Charter company Ving's airline Sunclass Airlines, owned by Petter Stordalen and Harald Mix, among others, made a loss of SEK 648 million after tax in its first year. However, the company does not need any further capital injection from the owners, the CEO assures.
At the end of October 2019 – just months before the corona pandemic hit – Petter Stordalen, together with Harald Mix's venture capital company Altor and TDR Capital, took over the charter company Ving after the parent company Thomas Cook went bankrupt.
The airline operations were placed in the new company Sunclass Airlines, which has now released figures for 2020, writes the Danish business newspaper. The Stock Exchange. The fiscal year consists of the first eleven months since the company was founded, up to and including September 2020.
The pandemic contributed to the loss amounting to 475 million Danish kronor, equivalent to 648 million Swedish kronor. Sunclass Airlines reports the figures in Danish kronor as its headquarters are located outside Copenhagen.
Revenues amounted to just over 2 billion Swedish kronor, while operating profit was minus 720 million Swedish kronor. Equity was minus 476 million Swedish kronor.
Sunclass Airlines CEO Torben Østergaard says there are plenty of uncertainties in the short term, but that the company could be back at ”pretty much full capacity in July.” If the statement is correct, the company will not need any further capital injection from the owners.
”"We have liquidity in place. Right now there is no need for more money," Torben Østergaard tells Børsen.
A total of 728,268 passengers flew with Sunclass Airlines last year. 96 percent of the trips were made in the first five months, before the pandemic broke out, writes E24.
Before the pandemic shut down air traffic, the sandstorm in the Canary Islands a year ago was also described as costly for the company.
Petter Stordalen's company Strawberry Group and Harald Mix's venture capital company Altor each own 40 percent of the company, while the British venture capital company TDR Capital owns 20 percent.
Source: di.se
