18 February 2021
| FULL YEAR 2020 Operating Result at -4.5 billion euros Covid-19 crisis having an unprecedented impact on Air France-KLM |
The Covid-19 crisis severely impacted the Full Year 2020 results:
- Revenue at 11.1 billion euros, down 59% compared to last year
- EBITDA loss at -1.7 billion euros, limited due to cost control
- Group net employee cost down 35% in 2020 compared to last year, supported by staff reductions, state support mechanisms and activity related wages. Average number of FTEs (Full Time Equivalent) in December 2020 decreased by 8,700 compared to December 2019
- Operating result at –4.5 billion euros, down 5.7 billion euros compared to last year
- Net income at -7.1 billion euros, including restructuring provision at -822 million euros, over-hedging at -595 million euros and fleet impairment at -672 million euros
- Net debt at 11.0 billion euros, up 4.9 billion compared to end of 2019
- At 31 December 2020, the Group has 9.8 billion euros of liquidity and credit lines at disposal
OUTLOOK
After a positive Christmas traffic in Domestic France and to the Caribbean and Indian Ocean, travel restrictions were tightened in France, the Netherlands and worldwide, having a negative impact on the traffic of the Group in the first quarter of 2021.
Due to the lockdown and travel restrictions still in place, the Group anticipates a challenging First quarter 2021, with a lower EBITDA compared to the Fourth Quarter 2020.
There is limited visibility on the demand recovery curve as customer booking behavior is much more short-term oriented and also highly dependent on the imposed travel restrictions, on both the Long Haul and Medium Haul network.
In this context the Group expects capacity in Available Seat kilometers circa index 40 for Air France-KLM in the First quarter 2021 compared to 2019 for the Network passenger activity due to negative environment.
The Group will progressively ramp up capacity towards summer 2021 and expects recovery in the second and third quarter 2021 thanks to the vaccine deployment.
The Air France-KLM Group continues to work on quasi-equity and equity solutions in order to strengthen balance sheet and expects progress in the following weeks. Discussions are continuing with the European Comission within the “Temporary Framework” (TF).
| Air France-KLM Group | Fourth quarter | Full Year | ||
| 2020 | Change | 2020 | Change¹ | |
| Passengers (thousands) | 5,941 | -75.9% | 34,065 | -67.3% |
| Passenger Unit revenue per ASK1 (€ cts) | 3.06 | -52.6% | 4.56 | -31.2% |
| Operating result (€m) | -1,134 | -1,228 | -4,548 | -5,689 |
| Net income – Group part (€m) | -1,000 | -1,155 | -7,078 | -7,368 |
| Adj. operating free cash flow (€m) | -2,115 | -1,610 | -5,661 | -5,276 |
| Net debt at end of period (€m) | 11,049 | 4,902 | ||
The Board of Directors of Air France-KLM, chaired by Ms. Anne-Marie Couderc, met on 17 February 2021 to approve the financial statements for the Full Year 2020. Group CEO Mr. Benjamin Smith said:
“2020 tested the Air France-KLM Group with the most severe crisis ever experienced by the air transport industry. I would like to thank our employees for their dedication and tremendous flexibility during this period, which has allowed us to remain resilient despite an unprecedented drop in traffic. Since the very beginning of the crisis, we set the highest standards of health and safety for our customers and our employees, all while being able to seize Cargo opportunities and continuously adapting our flight schedules in the face of ever-changing travel restrictions.
Thanks to the French- and Dutch state support and this agile way of working, we were able to drastically reduce our costs, protect our cash, and continue the execution of major transformation plans within our airlines, involving the efforts of all employees. In the coming months, we will continue to strengthen the Group's core, improving its economic and environmental performance, so that Air France-KLM will be in a position to fully leverage all opportunities when the industry starts to recover. We begin 2021 looking forward that this year will see an upturn in traffic as soon as vaccination is deployed on a large scale and borders once again reopen. Our customers look forward to being able to travel again and their attachment to Air France, KLM, and Transavia has grown stronger during this crisis.”
Business review
Network: In this very challenging 2020, Air France and KLM actively managed capacity with most of the flight incrementally cash positive thanks to the Cargo activity
| Network | Fourth quarter | Full Year | ||||
| 2020 | Change | Change constant currency | 2020 | Change | Change constant currency | |
| Total revenues (€m) | 1,986 | -65.5% | -64.9% | 9,206 | -60.4% | -60.3% |
| Scheduled revenues (€m) | 1,818 | -66.9% | -66.2% | 8,571 | -61.5% | -61.3% |
| Operating result (€m) | -881 | -917 | -914 | -3,722 | -4,471 | -4,477 |
Full Year 2020 revenues decreased by 60.3% at constant currency to 9.2 billion euros. The operating result amounted to -3.7 billion euros, a 4.5 billion euros decrease at constant currency compared to last year. Measures were strengthened to preserve cash, including reduction of investments, cost savings measures, negotiations with supplier on payment terms, staff reductions and wage support measures.
Passenger network: Ensure health safety on board and adapt network to cope with border restrictions
| Fourth quarter | Full Year | |||||
| Passenger network | 2020 | Change | Change constant currency | 2020 | Change | Change constant currency |
| Passengers (thousands) | 5,211 | -75.6% | 28,883 | -67.0% | ||
| Capacity (ASK m) | 34,900 | -53.3% | 138,168 | -53.9% | ||
| Traffic (RPK m) | 14,351 | -77.9% | 81,212 | -69.2% | ||
| Load factor | 41.1% | -45.8 pt | 58.8% | -29.2 pt | ||
| Total passenger revenues (€m) | 1,126 | -78.3% | -78.0% | 6,638 | -68.6% | -68.4% |
| Scheduled passenger revenues (€m) | 1,054 | -79.0% | -78.6% | 6,325 | -69.0% | -68.8% |
| Unit revenue per ASK (€ cts) | 3.02 | -55.0% | -54.1% | 4.58 | -32.8% | -32.4% |
The passenger network activity in the fourth quarter was, as anticipated, strongly reduced at 46% of last year’s level. The tightening of travel restrictions, border closures and absence of corporate travel delayed the expected traffic recovery. October and November were weak in term of traffic compared to a stronger December, thanks to Christmas traffic increase in Domestic France and to Caribbean and Indian Ocean.
2020 was an unprecedented year for the airline industry and Air France-KLM with: a good start in January and February; a worldwide lockdown with repatriation flights during the second quarter followed by hopes of a resumption of traffic during summer and a last quarter marked by increased travel restrictions and some traffic during Christmas.
The Full year 2020 capacity was severely impacted by the Covid-19 crisis, at 46% of last year’s level while the traffic decreased by 69%, mainly due to travel restrictions in place.
The Group had an agile capacity management and was able to ramp-up capacity during summer and Christmas periods with resilient performance on low border restrictions routes (French Domestic, Caribbean & Indian Ocean and Africa & Middle East). The balanced network of Air France and KLM spread over the different regions of the world was a strong asset during the Covid-19 crisis, which partly explained why the Group operates more capacity than competitors. The strategy was to operate incremental cash positive flights and several routes were taking advantage of the strong worldwide cargo demand thanks to industry under capacity.
During 2020, the Group accelerated the phase-out of different aircraft to cope with the lower demand in the following years (Airbus 380, Airbus 340, Boeing 747, Canadair Jet and Embraer 145).
Air France-KLM Group continues to implement the highest safety standards for its customers and employees to counter virus transmission risks. Both Air France and KLM achieved 4 stars in the Skytrax “Covid-19 Airline Safety Rating”, one of highest score.
Cargo: Strong steering unit revenue in a context of industry under capacity
| Fourth quarter | Full Year | |||||
| Cargo business | 2020 | Change | Change constant currency | 2020 | Change | Change constant currency |
| Tons (thousands) | 268 | -6.8% | 880 | -20.8% | ||
| Capacity (ATK m) | 2,812 | -24.3% | 10,120 | -30.7% | ||
| Traffic (RTK m) | 2,082 | -5.7% | 6,829 | -19.4% | ||
| Load factor | 74.0% | +14.6 pt | 67.5% | +9.5 pt | ||
| Total Cargo revenues (€m) | 860 | +53.9% | +58.2% | 2,568 | +19.3% | +19.9% |
| Scheduled cargo revenues (€m) | 764 | +59.4% | +63.6% | 2,246 | +21.9% | +22.5% |
| Unit revenue per ATK (€ cts ) | 27.18 | +110.5% | +116.1% | 22.20 | +75.9% | +76.8% |
Global air cargo capacity was at the end of the Fourth quarter 2020 approximately 20% lower than 2019. Tightening of supply and demand levels increased yields by significant amount over the past months.
December was the eighth consecutive month of gradual air cargo market improvements and Air France-KLM’s Cargo activity continued to strongly perform with a unit revenue at constant currency up 116.1% in the Fourth quarter 2020.
The 2020 Cargo capacity of the Group has been down 30.7%, primarily driven by the reduction in belly capacity of passenger aircraft, partly offset by the increase of the full freighters’ capacity and mini cargo flights (passenger aircraft with only belly capacity commercialized). The yield and load factors were strongly up, resulting in a unit revenue increase of 76.8% at constant currency, thanks to the gap between industry capacity and demand. The Group benefited from a full freighter fleet of six aircraft and a passenger long-haul fleet well suited for the cargo activity (Boeing 777, Boeing 787, and Airbus 350).
On the demand side, world-wide air freight volumes are down due to Covid-19 crisis but are expecting to recover consistently with trade growth and industrial production. The supply-demand gap of the past months is foreseen to narrow once industry capacity supply will increase which depends on the passenger traffic recovery. Air France-KLM is ready to transport the Covid-19 vaccines worldwide and has already delivered them to several destinations successfully. The volumes will gradually increase during the first half of 2021.
Transavia: Well positioned for the recovery with a first step on the French domestic market
| Fourth quarter | Full Year | |||
| Transavia | 2020 | Change | 2020 | Change |
| Passengers (thousands) | 730 | -77.7% | 5,182 | -68.7% |
| Capacity (ASK m) | 2,134 | -67.9% | 13,312 | -59.5% |
| Traffic (RPK m) | 1,323 | -78.2% | 9,828 | -67.6% |
| Load factor | 62.0% | -29.3 pt | 73.8% | -18.4 pt |
| Total passenger revenues (€m) | 85 | -74.8% | 606 | -65.2% |
| Unit revenue per ASK (€ cts) | 3.67 | -26.1% | 4.41 | -17.4% |
| Unit cost per ASK (€ cts) | 8.01 | +48.8% | 6.65 | +34.7% |
| Operating result (€m) | -93 | -65 | -299 | -430 |
The Fourth quarter operating result ended -65 million euros lower compared to last year at an operational loss of -93 million euros, as a result of the Covid-19 crisis and tightened border restrictions in Europe and North Africa.
Full year 2020 activity levels were close to 40% of last year’s level, with a unit revenue down -17.4% compared to 2019. Load factors at 73.8% were impacted by travel restrictions imposed.
During 2020, Transavia operated more than 150 repatriation flights from Europe and North Africa enabling 28,000 passengers to be brought back before temporarily immobilizing its entire fleet. In June, Transavia gradually resumed flights by constantly adapting operations to Covid-19 rules and has enabled many travelers to enjoy leisure destination during summer. However, the resurgence of Covid-19 and border restrictions have slowed down Transavia in the traffic recovery during the fourth quarter 2020. Strict cash preservation measures are still in place including reduction of investments, cost savings measures, negotiations with supplier on payment terms and wage support measures.
Several CLA agreements have been reached in both Transavia Netherlands and France about labor conditions and restructuring measures. Transavia France started French domestic operations during the fourth quarter 2020 from Paris Orly and regional airports.
Transavia plan to grow is still valid, well positioned to capture the leisure traffic recovery foreseen in the coming months and a major opportunity for the Group’s competitiveness gain.
Maintenance: Activity severely impacted by the decrease of airline’s activities
| Fourth quarter | Full Year | |||||
| Maintenance | 2020 | Change | Change constant currency | 2020 | Change | Change constant currency |
| Total revenues (€m) | 603 | -48.2% | 2,858 | -38.1% | ||
| Third-party revenues (€m) | 286 | -44.5% | -40.5% | 1,248 | -41.6% | -41.4% |
| Operating result (€m) | -177 | -267 | -257 | -543 | -803 | -798 |
| Operating margin (%) | -29.4% | -37.1 pt | -36.5 pt | -19.0% | -24.6 pt | -24.5 pt |
The Fourth quarter operating result stood at -177 million euros, a decrease of 267 million euros, highly impacted by the Covid-19 crisis. Maintenance continued to sign new contracts in the fourth quarter and are included in the order book at year end.
During 2020, external revenues declined by 41.6% and the decreased in Air France-KLM Group airlines activities impacted the total revenues. Operating costs have been reduced by a lower maintenance activity level, staff reductions, wage support measures for employees and other initiated cost savings measures. Operating results stood at -543 million euros, down 803 million euros compared to last year.
Covid-19 generated around 320 million euros exceptional items, of which 120 million of doubtful receivable, 110 million euros provision on asset value and 90 million euros regarding contracts review.
The Maintenance order book is assessed to 9.1 billion dollars at 31 December 2020, a decrease of 2.4 billion dollars compared to 31 December 2019, explained by the Covid-19 crisis. The Maintenance business is carefully managing agreements with clients on payment terms.
Air France-KLM maintenance activity is well positioned on new generation aircraft maintenance and foresees solid opportunities for the future.
Air France-KLM Group: Financial metrics severely impacted by Covid-19, a decrease of €5.8bn in EBITDA mitigated by cost control
| Fourth quarter | Full Year | ||||||
| 2020 | Change | Change constant currency | 2020 | Change | Change constant currency | ||
| Capacity (ASK m) | 37,034 | -54.5% | 151,480 | -54.4% | |||
| Traffic (RPK m) | 15,673 | -77.9% | 91,040 | -69.0% | |||
| Passenger unit revenue per ASK (€ cts) | 3.06 | -53.5% | -52.6% | 4.56 | -31.6% | -31.2% | |
| Group unit revenue per ASK (€ cts) | 5.12 | -28.5% | -27.1% | 6.05 | -16.3% | -15.8% | |
| Group unit cost per ASK (€ cts) at constant fuel | 8.18 | +16.1% | +25.9% | 9.05 | +31.6% | +36.9% | |
| Revenues (€m) | 2,363 | -64.3% | -63.5% | 11,088 | -59.2% | -59.1% | |
| EBITDA (€m) | -407 | -1,272 | -1,260 | -1,689 | -5,816 | -5,814 | |
| Operating result (€m) | -1,134 | -1,228 | -1,215 | -4,548 | -5,689 | -5,685 | |
| Operating margin (%) | -48.0% | -49.4 pt | -49.2 pt | -41.0% | -45.2 pt | -45.2 pt | |
| Net income - Group part (€m) | -1,000 | -1,155 | -7,078 | -7,368 | |||
In Full Year 2020, the Air France-KLM Group posted an operating result of -4.5 billion euros, down by 5.7 billion euros compared to last year.
Net income amounted to -7.1 billion euros in the Full Year 2020, a decrease of 7.4 billion euros compared to last year, of which exceptional accounting items due to Covid-19:
- Restructuring costs provision of -822 million euros with Departure Plan at Air France Group and KLM Group
- Fuel over hedge has been recycled to “Other financial income and expenses” for -595 million euros
- Fleet impairment of -672 million, mainly caused by -553 million euros on Airbus A380
Since the beginning of the crisis, Air France, KLM and Transavia proceeded 2.3 billion euros of refunds to customers, with 0.8 billion euros during the fourth quarter 2020.
The Full year 2020 unit cost increased by 36.9%, primarily caused by Covid-19 related capacity reductions
Group net employee costs were down 35% in 2020 compared to last year, supported by staff reductions, partial activity implementation at Air France and compensated staff cost by the NOW mechanism at KLM and no profit sharing provisions to be made at both airlines. The average number of FTEs (Full Time Equivalent) stood at 76,900 in December 2020, down 8,700 compared to December 2019.
Net debt up 4.9 billion euros
| Fourth quarter | Full Year | |||
| In € million | 2020 | Change | 2020 | Change |
| Cash flow before change in WCR and Voluntary Departure Plans, continuing operations (€m) | -661 | -1,440 | -2,586 | -6,370 |
| Cash out related to Voluntary Departure Plans (€m) | -253 | -244 | -405 | -381 |
| Change in Working Capital Requirement (WCR) (€m) | -502 | -547 | 165 | +30 |
| Net cash flow from operating activities (€m) | -1,416 | -2,231 | -2,826 | -6,721 |
| Net investments* (€m) | -421 | +639 | -1,895 | +1,377 |
| Operating free cash flow (€m) | -1,837 | -1,592 | -4,721 | -5,344 |
| Repayment of lease debt | -278 | -18 | -940 | +68 |
| Adjusted operating free cash flow** | -2,115 | -1,610 | -5,661 | -5,276 |
* Sum of ‘Purchase of property, plant and equipment and intangible assets’ and ‘Proceeds on disposal of property, plant and equipment and intangible assets’ as presented in the consolidated cash flow statement.
** The “Adjusted operating free cash flow” is operating free cash flow after deducting the repayment of lease debt.
The Group generated adjusted operating free cash flow in Full Year 2020 of -5.7 billion euros, a decrease of 5.3 billion euros compared to last year, mainly explained by a net cash flow from operating activities decline of 6.7 billion euros, partly offset by a reduction in net investments of 1.4 billion euros.
Strong focus on working capital management in all businesses has led to a positive change of +165 million euros in 2020, thanks to tax & social charges deferrals, negotiations with suppliers and vouchers policy which compensated the refunds process and the low inflow of bookings.
| In € million | 31 Dec 2020 | 31 Dec 2019 |
| Net debt | 11,049 | 6,147 |
| EBITDA trailing 12 months | -1,689 | 4,128 |
| Net debt/EBITDA trailing 12 months | na | 1.5 x |
Both airlines results negatively impacted in 2020
| Fourth quarter | Full Year | |||
| 2020 | Change | 2020 | Change | |
| Air France Group Operating result (€m) | -989 | -970 | -3,389 | -3,669 |
| Operating margin (%) | -73.3% | -72.8 pt | -52.8% | -54.5 pt |
| KLM Group Operating result (€m) | -152 | -271 | -1,154 | -2,007 |
| Operating margin (%) | -13.4% | -17.8 pt | -22.5% | -30.2 pt |
OUTLOOK
After a positive Christmas traffic in Domestic France and to the Caribbean and Indian Ocean, travel restrictions were tightened in France, the Netherlands and worldwide, having a negative impact on the traffic of the Group in the first quarter of 2021.
There is limited visibility on the demand recovery curve as customer booking behavior is much more short-term oriented and also highly dependent on the imposed travel restrictions, on both the Long Haul and Medium Haul network.
The Group will progressively ramp up capacity towards summer 2021 and expects recovery in the second and third quarter 2021 thanks to the vaccine deployment.
For the time being, KLM is not able to execute passenger flights between the Netherlands and South Africa, South America and the UK while France banned all non-essential travel from and to France. Instead of gradually increasing capacity during the First Quarter, the capacity had to be reduced.
In this context the Group expects:
·Capacity in Available Seat kilometers circa index 40 for Air France-KLM in the First quarter 2021 compared to 2019 for the Network passenger activity due to negative environment.
Given the under capacity in the Cargo industry, strong steering options for the First quarter 2021 remain available, although future performance is pending passenger industry recovery.
Due to the lockdown and travel restrictions still in place, The Group anticipates a challenging First quarter 2021, with a lower EBITDA compared to the Fourth Quarter 2020.
At 31 December 2020, the Group has a solid 9.8 billion euros of liquidity and credit lines at disposal.
The Group foresees liquidity requirements in 2021 with:
- Negative First quarter working capital requirement influenced by deferred payments and substantial low level of new bookings
- Capex spending before fleet financings at 2.0 billion euros in 2021
- Restructuring cash out at 0.5 billion euros in 2021
Guidance : Air France-KLM Group medium term operating margin objective unchanged but delayed
The Group accelerates its transformation initiatives and confirms its medium-term financial ambition. The Group continues to balance its medium-term focus on managing liquidity with the long-term focus on achieving increased competitiveness. To do this, the Group continues to optimize, fleet, labour, network and costs.
The Covid-19 crisis is showing an unprecedented impact on traffic. In order to anticipate on this decline in traffic. The Group estimates the number of aircraft in 2022 to be 7% below the number of aircraft in 2019. The Group expects capacity in ASK back to the 2019 levels only in 2024.
By the end of 2020 the Group managed to decrease the number of FTE already by 10% compared to December 2019. In the coming years the number of FTE will further decrease by circa 6,000 FTE. The reduction in FTE, amongst other key transformation initiatives, will drive the unit cost down 8% to 10% once capacity is back at 2019 level.
The Group’s medium-term financial ambition is maintained with an Adjusted Operating Free Cash Flow expected to be positive again in 2023. The Operating Margin mid-cycle objective is still estimated at 7% to 8%.
******
The audit procedures for the consolidated accounts have taken place. Despite uncertainties, the Board of Directors considered appropriate to prepare the financial statements for the year ended December 31, 2020 on the basis of the going concern principle.
For further information, please refer to Note 2 of the consolidated financial statements.
The certification report will be published following the completion of the procedures necessary for the filing of the Universal Registration Document.
The results presentation is available at www.airfranceklm.com on 18 February 2021 from 7:15 am CET.
A conference call hosted by Mr. Smith (CEO) and Mr. Gagey (CFO) will be held on 18 February 2021 at 08.30 CET.
To connect to the conference call, please dial:
France: Local +33 (0)1 76 77 22 57
Netherlands: Local +31 (0)20 703 8261
UK: Local +44 (0)330 336 9411
US: Local +1 720-543-0206
Confirmation code: 7443591
Investor Relations Press
Olivier Gall Antoine Madre
+33 1 49 89 52 59 +33 1 49 89 52 60 +33 1 41 56 56 00
olgall@airfranceklm.com anmadre@airfranceklm.com
Income Statement
| Fourth quarter | Full Year | |||||
| €m | 2020 | 2019 | Change | 2020 | 2019 | Change |
| Sales | 2,363 | 6,616 | -64.3% | 11,088 | 27,188 | -59.2% |
| Other revenues | 0 | 1 | -100.0% | 0 | 1 | -100.0% |
| Revenues | 2,363 | 6,617 | -64.3% | 11,088 | 27,189 | -59.2% |
| Aircraft fuel | -506 | -1,393 | -63.7% | -2,392 | -5,511 | -56.6% |
| Chartering costs | -72 | -118 | -39.0% | -253 | -525 | -51.8% |
| Landing fees and en route charges | -226 | -462 | -51.1% | -969 | -1,933 | -49.9% |
| Catering | -59 | -205 | -71.2% | -294 | -822 | -64.2% |
| Handling charges and other operating costs | -188 | -422 | -55.5% | -833 | -1,715 | -51.4% |
| Aircraft maintenance costs | -375 | -708 | -47.0% | -1,618 | -2,628 | -38.5% |
| Commercial and distribution costs | -55 | -246 | -77.6% | -346 | -1,029 | -66.4% |
| Other external expenses | -342 | -437 | -21.7% | -1,275 | -1,730 | -26.3% |
| Salaries and related costs | -1,076 | -2,108 | -49.0% | -5,300 | -8,139 | -34.9% |
| Taxes other than income taxes | -29 | -35 | -17.1% | -137 | -154 | -11.0% |
| Other income and expenses | 158 | 382 | -58.6% | 640 | 1,125 | -43.1% |
| EBITDA | -407 | 865 | nm | -1,689 | 4,128 | nm |
| Amortization, depreciation and provisions | -727 | -771 | -5.7% | -2,859 | -2,987 | -4.3% |
| Income from current operations | -1,134 | 94 | nm | -4,548 | 1,141 | nm |
| Sales of aircraft equipment | 6 | -2 | nm | 37 | 22 | +68.2% |
| Other non-current income and expenses | -38 | -19 | +99.9% | -1,489 | -153 | +873% |
| Income from operating activities | -1,166 | 73 | nm | -6,000 | 1,010 | nm |
| Cost of financial debt | -146 | -110 | +32.7% | -496 | -442 | +12.2% |
| Income from cash and cash equivalent | 1 | 9 | -88.9% | 19 | 49 | -61.2% |
| Net cost of financial debt | -145 | -101 | +43.6% | -477 | -393 | +21.4% |
| Other financial income and expenses | 171 | 120 | +42.5% | -451 | -271 | +66.4% |
| Income before tax | -1,140 | 92 | nm | -6,928 | 346 | nm |
| Income taxes | 145 | 56 | +158.9% | -97 | -76 | +27.6% |
| Net income of consolidated companies | -995 | 148 | nm | -7,025 | 270 | nm |
| Share of profits (losses) of associates | -6 | 8 | nm | -58 | 23 | nm |
| Net income for the period | -1,001 | 156 | nm | -7,083 | 293 | nm |
| Minority interest | -1 | 1 | nm | -5 | 3 | nm |
| Net income for the period – Group part | -1,000 | 155 | nm | -7,078 | 290 | nm |
2019 results restated (with a similar impact in both years) for limited life parts componentization accounting change.
Consolidated Balance Sheet
| Assets | 31 Dec 2020 | 31 Dec 2019 |
| In million euros | ||
| Goodwill | 215 | 217 |
| Intangible assets | 1,230 | 1,305 |
| Flight equipment | 11,031 | 11,334 |
| Other property, plant and equipment | 1,548 | 1,580 |
| Right-of-use assets | 4,678 | 5,173 |
| Investments in equity associates | 230 | 307 |
| Derivatives assets long term | 92 | 238 |
| Pension assets | 211 | 420 |
| Other financial assets | 795 | 1,096 |
| Deferred tax assets | 282 | 523 |
| Other non-current assets | 4 | 3 |
| Total non-current assets | 20,316 | 22,196 |
| Other short-term financial assets | 607 | 800 |
| Derivatives assets short term | 160 | 258 |
| Inventories | 543 | 737 |
| Trade receivables | 1,248 | 2,164 |
| Other current assets | 914 | 865 |
| Cash and cash equivalents | 6,423 | 3,715 |
| Total current assets | 9,895 | 8,539 |
| Total assets | 30,211 | 30,735 |
| Liabilities and equity | 31 Dec 2020 | 31 Dec 2019 |
| In million euros | ||
| Issued capital | 429 | 429 |
| Additional paid-in capital | 4,139 | 4,139 |
| Treasury shares | -25 | -67 |
| Perpetual | 0 | 403 |
| Reserves and retained earnings | -9,970 | -2,620 |
| Equity attributable to equity holders of Air France-KLM | -5,427 | 2,284 |
| Non-controlling interests | 9 | 15 |
| Total Equity | -5,418 | 2,299 |
| Pension provisions | 2,147 | 2,253 |
| Other provisions | 3,670 | 3,750 |
| Long-term debt | 14,171 | 6,271 |
| Lease financial debt | 2,425 | 3,149 |
| Derivatives liabilities long term | 122 | 107 |
| Deferred tax liabilities | 22 | 142 |
| Other non-current liabilities | 1,294 | 115 |
| Total non-current liabilities | 23,851 | 15,787 |
| Provisions | 1,337 | 714 |
| Current portion of long-term debt | 1,318 | 842 |
| Current portion of lease financial debt | 839 | 971 |
| Derivatives liabilities short term | 363 | 154 |
| Trade payables | 1,435 | 2,379 |
| Deferred revenue on ticket sales | 2,394 | 3,289 |
| Frequent flyer programs | 916 | 848 |
| Other current liabilities | 3,175 | 3,448 |
| Bank overdrafts | 1 | 4 |
| Total current liabilities | 11,778 | 12,649 |
| Total equity and liabilities | 30,211 | 30,735 |
Statement of Consolidated Cash Flows from 1st Jan until 31 december 2020
| €m | 31 Dec 2020 | 31 Dec 2019 |
| Net income from continuing operations | -7,083 | 293 |
| Amortization, depreciation and operating provisions | 2,859 | 2,987 |
| Financial provisions | 183 | 217 |
| Loss (gain) on disposals of tangible and intangible assets | -50 | -43 |
| Loss (gain)on disposals of subsidiaries and associates | 1 | 0 |
| Derivatives – non monetary result | -27 | 30 |
| Unrealized foreign exchange gains and losses, net | -290 | 82 |
| Impairment | 680 | 0 |
| Other non-monetary items | 511 | 238 |
| Share of (profits) losses of associates | 58 | -23 |
| Deferred taxes | 167 | -21 |
| Financial Capacity | -2,991 | 3,760 |
| (Increase) / decrease in inventories | 138 | -93 |
| (Increase) / decrease in trade receivables | 760 | 61 |
| Increase / (decrease) in trade payables | -898 | -133 |
| Increase / (decrease) in advanced ticket sales | -837 | 160 |
| Change in other receivables and payables | 1,002 | 140 |
| Change in working capital requirements | 165 | 135 |
| Net cash flow from operating activities | -2,826 | 3,895 |
| Purchase of property, plant and equipment and intangible assets | -2,099 | -3,372 |
| Proceeds on disposal of property, plant and equipment and intangible assets | 204 | 100 |
| Proceeds on disposal of subsidiaries, of shares in non-controlled entities | 357 | 13 |
| Acquisition of subsidiaries, of shares in non-controlled entities | -1 | -1 |
| Dividends received | 0 | 14 |
| Decrease (increase) in net investments, more than 3 months | -44 | -72 |
| Net cash flow used in investing activities | -1,583 | -3,318 |
| Increase of equity due to new convertible bond | 0 | 54 |
| Perpetual (including premium) | 0 | 0 |
| Issuance of debt | 11,437 | 1,617 |
| Repayment on financial debt | -3,389 | -1,156 |
| Payments on lease debt | -940 | -1,008 |
| Decrease (increase ) in loans, net | 39 | 72 |
| Dividends and coupons on perpetual paid | 0 | -26 |
| Net cash flow from financing activities | 7,147 | -447 |
| Effect of exchange rate on cash and cash equivalents and bank overdrafts | -27 | 1 |
| Change in cash and cash equivalents and bank overdrafts | 2,711 | 131 |
| Cash and cash equivalents and bank overdrafts at beginning of period | 3,711 | 3,580 |
| Cash and cash equivalents and bank overdrafts at end of period | 6,422 | 3,711 |
| Change in treasury of discontinued operations | 0 | 0 |
Key Performance Indicators
Restated net result, group share
| Fourth quarter | Full Year | |||
| In million euros | 2020 | 2019 | 2020 | 2019 |
| Net income/(loss), Group share | -1,000 | 155 | -7,078 | 290 |
| Unrealized foreign exchange gains and losses, net | -212 | -141 | -290 | 82 |
| Change in fair value of financial assets and liabilities (derivatives) | -97 | -20 | -27 | -29 |
| Non-current income and expenses | 31 | 22 | 1,452 | 131 |
| Tax impact on gross adjustments net result | 78 | -42 | -323 | -55 |
| Restated net income/(loss), group part | -1,200 | -27 | -6,266 | 419 |
| Coupons on perpetual | 0 | -4 | 0 | -17 |
| Restated net income/(loss), group share including coupons on perpetual (used to calculate earnings per share) | -1,200 | -31 | -6,266 | 402 |
| Restated net income/(loss) per share (in €) | -2,81 | 0,14 | -14,66 | 0,95 |
Return on capital employed (ROCE)1
| In million euros | 31 Dec 2020 | 30 Sep 2020 | 30 June 2020 | 31 Mar 2020 | 31 Dec 2019 | 30 Sep 2019 | 30 June 2019 | 31 Mar 2019 |
| Goodwill and intangible assets | 1,445 | 1,470 | 1,500 | 1,564 | 1,522 | 1,481 | 1,465 | 1,485 |
| Flight equipment | 11,031 | 11,009 | 10,919 | 11,465 | 11,334 | 10,829 | 10,747 | 10,456 |
| Other property, plant and equipment | 1,548 | 1,535 | 1,551 | 1,579 | 1,580 | 1,554 | 1,530 | 1,504 |
| Right of use assets | 4,678 | 4,789 | 4,938 | 5,119 | 5,173 | 5,300 | 5,470 | 5,453 |
| Investments in equity associates | 230 | 224 | 267 | 299 | 307 | 310 | 305 | 306 |
| Financial assets excluding marketable securities and financial deposits | 146 | 135 | 133 | 142 | 140 | 131 | 125 | 127 |
| Provisions, excluding pension, cargo litigation and restructuring | -3,922 | -4,001 | -4,130 | -4,190 | -4,058 | -4,101 | -3,888 | -3,907 |
| WCR, excluding market value of derivatives | -6,505 | -6,894 | -6,779 | -6,650 | -6,310 | -6,285 | -6,957 | -6,938 |
| Capital employed | 8,651 | 8,267 | 8,399 | 9,328 | 9,688 | 9,219 | 8,797 | 8,486 |
| Average capital employed (A) | 8,661 | 9,048 | ||||||
| Adjusted results from current operations | -4,548 | 1,141 | ||||||
| - Dividends received | 0 | -2 | ||||||
| - Share of profits (losses) of associates | -58 | 23 | ||||||
| - Normative income tax | 1,394 | -318 | ||||||
| Adjusted result from current operations after tax (B) | -3,212 | 844 | ||||||
| ROCE, trailing 12 months (B/A) | -37.1% | 9.3% | ||||||
Net debt
| Balance sheet at | ||
| €m | 31 Dec 2020 | 31 Dec 2019 |
| Financial debt | 15,388 | 6,886 |
| Repo on triple A bonds | -84 | 0 |
| Lease debt | 3,184 | 4,029 |
| Currency hedge on financial debt | 27 | 4 |
| Accrued interest | -107 | -62 |
| Gross financial debt (A) | 18,408 | 10,857 |
| Cash and cash equivalents | 6,423 | 3,715 |
| Marketable securities | 193 | 111 |
| Cash securities | 309 | 300 |
| Bonds AAA | 518 | 585 |
| Bank overdrafts | -1 | -4 |
| Others | 1 | 3 |
| Repo on triple A bonds | -84 | 0 |
| Net cash (B) | 7,359 | 4,710 |
| Net debt (A) – (B) | 11,049 | 6,147 |
Adjusted operating free cash flow
| Fourth quarter | Full Year | |||
| €m | 2020 | 2019 | 2020 | 2019 |
| Net cash flow from operating activities, continued operations | -1,416 | 815 | -2,826 | 3,895 |
| Investment in property, plant, equipment and intangible assets | -444 | -1,077 | -2,099 | -3,372 |
| Proceeds on disposal of property, plant, equipment and intangible assets | 23 | 17 | 204 | 100 |
| Operating free cash flow | -1,837 | -245 | -4,721 | 623 |
| Payments on lease debt | -278 | -260 | -940 | -1,008 |
| Adjusted operating free cash flow | -2,115 | -505 | -5,661 | -385 |
Operating cash burn
| | Full Year | |
| 2020 | 2019 | |
| EBITDA | - 1,689 | 4,128 |
| Provisions (CO2 and other) | -22 | 18 |
| Correction of spare parts inventory | 4 | -1 |
| Addition to pension provisions | 306 | 341 |
| Reversal to pension provisions (cash-out) | -246 | -256 |
| Payment linked with shares | 0 | 1 |
| Sales of tangible and intangible assets (excluding aeronauticals) | 41 | 46 |
| Dividend received | 0 | -2 |
| Income from operation activities - cash impact | -1,605 | 4,275 |
| Restructuring costs | -405 | -24 |
| Other non-current income and expenses | -1 | 1 |
| Cost of financial debt | -446 | -422 |
| Financial income | -2 | 23 |
| Realized foreign exchange gain/loss | 7 | -1 |
| Termination of trading hedges - cash | -589 | 4 |
| Current income tax | 70 | -97 |
| Other financial charges & expenses - cash | -22 | -7 |
| Other elements | 3 | 8 |
| Financial capacity | -2,991 | 3,760 |
Unit cost: net cost per ASK
| Fourth quarter | Full Year | |||
| 2020 | 2019 | 2020 | 2019 | |
| Revenues (in €m) | 2,363 | 6,617 | 11,088 | 27,189 |
| Income/(loss) from current operations (in €m) -/- | 1,134 | -94 | 4,548 | -1,141 |
| Total operating expense (in €m) | 3,497 | 6,523 | 15,637 | 26,048 |
| Passenger network business – other revenues (in €m) | -72 | -178 | -314 | -711 |
| Cargo network business – other revenues (in €m) | -96 | -79 | -322 | -310 |
| Third-party revenues in the maintenance business (in €m) | -286 | -515 | -1,248 | -2,138 |
| Transavia - other revenues (in €m) | -7 | -7 | -20 | 10 |
| Third-party revenues of other businesses (in €m) | -6 | -7 | -28 | -34 |
| Net cost (in €m) | 3,031 | 5,736 | 13,706 | 22,864 |
| Capacity produced, reported in ASK* | 37,034 | 81,363 | 151,480 | 332,473 |
| Net cost per ASK (in € cents per ASK) | 8.18 | 7.05 | 9.05 | 6.88 |
| Gross change | 16.1% | 31.6% | ||
| Currency effect on net costs (in €m) | -102 | -121 | ||
| Change at constant currency | 18.2% | 32.3% | ||
| Fuel price effect (in €m) adjusted for 2019 capacity | -342 | -771 | ||
| Net cost per ASK on a constant currency and fuel price basis (in € cents per ASK) | 8.18 | 6.50 | 9.05 | 6.61 |
| Change at constant currency and fuel price basis | +25.9% | +36.9% | ||
* The capacity produced by the transportation activities is combined by adding the capacity of the Passenger network (in ASK) to that of Transavia (in ASK).
Group results
Air France Group
| Fourth quarter | Full Year | |||
| 2020 | Change | 2020 | Change | |
| Revenue (in €m) | 1,349 | -66.7% | 6,415 | -61.3% |
| EBITDA (in €m) | -514 | -980 | -1,609 | -3,781 |
| Operating result (en m€) | -988 | -970 | -3,389 | -3,669 |
| Operating margin (%) | -73.3% | -72.8 pt | -52.8% | -54.5 pt |
| Operating cash flow before WCR and restructuring cash out (in €m) | -669 | -1,012 | -2,188 | -2,188 |
| Operating cash flow (before WCR and restructuring) margin | -49.6% | -58.0 pt | -34.1% | -34.1 pt |
| KLM Group | Fourth quarter | Full Year | ||
| 2020 | Change | 2020 | Change | |
| Revenue (in €m) | 1,136 | -57.8% | 5,120 | -53.8% |
| EBITDA (in €m) | 101 | -304 | -75 | -2,017 |
| Operating result (en m€) | -152 | -271 | -1,154 | -2,007 |
| Operating margin (%) | -13.4% | -17.8 pt | -22.5% | -30.2 pt |
| Operating cash flow before WCR and restructuring cash out (in €m) | 17 | -416 | -340 | -340 |
| Operating cash flow (before WCR and restructuring) margin | 1.5% | -14.6 pt | -6.6% | -6.6 pt |
NB: Sum of individual airline results does not add up to Air France-KLM total due to intercompany eliminations at Group level
Group fleet at 31 December 2020
| Aircraft type | AF (incl. HOP) | KL (incl. KLC & MP) | Transavia | Owned | Finance lease | Operating lease | Total | In operation | Change / 31/12/19 |
| B747-400 | 2 | 2 | 2 | -8 | |||||
| B777-300 | 43 | 14 | 18 | 17 | 22 | 57 | 57 | ||
| B777-200 | 25 | 15 | 26 | 14 | 40 | 40 | |||
| B787-9 | 10 | 13 | 6 | 5 | 12 | 23 | 23 | 1 | |
| B787-10 | 6 | 4 | 2 | 6 | 5 | 1 | |||
| A380-800 | 9 | 2 | 3 | 4 | 9 | -10 | |||
| A350-900 | 6 | 1 | 5 | 6 | 6 | 3 | |||
| A340-300 | 1 | 1 | 1 | -4 | |||||
| A330-300 | 5 | 5 | 5 | 5 | |||||
| A330-200 | 15 | 8 | 11 | 12 | 23 | 21 | -2 | ||
| Total Long-Haul | 109 | 63 | 0 | 71 | 32 | 69 | 172 | 157 | -19 |
| B737-900 | 5 | 5 | 5 | 5 | |||||
| B737-800 | 31 | 75 | 29 | 10 | 67 | 106 | 106 | 2 | |
| B737-700 | 16 | 5 | 2 | 5 | 14 | 21 | 20 | -3 | |
| A321 | 20 | 11 | 9 | 20 | 20 | ||||
| A320 | 44 | 4 | 4 | 36 | 44 | 44 | 1 | ||
| A319 | 33 | 14 | 19 | 33 | 33 | ||||
| A318 | 18 | 8 | 10 | 18 | 18 | ||||
| Total Medium-Haul | 115 | 52 | 80 | 73 | 19 | 155 | 247 | 246 | 0 |
| ATR72-600 | -2 | ||||||||
| ATR72-500 | |||||||||
| ATR42-500 | |||||||||
| Canadair Jet 1000 | 14 | 14 | 14 | 14 | |||||
| Canadair Jet 700 | 11 | 11 | 11 | 9 | -1 | ||||
| Embraer 190 | 17 | 32 | 11 | 10 | 28 | 49 | 49 | 2 | |
| Embraer 175 | 17 | 3 | 14 | 17 | 17 | ||||
| Embraer 170 | 15 | 10 | 5 | 15 | 15 | ||||
| Embraer 145 | 15 | 15 | 15 | -13 | |||||
| Total Regional | 72 | 49 | 0 | 64 | 24 | 33 | 121 | 104 | -14 |
| B747-400ERF | 3 | 3 | 3 | 3 | |||||
| B747-400BCF | 1 | 1 | 1 | 1 | |||||
| B777-F | 2 | 2 | 2 | 2 | |||||
| Total Cargo | 2 | 4 | 0 | 6 | 0 | 0 | 6 | 6 | 0 |
| Total | 298 | 168 | 80 | 214 | 75 | 257 | 546 | 513 | -33 |
FOURTH QUARTER 2020 TRAFFIC
Passenger network activity*
| Q4 | Year to date | ||||||
| Total Passenger network* | 2020 | 2019 | Variation | 2020 | 2019 | Variation | |
| Passengers carried (‘000s) | 5,211 | 21,347 | (75.6%) | 28,883 | 87,634 | (67.0%) | |
| Revenue pax-kilometers (m RPK) | 14,351 | 64,943 | (77.9%) | 81,212 | 263,509 | (69.2%) | |
| Available seat-kilometers (m ASK) | 34,900 | 74,723 | (53.3%) | 138,167 | 299,624 | (53.9%) | |
| Load factor (%) | 41.1% | 86.9% | (45.8) | 58.8% | 87.9% | (29.2) | |
| Long-haul | |||||||
| Passengers carried (‘000s) | 1,591 | 7,031 | (77.4%) | 8,663 | 28,320 | (69.4%) | |
| Revenue pax-kilometers (m RPK) | 11,239 | 53,128 | (78.8%) | 64,022 | 213,664 | (70.0%) | |
| Available seat-kilometers (m ASK) | 29,749 | 60,648 | (50.9%) | 112,586 | 240,774 | (53.2%) | |
| Load factor (%) | 37.8% | 87.6% | (49.8) | 56.9% | 88.7% | (31.9) | |
| North America | |||||||
| Passengers carried (‘000s) | 306 | 2,074 | (85.3%) | 2,176 | 8,760 | (75.2%) | |
| Revenue pax-kilometers (m RPK) | 2,260 | 14,751 | (84.7%) | 15,657 | 62,245 | (74.8%) | |
| Available seat-kilometers (m ASK) | 7,972 | 16,561 | (51.9%) | 31,381 | 69,677 | (55.0%) | |
| Load factor (%) | 28.3% | 89.1% | (60.7) | 49.9% | 89.3% | (39.4) | |
| Latin America | |||||||
| Passengers carried (‘000s) | 183 | 935 | (80.5%) | 1,151 | 3,664 | (68.6%) | |
| Revenue pax-kilometers (m RPK) | 1,766 | 8,780 | (79.9%) | 10,943 | 34,753 | (68.5%) | |
| Available seat-kilometers (m ASK) | 4,848 | 10,160 | (52.3%) | 18,372 | 39,135 | (53.1%) | |
| Load factor (%) | 36.4% | 86.4% | (50.0) | 59.6% | 88.8% | (29.2) | |
| Asia / Pacific | |||||||
| Passengers carried (‘000s) | 173 | 1,689 | (89.8%) | 1,534 | 6,659 | (77.0%) | |
| Revenue pax-kilometers (m RPK) | 1,491 | 14,610 | (89.8%) | 13,294 | 58,008 | (77.1%) | |
| Available seat-kilometers (m ASK) | 6,326 | 16,390 | (61.4%) | 27,028 | 64,124 | (57.9%) | |
| Load factor (%) | 23.6% | 89.1% | (65.6) | 49.2% | 90.5% | (41.3) | |
| Africa / Middle East | |||||||
| Passengers carried (‘000s) | 534 | 1,395 | (61.8%) | 2,097 | 5,484 | (61.8%) | |
| Revenue pax-kilometers (m RPK) | 2,815 | 8,040 | (65.0%) | 11,640 | 31,157 | (62.6%) | |
| Available seat-kilometers (m ASK) | 5,728 | 9,595 | (40.3%) | 18,066 | 36,955 | (51.1%) | |
| Load factor (%) | 49.1% | 83.8% | (34.6) | 64.4% | 84.3% | (19.9) | |
| Caribbean / Indian Ocean | |||||||
| Passengers carried (‘000s) | 396 | 938 | (57.7%) | 1,705 | 3,753 | (54.6%) | |
| Revenue pax-kilometers (m RPK) | 2,908 | 6,948 | (58.1%) | 12,488 | 27,500 | (54.6%) | |
| Available seat-kilometers (m ASK) | 4,875 | 7,942 | (38.6%) | 17,739 | 30,883 | (42.6%) | |
| Load factor (%) | 59.7% | 87.5% | (27.8) | 70.4% | 89.0% | (18.6) | |
| Short and Medium-haul | |||||||
| Passengers carried (‘000s) | 3,620 | 14,316 | (74.7%) | 20,220 | 59,314 | (65.9%) | |
| Revenue pax-kilometers (m RPK) | 3,111 | 11,815 | (73.7%) | 17,190 | 49,845 | (65.5%) | |
| Available seat-kilometers (m ASK) | 5,151 | 14,074 | (63.4%) | 25,581 | 58,851 | (56.5%) | |
| Load factor (%) | 60.4% | 83.9% | (23.5) | 67.2% | 84.7% | (17.5) | |
* Air France and KLM
Transavia activity
| Q4 | Year to date | ||||||
| Transavia | 2020 | 2019 | Variation | 2020 | 2019 | Variation | |
| Passengers carried (‘000s) | 730 | 3,266 | (77.7%) | 5,182 | 16,581 | (68.7%) | |
| Revenue pax-kilometers (m RPK) | 1,323 | 6,064 | (78.2%) | 9,828 | 30,303 | (67.6%) | |
| Available seat-kilometers (m ASK) | 2,134 | 6,640 | (67.9%) | 13,312 | 32,867 | (59.5%) | |
| Load factor (%) | 62.0% | 91.3% | (29.3) | 73.8% | 92.2% | (18.4) | |
Total group passenger activity**
| Q4 | Year to date | ||||||
| Total group** | 2020 | 2019 | Variation | 2020 | 2019 | Variation | |
| Passengers carried (‘000s) | 5,941 | 24,614 | (75.9%) | 34,065 | 104,214 | (67.3%) | |
| Revenue pax-kilometers (m RPK) | 15,673 | 71,007 | (77.9%) | 91,040 | 293,812 | (69.0%) | |
| Available seat-kilometers (m ASK) | 37,034 | 81,363 | (54.5%) | 151,480 | 332,492 | (54.4%) | |
| Load factor (%) | 42.3% | 87.3% | (44.9) | 60.1% | 88.4% | (28.3) | |
** Air France, KLM and Transavia
Cargo activity
| Q4 | Year to date | ||||||
| Total Group | 2020 | 2019 | Variation | 2020 | 2019 | Variation | |
| Revenue tonne-km (m RTK) | 2,082 | 2,207 | (5.7%) | 6,829 | 8,467 | (19.3%) | |
| Available tonne-km (m ATK) | 2,812 | 3,713 | (24.3%) | 10,121 | 14,609 | (30.7%) | |
| Load factor (%) | 74.0% | 59.4% | 14.6 | 67.5% | 58.0% | 9.5 | |
Air France activity
| Q4 | Year to date | ||||||
| Total Passenger network activity | 2020 | 2019 | Variation | 2020 | 2019 | Variation | |
| Passengers carried (‘000s) | 3,017 | 12,698 | (76.2%) | 17,652 | 52,542 | (66.4%) | |
| Revenue pax-kilometers (m RPK) | 7,946 | 37,584 | (78.9%) | 47,339 | 154,033 | (69.3%) | |
| Available seat-kilometers (m ASK) | 16,416 | 43,863 | (62.6%) | 73,325 | 177,172 | (58.6%) | |
| Load factor (%) | 48.4% | 85.7% | (37.3) | 64.6% | 86.9% | (22.4) | |
| Long-haul | |||||||
| Passengers carried (‘000s) | 956 | 4,122 | (76.8%) | 5,199 | 16,845 | (69.1%) | |
| Revenue pax-kilometers (m RPK) | 6,284 | 30,571 | (79.4%) | 36,952 | 124,235 | (70.3%) | |
| Available seat-kilometers (m ASK) | 13,763 | 35,338 | (61.1%) | 58,194 | 141,282 | (58.8%) | |
| Load factor (%) | 45.7% | 86.5% | (40.9) | 63.5% | 87.9% | (24.4) |
| Short and Medium-haul | |||||||
| Passengers carried (‘000s) | 2,060 | 8,576 | (76.0%) | 12,453 | 35,697 | (65.1%) | |
| Revenue pax-kilometers (m RPK) | 1,662 | 7,013 | (76.3%) | 10,387 | 29,798 | (65.1%) | |
| Available seat-kilometers (m ASK) | 2,654 | 8,525 | (68.9%) | 15,131 | 35,890 | (57.8%) | |
| Load factor (%) | 62.6% | 82.3% | (19.6) | 68.6% | 83.0% | (14.4) |
| Q4 | Year to date | ||||||
| Cargo activity | 2020 | 2019 | Variation | 2020 | 2019 | Variation | |
| Revenue tonne-km (m RTK) | 843 | 994 | (15.3%) | 2,644 | 3,789 | (30.2%) | |
| Available tonne-km (m ATK) | 1,347 | 1,867 | (27.9%) | 4,737 | 7,356 | (35.6%) | |
| Load factor (%) | 62.6% | 53.3% | 9.3 | 55.8% | 51.5% | 4.3 | |
KLM activity
| Q4 | Year to date | ||||||
| Total Passenger network activity | 2020 | 2019 | Variation | 2020 | 2019 | Variation | |
| Passengers carried (‘000s) | 2,195 | 8,650 | (74.6%) | 11,231 | 35,092 | (68.0%) | |
| Revenue pax-kilometers (m RPK) | 6,405 | 27,359 | (76.6%) | 33,873 | 109,476 | (69.1%) | |
| Available seat-kilometers (m ASK) | 18,484 | 30,859 | (40.1%) | 64,842 | 122,452 | (47.0%) | |
| Load factor (%) | 34.7% | 88.7% | (54.0) | 52.2% | 89.4% | (37.2) | |
| Long-haul | |||||||
| Passengers carried (‘000s) | 635 | 2,909 | (78.2%) | 3,463 | 11,475 | (69.8%) | |
| Revenue pax-kilometers (m RPK) | 4,956 | 22,557 | (78.0%) | 27,070 | 89,428 | (69.7%) | |
| Available seat-kilometers (m ASK) | 15,986 | 25,310 | (36.8%) | 54,392 | 99,492 | (45.3%) | |
| Load factor (%) | 31.0% | 89.1% | (58.1) | 49.8% | 89.9% | (40.1) |
| Short and Medium-haul | |||||||
| Passengers carried (‘000s) | 1,560 | 5,740 | (72.8%) | 7,767 | 23,617 | (67.1%) | |
| Revenue pax-kilometers (m RPK) | 1,449 | 4,802 | (69.8%) | 6,803 | 20,047 | (66.1%) | |
| Available seat-kilometers (m ASK) | 2,497 | 5,550 | (55.0%) | 10,450 | 22,960 | (54.5%) | |
| Load factor (%) | 58.0% | 86.5% | (28.5) | 65.1% | 87.3% | (22.2) |
| Q4 | Year to date | ||||||
| Cargo activity | 2020 | 2019 | Variation | 2020 | 2019 | Variation | |
| Revenue tonne-km (m RTK) | 1,242 | 1,212 | 2.4% | 4,184 | 4,678 | (10.6%) | |
| Available tonne-km (m ATK) | 1,466 | 1,846 | (20.6%) | 5,385 | 7,253 | (25.8%) | |
| Load factor (%) | 84.7% | 65.6% | 19.1 | 77.7% | 64.5% | 13.2 | |
1 Passenger unit revenue is the aggregate of Passenger network and Transavia unit revenues, change at constant currency
1 The definition of ROCE has been revised to take into account the seasonal effects of the activity.
Attachment
