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Rapid adjustment keeps Finnair in the black
In a year that ravaged the airline industry Finnair emerged from 2001
slightly in the black. The result was a 8.9 million Euro profit.
"Behind us is an exceptionally difficult year," said president and CEO
Keijo Suila commenting on the last financial year. "As a result of a series
of rapid and appropriately gauged adjustment measures at the end of the year
we came out of the final part of the year safe and sound. Compared to the
rest of the industry we can regard this as at least a moderate achievement,"
he said.
The company expects that its operational result will improve during the
current year. Essential factors in this improvement will be the implementation of the
planned cost-cutting programme and an increase in Asian traffic.
"There are already welcome signs of spring in the air. There was more than
40 % growth in our Asian traffic in February and there has been a 50 per
cent rise in advance bookings against an increase in capacity of 35 per
cent."
Finnair's turnover for 2001 amounted to 1.63 billion Euro, which was 1.6 per
cent below that of the previous year. The result for the financial year
including capital gains was a profit of 7.1 million Euro. However, the
operating result without the profits from the sale mainly of aircraft was a
loss of 14.1 million Euro.
Nevertheless, the sale of aircraft is a normal
part of the airline's business. Earnings per share amounted to 0.08 Euro.
The company's Board of Directors proposes a dividend be paid of 0.07 Euro.
Earnings on business operations fell by 3.3 per cent. The primary cause was
the decline in business travel starting from the spring of last year, as
well as the collapse in overall demand which resulted from the terrorist
attacks of September.
Operating expenses rose by 2.5 per cent. Personnel costs increased by 6.6
per cent. The rise stemmed from an increase in incentive payments into the
pension fund. Operating costs, however, fell by almost 6 per cent in the
last quarter. Fuel costs increased by 4.6 per cent, the price of oil turning
downwards during the final quarter.
Aircraft rental costs declined by 10,0 per cent because of a cutback in
codeshare agreements as well as cuts in the amount of cargo capacity hired
from outside the Group. Aircraft leasing payments, which are included in
rental costs, rose by 28.9 per cent in consequence of the sale and leaseback
agreements relating to MD-80 aircraft.
During the last quarter (October-December inclusive) the Group's result
excluding profits from the sale of capital assets weakened from 4.4 million
Euro to -21.3 million Euro. The deterioration in profitability resulted
primarily from the fall off in demand after the events of September as well
as a significant drop in unit earnings. The result for the final quarter
includes an additional write-off on aeroplanes of 18.4 million Euro as a
result of a fall in the market value of aircraft after September.
New financial arrangements for renewing the fleet
The primary purpose of the fleet renewal continues to be the reduction in
the number of aircraft types in operation whilst simultaneously improving
cost-efficiency and quality of service. Finnair has agreed on changes to the
firm acquisitions of Airbus A320 family aircraft and has at the same time
signed six new long-term leases for aircraft to be delivered in the next few
years. As a result of these arrangements, Finnair will have 22 Airbus A320
family aircraft in its fleet by the end of next year.
As a result of these arrangements the cost of capital investments for the
years 2002 and 2003 is estimated to be less than 80 million Euro a year,
which falls well below the record levels of previous years. These leasing
solutions will give the company significantly greater flexibility in reducing its financial requirements over
the next few years. The hired aircraft will also allow us more flexible management
of capacity.
By the end of next year the Finnair fleet will contain 22 Airbus A320 type
aircraft, of which Finnair will own 12 and lease the rest.
Capital investments for 2001 amounted to a total of 281.1 million Euro, of
which four Airbus A320s accounted for 246.1 million Euro. Operational cash
flow excluding profits from divestments and extraordinary items came to
118.1 million Euro. At the end of the financial year the Group had net debt
of 212 million Euro. In consequence of the capital investments the net debt
has increased since the end of the previous financial year by 138 million
Euro. The gearing ratio at the end of December stood at 34.3 per cent and
the solvency ratio was 41.7 per cent. At the end of the financial year the
Group had liquid cash reserves of 215 million Euro.
Upturn will come from cost cuts and growth
In the autumn, following the collapse in demand, Finnair initiated a drastic
series of cost cutting measures and readjustments aimed at saving 115 million Euro a
year.
Scheduled passenger traffic capacity in terms of passenger kilometres will
be reduced during 2002 by close to 2 per cent compared with the previous
year. In accordance with our new long haul strategy we shall increase capacity on our
scheduled Asian routes, giving growth for the whole year of more than 30 per
cent. The biggest cuts will be aimed at European, North Atlantic and domestic
traffic. Capacity in European traffic will be reduced by almost 10 per cent. Leisure
traffic will be curtailed by about 9 per cent.
Finnair expects to improve its operational result this year. Underpinning
this improvement will be the company's efforts to push through its Asian
strategy by which traffic to Asian destinations will be augmented by a
third. It will also be essential to bring about the planned cost cutting
programme.
"The implementation of the savings programme we drew up last autumn is the
most important internal challenge now facing us. If we can succeed in this
we shall already be able to show an improved result in the 2002 financial
year," said Mr Suila.
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