At the annual general meeting of shareholders of OÜ Transpordi Varahaldus (TVH) held on 30 May 2017, Mrs Kadri Simson, Estonian Minister of Economic Affairs and Infrastructure, approved the state-owned company’s second annual report, which indicates the company’s turnover for the 2017 accounting year as 6,707 million euros and the net profit as 2,908 million euros. TVH’s operating profit was 3,694 million euros.

TVH Board Member Ergo Blumfeldt explained that TVH has been developing according to the approved business plan as an investment company in the transport sector with lower than average risks and a conservative capital structure. He added that the most important event of the 2017 financial year was the acquisition and lease of two additional Bombardier CRJ900 type aircraft. He explained that TVH issued 25 million euros worth of bonds subscribed by AS LHV Pank and funds administered by LHV to finance the transaction.

TVH owns and leases six Bombardier CRJ900NG-type passenger jet aircraft. The long-term lessee of TVH’s aircraft is Estonia’s national airline AS Nordic Aviation Group (Nordica). In the 2018 financial year, TVH is aiming for a turnover of approximately 7.8 million euros.


Further information and questions:

Ergo Blumfeldt

Member of the Management Board

OÜ Transpordi Varahaldus

+372 513 82 77