Activity impacted by crises in Japan, the Middle East and Africa
 Stable unit revenues
 Revenues up by 8.7%
 Reduction in unit cost (on a constant currency and fuel price basis)
 Reduction in long-haul capacity growth for Winter 2011 to 2.7%

The Board of Directors of Air France-KLM, presided by Jean-Cyril Spinetta, met on 27th
July 2011 to examine
the accounts for the quarter April-June 2011. The operating result stood at -145 million euros (-132 million euros at 30
th June 2010) after a 16% rise in the fuel bill (+232 million euros) and a loss estimated at 100 million euros resulting from the political events in
Africa and the Middle East, as well as the nuclear crisis in Japan. Key Data
Quarter to 30th juni
In millions of euros, except earnings per share (in euros)
2011 2010 Change
Revenues 6,220 5,721 +8.7%
EBITDAR 1 503 484 +3.9%
Operating result (145) (132) nm
Adjusted operating result 2 (73) (64) nm
Net result, group share (197) 736 nm
Adjusted net result, group share 3 (212) (252) nm
Earnings per share (0.67) 2.50 nm
Diluted earnings per share (0.67)2.00
nm

Activity
Important markets still affected by the various geopolitical crises
Activity over the quarter, and particularly in June, was strongly affected by the difficult situation in some important markets for the group.
The passenger business saw a 9.4% rise in traffic with capacity up by 10.1% (+5.2% adjusted for the airspace closure in April 2010). The load factor declined by 0.5 points to 81.1%. Unit revenue per available
seat kilometre (RASK) was stable but increased by 0.8% excluding currency. Passenger revenues rose by 9.9% to 4.80 billion euros, after a negative currency effect of 0.9%. The operating result stood at -140 million
euros (-142 million euros a year earlier).
The cargo business was impacted by the crisis in Japan as well as a situation of overcapacity on China departures. Traffic rose by 1.9% with capacity up by 6.2% (+2.9% adjusted for airspace closure in April 2010), leading to a 2.8 point decline in load factor to 66.7%. Unit revenue per available tonne kilometer (RATK) declined by 2.7% but increased by 0.6% excluding currency. Revenues amounted to 799 million euros (+3.2%) while the operating result was -14 million euros, (versus +11 million euros at 30
th June 2010).

1
Before amortisation, provisions and operating leases
2
Adjusted for the portion of operating leases corresponding to financial charges (34%)
3
See definition in the Reference Document 2010-11, page 133. Reconciliation table available in the results presentation

Revenues of the Maintenance business rose by 7.4% to 262 million euros. The operating result stood at 23
million euros, up 15% versus 30
th
June 2010. The engines and components activities continued to perform
well over the quarter.
Total revenues amounted to 6.22 billion euros, up by 8.7% after a negative currency effect of 1.2%.
Well controlled unit costs
Operating costs rose 8.7% and by 6.2% excluding fuel. Over the quarter, the group realised 129 million
euros in savings in the context of the ‘Challenge 12’ programme, the annual objective of which has been
revised up from 470 million euros to 500 million euros. In equivalent available seat kilometres (EASK), unit
costs were stable, and declined by 3.0% at constant fuel prices and exchange rates, for production in EASK
up by 8.8%.
The fuel bill rose by 232 million euros to 1.67 billion euros (+16%) under the combined effect of a 7% rise in
volume, a favourable currency effect of 8% and a rise in fuel prices after hedging of 19%. Employee costs
stood at 1.93 billion euros, up by 3.5%, of which a third linked to the payment of an exceptional bonus.
The operating result amounted to -145 million euros (-132 million euros at 30
th
June 2010). The adjusted
operating result stood at -73 millions euros. Net interest costs declined from 96 million euros at 30
th
June
2010 to 87 million euros at 30
th
June 2011. The currency result included in the item ‘Other financial income
and costs’ remained negative at -33 million euros (-100 million euros a year earlier).
Net result, group share stood at -197 million euros (versus 736 million euros a year earlier, which included
the capital gain of 1.03 billion euros realised on Amadeus). The net result adjusted for non-recurring items
was -212 million euros versus -252 million euros a year earlier. Earnings per share and diluted earnings per
share stood at -0.67 euros (2.5 euros and 2.0 euros respectively at 30
th
June 2010).
Operating cash flow of 345 million euros
Investments net of disposals amounted to 436 million euros at 30
th
June 2011 (475 million euros in the
equivalent quarter 2010-11). Operating cash flow was 345 million euros. At 30
th
June 2011, Air France-KLM
had cash of 3.9 billion euros and renewed credit lines of 1.85 billion euros of which 1.6 billion euros renewed
for 5 years in 2011 at Air France and at KLM.
Shareholders’ funds declined by 312 million euros versus 31
st
March 2011 to 6.91 billion mainly reflecting the
negative net result. Net debt stood at 6.04 billion euros (5.89 billion euros at 31
st
March 2011). The gearing
ratio was 0.92 (0.85 at 31
st
March 2011).
Outlook
The operating environment remains uncertain due to the situation in Japan, Africa and the Middle-East and
the Eurozone crisis. Moreover, fuel prices are still at high levels and the euro remains volatile. For the
upcoming Winter season, the group has decided to reduce long-haul capacity growth (including the Martinair
passenger activity) from 5.1% to 2.7% (-2.4 points). In this context, the group continues to target a positive
operating result for the calendar year 2011.