Air France-KLM : Remarkable progress but the deleveraging issue needs to be addressed
>Operating leverage largely ahead of our expectations in Q3 - Looking beyond the environment, which we will get to later, the main takeaway from the Q3 2021 release is, in our view, the extent of the group’s operating leverage. Taking 2019 as the reference, opex ex fuel (ex-D&A) in Q3 is down 34% on Q3 2019 for a decline in revenues of 40%, or cost variability of 84%, showing an uptick relative to Q1 and Q2, which were at respectively 72% and 73%, despite the support ...Air France-KLM is a holding company. Through its subsidiaries, Co. is engaged in transporting passengers and cargo, aeronautics maintenance and other air-transport related activities, including catering and charter services. Co. operates in six geographical regions: Metropolitan France; Europe (except France) and North Africa; Caribbean, French Guiana and Indian Ocean; Africa, Middle East; Americas, Polynesia; and Asia and New Caledonia. Co. organizes its business around the following four segments: Passenger, providing passenger transportation services on scheduled flights; Cargo, transporting freight on flights and selling cargo capacity to third parties; Maintenance, and Other activities.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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