FINNAIR GROUP INTERIM REPORT JANUARY 1 - MARCH 31, 2003 Profitability weakened significantly

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1 FINNAIR GROUP INTERIM REPORT JANUARY 1 - MARCH 31, 2003 Profitability weakened significantly Summary of first quarter key figures - Turnover million euros (Q1/2002: million) - Operating profit before depreciation, aircraft leasing payments and capital gains (EBITDAR) 18.2 million euros (41.5 million) - Operating loss, excluding capital gains, 27.1 million euros (-3.1 million) - Result after financial items million euros (-4.7 million) - Net debt at end March 2 million euros (173 million euros) - Equity ratio 42.6% (41.2%), liquid assets million euros - Equity per share 7.47 euros (7.24) - Earnings per share euros (-0.05) General Review General economic development and air traffic demand has long been weak and a significantly tighter market situation has reduced profitability. In recent months the Iraq war and the SARS epidemic outbreak have had a negative impact on volumes over the entire sector. During January-March, the passenger load factor for all Finnair traffic weakened by 1.9 percentage points to 70.8 per cent. The number of business class passengers fell by 4.3 per cent compared to the corresponding period last year. Finnair has initiated an extensive adjustment programme in order to improve profitability and operating conditions during the present upheaval in the airline industry. The objective of a 160 million euro cost-cutting programme is to reduce unit costs by 15 per cent in the next few years. The Finnair Group s operational result for the current financial year is expected to be a loss. Financial Result, January 1- March 31, 2003 Turnover grew by 2.4 per cent to million euros. The result before depreciation, aircraft leasing payments and capital gains (EBITDAR) weakened by 56.1 per cent to 18.2 million euros (41.5 million). The operating loss, excluding capital gains, weakened to 27.1 million euros (-3.1 million). The Group's result for the first quarter after financial items was million euros (-4.7 million euros). Unit revenues for passenger traffic declined by 7.9 per cent in the first quarter. The trend was weakest in European and North Atlantic traffic. Taking cargo revenue into account, unit revenues overall fell by 8.7 per cent. The Group s operating costs rose by 8.0 per cent, but unit costs for flight operations fell by 3.1 per cent. Despite a fall in Group personnel numbers by 2.6 per cent, personnel costs rose by 7.8 per cent mainly as a result of higher pension costs. Most of the new aircraft acquired during 2002 and the current financial year have been leased, in addition to which the company made a sale and lease-back arrangement for two MD-11 wide-bodied aircraft in December-January. The increase in the number of leased aircraft contributed to a 9.7 per cent rise in leasing costs. The cost of outsourced operations contributed to a rise in other operating costs. Capital gains in the first quarter totalled 14.0 million euros (0.4 million). The most significant item was a 12.5 million euro capital gain arising from a sale and lease-back arrangement for one MD-11 aircraft. Earnings per share amounted to euros (- 0.05). At the end of March, equity per share was 7.47 euros (7.24). Investment and Financing Capital investments excluding advance payments for January-March totalled 12.0 million euros. In the corresponding period last year, they came to 17.0 million euros. Capital investments do not include a 1

2 single aircraft purchase, because the two new Airbus A320 aircraft have been acquired on long-term operational leasing contracts. Operational cash flow, excluding capital gains, came to 0.5 million euros, having been 22.9 million euros a year previously. The Group s net debt at the end of March was 2 million euros, compared to 20 million euros at the beginning of the financial year. The gearing ratio has fallen from 3.1 per cent at the turn of the year to 0.4 per cent and the equity ratio has fallen to 42.6 per cent, compared with 44.3 per cent at the beginning of the financial year. Both key figures are clearly better than the set objectives. At the end of March, the Group had liquid cash reserves of 317 million euros, in addition to which there was a total of 230 million euros in unused committed loan facilities. Shares and Share Capital During the period January-March, the highest rate for the Finnair Plc share on the Helsinki Stock Exchange was 4.05 euros, while the lowest rate was 3.50 euros and the average rate 3.78 euros. The market value of the company's shares was EUR million euros on March 31, At the beginning of the financial year, the market value was million euros. In the period January to March, 4.6 million (4.8 million) of the company's shares were traded on the Helsinki Stock Exchange. At the end of the period under review, the Government of Finland owned 58.4 per cent of the company's shares, while 14.0 per cent were held by foreign investors or in the name of a nominee. If all the convertible debentures and option certificates in circulation on March 31, 2003 were converted into Finnair Oyj shares, the Finnish government's holding would amount to 55.2 per cent. On the basis of the unconverted debentures and option certificates in circulation on March 31, 2003, the company's share capital could rise by not more than 4,182, euros, corresponding to 4,920,316 shares. On April 9, 2003 the Annual General Meeting authorized the Board of Directors to purchase and dispose of the company s own shares up to a maximum of 4,100,000 shares. The authorizations apply to shares amounting to less than 5 per cent of the total share capital of the company. The shares can be purchased for developing the capital structure of the company or for nullification or to be used in possible incentive schemes directed at key individuals or other personnel, or as a consideration in business acquisitions and other arrangements. The authorizations are valid until April 8, Personnel In the period January-March period, the average number of staff employed by the Finnair Group amounted to 10,177 people, which was 2.6 per cent fewer than a year before. As a consequence of the IT and ground equipment structural arrangements, 232 people were transferred in August-September 2002 to the employment of partners outside of the Group. Management The Annual General Meeting held on April 9, 2003 decided to abolish the Supervisory Board. The authority to elect the Board of Directors was transferred to the Annual General Meeting and the authority to appoint and dismiss the President & CEO was transferred to the Board of Directors. The following were re-elected to the Board of Directors: Christoffer Taxell as Chairman, and as members Kari Jordan (Vice Chairman), Samuli Haapasalo, Antti Satuli, Helena Terho and Kaisa Vikkula. Markku Hyvärinen was elected as a new member. Secretary of State Antti Satuli died of a sudden illness on April 17th. PricewaterhouseCoopers Oy, Authorized Public Accountants, and Erkki Mäki-Ranta, Authorized Accountant, were elected as the company s auditors and Jorma Heikkinen APA and Jyri Heikkinen APA as deputy auditors. Performance of the Divisions Scheduled Passenger Traffic This division is responsible for sales, service concepts, flight operations and the procurement and financing of aircraft. The division also leases out crews required by the Leisure Traffic division. The Scheduled Passenger Traffic division also leases cargo capacity to the Group's Cargo division. Turnover for the Scheduled Passenger Traffic division in the period January-March fell by 4.1 per cent to million euros. The operating loss for the division, excluding capital gains, was 17.8 million euros, compared to a loss of 3.3 million euros in the corresponding period last year. In the first quarter, the number of business class passengers fell in the company s main market area, Europe, by 4.6 per cent. The overall fall in demand for business class travel was 4.3 per cent. The tighter market climate, over-capacity, the weak development of business class travel and a rise in the lower yield long-haul traffic contributed to a fall in unit revenues for scheduled passenger traffic of 6.5 per cent. Leisure Traffic This division consists of the Leisure Flights unit and the Aurinkomatkat-Suntours package tour company, which is the biggest in its field in Finland, with a market share of more than 35 per cent. In January-March, turnover for the division rose by 17.3 per cent to 93.7 million euros. Increased leisure flight capacity made a significant contribution to turnover growth. In 2002, the Leisure Traffic s present basic fleet of seven Boeing 757 aircraft was not in use during the entire quarter. The operating profit was 1.7 million euros (operating loss 3.3 mil 2

3 lion euros). The Leisure Traffic division s unit revenue grew 0.7 per cent. Cargo Traffic Finnair s Cargo operations are based primarily on making use of Finnair s scheduled passenger traffic network and leisure traffic as well as Helsinki's gateway position for the transport of air freight. If necessary, capacity is also leased from freight operators outside the Group. Turnover for the Cargo Traffic division rose in January-March by 1.4 per cent to 28.5 million euros. The operating loss weakened to -1.6 million euros (- 0.2 million). The Finnair Cargo Traffic division has continued to adjust its available capacity to correspond better with demand. Growth was most marked in Asian traffic, while less cargo capacity was leased from outside the Group. Aviation Services This division comprises aircraft maintenance services, ground services and the Group s catering operations. Turnover for Aviation Services fell in January- March by 9.0 per cent to million euros. The operating loss was 2.4 million euros (operating profit 3.8 million euros). The fall in turnover was due to lower volumes from customers in the sector and a fall in the price level of services. The bankruptcy of the French airline Air Lib earlier in the winter did not result in credit losses for Finnair s maintenance services, but it will reduce estimated revenues for the current year by around 9 million euros. On January 24, 2003, Finnair Catering Oy and the leading Finnish alcoholic beverage company Altia Oyj signed an agreement to found a jointventure company, SkyCellar Oy. Finnair Catering will transfer its wine wholesaling operations to the new company, of which Finnair Catering Oy will own 19.9 per cent. Through the arrangement, Finnair will improve the cost-effectiveness of its wine delivery logistics, while maintaining its high quality and reliability. Travel Services The division consists of the Group s domestic and foreign travel agency operations as well as the operations of the reservations systems supplier Amadeus Finland Oy. Turnover for the Travel Services division in the period January-March fell by 7.3 per cent to 21.7 million euros. The operating loss was 0.2 million euros (operating profit 0.6 million euros). The Group s travel agencies have increased sales of tailored leisure-travel trips in particular, while the levying of service and transaction fees is becoming increasingly common. In line with international practice, sales commission will no longer be paid to travel agencies for Finnair tickets written in Finland from September 1, Support Services Those functions which support Group business operations, such as various financial and personnel management services, come under the Support Services division. In addition, the Group's property holdings and the management and maintenance of properties relating to the Group's operational activities, as well as office services, are functions of this division. Most of the data management services that previously belonged to the Support Services division are purchased from the joint venture company of IBM and Finnair, Aerosystems Oy, which started operating on August 1, Mainly as a result of this, turnover for the Support Services division fell in the period January-March by 34.1 per cent to 15.1 million euros. Turnover is made up almost entirely of sales to other units of the Group. The operating loss, excluding capital gains, was 6.9 million euros (0.6 million euros). Volume Trends and the Market for Flight Operations During the period January-March, member companies of the Association of European Airlines (AEA) recorded an increase in demand of 1.3 per cent and in capacity of 4.0 per cent compared to the corresponding period in 2002, which led to a deterioration in passenger load factor of 1.9 percentage points. The capacity of AEA member companies, however, was still clearly below the level for the corresponding period in Finnair s scheduled passenger traffic demand rose by 3.5 per cent and capacity by 9.0 per cent, which led to a fall in passenger load factor by 3.2 percentage points to 59.7 per cent. The number of business class passengers on Finnair's international scheduled flights fell by 4.3 per cent in the first quarter. In the period January-March, the proportion of business class travel in international scheduled traffic fell by 1.4 percentage points to 22.3 per cent. In the period January-March, the Asian routes share of scheduled traffic passenger revenue rose to 14.5 per cent, whereas in the corresponding period two years ago the figure was 13.0 per cent. The punctuality of scheduled passenger traffic was 89.2 per cent, compared with 84.7 per cent the previous year. Demand for leisure traffic grew by 16.0 per cent, while capacity grew by 17.0 per cent. Leisure Traffic s basic fleet, seven Boeing 757 aircraft, was in use during the entire first quarter. The number of cargo kilos carried grew by 4.0 per cent in January-March. Revenue tonne kilometres for all traffic increased by 9.2 per cent, whereas available tonne kilometres increased by 11.7 per cent, which led to a fall in the overall load factor of 1.3 percentage points to 57.0 per cent. Services and Products Finnair s service in European scheduled passenger traffic is based on the morning-evening concept favoured by business passengers. The growth strat 3

4 egy for Asian traffic, based on the geographical competitive advantage granted by Finnair s home airport Helsinki-Vantaa, has been continued by increasing flight frequencies to present destinations. Negotiations with the Chinese authorities led to the granting of rights to increase the number of Beijing flights from the present five flights a week to seven and to begin a service of three flights per week between Helsinki and Shanghai in September. Under the original plan, the intention was to increase the number of flights per week on the Beijing route to six in June and to a daily service in September. During April and May the SARS epidemic has spread in China and caused a considerable drop in demand. The frequency of flights to Beijing has been reduced in May and the planned increase in the number of flights in June will not be implemented. On the contrary, the number of flights to Beijing has been cut between May and August. At the beginning of June, the Osaka route will be opened with three flights per week. In addition, in the summer months Finnair has been granted permission to fly ten additional flights to Tokyo s Narita Airport, which will improve competitiveness on the Japanese market at a time of high demand. Happy Hour prices were introduced in January. The aim of the new pricing model is to attract new, especially price-conscious passengers and to channel demand onto flights which have the poorest load factors. In a comparison of service quality among European airlines, Finnair has maintained its position among the top performers, even though the cost structures of in-flight service concepts have been altered to achieve savings. Customer feedback indicates, however, that cost cutting has been targeted correctly and that concepts have been developed while maintaining quality. Finnair concluded an agreement with the US company MedAire for the provision of round-theclock, expert medical assistance in the case of illnesses occurring on long-haul and leisure flights. MedAire s hospital-based MedLink Global Response Centre can be contacted even in the most remote locations. Cooperation With Other Airlines Cooperation within the oneworld alliance has continued, even though member companies have focused primarily on cutting costs after the events of September In addition to the cost cuts generated by cooperation and joint projects, benefits of the alliance to Finnair have come through a growth in interline sales of oneworld products between member companies. An information project aimed at improving customer service was initiated in oneworld at the beginning of the year. The project allows oneworld customers reservations to be handled more widely between companies. In its European traffic, Finnair has developed its bilateral cooperation with SWISS which began in December The cooperation enables Finnair s flight codes to be used on SWISS flights between Helsinki and Zürich and between Helsinki and Basel, as well as on connecting flights from Zürich to Central European destinations in Switzerland, France, Italy and Greece. Correspondingly, the SWISS flight code can be used on certain connecting flights from Helsinki to destinations within Finland. Since January, the Danish company Sun-Air s flights via Gothenburg and Oslo to Billund and Århus have carried the Finnair code. Short Term Outlook The Iraq war and the SARS epidemic outbreak during the current quarter have had an adverse impact on prospects for the sector and for Finnair. The market situation has tightened further, while at the same time there is clear over-capacity in certain areas. This has resulted in a structural and permanent fall in price levels. Despite the adjustment measures under way, Finnair s operational result for the full year is expected to be a loss. Lay-offs of up to six weeks and cuts in capacity will be implemented with the aim of achieving short-term reductions in costs. Fixed-term employment contracts will not be renewed and recruitment will be frozen, while all capital expenditure and procurement will be examined very critically. Compared to the previous year, capacity in terms of available seat kilometres will be reduced by one per cent during April-September, but the number of flights will decline around 7 per cent. The level of available seat kilometres will be affected by flights to Osaka, which begin in June, the additional Tokyo flights during the summer season, and by the service to Shanghai, which starts in September. The company has also initiated a 160 million euro cost-cutting programme, with the aim of achieving permanent changes in cost and operating structures. The full financial impact of the cost-cutting measures will begin in The measures will focus particularly on lowering fixed costs, but variable operating costs, such as travel agency sales commissions, will also be cut. Personnel costs will be cut by around 60 million euros, which corresponds to a reduction of 1,200 employees over a two-year period. Of this number, more than 200 jobs will go in travel agencies belonging to the Finnair Group. Relative to Finnair s capacity plans in the next few years, the 160 million euro savings target means an improvement in unit costs of around 15 per cent. At the moment the Airbus A320 fleet consists of a total of 20 aircraft and by the end of 2003 the Airbus fleet will comprise 25 aircraft. In accordance with the fleet strategy, the harmonization of the fleet and the reduction of aircraft types will continue, so that the ageing DC-9 aircraft will be decommissioned by the end of July FINNAIR PLC Board of Directors 4

5 President and CEO Keijo Suila on the interim financial result: The airline industry, which had not yet fully recovered after the events of September 2001, has been hit hard by the tensions of the global situation. Demand made a downward turn at the same time as heated competition quickly crumbled airlines profitability in the first quarter. The SARS epidemic caused demand, which was already low, to plummet and is quickly clouding development in the second quarter. We have already stated that the result for the entire year will be in the red. The depth of the loss depends on the development of the SARS situation. The foreseeable impact on the result is already tens of millions of euros. At Finnair we have been able to make corrective manoeuvres thanks to adjustments and vigorous savings measures begun in time. Beijing operations, which are most affected by SARS, have been cut back and capacity has been added in the Japanese market. Our basic economic health is still among the best in the industry, which gives us endurance. We will implement the savings and necessary structural changes in order to safeguard our competitiveness in the future as well. Finnair Plc Communications Christer Haglund VP, Communications For further information, please contact: SVP and CFO Petri Pentti or Christer Haglund VP, Communications tel or

6 KEY FIGURES Mill.EUR Change March 31March % 31Dec Turnover 400,3 391,1 2, ,4 EBITDAR * 18,2 41,5-56,1 211,6 EBITDA * -2,7 24,4 139,0 EBIT* -27,1-3,1 24,5 Profit from the disposal of capital assets 14,0 0,4 35,5 Profit for financial year -9,9-4,1 36,8 * Profit from the disposal of capital assets excluded Operating profit in relation to turnover % -3,3-0,7 3,7 Unit costs of flight operations c / ATK 61,5 63,4-3,1 63,2 Earnings/share EUR -0,12-0,05 0,43 Equity/share EUR 7,47 7,24 7,58 Gross investment (Mill. EUR) 12,0 17,0 102,0 Gross investment, % of turnover 3,0 4,4 6,2 Equity ratio % 42,6 41,2 44,3 Gearing % 0,4 28,2 3,1 Due to changes in accounting of extra commissions turnover increased 1,9 million euros in period and 16,5, million euros in period Unit costs of flight operations = Operating costs of Group external operating costs of Travel Services / ATK of Group. CONSOLIDATED FINANCIAL STATEMENT INCOME STATEMENT (Mill. EUR) Change March 31March % 31Dec Turnover 400,3 391,1 2,4 1656,4 Work used for own purposes and capitalized 0,7 0,7 0,0 2,9 Other operating income 18,0 6,7 168,7 58,9 Share of profits less losses of particip. interests 0,4-0,5-180,0-0,4 Operating income 419,4 398,0 5, ,8 Operating expenses Staff costs 131,8 122,3 7,8 491,8 Fuel 43,9 42,2 4,0 166,3 Lease payments for aircraft and other rents 39,7 36,2 9,7 146,5 Materials and overhaul for aircraft 20,2 20,8-2,9 80,4 Traffic charges 31,6 29,3 7,8 127,2 Ground handling and catering charges 25,0 24,4 2,5 108,4 Expenses for tour operations 27,4 23,8 15,1 85,6 Sales and marketing expenses 29,3 24,0 22,1 115,4 Depreciation 24,5 27,4-10,6 114,6 Other expenses 59,1 50,2 17,7 221,6 Total 432,5 400,6 8, ,8 Operating profit -13,1-2,6 403,8 60,0 Financial income and expenses -0,9-2,1-5,6 Profit before taxes -14,0-4,7 197,9 54,4 Direct taxes 4,1 0,6-17,3 Minority share 0,0 0,0-0,3 Profit for financial year -9,9-4,1 140,3 36,8

7 CONSOLIDATED BALANCE SHEET (Mill. EUR) 31March March Dec 2002 Fixed assets Intangible assets 18,3 22,0 19,6 Tangible assets 883,9 994,8 920,5 Financial assets 18,0 17,3 17,6 Total 920, ,2 957,7 Current assets Inventories 55,8 56,4 56,5 Long-term receivables 15,7 17,7 15,3 Short-term receivables 199,6 182,6 148,6 Investments 299,9 187,0 284,8 Cash and bank equivalents 16,9 34,7 16,9 Total 587,9 478,3 522,1 Assets total 1 508, , ,8 Shareholders equity 638,5 613,4 648,4 Minority interests 0,6 0,7 0,9 Deferred tax liabilities 110,3 97,0 116,4 Long-term liabilities 272,7 293,6 279,3 Short-term liabilities 486,0 507,8 434,8 Total liabilities 1 508, , ,8 CONSOLIDATED CASH FLOW STATEMENT Mill.EUR March 31March 31 Dec Business operations Operating profit -13,1-2,6 59,9 Depreciation 24,5 27,4 114,5 Change in working capital (net) -3,7-4,2 15,5 Financial income and expenses (net) -0,9-2,1-5,6 Taxes 4,1 0,7-17,2 Cash flow from operations 10,9 19,2 167,1 Investments Investments total -13,8 28,1-56,1 Sales of fixed assets 27,1 3,6 76,3 Cash flow from investments 13,3 31,7 20,2 Financing Change of long-term debts -12,8-6,0-0,7 Change of long-term receivables -0,3-5,5-2,0 Change of short-term debts 4,0-32,5-91,7 Dividends 0,0 0,0-5,9 Cash flow from financing -9,1-44,0-100,3 Change in liquid funds 15,1 6,9 87,0 Liquid funds, at the beginning 301,7 214,7 214,7 Change in liquid funds in balance sheet 15,1 6,9 87,0 Liquid funds, in the end 316,8 221,7 301,7 The figures in this review have not been audited.

8 FIGURES BY SECTOR TURNOVER BY SECTOR Change % Q1 Q1 (Mill. EUR) Scheduled Passenger Traffic 268,9 280,5-4,1 Leisure Traffic 93,7 79,9 17,3 Cargo 28,5 28,1 1,4 Aviation Services 100,6 110,5-9,0 Travel Services 21,7 23,4-7,3 Support Services 15,1 22,9-34,1 Less internal adjustments -128,2-154,2-16,9 Finnair Group Total 400,3 391,1 2,4 OPERATING PROFIT BY SECTOR Q1 Q1 (Mill. EUR) Scheduled Passenger Traffic -5,2-2,9 Leisure Traffic 1,7-3,3 Cargo -1,6-0,2 Aviation Services -2,4 3,8 Travel Services -0,2 0,6 Support Services -5,4-0,6 Finnair Group Total -13,1-2,6 AVERAGE PERSONNEL Change % Q1 Q1 Scheduled Passenger Traffic ,4 Leisure Traffic ,9 Cargo ,1 Aviation Services ,0 Travel Services ,4 Support Services ,8 Finnair Group Total ,6 CONTINGENT LIABILITIES AND DERIVATIVE CONTRACTS (Mill. EUR) 2003 Fairvalue March 31 March 31 Dec Pension liabilities Total liability of pension fund 711,0 673,0 700,3 Uncovered liability of pension fund 0,0 0,0 0,0 Liability for pensions paid directly by the companies 0,0 0,0 0,0 Pension liabilities, incl. in long-term liabilities 0,0 0,0 0,0 Other contingent liabilities Pledges on own behalf 299,9 359,8 309,4 Pledges on own behalf of subsidiaries 0,6 0,6 0,6 Guarantees on group undertakings 35,8 35,8 35,3 Guarantees on others 0,0 0,0 0,0 Aircraft lease liabilities 423,8 308,4 345,5 Total 760,1 704,6 690,8

9 2003 Fairvalue March 31 March 31 Dec. Derivative contracts Currency derivatives Forward contracts 178,7-0,6 83,6 174,4 Currency options Bought 66,2 1,1 47,6 73,5 Sold 117,9-2,0 82,8 141,3 Currency swaps 155,9-12,8 220,8 168,2 Interest rate derivativies Interest rate options Bought 27,5 0,0 34,4 28,6 Sold 55,1-2,2 68,8 57,2 Total 601,4-16,4 537,9 643,2 Other derivative contracts Fuel price agreements (tonnes) , Fuel options (tonnes) Bought , Sold , AIR TRAFFIC 1Jan - 31March 2003 Total traffic Europe North America Asia Domestic Leisure Cargo Passengers (1000) %-change 0,9-0,3 3,3 16,7-5,7 15,0 Cargo and mail (tonnes) %-change 4,0 1,8 12,1 30,8-5,5-46,5-20,3 Available seat-kilometres mill %-change 11,5 5,1 18,4 22,4 0,0 17,0 Revenue passenger kilometres %-change 8,6 2,4 3,1 10,6-5,1 16,0 Available tonne-kilometres %-change 11,8 7,7 18,7 23,4 0,7 13,2-12,7 Revenue tonne-kilometres mill %-change 9,2 2,4 6,5 17,6-5,0 15,4-14,5 Passenger load factor % 70,8 52,1 69,9 75,2 53,1 93,2 %-change -1,9-1,4-10,4-8,1-2,8-0,8 Overall load factor % 57,0 41,3 51,7 59,8 40,1 79,7 71,5 %-change -1,3-2,1-5,9-2,9-2,4 1,6-1,5

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