Privatization and repurchase TAP has regular "

The process of privatization and repurchase TAP was "average", but "not the most efficient", because "successive contractual changes" aggravated the "state responsibility" and increased “exposure to adverse contingencies of the company ", considers the Court of Auditors.

Requested by the Assembly to assess "the regularity and safeguarding the public interest" in the privatization transaction and repurchase TAP, the audit of the Court of Auditors (TDC) urges the Government to promote "a stable regulatory framework for the participation of the state in strategic nature of companies" and ensure "adequate mechanisms for risk sharing, responsibilities and economic and financial benefits with the private partner ".

Still defended by the Court is that the Ministry of Finance strengthen "mechanisms of control and monitoring of the obligations and responsibilities of the public shareholder, with focus on the key indicators of economic and financial performance of TAP SGPS ", in order to "ensure transparency about the sustainability of the business".

The findings of the audit, whose report has now been published, the air carrier's capital recovery process "was regular, in the context of legislative instability and successive changes in contractual matters complex and deep technical nature in which they carried out the operations ".

The TdC stresses that "constraints" process "were not ignored, but weighed against the greater good to be viable a company with strategic importance for the country ".

The Court, the process was also "effective", since "reached viability of the company's goals (priority for privatization) and strategic control recovery (priority to repurchase)”.

As for efficiency, auditors conclude that the process "has not led to the most efficient outcome", since "it has not obtained the necessary consensus of policy makers, having successive contractual changes worsened the state's responsibilities and increasing its exposure to adverse contingencies of the company ".

"The safeguarding of public interest also required that decisions were consensual", refers to the document.

Under review was the privatization operation 61% TAP capital, implemented by the Government led by Passos Coelho in November 2015, by direct sale, the Atlantic Gateway consortium (Humberto Pedrosa and David Neeleman) to fulfill commitments with the 'troika' and facilitate the recapitalization and financial viability, and the repurchase by the State, made in June 2017, the executive António Costa, the actions necessary to stop 50% of PT's share capital and recover company's strategic control.

About privatization, TdC considers that the State "met international commitments, It enabled a considered strategically important company ", "Improved the accounts of Parpública" (692 milhões de euros) and "assured the recapitalization by the private partner" (337,5 milhões de euros).

Contudo, supports, "Lost strategic control" (passing to hold a minority position 34% no capital social) and "secured debt of the company in the event of default" (615 milhões de euros).

Now the operation repurchase, the Court notes that the State "regained strategic control with the largest shareholder position" (de 34% para 50%), but "lost economic rights" (de 34% para 5%), in addition to "assume greater responsibilities in the capitalization and financing of the company", aggravating the exposure to future contingencies.

Em contrapartida, the reduction of the Atlantic Gateway share capital (de 61% para 45%) It was accompanied by the addition of the corresponding economic rights (de 61% para 90%).

"After the restoration of capital changes in the economic and financial situation of the company and the estimates given in its strategic plan (equity and net income) they are positive. Porém, remain the risks inherent in the obligations assumed by the State and projections, até 2022, They are insufficient to assess the sustainability of the business ", support the auditors.

in audit, the Court points out that TAP's capital recovery process resulted from the "economic and financial deterioration of the company since 2008.", with "consecutive losses, debt and growing negative equity ", in a context of public intervention "limited by the constraints imposed by the Community rules on State aid".

TAP is owned by TAP SGPS, criada em 2003, with capital subscribed and paid by the state through Parpública (15 milhões de euros).

Actualmente, the State holds 50% do capital, a Atlantic Gateway 45% and the remaining workers 5% do capital.