Half Year 2024 Finnair Oyj Earnings Call Transcript
Key Points
- Passenger numbers increased by 5%, with 3 million passengers carried in Q2 2024.
- Available seat kilometers increased by 6%, indicating expanded capacity.
- Cargo business revenue grew by 9%, contributing significantly to overall revenue.
- Ancillary revenues increased by 34% year-over-year, showing successful commercial strategy.
- Strong cash flow generation with EUR173 million in operative cash flow, improving the balance sheet.
- Unit revenues and yields declined by 4%, leading to decreased profitability.
- On-time performance was below target due to runway renovations and challenging weather conditions.
- Passenger load factors decreased in European and domestic traffic despite increased capacity.
- Maintenance costs were higher than expected, partly due to runway closure and weather conditions.
- Yield environment is softening, with normalization leading to lower yields compared to the previous year.
Good day, ladies and gentlemen. I'm Erkka Salonen from Finnair Investor Relations, and it's my pleasure to welcome you all to this Finnair's Second Quarter 2024 earnings call. I have here with me our new CEO, Mr. Turkka Kuusisto; and he is joined by our CFO, Mr. Kristian Pullola, for the Q&A session. I will now turn this call over to you Turkka. Please.
Thank you, Erkka, and good afternoon and a warm welcome to our second quarter's earnings call also on my behalf. So my name is Turkka Kuusisto, as mentioned, and I'm the new CEO of Finnair. I've been in the company announcing for three months and maybe it goes without saying that. I'm very happy to be here today.
To discuss with you when it comes to our second quarter results, the second quarter was yet another busy and in many ways, a good quarter for Finnair. The number of passengers have increased by 5%. And we, in total carried a 3 million passengers in our flights during
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