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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  Air France-KLM    AF   FR0000031122

AIR FRANCE-KLM

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Kenya Airways resumes international flights after virus curbs lifted

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08/01/2020 | 04:22pm EDT
The coronavirus disease (COVID-19) outbreak in Nairobi

Kenya Airways resumed international flights on Saturday, heading to about 30 destinations for the first time since the routes were suspended in March due to the coronavirus.

The carrier, in which Air France KLM holds a small stake, resumed domestic flights in mid-July after the government cleared local air travel.

"We announced we are starting with 27 destinations, we increased it to 30 just following demand," Allan Kilavuka, the airline's chief executive officer, said during a ceremony ahead of seeing off a flight to London.

He said for the rest of the year the airline expected demand to remain below 50% of capacity, but it would increase flight frequencies depending on demand.

"In fact 2020, we call it a lost year. Because at some point we even see demand of 25% in some months, in some months we see 38%," he later told Reuters.

The COVID-19 pandemic has depressed the global aviation industry, with African carriers alone expected to lose $6 billion this year in revenue.

In July, Kenya Airways said it would lay off an unspecified number of number of workers, reduce its network and offload some assets due to the coronavirus crisis.

Kilavuka said so far the company had laid off some 650 people, mostly trainee pilots, trainee cabin crew, technician trainees and newly hired staff on probation.

"What I have to emphasise though is it's not because we want to. Those employees have done nothing wrong. They are very good employees. It's just that we cannot afford to keep them," he said.

The airline was struggling long before the coronavirus outbreak, posting 2019 losses of almost 13 billion shillings ($120 million).

Last month the Nairobi Securities Exchange suspended trading of Kenya Airways shares for three months, citing the government's plan to restructure the carrier, after it submitted to parliament a draft law on nationalising the airline.

($1 = 107.6500 Kenyan shillings)

By George Obulutsa

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Financials
Sales 2020 12 748 M 15 068 M 15 068 M
Net income 2020 -4 856 M -5 740 M -5 740 M
Net Debt 2020 12 029 M 14 219 M 14 219 M
P/E ratio 2020 -0,38x
Yield 2020 -
Capitalization 1 731 M 2 048 M 2 046 M
EV / Sales 2020 1,08x
EV / Sales 2021 0,65x
Nbr of Employees 82 532
Free-Float 50,1%
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Mean consensus UNDERPERFORM
Number of Analysts 22
Average target price 3,64 €
Last Close Price 4,05 €
Spread / Highest target 130%
Spread / Average Target -10,1%
Spread / Lowest Target -75,3%
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Managers
NameTitle
Benjamin M. Smith Chief Executive Officer & Director
Anne-Marie Couderc Non-Executive Chairman
Frédéric Gagey Chief Financial Officer
Jean-Christophe Lalanne Executive Vice President-Information Technology
Maryse Aulagnon Independent Director
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