But market conditions continues to deteriorate recognizes

For its last Conference results as President and CEO of Air France-KLM, Jean-Cyril Spinetta could probably better dream. Caught as its competitors by the crisis, the Group franco-néerlandais has seen its profits divided by two in the first half of fiscal year 2008-2009, closed end of March, with a fell to EUR 639 million operating profit. A result yesterday sanctioned a 5,32 fall in fellowship title, at 9,515 euros, and which should be in the best of the case, that of the current year, knowing that the second half is usually a period of reduced activity for airlines.

On 15 September, Jean-Cyril Spinetta was still on operating income of EUR 1 billion for the fiscal year 2008-2009. Now, the CEO of Air France-KLM evoke more that a result "clearly positive", while welcoming that the Group has best withstood that Lufthansa and British Airways. But market conditions "continues to deteriorate", recognizes. The combination of oil and a euro at the top in the first quarter has come this winter added the slowdown in the second quarter, leading Air France-KLM to freeze the growth of its offers. And the fall in the price of a barrel of oil, spent $ 150 in July 50 $, is not fully, benefiting him because of its oil blankets contracted to a higher level than the current price of oil.

Like other companies, Air France-KLM had even to pass a provision of 361 million in the first half, to take account of their depreciation. Hence a net result share of the group fell to 28 million in the first half, against 736 million year last at the same time. "This has no real economic significance, is quick to point out Jean - Cyril Spinetta. It is not out of cash. "And, throughout the year, our covers will remain largely successful, allowing us to save more than 2 billion euros on our oil bill," he says. However, for the three next years, the oil covers past on the basis of a barrel between $ 70-80 would result by an additional real if oil remains at its current of the order of EUR 200 million per year. But the total bill would not less reduced, said the current number two and future CEO of Air France-KLM, Pierre-Henri Gourgeon, which provides a rebound in the price of here here.

Consequence of the degradation of the activity: savings plan was once again revised upward. Initially planned EUR 430 million objective is increased to 690 million for the current year and 920 additional million by 2012. With key freeze staff and, for the first time since 2001, a rescheduling of deliveries of Boeing 777 to replace the last B747.

But, according to Jean - Cyril Spinetta, this reduction of wing should not prevent Air France-KLM to continue to gain share of market competitors less well armed. "In terms of the offer we are more than ever the European leader, far ahead of Lufthansa", he says. Of a cash flow of EUR 4.4 billion, Air France-KLM also remains candidate making participation of 20 to 25 in Alitalia, for 200 to 250 million euros. Moreover, the Group would be also ready to return to the Austrian record, if the Austrian Government agreed to review its terms.