Q1 2023 Financial results

May 5, 2023

FIRST QUARTER 2023

 STRONG REVENUE GROWTH AND IMPROVEMENT OF OPERATING RESULT  POSITIVE ADJUSTED OPERATING FREE CASH FLOW AT €0.7 BILLION DRIVEN BY STRONG SUMMER TICKET SALES 
  • Strong demand with 19.7m passengers onboard, up 35% versus 2022
  • Group revenues at €6.3bn, an improvement of €1.9bn (+42%) compared to last year thanks to continuous strong market demand
  • Group unit cost1 per ASK stable at +0.7% versus 2022
  • Operating result at -0.3bn with operating margin at -4.8%, above 2022 level (-7.9%)
  • Positive Adjusted operating free cash flow at 0.7bn and solid cash at hand at €9.7bn
  • Net debt down by 0.9bn euros, compared to end of 2022
  • Continued deleveraging: Net debt/EBITDA ratio at 1.5x versus 1.8x end of 2022

Commenting on the results, Mr. Benjamin Smith, Group CEO, said:” In the first quarter, Air France-KLM further capitalized on the recovery momentum in the airline industry. I’d like to thank all my colleagues who have worked tirelessly throughout the quater to ensure we continue on our path to sustained profitability. The Group continued to show strong revenue growth as well as robust cash flow generation thanks to the very encouraging summer ticket sales. This is paving the way for a busy holiday season across our global network, which all of our teams are actively gearing upfor. I am also pleased that we have now fully repaid all State aid, which releases us from the associated restrictions and gives us back our full strategic autonomy. We now stand on our own feet. Looking ahead, we remain focused on further strengthening our balance sheet and delivering the transformation efforts that will enable us to continue to improve our competitiveness while accelerating our decarbonization efforts.“

Operating result improved by revenue growth

  First Quarter
  2023 Change Change constant currency
Revenues (€m) 6,329 +42.4% +40.6%
EBITDA (€m) 286 65 83
Operating result (€m) -306 44 64
Operating margin (%) -4.8% +3.0 pt +3.4 pt
Net income – Group part (€m) -344 +208  
Adj. operating free cash flow (€m) 683 53  
Net debt at end of period (€m)2 5,478 -859  

In Q1 2023, revenues were up 40.6% against a constant currency compared to Q1 2022, mainly driven by a higher capacity and a higher passenger load factor. Operating result improved compared to last year by €44 million. The operating margin improved against a constant currency by 3.4 points to -4.8%. Last year, the operating result benefitted from a €210 million furlough contribution. Corrected for this furlough contribution, the improvement of the operating result amounted to €254 million. The adjusted operating free cash flow amounted to €683 million, an improvement of €53 million compared to last year, driven by strong summer ticket sales. The net debt ended at €5.5 billion, down €0.9 billion compared to year end 2022.

  First Quarter
  2023 Change Change constant currency
Passengers (thousands) 19,651 +35.3%  
Capacity (ASK m) 69,583 +19.8%  
Traffic (RPK m) 59,921 +38.9%  
Passenger load factor 86.1% +11.8 pt  
Passenger unit revenue per ASK (€ cts) 7.38 +36.9% +35.3%
Group unit revenue per ASK (€ cts) 8.20 +21.4% +20.1%
Group unit cost per ASK (€ cts) at constant fuel 8.65 +17.4% +5.2%

In the first quarter 2023, Air France-KLM welcomed 19.7 million passengers which is 35.3% above the previous year. As capacity increased by 19.8% and traffic grew by 38.9%, the load factor increased by 11.8 points compared to last year. Group passenger unit revenue per ASK increased by 35.3% against a constant currency compared to last year. This increase was driven by both load factor and yield.

Group unit cost per ASK at constant fuel and constant currency is up 5.2% versus last year due to €210 million euro furlough contribution last year and inflationnary pressure on costs in 2023. The inflation started last year after the outbreak of the Ukraine war and is seen in several cost categories such as staff costs, handling costs and general expenses. Corrected for last year’s furlough contribution, the Group unit cost per ASK against a constant currency and constant fuel price increased slightly by 0.7%.

Air France-KLM is now relieved from Covid-19 State aid support and related restrictions

  • In January 2023, Air France-KLM issued Sustainability-linked Bonds for a total aggregate amount of €1.0 billion.
  • In March 2023, the Group fully redeemed the outstanding €2.5 billion bank loan guaranteed by the French State (PGE) by using the proceeds of the Sustainability-linked Bonds and €1.5 billion liquidity.
  • Also in March 2023, Air France-KLM repaid and refinanced €300 million of the €600 million outstanding perpetual hybrid bonds held by the French State.
  • In April 2023, Air France-KLM and Air France combined and KLM implemented two new Sustainability Linked Revolving Credit Facilities (RCF) for a total amount of €2.2 billion.
  • This new RCF for KLM replaced both the remaining direct loan granted to KLM by the Dutch State and the credit facility guaranteed by the Dutch State, both of which were cancelled by KLM. Pursuant to this cancellation, conditions attached to this aid no longer apply.
    • On April 19th, 2023, Air France-KLM has fully repaid, the €300 million remaining French State hybrid perpetual bonds and paid the required compensation of the French State for the shares subscribed in April 2021 without change required of the capital ownership. The Group has therefore refinanced €407 million with a new issuance of hybrid perpetual bonds with the French State, without any restrictions attached, resulting in a full exit of the French Recapitalization State Aid under the EU Covid-19 Temporary Framework.

As announced during the Full Year 2022 results presentation, Air France-KLM intends to restore its balance sheet, aside from net profit generation, by means of non dilutive initiatives such as quasi-equity financing instruments (similarly to the one raised by Air France on a pool of spare engines in July 2022), and/or straight hybrid bonds.Air France-KLM announced yesterday that it was entering into exclusive discussions with Apollo Global Management for a €500 million quasi equity financing into an affiliate owning Engineering and Maintenance (MRO) assets. This transaction would mark a further step towards the reinforcement of the Group’s equity. Meanwhile, the Group received several non-binding offers on quasi equity financing supported by the Loyalty Program. Discussions are still ongoing with potential investors. 

2023 OUTLOOK

CapacityThe Group expects the capacity in Available Seat Kilometers for Air France-KLM Group including Transavia at an index of:

  • 90%-95% for the second quarter of 2023
  • circa 95% for the third quarter of 2023
  • above 95% for the fourth quarter of 2023
  • circa 95% for the full year 2023

Transavia will contribute to this growth and expects to be at circa 135% for the Full Year 2023.All indices compared to the respective period of 2019.

Unit costThe Group expects for full year 2023 a stable unit cost, against a constant fuel price, constant currency and excluding furlough contribution, compared to FY 2022.

Capital expenditures (Capex)Full year 2023 Net Capex spending is estimated at 3.0 billion euros.

BUSINESS REVIEW

Network: Significant improvement in revenues and operating result

Network  First Quarter
2023 Change Change constant currency
Total revenues (€m) 5,575 +43.2% +41.9%
Scheduled revenues (€m) 5,329 +45.0% +43.4%
Operating result (€m) -149 +160 +178

Compared to the first quarter 2022, total revenues increased by 41.9% at constant currency to €5,575 million. The operating result improved by €160 million and amounted to -€149 million. The increase in revenues was driven by the network passenger business while the Cargo revenues declined compared to an exceptionally strong first quarter last year.

Strong yields and load factors on our diversified network

  First Quarter  
Passenger network 2023 Change Change constant currency
Passengers (thousands) 15,787 +32.2%  
Capacity (ASK m) 61,975 +17.9%  
Traffic (RPK m) 52,966 +36.3%  
Load factor 85.5% +11.5 pt  
Total passenger revenues (€m) 4,903 +64.3% +62.5%
Scheduled passenger revenues (€m) 4,752 +65.1% +63.0%
Unit revenue per ASK (€ cts) 7.67 +40.0% +38.3%

First quarter 2023 capacity in Available Seat Kilometers (ASK) was 17.9% higher than last year and at 89% of 2019 first quarter level, which is at the same level as the Group’s outlook provided during the Full Year 2022 results presentation, circa 90% versus 2019.

Unit revenue per ASK increased by 38.3% at a constant currency thanks to strong demand which resulted in an increase in load factor of 11.5 points and a yield increase of 21% compared to last year.

During the first quarter we observed the following trends per area compared to the first quarter last year:

  • North Atlantic: Demand recovery continued to be driven by point of origin North America with a positive impact on yield. Corporate traffic recovery maintained at index ~75/80 vs pre-Covid levels and premium cabins load factor performing well.
  • Latin America: Strong performance with on average a further 33% increase compared to Q1 2022. Load factor stood at 90% supporting the high unit revenue levels.
  • Asia & Middle East: The performance benefited from additional capacity with the reopening of China (Beijing & Hong Kong). Good performance with strong yields mainly for Greater China, Japan and Korea driven by the premium cabins. Compared to last year, the yield increase is more limited than in the other areas due to exceptional high yields in Asia last year as a result of very limited capacity.
  • Caribbean & Indian Ocean: Capacity has been reduced compared to last year which was already above pre-Covid level. Yield environment was positive given the year over year increase of 27%.
  • Africa: Strong performance in line with the previous quarter, driven by West and Central Africa for Air France and by East & South Africa for KLM. Yields were maintained at good levels, mainly thanks to the performance in premium cabins by West and Central Africa.
  • Short and Medium-haul: Better yield trends and higher load factor partly offset for KLM and fully for Air France the revenue loss linked to capacity decrease.

Compared to the end of 2022 the Group added one B787-10, five B737-800, five A220-300 and one Embraer 195-E2. The following aircraft left the fleet, two B737-700, one A321, two A319 and one CRJ-1000, as a result the fleet increased by six aircraft.

In 2023 and beyond the Group will continue to invest in new generation aircraft in order to improve its economic and environmental performance. During the second half of 2023, the first Airbus A320neo/A321neo will be delivered.

Cargo: Revenues and unit revenues down compared to an exceptionally strong first quarter last year

  First Quarter
Cargo business 2023 Change Change constant currency
Tons (thousands) 209 -11.6%  
Capacity (ATK m) 3,291 +10.7%  
Traffic (RTK m) 1,557 -11.8%  
Load factor 47.3% -12.0 pt  
Total Cargo revenues (€m) 672 -26.1% -26.4%
Scheduled cargo revenues (€m) 576 -27.7% -27.9%
Unit revenue per ATK (€ cts ) 17.51 -34.6% -34.9%

Due to the resumption of passenger travel, belly capacity improved and resulted in an increase in Available Ton Kilometers of 10.7% versus the first quarter of 2022. After the first quarter last year the demand for air cargo decreased due to slower growth of global trade and the partial rebound of sea freight. The first quarter last year still showed an exceptionally strong demand and therefore traffic decreased year over year by 11.8%. The yield declined as well resulting in a decrease in unit revenue per Available Ton Kilometer of almost 35% against a constant currency. Total revenues dropped by 26.4% against a constant currency versus the same quarter last year.

At the beginning of April, Air France-KLM and CMA CGM announced the effective launch of the long-term strategic air cargo partnership they made public in May 2022. This partnership will have an initial duration of 10 years and will see Air France-KLM Martinair Cargo and CMA CGM Air Cargo combine their complementary cargo networks, full freighter capacity and dedicated services to build an even more compelling offering thanks to their unrivalled knowhow and global footprint.

Transavia: Significant increase in capacity and traffic

  First Quarter
Transavia 2023 Change 
Passengers (thousands) 3,864 +49.7%
Capacity (ASK m) 7,607 +38.5%
Traffic (RPK m) 6,955 +63.0%
Load factor 91.4% +13.7 pt
Total passenger revenues (€m) 378 +52.0%
Unit revenue per ASK (€ cts) 5.01 +9.7%
Unit cost per ASK (€ cts) 7.26 +16.4%
Operating result (€m) -172 -80

Compared to the first quarter 2022, the demand in leisure traffic in Europe and North Africa continued to grow. The capacity increased by 38.5%, traffic increased by 63%, and the number of passengers increased by 49.7% resulting in a load factor 13.7 points above 2022. As the flown capacity in the first quarter last year was rather limited due to the impact of Omicron virus, the routes that were operated showed outstanding yields. Therefore the yield decreased year over year, although the unit revenue per ASK increased thanks to the higher load factor.

The operating result stood at -€172 million and decreased by €80 million compared to the same quarter last year. This decrease was caused by higher costs, mainly related to a higher fuel price, an increase in handling costs and partly due to the furlough contribution last year. The operating result was also impacted by Air Traffic Control strikes in France and grounded aircraft in the Netherlands.

The fleet of Transavia reached 104 aircraft by the end of the quarter.

Maintenance business: Operating result slightly positive

  First Quarter
Maintenance 2023 Change Change constant currency
Total revenues (€m) 926 +11.4%  
Third-party revenues (€m) 370 +24.4% +16.9%
Operating result (€m) 15 -28 -32
Operating margin (%) 1.7% -3.6 pt -3.9 pt

The Maintenance operating result stood at €15 million, a decrease of €32 million against a constant currency caused by increase in costs. The main cost categories increased relatively more than the revenue increase. Revenue growth was hampered by supply chain disruption, in particular on the GE90 engine. Staff costs increased mainly due to the furlough contribution last year.

Total revenues increased by 11.4% compared with the same quarter last year while third party revenues increased by 24.4% and 16.9% at constant currency, showing a strong recovery.

The operating margin stood at 1.7%, which is 3.9 point at constant currency lower than the operating margin in the first quarter 2022.

Adjusted operating free cash flow at €0.7 billion leading to a Net debt/EBITDA ratio at 1.5x

The Group generated an adjusted operating free cash flow in the first quarter of €0.7 billion driven by strong summer sales, which is €53 million higher than last year.

In € million 31 Mar 2023 31 Dec 2022
Net debt 5,478 6,337
EBITDA trailing 12 months 3,680 3,615
Net debt/EBITDA 1.5 x 1.8 x

Acceleration in revenue generation for both airlines

Air France Group

  First Quarter
  2023 Change
Revenue (in €m) 3,924 +46.3%
EBITDA (in €m) 214 +236
Operating result (in €m) -181 +182
Operating margin (%) -4.6% +8.9 pt

KLM Group

  First Quarter
  2023 Change
Revenue (in €m) 2,522 +32.5%
EBITDA (in €m) 70 -164
Operating result (in €m) -128 -131
Operating margin (%) -5.1% -5.2 pt

NB: Sum of individual airline results does not add up to Air France-KLM total due to intercompany eliminations at Group level

******

The results presentation is available at www.airfranceklm.com on May 5, 2023 from 7:00 am CET.

A conference call hosted by Mr. Smith (CEO) and Mr. Zaat (CFO) will be held on May 5, 2023, at 08.15 am CET.

To connect to the conference call, please dial:          

  • France: Local +33 (0)1 70 72 25 50
  • Netherlands: Local +31 (0) 20 703 8211
  • UK: Local +44 (0)330 165 3655
  • US: Local +1 323-994-2093

Confirmation code: 9880361

Investor Relations   Press
Michiel Klinkers Marouane Mami +33 1 41 56 56 00
Michiel.klinkers@airfranceklm.com mamami@airfranceklm.com  

Income Statement

  First Quarter
In million euros 2023 2022* Change
Revenues from ordinary activities 6,329 4,445 42%
Aircraft fuel -1,780 -996 79%
Carbon emission -32 -11 191%
Chartering costs -90 -101 -11%
Landing fees and air route charges -413 -348 19%
Catering -186 -142 31%
Handling charges and other operating costs -426 -320 33%
Aircraft maintenance costs -648 -515 26%
Commercial and distribution costs -257 -154 67%
Other external expenses -457 -333 37%
Salaries and related costs -2,009 -1,522 32%
Taxes other than income taxes -55 -47 17%
Other income and expenses 310 265 17%
EBITDA 286 221 29%
Amortization, depreciation and provisions -592 -571 4%
Income from current operations -306 -350 -13%
Sales of aircraft equipment 5 0 nm
Other non-current income and expenses -3 -6 -50%
Income from operating activities -304 -356 -15%
Cost of financial debt -158 -141 12%
Income from cash and cash equivalent 49 -2 nm
Net cost of financial debt -109 -143 -24%
Other financial income and expenses 35 -47 nm
Income before tax -378 -546 -31%
Income taxes 41 -4 nm
Net income of consolidated companies -337 -550 -39%
Share of profits (losses) of associates 0 -2 nm
Net income for the period -337 -552 -39%
Non-controlling interests 7 0 nm
Net income for the period – Group part -344 -552 -38%

* Restated figures as the expense corresponding to the obligation to surrender quotas of the period have been integrated in “Carbon emission” coming from “Other income and expense”

Consolidated Balance Sheet

Assets 31 Mar 2023  31 Dec 2022* 
In million euros
Goodwill 225 225
Intangible assets 1,126 1,127
Flight equipment 10,954 10,614
Other property, plant and equipment 1,372 1,375
Right-of-use assets 5,304 5,428
Investments in equity associates 122 120
Pension assets 41 39
Other non-current financial assets 1,202 1,184
Non-current derivatives financial assets 184 262
Deferred tax assets 777 714
Total non-current assets 21,307 21,088
Other current financial assets 572 620
Current derivatives financial assets 238 327
Inventories 750 723
Trade receivables 2,112 1,785
Other current assets 1,158 1,057
Cash and cash equivalents 5,823 6,626
Assets held for sale 81 79
Total current assets 10,734 11,217
Total assets 32,041 32,305
Liabilities and equity 31 Mar 2023 31 Dec 2022*
Issued capital 2,571 2,571
Additional paid-in capital 5,217 5,217
Treasury shares -25 -25
Perpetual 945 933
Reserves and retained earnings -12,136 -11,700
Equity attributable to equity holders of Air France-KLM -3,428 -3,004
Non-controlling interests 531 524
Total Equity -2,897 -2,480
Pension provisions 1,653 1,634
Non-current return obligation liabilities and provisions for leased aircraft and other provisions 4,103 4,149
Non-current financial liabilities 8,179 9,657
Non-current lease debt 3,226 3,318
Non-current derivatives financial liabilities 38 21
Deferred tax liabilities 1 1
Other non-current liabilities 1,834 2,343
Total non-current liabilities 19,034 21,123
Current return obligation liabilities and provisions for leased aircraft and other provisions 663 740
Current financial liabilities 758 896
Current lease debt 817 834
Current derivatives financial liabilities 161 83
Trade payables 2,581 2,424
Deferred revenue on ticket sales 5,221 3,725
Frequent flyer programs 882 900
Other current liabilities 4,815 4,057
Bank overdrafts 6 3
Total current liabilities 15,904 13,662
Total equity and liabilities 32,041 32,305

* Free CO2 quotas allocated by the State and the ones purchased on the market recognized as “intangible assets” are now disclosed in the line “other assets”Statement of Consolidated Cash Flows from 1 January until 31 March

In million euros 31 Mar 2023 31 Mar 2022*
Net income -337 -552
Amortization, depreciation and operating provisions 592 571
Financial provisions 51 35
Loss (gain) on disposals of tangible and intangible assets -4 0
Derivatives – non monetary result 0 -5
Unrealized foreign exchange gains and losses, net -48 31
Share of (profits) losses of associates 0 2
Deferred taxes -39 1
Impairment 1 5
Other non-monetary items -136 -43
Financial Capacity 80 45
(Increase) / decrease in inventories -28 -48
(Increase) / decrease in trade receivables -319 -411
Increase / (decrease) in trade payables 141 492
Increase / (decrease) in advanced ticket sales 1,477 1,245
Change in other assets and liabilities 199 26
Change in working capital requirement 1,470 1,304
Net cash flow from operating activities 1,550 1,349
Acquisition of subsidiaries, of shares in non-controlled entities -2 0
Purchase of property, plant and equipment and intangible assets -779 -672
Proceeds on disposal of property, plant and equipment and intangible assets 131 171
Decrease (increase) in net investments, more than 3 months 56 5
Net cash flow used in investing activities -594 -496
Perpetual 20 0
Coupons on perpetual -25 0
Issuance of debt 1,323 291
Repayment on debt -2,790 -304
Payments on lease debt -219 -218
New loans -43 -87
Repayment on loans 3 22
Net cash flow from financing activities -1,731 -296
Effect of exchange rate on cash and cash equivalents and bank overdrafts (net of cash acquired or sold) -31 5
Change in cash and cash equivalents and bank overdrafts -806 562
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 5,817 7,216

* Restated figures include the change in accounting policy regarding CO2 quotas moving from “net cash flow used in investing activities” towards “net cash flow from operating activities”Return on capital employed (ROCE)

In million euros 31 Mar 2023 31*Dec 2022 30*Sep 2022 30*Jun 2022 31* Mar 2022 31* Dec 2021 30* Sep 2021 30* Jun 2021
Goodwill and intangible assets 1,351 1,352 1,350 1,361 1,363 1,380 1,384 1,392
Flight equipment 10,954 10,614 10,298 10,521 10,537 10,466 10,478 10,645
Other property, plant and equipment 1,372 1,375 1,349 1,358 1,378 1,402 1,418 1,453
Right-of-use assets 5,304 5,428 5,536 5,439 5,205 5,148 5,061 5,033
Investments in equity associates 122 120 111 108 107 109 172 166
Financial assets excluding marketable securities and financial deposits 169 169 164 162 158 157 147 147
Provisions, excluding pension, cargo litigation and restructuring -4,255 -4,347 -4,792 -4,473 -4,240 -4,180 -4,180 -4,033
WCR, excluding market value of derivatives -11,313 -9,882 -10,359 -11,080 -9,480 -8,185 -7,923 -7,673
Capital employed 3,704 4,829 3,657 3,396 5,028 6,297 6,557 7,130
Average capital employed (A) 3,897 6,253
Adjusted results from current operations 1,237 -795
- Dividends received -1 0
- Share of profits (losses) of associates 14 -22
- Normative income tax -323 230
Adjusted result from current operations after tax (B) 927 -587
ROCE, trailing 12 months (B/A) 23.8% -9.4%

* Restated figures include the change in accounting principles for CO2 quotas

Net debt

  Balance sheet at
In million euros 31 Mar 2023 31 Dec 2022
Current and non-current financial liabilities 8,937 10,553
Current and non-current lease debt 4,043 4,152
Accrued interest -108 -127
Deposits related to financial liabilities -104 -101
Deposits related to lease debt -99 -99
Derivatives impact on debt -21 -35
Gross financial liabilities (A) 12,648 14,343
Cash and cash equivalents 5,823 6,626
Marketable securities > 3 months 517 572
Bonds 836 811
Bank overdrafts -6 -3
Net cash (B) 7,170 8,006
Net debt (A) – (B) 5,478 6,337

Adjusted operating free cash flow

  First quarter
In million euros 2023 2022*
Net cash flow from operating activities 1,550 1,349
Investment in property, plant, equipment and intangible assets -779 -672
Proceeds on disposal of property, plant, equipment and intangible assets 131 171
Operating free cash flow 902 848
Payments on lease debt -219 -218
Adjusted operating free cash flow 683 630

* Restated figures include the change in accounting policy regarding CO2 quotas moving from “net cash flow used in investing activities” towards “net cash flow from operating activities”

Bridge from EBITDA to Financial capacity

    First Quarter
In million euros 2023 2022
EBITDA 286 221
Provisions (risk and other) -8 0
Correction of spare parts inventory 0 1
Addition to pension provisions 33 32
Reversal to pension provisions (cash-out) -14 -13
Sales of tangible and intangible assets (excluding aeronauticals) -2 0
Income from operation activities - cash impact 295 241
Restructuring costs -35 -56
Other non-current income and expenses -2 -1
Cost of financial liability -263 -144
Financial income 44 -5
Realized foreign exchanges gain/loss 38 14
Current income tax 2 -4
Other elements 1 0
Self-financing capacity 80 45

Unit cost: net cost per ASK

  First Quarter
  2023 2022
Revenues (in €m) 6,329 4,445
Income/(loss) from current operations (in €m) -/- 306 350
Total operating expense (in €m) 6,635 4,795
Passenger network business – other revenues (in €m) -151 -105
Cargo network business – other revenues (in €m) -96 -114
Third-party revenues in the maintenance business (in €m) -370 -297
Transavia - other revenues (in €m) 3 2
Third-party revenues of other businesses (in €m) -6 -6
Net cost (in €m) 6,015 4,276
Capacity produced, reported in ASK* 69,583 58,064
Net cost per ASK (in € cents per ASK) 8.65 7.36
Gross change   17.4%
Currency effect on net costs (in €m)   60
Change at constant currency   15.8%
Fuel price effect (in €m)   438
Net cost per ASK on a constant currency and fuel price basis (in € cents per ASK) 8.65 8.22
Change at constant currency and fuel price basis   +5.2%
Furlough   +210
  8.65 8.59
Change at constant currency and fuel price basis excluding furlough   +0.7%

(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 fleet at 31 March 2023

Aircraft type AF(incl. HOP) KL (incl. KLC & MP) Transavia Owned Finance lease Operating lease Total In operation Change / 31/12/22
B777-300 43 16   19 16 24 59 59  
B777-200 18 15   27 1 5 33 33  
B787-9 10 13   4 7 12 23 23  
B787-10   8   1 7   8 8 1
A380-800 4     2 1 1 4    
A350-900 20     3 7 10 20 20  
A330-300   5       5 5 5  
A330-200 15 6   11   10 21 21  
Total Long-Haul 110 63 0 67 39 67 173 169 1
B737-900   5   5     5 5  
B737-800   31 100 34 8 89 131 127 2
B737-700   7 4 7   4 11 10  
A321 17     9   8 17 16 -2
A320 39     4 3 32 39 38 -1
A319 17     11   6 17 16 -1
A318 9     5   4 9 9  
A220-300 21     15   6 21 21 6
Total Medium-Haul 103 43 104 90 11 149 250 242 4
Canadair Jet 1000 5     5     5    
Canadair Jet 700                  
Embraer 195 E2   15       15 15 15 1
Embraer 190 19 30   17 4 28 49 49  
Embraer 175   17   3 14   17 17  
Embraer 170 13     10   3 13 13  
Embraer 145                  
Total Regional 37 62 0 35 18 46 99 94 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 252 172 104 196 68 264 528 511 6

FIRST QUARTER 2023 TRAFFIC

Passenger network activity*

    Q1    
Total Passenger network* 2023 2022 Variation  
Passengers carried (‘000s) 15,787 11,942 32.2%  
Revenue pax-kilometers (m RPK) 52,966 38,866 36.3%  
Available seat-kilometers (m ASK) 61,975 52,570 17.9%  
Load factor (%) 85.5% 73.9% 11.5  
         
Long-haul        
Passengers carried (‘000s) 5,939 4,381 35.6%  
Revenue pax-kilometers (m RPK) 44,509 32,326 37.7%  
Available seat-kilometers (m ASK) 51,539 43,240 19.2%  
Load factor (%) 86.4% 74.8% 11.6  
         
North America        
Passengers carried (‘000s) 1,785 1,238 44.2%  
Revenue pax-kilometers (m RPK) 12,852 9,056 41.9%  
Available seat-kilometers (m ASK) 15,615 13,152 18.7%  
Load factor (%) 82.3% 68.9% 13.4  
         
Latin America        
Passengers carried (‘000s) 892 675 32.2%  
Revenue pax-kilometers (m RPK) 8,492 6,511 30.4%  
Available seat-kilometers (m ASK) 9,390 7,657 22.6%  
Load factor (%) 90.4% 85.0% 5.4  
         
Asia / Middle East        
Passengers carried (‘000s) 1,206 634 90.2%  
Revenue pax-kilometers (m RPK) 9,210 4,392 109.7%  
Available seat-kilometers (m ASK) 10,606 7,219 46.9%  
Load factor (%) 86.8% 60.8% 26.0  
         
Africa        
Passengers carried (‘000s) 1,041 816 27.6%  
Revenue pax-kilometers (m RPK) 6,442 4,792 34.4%  
Available seat-kilometers (m ASK) 7,599 6,298 20.7%  
Load factor (%) 84.8% 76.1% 8.7  
         
Caribbean / Indian Ocean        
Passengers carried (‘000s) 1,016 1,018 (0.3%)  
Revenue pax-kilometers (m RPK) 7,512 7,575 (0.8%)  
Available seat-kilometers (m ASK) 8,329 8,914 (6.6%)  
Load factor (%) 90.2% 85.0% 5.2  
         
Short and Medium-haul        
Passengers carried (‘000s) 9,848 7,561 30.2%  
Revenue pax-kilometers (m RPK) 8,457 6,541 29.3%  
Available seat-kilometers (m ASK) 10,436 9,331 11.8%  
Load factor (%) 81.0% 70.1% 10.9  

* Air France and KLM

Transavia activity        

    Q1      
Transavia 2023 2022 Variation    
Passengers carried (‘000s) 3,864 2,581 49.7%    
Revenue pax-kilometers (m RPK) 6,955 4,268 63.0%    
Available seat-kilometers (m ASK) 7,607 5,494 38.5%    
Load factor (%) 91.4% 77.7% 13.7    

Total group passenger activity**

    Q1      
Total group** 2023 2022 Variation    
Passengers carried (‘000s) 19,651 14,523 35.3%    
Revenue pax-kilometers (m RPK) 59,921 43,134 38.9%    
Available seat-kilometers (m ASK) 69,583 58,064 19.8%    
Load factor (%) 86.1% 74.3% 11.8    

** Air France, KLM and Transavia

Cargo activity

    Q1      
Total Group 2023 2022 Variation    
Revenue tonne-km (m RTK) 1,557 1,766 (11.8%)    
Available tonne-km (m ATK) 3,291 2,974 10.7%    
Load factor (%) 47.3% 59.4% (12.0)    

Air France activity

    Q1      
Total Passenger network activity 2023 2022 Variation    
Passengers carried (‘000s) 9,457 7,105 33.1%    
Revenue pax-kilometers (m RPK) 31,981 23,087 38.5%    
Available seat-kilometers (m ASK) 37,311 30,871 20.9%    
Load factor (%) 85.7% 74.8% 10.9    
Long-haul        
Passengers carried (‘000s) 3,696 2,766 33.6%  
Revenue pax-kilometers (m RPK) 26,961 19,452 38.6%  
Available seat-kilometers (m ASK) 31,147 25,733 21.0%  
Load factor (%) 86.6% 75.6% 11.0  
Short and Medium-haul        
Passengers carried (‘000s) 5,761 4,339 32.8%  
Revenue pax-kilometers (m RPK) 5,021 3,635 38.1%  
Available seat-kilometers (m ASK) 6,165 5,137 20.0%  
Load factor (%) 81.4% 70.8% 10.7  
    Q1      
Cargo activity 2023 2022 Variation    
Revenue tonne-km (m RTK) 789 907 (13.0%)    
Available tonne-km (m ATK) 1,860 1,657 12.3%    
Load factor (%) 42.4% 54.7% (12.3)    

KLM activity

    Q1      
Total Passenger network activity 2023 2022 Variation    
Passengers carried (‘000s) 6,330 4,837 30.9%    
Revenue pax-kilometers (m RPK) 20,984 15,780 33.0%    
Available seat-kilometers (m ASK) 24,664 21,700 13.7%    
Load factor (%) 85.1% 72.7% 12.4    
Long-haul        
Passengers carried (‘000s) 2,242 1,614 38.9%  
Revenue pax-kilometers (m RPK) 17,548 12,874 36.3%  
Available seat-kilometers (m ASK) 20,393 17,506 16.5%  
Load factor (%) 86.1% 73.5% 12.5  
Short and Medium-haul        
Passengers carried (‘000s) 4,088 3,222 26.8%  
Revenue pax-kilometers (m RPK) 3,436 2,906 18.2%  
Available seat-kilometers (m ASK) 4,272 4,194 1.9%  
Load factor (%) 80.4% 69.3% 11.1  
    Q1      
Cargo activity 2023 2022 Variation    
Revenue tonne-km (m RTK) 768 859 (10.6%)    
Available tonne-km (m ATK) 1,427 1,317 8.4%    
Load factor (%) 53.8% 65.2% (11.4)    

1 Against a constant currency and constant fuel price and excluding furlough2 Change versus 31 Dec 2022

Attachment

  • AFKL_Q1_2023_Results_Press_release
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