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
- AFKL_Q1_2023_Results_Press_release
Air FranceKLM (EU:AF)
Graphique Historique de l'Action
De Nov 2023 à Déc 2023
Air FranceKLM (EU:AF)
Graphique Historique de l'Action
De Déc 2022 à Déc 2023