Finnair Q Result

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1 Finnair Q Result 7 May 2015 CEO Pekka Vauramo, Interim CFO Mika Stirkkinen 1

2 Turbulent market environment The weakness of the Finnish economy continued to be reflected in the demand in the first quarter, particularly in the package tour market. There were weak signs of a recovery in the demand for consumer and business travel. Appreciation of several income currencies supported unit revenue improvement in long haul traffic. The appreciation of the dollar diluted the benefit gained from the substantial decrease in the price of jet fuel. In cargo traffic, continued capacity growth between Asia and Europe put further downward pressure on yields. Finnair s market share increased significantly in European traffic and fell slightly in Asian traffic.* 2 *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.

3 Revenue at last years level, Operational EBIT improved Revenue flat y-o-y M Passenger revenue grew Revenue from Suntours and Cargo decreased Loss of external revenue from sold operations Operational result M, +17% Airline business unit revenue at constant currency -0,4% Unit cost excluding fuel, at constant currency +1,1 % Revenue and operational result, M % % % 400 9% 6% 300 3% 200 0% 100-3% 0-6% 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 Q1/15 Revenue Operational EBIT, % 3 * Operational result (EBIT), excluding non-recurring items and changes in the fair value of derivatives and in the value of foreign currency denominated fleet maintenance reserves.

4 Positive trend in passenger traffic revenue, revenue from Travel services decreases 4 600,000, ,000, ,000, ,000, ,000, ,000, M M -17,7 % -12 % -17,5 % +14 % +5,8 % Q Q Passenger revenue Ancillary services Cargo Other Travel Services Passenger traffic ticket revenue and ancillary sales grew y-o-y. Cargo revenue decreased, but profitability improved due to discontinuation of the cargo freighter flights to Asia. Other Group External revenue decreased after the sale of Travel Retail store operations and Finncatering businesses. Travel Services' revenue fell significantly due to decreased demand and subsequent adjustment of Suntours package tour supply.

5 Passenger revenue grew in line with capacity, discontinuation of cargo freighter flights to Asia visible in Cargo numbers North America** ASK 11.3 % RPK 7.5 % PLF -2.8 %-p Revenue* 3.9 % Europe ASK 5.8 % RPK 3.2 % PLF -1.9 %-p Revenue* 5.1 % Domestic ASK -6.0 % RPK -0.1 % PLF 4.2 %-p Revenue* 2.3 % Asia ASK 1.1 % RPK 1.2 % PLF 0.1 %-p Revenue* 1.4 % Passenger revenue split 6% 10% 43% Total Traffic ASK 3.1 % RPK 2.3 % PLF -0.6 %-p Revenue* 3.1 % Cargo ATK 3.3 % RTK % OLF %-p Revenue % 41% Asia Europe *Passenger revenue. **Atlantic Joint Business revenue contribution included. 5 Domestic North America

6 Flybe Nordic acquisition and ownership negotiations On 31 March 2015, Flybe Nordic was transferred to Finnair s ownership on an interim basis. Following the acquisition, Finnair continued negotiations with Staffpoint and GWS regarding the future ownership of Flybe Nordic. Finnair expands its contract flying agreement with Flybe Finland from 1 May 2015 onwards to cover all routes operated by Flybe Finland at its own commercial risk from Helsinki. The change in ownership and the expansion of the contract flying agreement will not have a significant financial impact on Finnair in Flybe Finland Oy name will be changed to Nordic Regional Airlines. 6

7 Outlook for 2015 Finnair estimates that: In 2015, its capacity measured in Available Seat Kilometres will grow by approximately 3 per cent and that its revenue will remain at the 2014 level. Finnair estimates that its 2015 unit costs excluding fuel at constant currency will decrease from the 2014 level. The lower price of jet fuel and the full impact from the completed savings program are supporting the financial performance of Finnair in As a separate guidance and calculated using the exchange rates effective at the end of the review period, Finnair estimates that the non-recurring items associated with the long haul fleet renewal in 2015 will have a substantial positive impact on Finnair s operating result due to the strengthened US dollar. *The full outlook can be found from Financial Statements Bulletin

8 Strategy 8

9 Strategy Review Vision: Unique Nordic Experience Mission: Finnair offers the smoothest, fastest connections in the northern hemisphere via Helsinki the best network to the world from its home markets. Strategic objectives: Double Asian traffic by 2020 from the 2010 level Deliver a unique customer experience and achieve world-class operations Create shareholder value 9

10 Strategic focus areas Customer excellence Intercontinental growth with Northeast Asia focus People and Finnair culture Digitalization Funding & capital structure World-class operations 10

11 Financial Targets EBIT margin 6% over cycle EBITDAR margin minimum of 17% over cycle Adjusted gearing maximum of 175% Return on Capital Employed (ROCE) minimum of 7% 11

12 Financials 12

13 Changes in the calculation method and reporting of unit revenues and - costs Q1 RASK 2014 FlyBe Q1 RASK New 2014 Q1 RASK New 2015 RASK at constant currency 5.81 In flight 5.96 Changes YoY 6.05 Fx effect 5.93 Other adjustments 1. Technical adjustments 2. New constant currency calculation principle Q1 CASK ex. Fuel 2014 FlyBe Q1 CASK ex. Fuel New 2014 Q1 CASK ex. Fuel New 2015 CASK ex. Fuel at constant currency 4.37 In flight 4.61 Changes YoY 4.82 Fx effect Other adjustments 1. Technical adjustments 2. New constant currency calculation principle

14 Airline business: Q1 RASK & CASK development Unit cost excluding fuel, at constant currency 1,1 % Unit revenue at constant currency -0,4 % Change, % RASK, unit revenue RASK at constant currency CASK, unit cost CASK, excluding fuel CASK, excluding fuel, at constant currency Fuel Staff costs Depreciation & lease expenses Including Traffic charges Fx and Ground handling hedging Catering Maintenance Other expences* -10% -5% 0% 5% 10% 15% 20% 25% -0.4 % -5.9 % -0.1 % -6.6 % -2.2 % -0.3 % 1.7 % 1.4 % 4.7 % 1.1 % 6.4 % 10.1 % 20.3 % 14 * Including Group management-, IT-, sales and marketing expences and other rents (Flybe)

15 Key Figures Key figures Q Q Change % 2014 Revenue and result Revenue, EUR million ,284.5 Operational result, EBIT, EUR million Operational result, % of turnover ,0 %-p -1.6 Operating result, EBIT, EUR million Operational EBITDAR, EUR million Result before taxes, EUR million Net result, EUR million Balance sheet and cash flow Gross investment, EUR million Net cash flow from operating activities, EUR million Share Share price at the end of quarter, EUR Earnings per share from the result of the period, EUR * Earnings per share, EUR * Before Hybrid Bond interest

16 Operational result in Q vs. Q

17 Segment results: Airline Business Key figures Change % Revenue and result Revenue, EUR million ,167.7 Operational result, EUR million Operating result, EBIT, EUR million Operating result, % of revenue %-p -3.6 Personnel Average number of employees 3,976 4, ,232 Airline Business revenue 511 M 9 % 6 % 5 % 80 % Pax revenue Cargo Other Ancillary Segment profitability significantly improved y-o-y, result still at loss Passenger revenue and ancillary sales grew significantly Cargo share of segment revenue decreased mainly due to discontinuation of dedicated cargo freighter flights, Cargo profitability improved substancially 17

18 Segment result: Travel Services Key figures Change % Revenue and result Revenue, EUR million Operational result, EUR million < Operating result, EBIT, EUR million < Operating result, % of revenue %-p 2.7 Personnel Average number of employees The revenue of declined substantially y-o-y due to decreased demand and subsequent adjustment of Suntours package tour supply. The profitability of Suntours fell short of expectations in spite of the restructuring of operations and the result showed a substantial loss. The revenue of the business travel agency SMT was flat y-o-y and its operational result showed a slight profit. 18

19 Operating costs 573 M, -1.6% Fuel largest cost item 4% 4% 3% Total Muutos, % -1.6 % 6% 5% 26% Fuel Staff costs Ground handling and catering -6.0 % -4.2 % 0.1 % 7% Traffic charges 21.1 % 9% 16% Other rental payments Depreciation % -4.4 % 11% Maintenance 4.2 % 11% Tour operations -5.5 % Fuel Traffic charges Other costs Maintenance Tour operations Sales and marketing Staff costs Ground handling and catering Other rental payments Depreciation Leasing Leasing 29.1 % Sales and marketing 23.2 % Other expenses -9.8 % -40% -20% 0% 20% 40% 19

20 Currency Split, Q1 Sales currencies 5% 3% 2% Purchase currencies 8% 6% 7% 13% 64% 39% 53% EUR Others JPY SEK CNY KRW USD EUR USD* Others 20 20

21 Fuel, spot-price development Jet fuel December 2009 March 2015 USD/Tonne Swaps Swaps Swaps Swaps Swaps Swaps Realised price 21

22 USD appreciation and hedges diluted the benefit from fuel price decrease Q1 Comparable fuel cost, M Q Hedging loss 3.4 Mill. Eur Q Hedging loss 37.2 Mill. Eur Q1/2014 Volume Price Currency Hedging deviation 151 Q1/

23 Net debt 123 M negative, Cash 516 M % 120 Strong Balance Sheet M 600 Good Cash position Q Q Equity ratio Gearing Adjusted gearing Net cash flow from operating activities Gross capital expenditure Cash and Cash equvalents

24 Rolling Hedging policy 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Hedging positions as of 31 March 2015 Hedging ratio for 2015: 64 % 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 71% hedged for the H1 and 58% for the H2 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. 24

25 Thank you 25

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