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09.03.2012 16:20
© Andy_Mitchell_UK@flickr.com
Air France – KLM Group, Europe’s biggest airline, reported a full-year loss as a sluggish economy and high fuel costs crimped earnings and said results for the current six months will show a further deterioration. The Paris-based company had a net loss of 809 million euros ($1.06 billion) versus a pro forma 289 million-euro profit in 2010, it said in a statement. Analysts had predicted a loss of 669 million euros
The Board of Directors of Air France-KLM, chaired by Jean-Cyril Spinetta, met on 7th March 2012 to approve the accounts for Financial Year 2011. The decision was taken not to pay a dividend.
Commenting on the results, Mr Spinetta said: “2011 was a tough year for the group, due to the uncertain operating environment and the high fuel price. Elsewhere, the economics of certain countries where we have a strong commercial presence were affected by various crises, the consequences of which are still being felt. In this context, the success of the transformation plan presented on 11th January this year is all the more crucial. All the announced actions are already underway, and the immediate measures, notably the wage freeze in 2012 and 2013 are for the most part already in place. Our objective is a reduction of around 10% in ex-fuel unit costs. The management of Air France-KLM as well as those of Air France, KLM and all their teams are committed to the success of the plan, which will enable our group to remain a leading player in the air transport sector.”
The passenger business saw a 6.6% rise in traffic for capacity up by 6.0%. These rises reflect a favourable comparison basis (strikes and adverse weather conditions in 2010) as well as the launch of the Marseille base in October 2011 and the integration of the Martinair capacities by KLM since November. The load factor stood at 81.8% (+0.4 points). Unit revenue per available seat kilometre (RASK) declined 2.6% after a negative currency effect of 0.5%. Passenger revenues rose by 3.2% to 4.68 billion euros. After a fuel bill 252 million euros higher than the previous year, the operating result stood at -224 million euros.
Since the middle of 2011, the cargo business has seen a decline in global trade, resulting in a 4.7% decline in traffic for capacity down 0.5%, and leading in a 2.9 point decline in load factor to 67.5%. The yield (RRTK) was preserved, but because of the decline in the load factor, unit revenue per available tonne kilometer (RATK) declined 3.8%. Revenues amounted to 802 million euros (830 million euros a year earlier) while the operating result was at break-even
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