Skip navigation

Finavia Group financial statements release 1 January–31 December 2021

Press release
Article published
21.3.2022 at 09:36
Helsinki-Vantaan lentoaseman tuloaula
The second year of the COVID-19 pandemic had a very significant impact on Finavia’s operations. The number of passengers was lower than in 2020. The result was again negative by a significant margin.

January–December 2021

  • The total number of passengers was 5.4 million (6.4), representing a decrease of 16% compared to 2020.
  • Revenues totalled EUR 145.4 million (150.6), a decrease of 3.5%.
  • EBITDA was EUR -27.2 million (-27.0), a decrease of 0.7%.
  • Operating profit was EUR -130.7 million (-128.9), a decrease of 1.4%.
  • Cash flow-based investments totalled EUR 164.7 million (255.7).
  • Interest-bearing liabilities at the end of the review period amounted to EUR 738.1 million (802.0).
  • Finavia took out EUR 32.9 million in new capital loans during the year.

Unless otherwise stated, the figures in brackets are from the reference period, i.e. the same period in the previous year.

Finavia Group’s key figures

 

2021

2020

Change, %

2019

Total number of passengers, million

5.4

6.4

-16.1

 26.0

Revenues, EUR million

145.4

150.6

-3.5

389.2

Operating margin, EUR million

-27.2

-27.0

-0.7

134.6

Operating margin, %

-18.7

-17.9

 

34.6

Operating profit, EUR million

-130.7

-128.9

-1.4

44.0

Operating profit, %

-89.9

-85.6

 

11.3

Result for the period, EUR million

-143.8

-147.0

2.2

34.3

Return on equity, %

-23.0

-24.2

 

5.1

Return on investment*, %

-9.2

-10.4

 

4.4

Equity ratio, %

44.9

36.3

 

50.3

Cash flow-based investments, EUR million

164.7

255.7

-35.5

306.1

Net debt

621.3

727.9

 

489.8

Balance sheet total, EUR million

1,591.8

1,476.5

7.8

1,354.4

Average number of employees (person-years)

1,398

1,366

1.8

2,241

Salaries and fees, EUR million

65.7

62.3

5.5

99.4

_______________________________
*The calculation of return on investment includes interest rate and other financing costs, whereas previously financial income and expenses were included.

Kimmo Mäki, CEO:

The COVID-19 pandemic had a significant impact on Finavia’s operations in 2021. A total of 5.4 million passengers travelled through our airports, which was 1 million less than in 2020 and one-fifth of the number of passengers in 2019. Air freight volumes recovered faster than air passenger volumes.

Finavia’s profitability and result were negative by a clear margin. Revenues were slightly lower than in 2020, amounting to EUR 145.4 million. The Group’s result was EUR -130.7 million.

To cope with the COVID-19 crisis, we selected three key focus areas that were aimed at accelerating the recovery of business, safeguarding the company’s financial position and looking after the well-being and future of the company’s personnel. We also continued our work to mitigate climate change and promote Finland’s connectivity.

We continued to develop Helsinki Airport. We reached a significant milestone at the beginning of December 2021 with the opening of the Terminal 2 extension and the travel centre that connects different modes of transport. We also invested in runway renovations at Mariehamn Airport and Joensuu Airport.

Statistics of passenger numbers in 2019, 2021 ja 2022.

Finavia’s business performance

Finavia Group’s revenues for 2021 decreased by 3.5 per cent to EUR 145.4 million (150.6). Revenues from air traffic decreased by 8.8 per cent to EUR 71.0 million (77.8). Revenues from air traffic accounted for 48.8 per cent (51.7) of total revenues.

Revenues from operations other than air traffic accounted for 51.2 per cent (48.3) of total revenues. The Group’s other revenues increased by 2.2 per cent. These included revenues from parking services, commercial revenues, rental income as well as the Airpro sub-group’s income from ground forwarding, security control, cabin services and customer services.

The Group’s operating result was EUR -130.7 million (-128.9), or -89.9 per cent (-85.6) of revenues. Due to the investment programme, depreciation increased to EUR 103.5 million (102.0).

The result for the financial year was EUR -143.8 million (-147.0). Financial expenses totalled EUR 7.8 million (14.2). 

Outlook for 2022

Based on forecasts, the recovery from the COVID-19 crisis is anticipated to continue, but passenger volumes are not expected to reach the level seen in 2019. The outlook for 2022 is uncertain at the time of publishing the financial statements due to Russia’s attack on Ukraine in late February. The outlook will be specified further in the business review for January–March 2022.

The Board’s proposal regarding the distribution of dividend

The parent company’s distributable funds on the balance sheet date, 31 December 2021, stood at EUR 427,040,161, of which the loss for the period was EUR 151150,289,149. The Board of Directors proposes to the Ordinary General Meeting of Shareholders that no dividend be distributed.

  • Finavia Corporation’s Board of Directors’ report, financial statements and the Corporate Governance and Remuneration Statement are available in the “Financial information” section of Finavia’s website.
  • Finavia has also published an Annual Report and sustainability disclosures in accordance with the GRI Standards on its website in the “Annual reports” section. 
Reports