Finnair Group Financial Statements Bulletin 2014 Finnair

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Feb 11, 2015 at 2:45 AM

Finnair Group Financial Statements Bulletin 2014

Finnair Plc. Financial Statement Release 11 February 2015 at 09:30 EET Unit revenue turned to growth in Q4 – The full-year operational result was -36.5 million euros (11.9). October–December 2014 · Revenue declined by 1.4% year-on-year to 552.7 million euros (560.6). · The operational result was -9.3 million euros (-21.1). · Net cash flow from operating activities stood at -15.7 million euros (14.0), and cash flow from investments totalled -111.9 million euros (121.7). · Unit cost per available seat kilometre excluding fuel (CASK excl. fuel) decreased by 1.1% year-on-year. · Unit revenue per available seat kilometre (RASK) increased by 2.8% year-on -year. January–December 2014 · Revenue declined by 4.8% year-on-year to 2,284.5 million euros (2,400.3). · The operational result was -36.5 million euros (11.9). · Net cash flow from operating activities stood at 24.2 million euros (142.4), and cash flow from investments totalled 14.4 million euros (-19.3). · Unit cost per available seat kilometre excluding fuel (CASK excl. fuel) decreased by 1.1% year-on-year. · Unit revenue per available seat kilometre (RASK) fell by 2.2% year-on-year. · The Board of Directors proposes to the Annual General Meeting that no dividend is paid for 2014. CEO Pekka Vauramo: “In 2014, we were successful in developing our operations and overhauling our cost structure, but due to a substantial decrease in revenue, our result showed a loss. Our revenue declined by 4.8 per cent and our operational result was -36.5 million euros. The decline in revenue was mainly attributable to a decrease in unit revenue in passenger and cargo traffic, the contraction of the sales of package tour operator Aurinkomatkat Suntours, and the loss of external revenue resulting from the restructuring of aviation services. On a positive note, our unit revenue turned to growth in the fourth quarter for the first time since the first quarter of 2013. Moreover, the decrease in costs outpaced the decline in revenue in October–December. The fourth-quarter operational result improved year-on-year but nevertheless showed a loss of 9.3 million euros. In order for Finnair’s profitability to improve, it is essential to increase unit revenue and continue to maintain tight costs control. I am pleased with the significant steps forward we took in 2014. We not only achieved our cost reduction target of 200 million euros, but exceeded it by approximately 17 million euros by the end of the year. The savings agreements we concluded with various employee groups will continue to provide us with important additional cost savings gradually, starting from the first quarter of 2015. I am particularly pleased that the outcome of the negotiations enables us to continue to develop our operations together with our employees. In this regard, we are well positioned to seek growth. The year 2015 is a new beginning for Finnair: we will seek revenue growth through product upgrades introduced in recent months, as well as ancillary revenue, and we will be the first European airline to introduce to service the new Airbus A350 XWB aircraft in our long-haul traffic starting from October 2015.” Outlook The demand outlook for passenger and cargo traffic in Finnair’s main markets still involves uncertainty. Finnair estimates that in 2015 its capacity measured in Available Seat Kilometres will grow by approximately 3 per cent and that its revenue will remain at the 2014 level. Finnair further estimates that, in 2015, its unit costs excluding fuel will decrease from 2014 level. The lower price of jet fuel and the full impact from the completed savings program are supporting the financial performance of Finnair in 2015. Financial reporting Finnair’s interim report for 1 January – 31 March 2015 will be published on Thursday 7 May 2015. This is a summary of Finnair's Financial Statements Bulletin 2014. The Finnair Group Financial Statements Bulletin 2014 is attached to this release in pdf format and is also available on the company’s website at www.finnairgroup.com. FINNAIR PLC Board of Directors Briefings Finnair will hold a press conference on 11 February 2015 at 11:00 a.m. and an analyst briefing at 12:30 p.m. at its office at Tietotie 9. An English-language telephone conference for analysts will begin at 3:00 p.m. Finnish time. The conference may be attended by dialling your local access number +358 800 770 306 and using the PIN code 255856# For further information, please contact: Chief Financial Officer Erno Hilden, tel. +358 9 818 8550, erno.hilden@finnair.com Financial Communications and Investor Relations Director Mari Reponen, tel. +358 9 818 4054, mari.reponen@finnair.com IRO Kati Kaksonen, tel. +358 9 818 2780, kati.kaksonen@finnair.com, FINNAIR PLC Further information: Finnair communications, 358 9 818 4020, comms(a)finnair.com Distribution: NASDAQ OMX Helsinki Principal media

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