Air France-KLM full year 2014 results: losses reduced, investments deferred


Full Year 2014 Results

  • Revenues of 24.9 billion euros, stable (+0.3%) like-for-like
  • EBITDA2 of 1,589 million euros, down 266 million euros
  • EBITDA of 2,014 million euros excluding the impact of the Air France pilot strike, up 159 million euros
  • Operating result of -129 million euros, up 275 million euros like-for-like
  • Third year of unit cost reduction, down 1.3% like-for-like
  • Net result, group share of -198 million euros, improvement of more than 1.6 billion euros
  • Adjusted net result, group share2 of -535 million euros
  • Net debt2 of 5.41 billion euros, up 59 million euros compared to 31 December 2013


  • Revenues of 6.2 billion euros, slightly down (-0.5%) like-for-like
  • EBITDA of 316 million euros, down 66 million euros
  • EBITDA of 411 million euros excluding the impact of the Air France pilot strike, up 29 million euros


  • Cost reduction efforts reinforced: 2015-17 unit cost reduction target revised up to an average of 1.5% per year
  • Investment plan revised down by 300 million euros in 2015 and 300 million euros in 2016
  • 2015 targets: unit cost down 1% to 1.3%, net debt around 5 billion euros at end 2015

The Board of Directors of Air France-KLM, chaired by Alexandre de Juniac, met on 18 February 2015 to approve the accounts for Full Financial Year 2014.

Alexandre de Juniac made the following comments: “The Transform 2015 strategic plan was completed at the end of Full Year 2014, having fully delivered on its objective of an in-depth turnaround in Air France-KLM’s competitiveness. The Full Year 2014 results speak for themselves: despite the challenging economic and competitive context, once corrected for the impact of the Air France pilot strike, EBITDA is up by more than 50% in 3 years, and the operating cash flow3 has more than tripled to reach nearly 1.5 billion euros. This essential step in the turnaround of the Group was only achieved thanks to the full commitment of staff across the Group. With Perform 2020, the new strategic plan launched a few months ago, Air France-KLM is now focusing on the future: while continuing its deep transformation, the Group is investing in products, brands, and growth segments like low-cost and aeronautical maintenance… By deciding today to reinforce its unit cost reduction efforts and adapt its investment plans, the Group is ensuring that it can achieve its key targets of improved competitiveness and deleveraging.”


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