For Ita Airaways, the 2022 budget is archived with a net loss of around 486 million euros, thus burning over 1.3 million a day. Revenues amounted to 1.576 billion (of which 1.272 billion came from the passenger traffic business). Ebitda is negative for 338 million. In the company’s accounts, Ebit is confirmed as negative by 550 million and the pre-tax result is negative by almost 600 million. As at 31 December 2022, there were €418 million on hand, while shareholders’ equity amounted to €524 million. They are the main indicators of the 2022 financial year which was approved by the board of directors, which met for over four hours before the go-ahead.
These are very important numbers, considering that the exclusive negotiation between the Treasury and Lufthansa is in full swing, which intends to acquire 40% of the company from the Mef through a capital increase. On the net loss of approximately 486 million euro, the effect of the deterioration of the macroeconomic scenario according to the company accounted for over 280 million euro.
The company: result consistent with the start-up phase
The result for the year – comments the company communicating the balance sheet data – «is consistent with the start-up phase of the company in a still weak market context in the first months of the year due to the persistence of the Covid pandemic. Furthermore, the 2022 results were significantly impacted by the increase in the cost of fuel following the outbreak of the Russian-Ukrainian conflict, together with the significant deterioration in the euro/dollar exchange rate, the impacts of which were only partially translated into an increase of revenues and mitigated by careful and shrewd operational management, as well as extreme attention to cost control”. Net of these “exogenous” factors, the «operating performance of the company was an improvement compared to the forecasts of the industrial plan and the corporate budget». However, the question remains why in the same context other airlines – starting with Lufthansa – have recorded profits.
Forecasts
The company’s expectations “for the 2023 financial year are for a further consistent growth in the volume of revenues driven by the expansion of the network of destinations served guaranteed by the increase in the fleet, which leads to a significant improvement in the expected operating result”.
Approximately 10.1 million passengers in 2022
In 2022, Ita Airways operated around 97 thousand scheduled flights and transported around 10.1 million passengers (1.3 million in the two and a half months of operation in 2021): according to the company press release, the airline « managed to intercept the recovery of air traffic which manifested itself starting from the second half of the year by increasing its market share”. The company achieved 99% regularity of operations and 81% punctuality.