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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16
of
the Securities Exchange Act of 1934
of October 24, 2002
KLM ROYAL DUTCH AIRLINES
(Translation of Registrant’s trade name into
English)
Amsterdamseweg 55, 1182 GP
Amstelveen, The Netherlands
(Address of principal executive
offices)
(Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F)
Form 20-F X Form 40-F
(Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)
Yes No X
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APPOINTMENTS KLM ENGINEERING & MAINTENANCE,
KLM GROUND SERVICES AND KLM CARGO
AMSTELVEEN, October 14, 2002 — Mr. F.H. (Daan) Meyer (59), Executive Vice President — Engineering & Maintenance will be retiring from KLM on April 1, 2003. Over the years Mr. Meyer has held a number of positions in Engineering & Maintenance and has also been Director of Operations at Transavia.
January 1, 2003 he will begin the hand over to Mr. A.P.J.M. (Ad) Rutten (51), who is currently Executive Vice President — Ground Services. Mr. Rutten has held this position since 1999. Prior to that he was General Director Benelux at HAYS Logistics and General Manager Airside and Terminal at Amsterdam Airport Schiphol.
Effective January 1, 2003, Mr. F.P. (Frank) de Reij (42) will become Executive Vice President — Ground Services. Mr. de Reij has worked for KLM since 1998 and is currently Senior Vice President — Commercial at KLM Cargo.
His successor is Mr. A.A. (Bram) Gräber (37) who has worked at KLM Cargo for a number of years and is currently Vice President — Business Unit Air Cargo.
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 Royal Dutch Airlines |
INTERIM RESULTS |
KLM’S OPERATING INCOME FOR THE SECOND QUARTER IMPROVES TO EUR 141 MILLION
AMSTELVEEN, THE NETHERLANDS, OCTOBER 24, 2002 – KLM Group today reports an Operating Income of EUR 141 million for the Second Quarter, ended September 30, 2002, compared to an operating income of EUR 83 million last year, which represents an increase of 70 percent. Net income amounts to EUR 86 million or EUR 1.82 per common share, compared to a net income of EUR 27 million, or EUR 0.56 per common share last year.
This fiscal year’s second quarter operating income was negatively affected by EUR 9 million, relating to the wild cat strike by ground engineers, as well as an additional EUR 10 million depreciation charge on KLM’s Boeing 747-300 fleet. The corresponding period last year was adversely affected by EUR 50 million as a result of the events of September 11, 2001.
KLM continued its conservative capacity policy, with overall capacity in the Second Quarter 2 percent below that of the corresponding period. During the quarter, overall traffic levels increased by 2 percent compared to last year, which resulted in the overall load factor improving by 3.4 percentage points to 80.2 percent. As manageable yields (excluding currency effects) were above last year’s levels, KLM maintained the quality of its operating revenues.
AEA (Association of European Airlines) statistics show that KLM continues to be ranked highest amongst the major hub-and-spoke carriers in Europe with respect to arrival punctuality, which improved by 6 percentage points to 92.0 percent.
Leo van Wijk, President and CEO of KLM, said: ‘Our Second Quarter results again demonstrate our ability to deliver a good set of results under difficult market circumstances. Through effective revenue management we were able to manage the increased pressure on our yields and to improve load factors, which resulted in our unit revenue remaining flat year-on-year. At the same time, we reduced our unit costs by 3 percent. Nevertheless, we remain focused on our cost levels.’
Operating Income for the six-month period ended September 30, 2002 was EUR 182 million, which compares to an Operating Income of EUR 106 million last year. Net Income for this period amounts to EUR 97 million, or EUR 2.05 per common share, and compares to a net income of EUR 46 million, or EUR 0.95 per common share last year.
SECOND QUARTER FINANCIAL PERFORMANCE
REVENUES
KLM Group
An encouraging and improving trend in KLM’s revenues saw Group operating revenues for the Second Quarter decline less than 1 percent to EUR 1,846 million. This decline was less than the 2 percent in the First Quarter.
KLM airline manageable unit revenues per ATK (excluding currency effects) increased by 5 percent, reflecting the combination of a flat year-on-year overall yield development and improved year-on-year load factors.
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Passenger Business
Passenger capacity (measured in ASKs) in the Second Quarter was down 3 percent on last year. As passenger traffic was only down 1 percent on last year, load factor improved by 1.8 percentage points to 84.0 percent, with an underlying and more pronounced improvement in intercontinental Business Class load factor. Overall traffic on European routes performed particularly well, in part reflecting the successful implementation of the simplified fare structure during this quarter. KLM’s market shares in the Second Quarter developed positively, whereby market share growth is most evident on African, intra European and North Atlantic routes.
Passenger yields were down 2 percent on last year. However, manageable passenger yields (excluding currency effects) increased 3 percent compared to last year, mainly due to a better class and country mix, illustrating the continued success of KLM’s effective revenue management system. Passenger traffic revenues, EUR 1,199 million in the Second Quarter, were 3 percent lower than last year.
On the North Atlantic routes, the KLM and Northwest Airlines joint venture capacity was down 9 percent on last year. As traffic was only 5 percent lower compared to last year, load factor increased by 4 percentage points to 86.0 percent. The positive yield development continued in the Second Quarter.
Cargo Business
KLM Cargo’s operating revenues in the Second Quarter, EUR 245 million, were up 3 percent on last year, driven by a recovery in the air cargo market, which is reflected in traffic growth at KLM Cargo. Cargo traffic (measured in RTFKs) increased by 7 percent compared to last year. As cargo capacity (measured in ATFKs) was 1 percent below last year’s, cargo load factor increased by 5.5 percentage points to 71.4 percent. Cargo yields were 4 percent lower than last year. Manageable cargo yields (excluding currency effects), however, increased by 1 percent. In particular traffic on Asia Pacific and on African routes reported levels well above last year, while traffic on North Atlantic routes reported lower levels, mainly due to lower traffic originating from the USA.
Engineering & Maintenance Business
KLM Engineering & Maintenance revenues of EUR 226 million, were 1 percent lower than last year. A decline in the revenues attributable to KLM business was successfully offset by an increase in third party business. This success emphasizes Engineering & Maintenance’s capacity to react to changing operating conditions.
Leisure and Low Cost Businesses
The Dutch leisure market seems to have recovered from the effects of September 11, 2001, resulting in volume increases in both charter and scheduled services. Yields and load factors developed in line with our expectations, allowing Transavia’s Second Quarter operating revenues (including BASIQ AIR) to improve in comparison to the corresponding period.
In the Second Quarter, buzz increased its network capacity (measured in sectors flown) by 20 percent compared to last year, which reflects the start up of high frequency, short distance routes focused on the French market. As in the previous quarter, buzz reported a significant year-on-year increase in passenger numbers in the Second Quarter. In August buzz announced a lease agreement for six 737-300 aircraft, which will replace part of its BAe 146 fleet.
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OPERATING EXPENSES
Group operating expenses decreased by EUR 69 million, or 4 percent. KLM airline manageable unit costs (excluding currency and fuel price effects) increased by 1 percent compared to the corresponding period.
Fuel cost development
Fuel costs decreased by 18 percent, which reflects the mixed impact of lower capacity levels, lower prices for jet fuel and a lower USD exchange rate. KLM has increased its hedging position on jet fuel for the remainder of this fiscal year, achieving full protection if prices were to escalate.
Depreciation of KLM’s Boeing 747-300 fleet
Considering the current market price levels for Boeing 747-300 aircraft and the expected timing of the retirement, KLM has decided to accelerate the depreciation on its Boeing 747-300 fleet until the phase-out of this subtype has been completed. Second Quarter depreciation therefore includes an additional depreciation charge of EUR 10 million. The accelerated depreciation is expected to have an effect of approximately EUR 10 million in the each of the next eight quarters.
FINANCIAL INCOME AND EXPENSE
Financial Income and Expense improved by EUR 22 million versus previous year, primarily due to favourable revaluation of financial instruments (derivatives), as a result of rate of exchange differences in accordance with SFAS 133.
RESULT OF HOLDINGS
Result of Holdings improved by EUR 13 million, mainly because last year’s figure included a provision of EUR 8 million.
CASH FLOW AND FINANCIAL POSITION
Cash flow and cash position
Second Quarter’s cash flow from operating activities was EUR 253 million. Net investments amounted to EUR 124 million. This relates to advance payments on previously announced new fleet purchases. Free cash flow in the Second Quarter amounted to EUR 129 million.
KLM’s overall liquidity position remains robust, amounting to EUR 1,290 million as at September 30, 2002. Of this amount EUR 958 million are Cash and marketable securities and EUR 332 million relate to Triple A bonds and long term deposits, largely shown under financial fixed assets. The interest coverage ratio improved to 7.2.
Financial position
During the first six months of Fiscal Year 2002/03, KLM’s net-debt position decreased by EUR 47 million to EUR 2,561 million at September 30, 2002. Group equity increased by EUR 44 million to EUR 2,036 million. KLM’s financial gearing (net-debt as a percentage of group equity) improved in line with our expectations from 131 percent at March 31, 2002 to 126 percent at September 30, 2002.
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OUTLOOK
KLM confirms its expectation of reporting a positive operating income for the current fiscal year due to a continued focus on cost and despite a planned higher depreciation charge and lower pension surplus refunds than in the prior year.
Operating conditions will remain difficult given the unstable economic and geo-political environment.
This makes it unlikely that a positive net income will be achievable for the current fiscal year.
This report is unaudited.
| Amstelveen, October 24, 2002 | The Board of Managing Directors |
UPCOMING EVENTS
Analyst Conference Call on Second Quarter Results
A Conference Call will be held on Thursday, October 24, 2002 from 04:00 pm until 05:00 pm CET. Rob Ruijter, Managing Director and Chief Financial Officer will host the call. The call will be accessible via live audio webcast on the KLM Investor Relations website at http://investorrelations.klm.com, under the link multimedia presentations.
KLM Investor Day
On October 30, 2002 KLM will host an Investor Day. Details on the program and how to access the live audio webcast facility are listed on KLM’s Investor Relations website: http://investorrelations.klm.com, under the link multimedia presentations.
SAFE HARBOR CLAUSE
Statements in this news release contain forward-looking statements within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Act of 1934, as amended, which are based on current expectations, estimates, forecasts and projections about future events. All forward-looking statements involve risks, uncertainties and assumptions that are difficult to predict, and actual outcomes and results may differ materially from what is expressed or forecasted in these forward-looking statements. Such risks and uncertainties include, among others, the future level of air travel demand, the Company’s future load factors and yields, the many effects on the Company and the airline industry from the terrorist attacks on the United States on September 11, 2001, including the adverse impact on general economic conditions, increased costs for security, the cost and availability of aviation insurance coverage and war risk coverage, the price and availability of jet fuel and the possibility of additional terrorist activity or the fear of such activity. For additional information regarding factors that may affect future results, please see the Company’s filings with the United States Securities and Exchange Commission. These documents will be filed at the end of June 2002 and include, but are not limited to, the Company’s Form 20-F for the year ended March 31, 2002. We undertake no obligation to update any forward-looking statements after they are made, whether as a result of new information, future events or otherwise.
NOTE TO THE EDITORS: Financial and Statistical Data can be found at <<http://investorrelations.klm.com>>. For more information, contact Investor Relations at 31 20 649 3099, or Media Relations at 31 20 649 4545
For photography: www.presslink.nl/klm
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KEY FINANCIAL DATA
| Three months ended | Six months ended | |||||||||||||||
| September 30 | September 30 | |||||||||||||||
| 2002 | 2001 | 2002 | 2001 | |||||||||||||
| (in millions of euros) | ||||||||||||||||
Operating revenues |
1,846 | 1,857 | 3,532 | 3,569 | ||||||||||||
Operating expenses before depreciation and |
— | |||||||||||||||
long term rentals |
1,525 | 1,589 | 3,005 | 3,093 | ||||||||||||
EBITDAR |
321 | 268 | 527 | 476 | ||||||||||||
Depreciation and long term rentals |
180 | 185 | 345 | 370 | ||||||||||||
Operating income |
141 | 83 | 182 | 106 | ||||||||||||
EBITDAR as a % of operating revenues |
17.4 | 14.4 | 14.9 | 13.3 | ||||||||||||
Operating income as a % of operating revenues |
7.6 | 4.5 | 5.2 | 3.0 | ||||||||||||
Pretax income |
124 | 36 | 141 | 60 | ||||||||||||
Net income |
86 | 27 | 97 | 46 | ||||||||||||
Per common share (EPS)* |
1.82 | 0.56 | 2.05 | 0.95 | ||||||||||||
Cash flow from operating activities |
253 | 256 | 454 | 403 | ||||||||||||
Cash flow from investing activities |
(124 | ) | 17 | (404 | ) | (122 | ) | |||||||||
Free cash flow |
129 | 273 | 50 | 281 | ||||||||||||
Interest coverage ratio |
7.2 | 1.6 | 4.0 | 1.9 | ||||||||||||
Number of Staff KLM Group** |
||||||||||||||||
- permanent |
31,613 | 31,718 | 31,557 | 31,607 | ||||||||||||
- temporary |
1,575 | 2,030 | 1,518 | 1,916 | ||||||||||||
- agency staff |
1,743 | 2,059 | 1,574 | 1,992 | ||||||||||||
| 34,931 | 35,807 | 34,649 | 35,515 | |||||||||||||
| September 30, 2002 | March 31, 2002 | |||||||
Stockholders’ equity (in millions of euros) |
2,036 | 1,992 | ||||||
Per common share* |
43.63 | 42.61 | ||||||
Average number of common shares
outstanding (fully diluted) |
46,809,699 | 46,809,699 | ||||||
Net debt-to-equity ratio (%) |
126 | 131 | ||||||
Cash Position |
||||||||
Cash and marketable securities |
958 | 1,029 | ||||||
Triple A bonds and long term deposits |
332 | 354 | ||||||
| 1,290 | 1,383 | |||||||
| * | After taking other rights to a share in net income and equity into account | |
| ** | Average full-time equivalents |
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CONSOLIDATED STATEMENT OF EARNINGS
| Three months ended | Six months ended | |||||||||||||||
| September 30 | September 30 | |||||||||||||||
| 2002 | 2001 | 2002 | 2001 | |||||||||||||
| (in millions of euros) | ||||||||||||||||
Operating revenues |
1,846 | 1,857 | 3,532 | 3,569 | ||||||||||||
Operating expenses |
1,705 | 1,774 | 3,350 | 3,463 | ||||||||||||
Operating income |
141 | 83 | 182 | 106 | ||||||||||||
Financial income and expense |
(20 | ) | (42 | ) | (47 | ) | (66 | ) | ||||||||
Results on sale of assets |
(1 | ) | — | (2 | ) | 11 | ||||||||||
Results of holdings |
4 | (9 | ) | 6 | (14 | ) | ||||||||||
Results on sale of holdings |
— | 4 | 2 | 23 | ||||||||||||
Pretax income |
124 | 36 | 141 | 60 | ||||||||||||
Taxes |
(38 | ) | (9 | ) | (44 | ) | (14 | ) | ||||||||
Net income |
86 | 27 | 97 | 46 | ||||||||||||
Attributable to preferred stock dividends |
1 | 1 | 1 | 1 | ||||||||||||
Attributable to common stockholders |
85 | 26 | 96 | 45 | ||||||||||||
CONSOLIDATED STATEMENT OF CASH FLOWS
| Three months ended | Six months ended | |||||||||||||||
| September 30 | September 30 | |||||||||||||||
| 2002 | 2001 | 2002 | 2001 | |||||||||||||
| (in millions of euros) | ||||||||||||||||
Net income |
86 | 27 | 97 | 46 | ||||||||||||
Depreciation |
125 | 119 | 242 | 236 | ||||||||||||
Changes in provisions |
37 | (8 | ) | 42 | 5 | |||||||||||
Changes in operating working capital |
10 | 98 | 93 | 133 | ||||||||||||
Results of holdings |
(4 | ) | 9 | (6 | ) | 14 | ||||||||||
Results on sale of holdings |
— | (4 | ) | (2 | ) | (23 | ) | |||||||||
Other changes |
(1 | ) | 15 | (12 | ) | (8 | ) | |||||||||
Cash flow from operating activities |
253 | 256 | 454 | 403 | ||||||||||||
Net capital expenditures on intangible fixed assets |
(5 | ) | (1 | ) | (16 | ) | (5 | ) | ||||||||
Net capital expenditures on tangible fixed assets |
(114 | ) | (21 | ) | (375 | ) | (182 | ) | ||||||||
Net capital changes in holdings |
(5 | ) | 39 | (13 | ) | 65 | ||||||||||
Cash flow from investing activities |
(124 | ) | 17 | (404 | ) | (122 | ) | |||||||||
Free cash flow |
129 | 273 | 50 | 281 | ||||||||||||
Cash flow from financing activities |
(166 | ) | (23 | ) | (121 | ) | (27 | ) | ||||||||
Changes in cash and marketable securities |
(37 | ) | 250 | (71 | ) | 254 | ||||||||||
Net capital expenditures on tangible fixed assets for the six months ended September 30, 2002 include the purchase of one Boeing 747-400 (final payment), down payments on Boeing 747-400ER freighters and Boeing 777-200’s.
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CONSOLIDATED BALANCE SHEET
| September 30, 2002 | March 31, 2002 | |||||||
| (in millions of euros) | ||||||||
Fixed assets |
||||||||
Intangible fixed assets |
64 | 56 | ||||||
Tangible fixed assets |
5,228 | 5,104 | ||||||
Financial fixed assets |
1,290 | 1,364 | ||||||
| 6,582 | 6,524 | |||||||
Current assets |
||||||||
Operating supplies |
254 | 257 | ||||||
Accounts receivable |
1,191 | 1,233 | ||||||
Cash and marketable securities |
958 | 1,029 | ||||||
| 2,403 | 2,519 | |||||||
Current liabilities |
2,161 | 2,092 | ||||||
Current assets less current liabilities |
242 | 427 | ||||||
Assets less current liabilities |
6,824 | 6,951 | ||||||
Long-term debt |
||||||||
Subordinated perpetual debt |
592 | 591 | ||||||
Other long-term debt |
3,597 | 3,826 | ||||||
| 4,189 | 4,417 | |||||||
Provisions |
313 | 277 | ||||||
Deferred credits |
286 | 265 | ||||||
Group equity |
2,036 | 1,992 | ||||||
| 6,824 | 6,951 | |||||||
CHANGES IN STOCKHOLDERS' EQUITY
| 2002 | 2001 | |||||||
| (in millions of euros) | ||||||||
Balance at March 31 |
1,992 | 2,061 | ||||||
Changes in accounting policies |
— | 71 | ||||||
Distribution 2001/02 to shareholders |
(11 | ) | — | |||||
Allocation from net income |
97 | 46 | ||||||
Exchange rate differences/other |
(42 | ) | (45 | ) | ||||
Balance at September 30 |
2,036 | 2,133 | ||||||
Movements with respect to exchange rate differences/other relate to exchange rate differences arising on the translation of KLM’s share in equity and results of foreign holdings and the valuation of derivatives under SFAS 133/138.
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NOTES TO THE CONSOLIDATED STATEMENT OF EARNINGS
Operating revenues
| Three months ended | Six months ended | |||||||||||||||||||||||
| September 30 | September 30 | |||||||||||||||||||||||
| 2002 | 2001 | %Change | 2002 | 2001 | %Change | |||||||||||||||||||
| (in millions of euros) | ||||||||||||||||||||||||
Traffic revenues: |
||||||||||||||||||||||||
Passenger* |
1,199 | 1,231 | (3 | ) | 2,295 | 2,348 | (2 | ) | ||||||||||||||||
Cargo |
245 | 239 | 3 | 496 | 489 | 1 | ||||||||||||||||||
Leisure/low cost** |
207 | 203 | 2 | 370 | 369 | 0 | ||||||||||||||||||
Total traffic revenues |
1,651 | 1,673 | (1 | ) | 3,161 | 3,206 | (1 | ) | ||||||||||||||||
Engineering & Maintenance revenues |
226 | 229 | (1 | ) | 453 | 459 | (1 | ) | ||||||||||||||||
Other revenues |
108 | 106 | 2 | 227 | 206 | 10 | ||||||||||||||||||
Elimination internal revenues |
(139 | ) | (151 | ) | n.m | (309 | ) | (302 | ) | n.m | ||||||||||||||
Total operating revenues |
1,846 | 1,857 | (1 | ) | 3,532 | 3,569 | (1 | ) | ||||||||||||||||
Operating expenses
| Three months ended | Six months ended | |||||||||||||||||||||||
| September 30 | September 30 | |||||||||||||||||||||||
| 2002 | 2001 | %Change | 2002 | 2001 | %Change | |||||||||||||||||||
| (in millions of euros) | ||||||||||||||||||||||||
Salaries and benefits |
471 | 441 | 7 | 938 | 860 | 9 | ||||||||||||||||||
Hired personnel |
28 | 37 | (24 | ) | 52 | 69 | (25 | ) | ||||||||||||||||
Labour costs |
499 | 478 | 4 | 990 | 929 | 7 | ||||||||||||||||||
Materials and consumables |
119 | 104 | 14 | 235 | 238 | (1 | ) | |||||||||||||||||
Commercial costs |
139 | 136 | 2 | 269 | 269 | 0 | ||||||||||||||||||
Landing fees and navigation charges |
145 | 146 | (1 | ) | 282 | 284 | (1 | ) | ||||||||||||||||
Third-party handling costs |
55 | 59 | (7 | ) | 119 | 118 | 1 | |||||||||||||||||
Work by third parties |
136 | 127 | 7 | 256 | 255 | 0 | ||||||||||||||||||
Housing, vehicles and Inventories |
36 | 40 | (10 | ) | 77 | 79 | (3 | ) | ||||||||||||||||
Commercial cooperation |
34 | 43 | (21 | ) | 55 | 74 | (26 | ) | ||||||||||||||||
Ad hoc aircraft -/ truck rentals |
25 | 41 | (39 | ) | 54 | 82 | (34 | ) | ||||||||||||||||
Other operating expenses |
104 | 132 | (21 | ) | 214 | 213 | 0 | |||||||||||||||||
| 1,292 | 1,306 | (1 | ) | 2,551 | 2,541 | 0 | ||||||||||||||||||
Aircraft fuel |
233 | 283 | (18 | ) | 454 | 552 | (18 | ) | ||||||||||||||||
Operating expenses before
depreciation and long term rentals |
1,525 | 1,589 | (4 | ) | 3,005 | 3,093 | (3 | ) | ||||||||||||||||
Depreciation |
125 | 119 | 5 | 242 | 236 | 3 | ||||||||||||||||||
Operational aircraft lease expenses |
47 | 59 | (20 | ) | 87 | 119 | (27 | ) | ||||||||||||||||
Long term property rentals |
8 | 7 | 14 | 16 | 15 | 6 | ||||||||||||||||||
Depreciation and long term rentals |
180 | 185 | (3 | ) | 345 | 370 | (7 | ) | ||||||||||||||||
Total operating expenses |
1,705 | 1,774 | (4 | ) | 3,350 | 3,463 | (3 | ) | ||||||||||||||||
| • | Salaries and benefits showed a year-on-year increase of 7%, which is the effect of general wage increases, lower surplus refunds from KLM’s pension funds and higher pre-pension charges. Including cost of hired personnel, overall labour costs increased by 4%. | |
| • | Fuel costs decreased by 18% compared to prior-year, reflecting the mixed impact of lower capacity levels, lower prices for jet fuel and a lower USD rate. | |
| • | Costs of materials and consumables increased since previous year’s figures included incidental adjustments in the valuation of operating supplies. | |
| • | Ad hoc and short-term aircraft/truck rentals and operational aircraft lease expenses decreased significantly as a result of the insourcing of capacity from regional partners and Martinair. |
| * | KLM, KLM Cityhopper and KLM uk (excluding buzz) | |
| ** | Transavia (including BASIQ AIR) and buzz |
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AIRLINE OPERATING DATA
| Three months ended September 30 | Six months ended September 30 | |||||||||||||||||||||||
| 2002 | 2001 | %Change | 2002 | 2001 | %Change | |||||||||||||||||||
KLM* |
||||||||||||||||||||||||
Traffic (in millions of RTKs) |
2,645 | 2,592 | 2 | 5,102 | 5,155 | (1 | ) | |||||||||||||||||
Capacity (in millions of ATKs) |
3,300 | 3,374 | (2 | ) | 6,438 | 6,742 | (5 | ) | ||||||||||||||||
Load factor (%) |
80.2 | 76.8 | 79.2 | 76.5 | ||||||||||||||||||||
Break-even load factor (%) |
74.8 | 74.0 | 76.1 | 74.8 | ||||||||||||||||||||
Yield per RTK (in cents) |
54.4 | 56.8 | (4 | ) | 54.6 | 55.1 | (1 | ) | ||||||||||||||||
Excluding currency effects |
1 | 2 | ||||||||||||||||||||||
Unit revenues per ATK (in cents) |
43.7 | 43.7 | 0 | 43.3 | 42.1 | 3 | ||||||||||||||||||
Excluding currency effects |
5 | 6 | ||||||||||||||||||||||
Unit costs per ATK (in cents) |
40.7 | 42.0 | (3 | ) | 41.6 | 41.2 | 1 | |||||||||||||||||
Excluding fuel price effects |
(2 | ) | 2 | |||||||||||||||||||||
Excluding currency effects |
1 | 3 | ||||||||||||||||||||||
Excluding fuel price and currency
effects |
1 | 4 | ||||||||||||||||||||||
Margin per ATK (in cents) |
3.0 | 1.7 | 1.7 | 0.9 | ||||||||||||||||||||
Passenger Business |
||||||||||||||||||||||||
Traffic (in millions of RPKs) |
16,331 | 16,467 | (1 | ) | 30,657 | 32,091 | (4 | ) | ||||||||||||||||
Capacity (in millions of ASKs) |
19,448 | 20,025 | (3 | ) | 37,489 | 39,731 | (6 | ) | ||||||||||||||||
Passenger load factor (%) |
84.0 | 82.2 | 81.8 | 80.8 | ||||||||||||||||||||
Yield per RPK (in cents) |
7.3 | 7.5 | (2 | ) | 7.5 | 7.3 | 2 | |||||||||||||||||
Excluding currency effects |
3 | 5 | ||||||||||||||||||||||
Unit revenues per ASK (in cents) |
6.2 | 6.2 | 0 | 6.1 | 5.9 | 3 | ||||||||||||||||||
Excluding currency effects |
5 | 6 | ||||||||||||||||||||||
Cargo Business |
||||||||||||||||||||||||
Traffic (in millions of RTFKs) |
1,025 | 958 | 7 | 2,051 | 1,958 | 5 | ||||||||||||||||||
Capacity (in millions of ATFKs) |
1,435 | 1,453 | (1 | ) | 2,865 | 2,947 | (3 | ) | ||||||||||||||||
Cargo load factor (%) |
71.4 | 65.9 | 71.6 | 66.4 | ||||||||||||||||||||
Yield per RTFK (in cents) |
23.8 | 24.9 | (4 | ) | 24.1 | 25.0 | (3 | ) | ||||||||||||||||
Excluding currency effects |
1 | 0 | ||||||||||||||||||||||
Unit revenues per ATFK (in cents) |
17.0 | 16.4 | 4 | 17.2 | 16.6 | 4 | ||||||||||||||||||
Excluding currency effects |
9 | 8 | ||||||||||||||||||||||
KLM Group** |
||||||||||||||||||||||||
Traffic (in millions of RPKs) |
19,818 | 19,448 | 2 | 36,774 | 37,648 | (2 | ) | |||||||||||||||||
Capacity (in millions of ASKs) |
23,970 | 24,215 | (1 | ) | 45,554 | 47,471 | (4 | ) | ||||||||||||||||
Passenger load factor |
82.7 | 80.3 | 80.7 | 79.3 | ||||||||||||||||||||
| * | Operating data of KLM, KLM Cityhopper and KLM uk (excluding buzz); prior-year figures have been restated for comparative purposes; unit revenues and unit costs before joint venture settlements. | |
| ** | KLM Group: KLM, KLM Cityhopper, KLM uk (including buzz) and Transavia (including BASIQ AIR). |
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AIRLINE OPERATING DATA
Traffic and capacity figures by route area*
| Three months ended September 30 | Traffic (RTK) | Capacity (ATK) | Load factor (%) | |||||||||||||||||||||
| % | % | |||||||||||||||||||||||
| 2002 | growth | 2002 | growth | 2002 | 2001 | |||||||||||||||||||
| (in millions of euros) | ||||||||||||||||||||||||
Asia Pacific |
862 | 5 | 985 | (2 | ) | 87.5 | 81.3 | |||||||||||||||||
North Atlantic |
654 | (8 | ) | 800 | (11 | ) | 81.8 | 79.1 | ||||||||||||||||
Central and South Atlantic |
338 | (4 | ) | 467 | (1 | ) | 72.3 | 74.4 | ||||||||||||||||
Europe |
293 | 17 | 410 | 7 | 71.4 | 65.1 | ||||||||||||||||||
Africa |
291 | 21 | 366 | 17 | 79.6 | 77.5 | ||||||||||||||||||
Middle East / South Asia |
207 | (6 | ) | 272 | (10 | ) | 76.1 | 72.9 | ||||||||||||||||
Total KLM |
2,645 | 2 | 3,300 | (2 | ) | 80.2 | 76.8 | |||||||||||||||||
| Six months ended September 30 | Traffic (RTK) | Capacity (ATK) | Load factor (%) | |||||||||||||||||||||
| % | % | |||||||||||||||||||||||
| 2002 | growth | 2002 | growth | 2002 | 2001 | |||||||||||||||||||
| (in millions of euros) | ||||||||||||||||||||||||
Asia Pacific |
1,696 | 4 | 1,968 | (4 | ) | 86.1 | 79.6 | |||||||||||||||||
North Atlantic |
1,259 | (14 | ) | 1,541 | (16 | ) | 81.7 | 80.4 | ||||||||||||||||
Central and South Atlantic |
635 | (4 | ) | 898 | (1 | ) | 70.8 | 72.6 | ||||||||||||||||
Europe |
564 | 12 | 800 | 5 | 70.5 | 66.3 | ||||||||||||||||||
Africa |
547 | 20 | 695 | 16 | 78.7 | 76.6 | ||||||||||||||||||
Middle East / South Asia |
401 | (6 | ) | 536 | (10 | ) | 74.9 | 71.7 | ||||||||||||||||
Total KLM |
5,102 | (1 | ) | 6,438 | (5 | ) | 79.2 | 76.5 | ||||||||||||||||
SUMMARY STATISTICS
(Six months ended September 30, 2002 compared to last year)
| * | KLM, KLM Cityhopper and KLM uk (excluding buzz), prior-year figures have been restated for comparative purposes | |
| ** | Operating income as a percentage of operating revenues (group) |
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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| KLM Royal Dutch Airlines | |
| Date: October 24, 2002 | By /s/
L.M. van Wijk Name: L.M. van Wijk Title: President & CEO |
| By /s/ A.R. de Jong Name: A.R. de Jong Title: EVP Corporate Control |