Robert Boyle writes:
Air France-KLM (AF-KL) entered the COVID crisis in decent shape from a balance sheet point of view. Even before the injection of funds from the French government, the March 2020 cash position was €6.4 billion, equivalent to 23% of 2019 revenues, almost matching the 26% ratio at well capitalised IAG. Net debt of €6.6 billion was actually lower than IAG’s €7.5 billion.
However, it was much less profitable than …
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Source: The Loadstar