TAP Air Portugal has approved the management reports and individual and consolidated accounts for 2021.
Portuguese flag-carrier TAP Air Portugal has approved the management reports and individual and consolidated accounts for 2021 and the transfer to retained earnings of over €1.43 billion in losses the company told the market.
According to a statement sent on Tuesday evening to the Securities and Exchange Commission (CMVM), TAP’s sole shareholder – the Portuguese state, via the Directorate General of Treasury and Finance – approved the “proposed application of results, namely the transfer of negative net income of €1,430,551,041 to the retained earnings account.”
It also approved the “recognition of the loss of half of TAP’s share capital and the measures available under Article 35 of the Companies Code (namely dissolution, reduction of share capital or making contributions to reinforce the coverage of the capital),” with the shareholder deciding that “no action be taken at this time” as “the measures to be adopted are defined in the Restructuring Plan of the TAP Group approved by the European Commission.
The general meeting held on Tuesday also approved a vote of confidence in the management and supervisory bodies and the Statutory Auditor.