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Finnair Group reports losses in 2011, losses to continue into 1H2012

10-Feb-2012 1:22 PM

Finnair Group revenue up 12% - financial highlights:

  • Three months ended 31-Dec-2011:
    • Revenue: EUR577.4 million, +11.7% year-on-year;
    • Operating costs: EUR613.4 million, +15.8%;
      • Fuel: EUR146.4 million, +37.3%;
      • Labour: EUR117.8 million, +3.3%;
    • Operating profit (loss): (EUR30.1 million), compared to a loss of EUR4.7 million in p-c-p;
    • Net profit (loss): (EUR32.6 million), compared to a loss of EUR5.7 million in p-c-p;
    • Passenger numbers: 1.9 million, +15.2%;
    • Passenger load factor: 71.2%, -2.3 ppts;
    • Revenue per ASK: EUR 6.1 cents, -4.5%;
    • Yield: EUR 7.44 cents, +1.2%;
    • Cost per ASK: EUR 6.7 cents, -2.3%;
    • Cost per ASK excl fuel: EUR 4.9 cents, -7.0%;
    • Cargo volume: 38,031 tonnes, +12.8%;
    • Cargo yield: EUR 26 cents, -0.8%;
  • 12 months ended 31-Dec-2011:
    • Revenue: EUR2258 million, +11.6%;
    • Operating costs: EUR2336 million, +13.9%;
      • Fuel: EUR555.2 million, +28.6%;
      • Labour: EUR455.4 million, +3.8%;
    • Operating profit (loss): (ERU87.8 million), compared to a loss of EUR13.3 million in p-c-p;
    • Net profit (loss): (EUR87.5 million), compared to a loss of EUR22.8 million in p-c-p;
    • Passenger numbers: 8.0 million, +12.2%;
    • Passenger load factor: 73.3%, -3.2 ppts;
    • Revenue per ASK: EUR6.0 cents, -3.1%;
    • Yield: EUR 7.24 cents, +1.8%;
    • Cost per ASK: EUR 6.4 cents, -2.7%;
    • Cost per ASK excl fuel: EUR 4.7 cents, -6.1%;
    • Cargo volume: 145,883 tonnes, +18.5%;
    • Cargo yield: EUR 27 cents, +3.1%;
    • Total asset: EUR2357 million, -2.3%;
    • Cash and cash equivalents: EUR49.5 million, +19.3%;
    • Total liabilities: EUR1605 million, +3.0%;
  • 2012 forecast:

Finnair Group: “The continuing uncertainty in the world economy, the seasonal fluctuation in demand as well as continued high price of fuel are reflected in the operational result of first half of the year, which is estimated to be clearly loss making. Finnair’s fuel costs are estimated to be significantly higher in 2012 compared to the previous year due to increased capacity and high price of fuel. Cost reductions of EUR80 million out of the total target of EUR140 million are estimated to be achieved by the end of 2012. The realisation of the cost reductions will mainly take place during the second half of the year,” Source: Company Statement, 09-Feb-2012.