In January–March 2023, the passenger volume at Helsinki Airport increased by 70 per cent year-on-year and was 3.5 million (2.0). Passengers on international flights accounted for over 80 per cent of the total. Transfer travel volumes from Asia to Europe via Helsinki Airport remained low due to Russia’s war of aggression and the subsequent airspace closures. The number of passengers was approximately one-third lower than in 2019. A total of 1.0 million passengers (0.6) travelled through Finavia’s regional airports in January–March 2023. The number of passengers increased by 54.4 per cent.
Finavia’s revenues increased by 42.3 per cent during the review period and amounted to EUR 92.0 million (64.7). Most of Finavia’s revenues were derived from passenger charges and landing charges paid by airlines. Commercial revenues also increased to a good extent in January–March 2023. The operating margin before extraordinary items improved to EUR 19.1 million (0.5). The operating result before extraordinary items was EUR -9.8 million (-28.2), an increase of 65.1 per cent.
Group Key Figures
|
January-March 2023 |
January-March 2022 |
Change, % |
|
|
Total number of passengers, million |
4.5 |
2.7 |
66.3 |
|
Revenues, EUR million |
92.0 |
64.7 |
42.3 |
|
Operating margin, EUR million |
18.7 |
1.4 |
1,223.1 |
|
Operating margin, % |
20.3 |
2.2 |
|
|
Operating margin before extraordinary items1, EUR million |
19.1 |
0.5 |
3,517.1 |
|
Operating margin before extraordinary items, % |
20.7 |
0.8 |
|
|
Operating result, EUR million |
-10.2 |
-27.3 |
62.7 |
|
Operating result, % |
-11.1 |
-42.2 |
|
|
Operating result before extraordinary items1, EUR million |
-9.8 |
-28.2 |
65.1 |
|
Operating result before extraordinary items1, % |
-10.7 |
-43.6 |
|
|
Result for the period, EUR million |
-17.3 |
-29.9 |
42.3 |
|
Return on equity, % |
-10.7 |
-17.2 |
|
|
Return on investment, % |
-2.8 |
-7.3 |
|
|
Equity ratio, % |
41.0 |
41.3 |
|
|
Cash flow-based investments, EUR million |
12.4 |
25.9 |
-52.1 |
|
Net debt |
678.3 |
644.6 |
5.2 |
|
Cash and cash equivalents |
57.0 |
144.6 |
-60.6 |
|
Balance sheet total, EUR million |
1,564.6 |
1,653.8 |
-5.4 |
|
Average number of employees (person-years) |
1,984 |
1,949 |
1.9 |
1) Extraordinary items comprise write-downs from the Helsinki Airport development programme, the effects of new and reversed additional environmental provisions as well as profit and performance bonuses.
The cost-cutting programme that Finavia Group began in March 2020 continued during the period under review. The cost-cutting programme is aimed at reducing operating expenses and reducing investments by a total of EUR 300 million by the end of 2023. The programme includes the prioritisation and reduction of investments as well as reductions in operating expenses. The progress of the cost-cutting programme has been faster than expected. By the end of the review period, EUR 185.1 million in operating costs had been saved. A total of EUR 101.5 million was saved in investments. A total of EUR 286.6 million in cost savings has been achieved to date.
Finavia’s investment programme to develop Helsinki Airport, which is valued at over one billion euros, progressed further in January–March. The final projects under the development programme, which will support and enhance the airport’s operations far into the future, progressed according to plan. The new centralised baggage claim hall will be completed in June. The new service area in the vicinity of the gates will be commissioned in autumn 2023, which will mark the end of the 10-year development programme.
Service quality, the fluidity of operations and the customer experience remained excellent in spite of the development programme’s construction work, which was reflected in improved customer satisfaction. Passengers ranked Helsinki Airport as the best airport in Europe in the 15 to 25 million passengers size category. The ranking is based on ACI’s (Airport Council International) international comparative survey on service quality. Helsinki Airport was also rated as the best airport in Northern Europe in an international service survey conducted by Skytrax.
Finavia’s new sustainability programme guides the Group’s investment decisions and operations towards sustainable air travel. In 2023, Finavia will invest over EUR 15 million in airport infrastructure at the Helsinki, Kuopio and Kuusamo airports. Finavia will invest over EUR 5 million on sustainable development projects. The main focus is promoting water protection at Helsinki Airport, Turku Airport and Pori Airport. Finavia will also reduce carbon emissions at all of its airports. Finavia has also prepared a forest programme to support biodiversity in the areas around its airports.
Read the Business Review on Financial information web page.
