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Financial results in line with the budget

March 31, 2022

The company "ToMontenegro" today submitted the Annual Financial Report for 2021, which will be public and available, with all relevant, precise and official data. At the end of the first year, "ToMontenegro" achieved a negative business result in the amount of 4.96 million euros, which is fully in line with the budget and financial projections for 2021. The projected and realized result is logical considering that it is the first year of operation, in which it is necessary to establish the company's infrastructure and invest in fixed assets. In the coming period, we expect additional investments to achieve the planned growth and the strategic goals set by the state. Today, the company is solvent and does not face liquidity, credit or interest risk.

A year ago, when we had not even started flights, we submitted a vision and strategy proposal to the Civil Aviation Agency and the MKI, through the presentation of a three-year plan that was further adapted to unstable conditions and circumstances, and which also included projected results. The achieved results almost completely match those projected for last year, which means that from the very beginning we planned and managed every segment of the business very carefully and in detail. The last few years have been marked by major changes in the global economy, which have particularly affected all European countries. The pandemic that closed the markets, the events in Ukraine, the record rise in fuel prices, which compared to March of last year have increased by as much as 100%, have such an impact that even the larger EU countries are already predicting a crisis. Despite all the global developments, the company "ToMontenegro" showed its willingness to quickly adapt to constant and dynamic changes in the market and managed to achieve results according to defined plans.

"ToMontenegro" is a state-owned company that has a responsibility and, above all, an obligation to the state and citizens to inform us about financial results, in which we have been very transparent from the very start. In addition, we are very open to cooperation and will be happy to accept any proposal that will contribute to the improvement of business, while we consider unconstructive criticism and malicious comments from individuals who had the opportunity to run certain companies, but who have obviously forgotten how they ran the business and with what results, to be inappropriate.

"ToMontenegro" is an important part of the national transport infrastructure, and our goal is a better connection of Montenegro with the main markets, which is why it is necessary that the Government of Montenegro, as the founder, be actively involved and closely monitor the development of the national airline as a strategic partner in further development. We are sure that in the coming years we will continue to grow as a company and build a brand that everyone will be proud of.

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