Photo: Sue Procyk-Lewandowska / Onet
“LOT determinedly pursues recovery plan and definitely improved the results. Thanks to the final stage of restructuring in two-thirds will be able to finance from its own resources, which means that the company will perform the planned aid amounting to 127 million zł, an increase of more than 250 million zł less than this is entered in the restructuring plan ” – said Baniak, which corresponds to the department for the company.
He stressed that the carrier asks for financial support over a year later than expected.
The original design saved in the restructuring plan submitted to the European Commission, and ultimately approved by it in July. were that the second tranche of $ 381 million will be paid in August 2013. However, due to better results LOT delayed its taking and so far has not been started.
In the assessment of the effects of restructuring carrier Deputy Minister confirm that the decision to grant aid was right.
“This justifies the continuation of the company’s chosen course of action. Payment of the second tranche of aid in the amount significantly lower than what was initially planned, will complete restructuring, which is to permanently restore the viability of the company “- explained Baniak.
He noted, however, that the owner of the carrier board expects to complete the restructuring by the end of next year. “We also expect that in 2015. board presents SME development plan, reviewed by the board of directors’ – he said.
President LOT Sebastian Mikosz PAP said that this year the carrier closes the result of better than expected zł 70 million on its core business, namely the carriage of passengers.
“consistently implement a restructuring plan. Definitely improved our results as early as 2013., Better than planned as well finish this year. After 11 months, I can assure you that we will achieve the expected zł 70 million profit on its core business, and even close the year slightly better result, “- said Mikosz. He added that concrete results will be announced after the annual audit.
Head of the carrier warned that the company’s results are better developed exclusively by itself and not influenced by external factors, such as. falling oil prices.
“Thanks to the significant improvement in our results, we turn to the one-third of the amount of the second tranche of aid, ie 127 million zł. Two-thirds of the cost of further changes to the company will pay from its own resources, “- said the president of the Polish carrier.
He explained that assistance will be provided in the form of a share capital increase by including additional shares of a new issue by the Treasury.
Vehicles from the second tranche will be allocated among to finalize the changes in the IT or dropping out of unprofitable contracts. They will also need to complete the repairs and return to the owners of aircraft parts embraer type, which is included in the restructuring plan.
” We want to effectively complete stabilization LOT and look at the company prepared to act in the long run. The completion of our restructuring needs funding will enhance our competitiveness in the future. Thinking long term, we must remember that the aid can be obtained once every 10 years, “- Mikosz said.
At the end of July. The European Commission approved state aid for LOT Polish Airlines. The Commission approved the restructuring plan of the company; also considered that the restructuring aid amounting to 804 million zł (approx. 200 million), which Poland is planning to implement for LOT is compatible with EU state aid rules. The plan stipulates that the company will have sustained profitability since 2015.
LOT in December 2012. received the first tranche of aid – 400 million zł (approx. 100 million), a temporary agreement to loan EC issued only in May 2013. A month later, went to the European Commission a restructuring plan, which contains guidelines for the future of LOT Polish Airlines, among others, modernization of the fleet and efficient use of aircraft.
LOT since 2013. improved financial results. In last. Year on core activities recorded a loss of 4 million zł. This result was 138 million zł better than expected in the restructuring plan.
LOT shareholders are: Treasury the state, which is 99.7 per cent. and TFS shares in Silesia – 0.23 per cent .; the remaining 0.06 percent. belongs to the people.
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