AF.PA - Air France-KLM SA

Paris - Paris Delayed price. Currency in EUR
4.0630
-0.2490 (-5.77%)
At close: 5:35PM CEST
Stock chart is not supported by your current browser
Previous close4.3120
Open4.2390
Bid0.0000 x 0
Ask0.0000 x 0
Day's range4.0560 - 4.2910
52-week range3.5040 - 11.1150
Volume5,408,982
Avg. volume5,747,118
Market cap1.737B
Beta (5Y monthly)1.16
PE ratio (TTM)N/A
EPS (TTM)-2.8070
Earnings date31 Jul 2020
Forward dividend & yieldN/A (N/A)
Ex-dividend date14 Jul 2008
1y target est10.25
  • Air France-KLM to resume flights to Italy from June 1
    Reuters

    Air France-KLM to resume flights to Italy from June 1

    Air France-KLM <AIRF.PA> will resume flights to and from Italy from June 1 as Europe emerges from its coronavirus lockdown ahead of the vital summer tourist season, the French-Dutch carrier said on Thursday. The group will gradually resume flights to Rome, Milan, Venice, Bologna, Florence, Naples and Bari, the company said adding that by the end of June, 78 Air France and KLM weekly flights to Italy would be operational. "Returning to the Bel Paese is a great pride for us and confirms the importance of the Italian market for the Air France-KLM Group," said Stefan Vanovermeir, Air France-KLM East Mediterranean General Manager.

  • Airlines Are Gathering Momentum for a Short Haul
    Bloomberg

    Airlines Are Gathering Momentum for a Short Haul

    (Bloomberg) -- One of the few sectors left behind in the sharp April rebound has finally taken off. European airlines have rallied hard in the past few days, spurred by bailouts and economies reopening. Full recovery may still be a long way down the line, but investors don’t want to be left behind.The Bloomberg EMEA Airlines Index has finally broken out of a tight range that held for more than two months. The index is up 32% since May 15, but such was the extent of the sector’s drop that it’s still down 45% for the year.There’s been a string of positive news recently for the sector. Economies are slowly reopening across Europe, and tourists on the continent are likely to be able to travel this summer, even though Germany’s decision on travel warning was postponed to June 3. At a corporate level, there has been government support or bailouts for legacy airlines such as Air France-KLM and Deutsche Lufthansa AG.Bailouts and state-guaranteed loans come at a price though. Airlines are likely to end up with high levels of debt and potentially less management flexibility in cases where states become shareholders. In Lufthansa’s case, note that the EU already made some demands on airport slots, while Ryanair Holdings Plc said it will appeal the aid. As for Air France-KLM, the carrier already started talks with unions to cut staff and capacity.According to airlines association IATA, 55% of government aid made available to airlines due to Covid-19 crisis will create debt. Overall, airlines’ debt is expected to surge from $430 billion at end-2019 to $550 billion at end-2020, a nearly 28% increase.This wouldn’t be a major problem if demand was expected to pick up fast, but that’s hardly the case. For example, British Airways already warned it doesn’t see demand reaching pre-crisis levels before 2023.Other changes prompted by the pandemic will also weigh on the sector. The U.K.’s decision to impose a fortnight’s quarantine on travelers entering or coming back to the country is a blow to the industry, given Britain is by far the biggest European market by ticket revenue, according to IATA, and also the least “state-sponsored,” as shown in the chart below.Profitability will likely continue to suffer, especially given that company travel isn’t expected to recover rapidly either. Just a 1% impact on corporate volumes would erode airline profits by 10%, Citigroup Inc. analysts say. They also generate 40% of revenue, with only 15% of passengers. Looking at the chart below, the rout in earnings forecast is unprecedented, and some recovery on that front may be needed to justify further gains.Looking at single stocks, Ryanair and Wizz Air Holdings Plc are the only two “investable airlines,” Citi analysts including Mark Manduca said on Monday. According to them, both IAG SA and EasyJet Plc are likely to raise more capital in the coming months, while there is very little equity left in Lufthansa, no matter how much money the German government provides the airline.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Reuters

    Hedge funds target France as short-selling bans lifted

    A cluster of big name hedge funds have started betting against French companies, moving in after the lifting of a short-selling ban imposed earlier this year to calm financial markets, an analysis of regulatory filings showed. France joined Italy, Spain, Belgium, Austria and Greece in dropping short-selling bans last week. Hedge funds engage in so-called "short-selling" by borrowing a stock from an institutional investor, such as a pension fund, and selling it back when the shares fall, pocketing the profit.

  • Air France must slash domestic traffic in exchange for state guarantees - minister
    Reuters

    Air France must slash domestic traffic in exchange for state guarantees - minister

    Air France <AIRF.PA> will have to "drastically" reduce its domestic air traffic in exchange for state loan guarantees, French Environment Minister Elisabeth Borne said on Sunday. Domestic routes were served by alternatives in the form of high-speed trains, she noted in an interview with France Inter radio. In exchange for the loan guarantees, the airline had promised to reduce domestic CO2 emissions by 50% by 2024, Borne added.

  • Bloomberg

    Virus Sidelines A380 Superjet, the Biggest Plane in the Skies

    (Bloomberg) -- Airbus SE’s A380 superjumbo is proving to be too big to survive in many airline fleets after the coronavirus.The pandemic has already grounded planes and brought air-travel almost to a standstill. Now airlines are making strategic decisions which could hasten the demise of the world’s largest commercial jetliner.Air France-KLM said Wednesday it will book a 500 million-euro ($550 million) writedown from the early phasing-out of its A380 fleet, while Emirates, the world’s largest operator of the type, is said to be considering retiring as many as 65 of the double-decker aircraft.“What we’re seeing is the death of the quad,” said Agency Partners analyst Sash Tusa, referring to the plane’s four engines. “It’s hard to see which routes are going to need 500 seats in the coming two to three years.”The mammoth jet is a tough bet for airlines which are braced for demand not to return to prior levels until 2023 or later. Airbus had already opted to discontinue the A380 program as carriers looked to simplify fleets and upgrade fuel efficiency but now airlines around the world are opting to retire it early.Air France will switch to newer Airbus 350s and Boeing Co. 787s, it said in a statement on Wednesday. It plans to record the expense in the second quarter. The airline said a move to make its fleet more competitive also prompted the phase-out, originally scheduled for the end of 2022. Five of the A380s in the fleet are owned by Air France or on finance lease, with a further four on an operating lease.The early retirement comes a decade after Air France first started operations with the plane, and marks a symbolic blow because the giant model is assembled in France. Components like wings and fuselage sections are flown in or brought by barge and then wind their way down to Toulouse, where they are pieced together.Airbus is due to end production of the A380 in 2021, with 8 more aircraft to be delivered to Emirates and 1 to Japan’s ANA. Emirates is now seeking to cancel 5 of those deliveries, according to people familiar with the matter, with Airbus pushing back because the planes are already in assembly.Emirates has a fleet of 115 A380s and had planned to operate them through the end of the decade. Air France, on the other hand, had announced in July 2019 that it would replace its fleet of A380s with more efficient twin-engine models.Airbus declined to comment.(Updates with additional context, analyst comment from second paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Globe Newswire

    Phase-out of Air France entire Airbus A380 fleet

    Roissy, 20 May 2020 Phase-out of Air France entire Airbus A380 fleet In the context of the current COVID-19 crisis and its impact on anticipated activity levels, the Air France-KLM Group announces today the definitive end of Air France Airbus A380 operations. Initially scheduled by the end of 2022, the phase-out of Airbus A380 fleet fits in the Air France-KLM Group fleet simplification strategy of making the fleet more competitive, by continuing its transformation with more modern, high-performance aircraft with a significantly reduced environmental footprint. Five of the Airbus A380 aircraft in the current fleet are owned by Air France or on finance lease, while four are on operating lease. The global impact of the Airbus A380 phase-out write down is estimated at 500 million euros and will be booked in the second quarter of 2020 as a non-current cost/expenses.Airbus A380 will be replaced by new generation aircraft, including Airbus A350 and Boeing 787, whose deliveries are ongoing. Investor relations                                                                                       PressOlivier Gall                                         Wouter van Beek                                                        +33 1 49 89 52 59                                 +33 1 49 89 52 60                                  +33 1 41 56 56 00olgall@airfranceklm.com                      wouter-van.beek@airfranceklm.comWebsite: www.airfranceklm.comAttachment * Press release A380 phaseout VE

  • Dutch government's 2019 purchase of Air France-KLM shares 'irregular' - audit office
    Reuters

    Dutch government's 2019 purchase of Air France-KLM shares 'irregular' - audit office

    A 2019 move by the Dutch government to buy a 14% stake in Air France-KLM <AIRF.PA> was not in accordance with the country's laws, the Netherlands' Court of Audit ruled on Wednesday. The government purchased the shares without informing parliament as part of a campaign to increase its influence over Air France's KLM subsidiary, arguing that if it had announced its intention publicly it would have violated insider trading rules and increased the cost. The decision is not related to current negotiations over a package of up to 4 billion euros in Dutch state aid for KLM as part of a wider French-Dutch bailout of Air France-KLM in the aftermath of the global coronavirus outbreak.

  • Reuters - UK Focus

    France's Renault reaches deal on 5 bln eur state-backed loan-sources

    French carmaker Renault has sealed a deal with banks on a 5 billion-euro ($5.47 billion) state-guaranteed loan to help the company to cope with the coronavirus outbreak, two sources close to the matter told Reuters on Tuesday. The state-guaranteed loan, which Renault had been working on for about a month, should be submitted shortly to the board of directors, the sources said, before being approved formally by the economy ministry. A Renault spokesman was not available immediately for a comment.

  • Reuters - UK Focus

    RPT-Temporary layoff schemes no cure-all in slow COVID recovery

    Temporary unemployment schemes operating across Europe could struggle to save the jobs of leisure and travel sector workers facing drawn-out or partial recoveries from the COVID-19 pandemic, even if they help industries that rebound quickly. Short-term unemployment or furlough schemes have taken in a quarter of Britain's workforce, nearly two-thirds of those employed by France's private sector and many millions across Europe. Championed by Germany, where it is known as kurzarbeit, the schemes typically provide at least 80% of pay for workers for whom there is no work now, but a swift return is expected after a limited period.

  • Reuters - UK Focus

    Temporary layoff schemes no cure-all in slow COVID recovery

    Temporary unemployment schemes operating across Europe could struggle to save the jobs of leisure and travel sector workers facing drawn-out or partial recoveries from the COVID-19 pandemic, even if they help industries that rebound quickly. Short-term unemployment or furlough schemes have taken in a quarter of Britain's workforce, nearly two-thirds of those employed by France's private sector and many millions across Europe. Championed by Germany, where it is known as kurzarbeit, the schemes typically provide at least 80% of pay for workers for whom there is no work now, but a swift return is expected after a limited period.

  • As Air France restores some flights, pilots queue for simulator
    Reuters

    As Air France restores some flights, pilots queue for simulator

    Air France is putting its grounded pilots through their paces in the flight simulator as the airline prepares to restore flights to dozens of destinations that had been suspended under coronavirus lockdown measures. The French carrier, part of Air France-KLM, plans to increase capacity to about 10% of normal levels by mid-June from 3-5% today, Jean Fernandez, executive vice-president for flight operations, said on Friday. Airlines face a new challenge as they make tentative plans to resume services: finding simulator time for thousands of pilots to maintain their skills and qualifications.

  • Globe Newswire

    Declaration of number of voting rights

    Declaration of number of voting rightsInformation relating to the total number of voting rights and shares as required by  L.233-8 II of the code of commerce and article 223-16 of the general rules of the French market authority (AMF).DateNumber of sharesTotal number of voting rights    30/04/2020428,634,035Theoretical number of voting rights1:586,733,707      * * * 1 Our theoretical number of voting rights includes all the voting rights, including the double voting rights Attachment * CP Droitsdevote_30avr20_VA

  • The planes in Spain parked neatly on the plain
    Reuters

    The planes in Spain parked neatly on the plain

    TARMAC Aerosave specialises in the storage and maintenance of aircraft, and business at its Teruel Airport facility has boomed since coronavirus lockdowns globally forced airlines across Europe to ground fleets for several weeks. Planes showing the markings of commercial airlines including British Airways, Lufthansa and Air France stand parked, buffeted by the spring wind blowing across the plain. "Teruel's climate is dry - semi-desert with more than 250 days of sun per year," said airport manager Alejandro Ibrahim.

  • Reuters - UK Focus

    CORRECTED-The planes in Spain parked neatly on the plain

    TARMAC Aerosave specialises in the storage and maintenance of aircraft, and business at its Teruel Airport facility has boomed since coronavirus lockdowns globally forced airlines across Europe to ground fleets for several weeks. Planes showing the markings of commercial airlines including British Airways, Lufthansa and Air France stand parked, buffeted by the spring wind blowing across the plain.

  • KLM passengers must bring their own face masks on all flights
    Reuters

    KLM passengers must bring their own face masks on all flights

    Passengers on all flights of KLM, the Dutch subsidiary of Air France KLM, must wear face masks during travel starting on Monday, the airline said in a statement. Like most major carriers, KLM has grounded almost all its airplanes due to the coronavirus pandemic, but is still operating a small number of flights.

  • An $85 Billion Airline Rescue May Only Prolong the Pain
    Bloomberg

    An $85 Billion Airline Rescue May Only Prolong the Pain

    (Bloomberg) -- Governments have devoted more than $85 billion to propping up airlines after the coronavirus pandemic wiped out travel demand and grounded jetliner fleets. But with job cuts racking up, a debate is raging over whether opening the spigot will do more than merely delay the inevitable.Global air traffic may only get back to 50% to 60% of usual levels by year-end, leading the International Air Transport Association to suggest the recovery will be a tortuous one. Given the financial impact and safety measures likely to be required, it could be three years before the industry sees a sustainable revival, according to Delta Air Lines Inc. Chief Executive Officer Ed Bastian. Billionaire Warren Buffett, who had been the industry's most prominent investor, isn't waiting around. His Berkshire Hathaway Inc. exited its stakes in Delta and the three other big U.S. airlines.Tension is also mounting over whether the cash windfall will interrupt a necessary thinning out of the sector by propping up weaker airlines, many state-owned or former flag carriers, while their leaner rivals rely on their own resources. Some otherwise-unviable routes would be lost without aid, along with jet orders that would help satisfy the carbon-reduction goals of state backers.Ryanair Holdings Plc CEO Michael O’Leary has challenged the notion of state aid as inherently unfair and detrimental to pricing power for those carriers still standing on their own feet. British Airways owner IAG SA has accessed government-guaranteed loans in the U.K. and in Spain. Still, airlines that are unwilling or unable to reform shouldn't get “free money’’ from the government, says CEO Willie Walsh.Here’s a guide to who is borrowing what, where the jobs ax has fallen, and what airline bosses are saying about a recovery.Air France-KLMState Aid: Set to get as much as 11 billion euros ($12 billion) from the French and Dutch governments. Jobs: KLM plans to cut up to 2,000 posts and has taken advantage of furlough programs. Air France is discussing layoffs with unions. Recovery: Air France-KLM warned demand for air travel will take several years to recover. Share Price: Down 58% this year.AlitaliaState Aid: The airline is being nationalized, with the government set to take full control in June. Has already had more than  2.1 billion euros since entering administration in 2017. Jobs: Alitalia and its unions agreed on a temporary layoff plan for 6,622 workers through the end of October. Recovery: Italy’s industry minister was upbeat last month, saying the virus means Alitalia will now be in the same spot as other airlines.American AirlinesState Aid: The biggest U.S. carrier has secured $5.8 billion dedicated to payroll support and is negotiating terms for a separate $4.75 billion federal loan. Jobs: About 39,000 workers have voluntarily taken time off, reduced hours or early retirement. American is evaluating whether it will have to lay off any of its nearly 130,000 workers. Recovery: CEO Doug Parker says he expects air travel demand to be “suppressed for quite some time.” Share Price: Down 65%.Cathay PacificState Aid: No bailout, though Hong Kong granted a package worth HK$2.6 billion ($340 million) to the aviation industry including waivers on airport charges and other fees. Jobs: A leave program  scheduled to run through June 30 may be extended by four weeks, with a potential pay cut for pilots as the company considers a restructuring that would consolidate airline brands, according to South China Morning Post. Recovery: CEO  Augustus Tang has said the timeline for a revival in demand “remains impossible to predict.” Share Price: Down 21% this year.Chinese Big ThreeState Aid: No bailouts have been announced for  China Southern Airlines Co.,  China Eastern Airlines Corp. and  Air China Ltd., though the carriers posted a collective $2 billion loss for first quarter. Jobs: Again, no cuts publicly announced. Recovery: Chinese carriers have acknowledged the disruption to travel, while stopping short of issuing dire forecasts. Share Price: Air China is down 35% this year, China Southern down 34% and China Eastern down 33%.Delta Air LinesState Aid: Atlanta-based Delta will receive $5.4 billion in U.S. payroll aid. It’s also applying for a $4.6 billion federal loan, but has until September to decide whether to take it. Jobs: More than a third of Delta’s workforce, or 37,000 people, have taken unpaid leave ranging from 30 days to one year. Recovery: In his warning that a recovery may take three years, Bastian has said it will depend on customers “feeling safe, both physically and financially, to begin to travel at scale.” Share Price: Delta shares are down 61% for the year.Deutsche LufthansaState Aid: The governments of Germany, Switzerland, Austria and Belgium are together looking at a rescue worth more than 10 billion euros. Germany may take a stake of up to 25% plus one share. Jobs: The group says it may need to shrink the workforce by 10,000 to survive the crisis. Recovery: CEO  Carsten Spohr says a return to normal may take until  2023. Share Price: Down 53% this year.EasyJetState Aid: Has raised 600 million pounds ($750 million) through the U.K. government’s Covid Corporate Finance Facility. Jobs: Flights grounded with staff furloughed; no news yet on actual job losses. Recovery: CEO  Johan Lundgren said the fleet won’t recover to pre-crisis levels until until 2022. Share Price: Down 63% this year.Emirates and EtihadState Aid: Dubai has said it will provide financial support for Emirates. No bailout announced for Abu Dhabi-based Etihad Jobs: Salaries have been cut at Emirates but carrier says posts won’t go, whereas Etihad has warned it “can’t avoid” job cuts. Recovery: Demand won’t return to former levels until 2023, Emirates President Tim Clark and Etihad CEO Tony Douglas said in a joint statement.IAGState Aid: Secured 1.1 billion euros in Spanish government-backed  loans for its Iberia and Vueling arms, and 300 million pounds of U.K.-backed loans, for a total of about $1.56 billion.  Jobs: BA  plans to eliminate as many as 12,000 jobs, having furloughed 22,000 staff. The BBC reported that the carrier is also considering closing its secondary hub at London Gatwick airport. Recovery: Passenger numbers are unlikely to regain 2019 levels until 2023 at the earliest, CEO Willie Walsh said. Share Price: Down 70% this year.Norwegian Air, SASState Aid: Norwegian won creditor and shareholder support for a restructuring that converts $1 billion of debt into stock, unlocking the bulk of a 3 billion-krone ($290 million) package in government loan guarantees. Rival SAS has agreed 3 billion kronor ($300 million) in guarantees from Sweden and Denmark and $146 million from Norway. Jobs: SAS is eliminating 5,000 jobs, or 40% of the workforce. Norwegian has placed pilot and cabin-crew companies in Denmark and Sweden into bankruptcy protection, affecting about 1,500 pilots and more than 3,000 cabin crew. Recovery: Norwegian reckons most of its fleet will remain grounded for the next year and doesn’t expect a full recovery until 2022. SAS says it’s preparing for what may be years of sluggish demand. Share Price: Norwegian Air has slumped 88% so far this year. SAS is down 43%.QantasState Aid: No bailout. Jobs: Has furloughed most of its 30,000-strong workforce. Recovery: Sees the impact of the virus extending into fiscal 2021, but may benefit from reduced competition after rival Virgin Australia entered administration after being refused a state loan. Share Price: Down 52% this year.RyanairState Aid: Europe’s biggest discount airline hasn’t sought state support and says no other carrier should get it either. It’s suing the European Union in an attempt to topple Sweden’s airline rescue and plans other lawsuits. Jobs: The Irish company is cutting 3,000 posts or 15% of the total workforce. Recovery: CEO Michael O’Leary says the market may remain flat for as long as 18 months. Share Price: Down 35% this year, the least among Europe’s top six airlines.Singapore AirlinesState Aid: Government-owned  Temasek Holdings Pte., the carrier’s biggest shareholder, has backed a plan to raise about S$8.8 billion ($6.2 billion) by issuing new stock. Jobs: Measures include compulsory unpaid leave for pilots on varying days every month. In all, about 10,000 employees will be affected. Recovery: Says it’s unclear when normal operations will resume. Share Price: Down 31% this year.Southwest AirlinesState Aid: The discounter is receiving $3.2 billion in federal aid for payroll support. It will apply for an additional $2.8 billion U.S. loan but won’t decide until the fall whether to use it. Jobs: About 10,000 workers have taken voluntary leave or partial-pay options. Southwest is considering options for longer-term time away and early retirement. Recovery: CEO  Gary Kelly sees business travel taking five or more years to claw its way back. The airline plans to resume flights from a handful of U.S. cities to destinations in Mexico, Cuba, Jamaica and the Bahamas on June 7. Most other international travel is suspended through Oct. 30. Share Price: Down 50% this year, the best performance among the five largest U.S. carriers.United AirlinesState Aid: Expects to get $5 billion in U.S. grants and low-interest loans, and has applied to borrow up to $4.5 billion from the U.S. Treasury. Jobs:  United will cut at least 30% of its managerial and administrative jobs when government restrictions lift in October as the carrier braces for a prolonged travel slump. About 4,500 pilots are being shifted to different, mainly smaller aircraft, with lower pay in a fleet reshuffle. Thousands more staff risk job cuts once federal payroll support runs out on Sept. 30. Recovery: Planning for the possibility of zero revenue in 2021. Unsure when demand will return. Share Price: Down 71% this year, the worst performance among major U.S. carriers.Virgin AtlanticState Aid: Seeking to attract investors needed to qualify for requested state-backed loans of about 500 million pounds. The U.K. has told Virgin it needs to do more to raise cash privately and from within the Virgin Group. The airline has hired advisers in case it needs to restructure. A pre-packaged administration would save the airline but wipe out the current holdings of its owners, founder Richard Branson and Delta Air Lines.   Jobs: The airline will eliminate 3,150 jobs, or a third of the workforce, and shutter its hub at London Gatwick. A deal with staff to take unpaid leave stoked a backlash against billionaire Branson. Recovery: CEO Shai Weiss said the slump in demand could last three years. The airline is largely dependent on the North Atlantic travel market. Share Price: Closely held.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Bloomberg

    The Fate of Business Travel Could Hang on Covid-19 Tracing Apps

    (Bloomberg) -- Mobile phone applications that trace the new coronavirus could help decide whether business travelers and vacation-goers get to meet clients or visit their favorite beaches this summer. But politics and disagreement over what system to use threatens to thwart that solution.Governments in Europe and elsewhere are turning to voluntary mobile apps to help trace possible infections of the coronavirus, a tool that will help track and contain what they expect to be resurgent outbreaks of the virus once lockdown measures lift and people start to fly internationally.But officials, airlines and experts say they’re worried that some countries -- such as the U.K. and France -- are working on systems that are fundamentally incompatible with others -- such as Germany and Austria.European Union tech czar Margrethe Vestager made the issue clear to members of the European Parliament this week: “Without interoperability, we will not be able to travel,” she said.In Europe, where travel has been curbed between the bloc’s 27 nations in recent weeks, officials at least agree that apps are an important way to facilitate the return of free movement.“Without technology it will be very difficult to open to the degree that we want to,” Vestager said in an online briefing with the MEPs on Monday.Contact TracingAt issue are diverging approaches over how to handle the apps, which trace who may have been exposed to Covid-19, despite a push by the European Union to make them interoperable.The way countries are rolling out the apps now, a person’s exposure traced on an app in France wouldn’t carry over into Germany if they traveled there, nor would authorities easily be able to exchange that information.While some countries like Belgium are considering eschewing mobile tracing apps altogether, most other European nations are designing voluntary systems based on Bluetooth technology. Authorities are hoping a majority of the population will download them, allowing them to more easily alert individuals of possible infections.With their apps, Germany, Austria, Switzerland and other countries are opting for a decentralized system, which mostly stores information on a person’s phone and will be supported by a tool jointly developed by Apple Inc. and Alphabet Inc.’s Google.By contrast, the “centralized” method, pursued by France and the U.K., would allow information about someone’s contacts to be uploaded to government servers. Officials and experts say those two systems are incompatible.“You’re fundamentally sharing different kinds of data,” said Marcel Salathe, an associate professor at the Ecole polytechnique federale de Lausanne.France, meanwhile, is in a standoff with Apple because the company rebuffed the government’s request to modify privacy and security settings for apps that use the iPhone maker’s Bluetooth technology. French authorities say they need a workaround for their centralized app.Because France’s app won’t be interoperable with most other countries’, it means any travel could be paired with orders to quarantine both upon arrival and return, said a senior French official with knowledge of the government’s plans. Other officials say the government would seek to avoid such an extreme measure for travel within Europe.Restarting AirlinesRepresentatives for the airline industry -- battered by grounded fleets and plummeting passenger numbers -- urged for a cohesive approach to the technology.Airlines for Europe, an association that represents Air France-KLM, Deutsche Lufthansa AG and EasyJet Plc, said contact-tracing apps could, among other measures, play an important role in reviving operations by potentially preventing travelers from coming into contact with coronavirus carriers on-board a plane and at airports.But coordination at the European level is key regarding the use of apps, said A4E spokeswoman Jennifer Janzen. “We need to avoid any risk that passengers would have to download multiple apps for a single trip, for example.”Montserrat Barriga, director general at the European Regions Airlines Association, which represents TAP Air Portugal, Croatia Airlines among others said there is a clear need for co-ordination and harmonization on contact tracing processes.“This is a global industry that requires a global approach, avoiding the adoption of local variations where possible,” she said.A representative for Frankfurt airport, one of Europe’s busiest, says they are in favor of any measure that will enable safe flying in times of the pandemic but that discussions about such apps must take place at a political level internationally.EU officials are pressuring governments to align on the issue, stressing that citizens need to be able to be alerted of possible contagion wherever they are in the EU.In the discussion with the MEPs, Vestager said: “We all hope that this summer is not lost, that we will be able to have vacations and travel.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Reuters - UK Focus

    Virgin Atlantic job cuts will help win new investment -internal memo

    Virgin Atlantic's planned 3,150 job cuts will show the airline is taking "self-help" measures and help it to win financial support from either the British government or a private sector investor, an internal memo to pilots seen by Reuters said. Virgin Atlantic said earlier this week that it would lay-off almost a third of its workforce as it battles to stay afloat in the coronavirus pandemic which has brought air travel to a near standstill. Founder Richard Branson, whose Virgin Group owns 51% of Virgin Atlantic alongside U.S. airline Delta with 49%, said in April the airline will only survive the impact of COVID-19 if it gets financial support from the government, but it is also seeking private investment.

  • Globe Newswire

    Signing of financing for a total amount of 7 billion euros enabling the Air France-KLM Group and Air France to weather the crisis and prepare for the future

    Roissy, 7 May 2020Signing of financing for a total amount of 7 billion euros enabling the Air France-KLM Group and Air France to weather the crisis and prepare for the futureOn 6 May 2020, the Air France-KLM Group signed the legal documentation relating to the financing for a total amount of 7 billion euros, announced in its press release of 24 April 2020 and approved by the European Commission on 4 May 2020. This financing includes two loans intended to finance the liquidity needs of Air France and its subsidiaries:-A Loan Guaranteed by the French State ("PGE") granted by a syndicate of 9 banks: * Mandated Lead Arrangers and Book runners: Crédit Agricole CIB, HSBC France, Natixis (Documentation and Facility Agent); * Senior Mandated Lead Arrangers: Deutsche Bank Luxembourg SA, Société Générale, Banco Santander Paris Branch; * Mandated Lead Arrangers: BNP Paribas, Crédit Industriel et Commercial, Crédit Lyonnais (LCL).The main features are as follows: * an amount of 4 billion euros; * a 90% guarantee granted by the French State; * an initial 12-month maturity, with a one-year or two-year extension option exercisable by Air France-KLM; * a coupon excluding the French State guarantee cost at an annual rate equal to EURIBOR (floored at zero) plus a margin of 0.75% in the first year, 1.50% in the second year and 2.75% in the third year; * a cost of the guarantee granted by the French State initially equal to 0.5% of the total amount of the loan, and which will step up to 1% for each of the second and third years; * a mandatory partial early repayment of 75% of the any net new money raised by Air France-KLM or Air France from financial institutions or through debt capital markets, subject to some exceptions; * a mandatory total early repayment notably in case of change of control of Air France-KLM or Air France. -A subordinated shareholder loan granted by the French State to Air France-KLM, with the following main features: * a bullet amount of EUR 3 billion; * a maturity of four years, with two consecutive one-year extension options exercisable by Air France-KLM; * a coupon payable annually or capitalizable at the discretion of Air France-KLM at a rate equal to EURIBOR 12 months (floored at zero) plus a margin of 7% for the first four years, 7.5% for the fifth and 7.75% for the sixth. This rate will be increased by 5.5% step up in case (i) the general assembly would not approve a capital increase proposed by the Board of Directors that would enable  incorporation in the company’s shareholder equity of all or part of the outstanding shareholder loan, (ii) the general assembly would approve, without the approval from the French State, a capital increase which would not enable the incorporation of all or part the outstanding shareholder loan in the company’s shareholder equity or (iii) a third party, not acting in concert with the French State, would exceed, alone or in concert, the threshold of 20% of the capital of Air France-KLM; * subordination to the French State guaranteed bank loan and, in the event of receivership or liquidation, to all the Air France-KLM senior bond and bank debt, without prejudice of an incorporation of all or part the outstanding shareholder loan in the company’s shareholder equity; * early repayment in the occurrence of certain events, such as the takeover of Air France-KLM and cases of default such as if the Annual General Meeting of shareholders does not ratify this shareholder loan according to article L.225-40 of the French Code de commerce or in case of acceleration of the French State guaranteed bank loan.The company has undertaken not to pay dividends until these two loans have been repaid in full.Consecutive to this financing, Air France KLM will reimburse 1.1 billion euros on 7 May 2020 for the revolving credit facility drawn in March 2020 and will terminate it.Discussions with the Dutch State are pursuing to finalize additional support to the KLM group.Investor Relations                                                                                        PressOlivier Gall                                           Wouter van Beek                                  Press office      +33 1 49 89 52 59                                  +33 1 49 89 52 60                                     +33 1 41 56 56 00olgall@airfranceklm.com                       wouter-van.beek@airfranceklm.com      Website: www.airfranceklm.comAttachment * Press release Signing of financing VE

  • British Airways Owner IAG Taps U.K. Funds to Survive Slump
    Bloomberg

    British Airways Owner IAG Taps U.K. Funds to Survive Slump

    (Bloomberg) -- British Airways parent IAG SA tapped U.K. government-backed loans to boost liquidity, in a sign of the damage being wrought by the Covid-19 pandemic on even the industry’s strongest players.IAG accessed 300 million pounds ($371 million) from the Coronavirus Corporate Finance Facility in the second week of April, it said Thursday, taking state-supported borrowing to $1.45 billion including Spanish funds. The group, which initially signaled it wasn’t seeking aid, said it’s essentially grounded until July.Chief Executive Officer Willie Walsh said London-based IAG needs to restructure in all areas as it slims down for a tougher future amid an “unprecedented” slump. British Airways is planning to slash 12,000 jobs or 30% of the workforce, and is considering plans to close its secondary hub at London Gatwick airport.“We do not expect passenger demand to recover to the level of 2019 before 2023 at the earliest,” Walsh said. “Balance sheets are going to be very different when we come out of this. Structural reform is going to be required on an industry basis and not just on an individual airline basis.”Air France-KLM also said Thursday that demand will take years to revive as the virus upends travel and weighs on economies. Deutsche Lufthansa AG’s Austrian Airlines is the latest carrier to plan swingeing job cuts, with 1,100 of 7,000 posts set to go over three years, the Austrian Press Agency reported.IAG’s reserves had increased to 10 billion euros ($12.4 billion) at the end of April. That puts the company in a “very strong liquidity position” and means it should be able to “outlast many peers” in an extended slump, Sanford C. Bernstein analyst Daniel Roeska said in a note.Fleet CutsIAG’s downsizing will see it take delivery of only 75 planes over the next three years instead of the planned 143. It will also assess an early retirement of inefficient four-engined Boeing Co. 747s and Airbus SE A340s, and could cut more planes with leases up for renewal in the next two years.While the focus for the moment is on maximizing cash, much of what IAG has raised in recent months has been via short-term facilities and those will need to be refinanced, Chief Financial Officer Steve Gunning said on an analyst call.IAG traded 4% lower as of 11:35 a.m. in London, taking declines this year to 70%. Air France-KLM fell 3% after posting a first-quarter net loss of 1.8 billion euros from “over-hedging” on fuel and is down 59%, with Lufthansa off 52%.Walsh said the British funding, which comes after the Iberia and Vueling units tapped 1 billion euros in loans backed by a Spanish state bank, is commercial paper available because of IAG’s “great credit rating.” He said the company will make use of government-supported general facilities where available.The CEO had initially said IAG wasn’t applying for bailouts and earlier in the year opposed a proposal to help now-defunct Flybe, one of the virus’s first airline victims. He said in March he thought airlines should be expected to “look at self-help” before calling for aid.“What I’ve always been opposed to is where inefficient failing companies receive bailouts from governments,” he said on the analyst call. “Where airlines have been unwilling or unable to reform, they should not be bailed out by receiving free money.”Gatwick JobsGovernments worldwide are devoting more than $85 billion to rescue plans, including mammoth funding programs for some of IAG’s biggest rivals.Air France-KLM has won European Union approval for 7 billion euros in French aid, with more to come from the Netherlands, and Lufthansa is in talks on a 10 billion-euro package that could see Germany take a 25% stake.Walsh, who will leave on Sept. 24 after delaying his retirement, said British Airways is consulting with employee representatives at Gatwick after initiating a formal process there. BA’s announcement of some of the industry’s deepest job cuts has been met with hostility from U.K. politicians and labor groups, especially since it has tapped furlough funds meant to safeguard workers.IAG reiterated that it’s too early to provide an earnings outlook. That’s after it last week reported an operating loss of 535 million euros for the first quarter even before a hit from fuel hedges, and warned that the result for the current three months will be worse again.Walsh predicted more airline failures and consolidation as carriers fail to adapt to the new environment and struggle to repay the funding they’ve tapped.The CEO said a letter of intent to buy Boeing Co. 737 Max jetliners remains in place and that IAG is progressing with plans to buy Spain’s Air Europa, though the deal has a price-adjustment mechanism that could be applied.(Updates with comments from analyst briefing from seventh paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Worst Yet to Come for Airlines, Sneakers and Beer: Earnings Wrap
    Bloomberg

    Worst Yet to Come for Airlines, Sneakers and Beer: Earnings Wrap

    (Bloomberg) -- Earnings season in Europe began winding down, with companies predicting that customers may not return to pre-pandemic levels of traveling and socializing any time soon.Air France-KLM said capacity will drop 95% in the second quarter and the impact of the outbreak could be felt for years, while British Airways owner IAG SA predicted air travel demand won’t return to pre-pandemic levels before 2023.Anheuser-Busch InBev NV, the last of the major brewers to report first-quarter results, said sales have been plagued by shut restaurants and bars and that the second quarter will only get worse. Sneaker-maker Puma SE had a similar message, with sales running about 50% lower this quarter.But customers are still shopping from home. German online fashion retailer Zalando SE said revenue may increase 10% to 20% this year as consumers buy more online.Two-thirds of European companies have reported first-quarter results, and profits are down 25%, JPMorgan Chase & Co. strategists said in a note published before Thursday’s earnings releases.Key Developments:European stocks rose, with the Stoxx Europe 600 Index up 0.6% on gains for retail, real estate and basic resources shares.AB InBev Warns Second Quarter Will Be Much Worst Than FirstBritish Airways Parent IAG Taps U.K. Funds to Survive Long SlumpFor more on dividends, click here. For the latest company guidance, click hereU.K. May Ease Lockdown Monday; Poland Delays Vote: Virus UpdateHere’s the top virus-related earnings news for today by sector.Food & BeverageProfit at AB InBev, the world’s largest brewer, fell by 14% in the first quarter because of bar and restaurant closures late in the period as lockdowns went into effect. The Budweiser maker expects performance in the second quarter to be “materially worse,” with global volumes in April having declined by almost a third compared with the same month last year. Jefferies said the quarter was broadly in line with expectations but weak in Asia. The shares jumped as much as 3.6%.Drinks bottler Coca-Cola HBC AG said March and April have been more difficult after a strong start to the year and that the impact of the virus on its business will be material. Citigroup said a deteriorating price and country mix is a concern and implied revenue per case is well below expectations. The shares fell as much as 1.4%.Travel & LeisureIAG, which also owns Spanish carrier Iberia, said it doesn’t anticipate air travel demand will return to 2019 levels before 2023 but said it’s planning a meaningful return to service in July. It will access the U.K. government’s Covid-19 funding program and will slash its capital spending plans for this year. The shares bounced but quickly reversed to fall as much as 3%. Analysts at Davy said the carrier has enough liquidity to see out the crisis.Air France-KLM warned demand for air travel will take several years to recover, scrapping its full-year outlook and forecasting a “significantly higher” loss in the second quarter than in the first three months of the year. The carrier expects capacity to remain skeletal, down 95% this quarter and 80% lower in the third quarter as travel slowly starts to resume during summer months. The shares fell as much as 4.8% but Bernstein said the group is reacting well to the crisis.Hotel operator InterContinental Hotels Group Plc said its comparable revenue per room for the first quarter fell by 25%, with a 55% drop in March and April expected to see a drop of about 80%. The company anticipates continued disruption to travel patterns in coming months and that visibility on its outlook is limited. The shares fell initially but reversed to rise as much as 3.2%. Citigroup said 2020 growth is likely to disappoint.Metals & MiningArcelorMittal SA pulled its forecasts and will suspend dividend payments as it said it expects steel shipments for 2020 to fall year-on-year. The steelmaker’s first-quarter sales slumped and missed consensus and the company reported an operating loss for the first three months. Earnings, cash flow and guidance all beat expectations, Citigroup said, and the shares bounced as much as 5.4%.IndustrialsRolls-Royce Holdings Plc slashed its forecast for wide-body engine production by 44% this year and pledged greater cost savings to cope with an effective grounding of the global airline industry. The British engine maker now plans to produce 250 wide-body power plants in 2020, while aircraft powered by its turbines logged a 90% drop in flying hours last month -- hurting maintenance revenue. Jefferies said the company can “ride it out” even if first-half cash flow may look “ghastly.” The shares dropped as much as 5.5%.Swedish appliances manufacturer Electrolux AB surprised the market with an operating profit in the first quarter, after analysts had predicted the home appliance maker would post a loss. April sales slumped about 30%, but are expected to gradually recover, though the group is facing a significant second-quarter loss. Citigroup said 2020 consensus is likely to fall. The shares reversed earlier losses to rise as much as 2.3%.Switches and sockets maker Legrand SA reported sales in April slumped by 41% and it expects a marked fall for the second quarter before an improvement in the second half. First-quarter operating profit and revenue declined for the French firm. The shares dipped as much as 2.5% and Citigroup said the quarter was a small miss, while April looks worse than expected.TMTBT Group Plc scrapped its dividend payouts for two years to free up funds for a national fiber network rollout under the cloud of the virus. The U.K. telecommunications group said it would suspend its final dividend for its 2020 fiscal year and said payouts will be reset at half their current level when they resume. The shares plunged as much as 12% and Berenberg said all the focus will be on the dividend.Telefonica SA withdrew financial guidance for 2020 and said it would offer to pay part of this year’s dividend in shares, as it balances uncertainty about the near-term circumstances with future growth potential. The Spanish phone carrier’s first-quarter sales were hit by currency depreciation in its sprawling Latin American operations. Telefonica also confirmed its O2 unit in the U.K. will merge with Liberty Global Plc’s Virgin Media business. The shares initially bounced but pared to be little changed and Bloomberg Intelligence said the Virgin deal will boost deleveraging.German broadcaster ProSiebenSat.1 Media SE said it can’t provide a reliable outlook for the year as it reported a small rise in first-quarter revenue. The group had already withdrawn its outlook and scrapped its 2019 dividend owing to the lack of visibility caused by the pandemic. The shares rose initially but reversed course to fall as much as 4.4%.RetailOnline clothing retailer Zalando said it anticipates its full-year revenue growth will outpace market expectations as it reported a first-quarter loss but said it has seen more new customers coming to its platform. It said demand started to recover in April. RBC said the update points to massive potential consensus upgrades. The shares bounced as much as 13%, hitting a record.German sportswear group Puma said the second quarter is going to be worse than the first as it said Covid-19 is crushing sales. The group said it’s generating around half of normal revenue and can’t provide an outlook for the rest of the year, though it does expect a return to growth in 2021. The shares rose as much as 6.7% as first-quarter revenue beat analyst estimates.Royal Ahold Delhaize NV said net sales for the first quarter rose 15%, boosted by stockpiling in Europe and the U.S., with the adjusted operating margin of 5.3% beating consensus analyst estimates. The food retailer kept its full-year outlook and commited to its dividend and buyback policies. Berenberg said the quarter was “substantially ahead” of expectations and the shares rose as much as 2.5%.German food wholesaler Metro AG said trading has been “significantly negatively affected” by the virus since mid-March, with stockpiling initially helping to offset a fall in sales from hotel, restaurant and catering companies. It expects every month of the lockdown will cause sales to fall by 2% compared to the year prior. The shares fell as much as 6.9%.BanksNatixis SA joined its French peers in reporting a heavy hit on equities trading revenue from market turmoil and canceled dividends. The lenders said its equities trading revenue was wiped out by payouts being pulled, but its debt trading revenue topped rivals BNP Paribas SA and Societe Generale SA. The shares rose as much as 4.4% but Bloomberg Intelligence said many questions were left unanswered.ChemicalsVitamin maker Royal DSM NV reported a small fall in first-quarter earnings. It still anticipates a rise in earnings for its nutrition arm in 2020 but said conditions for its materials business deteriorated rapidly at the end of the first quarter as demand for plastics as manufacturing came to a virtual standstill in Europe and North America. The shares rose as much as 4.4% and the firm is delivering nose swabs for Covid-19 testing in the Netherlands.Specialty chemicals firm Evonik Industries AG cut its full-year earnings forecast and reported a decline in first-quarter sales. The company said the economic impact of the Covid-19 epidemic has become clearer in the second quarter. Evonik is sticking to its plan to pay a dividend on 2019 earnings. The shares fell as much as 4.9%.ConstructionHeidelbergCement AG cut its 2019 dividend pledge by almost 75% and said construction halts to contain the coronavirus will have hurt full-year results. The German cement maker said it’s making good progress reducing costs to navigate the crisis, and is on track to hit a 1-billion-euro savings target. First-quarter sales fell 7.3%. The shares fell as much as 2.7%.InsuranceMunich Re AG’s first-quarter net dropped by 65% and it abandoned its full-year profit forecast. The reinsurer booked coronavirus-related losses of 800 million euros for the quarter. RBC said the group’s virus impact should be manageable and its balance sheet is strong. The shares rose as much as 1.7%.RSA Insurance Group Plc said any bad debt impact in April was not substantial and it anticipates a hit to written premium income for 2020. The shares bounced as much as 7.1% with Panmure Gordon saying the update was “upbeat.”Health CareResearch tools makers Qiagen NV’s first-quarter earnings rose and it anticipates a stronger second quarter based on current trends. It has benefited from significant demand for products used in Covid-19 testing, including viral RNA extraction kits, CEO Thierry Bernard said in a statement. The firm had already flagged expectations for second-quarter sales growth. The shares fell as much as 0.8% but Berenberg said the firm is performing well in the crisis.Genmab A/S said its earnings and sales slightly topped consensus for the first three months and confirmed its 2020 outlook. The biotechnology firm, which makes antibody therapies for cancer treatment, said net sales of its Darzalex product jumped 49% in the quarter. The shares rose as much as 6.3%, hitting a record high.EnergyEquinor ASA’s first-quarter profit fell by 63% amid the slump in oil prices, two weeks after it became the first European oil major to pull its dividend. The Norwegian firm pulled its 2020 production guidance amid the slump in crude demand caused by virus shutdowns. The shares gained as much as 3.7%.Liquefied petroleum gas distributor Rubis SCA said its first-quarter revenue rose by 19% but said Covid-19 had begun to hurt volumes toward the end of the period. It expects a fall in fuel product list prices to help margins, which should offset any near-term negative inventory effects. The shares bounced as much as 6.6%.UtilitiesItalian electricity and gas group Enel SpA posted first-quarter earnings ahead of expectations and confirmed its full-year targets, saying it does not anticipate a significant impact from Covid-19. The shares rose as much as 2.7% but Citigroup said the quarter was small miss and Enel is now immune to lower power prices.AutosContinental AG will slash investments by at least 20% this year as the German car-parts giant said it expects to post a loss for the second quarter. It said April was the “worst month” of the year, but tire demand has started to pick up again. The shares bounced as much as 4.3%.French motor homes and trailers manufacturer Trigano SA’s first-half profit missed expectations. It said productivity has been resuming gradually since mid-April, though the company expects to be hurt by the novel coronavirus crisis in the second part of the year. The shares fell as much as 4.3% and Portzamparc said first-half margins were “disappointing.”Market StrategyCyclical stocks could have further to fall against their defensive counterparts as any sustained improvement in the global economy seems “way off,” according to Citigroup strategists.Equity and bond markets are sending conflicting signals about the outlook for an economic recovery and stock investors may be wise to take note from their more cautious counterparts, according to Invesco’s global market strategist.The global recovery for stocks since March may fizzle out as investors become more realistic about the corporate earnings outlook and start to price in the permanent damage Covid-19 will do to the economy, according to Janus Henderson Group Plc.U.S. investors have been piling into cash amid the uncertainty about the virus impact but should consider diversifying into riskier assets like lower-quality stocks or credit, UBS Global Wealth Management says.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • European stocks lifted by Chinese export data, strong earnings
    Reuters

    European stocks lifted by Chinese export data, strong earnings

    The pan-European STOXX 600 <.STOXX> ended up 1.1%, led by gains in retail <.SXRP>, basic resources <.SXPP> and financial services <.SXFP>. ArcelorMittal <MT.AS>, the world's largest steelmaker, jumped 6.8% after its first quarter profit beat expectations. German online fashion retailer Zalando <ZALG.DE> rose 11.5%, leading gains in the retail sector, after it said sales were recovering from an initial hit from coronavirus lockdowns, and despite a first-quarter loss.

  • Planemakers delay deliveries as crisis hits manufacturing: Air France-KLM CEO
    Reuters

    Planemakers delay deliveries as crisis hits manufacturing: Air France-KLM CEO

    Planemakers Airbus <AIR.PA> and Boeing <BA.N> have asked Air France to delay taking some wide-body jets after a manufacturing slowdown caused by the coronavirus crisis, the head of parent Air France-KLM <AIRF.PA> told Reuters. "We have some A350s for the end of the year that will be pushed into next year, and then we have some A350s for next year that will be pushed into the year after," Chief Executive Ben Smith said, adding that this was at Airbus's request. Air France has also been notified by Boeing that a 787 due to arrive in June will not be delivered on schedule, he said.

  • Air France job cuts to test CEO Smith's consensual style
    Reuters

    Air France job cuts to test CEO Smith's consensual style

    Air France-KLM <AIRF.PA> is opening talks with its French unions on workforce cuts, Chief Executive Ben Smith told Reuters, as the airline group warned of mounting losses with no clear end in sight to the coronavirus crisis. The airline has scheduled a strategic workforce planning meeting in June to discuss capacity cuts and their consequences for staffing, Smith said in an interview as the group's quarterly results offered a foretaste of the pandemic's impact. Smith did not elaborate on the size of likely cutbacks but said the company had identified opportunities for voluntary layoffs.

  • Air France-KLM loss gives first taste of coronavirus impact
    Reuters

    Air France-KLM loss gives first taste of coronavirus impact

    Two weeks of coronavirus shutdown were enough to hit Air France-KLM <AIRF.PA> with an 815 million-euro ($880 million) first-quarter operating loss, the airline group said on Thursday - predicting demand could take "several years" to recover. In the month of March there was an "abrupt plunge in revenue that will obviously extend through the second quarter," Chief Financial Officer Frederic Gagey warned. Air France-KLM, which has received 7 billion euros in French-backed rescue aid and Dutch pledges for a further 2 billion to 4 billion, expects to reduce monthly cash burn to 400 million euros in the second quarter thanks to cost-cutting and state-funded furloughs that save 350 million euros a month.

By using Yahoo, you agree that we and our partners can use cookies for purposes such as customising content and advertising. See our Privacy Policy to learn more