Finnair Group Interim Report January 1 – March 31, 2011

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Finnair Group Interim Report January 1 – March 31, 2011 FINNAIR GROUP INTERIM REPORT JANUARY 1 – MARCH 31, 2011 28. huhtikuuta 2011 1 Key Facts from the First Quarter 1 Industry continues on growth track • Air Traffic on the rise: – IATA estimate for the capacity growth 6%* in 2011 – Weak Net Profit Margins expected (1.4 %) • External disturbances and overcapacity have a negative effect on the load factors, the fuel cost increase cannot be transferred to ticket prices • Finnair Q1 traffic +12.1% (ASK): – Asian traffic grew 20.2% (ASK) – Asian traffic revenue +23% – Global corporate sales +19%, outside Finland +43% • Finnair Passenger load factor 72.6% – Q4 2010 Strike continued to have an effect on Asian leisure demand during Q1 – Events in Japan , Middle East and Africa affected strongly on the Q1 sales • Cargo continued to develop positively, revenue up by 57% * compared with previous year Traffic Region Development Q1 2011 vs. Q1 2010 North Atlantic Europe Asia ASK 15,1 % ASK 9,7 % ASK 20,2 % RPK 9,6 % RPK -0,8 % RPK 5,0 % PLF% -3,7 %-p PLF% -6,4 %-p PLF% -10,7 %-p Traffic revenue 18,8 % Traffic revenue 0,4 % Traffic revenue 22,9 % Leisure traffic Domestic Total ASK -3,1 % ASK 20,0 % ASK 12,1 % RPK -3,8 % RPK 5,1 % RPK 1,7 % PLF% -0,7 %-p PLF% -7,6 %-p PLF% -7,4 %-p Traffic revenue -2,3 % Traffic revenue 9,6 % Traffic revenue 9,4 % Cargo ATK 62,4 % RTK 42,5 % CLF% -8,7 %-p Traffic revenue 57,0 % 2 We are Investing in Growth and Partnerships • Singapore route launch in May 2011; outlook positive • We are developing our cooperation in feeder fraffic and cargo to enable growth and to increase cost efficiency – Air Berlin cooperation had a good start – In Finncomm Airlines’ partnership arrangements we are seeking a solution in cooperation with an industry partner – American Airlines’ Chicago route launch in May 2011 – Kingfisher connections in India – Qantas/Jetstar offers connections to Australia and New Zealand from our Asian flights – Cargo Joint Venture – cost-efficient cargo capacity from Helsinki to long-haul destinations at the end of the year We will continue to improve productivity and invest in service expertise • In our operations, we will focus on business growth areas • Cost-efficiency and additional capacity in European traffic with Airbus A32S cabin retrofit and higher fleet load factor • Catering: industry review of alternative cooperation solutions • Operational efficiencies through process development projects • Improved efficiency in purchasing • Significant service-expertise training and development programme under way 3 Finnair is a quality airline • We are the leading European airline in level of customer service; customer satisfaction still rising • Our operational quality is top class, punctuality has returned to a good level, operational quality indicators have improved all along the line • Competitive advantage from customer service: status of most desired airline in Asia-Europe traffic the goal • We are developing our service culture and sharpening our service identity Key figures January - March 2011 vs. 2010 mill. EUR Q1 2011 Q1 2010 vs. PY FY 2010 Turnover 533,7 481,5 10,8 % 2 023,3 Operational result, EBIT -43,1 -26,3 -63,8 % -4,7 Operational result, EBIT, -8,1 % -5,5 % -2,6 %-p -0,2 % % of turnover EBIT -43,1 -25,9 -66,4 % -13,3 Net profit -33,8 -21,7 -56,2 % -22,8 Capital expenditure (gross) 30,9 68,7 -55,1 % 183,5 4 Jet fuel spot + fwd curve Cost Structure Q1 2011 Fuel 23 % Personnel 20 % Other Costs 10 % Traffic Charges 9 % Depreciation and Leasing 7 % Groundhandling and Catering 7% Tour operator costs 7% Other Rents 5% Maintenance 5% Sales and Marketing 4% 5 Headcount in decline NumBer of Employees Average numBer of employees 12000 10000 7470 8000 6000 4000 2000 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Q1 2011 Restructuring of technical services • In the restructuring the company discontinues the heavily loss- making aircraft base maintenance service offered to external customers • Service provision will in future be focused on line maintenance of the company’s own aircraft • Employee consultations within Finnair Technical Services were completed at the end of March, a reduction of 450 jobs will be implemented by the end of the year • As part of the restructuring, a letter of intent signed on a possible transfer of business of warehouse services • The first-quarter results include a non-recurring personnel expense item of 18.4 million euros for the restructuring 6 Development of operating expenses per ASK, Airline, Change Quarter 1 2011 vs. Quarter 1 2010 c ASK Change % RASK, tuottorevenue per per ASK ASK -1,3 CASK, costkustannus per ASK per ASK -0,1 CASK ilmanexcl. Fuel pa. -2,5 PolttoaineFuel 7,4 HenkilöstökustannusStaff costs -2,5 LiikennöimismaksutTraffic charges -1,1 Maapalvelu-Ground handling ja catering-kulut & catering exp. -8,0 PoistotDepreciation ja leasing-maksut & lease expenses -6,9 MuutOther kulut expenses 1,3 Change % Q1 2011 vs. Q1 2010 Strong Balance sheet Equity ratio and adjusted gearing % Omavaraisuusaste Oikaistu nettovelkaantumisaste, Adjusted Gearing 120 100 80,6 80 60 40 34,7 20 0 2006 2007 2008 2009 2010 Q1 2011 7 Strategy – From Vision to Implementation Finnair’s vision 2020 • Finnair’s vision is to be number one in the Nordic countries • The most desired option in Asian traffic, in the transit traffic between Asia and Europe among the three largest • Significance of Scandinavia as part of domestic market is growing • Our growth strategy is based on cost- competitiveness, our success factors are quality, freshness and creativity 8 74 Weekly Departures to Asia in the Summer 2011 Tokio 7 Nagoya 7 Osaka 7 7 New York Soul 7 Peking 7 Shanghai 7 Hong Kong 12 Bangkok 7 Singapore 7 Delhi 6 New destinations and additional flights in European summer season • Route to Aarhuus opened in cooperation with Sun-Air • Malaga and Toronto become scheduled services, five flights per week • Nice becomes scheduled service, three flights per week • Four flights per week to Ljubljana • Daily connection to Gdansk • Krakow twice per week • Venice three times per week • Stuttgart service increased to two flights per day • Lissabon three flights per week • Service to Pisa starts on May 13, two flights per week • Three flights per week to Bergen via Arlanda from May 22 • Three flights per week to Murmansk in summer from 15 June 9 Outlook for the Year 2011 • Finnair expects that the second-quarter result will be negative • The results of the second half of the year expected to be positive • Turnover expected to grow by more than 10% in the full year • Finnair will continue measures aimed at restoring operational profitability and will explore new means of increasing cost-efficiency Thank You 10 Operating profit* by quarter Milj. EUR 60 40 20 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 -20 -40 -60 2006 2007 2008 2009 2010 2011 * excl. capital gains, fair value changes of derivatives, changes in the exchange rates of overhauls and non-recurring items Result Q1 2011 vs. Q1 2010 Mill. EUR Q1 2011 Q1 2010 Change % Turnover 533,7 481,5 10,8 Operating expenses 580,8 511,1 13,6 Profit before depreciation and lease payments, 3,6 20,0 -82,0 EBITDAR* EBIT excl. asset sales, hedging & arrangements -43,1 -26,3 Capital gains and non-recurring items -19,6 0,0 Fair value changes of derivates and changes in the 19,6 0,4 exchange rates of overhauls Operating profit (EBIT) -43,1 -25,9 Profit before taxes -46,2 -29,4 *excl. capital gains, non-recurring items and fair value changes of derivatives and changes in the exchange rates of overhauls 11 Asia Representing Majority of Scheduled Traffic Domestic 7 % Europe 29 % Asia 58 % North Atlantic 6 % Revenue Passenger Kilometers Q1 2011 Over a Half of Traffic Revenue from Asia in Scheduled Traffic (Q1/11) Domestic Europe Asia US 5 % 13 % Aasia- EurooppaAasia- ViaEurooppa Helsinki >60 % 47 % >50 % 35 % * Cargo revenue about 20 % of Asian traffic revenue total 12 Finnair Group 2010 Q1 EBIT* to 2011 Q1 EBIT* Build up 40,0 30,0 -2,2 -3,7 5,7 20,0 -4,0 -4,9 10,0 20,6 -6,1 -10,3 -43,1 0,0 -10,0 -26,3 26,6 -27,4 -20,0 -43,1 -30,0 -11,2 -40,0 -50,0 ue nue e penses Fuel x Salaries go reven Other exp. r Other rents 2010Q1 EBIT Maintenance ops. E 2011Q1 EBIT Ca Other revenue Traffic Charges Traffic rev ur To * Operating EBIT Ground Handling & Catering Development of operating expenses, Finnair Group, Quarter 1 2011 vs. Quarter 1 2010 Mill. EUR Change % Operating expenses +69,8 13,6 Operating expenses excl. Fuel +42,3 10,4 Fuel +27,4 26,1 Staff costs +4,9 4,4 Traffic charges +6,1 13,7 Ground handling & catering exp. +3,7 9,0 Expenses for tour operators +4,0 10,6 Depreciation & lease expenses +0,4 0,8 Other expenses +23,3 18,7 Change % Q1 2011 vs. Q1 2010 13 Development of operating expenses per ASK, Airline, Change Quarter 1 2011 vs. Quarter 1 2010 c ASK Change % RASK, tuottorevenue per per ASK ASK -1,3 CASK, costkustannus per ASK per ASK -0,1 CASK ilmanexcl. Fuel pa. -2,5 PolttoaineFuel 7,4 HenkilöstökustannusStaff costs -2,5 LiikennöimismaksutTraffic charges -1,1 Maapalvelu-Ground handling ja catering-kulut & catering exp. -8,0 PoistotDepreciation ja leasing-maksut & lease expenses -6,9 MuutOther kulut expenses 1,3 Change % Q1 2011 vs.
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