Key figures

On 21 March 2019, Finnair published its restated financials 2018 resulting from:

• the adoption of the new leasing standard IFRS 16 as of 1 January 2019 (using the full retrospective method),
• changes in its accounting principles relating to aircraft frame components, including cabin components and frame overhauls, and,
• structural changes in Finnair's financial reporting chart of accounts, including income statement, balance sheet and cash flow reporting line item changes.

Finnair´s financial reporting for 2018 has been restated to account for the new reporting practices.Details are available in the documents below:

Restatements Release 21.03.2019 (PDF)
Finnair Restatements 2018 ENG (PDF)
Restatements 2018 ENG (Excel)
Please the webcast by clicking this link (video)

Comparable operating result: Operating result excluding fair value changes in derivatives, changes in the exchange rates of fleet overhauls and items affecting comparability

Items affecting comparability: Gains and losses on aircraft and other transactions and restructuring costs

Comparable EBITDAR: Comparable operating result + depreciation and impairment + lease payments for aircraft

EBITDA: Operating result + depreciation and impairment

Shareholders' equity: Equity attributable to owners of the parent

Gross capital expenditure: Investments in intangible and tangible assets excluding advance payments

Last twelve months (LTM): Twelve months preceding the reporting date

Liquid funds: Cash and cash equivalents + other financial assets

Adjusted interest-bearing liabilities: Interest-bearing liabilities + cross currency interest rate swaps in derivative financial instruments

Interest-bearing net debt: Adjusted interest-bearing liabilities - liquid funds

Adjusted interest-bearing net debt: Interest-bearing net debt + lease payments for aircraft, LTM x 7

Average capital employed: Equity + interest-bearing liabilities (average of reporting period and comparison period)

Earnings/share: Result for the period - hybrid bond expenses net of tax ÷ Average number of shares during the period, adjusted for share issues

Equity/share: Shareholders' equity ÷ Number of shares at the end of the financial year, adjusted for share issues

Dividend/earnings, %: Dividend/share ÷ Earnings/share x 100

Dividend yield, %: Dividend/share ÷ Share price at the end of the financial year x 100

Cash flow from operating activities/share: Cash flow from operating activities ÷ Average number of shares during the financial year, adjusted for share issues

Price/earnings ratio (P/E): Share price at the end of the financial year ÷ Earnings/share

Equity ratio, %: (Shareholders' equity + non-controlling interests) ÷ (Balance sheet total - advances received) x 100

Gearing, %: Net interest-bearing liabilities ÷ (Shareholders' equity + non-controlling interests) x 100

Adjusted gearing, %: (Net interest-bearing liabilities + 7 x lease payments for aircraft) ÷ (Shareholders' equity + non-controlling interests) x 100

Return on equity (ROE), %: Profit for the financial year ÷ (Shareholders' equity + non-controlling interest, average) x 100

Return on capital employed (ROCE), %: (Profit before taxes + financial expenses) ÷ Average capital employed x 100

Available seat kilometres (ASK): Total number of seats available × kilometres flown

Revenue passenger kilometres (RPK): Number of revenue passengers × kilometres flown

Passenger load factor, %: Share of revenue passenger kilometres of available seat kilometres

Available tonne kilometres (cargo ATK): Number of tonnes of capacity for carriage of cargo and mail × kilometres flown

Revenue tonne kilometres (cargo RTK): Total revenue load consisting of cargo and mail × kilometres flown

Overall load factor, %: Share of revenue tonne kilometres of available tonne kilometres

Revenue per available seat kilometre (RASK): Unit revenue (RASK) represents the Group's revenue divided by available seat kilometres (ASK)

Unit revenue (RASK) with constant currency: Aims to provide a comparative, currency neutral measurement for unit revenues. All the currency changes and currency hedging results are excluded from the measurement.

Cost per available seat kilometre (CASK): Unit cost (CASK) represents the Group's operational costs divided by available seat kilometres. Other operating income is deducted from operational costs.

Unit cost (CASK) with constant currency: Aims to provide a comparative, currency neutral measurement for unit costs. All the currency changes and currency hedging results are excluded from the measurement.

Unit revenue per revenue passenger kilometre (yield): Passenger Revenue by product divided by Revenue passenger kilometres (RPK).

Cargo traffic unit revenue per revenue tonne kilometre: Cargo Revenue by product divided by Revenue tonne kilometres (RTK).