Good morning. I would like to welcome you to Novatura's meeting with investors. I'm Emilia, an Account Manager at 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 and A session. With that said, I am pleased to introduce today's presenters: CEO, Audrone Kinite and the CFO, Thomas Tashkounas.
Mrs. Kinite, please, the floor is yours.
Good morning, dear investors and members of financial community. It is a pleasure for me to be here today and to present the results of Novatoras Group of the first half of the year of twenty twenty one. Together with me, there is our Financial Director, Thomas Kacchunas, who will also assist me in the Q and A session at the end of the presentation. So to start with, we will look at the key financial indicators and also review the most important and significant events that happened in the first half of the year of twenty twenty one. But before that, I would like to have a very quick and short review of the business environment in 2021, specifically of the first half of the year.
So first of all, in the Baltics, during the Q1, we had very strict lockdowns. And therefore, let's see, the business activity, the travel business activity could not generate such capacities as usually because of very strict regulations, including traveling and let's say movement between the countries. However, starting from the Q2, the vaccination process is gradually started in all three markets and they have gained a more significant speed during May June. And therefore, it definitely has changed, let's say, the possibility to do travel business activity and the travel restrictions have started to be eased. And finally, at least in European Union, there has been accepted standards, let's say, travel regulation between the countries, which definitely made this kind of business environment much more acceptable and easier for the tour operators and other businesses of the tourism industry.
Novaturas Group has started the flight operation in Plory during the, let's say, the hardest lockdown. And in certain markets in the Baltics, we were the first ones to start the flight operation as a tour operator and offer traveling possibilities to our clients. And this has proved to be a very, I would say, very good decisions. We have put our leadership position and this allowed also us to achieve very positive results on the Q1 and the second quarter as well. So talking about the results, during the first half of the year of 2021, we have reached €29,000,000 of revenue.
The turnover was not and is still lower, much lower compared to 2019 due to the factors that I have mentioned, because the Q1 still was a lockdown period in the Baltics with very limited possibility to travel. The second factor is that even though from April the situation has started to be changing, however, it was a very gradual progress on all those objective factors that define our possibilities to do our let's say, to do our business activity. However, compared to 2020, the revenue is by 24% higher. So again, 2020 was, I would say, very uncomparable year. In 2020, the Q1 was still pre pandemic, even though the pandemic has started in the beginning of March, at least the first, let's say, signs of pandemic.
And of course, it affected the Q1 results, but the most important is that the Q2 of 2020 was with no activity at all due to very strict lockdown and, let's say, completely closed borders, we were not able to generate any revenue from our business. Therefore, let's see, the first half of the year of twenty twenty one, during this period, we report this increase compared to 2020. Now talking about our profitability results, we are very, I would say, proud and proud to see that our and to be able to present such results that are close to 2019. So during the Q1 of 2021, we have reached €1,800,000 of EBITDA, while even in 2019, which was pre pandemic year and it was successful and very good, let's say, market condition. So in 2019, first half of the year, we achieved EUR 1,700,000 of EBITDA.
So in 2021, we have managed to achieve to even 5% higher EBITDA than 2019, which was pre pandemic year. Of course, 2020 was already the pandemic environment and pandemic context. So it was €800,000 In talking about the net profits, again, we have very positive indicators and very positive results. We have achieved SEK1.1 million of net profit this year during the first half of the year. While even in 2019, we had much lower net profit, it was €473,000 So we have an increase of 130 percent.
This is mainly due to the financial activity that was done in 2019, like hedging policy and so on, which was not the case in 2021. And well, in 2020, the net loss was €2,200,000 So definitely, if we look into the results of the first half of the year and considering that still the, let's say, pandemic situation is not over and the whole world is fighting with the virus spread, we are out to announce such positive results. The reasons why we managed even with lower revenue to achieve to such positive profitability ratios is, I would say, apart from the objective factors such as vaccination processes, which has started in the Q2 in the Baltics, apart from, let's say, the regulations which have also been much more balanced than last year and apart from the fact that the market is recovering, the travel market is recovering due to the fact that people have not been traveling for a long time and there is a huge thirst for travel. But there are also certain important factors which helped us to achieve such results and those factors are related with the actions and decisions taken within the management and ports of Novartis Group.
So it was very clear strategy to remain very active in the markets during pandemic, to work very actively and proactively with our clients and our partners and to be ready for the recovery of the markets this year and of course to aim to come back to the, let's say, business activity or size and capacity of the business activity of pre pandemic years as soon as possible. So we have strengthened, I would say, leadership position in the markets and also in the destinations. So in the markets, we have been very active working with our distribution channels, with our clients, and we are working and settling the, let's say, a strong background for the future. As well, we have been working very actively with our partners on the destinations to, let's say, to cope with the crisis and also to ensure that we have the best commercial conditions for the future. Then we have very carefully managed our capacity.
We were close, I would say, on a daily basis, monitoring the markets and increasing the capacities in order to again to be the leader on the markets and of course controlling it very, very accurately. Then of course we continued with the cost control, with the strict cost control and this continues for the future months and years. Additionally, we have been working actively with the processes and we have been aiming to increase the efficiency to improve the process and so on. So therefore, the results are such and then we will discuss them more, let's see, in details in the next slides. Now talking about the significant events that happened in the first half of the year of 2021, I would need just the highlights.
So first of all, the financial facts, the investment for issued warrants emissions as a regional Vatura's group. Though recently, just a couple of days ago, we have redeemed half of the convertible bonds and the value of EUR 2,500,000. So this investment has, of course, in general, helped us to ensure companies, let's say, positive liquid situation in whatever scenario, also it helped us to strengthen our positions in the markets, in the destinations to develop also our distribution channels, namely e commerce. And we would this investment that's, let's say, was done Diva. So it has proved also to be very, how to say, very positive decision of Lithuanian government and also by redeeming half of the convertible bonds, we have proved that we are very, let's say, financially healthy and very much prepared for the recovery of the markets of the global market in the Baltics.
As well, during the first half of the year, the smallest TIC size has been applied to Novatura's shares and this also should affect positively the liquidity of Novatura's shares in the capital markets. Further, during all the pandemic, let's say, situation, not only this, I would say it is a continuous process, but especially the pandemic situation has speeded up certain optimization processes in the organizational structure of Novo Turas Group. So we have made some changes in the management of Novotra's Latvnia subsidiary, considering the fact that a lot of functions are being centralized and the head office in Lithuania. So we have continued our optimization process and centralization of certain functions in Lithuania by changing the management structure in Latvia. This has been done previously in Estonia and proved to be very right decision.
It brought us very positive results in terms of, let's see, our market position, in terms of our, let's see, functional control and also in terms of the, let's say, personnel administration and costs control. So therefore, the same change has also been done in June month in the Latvian subsidiary, whereas the sales persons, sales head of sales would remain as the office administrator, but the main management would be done from Lithuania. Finally, as well during the second the first half of the year of 2021, we have also opened the sales to summer 'twenty two. We have opened the main destinations such as Turkey, Greece and Bulgaria. And we were the 1st ones on the market to open those destinations in summer 2022 in general in the market.
And this also allows us to program the future more and to gain the clientele already for the next year, which we expect to be positive for the travel markets. Of course, nobody can forecast the pandemic situation, let's see how it will evolve. But we already see that the market recovery, even though with lower capacity than, let's say, 2019. But it is very sudden and people would be very much stagnant in 2022 if the pandemic situation would be controlled. So having possibility to book 2022 holidays now with the most attractive conditions to our clients is a very, I would say, attractive option to the market and also it helps us to be the 1st ones on the market and already to have the sales for the future.
And apart of this, of course, I have to say that we are already selling and our winter 2021, 2022 is already on sales. I would say that almost all destinations portfolio is already on the sales, except skiing destinations, which will be opened as well pretty much soon. Now talking about the Q2 flight operation. Well, we have entered gradually the summer season. In February March, we have been operating the Tenerife Island flights to Tenerife Island and also to Egypt.
So they continued till end of April. And then in April, we have opened our main destination in Turkey, Antalya. In May 2021, we have opened our flights to Greek islands such as Eskrete, Rodos and Corfu. And in June, finally, we opened the flights to Bulgaria, to Varmana and Burgas and also flights to Montenegro. So let's see, gradually and bit by bit, we entered into the full summer season destinations portfolio, which was during the pre pandemic years.
And I would say that there were I would say that all planned destinations or majority of planned destinations were opened, of course, gradually because the openings in many cases were a little bit suspended due to some uncertain situations still with the regulations, with the requirements for the industry. But finally, it opens and it started let's say, the capacity increase or the demand increase has grown a lot and has been growing progressively for all those destinations. Now talking about the forward looking statement for the Q3 of 2021, due to the still due to the fact that we are still in the pandemic circumstances and also especially considering delta situation, delta virus, let's say, threats, we are still suspending the forecast, financial forecast for the Q3. However, I would like to highlight that we are very much sure that even in the case of, let's say, the 3rd virus wave, the business activity would continue because traveling or let's say the tourism and travel business has proved to be able to adapt to the virus circumstances. So all, let's say, safety measures have been implemented to the maximum, talking about the airports, talking about the airplanes, talking about the resource infrastructure, the hotels on the destinations are fully prepared to serve in such circumstances and to follow all the, let's say, strict most strict health measures that are applicable.
As well, second factor which allows me to see that is that the market and the people already also got used to the pandemic situation and they learned to have, let's say, as much as possible normal life even under those pandemic circumstances. So therefore, the people will be, are willing already and will be willing to travel. 3rd, very important fact that the vaccination processes are continuing in all its world and they will continue. And of course, that vaccination not only decreases the threat of the virus and the consequences of the virus, let's say, but also it gives a much more easier traveling conditions for the people. So considering this, the vaccination processes and very standardized traveling regulations and also the European Union Digital COVID certificates, All this allows us to presume that the travel business would not be closed and we would be able to continue with our business activity hopefully on the planned levels.
Now in general, talking about the 3rd quarters, historically, the Q3 was quite strong because it is the summer season, July August. Furthermore, September historically was extremely, let's say, demanded and therefore we would expect that there would be very high demand for September, of course, unless we have some, let's say, negative effect of the virus spread, which we hope that would be controlled and would allow us to achieve to the numbers planned. We are targeting monthly volumes more than 20,000 tax for the Q3 book wise and also we are targeting positive profitability and EBITDA. Now in terms of the flight operation, we are also increasing our destinations portfolio from September. It was also quite, I would say, a historical practice because from September we have always opened some more exclusive destinations, which might be maybe too much priced or too high priced or let's say less available in the summer season and therefore they were very much demanded in the winter season.
So such destinations like Portugal, Algarve, Madeira, then Spain, Barcelona, Tenerife, then additional Greek islands such as Catalonia, then Italy, Sicily, Calabria, also Malaga in Spain. So a lot of a new let's say, a bulk of interesting, more exclusive, very attractive destinations that would be operated during starting from September. And therefore, if everything goes according to the plan, then those destinations would definitely be operated. Now we are coming to the let's see, to more detailed review of our performance indicators. So here we have the charts which indicates our number of packs sold in revenue in comparison with 2019, 2020.
And as we see that in the Q2 of 2021, we have had 37,100 of passengers, which is still significantly lower compared to 2019 by 60% lower. But again, due to the facts that I have already mentioned that the summer season has started very gradually and quite slow in the destinations and we were increasing the capacities monthly, while in July, we reached, I would say, to the our, I would say, planned capacities and we are having significantly higher increase starting from July. Since the summer season is already well, let's say, developed in all destinations and it's ongoing. Then if we look into the revenue of the Q2, so we have achieved EUR 23,500,000 which is by 56% lower compared to 2019. But of course, if we would compare those numbers to 2020, so as we see that still I mean 2020 was it shows that 2020, the Q2 of 2020 was with no activity at all.
In terms of our product category or sales distribution between the product category, the biggest demand was on the flight package tours. So our traditional package where we have the flights, the hotel and the transfer included into the package. And this shows that, let's say, that the market is coming back to the normal trends. They are going to, let's say, usual summer holidays and they are booking the flight package because on the Q1 during the pandemic, we saw very much, I would say, different trends, which I would call pandemic traveling trends that we had a lot of light only, we had a lot of long stays. Now the long stays are longer, the stay is longer than usual.
It is if usual before people were traveling for 1 week stay now we have quite popular 2 weeks stay, but mainly with the flight package tour. And I would say that in general, maybe after the pandemic, I would say that this time might remain because the flight package tour is on booking a flight package tour to operator, the client can feel much more safe because the tour operator holds and has all the responsibility for the client's holidays. So in the case of anything, the clients the tour operator would take care of the clients. So the pandemic most probably has taught the market a certain lesson, whereas due to this, we see the changes in the sales distribution between the products and product category. As well, during the first twenty twenty one half of the year, we had very or almost normal sightseeing tours, again due to very high restrictions and this is natural.
But we are happy that from the Q3 or from June, we are able also to renew the sightseeing tours as well. And gradually, we hope that we will be able to come back to our previous, let's say, cycling tours program. Now talking about if you look into the sales distribution between the markets, on the chart, upper chart, we have the 2nd quarter figures and on the lower chart, we have half year figures. And as we see that the sales distribution between the markets is maybe continues to be similar to previously. However, LatAm markets during the half first half of the year of 2021 was a bit lower than usual.
Usually, the PAGS number of PAGS or thermal water distribution between the markets was such Lithuania used to have around 50% of the total group capacity, then Estonia used to have around 30% of the group capacity and Latvia around 20%. In the first half of the year of twenty twenty one, Latvia has achieved to 15% of the total, let's say, group capacity share, which was mainly due to the market situation, I would say. The government in Latvia has been, let's say, continuing with more strict regulations than in Lithuania and Estonia. And this, of course, had a strong influence on the market behavior. And due to this, we could not be so active and so maybe aggressive in terms of planning in Latvia.
So during the first half of the year, in Lithuania, we have achieved 24 point 1,000 of declines we have had. Then in Latvia, we had 7,300 of declines. In Estonia, we had 14,700 of the clients. And in total, if you would look and compare the total number of travelers that we have served during the first half of the year, so it is by 48% higher compared to 2020 and it is by 66% lower by 2019. But again, if and I would say that it is reasonable to compare to 2019, I would say that this the gap between the capacity and revenue numbers between 2019 202021 is reducing and is significantly reducing starting from the Q3.
In terms of the top destinations, again, we have the comparison with 2020 2019. So 2020, so the first half of the year, I would say that this it can we cannot we can hardly compare those numbers. So I would pay a special attention to 2021 2019. And as we see that we are coming back to, let's say, usual sales distribution between the destinations. Turkey this year has similar, let's say, sales share as 2019, 36.7%.
Greece has higher sales share because the other destinations are not or have not been operating. And also during this year, during 2021, we have I would say that we had an increased demand for Greek destinations. Greece has also been one of the very few destinations that have been operated in 2020 during the pandemic year and they were very much prepared to serve the clients and also the market was already they knew that Greece was open last year and they got used or they preferred maybe to or felt more confident to come with the destination that was already performing and we had experience with in 2020. Then Egypt, Egypt, due to the fact that in 2020, we had no activity in the Q2. That's why Egypt share in 2020 is such high.
But we see that if we compare 2021 and 2019, then the share is very similar. Bulgaria as well is very similar. The Nerissa Island has a bigger share due to the fact that during the Q1 of this year, there was a very limited, let's say, variety of destinations and then we were increasing capacity to deliver due to high demand. And then no skiing and almost no longer during the 2021. So therefore, the figures are as such.
Basically talking about the destinations, we from 2021, even though with lower capacities, we have, let's say, we have come back to our usual destination portfolio and we are very happy that the destinations which were maybe with less capacity but very unique and very exclusive, We have proven to be very successful this year. And certain destinations such as Montenegro, they have a huge demand, an increased demand and we were even increasing our capacity and the capacity is even higher than any pre pandemic year before. So therefore, let's see the destination portfolio, I would say majority of the destinations are in our portfolio during this year and this shows that the market is recovering, market is looking for travel options and it gives us, let's see, a possibility, an opportunity to offer to the client or to offer the products to different segments of the clients. As well, in terms of the destinations, we continue strengthening our position there. We continue strengthening our operation with the hotels in order to have much better, let's say, commercial conditions and very attractive commercial conditions to our clients and to increase our competitiveness in all destinations and our strategic partners' hotels.
Talking about the distribution, our let's say, sales share in e commerce has increased slightly. During the first half of the year, we had 18.5% of the bookings which reached us during the through the web sales and GDS. And as well, of course, our main sales channel is our travel agencies, whereas during this year we have reached to 70% compared to 70% of the total sales share. And we continue being very active with our distribution channels, with our partners. We are strengthening our cooperation.
We are also managing the financial risks and also considering that, let's say, much I would say that the travel market, tourism sector in general in the Baltic markets has proved and has shown their resistance even during this very huge crisis to the sector. So we continue not only strengthening but also maybe controlling the risks even more than before. The profitability ratios, the profitability ratios are also very positive. Of course, the gross profit is not as high as in 2019. So we had almost like 48% lower gross profits compared to 2019.
We have reached to SEK 5,200,000 during the first half of the year, but the EBITDA and the net profit results are very positive even compared to 2019. So the Q1 result is EUR 1,800,000 of EBITDA, which is higher than 2019 and it is significantly higher by 130 percent than the net profit is significantly higher than by 130% if compared to 2019. So during the first half of the year, we reached €1,100,000 of net profit. On the Q2, let's say, it was €0.9 1,000,000. As I mentioned before in the beginning of my presentation, despite lower capacity, despite lower turnover and despite lower gross profits, we have managed to achieve very good profitability very positive profitability results due to several factors.
And so it was mainly very strong, let's say, and very, I would say, strength in our leadership, very, I would say, great business decisions, strong management of the processes within the company, optimization processes, strict costs control, which continues further. And apart from this, of course, the business environment has been changing also positively if you compare to the previous year. So the vaccination progress, the recovery of the travel market and the fact that the people are willing to travel And of course, the state health measures, which were also valid during the first half of the year in all three Baltic countries. And we have taken all the possibilities to get and to use all the state measures. So all this influenced very positive net the company's results in 2021 first half of the year.
In terms of our, let's say, main performance indicators, the loads, factor, profit, FX and average package to price, there are changes compared to 2019 and I would like to highlight the main ones. So first of all, that's the first during the let's say the 2021 or still during this pandemic, let's say, year, there is a much how to say, there is a probability to have lower load factor because of the fact that we have to if in a case of, let's say, positive COVID case, we give our clients possibility to have a certain insurance that they could change their trip if they have a positive test result before the trip. So this, of course, increases certain risks. And therefore, due to that, during the first half of the year, we have achieved 90% of the load, which is by 7% lower than in pre pandemic year. As well, due to the fact that we started the summer season, we had a lot of, let's say, MDLEX to the destination.
So all this together has influenced this load factor results. But bit by bit, we would be coming back to, let's say, our normal load factor ratios. In terms of the profit CapEx, profit CapEx during the 2021 is higher than 2 years before and last year, of course. And during the Q1, we had significantly higher load factor profit per bag. During the Q2, we had €59,000,000 we achieved €59 per tax, which is still higher than in 2019.
In 2019, during the Q2, we had €37 per tax. And on average, we have EUR77 profit per bag during the 2021 first half of the year compared to EUR 41 per bag during the first half of the year of twenty nineteen. Again, the profit per tax, I would say, was very much it's a reflection of a combination and complex of effective business decisions that has given us these results. Also, another very positive indicator which we record is the packaged tour price which is increasing. It is increasing during the Q2 compared to 2019.
We have €756 net average package tour price compared to €626 in 2019. And if we would compare half of the year, so it is also higher compared to 2019. We have EUR 7.57 average package price during 2021 first half of the year. And in 2019, the same period we had 6.17. So it shows that the clients are choosing more expensive, better products, more quality products that the duration of their holidays is also increasing.
And it gives us a very positive indication of the markets, which allows us to think very positively and to presume that our future months and next year would be very strong because the market economically is strong and additional to that they will be very much willing to travel out of the country. And finally, the operating expenses. So in terms of this, we have also positive figures. So excluding one offs and commission, we have a reduction of 20% on our OpEx compared to 2020 and a quarter percent compared to 2019. I would like to remind as well that last year, starting from March, we have implemented an extremely strict cost saving policy and already 2019 was decreased significantly sorry, 2020, the first half of the year was already decreased significantly compared to 2019.
So finally, even this year, considering the recovery, we have managed to decrease the costs compared to 2020. And this shows, let's say, effective management of the costs and the processes. And if we would compare total operating expenses with the year of 2020, so it's including one offs and commissions, so we have very much similar numbers. And if we compare to 2019, it would be by 58% lower than 2019, the same period. So finally, let's see, considering our or talking about our OpEx, I would like to see that we are we will continue on the efficiency increase and strict cost control.
However, due to the fact that the market has easy recovering and we are aiming to be the most active in the 1st months of the market and we are doing so. So therefore, of course, we have to come back to, let's say, maybe not usual, but higher costs for the future months compared to 2020 because 2020 was the whole year was a crisis here. And of course, at the market, we have to pay much more or not to pay, but to plan a bigger budget for the marketing activities. The personnel overheads, we are how do you see increasing them to the level that we would we still would have very balanced, let's say, costs, but also the best quantity, the biggest activity on the market that would allow us to maintain or to stay the strongest leaders on the Baltic markets. So from my side for today, that's it.
Now Thomas and me will be very happy to answer any questions you might have.
Thank you very much for the presentation. As now we will proceed with the questions. I would like to remind everyone of you that you can send in your questions in the question box of your screen. So let's begin with the first question. Could you please comment on the main reasons for such a decrease in the price of Novatura's shares?
Hello, dear investors and members of financial community. I would comment that we as a company focus on 2 main areas. One area is definitely the company results, company activity, strategy, proper strategy of the company always reflecting current situation on the markets. And we are doing lots of activities to be as efficient as possible and to achieve as high results as we are able in the environment. From a second point of view, we are trying to be very transparent company and we are very much focusing on Investor Relations.
We are trying to be one of the most transparent and reliable companies regarding information, which we are presenting to the investors. And we believe that in the long run, these two main focus areas should allow our investors to have higher return on their investment.
Thank you very much for your answer. Another question is as following. Do you have business in Belarus? And do you have plans on expanding your business abroad? Thank you.
So in terms of the Belarus, because of the obvious reasons, we suspended our sales activity there. I would like to highlight as well that in Belarus, we did not do any kind of, let's say, 2 operating business from there. We did not operate flights. We were mainly focusing on it as a distribution channel. So we were selling our package stores from Lithuania to Belarusians.
But now definitely because of the pandemic and because of the political situation in Belarus, we have suspended it. Also, the company is constantly looking not only on, let's say, increasing its position in the current business scope, but also we are constantly evaluating possibilities to develop further. However, at this stage, I would not be able to comment more details on this.
Thank you very much. Another question that we received is as following. As per your understanding, what could be the potential impact of the 3rd COVID wave on Novatura's business, especially number of customers served, please? Thank
you. Yes. So well, actually because of that, we also did not provide it with the financial forecast for the Q3 because all of us hear and see what's happening worldwide. However, as I have mentioned already during my presentation that's and also the fact that during the most strict lockdown in the Q1, we managed to generate to do business activity and to generate very positive financial results. So because of that, we are very much sure that we will be able to continue with our business even in the case of the 3rd wave.
And what allows us to think so are the following. First of all, the vaccination processes, which whereas, let's say, around 40% or 50% of the society we can expect to be vaccinated and the vaccinated travelers, they can easily travel without any additional regulations between at least the European Union countries. 2nd thing is the standardized travel regulations, which was not the case in the last year. There was a lot of chaos. Now it is very clear what kind of requirements are applied to all countries and it ensures safe traveling because there are tests before and coming back, there are self isolation requirements in the case of you are coming back from the country that has the high, let's say, high epidemiological ratios.
So it has been the European Union has accepted and standardized these regulations for traveling as well the infrastructure adaptation, all resorts in the destinations are completely prepared to serve the customers under such, let's say, circumstances in such environment and this already has been done in 2020. And all those, let's say, factors are kind of a guarantee or ensuring that you can travel safely. So therefore, I'm pretty sure that there would not be such strict regulations and strict lockdown like the first that we had last year where we could not operate any destinations. And since there will be a possibility to operate destinations or at least some of the destinations, we will, of course, do our best to be the ones like usual that offer those destinations to the clients with the most attractive conditions and the market is already willing to travel. The people already got used to this, to the traveling, let's say, traveling conditions during in this context of pandemic.
Thank you very much for your answer. Another question is as following. The company received the second tranche of €10,000,000 bonds investment in May June. However, the company repaid €2,500,000 in July. So what is the reason behind such early repayment?
Any plans to repay more in the near future, please?
So the company negotiated with Vivo Fund regarding this investment from the end of year 2020 till the first to February of 2021. Of course, during those negotiations, we were thinking about the worst possible scenarios. And the €10,000,000 investment was taken thinking about very negative scenario of not being able to open in 2021. But as you can see, the company has been able to increase operational activity during 2021 first half. Each month is significantly improving in volumes.
And also companies generating very positive margins. And so there is no such high need of additional cash cushion currently. And that's why the decision was to repay €25,000,000 already in July. And regarding further repayments, the company will decide later on. And if a decision will be made, it will be properly announced to their financial comments.
Thank you very much for your answer. We have received one more question, which is as following. Apart from having 1st mover advantage due to opening of holidays destinations, are there other reasons for such high profit margins compared to 2019, please?
So I will comment on this question. So yes, I would say that the very important factor was already mentioned in the question. We were the 1st ones to open the destinations in the winter season and then even though the competition followed in April with certain summer destinations still, let's say, we were the 1st ones to open the other destinations as well, such as Greece, Bulgaria and so on. So I would say that the factor that we were first ones plus certain destinations maybe due to our position in the market, we are able to offer many more destinations than the others. So this gives us also to have, let's say, possibility maybe to have less competition on certain destinations.
I would say exclusive or demand of exclusive destinations that we have such as Montenegro and certain destinations we will open in September, this also might be the factor of this profit per tax. And finally, I would also like to say that we are working very much actively with our suppliers and we are constantly continuously reducing the net costs. And this of course is a very important factor for the profit per packs. We are due to the, let's say, very dynamic situation on the destinations, the hotels are also continuously reviewing the prices and we are doing this on the daily basis and taking the biggest advantage from wherever we can in order to be able to offer our clients the most attractive commercial conditions and also to increase our profitability and to improve our company's result, which is very much needed especially after the crisis. Also the state aid measures which helped us to decrease, let's say, our which helped us or contributed to our company's results.
So I would say those main factors.
Thank you very much. And it seems we have the last question for you today, which is as following. What is the situation with the lawsuit against GetJet Airlines? What is the claim amount for the company and the significant sums should be disclosed for investors? Thank you.
Okay. So I would comment on this question. So the lawsuit is ongoing. And unfortunately, at this stage, we are not able to indicate any kind of details because still there are let's say, the result or the continuation of the lawsuit, it has many scenarios. So therefore, at this stage, we are not able to name any details.
Thank you very much for your answers. It seems that all the questions were answered. On behalf of Nasdaq Vilnius, thank you, everyone. It was our pleasure being with you today. Recording of the presentation will be available in the Nasdaq Baltic YouTube channel.
Your management, thank you for the presentation and a very interesting Q and A session. Have a good day, everyone. Goodbye.
Thank you.