Finnair Plc Stock Exchange Release 29 April 2016 at 12:10 pm EET
As Finnair announced in a stock exchange release on 17 March 2016, it will
revise its financial reporting as of the first quarter of 2016, since the
structure of the company has changed over recent years, and the new reporting
will better reflect the present structure and strategy. As stated in the same
release, the changes in reporting are as follows:
1) The previous operational segment Travel Services is combined with the
Airline Business segment, and Finnair no longer shows a breakdown of its result
by segment. In 2015, Travel Services accounted for 9% of Finnair’s revenue.
2) The calculation of revenue is adjusted so that certain non-core items,
such as aircraft leases, are moved from revenues to other operating income. The
change does not affect Finnair’s expenses or comparable operating profit.
3) The calculation practice for Revenue per Available Seat Kilometres (RASK)
and Cost per Available Seat Kilometres (CASK) is revised. Previously, the
formula included internal items which could not be derived directly from the
consolidated income statement. From now on, RASK is calculated simply by
dividing revenue by Available Seat Kilometres and CASK by calculating operating
expenses adjusted with other operating income by available seat kilometres. The
purpose of this change is to simplify the calculation of the key figures and to
improve transparency. As a result, instead of presenting revenue per available
seat kilometre consisting of ticket revenues (‘ticket RASK”), Finnair is able to
present a preliminary estimate of group RASK in the last traffic report of each
quarter.
4) In addition, the name of the key figure “operational result” is changed
into ‘”comparable operating result”. The definition of the key figure remains
unchanged and the change does not necessitate the restatement of comparative
figures.
The most important adjusted comparative figures referred to above are attached
to this release. Comprehensive comparative information will be published in
connection with the financial statements for 2016.
In the attached tables, Finnair states the following adjusted comparative
figures for 2015 as a whole and by quarter: group revenue and other operating
income, Revenue per Available Seat Kilometre (RASK) and Cost per Available Seat
Kilometre (CASK).
The first interim report prepared under the new reporting practices will be the
interim report for January–March 2016 to be published on 12 May 2016.
Finnair Plc
Communications
Further information:
Finnair communications, tel. +358 9 818 4020, comms(a)finnair.com
Distribution:
Nasdaq Helsinki
Principal media
Finnair is a network airline specialising in passenger and cargo traffic between
Asia and Europe. Helsinki’s geographical location gives Finnair a competitive
advantage, since the fastest connections between many European destinations and
Asian megacities fly over Finland. Finnair’s vision is to offer its passengers a
unique Nordic experience, and its mission is to offer the smoothest, fastest
connections in the northern hemisphere via Helsinki and the best network to the
world from its home markets. Finnair is the only Nordic carrier with a 4-star
Skytrax ranking and a member of the oneworld alliance. In 2015, Finnair’s
revenues amounted to EUR 2,324 million and it had a personnel of 4,800 at the
year-end. Finnair Plc’s shares are quoted on Nasdaq Helsinki.
