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REGISTRATION DOCUMENT ????Registration document ????

Including the annual financial reportwww.airfranceklm.comAFCO_1603225_AIR_FRANCE_GB.indd 1AFCO_1603225_AIR_FRANCE_GB.indd 122/03/2016 16:0422/03/2016 16:04

Selected financial information2

Highlights of the 2015 financial year 4

CORPORATE GOVERNANCE7

1.1 The Board of Directors8

1.2 The Group Executive Committee 33

ACTIVITIES35

2.1 Market and environment36

2.2 Strategy46

Activities

2.3 Passenger business49

2.4 Low-cost business (Transavia)58

2.5 Cargo business59

2.6 Maintenance business62

2.7 Catering business68

2.8 Fleet69

2.9 Highlights of the beginning

of the 2016 “nancial year72

RISKS AND RISK MANAGEMENT 75

3.1 Risk management process76

3.2 Risk factors and their management 77

3.3 Market risks and their management 83

3.4 Report of the Chairman

of the Board of Directors87

3.5 Statutory Auditors report 97

CORPORATE SOCIAL RESPONSIBILITY:

SOCIAL, CITIZENSHIP AND

ENVIRONMENTAL INFORMATION 99

4.1 Social information100

4.2 Social indicators for the Group114

4.3 Note on the methodology

for the reporting of the social performance indicators118

4.4 Corporate citizenship information 120

4.5 Environmental information127

4.6 Environmental indicators136

4.7 Note on the methodology

for the reporting of the environmental indicators140

4.8 Table of concordance for

the social, corporate citizenship and environmental information143

4.9 Assurance report by one of

the Statutory Auditors, appointed as Independent Third Party, on the consolidated labor, environmental and social information presented in the management report146

FINANCIAL REPORT151

5.1 Investments and “nancing152

5.2 Property, plant and equipment154

5.3 Comments on the consolidated

“nancial statements156

5.4 Key “nancial indicators161

Financial statements

5.5 Consolidated “nancial statements 166

5.6 Notes to the consolidated

“nancial statements173

5.7 Statutory Auditors report on

the consolidated “nancial statements 253

5.8 Statutory “nancial statements255

5.9 Five-year results summary266

5.10 Statutory Auditors report

on the “nancial statements267

5.11 Statutory Auditors special

report on regulated agreements and commitments269

OTHER INFORMATION271

6.1 History272

6.2 General information274

6.3 Information relating

to the share capital275

6.4 Information on trading in the stock 281

6.5 Information on the agreements

concluded in connection with the business combination between

AirFrance and KLM285

6.6 Legislative and regulatory environment

for the air transport industry287

6.7 Information and control290

GLOSSARIES292

Air transport glossary292

Financial Glossary294

Table of concordance

for the Registration Document296

Information included by reference298

Table of concordance for

the Annual Financial Report299 AFR AFR AFR AFR AFR AFR AFR AFR 1 25
6 3 4

The components of the

Annual Financial Report are identi“ed

in the index by the following pictogram AFR

Registration Document 2015 " Air France-KLM1

Group pro“le

In its three businesses

of passenger transportation, cargo transportation and aircraft maintenance,

AirFrance...KLM is a

leading global player. 89.8

MILLION

PASSENGERS

1.2

MILLION TONS

OF CARGO

534

AIRCRAFT IN

OPERATION

316

DESTINATIONS

(2016 SCHEDULE) 115

COUNTRIES

REGISTRATION

DOCUMENT

2015

AIR FRANCE?-?KLM

INCLUDING THE ANNUAL FINANCIAL REPORT

This Registration Document is an unocial translation of the French Document de Référence, which

was “led with the French Autorité des Marchés Financiers on Tuesday April 12, 2016 pursuant to

Article 212-13 of the AMF General Regulations. This unocial translation has been prepared by AirFrance...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, not 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 “nancial transaction

if supplemented with an oering memorandum approved by the AMF. In the event of any ambiguity

or discrepancy between this unocial translation and the French Document de Référence, the French

version shall prevail.

Information by business segment

2015 2014 2013

Income / (loss) Income / (loss) Income / (loss)

from current from current from current

Revenues operations Revenues operations Revenues operations

At December?31 (in bn) (in m) (in bn) (in m) (in bn) (in m)

Passenger 20.54 842 20.02 289 20.11 174

Cargo 2.42 (245) 2.72 (188) 2.82 (202)

Maintenance 1.58 214 1.25 196 1.23 159

Other 1.47 (1)

5 1.41 (1) 1.37 (1)

(1) Including Transavia and Catering.

We are very pleased to post positive results and a reduced net debt for the Group in 2015, re"ecting the eorts of all the sta and

the loyalty of our clients. The measures deployed with  Transform 2015 Ž have paid o and we are delivering the strategy implemented

in the  Perform 2020 Ž plan, with focused growth in long-haul, E&M and the European low-cost operations while restructuring loss-

making businesses and reducing unit costs. In spite of the favorable environment created by lower fuel prices, we con“rm our ambition

to improve our competitiveness within an economic and geopolitical context that remains very uncertain.Ž

Alexandre de Juniac

Chairman and Chief Executive Ocer

Revenues

(in billion)

Revenues stood at 26.06 billion, up by

4.6% and down by 3.2% like-for-like (on a

constant currency basis and excluding the impact of the 2014 strike). (1) Adjusted for the estimated impact of the strike.

Reported revenues: 24.91 billion.

Income / (loss) from current operations

(in million)

The income/(loss) from current operations

stood at 816million, up by 945million and by 698million like-for-like (on a constant currency basis and excluding the impact of the 2014 strike). (1) Adjusted for the estimated impact of the strike.

Reported income / (loss) from current operations:

(129)million.

SELECTED FINANCIAL INFORMATION

Pursuant to Article 28 of Regulation (EC) no.809 / 2004 of April29, 2004, the review of the “nancial situation and results for the

“nancial year ended December31, 2014 “guring on pages 2and 3of the 2014 Registration Document and the review of the “nancial

situation and results for the “nancial year ended December31, 2013 “guring on pages 2 and 3 of the 2013 Registration Document are

incorporated by reference in this document (see also Section 5.4?...?Key “nancial indicators, page 161).

Air France-KLM" Registration Document 20152

Selected

“nancial information

20132014

(1) 2015

25.5225.40

26.06
130
296
816

2013 2014

(1) 2015

Net debt /EBITDA

(at December31)

At December 31, 2015, the 12 months

trailing net debt / EBITDA ratio stood at 1.8x compared with 2.7x at December31, 2014, adjusted for the strike. (1) Adjusted for the estimated impact of the strike on

EBITDA. Reported ratio: 3.4x.

Return on capital employed (ROCE)

(at December31)

The return on capital employed (ROCE)

increased by 3.4 points to 8.6% at the end of 2015. (1) To be able to compare “gures based on a constant scope, the Alitalia shares have been excluded from the calculation.

Net debt

(in billion, at December31)

Net debt stood at 4.31 billion at

December31, 2015 versus 5.4 billion at

December31, 2014.

Operating free cash "ow

(in million)

The operating free cash "ow does not

include free cash "ow from “nancial investments, particularly the cash-in of

327million from the sale of Amadeus

shares in Januaryand the hybrid bond transaction in Aprilraising 600million. (1) Adjusted for the estimated impact of the strike.

Reported operating free cash "ow: (164)million.

Net income / (loss), Group share

(in million)

The net income / (loss), Group share

comprises operating income of 816million and notably includes non-recurring items (see opposite), the net cost of “nancial debt and income taxes.

Restated net income /( loss), Group share

(in million)

After adjusting for non-recurring items

(including the capital gains of 218 million and 230 million respectively on the sale of Amadeus shares and London Heathrow slots, restructuring charges of 159 million and the unrealized foreign exchange result of (294) million, the restated net income/(loss), Group share stood at 220 million versus (540) million in 2014, a 760quotesdbs_dbs48.pdfusesText_48

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