AIRFRANCE KLM first quarter results: 5.2% more passengers, operating income remains negative



  • Solid traffic performance with passengers carried up 5.2% at 20.9 million and RPKs up 4.2% leading to an improved load factor by 0.7pt
  • Confirmation of the improvement in unit revenue trend observed since the end of 2016 with passenger network unit revenue per available seat kilometer (RASK) ex-currency almost stable at -0.5%
  • Unit cost reduction on track, down 1.7% at constant currency, fuel and pension expenses
  • Operating income at -143 million euros, a progression of 28 million euros at constant currency
  • Operating free cash flow of 329 million euros, up 133 million euros


  • High level of uncertainty regarding the geopolitical environment and the fuel price
  • Resilient trading start to 2017, confirmed for April
  • Continued strong focus on unit cost with a maintained target reduction of at least 1.5% in 2017 at constant currency, fuel price and pension expenses
  • Based on current forward prices and hedge portfolio, expecting a slight decrease in the dollar fuel bill in 2017
  • Keeping strict capex discipline, targeting positive free cash flow before disposals in 2017
Amstelveen, 04 May 2017


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