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  • Joe Breitfeller

Air France-KLM Group Reports Third Quarter Net Income of €460 Million

Air France-KLM Group has reported a third quarter net profit of €460 million on a 72.2 percent year-over-year increase in revenue to €8.1 billion. The Group’s third quarter operating result was €1.02 billion with a 12.6 percent margin, versus 12.0 percent in 2019.

Air France-KLM Group Reports Third Quarter 2022 Financial Results - Courtesy Air France-KLM Group

On Friday (October 28, 2022), Air France-KLM Group reported their third quarter financial results for the period ending September 30, 2022. The Group reported operating income of €1.02 billion with a 12.6 percent margin, above the pre-pandemic margin of 12.0 percent during Q3 2019, and a net profit of €460 million. Revenue for the third quarter increased year-over-year by 72.2 percent to €8.1 billion. During the third quarter, the Group reduced their net debt by €2.3 billion compared to December 31, 2021, and the company expects a positive full-year operating result over €900 million. Air France-KLM Group’s third quarter revenue per available seat kilometer (RASK) was 9.49 euro cents, while cost per available seat kilometer at constant fuel (CASK) was 8.21 euro cents. At September 30, 2022, the Group had €12.3 billion of liquidity and credit lines at their disposal.

In the Group’s third quarter report, Air France-KLM Group’s CEO, Mr. Benjamin Smith, said,

“Thanks to solid preparation and to our agile approach to capacity, Air France-KLM was able to make the most of the strong travel demand this quarter. While the situation remains unsatisfactory in some key airports-, notably impacting KLM at its Amsterdam Schiphol hub, we saw significant improvements following the operational challenges that had erupted earlier this year. The Group posted a strong operating result in spite of rising fuel costs and inflation, and the Group remains confident in its ability to further increase capacity during the Winter season.

“I would like to thank all customers who chose to fly with us, and our employees who did their very best to welcome them at every step of their journey. Going forward we will continue to implement our transformation plan and accelerate our sustainability efforts, as illustrated by the recent signing of long-term SAF supply contracts. This reinforces our position as a responsible leader in transportation, as well as our commitment to being frontrunners in the decarbonization of our industry.”

Air France-KLM Group Third Quarter and 9M 2022 Financial Results - Courtesy Air France-KLM Group

In December 2021, Group repaid €500 million of the €4.0 billion French State guaranteed loan from a consortium of nine banks during the COVID-19 crisis (PGE). Additionally, by the end of June 2022, KLM fully repaid their RCF and Dutch State Loan of €900 million. In November 2022, the Air France-KLM Group plans on deleveraging and reprofiling their unsecured debt and will proceed with a partial and early redemption of the PGE, in the amount of €1.0 billion of the remaining outstanding debt of €3.5 billion.

During the third quarter, Air France added one new Airbus A350-900 and two Airbus A220-300s to their fleet, while retiring one Boeing 777-200, two Airbus A380-800s, two Airbus A320s, one Airbus A319, one Airbus A318 and two Canadair Jet 1000s. KLM also added one Embraer E195-E2 to their fleet. At September 30, 2022, the Group’s fleet included a total of 530 aircraft.

Source: Air France-KLM

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