Yields and operating cash flow remained at a good level. Strikes had a negative impact on revenue and result
January -
- Revenue decreased by 1.9% to
681.5 million euros (694.7*). -
Unit cost (CASK) decreased by 4.3 per cent and totalled
7.77 cents (8.11). -
Comparable operating result was -
11.6 million euros (0.9) and operating result was -17.2 million euros (8.3). -
Earnings per share were -
0.15 euros (-0.09**). -
Cash funds were
981.0 million euros (31 Dec 2023 : 922.0). The equity ratio was 15.3 per cent (31 Dec 2023 : 15.6). -
Net cash flow from operating activities was
138.9 million euros (206.8), and net cash flow from investing activities was -25.9 million euros (-143.7).*** Gross capital expenditure totalled43.4 million euros (80.0). - Number of passengers decreased by 1.9 per cent to 2.5 million (2.6).
- Available seat kilometres (ASK) increased by 4.4 per cent to 8,922.9 million kilometres (8,550.2). When wet leases are included, ASKs increased by 3.5 per cent.
-
Passenger load factor (PLF) decreased to 72.1 per
cent (75.1) .
* Unless otherwise stated, comparisons and figures in parentheses refer to the comparison period, i.e., the same period last year.
** A rights issue was implemented in
*** In Q1, net cash flow from investing activities included
Outlook
GUIDANCE issued ON
Global air traffic is expected to continue growing in 2024. However, risks related to the impact of inflation and higher interest rates on demand and costs remain elevated, causing uncertainty in the operating environment. International conflicts and global political instability also cause uncertainty in the operating environment. These factors may affect the demand for air travel and cargo.
Finnair plans to increase its total capacity by more than 10 per cent in 2024. The capacity estimate includes the agreed wet leases. This growth will mainly focus on
In accordance with its disclosure policy, Finnair provides full-year comparable EBIT estimate in connection with the half-year report in July.
Finnair will update its outlook and guidance in connection with the Q1 2024 interim report.
NEW GUIDANCE ON
Global air traffic is expected to continue growing in 2024. However, risks related to the impact of inflation and higher interest rates on demand and costs remain elevated, causing uncertainty in the operating environment. International conflicts and global political instability also cause uncertainty in the operating environment. These factors may affect the demand for air travel and cargo.
Finnair updates its guidance and now plans to increase its total capacity, measured by ASKs, by c. 10 per cent in 2024. The capacity estimate includes the agreed wet leases. This growth will mainly focus on
In accordance with its disclosure policy, Finnair provides full-year comparable EBIT estimate in connection with the half-year report in July.
Finnair will update its outlook and guidance in connection with the 2024 half-year report.
Interim CEO Jaakko Schildt:
Finnair carried 2.5 million passengers in January-March and revenue for the period totalled
Demand remained good in the quarter and customers booked trips especially for the upcoming summer season. As a result of the successful pricing, our yields remained strong despite a slight decrease year-on-year. Also our operating cash flow was at a good level.
The strikes in
A new era started in our Finnair Plus loyalty programme when it became spend-based and we adopted
During the first quarter, our contribution to solving the climate challenge of aviation took an important step forward as we submitted our new climate target for validation to Science Based Targets initiative (SBTi). Finnair's target is to reduce the emissions intensity from the aircraft we fly by 34.5 per cent through 2033 compared to 2023 baseline.
Finnair's Annual General Meeting resolved on a reverse split in March. After the reverse split, every 100 old shares corresponds to one new share. The aim of the reverse split was to facilitate trading conditions and improve the price formation of the shares.
At the end of March, four A320 aircraft returned from wet lease outs to
The entire Finnair personnel is preparing for the seasonally busiest travelling period ahead. We have recruited summer workers especially in
Financial reporting in 2024
The publication dates of Finnair's financial reports in 2024 are the following:
- Half-year Report for January-
June 2024 on Friday19 July 2024 -
Interim Report for January-
September 2024 on Tuesday29 October 2024
This text is a summary of Finnair's Interim Report January - March 2024. The full report is available as an attachment to this report.
Board of Directors
Briefings
Finnair will hold a results press conference (in Finnish) on
An English-language telephone conference and webcast will begin on
For further information, please contact:
Chief Financial Officer
Head of Investor Relations Erkka Salonen, tel. +358 9 818 5101, erkka.salonen@finnair.com
Further information:
Finnair communications, 358 9 818 4020, comms@finnair.com
Distribution:
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Principal media
Finnair is a network airline, specialising in connecting passenger and cargo traffic between
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