Estonian Air’s shareholders approved the Financial Result for 2010

Estonian Air’s shareholders approved the Annual Accounts of the company, where the consolidated sales revenue of Estonian Air in 2010 was 1,065.5 mln kroons (in 2009, 978.4 million kroons)

Estonian Air earned a loss of 40,9 mln kroons from its economic activities in 2010.

Despite many unforeseen events (Iceland ash cloud, bankruptcy of Top Tours) was Estonian Air able to finish 2010 with the lowest loss in recent years. In the second half of the year main activities were profitable.

As a comparison, the company ended the 2009 financial year with a loss of 69.4 million kroons.

“Last few years have been very challenging in aviation. Global economic recession, natural disasters and high oil price have had a negative impact on financial performance. Considering the challenging environment, Estonian Air results could be seen acceptable. The airline has a stable platform to develop its business and the work has been started to secure the long term sustainability of Estonian Air and air links to and from Estonia,” says Tero Taskila, the CEO and President of Estonian Air.

In 2010 Estonian Air operated regular flights to 21 destinations from Tallinn to Europe, in addition from Kuressaare, Tartu and Pärnu to Stockholm, from Kuressaare to Tallinn, from Vilnius to Amsterdam, Stockholm and Milan, and from Berlin to Hamburg. Estonian Air operated charter flights to 28 destinations.

Estonian Air operated 10,322 flights, which is 2% more y-o-y. In 2010 Estonian Air carried altogether 582,323 passengers, which is 3.5% more y-o-y. The number of passengers on regular flights was 533,004 and on charter flights 49,319.

Estonian Air held a leadership position in Tallinn Airport with the market share of 38.9% in 2010. The share of regular flight passengers was 41.6% and the share of charter flight passengers was 23.6%. Irrespective of the somewhat smaller market share compared to the year before, Estonian Air maintained its secure leader’s position at Tallinn Airport.
The regularity Estonian Air’s flights was 99.2% and 15-minute punctuality was 85.6%.