Credit topics - Air France KLM
Transcription
Credit topics - Air France KLM
Credit topics Structure of financial debt 31 Dec. 2013 31 Dec. 2012 3,971 211 341 3,541 256 347 633 569 390 419 455 741 700 500 750 700 500 Other debt 6,762 (majority is made of debt secured by assets, mainly aeronautical) 7,458 In € millions Market debt Perpetual subordinated loan in Yen Perpetual subordinated loan in Swiss francs 4.97% convertible bond due April 2015 €661m, o/w recorded under financial debt: 2.75% convertible bond due April 2020, 2nd put: 2016 €420m, o/w recorded under financial debt: 2.03% convertible bond due Feb 2023, put: 2019 €550m, o/w recorded under financial debt: 4.75% plain vanilla bond due January 2014 6.75% plain vanilla bond due October 2016 6.25% plain vanilla bond due January 2018 Total financial debt o/w non current financial debt o/w current financial debt Market debt as percentage of gross financial debt Information meeting 10,733 8,596 2,137 10,999 9,565 1,434 37% 32% 2 Debt reimbursement profile at 31 December 2013* Convertible bonds Plain vanilla bonds January 2014: Air France 4.75% (€740m) October 2016: Air France-KLM 6.75% (€700m) January 2018: Air France-KLM 6.25% (€500m) 2009 4.97% convertible bond (€661m) Maturity: April 2015 Conv. price: €11.80 Other long-term debt - mainly assetbacked (net of deposits) 2005 2.75% convertible bond (€420m) Maturity: April 2020 2nd put: April 2016 Conv. price: €20.50 740 700 2013 2.03% convertible bond (€550m) Maturity: Feb. 2023 Put: Feb. 2019 Conv. price: €10.30 500 1,180 880 860 580 2014 2015 2016 2017 660 2018 470 2019 440 370 2020 2021 220 2022 * In € millions, net of deposits on financial leases and excluding KLM perpetual debt (€550m) Information meeting 3 340 Beyond Debt by currency and interest rate at 31 December 2013 Average cost of debt (after swap): 3.39% Gross debt by currency (after derivative instruments) Gross debt by type (after swap) Dollar 4% 3% Swiss Franc Yen 6% Floating rate 31% Euro 87% Fixed rate 69% 100bp rise in interest rates = +€12m Information meeting 4 Credit lines Undrawn credit lines of €1.8bn Air France: €1.06bn until 2016 EBITDAR / adjusted** net interest costs Air France-KLM KLM: €540m until 2016 Air France-KLM: €200m until 2017 Covenants 3.9x 3.3x 3.5x 31/12/2011 31/12/2012* EBITDAR to adjusted** net interest costs • Air France and KLM: 2.5x • Air France-KLM: 1.5x Non-current assets in the balance sheet, not pledged as collateral > unsecured net debt 31/12/2013 * Restated for IAS 19 revised, CityJet reclassified as discontinued operation ** Adjusted by the portion of financial costs within operating leases (34%) Information meeting 5 Net debt calculation 31 Dec. 2013 31 Dec. 2012 10,733 (626) (393) 8 (144) 9,578 10,999 (650) (393) 4 (112) 9,848 Cash and cash equivalents Marketable securities Cash pledges Deposits (Triple A bonds) Bank overdrafts = Net cash (B) 3,684 126 432 154 (166) 4,230 3,420 320 243 156 (257) 3,882 Net debt (A - B) 5,348 5,966 1,855* 1,393* 2.88 4.28 In € millions Current and non-current financial debt Deposits linked to financial debt Financial assets pledged (OCEANE swap) Currency hedge on financial debt Accrued interest = Financial debt (A) EBITDA (sliding twelve months) Net debt / EBITDA ratio * 2012 restated IAS19R, CityJet reclassified as discontinued operation Information meeting 6 Improved financial ratios at 31 December 2013 EBITDAR / adjusted net interest costs(1) 3.3x 3.5x 31/12/2011 31/12/2012* 3.9x 31/12/2013 Adjusted net debt(2) / EBITDAR 5.7x 5.4x 31/12/2011 31/12/2012* 4.0x 4.6x 31/12/2013 Net debt / EBITDA EBITDA / net interest costs 3.6x 4.2x 4.8x 4.3x 2.9x 31/12/2011 31/12/2012* 31/12/2013 31/12/2011 31/12/2012* * 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) Information meeting 7 31/12/2013 Secondary spreads and CDS 1400 1200 1000 800 600 400 200 Updated 3 March 2014 0 01/01/2010 01/01/2011 Air France 5-year CDS Information meeting 01/01/2012 AF KLM 6.75% 27/10/16 01/01/2013 01/01/2014 AF KLM 6.25% 18/01/18 8 Plain vanilla bonds: secondary prices 113,00 111,00 109,00 107,00 105,00 103,00 101,00 99,00 97,00 Updated 3 March 2014 95,00 01/01/2010 01/01/2011 01/01/2012 AF KLM 6.75% 10/27/2016 Information meeting 01/01/2013 01/01/2014 AF KLM 6.25% 01/18/18 9 Convertibles bonds: secondary prices 18,00 17,00 16,00 15,00 14,00 13,00 12,00 11,00 10,00 9,00 Updated 3 March 2014 8,00 01/01/10 01/01/11 AF KLM 4,97% 04/01/15 Information meeting 01/01/12 4,97% conversion price 01/01/13 AF KLM 2,03% 02/15/23 01/01/14 2,03% conversion price 10 Airline CDS, Jan 2008-Feb 2014 1 200 AF/KL IAG Lufthansa 1 000 800 600 400 200 Updated 3 March 2014 0 01-01-2008 31-12-2008 Information meeting 31-12-2009 31-12-2010 31-12-2011 30-12-2012 30-12-2013 11