Air France-KLM Q1 results

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By TESTCustomwebLP TESTCustomwebLP April 30, 2015 20:11

Air France-KLM Q1 results

Air France-KLM reported Q1 revenues of €5.65bn, up 1.8% over the same period last year. The airline group reported an EBITDA loss of €21 million, an improvement of €29 million compared to the year-ago period.

The Passenger network had the largest contribution to the improvement of EBITDA, up €58 million, whereas cargo EBITDA decreased by €30 million. At €85 million, maintenance achieved a good performance on EBITDA level, up €9 million.

The group posted an operating loss of €417 million, an improvement of €109 million euros on a like-for-like basis. There was a net negative currency impact of €81 million on its operating result.

The airline group succeeded in reducing its net debt by€127 million to €5.28 billion, which is down to €4.68 billion including April 2015 hybrid bond issuance.

Air France-KLM reports adjusted net leverage of 3.7x at Q115 (3.9x excluding the €600m hybrid adjustment), down slightly from 4.0x at year-end. The group has confirmed its FY15 net debt guidance of €4.6bn.

The group has agreed a new €1.1bn revolving credit facility with 13 banks, replacing a facility maturing in 2016. The facility contains covenants including: EBITDAR/adjusted net interest >2.5x; non-current assets in balance sheet not pledged as collateral to be greater than consolidated unsecured net debt; Air France KLM to hold at least 70% of consolidated unsecured net debt.

First quarter 2015 total passenger network revenues amounted to €4,421 million, up 1.3% and down 2.0% like-for-like. The operating result of the passenger network business stood at €-322 million, versus €-378 million euros over the First Quarter 2014. Like-for-like, the operating result improved by €132 million.

The Group kept its total passenger network capacity stable (+0.1%). Unit revenue per Available Seat Kilometer (RASK) remained volatile, down by 2.3% on a like-for-like basis in the first quarter.

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By TESTCustomwebLP TESTCustomwebLP April 30, 2015 20:11