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Finavia records a modest financial result for 2011 due to non-recurring items

16.3.12 at 12:12

However, large non-recurring items resulted in a modest financial result.

In extraordinary expenses, Finavia entered an extraordinary expense of EUR 22.5 million related to the fact that the budgeted cost of Ring Rail Line construction in Helsinki Airport area was exceeded.

Statutory provisions related to new environmental and safety requirements were increased by EUR 10.6 million.

"Despite the record-breaking year in air traffic, Finavia's financial result for 2011 was modest due to non-recurring items. Finavia has become indebted in recent years due to extensive investments carried out to benefit Finnish air traffic. The modest result for 2011 makes it more difficult for us to look after of the extensive airport network in Finland," says Kari Savolainen, CEO of Finavia.

"Annual maintenance investments of about 40 million euros must be carried out on the airport network to ensure safe and smooth services. When taking into account the company's income formation and the current financial position, it will be a challenge to take care of absolutely necessary repair needs at the airports in the next few years. Finavia does everything it can to operate as cost-effectively as possible. However, in addition to this, we want to initiate discussion concerning the financial basis of air traffic infrastructure in the future," says Mr Savolainen.