Air France-KLM

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The Air France-KLM Group's Annual Results 2004-2005: Positive Fourth Quarter Operating Income before Aircraft Disposals thanks to an Effective Fuel Oil Hedging Policy

A successful first year for the merged group, with a strong rise in full year results
- Increased activity across all businesses, with turnover up 7.3% at 19.08 billion euros
- Continued and effective control of costs excluding fuel
- 20.7% increase in operating income before aircraft disposals at 489 million euros and 33.4% increase in pre-tax income
- Dividend of 0.15 euro per share

At the Board meeting on May 18, 2005, chaired by Jean-Cyril Spinetta, the Directors of Air France-KLM approved the annual financial statements. During the meeting, the Chairman made the following comments: "The first year of the merger between Air France and KLM has been a complete success. Our teams have worked with great enthusiasm to co-ordinate the activities of the two groups and offer our customers a significant network, combining the hubs of Paris and Amsterdam. The success of these common efforts is reflected in the synergies which have been achieved over this period. At 115m euros, they have comfortably exceeded our initial expectation of 65m euros. The impact of these synergies,together with the relentless pursuit of the cost control programs implemented at both companies, have enabled us to generate a strong rise in our results, in spite of the sharp rise in oil prices during the second half of the year. As a reflection of its confidence in the future of the Group, the Board will submit a proposal at the general meeting for the payment of a dividend of [] euro cents per share."

link: Website Air France-KLM

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