COMMISSION DECISION
of 27 June 2012
on the State aid No SA.33015 (2012/C) which Malta is planning to implement for Air Malta plc.
(notified under document C(2012) 4198)
(Only the English version is authentic)
(Text with EEA relevance)
(2012/661/EU)
1. PROCEDURE
2. DESCRIPTION OF THE MEASURE AND THE RESTRUCTURING PLAN
2.1
Restructuring aid
2.2
Beneficiary
Subsidiary |
Share of Air Malta plc. |
Profit b/tax in FY2010 (in EUR 000's) |
Osprey Insurance Brokers Ltd. (an insurance broker) |
100 % |
618 |
Shield Insurance Company Ltd. (a captive insurance company) |
100 % |
1,165 |
Selmun Palace Hotel Co. Ltd. (a four star hotel in Malta) |
100 % |
(879) |
Holiday Malta (a UK based specialist tour operator) |
100 % |
(GBP 1,081) |
World Aviation Group (a general sales agent for Air Malta and other airlines) |
50 % |
241 |
Lufthansa Technik Malta (joint venture with Lufthansa Technik AG to perform aircraft maintenance and repair operations) |
8 % |
(10,896) |
2.3
Restructuring Plan
(in EUR million) |
|||||||||
Financial year |
2008 |
2009 |
2010 |
2011 |
2012(f) |
2013(f) |
2014(f) |
2015(f) |
2016(f) |
Revenues |
273,7 |
249,5 |
210,8 |
207,5 |
[…] |
[…] |
[…] |
[…] |
[…] |
Operating result |
(8,9) |
(33,8) |
(23,1) |
(37,3) |
[…] |
[…] |
[…] |
[…] |
[…] |
Net result |
3,6 |
(23,7) |
(11,6) |
(88,9) |
[…] |
[…] |
[…] |
[…] |
[…] |
FY |
2012 |
2013 |
2014 |
2015 |
2016 |
Return on equity (ROE) |
n/a |
– [30 to – 20] % |
[2 to 6] % |
[4 to 6] % |
[5 to 7] % |
Return on capital employed (ROCE) |
– [60 to – 50] % |
– [20 to 10] % |
[0 to 5] % |
[4 to 6] % |
[4 to 6] % |
Capacity change |
ASK |
% of FY2010 |
Total ASK (FY2010) |
4 145 522 |
|
ASK reduction in capacity |
[…] |
[27 to 33] % |
ASK increase in capacity |
[…] |
[8 to 10] % |
Total ASK (FY2013) |
3 275 710 |
79 % |
Overall decrease in capacity (FY2010-FY2013) |
869 812 |
20,9 % |
FY |
2011 |
2012 |
2013 |
2014 |
2015 |
2016 |
Revenues (EUR 000’s) |
205 369 |
[180 000 to 220 000] |
[180 000 to 220 000] |
[190 000 to 240 000] |
[200 000 to 240 000] |
[200 000 to 240 000] |
Passengers (million)(13) |
1,75 |
[1,6 to 1,8] |
[1,6 to 1,8] |
[1,6 to 1,8] |
[1,6 to 1,8] |
[1,6 to 1,8] |
Total seats (million) |
[2,5 to 3] |
[2 to 2,5] |
[2 to 2,5] |
[2 to 2,5] |
[2 to 2,5] |
[2 to 2,5] |
Load factor (14) |
[72 to 75] % |
[72 to 75] % |
[72 to 75] % |
[72 to 75] % |
[73 to 78] % |
[73 to 78] % |
2.4
State aid and financing of the restructuring costs
(in EUR million) |
|||
Uses |
FY2011-2016 |
Sources |
FY2011-2016 |
Repayment of rescue aid |
52 000 |
Internal contribution: Sale of land |
66 200 |
Repayment of third party loan |
[20 000 to 25 000] |
Sale of subsidiaries |
[9 000 to 12 000] |
Redundancy payments |
[25 000 to 30 000] |
Sale of engines |
[9 000 to 12 000] |
Restructuring costs |
[13 000 to 16 000] |
Third party contribution: Bank debt |
[20 000 to 25 000] |
Capital expenditure |
[13 000 to 16 000] |
||
Change in working capital/ net losses |
[50 000 to 60 000] |
||
Maintenance reserves payment |
[40 000 to 50 000] |
Government funding: Government equity |
130 000 |
Total |
238 000 |
|
238 000 |