Finnair defers three A350 deliveries as a part of its rebuild program

Finnair Plc           Stock Exchange Release      6 November 2020 at 2.15 p.m. EET

Finnair has concluded an agreement with Airbus that the deliveries of the remaining three committed A350-900 aircraft will be postponed, as anticipated in connection with the announcement of the Q3 results. The agreement is a part of Finnair’s comprehensive measures to ensure that the company can emerge from the COVID-19 pandemic as a strong airline. The aircraft were originally scheduled for delivery from Q2 2021 to Q2 2022, and on average, the new delivery dates for the aircraft will be 24 months later than originally scheduled.

As a result of the deferrals, Finnair’s cash flow from investing activities will be approximately 200 million euros less in 2021.

“Finnair has been in intensive negotiations with all of its suppliers during the COVID-19 pandemic, seeking to reduce expenditures in order to support our ramp-up plans when traffic recovers. This agreement will give us more flexibility to deploy the existing fleet more efficiently and improve cash flow”, says Christine Rovelli, Senior Vice President, Finance and Fleet Management at Finnair.

Finnair has ordered a total of 19 new A350-900 XWB aircraft from Airbus, of which 16 have now been delivered.

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 PLC

Further information:
Finnair communications, 358 9 818 4020, comms@finnair.com

Distribution:
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Finnair is a modern premium 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 is the only Nordic network carrier with a 4-star Skytrax ranking and a member of the oneworld alliance. In 2019, Finnair’s revenues amounted to EUR 3,098 million and it carried over 14.7 million passengers. Finnair Plc’s shares are quoted on the Nasdaq Helsinki stock exchange.