Finnair takes delivery of its eighth A350 aircraft and closes a sale and leaseback agreement
Finnair Plc Investor News 4 April 2017 at 1:00 pm EET
Finnair has finalised an arrangement, announced previously as a memorandum of understanding, by which it sells the Airbus A350 aircraft delivered yesterday, to GE Capital Aviation Services Limited (“GECAS”) and leases the aircraft back for its own operation. The initial lease period is 12 years, and the lease includes extension options.
The arrangement has a positive effect of approximately 50 million euro on Finnair’s operating result for the second quarter of 2017, comprising a gain on sale and currency gains on pre-delivery payments and hedges. Following the arrangement, Finnair has the flexibility to pay for the remaining three A350 deliveries scheduled for 2017 in cash.
Finnair has ordered a total of 19 new A350-900 XWB aircraft from Airbus, of which eight have now been delivered. According to the current delivery schedule, Finnair will have 11 A350 aircraft by the end of 2017 and 19 by the end of 2023.
The fleet operated and/or owned by Finnair is shown at the company website at https://www.finnair.com/gb/gb/flights/fleet and updated on a quarterly basis in the company’s financial reports.
Finnair communications, 358 9 818 4020, firstname.lastname@example.org
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.