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International Internet Magazine. Baltic States news & analytics Saturday, 18.08.2018, 14:53

airBaltic's expenses on the management up 14.5% in 2017

BC, Riga, 14.05.2018.Print version
Latvia's airBaltic national carrier spent EUR 3.078 million on the salaries of its supervisory and management board members in 2017, which was 14.5 percent more than in 2016, informs LETA, according to the company's financial report.

Members of the airBaltic management board received EUR 2.299 million in total for their work in 2017, while their social security contributions totaled EUR 542,000.


Members of the airBaltic supervisory board, meanwhile, were paid EUR 192,000 last year, while their social security contributions came to EUR 45,000.


The airline's total staff costs rose 19.1 percent year-on-year to EUR 49.908 million in 2017.


Last year, the airline employed an average of 1,369 people, up 9 percent from a year before.


As reported, the annual salary of airBaltic CEO Martin Gauss rose to EUR 1.16 million in 2017. The income of airBaltic management board members Vitolds Jakovlevs and Martin Sedlacky grew as well last year.


In 2017, Jakovlevs received EUR 459,818 as the company's CFO and Sedkacky EUR 679,021 as the airline's COO.


As reported, the Latvian state currently owns an 80 percent stake in airBaltic, and a 20 percent stake in the airline belongs to Aircraft Leasing 1, which last year was taken over by Danish businessman Lars Thuesen.


In 2017, airBaltic earned EUR 4.6 million in net profit which is by EUR 3.4 million more compared to the previous year. The company’s turnover grew nearly 22 percent to EUR 347.7 million in 2017.






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