Q3 2023 - Air France-KLM - Press release
xx
October 27, 2023
Solid performance translating in a record operating
profitOperating margin at 15.5% driven by strong
summer demand |
-
Group capacity at 94% compared to 2019 with load factor at 90%
-
Group revenues at €8.7bn, up 7% compared to last year
-
Operating result at €1.3bn with an operating margin at 15.5%
-
Adjusted operating free cash flow at -€0.4bn driven by seasonal
reversal of working capital and cash at hand at €10.2bn (including
RCF)
-
Net debt down by €1.3bn, compared to end of 2022 leading to a Net
debt/EBITDA ratio of 1.1x
-
Net income at €0.9bn, up €0.5bn compared to last year and further
supporting equity restoration
-
Post-quarter events:
-
Air France-KLM to take up to a maximum 19.9% non-controlling stake
in the share capital of the reorganized SAS AB, subject to
approvals and conditions.
-
Air France-KLM signed a definitive agreement for a quasi-equity
financing for €1.3 billion, with a potential upsize €1.5
billion
Commenting on the results, Mr. Benjamin
Smith, Group CEO, said:
“Air France-KLM delivered a solid quarter,
marked by remarkable results. This performance was driven by strong
summer demand. I would like to thank all our teams for their
unfailing commitment during the season. Throughout the quarter, we
also made significant progress on our sustainable strategic
roadmap. Our landmark order for 50 Airbus A350 aircraft will
significantly accelerate the renewal of our long-haul fleet, with
more fuel-efficient, cost-effective and quieter aircraft. This new
order represents a multi-billion investment to our sustainability
roadmap, coming on top of previous orders for new generation
widebody and narrowbody aircraft, and is complementary to our
Sustainable Aviation Fuel commitments. It confirms our ambition to
reach 64% of next generation aircraft by 2028 and is another major
step towards our target of reducing our CO2 emissions per passenger
kilometer by 30% by 2030. We have also continued our efforts to
further restore our equity, while leveraging the value of the
Group's assets, as illustrated by a non-dilutive financing
agreement of our Flying Blue Loyalty program. Finally, we initiated
a process to acquire up to 19.9% in SAS, with an option to increase
our share after two years. By investing in SAS, we intend to
enhance our offer and connectivity in the Nordics.”
Strong summer demand resulting in a record operating
profit in Q3
|
Current quarter |
Year to date |
|
2023 |
change |
changeconstant currency |
2023 |
change |
changeconstant currency |
Revenues (€m) |
8,660 |
+6.8% |
+8.9% |
22,612 |
+17.4% |
+18.2 % |
EBITDA (€m) |
1,993 |
316 |
294 |
3,607 |
778 |
782 |
Operating result
(€m) |
1,342 |
318 |
295 |
1,769 |
709 |
714 |
Operating margin
(%) |
15.5 % |
+2.9pt |
+2.3pt |
7.8% |
+2.3pt |
+2.3pt |
Net income –
Group part (€m) |
931 |
471 |
|
1,190 |
958 |
|
Adj. operating free cash flow (€m) |
(434) |
(724) |
|
806 |
(1,647) |
|
|
30 Sep 2023 |
31 Dec 2022 |
Net Debt |
5,002 |
6,337 |
EBITDA trailing
12 months |
4,393 |
3,615 |
Net Debt/EBITDA ratio |
1.1x |
1.8x |
In the third quarter, revenues were up +8.9% at
a constant currency compared to Q3 2022, driven by a strong summer
demand. The operating result rose by €318 million supported by a
combination of an increase in capacity (+6%), a higher passenger
load factor (+1.3 pt) and a continued high passenger yield (+1.8%).
This strong performance enabled the Group to offset the decrease of
Cargo revenues and the inflation. As a consequence, the operating
margin stood at 15.5%, a significant improvement of +2.9pt compared
to last year.
Net income stood at €931 million, up by €471
million, further supporting the equity restoration.
The adjusted operating free cash flow decreased
to -€434 million due to seasonality in the ticket sales. The net
debt ended at €5.0 billion, an improvement of €1.3 billion compared
to year end 2022.
Passenger unit revenue driving the group unit revenue
increase
|
Current quarter |
Year to date |
|
2023 |
change |
changeconstant currency |
2023 |
change |
changeconstant currency |
Passengers (thousands) |
26,904 |
+7.6% |
|
71,218 |
+14.3% |
|
Capacity (ASK
m) |
84,754 |
+6.0% |
|
232,481 |
+10.6% |
|
Traffic (RPK
m) |
76,025 |
+7.6% |
|
204,443 |
+16.7% |
|
Passenger load
factor |
89.7% |
+1.3pt |
|
87.9% |
+4.6pt |
|
Passenger unit
revenue per ASK (€ cts) |
8.87 |
+3.3% |
+5.0% |
8.24 |
+12.9% |
+13.5% |
Group unit
revenue per ASK (€ cts) |
9.39 |
-1.1% |
+0.8% |
8.88 |
+5.7% |
+6.5% |
Group unit cost per ASK (€ cts) at constant fuel1 |
7.80 |
-4.9% |
+3.6% |
8.12 |
+2.8% |
+5.1% |
In the third quarter 2023, Air France-KLM
welcomed 26.9 million passengers which is 7.6% above previous year.
As capacity increased by 6.0% and traffic grew by 7.6%, the load
factor increased by 1.3 points compared to last year.
The Group reached a very strong group passenger
unit revenue per ASK, up +3.3% compared to last year. This increase
was driven by an increase in load factor on the Long-haul, Short
& Medium-haul and Transavia, and an increase in yield on the
North Atlantic, Africa, Caribbean & Indian Ocean and Short
& Medium-haul.
Group unit cost per ASK at constant fuel and
constant currency is up 3.6% versus last year (3.4% excluding
furlough), showing an improvement compared to Q2 2023 and in line
with the trajectory announced during the previous results
presentation. Group unit cost per ASK increase was driven by an
increase in salary cost, which was partly compensated by a higher
productivity, profit sharing and flight related cost. The change
year-over-year in Group’s unit cost per ASK is expected to further
decrease in the fourth quarter and the low-single digit increase
outlook provided remains unchanged.
Equity restoration: Air France-KLM and
Apollo Global Management sign a definitive agreement for a
quasi-equity financing for €1.3 billion, with a potential upsize to
€1.5 billion
On October 26th, 2023, Air France-KLM and Apollo
Global Management (NYSE: APO) announced having signed a definitive
agreement between Apollo-managed funds and entities and a dedicated
operating affiliate of Air France-KLM regarding a €1.3 billion
financing, accounted as quasi-equity under IFRS, with the option
for Apollo to increase the nominal amount up to €1.5 billion in
total, prior to closing.
This dedicated operating affiliate of Air
France-KLM will hold the trademark and most of the commercial
partners contracts related to Air France and KLM’s joint loyalty
program (Flying Blue). The affiliate will become the exclusive
issuer of miles for the airlines of the Group and partners,
enabling Flying Blue’s scalability and enhancing its growth
prospects.
Under the agreement, Apollo-managed funds will
subscribe to perpetual bonds issued by this dedicated operating
affiliate. The financing will be accounted as equity under IFRS and
is non-dilutive to shareholders. The structure is similar to two
previous financings raised by Air France on its pool of spare
engines in July 2022 and its maintenance activity components in
July 2023.
This transaction will allow Air France-KLM to
make an additional step towards its commitment to restore its IFRS
equity and strengthen its balance sheet, in addition to net profit
generation.
The perpetual bonds will bear a coupon of 6.4%
for the first four years, with the ability to redeem with an
overall financing cost of 6.75% on the first call date.
Air France-KLM will continue to manage and
operate its loyalty program Flying Blue, and Air France and KLM
will keep full ownership rights of their customer database.
The agreed structure will incur no changes for
Flying Blue members. It will not affect social aspects for Air
France, KLM or Air France-KLM employees’ contracts.
Air France-KLM to team up with SAS AB through equity and
commercial cooperation
On October 3rd, 2023, Air France-KLM announced
its intention to take up to a maximum 19.9% non-controlling stake
in the share capital of the reorganized SAS AB, subject to
approvals and conditions. Via this minority stake, the Group’s
ambitions is to enhance its footprint in Scandinavian markets
through a commercial cooperation between its airlines and SAS
AB.
Should this transaction be approved and all the
other conditions (including regulatory clearances and cancellation
of all existing shares of stock of SAS AB) be satisfied, the
Consortium, together with the Danish State, would invest USD 1.175
billion of which USD 475 million in common shares and USD 700
million in the form of secured convertible bonds.
Air France-KLM’s investment would represent a
total of USD 144.5 million, of which USD 109.5 million would be
invested in common shares and USD 35 million would be provided in
the form of secured convertible bonds. Definitive agreements
between the members of the Consortium would include specific
provisions whereby Air France-KLM’s stake may be increased such
that Air France-KLM may become a controlling shareholder, after a
minimum of two years, subject to among other things, certain
regulatory conditions and financial performance.
Air France-KLM’s investment will be in line with
the Group’s medium-term outlook.
In parallel to the transaction, and subject to
the satisfaction of certain conditions including SAS AB’s exit from
Star Alliance, Air France-KLM will seek to establish a commercial
cooperation between its airlines and SAS AB. In doing so Air
France-KLM will strengthen its footprint in Scandinavian markets,
where the SAS brand and loyalty program are well-established. Such
commercial cooperation would benefit Scandinavian customers through
extended connectivity and broader access to the worldwide network
of Air France-KLM.
Air France-KLM launches a global employee share purchase
plan
On September 28th, 2023, Air France-KLM launched
"Partners for the future", an employee share purchase plan offered
to around 75.000 eligible employees (circa 95% of the group’s
workforce) in around 20 countries.
The objective of this plan is to strengthen the
link between Air France-KLM and its employees by giving them a
long-term stake in the Group's objectives, performance and future
success.
The proposed shares will be issued as part of a
capital increase that may not exceed 3% of Air France-KLM's share
capital. This operation is carried out in accordance with the 34th
and 35th resolutions of the Annual General Meeting of June 7,
2023.
Air France-KLM reverse share split and capital
reduction
On August 31st, 2023, Air France - KLM announced
the completion of the reverse share split of all outstanding shares
of the Company and the simultaneous acknowledgment of the capital
reduction by reduction of the nominal value of each share, as
decided by the Board of Directors at its meeting on 4 July 2023 and
in accordance with the 36th and 37th extraordinary resolutions of
the Combined General Meeting of 7 June 2023.
These transactions result in:
-
The exchange of 10 ordinary shares in the Company with a par value
of €1 each for 1 new share with a par value of €1 (taking into
account the simultaneous capital reduction reducing the par value
of each new share from €10 to €1, i.e. a reduction of €9 per share
allocated to the "share premium" account).
-
The Company's share capital standing at 257,053,613 euros divided
into 257,053,613 shares (ISIN code FR001400J770) with a par value
of 1 euro each.
2023 OUTLOOK UNCHANGED
Capacity
The Group expects the capacity in Available Seat
Kilometers for Air France-KLM Group including Transavia at an index
of:
-
Above 95% for the fourth quarter of 2023
-
Circa 95% for the Full Year 2023
All indices compared to the respective period of
2019.
Unit cost2
The Group expects a low single digit increase
compared to 2022.
Capex
Full year 2023 net capex is estimated at 3.0
billion euros.
Business review
Network: Operating result more than doubled
Network |
Current quarter |
Year to date |
2023 |
change |
changeconstant currency |
2023 |
change |
changeconstant currency |
Traffic revenues (€m) |
6,919 |
+3.4% |
+5.5% |
18,505 |
+16.4% |
+17.3% |
Total revenues
(€m) |
7,199 |
+4.2% |
+6.3% |
19,294 |
+16.6% |
+17.4% |
Operating result
(€m) |
1,091 |
+240 |
+211 |
1,634 |
+740 |
+730 |
Operating margin (%) |
15.2% |
2.9 pt |
|
8.5% |
3.1 pt |
|
Compared to the third quarter 2022, total
revenues increased by +4.2% to €7,199 million. The operating result
improved by €240 million and amounted to €1,091 million. The
increase in revenues was driven by the network passenger business
while the Cargo revenues declined compared to the third quarter
last year due to a further normalization of the market.
Robust growth in unit revenue
Passenger network |
Current quarter |
Year to date |
2023 |
change |
changeconstant currency |
2023 |
change |
changeconstant currency |
Passengers (thousands) |
19,836 |
+4.5% |
|
54,366 |
+12.1% |
|
Capacity (ASK
m) |
71,038 |
+4.6% |
|
199,728 |
+9.6% |
|
Traffic (RPK
m) |
63,523 |
+6.0% |
|
174,807 |
+15.5% |
|
Load factor |
89.4% |
1.1pt |
|
87.5% |
4.5pt |
|
Total passenger
revenues (€m) |
6,641 |
+9.3% |
+11.2% |
17,457 |
+25.6% |
+26.4% |
Traffic passenger
revenues (€m) |
6,480 |
+8.5% |
+10.6% |
17,002 |
+25.2% |
+26.0% |
Unit revenue per ASK (€ cts) |
9.12 |
+3.7% |
+5.7% |
8.51 |
+14.2% |
+14.9% |
Third quarter 2023 capacity in Available Seat
Kilometers (ASK) was 4.6% higher than last year and at 89% of 2019
level, which is in line with the Group’s guidance provided during
the second quarter 2023 results presentation (c.90% versus 2019).
Higher traffic (+6.0%) than capacity growth has lead to an increase
in load factor of 1.1 point, resulting in a total load factor of
89.4% while yield continued to rise (+4% against a constant
currency).
This performance had a positive impact on Unit
revenue per ASK which rose by 5.7% at a constant currency.
During the third quarter we observed per area
the following trends:
North AtlanticDemand recovery continued to be
driven by Point of Origin North America. Yield increased by 6% at a
same capacity and load factor level (91%). Corporate traffic stood
at 80% of 2019 levels.
Latin AmericaDemand remained very strong over
the summer, enabling to maintain yield performance versus high
summer 2022 reference on traffic growth +10% (on capacity +9%)
reaching a load factor at 93%.
Asia & Middle EastCapacity in the third
quarter has significantly increased versus 2022 by 49%, mainly
driven by China and Japan. Nevertheless, this is still -33% below
2019 levels. Due to this significant increase in capacity, yield
slightly decreased by -1% compared to last year (but still 39.5%
above 2019 level), however load factor increased thanks to strong
demand.
Caribbean & Indian OceanThe third quarter
continued to show capacity reductions compared to 2022 (-24%) due
to redeployment of fleet to other long-haul areas and a high
comparison basis in 2022. This lower capacity pushed the load
factor up to 90% and yield improved by 20%.
AfricaDespite the geopolitical situation in
Niger, Mali and Burkina Faso, the Group enjoyed continued strong
traffic dynamics with load factor up 2 points compared to 2022.
Robust yield at 4% above 2022.
Short and Medium-haulCapacity increased by +3%
with different dynamics: KLM Medium Haul up +13% (impacted by
operational issues last year), while Air France Medium Haul is
stable and Air France domestic down -18%. The Group was able to
increase the yield +3% on the back of a stable load factor at
85%.
Cargo: continued normalization of the activity
translating in a decrease of unit revenues
Cargo business |
Current quarter |
Year to date |
2023 |
change |
changeconstant currency |
2023 |
change |
changeconstant currency |
Tons (thousands) |
218 |
-2.1% |
|
640 |
-8.0% |
|
Capacity (ATK
m) |
3,654 |
+3.3% |
|
10,499 |
+6.6% |
|
Traffic (RTK
m) |
1,636 |
0.1% |
|
4,778 |
-6.9% |
|
Load factor |
44.8% |
-1.4pt |
|
45.5% |
-6.6pt |
|
Total Cargo
revenues (€m) |
558 |
-32.8% |
-30.3% |
1,837 |
-30.9% |
-29.9% |
Traffic Cargo
revenues (€m) |
439 |
-39.1% |
-37.0% |
1,502 |
-35.2% |
-34.3% |
Unit revenue per ATK (€ cts) |
12.02 |
-41.0% |
-38.9% |
14.31 |
-39.2% |
-38.3% |
Compared to last year, total revenues dropped by
-32.8% (as a reminder, revenue decreased by -33.9% in Q2 2023). The
traffic increased year over year by 0.1% on the back of a strong
demand in 2022. The load factor was -1.4 point below 2022, due to
the increased belly capacity. The yield declined as well resulting
in a decrease in unit revenue per Available Ton Kilometer of -38.9%
at constant currency. The decrease in unit revenue per ATK at
constant currency has stabilized compared to 2022 (Q3 2023: -38.9%;
YTD 2023: -38.3%).
The resumption of the passenger travel resulted
in an increase in Available Ton Kilometers of 3.3% versus the third
quarter of 2022. Furthermore, some operational issues of the
Group’s full freighters resulted in a reduction in South America
operations in order to restore reliable operational performance for
our customers.
Transavia: Load factor up while capacity growth of
14%
Transavia |
Current quarter |
Year to date |
2023 |
change |
2023 |
change |
Passengers (thousands) |
7,068 |
+17.4% |
16,853 |
+21.7% |
Capacity (ASK
m) |
13,716 |
+14.0% |
32,753 |
+17.2% |
Traffic (RPK
m) |
12,502 |
+16.9% |
29,637 |
+24.3% |
Load factor |
91.2% |
+2.2pt |
90.5% |
+5.2pt |
Total Passenger
revenues (€m) |
1,014 |
+18.6% |
2,104 |
+23.4% |
Unit revenue per
ASK (€ cts) |
7.55 |
+2.2% |
6.55 |
+4.6% |
Unit cost per ASK
(€ cts) |
6.18 |
(2.9)% |
6.50 |
+4.6% |
Operating result (€m) |
188 |
+65 |
16 |
+3 |
Transavia’s capacity increased by 14.0%, traffic
increased by 16.9%, and the number of passengers increased by 17.4%
resulting in a load factor 2.2 points above the third quarter in
2022. Transavia is still expanding its network, with a capacity
growth in available seat kilometers of +20% compared to 2019 and
the routes are yet to mature further. Transavia reached an
operating result of €188 million despite the late inflow of new
aircraft and wet lease cost to cover this delay. The forward
booking load factor for the fourth quarter 2023 compared to last
year is stable and the first quarter 2024 is at a higher level than
the year before while capacity continues to grow.
Maintenance business: Operating margin above last
year
Maintenance |
Current quarter |
Year to date |
2023 |
change |
changeconstant currency |
2023 |
change |
changeconstant currency |
Total revenues (€m) |
1,053 |
+27.6% |
|
3,034 |
+18.1% |
|
Third party
revenues (€m) |
437 |
+27.7% |
+29.4% |
1,190 |
+20.9% |
+21.9% |
Operating result
(€m) |
63 |
17 |
19 |
125 |
-22 |
-20 |
Operating margin (%) |
6.0% |
0.4pt |
0.6pt |
4.1% |
-1.6pt |
-1.5pt |
Total revenues increased by 27.6% compared with
the same quarter last year while third party revenues increased by
29.4% at constant currency, showing a robust recovery.
The operating margin in the third quarter stood
at 6.0%, which is 0.4 point higher than in 2022 and almost in line
with 2019 levels (6.1%).
Air France-KLM and Airbus entered into exclusive
negotiations for the creation of a joint venture dedicated to
Airbus A350 component support
On September 4th, 2023, Air France-KLM and
Airbus announced that Air France and Airbus have entered into
exclusive negotiations to establish a long-term strategic
partnership for Airbus A350 component support (supply chain
management and repairs), as well as the creation of a worldwide
shared-access pool of aircraft components.
The envisaged cooperation would take the form of
a 50-50 joint venture between Air France and Airbus and involve the
transfer of aircraft components assets belonging to both partners
into the joint venture’s pool.
This exclusive partnership would entail a joint
commercial offering between Air France Industries KLM Engineering
& Maintenance and Airbus, aimed at better meeting the growing
long-term maintenance needs of the Airbus A350 worldwide fleet
(1,000 aircraft on order and 550 currently in service worldwide)
through enhanced capacity, an expanded global footprint, and the
development of innovative solutions.
The objective is to finalize the terms of a
strategic partnership by the first half of 2024 in line with all
compliance requirements, subject to approval by all relevant
authorities.
Fleet
Compared to the end of 2022 the group added
three B787-10, two A350-900, sixteen B737-800, fourteen A220-300,
four Embraer 195-E2 and one Embraer 190. The following aircraft
left the fleet: three B737-700, two A321, one A320, five A319,
three A318 and three CRJ-1000, as a result the fleet increased by
twenty three aircraft.
The Group will continue to invest in new
generation aircraft in order to improve its economic performance
and will decrease its C02 emission and reduce noise and announced
recently:
Air France-KLM will place an order for 50 Airbus A350
family aircraft - with purchase rights for 40 additional aircraft -
to accelerate the renewal of its long-haul fleet
On September 25th, 2023, Air France-KLM announced that it plans
to place a landmark aircraft order to pursue the renewal and
rationalization of its long-haul fleet, to the benefit of the
Group’s environmental and economic performance.
This Group order will cover 50 Airbus A350-900
and A350-1000 aircraft - with purchase rights for 40 additional
aircraft - with first deliveries expected in 2026 through to 2030.
This will be an evolutionary order, providing the Group with
flexibility to allocate aircraft within its portfolio of airlines,
according to market dynamics and local regulatory conditions.
These aircraft will replace previous-generation
aircraft, namely Airbus A330 and older Boeing 777 aircraft. This
new order will come in addition to an existing Air France-KLM order
for 41 Airbus A350-900s for Air France, of which 22 have been
delivered to date.
Air France-KLM will also be among the launch
customers of the Airbus A350 Full Freighter version of the
aircraft, having ordered 8 aircraft to renew and expand its cargo
fleet.
Fleet renewal is the Group’s primary lever to
immediately cut CO2 and noise emissions. Alongside the use of
sustainable aviation fuel and eco-piloting techniques, it is one of
the pillars of the Group's decarbonization trajectory, which aims
for -30% CO2 emissions per passenger/km by 2030 compared to 2019.
Since the 2000s, Air France-KLM has reduced its noise footprint by
40% and the Group continues to work with all its stakeholders to
adapt its operations.
By 2028, the share of new generation aircraft in
the Air France-KLM fleet will reach 64%, compared to 5% in
2019.
Strong profitability for both airlines
Air France Group
|
Current quarter |
Year to date |
2023 |
change |
2023 |
change |
Revenue (in €m) |
5,374 |
+7.5% |
13,966 |
+18.9% |
EBITDA (in
€m) |
1,209 |
+201 |
2,267 |
+838 |
Operating result
(in €m) |
806 |
+236 |
1,107 |
+767 |
Operating margin (%) |
15.0% |
+3.6pt |
7.9% |
+5.0pt |
Air France performance is stemming from a strong
performance of long-haul resulting in an increase of revenue of
+7.5%. Operating result up +236 million euros compared to last
year.
KLM Group
|
Current quarter |
Year-to-date |
2023 |
change |
2023 |
change |
Revenue (in €m) |
3,425 |
+5.9% |
9,058 |
+14.3% |
EBITDA (in
€m) |
786 |
+98 |
1,345 |
-72 |
Operating result
(in €m) |
539 |
+96 |
668 |
-40 |
Operating margin (%) |
15.7% |
+2.0pt |
7.4% |
-1.6pt |
KLM’s revenue grew by +5.9% on the back of
improved operations, although not optimal yet, while operating
margin stood at 15.7%, representing an improvement of +2.0pt
compared to last year.
Nb: Sum of individual airline results does not
add up to AF-KLM total due to intercompany eliminations at Group
level.
******
The results presentation is available at
www.airfranceklm.com on October 27, 2023 from 7:15
am CET.
A conference call hosted by Mr. Smith (CEO) and
Mr. Zaat (CFO) will be held on October 27, 2023 at 08.30 am
CET.
To connect to the webcast, please use below
link:
https://channel.royalcast.com/landingpage/airfranceklm/20231027_1/
Investor Relations |
|
Press Office |
Michiel Klinkers |
Marouane Mami |
+33 1 41 56 56 00 |
Michiel.klinkers@airfranceklm.com |
mamami@airfranceklm.com |
mail.mediarelations@airfranceklm.com |
Income statement
|
Current Quarter |
Year to Date |
in € million |
2023 |
2022 |
Variation |
2023 |
2022 |
Variation |
|
|
restated * |
|
|
restated * |
|
Revenues from ordinary activities |
8,660 |
8,112 |
7 % |
22,612 |
19,264 |
17 % |
Aircraft fuel |
(1,918) |
(2,325) |
-18 % |
(5,360) |
(5,184) |
3 % |
Carbon
emission |
(57) |
(33) |
73 % |
(139) |
(59) |
136 % |
Chartering
costs |
(167) |
(92) |
82 % |
(410) |
(285) |
44 % |
Landing fees and
air routes charges |
(539) |
(488) |
10 % |
(1,458) |
(1,271) |
15 % |
Catering |
(225) |
(206) |
9 % |
(618) |
(525) |
18 % |
Handling charges
and other operating costs |
(499) |
(468) |
7 % |
(1,393) |
(1,189) |
17 % |
Aircraft
maintenance costs |
(585) |
(524) |
12 % |
(1,831) |
(1,643) |
11 % |
Commercial and
distribution costs |
(268) |
(257) |
4 % |
(785) |
(641) |
22 % |
Other external
expenses |
(464) |
(375) |
24 % |
(1,377) |
(1,077) |
28 % |
Salaries and
related costs |
(2,146) |
(1,897) |
13 % |
(6,311) |
(5,239) |
20 % |
Taxes other than
income taxes |
(40) |
(38) |
5 % |
(133) |
(118) |
13 % |
Other income and
expenses |
241 |
268 |
-10 % |
810 |
796 |
2 % |
EBITDA |
1,993 |
1,677 |
19 % |
3,607 |
2,829 |
28 % |
Amortization, depreciation and provisions |
(651) |
(653) |
0 % |
(1,838) |
(1,769) |
4 % |
Income from current operations |
1,342 |
1,024 |
31 % |
1,769 |
1,060 |
67 % |
Sales of aircraft equipment |
5 |
6 |
-17 % |
33 |
44 |
-25 % |
Other non-current income and expenses |
(3) |
(30) |
-90 % |
11 |
(44) |
nm |
Income from operating activities |
1,344 |
1,000 |
34 % |
1,813 |
1,060 |
71 % |
Cost of financial debt |
(148) |
(139) |
6 % |
(443) |
(416) |
6 % |
Income from cash & cash equivalent |
67 |
9 |
nm |
176 |
9 |
nm |
Net cost of financial debt |
(81) |
(130) |
-38 % |
(267) |
(407) |
-34 % |
Other financial income and expenses |
(168) |
(335) |
-50 % |
(156) |
(621) |
-75 % |
Income before tax |
1,095 |
535 |
105 % |
1,390 |
32 |
nm |
Income taxes |
(155) |
(71) |
118 % |
(176) |
208 |
nm |
Net income of consolidated companies |
940 |
464 |
103 % |
1,214 |
240 |
nm |
Share of profits (losses) of associates |
6 |
2 |
200 % |
7 |
– |
nm |
Net Income for the period |
946 |
466 |
103 % |
1,221 |
240 |
nm |
Non-controlling interests |
15 |
6 |
150 % |
31 |
8 |
nm |
Net Income for the period - Equity holders |
931 |
460 |
102 % |
1,190 |
232 |
nm |
* Restated figures include the change in accounting principles
for CO2 quotas
Consolidated balance sheet
Assets |
September 30, 2023 |
December 31, 2022 |
(in € million) |
|
Restated * |
Goodwill |
225 |
225 |
Intangible
assets |
1,106 |
1,127 |
Flight
equipment |
11,296 |
10,614 |
Other property,
plant and equipment |
1,379 |
1,375 |
Right-of-use
assets |
5,596 |
5,428 |
Investments in
equity associates |
127 |
120 |
Pension
assets |
71 |
39 |
Other non-current
financial assets |
1,392 |
1,184 |
Non-current
derivative financial assets |
222 |
262 |
Deferred tax
assets |
578 |
714 |
Other non-current assets |
76 |
78 |
Total non-current assets |
22,068 |
21,166 |
Other current financial assets |
494 |
620 |
Current
derivative financial assets |
529 |
327 |
Inventories |
799 |
723 |
Trade
receivables |
2,333 |
1,785 |
Other current
assets |
1,062 |
979 |
Cash and cash
equivalents |
6,481 |
6,626 |
Assets held for sale |
82 |
79 |
Total current assets |
11,780 |
11,139 |
Total assets |
33,848 |
32,305 |
* Restated figures include the change in accounting principles
for CO2 quotas
Liabilities
and equity |
September 30, 2023 |
December 31, 2022 |
(in € million) |
|
|
Issued capital |
257 |
2,571 |
Additional
paid-in capital |
7,531 |
5,217 |
Treasury
shares |
(25) |
(25) |
Perpetual |
1,062 |
933 |
Reserves and retained earnings |
(10,414) |
(11,700) |
Equity attributable to equity holders of Air
France-KLM |
(1,589) |
(3,004) |
Perpetual |
1,006 |
510 |
Reserves and retained earnings |
19 |
14 |
Equity attributable Non-controlling interests |
1,025 |
524 |
Total equity |
(564) |
(2,480) |
Pension provisions |
1,647 |
1,634 |
Non-current
return obligation liabilities and provisions for leased aircrafts
and other provisions |
4,089 |
4,149 |
Non-current
financial liabilities |
7,572 |
9,657 |
Non-current lease
debt |
3,339 |
3,318 |
Non-current
derivative financial liabilities |
11 |
21 |
Deferred tax
liabilities |
8 |
1 |
Other non-current liabilities |
1,581 |
2,343 |
Total non-current liabilities |
18,247 |
21,123 |
Current return obligation liabilities and provisions for leased
aircrafts and other provisions |
853 |
740 |
Current financial
liabilities |
1,490 |
896 |
Current lease
debt |
850 |
834 |
Current
derivative financial liabilities |
34 |
83 |
Trade
payables |
2,815 |
2,424 |
Deferred revenue
on ticket sales |
4,324 |
3,725 |
Frequent flyer
programs |
908 |
900 |
Other current
liabilities |
4,890 |
4,057 |
Bank overdrafts |
1 |
3 |
Total current liabilities |
16,165 |
13,662 |
Total equity and liabilities |
33,848 |
32,305 |
Statement of Consolidated Cash Flows from January 1
until September 30
Period
from January 1 to September 30 |
2023 |
2022 |
(in € million) |
|
restated * |
Net income |
1,221 |
240 |
Amortization,
depreciation and operating provisions |
1,839 |
1,770 |
Financial
provisions |
157 |
105 |
Loss (gain) on
disposals of tangible and intangible assets |
(54) |
(45) |
Derivatives – non
monetary result |
(6) |
(28) |
Unrealized
foreign exchange gains and losses, net |
24 |
523 |
Share of
(profits) losses of associates |
(7) |
– |
Deferred
taxes |
78 |
(234) |
Impairment |
2 |
19 |
Other non-monetary items |
(166) |
(147) |
Financial capacity |
3,088 |
2,203 |
(Increase) / decrease in inventories |
(81) |
(119) |
(Increase) /
decrease in trade receivables |
(491) |
(431) |
Increase /
(decrease) in trade payables |
324 |
786 |
Increase /
(decrease) in advanced ticket sales |
608 |
1,489 |
Change in other assets and liabilities |
(13) |
548 |
Change in working capital requirement |
347 |
2,273 |
Net cash flow from operating activities |
3,435 |
4,476 |
Acquisition of subsidiaries, of shares in non-controlled
entities |
(2) |
(1) |
Acquisition of
warrants ⁽¹⁾ |
(12) |
– |
Purchase of
property plant and equipment and intangible assets |
(2,280) |
(2,048) |
Proceeds on
disposal of property plant and equipment and intangible assets |
276 |
678 |
Dividends
received |
3 |
1 |
Decrease
(increase) in net investments, more than 3 months |
112 |
(240) |
Net cash flow used in investing activities |
(1,903) |
(1,610) |
Increase of equity |
– |
1,551 |
Capital increase
paid by non controlling interests |
2 |
3 |
Payments to
acquire treasury shares |
(1) |
– |
Issuance of
perpetual |
1,226 |
497 |
Repayment on
perpetual |
(595) |
(1,480) |
Coupons on
perpetual |
(87) |
(238) |
Issuance of
debt |
1,798 |
769 |
Repayment on
debt |
(3,116) |
(1,600) |
Payments on lease
debts |
(625) |
(653) |
New loans |
(298) |
(177) |
Repayment on
loans |
127 |
16 |
Dividends
paid |
(90) |
– |
Net cash flow from financing activities |
(1,659) |
(1,312) |
Effect of exchange rate on cash and cash equivalents and bank
overdrafts (net of cash acquired or sold) |
(16) |
53 |
Change in cash and cash equivalents and bank
overdrafts |
(143) |
1,607 |
Cash and cash equivalents and bank overdrafts at beginning of
period |
6,623 |
6,654 |
Cash and cash equivalents and bank overdrafts at end of period |
6,480 |
8,261 |
* Restated figures include the change in accounting principles
for CO2 quotas(1) Participation to warrants issue of GOL 26
September
Return on capital employed (ROCE)
In € million |
Sep 30, 2023 |
Jun 30,2023 |
Mar 31,2023 |
Dec 31,2022 |
Sep 30,2022 |
Jun 30,2022 |
Mar 30,2022 |
Dec 31,2021 |
|
|
restated (2) |
restated (2) |
restated (1) (2) |
restated (1) (2) |
restated (1) (2) |
restated (1) (2) |
restated (1)
(2) |
Goodwill and
intangible assets |
1,331 |
1,339 |
1,351 |
1,352 |
1,350 |
1,361 |
1,363 |
1,380 |
Flight
equipment |
11,296 |
10,957 |
10,954 |
10,614 |
10,298 |
10,521 |
10,537 |
10,466 |
Other property,
plant and equipment |
1,379 |
1,389 |
1,372 |
1,375 |
1,349 |
1,358 |
1,378 |
1,402 |
Right of use
assets |
5,596 |
5,480 |
5,304 |
5,428 |
5,536 |
5,439 |
5,205 |
5,148 |
Investments in
equity associates |
127 |
121 |
122 |
120 |
111 |
108 |
107 |
109 |
Financial assets
excluding marketable securities, accrued interests and financial
deposits |
191 |
190 |
169 |
169 |
164 |
162 |
158 |
157 |
Provisions,
excluding pension, cargo litigation and restructuring |
(4,481) |
(4,248) |
(4,255) |
(4,347) |
(4,792) |
(4,473) |
(4,240) |
(4,180) |
WCR (3) |
(7,804) |
(8,917) |
(8,696) |
(7,213) |
(7,609) |
(8,338) |
(6,736) |
(5,453) |
Capital employed |
7,635 |
6,311 |
6,321 |
7,498 |
6,407 |
6,138 |
7,772 |
9,029 |
Average capital employed (A) |
6,941 |
7,337 |
Adjusted results
from current operations |
1,902 |
1,234 |
- Dividends
received |
(2) |
– |
- Share of
profits (losses) of associates |
18 |
(13) |
- Normative income tax |
(495) |
(316) |
Adjusted result from current operations after tax
(B) |
1,423 |
905 |
ROCE, trailing 12 months (B/A) |
20.5% |
12.3% |
(1) Proforma figures include restatement related
to change in accounting scheme of ETS quotas (see financial
statements of the period).
(2) Compared to previous periods, the working
capital has been restated to exclude the report of social &
fiscal charges granted consequently to Covid.
(3) Excluding the report of social & fiscal
charges granted consequently to Covid.
Net debt
(in € million) |
September 30, 2023 |
December 31, 2022 |
Current and non-current financial liabilities |
9,062 |
10,553 |
Current and
non-current lease debt |
4,189 |
4,152 |
Accrued
interest |
(98) |
(127) |
Deposits related
to financial liabilities |
(106) |
(101) |
Deposits related
to lease debt |
(100) |
(99) |
Derivatives impact on debt |
(34) |
(35) |
Gross financial liabilities (I) |
12,913 |
14,343 |
Cash and cash equivalents |
6,481 |
6,626 |
Marketable
securities > 3 months |
447 |
572 |
Bonds |
984 |
811 |
Bank overdrafts |
(1) |
(3) |
Net cash (II) |
7,911 |
8,006 |
Net debt (I-II) |
5,002 |
6,337 |
Adjusted operating free cash flow
|
Current Quarter |
Year to Date |
|
2023 |
2022 |
2023 |
2022 |
(in € million) |
|
restated * |
|
restated * |
Net cash flow from operating activities |
589 |
890 |
3,435 |
4,476 |
Purchase of
property plant and equipment and intangible assets |
(884) |
(591) |
(2,280) |
(2,048) |
Proceeds on
disposal of property plant and equipment and intangible assets |
65 |
202 |
276 |
678 |
Operating free cash flow |
(230) |
501 |
1,431 |
3,106 |
Payments on lease debts |
(204) |
(211) |
(625) |
(653) |
Operating free cash flow adjusted |
(434) |
290 |
806 |
2,453 |
* Restated figures include the change in accounting principles
for CO2 quotas
Bridge from EBITDA to Self-financing
capacity
|
Current Quarter |
Year to Date |
|
2023 |
2022 |
2023 |
2022 |
(in € million) |
|
restated * |
|
restated * |
EBITDA |
1,993 |
1,677 |
3,607 |
2,829 |
Provisions (risk and other) |
(2) |
(2) |
(10) |
(15) |
Correction of
spare parts inventory |
(1) |
– |
1 |
4 |
Addition to
pension provisions |
38 |
32 |
109 |
97 |
Reversal to
pension provisions (cash-out) |
(19) |
(18) |
(50) |
(50) |
Sales of tangible and intangible assets (excluding
aeronauticals) |
(2) |
(3) |
(4) |
(2) |
Income from operating activities - cash
impact |
2,007 |
1,686 |
3,653 |
2,863 |
Restructuring costs |
(26) |
(49) |
(92) |
(175) |
Other non-current
income and expenses |
(1) |
(4) |
(4) |
(7) |
Cost of financial
liability |
(149) |
(146) |
(551) |
(429) |
Financial
income |
61 |
5 |
159 |
(3) |
Realized foreign
exchanges gain/loss |
(4) |
(14) |
36 |
(11) |
Settlement of
forwards derivatives - cash |
(2) |
– |
(3) |
– |
Other financial
charges & expenses - cash |
(11) |
(11) |
(15) |
(11) |
Current income
tax |
(96) |
(22) |
(98) |
(26) |
Other elements |
5 |
– |
3 |
2 |
Self-financing capacity |
1,784 |
1,445 |
3,088 |
2,203 |
* Restated figures include the change in accounting principles
for CO2 quotas
Unit cost: net cost per ASK
|
Current Quarter |
Year to date |
|
2023 |
2022 |
2023 |
2022 |
Total
operating expenses (in €m) |
7,316 |
7,088 |
20,842 |
18,204 |
Total other
revenues (in €m) |
(704) |
(529) |
(1,961) |
(1,611) |
Net cost (in €m) |
6,612 |
6,559 |
18,881 |
16,593 |
Capacity produced, reported in ASK |
84,754 |
79,937 |
232,481 |
210,128 |
Net cost per ASK (in € cents per ASK) |
7.80 |
8.21 |
8.12 |
7.90 |
Gross change |
|
-4.9 % |
|
2.8 % |
Currency
effect on net costs (in €m) |
|
(160) |
|
(117) |
Change at
constant currency |
|
-2.5 % |
|
3.6 % |
Fuel price effect (in €m) |
|
(382) |
|
270 |
Net cost per ASK on a constant currency and constant fuel
price (in € cents per ASK) |
7.80 |
7.53 |
8.12 |
7.97 |
Change at constant currency and constant fuel
price |
|
3.6 % |
|
1.9 % |
Furlough |
|
+13 |
|
+265 |
|
7.80 |
7.54 |
8.12 |
7.84 |
Change at constant currency and constant fuel price
excluding furlough |
|
3.4% |
|
3.5 % |
Group fleet at 30 September 2023
Aircraft
type |
AF (incl. HOP)3 |
KL (incl. KLC & MP)4 |
Transavia |
Owned |
Finance lease |
Operating lease |
Total |
In operation |
Change vs 31/12/22 |
B777-300 |
43 |
16 |
|
20 |
15 |
24 |
59 |
59 |
|
B777-200 |
18 |
15 |
|
28 |
1 |
4 |
33 |
33 |
|
B787-9 |
10 |
13 |
|
4 |
7 |
12 |
23 |
23 |
|
B787-10 |
|
10 |
|
2 |
8 |
|
10 |
10 |
3 |
A380-800 |
4 |
|
|
2 |
1 |
1 |
4 |
|
|
A350-900 |
22 |
|
|
4 |
8 |
10 |
22 |
22 |
2 |
A330-300 |
|
5 |
|
|
|
5 |
5 |
5 |
|
A330-200 |
15 |
6 |
|
11 |
|
10 |
21 |
21 |
|
Total Long-Haul |
112 |
65 |
0 |
71 |
40 |
66 |
177 |
173 |
5 |
B737-900 |
|
5 |
|
5 |
|
|
5 |
5 |
|
B737-800 |
|
31 |
111 |
34 |
8 |
100 |
142 |
141 |
16 |
B737-700 |
|
6 |
4 |
7 |
|
3 |
10 |
10 |
|
A321 |
16 |
|
|
9 |
|
7 |
16 |
16 |
-2 |
A320 |
38 |
|
|
4 |
3 |
31 |
38 |
37 |
-2 |
A319 |
14 |
|
|
10 |
|
4 |
14 |
14 |
-3 |
A318 |
6 |
|
|
4 |
|
2 |
6 |
6 |
-3 |
A220-300 |
30 |
|
|
21 |
|
9 |
30 |
30 |
15 |
Total Medium-Haul |
104 |
42 |
115 |
94 |
11 |
156 |
261 |
259 |
21 |
Canadair Jet 1000 |
3 |
|
|
3 |
|
|
3 |
|
|
Canadair Jet
700 |
|
|
|
|
|
|
|
|
|
Embraer 195
E2 |
|
18 |
|
|
|
18 |
18 |
18 |
4 |
Embraer 190 |
20 |
30 |
|
17 |
4 |
29 |
50 |
50 |
1 |
Embraer 175 |
|
17 |
|
3 |
14 |
|
17 |
17 |
|
Embraer 170 |
13 |
|
|
10 |
|
3 |
13 |
13 |
|
Total Regional |
36 |
65 |
0 |
33 |
18 |
50 |
101 |
98 |
5 |
B747-400ERF |
|
3 |
|
3 |
|
|
3 |
3 |
|
B747-400BCF |
|
1 |
|
1 |
|
|
1 |
1 |
|
B777-F |
2 |
|
|
|
|
2 |
2 |
2 |
|
Total Cargo |
2 |
4 |
0 |
4 |
0 |
2 |
6 |
6 |
0 |
|
|
|
|
|
|
|
|
|
|
Total |
254 |
176 |
115 |
202 |
69 |
274 |
545 |
536 |
31 |
2023 TRAFFIC
Passenger network activity
|
Current quarter |
Year to date |
Total network airlines |
2023 |
2022 |
variation |
2023 |
2022 |
variation |
Passengers carried (‘000s) |
19,836 |
18,980 |
5% |
54,366 |
48,478 |
12% |
Revenue
pax-kilometers (m RPK) |
63,523 |
59,948 |
6% |
174,807 |
151,294 |
16% |
Available
seat-kilometers (m ASK) |
71,038 |
67,907 |
5% |
199,728 |
182,175 |
10% |
Load factor (%) |
89% |
88% |
1pt |
88% |
83% |
4pt |
|
|
|
|
|
|
|
Long-haul |
|
|
|
|
|
|
Passengers carried (‘000s) |
6,936 |
6,623 |
5% |
19,245 |
16,769 |
15% |
Revenue
pax-kilometers (m RPK) |
51,517 |
48,324 |
7% |
143,399 |
122,719 |
17% |
Available
seat-kilometers (m ASK) |
56,879 |
54,155 |
5% |
162,210 |
146,680 |
11% |
Load factor (%) |
91% |
89% |
1pt |
88% |
84% |
5pt |
|
|
|
|
|
|
|
North America |
|
|
|
|
|
|
Passengers carried (‘000s) |
2,731 |
2,696 |
1% |
6,975 |
6,217 |
12% |
Revenue
pax-kilometers (m RPK) |
19,272 |
19,197 |
0% |
49,581 |
44,583 |
11% |
Available
seat-kilometers (m ASK) |
21,278 |
21,217 |
0% |
56,374 |
53,507 |
5% |
Load factor (%) |
91% |
90% |
0pt |
88% |
83% |
5pt |
|
|
|
|
|
|
|
Latin America |
|
|
|
|
|
|
Passengers carried (‘000s) |
878 |
801 |
10% |
2,630 |
2,243 |
17% |
Revenue
pax-kilometers (m RPK) |
8,355 |
7,600 |
10% |
24,978 |
21,327 |
17% |
Available
seat-kilometers (m ASK) |
8,983 |
8,265 |
9% |
27,475 |
24,066 |
14% |
Load factor (%) |
93% |
92% |
1pt |
91% |
89% |
2pt |
|
|
|
|
|
|
|
Asia / Middle East |
|
|
|
|
|
|
Passengers carried (‘000s) |
1,392 |
981 |
42% |
3,877 |
2,474 |
57% |
Revenue
pax-kilometers (m RPK) |
11,017 |
7,052 |
56% |
30,246 |
17,560 |
72% |
Available
seat-kilometers (m ASK) |
12,245 |
8,243 |
49% |
34,408 |
22,853 |
51% |
Load factor (%) |
90% |
86% |
4pt |
88% |
77% |
11pt |
|
|
|
|
|
|
|
Africa |
|
|
|
|
|
|
Passengers carried (‘000s) |
1,089 |
1,078 |
1% |
3,124 |
2,830 |
10% |
Revenue
pax-kilometers (m RPK) |
6,696 |
6,452 |
4% |
19,177 |
16,812 |
14% |
Available
seat-kilometers (m ASK) |
7,536 |
7,388 |
2% |
22,280 |
20,525 |
9% |
Load factor (%) |
89% |
87% |
2pt |
86% |
82% |
4pt |
|
|
|
|
|
|
|
Caribbean / Indian Ocean |
|
|
|
|
|
|
Passengers carried (‘000s) |
846 |
1,067 |
-21% |
2,639 |
3,005 |
-12% |
Revenue
pax-kilometers (m RPK) |
6,177 |
8,022 |
-23% |
19,417 |
22,437 |
-13% |
Available
seat-kilometers (m ASK) |
6,838 |
9,042 |
-24% |
21,673 |
25,729 |
-16% |
Load factor (%) |
90% |
89% |
2pt |
90% |
87% |
2pt |
|
|
|
|
|
|
|
Short and Medium-haul |
|
|
|
|
|
|
Passengers carried (‘000s) |
12,900 |
12,357 |
4% |
35,121 |
31,710 |
11% |
Revenue
pax-kilometers (m RPK) |
12,005 |
11,624 |
3% |
31,407 |
28,574 |
10% |
Available
seat-kilometers (m ASK) |
14,159 |
13,753 |
3% |
37,518 |
35,496 |
6% |
Load factor (%) |
85% |
85% |
0pt |
84% |
81% |
3pt |
Transavia activity
|
Current quarter |
Year to date |
Transavia |
2023 |
2022 |
variation |
2023 |
2022 |
variation |
Passengers carried (‘000s) |
7,068 |
6,022 |
17% |
16,853 |
13,850 |
22% |
Revenue
seat-kilometers (m RSK) |
12,502 |
10,697 |
17% |
29,637 |
23,851 |
24% |
Available
seat-kilometers (m ASK) |
13,716 |
12,029 |
14% |
32,753 |
27,953 |
17% |
Load factor (%) |
91% |
89% |
2pt |
90% |
85% |
5pt |
Total Group passenger
activity
|
Current quarter |
Year to date |
Total Group |
2023 |
2022 |
variation |
2023 |
2022 |
variation |
Passengers carried (‘000s) |
26,904 |
25,002 |
8% |
71,218 |
62,328 |
14% |
Revenue
pax-kilometers (m RPK) |
76,025 |
70,645 |
8% |
204,443 |
175,145 |
17% |
Available
seat-kilometers (m ASK) |
84,754 |
79,937 |
6% |
232,481 |
210,128 |
11% |
Load factor (%) |
90% |
88% |
1pt |
88% |
83% |
5pt |
Cargo activity
|
Current quarter |
Year to date |
Cargo |
2023 |
2022 |
variation |
2023 |
2022 |
variation |
Revenue tonne-km (m RTK) |
1,636 |
1,635 |
0% |
4,778 |
5,132 |
-7% |
Available
tonne-km (m ATK) |
3,654 |
3,537 |
3% |
10,499 |
9,853 |
7% |
Load factor (%) |
45% |
46% |
-1pt |
46% |
52% |
-7pt |
Air France activity
|
Current quarter |
Year to date |
Total Passenger network activity |
2023 |
2022 |
variation |
2023 |
2022 |
variation |
Passengers carried (‘000s) |
11,455 |
11,528 |
-1% |
31,744 |
28,977 |
10% |
Revenue
pax-kilometers (m RPK) |
38,686 |
36,159 |
7% |
105,101 |
90,241 |
16% |
Available
seat-kilometers (m ASK) |
43,379 |
40,992 |
6% |
120,114 |
108,483 |
11% |
Load factor (%) |
89% |
88% |
1pt |
88% |
83% |
4pt |
|
|
|
|
|
|
|
Long-haul |
|
|
|
|
|
|
Passengers carried (‘000s) |
4,382 |
4,115 |
7% |
11,967 |
10,437 |
15% |
Revenue
pax-kilometers (m RPK) |
31,853 |
29,056 |
10% |
87,004 |
73,573 |
18% |
Available
seat-kilometers (m ASK) |
35,350 |
32,657 |
8% |
98,524 |
87,849 |
12% |
Load factor (%) |
90% |
89% |
1pt |
88% |
84% |
5pt |
|
|
|
|
|
|
|
Short and Medium-haul |
|
|
|
|
|
|
Passengers carried (‘000s) |
7,073 |
7,413 |
(5)% |
19,778 |
18,540 |
7% |
Revenue
pax-kilometers (m RPK) |
6,833 |
7,103 |
(4)% |
18,097 |
16,667 |
9% |
Available
seat-kilometers (m ASK) |
8,029 |
8,335 |
(4)% |
21,591 |
20,635 |
5% |
Load factor (%) |
85% |
85% |
0pt |
84% |
81% |
3pt |
|
|
|
|
|
|
|
Cargo activity |
|
|
|
|
|
|
Revenue tonne-km (m RTK) |
818 |
834 |
-2% |
2,397 |
2,631 |
-9% |
Available
tonne-km (m ATK) |
2,101 |
2,025 |
4% |
5,938 |
5,544 |
7% |
Load factor (%) |
39% |
41% |
-2pt |
40% |
47% |
-7pt |
KLM activity
|
Current quarter |
Year to date |
Total Passenger network activity |
2023 |
2022 |
variation |
2023 |
2022 |
variation |
Passengers carried (‘000s) |
8,380 |
7,452 |
12% |
22,621 |
19,501 |
16% |
Revenue
pax-kilometers (m RPK) |
24,836 |
23,789 |
4% |
69,705 |
61,053 |
14% |
Available
seat-kilometers (m ASK) |
27,660 |
26,916 |
3% |
79,614 |
73,692 |
8% |
Load factor (%) |
90% |
88% |
1pt |
88% |
83% |
5pt |
|
|
|
|
|
|
|
Long-haul |
|
|
|
|
|
|
Passengers carried (‘000s) |
2,554 |
2,508 |
2% |
7,278 |
6,331 |
15% |
Revenue
pax-kilometers (m RPK) |
19,664 |
19,267 |
2% |
56,395 |
49,146 |
15% |
Available
seat-kilometers (m ASK) |
21,529 |
21,498 |
0% |
63,686 |
58,831 |
8% |
Load factor (%) |
91% |
90% |
2pt |
89% |
84% |
5pt |
|
|
|
|
|
|
|
Short and Medium-haul |
|
|
|
|
|
|
Passengers carried (‘000s) |
5,827 |
4,944 |
18% |
15,343 |
13,169 |
17% |
Revenue
pax-kilometers (m RPK) |
5,172 |
4,522 |
14% |
13,310 |
11,907 |
12% |
Available
seat-kilometers (m ASK) |
6,131 |
5,418 |
13% |
15,928 |
14,861 |
7% |
Load factor (%) |
84% |
83% |
1pt |
84% |
80% |
3pt |
|
|
|
|
|
|
|
Cargo activity |
|
|
|
|
|
|
Revenue tonne-km (m RTK) |
818 |
801 |
2% |
2,382 |
2,502 |
-5% |
Available
tonne-km (m ATK) |
1,553 |
1,512 |
3% |
4,561 |
4,309 |
6% |
Load factor (%) |
53% |
53% |
0pt |
52% |
58% |
-6pt |
1 change is nominal and not corrected for fuel price2 against a
constant fuel price, constant currency and excluding furlough
contribution3 Excluding Transavia
- Q3 2023 - AFKLM - Press release
Grafico Azioni Air France KLM (BIT:AF)
Storico
Da Apr 2024 a Mag 2024
Grafico Azioni Air France KLM (BIT:AF)
Storico
Da Mag 2023 a Mag 2024