Air France-KLM loses 1.7 billion euros ($2.05 billion) in 2020

Air France-KLM Group issued this financial statement:

The COVID-19 crisis severely impacted the Full Year 2020 results:

 Revenue at 11.1 billion euros, down 59% compared to last year

 EBITDA loss at -1.7 billion euros, limited due to cost control

 Group net employee cost down 35% in 2020 compared to last year, supported by staff reductions, state support mechanisms and activity related wages. Average number of FTEs (Full Time Equivalent) in December 2020 decreased by 8,700 compared to December 2019

 Operating result at –4.5 billion euros, down 5.7 billion euros compared to last year

 Net income at -7.1 billion euros, including restructuring provision at -822 million euros, overhedging at -595 million euros and fleet impairment at -672 million euros

 Net debt at 11.0 billion euros, up 4.9 billion compared to end of 2019  At 31 December 2020, the Group has 9.8 billion euros of liquidity and credit lines at disposal

Read the full report.

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