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lo dedico personalmente a tutti gli scettici del piano industriale AF per il take-over di Az, a tutti i sostenitori della cordata, a tutti quei pseudo-manager che hanno rifiutato una proposta eccellente ed ora annaspano in creativita' nel cercare soluzioni di fanta-strategia.

Thursday 22 May 2008

AIR FRANCE KLM Group's Annual Results

The results are excellent with a record €1450 million in operating income (up 13.3%), which shows a high level of profitability.

The 7% ROCE target was met with 7.1%. This confirms the relevance of our merger strategy with KLM. The dividend improved by 21% to €0.58 per share.

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View the AIR FRANCE KLM annual results live (Broadcast starts at 8.30 am - local time in Paris)

Net income was impacted by the provision for a cargo penalty, like 26 other airlines. This provision was partially offset by a capital gain from

Amadeus. Net profit stood at €748 million. Excluding exceptionals, it came to €987 million, up 10.8%.

The passenger business recorded an increase in unit revenue driven by yield, which more than offset the drop in the load factor.

Premium traffic did very well this year, with a 10% improvement in unit revenue.

Cargo is recovering, but this was masked by the restructuring expenses from the replacement of the Boeing 747-200 fleet by the 747-400s in CDG.

Outlook

Faced with soaring fuel costs, air transport is heading for difficult times, but the Air France KLM Group is extremely well equipped to take

full advantage of the situation:

1) A healthy balance sheet with an increasing reduction in debt.

2) A combined network which is the most powerful in Europe, and therefore the most attractive to business passengers travelling between Europe and the rest of the world.

3) A well-balanced network which makes us less vulnerable to any one particular region.

4) A very modern long-haul fleet to reduce fuel consumption, and to ensure flexibility in adapting to the current economic situation.

5) A long-term fuel hedging policy, which considerably softens the immediate effect of rising oil prices.

6) A range of synergies and a tighter cost-savings programme thanks to deeper integration of AIR FRANCE KLM.

7) North Atlantic position reinforced thanks to ATI, which has just been granted to us for the JV between AIR FRANCE KLM and Delta-Northwest.

For all these reasons, we maintain our target of a significantly positive EBIT of around 1 billion euros, provided that oil prices average out at 120 $ per barrel over the year.