In a submitting with the US Securities and Change Fee, the corporate mentioned it could repay some $110 million it had acquired from varied governments, together with $78 million within the Netherlands, dwelling of its largest subsidiary.
“Whereas the choice to simply accept this help was made throughout a interval when the Firm’s enterprise was severely impacted and the timing and tempo of the restoration of the journey trade was very unsure, the Firm is now inspired by the bettering reserving tendencies,” it mentioned.
Dutch politicians had criticised 2020 complete compensation for CEO Glenn Fogel of $7.1 million and $24 million for CFO David Goulden. However in a debate on 2 June the nation’s social affairs minister had mentioned there was no authorized foundation to demand the help be repaid.
The corporate defended the funds, which have been principally within the type of inventory, as being according to trade requirements and dependant on future efficiency. Goulden’s pay included hiring and retention incentives.
“Whereas we have now not recovered totally, we have now heard Dutch society, and have taken issues critically,” spokeswoman Leslie Cafferty mentioned. “We’re grateful to the Dutch authorities for the help to assist us protect jobs for so long as attainable and sit up for persevering with to work with the federal government and our group.”
Reserving reported an working lack of $12.5 billion in 2020, down from working earnings of $6.6 billion in 2019. The corporate’s inventory has recovered floor it misplaced initially of the pandemic and reached all-time highs in expectation of a journey rebound this yr.