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Mired in financial difficulty, Cyprus Airways is one of many European airlines currently working to implement a Turnaround Plan. It is probably the one with the most urgent need, although the exact state of its finances is shrouded in mystery. It has still not published an Annual Report for 2012 and it recently postponed its 1H2013 financial results pending an investigation of its position by the European Commission in connection with a State Aid application.
Cyprus has been one of the economies worst affected by the eurozone crisis and its national airline has been hit hard both by this and by ever fiercer competition, in particular from LCCs. In addition, the divided status of Cyprus prevents the airline from operating in one of the largest markets, namely Turkey. Following a wholesale replacement of the Board of Directors in May-2013, the new management team may not have another chance to save the airline reports the Centre for Aviation.
Many of the main elements of Cyprus Airways’ Turnaround Plan make familiar reading: the provision of emergency funding through a EUR45 million capital increase, asset disposals, capacity cuts, outsourcing, headcount reduction by over 400 in 2013 (possibly more in 2014) and wage cuts. In Jun-2013, new chairman Tony Antoniou estimated that the delay in implementing a redundancy programme cost more than EUR30 million in 2012. The Plan also involves measures to improve the product, and its perception, and to grow revenues.
Cyprus Airways expects to see a “drastic reduction” in operating losses in 2013 versus 2012. According to reports in the Cyprus Mail (31-Jul-2013), the plan sees a return to breakeven in 2015. The company has been open to outside investors, but to date none has been forthcoming.
After a change of management and directors, precipitated by a disagreement with the government over redundancy compensation, Cyprus Airways submitted its new Turnaround Plan to the European Commission in Jul-2013. This submission is part of the process for the approval of Rescue Aid from the Government of Cyprus. The Commission’s review is currently expected by Nov-2013 and this has led to the delay in publication of its half year results for 2013. In the event of non-approval of the state aid, Cyprus Airways is working on alternative plans, including the use of subsidiary Cyprair Tours to take over the AOC and assets of the company
According to data from Innovata for the week of 16-Sep-2013, Cyprus Airways has 28% of seats at Larnaca Airport, where it is the leading airline. Aegean Airlines, Monarch Airlines and Aeroflot are the next biggest carriers, with shares of 8% to 10% each. Cyprus Airways has 49% of the weekly aircraft movements, but its lower share of seats reflects the smaller size of its aircraft compared with leading competitors.
Cyprus Airways’ most important destination country is Greece, reflecting strong cultural ties. Its list of top 10 countries also includes Israel and Lebanon, but mainly consists of the major northern countries of Western Europe. Russia is the only Eastern European country to feature in the list reports Centre for Aviation.
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Povezane vesti na srpskom
Συναφείς Ειδήσεις στα Ελληνικά