Finnair Financial Report 2011
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2011 financials Financial Report Group Financial of Finnair Financial report 2011 1 Contents Finnair in 2011 .................................................................................. 2 19. Receivables, long-term ............................................................45 President and CEO’s review ............................................................. 4 20. Deferred tax assets and liabilities ...........................................46 Finnair key figures ............................................................................ 6 21. Inventories ...............................................................................48 Finnair fleet ....................................................................................... 7 22. Trade receivables and other receivables .................................48 Board of Directors’ Report ...............................................................8 23. Other financial assets, short-term ...........................................49 Shares and shareholders .................................................................. 17 24. Cash and cash equivalents .......................................................49 Financial indicators 2009–2011 ......................................................20 25. Equity-related information ......................................................50 Calculation of key indicators ............................................................21 26. Share-based payments ............................................................52 IFRS Financial Statements, 1 January–31 December 2011 .......22 27. Pension liabilities .....................................................................53 Consolidated income statement .......................................................22 28. Provisions .................................................................................55 Consolidated statement of comprehensive Income .........................22 29. Interest-bearing liabilities .......................................................56 Consolidated balance sheet ..............................................................23 30. Trade payables and other liabilities ........................................58 Consolidated cash flow statement ...................................................24 31. Management of financial risks .................................................59 Consolidated statement of changes in equity ..................................26 32. Classification of financial assets and liabilities .......................61 Notes to the financial statements ..................................................... 27 33. Operating subsidiaries .............................................................64 1. Basic information about the company ..................................... 27 34. Other lease agreements ...........................................................65 2. Accounting principles............................................................... 27 35. Guarantees, contingent liabilities and derivatives ..................66 3. Segment information ...............................................................35 36. Related party transactions ......................................................68 4. Acquired businesses ................................................................36 37. Change of accounting principle ...............................................68 5. Asset items sold and non-current assets held for sale ............36 38. Disputes and litigation .............................................................68 6. Production for own use ............................................................36 39. Events after the closing date ...................................................68 7. Other operating income ...........................................................36 40. Parent company’s financial figures ..........................................69 8. Materials and services .............................................................36 Board of Directors’ Proposal on the Dividend ..................................72 9. Employee benefit expense ....................................................... 37 Auditor’s Report ................................................................................73 10. Depreciation and impairment. .................................................38 Corporate Governance Statement 2011 .......................................74 11. Other operating expenses ........................................................38 Risk management ........................................................................... 77 12. Financial income ......................................................................39 Remuneration Statement ..............................................................80 13. Financial expenses ...................................................................39 Stock exchange releases 2011 .......................................................82 14. Income taxes ............................................................................40 Information for the shareholders .................................................83 15. Earnings per share ...................................................................40 Board of Directors 2011 .................................................................84 16. Intangible assets ......................................................................41 Executive Board 2011 ....................................................................86 17. Tangible assets ........................................................................42 Contact information .......................................................................88 18. Investments accounted for using the equity method ..............44 Correction to the ownership of the freight airline NGA (Nordic Global Airlines) mentioned on pages 3, 9, 12 and 44 in the Financial Report 2011: Nordic Global Airlines Ltd is a Finnish freight airline established in 2011. It is owned by American companies Neff Capital Management LLC (20% shareholding) and Daken Capital Partners LLC (29% shareholding), both of which are investment companies of American Neff family, and Finnair (40% shareholding) and Ilmarinen Mutual Pension Insurance Company (11% shareholding). The company operates cargo flights with two leased MD 11 aircraft owned by Neff Capital Management. Finnair apologizes the mistake. 2 Financial Report 2011 Finnair in 2011 Finnair is one of the most innovative, safest and longest-operating airlines in the world. The airline specialises in flights be- tween Asia and Europe, and its vision is to be the number one airline in the Nordic countries and the most desired option in Asian traffic. Finnair also strives to be among the three largest operators in transit traffic between Asia and Europe involv- ing transfers during the trip. The growing Asian markets, fast flight connections and competitiveness form the foundation of Finnair’s growth strategy. In 2011, Finnair took significant steps in the implementation of its strategy and the development of its operations. Asian strategy. Finnair offers the fastest connec- Japan’s natural disaster and the Arab spring. Chongqing. Finnair announced that it would begin tions between Asia and Europe, with more than 200 The destructive earthquake and tsunami in Japan operating flights to Chongqing in May of 2012 as route pairs. A new route to Singapore began oper- as well as unrest in the Middle East and North the first European airline. Chongqing is the larg- ating in May. Finnair’s other destinations in Asia are Africa weakened Finnair’s result in 2011. est and fastest-growing city in China, making it a Tokyo, Osaka, Nagoya, Hong Kong, Beijing, Shang- significant destination for the implementation of hai, Seoul, Bangkok and Delhi. Finnair’s Asian strategy. fi nnair.fi FINNAIRKOTIMAAN PLUS -TUPLAPISTEET LENNOILLA! lennä Luejoulu-tammikuussa. lisää Osallistu kampanjaan 30.11. mennessä ja NYT KOTIMAA alk. & SKANDINAVIAMENO-PALUU € KAIKKI YHDELLÄ HINNALLA MENO-PALUU LENTOKENTTÄVEROT TOIMITUSMAKSU LÄHTÖSELVITYSPALVELUT 23 KG MATKATAVARAA 140m € KATSO KAIKKI KOHTEET Esimerkiksi OULU alk. 69 € TUKHOLMA alk. 69 € OSTA HETI KUOPIO alk. 69 € KÖÖPENHAMINA alk. 79 € 6JOENSUU alk. 69 € KITTILÄ alk. 139 € Structural reform. In August, Finnair published a Best in Northern Europe. The World Airline New affordable prices.9 In November, Finnair fi n n a i r . fi VAASA alk. 69 € ROVANIEMI alk. 139 € structural reform and savings programme whose Awards recognised Finnair as the best Northern changed the pricing of its domestic and Scandina- goal is to cut annual expenses permanently by EUR European airline in 2011. Readers of the American vian flights. The goal of these new prices is to make 140 million by 2014 in order to improve the com- travel magazine Travel + Leisure voted Finnair the flying a more attractive alternative for all customer petitiveness of the company. second best airline in Europe. groups. Finnair in 2011 3 Partnership strategy. In August, Finnair and Brit- Biofuel flight. In July, Finnair flew its first biofuel Innovative. Airlinetrends.com, which analyses con- ish airline Flybe established a new carrier Flybe flight. At that time, the flight to Amsterdam was sumer trends in the industry, chose Finnair as one Nordic, whose objective is to grow into the leading the world’s longest flight made with biofuel. Finnair of the top five most innovative airlines in the world. regional airline in the Nordic and