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Estonian Air: number of transit passengers up by 75%

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I happened to be looking at their annual report the other day, and it'll make you either laugh or cry:
http://estonian-air.ee/public/Annual_Reports/Annual_Report_2011_eng.pdf

Some highlights:
1. Page 8 (Key Figures). The company hasn't made a profit in any of the last 5 years. Also note the write-off of 1.3mln EUR for a Boeing engine repair. Did they not have insurance?

2. The great load factor of 67.2% touted in the article is not much different from their yearly average last year of 66.0% (page 9)

3. Page 25. The Estonian government has dumped 30mln EUR into Estonian Air in the last year. That's roughly equal to the last 4 years of losses combined. So is the taxpayer indirectly funding EA's losses? They now own 97% of EA's shares.

4. Page 34, note 5. EA set up a Special Purpose Vehicle (the same structure popular with Enron) in the Cayman Islands for purposes of acquiring the CRJ planes, and then the SPV leases them to EA. My guess is that EA's finances were so bad (too many liabilities) that they couldn't purchase the planes directly. So they set up an SPV with just the planes as assets and no liabilities. Notice EA's debt/equity ratio (page 8) went from 54% to 176% in one year. Reply to the comment answer
~ameeriklane [09.05.2012, 15:20]
In a profoundly disappointing world, at least there's ameeriklane providing us with information that is most accurate essential.
~knut albers [09.05.2012, 19:00]
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More informations,what has "nothing to do" with all of this?
Scientists discovered that the packice in the Antarctis will not melt only 5 meters per year anymore, it melts now 50 meters per year. We will run into very good times. Reply to the comment answer
~scheileke [10.05.2012, 07:58]
rate it
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