FIRST QUARTER 2018
Strong ongoing demand in the first quarter 2018:
Number of passengers carried up 5.2% at 22 million.
Traffic up 5.7%, leading to a load factor improvement by 1.7 pt.
Group unit revenue +1.2% at constant currency compared to last year.
However, Air France strikes have weighed on the economic performance of the Group:
Unit costs up 2.1% at constant currency, fuel and pension charges, of which 1.7% related to strikes.
Operating income at -118 million euros, including around 75 million euros of strike impact, compared to -33 million euros in first quarter 20171.
The Group financial structure has been further improved:
Net debt reduction of 285 million euros, particularly thanks to an adjusted operating free cash flow of 142 million euros1.
Net debt / EBITDA ratio of 1.3x at 31 March 2018, an improvement of 0.1 points compared to 31 December 20171.
OUTLOOK FOR FULL YEAR 2018
The demand remains well oriented in a favourable business environment:
Long haul forward booking load factors continue to be ahead of last year in average for the next four months.
Second quarter 2018 unit revenue expected to be flat at constant currency compared to last year.
Some guidance elements have been adjusted to take into account the Air France strike impact of at least 300 million euros on the operating result, and the macroeconomic context:
Capacity increase at 2.5% to 3.5% for Passenger network.
Unit cost change expected between 0% and +1.0% at constant currency, fuel and pension charges, including strike related costs and associated capacity adjustment.
Fuel bill increase of 350 million euros compared to 2017.
Currency headwind of around 100 million euros due to the strengthening of the Euro compared to other currencies…
