In 2022, TAP posted a net result of €65.6 million, thus returning to earnings on an annual basis. Revenues amounted to 3485 million for the year (151% above 2021), according to the company’s statement issued this morning, Tuesday, which also revealed that the profits for the fourth quarter were 156.4 million.
In the third quarter of last year, TAP already delivered a positive result of €111.3m, after losing €202m in the first half. In 2022, the extraordinary cut in wages for workers was still at 25% (now 20%) in the amount of more than 1,410 euros.
Since 2017, the airline has not made a profit (in that year, the result was 100.4 million). In the two years prior to 2022, with the effects of the COVID-19 pandemic, the accumulated losses amounted to 2,829.4 million euros (the worst was in 2021, with losses of 1,599.1 million).
The net result was “driven by strong operating performance,” with passenger recovery and fares increasing, “implementing a better policy to cover exchange rate risk” and “by recording deferred tax related tax losses,” the company says.
“During the fourth quarter of 2022, TAP managed to achieve the highest quarterly revenue in its history and record profitability, despite ongoing operational challenges,” said the company’s CEO. Christine Ourmières-WidenerAnd mentioned in the statement. In that quarter, revenue was 1,044.8 million euros, which was 30% of the year’s total. The profitability target was achieved earlier than planned in the restructuring plan, which projected this target in 2025.
Operating expenses also increased in 2022, reaching 3216.8 million, with a focus on fuel expenses, by more than 756 million, but it was less than revenue (income from tickets alone amounted to 3.072 million, with the addition of freight, postage, maintenance and other supplementary income).
Fuel costs, TAP highlights, “more than tripled, up 756.2 million year-on-year to 1,096.7 million euros”. “Although it generated a positive impact of €85.5 million, the price hedging policy was only able to slightly reduce the impact of higher jet fuel prices, which contributed €458.4 million to the fuel cost increase,” the company explains.
In what was the first full year of the restructuring plan, the director highlighted, TAP achieved a “very strong positive net profit, given the level of leverage” and also “An operating profit that is a historic record for the company,” with EBIT (Earnings Before Interest and Tax) set at 268.2 million.
According to the company, TAP carried 13.8 million passengers last year, an increase of 136.1% over 2021 (a year with strong effects from the pandemic), “reaching 81% of 2019 levels.” actually “load factor(Aircraft occupancy rate) improved by 17 percentage points compared to 2021, reaching 80%, and was “0.1 percentage points below the 2019 level.”
TAP changes
On Tuesday afternoon, TAP’s CEO, who will remain in office for a few more days, will also be involved in presenting the results to analysts and investors (bondholders, with a new issue coming soon), along with CFO, Goncalo Perez. However, no press conference was scheduled, contrary to what was usual at TAP.
Since announcing his dismissal following the findings of the IGF report on the €500,000 compensation paid to Alexandra Reis (who will have to return the €450,000, as the agreement is void), Ourmières-Widener has not commented publicly after the case, but the director has already hired a lawyer to defend herself in this matter. the operation.
Llosa / Manuel de Almeida
The chairman of the board, Manuel Baja, was also dismissed. The government has already announced that the carrier’s new leader will be Luis Rodriguez, who until now was the head of Azorean SATA and was once the CEO of TAP.
The company, which targets public support of 3.2 billion euros, is about to start the reactivation process, the government announced.
At the beginning of February, Finance Minister Fernando Medina stated that the dossier for opening TAP’s capital to private companies would be presented “soon” to the Council of Ministers.
“The government is doing the initial and necessary work to be able to start the process of privatizing TAP,” the minister said.
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