Revenues increased by 105.3% to EUR 298.4 million, while the operating margin went positive to EUR 65.4 million, representing a growth of 340.8%.
Despite positive developments, the operating result of the company remained negative, with a loss of EUR 52.3 million, though this represents a year-on-year improvement of 60.0%. The COVID 19 restrictions in China and the closure of Russian airspace to EU countries have impacted the financial performance of the company, which has resulted in a low level of transfer travel between Europe and Asia.
The revenues of the Helsinki Airport, which is usually used to fund the operations of several regional airports, were not enough to cover the losses. The company has a cost-cutting programme of EUR 300 million under way to minimize losses.
The CEO of Finavia, Kimmo M ki, expressed his optimism 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 Russian war and the related airspace closure may slow down the development of air traffic in the long term.
The board of directors of the company proposed that no dividend be distributed, given the loss for the financial year, at the Ordinary General Meeting of Shareholders. Finavia'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.