Solid performance translating in a record operating profit
Operating margin at 15.5% driven by strong summer demand
• Group capacity at 94% compared to 2019 with load factor at 90%
• Group revenues at €8.7bn, up 7% compared to last year
• Operating result at €1.3bn with an operating margin at 15.5%
• Adjusted operating free cash flow at -€0.4bn driven by seasonal reversal of working
capital and cash at hand at €10.2bn (including RCF)
• Net debt down by €1.3bn, compared to end of 2022 leading to a Net debt/EBITDA ratio
of 1.1x
• Net income at €0.9bn, up €0.5bn compared to last year and further supporting equity
restoration
• Post-quarter events:
? Air France-KLM to take up to a maximum 19.9% non-controlling stake in the
share capital of the reorganized SAS AB, subject to approvals and conditions.
? Air France-KLM signed a definitive agreement for a quasi-equity financing for
€1.3 billion, with a potential upsize €1.5 billion
Commenting on the results, Mr. Benjamin Smith, Group CEO, said:
“Air France-KLM delivered a solid quarter, marked by remarkable results. This performance
was driven by strong summer demand. I would like to thank all our teams for their unfailing
commitment during the season. Throughout the quarter, we also made significant progress on
our sustainable strategic roadmap. Our landmark order for 50 Airbus A350 aircraft will
significantly accelerate the renewal of our long-haul fleet, with more fuel-efficient, costeffective and quieter aircraft. This new order represents a multi-billion investment to our
sustainability roadmap, coming on top of previous orders for new generation widebody and
narrowbody aircraft, and is complementary to our Sustainable Aviation Fuel commitments. It
confirms our ambition to reach 64% of next generation aircraft by 2028 and is another major
step towards our target of reducing our CO2
emissions per passenger kilometer by 30% by 2030. We have also continued our efforts to further restore our equity, while leveraging the value of the Group's assets, as illustrated by a non-dilutive financing agreement of our Flying Blue Loyalty program. Finally, we initiated a process to acquire up to 19.9% in SAS, with an option to increase our share after two years. By investing in SAS, we intend to enhance our offer and connectivity in the Nordics.” see & read more on
https://www.airfranceklm.com/sites/default/files/2023-10/Q3%202023%20-%20AFKLM%20-%20Press%20release.pdf

tijd 11.14
Air France KLM EUR 10,916 - 9 ct vol. 2.433.092