On April 22nd, 2022 the annual general meeting of shareholders of OÜ Transpordi Varahaldus (TVH) – the Minister of Economic Affairs and Infrastructure Taavi Aas, as the representative of the sole shareholder – the Republic of Estonia, approved the company’s annual report for the financial year 2021, recording a turnover of 9.056 million euros and a net profit of 2.711 million euros.

According to Minister Taavi Aas, starting from spring 2020 global aviation has gone through the severest crisis in history; however, TVH’s business plan has weathered the tough times well. Aas recognised that the company has in good time taken necessary measures and implemented changes restoring the profitability of its business.

Ergo Blumfeldt, member of the management board, explained that 2021 was a very busy year: the company’s bonds worth 23 million euros were redeemed and refinanced with a loan from LHV Pank; two vintage General Electric aircraft engines were acquired; company’s long-term investment plan was updated and the terms of all lease agreements were adjusted to the changed market situation. Blumfeldt asserted that at the end of the past financial year the negative impact of the COVID pandemic on global aviation started to ease and this was also reflected in an increase in the use of TVH’s aircraft as well as associated earnings.

TVH was established in 2015 by its sole shareholder the Republic of Estonia with an aim of operating as an investment company that finances and manages investments into fixed assets in the field of transport. TVH owns and rents out a total of seven Bombardier CRJ900NG-type passenger aircraft. The long-term lessee of the aircraft is AS Nordic Aviation Group (Nordica) whose subsidiary Regional Jet OÜ (Xfly) provides ACMI services to European airlines such as SAS, Nordica, etc.