Miguel Praga

💸 Volotea faces a 423 million euros equity hole in 2023, up from 316 million in 2022 and 159.9 million in 2021. The airline suffered five years of consecutive losses, with a negative balance of 97.5 million in 2023, 134 million in 2022, and 74.9 million in 2021. Despite doubling sales from 302 million in 2021 to 694 million in 2023, EBITDA remains negative: -35.9 million in 2023. Volotea postponed a 36.2 million euro payment to SEPI and banks, with repayment deadlines set for 2029 and 2028, respectively.

📌 Spanish travel agencies face a lack of public resources to combat industry intrusion, as highlighted during CEAV's first national meeting in Canfranc. Agavi President Juan A. Rivadulla reports years of using their own resources to detect intrusions due to administrative inspection collapse. Feclav President Jerónimo Fernández criticizes institutional intrusion, such as the exclusionary Club de los 60 program in Castilla y León. A controversial registry, effective December 2, requiring extensive client data for bookings, is critiqued for its administrative burden and malfunctioning platform, leading to time loss and missing hotel listings. CEAV's legal director, Ana Barluenga, notes the temporary non-enforcement of additional data collection by the Ministry of Interior, awaiting legal documentation to ensure juridical security.

🚂 Blablacar expands into train ticket sales across Europe, starting with Spain due to intense competition and attractive commissions of 2-4%. The service is operational in Spain and will grow to include France, Germany, Italy, Switzerland, and Belgium. Blablacar's strategy integrates high-speed train with shared car services, exemplified by the Madrid to Huesca route via Zaragoza. This follows their venture into bus services with Blablabus.

✈️ Volotea, under Carlos Muñoz's leadership, delayed a €36.2 million payment to SEPI and banks backed by the ICO until 2028. Initially due in 2024-2025, €14.5 million is now required by end-2025, and €21.7 million from 2026-2028. This follows a €200 million SEPI aid to be fully repaid by 2029 and a €150 million ICO-backed loan, partly repaid periodically. Despite predicting "historic margins," Volotea reported a 2023 loss of €97.5 million, marking its fifth consecutive deficit year since 2019.