Cargo airline NGA’s operations will discontinue

Finnair Plc          Stock Exchange Release               8 May 2015      at 4:00 p.m.  EET

The Board of Directors of Finnair's associated company Nordic Global Airlines Ltd (NGA) has decided to discontinue NGA's operations by 31.05.2015. The termination of the operations has no material impact on Finnair's cargo business, or Finnair's financial position.

NGA, focused on cargo freighter operations, was founded in 2011. Since then NGA grew to fly main-deck cargo in four continents with its low-cost and thin-organization model, but with overcapacity in the sector and depressed freight pricing, the cargo airline’s decision to cease operations was unavoidable.

Finnair Cargo Oy owns 40 per cent of the company, and other shareholders are Neff Capital Management LLC, Daken Capital Partners LLC and the Mutual Pension Insurance Company Ilmarinen.

Between 2011 and 2014, Finnair leased freighter capacity from NGA for its mainly Asian cargo traffic. Finnair's belly cargo capacity will increase significantly in the coming years, when new A350 aircraft join Finnair’s fleet. Finnair has decided to focus in future on cargo carried in the cargo holds of passenger aircraft and discontinued separate cargo freighter operations at the end of 2014.

Further information:
Finnair communications, tel. +358 9 818 4020, comms(a)finnair.com

Distribution:
Nasdaq Helsinki
Principal media

About Us

Finnair is specialised in flying between Europe and Asia via Helsinki. Finnair's strategy is based on the growing markets in Asia, the fastest connections between Europe and Asia, high-quality service, and cost-efficient, punctual operations. Founded in 1923, Finnair is one of the world's oldest continuously operating airlines. It is a member of oneworld, the leading airline alliance for quality-conscious business travelers.

Subscribe