Prés_Q1-2011_VA

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QuarterlyResultsApril-June 201128 July 2011

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Ap ril-June 2011 Qua rte rly Results 2

Les fa its ma rqua nts d u p remier trimestreAc tivity, a nd p a rtic ula rly in June, strong ly a ffec ted b y

the d iffic ult situa tion in some imp orta nt ma rkets for theg roup (Afric a , Mid d le-Ea st a nd Ja p a n)► Opera ting loss of som e €100 m

Strong rise in oil p ric e

Well c ontrolled unit c ost► -3% (on a c onstant c urrenc y and fuel p ric e basis)

A c ha llenging qua rter

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Revenues € 6.22 b n €5.72 bn

EBITDAR € 503 m €484 m

Op era ting result - € 145 m - €132 m

Ad justed op era ting result* - € 73 m - €64 m

Net result - € 197 m + €736 m

Quarter Apr-Jun 2011

Quarter Apr-Jun 2010

(*) Adjusted for the portion of financial charges in operating leases (34%)

Key da ta of the Qua rter

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Activity

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Key da ta b y business

Passenger

Cargo

Maintenance

Other

77%

13%

4%

6%

4.80 -140

0.8 -14

0.26 23

0.36 -14

+9.9%

+3.2%

+7.4%

+6.6%

Ap r-Jun 2011

-142

11

20

-21

Revenues€ b illions

Operating result€ millions

2011 2010

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RPK

ASKLoadfactor

Ap r-Jun 2010 Ap r-Jun 2011

81,5%81,1%

Inc rea se in ca p a c ity of 5.2%a justed for a irsp ac e c losure inApril 2010

Long-haul network imp a c ted byinstab ilty in Afric a and Mid d le Ea stand nuc lea r d isa ster in Jap an

► ASK : +9.7%► RPK: +8.0%

Med ium haul transforma tionc ontinues to d eliver

► ASK: +11.6%► RPK: +15.4%

* Favourable co mp arison ba sis due to Europ ea n airspa c ec losure in Ap ril 210 a nd p rogressive tra nsfer of Ma rtina ir intothe p asseng er business

81.5%81.1%

Passenger

+10.1%*

+9.4%*

-0.5 p t

19.65 million passengers

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Unit revenues up 0.8%* d esp ite some

1.7% nega tive imp a c t from ge op olitic a levents► Long-ha ul RASK: +0.5%*► Med ium-ha ul RASK: +0.6%*

Resistant long -haul p rem ium revenues► Premium RASK: +3.7%*► Ec ono my RASK: -0.1%*

Negat ive impac t around € 96m at theEBIT leve l d ue to the geo p olitic a l c rises

Op era ting result€ millions

Unit revenues ex currenc y

+0.8%

+1.4%

(142)(140)

RASK RRPK


Pa sseng er: sta b le unit revenues d esp ite exte rna lheadwinds

* Ex currency

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Key da ta b y netw ork

Ap ril-June 2011RASK ex currenc y Domestic

Europe+11.6% +15.3% +0.6%

ASK RPK RASK

+1.7% -2.1% -5.5%

+9.5%

+10.1% +9.4% +0.8%

AsiaLatin America

Tota l long-haul Caribbean & Indian Oc ean Tota l

Africa and Middle East

+12.6% +10.4% +3.9%

+15.9% +17.7% +3.9%

+6.1% +9.4% +3.7%

+17.3% -0.2%+13.6%

+8.9% +12.1% +5.6%

Total m ed ium-ha ulNorth America

ASK RPK RASK

ASK RPK RASK

ASK RPK RASK

ASK RPK RASK

ASK RPK RASK

ASK RPK RASK

ASK RPK RASK

ASK RPK RASK

ASK RPK RASK

+5.6% -0.7%

+9.7% +8.0% +0.5%

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Ca rgo :

RTK

ATK

Loadfactor

+6.2%*

+1.9%*

-2.8 pts69.6% 66.7%

Inc rea se in c ap ac ity of 2.9%a justed for airspa c e c losure inAp ril 2010

Stric t c a p ac ity c ontrol► Ca rgo and c omb is : +0.6%

Slowd own d ue to c rises inAfric a and Jap an

Overc ap a c ity on de pa rturesfrom China

* Favo urab le c omp arison ba sis due to Europ ea n airspa cec losure in Ap ril 2010

Apr-Jun 2010 Apr-Jun 2011

Cargo

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Nega tive c urrency effec t of 3.2%on revenues

Yield s rema in resilient► +4.8% ex currenc y

Effec tive ca p ac ity c ontrol limitsd ec line in op era ting result

Op era ting result

11

€ millions

Unit revenues ex currency

+0.6%

RATK RRTK

+4.8%


-14

Ca rgo: c a pa c ity c ontrol limits d ec line inop era ting result

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MaintenanceOperating resultMaintenance

Engines a nd eq uip ment rema indynamicOp era ting result up 15%

Leisure a nd c a teringLeisure: d iffic ult tourist sea son d ue toup rising s in Egypt a nd Tunisia b utimp rovem ent in op era ting result to-€11m versus -€20m

Catering : imp rovem ent in revenuesand op era ting result

-21

Other a c tivitiesOperating result

-14

20 23

€ millions



Other a c tivities: strong p erfoma nce b y Ma intenance

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Results

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Revenues 6,220 5 721 +8.7Opera ting c osts (6,365) (5,853) +8.7

EBITDAR 503 484 +3.9

Operating result (145) (132) nmAd justed op era ting result* (73) (64) nm

Non c urrent inc ome a nd expenses 2 1,010 nmo/ w Amadeus 1,030

Result from opera ting ac tivities (143) 878 nm

Net interest c ha rge (87) (96) nm

Other fina nc ia l inc ome a nd exp enses (29) (113) nmInc ome ta x 81 93 -nm

Other (19) (26)

Net result, g roup share (197) 736 nm

April-June2010

April-June2011 % Ch

(*) Adjusted for the p rop ortion of financ ial c osts within op erating lea ses (34%)

Qua rter April-June€ millions

Qua rte rly results

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Operating resultApril-June 2010

Unitcosts

Activity &currency

Fuel billUnitrevenues

Operating resultApril-June 2011

(145)+23

+63(132)

-271

+172Yie ld : +101LF : -38

€ millions

Cha nge in opera ting result

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+8.7%

+20.2%

+3.4%

-2.1%

+8.7%

+6.2%

+3.5%

+16.1%

+6.2%

+8.7%

+8.8%

Ap ril-June 2011€ millions

Fuel 1,673Emp loyee c osts 1,932Airc ra ft c osts (am ortisa tion a nd provisions, 1,082ma intenanc e c osts, op erating lea ses and c hartering)

Cap ac ity in EASKRevenues

Ope rating c osts ex fuel

La nd ing fees a nd en route c ha rges 463Commerc ia l a nd d istrib ution c osts 234Ha nd ling c osts 333

Other 648

Total opera ting c osts 6,365

Qua rterly opera ting c osts

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Actual

change

Currency

effect

Fuel

effect

Ne t

change

Cap a c ity in EASK : +8.8%

Ap ril-June 2011Unit c ost p er EASK: 6.79 € cts

0% 1.6%4.6%

-3.0%

Unit c osts und er c ontrol

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Brea kd own o f sa ving s in 2011

€129m in saving s over theq uarter and €288m from theb eg inning of the yea r

Ob jec tive revised up from€470m to €500m for 2011€500m

Procurement: 35%

Commercialcosts: 5%

Fleet: 6%Proc ess and p rod uc tivity:54%

‘ Cha llenge 12’ revised up

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Net tangibleand intang ible

investments

Operatingc a sh flow

InvestmentsFinancing

€ millions

Op era ting c a sh flow of €345m

Ca sh o f €3.9b n a fter reimb ursing€500 m c red it line

Cred it lines ava ila b le: €1.85b no/ w € 1.6b n renewed for 5 yea rs a tAir Fra nc e a nd KLM in 2011

345436

Opera ting c a sh flow of €345m

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Net finanac ial de bt(€ b illions)

Sha reho ld ers’ funds(€ b illions)

Gea ring ratioxNet deb t

Sha reho ld ers’ funds

Derivative instrument sGea ring ex d erivativesx

5.89

31 Mar 2011

6.59

31 Mar 2011 30 Jun 2011

0.85

0.90

6.04

0.92

30 Jun 2011

0.94

0.37

6.54

0.20

6.91

6.39

Fina nc ia l p osition

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Jan-Dec

2011

9.21*

2.38

Fuel c ost after hedg ing$ billions

Apr-Jun Jul-Sep Oct-Dec

2.51 2.33

Ma rket p ric e ($/ bb l) 80 115 105 117 118 119

Perc enta ge hed ged 59 54 52 49 55 59

150 $/b b l on July-Dec em ber: 9.91

Jan-Dec

2010

7.26

(*) forward c urve at 22 July 2011

130 $/ bb l on July-Dec em b er: 9.49

100 $/bbl on July-December: 8.79

75 $/ b b l on July-Dec em b er: 7.93

Jan-Mar

1.99

Fuel b ill for c a lenda r yea r 2011

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Outlook

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Op era ting environment rem a ins uncerta in► Ja pa n, Afric a a nd Midd le Ea st markets c ontinue to b e a ffec ted by

the c rises► Unc erta inty c rea ted b y Eurozone c risis► Hig h leve l of fuel pric es a nd euro vola tility

Winter sea son 2011: 2.4 p oint red uc tion in long -haul c ap ac ityg row th, red uc ed to 2.7%*

► Prod uc tive g rowth►

Use of larger or de nsified a irc ra ft► Selec tive g row th► Op ening of sea sonna l route s: +3.4%► Red uc tion in freq uenc ies: -2.7%► Op ening of ne w routes: +2.0%

The g roup c ontinues to ta rget a p ositive o p era ting result inc alenda r year 2011

Outloo k for c a lend a r yea r 2011

* incl. Martinair passenger activity previsouly included in leisure

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QuarterlyResultsApril-June 201128 July 2011

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Appendices

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30 Jun 2011 31 Mar 2011

Current a nd non-c urrent fina nc ia l deb t 10,482 10,788Dep osits on lea sed a irc ra ft (516) (455)

Currenc y hed ges on deb t 38 36Interest not yet d ue (100) (119)= Tota l financ ia l deb t 9,904 10,250

Ca sh a nd c a sh eq uiva lents 3,221 3,717Investments of over three months 574 574Trip le A d ep osits 171 197Ba nk overd ra fts (100) (129)= Net c ash 3,866 4 359

Net financ ia l deb t 6,038 5,891

Consolidated shareholder’ funds 6,594 6,906

Net deb t / Equity 0.92 0,85Net deb t / equity ex deriva tive instruments 0.94 0,90

€ millions

Ca lc ula tion of net d eb t

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Net result, g roup sha re (197) 736Inc ome ta x (81) (93)

= Net result, group share before tax (278) 643

Non rec urrent items* (2) 1,010No n-cash p a rt o f va lue o f hed g ing isntruments (22) (5)

= Resta ted et result, g roup sha re b efore ta x (302) (372)

- Inc ome ta x 90 120

Restated e t result, group share (222) (252)

(*) Income and charges accounted for between the current operating result and the result of operatingactivities. April-June 2010, mainly capital gain on Amadeus of 1.03 billion euros

€ millions

Resta ted net result

Documents

Prés_Q1-2011_VA