The company has already reported net losses of €8.2 million for the first half of this year.

Nordic Aviation Group's (NAG) consolidated financial results for the first half of 2024 also show revenues totaling approximately €43.2 million.

For comparison, NAG reported net losses of €7.6 million for the first half of 2023 and revenues of €54.9 million over that same period.

As of the end of June this year, The group's total assets amounted to €63.2 million at the end of this June, €13 million down on the same time in 2023.

Shareholder equity stood at €4.8 million, down from €23.7 million in 2023.

As noted Nordica still has not submitted the previous fiscal year's financial report, a report which companies are required to file within six months of their fiscal year-end.

For Nordica, the fiscal year ended December 31, 2023, hence the report being due by the end of June.

What is known is that Nordica incurred a loss of €11.9 million during the first nine months of 2023, and its revenues grew to €85.5 million during that time.

Nordica's shares belong to the Ministry of Climate, whose spokesperson, Martin-Erich Torjus, told ERR that Nordica itself will be commenting on the delay in submitting the report.

At the beginning of August, Nordica's sustainability manager, Nataly Dubbelman, expressed regret over the delays and said that the company is working with the auditors to finalize the report, which they expect to submit by the end of this month.

Due to the delay, the Commercial Register issued a penalty warning to Nordica on July 7, 2024, then set a new deadline of August 6 for the report's submission. After that deadline was missed, another penalty notice was issued, on August 13.

Companies late with their financial reports are marked in red text by the Commercial Register. However, the red mark next to Nordica's name disappeared last week, despite the report still being missing.

Heilika Kutsch, Head of Public Relations at the Center of Registers and Information Systems (RIK), said that supervisory proceedings into Nordica are ongoing. She said that there had been a technical issue late last week affecting the e-Business Register portal, which caused the submission status of some companies to be displayed incorrectly.

This issue was reportedly resolved by 10:30 a.m. on Monday.

Nordica operates aircraft owned by the state-owned concern Transpordi Varahaldus.

In early July, Transpordi Varahaldus announced its financial results for the preceding fiscal year, reporting a loss of €10 million, largely the result of asset write-downs caused by Nordica's financial difficulties.

The climate ministry at the start of this year unsuccessfully tried to privatize Nordica.

Back in 2022, the airline reported a profit of €1.5 million on revenues of €90.6 million.

Nordica's subsidiaries include Regional Jet, operating under the Xfly brand, and Nordic Aviation Advisory. These subsidiaries have also yet to submit their financial reports for the previous year.

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