Following a meeting of the Alitalia Board of Directors to examine the financial and asset situation and the Company’s continuing operation it was reported that the company has around 170 million euros to remain afloat in the short-term.During the meeting, the Board first took positive note of press release issued by Air
France-KLM following yesterday’s Board meeting, and the Government’s convocation
on April 10 of the union organisations and professional associations in the sector.
The Board then turned its attention to the Company’s financial situation noting that on
March 31, the cash-to-hand and short-term financial credits (according to management
figures) amounted to about 170 million euros, including the sum of 79 million euros
arising from the sale of Air France-KLM shares, but not including the fiscal credit of 69
million euros received on April 2.
Together with carefully managed supplier relations which are constantly monitored and
assisted as usual, this financial situation makes it possible to pursue further short-term
initiatives to re-establish - with due urgency - a favourable scenario for the Company’s
continuity, which was disturbed by the interruption of union negotiations on April 2.
In light of the above, the Board reiterated the Company’s need for substantial financial
support, as forecast in this year’s budget and in the contract set up with Air France-
KLM, and that only by means of such support will it be possible to regain the required
confidence to pursue the Company’s business plan and hence to confirm continuity of
Company representatives will provide the competent authorities with all the information
required by current legislation, first and foremost ENAC, in compliance with EU
regulations, as the regulator for Italian Civil Aviation.
The Board will continue to monitor the evolution of the economic, financial and asset
situation, while at the same time moving ahead with the above initiatives.