2012 Result. Mika Vehviläinen CEO
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1 2012 Result Mika Vehviläinen CEO 1
2 Agenda Market environment in Q4 Business performance and strategy execution Outlook Financials 2
3 Market Environment According to IATA, Global air travel continues to increase, but the rate of growth has slowed over the year Air freight demand showed year-on-year improvement in Q4 after being down in previous quarters Growth in international passenger travel was driven by emerging regions Airline capacity management has allowed load factor to remain solid, helping financial performance Given the weakness in global economic growth, the demand environment for air transport remains fragile 3
4 Air traffic remains a growth market 20-year world annual traffic growth 4.7% Source: Airbus Global market forecast September
5 Growth is highest in emerging regions EMERGING REGIONS China India Middle East Asia Africa CIS Latin America Eastern Europe 6 billion people 2012 Yearly RPK growth Western Europe Japan North America 1 billion people 2012 Billions of people want to travel by air Source: Airbus Global market forecast September
6 China is forecasted to continue as the fastest growing market in Source: Airbus Global market forecast September
7 Main drivers for traffic growth in Asia More people, bigger cities, more wealth Emerging markets, more first time flyers and growing middle class Growing tourism and internationalisation will stimulate demand China average propensity to travel x4.6 in 2031 vs Source: Airbus Global market forecast September
8 Change in the industry continues Alliance landscape is changing Qatar to join oneworld alliance, Middle-Eastern airlines active in partnering with network carriers Malaysia Airlines became a full member of the oneworld alliance in January Market exits in short haul traffic Network carriers continue to restructure their loss-making short haul operations 8
9 Solid business performance strengthens Finnair s position in the market 9
10 Full year 2012 back in profit Q4 and FY Operational EBIT in profit Over 100 million result improvement while the fuel bill grew by 115 million Q4 Turnover M, Operational EBIT 6.3 M FY Turnover all time high M, Operational EBIT 44.9 M Stable financial position Net cash flow from operations 17.9 M in Q4, M FY M short-term cash and cash equivalents as per 31 Dec 2012 (approx. 17.6% of FY turnover) Notable improvements in traffic performance trough out the year: Load factor +4.3%-p RASK +7.7% 10
11 Turnover growth continued, EBIT* back in profit Quarterly turnover, million Quarterly Operational EBIT, million 700 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q *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 11
12 Operational EBIT build-up in Q Mill. Eur 80,0 60,0 40,0 11,7 10,5 3,6-1,9-6,8-9,3-16,9 16,7 20,0-18,7 0,0 17,3 6,3-20,0-31,6 31,6-40,0 12
13 Operational EBIT build-up in FY 2012 Mill. Eur 300,0 250,0 200,0 150,0 37,0 34,4 28,6 21,4 4,8-3,6-14,4-28,6-38,2 100,0-115,0 50,0 179,4 0,0 44,9-50,0-60,9-100,0 13
14 Unit revenue improvement continues Unit revenue per available seat kilometre (RASK) up by 7.7% in 2012 as both passenger load factor (PLF, +4.3%-p) and yield per revenue passenger kilometre (RPK yield, +0.9%) improved y-o-y RASK +7.7% PLF +4.3%-p RPK yield +0.9% 14
15 Strong traffic performance in Q Asian share 49.8% of the total capacity North America ASK -2,5 % RPK 3,7 % PLF 4,9 %-p Traffic revenue* -3,2 % Leisure traffic ASK -7,8 % RPK 1,9 % PLF 8,3 %-p Traffic revenue* -1,9 % Passenger revenue split 8% 3% 11% 44% 34% Asia Europe Charter Domestic North Atlantic Europe ASK 7,5 % RPK 11,7 % PLF 2,6 %-p Traffic revenue* 11,7 % Domestic ASK -7,9 % RPK 0,8 % PLF 5,3 %-p Traffic revenue* 3,2 % *Passenger revenue Asia ASK 7,0 % RPK 12,3 % PLF 3,6 %-p Traffic revenue* 5,5 % Total traffic ASK 3,8 % RPK 9,6 % PLF 4,0 %-p Traffic revenue* 6,2 % Cargo ATK -45,2 % RTK -36,9 % OLF 10,9 %-p Traffic revenue -37,3 % * passenger revenue 15
16 Strategy implementation yielding results 16
17 Finnair today Focus on core Airline business Scheduled long and short haul traffic Leisure traffic Cargo traffic Partnerships in both core business and in airline support services 17
18 We are committed to adding value and improving our profitability Service development: Customer Service quality Product renewal and new ticket types More rewarding Finnair Plus Program Marimekko partnership Cost efficiency and flexible cost structure Operational efficiency Increasing revenues 18
19 Implementation of cost savings program ahead of schedule, 100 million of realised savings in 2012 Target 140 million Achieved savings to target 8% 8% 3% 25% TOTAL maintenance 73% 30% 8% achieved implemented to target staff 50% 8% 9% other 102% 18% lease 161% 10% 14% 24% sales catering 97% 98% 12% 50% maintenance other staff lease ground handling fuel 41% 138% 28% sales ground handling catering fuel 0% 100% 19
20 New 60 million savings programme will ensure reaching our target of 6% operational EBIT margin The aim is to achieve a permanent reduction in costs of 60 million by the end of 2014 The new programme complements the existing 140 million programme launched in 2011 Savings timeline for in total 200 million sustainable savings from 2010 cost level million 40 million 60 million 20
21 Finnair has strong presence in Asian key economies, weekly frequencies in Q4* China Japan Finnair Lufthansa Air France KLM IAG Finnair Lufthansa Air France KLM Singapore Republic of Korea Finnair Lufthansa Air France KLM Finnair Lufthansa Air France KLM *Finnair was the 3rd largest carrier in its destinations, estimated market share of 5.4% in Market size of 20 million transfer passengers annually, globally one of the fastest growing traffic areas. Traffic between Europe and China forecasted to triple during the next 30 years. 21
22 Adding value to our customers 22
23 Outlook for 2013 The uncertain economic outlook in Europe, together with weakened consumer demand and slower growth in Asia, make it difficult to assess how air traffic will continue to develop. Fuel costs are expected to remain high in 2013, and the demand for air traffic is estimated to grow in moderation. Finnair estimates that its turnover will grow in The airline unit costs excluding fuel (CASK excl. fuel) are expected to decrease compared with 2012, and operational result is expected to show a profit in
24 Financials 24
25 Key figures Q4 & FY 2012 Key Figures Oct-Dec 2012 Oct-Dec 2011 Change % FY 2012 FY 2011 Change % Turnover and result Turnover EUR million Operational result, EBIT EUR million Operational result, % turnover % %-p %-p Operating result, EBIT EBITDAR Result before taxes Net result Balance sheet and cash flow Capital expenditure, CAPEX Net cash flow from operating activities Share EUR million EUR million EUR million EUR million EUR million EUR million >200 % >200 % 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 25
26 Airline business: RASK & CASK development Q Unit revenue per available seat kilometre (RASK) up by 4.8% Unit cost per available seat kilometre excluding fuel (CASK, excl. fuel) down by 8.6% Change, y-o-y, % -20% -15% -10% -5% 0% 5% 10% 15% 20% RASK, unit revenue 4,8 % CASK, unit cost CASK, excl. Fuel -2,9 % -8,6 % Fuel cost 11,8 % Personnel Depreciation & leasing Traffic charges -11,4 % -11,5 % -7,0 % Maintenance 19,9 % Ground handling Catering Other costs -14,6 % -16,8 % -15,8 % 26
27 Airline business: RASK & CASK development FY 2012 Unit revenue per available seat kilometre (RASK) up by 7.7% Unit cost per available seat kilometre excluding fuel (CASK, excl. fuel) down by 3.6% Change, y-o-y, % -20% -15% -10% -5% 0% 5% 10% 15% 20% RASK, unit revenue CASK, unit cost 7,7 % 2,3 % CASK, excl. Fuel -3,6 % Fuel cost 18,1 % Personnel Depreciation & leasing -1,2 % -7,9 % Traffic charges Maintenance 4,1 % 3,8 % Ground handling Catering Other costs -11,0 % -9,2 % -4,5 % 27
28 Operational costs flat, fuel costs continued to climb in Q Operational costs Mill. Eur , ,427.0 Fuel cost % y-o-y* The share of fuel costs 27% ,4 +0.4% 615, ,2 603,5 Mill. Eur ,2 586, % ,8 621, Q1 Q2 Q3 Q ,2 146,4 179,6 144,3 131,7 157,9 132,8 167, Q1 Q2 Q3 Q4 * Hedging taken into account 28
29 Fuel and personnel biggest cost items in Operational costs Q4 2012, total of Mill. Eur 2,8 % 2,4 % 3,7 % Change, y-o-y, % 5,5 % 26,8 % Total 0,4 % 6,2 % Fuel 12,8 % Staff -14,8 % 7,7 % Other costs -2,6 % Ground handling and catering 17,7 % 8,4 % Traffic charges -6,6 % 16,3 % Maintenance 55,6 % 9,9 % 10,2 % Other rental payments Depreciation -16,1 % 21,3 % Fuel Staff Tour operations -33,8 % Other costs Traffic charges Other rental payments Ground handling and catering Maintenance Depreciation Sales and marketing Aircraft leasing -15,9 % -24,1 % Tour operations Aircraft leasing Sales and marketing -40% -20% 0% 20% 40% 29
30 Our financial targets Operational profit (EBIT) margin 6% EBITDAR margin 17% Economic profit To create positive value over pretax WACC of 8% Adjusted gearing <140% Dividend policy pay-out ratio minimum one third of the EPS 30
31 Strong financial position supports business development and future investments % 120 Strong balance sheet M 750 Good cash position over years despite significant investments Equity ratio Gearing Adjusted gearing Net cash flow from operations Investment, gross Short term cash and cash equivalents 31
32 Fuel, spot-price development 32
33 Hedging profit of 10 million in Q4 Mill * 165** 50 0 Q4/2011 Volume Price Currency Hedging Deviation Q4/2012 *Incl. Hedging profit of 20 Mill. EUR **Incl. Hedging profit of 10 Mill. EUR 33
34 Hedging profit of 51 million in 2012 Fuel cost build up LTM Mill. EUR * 2011 Volume Price Currency Hedging Deviation 670** 2012 *Incl. Hedging profit of 76 Mill. Eur **Incl. Hedging profit of 51 Mill. Eur
35 Rolling hedging policy Hedging positions, 31 December 2012 Hedge ratio H1 2013: 75% Finnair hedges jet fuel positions 24 months ahead within the limits defined in the hedging policy Finnair is 75 % hedged for the first 6 months and 67% for the first 12 months 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 35
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