1 st Quarter Results FY

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1 1 st Quarter Results FY

2 Q1 Highlights p Context 8Improving economic context 8Strong economic growth in Americas and Asia 8Modest economic recovery in Europe 8Soaring fuel prices 8IPE Brent up 37% p Air France-KLM 8First consolidation of Air France and KLM 8Consolidation basis of 3 months for Air France (April to June) and 2 months for KLM (May and June) 8Changes calculated on a pro forma basis 8Sustained growth in activity 8Improved operating performance 8First positive effects of the Air France-KLM combination 2

3 Activity: Recovery Under Way Pierre-Henri Gourgeon 3

4 1 Group, 2 Airlines, 3 Core Businesses Passenger Cargo Maintenance Other 4

5 Turnover Consolidation of Air France over 3 months (Apr-Jun) and of KLM over 2 months (May-Jun) Passenger: 3.55bn (+12.2%) (79.5%) 4.46bn (+12.3%)* Cargo: 0.54bn (+7.6%) (12.0%) Maintenance: 0.18bn (+5.7%) (4.2%) Other: 0.19bn (ns)** (4.3%) * Up 11.2% with Servair s revenues consolidated over 3 months ** Consolidation of Servair s revenue for 6 months into the 1 st quarter

6 Passenger: Good Group Performance Air France-KLM Group 1 st quarter* +12.9% ASK Load factor 75.0% +2.7 pts 77.7% RPK +16.9% Q * Q * * Consolidation of Air France over 3 months (Apr-Jun) and of KLM over 2 months (May-Jun) 6

7 Thanks to Robust Activity of Both Airlines ASK Load factor 74.4% +12.2% +2.4 pts 76.8% ASK Load factor 76.7% +14.7% +3.4 pts 80.1% RPK +15.8% RPK +19.8% Q Q Q * Q * * May to June 7

8 Long-Haul Network Drives Growth Long-haul network 1 st quarter* +13.7% ASK Load factor 77.0% +3.5 pts 80.5% +18.9% RPK Q * Q * * Consolidation of Air France over 3 months (Apr-Jun) and of KLM over 2 months (May-Jun) 8

9 Europe: Demand Matches Capacity European network (incl. French domestic market) 1 st quarter* +10.6% ASK Load factor RPK 69.3% +10.5% 69.3% Q * Q * * consolidation of Air France over 3 months (Apr-Jun) and of KLM over 2 months (May-Jun) 9

10 Air France: First Positive Effects of New European Product Air France alone Geographical Europe 1 st quarter p Densification of aircraft 8 Mechanical increase in capacity of 1 pt 8 Negative impact on unit revenue of 1 pt Traffic: +10% p Decreasing costs 8 Simplification of inflight product 8 Decrease in European commissions Capacity: +6% p p New pricing policy Improved ground product 8 Self-service kiosks for check-in RASK*: +1% Unit costs*: -3% * Excluding densification and network mix effects 10

11 Increased Unit Revenue per ASK (excl. Currency) Group RRPK: 8.64 cts 1 st quarter * Group RASK: 6.72 cts Gross RRPK 3.4% +1.5% Net RASK -3.9% 2.0% load factor effect currency effect * consolidation of Air France over 3 months (Apr-Jun) and of KLM over 2 months (May-Jun) 11

12 Passenger Unit Revenue: Performance per Airline RRPK: 9.29 cts RASK: 7.14 cts Gross RRPK -4.4% 1.9% 3.0% load factor effect +0.5% Net RASK currency effect RRPK: 6.95 cts RASK: 5.56 cts 4.4% +5.4% Gross RRPK -1.4% 2.4% currency effect load factor effect Net RASK 12

13 Commercial Performance per Network Air France-KLM Group 1 st quarter * 63% ASK Traffic rev. excl. currency 38% 15% 20% 4% 17% 11% 16% 11% 9% 13% 14% -5% -18% North America South America Asia Africa Middle-East Caribbean Ind. Ocean Europe (incl. France) Total * consolidation of Air France over 3 months (Apr-Jun) and of KLM over 2 months (May-Jun) 13

14 Cargo: Strong Traffic but Yield under Pressure RRTK: cts +12.8% ATK Load factor RTK 68.4% pt +11.7% 67.7% Gross change -2.7% 2.4% Net change -0.3% Q Q currency effect * consolidation of Air France over 3 months (Apr-Jun) and of KLM over 2 months (May-Jun) 14

15 Cargo Yield: Performance per Airline RRTK: cts Gross RRTK -2.4% 2.2% currency effect Net RRTK -0.2% RRTK: cts Gross RRTK -3.2% 2.9% currency effect Net RRTK -0.3% 15

16 Maintenance Breakdown of third-party revenues per main activity Engine: 34% Components: 24% 185m (+5.7%) Overhaul and special fleet: 33% Maintenance: 9% 16

17 Other Businesses "Catering" Business Thrid-party operating revenues in m 108** 50 KLM Catering Services "Charter & Low Cost" Business Q * Q * Operating revenues in m * consolidation of Air France over 3 months (Apr-Jun) and of KLM over 2 months (May-Jun) ** Consolidation of Servair s revenue for 6 months into the 1 st quarter Q * Q *

18 Results: Substantial Improvement Philippe Calavia Robert Ruijter 18

19 Q1 Results: A 95m Profit before Tax and Goodwill Amortization 30 June June 2003 Change pro forma Turnover 4,463 3, % Operating charges (4,307) (3,975) +8.4% EBITDAR % Operating income (excl. aircraft disposals) 156 (1) nm Net interest charge (50) (54) -7.4% Other (financial provisions, foreign exchange, disposals ) (11) 58 nm Profit (loss) before tax and goodwill amortization 95 3 nm Income tax (27) 14 nm Amortization of goodwill nm Net income nm * consolidation of Air France over 3 months (Apr-Jun) and of KLM over 2 months (May-Jun) 19

20 Preliminary Accounting Treatment of Acquisition KLM's net assets under Dutch GAAP 1,498 KLM's revalued net assets (French GAAP) 1,888 Air France's share in KLM's net assets (96.36%) 1,819 - Purchase price -803 = Badwill (1,016) 20

21 Accounting Impact on Income Statement 1 st quarter as of 30 June* French Accounting treatment Total Total GAAP of the acquisition Fair value impact Negative goodwill pro forma Turnover Operating charges Operating leases Pension charges Depreciation Op. lease phase out provision Operating income Net income * consolidation of Air France over 3 months (Apr-Jun) and of KLM over 2 months (May-Jun) 21

22 Change in Operating Charges pro forma change* 1 st quarter* (in m) EASK Turnover +12.9% +12.3% Operating charges 4,307 Labour costs 1, % +6.0% Fuel costs % Depreciation and provisions % Commercial & distribution costs 356 Landing fees & route charges % +9.7% Operating leases % Other 1, % * consolidation of Air France over 3 months (Apr-Jun) and of KLM over 2 months (May-Jun) 22

23 Fuel Costs Fuel costs as % of total turnover 11.5% 12.2% Fuel costs as of 30 June 2003: 455m Volume effect + 51 m +11 pts Price effect m +28 pts Currency effect - 33 m -7 pts Hedge effect - 59 m -13 pts Fuel costs as of 30 June 2004: 544 m +20% Q * Q * 23

24 Labour Costs AF* KLM AF-KLM* Servair consolidation AF-KLM effect** Employees +0.3% -6.6% -1.8% -1.8% Labour costs +6.0% -1.4% +4.4% +1.6 pts +6.0% of which: Wages & salaries +3.5% -1.4% +2.4% +1.6 pts +4.0% Social & pension contribution +10.2% -3.3% +8.1% +1.6 pts +9.7% * Including only 1 quarter of Servair's labour costs ** additional quarter of Servair 24

25 Decrease in Unit Costs Air France-KLM unit costs per EASK: 6.27 cts 1 st quarter Gross change Net change -4.8% 1.6% Fuel price effect 1.9% -5.1% Currency effect * consolidation of Air France over 3 months (Apr-Jun) and of KLM over 2 months (May-Jun) 25

26 Unit Costs per Airline Unit cost per EASK: 6.82 cts Gross change -3.8% Fuel price effect Net change -3.9% 1.5% 1.6% Currency effect Unit cost per EASK: 4.88 cts Gross change Net change -8.6% 2.0% Fuel price effect 2.8% -9.4% * consolidation of Air France over 3 months (Apr-Jun) and of KLM over 2 months (May-Jun) Currency effect 26

27 In m 1 st quarter Operating Income Before Aircraft Disposals per Sector * (18) (1) Passage Fret Maintenance Other Total * Pro forma 27

28 Summarized Balance Sheet of New Group As of 30 June 2004 In bn Assets Liabilities Shareholders' equity 5.0 Flight equipment 10.8 Provisions 2.3 (incl. negative goodwill) Other fixed assets Other assets 1.1 Net financial debt 5.5 Working capital

29 Investments Funded By Operating Cash Flow Air France-KLM Group 1 st quarter* Operating cash flow Disposals of assets Tangible & intangible investments * consolidation of Air France over 3 months (Apr-Jun) and of KLM over 2 months (May-Jun) 30 June

30 Financial Structure x Net debt in bn Gearing June 04 Air France-KLM * restated 31 March June 04 Air France (excluding increase in shareholders' equity) March 04* 30 June 04 KLM (Dutch GAAP)

31 Outlook 31

32 Context p Activity 8Confirmed recovery 8Continued implementation of synergies p Charges 8Fuel costs 8Air France and KLM cost-saving plans in progress 32

33 Confirmed Recovery in Activity 2004 ASK RPK 28% 24% 20% 16% 12% 8% 4% 0% April May June July August* * first 3 weeks of August 33

34 First Positive Effects of Air France-KLM Combination Number of KLM passengers flying on a flight operated by Air France Number of Air France passengers flying on a flight operated by KLM April May June July 0 April May June July 34

35 Winter Schedule p Air France-KLM: +7% in ASK compared to winter Air France: +6% in ASK compared to winter KLM: +9% in ASK compared to winter

36 Fuel costs p Sharp increase expected in fuel costs p despite fuel hedging policy p leading to additional ad hoc measures 8Air France: 8Fuel surcharge of 3 per flight leg (as from 19 May) 8Increase in fuel surcharge (as from 24 August) Domestic: + 2 Medium-haul: + 3 Long-haul: + 10 to 12 8KLM: 8Fuel surcharge of 4 per flight leg (as from 19 May) 8Average increase of 3 on all fares (as from 1 September) 36

37 Fuel Cost Sensitivity Spot price US$ / barrel st quarter Brent spot price perbarrel $ 35,2 Fuel costs 612 m* Final Air France-KLM purchase price $ per barrel 5 $m per month * consolidation of Air France and KLM over 3 months 37

38 Cost-Savings Plans p Air France: implementation of the new three-year cost-savings plan 8 Launch of "Compétitivité Major 2007" plan on 1 st April Target of 200 m savings in FY Savings achieved of 45 m in 1 st quarter p KLM: restructuring plan in progress 8 Savings of 200 m achieved in FY Target of 370 m additional savings in FY Savings achieved of 92 m in 1 st quarter 38

39 FY Target Based on an average market price of 40 dollars per barrel for the rest of the financial year, and taking into account the fuel surcharges already implemented, the Air France-KLM group confirms its target of a substantial rise in operating income before aircraft disposals 39

40 1 st Quarter Results FY

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