(Finance) – Air France-KLM recorded in 2023 the revenues highest in its history, equal to 30 billion euros, up by +15.1% at constant currency. The operating margin stood at 5.7%, improving sequentially by +1.2 points compared to the year before thanks to a combination of strong yield and load factor. L’Net income amounts to 934 million euros, an increase of 206 million euros, which, added to the quasi-equity financing that took place during the year, leads to a positive return on equity (0.5 billion euros).
“In 2023, we have maintained our commitment to achieving strong operational and financial performance, while maintaining our position as the leading airline group for sustainability – commented the CEO Benjamin Smith – Among the most important results we can be satisfied with the efforts made to further strengthen our balance sheet and restore equity. We also placed a historic order for fifty Airbus A350s with purchase rights for a further forty aircraft, thus accelerating the renewal of our fleet with latest generation aircraft that offer improved fuel efficiency, lower CO2 and noise emissions and a better experience for our customers”.
L’net debt is down by 1.3 billion euros, compared to the end of 2022, leading to a ratio Net debt/EBITDA of 1.2x; Cash on hand at 10.5 billion euros.
In the fourth quarter, revenues increased +6.7% at constant currency compared to the fourth quarter of 2022, supported by a combination of increased capacity (+6%) and improved passenger yield (+3.2%) partially absorbed by revenues from loading units decrease (-31.8%). The Operating income is 190 million euros lower than last year at -56 million euros and is affected by the geopolitical situation in Africa and the Middle East (65 million euros) and an increase in the unit cost.