The future of Air France-KLM is the subject of negotiations “Well advanced” between the government and the European Commission. Several options are on the table for the state to be authorized to help the group that owns the two companies. “A rise in capital, as well as the nationalization of Air France is no”, indicates the entourage of Bruno Lemaire, Minister of the Economy. One of the scenarios that holds the rope would be to transform the 3 billion euros paid in the form of a loan by the State into equity. That is to say without reimbursement. In return, Brussels asks that Air France give up “slots”, take-off and landing slots. in Orly. “We accept the rules, but slots at Orly are precious because the traffic is dense, complete the entourage of Bruno Lemaire. We cannot weaken Air France by wanting to help it. “ According to our information, the number of slots at stake at Orly is less than the 24 that Lufthansa had to give up at several German airports in exchange for national aid.
7 billion losses in 2020
For Air France-KLM, state support is essential. The company lost 7.1 billion euros in 2020 with 67% fewer passengers compared to 2019. “For large companies, only the long haul is really profitable, explains Paul Chiambaretto, professor at Montpellier business school, specializing in the economics and management of air transport. This summer, only domestic flights were able to resume normally, it was not enough to make up for the losses. “
In one year, Air France’s workforce has fallen by 15%, ie 5,100 fewer positions, including 368 pilots and 1,100 hostesses and stewards. Nearly 7,500 voluntary departures are planned by 2022 for ground personnel.
How long can Air France-KLM hold out? “Our cash flow is comfortable, indicates a spokesperson for the group. We have no short-term liquidity problem. Bruno Lemaire recently indicated that the state will continue to provide financial assistance the company in 2021.
– .
