Air France-KLM Cargo lose €25m despite reduced capacity
Despite a decline in cargo traffic (-5.9 percent) Air France KLM recorded a virtually stable load factor (-0.2 points) for air cargo in 2012, following reductions in capacity (-5.6 percent). Unit revenue per available tonne kilometre (RATK) rose by 4.3 percent (+1.5 percent ex-currency). However, weak volumes weighed on revenues which amounted to €791million (-1.4 percent).The operating result stood at -€25 million compared to break-even in 2011.
By following the strategic business plan Transform, Air France KLM has narrowed its operating loss to €300m for the 2012 financial year, a reduction of €53m compared to the previous year.
The Board of Directors of Air France-KLM, chaired by Jean-Cyril Spinetta, met on 21st February 2013 to approve the accounts for full year 2012.
Jean-Cyril Spinetta made the following comments: "The year 2012 was characterized by a slowdown in global growth and recession in Europe, but nevertheless saw a sharp increase in the fuel price. Despite this very tough context, our results were in line with our expectations, with the first effects of the Transform plan enabling us to reduce the operating loss.”
According to Spinetta, 2013 will be crucial to the airline’s recovery, which will see the “full implementation of all our projects”, which includes over 5,000 staff cuts, a ‘transformation of freight’, which will see full integration between Air France Cargo and KLM Cargo, and the restructuring of short and medium haul operations.
Key Details:
· Net losses increased 47 percent to £1.19bn following a restructuring charge of €471m and a €890m increase in fuel bills.
· Revenues rose 5.2% to €25.6bn.
· Debt fell from €6.51bn to €5.97bn after sell-offs and spending cuts