Good morning. Dear listeners, welcome to Novaturas meeting with investors. I'm Emilija from Nasdaq Vilnius, and I'm delighted to be the moderator for today's event. We will start with a presentation from the management which will be followed by the Q&A session. As always, I encourage every one of you to ask questions during or after the presentation in the question box of your screen. With that said, I'm pleased to introduce today's presenters, the new CEO of the company, Vitalij Rakovski, and the CFO, Tomas Korganas. Dear guests, please, the floor is yours, and good luck.
Thanks a lot. Hello to all the participants, and thank you very much for joining this webinar where we will discuss the Novaturas Group Financial Results of Year 2021. My name is Vitalij Rakovski. As was already said, I am the new CEO. I joined the company quite recently, only two weeks ago so it is my very early pleasure to deliver to you this presentation. Maybe very shortly about myself for those who maybe have not seen the news or have not read them. I have a professional background of almost 35 years in various sectors, in advisory, utilities, food retail where I served in various managerial positions also being a board member and chairman of the board in various companies. Very shortly about myself.
Also maybe to all our investors and maybe even potential investors, if you wish to meet in person so, you have our investor relations contacts. Please email us and we will be happy to arrange if needed. Now I will jump straightforward to the results of year 2021. I will say that the conclusion for the year 2021 would be that it was the year of recovery, not only for Novaturas Group but for the whole tourism sector. To put this conclusion into the numbers, Novaturas reached in year 2021 sales of EUR 110 million. We served more than 170,000 clients.
It both allowed us to generate a positive EBITDA of EUR 2.6 million versus year 2020 when it was negative. Our net profit was also positive of EUR 1.3 million. To put these numbers into the profitability context, EBITDA profitability was almost 2.5%, and net profit profitability was slightly more than 1%. As you see, all numbers are with a clear recovery signs and all are green. If to go deeper into the performance, I will start with revenue. Our revenue versus 2020 increased almost 2.5 x. Quite considerable recovery, I would say. However, maybe a better reference point to compare this result and to interpret this result would be the year 2019, which is a pre-pandemic year.
The revenue gap versus 2019 is roughly - 40%. However, in order to better understand the recovery trend, we need to look at our interim performance during the quarters. Basically, to give you a picture or understanding of how the recovery went for the year. In the first half of the year, our revenue gap versus 2019 was roughly - 65%. Meanwhile, in the second half of the year, this gap was only - 15%. Basically, they're indeed significant recovery was happening in the second half of the year. There were even some months where this gap was even lower than - 15%.
What helped Novaturas to come back and I think to come back quite strongly. First thing, I think is that Novaturas launched one of the first tour operators, relaunched certain destinations which were available for our clients in a pre-pandemic levels in the pre-pandemic period. Also those destinations were safe destinations. This was the first reason. Secondly, company very well adapted to changing client habits by introducing certain protection products or services we can call them, which helped our clients to have a higher assurance or safety for traveling. Such services like COVID pause or Self-isolation pause were introduced. Also, our clients have an opportunity to have a flexible schedule option when planning their traveling.
All those additional services also helped to recover. Last but not least, I would say is that the reliability of Novaturas as a tour operator also helped a lot, especially in the period of time when there was a very big uncertainty in the market. As probably part of you know, in Lithuanian market, one of the biggest travel agencies got bankrupt. It was also a sign for customers. This reliability component indeed played an important role. I think that going forward, it would continue. About our EBITDA performance, not only good sales recovery helped to generate positive EBITDA but also a very good cost control. Cost control program started already in year 2020. As a good habit, let's put it like this, it continued in year 2021. To put this reason or conclusion into the numbers.
Our general and administrative expenses. This is basically all operating expenses excluding commissions and all the costs related to our own sales channel were approximately EUR 2 million. Meanwhile, in 2019, it was some more than EUR 4 million. As you see, the difference is some -55%. Meanwhile, the sales gap as I said before, is only -40%. As a percentage from sales, our general admin costs were only 1.8%. When in 2019, it was 2.4% from sales. What was also significant in year 2021 is that in the second half of the year, company managed to decrease its financial liabilities which as you probably know, went up in year 2020 when there was a need for additional funding to help the operations.
Basically, as the performance in 2021 was getting gradually better and better, Novaturas saw an opportunity to repay partially their financial liabilities. To put it into the context, in the beginning of the year, Novaturas borrowed roughly EUR 10 million of funds in bonds format from state rescue fund. However, in the second half of the year, half of that amount was repaid. It was done without any additional restrictions for the business which is also very good. Also, it helped to reduce our financing expenses which went up quite significantly during the pandemic. Okay. That's probably the main highlights for year 2021. Now I will jump to year 2022. Probably majority of you are interested in what to expect in this year.
Here I would say that at this point of time today, we will not be giving any financial guideline for full year 2022. However, we want to give this guideline a bit later within the year. We expect it to happen. We expect to have it at some point of time in the beginning of second quarter. For now, we think that we can say a few directions or a few hints of where and how company will be moving. Maybe first thing even not written in this bullet points but which is important is that this positive trend and positive tendency which we saw in the second half of the year especially in the end of the year, we believe would continue. Of course, it is subject to pandemic situation.
That's one of the reasons why we want to a bit later give our guideline for the year, as we believe that in some few months the certainty on how the pandemic would go would be much clearer versus now. Also, what we want to achieve and where we want to direct in year 2022 is that we want to maintain leadership position in the market in terms of planned capacities. It's already proven by the fact that our skiing of the program is relaunched with full speed and with wide selection. We are basically, probably I should say, back to pre-pandemic levels. Secondly, we are gradually piece by piece returning our long-haul holiday destinations and also having quite huge capacities in our mainstream destinations. This position is, I would say, probably our direction is driven by few facts.
One, that we believe that there would be quite high demand for summer holidays. We want to be prepared. Secondly, as there is quite a competition in the market, we also want to be competitive going forward. So attention to the digitalization of the services. We will be improving our customer experience through our web page but also working on some initiatives which are, let's say, not seen to the clients but within the company on various automations and improvements within the processes of the company. Thirdly, we want to further be adaptive and flexible and very well to understand our customer behaviour which we did, I think, well in the year 2021.
We want to be also adaptive going forward and think about additional services or needs from our clients. Fourth is that we would be thinking and developing various considerations on shifting from let's say, [Train Vanilla] holiday package sales to creating wider customer experience. This would be probably it about the end of year 2022. Now I will jump to some deeper observations by various segments of the business. First view is our breakdown of products. Here I would say that there were no big changes in terms of product mix. Our flight package tours are remaining the main product for the company. It consists of almost 90%.
Indeed, percentages between the last three years a bit changed but I would say it's temporary. Sightseeing tours by buses, by planes are not yet fully recovered. However, we believe that going forward they would. The product mix would be very close to historical levels. Going forward into the performance by the markets, here I would say there are two important messages. First, is that we see a very strong and the strongest recovery in our Estonian market, where we are indeed having a very good market position. I think the fourth quarter very well represents the recovery of Estonian market. As you see, our clients served in the fourth quarter in Estonia were not like close to 2019 levels but already at 2019 levels.
We served almost 16,000 clients. Which is very good. The second message is regarding our Latvian market. There the recovery is not as it is in Lithuania and Estonia. The gap in passengers is even if to look on the full year, is - 50%. It was influenced by not our performance, I would say, but overall market situation. Probably you know that the restrictions there related with pandemic were tough which basically forced our clients not to start traveling again. They were a bit more cautious in terms of traveling. However, we believe that if situation would improve in general then the Latvian market should recover as well.
In terms of top destinations and our main destinations, here I would say that we are back to the almost back to pre-pandemic destination split. Our main market, main destination remains Turkey. On the pre-pandemic levels, from total sales, it was 38%. Meanwhile, last year it's 37%, so as you see it's very similar. Let's say top three locations, they are always the same and they're not changing. No big changes here. Turkey, Greece and Egypt. In total, they are almost 80% of our destinations. If we look at our sales distribution channels, here I would say that good news is that our web sales are improving and it's almost 20% from total sales.
In the previous years, it was something above 16%, so quite substantial increase. Also it is supported by, in general, increasing number of our unique visitors. In 2021, in all Baltic states, the unique visitors were something 2.6 million also quite high number. Our own retail channel, it is quite stable. It's not changing. Proportion-wise, it's around 11%. Our main distribution channel is travel agencies and... This proportion was going down slightly, from 72% to 69%. However, it still remains our main distribution channel. Let's jump to the efficiency and productivity ratios. Here, you can see our load factor and profit per passenger. About the load factor. For the full year, it's 92%.
It's maybe not as good as it could be versus historical numbers. However, during every quarter, it was getting better. As you see in the last quarter, it was 94%. I would say everything what is 95% + is already a good result. On pre-pandemic levels, we generated even 97% load factor. Going forward, we would aim to have historical pre-pandemic load factor levels. Our profit per pax for the full year was around EUR 40 and again is very close to pre-pandemic levels. Last quarter, due to the seasonality, is of course higher, around EUR 60, mainly seasonality reasons. However, what we saw in 2021 and 2020 is that our average tour price was increasing.
There are maybe, I would say, three reasons behind that. First, is that our clients are willing to have longer durations for traveling. Second, is that clients are willing to choose more expensive hotels. Thirdly, maybe it's more specific for year 2021, is that for quite a period of time during year 2021, it was mandatory to have COVID tests which were also included in, into the price. So it also inflated our average tour price. All those three reasons combined are increasing the average tour price, which is almost EUR 100+ . That's it probably about the efficiency and productivity ratios and overall. Here I would probably stop and give the floor and time for questions.
Thank you very much for the presentation. Now we will proceed with the questions. Before that, I would like to remind all of the attendees that you can submit your questions in the question box of your screen. Let's proceed. The first question would be as following, ''When the company will start paying dividends again?'' Could you please comment on that?
Yes, that's a very good question. Maybe to put it in the context first. For this kind of business, I think the dividend payments are needed for sure. As I already saw, 2021 is a recovery year. We hope that in 2022 it will continue. In the, let's say, upcoming board discussions, we would definitely touch this question and we will consider. Probably at this point, I would answer like that.
Thank you very much. Another attendee says, "Thank you for the presentation. Could you please list three main topics in your agenda as a new CEO to improve the profitability of the company and return it to historical levels?'' Thank you.
That's a very good question. Thanks for asking. At this moment, I would say that it's a bit early. Two weeks, give me more time but definitely we will come with that view and as I said with certain guidelines but maybe not only with guidelines but with some strategic directions for how to move further the business. It would probably touch not only profitability of the company but much wider directions and topics.
Thank you very much. ''Could you please comment on what is your midterm target for the profit per pax figure?'' Thank you.
Again, good question. I don't want to say, you know, any big numbers but looking on historical numbers, I think historical numbers are very good indicators. That would be the answer.
Thank you very much. As we're still waiting for some questions, let's have a moment. Meanwhile, I would like to remind all of the attendees, please do not hesitate to send in your questions in the question box of your screen. ''Could you please comment on how much Ukraine-Russia conflict affects Novaturas company?''
Well, at the moment it's hard to evaluate. Of course, if this conflict develops towards not good direction there would be implications. Probably there would be implications for the whole economy and on top of that, for tourism sector as well. We need to monitor the situation and be prepared and have an action plan on how to adjust if such situation happens. It's one of the risks which we should manage, and we know this risk.
Thank you very much for your comment. We have a few more questions coming in. The following question would be, ''When we can expect to get a strategic plans guidance and is it several months period or rather mid-year or even later?'' Thank you.
Yeah, I would say mid-year or even later. This is my current opinion.
The next question would be as following. Is it a good time for a company to expand in local and neighborhood countries and are there any plans regarding this?
Well, probably with expansion you can't say whether it's a good or bad time. It depends whether you are prepared or not. Again, all questions are good, but maybe it's too early for me to share thoughts on that with only two weeks within the business. I would say that the various expansion possibilities in the long term should be in our agenda. The question is, how we'll be prepared and how we want to do that and what are the opportunities in the market. It's very early now to say whether there are opportunities and what are the opportunities and how we're gonna approach those opportunities.
Thank you very much for your comment. Okay. It seems that we are done with all of the questions. Once again, on behalf of Novaturas and Nasdaq Vilnius, thank you, everyone. It was our pleasure being with you today. The recording of the presentation as always, will be available in the Nasdaq Baltic YouTube channel. If you would have any questions or inquiries, please do not hesitate to contact the company directly. Thank you, dear presenters and dear attendees. Have a good day, everyone, and goodbye.
Thank you. Bye.