Finnair Group Financial year January 1-December 31, 2001

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1 Finnair Group Financial year January 1-December 31, 2001

2 State of the airline industry Business travel dropped dramatically Events of September 2001 From beauty contest to fight for survival Production cuts 10-25%, aircraft grounded Over in personnel layoffs Result estimates crumble, cash flow becomes critical Bankruptcies - slow adjusters with weak balance sheets fall Industry structural changes begin Insurance premiums Subsidies distort competition

3 Finnair 2001 New Group organisation After good first two months, spring brings downward turn in demand Dramatic drop in business travel Investments at record level Taking control of September situation Quick - and successful - cuts in production Additional costs from safety 115 million Euro costs savings plan Strong growth in Asian traffic (+17,2 %) High quality level maintained Market share has grown Profitability in sharp decline

4 % 20,0 Premium travel vs. non premium Scheduled international traffic 15,0 10,0 5,0 0,0-5,0-10,0-15,0-20,0-25, Premium class Non premium

5 Q4 in short Result excl. capital gains dropped from 4.4 mill. Euro to mill. Euro Result includes 18.4 mill. Euro in additional depreciation As result of quick adjustment measures, operating expenses fell 5.9%, without extra depreciation -10.1% Fuel costs declined by 21.8% Positive cash flow Earnings before depreciation, aircraft leasing payments and capital gains (EBITDAR) 43.8 (47.5) mill. Euro Excellent improvement in cabin factors Dec 2001-Feb 2002

6 Group Key figures EUR mill. Q4 Q4 12 mth 12 mth Turnover EBITDAR, excluding capital gains % of turnover 11.5 % 10.9 % 12.0 % 13.8 % EBIT % of turnover -5.7 % 6.6 % 0.8 % 6.7 % EBIT, excluding capital gains % of turnover -5.9 % 0.9 % -0.5 % 3.1 % Profit/loss before extraordinary items and taxes % of turnover -5.4 % 6.6 % 0.5 % 7.2 % Earnings per share, EUR Equity per share, EUR Net Debt, EUR mill Equity ratio, % 41.7 % 42.6 % Gearing % 34.3 % 11.5 %

7 Development of Group Business Areas TURNOVER Q1 Q2 Q3 Q4 Total EUR mill. Scheduled traffic 295,9 313,3 269,0 261,9 1140,1 Leisure Traffic 93,9 71,0 90,4 79,3 334,6 Cargo 28,6 33,5 28,4 25,1 115,6 Aviation Services 116,6 129,2 123,6 111,9 481,3 Travel Services 22,5 26,5 21,7 23,0 93,7 Support Services 24,2 22,3 22,8 28,0 97,3 less internal items -161,7-155,5-165,1-149,3-631,6 Total 420,1 440,2 390,8 379,9 1631,0 Previous year 398,8 414,2 408,9 436,2 1658,1 Change % 5,3 6,3-4,4-12,9-1,6

8 Development of Group Business Areas EBIT Q1 Q2 Q3 Q4 Total EUR mill. Scheduled traffic 18,1 18,4-20,1-35,1-18,7 Leisure Traffic 0,4-0,8 4,3-0,2 3,7 Cargo -1,1-0,1-4,3 0,3-5,2 Aviation Services 1,3 11,8 8,1 4,3 25,6 Travel Services 1,0 2,1-1,9 2,6 3,8 Support Services -5,1-1,0 3,8 6,4 4,1 Total 14,7 30,3-10,1-21,7 13,3 Previous year -11,3 55,2 38,2 28,6 110,7

9 Yield and unit cost development 15 Airline operations, year on year change 10 5 % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q Yield Unit costs

10 EBIT per quarter EUR mill EBIT from operations Capital gains Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q

11 EUR mill Change in EBIT per quarter Excluding capital gains from asset disposals Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q

12 Jet fuel development in 2001 Index Index 100 = I II III IV V VI VII VIII IX X XI XII

13 EBITDAR, excluding capital gains EUR mill Q1 Q2 Q3 Q4 Year 2001: EBITDAR / net financial costs and aircraft lease payments = 2.6

14 Operational cash flow and capex EUR mill / / / Cash flow Investments

15 EUR mill Record capex in 2001 New funding solutions for / / / Other investments Buildings Flight equipment

16 EUR mill. 500 Net Debt EUR 212 million at December 31, / / / Interest bearing debt Liquid funds Net Debt

17 Finnair has a sound balance sheet Equity ratio and gearing % / / / Equity ratio Gearing

18 Adjusted Gearing % / / / * * Including year 2001 aircraft lease payments of EUR 71.7 million multiplied by seven

19 ROCE and ROE Rolling 12 months % Q Q Q Q Q Q Q Q Q ROE ROCE

20 EUR mill. 40 Dividend pay-out % of EPS / / / * * Proposal to the AGM 0

21 Finnair ebusiness evolves Online sales increased by 178% in 2001 Online share was 2,1 % of total sales, but close to 10 % on domestic traffic Finnair s automatic departure gate, egate, won the International Information Technology Excellence Award The pan-european travel portal Opodo, in which Finnair is a minority shareholder together with 8 other European flag carriers, started its operations last year in Germany, in January in the United Kingdom and in March in France.

22 Better connections 1. Helsinki-Skavsta route opening in October speeded up connections between Finland and Southern Stockholm s business centres, avoiding Stockholm s bottle necks 2. Helsinki-Milan route made non-stop offering quick morning and evening connections 3. Helsinki-Bangkok daily service 4. Helsinki-Beijing adding service from three times a week to four in February and five in September 5. Helsinki-Hong Kong new route operated three times a week 6. Helsinki-Paris route gets fourth daily flight 7. Helsinki-Dublin route made nonstop

23 Better service for core customers 1. Renewed and 50% larger Business Class on all long haul flights 2. Even more Airbus aircraft preferred by business passengers - more room (total 17 aircraft in 2002) 3. Finnair has nonstop flights to almost all of its international destinations nonstop international destinations from Helsinki 5. Most punctual in Europe, customer service at top level in Europe

24 From crisis to growth Focus on core businesses Succesful damage control during Q4/2001 Implementation of costs savings program Fleet renewal with flexibility of financing Strong growth in Asian traffic Start of Aero Airlines Promising recovery in demand Target set for better operational result than previous year

25 Total annual market CANADA UNITED STATES New York Tokyo Beijing 50 mill. +3.5% London Paris Helsinki EUROPE 25 mill. RUSSIA +5.5% Hong Kong Bangkok CHINA Singapore AFRICA Ow-passengers/year (2000) Average estimated growth/year ( ) Source: Boeing/Airbus

26 Feeder market to Asia HEL has a bigger natural market than CPH CPH HEL Asia

27 Most trusted airlines in Nordic countries European Trusted Brands 2002, Readers Digest Finland Finnair 97 % Sweden SAS 85 % Norway SAS 57 % Denmark SAS 48 %

28 Most trusted airlines in Europe Finnair SAS (Sweden) Air France KLM LOT Aeroflot TAP Lufthansa Iberia Swissair Alitalia Malev SAS (Norway) CSA Sabena British Airways SAS (Denmark) Air Slovakia Lähde: European Trusted Brands 2002/ Reader s Digest

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