Finnair continued cost adjustment and financing measures while travel demand remained weak, but cargo continued to perform. Gradual recovery of demand is estimated to start from late summer.
January – March 2021
Earnings per share were -0.11 euros (-0.21)*.
Revenue decreased by 79.8% to 113.6 million euros (561.2).
Comparable operating result was -143.2 million euros (-91.1). Operating result was -149.1 million euros (-95.6).
Cash funds were 665.3 million euros (31 Dec 2020: 823.7) and equity ratio was 22.7 per cent (31 Dec 2020: 24.6).
Net cash flow from operating activities was -117.7 million euros (-133.5), and net cash flow from investing activities was 5.2 million euros (-67.3).**
Number of passengers decreased by 90.2% to 0.3 million (2.7).
ASK declined by 87.6%.
PLF was 25.5% (72.6).
* Unless otherwise stated, comparisons and figures in parentheses refer to the comparison period, i.e. the same period last
year.
** In Q1, net cash flow from investing activities includes 9.3 million euros of redemptions in money market funds or other financial assets (maturity over three months). They are part of the Group’s liquidity management.
Earnings per share were -0.11 euros (-0.21)*.
Revenue decreased by 79.8% to 113.6 million euros (561.2).
Comparable operating result was -143.2 million euros (-91.1). Operating result was -149.1 million euros (-95.6).
Cash funds were 665.3 million euros (31 Dec 2020: 823.7) and equity ratio was 22.7 per cent (31 Dec 2020: 24.6).
Net cash flow from operating activities was -117.7 million euros (-133.5), and net cash flow from investing activities was 5.2 million euros (-67.3).**
Number of passengers decreased by 90.2% to 0.3 million (2.7).
ASK declined by 87.6%.
PLF was 25.5% (72.6).
* Unless otherwise stated, comparisons and figures in parentheses refer to the comparison period, i.e. the same period last
year.
** In Q1, net cash flow from investing activities includes 9.3 million euros of redemptions in money market funds or other financial assets (maturity over three months). They are part of the Group’s liquidity management.
Outlook
GUIDANCE ISSUED ON 18 FEBRUARY 2021:
Due to the continued strict travel restrictions, the comparable operating loss in Q1 2021 will be of a similar magnitude as in Q2, Q3 and Q4 2020. In Q1 2021, Finnair continues to operate a limited network. As the visibility thereafter is weak and there are several scenarios of the timing of the recovery in demand, the company will not provide guidance on full year revenue. Finnair will update its outlook and guidance in connection with the Q1 2021 interim report.
Due to the continued strict travel restrictions, the comparable operating loss in Q1 2021 will be of a similar magnitude as in Q2, Q3 and Q4 2020. In Q1 2021, Finnair continues to operate a limited network. As the visibility thereafter is weak and there are several scenarios of the timing of the recovery in demand, the company will not provide guidance on full year revenue. Finnair will update its outlook and guidance in connection with the Q1 2021 interim report.
NEW GUIDANCE ISSUED ON 27 APRIL 2021:
Due to the continued strict travel restrictions, the comparable operating loss in Q2 2021 will be of a similar magnitude as in four previous quarters. In Q2 2021, Finnair continues to operate a limited network. While gradual recovery of demand is expected in Q3
2021, the visibility is weak and there are several scenarios of the timing of the recovery and, thus, the company will not provide guidance on full year revenue.
Finnair will update its outlook and guidance in connection with the Q2 2021 interim report.
Due to the continued strict travel restrictions, the comparable operating loss in Q2 2021 will be of a similar magnitude as in four previous quarters. In Q2 2021, Finnair continues to operate a limited network. While gradual recovery of demand is expected in Q3
2021, the visibility is weak and there are several scenarios of the timing of the recovery and, thus, the company will not provide guidance on full year revenue.
Finnair will update its outlook and guidance in connection with the Q2 2021 interim report.
