There is no opacity or secrecy in airline’s published accounts
I WRITE to correct misleading information contained in Mr Digard’s latest column (12 April). In it he states, in relation to Aurigny: ‘As it is we simply don’t know, the airline’s accounts are kept secret and what financial information is published remains at best, opaque’.
This is completely untrue. Aurigny is operated through a company owned by the States called Cabernet Ltd, and its consolidated accounts (which include its engineering subsidiaries) are published online every year. They can be found easily on the internet. You can see them, amounting to 30 pages, for 2022 at https://static.aurigny.com/cms/media/Documents/Financial/Cabernet_Ltd_2022_AFS.pf
There is no opacity or secrecy in these published accounts, and no material redaction of their content – it is perfectly easy to examine the position from the consolidated accounts and the accompanying notes which provide separate breakdowns of the assets and liabilities etc between the group operating subsidiaries.
In my personal view the piece from Mr Digard gives the misleading impression to the public that Aurigny’s accounting position is secret. That is obviously not the case.
If there is any accounting information missing or expanded notes which might help to establish a clearer view, perhaps Mr Digard could let us all know what they are so it can be passed on to the STSB board?
Deputy Mark Helyar
Editor’s footnote: Richard Digard’s comment, to which Deputy Helyar refers, was based on neither Aurigny nor the States releasing full financial details or a conventional annual report. In 2019 the States confirmed that full accounts, rather than a consolidated version, had never been published, nor information on a route-by-route basis.