Fourth quarter 2021 results
February 17, 2022
|
FOURTH QUARTER
2021Operating result positive at
178 million euros, above fourth
quarter 2019Adjusted
operating free cash flow positive
at 225
million eurosthanks to
EBITDA contribution |
Fourth quarter:
- Operating result at 178 million
euros, higher than pre-Covid (Fourth quarter 2019) despite lower
revenues but compensated by cost control and restructuring
programs. Both Network and Maintenance activities showing a
positive operating result
- Net income at -127 million euros,
showing 874 million euros improvement compared to the same quarter
last year supported by revenue at 4,838 million euros which is
2,475 million euros higher than last year Fourth quarter
- Air France-KLM ordered 100 Airbus
A320neo family aircraft - with purchase rights for an additional 60
aircraft - for KLM and Transavia, and signed a letter of intention
for the purchase of 4 Airbus A350F Full Freighter aircraft for Air
France with purchase rights for 4 additional aircraft, to increase
cargo capacity at Air France.
Full year:In 2021, Air France-KLM continued to
be flexible and agile in order to provide the right offer to its
customers. The tremendous transformation and restructuring efforts
performed during the Covid crisis paved the way to a sustained
position as a European avaiation leader. The Group was able to
close 2021 with a positive EBITDA at 745 million euros, up 2,440
million euros compared to last year with a first semester impacted
by lockdowns in France and the Netherlands, and worldwide travel
restrictions in place. The recovery was visible since June which
continued in the second semester and thanks to less tight travel
restrictions the Group was able to capture the recovery in a
profitable way. Net debt ended at 8.2 billion euros, a decrease of
2.8 billion euros compared to end of 2020 thanks to the first set
of capital strengthening measures.
OUTLOOK
After a good start of the Fourth quarter and the
reopening of the United States early November, the rise of the
Omicron variant hampered in December the continuous increase in
load factors for the Medium haul and Domestic traffic. Due to high
infection rates in France and the Netherlands, some flights had to
be canceled in January.
In this context, the Group expects capacity in
Available Seat Kilometers for Air France-KLM Network passenger
activity at an index in the range of 73% to 78% in the First
quarter of 2022 compared to the First quarter of 2019.For FY 2022
no guidance will be provided yet due to uncertainty concerning the
sanitary situation and reopening of Japan and China.
As of December 31 2021, the Group has a
sufficient 10.2 billion euros of liquidity and credit lines at
disposal.
- For the First quarter 2022, the
Group expects to have an EBITDA around break-even in the current
international context,
- Full year 2022 Net Capex spending
estimated at circa 2.5 billion euros, which is 80% fleet &
fleet related and 20% related to IT/ground.
Mid 2021, Air France-KLM initiated the first
step of its recapitalization plan to strengthen its balance sheet
which had been impacted by Covid-19, raising a total of circa 4
billion euros, including the completion of a 1 billion euro capital
increase and the conversion of the 3 billion euros French State
loan into 3 perpetual bonds in April 2021. In line with market
practice for perpetual bonds, Air France-KLM intends to pay
discretionary coupons in alignment with point 77 bis of the
European Commission’s Covid-19 Temporary Framework.
In addition, Air France-KLM implemented several
refinancing measures to improve its senior debt profile, notably
with 800 million euros of dual tranche senior bonds issued late in
July 2021. Part of the proceeds were allocated to repay 500 million
euros of the 4 billion euros French State guaranteed loan (“PGE”).
The maturity profile of the PGE was also spread over three
installments (800m/1.3bn/1.3bn euros) and extended to May 2025 for
the last installment.
Finally, Air France-KLM also set up an EMTN
(Euro Medium Term Notes) programme, and obtained a solicited ESG
rating from Standard & Poor’s to pursue its forthcoming
refinancing strategy and reaffirm its strategic ESG ambitions in
the mid to long term.
Air France-KLM now plans to start a new step of
equity strengthening measures, which could consist in:
- a capital increase with pre-emptive
rights for shareholders;
- an issuance of quasi equity
instruments such as straight and convertible perpetual bonds in
order to accelerate the reimbursement of the State supports, since
the proceeds of such instruments would be fully allocated to this
purpose in alignment with point 77 bis of the European Commission’s
Covid-19 Temporary Framework cited above;
- additional equity strengthening
measures, including an potential ongoing project to refinance
assets for an amount up to 500 million euros, through private
perpetual bonds classified as equity. The proceeds would be used to
partially redeem State aids.
Air France-KLM intends to remain flexible on the
transaction structures, as well as on the sequencing and the sizing
of each instrument depending on market conditions.
Existing reference shareholders are supportive
of these equity strengthening measures; some of them will consider
participating, amongst which the French State and the Dutch State
on a pro rata and in-kind basis, through partial offset of their
respective outstanding support.
Air France-KLM is committed to repaying the
States aids as soon as practicable to be relieved from the set of
operational and strategic constraints of the European Commission’s
Temporary Framework.
Some of these measures are subject to the
approval of the European Commission as well as legal and regulatory
approvals.
In total, these equity and quasi-equity
issuances could represent up to 4.0 billion euros.
This new step in the recapitalization plan
measures intends to further restore the equity position, and aims
to reach a targeted Net debt / EBITDA ratio between 2.0x and 2.5x
by 2023 (excluding the Dutch shareholder loan which is currently
accounted as debt), depending notably on the sizing of the
contemplated measures.
|
Air France-KLM Group |
Fourth quarter |
Full Year |
|
2021 |
Change1 |
2021 |
Change |
|
Passengers (thousands) |
15,881 |
+167.3% |
44,669 |
+31.1% |
|
Passenger Unit revenue per ASK2 (€ cts) |
5.77 |
+87.0% |
4.78 |
+6.1% |
|
Operating result (€m) |
178 |
+1,314 |
-1,626 |
+2,928 |
|
Net income – Group part (€m) |
-127 |
+874 |
-3,292 |
+3,808 |
|
Adj. operating free cash flow (€m) |
225 |
+2,340 |
-631 |
+5,030 |
|
Net debt at end of period3 (€m) |
|
|
8,216 |
-2,833 |
The Board of Directors of Air France-KLM,
chaired by Mrs Anne-Marie Couderc, met on February 16, 2022 to
approve the financial statements for the full year of 2021. Group
CEO Mr. Benjamin Smith said:“The fourth quarter 2021 marked a
turning point for Air France-KLM. For the first time since the
beginning of the pandemic, the Group posted better than pre-covid
results, with a positive operating result. While the end of the
quarter saw the return of travel restrictions along with the
Omicron variant, the overall performance reflects both the pent-up
demand for travel and the outcome of our transformation efforts.
The crisis is not over yet, but this makes us optimistic for the
future, as we accelerate said efforts to improve our performance
from both an economical and environmental standpoint. The
investments in fleet renewal across all of the Group’s airlines –
including the joint order for 100 Airbus A320neo family aircraft
with acquisition rights for an additional 60 aircraft and the LOI
for 4 Airbus A350F Full Freighter aircraft - embody this goal and
emphasize our dedication to preparing for the future today. I would
like to thank our customers for their trust, and our employees for
their unyielding commitment to the Group throughout another
challenging yet rewarding year.”
Business
review
Network: Positive Operating
result in the fourth quarter
|
Network |
Fourth quarter |
Full Year |
|
2021 |
Change |
Change constant currency |
2021 |
Change |
Change constant currency |
|
Total revenues (€m) |
4,242 |
+113.6% |
+112.0% |
12,253 |
+33.1% |
+34.8% |
|
Scheduled revenues (€m) |
4,025 |
+121.4% |
+119.3% |
11,520 |
+34.4% |
+36.3% |
|
Operating result (€m) |
146 |
+1,027 |
+1,032 |
-1,582 |
+2,140 |
+2,126 |
Fourth quarter 2021 revenues increased by 112.0%
at constant currency to 4,242 million euros. The operating result
was positive and amounted to 146 million euros, a 1,032 million
euros increase at constant currency compared to last year.
Passenger
network: Strong long haul
performance,
lockdown impact visible in December for
Medium haul and Domestic
|
|
Fourth quarter |
Full Year |
|
Passenger network |
2021 |
Change |
Change constant currency |
2021 |
Change |
Change constant currency |
|
Passengers (thousands) |
12,840 |
+146.3% |
|
35,855 |
+24.1% |
|
|
Capacity (ASK m) |
53,485 |
+53.3% |
|
176,019 |
+27.4% |
|
|
Traffic (RPK m) |
37,710 |
+162.8% |
|
101,092 |
+24.5% |
|
|
Load factor |
70.5% |
+29.4 pt |
|
57.4% |
-1.3 pt |
|
|
Total passenger revenues (€m) |
3,223 |
+186.2% |
+184.7% |
8,666 |
+30.5% |
+32.3% |
|
Scheduled passenger revenues (€m) |
3,131 |
+197.0% |
+194.3% |
8,353 |
+32.1% |
+34.0% |
|
Unit revenue per ASK (€ cts) |
5.85 |
+93.8% |
+92.0% |
4.75 |
+3.7% |
+5.2% |
Fourth quarter 2021, capacity in Available Seat
Kilometers (ASK) was 53% higher than last year and at 72% of 2019
Fourth quarter level. Thanks to the Group’s balanced network and
the reopening of the Canada and the United States, the passenger
network was in the middle of the Group’s guidance provided during
the Third quarter 2021 results presentation.
The unit revenue per ASK on all routes, except
for Central and South America, was below 2019 levels in the Fourth
quarter, driven by lower load factors. Yields on total long haul
level was above Fourth quarter 2019 levels, intra Europe yields
were close to the Fourth quarter 2019 level while Domestic France
yields ended below Fourth quarter of 2019 level, resulting in a
better yield compared to the Fourth quarter for the entire
passenger network activity.
- North Atlantic has shown a strong
increase in capacity and resilient traffic after the opening of the
United States early November.
- On Caribbean and Indian Ocean, the
Group continued to be strong with a capacity index above Fourth
quarter 2019 level, despite protest in the French Antilles in
November and December.
- Air France posted a strong Africa
performance driven by East, West and Central Africa and KLM saw
good results on the Eastern Africa routes. Arrival of Omicron
variant in the Southern Africa zone impacted traffic at the end of
November.
- Asia capacity and traffic were
still low for both airlines, however a bit compensated by a
positive yield.
- Central and South America showed
healthy demand resulting in the same load factor as the Fourth
quarter in 2019 and higher yields.
- Good dynamics for Short and Medium
haul in October but slowdowns in November and December with a
traffic not following capacity ramp-up due to border closures and
additional restrictions.
During the Fourth quarter, Air France added one
Airbus 350-900 and five Airbus A220-300 to its fleet while Air
France phased out one Airbus A320, three Airbus A318, four Canadair
Jet 700 and four Embraer 145. KLM phased out one Boeing B737-700
and KLM phased in three Embraer 195 E2. The Group will continue to
introduce new generation aircraft to its fleet in order to improve
its economic and environmental performance.
In 2021, Air France-KLM passenger activity was
able to operate around 60% of 2019 capacity, with the first half of
2021 more impacted by travel restrictions. Short and medium-haul,
African and Caribbean & Indian Ocean routes were the best
performers.
Cargo: Strong fourth quarter yields
resulting in higher unit revenue
|
|
Fourth quarter |
Full Year |
|
Cargo business |
2021 |
Change |
Change constant currency |
2021 |
Change |
Change constant currency |
|
Tons (thousands) |
264 |
-1.3% |
|
1,053 |
+19.7% |
|
|
Capacity (ATK m) |
3,106 |
+10.5% |
|
11,469 |
+13.3% |
|
|
Traffic (RTK m) |
2,002 |
-3.8% |
|
8,058 |
+18.0% |
|
|
Load factor |
64.5% |
-9.6 pt |
|
70.3% |
+2.8 pt |
|
|
Total Cargo revenues (€m) |
1,020 |
+18.6% |
+17.4% |
3,588 |
+39.7% |
+41.4% |
|
Scheduled cargo revenues (€m) |
894 |
+17.1% |
+15.9% |
3,167 |
+41.0% |
+42.6% |
|
Unit revenue per ATK (€ cts ) |
28.80 |
+6.0% |
+5.0% |
27.61 |
+24.4% |
+25.8% |
Compared to the fourth quarter 2020, capacity
increased by 10.5% in Available Ton Kilometers, mainly due to the
increase in belly capacity, while traffic decreased by 3.8%
resulting in a decrease of load factor by 9.6 points. Thanks to an
increase in yield, which compensated the reduction in load factor,
the unit revenue per ATK at constant currency improved by 5.0%.
Cargo capacity in the Fourth quarter is still 16% below the
capacity in the Fourth quarter of 2019 while the demand remains
high, resulting in total revenues that are 82% higher than in the
Fourth quarter of 2019. This increase in revenues is mainly driven
by a higher yield and 5 points higher load factor contributed as
well.
In 2021, the cargo activity continued to post
very strong performances with a 25.8% unit revenue increase at
constant currency versus last year. Yields were continuously on a
steep upward trend.
Strong demand is expected in Q1 2022 as global
trade is booming, sea freight faces bottleneck, and the belly
capacities are still constrained overall.
Transavia:
Capacity close to pre-crisis
level with a load factor of 80%
|
|
Fourth quarter |
Full Year |
|
Transavia |
2021 |
Change |
2021 |
Change |
|
Passengers (thousands) |
3,042 |
+316.8% |
8,814 |
+70.1% |
|
Capacity (ASK m) |
6,452 |
+202.4% |
20,097 |
+51.0% |
|
Traffic (RPK m) |
5,131 |
+287.9% |
15,012 |
+52.7% |
|
Load factor |
79.5% |
+17.5 pt |
74.7% |
+0.9 pt |
|
Total passenger revenues (€m) |
326 |
+283.6% |
1,011 |
+66.9% |
|
Unit revenue per ASK (€ cts) |
5.06 |
+37.7% |
5.05 |
+14.6% |
|
Unit cost per ASK (€ cts) |
5.64 |
-29.6% |
5.80 |
-12.9% |
|
Operating result (€m) |
-37 |
+56 |
-150 |
+149 |
The Fourth quarter of 2021 had started well with
encouraging load factors but December was impacted by the closure
of the border of Morocco and imposed travel restrictions in several
countries due to the rise of the Omicron variant. Despite these
factors, capacity in the fourth quarter was close to the level of
the Fourth quarter of 2019 and unit revenue even above Fourth
quarter 2019 mainly driven by a strong yield improvement.
Compared to last year, the capacity in the
Fourth quarter increased by 202.4% while traffic increased by
287.9% and the number of passengers increased even more, by 316.8%.
The Operating result was negative at 37 million euros, although
improved by 56 million euros compared to the Fourth quarter of
2020.
In the first half year of 2021, activity levels
were quite low compared to 2020. The strong recovery of leisure
traffic started in the second half of the year resulting in an
increase of 51% in ASK’s and an average load factor of 74.7% for
the Full year 2021. Combined with a yield increase of 14% compared
to 2020, the unit revenue per ASK rose by 14.6%. The Operating loss
stood at 150 million euros for the full year 2021, which is an
improvement of 149 million euros compared to 2020.
Maintenance business:
Operating result
positive for the
Fourth quarter and Full
Year 2021
|
|
Fourth quarter |
Full Year |
|
Maintenance |
2021 |
Change |
Change constant currency |
2021 |
Change |
Change constant currency |
|
Total revenues (€m) |
796 |
+32.1% |
|
2,801 |
-2.0% |
|
|
Third-party revenues (€m) |
263 |
-8.0% |
-9.4% |
1,023 |
-18.0% |
-11.8% |
|
Operating result (€m) |
69 |
246 |
246 |
88 |
631 |
651 |
|
Operating margin (%) |
8.7% |
+38.0 pt |
+37.7 pt |
3.1% |
+22.1 pt |
+23.5 pt |
The Fourth quarter operating result stood at 69
million euros, an increase of 246 million euros at constant
currency versus the Fourth quarter 2020. Although the Fourth
quarter 2020 result was heavily impacted by one off bookings
related to the Covid-19 crisis, the improvement of the operating
results is explained as well by less underactivity, cost control,
savings and operational improvement.
Total revenues increased by 32.1% in the Fourth
quarter while third party revenues decreased by 8.0% due to the use
of green time by external customers in order to avoid shop visits.
The increase in internal revenues is consistant with the activity
increase of the Air France-KLM airlines compared to the Fourth
quarter 2020.
Full year 2021 total revenues are close to Full
year 2020 levels while the operating result increased by 651
million euros at a constant currency, resulting in an operating
margin of 3.1%. The results of full year 2020 were heavily impacted
by one-off bookings related to the Covid-19 crisis when the year
2021 has shown a better result driven by cost control, savings and
operational improvement.
Air France-KLM Group:
Operating result above Q4 2019
|
|
Fourth quarter |
Full Year |
|
|
2021 |
Change* |
Change* constant
currency |
2021 |
Change* |
Change* constant
currency |
|
Capacity (ASK m) |
59,937 |
+61.8% |
|
196,116 |
+29.5% |
|
|
Traffic (RPK m) |
42,841 |
+173.3% |
|
116,104 |
+27.5% |
|
|
Passenger unit revenue per ASK (€ cts) |
5.77 |
+88.6% |
+87.0% |
4.78 |
+4.7% |
+6.1% |
|
Group unit revenue per ASK (€ cts) |
7.26 |
+41.8% |
+40.5% |
6.39 |
+5.7% |
+7.1% |
|
Group unit cost per ASK (€ cts) at constant fuel |
6.96 |
-14.9% |
-19.1% |
7.22 |
-20.2% |
-20.0% |
|
Revenues (€m) |
4,838 |
+104.7% |
+103.1% |
14,315 |
+29.1% |
+31.6% |
|
EBITDA (€m) |
827 |
1,236 |
1,241 |
745 |
2,440 |
2,445 |
|
Operating result (€m) |
178 |
1,314 |
1,319 |
-1,626 |
2,928 |
2,932 |
|
Operating margin (%) |
3.7% |
+51.8 pt |
+51.6 pt |
-11.4% |
+29.7 pt |
+30.5 pt |
|
Net income - Group part (€m) |
-127 |
+874 |
|
-3,292 |
+3,808 |
|
* Restated figures include the change in
accounting principles for pensions (interpretation of IAS19)
In the Fourth quarter 2021, the Air France-KLM
Group posted a positive operating result of 178 million euros, up
by 1,319 million euros at a constant currency compared to last
year, and was driven by an increase of capacity and unit cost
reduction. In parallel, the increase of load factor generated an
increase of the unit revenue.Net income amounted to -127 million
euros in the Fourth quarter 2021, an increase of 874 million euros
compared to last year.
Full year 2021 showed a positive EBITDA of 745
million euros, coming from a positive second half of the year while
the first half of the year was still impacted by severe travel
restrictions due to the Covid-19 crisis.
Group Unit Cost down versus Q4 2019
despite 26% less capacityUnit cost were down compared to
the Fourth quarter 2019 despite the group capacity was 26% below
the same quarter in 2019.
On a constant currency and fuel price basis,
unit costs were down 19.1% in the Fourth quarter 2021 compared to
the same quarter last year.The reduction in salary cost compared to
the Fourth quarter 2019 was mainly driven by a reduction in Full
time employee (FTE), and supported by lower average salary cost and
by government support on wages as well.
Fourth
quarter: Adjusted
Operating Free cash flow positive, for the third
quarter in a row
|
|
Fourth quarter |
Full Year |
|
In € million |
2021 |
Change |
2021 |
Change |
|
Cash flow before change in WCR and Voluntary Departure Plans,
continuing operations (€m) |
711 |
+1,619 |
220 |
+3,196 |
|
Cash out related to Voluntary Departure Plans (€m) |
-78 |
-72 |
-296 |
-281 |
|
Change in Working Capital Requirement (WCR) (€m) |
249 |
+750 |
1,610 |
+1,445 |
|
Net cash flow from operating activities
(€m) |
882 |
2,298 |
1,534 |
4,360 |
|
Net investments* (€m) |
-449 |
-28 |
-1,303 |
+592 |
|
Operating free cash flow
(€m) |
433 |
+2,270 |
231 |
4,952 |
|
Repayment of lease debt |
-208 |
+70 |
-862 |
+78 |
|
Adjusted operating free cash flow** |
225 |
+2,340 |
-631 |
+5,030 |
* 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 an adjusted operating free
cash flow in the Fourth quarter 2021 of 225 million euros, an
increase of 2,340 million euros compared to last year, mainly
driven by a positive EBITDA of 827 million euros.
| In €
million |
31 Dec
2021 |
31 Dec 2020 |
|
Net debt |
8,216 |
11,049 |
|
EBITDA trailing 12 months |
745 |
-1,695 |
|
Net debt/EBITDA trailing 12
months |
11.0 x |
na |
Q4:
Positive operating result for both airlines
|
|
Fourth quarter |
Full Year |
|
|
2021 |
Change |
2021 |
Change |
|
Air France Group Operating result (€m) |
52 |
+1,043 |
-1,403 |
+1,992 |
|
Operating margin (%) |
1.8% |
+75.3 pt |
-16.0% |
+36.9 pt |
|
KLM Group Operating result (€m) |
127 |
+278 |
-227 |
+927 |
|
Operating margin (%) |
6.2% |
+19.6 pt |
-3.7% |
+18.8 pt |
Guidance: Air France-KLM Group medium
term operating margin objective unchanged
The Group continues its swift and quick
transformation initiatives and confirms its medium-term financial
ambition with the long-term focus of achieving increased
competitiveness. To do this, the Group continues to optimize fleet,
workforce, network, costs and reinforce its sustainability
efforts.
The Group expects capacity in Available Seat
Kilometers back to the 2019 levels in 2024.
Air France (excluding Transavia France
subsidiary) decreased the number of FTE by 7,800 at the end of 2021
compared to December 2019. The voluntary departure plan continues
at Air France (excluding Transavia France), and an additional 700
FTE will leave the company in 2022. KLM finalized the FTE reduction
by the end of 2021 resulting in 5.500 less FTE.
Operating cost has been reduced in 2021, with
800 million euros structural benefits for KLM and 1.0 billion
structural benefits for Air France by the end of 2021. Air France
estimates to reach by the end of 2022 1.4 billion euros structural
benefits versus 2019.
The reduction in FTE, amongst other key
transformation initiatives, will drive the unit cost down 4% to 6%
at constant fuel price when capacity are back to 2019 level.
The Group’s medium-term financial ambition is
maintained with an Operating Margin objective reconfirmed at 7% to
8% in 2024. The Adjusted Operating Free Cash Flow excluding
exceptionals is expected positive in 2023. Exceptionals include the
payment of the cargo claim and the deferrals of social charges
accumulated during the Covid 19 period.
The Net debt/EBITDA target ratio of circa 3x in
2023 will be lowered to between 2x and 2.5x depending on the second
step of recapitalization sizing.
******
The results presentation is available at
www.airfranceklm.com on February 17, 2022 from
8:15 am CET.
A conference call hosted by Mr. Smith (CEO) and Mr. Zaat (CFO)
will be held on February 17, 2022 at 08.30 am
CET. To
connect to the conference call, please dial:
France: Local +33 (0)1 70 730 3 39Netherlands:
Local +31 (0)20 703 8218UK: Local +44 (0)330 336 9601US: Local +1
720-452-7989
Confirmation code: 9020512
Investor
Relations PressOlivier
Gall
Michiel
Klinkers +33
1 49 89 52
59 +33
1 49 89 52
60 +33
1 41 56 56
00olgall@airfranceklm.com
Michiel.klinkers@airfranceklm.com
Income Statement
|
|
Fourth quarter |
Full Year |
|
€m |
2021 |
2020 |
Change |
2021 |
2020* |
Change |
|
Revenues from ordinary
activities |
4,838 |
2,363 |
+104.7% |
14,315 |
11,088 |
+29.1% |
|
Aircraft fuel |
-937 |
-506 |
+85.2% |
-2,748 |
-2,392 |
+14.9% |
|
Chartering costs |
-93 |
-72 |
+29.2% |
-325 |
-253 |
+28.5% |
|
Landing fees and route charges |
-350 |
-226 |
+54.9% |
-1,185 |
-969 |
+22.3% |
|
Catering |
-132 |
-59 |
+123.7% |
-382 |
-294 |
+29.9% |
|
Handling charges and other operating costs |
-317 |
-188 |
+68.6% |
-1,027 |
-833 |
+23.3% |
|
Aircraft maintenance costs |
-439 |
-375 |
+17.1% |
-1,620 |
-1,618 |
+0.1% |
|
Commercial and distribution costs |
-130 |
-55 |
+136.4% |
-385 |
-346 |
+11.3% |
|
Other external expenses |
-315 |
-342 |
-7.9% |
-1,154 |
-1,275 |
-9.5% |
|
Salaries and related costs |
-1,529 |
-1,078 |
+41.8% |
-5,343 |
-5,306 |
+0.7% |
|
Taxes other than income taxes |
-16 |
-29 |
-44.8% |
-116 |
-137 |
-15.3% |
|
Other income and expenses |
247 |
158 |
+56.3% |
715 |
640 |
+11.7% |
|
EBITDA |
827 |
-409 |
nm |
745 |
-1,695 |
nm |
|
Amortization, depreciation and provisions |
-649 |
-727 |
-10.7% |
-2,371 |
-2,859 |
-17.1% |
|
Income from current operations |
178 |
-1,136 |
nm |
-1,626 |
-4,554 |
-64.3% |
|
Sales of aircraft equipment |
1 |
6 |
-83.3% |
-19 |
37 |
nm |
|
Other non-current income and expenses |
19 |
-38 |
nm |
-887 |
-1,513 |
-41% |
|
Income from operating activities |
198 |
-1,168 |
nm |
-2,532 |
-6,030 |
-58.0% |
|
Cost of financial debt |
-247 |
-146 |
+69.2% |
-730 |
-496 |
+47.2% |
|
Income from cash and cash equivalent |
0 |
1 |
-100.0% |
2 |
19 |
-89.5% |
|
Net cost of financial debt |
-247 |
-145 |
+70.3% |
-728 |
-477 |
+52.6% |
|
Other financial income and expenses |
-91 |
171 |
nm |
-289 |
-451 |
-35.9% |
|
Income before tax |
-140 |
-1,142 |
-87.7% |
-3,549 |
-6,958 |
-49.0% |
|
Income taxes |
26 |
146 |
-82.2% |
282 |
-89 |
nm |
|
Net income of consolidated companies |
-114 |
-996 |
-88.6% |
-3,267 |
-7,047 |
-53.6% |
|
Share of profits (losses) of associates |
-13 |
-6 |
+116.7% |
-27 |
-58 |
-53.4% |
|
Net income for the period |
-127 |
-1,002 |
-87.3% |
-3,294 |
-7,105 |
-53.6% |
|
Minority interest |
0 |
-1 |
-100.0% |
-2 |
-5 |
-60.0% |
|
Net income for the period – Group part |
-127 |
-1,001 |
-87.3% |
-3,292 |
-7,100 |
-53.6% |
* Restated figures include the change in accounting principles
for pensions (interpretation of IAS19)
Consolidated Balance Sheet
|
Assets |
31 Dec
2021 |
31 Dec 2020* |
| €m |
|
Goodwill |
222 |
215 |
|
Intangible assets |
1,235 |
1,230 |
|
Flight equipment |
10,466 |
11,031 |
|
Other property, plant and equipment |
1,402 |
1,548 |
|
Right-of-use assets |
5,148 |
4,678 |
|
Investments in equity associates |
109 |
230 |
|
Pension assets |
0 |
211 |
|
Other non-current financial assets |
951 |
795 |
|
Non-current derivative financial assets |
143 |
92 |
|
Deferred tax assets |
278 |
252 |
|
Other non-current assets |
0 |
4 |
|
Total non-current assets |
19,954 |
20,286 |
|
Assets held for sale |
74 |
0 |
|
Other current financial assets |
484 |
607 |
|
Current derivative financial assets |
469 |
160 |
|
Inventories |
567 |
543 |
|
Trade receivables |
1,511 |
1,248 |
|
Other current assets |
966 |
914 |
|
Cash and cash equivalents |
6,658 |
6,423 |
|
Total current assets |
10,729 |
9,895 |
|
Total assets |
30,683 |
30,181 |
|
Liabilities and equity |
31 Dec
2021 |
31 Dec 2020* |
| In million
euros |
|
Issued capital |
643 |
429 |
|
Additional paid-in capital |
4,949 |
4,139 |
|
Treasury shares |
-25 |
-25 |
|
Perpetual |
3,151 |
0 |
|
Reserves and retained earnings |
-12,542 |
-9,894 |
|
Equity attributable to equity holders of Air
France-KLM |
-3,824 |
-5,351 |
|
Non-controlling interests |
8 |
9 |
|
Total Equity |
-3,816 |
-5,342 |
|
Pension provisions |
1,939 |
2,041 |
|
Non-current return obligation liability and other provisions |
4,055 |
3,670 |
|
Non-current financial liabilities |
11,274 |
14,171 |
|
Non-current lease debt |
2,924 |
2,425 |
|
Non-current derivative financial liabilities |
25 |
122 |
|
Deferred tax liabilities |
1 |
22 |
|
Other non-current liabilities |
2,555 |
1,294 |
|
Total non-current liabilities |
22,773 |
23,745 |
|
Provisions |
885 |
1,337 |
|
Current financial liabilities |
1,215 |
1,318 |
|
Current lease debt |
825 |
839 |
|
Current derivative financial liabilities |
46 |
363 |
|
Trade payables |
1,850 |
1,435 |
|
Deferred revenue on ticket sales |
2,644 |
2,394 |
|
Frequent flyer programs |
888 |
916 |
|
Other current liabilities |
3,369 |
3,175 |
|
Bank overdrafts |
4 |
1 |
|
Total current liabilities |
11,726 |
11,778 |
|
Total equity and liabilities |
30,683 |
30,181 |
* Restated figures include the change in accounting principles
for pensions (interpretation of IAS19)
Statement of Consolidated Cash Flows
from 1st January until
31 December
2021
| €m |
31 Dec 2021 |
31 Dec
2020* |
|
Net income |
-3,294 |
-7,105 |
|
Amortization, depreciation and operating provisions |
2,371 |
2,859 |
|
Financial provisions |
115 |
183 |
|
Loss (gain) on disposals of tangible and intangible assets |
18 |
-50 |
|
Loss (gain) on disposals of subsidiaries and associates |
-26 |
1 |
|
Derivatives – non monetary result |
-39 |
-27 |
|
Unrealized foreign exchange gains and losses, net |
257 |
-290 |
|
Share of (profits) losses of associates |
27 |
58 |
|
Deferred taxes |
-284 |
159 |
|
Impairment |
40 |
680 |
|
Other non-monetary items |
739 |
541 |
|
Financial Capacity |
-76 |
-2,991 |
|
(Increase) / decrease in inventories |
-41 |
138 |
|
(Increase) / decrease in trade receivables |
-239 |
760 |
|
Increase / (decrease) in trade payables |
395 |
-898 |
|
Increase / (decrease) in advanced ticket sales |
227 |
-837 |
|
Change in other receivables and payables |
1,268 |
1,002 |
|
Change in working capital requirements |
1,610 |
165 |
|
Net cash flow from operating activities |
1,534 |
-2,826 |
|
Acquisition of subsidiaries, of shares in non-controlled
entities |
-4 |
-1 |
|
Purchase of property, plant and equipment and intangible
assets |
-2,202 |
-2,099 |
|
Proceeds on disposal of subsidiaries, of shares in non-controlled
entities |
75 |
357 |
|
Proceeds on disposal of property, plant and equipment and
intangible assets |
899 |
204 |
|
Dividends received |
2 |
0 |
|
Decrease (increase) in net investments, more than 3 months |
-9 |
-44 |
|
Net cash flow used in investing activities |
-1,239 |
-1,583 |
|
Increase of equity |
1,024 |
0 |
|
Issuance of debt |
1,724 |
11,437 |
|
Repayment on debt |
-1,993 |
-3,388 |
|
Payments on lease debt |
-862 |
-940 |
|
New loans |
-188 |
-282 |
|
Repayment on loans |
219 |
321 |
|
Dividends |
-1 |
0 |
|
Net cash flow from financing activities |
-77 |
7,147 |
|
Effect of exchange rate on cash and cash equivalents and bank
overdrafts (net of cash acquired or sold) |
14 |
-27 |
|
Change in cash and cash equivalents and bank
overdrafts |
232 |
2,711 |
|
Cash and cash equivalents and bank overdrafts at beginning of
period |
6,422 |
3,711 |
|
Cash and cash equivalents and bank overdrafts at end of period |
6,654 |
6,422 |
* Restated figures include the change in accounting principles
for pensions (interpretation of IAS19)Return on capital
employed (ROCE)
| In million
euros |
31 Dec 2021 |
30 Sep 2021 |
30 Jun 2021 |
31 Mar 2021 |
31 Dec 2020 |
30 Sep 2020 |
30 Jun 2020 |
31 Mar 2020 |
|
Goodwill and intangible assets |
1,457 |
1,456 |
1,464 |
1,479 |
1,445 |
1,470 |
1,500 |
1,564 |
|
Flight equipment |
10,466 |
10,478 |
10,645 |
10,800 |
11,031 |
11,009 |
10,919 |
11,465 |
|
Other property, plant and equipment |
1,402 |
1,418 |
1,453 |
1,476 |
1,548 |
1,535 |
1,551 |
1,579 |
|
Right of use assets |
5,148 |
5,061 |
5,033 |
4,795 |
4,678 |
4,789 |
4,938 |
5,119 |
|
Investments in equity associates |
109 |
172 |
166 |
223 |
230 |
224 |
267 |
299 |
|
Financial assets excluding marketable securities and financial
deposits |
157 |
147 |
147 |
146 |
146 |
135 |
133 |
142 |
|
Provisions, excluding pension, cargo litigation and
restructuring |
-4,173 |
-4,180 |
-4,033 |
-4,083 |
-3,922 |
-4,002 |
-4,132 |
-4,191 |
|
WCR, excluding market value of derivatives |
-8,262 |
-7,995 |
-7,745 |
-6,410 |
-6,505 |
-6,894 |
-6,779 |
-6,650 |
|
Capital employed |
6,304 |
6,557 |
7,130 |
8,426 |
8,651 |
8,266 |
8,397 |
9,327 |
|
Average capital employed (A) |
7,104 |
8,660 |
|
Adjusted results from current operations |
-1,626 |
-4,555 |
|
- Dividends received |
0 |
0 |
|
- Share of profits (losses) of associates |
-27 |
-58 |
|
- Normative income tax |
462 |
1,396 |
|
Adjusted result from current operations after tax
(B) |
-1,191 |
-3,217 |
|
ROCE, trailing 12 months (B/A) |
-16.8% |
-37.1% |
Net debt
| |
Balance sheet at |
| €m |
31 Dec
2021 |
31 Dec 2020 |
|
Financial debt |
12,390 |
15,388 |
|
Repo on triple A bonds |
0 |
-84 |
|
Lease debt |
3,664 |
3,184 |
|
Currency hedge on financial debt |
-14 |
27 |
|
Accrued interest |
-128 |
-107 |
|
Gross financial debt (A) |
15,912 |
18,408 |
|
Cash and cash equivalents |
6,658 |
6,423 |
|
Marketable securities |
1,042 |
193 |
|
Cash securities |
0 |
309 |
|
Bonds AAA |
0 |
518 |
|
Bank overdrafts |
-4 |
-1 |
|
Others |
0 |
1 |
|
Repo on triple A bonds |
0 |
-84 |
|
Net cash (B) |
7,696 |
7,359 |
|
Net debt (A) – (B) |
8,216 |
11,049 |
Adjusted operating free cash
flow
| |
Fourth quarter |
Full Year |
| €m |
2021 |
2020 |
2021 |
2020 |
|
Net cash flow from operating activities, continued operations |
882 |
-1,416 |
1,534 |
-2,826 |
|
Investment in property, plant, equipment and intangible assets |
-659 |
-444 |
-2,202 |
-2,099 |
|
Proceeds on disposal of property, plant, equipment and intangible
assets |
210 |
23 |
899 |
204 |
|
Operating free cash flow |
433 |
-1,837 |
231 |
-4,721 |
|
Payments on lease debt |
-208 |
-278 |
-862 |
-940 |
|
Adjusted operating free cash flow |
225 |
-2,115 |
-631 |
-5,661 |
Operating cash burn
|
|
Fourth quarter |
Full Year |
| |
2021 |
2020* |
2021 |
2020* |
|
EBITDA |
827 |
-409 |
745 |
-1,695 |
|
Provisions (CO2 and other) |
10 |
4 |
-6 |
-22 |
|
Correction of spare parts inventory |
1 |
2 |
5 |
4 |
|
Addition to pension provisions |
38 |
76 |
206 |
312 |
|
Reversal to pension provisions (cash-out) |
-40 |
-104 |
-140 |
-246 |
|
Payment linked with shares |
0 |
2 |
0 |
0 |
|
Sales of tangible and intangible assets (excluding
aeronautical) |
-1 |
1 |
30 |
41 |
|
Income from operation activities - cash
impact |
835 |
-428 |
840 |
-1,605 |
|
Restructuring costs |
-78 |
-253 |
-296 |
-405 |
|
Other non-current income and expenses |
-8 |
0 |
-74 |
-1 |
|
Cost of financial debt |
-137 |
-128 |
-577 |
-446 |
|
Financial income |
-3 |
-4 |
-14 |
-2 |
|
Realized foreign exchanges gain/loss |
14 |
-21 |
63 |
7 |
|
Termination of trading hedges - cash |
3 |
-93 |
-8 |
-589 |
|
Settlement of forwards derivatives - cash |
-4 |
2 |
-3 |
3 |
|
Current income tax |
5 |
3 |
-1 |
70 |
|
Other financial charges & expenses - cash |
0 |
3 |
-8 |
-22 |
|
Other elements |
5 |
4 |
2 |
0 |
|
|
|
|
|
|
|
Financial capacity |
633 |
-913 |
-76 |
-2,991 |
* Restated figures include the change in accounting principles
for pensions (interpretation of IAS19)
Unit cost: net cost per ASK
| |
Fourth quarter |
Full Year |
| |
2021 |
2020* |
2021 |
2020* |
|
Revenues (in €m) |
4,838 |
2,363 |
14,315 |
11,088 |
|
Income/(loss) from current operations (in €m) -/- |
-178 |
1,136 |
1,626 |
4,554 |
|
Total operating expense (in €m) |
4,660 |
3,499 |
15,941 |
15,642 |
|
Passenger network business – other revenues (in €m) |
-92 |
-72 |
-313 |
-314 |
|
Cargo network business – other revenues (in €m) |
-125 |
-96 |
-421 |
-322 |
|
Third-party revenues in the maintenance business (in €m) |
-263 |
-286 |
-1,023 |
-1,248 |
|
Transavia - other revenues (in €m) |
0 |
-7 |
3 |
-20 |
|
Third-party revenues of other businesses (in €m) |
-7 |
-6 |
-27 |
-28 |
|
Net cost (in €m) |
4,174 |
3,033 |
14,161 |
13,711 |
|
Capacity produced, reported in ASK1 |
59,937 |
37,034 |
196,116 |
151,480 |
|
Net cost per ASK (in € cents per ASK) |
6.96 |
8.18 |
7.22 |
9.05 |
|
Gross change |
|
-14.9% |
|
-20.2% |
|
Currency effect on net costs (in €m) |
|
-22 |
|
116 |
|
Change at constant currency |
|
-15.6% |
|
-19.5% |
|
Fuel price effect (in €m) |
|
-134 |
|
-80 |
|
Net cost per ASK on a constant currency and fuel price
basis (in € cents per ASK) |
6.96 |
8.61 |
7.22 |
9.03 |
|
Change at constant currency and fuel price
basis |
|
-19.1% |
|
-20.0% |
* Restated figures include the change in accounting principles
for pensions (interpretation of IAS19)(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 resultsAir France
Group
| |
Fourth quarter |
Full Year |
| |
2021 |
Change |
2021 |
Change |
|
Revenue (in €m) |
2,950 |
+118.7% |
8,744 |
+36.3% |
|
EBITDA (in €m) |
463 |
+978 |
46 |
+1,655 |
|
Operating result (in m€) |
52 |
+1,043 |
-1,403 |
+1,992 |
|
Operating margin (%) |
1.8% |
+75.3 pt |
-16.0% |
+36.9 pt |
|
Operating cash flow before WCR and restructuring cash out (in
€m) |
392 |
+1,066 |
-318 |
-318 |
|
Operating cash flow (before WCR and restructuring) margin |
13.3% |
+63.3 pt |
-3.6% |
-3.6 pt |
| KLM
Group |
Fourth quarter |
Full Year |
| |
2021 |
Change |
2021 |
Change |
|
Revenue (in €m) |
2,038 |
+79.5% |
6,065 |
+18.5% |
|
EBITDA (in €m) |
365 |
+264 |
695 |
+769 |
|
Operating result (in m€) |
127 |
+278 |
-227 |
+927 |
|
Operating margin (%) |
6.2% |
+19.6 pt |
-3.7% |
+18.8 pt |
|
Operating cash flow before WCR and restructuring cash out (in
€m) |
329 |
+311 |
525 |
+525 |
|
Operating cash flow (before WCR and restructuring) margin |
16.1% |
+14.6 pt |
8.7% |
+8.7 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
2021
|
Aircraft type |
AF(incl. HOP) |
KL (incl. KLC & MP) |
Transavia |
Owned |
Finance lease |
Operating lease |
Total |
In operation |
Change / 31/12/20 |
|
B747-400 |
|
|
|
|
|
|
|
|
|
|
B777-300 |
43 |
16 |
|
18 |
17 |
24 |
59 |
59 |
2 |
|
B777-200 |
21 |
15 |
|
26 |
|
10 |
36 |
36 |
-4 |
|
B787-9 |
10 |
13 |
|
5 |
6 |
12 |
23 |
23 |
|
|
B787-10 |
|
6 |
|
3 |
3 |
|
6 |
5 |
|
|
A380-800 |
8 |
|
|
4 |
1 |
3 |
8 |
|
|
|
A350-900 |
12 |
|
|
3 |
5 |
4 |
12 |
12 |
6 |
|
A340-300 |
|
|
|
|
|
|
|
|
|
|
A330-300 |
|
5 |
|
|
|
5 |
5 |
4 |
-1 |
|
A330-200 |
15 |
6 |
|
11 |
|
10 |
21 |
21 |
|
|
Total Long-Haul |
109 |
61 |
0 |
70 |
32 |
68 |
170 |
160 |
3 |
|
B737-900 |
|
5 |
|
5 |
|
|
5 |
5 |
|
|
B737-800 |
|
31 |
89 |
31 |
10 |
79 |
120 |
116 |
10 |
|
B737-700 |
|
10 |
4 |
6 |
1 |
7 |
14 |
14 |
-6 |
|
A321 |
19 |
|
|
11 |
|
8 |
19 |
19 |
-1 |
|
A320 |
43 |
|
|
4 |
4 |
35 |
43 |
42 |
-2 |
|
A319 |
30 |
|
|
12 |
|
18 |
30 |
28 |
-5 |
|
A318 |
15 |
|
|
7 |
|
8 |
15 |
12 |
-6 |
|
A220-300 |
6 |
|
|
4 |
|
2 |
6 |
6 |
6 |
|
Total Medium-Haul |
113 |
46 |
93 |
80 |
15 |
157 |
252 |
242 |
-4 |
|
ATR72-600 |
|
|
|
|
|
|
|
|
|
|
ATR72-500 |
|
|
|
|
|
|
|
|
|
|
ATR42-500 |
|
|
|
|
|
|
|
|
|
|
Canadair Jet 1000 |
14 |
|
|
14 |
|
|
14 |
11 |
-3 |
|
Canadair Jet 700 |
1 |
|
|
1 |
|
|
1 |
|
-9 |
|
Embraer 195 E2 |
|
7 |
|
|
|
7 |
7 |
7 |
7 |
|
Embraer 190 |
18 |
31 |
|
16 |
5 |
28 |
49 |
47 |
-2 |
|
Embraer 175 |
|
17 |
|
3 |
14 |
|
17 |
17 |
|
|
Embraer 170 |
15 |
|
|
10 |
|
5 |
15 |
15 |
|
|
Embraer 145 |
5 |
|
|
5 |
|
|
5 |
|
|
|
Total Regional |
53 |
55 |
0 |
49 |
19 |
40 |
108 |
97 |
-7 |
|
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 |
277 |
166 |
93 |
203 |
66 |
267 |
536 |
505 |
-8 |
FOURTH QUARTER
2021
TRAFFIC
Passenger network activity*
|
|
|
Q4 |
|
|
Year to date |
|
Total Passenger network* |
2021 |
2020 |
Variation |
|
2021 |
2020 |
Variation |
|
Passengers carried (‘000s) |
12,840 |
5,213 |
146.3% |
|
35,855 |
28,890 |
24.1% |
|
Revenue pax-kilometers (m RPK) |
37,710 |
14,351 |
162.8% |
|
101,092 |
81,212 |
24.5% |
|
Available seat-kilometers (m ASK) |
53,485 |
34,900 |
53.3% |
|
176,019 |
138,168 |
27.4% |
|
Load factor (%) |
70.5% |
41.1% |
29.4 |
|
57.4% |
58.8% |
(1.3) |
|
|
|
|
|
|
|
|
|
|
Long-haul |
|
|
|
|
|
|
|
|
Passengers carried (‘000s) |
4,147 |
1,593 |
160.4% |
|
11,038 |
8,670 |
27.3% |
|
Revenue pax-kilometers (m RPK) |
30,065 |
11,240 |
167.5% |
|
78,353 |
64,003 |
22.4% |
|
Available seat-kilometers (m ASK) |
42,899 |
29,778 |
44.0% |
|
143,359 |
112,554 |
27.4% |
|
Load factor (%) |
70.1% |
37.7% |
32.4 |
|
54.7% |
56.9% |
(2.2) |
|
|
|
|
|
|
|
|
|
|
North America |
|
|
|
|
|
|
|
|
Passengers carried (‘000s) |
1,248 |
307 |
306.0% |
|
3,100 |
2,183 |
42.0% |
|
Revenue pax-kilometers (m RPK) |
8,971 |
2,260 |
296.9% |
|
22,405 |
15,652 |
43.1% |
|
Available seat-kilometers (m ASK) |
13,461 |
8,001 |
68.2% |
|
42,630 |
31,374 |
35.8% |
|
Load factor (%) |
66.6% |
28.2% |
38.4 |
|
52.6% |
49.9% |
2.7 |
|
|
|
|
|
|
|
|
|
|
Latin America |
|
|
|
|
|
|
|
|
Passengers carried (‘000s) |
562 |
187 |
200.9% |
|
1,293 |
1,151 |
12.3% |
|
Revenue pax-kilometers (m RPK) |
5,420 |
1,799 |
201.3% |
|
12,455 |
10,943 |
13.8% |
|
Available seat-kilometers (m ASK) |
6,590 |
4,903 |
34.4% |
|
23,212 |
18,372 |
26.3% |
|
Load factor (%) |
82.2% |
36.7% |
45.6 |
|
53.7% |
59.6% |
(5.9) |
|
|
|
|
|
|
|
|
|
|
Asia / Pacific |
|
|
|
|
|
|
|
|
Passengers carried (‘000s) |
334 |
173 |
93.1% |
|
945 |
1,534 |
(38.4%) |
|
Revenue pax-kilometers (m RPK) |
2,855 |
1,491 |
91.5% |
|
8,067 |
13,294 |
(39.3%) |
|
Available seat-kilometers (m ASK) |
6,206 |
6,326 |
(1.9%) |
|
24,238 |
27,028 |
(10.3%) |
|
Load factor (%) |
46.0% |
23.6% |
22.4 |
|
33.3% |
49.2% |
(15.9) |
|
|
|
|
|
|
|
|
|
|
Africa / Middle East |
|
|
|
|
|
|
|
|
Passengers carried (‘000s) |
1,117 |
534 |
109.3% |
|
3,339 |
2,097 |
59.3% |
|
Revenue pax-kilometers (m RPK) |
6,080 |
2,815 |
116.0% |
|
17,771 |
11,626 |
52.8% |
|
Available seat-kilometers (m ASK) |
8,353 |
5,728 |
45.8% |
|
28,497 |
18,042 |
57.9% |
|
Load factor (%) |
72.8% |
49.1% |
23.7 |
|
62.4% |
64.4% |
(2.1) |
|
|
|
|
|
|
|
|
|
|
Caribbean / Indian Ocean |
|
|
|
|
|
|
|
|
Passengers carried (‘000s) |
887 |
392 |
126.1% |
|
2,362 |
1,705 |
38.5% |
|
Revenue pax-kilometers (m RPK) |
6,738 |
2,875 |
134.4% |
|
17,656 |
12,488 |
41.4% |
|
Available seat-kilometers (m ASK) |
8,280 |
4,820 |
71.8% |
|
24,782 |
17,738 |
39.7% |
|
Load factor (%) |
81.4% |
59.7% |
21.7 |
|
71.2% |
70.4% |
0.8 |
|
|
|
|
|
|
|
|
|
|
Short and Medium-haul |
|
|
|
|
|
|
|
|
Passengers carried (‘000s) |
8,693 |
3,620 |
140.1% |
|
24,817 |
20,220 |
22.7% |
|
Revenue pax-kilometers (m RPK) |
7,646 |
3,111 |
145.8% |
|
22,739 |
17,209 |
32.1% |
|
Available seat-kilometers (m ASK) |
10,596 |
5,122 |
106.9% |
|
32,660 |
25,613 |
27.5% |
|
Load factor (%) |
72.2% |
60.7% |
11.4 |
|
69.6% |
67.2% |
2.4 |
* Air France and KLM
Transavia
activity
|
|
|
Q4 |
|
|
Year to date |
|
Transavia |
2021 |
2020 |
Variation |
|
2021 |
2020 |
Variation |
|
Passengers carried (‘000s) |
3,042 |
730 |
316.8% |
|
8,814 |
5,182 |
70.1% |
|
Revenue pax-kilometers (m RPK) |
5,131 |
1,323 |
287.9% |
|
15,012 |
9,828 |
52.7% |
|
Available seat-kilometers (m ASK) |
6,452 |
2,134 |
202.4% |
|
20,097 |
13,312 |
51.0% |
|
Load factor (%) |
79.5% |
62.0% |
17.5 |
|
74.7% |
73.8% |
0.9 |
Total group passenger
activity**
|
|
|
Q4 |
|
|
Year to date |
|
Total group** |
2021 |
2020 |
Variation |
|
2021 |
2020 |
Variation |
|
Passengers carried (‘000s) |
15,881 |
5,942 |
167.3% |
|
44,669 |
34,072 |
31.1% |
|
Revenue pax-kilometers (m RPK) |
42,841 |
15,674 |
173.3% |
|
116,104 |
91,041 |
27.5% |
|
Available seat-kilometers (m ASK) |
59,937 |
37,038 |
61.8% |
|
196,116 |
151,528 |
29.5% |
|
Load factor (%) |
71.5% |
42.3% |
29.2 |
|
59.2% |
60.1% |
(0.9) |
** Air France, KLM and Transavia
Cargo activity
|
|
|
Q4 |
|
|
Year to date |
|
Total Group |
2021 |
2020 |
Variation |
|
2021 |
2020 |
Variation |
|
Revenue tonne-km (m RTK) |
2,002 |
2,084 |
(3.9%) |
|
8,058 |
6,828 |
18.0% |
|
Available tonne-km (m ATK) |
3,106 |
2,703 |
14.9% |
|
11,469 |
9,746 |
17.7% |
|
Load factor (%) |
64.5% |
77.1% |
(12.6) |
|
70.3% |
70.1% |
0.2 |
Air France activity
|
|
|
Q4 |
|
|
Year to date |
|
Total Passenger network activity |
2021 |
2020 |
Variation |
|
2021 |
2020 |
Variation |
|
Passengers carried (‘000s) |
7,644 |
3,018 |
153.3% |
|
21,816 |
17,659 |
23.5% |
|
Revenue pax-kilometers (m RPK) |
22,153 |
7,946 |
178.8% |
|
60,180 |
47,340 |
27.1% |
|
Available seat-kilometers (m ASK) |
30,327 |
16,416 |
84.7% |
|
93,568 |
73,325 |
27.6% |
|
Load factor (%) |
73.0% |
48.4% |
24.6 |
|
64.3% |
64.6% |
(0.2) |
|
Long-haul |
|
|
|
|
|
|
|
|
Passengers carried (‘000s) |
2,586 |
958 |
170.0% |
|
6,988 |
5,206 |
34.2% |
|
Revenue pax-kilometers (m RPK) |
17,860 |
6,284 |
184.2% |
|
47,127 |
36,933 |
27.6% |
|
Available seat-kilometers (m ASK) |
24,425 |
13,791 |
77.1% |
|
75,071 |
58,162 |
29.1% |
|
Load factor (%) |
73.1% |
45.6% |
27.6 |
|
62.8% |
63.5% |
(0.7) |
|
Short and Medium-haul |
|
|
|
|
|
|
|
|
Passengers carried (‘000s) |
5,058 |
2,060 |
145.5% |
|
14,828 |
12,453 |
19.1% |
|
Revenue pax-kilometers (m RPK) |
4,293 |
1,662 |
158.4% |
|
13,054 |
10,406 |
25.4% |
|
Available seat-kilometers (m ASK) |
5,902 |
2,625 |
124.9% |
|
18,497 |
15,163 |
22.0% |
|
Load factor (%) |
72.7% |
63.3% |
9.4 |
|
70.6% |
68.6% |
1.9 |
|
|
|
Q4 |
|
|
Year to date |
|
Cargo activity |
2021 |
2020 |
Variation |
|
2021 |
2020 |
Variation |
|
Revenue tonne-km (m RTK) |
956 |
842 |
13.5% |
|
3,604 |
2,644 |
36.3% |
|
Available tonne-km (m ATK) |
1,677 |
1,237 |
35.5% |
|
5,871 |
4,362 |
34.6% |
|
Load factor (%) |
57.0% |
68.1% |
(11.1) |
|
61.4% |
60.6% |
0.8 |
KLM activity
|
|
|
Q4 |
|
|
Year to date |
|
Total Passenger network activity |
2021 |
2020 |
Variation |
|
2021 |
2020 |
Variation |
|
Passengers carried (‘000s) |
5,196 |
2,195 |
136.7% |
|
14,039 |
11,231 |
25.0% |
|
Revenue pax-kilometers (m RPK) |
15,557 |
6,405 |
142.9% |
|
40,912 |
33,873 |
20.8% |
|
Available seat-kilometers (m ASK) |
23,158 |
18,484 |
25.3% |
|
82,452 |
64,842 |
27.2% |
|
Load factor (%) |
67.2% |
34.7% |
32.5 |
|
49.6% |
52.2% |
(2.6) |
|
Long-haul |
|
|
|
|
|
|
|
|
Passengers carried (‘000s) |
1,561 |
635 |
145.9% |
|
4,050 |
3,463 |
16.9% |
|
Revenue pax-kilometers (m RPK) |
12,204 |
4,956 |
146.3% |
|
31,227 |
27,070 |
15.4% |
|
Available seat-kilometers (m ASK) |
18,464 |
15,986 |
15.5% |
|
68,288 |
54,392 |
25.5% |
|
Load factor (%) |
66.1% |
31.0% |
35.1 |
|
45.7% |
49.8% |
(4.0) |
|
Short and Medium-haul |
|
|
|
|
|
|
|
|
Passengers carried (‘000s) |
3,635 |
1,560 |
133.0% |
|
9,989 |
7,767 |
28.6% |
|
Revenue pax-kilometers (m RPK) |
3,353 |
1,449 |
131.3% |
|
9,685 |
6,803 |
42.4% |
|
Available seat-kilometers (m ASK) |
4,694 |
2,497 |
87.9% |
|
14,163 |
10,450 |
35.5% |
|
Load factor (%) |
71.4% |
58.0% |
13.4 |
|
68.4% |
65.1% |
3.3 |
|
|
|
Q4 |
|
|
Year to date |
|
Cargo activity |
2021 |
2020 |
Variation |
|
2021 |
2020 |
Variation |
|
Revenue tonne-km (m RTK) |
1,047 |
1,242 |
(15.7%) |
|
4,454 |
4,184 |
6.4% |
|
Available tonne-km (m ATK) |
1,430 |
1,466 |
(2.5%) |
|
5,598 |
5,385 |
4.0% |
|
Load factor (%) |
73.2% |
84.7% |
(11.5) |
|
79.6% |
77.7% |
1.8 |
1 The fourth quarter 2020 was highly impacted by worldwide
travel restrictions2 Passenger unit revenue is the aggregate of
Passenger network and Transavia unit revenues, change at constant
currency3 See appendix for the calculation of the net debt
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