以下是英語(yǔ)資源頻道為大家整理的china daily雙語(yǔ)新聞：法航荷航否認(rèn)增持意航股份，小編給大家拜年啦:)
Corporate indigestion is as unpleasant as too many mince pies on Christmas day. So Monday’s denial by Air France-KLM of talks to buy more shares in Italy’s Alitalia – where it has held a 25 per cent stake since 2009 – should be welcomed. The Franco-Dutch carrier has plenty on its plate as it tries to stabilise finances and cut unit costs and fleet. Admittedly, there could be extra synergies from a tighter tie-up with the Italian airline medium-term. But now is not the moment to take on more politically sensitive downsizing in another recession-hit country.
企業(yè)消化不良就跟圣誕節(jié)吃多了百果餡餅一樣不舒服。因此，法航荷航集團(tuán)(Air France-KLM)周一否認(rèn)其正在談判增持意大利航空公司(Alitalia)股票，這應(yīng)當(dāng)受到歡迎。該集團(tuán)自2009年以來(lái)持有意大利航空25%的股份。這家法荷運(yùn)營(yíng)商手頭的事已經(jīng)夠多了，它正試圖穩(wěn)定財(cái)務(wù)狀況、削減單位成本和機(jī)隊(duì)。不可否認(rèn)，從中期來(lái)看，與意大利航空形成更緊密的聯(lián)合會(huì)有額外的協(xié)同效益。但現(xiàn)在還不是在另一個(gè)受經(jīng)濟(jì)衰退打擊的國(guó)家進(jìn)行更多政治敏感的精簡(jiǎn)的時(shí)候。
True, investors might be tempted to look at Air France-KLM’s share price and assume that all is already hunky-dory. The stock has doubled from about €3 in June when overhaul plans were delineated and has outperformed the European airline industry by 50 per cent over the past year. But on an enterprise value to 2013 earnings basis, Air France-KLM now trades at a premium to the sector. That looks premature, leaving no room for error in a restructuring designed to return the lossmaking carrier to a 6-8 per cent operating margin – only in line with peers – by 2015. Net debt fell from €6.5bn at end-2011 to €6bn by September, but needs to come down to €4.5bn by end-2014. More than 1,000 full-time equivalent jobs have been shed at Air France, from 2011’s 72,000. The 2014 target, though, is under 66,000.
沒(méi)錯(cuò)，投資者看到法航荷航集團(tuán)的股價(jià)，很可能會(huì)覺(jué)得一切都已很完美。自去年6月出臺(tái)整改計(jì)劃以來(lái)，其股價(jià)已在當(dāng)時(shí)的3歐元基礎(chǔ)上翻了一番，并在過(guò)去一年中超越歐洲航空業(yè)其他企業(yè)50%。但基于企業(yè)價(jià)值與2013年盈利的比率，法航荷航集團(tuán)相比同行業(yè)股價(jià)存在溢價(jià)。這看起來(lái)還為時(shí)過(guò)早，沒(méi)有為其重組過(guò)程留下誤差空間，其重組旨在讓這家虧損中的航空公司到2015年恢復(fù)6%至8%（這只是與同行持平）的營(yíng)業(yè)利潤(rùn)率。截止9月，凈債務(wù)已從2011年底的65億歐元減至60億歐元，但必須在2014年底減至45億歐元。法航已從2011年的7.2萬(wàn)名雇員中，裁減了逾1000個(gè)全職及同等職位。而2014年的目標(biāo)則是減至6.6萬(wàn)人以下。
Moreover, while Europe’s low-cost carriers have remained disciplined in terms of capacity, they are not about to give bigger rivals an easy ride. KLM’s strategy includes expansion in Scandinavia, where LCCs, including Ryanair, pose strong competition. On Monday, easyJet, which has been expanding regional bases in France, posted 6.7 per cent passenger growth for 2012: Ryanair, 4 per cent. (Load factors were stable or higher). Full-cost rivals with much work to do may struggle to land smoothly.
此外，雖然歐洲的低成本運(yùn)營(yíng)商在運(yùn)能方面保持審慎，但他們不會(huì)讓大型對(duì)手日子輕松。荷蘭航空的策略包括在斯堪的納維亞半島擴(kuò)張，那兒面臨來(lái)自瑞安航空(Ryanair)等低成本航空公司的強(qiáng)力競(jìng)爭(zhēng)。一直在法國(guó)擴(kuò)張區(qū)域基地的EasyJet，周一公布2012年旅客人數(shù)增長(zhǎng)6.7%；瑞安是4%。（客座率保持穩(wěn)定或更高）。有更多工作要做的大型正規(guī)航空公司可能不那么容易平穩(wěn)降落。