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Saturday 22.10.2016 | Name days: Irīda, Īrisa

Latvian airBaltic airline to sign a contract with the new investor in January

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUThe investor agreement with the new airBaltic investor Ralf Dieter Montag-Girmes will be signed in January, as airBaltic prefers to close all matters related to its Bombardier CS300 order before signing.

Martin Gauss, Chief Executive Officer of airBaltic: «We have achieved remarkable results for airBaltic in the past few years, and, with the new investment we can now focus on our expansion and consolidation in the Baltic region. The new equity will be used for investing into new aircraft rather than leasing them and thus giving airBaltic an advantage on the cost side, a vital element for our Horizon 2021 business plan.»

As previously reported, the government has approved Mr. Montag-Girmes as the airBaltic investor. He committed to invest EUR 52 million in the airline.

It was also previously reported that in response to Ventbunkers’ earlier announcement regarding the readiness to invest in airBaltic, the first talks between the two companies were held on Thursday, 17 December.

During talks, both sides agreed to consider different cooperation models and come back to talks later. No specific investment amounts were discussed during the first talk with airBaltic, as reported by Ventbunkers.

«I am happy that Ventbunkers’ offer was heard by airBaltic. We have offered them an alternative option to help airBaltic consider and pick the most beneficial investor offer,» – comments Ventbunkers board member Edgars Ciniņš.

Explaining Ventbunkers’ interest in airBaltic, Ciniņš said that this decision was previously discussed in detail by the company’s shareholders. It was not made spontaneously. In order to avoid creating a potential scandal regarding Ventbunkers’ possible investments in airBaltic, the management decided not to announce it too early. However, the hand was forced by the collapse of the ruling government in Latvia.

«Since the country is currently ruled by a political mess, we have decided to voice our offer and extend a helping hand and financial resources to assist airBaltic with its development. Aviation is highly valued around the world, and we view it as a business perspective. Nevertheless, it is not the main reason why we have decided to make this offer. We do not want to get involved in this industry at any cost. We are prepared to consider different cooperation options, including investment into airBaltic in parallel to the contribution of the German investor as long as our efforts help airBaltic develop and grow in the future,» – he explained.

Ventbunkers’ audited results for 2014 show that even in spite of the tense situation in Latvia’s transit industry, the company has managed to maintain stable positions on the market. The company’s successes are also reflected in financial indexes. In 2014, Ventbunkers’ company turnover reached EUR 54 million. The company’s clean revenue was nearly EUR 17 million, which is one of the largest in Ventbunkers’ history.

That year, Ventbunkers handled a total of 2.4 million tons of oil products. Ventbunkers also paid more than EUR 3.4 million in state, municipal and social taxes. Last year, Ventbunkers was also recognized as the largest taxpayers in Ventspils.

The company also plans to finish 2015 with good financial results. It is also planned to contribute a lot to state and municipal budgets in the form of paid taxes, notes Ventbunkers.


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