BEFORE THE

DEPARTMENT OF TRANSPORTATION

WASHINGTON, D.C.

Application of

CORPORACIÓN YGNUS AIR, S.A.

d/b/a/ GESTAIR CARGO

for a Foreign Air Carrier Permit pursuant to

49 U.S.C. §41302 and for an Exemption

pursuant to 49 U.S.C. §40109 to engage in

Scheduled Foreign Air Transportation of

Property and Mail (U.S.-E.U.)

Docket DOT-OST-2010-

APPLICATION OF

CORPORACIÓN YGNUS AIR, S.A.

d/b/a/ GESTAIR CARGO

FOR A FOREIGN AIR CARRIER PERMIT AND FOR AN EXEMPTION

Communications concerning this document may be served upon:

Moffett B. Roller

ROLLER & BAUER, PLLC

Washington Dulles International Airport

45005 Aviation Drive; Suite 200

Dulles, VA 20166

email: airlaw@rollerbauer.com

Attorneys for

Corporación Ygnus Air, S.A.

d/b/a/ Gestair Cargo

September 10, 2010

NOTICE: Any person may support or oppose this application by filing an answer

and serving a copy of that answer on counsel for Corporación Ygnus Air, S.A.,

and upon each person served with this application.
BEFORE THE

DEPARTMENT OF TRANSPORTATION

WASHINGTON, D.C.

Application of

CORPORACIÓN YGNUS AIR, S.A.

d/b/a/ GESTAIR CARGO

for a Foreign Air Carrier Permit pursuant to

49 U.S.C. §41302 and for an Exemption

pursuant to 49 U.S.C. §40109 to engage in

Scheduled Foreign Air Transportation of

Property and Mail (U.S.-E.U.)

Docket DOT-OST-2010-

APPLICATION OF

CORPORACIÓN YGNUS AIR, S.A.

d/b/a/ GESTAIR CARGO

FOR A FOREIGN AIR CARRIER PERMIT AND FOR AN EXEMPTION

September 10, 2010

Pursuant to 49 U.S.C. §40109 and Subparts B and C of the Rules of

Practice of the Department of Transportation (the “Department”), Corporación

Ygnus Air, S.A. (hereinafter “C Ygnus”) hereby applies for a foreign air carrier

permit pursuant to 49 U.S.C. §41302 and for an exemption pursuant to 49

U.S.C. §40109 to authorize C Ygnus to operate all-cargo services to the full

extent authorized by the Air Transport Agreement between the United States and

the European Union. C Ygnus specifically requests authority to engage in:

a. foreign scheduled and charter air transportation of property and mail

from any point or points behind any Member State of the European Union

via any point or points in any Member State and via intermediate points to

any point or points in the United States and beyond;

b. foreign scheduled and charter air transportation of property and mail

between any point or points in the United States and any point or points;
APPLICATION OF CORPORACIÓN YGNUS AIR, S.A., PAGE 2

FOR FOREIGN AIR CARRIER PERMIT AND EXEMPTION

c. other foreign charter air transportation of property and mail pursuant to

the prior approval requirements under 14 C.F.R. Part 212; and

d. transportation authorized by any additional route rights made available

to European Community carriers in the future.

C Ygnus requests that the Department issue a show-cause order granting

it a foreign air carrier permit for an indefinite duration. C Ygnus further requests

that the Department grant it exemption authority for a period of two years or until

the effective date of a foreign air carrier permit issued to C Ygnus, whichever is

earlier.

C Ygnus is a Spanish air carrier, organized and existing under the laws of

Spain. C Ygnus was established as a regional passenger carrier in 1994 by

Regional Airlines of France and by Gestair, a corporate air taxi from Spain. The

initial name of the company was Regional Lineas Aéreas, but the name changed

to Corporación Ygnus Air in 2001. In 1998 the company began all-cargo wet

lease service on behalf of Iberia that has continued to the present.

C Ygnus began its all-cargo operations with 2 DC-8F aircraft. C Ygnus

added a third DC-8F in 2004 and in 2006 added its first B-757F freighter.

C Ygnus is currently operating two B-757F aircraft, and it plans to lease two

B-767F aircraft this year to use for its operations to the United States.
APPLICATION OF CORPORACIÓN YGNUS AIR, S.A., PAGE 3

FOR FOREIGN AIR CARRIER PERMIT AND EXEMPTION

In support of this Application, and pursuant to the Department's

Procedural Regulations, C Ygnus states as follows:

(a) Incorporation. C Ygnus was incorporated in Spain in 1994. Its business

address is

Corporación Ygnus, S.A.

c/Anabel Segura, 11

28108-Alcobendas (Madrid)

SPAIN

(b) Air Transport Authority. The name and official address of the Spanish air

transport authority that has regulatory jurisdiction over C Ygnus is:

Agencia Estatal De Seguridad Aérea

[National Aviation Safety Agency]

Ministerio de Fomento

[Ministry of Public Works and the Economy]

Paseo de la Castellana, 67

28071 – Madrid

SPAIN

The relationship between C Ygnus and the Government of Spain is solely one in

which C Ygnus is subject to the regulatory supervision of the Government of

Spain.

(c) Proposed Services. C Ygnus plans to commence service to the United

States at the end of November 2010 by conducting all-cargo wet lease

operations on behalf of another foreign air carrier. C Ygnus will make the

appropriate Application for a Statement of Authorization for a long-term wet

lease for this service as soon as the parties finalize the arrangement. The flights

will operate between New York and a point in the European Union five times per

week utilizing B-767F freighters.
APPLICATION OF CORPORACIÓN YGNUS AIR, S.A., PAGE 4

FOR FOREIGN AIR CARRIER PERMIT AND EXEMPTION

(d) Directors & Management Personnel. Set forth below are tables with

information on the directors and key management personnel.

Board of Directors of C Ygnus

Name Business Address

Jesús Macarrón Gómez

Chairman, Mac Holfam International, S.L.

c/ Anabel Segura no 11

Edif. Albatros 2C

CP 28108 - Alcobendas (Madrid)

José María Castillo Lacabex

CEO, IMESAPI, S.A.

Avda. de Manoteras no 26

CP 28050 - Madrid

José Romero de Ávila González-Albo

Suministros, Importaciones y

Mantenimientos Electrónicos, S.A.

c/ Pradillo no 48-50

CP 28002 - Madrid

César Álvarez Olaiz

Albatros Logistic, S.A.

Polígono Industrial San Marcos

c/ Franklin no 16

CP 28906 - Getafe

Salvador Magalló Martínez

Gestair Corporación Empresarial, S.A.

c/ Anabel Segura no 11

Edif. Albatros 2C

CP 28108 - Alcobendas (Madrid)

Alfonso Aguirre Díaz-Guardamino

Secretary (non-Director)

Cardenal Marcelo Spínola no 10

CP 28016 - Madrid

All of the directors of C Ygnus are citizens of Spain, and all reside in Madrid or

adjacent jurisdictions. None of the directors are related by blood or marriage.

Key Management Personnel

Name Position Years of

Experience Summary of Experience

Angel Gonzalez General Director 28

Academic & professional background in

economics & business administration;

employed with Gestair* since 1987.

David Martinez

Ochoa

Director of

Operations 9

Academic background in Aviation Business

Administration; employed with Gestair* since

2001; instructor in dangerous goods and in

security; quality assurance; EU-OPS; CRM.

Egberto Oviedo Manager of

Flight Operations

33 civil

13 military

22,800 flight hours; civil aircraft include DC9,

B727, DC10, A320 & A340; pilot for Iberia for

28 years and for Gestair* for 3 yrs.
APPLICATION OF CORPORACIÓN YGNUS AIR, S.A., PAGE 5

FOR FOREIGN AIR CARRIER PERMIT AND EXEMPTION

Carlos Marquez Chief Pilot 17

(9 as pilot)

Employed with Gestair* since 2001; 5,500

flight hours, including DC8 & B757 aircraft;

instructor in dangerous goods and in security.

Gumersindo

Guerrero

Maintenance

Manager 13

Aeronautical engineer; with C Ygnus since

2001; regulations EU-OPS, EASA Part 145,

Part 21, Part M.

Alicia Albornoz

Piñango

Chief Inspector/

Quality Manager 9

Aeronautical engineer; employed with

Gestair* since 2005; dangerous goods; safe

management system; EU-OPS

Arancha

Gonzalez

Chief Financial

Officer 13

Academic & professional background in

business administration; employed with

Gestair* since 1998.

* Refers either to C Ygnus or to another company within the corporate framework of Gestair

Interholding, S.L., as set forth in Exhibit A.

The business address for all of the key management personnel is at the

offices of C Ygnus in Madrid. All of the key management personnel live in

Madrid or adjacent jurisdictions.

All of the key management personnel are Spanish citizens except for

Alicia Albornoz, the Chief Inspector/Quality Manager. Ms Albornoz is a citizen of

Venezuela but a legal resident of Spain.

None of the key management personnel are related by blood or marriage.

(e) Ownership. The table below sets forth the ownership structure of

C Ygnus.

SHAREHOLDERS OF C YGNUS CITIZENSHIP SHARES PERCENTAGE OF

ISSUED SHARES

MacHolfam International S.L. Spanish 810,000 27%

Imesapi, S.A Spanish 2,190,000 73%

MacHolfam International, S.L., is wholly owned by Gestair Interholding,

S.L. Mr. Jesus Macarron Gomez owns 79 percent of the shares of Gestair
APPLICATION OF CORPORACIÓN YGNUS AIR, S.A., PAGE 6

FOR FOREIGN AIR CARRIER PERMIT AND EXEMPTION

Interholding, and his wife, Ms. Pilar de Vicente Abanades, owns the remaining

21 percent. Both are citizens of Spain.

Imesapi is wholly owned by the ACS Group. The ACS Group is a major

Spanish corporation in the construction and services sector. The ACS Group is

publicly traded on the Bolsa de Madrid, Spain's principal stock exchange.

Detailed information regarding the ACS Group is available at its website,

www.grupoacs.com/index.php/en.

SHAREHOLDERS OF FIVE PERCENT

OR MORE OF THE SHARES OF

THE ACS GROUP

AS OF 31 DECEMBER 2009 1/

CITIZENSHIP SHARES PERCENTAGE OF

ISSUED SHARES

Corporación Financiera Alba, S.A

www.cf-alba.com/index.cfm Spanish 73,887,279 23.481%

Inversiones Vesán, S.A. Spanish 38,815,575 12.336%

Alberto Alcocer Torra Spanish 21,799,070 6.928%

Alberto Cortina Alcocer Spanish 21,799,071 6.928%

Sayglo Holding, S.L. Spanish 17,741,012 5.638%

Southeastern Asset Management, Inc. U.S. 17,166,306 5.455%

1/ The ACS Group Annual Report 2009, page 108; www.grupoacs.com/index.php/en.

On information and belief, (i) the individuals listed above are citizens of

Spain; and (ii) the ownership of the first three corporations listed above is vested

in individuals who are either citizens of Spain or citizens of other Member States

of the European Union. Southeastern Asset Management, Inc., is a U.S.

investment management firm based in Memphis, Tennessee.

(www.longleafpartners.com/about/summary.cfm)
APPLICATION OF CORPORACIÓN YGNUS AIR, S.A., PAGE 7

FOR FOREIGN AIR CARRIER PERMIT AND EXEMPTION

(f) Other Aviation Interests. C Ygnus owns 100 percent of Audeli, S.A., a

Spanish airline specializing in passenger charters.

Gestair Interholding, S.L., which indirectly owns 27 percent of C Ygnus, is

a holding company that maintains financial interests in a variety of aviationrelated companies. Exhibit A is a chart that summarizes the ownership of the

companies that are within the corporate framework of Gestair Interholding. In

addition to C Ygnus and its Audeli subsidiary, the chart includes Gestair, S.A., a

commercial operator of corporate jet aircraft that holds an exemption to conduct

commercial operations to and from the United States. DOT last renewed

Gestair’s exemption authority on June 10, 2009, in Docket DOT-OST-2003-14801.

(g) Insurance. C Ygnus will submit a copy of OST Form 6411, Foreign Air

Carriers Certificate of Insurance. The combined single limit of liability coverage

for its aircraft exceeds the requirements of 14 C.F.R. Part 205.

(h) Government Licenses. The Director General of Civil Aviation of Spain

issued an Operations License (Licencia de Explotación) to C Ygnus on

December 14, 1995. The DGAC issued the most recent renewal on December

15, 2006, effective for five years. C Ygnus will make a timely application to

renew its License before it expires in December of 2011. A copy of the License,

its most recent renewal, and their translations are attached as Exhibit B.

C Ygnus also holds an Air Operator Certificate (Certificado de Operador

Aéreo) (AOC) issued by the DGAC of Spain. The AOC is valid indefinitely. A

copy of the AOC is attached as Exhibit C.
APPLICATION OF CORPORACIÓN YGNUS AIR, S.A., PAGE 8

FOR FOREIGN AIR CARRIER PERMIT AND EXEMPTION

(i) Aircraft. For its U.S. operations C Ygnus plans to lease two B-767 aircraft

with Spanish registration. One will be the primary aircraft, and the other will

serve as a backup. C Ygnus is currently in lease negotiations with the lessor of

these aircraft.

(j) Maintenance. Maintenance for the B-767F aircraft to be leased by C

Ygnus will be provided by an authorized contractor in the European Union. The

maintenance of the aircraft will comply with the provision of ICAO Pilots and

Airmen Annexes 1, 6 (Part 1), and 7. Spain and the other Member States of the

European Union are contracting States to the Convention on International Civil

Aviation.

(k) Agreements. C Ygnus does not currently have any agreements or

cooperative working arrangements with any U.S. or foreign air carrier affecting its

proposed services to the United States. C Ygnus is currently negotiating a wet

lease agreement with the foreign air carrier for which C Ygnus will operate allcargo flights to the United States.

(l) Financial Data. Financial statements for C Ygnus for calendar years

2008, 2009, and the first six months of 2010 are provided in Exhibit D.

(m) Safety/Tariff Violations & Accidents. C Ygnus has not been involved in

any safety violations, tariff violations, or fatal accidents within the past five years.

(n) Warsaw Agreement. C Ygnus has executed a copy of OST Form 4523

(Waiver of Liability Limits under the Warsaw Convention) (Exhibit E) and will file

a copy with the Department in Docket DOT-OST-1995-236.
APPLICATION OF CORPORACIÓN YGNUS AIR, S.A., PAGE 9

FOR FOREIGN AIR CARRIER PERMIT AND EXEMPTION

Conclusion

For the foregoing reasons, Corporación Ygnus, S.A., requests that the

Department of Transportation grant the foreign air carrier permit and exemption

as specified in this Application as well as such other relief as the Department

may deem to be in the public interest.

Respectfully submitted,

ROLLER & BAUER, PLLC

Attorneys for

Corporación Ygnus, S.A.

By: ________________________

Moffett B. Roller

September 10, 2010
CERTIFICATE OF SERVICE

I hereby certify that a copy of the foregoing Application of Corporación

Ygnus Air, S.A., for a Foreign Air Carrier Permit And for an Exemption was this

day served upon all parties named on the following Service List via e-mail. No

indication was received that any transmission by facsimile or electronic mail had

failed.

_______________________________

Moffett Roller

September 10, 2010

SERVICE LIST

Carl B. Nelson, Jr.

Associate General Counsel

American Airlines

carl.nelson@aa.com

David L. Vaughan

Counsel for United Parcel Service

dvaughan@kelleydrye.com

Hershel Kamen

Continental Airlines

hkamen@coair.com

Elliott M. Seiden

Counsel for Astar Air Cargo, Inc.

eseiden@bsfllp.com

Alexander Van der Bellen

Managing Director – Government

Affairs & Assoc. General Counsel

Delta Air Lines, Inc.

sascha.vanderbellen@delta.com

Samuel While

Evergreen International Aviation

sam.white@evergreenaviation.com

Nancy Sparks

Managing Director

Regulatory and Industry Affairs

Federal Express

nssparks@fedex.com

Angie Garbuzinski

anbird@fedex.com

David Heffernan

Counsel for United Air Lines

david.heffernan@wilmerhale.com

Benjamin Slocum

Asst. General Counsel - US Airways

benjamin.slocum@usairways.com

Russell E. Pommer

Assoc. Gen. Counsel & Senior Director

of Regulatory Affairs - Atlas Air, Inc.

rpommer@atlasair.com

Kevin Montgomery

Polar Air Cargo Worldwide, Inc.

kevin.montgomery@polaraircargo.com

Mark McMillin

Asst. General Counsel - World Airways

mcmillin@woa.com
LIST OF EXHIBITS

Exhibit A Organizational Chart for Gestair Interholding, S.L.

Exhibit B Operations License (Licencia de Explotación) and

Renewal (Licencia de Explotación (Renovación) )

Exhibit C Air Operator Certificate (AOC)

(Certificado de Operador Aéreo)

Exhibit D Financial statements for Corporación Ygnus

Calendar years 2008 and 2009 and the first half of 2010

Exhibit E Waiver of liability limits under the Warsaw Convention

OST Form 4523
GESTAIR 

INTERHOLDING, S.L.

GESTAIR 

INTERHOLDING, S.L.

Mac Holfam 

International, S.L. (MCH)

Mac Holfam 

International, S.L. (MCH)

abril/10

Gestair, S.A.

BUSINESS JET

Gestair, S.A.

Sky Service Aviation, S.L.

BUSINESS JET

Sky Service Aviation, S.L.

Corporación 

Ygnus Air, S.A.

COMMERCIAL 

AVIATION

Corporación 

Ygnus Air, S.A.

COMMERCIAL 

Audeli, S.A.

COMMERCIAL AVIATION

Audeli, S.A.

Europarts 

Aviation, S.L.

LOGISTICS

Europarts 

Aviation, S.L.

Jetplan Consulting 

Aronaútico, S.L.

CONSULTING

Jetplan Consulting 

Aronaútico, S.L.

Corjet Maintenance 

Europe , S.L.

BUSINESS JET 

MAINTENANCE

Corjet Maintenance 

Europe , S.L.

BUSINESS JET 

Escola de Aviaçao 

Aerocondor, S.A.

FLIGHT SCHOOL IN 

PORTUGAL

Escola de Aviaçao 

Aerocondor, S.A.

FLIGHT SCHOOL IN 

American Flyers 

España, S.L.

FLIGHT SCHOOL

American Flyers 

España, S.L.

One Way Alliance, SL

(OWA) (OWA)

Gestair Corporación 

Empresarial, S.A.

Gestair Corporación 

Empresarial, S.A.

Maintenance Aviation 

Support, S.A. (MAS)

AVIONICS

Maintenance Aviation 

Support, S.A. (MAS)

Anthra Europea, S.L. Anthra Europea, S.L.

EFEP European Flyers, S.L.

FLIGHT SCHOOL HOLDING

EFEP European Flyers, S.L.

Aeroanthra 

Hispanolusa, SL

Aeroanthra 

99.90%

99.99%

27%

99.9%

99.99%

 100%

99.9%

50.0%

100%

99.99%

70.39%

93.22%

0.005%

51.00%

6.78%

70.39%

100%

29.60%

0.10% 99.90%

Nemex 

Consulting, S.L.

Nemex 

Consulting, S.L.

38%

Gestair, S.A., 3 joint venture at 

50% with Assistair, S.L. in Girona, 

Ibiza & Barcelona Airports.

HANDLING

Gestair, S.A., 3 joint venture at 

50% with Assistair, S.L. in Girona, 

Ibiza & Barcelona Airports.

50.0%

Excelair, S.A. Excelair, S.A.

50.00%

Isbeal Inversiones, S.L.

NONAERONAUTICAL

Isbeal Inversiones, S.L.

Levacci Obras y 

Construcciones, S.L.

NONAERONAUTICAL

Levacci Obras y 

Construcciones, S.L.

 99.99%

 99.99%

0,005%

European Aviation 

College (Adventia)

European Aviation 

College (Adventia)

0.77%

0.005%


OPERATING LICENCE

The General Directorate of Civil Aviation, in accordance to the Regulation (CEE) no 2407/92 of July 23rd,

regarding to operating licenses to airlines and according to its competencies by the Order of The Ministry

of Public Works and Transports of December 29, 1992, establish the rules for the granting and

maintaining of such licenses, considers that

The REGIONAL LINEAS AEREAS, S.A. Company with registered office at C/Agüetol, 7 - 1o - 28042 Madrid.

Is it in compliance with all legal requirements stated in the aforementioned regulation.

Has therefore issued this operating license being the holder authorized to operate air transport activities

by remuneration or lease in the aforementioned conditions in accordance to the Declaration of

Competence Certificate, as well as in the following:

1.- Authorized Traffic: Commercial air passenger traffic, freight and/or mail for the operation of:

 A) Air Commercial Services, according to the Regulation (CEE) no 2408/92 of July 23, and by the Order

of The Ministry of Public Works and Transports of December 29, 1992, by regulating the intra-community

air service authorization and registration of its rates.

 B) Other Air Services that The General Directorate of Civil Aviation expressly authorize the license

holder, according to the Law 48/1960 of July 21 on Air Navigation and its additional regulations. 

2.- Type(s) of Aircraft(s): those included in the Air Operations Certificate (AOC) corresponding to this

operating license, provided that the aircrafts are duly registered in favor of the company in the Spanish

Civil Aviation Register, or has been expressly authorized by The General Directorate of civil Aviation to be

operated by the company.

3.- Term: this license will remain in force for a period of ONE YEAR, from the date stated, except it has

been previously revoked, modified or suspended, and will be renewed at the end of this term. It ́s

validity will be conditioned at all the times to the possession of the Air Operating Certificate in effect,

and the compliance with all previous conditions, as well as the following regulations:

 - Regulation (CEE) no 2407/92 of July 23, on granting licenses to airlines.

 - Order of The Ministry of Public Works and Transports of December 29, 1992, by which is established

the rules for the granting and maintaining of operating license to airlines.

 - If applicable, to the Law 48/1960 of July 21, on Air Navigation and its additional regulations.

 - Notifications, instructions and decrees issued by The General Directorate of civil Aviation in the

exercise of its authority.

In Madrid, 14th of December 1995

The General Directorate of Civil Aviation

OPERATING LICENCE

(RENEWAL)

The General Directorate of Civil Aviation, in accordance with the Regulation (CEE) no 2407/92 of July 23,

regarding operating licenses to airlines, and the Ordiance of The Ministry of Development of March 12,

1998, that establishes the rules for the granting and maintaining of such licenses, considers that the

company CORPORACIÓN YGNUS AIR, S.A. is eligible to continue to operate air transport.

Therefore, it is resolved to renew, on the same conditions and for a period of FIVE YEARS, from the date

stated, December 15, 2006, the operating license with reference A20/95, granted to the mentioned

holder by the decision of The General Directorate dated 14 December 1995, to perform commercial air

transportation of cargo and/or mail.

In Madrid, 30th of November 2006



Corporación Ygnus Air, S.A.

BALANCE DE SITUACIÓN AL 31 DE DICIEMBRE DE 2008

ACTIVO

Notes de la

Memoria Euros

ACTIVO NO CORRIENTE 27.583.415

Inmovilizado intangible Nota 5 747.207

Aplicaciones informéticas 747.207

Inmovilizado materia! Nota 6 19.778.585

Aeronaves y otro inmovilizado materia! 19.778.585

Inversiones en empresas del grupo y asociadas a largo plazo Nota 8.2 6.950.908

lnstrumentos de patrimonio 6.950.908

lnversiones financieras a largo plazo Nota 8.1 106.715

Otros activos financieros 106.715

ACTIVO CORRIENTE 6.852.046

Activos no corrientes mantenidos para la vanta

Existencias 299.369

Comerciales 299.369

Deudores comerciales y otras cuentas a cobrar 2.484.206

Clientes por ventas y prestaciones de servicios 1.460.196

Clientes, empresas del grupo y asociadas Nota 15.2 1.024.010

Inversiones en empresas del grupo y asociadas a corto plazo 3.912.900

Creditos a empresas Nota 15.2 3.912.900

Inversiones financieras a corto plazo 312

Otros activos financieros 312

Periodificaciones a corto plazo 142.593

Efectivo y otros activos liquidos eguívalentes 12.666

Tesoreria 12.666

TOTAL AC1 IVO 34.435.461

PASIVO

Notas de la

Memoria Euros

PATRIMONIO NETO 11.228.447

FONDOS PROPIOSCapital 1,350.000

Capital escriturado Nota 9 1.350.000

Prima de emisión Nota 9,2 108,423

Reservas 8.802.456

Legal y estatutarias Nota 9.1 270.000

Otras reservas 8.532.456

Resultado del ejercicio 967.568

PASIVO NO CORRIENTE 4.602.665

Deudas a largo plazo Nota 11.1 4.601.048

Deudas con entidades de credito 4 601.048

Pasivos por impuesto diferido 1.617

PASIVO CORRIENTE 18.604.349

Deudas a corto plazo 7.296.871

Deudas cori entidades de crédito Nota 11.2 7.281.489

Otros pasivos financieros 15.382

Deudas con empresas del grupo y asociadas a corto plazo Nota 15.2 7.587.120

Acreedores comerciales y otras cuentas a pagar 3.720.358

Proveedores, empresas del grupo y asociadas Nota 15.2 94.266

Acreedores varìos 3.334.578

Pasivos por impuesto corriente Nota 12.1 98.995

Personal 45.384

Otras deudas con las Administraciones Públicas Nota 12.1 147.135

TOTAL PATRIMONIO NETO Y PASIVO 34.435.461

Las Notes 1 e 18 clescritas anta Memori a adjunta forman parte integrante del balance de sduación al 31 de diciembre de 2008
Corporación Ygnus Air, SA.

CLIENTA DE PERDIDAS Y GANANCIAS DEL EJERCICIO 2008

Notas de la

Memoria Eu ros

OPERACIONES CONTINLIADAS

I mporle veto de la Cifra de negocios Nota 14.1 22.197.70e

Ventas 22.197.706

Aprovisi ona mientos Nota 14.2 (419.405)

Consumo de mercaderias (292)

Consumo de materias primea y otras matenas consurn bles (419 113)

Otros ingresos de explotacidn 143

rrgresas accesories y otros de gestión coniante 143

Gastos de personal Nota 14_3 (4.076.399)

Suerdos. selarios y asimilado& ;3.499.363)

Cargas socialas (577.030)

Otros gastos de expfotacidn (13-660.882)

San,

 iGiO s exteriores Nota 14.4 (13.429.087)

Tribulas (34.636)

Otros gastos de gestión coniante (197.109)

AmortizaciOn dei inmovilizado (2.995.274)

RESULTADO DE EXPLOTACION 1.045.869

Ingresos financieros Nota 14.5 306.547

Do valore& nogociabies y otros instrumento& financieros

- En ernpresas del grippo y asociadas 306.547

Gastos financieros Nota 14.5 (1.342.193)

Por deudas Coli empresas del grupo y asociadas (150.475)

Por deudas Con terceros (1.191.716)

DIferencias de cambio Nota 13 1.430.032

RESULTADO FINANCIERO 394.386

RESULTADO ANTES DE IMPUESTOS 1.440.275

I mpuestos sobre bereficlos Nota 12.1 (472.707)

RESULTADO DEL EJERCICIO 967.568

Las Notar 1 a 18 descntas en ia Memoria adiunta torman parla integrante de la cuenta de perdidas y ganancias correspondiente al ejercicto 2008
ACTIVO Euros PATRIMONIO NETO Y PASIVO Euros

ACTIVO NO CORRIENTE 26.273.336,69 PATRIMONIO NETO 4.943.254,70

Inmovilizado intangible 12.071,23 FONDOS PROPIOSPatentes, licencias, marcas y similares ,00 Capital 1.350.000,00

Aplicaciones informáticas 12.071,23 Prima de emisión 108.422,58

Inmovilizado material 23.258.882,77 Reservas 10.025.393,81

Terrenos y Construcciones ,00 Reserva Legal 269.999,97

Instalaciones técnicas y otro inmovilizado material 23.258.882,77 Otras reservas 9.755.393,84

Inmovilizado en curos y anticipos ,00 Resultados negativos de ejercicios anteriores ,00

Inversiones en empresas de grupo (,00) Resultado del ejercicio (6.540.561,69)

Instrumentos de patrimonio (,00)

Créditos a sociedades ,00 PASIVO NO CORRIENTE 22.532.450,23

Inversiones financieras a largo plazo 106.659,97

Depositos y fianzas a largo plazo ,00 Provisiones de fondos a largo plazo ,00

Otros activos financieros 106.659,97

Activos por impuesto diferido 2.895.722,72 Deudas a largo plazo 22.531.479,99

Acreedores por arrendamiento financiero ,00

Otras deudas con entidades de crédito 22.528.939,99

CORPORACION YGNUS AIR, S.A.

BALANCES DE SITUACIÓN AL 31 DE DICIEMBRE DE 2009

Otras deudas con entidades de crédito 22.528.939,99

ACTIVO CORRIENTE 24.228.794,05 Otras deudas 2.540,00

Existencias 322.788,22 Pasivos por impuesto diferido 970,24

Deudores comerciales y otras cuentas a cobrar 3.786.616,16 PASIVO CORRIENTE 23.026.425,81

Clientes por ventas y prestaciones de servicios 3.650.167,62

Deudores, empresas del grupo y asociadas 85.888,55 Deudas a corto plazo 8.419.770,53

Personal 13.032,00 Deudas con entidades de crédito 8.419.770,53

Otros deudores 1.162,93 Acreedores por arrendamiento financiero ,00

Otros créditos con las Administraciones Públicas 36.365,06 Fianzas y depositos a corto plazo ,00

Accionistas, socios desemb exigidos ,00 Deudas con empresas del grupo y asociadas a corto plazo 2.622.795,46

Inversiones en empresas del grupo a corto plazo 10.668.564,49 Acreedores comerciales y otras cuentas a pagar 11.983.859,82

Creditos a empresas del grupo 10.668.564,49 Acreedores varios 10.973.092,38

Inversiones financieras a corto plazo 9.000.692,20 Acreedores empresas de grupo 234.546,12

Otros activos financieros 9.000.692,20 Personal 491.101,36

Periodificaciones a corto plazo ,00 Otras deudas con las Administraciones Públicas 285.119,96

Efectivo y otros activos líquidos equivalentes 450.132,98 Anticipos ,00

Tesorería ,00

Bancos 450.132,98 Periodificaciones a corto plazo

TOTAL ACTIVO 50.502.130,74 TOTAL PATRIMONIO NETO Y PASIVO 50.502.130,74
OPERACIONES CONTINUADAS

Importe neto de la cifra de negocios 39.329.101,80

Prestaciones de Servicios 39.329.101,80

Aprovisionamientos (5.065.939,52)

Consumo de mercaderías ,00

Trabajos realizados por otras empresas (5.065.939,52)

Gastos de personal (6.862.484,00)

Sueldos, salarios y asimilados (5.975.085,82)

Cargas sociales (887.398,18)

Otros gastos de explotación (27.569.385,85)

Servicios exteriores (25.530.140,80)

Tributos (58.100,36)

Pérdidas, deterioro y variación de provisiones por operaciones comerciales (1.956.919,39)

Otros gastos de gestión corriente (24.225,30)

Amortización del inmovilizado (7.181.768,51)

RESULTADO DE EXPLOTACIÓN (7.350.476,08)

CORPORACION YGNUS AIR, S.A.

CUENTAS DE PÉRDIDAS Y GANANCIAS DEL EJERCICIO 2009

RESULTADO DE EXPLOTACIÓN (7.350.476,08)

Ingresos financieros 733.567,42

De participaciones en instrumentos de patrimonio de empresas del grupo 733.567,42

Gastos financieros (2.709.396,66)

Por deudas con empresas del grupo (959.998,41)

Por deudas con terceros (1.749.398,25)

Diferencias de cambio (38.919,02)

RESULTADO FINANCIERO (2.014.748,26)

RESULTADO ANTES DE IMPUESTOS (9.365.224,34)

Impuestos sobre beneficios 2.824.662,65

RESULTADO DEL EJERCICIO (6.540.561,69)
CORPORACION YGNUS AIR, S.A.

BALANCES DE SITUACIÓN AL 30 DE JUNIO DE 2010

ACTIVO Euros PATRIMONIO NETO Y PASIVO Euros

ACTIVO NO CORRIENTE 24.638.003,28 PATRIMONIO NETO 7.770.137,53

Inmovilizado intangible 18.094,80 FONDOS PROPIOSPatentes, licencias, marcas y similares ,00 Capital 3.000.000,00

Aplicaciones informáticas 18.094,80 Prima de emisión 108.422,58

Inmovilizado material 21.656.932,13 Reservas 3.484.833,16

Terrenos y Construcciones ,00 Reserva Legal 269.999,97

Instalaciones técnicas y otro inmovilizado material 21.656.932,13 Otras reservas 3.214.833,19

Inmovilizado en curos y anticipos ,00 Resultados negativos de ejercicios anteriores ,00

Inversiones en empresas de grupo (,00) Resultado del ejercicio 1.176.881,79

Instrumentos de patrimonio (,00)

C érditos a sociedades ,00 PASIVO NO CORRIENTE 23.835.694,83 S O O CO 23 83 694 83

Inversiones financieras a largo plazo 67.253,63

Depositos y fianzas a largo plazo ,00 Provisiones de fondos a largo plazo (,00)

Otros activos financieros 67.253,63

Activos por impuesto diferido 2.895.722,72 Deudas a largo plazo 23.834.724,59

Acreedores por arrendamiento financiero ,00

Otras deudas con entidades de crédito Otras deudas con entidades de crédito 23 084 170 55 23.084.170,55

ACTIVO CORRIENTE 18.400.359,63 Otras deudas 750.554,04

Existencias 377.531,22 Pasivos por impuesto diferido 970,24

Deudores comerciales y otras cuentas a cobrar 4.029.430,43 PASIVO CORRIENTE 11.432.530,55

Clientes por ventas y prestaciones de servicios 3.561.191,53

Deudores, empresas del grupo y asociadas 93.106,02 Deudas a corto plazo 2.532.860,54

Personal 21.666,10 21.666,10 Deudas con entidades de crédito Deudas con entidades de crédito 2.532.860,54 2.532.860,54

Otros deudores 7.453,52 Acreedores por arrendamiento financiero ,00

Otros créditos con las Administraciones Públicas 346.013,26 Fianzas y depositos a corto plazo ,00

Accionistas, socios desemb exigidos ,00 Deudas con empresas del grupo y asociadas a corto plazo 1.765.065,19

Inversiones en empresas del grupo a corto plazo 12.939.777,14 Acreedores comerciales y otras cuentas a pagar 7.134.604,81

Creditos a empresas del grupo 12.939.777,14 Acreedores varios 6.491.123,70

Inversiones financieras a corto Inversiones financieras a corto plazo 692,02 Acreedores Acreedores empresas degrupo 99.151,99 99.151,99

Otros activos financieros 692,02 Personal 464.544,13

Periodificaciones a corto plazo ,00 Otras deudas con las Administraciones Públicas 79.784,99

Efectivo y otros activos líquidos equivalentes 1.052.928,82 Anticipos ,00

Tesorería ,00

Bancos 1.052.928,82 Periodificaciones a corto plazo

TOTAL ACTIVO 43.038.362,91 TOTAL PATRIMONIO , NETO Y PASIVO 43.038.362,91
CORPORACION YGNUS AIR, S.A.

CUENTAS DE PÉRDIDAS Y GANANCIAS DEL EJERCICIO 2010

OPERACIONES CONTINUADAS

Importe neto de la cifra de negocios 8.859.848,43

Prestaciones de Servicios 8.859.848,43

Aprovisionamientos (1.728.597,76)

Consumo de mercaderías ,00

Trabajos realizados por otras empresas (1.728.597,76)

Gastos de personal (1.371.414,81)

Sueldos, salarios y asimilados (1.125.279,45)

Cargas sociales (246.135,36)

Otros gastos de explotación (2.428.731,00)

Servicios exteriores (2 386 8 8 ) (2.386.857,84)

Tributos (30.642,42)

Pérdidas, deterioro y variación de provisiones por operaciones comerciales ,00

Otros gastos de gestión corriente (11.230,74)

Amortización del inmovilizado (1.655.006,66)

RESULTADO DE EXPLOTACIÓN RESULTADO DE EXPLOTACIÓN 1 676 098 21 1.676.098,21

Ingresos financieros 221.163,92

De participaciones en instrumentos de patrimonio de empresas del grupo 221.163,92

Gastos financieros (648.264,15)

Por deudas con empresas del grupo 486.631,44

Por deudas con terceros Por deudas con terceros (1.134.895,59) (1.134.895,59)

Diferencias de cambio (72.116,19)

RESULTADO FINANCIERO (499.216,42)

RESULTADO ANTES DE IMPUESTOS 1.176.881,79

Impuestos sobre beneficios ,00

RESULTADO DEL EJERCICIO 1.176.881,79