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Journeys of inspiration Air France KLM
Overview Air France KLM Financial Analysis 		- Highlights of the First Quarter  2009 		- Key data of 2008 		- Activity 		- Results : First Quarter 2009  vs First Quarter 2008 Conclusion 2 http://www.airfranceklm-finance.com/
Air France KLM http://www.airfranceklm-finance.com/ 3 Fusion : Air France & Netherlands-based KLM Founded : 5 May 2004 Latestinvestment : Boeing 777 300ER Mainactivities : - Passengersflights - Cargo activity - AircraftMaintenance Catering
Highlights of the First Quarter of 2009 http://www.airfranceklm-finance.com/ 4 Economic activity stabilises, but at historically low levels Sharp drop in cargo and passenger unit revenues Group revenues down with 20.5% Fuel hedges have a negative impact of 252 million euros on the operatingresult. Costs lowered by 14% excluding impact of fuel hedging
Key Data http://www.airfranceklm-finance.com/ 5
Activity – Breakdown of First Quartersrevenues http://www.airfranceklm-finance.com/ 6
Activity – Passengers Business http://www.airfranceklm-finance.com/ 7 ASK : Available Seat Kilometre RPK : Revenu Passenger Kilometre
Activity – Cargo industrydepressed http://www.airfranceklm-finance.com/ 8
Results http://www.airfranceklm-finance.com/ 9
Results: Total OperatingCost http://www.airfranceklm-finance.com/ 10
Results : Analysis of change in liquidity http://www.airfranceklm-finance.com/ 11
Results : shareholders’ funds http://www.airfranceklm-finance.com/ 12
Results : Q1 2008 vs Q1 2009 http://www.airfranceklm-finance.com/ 13
Conclusion http://www.airfranceklm-finance.com/ 14 Air France KLM : difficult time Introduction of newinvestments _____________________________________ Thankyouforwatchingthis video.

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