After two GAs behind closed doors due to Covid-19, the air carrier Air France-KLM gathered its shareholders on Tuesday afternoon at the Hilton hotel in Tremblay-en-France, a stone’s throw from Charles airport. -de-Gaulle. ” We are as close as possible to our aircraft, one of the three beating hearts of our operations, with Orly, in Paris, and Schiphol, in Amsterdam “, underlined Anne-Marie Couderc, the president of the board of directors, in preamble. This AG had a very special flavor. In addition to the fact that it was held face-to-face, it took place a few hours after the Franco-Dutch group announced the launch of a capital increase of 2.256 billion euros. The operation, carried out with maintenance of the preferential subscription right (DPS), at a price of 1.17 euros per share, was coldly received on the stock market, the Air France-KLM share accentuating its initial fall, to lose more than 12%. , at 3.8 euros, shortly after the start of the GA. It comes a year after the group has already raised 1 billion euros. ” The French State, with 28.6% of the capital, has announced its intention to participate, as has the Dutch State, with 9.3% of the capital, in order to maintain their participation in the capital “, recalled the financial director Steven Zaat, adding that the objective is to reduce the net debt, to strengthen the equity and to reimburse the aid received by the French State. At this stage, Air France has reimbursed 500 million euros of the PGE of the State and KLM 311 million euros of the RCF guaranteed by the Dutch State. Remains a slate of 3.3 billion.
Towards a promising summer
The Marseilles shipowner, CMA CGM, with which Air France-KLM has joined forces in air freight for a minimum period of 10 years, will also subscribe to the operation, which will enable it to become a reference shareholder, with a maximum of 9% of the capital. ” This is an optimal sign of confidence in the future and in our strategy.welcomed the general manager Ben Smith. In cargo, we have the expertise and capabilities “. What’s more, the air freight branch experienced an exceptional vintage in 2021, when passenger traffic remained subject to the vagaries of the health crisis. In the first quarter, cargo generated 910 million euros in revenue, up 8.5% year-on-year, coupled with a historically high unit revenue. The CEO of CMA CGM, Rodolphe Saadé, who applied for a position as director of the airline group, obtained it, following the vote on an additional resolution (n°28), which did not appear in the Notice of Meeting. The resolution was voted by 74.26%. ” This representation is justified by the planned investment of CMA CGM in Air France-KLM […] and allows to anchor the partnership in the long term “said Anne-Marie Couderc. His appointment, for a period of 4 years, will take effect from the completion of the investment.
” 2021 was a second year of testing for Air France-KLM, as for the whole industry “recalled the management. The health crisis and border closures continued to weigh on traffic, despite progress in vaccination. However, in the fourth quarter, the carrier was able to recover its head, posting a positive operating result for the first time since the start of the pandemic. ” The efforts pay off. Late 2021 showed that when traffic picks up, the group is positioned to seize opportunities “, estimated Anne-Marie Couderc. ” The trajectory continues in the first quarter of 2022 “Despite the war in Ukraine, chained Ben Smith. As of March 31, gross operating surplus reached 221 million euros, with revenues up 105% and capacity at around 75% of their 2019 level. New reservations are back at index 100 for the summer of 2022. At Transavia, the subsidiary low-cost, capacity is now close to the pre-pandemic level, with a significantly higher unit revenue per passenger. For spring and summer, the outlook is encouraging: capacities should be between 80% and 90% of their 2019 level in the second quarter, then between 85% and 90% in the third quarter. ” Summer will be a hit “said the financial director. To support the recovery, Air France launched a new advertising spot. Asked about the relevance of the timing, while the context remains fragile, Anne Rigail, the boss of Air France, replied that ” the image of France remains unique, attractive, and that Air France must offer the best of France. The cost, which I will not reveal, was worked out in an economic logic “. The group reiterated its medium-term objectives, namely an operating margin of 7% to 8% from 204, a cash flow positive adjusted free operating rights in 2023 (excluding exceptional events) and a ratio of net debt to Ebitda around 2 times and 2.5 times by 2023.
Progress still to be made
Wanting to be a responsible player, the airline group recalled its major environmental commitments: -30% CO2 emissions per passenger/km by 2030 compared to 2019, i.e. a 12% reduction in absolute CO2 emissions; 10% SAF (sustainable fuel) globally by 2030, while the obligation is 5% on departing European flights, then 60% in 2050; fleet renewal (A350 and A320neo); eco-piloting. ” The ecological transition is the purpose of the group, which will be included in the statutesunderlined Anne-Marie Couderc. Air France-KLM is the first airline group to be rated via a solicited ESG rating “. When it comes to SAF, there are two hurdles to overcome: price and availability. To a question from a shareholder on noise pollution, Air France management replied that they are reduced by a third for each new aircraft entering the fleet.
Asked twice about the climate and the sincerity of the commitments, Pieter Elbers, on the departure of KLM, replied that ” yes, the group is making progress » but that it is necessary to continue. ” This is just the start, we want a legal advertising ban for the airline asked a Dutch participant. ” The biggest emitter is cow farts “Launched a French shareholder, noting that the Bordeaux-Orly line has been replaced by a Bordeaux-CGD, which is not greener.
With regard to the war in Ukraine, it mainly impacts the trajectory of planes bound for Asia, where, in any case, traffic is reduced due to the epidemic rebound.
The final quorum was 58.26%. All of the resolutions were adopted, including resolution no. 19 (issues without PSR) which Investir recommended rejecting.