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WKN: A3EJGH | ISIN: FR001400J770 | Ticker-Symbol: AFR0
Tradegate
24.04.24
20:19 Uhr
9,996 Euro
+0,026
+0,26 %
1-Jahres-Chart
AIR FRANCE-KLM SA Chart 1 Jahr
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AIR FRANCE-KLM SA 5-Tage-Chart
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AIR FRANCE - KLM: 2023 Full Year Results

FULL YEAR RESULTS 2023

February 29, 2024

Sustained demand translating into improved operating margin at 5.7%

Group's equity restored
  • Group capacity at 93% compared to 2019 with load factor at 87%
  • Group revenues at €30.0bn, up 14% compared to last year
  • Operating result at €1.7bn with an operating margin at 5.7%, up +1.2pt compared to last year
  • Net income at €0.9bn driving a return in positive equity at €0.5bn for the first time since 2019
  • Net debt down by €1.3bn, compared to end of 2022 leading to a Net debt/EBITDA ratio of 1.2x; Cash at hand at €10.5bn
  • 2 inaugural credit ratings highlighting the Group's ongoing transformation and an improved financial structure

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

"In 2023, we delivered on our commitment to strong operational and financial performance, while also maintaining our position as a benchmark airline Group for sustainability. Among our major achievements, we can be satisfied of our efforts to further strengthen our balance sheet and restore the Group's equity. We also placed a historic order for fifty Airbus A350s with purchase rights for forty additional aircraft, thereby accelerating our fleet's renewal with latest-generation aircraft that offer improved fuel efficiency, lower CO2 and noise emissions, and an enhanced experience for our customers. We also confirmed our position as the world's leading user of sustainable aviation fuel, demonstrating our determination to double down on this key decarbonization lever to achieve our sustainability objectives. I would like to thank all Air France-KLM employees whose hard work has made these accomplishments possible. Looking ahead to 2024, a key priority will be to continue reinforcing our performance, via the continued execution of our strategy. This year will mark Air France-KLM's 20th anniversary, an occasion made all the more special by the Paris 2024 Olympic and Paralympic Games, of which Air France is a proud official sponsor. We look forward to welcoming the world to France - athletes, delegates, supporters and more - onboard our aircraft to celebrate the world's largest event."

Operating result impacted by cargo unit revenue, geopolitical situation and disruptions in Q4

Fourth quarterFull Year
2023changechange
constant currency
2023changechange
constant currency
Revenues (€m)7,407+3.9%+6.7%30,019+13.7%+15.1%
EBITDA (€m)601-185-1594,208593624
Operating result (€m)-56-190-1641,712519550
Operating margin (%)-0.8%-2.6pt-2.3pt5.7%+1.2pt+1.2pt
Net income - Group part (€m)-256-752 934206
Adj. operating free cash flow (€m)-1,198-648 -392-2,295
31 Dec 202331 Dec 2022
Net Debt5,0416,337
EBITDA trailing 12 months4,2083,615
Net Debt/EBITDA ratio1.2x1.8x
Fourth quarterFull Year
2023changechange
constant currency
2023changechange
constant currency
Group unit revenue per ASK
(€ cts)
8.56-3.6%-1.2%8.80+3.3%+4.5%
Group unit cost per ASK (€ cts) at constant fuel8.63-0.7%+3.5%8.25+1.8%+4.7%

Fourth Quarter 2023

In the fourth quarter, revenues were up +6.7% at a constant currency compared to Q4 2022 supported by a combination of an increase in capacity (+6%) and an improved passenger yield (+3.2%) partly absorbed by a cargo unit revenue decrease (-31.8%).

The operating result was €190 million below last year standing at -€56 million and was impacted by the geopolitical situation in Africa and in the Middle East (€65m) and an increase of the unit cost, although partly compensated by a lower jet fuel price.

The group unit cost per ASK at constant fuel and constant currency is up 3.5% versus last year due an increase in operational disruption costs for €70 million and a one-time non-cash impact (IFRS2) related to the employee shareholding plan for €30m.

Full-Year 2023

Air France-KLM recorded the highest revenue in its history in 2023, amounting to €30bn, up +15.1% at constant currency. The operating margin stood at 5.7%, sequentially improving by +1.2pt compared to last year thanks to a combination of strong yield and load factor. Net income amounted to €934 million, up by €206 million, which, combined with the quasi equity financings occurred during the year, leads to a return in positive equity (€0.5bn).

The full year adjusted operating free cash flow was impacted by the payment of the wage taxes, pensions & social charges accumulated during Covid (€350 million).

In January 2024, Air France fully redeemed €610 million of the deferred pensions payment to the Caisse des Retraites des Personnels Navigants (CRPN). The Group thanks the CRPN pilots for their support. The Group will redeem the remaining social charges and wage taxes of around €1.7 billion until 2027.

The net debt ended at €5.0 billion representing an improvement of €1.3 billion compared to 2022.

Passenger unit revenue up thanks to improved load factor and yield

Fourth quarterFull Year
2023changechange
constant currency
2023changechange
constant currency
Passengers (thousands)22,347+6.4% 93,565+12.3%
Capacity (ASK m)77,024+6.0% 309,505+9.5%
Traffic (RPK m)65,691+5.3% 270,134+13.7%
Passenger load factor85.3%-0.6pt 87.3%+3.3pt
Passenger unit revenue per ASK (€ cts)7.90+0.4%+2.8%8.15+9.5%+10.7%

In the fourth quarter 2023, Air France-KLM welcomed 22.3 million passengers which is 6.4% above previous year. As capacity increased by 6.0% and traffic grew by 5.3%, the load factor was broadly stable at -0.6 point compared to last year.

The Group passenger unit revenue per ASK was up +2.8% at constant currency compared to last year. This increase was driven by an increase in yield across all long-haul geographies and Short & Medium-haul.

Upsizing and the completion of a quasi-equity financing of €1.5 billion

Following the signing on October 26, 2023, of a definitive agreement between Air France-KLM and Apollo (NYSE: APO) regarding the financing of a dedicated operating affiliate of Air France-KLM, the companies announced on November 30th, that they have completed the transaction for an upsized total amount of €1.5 billion.

The financing by Apollo-managed and third-party investment vehicles supports a dedicated operating affiliate of Air France-KLM that holds the trademark and most of the commercial partners contracts related to Air France and KLM's joint loyalty program ("Flying Blue") as well as the exclusive right to issue "Miles" for the airlines and their partners. The financing is accounted for as equity under IFRS. As announced by Air France-KLM during its Q3 2023 results, this outcome materializes the steps implemented by the Group to restore its IFRS equity to positive by year end.

The transaction upsize to €1.5 billion reflects strong investor confidence and the quality of Air France-KLM Flying Blue Miles issuance activity. The transaction terms disclosed in late October 26, 2023, remain unchanged, with a fixed coupon of 6.4% p.a. for the first four years, with the right for Air France KLM to redeem with at overall financing fixed cost of 6.75% at the first call date.

The agreed structure will incur no material changes for Flying Blue members. Air France-KLM will continue managing and operating the Flying Blue loyalty program, and Air France and KLM will each keep full control on the Flying Blue customer database. In addition, the financing structure will not affect social aspects for Air France, KLM nor Air France-KLM employees' contracts.

Success of Air France-KLM Group's global employee shareholding plan

On December 21st, 2023, Air France-KLM has successfully finalized its "Partners for the future" employee shareholding offer, a capital increase reserved for approximately 75,000 eligible employees of the Group, launched in November 2023.

For this Group's first worldwide operation, approximately 17,000 employees located in 19 countries, representing approximately 22% of the total workforce of the Group, have subscribed to the "Partners for the future" offer, enabling them to invest in Air France-KLM shares on preferential terms.

The total subscription amounts to nearly 46,073,029 euros, corresponding to the issue of 5,716,256 new shares with a par value of one euro each. As a result, the Company's share capital was increased by 5,716,256 euros, from 257,053,613 euros to 262,769,869 euros.

Following this issuance, the employee shareholders in Air France-KLM's share capital, within the meaning of Article L. 225-102 of the French Commercial Code, is just over 3% of the share capital.

2024 OUTLOOK

Capacity

The Group expects the capacity in Available Seat Kilometers for Air France-KLM Group including Transavia to increase by 5% in 2024 compared to 2023.

Unit cost1

For the first quarter 2024, the Group expects a unit cost up +4% compared to 2023 due to the continuation of high disruption cost in the first two months and a one-time payment of 2% of the yearly salary to the KLM staff as agreed in the Collective Labour Agreement.

For the full year 2024, the Group expects a unit cost in the range of 1% to 2% compared to 2023.

Capex

Full year 2024 net capex is expected to stand between 3.0 billion and 3.2 billion euros.

Business review

Strong year for the network operations

Network

Fourth quarterFull Year
2023changechange
constant currency
2023changechange
constant currency
Traffic revenues (€m)6,055+1.9%+4.6%24,560+12.4%+13.9%
Total revenues (€m)6,342+2.2%+4.8%25,636+12.6%+14.0%
Operating result (€m)60-178-1551,693+562+574
Operating margin (%)0.9%-2.9 pt 6.6%1.6 pt

Compared to the fourth quarter 2022, total revenues increased by +2.2% to €6,342 million. The operating result was positive and stood at €60 million despite geopolitical tensions. The increase in revenues was driven by the high demand in passenger network despite the weakening of Cargo market.

Altogether, the network activity posted a strong operating result at €1,693 million in 2023, representing an improvement of €562 million compared to last year. As a consequence, the operating margin rose by 1.6pt to 6.6%. This result was mainly driven by a combination of strong yield and load factor at passenger business.

Like in Q4 2023, Q1 2024 will be impacted as well by operational disruptions, while Air France started to fly again to Tel Aviv as per 24th of January.

Robust growth in unit revenue

Passenger network

Fourth quarterFull Year
2023changechange
constant currency
2023changechange
constant currency
Passengers (thousands)17,736+7.6% 72,101+11.0%
Capacity (ASK m)67,333+6.5% 267,061+8.8%
Traffic (RPK m)57,527+5.8% 232,334+13.0%
Load factor85.4%-0.6pt 87.0%3.2pt
Total passenger revenues (€m)5,691+6.2%+8.7%23,148+20.2%+21.5%
Traffic passenger revenues (€m)5,546+6.5%+9.2%22,548+20.0%+21.4%
Unit revenue per ASK (€ cts)8.230.0%+2.6%8.44+10.2%+11.6%

Fourth quarter 2023 capacity in Available Seat Kilometers (ASK) was 6.5% higher than last year and at 90% of 2019 level. Slightly lower traffic (+5.8%) than capacity growth has led to a steadiness in load factor at 85.4% (-0.6 point compared to last year) while yield continued to rise (+3% against a constant currency).

This performance had a positive impact on Unit revenue per ASK which rose by 2.6% at a constant currency.

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

North Atlantic
Q4 capacity for the region was +7.0% vs 2022 with a slightly lower load factor of -0.6pt and yield increased by 2.9% vs 2022. Overall a good performance, especially with additional capacity increasing revenues versus 2022.

Latin America
Demand remained very strong over the fourth quarter, enabling to further increase the yield by 3.9% with a high load factor at 89% against a robust 2022. Dynamic regions were Brazil and Central America.

Asia & Middle East
Capacity in the fourth quarter has significantly increased versus 2022, by 34.4% however still -26% below 2019 Growth was mainly driven by the growth in China. Yield and load factor remained stable compared to last year despite the geopolitical disruptions across the area. Middle East was impacted by side effects on Egypt and Lebanon due to cancellation on Israel. Dynamic regions over the quarter were India and South East Asia.

Caribbean & Indian Ocean
The fourth quarter continued to show capacity reductions compared to 2022 (-14.6%) due to redeployment of fleet to other long-haul areas. This lower capacity pushed the load factor up to 87% and yield improved by 12.3%.

Africa
Despite the geopolitical situation in Niger, Mali and Burkina Faso, the Group enjoyed continued strong demand resulting in a moderate growth of capacity where unit revenues kept stable. The yield showed resiliency and was up 1% above 2022 while the load factor was broadly stable (-0.7pt).

Short and Medium-haul
Capacity increased by +5.4% with different dynamics. KLM Medium Haul went up +11%, last year was relatively low due to operational issues. Air France Short and Medium Haul went moderate up by 2%. Air France reduced further its footprint in France.

Cargo: a lower unit revenue compared to 2022 due to cargo market situation

Cargo business

Fourth quarterFull Year
2023changechange
constant currency
2023changechange
constant currency
Tons (thousands)235-0.3% 875-6.1%
Capacity (ATK m)3,577+5.0% 14,076+6.2%
Traffic (RTK m)1,772+0.9% 6,550-4.9%
Load factor49.5%-2.0pt 46.5%-5.4pt
Total Cargo revenues (€m)651-22.9%-20.3%2,488-29.0%-27.6%
Traffic Cargo revenues (€m)510-30.4%-28.2%2,012-34.0%-32.9%
Unit revenue per ATK (€ cts)14.23-33.8%-31.8%14.29-37.9%-36.8%

In the fourth quarter, unit revenue was below last year, driven by a -31% yield decrease and a 2 points lower load factor due to an increase of belly capacity. The yield is still 32% higher than 2019.

Compared to last year, full-year revenues dropped by -22.9% although less than previous quarters. The traffic was stable year over year at 0.9% on the back of a strong demand in 2022. The load factor was 2.0 points below 2022, due to the increased belly capacity. The yield declined as well resulting in a decrease in unit revenue per Available Ton Kilometer of -31.8% at constant currency.

Transavia: full year load factor up by 4 points while capacity continued to increase

Transavia

Fourth quarterFull Year
2023change2023change
Passengers (thousands)4,611+2.4%21,464+16.9%
Capacity (ASK m)9,692+2.9%42,445+13.6%
Traffic (RPK m)8,163+2.3%37,800+18.7%
Load factor84.2%-0.5pt89.1%+3.9pt
Total Passenger revenues (€m)536+4.4%2,640+19.0%
Unit revenue per ASK (€ cts)5.61+3.2%6.34+4.6%
Unit cost per ASK (€ cts)6.79+2.3%6.56+3.8%
Operating result (€m)-114-1-97+2

The operating result of -€114 million in the fourth quarter is explained by seasonality and the geopolitical tensions in the Middle East (-€20m). Transavia's capacity increased by 2.9%, traffic increased by 2.3%, and the number of passengers increased by 2.4% resulting in a broadly stable load factor at 84.2% in the fourth quarter.

During 2023, Transavia pursued its growth to respond to the demand and satisfy customer expectations with a capacity increase of +13.6% compared to 2022. In total, the company launched 35 new routes in 2023 to various destinations in Europe and beyond from several French airports.

The forward booking load factor for the first half of 2024 is broadly stable compared to last year awhile capacity continues to grow. Transavia France restarted as per 1st of February to fly again to Israel.

Maintenance business: Strong recovery in 2023 despite supply chain issues

Maintenance

Fourth quarterFull Year
2023changechange
constant currency
2023changechange
constant currency
Total revenues (€m)1,208+18.6% 4,242+18.3%
Third party revenues (€m)521+28.7%+40.0%1,712+23.2%+26.9%
Operating result (€m)25+10+15150-13-6
Operating margin (%)2.1%+0.6pt+0.9pt3.5%-1.0pt-0.9pt

The maintenance segment continued its growth in the fourth quarter 2023. Total revenues increased by 18.6% compared with the same quarter last year while third party revenues increased by 40.0% at constant currency, showing a very strong recovery. The operating margin stood at 2.1%, which is 0.6 point higher than in 2022.

During 2023, external revenues strongly increased by +23.2% despite the supply chain disruption and a tight labour market.

The maintenance order book was evaluated at US$8.7 billion at December 31, 2023.

Fleet

Compared to the end of 2022 the group added three B787-10, seven A350-900, sixteen B737-800, sixteen A220-300, four Embraer 195-E2 and two Embraer 190. The Group welcomed as well its first A320 Neo and A321 Neo in December. The following aircraft left the fleet: three B737-700, three A321, two A320, six A319, three A318, three Embraer 170 and four CRJ-1000, as a result the fleet increased by twenty nine 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.

Strong profitability for both airlines in 2023

Air France Group



Fourth quarterFull Year
2023change2023change
Revenue (in €m)4,552+0.3%18,518+13.7%
EBITDA (in €m)390-1422,657+696
Operating result (in €m)-22-1651,085+602
Operating margin (%)-0.5%-3.6pt5.9%+2.9pt

Air France full-year performance is stemming from a strong performance of long-haul resulting in an increase of revenue of +13.7%. Operating result improved substantially to €1.1 billion, which is €602 million euros higher than last year. Transformation efforts as well as strong pricing momentum bore fruits and enabled Air France to improve its operating margin by 2.9pt, compared to 2022, to 5.9% despite the geopolitical situation faced since the second half of the year.

KLM Group



Fourth quarterFull Year
2023change2023change
Revenue (in €m)2,993+8.5%12,050+12.8%
EBITDA (in €m)227-341,572-107
Operating result (in €m)-18-16650-56
Operating margin (%)-0.6%-0.5pt5.4%-1.2pt

KLM's revenue grew by +12.8% on the back of improved operations, although not optimal yet due to supply chain, while operating margin stood at 5.4%, down -1.2pt compared to last year. KLM was operating with capacity constraints and in the fourth quarter some disruptions occurred linked to the bad weather in Amsterdam and weighted on the operating result development.

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

The audit procedures have been completed. The audit report is in the process of being issued.

******

The results presentation is available at www.airfranceklm.com on February 29, 2024 from 7:15 am CET.

A conference call hosted by Mr. Smith (CEO) and Mr. Zaat (CFO) will be held on February 29, 2024 at 08.30 am CET.

To connect to the webcast, please use below link:

https://channel.royalcast.com/landingpage/airfranceklm/20240229_1/

Investor Relations Press Office
Michiel KlinkersMarouane Mami+33 1 41 56 56 00
Michiel.klinkers@airfranceklm.commarouane.mami@airfranceklm.commail.mediarelations@airfranceklm.com

Income statement

Fourth QuarterYear to Date
in € million20232022Variation20232022Variation
restated * restated *
Revenues from ordinary activities7,4077,1284%30,01926,39314%
Aircraft fuel-1,945-2,057 -5 %-7,305-7,241 1 %
Carbon emission-64-82 -22 %-203-141 44 %
Chartering costs-142-101 41 %-551-387 42 %
Landing fees and air routes charges-450-439 3 %-1,908-1,710 12 %
Catering-211-195 8 %-829-720 15 %
Handling charges and other operating costs-464-418 11 %-1,856-1,608 15 %
Aircraft maintenance costs-718-613 17 %-2,549-2,256 13 %
Commercial and distribution costs-244-246 -1 %-1,029-887 16 %
Other external expenses-530-412 29 %-1,909-1,488 28 %
Salaries and related costs-2,339-2,049 14 %-8,650-7,289 19 %
Taxes other than income taxes-32-38 -16 %-164-156 5 %
Other income and expenses333308 8 %1,1421,105 3 %
EBITDA601786-24%4,2083,61516%
Amortization, depreciation and provisions-657-652 1 %-2,496-2,422 3 %
Income from current operations-56134nm1,7121,19344%
Sales of aircraft equipment-121nm3266 -52 %
Other non-current income and expenses-79-21nm-67-65 3 %
Income from operating activities-136134nm1,6771,19440%
Cost of financial debt-157-153 3 %-600-569 5 %
Income from cash & cash equivalent7733 133 %25341nm
Net cost of financial debt-80-120-33%-347-528-34%
Other financial income and expenses-27295nm-183-324 -44 %
Income before tax-243309nm1,147342nm
Income taxes12183 -93 %-164390nm
Net income of consolidated companies-231492nm983732nm
Share of profits (losses) of associates-12nm712 -42 %
Net Income for the period-231504nm99074433%
Non-controlling interests258nm5616nm
Net Income for the period - Equity holders-256496nm93472828%

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

Consolidated balance sheet

Assets December 31, 2023December 31, 2022
(in € million) Restated *
Goodwill224225
Intangible assets1,1281,127
Flight equipment11,50110,614
Other property, plant and equipment1,4311,375
Right-of-use assets5,9565,428
Investments in equity associates129120
Pension assets4539
Other non-current financial assets1,2621,184
Non-current derivatives financial assets148262
Deferred tax assets698714
Other non-current assets15378
Total non-current assets22,67521,166
Other current financial assets1,292620
Current derivatives financial assets122327
Inventories853723
Trade receivables2,1521,785
Other current assets1,120979
Cash and cash equivalents6,1946,626
Assets held for sale8279
Total current assets11,81511,139
Total assets34,49032,305

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

Liabilities and equityDecember 31, 2023December 31, 2022
(in € million)
Issued capital263 2,571
Additional paid-in capital7,560 5,217
Treasury shares-25 -25
Perpetual1,076 933
Reserves and retained earnings-10,925 -11,700
Equity attributable to equity holders of Air France-KLM-2,051-3,004
Perpetual2,524 510
Reserves and retained earnings27 14
Equity attributable Non-controlling interests2,551524
Total equity500-2,480
Pension provisions1,685 1,634
Non-current return obligation liability and other provisions3,805 4,149
Non-current financial liabilities7,538 9,657
Non-current lease debt3,581 3,318
Non-current derivatives financial liabilities56 21
Deferred tax liabilities- 1
Other non-current liabilities1,3762,343
Total non-current liabilities18,04121,123
Current return obligation liability and other provisions1,079 740
Current financial liabilities1,664 896
Current lease debt848 834
Current derivatives financial liabilities139 83
Trade payables2,447 2,424
Deferred revenue on ticket sales3,858 3,725
Frequent flyer programs899 900
Other current liabilities5,002 4,057
Bank overdrafts133
Total current liabilities15,94913,662
Total equity and liabilities34,49032,305

Statement of Consolidated Cash Flows from January 1 until December 31

Period from January 1 to December 3120232022
(in € million) restated *
Net income990 744
Amortization, depreciation and operating provisions2,496 2,422
Financial provisions216 145
Loss (gain) on disposals of tangible and intangible assets-63 -92
Loss (gain) on disposals of subsidiaries and associates- 1
Derivatives - non monetary result-2 -4
Unrealized foreign exchange gains and losses, net-92 151
Share of (profits) losses of associates-7 -12
Deferred taxes106 -436
Impairment1 32
Other non-monetary items-71 -204
Self-financing capacity3,5742,747
(Increase) / decrease in inventories-135 -155
(Increase) / decrease in trade receivables-330 -146
Increase / (decrease) in trade payables-23 570
Increase / (decrease) in advanced ticket sales128 1,092
Change in other assets and liabilities-89 574
Change in working capital requirement-4491,935
Net cash flow from operating activities 3,1254,682
Acquisition of subsidiaries, of shares in non-controlled entities-7 -3
Proceeds on disposal of subsidiaries, of shares in non-controlled entities- -1
Purchase of property plant and equipment and intangible assets -3,551 -2,798
Proceeds on disposal of property plant and equipment and intangible assets 867 880
Dividends received3 2
Decrease (increase) in net investments, more than 3 months-540 -59
Acquisition of warrants (1)-12 -
Net cash flow used in investing activities-3,240-1,979
Increase of equity35 1,551
Capital increase paid by shareholders and non-controlling interests9 3
Payments to acquire treasury shares-1 -
Issuance of perpetual2,718 798
Repayment on perpetual-595 -1,767
Coupon on perpetual-92 -252
Issuance of debt2,094 1,110
Repayment on debt-3,324 -3,078
Payments on lease debts -833 -861
New loans-335 -305
Repayment on loans129 45
Dividends paid-90 -
Net cash flow from financing activities-285-2,756
Effect of exchange rate on cash and cash equivalents-42 22
Change in cash and cash equivalents and bank overdrafts-442-31
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 6,181 6,623

* Restated figures include the change in accounting principles for CO2 quotas
(1) Participation to warrants issue of GOL 26 September.

Return on capital employed (ROCE)

In € millionDec 31, 2023Sept 30, 2023Jun 30,
2023
Mar 31,
2023
Dec 31,
2022
Sept 30, 2022Jun 30,
2022
Mar 31,
2022
restated (2)restated (1) (2)restated (1) (2)restated (1) (2)restated (1) (2)restated (1) (2)
Goodwill and intangible assets1,352 1,331 1,339 1,351 1,352 1,350 1,361 1,363
Flight equipment11,501 11,296 10,957 10,954 10,614 10,298 10,521 10,537
Other property, plant and equipment1,431 1,379 1,389 1,372 1,375 1,349 1,358 1,378
Right of use assets5,956 5,596 5,480 5,304 5,428 5,536 5,439 5,205
Investments in equity associates129 127 121 122 120 111 108 107
Financial assets excluding marketable securities, accrued interests and financial deposits219 191 190 169 169 164 162 158
Provisions, excluding pension, cargo litigation and restructuring-4,346 -4,481 -4,248 -4,255 -4,347 -4,792 -4,473 -4,240
WCR (3)-6,981 -7,804 -8,917 -8,696 -7,213 -7,609 -8,338 -6,736
Capital employed9,2617,6356,3116,3217,4986,4076,1387,772
Average capital employed (A)7,3826,954
Adjusted results from current operations1,7121,193
- Dividends received-1-1
- Share of profits (losses) of associates712
- Normative income tax-444-311
Adjusted result from current operations after tax (B)1,274893
ROCE, trailing 12 months (B/A)17.3%12.8%

(1) Proforma figures include restatement related to change in accounting scheme of ETS quotas (see financial statements of the period).

(2) Compared to previous periods, the working capital has been restated to exclude the report of social & fiscal charges granted consequently to Covid.

(3) Excluding the report of social & fiscal charges granted consequently to Covid.

Net debt



(in € million)
December 31, 2023December 31, 2022
Current and non-current financial liabilities9,20210,553
Current and non-current lease debt4,4294,152
Accrued interest-138-127
Deposits related to financial liabilities-107-101
Deposits related to lease debt-100-99
Derivatives impact on debt-1-35
Gross financial liabilities (I)13,28514,343
Cash and cash equivalent6,1946,626
Marketable securities > 3 months1,097572
Bonds966811
Bank overdrafts-13-3
Net cash (II)8,2448,006
Net debt (I-II)5,0416,337

Adjusted operating free cash flow

Fourth QuarterYear to Date
2023202220232022
(in € million) restated * restated *
Net cash flow from operating activities-3102063,1254,682
Purchase of property plant and equipment and intangible assets-1,271-750-3,551-2,798
Proceeds on disposal of property plant and equipment and intangible assets591202867880
Operating free cash flow-990-3424412,764
Payments on lease debts-208-208-833-861
Operating free cash flow adjusted-1,198-550-3921,903

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

Bridge from EBITDA to Self-financing capacity

Fourth QuarterYear to Date
2023202220232022
(in € million) restated * restated *
EBITDA6017864,2083,615
Provisions (risk and other)-1-1-11-16
Correction of spare parts inventory--51-1
Addition to pension provisions4428153125
Reversal to pension provisions (cash-out)-48-50-98-100
Payment linked with shares33-331
Sales of tangible and intangible assets (excluding aeronauticals)8-14-3
Income from operating activities - cash impact6377574,2903,621
Restructuring costs-20-58-112-233
Other non-current income and expenses-3--7-7
Cost of financial liability-159-153-710-582
Financial income722823125
Realized foreign exchanges gain/loss1-1137-22
Settlement of forwards derivatives - cash---3-
Other financial charges & expenses - cash-82--97-11
Current income tax34-20-64-46
Other elements6192
Self-financing capacity4865443,5742,747

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

Unit cost: net cost per ASK

Fourth QuarterYear to date
2023202220232022
Total operating expenses (in €m)7,4636,99428,30525,198
Total other revenues (in €m)-807-673-2,768-2,284
Net cost (in €m)6,6566,32025,53722,913
Capacity produced, reported in ASK77,02472,632309,505282,761
Net cost per ASK (in € cents per ASK)8.648.708.258.10
Gross change -0.7% 1.8%
Currency effect on net costs (in €m) -129 -245
Change at constant currency 1.4% 2.9%
Fuel price effect (in €m) -130 -388
Net cost per ASK on a constant currency and constant fuel price
(in € cents per ASK)
8.648.358.257.88
Change at constant currency and constant fuel price 3.5% 4.7%
Furlough +4 +269
8.648.358.257.97
Change at constant currency and constant fuel price excluding furlough 3.5% 3.5%

Group fleet at 31 December 2023

Aircraft typeAF (incl. HOP)2KL (incl. KLC & MP)1TransaviaOwnedFinance leaseOperating leaseTotalIn operationChange vs 31/12/22
B777-3004316 2015245959
B777-2001815 28143333
B787-91013 47122323
B787-10 10 28 10103
A380-8004 3 14
A350-90027 3101427266
A330-300 5 555
A330-200156 11 102121
Total Long-Haul1176507141701821779
B737-900 5 5 55
B737-800 311113589914214116
B737-700 647 31010
A321NEO 1 1111
A32115 8 71515-3
A320NEO 1 11
A32037 43303737-2
A31913 9 41313-4
A3186 4 266-3
A220-30032 22 10323217
Total Medium-Haul10342117941115726226022
Canadair Jet 10002 2 2
Embraer 195 E2 18 1818184
Embraer 1902130 1743051501
Embraer 175 17 314 1717
Embraer 17013 10 31313
Total Regional36650321851101985
B747-400ERF 3 3 33
B747-400BCF 1 1 11
B777-F2 222
Total Cargo240402660
Total2581761172017028055154136

2023 TRAFFIC

Passenger network activity

Fourth quarterYear to date
Total network airlines20232022variation20232022variation
Passengers carried ('000s)17,73616,4908%72,10164,96811%
Revenue pax-kilometers (m RPK)57,52754,3736%232,334205,66713%
Available seat-kilometers (m ASK)67,33363,2167%267,061245,3919%
Load factor (%)85%86%-1pt87%84%3pt
Long-haul
Passengers carried ('000s)6,4076,1195%25,65222,88712%
Revenue pax-kilometers (m RPK)47,98745,4656%191,386168,18414%
Available seat-kilometers (m ASK)55,65452,1387%217,864198,81710%
Load factor (%)86%87%-1pt88%85%3pt
North America
Passengers carried ('000s)2,2172,0637%9,1928,27911%
Revenue pax-kilometers (m RPK)15,70914,7926%65,29059,37510%
Available seat-kilometers (m ASK)18,29317,1017%74,66770,6086%
Load factor (%)86%86%-1pt87%84%3pt
Latin America
Passengers carried ('000s)850859-1%3,4803,10212%
Revenue pax-kilometers (m RPK)8,0478,175-2%33,02529,50212%
Available seat-kilometers (m ASK)9,0609,0310%36,53633,09710%
Load factor (%)89%91%-2pt90%89%1pt
Asia / Middle East
Passengers carried ('000s)1,4631,14927%5,3413,62347%
Revenue pax-kilometers (m RPK)11,5168,54435%41,76226,10460%
Available seat-kilometers (m ASK)13,51610,06034%47,92432,91346%
Load factor (%)85%85%0pt87%79%8pt
Africa
Passengers carried ('000s)1,0201,040-2%4,1443,8707%
Revenue pax-kilometers (m RPK)6,3706,3580%25,54823,17010%
Available seat-kilometers (m ASK)7,5247,4491%29,80427,9737%
Load factor (%)85%85%-1pt86%83%3pt
Caribbean / Indian Ocean
Passengers carried ('000s)8561,007-15%3,4954,012-13%
Revenue pax-kilometers (m RPK)6,3457,595-16%25,76230,032-14%
Available seat-kilometers (m ASK)7,2608,496-15%28,93334,225-15%
Load factor (%)87%89%-2pt89%88%1pt
Short and Medium-haul
Passengers carried ('000s)11,32910,3719%46,45042,08110%
Revenue pax-kilometers (m RPK)9,5418,9097%40,94837,4839%
Available seat-kilometers (m ASK)11,67911,0795%49,19746,5746%
Load factor (%)82%80%1pt83%80%3pt

Transavia activity

Fourth quarterYear to date
Transavia20232022variation20232022variation
Passengers carried ('000s)4,6114,5052%21,46418,35517%
Revenue seat-kilometers (m RSK)8,1637,9832%37,80031,83419%
Available seat-kilometers (m ASK)9,6929,4163%42,44537,36914%
Load factor (%)84%85%-1pt89%85%4pt

Total Group passenger activity

Fourth quarterYear to date
Total Group20232022variation20232022variation
Passengers carried ('000s)22,34720,9956%93,56583,32312%
Revenue pax-kilometers (m RPK)65,69162,3565%270,134237,50114%
Available seat-kilometers (m ASK)77,02472,6326%309,505282,7619%
Load factor (%)85%86%-1pt87%84%3pt

Cargo activity

Fourth quarterYear to date
Cargo20232022variation20232022variation
Revenue tonne-km (m RTK)1,7721,7571%6,5506,889-5%
Available tonne-km (m ATK)3,5773,4075%14,07613,2606%
Load factor (%)50%52%-2pt47%52%-5pt

Air France activity

Fourth quarterYear to date
Total Passenger network activity20232022variation20232022variation
Passengers carried ('000s)10,02510,153-1%41,76939,1307%
Revenue pax-kilometers (m RPK)34,58133,1374%139,682123,37813%
Available seat-kilometers (m ASK)40,61038,2486%160,725146,73110%
Load factor (%)85%87%-1pt87%84%3pt
Long-haul
Passengers carried ('000s)4,0263,8245%15,99314,26112%
Revenue pax-kilometers (m RPK)29,49627,6717%116,500101,24515%
Available seat-kilometers (m ASK)34,40031,5839%132,924119,43111%
Load factor (%)86%88%-2pt88%85%3pt
Short and Medium-haul
Passengers carried ('000s)5,9996,328-5%25,77724,8684%
Revenue pax-kilometers (m RPK)5,0855,466-7%23,18222,1335%
Available seat-kilometers (m ASK)6,2106,665-7%27,80127,3002%
Load factor (%)82%82%0pt83%81%2pt
Cargo activity
Revenue tonne-km (m RTK)910929-2%3,3073,559-7%
Available tonne-km (m ATK)2,0501,9535%7,9897,4977%
Load factor (%)44%48%-3pt41%47%-6pt

KLM activity

Fourth quarterYear to date
Total Passenger network activity20232022variation20232022variation
Passengers carried ('000s)7,7116,33722%30,33225,83817%
Revenue pax-kilometers (m RPK)22,94621,2368%92,65282,28913%
Available seat-kilometers (m ASK)26,72224,9687%106,33698,6608%
Load factor (%)86%85%1pt87%83%4pt
Long-haul
Passengers carried ('000s)2,3812,2944%9,6598,62612%
Revenue pax-kilometers (m RPK)18,49117,7934%74,88566,93912%
Available seat-kilometers (m ASK)21,25420,5553%84,94079,3867%
Load factor (%)87%87%-pt88%84%4pt
Short and Medium-haul
Passengers carried ('000s)5,3304,04332%20,67317,21220%
Revenue pax-kilometers (m RPK)4,4563,44329%17,76615,35016%
Available seat-kilometers (m ASK)5,4684,41324%21,39619,27411%
Load factor (%)81%78%3pt83%80%3pt
Cargo activity
Revenue tonne-km (m RTK)8628284%3,2443,330-3%
Available tonne-km (m ATK)1,5261,4535%6,0875,7626%
Load factor (%)56%57%0pt53%58%-4pt


1 against a constant fuel price, constant currency and excluding Emission Trading Scheme cost (ETS)
2 Excluding Transavia


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