Winair’s turnover more than doubled in 2022
PHILIPSBURG — The turnover of Winair more than doubled in 2022 to €28.6 million (almost $31.2 million) compared to the €13.7 million ($14.9 million) of the year before. Profit before taxes was €1.5 million ($1.64 million). This appears from the annual report State Participations 2022 published by the Dutch Ministry of Finance.
Because Winair still has negative equity of €2 million ($2.18 million) the company will not pay any dividend to its shareholders.
That the airline is doing very well indeed appears from its results in the first quarter of 2023. Turnover increased by 35 percent, the number of flights increased by 11 percent, the number of passengers went up 30 percent and the occupancy rate went up 19 percent. The 2023 budget projects a profit of around €1.6 million ($1.74 million), based on a euro-dollar exchange rate of 1.079.
The Dutch state is still a minority shareholder in Winair with 7.95 percent. St. Maarten owns the remaining 92.05 percent. The Netherlands took a stake in Winair in 2010 “to guarantee regular, reliable, safe and cost-efficient accessibility for Saba and Statia.”
In the meantime, the Dutch government is researching the option for an alternative to structurally safeguard the accessibility of the Dutch municipalities Saba and Statia. One of the options is the introduction of a so called PSO (Public Service Obligation). If this becomes a reality, the Netherlands will part with its shares in Winair.
In line with the conditions for liquidity support, Winair implemented cost cutting measures that brought its payroll down by 12.5 percent between November 1 and December 31 2022.
In September 2022 Winair began repaying the $4.5 million mortgage loan to the Netherlands. The objective is to repay the remaining outstanding of the loan and its interest by January 1, 2024.
The number of Winair employees was 142 in 2019 and it decreased to 107 in 2022. The occupancy rate was 58 percent in 2019, went down to 47 percent in 2021 and recovered to 56 percent in 2022.
The annual report also lists the remuneration of management and supervisory board members. CEO Michael Cleaver earned €169,000 ($184,210) per year, while vice-president and Chief Financial Officer Roberto Gibbs received €126,000 ($137,340).
George Greaux, the president of the supervisory board, received €20,000 ($21,800) in compensation. Board members Robert Budike and Hans de Jong received €12,000 ($13,080) each for their contributions.
Diversity, the men-women ration in the company was 66-34 in 2022 and the sick leave rate was 5.4%.
In the general shareholders meeting of October 2020, the shareholders approved an initial investment of $3,747,650 for the purchase of two planes in dry lease as a replacement for the wet lease agreement with Air Antilles. A wet lease contract delivers not only the plane but also the flight crew. Under a dry lease arrangement, flight crews are not included.
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