Finnair Half Year Report 2023 (1JAN-30JUN)
Jul 21, 2023, 1:13 am
#1
Original Poster
Join Date: Oct 2010
Location: Switzerland
Programs: AY+ Platinum, SK Gold, BAEC Silver, airbaltic VIP, Radisson VIP
Posts: 6,532
Finnair Half Year Report 2023 (1JAN-30JUN)
January – June 2023
Earnings per share were 0.09 euros (-0.36).
Revenue increased by 52.0% to 1,443.9 million euros (950.1).
Comparable operating result was 67.1 million euros (-217.1). Operating result was 74.1 million euros (-257.8).
Net cash flow from operating activities was 382.6 million euros (217.3), and net cash flow from investing activities was -331.4 million euros (-20.8).** Gross capital expenditure totalled 136.2 million euros (100.3).
Number of passengers increased by 39.8% to 5.4 million (3.9).
Available seat kilometres (ASK) increased by 20.4% to 17,763.0 million kilometres (14,756.4).
Passenger load factor (PLF) was 75.7% (57.9).
Earnings per share were 0.09 euros (-0.36).
Revenue increased by 52.0% to 1,443.9 million euros (950.1).
Comparable operating result was 67.1 million euros (-217.1). Operating result was 74.1 million euros (-257.8).
Net cash flow from operating activities was 382.6 million euros (217.3), and net cash flow from investing activities was -331.4 million euros (-20.8).** Gross capital expenditure totalled 136.2 million euros (100.3).
Number of passengers increased by 39.8% to 5.4 million (3.9).
Available seat kilometres (ASK) increased by 20.4% to 17,763.0 million kilometres (14,756.4).
Passenger load factor (PLF) was 75.7% (57.9).
NEW GUIDANCE ON 21 JULY 2023:
Finnair reiterates its capacity guidance issued on 27 April 2023, estimating that in 2023, it will operate an average capacity of 80–85 per cent, as measured in ASKs, compared to 2019.
Finnair also reiterates its previous guidance, estimating that its 2023 revenue will significantly increase year-on-year but will not yet reach the level of 2019 (3,097.7 million euros).
The company specifies its guidance related to full year 2023 comparable operating result provided in connection with the positive profit warning published on 13 June 2023 and now estimates that it will be within the range of 150–210 million euros.
Specific risks related to Finnair’s operating environment have normalised as the impacts of the pandemic have faded and the markets have adapted to the closure of Russian airspace. However, risks related to the impacts of inflation and rising interest rates on demand and costs remain elevated, thus, causing uncertainty in the operating environment. The company’s comparable operating result estimate is based on the current fuel price and exchange rates.
Finnair will update its outlook and guidance in connection with the Q3 2023 interim report.
Finnair reiterates its capacity guidance issued on 27 April 2023, estimating that in 2023, it will operate an average capacity of 80–85 per cent, as measured in ASKs, compared to 2019.
Finnair also reiterates its previous guidance, estimating that its 2023 revenue will significantly increase year-on-year but will not yet reach the level of 2019 (3,097.7 million euros).
The company specifies its guidance related to full year 2023 comparable operating result provided in connection with the positive profit warning published on 13 June 2023 and now estimates that it will be within the range of 150–210 million euros.
Specific risks related to Finnair’s operating environment have normalised as the impacts of the pandemic have faded and the markets have adapted to the closure of Russian airspace. However, risks related to the impacts of inflation and rising interest rates on demand and costs remain elevated, thus, causing uncertainty in the operating environment. The company’s comparable operating result estimate is based on the current fuel price and exchange rates.
Finnair will update its outlook and guidance in connection with the Q3 2023 interim report.
Jul 21, 2023, 1:39 am
#2
Join Date: Nov 2013
Location: HEL
Programs: AY, SK, TK
Posts: 7,607
Good to make some profit.
Less good to make it on customers, quadrupling prices. I have no idea about internal efficiencies bt hoped for it.
Whatever, what do I know, too little anyway. In the end this is better than going bankcrupt.
Easy money with practically nonexisting competition…
The wish is to get competition in place to drive prices to real market prices and get rid of these mono/oligopolyprices which only gives management an approving tapon their shoulders instead of driving company efficiency and customer delivery.
Less good to make it on customers, quadrupling prices. I have no idea about internal efficiencies bt hoped for it.
Whatever, what do I know, too little anyway. In the end this is better than going bankcrupt.
Easy money with practically nonexisting competition…
The wish is to get competition in place to drive prices to real market prices and get rid of these mono/oligopolyprices which only gives management an approving tapon their shoulders instead of driving company efficiency and customer delivery.
Jul 21, 2023, 2:30 am
#3
Join Date: May 2013
Location: HEL
Programs: AY Plat (OWE), SK EBG (*A Gold), KQ Plat (STE+), Accor Plat
Posts: 3,157
Mr Manner mentions on the press conference that now that the profitability goals have been reached, the emphasis will again move to customer and employee satisfaction.
Hope that we'll see something in practice, pax have now definitely participated in the talkoot.
Hope that we'll see something in practice, pax have now definitely participated in the talkoot.
Jul 21, 2023, 5:02 am
#6
Join Date: Jun 2022
Location: HAM
Programs: AY, Accor, Hilton - Gold
Posts: 387
Jul 21, 2023, 10:49 am
#7
Suspended
Join Date: Jan 2014
Posts: 2,685
I reiterate what I said earlier - it is amazing that they managed to do this with Russian airspace closure, a sign that they have been doing things correctly. But is there anything about the long run in the videos etc.? At least from the topics I don't see anything about shorthaul fleet renewal etc. or signals about future strategy.
Btw interesting to see that BA made Avios revenue-based. Wonder if AY will follow.