newstodate.aero
Apr 22, 2014 (newstodate): With the shareholders of airBaltic having approved the carrier's annual report 2013 showing a positive result, next stop for the carrier will be the final decision by EU in the current probe.
In 2012, airBaltic announced its business plan airBaltic ReShape to return the airline to profitability and sustainable future development, aiming to return the carrier to profitability in 2014.
But in November 2012, the EU Commission opened an in-depth investigation to verify whether various public support measures provided by Latvia in favor of the majority State-owned airline airBaltic are in line with EU state aid rules.
The airBaltic ReShape plans have now actually gained one year against the original target as the carrier returned to profitability in 2013 already, with a one mio euro profit compared to a loss by 27 mio euro in 2012.
The EU verdict will have a deep impact on the carrier's future, but if EU finds the state capital infusions in line with state aid rules, airBaltic can go ahead with its plans for teaming up with a partner airline.
In August 2012, the Latvian state launched a tender for attracting non-binding expressions of interest by November 1, 2012, for a stake of up to 50 percent minus one share.
Nothing has since been revealed about this issue, but with a return to profitability from 2013, and provided the EU decision will release the carrier from the allegations, the road will be cleared for a future equity partner airline to come forth.
In 2012, airBaltic announced its business plan airBaltic ReShape to return the airline to profitability and sustainable future development, aiming to return the carrier to profitability in 2014.
But in November 2012, the EU Commission opened an in-depth investigation to verify whether various public support measures provided by Latvia in favor of the majority State-owned airline airBaltic are in line with EU state aid rules.
The airBaltic ReShape plans have now actually gained one year against the original target as the carrier returned to profitability in 2013 already, with a one mio euro profit compared to a loss by 27 mio euro in 2012.
The EU verdict will have a deep impact on the carrier's future, but if EU finds the state capital infusions in line with state aid rules, airBaltic can go ahead with its plans for teaming up with a partner airline.
In August 2012, the Latvian state launched a tender for attracting non-binding expressions of interest by November 1, 2012, for a stake of up to 50 percent minus one share.
Nothing has since been revealed about this issue, but with a return to profitability from 2013, and provided the EU decision will release the carrier from the allegations, the road will be cleared for a future equity partner airline to come forth.