Total
revenues amounted to 6,695 million euros versus 7,175 million euros in
2013, down 6.7%, but up +0.2% on a constant currency basis and adjusted
for the Air France pilot strike (“like-for-like”). Currencies had a
negative 78 million euro impact on revenues.
Operating costs were 1.3% lower
year-on-year and 0.7% lower on a constant currency basis. Ex-fuel, they
increased by 0.7% and by 0.8% on a like-for-like basis. Unit cost per
EASK1 was reduced by 1.2%, on a constant currency, fuel price, pension
expense and strike adjusted basis, against capacity measured in EASK up
by 2.0%, corrected for the strike. The fuel bill amounted to 1,737
million euros, down 6.4%, but slightly up (+0.4%) on a constant currency
and strike adjusted basis. Total employee costs including temporary
staff were down 1.6% to 1,871 million euros, and by 1.7% on a constant
currency basis. On a constant pension expense and adjusted for the
strike, they declined by9 million euros.
The
net result, group share stood at 100 million euros against 148 million
euros a year ago. It includes the non current result of the Amadeus
transaction (187 million euros), mainly offset by the change in value of
the fuel hedging portfolio (-172 million euros). On an adjusted basis4,
the net result, group share stood at 111 million euros against 372
million euros in Q3 2013, a 261 million euro decrease.
In the first Nine Months of 2014, total
revenues stood at 18,7 billion euros versus 19,4 billion euros in 2013,
down 3.6%, but up +0.4% on a like-for-like basis. Currencies had a
negative 365 million euro impact on revenues.
The
net result, group share stood at -514 million euros against -651 million
euros a year ago. It includes the non-current result of the Amadeus
transaction (187 million euros), the change in value of the fuel hedging
portfolio (-146 million euros), foreign exchange losses (including the
adjustment in the value of the cash held by the Group in Venezuela), and
the impairment charges related to the Cargo business. On an adjusted
basis, the net result, group share stood at -231 million euros
against-314 million in the first nine months of 2013, an 83 million euro
improvement.
Source and image: AFI KLM
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