Financial Year 2015: First Quarter results
FIRST QUARTER RESULTS AFFECTED BY CURRENCY IMPACT
FULL YEAR 2015 OUTLOOK: OBJECTIVES MAINTAINED
The consolidated financial statements of the Group have been revised as of 1st January 2015 in orderto improve their legibility. The changes are:
First Quarter 2015 total revenues stood at 5.7 billion euros versus 5.6 billion euros in First Quarter2014, up 1.8%, but down 2.4% like-for-like.
Currencies had a positive 239 million euro impact on revenues, primarily driven by the strengtheningof the US dollar against the euro. In spite of higher profits on currency hedging, the negative impact oncosts reached 320 million euros. It was larger considering the bigger share of costs than revenues inUS dollars, and considering the fact that a sizeable portion of First Quarter 2015 revenues werebooked in 2014 at a time when the dollar was weaker. In the First Quarter 2015, the net impact ofcurrencies thus amounted to a negative 81 million euros.
Total operating costs were 1.2% higher year-on-year and down 3.9% on a like-for-like basis. Ex-fuel,they increased by 3.3% and by 1.5% on a like-for-like basis. Unit cost per EASK was stable, on aconstant currency, fuel price and pension-related expense basis, against stable capacity measured inEASK (+0.1%).
The fuel bill amounted to 1,480 million euros, down 4.7% and like-for-like down 17.6%, on the back ofa 20.3% reduction in jet fuel price after hedging and of a 15.6% negative currency impact. Based onthe forward curve at 17 April, the Full Year 2015 fuel bill is expected to reach 6.6 billion euros45. Basedon the same forward curve, the Full Year 2016 fuel bill could amount to 6.1 billion euros.
Total employee costs including temporary staff were up 2.1% to 1,920 million euros. They included anon-cash increase of 31 million euros in pension-related expenses at KLM due to changes in actuarialassumptions (lower discount rate). On a constant scope and pension-related expense basis, they wereflat (+0.3%). In addition, the Group recorded under “non-current income and expenses” a 56 millioneuro provision for the Voluntary Departure Plan targeting 800 positions that was announced inFebruary.
EBITDAR amounted to 229 million euros, an improvement of 62 million.
EBITDA amounted to a negative 21 million euros, an increase of 29 million euros. On a like-for-likebasis, EBITDA improved by 91 million euros. The Passenger network had the largest contribution tothe improvement of EBITDA, up 58 million euros, whereas cargo EBITDA decreased by 30 millioneuros.
At 85 million euros, maintenance achieved a good performance on EBITDA level, up 9 millioneuros.
The operating result stood at -417 million euros versus -445 million euros in 2014, a 28 million euroimprovement. Like-for-like, the operating result increased by 109 million euros.The net result, group share stood at -559 million euros against -608 million euros a year ago. Itincluded notably the non-current result related to the capital gain on the sale of Amadeus shares(+218 million euros), partly offset by the change in value of the fuel hedging portfolio (-26 million euros) and the unrealized foreign exchange loss (-143 million euros). On an adjusted basis, the netresult, group share stood at -504 million euros against -485 million euros in First Quarter 2014, a 19million euro decrease.
At 31 March 2015, the trailing 12 months strike-adjusted return on capital employed1(ROCE) was5.6%, up 1.6 point compared to 31 March 2014.
I dati separati per divisione, Air France, KLM, Transavia, Cargo ecc. li potete trovare qui:
http://www.airfranceklm.com/sites/default/files/communiques/2015-q1_press_release_en_def.pdf
FIRST QUARTER RESULTS AFFECTED BY CURRENCY IMPACT
- Revenues of 5.7 billion euros, up 1.8%
- EBITDAR of 229 million euros, an improvement of 62 million euros
- EBITDA of -21 million euros, an improvement of 29 million euros
- Operating result of -417 million euros, an improvement of 109 million euroslike-for-like
- Net negative currency impact of 81 million euros on operating result
- Net debt of 5.28 billion euros, down 127 million euros compared to 31 December2014, and down to 4.68 billion euros including April 2015 hybrid bond issuance
- Adjusted net debt / EBITDAR ratio3of 3.7x, an improvement of 0.5 compared to31 March 2014
FULL YEAR 2015 OUTLOOK: OBJECTIVES MAINTAINED
- Unit cost reduction target of 1 to 1.3%
- Significant reduction of net debt, from 5.4 billion euros at end 2014 down toaround 4.4 billion euros at end 2015, in part as a result of the April 2015 hybridbond issuance
The consolidated financial statements of the Group have been revised as of 1st January 2015 in orderto improve their legibility. 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 lossstatement, but are instead fully allocated to the “other income and expenses” line. The impact perquarter of this restatement is provided in appendix.
First Quarter 2015 total revenues stood at 5.7 billion euros versus 5.6 billion euros in First Quarter2014, up 1.8%, but down 2.4% like-for-like.
Currencies had a positive 239 million euro impact on revenues, primarily driven by the strengtheningof the US dollar against the euro. In spite of higher profits on currency hedging, the negative impact oncosts reached 320 million euros. It was larger considering the bigger share of costs than revenues inUS dollars, and considering the fact that a sizeable portion of First Quarter 2015 revenues werebooked in 2014 at a time when the dollar was weaker. In the First Quarter 2015, the net impact ofcurrencies thus amounted to a negative 81 million euros.
Total operating costs were 1.2% higher year-on-year and down 3.9% on a like-for-like basis. Ex-fuel,they increased by 3.3% and by 1.5% on a like-for-like basis. Unit cost per EASK was stable, on aconstant currency, fuel price and pension-related expense basis, against stable capacity measured inEASK (+0.1%).
The fuel bill amounted to 1,480 million euros, down 4.7% and like-for-like down 17.6%, on the back ofa 20.3% reduction in jet fuel price after hedging and of a 15.6% negative currency impact. Based onthe forward curve at 17 April, the Full Year 2015 fuel bill is expected to reach 6.6 billion euros45. Basedon the same forward curve, the Full Year 2016 fuel bill could amount to 6.1 billion euros.
Total employee costs including temporary staff were up 2.1% to 1,920 million euros. They included anon-cash increase of 31 million euros in pension-related expenses at KLM due to changes in actuarialassumptions (lower discount rate). On a constant scope and pension-related expense basis, they wereflat (+0.3%). In addition, the Group recorded under “non-current income and expenses” a 56 millioneuro provision for the Voluntary Departure Plan targeting 800 positions that was announced inFebruary.
EBITDAR amounted to 229 million euros, an improvement of 62 million.
EBITDA amounted to a negative 21 million euros, an increase of 29 million euros. On a like-for-likebasis, EBITDA improved by 91 million euros. The Passenger network had the largest contribution tothe improvement of EBITDA, up 58 million euros, whereas cargo EBITDA decreased by 30 millioneuros.
At 85 million euros, maintenance achieved a good performance on EBITDA level, up 9 millioneuros.
The operating result stood at -417 million euros versus -445 million euros in 2014, a 28 million euroimprovement. Like-for-like, the operating result increased by 109 million euros.The net result, group share stood at -559 million euros against -608 million euros a year ago. Itincluded notably the non-current result related to the capital gain on the sale of Amadeus shares(+218 million euros), partly offset by the change in value of the fuel hedging portfolio (-26 million euros) and the unrealized foreign exchange loss (-143 million euros). On an adjusted basis, the netresult, group share stood at -504 million euros against -485 million euros in First Quarter 2014, a 19million euro decrease.
At 31 March 2015, the trailing 12 months strike-adjusted return on capital employed1(ROCE) was5.6%, up 1.6 point compared to 31 March 2014.
I dati separati per divisione, Air France, KLM, Transavia, Cargo ecc. li potete trovare qui:
http://www.airfranceklm.com/sites/default/files/communiques/2015-q1_press_release_en_def.pdf
