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  Shareholders Annual General Meeting:

Estonian Air’s Financial Result for 2008
Annual General Meeting of Estonian Air was held monday June 29th 2009 in the Estonian Ministry of Economy and Communications, approved the last year Annual Accounts of Estonian Air.

The consolidated sales revenue of Estonian Air in 2008 was 1,456.3m EEK, y-o-y growth by 6%. The financial result of Estonian Air for 2008 was a loss of 170.5m EEK. As a comparison, in 2007 the result was a loss of 52m EEK.

- The year 2008 was an extremely complicated one for commercial aviation both globally as well as in Estonia. The general negative trends affected greatly the activities of Estonian Air during the entire financial year,“ says Andrus Aljas, President and CEO of Estonian Air.

- Result of the first half-year was strongly influenced by the fuel price hike pushing up the operating cost; in the second half-year a significant factor was the sudden drop in demand, triggered by problems in the economic environment – a trend that will continue in 2009 and even in 2010,“continues Aljas.

- The last year economic result does not make the shareholders glad but in spite of the tough economic environment and fast changes at the market the Supervisory Council is expecting better results from Estonian Air, which are to be achieved by realising a cost-cutting plan and widening the revenue basis. The company is going to reopen direct flights to Amstersdam and Berlin, in addition opening flights between Tallinn and St. Petersburg and regular route between Tartu and Stockholm are on the pipeline,“ said Olev Schults, Chairman of the Supervisory Board of Estonian Air.

The activities of the Management Board of Estonian Air have mainly been directed to minimising the effects from aforementioned negative trends and restructuring the company with the goal of securing the sustainability even in the fast-decreasing revenue market conditions.

Despite the capacity optimisation and reduction of direct routes, Estonian Air has maintained its clear leading position at Tallinn Airport with the market share above 40%, and offered direct air service to 22 destinations.

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