Air France-KLM Half Year Results
xx
July 25, 2024
Operating result of €513 million with operating margin at
6.5%
impacted by unit cost and higher fuel price |
-
Group capacity increased by 4.1% compared to last year with load
factor at 88%
-
Group revenues at €7.9bn, up 4.3% compared to last year
-
Unit cost at +1.7% compared to 2023
-
Operating result at €513m, with operating margin at 6.5%, Olympic
Games impact €40m
-
Half-Year Recurring adjusted operating free cash flow positive at
€134m
-
Cash at hand at €9.6bn and Net debt/EBITDA ratio of 1.6x
Commenting on the results, Mr. Benjamin
Smith, Group CEO, said:
“The second quarter of 2024 confirmed an
increasingly challenging environment for aviation, with rising fuel
prices and a continued pressure on costs. In this context, KLM and
Transavia delivered a stable yet sluggish performance, while Air
France was in addition impacted by exceptional events, including
the negative effect of the Olympic Games in June.
The Group has already taken strong measures
to adapt to this situation, including a hiring freeze and
additional cost cuts. The Group is preserving its major investments
to renew its fleet, which is a strategic lever to improve our
financial and environmental performance.
Going forward, we will continue to execute
our strategy and deploy our transformation plan.
Our business model is robust and resilient,
and we remain confident in our ability to achieve our mid and
long-term objectives, notably by leveraging our strong assets and
unique competitive position.”
Q2 Unit revenue stable
| |
Second Quarter |
Half Year |
|
|
2024 |
change |
change
constant currency |
2024 |
change |
change
constant currency |
|
Group Passengers (thousands) |
25,743 |
+4.4% |
|
46,615 |
+5.2% |
|
| Group Capacity
(ASK m) |
81,348 |
+4.1% |
|
154,066 |
+4.3% |
|
| Traffic (RPK
m) |
71,357 |
+4.1% |
|
134,203 |
+4.5% |
|
| Group Passenger
load factor |
87.7% |
0.0pt |
|
87.1% |
+0.2pt |
|
|
Passenger unit revenue per ASK (€ cts) |
8.30 |
-0.2% |
+0.2% |
7.90 |
+0.3% |
+1.0% |
| |
Second quarter |
Half Year |
|
|
2024 |
change |
change
constant currency |
2024 |
change |
change
constant currency |
|
Revenues (€m) |
7,949 |
+4.3% |
+4.6% |
14,603 |
+4.7% |
+5.3% |
| EBITDA
(€m) |
1,170 |
-158 |
-122 |
1,345 |
-269 |
-206 |
| Operating
result (€m) |
513 |
-220 |
-184 |
24 |
-402 |
-339 |
| Operating
margin (%) |
+6.5% |
-3.1pt |
-2.7pt |
+0.2% |
-2.9pt |
-2.5pt |
| Net income
(€m) |
165 |
-447 |
|
-314 |
-589 |
|
| Group unit
revenue per ASK (€cts) |
8.87 |
-0.8% |
-0.4% |
8.49 |
-1.2% |
-0.6% |
|
Group unit cost at constant fuel, constant currency and excluding
ETS |
8.24 |
|
+1.7% |
8.47 |
|
+2.8% |
|
|
30 June 2024 |
31 Dec 2023 |
|
Operating Free cash flow (€m) |
-44 |
n.a. |
| Adj. recurring
operating free cash flow* (€m) |
134 |
n.a. |
| Net Debt
(€m) |
6,192 |
5,041 |
| EBITDA
trailing 12 months (€m) |
3,940 |
4,208 |
|
Net Debt/EBITDA ratio |
1.6x |
1.2x |
*IFRS Operating free cash flow corrected from the repayment
of deferred social charges, pensions contributions and wage taxes
granted during the Covid period and payment of lease debt and
interests paid and received
Second Quarter 2024: Operating result at
€513m
In the second quarter 2024, Air France-KLM
welcomed 25.7 million passengers which is 4.4% above last year. As
capacity increased by 4.1% and traffic grew by 4.1%, the load
factor was stable compared to last year at 88%.
The Group passenger unit revenue per ASK was up
+0.2% at constant currency compared to last year, despite less
international inbound traffic to Paris as a consequence of the
Olympic Games.
The operating result was €220 million below last
year standing at €513 million and was mainly impacted by an
increase of the ex-fuel unit costs (€109 million), an increase of
unit fuel & ETS costs (€73 million) and a decrease of cargo
unit revenues (€21 million).
The Group unit cost per ASK1 is up
1.7% versus last year which is slightly better than the outlook
provided during the Q1 2024 results presentation (+2%
year-over-year). This increase resulted mainly from higher salary
cost due to collective labor agreements at Air France and KLM and a
higher flight related cost due to airport tariff increases at
Schiphol and in Paris. Operational disruption costs have been
reduced compared to last year thanks to a stabilization of KLM
operations.
Cash
The Group reported a positive cash flow before
change in working capital and a positive working capital, although
impacted by the payment of deferred pension, social charges and
wages taxes inherited from the pandemic, and a net capex of €1.7
billion (full year outlook of net capex of €3 billion). As a
consequence operating free cash flow for the first half year stood
at -€44 million.
These deferrals correspond to the previously
guided one time pension payment of €610 million by Air France in
January 2024 to the Caisse des Retraites des Personnels Navigants
(CRPN) as well as the social charges and wages taxes amounting to
€120 million per quarter.
Recurring adjusted operating free cash flow
excluding deferred social charges and wage taxes and including
lease debt and net interest payment amounted to +€134 million.
In May, Air France-KLM has fully repaid the
outstanding €48 million of the bonds convertible into new shares
and/or exchangeable for existing shares due March 25, 2026 (the
“OCEANE 2026”).
In the same month, the Group has successfully
placed new bonds for a total nominal amount of €650 million with a
5-year maturity and a coupon of 4.625% under its €4.5 billion
Medium Term Note Programme. The New Notes are rated BBB- by Fitch
and BB+ by S&P. Strong investor demand, with an order book
above €2.8 billion, covered the offering by a factor of c.4.3x.
€453 million of the proceeds were used to redeem
partly the following bonds:
-
January 2025 (coupon 1.875%, €750m) for €235 million
-
July 2026 (coupon 3.875%, €500m) for €218 million
The cash at hand at the end of June amounted to
€9.6 billion, a decrease of €0.9 billion versus the end of 2023
mainly due to the payment of deferred pension, social charges and
wages taxes inherited from the pandemic. Net Debt / EBITDA ratio
stood at 1.6x versus 1.2x at December 2023.
Post quarter, Air France-KLM and Air France
announced the successful renegotiation of its Sustainability linked
Revolving Credit Facilities, resulting in an increase in the number
of banks from 16 to 17, an increase of the undrawn amount by €115
million to €1.4 billion, optimized financial conditions and
extension of its maturity to July 2028.
Sustainability
Transition plan and
trajectory
Since 2019, Air France-KLM has accelerated its
environmental transition and has set ambitious sustainability
performance targets to highlight its sustainability commitments.
The Group’s ambition is to reduce its greenhouse gas (GHG)
emissions by 30% by 2030 compared to 2019
(gCO2eq/RTK).
Sustainability key performance
measures:
Fleet Renewal: Air France-KLM
is committed to renewing its fleet with more fuel-efficient and
less noisy aircraft. By the end of June 2024, 23% of its fleet was
composed of new-generation aircraft, compared to 18% end of June
2023. The Group plans to increase this ratio up to 80% by 2030.
Compared to previous generation aircraft the
A220 reduces CO2 emissions by 20%, the Airbus A320neo
family by 15%, and the Airbus A350 by 25%.
Since the end of December 2023 the following new
generation aircraft were phased in, five A350, three A320 Neo, five
A321 Neo and four A220. In the same period the following old
generation aircraft were phased out, one 737-800, two A319 and one
CRJ-1000.
|
|
30 June 2024 |
30 June 2023 |
Change |
|
New generation fleet2 |
23% |
18% |
+5pt |
Sustainable Aviation Fuels
(SAF): Air France-KLM became a co-investor in a
Sustainable Aviation Fuel (SAF) financing fund, together with
Airbus and six other companies.
This financing fund aims at accelerating the
availability of SAF by investing mainly in technologically mature
SAF-producing projects using for instance waste-based
feedstocks.
Air France-KLM and its partners will have to
possibility of entering into priority contracts to secure SAF
offtakes from the various projects the fund will invest in.
Already the world’s first user of sustainable
aviation fuel SAF in 2022 and 2023, Air France-KLM has set itself
the target of incorporating at least 10% of SAF on all flights by
2030.
The Group adheres to a strict sourcing policy,
committing to purchasing second generation SAF that do not compete
with the human or animal food chain, are RSB or ISCC+ certified for
their sustainability, and are not produced from palm oil. Compared
to conventional fuel, Air France-KLM’s SAF achieve a CO₂ emissions
reduction of up to 75% over the entire fuel lifecycle.
2024 outlook
Capacity
The Group expects its capacity in Available Seat
Kilometers for Air France-KLM Group including Transavia to increase
by 4% in 2024 compared to 2023. (Previously +5% compared to
2023).
Unit
cost3
Q3 unit cost development expected at +2%
compared to last year.
For the full year 2024, the Group expects a unit
cost +2% compared to 2023 (previously +1-2% compared to
2023) supported by the below action plan:
-
Accelerated transformation initiatives to further increase cost
savings both at Group and airline level via simplification, reduce
overhead and create further synergies
-
Hiring freeze of support staff (SG&A)
-
New fleet delivery to support unit cost development
-
Marketing cost cutting
-
20% reduction of discretionary costs
Capex
Further optimizing full year 2024 net capex,
expected to be below 3 billion euros. (Previously at 3 billion
euros).
Business review
Network result
Network
|
Second Quarter |
Half Year |
|
2024 |
change |
change
constant currency |
2024 |
change |
change
constant currency |
|
Traffic revenues (€m) |
6,363 |
+1.7% |
|
11,759 |
+1.5% |
|
|
Total revenues (€m) |
6,632 |
+1.6% |
|
12,295 |
+1.5% |
|
|
Salaries and related costs (€m) |
-1,673 |
+7.6% |
|
-3,278 |
+8.3% |
|
| Aircraft fuel
(€m) |
-1,591 |
+8.2% |
|
-3,114 |
+0.4% |
|
|
Other operating expenses (€m) |
-2,422 |
+3.2% |
|
-4,815 |
+7.0% |
|
|
EBITDA (€m) |
946 |
-18.0% |
|
1,088 |
-26.6% |
|
|
Depreciation & Amortization (€m) |
-501 |
+8.5% |
|
-998 |
+6.3% |
|
|
Operating result (€m) |
446 |
-247 |
-210 |
90 |
-452 |
-387 |
|
Operating margin (%) |
6.7% |
-3.9 pt |
|
0.7% |
-3.7 pt |
|
Compared to the second quarter 2023, total
revenues increased by +1.6% to €6,632 million. The increase in
revenues was driven by the passenger network while Cargo revenues
declined year over year. The operating result stood at €446 million
which was €247 million below last year due to an increase in salary
costs, fuel and other operating expenses, however disruption cost
decreased versus last year. Q2 2024 unit revenues for Air France
were impacted in June by the Olympic Games in France.
Stable passenger network unit revenue
Passenger network
|
Second Quarter |
Half Year |
|
2024 |
change |
change
constant currency |
2024 |
change |
change
constant currency |
|
Passengers (thousands) |
19,097 |
+1.9% |
|
35,762 |
+3.6% |
|
| Capacity (ASK
m) |
68,541 |
+2.8% |
|
132,805 |
+3.2% |
|
| Traffic (RPK
m) |
59,873 |
+2.7% |
|
115,218 |
+3.6% |
|
| Load factor |
87.4% |
-0.1pt |
|
86.8% |
+0.3pt |
|
| Total passenger
revenues (€m) |
6,080 |
+2.8% |
+3.2% |
11,176 |
+3.3% |
+4.0% |
| Traffic passenger
revenues (€m) |
5,901 |
+2.3% |
+2.7% |
10,855 |
+3.2% |
+3.9% |
|
Unit revenue per ASK (€ cts) |
8.61 |
-0.5% |
-0.1% |
8.17 |
0.0% |
+0.7% |
During the second quarter 2024 capacity in
Available Seat Kilometers (ASK) was 2.8% higher than last year.
Traffic growth (+2.7%) was close to the capacity growth and has led
to a broadly stable load factor at 87.4%, while yield corrected for
currency remained stable, resulting in an almost stable unit
revenue per ASK.
During the second quarter we observed per region the following
trends:
North Atlantic
Q2 capacity increased by +6% compared to last year although traffic
was not fully following this trend resulting in a load factor
reduction of 1.7 point at 88% while yield was broadly stable at
-0.2%. Industry capacity grew double digit in the same period.
Latin America
Capacity was down -4.7% on the back of a high comparison basis
while industry capacity is increasing. Load factor slightly
increased and reached 90% while yield reduced by 2% compared to
significant high yields last year.
Asia & Middle East
Capacity in the second quarter has substantially increased (+13.9%)
versus 2023, driven by Asia while Middle East capacity reduced by a
single digit percentage. Despite strong capacity growth, load
factor expanded by almost 2 points compared to last year while
yield reduced by 3%. Overall the area significantly contributed to
the revenue growth of the Group.
Caribbean & Indian Ocean
The second quarter continued to show capacity reductions
compared to 2023 (-6.5%) due to redeployment of the fleet to other
long-haul areas. This lower capacity pushed the load factor 1.5
point up to 90% and yield improved by 5.7%.
Africa
Resilient performance despite the political situation in Sahel
still impacting Air France. The Group’s capacity decreased 6% while
unit revenues improved thanks to a yield increase of 4.6% above
2023 while the load factor was stable at 85%.
Short and Medium-haul
Industry capacity recovered mainly driven by low cost carriers
competitors and put pressure on yields and volumes. The Group’s
capacity increased by 2.4%, with different dynamics between Air
France and KLM. The latter increased capacity year over year by 12%
due to a lower base in 2023. Load factor and yield are almost
stable compared to last year.
Cargo: Q2 Unit revenue down but June unit revenues above
last year
Cargo business
|
Second Quarter |
Half Year |
|
2024 |
change |
change
constant currency |
2024 |
change |
change
constant currency |
|
Tons (thousands) |
218 |
+2.6% |
|
435 |
+3.1% |
|
| Capacity (ATK
m) |
3,567 |
+0.2% |
|
7,017 |
+2.5% |
|
| Traffic (RTK
m) |
1,627 |
+2.7% |
|
3,249 |
+3.4% |
|
| Load factor |
45.6% |
+1.1pt |
|
46.3% |
+0.4pt |
|
| Total Cargo
revenues (€m) |
546 |
-10.0% |
-9.2% |
1,108 |
-13.4% |
-12.4% |
| Traffic Cargo
revenues (€m) |
462 |
-5.2% |
-4.4% |
903 |
-15.1% |
-14.2% |
|
Unit revenue per ATK (€cts) |
12.98 |
-5.2% |
-4.4% |
12.88 |
-17.1% |
-16.2% |
As indicated during the Q1 results presentation,
the significant year-over-year unit revenue reductions are behind
us in the Cargo activity. The Group experienced a limited unit
revenue reduction of -4.4% compared to the second quarter last
year. The beginning of the second quarter was still slightly
impacted by the challenging implementation of a Cargo IT system
including book away in April and May (Q2 impact: €15m), while June
showed an unit revenue improvement of 3%. In particular Asia is
performing well driven by e-commerce and the red sea disruption. In
response to market dynamics, a part of the group’s full freighter
capacity is being redeployed to Asia. Additionally, a block
agreement was signed with China Cargo Airlines, marking a new step
in cooperation and enhancing our presence in this major cargo
market.
Transavia: Q2 Positive operating margin thanks to
healthy unit revenue development
Transavia
|
Second Quarter |
Half Year |
|
2024 |
change |
2024 |
change |
|
Passengers (thousands) |
6,646 |
+12.2% |
10,853 |
+10.9% |
| Capacity (ASK
m) |
12,807 |
+12.1% |
21,261 |
+11.7% |
| Traffic (RPK
m) |
11,484 |
+12.0% |
18,985 |
+10.8% |
| Load
factor |
89.7% |
-0.1pt |
89.3% |
-0.7pt |
| Unit revenue
per ASK (€cts) |
6.66 |
+4.5% |
6.20 |
+6.4% |
|
Unit cost per ASK (€cts) |
6.46 |
+1.2% |
6.86 |
+1.8% |
|
|
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
|
Total Passenger revenues
(€m) |
843 |
+18.4% |
1,305 |
+19.8% |
|
Salaries and related costs (€m) |
-188 |
+12.6% |
-345 |
+15.7% |
| Aircraft fuel
(€m) |
-219 |
+15.1% |
-370 |
+9.2% |
| Other
operating expenses (€m) |
-334 |
+17.0% |
-585 |
+14.1% |
|
EBITDA (€m) |
102 |
+48.2% |
+6 |
nm |
|
Depreciation & Amortization (in €m) |
-76 |
+9.5% |
-145 |
+30.0% |
|
Operating result (€m) |
26 |
+27 |
-139 |
+33 |
|
Operating margin (%) |
3.1% |
+3.2pt |
-10.7% |
+5.1pt |
|
|
|
|
|
|
Despite Transavia’s capacity increase in
available seat kilometers of 12.1%, unit revenue increased by 4.5%
while the load factor remained broadly stable. The implementation
of the paid hand luggage initiative bore fruits and already brought
more than €20 million revenues in the quarter and a further
stabilization of the operations.
The operating result amounted to €26 million compared to break-even
last year driven by higher revenues. Transavia France was impacted
in June from the Olympic Games while Transavia Netherlands improved
the operations compared to last year.
Maintenance business: Third party revenues continue to
grow
Maintenance
|
Second Quarter |
Half Year |
|
2024 |
Change |
2024 |
Change |
|
Total Revenues (€m) |
1,202 |
+14.0% |
2,425 |
+22.4% |
|
Of which Third party revenues (€m) |
471 |
+22.6% |
1,001 |
+32.8% |
|
External expenses (€m) |
-795 |
+17.1% |
-1,603 |
-26.4% |
|
Salaries and related costs (€m) |
-296 |
+9.5% |
-591 |
+11.0% |
|
EBITDA (€m) |
111 |
+5.5% |
232 |
+23.8% |
|
Depreciation & Amortization (€m) |
-73 |
+24.8% |
-166 |
+32.2% |
|
Operating result (€m) |
37 |
-9 |
66 |
+4 |
|
Operating margin (%) |
3.1% |
-1.3pt |
2.7% |
-0.4pt |
The maintenance segment continued its growth in
the second quarter 2024. Total revenues increased by 14.0% compared
with the same quarter last year while third party revenues
increased by +22.6%, showing a strong recovery especially on the
engine side.
During the second quarter, the supply chain
disruptions were still strongly impacting the operations. AFI KLM
E&M needed to loan parts and spare engines to be able to
perform its customers’ maintenance support and to support the
outsourced airframe maintenance activities.
The operating margin stood at 3.1%, which is 1.3
point lower than in 2023.
Post-quarter Air France and Airbus have signed
the agreements to establish a joint venture for the provision on a
worldwide basis of Airbus A350 component maintenance services
(supply chain management, repairs, and creation of a worldwide pool
of aircraft components).
The cooperation would take the form of a 50-50
joint venture between Air France and Airbus and involve the
transfer of their A350 component support including aircraft
components assets belonging to both partners into the joint
venture’s pool. The implementation of this JV is in line with all
compliance requirements and subject to the approval by all relevant
authorities. The closing is therefore expected end 2024, or early
2025.
Q2 Revenue growth offset by cost increase
Air France Group
| |
Second Quarter |
Half Year |
|
|
2024 |
change |
2024 |
change |
|
Revenue (in €m) |
4,802 |
+2.9% |
8,834 |
+2.8% |
|
Salaries and related costs (in €m) |
-1,385 |
+10.3% |
-2,626 |
+9.2% |
| Aircraft fuel (in
€m) |
-1,072 |
+10.7% |
-2,057 |
+0.4% |
|
Other operating expenses (in €m) |
-1,738 |
+8.6% |
-3,380 |
+9.8% |
|
EBITDA (in €m) |
607 |
-237 |
771 |
-287 |
|
Depreciation & Amortization (in €m) |
-412 |
+13.5% |
-825 |
+8.9% |
|
Operating result* (in €m) |
195 |
-286 |
-54 |
-355 |
|
Operating margin (%) |
4.1% |
-6.3pt |
-0.6% |
-4.1pt |
*Airlines 2023 results were still including Flying Blue
figures, resulting in a negative impact in the change
columns
Air France’s revenue increased by +2.9% driven
by passenger revenues, although impacted in June (€40m) by the
Olympic Games. The operating result stood at €195 million which was
€286 million below last year, mainly due to a CLA salary increase,
an increase in fuel price, an airport tariff increase in Paris and
Flying Blue results included last year (presented separately since
Q1 2024).
Impact of Olympic Games
The Group estimates a negative impact on its
unit revenues in the third quarter from the Paris 2024 Olympic
Games of €150m to €170m.
Steady Q2 Operating result thanks to stabilized
operations
KLM Group
|
Second Quarter |
Half Year |
|
2024 |
change |
2024 |
change |
|
Revenue (in €m) |
3,268 |
+5.0% |
6,003 |
+6.6% |
|
Salaries and related costs (in €m) |
-964 |
+7.7% |
-1,963 |
+12.0% |
| Aircraft fuel (in
€m) |
-739 |
+6.5% |
-1,428 |
+1.9% |
|
Other operating expenses (in €m) |
-1,061 |
+2.7% |
-2,147 |
+11.8% |
|
EBITDA (in €m) |
504 |
+15 |
465 |
-93 |
|
Depreciation & Amortization (in €m) |
-244 |
5.2% |
-496 |
15.5% |
|
Operating result* (in €m) |
260 |
+3 |
-31 |
-160 |
|
Operating margin (%) |
8.0% |
-0.3pt |
-0.5% |
-2.8pt |
*Airlines 2023 results were still including Flying Blue
figures, resulting in a negative impact in the change
columns
KLM’s measures to stabilize the operations are
bearing fruit. Second quarter revenues grew by +5.0% while the cost
grew largely in line with the revenues. Customer compensation cost
ended below last year. The operating margin stood broadly at the
same level as last year at 8.0%.
Continued momentum for Flying Blue Miles
Flying Blue Miles
|
Second Quarter |
Half Year |
|
2024 |
change |
2024 |
change |
|
Revenue (in €m) |
208 |
n.a. |
404 |
n.a. |
| Operating result
(in €m) |
54 |
n.a. |
101 |
n.a. |
|
Operating margin (%) |
26.0% |
n.a. |
25.0% |
n.a. |
At the end of last year, Air France-KLM created
a subsidiary, which holds the commercial partner contracts related
to the joint Air France-KLM loyalty programme ("Flying Blue"), as
well as the exclusive right to issue "Miles" for the airlines and
their partners.
In the second quarter Flying Blue miles
generated €208 millions of total revenue, including third party
airline and non airline partners. The operating margin margin stood
at 26.0%.
Flying Blue steadily attracts increasing numbers
of Active Members, who engage with the program by Earning &
Burning Miles
-
+9% of enrollments in H1 2024 vs. LY with continuous positive
trend
-
Earn / Burn activity increased by 16% vs. 2023
Air France-KLM and Uber recently signed a new
partnership which allows Flying Blue members to gain miles on all
Uber rides in France and the Netherlands and also expanded its
partnership with Revolut.
Nb: Sum of individual airline results does not add up to AF-KLM
total due to intercompany eliminations at Group level.
******
The external auditors carried out limited review
procedures. Their limited review report was issued following the
Board meeting.
The results presentation is available at
www.airfranceklm.com on July 25, 2024 from 8:15 am
CET.
A conference call hosted by Mr. Smith (CEO) and
Mr. Zaat (CFO) will be held on July 25, 2024 at 09.30 am CET.
To connect to the webcast, please use below
link:
https://channel.royalcast.com/landingpage/airfranceklm/20240725_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
| |
Second Quarter |
First Semester |
| in € million |
2024 |
2023 |
Variation |
2024 |
2023 |
Variation |
|
|
|
restated * |
|
|
|
|
|
Revenues from ordinary activities |
7,949 |
7,624 |
4 % |
14,603 |
13,953 |
5 % |
|
Aircraft fuel |
-1,811 |
-1,662 |
9 % |
-3,485 |
-3,442 |
1 % |
| Carbon
emission |
-63 |
-50 |
26 % |
-125 |
-81 |
54 % |
| Chartering
costs |
-124 |
-153 |
-19 % |
-247 |
-243 |
2 % |
| Landing fees and
air routes charges |
-523 |
-506 |
3 % |
-976 |
-919 |
6 % |
| Catering |
-232 |
-207 |
12 % |
-434 |
-393 |
10 % |
| Handling charges
and other operating costs |
-510 |
-468 |
9 % |
-974 |
-894 |
9 % |
| Aircraft
maintenance costs |
-790 |
-597 |
32 % |
-1,598 |
-1,245 |
28 % |
| Commercial and
distribution costs |
-275 |
-259 |
6 % |
-553 |
-516 |
7 % |
| Other external
expenses |
-503 |
-458 |
10 % |
-993 |
-916 |
8 % |
| Salaries and
related costs |
-2,351 |
-2,156 |
9 % |
-4,596 |
-4,164 |
10 % |
| Taxes other than
income taxes |
-39 |
-38 |
3 % |
-96 |
-93 |
3 % |
| Capitalized
production |
361 |
253 |
43 % |
728 |
534 |
36 % |
| Other income and
expenses |
81 |
5 |
nm |
91 |
33 |
176 % |
|
EBITDA |
1,170 |
1,328 |
-12 % |
1,345 |
1,614 |
-17 % |
|
Amortization, depreciation and provisions |
-657 |
-595 |
10 % |
-1,321 |
-1,188 |
11 % |
|
Income from current operations |
513 |
733 |
-30 % |
24 |
426 |
-94 % |
|
Sales of aircraft equipment |
-4 |
23 |
nm |
15 |
28 |
-46 % |
|
Other non current income and expenses |
-116 |
17 |
nm |
-118 |
15 |
nm |
|
Income from operating activities |
393 |
773 |
-49 % |
-79 |
469 |
nm |
|
Interests expenses |
-154 |
-138 |
12 % |
-314 |
-296 |
6 % |
|
Income from cash & cash equivalent |
78 |
59 |
32 % |
170 |
108 |
57 % |
|
Net cost of financial debt |
-76 |
-79 |
-4 % |
-144 |
-188 |
-23 % |
|
Other financial income and expenses |
-103 |
-22 |
nm |
-213 |
14 |
nm |
|
Income before tax |
214 |
672 |
-68 % |
-436 |
295 |
nm |
|
Income taxes |
-49 |
-61 |
-20 % |
119 |
-21 |
nm |
|
Net income of consolidated companies |
165 |
611 |
-73 % |
-317 |
274 |
nm |
|
Share of profits (losses) of associates |
– |
1 |
nm |
3 |
1 |
200 % |
|
Net Income for the period |
165 |
612 |
-73 % |
-314 |
275 |
nm |
|
Net income - Non controlling interests |
44 |
8 |
nm |
86 |
15 |
nm |
|
Net income - Group part |
121 |
604 |
-80 % |
-400 |
260 |
nm |
Consolidated balance sheet
|
Assets |
June 30, 2024 |
December 31, 2023 |
|
(in € million) |
|
|
|
Goodwill |
225 |
224 |
| Intangible
assets |
1,129 |
1,128 |
| Flight
equipment |
12,197 |
11,501 |
| Other property,
plant and equipment |
1,456 |
1,431 |
| Right-of-use
assets |
6,479 |
5,956 |
| Investments in
equity associates |
134 |
129 |
| Pension
assets |
75 |
45 |
| Other non-current
financial assets |
1,232 |
1,262 |
| Non-current
derivatives financial assets |
191 |
148 |
| Deferred tax
assets |
813 |
698 |
|
Other non-current assets |
116 |
153 |
|
Total non-current assets |
24,047 |
22,675 |
|
Other current financial assets |
1,181 |
1,292 |
| Current
derivatives financial assets |
231 |
122 |
| Inventories |
916 |
853 |
| Trade
receivables |
2,510 |
2,152 |
| Other current
assets |
1,452 |
1,120 |
| Cash and cash
equivalents |
5,288 |
6,194 |
|
Assets held for sale |
76 |
82 |
|
Total current assets |
11,654 |
11,815 |
|
Total assets |
35,701 |
34,490 |
| Liabilities
and equity |
June 30, 2024 |
December 31, 2023 |
|
(in € million) |
|
|
|
Issued capital |
263 |
263 |
| Additional
paid-in capital |
7,560 |
7,560 |
| Treasury
shares |
-25 |
-25 |
| Perpetual |
1,051 |
1,076 |
|
Reserves and retained earnings |
-11,149 |
-10,925 |
|
Equity attributable to equity holders of Air
France-KLM |
-2,300 |
-2,051 |
|
Perpetual |
2,607 |
2,524 |
|
Reserves and retained earnings |
30 |
27 |
|
Equity attributable Non-controlling interests |
2,637 |
2,551 |
|
Total equity |
337 |
500 |
|
Pension provisions |
1,674 |
1,685 |
| Non-current
return obligation liability and other provisions |
4,030 |
3,805 |
| Non-current
financial liabilities |
7,027 |
7,538 |
| Non-current lease
debt |
4,042 |
3,581 |
| Non-current
derivatives financial liabilities |
13 |
56 |
| Deferred tax
liabilities |
3 |
— |
|
Other non-current liabilities |
1,174 |
1,376 |
|
Total non-current liabilities |
17,963 |
18,041 |
|
Current return obligation liability and other provisions |
1,184 |
1,079 |
| Current financial
liabilities |
1,761 |
1,664 |
| Current lease
debt |
879 |
848 |
| Current
derivatives financial liabilities |
51 |
139 |
| Trade
payables |
2,598 |
2,447 |
| Deferred revenue
on ticket sales |
5,524 |
3,858 |
| Frequent flyer
programs |
887 |
899 |
| Other current
liabilities |
4,507 |
5,002 |
|
Bank overdrafts |
10 |
13 |
|
Total current liabilities |
17,401 |
15,949 |
|
Total equity and liabilities |
35,701 |
34,490 |
Statement of Consolidated Cash Flows from January 1
until June 30
| Period
from January 1 to June 30 |
2024 |
2023 |
|
(in € million) |
|
restated* |
|
Net income |
(314) |
275 |
| Amortization,
depreciation and operating provisions |
1,321 |
1,188 |
| Financial
provisions |
141 |
100 |
| Cost of net
debt |
144 |
188 |
| Loss (gain) on
disposals of tangible and intangible assets |
-21 |
-49 |
| Loss (gain) on
disposals of subsidiaries and associates |
-2 |
– |
| Derivatives – non
monetary result |
6 |
-5 |
| Unrealized
foreign exchange gains and losses, net |
28 |
-73 |
| Share of
(profits) losses of associates |
-3 |
-1 |
| Deferred
taxes |
-153 |
19 |
| Impairment |
– |
2 |
|
Other non-monetary items |
17 |
-36 |
|
Cash flow from operating activities before change in
working capital |
1,164 |
1,608 |
|
(Increase) / decrease in inventories |
-62 |
-33 |
| (Increase) /
decrease in trade receivables |
-325 |
-167 |
| Increase /
(decrease) in trade payables |
124 |
115 |
| Increase /
(decrease) in advanced ticket sales |
1,661 |
1,757 |
|
Change in other assets and liabilities |
-912 |
-50 |
|
Change in working capital requirement |
486 |
1,622 |
|
CASH-FLOW FROM OPERATING ACTIVITIES |
1,650 |
3,230 |
|
Acquisition of subsidiaries, of shares in non-controlled
entities |
-3 |
-2 |
| Proceeds on
disposal of subsidiaries, of shares in non-controlled entities |
8 |
– |
| Purchase of
property plant and equipment and intangible assets |
-2,067 |
-1,396 |
| Proceeds on
disposal of property plant and equipment and intangible assets |
373 |
211 |
| Interest
received |
156 |
91 |
| Dividends
received |
1 |
2 |
| Decrease
(increase) in net investments, more than 3 months |
131 |
-52 |
|
CASH-FLOW USED IN INVESTING ACTIVITIES |
-1,401 |
-1,146 |
|
Payments to acquire treasury shares |
– |
-1 |
| Purchase of
minority interest without change of control |
-1 |
– |
| Issuance of
perpetual |
– |
728 |
| Repayment on
perpetual |
– |
-595 |
| Coupon on
perpetual |
-62 |
-52 |
| Issuance of
debt |
936 |
1,558 |
| Repayment on
debt |
-1,260 |
-2,969 |
| Payments on lease
debts |
-442 |
-421 |
| New loans |
-11 |
-306 |
| Repayment on
loans |
56 |
104 |
| Interest
paid |
-386 |
-475 |
| Dividends
paid |
– |
-90 |
|
CASH-FLOW FROM FINANCING ACTIVITIES |
-1,170 |
-2,519 |
|
Effect of exchange rate and reclassification on cash and cash
equivalents (net of cash acquired or sold) |
18 |
-25 |
|
Change in cash and cash equivalents and bank
overdrafts |
-903 |
-460 |
|
Cash and cash equivalents and bank overdrafts at beginning of
period |
6,181 |
6,623 |
|
Cash and cash equivalents and bank overdrafts at end of period |
5,278 |
6,163 |
*Restated figures include the change in presentation for the
reclassification of interest received and paid from cash flow from
operating activities to respectively cash flow from investing
activities and cash flow from financing activities
Net debt
(in € million) |
June 30, 2024 |
December 31, 2023 |
|
Current and non-current financial liabilities |
8,788 |
9,202 |
| Current and
non-current lease debt |
4,921 |
4,429 |
| Accrued
interest |
-80 |
-138 |
| Deposits related
to financial liabilities |
-100 |
-107 |
| Deposits related
to lease debt |
-100 |
-100 |
|
Derivatives impact on debt |
-23 |
-1 |
|
Gross financial liabilities (I) |
13,406 |
13,285 |
|
Cash and cash equivalent |
5,288 |
6,194 |
| Marketable
securities > 3 months |
968 |
1,097 |
| Bonds |
968 |
966 |
|
Bank overdrafts |
-10 |
-13 |
|
Net cash (II) |
7,214 |
8,244 |
|
Net debt (I-II) |
6,192 |
5,041 |
Recurring adjusted operating free cash flow
| |
Second Quarter |
First Semester |
| |
2024 |
2023 |
2024 |
2023 |
|
(in € million) |
|
restated * |
|
restated * |
|
Net cash flow from operating activities |
881 |
1,440 |
1,650 |
3,230 |
| Purchase of
property plant and equipment and intangible assets |
-1,413 |
-617 |
-2,067 |
-1,396 |
|
Proceeds on disposal of property plant and equipment and intangible
assets |
348 |
80 |
373 |
211 |
|
Operating free cash flow |
-184 |
903 |
-44 |
2,045 |
|
Exceptional payments made/(received) (1) |
120 |
67 |
850 |
119 |
| Interest paid and
received |
-172 |
-144 |
-230 |
-384 |
|
Payments on lease debts |
-223 |
-202 |
-442 |
-421 |
|
Recurring adjusted operating free cash flow |
-459 |
624 |
134 |
1,359 |
*Restated figures include the change in presentation for the
reclassification of interest received and paid from cash flow from
operating activities to respectively cash flow from investing
activities and cash flow from financing activities
(1) Exceptional payments made/(received),
restated from operating free cash flow for the calculation of
recurring operating free cash flow adjusted, correspond to the
repayment of deferred social charges, pensions contributions and
wage taxes granted during the Covid period.
Return on capital employed (ROCE)
| In € million |
Jun 30, 2024 |
Mar 31,
2024 |
Dec 31,
2023 |
Sept 30, 2023 |
Jun 30,
2023 |
Mar 31,
2023 |
Dec 31,
2022 |
Sept 30, 2022 |
| |
|
|
|
|
restated (1) |
restated (1) |
restated (1) |
restated (1) |
| Goodwill and
intangible assets |
1,354 |
1,349 |
1,352 |
1,331 |
1,339 |
1,351 |
1,352 |
1,350 |
| Flight
equipment |
12,197 |
11,646 |
11,501 |
11,296 |
10,957 |
10,954 |
10,614 |
10,298 |
| Other property,
plant and equipment |
1,456 |
1,438 |
1,431 |
1,379 |
1,389 |
1,372 |
1,375 |
1,349 |
| Right of use
assets |
6,479 |
5,902 |
5,956 |
5,596 |
5,480 |
5,304 |
5,428 |
5,536 |
| Investments in
equity associates |
134 |
134 |
129 |
127 |
121 |
122 |
120 |
111 |
| Financial assets
excluding marketable securities, accrued interests and financial
deposits |
211 |
214 |
219 |
191 |
190 |
169 |
169 |
164 |
| Provisions,
excluding pension, cargo litigation and restructuring |
-4,700 |
-4,523 |
-4,346 |
-4,481 |
-4,248 |
-4,255 |
-4,347 |
-4,792 |
|
WCR2 |
-8,222 |
-8,284 |
-6,981 |
-7,804 |
-8,917 |
-8,696 |
-7,213 |
-7,609 |
|
Capital employed |
8,909 |
7,876 |
9,261 |
7,635 |
6,311 |
6,321 |
7,498 |
6,407 |
|
Average capital employed (A) |
8,420 |
6,634 |
|
Adjusted results from current operations |
1,310 |
1,584 |
| - Dividends
received |
-1 |
-2 |
| - Share of
profits (losses) of associates |
8 |
15 |
|
- Normative income tax |
-340 |
-412 |
|
Adjusted result from current operations after tax
(B) |
977 |
1,185 |
|
ROCE, trailing 12 months (B/A) |
11.6% |
17.9% |
(1) Compared with previous periods, working capital has
been restated to exclude the deferral of social and fiscal charges
granted following the Covid.
(2) Excluding the report of social & fiscal charges
granted consequently to Covid.
Unit cost: net cost per ASK
| |
Second Quarter |
Half Year |
| |
2024 |
2023 |
2024 |
2023 |
| Total operating
expenses (in €m) |
7,435 |
6,891 |
14,579 |
13,526 |
| Carbon emission
(ETS) |
-63 |
-50 |
-125 |
-81 |
| Total other
revenues (in €m) |
-732 |
-637 |
-1,525 |
-1,257 |
|
Net cost (in €m) |
6,640 |
6,204 |
12,929 |
12,188 |
|
Capacity produced, reported in ASK |
81,365 |
78,144 |
154,092 |
147,727 |
|
Net cost per ASK (in € cents per ASK) |
8.16 |
7.94 |
8.39 |
8.25 |
|
Gross change |
|
2.9 % |
|
2.0 % |
| Currency effect
on net costs (in €m) |
|
9 |
|
-25 |
| Change at
constant currency |
|
2.8 % |
|
2.2 % |
|
Fuel price effect (in €m) |
|
60 |
|
-105 |
|
Net cost per ASK at constant currency, constant fuel price
and excluding ETS (in € cents per ASK) |
8.16 |
8.03 |
8.39 |
8.16 |
|
Change at constant currency and constant fuel price
excluding ETS |
|
1.7 % |
|
2.8 % |
Unit cost per ASK excluding fuel and ETS vs Q2 2023: +2.1%
and vs H1 2023: +3.5%
Definition: Unit cost = (total operating expenses - fuel -
carbon emission - total other revenues) / Group Capacity in
ASK
Group fleet at 30 June 2024
|
Aircraft type |
AF
(incl. HOP)4 |
KL
(incl. KLC & MP) |
Transavia |
Owned |
Finance lease |
Operating lease |
Total |
In operation |
Change / 31/12/23 |
| B777-300 |
43 |
16 |
|
21 |
14 |
24 |
59 |
59 |
|
| B777-200 |
18 |
15 |
|
28 |
2 |
3 |
33 |
33 |
|
| B787-9 |
10 |
13 |
|
4 |
7 |
12 |
23 |
23 |
|
| B787-10 |
|
10 |
|
2 |
8 |
|
10 |
10 |
|
| A380-800 |
4 |
|
|
3 |
|
1 |
4 |
|
|
| A350-900 |
32 |
|
|
3 |
12 |
17 |
32 |
32 |
6 |
| A330-300 |
|
5 |
|
|
|
5 |
5 |
5 |
|
|
A330-200 |
15 |
6 |
|
12 |
|
9 |
21 |
21 |
|
|
Total Long-Haul |
122 |
65 |
0 |
73 |
43 |
71 |
187 |
183 |
6 |
|
B737-900 |
|
5 |
|
5 |
|
|
5 |
5 |
|
| B737-800 |
|
31 |
110 |
36 |
7 |
98 |
141 |
141 |
|
| B737-700 |
|
6 |
4 |
7 |
|
3 |
10 |
10 |
|
| A321NEO |
|
|
6 |
2 |
|
4 |
6 |
6 |
5 |
| A321 |
15 |
|
|
8 |
|
7 |
15 |
15 |
|
| A320 |
37 |
|
|
4 |
3 |
30 |
37 |
36 |
-1 |
| A320NEO |
|
|
4 |
|
|
4 |
4 |
4 |
4 |
| A319 |
11 |
|
|
7 |
|
4 |
11 |
10 |
-3 |
| A318 |
6 |
|
|
4 |
|
2 |
6 |
6 |
|
|
A220-300 |
36 |
|
|
25 |
|
11 |
36 |
36 |
4 |
|
Total Medium-Haul |
105 |
42 |
124 |
98 |
10 |
163 |
271 |
269 |
9 |
|
Canadair Jet 1000 |
1 |
|
|
1 |
|
|
1 |
|
|
| Embraer 195
E2 |
|
18 |
|
|
|
18 |
18 |
16 |
-2 |
| Embraer 190 |
22 |
29 |
|
17 |
4 |
30 |
51 |
50 |
|
| Embraer 175 |
|
17 |
|
3 |
14 |
|
17 |
17 |
|
|
Embraer 170 |
13 |
|
|
10 |
|
3 |
13 |
13 |
|
|
Total Regional |
36 |
64 |
0 |
31 |
18 |
51 |
100 |
96 |
-2 |
|
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 |
265 |
175 |
124 |
206 |
71 |
287 |
564 |
554 |
13 |
2024 TRAFFIC
Passenger network activity
| |
Second quarter |
Half Year |
|
Total network airlines |
2024 |
2023 |
variation |
2024 |
2023 |
variation |
|
Passengers carried (‘000s) |
19,097 |
18,742 |
+1.9% |
35,762 |
34,530 |
+3.6% |
| Revenue
pax-kilometers (m RPK) |
59,873 |
58,307 |
+2.7% |
115,218 |
111,267 |
+3.6% |
| Available
seat-kilometers (m ASK) |
68,541 |
66,700 |
+2.8% |
132,805 |
128,661 |
+3.2% |
|
Load factor (%) |
87.4% |
87.4% |
-0.1pt |
86.8% |
86.5% |
+0.3pt |
|
|
|
|
|
|
|
|
|
Long-haul |
|
|
|
|
|
|
|
Passengers carried (‘000s) |
6,522 |
6,370 |
+2.4% |
12,717 |
12,309 |
+3.3% |
| Revenue
pax-kilometers (m RPK) |
48,735 |
47,370 |
+2.9% |
95,330 |
91,879 |
+3.8% |
| Available
seat-kilometers (m ASK) |
55,324 |
53,788 |
+2.9% |
108,946 |
105,321 |
+3.4% |
|
Load factor (%) |
88.1% |
88.1% |
0.0pt |
87.5% |
87.2% |
+0.3pt |
|
|
|
|
|
|
|
|
|
North America |
|
|
|
|
|
|
|
Passengers carried (‘000s) |
2,565 |
2,459 |
+4.3% |
4,469 |
4,244 |
+5.3% |
| Revenue
pax-kilometers (m RPK) |
18,178 |
17,455 |
+4.1% |
31,762 |
30,307 |
+4.8% |
| Available
seat-kilometers (m ASK) |
20,684 |
19,481 |
+6.2% |
36,814 |
35,093 |
+4.9% |
|
Load factor (%) |
87.9% |
89.6% |
-1.7pt |
86.3% |
86.4% |
-0.1pt |
|
|
|
|
|
|
|
|
|
Latin America |
|
|
|
|
|
|
|
Passengers carried (‘000s) |
814 |
859 |
-5.2% |
1,684 |
1,751 |
-3.8% |
| Revenue
pax-kilometers (m RPK) |
7,767 |
8,130 |
-4.5% |
16,037 |
16,623 |
-3.5% |
| Available
seat-kilometers (m ASK) |
8,677 |
9,102 |
-4.7% |
17,843 |
18,492 |
-3.5% |
|
Load factor (%) |
89.5% |
89.3% |
+0.2pt |
89.9% |
89.9% |
0.0pt |
|
|
|
|
|
|
|
|
|
Asia / Middle East |
|
|
|
|
|
|
|
Passengers carried (‘000s) |
1,465 |
1,280 |
+14.5% |
3,020 |
2,485 |
+21.5% |
| Revenue
pax-kilometers (m RPK) |
11,664 |
10,019 |
+16.4% |
23,808 |
19,229 |
+23.8% |
| Available
seat-kilometers (m ASK) |
13,165 |
11,556 |
+13.9% |
27,146 |
22,163 |
+22.5% |
|
Load factor (%) |
88.6% |
86.7% |
+1.9pt |
87.7% |
86.8% |
+0.9pt |
|
|
|
|
|
|
|
|
|
Africa |
|
|
|
|
|
|
|
Passengers carried (‘000s) |
927 |
994 |
-6.7% |
1,901 |
2,034 |
-6.6% |
| Revenue
pax-kilometers (m RPK) |
5,676 |
6,038 |
-6.0% |
11,795 |
12,480 |
-5.5% |
| Available
seat-kilometers (m ASK) |
6,712 |
7,143 |
-6.0% |
13,915 |
14,739 |
-5.6% |
|
Load factor (%) |
84.6% |
84.5% |
0.0pt |
84.8% |
84.7% |
+0.1pt |
|
|
|
|
|
|
|
|
|
Caribbean / Indian Ocean |
|
|
|
|
|
|
|
Passengers carried (‘000s) |
751 |
778 |
-3.4% |
1,644 |
1,794 |
-8.4% |
| Revenue
pax-kilometers (m RPK) |
5,451 |
5,728 |
-4.8% |
11,929 |
13,240 |
-9.9% |
| Available
seat-kilometers (m ASK) |
6,086 |
6,506 |
-6.5% |
13,228 |
14,834 |
-10.8% |
|
Load factor (%) |
89.6% |
88.0% |
+1.5pt |
90.2% |
89.3% |
+0.9pt |
|
|
|
|
|
|
|
|
|
Short and Medium-haul |
|
|
|
|
|
|
|
Passengers carried (‘000s) |
12,575 |
12,373 |
+1.6% |
23,045 |
22,221 |
+3.7% |
| Revenue
pax-kilometers (m RPK) |
11,138 |
10,937 |
+1.8% |
19,888 |
19,388 |
+2.6% |
| Available
seat-kilometers (m ASK) |
13,217 |
12,912 |
+2.4% |
23,859 |
23,340 |
+2.2% |
|
Load factor (%) |
84.3% |
84.7% |
-0.4pt |
83.4% |
83.1% |
+0.3pt |
Transavia activity
| |
Second quarter |
Half Year |
|
Transavia |
2024 |
2023 |
variation |
2024 |
2023 |
variation |
|
Passengers carried (‘000s) |
6,646 |
5,921 |
+12.2% |
10,853 |
9,785 |
+10.9% |
| Revenue
seat-kilometers (m RSK) |
11,484 |
10,255 |
+12.0% |
18,985 |
17,134 |
+10.8% |
| Available
seat-kilometers (m ASK) |
12,807 |
11,429 |
+12.1% |
21,261 |
19,037 |
+11.7% |
|
Load factor (%) |
89.7% |
89.7% |
-0.1pt |
89.3% |
90.0% |
-0.7pt |
Total Group passenger
activity
| |
Second quarter |
Half Year |
|
Total Group |
2024 |
2023 |
variation |
2024 |
2023 |
variation |
|
Passengers carried (‘000s) |
25,743 |
24,664 |
+4.4% |
46,615 |
44,315 |
+5.2% |
| Revenue
pax-kilometers (m RPK) |
71,357 |
68,562 |
+4.1% |
134,203 |
128,401 |
+4.5% |
| Available
seat-kilometers (m ASK) |
81,348 |
78,129 |
+4.1% |
154,066 |
147,698 |
+4.3% |
|
Load factor (%) |
87.7% |
87.8% |
0.0pt |
87.1% |
86.9% |
+0.2pt |
Cargo activity
| |
Second quarter |
Half Year |
|
Cargo |
2024 |
2023 |
variation |
2024 |
2023 |
variation |
|
Revenue tonne-km (m RTK) |
1,627 |
1,584 |
+2.7% |
3,249 |
3,143 |
+3.4% |
| Available
tonne-km (m ATK) |
3,567 |
3,559 |
+0.2% |
7,017 |
6,847 |
+2.5% |
|
Load factor (%) |
45.6% |
44.5% |
+1.1pt |
46.3% |
45.9% |
+0.4pt |
Air France activity
| |
Second quarter |
Half Year |
|
Total Passenger network activity |
2024 |
2023 |
variation |
2024 |
2023 |
variation |
|
Passengers carried (‘000s) |
10,638 |
10,831 |
-1.8% |
19,832 |
20,289 |
-2.3% |
| Revenue
pax-kilometers (m RPK) |
35,709 |
34,422 |
+3.7% |
68,525 |
66,398 |
+3.2% |
| Available
seat-kilometers (m ASK) |
41,134 |
39,411 |
+4.4% |
79,211 |
76,708 |
+3.3% |
|
Load factor (%) |
86.8% |
87.3% |
-0.5pt |
86.5% |
86.6% |
0.0pt |
|
|
|
|
|
|
|
|
|
Long-haul |
|
|
|
|
|
|
|
Passengers carried (‘000s) |
4,094 |
3,888 |
+5.3% |
7,954 |
7,584 |
+4.9% |
| Revenue
pax-kilometers (m RPK) |
29,854 |
28,186 |
+5.9% |
58,162 |
55,148 |
+5.5% |
| Available
seat-kilometers (m ASK) |
34,099 |
32,025 |
+6.5% |
66,770 |
63,166 |
+5.7% |
|
Load factor (%) |
87.6% |
88.0% |
-0.5pt |
87.1% |
87.3% |
-0.2pt |
|
|
|
|
|
|
|
|
|
Short and Medium-haul |
|
|
|
|
|
|
|
Passengers carried (‘000s) |
6,544 |
6,944 |
-5.8% |
11,878 |
12,705 |
-6.5% |
| Revenue
pax-kilometers (m RPK) |
5,855 |
6,236 |
-6.1% |
10,364 |
11,250 |
-7.9% |
| Available
seat-kilometers (m ASK) |
7,035 |
7,386 |
-4.8% |
12,442 |
13,542 |
-8.1% |
|
Load factor (%) |
83.2% |
84.4% |
-1.2pt |
83.3% |
83.1% |
+0.2pt |
|
|
|
|
|
|
|
|
|
Cargo activity |
|
|
|
|
|
|
|
Revenue tonne-km (m RTK) |
811 |
788 |
+2.9% |
1,606 |
1,579 |
+1.7% |
| Available
tonne-km (m ATK) |
2,049 |
1,979 |
+3.5% |
4,020 |
3,839 |
+4.7% |
|
Load factor (%) |
39.6% |
39.8% |
-0.2pt |
39.9% |
41.1% |
-1.2pt |
KLM activity
| |
Second quarter |
Half Year |
|
Total Passenger network activity |
2024 |
2023 |
variation |
2024 |
2023 |
variation |
|
Passengers carried (‘000s) |
8,459 |
7,911 |
+6.9% |
15,930 |
14,241 |
+11.9% |
| Revenue
pax-kilometers (m RPK) |
24,165 |
23,885 |
+1.2% |
46,693 |
44,869 |
+4.1% |
| Available
seat-kilometers (m ASK) |
27,408 |
27,290 |
+0.4% |
53,594 |
51,954 |
+3.2% |
|
Load factor (%) |
88.2% |
87.5% |
+0.6pt |
87.1% |
86.4% |
+0.8pt |
|
|
|
|
|
|
|
|
|
Long-haul |
|
|
|
|
|
|
|
Passengers carried (‘000s) |
2,428 |
2,482 |
-2.2% |
4,764 |
4,724 |
+0.8% |
| Revenue
pax-kilometers (m RPK) |
18,883 |
19,183 |
-1.6% |
37,170 |
36,731 |
+1.2% |
| Available
seat-kilometers (m ASK) |
21,225 |
21,764 |
-2.5% |
42,176 |
42,157 |
0.0% |
|
Load factor (%) |
89.0% |
88.1% |
+0.8pt |
88.1% |
87.1% |
+1.0pt |
|
|
|
|
|
|
|
|
|
Short and Medium-haul |
|
|
|
|
|
|
|
Passengers carried (‘000s) |
6,031 |
5,429 |
+11.1% |
11,167 |
9,517 |
+17.3% |
| Revenue
pax-kilometers (m RPK) |
5,283 |
4,702 |
+12.4% |
9,524 |
8,138 |
+17.0% |
| Available
seat-kilometers (m ASK) |
6,182 |
5,525 |
+11.9% |
11,417 |
9,797 |
+16.5% |
|
Load factor (%) |
85.5% |
85.1% |
+0.4pt |
83.4% |
83.1% |
+0.4pt |
|
|
|
|
|
|
|
|
|
Cargo activity |
|
|
|
|
|
|
|
Revenue tonne-km (m RTK) |
816 |
796 |
+2.5% |
1,643 |
1,564 |
+5.0% |
| Available
tonne-km (m ATK) |
1,518 |
1,581 |
-4.0% |
2,997 |
3,008 |
-0.4% |
|
Load factor (%) |
53.8% |
50.4% |
+3.4pt |
54.8% |
52.0% |
+2.8pt |
1 at constant fuel, constant currency and excluding
ETS
2 New generation fleet / Fleet in operation
3 against a constant fuel price, constant currency and
excluding Emission Trading Scheme cost (ETS)
4 Excluding Transavia
- Q2 2024 - AFKLM - Press release
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