Air France-KLM : Sufficient liquidity but debt still unsuited to future FCF capacity
>Q4 in line with expectations - Air France-KLM has reported a Q4 2020 operating loss of € 1,134m, at first glance more limited than consensus forecasts (€ 1,276m), but including the booking of a positive exceptional of € 150m linked to the NOW mechanism for short-time working in the Netherlands which should have impacted Q2. However, note more effective control of costs, down 52% for a 64% decline in sales. The reduction in costs offset 70% of the decline in sales vs ...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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