{"id":4073,"date":"2020-05-08T15:18:04","date_gmt":"2020-05-08T13:18:04","guid":{"rendered":"https:\/\/finharmony.net\/staging\/?p=4073"},"modified":"2024-05-14T17:33:38","modified_gmt":"2024-05-14T15:33:38","slug":"le-cas-air-france","status":"publish","type":"post","link":"https:\/\/finharmony.net\/staging\/le-cas-air-france\/","title":{"rendered":"Le cas Air France"},"content":{"rendered":"

[vc_row][vc_column][vc_column_text]\"\"<\/p>\n

Par Christophe Marion <\/a><\/p>\n

En 2008, la chute des cours du baril de p\u00e9trole (de 145 dollars \u00e0 45 dollars en quelques mois) aurait pu \u00eatre une excellente nouvelle pour Air France\u00a0: pour les compagnies a\u00e9riennes, les achats de carburant repr\u00e9sentent le deuxi\u00e8me poste de charge, apr\u00e8s les frais de personnel. Or, les prix des carburants sont fortement li\u00e9s \u00e0 ceux du p\u00e9trole.<\/p>\n

Pourtant, c\u2019est l\u2019inverse\u00a0qui s\u2019est produit : Air France a reconnu des pertes tr\u00e8s importantes, \u00e0 cause<\/u> de la baisse du p\u00e9trole. Sur la perte avant imp\u00f4t de 1,2 milliard d\u2019euros, l\u2019effet est d\u2019un peu plus de 700 millions d\u2019euros.<\/p>\n\n\n\n\n\n
Extrait du document de r\u00e9f\u00e9rence Air France \u2013 KLM <\/strong><\/p>\n

(comptes au 31 mars 2009)<\/strong><\/td>\n

Commentaires<\/strong><\/td>\n<\/tr>\n
\"\"<\/td>\nMalgr\u00e9 un chiffre d\u2019affaires en l\u00e9ger recul, les charges d\u2019exploitation augmentent et en premier lieu, les charges de carburant.<\/p>\n

ESKO\u00a0: Equivalent Si\u00e8ge Kilom\u00e8tre Offert<\/td>\n<\/tr>\n

\"\"<\/td>\nLes charges de carburant augmentent \u00ab\u00a0apr\u00e8s couverture\u00a0\u00bb, alors que les prix baissent\u2026<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Comment est-ce possible\u00a0?<\/p>\n

En fait la politique d\u2019Air France consistait \u00e0 acheter des futures<\/em> <\/a>pour couvrir ses besoins de carburant. Autrement dit, Air France payait son carburant au prix des ann\u00e9es ant\u00e9rieures. Si les prix montent, Air France b\u00e9n\u00e9ficie d\u2019un avantage concurrentiel, en payant moins que le march\u00e9. Mais si les prix baissent, c\u2019est l\u2019inverse. Une telle strat\u00e9gie peut-elle \u00eatre qualifi\u00e9e de couverture\u00a0?<\/p>\n

Une strat\u00e9gie de couverture consiste \u00e0 prot\u00e9ger la marge, pas une ligne du compte de r\u00e9sultat prise isol\u00e9ment (ici les achats). Si Air France a d\u00e9j\u00e0 vendu les billets, le chiffre d\u2019affaires ne bougera plus, et il est important de fixer aussi les charges. Il faut alors acheter \u00e0 terme le carburant, pour couvrir la marge. Mais si Air France fixe le prix de son carburant, alors que les billets n\u2019ont pas encore \u00e9t\u00e9 vendus, alors son prix de vente est contraint par un prix du carburant fix\u00e9 \u00e0 l\u2019avance, qui ne correspond pas aux conditions du march\u00e9. Cette situation peut \u00eatre favorable, si le prix monte\u00a0; ou d\u00e9favorable s\u2019il baisse.<\/p>\n

Cette strat\u00e9gie, qui n\u2019est pas immune aux variations des conditions de march\u00e9, est donc en r\u00e9alit\u00e9 un pari\u00a0: Air France pariait que le prix du p\u00e9trole allait augmenter. Ce pari s\u2019est r\u00e9v\u00e9l\u00e9 gagnant\u2026 jusqu\u2019\u00e0 ce qu\u2019il soit perdant.<\/p>\n

Apr\u00e8s la chute du prix du baril, Air France a liquid\u00e9 ses positions, ce qui a augment\u00e9 son co\u00fbt du carburant pour l\u2019ann\u00e9e en cours, mais lui a permis de repartir d\u2019un bon pied et de profiter des nouveaux prix, comme ses concurrents.<\/p>\n

Par la suite, le groupe a modifi\u00e9 sa strat\u00e9gie d\u2019achat \u00e0 terme de carburant, pour la limiter \u00e0 un horizon plus court. Les billets non encore vendus ne doivent pas \u00eatre couverts, il faut les vendre \u00e0 un prix qui refl\u00e8te les conditions le jour de la vente.<\/p>\n

Conclusion\u00a0: si les r\u00e9sultats d\u2019une entreprise d\u00e9pendent des conditions de march\u00e9, on ne peut pas dire qu\u2019elle est couverte. La strat\u00e9gie \u00ab\u00a0de couverture\u00a0\u00bb d\u2019Air France n\u2019en \u00e9tait pas vraiment une.<\/p>\n

[Retour \u00e0 l’article principal : Comprendre le prix n\u00e9gatif du p\u00e9trole<\/a>][\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column width=”1\/3″][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]Si vous voulez plus de renseignements contactez nous<\/a> ![\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

[vc_row][vc_column][vc_column_text] Par Christophe Marion En 2008, la chute des cours du baril de p\u00e9trole (de 145 dollars \u00e0 45 dollars en quelques mois) aurait pu \u00eatre une excellente nouvelle pour…<\/p>\n","protected":false},"author":10,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"inline_featured_image":false,"footnotes":""},"categories":[734],"tags":[],"class_list":["post-4073","post","type-post","status-publish","format-standard","hentry","category-food-for-thought"],"yoast_head":"\nLe cas Air France<\/title>\n<meta name=\"description\" content=\"Le cas Air France. 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