TAP recorded losses of 46 million euros in 2014, after last year, have achieved a profit of 34 million euros.
Operational difficulties explain these air carrier numbers (not including the other group operations) and were released on Wednesday, in what will be the last presentation before privatization. The losses were caused, according to the company, the delay in delivery of six new aircraft, 22-day strike (held or announced) and technical problems affecting the carrier’s planes in the summer months.
In concrete These three factors have caused a reduction in the average rate (in EUR 53 million of the order), passenger transfers costs (EUR 27 million), expenses charters (16 million) and an increase in compensation to passengers, which reached 12 million. Accounts made, the negative impact was 108 million euros.
The data revealed now show that TAP SA broke a trend of five years of consecutive profits, started in 2009. In this period, the best year was 2010 with a profit of 62 million euros. Before, in 2008, the damage had come to 209 million euros.
When are the outcome of the group, slippage will be even greater. As already reported the PUBLIC, in the first nine months of last year the loss was in 63.3 million euros. The maintenance unit in Brazil (former VEM) was responsible alone for loss of 27.4 million in January-September last year.
Asked about the overall results of the company, Fernando Pinto, president TAP said he did not expect a “greater than in the last year,” when the result of the group was negative at EUR 5.9 million. “We have good news, not yet confirmed, some companies,” he said, adding, without any further numbers, that Brazil’s performance “improved”.
Fernando Pinto argued that successive strikes and technical problems concerning aircraft not pinched the market value of the carrier, at a time when the sale seems to advance. “If had an impact on recovery? No. In our case the technical problems lasting a month or so,” he said, admitting that there was an image problem. “But look to a more general aspect, the above averages are important, such as the outlook for 2015,” he continued. Operational difficulties do not influence the value of the company because, said Fernando Pinto, were motivated by events “out of the ordinary.”
The external audit which evaluated the technical problems of airplanes concluded that “no growth” but rather “a concentration in a given period,” said the president of TAP. “For two years the company was well below average in terms of technical failures,” he said, adding that the TAP “has an exceptional record in terms of maintenance.” Technical failures eventually “enlarged by the issue of a zeal strike we had,” he said.
Despite the injury, last year TAP increased by 6.6% in the volume of passengers carried to a record number of 11.4 million. The average occupancy rate of aircraft stood at 80.6%, more 1.1 percentage points compared to 2013. In revenues, the company reached 2489 million euros, nine million compared with the previous year. Operating costs increased by 3.4% to 2341 million, “very under cost of all such occurrences and increased operation at 5.5%,” according to the data provided by the company.
Who wants to TAP?
About privatization, Fernando Pinto said that there are “interested, no doubt.” “We have no official news of loss of interest. We have already made several presentations to various stakeholders here. It’s a process,” he said. After these presentations to potential buyers, followed by another phase of more formal and in-depth meetings, yet to take off. Fernando Pinto has said the number or companies that showed interest in the national air carrier.
Anyone who wants to move forward with a concrete proposal will have to do until May 15, and the executive wants to finish the process by July . If all goes according to the Government’s strategy in this first phase will be sold 66% stake in the group, including a share of 5% for workers (5% discount). Then the other 34% should be sold, within two years.
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