Passenger
�� Stable load factor at 78.0% (-0.2 points)
�� Progressive recovery in unit revenue
Cargo
�� 3.7 point improvement in load factor (72.4%) with a strong improvement in unit revenue.
Passenger business
November saw a 3.2% decline in traffic, in line with the reduction in capacity of 2.9%. The load factor was almost stable at 78.0% (-0.2 points). The group carried 5.4 million passengers (-3.0%). The month of November 2008 was affected by a pilot strike at Air France which led to declines in traffic and capacity of 0.8% and 0.7% respectively.
As in October, unit revenues are progressively recovering relative to previous months, both in premium and economy class.
- On the Americas network, the decline in traffic (-3.3%) was well below the reduction in capacity (-5.2%) leading to a 1.7 point increase in load factor to 82.8%.
- The Asia network recorded a drop in traffic of 3.1% with capacity down 2.0%. The load factor declined by 0.9 points to 82.8%.
- On the Africa and Middle East network traffic fell 3.0% with capacity down by 1.1%. The load factor gave up 1.5 points to 75.3%.
- The Caribbean and Indian Ocean network recorded a 2.8% drop in traffic with stable capacity (+0.1%). As a result the load factor declined 2.5 points to 84.2%.
- On the European network traffic fell 3.5% with capacity down by 3.1%. The load factor was almost stable at 65.4% (-0.3 points).

Cargo business*
Cargo activity was more dynamic in November, with traffic down 14.7% and capacity reduced by 19.1%.
The load factor therefore gained 3.7 points to 72.4%. As in October, unit revenues recorded a much more limited decline than in previous months.

* Both traffic and capacity data for November 2008 are proforma, including Martinair.