Credit update. December 2014

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1 Credit update December 2014

2 Highlights of the Third Quarter Operating environment Air France-KLM Economic environment remains weak Further currency volatility affecting revenues and results Slightly lower fuel price Summer season impacted by industry overcapacity on certain long-haul routes, notably North America and Asia Large impact of pilot strike on results High volatility of passenger revenues Unit cost reduced by 1.2%*, the 10 th quarter of significant reduction in a row Operating result down 18m excluding currency and strike Launch of new strategic plan, Perform m cash-in from Amadeus transaction * Like-for-like: at constant currency, pension and excluding strike impact 2

3 Key data of the Third Quarter In millions Q Q (1) Change 9m m 2013 (1) Change Revenues 6,695 7, % 18,700 19, % Change like-for-like (3) +0.2% +0.4% EBITDA (2) 682 1, m 1,273 1, m Change like-for-like(3) -21m +222m Operating result m m Change like-for-like(3) -18m +267m Net result, group share m m Adjusted net result (2) m m Operating free cash flow (2) m m Net debt at end of period (2) 5,273 5,348 (4) -75m (1)2013 restated for IFRIC 21, CityJet reclassified as discontinued operation (2)See definition in press release (3)Like-for-Like: at constant currency, eliminated for strike impact (4)Net debt at 31st December

4 Operating free cash flow in 9 months 2014 Analysis of change in net debt through 9 months 2014, in million euros 5,348 Cash flow before VDP, and change In WCR (9m 2013**: 1,071) Operating free cash flow*: -75 (9m 2013: +496) Gross Investments -1,106 (9m 2013: -897) Sale & Lease-Back , Voluntary Departure Plans (9m 2013: -106) -162 Change in WCR (9m 2013: +317) Net investments -1,073 Other including provision on cash held in Venezuela and Amadeus transaction +272 Net debt at 31 December 2013 Net debt at 30 September 2014 * Net cash flow from operating activities less net capex on tangibles and intangibles. All amounts excluding discontinued operations. See definition in press release ** 2013 restated for IFRIC 21, CityJet reclassified as discontinued operation 4

5 Debt reimbursement profile % convertible bond ( 661m) Maturity: April 2015 Conv. price: % convertible bond ( 550m) Maturity: Feb Put: Feb Conv. price: % convertible bond ( 420m) Maturity: April nd put: April 2016 Conv. price: Convertible bonds Plain vanilla bonds October 2016: Air France-KLM 6.75% ( 606m) January 2018: Air France-KLM 6.25% ( 500m) June 2021: Air France-KLM 3.875% ( 600m) Other long-term debt - mainly assetbacked (net of deposits ) H Beyond * Picture at 30 June 2014, in millions, net of deposits on financial leases and excluding KLM perpetual debt ( 570m) 5

6 Structure of financial debt In millions 30 September 2014 Market debt 3,789 Perpetual subordinated loan in Yen and Swiss francs % convertible bond due April m, o/w recorded under financial debt: % convertible bond due April 2020, 2 nd put: m, o/w recorded under financial debt: % convertible bond due Feb 2023, put: m, o/w recorded under financial debt: % plain vanilla bond due October % plain vanilla bond due January ,875% plain vanilla bond due June Other debt 6,144 (majority is made of debt secured by assets, mainly aeronautical) Total financial debt 9,933 o/w non current financial debt 8,001 o/w current financial debt 1,932 Market debt as percentage of gross financial debt 38% 6

7 Liquidity position In millions CASH AT HAND Cash + Cash Equivalents + Marketable Securities + Deposits (Triple A bonds) - Bank overdraft Comment 31 Dec Sept ,798 3,349 RESTRICTE D + Pledged Cargo claim + Restricted OCEANE Swap Amadeus Fair Value Shares Fixed rate + Committed Euro Credit Lines RCF 1,800 1,800 = GROSS LIQUIDITY 7,391 6,330 - Short Term debt 1,993 1,814 = NET LIQUIDITY 5,398 4,516 7

8 Credit lines Undrawn credit lines of 1.8bn Air France: 1.06bn until 2016 KLM: 540m until 2016 Air France-KLM: 200m until 2017 Covenants EBITDAR to adjusted** net interest costs Air France and KLM: 2.5x Air France-KLM: 1.5x Non-current assets in the balance sheet, not pledged as collateral > unsecured net debt EBITDAR / adjusted** net interest costs Air France-KLM 3.3x 3.5x 3.7x 31/12/ /12/2012* 30/09/2014 Excluding strike impact on EBITDAR 4.2x * Restated for IAS 19 revised, CityJet reclassified as discontinued operation ** Adjusted by the portion of financial costs within operating leases (34%) 8

9 Financial ratios at 30 September 2014, trailing 12 months 3.5x EBITDAR / adjusted net interest costs (1) 3.8x 3.9x 4.2x (3) 3.7x Adjusted net debt (2) / EBITDAR 5.4x 4.4x 4.2x 4.4x 4.0x (3) 31/12/2012* 30/09/2013** 31/12/2013** 30/09/ /12/2012* 30/09/2013** 31/12/2013** 30/09/2014 EBITDA / net interest costs 5.2x (3) 4.6x 4.6x 4.0x 4.3x 4.3x Net debt / EBITDA 3.1x 2.9x 3.2x 2.7x (3) 31/12/2012* 30/09/2013** 31/12/2013** 30/09/ /12/2012* 30/09/2013** 31/12/2013** 30/09/2014 Excluding strike impact on EBITDA and EBITDAR * IAS19 Restated ** Restated for IFRIC 21, CityJet reclassified as discontinued operation (1)Adjusted by the portion of financial costs within operating leases (34%) (2)Adjusted for the capitalization of operating leases (7x yearly expense) (3) Excluding strike impact on EBITDA(R) (net debt unchanged) 9

10 Debt by currency and interest rate at 30 September 2014 Average cost of debt (after swap): 3.32% Gross debt by currency (after derivative instruments) Net debt by type (after swap) floating rate 12% fixed rate 88% 10

11 Active debt and liquidity management Active debt refinancing program 600 million bond issue launched in June 2014 Bonds representing 94 million repurchased in framework of tender offer 350 million raised through Amadeus transaction in September 19.7m Amadeus shares remaining Current market value of more than 600 million Half of stake hedged in November using a collar 11

12 Secondary spreads 12

13 Net debt calculation In millions 31 Dec June 2014 Current and non-current financial debt 10,733 10,173 Deposits linked to financial debt (626) (575) Financial assets pledged (OCEANE swap) (393) (176) Currency hedge on financial debt 8 3 Accrued interest (144) (86) = Financial debt (A) 9,578 9,319 Cash and cash equivalents 3,684 3,298 Marketable securities Cash pledges Deposits (Triple A bonds) Bank overdrafts (166) (77) = Net cash (B) 4,230 3,905 Net debt (A - B) 5,348 5,414 EBITDA (sliding 12 months) 1,855 2,052 Net debt / EBITDA ratio 2.9x 2.6x 13

14 Appendix

15 Update on fuel bill Fuel bill after hedging, in billion dollars 9.2 Q4: ** 8.8* Q4: 2.1* 8.2* $107/bbl 9.2 $98/bbl 8.6 $89/bbl 8.2 $80/bbl 7.9 $71/bbl 7.5 Q1-Q3: 6.7* Market price - Brent ($ per bbl)* Market price - Jet fuel ($ per metric ton)* % of consumption already hedged Q4: 70% 55% * Based on forward curve at 17 October 2014 ** Excluding strike impact 15

16 Passenger capacity and unit revenue per quarter 2012 Q Q Q Q Q Q Q3 2014* Capacity +0,6% +0,3% +2,7% +1,6% +1,8% +1,3% +1,0% +1,6% RASK ex-currency +3,2% +1,3% -1,3% +2,7% +0,0% -0,7% +1,3% ~-1,8% * Excluding pilot strike impact 16

17 Cargo capacity and unit revenue per quarter 2012 Q Q Q Q Q Q Q3 2014* Capacity -1,5% -0,9% -0,9% -2,0% -0,5% -3,5% -4,1% -4,2% RATK ex-currency -1,0% -1,0% +1,1% ~-2,1% -3,8% -4,8% -5,2% -5,7% * Excluding pilot strike impact 17

18 Passenger unit revenue by network in Third Quarter excluding strike impact Medium-haul point-to-point North America -14.2% -12.3% 7.3% ASK RPK RASK Medium-haul hubs Total medium-haul 4.1% 2.4% -1.3% 3.7% 5.0% -1.7% ASK RPK RASK ASK RPK RASK -0.8% 1.1% 0.4% ASK RPK RASK Latin America Africa and Middle East Asia 7.1% 6.3% -10.4% -0.3% 0.9% 2.0% 2.0% 4.0% -2.3% ASK RPK RASK ASK RPK RASK ASK RPK RASK Total long-haul Caribbean & Indian Ocean Total 2.3% 3.0% -1.3% -2.7% 1.0% 1.3% 1.7% 2.6% -1.8% ASK RPK RASK ASK RPK RASK ASK RPK RASK 18

19 Outlook for Full Year 2014 Positive effects of Transform 2015 Launch of several key Perform 2020 initiatives Stable passenger capacity in Winter season, including a significant further reduction of point-to-point capacity 4 full-freighter aircraft leaving the fleet by March 2015 Negotiation with pilots on Transavia development in France Impact of pilot strike and challenging operating environment: around 500m on 2014 EBITDA 19

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