Company: Air France

1/You have to give a detailed analysis of the short and long term capital structure of the company. Determine the existing and potential challenges associated to the group's capital structure.

2/. Enrich your analysis by investigating the potential sources of uncertainty and risk relative to their cash flows and the key performance drivers you proposed in the first question. Quantify them using Monte Carlo simulations( please provide Excel spreadsheet) as well as four different market scenarios. You must justify any assumption and choice.

3/. Then, based on the previous analysis, the Monte Carlo simulations and the four market scenarios you proposed, forecast the forthcoming free cash flows and what could be the impact of each scenario on the group's overall capital structure (short and long term)

4/. For each of the four scenarios, you have then to propose an optimal capital structure.