Air France-KLM Q3 2022 results
October 28, 2022
THIRD QUARTER 2022 RESULTS
| STRONG
RESULTS DRIVEN BY FAVORABLE TRAVEL DEMAND
AND CONTINUED GROUP
TRANSFORMATION REVENUES,
OPERATING RESULT AND MARGIN ABOVE 2019
DESPITE LOWER CAPACITY AND INFLATIONARY
PRESSURE ON COST |
- Group revenues at €8.1bn, above
2019 level (+€503m)
- Group capacity at 89% of 2019 level
with load factor at 88% close to 2019 level (90%)
- Operating result at €1,024m with
operating margin at 12.6% above 2019 level (12.0%)
- Positive Adjusted operating free
cash flow for the 6th quarter in a row at €290m
- Net debt down by €2.3bn euros,
compared to end of 2021
- Return to positive operating result
expected for Full Year above €900m1
Commenting on the results, Mr. Benjamin
Smith, Group CEO, said:“Thanks to solid preparation and to
our agile approach to capacity, Air France-KLM was able to make the
most of the strong travel demand this quarter. While the situation
remains unsatisfactory in some key airports-, notably impacting KLM
at its Amsterdam Schiphol hub, we saw significant improvements
following the operational challenges that had erupted earlier this
year. The Group posted a strong operating result in spite of rising
fuel costs and inflation, and the Group remains confident in its
ability to further increase capacity during the Winter season.I
would like to thank all customers who chose to fly with us, and our
employees who did their very best to welcome them at every step of
their journey. Going forward we will continue to implement our
transformation plan and accelerate our sustainability efforts, as
illustrated by the recent signing of long-term SAF supply
contracts. This reinforces our position as a responsible leader in
transportation, as well as our commitment to being frontrunners in
the decarbonization of our industry.”
Strong improvement
Third quarter
revenues, operating
result and margin
|
|
Third quarter |
Nine Months |
|
|
2022 |
Change |
Change constant currency |
2022 |
Change |
Change constant currency |
|
Revenues (€m) |
8,112 |
+77.6% |
+72.2% |
19,264 |
+103.3% |
+98.7% |
|
EBITDA (€m) |
1,677 |
883 |
886 |
2,829 |
2,911 |
2,935 |
|
Operating result (€m) |
1,024 |
894 |
897 |
1,060 |
2,864 |
2,886 |
|
Operating margin (%) |
12.6% |
+9.8 pt |
+9.9 pt |
5.5% |
+24.5 pt |
+24.3 pt |
|
Net income – Group part (€m) |
460 |
+653 |
|
232 |
+3,396 |
|
|
Adj. operating free cash flow (€m) |
290 |
+12 |
|
2,453 |
+3,309 |
|
|
Net debt at end of period (€m)2 |
|
|
|
5,965 |
-2,251 |
|
In the third quarter 2022, the Air France-KLM
Group posted a positive operating result of 1,024 million euros, up
by 897 million euros at a constant currency compared to last year.
This increase was driven by an increase in capacity, load factor
and yield. Net income amounted to 460 million euros in the third
quarter 2022, an increase of 653 million euros compared to last
year.
|
|
Third quarter |
Nine Months |
|
|
2022 |
Change |
Change constant currency |
2022 |
Change |
Change constant currency |
|
Passengers (thousands) |
25,002 |
+47.6% |
|
62,328 |
+116.5% |
|
|
Capacity (ASK m) |
79,937 |
+29.1% |
|
210,129 |
+54.3% |
|
|
Traffic (RPK m) |
70,645 |
+70.7% |
|
175,145 |
+139.1% |
|
|
Passenger load factor |
88.4% |
21.6pt |
|
83.4% |
29.6pt |
|
|
Passenger unit revenue per ASK (€ cts) |
8.59 |
+56.7% |
+52.0% |
7.30 |
+68.1% |
+63.8% |
|
Group unit revenue per ASK (€ cts) |
9.49 |
+42.6% |
+37.9% |
8.40 |
+39.8% |
+35.8% |
|
Group unit cost per ASK (€ cts) at constant fuel |
8.21 |
+27.3% |
+1.8% |
7.90 |
+7.7% |
-8.2% |
In the Third quarter Air France-KLM welcomed 25
million passengers which is 47.6% above the same quarter in
previous year. As capacity increased by 29.1% and traffic increased
by 70.7%, the load factor increased by 21.6 points compared to last
year. The passenger unit revenue per ASK of the Group increased by
52% against a constant currency compared to the third quarter 2021.
This increase was driven by both load factor and yield. The group
unit cost per ASK at constant fuel and constant currency is up 1.8%
versus the same quarter last year.
The unit cost is up 2.9% at a constant fuel
price and constant currency (USD & related currencies only)
versus the third quarter of 2019, with a capacity down by 11%. The
ongoing transformation programs enable Air France-KLM to limit the
impact of increasing costs such as airport and ATC charges, and the
increase of labor cost at KLM.
Compared to September 2019, the number of Full
Time Equivalents (FTE’s) at Air France, excluding Transavia France,
decreased by 16% and by 11% at KLM.In the third quarter staff costs
decreased by 6% compared to the same quarter in 2019 thanks to FTE
reduction.
Air France-KLM keeps redeeming liquidity
support while maintaining a solid cash position
- In December
2021, Air France-KLM redeemed 0.5 billion euros of the outstanding
4 billion French State guaranteed loan provided by a syndicate of 9
Banks during Covid crisis (“PGE”).
- By the end of
June 2022, KLM fully redeemed its RCF and Dutch State Loan for a
total amount of 0.9 billion euros
- In November 2022
Air France-KLM will pursue deleveraging and reprofiling its
unsecured debt and will proceed with the partial and early
redemption of the “PGE”. The redemption amount will be 1.0 billion
euros out of the 3.5 billion euros outstanding. The remaining bank
loan profile will incur no further expected redemption till May
2024 and will remain unchanged beyond (till May 2025). As a result,
the Group will reduce its overall financial charges and its
exposure to floating rates.
- During 2022 and
2023, Air France-KLM will contemplate possible hybrid bonds
issuances up to €1.2bn subject to market conditions
- The restoration of negative equity
will be done through net profit generation and quasi-equity
projects.
OUTLOOK
Context:In the third quarter,
Air France and KLM remained among the most active airlines to
accommodate the travel recovery, with a capacity for Network
passenger activity at index 85%, in line with the upper end of the
guidance provided, meaning that the Group delivered according to
its plan. Despite some isolated disruptions in Paris, operations
were more robust in France than in other European countries while
Schiphol remains in a challenging situation, in a context of a very
tight labor market conditions, and imposed capacity restrictions to
KLM.Air France and KLM did their utmost to mitigate these
challenges and continue to prioritise safeguarding the trust of
their customers. For the third quarter, these disruptions resulted
in 60 million euros additional compensation costs compared to the
same quarter in 2019.
CapacityAir France-KLM is
confident that the recovery context will continue and therefore,
the Group expects the capacity in Available Seat Kilometers for Air
France-KLM Network passenger activity at an index of:
- Circa 85% for the fourth quarter of
2022
- Circa 80% for the Full Year
2022
- Circa 90% for the first quarter of
2023
All indices compared to the respective period of
2019.
The capacity of Transavia keeps on growing with
Available Seat Kilometers expected at an index of circa 115 for the
full year and at an index of circa 140 in both the fourth quarter
2022 and the first quarter 2023 compared to 2019.
YieldThe yield environment
should remain healthy for the winter season with a solid demand in
line with the capacity, resulting in yield levels above 2019.
Expected operating
resultAbove 900 million euros for Full Year 2022, based on
fuel forward curve at 21 October 2022 and under currently foreseen
circumstances.
CashAs of September 30 2022,
the Group has a strong 12.3 billion euros of liquidity and credit
lines at its disposal.
Full year 2022 Net Capex spending is estimated
at circa 2.3 billion euros, which is 80% fleet & fleet related
and 20% IT & Ground related.
BUSINESS REVIEW
Network: Significant improvement
in revenues and operating
result
|
Network |
Third quarter |
Nine Months |
|
2022 |
Change |
Change constant currency |
2022 |
Change |
Change constant currency |
|
Total revenues (€m) |
6,907 |
+82.2% |
+76.1% |
16,554 |
+106.6% |
+101.0% |
|
Scheduled revenues (€m) |
6,695 |
+86.2% |
+79.3% |
15,902 |
+112.2% |
+105.6% |
|
Operating result (€m) |
851 |
+864 |
+863 |
894 |
+2,626 |
+2,636 |
Third quarter 2022 total revenues increased by
76.1% at constant currency to 6,907 million euros. The operating
result amounted to 851 million euros, which represents an 863
million euros increase at constant currency compared to last
year.
Strong summer demand resulting in high
yield across the diversified network
|
|
Third quarter |
Nine Months |
|
Passenger network |
2022 |
Change |
Change constant currency |
2022 |
Change |
Change constant currency |
|
Passengers (thousands) |
18,980 |
+49.5% |
|
48,478 |
+110.6% |
|
|
Capacity (ASK m) |
67,908 |
+29.3% |
|
182,176 |
+48.7% |
|
|
Traffic (RPK m) |
59,948 |
+76.2% |
|
151,294 |
+138.7% |
|
|
Load factor |
88.3% |
+23.5 pt |
|
83.0% |
+31.3 pt |
|
|
Total passenger revenues (€m) |
6,077 |
+105.6% |
+99.5% |
13,896 |
+155.3% |
+149.4% |
|
Scheduled passenger revenues (€m) |
5,974 |
+108.4% |
+101.0% |
13,585 |
+160.1% |
+152.5% |
|
Unit revenue per ASK (€ cts) |
8.80 |
+61.2% |
+55.5% |
7.46 |
+75.0% |
+69.8% |
Third quarter 2022 capacity in Available Seat
Kilometers (ASK) was 29.3% higher than last year and at 85% of 2019
third quarter level, which was at the upper end of the Group’s
guidance provided during the second quarter 2022 results
presentation.
In response to the rise in fuel prices and other
external costs, the Group proceeded to several fare increases
during the first half of the year across all long-haul flights. The
amount of the increase varied according to destination and class of
travel, and applied to flights operated by Air France and KLM.
Additionally, in line with the strong summer demand, the strong
performance in Premium cabins and the solid corporate traffic
recovery have all led to a yield above the 2019 level in the third
quarter.
The third quarter result is driven by a strong
performance of the entire network:
- North Atlantic: capacity was above
2019 thanks to a strong demand recovery. Yields were strongly up
versus 2019 levels due to high demand, fare increases and a
positive cabin mix.
- Latin America: capacity discipline
on South America routes combined with a very resilient demand led
to a strong yield.
- Asia: the strong yield performance
is due to a limited capacity and the Group continues to observe
significant differences between the regions. South East Asia and
India showed positive dynamic in yield and traffic while China
maintained its zero-Covid policy with severe travel
restrictions.
- Middle-East: performance remained
strong during the third quarter, especially on premium cabins and
due to an increased traffic on some routes.
- Caribbean & Indian Ocean: the
yields improved thanks to successive fare increases and a positive
cabin mix effect.
- Africa: a strong corporate recovery
was observed in all areas. For KLM, the performance was driven by
East and South Africa with strong yield increase linked to positive
cabin mix and a positive economy yield evolution. For Air France,
performance was driven by West and Central African countries with a
good steering strategy.
- Short and Medium-haul: strong
booking dynamic since March. KLM is impacted by restrictions on
flight departures from Amsterdam which led to traffic restriction.
The yield is above 2019, especially on leisure routes with network
capacity constraints and a positive competition environment.
During the third quarter, Air France added one
Airbus A350-900 and two Airbus A220-300 to its fleet. One B777-200,
two Airbus A380-800, two Airbus A320, one Airbus A319, one Airbus
A318 and two Canadair Jet 1000 left the fleet. KLM phased in one
Embraer 195 E2. The Group will continue to introduce new generation
aircraft to its fleet in order to improve its economic and
environmental performance.
Cargo: Strong yield
increase mitigates lower load factor
|
|
Third quarter |
Nine Months |
|
Cargo business |
2022 |
Change |
Change constant currency |
2022 |
Change |
Change constant currency |
|
Tons (thousands) |
223 |
-10.1% |
|
695 |
-11.9% |
|
|
Capacity (ATK m) |
3,538 |
+15.9% |
|
9,853 |
+17.8% |
|
|
Traffic (RTK m) |
1,635 |
-13.5% |
|
5,132 |
-15.2% |
|
|
Load factor |
46.2% |
-15.7 pt |
|
52.1% |
-20.3 pt |
|
|
Total Cargo revenues (€m) |
830 |
-0.6% |
-5.2% |
2,658 |
+3.5% |
-0.2% |
|
Scheduled cargo revenues (€m) |
720 |
-1.2% |
-5.5% |
2,318 |
+2.0% |
-1.5% |
|
Unit revenue per ATK (€ cts ) |
20.36 |
-14.8% |
-18.5% |
23.52 |
-13.4% |
-16.4% |
Compared to the third quarter of 2021, cargo
capacity increased by 15.9% in Available Ton Kilometers, mainly due
to the increase in worldwide belly capacity. Despite this increased
belly capacity the overall traffic decreased by 13.5% and resulted
in a drop in load factor of almost 16 points. Yields, however,
remained at a consistently high level (+14% vs. 2021), leading to a
third quarter total revenue performance close to last year's
level.
Compared to the pre-COVID year 2019, cargo
capacity in the Third quarter was still 7% below. However, due to
exceptional yield performance, total revenues in the Third quarter
of 2022 were 61% higher compared to 2019.
Transavia: Significant
increase in traffic resulted in a positive operating
result
|
|
Third quarter |
Nine Months |
|
Transavia |
2022 |
Change |
2022 |
Change |
|
Passengers (thousands) |
6,022 |
+41.8% |
13,850 |
+139.9% |
|
Capacity (ASK m) |
12,029 |
+28.1% |
27,953 |
+104.9% |
|
Traffic (RPK m) |
10,697 |
+45.4% |
23,851 |
+141.4% |
|
Load factor |
88.9% |
+10.6 pt |
85.3% |
+12.9 pt |
|
Total passenger revenues (€m) |
855 |
+63.7% |
1,705 |
+148.9% |
|
Unit revenue per ASK (€ cts) |
7.38 |
+32.0% |
6.26 |
+24.1% |
|
Unit cost per ASK (€ cts) |
6.36 |
+42.3% |
6.22 |
+5.9% |
|
Operating result (€m) |
123 |
+18 |
13 |
+126 |
In the Third quarter of 2022, the demand
recovery in leisure traffic in Europe and North Africa continued.
Compared to last year, the capacity in the third quarter increased
by 28.1%, traffic increased by 45.4%, and the number of passengers
increased by 41.8%.
The operating result stood at 123 million euros
and improved by 18 million euros compared to the third quarter of
2021.
Compared to the same quarter in 2019, the third
quarter of 2022 showed activity levels at index 110 and a load
factor slightly below 2019 levels. The average unit revenue per ASK
increased by 18% compared to 2019, mainly driven by a strong yield
increase of 23%. The average unit cost per ASK increased by 36%
versus 2019, mainly driven by the high fuelprice and high
disruption cost.
The fleet of Transavia reached 100 aircraft in
the third quarter and supported to capture the strong demand of
leisure traffic in Europe.
Maintenance business:
Solid
performance continued in the
third
quarter
|
|
Third quarter |
Nine Months |
|
Maintenance |
2022 |
Change |
Change constant currency |
2022 |
Change |
Change constant currency |
|
Total revenues (€m) |
826 |
+17.4% |
|
2,568 |
+28.1% |
|
|
Third-party revenues (€m) |
342 |
+38.6% |
+32.2% |
984 |
+29.4% |
+30.8% |
|
Operating result (€m) |
46 |
+17 |
+19 |
147 |
+128 |
+136 |
|
Operating margin (%) |
5.6% |
+1.5 pt |
+1.8 pt |
5.7% |
+4.8 pt |
+5.2 pt |
The third quarter operating result stood at 46
million euros, which represents an increase of 19 million euros at
constant currency compared to the third quarter 2021 and is due to
a higher activity and an operational
improvement.
Total revenues increased by 17.4% in the third
quarter while third party revenues increased by 38.6%, showing a
strong recovery. The operating margin stood at 5.6%, which is 1.5
points higher than the operating results in the third quarter 2021.
The nine months year margin amounts to 5.7%, which is above the
level of the pre-covid period but still included States
supports.
Adjusted operating free cash flow
positive in Q3 reducing the net debt slightly below
€6bn
|
|
Third quarter |
Nine Months |
|
In € million |
2022 |
Change |
2022 |
Change |
|
Cash flow before change in WCR and Voluntary Departure Plans,
continuing operations (€m) |
1,527 |
+856 |
2,437 |
+2,928 |
|
Cash out related to Voluntary Departure Plans (€m) |
-50 |
+43 |
-175 |
+43 |
|
Change in Working Capital Requirement (WCR) (€m) |
-587 |
-828 |
2,248 |
+887 |
|
Net cash flow from operating activities
(€m) |
890 |
71 |
4,510 |
3,858 |
|
Net investments* (€m) |
-389 |
-69 |
-1,404 |
-550 |
|
Operating free cash flow
(€m) |
501 |
+2 |
3,106 |
3,308 |
|
Repayment of lease debt |
-211 |
+10 |
-653 |
+1 |
|
Adjusted operating free cash flow** |
290 |
+12 |
2,453 |
+3,309 |
* Sum of ‘Purchase of property, plant and equipment and
intangible assets’ and ‘Proceeds on disposal of property, plant and
equipment and intangible assets’ as presented in the consolidated
cash flow statement.
** The “Adjusted operating free cash flow” is
operating free cash flow after deducting the repayment of lease
debt.
The Group generated an adjusted operating free
cash flow in the third quarter 2022 of 290 million euros, which is
slightly higher than last year. This is the sixth quarter in a row
that the adjusted operating free cash flow is positive.
| In €
million |
30 Sep
2022 |
31 Dec 2021 |
|
Net debt |
5,965 |
8,216 |
|
EBITDA trailing 12 months |
3,657 |
745 |
|
Net debt/EBITDA trailing 12
months |
1.6 x |
11.0 x |
Both airlines operating margin above 10%
|
|
Third quarter |
Nine Months |
|
|
2022 |
Change |
2022 |
Change |
|
Air France Group Operating result (€m) |
570 |
+616 |
340 |
+1,795 |
|
Operating margin (%) |
11.4% |
+13.0 pt |
2.9% |
+28.0 pt |
|
KLM Group Operating result (€m) |
443 |
+274 |
708 |
+1,062 |
|
Operating margin (%) |
13.7% |
+4.8 pt |
8.9% |
+17.7 pt |
We can see significant improvement in the
Operating result of both airlines with the operating margin of Air
France being above its 2019 level.
******
The results presentation is available at
www.airfranceklm.com on October 28, 2022 from 7:15
am CET.
A conference call hosted by Mr. Smith (CEO) and Mr. Zaat (CFO)
will be held on October 28, 2022 at 08.30 am
CET. To
connect to the conference call, please dial:
France: Local +33 (0)1 70 72 25 50Netherlands:
Local +31 (0)20 703 8210UK: Local +44 (0)330 165 4027US: Local +1
323-794-2551
Confirmation code: 6069631
|
Investor Relations |
|
Press |
|
Frederic Kahane |
Michiel Klinkers |
|
| |
|
+33 1 41 56 56
00 |
|
frkahane@airfranceklm.com |
Michiel.klinkers@airfranceklm.com |
|
Income Statement
|
|
Third quarter |
Nine Months |
|
€m |
2022 |
2021* |
Change |
2022 |
2021* |
Change |
|
Revenues from ordinary
activities |
8,112 |
4,567 |
+78 % |
19,264 |
9,477 |
+103 % |
|
Aircraft fuel |
-2,325 |
-828 |
+181 % |
-5,184 |
-1,811 |
+186 % |
|
Chartering costs |
-92 |
-85 |
+8 % |
-285 |
-232 |
+23 % |
|
Landing fees and air route charges |
-488 |
-374 |
+30 % |
-1,271 |
-835 |
+52 % |
|
Catering |
-206 |
-124 |
+66 % |
-525 |
-250 |
+110 % |
|
Handling charges and other operating costs |
-468 |
-307 |
+52 % |
-1,189 |
-710 |
+67 % |
|
Aircraft maintenance costs |
-524 |
-389 |
+35 % |
-1,643 |
-1,181 |
+39 % |
|
Commercial and distribution costs |
-257 |
-124 |
+107 % |
-641 |
-255 |
+151 % |
|
Other external expenses |
-375 |
-292 |
+28 % |
-1,077 |
-839 |
+28 % |
|
Salaries and related costs |
-1,897 |
-1,408 |
+35 % |
-5,239 |
-3,813 |
+37 % |
|
Taxes other than income taxes |
-38 |
-30 |
+27 % |
-118 |
-100 |
+18 % |
|
Other income and expenses |
235 |
188 |
+25 % |
737 |
467 |
+58 % |
|
EBITDA |
1,677 |
794 |
+111 % |
2,829 |
-82 |
nm |
|
Amortization, depreciation and provisions |
-653 |
-664 |
-2% |
-1,769 |
-1,722 |
+3 % |
|
Income from current operations |
1,024 |
130 |
+688 % |
1,060 |
-1,804 |
nm |
|
Sales of aircraft equipment |
6 |
-6 |
nm |
44 |
-20 |
nm |
|
Other non-current income and expenses |
-30 |
-54 |
-44% |
-44 |
-906 |
-95% |
|
Income from operating activities |
1,000 |
70 |
+1329 % |
1,060 |
-2,730 |
nm |
|
Cost of financial debt |
-139 |
-144 |
-3% |
-416 |
-483 |
-14% |
|
Income from cash and cash equivalent |
9 |
-1 |
nm |
9 |
2 |
+350 % |
|
Net cost of financial debt |
-130 |
-145 |
-10% |
-407 |
-481 |
-15% |
|
Other financial income and expenses |
-335 |
-114 |
+194 % |
-621 |
-199 |
+212 % |
|
Income before tax |
535 |
-189 |
nm |
32 |
-3,410 |
nm |
|
Income taxes |
-71 |
-6 |
+1083 % |
208 |
256 |
-19% |
|
Net income of consolidated companies |
464 |
-195 |
nm |
240 |
-3,154 |
nm |
|
Share of profits (losses) of associates |
2 |
3 |
-33% |
– |
-13 |
nm |
|
Net income for the period |
466 |
-192 |
nm |
240 |
-3,167 |
nm |
|
Non-controlling interests |
6 |
1 |
+500 % |
8 |
-3 |
nm |
|
Net income for the period – Group part |
460 |
-193 |
nm |
232 |
-3,164 |
nm |
* Restated figures include the change in accounting principles
for pensions (interpretation of IAS19)
Consolidated Balance Sheet
|
Assets |
30 Sep
2022 |
31 Dec 2021 |
| €m |
|
Goodwill |
225 |
222 |
|
Intangible assets |
1,201 |
1,235 |
|
Flight equipment |
10,298 |
10,466 |
|
Other property, plant and equipment |
1,349 |
1,402 |
|
Right-of-use assets |
5,536 |
5,148 |
|
Investments in equity associates |
111 |
109 |
|
Other non-current financial assets |
1,126 |
951 |
|
Non-current derivatives financial assets |
525 |
143 |
|
Deferred tax assets |
527 |
278 |
|
Total non-current assets |
20,898 |
19,954 |
|
Assets held for sale |
78 |
74 |
|
Other current financial assets |
832 |
484 |
|
Current derivatives financial assets |
676 |
469 |
|
Inventories |
693 |
567 |
|
Trade receivables |
2,133 |
1,511 |
|
Other current assets |
989 |
966 |
|
Cash and cash equivalents |
8,264 |
6,658 |
|
Total current assets |
13,665 |
10,729 |
|
Total assets |
34,563 |
30,683 |
|
Liabilities and equity |
30 Sep
2022 |
31 Dec 2021 |
| In million
euros |
|
Issued capital |
2,571 |
643 |
|
Additional paid-in capital |
5,217 |
4,949 |
|
Treasury shares |
-25 |
-25 |
|
Perpetual bonds |
912 |
3,151 |
|
Reserves and retained earnings |
-11,988 |
-12,542 |
|
Equity attributable to equity holders of Air
France-KLM |
-3,313 |
-3,824 |
|
Non-controlling interests |
516 |
8 |
|
Total Equity |
-2,797 |
-3,816 |
|
Pension provisions |
1,381 |
1,939 |
|
Non-current return obligation liability and other provisions |
4,715 |
4,055 |
|
Non-current financial liabilities |
10,695 |
11,274 |
|
Non-current lease debt |
3,554 |
2,924 |
|
Non-current derivatives financial liabilities |
3 |
25 |
|
Deferred tax liabilities |
1 |
1 |
|
Other non-current liabilities |
2,426 |
2,555 |
|
Total non-current liabilities |
22,775 |
22,773 |
|
Current return obligation liability and other provisions |
677 |
885 |
|
Current financial liabilities |
1,074 |
1,215 |
|
Current lease debt |
878 |
825 |
|
Current derivatives financial liabilities |
128 |
46 |
|
Trade payables |
2,714 |
1,850 |
|
Deferred revenue on ticket sales |
4,132 |
2,644 |
|
Frequent flyer programs |
886 |
888 |
|
Other current liabilities |
4,093 |
3,369 |
|
Bank overdrafts |
3 |
4 |
|
Total current liabilities |
14,585 |
11,726 |
|
Total equity and liabilities |
34,563 |
30,683 |
Statement of Consolidated Cash Flows
from 1st January until
30 September
2022
| €m |
30 Sep
2022 |
30 Sep
2021* |
|
Net income |
240 |
-3,167 |
|
Amortization, depreciation and operating provisions |
1,770 |
1,722 |
|
Financial provisions |
105 |
89 |
|
Loss (gain) on disposals of tangible and intangible assets |
-45 |
18 |
|
Loss (gain) on disposals of subsidiaries and associates |
- |
-25 |
|
Derivatives – non monetary result |
-28 |
-33 |
|
Unrealized foreign exchange gains and losses, net |
523 |
172 |
|
Share of (profits) losses of associates |
- |
13 |
|
Deferred taxes |
-234 |
-262 |
|
Impairment |
19 |
37 |
|
Other non-monetary items |
-88 |
727 |
|
Financial Capacity |
2,262 |
-709 |
|
(Increase) / decrease in inventories |
-119 |
-47 |
|
(Increase) / decrease in trade receivables |
-431 |
-365 |
|
Increase / (decrease) in trade payables |
786 |
415 |
|
Increase / (decrease) in advanced ticket sales |
1,489 |
142 |
|
Change in other receivables and payables |
523 |
1,216 |
|
Change in working capital
requirement |
2,248 |
1,361 |
|
Net cash flow from operating activities |
4,510 |
652 |
|
Acquisition of subsidiaries, of shares in non-controlled
entities |
-1 |
-2 |
|
Purchase of property, plant and equipment and intangible
assets |
-2,082 |
-1,543 |
|
Proceeds on disposal of subsidiaries, of shares in non-controlled
entities |
- |
71 |
|
Proceeds on disposal of property, plant and equipment and
intangible assets |
678 |
689 |
|
Dividends received |
1 |
2 |
|
Decrease (increase) in net investments, more than 3 months |
-240 |
37 |
|
Net cash flow used in investing activities |
-1,644 |
-746 |
|
Increase of equity |
1,551 |
1,026 |
|
Capital increase paid by non controlling interests |
3 |
- |
|
Perpetual |
-983 |
- |
|
Coupons on perpetual |
-238 |
- |
|
Issuance of debt |
769 |
1,546 |
|
Repayment on debt |
-1,600 |
-1,323 |
|
Payments on lease debt |
-653 |
-654 |
|
New loans |
-177 |
-35 |
|
Repayment on loans |
16 |
93 |
|
Net cash flow from financing activities |
-1,312 |
653 |
|
Effect of exchange rate on cash and cash equivalents and bank
overdrafts (net of cash acquired or sold) |
53 |
9 |
|
Change in cash and cash equivalents and bank
overdrafts |
1,607 |
568 |
|
Cash and cash equivalents and bank overdrafts at beginning of
period |
6,654 |
6,422 |
|
Cash and cash equivalents and bank overdrafts at end of period |
8,261 |
6,990 |
* Restated figures include the change in accounting principles
for pensions (interpretation of IAS19)Return on capital
employed (ROCE)
| In million
euros |
30 Sep 2022 |
30 Jun 2022 |
31 Mar 2022 |
31 Dec 2021 |
30* Sep
2021 |
30* Jun
2021 |
31* Mar
2021 |
31* Dec
2020 |
|
Goodwill and intangible assets |
1,425 |
1,437 |
1,473 |
1,457 |
1,456 |
1,464 |
1,479 |
1,445 |
|
Flight equipment |
10,298 |
10,521 |
10,537 |
10,466 |
10,478 |
10,645 |
10,800 |
11,031 |
|
Other property, plant and equipment |
1,349 |
1,358 |
1,378 |
1,402 |
1,418 |
1,453 |
1,476 |
1,548 |
|
Right of use assets |
5,536 |
5,439 |
5,205 |
5,148 |
5,061 |
5,033 |
4,795 |
4,678 |
|
Investments in equity associates |
111 |
108 |
107 |
109 |
172 |
166 |
223 |
230 |
|
Financial assets excluding marketable securities and financial
deposits |
164 |
162 |
158 |
157 |
147 |
147 |
146 |
146 |
|
Provisions, excluding pension, cargo litigation and
restructuring |
-4,792 |
-4,473 |
-4,240 |
-4,180 |
-4,180 |
-4,033 |
-4,083 |
-3,923 |
|
WCR, excluding market value of derivatives |
-10,434 |
-11,156 |
-9,589 |
-8,262 |
-7,995 |
-7,745 |
-6,410 |
-6,505 |
|
Capital employed |
3,657 |
3,396 |
5,029 |
6,297 |
6,557 |
7,130 |
8,426 |
8,650 |
|
Average capital employed (A) |
4,595 |
7,691 |
|
Adjusted results from current operations |
1,238 |
-2,941 |
|
- Share of profits (losses) of associates |
-13 |
-19 |
|
- Normative income tax |
-317 |
846 |
|
Adjusted result from current operations after tax
(B) |
908 |
-2,114 |
|
ROCE, trailing 12 months (B/A) |
19.8% |
-27.5% |
* Restated figures include the change in accounting principles
for pensions (interpretation of IAS19)
Net debt
| |
Balance sheet at |
| €m |
30 Sep
2022 |
31 Dec 2021 |
|
Current and non-current financial liabilities |
11,769 |
12,489 |
|
Current and non-current lease debt |
4,432 |
3,749 |
|
Accrued interest |
-128 |
-128 |
|
Deposits related to financial liabilities |
-101 |
-99 |
|
Deposits related to lease debt |
-107 |
-85 |
|
Derivatives impact on debt |
-101 |
-14 |
|
Gross financial debt (A) |
15,764 |
15,912 |
|
Cash and cash equivalents |
8,264 |
6,658 |
|
Marketable securities |
204 |
189 |
|
Cash secured |
552 |
324 |
|
Triple A bonds |
782 |
529 |
|
Bank overdrafts |
-3 |
-4 |
|
Net cash (B) |
9,799 |
7,696 |
|
Net debt (A) – (B) |
5,965 |
8,216 |
Adjusted operating free cash
flow
| |
Third quarter |
Nine Months |
| €m |
2022 |
2021 |
2022 |
2021 |
|
Net cash flow from operating activities |
890 |
819 |
4,510 |
652 |
|
Investment in property, plant, equipment and intangible assets |
-591 |
-444 |
-2,082 |
-1,543 |
|
Proceeds on disposal of property, plant, equipment and intangible
assets |
202 |
124 |
678 |
689 |
|
Operating free cash flow |
501 |
499 |
3,106 |
-202 |
|
Payments on lease debt |
-211 |
-221 |
-653 |
-654 |
|
Adjusted operating free cash flow |
290 |
278 |
2,453 |
-856 |
Bridge from EBITDA to Financial capacity
|
|
Third quarter |
Nine Months |
| |
2022 |
2021* |
2022 |
2021* |
|
EBITDA |
1,677 |
794 |
2,829 |
(82) |
|
Provisions (CO2 and other) |
31 |
12 |
15 |
-16 |
|
Correction of spare parts inventory |
1 |
- |
4 |
4 |
|
Addition to pension provisions |
32 |
32 |
97 |
168 |
|
Reversal to pension provisions (cash-out) |
-18 |
-17 |
-50 |
-100 |
|
Sales of tangible and intangible assets (excluding
aeronauticals) |
-4 |
- |
27 |
31 |
|
Income from operation activities - cash
impact |
1,719 |
821 |
2,922 |
5 |
|
Restructuring costs |
-50 |
-93 |
-175 |
-218 |
|
Other non-current income and expenses |
-5 |
-3 |
-7 |
-66 |
|
Cost of financial debt |
-146 |
-137 |
-429 |
-440 |
|
Financial income |
5 |
-4 |
-3 |
-11 |
|
Realized foreign exchanges gain/loss |
-14 |
1 |
-11 |
49 |
|
Termination of trading hedges - cash |
- |
- |
- |
-8 |
|
Settlements of forwards derivates - cash |
- |
-1 |
- |
-3 |
|
Current income tax |
-22 |
-4 |
-26 |
-6 |
|
Other financial charges & expenses - cash |
-11 |
- |
-11 |
-8 |
|
Other elements |
1 |
-2 |
2 |
-3 |
|
Financial capacity |
1,477 |
578 |
2,262 |
-709 |
* Restated figures include the change in accounting principles
for pensions (interpretation of IAS19)
Unit cost: net cost per ASK
| |
Third quarter |
Nine Months |
| |
2022 |
2021* |
2022 |
2021* |
|
Revenues (in €m) |
8,112 |
4,567 |
19,264 |
9,477 |
|
Income/(loss) from current operations (in €m) -/- |
-1,024 |
-130 |
-1,060 |
1,804 |
|
Total operating expense (in €m) |
7,088 |
4,437 |
18,204 |
11,281 |
|
Passenger network business – other revenues (in €m) |
-103 |
-90 |
-311 |
-221 |
|
Cargo network business – other revenues (in €m) |
-109 |
-106 |
-340 |
-296 |
|
Third-party revenues in the maintenance business (in €m) |
-342 |
-247 |
-984 |
-760 |
|
Transavia - other revenues (in €m) |
33 |
3 |
45 |
3 |
|
Third-party revenues of other businesses (in €m) |
-8 |
-8 |
-21 |
-20 |
|
Net cost (in €m) |
6,559 |
3,990 |
16,593 |
9,987 |
|
Capacity produced, reported in ASK* |
79,937 |
61,925 |
210,129 |
136,179 |
|
Net cost per ASK (in € cents per ASK) |
8.21 |
6.44 |
7.90 |
7.33 |
|
Gross change |
|
27.3% |
|
7.7% |
|
Currency effect on net costs (in €m) |
|
-142 |
|
-260 |
|
Change at constant currency |
|
23.0% |
|
4.9% |
|
Fuel price effect (in €m) |
|
858 |
|
1,464 |
|
Net cost per ASK on a constant currency and fuel price
basis (in € cents per ASK) |
8.21 |
8.06 |
7.90 |
8.60 |
|
Change at constant currency and fuel price
basis |
|
+1.8% |
|
-8.2% |
* Restated figures include the change in accounting principles
for pensions (interpretation of IAS19)(1) The capacity produced by
the transportation activities is combined by adding the capacity of
the Passenger network (in ASK) to that of Transavia (in ASK).
Group results
Air France Group
| |
Third quarter |
Nine Months |
| |
2022 |
Change |
2022 |
Change |
|
Revenue (in €m) |
5,001 |
+78.1% |
11,744 |
+102.7% |
|
EBITDA (in €m) |
1,007 |
+629 |
1,429 |
+1,846 |
|
Operating result (in €m) |
570 |
+616 |
340 |
+1,795 |
|
Operating margin (%) |
11.4% |
+13.0 pt |
2.9% |
+28.0 pt |
|
Operating cash flow before WCR and restructuring cash out (in
€m) |
890 |
+580 |
1,144 |
+1,854 |
|
Operating cash flow (before WCR and restructuring) margin |
17.8% |
+6.8 pt |
9.7% |
+22.0 pt |
KLM Group
| |
Third quarter |
Nine Months |
| |
2022 |
Change |
2022 |
Change |
|
Revenue (in €m) |
3,236 |
+71.2% |
7,921 |
+96.7% |
|
EBITDA (in €m) |
688 |
+280 |
1,417 |
+1,087 |
|
Operating result (in €m) |
443 |
+274 |
708 |
+1,062 |
|
Operating margin (%) |
13.7% |
+4.8 pt |
8.9% |
+17.7 pt |
|
Operating cash flow before WCR and restructuring cash out (in
€m) |
654 |
+288 |
1,321 |
+1,125 |
|
Operating cash flow (before WCR and restructuring) margin |
20.2% |
+0.9 pt |
16.7% |
+11.8 pt |
NB: Sum of individual airline results does not add up to Air
France-KLM total due to intercompany eliminations at Group
level
Group fleet at
30 September
2022
|
Aircraft type |
AF(incl. HOP) |
KL (incl. KLC & MP) |
Transavia |
Owned |
Finance lease |
Operating lease |
Total |
In operation |
Change /
31/12/21 |
|
B777-300 |
43 |
16 |
|
17 |
18 |
24 |
59 |
59 |
|
|
B777-200 |
18 |
15 |
|
26 |
|
7 |
33 |
33 |
-3 |
|
B787-9 |
10 |
13 |
|
4 |
7 |
12 |
23 |
23 |
|
|
B787-10 |
|
6 |
|
2 |
4 |
|
6 |
6 |
1 |
|
A380-800 |
6 |
|
|
3 |
1 |
2 |
6 |
|
|
|
A350-900 |
19 |
|
|
3 |
7 |
9 |
19 |
19 |
7 |
|
A330-300 |
|
5 |
|
|
|
5 |
5 |
5 |
1 |
|
A330-200 |
15 |
6 |
|
11 |
|
10 |
21 |
21 |
|
|
Total Long-Haul |
111 |
61 |
0 |
66 |
37 |
69 |
172 |
166 |
6 |
|
B737-900 |
|
5 |
|
5 |
|
|
5 |
5 |
|
|
B737-800 |
|
31 |
96 |
34 |
8 |
85 |
127 |
127 |
11 |
|
B737-700 |
|
10 |
4 |
7 |
|
7 |
14 |
14 |
|
|
A321 |
19 |
|
|
11 |
|
8 |
19 |
18 |
|
|
A320 |
39 |
|
|
3 |
4 |
32 |
39 |
39 |
-3 |
|
A319 |
24 |
|
|
12 |
|
12 |
24 |
22 |
-6 |
|
A318 |
11 |
|
|
6 |
|
5 |
11 |
11 |
-1 |
|
A220-300 |
12 |
|
|
8 |
|
4 |
12 |
12 |
6 |
|
Total Medium-Haul |
105 |
46 |
100 |
86 |
12 |
153 |
251 |
248 |
6 |
|
Canadair Jet 1000 |
7 |
|
|
7 |
|
|
7 |
4 |
-7 |
|
Canadair Jet 700 |
|
|
|
|
|
|
|
|
|
|
Embraer 195 E2 |
|
13 |
|
|
|
13 |
13 |
13 |
6 |
|
Embraer 190 |
19 |
30 |
|
17 |
4 |
28 |
49 |
49 |
2 |
|
Embraer 175 |
|
17 |
|
3 |
14 |
|
17 |
17 |
|
|
Embraer 170 |
13 |
|
|
10 |
|
3 |
13 |
13 |
-2 |
|
Embraer 145 |
2 |
|
|
2 |
|
|
2 |
|
|
|
Total Regional |
41 |
60 |
0 |
39 |
18 |
44 |
101 |
96 |
-1 |
|
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 |
259 |
171 |
100 |
195 |
67 |
268 |
530 |
516 |
11 |
THIRD QUARTER
2022
TRAFFIC
Passenger network activity*
|
|
|
Q3 |
|
|
Year to date |
|
Total Passenger network* |
2022 |
2021 |
Variation |
|
2022 |
2021 |
Variation |
|
Passengers carried (‘000s) |
18,980 |
12,695 |
49.5% |
|
48,478 |
23,016 |
110.6% |
|
Revenue pax-kilometers (m RPK) |
59,948 |
34,019 |
76.2% |
|
151,294 |
63,381 |
138.7% |
|
Available seat-kilometers (m ASK) |
67,908 |
52,531 |
29.3% |
|
182,176 |
122,534 |
48.7% |
|
Load factor (%) |
88.3% |
64.8% |
23.5 |
|
83.0% |
51.7% |
31.3 |
|
|
|
|
|
|
|
|
|
|
Long-haul |
|
|
|
|
|
|
|
|
Passengers carried (‘000s) |
6,631 |
3,553 |
86.6% |
|
16,785 |
6,891 |
143.6% |
|
Revenue pax-kilometers (m RPK) |
48,324 |
25,123 |
92.3% |
|
122,719 |
48,287 |
154.1% |
|
Available seat-kilometers (m ASK) |
54,156 |
40,515 |
33.7% |
|
146,681 |
100,466 |
46.0% |
|
Load factor (%) |
89.2% |
62.0% |
27.2 |
|
83.7% |
48.1% |
35.6 |
|
|
|
|
|
|
|
|
|
|
North America |
|
|
|
|
|
|
|
|
Passengers carried (‘000s) |
2,705 |
1,154 |
134.4% |
|
6,235 |
1,852 |
236.8% |
|
Revenue pax-kilometers (m RPK) |
19,197 |
8,291 |
131.6% |
|
44,584 |
13,433 |
231.9% |
|
Available seat-kilometers (m ASK) |
21,217 |
13,101 |
61.9% |
|
53,508 |
29,169 |
83.4% |
|
Load factor (%) |
90.5% |
63.3% |
27.2 |
|
83.3% |
46.1% |
37.3 |
|
|
|
|
|
|
|
|
|
|
Latin America |
|
|
|
|
|
|
|
|
Passengers carried (‘000s) |
801 |
365 |
119.1% |
|
2,243 |
731 |
206.7% |
|
Revenue pax-kilometers (m RPK) |
7,600 |
3,521 |
115.9% |
|
21,326 |
7,034 |
203.2% |
|
Available seat-kilometers (m ASK) |
8,265 |
6,164 |
34.1% |
|
24,066 |
16,621 |
44.8% |
|
Load factor (%) |
92.0% |
57.1% |
34.8 |
|
88.6% |
42.3% |
46.3 |
|
|
|
|
|
|
|
|
|
|
Asia / Middle East |
|
|
|
|
|
|
|
|
Passengers carried (‘000s) |
981 |
499 |
96.7% |
|
2,474 |
1,100 |
124.9% |
|
Revenue pax-kilometers (m RPK) |
7,052 |
3,312 |
113.0% |
|
17,560 |
7,350 |
138.9% |
|
Available seat-kilometers (m ASK) |
8,243 |
7,478 |
10.2% |
|
22,853 |
21,826 |
4.7% |
|
Load factor (%) |
85.5% |
44.3% |
41.3 |
|
76.8% |
33.7% |
43.2 |
|
|
|
|
|
|
|
|
|
|
Africa |
|
|
|
|
|
|
|
|
Passengers carried (‘000s) |
1,078 |
779 |
38.5% |
|
2,830 |
1,733 |
63.3% |
|
Revenue pax-kilometers (m RPK) |
6,453 |
4,337 |
48.8% |
|
16,813 |
9,551 |
76.0% |
|
Available seat-kilometers (m ASK) |
7,389 |
6,259 |
18.1% |
|
20,525 |
16,346 |
25.6% |
|
Load factor (%) |
87.3% |
69.3% |
18.0 |
|
81.9% |
58.4% |
23.5 |
|
|
|
|
|
|
|
|
|
|
Caribbean / Indian Ocean |
|
|
|
|
|
|
|
|
Passengers carried (‘000s) |
1,067 |
757 |
41.0% |
|
3,006 |
1,475 |
103.7% |
|
Revenue pax-kilometers (m RPK) |
8,022 |
5,663 |
41.6% |
|
22,437 |
10,918 |
105.5% |
|
Available seat-kilometers (m ASK) |
9,042 |
7,512 |
20.4% |
|
25,729 |
16,503 |
55.9% |
|
Load factor (%) |
88.7% |
75.4% |
13.3 |
|
87.2% |
66.2% |
21.0 |
|
|
|
|
|
|
|
|
|
|
Short and Medium-haul |
|
|
|
|
|
|
|
|
Passengers carried (‘000s) |
12,348 |
9,141 |
35.1% |
|
31,690 |
16,124 |
96.5% |
|
Revenue pax-kilometers (m RPK) |
11,624 |
8,896 |
30.7% |
|
28,574 |
15,095 |
89.3% |
|
Available seat-kilometers (m ASK) |
13,753 |
12,016 |
14.5% |
|
35,496 |
22,068 |
60.8% |
|
Load factor (%) |
84.5% |
74.0% |
10.5 |
|
80.5% |
68.4% |
12.1 |
* Air France and KLM
Transavia
activity
|
|
|
Q3 |
|
|
Year to date |
|
Transavia |
2022 |
2021 |
Variation |
|
2022 |
2021 |
Variation |
|
Passengers carried (‘000s) |
6,022 |
4,246 |
41.8% |
|
13,850 |
5,772 |
139.9% |
|
Revenue pax-kilometers (m RPK) |
10,697 |
7,359 |
45.4% |
|
23,851 |
9,881 |
141.4% |
|
Available seat-kilometers (m ASK) |
12,029 |
9,393 |
28.1% |
|
27,953 |
13,645 |
104.9% |
|
Load factor (%) |
88.9% |
78.3% |
10.6 |
|
85.3% |
72.4% |
12.9 |
Total group passenger
activity**
|
|
|
Q3 |
|
|
Year to date |
|
Total group** |
2022 |
2021 |
Variation |
|
2022 |
2021 |
Variation |
|
Passengers carried (‘000s) |
25,002 |
16,940 |
47.6% |
|
62,328 |
28,788 |
116.5% |
|
Revenue pax-kilometers (m RPK) |
70,645 |
41,378 |
70.7% |
|
175,145 |
73,262 |
139.1% |
|
Available seat-kilometers (m ASK) |
79,937 |
61,924 |
29.1% |
|
210,129 |
136,178 |
54.3% |
|
Load factor (%) |
88.4% |
66.8% |
21.6 |
|
83.4% |
53.8% |
29.6 |
** Air France, KLM and Transavia
Cargo activity
|
|
|
Q3 |
|
|
Year to date |
|
Total Group |
2022 |
2021 |
Variation |
|
2022 |
2021 |
Variation |
|
Revenue tonne-km (m RTK) |
1,635 |
1,895 |
(13.7%) |
|
5,132 |
6,055 |
(15.2%) |
|
Available tonne-km (m ATK) |
3,538 |
3,051 |
15.9% |
|
9,853 |
8,362 |
17.8% |
|
Load factor (%) |
46.2% |
62.1% |
(15.9) |
|
52.1% |
72.4% |
(20.3) |
Air France activity
|
|
|
Q3 |
|
|
Year to date |
|
Total Passenger network activity |
2022 |
2021 |
Variation |
|
2022 |
2021 |
Variation |
|
Passengers carried (‘000s) |
11,528 |
7,520 |
53.3% |
|
28,977 |
14,172 |
104.5% |
|
Revenue pax-kilometers (m RPK) |
36,159 |
20,304 |
78.1% |
|
90,241 |
38,027 |
137.3% |
|
Available seat-kilometers (m ASK) |
40,992 |
29,189 |
40.4% |
|
108,483 |
63,241 |
71.5% |
|
Load factor (%) |
88.2% |
69.6% |
18.6 |
|
83.2% |
60.1% |
23.1 |
|
Long-haul |
|
|
|
|
|
|
|
|
Passengers carried (‘000s) |
4,123 |
2,261 |
82.4% |
|
10,454 |
4,402 |
137.5% |
|
Revenue pax-kilometers (m RPK) |
29,056 |
15,255 |
90.5% |
|
73,573 |
29,265 |
151.4% |
|
Available seat-kilometers (m ASK) |
32,657 |
22,390 |
45.9% |
|
87,849 |
50,642 |
73.5% |
|
Load factor (%) |
89.0% |
68.1% |
20.8 |
|
83.8% |
57.8% |
26.0 |
|
Short and Medium-haul |
|
|
|
|
|
|
|
|
Passengers carried (‘000s) |
7,405 |
5,260 |
40.8% |
|
18,521 |
9,770 |
89.6% |
|
Revenue pax-kilometers (m RPK) |
7,103 |
5,050 |
40.7% |
|
16,667 |
8,763 |
90.2% |
|
Available seat-kilometers (m ASK) |
8,335 |
6,799 |
22.6% |
|
20,635 |
12,599 |
63.8% |
|
Load factor (%) |
85.2% |
74.3% |
10.9 |
|
80.8% |
69.6% |
11.2 |
|
|
|
Q3 |
|
|
Year to date |
|
Cargo activity |
2022 |
2021 |
Variation |
|
2022 |
2021 |
Variation |
|
Revenue tonne-km (m RTK) |
834 |
837 |
(0.3%) |
|
2,631 |
2,648 |
(0.7%) |
|
Available tonne-km (m ATK) |
2,025 |
1,592 |
27.2% |
|
5,544 |
4,194 |
32.2% |
|
Load factor (%) |
41.2% |
52.6% |
(11.4) |
|
47.5% |
63.2% |
(15.7) |
KLM activity
|
|
|
Q3 |
|
|
Year to date |
|
Total Passenger network activity |
2022 |
2021 |
Variation |
|
2022 |
2021 |
Variation |
|
Passengers carried (‘000s) |
7,452 |
5,174 |
44.0% |
|
19,501 |
8,843 |
120.5% |
|
Revenue pax-kilometers (m RPK) |
23,789 |
13,715 |
73.5% |
|
61,053 |
25,354 |
140.8% |
|
Available seat-kilometers (m ASK) |
26,915 |
23,343 |
15.3% |
|
73,692 |
59,294 |
24.3% |
|
Load factor (%) |
88.4% |
58.8% |
29.6 |
|
82.8% |
42.8% |
40.1 |
|
Long-haul |
|
|
|
|
|
|
|
|
Passengers carried (‘000s) |
2,508 |
1,293 |
94.0% |
|
6,331 |
2,489 |
154.4% |
|
Revenue pax-kilometers (m RPK) |
19,268 |
9,870 |
95.2% |
|
49,146 |
19,023 |
158.4% |
|
Available seat-kilometers (m ASK) |
21,498 |
18,125 |
18.6% |
|
58,831 |
49,825 |
18.1% |
|
Load factor (%) |
89.6% |
54.5% |
35.2 |
|
83.5% |
38.2% |
45.4 |
|
Short and Medium-haul |
|
|
|
|
|
|
|
|
Passengers carried (‘000s) |
4,944 |
3,881 |
27.4% |
|
13,169 |
6,354 |
107.3% |
|
Revenue pax-kilometers (m RPK) |
4,522 |
3,846 |
17.6% |
|
11,907 |
6,332 |
88.0% |
|
Available seat-kilometers (m ASK) |
5,418 |
5,218 |
3.8% |
|
14,861 |
9,469 |
56.9% |
|
Load factor (%) |
83.5% |
73.7% |
9.7 |
|
80.1% |
66.9% |
13.3 |
|
|
|
Q3 |
|
|
Year to date |
|
Cargo activity |
2022 |
2021 |
Variation |
|
2022 |
2021 |
Variation |
|
Revenue tonne-km (m RTK) |
801 |
1,058 |
(24.3%) |
|
2,502 |
3,407 |
(26.6%) |
|
Available tonne-km (m ATK) |
1,512 |
1,459 |
3.7% |
|
4,309 |
4,169 |
3.4% |
|
Load factor (%) |
53.0% |
72.5% |
(19.5) |
|
58.1% |
81.7% |
(23.7) |
1 based on fuel forward curve at 21 October 2022 and under
currently foreseen circumstances2 Change versus 31 Dec 2021
- AFKL Q3_2022 Press release EN
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