PERFORMANCE REVIEW
The commercial aviation sector is divided into airline operators (transport of passengers and/or cargo with fixed departure times) and air taxi business (transport of passengers and/or cargo on demand, thus without fixed departure times). Both European and national regulations require an official approval, the so-called Air Operator Certificate ("AOC"), to operate both.
The AOC documents compliance with detailed regulations relating to the technical inspection of aircraft, the activities of pilots and other personnel and the financial conditions of the aviation companies in accordance with EU Regulation 1008/2008. This financial capacity must be proven at the time of application and then annually, and is verified in Austria by the Federal Ministry for Transport, Innovation and Technology.
Annual financial statements, a business plan or strategic concept as well as a planned profit and loss account, planned balance sheet, planned cash flow and planned liquidity for the coming business years must be submitted. CENTURION provides support in the preparation and updating of the documents required and in the process of submission to and approval by the Federal Ministry.
In order to obtain or maintain a transport licence pursuant to § 102 Z1 of the Austrian Aviation Act (LFG), the applicant must also submit appropriate documents in order to be able to prove financial capacity. In addition to the annual financial statements and the business plan, this also includes a list of all foreseeable fixed and variable costs, as well as a certificate that there are no significant arrears of taxes or social security contributions. Here, too, CENTURION offers comprehensive support for the initial application as well as for the recurring submissions.
If the financial capacity is also proven by submitting declarations of endowment (e.g. letters of comfort), the credibility of the fulfilment of the financial capacity is extended to the patron/shareholder. In this case, CENTURION provides support from the drafting of the declaration of equipment to the submission of evidence to the Federal Ministry.
