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Integrale bedrijfsanalyse: Air France KLM
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Integrale bedrijfsanalyse: Air France KLM. Case uitwerking.
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dHogeschool Inholland
Bachelor Business Studies, Finance & Control en Accountancy
Air France-KLM
Integrale bedrijfsanalyse
, Hogeschool Inholland
Bachelor Business Studies, Finance & Control en Accountancy
Air France-KLM
Integrale bedrijfsanalyse
Naam studenten:
Studentnummers:
Onderwijseenheid: Hogeschool Inholland Alkmaar
Opleiding: Business Studies
Klas:
Beoordelend docent: Peter Hesselink
Datum: 2 april 2021
OE10a Financiële rapportages
Onderzoek in het kader van beroepsproduct thema Business Economics
1
,Voorwoord
Dit onderzoek is geschreven in het kader van een project voor de opleiding Business Studies aan de
Hogeschool Inholland, ter plaatse van Alkmaar. Als eerste jaar studenten hebben wij een onderzoek
uitgevoerd voor een beursgenoteerd bedrijf, namelijk Air France-KLM. Vervolgens is er voor Air
France-KLM een integrale bedrijfsanalyse gemaakt.
Door dit onderzoek zijn wij veel te weten gekomen over hoe een beursgenoteerd bedrijf in elkaar zit
en hoe een integrale bedrijfsanalyse werkt. Samen hebben wij dan ook veel geleerd over dit
onderwerp. Wij vonden de afsluiting van deze periode met dit project een goede toevoeging. We
hebben goed kunnen zien hoe een beursgenoteerd bedrijf ervan binnenuit ziet en ondertussen
hebben wij veel jaarverslagen en andere belangrijke documenten weten te vinden en kunnen
analyseren.
We hebben gemerkt dat wij voor dit onderzoek veel gehad hebben aan de lessen van afgelopen
periode. In periode 3 stond namelijk het thema ‘Business Economics’ centraal. Door alle hoorcolleges
en werkcolleges te volgen hebben wij veel geleerd en veel theorie kunnen toepassen in de praktijk.
Ook hebben wij vaak onze studieboeken erbij gehaald om modellen en theorie te kunnen
beschrijven. Daarnaast zijn veel getallen en gegevens uit het gegeven Excel bestand gehaald of via
internet gehaald.
Wij willen graag een paar mensen in het bijzonder bedanken. Als eerste Ellis den Hamer, onze
mentor, voor het samenstellen van deze projectgroep. Het was namelijk een fijne samenwerking met
zijn allen. Ook Peter Hesselink, onze begeleider van dit onderzoek. Hij stond open voor vragen in de
les en konden hem ook altijd mailen met vragen. Peter gaf hierop korte uitleg zodat er snel weer
doorgewerkt kon worden. Daarnaast alle docenten die onze hoorcolleges en werkcolleges de
afgelopen periode hebben gegeven; om hen even bij naam te noemen: Lilian Leijen, Pieter Boomsma
en Carolijn van der Deijl. Tenslotte willen wij ook onze medestudenten uit andere projectgroepen
bedanken, we konden altijd even bij hen terecht voor vragen of oplossingen.
Alkmaar, april 2021.
2
, Executive summary
In 1919 the Dutch Airline KLM is founded. This abbreviation stands for ‘Koninklijke Luchtvaart
Maatschappij’. KLM made its first flights on the Amsterdam-London route in 1920 and always flies
under her own name to London.
Cooperation between airlines has not been forgotten since the 1980’s. Working with other airlines
means, among other things, that you can offer your passengers more places in the world to fly.
In 2004, KLM took a huge step by merging with Air France-KLM and has since been part of the ‘Air
France-KLM Group’. Although the companies work closely together, KLM continues to fly over the
world under its familiar Dutch name.
The leading group in terms of intercontinental traffic on departure from Europe, Air France-KLM is a
major global air transport player. Its main businesses are passenger transportation, cargo
transportation and aeronautical maintenance.
Passenger transport is the Group’s core activity in terms of revenue. Air freight, the Group’s second
business in terms of revenues, is an activity necessary to the economics of long-haul.
Aeronautical maintenance is the Air France-KLM Group’s third business with third-party revenues
totalling 1.2 billion euros, that is, 5% of the Group’s total revenues.
The business-economic perspective of Air France-KLM has been examined. The solvency, liquidity
and profitability of the company are analyzed.
Unfortunately, Air France-KLM does not score very high at the solvency, liquidity and profitability.
Solvency in particularly, is very low. This is mostly due to the large amount of debt that is attracted in
relation to its equity capital of the company.
But there is nothing to really make worry, because the company is slowly coming back and is leading
itself to the right direction.
Air France-KLM will also produce more with fewer and fewer employees. This is made possible by
working more and more with robots and better systems. This is a positive point. This reduces
personnel costs for the company.
In 2019, the Air France-KLM Group demonstrated its collective ability to remodel and transform
itself: renewed managerial governance, simplification of the brand portfolio, fleet harmonization, a
stable social dialogue, concrete commitments on sustainable development.
Following the Covid-19 public health emergency, the Group is engaged in a major reconstruction plan
to regain competitiveness and efficiency, leadership in health safety and the sustainability transition.
A lever of competitiveness at the service of all the economic sectors in France, the Netherlands and
elsewhere in Europe, Air France-KLM has proven vital during the crisis and will remain so for the
relaunch of our economies, at the service of all our customers.
This is a source of pride for the 83,000 employees of the Air France-KLM Group.
Currently, it is not attractive for shareholders to invest in Air France-KLM, as no dividend is being
paid. If Air France-KLM does pay dividends in the future, these amounts will not be
appalling high. Air France-KLM prefers debt reduction instead of paying out dividends.
As a result of the COVID-19 crisis, many employees have been fired. This has been the right choice for
the company. Because by this, many costs have been covered, although these costs could still not be
covered despite the farewell. It is wise not to get rid of more employees because air traffic is likely to
increase again soon.
There is a strong competition between the airlines, so there is a minimal profit on a plane ticket.
3
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