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SECOND QUARTER 2024 |
July 25, 2024
Operating result of €513 million with operating margin at 6.5% impacted by unit cost and higher fuel price |
- Group capacity increased by 4.1% compared to last year with load factor at 88%
- Group revenues at €7.9bn, up 4.3% compared to last year
- Unit cost at +1.7% compared to 2023
- Operating result at €513m, with operating margin at 6.5%, Olympic Games impact €40m
- Half-Year Recurring adjusted operating free cash flow positive at €134m
- Cash at hand at €9.6bn and Net debt/EBITDA ratio of 1.6x
Commenting on the results, Mr. Benjamin Smith, Group CEO, said:
"The second quarter of 2024 confirmed an increasingly challenging environment for aviation, with rising fuel prices and a continued pressure on costs. In this context, KLM and Transavia delivered a stable yet sluggish performance, while Air France was in addition impacted by exceptional events, including the negative effect of the Olympic Games in June.
The Group has already taken strong measures to adapt to this situation, including a hiring freeze and additional cost cuts. The Group is preserving its major investments to renew its fleet, which is a strategic lever to improve our financial and environmental performance.
Going forward, we will continue to execute our strategy and deploy our transformation plan.
Our business model is robust and resilient, and we remain confident in our ability to achieve our mid and long-term objectives, notably by leveraging our strong assets and unique competitive position."
Q2 Unit revenue stable
Second Quarter | Half Year | |||||
2024 | change | change constant currency | 2024 | change | change constant currency | |
Group Passengers (thousands) | 25,743 | +4.4% | 46,615 | +5.2% | ||
Group Capacity (ASK m) | 81,348 | +4.1% | 154,066 | +4.3% | ||
Traffic (RPK m) | 71,357 | +4.1% | 134,203 | +4.5% | ||
Group Passenger load factor | 87.7% | 0.0pt | 87.1% | +0.2pt | ||
Passenger unit revenue per ASK (€ cts) | 8.30 | -0.2% | +0.2% | 7.90 | +0.3% | +1.0% |
Second quarter | Half Year | |||||
2024 | change | change constant currency | 2024 | change | change constant currency | |
Revenues (€m) | 7,949 | +4.3% | +4.6% | 14,603 | +4.7% | +5.3% |
EBITDA (€m) | 1,170 | -158 | -122 | 1,345 | -269 | -206 |
Operating result (€m) | 513 | -220 | -184 | 24 | -402 | -339 |
Operating margin (%) | +6.5% | -3.1pt | -2.7pt | +0.2% | -2.9pt | -2.5pt |
Net income (€m) | 165 | -447 | -314 | -589 | ||
Group unit revenue per ASK (€cts) | 8.87 | -0.8% | -0.4% | 8.49 | -1.2% | -0.6% |
Group unit cost at constant fuel, constant currency and excluding ETS | 8.24 | +1.7% | 8.47 | +2.8% |
30 June 2024 | 31 Dec 2023 | |
Operating Free cash flow (€m) | -44 | n.a. |
Adj. recurring operating free cash flow* (€m) | 134 | n.a. |
Net Debt (€m) | 6,192 | 5,041 |
EBITDA trailing 12 months (€m) | 3,940 | 4,208 |
Net Debt/EBITDA ratio | 1.6x | 1.2x |
*IFRS Operating free cash flow corrected from the repayment of deferred social charges, pensions contributions and wage taxes granted during the Covid period and payment of lease debt and interests paid and received
Second Quarter 2024: Operating result at €513m
In the second quarter 2024, Air France-KLM welcomed 25.7 million passengers which is 4.4% above last year. As capacity increased by 4.1% and traffic grew by 4.1%, the load factor was stable compared to last year at 88%.
The Group passenger unit revenue per ASK was up +0.2% at constant currency compared to last year, despite less international inbound traffic to Paris as a consequence of the Olympic Games.
The operating result was €220 million below last year standing at €513 million and was mainly impacted by an increase of the ex-fuel unit costs (€109 million), an increase of unit fuel & ETS costs (€73 million) and a decrease of cargo unit revenues (€21 million).
The Group unit cost per ASK1 is up 1.7% versus last year which is slightly better than the outlook provided during the Q1 2024 results presentation (+2% year-over-year). This increase resulted mainly from higher salary cost due to collective labor agreements at Air France and KLM and a higher flight related cost due to airport tariff increases at Schiphol and in Paris. Operational disruption costs have been reduced compared to last year thanks to a stabilization of KLM operations.
Cash
The Group reported a positive cash flow before change in working capital and a positive working capital, although impacted by the payment of deferred pension, social charges and wages taxes inherited from the pandemic, and a net capex of €1.7 billion (full year outlook of net capex of €3 billion). As a consequence operating free cash flow for the first half year stood at -€44 million.
These deferrals correspond to the previously guided one time pension payment of €610 million by Air France in January 2024 to the Caisse des Retraites des Personnels Navigants (CRPN) as well as the social charges and wages taxes amounting to €120 million per quarter.
Recurring adjusted operating free cash flow excluding deferred social charges and wage taxes and including lease debt and net interest payment amounted to +€134 million.
In May, Air France-KLM has fully repaid the outstanding €48 million of the bonds convertible into new shares and/or exchangeable for existing shares due March 25, 2026 (the "OCEANE 2026").
In the same month, the Group has successfully placed new bonds for a total nominal amount of €650 million with a 5-year maturity and a coupon of 4.625% under its €4.5 billion Medium Term Note Programme. The New Notes are rated BBB- by Fitch and BB+ by S&P. Strong investor demand, with an order book above €2.8 billion, covered the offering by a factor of c.4.3x.
€453 million of the proceeds were used to redeem partly the following bonds:
- January 2025 (coupon 1.875%, €750m) for €235 million
- July 2026 (coupon 3.875%, €500m) for €218 million
The cash at hand at the end of June amounted to €9.6 billion, a decrease of €0.9 billion versus the end of 2023 mainly due to the payment of deferred pension, social charges and wages taxes inherited from the pandemic. Net Debt / EBITDA ratio stood at 1.6x versus 1.2x at December 2023.
Post quarter, Air France-KLM and Air France announced the successful renegotiation of its Sustainability linked Revolving Credit Facilities, resulting in an increase in the number of banks from 16 to 17, an increase of the undrawn amount by €115 million to €1.4 billion, optimized financial conditions and extension of its maturity to July 2028.
Sustainability
Transition plan and trajectory
Since 2019, Air France-KLM has accelerated its environmental transition and has set ambitious sustainability performance targets to highlight its sustainability commitments. The Group's ambition is to reduce its greenhouse gas (GHG) emissions by 30% by 2030 compared to 2019 (gCO2eq/RTK).
Sustainability key performance measures:
Fleet Renewal: Air France-KLM is committed to renewing its fleet with more fuel-efficient and less noisy aircraft. By the end of June 2024, 23% of its fleet was composed of new-generation aircraft, compared to 18% end of June 2023. The Group plans to increase this ratio up to 80% by 2030.
Compared to previous generation aircraft the A220 reduces CO2 emissions by 20%, the Airbus A320neo family by 15%, and the Airbus A350 by 25%.
Since the end of December 2023 the following new generation aircraft were phased in, five A350, three A320 Neo, five A321 Neo and four A220. In the same period the following old generation aircraft were phased out, one 737-800, two A319 and one CRJ-1000.
30 June 2024 | 30 June 2023 | Change | |
New generation fleet2 | 23% | 18% | +5pt |
Sustainable Aviation Fuels (SAF): Air France-KLM became a co-investor in a Sustainable Aviation Fuel (SAF) financing fund, together with Airbus and six other companies.
This financing fund aims at accelerating the availability of SAF by investing mainly in technologically mature SAF-producing projects using for instance waste-based feedstocks.
Air France-KLM and its partners will have to possibility of entering into priority contracts to secure SAF offtakes from the various projects the fund will invest in.
Already the world's first user of sustainable aviation fuel SAF in 2022 and 2023, Air France-KLM has set itself the target of incorporating at least 10% of SAF on all flights by 2030.
The Group adheres to a strict sourcing policy, committing to purchasing second generation SAF that do not compete with the human or animal food chain, are RSB or ISCC+ certified for their sustainability, and are not produced from palm oil. Compared to conventional fuel, Air France-KLM's SAF achieve a CO2 emissions reduction of up to 75% over the entire fuel lifecycle.
2024 outlook
Capacity
The Group expects its capacity in Available Seat Kilometers for Air France-KLM Group including Transavia to increase by 4% in 2024 compared to 2023. (Previously +5% compared to 2023).
Unit cost3
Q3 unit cost development expected at +2% compared to last year.
For the full year 2024, the Group expects a unit cost +2% compared to 2023 (previously +1-2% compared to 2023) supported by the below action plan:
- Accelerated transformation initiatives to further increase cost savings both at Group and airline level via simplification, reduce overhead and create further synergies
- Hiring freeze of support staff (SG&A)
- New fleet delivery to support unit cost development
- Marketing cost cutting
- 20% reduction of discretionary costs
Capex
Further optimizing full year 2024 net capex, expected to be below 3 billion euros. (Previously at 3 billion euros).
Business review
Network result
Network | Second Quarter | Half Year | ||||
2024 | change | change constant currency | 2024 | change | change constant currency | |
Traffic revenues (€m) | 6,363 | +1.7% | 11,759 | +1.5% | ||
Total revenues (€m) | 6,632 | +1.6% | 12,295 | +1.5% | ||
Salaries and related costs (€m) | -1,673 | +7.6% | -3,278 | +8.3% | ||
Aircraft fuel (€m) | -1,591 | +8.2% | -3,114 | +0.4% | ||
Other operating expenses (€m) | -2,422 | +3.2% | -4,815 | +7.0% | ||
EBITDA (€m) | 946 | -18.0% | 1,088 | -26.6% | ||
Depreciation & Amortization (€m) | -501 | +8.5% | -998 | +6.3% | ||
Operating result (€m) | 446 | -247 | -210 | 90 | -452 | -387 |
Operating margin (%) | 6.7% | -3.9 pt | 0.7% | -3.7 pt |
Compared to the second quarter 2023, total revenues increased by +1.6% to €6,632 million. The increase in revenues was driven by the passenger network while Cargo revenues declined year over year. The operating result stood at €446 million which was €247 million below last year due to an increase in salary costs, fuel and other operating expenses, however disruption cost decreased versus last year. Q2 2024 unit revenues for Air France were impacted in June by the Olympic Games in France.
Stable passenger network unit revenue
Passenger network | Second Quarter | Half Year | ||||
2024 | change | change constant currency | 2024 | change | change constant currency | |
Passengers (thousands) | 19,097 | +1.9% | 35,762 | +3.6% | ||
Capacity (ASK m) | 68,541 | +2.8% | 132,805 | +3.2% | ||
Traffic (RPK m) | 59,873 | +2.7% | 115,218 | +3.6% | ||
Load factor | 87.4% | -0.1pt | 86.8% | +0.3pt | ||
Total passenger revenues (€m) | 6,080 | +2.8% | +3.2% | 11,176 | +3.3% | +4.0% |
Traffic passenger revenues (€m) | 5,901 | +2.3% | +2.7% | 10,855 | +3.2% | +3.9% |
Unit revenue per ASK (€ cts) | 8.61 | -0.5% | -0.1% | 8.17 | 0.0% | +0.7% |
During the second quarter 2024 capacity in Available Seat Kilometers (ASK) was 2.8% higher than last year. Traffic growth (+2.7%) was close to the capacity growth and has led to a broadly stable load factor at 87.4%, while yield corrected for currency remained stable, resulting in an almost stable unit revenue per ASK.
During the second quarter we observed per region the following trends:
North Atlantic
Q2 capacity increased by +6% compared to last year although traffic was not fully following this trend resulting in a load factor reduction of 1.7 point at 88% while yield was broadly stable at -0.2%. Industry capacity grew double digit in the same period.
Latin America
Capacity was down -4.7% on the back of a high comparison basis while industry capacity is increasing. Load factor slightly increased and reached 90% while yield reduced by 2% compared to significant high yields last year.
Asia & Middle East
Capacity in the second quarter has substantially increased (+13.9%) versus 2023, driven by Asia while Middle East capacity reduced by a single digit percentage. Despite strong capacity growth, load factor expanded by almost 2 points compared to last year while yield reduced by 3%. Overall the area significantly contributed to the revenue growth of the Group.
Caribbean & Indian Ocean
The second quarter continued to show capacity reductions compared to 2023 (-6.5%) due to redeployment of the fleet to other long-haul areas. This lower capacity pushed the load factor 1.5 point up to 90% and yield improved by 5.7%.
Africa
Resilient performance despite the political situation in Sahel still impacting Air France. The Group's capacity decreased 6% while unit revenues improved thanks to a yield increase of 4.6% above 2023 while the load factor was stable at 85%.
Short and Medium-haul
Industry capacity recovered mainly driven by low cost carriers competitors and put pressure on yields and volumes. The Group's capacity increased by 2.4%, with different dynamics between Air France and KLM. The latter increased capacity year over year by 12% due to a lower base in 2023. Load factor and yield are almost stable compared to last year.
Cargo: Q2 Unit revenue down but June unit revenues above last year
Cargo business | Second Quarter | Half Year | ||||
2024 | change | change constant currency | 2024 | change | change constant currency | |
Tons (thousands) | 218 | +2.6% | 435 | +3.1% | ||
Capacity (ATK m) | 3,567 | +0.2% | 7,017 | +2.5% | ||
Traffic (RTK m) | 1,627 | +2.7% | 3,249 | +3.4% | ||
Load factor | 45.6% | +1.1pt | 46.3% | +0.4pt | ||
Total Cargo revenues (€m) | 546 | -10.0% | -9.2% | 1,108 | -13.4% | -12.4% |
Traffic Cargo revenues (€m) | 462 | -5.2% | -4.4% | 903 | -15.1% | -14.2% |
Unit revenue per ATK (€cts) | 12.98 | -5.2% | -4.4% | 12.88 | -17.1% | -16.2% |
As indicated during the Q1 results presentation, the significant year-over-year unit revenue reductions are behind us in the Cargo activity. The Group experienced a limited unit revenue reduction of -4.4% compared to the second quarter last year. The beginning of the second quarter was still slightly impacted by the challenging implementation of a Cargo IT system including book away in April and May (Q2 impact: €15m), while June showed an unit revenue improvement of 3%. In particular Asia is performing well driven by e-commerce and the red sea disruption. In response to market dynamics, a part of the group's full freighter capacity is being redeployed to Asia. Additionally, a block agreement was signed with China Cargo Airlines, marking a new step in cooperation and enhancing our presence in this major cargo market.
Transavia: Q2 Positive operating margin thanks to healthy unit revenue development
Transavia | Second Quarter | Half Year | ||
2024 | change | 2024 | change | |
Passengers (thousands) | 6,646 | +12.2% | 10,853 | +10.9% |
Capacity (ASK m) | 12,807 | +12.1% | 21,261 | +11.7% |
Traffic (RPK m) | 11,484 | +12.0% | 18,985 | +10.8% |
Load factor | 89.7% | -0.1pt | 89.3% | -0.7pt |
Unit revenue per ASK (€cts) | 6.66 | +4.5% | 6.20 | +6.4% |
Unit cost per ASK (€cts) | 6.46 | +1.2% | 6.86 | +1.8% |
Total Passenger revenues (€m) | 843 | +18.4% | 1,305 | +19.8% |
Salaries and related costs (€m) | -188 | +12.6% | -345 | +15.7% |
Aircraft fuel (€m) | -219 | +15.1% | -370 | +9.2% |
Other operating expenses (€m) | -334 | +17.0% | -585 | +14.1% |
EBITDA (€m) | 102 | +48.2% | +6 | nm |
Depreciation & Amortization (in €m) | -76 | +9.5% | -145 | +30.0% |
Operating result (€m) | 26 | +27 | -139 | +33 |
Operating margin (%) | 3.1% | +3.2pt | -10.7% | +5.1pt |
Despite Transavia's capacity increase in available seat kilometers of 12.1%, unit revenue increased by 4.5% while the load factor remained broadly stable. The implementation of the paid hand luggage initiative bore fruits and already brought more than €20 million revenues in the quarter and a further stabilization of the operations.
The operating result amounted to €26 million compared to break-even last year driven by higher revenues. Transavia France was impacted in June from the Olympic Games while Transavia Netherlands improved the operations compared to last year.
Maintenance business: Third party revenues continue to grow
Maintenance | Second Quarter | Half Year | ||
2024 | Change | 2024 | Change | |
Total Revenues (€m) | 1,202 | +14.0% | 2,425 | +22.4% |
Of which Third party revenues (€m) | 471 | +22.6% | 1,001 | +32.8% |
External expenses (€m) | -795 | +17.1% | -1,603 | -26.4% |
Salaries and related costs (€m) | -296 | +9.5% | -591 | +11.0% |
EBITDA (€m) | 111 | +5.5% | 232 | +23.8% |
Depreciation & Amortization (€m) | -73 | +24.8% | -166 | +32.2% |
Operating result (€m) | 37 | -9 | 66 | +4 |
Operating margin (%) | 3.1% | -1.3pt | 2.7% | -0.4pt |
The maintenance segment continued its growth in the second quarter 2024. Total revenues increased by 14.0% compared with the same quarter last year while third party revenues increased by +22.6%, showing a strong recovery especially on the engine side.
During the second quarter, the supply chain disruptions were still strongly impacting the operations. AFI KLM E&M needed to loan parts and spare engines to be able to perform its customers' maintenance support and to support the outsourced airframe maintenance activities.
The operating margin stood at 3.1%, which is 1.3 point lower than in 2023.
Post-quarter Air France and Airbus have signed the agreements to establish a joint venture for the provision on a worldwide basis of Airbus A350 component maintenance services (supply chain management, repairs, and creation of a worldwide pool of aircraft components).
The cooperation would take the form of a 50-50 joint venture between Air France and Airbus and involve the transfer of their A350 component support including aircraft components assets belonging to both partners into the joint venture's pool. The implementation of this JV is in line with all compliance requirements and subject to the approval by all relevant authorities. The closing is therefore expected end 2024, or early 2025.
Q2 Revenue growth offset by cost increase
Air France Group
Second Quarter | Half Year | |||
2024 | change | 2024 | change | |
Revenue (in €m) | 4,802 | +2.9% | 8,834 | +2.8% |
Salaries and related costs (in €m) | -1,385 | +10.3% | -2,626 | +9.2% |
Aircraft fuel (in €m) | -1,072 | +10.7% | -2,057 | +0.4% |
Other operating expenses (in €m) | -1,738 | +8.6% | -3,380 | +9.8% |
EBITDA (in €m) | 607 | -237 | 771 | -287 |
Depreciation & Amortization (in €m) | -412 | +13.5% | -825 | +8.9% |
Operating result* (in €m) | 195 | -286 | -54 | -355 |
Operating margin (%) | 4.1% | -6.3pt | -0.6% | -4.1pt |
*Airlines 2023 results were still including Flying Blue figures, resulting in a negative impact in the change columns
Air France's revenue increased by +2.9% driven by passenger revenues, although impacted in June (€40m) by the Olympic Games. The operating result stood at €195 million which was €286 million below last year, mainly due to a CLA salary increase, an increase in fuel price, an airport tariff increase in Paris and Flying Blue results included last year (presented separately since Q1 2024).
Impact of Olympic Games
The Group estimates a negative impact on its unit revenues in the third quarter from the Paris 2024 Olympic Games of €150m to €170m.
Steady Q2 Operating result thanks to stabilized operations
KLM Group
| Second Quarter | Half Year | ||
2024 | change | 2024 | change | |
Revenue (in €m) | 3,268 | +5.0% | 6,003 | +6.6% |
Salaries and related costs (in €m) | -964 | +7.7% | -1,963 | +12.0% |
Aircraft fuel (in €m) | -739 | +6.5% | -1,428 | +1.9% |
Other operating expenses (in €m) | -1,061 | +2.7% | -2,147 | +11.8% |
EBITDA (in €m) | 504 | +15 | 465 | -93 |
Depreciation & Amortization (in €m) | -244 | 5.2% | -496 | 15.5% |
Operating result* (in €m) | 260 | +3 | -31 | -160 |
Operating margin (%) | 8.0% | -0.3pt | -0.5% | -2.8pt |
*Airlines 2023 results were still including Flying Blue figures, resulting in a negative impact in the change columns
KLM's measures to stabilize the operations are bearing fruit. Second quarter revenues grew by +5.0% while the cost grew largely in line with the revenues. Customer compensation cost ended below last year. The operating margin stood broadly at the same level as last year at 8.0%.
Continued momentum for Flying Blue Miles
Flying Blue Miles
| Second Quarter | Half Year | ||
2024 | change | 2024 | change | |
Revenue (in €m) | 208 | n.a. | 404 | n.a. |
Operating result (in €m) | 54 | n.a. | 101 | n.a. |
Operating margin (%) | 26.0% | n.a. | 25.0% | n.a. |
At the end of last year, Air France-KLM created a subsidiary, which holds the commercial partner contracts related to the joint Air France-KLM loyalty programme ("Flying Blue"), as well as the exclusive right to issue "Miles" for the airlines and their partners.
In the second quarter Flying Blue miles generated €208 millions of total revenue, including third party airline and non airline partners. The operating margin margin stood at 26.0%.
Flying Blue steadily attracts increasing numbers of Active Members, who engage with the program by Earning & Burning Miles
- +9% of enrollments in H1 2024 vs. LY with continuous positive trend
- Earn / Burn activity increased by 16% vs. 2023
Air France-KLM and Uber recently signed a new partnership which allows Flying Blue members to gain miles on all Uber rides in France and the Netherlands and also expanded its partnership with Revolut.
Nb: Sum of individual airline results does not add up to AF-KLM total due to intercompany eliminations at Group level.
******
The external auditors carried out limited review procedures. Their limited review report was issued following the Board meeting.
The results presentation is available at www.airfranceklm.com on July 25, 2024 from 8:15 am CET.
A conference call hosted by Mr. Smith (CEO) and Mr. Zaat (CFO) will be held on July 25, 2024 at 09.30 am CET.
To connect to the webcast, please use below link:
https://channel.royalcast.com/landingpage/airfranceklm/20240725_1/
Investor Relations | Press Office | |
Michiel Klinkers | Marouane Mami | +33 1 41 56 56 00 |
Michiel.klinkers@airfranceklm.com | marouane.mami@airfranceklm.com | mail.mediarelations@airfranceklm.com |
Income statement
Second Quarter | First Semester | |||||
in € million | 2024 | 2023 | Variation | 2024 | 2023 | Variation |
restated * | ||||||
Revenues from ordinary activities | 7,949 | 7,624 | 4% | 14,603 | 13,953 | 5% |
Aircraft fuel | -1,811 | -1,662 | 9 % | -3,485 | -3,442 | 1 % |
Carbon emission | -63 | -50 | 26 % | -125 | -81 | 54 % |
Chartering costs | -124 | -153 | -19 % | -247 | -243 | 2 % |
Landing fees and air routes charges | -523 | -506 | 3 % | -976 | -919 | 6 % |
Catering | -232 | -207 | 12 % | -434 | -393 | 10 % |
Handling charges and other operating costs | -510 | -468 | 9 % | -974 | -894 | 9 % |
Aircraft maintenance costs | -790 | -597 | 32 % | -1,598 | -1,245 | 28 % |
Commercial and distribution costs | -275 | -259 | 6 % | -553 | -516 | 7 % |
Other external expenses | -503 | -458 | 10 % | -993 | -916 | 8 % |
Salaries and related costs | -2,351 | -2,156 | 9 % | -4,596 | -4,164 | 10 % |
Taxes other than income taxes | -39 | -38 | 3 % | -96 | -93 | 3 % |
Capitalized production | 361 | 253 | 43 % | 728 | 534 | 36 % |
Other income and expenses | 81 | 5 | nm | 91 | 33 | 176 % |
EBITDA | 1,170 | 1,328 | -12% | 1,345 | 1,614 | -17% |
Amortization, depreciation and provisions | -657 | -595 | 10 % | -1,321 | -1,188 | 11 % |
Income from current operations | 513 | 733 | -30% | 24 | 426 | -94% |
Sales of aircraft equipment | -4 | 23 | nm | 15 | 28 | -46 % |
Other non current income and expenses | -116 | 17 | nm | -118 | 15 | nm |
Income from operating activities | 393 | 773 | -49% | -79 | 469 | nm |
Interests expenses | -154 | -138 | 12 % | -314 | -296 | 6 % |
Income from cash & cash equivalent | 78 | 59 | 32 % | 170 | 108 | 57 % |
Net cost of financial debt | -76 | -79 | -4% | -144 | -188 | -23% |
Other financial income and expenses | -103 | -22 | nm | -213 | 14 | nm |
Income before tax | 214 | 672 | -68% | -436 | 295 | nm |
Income taxes | -49 | -61 | -20 % | 119 | -21 | nm |
Net income of consolidated companies | 165 | 611 | -73% | -317 | 274 | nm |
Share of profits (losses) of associates | - | 1 | nm | 3 | 1 | 200 % |
Net Income for the period | 165 | 612 | -73% | -314 | 275 | nm |
Net income - Non controlling interests | 44 | 8 | nm | 86 | 15 | nm |
Net income - Group part | 121 | 604 | -80% | -400 | 260 | nm |
Consolidated balance sheet
Assets | June 30, 2024 | December 31, 2023 |
(in € million) | ||
Goodwill | 225 | 224 |
Intangible assets | 1,129 | 1,128 |
Flight equipment | 12,197 | 11,501 |
Other property, plant and equipment | 1,456 | 1,431 |
Right-of-use assets | 6,479 | 5,956 |
Investments in equity associates | 134 | 129 |
Pension assets | 75 | 45 |
Other non-current financial assets | 1,232 | 1,262 |
Non-current derivatives financial assets | 191 | 148 |
Deferred tax assets | 813 | 698 |
Other non-current assets | 116 | 153 |
Total non-current assets | 24,047 | 22,675 |
Other current financial assets | 1,181 | 1,292 |
Current derivatives financial assets | 231 | 122 |
Inventories | 916 | 853 |
Trade receivables | 2,510 | 2,152 |
Other current assets | 1,452 | 1,120 |
Cash and cash equivalents | 5,288 | 6,194 |
Assets held for sale | 76 | 82 |
Total current assets | 11,654 | 11,815 |
Total assets | 35,701 | 34,490 |
Liabilities and equity | June 30, 2024 | December 31, 2023 |
(in € million) | ||
Issued capital | 263 | 263 |
Additional paid-in capital | 7,560 | 7,560 |
Treasury shares | -25 | -25 |
Perpetual | 1,051 | 1,076 |
Reserves and retained earnings | -11,149 | -10,925 |
Equity attributable to equity holders of Air France-KLM | -2,300 | -2,051 |
Perpetual | 2,607 | 2,524 |
Reserves and retained earnings | 30 | 27 |
Equity attributable Non-controlling interests | 2,637 | 2,551 |
Total equity | 337 | 500 |
Pension provisions | 1,674 | 1,685 |
Non-current return obligation liability and other provisions | 4,030 | 3,805 |
Non-current financial liabilities | 7,027 | 7,538 |
Non-current lease debt | 4,042 | 3,581 |
Non-current derivatives financial liabilities | 13 | 56 |
Deferred tax liabilities | 3 | - |
Other non-current liabilities | 1,174 | 1,376 |
Total non-current liabilities | 17,963 | 18,041 |
Current return obligation liability and other provisions | 1,184 | 1,079 |
Current financial liabilities | 1,761 | 1,664 |
Current lease debt | 879 | 848 |
Current derivatives financial liabilities | 51 | 139 |
Trade payables | 2,598 | 2,447 |
Deferred revenue on ticket sales | 5,524 | 3,858 |
Frequent flyer programs | 887 | 899 |
Other current liabilities | 4,507 | 5,002 |
Bank overdrafts | 10 | 13 |
Total current liabilities | 17,401 | 15,949 |
Total equity and liabilities | 35,701 | 34,490 |
Statement of Consolidated Cash Flows from January 1 until June 30
Period from January 1 to June 30 | 2024 | 2023 |
(in € million) | restated* | |
Net income | (314) | 275 |
Amortization, depreciation and operating provisions | 1,321 | 1,188 |
Financial provisions | 141 | 100 |
Cost of net debt | 144 | 188 |
Loss (gain) on disposals of tangible and intangible assets | -21 | -49 |
Loss (gain) on disposals of subsidiaries and associates | -2 | - |
Derivatives - non monetary result | 6 | -5 |
Unrealized foreign exchange gains and losses, net | 28 | -73 |
Share of (profits) losses of associates | -3 | -1 |
Deferred taxes | -153 | 19 |
Impairment | - | 2 |
Other non-monetary items | 17 | -36 |
Cash flow from operating activities before change in working capital | 1,164 | 1,608 |
(Increase) / decrease in inventories | -62 | -33 |
(Increase) / decrease in trade receivables | -325 | -167 |
Increase / (decrease) in trade payables | 124 | 115 |
Increase / (decrease) in advanced ticket sales | 1,661 | 1,757 |
Change in other assets and liabilities | -912 | -50 |
Change in working capital requirement | 486 | 1,622 |
CASH-FLOW FROM OPERATING ACTIVITIES | 1,650 | 3,230 |
Acquisition of subsidiaries, of shares in non-controlled entities | -3 | -2 |
Proceeds on disposal of subsidiaries, of shares in non-controlled entities | 8 | - |
Purchase of property plant and equipment and intangible assets | -2,067 | -1,396 |
Proceeds on disposal of property plant and equipment and intangible assets | 373 | 211 |
Interest received | 156 | 91 |
Dividends received | 1 | 2 |
Decrease (increase) in net investments, more than 3 months | 131 | -52 |
CASH-FLOW USED IN INVESTING ACTIVITIES | -1,401 | -1,146 |
Payments to acquire treasury shares | - | -1 |
Purchase of minority interest without change of control | -1 | - |
Issuance of perpetual | - | 728 |
Repayment on perpetual | - | -595 |
Coupon on perpetual | -62 | -52 |
Issuance of debt | 936 | 1,558 |
Repayment on debt | -1,260 | -2,969 |
Payments on lease debts | -442 | -421 |
New loans | -11 | -306 |
Repayment on loans | 56 | 104 |
Interest paid | -386 | -475 |
Dividends paid | - | -90 |
CASH-FLOW FROM FINANCING ACTIVITIES | -1,170 | -2,519 |
Effect of exchange rate and reclassification on cash and cash equivalents (net of cash acquired or sold) | 18 | -25 |
Change in cash and cash equivalents and bank overdrafts | -903 | -460 |
Cash and cash equivalents and bank overdrafts at beginning of period | 6,181 | 6,623 |
Cash and cash equivalents and bank overdrafts at end of period | 5,278 | 6,163 |
*Restated figures include the change in presentation for the reclassification of interest received and paid from cash flow from operating activities to respectively cash flow from investing activities and cash flow from financing activities
Net debt
(in € million) | June 30, 2024 | December 31, 2023 |
Current and non-current financial liabilities | 8,788 | 9,202 |
Current and non-current lease debt | 4,921 | 4,429 |
Accrued interest | -80 | -138 |
Deposits related to financial liabilities | -100 | -107 |
Deposits related to lease debt | -100 | -100 |
Derivatives impact on debt | -23 | -1 |
Gross financial liabilities (I) | 13,406 | 13,285 |
Cash and cash equivalent | 5,288 | 6,194 |
Marketable securities > 3 months | 968 | 1,097 |
Bonds | 968 | 966 |
Bank overdrafts | -10 | -13 |
Net cash (II) | 7,214 | 8,244 |
Net debt (I-II) | 6,192 | 5,041 |
Recurring adjusted operating free cash flow
Second Quarter | First Semester | |||
2024 | 2023 | 2024 | 2023 | |
(in € million) | restated * | restated * | ||
Net cash flow from operating activities | 881 | 1,440 | 1,650 | 3,230 |
Purchase of property plant and equipment and intangible assets | -1,413 | -617 | -2,067 | -1,396 |
Proceeds on disposal of property plant and equipment and intangible assets | 348 | 80 | 373 | 211 |
Operating free cash flow | -184 | 903 | -44 | 2,045 |
Exceptional payments made/(received) (1) | 120 | 67 | 850 | 119 |
Interest paid and received | -172 | -144 | -230 | -384 |
Payments on lease debts | -223 | -202 | -442 | -421 |
Recurring adjusted operating free cash flow | -459 | 624 | 134 | 1,359 |
*Restated figures include the change in presentation for the reclassification of interest received and paid from cash flow from operating activities to respectively cash flow from investing activities and cash flow from financing activities
(1) Exceptional payments made/(received), restated from operating free cash flow for the calculation of recurring operating free cash flow adjusted, correspond to the repayment of deferred social charges, pensions contributions and wage taxes granted during the Covid period.
Return on capital employed (ROCE)
In € million | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sept 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sept 30, 2022 |
restated (1) | restated (1) | restated (1) | restated (1) | |||||
Goodwill and intangible assets | 1,354 | 1,349 | 1,352 | 1,331 | 1,339 | 1,351 | 1,352 | 1,350 |
Flight equipment | 12,197 | 11,646 | 11,501 | 11,296 | 10,957 | 10,954 | 10,614 | 10,298 |
Other property, plant and equipment | 1,456 | 1,438 | 1,431 | 1,379 | 1,389 | 1,372 | 1,375 | 1,349 |
Right of use assets | 6,479 | 5,902 | 5,956 | 5,596 | 5,480 | 5,304 | 5,428 | 5,536 |
Investments in equity associates | 134 | 134 | 129 | 127 | 121 | 122 | 120 | 111 |
Financial assets excluding marketable securities, accrued interests and financial deposits | 211 | 214 | 219 | 191 | 190 | 169 | 169 | 164 |
Provisions, excluding pension, cargo litigation and restructuring | -4,700 | -4,523 | -4,346 | -4,481 | -4,248 | -4,255 | -4,347 | -4,792 |
WCR2 | -8,222 | -8,284 | -6,981 | -7,804 | -8,917 | -8,696 | -7,213 | -7,609 |
Capital employed | 8,909 | 7,876 | 9,261 | 7,635 | 6,311 | 6,321 | 7,498 | 6,407 |
Average capital employed (A) | 8,420 | 6,634 | ||||||
Adjusted results from current operations | 1,310 | 1,584 | ||||||
- Dividends received | -1 | -2 | ||||||
- Share of profits (losses) of associates | 8 | 15 | ||||||
- Normative income tax | -340 | -412 | ||||||
Adjusted result from current operations after tax (B) | 977 | 1,185 | ||||||
ROCE, trailing 12 months (B/A) | 11.6% | 17.9% |
(1) Compared with previous periods, working capital has been restated to exclude the deferral of social and fiscal charges granted following the Covid.
(2) Excluding the report of social & fiscal charges granted consequently to Covid.
Unit cost: net cost per ASK
Second Quarter | Half Year | |||
2024 | 2023 | 2024 | 2023 | |
Total operating expenses (in €m) | 7,435 | 6,891 | 14,579 | 13,526 |
Carbon emission (ETS) | -63 | -50 | -125 | -81 |
Total other revenues (in €m) | -732 | -637 | -1,525 | -1,257 |
Net cost (in €m) | 6,640 | 6,204 | 12,929 | 12,188 |
Capacity produced, reported in ASK | 81,365 | 78,144 | 154,092 | 147,727 |
Net cost per ASK (in € cents per ASK) | 8.16 | 7.94 | 8.39 | 8.25 |
Gross change | 2.9 % | 2.0 % | ||
Currency effect on net costs (in €m) | 9 | -25 | ||
Change at constant currency | 2.8 % | 2.2 % | ||
Fuel price effect (in €m) | 60 | -105 | ||
Net cost per ASK at constant currency, constant fuel price and excluding ETS (in € cents per ASK) | 8.16 | 8.03 | 8.39 | 8.16 |
Change at constant currency and constant fuel price excluding ETS | 1.7% | 2.8% |
Unit cost per ASK excluding fuel and ETS vs Q2 2023: +2.1% and vs H1 2023: +3.5%
Definition: Unit cost = (total operating expenses - fuel - carbon emission - total other revenues) / Group Capacity in ASK
Group fleet at 30 June 2024
Aircraft type | AF (incl. HOP)4 | KL (incl. KLC & MP) | Transavia | Owned | Finance lease | Operating lease | Total | In operation | Change / 31/12/23 |
B777-300 | 43 | 16 | 21 | 14 | 24 | 59 | 59 | ||
B777-200 | 18 | 15 | 28 | 2 | 3 | 33 | 33 | ||
B787-9 | 10 | 13 | 4 | 7 | 12 | 23 | 23 | ||
B787-10 | 10 | 2 | 8 | 10 | 10 | ||||
A380-800 | 4 | 3 | 1 | 4 | |||||
A350-900 | 32 | 3 | 12 | 17 | 32 | 32 | 6 | ||
A330-300 | 5 | 5 | 5 | 5 | |||||
A330-200 | 15 | 6 | 12 | 9 | 21 | 21 | |||
Total Long-Haul | 122 | 65 | 0 | 73 | 43 | 71 | 187 | 183 | 6 |
B737-900 | 5 | 5 | 5 | 5 | |||||
B737-800 | 31 | 110 | 36 | 7 | 98 | 141 | 141 | ||
B737-700 | 6 | 4 | 7 | 3 | 10 | 10 | |||
A321NEO | 6 | 2 | 4 | 6 | 6 | 5 | |||
A321 | 15 | 8 | 7 | 15 | 15 | ||||
A320 | 37 | 4 | 3 | 30 | 37 | 36 | -1 | ||
A320NEO | 4 | 4 | 4 | 4 | 4 | ||||
A319 | 11 | 7 | 4 | 11 | 10 | -3 | |||
A318 | 6 | 4 | 2 | 6 | 6 | ||||
A220-300 | 36 | 25 | 11 | 36 | 36 | 4 | |||
Total Medium-Haul | 105 | 42 | 124 | 98 | 10 | 163 | 271 | 269 | 9 |
Canadair Jet 1000 | 1 | 1 | 1 | ||||||
Embraer 195 E2 | 18 | 18 | 18 | 16 | -2 | ||||
Embraer 190 | 22 | 29 | 17 | 4 | 30 | 51 | 50 | ||
Embraer 175 | 17 | 3 | 14 | 17 | 17 | ||||
Embraer 170 | 13 | 10 | 3 | 13 | 13 | ||||
Total Regional | 36 | 64 | 0 | 31 | 18 | 51 | 100 | 96 | -2 |
B747-400ERF | 3 | 3 | 3 | 3 | |||||
B747-400BCF | 1 | 1 | 1 | 1 | |||||
B777-F | 2 | 2 | 2 | 2 | |||||
Total Cargo | 2 | 4 | 0 | 4 | 0 | 2 | 6 | 6 | 0 |
Total | 265 | 175 | 124 | 206 | 71 | 287 | 564 | 554 | 13 |
2024 TRAFFIC
Passenger network activity
Second quarter | Half Year | |||||
Total network airlines | 2024 | 2023 | variation | 2024 | 2023 | variation |
Passengers carried ('000s) | 19,097 | 18,742 | +1.9% | 35,762 | 34,530 | +3.6% |
Revenue pax-kilometers (m RPK) | 59,873 | 58,307 | +2.7% | 115,218 | 111,267 | +3.6% |
Available seat-kilometers (m ASK) | 68,541 | 66,700 | +2.8% | 132,805 | 128,661 | +3.2% |
Load factor (%) | 87.4% | 87.4% | -0.1pt | 86.8% | 86.5% | +0.3pt |
Long-haul | ||||||
Passengers carried ('000s) | 6,522 | 6,370 | +2.4% | 12,717 | 12,309 | +3.3% |
Revenue pax-kilometers (m RPK) | 48,735 | 47,370 | +2.9% | 95,330 | 91,879 | +3.8% |
Available seat-kilometers (m ASK) | 55,324 | 53,788 | +2.9% | 108,946 | 105,321 | +3.4% |
Load factor (%) | 88.1% | 88.1% | 0.0pt | 87.5% | 87.2% | +0.3pt |
North America | ||||||
Passengers carried ('000s) | 2,565 | 2,459 | +4.3% | 4,469 | 4,244 | +5.3% |
Revenue pax-kilometers (m RPK) | 18,178 | 17,455 | +4.1% | 31,762 | 30,307 | +4.8% |
Available seat-kilometers (m ASK) | 20,684 | 19,481 | +6.2% | 36,814 | 35,093 | +4.9% |
Load factor (%) | 87.9% | 89.6% | -1.7pt | 86.3% | 86.4% | -0.1pt |
Latin America | ||||||
Passengers carried ('000s) | 814 | 859 | -5.2% | 1,684 | 1,751 | -3.8% |
Revenue pax-kilometers (m RPK) | 7,767 | 8,130 | -4.5% | 16,037 | 16,623 | -3.5% |
Available seat-kilometers (m ASK) | 8,677 | 9,102 | -4.7% | 17,843 | 18,492 | -3.5% |
Load factor (%) | 89.5% | 89.3% | +0.2pt | 89.9% | 89.9% | 0.0pt |
Asia / Middle East | ||||||
Passengers carried ('000s) | 1,465 | 1,280 | +14.5% | 3,020 | 2,485 | +21.5% |
Revenue pax-kilometers (m RPK) | 11,664 | 10,019 | +16.4% | 23,808 | 19,229 | +23.8% |
Available seat-kilometers (m ASK) | 13,165 | 11,556 | +13.9% | 27,146 | 22,163 | +22.5% |
Load factor (%) | 88.6% | 86.7% | +1.9pt | 87.7% | 86.8% | +0.9pt |
Africa | ||||||
Passengers carried ('000s) | 927 | 994 | -6.7% | 1,901 | 2,034 | -6.6% |
Revenue pax-kilometers (m RPK) | 5,676 | 6,038 | -6.0% | 11,795 | 12,480 | -5.5% |
Available seat-kilometers (m ASK) | 6,712 | 7,143 | -6.0% | 13,915 | 14,739 | -5.6% |
Load factor (%) | 84.6% | 84.5% | 0.0pt | 84.8% | 84.7% | +0.1pt |
Caribbean / Indian Ocean | ||||||
Passengers carried ('000s) | 751 | 778 | -3.4% | 1,644 | 1,794 | -8.4% |
Revenue pax-kilometers (m RPK) | 5,451 | 5,728 | -4.8% | 11,929 | 13,240 | -9.9% |
Available seat-kilometers (m ASK) | 6,086 | 6,506 | -6.5% | 13,228 | 14,834 | -10.8% |
Load factor (%) | 89.6% | 88.0% | +1.5pt | 90.2% | 89.3% | +0.9pt |
Short and Medium-haul | ||||||
Passengers carried ('000s) | 12,575 | 12,373 | +1.6% | 23,045 | 22,221 | +3.7% |
Revenue pax-kilometers (m RPK) | 11,138 | 10,937 | +1.8% | 19,888 | 19,388 | +2.6% |
Available seat-kilometers (m ASK) | 13,217 | 12,912 | +2.4% | 23,859 | 23,340 | +2.2% |
Load factor (%) | 84.3% | 84.7% | -0.4pt | 83.4% | 83.1% | +0.3pt |
Transavia activity
Second quarter | Half Year | |||||
Transavia | 2024 | 2023 | variation | 2024 | 2023 | variation |
Passengers carried ('000s) | 6,646 | 5,921 | +12.2% | 10,853 | 9,785 | +10.9% |
Revenue seat-kilometers (m RSK) | 11,484 | 10,255 | +12.0% | 18,985 | 17,134 | +10.8% |
Available seat-kilometers (m ASK) | 12,807 | 11,429 | +12.1% | 21,261 | 19,037 | +11.7% |
Load factor (%) | 89.7% | 89.7% | -0.1pt | 89.3% | 90.0% | -0.7pt |
Total Group passenger activity
Second quarter | Half Year | |||||
Total Group | 2024 | 2023 | variation | 2024 | 2023 | variation |
Passengers carried ('000s) | 25,743 | 24,664 | +4.4% | 46,615 | 44,315 | +5.2% |
Revenue pax-kilometers (m RPK) | 71,357 | 68,562 | +4.1% | 134,203 | 128,401 | +4.5% |
Available seat-kilometers (m ASK) | 81,348 | 78,129 | +4.1% | 154,066 | 147,698 | +4.3% |
Load factor (%) | 87.7% | 87.8% | 0.0pt | 87.1% | 86.9% | +0.2pt |
Cargo activity
Second quarter | Half Year | |||||
Cargo | 2024 | 2023 | variation | 2024 | 2023 | variation |
Revenue tonne-km (m RTK) | 1,627 | 1,584 | +2.7% | 3,249 | 3,143 | +3.4% |
Available tonne-km (m ATK) | 3,567 | 3,559 | +0.2% | 7,017 | 6,847 | +2.5% |
Load factor (%) | 45.6% | 44.5% | +1.1pt | 46.3% | 45.9% | +0.4pt |
Air France activity
Second quarter | Half Year | |||||
Total Passenger network activity | 2024 | 2023 | variation | 2024 | 2023 | variation |
Passengers carried ('000s) | 10,638 | 10,831 | -1.8% | 19,832 | 20,289 | -2.3% |
Revenue pax-kilometers (m RPK) | 35,709 | 34,422 | +3.7% | 68,525 | 66,398 | +3.2% |
Available seat-kilometers (m ASK) | 41,134 | 39,411 | +4.4% | 79,211 | 76,708 | +3.3% |
Load factor (%) | 86.8% | 87.3% | -0.5pt | 86.5% | 86.6% | 0.0pt |
Long-haul | ||||||
Passengers carried ('000s) | 4,094 | 3,888 | +5.3% | 7,954 | 7,584 | +4.9% |
Revenue pax-kilometers (m RPK) | 29,854 | 28,186 | +5.9% | 58,162 | 55,148 | +5.5% |
Available seat-kilometers (m ASK) | 34,099 | 32,025 | +6.5% | 66,770 | 63,166 | +5.7% |
Load factor (%) | 87.6% | 88.0% | -0.5pt | 87.1% | 87.3% | -0.2pt |
Short and Medium-haul | ||||||
Passengers carried ('000s) | 6,544 | 6,944 | -5.8% | 11,878 | 12,705 | -6.5% |
Revenue pax-kilometers (m RPK) | 5,855 | 6,236 | -6.1% | 10,364 | 11,250 | -7.9% |
Available seat-kilometers (m ASK) | 7,035 | 7,386 | -4.8% | 12,442 | 13,542 | -8.1% |
Load factor (%) | 83.2% | 84.4% | -1.2pt | 83.3% | 83.1% | +0.2pt |
Cargo activity | ||||||
Revenue tonne-km (m RTK) | 811 | 788 | +2.9% | 1,606 | 1,579 | +1.7% |
Available tonne-km (m ATK) | 2,049 | 1,979 | +3.5% | 4,020 | 3,839 | +4.7% |
Load factor (%) | 39.6% | 39.8% | -0.2pt | 39.9% | 41.1% | -1.2pt |
KLM activity
Second quarter | Half Year | |||||
Total Passenger network activity | 2024 | 2023 | variation | 2024 | 2023 | variation |
Passengers carried ('000s) | 8,459 | 7,911 | +6.9% | 15,930 | 14,241 | +11.9% |
Revenue pax-kilometers (m RPK) | 24,165 | 23,885 | +1.2% | 46,693 | 44,869 | +4.1% |
Available seat-kilometers (m ASK) | 27,408 | 27,290 | +0.4% | 53,594 | 51,954 | +3.2% |
Load factor (%) | 88.2% | 87.5% | +0.6pt | 87.1% | 86.4% | +0.8pt |
Long-haul | ||||||
Passengers carried ('000s) | 2,428 | 2,482 | -2.2% | 4,764 | 4,724 | +0.8% |
Revenue pax-kilometers (m RPK) | 18,883 | 19,183 | -1.6% | 37,170 | 36,731 | +1.2% |
Available seat-kilometers (m ASK) | 21,225 | 21,764 | -2.5% | 42,176 | 42,157 | 0.0% |
Load factor (%) | 89.0% | 88.1% | +0.8pt | 88.1% | 87.1% | +1.0pt |
Short and Medium-haul | ||||||
Passengers carried ('000s) | 6,031 | 5,429 | +11.1% | 11,167 | 9,517 | +17.3% |
Revenue pax-kilometers (m RPK) | 5,283 | 4,702 | +12.4% | 9,524 | 8,138 | +17.0% |
Available seat-kilometers (m ASK) | 6,182 | 5,525 | +11.9% | 11,417 | 9,797 | +16.5% |
Load factor (%) | 85.5% | 85.1% | +0.4pt | 83.4% | 83.1% | +0.4pt |
Cargo activity | ||||||
Revenue tonne-km (m RTK) | 816 | 796 | +2.5% | 1,643 | 1,564 | +5.0% |
Available tonne-km (m ATK) | 1,518 | 1,581 | -4.0% | 2,997 | 3,008 | -0.4% |
Load factor (%) | 53.8% | 50.4% | +3.4pt | 54.8% | 52.0% | +2.8pt |
1 at constant fuel, constant currency and excluding ETS
2 New generation fleet / Fleet in operation
3 against a constant fuel price, constant currency and excluding Emission Trading Scheme cost (ETS)
4 Excluding Transavia
![](https://ml-eu.globenewswire.com/media/Nzg3MzhmMmUtOGQ1Yi00ZGRkLWFmNzAtMzQ0YzI2MzczNGYyLTEwMTEwNzE=/tiny/AIR-FRANCE-KLM.png)