Transat A.T. Inc. (TRZ) Earnings Call Transcript & Summary

[Foreign Language] Good morning, ladies and gentlemen. Welcome to the Transat conference call. [Foreign Language] This call is being recorded. [Foreign Language] I would now like to turn the meeting over to Mr. Christophe Hennebelle, Vice President, Corporate Affairs. Mr. Hennebelle [Foreign Language].

[Foreign Language] Hi, everyone. Welcome to this press conference. I'm here today with Jean-Marc Eustache, of course, President and CEO of Transat; as well as Mr. Denis Pétrin, our CFO; And Bernard Bussières, our CLO. You may ask your questions in French or in English. With that, let's proceed. And Frank, maybe let's take the first question.

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Our next question, [Foreign Language], Eric Atkins, the Globe and Mail.

In English, if you wouldn't mind. I'm just wondering where you are with talks with Mr. Péladeau and any others, if applicable. [Foreign Language]

No problem. I'm going to try. My English is not fantastic. But and if it's not clear, I will ask Christophe to help me. So with Mr. Péladeau, he is still very interest by Transat. We have a lot of discussion. Very, very good. Very nice. No problem at all. And the Board is aware about the discussion, and the discussion is progressing. And -- but we still don't have a real proposition that we could work with it. But we're working on it. There's no problem at all. So it's going well. No problem. The other question, excuse me, I will not answer to that one. It's impossible for me to say if we have other proposition from other parties.

Okay. So how come you can't say?

I can ask -- Christophe is better than me in English. He will tell you why.

Well, I guess, Eric, by default, we don't make any comments on whether we have any proposals or not. Mr. Péladeau's interest is public, so that's why we can't comment on it. But by principle, we never comment on any signs of interest.

Okay. Previously, it's been reported that KLM was working with Mr. Péladeau. Is that still the case?

I have no idea at all. You should ask Mr. Péladeau.We -- I don't know. Me -- I have discussion with Mr. Péladeau and his teams.

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[Foreign Language] Our next question comes from [ Tara Deschamps ], the Canadian Press.

Like Eric, I'm going to try to do this in English, and we'll see how it goes. I'm wondering what month Air Transat planes will be back in the air again. I think the last we heard was you were aiming for mid-June. And I'm wondering if that's still likely.

That's what we want. But like I said -- and maybe I'm going to ask Christophe because he's better than me in English to continue to be sure that it's clear. But it depend about the situation. So Christophe, if you want to.

Yes. Obviously, we are monitoring the situation on a day-to-day basis. There's, of course, the health situation. And you know that it's not necessarily improving everywhere right now, especially in Ontario, and the border restrictions that need to be lifted to allow us to operate on a satisfactory ground. So we are monitoring the situation. I could say that it's less and less likely that we will be able to take off again by mid-June. It's hard to say exactly when. We are still confident that we are going to fly this summer. But we don't know yet exactly when the restart date is going to be. There's still a chance that it's mid-June, but it's less and less likely.

And then I just wanted to ask about the terms around executive compensation, and what the limit is, and how long that restriction is supposed to last.

The terms are very simple. There's 2 restrictions. The first one is that no executive compensation, and we are talking about the NEOs, the named executive officers, that's the people it applies to. So no named executive officer can have a total compensation in excess of $1 million for one given fiscal year. And the second condition is that no executive -- named executive officer can have a compensation for any given year while the program is still in force that exceeds the compensation that same person has received in 2019.

Our next question comes from [Foreign Language], the Radio Canada.

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Should I be the answering executive?

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[Foreign Language] Our next question comes from [indiscernible] with Bloomberg.

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[Foreign Language] Next question comes from Frederic [indiscernible] Gazette.

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Our next question comes from [indiscernible] Canada.

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[Foreign Language] There are no further questions at this time.

[Foreign Language] Thank you very much to all. Thanks for being there, and have a very nice day. Bye-bye.

[Foreign Language] That does conclude the conference call for today. Have a great day, everyone.