Finnair publishes its adjusted comparative figures
Finnair Plc Stock Exchange Release 29 April 2016 at 12:10 pm EET
As Finnair announced in a stock exchange release on 17 March 2016, it will revise its financial reporting as of the first quarter of 2016, since the structure of the company has changed over recent years, and the new reporting will better reflect the present structure and strategy. As stated in the same release, the changes in reporting are as follows:
1) The previous operational segment Travel Services is combined with the Airline Business segment, and Finnair no longer shows a breakdown of its result by segment. In 2015, Travel Services accounted for 9% of Finnair’s revenue.
2) The calculation of revenue is adjusted so that certain non-core items, such as aircraft leases, are moved from revenues to other operating income. The change does not affect Finnair’s expenses or comparable operating profit.
3) The calculation practice for Revenue per Available Seat Kilometres (RASK) and Cost per Available Seat Kilometres (CASK) is revised. Previously, the formula included internal items which could not be derived directly from the consolidated income statement. From now on, RASK is calculated simply by dividing revenue by Available Seat Kilometres and CASK by calculating operating expenses adjusted with other operating income by available seat kilometres. The purpose of this change is to simplify the calculation of the key figures and to improve transparency. As a result, instead of presenting revenue per available seat kilometre consisting of ticket revenues (‘ticket RASK”), Finnair is able to present a preliminary estimate of group RASK in the last traffic report of each quarter.
4) In addition, the name of the key figure “operational result” is changed into ‘”comparable operating result”. The definition of the key figure remains unchanged and the change does not necessitate the restatement of comparative figures.
The most important adjusted comparative figures referred to above are attached to this release. Comprehensive comparative information will be published in connection with the financial statements for 2016.
In the attached tables, Finnair states the following adjusted comparative figures for 2015 as a whole and by quarter: group revenue and other operating income, Revenue per Available Seat Kilometre (RASK) and Cost per Available Seat Kilometre (CASK).
The first interim report prepared under the new reporting practices will be the interim report for January–March 2016 to be published on 12 May 2016.
Finnair communications, tel. +358 9 818 4020, comms(a)finnair.com
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 2015, Finnair’s revenues amounted to EUR 2,324 million and it had a personnel of 4,800 at the year-end. Finnair Plc’s shares are quoted on Nasdaq Helsinki.