State approves €33.7 million for Croatia Airlines


The Croatian government has today unanimously adopted measures to provide 33.7 million euros for the national carrier. Part of the fund will be made available by year's end and the other in 2020. The state last recapitalised Croatia Airlines in 2013 with 106 million euros, just before the country entered the European Union. As a result, the company was forced to restructure. The carrier will utilise the funds for the overhaul of two jet engines, repayment of debt owed to local suppliers, necessary investments over the next twelve months and the timely repayment of bank loans. "Considering the age of the airline's fleet, it is also necessary to have additional funds for any repairs", the Croatian Minister for Sea, Transport and Infrastructure, Oleg Butković, said. He added, "These funds will stabilise the airline".

Under the terms of the capital injection, a model for the company’s privatisation process must be drafted and presented to the government by December 31, 2019, while the selling of shares must begin by June 1, 2020. The carrier recently selected a consortium made of the Privredna banka Zagreb and Germany's DVB Bank to act as its privatisation advisors. During the ongoing initial phase of their work, the advisors are analysing Croatia Airlines' business and results. The second phase will involve identifying the best privatisation model, while the third will include the transaction itself. Croatia Airlines posted a net loss of 12.1 million euros during the first half of the year.

In his address to cabinet members, the Croatian Prime Minister, Andrej Plenković, said, “Croatia Airlines has transported over forty million passengers since its foundation. We know how important it is for our economy and our tourism industry, especially during the slower winter months when foreign carriers reduce their operations. This decision will create the preconditions for a successful privatisation. It is our opinion that Croatia needs a national carrier. We have started the search for a strategic partner, which will expand the airline’s destination network and fleet”. The company's CEO, Jasmin Bajić, previously noted the airline needed 33 million euros. "The situation is not good because we cannot develop. Currently, we can only stagnate and shrink. Therefore, we need a new investment cycle and capital which is why the ownership structure should change through recapitalisation. This will not be a sale in the traditional sense, rather a recapitalisation for the sake of development", Mr Bajić said in February.




Comments

  1. Finally- being its owner they should care much more about what´s theirs.

    ReplyDelete
    Replies
    1. Exactly ! If others can do it, then they should as well !

      Delete
    2. LOL. Viva communism! I can see more high- cost and low-performance individuals at board meetings. Obviously no one wants OU, so the government has had to intervene. And we all know what kind of "experts" they are at ru(i)ning things.

      Delete
    3. What do you mean by "others"? Malev, Spanair, Monarch?

      They could not do it, why OU can?

      Delete
    4. Its what MEB3, Turkish, Aeroflot etc Is doping. EU regulations only protest its few biggest companies.

      Delete
    5. But MEB3, Turksih, Aeroflot are not in EU.

      I wonder what Purget might say here...

      Delete
    6. Because Malev, Spanair, Monarch were not Government owned, but private companies.

      The owner can always pump in money. In OU´s case it is the state that owns the company.

      Malev was a private company privatised in 1990. So state cannot interfere there.

      Delete
    7. Huh? Since when was Malev a private business? Don't write nonsense on here.

      Delete
    8. Please learn something from this article how it works in EU

      https://timesofmalta.com/articles/view/Cyprus-Airways-goes-bust.551275

      Delete
    9. "EU regulations only protest its few biggest companies."

      This just in: Ireland, UK and Hungary to inject capital into Ryanair, easyJet and Wizz Air.

      Delete
  2. How much are they expected to get?

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    Replies
    1. Apparently 35 million EUR. We will see.

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    2. I don't think they can get money from the government, since Croatia is in the EU. So, I don't understand what they want to do with this!

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    3. They will just find a loophole.

      "The government has managed to find a suitable model which will enable recapitalisation. We will inform the public of the details on Thursday following a session of the government”.

      Delete
    4. Anon. 9.03

      "I don't think they can get money from the government, since Croatia is in the EU. So, I don't understand what they want to do with this!"

      WRONG! The government cannot support private entities. Since it is their own business they can of course invest in the company as they wish. If it were a private company it would be different.

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    5. They will probably get a state owned bank to provide the capital.

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    6. We will find out soon enough.

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    7. Probably some form of debt for equity swap. A bank or some other company, let's say Kraš, will get 49% of Croatia Airlines for covering their debt or by injecting 35 mil eur etc.

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    8. Nope it is a clean cut injection. What they are trying to do to avoid penalties is to persuade the EU that this will help privatize the airline. And the EU is demanding for it to be sold. So EU will wait till June when the government has put a deadline for OU to be sold. Risky in my opinion.

      Delete
    9. If not sold then OU needs to give the money back to the Government?

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    10. @Anonymous19 September 2019 at 09:03

      Article 84-88 of EU laws prevents State support for any company, be it state or private, however under EU law the State can jump in and support for the country most important companies, in tune of €150 million per decade. This can be done once of twice per decade. As there was a support for national carrier in 2012, when State gave OU some €106 million.

      State is still allowed to give OU another 10 million by 2022 and still be with in the EU limit. €150 million of state support was deemed by the EU commission to be sufficiently enough for a state company to sort its immediate short term liabilities, but not enough to give it market advantage. So injection of €150 million in to a national airline is allowed under EU law, however not every year, as is the case with Alitalia, lol. Joke.

      Delete
  3. Why not ? WHen the Italians and Germans can do so without any repercussions from the EU, then Croatia should do the same if they are firmly of the belief that they want a national carrier.

    Go for it !

    ReplyDelete
    Replies
    1. Alitalia, has received over €500 million in state aid in past decade, flaunting EU laws which permit only €150 million per decade for financial injections. Lufthansa is highly profitable airline as it dominates German market, with near monopoly, most other airlines are either part owned by Lufthansa or are bankrupt. lol Air Berlin wasn't a state company and therefore could not ask for direct injection of funds needed to save the company, however even if it did, €150 million would not save Air Berlin, as the company had massive short term liabilities exceeding €150 million ,i think the figure was around €260 million loan repayment with in weeks and another €400 million with in few months and airline was in red for sometime with massive losses.

      Delete
  4. How the tune of some here has changed...

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    Replies
    1. It would be hilarious if it wasn't tragic.

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    2. What about poor Croatian taxpayers, bla bla bla?

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  5. This plus increased PSO funds next year. Hopefully they will invest the money wisely.

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  6. Serbia has done it (and continues to do so and find creative ways of how to do it), as does Montenegro.

    ReplyDelete
    Replies
    1. Aren't you always complaining about it and saying that it's wrong? Now I gather it's ok right?

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    2. Others may be complaining but I'm certainly not. They should continue as they see fit. If the public has issues with this, then they can voice their concern/displeasure at the next elections

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    3. This si funny, how anonymus is complaining to other anonymus about what "he/she" (allegedly) said about other topic. I like this blog alot :D

      Delete
    4. Well it is often that we see concerns for taxpayers, government interventions and so on. Now that's all out of the window and doesn't really matter.

      Delete
    5. Well, if it is a concern for taxpayers, then the way our system of democracy works is that people can tell their respective govts what they think about their decisions at the ballot box

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    6. 19 September 2019 at 09:12
      +1000

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    7. Serbia and Montenegro are not in the EU so they can keep on pumping as they please. Croatia can't do it so they are forced to stay in line with EU regulation.

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    8. Our flag carrier, our tax money. Mind your own beeswax.

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    9. It looks like "Croatia is Balkan when we need it and Croatia is in EU when we need it".

      Hilarious

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    10. Anon 10.00

      Looooooooool how about you go and check out comments on any JU topic.

      Delete
  7. You got to ask yourself what happened with the restructuring from 6 years ago if within 6 years they need fresh funds.

    ReplyDelete
  8. Elections this year and difficult winter period coming. No surprise.

    ReplyDelete
  9. And what happens with the prviatisation process? Advisors are again paid with no results?

    ReplyDelete
    Replies
    1. Didi you expect anything but that?

      Delete
    2. Anonymous19 September 2019 at 09:12, please read the article before you type.

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  10. Sooner or later OU will have to be sold.

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    Replies
    1. I think it will be important to see how much funds OU gets because it will give us an idea if the government is just providing funds for the winter and they still plan to sell the airline or if sale plans have been postponed.

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    2. They can't be sold. Otherwise we would not have seen this unbeliavable decision of Croatian Government.

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  11. About time too!

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  12. Is 4K going to sue them or complain to the EC?

    ReplyDelete
    Replies
    1. If not 4K then FR or W6 will.

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    2. 4K went after Air Serbia. It will be suspicious if 4K doesn't go after Croatia.

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    3. OU is cooperating with LH and is in Star Alliance, they won't go for them.

      Delete
    4. So when FR gets money from HTZ or Airports (also owned by the state) that is ok? I don't understand the logic, but hey... The grass is always greener on the other side.

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  13. It's good to see the government finally behind OU. More often than not they seem completely disinterested.

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    Replies
    1. Exactly ! If the Slovenian govt was more concerned/engaged with JP, it would never allowed for the airline to be sold to such a company with NO experience in aviation, moreover, allow it to get to such a state of disrepute

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  14. This is extremely disturbing news. Basically, the govt is admitting that there is no potential buyer and that the company is in such dire straits that the govt is willing to break the law to keep OU from bankruptcy. It's just a matter of time before Ryan Air or someone else reports them to the EU authorities, and when the order comes to return the money, it's going to be Malev all over again.

    Sad day for Croatian aviation.

    ReplyDelete
    Replies
    1. Break what law exactly? Please state the paragraph that they would be breaking.

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    2. Anon 10:01

      Ask Malev

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    3. Malev was a private company that went bankrupt. The state wanted to save it by re-nationalizing the company and puting in money- that was not allowed. The shareholders and owners did not want to do so because they saw no chance of making the company profitable.

      OU was never private. It is always gowernment owned and the owner can order 20 A330s if they want to, they can always put in money and expand the business. But the government does not want that, because they do not necessarily need the company and can do many more things with the money.

      Delete
    4. Malev was a government owned business same as OU, sorry.

      Delete
  15. According to the agenda, this is what they are deciding on

    "Prijedlog odluke o stvaranju prethodno potrebnih uvjeta osiguranja postupka dokapitalizacije društva Croatia Airlines d.d."

    ReplyDelete
  16. Those funds will also make sure that the A320 NEOs are coming.
    OU will have the most modern fleet in the region!

    ReplyDelete
    Replies
    1. 35 million euros will hardly pay for the neos.

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    2. 35 million is to cover existing operations in winter during low cash flow.

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    3. And of course to keep the peace in the next few months during parliamentary and presidential elections. The last thing the government needs are stories in the media about how OU is mismanaged and about to go bust days before people go out and vote.

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    4. Those are nice ideals, but frankly they need to see how to survive over the next 5 years. The NEOs order will most likely be postponed/remodelled.

      Delete
    5. Well according to the article, this is what the funds will be used for

      "The carrier will utilise the funds for the overhaul of two jet engines, repayment of debt owed to local suppliers, necessary investments over the next twelve months and the timely repayment of bank loans. "Considering the age of the airline's fleet, it is also necessary to have additional funds for any repairs", the Croatian Minister for Sea, Transport and Infrastructure, Oleg Butković, said. He added, "These funds will stabilise the airline"."

      Delete
    6. It means...

      Help us to survive and if you want to us to open any new route we shall come back to you and ask for more money

      Delete
    7. "necessary investments over the next twelve months"
      means covering payments to Airbus for the NEOs.

      Delete
  17. Say what you will but it seems Bajic was smart to ask the government to invest in OU ahead of elections.

    ReplyDelete
    Replies
    1. Yeah and what exactly will they do with the funds? Rearrange the chairs on the Titanic? That's more or less it. They have gone way too far to be saved now.

      Delete
  18. Like someone said, hope they use the money wisely.

    ReplyDelete
  19. Maybe now they will launch some new routes.

    ReplyDelete
    Replies
    1. Last time they got a capital injection they had to restructure and close many routes. I don't think the recapitalisation will be done under the same terms now but I also don't think we will see any expansion until a strategic partner/buyer is found.

      Delete
  20. What a joke! Saddest thing is that this will bring no real change to OU. If they were using the money to improve the airline, ok. But you watch, in a few years we will just be reading the same old story.

    ReplyDelete
    Replies
    1. Same as JP. Copy paste pretty much.

      On top of that they sold a lot of their LHR slots which now seems like a stupid move.

      OU will use this money to pay bills, not to fix their fundamental flaws.

      Delete
  21. Don't know what to say. Hopefully some good can come out of this. The airline's balance sheets will be in better shape for someone who is looking at buying them (if there is any interest).

    ReplyDelete
    Replies
    1. Do you have any idea how much auditing goes into the potential acquisition of an airline? No one is going to be fooled by these Potemkin villages.

      Delete
  22. Surprise, surprise :)
    I guess we can also expect even better and more expensive joint marketing activities from National Touristic agency :))

    ReplyDelete
    Replies
    1. In the country with so much touristic potential Croatia pays other airlines to fly there and Croatia pays to its own air carrier to survive.

      That is strange.

      Delete
  23. When can we expect the decision to be made?

    ReplyDelete
    Replies
    1. Decision made. I see the article has been updated too.

      Delete
  24. Sorry, but does anybody here know what will happen or you're just guessing?

    ReplyDelete
    Replies
    1. Yes, state will give Croatia Airlines 35 million euros.

      Delete
  25. Hahah how often Air Serbia was criticized here for being supported by GoS mostly because of route to JFK? And Air Serbia until this year had no PSA as a way of financial help from the government.

    At the same time Air Serbia is not domestic company in the country with long sea coast, Air Serbia is national carrier in the country with lower living standard and Air Serbia does not have the rights which other EU carriers have.

    Air Serbia used the criticized amount of money for developing, opening TATL route, leasing wide body plane, opening many new destinations etc.

    Croatia Airlines got huge money 6 years ago and what they did in the country with so much potential for air traffic development? They ask for more money.

    ReplyDelete
    Replies
    1. Exactly, a lot of people here have double standards.

      Delete
    2. I don't understand why moderator decided to delete my previous comment.

      Here is goes again: being perceived by many as much more GoS-controller puppet than aviation company, every move JU makes is regarded through this, sometimes political, lens - and GoS is not particularly popular these days, no matter how hard they tried to conceal that.

      Delete
    3. Admin please keep deleting political statements here

      Delete
    4. Nothing political in stating the obvious that certain people see political facet of JU and that is reflected on JU image.

      Delete
    5. You should have seen his first, deleted post

      Delete
  26. I agoniji nema kraja.....

    Ok, ako ste tako odlicili, ali mjenjaj nesto konacno!

    ReplyDelete
  27. I don't get how they believe they can do something new or different when we already know there were many other air carriers which went belly up because of EU rules?

    So, Croatian Government knows something that Estonian, Hungarian, Cypriot or Spanish Government didn't?

    Yeah, right.

    ReplyDelete
    Replies
    1. All the countrie you mentioned are better off without their government owning an airline. Also Greece after their sold Olympic and si will be Italy when the Alitalia saga ends.

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    2. Why nobody said that to Lufthansa before 1994?

      Delete
  28. adria's CEO is apparently also going around slo's stete companies asking for loans&loan guarantees. but as the articles state thankfully adria's pleas are being denied.

    ReplyDelete
    Replies
    1. Tito, please come back! We are sorry for everything and we forgive you everything!

      Samoupravni socijalizam - how nostalgic it sounds these days...

      Delete
    2. Thankfully?! Instead of government trying to find a suitable owner, they sold the company to the biggest crooks (everyone in Adria knew that). It's government's responsibility to take care of this mess! And all of you stupid taxpayers who chose that government will pay for it. If Croatia can do it, so will you.

      Delete
    3. @anon 10:37: nop. now it's too late. company is in a far bigger mess then at the time of sale. if the government puts their hands on it it's a straight shot in the knee.

      and I really don't know what the fanboys are taking all this time. there was no suitable buyer for adria. as in in the sense of some other airline. only false rumors here and there that were nowhere near the truth. in 2016 it was either sell to 4K or start insolvency proceedings. even before 2016 there were no really interested airlines willing to buy, stop kidding yourself.

      @anon 10:29: I don't think adria wishes for socialism. If I recall correctly in socialism they were bankrupted once to the ground and would therefore have te be bailed out by the INEX group (hence Inex-Adria-Airways name) and I would have to check if they had any real profit until the breakup of the country.

      Delete
    4. @Anonymous 19 September 2019 at 10:55:
      Fanboys?! Introaviation was interested in Adria and as far as I can tell, Cityjet is still operating. I'm aware that it might not have been such a mess as Adria, but still. You don't sell an airline to an investment fund with ZERO experience in aviation. Stupid Alenka and Miro did. They should be held responsible.

      Delete
  29. So sale has been postponed until June 2020!

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    Replies
    1. No they put a deadline on the sale to avoid EU unhappiness with this capital injection.

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    2. But what will happen if they do not geld sold until June 2020?

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    3. I suppose nothing will happen, as usual.

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    4. EU can' stay blind on this move.

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  30. Interesting to see how the attitude from commenters towards government capital injections has changed here compared to the news about Slovenia subsidizing select Adria routes.

    ReplyDelete
    Replies
    1. You forgot the comments towards Serbian Government and JU.

      Suddenly the opinions got changed

      Delete
    2. Yeah, same situation. When they do it it's bad and illegal protectionism, when we do it it's good and rescuing strategically important assets.

      Delete
  31. Agonija se nastavlja a kraj joj se ne nazire

    ReplyDelete
  32. As a Croatian taxpayer, I am all for this capitalization and more in the future. As I always wrote, Croatia will NEVER allow Croatian Airlines to go Bankrupt, its our national air carrier, and will be protected at all costs (just like Alitalia in Italy, they circumvent "EU laws" all the time). Don't really care that OU is stiffening Zagreb Airports growth, and that OU is mismanaged and hemorrhaging money, we here in Croatia utilize OU year round and overpay our airline tickets, but its our airline and has been that from day 1! So you can troll my comment all you want, but deep down we all know OU will be around for a long while to come....its just a pride thing us Croats have...

    ReplyDelete
    Replies
    1. I think you are right, as long as it is predominantly state owned they will not allow it to bankrupt.
      Unfortunatly this will cost us some money.

      Delete
    2. with all these state companies it's a very simple question of how long can you afford to inject money into the money-pit. when the budget will dry up it will be another matter: then it's usually the classic "no money for health-care/pensions but you have money for OU/Uljanik/Agrokor/etc,etc." and people start to be pissed off.

      Delete
    3. ...its our national air carrier, and will be protected at all costs...its just a pride thing

      If that's okay for OU, you should support the same for other flag carriers in the region. They all have pride in JP, JU and YM.

      Delete
    4. Please feel free to inject money to those as long as Croatian citizens are not paying.

      Delete
    5. Anom 15:26, its NOT a pride thing, its a vital national interest thing. Who would in our region develop year round flights other than a national carriers?

      Also, I absolutely agree and support your statement and the fact that JU is doing the exact same thing, costing Serbian taxpayers a fortune (in the sum of 30mil/year of subsidies if my memory serves me right).

      Do you think LCC's would develop Nis airport or New York long hauls? Nis airport will first be developed by JU at the expense of Serbian taxpayers, and then LCC's will follow if they see the numbers are positive.

      This is why NO CROATIAN government will ever allow the extinction of OU, that's just a plain fact, a fact that maybe bothers a lot of people but proof is in the last 30 years. OU goes into debt due to many factors, government bails them out by cutting a check!

      Delete
    6. Anonymous 19 September 2019 at 13:25: "Croatia will NEVER allow Croatian Airlines to go Bankrupt...its just a pride thing us Croats have"

      Anonymous 19 September 2019 at 16:55: "its NOT a pride thing, its a vital national interest thing"

      Is it a pride thing or not?

      Delete
    7. typo: "it's not just a pride thing, its also a vital national interest"... A+

      Delete
    8. Montenegro is a tourist country with high rate of aviation passengers to population, they can say Montenegro Airlines is also of vital national interest. Adria and Air Serbia can claim they are also of vital national interest in their countries.

      Delete
    9. And...

      Therefore it is hilarious to see that Croatian visitors used every opportunity here to belittle JU as it received financial help from GoS.

      At the same time they try to justify the very same, illegal for EU carrier, move when it is being done in their country, with their flag carrier.

      Delete
  33. jel se kučko već pravi od blata uveliko ili tek planiraju da mu naprave spomenik?

    iskreno, nadao sam se da makar croatia može poslovati break-even od svih domaćih avio kompanija u regionu, a to se pokazuje nemogućim
    ovo je preveliki novac i može biti samo gore kada novi airbusovi budu došli na naplatu
    ne shvatam samo kako nisu uspeli da overholuju motore od prodaje LHR slotova? tada su opravili samo 2 motora ili...?

    ReplyDelete
    Replies
    1. Tuga, ova državna pomoć ne može biti legalna ni u crtanom filmu.

      Delete
    2. Petre postoji mogućnost da Croatia postane profitabilno preduzeće. ALI to bi podrazumevalo temeljnu promenu strategije. Da ka primorju ima samo čarter saobraćaj i da se sve redovne operacije cele godine obavljaju samo iz Zagreba, uz izuzetak PSO domaćih letova za koje bi sse mogao nabaviti DH4 ili AT4.

      Delete
    3. @Zadnji An.
      Potpisujem :) Do zadnje rijeci :) Uz dopunu : uz utrostrucenje kapaciteta

      Delete
  34. Nadrljali ste sad kad vas Adria tuzi :)

    ReplyDelete
  35. Last winter OU operated 14 flights to VIE, anyone know how many flights OS had to ZAG?

    ReplyDelete
  36. Grozno. Novi novac nas građana dan u projekt koji nema smisla. Sve državne firme koje ne posluju pozitivno imaju ići u bankrot. Profitabilne linije održavali bi drugi, a one koje to nisu ne moraju ni postojati. Ne bi ništa rekao kad bi OU imala dobre cijene karata i kad bi si prosječan hrvat mogao priuštiti kartu. Bruka. Sramota. Dno.

    ReplyDelete
    Replies
    1. Da li ovdje svi zaboravljaju da Ryanair dobiva lijepe novce da bi uopce letio u Hrvatsku? Kako vam je to ok? OU ima ok cijene karata, kada se uspređuje sa drugim legacy carrierima. A to što ti uspoređuješ cijene sa LCC jer misliš da svi lete P2P je dodatno nepoznavanje tarifa na hrvatskom tržištu. I ako su svi LCC tako super i misle na Hrvate i njihove želje za putovanjima, zašto ne lete u zimskom redu letenja? Ajde mi to objasni.

      Delete
    2. Dobija i Emirates da leti za ZAG
      Dobija i Korean da leti za ZAG
      Dobija i American da leti za DBV
      i jos mnogi drugi

      Nije samo FR

      Delete
  37. Sa turizmom koji ima, iz Europe i sa dalekih trzista, sa ogromnom dijasporom, u Europi i na ostalim kontinentima, sa cijelim Balkanom "iza sebe", sa pojedinim segmentima privrede/gospodarstva koji su prilicno uspjesni i razvijaju se, sa povoljnim zemljopisnim polozajem, jednim od najcentralnijih u Europi, aerodrom ZAG i Croatia Airlines morali su u sinergiji vec davno postati centar i hub jugoistoka Europe, sa velikom i uspjesnom nacionalnom aviokompanijom. Umjesto toga, na najboljem smo putu da Tirana po broju putnika nadmasi Zagreb i da se OU, u najboljem slucaju, nastavi koprcati u zabokrecini koju su stvorili aparatcici. I neki ovdje govore o ponosu. Tuzno. Jadno. Pateticno.

    ReplyDelete
  38. 2013 state recapitalised 106m, and today 34m, and GOS every year... How much is summary? 200 million I suppose...

    ReplyDelete
    Replies
    1. What about PSO?

      OU received it every single year for all domestic routes!

      Air Serbia at least flies to JFK and opens 9 new destinations and OU is begging for more money just to survive

      Delete
    2. Its all good, OU will receive all the money it needs and is in no danger, and so will JU for that matter.....

      However, don't count your chickens before they're hatched, JU's new routes have to survive before you flaunt their success, with the drastic increase of fuel prices, and crisis on the horizon (travel usually slows down), we will see how all these new JU routes perform....

      As contradictory as this sounds, OU will probably weather an economic storm a little easier than JU, since OU has been very inert in the past years. OU was lazy and didn't expand, but their routes are commodities and will fair relatively well in a downturn, but JU expanded into routes that are exotic, I can't see those routes fairing well in an economic downturn.

      Delete
    3. You have false hopes amigo.

      Unfortunately for you, JU new destinations are mostly quite successful. One of the weakest is RJK, but as you know, JU is paid to fly there, so no big risk at all.



      Delete
    4. all works super well in a booming economy, its making JU decisions look like their Lufthansa, lets wait and see...;-)

      Delete
    5. Jeaulosy on its maximum

      Delete