Alitalia 2005 Full Year results and update on Business Plan implementation. March 2006

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1 Alitalia 2005 Full Year results and update on Business Plan implementation March 2006

2 Index Latest Alitalia major events Business Plan implementation in 2005 Focus on cost cutting 2005 results and targets update: - Update on Alitalia Servizi and related savings - Unions relations and labour cost savings - Purchasing and Supply management savings - Commercial costs savings Focus on 2005 network results and targets update Company 2005 financial overview and targets The Volare acquisition Appendix: - Details on 2005 Financials (IAS-IFRS 2005 P&L, IAS-IFRS 2005 Net Debt, Alitalia 2005 EBITDAR calculation) - Details on 2005 Network & Fleet performances (2005 Main Passenger and Cargo traffic statistics, 2005 year end fleet) Financial Calendar - Glossary 2

3 Company Update Latest major events December 16, 2005: Alitalia capital increase of approximately 1 billion euros is successfully concluded with Italian Ministry of Economy and Finance diluted to a 49,9% stake in Company s capital January and January 26-28, 2006: Strikes and bad weather hit severely Alitalia schedule causing several cancellations (approximately 350,000 seats cancelled vs scheduled) February 27, 2006: Alitalia Board of Directors approves 2005 full year consolidated financial statements with a negative net result of 167 million euros February 28 and March 14, 2006: Alitalia starts negotiations with Unions under Government supervision March 10, 2006: Alitalia releases a forward looking statement on its 2006 targets confirming 2006 positive result notwithstanding strikes and some business plan actions delays March 17, 2006: 3 Alitalia wins the auction for Volare going concern

4 Restructuring and Relaunch Plan Restructuring phase update main actions Status Results achieved in 2005 Reduce complexity with strong focus on core business (Alitalia Servizi spin-off) Done Alitalia Servizi deconsolidated from the accounts as of November 10, 2005 Maximise asset productivity without acquiring new fleet In progress Overall passenger aircraft utilization up 7,9% in 2005 vs 2004 Reach new labour agreements to increase productivity and decrease costs In progress 2005 headcount reduction and cost equivalent measures implemented (2005 pro forma weight on sales down to 18%) Flight Personnel productivity increased vs 2004 (up 12% for Pilots and 6% for Flight Attendants) Reduce purchasing costs In progress New contracts signed with suppliers during 2005 already started generating benefits in 2005 accounts 4

5 Restructuring and Relaunch Plan Several cost reduction initiatives have been launched Reduction of ex-fuel unit costs per ATK (2004PF*=100) 2004PF* 2005PF* ex-fuel unit cost reduction of approximately 10% Purchasing management Alitalia Servizi Labour Commercial % Business Plan implementation progress bars (% weight of 2005 results on unit cost reduction) ACHIEVED IN 2005 ACHIEV. IN 2005 ACHIEVED IN 2005 ACHIEVED IN % 20% 40% 60% 80% 100% 2006 New Target *Pro-Forma Alitalia accounts with Alitalia Servizi deconsolidation form January to December (2004 calculated with full cost allocation method) In 2005 effects of Alitalia Servizi spin off and labour savings in line with expectations Purchasing cost cutting to be almost fully implemented in 2006 Some delays in implementing 2006 savings in labour and commercial costs Target of 24% unit cost reduction ( ) fully confirmed

6 Alitalia Group reorganization Alitalia Servizi spin-off Market Alitalia new consolidation perimeter Alitalia Treasury 50,1% 49,9% Passenger Cargo Corporate New Group perimeter from November 10, % (1) Fintecna 51% (1) Alitalia Servizi Maintenance Ground Handling Shared services IT In May 2005 Alitalia non core activities (maintenance, ground handling, shared service and information technologies) were contributed into a newco called Alitalia Servizi In November 2005 Fintecna underwrote a dedicated Alitalia Servizi capital increase in order to obtain a 49% stake (51% of voting rights) Along the plan, Fintecna will underwrite 100% of preferred shares, that will be issued in various tranches in period Since the acquisition by Fintecna of the majority of voting rights (November 10, 2005), Alitalia deconsolidated Alitalia Servizi as shown in Alitalia 2005 financial statements (1) Voting rights 6

7 Alitalia Group reorganization Cost reduction and increase of flexibility Service unit costs from Alitalia Servizi (2004PF=100) Split of Alitalia Servizi 2005PF invoice to Alitalia 2004PF* 2005PF* Ground Handling 22% Shared Services 8% IT 7% % Maintenance 63% Positive effects from Alitalia Servizi spin off on 2005 pro-forma accounts show a 18% decrease vs previous unit internal costs (2004) 2005 pro forma invoice from Alitalia Servizi of approximately 600 million euros 2006 invoice from Alitalia Servizi expected to grow less than half of 2006 ATKs growth 7 *Pro-Forma Alitalia accounts with Alitalia Servizi deconsolidation form January to December (2004 calculated with full cost allocation method)

8 Labour costs Focus on Trade Unions agreements January strikes were mainly within Alitalia Servizi maintenance unit (all Rome maintenance facilities gates were blocked by unions pickets) that unfortunately caused most of Alitalia flights to be cancelled and hit severely first quarter 2006 bookings (mainly in January and February, but also with a relevant effect in March) January one week strike in conjunction with bad weather conditions caused 80 million euros loss in terms of revenues and a negative effect on first quarter 2006 operating result of approximately 40 million euros Strikes were driven mainly by Alitalia Servizi workers worried by possible future disposals of Alitalia Servizi single business units to third parties (important to be noted that redundancies identified in October 2004 agreements have been carried forward as scheduled in 2005) Headcount reductions since October 2004 Workforce structure as of December 2005 Pilots 19,4% 8 September and October 2004 Agreements August 31, 2004 Alitalia + Alitalia Servizi Alitalia Servizi deconsolidation including its headcount reduction Alitalia headcount reduction in December 31, 2005 Alitalia Flight Assistant 41,3% Ground 39,3%

9 Labour costs Labour Cost projections Labour Cost % Weight on Total Sales 21% 18% 15% 12% 2005 labour cost in line with expectations 2006 weight on sales to be adjusted from 14% (previous target) to 15% 2008 target 12% weight on sales Yearly cost Euro/mln confirmed 2004PF* 2005PF* 2006P 2008 FTE workforce projections (cost equivalent) average workforce higher than Mix of cost equivalent actions and headcount reductions previously announced (8.600) by approximately 500 cost equivalent units due to delays in some projects 2008 target on average workforce of confirmed 2005PF* *Pro-Forma Alitalia accounts with Alitalia Servizi deconsolidation form January to December (2004 calculated with full cost allocation method)

10 Cost management Purchasing and supply management cost cutting initiatives Impact Jan Mar 2005 Dec 2005 Timeline Sept /12/ /12/2005 Phase 1 Phase 2 Phase 3 Implementation as of March 2006 SIGNED TARGET 73% 27% SIGNED TARGET 11% 89% Achieved yearly savings on signed negotiations (vs 2004 cost base) Fleet Airports Cargo area On board services Maketing and others General spending -3,6% -16,1% -19,2% -20,7% -48,0% -20,5% 10

11 Cost management Sales relaunch and commercial costs reduction General update on business plan implementation Sales costs as % of total revenues Actions Results & Targets Increase direct sales Boost e-ticketing penetration Decrease sales commission New effective organization 2005 cost performance full in line with expectations 2006 delay on specific projects not to modify target 20.0% 15.0% 10.0% 5.0% 0.0% 17% % -5pp 13,5% 12% E Direct sales E-ticketing penetration Sales Personnel Productivity (as % of sales) - (as - % of sold tickets) (euro/million) - 20% 15% 10% 5% +1 pp 11.4% 12.4% 80% 60% 40% 20% 11% 25% +54pp 49% 65% % % % Target

12 Overview of Alitalia Passenger business (2005 perfomance vs 2004) ASIA 53,1 bln ASKs (+9,1% vs 2004) Relative weight on total network 13,7% (+28,8% vs 2004) 23,9 mln passengers (+7,8% vs 2004) Intercontinental 10,6% WAF SAT 1,9% (+14,4% vs 2004) International 42,9% 8,2% (+6,7% vs 2004) CAT NAT 2,4% (+4,6% vs 2004) 20,9% (0,0% vs 2004) Domestic 46,5% ME NAF 4,4% 3,7% (+16,7% vs 2004) (+14,4% vs 2004) 3,55 bln Passenger Traffic Revenues (+11,3% vs 2004) EE 5,3% (+44,3% vs 2004) Intercontinental 29,6% WE 21,3% (+3,7% vs 2004) DOM DOM: Domestic Italy EE: Eastern Europe ME: Middle East CAT: Center Atlantic 18,2% WE: Western Europe NAF: North Africa NAT: North Atlantic (+5,2% vs 2004) ASIA: Far East SAT: South Atlantic WAF: West Africa International 40,7% Domestic 29,7% 12

13 Domestic passenger network 2005 results Delta 2005 vs 2004 Actions ASKs RPKs LF -0,2 pp +5,2% +4,9% Strengthen position in high yield markets from/to Rome and Milan Leverage regional partnerships Re-gain domestic market share Face increasing low cost competition Yield RASK Revenues +7,4% +7,1% +12,7% Results Traffic growth in line with capacity increase Increased domestic market share by more than 3pp back to over 51% Strong yield performance driven by business market re-gain and fuel surcharges 13

14 International passenger network results Delta 2005 vs 2004 Actions ASKs RPKs LF +1,4 pp +11,2% +13,6% Strengthen position on key Western Europe markets Increase capacity in the fastest Eastern Europe growing markets Exploit privileged geographic position to capture East West natural flows Yield -4,7% Results RASK Revenues -2,6% +8,3% Load Factor up despite strong capacity increase and low cost competitive pressure Yield decrease mainly driven by start-up phase of 8 new destinations in Eastern Europe (+44% ASKs increase driving a -10% yield decrease) 14

15 Intercontinental passenger network results Delta 2005 vs 2004 Actions ASKs +9,1% Widen routes portfolio towards fastest growing markets (especially China and India) RPKs +8,5% Strengthen position on key historical markets (such as North America and Japan) through frequency increase and wider routes portfolio LF -0,4 pp Yield +5,4% Results RASK Revenues +4,9% +14,4% Traffic growth fully in line with the significant capacity increase on Far East and India Very strong unit revenue performance leading to a significant revenue increase 15

16 Total passenger network results and 2006 guidance ASKs Delta 2005 vs ,1% Very good overall 2005 performance confirming success of the network positioning RPKs LF +0,3 pp +9,5% 2005 last quarter total network revenue performance lower than expected due to cancellations but still showing the strongest RASK increase vs 2004 Yield RASK +1,6% +2,1% 2006 first quarter revenues results will be materially affected by January strikes which led to a loss of bookings still in progress today Revenues +11,3% 2006 passenger capacity will be up by approximately 4-5% vs 2005 to complete the restructuring phase of the plan 16

17 Growth Restating Domestic International Intercontinental Capacity (ASKs) 2005 vs 2004 Capacity (ASKs) CAGR -0.6% + 5.2% +2.7% +11.2% +9.1% +9.1% Load factor 2005 vs 2004 (ppt) Load factor increase (ppt) -0.2pp +6.8pp +1.4pp +2.1pp -0.4pp +4.2pp Unit revenue (Yield) 2005 vs 2004 Unit revenue (Yield) CAGR +0.8% +7.4% -4.7% 0.0% +1.2% +5.4% Unit revenue (RASK) 2005 vs 2004 Unit revenue (RASK) CAGR +4.4% +7.1% -2.6% +1,0% +3.0% +4.9% After taking into account 2005 final traffic data we updated CAGR without major differences vs previous forecast 17

18 Fleet utilization and Flight Personnel productivity Fleet average daily utilization results (hours) Flight Personnel productivity results (hours) Long Haul Fleet h28m 14h42m +14min. Block hours/pilot % Medium-Short Haul Fleet h21m 7h36m +15min. Block hours/attendant % Long haul fleet utilization slightly above expectations and last year performance Short medium haul fleet utilization improving vs last year but slightly below expectations due to cancellations in the last quarter of 2005 Additional measures to further improve flight personnel productivity are in progress 18

19 Financials and future outlook Current capital structure Alitalia net financial position as of December 2005 (Italian GAAP) (see appendix for IAS/IFRS reconciliation) ) ( m 3,000 2,500 2,000 1,500 1, (1.120) Convertible Long-term New GE Cash and bond loans Loan equivalent (76) Financial derivatives 785 Total Net Debt Other relevant financial information 400 million euros bridge loan was paid down last December 20, 2005 Alitalia raised new medium / long term financing of USD445m Scheduled financial debt repayments of 190 million euros in 2006, 154 million euros in 2007 and 154 million euros in 2008 Overall investments over period lowered to approximately 800 million euros 19

20 Financials and future outlook Main financial targets Unit revenues and unit costs EBITDAR margin (see appendix for calculation details) Net debt on equity ratio (on balance sheet debt) approx. 14% 3.2x 6.1% 2.8% 0.5x approx. 0.3x 2004PF* 2005PF* RATK CATK (IFRS/IAS) (IFRS/IAS) average (IFRS/IAS) (IFRS/IAS) average Note: 2004 data refers to Alitalia + Alitalia Servizi consolidated Note: 2004 data refers to Alitalia + Alitalia Servizi consolidated; 2005 refers to Alitalia reported accounts (Alitalia Servizi deconsolidated from November 10, 2005) Note: 2004 data refers to Alitalia + Alitalia Servizi consolidated; 2005 refers to Alitalia reported accounts (Alitalia Servizi deconsolidated from November 10, 2005) 2005 EBITDAR reached 6% while after the capital increase Debt on Equity ratio decreased to % average EBITDAR ( ) and approximately 0.3x Debt on Equity targets fully confirmed 20 Pro-Forma Alitalia accounts with Alitalia Servizi deconsolidation form January to December (2004 calculated with full cost allocation method)

21 The Volare and Air Europe acquisition

22 Volare / Air Europe acquisition consistent with Industrial Plan strategic guidelines Strategic guidelines Focus on core business of serving air transportation demand naturally bound to Italy and geographically meaningful routings Recover Italian and European market share from Italy Widen selling proposition to penetrate different market segments Develop lower cost operations, on both short and long haul 22

23 Volare / Air Europe acquisition details Brand / Rights Resources Deal details Brand name: Volareweb and Air Europe 2 Flight codes: VA and PE with associated slots in Milan Linate and other major Italian airports Traffic rights for flights from Italy to Mauritius, Cuba, Mexico (Mexico City and Cancun), Maldives and Sri Lanka (Colombo) Leasing contracts for 5 aircraft (1 B767 for long haul and 4 A320 for short medium haul) Approximately 700 employees of whom 70% flight personnel (pilots and flight attendants) None of the previous Volare Group SpA liabilities will be transferred to Alitalia but the severance fund for employees as of November 2004 (approximately 0,7 million euros) Price offered: 38 million euros Alitalia obliged to maintain current employment levels for two years (temporary redundancies to be managed using tools such as Cassa Integrazione Guadagni which are already in place) 23

24 Appendix Additional Financial information

25 Full Year 2005 consolidated* results (IAS/IFRS) CONSOLIDATED REVENUES FY2004 FY2005 Difference % TRAFFIC REVENUES Passengers ,3% Cargo ,7% Mail (2) -15,2% Other traffic revenues ,7% OTHER OPERATING REVENUES ,4% OPERATING COSTS Total Consolidated Revenues ,6% MATERIALS Fuel (581) (865) (284) 48,9% Others (181) (180) 1-0,8% SERVICES Commercial (586) (577) 9-1,5% Airports and Air Traffic (785) (839) (54) 6,8% Fleet Maintenance (196) (245) (49) 24,8% Other services (408) (411) (2) 0,5% Leases (321) (337) (17) 5,2% LABOUR (1.410) (982) ,3% OTHER OPERATING EXPENSES (206) (102) ,4% Total Operating Costs (4.674) (4.537) 137-2,9% Depreciation & Amortization, Writedowns (378) (307) 71-18,8% OPERATING PROFIT (LOSS) (753) (47) ,7% Income (losses) from equity method assessment (participations) (1) ,2% Gains from investment activity 2 2 (1) -30,9% Financial Income (Charges) (59) (100) (41) 69,8% Other gains (Charges) 1 (2) (3) -241,5% Extraordinary gains (0) (0) (0) 220,0% PROFIT (LOSS) BEFORE TAXES (810) (144) ,2% TAXES (33) (24) 10-29,7% CONTINUING OPERATIONS RESULT (843) (168) ,1% RESULT FROM DISCONTINUING OPERATIONS NET PROFIT (LOSS) FOR THE PERIOD (843) (168) ,1% MINORITY INTERESTS 1 (0) (1) -126,8% PARENT COMPANY INTERESTS (844) (168) ,1% 25 *Alitalia Group taking into account Alitalia Servizi deconsolidation from November 10, 2005

26 Net Debt as of December 31, 2005 IAS/IFRS vs Italian GAAP NET DEBT AS OF DECEMBER 31, 2005 Italian GAAP IAS/IFRS ADJ IAS/IFRS Financial liabilities Total financial debt (13) Convertible Bond 714 (26) 688 Financial leases related debt Financial derivatives Other financial debt Financial derivatives (76) (34) (110) Cash and cash equivalents (1.120) (1.120) NET DEBT 785 (31)

27 EBITDAR Calculation guidance on FY 2005 results (IAS/IFRS) EBITDAR MARGIN CALCULATION FULL YEAR 2005 Total Reported Leases 337 a) TOTAL CONSOLIDATED REVENUES of which: Block Spaces (not included) 56 b) OPERATING PROFIT (LOSS) (47) Not Fleet related leases (not included) % of Wet leases (not included) 45 c) DEPRECIATION, AMORTIZATION & WRITEDOWNS % of Wet leases (to be included) 17 + Operating leases (to be included) 153 d) AIRCRAFT RENTALS 170 >>>> Total aircraft rentals to be included e) OTHER MAJOR ACCOUNTING ADJUSTMENTS (141) >>>> Major accounting adjustments (141) = which are: f) EBITDAR (b+c+d+e) 288 Restructuring provision utilization (included in other operating revenues) (48) g) TOTAL CONSOLIDATED REVENUES ADJUSTED BY Early retirement provision utilization RESTRUCTURING PROVISION UTILIZATION (offsetting labor cost) (94) h) EBITDAR MARGIN % (f / g) 6,1% 27

28 Appendix Additional Network and Fleet information

29 2005 Passenger network monthly statistics Total network RPKs 2005 seasonality LF Pax '000 RPKs mln ASKs mln Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec FY DOM INT INC TOT DOM INT INC TOT DOM INT INC TOT DOM 54,4% 55,5% 59,6% 63,1% 65,9% 65,7% 67,0% 62,6% 65,0% 64,2% 59,0% 60,8% 62,0% INT 54,3% 56,2% 63,6% 67,6% 66,8% 67,6% 75,2% 75,2% 75,7% 70,5% 64,7% 64,6% 67,2% INC 72,4% 70,6% 78,3% 72,2% 74,9% 81,8% 84,0% 82,6% 83,4% 82,3% 79,7% 75,8% 78,3% TOT 62,9% 63,0% 69,9% 69,0% 70,6% 73,9% 77,8% 76,6% 77,3% 74,6% 70,6% 69,2% 71,5% 29

30 Passenger network quarterly statistics (2005 vs 2004) 2005 vs Q 2Q 3Q 4Q FY ASKs DOM 2,1% 13,6% 6,0% -0,2% 5,2% INT 10,2% 16,1% 11,8% 6,6% 11,2% INC 21,7% 20,7% 1,8% -3,6% 9,1% TOT 13,7% 17,7% 5,9% 0,5% 9,1% Total network by quarter graphs (2005 vs 2004) 14,1% 13,7% 17,7% 18,4% RPKs DOM 11,1% 11,6% 0,8% -2,2% 4,9% INT 10,9% 19,0% 11,7% 12,7% 13,6% INC 16,9% 20,2% 0,5% 0,7% 8,5% TOT 14,1% 18,4% 4,1% 3,9% 9,5% 5,9% 9,5% 9,1% ASKs RPKs LF DOM 8,7-1,7-4,9-2,0-0,2 INT 0,6 2,6-0,2 5,7 1,4 INC -4,0-0,3-1,2 4,4-0,4 TOT 0,4 0,5-1,6 3,4 0, vs Q 2Q 3Q 4Q FY DOM -2,6% 8,0% 15,0% 8,4% 7,4% YIELD INT -4,1% -7,6% -3,0% -3,9% -4,6% INC 8,2% 1,8% 7,9% 5,3% 5,4% TOT -1,8% -1,6% 6,0% 2,9% 1,7% RASK DOM 5,9% 6,2% 9,4% 6,2% 7,1% INT -3,6% -5,2% -3,1% 1,6% -2,5% INC 3,9% 1,5% 6,6% 9,9% 4,9% TOT -1,5% -1,1% 4,2% 6,4% 2,1% 4,1% 3,9% 0,5% 1Q 2Q 3Q 4Q FY 6,4% 6,0% 4,2% 2,9% 2,1% 1,7% 1Q 2Q YIELD RASK REVENUES DOM 8,2% 20,6% 16,0% 6,0% 12,7% INT 6,3% 10,0% 8,4% 8,3% 8,3% INC 26,4% 22,4% 8,5% 6,0% 14,4% TOT 12,0% 16,4% 10,3% 6,9% 11,3% -1,5% -1,8% -1,1% -1,6% 3Q 4Q FY 30

31 2005 Cargo performance Delta 2005 vs 2004 ATKs RTKs -1.6% +2.1% Overall 2005 performance showing significant unit revenues improvement thanks to fuel surcharges and despite the increasing competition on North America and Far East LF Yield -2.4 pp +5.4% Traffic results negatively affected by delays in MD11 fleet conversion during 2005 RATK + 1.7% 2006 cargo capacity will be up by approximately 11-12% vs Revenues (Cargo & Mail) +3.7% 31

32 Operating fleet as of December 2005 OPERATING PASSENGER FLEET AS OF DEC 2004 AS OF DEC 2005 DELTA BOEING 777 (B777) BOEING 767 (B767) MAC DONNELL-DOUGLAS 11 (MD11) 3 0 (3) TOTAL LONG HAUL (3) AIRBUS 321 (A321) AIRBUS 320 (A320) AIRBUS 319 (319) MAC DONNELL-DOUGLAS 80 (MD80) (3) ATR (4) ATR EMBRAER REGIONAL JET 145 (ERJ145) EMBRAER REGIONAL JET 170 (ERJ170) TOTAL SHORT MEDIUM HAUL (7) TOTAL OPERATING PASSENGER FLEET (10) OPERATING CARGO FLEET MAC DOUGLAS 11 ALL CARGO (MD11F) BOEING 747 ALL CARGO (WET LEASE) 2 0 (2) BOEING 737 (WET LEASE) FOKKER 27 (WET LEASE) TOTAL OPERATING CARGO FLEET TOTAL ALITALIA FLEET (7) Split of total operating Alitalia fleet as of Dec 05 (owned, leased and wet leased) Leased (54 a/c) Wet leased (2 a/c) Owned (121 a/c) 32

33 Appendix 2006 Financial Calendar

34 2006 Alitalia Financial Calendar March 31, 2006 (first call) or April 3, 2006 (second call) Shareholders Meeting to approve Full Year 2005 Financial Statements as of December 31, 2005 May 15, 2006: First Quarter 2006 results as of March 31, 2006 September 12, 2006: First Half 2006 results as of June 30, 2006 November 13, 2006: Third Quarter 2006 results as of September 30,

35 Appendix Glossary

36 Glossary ASK Available Seat Kilometers ASK is a measure of airline passenger capacity. It is calculated by multiplying the number of passenger seats available for sale on each flight stage by the stage distance ATK Available Ton Kilometers ATK is a measure of airline overall capacity. It is calculated by multiplying the number of tonnes of capacity available for the carriage of revenue load (passengers, baggage, freight and mail) on each flight stage CATK/CASK Unit operating costs per available seat/tonne kilometers Load factor Ratio reflecting extent to which a carrier available capacity is being utilized, expressed as RPKs on ASKs or RTKs on ATKs RASK/RATK Revenue on available seat kilometre: Passenger Revenues on ASKs or Cargo Revenues on cargo ATKs or Total Revenues on total ATKs RPK Revenue Passenger Kilometres RPK is a measure of airline passenger volume. It is calculated by multiplying the number of revenue passengers carried on each flight stage by the flight stage distance RTK Revenue Tonne Kilometres RTK is a measure of overall airline volume. It is calculated by multiplying the number of tonnes of revenue load (passengers, baggage, freight and mail) by the flight stage distance Wet lease Aircraft lease agreement, which also includes flight and cabin crew, maintenance and insurance Yield Yield is a measure of unit income. For example, passenger yield is calculated by dividing passenger revenue by volume, usually RPKs or number of passengers 36

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