AIR FRANCE-KLM: THIRD QUARTER 2020 RESULTS
30 October 2020
THIRD QUARTER 2020
Increase of demand until mid-August, then
new governmental restrictions impacted the expected level of demand
recovery |
The continuation of the Covid-19 crisis severely
impacted the Third quarter 2020 results:
- Revenue at 2,524 million euros, down 67% compared to last
year
- EBITDA loss at -442 million euros, limited thanks to cost
control and state aid
- Operating result at –1,046 million euros, down 1,955 million
euros compared to last year
- Net income at -1,665 million euros, including restructuring
provision at -565 million euros, Covid-19 related over-hedging at
-39 million euros and fleet impairment at -31 million euros
- Net debt at 9,308 million euros, up 3,161 million compared to
end of 2019
- At 30 September 2020, the Group has 12.4 billion euros of
liquidity or credit lines at disposal
Air France and KLM have agreed with labour
representatives on substantial restructuring plans and submitted
them for final validation to the French and Dutch states.
OUTLOOKAir France-KLM Group
continues to implement the highest safety standards for its
customers and employees to counter virus transmission risks.
After the lockdown, the Group observed a
positive demand recovery trend until mid-August. Then, the negative
trend reversal for the Passenger activity led the airlines of the
Group to adjust downwards the capacity planned for the fall and
winter period.
There is limited visibility on the demand
recovery curve as customer booking behavior is much more short-term
oriented and also highly dependent on the imposed travel
restrictions, especially on the Long Haul network. The period of
lockdown starting today in France is a new difficulty that will
weigh on the Group's activities.In this context the Group
expects:
- Capacity in Available Seat kilometers circa index 45 for KLM
and inferior to index 35 for Air France in the Fourth quarter 2020
compared to 2019 for the Network passenger activity
- Negative load factor developments for the Fourth quarter 2020,
particularly on the long-haul network, and negative yield mix
effects due to a delayed recovery in business traffic
The Group anticipates a challenging fourth
quarter 2020, with a substantial lower EBITDA compared to Q3
2020.
Air France-KLM Group |
Third quarter |
Nine months |
2020 |
Change |
2020 |
Change |
Passengers (thousands) |
8,796 |
-69.8% |
28,124 |
-64.7% |
Passenger Unit revenue per ASK1 (€ cts) |
4.01 |
-42.7% |
5.05 |
-24.5% |
Operating result (€m) |
-1,046 |
-1,955 |
-3,414 |
-4,460 |
Net income – Group part (€m) |
-1,665 |
-2,026 |
-6,078 |
-6,213 |
Adj. operating free cash flow (€m) |
-1,220 |
-985 |
-3,547 |
-3,663 |
Net debt at end of period (€m) |
|
|
9,308 |
3,161 |
The Board of Directors of Air France-KLM, chaired by Anne-Marie
Couderc, met on 29 October 2020 to approve the financial statements
for the nine months 2020. Group CEO Mr. Benjamin Smith said:
“After a promising recovery during the summer,
the gradual closure of international borders in the second half of
August and the resurgence of the pandemic strongly impacted our
results in the Third Quarter, with the Group reporting an operating
loss of 1.0 billion euros. We have accelerated the implementation
of cost reduction and cash preservation measures. We are also
working closely with our partners on various means, such as rapid
detection tests, that would allow traffic within the best sanitary
conditions for our customers and employees. Beyond these immediate
necessary measures, we are engaged in a more profound
transformation of our Group, with the objective of exiting this
crisis in a stronger position, ready to address the future
challenges of our industry. Air transport will continue to connect
people and cultures, but we foresee changes in customers’
expectations that we anticipate too.We expect a challenging Fourth
quarter 2020, with current forward booking sharply down compared to
last year.”
Business review
Network: With active management of capacity to
meet the increasing demand, the Group was able to
ramp up capacity with incremental cash positive
flights
Network |
Third quarter |
Nine months |
2020 |
Change |
Change constant currency |
2020 |
Change |
Change constant currency |
Total revenues (€m) |
2,004 |
-68.6% |
-68.3% |
7,220 |
-58.8% |
-58.8% |
Scheduled revenues (€m) |
1,856 |
-69.8% |
-69.4% |
6,753 |
-59.7% |
-59.7% |
Operating result (€m) |
-990 |
-1,649 |
-1,631 |
-2,842 |
-3,555 |
-3,564 |
Third quarter 2020 revenues decreased by 68.3%
at constant currency to 2,004 million euros. The operating result
amounted to -990 million euros, a -1,631 million euros decrease at
constant currency compared to last year. Measures were strengthened
to preserve cash, including reduction of investments, cost savings
measures, deferral of supplier payments and partial activity for
employees.
Passenger network:
Long-haul suffering from travel restrictions, ability to
capture traffic when border controls are less
restrictive
|
Third quarter |
Nine months |
Passenger network |
2020 |
Change |
Change constant currency |
2020 |
Change |
Change constant currency |
Passengers (thousands) |
6,782 |
-71.3% |
|
23,671 |
-64.3% |
|
Capacity (ASK m) |
32,100 |
-59.6% |
|
103,268 |
-54.1% |
|
Traffic (RPK m) |
13,752 |
-80.7% |
|
66,861 |
-66.3% |
|
Load factor |
42.8% |
-46.9
pt |
|
64.7% |
-23.5
pt |
|
Total passenger revenues (€m) |
1,329 |
-77.4% |
-77.1% |
5,512 |
-65.4% |
-65.4% |
Scheduled passenger revenues (€m) |
1,265 |
-77.9% |
-77.6% |
5,271 |
-65.7% |
-65.7% |
Unit revenue per ASK (€ cts) |
3.94 |
-45.2% |
-44.5% |
5.10 |
-25.4% |
-25.3% |
The passenger network activity was, as
anticipated strongly reduced, at around 40% of last year’s levels.
The tightening of travel restrictions, border closures and absence
of corporate travel delayed the expected traffic recovery. July and
August were relatively strong in term of traffic compared to a
disappointing September affected by restrictive travel
measures.
For the third quarter, the unit revenues were
down at -44.5% at constant currency compared to last year primarily
due to load factors decline on Long Haul operations. The Group’s
strategy was to only operate incremental cash positive flight and
several routes were taking advantage of the strong worldwide cargo
demand while having few passenger on board.
The visiting friend and relative demand was
driving the summer traffic, with the French Domestic, African &
Middle East and Caribbean & Indian Ocean as the more resilient
with a unit revenue performance between -22% and -27% at constant
currency.
The medium-haul performance was mixed during
summer, with some leisure destinations such as Italy, Spain,
Portugal and Greece benefiting from easing travel restrictions and
other strongly affected by quarantine and testing process like UK
or Germany.
North Atlantic, South American and Asian
networks continued to be strongly affected by the border
restrictions in place with an important decline in capacity and
passenger traffic during summer.
Cargo: Continued strong performance of cargo due to the
gap between industry capacity and demand
|
Third quarter |
Nine months |
Cargo business |
2020 |
Change |
Change constant currency |
2020 |
Change |
Change constant currency |
Tons (thousands) |
220 |
-20.0% |
|
611 |
-25.7% |
|
Capacity (ATK m) |
2,537 |
-33.3% |
|
7,309 |
-32.9% |
|
Traffic (RTK m) |
1,735 |
-17.0% |
|
4,747 |
-24.2% |
|
Load factor |
68.4% |
+13.4
pt |
|
65.0% |
+7.5
pt |
|
Total Cargo revenues (€m) |
676 |
+31.7% |
+34.1% |
1,708 |
+7.1% |
+6.9% |
Scheduled cargo revenues (€m) |
592 |
+35.7% |
+38.0% |
1,482 |
+8.7% |
+8.4% |
Unit revenue per ATK (€ cts ) |
23.35 |
+104.0% |
+107.6% |
20.28 |
+62.0% |
+61.6% |
Global air cargo capacity is at the end of the
Third quarter 2020 approximately 15% lower than 2019. Tightening of
supply and demand levels increased yields by significant amount
over the past months.
September was the fifth consecutive month of
gradual air cargo market improvements and Air France-KLM’s Cargo
activity continued to strongly perform with a unit revenue at
constant currency up 104.0% in the Third quarter 2020. The Cargo
capacity of the Group has been down 33.3%, primarily driven by the
reduction in belly capacity of passenger aircraft partly offset by
the increase of the full freighters’ capacity and mini cargo
flights (passenger aircraft with only belly capacity
commercialized). The load factors were strongly up 13.4 points for
the quarter.
On the demand side, world-wide air freight
volumes are down due to Covid-19 crisis but are expected to rebound
to 90 to 95% of pre Covid-19 levels in 2021. The supply-demand gap
of the past months is foreseen to narrow as industry capacity
supply will increase and will depend on the passenger traffic
recovery. Air France-KLM is in preparation to transport the future
Covid-19 vaccines.
Transavia operating loss in the Third
quarter at -13 million euros, impacted by border restrictions
reinstatement
|
Third quarter |
Nine months |
Transavia |
2020 |
Change |
2020 |
Change |
Passengers (thousands) |
2,014 |
-63.3% |
4,453 |
-66.6% |
Capacity (ASK m) |
6,009 |
-44.7% |
11,178 |
-57.4% |
Traffic (RPK m) |
3,869 |
-61.8% |
8,505 |
-64.9% |
Load factor |
64.4% |
-28.7 pt |
76.1% |
-16.4 pt |
Total passenger revenues (€m) |
262 |
-60.6% |
521 |
-62.9% |
Unit revenue per ASK (€ cts) |
4.38 |
-30.2% |
4.55 |
-16.3% |
Unit cost per ASK (€ cts) |
4.61 |
-1.3% |
6.39 |
+32.5% |
Operating result (€m) |
-13 |
-189 |
-206 |
-364 |
The Third quarter operating result ended 189
million euros lower compared to last year at an operational loss of
-13 million euros, as a result of the Covid-19 crisis.
Activity levels were close to 55% of last year’s
level, with an unit revenue down -30,2% compared to the Third
quarter 2019. Transavia France and Holland were able to capture
traffic and fill their planes with reasonable load factors and good
yields on several leisure destinations. Spain, Greece, Portugal and
Italy routes were the most resilient during the quarter. However,
severe travel restrictions from the Netherlands to Spain and Greece
in the course of the third quarter, did put pressure on activity
levels and loadfactor.
Transavia France will expend its French Domestic
operation starting in November 2020 from Paris Orly and provinces
airports.However, the resurgence of Covid-19 and border
restrictions have slowed down Transavia in the traffic
recovery.
Strict cash preservation measures are still in
place including reduction of investments, cost savings measures,
deferral of supplier payments and partial activity measures.
Maintenance business operating result for Third quarter
2020 at -46 million euros, impacted by Covid-19
|
Third quarter |
Nine months |
Maintenance |
2020 |
Change |
Change constant currency |
2020 |
Change |
Change constant currency |
Total revenues (€m) |
616 |
-47.1% |
|
2,255 |
-34.7% |
|
Third-party revenues (€m) |
247 |
-54.5% |
-53.1% |
963 |
-40.7% |
-41.6% |
Operating result (€m) |
-46 |
-117 |
-111 |
-366 |
-536 |
-542 |
Operating margin (%) |
-7.4% |
-13.5 pt |
-13.1 pt |
-16.2% |
-21.2 pt |
-21.3 pt |
The Third quarter operating result stood at -46
million euros, a decrease of 117 million euros, highly impacted by
the Covid-19 crisis. Revenues declined and were also impacted by
the Air France-KLM Group airlines decrease in activity.
During the Third quarter, contracts signature
have restarted and will be included in the order book before year
end. The Maintenance business is carefully managing agreements with
clients on payment terms.
Operating costs have been reduced in the Third
quarter 2020 by a reduced maintenance activity level, partial
activity pay schemes for employees and other initiated cost savings
measures. The Maintenance order book is assessed
to 9.3 billion dollars at 30 September 2020 a decrease of 2.2
billion dollars compared to 31 December 2019, explained by the
Covid-19 crisis effects already occurring and expected. Air
France-KLM Group: Decline of 5 billion euros in revenues and 2
billion euros in EBITDA during the third quarter
|
Third quarter |
Nine months |
|
2020 |
Change |
Change constant currency |
2020 |
Change |
Change constant currency |
Capacity (ASK m) |
38,109 |
-57.8% |
|
114,446 |
-54.4% |
|
Traffic (RPK m) |
17,621 |
-78.4% |
|
75,367 |
-66.2% |
|
Passenger unit revenue per ASK (€ cts) |
4.01 |
-43.4% |
-42.7% |
5.05 |
-24.6% |
-24.5% |
Group unit revenue per ASK (€ cts) |
5.56 |
-26.5% |
-25.6% |
6.34 |
-12.3% |
-12.3% |
Group unit cost per ASK (€ cts) at constant fuel |
8.31 |
+26.7% |
+38.2% |
9.33 |
+36.7% |
+40.4% |
Revenues (€m) |
2,524 |
-66.8% |
-66.4% |
8,725 |
-57.6% |
-57.7% |
EBITDA (€m) |
-442 |
-2,095 |
-2,071 |
-1,282 |
-4,545 |
-4,554 |
Operating result (€m) |
-1,046 |
-1,955 |
-1,931 |
-3,414 |
-4,460 |
-4,470 |
Operating margin (%) |
-41.4% |
-53.4
pt |
-53.2 pt |
-39.1% |
-44.2
pt |
-44.2 pt |
Net income - Group part (€m) |
-1,665 |
-2,027 |
|
-6,078 |
-6,213 |
|
2019 results restated for LLP componentization
accounting change and EU passenger compensation reclassification
between revenues and external expenses
In the Third quarter 2020, the Air France-KLM
Group posted an operating result of -1,046 million euros, down by
1,955 million euros compared to last year.
Net income amounted to -1,665 million euros in
the Third quarter 2020, a decrease of 2,027 million euros compared
to last year, of which exceptional accounting items due to
Covid-19:
- Restructuring costs provision of-565 million euros with
Departure Plan of French Ground staff, contractual termination for
Air France flight attendants, complement for contractual
termination for Air France pilots, Departure Plan for Air
France-KLM International Commercial staff and Departure Plan for
HOP!
- Q4 2020 and Q1 2021 fuel over hedge has been recycled to “Other
financial income and expenses” for -39 million euros
- Fleet impairment on Airbus A380 and the Canadair Jet of HOP! At
-31 million euros
Currencies had a negative 92 million euro impact
on revenues and a positive 67 million euro effect on costs
including currency hedging in the Third quarter of 2020.
Since the beginning of the crisis, Air France,
KLM and Transavia proceeded 1.8 billion euros of refunds including
300 million euros of voucher issued.
The Third quarter 2020 unit cost
increased by 26.7%, primarily caused by Covid-19 related capacity
reductions
Group net employee costs were down 36% in the
Third quarter 2020 compared to last year, supported by partial
activity implementation at Air France and KLM, release of temporary
and hired staff and no profit sharing provisions to be made at both
airlines. The average number of FTEs (Full Time Equivalent) in the
Third quarter 2020 decreased by 5,500 compared to the Third quarter
2019, including 2,500 temporary contracts.
Net debt up 3.2 billion euros
|
Third quarter |
Nine months |
In € million |
2020 |
Change |
2020 |
Change |
Cash flow before change in WCR and Voluntary Departure Plans,
continuing operations (€m) |
-594 |
-2,115 |
-1,926 |
-4,950 |
Cash out related to Voluntary Departure Plans (€m) |
-137 |
-115 |
-152 |
-119 |
Change in Working Capital Requirement (WCR) (€m) |
124 |
+831 |
666 |
+582 |
Net cash flow from operating activities
(€m) |
-609 |
-1,399 |
-1,412 |
-4,487 |
Net investments* (€m) |
-362 |
+418 |
-1,473 |
+738 |
Operating free cash flow
(€m) |
-970 |
-981 |
-2,885 |
-3,749 |
Repayment of lease debt |
-251 |
-5 |
-662 |
+86 |
Adjusted operating free cash flow** |
-1,220 |
-985 |
-3,547 |
-3,663 |
* 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 Third quarter 2020 of -1,220 million euros, a decrease
of 985 million euros compared to last year, mainly explained by an
operating cash flow decline of 1,399 million euros, partly offset
by a reduction in net investments of 418 million euros.
Postponement of social charges, taxes and
negotiation with suppliers compensated the refunds process and the
low inflow of bookings and generated an improvement of +582 million
euros in Change in Working Capital Requirement compared to last
year.
In € million |
30 Sep 2020 |
31 Dec 2019 |
Net debt |
9,308 |
6 147 |
EBITDA
trailing 12 months |
-417 |
4 128 |
Net debt/EBITDA trailing 12
months |
-22.3 x |
1,5 x |
Both airlines results negatively impacted in the Third
quarter 2020
|
Third quarter |
Nine months |
|
2020 |
Change |
2020 |
Change |
Air France Group Operating result (€m) |
-807 |
-1,200 |
-2,401 |
-2,699 |
Operating margin (%) |
-54.1% |
-62.6 pt |
-47.4% |
-49.8 pt |
KLM Group Operating result (€m) |
-234 |
-745 |
-1,002 |
-1,736 |
Operating margin (%) |
-20.5% |
-36.8 pt |
-25.2% |
-33.9 pt |
OUTLOOK
Air France-KLM Group continues to implement
highest safety standards for customers and employees to counter
virus transmission risks.
After the lockdown, the Group observed a
promising demand recovery trend until mid-August. Then, the
negative trend reversal for the Passenger activity led the airlines
of the Group to adjust downwards the capacity planned for the fall
and winter period.
There is limited visibility on the demand
recovery curve as customer booking behavior is much more short-term
oriented than before the Covid-19 crisis and also highly dependent
of the imposed travel restrictions, especially on the Long Haul
network. The period of lockdown starting today in France is a new
difficulty that will weigh on the Group's activities.In this
context the Group expects:
- Capacity in Available Seat kilometers circa index 45 for KLM
and inferior to index 35 for Air France in the Fourth quarter 2020
compared to 2019 for the Network passenger activity
- Negative load factor developments for the Fourth quarter 2020,
particularly on long-haul network, and negative yield mix effects
due to a delayed recovery in business
The Full year 2020 Network passenger activity will be inferior
to index 50 compared to 2019, due to the Covid-19 crisis.
The Group anticipates a challenging fourth
quarter 2020, with a substantial lower EBITDA compared to Q3
2020.
At 30 September 2020, the Group has 12.4 billion euros of
liquidity or credit lines at disposal.
The Group foresees important liquidity
requirements in the Fourth quarter 2020 with:
- Negative Fourth quarter working capital requirement influenced
by deferred payments and substantial lower level of new bookings
compared to Q4 2019.
- Capex spending at 0.6 billion euros, of which half is fleet
Capex fully financed. The Group has reduced to 2.1 billion euros
his 2020 capex guidance. This is a reduction of -1.5 billion euros
compared to the initial 2020 guidance of 3.6 billion euros.
- The hybrid bond was repaid in October for 0.4 billion
euros.
AIR FRANCE AND KLM HAVE AGREED ON SUSBTANTIAL
RESTRUCTURING PLAN WITH LABOUR REPRESENTATIVES
The Group’s strategic orientations defined
during the 2019 Investor day started to deliver results in 2019 and
in early 2020. However, the Covid-19 which began in the first
quarter of 2020 around the world is having an unprecedented impact
on the industry and the Group has immediately reacted with safety,
operational and cash protection measures.
The focus on reducing external expenses and the
number of employees were one of the top priorities. Futhermore, the
French and the Dutch governments have provided financial packages
and the partial activity implemented in France and the “NOW”
mechanism in Holland allowed the Group to further reduce labor
costs.
To weather the crisis and cope with the new
reality, Air France-KLM Group is accelerating its transformation
plans and presented a substantial restructuring plan around the
competitiveness and sustainability pillars. Negotiations with the
trade unions have resulted in several agreements in Air France and
KLM.
To better align the fleet with the lower
passenger demand, Air France-KLM Group has accelerated the
phase-out of the Airbus 380, Airbus 340, Boeing 747, Canadair Jet
and Embraer 145 aircraft. These decisions will bring forward cost
savings and efficiency gains due to operating fewer aircraft types.
The Group does not anticipate to return to the pre-crisis levels of
global demand before several years and the short-term recovery
expected has been delayed with the resurgence of Covid-19 end of
summer.
KLM business model is still both valid and
valuable but needs to be reshaped to the new reality. KLM will be
smaller, cheaper, more frugal, more agile and more
sustainable.Operating costs will structurally being reduced in 2021
and beyond, with 750 million euros benefits in 2021 coming from
labour, fleet, procurements and fuel costs decrease. KLM's
restructuring plan calls for a reduction of 5,000 FTEs end of 2020.
The plan submitted to Dutch Government early October complies with
state aid conditions.
Air France will enlarge and accelerate its
restructuring plan to build a post-crisis successful model on
several pillars to restructure the French domestic, optimize
external spendings, transform support functions, adapt the
opeartions to the new activity, modernize the fleet and regain
commercial success. This will bring 800 million euros structural
benefits by 2021 and 1.2 billion euros in total by 2022. Air
France’s restructuring plan calls for a reduction of 4,000 FTEs end
of 2020 and a total of 8,500 FTEs by 2022. The plan submitted to
French Government complies with state aid conditions. The long term
partial activity establishement is under discussion with
representative unions.
******
The results presentation is available at
www.airfranceklm.com on 30 October 2020 from 7:15
am CET.
A conference call hosted by Mr. Smith (CEO) and Mr. Gagey (CFO)
will be held on 30 October 2020 at 08.30
CET.
To connect to the conference call, please dial:
France: Local +33 (0)1 70 72 25 50Netherlands:
Local +31 (0) 20 703 8211UK: Local +44 (0)330 336 9125US: Local +1
720 543 0214
Confirmation code: 9700330
To listen to the audio-replay of the conference
call, please dial:
- France: Local +33 (0) 1 70 48 00 94
- Netherlands: Local +31 (0) 20 721 8903
- UK: Local +44 (0)207 660 0134
- US: Local +1 719-457-0820
Confirmation code: 9700330
Investor
Relations
PressOlivier
Gall
Wouter van
Beek
+33 1 49 89 52
59
+33 1 49 89 52
60
+33 1 41 56 56
00olgall@airfranceklm.com
Wouter-van.Beek@airfranceklm.com
Income Statement
|
Third quarter |
Nine months |
€m |
2020 |
2019 |
Change |
2020 |
2019 |
Change |
Sales |
2,524 |
7,609 |
-66.8% |
8,725 |
20,572 |
-57.6% |
Other revenues |
0 |
0 |
nm |
0 |
0 |
nm |
Revenues |
2,524 |
7,609 |
-66.8% |
8,725 |
20,572 |
-57.6% |
Aircraft
fuel |
-489 |
-1,513 |
-67.7% |
-1,886 |
-4,118 |
-54.2% |
Chartering costs |
-68 |
-138 |
-50.7% |
-181 |
-407 |
-55.5% |
Landing
fees and en route charges |
-266 |
-531 |
-49.9% |
-743 |
-1,471 |
-49.5% |
Catering |
-58 |
-221 |
-73.8% |
-236 |
-617 |
-61.8% |
Handling
charges and other operating costs |
-204 |
-453 |
-55.0% |
-646 |
-1,294 |
-50.1% |
Aircraft
maintenance costs |
-331 |
-624 |
-47.0% |
-1,243 |
-1,920 |
-35.3% |
Commercial and distribution costs |
-61 |
-266 |
-77.1% |
-291 |
-783 |
-62.8% |
Other
external expenses |
-263 |
-419 |
-37.2% |
-937 |
-1,292 |
-27.5% |
Salaries
and related costs |
-1,293 |
-2,011 |
-35.7% |
-4,224 |
-6,031 |
-30.0% |
Taxes
other than income taxes |
-28 |
-27 |
+3.7% |
-108 |
-119 |
-10.0% |
Other
income and expenses |
95 |
247 |
-61.5% |
488 |
742 |
-34.3% |
EBITDA |
-442 |
1,653 |
nm |
-1,282 |
3,263 |
nm |
Amortization, depreciation and provisions |
-604 |
-744 |
-18.8% |
-2,132 |
-2,217 |
-3.8% |
Income from current operations |
-1,046 |
909 |
nm |
-3,414 |
1,046 |
nm |
Sales of
aircraft equipment |
8 |
1 |
+700.0% |
31 |
24 |
+29.2% |
Other
non-current income and expenses |
-597 |
-103 |
+479.9% |
-1,452 |
-133 |
+992% |
Income from operating activities |
-1,635 |
807 |
nm |
-4,835 |
937 |
nm |
Cost of
financial debt |
-136 |
-111 |
+22.5% |
-350 |
-332 |
+5.4% |
Income
from cash and cash equivalent |
5 |
14 |
-64.3% |
18 |
40 |
-55.0% |
Net cost of financial debt |
-131 |
-97 |
+35.1% |
-332 |
-292 |
+13.7% |
Other
financial income and expenses |
111 |
-259 |
nm |
-621 |
-391 |
+58.8% |
Income before tax |
-1,655 |
451 |
nm |
-5,788 |
254 |
nm |
Income
taxes |
12 |
-94 |
nm |
-242 |
-131 |
+84.7% |
Net income of consolidated companies |
-1,643 |
356 |
nm |
-6,030 |
123 |
nm |
Share of
profits (losses) of associates |
-22 |
6 |
nm |
-52 |
14 |
nm |
Net income for the period |
-1,665 |
363 |
nm |
-6,082 |
137 |
nm |
Minority
interest |
0 |
1 |
nm |
-4 |
2 |
nm |
Net income for the period – Group part |
-1,665 |
362 |
nm |
-6,078 |
135 |
nm |
2019 results restated (with a similar impact in both years) for
limited life parts componentization accounting change.
Consolidated Balance Sheet
Assets |
30 Sep 2020 |
31 Dec 2019 |
€m |
Goodwill |
216 |
217 |
Intangible assets |
1,253 |
1,305 |
Flight
equipment |
11,009 |
11,334 |
Other
property, plant and equipment |
1,535 |
1,580 |
Right-of-use assets |
4,789 |
5,173 |
Investments in equity associates |
224 |
307 |
Pension
assets |
96 |
420 |
Other
financial assets |
1,004 |
1,096 |
Deferred
tax assets |
271 |
523 |
Other
non-current assets |
176 |
241 |
Total non-current assets |
20,573 |
22,196 |
Other
short-term financial assets |
443 |
800 |
Inventories |
561 |
737 |
Trade
receivables |
1,208 |
2,164 |
Other
current assets |
883 |
1,123 |
Cash and
cash equivalents |
5,917 |
3,715 |
Total current assets |
9,012 |
8,539 |
Total assets |
29,585 |
30,735 |
Liabilities and
equity |
30 Sep 2020 |
31 Dec 2019 |
In million euros |
Issued capital |
429 |
429 |
Additional paid-in capital |
4,139 |
4,139 |
Treasury
shares |
-67 |
-67 |
Perpetual |
0 |
403 |
Reserves
and retained earnings |
-9,183 |
-2,620 |
Equity attributable to equity holders of Air
France-KLM |
-4,682 |
2,284 |
Non-controlling interests |
9 |
15 |
Total Equity |
-4,673 |
2,299 |
Pension
provisions |
2,123 |
2,253 |
Return
obligation liability and other provisions |
3,712 |
3,750 |
Financial debt |
10,814 |
6,271 |
Lease
debt |
2,634 |
3,149 |
Deferred
tax liabilities |
5 |
142 |
Other
non-current liabilities |
532 |
222 |
Total non-current liabilities |
19,820 |
15,787 |
Return
obligation liability and other provisions |
1,573 |
714 |
Current
portion of financial debt |
2,179 |
842 |
Current
portion of lease debt |
961 |
971 |
Trade
payables |
1,555 |
2,379 |
Deferred
revenue on ticket sales |
2,794 |
3,289 |
Frequent
flyer program |
913 |
848 |
Other
current liabilities |
4,462 |
3,602 |
Bank
overdrafts |
1 |
4 |
Total current liabilities |
14,438 |
12,649 |
Total equity and liabilities |
29,585 |
30,735 |
Statement of Consolidated Cash Flows
from 1st Jan until 30 Sept 2020
€m |
30 Sep 2020 |
30 Sep 2019 |
Net income from continuing operations |
-6,082 |
137 |
Amortization, depreciation and operating provisions |
2,132 |
2,217 |
Financial provisions |
135 |
162 |
Loss
(gain) on disposals of tangible and intangible assets |
-43 |
-34 |
Loss
(gain)on disposals of subsidiaries and associates |
1 |
0 |
Derivatives – non monetary result |
70 |
15 |
Unrealized foreign exchange gains and losses, net |
-83 |
223 |
Impairment |
670 |
0 |
Other
non-monetary items |
761 |
218 |
Share of
(profits) losses of associates |
52 |
-14 |
Deferred taxes |
309 |
67 |
Financial Capacity |
-2,078 |
2,991 |
(Increase) / decrease in inventories |
134 |
-83 |
(Increase) / decrease in trade receivables |
823 |
-147 |
Increase
/ (decrease) in trade payables |
-792 |
41 |
Increase
/ (decrease) in advanced ticket sales |
-435 |
327 |
Change
in other receivables and payables |
936 |
-54 |
Change in working capital requirements |
666 |
84 |
Net cash flow from operating activities |
-1,412 |
3,075 |
Purchase
of property, plant and equipment and intangible assets |
-1,654 |
-2,295 |
Proceeds
on disposal of property, plant and equipment and intangible
assets |
181 |
84 |
Proceeds
on disposal of subsidiaries, of shares in non-controlled
entities |
357 |
8 |
Acquisition of subsidiaries, of shares in non-controlled
entities |
-1 |
-1 |
Dividends received |
0 |
10 |
Decrease
(increase) in net investments, more than 3 months |
-9 |
-9 |
Net cash flow used in investing activities |
-1,126 |
-2,203 |
Increase
of equity due to new convertible bond |
0 |
54 |
Perpetual (including premium) |
0 |
0 |
Issuance
of debt |
7,598 |
904 |
Repayment on financial debt |
-2,202 |
-560 |
Payments
on lease debt |
-662 |
-748 |
Decrease
(increase ) in loans, net |
48 |
-17 |
Dividends and coupons on perpetual paid |
0 |
-1 |
Net cash flow from financing activities |
4,782 |
-368 |
Effect
of exchange rate on cash and cash equivalents and bank
overdrafts |
-39 |
9 |
Change in cash and cash equivalents and bank
overdrafts |
2,205 |
513 |
Cash and
cash equivalents and bank overdrafts at beginning of period |
3,711 |
3,580 |
Cash and
cash equivalents and bank overdrafts at end of period |
5,916 |
4,093 |
Change in treasury of discontinued operations |
0 |
0 |
Key Performance Indicators
Restated net result, group
share
|
Third quarter |
Nine months |
In million euros |
2020 |
2019 |
2020 |
2019 |
Net income/(loss), Group share |
-1,665 |
361 |
-6,078 |
135 |
Unrealized foreign exchange gains and losses, net |
-152 |
167 |
-78 |
223 |
Change
in fair value of financial assets and liabilities
(derivatives) |
-154 |
11 |
70 |
-9 |
Non-current income and expenses |
591 |
102 |
1,421 |
109 |
Tax
impact on gross adjustments net result |
-84 |
0 |
-401 |
-13 |
Restated net income/(loss), group part |
-1,464 |
642 |
-5,066 |
445 |
Coupons
on perpetual |
0 |
-4 |
0 |
-12 |
Restated net income/(loss), group share including coupons
on perpetual (used to calculate earnings per share) |
-1,464 |
638 |
-5,066 |
433 |
Restated net income/(loss) per share (in €) |
-3.42 |
1.49 |
-11.85 |
1.01 |
Return on capital employed (ROCE)1
In million euros |
30 Sep 2020 |
30 June 2020 |
31 Mar 2020 |
31 Dec 2019 |
30 Sep 2019 |
30 June 2019 |
31 Mar 2019 |
31 Dec 2018 |
Goodwill and intangible assets |
1,470 |
1,500 |
1,564 |
1,522 |
1,481 |
1,465 |
1,485 |
1,411 |
Flight
equipment |
11,009 |
10,919 |
11,465 |
11,334 |
10,829 |
10,747 |
10,456 |
10,308 |
Other
property, plant and equipment |
1,535 |
1,551 |
1,579 |
1,580 |
1,554 |
1,530 |
1,504 |
1,503 |
Right of
use assets |
4,789 |
4,938 |
5,119 |
5,173 |
5,300 |
5,470 |
5,453 |
5,664 |
Investments in equity associates |
224 |
267 |
299 |
307 |
310 |
305 |
306 |
311 |
Financial assets excluding marketable securities and financial
deposits |
135 |
133 |
142 |
140 |
131 |
125 |
127 |
125 |
Provisions, excluding pension, cargo litigation and
restructuring |
-4,001 |
-4,130 |
-4,190 |
-4,058 |
-4,101 |
-3,888 |
-3,907 |
-3,760 |
WCR,
excluding market value of derivatives |
-6,894 |
-6,779 |
-6,650 |
-6,310 |
-6,285 |
-6,957 |
-6,938 |
-6,133 |
Capital employed |
8,267 |
8,399 |
9,328 |
9,688 |
9,219 |
8,797 |
8,486 |
9,429 |
Average capital employed (A) |
8,921 |
8,983 |
Adjusted
results from current operations |
-3,320 |
1,099 |
-
Dividends received |
-1 |
-2 |
- Share
of profits (losses) of associates |
-44 |
23 |
-
Normative income tax |
1,045 |
-305 |
Adjusted result from current operations after tax
(B) |
-2,320 |
815 |
ROCE, trailing 12 months (B/A) |
-26.0% |
9.1% |
Net debt
|
Balance sheet at |
€m |
30 Sep 2020 |
31 Dec 2019 |
Financial debt |
12,768 |
6,886 |
Lease
debt |
3,511 |
4,029 |
Currency
hedge on financial debt |
9 |
4 |
Accrued
interest |
-108 |
-62 |
Gross financial debt (A) |
16,180 |
10,857 |
Cash and
cash equivalents |
5,917 |
3,715 |
Marketable securities |
109 |
111 |
Cash
securities |
309 |
300 |
Deposits
(bonds) |
535 |
585 |
Bank
overdrafts |
-1 |
-4 |
Others |
3 |
3 |
Net cash (B) |
6,872 |
4,710 |
Net debt (A) – (B) |
9,308 |
6,147 |
Adjusted operating free cash
flow
|
Third quarter |
Nine months |
€m |
2020 |
2019 |
2020 |
2019 |
Net cash flow from operating activities, continued operations |
-609 |
792 |
-1,412 |
3,075 |
Investment in property, plant, equipment and intangible assets |
-370 |
-788 |
-1,654 |
-2,295 |
Proceeds
on disposal of property, plant, equipment and intangible
assets |
9 |
8 |
181 |
84 |
Operating free cash flow |
-970 |
12 |
-2,885 |
864 |
Payments on lease debt |
-251 |
-246 |
-662 |
-748 |
Adjusted operating free cash flow |
-1,220 |
-234 |
-3,547 |
116 |
Operating cash burn
|
Third quarter |
Nine months |
|
2020 |
2019 |
2020 |
2019 |
EBITDA |
-442 |
1,653 |
-1,282 |
3,263 |
Provisions (CO2 and other) |
7 |
14 |
-26 |
8 |
Correction of spare parts inventory |
2 |
-2 |
2 |
0 |
Addition to pension provisions |
78 |
68 |
232 |
201 |
Reversal to pension provisions (cash-out) |
-47 |
-49 |
-142 |
-145 |
Payment linked with shares |
0 |
1 |
-2 |
1 |
Sales of tangible and intangible assets (excluding
aeronauticals) |
-1 |
6 |
40 |
48 |
Income from operation activities - cash
impact |
-402 |
1,690 |
-1,177 |
3,376 |
Restructuring costs |
-137 |
-4 |
-152 |
-15 |
Other non-current income and expenses |
0 |
2 |
-1 |
2 |
Cost of financial debt |
-118 |
-107 |
-318 |
-319 |
Financial income |
0 |
7 |
2 |
21 |
Realized foreign exchanges gain/loss |
29 |
-24 |
28 |
-9 |
Termination of trading hedges - cash |
-177 |
0 |
-499 |
0 |
Current income tax |
77 |
-62 |
67 |
-64 |
Other financial charges & expenses - cash |
1 |
-2 |
-25 |
-6 |
Other elements |
-3 |
-2 |
-2 |
5 |
|
|
|
|
|
Financial capacity |
-732 |
1,499 |
-2,078 |
2,991 |
Unit cost: net cost per ASK
|
Third quarter |
Nine months |
|
2020 |
2019 |
2020 |
2019 |
Revenues (in €m) |
2,524 |
7,609 |
8,725 |
20,572 |
Income/(loss) from current operations (in €m) -/- |
1,046 |
-909 |
3,414 |
-1,046 |
Total
operating expense (in €m) |
3,570 |
6,700 |
12,139 |
19,526 |
Passenger
network business – other revenues (in €m) |
-64 |
-163 |
-241 |
-534 |
Cargo
network business – other revenues (in €m) |
-84 |
-77 |
-226 |
-231 |
Third-party revenues in the maintenance business (in €m) |
-247 |
-543 |
-963 |
-1,623 |
Transavia
- other revenues (in €m) |
1 |
17 |
-13 |
16 |
Third-party revenues of other businesses (in €m) |
-10 |
-10 |
-21 |
-26 |
Net cost (in €m) |
3,166 |
5,924 |
10,675 |
17,128 |
Capacity produced, reported in ASK* |
38,109 |
90,317 |
114,446 |
251,110 |
Net cost per ASK (in € cents per ASK) |
8.31 |
6.56 |
9.33 |
6.82 |
Gross change |
|
26.7% |
|
36.7% |
Currency effect on net costs (in €m) |
|
60 |
|
19 |
Change at constant currency |
|
25.4% |
|
36.6% |
Capacity effect on net cost |
|
-3,393 |
|
-9,345 |
Fuel price effect (in €m) |
|
-179 |
|
-162 |
Net cost per ASK on a constant currency and fuel price
basis (in € cents per ASK) |
8.31 |
6.01 |
9.33 |
6.64 |
Change at constant currency and fuel price
basis |
|
+38.2% |
|
+40.4% |
* 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
|
Third quarter |
Nine months |
|
2020 |
Change |
2020 |
Change |
Revenue (in €m) |
1,492 |
-67.5% |
5,066 |
-59.6% |
EBITDA
(in €m) |
-461 |
-1,321 |
-1,095 |
-2,801 |
Operating result (en m€) |
-807 |
-1,200 |
-2,401 |
-2,699 |
Operating margin (%) |
-54.1% |
-62.6 pt |
-47.4% |
-49.8 pt |
Operating cash flow before WCR and restructuring cash out (in
€m) |
-608 |
-1,421 |
-1,519 |
-3,129 |
Operating cash flow (before WCR and restructuring) margin |
-40.7% |
-58.5 pt |
-30.0% |
-42.8 pt |
KLM
Group |
Third quarter |
Nine months |
|
2020 |
Change |
2020 |
Change |
Revenue (in €m) |
1,144 |
-63.5% |
3,984 |
-52.5% |
EBITDA
(in €m) |
25 |
-763 |
-176 |
-1,713 |
Operating result (en m€) |
-234 |
-745 |
-1,002 |
-1,736 |
Operating margin (%) |
-20.5% |
-36.8 pt |
-25.2% |
-33.9 pt |
Operating cash flow before WCR and restructuring cash out (in
€m) |
13 |
-671 |
-355 |
-1,736 |
Operating cash flow (before WCR and restructuring) margin |
1.1% |
-20.7 pt |
-8.9% |
-25.4 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 Sept 2020
Aircraft type |
AF (incl. HOP) |
KL (incl. KLC & MP) |
Transavia |
Owned |
Finance lease |
Operating lease |
Total |
In operation |
Change / 31/12/19 |
B747-400 |
|
4 |
|
4 |
|
|
4 |
3 |
-5 |
B777-300 |
43 |
14 |
|
18 |
17 |
22 |
57 |
57 |
|
B777-200 |
25 |
15 |
|
26 |
|
14 |
40 |
40 |
|
B787-9 |
10 |
13 |
|
7 |
4 |
12 |
23 |
23 |
1 |
B787-10 |
|
5 |
|
3 |
2 |
|
5 |
5 |
1 |
A380-800 |
9 |
|
|
2 |
3 |
4 |
9 |
|
-10 |
A350-900 |
6 |
|
|
1 |
5 |
|
6 |
6 |
3 |
A340-300 |
3 |
|
|
3 |
|
|
3 |
|
-4 |
A330-300 |
|
5 |
|
|
|
5 |
5 |
5 |
|
A330-200 |
15 |
8 |
|
11 |
|
12 |
23 |
22 |
-1 |
Total Long-Haul |
111 |
64 |
0 |
75 |
31 |
69 |
175 |
161 |
-15 |
B737-900 |
|
5 |
|
3 |
|
2 |
5 |
5 |
|
B737-800 |
|
31 |
75 |
29 |
10 |
67 |
106 |
106 |
2 |
B737-700 |
|
16 |
7 |
3 |
5 |
15 |
23 |
23 |
|
A321 |
20 |
|
|
11 |
|
9 |
20 |
20 |
|
A320 |
44 |
|
|
3 |
5 |
36 |
44 |
43 |
|
A319 |
33 |
|
|
14 |
|
19 |
33 |
33 |
|
A318 |
18 |
|
|
8 |
|
10 |
18 |
18 |
|
Total Medium-Haul |
115 |
52 |
82 |
71 |
20 |
158 |
249 |
248 |
2 |
ATR72-600 |
|
|
|
|
|
|
|
|
-2 |
ATR72-500 |
|
|
|
|
|
|
|
|
|
ATR42-500 |
|
|
|
|
|
|
|
|
|
Canadair
Jet 1000 |
14 |
|
|
14 |
|
|
14 |
14 |
|
Canadair
Jet 700 |
11 |
|
|
11 |
|
|
11 |
10 |
|
Embraer
190 |
17 |
32 |
|
11 |
10 |
28 |
49 |
48 |
1 |
Embraer
175 |
|
17 |
|
3 |
14 |
|
17 |
17 |
|
Embraer
170 |
15 |
|
|
10 |
|
5 |
15 |
15 |
|
Embraer
145 |
15 |
|
|
15 |
|
|
15 |
|
-13 |
Total Regional |
72 |
49 |
0 |
64 |
24 |
33 |
121 |
104 |
-14 |
B747-400ERF |
|
3 |
|
3 |
|
|
3 |
3 |
|
B747-400BCF |
|
1 |
|
1 |
|
|
1 |
1 |
|
B777-F |
2 |
|
|
2 |
|
|
2 |
2 |
|
Total Cargo |
2 |
4 |
0 |
6 |
0 |
0 |
6 |
6 |
0 |
|
|
|
|
|
|
|
|
|
|
Total |
300 |
169 |
82 |
216 |
75 |
260 |
551 |
519 |
-27 |
THIRD QUARTER 2020 TRAFFIC
Passenger network activity*
|
|
Q3 |
|
|
Year to date |
Total Passenger network* |
2020 |
2019 |
Variation |
|
2020 |
2019 |
Variation |
Passengers carried (‘000s) |
6,782 |
23,631 |
(71.3%) |
|
23,671 |
66,286 |
(64.3%) |
Revenue pax-kilometers (m RPK) |
13,752 |
71,323 |
(80.7%) |
|
66,861 |
198,566 |
(66.3%) |
Available seat-kilometers (m ASK) |
32,100 |
79,457 |
(59.6%) |
|
103,267 |
224,902 |
(54.1%) |
Load factor (%) |
42.8% |
89.8% |
(46.9) |
|
64.7% |
88.3% |
(23.5) |
|
|
|
|
|
|
|
|
Long-haul |
|
|
|
|
|
|
|
Passengers carried (‘000s) |
1,219 |
7,660 |
(84.1%) |
|
7,072 |
21,288 |
(66.8%) |
Revenue pax-kilometers (m RPK) |
8,705 |
57,382 |
(84.8%) |
|
52,783 |
160,536 |
(67.1%) |
Available seat-kilometers (m ASK) |
23,987 |
63,392 |
(62.2%) |
|
82,837 |
180,125 |
(54.0%) |
Load factor (%) |
36.3% |
90.5% |
(54.2) |
|
63.7% |
89.1% |
(25.4) |
|
|
|
|
|
|
|
|
North America |
|
|
|
|
|
|
|
Passengers carried (‘000s) |
284 |
2,630 |
(89.2%) |
|
1,870 |
6,686 |
(72.0%) |
Revenue pax-kilometers (m RPK) |
2,063 |
18,608 |
(88.9%) |
|
13,397 |
47,494 |
(71.8%) |
Available seat-kilometers (m ASK) |
7,597 |
20,456 |
(62.9%) |
|
23,409 |
53,116 |
(55.9%) |
Load factor (%) |
27.2% |
91.0% |
(63.8) |
|
57.2% |
89.4% |
(32.2) |
|
|
|
|
|
|
|
|
Latin America |
|
|
|
|
|
|
|
Passengers carried (‘000s) |
96 |
934 |
(89.7%) |
|
969 |
2,729 |
(64.5%) |
Revenue pax-kilometers (m RPK) |
942 |
8,900 |
(89.4%) |
|
9,177 |
25,973 |
(64.7%) |
Available seat-kilometers (m ASK) |
3,177 |
9,800 |
(67.6%) |
|
13,524 |
28,975 |
(53.3%) |
Load factor (%) |
29.6% |
90.8% |
(61.2) |
|
67.9% |
89.6% |
(21.8) |
|
|
|
|
|
|
|
|
Asia / Pacific |
|
|
|
|
|
|
|
Passengers carried (‘000s) |
173 |
1,723 |
(90.0%) |
|
1,361 |
4,969 |
(72.6%) |
Revenue pax-kilometers (m RPK) |
1,526 |
15,066 |
(89.9%) |
|
11,803 |
43,399 |
(72.8%) |
Available seat-kilometers (m ASK) |
6,037 |
16,453 |
(63.3%) |
|
20,702 |
47,734 |
(56.6%) |
Load factor (%) |
25.3% |
91.6% |
(66.3) |
|
57.0% |
90.9% |
(33.9) |
|
|
|
|
|
|
|
|
Africa / Middle East |
|
|
|
|
|
|
|
Passengers carried (‘000s) |
328 |
1,453 |
(77.4%) |
|
1,563 |
4,089 |
(61.8%) |
Revenue pax-kilometers (m RPK) |
1,674 |
8,164 |
(79.5%) |
|
8,825 |
23,117 |
(61.8%) |
Available seat-kilometers (m ASK) |
3,188 |
9,284 |
(65.7%) |
|
12,337 |
27,360 |
(54.9%) |
Load factor (%) |
52.5% |
87.9% |
(35.4) |
|
71.5% |
84.5% |
(13.0) |
|
|
|
|
|
|
|
|
Caribbean / Indian Ocean |
|
|
|
|
|
|
|
Passengers carried (‘000s) |
337 |
919 |
(63.3%) |
|
1,309 |
2,815 |
(53.5%) |
Revenue pax-kilometers (m RPK) |
2,500 |
6,645 |
(62.4%) |
|
9,580 |
20,553 |
(53.4%) |
Available seat-kilometers (m ASK) |
3,988 |
7,398 |
(46.1%) |
|
12,864 |
22,941 |
(43.9%) |
Load factor (%) |
62.7% |
89.8% |
(27.1) |
|
74.5% |
89.6% |
(15.1) |
|
|
|
|
|
|
|
|
Short and Medium-haul |
|
|
|
|
|
|
|
Passengers carried (‘000s) |
5,563 |
15,972 |
(65.2%) |
|
16,600 |
44,998 |
(63.1%) |
Revenue pax-kilometers (m RPK) |
5,047 |
13,941 |
(63.8%) |
|
14,079 |
38,030 |
(63.0%) |
Available seat-kilometers (m ASK) |
8,113 |
16,066 |
(49.5%) |
|
20,430 |
44,776 |
(54.4%) |
Load factor (%) |
62.2% |
86.8% |
(24.6) |
|
68.9% |
84.9% |
(16.0) |
* Air France and KLM
Transavia
activity
|
|
Q3 |
|
|
Year to date |
Transavia |
2020 |
2019 |
Variation |
|
2020 |
2019 |
Variation |
Passengers carried (‘000s) |
2,014 |
5,492 |
(63.3%) |
|
4,453 |
13,315 |
(66.6%) |
Revenue pax-kilometers (m RPK) |
3,869 |
10,117 |
(61.8%) |
|
8,505 |
24,239 |
(64.9%) |
Available seat-kilometers (m ASK) |
6,009 |
10,874 |
(44.7%) |
|
11,178 |
26,227 |
(57.4%) |
Load factor (%) |
64.4% |
93.0% |
(28.7) |
|
76.1% |
92.4% |
(16.3) |
Total group passenger
activity**
|
|
Q3 |
|
|
Year to date |
Total group** |
2020 |
2019 |
Variation |
|
2020 |
2019 |
Variation |
Passengers carried (‘000s) |
8,796 |
29,123 |
(69.8%) |
|
28,124 |
79,601 |
(64.7%) |
Revenue pax-kilometers (m RPK) |
17,621 |
81,440 |
(78.4%) |
|
75,367 |
222,805 |
(66.2%) |
Available seat-kilometers (m ASK) |
38,109 |
90,331 |
(57.8%) |
|
114,446 |
251,129 |
(54.4%) |
Load factor (%) |
46.2% |
90.2% |
(43.9) |
|
65.9% |
88.7% |
(22.9) |
** Air France, KLM and Transavia
Cargo activity
|
|
Q3 |
|
|
Year to date |
Total Group |
2020 |
2019 |
Variation |
|
2020 |
2019 |
Variation |
Revenue tonne-km (m RTK) |
1,735 |
2,091 |
(17.0%) |
|
4,747 |
6,260 |
(24.2%) |
Available tonne-km (m ATK) |
2,537 |
3,804 |
(33.3%) |
|
7,309 |
10,896 |
(32.9%) |
Load factor (%) |
68.4% |
55.0% |
13.4 |
|
64.9% |
57.4% |
7.5 |
Air France activity
|
|
Q3 |
|
|
Year to date |
Total Passenger network activity |
2020 |
2019 |
Variation |
|
2020 |
2019 |
Variation |
Passengers carried (‘000s) |
4,487 |
14,168 |
(68.3%) |
|
14,635 |
39,844 |
(63.3%) |
Revenue pax-kilometers (m RPK) |
8,538 |
42,184 |
(79.8%) |
|
39,394 |
116,449 |
(66.2%) |
Available seat-kilometers (m ASK) |
16,589 |
47,464 |
(65.0%) |
|
56,909 |
133,309 |
(57.3%) |
Load factor (%) |
51.5% |
88.9% |
(37.4) |
|
69.2% |
87.4% |
(18.1) |
Long-haul |
|
|
|
|
|
|
|
Passengers carried (‘000s) |
782 |
4,632 |
(83.1%) |
|
4,243 |
12,723 |
(66.7%) |
Revenue pax-kilometers (m RPK) |
5,242 |
33,849 |
(84.5%) |
|
30,669 |
93,664 |
(67.3%) |
Available seat-kilometers (m ASK) |
11,526 |
37,664 |
(69.4%) |
|
44,431 |
105,944 |
(58.1%) |
Load factor (%) |
45.5% |
89.9% |
(44.4) |
|
69.0% |
88.4% |
(19.4) |
Short and Medium-haul |
|
|
|
|
|
|
|
Passengers carried (‘000s) |
3,704 |
9,536 |
(61.2%) |
|
10,393 |
27,121 |
(61.7%) |
Revenue pax-kilometers (m RPK) |
3,296 |
8,335 |
(60.5%) |
|
8,725 |
22,785 |
(61.7%) |
Available seat-kilometers (m ASK) |
5,063 |
9,800 |
(48.3%) |
|
12,477 |
27,365 |
(54.4%) |
Load factor (%) |
65.1% |
85.1% |
(20.0) |
|
69.9% |
83.3% |
(13.3) |
|
|
Q3 |
|
|
Year to date |
Cargo activity |
2020 |
2019 |
Variation |
|
2020 |
2019 |
Variation |
Revenue tonne-km (m RTK) |
605 |
927 |
(34.7%) |
|
1,802 |
2,794 |
(35.5%) |
Available tonne-km (m ATK) |
1,139 |
1,946 |
(41.4%) |
|
3,390 |
5,489 |
(38.2%) |
Load factor (%) |
53.1% |
47.7% |
5.5 |
|
53.2% |
50.9% |
2.2 |
KLM activity
|
|
Q3 |
|
|
Year to date |
Total Passenger network activity |
2020 |
2019 |
Variation |
|
2020 |
2019 |
Variation |
Passengers carried (‘000s) |
2,295 |
9,464 |
(75.7%) |
|
9,036 |
26,442 |
(65.8%) |
Revenue pax-kilometers (m RPK) |
5,214 |
29,138 |
(82.1%) |
|
27,468 |
82,117 |
(66.6%) |
Available seat-kilometers (m ASK) |
15,511 |
31,993 |
(51.5%) |
|
46,359 |
91,593 |
(49.4%) |
Load factor (%) |
33.6% |
91.1% |
(57.5) |
|
59.3% |
89.7% |
(30.4) |
Long-haul |
|
|
|
|
|
|
|
Passengers carried (‘000s) |
436 |
3,028 |
(85.6%) |
|
2,829 |
8,566 |
(67.0%) |
Revenue pax-kilometers (m RPK) |
3,462 |
23,533 |
(85.3%) |
|
22,114 |
66,871 |
(66.9%) |
Available seat-kilometers (m ASK) |
12,461 |
25,728 |
(51.6%) |
|
38,406 |
74,182 |
(48.2%) |
Load factor (%) |
27.8% |
91.5% |
(63.7) |
|
57.6% |
90.1% |
(32.6) |
Short and Medium-haul |
|
|
|
|
|
|
|
Passengers carried (‘000s) |
1,859 |
6,436 |
(71.1%) |
|
6,207 |
17,876 |
(65.3%) |
Revenue pax-kilometers (m RPK) |
1,752 |
5,605 |
(68.7%) |
|
5,353 |
15,246 |
(64.9%) |
Available seat-kilometers (m ASK) |
3,050 |
6,266 |
(51.3%) |
|
7,953 |
17,411 |
(54.3%) |
Load factor (%) |
57.4% |
89.5% |
(32.0) |
|
67.3% |
87.6% |
(20.2) |
|
|
Q3 |
|
|
Year to date |
Cargo activity |
2020 |
2019 |
Variation |
|
2020 |
2019 |
Variation |
Revenue tonne-km (m RTK) |
1,127 |
1,164 |
(3.2%) |
|
2,942 |
3,466 |
(15.1%) |
Available tonne-km (m ATK) |
1,398 |
1,858 |
(24.8%) |
|
3,919 |
5,407 |
(27.5%) |
Load factor (%) |
80.6% |
62.6% |
18.0 |
|
75.1% |
64.1% |
11.0 |
1 Passenger unit revenue is the aggregate of Passenger network
and Transavia unit revenues, change at constant currency
1 The definition of ROCE has been revised to
take into account the seasonal effects of the activity.
- Q3_2020 Press release EN final
Air FranceKLM (EU:AF)
Historical Stock Chart
From Aug 2024 to Sep 2024
Air FranceKLM (EU:AF)
Historical Stock Chart
From Sep 2023 to Sep 2024