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Finavia Business Review January-September 2022

Article published
1.11.2022 at 08:39
Matkustaja Helsinki-Vantaan lentoasemalla
The total number of passengers at Finavia’s airports was 11.0 million (2.6), showing a decrease of 328,8 % compared to January–September 2021. Revenues for January–September 2022 decreased by 149,0 % and amounted to EUR 206.9 (83.1) million.

In January–September 2022, the passenger volume at Helsinki was 9.4 million (2.1). Passengers on international flights accounted for 87% of the total. A total of 1.6 million (0.5) passengers travelled through Finavia’s regional airports in January–September 2022. The number of passengers grew on scheduled flights as well as chartered flights.

Finavia’s revenues increased by 149.0% during the review period and amounted to EUR 206.9 million (83.1) due to substantial growth in the number of passengers and flights. Finavia’s profitability improved in January–September 2022. The operating margin before extraordinary items improved by 261.3% and came to EUR 42.3 million (-26.2). The operating result before extraordinary items was EUR -45.1 million (-102.8) due to significant depreciation, representing an improvement of 56.2%.

Finavia continued a cost-cutting programme started in September 2020 with the aim of reducing operating expenses by a total of EUR 200 million and investments by EUR 100 million by the end of 2023. By the end of September, savings of EUR 182 million had been achieved in operating expenses and EUR 68 million in investments. The cost-cutting programme programme progressed on schedule.

Passenger volumes in transfer travel between Europe and Asia – which is important for Finavia’s business – were still low due to Russia’s invasion of Ukraine and the subsequent closure of Russian airspace, which has forced airlines from EU countries to fly around Russian airspace on routes to Asia. The strict travel restrictions still in effect in China were also a factor in the low volumes of transfer travel.

During the period January–September 2022, several airlines launched routes between Helsinki Airport and new destinations in Europe, the United States and India. New routes to international destinations were also launched at Finavia’s regional airports. At the same time, the number of domestic flights decreased.

Finavia’s Helsinki Airport investment programme, which is worth over one billion euros and is implemented over a period of 10 years, progressed faster than originally scheduled in January–September 2022. In March, Finavia introduced modern security control technology in the new departures hall that significantly improves the smoothness of travel. Alteration work related to the final stage of the development programme continued in the departure gate area.

Finavia continued to increase the use of renewable energy and improve energy efficiency. The climate impacts of airports are largely attributable to the heating of buildings and the energy consumption of vehicles. In July–September 2022, Finavia worked on the company’s new sustainability programme that aims for broader and more ambitious sustainability efforts. The new sustainability programme will be published before the end of the year.

Read Finavia’s business review on our financial information page.