At the May 25, 2017 annual general meeting of shareholders of OÜ Transpordi Varahaldus (TVH) Kadri Simson, Estonian Minister of Economic Affairs and Infrastructure, approved the state company’s first annual report, which indicates the Company’s turnover for the 2015–2016 accounting year as 3,177 million euros and the net profit as 3,092 million euros.
TVH’s first commercial profit was 1,908 million euros and financial income 1,184 million euros. The first annual report of the Company in the state’s sole ownership was audited by AS Deloitte Audit Eesti.
“The source of the financial income was the value increase of the repair reserve resulting from strengthening of the dollar against the euro,” explained TVH Board Member Ergo Blumfeldt.
Blumfeldt added that the Company commenced its economic activity by acquiring from Export Development Canada, a Canadian export agency, a loan agreement and related collateral for three CRJ900 type aircraft. In August 2016 TVH acquired another CRJ900 aircraft. The long-term lessee of all TVH’s aircraft is Estonia’s national airline AS Nordic Aviation Group (Nordica).
Blumfeldt says that this financial year TVH is planning to acquire and rent out two additional Bombardier CRJ900 type aircraft and so as to finance the transaction has issued 25 million euros worth of bonds subscribed for by AS LHV Pank and funds administered by LHV. In the 2017 financial year TVH is aiming for a turnover of approximately 7 million euros.