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Finnair - The suffering continues

The pandemic continued to hamper Finnair operations during Q4. Finnair’s Q4’20 adj. EBIT was EUR -163m vs. our expectation of EUR -172m and consensus of EUR -167m. Revenue decreased by ~87% y/y and was EUR 102m vs. our expectation of EUR 94m and consensus of EUR 101m.
  • Q4 revenue was EUR 102m (-87% y/y) vs. EUR 94m/101m Evli/cons.
  • ASK decreased by ~89% y/y in Q4. PLF was 29.2% (-49.8 points). Strict travel restrictions globally and overall lack of demand forced also Finnair to operate with limited network.
  • Q4 adj. EBIT was EUR -163m vs. EUR -172m/-167m Evli/cons. Q4 comparable EBITDA was EUR -72m vs. EUR -85m our view.
  • Absolute costs in Q4: Fuel costs were EUR 27m vs. EUR 31m our view. Staff costs were EUR 42m vs. EUR 56m our view. All other OPEX+D&A combined were EUR 209m vs. EUR 190m our view.
  • Unit costs: CASK was 21.10 eurocents vs. 21.02 eurocents our view.
  • No dividend is distributed for 2020.
  • The company expects similar comparable operating loss in Q1’21 as in Q2-Q4’20. In Q1, Finnair continues to operate with limited network. As the visibility thereafter is weak, the company does not provide a full year revenue guidance.
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