Full Year 2013 Results 20 February 2014 Key data: underlying improvement at every level
FY 13 FY 12(1) Change
Reported: +0.4% (€bn) Revenue 25.52 25.42 Ex-currency: +2.3% EBITDA(2) (€m) 1,855 1,394 +461m Operating result (€m) 130 -336 +466m Net result, group share (€m) -1,827 -1,225 -602m Adjusted net result(2) (€m) -349 -696 +347m Operating free cash flow(2) (€m) 538 -47 +585m * RestatedNet debtIAS19R (2) (€bn) 5.35 5.97 -618m
(1) Restated for IAS 19 revised, CityJet reclassified as discontinued operation (2) See definition in press release
Full Year 2013 Results 2 Highlights of 2013
Return to positive operating result Financial in a challenging context Further reduction in unit cost Robust free cash flow generation Significant reduction in net debt
Restructuring measures ongoing in all areas, Efficiency and reinforced where necessary Successful implementation of new working conditions with all categories of staff Streamlining the portfolio of activities and improving asset utilization
Initiation of major product upgrade throughout Customer the group
Launch of HOP! and expansion of Transavia
Strengthening of international long-haul network
Full Year 2013 Results 3 Activity and Results
Pierre François Riolacci Full Year and Q4 2013 results summary
Q4-13 Q4-12(1) Change FY-13 FY-12(1) Change In € millions
Revenues 6,123 6,258 -2.2% 25,520 25,423 +0.4% Change ex-currency +0.7% +2.3%
EBITDA(2) 381 281 +100 1,855 1,394 +461
EBITDA margin +6.2% +4.5% +1.7 pts +7.3% +5.5% +1.8 pts
Operating result -65 -152 +87 130 -336 +466
Operating margin -1.1% -2.4% +1.3 pts 0.5% -1.3% +1.8 pts
Net result, group share -1,177 -244 -933 -1,827 -1,225 -602
Adjusted net result, group share(2) -112 -126 +14 -349 -696 +347
Operating free cash flow(2) 538 -47 +585
Net debt at end of period(2) 5,348 5,966 -618
(1) Restated for IAS 19 revised, Cityjet reclassified as discontinued operation (2) See definition in press release
Full Year 2013 Results 5 Negative currency impact in H2
Revenues Operating result (% change) (€m improvement)
+566
+2.5% +466 +2.3% +2.0% +314 +1.6% +252 +238 +228
+0.4%
H1 H2 FY
-0.7% H1 H2 FY
Reported evolution Evolution excluding currency
Full Year 2013 Results 6 Net result impacted by restructuring and impairment expenses
FY 2013 In € millions
Net result, Adjusted group share net result
Asset valuation -349
Deferred tax asset impairment -937 Value of Non current hedging expenses portfolio Alitalia +57 shares: -119 Discontinued operations -357 (CityJet)
-122 Voluntary departure plans: -200, -1,827 Fleet impairment and onerous leases: -111, Other: -46
Full Year 2013 Results 7 Contribution by business to Full Year results
Change Change Revenue Change ex-currency Op. result Change ex-currency (€ bn) (%) (%) (€m) (€m) (€m)
Passenger +0.7% +2.6% +434 +499 79% 20.11 174
Cargo 11% 2.82 -7.9% -5.7% -202 +28 +37
Maintenance 5% 1.22 +11.8% +15.1% 159 +19 +29
Other 5% 1.37 +5.6% +5.3% -1 -15 +0
Total 25.52 +0.4% +2.3% 130 +466 +566
Full Year 2013 Results 8 Passenger activity Passenger
Disciplined capacity growth Activity Capacity (ASK) +1.6% Load factor up 0.6 pts Load factor 83.2% +0.6 pt 83.8% Unit revenue: up +0.8%* ► Long-haul up +0.6%* Traffic (RPK) +2.4% • Premium: -0.6%* • Economy: +1.2%* ► Medium-haul up +2.4%* • Positive effect of capacity reduction on medium-haul point-to-point 2012 2013 • RASK up 3.2%* in hubs Unit revenue Unit cost CASK reduced by 1.8%* RRPK RASK CASK
0.8% 0.1%
-1.0% Operating result -1.7% -1.8% -3.3% improved by €434m Actual Ex-currency * Ex-currency
Full Year 2013 Results 9 Unit revenue by network Passenger
Full Year 2013 Medium-haul point-to-point RASK ex-currency
-8.3% -3.4% 1.1% Total medium-haul ASK RPK RASK
North America Medium-haul hubs
-1.2% 1.7% 2.4% ASK RPK RASK -0.1% -0.3% 2.0% 1.4% 3.2% 3.2% ASK RPK RASK ASK RPK RASK
Latin America Africa and Middle East Asia
7.4% 8.2% 2.9% 2.4% 1.9% -1.4% 4.3% 4.0% -1.3% ASK RPK RASK ASK RPK RASK ASK RPK RASK
Total long-haul Caribbean & Indian Ocean Total
2.4% 2.5% 0.6% -1.2% 0.4% 3.4% 1.6% 2.4% 0.8% ASK RPK RASK ASK RPK RASK ASK RPK RASK
Full Year 2013 Results 10 Cargo activity Cargo
Activity Weak global trade and industry overcapacity Capacity (ATK) -2.7%
Load factor 64.5% -1.3 pt Full freighter capacity reduced 63.2%
by 11%, above initial plan Traffic (RTK) -4.6%
RATK down by 4.2%* 2012 2013 CATK reduced by 4.9%* Unit revenue Unit cost But insufficient improvement RRTK RATK CATK in operating result
-2.2% -4.4% -4.2% -4.9% Additional measures -6.3% -6.6% announced in October 2013 Actual Ex-currency * Ex-currency
Full Year 2013 Results 11 Strong performance of maintenance activity Maintenance
Third party revenue up 17.6% Order book like-for-like(2) €4.4bn ► Order book up €600m thanks +15% to new contracts €3.8bn ► Quarter to quarter volatility of revenues due to one-offs
Targeted investments Dec 2012 Dec 2013 to reinforce positions ► US-based engine tear-down
joint venture (April 2013) FY-13 FY-12(1) Change ► Component shop in Shanghai In € millions (December 2013) Total revenue 3,280 3,134 +4.7% Third party revenue 1,225 1,096 +11.8%
Operating result up Like-for-like(2) +17.6% ► Development of higher margin Operating result 159 140 +19 activities ► Transform 2015 efficiency gains Operating margin 4.8% 4.5% +0.3 pt
(1) Restated IAS19R (2) Excluding currency impact and one-offs
Full Year 2013 Results 12 Other Other businesses
Transavia activity Transavia +11.6% Capacity (ASK) ► Capacity growth: +11.6% Load factor 90.1% 88.6% +1.5 pt • Netherlands: +7.6% • France: +25.5% +13.5%
► Unit revenue: -0.2% Traffic (RPK) • Stable in spite of high growth ► Operating result down • Political unrest in some 2012 2013 Mediterranean destinations • Launch costs of certain routes FY-13 FY-12* Transavia Change Catering Transport revenue 948 851 +11.4% ► Third party revenue up 6.9% Operating result -23 0 -23 at constant scope RASK (€ cts per ASK) 4.82 4.83 -0.2% ► Positive impact of Transform 2015 Catering (Servair) on operating result Third party revenue 341 355 -3.9% At constant scope +6.9% Operating result 24 7 +17
* Restated IAS19R Full Year 2013 Results 13 Full Year: change in operating costs
Actual Ex-currency €m change change
29% Employee costs 7,482 -2.3% -2.1%
(1) 25% Supplier costs excluding purchasing 6,429 +1.0% +2.4% of maintenance services and parts
12% Aircraft costs(2) 3,093 -4.2% -2.4%
5% Purchasing of maintenance services 1,303 +15.2% +18.4% and parts Operating costs ex-fuel(3) 18,493 +0.1% +0.8%
27% Fuel 6,897 -5.2% -2.2%
Grand total of operating costs 25,390 -1.4% -0.0%
Capacity (EASK) +1.6%
(1) Catering, handling charges, commercial and distribution, landing fees and air-route charges, other external expenses (2) Chartering (capacity purchases), aircraft operating leases, amortization, depreciation and provisions (3) Including other taxes, other revenues, other income and expenses
Full Year 2013 Results 14 Significant decline in employee costs
Change in employee costs Headcount reduction (€m, including temporary staff) ► -3,700 FTEs(1)
Employee costs General pay freeze like-for-like at both Air France and KLM 7,823 -2.8% -218 +50 7,655
Q1: -61 Increase in On track to achieve further Q2: -34 pension Q3: -45 expense (2) (non cash) reduction in 2014 Q4: -78 and consolidation impact
2012 2013 Restated IAS19R
(1) December 2013, at constant scope (2) Like-for-like: excluding increase in pension expense
Full Year 2013 Results 15 Further reduction in unit costs
FY 2013 Net cost: €22,613m (-2.2%) Capacity in EASK: 333,480m (+1.6%) Unit cost per EASK: €6.78 cents Ex-currency Actual Net change change change Excluding increase in pension expense
+0.1% -0.5% Currency -2.0% Change in effect pension expense Fuel price -2.5% Q1: -1.8% (non cash) effect -1.3% Q2: -2.6% Q3: -1.7% Q4: -1.9% -3.8%
Full Year 2013 Results 16 Cost reduction drives improvement in operating result…
In € billions
FY 2012 Unit FY 2013 Restated IAS 19R cost -20 130 Increase in pension expense (non cash)
+466
Currency Activity Unit Fuel price Impact change revenue ex-currency
CEASK: -336 +123 -2.0% -100 -1 -2
Revenues: -465 REASK: Costs: -365 +0.0%
Full Year 2013 Results 17 …with a positive momentum since Transform 2015 launch
In € billions
Q1 Q2 Q3 Q4 2011, as reported 2012, Restated IAS19, 637 Cityjet reclassified as discontinued operation 494 2013 397
79
-75 -65 -145 -150 -202
-403 -520 -605 Change in operating -1.6 pt +3.5 pts +3.0 pts +2.3 pts margin 2013 vs 2011
Full Year 2013 Results 18 Strong free cash flow generation
In € billions
Operating free cash flow*: 538 5,966 (2012: -47)
Sale & Lease-Back: Other 80 123 5,348 1,292
Net investments: -941 -183 370 Cash flow Voluntary before VDP, Departure and change Plans Change Gross In WCR (2012: -32) in WCR investments: (2012: 834) (2012: 49) -1,064 (2012: -1,534)
Net debt at Net debt at 31 December 2012 31 December 2013
* Net cash flow from operating activities less net capex on tangibles and intangibles. See definition in press release
Full Year 2013 Results 19 Improved financial ratios at 31 December 2013
EBITDAR / adjusted net interest costs(1) Adjusted net debt(2) / EBITDAR
5.7x 3.9x 5.4x 3.3x 3.5x 4.2x
31/12/2011 31/12/2012* 31/12/2013 31/12/2011 31/12/2012* 31/12/2013
EBITDA / net interest costs Net debt / EBITDA
4.6x 3.6x 4.0x 4.8x 4.3x 2.9x
31/12/2011 31/12/2012* 31/12/2013 31/12/2011 31/12/2012* 31/12/2013
* Restated for IAS 19 revised, CityJet reclassified as discontinued operation (1) Adjusted by the portion of financial costs within operating leases (34%) (2) Adjusted for the capitalization of operating leases (7x yearly charge) Full Year 2013 Results 20 Good level of liquidity
Cash of €4.2 billion at 31 December 2013
Undrawn credit lines of €1.8bn
Air France: €1.06bn until 2016
KLM: €540m until 2016
Air France-KLM: €200m until 2017
Amadeus shares: more than €900m
Short term debt: €1.9bn
Full Year 2013 Results 21 Update on fuel bill
In $ billions
Fuel bill after hedging 2013 $126/bbl 9.7 $116/bbl 9.4 2014 9.2 9.0(1) $105/bbl 9.0 $97/bbl 8.5 $88/bbl 8.2
2.5 (1) 2.3(1) 2.4 (1) 2.2 2.1(1) 2.3 2.2 2.2
Jan-Dec Q1 Q2 Q3 Q4
Market price Brent ($ per bbl)(1) 105 107 106 104 103 Jet fuel ($ per metric ton)(1) 970 980 970 965 960 % of consumption already hedged 63% 66% 67% 64% 54%
(1) Average of forward curves of past 5 weeks (10 January to 7 February 2014) Sensitivity computation based on February-December 2014 fuel price
Full Year 2013 Results 22 Outlook for 2014
€ billions Operating environment remains EBITDA uncertain Timing/strength of economic recovery ~2.5 in different regions Still volatile currencies and fuel prices 1.9 1.3 1.4 Industry capacity
Positive impact of Transform measures
Initial measures fully delivering 2011 2012 2013 2014 Dec 2015 Additional measures delivering as of H2 2014 Net debt € billions EBITDA expected in the region 6.5 of €2.5bn in 2014, subject to there 6.0 being no reversal in current 5.3 operating trends 4.5
Ongoing reduction in net debt Towards our 2015 objective of €4.5bn Dec 2011 Dec 2012 Dec 2013 2014 2015
Full Year 2013 Results 23
Strategy
Alexandre de Juniac Agenda
Transform 2015: securing structural cost reductions
Driving a new revenue dynamic
Expanding and strengthening our international networks
Full Year 2013 Results 25 Transform 2015 initiatives implemented in all divisions
Distribution of Air France Transform 2015 More than 90 projects launched initiatives per area in 2012 6% 4% 3% Flight operations Ground operations 36% 11% Maintenance Sales 20% IT Cargo 19% Admin.
Distribution of KLM Transform 2015 initiatives Central project management 0 0
office driving Transform 2015 Revenue (16 main projects) implementation within each airline 33% 41% Other costs Additional measures (15 main projects) in Medium-Haul and Cargo Staff: 9 main projects announced in October 2013 25% and currently being implemented
Full Year 2013 Results 26 Significant reduction in costs since launch of Transform 2015
Change in unit cost*
Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13
+1.0%
-1.2% -1.7% -1.9% -1.9% -1.8% -1.8% -2.6% Equivalent impact on costs +50 -100 -120 -90 -100 -160 -110 -100 (€m) 2012 vs 2011: -€260m 2013 vs 2012: -€470m
Costs reduced by over €700 million in 2 years
* Net unit cost per EASK in € cents, at constant currency, fuel price and excluding (non cash) pension charge impact
Full Year 2013 Results 27 Reduction in both headcount and employee costs
Employee cost* Headcount* incl. temporary staff incl. temporary staff (Full Time Equivalent)
-8,100 FTEs -€380m -8% o/w AF -10%, KL -3% 7.92 106,150 104,000 7.66 ~7.54 99,400 98,000
2012 2013 Target 2011 2012 2013 Target 2014 2014
* At constant pension cost, CityJet removed in 2013 and 2014
Full Year 2013 Results 28 New collective agreements lead to improved efficiency and productivity at Air France
Ground Medium-haul Long-haul
Ground staff: Annual cabin crew Annual cockpit crew Average cabin days worked per year flight hours flight hours crew complement +5.5% +16% +10% -8%
12.8 700 211 620 635 11.7 200 535
2012 2013 2012 2014 2012 2014 2012 2015
Full Year 2013 Results 29 Medium-haul: new measures on track
French point-to-point capacity Losses reduced by €180m in 2013 (billion ASKs) Hubs: productivity gains, cabin -27%* densification, shorter turnaround times and ancillary revenues 17 -8% -16%* Point-to-point: reduction of activity in provincial bases, sale of CityJet
Deployment of new measures 2012 2013 2014 2015 announced in October 2013 Medium-haul total operating result Paris-CDG hub: additional fleet reduction (€m) and productivity improvements 2012 2013 2014 2015 Amsterdam hub: further actions to increase asset utilization Point-to-point: capacity cuts New Voluntary Departure Plan underway targeting 1,400 FTEs in French stations ~-620 -800 ~+€500m
* o/w 5% due to sale of CityJet
Full Year 2013 Results 30 Cargo restructuring: ready to further adapt
Significant cost and capacity Full-freighter cargo capacity reduction achieved in 2013 (billion ATKs) Full freighter capacity down 11% CATK down 4%
9.1 New measures announced in October 2013 on track -38% Further full freighter fleet reduction, 5.6 -20% -24% down from 14 in 2013 to 10 in 2015 4.5 Outsourcing of handling at Orly, 3.4 VDP in France targeting 280 FTEs New revenue initiatives
Ready to further adapt in the absence of market recovery
Full Year 2013 Results 31 Targeting a further reduction in unit costs in 2014 and 2015
Trend in unit costs*
2012 2013 2014 2015
Further -1% reduction
-2% ~ -2% In line with 0.4 cent cost reduction target in 2014 vs 2011
* Net unit cost per EASK in € cents, at constant currency, fuel price, and pension expense. Restated following reclassification of CityJet as discontinued operation. See definition in press release.
Full Year 2013 Results 32 Agenda
Transform 2015: securing structural cost reductions
Driving a new revenue dynamic
Expanding and strengthening our international networks
Full Year 2013 Results 33 Air France long-haul product upgrade
full flat €500m investment in long-haul product by end of 2015
New cabins in 44 B777s Launch in June 2014 New seats and new In-Flight Entertainment in all cabins
Business class seat positioned at highest standards full access “full flat” “full access”: direct aisle access “full privacy” Incorporates “quick change” feature to match demand seasonality
Full Year 2013 Results 34 KLM long-haul product upgrade
€200m investment in long-haul product by end of 2015
New World Business Class seat Launched in July 2013 22 B747-400s upgraded by Summer 2014 “full flat” Customer satisfaction* Marked improvement in customer satisfaction Overall comfort and cabin Seat comfort 8.4 8.7 Accelerated replacement of MD11s 5.4 4,4 KLM frontline staff ranked #1 in Europe by SkyTrax
Previous New Previous New seat seat seat seat
* First results on 7 upgraded B747s
Full Year 2013 Results 35 Reorganization of medium-haul brands
April 2012 October 2012 April 2013
Launch of HOP!
Sky Priority New in-flight service
Investment in medium-haul product New in-flight service at Air France (October 2012) Introduction of Economy Comfort at KLM (December 2012)
Revised business model on regional point-to-point activity New brand (HOP!) supporting product and fare adaptation Capacity reduction
Adaptation of mainline fare structure Air France: successful launch of fares without bag (Mini) KLM: smooth introduction of paid first bag
Full Year 2013 Results 36 Accelerated development of Transavia France
Transavia to capture growth opportunities in French leisure market Transavia France fleet plan Positioned as a high-end leisure (number of aircraft) product 26 Based in Orly 21 Significant network development Aiming at both “sun” 16 and “city-breaks” routes Served or not by Air France 11 8 Brand position adapted Investment in brand awareness Development of distribution channels, in both France S12 S13 S14 S15 S16 and in inbound markets Link with Flying Blue
Full Year 2013 Results 37 Agenda
Transform 2015: securing structural cost reductions
Driving a new revenue dynamic
Expanding and strengthening our international networks
Full Year 2013 Results 38 Balanced long-haul network with strong exposure to high growth markets and high quality partners
North America Benefits from JV with Delta Asia-Pacific
21% #1* 51* 25* JVs with Chinese airlines Development of Share of Market Daily Destinations total capacity position flights partnership with Etihad Africa & Middle-East 23% #2 34 23 Expansion Share of Market Daily Destinations total capacity position flights of Kenya Airways JV
13% #1 42 46 Latin America Share of Market Daily Destinations total capacity position flights Accelerated development
11% #2 15 11
Share of Market Daily Destinations total capacity position flights Caribbean & Indian Ocean 11% #1 13 14
Share of Market Daily Destinations total capacity position flights
* Including flights and destinations served by Delta as part of JV, Summer 2013 data
Full Year 2013 Results 39 Targeted capacity growth in 2014
Medium-haul: -2% North America* Hubs: ~ +3% ~ +3% Point-to-point: ~ -16%** Asia-Pacific ~ -1% Africa & Middle-East Latin America ~ 0% ~ +9%
Caribbean & Total long-haul: Indian Ocean ~ +2% ~ 0% Total group: ~ +1% * Including Mexico ** o/w 5% due to sale of CityJet Full Year 2013 Results 40 The North Atlantic JV: a unique asset
JV represents 23% of industry transatlantic capacity North Atlantic RASK 98 flights per day 2013 vs 2008* Revenue: $11bn
Leading improvement in RASK since +31% 2008 +28% +26% New initiatives Ancillary seat sales +18% Enhanced integration of Frequent Flyer programs +10% Cargo
AF-KL-AZ 1 2 3 Other 11 point rise in profit margin Competitors reporting since 2008 carriers
* Among 13 participating European carriers, January-September 2013 RASK compared to January-September 2008, in € cents, source: AEA
Full Year 2013 Results 41 Africa: reinforcement of network
West Africa 22 destinations in 20 countries Air France-KLM / Kenya Airways Joint Planned deployment of A380 Venture scope, effective 2014 on Abidjan
LHR AMS 2014: Extension of Joint Venture CDG with Kenya Airways 27% shareholding Scope extended to 44 weekly intercontinental flights 27 destinations covered in Africa Doubling of JV scope to €400m EBB NBO in revenues KGL
LUN HRE
Full Year 2013 Results 42 Accelerated development in Latin America
Air France-KLM: strong organic Development of Air France-KLM growth in last 5 years Latin American network 12 destinations, o/w 6 served from (Summer 2014 vs Summer 2009) both hubs Summer 2014: #1 carrier between Panama Europe and Latin America x2
Air France-KLM and GOL A strong local player in Brazil Code share agreement Lima on 28 destinations since 2009 +40% Brasilia new destination Brazil 2014: new strategic agreement +28% Exclusive access to domestic network Coordination stepped up between Montevideo the 2 networks new destination Santiago Extension of code shares x2 Buenos Aires Coordination of sales teams in Europe +40% and Brazil Maintenance agreement Cemented by an equity investment
Full Year 2013 Results 43 Towards a deeper partnership with Etihad
Geographic complementary with addition of destinations in Indian Ocean and Australia
Initial cooperation involving trunks and beyonds Launched in October 2012 4 daily flights between respective hubs 24 codeshare destinations beyond European hubs 20 codeshare destinations beyond Abu Dhabi
Cooperation extending to cargo
Extension of existing partnership with Jet Airways under consideration
Ongoing discussions to deepen partnership
Full Year 2013 Results 44 To sum up
Our priorities remain:
The successful completion of Transform 2015 Securing net debt reduction down to €4.5bn in 2015
Repositioning our brands and products to reconquer our customer base and restore our revenue dynamic
Continue to strengthen and expand our international network focused on high growth regions
Full Year 2013 Results 45 Appendices Fourth quarter: passenger unit revenue by network
October-December 2013 Medium-haul point-to-point RASK ex-currency
-11.8% -4.1% 2.6% Total medium-haul ASK RPK RASK
North America Medium-haul hubs
-2.5% 2.2% 3.4% ASK RPK RASK 2.8% 1.7% -3.3% 1.0% 4.2% 4.4% ASK RPK RASK ASK RPK RASK
Latin America Africa and Middle East Asia
8.3% 7.2% 3.1% 2.9% 1.3% -2.0% 1.3% 0.9% 0.1% ASK RPK RASK ASK RPK RASK ASK RPK RASK
Total long-haul Caribbean & Indian Ocean Total
3.0% 2.5% -0.8% 2.2% 4.2% 0.6% 1.8% 2.5% -0.1% ASK RPK RASK ASK RPK RASK ASK RPK RASK
Full Year 2013 Results 47 Fourth Quarter: change in operating costs
Actual Ex-currency €m change change
29% Employee costs 1,790 -5.7% -5.5%
(1) 26% Supplier costs excluding purchasing 1,585 +0.3% +2.0% of maintenance services and parts
12% Aircraft costs(2) 771 -4.5% -2.1%
5% Purchasing of maintenance services 327 +3.8% +7.9% and parts Operating costs ex-fuel(3) 4,535 -2.1% -0.9%
27% Fuel 1,653 -7.0% -2.4%
Grand total of operating costs 6,188 -3.5% -1.3%
Capacity (EASK) +1.9%
(1) Catering, handling charges, commercial and distribution, landing fees and air-route charges, other external expenses (2) Chartering (capacity purchases), aircraft operating leases, amortization, depreciation and provisions (3) Including in addition other taxes, other revenues, other income and expenses
Full Year 2013 Results 48 Debt reimbursement profile at 31 December 2013*
Convertible bonds Plain vanilla bonds 2009 4.97% convertible January 2014: Air France 4.75% (€750m) bond (€661m) October 2016: Air France-KLM 6.75% (€700m) Maturity: April 2015 January 2018: Air France-KLM 6.25% (€500m) Conv. price: €11.80 Other long-term debt - mainly asset- backed (net of deposits )
2005 2.75% convertible 750 bond (€420m) Maturity: April 2020 2nd put: April 2016 Conv. price: €20.50
700 2013 2.03% convertible 500 bond (€550m) Maturity: Feb. 2023 Put: Feb. 2019 1,170 Conv. price: €10.30 880 860 580 660 470 440 370 340 220
2014 2015 2016 2017 2018 2019 2020 2021 2022 Beyond
* In € millions, net of deposits on financial leases and excluding KLM perpetual debt (€550m)
Full Year 2013 Results 49