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Business Review, January–June 2021: The COVID-19 pandemic continued to have a significant impact on business

Press release
Article published
25.8.2021 at 09:58
Finavian pääkonttori, korkea lasiseinäinen rakennus kuvattu alhaaltapäin
The number of passengers travelling through Finavia’s airports was 78.9% lower than in 2020 January-June. The total number of passengers was 1.1 million.

At Helsinki Airport, the number of passengers in January–June decreased by 79.9% compared to 2020. The total number of passengers was 0.8 million. Transfer passengers from international flights represented 8.4% of the total number of passengers.

According to ACI Europe, which is an international body that represents airports, passenger volumes at European airports during the review period were 45% lower than in 2020 and 79% lower than in 2019.

A total of 0.3 million passengers travelled through the regional network airports in January–June 2021, representing a decrease of 75.1%. The state carried out competitive tendering for scheduled flights to five domestic destinations during the review period. As a result, new airlines started operating scheduled flights from Helsinki Airport to Joensuu, Jyväskylä, Kokkola-Pietarsaari, Kemi-Tornio and Kajaani in May 2021.

Finavia’s revenues declined significantly compared to the corresponding period last year. Revenues for January–June 2021 decreased by 53.4% and amounted to EUR 47.6 million.

The cost-cutting programme initiated by Finavia in March 2020 is aimed to adjust operating costs by EUR 200 million and investments by EUR 100 million by the end of 2023. The cost-cutting programme progressed ahead of schedule, with a reduction of EUR 136 million in operating costs achieved by the end of the period under review. A total of EUR 35 million was saved from investments.

At the beginning of the review period, Finavia selected three key focus areas with the aim of accelerating the recovery of business, safeguarding the company’s financial position and ensuring the well-being and future of the company’s personnel. Progress towards these goals was promoted through, for example, a cost-cutting programme and financing arrangements as well as by implementing measures to improve well-being in cooperation with the company’s personnel. Finavia also looked after the health security of travel at its airports and participated in the implementation of entry practices in accordance with the guidelines issued by the authorities. In addition, the company decided to continue to invest in the mitigation of climate change.

Finavia’s investments in Helsinki Airport’s development, worth over one billion euros in total, continued faster than scheduled in January–June 2021. Construction was under way on the new main entrance of Terminal 2, the new arrival and departure halls and a travel centre that connects different modes of transport. Construction continued on the extension to gate area 37–39. The extension will increase capacity and flexibility for non-Schengen and Schengen flights. Finavia was able to keep the customer experience at a good level in spite of the construction operations.

Finavia started renovation work in the air traffic area of Helsinki Airport, which will include the repaving of taxiways and the apron and improvements to aircraft parking stands and the stormwater sewer system. An investment of EUR 7 million in environmental protection and making traffic smoother at the airport will be completed in autumn 2021.

Finavia invested EUR 5 million in renovating the runway at Mariehamn Airport and started runway resurfacing at Joensuu Airport.

Read the whole business review on Finavia’s financial information page.

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