Alitalia MilleMiglia - Rumors: cash flow issues

Hiya,

rumors have it that CAI is currently experiencing cash flow issues (some bills have gone unpaid, and reimbursements look generally slower than they used to a year ago).

I would expect some cost cutting measures in the near future.

Rubbish.

Rubbish.

Could be, but at least a couple come from first hand sources.

reimbursements look generally slower than they used to a year ago).

I have been waiting for mine for one month now:mad::mad:
Not received the confirmation email as I was told by the agent, and of course no money back:td::td:

Alitalia's Board of Directors approves the Group financial statement for 2011.
.The Board of Directors of Alitalia - Compagnia Aerea Italiana S.p.A. met on 25th February in Rome, chaired by Roberto Colaninno, and approved the Group financial statement for 2011, presented by the CEO Rocco Sabelli.

In the financial year ended on 31 December 2011, the Alitalia Group recorded revenues worth 3,478 million € (+7.9%) and 25 million transported passengers (+5.5%). Load factor grew 0.8 points to 72.8%.

According to Alitalia, operating result was equal to -6 ml. €, up 100 ml. € from 2010, with a margin of -0.17% on revenues, in line with the operating breakeven objective.Net result, after provisions and extraordinary costs, was equal to -69 million €, up 99 million € from 2010.

Passenger revenues from international and intercontinental flights rose 7.2%, to 62% of total passenger revenues.As on 31 December, financial position was characterised by net financial indebtedness equal to 854 million €, mainly due to the indebtedness on the Company-owned aircraft fleet equal to 675 million € (vs. 774 million € in 2010). By including in the net indebtedness as of 31 December 2010, the amount due to the Alitalia LAI’s Receivership Procedure, equal to 115 million €, 2011 net indebtedness has increased by 54 million €, mainly due to the change of working capital.

Total liquidity, as of December 31 2001, amounted to 326 million € (vs. 412 million € in 2010).

Over the year, the Alitalia fleet saw the entry of 13 new aircraft of which 3 wide body aircraft. As on 31 December, the operating fleet was made up by 152 aircraft. In the period 2009 to 2011, a total of 34 aircraft were phased in, nearly one per month, and 26 were phased out.

For 2012, the fleet renewal plan will be marked by speedier deliveries of long-haul and short to-medium-haul aircraft, with at least 20 new entrants, of which 5 Airbus A330s for intercontinental routes. Furthermore, by the end of the year, cabins of the 10 long-haul Boeing B777s are planned to be totally renewed and 16 old aircraft will be phased out.

Operations of the “Smart Carrier” Air One rose 25% in terms of transported passengers in 2011 with passenger numbers rising to 1.4 million through activity growth in Malpensa and the opening of a new base in Pisa.

By its Cargo Belly service, Alitalia transported more than 58,800 tonnes of goods, in line with the 2010 volumes and revenues grew 15% partly through increased long haul operations.In 2011 significant progress was achieved in the quality of service, which confirmed the trend already experienced in 2010. Flight punctuality on arrival reached 85.5%, or 5.5 points above the 2010 level and 3.6 points above the average of AEA’s Airlines.

In the year, Alitalia gained important international awards, as the best airline in the world for the quality of in-flight cuisine, and as one of the top five world airlines for the punctuality of its flights, including those operated by subsidiaries and code-share flights.

Prospects of the air transport sector for 2012 remain challenging. In accordance with the Airline Business Confidence Index of January 2012 produced by IATA, the industry is likely to undergo a further fall of profits in 2012 mainly due to a slowdown in volumes growth, a fall in high yield demand and higher fuel costs. The Eurozone is particularly exposed to such factors as a consequence of the expected GDP fall in the area.The Board of Directors acknowledged the resignation of Mr. Rocco Sabelli from the office of General Manager with effect from today’s date. Rocco Sabelli will continue in his office as Member of the Board and Chief Executive Officer, with full powers, until the natural expiry of the Board’s term of office, which will occur concurrently with the approval of the Company’s financial accounts at 31 December 2011 by the Shareholders.

Well that's fine then, as long as improvement continues.^