KLM has repaid the last 277 million euros of the corona debt with the Dutch state. That reports the airline Thursday† To get through the corona pandemic, KLM was able to borrow a total of 3.4 billion euros from the Dutch government and banks, but made use of 942 million euros. The airline had 5.5 years to repay the loan, but it did so in two years.
In May and June, KLM, in which the Dutch government is a shareholder, first repaid 311 million euros and then another 354 million euros. After the first two installments, according to KLM, all loans with banks had been repaid. Now the company no longer has a corona debt with the Dutch state.
KLM says it retains the option of borrowing the remaining 2.4 billion euros from the Dutch government and banks. Of this amount, 1.74 billion euros comes from banks and 723 million euros from the state. The airline has decided this, among other things, because of high inflation and rising costs, and uncertainty due to the corona virus and the war in Ukraine.
The company said it was able to make the payments through, among other things, the departure or dismissal of a total of six thousand employees, the reduction of costs, the removal of travel restrictions and the increased demand for airline tickets. KLM’s turnover more than doubled in the first quarter of this year compared to last year. Turnover in the first quarter last year amounted to 930 million euros. This year it was almost 2 billion.