Air France-KLM : Q4 profitability close to historic highs but dilution looms
>Marked leverage effect in Q4 2021 - Air France-KLM a continued to surprise us in Q4 with operating leverage significantly stronger than expected. Taking FY 2019 as the reference, opex excl. fuel and D&A was down by 29% in Q4 for a 27% decline in sales (respectively -34% and -40% in Q3). This variability of costs is even more marked than in previous quarters whilst short-term working was reduced by 40% vs Q3. These first few months out of the crisis demonstrate the ef...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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