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    RYA   IE00BYTBXV33

RYANAIR HOLDINGS PLC

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Real-time Irish Stock Exchange  -  08:40 2022-08-12 am EDT
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Ryanair loses court challenge against Finnair state aid

06/22/2022 | 06:11am EDT

BRUSSELS, June 22 (Reuters) - Ryanair on Wednesday lost its challenge against EU approval for millions of euros in state aid granted to rival Finnair after Europe's second-top court took the side of EU competition regulators.

Europe's biggest budget airline has a mixed record in its more than 30 lawsuits against state funding given to its rivals across the 27-country bloc to offset the impact of the COVID-19 pandemic.

It has won court backing against Dutch aid for KLM and Portuguese support for TAP, but lost its appeals against aid for Lufthansa's Austrian unit, SAS and Condor.

The Luxembourg-based General Court threw out its Finnair lawsuit. Ryanair had argued that EU regulators should have opened an investigation before approving the state support.

"The action seeking annulment of the decision by the Commission to approve aid granted by Finland to the airline Finnair is dismissed in its entirety," judges said.

"The Commission was entitled to approve the recapitalisation of Finnair, carried out by its public and private owners on a pro rata basis in proportion to the previously existing ownership structure, without initiating the formal investigation procedure," they said.

Ryanair, which last year lost its fight against a Finnish state loan guarantee for Finnair, can appeal on matters of law to the Court of Justice of the European Union, Europe's highest.

The case is T-657/20 Ryanair/Commission (Finnair II; Covid-19). (Reporting by Foo Yun Chee in Brussels and Bart Meijer in Amsterdam; Editing by Jan Harvey)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AIR FRANCE-KLM 0.10% 1.522 Real-time Quote.-22.12%
FINNAIR OYJ -0.47% 0.421 Delayed Quote.-28.93%
RYANAIR HOLDINGS PLC 0.28% 12.585 Real-time Quote.-17.70%
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Financials
Sales 2023 10 057 M 10 385 M 10 385 M
Net income 2023 1 222 M 1 262 M 1 262 M
Net Debt 2023 785 M 811 M 811 M
P/E ratio 2023 11,7x
Yield 2023 -
Capitalization 14 247 M 14 712 M 14 712 M
EV / Sales 2023 1,49x
EV / Sales 2024 1,19x
Nbr of Employees 19 000
Free-Float 96,0%
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Number of Analysts 19
Last Close Price 12,55 €
Average target price 18,17 €
Spread / Average Target 44,8%
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Managers and Directors
Michael O’Leary Chief Executive Officer & Executive Director
Neil Sorahan Treasurer
Stan McCarthy Non-Executive Chairman
John Hurley Chief Technology Officer
Julie O'Neill Independent Non-Executive Director
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