Eurofly closes 1/2009 with losses for 23 million €. Soon new money injection and integration with Meridiana
23 million € lost in first six month of 2009 and with plans to lose in total 27,8 million€ at end of the year is the financial point of view of the airline seen yesterday by the Board. Gross income is estimated in 200 million € and in 2010 plans speaks about 290 million € and losses for 13 million €. These figures are wholly different from old business plan that has estimated to be equal.
The board have decide the new headings to the future needs by Sept 28 2009 when the board will have a new meeting to decide the new money injection for covering losses matured until now and by the end of October could be ready the new plan to integrate Eurofly in Meridiana.
In first half of 2009 they have matured incomes for 143 million € (-12,2% on same period in 2008). This figure is 3 percentual point less then the flying activity reduced by 9% with 20.641 flying hours. The losses are 23,278 milllion € versus 14,962 million € lost in 2008. They has created an increase in the negative performances by 50% more. Eurofly have net patrimoniun value for 7,596 million €, absolutely insufficient to run and forcing the shareholder to inject new money in the company. Meridiana is ready to grant until 20 million € that grant continuity until July 2010.
The new business plan model until 2015 speaks about to reduce the long haul fleet of 1 A330s ( from 3 to 2) by May 2009 and from October to May to fly with 7 A320s instead of 10 and than by coming May 2009 to fly with 9 jetliners of that type. They'll increase the flight operations to Egypt and reduce the inside Italy north to the south flights. Maintenance from 4Q2009 is in the hands of joint venture company established between Meridiana and Iberia. Saving will comes also from catering new contracts re-discussed and reductions in costs of the company structure. The headquarter in Milan will be sold and cabin crews will work under reduced salary until 2013. The copntract signed with pilot will be not extended and no paycheck increases will be awarded when age steps are exceeded.