Air France-KLM group's consensus as of July 12, 2010




The consensus is composed of the forecasts of analysts from the following broking firms who follow Air France-KLM on a regular basis:

BAS-Merril Lynch, JP Morgan Cazenove, Cheuvreux, Citigroup, CM-CIC, Crédit Suisse, Davy, Deutsche Bank, Goldman Sachs, HSBC, Kepler, Morgan Stanley, Natixis, Nomura, Oddo, Raymond James, RBS, Redburn, Société Générale, UBS, Unicredit.

This information is collected directly from the broking firms by an independent party, and made available by Air France-KLM. It is provided solely for information purposes and should under no circumstances be regarded as validation by Air France-KLM of any of these forecasts. It does not represent the opinion of Air France-KLM, its management or any of its employees. In consequence, Air France-KLM cannot be held responsible for any of the information or data contained in or omitted from this table.



 Full year estimates - €m               

Number
 of  estimates

 Median 

 Average   Highest   Lowest 
 Revenues                          

 2010-11

18

22,590 

22,643 

23,699

21,721 

 2011-12

18

24,010 

23,983

25,777 

22,649

 2012-13

17

25,005 

24,984

26,945

23,719 

 Operating income                       

 2010-11

18

-323

-279

274 

-674

 2011-12

18

551

606 

1,227

317

 2012-13

17 

949

996

1,635

673

 Net income     

 2010-11

 7*

598

587

751

297

 2011-12

 18

205

242

764

-32

 2012-13

 17

520

557

1,142

212

 Capex     

 2010-11

 17

1,100 

1,214 

2,040 

790 

 2011-12

17

1,600

1,607 

2,540 

1,100

 2012-13

16

1,678

1,762

2,650

1,270

 Dividend per share (€cts)                       

 2010-11

 15

0.00

0.00 

0.00 

0.00 

 2011-12

15

0.09

0.12 

0.51 

0.00 

 2012-13

15

0.30

0.29 

0.76 

0.00 

 
 Q1 2010-11 estimates - (€m)        
         

Number
of answers

 Median  

 Average  

 Highest 

  Lowest  

 Revenues

7

5,348 

 5,403

 5,661

 5,174

 Operating income

7

-376 

 -362

 -217

 -435

 Net income

 4*

637 

 607

 735

418


* Net income estimates taking account of the gains on the Amadeus operation


This information does not constitute an incitement to purchase or sell shares or to undertake any type of transaction in Air France-KLM shares. We invite all investors to consult with their financial intermediary or advisor.

 

 

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