Historical Financial Performance in AOA
| em AOA | 31 /1 2/2022 | 31 /1 2/2021 | 31 /1 2/201 9 | Var. FY22,FY21 | % | Var. FY22,FY1 9 | % |
|---|---|---|---|---|---|---|---|
| Total Operating Revenue | 1 90 404 363 722 | 1 07 905 723 81 4 | 1 32 468 251 309 | 82 498 639 908 | 76% | 57 936 1 1 2 41 3 | 44% |
| Operating costs and losses | -1 56 394 669 1 56 | -91 061 788 748 | -1 41 01 8 987 209 | -65 332 880 408 | 72% | -1 5 375 681 947 | 11% |
| Staff expenses | -44 1 24 271 820 | -44 1 24 271 820 | -44 01 1 357 630 | 2 1 42 038 1 27 | 5% | 1 1 2 91 4 1 89 | 0% |
| Depreciation | 25 356 688 279 | -28 929 91 5 781 | -36 1 40 61 4 376 | 3 573 227 502 | -12% | 1 0 783 926 097 | -30% |
| Total Operating Costs | -225 875 629 255 | -1 61 973 938 222 | -221 1 70 959 21 5 | -63 901 691 033 | 39% | -4 704 670 040 | 2% |
| Operating Results | -35 471 265 534 | -54 068 21 4 408 | -88 702 707 906 | 1 8 596 948 874 | -34% | 53 231 442 373 | -60% |
| EBITDA | -1 0 1 1 4 577 255 | -25 1 38 298 627 | -52 562 093 531 | 1 5 023 721 372 | -60% | 42 447 51 6 276 | -81% |
| EBITDA Margin | -5% | -23% | -40% | ||||
| Financial results - gains/(losses) | 1 0 522 647 581 | 24 271 866 389 | -29 043 698 704 | -1 3 749 21 8 808 | -57% | 39 566 346 285 | -136% |
| Non-operating/extraordinary results - gains/(losses) | 25 408 761 848 | -50 349 476 666 | -1 6 879 304 750 | 75 758 238 51 4 | -150% | 42 288 066 598 | -251% |
| Net Income for the Year | 460 1 43 895 | -80 1 45 824 685 | -1 34 625 71 1 360 | 80 605 968 580 | -1 01 % | 1 35 085 855 255 | -1 00% |
The Independent Auditor's Report issues an opinion on the unqualified accounts, with an emphasis on the need for shareholder support in the Company's recapitalization and financial restructuring process.
Volume metrics recovering but still below pre-pandemic levels
- Volume metrics increased significantly compared to 2021, in a consistent and solid recovery trend from pre-pandemic levels, despite the smaller fleet in operation, which represents a more efficient operation.
- ASKs grew by 226% compared to 2021, reaching 51% of 2019 levels.
- The number of passengers carried increased by 182% compared to 2021, representing 64% of 2019 levels.
- The number of matches increased by 160%, reaching 80% of 2019 levels.
Unit revenue above pre-pandemic levels
Total Operating Revenues for 2022 amounted to 390M$, higher than about twice the volume of revenue for the full year of 2021.
When compared to the 2019 indicator, pre-covid period, the calculation of operating revenues for 2022 represented 99.6% of this indicator for the full year of 2019, , thus assuming an effective recovery of revenues that exceeds IATA's perspectives, despite 49% of ASKs compared to 2019.
Passenger revenue accounts for around 80% of total revenue operational. Found Found unit revenue levels above 2019 levels, driven by more competitive tariffs and better interest rates occupancy ( load factors ), indicating a substantial improvement in the strategy of sales, distribution and pricing, generating a more efficient use of assets, essential factors for TAAG's financial sustainability.
Progress made towards improving all costs
As for the evolution of operating costs, these amounted to 480M$, representing around 81% of the cost structure reported for 2019 despite Jet A1 fuel costs taller.
Operating costs increased compared to 2021, however, remained below 2019 levels (20%), as a result of a effort to renegotiate the main direct costs of operation and an optimization of the offered capacity.
A unitary level, the CASK decreased by 4 cents and the CASK ex fuel decreased by 5 cents.
Pressure from the increase in fuel prices in the operation
2022 was marked by a significant rise in aircraft fuel costs, as a result of the significant price increase (more than doubled)
The price effect more than offset the effects of lower volume consumed (suspension of the tinkering strategy)
The price effect is aggravated in TAAG when compared to international peers due to the fact that the price in the domestic market is, in
average and in historical terms, greater than about 30% of the value of the international market
| em USD | 31 /1 2/2022 | 31 /1 2/2021 | 31 /1 2/201 9 | Var. FY22,FY21 | % | Var. FY22,FY1 9 | % |
|---|---|---|---|---|---|---|---|
| Total Operating Revenue | 390 049 603 | 1 74 766 881 | 391 658 1 55 | 21 5 282 722 | 1 23% | -1 608 552 | 0% |
| fuel costs | -1 66 426 001 | -39 943 201 | -1 40 1 20 764 | -1 26 482 799 | 31 7% | -26 305 236 | 1 9% |
| Operational costs | -245 942 947 | -1 72 874 876 | -350 1 46 480 | -350 1 46 480 | 42% | 1 04 203 532 | -30% |
| Fleet costs (Depreciation and Income) | -67 867 552 | -56 91 3 702 | -1 06 036 420 | -1 0 953 851 | 1 9% | 38 1 68 867 | -36% |
| Total Operating Costs | -480 236 500 | -269 731 779 | -596 303 663 | -21 0 504 721 | 78% | 1 1 6 067 1 63 | -1 9% |
| Operating Results | -90 1 86 897 | -94 964 898 | -204 645 509 | 4 778 001 | -5% | 1 1 4 458 61 2 | -56% |
| EBITDAR | -22 31 9 345 | -38 051 1 96 | -98 609 089 | 1 5 731 851 | -41 % | 76 289 744 | -77% |
| EBITDAR Margin | -6% | -22% | -25% | ||||
| EBIT ex-fu | 76 239 1 04 | -55 021 696 | -64 524 744 | -64 524 744 | -239% | 1 40 763 848 | -21 8% |
| EBIT margin ex-fu | 20% | -31 % | -1 6% | ||||
| Financial results - gains/(losses) | -1 2 054 974 | -1 7 856 51 9 | 64 204 975 | 5 801 545 | -32% | -76 259 949 | -1 1 9% |
| Non-operating/extraordinary results - gains/(losses) | 38 1 35 331 | -1 83 480 948 | -524 501 | 221 61 6 279 | -1 21 % | 38 659 832 | -7371 % |
| Net Income for the Year | -64 1 06 539 | -296 302 364 | -1 40 965 034 | 232 1 95 824 | -78% | 76 858 495 | -55% |
| Net Income Margin | -1 6% | -1 70% | -36% |
In improving the stabilization of the Balance Sheet
As emphasized in the Independent Auditor's Report, Shareholder support is essential for the balance of the equity position (reinforcement of the TAAG Balance Sheet).
Liquidity level reinforced by operating cash flows and by the realization of additional capital contributions by the shareholder IGAPE in the amount of 87.5 Mi$.
Obligations arising from the amortization of financing for the acquisition of engines and aircraft were fulfilled.
The decrease in liabilities is the result of the combined effort to comply with current payment obligations and the renegotiation of liabilities, which in 2022 resulted in the forgiveness of overdue debts in the amount of $31M.