30 July 2020
|SECOND QUARTER 2020
Performance strongly impacted by the Covid-19 crisis, significant liquidity available to weather the crisis
The Board of Directors of Air France-KLM, chaired by Anne-Marie Couderc, met today to approve the financial statements for the First Half 2020 and review the acceleration of the Group transformation plan.
SECOND QUARTER 2020
The Covid-19 crisis severely impacted the Second quarter 2020 results:
- Revenue at 1,182 million euros, down 5,839 million compared to last year
- Operating result at –1,553 million euros, down 1,976 million euros compared to last year
- EBITDA loss minimalized to an average of 260 million euros per month compared to an initial estimate of 400 million euros thanks to effective cash preservation and cost control measures
- Net income at -2,612 million euros, including an impairment on Airbus 380 and 340 aircraft at respectively -520 and -72 million euros, Covid-19 related over-hedging at -105 million euros, and restructuring provision at -227 million euros
- Net debt/EBITDA ratio at 4.8x, compared to 1.5x at the end of 2019
The French and the Dutch governments have provided financial packages with conditions attached to increase competitiveness and achieve sustainability objectives. Thus at 30 June 2020 the Air France-KLM Group has 14.2 billion euros of liquidity or credit lines at its disposal to weather the crisis and restructure its business.
The Group has introduced stringent sanitary measures on board and, supported by the ongoing “Travel with Confidence” campaign, has seen a slow recovery of leisure demand in June and July 2020.
The airlines of the Group are carefully increasing capacity for the summer months, wherein overall capacity levels are managed based on continuously scrutinizing developments in market demand and government policies, including the opening of borders