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TRANSPORTES AÉREOS PORTUGUESES, SA First Half

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TRANSPORTES AÉREOS PORTUGUESES, SA First Half TRANSPORTES AÉREOS PORTUGUESES, S.A. MANAGEMENT REPORT First Half AND 2020 CONSOLIDATED ACCOUNTS Share Capital: €41,500,000 | Head Office: Edifício 25 do Aeroporto de Lisboa, 1700-008 Lisbon | Corporate identification number 500 278 725, registered under the same number with the Commercial Registry of Lisbon CONSOLIDATED MANAGEMENT REPORT FIRST HALF 2020 This document is a translation from the Portuguese original. In the event of any inconsistencies the Portuguese version shall prevail. 2 INDEX 1. EVOLUTION OF ACTIVITY IN THE FIRST HALF OF 2020 .......................................................... 4 1.1. INTRODUCTION .......................................................................................................................... 4 1.2. SECTOR ENVIRONMENT ............................................................................................................. 5 1.3. OPERATIONAL AND ECONOMIC-FINANCIAL PERFORMANCE ........................................................... 6 1.4. FLEET ..................................................................................................................................... 11 2. OUTLOOK FOR THE SECOND HALF OF 2020 ......................................................................... 13 3. SUBSEQUENT EVENTS .............................................................................................................. 14 4. RISK MANAGEMENT .................................................................................................................. 17 APPENDIX ............................................................................................................................................ 19 I - GOVERNING BODIES ..................................................................................................................... 19 II - QUALIFIED HOLDINGS, SECURITIES HELD BY GOVERNING BODIES AND CONFORMITY STATEMENT ........................................................................................................................................ 21 III - GLOSSARY .................................................................................................................................... 24 IV – RESULTS CONFERENCE CALL ................................................................................................. 25 V – CONSOLIDATED FINANCIAL STATEMENTS ............................................................................. 26 3 1. EVOLUTION OF ACTIVITY IN THE FIRST HALF OF 2020 1.1. Introduction . Operation and results of 1H20 were significantly impacted by the decrease in activity since March, as a result of the COVID-19 pandemic, which had an enormous impact in the world economy and affected the global civil aviation sector in an unprecedented way, as a consequence of the strong containment measures adopted by national and international authorities. Significant improvement in the main operational and financial indicators for the months of January and February 2020, which evidenced the positive path and of operational profitability improvement that was being followed by TAP AIR PORTUGAL. The operational and commercial indicators available prior to the start of the pandemic, namely the forward bookings curve, pointed to a very positive year for TAP AIR PORTUGAL in 2020. Also, at the end of February, TAP AIR PORTUGAL’s listed bonds were trading at levels close to the issue price, reflecting this environment. In the first two months of the year, the number of passengers carried increased 13.4% YoY and the load factor 1.9 p.p. YoY, reaching an EBITDA margin of 5.1%, an improvement of 12.9 p.p. YoY. In close collaboration with the Portuguese Government, embassies and ANAC, TAP AIR PORTUGAL maintained Portugal’s territorial continuity, ensured repatriation flights and invested in the humanitarian transport of medical cargo, essential for the fight against COVID-19, in a prove of great flexibility and effort by TAP AIR PORTUGAL’s employees. TAP AIR PORTUGAL also faced the challenge of coordinating the grounding of over 90 aircraft in domestic territory, in a major work from the operational areas, in conjunction with the airport infrastructure. TAP AIR PORTUGAL was fast and agile to act, at the first signs of the impact of the pandemic, adjusting capacity to the new demand scenario, thus minimizing operating costs, with the goal of preserving cash. The capacity cut of 33.9% YoY in terms of ASKs already in March, was key to decrease variable costs, considering that these represented approximately 60% of TAP AIR PORTUGAL’s total operating costs in 2019. It should also be mentioned that TAP AIR PORTUGAL was able to scale back its operation in a very short time frame, while maintaining its excellent track record in terms of safety, a fundamental value for the Company, despite the new and increased challenges during this period, of which the unanticipated closure of airspace with short notices are an example, naturally putting additional pressure at an organizational level. Several additional measures were taken in order to preserve the Company’s liquidity, including the suspension or delay of noncritical investments, the renegotiation of commercial agreements and respective payment schedules, cuts on incidental expenses, the suspension of staff recruitment and promotions, the non-renewal of fixed term employment contracts, as well as the adherence to the simplified layoff regime and the implementation of temporary unpaid leave programs. These measures allowed TAP AIR PORTUGAL to maintain sufficient liquidity until the formalization of the State Aid, in the form of a financing granted by the Portuguese State to TAP AIR PORTUGAL, with the first tranche of this financing received on July 17, 2020. 4 . TAP AIR PORTUGAL is committed to guaranteeing the ramp-up of its operation in a safe and sustainable way. Measures to protect the health and safety of its clients and crew were implemented from the start, in line with the guidelines from the relevant authorities and in close coordination with UCS (Group TAP’s Health Care Unit). Simultaneously, TAP AIR PORTUGAL has been closely monitoring the evolution of demand, as well as of the pandemic, adapting its network and operations accordingly. The restructuring plan to be submitted to the European Commission until December 10, 2020, is currently in preparation. This plan aims to ensure the sustainability and profitability of TAP AIR PORTUGAL, through an adequate planning of routes and fleet, the adaptation of TAP AIR PORTUGAL’s product to the current reality and post COVID-19, and the increase of effectiveness and efficiency of central services and of Group TAP SA’s units. The Board of Directors expresses its profound gratitude to all Employees, for their effort, dedication and spirit of mission in the current context, and focus and commitment in ensuring the recovery, sustainability and the future of TAP AIR PORTUGAL. 1.2. Sector Environment According to the revised estimates from IATA (as of June 2020), the decrease in capacity (ASK) in Europe in 2020 should be 42.9%, above the decrease at a global level (-40.4%). In what concerns the estimated decrease in passenger traffic measured by RPK in 2020, this is of -56.4% in Europe and -54.7% globally. The steep decrease in capacity and traffic is common across all regions. As of July 30, 2020, IATA estimated in its base scenario, that demand (measured in RPKs) would only recover to pre-pandemic levels (2019) in 2024. Passenger Capacity (ASK) %YoY Passenger Traffic (RPK) %YoY 2019 vs 2020E vs 2019 vs 2020E 2018 2019 2020E 2018 2019 2020E 2018 2019 2018 vs 2019 Global 6.9% 3.4% -40.4% -3.5p.p. -43.8p.p. 7.4% 4.2% -54.7% -3.2p.p. -58.9p.p. Regions North America 4.9% 2.9% -35.2% -2.0p.p. -38.1p.p. 5.3% 3.9% -52.6% -1.4p.p. -56.5p.p. Europe 6.5% 3.6% -42.9% -2.9p.p. -46.5p.p. 7.5% 4.3% -56.4% -3.2p.p. -60.7p.p. Asia-Pacific 8.7% 4.5% -39.2% -4.2p.p. -43.7p.p. 9.3% 4.8% -53.8% -4.5p.p. -58.6p.p. Middle East 5.8% 0.1% -46.1% -5.7p.p. -46.2p.p. 5.0% 2.3% -56.1% -2.7p.p. -58.4p.p. Latin America 7.8% 3.0% -43.3% -4.8p.p. -46.3p.p. 7.4% 4.1% -57.4% -3.3p.p. -61.5p.p. Africa 4.3% 4.2% -50.4% -0.1p.p. -54.6p.p. 6.1% 4.5% -58.5% -1.6p.p. -63.0p.p. Source: IATA (June 2020) IATA estimated for 2020 a value of USD 419 billion in global air transport revenues, which represents a 50% decrease YoY, with passenger revenues decreasing by 60.6% and cargo revenues by 8.2%, in comparison with 2019. 5 System-wide Global Commercial Airlines Revenues (USD billion) 2019 vs 2019E vs 2018 2019E 2020E 2018 2020 Total Revenues 812 838 419 3.2% -50.0% Passenger Revenues 610 612 241 0.3% -60.6% Cargo Revenues 111 102 111 -8.0% 8.2% Other Revenues 91 124 67 36.3% -45.6% Source: IATA (June 2020) 1.3. Operational and Economic-Financial Performance Note: As a result of the impacts of the COVID-19 pandemic in the operational activity of Transportes Aéreos Portugueses, S.A. (“TAP AIR PORTUGAL” or “Company”), the impairment tests of some of the non-current assets carried out in December 2019 should be reviewed. Due to the uncertainty on the evolution of the Company’s activity in the long run, resulting from factors beyond its control, as well as the approval by the European Commission of a State Aid, through a loan, which requires the presentation of restructuring plan within 6 months (if the financing is not reimbursed within that period), a long term business plan still has not been approved by the Company, being its preparation currently ongoing. In this context, the unaudited financial statements
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