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MarketScreener Homepage  >  Equities  >  NASDAQ OMX HELSINKI LTD.  >  Finnair Oyj    FIA1S   FI0009003230

FINNAIR OYJ

(FIA1S)
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Finnair Oyj : defers three A350 deliveries as a part of its rebuild program

11/06/2020 | 07:55am EST

Finnair Plc           Stock Exchange Release      6 November 2020 at 2.15 p.m. EET

Finnair has concluded an agreement with Airbus that the deliveries of the remaining three committed A350-900 aircraft will be postponed, as anticipated in connection with the announcement of the Q3 results. The agreement is a part of Finnair's comprehensive measures to ensure that the company can emerge from the COVID-19 pandemic as a strong airline. The aircraft were originally scheduled for delivery from Q2 2021 to Q2 2022, and on average, the new delivery dates for the aircraft will be 24 months later than originally scheduled.

As a result of the deferrals, Finnair's cash flow from investing activities will be approximately 200 million euros less in 2021.

"Finnair has been in intensive negotiations with all of its suppliers during the COVID-19 pandemic, seeking to reduce expenditures in order to support our ramp-up plans when traffic recovers. This agreement will give us more flexibility to deploy the existing fleet more efficiently and improve cash flow", says Christine Rovelli, Senior Vice President, Finance and Fleet Management at Finnair.

Finnair has ordered a total of 19 new A350-900 XWB aircraft from Airbus, of which 16 have now been delivered.

The fleet operated and/or owned by Finnair is shown at the company website at https://www.finnair.com/gb/gb/flights/fleet and updated on a quarterly basis in the company's financial reports.

FINNAIR PLC
Further information:
Finnair communications, 358 9 818 4020, comms@finnair.com

Distribution:
NASDAQ OMX Helsinki
Principal media

Finnair is a modern premium 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 is the only Nordic network carrier with a 4-star Skytrax ranking and a member of the oneworld alliance. In 2019, Finnair's revenues amounted to EUR 3,098 million and it carried over 14.7 million passengers. Finnair Plc's shares are quoted on the Nasdaq Helsinki stock exchange.

https://news.cision.com/finnair/r/finnair-defers-three-a350-deliveries-as-a-part-of-its-rebuild-program,c3232855

(c) 2020 Cision. All rights reserved., source Press Releases - English

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Financials
Sales 2020 834 M 1 012 M 1 012 M
Net income 2020 -622 M -755 M -755 M
Net Debt 2020 1 342 M 1 628 M 1 628 M
P/E ratio 2020 -1,16x
Yield 2020 -
Capitalization 956 M 1 155 M 1 160 M
EV / Sales 2020 2,75x
EV / Sales 2021 1,27x
Nbr of Employees 6 535
Free-Float 42,9%
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Mean consensus OUTPERFORM
Number of Analysts 5
Average target price 0,62 €
Last Close Price 0,68 €
Spread / Highest target 25,1%
Spread / Average Target -8,76%
Spread / Lowest Target -29,4%
EPS Revisions
Managers and Directors
NameTitle
Topi Manner Chief Executive Officer
Jouko Karvinen Chairman
Jaakko Schildt Senior Vice President-Operations
Mika Stirkkinen Chief Financial Officer
Jaana Maija-Liisa Tuominen Independent Non-Executive Director
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