Investor Presentaiton
AIR FRANCE-KLM TO BE FULLY RELEASED FROM CURRENT STATES
SUPPORT
In €bn
3.6
French State
Recap Aid
3.0
1.2
0.9
Exit
0.6
(EU Temporary
Framework)
0.3
0.6
0.6
0.6
May 2021
■FR State perpetual hybrid instruments
December 2022
March 2023
0.0
April 2023
■FR State share increase
French State
guaranteed bank
4.0
2.5
loan << PGE >>
May 2021
Dutch State Facility
and Dutch State
guaranteed bank RCF
3.4
0.0
December 2022 March 2023
I Bank loan guaranteed by FR State
2.5
2.5
Exit
0.0
April 2023
The remaining €1.2bn French State Recapitalization Aid,
granted under EU State Aid Covid Temporary Framework, is
currently composed by:
€600m French State perpetual hybrids instruments.
€600m shares, acquired by the French State as part of the
May 2021 right issue.
As of April 19th, 20231, Air France-KLM intends to fully exit this
current €1.2bn French State recapitalization Aid and its related
bans.
Following the approval on February 16th, 2023, by the EU
Commission of a French State Compensation Aid without any
bans, the Group will achieve this exit of the French
Recapitalization Aid through the following steps:
•
•
March 2023: Air France-KLM will redeem and refinance
€300m of French State perpetual bonds into French State
perpetual hybrid instruments without bans attached,
enabling to cross the 75% redemption threshold of the
Recapitalization French State Aid.
As of April 19th, 2023: The rest of the c.€300m French State
perpetual hybrid instruments and the remuneration
associated to the State aid will be redeemed and refinanced
similarly. The Group will settle all final obligations related
to the exit of the remaining Recapitalization Aid without
change needed of the capital structure.
Exit
2.5
0.0
April 2023
KLM intends to exit the current Dutch State framework
with banks & State loans being replaced by a
Sustainability Linked Revolving Credit Facility.
0.9
May 2021
December 2022
Undrawn
March 2023
Drawn
1) 2-years anniversary date of the granting of the French State recapitalization aid
AIRFRANCE KLM
GROUP
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