Q1 2023 Financial results
05/05/2023 - 01:00 AM
May 5, 2023
FIRST QUARTER 2023
STRONG REVENUE GROWTH AND IMPROVEMENT OF OPERATING RESULT POSITIVE ADJUSTED OPERATING FREE CASH FLOW AT €0.7 BILLION DRIVEN BY ST R ONG SUMMER TICKET SALES
Strong demand with 19.7m p assengers onboard, up 35% versus 2022Group revenues at €6. 3 bn, an improvement of €1.9b n (+42% ) compared to last year thanks to continu ous strong market demand Group unit cost 1 per ASK stable at +0.7% versus 2022 Operating result at - € 0 . 3 bn with o perating margin at - 4 . 8 % , above 20 22 level ( -7 . 9 %) Positive Adjusted operating free cash flow at € 0 . 7 bn and solid cash at hand at € 9 . 7 bn Net debt down by € 0 . 9 bn euros , compared to end of 202 2 Continued deleveraging: Net debt/EBITDA ratio at 1. 5 x versus 1.8x end of 2022 Commenting on the results, Mr. Benjamin Smith, Group CEO , said: ” In the first quarter, Air France-KLM further capitalized on the recovery momentum in the airline industry . I’d like to thank all my colleagues who have worked tirelessly throughout the quater to ensure we continue on our path to sustained profitability . The Group continued to show strong revenue growth as well as robust cash flow generation thanks to the very encouraging summer ticket sales. This is paving the way for a busy holiday season across our global network, which all of our teams are actively gearing upfor . I am also pleased that we have now fully repaid all State aid , which releases us from the associated restrictions and gives us back our full strategic autonomy . We now stand on our own feet . Looking ahead , we remain focused on further strengthening our balance sheet and delivering the transformation efforts that will enable us to continue to improve our competitiveness while accelerating our decarbonization efforts. “
Operating result improved by revenue growth
First Q uarter 202 3 Change Change constant currency Revenues (€m) 6,329 +42.4% +40.6% EBITDA (€m) 286 65 83 Operating result (€m) -306 44 64 Operating margin (%) -4.8% +3.0 pt +3.4 pt Net income – Group part (€m) -344 +208 Adj. operating free cash flow (€m) 683 53 Net debt at end of period (€m)2 5,478 -859
In Q1 2023, revenues were up 40.6% against a constant currency compared to Q1 2022, mainly driven by a higher capacity and a higher passenger load factor. Operating result improved compared to last year by €44 million . The operating margin improved against a constant currency by 3.4 points to -4.8% . Last year, the operating result benefitted from a €210 million furlough contribution. Corrected for this furlough contribution, the improvement of the operating result amounted to €254 million . The adjusted operating free cash flow amounted to €683 million , an improvement of €53 million compared to last year, driven by strong summer ticket sales. The net debt ended at €5.5 billion , down €0.9 billion compared to year end 2022.
First Q uarter 202 3 Change Change constant currency Passengers (thousands) 19,651 +35.3% Capacity (ASK m) 69,583 +19.8% Traffic (RPK m) 59,921 +38.9% Passenger load factor 86.1% +11.8 pt Passenger unit revenue per ASK (€ cts) 7.38 +36.9% +35.3% Group unit revenue per ASK (€ cts) 8.20 +21.4% +20.1% Group unit cost per ASK (€ cts) at constant fuel 8.65 +17.4% +5.2%
In the first quarter 2023, Air France-KLM welcomed 19.7 million passengers which is 35.3% above the previous year. As capacity increased by 19.8% and traffic grew by 38.9% , the load factor increased by 11.8 points compared to last year. Group passenger unit revenue per ASK increased by 35.3% against a constant currency compared to last year. This increase was driven by both load factor and yield.
Group unit cost per ASK at constant fuel and constant currency is up 5.2% versus last year due to €210 million euro furlough contribution last year and inflationnary pressure on costs in 2023. The inflation started last year after the outbreak of the Ukraine war and is seen in several cost categories such as staff costs, handling costs and general expenses. Corrected for last year’s furlough contribution, the Group unit cost per ASK against a constant currency and constant fuel price increased slightly by 0.7% .
Air France-KLM is now relieved from Covid-19 State aid support and related restrictions
In January 2023, Air France-KLM issued Sustainability-linked Bonds for a total aggregate amount of €1.0 billion . In March 2023, the Group fully redeemed the outstanding €2.5 billion bank loan guaranteed by the French State (PGE) by using the proceeds of the Sustainability-linked Bonds and €1.5 billion liquidity. Also in March 2023, Air France-KLM repaid and refinanced €300 million of the €600 million outstanding perpetual hybrid bonds held by the French State. In April 2023, Air France-KLM and Air France combined and KLM implemented two new Sustainability Linked Revolving Credit Facilities (RCF) for a total amount of €2.2 billion . This new RCF for KLM replaced both the remaining direct loan granted to KLM by the Dutch State and the credit facility guaranteed by the Dutch State, both of which were cancelled by KLM. Pursuant to this cancellation, conditions attached to this aid no longer apply. On April 19th , 2023, Air France-KLM has fully repaid, the €300 million remaining French State hybrid perpetual bonds and paid the required compensation of the French State for the shares subscribed in April 2021 without change required of the capital ownership. The Group has therefore refinanced €407 million with a new issuance of hybrid perpetual bonds with the French State, without any restrictions attached, resulting in a full exit of the French Recapitalization State Aid under the EU Covid-19 Temporary Framework. As announced during the Full Year 2022 results presentation, Air France-KLM intends to restore its balance sheet, aside from net profit generation, by means of non dilutive initiatives such as quasi-equity financing instruments (similarly to the one raised by Air France on a pool of spare engines in July 2022), and/or straight hybrid bonds. Air France-KLM announced yesterday that it was entering into exclusive discussions with Apollo Global Management for a €500 million quasi equity financing into an affiliate owning Engineering and Maintenance (MRO) assets. This transaction would mark a further step towards the reinforcement of the Group’s equity. Meanwhile, the Group received several non-binding offers on quasi equity financing supported by the Loyalty Program. Discussions are still ongoing with potential investors.
2023 OUTLOOK
Capacity The Group expects the capacity in Available Seat Kilometers for Air France-KLM Group including Transavia at an index of:
90% -95% for the second quarter of 2023circa 95% for the third quarter of 2023 above 95% for the fourth quarter of 2023 circa 95% for the full year 2023 Transavia will contribute to this growth and expects to be at circa 135% for the Full Year 2023. All indices compared to the respective period of 2019.
Unit cost The Group expects for full year 2023 a stable unit cost, against a constant fuel price, constant currency and excluding furlough contribution, compared to FY 2022.
C ap ital ex penditures (Capex) Full year 2023 Net Capex spending is estimated at 3.0 billion euros.
BUSINESS REVIEW
Network: Significant improvement in revenues and operating result
Network First Q uarter 202 3 Change Change constant currency Total revenues (€m) 5,575 +43.2% +41.9% Scheduled revenues (€m) 5,329 +45.0% +43.4% Operating result (€m) -149 + 160 + 178
Compared to the first quarter 2022, total revenues increased by 41.9% at constant currency to €5,575 million . The operating result improved by €160 million and amounted to -€149 million . The increase in revenues was driven by the network passenger business while the Cargo revenues declined compared to an exceptionally strong first quarter last year.
Strong yields and load factors on our diversified network
First Q uarter Passenger network 202 3 Change Change constant currency Passengers (thousands) 15,787 +32.2% Capacity (ASK m) 61,975 +17.9% Traffic (RPK m) 52,966 +36.3% Load factor 85.5% +11.5 pt Total passenger revenues (€m) 4,903 +64.3% +62.5% Scheduled passenger revenues (€m) 4,752 +65.1% +63.0% Unit revenue per ASK (€ cts) 7.67 +40.0% +38.3%
First quarter 2023 capacity in Available Seat Kilometers (ASK) was 17.9% higher than last year and at 89% of 2019 first quarter level, which is at the same level as the Group’s outlook provided during the Full Year 2022 results presentation, circa 90% versus 2019.
Unit revenue per ASK increased by 38.3% at a constant currency thanks to strong demand which resulted in an increase in load factor of 11.5 points and a yield increase of 21% compared to last year.
During the first quarter we observed the following trends per area compared to the first quarter last year:
North Atlantic: Demand recovery continued to be driven by point of origin North America with a positive impact on yield. Corporate traffic recovery maintained at index ~75/80 vs pre-Covid levels and premium cabins load factor performing well. Latin America: Strong performance with on average a further 33% increase compared to Q1 2022. Load factor stood at 90% supporting the high unit revenue levels. Asia & Middle East: The performance benefited from additional capacity with the reopening of China (Beijing & Hong Kong). Good performance with strong yields mainly for Greater China, Japan and Korea driven by the premium cabins. Compared to last year, the yield increase is more limited than in the other areas due to exceptional high yields in Asia last year as a result of very limited capacity. Caribbean & Indian Ocean: Capacity has been reduced compared to last year which was already above pre-Covid level. Yield environment was positive given the year over year increase of 27% . Africa: Strong performance in line with the previous quarter, driven by West and Central Africa for Air France and by East & South Africa for KLM. Yields were maintained at good levels, mainly thanks to the performance in premium cabins by West and Central Africa. Short and Medium-haul: Better yield trends and higher load factor partly offset for KLM and fully for Air France the revenue loss linked to capacity decrease. Compared to the end of 2022 the Group added one B787-10, five B737-800, five A220-300 and one Embraer 195-E2. The following aircraft left the fleet, two B737-700, one A321, two A319 and one CRJ-1000, as a result the fleet increased by six aircraft.
In 2023 and beyond the Group will continue to invest in new generation aircraft in order to improve its economic and environmental performance. During the second half of 2023, the first Airbus A320neo/A321neo will be delivered.
Cargo: Revenues and unit revenues down compared to an exceptional ly strong f irst quarter last year
First Q uarter Cargo business 202 3 Change Change constant currency Tons (thousands) 209 -11.6% Capacity (ATK m) 3,291 +10.7% Traffic (RTK m) 1,557 -11.8% Load factor 47.3% -12.0 pt Total Cargo revenues (€m) 672 -26.1% -26.4% Scheduled cargo revenues (€m) 576 -27.7% -27.9% Unit revenue per ATK (€ cts ) 17.51 -34.6% -34.9%
Due to the resumption of passenger travel, belly capacity improved and resulted in an increase in Available Ton Kilometers of 10.7% versus the first quarter of 2022. After the first quarter last year the demand for air cargo decreased due to slower growth of global trade and the partial rebound of sea freight. The first quarter last year still showed an exceptionally strong demand and therefore traffic decreased year over year by 11.8% . The yield declined as well resulting in a decrease in unit revenue per Available Ton Kilometer of almost 35% against a constant currency. Total revenues dropped by 26.4% against a constant currency versus the same quarter last year.
At the beginning of April, Air France-KLM and CMA CGM announced the effective launch of the long-term strategic air cargo partnership they made public in May 2022. This partnership will have an initial duration of 10 years and will see Air France-KLM Martinair Cargo and CMA CGM Air Cargo combine their complementary cargo networks, full freighter capacity and dedicated services to build an even more compelling offering thanks to their unrivalled knowhow and global footprint.
Transavia: Significant increase in capacity and traffic
First Q uarter Transavia 202 3 Change Passengers (thousands) 3,864 +49.7% Capacity (ASK m) 7,607 +38.5% Traffic (RPK m) 6,955 +63.0% Load factor 91.4% +13.7 pt Total passenger revenues (€m) 378 +52.0% Unit revenue per ASK (€ cts) 5.01 +9.7% Unit cost per ASK (€ cts) 7.26 +16.4% Operating result (€m) -172 -80
Compared to the first quarter 2022, the demand in leisure traffic in Europe and North Africa continued to grow. The capacity increased by 38.5% , traffic increased by 63% , and the number of passengers increased by 49.7% resulting in a load factor 13.7 points above 2022. As the flown capacity in the first quarter last year was rather limited due to the impact of Omicron virus, the routes that were operated showed outstanding yields. Therefore the yield decreased year over year, although the unit revenue per ASK increased thanks to the higher load factor.
The operating result stood at -€172 million and decreased by €80 million compared to the same quarter last year. This decrease was caused by higher costs, mainly related to a higher fuel price, an increase in handling costs and partly due to the furlough contribution last year. The operating result was also impacted by Air Traffic Control strikes in France and grounded aircraft in the Netherlands.
The fleet of Transavia reached 104 aircraft by the end of the quarter.
Maintenance business : Operating result slightly positive
First Q uarter Maintenance 202 3 Change Change constant currency Total revenues (€m) 926 +11.4% Third-party revenues (€m) 370 +24.4% +16.9% Operating result (€m) 15 -28 -32 Operating margin (%) 1.7% -3.6 pt -3.9 pt
The Maintenance operating result stood at €15 million , a decrease of €32 million against a constant currency caused by increase in costs. The main cost categories increased relatively more than the revenue increase. Revenue growth was hampered by supply chain disruption, in particular on the GE90 engine. Staff costs increased mainly due to the furlough contribution last year.
Total revenues increased by 11.4% compared with the same quarter last year while third party revenues increased by 24.4% and 16.9% at constant currency, showing a strong recovery.
The operating margin stood at 1.7% , which is 3.9 point at constant currency lower than the operating margin in the first quarter 2022.
Adjusted operating free cash flow at €0.7 billion leading to a Net debt/EBITDA ratio at 1. 5 x
The Group generated an adjusted operating free cash flow in the first quarter of €0.7 billion driven by strong summer sales, which is €53 million higher than last year.
In € million 3 1 Mar 202 3 31 Dec 202 2 Net debt 5,478 6,337 EBITDA trailing 12 months 3,680 3,615 Net debt/EBITDA 1. 5 x 1.8 x
A ccel e ration in revenue generation for both airlines
Air France Group
First Q uarter 202 3 Change Revenue (in €m) 3,924 +46.3% EBITDA (in €m) 214 +236 Operating result (in €m) -181 +182 Operating margin (%) -4.6% +8.9 pt
KLM Group
First Q uarter 202 3 Change Revenue (in €m) 2,522 +32.5% EBITDA (in €m) 70 -164 Operating result (in €m) -128 -131 Operating margin (%) -5.1% -5.2 pt
NB: Sum of individual airline results does not add up to Air France-KLM total due to intercompany eliminations at Group level
******
The results presentation is available at www.airfranceklm.com on May 5, 2023 from 7:00 am CET.
A conference call hosted by Mr. Smith (CEO) and Mr. Zaat (CFO) will be held on May 5, 2023, at 08.15 am CET.
To connect to the conference call, please dial:
France: Local +33 (0)1 70 72 25 50 Netherlands: Local +31 (0) 20 703 8211 UK: Local +44 (0)330 165 3655 US: Local +1 323-994-2093 Confirmation code: 9880361
Investor Relations Press Michiel Klinkers Marouane Mami +33 1 41 56 56 00 Michiel.klinkers@airfranceklm.com mamami@airfranceklm.com
Income Statement
First Q uarter In million euros 202 3 202 2 * Change Revenues from ordinary activities 6 , 329 4 , 445 42% Aircraft fuel -1,780 -996 79% Carbon emission -32 -11 191% Chartering costs -90 -101 -11% Landing fees and air route charges -413 -348 19% Catering -186 -142 31% Handling charges and other operating costs -426 -320 33% Aircraft maintenance costs -648 -515 26% Commercial and distribution costs -257 -154 67% Other external expenses -457 -333 37% Salaries and related costs -2,009 -1,522 32% Taxes other than income taxes -55 -47 17% Other income and expenses 310 265 17% EBITDA 286 221 29% Amortization, depreciation and provisions -592 -571 4% Income from current operations -306 -350 -13% Sales of aircraft equipment 5 0 nm Other non-current income and expenses -3 -6 -50% Income from operating activities -304 -356 -15% Cost of financial debt -158 -141 12% Income from cash and cash equivalent 49 -2 nm Net cost of financial debt -109 -143 -24% Other financial income and expenses 35 -47 nm Income before tax -378 -546 -31% Income taxes 41 -4 nm Net income of consolidated companies -337 -550 -39% Share of profits (losses) of associates 0 -2 nm Net income for the period -337 -552 -39% Non-controlling interests 7 0 nm Net income for the period – Group part -344 -552 -38%
* Restated figures as the expense corresponding to the obligation to surrender quotas of the period have been integrated in “Carbon emission” coming from “Other income and expense”
Consolidated Balance Sheet
Assets 3 1 Mar 202 3 31 Dec 202 2 * In million euros Goodwill 225 225 Intangible assets 1,126 1,127 Flight equipment 10,954 10,614 Other property, plant and equipment 1,372 1,375 Right-of-use assets 5,304 5,428 Investments in equity associates 122 120 Pension assets 41 39 Other non-current financial assets 1,202 1,184 Non-current derivatives financial assets 184 262 Deferred tax assets 777 714 Total non-current assets 21,307 21,088 Other current financial assets 572 620 Current derivatives financial assets 238 327 Inventories 750 723 Trade receivables 2,112 1,785 Other current assets 1,158 1,057 Cash and cash equivalents 5,823 6,626 Assets held for sale 81 79 Total current assets 10,734 11,217 Total assets 32,041 32,305
Liabilities and equity 3 1 Mar 202 3 31 Dec 202 2* Issued capital 2,571 2,571 Additional paid-in capital 5,217 5,217 Treasury shares -25 -25 Perpetual 945 933 Reserves and retained earnings -12,136 -11,700 Equity attributable to equity holders of Air France-KLM -3,428 -3,004 Non-controlling interests 531 524 Total Equity -2,897 -2,480 Pension provisions 1,653 1,634 Non-current return obligation liabilities and provisions for leased aircraft and other provisions 4,103 4,149 Non-current financial liabilities 8,179 9,657 Non-current lease debt 3,226 3,318 Non-current derivatives financial liabilities 38 21 Deferred tax liabilities 1 1 Other non-current liabilities 1,834 2,343 Total non-current liabilities 19,034 21,123 Current return obligation liabilities and provisions for leased aircraft and other provisions 663 740 Current financial liabilities 758 896 Current lease debt 817 834 Current derivatives financial liabilities 161 83 Trade payables 2,581 2,424 Deferred revenue on ticket sales 5,221 3,725 Frequent flyer programs 882 900 Other current liabilities 4,815 4,057 Bank overdrafts 6 3 Total current liabilities 15,904 13,662 Total equity and liabilities 32,041 32,305
* Free CO2 quotas allocated by the State and the ones purchased on the market recognized as “intangible assets” are now disclosed in the line “other assets”Statement of Consolidated Cash Flows from 1 January until 3 1 March
In million euros 3 1 Mar 202 3 3 1 Mar 202 2 * Net income -337 -552 Amortization, depreciation and operating provisions 592 571 Financial provisions 51 35 Loss (gain) on disposals of tangible and intangible assets -4 0 Derivatives – non monetary result 0 -5 Unrealized foreign exchange gains and losses, net -48 31 Share of (profits) losses of associates 0 2 Deferred taxes -39 1 Impairment 1 5 Other non-monetary items -136 -43 Financial Capacity 80 45 (Increase) / decrease in inventories -28 -48 (Increase) / decrease in trade receivables -319 -411 Increase / (decrease) in trade payables 141 492 Increase / (decrease) in advanced ticket sales 1,477 1,245 Change in other assets and liabilities 199 26 Change in working capital requirement 1,470 1,304 Net cash flow from operating activities 1,550 1,349 Acquisition of subsidiaries, of shares in non-controlled entities -2 0 Purchase of property, plant and equipment and intangible assets -779 -672 Proceeds on disposal of property, plant and equipment and intangible assets 131 171 Decrease (increase) in net investments, more than 3 months 56 5 Net cash flow used in investing activities -594 -496 Perpetual 20 0 Coupons on perpetual -25 0 Issuance of debt 1,323 291 Repayment on debt -2,790 -304 Payments on lease debt -219 -218 New loans -43 -87 Repayment on loans 3 22 Net cash flow from financing activities -1,731 -296 Effect of exchange rate on cash and cash equivalents and bank overdrafts (net of cash acquired or sold) -31 5 Change in cash and cash equivalents and bank overdrafts -806 562 Cash and cash equivalents and bank overdrafts at beginning of period 6,623 6,654 Cash and cash equivalents and bank overdrafts at end of period 5,817 7,216
* Restated figures include the change in accounting policy regarding CO2 quotas moving from “net cash flow used in investing activities” towards “net cash flow from operating activities”Return on capital employed (ROCE)
In million euros 31 Mar 2023 31 * Dec 2022 30 * Sep 2022 30 * Jun 2022 31 * Mar 2022 31 * Dec 2021 30 * Sep 20 21 30 * Jun 20 21 Goodwill and intangible assets 1,351 1,352 1,350 1,361 1,363 1,380 1,384 1,392 Flight equipment 10,954 10,614 10,298 10,521 10,537 10,466 10,478 10,645 Other property, plant and equipment 1,372 1,375 1,349 1,358 1,378 1,402 1,418 1,453 Right-of-use assets 5,304 5,428 5,536 5,439 5,205 5,148 5,061 5,033 Investments in equity associates 122 120 111 108 107 109 172 166 Financial assets excluding marketable securities and financial deposits 169 169 164 162 158 157 147 147 Provisions, excluding pension, cargo litigation and restructuring -4,255 -4,347 -4,792 -4,473 -4,240 -4,180 -4,180 -4,033 WCR, excluding market value of derivatives -11,313 -9,882 -10,359 -11,080 -9,480 -8,185 -7,923 -7,673 Capital employed 3,704 4,829 3,657 3,396 5,028 6,297 6,557 7,130 Average capital employed (A) 3,897 6,253 Adjusted results from current operations 1,237 -795 - Dividends received -1 0 - Share of profits (losses) of associates 14 -22 - Normative income tax -323 230 Adjusted result from current operations after tax (B) 927 -587 ROCE, trailing 12 months (B/A) 23.8% -9.4%
* Restated figures include the change in accounting principles for CO2 quotas
Net debt
Balance sheet at In million euros 3 1 Mar 202 3 31 Dec 202 2 Current and non-current financial liabilities 8,937 10,553 Current and non-current lease debt 4,043 4,152 Accrued interest -108 -127 Deposits related to financial liabilities -104 -101 Deposits related to lease debt -99 -99 Derivatives impact on debt -21 -35 Gross financial liabilities (A) 12,648 14,343 Cash and cash equivalents 5,823 6,626 Marketable securities > 3 months 517 572 Bonds 836 811 Bank overdrafts -6 -3 Net cash (B) 7,170 8,006 Net debt (A) – (B) 5,478 6,337
Adjusted operating free cash flow
First quarter In million euros 202 3 202 2 * Net cash flow from operating activities 1,550 1,349 Investment in property, plant, equipment and intangible assets -779 -672 Proceeds on disposal of property, plant, equipment and intangible assets 131 171 Operating free cash flow 902 848 Payments on lease debt -219 -218 Adjusted operating free cash flow 683 630
* Restated figures include the change in accounting policy regarding CO2 quotas moving from “net cash flow used in investing activities” towards “net cash flow from operating activities”
Bridge from EBITDA to Financial capacity
First Q uarter In million euros 202 3 202 2 EBITDA 286 221 Provisions (risk and other) -8 0 Correction of spare parts inventory 0 1 Addition to pension provisions 33 32 Reversal to pension provisions (cash-out) -14 -13 Sales of tangible and intangible assets (excluding aeronauticals) -2 0 Income from operation activities - cash impact 295 241 Restructuring costs -35 -56 Other non-current income and expenses -2 -1 Cost of financial liability -263 -144 Financial income 44 -5 Realized foreign exchanges gain/loss 38 14 Current income tax 2 -4 Other elements 1 0 Self-financing capacity 80 45
Unit cost: net cost per ASK
First Q uarter 202 3 202 2 Revenues (in €m) 6,329 4,445 Income/(loss) from current operations (in €m) -/- 306 350 Total operating expense (in €m) 6,635 4,795 Passenger network business – other revenues (in €m) -151 -105 Cargo network business – other revenues (in €m) -96 -114 Third-party revenues in the maintenance business (in €m) -370 -297 Transavia - other revenues (in €m) 3 2 Third-party revenues of other businesses (in €m) -6 -6 Net cost ( in €m) 6,015 4,276 Capacity produced, reported in ASK* 69,583 58,064 Net cost per ASK (in € cents per ASK) 8.65 7.36 Gross change 17.4% Currency effect on net costs (in €m) 60 Change at constant currency 15.8% Fuel price effect (in €m) 438 Net cost per ASK on a constant currency and fuel price basis (in € cents per ASK) 8.65 8.22 Change at constant currency and fuel price basis +5.2% Furlough +21 0 8.65 8. 59 Change at constant currency and fuel price basis excluding furlough +0.7%
(1) The capacity produced by the transportation activities is combined by adding the capacity of the Passenger network (in ASK) to that of Transavia (in ASK).
Group fleet at 3 1 March 202 3
Aircraft type AF (incl. HOP) KL (incl. KLC & MP) Transavia Owned Finance lease Operating lease Total In operation Change / 31 /12/2 2 B777-300 43 16 19 16 24 59 59 B777-200 18 15 27 1 5 33 33 B787-9 10 13 4 7 12 23 23 B787-10 8 1 7 8 8 1 A380-800 4 2 1 1 4 A350-900 20 3 7 10 20 20 A330-300 5 5 5 5 A330-200 15 6 11 10 21 21 Total Long-Haul 110 63 0 67 39 67 173 169 1 B737-900 5 5 5 5 B737-800 31 100 34 8 89 131 127 2 B737-700 7 4 7 4 11 10 A321 17 9 8 17 16 -2 A320 39 4 3 32 39 38 -1 A319 17 11 6 17 16 -1 A318 9 5 4 9 9 A220-300 21 15 6 21 21 6 Total Medium-Haul 103 43 104 90 11 149 250 242 4 Canadair Jet 1000 5 5 5 Canadair Jet 700 Embraer 195 E2 15 15 15 15 1 Embraer 190 19 30 17 4 28 49 49 Embraer 175 17 3 14 17 17 Embraer 170 13 10 3 13 13 Embraer 145 Total Regional 37 62 0 35 18 46 99 94 1 B747-400ERF 3 3 3 3 B747-400BCF 1 1 1 1 B777-F 2 2 2 2 Total Cargo 2 4 0 4 0 2 6 6 0 Total 252 172 104 196 68 264 528 511 6
FIRST QUARTER 202 3 TRAF F IC
Passenger network activity*
Q 1 Total Passenger network* 2023 2022 Variation Passengers carried (‘000s) 15,787 11,942 32.2% Revenue pax-kilometers (m RPK) 52,966 38,866 36.3% Available seat-kilometers (m ASK) 61,975 52,570 17.9% Load factor (%) 85.5% 73.9% 11.5 Long-haul Passengers carried (‘000s) 5,939 4,381 35.6% Revenue pax-kilometers (m RPK) 44,509 32,326 37.7% Available seat-kilometers (m ASK) 51,539 43,240 19.2% Load factor (%) 86.4% 74.8% 11.6 North America Passengers carried (‘000s) 1,785 1,238 44.2% Revenue pax-kilometers (m RPK) 12,852 9,056 41.9% Available seat-kilometers (m ASK) 15,615 13,152 18.7% Load factor (%) 82.3% 68.9% 13.4 Latin America Passengers carried (‘000s) 892 675 32.2% Revenue pax-kilometers (m RPK) 8,492 6,511 30.4% Available seat-kilometers (m ASK) 9,390 7,657 22.6% Load factor (%) 90.4% 85.0% 5.4 Asia / Middle East Passengers carried (‘000s) 1,206 634 90.2% Revenue pax-kilometers (m RPK) 9,210 4,392 109.7% Available seat-kilometers (m ASK) 10,606 7,219 46.9% Load factor (%) 86.8% 60.8% 26.0 Africa Passengers carried (‘000s) 1,041 816 27.6% Revenue pax-kilometers (m RPK) 6,442 4,792 34.4% Available seat-kilometers (m ASK) 7,599 6,298 20.7% Load factor (%) 84.8% 76.1% 8.7 Caribbean / Indian Ocean Passengers carried (‘000s) 1,016 1,018 (0.3% ) Revenue pax-kilometers (m RPK) 7,512 7,575 (0.8% ) Available seat-kilometers (m ASK) 8,329 8,914 (6.6% ) Load factor (%) 90.2% 85.0% 5.2 Short and Medium-haul Passengers carried (‘000s) 9,848 7,561 30.2% Revenue pax-kilometers (m RPK) 8,457 6,541 29.3% Available seat-kilometers (m ASK) 10,436 9,331 11.8% Load factor (%) 81.0% 70.1% 10.9
* Air France and KLM
Transavia activity
Q 1 Transavia 2023 2022 Variation Passengers carried (‘000s) 3,864 2,581 49.7% Revenue pax-kilometers (m RPK) 6,955 4,268 63.0% Available seat-kilometers (m ASK) 7,607 5,494 38.5% Load factor (%) 91.4% 77.7% 13.7
Total group passenger activity**
Q 1 Total group** 2023 2022 Variation Passengers carried (‘000s) 19,651 14,523 35.3% Revenue pax-kilometers (m RPK) 59,921 43,134 38.9% Available seat-kilometers (m ASK) 69,583 58,064 19.8% Load factor (%) 86.1% 74.3% 11.8
** Air France, KLM and Transavia
Cargo activity
Q 1 Total Group 2023 2022 Variation Revenue tonne-km (m RTK) 1,557 1,766 (11.8% ) Available tonne-km (m ATK) 3,291 2,974 10.7% Load factor (%) 47.3% 59.4% (12.0)
Air France activity
Q1 Total Passenger network activity 2023 2022 Variation Passengers carried (‘000s) 9,457 7,105 33.1% Revenue pax-kilometers (m RPK) 31,981 23,087 38.5% Available seat-kilometers (m ASK) 37,311 30,871 20.9% Load factor (%) 85.7% 74.8% 10.9
Long-haul Passengers carried (‘000s) 3,696 2,766 33.6% Revenue pax-kilometers (m RPK) 26,961 19,452 38.6% Available seat-kilometers (m ASK) 31,147 25,733 21.0% Load factor (%) 86.6% 75.6% 11.0
Short and Medium-haul Passengers carried (‘000s) 5,761 4,339 32.8% Revenue pax-kilometers (m RPK) 5,021 3,635 38.1% Available seat-kilometers (m ASK) 6,165 5,137 20.0% Load factor (%) 81.4% 70.8% 10.7
Q1 Cargo activity 2023 2022 Variation Revenue tonne-km (m RTK) 789 907 (13.0% ) Available tonne-km (m ATK) 1,860 1,657 12.3% Load factor (%) 42.4% 54.7% (12.3)
KLM activity
Q1 Total Passenger network activity 2023 2022 Variation Passengers carried (‘000s) 6,330 4,837 30.9% Revenue pax-kilometers (m RPK) 20,984 15,780 33.0% Available seat-kilometers (m ASK) 24,664 21,700 13.7% Load factor (%) 85.1% 72.7% 12.4
Long-haul Passengers carried (‘000s) 2,242 1,614 38.9% Revenue pax-kilometers (m RPK) 17,548 12,874 36.3% Available seat-kilometers (m ASK) 20,393 17,506 16.5% Load factor (%) 86.1% 73.5% 12.5
Short and Medium-haul Passengers carried (‘000s) 4,088 3,222 26.8% Revenue pax-kilometers (m RPK) 3,436 2,906 18.2% Available seat-kilometers (m ASK) 4,272 4,194 1.9% Load factor (%) 80.4% 69.3% 11.1
Q1 Cargo activity 2023 2022 Variation Revenue tonne-km (m RTK) 768 859 (10.6% ) Available tonne-km (m ATK) 1,427 1,317 8.4% Load factor (%) 53.8% 65.2% (11.4)
1 Against a constant currency and constant fuel price and excluding furlough 2 Change versus 31 Dec 2022