The media have repeatedly written that SEPI rescued Air Nostrum, but its president, Carlos Bertomeu, clarified yesterday that the 111 million euros approved last week by the Government “are not a rescue, it is a loan.” Formally, it is public aid charged to the Solvency Support Fund for Strategic Companies, which is managed by the State Society for Industrial Participations (SEPI) and which the company must repay after seven years.
It is also a respite so that the airline can continue tackling the activity after the Covid-19 crisis. “Now we are going to worry about following the roadmap because the cost of the loans in the income statement is going to weigh heavily,” the businessman advanced yesterday.
Before the SEPI, Air Nostrum had the endorsement of the Ivie which, in its economic study, certified, for example, that for every million euros spent by Air Nostrum in Spain, 18.3 full-time jobs were generated. “This is a loan and they have to analyze that you have a viability plan that is validated by third parties, prestigious consultants chosen according to the criteria, and that they certify that you are going to be viable. That is how it has been,” argued Bertomeu.
The Valencian airline boasts of having a “solid viability plan” and brandishes figures for the first quarter of 2022: the recovery in last April, compared to 2019, is 97.8%. These numbers help to work on one of the elements of its post-pandemic roadmap, since recovering pre-pandemic levels is an objective.
Bertomeu also explained that, in this turbulent time, they have maintained human capital and that despite the losses that in the last two months they have hired 75 people, mainly cabin crew. There are currently 1,300 employees.
Today, Wednesday, in fact, Air Nostrum is holding a job day to look for cabin crew in Valencia. It is due to the recovery of the tourist market, which the company also perceives. “Time will tell, but we will be among those that have best recovered their results in European and Spanish regional aviation,” he added.
All after a pandemic crisis to which energy can now be added, in which, for the moment, they feel safe because they maintain a stable policy of hedging financial risks, including variations in the price of aviation kerosene.
All in all, although he maintains an optimistic tone, Bertomeu does not dare to see benefits in the short term: “A few months ago I would have said that they will be this year, but now with the uncertainties of the war, especially in costs, I do not know. This demand can contract, it can cause habits to change, etc. in addition to the fact that it is said that there may be a food crisis,” he said.
