Estonian Air holds Annual General Meeting, July / 2008

The shareholders approved the Annual Accounts of AS Estonian Air, according to which the company earned in 2007 a loss of 52m Estonian kroons (3.3m EUR) at a turnover of 1,380.9m kroons (88.2m EUR) (the result in 2006 was a loss of 58.8m kroons (3.8m EUR)).

The turnover of AS Estonian Air increased by 7% compared to 2006. Mainly owing to the non-recurrent investment into implementing a new aircraft type as well as development costs of new markets, the net result of Estonian Air in 2007 was a loss. In addition, the result was strongly influenced by the negative trend of constantly decreasing number of tourists visiting Estonia.

In the Annual General Meeting the Minister of Economy and Communications Juhan Parts recalled member of the Supervisory Council of AS Estonian Air, Jaan Männik, in connection with his recent appointment to the position of the Chairman of the Supervisory Board of Eesti Pank. Heldur Meerits was appointed new member of the Supervisory Council of AS Estonian Air.

Estonian Air, Estonia’s national carrier, is offering non-stop flights from the Estonian capital, Tallinn throughout Europe: Barcelona, Brussels, Copenhagen, Dublin, Dubrovnik, Frankfurt, Hamburg, Helsinki, Kiev, London, Milan, Minsk, Moscow, Munich, Oslo, Paris, Rome, Simferopol, Stockholm, Vienna and Vilnius – altogether to 21 destinations, and from Kuressaare to Stockholm.

Estonian Air is also operating charter flights to Egypt, France, Greece, Italy, Iceland, Portugal, Tunisia, as well as to other holiday areas.

Estonian Air carried 745 600 passengers in 2007.

Estonian Air is owned by SAS Group, the State of Estonia and the Estonian investment bank Cresco.

Source: AS Estonian Air

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