On December 20, 2022 Lilihill wants to present the airline project Liliair. On the same day, at the request of the ÖVP, a vote on the possible use of the call option is on the agenda within the state government.
In May 2022, this did not find a majority because the SPÖ state government members voted against it. The issue is now being raised again, with the Social Democrats unlikely to change their minds now. The ongoing dispute over Klagenfurt Airport was repeatedly described as solved by Governor Peter Kaiser (SPÖ), but State Councilor Martin Gruber (ÖVP) continues to push the issue of the call option. The latter wants the partial privatization to be reversed so that the airport once again becomes fully owned by the public sector.
In an open letter, “Supervisory Board members, management and employee representatives of Kärntner Flughafen Betriebs GmbH” address the public and write, among other things, that in connection with the most recent Supervisory Board meeting, which also dealt with the final report prepared by the auditor EY for the 2021 financial year went that "credit and reputation-damaging statements, defamatory allegations and deliberately disseminating false reports" were in circulation.
The ORF Carinthia, among others, reported that EY had identified “serious deficiencies” and that there should be a need for financing of two million euros. Serious allegations would be made against the management. This is rejected in the said open letter as follows: “The auditor has not found any violations, irregularities or misconduct on the part of the management in connection with the business conduct or the preparation of the annual financial statements. On the contrary: during the Covid-19 pandemic, the management successfully and resolutely led the company through the most severe crisis in the aviation industry since its inception. Together with the workforce, the important and future-proof basis for the successful restart was laid. The supervisory board therefore supports the expansion and investment measures initiated by the management. The task now is to implement these measures without delay and to ensure the company's financial ability to act. A further blockade by the minority shareholders would be incomprehensible in terms of the development of future security".
Financial statements have been delayed due to political interference
Accordingly, the reason for the delay in the preparation of the 2021 annual financial statements is said to be due to "the political agitation of the representative of the minority owner". Furthermore: “The politically motivated approach, including the rumored exercise of the call option, has so far prevented the development of long-term financing plans. From today's perspective, these are still to be added on time".
At the suggestion of the management, the supervisory board decided in coordination with the auditor that "both the issue of an unqualified audit opinion and the timely disclosure of the annual financial statements and a sustainable, financially secure further development of Klagenfurt Airport and thus a positive going concern" are mandatory".
Specifically, the Lilihill Group announces that Klagenfurt Airport will be provided with "the necessary fresh capital in the form of subordinate shareholder loans, even without the participation of minority shareholders". As the majority shareholder, the aim is to secure the financial future of the airport.
Warning of standstill due to litigation
Furthermore, one writes: "In order to lead Klagenfurt Airport into a positive future in the medium term up to 2027 and to be able to develop the core business sustainably, the Supervisory Board has unanimously approved the medium-term plan for the next five years, which was drawn up by the management and coordinated with the auditor. Thus, the investments and expansion plans, the development of the flight offer, necessary infrastructure measures and the associated financial planning were determined, which will allow Klagenfurt Airport to take off again economically".
At the same time, the open letter warns that exercising the call option could have serious disadvantages for the airport and the public sector: “If the rumored call option were to be exercised, Klagenfurt Airport would then have to make high provisions as it was no longer a private company for the repayment of the Covid-19 subsidies. A repayment of the grants can be assumed to be probable. Subsidies that are not valuable but have not yet been paid out prevent the preparation of an unqualified audit opinion and the timely preparation of the annual financial statements. The result is a dramatic deterioration in the balance sheet and liquidity for which management cannot be held responsible." Pulling the call option would jeopardize the company's continued existence and "entails years of legal disputes that make any development at the site impossible".
"The supervisory board, management and employee representatives urgently appeal to the minority shareholders to put aside political debates in favor of future-oriented and location-relevant work for Klagenfurt Airport", the open letter concludes.
and 
Comment