2023 Full Year Results
xx
February 29, 2024
Sustained demand translating into improved operating margin
at 5.7%
Group’s equity restored |
-
Group capacity at 93% compared to 2019 with load factor at 87%
-
Group revenues at €30.0bn, up 14% compared to last year
-
Operating result at €1.7bn with an operating margin at 5.7%, up
+1.2pt compared to last year
-
Net income at €0.9bn driving a return in positive equity at €0.5bn
for the first time since 2019
-
Net debt down by €1.3bn, compared to end of 2022 leading to a Net
debt/EBITDA ratio of 1.2x; Cash at hand at €10.5bn
-
2 inaugural credit ratings highlighting the Group’s ongoing
transformation and an improved financial structure
Commenting on the results, Mr. Benjamin
Smith, Group CEO, said:
“In 2023, we delivered on our commitment to
strong operational and financial performance, while also
maintaining our position as a benchmark airline Group for
sustainability. Among our major achievements, we can be satisfied
of our efforts to further strengthen our balance sheet and restore
the Group’s equity. We also placed a historic order for fifty
Airbus A350s with purchase rights for forty additional aircraft,
thereby accelerating our fleet’s renewal with latest-generation
aircraft that offer improved fuel efficiency, lower CO2 and noise
emissions, and an enhanced experience for our customers. We also
confirmed our position as the world's leading user of sustainable
aviation fuel, demonstrating our determination to double down on
this key decarbonization lever to achieve our sustainability
objectives. I would like to thank all Air France-KLM employees
whose hard work has made these accomplishments possible. Looking
ahead to 2024, a key priority will be to continue reinforcing our
performance, via the continued execution of our strategy. This year
will mark Air France-KLM’s 20th anniversary, an occasion made all
the more special by the Paris 2024 Olympic and Paralympic Games, of
which Air France is a proud official sponsor. We look forward to
welcoming the world to France – athletes, delegates, supporters and
more – onboard our aircraft to celebrate the world’s largest
event.”
Operating result impacted by cargo unit revenue,
geopolitical situation and disruptions in Q4
|
Fourth quarter |
Full Year |
|
2023 |
change |
change
constant currency |
2023 |
change |
change
constant currency |
Revenues (€m) |
7,407 |
+3.9 % |
+6.7 % |
30,019 |
+13.7 % |
+15.1 % |
EBITDA (€m) |
601 |
-185 |
-159 |
4,208 |
593 |
624 |
Operating result
(€m) |
-56 |
-190 |
-164 |
1,712 |
519 |
550 |
Operating margin
(%) |
-0.8 % |
-2.6pt |
-2.3pt |
5.7 % |
+1.2pt |
+1.2pt |
Net income –
Group part (€m) |
-256 |
-752 |
|
934 |
206 |
|
Adj. operating free cash flow (€m) |
-1,198 |
-648 |
|
-392 |
-2,295 |
|
|
31 Dec 2023 |
31 Dec 2022 |
Net Debt |
5,041 |
6,337 |
EBITDA trailing
12 months |
4,208 |
3,615 |
Net Debt/EBITDA ratio |
1.2x |
1.8x |
|
Fourth quarter |
Full Year |
|
2023 |
change |
change
constant currency |
2023 |
change |
change
constant currency |
Group unit
revenue per ASK
(€ cts) |
8.56 |
-3.6% |
-1.2% |
8.80 |
+3.3% |
+4.5% |
Group unit cost per ASK (€ cts) at constant fuel |
8.63 |
-0.7% |
+3.5% |
8.25 |
+1.8% |
+4.7% |
Fourth Quarter 2023
In the fourth quarter, revenues were up +6.7% at
a constant currency compared to Q4 2022 supported by a combination
of an increase in capacity (+6%) and an improved passenger yield
(+3.2%) partly absorbed by a cargo unit revenue decrease
(-31.8%).
The operating result was €190 million below last
year standing at -€56 million and was impacted by the geopolitical
situation in Africa and in the Middle East (€65m) and an increase
of the unit cost, although partly compensated by a lower jet fuel
price.
The group unit cost per ASK at constant fuel and
constant currency is up 3.5% versus last year due an increase in
operational disruption costs for €70 million and a one-time
non-cash impact (IFRS2) related to the employee shareholding plan
for €30m.
Full-Year 2023
Air France-KLM recorded the highest revenue in
its history in 2023, amounting to €30bn, up +15.1% at constant
currency. The operating margin stood at 5.7%, sequentially
improving by +1.2pt compared to last year thanks to a combination
of strong yield and load factor. Net income amounted to €934
million, up by €206 million, which, combined with the quasi equity
financings occurred during the year, leads to a return in positive
equity (€0.5bn).
The full year adjusted operating free cash flow
was impacted by the payment of the wage taxes, pensions &
social charges accumulated during Covid (€350 million).
In January 2024, Air France fully redeemed €610
million of the deferred pensions payment to the Caisse des
Retraites des Personnels Navigants (CRPN). The Group thanks the
CRPN pilots for their support. The Group will redeem the remaining
social charges and wage taxes of around €1.7 billion until
2027.
The net debt ended at €5.0 billion representing
an improvement of €1.3 billion compared to 2022.
Passenger unit revenue up thanks to improved load factor
and yield
|
Fourth quarter |
Full Year |
|
2023 |
change |
change
constant currency |
2023 |
change |
change
constant currency |
Passengers (thousands) |
22,347 |
+6.4% |
|
93,565 |
+12.3% |
|
Capacity (ASK
m) |
77,024 |
+6.0% |
|
309,505 |
+9.5% |
|
Traffic (RPK
m) |
65,691 |
+5.3% |
|
270,134 |
+13.7% |
|
Passenger load
factor |
85.3% |
-0.6pt |
|
87.3% |
+3.3pt |
|
Passenger unit revenue per ASK (€ cts) |
7.90 |
+0.4% |
+2.8% |
8.15 |
+9.5% |
+10.7% |
In the fourth quarter 2023, Air France-KLM
welcomed 22.3 million passengers which is 6.4% above previous year.
As capacity increased by 6.0% and traffic grew by 5.3%, the load
factor was broadly stable at -0.6 point compared to last year.
The Group passenger unit revenue per ASK was up
+2.8% at constant currency compared to last year. This increase was
driven by an increase in yield across all long-haul geographies and
Short & Medium-haul.
Upsizing and the completion of a quasi-equity financing
of €1.5 billion
Following the signing on October 26, 2023, of a
definitive agreement between Air France-KLM and Apollo (NYSE: APO)
regarding the financing of a dedicated operating affiliate of Air
France-KLM, the companies announced on November 30th,
that they have completed the transaction for an upsized total
amount of €1.5 billion.
The financing by Apollo-managed and third-party
investment vehicles supports a dedicated operating affiliate of Air
France-KLM that holds the trademark and most of the commercial
partners contracts related to Air France and KLM’s joint loyalty
program (“Flying Blue”) as well as the exclusive right to issue
"Miles” for the airlines and their partners. The financing is
accounted for as equity under IFRS. As announced by Air France-KLM
during its Q3 2023 results, this outcome materializes the steps
implemented by the Group to restore its IFRS equity to positive by
year end.
The transaction upsize to €1.5 billion reflects
strong investor confidence and the quality of Air France-KLM Flying
Blue Miles issuance activity. The transaction terms disclosed in
late October 26, 2023, remain unchanged, with a fixed coupon of
6.4% p.a. for the first four years, with the right for Air France
KLM to redeem with at overall financing fixed cost of 6.75% at the
first call date.
The agreed structure will incur no material
changes for Flying Blue members. Air France-KLM will continue
managing and operating the Flying Blue loyalty program, and Air
France and KLM will each keep full control on the Flying Blue
customer database. In addition, the financing structure will not
affect social aspects for Air France, KLM nor Air France-KLM
employees’ contracts.
Success of Air France-KLM Group's global
employee shareholding plan
On December 21st, 2023, Air
France-KLM has successfully finalized its "Partners for the future"
employee shareholding offer, a capital increase reserved for
approximately 75,000 eligible employees of the Group, launched in
November 2023.
For this Group's first worldwide operation,
approximately 17,000 employees located in 19 countries,
representing approximately 22% of the total workforce of the Group,
have subscribed to the "Partners for the future" offer, enabling
them to invest in Air France-KLM shares on preferential terms.
The total subscription amounts to nearly
46,073,029 euros, corresponding to the issue of 5,716,256 new
shares with a par value of one euro each. As a result, the
Company's share capital was increased by 5,716,256 euros, from
257,053,613 euros to 262,769,869 euros.
Following this issuance, the employee
shareholders in Air France-KLM’s share capital, within the meaning
of Article L. 225-102 of the French Commercial Code, is just over
3% of the share capital.
2024 OUTLOOK
Capacity
The Group expects the capacity in Available Seat
Kilometers for Air France-KLM Group including Transavia to increase
by 5% in 2024 compared to 2023.
Unit
cost1
For the first quarter 2024, the Group expects a
unit cost up +4% compared to 2023 due to the continuation of high
disruption cost in the first two months and a one-time payment of
2% of the yearly salary to the KLM staff as agreed in the
Collective Labour Agreement.
For the full year 2024, the Group expects a unit
cost in the range of 1% to 2% compared to 2023.
Capex
Full year 2024 net capex is expected to stand
between 3.0 billion and 3.2 billion euros.
Business review
Strong year for the network operations
Network
|
Fourth quarter |
Full Year |
2023 |
change |
change
constant currency |
2023 |
change |
change
constant currency |
Traffic revenues (€m) |
6,055 |
+1.9% |
+4.6% |
24,560 |
+12.4% |
+13.9% |
Total revenues
(€m) |
6,342 |
+2.2% |
+4.8% |
25,636 |
+12.6% |
+14.0% |
Operating result
(€m) |
60 |
-178 |
-155 |
1,693 |
+562 |
+574 |
Operating margin (%) |
0.9% |
-2.9 pt |
|
6.6% |
1.6 pt |
|
Compared to the fourth quarter 2022, total
revenues increased by +2.2% to €6,342 million. The operating result
was positive and stood at €60 million despite geopolitical
tensions. The increase in revenues was driven by the high demand in
passenger network despite the weakening of Cargo market.
Altogether, the network activity posted a strong
operating result at €1,693 million in 2023, representing an
improvement of €562 million compared to last year. As a
consequence, the operating margin rose by 1.6pt to 6.6%. This
result was mainly driven by a combination of strong yield and load
factor at passenger business.
Like in Q4 2023, Q1 2024 will be impacted as
well by operational disruptions, while Air France started to fly
again to Tel Aviv as per 24th of January.
Robust growth in unit revenue
Passenger network
|
Fourth quarter |
Full Year |
2023 |
change |
change
constant currency |
2023 |
change |
change
constant currency |
Passengers (thousands) |
17,736 |
+7.6% |
|
72,101 |
+11.0% |
|
Capacity (ASK
m) |
67,333 |
+6.5% |
|
267,061 |
+8.8% |
|
Traffic (RPK
m) |
57,527 |
+5.8% |
|
232,334 |
+13.0% |
|
Load factor |
85.4% |
-0.6pt |
|
87.0% |
3.2pt |
|
Total passenger
revenues (€m) |
5,691 |
+6.2% |
+8.7% |
23,148 |
+20.2% |
+21.5% |
Traffic passenger
revenues (€m) |
5,546 |
+6.5% |
+9.2% |
22,548 |
+20.0% |
+21.4% |
Unit revenue per ASK (€ cts) |
8.23 |
0.0% |
+2.6% |
8.44 |
+10.2% |
+11.6% |
Fourth quarter 2023 capacity in Available Seat
Kilometers (ASK) was 6.5% higher than last year and at 90% of 2019
level. Slightly lower traffic (+5.8%) than capacity growth has led
to a steadiness in load factor at 85.4% (-0.6 point compared to
last year) while yield continued to rise (+3% against a constant
currency).
This performance had a positive impact on Unit
revenue per ASK which rose by 2.6% at a constant currency.
During the fourth quarter we observed per area
the following trends:
North Atlantic
Q4 capacity for the region was +7.0% vs 2022 with a slightly lower
load factor of -0.6pt and yield increased by 2.9% vs 2022. Overall
a good performance, especially with additional capacity increasing
revenues versus 2022.
Latin America
Demand remained very strong over the fourth quarter, enabling to
further increase the yield by 3.9% with a high load factor at 89%
against a robust 2022. Dynamic regions were Brazil and Central
America.
Asia & Middle East
Capacity in the fourth quarter has significantly increased versus
2022, by 34.4% however still -26% below 2019 Growth was mainly
driven by the growth in China. Yield and load factor remained
stable compared to last year despite the geopolitical disruptions
across the area. Middle East was impacted by side effects on Egypt
and Lebanon due to cancellation on Israel. Dynamic regions over the
quarter were India and South East Asia.
Caribbean & Indian Ocean
The fourth quarter continued to show capacity reductions compared
to 2022 (-14.6%) due to redeployment of fleet to other long-haul
areas. This lower capacity pushed the load factor up to 87% and
yield improved by 12.3%.
Africa
Despite the geopolitical situation in Niger, Mali and Burkina Faso,
the Group enjoyed continued strong demand resulting in a moderate
growth of capacity where unit revenues kept stable. The yield
showed resiliency and was up 1% above 2022 while the load factor
was broadly stable (-0.7pt).
Short and Medium-haul
Capacity increased by +5.4% with different dynamics. KLM Medium
Haul went up +11%, last year was relatively low due to operational
issues. Air France Short and Medium Haul went moderate up by 2%.
Air France reduced further its footprint in France.
Cargo: a lower unit revenue compared to 2022 due to
cargo market situation
Cargo business
|
Fourth quarter |
Full Year |
2023 |
change |
change
constant currency |
2023 |
change |
change
constant currency |
Tons (thousands) |
235 |
-0.3% |
|
875 |
-6.1% |
|
Capacity (ATK
m) |
3,577 |
+5.0% |
|
14,076 |
+6.2% |
|
Traffic (RTK
m) |
1,772 |
+0.9% |
|
6,550 |
-4.9% |
|
Load factor |
49.5% |
-2.0pt |
|
46.5% |
-5.4pt |
|
Total Cargo
revenues (€m) |
651 |
-22.9% |
-20.3% |
2,488 |
-29.0% |
-27.6% |
Traffic Cargo
revenues (€m) |
510 |
-30.4% |
-28.2% |
2,012 |
-34.0% |
-32.9% |
Unit revenue per ATK (€ cts) |
14.23 |
-33.8% |
-31.8% |
14.29 |
-37.9% |
-36.8% |
In the fourth quarter, unit revenue was below
last year, driven by a -31% yield decrease and a 2 points lower
load factor due to an increase of belly capacity. The yield is
still 32% higher than 2019.
Compared to last year, full-year revenues
dropped by -22.9% although less than previous quarters. The traffic
was stable year over year at 0.9% on the back of a strong demand in
2022. The load factor was 2.0 points below 2022, due to the
increased belly capacity. The yield declined as well resulting in a
decrease in unit revenue per Available Ton Kilometer of -31.8% at
constant currency.
Transavia: full year load factor up by 4 points while
capacity continued to increase
Transavia
|
Fourth quarter |
Full Year |
2023 |
change |
2023 |
change |
Passengers (thousands) |
4,611 |
+2.4% |
21,464 |
+16.9% |
Capacity (ASK
m) |
9,692 |
+2.9% |
42,445 |
+13.6% |
Traffic (RPK
m) |
8,163 |
+2.3% |
37,800 |
+18.7% |
Load factor |
84.2% |
-0.5pt |
89.1% |
+3.9pt |
Total Passenger
revenues (€m) |
536 |
+4.4% |
2,640 |
+19.0% |
Unit revenue per
ASK (€ cts) |
5.61 |
+3.2% |
6.34 |
+4.6% |
Unit cost per ASK
(€ cts) |
6.79 |
+2.3% |
6.56 |
+3.8% |
Operating result (€m) |
-114 |
-1 |
-97 |
+2 |
The operating result of -€114 million in the
fourth quarter is explained by seasonality and the geopolitical
tensions in the Middle East (-€20m). Transavia’s capacity increased
by 2.9%, traffic increased by 2.3%, and the number of passengers
increased by 2.4% resulting in a broadly stable load factor at
84.2% in the fourth quarter.
During 2023, Transavia pursued its growth to respond to the
demand and satisfy customer expectations with a capacity increase
of +13.6% compared to 2022. In total, the company launched 35 new
routes in 2023 to various destinations in Europe and beyond from
several French airports.
The forward booking load factor for the first half of 2024 is
broadly stable compared to last year awhile capacity continues to
grow. Transavia France restarted as per 1st of February
to fly again to Israel.
Maintenance business: Strong recovery in 2023 despite
supply chain issues
Maintenance
|
Fourth quarter |
Full Year |
2023 |
change |
change
constant currency |
2023 |
change |
change
constant currency |
Total revenues (€m) |
1,208 |
+18.6% |
|
4,242 |
+18.3% |
|
Third party
revenues (€m) |
521 |
+28.7% |
+40.0% |
1,712 |
+23.2% |
+26.9% |
Operating result
(€m) |
25 |
+10 |
+15 |
150 |
-13 |
-6 |
Operating margin (%) |
2.1% |
+0.6pt |
+0.9pt |
3.5% |
-1.0pt |
-0.9pt |
The maintenance segment continued its growth in
the fourth quarter 2023. Total revenues increased by 18.6% compared
with the same quarter last year while third party revenues
increased by 40.0% at constant currency, showing a very strong
recovery. The operating margin stood at 2.1%, which is 0.6 point
higher than in 2022.
During 2023, external revenues strongly
increased by +23.2% despite the supply chain disruption and a tight
labour market.
The maintenance order book was evaluated at
US$8.7 billion at December 31, 2023.
Fleet
Compared to the end of 2022 the group added
three B787-10, seven A350-900, sixteen B737-800, sixteen A220-300,
four Embraer 195-E2 and two Embraer 190. The Group welcomed as well
its first A320 Neo and A321 Neo in December. The following aircraft
left the fleet: three B737-700, three A321, two A320, six A319,
three A318, three Embraer 170 and four CRJ-1000, as a result the
fleet increased by twenty nine aircraft.
The Group will continue to invest in new
generation aircraft in order to improve its economic performance
and will decrease its C02 emission and reduce noise.
Strong profitability for both airlines in
2023
Air France Group
|
Fourth quarter |
Full Year |
2023 |
change |
2023 |
change |
Revenue (in €m) |
4,552 |
+0.3% |
18,518 |
+13.7% |
EBITDA (in
€m) |
390 |
-142 |
2,657 |
+696 |
Operating result
(in €m) |
-22 |
-165 |
1,085 |
+602 |
Operating margin (%) |
-0.5% |
-3.6pt |
5.9% |
+2.9pt |
Air France full-year performance is stemming
from a strong performance of long-haul resulting in an increase of
revenue of +13.7%. Operating result improved substantially to €1.1
billion, which is €602 million euros higher than last year.
Transformation efforts as well as strong pricing momentum bore
fruits and enabled Air France to improve its operating margin by
2.9pt, compared to 2022, to 5.9% despite the geopolitical situation
faced since the second half of the year.
KLM Group
|
Fourth quarter |
Full Year |
2023 |
change |
2023 |
change |
Revenue (in €m) |
2,993 |
+8.5% |
12,050 |
+12.8% |
EBITDA (in
€m) |
227 |
-34 |
1,572 |
-107 |
Operating result
(in €m) |
-18 |
-16 |
650 |
-56 |
Operating margin (%) |
-0.6% |
-0.5pt |
5.4% |
-1.2pt |
KLM’s revenue grew by +12.8% on the back of
improved operations, although not optimal yet due to supply chain,
while operating margin stood at 5.4%, down -1.2pt compared to last
year. KLM was operating with capacity constraints and in the fourth
quarter some disruptions occurred linked to the bad weather in
Amsterdam and weighted on the operating result development.
Nb: Sum of individual airline results does not add up to AF-KLM
total due to intercompany eliminations at Group level.
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 29, 2024 from
7:15 am CET.
A conference call hosted by Mr. Smith (CEO) and
Mr. Zaat (CFO) will be held on February 29, 2024 at 08.30 am
CET.
To connect to the webcast, please use below
link:
https://channel.royalcast.com/landingpage/airfranceklm/20240229_1/
Investor Relations |
|
Press Office |
Michiel Klinkers |
Marouane Mami |
+33 1 41 56 56 00 |
Michiel.klinkers@airfranceklm.com |
marouane.mami@airfranceklm.com |
mail.mediarelations@airfranceklm.com |
Income statement
|
Fourth Quarter |
Year to Date |
in € million |
2023 |
2022 |
Variation |
2023 |
2022 |
Variation |
|
|
restated * |
|
|
restated * |
|
Revenues from ordinary activities |
7,407 |
7,128 |
4 % |
30,019 |
26,393 |
14 % |
Aircraft fuel |
-1,945 |
-2,057 |
-5 % |
-7,305 |
-7,241 |
1 % |
Carbon
emission |
-64 |
-82 |
-22 % |
-203 |
-141 |
44 % |
Chartering
costs |
-142 |
-101 |
41 % |
-551 |
-387 |
42 % |
Landing fees and
air routes charges |
-450 |
-439 |
3 % |
-1,908 |
-1,710 |
12 % |
Catering |
-211 |
-195 |
8 % |
-829 |
-720 |
15 % |
Handling charges
and other operating costs |
-464 |
-418 |
11 % |
-1,856 |
-1,608 |
15 % |
Aircraft
maintenance costs |
-718 |
-613 |
17 % |
-2,549 |
-2,256 |
13 % |
Commercial and
distribution costs |
-244 |
-246 |
-1 % |
-1,029 |
-887 |
16 % |
Other external
expenses |
-530 |
-412 |
29 % |
-1,909 |
-1,488 |
28 % |
Salaries and
related costs |
-2,339 |
-2,049 |
14 % |
-8,650 |
-7,289 |
19 % |
Taxes other than
income taxes |
-32 |
-38 |
-16 % |
-164 |
-156 |
5 % |
Other income and
expenses |
333 |
308 |
8 % |
1,142 |
1,105 |
3 % |
EBITDA |
601 |
786 |
-24 % |
4,208 |
3,615 |
16 % |
Amortization, depreciation and provisions |
-657 |
-652 |
1 % |
-2,496 |
-2,422 |
3 % |
Income from current operations |
-56 |
134 |
nm |
1,712 |
1,193 |
44 % |
Sales of aircraft equipment |
-1 |
21 |
nm |
32 |
66 |
-52 % |
Other non-current income and expenses |
-79 |
-21 |
nm |
-67 |
-65 |
3 % |
Income from operating activities |
-136 |
134 |
nm |
1,677 |
1,194 |
40 % |
Cost of financial debt |
-157 |
-153 |
3 % |
-600 |
-569 |
5 % |
Income from cash & cash equivalent |
77 |
33 |
133 % |
253 |
41 |
nm |
Net cost of financial debt |
-80 |
-120 |
-33 % |
-347 |
-528 |
-34 % |
Other financial income and expenses |
-27 |
295 |
nm |
-183 |
-324 |
-44 % |
Income before tax |
-243 |
309 |
nm |
1,147 |
342 |
nm |
Income taxes |
12 |
183 |
-93 % |
-164 |
390 |
nm |
Net income of consolidated companies |
-231 |
492 |
nm |
983 |
732 |
nm |
Share of profits (losses) of associates |
– |
12 |
nm |
7 |
12 |
-42 % |
Net Income for the period |
-231 |
504 |
nm |
990 |
744 |
33 % |
Non-controlling interests |
25 |
8 |
nm |
56 |
16 |
nm |
Net Income for the period - Equity holders |
-256 |
496 |
nm |
934 |
728 |
28 % |
* Restated figures include the change in accounting
principles for CO2 quotas
Consolidated balance sheet
Assets |
December 31, 2023 |
December 31, 2022 |
(in € million) |
|
Restated * |
Goodwill |
224 |
225 |
Intangible
assets |
1,128 |
1,127 |
Flight
equipment |
11,501 |
10,614 |
Other property,
plant and equipment |
1,431 |
1,375 |
Right-of-use
assets |
5,956 |
5,428 |
Investments in
equity associates |
129 |
120 |
Pension
assets |
45 |
39 |
Other non-current
financial assets |
1,262 |
1,184 |
Non-current
derivatives financial assets |
148 |
262 |
Deferred tax
assets |
698 |
714 |
Other non-current assets |
153 |
78 |
Total non-current assets |
22,675 |
21,166 |
Other current financial assets |
1,292 |
620 |
Current
derivatives financial assets |
122 |
327 |
Inventories |
853 |
723 |
Trade
receivables |
2,152 |
1,785 |
Other current
assets |
1,120 |
979 |
Cash and cash
equivalents |
6,194 |
6,626 |
Assets held for sale |
82 |
79 |
Total current assets |
11,815 |
11,139 |
Total assets |
34,490 |
32,305 |
* Restated figures include the change in accounting
principles for CO2 quotas
Liabilities
and equity |
December 31, 2023 |
December 31, 2022 |
(in € million) |
|
|
Issued capital |
263 |
2,571 |
Additional
paid-in capital |
7,560 |
5,217 |
Treasury
shares |
-25 |
-25 |
Perpetual |
1,076 |
933 |
Reserves and retained earnings |
-10,925 |
-11,700 |
Equity attributable to equity holders of Air
France-KLM |
-2,051 |
-3,004 |
Perpetual |
2,524 |
510 |
Reserves and retained earnings |
27 |
14 |
Equity attributable Non-controlling interests |
2,551 |
524 |
Total equity |
500 |
-2,480 |
Pension provisions |
1,685 |
1,634 |
Non-current
return obligation liability and other provisions |
3,805 |
4,149 |
Non-current
financial liabilities |
7,538 |
9,657 |
Non-current lease
debt |
3,581 |
3,318 |
Non-current
derivatives financial liabilities |
56 |
21 |
Deferred tax
liabilities |
— |
1 |
Other non-current liabilities |
1,376 |
2,343 |
Total non-current liabilities |
18,041 |
21,123 |
Current return obligation liability and other provisions |
1,079 |
740 |
Current financial
liabilities |
1,664 |
896 |
Current lease
debt |
848 |
834 |
Current
derivatives financial liabilities |
139 |
83 |
Trade
payables |
2,447 |
2,424 |
Deferred revenue
on ticket sales |
3,858 |
3,725 |
Frequent flyer
programs |
899 |
900 |
Other current
liabilities |
5,002 |
4,057 |
Bank overdrafts |
13 |
3 |
Total current liabilities |
15,949 |
13,662 |
Total equity and liabilities |
34,490 |
32,305 |
Statement of Consolidated Cash Flows from January 1
until December 31
Period
from January 1 to December 31 |
2023 |
2022 |
(in € million) |
|
restated * |
Net income |
990 |
744 |
Amortization,
depreciation and operating provisions |
2,496 |
2,422 |
Financial
provisions |
216 |
145 |
Loss (gain) on
disposals of tangible and intangible assets |
-63 |
-92 |
Loss (gain) on
disposals of subsidiaries and associates |
– |
1 |
Derivatives – non
monetary result |
-2 |
-4 |
Unrealized
foreign exchange gains and losses, net |
-92 |
151 |
Share of
(profits) losses of associates |
-7 |
-12 |
Deferred
taxes |
106 |
-436 |
Impairment |
1 |
32 |
Other non-monetary items |
-71 |
-204 |
Self-financing capacity |
3,574 |
2,747 |
(Increase) / decrease in inventories |
-135 |
-155 |
(Increase) /
decrease in trade receivables |
-330 |
-146 |
Increase /
(decrease) in trade payables |
-23 |
570 |
Increase /
(decrease) in advanced ticket sales |
128 |
1,092 |
Change in other assets and liabilities |
-89 |
574 |
Change in working capital requirement |
-449 |
1,935 |
Net cash flow from operating activities |
3,125 |
4,682 |
Acquisition of subsidiaries, of shares in non-controlled
entities |
-7 |
-3 |
Proceeds on
disposal of subsidiaries, of shares in non-controlled entities |
– |
-1 |
Purchase of
property plant and equipment and intangible assets |
-3,551 |
-2,798 |
Proceeds on
disposal of property plant and equipment and intangible assets |
867 |
880 |
Dividends
received |
3 |
2 |
Decrease
(increase) in net investments, more than 3 months |
-540 |
-59 |
Acquisition of warrants (1) |
-12 |
– |
Net cash flow used in investing activities |
-3,240 |
-1,979 |
Increase of equity |
35 |
1,551 |
Capital increase
paid by shareholders and non-controlling interests |
9 |
3 |
Payments to
acquire treasury shares |
-1 |
– |
Issuance of
perpetual |
2,718 |
798 |
Repayment on
perpetual |
-595 |
-1,767 |
Coupon on
perpetual |
-92 |
-252 |
Issuance of
debt |
2,094 |
1,110 |
Repayment on
debt |
-3,324 |
-3,078 |
Payments on lease
debts |
-833 |
-861 |
New loans |
-335 |
-305 |
Repayment on
loans |
129 |
45 |
Dividends paid |
-90 |
– |
Net cash flow from financing activities |
-285 |
-2,756 |
Effect of exchange rate on cash and cash equivalents |
-42 |
22 |
Change in cash and cash equivalents and bank
overdrafts |
-442 |
-31 |
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 |
6,181 |
6,623 |
* Restated figures include the change in accounting
principles for CO2 quotas
(1) Participation to warrants issue of GOL 26
September.
Return on capital employed (ROCE)
In € million |
Dec 31, 2023 |
Sept 30, 2023 |
Jun 30,
2023 |
Mar 31,
2023 |
Dec 31,
2022 |
Sept 30, 2022 |
Jun 30,
2022 |
Mar 31,
2022 |
|
|
|
restated (2) |
restated (1) (2) |
restated (1) (2) |
restated (1) (2) |
restated (1) (2) |
restated (1) (2) |
Goodwill and
intangible assets |
1,352 |
1,331 |
1,339 |
1,351 |
1,352 |
1,350 |
1,361 |
1,363 |
Flight
equipment |
11,501 |
11,296 |
10,957 |
10,954 |
10,614 |
10,298 |
10,521 |
10,537 |
Other property,
plant and equipment |
1,431 |
1,379 |
1,389 |
1,372 |
1,375 |
1,349 |
1,358 |
1,378 |
Right of use
assets |
5,956 |
5,596 |
5,480 |
5,304 |
5,428 |
5,536 |
5,439 |
5,205 |
Investments in
equity associates |
129 |
127 |
121 |
122 |
120 |
111 |
108 |
107 |
Financial assets
excluding marketable securities, accrued interests and financial
deposits |
219 |
191 |
190 |
169 |
169 |
164 |
162 |
158 |
Provisions,
excluding pension, cargo litigation and restructuring |
-4,346 |
-4,481 |
-4,248 |
-4,255 |
-4,347 |
-4,792 |
-4,473 |
-4,240 |
WCR (3) |
-6,981 |
-7,804 |
-8,917 |
-8,696 |
-7,213 |
-7,609 |
-8,338 |
-6,736 |
Capital employed |
9,261 |
7,635 |
6,311 |
6,321 |
7,498 |
6,407 |
6,138 |
7,772 |
Average capital employed (A) |
7,382 |
6,954 |
Adjusted results from current operations |
1,712 |
1,193 |
- Dividends
received |
-1 |
-1 |
- Share of
profits (losses) of associates |
7 |
12 |
- Normative income tax |
-444 |
-311 |
Adjusted result from current operations after tax
(B) |
1,274 |
893 |
ROCE, trailing 12 months (B/A) |
17.3% |
12.8% |
(1) Proforma figures include restatement
related to change in accounting scheme of ETS quotas (see financial
statements of the period).
(2) Compared to previous periods, the
working capital has been restated to exclude the report
of social & fiscal charges granted consequently to
Covid.
(3) Excluding the report of social &
fiscal charges granted consequently to Covid.
Net debt
(in € million) |
December 31, 2023 |
December 31, 2022 |
Current and non-current financial liabilities |
9,202 |
10,553 |
Current and
non-current lease debt |
4,429 |
4,152 |
Accrued
interest |
-138 |
-127 |
Deposits related
to financial liabilities |
-107 |
-101 |
Deposits related
to lease debt |
-100 |
-99 |
Derivatives impact on debt |
-1 |
-35 |
Gross financial liabilities (I) |
13,285 |
14,343 |
Cash and cash equivalent |
6,194 |
6,626 |
Marketable
securities > 3 months |
1,097 |
572 |
Bonds |
966 |
811 |
Bank overdrafts |
-13 |
-3 |
Net cash (II) |
8,244 |
8,006 |
Net debt (I-II) |
5,041 |
6,337 |
Adjusted operating free cash flow
|
Fourth Quarter |
Year to Date |
|
2023 |
2022 |
2023 |
2022 |
(in € million) |
|
restated * |
|
restated * |
Net cash flow from operating activities |
-310 |
206 |
3,125 |
4,682 |
Purchase of
property plant and equipment and intangible assets |
-1,271 |
-750 |
-3,551 |
-2,798 |
Proceeds on disposal of property plant and equipment and intangible
assets |
591 |
202 |
867 |
880 |
Operating free cash flow |
-990 |
-342 |
441 |
2,764 |
Payments on lease debts |
-208 |
-208 |
-833 |
-861 |
Operating free cash flow adjusted |
-1,198 |
-550 |
-392 |
1,903 |
* Restated figures include the change in accounting
principles for CO2 quotas
Bridge from EBITDA to Self-financing
capacity
|
Fourth Quarter |
Year to Date |
|
2023 |
2022 |
2023 |
2022 |
(in € million) |
|
restated * |
|
restated * |
EBITDA |
601 |
786 |
4,208 |
3,615 |
Provisions (risk and other) |
-1 |
-1 |
-11 |
-16 |
Correction of
spare parts inventory |
– |
-5 |
1 |
-1 |
Addition to
pension provisions |
44 |
28 |
153 |
125 |
Reversal to
pension provisions (cash-out) |
-48 |
-50 |
-98 |
-100 |
Payment linked
with shares |
33 |
– |
33 |
1 |
Sales of tangible and intangible assets (excluding
aeronauticals) |
8 |
-1 |
4 |
-3 |
Income from operating activities - cash
impact |
637 |
757 |
4,290 |
3,621 |
Restructuring costs |
-20 |
-58 |
-112 |
-233 |
Other non-current
income and expenses |
-3 |
– |
-7 |
-7 |
Cost of financial
liability |
-159 |
-153 |
-710 |
-582 |
Financial
income |
72 |
28 |
231 |
25 |
Realized foreign
exchanges gain/loss |
1 |
-11 |
37 |
-22 |
Settlement of
forwards derivatives - cash |
– |
– |
-3 |
– |
Other financial
charges & expenses - cash |
-82 |
– |
-97 |
-11 |
Current income
tax |
34 |
-20 |
-64 |
-46 |
Other elements |
6 |
1 |
9 |
2 |
Self-financing capacity |
486 |
544 |
3,574 |
2,747 |
* Restated figures include the change in accounting
principles for CO2 quotas
Unit cost: net cost per ASK
|
Fourth Quarter |
Year to date |
|
2023 |
2022 |
2023 |
2022 |
Total operating
expenses (in €m) |
7,463 |
6,994 |
28,305 |
25,198 |
Total other
revenues (in €m) |
-807 |
-673 |
-2,768 |
-2,284 |
Net cost (in €m) |
6,656 |
6,320 |
25,537 |
22,913 |
Capacity produced, reported in ASK |
77,024 |
72,632 |
309,505 |
282,761 |
Net cost per ASK (in € cents per ASK) |
8.64 |
8.70 |
8.25 |
8.10 |
Gross change |
|
-0.7 % |
|
1.8 % |
Currency effect
on net costs (in €m) |
|
-129 |
|
-245 |
Change at
constant currency |
|
1.4 % |
|
2.9 % |
Fuel price effect (in €m) |
|
-130 |
|
-388 |
Net cost per ASK on a constant currency and constant fuel
price
(in € cents per ASK) |
8.64 |
8.35 |
8.25 |
7.88 |
Change at constant currency and constant fuel
price |
|
3.5 % |
|
4.7 % |
Furlough |
|
+4 |
|
+269 |
|
8.64 |
8.35 |
8.25 |
7.97 |
Change at constant currency and constant fuel price
excluding furlough |
|
3.5 % |
|
3.5 % |
Group fleet at 31 December 2023
Aircraft
type |
AF (incl. HOP)2 |
KL (incl. KLC &
MP)1 |
Transavia |
Owned |
Finance lease |
Operating lease |
Total |
In operation |
Change vs 31/12/22 |
B777-300 |
43 |
16 |
|
20 |
15 |
24 |
59 |
59 |
|
B777-200 |
18 |
15 |
|
28 |
1 |
4 |
33 |
33 |
|
B787-9 |
10 |
13 |
|
4 |
7 |
12 |
23 |
23 |
|
B787-10 |
|
10 |
|
2 |
8 |
|
10 |
10 |
3 |
A380-800 |
4 |
|
|
3 |
|
1 |
4 |
|
|
A350-900 |
27 |
|
|
3 |
10 |
14 |
27 |
26 |
6 |
A330-300 |
|
5 |
|
|
|
5 |
5 |
5 |
|
A330-200 |
15 |
6 |
|
11 |
|
10 |
21 |
21 |
|
Total Long-Haul |
117 |
65 |
0 |
71 |
41 |
70 |
182 |
177 |
9 |
B737-900 |
|
5 |
|
5 |
|
|
5 |
5 |
|
B737-800 |
|
31 |
111 |
35 |
8 |
99 |
142 |
141 |
16 |
B737-700 |
|
6 |
4 |
7 |
|
3 |
10 |
10 |
|
A321NEO |
|
|
1 |
|
|
1 |
1 |
1 |
1 |
A321 |
15 |
|
|
8 |
|
7 |
15 |
15 |
-3 |
A320NEO |
|
|
1 |
|
|
1 |
1 |
|
|
A320 |
37 |
|
|
4 |
3 |
30 |
37 |
37 |
-2 |
A319 |
13 |
|
|
9 |
|
4 |
13 |
13 |
-4 |
A318 |
6 |
|
|
4 |
|
2 |
6 |
6 |
-3 |
A220-300 |
32 |
|
|
22 |
|
10 |
32 |
32 |
17 |
Total Medium-Haul |
103 |
42 |
117 |
94 |
11 |
157 |
262 |
260 |
22 |
Canadair Jet 1000 |
2 |
|
|
2 |
|
|
2 |
|
|
Embraer 195
E2 |
|
18 |
|
|
|
18 |
18 |
18 |
4 |
Embraer 190 |
21 |
30 |
|
17 |
4 |
30 |
51 |
50 |
1 |
Embraer 175 |
|
17 |
|
3 |
14 |
|
17 |
17 |
|
Embraer 170 |
13 |
|
|
10 |
|
3 |
13 |
13 |
|
Total Regional |
36 |
65 |
0 |
32 |
18 |
51 |
101 |
98 |
5 |
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 |
258 |
176 |
117 |
201 |
70 |
280 |
551 |
541 |
36 |
2023 TRAFFIC
Passenger network activity
|
Fourth quarter |
Year to date |
Total network airlines |
2023 |
2022 |
variation |
2023 |
2022 |
variation |
Passengers carried (‘000s) |
17,736 |
16,490 |
8% |
72,101 |
64,968 |
11% |
Revenue
pax-kilometers (m RPK) |
57,527 |
54,373 |
6% |
232,334 |
205,667 |
13% |
Available
seat-kilometers (m ASK) |
67,333 |
63,216 |
7% |
267,061 |
245,391 |
9% |
Load factor (%) |
85% |
86% |
-1pt |
87% |
84% |
3pt |
|
|
|
|
|
|
|
Long-haul |
|
|
|
|
|
|
Passengers carried (‘000s) |
6,407 |
6,119 |
5% |
25,652 |
22,887 |
12% |
Revenue
pax-kilometers (m RPK) |
47,987 |
45,465 |
6% |
191,386 |
168,184 |
14% |
Available
seat-kilometers (m ASK) |
55,654 |
52,138 |
7% |
217,864 |
198,817 |
10% |
Load factor (%) |
86% |
87% |
-1pt |
88% |
85% |
3pt |
|
|
|
|
|
|
|
North America |
|
|
|
|
|
|
Passengers carried (‘000s) |
2,217 |
2,063 |
7% |
9,192 |
8,279 |
11% |
Revenue
pax-kilometers (m RPK) |
15,709 |
14,792 |
6% |
65,290 |
59,375 |
10% |
Available
seat-kilometers (m ASK) |
18,293 |
17,101 |
7% |
74,667 |
70,608 |
6% |
Load factor (%) |
86% |
86% |
-1pt |
87% |
84% |
3pt |
|
|
|
|
|
|
|
Latin America |
|
|
|
|
|
|
Passengers carried (‘000s) |
850 |
859 |
-1% |
3,480 |
3,102 |
12% |
Revenue
pax-kilometers (m RPK) |
8,047 |
8,175 |
-2% |
33,025 |
29,502 |
12% |
Available
seat-kilometers (m ASK) |
9,060 |
9,031 |
0% |
36,536 |
33,097 |
10% |
Load factor (%) |
89% |
91% |
-2pt |
90% |
89% |
1pt |
|
|
|
|
|
|
|
Asia / Middle East |
|
|
|
|
|
|
Passengers carried (‘000s) |
1,463 |
1,149 |
27% |
5,341 |
3,623 |
47% |
Revenue
pax-kilometers (m RPK) |
11,516 |
8,544 |
35% |
41,762 |
26,104 |
60% |
Available
seat-kilometers (m ASK) |
13,516 |
10,060 |
34% |
47,924 |
32,913 |
46% |
Load factor (%) |
85% |
85% |
0pt |
87% |
79% |
8pt |
|
|
|
|
|
|
|
Africa |
|
|
|
|
|
|
Passengers carried (‘000s) |
1,020 |
1,040 |
-2% |
4,144 |
3,870 |
7% |
Revenue
pax-kilometers (m RPK) |
6,370 |
6,358 |
0% |
25,548 |
23,170 |
10% |
Available
seat-kilometers (m ASK) |
7,524 |
7,449 |
1% |
29,804 |
27,973 |
7% |
Load factor (%) |
85% |
85% |
-1pt |
86% |
83% |
3pt |
|
|
|
|
|
|
|
Caribbean / Indian Ocean |
|
|
|
|
|
|
Passengers carried (‘000s) |
856 |
1,007 |
-15% |
3,495 |
4,012 |
-13% |
Revenue
pax-kilometers (m RPK) |
6,345 |
7,595 |
-16% |
25,762 |
30,032 |
-14% |
Available
seat-kilometers (m ASK) |
7,260 |
8,496 |
-15% |
28,933 |
34,225 |
-15% |
Load factor (%) |
87% |
89% |
-2pt |
89% |
88% |
1pt |
|
|
|
|
|
|
|
Short and Medium-haul |
|
|
|
|
|
|
Passengers carried (‘000s) |
11,329 |
10,371 |
9% |
46,450 |
42,081 |
10% |
Revenue
pax-kilometers (m RPK) |
9,541 |
8,909 |
7% |
40,948 |
37,483 |
9% |
Available
seat-kilometers (m ASK) |
11,679 |
11,079 |
5% |
49,197 |
46,574 |
6% |
Load factor (%) |
82% |
80% |
1pt |
83% |
80% |
3pt |
Transavia activity
|
Fourth quarter |
Year to date |
Transavia |
2023 |
2022 |
variation |
2023 |
2022 |
variation |
Passengers carried (‘000s) |
4,611 |
4,505 |
2% |
21,464 |
18,355 |
17% |
Revenue
seat-kilometers (m RSK) |
8,163 |
7,983 |
2% |
37,800 |
31,834 |
19% |
Available
seat-kilometers (m ASK) |
9,692 |
9,416 |
3% |
42,445 |
37,369 |
14% |
Load factor (%) |
84% |
85% |
-1pt |
89% |
85% |
4pt |
Total Group passenger
activity
|
Fourth quarter |
Year to date |
Total Group |
2023 |
2022 |
variation |
2023 |
2022 |
variation |
Passengers carried (‘000s) |
22,347 |
20,995 |
6% |
93,565 |
83,323 |
12% |
Revenue
pax-kilometers (m RPK) |
65,691 |
62,356 |
5% |
270,134 |
237,501 |
14% |
Available
seat-kilometers (m ASK) |
77,024 |
72,632 |
6% |
309,505 |
282,761 |
9% |
Load factor (%) |
85% |
86% |
-1pt |
87% |
84% |
3pt |
Cargo activity
|
Fourth quarter |
Year to date |
Cargo |
2023 |
2022 |
variation |
2023 |
2022 |
variation |
Revenue tonne-km (m RTK) |
1,772 |
1,757 |
1% |
6,550 |
6,889 |
-5% |
Available
tonne-km (m ATK) |
3,577 |
3,407 |
5% |
14,076 |
13,260 |
6% |
Load factor (%) |
50% |
52% |
-2pt |
47% |
52% |
-5pt |
Air France activity
|
Fourth quarter |
Year to date |
Total Passenger network activity |
2023 |
2022 |
variation |
2023 |
2022 |
variation |
Passengers carried (‘000s) |
10,025 |
10,153 |
-1% |
41,769 |
39,130 |
7% |
Revenue
pax-kilometers (m RPK) |
34,581 |
33,137 |
4% |
139,682 |
123,378 |
13% |
Available
seat-kilometers (m ASK) |
40,610 |
38,248 |
6% |
160,725 |
146,731 |
10% |
Load factor (%) |
85% |
87% |
-1pt |
87% |
84% |
3pt |
|
|
|
|
|
|
|
Long-haul |
|
|
|
|
|
|
Passengers carried (‘000s) |
4,026 |
3,824 |
5% |
15,993 |
14,261 |
12% |
Revenue
pax-kilometers (m RPK) |
29,496 |
27,671 |
7% |
116,500 |
101,245 |
15% |
Available
seat-kilometers (m ASK) |
34,400 |
31,583 |
9% |
132,924 |
119,431 |
11% |
Load factor (%) |
86% |
88% |
-2pt |
88% |
85% |
3pt |
|
|
|
|
|
|
|
Short and Medium-haul |
|
|
|
|
|
|
Passengers carried (‘000s) |
5,999 |
6,328 |
-5% |
25,777 |
24,868 |
4% |
Revenue
pax-kilometers (m RPK) |
5,085 |
5,466 |
-7% |
23,182 |
22,133 |
5% |
Available
seat-kilometers (m ASK) |
6,210 |
6,665 |
-7% |
27,801 |
27,300 |
2% |
Load factor (%) |
82% |
82% |
0pt |
83% |
81% |
2pt |
|
|
|
|
|
|
|
Cargo activity |
|
|
|
|
|
|
Revenue tonne-km (m RTK) |
910 |
929 |
-2% |
3,307 |
3,559 |
-7% |
Available
tonne-km (m ATK) |
2,050 |
1,953 |
5% |
7,989 |
7,497 |
7% |
Load factor (%) |
44% |
48% |
-3pt |
41% |
47% |
-6pt |
KLM activity
|
Fourth quarter |
Year to date |
Total Passenger network activity |
2023 |
2022 |
variation |
2023 |
2022 |
variation |
Passengers carried (‘000s) |
7,711 |
6,337 |
22% |
30,332 |
25,838 |
17% |
Revenue
pax-kilometers (m RPK) |
22,946 |
21,236 |
8% |
92,652 |
82,289 |
13% |
Available
seat-kilometers (m ASK) |
26,722 |
24,968 |
7% |
106,336 |
98,660 |
8% |
Load factor (%) |
86% |
85% |
1pt |
87% |
83% |
4pt |
|
|
|
|
|
|
|
Long-haul |
|
|
|
|
|
|
Passengers carried (‘000s) |
2,381 |
2,294 |
4% |
9,659 |
8,626 |
12% |
Revenue
pax-kilometers (m RPK) |
18,491 |
17,793 |
4% |
74,885 |
66,939 |
12% |
Available
seat-kilometers (m ASK) |
21,254 |
20,555 |
3% |
84,940 |
79,386 |
7% |
Load factor (%) |
87% |
87% |
–pt |
88% |
84% |
4pt |
|
|
|
|
|
|
|
Short and Medium-haul |
|
|
|
|
|
|
Passengers carried (‘000s) |
5,330 |
4,043 |
32% |
20,673 |
17,212 |
20% |
Revenue
pax-kilometers (m RPK) |
4,456 |
3,443 |
29% |
17,766 |
15,350 |
16% |
Available
seat-kilometers (m ASK) |
5,468 |
4,413 |
24% |
21,396 |
19,274 |
11% |
Load factor (%) |
81% |
78% |
3pt |
83% |
80% |
3pt |
|
|
|
|
|
|
|
Cargo activity |
|
|
|
|
|
|
Revenue tonne-km (m RTK) |
862 |
828 |
4% |
3,244 |
3,330 |
-3% |
Available
tonne-km (m ATK) |
1,526 |
1,453 |
5% |
6,087 |
5,762 |
6% |
Load factor (%) |
56% |
57% |
0pt |
53% |
58% |
-4pt |
1 against a constant fuel price, constant currency and
excluding Emission Trading Scheme cost (ETS)
2 Excluding Transavia
- 2023 Q4 - AFKLM - Press release
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