Faced with growing restrictions on the possibility of travelling and a strong downward trend in demand which has resulted in a drop in traffic and sales over the last few weeks, the Air France-KLM Group released that it is obliged to significantly reduce its flight activity over the next few days, with the number of available seat kilometers potentially decreasing by -70% and -90%.
This reduction in capacity is currently scheduled to last two months, and the Group will continue to monitor the evolution of the situation on a daily basis andadjust it if necessary. As a result of this reduction in capacity, Air France will ground its entire Airbus 380 fleet and KLM its entire Boeing 747 fleet.
The Group has already taken a number of strong measures to secure its cash flow. Last week, the Air France-KLM Group drew a revolving credit facility for a total amount of €1.1 billion and KLM drew a revolving credit facility for a total amount of €665 million. As of March 12, the Group and its subsidiaries had more than €6 billion in cash and cash equivalents. (€1.00 = US$1.12 at time of publication.)
