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2021 was a year of a rapid recovery for the tour operator “Novaturas”: the lifting of travel restrictions revived the market. Changes implemented during the pandemic allowed the company to make the most of its growth opportunities.
In 2021 the company has earned EUR 1.3 million net profit while in 2020 the group has experienced net loss of EUR 5.7 million. In addition, the group's EBITDA reached EUR 2.6 million last year compared to a loss of EUR 3.1 million in 2020. In 2021, the tour operator served more than 176 thousand customers, the group's revenues exceeded 110 million euros which is almost 3 times more than in 2020.
“In 2021 we have taken a leading role in the market by being the first to open safe holiday destinations and have gradually increased our flight programs, accelerating vaccination processes and the EU digital COVID-19 certificate – all of these factors led us to profitable 2021. And although the number of travelers served and the revenues generated in 2021 still differs quite significantly compared to the results of 2019 (41% and 39% respectively), starting from the second half of the year we have started approaching the pre-pandemic number of travelers," says Vitalij Rakovski, CEO of “Novaturas” group.
"Last year showed a stable and gradual growth of operations. Due to the pandemic, we have resumed operations only in February with very limited supply. And already in April, with the start of the summer season, we were able to offer almost all the holiday destinations that we had before the pandemic. Looking at the overall results for 2021 – as of February, the company showed a stable climb in every quarter," the CEO continues.
The third quarter of 2021 clearly showed that the tourism market is gradually returning to planning holiday in advance, with last-minute sales declining in the market. The return of the planning in advance itself is a good trend, allowing tour operators to plan their activities more efficiently. Therefore “Novaturas” group have opened sales of the 2022 summer holidays to the most popular summer holiday destinations back in June and in November introduced all markets with the entire summer 2022 holiday season with more than 20 holiday destinations portfolio.
Ski resorts are back on track
In 2021, after more than a year break, the skiing holiday season has not only returned to the market but also exceeds 2019-2020 winter season program by 62%. This year the main focus is to the most popular skiing resorts in Italian and French Alps, maximizing the selection of both resorts and hotels. The market has responded positively to the return of the ski season, even though the safety requirements of the EU and the resorts themselves are constantly changing.
Prestigious long-distance exotic trips have also returned. Even though some of the most popular exotic countries have not yet opened to international travelers or still impose strict restrictions on them, the tour operator started since November started offering flights to Cuba, Mexico, Mauritius, Seychelles, Thailand, Zanzibar. “Novaturas” plans for 2022 - to return to the pre-pandemic destination available levels.
Reducing the financial liabilities
In February 2021, “Novaturas” have agreed with the State Investment Management Agency on 10 million euros investment in company bonds for a period of six years. The investments in ordinary and convertible bonds have reached the company in May and June, respectively. The group has redeemed the entire EUR 5 million worth emission of convertible bonds before the terms agreed without any additional restrictions.
The company have allocated the first part of the investment worth EUR 5 million received for ordinary bonds to its strategic priorities - development of relations with partners abroad, strengthening company's positions in holiday destinations and improvement of the e-commerce system.
Financial results of 12M 2021:
|12M 2021||12M 2020||12M 2019|
|Revenue||110 127||32 894||179 723|
|Gross profit||13 399||3 595||21 884|
|EBITDA||2 600||-3 123||4 263|
|Net profit||1 272||-5 750||4 214