AIR FRANCE-KLM: THIRD QUARTER 2020 RESULTS
30 October 2020
| THIRD QUARTER 2020 Increase of demand until mid-August, then new governmental restrictions impacted the expected level of demand recovery |
The continuation of the Covid-19 crisis severely impacted the Third quarter 2020 results:
Revenue at 2,524 million euros, down 67% compared to last yearEBITDA loss at -442 million euros, limited thanks to cost control and state aidOperating result at -1,046 million euros, down 1,955 million euros compared to last yearNet income at -1,665 million euros, including restructuring provision at -565 million euros, Covid-19 related over-hedging at -39 million euros and fleet impairment at -31 million eurosNet debt at 9,308 million euros, up 3,161 million compared to end of 2019At 30 September 2020, the Group has 12.4 billion euros of liquidity or credit lines at disposal
Air France and KLM have agreed with labour representatives on substantial restructuring plans and submitted them for final validation to the French and Dutch states.
OUTLOOK
Air France-KLM Group continues to implement the highest safety standards for its customers and employees to counter virus transmission risks.
After the lockdown, the Group observed a positive demand recovery trend until mid-August. Then, the negative trend reversal for the Passenger activity led the airlines of the Group to adjust downwards the capacity planned for the fall and winter period.
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, especially on the Long Haul network. The period of lockdown starting today in France is a new difficulty that will weigh on the Group's activities.
In this context the Group expects:
Capacity in Available Seat kilometers circa index 45 for KLM and inferior to index 35 for Air France in the Fourth quarter 2020 compared to 2019 for the Network passenger activityNegative load factor developments for the Fourth quarter 2020, particularly on the long-haul network, and negative yield mix effects due to a delayed recovery in business traffic
The Group anticipates a challenging fourth quarter 2020, with a substantial lower EBITDA compared to Q3 2020.
| Air France-KLM Group | Third quarter | Nine months | ||
| 2020 | Change | 2020 | Change | |
| Passengers (thousands) | 8,796 | -69.8% | 28,124 | -64.7% |
| Passenger Unit revenue per ASK1 (€ cts) | 4.01 | -42.7% | 5.05 | -24.5% |
| Operating result (€m) | -1,046 | -1,955 | -3,414 | -4,460 |
| Net income - Group part (€m) | -1,665 | -2,026 | -6,078 | -6,213 |
| Adj. operating free cash flow (€m) | -1,220 | -985 | -3,547 | -3,663 |
| Net debt at end of period (€m) | 9,308 | 3,161 | ||
The Board of Directors of Air France-KLM, chaired by Anne-Marie Couderc, met on 29 October 2020 to approve the financial statements for the nine months 2020. Group CEO Mr. Benjamin Smith said:
"After a promising recovery during the summer, the gradual closure of international borders in the second half of August and the resurgence of the pandemic strongly impacted our results in the Third Quarter, with the Group reporting an operating loss of 1.0 billion euros. We have accelerated the implementation of cost reduction and cash preservation measures. We are also working closely with our partners on various means, such as rapid detection tests, that would allow traffic within the best sanitary conditions for our customers and employees.
Beyond these immediate necessary measures, we are engaged in a more profound transformation of our Group, with the objective of exiting this crisis in a stronger position, ready to address the future challenges of our industry. Air transport will continue to connect people and cultures, but we foresee changes in customers' expectations that we anticipate too.
We expect a challenging Fourth quarter 2020, with current forward booking sharply down compared to last year."
Business review
Network: With active management of capacity to meet the increasing demand, the Group was able to ramp up capacity with incremental cash positive flights
| Network | Third quarter | Nine months | ||||
| 2020 | Change | Change constant currency |
2020 | Change | Change constant currency |
|
| Total revenues (€m) | 2,004 | -68.6% | -68.3% | 7,220 | -58.8% | -58.8% |
| Scheduled revenues (€m) | 1,856 | -69.8% | -69.4% | 6,753 | -59.7% | -59.7% |
| Operating result (€m) | -990 | -1,649 | -1,631 | -2,842 | -3,555 | -3,564 |
Third quarter 2020 revenues decreased by 68.3% at constant currency to 2,004 million euros. The operating result amounted to -990 million euros, a -1,631 million euros decrease at constant currency compared to last year. Measures were strengthened to preserve cash, including reduction of investments, cost savings measures, deferral of supplier payments and partial activity for employees.
Passenger network: Long-haul suffering from travel restrictions, ability to capture traffic when border controls are less restrictive
| Third quarter | Nine months | |||||
| Passenger network | 2020 | Change | Change constant currency |
2020 | Change | Change constant currency |
| Passengers (thousands) | 6,782 | -71.3% | 23,671 | -64.3% | ||
| Capacity (ASK m) | 32,100 | -59.6% | 103,268 | -54.1% | ||
| Traffic (RPK m) | 13,752 | -80.7% | 66,861 | -66.3% | ||
| Load factor | 42.8% | -46.9 pt | 64.7% | -23.5 pt | ||
| Total passenger revenues (€m) | 1,329 | -77.4% | -77.1% | 5,512 | -65.4% | -65.4% |
| Scheduled passenger revenues (€m) | 1,265 | -77.9% | -77.6% | 5,271 | -65.7% | -65.7% |
| Unit revenue per ASK (€ cts) | 3.94 | -45.2% | -44.5% | 5.10 | -25.4% | -25.3% |
The passenger network activity was, as anticipated strongly reduced, at around 40% of last year's levels. The tightening of travel restrictions, border closures and absence of corporate travel delayed the expected traffic recovery. July and August were relatively strong in term of traffic compared to a disappointing September affected by restrictive travel measures.
For the third quarter, the unit revenues were down at -44.5% at constant currency compared to last year primarily due to load factors decline on Long Haul operations.
The Group's strategy was to only operate incremental cash positive flight and several routes were taking advantage of the strong worldwide cargo demand while having few passenger on board.
The visiting friend and relative demand was driving the summer traffic, with the French Domestic, African & Middle East and Caribbean & Indian Ocean as the more resilient with a unit revenue performance between -22% and -27% at constant currency.
The medium-haul performance was mixed during summer, with some leisure destinations such as Italy, Spain, Portugal and Greece benefiting from easing travel restrictions and other strongly affected by quarantine and testing process like UK or Germany.
North Atlantic, South American and Asian networks continued to be strongly affected by the border restrictions in place with an important decline in capacity and passenger traffic during summer.
Cargo: Continued strong performance of cargo due to the gap between industry capacity and demand
| Third quarter | Nine months | |||||
| Cargo business | 2020 | Change | Change constant currency |
2020 | Change | Change constant currency |
| Tons (thousands) | 220 | -20.0% | 611 | -25.7% | ||
| Capacity (ATK m) | 2,537 | -33.3% | 7,309 | -32.9% | ||
| Traffic (RTK m) | 1,735 | -17.0% | 4,747 | -24.2% | ||
| Load factor | 68.4% | +13.4 pt | 65.0% | +7.5 pt | ||
| Total Cargo revenues (€m) | 676 | +31.7% | +34.1% | 1,708 | +7.1% | +6.9% |
| Scheduled cargo revenues (€m) | 592 | +35.7% | +38.0% | 1,482 | +8.7% | +8.4% |
| Unit revenue per ATK (€ cts ) | 23.35 | +104.0% | +107.6% | 20.28 | +62.0% | +61.6% |
Global air cargo capacity is at the end of the Third quarter 2020 approximately 15% lower than 2019. Tightening of supply and demand levels increased yields by significant amount over the past months.
September was the fifth 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 104.0% in the Third quarter 2020. The Cargo capacity of the Group has been down 33.3%, 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 load factors were strongly up 13.4 points for the quarter.
On the demand side, world-wide air freight volumes are down due to Covid-19 crisis but are expected to rebound to 90 to 95% of pre Covid-19 levels in 2021. The supply-demand gap of the past months is foreseen to narrow as industry capacity supply will increase and will depend on the passenger traffic recovery. Air France-KLM is in preparation to transport the future Covid-19 vaccines.
Transavia operating loss in the Third quarter at -13 million euros, impacted by border restrictions reinstatement
| Third quarter | Nine months | |||
| Transavia | 2020 | Change | 2020 | Change |
| Passengers (thousands) | 2,014 | -63.3% | 4,453 | -66.6% |
| Capacity (ASK m) | 6,009 | -44.7% | 11,178 | -57.4% |
| Traffic (RPK m) | 3,869 | -61.8% | 8,505 | -64.9% |
| Load factor | 64.4% | -28.7 pt | 76.1% | -16.4 pt |
| Total passenger revenues (€m) | 262 | -60.6% | 521 | -62.9% |
| Unit revenue per ASK (€ cts) | 4.38 | -30.2% | 4.55 | -16.3% |
| Unit cost per ASK (€ cts) | 4.61 | -1.3% | 6.39 | +32.5% |
| Operating result (€m) | -13 | -189 | -206 | -364 |
The Third quarter operating result ended 189 million euros lower compared to last year at an operational loss of -13 million euros, as a result of the Covid-19 crisis.
Activity levels were close to 55% of last year's level, with an unit revenue down -30,2% compared to the Third quarter 2019. Transavia France and Holland were able to capture traffic and fill their planes with reasonable load factors and good yields on several leisure destinations. Spain, Greece, Portugal and Italy routes were the most resilient during the quarter. However, severe travel restrictions from the Netherlands to Spain and Greece in the course of the third quarter, did put pressure on activity levels and loadfactor.
Transavia France will expend its French Domestic operation starting in November 2020 from Paris Orly and provinces airports.
However, the resurgence of Covid-19 and border restrictions have slowed down Transavia in the traffic recovery.
Strict cash preservation measures are still in place including reduction of investments, cost savings measures, deferral of supplier payments and partial activity measures.
Maintenance business operating result for Third quarter 2020 at -46 million euros, impacted by Covid-19
| Third quarter | Nine months | |||||
| Maintenance | 2020 | Change | Change constant currency |
2020 | Change | Change constant currency |
| Total revenues (€m) | 616 | -47.1% | 2,255 | -34.7% | ||
| Third-party revenues (€m) | 247 | -54.5% | -53.1% | 963 | -40.7% | -41.6% |
| Operating result (€m) | -46 | -117 | -111 | -366 | -536 | -542 |
| Operating margin (%) | -7.4% | -13.5 pt | -13.1 pt | -16.2% | -21.2 pt | -21.3 pt |
The Third quarter operating result stood at -46 million euros, a decrease of 117 million euros, highly impacted by the Covid-19 crisis. Revenues declined and were also impacted by the Air France-KLM Group airlines decrease in activity.
During the Third quarter, contracts signature have restarted and will be included in the order book before year end. The Maintenance business is carefully managing agreements with clients on payment terms.
Operating costs have been reduced in the Third quarter 2020 by a reduced maintenance activity level, partial activity pay schemes for employees and other initiated cost savings measures.
The Maintenance order book is assessed to 9.3 billion dollars at 30 September 2020 a decrease of 2.2 billion dollars compared to 31 December 2019, explained by the Covid-19 crisis effects already occurring and expected.
Air France-KLM Group: Decline of 5 billion euros in revenues and 2 billion euros in EBITDA during the third quarter
| Third quarter | Nine months | ||||||
| 2020 | Change | Change constant currency |
2020 | Change | Change constant currency |
||
| Capacity (ASK m) | 38,109 | -57.8% | 114,446 | -54.4% | |||
| Traffic (RPK m) | 17,621 | -78.4% | 75,367 | -66.2% | |||
| Passenger unit revenue per ASK (€ cts) | 4.01 | -43.4% | -42.7% | 5.05 | -24.6% | -24.5% | |
| Group unit revenue per ASK (€ cts) | 5.56 | -26.5% | -25.6% | 6.34 | -12.3% | -12.3% | |
| Group unit cost per ASK (€ cts) at constant fuel | 8.31 | +26.7% | +38.2% | 9.33 | +36.7% | +40.4% | |
| Revenues (€m) | 2,524 | -66.8% | -66.4% | 8,725 | -57.6% | -57.7% | |
| EBITDA (€m) | -442 | -2,095 | -2,071 | -1,282 | -4,545 | -4,554 | |
| Operating result (€m) | -1,046 | -1,955 | -1,931 | -3,414 | -4,460 | -4,470 | |
| Operating margin (%) | -41.4% | -53.4 pt | -53.2 pt | -39.1% | -44.2 pt | -44.2 pt | |
| Net income - Group part (€m) | -1,665 | -2,027 | -6,078 | -6,213 | |||
2019 results restated for LLP componentization accounting change and EU passenger compensation reclassification between revenues and external expenses
In the Third quarter 2020, the Air France-KLM Group posted an operating result of -1,046 million euros, down by 1,955 million euros compared to last year.
Net income amounted to -1,665 million euros in the Third quarter 2020, a decrease of 2,027 million euros compared to last year, of which exceptional accounting items due to Covid-19:
Restructuring costs provision of-565 million euros with Departure Plan of French Ground staff, contractual termination for Air France flight attendants, complement for contractual termination for Air France pilots, Departure Plan for Air France-KLM International Commercial staff and Departure Plan for HOP!Q4 2020 and Q1 2021 fuel over hedge has been recycled to "Other financial income and expenses" for -39 million eurosFleet impairment on Airbus A380 and the Canadair Jet of HOP! At -31 million euros
Currencies had a negative 92 million euro impact on revenues and a positive 67 million euro effect on costs including currency hedging in the Third quarter of 2020.
Since the beginning of the crisis, Air France, KLM and Transavia proceeded 1.8 billion euros of refunds including 300 million euros of voucher issued.
The Third quarter 2020 unit cost increased by 26.7%, primarily caused by Covid-19 related capacity reductions
Group net employee costs were down 36% in the Third quarter 2020 compared to last year, supported by partial activity implementation at Air France and KLM, release of temporary and hired staff and no profit sharing provisions to be made at both airlines. The average number of FTEs (Full Time Equivalent) in the Third quarter 2020 decreased by 5,500 compared to the Third quarter 2019, including 2,500 temporary contracts.
Net debt up 3.2 billion euros
| Third quarter | Nine months | |||
| In € million | 2020 | Change | 2020 | Change |
| Cash flow before change in WCR and Voluntary Departure Plans, continuing operations (€m) | -594 | -2,115 | -1,926 | -4,950 |
| Cash out related to Voluntary Departure Plans (€m) | -137 | -115 | -152 | -119 |
| Change in Working Capital Requirement (WCR) (€m) | 124 | +831 | 666 | +582 |
| Net cash flow from operating activities (€m) | -609 | -1,399 | -1,412 | -4,487 |
| Net investments* (€m) | -362 | +418 | -1,473 | +738 |
| Operating free cash flow (€m) | -970 | -981 | -2,885 | -3,749 |
| Repayment of lease debt | -251 | -5 | -662 | +86 |
| Adjusted operating free cash flow** | -1,220 | -985 | -3,547 | -3,663 |
* 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 the Third quarter 2020 of -1,220 million euros, a decrease of 985 million euros compared to last year, mainly explained by an operating cash flow decline of 1,399 million euros, partly offset by a reduction in net investments of 418 million euros.
Postponement of social charges, taxes and negotiation with suppliers compensated the refunds process and the low inflow of bookings and generated an improvement of +582 million euros in Change in Working Capital Requirement compared to last year.
| In € million | 30 Sep 2020 | 31 Dec 2019 |
| Net debt | 9,308 | 6 147 |
| EBITDA trailing 12 months | -417 | 4 128 |
| Net debt/EBITDA trailing 12 months | -22.3 x | 1,5 x |
Both airlines results negatively impacted in the Third quarter 2020
| Third quarter | Nine months | |||
| 2020 | Change | 2020 | Change | |
| Air France Group Operating result (€m) | -807 | -1,200 | -2,401 | -2,699 |
| Operating margin (%) | -54.1% | -62.6 pt | -47.4% | -49.8 pt |
| KLM Group Operating result (€m) | -234 | -745 | -1,002 | -1,736 |
| Operating margin (%) | -20.5% | -36.8 pt | -25.2% | -33.9 pt |
OUTLOOK
Air France-KLM Group continues to implement highest safety standards for customers and employees to counter virus transmission risks.
After the lockdown, the Group observed a promising demand recovery trend until mid-August. Then, the negative trend reversal for the Passenger activity led the airlines of the Group to adjust downwards the capacity planned for the fall and winter period.
There is limited visibility on the demand recovery curve as customer booking behavior is much more short-term oriented than before the Covid-19 crisis and also highly dependent of the imposed travel restrictions, especially on the Long Haul network. The period of lockdown starting today in France is a new difficulty that will weigh on the Group's activities.
In this context the Group expects:
Capacity in Available Seat kilometers circa index 45 for KLM and inferior to index 35 for Air France in the Fourth quarter 2020 compared to 2019 for the Network passenger activityNegative load factor developments for the Fourth quarter 2020, particularly on long-haul network, and negative yield mix effects due to a delayed recovery in business
The Full year 2020 Network passenger activity will be inferior to index 50 compared to 2019, due to the Covid-19 crisis.
The Group anticipates a challenging fourth quarter 2020, with a substantial lower EBITDA compared to Q3 2020.
At 30 September 2020, the Group has 12.4 billion euros of liquidity or credit lines at disposal.
The Group foresees important liquidity requirements in the Fourth quarter 2020 with:
Negative Fourth quarter working capital requirement influenced by deferred payments and substantial lower level of new bookings compared to Q4 2019.Capex spending at 0.6 billion euros, of which half is fleet Capex fully financed. The Group has reduced to 2.1 billion euros his 2020 capex guidance. This is a reduction of -1.5 billion euros compared to the initial 2020 guidance of 3.6 billion euros.The hybrid bond was repaid in October for 0.4 billion euros.
AIR FRANCE AND KLM HAVE AGREED ON SUSBTANTIAL RESTRUCTURING PLAN WITH LABOUR REPRESENTATIVES
The Group's strategic orientations defined during the 2019 Investor day started to deliver results in 2019 and in early 2020. However, the Covid-19 which began in the first quarter of 2020 around the world is having an unprecedented impact on the industry and the Group has immediately reacted with safety, operational and cash protection measures.
The focus on reducing external expenses and the number of employees were one of the top priorities. Futhermore, the French and the Dutch governments have provided financial packages and the partial activity implemented in France and the "NOW" mechanism in Holland allowed the Group to further reduce labor costs.
To weather the crisis and cope with the new reality, Air France-KLM Group is accelerating its transformation plans and presented a substantial restructuring plan around the competitiveness and sustainability pillars. Negotiations with the trade unions have resulted in several agreements in Air France and KLM.
To better align the fleet with the lower passenger demand, Air France-KLM Group has accelerated the phase-out of the Airbus 380, Airbus 340, Boeing 747, Canadair Jet and Embraer 145 aircraft. These decisions will bring forward cost savings and efficiency gains due to operating fewer aircraft types. The Group does not anticipate to return to the pre-crisis levels of global demand before several years and the short-term recovery expected has been delayed with the resurgence of Covid-19 end of summer.
KLM business model is still both valid and valuable but needs to be reshaped to the new reality. KLM will be smaller, cheaper, more frugal, more agile and more sustainable.
Operating costs will structurally being reduced in 2021 and beyond, with 750 million euros benefits in 2021 coming from labour, fleet, procurements and fuel costs decrease.
KLM's restructuring plan calls for a reduction of 5,000 FTEs end of 2020. The plan submitted to Dutch Government early October complies with state aid conditions.
Air France will enlarge and accelerate its restructuring plan to build a post-crisis successful model on several pillars to restructure the French domestic, optimize external spendings, transform support functions, adapt the opeartions to the new activity, modernize the fleet and regain commercial success.
This will bring 800 million euros structural benefits by 2021 and 1.2 billion euros in total by 2022. Air France's restructuring plan calls for a reduction of 4,000 FTEs end of 2020 and a total of 8,500 FTEs by 2022. The plan submitted to French Government complies with state aid conditions. The long term partial activity establishement is under discussion with representative unions.
******
The results presentation is available at www.airfranceklm.com on 30 October 2020 from 7:15 am CET.
A conference call hosted by Mr. Smith (CEO) and Mr. Gagey (CFO) will be held on 30 October 2020 at 08.30 CET.
To connect to the conference call, please dial:
France: Local +33 (0)1 70 72 25 50
Netherlands: Local +31 (0) 20 703 8211
UK: Local +44 (0)330 336 9125
US: Local +1 720 543 0214
Confirmation code: 9700330
To listen to the audio-replay of the conference call, please dial:
France: Local +33 (0) 1 70 48 00 94Netherlands: Local +31 (0) 20 721 8903UK: Local +44 (0)207 660 0134US: Local +1 719-457-0820
Confirmation code: 9700330
Investor Relations Press
Olivier Gall Wouter van Beek
+33 1 49 89 52 59 +33 1 49 89 52 60 +33 1 41 56 56 00
olgall@airfranceklm.com Wouter-van.Beek@airfranceklm.com
Income Statement
| Third quarter | Nine months | |||||
| €m | 2020 | 2019 | Change | 2020 | 2019 | Change |
| Sales | 2,524 | 7,609 | -66.8% | 8,725 | 20,572 | -57.6% |
| Other revenues | 0 | 0 | nm | 0 | 0 | nm |
| Revenues | 2,524 | 7,609 | -66.8% | 8,725 | 20,572 | -57.6% |
| Aircraft fuel | -489 | -1,513 | -67.7% | -1,886 | -4,118 | -54.2% |
| Chartering costs | -68 | -138 | -50.7% | -181 | -407 | -55.5% |
| Landing fees and en route charges | -266 | -531 | -49.9% | -743 | -1,471 | -49.5% |
| Catering | -58 | -221 | -73.8% | -236 | -617 | -61.8% |
| Handling charges and other operating costs | -204 | -453 | -55.0% | -646 | -1,294 | -50.1% |
| Aircraft maintenance costs | -331 | -624 | -47.0% | -1,243 | -1,920 | -35.3% |
| Commercial and distribution costs | -61 | -266 | -77.1% | -291 | -783 | -62.8% |
| Other external expenses | -263 | -419 | -37.2% | -937 | -1,292 | -27.5% |
| Salaries and related costs | -1,293 | -2,011 | -35.7% | -4,224 | -6,031 | -30.0% |
| Taxes other than income taxes | -28 | -27 | +3.7% | -108 | -119 | -10.0% |
| Other income and expenses | 95 | 247 | -61.5% | 488 | 742 | -34.3% |
| EBITDA | -442 | 1,653 | nm | -1,282 | 3,263 | nm |
| Amortization, depreciation and provisions | -604 | -744 | -18.8% | -2,132 | -2,217 | -3.8% |
| Income from current operations | -1,046 | 909 | nm | -3,414 | 1,046 | nm |
| Sales of aircraft equipment | 8 | 1 | +700.0% | 31 | 24 | +29.2% |
| Other non-current income and expenses | -597 | -103 | +479.9% | -1,452 | -133 | +992% |
| Income from operating activities | -1,635 | 807 | nm | -4,835 | 937 | nm |
| Cost of financial debt | -136 | -111 | +22.5% | -350 | -332 | +5.4% |
| Income from cash and cash equivalent | 5 | 14 | -64.3% | 18 | 40 | -55.0% |
| Net cost of financial debt | -131 | -97 | +35.1% | -332 | -292 | +13.7% |
| Other financial income and expenses | 111 | -259 | nm | -621 | -391 | +58.8% |
| Income before tax | -1,655 | 451 | nm | -5,788 | 254 | nm |
| Income taxes | 12 | -94 | nm | -242 | -131 | +84.7% |
| Net income of consolidated companies | -1,643 | 356 | nm | -6,030 | 123 | nm |
| Share of profits (losses) of associates | -22 | 6 | nm | -52 | 14 | nm |
| Net income for the period | -1,665 | 363 | nm | -6,082 | 137 | nm |
| Minority interest | 0 | 1 | nm | -4 | 2 | nm |
| Net income for the period - Group part | -1,665 | 362 | nm | -6,078 | 135 | nm |
2019 results restated (with a similar impact in both years) for limited life parts componentization accounting change.
Consolidated Balance Sheet
| Assets | 30 Sep 2020 | 31 Dec 2019 |
| €m | ||
| Goodwill | 216 | 217 |
| Intangible assets | 1,253 | 1,305 |
| Flight equipment | 11,009 | 11,334 |
| Other property, plant and equipment | 1,535 | 1,580 |
| Right-of-use assets | 4,789 | 5,173 |
| Investments in equity associates | 224 | 307 |
| Pension assets | 96 | 420 |
| Other financial assets | 1,004 | 1,096 |
| Deferred tax assets | 271 | 523 |
| Other non-current assets | 176 | 241 |
| Total non-current assets | 20,573 | 22,196 |
| Other short-term financial assets | 443 | 800 |
| Inventories | 561 | 737 |
| Trade receivables | 1,208 | 2,164 |
| Other current assets | 883 | 1,123 |
| Cash and cash equivalents | 5,917 | 3,715 |
| Total current assets | 9,012 | 8,539 |
| Total assets | 29,585 | 30,735 |
| Liabilities and equity | 30 Sep 2020 | 31 Dec 2019 |
| In million euros | ||
| Issued capital | 429 | 429 |
| Additional paid-in capital | 4,139 | 4,139 |
| Treasury shares | -67 | -67 |
| Perpetual | 0 | 403 |
| Reserves and retained earnings | -9,183 | -2,620 |
| Equity attributable to equity holders of Air France-KLM | -4,682 | 2,284 |
| Non-controlling interests | 9 | 15 |
| Total Equity | -4,673 | 2,299 |
| Pension provisions | 2,123 | 2,253 |
| Return obligation liability and other provisions | 3,712 | 3,750 |
| Financial debt | 10,814 | 6,271 |
| Lease debt | 2,634 | 3,149 |
| Deferred tax liabilities | 5 | 142 |
| Other non-current liabilities | 532 | 222 |
| Total non-current liabilities | 19,820 | 15,787 |
| Return obligation liability and other provisions | 1,573 | 714 |
| Current portion of financial debt | 2,179 | 842 |
| Current portion of lease debt | 961 | 971 |
| Trade payables | 1,555 | 2,379 |
| Deferred revenue on ticket sales | 2,794 | 3,289 |
| Frequent flyer program | 913 | 848 |
| Other current liabilities | 4,462 | 3,602 |
| Bank overdrafts | 1 | 4 |
| Total current liabilities | 14,438 | 12,649 |
| Total equity and liabilities | 29,585 | 30,735 |
Statement of Consolidated Cash Flows from 1st Jan until 30 Sept 2020
| €m | 30 Sep 2020 | 30 Sep 2019 |
| Net income from continuing operations | -6,082 | 137 |
| Amortization, depreciation and operating provisions | 2,132 | 2,217 |
| Financial provisions | 135 | 162 |
| Loss (gain) on disposals of tangible and intangible assets | -43 | -34 |
| Loss (gain)on disposals of subsidiaries and associates | 1 | 0 |
| Derivatives - non monetary result | 70 | 15 |
| Unrealized foreign exchange gains and losses, net | -83 | 223 |
| Impairment | 670 | 0 |
| Other non-monetary items | 761 | 218 |
| Share of (profits) losses of associates | 52 | -14 |
| Deferred taxes | 309 | 67 |
| Financial Capacity | -2,078 | 2,991 |
| (Increase) / decrease in inventories | 134 | -83 |
| (Increase) / decrease in trade receivables | 823 | -147 |
| Increase / (decrease) in trade payables | -792 | 41 |
| Increase / (decrease) in advanced ticket sales | -435 | 327 |
| Change in other receivables and payables | 936 | -54 |
| Change in working capital requirements | 666 | 84 |
| Net cash flow from operating activities | -1,412 | 3,075 |
| Purchase of property, plant and equipment and intangible assets | -1,654 | -2,295 |
| Proceeds on disposal of property, plant and equipment and intangible assets | 181 | 84 |
| Proceeds on disposal of subsidiaries, of shares in non-controlled entities | 357 | 8 |
| Acquisition of subsidiaries, of shares in non-controlled entities | -1 | -1 |
| Dividends received | 0 | 10 |
| Decrease (increase) in net investments, more than 3 months | -9 | -9 |
| Net cash flow used in investing activities | -1,126 | -2,203 |
| Increase of equity due to new convertible bond | 0 | 54 |
| Perpetual (including premium) | 0 | 0 |
| Issuance of debt | 7,598 | 904 |
| Repayment on financial debt | -2,202 | -560 |
| Payments on lease debt | -662 | -748 |
| Decrease (increase ) in loans, net | 48 | -17 |
| Dividends and coupons on perpetual paid | 0 | -1 |
| Net cash flow from financing activities | 4,782 | -368 |
| Effect of exchange rate on cash and cash equivalents and bank overdrafts | -39 | 9 |
| Change in cash and cash equivalents and bank overdrafts | 2,205 | 513 |
| 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 | 5,916 | 4,093 |
| Change in treasury of discontinued operations | 0 | 0 |
Key Performance Indicators
Restated net result, group share
| Third quarter | Nine months | |||
| In million euros | 2020 | 2019 | 2020 | 2019 |
| Net income/(loss), Group share | -1,665 | 361 | -6,078 | 135 |
| Unrealized foreign exchange gains and losses, net | -152 | 167 | -78 | 223 |
| Change in fair value of financial assets and liabilities (derivatives) | -154 | 11 | 70 | -9 |
| Non-current income and expenses | 591 | 102 | 1,421 | 109 |
| Tax impact on gross adjustments net result | -84 | 0 | -401 | -13 |
| Restated net income/(loss), group part | -1,464 | 642 | -5,066 | 445 |
| Coupons on perpetual | 0 | -4 | 0 | -12 |
| Restated net income/(loss), group share including coupons on perpetual (used to calculate earnings per share) | -1,464 | 638 | -5,066 | 433 |
| Restated net income/(loss) per share (in €) | -3.42 | 1.49 | -11.85 | 1.01 |
Return on capital employed (ROCE)1
| In million euros | 30 Sep 2020 | 30 June 2020 | 31 Mar 2020 | 31 Dec 2019 |
30 Sep 2019 | 30 June 2019 |
31 Mar 2019 |
31 Dec 2018 |
| Goodwill and intangible assets | 1,470 | 1,500 | 1,564 | 1,522 | 1,481 | 1,465 | 1,485 | 1,411 |
| Flight equipment | 11,009 | 10,919 | 11,465 | 11,334 | 10,829 | 10,747 | 10,456 | 10,308 |
| Other property, plant and equipment | 1,535 | 1,551 | 1,579 | 1,580 | 1,554 | 1,530 | 1,504 | 1,503 |
| Right of use assets | 4,789 | 4,938 | 5,119 | 5,173 | 5,300 | 5,470 | 5,453 | 5,664 |
| Investments in equity associates | 224 | 267 | 299 | 307 | 310 | 305 | 306 | 311 |
| Financial assets excluding marketable securities and financial deposits | 135 | 133 | 142 | 140 | 131 | 125 | 127 | 125 |
| Provisions, excluding pension, cargo litigation and restructuring | -4,001 | -4,130 | -4,190 | -4,058 | -4,101 | -3,888 | -3,907 | -3,760 |
| WCR, excluding market value of derivatives | -6,894 | -6,779 | -6,650 | -6,310 | -6,285 | -6,957 | -6,938 | -6,133 |
| Capital employed | 8,267 | 8,399 | 9,328 | 9,688 | 9,219 | 8,797 | 8,486 | 9,429 |
| Average capital employed (A) | 8,921 | 8,983 | ||||||
| Adjusted results from current operations | -3,320 | 1,099 | ||||||
| - Dividends received | -1 | -2 | ||||||
| - Share of profits (losses) of associates | -44 | 23 | ||||||
| - Normative income tax | 1,045 | -305 | ||||||
| Adjusted result from current operations after tax (B) | -2,320 | 815 | ||||||
| ROCE, trailing 12 months (B/A) | -26.0% | 9.1% | ||||||
Net debt
| Balance sheet at | ||
| €m | 30 Sep 2020 | 31 Dec 2019 |
| Financial debt | 12,768 | 6,886 |
| Lease debt | 3,511 | 4,029 |
| Currency hedge on financial debt | 9 | 4 |
| Accrued interest | -108 | -62 |
| Gross financial debt (A) | 16,180 | 10,857 |
| Cash and cash equivalents | 5,917 | 3,715 |
| Marketable securities | 109 | 111 |
| Cash securities | 309 | 300 |
| Deposits (bonds) | 535 | 585 |
| Bank overdrafts | -1 | -4 |
| Others | 3 | 3 |
| Net cash (B) | 6,872 | 4,710 |
| Net debt (A) - (B) | 9,308 | 6,147 |
Adjusted operating free cash flow
| Third quarter | Nine months | |||
| €m | 2020 | 2019 | 2020 | 2019 |
| Net cash flow from operating activities, continued operations | -609 | 792 | -1,412 | 3,075 |
| Investment in property, plant, equipment and intangible assets | -370 | -788 | -1,654 | -2,295 |
| Proceeds on disposal of property, plant, equipment and intangible assets | 9 | 8 | 181 | 84 |
| Operating free cash flow | -970 | 12 | -2,885 | 864 |
| Payments on lease debt | -251 | -246 | -662 | -748 |
| Adjusted operating free cash flow | -1,220 | -234 | -3,547 | 116 |
Operating cash burn
| |
Third quarter | Nine months | ||
| 2020 | 2019 | 2020 | 2019 | |
| EBITDA | -442 | 1,653 | -1,282 | 3,263 |
| Provisions (CO2 and other) | 7 | 14 | -26 | 8 |
| Correction of spare parts inventory | 2 | -2 | 2 | 0 |
| Addition to pension provisions | 78 | 68 | 232 | 201 |
| Reversal to pension provisions (cash-out) | -47 | -49 | -142 | -145 |
| Payment linked with shares | 0 | 1 | -2 | 1 |
| Sales of tangible and intangible assets (excluding aeronauticals) | -1 | 6 | 40 | 48 |
| Income from operation activities - cash impact | -402 | 1,690 | -1,177 | 3,376 |
| Restructuring costs | -137 | -4 | -152 | -15 |
| Other non-current income and expenses | 0 | 2 | -1 | 2 |
| Cost of financial debt | -118 | -107 | -318 | -319 |
| Financial income | 0 | 7 | 2 | 21 |
| Realized foreign exchanges gain/loss | 29 | -24 | 28 | -9 |
| Termination of trading hedges - cash | -177 | 0 | -499 | 0 |
| Current income tax | 77 | -62 | 67 | -64 |
| Other financial charges & expenses - cash | 1 | -2 | -25 | -6 |
| Other elements | -3 | -2 | -2 | 5 |
| Financial capacity | -732 | 1,499 | -2,078 | 2,991 |
Unit cost: net cost per ASK
| Third quarter | Nine months | |||
| 2020 | 2019 | 2020 | 2019 | |
| Revenues (in €m) | 2,524 | 7,609 | 8,725 | 20,572 |
| Income/(loss) from current operations (in €m) -/- | 1,046 | -909 | 3,414 | -1,046 |
| Total operating expense (in €m) | 3,570 | 6,700 | 12,139 | 19,526 |
| Passenger network business - other revenues (in €m) | -64 | -163 | -241 | -534 |
| Cargo network business - other revenues (in €m) | -84 | -77 | -226 | -231 |
| Third-party revenues in the maintenance business (in €m) | -247 | -543 | -963 | -1,623 |
| Transavia - other revenues (in €m) | 1 | 17 | -13 | 16 |
| Third-party revenues of other businesses (in €m) | -10 | -10 | -21 | -26 |
| Net cost (in €m) | 3,166 | 5,924 | 10,675 | 17,128 |
| Capacity produced, reported in ASK* | 38,109 | 90,317 | 114,446 | 251,110 |
| Net cost per ASK (in € cents per ASK) | 8.31 | 6.56 | 9.33 | 6.82 |
| Gross change | 26.7% | 36.7% | ||
| Currency effect on net costs (in €m) | 60 | 19 | ||
| Change at constant currency | 25.4% | 36.6% | ||
| Capacity effect on net cost | -3,393 | -9,345 | ||
| Fuel price effect (in €m) | -179 | -162 | ||
| Net cost per ASK on a constant currency and fuel price basis (in € cents per ASK) | 8.31 | 6.01 | 9.33 | 6.64 |
| Change at constant currency and fuel price basis | +38.2% | +40.4% | ||
* 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
| Third quarter | Nine months | |||
| 2020 | Change | 2020 | Change | |
| Revenue (in €m) | 1,492 | -67.5% | 5,066 | -59.6% |
| EBITDA (in €m) | -461 | -1,321 | -1,095 | -2,801 |
| Operating result (en m€) | -807 | -1,200 | -2,401 | -2,699 |
| Operating margin (%) | -54.1% | -62.6 pt | -47.4% | -49.8 pt |
| Operating cash flow before WCR and restructuring cash out (in €m) | -608 | -1,421 | -1,519 | -3,129 |
| Operating cash flow (before WCR and restructuring) margin | -40.7% | -58.5 pt | -30.0% | -42.8 pt |
| KLM Group |
Third quarter | Nine months | ||
| 2020 | Change | 2020 | Change | |
| Revenue (in €m) | 1,144 | -63.5% | 3,984 | -52.5% |
| EBITDA (in €m) | 25 | -763 | -176 | -1,713 |
| Operating result (en m€) | -234 | -745 | -1,002 | -1,736 |
| Operating margin (%) | -20.5% | -36.8 pt | -25.2% | -33.9 pt |
| Operating cash flow before WCR and restructuring cash out (in €m) | 13 | -671 | -355 | -1,736 |
| Operating cash flow (before WCR and restructuring) margin | 1.1% | -20.7 pt | -8.9% | -25.4 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 30 Sept 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 | 4 | 4 | 4 | 3 | -5 | ||||
| B777-300 | 43 | 14 | 18 | 17 | 22 | 57 | 57 | ||
| B777-200 | 25 | 15 | 26 | 14 | 40 | 40 | |||
| B787-9 | 10 | 13 | 7 | 4 | 12 | 23 | 23 | 1 | |
| B787-10 | 5 | 3 | 2 | 5 | 5 | 1 | |||
| A380-800 | 9 | 2 | 3 | 4 | 9 | -10 | |||
| A350-900 | 6 | 1 | 5 | 6 | 6 | 3 | |||
| A340-300 | 3 | 3 | 3 | -4 | |||||
| A330-300 | 5 | 5 | 5 | 5 | |||||
| A330-200 | 15 | 8 | 11 | 12 | 23 | 22 | -1 | ||
| Total Long-Haul | 111 | 64 | 0 | 75 | 31 | 69 | 175 | 161 | -15 |
| B737-900 | 5 | 3 | 2 | 5 | 5 | ||||
| B737-800 | 31 | 75 | 29 | 10 | 67 | 106 | 106 | 2 | |
| B737-700 | 16 | 7 | 3 | 5 | 15 | 23 | 23 | ||
| A321 | 20 | 11 | 9 | 20 | 20 | ||||
| A320 | 44 | 3 | 5 | 36 | 44 | 43 | |||
| A319 | 33 | 14 | 19 | 33 | 33 | ||||
| A318 | 18 | 8 | 10 | 18 | 18 | ||||
| Total Medium-Haul | 115 | 52 | 82 | 71 | 20 | 158 | 249 | 248 | 2 |
| ATR72-600 | -2 | ||||||||
| ATR72-500 | |||||||||
| ATR42-500 | |||||||||
| Canadair Jet 1000 | 14 | 14 | 14 | 14 | |||||
| Canadair Jet 700 | 11 | 11 | 11 | 10 | |||||
| Embraer 190 | 17 | 32 | 11 | 10 | 28 | 49 | 48 | 1 | |
| 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 | 300 | 169 | 82 | 216 | 75 | 260 | 551 | 519 | -27 |
THIRD QUARTER 2020 TRAFFIC
Passenger network activity*
| Q3 | Year to date | ||||||
| Total Passenger network* | 2020 | 2019 | Variation | 2020 | 2019 | Variation | |
| Passengers carried ('000s) | 6,782 | 23,631 | (71.3%) | 23,671 | 66,286 | (64.3%) | |
| Revenue pax-kilometers (m RPK) | 13,752 | 71,323 | (80.7%) | 66,861 | 198,566 | (66.3%) | |
| Available seat-kilometers (m ASK) | 32,100 | 79,457 | (59.6%) | 103,267 | 224,902 | (54.1%) | |
| Load factor (%) | 42.8% | 89.8% | (46.9) | 64.7% | 88.3% | (23.5) | |
| Long-haul | |||||||
| Passengers carried ('000s) | 1,219 | 7,660 | (84.1%) | 7,072 | 21,288 | (66.8%) | |
| Revenue pax-kilometers (m RPK) | 8,705 | 57,382 | (84.8%) | 52,783 | 160,536 | (67.1%) | |
| Available seat-kilometers (m ASK) | 23,987 | 63,392 | (62.2%) | 82,837 | 180,125 | (54.0%) | |
| Load factor (%) | 36.3% | 90.5% | (54.2) | 63.7% | 89.1% | (25.4) | |
| North America | |||||||
| Passengers carried ('000s) | 284 | 2,630 | (89.2%) | 1,870 | 6,686 | (72.0%) | |
| Revenue pax-kilometers (m RPK) | 2,063 | 18,608 | (88.9%) | 13,397 | 47,494 | (71.8%) | |
| Available seat-kilometers (m ASK) | 7,597 | 20,456 | (62.9%) | 23,409 | 53,116 | (55.9%) | |
| Load factor (%) | 27.2% | 91.0% | (63.8) | 57.2% | 89.4% | (32.2) | |
| Latin America | |||||||
| Passengers carried ('000s) | 96 | 934 | (89.7%) | 969 | 2,729 | (64.5%) | |
| Revenue pax-kilometers (m RPK) | 942 | 8,900 | (89.4%) | 9,177 | 25,973 | (64.7%) | |
| Available seat-kilometers (m ASK) | 3,177 | 9,800 | (67.6%) | 13,524 | 28,975 | (53.3%) | |
| Load factor (%) | 29.6% | 90.8% | (61.2) | 67.9% | 89.6% | (21.8) | |
| Asia / Pacific | |||||||
| Passengers carried ('000s) | 173 | 1,723 | (90.0%) | 1,361 | 4,969 | (72.6%) | |
| Revenue pax-kilometers (m RPK) | 1,526 | 15,066 | (89.9%) | 11,803 | 43,399 | (72.8%) | |
| Available seat-kilometers (m ASK) | 6,037 | 16,453 | (63.3%) | 20,702 | 47,734 | (56.6%) | |
| Load factor (%) | 25.3% | 91.6% | (66.3) | 57.0% | 90.9% | (33.9) | |
| Africa / Middle East | |||||||
| Passengers carried ('000s) | 328 | 1,453 | (77.4%) | 1,563 | 4,089 | (61.8%) | |
| Revenue pax-kilometers (m RPK) | 1,674 | 8,164 | (79.5%) | 8,825 | 23,117 | (61.8%) | |
| Available seat-kilometers (m ASK) | 3,188 | 9,284 | (65.7%) | 12,337 | 27,360 | (54.9%) | |
| Load factor (%) | 52.5% | 87.9% | (35.4) | 71.5% | 84.5% | (13.0) | |
| Caribbean / Indian Ocean | |||||||
| Passengers carried ('000s) | 337 | 919 | (63.3%) | 1,309 | 2,815 | (53.5%) | |
| Revenue pax-kilometers (m RPK) | 2,500 | 6,645 | (62.4%) | 9,580 | 20,553 | (53.4%) | |
| Available seat-kilometers (m ASK) | 3,988 | 7,398 | (46.1%) | 12,864 | 22,941 | (43.9%) | |
| Load factor (%) | 62.7% | 89.8% | (27.1) | 74.5% | 89.6% | (15.1) | |
| Short and Medium-haul | |||||||
| Passengers carried ('000s) | 5,563 | 15,972 | (65.2%) | 16,600 | 44,998 | (63.1%) | |
| Revenue pax-kilometers (m RPK) | 5,047 | 13,941 | (63.8%) | 14,079 | 38,030 | (63.0%) | |
| Available seat-kilometers (m ASK) | 8,113 | 16,066 | (49.5%) | 20,430 | 44,776 | (54.4%) | |
| Load factor (%) | 62.2% | 86.8% | (24.6) | 68.9% | 84.9% | (16.0) | |
* Air France and KLM
Transavia activity
| Q3 | Year to date | ||||||
| Transavia | 2020 | 2019 | Variation | 2020 | 2019 | Variation | |
| Passengers carried ('000s) | 2,014 | 5,492 | (63.3%) | 4,453 | 13,315 | (66.6%) | |
| Revenue pax-kilometers (m RPK) | 3,869 | 10,117 | (61.8%) | 8,505 | 24,239 | (64.9%) | |
| Available seat-kilometers (m ASK) | 6,009 | 10,874 | (44.7%) | 11,178 | 26,227 | (57.4%) | |
| Load factor (%) | 64.4% | 93.0% | (28.7) | 76.1% | 92.4% | (16.3) | |
Total group passenger activity**
| Q3 | Year to date | ||||||
| Total group** | 2020 | 2019 | Variation | 2020 | 2019 | Variation | |
| Passengers carried ('000s) | 8,796 | 29,123 | (69.8%) | 28,124 | 79,601 | (64.7%) | |
| Revenue pax-kilometers (m RPK) | 17,621 | 81,440 | (78.4%) | 75,367 | 222,805 | (66.2%) | |
| Available seat-kilometers (m ASK) | 38,109 | 90,331 | (57.8%) | 114,446 | 251,129 | (54.4%) | |
| Load factor (%) | 46.2% | 90.2% | (43.9) | 65.9% | 88.7% | (22.9) | |
** Air France, KLM and Transavia
Cargo activity
| Q3 | Year to date | ||||||
| Total Group | 2020 | 2019 | Variation | 2020 | 2019 | Variation | |
| Revenue tonne-km (m RTK) | 1,735 | 2,091 | (17.0%) | 4,747 | 6,260 | (24.2%) | |
| Available tonne-km (m ATK) | 2,537 | 3,804 | (33.3%) | 7,309 | 10,896 | (32.9%) | |
| Load factor (%) | 68.4% | 55.0% | 13.4 | 64.9% | 57.4% | 7.5 | |
Air France activity
| Q3 | Year to date | ||||||
| Total Passenger network activity | 2020 | 2019 | Variation | 2020 | 2019 | Variation | |
| Passengers carried ('000s) | 4,487 | 14,168 | (68.3%) | 14,635 | 39,844 | (63.3%) | |
| Revenue pax-kilometers (m RPK) | 8,538 | 42,184 | (79.8%) | 39,394 | 116,449 | (66.2%) | |
| Available seat-kilometers (m ASK) | 16,589 | 47,464 | (65.0%) | 56,909 | 133,309 | (57.3%) | |
| Load factor (%) | 51.5% | 88.9% | (37.4) | 69.2% | 87.4% | (18.1) | |
| Long-haul | |||||||
| Passengers carried ('000s) | 782 | 4,632 | (83.1%) | 4,243 | 12,723 | (66.7%) | |
| Revenue pax-kilometers (m RPK) | 5,242 | 33,849 | (84.5%) | 30,669 | 93,664 | (67.3%) | |
| Available seat-kilometers (m ASK) | 11,526 | 37,664 | (69.4%) | 44,431 | 105,944 | (58.1%) | |
| Load factor (%) | 45.5% | 89.9% | (44.4) | 69.0% | 88.4% | (19.4) |
| Short and Medium-haul | |||||||
| Passengers carried ('000s) | 3,704 | 9,536 | (61.2%) | 10,393 | 27,121 | (61.7%) | |
| Revenue pax-kilometers (m RPK) | 3,296 | 8,335 | (60.5%) | 8,725 | 22,785 | (61.7%) | |
| Available seat-kilometers (m ASK) | 5,063 | 9,800 | (48.3%) | 12,477 | 27,365 | (54.4%) | |
| Load factor (%) | 65.1% | 85.1% | (20.0) | 69.9% | 83.3% | (13.3) |
| Q3 | Year to date | ||||||
| Cargo activity | 2020 | 2019 | Variation | 2020 | 2019 | Variation | |
| Revenue tonne-km (m RTK) | 605 | 927 | (34.7%) | 1,802 | 2,794 | (35.5%) | |
| Available tonne-km (m ATK) | 1,139 | 1,946 | (41.4%) | 3,390 | 5,489 | (38.2%) | |
| Load factor (%) | 53.1% | 47.7% | 5.5 | 53.2% | 50.9% | 2.2 | |
KLM activity
| Q3 | Year to date | ||||||
| Total Passenger network activity | 2020 | 2019 | Variation | 2020 | 2019 | Variation | |
| Passengers carried ('000s) | 2,295 | 9,464 | (75.7%) | 9,036 | 26,442 | (65.8%) | |
| Revenue pax-kilometers (m RPK) | 5,214 | 29,138 | (82.1%) | 27,468 | 82,117 | (66.6%) | |
| Available seat-kilometers (m ASK) | 15,511 | 31,993 | (51.5%) | 46,359 | 91,593 | (49.4%) | |
| Load factor (%) | 33.6% | 91.1% | (57.5) | 59.3% | 89.7% | (30.4) | |
| Long-haul | |||||||
| Passengers carried ('000s) | 436 | 3,028 | (85.6%) | 2,829 | 8,566 | (67.0%) | |
| Revenue pax-kilometers (m RPK) | 3,462 | 23,533 | (85.3%) | 22,114 | 66,871 | (66.9%) | |
| Available seat-kilometers (m ASK) | 12,461 | 25,728 | (51.6%) | 38,406 | 74,182 | (48.2%) | |
| Load factor (%) | 27.8% | 91.5% | (63.7) | 57.6% | 90.1% | (32.6) |
| Short and Medium-haul | |||||||
| Passengers carried ('000s) | 1,859 | 6,436 | (71.1%) | 6,207 | 17,876 | (65.3%) | |
| Revenue pax-kilometers (m RPK) | 1,752 | 5,605 | (68.7%) | 5,353 | 15,246 | (64.9%) | |
| Available seat-kilometers (m ASK) | 3,050 | 6,266 | (51.3%) | 7,953 | 17,411 | (54.3%) | |
| Load factor (%) | 57.4% | 89.5% | (32.0) | 67.3% | 87.6% | (20.2) |
| Q3 | Year to date | ||||||
| Cargo activity | 2020 | 2019 | Variation | 2020 | 2019 | Variation | |
| Revenue tonne-km (m RTK) | 1,127 | 1,164 | (3.2%) | 2,942 | 3,466 | (15.1%) | |
| Available tonne-km (m ATK) | 1,398 | 1,858 | (24.8%) | 3,919 | 5,407 | (27.5%) | |
| Load factor (%) | 80.6% | 62.6% | 18.0 | 75.1% | 64.1% | 11.0 | |
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
Q3_2020 Press release EN final
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