Early reimbursement by AUA of the state mortgage from the Corona Disaster – Muricas News

Prematurely of the yr’s finish, Austrian Airways (AUA) can pay again the state-guaranteed mortgage it obtained in 2020 in the course of the Corona Disaster. 210 million of the preliminary 300 million euros have been but unpaid. The debt will be returned early and in full because of important liquidity following a profitable summer time quarter and a credit score line from the German dad or mum agency Lufthansa, the airline reported on Thursday. The summer time noticed a 110 million euro revenue for AUA.

Even when the pandemic’s extreme monetary scars received’t absolutely heal for a number of extra years, one is proud to have been in a position to return the mortgage early, in keeping with AUA CEO Annette Mann in a information launch. The mortgage’s unique time period was set to run out on the finish of 2025.

plenty of change

AUA has reported wonderful gross sales and a three-digit working revenue within the vacation months of July and August in addition to in September this yr, following the historic low of the earlier two years. Gross sales elevated from 304 to 687 million euros within the third quarter of 2021, greater than doubling. Gross sales for the quarter have been even 6%, or EUR 39 million, larger than they have been within the earlier summer time quarter earlier than the worldwide pandemic broke out.

In response to the AUA assertion, the working revenue (adjusted EBIT), which excludes adjustments within the valuation of the plane fleet, was the best quarterly efficiency in a long time at EUR 110 million. The airline barely broke even at EUR 2 million within the second quarter of 2021. Earnings this yr would have been significantly increased however for the costly value of kerosene.

out there credit score

The quantity of the credit score line that AUA receives from the dad or mum agency was not specified by the company. After the pandemic’s first wave in June 2020, AUA was saved with 450 million euros from the federal authorities’s turquoise-green purse. The nationwide authorities despatched 150 million euros instantly into the airline’s accounts, requiring no reimbursement. The Republic accepted accountability for the mortgage of EUR 300 million. Moreover, the proprietor, Lufthansa, gave EUR 150 million.

With the assistance of a number of different nations’ governments, the Lufthansa Group as a complete needed to be stored from going beneath. These amounted to 9 billion euros in complete. On the finish of 2021, the monetary help was already absolutely repaid in Germany. In June of this yr, the Swiss state assured a billion-euro mortgage to the subsidiary airline Swiss.