Anzeige
Mehr »
Sonntag, 20.07.2025 - Börsentäglich über 12.000 News
Foremost Clean Energy: Auf dem Weg zu großen Entdeckungen im Saudi-Arabien des Urans
Anzeige

Indizes

Kurs

%
News
24 h / 7 T
Aufrufe
7 Tage

Aktien

Kurs

%
News
24 h / 7 T
Aufrufe
7 Tage

Xetra-Orderbuch

Fonds

Kurs

%

Devisen

Kurs

%

Rohstoffe

Kurs

%

Themen

Kurs

%

Erweiterte Suche
GlobeNewswire (Europe)
1.910 Leser
Artikel bewerten:
(2)

AIR FRANCE - KLM: Q2 2023 Financial Results

xx

SECOND QUARTER 2023

July 28, 2023

Strong Q2 Operating Margin at 9.6%
Positive adjusted operating free cash flow at €0.6 billion



  • Group capacity at 92% compared to 2019 with load factor at 88%
  • Group revenues at €7.6bn, an improvement of €0.9bn compared to last year
  • Operating result at €0.7bn with an operating margin at 9.6%
  • Positive adjusted operating free cash flow at €0.6bn and cash at hand at €10bn
  • Net debt down by €1.4bn euros, compared to end of 2022 leading to a Net debt/EBITDA ratio of 1.2x
  • Net income at €0.6bn supporting equity restoration
  • Post quarter, €0.5bn quasi-equity financing for Air France's Engineering and Maintenance (MRO) components activity

Commenting on the results, Mr. Benjamin Smith, Group CEO, said:

"We have again delivered a strong set of results during the Second Quarter of 2023. In spite of the inflationary context, we posted double-digit growth in our revenues and a record operating margin. The rollout of new award-winning products across our airlines continued unabated, which serves as a testament of the commitment of our employees, whom I would like to thank.
We were also busy throughout the quarter, actively preparing for the summer. I am very glad to see that the situation at airports is much better, including at KLM's hub at Amsterdam Schiphol Airport. This season notably serves as a test run for 2024, when France will host the Olympic and Paralympic Games, of which Air France is an official partner. Lastly, we have also continued delivering on our strategic roadmap, and secured ambitious partnerships in the field of sustainability, preparing for our medium to long-term future."

Operating result improved compared to 2022 driven by strong revenue growth

Current quarter Year to date
2023 change change
constant currency
2023 change change
constant currency
Revenues (€m) 7,624 +13.7% +14.1% 13,953 +25.1% +24.8%
EBITDA (€m) 1,328 397 405 1,614 462 488
Operating result (€m) 733 347 355 426 390 418
Operating margin (%) 9.6% +3.9pt +4.0pt 3.1% +2.7pt +3.0pt
Net income - Group part (€m) 604 280 260 488
Adj. operating free cash flow (€m) 557 (975) 1,240 (923)


30 June 2023 31 Dec 2022
Net Debt 4,900 6,337
EBITDA trailing 12 months 4,077 3,615
Net Debt/EBITDA ratio 1.2x 1.8x

In Q2 2023, revenues were up +14.1% compared to Q2 2022, driven by a higher capacity (+8%), a higher passenger load factor (+3 pt) and a higher passenger yield (+9%). The operating result improved compared to last year by €347 million while last year the operating result was supported by €42 million furlough contribution. A lower jet fuel price and a higher yield compensating inflation accelerated the growth in operating result and translated into a margin at 9.6%.

As a result, compared to last year, net income strongly grew by €280 million, amounting to €604 million, supporting the equity restoration.

The adjusted operating free cash flow in the second quarter amounted to €557 million, a reduction of €975 million compared to last year. This different pattern is explained by a catch up in summer ticket sales in Q2 2022. The net debt ended at €4.9 billion, an improvement compared to year end 2022 of €1.4 billion.

Increase in Group unit revenue driven by passenger unit revenue

Current quarter Year to date
2023 change change
constant currency
2023 change change
constant currency
Passengers (thousands) 24,664 +8.2% 44,315 +18.7%
Capacity (ASK m) 78,144 +8.3% 147,727 +13.5%
Traffic (RPK m) 68,498 +11.6% 128,418 +22.9%
Passenger load factor 87.7% +2.6pt 86.9% +6.7pt
Passenger unit revenue per ASK (€ cts) 8.32 +12.3% +12.6% 7.87 +21.0% +20.7%
Group unit revenue per ASK
(€ cts)
8.94 +4.9% +5.4% 8.59 +11.1% +10.9%
Group unit cost per ASK (€ cts) at constant fuel1 8.00 +0.2% +6.4% 8.31 +7.8% +5.9%

In the second quarter 2023, Air France-KLM welcomed 24.7 million passengers which is 8.2% above previous year. As capacity increased by 8.3% and traffic grew by 11.6%, the load factor increased by 2.6 points compared to last year.

The Group reached a very strong group passenger unit revenue per ASK, up +12.3% compared to last year. This increase was driven by load factor increase especially on the long haul network (North America, Africa, Asia & Middle East and Transavia) and yield on the full network except Asia.

Group unit cost per ASK at constant fuel and constant currency is up 6.4% versus last year (5.6% excluding furlough). The inflation related to salary increases started last year in the third quarter and especially in the fourth quarter. The increase in the second quarter is mainly coming from higher salaries including profit sharing, but also from an increase in ATC charges, airport charges, ETS and higher cost due to a higher load factor.

Equity restoration

Air France-KLM and Apollo Global Management announced post-quarter that they have signed a definitive agreement for Apollo-managed funds and entities ("Apollo") to raise a €500 million financing into an operating affiliate of Air France that will own a pool of components dedicated to Air France's Engineering and Maintenance activities.

Under this agreement and subject to customary closing conditions, Apollo will subscribe to perpetual bonds issued by this ad hoc operating affiliate and this financing will be accounted as equity under IFRS. The financing's proceeds will be allocated to general corporate purposes and support future components expenditures related to the maintenance activity.

The perpetual bonds will bear an interest rate of 6.9% for the first 3 years and gradual step ups and caps will be applied thereafter. Air France will have the ability to redeem them at any time after 3 years.

On July 27, 2023, Air France-KLM announced that it has entered into exclusive discussions with Apollo Global Management regarding the potential financing of €1.5bn to a dedicated operating affiliate of Air France-KLM. This entity will hold the trademark and most of the commercial partner contracts related to Air France and KLM's joint loyalty program (Flying Blue), and will become the exclusive issuer of miles for the airlines and partners.

This financing would be accounted as equity under IFRS, allowing Air France-KLM to make a further step towards its commitment to restore its equity and strengthen its balance sheet, aside from net profit generation and/or straight hybrid bonds.

OUTLOOK

Capacity

The Group expects the capacity in Available Seat Kilometers for Air France-KLM Group including Transavia at an index of:

  • Circa 95% for the third quarter of 2023
  • Above 95% for the fourth quarter of 2023
  • Circa 95% for the Full Year 2023

All indices compared to the respective period of 2019.

Unit cost2

Due to the inflationary pressure, mainly driven by CLA increases, profit sharing, load factor impact and a decrease in the forecasted capacity, the Group expects from now on for 2023 a low single digit increase of the unit cost increase compared to 2022.

Capex

Full year 2023 net capex is estimated at 3.0 billion euros.

MEDIUM TERM OUTLOOK3

The Group continues its swift transformation initiatives and confirms its medium-term financial ambition with the long-term focus of achieving increased competitiveness. To do this, the Group remains agile in optimizing fleet, workforce, network, costs and continues its sustainability efforts. The Group expects capacity in Available Seat Kilometers back to 2019 levels as from 2024.

The transformation efforts of the Group, including FTE reduction, fleet renewal and spend optimization, will compensate the inflationary pressure on cost. Therefore, the Group expects to decrease its unit cost in the period 2024-2026 year over year against a constant fuel price, constant currency and excluding Emission Trading Scheme costs (ETS).

The Adjusted Operating Free Cash Flow excluding exceptionals is expected to remain positive. Exceptionals include the payment of the air-freight litigation and the deferrals of social charges, pensions and wage taxes accumulated during the Covid 19 period.

The Net Debt/EBITDA target ratio is expected to remain between 1.5x and 2.0x.

The Group's medium-term financial ambition is to reach an Operating Margin of 7% to 8%.

Business review

Network: Operating result more than doubled

Network

Current quarter Year to date
2023 change change
constant currency
2023 change change
constant currency
Traffic revenues (€m) 6,257 +13.1% +13.6% 11,585 +25.8% +25.6%
Total revenues (€m) 6,520 +13.3% +13.8% 12,095 +25.4% +25.2%
Operating result (€m) 692 +340 +342 542 +499 +519
Operating margin (%) 10.6% 4.5 pt 4.5% 4.0 pt

Compared to the second quarter 2022, total revenues increased by +13.3% to €6,520 million. The operating result improved by €340 million and amounted to €692 million. The increase in revenues was driven by the network passenger business while the Cargo revenues declined compared to a strong second quarter last year and a further softening of the market.

Robust growth in unit revenue

Passenger network

Current quarter Year to date
2023 change change
constant currency
2023 change change
constant currency
Passengers (thousands) 18,743 +6.8% 34,530 +17.1%
Capacity (ASK m) 66,714 +8.1% 128,690 +12.6%
Traffic (RPK m) 58,319 +11.1% 111,284 +21.8%
Load factor 87.4% 2.4pt 86.5% 6.5pt
Total passenger revenues (€m) 5,913 +22.3% +22.6% 10,816 +38.3% +38.0%
Traffic passenger revenues (€m) 5,770 +21.9% +22.3% 10,522 +38.3% +37.9%
Unit revenue per ASK (€ cts) 8.65 +12.8% +13.1% 8.18 +22.8% +22.4%

Second quarter 2023 capacity in Available Seat Kilometers (ASK) was 8.1% higher than last year and at 88% of 2019 level, which is in line with the Group's guidance provided during the first quarter 2023 results presentation (c.90% versus 2019).

Unit revenue per ASK increased by 13.1% at a constant currency thanks to strong demand which resulted in an increase in load factor of 2.4 points and a yield increase of 10% compared to last year at constant currency.

During the second quarter we observed per area the following trends:

North Atlantic
Demand recovery continued to be driven by Point of Origin North America. Yield increased by 13% at a slightly higher capacity of 2% while the load factor increased 4 points compared to last year.

Latin America
Very strong yield performance, 12% up compared to 2022, mainly driven by strong yields close in.

Asia & Middle East
Capacity in the second quarter has significantly increased vs 2022 by 56%, mainly driven by China's reopening. Nevertheless, this is still -34% below 2019 levels. Yields are stable compared to 2022 which is lower than the other areas, but this is mainly driven by the exceptional yields in 2022 due to the low capacity.

Caribbean & Indian Ocean
The second quarter showed significant capacity reductions compared to 2022 (-16%) due to redeployment of fleet to other long haul areas. The reduction in capacity resulted in very good performance on yield, 22% up versus 2022.

Africa
Strong traffic dynamics with load factor up 3 points compared to 2022. Robust yield at 6% above 2022.

Short and Medium-haul
In April the domestic network was impacted by ATC strikes. Yield improved by 10% compared to last year while capacity grew 4%. Load factor slightly up by 1 point.

Cargo: demand continued to soften resulting in pressure on unit revenues

Cargo business

Current quarter Year to date
2023 change change
constant currency
2023 change change
constant currency
Tons (thousands) 213 -10.0% 421 -10.8%
Capacity (ATK m) 3,557 +6.5% 6,845 +8.4%
Traffic (RTK m) 1,585 -8.5% 3,143 -10.2%
Load factor 44.6% -7.3pt 45.9% -9.5pt
Total Cargo revenues (€m) 606 -33.9% -33.0% 1,279 -30.0% -29.7%
Traffic Cargo revenues (€m) 487 -39.1% -38.4% 1,063 -33.4% -33.1%
Unit revenue per ATK (€ cts) 13.70 -42.8% -42.1% 15.53 -38.6% -38.3%

Total revenues dropped by -33.9% compared to last year. The resumption of the passenger travel resulted in an increase in Available Ton Kilometers of 6.5% versus the second quarter of 2022. Last year, the second quarter still showed a strong demand and therefore the traffic decreased year over year by -8.5%. As global economic growth is slowing down, container prices for sea freight declined and therefore demand for air cargo softened. The load factor was 7.3 points below 2022 and due to the increased belly capacity, the yield declined as well resulting in a decrease in unit revenue per Available Ton Kilometer of -42.1% against a constant currency.

Transavia: Encouraging unit revenue development resulting in a break-even result

Transavia

Current quarter Year to date
2023 change 2023 change
Passengers (thousands) 5,921 +12.8% 9,785 +25.0%
Capacity (ASK m) 11,429 +9.6% 19,037 +19.5%
Traffic (RPK m) 10,179 +14.5% 17,134 +30.3%
Load factor 89.1% +3.9pt 90.0% +7.4pt
Total Passenger revenues (€m) 712 +18.4% 1,089 +28.2%
Unit revenue per ASK (€ cts) 6.38 +8.8% 5.83 +7.6%
Unit cost per ASK (€ cts) 6.38 +5.6% 6.73 +10.2%
Operating result (€m) 0 +18 -172 -62

Compared to the second quarter 2022, the demand in leisure traffic continued to grow, despite operational disruptions due to ATC strikes in France and fleet issues in the Netherlands. The capacity increased by 9.6%, traffic increased by 14.5%, and the number of passengers increased by 12.8% resulting in a load factor 3.9 points above 2022. Transavia is still expanding its network, with a capacity growth in available seat kilometers of +20% compared to 2019 and the routes are yet to mature further. Transavia was able to improve further in the second quarter to a break-even operating result, which is promising for the Q3 peak season for which strong bookings are already visible.

Maintenance business: continued growth on third party revenues despite supply chain

Maintenance

Current quarter Year to date
2023 change change
constant currency
2023 change change
constant currency
Total revenues (€m) 1,055 +15.8% 1,981 +13.7%
Third party revenues (€m) 384 +11.3% +12.0% 753 +17.3% +14.2%
Operating result (€m) 46 -11 -10 62 -39 -42
Operating margin (%) 4.4% -1.9pt -1.8pt 3.1% -2.7pt -2.8pt

Total revenues increased by 15.8% compared with the same quarter last year while third party revenues increased by 12.0% at constant currency, showing a robust recovery. Due to the tight labour market and supply chain disruptions, the average time for maintenance increased, resulting in less growth opportunities for third party revenues impacting the profitability. The operating margin in the second quarter stood at 4.4%, which is 1.9 points lower than in 2022.

Fleet

Compared to the end of 2022 the group added three B787-10, fifteen B737-800, nine A220-300 and two Embraer 195-E2. The following aircraft left the fleet, three B737-700, two A321, four A319 and two CRJ-1000, as a result the fleet increased by eighteen aircraft.

The Group will continue to invest in new generation aircraft in order to improve its economic performance and will decrease its C02 emission and reduce noise.

Acceleration in revenue generation for both airlines

Air France Group



Current quarter Year to date
2023 change 2023 change
Revenue (in €m) 4,667 +14.9% 8,591 +27.4%
EBITDA (in €m) 845 +400 1,058 +637
Operating result (in €m) 482 +349 301 +531
Operating margin (%) 10.3% +7.1pt 3.5% +6.9pt

Air France performance is stemming from a strong performance of long-haul and a high load factor resulting in an increase of revenue of +14.9%. Operating result up +349 million euros compared to last year.

KLM Group



Current quarter Year-to-date
2023 change 2023 change
Revenue (in €m) 3,111 +11.8% 5,632 +20.2%
EBITDA (in €m) 489 -6 559 -171
Operating result (in €m) 257 -5 129 -136
Operating margin (%) 8.3% -1.2pt 2.3% -3.4pt

KLM operations stabilized despite supply chain, tight labor market and fleet issues at KLM Cityhopper and Transavia the Netherlands. Revenue grew by +11.8% compared to last year.

Nb: Sum of individual airline results does not add up to AF-KLM total due to intercompany eliminations at Group level.

******

The external auditors carried out limited review procedures. Their limited review report was issued following the Board meeting.

The results presentation is available at www.airfranceklm.com on July 28, 2023 from 7:15 am CET.

A conference call hosted by Mr. Smith (CEO) and Mr. Zaat (CFO) will be held on July 28, 2023 at 08.30 am CET.

To connect to the webcast, please use below link:

https://channel.royalcast.com/landingpage/airfranceklm/20230728_2/

Investor Relations Press
Michiel Klinkers Marouane Mami +33 1 41 56 56 00
Michiel.klinkers@airfranceklm.com mamami@airfranceklm.com

Income statement

Current Quarter Year to Date
in € million 2023 2022 Variation 2023 2022 Variation
restated * restated *
Revenues from ordinary activities 7,624 6,707 14% 13,953 11,152 25%
Aircraft fuel (1,662) (1,863) -11 % (3,442) (2,858) 20 %
Carbon emission (50) (15) 233 % (81) (27) 200 %
Chartering costs (153) (93) 65 % (243) (193) 26 %
Landing fees and air routes charges (506) (436) 16 % (919) (784) 17 %
Catering (207) (176) 18 % (393) (319) 23 %
Handling charges and other operating costs (468) (401) 17 % (894) (722) 24 %
Aircraft maintenance costs (597) (603) -1 % (1,245) (1,118) 11 %
Commercial and distribution costs (259) (230) 13 % (516) (384) 34%
Other external expenses (458) (368) 24 % (916) (702) 30 %
Salaries and related costs (2,156) (1,820) 18 % (4,164) (3,343) 25 %
Taxes other than income taxes (38) (34) 12 % (93) (80) 16 %
Other income and expenses 258 263 -2 % 567 530 7 %
EBITDA 1,328 931 43% 1,614 1,152 40%
Amortization, depreciation and provisions (595) (545) 9 % (1,188) (1,116) 6 %
Income from current operations 733 386 90% 426 36 nm
Sales of aircraft equipment 23 39 -41 % 28 39 -28 %
Other non-current income and expenses 17 (10) nm 15 (15) nm
Income from operating activities 773 415 86% 469 60 nm
Cost of financial debt (138) (136) 1 % (296) (277) 7 %
Income from cash & cash equivalent 59 1 nm 108 - nm
Net cost of financial debt (79) (135) -41% (188) (277) -32%
Other financial income and expenses (22) (238) -91 % 14 (286) nm
Income before tax 672 42 nm 295 (503) nm
Income taxes (61) 283 nm (21) 278 nm
Net income of consolidated companies 611 325 88% 274 (225) nm
Share of profits (losses) of associates 1 - nm 1 (1) nm
Net Income for the period 612 325 88% 275 (226) nm
Non-controlling interests 8 1 nm 15 2 nm
Net Income for the period - Equity holders 604 324 86% 260 (228) nm

* Restated figures include the change in accounting principles for CO2 quotas

Consolidated balance sheet

Assets June 30, 2023 December 31, 2022
(in € million) restated *
Goodwill 225 225
Intangible assets 1,114 1,127
Flight equipment 10,957 10,614
Other property, plant and equipment 1,389 1,375
Right-of-use assets 5,480 5,428
Investments in equity associates 121 120
Pension assets 83 39
Other non-current financial assets 1,443 1,184
Non-current derivative financial assets 159 262
Deferred tax assets 714 714
Other non-current assets 76 78
Total non-current assets 21,761 21,166
Other current financial assets 621 620
Current derivative financial assets 214 327
Inventories 754 723
Trade receivables 1,983 1,785
Other current assets 1,132 979
Cash and cash equivalents 6,169 6,626
Assets held for sale 82 79
Total current assets 10,955 11,139
Total assets 32,71632,305

* Restated figures include the change in accounting principles for CO2 quotas

Liabilities and equity June 30, 2023 December 31, 2022
(in € million)
Issued capital 2,571 2,571
Additional paid-in capital 5,217 5,217
Treasury shares (25) (25)
Perpetual 1,048 933
Reserves and retained earnings (11,582) (11,700)
Equity attributable to equity holders of Air France-KLM (2,771) (3,004)
Perpetual 524 510
Reserves and retained earnings 16 14
Equity attributable Non-controlling interests 540 524
Total equity (2,231) (2,480)
Pension provisions 1,661 1,634
Non-current return obligation liabilities and provisions for leased aircrafts and other provisions 3,885 4,149
Non-current financial liabilities 8,225 9,657
Non-current lease debt 3,227 3,318
Non-current derivative financial liabilities 39 21
Deferred tax liabilities 9 1
Other non-current liabilities 1,696 2,343
Total non-current liabilities 18,742 21,123
Current return obligation liabilities and provisions for leased aircrafts and other provisions 847 740
Current financial liabilities 675 896
Current lease debt 819 834
Current derivative financial liabilities 143 83
Trade payables 2,576 2,424
Deferred revenue on ticket sales 5,500 3,725
Frequent flyer programs 884 900
Other current liabilities 4,755 4,057
Bank overdrafts 6 3
Total current liabilities 16,205 13,662
Total liabilities 34,94734,785
Total equity and liabilities 32,71632,305

Statement of Consolidated Cash Flows from January 1 until June 30

Period from January 1 to June 30 2023 2022
(in € million) restated *
Net income 275 (226)
Amortization, depreciation and operating provisions 1,188 1,116
Financial provisions 100 69
Loss (gain) on disposals of tangible and intangible assets (49) (40)
Derivatives - non monetary result (5) (20)
Unrealized foreign exchange gains and losses, net (73) 240
Share of (profits) losses of associates (1) 1
Deferred taxes 19 (282)
Impairment 2 17
Other non-monetary items (152) (117)
Financial capacity 1,304758
(Increase) / decrease in inventories (33) (79)
(Increase) / decrease in trade receivables (167) (437)
Increase / (decrease) in trade payables 115 971
Increase / (decrease) in advanced ticket sales 1,757 2,276
Change in other assets and liabilities (130) 97
Change in working capital requirement 1,5422,828
Net cash flow from operating activities 2,8463,586
Acquisition of subsidiaries, of shares in non-controlled entities (2) -
Purchase of property plant and equipment and intangible assets (1,396) (1,457)
Proceeds on disposal of property plant and equipment and intangible assets 211 476
Dividends received 2 1
Decrease (increase) in net investments, more than 3 months (52) 6
Net cash flow used in investing activities (1,237) (974)
Increase of equity - 1,551
Payments to acquire treasury shares (1) -
Issuance of perpetual 728 -
Repayment on perpetual (595) (993)
Coupons on perpetual (52) (229)
Issuance of debt 1,558 552
Repayment on debt (2,969) (1,415)
Payments on lease debts (421) (442)
New loans (306) (175)
Repayment on loans 104 16
Dividends paid (90) -
Net cash flow from financing activities (2,044) (1,135)
Effect of exchange rate on cash and cash equivalents and bank overdrafts (net of cash acquired or sold) (25) 40
Change in cash and cash equivalents and bank overdrafts (460) 1,517
Cash and cash equivalents and bank overdrafts at beginning of period 6,623 6,654
Cash and cash equivalents and bank overdrafts at end of period 6,163 8,171

* Restated figures include the change in accounting principles for CO2 quotas

Return on capital employed (ROCE)

In € million Jun 30,
2023
Mar 31,
2023
Dec 31,
2022
Sep 30,
2022
Jun 30,
2022
Mar 31,
2022
Dec 31,
2021
Sep 30,
2021
restated * restated * restated * restated * restated * restated *
Goodwill and intangible assets 1,339 1,351 1,352 1,350 1 361 1 363 1 380 1 384
Flight equipment 10,957 10,954 10,614 10,298 10 521 10 537 10 466 10 478
Other property, plant and equipment 1,389 1,372 1,375 1,349 1 358 1 378 1 402 1 418
Right of use assets 5,480 5,304 5,428 5,536 5 439 5 205 5 148 5 061
Investments in equity associates 121 122 120 111 108 107 109 172
Financial assets excluding marketable securities and financial deposits 190 169 169 164 162 158 157 147
Provisions, excluding pension, cargo litigation and restructuring (4,248) (4,255) (4,347) (4,792) (4 473) (4 240) (4 180) (4 180)
WCR, excluding market value of derivatives (11,467) (11,313) (9,882) (10,359) (11 080) (9 480) (8 185) (7 923)
Capital employed 3,761 3,704 4,829 3,657 3 396 5 028 6 297 6 557
Average capital employed (A) 3,988 5,320
Adjusted results from current operations 1,584 344
- Dividends received (2) -
- Share of profits (losses) of associates 15 (12)
- Normative income tax (412) (80)
Adjusted result from current operations after tax (B) 1,185 252
ROCE, trailing 12 months (B/A) 29.7% 4,7%

* Restated figures include the change in accounting principles for CO2 quotas

The ROCE is positively impacted by high working capital due to payment deferral of social charges and salary taxes.

Net debt



(in € million)
June 30, 2023 December 31, 2022
Current and non-current financial liabilities 8,900 10,553
Current and non-current lease debt 4,046 4,152
Accrued interest (55) (127)
Deposits related to financial liabilities (102) (101)
Deposits related to lease debt (100) (99)
Derivatives impact on debt (15) (35)
Gross financial liabilities (I) 12,674 14,343
Cash and cash equivalents 6,169 6,626
Marketable securities > 3 months 624 572
Bonds 987 811
Bank overdrafts (6) (3)
Net cash (II) 7,774 8,006
Net debt (I-II) 4,900 6,337

Adjusted operating free cash flow

Current Quarter Year to Date
2023 2022 2023 2022
(in € million) restated * restated *
Net cash flow from operating activities 1,296 2,237 2,846 3,586
Purchase of property plant and equipment and intangible assets (617) (785) (1,396) (1,457)
Proceeds on disposal of property plant and equipment and intangible assets 80 305 211 476
Operating free cash flow 759 1,757 1,661 2,605
Payments on lease debts (202) (225) (421) (442)
Operating free cash flow adjusted 557 1,532 1,240 2,163

* Restated figures include the change in accounting principles for CO2 quotas

Bridge from EBITDA to Self-financing capacity

Current Quarter Year to Date
2023 2022 2023 2022
(in € million) restated * restated *
EBITDA 1,328 931 1,614 1,152
Provisions (risk and other) (1) (13) (9) (13)
Correction of spare parts inventory 2 1 2 3
Addition to pension provisions 38 33 71 65
Reversal to pension provisions (cash-out) (17) (19) (31) (32)
Sales of tangible and intangible assets (excluding aeronauticals) - 1 (2) 1
Income from operating activities - cash impact 1,350 934 1,645 1,176
Restructuring costs (31) (68) (66) (125)
Other non-current income and expenses (1) - (3) (2)
Cost of financial liability (139) (139) (402) (283)
Financial income 54 (3) 98 (8)
Realized foreign exchanges gain/loss 2 (11) 40 3
Settlement of forwards derivatives - cash (1) - (1) -
Other financial charges & expenses - cash (4) - (4) -
Current income tax (4) - (2) (4)
Other elements (2) - (1) 1
Self-financing capacity 1,224 713 1,304 758

* Restated figures include the change in accounting principles for CO2 quotas

Unit cost: net cost per ASK

Current Quarter Year to date
2023 2022 2023 2022
Total operating expenses (in €m) 6,891 6,321 13,526 11,116
Total other revenues (in €m) (637) (563) (1,256) (1,082)
Net cost (in €m) 6,253 5,758 12,270 10,034
Capacity produced, reported in ASK* 78,144 72,127 147,727 130,192
Net cost per ASK (in € cents per ASK) 8.00 7.98 8.31 7.71
Gross change 0.2% 7.8%
Currency effect on net costs (in €m) (17) 43
Change at constant currency 0.5% 7.3%
Fuel price effect (in €m) -319 134
Net cost per ASK on a constant currency and constant fuel price
(in € cents per ASK)
8.00 7.52 8.31 7.84
Change at constant currency and constant fuel price 6.4% 5.9%
Furlough +42 +253
8.0 7.6 8.3 8.0
Change at constant currency and constant fuel price excluding furlough 5.6% 3.3%

Group fleet at 30 June 2023

Aircraft type AF (incl. HOP)4 KL (incl. KLC & MP)4 Transavia Owned Finance lease Operating lease Total In operation Change vs 31/12/22
B777-300 43 16 20 15 24 59 59
B777-200 18 15 28 1 4 33 33
B787-9 10 13 4 7 12 23 23
B787-10 10 2 8 10 10 3
A380-800 4 2 1 1 4
A350-900 20 3 7 10 20 20
A330-300 5 5 5 5
A330-200 15 6 11 10 21 21
Total Long-Haul 110 65 0 70 39 66 175 171 3
B737-900 5 5 5 5
B737-800 31 110 34 8 99 141 135 10
B737-700 6 4 7 3 10 10
A321 16 9 7 16 16 -2
A320 39 4 3 32 39 37 -2
A319 15 10 5 15 14 -3
A318 9 5 4 9 7 -2
A220-300 25 17 8 25 25 10
Total Medium-Haul 104 42 114 91 11 158 260 249 11
Canadair Jet 1000 4 4 4
Canadair Jet 700
Embraer 195 E2 16 16 16 16 2
Embraer 190 19 30 17 4 28 49 49
Embraer 175 17 3 14 17 17
Embraer 170 13 10 3 13 13
Embraer 145
Total Regional 36 63 0 34 18 47 99 95 2
B747-400ERF 3 3 3 3
B747-400BCF 1 1 1 1
B777-F 2 2 2 2
Total Cargo 2 4 0 4 0 2 6 6 0
Total 252 174 114 199 68 273 540 521 16

2023 TRAFFIC

Passenger network activity

Current quarter Year to date
Total network airlines 2023 2022 variation 2023 2022 variation
Passengers carried ('000s) 18,743 17,556 7% 34,530 29,498 17%
Revenue pax-kilometers (m RPK) 58,319 52,479 11% 111,284 91,346 22%
Available seat-kilometers (m ASK) 66,714 61,697 8% 128,690 114,268 13%
Load factor (%) 87% 85% 2pt 86% 80% 7pt
Long-haul
Passengers carried ('000s) 6,370 5,765 10% 12,309 10,145 21%
Revenue pax-kilometers (m RPK) 47,373 42,070 13% 91,882 74,396 24%
Available seat-kilometers (m ASK) 53,792 49,285 9% 105,331 92,525 14%
Load factor (%) 88% 85% 3pt 87% 80% 7pt
North America
Passengers carried ('000s) 2,459 2,282 8% 4,244 3,520 21%
Revenue pax-kilometers (m RPK) 17,457 16,330 7% 30,308 25,386 19%
Available seat-kilometers (m ASK) 19,481 19,139 2% 35,096 32,291 9%
Load factor (%) 90% 85% 4pt 86% 79% 8pt
Latin America
Passengers carried ('000s) 859 767 12% 1,751 1,442 21%
Revenue pax-kilometers (m RPK) 8,130 7,215 13% 16,623 13,726 21%
Available seat-kilometers (m ASK) 9,103 8,144 12% 18,493 15,801 17%
Load factor (%) 89% 89% 1pt 90% 87% 3pt
Asia / Middle East
Passengers carried ('000s) 1,280 859 49% 2,485 1,493 66%
Revenue pax-kilometers (m RPK) 10,019 6,117 64% 19,230 10,508 83%
Available seat-kilometers (m ASK) 11,557 7,390 56% 22,163 14,610 52%
Load factor (%) 87% 83% 4pt 87% 72% 15pt
Africa
Passengers carried ('000s) 994 936 6% 2,035 1,751 16%
Revenue pax-kilometers (m RPK) 6,039 5,568 8% 12,481 10,360 20%
Available seat-kilometers (m ASK) 7,145 6,839 4% 14,744 13,137 12%
Load factor (%) 85% 81% 3pt 85% 79% 6pt
Caribbean / Indian Ocean
Passengers carried ('000s) 778 920 (15)% 1,794 1,939 (7)%
Revenue pax-kilometers (m RPK) 5,728 6,840 (16)% 13,240 14,415 (8)%
Available seat-kilometers (m ASK) 6,506 7,773 (16)% 14,835 16,687 (11)%
Load factor (%) 88% 88% 0pt 89% 86% 3pt
Short and Medium-haul
Passengers carried ('000s) 12,373 11,791 5% 22,221 19,353 15%
Revenue pax-kilometers (m RPK) 10,945 10,409 5% 19,402 16,950 14%
Available seat-kilometers (m ASK) 12,923 12,412 4% 23,359 21,743 7%
Load factor (%) 85% 84% 1pt 83% 78% 5pt

Transavia activity

Current quarter Year to date
Transavia 2023 2022 variation 2023 2022 variation
Passengers carried ('000s) 5,921 5,247 13% 9,785 7,828 25%
Revenue seat-kilometers (m RSK) 10,179 8,886 15% 17,134 13,154 30%
Available seat-kilometers (m ASK) 11,429 10,430 10% 19,037 15,924 20%
Load factor (%) 89% 85% 4pt 90% 83% 7pt

Total Group passenger activity

Current quarter Year to date
Total Group 2023 2022 variation 2023 2022 variation
Passengers carried ('000s) 24,664 22,804 8% 44,315 37,326 19%
Revenue pax-kilometers (m RPK) 68,498 61,365 12% 128,418 104,499 23%
Available seat-kilometers (m ASK) 78,144 72,127 8% 147,727 130,192 13%
Load factor (%) 88% 85% 3pt 87% 80% 7pt

Cargo activity

Current quarter Year to date
Cargo 2023 2022 variation 2023 2022 variation
Revenue tonne-km (m RTK) 1,585 1,732 (8)% 3,143 3,498 (10)%
Available tonne-km (m ATK) 3,557 3,342 6% 6,845 6,316 8%
Load factor (%) 45% 52% (7)pt 46% 55% (9)pt

Air France activity

Current quarter Year to date
Total Passenger network activity 2023 2022 variation 2023 2022 variation
Passengers carried ('000s) 10,832 10,344 5% 20,289 17,449 16%
Revenue pax-kilometers (m RPK) 34,434 30,995 11% 66,415 54,082 23%
Available seat-kilometers (m ASK) 39,424 36,621 8% 76,736 67,491 14%
Load factor (%) 87% 85% 3pt 87% 80% 6pt
Long-haul
Passengers carried ('000s) 3,888 3,556 9% 7,584 6,322 20%
Revenue pax-kilometers (m RPK) 28,190 25,065 12% 55,151 44,517 24%
Available seat-kilometers (m ASK) 32,027 29,458 9% 63,174 55,192 14%
Load factor (%) 88% 85% 3pt 87% 81% 7pt
Short and Medium-haul
Passengers carried ('000s) 6,944 6,788 2% 12,704 11,127 14%
Revenue pax-kilometers (m RPK) 6,243 5,930 5% 11,264 9,565 18%
Available seat-kilometers (m ASK) 7,397 7,162 3% 13,562 12,300 10%
Load factor (%) 84% 83% 2pt 83% 78% 5pt
Cargo activity
Revenue tonne-km (m RTK) 789 890 (11)% 1,578 1,797 (12)%
Available tonne-km (m ATK) 1,977 1,861 6% 3,837 3,519 9%
Load factor (%) 40% 48% (8)pt 41% 51% (10)pt

KLM activity

Current quarter Year to date
Total Passenger network activity 2023 2022 variation 2023 2022 variation
Passengers carried ('000s) 7,911 7,212 10% 14,241 12,049 18%
Revenue pax-kilometers (m RPK) 23,885 21,484 11% 44,869 37,264 20%
Available seat-kilometers (m ASK) 27,290 25,077 9% 51,954 46,777 11%
Load factor (%) 88% 86% 2pt 86% 80% 7pt
Long-haul
Passengers carried ('000s) 2,482 2,209 12% 4,724 3,823 24%
Revenue pax-kilometers (m RPK) 19,183 17,005 13% 36,731 29,878 23%
Available seat-kilometers (m ASK) 21,764 19,827 10% 42,157 37,333 13%
Load factor (%) 88% 86% 2pt 87% 80% 7pt
Short and Medium-haul
Passengers carried ('000s) 5,429 5,003 9% 9,517 8,225 16%
Revenue pax-kilometers (m RPK) 4,702 4,479 5% 8,138 7,385 10%
Available seat-kilometers (m ASK) 5,525 5,250 5% 9,797 9,443 4%
Load factor (%) 85% 85% -pt 83% 78% 5pt
Cargo activity
Revenue tonne-km (m RTK) 796 842 (5)% 1,564 1,701 (8)%
Available tonne-km (m ATK) 1,581 1,480 7% 3,008 2,797 8%
Load factor (%) 50% 57% (7)pt 52% 61% (9)pt


1 change is nominal and not corrected for fuel price
2 against a constant fuel price, constant currency and excluding furlough contribution
3 refers to 2024-2026 period
4 Excluding Transavia


© 2023 GlobeNewswire (Europe)
Hensoldt, Renk & Rheinmetall teuer
Rheinmetall, Renk und Hensoldt haben den Rüstungsboom der letzten Jahre dominiert, doch inzwischen sind diese Titel fundamental heillos überbewertet. KGVs jenseits der 60, KUVs über 4, und das in einem politisch fragilen Umfeld mit wackelnder Haushaltsdisziplin. Für späteinsteigende Anleger kann das teuer werden.

Doch es gibt Alternativen, die bislang unter dem Radar fliegen; solide bewertet, operativ stark und mit Nachholpotenzial.

In unserem kostenlosen Report zeigen wir dir, welche 3 Rüstungsunternehmen noch Potenzial haben und wie du von der zweiten Welle der Zeitenwende profitieren kannst, ohne sich an überhitzten Highflyer zu verbrennen.

Holen Sie sich den neuesten Report! Verpassen Sie nicht, welche Aktien besonders vom weltweiten Aufrüsten profitieren dürften, und laden Sie sich das Gratis-PDF jetzt kostenlos herunter.

Dieses exklusive Angebot gilt aber nur für kurze Zeit! Daher jetzt downloaden!
Werbehinweise: Die Billigung des Basisprospekts durch die BaFin ist nicht als ihre Befürwortung der angebotenen Wertpapiere zu verstehen. Wir empfehlen Interessenten und potenziellen Anlegern den Basisprospekt und die Endgültigen Bedingungen zu lesen, bevor sie eine Anlageentscheidung treffen, um sich möglichst umfassend zu informieren, insbesondere über die potenziellen Risiken und Chancen des Wertpapiers. Sie sind im Begriff, ein Produkt zu erwerben, das nicht einfach ist und schwer zu verstehen sein kann.