Air France-KLM report full year 2011 net loss of €809m

Air France-KLM reported total revenues of €24.36bn (+4.5%) for the full year 2011. Operating costs rose 6.2% to €24.72bn, the rise was limited to 3.0% ex-fuel. Unit cost per EASK rose 1.2% for production measured in EASK up 5.1%, but declined by 2.2% on a constant fuel and currency basis thanks to the €546m in savings generated by the ‘Challenge 12’ plan. The operating result stood at €-353m (€28m at 31st December 2010 after a €904m increase in the fuel bill. The adjusted operating result was €-65m (€302m at 31st December 2010), implying a margin of -0.3%. The net result, group share was €-809m (€289m 31st December 2010) after a €1.03bn capital gain on Amadeus and provisions of €255m). The net result restated for non-recurring items stood at €-709m (€-405m 31st December 2010). Earnings and diluted earnings per share stood at €-2.73 (€0.98 and €0.89 respectively at 31st December 2010).