Finnair Group Interim Report 1 January–30 September 2017

The best quarter in Finnair’s history; comparable operating result has already improved for 12 quarters in a row

July–September 2017

  •  Revenue increased by 14.7% to 735.4 million euros (640.9)*.
  •  Available seat kilometres (ASK) grew by 11.1%.
  •  Comparable operating result was 118.9 million euros (65.7).
  •  Operating result was 122.2 million euros (115.5).
  •  Comparable EBITDAR** was 188.9 million euros (118.3).
  •  Net cash flow from operating activities was 103.6 million euros (59.1), and net cash flow from investing activities was -80.5 million euros (161.5).***
  •  Unit revenue (RASK) increased by 3.3%.
  •  Unit cost (CASK) decreased by 3.5% and unit cost at constant currency excluding fuel increased by 0.2%.
  •  Ancillary and retail revenue per passenger grew by 0.8% to 11.4 euros.
  •  Earnings per share were 0.71 euros (0.66).

January–September 2017

  •  Revenue increased by 10.1% to 1,923.1 million euros (1,746.9)*.
  •  Available seat kilometres (ASK) grew by 6.2%.
  •  Comparable operating result was 147.5 million euros (53.5).
  •  Operating result was 201.3 million euros (98.0) including sales gain on an A350 aircraft.
  •  Comparable EBITDAR** was 342.2 million euros (211.0).
  •  Net cash flow from operating activities was 289.6 million euros (189.2), and net cash flow from investing activities was -71.9 million euros (-234.8).***
  •  Unit revenue (RASK) increased by 3.7%.
  •  Unit cost (CASK) decreased by 1.3% and unit cost at constant currency excluding fuel increased by 1.4%.
  •  The 20-million euro cost-efficiency programme was successfully completed in full by summer.
  •  Ancillary and retail revenue per passenger grew by 5.8% to 12.0 euros.
  •  Earnings per share were 1.12 euros (0.47).

*     Unless otherwise stated, comparisons and figures in parentheses refer to the comparison period, i.e. the same period last year.

**    Comparable operating result + depreciation + lease payments for aircraft.

***  Net cash flow from investing activities in the third quarter, includes 15 million euros of redemptions from money market funds, or divestments and maturities from other financial assets maturing after more than three months. In January–September, these investments decreased in net terms by 110 million euros. These investments are part of the Group’s liquidity management.  

Outlook unchanged

Finnair estimates that in 2017 its capacity will grow approximately 9 per cent, weighted strongly towards the second half of the year. Full-year revenue is expected to grow approximately in line with capacity.

Finnair expects its comparable operating result for 2017 to be in the range of 135-155 million euro (2016: 55 million euro), if current fuel prices and exchange rates prevail and assuming no material changes in business environment.

CEO Pekka Vauramo:

The strong performance in the third quarter is a result of our accelerated growth strategy adopted in the spring of 2016 - well-timed capacity growth and successful network decisions show in the result. Our outstanding and dedicated people tackled the challenges related to rapid growth, and we broke records in the number of passengers, passenger load factors and customer satisfaction. The increase in revenues, nearly 15%, was driven by strong passenger demand. Passenger revenue, ancillary sales, cargo and travel services all grew at double-digit rates. Loads developed well especially in Asian and European traffic, whereas development in domestic flying was weaker than other areas and remains a concern. Our comparable operating result increased to an all-time high at approximately 119 million euros, showing improvement for the 12th quarter in a row.

The first phase in our extensive long-haul fleet renewal was completed towards the end of September, when the eleventh A350 aircraft joined the Finnair fleet. Eight additional A350s will be delivered between 2018 and 2023. I am happy to say that our balance sheet is very strong at this stage of the fleet renewal, and we are very well prepared for future investments. Our cash funds amounted to almost a billion euros at the end of September.

We will continue our growth strategy and target to grow faster than our European peers in the traffic between Asia and Europe. The majority of our Asian customers will continue their journey from Helsinki to our European destinations, but we have also taken heed of the increased interest in Finland and the other Nordic countries, while making efforts to nurture this important market. In the coming winter season, we will increase our offering to Lapland by over a fifth from last winter. Finnair’s future growth and business development will also be backed by about 1,000 new employees and our investments in digital development, which will provide better services and tools for our customers and personnel.

Financial reporting

The publication dates of Finnair’s financial reports in 2018 are as follows:

Financial Statements 2017:                                               16 February 2018

Interim Report 1 January – 31 March 2018:                       25 April 2018 

Interim Report 1 January – 30 June 2018:                          17 July 2018 

Interim Report 1 January – 30 September 2018:                25 October 2018 

Board of Directors


Finnair will hold a result press conference on 25 October 2017 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 and webcast will begin at 2:30 p.m. Finnish time. The conference may be attended by dialling your local access number 09 7479 0361 (Finland), 0200 880 389 (Sweden), 0800 358 6377 (UK) or +44 (0)330 336 9105 (all other countries). The confirmation code is 2226645. To join the live webcast, please register at:  

For further information, please contact:

Chief Financial Officer Pekka Vähähyyppä, tel. +358 9 818 8550, 

Director, Financial Communications Mari Reponen, tel. +358 9 818 2036, 


Further information:
Finnair communications, 358 9 818 4020,

Principal media

Finnair is a network airline specialising in passenger and cargo traffic between Asia and Europe. Helsinki’s geographical location gives Finnair a competitive advantage, since the fastest connections between many European destinations and Asian megacities fly over Finland. Finnair’s vision is to offer its passengers a unique Nordic experience, and its mission is to offer the smoothest, fastest connections in the northern hemisphere via Helsinki and the best network to the world from its home markets. Finnair is the only Nordic carrier with a 4-star Skytrax ranking and a member of the oneworld alliance. In 2016, Finnair’s revenues amounted to EUR 2,317 million and it carried almost 11 million passengers. Finnair Plc’s shares are quoted on Nasdaq Helsinki.


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.