The official task of the advisor to the examination of the industrial plan and a first step on the chapter review costs. These are the two issues on the table of the board of directors of Alitalia, which met today. “The board of directors has ratified the appointment of Roland Berger and Kpmg as external consultants (the first advidsor industrial, according to the financial advisor), that have already started to lavorareper give an evaluation of the independent recovery plan prepared by the ad. and from the management of the company”. It says the note published at the end of the board. The two consultants must review the 158-page developed by the ceo of the company, Cramer Ball, and to formulate their assessments to the shareholders.
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Started drastically cutting costs: -160 million in 2017
The board of directors of Alitalia, which met under the chairmanship of Luca Cordero di Montezemolo, has done “an in-depth analysis of the key points of the industrial plan of the company.” Ball informed the board of directors of “a drastic reduction in costs, which provides a savings – not relative to the cost of the staff – already identified at least 160 million euros in 2017″. In the note published by the company at the end of the cda is the law that the board of directors of Alitalia has taken note that the financial performance for the first quarter of 2017 “are in line with the provisions of the Plan.” The board of directors and the shareholders of Alitalia have confirmed unanimously their full commitment to support the management in the achievement of the objectives set in the recovery plan”.
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critical issues on the cost front
The situation is critical on the cost front. The company loses of 500 thousand euro per day and each step represents a breath of oxygen. In addition to a drastic reduction in costs, among the items of the plan from now to the examination of Kpmg and Roland Berger, two different business models, one for the long haul and one short-and the medium, in order to be “competitive with the low cost without becoming a low cost”; a net increase of the revenues of the chapter of the sales on board Alitalia are around 6 euro per passenger, and that it aims to double; the renegotiation of the trans-atlantic joint venture, which regulates relations between the Usa, Italy, Canada, and Mexico, with the analysis of the individual scenarios, depending on the progress of the negotiations.
But the plan for the restructuring of the company also comes with a drastic cut in the workforce. Nothing decided had said Ball in December, but the number of redundancies, which we think, in different formulas, it is a large fork that could reach up to 1,600 people. The trade unions, after a first meeting that led to nothing, they want to see the plan, asking for “new life management” and announce it as more likely a strike for the 23 February, the day on which it is planned a protest in the sector of air transport.
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the industrial Plan is expected before the end of the month
The government expects the plan to the end of the month but do not preclude the possibility that the times of work for the consultants, which will evaluate its effectiveness and robustness of the program of the Ball, are a bit longer than a week, maybe two, time necessary for an overall assessment of the essential steps to revive the fortunes of the company, the future of which, at least for now, it seems destined to remain Italian. Etihad has in fact reaffirmed the commitment of the shareholder strong “to reverse the route and return to profit” with a solution that is all-Italian, recalling the 100 million of fresh capital injected, and the operation of conversion of the bonds in semi-equity” and the contradicting again the hypothesis of an alliance with Lufthansa, which was riaffacciata in the past few days. With the German company, however, meanwhile, are going ahead with the commercial a rrangements and is discussing a new agreement on code-share after the one announced a month ago.
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