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  • Joe Breitfeller

Air France-KLM Reports First Quarter Net Loss of €1.5 Billion on 57 Percent Revenue Decline to €2.2

The Air France-KLM Group has reported a first quarter 2021 net loss of €1.5 billion on a year-over-year revenue decline of 57 percent to €2.2 billion. At March 31, 2021, the Group had a total of €8.5 in liquidity and net debt of €12.5 billion.

Air France-KLM Reports First Quarter 2021 Financial Results - Courtesy Air France-KLM Group

On Thursday (May 6, 2021) the Air France-KLM Group reported their first quarter 2021 financial results for the period ending March 31, 2021. The Group reported a net loss of €1.5 billion on a 57 percent year-over-year decline in revenue to €2.2 billion. At the close of the first quarter, the Group had €8.5 billion in liquidity, including cash, cash equivalents and available credit lines, while net debt increased €1.5 billion from Q4 2020 to €12.5 billion. In early April 2021, the Group successfully executed balance sheet strengthening measures, resulting in an increase in €4 billion in equity and €1 billion increase cash.

In a May 5th Board of Directors meeting Chaired by Ms. Anne-Marie Couderc, Air France-KLM Group’s CEO, Mr, Benjamin Smith, said,

“A year into the COVID crisis, lockdown measures and travel restrictions in our home markets and around the world continue to strongly impact the Group’s activity. In this ever-challenging environment, the Group has nevertheless shown its resilience, maintaining a strict control of its capacity and costs. The success of the first set of capital-strengthening measures completed in April, allows us to look forward to the summer season with greater confidence, hoping that the progress of the vaccination roll-out worldwide and the implementation of travel passes will allow borders to reopen and traffic to recover.

“In the meantime, we have accelerated the implementation of our transformation plan to build a solid post-crisis model. This includes the execution of our voluntary departure plans, which are progressing as expected. In the coming months, we will continue our strict cost control approach while reinforcing our sustainability commitments, in line with our ambitious environmental roadmap.”

Air France-KLM Group's First Quarter 2021 Income Statement - Courtesy Air France-KLM

During the first quarter, the Group added two Embraer E195-E2s, one Airbus A350-900 and two Boeing 777-300s, while Transavia’s growth plans remain in place and the carrier added eight Boeing 737-800s. With a capacity reduction of 16 percent, primarily driven by reduced passenger aircraft belly-hold capacity, and increasing demand, the Group’s cargo revenue increased year-over-year by 80 percent to €839 million. Air France-KLM's net employee costs for the first quarter were down 39 percent compared to Q1 2020, primarily attributable to staff reductions and short work schemes. The company’s average number of FTEs (Full Time Equivalents) at the end of the quarter stood at 76,000, down 400 versus Q4 2020.

Source: Air France-KLM Group

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