AIR FRANCE - KLM : Additional information on restatement of accounts 2017
18 May 2018
Air France-KLM: Additional information on restatement of accounts 2017
Since January 1st, 2018, Air France-KLM Group applies the new accounting standards IFRS 9, 15 and 16. For the purpose of comparison, the Group consolidated financial statements have been restated as of 1st January 2017. These restated accounts have not yet been audited and could be subject to changes.
Detailed information on the restatement of accounts 2017 have been provided in the published document "Unaudited interim consolidated financial statements" of the first quarter 2018 (Chapter 2: Restatement of accounts 2017, page 11-16) and in the press release of the first quarter 2018 results. (http://www.airfranceklm.com/en/finance/publications/results)
Additional information with regards to the impact of these new standards on the consolidated income statement for second, third and fourth quarter 2017 are given in the tables hereafter.
Investor Relations Press
Marie-Agnès de Peslouan Wouter van Beek
+33 1 49 89 52 59 +33 1 49 89 52 60 +33 1 41 56 56 00
madepeslouan@airfranceklm.com Wouter-van.Beek@airfranceklm.com
Impact on the consolidated statement of recognized income and expenses: Second quarter and first half 2017
These restated accounts have not yet been audited and could be subject to changes.
Second quarter 2017 | First half 2017 | |||||
In millions euros | Published accounts | Restated | Change | Published accounts | Restated | Change |
Sales | 6,605 | 6,621 | 16 | 12,314 | 12,326 | 12 |
Other revenues | 0 | 0 | 0 | 0 | 0 | 0 |
Revenues | 6,605 | 6,621 | 16 | 12,314 | 12,326 | 12 |
Aircraft fuel | -1,160 | -1,160 | 0 | -2,280 | -2,280 | 0 |
Chartering costs | -103 | -130 | -27 | -202 | -256 | -54 |
Landing fees and en route charges | -495 | -494 | 1 | -932 | -932 | 0 |
Catering | -203 | -203 | 0 | -388 | -388 | 0 |
Handling charges and other operating costs | -437 | -437 | 0 | -856 | -856 | 0 |
Aircraft maintenance costs | -609 | -561 | 48 | -1,240 | -1,153 | 87 |
Commercial and distribution costs | -238 | -237 | 1 | -468 | -466 | 2 |
Other external expenses | -395 | -368 | 27 | -782 | -726 | 56 |
Salaries and related costs | -1,915 | -1,915 | 0 | -3,727 | -3,727 | 0 |
Taxes other than income taxes | -38 | -38 | 0 | -83 | -83 | 0 |
Other income and expenses | 178 | 212 | 34 | 388 | 477 | 89 |
Aircraft operating lease costs | -277 | 0 | 277 | -562 | 0 | 562 |
EBITDA | 913 | 1,290 | 377 | 1,182 | 1,938 | 756 |
Amortization, depreciation and provisions | -417 | -702 | -285 | -829 | -1,384 | -555 |
Income from current operations | 496 | 588 | 92 | 353 | 555 | 202 |
Sales of aircraft equipment | 10 | 10 | 0 | 19 | 19 | 0 |
Other non-current income and expenses | -3 | -4 | -1 | -11 | -11 | 0 |
Income from operating activities | 503 | 594 | 91 | 361 | 563 | 202 |
Cost of financial debt | -68 | -148 | -80 | -133 | -297 | -164 |
Income from cash and cash equivalent | 11 | 11 | 0 | 20 | 20 | 0 |
Net cost of financial debt | -57 | -137 | -80 | -113 | -277 | -164 |
Other financial income and expenses | 32 | 328 | 296 | 1 | 373 | 372 |
Income before tax | 478 | 785 | 307 | 249 | 659 | 410 |
Income taxes | -105 | -185 | -80 | -96 | -205 | -109 |
Net income of consolidated companies | 373 | 600 | 227 | 153 | 453 | 300 |
Share of profits (losses) of associates | 3 | 4 | 1 | 7 | 7 | 0 |
Income from continuing operations | 376 | 604 | 228 | 160 | 461 | 301 |
Net income from discontinued operations | -8 | -9 | -1 | -8 | -8 | 0 |
Net income for the period | 368 | 595 | 227 | 152 | 452 | 300 |
Minority interest | -1 | -1 | 0 | -1 | -1 | 0 |
Net income for the period - Group | 367 | 594 | 227 | 151 | 451 | 300 |
Impact on the consolidated statement of recognized income and expenses: third quarter and nine months 2017
These restated accounts have not yet been audited and could be subject to changes.
Third quarter 2017 | Nine months 2017 | |||||
In millions euros | Published accounts | Restated | Change | Published accounts | Restated | Change |
Sales | 7,234 | 7,255 | 21 | 19,548 | 19,581 | 33 |
Other revenues | 1 | 1 | 0 | 1 | 1 | 0 |
Revenues | 7,235 | 7,256 | 21 | 19,549 | 19,582 | 33 |
Aircraft fuel | -1,148 | -1,148 | 0 | -3,428 | -3,428 | 0 |
Chartering costs | -104 | -132 | -28 | -306 | -388 | -82 |
Landing fees and en route charges | -513 | -514 | -1 | -1,445 | -1,445 | 0 |
Catering | -214 | -215 | -1 | -602 | -602 | 0 |
Handling charges and other operating costs | -457 | -458 | -1 | -1,313 | -1,313 | 0 |
Aircraft maintenance costs | -602 | -573 | 29 | -1,842 | -1,725 | 117 |
Commercial and distribution costs | -233 | -234 | -1 | -701 | -700 | 1 |
Other external expenses | -380 | -331 | 49 | -1,162 | -1,057 | 105 |
Salaries and related costs | -1,928 | -1,928 | 0 | -5,655 | -5,655 | 0 |
Taxes other than income taxes | -39 | -38 | 1 | -122 | -122 | 0 |
Other income and expenses | 135 | 167 | 32 | 523 | 643 | 120 |
Aircraft operating lease costs | -265 | 0 | 265 | -827 | 0 | 827 |
EBITDA | 1,488 | 1,852 | 364 | 2,670 | 3,790 | 1,120 |
Amortization, depreciation and provisions | -466 | -711 | -245 | -1,295 | -2,094 | -799 |
Income from current operations | 1,022 | 1,141 | 119 | 1,375 | 1,696 | 321 |
Sales of aircraft equipment | 0 | -2 | -2 | 19 | 17 | -2 |
Other non-current income and expenses | -315 | -313 | 2 | -326 | -324 | 2 |
Income from operating activities | 707 | 826 | 119 | 1,068 | 1,389 | 321 |
Cost of financial debt | -65 | -145 | -80 | -198 | -442 | -244 |
Income from cash and cash equivalent | 7 | 6 | -1 | 27 | 27 | -0 |
Net cost of financial debt | -58 | -139 | -81 | -171 | -416 | -245 |
Other financial income and expenses | 81 | 163 | 82 | 82 | 536 | 454 |
Income before tax | 730 | 850 | 120 | 979 | 1,509 | 530 |
Income taxes | -186 | -218 | -32 | -282 | -425 | -143 |
Net income of consolidated companies | 544 | 632 | 88 | 697 | 1,085 | 388 |
Share of profits (losses) of associates | 9 | 8 | -1 | 16 | 16 | 0 |
Income from continuing operations | 553 | 640 | 87 | 713 | 1,101 | 388 |
Net income from discontinued operations | 0 | 0 | 0 | -8 | -8 | 0 |
Net income for the period | 553 | 640 | 87 | 705 | 1,093 | 388 |
Minority interest | -1 | -1 | 0 | -2 | -3 | -1 |
Net income for the period - Group | 552 | 639 | 87 | 703 | 1,090 | 387 |
Impact on the consolidated statement of recognized income and expenses: Fourth quarter and Full year 2017
These restated accounts have not yet been audited and could be subject to changes.
Fourth quarter 2017 | Full year 2017 | |||||
In millions euros | Published accounts | Restated | Change | Published accounts | Restated | Change |
Sales | 6,233 | 6,276 | 43 | 25,781 | 25,857 | 76 |
Other revenues | 2 | 2 | 0 | 3 | 3 | 0 |
Revenues | 6,235 | 6,278 | 43 | 25,784 | 25,860 | 76 |
Aircraft fuel | -1,079 | -1,079 | 0 | -4,507 | -4,507 | 0 |
Chartering costs | -97 | -128 | -31 | -403 | -516 | -113 |
Landing fees and en route charges | -460 | -460 | 0 | -1,905 | -1,905 | 0 |
Catering | -182 | -182 | 0 | -784 | -784 | 0 |
Handling charges and other operating costs | -440 | -440 | 0 | -1,753 | -1,753 | 0 |
Aircraft maintenance costs | -582 | -504 | 78 | -2,424 | -2,229 | 195 |
Commercial and distribution costs | -234 | -234 | 0 | -935 | -934 | 1 |
Other external expenses | -413 | -403 | 10 | -1,574 | -1,460 | 114 |
Salaries and related costs | -1,969 | -1,969 | 0 | -7,624 | -7,624 | 0 |
Taxes other than income taxes | -36 | -36 | 0 | -158 | -158 | 0 |
Other income and expenses | 112 | 141 | 29 | 635 | 785 | 150 |
Aircraft operating lease costs | -261 | 0 | 261 | -1,088 | 0 | 1,088 |
EBITDA | 594 | 984 | 390 | 3,264 | 4,774 | 1,510 |
Amortization, depreciation and provisions | -481 | -743 | -262 | -1,776 | -2,837 | -1,061 |
Income from current operations | 113 | 241 | 128 | 1,488 | 1,937 | 449 |
Sales of aircraft equipment | -1 | 1 | 2 | 18 | 18 | 0 |
Other non-current income and expenses | -1,599 | -1,601 | -2 | -1,925 | -1,925 | 0 |
Income from operating activities | -1,487 | -1,359 | 128 | -419 | 30 | 449 |
Cost of financial debt | -51 | -129 | -78 | -249 | -570 | -321 |
Income from cash and cash equivalent | 8 | 8 | 0 | 35 | 35 | 0 |
Net cost of financial debt | -43 | -121 | -78 | -214 | -535 | -321 |
Other financial income and expenses | 34 | 46 | 12 | 116 | 579 | 463 |
Income before tax | -1,496 | -1,434 | 62 | -517 | 75 | 592 |
Income taxes | 511 | 498 | -13 | 229 | 74 | -155 |
Net income of consolidated companies | -985 | -936 | 49 | -288 | 149 | 437 |
Share of profits (losses) of associates | 5 | 5 | 0 | 21 | 21 | 0 |
Income from continuing operations | -980 | -931 | 49 | -267 | 170 | 437 |
Net income from discontinued operations | 0 | 0 | 0 | -8 | -8 | -0 |
Net income for the period | -980 | -931 | 49 | -275 | 161 | 436 |
Minority interest | 3 | 3 | 0 | 1 | 0 | -1 |
Net income for the period - Group | -977 | -928 | 49 | -274 | 162 | 436 |
Air France-KLM: Additional information on restatement of accounts 2017
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Source: AIR FRANCE - KLM via GlobeNewswire
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