Finavia posts loss of EUR 52.3 million for 2021

Revenues went up by 105.3% to EUR 298.4 million, while the operating margin went positive at EUR 65.4 million, representing a growth of 340.8%.

The operating result remained negative despite positive developments, showing a loss of EUR 52.3 million, though this represents a year-on-year improvement of 60.0%. Due to the COVID 19 restrictions in China and the closure of Russian airspace to EU countries, the low level of transfer travel between Europe and Asia has affected the company's financial performance.

The revenues of the Helsinki Airport, which are usually used to fund the operations of several regional airports, were not enough to cover the losses. The cost-cutting programme is under way to minimize losses, and the company has a EUR 300 million cost-cutting programme.

The CEO of Finavia, Kimmo M ki, said he was optimistic about the company's future, saying that the strategic goals for 2023 are dedicated and motivated personnel, business growth and financially sustainable operations. He said that the company's revenue growth was driven by increased air traffic and other revenues.

The company expects to have higher revenues for 2023 than in 2022, based on the current view of the development of air traffic. The development of air traffic may be slow down in the long term due to the Russian war and the related airspace closure.

The Board of Directors of the company proposed that no dividends be distributed to the board of directors, given the loss for the financial year. The company's financial statements, Corporate Governance and Remuneration Statement, Annual Report and Sustainability disclosures, and Annual Report and Sustainability disclosures are available on the company's website.