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At the same time, he emphasized that if necessary, the company would be ready to resume flights with all 25 aircraft currently in airBaltic’s fleet, provided by the company’s team of more than 1,000 people.
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Gauss reiterated that, overall, airBaltic’s financial reserves are still declining by around € 3.5 million each week, due to the fact that each aircraft should be seen as a “production facility”.
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“The catalog price of one of our Airbus A220-300 aircraft is about 75 million euros. We pay a monthly lease fee to use these aircraft. One of our Airbus aircraft can generate about 20 million euros in revenue per year if we can “airBaltic’s revenue would be almost one billion euros in 2025, but at the moment our technicians are only maintaining most of our” production facilities “because they are currently unable to generate revenue for us,” said the CEO.
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The head of airBaltic explained that in the Covid-19 crisis, the company has adapted the business plan “Destination 2025 CLEAN”, which currently includes the costs of restoring the crisis and profitability.
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Gauss noted that the 250 million euro investments in the share capital made by the Latvian state will be returned to the Latvian state through the sale of shares in the planned initial public offering (IPO) of shares on the stock exchange. The IPO is not only intended to restore the temporary assistance needed in the airBaltic Covid-19 crisis, but it will also strengthen the Latvian capital market, as the airline plans to double its shares on the international stock exchange and the Nasdaq Riga stock exchange.
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The company’s chief executive said the forecasts for the next 12 months still set a number of travel restrictions, and travel is likely to require negative Covid-19 test results, Covid-19 passports or vaccination passports. That’s why airBaltic is working with the International Air Transport Association (IATA) to integrate all these documents into one mobile app, making it easier for passengers to travel in the coming months.
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It has already been reported that airBaltic carried a total of 1.34 million passengers last year, which is 73% less than in 2019, including 285,100 passengers in February last year.
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The Latvian state owns 96.14% of the voting rights in the capital of airBaltic, but the financial investor, Danish businessman Lars Tussen, owns Aircraft Leasing 1 – 3.86%.
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