Air France-KLM Second Quarter 2021 results
July 30, 2021
|
SECOND QUARTER
2021Operating result at
-752 million euros, EBITDA at -248 million
eurosAdjusted operating free cash
flow positive at 210 million euros
thanks to strong ticket sales |
The Group’s results improved compared to last
year; although still impacted by travel restrictions:
- Revenue at 2,750 million euros, up
1,568 million compared to last year
- Operating result at -752 million
euros, up 801 million euros compared to last year
- EBITDA loss reduced to -248 million
euros
- Net income at -1,489 million euros,
including negative impact of the derecognition of the KLM ground
pension fund
- Restructuring programs showing
improved results and structural benefits increased to 2.1 billion
euros
- The group increased its capital by
1 billion euros, converted the direct French State loan of 3
billion euros into perpetual hybrid instruments and issued a Senior
bond of 800 million euros of which the cash will be received in the
Third quarter
- Net debt at 8.3 billion euros, down
by 2.7 billion euros compared to end of 2020 thanks to the first
set of capital strengthening measures
OUTLOOK
Since June, first signs of recovery are visible
in the booking trend thanks to waived or eased travel restrictions
in Europe due to the rise of vaccination rate across all countries.
The reopening of the North Atlantic for americans citizens to visit
Europe also resulted in an improved booking trend.
In this context, the Group expects capacity in
Available Seat Kilometers for Air France-KLM Network passenger
activity at index in the range of 60% to 70% in the Third quarter
2021 compared to 2019.
Due to the uncertainty of the reopening of the
North Atlantic for European citizens and uncertainty concerning
travel restrictions waiving, no capacity guidance will be provided
for the Fourth quarter 2021.
The Air France-KLM Group continues to focus on
its transformation projects in order to reduce its costs and on
cash and equity. During the Annual General Meeting in May 2021,
extraordinary resolutions were approved by the shareholders,
providing the Board of Directors large flexibility to restore
equity. These resolutions could include instruments such as rights
issuance, vanilla quasi-equity and equity-linked instruments in
order to restore balance sheet and re-profile debt redemptions.
Early July, Air France-KLM signed and executed
an EMTN Program for a total issuance size of 4.5 billion euros.
|
Air France-KLM Group |
Second quarter |
Half year |
|
2021 |
Change1 |
2021 |
Change |
|
Passengers (thousands) |
7,028 |
+477.1% |
11,847 |
-38.7% |
|
Passenger Unit revenue per ASK2 (€ cts) |
3.83 |
+0.8% |
3.39 |
-37.6% |
|
Operating result (€m) |
-752 |
+801 |
-1,931 |
+437 |
|
Net income – Group part (€m) |
-1,489 |
+1,123 |
-2,970 |
+1,443 |
|
Adj. operating free cash flow (€m) |
210 |
+1,711 |
-1,134 |
+1,193 |
|
Net debt at end of period3 (€m) |
|
|
8,344 |
-2,705 |
The Board of Directors of Air France-KLM,
chaired by Anne-Marie Couderc, met on July 29, 2021 to approve the
financial statements for the First Half 2021. Group CEO Mr.
Benjamin Smith said:“Thanks to the easing of travel restrictions in
several key regions, the Second quarter of 2021 saw the first signs
of the long-awaited recovery. Travelers were able to take the skies
again and Air France-KLM’s voluntarist approach in terms of
capacities - combined with the Group’s balanced network and
efficient hubs - proved conclusive. Reciprocity of borders
reopening and the acceleration of the vaccination roll-out
worldwide, especially in the context of the rise of the Delta
variant, will play a key role in maintaining this momentum.” said
Benjamin Smith, CEO of Air France-KLM. “To make the most of the
recovery and prepare for the future, Air France-KLM continued its
transformation across all businesses and notably reinforced its
sustainability efforts to lead the way to sustainable
aviation.”
Business
review
Network: Recovery visible only in June
while Cargo continued to perform strongly
|
Network |
Second quarter |
Half year |
|
2021 |
Change |
Change constant currency |
2021 |
Change |
Change constant currency |
|
Total revenues (€m) |
2,363 |
+151.8% |
+158.3% |
4,221 |
-19.1% |
-17.1% |
|
Scheduled revenues (€m) |
2,187 |
+164.5% |
+171.6% |
3,899 |
-20.4% |
-18.2% |
|
Operating result (€m) |
-654 |
+469 |
+477 |
-1,715 |
+137 |
+127 |
Second quarter 2021 revenues increased by 158.3%
at constant currency to 2.363 million euros. The operating result
amounted to -654 million euros, a 477 million euros increase at
constant currency compared to last year.
Passenger
network: Caribbean &
Indian Ocean, Africa & Middle
East, Europe and French Domestic as the
most resilient areas
|
|
Second quarter |
Half year |
|
Passenger network |
2021 |
Change |
Change constant currency |
2021 |
Change |
Change constant currency |
|
Passengers (thousands) |
5,853 |
+418.9% |
|
10,321 |
-38.9% |
|
|
Capacity (ASK m) |
36,417 |
+315.5% |
|
70,003 |
-1.6% |
|
|
Traffic (RPK m) |
15,930 |
+388.5% |
|
29,363 |
-44.7% |
|
|
Load factor |
43.7% |
+6.5 pt |
|
41.9% |
-32.7 pt |
|
|
Total passenger revenues (€m) |
1,468 |
+294.5% |
+301.7% |
2,487 |
-40.5% |
-39.3% |
|
Scheduled passenger revenues (€m) |
1,392 |
+315.2% |
+324.3% |
2,356 |
-41.2% |
-39.7% |
|
Unit revenue per ASK (€ cts) |
3.82 |
-0.1% |
+2.1% |
3.37 |
-40.2% |
-38.7% |
Last year Second quarter, the passenger network
activity was heavily impacted by the Covid-19 crisis and came
almost to a standstill. This year, the capacity in Available Seat
Kilometers in the Second quarter was 315.5% higher than last year,
however at 48% of 2019 Second quarter levels. Thanks to the Group’s
balanced network and strong Cargo performance, the passenger
network was in line with the Group’s guidance provided during First
quarter 2021 results presentation.Antilles, Greece and French
domestic were amongst the best performing routes. Again, this
quarter the Group operated more capacity than its main European
competitors did.
During the Second quarter, Air France added
three Airbus 350-900 to the fleet and KLM Cityhopper welcomed two
Embraer 195 E2 into its fleet. With these investments, the Group
continues to build an efficient fleet and shows its sustainable
commitment.
Continuation of strong performance by Cargo
|
|
Second quarter |
Half year |
|
Cargo business |
2021 |
Change |
Change constant currency |
2021 |
Change |
Change constant currency |
|
Tons (thousands) |
273 |
+83.4% |
|
541 |
+38.2% |
|
|
Capacity (ATK m) |
2,623 |
+66.0% |
|
5,311 |
+11.3% |
|
|
Traffic (RTK m) |
2,092 |
+77.5% |
|
4,166 |
+38.4% |
|
|
Load factor |
79.8% |
+5.2 pt |
|
78.4% |
+15.3 pt |
|
|
Total Cargo revenues (€m) |
894 |
+58.1% |
+63.0% |
1,733 |
+67.9% |
+74.0% |
|
Scheduled cargo revenues (€m) |
795 |
+62.0% |
+66.9% |
1,543 |
+73.4% |
+79.5% |
|
Unit revenue per ATK (€ cts ) |
30.31 |
-2.4% |
+0.5% |
29.06 |
+55.8% |
+61.3% |
Compared to the Second quarter in 2020, capacity
increased by 66% in Available Ton Kilometers. Despite this increase
in capacity, the Load factor gained 5.2 points and the unit revenue
per ATK at constant currency improved by 0.5%. Compared to 2019, a
still limited cargo capacity is available while the demand remains
high resulting in high Revenue Ton Kilometers and Revenues.
At the moment, the Group transports more than
100 shipments of Covid-19 vaccines per month. The distribution of
vaccines continues to gradually increase and the Group expects
further growth in the Third quarter, notably to Africa and South
America.
During the First half year of 2021, the
Sustainable Aviation Fuel (SAF) Cargo program welcomed 22 partners,
showing the sustainable commitment of Air France-KLM Cargo and its
partners.
Transavia operating
loss in the Second
quarter 2021
at -98
million euros
|
|
Second quarter |
Half year |
|
Transavia |
2021 |
Change |
2021 |
Change |
|
Passengers (thousands) |
1,175 |
+1,208.9% |
1,527 |
-37.4% |
|
Capacity (ASK m) |
3,240 |
+1,069.2% |
4,251 |
-17.8% |
|
Traffic (RPK m) |
1,939 |
+972.0% |
2,522 |
-45.6% |
|
Load factor |
59.9% |
-5.4 pt |
59.3% |
-30.4 pt |
|
Total passenger revenues (€m) |
126 |
+655.4% |
163 |
-37.1% |
|
Unit revenue per ASK (€ cts) |
3.88 |
-29.0% |
3.83 |
-19.1% |
|
Unit cost per ASK (€ cts) |
6.90 |
-84.8% |
8.96 |
+5.9% |
|
Operating result (€m) |
-98 |
+13 |
-218 |
-25 |
The Second quarter operating result ended at an
operational loss of -98 million euros, because of the ongoing
travel restrictions in Europe and North Africa. As the production
levels in the Second quarter of last year were close to zero due to
an almost full production freeze, the activity level in the Second
quarter 2021 was around ten times higher than last year. On this
increased capacity, the load factor lost 5.4 point compared to last
year at a level of 59.9%.
In the first half of 2021, the number of
aircraft of Transavia increased by nine as part of the growth
strategy for Transavia France. Transavia is well positioned to
capture the leisure traffic recovery, seen since June, being a
major opportunity for the Group’s competitiveness gain.
Maintenance business operating result
for Second quarter 2021
around breakeven
|
|
Second quarter |
Half year |
|
Maintenance |
2021 |
Change |
Change constant currency |
2021 |
Change |
Change constant currency |
|
Total revenues (€m) |
679 |
+35.5% |
|
1,302 |
-20.6% |
|
|
Third-party revenues (€m) |
255 |
+14.9% |
+31.0% |
514 |
-28.3% |
-18.5% |
|
Operating result (€m) |
-3 |
315 |
319 |
-10 |
311 |
329 |
|
Operating margin (%) |
-0.4% |
+63.0 pt |
+68.0 pt |
-0.8% |
+18.8 pt |
+21.1 pt |
The Second quarter operating result stood at -3
million euros, an increase of 319 million euros against a constant
currency versus the Second quarter 2020.
In the Second quarter of 2020, the maintenance
business recorded one offs linked to the Covid-19 crisis amounting
to 203 million euros; excluding one offs effect, the operating
result increase in the Second quarter this year is mainly explained
by operational improvement and cost savings.
Total revenues increased by 35.5% in the Second
quarter while third party revenues rose by 14.9% and internal
revenues increased by 51.9%. This increase in internal revenues is
mainly related to an increase in flight hours compared to the very
low flight hours during the Second quarter 2020. The rise in
external revenues is mainly driven by the components business.
Air France-KLM Group:
EBITDA loss reduced to -0.2 billion
euros
|
|
Second quarter |
Half year |
|
|
2021 |
Change |
Change constant currency |
2021 |
Change |
Change constant currency |
|
Capacity (ASK m) |
39,657 |
+338.6% |
|
74,254 |
-2.7% |
|
|
Traffic (RPK m) |
17,869 |
+419.2% |
|
31,884 |
-44.8% |
|
|
Passenger unit revenue per ASK (€ cts) |
3.83 |
-1.2% |
+0.8% |
3.39 |
-39.1% |
-37.6% |
|
Group unit revenue per ASK (€ cts) |
5.83 |
-37.4% |
-35.7% |
5.47 |
-18.8% |
-16.7% |
|
Group unit cost per ASK (€ cts) at constant fuel |
7.73 |
-70.8% |
-70.8% |
8.07 |
-17.9% |
-14.2% |
|
Revenues (€m) |
2,750 |
+132.7% |
+143.1% |
4,910 |
-20.8% |
-18.0% |
|
EBITDA (€m) |
-248 |
+532 |
+539 |
-874 |
-34 |
-26 |
|
Operating result (€m) |
-752 |
+801 |
+808 |
-1,931 |
+437 |
+442 |
|
Operating margin (%) |
-27.3% |
+104.0 pt |
+109.4 pt |
-39.3% |
-1.1 pt |
+0.1 pt |
|
Net income - Group part (€m) |
-1,489 |
+1,123 |
|
-2,970 |
+1,443 |
|
In the Second quarter 2021, the Air France-KLM
Group posted an operating result of -752 million euros, up by 801
million euros compared to last year.
Net income amounted to -1,489 million euros in
the Second quarter 2021, an increase of 1,123 million euros
compared to last year. Last year Second quarter was heavily
impacted by the recording of exceptional accounting items due to
Covid-19 (impairment for acceleration phase-out Airbus 380s and
Airbus 340s, fuel “over hedge” and a restructuring costs provision
for the Air France and KLM voluntary departure plans).
Following the conversion of KLM defined benefit
pension schemes into collective defined contribution schemes for
Cockpit and Cabin staff in 2017, now also the KLM ground staff
pension fund moved to a defined contribution scheme. This lead to
more predictable annual contributions and less volatility on the
Group’s Balance Sheet. Mainly due to the derecognition of the KLM
ground staff pension fund the other non-current income and expenses
showed in Q2 a negative amount of 849 million euros.
The Second
quarter 2021
unit cost
decreased by
71%, primarily caused
by an increase of capacity
On a constant currency and fuel price basis,
unit costs were down 71% in the Second quarter 2021.
All cost items, except other external expenses,
increased in the Second quarter 2021 compared to last year due to
an increase in capacity of 338.6%. Group net employee cost were up
21.8% mainly due to less government support. The FTE reduction did
not compensate fully this gap as indicated during the fourth
quarter 2020 results presentation.
Second quarter: Adjusted Operating Free
cash flow positive. Change in Working Capital Requirement driven by
improved advanced ticket sales
|
|
Second quarter |
Half year |
|
In € million |
2021 |
Change |
2021 |
Change |
|
Cash flow before change in WCR and Voluntary Departure Plans,
continuing operations (€m) |
-417 |
+744 |
-1,162 |
+169 |
|
Cash out related to Voluntary Departure Plans (€m) |
-80 |
-74 |
-125 |
-110 |
|
Change in Working Capital Requirement (WCR) (€m) |
1,211 |
+1,129 |
1,120 |
+577 |
|
Net cash flow from operating activities
(€m) |
714 |
+1,799 |
-167 |
+636 |
|
Net investments* (€m) |
-287 |
-33 |
-534 |
+578 |
|
Operating free cash flow
(€m) |
427 |
+1,766 |
-701 |
+1,214 |
|
Repayment of lease debt |
-217 |
-55 |
-433 |
-21 |
|
Adjusted operating free cash flow** |
210 |
+1,711 |
-1,134 |
+1,193 |
* 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 adjusted operating free cash
flow in the Second quarter 2021 of 210 million euros, an increase
of 1,711 million euros compared to last year, mainly driven by
improved advanced tickets sales.
| In €
million |
30 Jun 2021 |
31 Dec 2020 |
|
Net debt |
8,344 |
11,049 |
|
EBITDA trailing 12 months |
-1,723 |
-1,689 |
|
Net debt/EBITDA trailing 12
months |
na |
na |
Q2: Performance improved versus last year although still
negatively impacted by travel restrictions
|
|
Second quarter |
Half year |
|
|
2021 |
Change |
2021 |
Change |
|
Air France Group Operating result (€m) |
-566 |
+492 |
-1,406 |
+188 |
|
Operating margin (%) |
-34.4% |
+155.1 pt |
-47.1% |
-2.5 pt |
|
KLM Group Operating result (€m) |
-185 |
+308 |
-522 |
+246 |
|
Operating margin (%) |
-15.3% |
+55.0 pt |
-24.4% |
+2.6 pt |
OUTLOOK
Since June, first signs of recovery are visible
in the booking trend thanks to waived or eased travel restrictions
in Europe due to the rise of vaccination rate across all countries.
The reopening of the North Atlantic for American citizens to visit
Europe also resulted in an improved booking trend.
In this context, the Group expects capacity in
Available Seat kilometers for Air France-KLM Network passenger
activity at index in the range of 60% to 70% in the Third quarter
2021 compared to 2019.
Due to the uncertainty of the reopening of the
North Atlantic for European citizens and uncertainty concerning
travel restrictions waiving, no capacity guidance will be provided
for the Fourth quarter 2021.
As of June 30, 2021, the Group has 9.4 billion
euros of liquidity and credit lines at disposal, the Senior bond of
800 million euros issued by the end of June is not included in this
amount yet. This level can be considered comfortable, given the
first signs of recovery and the cash requirements for 2021, which
include:
- Third quarter 2021 EBITDA expected
to be positive
- Net Capex spending expected below
2.0 billion euros in 2021, and largely funded for fleet
investments
- Restructuring cash out below 500
million euros in 2021, part of which is compensated by the
associated reduction in the salary cost
The Air France-KLM Group continues to focus on
its transformation projects in order to reduce its costs and on
cash and equity. During the Annual General Meeting in May 2021,
extraordinary resolutions were approved by the shareholders,
providing the Board of Directors large flexibility to restore
equity. These resolutions could include instruments such as rights
issuance, vanilla quasi-equity and equity-linked instruments in
order to restore balance sheet and re-profile debt redemptions.
Guidance: Air
France-KLM Group medium term operating margin objective
unchanged
The Group accelerates its transformation
initiatives and confirms its medium-term financial ambition. Air
France-KLM continues to balance its medium-term focus on managing
liquidity with the long-term focus on achieving increased
competitiveness. To do this, the Group continues to optimize fleet,
workforce, network, costs and reinforce his sustainability
efforts.
Air France-KLM estimates the number of aircraft
in 2022 to be 7% below the number of aircraft in 2019. The Group
expects capacity in Available Seat Kilometers back to the 2019
levels in 2024.
By the end of June 2021, KLM managed to decrease
the number of FTE by 5,700 compared to December 2019. In Air France
(excluding Transavia France subsidiary), the number of FTE
decreased by 5,300 end of June 2021 compared to December 2019. The
voluntary departure plan continues at Air France (excluding
Transavia France), and an additional 3,200 FTE will leave the
company by end 2022. Operating costs will being reduced in 2021 and
beyond, with 800 million euros structural benefits for KLM end 2021
and 1.3 billion euros end 2022 for Air France versus 2019.
The reduction in FTE, amongst other key
transformation initiatives, will drive the unit cost down 8% to 10%
(Unit cost including fuel and currency change assumptions) once
capacity is back to 2019 level.
The Group’s medium-term financial ambition is
maintained with an Adjusted Operating Free Cash Flow expected to be
positive in 2023. The Operating Margin mid-cycle objective is still
estimated at 7% to 8%.
The Net debt/EBITDA target ratio of circa 3x in
2023 will be lowered to circa 2x after the expected second step of
recapitalization.
Early July, Air France-KLM signed and executed
an EMTN Program for a total issuance size of 4.5 billion euros, to
fully support and optimize its overall financing strategy, and
opportunistically make use of debt capital market windows through
private and public bond issuances. Société Générale is acting as
Arranger to the Programme alongside five dealers: CACIB, Deutsche
Bank, HSBC, Natixis and Santander. Gide Loyrette Nouel acted as
Legal Advisor to Air France-KLM and Allen & Overy as Legal
Advisor to the group of dealers.
******
The external auditors carried out limited review
procedures. Their limited review report was issued following the
Board meeting.
The results presentation is available at
www.airfranceklm.com on July 30, 2021 from 7:15 am
CET.
A conference call hosted by Mr. Smith (CEO) and Mr. Zaat (CFO)
will be held on July 30, 2021 at 08.30
CET. To
connect to the conference call, please dial:
France: Local +33 (0)1 70 72 25 50Netherlands:
Local +31 (0) 20 721 9251UK: Local +44 (0)330 336 9126US: Local +1
323-794-2597
Confirmation code: 4260430
Investor
Relations PressOlivier
Gall
Michiel
Klinkers +33
1 49 89 52
59 +33
1 49 89 52
60 +33
1 41 56 56
00olgall@airfranceklm.com
Michiel.klinkers@airfranceklm.com
Income Statement
|
|
Second quarter |
Half year |
| €m |
2021 |
2020 |
Change |
2021 |
2020 |
Change |
|
Sales |
2,750 |
1,182 |
+132.5% |
4,910 |
6,201 |
-20.8% |
|
Other revenues |
0 |
0 |
nm |
0 |
0 |
nm |
|
Revenues |
2,750 |
1,182 |
+132.5% |
4,910 |
6,201 |
-20.8% |
|
Aircraft fuel |
-520 |
-213 |
+144.1% |
-982 |
-1,397 |
-29.7% |
|
Chartering costs |
-78 |
-24 |
+225.0% |
-147 |
-114 |
+28.9% |
|
Landing fees and route charges |
-245 |
-91 |
+169.2% |
-460 |
-478 |
-3.8% |
|
Catering |
-68 |
-14 |
+385.7% |
-126 |
-178 |
-29.2% |
|
Handling charges and other operating costs |
-211 |
-82 |
+157.3% |
-402 |
-441 |
-8.8% |
|
Aircraft maintenance costs |
-447 |
-298 |
+50.0% |
-792 |
-912 |
-13.2% |
|
Commercial and distribution costs |
-72 |
-36 |
+100.0% |
-131 |
-230 |
-43.0% |
|
Other external expenses |
-254 |
-270 |
-5.9% |
-552 |
-673 |
-18.0% |
|
Salaries and related costs |
-1,237 |
-1,016 |
+21.8% |
-2,403 |
-2,931 |
-18.0% |
|
Taxes other than income taxes |
-29 |
-24 |
+20.8% |
-69 |
-80 |
-13.8% |
|
Other income and expenses |
163 |
106 |
+53.8% |
280 |
393 |
-28.8% |
|
EBITDA |
-248 |
-780 |
-68.2% |
-874 |
-840 |
+4.0% |
|
Amortization, depreciation and provisions |
-504 |
-773 |
-34.8% |
-1,057 |
-1,528 |
-30.8% |
|
Income from current operations |
-752 |
-1,553 |
-51.6% |
-1,931 |
-2,368 |
-18.5% |
|
Sales of aircraft equipment |
-11 |
25 |
nm |
-14 |
24 |
nm |
|
Other non-current income and expenses |
-849 |
-809 |
+4.9% |
-853 |
-854 |
-0% |
|
Income from operating activities |
-1,612 |
-2,337 |
-31.0% |
-2,798 |
-3,198 |
-12.5% |
|
Cost of financial debt |
-149 |
-113 |
+31.9% |
-339 |
-215 |
+57.7% |
|
Income from cash and cash equivalent |
2 |
6 |
-66.7% |
3 |
12 |
-75.0% |
|
Net cost of financial debt |
-147 |
-107 |
+37.4% |
-336 |
-203 |
+65.9% |
|
Other financial income and expenses |
5 |
-68 |
nm |
-85 |
-733 |
-88.4% |
|
Income before tax |
-1,754 |
-2,512 |
-30.2% |
-3,219 |
-4,134 |
-22.1% |
|
Income taxes |
271 |
-81 |
nm |
262 |
-254 |
nm |
|
Net income of consolidated companies |
-1,483 |
-2,593 |
-42.8% |
-2,957 |
-4,388 |
-32.6% |
|
Share of profits (losses) of associates |
-9 |
-21 |
-57.1% |
-16 |
-29 |
-44.8% |
|
Net income for the period |
-1,492 |
-2,614 |
-42.9% |
-2,973 |
-4,417 |
-32.7% |
|
Minority interest |
-3 |
-2 |
+50.0% |
-3 |
-4 |
-25.0% |
|
Net income for the period – Group part |
-1,489 |
-2,612 |
-43.0% |
-2,970 |
-4,413 |
-32.7% |
Consolidated Balance Sheet
|
Assets |
30 Jun 2021 |
31 Dec 2020 |
| €m |
|
Goodwill |
221 |
215 |
|
Intangible assets |
1,243 |
1,230 |
|
Flight equipment |
10,645 |
11,031 |
|
Other property, plant and equipment |
1,453 |
1,548 |
|
Right-of-use assets |
5,033 |
4,678 |
|
Investments in equity associates |
166 |
230 |
|
Derivatives assets long term |
105 |
92 |
|
Pension assets |
0 |
211 |
|
Other financial assets |
795 |
795 |
|
Deferred tax assets |
269 |
282 |
|
Other non-current assets |
1 |
4 |
|
Total non-current assets |
19,931 |
20,316 |
|
Other short-term financial assets |
540 |
607 |
|
Derivatives assets short term |
408 |
160 |
|
Inventories |
519 |
543 |
|
Trade receivables |
1,530 |
1,248 |
|
Other current assets |
1,047 |
914 |
|
Cash and cash equivalents |
6,035 |
6,423 |
|
Total current assets |
10,079 |
9,895 |
|
Total assets |
30,010 |
30,211 |
|
Liabilities and equity |
30 Jun 2021 |
31 Dec 2020 |
| In million
euros |
|
Issued capital |
643 |
429 |
|
Additional paid-in capital |
4,949 |
4,139 |
|
Treasury shares |
-25 |
-25 |
|
Perpetual |
3,042 |
0 |
|
Reserves and retained earnings |
-12,221 |
-9,970 |
|
Equity attributable to equity holders of Air
France-KLM |
-3,612 |
-5,427 |
|
Non-controlling interests |
8 |
9 |
|
Total Equity |
-3,604 |
-5,418 |
|
Pension provisions |
2,119 |
2,147 |
|
Other provisions |
3,977 |
3,670 |
|
Long-term debt |
11,240 |
14,171 |
|
Lease financial debt |
2,697 |
2,425 |
|
Derivatives liabilities long term |
58 |
122 |
|
Deferred tax liabilities |
4 |
22 |
|
Other non-current liabilities |
2,501 |
1,294 |
|
Total non-current liabilities |
22,596 |
23,851 |
|
Provisions |
956 |
1,337 |
|
Current portion of long-term debt |
842 |
1,318 |
|
Current portion of lease financial debt |
809 |
839 |
|
Derivatives liabilities short term |
67 |
363 |
|
Trade payables |
1,604 |
1,435 |
|
Deferred revenue on ticket sales |
2,889 |
2,394 |
|
Frequent flyer programs |
904 |
916 |
|
Other current liabilities |
2,945 |
3,175 |
|
Bank overdrafts |
2 |
1 |
|
Total current liabilities |
11,018 |
11,778 |
|
Total equity and liabilities |
30,010 |
30,211 |
Statement of Consolidated Cash Flows
from 1st January until
30 June 2021
| €m |
30 Jun 2021 |
30 Jun 2020 |
|
Net income from continuing operations |
-2,973 |
-4,417 |
|
Amortization, depreciation and operating provisions |
1,057 |
1,527 |
|
Financial provisions |
58 |
88 |
|
Loss (gain) on disposals of tangible and intangible assets |
14 |
-36 |
|
Loss (gain) on disposals of subsidiaries and associates |
-26 |
0 |
|
Derivatives – non monetary result |
-29 |
224 |
|
Unrealized foreign exchange gains and losses, net |
86 |
74 |
|
Impairment |
15 |
639 |
|
Other non-monetary items |
759 |
282 |
|
Share of (profits) losses of associates |
16 |
29 |
|
Deferred taxes |
-264 |
244 |
|
Financial Capacity |
-1,287 |
-1,346 |
|
(Increase) / decrease in inventories |
12 |
59 |
|
(Increase) / decrease in trade receivables |
-268 |
703 |
|
Increase / (decrease) in trade payables |
138 |
-875 |
|
Increase / (decrease) in advanced ticket sales |
489 |
378 |
|
Change in other receivables and payables |
749 |
278 |
|
Change in working capital requirements |
1,120 |
543 |
|
Net cash flow from operating activities |
-167 |
-803 |
|
Purchase of property, plant and equipment and intangible
assets |
-1,099 |
-1,284 |
|
Proceeds on disposal of property, plant and equipment and
intangible assets |
565 |
172 |
|
Proceeds on disposal of subsidiaries, of shares in non-controlled
entities |
71 |
357 |
|
Acquisition of subsidiaries, of shares in non-controlled
entities |
2 |
-1 |
|
Dividends received |
0 |
0 |
|
Decrease (increase) in net investments, more than 3 months |
85 |
-3 |
|
Net cash flow used in investing activities |
-376 |
-759 |
|
Capital increase |
1,024 |
0 |
|
Perpetual (including premium) |
0 |
0 |
|
Issuance of debt |
690 |
5,014 |
|
Repayment on financial debt |
-1,135 |
-1,993 |
|
Payments on lease debt |
-433 |
-412 |
|
Decrease (increase ) in loans, net |
7 |
52 |
|
Dividends and coupons on perpetual paid |
0 |
0 |
|
Net cash flow from financing activities |
153 |
2,661 |
|
Effect of exchange rate on cash and cash equivalents and bank
overdrafts |
1 |
-17 |
|
Change in cash and cash equivalents and bank
overdrafts |
-389 |
1,082 |
|
Cash and cash equivalents and bank overdrafts at beginning of
period |
6,422 |
3,711 |
|
Cash and cash equivalents and bank overdrafts at end of period |
6,033 |
4,793 |
|
Change in treasury of discontinued operations |
0 |
0 |
Return on capital employed (ROCE)
| In million
euros |
30 Jun 2021 |
31 Mar 2021 |
31 Dec 2020 |
30 Sep 2020 |
30 Jun 2020 |
31 Mar 2020 |
31 Dec 2019 |
30 Sep 2019 |
|
Goodwill and intangible assets |
1,464 |
1,479 |
1,445 |
1,470 |
1,500 |
1,564 |
1,522 |
1,481 |
|
Flight equipment |
10,645 |
10,800 |
11,031 |
11,009 |
10,919 |
11,465 |
11,334 |
10,829 |
|
Other property, plant and equipment |
1,453 |
1,476 |
1,548 |
1,535 |
1,551 |
1,579 |
1,580 |
1,554 |
|
Right of use assets |
5,033 |
4,795 |
4,678 |
4,789 |
4,938 |
5,119 |
5,173 |
5,300 |
|
Investments in equity associates |
166 |
223 |
230 |
224 |
267 |
299 |
307 |
310 |
|
Financial assets excluding marketable securities and financial
deposits |
147 |
146 |
146 |
135 |
133 |
142 |
140 |
131 |
|
Provisions, excluding pension, cargo litigation and
restructuring |
-4,033 |
-4,083 |
-3,922 |
-4,001 |
-4,131 |
-4,190 |
-4,058 |
-4,101 |
|
WCR, excluding market value of derivatives |
-7,745 |
-6,410 |
-6,505 |
-6,894 |
-6,779 |
-6,650 |
-6,310 |
-6,285 |
|
Capital employed |
7,130 |
8,426 |
8,651 |
8,267 |
8,398 |
9,328 |
9,688 |
9,219 |
|
Average capital employed (A) |
8,199 |
9,158 |
|
Adjusted results from current operations |
-4,112 |
-1,364 |
|
- Dividends received |
0 |
-1 |
|
- Share of profits (losses) of associates |
-45 |
-15 |
|
- Normative income tax |
1,209 |
447 |
|
Adjusted result from current operations after tax
(B) |
-2,948 |
-933 |
|
ROCE, trailing 12 months (B/A) |
-36.3% |
-10.2% |
Net debt
| |
Balance sheet at |
| €m |
30 Jun
2021 |
31 Dec 2020 |
|
Financial debt |
11,985 |
15,388 |
|
Repo on triple A bonds |
-48 |
-84 |
|
Lease debt |
3,424 |
3,184 |
|
Currency hedge on financial debt |
13 |
27 |
|
Accrued interest |
-90 |
-107 |
|
Gross financial debt (A) |
15,284 |
18,408 |
|
Cash and cash equivalents |
6,035 |
6,423 |
|
Marketable securities |
144 |
193 |
|
Cash securities |
274 |
309 |
|
Bonds AAA |
537 |
518 |
|
Bank overdrafts |
-2 |
-1 |
|
Others |
0 |
1 |
|
Repo on triple A bonds |
-48 |
-84 |
|
Net cash (B) |
6,940 |
7,359 |
|
Net debt (A) – (B) |
8,344 |
11,049 |
Adjusted operating free cash
flow
| |
Second quarter |
Half year |
| €m |
2021 |
2020 |
2021 |
2020 |
|
Net cash flow from operating activities, continued operations |
714 |
-1,085 |
-167 |
-803 |
|
Investment in property, plant, equipment and intangible assets |
-632 |
-415 |
-1,099 |
-1,284 |
|
Proceeds on disposal of property, plant, equipment and intangible
assets |
345 |
161 |
565 |
172 |
|
Operating free cash flow |
427 |
-1,339 |
-701 |
-1,915 |
|
Payments on lease debt |
-217 |
-162 |
-433 |
-412 |
|
Adjusted operating free cash flow |
210 |
-1,501 |
-1,134 |
-2,327 |
Operating cash burn
|
|
Second quarter |
First Half |
| |
2021 |
2020 |
2021 |
2020 |
|
EBITDA |
-248 |
-780 |
-874 |
-840 |
|
Provisions (CO2 and other) |
-70 |
-39 |
-28 |
-33 |
|
Correction of spare parts inventory |
2 |
-1 |
3 |
0 |
|
Addition to pension provisions |
59 |
77 |
134 |
154 |
|
Reversal to pension provisions (cash-out) |
-40 |
-47 |
-83 |
-95 |
|
Payment linked with shares |
0 |
0 |
0 |
-2 |
|
Sales of tangible and intangible assets (excluding
aeronautical) |
70 |
43 |
31 |
41 |
|
Income from operation activities - cash
impact |
-226 |
-746 |
-817 |
-775 |
|
Restructuring costs |
-80 |
-6 |
-125 |
-15 |
|
Other non-current income and expenses |
-63 |
0 |
-63 |
-1 |
|
Cost of financial debt |
-134 |
-105 |
-302 |
-200 |
|
Financial income |
-3 |
0 |
-7 |
2 |
|
Realized foreign exchanges gain/loss |
20 |
6 |
47 |
-1 |
|
Termination of trading hedges - cash |
-2 |
-310 |
-8 |
-322 |
|
Current income tax |
1 |
-3 |
-2 |
-10 |
|
Other financial charges & expenses - cash |
-8 |
-3 |
-8 |
-26 |
|
Other elements |
-2 |
1 |
-2 |
2 |
|
|
|
|
|
|
|
Financial capacity |
-497 |
-1,166 |
-1,287 |
-1,346 |
Unit cost: net cost per ASK
| |
Second quarter |
Half year |
| |
2021 |
2020 |
2021 |
2020 |
|
Revenues (in €m) |
2,750 |
1,182 |
4,910 |
6,201 |
|
Income/(loss) from current operations (in €m) -/- |
752 |
1,553 |
1,931 |
2,368 |
|
Total operating expense (in €m) |
3,502 |
2,735 |
6,841 |
8,569 |
|
Passenger network business – other revenues (in €m) |
-77 |
-37 |
-131 |
-177 |
|
Cargo network business – other revenues (in €m) |
-99 |
-75 |
-190 |
-142 |
|
Third-party revenues in the maintenance business (in €m) |
-254 |
-222 |
-512 |
-716 |
|
Transavia - other revenues (in €m) |
0 |
-1 |
0 |
-14 |
|
Third-party revenues of other businesses (in €m) |
-6 |
-5 |
-13 |
-11 |
|
Net cost (in €m) |
3,064 |
2,395 |
5,996 |
7,508 |
|
Capacity produced, reported in ASK* |
39,657 |
9,042 |
74,254 |
76,337 |
|
Net cost per ASK (in € cents per ASK) |
7.73 |
26.48 |
8.07 |
9.84 |
|
Gross change |
|
-70.8% |
|
-17.9% |
|
Currency effect on net costs (in €m) |
|
-15 |
|
-124 |
|
Change at constant currency |
|
-70.6% |
|
-16.6% |
|
Fuel price effect (in €m) |
|
16 |
|
-206 |
|
Net cost per ASK on a constant currency and fuel price
basis (in € cents per ASK) |
7.73 |
26.50 |
8.07 |
9.40 |
|
Change at constant currency and fuel price
basis |
|
-70.8% |
|
-14.2% |
* 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 resultsAir France
Group
| |
Second quarter |
Half year |
| |
2021 |
Change |
2021 |
Change |
|
Revenue (in €m) |
1,646 |
+194.5% |
2,987 |
-16.4% |
|
EBITDA (in €m) |
-280 |
+286 |
-792 |
-158 |
|
Operating result (in m€) |
-566 |
+492 |
-1,406 |
+188 |
|
Operating margin (%) |
-34.4% |
+155.1 pt |
-47.1% |
-2.5 pt |
|
Operating cash flow before WCR and restructuring cash out (in
€m) |
-398 |
+389 |
-1,020 |
-109 |
|
Operating cash flow (before WCR and restructuring) margin |
-24.2% |
+116.7 pt |
-34.1% |
-8.6 pt |
| KLM
Group |
Second quarter |
Half year |
| |
2021 |
Change |
2021 |
Change |
|
Revenue (in €m) |
1,207 |
+72.3% |
2,137 |
-24.8% |
|
EBITDA (in €m) |
33 |
+244 |
-78 |
+122 |
|
Operating result (in m€) |
-185 |
+308 |
-522 |
+246 |
|
Operating margin (%) |
-15.3% |
+55.0 pt |
-24.4% |
+2.6 pt |
|
Operating cash flow before WCR and restructuring cash out (in
€m) |
-56 |
+302 |
-169 |
+203 |
|
Operating cash flow (before WCR and restructuring) margin |
-4.7% |
+46.4 pt |
-7.9% |
+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
Group fleet at 30 June
2021
|
Aircraft type |
AF(incl. HOP) |
KL (incl. KLC & MP) |
Transavia |
Owned |
Finance lease |
Operating lease |
Total |
In operation |
Change / 31/12/20 |
|
B747-400 |
|
|
|
|
|
|
|
|
|
|
B777-300 |
43 |
16 |
|
20 |
15 |
24 |
59 |
59 |
2 |
|
B777-200 |
21 |
15 |
|
26 |
|
10 |
36 |
36 |
-4 |
|
B787-9 |
10 |
13 |
|
5 |
6 |
12 |
23 |
23 |
|
|
B787-10 |
|
6 |
|
3 |
3 |
|
6 |
5 |
|
|
A380-800 |
8 |
|
|
4 |
1 |
3 |
8 |
|
|
|
A350-900 |
10 |
|
|
2 |
5 |
3 |
10 |
10 |
4 |
|
A340-300 |
|
|
|
|
|
|
|
|
|
|
A330-300 |
|
5 |
|
|
|
5 |
5 |
5 |
|
|
A330-200 |
15 |
8 |
|
11 |
|
12 |
23 |
21 |
|
|
Total Long-Haul |
107 |
63 |
0 |
71 |
30 |
69 |
170 |
159 |
2 |
|
B737-900 |
|
5 |
|
5 |
|
|
5 |
5 |
|
|
B737-800 |
|
31 |
85 |
31 |
8 |
77 |
116 |
116 |
10 |
|
B737-700 |
|
13 |
4 |
3 |
4 |
10 |
17 |
17 |
-3 |
|
A321 |
19 |
|
|
11 |
|
8 |
19 |
19 |
-1 |
|
A320 |
44 |
|
|
4 |
4 |
36 |
44 |
44 |
|
|
A319 |
31 |
|
|
13 |
|
18 |
31 |
30 |
-3 |
|
A318 |
18 |
|
|
8 |
|
10 |
18 |
18 |
|
|
Total Medium-Haul |
112 |
49 |
89 |
75 |
16 |
159 |
250 |
249 |
3 |
|
ATR72-600 |
|
|
|
|
|
|
|
|
|
|
ATR72-500 |
|
|
|
|
|
|
|
|
|
|
ATR42-500 |
|
|
|
|
|
|
|
|
|
|
Canadair Jet 1000 |
14 |
|
|
14 |
|
|
14 |
13 |
-1 |
|
Canadair Jet 700 |
6 |
|
|
6 |
|
|
6 |
5 |
-4 |
|
Embraer 195 E2 |
|
4 |
|
|
|
4 |
4 |
4 |
4 |
|
Embraer 190 |
17 |
32 |
|
11 |
10 |
28 |
49 |
49 |
|
|
Embraer 175 |
|
17 |
|
3 |
14 |
|
17 |
17 |
|
|
Embraer 170 |
15 |
|
|
10 |
|
5 |
15 |
15 |
|
|
Embraer 145 |
11 |
|
|
11 |
|
|
11 |
|
|
|
Total Regional |
63 |
53 |
0 |
55 |
24 |
37 |
116 |
103 |
-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 |
284 |
169 |
89 |
205 |
70 |
267 |
542 |
517 |
4 |
SECOND QUARTER
2021
TRAFFIC
Passenger network activity*
|
|
|
Q2 |
|
|
Year to date |
|
Total Passenger network* |
2021 |
2020 |
Variation |
|
2021 |
2020 |
Variation |
|
Passengers carried (‘000s) |
5,853 |
1,128 |
418.9% |
|
10,321 |
16,894 |
(38.9%) |
|
Revenue pax-kilometers (m RPK) |
15,930 |
3,261 |
388.5% |
|
29,363 |
53,111 |
(44.7%) |
|
Available seat-kilometers (m ASK) |
36,417 |
8,765 |
315.5% |
|
70,005 |
71,168 |
(1.6%) |
|
Load factor (%) |
43.7% |
37.2% |
6.5 |
|
41.9% |
74.6% |
(32.6) |
|
|
|
|
|
|
|
|
|
|
Long-haul |
|
|
|
|
|
|
|
|
Passengers carried (‘000s) |
1,769 |
339 |
421.2% |
|
3,338 |
5,857 |
(43.0%) |
|
Revenue pax-kilometers (m RPK) |
12,199 |
2,592 |
370.6% |
|
23,164 |
44,080 |
(47.5%) |
|
Available seat-kilometers (m ASK) |
30,625 |
7,615 |
302.2% |
|
59,953 |
58,853 |
1.9% |
|
Load factor (%) |
39.8% |
34.0% |
5.8 |
|
38.6% |
74.9% |
(36.3) |
|
|
|
|
|
|
|
|
|
|
North America |
|
|
|
|
|
|
|
|
Passengers carried (‘000s) |
423 |
106 |
298.7% |
|
698 |
1,590 |
(56.1%) |
|
Revenue pax-kilometers (m RPK) |
3,113 |
759 |
310.1% |
|
5,144 |
11,335 |
(54.6%) |
|
Available seat-kilometers (m ASK) |
9,009 |
2,495 |
261.1% |
|
16,070 |
15,821 |
1.6% |
|
Load factor (%) |
34.6% |
30.4% |
4.1 |
|
32.0% |
71.6% |
(39.6) |
|
|
|
|
|
|
|
|
|
|
Latin America |
|
|
|
|
|
|
|
|
Passengers carried (‘000s) |
171 |
42 |
307.8% |
|
366 |
873 |
(58.1%) |
|
Revenue pax-kilometers (m RPK) |
1,649 |
411 |
301.0% |
|
3,513 |
8,235 |
(57.3%) |
|
Available seat-kilometers (m ASK) |
5,165 |
1,043 |
395.2% |
|
10,457 |
10,347 |
1.1% |
|
Load factor (%) |
31.9% |
39.4% |
(7.5) |
|
33.6% |
79.6% |
(46.0) |
|
|
|
|
|
|
|
|
|
|
Asia / Pacific |
|
|
|
|
|
|
|
|
Passengers carried (‘000s) |
178 |
74 |
140.0% |
|
338 |
1,188 |
(71.5%) |
|
Revenue pax-kilometers (m RPK) |
1,546 |
656 |
135.5% |
|
2,878 |
10,278 |
(72.0%) |
|
Available seat-kilometers (m ASK) |
5,885 |
2,556 |
130.2% |
|
11,963 |
14,666 |
(18.4%) |
|
Load factor (%) |
26.3% |
25.7% |
0.6 |
|
24.1% |
70.1% |
(46.0) |
|
|
|
|
|
|
|
|
|
|
Africa / Middle East |
|
|
|
|
|
|
|
|
Passengers carried (‘000s) |
686 |
47 |
1351.6% |
|
1,217 |
1,235 |
(1.5%) |
|
Revenue pax-kilometers (m RPK) |
3,593 |
271 |
1227.9% |
|
6,375 |
7,151 |
(10.9%) |
|
Available seat-kilometers (m ASK) |
6,505 |
480 |
1255.3% |
|
12,472 |
9,143 |
36.4% |
|
Load factor (%) |
55.2% |
56.4% |
(1.1) |
|
51.1% |
78.2% |
(27.0) |
|
|
|
|
|
|
|
|
|
|
Caribbean / Indian Ocean |
|
|
|
|
|
|
|
|
Passengers carried (‘000s) |
310 |
70 |
345.1% |
|
719 |
972 |
(26.0%) |
|
Revenue pax-kilometers (m RPK) |
2,298 |
495 |
364.5% |
|
5,255 |
7,080 |
(25.8%) |
|
Available seat-kilometers (m ASK) |
4,062 |
1,041 |
290.4% |
|
8,987 |
8,876 |
1.2% |
|
Load factor (%) |
56.6% |
47.5% |
9.0 |
|
58.5% |
79.8% |
(21.3) |
|
|
|
|
|
|
|
|
|
|
Short and Medium-haul |
|
|
|
|
|
|
|
|
Passengers carried (‘000s) |
4,084 |
789 |
417.9% |
|
6,983 |
11,037 |
(36.7%) |
|
Revenue pax-kilometers (m RPK) |
3,731 |
669 |
457.8% |
|
6,199 |
9,031 |
(31.4%) |
|
Available seat-kilometers (m ASK) |
5,792 |
1,150 |
403.5% |
|
10,052 |
12,316 |
(18.4%) |
|
Load factor (%) |
64.4% |
58.2% |
6.3 |
|
61.7% |
73.3% |
(11.5) |
* Air France and KLM
Transavia
activity
|
|
|
Q2 |
|
|
Year to date |
|
Transavia |
2021 |
2020 |
Variation |
|
2021 |
2020 |
Variation |
|
Passengers carried (‘000s) |
1,175 |
90 |
1208.9% |
|
1,527 |
2,439 |
(37.4%) |
|
Revenue pax-kilometers (m RPK) |
1,939 |
181 |
971.9% |
|
2,522 |
4,636 |
(45.6%) |
|
Available seat-kilometers (m ASK) |
3,240 |
277 |
1069.2% |
|
4,251 |
5,169 |
(17.8%) |
|
Load factor (%) |
59.9% |
65.3% |
(5.4) |
|
59.3% |
89.7% |
(30.4) |
Total group passenger
activity**
|
|
|
Q2 |
|
|
Year to date |
|
Total group** |
2021 |
2020 |
Variation |
|
2021 |
2020 |
Variation |
|
Passengers carried (‘000s) |
7,028 |
1,218 |
477.1% |
|
11,847 |
19,333 |
(38.7%) |
|
Revenue pax-kilometers (m RPK) |
17,869 |
3,438 |
419.7% |
|
31,884 |
57,748 |
(44.8%) |
|
Available seat-kilometers (m ASK) |
39,656 |
9,042 |
338.6% |
|
74,256 |
76,377 |
(2.8%) |
|
Load factor (%) |
45.1% |
38.0% |
7.0 |
|
42.9% |
75.6% |
(32.7) |
** Air France, KLM and Transavia
Cargo activity
|
|
|
Q2 |
|
|
Year to date |
|
Total Group |
2021 |
2020 |
Variation |
|
2021 |
2020 |
Variation |
|
Revenue tonne-km (m RTK) |
2,093 |
1,178 |
77.7% |
|
4,165 |
3,012 |
38.3% |
|
Available tonne-km (m ATK) |
2,624 |
1,458 |
79.9% |
|
5,311 |
4,656 |
14.1% |
|
Load factor (%) |
79.8% |
80.8% |
(1.0) |
|
78.4% |
64.7% |
13.7 |
Air France activity
|
|
|
Q2 |
|
|
Year to date |
|
Total Passenger network activity |
2021 |
2020 |
Variation |
|
2021 |
2020 |
Variation |
|
Passengers carried (‘000s) |
3,606 |
663 |
444.0% |
|
6,652 |
10,153 |
(34.5%) |
|
Revenue pax-kilometers (m RPK) |
9,154 |
1,661 |
451.1% |
|
17,724 |
30,857 |
(42.6%) |
|
Available seat-kilometers (m ASK) |
17,637 |
3,637 |
384.9% |
|
34,052 |
40,321 |
(15.5%) |
|
Load factor (%) |
51.9% |
45.7% |
6.2 |
|
52.0% |
76.5% |
(24.4) |
|
Long-haul |
|
|
|
|
|
|
|
|
Passengers carried (‘000s) |
1,093 |
179 |
509.9% |
|
2,142 |
3,465 |
(38.2%) |
|
Revenue pax-kilometers (m RPK) |
7,016 |
1,255 |
459.1% |
|
14,011 |
25,428 |
(44.9%) |
|
Available seat-kilometers (m ASK) |
14,336 |
2,986 |
380.1% |
|
28,252 |
32,907 |
(14.1%) |
|
Load factor (%) |
48.9% |
42.0% |
6.9 |
|
49.6% |
77.2% |
(27.7) |
|
Short and Medium-haul |
|
|
|
|
|
|
|
|
Passengers carried (‘000s) |
2,513 |
484 |
419.6% |
|
4,510 |
6,689 |
(32.6%) |
|
Revenue pax-kilometers (m RPK) |
2,138 |
406 |
426.9% |
|
3,713 |
5,430 |
(31.6%) |
|
Available seat-kilometers (m ASK) |
3,300 |
651 |
406.9% |
|
5,800 |
7,413 |
(21.8%) |
|
Load factor (%) |
64.8% |
62.3% |
2.5 |
|
64.0% |
72.9% |
(8.9) |
|
|
|
Q2 |
|
|
Year to date |
|
Cargo activity |
2021 |
2020 |
Variation |
|
2021 |
2020 |
Variation |
|
Revenue tonne-km (m RTK) |
912 |
379 |
140.3% |
|
1,817 |
1,197 |
51.8% |
|
Available tonne-km (m ATK) |
1,268 |
508 |
149.8% |
|
2,601 |
2,135 |
21.8% |
|
Load factor (%) |
71.9% |
74.7% |
(2.8) |
|
69.8% |
56.0% |
13.8 |
KLM activity
|
|
|
Q2 |
|
|
Year to date |
|
Total Passenger network activity |
2021 |
2020 |
Variation |
|
2021 |
2020 |
Variation |
|
Passengers carried (‘000s) |
2,247 |
465 |
383.0% |
|
3,669 |
6,741 |
(45.6%) |
|
Revenue pax-kilometers (m RPK) |
6,776 |
1,600 |
323.4% |
|
11,639 |
22,254 |
(47.7%) |
|
Available seat-kilometers (m ASK) |
18,780 |
5,127 |
266.3% |
|
35,951 |
30,848 |
16.5% |
|
Load factor (%) |
36.1% |
31.2% |
4.9 |
|
32.4% |
72.1% |
(39.8) |
|
Long-haul |
|
|
|
|
|
|
|
|
Passengers carried (‘000s) |
676 |
160 |
321.9% |
|
1,196 |
2,392 |
(50.0%) |
|
Revenue pax-kilometers (m RPK) |
5,183 |
1,337 |
287.6% |
|
9,153 |
18,652 |
(50.9%) |
|
Available seat-kilometers (m ASK) |
16,289 |
4,629 |
251.9% |
|
31,700 |
25,945 |
22.2% |
|
Load factor (%) |
31.8% |
28.9% |
2.9 |
|
28.9% |
71.9% |
(43.0) |
|
Short and Medium-haul |
|
|
|
|
|
|
|
|
Passengers carried (‘000s) |
1,572 |
305 |
415.1% |
|
2,473 |
4,348 |
(43.1%) |
|
Revenue pax-kilometers (m RPK) |
1,593 |
263 |
505.4% |
|
2,486 |
3,602 |
(31.0%) |
|
Available seat-kilometers (m ASK) |
2,491 |
499 |
399.8% |
|
4,251 |
4,902 |
(13.3%) |
|
Load factor (%) |
63.9% |
52.8% |
11.2 |
|
58.5% |
73.5% |
(15.0) |
|
|
|
Q2 |
|
|
Year to date |
|
Cargo activity |
2021 |
2020 |
Variation |
|
2021 |
2020 |
Variation |
|
Revenue tonne-km (m RTK) |
1,181 |
798 |
48.0% |
|
2,349 |
1,816 |
29.4% |
|
Available tonne-km (m ATK) |
1,355 |
950 |
42.6% |
|
2,710 |
2,521 |
7.5% |
|
Load factor (%) |
87.2% |
84.0% |
3.2 |
|
86.7% |
72.0% |
14.7 |
1 The second quarter 2020 was highly impacted by worldwide
lockdown2 Passenger unit revenue is the aggregate of Passenger
network and Transavia unit revenues, change at constant currency3
See appendix for the calculation of the net debt
Air FranceKLM (BIT:1AF)
Graphique Historique de l'Action
De Mar 2024 à Avr 2024
Air FranceKLM (BIT:1AF)
Graphique Historique de l'Action
De Avr 2023 à Avr 2024
