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TAP proves credibility with the international financial market

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We have successfully completed the issuance of 375 million euros in five-year bonds to several major US and European institutional investors, which will serve to consolidate the Company's financial position, extending the maturity of the debt and thus creating conditions to continue the ongoing transformation projects.

Recently two other airlines - Virgin Australia and Air Baltic - completed bond issues, with similar maturities and ratings, in the same markets, with interest rates higher than ours, which was 5.75%. Virgin Australia obtained an interest rate of 8.125% and Air Baltic 6.75%, which proves the attractiveness and credibility of our project. In the automotive sector, Jaguar Land Rover, which has also completed a bond issue in recent weeks, obtained an interest rate of 5,875%.

This is undoubtedly a milestone in access to the international capital market after the first capital market operation in TAP's history in June 2019 with an offer to institutional and private individuals - TAP Bonds 2019-2023 - which eventually raised 200 million euros. Just as then, when the initial offer was 50 million, so now the final issue - which was 300 million euros - surpassed the initial placement.

The rating assigned to the Company by the international agencies Standard and Poor's and Moody's, which represents an independent assessment of credibility and trust with the market and which puts the Company in line with a narrow group of companies within the global aviation market, was an important leverage for these results and, in the words of CEO, Antonoaldo Neves, an “unprecedented operation" that has shown the global market “TAP's credibility and ability to meet its commitments, pay its debts and generate results”.

The value now achieved is the result of intense teamwork with international investors, with the aim of presenting TAP as a reliable company with great growth potential. The Company's strategic plan - which includes fleet renewal, increased workforce and investment in new markets, with a particular focus on North America - was well received by investors who demonstrated confidence in TAP's future. “This operation is a testament to the trust and credibility of the international institutional financial market in our transformation and growth project,” said the CEO. To Renato Salomone, TAP's Corporate Finance Director, TAP attests to the evolution of our company's financial health. "


Antonoaldo Neves (CEO), Raffael Quintas (CFO) and team responsible for successfully accessing the international capital market. Corporate Finance, Financial Reporting and Accounting, Legal Office and Financial Analysis and Planning.

 

The path is being made, and in the right direction. Over the last four years, change has been a reality, with several facts to prove it:

  • TAP went from around 10 million to over 17 million passengers carried per year (+ 65%)

  • TAP grew from 500,000 passengers on the Ponte da Aérea between Lisbon and Porto to over one million per year (+ 100%)

  • TAP grew from 896 thousand passengers carried on the Madeira routes to 990 thousand (+ 10%) and in the Azores from 278 thousand to over 600 thousand passengers (+115%)

  • TAP's fleet has grown from 77 to over 100 aircraft, 36 of which are already NEO

  • TAP operates today for 94 destination airports instead of 81 (+ 13%)

  • TAP went from 110 thousand flights per year to 137 thousand (+ 25%)

  • TAP's revenue grew from 2.4 billion euros to 3.4 billion euros (+ 40%)

  • TAP increased its tax contributions from 257 million euros to 330 million (+ 28%)

  • The debt burden - ie the ability of operating results to repay existing debt - in 2015 was 11 times, currently 5-6 times, confirming a deleveraging process for the Company.

  • Hiring about 3 000 people

The result of the investment in the Company's transformation is already visible, as evidenced by the recovery trend observed in the second quarter of 2019. The number of passengers transported increased by 11.1% in the third quarter from 8.9%. in the second quarter, and TAP Group's consolidated revenues in the third quarter of 2019 amounted to 1,052 million euros, an increase of 6.1% over the same period last year.

 


 

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