COMMISSION DECISION
of 19 September 2012
on the State aid SA.30908 (11/C, ex N 176/10) implemented by the Czech Republic for České aerolinie, a.s. (ČSA — Czech Airlines — Restructuring plan)
(notified under document C(2012) 6352)
(Only the Czech text is authentic)
(Text with EEA relevance)
(2013/151/EU)
1.
PROCEDURE
2.
DESCRIPTION OF THE MEASURE AND THE RESTRUCTURING PLAN
2.1. RESTRUCTURING AID
2.2. BENEFICIARY
'000 CZK |
2006 |
2007 |
2008 |
2009 |
2010 |
06/2011 |
Profit/loss |
– 396 951 |
206 600 |
470 057 |
–3 756 125 |
76 159 |
[– 710 000 – (– 630 000)] |
Turnover |
23 375 950 |
23 399 853 |
22 581 692 |
19 789 620 |
16 547 753 |
[6 250 000 – 7 250 000] |
Cash flow from operating activities |
– 533 192 |
– 275 234 |
–1 762 376 |
–3 066 694 |
–1 205 542 |
N/A |
Debt |
6 476 911 |
4 391 070 |
6 494 752 |
6 581 325 |
2 819 915 |
[2 550 000 – 2 900 000] |
Net interest |
–94 374 |
–55 254 |
–14 263 |
N/A |
N/A |
N/A |
Net asset value |
11 679 439 |
10 161 647 |
10 418 871 |
7 948 571 |
6 632 836 |
[5 450 000 – 6 225 000] |
'000 CZK |
31.3.2009 |
30.6.2009 |
30.9.2009 |
Losses |
[– 1 320 000 – (– 1 190 000)] |
[– 1 840 000 – (– 1 660 000)] |
[– 2 625 000 – (– 2 365 000)] |
Turnover |
[4 385 000 – 4 820 000] |
[9 265 000 – 10 235 000] |
[14 300 000 – 15 830 000] |
Debt |
[5 685 000 – 6 285 000] |
[5 550 000 – 6 065 000] |
[6 290 000 – 6 960 000] |
Net asset values |
[8 340 000 – 9 255 000] |
[8 990 000 – 9 920 000] |
[8 470 000 – 9 390 000] |
Figure 1
Structure of Český Aeroholding, a.s.
2.3. RESTRUCTURING PLAN
ROCE |
2011 |
2012 |
2013 |
2014 |
2015 |
Base-case scenario |
–23,6 % |
[– 2,5 – (– 3)]% |
[0,9–1,1]% |
[1,7–1,85]% |
[2,1–2,4]% |
Best-case scenario |
–23,6 % |
[– 0,95–(– 1,1)]% |
[3,6–3,9]% |
[4,8–5,2]% |
[4,8–5,2]% |
Worst-case scenario |
–23,6 % |
[– 13,5–(– 12,1)]% |
[– 9,5 – – 8,9]% |
[0,7–0,75]% |
[0,98–1,1]% |
Financial year |
2007 |
2008 |
2009 |
2010 |
2011(f) |
2012(f) |
2013(f) |
2014(f) |
Revenues |
23 400 |
22 582 |
19 790 |
16 548 |
13 585 |
[12 900–13 100] |
[12 900–13 100] |
[12 900–13 100] |
Profit/Loss before tax |
206 |
470 |
–3 756 |
76 |
– 244 |
[– 220 – 180] |
[68–75] |
[85–110] |
|
Amount in CZK million |
Sale of Duty-Free business to Aelia Czech Republic, s.r.o. |
[760–840] |
Sale of slots at London-Heathrow to British Airways |
[450–530] |
Sale of aircraft to various airlines |
[1 950–2 200] |
Sale of Slovak Air Services, s.r.o. to Skyport, a.s. |
[17,5–19,5] |
Sale of land and buildings to Prague Airport |
[1 620–1 850] |
Sale of subsidiaries to Český Aeroholding, a.s. |
[2 350–2 600] |
Total |
[7 150–8 025] |
2.4. STATE AID AND FINANCING OF THE RESTRUCTURING COSTS
Plot/Asset |
Purchase agreement |
Price ('000 CZK) |
Expert appraisal |
2570/4 |
2.2.2010 |
[48 000–58 000] |
Proscon, s.r.o., dated 8.12.2009 |
2570/13 |
2.2.2010 |
[15 500–17 000] |
|
Parking on plots 2570/4 and 2570/13 |
2.2.2010 |
[65 500–74 500] |
|
2570/14 |
9.12.2009 |
[16 000–19 000] |
|
APC office building |
9.12.2009 |
[554 000–625 000] |
|
2586/1 |
13.5.2010 |
[15 000–17 500] |
YBN Consult dated 10.5.2010 |
2587 |
13.5.2010 |
[69 500–80 000] |
|
2588/3 |
13.5.2010 |
[14 250–16 000] |
|
2589/1 |
13.5.2010 |
[2 600–3 000] |
|
2590/25 |
13.5.2010 |
[87 250–95 000] |
|
Hangar F |
13.5.2010 |
[700 000–800 000] |
|
Total: |
|
[1 620 000–1 850 000] |
|