819
Other current liabilities 3,301 3,243
Bank overdrafts 6 6
Total current liabilities 12,797 12,106
Total equity and liabilities 30,245 30,162

Consolidated Statement of Cash Flows from 1st January until 31st March 2018

In million euros 31 Mar 2018 31 Mar 2017
Net income from continuing operations -269 -143
Net income from discontinued operations 0 0
Amortization, depreciation and operating provisions 739 681
Financial provisions 26 30
Loss (gain) on disposals of tangible and intangible assets 4 -9
Loss (gain)on disposals of subsidiaries and associates 0 0
Derivatives - non monetary result 13 16
Unrealized foreign exchange gains and losses, net -24 -56
Impairment 0 0
Other non-monetary items -6 -4
Share of (profits) losses of associates 6 -4
Deferred taxes 1 13
Financial Capacity 490 524
Of which discontinued operations 0 0
(Increase) / decrease in inventories -13 -115
(Increase) / decrease in trade receivables -310 -275
Increase / (decrease) in trade payables 64 81
Change in other receivables and payables 1,066 991
Change in working capital requirements 807 682
Change in working capital from discontinued operations 0 0
Net cash flow from operating activities 1,297 1,206
Purchase of property, plant and equipment and intangible assets -939 -668
Proceeds on disposal of property, plant and equipment and intangible assets 26 43
Proceeds on disposal of subsidiaries, of shares in non-controlled entities 3 1
Acquisition of subsidiaries, of shares in non-controlled entities -8 -1
Dividends received 3 1
Decrease (increase) in net investments, more than 3 months -12 -4
Net cash flow used in investing activities of discontinued operations 0 0
Net cash flow used in investing activities -927 -628
Increase of capital 0 0
Sale of minority interest without change in control 0 0
Issuance of debt 24 45
Repayment on financial debt -781 -234
Payments on leases debt -242 -257
Decrease (increase ) in loans, net 34 2
Dividends and coupons on perpetual paid 0 0
Net cash flow used in financing activities of discontinued operations 0 0
Net cash flow from financing activities -965 -444
Effect of exchange rate on cash and cash equivalents and bank overdrafts -4 -8
Effect of exch. rate on cash and cash eq. and bank overdrafts of disc. ops. 0 0
Change in cash and cash equivalents and bank overdrafts -599 126
Cash and cash equivalents and bank overdrafts at beginning of period 4,667 3,933
Cash and cash equivalents and bank overdrafts at end of period 4,068 4,059
Change in treasury of discontinued operations 0 0

Key Performance Indicators

EBITDA

  First quarter
In million euros 2018 2017
Income/(loss) from current operations -118 -33
Amortization, depreciation and provisions 739 681
EBITDA 621 648

Restated net result, group share         

  First quarter
In million euros 2018 2017
Net income/(loss), Group share -269 -143
Net income/(loss) from discontinued operations 0 0
Unrealized foreign exchange gains and losses, net -24 -56
Change in fair value of financial assets and liabilities (derivatives) 14 -6
Non-current income and expenses 47 -2
Depreciation of shares available for sale 0 0
De-recognition of deferred tax assets 0 0
Restated net income/(loss), group share -232 -207
Coupons on perpetual 0 -6
Restated net income/(loss), group share including coupons on perpetual (used to calculate earnings per share) -232 -213
Restated net income/(loss) per share (in €) -0.54 -0.71

Return on capital employed (ROCE)1

In million euros 31 Mar 2018 31 Mar 2017 31 Mar 2017 31 Mar 2016
Goodwill and intangible assets 1,362 1,320 1,320 1,242
Flight equipment 10,084 9,158 9,158 8,746
Other property, plant and equipment 1,446 1,382 1,382 1,475
Right of use assets 5,725 5,511 5,511 5,746
Investments in equity associates 290 295 295 74
Financial assets excluding shares available for sale, marketable securities and financial deposits 117 110 110 93
Provisions, excluding pension, cargo litigation and restructuring -2,726 -2,719 -2,719 -2,505
WCR, excluding market value of derivatives -6,606 -6,222 -6,222 -5,881
Capital employed 9,692 8,835 8,835 8,993
Average capital employed (A) 9,264 8,914
Adjusted results from current operations 1,852 1,253
- Dividends received -3 -2
- Share of profits (losses) of associates 11 -2
- Tax recognized in the adjusted net result -553 -371
Adjusted result from current operations after tax (B) 1,307 878
ROCE, trailing 12 months (B/A) 14.1% 9.8%

Net debt

  Balance sheet at
In million euros 31 Mar 2018 31 Dec 2017
Current and non-current financial debt 6,540 7,297
Deposits on aircraft under finance lease 4,560 4,713
Financial assets pledged (OCEANE swap) 0 0
Currency hedge on financial debt 19 19
Accrued interest -71 -76
Gross financial debt (A) 11,048 11,953
Cash and cash equivalents 4,074 4,673
Marketable securities 84 73
Cash pledges 269 269
Deposits (bonds) 346 379
Bank overdrafts -6 -6
Other -1 -2
Net cash (B) 4,766 5,386
Net debt (A) - (B) 6,282 6,567

Adjusted operating free cash flow

  First quarter
In million euros 2018 2017
Net cash flow from operating activities, continued operations 1,297 1,206
Investment in property, plant, equipment and intangible assets -939 -668
Proceeds on disposal of property, plant, equipment and intangible assets 26 43
Operating free cash flow 384 581
Payments on lease debt -242 -257
Adjusted operating free cash flow 142 324

Unit cost: net cost per EASK

  First quarter
  2018 2017
Revenues (in €m) 5,806 5,705
Income/(loss) from current operations  (in €m) 118 33
Total operating expense (in €m) 5,924 5,738
Passenger network business - other revenues (in €m) -188 -189
Cargo business - other revenues (in €m) -67 -64
Third-party revenues in the maintenance business (in €m) -471 -448
Transavia - other revenues (in €m) -10 -9
Third-party revenues of other businesses (in €m) -10 -10
Net cost  (in €m) 5,178 5,018
Capacity produced, reported in EASK* 82,221 79,607
Net cost per EASK (in € cents per EASK) 6.30 6.30
Gross change   -0.1%
Currency effect on net costs (in €m)   -191
Change at constant currency   3.9%
Fuel price effect (in €m)   83
Change on a constant currency and fuel price basis   2.2%
Change in pension-related expenses (in €m)   6
Net cost per EASK on a constant currency, fuel price and pension-related expenses basis (in € cents per EASK) 6.30 6.17
Change on a constant currency, fuel price and pension-related expenses basis   +2.1%

* The capacity produced by the transportation activities is combined by adding the capacity of the Passenger network (in ASK) to that of Transavia (in ASK) and the Cargo business (in ATK) converted into EASK based on a separate fixed factor for Air France and for KLM..

Airline results

Air France Group

  First quarter
  2018 Change
Revenue (in €m) 3,553 -0.8%
EBITDA (in €m) 305 -79
Operating result (en m€) -178 -121
Operating margin (%) -5.0% -3.4 pt
Operating cash flow before WCR and restructuring cash out (in €m) 266 -79
Operating cash flow (before WCR and restructuring) margin 7.5% -2.1 pt

KLM Group

  First quarter
  2018 Change
Revenue (in €m) 2,387 +7.4%
EBITDA (in €m) 313 +47
Operating result (en m€) 60 +32
Operating margin (%) 2.5% +1.3 pt
Operating cash flow before WCR and restructuring cash out (in €m) 245 +33
Operating cash flow (before WCR and restructuring) margin 10.3% +0.7 pt

NB: Sum of individual airline results does not add up to Air France-KLM total due to intercompany eliminations at Group level

Group fleet at 31st of March 2018

Aircraft type AF
(incl. HOP) 		KL
(incl. KLC & MP) 		Transavia Owned Finance  lease Operating lease Total In operation Change /  31/12/17
B747-400   12   12     12 12 -1
B777-300 43 14   10 25 22 57 57  
B777-200 25 15   22 3 15 40 40  
B787-9 5 12   3 2 12 17 17 2
A380-800 10     1 4 5 10 10  
A340-300 7     7     7 7  
A330-300   5       5 5 5  
A330-200 15 8   10 1 12 23 23  
Total Long-Haul 105 66 0 65 35 71 171 171 1
B737-900   5   1 1 3 5 5  
B737-800   27 64 24 9 58 91 91 4
B737-700   18 8 3 8 15 26 26  
A321 20     11   9 20 20  
A320 43     4 4 35 43 43 1
A319 38     20 5 13 38 35 -3
A318 18     12 6   18 18  
Total Medium-Haul 119 50 72 75 33 133 241 238 2
ATR72-600 6         6 6 6  
ATR72-500 2       1 1 2 2 -1
ATR42-500 10     6   4 10 9 -2
Canadair Jet 1000 14     14     14 14  
Canadair Jet 700 11     11     11 10 -1
Embraer 190 10 32   8 13 21 42 42 2
Embraer 175   16   5 11   16 16 4
Embraer 170 15     8 2 5 15 15  
Embraer 145 18     14 4   18 13  
Total Regional 86 48 0 66 31 37 134 127 2
B747-400ERF   3   3     3 3  
B747-400BCF   1   1     1 1  
B777-F 2     2     2 2  
Total Cargo 2 4 0 6 0 0 6 6 0
            
Total 312 168 72 212 99 241 552 542 5




[1] Since January 1st, 2018, Air France-KLM Group applies the new accounting standards IFRS 9, 15 and 16. For the purpose of comparison, the Group consolidated financial statements have been restated as of 1st January 2017.

1 Sliding 12 months



1 Based on the forward curves of 27 April 2018, 2018 average Brent price of USD 71, average jet fuel price of USD 681 per ton and and exchange rate of EUR/USD of 1.23 in 2018
  

1 The ROCE definition has been updated within the framework of IFRS 16 implementation. The asset value linked to the aircraft lease contracts now corresponds to the net book value of the right-of-use asset of all the lease contracts. Moreover, the "operating result, adjusted for operating leases" does not exist anymore and has been replaced by the "income from current operations" which, thanks to IFRS 16 implementation, does not contain anymore the financial cost of lease contracts. Finally, the Group now uses a normative income tax rate, calculated according to the tax rates applied in France and in the Netherlands.


Attachment