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Registration Document 2010-11 O P E N & C O M M I T T

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Registration Document 2010-11 O P E N & C O M M I T T together O P E N & C O M M I T T E D Registration Document 2010-11 Selected fi nancial information 2 1 Corporate governance 5 5 Financial report 123 1.1 The Board of Directors 6 5.1 Investments and fi nancing 124 1.2 The Group Executive Committee 28 5.2 Property, plant and equipment 126 1.3 Stock market and shareholders 29 5.3 Comments on the fi nancial statements 129 5.4 Key fi nancial indicators 133 5.5 Consolidated fi nancial statements 138 2 Activity 31 5.6 Notes to the consolidated fi nancial statements 145 2.1 Highlights of the 2010-11 fi nancial year 32 5.7 Statutory Auditors’ report 2.2 Market and environment 33 on the consolidated fi nancial statements 224 2.3 Strategy 36 5.8 Statutory fi nancial statements 226 2.4 Passenger business 39 5.9 Notes 228 2.5 Cargo business 47 5.10 Five-year fi nancial summary 239 2.6 Maintenance business 51 5.11 Statutory Auditors’ report on the fi nancial statements 240 2.7 Other businesses 56 5.12 Statutory Auditors’ report on regulated 2.8 Highlights of the beginning agreements and commitments 241 of the 2011-12 fi nancial year 58 2.9 Fleet 59 6 Other information 245 6.1 History 246 Risks and risk management 67 3 6.2 General information 248 3.1 Risk management process 68 6.3 Information relating to the share capital 249 3.2 Risk factors and their management 69 6.4 Information on trading in the stock 255 3.3 Market risks and their management 75 6.5 Information on the agreements concluded 3.4 Report of the Chairman of the Board in connection with the business combination of Directors on corporate governance, between Air France and KLM 258 internal control and risk management for the 2010-11 fi nancial year 80 6.6 Information relating to the agreements concluded with Alitalia-Compagnia Aerea 3.5 Statutory Auditors’ report on the report Italiana (Alitalia-CAI) 261 prepared by the Chairman of the Board of Directors 88 6.7 Legislative and regulatory environment for the air transport industry 263 6.8 Information and control 267 4 Social and environmental data 89 Glossaries 269 4.1 Social data 90 4.2 Note on the methodology for the reporting Tables of concordance 274 of the social performance indicators 98 4.3 Social indicators for the Group 102 4.4 Environmental data 108 4.5 Note on the methodology for the reporting of the environmental indicators 113 4.6 Environmental indicators for the Group 116 4.7 Statutory Auditor’s Report on a selection of environmental and social indicators published in Air France - KLM Group’s “2010-11 Registration Document” and “2010-11 Corporate Social Responsibility Report” for the year ended December 31, 2010 120 Registration Document 2010-11 Air France-KLM This Registration Document includes the annual fi nancial report This Registration Document is an unoffi cial translation of the French Document de Référence, which was fi led with the French Autorité des Marchés Financiers on June 15, 2011, pursuant to article 212-13 of the AMF General Regulations. This unoffi cial translation has been prepared by Air France-KLM for the information and convenience of English-speaking readers and has not been reviewed or registered with the AMF. No assurances are given as to the accuracy or completeness of this translation, nor any responsibility assumed for any misstatement or omission that may be contained therein. The French Document de Référence may be used for the purposes of a fi nancial transaction if supplemented with an offering memorandum approved by the AMF. In the event of any ambiguity or discrepancy between this unoffi cial translation and the French Document de Référence, the French version shall prevail. Registration Document 2010-11 ■ Air France-KLM 1 Selected fi nancial information Selected fi nancial information Pursuant to article 28 of Regulation (EC) no.809/2004 of April 29, 2004, On January 1, 2009, KLM took control of the company Martinair. the review of the fi nancial situation and results for the fi nancial year The latter is principally a cargo operator. For the purposes of ended March 31, 2010 fi guring on pages 2 and 3 of the 2009-10 comparison, the 2008-09 fi nancial year pro-forma consolidates Registration Document, and the review of the fi nancial situation and Martinair over twelve months. results of the fi nancial year ended March 31, 2009 fi guring on pages 2 and 3 of the 2008-09 Registration Document are incorporated by reference in this document (See also section 5 – Key fi nancial indicators, page 133). Revenues Income/(loss) from current operations (in € billion) (in € billion) 2010-11 2009-10 2008-09 2010-11 2009-10 2008-09 Pro-forma Pro-forma Martinair Published Martinair Published 23.62 20.99 24.69 23.97 0.12 (1.29) (0.19) (0.13) During the 2010-11 fi nancial year, revenues were €2.6 billion higher The operating result improved by €1.41 billion during the 2010-11 (+12.5%) than in the previous fi nancial year. fi nancial year thanks to the economic recovery and the strategic measures implemented in the passenger and cargo businesses since 2009. Information by business 2008-09 2010-11 2009-10 Pro-forma Martinair Income/(loss) Income/(loss) Income/(loss) from current from current from current Revenues operations Revenues operations Revenues operations In € billion In € million In € billion In € million In € billion In € million Passenger 18.10 (44) 16.27 (918) 18.83 (21) Cargo 3.16 69 2.44 (436) 3.38 (221) Maintenance 1.03 143 0.96 81 1.0 98 Others 1.32 (46) 1.33 (12) 1.49 (42) Despite the numerous exceptional events arising over the course of the fi nancial year, the Group’s main businesses signifi cantly improved their performance: a +€874 million improvement in the passenger business and a +€505 million improvement for the cargo business. 2 Registration Document 2010-11 ■ Air France-KLM Selected fi nancial information Net income/(loss), Group share Investments and fi nancing (in € billion) (in € billion) 2010-11 2009-10 2008-09 2010-11 2009-10 2008-09 Pro-forma Gross investment Martinair Published in tangible and intangible assets 2.12 2.10 2.04 0.61 (1.56) (0.81) (0.81) Financing 2.52 0.26 0.94 The net result, Group share was a positive €613 million after a €1.03 Free cash fl ow 0.40 (1.84) (1.10) billion gain realized on the IPO of Amadeus in the Madrid stock market in which the Group retains 15.2%. Financing corresponded to operating cash fl ow, the proceeds on disposals of tangible and intangible assets and, for the 2010-11 fi nancial year, the €193 million of cash generated on the Amadeus transaction. Financial structure (in € billion) 2010-11 2009-10 2008-09 Net debt 5.89 6.22 4.44 Consolidated stockholders’ equity 6.91 5.42 5.68 Gearing ratio 0.85 1.15 0.78 Registration Document 2010-11 ■ Air France-KLM 3 This page has been intentionally left blank 4 Registration Document 2010-11 ■ Air France-KLM Corporate governance 1 1.1 The Board of Directors 6 1.2 The Group Executive Committee 28 1.3 Stock market and shareholders 29 Registration Document 2010-11 ■ Air France-KLM 5 Corporate governance 1 The Board of Directors 1.1 The Board of Directors In order to comply with the governance principles as presented in the Lastly, Mr Jean-Dominique Comolli, representing the French State, AFEP-MEDEF Corporate Governance Code and adopt the conclusions was appointed as a Board director to replace Mr Bruno Bézard by of the evaluation of the functioning of the Board of Directors , the order of the French Minister of Economy, Finance and Industry on General Shareholders’ Meeting of July 10, 2008, decided to reduce December 14, 2010. the duration of Board directors’ terms of offi ce from six to four years In order to facilitate their integration and the exercise of their mandates, and to include the option of a staggered renewal process for mandates the newly-appointed Board directors were able to visit a number of in the bylaws. sites, meet with the company’s senior executives and benefi t from The General Shareholders’ Meeting of July 8, 2010 thus fi xed the training offered, organized and paid for by the company. On their duration of the new or re-appointed Board directors’ mandates at two, appointment, they were also sent a dossier including, amongst other three and four years to ensure the smooth renewal of the Board of documents, the company bylaws, the internal regulations of the Board, Directors. On this occasion, the Shareholders’ Meeting decided to: the Registration Document and the latest press releases issued by the company. ✦ renew the Board director mandates of Mr Jean-François Dehecq, Mr Cornelis van Lede and Mr Leo van Wijk for a term of two years; ✦ renew the Board director mandate of Mr Jean-Marc Espalioux for a term of three years; 1.1.1 Composition of the Board of Directors ✦ renew the Board director mandates of Ms Patricia Barbizet and Mr Jean-Cyril Spinetta for a term of four years; and ✦ appoint Ms Maryse Aulagnon and Mr Peter Hartman as Board At March 31, 2011, the Board of Directors comprised 15 members: directors for a term of three years, Mr Pierre Richard and Mr Floris ✦ 12 directors appointed by the Shareholders’ Meeting (including two Maljers not having sought the renewal of their mandates.
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