AF-KLM Full Year 2022 Results
February 17, 2023
FULL YEAR 2022
RESULTS
BACK
TO POSITIVE NET INCOME AFTER A SUCCESSFUL YEAR IN A CHALLENGING
CONTEXT POSITIVE OPERATING RESULT
FOR BOTH AIR FRANCE AND KLM
THANKS TO SIGNIFICANT INCREASE IN
REVENUES AND TRANSFORMATION
EFFORTS |
- Strong Group capacity ramp up at
85% compared to 2019 with load factor at 84%
- Group revenues at €26.4bn, with
highest fourth quarter revenues in history
-
Operating result at €1.2bn with operating margin at 4.5% above 2019
level (4.2%), despite surging fuel price
-
Positive net income at €0.7bn supporting the Group’s equity
restoration
- Positive Adjusted operating free
cash flow ast €1.9bn and solid cash at hand at €10.6bn
- Net debt down by €1.9bn euros,
compared to end of 2021
Commenting on the results, Mr. Benjamin
Smith, Group CEO, said:“Throughout 2022, Air France-KLM
once again demonstrated its resilience and agility in a context of
unprecedented crises. In spite of the Omicron strain, the war in
Ukraine, the inflationary situation and the operational disruptions
at major international airports last summer, our Group and its
airlines were able to successfully capture a strong demand for
travel.On the financial side, we successfully undertook major
operations to both restore our equity and consolidate our balance
sheet while continuing to pay back the State aids we received. We
secured landmark deals, including a strategic commercial
partnership with CMA CGM Group which became our largest private
shareholder.All the while, we moved forward with our transformation
efforts at every level of our Group to emerge stronger and more
efficient from the pandemic as a leader of sustainable aviation.
Our fleet renewal efforts and our investments in SAF fully
demonstrate our determination to play an active role in the
decarbonization, not just of our own operations, but of the
industry as a whole.We close out the year with a positive net
income, having turned the page on Covid, and look to the future
with confidence in our ability to address the challenges ahead.I
would like to thank all the customers who chose to fly our airlines
this year as well as all our employees, who made this year a
success through their hard work and commitment to excellence.”
Highest Q4 revenue in history and Full
Year operating margin at 4.5%
|
Fourth quarter |
Full Year |
|
2022 |
Change |
Change constant currency |
2022 |
Change |
Change constant currency |
Revenues (€m) |
7,128 |
+47.3% |
+42.8% |
26,393 |
+84.4% |
+79.7% |
EBITDA (€m) |
786 |
-42 |
-40 |
3,615 |
+2,870 |
2,891 |
Operating result (€m) |
134 |
-45 |
-42 |
1,193 |
+2,819 |
2,839 |
Operating margin (%) |
1.9% |
-1.8 pt |
-1.6 pt |
4.5% |
+15.9 pt |
+15.7 pt |
Net income – Group part (€m) |
496 |
+622 |
|
728 |
+4,020 |
|
Adj. operating free cash flow (€m) |
-551 |
-776 |
|
1,903 |
+2,534 |
|
Net debt at end of period (€m)1 |
|
|
|
6,337 |
-1,879 |
|
In Q4 2022, revenues were up 47.3% compared to Q4
2021, a record level in the Group’s history, despite a difficult
context. Full Year 2022 revenues were up 84.4% up compared to last.
This improvement was driven by an increase in capacity, load factor
and passenger yield. The Air France-KLM Group posted a positive
operating result of 1,193 million euros, up by 2,839 million euros
at a constant currency compared to last year. Full Year 2022
operating margin is 0.3 points higher than 2019 (4.2%). Net
income amounted to 728 million euros in Full Year 2022, an increase
of 4,020 million euros compared to last year.
|
Fourth quarter |
Full Year |
|
2022 |
Change |
Change constant currency |
2022 |
Change |
Change constant currency |
Passengers (thousands) |
20,995 |
+32.2% |
|
83,323 |
+86.5% |
|
Capacity (ASK m) |
72,698 |
+21.3% |
|
282,826 |
+44.2% |
|
Traffic (RPK m) |
62,422 |
+45.7% |
|
237,567 |
+104.6% |
|
Passenger load factor |
85.9% |
14.4pt |
|
84.0% |
24.8pt |
|
Passenger unit revenue per ASK (€ cts) |
7.87 |
+36.5% |
+32.3% |
7.45 |
+55.9% |
+51.6% |
Group unit revenue per ASK (€ cts) |
8.88 |
+22.3% |
+18.5% |
8.52 |
+33.4% |
+29.5% |
Group unit cost per ASK (€ cts) at constant fuel |
8.69 |
+24.9% |
+5.1% |
8.10 |
+12.2% |
-4.5% |
In 2022, Air France-KLM welcomed 83.3 million
passengers which is 86.5% above previous year. As capacity
increased by 44.2% and traffic grew by 104.6%, the load factor
increased by 24.8 points compared to last year. Group passenger
unit revenue per ASK increased by 51.6% 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 down 4.5% versus last year thanks to an increase in
capacity and the Group’s ongoing transformation efforts.
The full year unit cost is up 1.9% at a constant
fuel price and constant currency (USD & related currencies
only) versus 2019, with a capacity down by 15%. The ongoing
transformation programs enable Air France-KLM to limit the impact
of increasing costs such as airport and ATC charges, and the
increase of labor cost.
Compared to December 2019, the number of Full
Time Equivalents (FTE’s) decreased by 16% at Air France (excluding
Transavia France) and by 9% at KLM.In 2022 staff costs decreased by
10% compared to the same quarter in 2019 mainly thanks to FTE
reduction and government support on wages, mainly received in the
first quarter.
In 2021 and
2022, Air France-KLM continued
redeeming liquidity support while maintaining a solid cash
position
- In December
2021, Air France-KLM redeemed €500 million of the outstanding 4
billion euros bank loan guaranteed by the French State (the
“PGE”).
- In June 2022,
Air France-KLM successfully completed a €2.256 billion rights
issue, of which €1.6 billion were allocated to the partial
redemption of the €3.0 billion perpetual hybrid instruments held by
the French State.
- End of June
2022, KLM fully redeemed its RCF and Dutch State Loan for a total
amount of 0.9 billion euros.
- In July 2022,
Air France-KLM and Apollo closed a €500 million transaction whereby
Apollo subscribed to perpetual bonds issued by an Air France ad hoc
operating affiliate that owns a pool of spare engines dedicated to
the airline’s Engineering and Maintenance. The €500 million
proceeds were used to further redeem part of the perpetual hybrid
instruments held by the French State.
- In November
2022, Air France-KLM successfully placed undated deeply
subordinated unsecured bonds convertible into new shares and/or
exchangeable for existing shares, for a nominal amount of c. €300
million. The net proceeds of this offering were fully allocated to
the partial redemption of the perpetual hybrid instruments held by
the French State.
- In November
2022, Air France-KLM continued to deleverage and reprofile its
unsecured debt with an agreement with the French state and the
syndicate of nine banks participating in the PGE to proceed with
the early redemption of an additional €1.0 billion, bringing its
outstanding amount to €2.5 billion at end-2022.
Altogether, by December 2022, Air France-KLM
redeemed €4.9 billion liquidity support, thus rebalancing the
Group’s debt profile.
In 2023, Air France-KLM
will continue to strengthen its balance
sheet…
- In the course of
March 2023, the Group will fully redeem the “PGE” (2.5 billion
euros outstanding) by using the 1.0 billion euros proceeds of the
Sustainability-Linked Bonds issued in January 2023 and by using an
additional 1.5 billion euros of cash.
- In April 2023, Air France & Air
France-KLM combined and KLM intends to implement two new
Sustainability-linked Revolving Credit Facilities.
- Aside of net profit generation, Air
France-KLM intends to restore its balance sheet by means of non
dilutive initiatives such as quasi-equity financing instruments2
(similarly to the one raised by Air France on a pool of spare
engines in July 2022), supported by Loyalty Program and/or MRO
assets, and/or straight hybrid bonds.
… and will
be fully released from
current States
support
The remaining €1.2bn French State
Recapitalization Aid, granted under EU State Aid Covid Temporary
Framework, is currently composed by:
- €600m French State perpetual
hybrids instruments.
- €600m shares, acquired by the
French State as part of the May 2021 right issue.
As of April 19th, 20233, Air France-KLM intends
to fully exit this current €1.2bn French State recapitalization Aid
and its related bans. Following the approval on February 16th,
2023, by the EU Commission of a French State Compensation Aid
without any bans, the Group will achieve this exit of the French
Recapitalization Aid through the following steps:
- March 2023: Air France-KLM will
redeem and refinance €300m of French State perpetual bonds into
French State perpetual hybrid instruments without bans attached,
enabling to cross the 75% redemption threshold of the
Recapitalization French State Aid.
- As of April 19th, 2023: The rest of
the c.€300m French State perpetual hybrid instruments and the
remuneration associated to the State aid will be redeemed and
refinanced similarly. The Group will settle all final obligations
related to the exit of the remaining Recapitalization Aid without
change needed of the capital structure.
In April 2023 KLM intends to exit the current
Dutch State framework with banks & State loans being replaced
by a Sustainability Linked Revolving Credit Facility.
OUTLOOK
CapacityAir France-KLM is
confident that the recovery will continue and therefore, the Group
expects the capacity in Available Seat Kilometers for Air
France-KLM Group including Transavia at an index of:
- 90%-95% for the First quarter of
2023
- 90%-95% for the Second quarter of
2023
- above 95% for the Second Half of
2023
- 95%-100% 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.
Other
- Unit cost: The
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.
- Net capex: Full year 2023 Net Capex
spending is estimated at 3.0 billion euros.
Medium Term
Outlook4:
The Group continues its swift transformation
initiatives and confirms its medium-term financial ambition with
the long-term focus of achieving increased competitiveness. To do
this, the Group remains agile in optimizing fleet, workforce,
network, costs and continues its sustainability efforts. The Group
expects capacity in Available Seat Kilometers back to 2019 levels
as from 2024.
The transformation efforts of the Group,
including FTE reduction, fleet renewal and spend optimization, will
compensate the inflationary pressure on cost. Therefore, the Group
expects to decrease its unit cost by -1% to -4% against a constant
fuel price, constant currency and excluding Emission Trading Scheme
costs (ETS) compared to 2022.
The Adjusted Operating Free Cash Flow excluding
exceptionals is expected to remain positive. Exceptionals include
the payment of the air-freight litigation and the deferrals of
social charges and wage taxes accumulated during the Covid 19
period.
The Net debt/EBITDA target ratio is expected to
remain between 1.5x and 2.0x.
The Group’s medium-term financial ambition is to
reach an Operating Margin of 7% to 8%.
BUSINESS REVIEW
Network: Significant improvement
in revenues and operating
result
Network |
Fourth quarter |
Full Year |
2022 |
Change |
Change constant currency |
2022 |
Change |
Change constant currency |
Total revenues (€m) |
6,204 |
+46.3% |
+41.9% |
22,758 |
+85.7% |
+80.5% |
Scheduled revenues (€m) |
5,941 |
+47.6% |
+42.7% |
21,844 |
+89.6% |
+83.6% |
Operating result (€m) |
237 |
+91 |
+97 |
1,131 |
+2,713 |
+2,732 |
Compared to 2021, Full year 2022 total revenues
increased by 80.5% at constant currency to 22,758 million euros.
The operating result amounted to 1,131 million euros, which
represents an 2,732 million euros increase at constant currency
compared to last year.
Strong yields
on our diversified network
|
Fourth quarter |
Full Year |
Passenger network |
2022 |
Change |
Change constant currency |
2022 |
Change |
Change constant currency |
Passengers (thousands) |
16,490 |
+28.4% |
|
64,968 |
+81.2% |
|
Capacity (ASK m) |
63,282 |
+18.3% |
|
245,457 |
+39.4% |
|
Traffic (RPK m) |
54,439 |
+44.4% |
|
205,733 |
+103.5% |
|
Load factor |
86.0% |
+15.5 pt |
|
83.8% |
+26.4 pt |
|
Total passenger revenues (€m) |
5,359 |
+66.3% |
+61.7% |
19,254 |
+122.2% |
+116.7% |
Scheduled passenger revenues (€m) |
5,210 |
+66.4% |
+60.9% |
18,794 |
+125.0% |
+118.1% |
Unit revenue per ASK (€ cts) |
8.23 |
+40.6% |
+36.0% |
7.66 |
+61.3% |
+56.4% |
FY 2022 capacity in Available Seat Kilometers
(ASK) was 39.4% higher than last year and at 85% of 2019 Fourth
quarter level, which is at the same level as the Group’s guidance
provided during the Third quarter 2022 results presentation.
In response to the rise in fuel prices and other
external costs, the Group proceeded to several fare increases
during 2022 across all flights. The amount of the increase varied
according to destination and class of travel, and applied to
flights operated by Air France and KLM. Additionally, in line with
the strong summer demand, the strong performance in Premium cabins
and the solid corporate traffic recovery have all led to a yield
above 2019 for the full year.
During Q4 we observed per area the following
trends:
- North Atlantic: Q4 is slightly down
after this summer's performance but still very dynamic with
capacity slightly higher than 2019. Performance continued driven by
Point of Origin North America and India with a positive impact on
yield. Good performance of business cabin for Air France and
premium economy for KLM.
- Latin America: Capacity gradully
increased since summer in still favorable performance context.
- Asia & Middle East: Additional
capacity due the reopening of Japan and extra frequencies on Dubai.
India continued to show a strong performance on volumes and yields.
Business cabin performance remained strong with good dynamics.
- Caribbean & Indian Ocean:
Continuation of good Third quarter results especially driven by
French West Indies and last minute demand.
- Africa: A strong corporate recovery
was observed in all areas. For KLM, the performance was driven by
East and South Africa with strong yield increase linked to positive
cabin mix and a positive economy yield evolution. For Air France,
performance was driven by West and Central African countries with a
good steering strategy.
- Short and Medium-haul: Strong
demand on the Air France side resulting in slightly higher Load
factors than in 2019. KLM volumes were impacted by capacity cuts in
the context of a tight labor market as well as imposed departing
passenger limits, though yield development was favorable.
Over the course of 2022, the Group continued to
introduce new generation aircraft to its fleet and phased out old
generation aircraft which resulted in a reduction of 15 aircraft.
The long haul fleet was expanded by 1 aircraft, while the medium
haul fleet has been reduced by 7 aircraft and the regional fleet
decreased by 9 aircraft. In 2023 and beyond the Group will continue
to invest in new generation aircraft in order to improve its
economic and environmental performance. In 2023, the first Airbus
A320neo/A321neo will be delivered.
Cargo: decrease in traffic compensated
by strong yield resulting in a
broadly stable revenue in
2022
|
Fourth quarter |
Full Year |
Cargo business |
2022 |
Change |
Change constant currency |
2022 |
Change |
Change constant currency |
Tons (thousands) |
236 |
-10.8% |
|
931 |
-11.6% |
|
Capacity (ATK m) |
3,403 |
+9.6% |
|
13,256 |
+15.6% |
|
Traffic (RTK m) |
1,756 |
-12.3% |
|
6,888 |
-14.5% |
|
Load factor |
51.6% |
-12.9 pt |
|
52.0% |
-18.3 pt |
|
Total Cargo revenues (€m) |
844 |
-17.2% |
-20.2% |
3,502 |
-2.4% |
-5.9% |
Scheduled cargo revenues (€m) |
732 |
-18.2% |
-20.9% |
3,049 |
-3.7% |
-7.0% |
Unit revenue per ATK (€ cts ) |
21.51 |
-25.3% |
-27.8% |
23.00 |
-16.7% |
-19.5% |
2022 was a dynamic year, a very strong first
half-year was followed by a more softening second part. Due to the
resumption of passenger travel, belly capacity improved and
resulted in an increase in Available Ton Kilometers of 15.6% versus
Full Year 2021. The slower growth of global trade and the partial
rebound of sea freight led to decreasing demand for air cargo from
the second quarter onwards. Traffic decreased with 14.5% and the
unit revenue per ATK decreased by 16.7% due to a decline in yield
as well, although the yield remained still above 2021 level. Total
Cargo revenues were 2.4% below Full Year 2021.
Compared to the pre-COVID year 2019, cargo
capacity in the Full Year was 9% below. However, due to strong
yield performance, total revenues in 2022 were 63% higher compared
to 2019.
In 2022, Air France-KLM laid a strong foundation
for the coming years to remain a credible and prominent air cargo
player with the signing of a ten-year cooperation agreement with
the CMA-CGM Group. Moreover, as part of Air France-KLM program to
replace its aging Full Freighters and to strengthen Cargo’s
financials and sustainability, the Group firmed an order for four
Airbus A350F freighters destined to Air France in March 2022
(further to an LOI announced in December 2021) and early 2023 an
additional order for four A350F freighters (to replace current
fleet) to be operated by Martinair on behalf of KLM Cargo was
announced.
Investments in Transavia’s growth
capacity continues
|
Fourth quarter |
Full Year |
Transavia |
2022 |
Change |
2022 |
Change |
Passengers (thousands) |
4,505 |
+48.1% |
18,355 |
+108.3% |
Capacity (ASK m) |
9,416 |
+45.9% |
37,369 |
+85.9% |
Traffic (RPK m) |
7,983 |
+55.6% |
31,834 |
+112.1% |
Load factor |
84.8% |
+5.3 pt |
85.2% |
+10.5 pt |
Total passenger revenues (€m) |
513 |
+57.3% |
2,218 |
+119.3% |
Unit revenue per ASK (€ cts) |
5.44 |
+7.6% |
6.06 |
+19.9% |
Unit cost per ASK (€ cts) |
6.64 |
+17.7% |
6.32 |
+9.1% |
Operating result (€m) |
-113 |
-76 |
-100 |
+50 |
During 2022, the demand recovery in leisure
traffic in Europe and North Africa continued. Compared to last
year, the capacity increased by 85.9%, traffic increased by 112.1%,
and the number of passengers increased by 108.3% resulting in a
load factor 10.5 points above 2021.
The operating result stood at -100 million euros
and improved by 50 million euros compared to Full Year 2021.
Compared to 2019, Full Year 2022 showed activity
levels at index 114 and a load factor below 2019 levels. The
average unit revenue per ASK increased by 14% compared to 2019,
mainly driven by a strong yield increase of 23%. The average unit
cost per ASK increased by 28% versus 2019, mainly driven by the
high fuelprice and higher disruption cost.
The fleet of Transavia reached 99 aircraft by
the end of the year.
Maintenance business:
Solid
performance during 2022
|
Fourth quarter |
Full Year |
Maintenance |
2022 |
Change |
Change constant currency |
2022 |
Change |
Change constant currency |
Total revenues (€m) |
1,018 |
+27.9% |
|
3,586 |
+28.0% |
|
Third-party revenues (€m) |
405 |
+54.0% |
+41.4% |
1,389 |
+35.8% |
+33.7% |
Operating result (€m) |
16 |
-53 |
-55 |
163 |
75 |
81 |
Operating margin (%) |
1.5% |
-7.1 pt |
-7.0 pt |
4.5% |
+1.4 pt |
+1.7 pt |
Full Year operating result stood at 163 million
euros, which represents an increase of 81 million euros at constant
currency compared to Full Year 2021 and is due to a higher activity
and an operational improvement.
Total revenues increased by 28% in 2022 while
third party revenues increased by 33.7% at constant currency,
showing a strong recovery. The operating margin stood at 4.5%,
which is 1.4 point higher than the operating margin in 2021.
Compared to Full Year 2019 the margin is still one point lower.
Adjusted operating free cash flow
positive leading to a Net debt/EBITDA ratio
at 1.8x
|
Fourth quarter |
Full Year |
In € million |
2022 |
Change |
2022 |
Change |
Cash flow before change in WCR and Voluntary Departure Plans,
continuing operations (€m) |
683 |
-28 |
3,121 |
+2,901 |
Cash out related to Voluntary Departure Plans (€m) |
-58 |
+20 |
-233 |
+63 |
Change in Working Capital Requirement (WCR) (€m) |
-280 |
-529 |
1,968 |
+358 |
Net cash flow from operating activities
(€m) |
345 |
-537 |
4,856 |
3,322 |
Net investments* (€m) |
-688 |
-239 |
-2,092 |
-789 |
Operating free cash flow
(€m) |
-343 |
-776 |
2,764 |
2,533 |
Repayment of lease debt |
-208 |
+0 |
-861 |
+1 |
Adjusted operating free cash flow** |
-551 |
-776 |
1,903 |
+2,534 |
* Sum of ‘Purchase of property, plant and equipment and
intangible assets’ and ‘Proceeds on disposal of property, plant and
equipment and intangible assets’ as presented in the consolidated
cash flow statement.
** The “Adjusted operating free cash flow” is
operating free cash flow after deducting the repayment of lease
debt.
The Group generated an adjusted operating free
cash flow in 2022 of 1.9 billion euros, which is 2.5 billion euros
higher than last year.
In €
million |
31 Dec
2022 |
31 Dec 2021 |
Net debt |
6,337 |
8,216 |
EBITDA trailing 12 months |
3,615 |
745 |
Net debt/EBITDA |
1.8 x |
11.0 x |
Significant increase in Full
Year revenues resulting in positive
and improved operating result for both
airlines
|
Fourth quarter |
Full Year |
|
2022 |
Change |
2022 |
Change |
Air France Group Operating result (€m) |
144 |
+92 |
483 |
+1,886 |
Operating margin (%) |
3.2% |
+1.4 pt |
3.0% |
+19.0 pt |
KLM Group Operating result (€m) |
-2 |
-129 |
706 |
+933 |
Operating margin (%) |
-0.1% |
-6.3 pt |
6.6% |
+10.3 pt |
The audit procedures have been completed. The
audit report is in the process of being issued.
******
The results presentation is available at
www.airfranceklm.com on February 17, 2023 from
7:00 am CET.
A conference call hosted by Mr. Smith (CEO) and Mr. Zaat (CFO)
will be held on February 17, 2023 at 08.15 am
CET. To
connect to the conference call, please dial:
France: Local +33 (0)1 76 77 22 88Netherlands:
Local +31 (0) 20 703 8211UK: Local +44 (0)330 165 3656US: Local +1
323-994-2093
Confirmation code: 8967838
Investor Relations |
|
Press |
Frederic Kahane |
Michiel Klinkers |
+33 1 41 56 56
00 |
|
|
|
frkahane@airfranceklm.com |
Michiel.klinkers@airfranceklm.com |
|
Income Statement
|
Fourth quarter |
Full Year |
€m |
2022 |
2021* |
Change |
2022 |
2021* |
Change |
Revenues from ordinary
activities |
7,128 |
4,838 |
47% |
26,393 |
14,315 |
84% |
Aircraft fuel |
-2,057 |
-937 |
120% |
-7,241 |
-2,748 |
164% |
Chartering costs |
-101 |
-93 |
9% |
-387 |
-325 |
19% |
Landing fees and air route charges |
-439 |
-350 |
25% |
-1,710 |
-1,185 |
44% |
Catering |
-195 |
-132 |
48% |
-720 |
-382 |
88% |
Handling charges and other operating costs |
-418 |
-317 |
32% |
-1,608 |
-1,027 |
57% |
Aircraft maintenance costs |
-613 |
-444 |
38% |
-2,256 |
-1,625 |
39% |
Commercial and distribution costs |
-246 |
-130 |
89% |
-887 |
-385 |
130% |
Other external expenses |
-412 |
-312 |
32% |
-1,488 |
-1,152 |
29% |
Salaries and related costs |
-2,049 |
-1,526 |
34% |
-7,289 |
-5,340 |
36% |
Taxes other than income taxes |
-38 |
-16 |
138% |
-156 |
-116 |
34% |
Other income and expenses |
226 |
247 |
-9% |
964 |
715 |
35% |
EBITDA |
786 |
828 |
-5% |
3,615 |
745 |
385% |
Amortization, depreciation and provisions |
-652 |
-649 |
0% |
-2,422 |
-2,371 |
2% |
Income from current operations |
134 |
179 |
-25% |
1,193 |
-1,626 |
nm |
Sales of aircraft equipment |
21 |
1 |
2000% |
66 |
-19 |
nm |
Other non-current income and expenses |
-21 |
20 |
nm |
-65 |
-887 |
-93% |
Income from operating activities |
134 |
199 |
-33% |
1,194 |
-2,532 |
nm |
Cost of financial debt |
-153 |
-247 |
-38% |
-569 |
-730 |
-22% |
Income from cash and cash equivalent |
33 |
0 |
nm |
41 |
2 |
1950% |
Net cost of financial debt |
-120 |
-247 |
-51% |
-528 |
-728 |
-27% |
Other financial income and expenses |
295 |
-91 |
nm |
-324 |
-289 |
12% |
Income before tax |
309 |
-139 |
nm |
342 |
-3,549 |
nm |
Income taxes |
183 |
26 |
604% |
390 |
282 |
38% |
Net income of consolidated companies |
492 |
-113 |
nm |
732 |
-3,267 |
nm |
Share of profits (losses) of associates |
12 |
-13 |
nm |
12 |
-27 |
nm |
Net income for the period |
504 |
-126 |
nm |
744 |
-3,294 |
nm |
Non-controlling interests |
8 |
0 |
nm |
16 |
-2 |
nm |
Net income for the period – Group part |
496 |
-126 |
nm |
728 |
-3,292 |
nm |
* Restated figures include the change in accounting principles
for pensions (interpretation of IAS19)
Consolidated Balance Sheet
Assets |
31 Dec
2022 |
31 Dec 2021 |
€m |
Goodwill |
225 |
222 |
Intangible assets |
1,337 |
1,235 |
Flight equipment |
10,614 |
10,466 |
Other property, plant and equipment |
1,375 |
1,402 |
Right-of-use assets |
5,428 |
5,148 |
Investments in equity associates |
120 |
109 |
Pension assets |
39 |
- |
Other non-current financial assets |
1,184 |
951 |
Non-current derivatives financial assets |
262 |
143 |
Deferred tax assets |
714 |
278 |
Total non-current assets |
21,298 |
19,954 |
Other current financial assets |
620 |
484 |
Current derivatives financial assets |
327 |
469 |
Inventories |
723 |
567 |
Trade receivables |
1,785 |
1,511 |
Other current assets |
847 |
966 |
Cash and cash equivalents |
6,626 |
6,658 |
Assets held for sale |
79 |
74 |
Total current assets |
11,007 |
10,729 |
Total assets |
32,305 |
30,683 |
Liabilities and equity |
31 Dec
2022 |
31 Dec 2021 |
In million
euros |
Issued capital |
2,571 |
643 |
Additional paid-in capital |
5,217 |
4,949 |
Treasury shares |
-25 |
-25 |
Perpetual bonds |
933 |
3,151 |
Reserves and retained earnings |
-11,700 |
-12,542 |
Equity attributable to equity holders of Air
France-KLM |
-3,004 |
-3,824 |
Non-controlling interests |
524 |
8 |
Total Equity |
-2,480 |
-3,816 |
Pension provisions |
1,634 |
1,939 |
Non-current return obligation liabilities and provisions for leased
aircraft and other provisions |
4,149 |
4,055 |
Non-current financial liabilities |
9,657 |
11,274 |
Non-current lease debt |
3,318 |
2,924 |
Non-current derivatives financial liabilities |
21 |
25 |
Deferred tax liabilities |
1 |
1 |
Other non-current liabilities |
2,343 |
2,555 |
Total non-current liabilities |
21,123 |
22,773 |
Current return obligation liabilities and provisions for leased
aircraft and other provisions |
740 |
885 |
Current financial liabilities |
896 |
1,215 |
Current lease debt |
834 |
825 |
Current derivatives financial liabilities |
83 |
46 |
Trade payables |
2,424 |
1,850 |
Deferred revenue on ticket sales |
3,725 |
2,644 |
Frequent flyer programs |
900 |
888 |
Other current liabilities |
4,057 |
3,369 |
Bank overdrafts |
3 |
4 |
Total current liabilities |
13,662 |
11,726 |
Total equity and liabilities |
32,305 |
30,683 |
Statement of Consolidated Cash Flows
from 1 January until 31
December 2022
€m |
31 Dec
2022 |
31 Dec
2021* |
Net income |
744 |
-3,294 |
Amortization, depreciation and operating provisions |
2,422 |
2,371 |
Financial provisions |
145 |
115 |
Loss (gain) on disposals of tangible and intangible assets |
-92 |
18 |
Loss (gain) on disposals of subsidiaries and associates |
1 |
-26 |
Derivatives – non monetary result |
-4 |
-39 |
Unrealized foreign exchange gains and losses, net |
151 |
257 |
Share of (profits) losses of associates |
-12 |
27 |
Deferred taxes |
-436 |
-284 |
Impairment |
32 |
40 |
Other non-monetary items |
-63 |
739 |
Financial Capacity |
2,888 |
-76 |
(Increase) / decrease in inventories |
-155 |
-41 |
(Increase) / decrease in trade receivables |
-146 |
-239 |
Increase / (decrease) in trade payables |
570 |
395 |
Increase / (decrease) in advanced ticket sales |
1,092 |
227 |
Change in other assets and liabilities |
607 |
1,268 |
Change in working capital
requirement |
1,968 |
1,610 |
Net cash flow from operating activities |
4,856 |
1,534 |
Acquisition of subsidiaries, of shares in non-controlled
entities |
-3 |
-4 |
Purchase of property, plant and equipment and intangible
assets |
-2,972 |
-2,202 |
Proceeds on disposal of subsidiaries, of shares in non-controlled
entities |
-1 |
75 |
Proceeds on disposal of property, plant and equipment and
intangible assets |
880 |
899 |
Dividends received |
2 |
2 |
Decrease (increase) in net investments, more than 3 months |
-59 |
-9 |
Net cash flow used in investing activities |
-2,153 |
-1,239 |
Increase of equity |
1,551 |
1,024 |
Capital increase paid by non controlling interests |
3 |
- |
Perpetual |
-969 |
- |
Coupons on perpetual |
-252 |
- |
Issuance of debt |
1,110 |
1,724 |
Repayment on debt |
-3,078 |
-1,993 |
Payments on lease debt |
-861 |
-862 |
New loans |
-305 |
-188 |
Repayment on loans |
45 |
219 |
Dividends paid |
- |
-1 |
Net cash flow from financing activities |
-2,756 |
-77 |
Effect of exchange rate on cash and cash equivalents and bank
overdrafts (net of cash acquired or sold) |
22 |
14 |
Change in cash and cash equivalents and bank
overdrafts |
-31 |
232 |
Cash and cash equivalents and bank overdrafts at beginning of
period |
6,654 |
6,422 |
Cash and cash equivalents and bank overdrafts at end of period |
6,623 |
6,654 |
* Restated figures include the change in accounting principles
for pensions (interpretation of IAS19)Return on capital
employed (ROCE)
In million
euros |
31 Dec 2022 |
30 Sep 2022 |
30 Jun 2022 |
31 Mar 2022 |
31 Dec 2021 |
30* Sep
2021 |
30* Jun
2021 |
31* Mar
2021 |
Goodwill and intangible assets |
1,562 |
1,425 |
1,437 |
1,473 |
1,457 |
1,456 |
1,464 |
1,479 |
Flight equipment |
10,614 |
10,298 |
10,521 |
10,537 |
10,466 |
10,478 |
10,645 |
10,800 |
Other property, plant and equipment |
1,375 |
1,349 |
1,358 |
1,378 |
1,402 |
1,418 |
1,453 |
1,476 |
Right-of-use assets |
5,428 |
5,536 |
5,439 |
5,205 |
5,148 |
5,061 |
5,033 |
4,795 |
Investments in equity associates |
120 |
111 |
108 |
107 |
109 |
172 |
166 |
223 |
Financial assets excluding marketable securities and financial
deposits |
169 |
164 |
162 |
158 |
157 |
147 |
147 |
146 |
Provisions, excluding pension, cargo litigation and
restructuring |
-4,347 |
-4,792 |
-4,473 |
-4,240 |
-4,180 |
-4,180 |
-4,033 |
-4,083 |
WCR, excluding market value of derivatives |
-10,092 |
-10,434 |
-11,156 |
-9,589 |
-8,262 |
-7,995 |
-7,745 |
-6,410 |
Capital employed |
4,829 |
3,657 |
3,396 |
5,029 |
6,297 |
6,557 |
7,130 |
8,426 |
Average capital employed (A) |
4,228 |
7,103 |
Adjusted results from current operations |
1,193 |
-1,626 |
- Dividends received |
-1 |
0 |
- Share of profits (losses) of associates |
12 |
-27 |
- Normative income tax |
-311 |
462 |
Adjusted result from current operations after tax
(B) |
893 |
-1,191 |
ROCE, trailing 12 months (B/A) |
21.1% |
-16.8% |
* Restated figures include the change in accounting principles
for pensions (interpretation of IAS19)
Net debt
|
Balance sheet at |
€m |
31 Dec
2022 |
31 Dec 2021 |
Current and non-current financial liabilities |
10,553 |
12,489 |
Current and non-current lease debt |
4,152 |
3,749 |
Accrued interest |
-127 |
-128 |
Deposits related to financial liabilities |
-101 |
-99 |
Deposits related to lease debt |
-99 |
-85 |
Derivatives impact on debt |
-35 |
-14 |
Gross financial liabilities
(A) |
14,343 |
15,912 |
Cash and cash equivalents |
6,626 |
6,658 |
Marketable securities > 3 months |
572 |
513 |
Bonds |
811 |
529 |
Bank overdrafts |
-3 |
-4 |
Net cash (B) |
8,006 |
7,696 |
Net debt (A) – (B) |
6,337 |
8,216 |
Adjusted operating free cash
flow
|
Fourth quarter |
Full Year |
€m |
2022 |
2021 |
2022 |
2021 |
Net cash flow from operating activities |
345 |
882 |
4,856 |
1,534 |
Investment in property, plant, equipment and intangible assets |
-890 |
-659 |
-2,972 |
-2,202 |
Proceeds on disposal of property, plant, equipment and intangible
assets |
202 |
210 |
880 |
899 |
Operating free cash flow |
-343 |
433 |
2,764 |
231 |
Payments on lease debt |
-208 |
-208 |
-861 |
-862 |
Adjusted operating free cash flow |
-551 |
225 |
1,903 |
-631 |
Bridge from EBITDA to Financial capacity
|
Fourth quarter |
Full Year |
|
2022 |
2021* |
2022 |
2021* |
EBITDA |
786 |
828 |
3,615 |
745 |
Provisions (CO2 and other) |
75 |
10 |
90 |
-6 |
Correction of spare parts inventory |
-5 |
1 |
-1 |
5 |
Addition to pension provisions |
28 |
38 |
125 |
206 |
Reversal to pension provisions (cash-out) |
-50 |
-40 |
-100 |
-140 |
Sales of tangible and intangible assets (excluding
aeronauticals) |
5 |
-1 |
32 |
30 |
Income from operation activities - cash
impact |
839 |
836 |
3,761 |
840 |
Restructuring costs |
-58 |
-78 |
-233 |
-296 |
Other non-current income and expenses |
0 |
-8 |
-7 |
-74 |
Cost of financial liability |
-153 |
-137 |
-582 |
-577 |
Financial income |
28 |
-3 |
25 |
-14 |
Realized foreign exchanges gain/loss |
-11 |
14 |
-22 |
63 |
Termination of trading hedges - cash |
0 |
0 |
0 |
-8 |
Settlements of forwards derivates - cash |
0 |
0 |
0 |
-3 |
Current income tax |
-20 |
5 |
-46 |
-1 |
Other financial charges & expenses - cash |
0 |
0 |
-11 |
-8 |
Other elements |
0 |
4 |
3 |
2 |
Financial capacity |
625 |
633 |
2,888 |
-76 |
* Restated figures include the change in accounting principles
for pensions (interpretation of IAS19)
Unit cost: net cost per ASK
|
Fourth quarter |
Full Year |
|
2022 |
2021* |
2022 |
2021* |
Revenues (in €m) |
7,128 |
4,838 |
26,393 |
14,315 |
Income/(loss) from current operations (in €m) -/- |
-134 |
-179 |
-1,193 |
1,626 |
Total operating expense (in €m) |
6,994 |
4,659 |
25,200 |
15,941 |
Passenger network business – other revenues (in €m) |
-150 |
-92 |
-461 |
-313 |
Cargo network business – other revenues (in €m) |
-113 |
-125 |
-453 |
-421 |
Third-party revenues in the maintenance business (in €m) |
-405 |
-263 |
-1,389 |
-1,023 |
Transavia - other revenues (in €m) |
-1 |
0 |
45 |
3 |
Third-party revenues of other businesses (in €m) |
-5 |
-7 |
-26 |
-27 |
Net cost (in €m) |
6,319 |
4,173 |
22,914 |
14,161 |
Capacity produced, reported in ASK* |
72,698 |
59,937 |
282,826 |
196,116 |
Net cost per ASK (in € cents per ASK) |
8.69 |
6.96 |
8.10 |
7.22 |
Gross change |
|
24.9% |
|
12.2% |
Currency effect on net costs (in €m) |
|
-141 |
|
-397 |
Change at constant currency |
|
20.8% |
|
9.1% |
Fuel price effect (in €m) |
|
639 |
|
2,078 |
Net cost per ASK on a constant currency and fuel price
basis (in € cents per ASK) |
8.69 |
8.26 |
8.10 |
8.48 |
Change at constant currency and fuel price
basis |
|
+5.2% |
|
-4.5% |
* Restated figures include the change in accounting principles
for pensions (interpretation of IAS19)(1) The capacity produced by
the transportation activities is combined by adding the capacity of
the Passenger network (in ASK) to that of Transavia (in ASK).
Group results
Air France Group
|
Fourth quarter |
Full Year |
|
2022 |
Change |
2022 |
Change |
Revenue (in €m) |
4,541 |
+53.9% |
16,285 |
+86.2% |
EBITDA (in €m) |
532 |
+69 |
1,961 |
+1,915 |
Operating result (in €m) |
144 |
+92 |
483 |
+1,886 |
Operating margin (%) |
3.2% |
+1.4 pt |
3.0% |
+19.0 pt |
Operating cash flow before WCR and restructuring cash out (in
€m) |
457 |
+65 |
1,601 |
+1,919 |
Operating cash flow (before WCR and restructuring) margin |
10.1% |
-3.2 pt |
9.8% |
+13.5 pt |
KLM Group
|
Fourth quarter |
Full Year |
|
2022 |
Change |
2022 |
Change |
Revenue (in €m) |
2,758 |
+35.3% |
10,679 |
+76.1% |
EBITDA (in €m) |
261 |
-104 |
1,678 |
+984 |
Operating result (in €m) |
-2 |
-129 |
706 |
+933 |
Operating margin (%) |
-0.1% |
-6.3 pt |
6.6% |
+10.3 pt |
Operating cash flow before WCR and restructuring cash out (in
€m) |
213 |
-115 |
1,535 |
+1,010 |
Operating cash flow (before WCR and restructuring) margin |
7.7% |
-8.4 pt |
14.4% |
+5.7 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
31 December
2022
Aircraft type |
AF(incl. HOP) |
KL (incl. KLC & MP) |
Transavia |
Owned |
Finance lease |
Operating lease |
Total |
In operation |
Change /
31/12/21 |
B777-300 |
43 |
16 |
|
18 |
17 |
24 |
59 |
59 |
|
B777-200 |
18 |
15 |
|
26 |
1 |
6 |
33 |
33 |
-3 |
B787-9 |
10 |
13 |
|
4 |
7 |
12 |
23 |
23 |
|
B787-10 |
|
7 |
|
2 |
5 |
|
7 |
7 |
2 |
A380-800 |
4 |
|
|
2 |
1 |
1 |
4 |
|
|
A350-900 |
20 |
|
|
3 |
7 |
10 |
20 |
20 |
8 |
A330-300 |
|
5 |
|
|
|
5 |
5 |
5 |
1 |
A330-200 |
15 |
6 |
|
11 |
|
10 |
21 |
21 |
|
Total Long-Haul |
110 |
62 |
0 |
66 |
38 |
68 |
172 |
168 |
8 |
B737-900 |
|
5 |
|
5 |
|
|
5 |
5 |
|
B737-800 |
|
31 |
95 |
34 |
8 |
84 |
126 |
125 |
9 |
B737-700 |
|
9 |
4 |
7 |
|
6 |
13 |
10 |
-4 |
A321 |
18 |
|
|
10 |
|
8 |
18 |
18 |
-1 |
A320 |
39 |
|
|
3 |
4 |
32 |
39 |
39 |
-3 |
A319 |
19 |
|
|
11 |
|
8 |
19 |
17 |
-11 |
A318 |
9 |
|
|
5 |
|
4 |
9 |
9 |
-3 |
A220-300 |
16 |
|
|
12 |
|
4 |
16 |
15 |
9 |
Total Medium-Haul |
101 |
45 |
99 |
87 |
12 |
146 |
245 |
238 |
-4 |
Canadair Jet 1000 |
6 |
|
|
6 |
|
|
6 |
|
-11 |
Canadair Jet 700 |
|
|
|
|
|
|
|
|
|
Embraer 195 E2 |
|
14 |
|
|
|
14 |
14 |
14 |
7 |
Embraer 190 |
19 |
30 |
|
17 |
4 |
28 |
49 |
49 |
2 |
Embraer 175 |
|
17 |
|
3 |
14 |
|
17 |
17 |
|
Embraer 170 |
13 |
|
|
10 |
|
3 |
13 |
13 |
-2 |
Embraer 145 |
|
|
|
|
|
|
|
|
|
Total Regional |
38 |
61 |
0 |
36 |
18 |
45 |
99 |
93 |
-4 |
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 |
251 |
172 |
99 |
193 |
68 |
261 |
522 |
505 |
0 |
FOURTH QUARTER
2022
TRAFFIC
Passenger network activity*
|
|
Q4 |
|
|
Year to date |
Total Passenger network* |
2022 |
2021 |
Variation |
|
2022 |
2021 |
Variation |
Passengers carried (‘000s) |
16,490 |
12,840 |
28.4% |
|
64,968 |
35,855 |
81.2% |
Revenue pax-kilometers (m RPK) |
54,438 |
37,710 |
44.4% |
|
205,732 |
101,091 |
103.5% |
Available seat-kilometers (m ASK) |
63,281 |
53,485 |
18.3% |
|
245,457 |
176,019 |
39.4% |
Load factor (%) |
86.0% |
70.5% |
15.5 |
|
83.8% |
57.4% |
26.4 |
|
|
|
|
|
|
|
|
Long-haul |
|
|
|
|
|
|
|
Passengers carried (‘000s) |
6,123 |
4,147 |
47.6% |
|
22,908 |
11,038 |
107.5% |
Revenue pax-kilometers (m RPK) |
45,488 |
30,066 |
51.3% |
|
168,207 |
78,353 |
114.7% |
Available seat-kilometers (m ASK) |
52,143 |
42,893 |
21.6% |
|
198,824 |
143,359 |
38.7% |
Load factor (%) |
87.2% |
70.1% |
17.1 |
|
84.6% |
54.7% |
29.9 |
|
|
|
|
|
|
|
|
North America |
|
|
|
|
|
|
|
Passengers carried (‘000s) |
2,067 |
1,248 |
65.7% |
|
8,303 |
3,100 |
167.9% |
Revenue pax-kilometers (m RPK) |
14,799 |
8,971 |
65.0% |
|
59,383 |
22,405 |
165.0% |
Available seat-kilometers (m ASK) |
17,101 |
13,461 |
27.0% |
|
70,608 |
42,631 |
65.6% |
Load factor (%) |
86.5% |
66.6% |
19.9 |
|
84.1% |
52.6% |
31.5 |
|
|
|
|
|
|
|
|
Latin America |
|
|
|
|
|
|
|
Passengers carried (‘000s) |
859 |
562 |
53.0% |
|
3,102 |
1,293 |
139.9% |
Revenue pax-kilometers (m RPK) |
8,175 |
5,420 |
50.8% |
|
29,502 |
12,454 |
136.9% |
Available seat-kilometers (m ASK) |
9,031 |
6,590 |
37.0% |
|
33,097 |
23,211 |
42.6% |
Load factor (%) |
90.5% |
82.2% |
8.3 |
|
89.1% |
53.7% |
35.5 |
|
|
|
|
|
|
|
|
Asia / Middle East |
|
|
|
|
|
|
|
Passengers carried (‘000s) |
1,150 |
606 |
89.8% |
|
3,623 |
1,706 |
112.4% |
Revenue pax-kilometers (m RPK) |
8,561 |
4,090 |
109.3% |
|
26,121 |
11,440 |
128.3% |
Available seat-kilometers (m ASK) |
10,062 |
7,905 |
27.3% |
|
32,915 |
29,731 |
10.7% |
Load factor (%) |
85.1% |
51.7% |
33.3 |
|
79.4% |
38.5% |
40.9 |
|
|
|
|
|
|
|
|
Africa |
|
|
|
|
|
|
|
Passengers carried (‘000s) |
1,040 |
845 |
23.1% |
|
3,870 |
2,578 |
50.1% |
Revenue pax-kilometers (m RPK) |
6,357 |
4,846 |
31.2% |
|
23,170 |
14,398 |
60.9% |
Available seat-kilometers (m ASK) |
7,449 |
6,657 |
11.9% |
|
27,974 |
23,003 |
21.6% |
Load factor (%) |
85.3% |
72.8% |
12.5 |
|
82.8% |
62.6% |
20.2 |
|
|
|
|
|
|
|
|
Caribbean / Indian Ocean |
|
|
|
|
|
|
|
Passengers carried (‘000s) |
1,007 |
887 |
13.5% |
|
4,012 |
2,362 |
69.8% |
Revenue pax-kilometers (m RPK) |
7,595 |
6,738 |
12.7% |
|
30,032 |
17,656 |
70.1% |
Available seat-kilometers (m ASK) |
8,501 |
8,280 |
2.7% |
|
34,230 |
24,782 |
38.1% |
Load factor (%) |
89.3% |
81.4% |
8.0 |
|
87.7% |
71.2% |
16.5 |
|
|
|
|
|
|
|
|
Short and Medium-haul |
|
|
|
|
|
|
|
Passengers carried (‘000s) |
10,366 |
8,693 |
19.3% |
|
42,057 |
24,817 |
69.5% |
Revenue pax-kilometers (m RPK) |
8,951 |
7,644 |
17.1% |
|
37,525 |
22,739 |
65.0% |
Available seat-kilometers (m ASK) |
11,138 |
10,592 |
5.2% |
|
46,634 |
32,660 |
42.8% |
Load factor (%) |
80.4% |
72.2% |
8.2 |
|
80.5% |
69.6% |
10.8 |
* Air France and KLM
Transavia
activity
|
|
Q4 |
|
|
Year to date |
Transavia |
2022 |
2021 |
Variation |
|
2022 |
2021 |
Variation |
Passengers carried (‘000s) |
4,505 |
3,042 |
48.1% |
|
18,355 |
8,814 |
108.3% |
Revenue pax-kilometers (m RPK) |
7,983 |
5,131 |
55.6% |
|
31,834 |
15,012 |
112.1% |
Available seat-kilometers (m ASK) |
9,416 |
6,452 |
45.9% |
|
37,369 |
20,097 |
85.9% |
Load factor (%) |
84.8% |
79.5% |
5.3 |
|
85.2% |
74.7% |
10.5 |
Total group passenger
activity**
|
|
Q4 |
|
|
Year to date |
Total group** |
2022 |
2021 |
Variation |
|
2022 |
2021 |
Variation |
Passengers carried (‘000s) |
20,995 |
15,881 |
32.2% |
|
83,323 |
44,669 |
86.5% |
Revenue pax-kilometers (m RPK) |
62,422 |
42,841 |
45.7% |
|
237,567 |
116,103 |
104.6% |
Available seat-kilometers (m ASK) |
72,698 |
59,937 |
21.3% |
|
282,826 |
196,116 |
44.2% |
Load factor (%) |
85.9% |
71.5% |
14.4 |
|
84.0% |
59.2% |
24.8 |
** Air France, KLM and Transavia
Cargo activity
|
|
Q4 |
|
|
Year to date |
Total Group |
2022 |
2021 |
Variation |
|
2022 |
2021 |
Variation |
Revenue tonne-km (m RTK) |
1,756 |
2,001 |
(12.2%) |
|
6,888 |
8,057 |
(14.5%) |
Available tonne-km (m ATK) |
3,403 |
3,106 |
9.6% |
|
13,256 |
11,469 |
15.6% |
Load factor (%) |
51.6% |
64.4% |
(12.9) |
|
52.0% |
70.2% |
(18.3) |
Air France activity
|
|
Q4 |
|
|
Year to date |
Total Passenger network activity |
2022 |
2021 |
Variation |
|
2022 |
2021 |
Variation |
Passengers carried (‘000s) |
10,153 |
7,644 |
32.8% |
|
39,130 |
21,816 |
79.4% |
Revenue pax-kilometers (m RPK) |
33,203 |
22,153 |
49.9% |
|
123,444 |
60,180 |
105.1% |
Available seat-kilometers (m ASK) |
38,313 |
30,327 |
26.3% |
|
146,796 |
93,568 |
56.9% |
Load factor (%) |
86.7% |
73.0% |
13.6 |
|
84.1% |
64.3% |
19.8 |
Long-haul |
|
|
|
|
|
|
|
Passengers carried (‘000s) |
3,829 |
2,586 |
48.0% |
|
14,282 |
6,988 |
104.4% |
Revenue pax-kilometers (m RPK) |
27,696 |
17,862 |
55.1% |
|
101,269 |
47,127 |
114.9% |
Available seat-kilometers (m ASK) |
31,588 |
24,429 |
29.3% |
|
119,437 |
75,071 |
59.1% |
Load factor (%) |
87.7% |
73.1% |
14.6 |
|
84.8% |
62.8% |
22.0 |
Short and Medium-haul |
|
|
|
|
|
|
|
Passengers carried (‘000s) |
6,323 |
5,058 |
25.0% |
|
24,844 |
14,828 |
67.6% |
Revenue pax-kilometers (m RPK) |
5,508 |
4,291 |
28.4% |
|
22,175 |
13,054 |
69.9% |
Available seat-kilometers (m ASK) |
6,725 |
5,898 |
14.0% |
|
27,360 |
18,497 |
47.9% |
Load factor (%) |
81.9% |
72.8% |
9.1 |
|
81.1% |
70.6% |
10.5 |
|
|
Q4 |
|
|
Year to date |
Cargo activity |
2022 |
2021 |
Variation |
|
2022 |
2021 |
Variation |
Revenue tonne-km (m RTK) |
929 |
955 |
(2.7%) |
|
3,559 |
3,603 |
(1.2%) |
Available tonne-km (m ATK) |
1,950 |
1,677 |
16.3% |
|
7,494 |
5,871 |
27.7% |
Load factor (%) |
47.6% |
56.9% |
(9.3) |
|
47.5% |
61.4% |
(13.9) |
KLM activity
|
|
Q4 |
|
|
Year to date |
Total Passenger network activity |
2022 |
2021 |
Variation |
|
2022 |
2021 |
Variation |
Passengers carried (‘000s) |
6,337 |
5,196 |
22.0% |
|
25,838 |
14,039 |
84.0% |
Revenue pax-kilometers (m RPK) |
21,236 |
15,558 |
36.5% |
|
82,289 |
40,912 |
101.1% |
Available seat-kilometers (m ASK) |
24,968 |
23,158 |
7.8% |
|
98,660 |
82,452 |
19.7% |
Load factor (%) |
85.1% |
67.2% |
17.9 |
|
83.4% |
49.6% |
33.8 |
Long-haul |
|
|
|
|
|
|
|
Passengers carried (‘000s) |
2,294 |
1,561 |
47.0% |
|
8,626 |
4,050 |
113.0% |
Revenue pax-kilometers (m RPK) |
17,793 |
12,204 |
45.8% |
|
66,939 |
31,227 |
114.4% |
Available seat-kilometers (m ASK) |
20,555 |
18,463 |
11.3% |
|
79,386 |
68,288 |
16.3% |
Load factor (%) |
86.6% |
66.1% |
20.5 |
|
84.3% |
45.7% |
38.6 |
Short and Medium-haul |
|
|
|
|
|
|
|
Passengers carried (‘000s) |
4,043 |
3,635 |
11.2% |
|
17,212 |
9,989 |
72.3% |
Revenue pax-kilometers (m RPK) |
3,443 |
3,353 |
2.7% |
|
15,350 |
9,685 |
58.5% |
Available seat-kilometers (m ASK) |
4,413 |
4,694 |
(6.0%) |
|
19,274 |
14,163 |
36.1% |
Load factor (%) |
78.0% |
71.4% |
6.6 |
|
79.6% |
68.4% |
11.3 |
|
|
Q4 |
|
|
Year to date |
Cargo activity |
2022 |
2021 |
Variation |
|
2022 |
2021 |
Variation |
Revenue tonne-km (m RTK) |
828 |
1,047 |
(20.9%) |
|
3,330 |
4,454 |
(25.2%) |
Available tonne-km (m ATK) |
1,453 |
1,430 |
1.7% |
|
5,762 |
5,598 |
2.9% |
Load factor (%) |
57.0% |
73.2% |
(16.3) |
|
57.8% |
79.6% |
(21.8) |
1 Change versus 31 Dec 20212 Subject to compliance with EU State
Aid Temporary Framework, if applicable3 2-years anniversary date of
the granting of the French State recapitalization aid4 Refers to
2024-2026 period
- AFKL_Q4_2022_Press_release
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