Air France-KLM
INTEGRALE BEDRIJFSANALYSE
Sebastiaan den Hartog
Benjamin den Hartog
Yasmine Taheri
21/01/2022
,Air France-KLM
SEBASTIAAN DEN HARTOG –
BENJAMIN DEN HARTOG -
YASMINE TAHERI –
OE10a Financiële rapportages
Thema Business Economics
Bachelor Business Studies
PCM`r Thijs Holtgrefe
21/01/2022
HOGESCHOOL INHOLLAND
POSTHUMALAAN 90, ROTTERDAM
,Voorwoord
Wij, Benjamin den Hartog, Sebastiaan den Hartog en Yasmine Taheri doen alle drie de opleiding
Business Studies op Hogeschool Inholland Rotterdam. Onze opleiding heeft ons opgedragen om een
financieel rapport te schrijven over Air-France KLM. Wij hebben hier enkele weken de tijd voor
gekregen en kwamen in korte tijd veel te weten over Air-France KLM. Alles wat wij te weten zijn
gekomen hebben wij in dit verslag gezet.
Sinds mei 2004 zijn Air France en KLM Royal Dutch Airlines de grootste Europese luchtvaartgroep
geworden: Air France en KLM vervoeren samen ruim 77 miljoen passagiers per jaar en beschikken
over 548 vliegtuigen. Dagelijks voert de combinatie vluchten uit in een netwerk met 318
bestemmingen in 118 landen. De 3 belangrijkste businesses zijn: Passenger Business, Cargo en
Engineering & Maintenance. De laatste tijd zijn de vliegtuigmaatschappijen volop in het nieuws. Dit
komt doordat ze een lange tijd verplicht aan de grond moesten blijven. Dit was een unieke
gebeurtenis in de geschiedenis van Air France KLM. Ze liepen zoveel omzet mis dat het niet zeker was
of de onderneming over de kop ging. Om dit te voorkomen kregen staatsteun van de overheid. Dat
het niet goed ging met Air France KLM zul je ook terugzien in de cijfers verderop in het verslag.
Een aantal mensen willen we in het bijzonder bedanken. Allereerst willen we de heer T. Holtgrefe
bedanken voor het begeleiden van dit project. Bij vragen konden we altijd contact met hem
opnemen. Ook willen we Air France-KLM bedanken voor het publiceren van hun gegevens. Zonder
deze informatie zouden we dit financiële verslag niet kunnen schrijven.
,Executive Summary
This report on Air-France KLM contains an integral business analysis. From this business analysis, we
have found that the price of Air-France KLM has fallen considerably in 2020. It is smart for investors
to have a share of Air-France KLM at the moment because we expect that turnover and profit will
increase in the coming years and that when the corona crisis has subsided, they will start making
plenty of profit again.
A company as large as Air-France KLM has to be analyzed . This is done on the basis of Porter's
competitiveness model. This model highlights Air-France KLM internal, external competition and
potential. Porter's competitiveness model defines Air-France KLM's position in terms of competitive
intensity and profitability. Commercial analysis was carried out according to Porter's competitive
model.
In business analysis, the business aspect of Air-France KLM is addressed through four different
analyses, namely: fundamental analysis, revenue and profit analysis, position of different regions
within the circle, business and technical analysis. Once the business analysis is analyzed, growth
management comes into play. It is important to improve as a company to cope with the competition.
There are strategic options for this: stop, improve, continue or grow.
the prognosis is discussed later in this report. Forecasts are made for investors. Investors can use
forecasts to see how healthy a company is progressing. Internal and external analyses must be
carried out. This is done on the basis of a confrontation matrix. Opportunities and threats are then
mapped out, showing strategic options.
Finally, all the results of the business analysis of Air-France KLM are presented. Investment advice is
then given for both the long and short term. Investment advice is primarily based on fundamental
analysis.
,Inhoud
Voorwoord.............................................................................................................................................2
Executive Summary................................................................................................................................3
Inleiding..................................................................................................................................................7
Hoofdstuk 1 Profiel van onderneming....................................................................................................8
1.1 inleiding........................................................................................................................................8
1.2 Ashridge mission model van Campbell.........................................................................................8
1.3 Stakeholdersanalyse...................................................................................................................10
1.4 Krachtenveld analyse..................................................................................................................11
1.5 7S model.....................................................................................................................................13
1.6 Tussentijdse conclusie................................................................................................................14
Hoofdstuk 2 Externe Analyse................................................................................................................15
2.1 Inleiding......................................................................................................................................15
2.2 Macro-economische omgeving...................................................................................................15
2.2.1 Demografische factor..........................................................................................................15
2.2.2 Economische factor.............................................................................................................15
2.2.3 Sociaal-culturele factor........................................................................................................15
2.2.4 Technologische factor..........................................................................................................15
2.2.5 Ecologische factor................................................................................................................15
2.2.6 Politiek-juridische factor......................................................................................................16
2.3 Meso-omgevingsanalyse............................................................................................................16
2.4 Tussentijdse conclusie................................................................................................................17
Hoofdstuk 3 Bedrijfsanalyse.................................................................................................................19
3.1 Fundamentele analyse................................................................................................................19
3.1.1 Solvabiliteit..........................................................................................................................19
3.1.2 Liquiditeit.............................................................................................................................20
3.1.3 Rentabiliteit.........................................................................................................................23
3.1.4 Activiteitskengetallen..........................................................................................................26
3.1.5 Werknemerskengetallen......................................................................................................28
3.1.6 Omgevingsanalyse...............................................................................................................29
3.1.7 Dupont chart........................................................................................................................31
3.1.8 Beleggingskengetallen.........................................................................................................33
3.2 Omzet- en winstanalyse..............................................................................................................36
, 3.2.1 Geografische spreiding........................................................................................................37
3.2.2 Verdeling naar activiteiten...................................................................................................38
3.2.3 Verdeling naar distributiekanalen........................................................................................38
3.2.4 Portfolio-analyse..................................................................................................................39
3.3 Bedrijfstaklevenscyclus...............................................................................................................40
3.3.1 Wat houdt iedere fase in.....................................................................................................40
3.4 Technische analyse.....................................................................................................................43
3.4 Tussentijdse conclusie................................................................................................................44
Hoofdstuk 4 Sustainable Development Goals.......................................................................................45
4.1 Tussentijdse conclusie................................................................................................................47
Hoofdstuk 5: Forecasting......................................................................................................................48
5.1 Top-down forecasting.................................................................................................................48
5.1.1 Omzet prognose..................................................................................................................48
5.1.2 Externe kosten.....................................................................................................................50
5.1.3 Personeelslasten..................................................................................................................51
5.1.4 Balanstotaal.........................................................................................................................54
5.1.5 Vaste en vlottende activa.....................................................................................................56
5.1.6 Afschrijvingen......................................................................................................................58
5.1.7 Solvabiliteit..........................................................................................................................58
5.1.8 Overige posten resultatenrekening.....................................................................................60
5.1.9 Debetzijde balans................................................................................................................61
5.1.10 Creditzijde balans...............................................................................................................62
5.1.11 Resterende voorspellingen................................................................................................63
5.2 Fine tuning van de forecast........................................................................................................64
5.3 Tussentijdse conclusie................................................................................................................66
Hoofdstuk 6: SWOT-analyse.................................................................................................................67
6.1 Huidige strategie.........................................................................................................................67
6.2 Externe issues.............................................................................................................................67
6.2.1 Vergrijzing binnen de bevolking...........................................................................................68
6.2.2 Krappe arbeidsmarkt...........................................................................................................68
6.2.3 Beperkingen van het aantal afnemers.................................................................................68
6.2.4 Afzwakking economische groei............................................................................................68
6.2.5 Politiek.................................................................................................................................68
6.2.6 Technologie.........................................................................................................................68
INTEGRALE BEDRIJFSANALYSE
Sebastiaan den Hartog
Benjamin den Hartog
Yasmine Taheri
21/01/2022
,Air France-KLM
SEBASTIAAN DEN HARTOG –
BENJAMIN DEN HARTOG -
YASMINE TAHERI –
OE10a Financiële rapportages
Thema Business Economics
Bachelor Business Studies
PCM`r Thijs Holtgrefe
21/01/2022
HOGESCHOOL INHOLLAND
POSTHUMALAAN 90, ROTTERDAM
,Voorwoord
Wij, Benjamin den Hartog, Sebastiaan den Hartog en Yasmine Taheri doen alle drie de opleiding
Business Studies op Hogeschool Inholland Rotterdam. Onze opleiding heeft ons opgedragen om een
financieel rapport te schrijven over Air-France KLM. Wij hebben hier enkele weken de tijd voor
gekregen en kwamen in korte tijd veel te weten over Air-France KLM. Alles wat wij te weten zijn
gekomen hebben wij in dit verslag gezet.
Sinds mei 2004 zijn Air France en KLM Royal Dutch Airlines de grootste Europese luchtvaartgroep
geworden: Air France en KLM vervoeren samen ruim 77 miljoen passagiers per jaar en beschikken
over 548 vliegtuigen. Dagelijks voert de combinatie vluchten uit in een netwerk met 318
bestemmingen in 118 landen. De 3 belangrijkste businesses zijn: Passenger Business, Cargo en
Engineering & Maintenance. De laatste tijd zijn de vliegtuigmaatschappijen volop in het nieuws. Dit
komt doordat ze een lange tijd verplicht aan de grond moesten blijven. Dit was een unieke
gebeurtenis in de geschiedenis van Air France KLM. Ze liepen zoveel omzet mis dat het niet zeker was
of de onderneming over de kop ging. Om dit te voorkomen kregen staatsteun van de overheid. Dat
het niet goed ging met Air France KLM zul je ook terugzien in de cijfers verderop in het verslag.
Een aantal mensen willen we in het bijzonder bedanken. Allereerst willen we de heer T. Holtgrefe
bedanken voor het begeleiden van dit project. Bij vragen konden we altijd contact met hem
opnemen. Ook willen we Air France-KLM bedanken voor het publiceren van hun gegevens. Zonder
deze informatie zouden we dit financiële verslag niet kunnen schrijven.
,Executive Summary
This report on Air-France KLM contains an integral business analysis. From this business analysis, we
have found that the price of Air-France KLM has fallen considerably in 2020. It is smart for investors
to have a share of Air-France KLM at the moment because we expect that turnover and profit will
increase in the coming years and that when the corona crisis has subsided, they will start making
plenty of profit again.
A company as large as Air-France KLM has to be analyzed . This is done on the basis of Porter's
competitiveness model. This model highlights Air-France KLM internal, external competition and
potential. Porter's competitiveness model defines Air-France KLM's position in terms of competitive
intensity and profitability. Commercial analysis was carried out according to Porter's competitive
model.
In business analysis, the business aspect of Air-France KLM is addressed through four different
analyses, namely: fundamental analysis, revenue and profit analysis, position of different regions
within the circle, business and technical analysis. Once the business analysis is analyzed, growth
management comes into play. It is important to improve as a company to cope with the competition.
There are strategic options for this: stop, improve, continue or grow.
the prognosis is discussed later in this report. Forecasts are made for investors. Investors can use
forecasts to see how healthy a company is progressing. Internal and external analyses must be
carried out. This is done on the basis of a confrontation matrix. Opportunities and threats are then
mapped out, showing strategic options.
Finally, all the results of the business analysis of Air-France KLM are presented. Investment advice is
then given for both the long and short term. Investment advice is primarily based on fundamental
analysis.
,Inhoud
Voorwoord.............................................................................................................................................2
Executive Summary................................................................................................................................3
Inleiding..................................................................................................................................................7
Hoofdstuk 1 Profiel van onderneming....................................................................................................8
1.1 inleiding........................................................................................................................................8
1.2 Ashridge mission model van Campbell.........................................................................................8
1.3 Stakeholdersanalyse...................................................................................................................10
1.4 Krachtenveld analyse..................................................................................................................11
1.5 7S model.....................................................................................................................................13
1.6 Tussentijdse conclusie................................................................................................................14
Hoofdstuk 2 Externe Analyse................................................................................................................15
2.1 Inleiding......................................................................................................................................15
2.2 Macro-economische omgeving...................................................................................................15
2.2.1 Demografische factor..........................................................................................................15
2.2.2 Economische factor.............................................................................................................15
2.2.3 Sociaal-culturele factor........................................................................................................15
2.2.4 Technologische factor..........................................................................................................15
2.2.5 Ecologische factor................................................................................................................15
2.2.6 Politiek-juridische factor......................................................................................................16
2.3 Meso-omgevingsanalyse............................................................................................................16
2.4 Tussentijdse conclusie................................................................................................................17
Hoofdstuk 3 Bedrijfsanalyse.................................................................................................................19
3.1 Fundamentele analyse................................................................................................................19
3.1.1 Solvabiliteit..........................................................................................................................19
3.1.2 Liquiditeit.............................................................................................................................20
3.1.3 Rentabiliteit.........................................................................................................................23
3.1.4 Activiteitskengetallen..........................................................................................................26
3.1.5 Werknemerskengetallen......................................................................................................28
3.1.6 Omgevingsanalyse...............................................................................................................29
3.1.7 Dupont chart........................................................................................................................31
3.1.8 Beleggingskengetallen.........................................................................................................33
3.2 Omzet- en winstanalyse..............................................................................................................36
, 3.2.1 Geografische spreiding........................................................................................................37
3.2.2 Verdeling naar activiteiten...................................................................................................38
3.2.3 Verdeling naar distributiekanalen........................................................................................38
3.2.4 Portfolio-analyse..................................................................................................................39
3.3 Bedrijfstaklevenscyclus...............................................................................................................40
3.3.1 Wat houdt iedere fase in.....................................................................................................40
3.4 Technische analyse.....................................................................................................................43
3.4 Tussentijdse conclusie................................................................................................................44
Hoofdstuk 4 Sustainable Development Goals.......................................................................................45
4.1 Tussentijdse conclusie................................................................................................................47
Hoofdstuk 5: Forecasting......................................................................................................................48
5.1 Top-down forecasting.................................................................................................................48
5.1.1 Omzet prognose..................................................................................................................48
5.1.2 Externe kosten.....................................................................................................................50
5.1.3 Personeelslasten..................................................................................................................51
5.1.4 Balanstotaal.........................................................................................................................54
5.1.5 Vaste en vlottende activa.....................................................................................................56
5.1.6 Afschrijvingen......................................................................................................................58
5.1.7 Solvabiliteit..........................................................................................................................58
5.1.8 Overige posten resultatenrekening.....................................................................................60
5.1.9 Debetzijde balans................................................................................................................61
5.1.10 Creditzijde balans...............................................................................................................62
5.1.11 Resterende voorspellingen................................................................................................63
5.2 Fine tuning van de forecast........................................................................................................64
5.3 Tussentijdse conclusie................................................................................................................66
Hoofdstuk 6: SWOT-analyse.................................................................................................................67
6.1 Huidige strategie.........................................................................................................................67
6.2 Externe issues.............................................................................................................................67
6.2.1 Vergrijzing binnen de bevolking...........................................................................................68
6.2.2 Krappe arbeidsmarkt...........................................................................................................68
6.2.3 Beperkingen van het aantal afnemers.................................................................................68
6.2.4 Afzwakking economische groei............................................................................................68
6.2.5 Politiek.................................................................................................................................68
6.2.6 Technologie.........................................................................................................................68
