TAP closed 2015 with a loss of 99 million euros – TVI24

TAP closed 2015 with a loss of 99 million euros, the worst figure since 2008 and compared with the 46 million negative 2014. The result last year was exacerbated because Venezuela, but Angola and Brazil also weighed on the accounts.

“at the origin of this deterioration is the need to consolidate an amount of 91.4 million related to sales in Venezuela whose value has not yet been transferred, a situation aggravated by several devaluations “.

said the airline in a statement that without this” extraordinary factor, “the result would have been 7.6 million negative, better than the 2014.

the situation in Venezuela relates to sales between March 2013 and January 2015, “the amounts were withheld due to the economic crisis,” details the TAP , adding further that “the size of the amounts withheld is not only greater because in January 2015 it was decided to suspend the sale of travel in that country.”

Brazil and Angola also weigh

the revenue of TAP settled in 2,398 million euros last year, less than 91 million in annual comparison.

“the worsening of the employment situation in end of 2014 and the second quarter of 2015 affected the market confidence in TAP, but the main causes for the negative result of the economic crisis and Brazil’s policy, which caused not only a break in traffic but also a significant reduction in average rate. “

also Angola comes into the equation,” although on a smaller scale. “

Price of fuel helped lower costs

the the operating costs, down 72 million euros to 2,269 million, thanks to two factors: the “strengthening of the adopted containment measures” that TAP does not specify, and the decline in fuel prices, whose invoice reached 660 million euros. This compares with 798 million a year earlier.

The total debt of the company decreased from 1,062 million euros to 942 million euros, “the result of repayments however made, benefiting from the beginning of the capitalization process provided by entry into TAP, as a shareholder, the Consortium Atlantic Gateway “.

closed agreement” soon “

it is recalled that in February, the government signed a memorandum of understanding with the Atlantic Gateway consortium of businessmen Humberto Pedrosa and David Neeleman, in order to return the company’s control to the hands of the state (50% of capital), although the carrier to remain a private company.

day management rests with the executive committee, led by the private, and the state will have veto decisions considered strategic.

the government of António Costa will pay 1.9 million euros for the state to stay with half capital TAP outcome of negotiations with the Gateway consortium, which had 61% of the owner of the airline group capital.

the Minister of Planning and Infrastructure said yesterday that the agreement should be closed “soon” , probably with news this month. “We are realizing the legal instruments for closing the agreement on the Memorandum of Understanding, which should happen soon,” said Pedro Marques. .

“The most important is to give a lot of legal certainty to the new phase of the company’s most important is this: we have reached a stage of stability for the company and the permanence of private investors but we want to happen in a safe way from here without mishaps as happened in the previous phase. “

One of the latest air carrier betting was the launch of airlift , with 18 daily flights between Lisbon and Porto, a record in Portugal. TAP wants to compete with low-cost and the train, although reduced prices only for a few hours.

The mayor of Porto has been very critical of TAP strategy, including this .