Finnair Q1 result info

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1 Finnair Q1 result info 7 May 2014 CEO Pekka Vauramo CFO Erno Hildén 1

2 Updated mission and strategic targets 2

3 Our Mission Offer the smoothest connections in the northern hemisphere via Helsinki, and the fastest and best network to the world in its home market Create value to our shareholders by providing an attractive return on investment 3

4 Our strategic goals Double Asian revenues by 2020 Grow traffic via Helsinki by utilising Finland s geographic location Create shareholder value and be attractive investment 4

5 Our path forward The Tools Fleet strategy Financing Strategic partnerships The Building Blocks New Digital Finnair Network Strategy Cargo The Foundation Competitive Cost Structure Leading Commercial Strategy Safe, Efficient Operations 5

6 Q result 6

7 Difficult market environment especially in Finland The weakness of the Finnish economy was reflected in home market demand, in both business travel and leisure traffic. Growth in the BRICS economies, including China, slowed. Negative exchange rate development of several income currencies. The year-on-year depreciation of the yen against euro was significant still in Q1. The price of jet fuel remained high despite its slight decrease. Cargo traffic continued to suffer from overcapacity and negative exchange rate development. Capacity growth in the market was mostly conservative. Measured in seat kilometres, overall capacity between Helsinki and Finnair s European destinations grew by approximately 4%.* Overall capacity between Finnair s Asian and European destinations grew by some %.* Finnair increased its market share in European traffic, while in Asian traffic market share remained largely unchanged from the comparison period.* 7 *Finnair s estimate based on MIDT data collected on the sales volumes of travel agencies and Finnair s estimates of airlines sales through their own sales channels, such as websites.

8 Passenger load factor 78.7%. The weak domestic market, contraction of leisure traffic and exchange rate fluctuations contributed to decline in revenues North-Atlantic** ASK 8.0% RPK 2.9% PLF -3.9%-p. Traffic revenue* 4.6% Europe ASK 2.9% RPK 7.6% PLF 3.2%-p. Traffic revenue* -2.9% Domestic ASK 8.5% RPK 12.0% PLF 2.1%-p. Traffic revenue* 2.7% Asia ASK -0.9% RPK -1.6% PLF -0.6%-p. Traffic revenue* -8.9% Passenger revenue split 12% 3% 11% 40% Leisure traffic ASK -23.0% RPK -28.1% PLF -6.2%-p. Traffic revenue* -24.4% Total ASK -2.9% RPK -4.0% PLF -0.9%-p. Traffic revenue* -7.7% Cargo*** ATK 39.4% RTK 36.9% OLF -1.5%-p. Traffic revenue 29.4% 34% Asia Domestic North-Atlantic Europe Leisure *Passenger revenue. **Atlantic Joint Business revenue contribution included. *** Freighter. 8

9 One fifth of Finnair s revenue in the scope of JBAs Long-haul Joint Business Agreements To enable growth, enhance revenues and control capacity. Customers can mix and match fares from all participating airlines: best schedules at competitive prices. Revenues are shared in relation to capacity shares. Atlantic Joint Business from 1 July 2013 Siberian Joint Business (btw Europe and Japan) from 1 April

10 Status of savings negotiations and employee consultations Employee consultation negotiations in admin and support functions Focus is on productivity improvements Possible reduction of 140 employees Cabin crew employee consultation negotiations Concern wider use of outsourcing in the cabin service of its long-haul and short-haul traffic. In the initial stage, the company plans to outsource the cabin personnel of three long-haul routes at maximum during this year. In the next stage, Finnair would outsource the cabin service of more than 10 routes. The reduction of approximately 540 cabin attendants could be required. The deadline for savings negotiations with the Finnish Airline Pilots' Association (SLL) is 13 June The targeted annual savings total EUR 17 million, and the savings are sought primarily from renewal of working time and compensation structures. Negotiations for new collective agreements white-collar employees and engineers (FYT and FIRY ) are currently in progress. 10

11 Target 200 M permanent cost savings and cost competitiveness in all cost categories Phase I:140 M Savings reached by 31 March M Total target 200M Other Phase II: 60 M Pilots 17 Cabin 18 Technical & ground services 8 Other employee groups 17 Realised Phase I additional saving reached Remaining target 11

12 Progress in cost savings didn t offset decline in revenues Turnover M, -8.4% a slight decrease in overall capacity, continued strong contraction in leisure traffic volume, Asian traffic revenue decline mainly due to exchange rate fluctuations, and a decline in home market demand, particularly in business travel. Operational result M, -95.1% RASK -4.0% Excluding the effect of exchange rate fluctuations, passenger unit revenue declined by 2.6% CASK ex. fuel -0.2%. CASK 1.0 %. Necessary to improve profitability Change from Q RASK= Revenue per Available Seat Kilometre. CASK = Cost per Available Seat Kilometre. 12

13 Turnover and operational result decreased yoy Turnover, M Operational result, M Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/ Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 * Operational result (EBIT), excluding non-recurring items, capital gains and changes in the fair value of derivatives and in the value of foreign currency denominated fleet maintenance reserves.

14 Outlook for 2014 unchanged The ongoing uncertain economic outlook in Europe and Asia is contributing to weak consumer demand in some of our main markets. Air traffic is expected to grow moderately in Finnair, however, will not be able to benefit from that growth without progress in its cost savings program and its target cost structure in place. Finnair estimates its turnover to be close to previous year s level in Fuel costs are expected to remain high. The outcome of Finnair's on-going cost-saving negotiations will have a significant impact on financial performance in 2014, and therefore the company will reconsider giving guidance for its full-year 2014 financial performance after the savings negotiations have been concluded. 14 Finnair Q4 & FY 2013 result. 11 February 2014

15 Financials 15

16 Key figures Change % 2013 Turnover and result Turnover EUR million ,400.3 Operational result, EBIT EUR million Operational result, % turnover % %-p 0.5 Operating result, EBIT EUR million EBITDAR EUR million Result before taxes EUR million Net result EUR million , Balance sheet and cash flow Capital expenditure, CAPEX EUR million Net cash flow from operating activities EUR million Share Share price at end of quarter EUR Earnings per share, from the result of the period* EUR Earnings per share EUR * * Before Hybrid Bond interest 16

17 Comparable operational result in Q1, M 30,0 20,0 5,4 3,0 0,2 0,0-1,6-3,8 10,0 0,0 9,9 8,4-17,4-10,0-20,0-17,5 11,6-32,3-34,2-30,0-40,0 17

18 Segment results: Airline Business* Key figures Change, % Turnover, M ,271.9 Operational result, M Personnel, average 4,533 5,016-9,6 4,834 Airline Business turnover M 15 % Scheduled traffic 11 % Leisure traffic 9 % 65 % Cargo Other Scheduled traffic development in Q1 Available seat kilometres, revenue passenger kilometres and number of passengers increased in all traffic areas except Asia. Passenger revenues increased in North Atlantic and Domestic traffic. Passenger revenues decreased in European and Asian traffic. * Includes from 1 Jan 2014 onward aircraft maintenance, Finnair Travel Retail Oy and Finnair s property holdings and the management of properties related to the company s operational activities. 18

19 Leisure traffic and Cargo development in Q1 Leisure traffic Consumers uncertainty regarding their own economic development depressed the overall demand for leisure travel. Purchases by tour operators outside the Group declined substantially yoy. Cancellation of winter season tours to Egypt was still reflected in the volumes and revenues for the first quarter. Improving cost competitiveness extremely important. Cargo Overcapacity in the cargo market put average yields under increased pressure. Exchange rate fluctuations weakened the result, only 30% of cargo revenue in euros. Belly cargo accounted for approx. 17% of total long-haul revenue. Separate cargo capacity flights* (Hanoi, Hong Kong, New York, Brussels, and Tokyo/w JAL Cargo) approx. 26.5% of total cargo traffic. Early signs of a recovery in demand. *separate wet-leased cargo flights operated by Finnair Cargo. 19

20 Airline business: Q1 RASK & CASK development Unit cost excluding fuel (CASK. excl. fuel) -0.2% Unit revenue (RASK) at constant currency -2.6% Muutos, % -5% -4% -3% -2% -1% 0% 1% 2% 3% 4% 5% 6% 7% RASK, unit revenue -4,0 % CASK, unit cost -1,0 % CASK, excl. Fuel -0,2 % Fuel cost -2,6 % Staff cost -3,2 % Depreciation & lease costs Traffic charges -0,4 % 5,7 % Maintenance Ground handling Catering -0,4 % 1,7 % 3,7 % Other expenses -2,7 % 20

21 Airline business: Q1 CASK excl. fuel build-up c/ask 4,40 4,38 4,36 4,34 4,32-0,03-0,02 0,00 0,00 0,01 0,01 0,04 4,30 4,28 4,38 4,37 4,26 4,24 4,22 4,20 Q CASK ex. Fuel Staff costs Other expenses Depreciation & lease expenses Maintenance Ground handling Catering Traffic charges Q CASK ex. Fuel 21

22 Airline business: Decrease in ASKs contributed to slower unit cost* decline Cumulative unit cost decline since 2010, % 0,00% Q1-2,00% -4,00% -6,00% -8,00% -10,00% -12,00% -14,00% -16,00% -7,6 % -11,3 % -13,9 % -14,1 % *Excl. fuel, adjusted for 2010 ash and industrial action. If applied, the effect of new engine overhaul accounting principles on 2010 costs would be MEUR 11 and 0.8% additional decline in cumulative CASK. 22

23 Segment result: Travel Services Key figures Muutos, % Turnover, M Operational result, M Personnel, average The weakness of the Finnish economy was reflected in home market demand, in both business travel and leisure traffic. Consumers uncertainty regarding their own economic situation was reflected in the demand for leisure travel a larger share of the package tours was sold at a discount at the last minute, which decreased the unit revenue of package travel. Cancellation of winter season travel to Egypt is still visible in Q1 figures. 23

24 Operating costs M Fuel largest cost item 3% 2% 10% Total Muutos, % -5,4 % 4% 28% Fuel -5,0 % 5% Staff costs -11,4 % 6% Ground handling and catering Traffic charges -0,5 % 3,1 % 7% 15% Other rental payments 10,8 % 9% 11% Depreciation Fleet materials and overhaul -14,8 % -2,0 % Fuel Ground handling and catering Other rental payments Fleet materials and overhaul Lease payment for aircraft Other expenses Staff costs Traffic charges Depreciation Expenses for tour operators Sales and marketing Expenses for tour operators -10,5 % Lease payment for aircraft 10,4 % Sales and Marketing-20,2 % Other expenses -11,3 % -25% -20% -15% -10% -5% 0% 5% 10% 15% 24

25 Fuel, spot-price development USD / tonnia Jet fuel

26 Revenue currency split Revenue currencies Q Revenue currencies % 18 % 3% 5% 4 % 5% 5 % 7% 64% 6 % 58 % 10 % EUR JPY CNY SEK USD Other EUR YEN CNY SEK USD Other 26 26

27 Fleet financing in Q1 In Q1, sale and leasebacks of three Airbus 330 aircraft and one A321 Sharklet aircraft completed. Sale and leaseback of the fourth A330 aircraft to be completed in Q In addition, Finnair agreed on the sale and leaseback of two A350 aircraft in Q After Q1, sale and leaseback agreement for the fifth A321 Sharklet aircraft completed and MoU on the sale of three E170 aircraft announced. The financial arrangements of A330 and A350 aircraft relate to Finnair s long-haul fleet renewal program. Total value of A330 and A350 arrangements 430 M In Q1, 107 M EIB loan repaid. 27

28 The first four A350s arrive in H Finnair fleet 31 March 2014 Seats # Own Leased Finance leased Average age Change to LY Orders Options Narrowbody fleet Airbus A / ,7 Airbus A ,6 Airbus A / , Boeing B ,0-2 Widebody fleet Airbus A /271/ ,4 Airbus A / ,2 Airbus A350 na Total ,

29 Airbus fleet 9 AIRBUS A AIRBUS A AIRBUS A321 8 AIRBUS A330 7 AIRBUS A340 H onwards: AIRBUS A350 XWB First four by the end of 2015 Next 7 firm orders by the end of

30 Strong financial position supports business development and future investments % 120 Strong balance sheet M 600 Good cash position Q1_ Q1_ Equity ratio Gearing Adjusted gearing Net cash flow from operations Investments, gross Short term cash and cash equivalents

31 Fuel cost build up Comparable Q1 fuel cost, M % % -3.6% 8 4.8% Q incl. hedging profit of 4.9 M Q includes hedging loss of 3.4 M Q1/2013 Volume Price Currency Hedging deviation Q1/

32 Rolling hedging policy Hedging positions as of 31 March 2014 Hedging ratio 2014: 71% 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% hedge ratio upper lower Finnair hedges jet fuel consumption 24 months ahead within the limits defined in the hedging policy. Finnair s fuel purchases are 75% hedged for the H1 and 69% for the H2 of of The company protects itself against the risks of currency, interest rate and jet fuel positions by using different derivative instruments, such as forward contracts, swaps and options. 32

33 Thank you 33

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