September 17, 2014, Simpson Bay, Sint Maarten: Winair conducted its Annual General Meeting of Shareholders on July 9th 2014 to review and approve the 2013 fiscal year reports. The audited financial results show a 2% year over year increase in revenues at USD17million and a net profit of USD1.1million improving the company’s current negative equity position on its balance sheet from –USD8.3million to -USD7.2million. It should be noted that similar to the 2012 financial report, the auditors and Winair’s accountants continue to clean up the balance sheet that inflated the results substantially, however and more importantly, the company’s operational results continue to show good and positive numbers.
Winair was turned over to country St. Maarten as majority shareholder at 92.05% and the Netherlands with 7.95% after 10-10-10 with a large debt load and equally large negative equity. The then established adhoc committee lead by Mike Ferrier, made major structural changes in the company and its statutes including a new management and supervisory board that was established by the 2nd half of 2011. The new managing board was then mandated to make the company viable and the following year in 2012 the company reported a profit for that fiscal year and has continued this positive trend for 2013. The management has reported to the shareholders that although the company has been able to service its debts out of its operational cash flow, proper capitalization is required to be able to concentrate its efforts on its operations and route investments.
Shareholders of country St Maarten and the Netherlands, and Chairman George Greaux Jr. expressed their thanks and appreciation for a job well done to the management and employees of Winair for these results and remain positive with regards to the future of Winair.
Left to right: Mike Ferrier, George Grèaux Jr., Roland Duncan,
Michael Cleaver, Roberto Gibbs, Gerrit Draai, Rob Huijser, Robert Budike.