Wednesday, February 3, 2016

New owners plan to optimise Adria

The German turnaround fund, 4K Invest, which will officially become Adria Airways' new majority shareholder by the end of April, plans to optimise the carrier and reduce the airline's costs per passenger. The Munich-based investment fund has communicated its plans to the Slovenian Sovereign Holding (SSH), which has managed Adria's sale. "The fund had told SSH that it would stick to the current strategy. This means reducing costs per passenger, as well as an analysis of the processes and optimisation", Adria Airways' CEO, Mark Anžur, said. He added that one of the measures for cost optimisation includes reducing the workforce, especially in the back office. Of the 415 staff currently employed by the flag carrier, 150 are in the back office. "This is still a little too high compared to other carriers. But we face a challenge with economy of scale because of our size. Retaining a certain standard of service requires having a certain number of staff. Therefore, it is crucial for Adria to continue growing while reducing the share of its fixed costs", he said.

Despite possible layoffs, Mr Anžur is confident in the deal struck with 4K Invest, but admits he does not have the full details regarding the investment fund's plans since the bulk of the takeover talks were conducted by SSH. The carrier's CEO noted that the one million euros provided by the German fund and the further 3.1 million by the Slovenian government, as part of the capital hike, will keep the airline afloat until its new owners take over, after which they will implement their own strategy. Recently, the Slovenian Infrastructure Minister, Peter Gašperšič, said, "I hope and expect that Adria will emerge from this process stronger. I hope Adria will continue to operate in Slovenia, as well as in the region, where it can be competitive".

The early publication of Adria's summer timetable indicates the carrier will continue developing its network. The SSH recently said, "In addition to paying-up capital, [4K Invest] will provide for the viability and the development of the Slovenian national airliner, and enable other long-term positive impacts. Adria Airways will get a buyer who will restructure it, maintain the Slovenian airline and provide for its future development, enabling thus long-term positive impacts to the budget, the Slovenian economy, the development of the industry and of all the stakeholders of the company”. It added, "The money from the capital increase will be used to return Adria Airways to growth. Under its new ownership, the airline will maintain its hybrid business model, its Star Alliance membership and stay focused on the Slovenian, Albanian, Kosovo and Macedonian markets. The airline is expected to add more modern aircraft in order to grow its international network, according to the buyer".

The Slovenian Civil Aviation Agency, which is responsible for issuing operating permits to airlines, recently conducted an oversight of Adria Airways, under which it checked whether the carrier's finances are stable enough for it to retain its operating license. While Slovenian media speculated the Agency would ground the airline, as it is believed Adria recorded a five million euro net loss in 2015, the regulator issued a temporary license, which will be reviewed following the completion of the 4.1 million euro capital hike - on April 20. With the fresh capital, Adria is expected to easily extend its permit.

102 comments:

  1. Expected this would happen. Investment fund buy outs usually lead to job losses. But I wish Adria all the best. It's a brand worth preserving.

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  2. I have to question whether a multi hub system is profitable for Adria considering its size. Can an airline with 12 aircraft be profitable with 4 different bases (which are not that close by) with crew from different countries that have different laws and regulations.

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    Replies
    1. Yes, but not when you have to switch crews every 4 days.

      And pilot union will never allow they hire anybody on a permanent contract without proper connections, let alone a foreigner...

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  3. They mention the Macedonian market. Did they confuse it with Poland or are they actually interested in developing there?

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    Replies
    1. I think they want to attrct passengers from Macedonia to Priština...

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    2. @anon 12.18 LOL

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  4. Adria has transitioned to a hybrid airline but they still have to reduce the cost per passenger. That would lead me to believe that they might move towards a low cost model? But SSH claims they are keeping the hybrid model.

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    Replies
    1. I really don't know why Adria is called "hybrid airline" - it is by far the most expensive carrier in former Yugoslavia.

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    2. It's a hybrid of legacy fares and low cost service.

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    3. Actually it's not that expensive. Skopje-Ljubljana in May is 90 something eur, while bus prices on the same route are 80-90eur

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    4. Sarajevo》 give facts, make analysis, do make comparision...not just give us your top of mind ideas

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    5. +1 last anon

      Haplek

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    6. Skopje Ljubljana BUS FARE Hisar 60€

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    7. You can nor compare bus with avio

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    8. BUS SKP-LJU-Skp (Hisar and Radika) is 5630MKD ~90€ return

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    9. And it takes between 15-17 hours...and BTW this is not a bus blog

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  5. I wonder if 4K will keep Anzur as the CEO or if they plan on bringing in someone new.

    Besides reducing their costs through layoffs, how else can they reduce their cost per passenger?

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    Replies
    1. I think the biggest savings could be through increasing their scale. It's really hard for small national airlines in Ex-Yu to compete with huge airlines which can order hundreds of planes at a time.

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    2. I doubt they will be sticking with Anzur.

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    3. At lest few months...than new broom will come and make investmemt profitable...this is all that counts in this capitalistic world..
      Profit and profit again

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    4. Change Amzur and company: they are eating and pocketing too much money. They don't care about Adria they just care to have their pockets full.

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    5. AnonymousFebruary 3, 2016 at 10:56 AM:

      I personally couldn't care less whether Adria makes profit or 100 mio € loss every year, as long as it doesn't come out of taxpayers money. Why would 100% of Slovenian people need to pay subsidies to the company that only 10% of people actually use?

      Ask anybody that works in Adria and has previous experience from some other company and they will tell you the same: it is rotten from within. From operations, commercial department, management, everybody. The goal of everybody is how to get the most money for yourself, regardless of how much damage you do to the company by doing so.

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    6. I totaly agree with you. JP is/wont be taxpayer's burdon anylonger

      Ano 10:56 AM

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  6. I'm very interested to see how the relationship between Adria and Ljubljana Airport will change since both are now German owned.

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    1. Also it would be great to know the details of the deal. How much of Adria's debt has been written off.

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    2. I do belive that someone else is behinde...gass who?

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    3. Actually, JP is still owned by (mostly) Slovenian government and its entities. That is until 4K Invest pays their agreed amount. If not, then JP will be most likely bankrupt, since the government clearly stated they will not put any more money into it, unless somebody else does as well and then buys their share (4K Invest).

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  7. OT: http://www.b92.net/eng/insight/opinions.php?yyyy=2016&mm=02&dd=02&nav_id=96901

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    Replies
    1. "What does Etihad want? They are for longer time interested in flights towards U.S., but they don’t have necessary category and U.S. aviation authorities refuse to issue them license for landing"

      Are you serious? Etihad flies all over the US and Abu Dhabi has US preference. Before you paste some garbage at least read it.

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    2. I'm not the author. And no need to be quite so agressive; I thought it may be interesting for people here to see the 'opinions' that are put forward in mainstream media regarding the airport. One paragraph being 'wrong' doesnt mean the rest is also.

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    3. "The supporters of the third theory state classic reason – the company is not performing well and it had generated losses, so it is logical to be poorly rated on the Stock Exchange market. There is some truth in it, but in the second quarter of 2015, the Airport had faced with the fall of net profit amounting to 32% compared to the same period in 2014. Third quarter had brought the continuation of revenue dropping trend from the second quarter, with 40% of decrease of business in the overall aviation, 40.000 of charter passengers less and a huge drop in revenues. All of this caused business loss amounting to around EUR 1 million, for the first time in the Airport history, which is for EUR 7.4 million worse results th69 flights per week less, meaning around 100.000 passengers less, the number of arrivals/departures dropped for 10,2% compared to 2014, while in December, there were 6.1% less passengers than in the same month a year earlier. On the other hand, bad business results and incapable management of the state monopolistic company are being covered with the stories of “historical success”, “European Champions”"

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    4. For the sake of example, one share of Airport was worth RSD 1.488 on April 16, 2015, while on January 21, 2016 – it is worth RSD 921. As the analysts would say - the trend of a long term devaluation amounting to spectacular 37% in eight month period is pretty obvious.

      This drop is even more evident on the market capitalization (the company value) – on January 21, 2016, Airport was worth EUR 260 million on Belgrade Stock Exchange.

      Exactly 10 months ago, while talking about Government’s decision to find concessionaire for Airport, assistant minister for air traffic Zoran Ilić stated (B92, March 23, 2015) that Air Serbia is responsible for the “increase of the value of Airport and that this is why the price went ups ome EUR 400-500 million".

      However, official stock information on market capitalization of the Airport dating August 18, 2015, shows that the company is EUR 367 million worth. Then, on November 16, 2015, it was worth EUR 335 million. Right after New Year (on January 6, 2016), it was worth EUR 314 million. Finally, on January 21, 2016 – Airport’s worth dropped to EUR 260 million.

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    5. Siri lazi covek koji ne zna razliku izmedju Hibridnih Aviokompanija i Reginalnih Aviokompanija a jos je pritom zaposlen u ASL ili neki od njegovih prijatelja .
      INN-NS

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    6. That the stock market’s value of the Airport dropped for EUR 75 million in two month period (November - January), or EUR 100 million in five month period (August - January), or EUR 140 million in ten month period (March 2015 - January 2016), according to a very conservative estimate.

      Devaluation of shares is not unusual at all, but it is totally confusing when it goes parallel with political reactions along with those stock digits. Namely, while the shares dropped, politicians in the same time persistently talked about Airport’s spectacular business performance, “like never before in its history, since 1962".

      It was not a secret that the whole Etihad strategy since its entering into Air Serbia is to secure monopolistic position on the Airport “Nikola Tesla” for its joint company, and to squeeze out competitive airline companies. Since the establishment of Air Serbia - 14 airliners had abandoned flights to Belgrade due to discriminatory attitude of the Airport towards them. Stock exchange expert Nenad Gujaničić stated that “it is most disputable why the Airport is put into Air Serbia’s service, which is evidently being favored". Preferential treatment of Air Serbia and bad treatment (there are signs of expelling foreign airlines that are the only ones paying services to the Airport) are just some of the reasons for the great loss Airport had generated.

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    7. Mali Marko L.

      Što je tu laž? Službena procjena sa berze o vrednosti kompanije ili to da su dionice pale za toliko mnogo kao službeni podatak?

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    8. !!!!!!

      Jedna od najljigavijih podvala SDP-a

      Francuzima na dar Zračna luka Zagreb

      Godinu dana nakon potpisivanja Ugovora s RH odobreno je drastično dizanje naknada po putniku

      http://direktno.hr/en/2014/domovina/36595/Jedna-od-najljigavijih-podvala-SDP-a-Francuzima-na-dar-Zra%C4%8Dna-luka.html

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    9. Is it just me or this link doesn't work?

      Judging by the URL this seems to be an old news. I do remember they raised ZAG landing fees as soon as the concession started

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    10. News is from 20 January 2016. Working link

      http://direktno.hr/en/2014/domovina/36595/Jedna-od-najljigavijih-podvala-SDP-a-Francuzima-na-dar-Zra%C4%8Dna-luka.htm

      I am very concerned for the taxpayers of Croatia.

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    11. Misa Brkic i slicni experti koji piskaraju po srpskoj zutoj stampi. Ocigledno se vodi borba ko ce maznuti BEG

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    12. Why is JU having so bad results after last summer? It was growing year on year until the end of the summer season and then suddenly a lot of passengers stopped flying with it.
      What is the reason?

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    13. They cut their number of flights during winter season.

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    14. 14 airlines left Belgrade, are they serious? LOL.

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    15. Piše b92:

      - u 2. kvartalu 2015. profit aerodroma Beograd pao 32% u usporedbi sa istim periodom 2014.

      - u 3. kvartalu 2014. profit BEG pao 40% u usporedbi sa istim periodom 2014.

      - dionica aerodoma je u travnju 2015. vrijedila 1.488 RSD, a 21. siječnja 2016. tek 921 RSD (-37% u samo osam mjeseci)

      - aerodom je 23.3.2015. vrijedio 400 milijuna EUR, 18.8.2015. 367 milijuna, 16.10.2015. 335 milijuna, a 21.1.2016. na Beogradskoj Burzi je procjenjen na samo 260 milijuna EUR (pad od 75 milijuna u samo 2 mjeseca, odnosno 140 milijuna u 10 mjeseci).

      - od kolovoza 2015. do siječnja 2016. broj putnika je konstantno padao (izuzev neznatnog povečanja u rujnu), zadnjih tri mjeseca pad je 5-6% u usporedbi sa istim periodom lani.

      Pretpostavljam da su ovo službeni podaci sa Beogradske burze. Ako je tako, onda su to katastrofalni rezultati. Ovakav pad u samo par mjeseci svakako je realan pokazatelj financijskog stanja u kompaniji, te je vrlo ozbiljan indikator velikih problema. Situacija očito nije ružičasta kakvom je prikazuje dnevna politika, a isto je samo manifestacija privilegija, popusta i otpisivanja koje na aerodromu uživa Air Serbia, te kompanija koje su smanjile broj frekvencija i ukinule linije zbog protužiranja Air Serbije.

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    16. Purger,

      Sve ovisi o tome kako tumačite službene podatke i koliko daleko idete u prošlost kada tražite te podatke.

      Primjerice, današnjih 974 RSD je dvostruko više nego što je u 2013. godini vrijedela dionica aerodroma. To je, znate, bilo u ono zlatno vrijeme kada nije bilo zločeste Air Serbije a strani su se prijevoznici utrkivali tko če prije otvoriti neku liniju sa BEG.

      Potom dolazi zločesta Air Serbija i dionica aerodroma u 18 mjeseci dobiva na vrijednosti trostruko (tri puta, 3x, 300%). Zbilja odlična manifestacija privilegija, popusta i otpisivanja koje na aerodromu uživa Air Serbija, te kompanija koje su smanjile broj frekvencija i ukinule linije zbog protužiranja Air Serbije.

      Aerodrom je u trečem kvartalu 2015. godine isplatio dividendu svim dioničarima izuzev države koja je vlasnik 85%. Ta je dividenda iznosila 60 RSD po dionici, što kada usporedimo sa dividendom od 0.24 RSD za 2013. godinu vjerojatno daje još jednu manifestaciju zločestosti Air Serbije.

      Od vas kao eksperta i konsultanta očekivao bih da ne dobivate inspiraciju u tekstovima koje potpisuju ljudi koji bez imalo srama tvrde kako Etihad ne može dobiti slotove u SAD te zbog toga otvara liniju BEG-JFK. Razmislite da li doista želite da vas takvi burek-novinari potiču na analiziranje stanja na aerodromu.

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    17. Who cares...the stock excange is at the moment the only indicator...here is no but.

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    18. No it is not the only indicator nor it is the ultimate indicator. Go get some education.

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    19. No ja bih prihvatio to sto kazete da oscilacije nisu toliko velike u tako kratkom cremenskom periodu. Ali ovo i te kako mora brinuti. Sada je vec 6 mjeseci pada prometa, vrijednost aerodroma i dionica su rapidno pale...

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    20. МБ-а овде увек прописно налупају кад се одважи да напише нешто против Ер Србије. Тако је било пре три дана за тај чланак који је б92 пренео иѕ листа Данас. Неће моћи да Фрапорт узме аеродром па да тако угуше Ер Србију.

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    21. Do kraja 2015. godine državi, kao većinskom akcionaru, beogradski Aerodrom uplatiće 23 miliona evra, odnosno iznos jednak ukupnom iznosu sredstava koje je Aerodrom uplatio državi u prethodnih 5 godina.

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    22. Ako je to točno, eto ga na, baš kao što sam rekao: država dala stari Jatov dug aerodromu, ovaj prikazao profitabilnost, pa potom taj novac vrača kroz dividentu. Novac prešao preko računa, poboljšao krvu sliku i vratio se.

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  8. My suggestion is to focus on Slovenia, Kosovo and Albania. Adria had a chance with Macedonnia in 2010. Now it's too late.

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    Replies
    1. focus on Macedonia means feed to MUC, FRA and gastarbeiter flights to ZRH. Its a tragedy that you need a german investor to tell you all this!
      Adria had a very good reputation down here ;)

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    2. The moment RYR or W6 base an aircraft in PRN, Adria is doomed. LCCs are getting free route development from Adria and will take over with low prices that more people from Kosovo can afford.

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    3. AnonymousFebruary 3, 2016 at 1:05 PM

      Zurich is lost since Swiss flies directly and W6 flies to Basel.
      Feeds to FRA and Muc are lost because OS flies to SKP 2x daily and from VIE to FRA OS flies more than 10x daily. The Situation is also similar for MUC.

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  9. Nista novo nije receno sta planiraju mislio sam barem ce reci hoceli menjati nesto oko flote.
    INN-NS

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    1. Oni sigurno nece ulagati u nove avione.

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    2. Kako da ne ulazu ako hoce da i dalje posluju kao hybridna Aviokompanija sa tolikom kolicinom CRJ700 i 900 sto je cudno .
      INN-NS

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    3. Zašto je to čudno Marko? Pa i hibridni HOP! tako funkcionira i hibridni KLM Cityhooper, hibridni flyBe i niz drugih hibridnih feedera velikih kompanija što Adrija jest.

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    4. Uporedjujete kompanije koje imaju preko 50 Regionalnih Aviona i imaju vece flote nego EX YU Aviokompanije i pritom obavljaju Regionalne letove velikih Aviokompanija .
      I to dokazuje vase znanje i da ste samo obicni provokator.
      INN-NS

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    5. Marko, nemoj da se sramotiš opet.

      Danas u vazdušnom saobraćaju 40 aviona i 12 aviona nije velika razlika.

      Mi govorimo o konceptu, hibridnom konceptu koji funkcionište kod regionalnih kompanija što su i Adrija i ostale navedene. Pa ako može da funkcioniše kod navedenih može i kod Adrije. Isti koncept, ista flota, ista svrha (feeding većih kompanija). Isti koncept ima i Dolomiti koji je velika kao Adrija i ima istu svrhu (feedanje LH).

      Jel te sad sramota?

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    6. Vi sami ne znate vise sta pisete do juce je ASL ne bitna sa flotom od 20 aviona a danas je ADR bitna sa 12 a danas je ne bitno ?
      Gore u opste nije bilo price o EN pa se sad u bacuje .
      Nije me sramota zato sto nije ista kompanija velicine od 50 Aviona i 12.
      I EN ima 2 Huba koja se nalaze gde je velika kupovna moc za razliku od ADR koja ima 4 gde kupona moc nije neka.
      INN-NS

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    7. One A319 is expected to join the fleet. It is expected to be leased maybe wetleased.

      Haplek

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    8. Sine ne lupaj. Mi nismo govorili je li kompanija bitna ili nije, nego jel taj koncept može da preživi ili ne.

      I da on preživljava, kao HOP! (100 aviona), Cityhooper (47 aviona), flybe (104 aviona) ili Dolomiti (samo 10 aviona).

      Jel ti promaklo da Dolomiti imaju tek 10 aviona, što je manje nego Adrija.

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    9. A znaci vi ste to Purgeru .

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    10. Jos jedan pogresan zakljucak Sinko...

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  10. OT: Are there any pax numbers for Belgrade in January?

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    1. Very bad! How was ASL in that number? Is it decline of ASL or other airlines?

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    2. It is ASL decline, other companies had small % of more passengers than in January 2015.

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    3. Mali Marko, siguran sam da su tebi u Hrvatskoj dostavili rezultate.

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    4. @2:34 nema jos zvanicnih podataka, ali -6% ne bi bilo nikakvo iznenadjenje a naravno ni razočaranje.. januar je i onako slab mesec.

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    5. Ja nisam iz Hrvatske, nego iz mešanog braka i živim u Njemačkoj.

      I da, imam rezultate.

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    6. @4:13 "januar je i onako slab"?! pa februar i novembar su oduvek bili najslabiji, zar ne?

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    7. @5:06 Zimski red letenja je po pravilu na BEG duplo slabiji od letnjeg. Prosle dve godine najslabiji meseci su bili u 2015 - feb, nov, dec, jan. a u 2014 feb, jan, mart, nov.

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    8. OK, to samo govori da isto neće imati krucijalnog utjecaja na cjelogodišnje rezultate, ali postotak je postotak i to znači da je promet pao. Daj bože da se taj trend ne nastavi u ljetnom redu letenja.

      Ali bojim se da je Air Serbija napravila veliku glupost sa ovim ogromnim rezanjima konektiranosti i da je time nepovratno izgubila određeni broj putnika.

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  11. OT
    AF pregovara sa WX da preko leta iznajmi nekoliko SJJ 100 sto je zanimljivo i bice prva veca kompanija koja ce ih koristiti .
    INN-NS

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    1. Great news, I was flying with SSJ from GOJ and it was good enough

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  12. Sorry for the OT:

    Express Airways started selling tickets for their MBX-DUS route ---4--7 (from 99€ on) and MBX-SPU route ------7.

    Best wishes for Express Airways!!

    Haplek

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    Replies
    1. MBX-SPU ticket price is 119€.

      Haplek

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    2. So MBX already has two scheduled routes. Thats impressive. Vhat about MBX-SEN route. JP still quiet?

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    3. Express Airways is a trecherous/deceitful airline. I doubt they'll ever take off - in Brač Airport, last year they played unfair and dirty - they signed contracts and took over the lines (Austrian line from Graz) and never paid their airport bills. Several times, their aircraft didn't get clearance for take off due to not paying bills for months. The poor passengers were catered by the airport staff due to Express' fault- Express never paid the rest of their bills nor did they ever pay the bills related to the passenger care in such situations...

      The owner is "german turk", dirty old *art who is deceitful.

      watch this, if MBX for some reason doesn't sell amazingly well, Express will cancel the route. They'll probably never pay the airport fees either.

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    4. MBX-SEN was a financial fiasco. Selling tickets for A319, then realizing you have only people for CRJ9 (not fully booked of course), then on the day of the flight find out the runway at SEN is wet and you need to send half-empty A319 anyway due to landing performance. And you really expect this is profitable?

      MBX-LJU is 1h 30 min with car and there you have: 6pw LJU-STN with EZY and 4pw LJU-LTN with W6. What else do people from Maribor want? P2P from Maribor to every city in the world?

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  13. Off Topic any news about the New Ceo of Croatia Airlines

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    1. Why, what happened to the current CEO ? I thought he was doing a good job under difficult circumstances ... it's not his fault that the EU imposed difficult conditions on the airline .... Would be a shame to see him go, given he knows the company so well

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    2. When you refer "He knows the company so well" I presume you mean his own pockets .

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  14. Croatia krece sa 4 nove linije iz Zagreba. Dvije na zapad, jedna na sjever i jedna na istok. Za sad ne smijem reci koje.

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    1. Dvije od tih ne leti nitko iz exYu.

      Ne objavljuje se jos jer nisu potpisani ugovori. A vec je veljaca. Nevjerovatna glupist. Karte su se morale vec prodavati mjesecima, a oni jos pregovaraju.

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    2. My guess is that the Northern could be Oslo or Helsinki.

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    3. ARN , CGN , SOF i mozda TLV nadam se da nece biti HEL i da nebi uzimali potencijalne putnike ASL .
      INN-NS

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    4. Ima puno lipi stvari, samo nesmim reć...

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    5. Sinko Marko, CTN već leti za TLV, to ne bi bila nova linija.

      Rekao sam da dvije od četiri linije ne leti nitko iz exYU.

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    6. Gospodine Alene mislio sam da je TLV sezonska linija.
      Ako bude IKA onda svaka cast to ce me najvise isporovocirati.
      Onda ostajem na MAD , PRG i SOF.
      Kad vec ne smete reci nove Destinacije onda jel se zna koji ce novi RJ doci.
      INN-NS

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    7. Do we have official info about the new routes?

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    8. Ne bi bilo korektno da se ista iznosi obzirom da su podaci dati u povjerenju. Nisam siguran da će sve linije koje se navode biti cjelogodišnje.

      Marko, business se ne vodi tako da se "provocira" konkurencija, nego da se ulovi dobar posao. Ne vjerujem da bi u Croatiji netko bio toliko glup da nešto otvara da provocira. Bože me pomozi!

      Napisao sam sve o novim RJ. Pregovaralo se u tri pravca (CRJ 900 od Estoniana, Embraer 195 od Lufthanse, Trade airov Fokker 100). Što su i jesu li nešto odlučili i dovršili pregovore ne znam.

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  15. Madrid, Milano, Geneva, Oslo, Stockholm, Helsinki, Bucarest, Sofia, Kiev...

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  16. OT: Air Serbia is officially switching from Amadeus to Sabre in the next 12 months.

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  17. It isn't that important how many employees are in the company (450 or 415) comparing to profile of every particular employee.

    ReplyDelete

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