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TAP SA’s restructuring plan is being prepared to be presented to the European Commission before December 10, 2020, the airline reported Monday.
The plan aims to “ensure the sustainability and profitability of TAP, through adequate route and fleet planning, adapting the TAP product to the current and post-Covid-19 reality, and increasing the effectiveness and efficiency of the services and central units of the TAP Group ”, says the company.
The information was released with the results of the first semester, published on the CMVM website and in which the company showed a negative net result of 582 million euros.
The JE knows that the fleet renegotiation plan, already initiated with Airbus, is at an advanced stage.
“Given the uncertainty about the evolution of the company’s activity in the long term, due to factors that are not under its control, as well as the approval by the European Commission of state aid, through a loan, which implies the presentation of a restructuring plan within six months (in case of non-payment of the loan in the same period), the company has not yet approved a long-term business plan and its preparation is in progress, ”warns GRIFO.
In this context, “the unaudited financial statements for the first half of 2020 do not reflect the possible impacts of the analysis of recoverability of non-current assets, which would be carried out if there were a long-term business plan,” adds TAP.
In view of the approval by the European Commission of the granting of state aid by the Portuguese State and the formalization of said aid “through the conclusion of a financing contract, namely between TAP (as borrower) and the Republic Portuguesa (as on July 17, 2020, for the granting, by the Portuguese State, of a paid loan for an amount of up to 946 million euros (to which an additional amount of 254 million euros may be added, without , however, the Portuguese State is obliged to make it available), it may be concluded by preparing the financial statements based on the principle of business continuity ”, he also explains.
But, given the “set of factors and uncertainties that may cause actual results to differ materially from those mentioned as future indications,” TAP does not guide.
TAP presents a loss of 582 million euros in the first half
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