Showing posts with label Finnair. Show all posts
Showing posts with label Finnair. Show all posts

18 May, 2024

Finnair resumes flights to Tartu


Finnair will resume flights to Tartu, Estonia, from 2 June 2024. Finnair suspended flights to Tartu for a month so that an approach solution that doesn’t require a GPS signal could be introduced at Tartu airport. 

The approach methods previously used at Tartu airport were based on GPS signals. As a result, GPS interference in the area has sometimes prevented aircraft from approaching and landing at the airport. This led Finnair to suspend flights between Helsinki and Tartu from 29 April to 31 May.  

During May, the approach methods used at Tartu Airport have been updated so that some of the approaches can be used without a GPS signal. These renewed approach methods are based on radio signals sent from ground stations. These types of ground-based methods have been in use in aviation for a long time, and GPS interference does not affect their usability. Similar traditional approach methods are still in use at some airports as an alternative to GPS-based approach methods.  

"Estonian Air Navigation Services (EANS) has done an excellent job in implementing the alternative method. I want to thank all our partners in Estonia for solving this matter so swiftly," says Jari Paajanen, Vice President, Operations Control at Finnair. 

Finnair flies to Tartu twice a day, six days per week, and flights are operated by Finnair’s partner Norra with ATR aircraft.  

GPS interference has increased clearly since 2022, but it has not impacted the safe operation of flights. Finnair’s aircraft systems detect GPS interference, and the aircraft has other navigation systems that can be used when GPS interference occurs. Finnair and Norra pilots are also well aware of GPS interference and know how to prepare for it. 




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16 May, 2024

Finnair issues EUR 500 million notes

Finnair Plc issues new inaugural rated senior unsecured notes in the aggregate principal amount of EUR 500 million (the "Notes"). The Notes will mature on 24 May 2029 and carry a fixed annual interest of 4.750 per cent. The issue date for the Notes will be 24 May 2024.

“I would like to warmly thank all investors who invested in our new senior bond for their trust in Finnair. The new bond completes our comprehensive measures to restore a healthy balance sheet. The company is now well positioned to continue implementing its strategy and creating value for all stakeholders”, says Finnair’s CFO Kristian Pullola.

The Company will submit an application for the Notes to be admitted to trading on the official list of Nasdaq Helsinki Ltd.

The Company intends to use the proceeds of the Notes, less costs and expenses incurred by the Company in connection with the issue of the Notes, to fund the purchase of existing notes of the Company due 2025 pursuant to the tender offer announced on 14 May 2024 and refinancing and other general corporate purposes of the group. The final tender offer results will be announced as soon as practicable after the expiry of the offer period.

Danske Bank A/S, Deutsche Bank Aktiengesellschaft, Nordea Bank Abp, OP Corporate Bank plc and Skandinaviska Enskilda Banken AB (publ) act as Bookrunners for the issue of the Notes



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13 May, 2024

In April, Finnair carried 905,200 passengers. This was 4.2% more than in April 2023.

The number of passengers increased year-on-year, also cargo figures improved



The overall capacity, measured in Available Seat Kilometres (ASK), increased in April by 3.9% year-on-year as additional narrow-body capacity was deployed by Finnair after the wet lease outs to British Airways ended in March 2024. If wet lease outs are included, capacity increased by 5.9% due to the co-operation with Qantas. Finnair's traffic, measured in Revenue Passenger Kilometres (RPKs), increased by 1.6%. The Passenger Load Factor (PLF) declined by 1.6% points to 72.5%. The distance-based reported traffic figures do not take into account longer routings caused by the airspace closure as they are based on Great-Circle distance in accordance with the industry practice.

The ASK increase in Asian traffic was up by 0.4% year-on-year. The North Atlantic capacity decreased by 14.6%. In European traffic, the ASKs were up by 14.1% as majority of the increase in narrow-body capacity was allocated to Europe and new routes, such as Wroclaw. The Middle Eastern capacity declined by 7.4% mainly due to cancelled flights to Israel. The ASKs in domestic traffic increased by 17.5% due to the additional narrow-body capacity.

RPKs increased in Asian traffic by 2.0% year-on-year but decreased in North Atlantic traffic by 3.0%. They increased by 2.8% in European traffic and by 2.7% in domestic traffic. In Middle Eastern traffic, RPKs were down by 1.4%.

In April, the PLF was 74.8% in Asian traffic, 73.3% in North Atlantic traffic, 71.7% in European traffic, 68.7% in Middle Eastern traffic and 67.3% in domestic traffic.

Passenger numbers in Asian traffic increased by 1.2% year-on-year but decreased in North Atlantic traffic by 3.4%. They increased by 6.4% in European traffic and by 1.1% in domestic traffic but decreased by 3.8% in Middle Eastern traffic.

The total cargo tonnes increased by 9.6% year-on-year in April due to growth in Europe and Middle East. Revenue cargo tonne kilometres increased by 4.1%.

In April, 74.9% of all Finnair flights arrived on schedule (86.1%). On-time performance was mainly impacted by severe weather conditions.

Traffic statistics for May 2024 will be published on Thursday 6 June 2024.

30 April, 2024

Finnair suspends flights to Tartu for a month over safety issues

The national airline in Finland has confirmed it has suspended its daily flights to Tartu, Estonia, over safety issues until 31 May.  


Finnair says the approach methods currently used at Tartu Airport are based on a GPS signal. GPS interference, which is quite common in the area, affects the usability of this approach method and can therefore prevent the aircraft from approaching and landing. Last week, two Finnair flights had to divert back to Helsinki after GPS interference prevented the approach to Tartu as the pilots were unable to perform visual approach or landings. 

Finnair believes that the month-long suspension of its flights will give it enough time to work out another way to develop approach methods to Tartu Airport. Finnair is the only airline operating international flights to Tartu.  

"We apologize for the inconvenience the suspension causes to our customers. Flight safety is always our top priority, and as the approach to Tartu currently requires a GPS signal, we cannot fly there in the event of GPS interference," says Jari Paajanen, Finnair's Director of Operations. 

GPS interference has increased since 2022, and Finnair pilots have reported interference, especially near Kaliningrad, the Black Sea, the Caspian Sea and the Eastern Mediterranean. Typically, GPS interference does not affect flight routes or flight safety, as pilots are well aware of it and aircraft have alternative systems in place that are used when the GPS signal is interfered with. 


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16 April, 2024

Finnair adds flights to Lapland: Experience a unique summer destination via Helsinki Airport

Finnair is adding more weekly flights from Helsinki Airport to Kuusamo, Ivalo and Kittilä for the summer holiday season. Both Finnair and Norwegian also provide flights to Rovaniemi, making Lapland even easier to reach in the summer. See below for tips on summer experiences in Lapland!

As a result of the added weekly flights, Finnair will fly to Kuusamo up to seven times a week in the summer. Kuusamo is an excellent destination, especially for hikers, as the national parks of Oulanka and Salla offer fantastic scenery for hikes. The Karhunkierros Trail, which runs through Oulanka, is perhaps the most famous hiking trail in Finland.

Finnair flies daily to Ivalo in the summer, with up to 11 flights a week. The experiences offered by Ivalo include Saariselkä Resort’s wide range of activities and the stunning sandy beaches of the Ivalo River – and the opportunity to learn more about the unique and rich Sami culture.

Finnair offers several flights a day to Rovaniemi, and in July there are up to 34 weekly flights to Santa’s hometown. Norwegian also flies to Rovaniemi. You can meet Santa Claus in Santa Claus Village all year round, but in the summer it is definitely worth it to try things such as canoeing and fishing in the midnight sun, as well as husky, reindeer and jet ski safaris.

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Looking for more tips for summer in Lapland?

Follow Vesku the Reindeer’s adventures and get inspired for your trip (Visit Finland).

Learn more about IvaloRovaniemi and Kittilä.

There are also daily flights to Kittilä, to which Finnair flies up to 9 times a week. For those who do sports, Kittilä is a fantastic destination where some of Finland’s most famous holiday resorts serve daredevils all year round. Ylläs, for example, offers 190 kilometres of mountain bike trails in the national park’s old-growth forests and fells. It’s also worth visiting the nearby Pallastunturi fells, which have been proven to have the purest air in the world.



10 April, 2024

Finnair updates its traffic programme for winter 2024 and summer 2025

Weekly frequencies to Japan and Dallas; opens a new route to Kirkenes, Norway


Finnair introduces a new destination in Northern Norway, the town of Kirkenes, starting in summer season 2025.
Finnair has updated its traffic programme for summer 2025. In Japan, Finnair will add frequencies to Tokyo Narita, offering thus daily flights to both Tokyo Haneda and Tokyo Narita in summer 2025. Additionally, Nagoya will get a third weekly frequency. 

Finnair also introduces a new destination in Northern Norway, the town of Kirkenes, starting in summer season 2025. Finnair will fly to Kirkenes from Helsinki via Ivalo three times a week, operated with a 68-seater ATR aircraft. The new route serves Finnish and international travelers looking to explore both Finnish Lapland and Northern Norway and experience, for example, the famous Hurtigruten cruise that sails to and from Kirkenes.  

“We are delighted to introduce a destination that further strengthens our already extensive network in the Arctic region. The new route enables a smooth connection for customers travelling up to Northern Norway, making it fast and easy to reach the destination from Helsinki”, says Ole Orvér, Chief Commercial Officer at Finnair.  

In the Baltics, Finnair will add frequencies to Tallinn, Riga and Vilnius for the summer of 2025. Tallinn and Riga will get five and Vilnius two additional weekly frequencies. 

Finnair has also updated its winter 2024 traffic programme, adding frequencies to Dallas, making it a year-round daily service. Finnair’s Dallas flights offer smooth connections to American Airlines’ extensive network out of their Dallas hub.  


*Winter season 2024: 27.10.2024-29.3.2025; summer season 2025: 30.3.2025-25.10.2025

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08 April, 2024

Finnair Traffic Performance in March 2024

Year-on-year, passenger traffic figures declined but cargo figures improved


In March, Finnair carried 918,900 passengers. This was 3.6% less than in March 2023.

The overall capacity, measured in Available Seat Kilometres (ASK), increased in March by 3.9% year-on-year. If wet lease outs are included, capacity increased by 2.8%. Finnair's traffic, measured in Revenue Passenger Kilometres (RPKs), increased by 0.3%. The Passenger Load Factor (PLF) declined by 2.7% points to 75.0%. The distance-based reported traffic figures do not take into account longer routings caused by the airspace closure as they are based on Great-Circle distance in accordance with the industry practice.

The ASK increase in Asian traffic was 13.5% year-on-year explained e.g. by the additional capacity to Japan and South Korea. The North Atlantic capacity decreased by 11.6%. In European traffic, the ASKs were up by 2.1%. The Middle Eastern capacity declined by 7.3% mainly due to cancelled flights to Israel. The ASKs in domestic traffic increased by 4.9%.

RPKs increased in Asian traffic by 6.9% year-on-year but decreased in North Atlantic traffic by 7.2%. They decreased by 1.4% in European traffic, by 9.3% in Middle Eastern traffic and by 1.8% in domestic traffic.

In March, the PLF was 73.6% in Asian traffic, 72.1% in North Atlantic traffic, 78.5% in European traffic, 72.5% in Middle Eastern traffic and 72.5% in domestic traffic.

Passenger numbers decreased year-on-year in Asian traffic by 3.5%, by 17.9% in North Atlantic traffic, by 0.5% in European traffic, by 11.7% in Middle Eastern traffic and by 7.3% in domestic traffic.

The total cargo tonnes increased by 8.6% year-on-year in March due to increased Asian and European capacity. Revenue cargo tonne kilometres increased by 9.2%.

In March, 83.7% of all Finnair flights arrived on schedule (84.6%).

21 March, 2024

Finnair has executed a reverse split on its shares

Photo Finnair
Finnair Plc confirmed on Wednesday it had executed a reverse split, i.e. the reduction of the number of shares in the Company, and a related directed share issue without consideration, redemption of shares and cancellation of shares. After these measures, the new number of shares in the Company is 204,811,392. The new number of shares has been registered with the Trade Register maintained by the Finnish Patent and Registration Office today, 20 March 2024, and trading with the new total number of shares in the Company commences on Thursday 21 March 2024 with a new ISIN code FI4000567029. Finnair’s trading code FIA1S will remain the same after the reverse split.

Finnair’s Annual General Meeting resolved on 18 March 2024 on the reverse split and on a related redemption of shares so that after carrying out the reverse split, every 100 shares in the Company corresponds to one (1) share in the Company. Concurrently with the execution of the reverse split, the Board of Directors of the Company has resolved on implementing the directed share issue without consideration resolved by the Annual General Meeting in which the Company has issued without consideration a total of 4,714,922 treasury shares held by the Company in such manner that the number of shares in each book-entry account holding Finnair’s shares has been made divisible by 100. The aggregate market value of the shares issued without consideration is EUR 140,976.17, based on the closing price of 20 March 2024.

After the directed share issue, the Company has redeemed without compensation 99 shares for each 100 shares in the Company, in accordance with the resolution of the Annual General Meeting. The Company’s shares redeemed in connection with the reverse split have been cancelled immediately. After the reverse split, Finnair holds 354,315 treasury shares.

The aim of the reverse split is to facilitate trading conditions of the shares by increasing the value of a single share as well as to improve the price formation of the shares.




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08 March, 2024

Finnair Traffic Performance in February 2024

A two-day political strike at the beginning of February had a negative impact on passenger traffic numbers, cargo figures improved year-on-year

In February, Finnair carried 804,700 passengers. This was 2.3% less than in February 2023, even though there was one day more in February 2024 due to the leap year. The decrease was mainly caused by a political strike during the first two days of the month which forced Finnair to cancel c. 550 flights.


The overall capacity, measured in Available Seat Kilometres (ASK), increased in February by 3.4% year-on-year despite the political strike. If wet lease outs are included, capacity increased by 3.6%. Finnair's traffic, measured in Revenue Passenger Kilometres (RPKs), decreased by 0.8%. The Passenger Load Factor (PLF) declined by 3.1% points to 72.1%. The distance-based reported traffic figures do not take into account longer routings caused by the airspace closure as they are based on Great-Circle distance in accordance with the industry practice.

20 February, 2024

Finnair's Board of Directors decided on a new period for the long-term incentive plan for management and experts

Performance-based incentive plan for management and experts


The Board of Directors of Finnair has, as part of the existing long-term incentive scheme structure, approved a new individual performance share plan period covering the years 2024–2026. Within the plan, the participants have the opportunity to earn Finnair shares as a long-term incentive reward, if the performance targets set by the Board of Directors for the plan are achieved. The participants include the Finnair Executive Board as well as other management and experts. The purpose of the plan is to incentivise the participants to work for increased shareholder value in the long-term, and to increase retention.

The annually commencing performance share plans have three-year performance periods. The potential share rewards will be delivered to the participants in one tranche after the performance period and they are at the participants’ free disposal after delivery. The potential share rewards will be delivered to the participants in the spring 2027.

The members of Finnair’s Executive Board are expected to retain at least fifty per cent of the net shares received based on the arrangement until their share ownership in Finnair corresponds to at least their annual gross base salary.

15 February, 2024

­­Finnair Group Financial Statements Release 1 January – 31 December 2023


Finnair has posted its latest results that show the carrier achieved a solid end to a strong year due to a robust market and visible results from revenue and a cost-cutting programme. 

October – December 2023                            


Revenue increased by 5.8% to 727.2 million euros (687.3*).
Comparable operating result was 22.5 million euros (17.9) and operating result was 27.3 million euros (38.0).
Earnings per share were 0.004 euros (0.005**).
Result for the period included positive, one-off deferred tax items of 46 million euros based on previous years’ tax losses.
Cash funds were 922.0 million euros (1 524.4) and they decreased from Q3 mainly due to the 220-million-euro pension premium loan repayment and the over 200-million-euro acquisition of previously leased aircraft during the period. The equity ratio was 15.6 per cent (9.9).
Net cash flow from operating activities was -5.7 million euros (29.9), and net cash flow from investing activities was -177.7 million euros (-54.3).*** Gross capital expenditure totalled 268.6 million euros (61.8).
Number of passengers increased by 6.5 per cent to 2.6 million (2.5).
Available seat kilometres (ASK) increased by 10.5 per cent to 9,047.5 million kilometres (8,185.5).
Passenger load factor (PLF) was 73.1% (72.3).

January – December 2023                            


Revenue increased by 26.8% to 2,988.5 million euros (2,356.6).
Comparable operating result was 184.0 million euros (-163.9) and operating result was 191.4 million euros (-200.6).
Earnings per share were 0.022 euros (-0.060**).
Result for the period included positive, one-off deferred tax items of 145 million euros based on previous years’ tax losses.
Net cash flow from operating activities was 472.3 million euros (259.0), and net cash flow from investing activities was -464.0 million euros (-75.5).*** Gross capital expenditure totalled 484.2 million euros (199.6).
Number of passengers increased by 20.8 per cent to 11.0 million (9.1).
Available seat kilometres (ASK) increased by 15.5 per cent to 36,154.5 million kilometres (31,298.4). This is c. 77 per cent compared to 2019 ASKs. When wet leases are included, ASKs were c. 81 per cent compared to 2019.
Passenger load factor (PLF) was 76.4% (67.6).

* 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 November 2023 and, thus, the comparison period figure has been restated accordingly.

*** In Q4, net cash flow from investing activities included 68.0 million euros of redemptions (38.9 million euros on investments) in money market funds or other financial assets (maturity over three months). In 2023, investments totalled 60.7 million euros (12.8 million euros). They are part of the Group’s liquidity management.

12 February, 2024

Finnair Traffic Performance in January 2024

Finnair Traffic Performance in January 2024


Increase in passenger traffic numbers year-on-year during a seasonally slower month, on-time performance impacted by severe weather conditions

In January, Finnair carried 819,800 passengers, which was 0.4% more than in January 2023.

The overall capacity, measured in Available Seat Kilometres (ASK), increased in January by 5.6% year-on-year. If wet lease outs are included, capacity increased by 4.0%. Finnair's traffic, measured in Revenue Passenger Kilometres (RPKs), increased by 1.3%. The Passenger Load Factor (PLF) declined by 3.0% points to 69.2%. The distance-based reported traffic figures do not take into account longer routings caused by the airspace closure as they are based on Great-Circle distance.

The ASK increase in Asian traffic was 13.1% year-on-year explained e.g. by the additional capacity to Japan and South Korea. The North Atlantic capacity decreased by 5.8%. In European traffic, the ASKs were up by 5.9%. The Middle Eastern capacity declined by 7.3% mainly due to cancelled flights to Israel. The ASKs in domestic traffic increased by 0.4%.

RPKs increased in Asian traffic by 3.0% year-on-year but decreased in North Atlantic traffic by 3.7%. They increased by 2.2% in European traffic but decreased by 0.9% in Middle Eastern traffic and by 2.4% in domestic traffic.

In January, the PLF was 68.5% in Asian traffic, 67.3% in North Atlantic traffic, 68.9% in European traffic, 79.4% in Middle Eastern traffic and 63.9% in domestic traffic.

Passenger numbers increased in Asian traffic by 0.6% year-on-year but decreased in North Atlantic traffic by 4.0%. They increased by 3.4% in European traffic but declined by 2.7% in Middle Eastern traffic and by 5.2% in domestic traffic.

The total cargo tonnes increased by 17.5% year-on-year in January due to increased Asian and European capacity. Revenue cargo tonne kilometres increased by 16.3%.

In January, 66.2% of all Finnair flights arrived on schedule (81.2%). On-time performance was mainly impacted by severe weather conditions.

Traffic statistics for February 2024 will be published on Thursday 7 March 2024.

31 January, 2024

Finnair to cancel approximately 550 flights due to political strike in Finland on 1–2 February


Several employee unions in Finland have announced a political strike against the Finnish Government, taking place on February 1–2, 2024. The political strike will have a significant impact on Helsinki Airport’s operations and on Finnair’s flight operations, and consequently, Finnair expects to cancel approximately 550 flights between 1.–2.2.2024. 

Finnair has approximately 280 flights per day in its normal traffic program, so the vast majority of flights will be cancelled. Finnair targets to operate a handful of flights during the strike and will communicate directly to those customers who have booking on flights that will be flown.  

Finnair will implement flight cancellations in its systems one flight at a time, starting from Tuesday morning January 30, with customers being offered alternative routings. Customers on long-haul flights with onward connections from Helsinki on February 1–2 will be routed directly to their destinations, as there are no connections from Helsinki during the strike. 

During the strike, ground services, such as baggage loading​,​ and ​inflight service (e.g. food and drink offerings)​, may be ​affected​ and the flights that ​do operate​ on those days may be delayed.  

"We have already given customers the opportunity to change their travel dates on Finnair flights. From January 30 onwards we start rerouting customers, using also other airlines’ flights,” says Jari Paajanen, Vice President, Finnair Operations Control Center.  

Due to the large number of cancelled flights and customers, processing the cancellations and rerouting customers takes approximately two days. 

"We will do our very best to offer a suitable flight option to as many customers as possible, but the number of alternative flights is limited," says Paajanen. "We ask customers to kindly wait for the rerouting from us, as our customer service team is busier than usual and queue times can be long."  

“It is unfortunate that the political strike will affect so many customers’ travel. We will work in close collaboration with our partners to ensure that after the strike, our flight operations can again commence as smoothly as possible,” says Jari Paajanen.  

22 January, 2024

Finnair adds flights to Nordic holiday destinations for the peak summer season

Finnair is adding flights to some of its most popular Nordic holiday destinations for the peak summer holiday season between end of June and August, in response to demand from both European and Asian travellers.  


“Northern Europe with its fresh air and beautiful nature attracts travellers who see authentic experiences”, says Ole Orvér, Chief Commercial Officer, Finnair. “We offer holiday travellers excellent connections across the Nordics with smooth connections via our Helsinki hub.” 

Finnair restores flights to Bodø, which is located right above the Arctic Circle in Northern Norway, and flies to Bodø five times per week between June 17 and August 2. Finnair also adds flights to Trondheim in Norway, flying to Trondheim 10 weekly flights from June to end of August. Both of these cities offer excellent opportunities for outdoor enthusiasts and those seeking to experience the stunning nature in Northern Norway. Flights to Bodø and Trondheim connect smoothly to Finnair’s international network.  

17 January, 2024

Finnair starts flights to Tartu, European culture capital 2024

Tartu is the European Capital of Culture in 2024, with over 300 events arranged in the city and in Southern Estonia during 2024.
Finnair starts a year-round service to Tartu in Southern Estonia as of March 31, connecting the university city to Helsinki with two daily flights six days a week. The flights connect smoothly with most of Finnair’s European, Asian, and US destinations. The flights are supported by the Tartu City Government as PSO traffic.  

Tartu is the European Capital of Culture in 2024, with over 300 events arranged in the city and in Southern Estonia during 2024.  

Finnair is the only airline operating to Tartu. The flight time between Helsinki and Tartu is approximately 40 minutes, and the flights are operated by ATR aircraft. Flights to Tartu will depart Finnair’s Helsinki hub at 1:50pm and 11:55pm, arriving at Tartu at 2:35pm and 12:40am (+1) local time respectively. On the return, flights will depart the Estonian city at 6am and 3pm, arriving at the Finnish capital at 6:40am and 3:40pm respectively. 

 The new services will complement Finnair’s existing flights between Helsinki and Estonia’s capital, Tallinn, which currently operate up to ten times per day. 

Finnair is the only airline operating to Tartu. The flight time between Helsinki and Tartu is approximately 40 minutes, and the flights are operated by ATR aircraft. Flights will depart Finnair’s Helsinki hub at 1:50pm and 11:55pm, arriving into Tartu at 2:35pm and 12:40am (+1) local time respectively. On the return, flights will depart the Estonian city at 6am and 3pm, arriving into the Finnish capital at 6:40am and 3:40pm respectively. 

The new services will complement Finnair’s existing flights between Helsinki and Estonia’s capital, Tallinn, which currently operate up to ten times per day. 

15 January, 2024

Turkka Kuusisto appointed CEO of Finnair

Turkka Kuusisto
Finnair has appointed Turkka Kuusisto as CEO of Finnair and he will start in this role on 11 July 2024 at the latest. Kuusisto joins Finnair from Posti Group Corporation, where he has served as the CEO since 2020. Prior to his CEO role in Posti Group Corporation, Kuusisto served in senior leadership positions in Posti Group Corporation and in Lindorff Group.

”I am happy to welcome Turkka Kuusisto to take the helm of Finnair and drive the next phases of Finnair’s strategy. Finnair has restored its profitability after the historic double crisis, and the company is well positioned to continue to build a sustainable future, offering excellent connections via its Helsinki hub to both Finns and to customers traveling between Europe and Asia, the Middle East, and Americas”, says Sanna Suvanto-Harsaae, Chair of the Board of Directors, Finnair.  

“Turkka brings to Finnair his strong understanding of complex industries and his proven people leadership and strategy skills, which will benefit Finnair as Finnair now moves to the next phase in its strategy”, Suvanto-Harsaae says.  

”Finnair embodies to me Finnish spirit and global connections, and it has a long and unique heritage as a 100-year old airline. I am excited and humble to take on the role of CEO in this iconic company. Working side by side with all Finnair colleagues and carefully listening to our customers, I trust our joint journey will be a successful one”, says Turkka Kuusisto.

Finnair’s current CEO Topi Manner will leave the company on 15 January 2024 to later take on the role of CEO at Elisa Corporation. Jaakko Schildt, Chief Operating Officer of Finnair, will act as an interim CEO between 15 January and the start of the new CEO.  

06 January, 2024

Increase in passenger traffic numbers for Finnair


In December, Finnair carried 878,200 passengers, which was 5.4% more than in December 2022 and 8.2% more than in November 2023. Month-on-month figures are not fully comparable as there was one day less in November.

December passenger traffic figures improved year-on-year as the COVID-19 pandemic impacts have mostly faded and as the Russian airspace was closed during the comparison period. The negative impact of the Russian airspace closure especially on Asian passenger traffic figures was, however, still visible in December 2023 compared to the pre-pandemic figures. The distance-based reported traffic figures do not take into account longer routings caused by the airspace closure as they are based on Great-Circle distance.

The overall capacity, measured in Available Seat Kilometres (ASK), increased in December by 7.8% year-on-year and by 8.5% month-on-month. Finnair's traffic, measured in Revenue Passenger Kilometres (RPKs), increased by 5.1% year-on-year and by 8.4% month-on-month. The Passenger Load Factor (PLF) declined by 1.8% points year-on-year and by 0.1% points month-on-month to 70.9%.

The ASK increase in Asian traffic was 14.9% year-on-year explained e.g. by the additional capacity to Japan and South Korea. The North Atlantic capacity decreased by 9.1%. In European traffic, the ASKs were up by 8.3%. The Middle Eastern capacity grew by 4.8% as the flights between Helsinki and Doha related to the Qatar Airways cooperation commenced in mid-December 2022. The ASKs in domestic traffic increased by 1.0%.

20 December, 2023

Finnair acquired six previously leased aircraft and repaid a part of its pension premium loan

Finnair executed a rights issue of 570 million euros in November 2023 which has strengthened the balance sheet and cash funds and has enabled the carrier to purchase six previously leased A321 aircraft from BOC Aviation. 

Finnair said the transaction will cost €200 million and will boost cash flow by about €20 million per year over the next few years.

Finnair has also repaid an additional tranche of €120 million of its 600-million-euro pension premium loan in December in addition to the previously planned 100-million-euro instalment. The December instalment, including interest, totals approximately 230 million euros, after which the remaining loan amount is 280 million euros, to be repaid during May 2025 at the latest. The impact of the additional loan repayment of 120 million euros on profit before taxes will be approximately 3 million euros in 2024 in the form of lower net interest costs.

In connection with the rights issue announcement in autumn 2023, Finnair supplemented its financial targets, which were based on the assumption that e.g. the company's cash to sales ratio would remain at 30 per cent over time. As a result of the aircraft purchases and the loan repayment, Finnair's cash to sales ratio is close to but still exceeds the target of 30 per cent.

These measures are a part of Finnair's strategy implementation and support reaching financial targets by the end of 2025. In addition, these measures will contribute to reaching Finnair’s target of reinstating shareholder distributions, based on the 2024 result, starting from spring 2025.

13 December, 2023

Finnair Traffic Performance in November 2023

Increase in passenger traffic numbers year-on-year, expected seasonal decline month-on-month

In November, Finnair carried 811,900 passengers, which was 8.1% more than in November 2022. This is 11.8% less than in October 2023 due to normal seasonality. Further, month-on-month figures are not fully comparable as there was one day less in November.

November passenger traffic figures improved year-on-year as the COVID-19 pandemic impacts have mostly faded and as the Russian airspace was closed during the comparison period. The negative impact of the Russian airspace closure especially on Asian passenger traffic figures was, however, still visible in November 2023 compared to the pre-pandemic figures. The distance-based reported traffic figures do not take into account longer routings caused by the airspace closure as they are based on Great-Circle distance.

The overall capacity, measured in Available Seat Kilometres (ASK), increased in November by 14.4% year-on-year but decreased by 7.4% month-on-month. Finnair's traffic, measured in Revenue Passenger Kilometres (RPKs), increased by 13.6% year-on-year but declined by 14.9% month-on-month. The Passenger Load Factor (PLF) declined by 0.5% points year-on-year and by 6.3% points month-on-month to 71.0%.

The ASK increase in Asian traffic was 20.5% year-on-year explained e.g. by the additional capacity to Japan and South Korea. The North Atlantic capacity decreased by 3.2%. In European traffic, the ASKs were up by 11.9%. The Middle Eastern capacity grew by 27.8% as the flights between Helsinki and Doha related to the Qatar Airways cooperation commenced only in mid-December 2022. The ASKs in domestic traffic increased by 5.6%.

RPKs increased in Asian traffic by 25.9% year-on-year but decreased in North Atlantic traffic by 7.0%. They increased by 6.1% in European traffic, by 35.4% in Middle Eastern traffic and by 1.7% in domestic traffic.

In November, the PLF was 71.2% in Asian traffic, 63.8% in North Atlantic traffic, 73.8% in European traffic, 68.7% in Middle Eastern traffic and 65.6% in domestic traffic.

Passenger numbers increased in Asian traffic by 22.3% year-on-year but decreased in North Atlantic traffic by 6.5%. The number of passengers increased by 7.3% in European traffic, by 32.2% in Middle Eastern traffic and by 0.3% in domestic traffic.

Many cargo figures increased year-on-year in November due to Qatar Airways cooperation and increased Asian capacity. Cargo carried on flights as a part of the cooperation with Qatar Airways, where cargo capacity is fully allocated to and sold by Qatar Airways, is reported by Finnair under Middle East cargo figures. Available cargo tonne-kilometres increased by 24.8% and revenue cargo tonne-kilometres by 21.0% year-on-year. The total cargo tonnes increased by 20.5% year-on-year but decreased by 3.2% month-on-month due to a shorter month.  

In November, 79.3% of all Finnair flights arrived on schedule (86.8%).

28 November, 2023

Finnair repays government covid bail out loan.


Finnair and the State of Finland signed an agreement on a hybrid loan of maximum of 400 million euros to support Finnair due to the COVID-19 pandemic in March 2021. In April 2022, the hybrid loan instrument was converted to a capital loan that was deemed an equity instrument. Both arrangements had the approval of the EU Commission’s competition authority in line with the European Union’s state aid rules. Finnair drew down the entire amount of 400 million euros during 2022.

In Finnair's rights offering of 570 million euros executed in November 2023, the State of Finland subscribed for its pro rata share of the new shares on the basis of subscription rights allocated to it. The State of Finland paid the subscription price of the shares by offsetting it against a corresponding amount of the principal of the capital loan. This totalled 318.6 million euros. Finnair has today repaid the remainder of the capital loan, i.e. 81.4 million euros, to the State of Finland. In addition, Finnair paid the related interest and other fees of 48.9 million euros to the State.

If the capital loan had not been repaid, it would have accrued approximately 52 million euros in interest and other fees in 2024.

After the repayment of the capital loan and the previously repaid hybrid bond, the company has no loans that are deemed equity capital.

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