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Air France-KLM Group Reports Second Quarter Net Profit of €324 Million, H1 Net Loss of €228 Million

Air France-KLM Group has reported a second quarter net profit of €324 million, an improvement of €1.8 billion versus the same period last year. For the first half of 2022 (H1) the Group reported a net loss of €228 million, a year-over-year improvement of €2.74 billion.

Air France KLM Group Reports Second Quarter and H1 2022 Financial Results - Courtesy Air France-KLM Group

On Friday (July 29, 2022), Air France-KLM Group reported their second quarter and first half (H1) 2022 financial results for the period ending June 30, 2022. The Group reported a first quarter net profit of €324 million, an improvement of €1.8 billion compared to Q2 2021, on a year-over-year constant currency increase in revenue of 138.7 percent to €6.7 billion. The recognition of tax assets at KLM in the amount of around €300 million helped support the Q2 net positive result. For H1, the Group reported a net loss of €228 million, and improvement of €2.7 billion versus H1 2021, on a year-over-year constant currency revenue increase of 127.1 percent to €11.2 billion. As of June 30, 2022, the company had €11.9 billion in liquidity, including cash, cash equivalents, short-term investments and available credit lines.

In Friday’s announcment, Air France-KLM Group’s CEO, Benjamin Smith, said,

“The strong recovery we see this summer is putting the entire aviation industry to the test. While Air France-KLM had prepared for close to pre-pandemic demand levels, our airlines are not immune to the major operational challenges taking place around the world. Customer satisfaction is at the top of our priorities and we know we have not fully been able to deliver the quality of service that has come to be expected from us. I would like to thank our customers for their trust and patience. I would also like to express my gratitude towards our employees for their unwavering commitment, even in difficult situations. It is thanks to their dedication and sense of collective responsibility that we are able to post better-than-expected revenues and results this quarter. Going forward we will continue to implement our strategy in order to further transform our organization. We aim to increase our resilience to the changes of our environment while continuing to accelerate our efforts to make our Group and aviation as a whole more sustainable.”

The Group has already successfully achieved €2.8 billion in equity measures out of up to €4.0 billion announced in February 2022. Air France-KLM Group also redeemed €1.6 billion of the French State perpetual bonds, including coupon, while KLM fully repaid the State backed RCF and direct Dutch State loan totaling €942 million. The Group’s FY 2022 Net CAPEX is estimated at around €2.5 billion, comprised of 80 percent fleet and fleet related expenditures, and 20 percent IT and Ground related costs. On July 28, 2022, Air France and Apollo closed on an investment of €500 million by Apollo Funds to finance a new ad hoc affiliate of Air France owning a pool of spare engines.

During the second quarter, Air France added three new Airbus A350-900s and two A220-300s, while one Boeing 777-200, one A320, one A319, two Embraer E170s and five Canadair Jet 1000s were phased out.

The Group’s cargo capacity increased versus Q2 2021 by 27.4 percent as measured in Available Ton Kilometers (ATKs), largely attributable to an increase in worldwide belly hold capacity, except Asia. The limited belly capacity to Asia resulted in a traffic decrease of 17.2 percent and contributed to an overall load factor decrease of 27.9 percent. However, yields remain at consistently high levels, up 17.4 percent compared to 2021.

Air France KLM Group's Select Financial and Operation Results for the Second Quarter and H1 2022 - Courtesy Air France-KLM Group

In a separate press release on Friday (July 29, 2022) from KLM Royal Dutch Airlines, the carrier announced their second quarter and H1 financial results for the period ending June 30, 2022. KLM reported a second quarter net profit of €262 million versus a loss of €185 million in Q2 2021. For H1, KLM reported a positive operating result of €266 million on revenues of €4.69 billion.

In Friday’s announcement, KLM’s President & CEO, Marjan Rintel, said,

“Despite the enormous operational challenges posed by the recovery of the airline industry, millions of customers once again chose to fly with KLM and Transavia over the past six months. I am very grateful to them for that. At the same time, however, our operations are struggling with queues at Schiphol’s security checks, labour shortages and heavy workloads. We are doing our best to come up with measures that will alleviate the pressure. In my initial meetings with members of our organisation, I saw how KLM employees are working hard, day-in and day-out, to deliver the standard of quality that customers have come to expect from us. They are doing this under very difficult circumstances at Schiphol and other airports. I am proud of all of them for their dedication and commitment. While the figures are good, we must keep a tight rein on structural costs. That is vital to KLM’s financial health and will enable us to continue investing in sustainability and our product for customers.”

Air France-KLM Group's Q2 and H1 2022 Financial Results by Airlines - Courtesy Air France-KLM

Also commenting on the airline’s Q2 and H1 2022 financial results, KLM’s CFO, Erik Swelheim added,

“Thanks to the rapid return of passengers and the resilient cargo market, KLM has recorded positive operating results for the fourth quarter in a row. The first half of 2022 marks a significant improvement in comparison with the first six months of 2021. Costs are rising, however, owing to inflation and the steep hike in the price of oil. It remains vital to our profitability and competitiveness to continue focusing on structural cost savings.”

Key Facts and Figures from KLM's Second Quarter and H1 2022 Operating Results - Courtesy KLM

Source(s): Air France-KLM Group, KLM Royal Dutch Airlines

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