The additional gain that the state could lead to the privatization of TAP was dependent on the airline’s financial performance this year. But the 280 million operating income coveted by management to ensure an extraordinary fitting 134 million from the sale of the company’s shares have never before been achieved. The government asked the team of Fernando Pinto to present measures to ensure that the goal is reached, but the document has not yet reached the Ministry of Economy and the consensus between the parties has been difficult.
These 280 million of adjusted income (the difference between operating revenues and costs, excluding charges such as lease of avisões) have been set as a target in the business plan that TAP delivered to investors in early 2015 . The proposal that won the privatization, the Gateway Consortium (uniting Humberto Pedrosa and David Neeleman) does depend on an additional payment by the 34% who will stay in state hands the fulfillment of that goal: 134 million are outstanding, of which only 90 million will be delivered if there is a public offering on the stock market in the next four years.
The owner of Barraqueiro and the owner of the Blue, signing the purchase agreement TAP as early as next Wednesday, have committed to pay ten million euros for 61% of the airline and six million for the option to purchase the remaining 34% (the share of 5% is left will be sold to the workers). That is, at this time the state has only secured 16 million if you sell all the shares to these investors.
And so it is unclear whether the public coffers will collect more money in the future on the sale of air carrier, in which Pedrosa and Neeleman will also inject 338 million euros by the end of 2016 by way of capitalization and to alleviate the current pressure on the treasury. Unlike between 280 million actual results of TAP in 2015 will apply a discount for every euro less. To the 280 million difference between the actual results of TAP in 2015 will apply a discount for every euro less.
However, until now there was only one year in which the result adjusted operating TAP approached the 280 million euros provided by the administration this year. In 2009, the airline reached 272.4 million, but since then the value never reached this level. It was indeed an exceptional year, the net result of the group, despite a negative 3.6 million, improved significantly compared to 2008 (-288.4 million), the result of profound adjustments in supply and a rigorous containment in fuel costs.
In the following years, the Ebitdar (which, in financial jargon, means earnings before interest, taxes, depreciation and income lease of the fleet) fell sharply: in 2010 was 192.4 million and 158.2 million in 2011. Only the following year would overcome the barrier of 200 million, reaching 208.2 in 2012 and 225.4 million in 2013.
Last year, this indicator stood at 178.3 million, or that is, below the value of 2013. And in the period prior to 2009 (for which there is no available reports and accounts on the TAP site) there is also no indication that the group has even approached 200 million. In 2000, for example, Ebitdar was only 78.9 million euros.
This record shows that the predictions of the administration of TAP for this year are ambitious. And that’s why the adjustment plan that the Government asked the airline becomes so crucial. Initially, the Ministry of Economy expected the team led by Fernando Pinto presented measures to address the loss of 35 million euros caused by the strike of pilots. But now that the additional gain state was dependent on the group’s performance, the Executive wants this plan also ensures that the operating result of 280 million will be achieved.
The document, which should arrive at Horta Seca next week will provide for a reduction route and, therefore, adjustments in terms of human resources. But the consensus between the company management and the protection has not been easy. And besides, there is concern that the measures put in motion can cause labor unrest and thus jeopardize the group’s results.
Playing in favor of the administration of TAP is the price Oil, which is still at a relatively low level, which will influence very positively the airline’s fuel costs. On the other hand, the air carrier continues to struggle to reduce the average rates and the profitability of some routes.
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