Action. Transform 2015 Plan: For more, see page 2. Third quarter 2013
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1 Action Air France-KLM s Shareholders Newsletter December 23 Alexandre de Juniac Chairman and Chief Executive Officer of Air France-KLM Dear Shareholders, As our nine-month results show, Transform 25 is operational and producing significant effects despite a very difficult economic environment. The pursuit of our transformation is key to regaining our leadership position. It is this imperative which has guided all our decisions since the launch of the Transform 25 plan. This is why, in late September, we decided to launch additional measures in the two sectors which are still experiencing major difficulties: medum-haul and cargo. For implementation in 24, these additional industrial and headcount measures will produce their full effect in 25. Transform 25 Plan: progress report at Air France All the measures decided in 22 within the framework of Transform 25 have been implemented For more, see page 2 Third quarter 23 results Operating result increased to 634 million thanks to cost control For more, see page 3 Air France-KLM wins an award for investor relations For more, see page 5 Air France s 80 th anniversary Since October 7, Air France has been celebrating its 80 th anniversary, the occasion to retrace the airline s development. For more, see page 6
2 Highlights Alexandre de Juniac editorial continued It is within this framework that a new voluntary departure plan has been launched at Air France concerning 2,800 positions. While cost reduction and a rapid return to profitability are currently our priority objectives, we are also working on the development of products and services. Having begun the deployment of the new business class seats at KLM last summer, in 24 we shall be launching the new Boeing B777 cabins at Air France with seats in line with the highest standards in the market. In parallel, we are continuing our development in rapidly-growing markets. In addition to the daily KLM flight to Panama City, Air France has just inaugurated a service to this destination. The partnership agreement with Kenya Airways has been extended enabling the joint venture to cover routes beween Europe and East Africa from January 1, 24. On January 28, 24, for the International Forum for investments in the Ivory Coast, Air France will operate a special flight to Abidjan by Airbus A380. The aim is to operate a regular service to the Ivory Coast capital as of the Winter 24 season. In these circumstances, our relationship of trust with shareholders is, for me, a vital component in the success of our Transform 25 plan. It supports the efforts of staff across all the Group s entities to return Air France-KLM to the path of profitability. Thank you for your unwavering loyalty. Transform 25 on track All the measures decided in 22 within the framework of Transform 25 have been implemented: modest capacity growth, lower investments, headcount reduction, the implementation of new working conditions and improvements in productivity. The Group has also invested in upgrading the quality of the products and services for customers. These measures have enabled a steady improvement in the Group s operating result since the 22 second half, including in the businesses most affected by the economic slowdown (medium-haul and cargo) and a reduction in net debt. However, within a difficult economic environment, the turnaround of the mediumhaul and cargo businesses is insufficient, leading the Group to implement additional measures at both industrial and headcount level. Industrial measures In medium haul, the industrial measures mainly relate to the Air France Group s point-to-point activity: Adjustment of the network with a complementary reduction of the fleet by two aircraft at Orly and seven aircraft in the provincial bases by 25 Stations in France: reorganisation of processes and increased use of subcontracting; Development of Transavia whose fleet should increase by five aircraft per annum through to 26 Reduction of the fleet at Hop! In cargo the industrial measures are the continued reduction in the full freighter fleet at Air France and KLM (-4 aircraft taking the fleet to 10 aircraft in 25) and the outsourcing of the Orly cargo hangar. Headcount measures The industrial reorganisation of the medium-haul and cargo activities at Air France will entail a headcount reduction of 2,800. To deal with the surplus headcount among ground staff, Air France has presented a voluntary departure plan covering 1,826 jobs with the departures expected to be staggered between February and December 24. This new voluntary departure plan should generate savings of some 150 million on an annualized basis. Pilot (350 Full Time Equivalents) and cabin crew (700 FTEs) over-staffing will be addressed in 24 through other measures. Elsewhere, the company is also seeking to better adapt its organization to the seasonality of the business, which has accentuated in recent years. These additional measures, to be put in place during 24, will deliver their full effect in 25. However, in 24, they should enable a significant reduction in medium-haul and cargo losses. Despite the difficult economic environment, all the measures in the Transform 25 plan will ensure the continued recovery in the Group s profitability and a reduction in debt. 02 Action AIR december 23
3 Results Results: a satisfactory third quarter > Operating result increased to 634 million thanks to cost reduction In a continued difficult economic environment which saw a sharp re-rating in the Euro relative to all currencies, third quarter revenues stood at 7.21 billion (+0.4% and +3.8% excluding currency). The passenger and maintenance businesses posted a strong improvement in their profitability unlike the cargo business. The operating result amounted to 634 million (+29%) and the net result to 144 million after a 216 million restructuring provision linked to the additional measures taken in September. The Group enjoyed a good Summer season in the passenger business with traffic growth of 2.5% for a rise in capacity limited to 1.4%. The load factor gained almost one point to 86.9% (+0.9 points). Unit revenue per available seat kilometre (RASK) rose by 2.7% on a constant currency basis, but was down 0.6% on the back of a significant currency effect. Cargo continued to be affected by the economic slowdown and the situation of overcapacity. As a result, traffic declined by 3.8% for capacity down 1.4%. The load factor stood at 60.4% (-1.5 points). Unit revenue per available tonne kilometre (RATK) declined by 9.1% and by 5.2% on a constant currency basis. Unit costs measured in equivalent available seat kilometres (EASK) declined by 3.8% and by 1.5% on a constant currency and fuel price basis, for production in EASK up by 1.5%. > Outlook for 23 Based on a fuel bill of US$2.3 billion and within an economic and currency environment that remains highly volatile, the Group maintains its target of an improvement in second half operating result in line with that of the first half and a reduction in net debt relative to December 31, 22. Analysts Recommandations (Source: Bloomberg, Reuters at November 29, 23) 11 Buy _Add SEEN IN THE PRESS Les Échos November 4, 23 «Air France-KLM: strong increase in operating result.» L agefi November 4, 23 «The turnaround at Air France-KLM will take longer than expected.» Le Revenu - November 11, 23 «Air France-KLM, still-limited visibility.» Le Figaro - November 12, 23 «Air France-KLM refuses to bail out Alitalia.» 7 Sell _Lighten 9 Hold Revenues in million (at September 30, 23) Revenues by business line in million (at September 30, 23) Net income/(loss), Group share in million (at September 30, 23) 7,184 7, , Passenger Cargo Maintenance Others Income/(loss) from current operations in million (at September 30, 23) Net debt in billion (at September 30, 23) DeCEMBeR 23 Action AIR 03
4 Highlights Feedback from discerning customers FOCUS Air France and KLM are innovating by introducing a new Quality Observers program whose members are recruited from the airlines Flying Blue Elite community to replace the mystery shoppers. This new program is designed to measure the worldwide consistency of our products and the level of service quality. A mobile app and website are available exclusively to the Quality Observers community while the app contains a questionnaire specifically tailored to the reservation class. The main touch points to be observed both on a product and service level are: Check-in, Lounge, Boarding, Inflight, Transfer and Arrival. Starting from January 24, the aim is to assess all destinations and travel classes (except for La Première) on a weekly basis thanks to results delivered promptly, thereby giving more flexibility for ad-hoc audits when, for example, introducing new products. Air France and KLM are currently the first airlines in the world to adopt this concept. Air France-KLM recognized for its customer relations For the past fifteen years, the French Customer Relations Association has recognized the best companies in terms of their customer relations management and showcased those that are contributing to the development of this area. Innovation at the heart of client contact On October 17, AFI KLM E&M organised the Innovation Day forum at the Montreal premises of its client Air Canada, the aim being to present the latest maintenance innovations as proposed by Air Canada to its largest MRO suppliers. Eleven innovative solutions with the most relevance in terms of costs, time and cutting edge technology were presented, having been developed by the teams in Paris, Amsterdam and CRMA*. For example, the project to measure the level of fan case abrasion on the GE B/115B engines which requires a particularly simple system: a pen, a ruler and an adhesive tape. The exercise proved a real success for AFI KLM E&M enabling the generation of new ideas and extending its reach into potential new markets * Air France Group subsidiary and member of the AFI KLM E&M network (center of excellence for component and engine module repair and overhaul). This year, Air France-KLM won third place (behind EDF and IDTGV) in the Best Customer Relations of the Year category. This award confirms the Group s efforts in terms of the proactivity and transparency of its customer service HOP! launches its mobile website The Group renews its strategic partnership with Club Med On November 7, Air France-KLM and Club Méditerraneé signed a three-year agreement aimed at developing joint projects for the benefit of their respective customers. This agreement, designed to meet future challenges and enhanced with new services, extends the previous agreement signed in Club Méditerraneé systematically consults Air France-KLM for its transportation needs and the Group is committed to consistently providing the best possible offers on departure from France and the main countries in which it operates. The two companies also agreed on the deployment of joint initiatives in the fields of marketing and e-services. Air France-KLM and Club Méditerraneé also continue to collaborate on opportunities for charter flights with the Air France Group and its Transavia France and Hop! subsidiaries. Air France-KLM currently remains Club Méditerraneé s leading airline partner for scheduled flights. Similarly, Club Méditerraneé remains Air France s leading partner in Tourism and Group sales. Hop! has just launched its hob. fr mobile website enabling customers to access the airline s services around the clock by connecting from their Smartphones or tablets. Customers can purchase tickets for all destinations in the Hop! network via totally secure bank card payment in just a few clicks using this simple, rapid and intuitive tool. They can also manage all the details of their flight, change their reservation with or without incurring an additional charge depending on the conditions of their ticket and access the history of their previous reservations. On-line check-in from Smartphones will also be available before the end of the year. 04 Action AIR december 23
5 Highlights Air France-KLM wins an award for its investor relations > Best investor relations by a CEO award On December 2, 23, at the 6th edition of the Investor Relations & Financial Communication Forum, Alexandre de Juniac, Chairman and CEO of Air France-KLM. was awarded the Best Investor Relations by a CEO Award. This is the first time that the Group has won this award. The jury emphasized the direct, simple tone and coherence of Alexandre de Juniac s messages along with his transparent form of management. The Investor Relations & Financial Communication Forum is the annual French event which each year brings together representatives from 120 companies listed on Euronext Paris, including two thirds of the CAC40. > The Shareholder Relations prize On November 12, 23, Air France-KLM had already been recognized for its quality relations with shareholders. The Shareholder Relations Prize organized by Les Echos and Investir-Le Journal des Finances in partnership with the auditing group Mazars had awarded the main prize to Air France-KLM in the mid cap category Winter schedule For the Winter season (from October 27, 23 to March 29, 24), the Air France-KLM Group s capacity is up by 2.5% relative to Winter 22-. Long-haul capacity is up by 3.2% while medium-haul capacity is stable (-0.1%) relative to Winter 22-. This acceleration in growth is seasonal. Air France-KLM is maintaining its strict capacity control with an unchanged overall growth plan: +1.5% for 23 followed by +1.5% in 24. Air France In a difficult economic context marked by weak European growth, Air France is pursuing the roll-out of the measures linked to the Transform 25 plan and, notably, the adaptation of the schedule of the Marseilles, Nice and Toulouse provincial bases to the seasonality of demand and optimized use of the infrastructure at the Paris-Charles de Gaulle hub. KLM KLM is focusing its intercontinental expansion on South America. After several years of interruption, the airline will again serve Santiago de Chile in February 24. This winter KLM is also adding Florence to its European network, with two daily frequences to this Italian city which is celebrated for its history and artistic and architectural heritage. Air France and KLM medium and long-haul destinations 123 medium-haul destinations 3 long-haul destinations This prize rewards companies on their ability to efficiently communicate with all shareholder categories, whether they are employees, institutional or individual shareholders. «The content of the Air France-KLM annual report, notably concerning the Company s global strategy and its integration in the economic environment, the regularity of its communication and the presence of a shareholders club and consultative committee received unanimous support», the jury had indicated. In addition to these new destinations, KLM will make seasonal adjustments in its capacity to adapt to market demand, and look to reinforce and extend its cooperation with partners. In total, KLM is increasing its capacity by 2.8% this Winter season relative to Winter 22-. KLM is also pursuing its ongoing fleet and product development. The airline will begin the replacement of its Fokker 70 fleet with six new Embraer 90 aircraft and complete the reconfiguration of its new World Business Class on board its Boeing 747 fleet before launching a comprehensive reconfiguration of its Boeing 777s. Air France-KLM confirms its commitment to remaining a partner of Alitalia During its 2009 acquisition by private shareholders, Alitalia entered into a strategic partnership with Air France-KLM sealed by the latter acquiring a 25% stake in the Italian company. Since that date, Alitalia has had to contend with an extremely difficult market impacted, in particular, by the economic crisis in Southern Europe. Despite a strong improvement in its operational performance, service quality and tight cost control, the company has not returned to profitability and has seen a significant increase in debt. Within this context, in November, Alitalia organized a capital increase in which Air France-KLM chose not to participate. As a confirmation of its support to Alitalia, once the capital increase has been completed, Air France-KLM nonetheless intends to convert the convertible bonds to which the Group subscribed in early 23 into equity, thereby improving Alitalia s shareholders funds. DeCEMBeR 23 Action AIR 05
6 Focus Air France s 80 th anniversary On October 7, Air France kicked off its 80 th anniversary celebrations, the occasion to retrace the airline s development. The company s history, which is rich in innovation, testifies that creativity and change are Air France s strengths as it looks to the future. This anniversary will be the subject of a series of special events throughout the year / Origins France becomes passionate about the birth of aviation with airlines proliferating during the Roaring Twenties. Pilots and passengers share the great adventure / Take-off In 1933, Air France regroups the five leading French air carriers. In just a few years, the company establishes itself on the world stage as a major airline / Rapid growth Buoyed by the expansion of air transportation, the company enjoys spectacular growth. With a renewed fleet, it extends and densifies its network to Africa, Asia and the Americas / Jet era Caravelles, Boeing 707s.Jets revolutionize air travel. These more powerful aircraft can carry more passengers over greater distances and at increased speed. At Air France, traffic doubles in ten years / Maturity Air France enters the era of mass transportation, riding out any turbulence resulting from competition and oil shocks. And launches one of the most beautiful birds in history Concorde / Renewal The environment deteriorates. Thanks to a recovery plan, Air France undertakes an in-depth modernization aimed at Making the sky the most beautiful place on earth. Since 2000 / A global leader Air France unites with KLM to create a leader in global air transportation passenger, cargo and maintenance. Key figures The Air France network is: 390 aircraft 190 destinations 1,500 daily flights 1,616,438 kilometers flown every day, i.e. four times the distance from the Earth to the Moon 870 minutes, i.e. 14h30 for the longest non-stop flight linking Paris and Santiago The Air France uniforms are: designers having worked with Air France including Georgette Renal, Christian Dior, Cristobal Balenciaga, Jean Patou, Nina Ricci, Carven, Féraud and Christian Lacroix. 37,766 Air France staff in uniforms In-flight gastronomy is: 1 million bottles of champagne a year 14 million meal trays a year Leading chefs having created the in-flight meals since 1973; from Guy Martin to Thibaut Ruggeri, Joël Robuchon, Michel Roth, Alain Ducasse and Jacques Le Divellec. On board is: 1,960 square meters of fabric used for the seats in an Airbus A380, i.e. more than six tennis courts 600 square meters of carpet, i.e. more than two tennis courts And also: 2.7 million children carried by Air France 8 Arcs de Triomphe can enter the A380 hangar measuring 400,000 cubic meters 12,250 horses transported in helicopters transported each year by Air France Cargo 06 Action AIR december 23
7 Committee Life The Committee met At its autumn meeting on September 18, 23, the Individual Shareholders Committee (ISC) had the pleasure of meeting Jean Sanlaville and Peter Coenen. Jean Sanlaville, Head of Management Control for the Air France-KLM Group was previously at Air France and Peter Coenen, a member of his team, comes from KLM. This effectively reflects the commitment to setting up mixed teams at holding company level, a factor of mutual benefit and financial performance optimization via the sharing of different but highly complementary areas of expertise Jean Sanlaville stressed this point by emphasising that it should enable their full support for all the Group s operational executives in the decisionmaking process. This management control function which is key to the organization is deployed at all decision-making levels of the company. Around 600 people belong to this function within the Group. It is an organization by functional link with a high degree of integration required within the Group s different departments, enabling the circulation of information and advice. Management control helps the departments to align themselves with the organisational processes of coordination and homogeneity that now prevail within the Air France-KLM Group. Jean Sanlaville also stressed that, in the Group s current situation, the role of management control is to ensure the precise and analytical monitoring of the action plans deployed within the framework of Transform 25. This involves a vital phase of information and analysis to explain any shortfalls on the objectives, and inform the general management and executives with the required explanations. It is a key process when it comes to identifying any new actions required to meet the objectives and encouraging rapid responses to offset the negative factors which are always emerging. Manage- ment control must maintain pressure on the improvement plans and the factors of success with priority given to the cash generation targets. This pressure must, of course, always be compatible with the strategic orientations pre-defined by the general management such as the decisions to invest in winning back customers. It is important that management control combines the productivity gain and cost reduction objectives with those aimed at upgrading products and the level of quality for customers while contributing to reducing the Group s debt. Lastly, Group management control is a cornerstone in the steering of the major financial control functions and, in particular, the three-year plan. This is a process mobilizing all the Group s business lines which projects their assumptions on growth, revenues and the changes in costs and investments over three years. The role of Group management control is then to analyze these assumptions, discuss them with the various executives, evaluate their relevance in the light of the Group s strategic orientations and principal financial targets, and consolidate them to present the plan to the general management and the Board of Directors. This plan identifies the operational targets for executives and may change depending on the various internal and external constraints. Jean Sanlaville Peter Coenen Peter Coenen added that Group management control is at the heart of the processes and thus can contribute to taking the right decisions at the right time. Following a question on his career at KLM, Peter Coenen spoke passionately about his experiences in Latin America and Germany, adding that this now gives him a better understanding of the different situations facing managers and thus enables him to contribute to the companywide appropriation of the Group s strategy. DeCEMBeR 23 Action AIR 07
8 My notebook My shares Consultative Committee Selection notice Individual Shareholders Committee Comprising 12 Air France-KLM shareholders, the ISC is regularly consulted on improvements to the quality of information and services for shareholders. It meets four times annually and is involved throughout the year in matters that particularly concern shareholders such as planning the Annual General Shareholders Meeting. The six-year mandates are renewed every three years and come into force during the June following the Shareholders Meeting. A selection committee meets to draw up the short-list of candidates, the final decision falling to the Group s Chairman and Chief Executive Officer. In June 24, four positions will be renewed for which any shareholder owning at least fifty Air France-KLM shares may apply before the April 10, 24 deadline. The application file and the Committee s Charter are available on the website or on request by to mail.actionnaires@airfranceklm.com Share price trend at January 1, 23 base 100 (ata to December 6, 23) Stock information Eligible for deferred settlement and for PEAs (equity savings plan) Included in the following indices French/Dutch: CAC Mid 60 SBF 120 AEX-index Global: Euronext 100, DJ Eurostoxx 600 Sector indices: DJ Eurostoxx 600 Travel & Leisure Euronext FAS IAS Index for stocks with a significant proportion of employee shareholders Securities services and dividend payments: Société Générale 32, rue du Champ de Tir BP Nantes Cedex 3 05 Dual listing Euronext Paris and Amsterdam Code ISIN action FR OTC Market AFLYY Reuters code AIRF.PA Bloomberg code AFLYY Share capital at September 30, 23 Number of shares outstanding: 300,219,278 Breakdown of Air France-KLM shareholders 20% Individual shareholders 7.4% Employees Contact information Website By mail: Air France-KLM Bâtiment Altai AFKL.FI 10-14, rue de Rome Tremblay-en-France % Institutions Air France-KLM CAC 40 (relative) Air transport index (relative) 15.9% French State Breakdown of resident/ non-resident shareholders 60.3% Resident 39.7% Non-resident By mail.actionnaires@airfranceklm.com Head of publications: Dominique Barbarin - Chief Editor: Christine Machard - Printing: Air France Publications DBAC Investor Relations - Photo credits: Air France and KLM photograph librairies
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