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"value": "The financial year 2024 was characterised by a normalising market The operating result for the financial year 2024 decreased year-on-year due to normalising demand and lower ticket prices, as profitability in the comparison period was improved especially by the strong passenger demand and exceptionally high ticket prices. The operating result was also negatively impacted by the partial return of indexation of the obligations of Finnair Pension Fund. The result for the financial year 2024 was still positive. Income taxes had a positive impact on the result for the comparison period, as deferred tax assets were recognised, and that had an impact on comparability. Accounting for income taxes is presented in more detail in note 5.1 Income taxes.Finnair invested in fleet and repaid interest-bearing liabilities During 2024, Finnair purchased two leased aircraft and received the 18th Airbus A350 aircraft, which is reflected in the increase of its own fleet and in the decrease of the right-of-use fleet. The early termination of lease contracts was reflected also in the reduction of lease liabilities. Decrease in other interest-bearing liabilities was mainly due to a repayment of the remainder of pension premium loan. Changes in the capital structure are described in more detail in note 3. Capital structure and financing costs.Credit card acquirer holdbacks related to cash funds from passenger ticket sales held by credit cardprocessors were reclassified from other current assets to other non-current assets at the end of 2024. This caused most of the positive impact on changes in trade and other receivables and the negative impact on change in other non-current assets.*** The ECA (Export Credit Agency) financed A350 aircraft received in December 2024 is not included in cash flow from investments, as the cash flow related to the acquisition of the aircraft did not go through Finnair, but from the financier to Airbus. More details can be found in note 3.3 Financial liabilities.**** The participation of the State of Finland to the rights issue was paid by offsetting the aggregate subscription price against a corresponding amount of the principal of the capital loan. After the completion of the rights issue Finnair repaid the remainder of the capital loan to the State of Finland. The offsetting is disclosed in more detail in the notes 3.3 Financial liabilities and 3.9 Equity-related information.Changes in equity and liabilities arising from financing activities are disclosed in the notes 3.3 Financial liabilities and 3.9 Equity-related information. Strong cash flow from operating activities, change in cash flows was moderateThe net cash flow from operating activities was strong and it increased year-on-year primarily due to the changes in working capital and lower paid net financial expenses. More than half of investments in fleet related to the acquisition of two aircraft previously leased by Finnair, whereas the new, ECA financed A350 aircraft was not taken into consideration in the net cash flow from investing activities. Net cash flow from financing activities was negative due to loan and lease repayments, even though the issued, new senior bond had a strengthening impact. Changes in the capital structure are described in more detail in note 3. Capital structure and financing costs.The group\u2019s equity increased from the prior year especially due to the positive result for the period. It was also improved by increased other comprehensive income items.Presentation of consolidated income statement and balance sheet Finnair\u2019s consolidated income statement includes a subtotal \u2018operating result\u2019 which is not defined in the IAS 1 Presentation of Financial Statements standard. The Group has defined it as the net amount of operating income and expenses, including revenue and other operating income, less operating expenses, such as employee benefits, fuel costs, maintenance expenses and depreciations. Exchange rate differences and realised changes in fair values of derivatives are included in the operating result if they arise from items related to business operations; otherwise, they are recognised in financial items. The operating result excludes financial items, share of results from associates and joint ventures and income taxes. In the consolidated balance sheet, assets and liabilities are classified as current when they are expected to realise within 12 months or when they are classified as liquid funds or as financial assets or liabilities classified at fair value through profit or loss. Other assets and liabilities are classified as non-current assets or liabilities. Interest-bearing liabilities include loans from financial institutions, bonds, loans taken for aircraft financing (JOLCO-loans & export credit support), lease liabilities and commercial papers. Interest-bearing assets include interest-bearing deposits as well as investments in commercial paper and certificates, bonds and money market funds. Interest-bearing net debt is the net amount of interest-bearing assets and liabilities and cross-currency interest rate swaps that are used for hedging the currency and interest rate risk arising from interest-bearing loans.Climate-related matters in the consolidated financial statementsFinnair\u2019s environmental management is based on the principle of continuous and systematic improvement. In October 2024, Finnair redefined its climate commitments and set a new science-based target to reduce its carbon emissions intensity (COe/RTK) by 34.5 per cent by 2033 from a 2023 baseline. The Science Based2Targets initiative (SBTi) has validated the company\u2019s target. Translated to absolute COe emissions, the target2equates to a reduction of approximately 13 per cent in COe emissions using the parameters that have been2established for the period. In connection with setting the new SBTi target, Finnair reviewed its long-term climate target of achieving carbon neutrality by 2045. After a careful consideration, the company decided to align its long-term climate ambition with the industry\u2019s united objective of achieving net-zero carbon emissions by 2050. Finnair\u2019s climate-related targets have been disclosed in more detail in the Report of the Board of Directors.Finnair expects the climate-related costs to increase significantly over the next 1-5 years, resulting from carbon emission reduction targets and tightening climate legislation. Especially three initiatives included in the EU\u2019s \u2018\u2018Fit for 55\u2019\u2019 legislative package are particularly relevant for the aviation industry: the reform of emissions trading (EU-ETS), the mixing quota for sustainable aviation fuel (ReFuelEU Aviation) and the proposal to introduce a kerosene tax (energy tax directive). Free emission allowances are expected to seize in 2026. An initial minimum mixing quota of two per cent for sustainable aviation fuel is introduced in 2025, reaching 70 per cent by year 2050. When in force, the new regulation is expected to result in higher costs for Finnair due to more expensive emission allowances, increased consumption of renewable fuel and possible abolition of the aviation fuel tax exemption. Where Finnair considers such costs will be recovered through increase in ticket fares, a corresponding adjustment is added to passenger revenue. In preparing the consolidated financial statements, the expected impacts of the climate related matters on the Group\u2019s results have been considered in the management\u2019s profitability and cash flow forecasts, which are also used in the evaluation of the recovery of deferred tax assets.Finnair expects the impact of climate-related matters on the estimated economic life of its fleet to be insignificant, as management is not aware of such regulations at the balance sheet date that would directly prevent or limit the company\u2019s ability to use its current fleet. For example, an unexpected and significant increase in emission costs could, if realised, affect the timing of the planned fleet renewal in the future, but this is not considered likely at the time of the preparation of the financial statements.1.3.7 Items affecting comparabilityFinnair uses alternative performance measures in its internal reporting to the chief operative decision maker, or Finnair Executive Board. The figures are referred to in the European Securities Markets Authority (ESMA) Guidelines on Alternative Performance Measures, which Finnair uses to describe its business and financial performance development between periods. The alternative performance measures do not replace IFRS indicators, but shall be read in conjunction with key figures in accordance with IFRS financial statements.Unrealised exchange rate differences of mainly in US dollars denominated aircraft maintenance provisions and unrealised fair value changes of derivatives where hedge accounting is not applied are excluded from comparable operating result. These exchange rate and fair value effects are included in the comparable operating result only when they will realise. In addition, gains and losses on aircraft and other transactions, impairment, certain changes in defined benefit pension plans as well as restructuring costs are not included in the comparable operating result.2024 2023Items Items affecting affecting compara-compara-EUR mill. Reportedbility Comparable Reportedbility ComparableRevenue 3,048.8 - 3,048.8 2,988.5 - 2,988.5Other operating income 140.0 -12.0 128.0 130.5 -13.5 117.0Operating expensesStaff and other crew related costs -559.5 40.9 -518.6 -498.1 - -498.1Fuel costs -894.4 1.5 -893.0 -898.9 -0.7 -899.6Capacity rents -111.7 - -111.7 -107.2 - -107.2Aircraft materials and overhaul -223.0 6.1 -216.9 -200.1 -7.1 -207.2Traffic charges -270.6 - -270.6 -233.8 - -233.8Sales, marketing and distribution costs -123.0 - -123.0 -117.1 - -117.1Passenger and handling services -440.3 - -440.3 -414.1 - -414.1Property, IT and other expenses -121.7 0.0 -121.7 -112.1 0.1 -111.9EBITDA - - 480.9 - - 516.5Depreciation and impairment -330.3 0.7 -329.5 -346.2 13.7 -332.6Operating result 114.2 37.2 151.4 191.4 -7.5 184.0Items affecting comparability include loss of 40.9 million euros mainly relating to the obligations of Finnair Pension Fund, for which indexation was partially returned based on the precedent issued by the Supreme Administrative Court of Finland, gain of 12.0 million euros comprising of the purchase of two leased aircraft, loss of 6.1 million euros on the unrealised exchange rate difference of aircraft maintenance provisions and loss of 1.5 million euros on fair value changes of jet fuel options that are not included in hedge accounting.5 Other notes Other notes include all such notes that do not specifically relate to any previous subject matters.5.2 Disputes and litigationFinnair reports only cases of which the interest is material and that are not insured. As of 31 December 2024, there were no such disputes pending.",
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"value": "Basis of preparationFinnair Plc\u2019s consolidated financial statements for 2024 have been prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union, and they comply with the IAS and IFRS standards and respective SIC and IFRIC Interpretations effective on 31 December 2024. The notes to the consolidated financial statements also comply with Finnish accounting and corporate law. Changes applied in accounting principles in 2024 and future periods are described in the below section Changes in accounting principles.The consolidated financial statements are presented in euros, which is the parent company\u2019s functional currency. Transactions denominated in foreign currencies are translated into functional currency by using the exchange rates prevailing on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies and outstanding at the end of the reporting period are translated using the exchange rates of the closing date. Foreign exchange gains and losses arising from monetary assets and liabilities as well as fair value changes of related hedging instruments are recognized in the income statement. The 2024 consolidated financial statements have been prepared based on original acquisition costs, except for financial assets recognised through profit and loss at fair value and derivative contracts measured at fair value. Financial statement data is presented in millions of euros and rounded to the nearest hundred thousand euro, which is why the sum of the individual figures may differ from the total shown.4 Consolidation Notes under the Consolidation section include a description of the general consolidation principles and methods of consolidation. The aim of the section is to provide an overall picture of the Group\u2019s structure and principles applied in preparing consolidated financial statements and classifying ownership interests. In addition, notes include information about subsidiaries and joint ventures held, acquired or sold by the Group.4.1 General consolidation principlesConsolidationConsolidation, the consolidation method and classification of ownership interests depend on whether Group has power to control or jointly control the entity or if it has significant influence or other interests in the entity. When Group has the power to control the entity, it is consolidated as a subsidiary in the Group according to principles described in the note 4.2 Subsidiaries. When Group has joint control or significant influence over an entity but does not have the power to control, an entity is accounted for by using the equity method according to principles set in note 4.4 Investments in associates and joint ventures. If Group does not have power to control nor significant influence in the entity, its ownership interests are classified as financial assets available for sale and accounted for according to principles described in the note 3.2 Financial assets.",
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"f0__s8__6__22-1": {
"value": "Critical accounting estimates and sources of uncertaintyThe preparation of IFRS financial statements requires Group management to make various judgements in applying the accounting principles that affect the reported amounts of assets and liabilities as well as income and expenses. Management judgement has to be exercised in applying the accounting principles especially when the IFRS has alternative accounting, valuation or presentation methods.The application of the accounting policies prescribed by IFRS require making estimates and assumptions relating to the future where the actual outcome may differ from the earlier estimates and assumptions made. The estimates and assumptions made are based on past experience and management\u2019s best estimate of future events and other factors, that are believed to be reasonable given the current circumstances. The estimates and assumptions are continuously evaluated and any changes therein are reflected in the period that the changes occur. Finnair\u2019s management has taken the relevant risks and opportunities related to the business environment into account in their estimates and assumptions, based on their best knowledge on the balance sheet date. At the time of preparation of the financial statements, international conflicts, global political instability and a tense labour market situation in Finland, in particular, are causing uncertainty in Finnair\u2019s operating environment. In addition, changes in the price of jet fuel or foreign currency rates can have a material impact on the company\u2019s financial result, balance sheet and cash flow.Considerations related to the climate related impacts are decribed in more detail in the following chapter Climate-related matters in the consolidated financial statements. The main identified critical estimates and sources of uncertainty related to separate sections of the financial statements are presented in connection to the financial items considered to be affected and attached to the corresponding note. The table below shows where to find more information about those estimates and uncertainties. Critical accounting estimates and sources of uncertainty Note number NoteFinnair Plus Customer Loyalty Program 1.2 Operating incomeMaintenance reserves of the fleet 1.3.6 ProvisionsPension obligations 1.3.8.2 PensionsLeasing arrangements 2.2 Leasing arrangementsImpairment testing of the fleet and other fixed assets 2.3 Depreciation and impairment Derivative contracts and hedge accounting 3.8 Derivatives Deferred taxes 5.1 Income taxesMaintenance reserves of the fleetThe measurement of aircraft maintenance provisions requires management judgement especially related to the timing of maintenance events and the valuation of maintenance costs occurring in the future. The future maintenance costs and their timing are dependent on, for example, how future traffic plans actually realise, the market price development of maintenance costs and the actual condition of the aircraft at the time of the maintenance event.Pension obligationsThe present value of the pension obligations depends on a number of factors that are determined on an actuarial basis using a number of assumptions. Any changes in these assumptions will impact the carrying amount of pension obligations. The note below includes a description of exposure to most significant risks and a sensitivity analysis on impacts of changes in actuarial assumptions.Deferred taxesRecognition of deferred tax asset is based on management estimates and require the use of management judgement in order to assess whether there will be sufficient taxable profits flowing to the company in the future. The expectations used in the calculation are based on the latest forecast approved by the Board of Directors in connection with the financial statements and assumptions that are consistent with those used elsewhere in the financial statements. Finnair\u2019s management has taken the relevant risks (inter alia international conflicts, global political instability and changes in the price of jet fuel or foreign currency rates) and opportunities related to the business environment into account in their estimates and assumptions, based on their best knowledge on the balance sheet date. As a result of the normalisation of the business environment, deferred tax asset from the taxable losses of 2020\u20132021 were fully recognised and the taxable loss of 2022 was mainly recognised in the balance sheet at the end of 2023. Based on the criteria outlined in IAS 12 and the management\u2019s assessment of the Finnair Group\u2019s forecasted future profits and performance, there was no need to write down deferred tax asset from the taxable losses or recognise the unrecognised part of deferred tax asset from the taxable loss of 2022 in the financial year 2024. Finnair expects to be able to use the tax losses recognised on balance sheet in advance of 10 years expiry date in 2030\u20132032.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__9": {
"value": "Accounting principlesHow should Finnair\u2019s accounting principles be read?Finnair describes the accounting principles in conjunction with each note with the aim of providing an enhanced understanding of each accounting area. The basis of preparation is described as part of this note at a general level, while the principles more directly related to a specific note are attached to the corresponding note. The Group focuses on describing the accounting choices made within the framework of the prevailing IFRS policy and avoids repeating the actual text of the standard, unless Finnair considers it particularly important to the understanding of the note\u2019s content. The table below shows in which notes the related accounting principles are presented and to which IFRS standard the accounting principle is primarily based on.Accounting principle Note Nr. IFRSSegment reporting Segment information 1.1 IFRS 8Revenue recognition, other income and trade IFRS 15, IFRS 9, receivables Operating income 1.2IFRS 7Provisions and contingent liabilities Provisions 1.3.6 IAS 37Employee benefits and share-based payments Employee benefits 1.3.8 IAS 19, IFRS 2Pensions Pensions 1.3.8.2 IAS 19Tangible and intangible assets Fleet and other fixed assets 2.1 IAS 16, IAS 36, IAS 38Leases Leasing arrangements 2.2 IFRS 16Impairment of assets Depreciation and impairment 2.3 IAS 36Interest income and expenses Financial income and expenses 3.1 IFRS 7, IFRS 9, IAS 32Financial assets Financial assets 3.2 IFRS 9, IFRS 7Cash and cash equivalents Financial assets 3.2 IFRS 9, IFRS 7Financial liabilities Financial liabilities 3.3 IFRS 9, IFRS 7Derivative contracts and hedge accounting Derivatives 3.8 IFRS 9, IFRS 7Equity, dividend and treasury shares Equity-related information 3.9 IAS 32, IAS 33Consolidation principles of subsidiaries Subsidiaries 4.2 IFRS 10Investments in associates and joint ventures Investments in joint ventures 4.4 IFRS 11, IAS 28Related party disclosures Related party transactions 4.5 IAS 24Income tax and deferred taxes Income taxes 5.1 IAS 12Company informationFinnair Group engages in worldwide air transport operations and supporting services. The Group\u2019s parent company is Finnair Plc, which is domiciled in Helsinki at the registered address Tietotie 9, Vantaa, Finland. The parent company is listed on the NASDAQ OMX Helsinki Stock Exchange. The consolidated financial statements of Finnair Group for the year ended 31 December 2024 were authorised for issue by the Board of Directors of Finnair Plc on 27 February 2025. Under Finland\u2019s Limited Liability Companies Act, shareholders have the option to accept, or reject the financial statements in the Annual General Meeting of the shareholders, which will be held after the publication of the financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__10": {
"value": "Finnair Group engages in worldwide air transport operations and supporting services.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__12": {
"value": "Finnair Plc",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__11": {
"value": "Finnair Plc",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__20": {
"value": "Plc",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__13": {
"value": "Helsinki",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__14": {
"value": "Tietotie 9, Vantaa, Finland.",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__16": {
"value": "Finland",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__15": {
"value": "Finland",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__17": {
"value": "The consolidated financial statements of Finnair Group for the year ended 31 December 2024 were authorised for issue by the Board of Directors of Finnair Plc on 27 February 2025.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__25": {
"value": "Changes in accounting principlesNew and amended IFRS standards and IFRIC interpretationsChanges in the IFRS standards and IFRIC-interpretations effective from periods beginning 1 January 2024 included mainly amendments or improvements to current standards that did not have material effect on Finnair financial statements. IFRS 18 Presentation and Disclosure in Financial Statements standard was issued in April 2024. It will apply for financial years beginning on or after 1 January 2027, with earlier application permitted. IFRS 18 replaces IAS 1 Presentation of Financial Statements standard. IFRS 18 includes, inter alia, new requirements for the presentation of specified subtotals in the income statement and for disclosure of management-defined performance measures (MPMs), as well as new principles for aggregation and disaggregation disclosures. In addition, IFRS 18 results in a number of consequential amendments to other standards, such as IAS 7 Statement of Cash Flows and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. During 2025, Finnair will investigate in more detail the impacts of IFRS 18 on its consolidated financial statements. Other standards issued that are effective from periods on or after 1 January 2025 mainly include amendments or improvements to current standards that are not expected to have a material impact on the Group\u2019s consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__24": {
"value": "Changes in accounting principlesNew and amended IFRS standards and IFRIC interpretationsChanges in the IFRS standards and IFRIC-interpretations effective from periods beginning 1 January 2024 included mainly amendments or improvements to current standards that did not have material effect on Finnair financial statements. IFRS 18 Presentation and Disclosure in Financial Statements standard was issued in April 2024. It will apply for financial years beginning on or after 1 January 2027, with earlier application permitted. IFRS 18 replaces IAS 1 Presentation of Financial Statements standard. IFRS 18 includes, inter alia, new requirements for the presentation of specified subtotals in the income statement and for disclosure of management-defined performance measures (MPMs), as well as new principles for aggregation and disaggregation disclosures. In addition, IFRS 18 results in a number of consequential amendments to other standards, such as IAS 7 Statement of Cash Flows and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. During 2025, Finnair will investigate in more detail the impacts of IFRS 18 on its consolidated financial statements. Other standards issued that are effective from periods on or after 1 January 2025 mainly include amendments or improvements to current standards that are not expected to have a material impact on the Group\u2019s consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__26": {
"value": "1 Operating result Operating result includes notes related to revenue and operating result from the point of view of income statement and balance sheet.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__28": {
"value": "1.1 Segment information Segment reportingThe Finnair Executive Board is defined as the chief operative decision maker according to IFRS 8 Segment reporting. Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. Segments are defined based on Group\u2019s business areas. The Finnair Executive Board considers the business as one operating segment, which is Airline business; thus, separate segment information is not reported.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__27": {
"value": "1.1 Segment information Segment reportingThe Finnair Executive Board is defined as the chief operative decision maker according to IFRS 8 Segment reporting. Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. Segments are defined based on Group\u2019s business areas. The Finnair Executive Board considers the business as one operating segment, which is Airline business; thus, separate segment information is not reported. The revenue by product and geographical area is presented in the note 1.2.1 Revenue by product and traffic area. Finnair operates international and domestic routes, but the assets are almost solely owned in Finland. The fleet composes the major part of the non-current assets (see note 2.1 Fleet and other fixed assets). The fleet is mainly owned or leased by Finnair\u2019s Finnish subsidiary and the aircraft are operated flexibly across different traffic (geographical) areas. More details about fleet management and ownership can be found in the management report in the section \u201cFleet\u201d.During the financial year, Finnair transported 11.7 million passengers (11.0), which was 6.1 per cent more than in 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__29-1": {
"value": "1.2 Operating income The operating income section includes both income statement and balance sheet notes that relate to revenue. The aim is to provide a more coherent picture of income related items affecting Finnair\u2019s result and financial position. Trade receivables and deferred income containing mainly prepaid flight tickets and travel tour services are presented in connection with this section, because those are an essential part in revenue recognition. Revenue recognitionRevenue is recognised when goods or services are delivered. Revenue is measured at fair value of the consideration received or receivable, net of discounts and indirect taxes.Passenger revenue includes sale of flight tickets, and is recognised as revenue when the flight is flown in accordance with the flight traffic program. Recognition of unused tickets as revenue is based on the expected breakage amount of tickets remaining unused in proportion to the pattern of rights exercised by the passenger.Sales price is allocated to a flight ticket and points in Finnair Plus\u2019 Customer Loyalty Program. Finnair loyalty customers can earn Avios points from tickets or services purchased, and use the earned points to buy services and products offered by Finnair or its cooperation partners. The points earned are measured at fair value and recognised as a decrease of revenue and debt at the time when the points-earning event (for example, flight is flown) is recognised as revenue. Fair value is measured by taking into account the fair value of those awards that can be purchased with the points and the customer selection between different awards based on historical customer behaviour. In addition, the fair valuation takes into account the expiry of the points. The debt is derecognised when the points are used or expire.Customer compensations for delays or cancellations is a variable consideration in the contract and it is recognised as an adjustment to revenue.Ancillary revenue includes sale of ticket related services, such as advance seat reservations, additional baggage fees as well as different service fees. The service revenue is recognized when the flight is flown in accordance with the flight traffic program, since it is considered as a contract modification instead of a separate revenue transaction. Cargo revenue is recognized when the cargo has been delivered to the customer. Tour operations revenue includes sale of flight and hotel considered as separate performance obligations, which are recognized as the service is delivered.1.2.1 Revenue by product and traffic area2024Share, % of North Middle Unallo-revenue by EUR mill. AsiaAtlantic EuropeEast Domesticcated TotalproductPassenger revenue 775.1 225.4 1,050.0 196.1 171.0 1.4 2,419.0 79.3Ancillary revenue 36.4 11.3 61.8 2.0 7.1 63.2 181.8 6.0Cargo 139.0 31.6 27.5 1.8 0.4 5.2 205.5 6.7Travel services 28.1 1.4 209.7 3.2 -0.0 0.1 242.4 8.0Total 978.6 269.6 1,349.0 203.0 178.6 69.9 3,048.8 100.0Share, % of revenue by traffic area 32.1 8.8 44.2 6.7 5.9 2.3 100.0 -The division of revenue by traffic area is based on destination of the Finnair flights. Finnair\u2019s revenue increased compared to the financial year 2023 mainly driven by higher ancillary revenue. The increase in cargo revenue was driven by higher volumes. Due to the wide scale of customers and nature of the business, sales to any individual customer is not material compared to Finnair\u2019s total revenue.2023Share, % of North Middle Unallo-revenue by EUR mill. AsiaAtlantic EuropeEast Domesticcated TotalproductPassenger revenue 763.2 214.9 1,045.3 206.3 172.7 9.3 2,411.6 80.7Ancillary revenue 30.6 9.9 50.7 1.9 5.8 48.9 147.8 4.9Cargo 133.6 28.5 26.5 1.4 0.4 1.6 192.0 6.4Travel services 23.8 1.3 205.8 6.0 0.0 0.1 237.1 7.9Total 951.3 254.6 1,328.3 215.6 178.9 59.9 2,988.5 100.0Share, % of revenue by traffic area 31.8 8.5 44.4 7.2 6.0 2.0 100.0 -1.2.2 Revenue by currencyEUR mill. 2024 2023EUR 1,796.3 1,764.0USD 302.4 282.1JPY 156.1 128.4SEK 108.2 100.6GBP 107.8 109.4KRW 87.0 93.6NOK 71.1 82.9Other currencies 419.9 427.5Total 3,048.8 2,988.5The hedging policies against foreign exhange rate fluctuations are described in note 3.5 Management of financial risks.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__30": {
"value": "revenue recognition. Revenue recognitionRevenue is recognised when goods or services are delivered. Revenue is measured at fair value of the consideration received or receivable, net of discounts and indirect taxes.Passenger revenue includes sale of flight tickets, and is recognised as revenue when the flight is flown in accordance with the flight traffic program. Recognition of unused tickets as revenue is based on the expected breakage amount of tickets remaining unused in proportion to the pattern of rights exercised by the passenger.Sales price is allocated to a flight ticket and points in Finnair Plus\u2019 Customer Loyalty Program. Finnair loyalty customers can earn Avios points from tickets or services purchased, and use the earned points to buy services and products offered by Finnair or its cooperation partners. The points earned are measured at fair value and recognised as a decrease of revenue and debt at the time when the points-earning event (for example, flight is flown) is recognised as revenue. Fair value is measured by taking into account the fair value of those awards that can be purchased with the points and the customer selection between different awards based on historical customer behaviour. In addition, the fair valuation takes into account the expiry of the points. The debt is derecognised when the points are used or expire.Customer compensations for delays or cancellations is a variable consideration in the contract and it is recognised as an adjustment to revenue.Ancillary revenue includes sale of ticket related services, such as advance seat reservations, additional baggage fees as well as different service fees. The service revenue is recognized when the flight is flown in accordance with the flight traffic program, since it is considered as a contract modification instead of a separate revenue transaction. Cargo revenue is recognized when the cargo has been delivered to the customer. Tour operations revenue includes sale of flight and hotel considered as separate performance obligations, which are recognized as the service is delivered.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__33-1": {
"value": "Trade receivablesFinnair Group recognises impairment provisions based on lifetime expected credit losses from trade receivables in accordance with IFRS 9. Finnair has chosen to apply a simplified credit loss matrix for trade receivables as trade receivables do not have a significant financing component. Accordingly, the credit loss allowance is measured at an amount equal to the lifetime expected credit losses. The expected credit loss model is forward-looking, and expected default rates are based on historical realised credit losses. The lifetime expected credit loss allowance is calculated using the gross carrying amount of outstanding trade receivables in each aging bucket and an expected default rate. The changes in expected credit losses are recognised in other operating expenses.1.2.3 Receivables related to revenueEUR mill. 2024 2023Trade receivables 98.0 94.1Accrued income 67.1 60.3Total 165.1 154.4Most of the accrued income represents contract assets, for which Finnair has met the performance requirement prior to receiving payment from customers and these have not yet been recognised as trade receivables. Contract assets mainly include accrued income related to cargo sales and receivables from airlines involved in the Siberian Joint Business on flights between Europe and Japan, or the Atlantic Joint Business on flights between Europe and North America. The fair value of trade receivables does not materially differ from balance sheet value.2024 2023Aging analysis Trade Probability Expected Trade Probability Expected of trade receivables, of not uncollectible, receivables, of not uncollectible, receivablesEUR mill.collecting, %EUR mill.EUR mill.collecting, %EUR mill.Not overdue 97.2 0.6 % 0.6 93.7 0.6% 0.5Overdue less than 60 days 0.4 6.6 % 0.0 0.1 4.5% 0.0Overdue more than 60 days 0.4 4.4 % 0.0 0.4 3.7% 0.0Total 98.0 0.7 % 0.7 94.1 0.6% 0.6During the financial year, the Group recognised credit losses in total of 0.6 million euros (0.8). Trade receivables do not contain significant credit risk because of the diversified customer base. The maximum exposure to credit risk at the reporting date equals to the total carrying amount of trade receivables. The Group does not hold any collateral as security related to trade receivables.Trade receivables by currencyEUR mill. 2024 2023EUR 48.6 51.4USD 15.9 11.4JPY 5.8 3.4GBP 3.6 3.1NOK 3.3 3.9SEK 3.3 2.8KRW 2.8 4.1Other currencies 14.8 14.0Total 98.0 94.1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__31": {
"value": "Trade receivablesFinnair Group recognises impairment provisions based on lifetime expected credit losses from trade receivables in accordance with IFRS 9. Finnair has chosen to apply a simplified credit loss matrix for trade receivables as trade receivables do not have a significant financing component. Accordingly, the credit loss allowance is measured at an amount equal to the lifetime expected credit losses. The expected credit loss model is forward-looking, and expected default rates are based on historical realised credit losses. The lifetime expected credit loss allowance is calculated using the gross carrying amount of outstanding trade receivables in each aging bucket and an expected default rate. The changes in expected credit losses are recognised in other operating expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__32": {
"value": "Finnair Plus Customer Loyalty ProgramValuation and revenue recognition related to Finnair Plus debt require management\u2019s judgement especially on fair valuation of points and timing of revenue recognition related to points expected to expire. The fair value of the point is defined by allocating the point to award selection based on historical behaviour of customers, after which the fair value of each award is defined. The liability is calculated by taking the total amount of points earned by customers, decreased by the expected expiry of the points. These points are then fair valued as described above, and the result is recognised as liability on the balance sheet.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerLoyaltyProgrammesExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__37": {
"value": "2024 2023Aging analysis Trade Probability Expected Trade Probability Expected of trade receivables, of not uncollectible, receivables, of not uncollectible, receivablesEUR mill.collecting, %EUR mill.EUR mill.collecting, %EUR mill.Not overdue 97.2 0.6 % 0.6 93.7 0.6% 0.5Overdue less than 60 days 0.4 6.6 % 0.0 0.1 4.5% 0.0Overdue more than 60 days 0.4 4.4 % 0.0 0.4 3.7% 0.0Total 98.0 0.7 % 0.7 94.1 0.6% 0.6During the financial year, the Group recognised credit losses in total of 0.6 million euros (0.8). Trade receivables do not contain significant credit risk because of the diversified customer base. The maximum exposure to credit risk at the reporting date equals to the total carrying amount of trade receivables. The Group does not hold any collateral as security related to trade receivables.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__38": {
"value": "1.2.4 Deferred income and advances receivedEUR mill. 2024 2023Deferred revenue on ticket sales 525.4 394.8Loyalty program Finnair Plus 73.3 66.7Advances received for tour operations 35.0 32.5Other items 25.2 12.8Total 658.9 506.7Most of the deferred income and advances received represent contract liabilities, for which payments have been received from customers before the performance obligation is discharged by Finnair. Deferred income and advances received includes prepaid flight tickets and package tours for which the departure date is in the future. The Finnair Plus liability is related to Finnair\u2019s customer loyalty program, and equals the fair value of the accumulated, unused Avios points. Other items mainly include gift voucher liabilities and liabilities to airlines involved in the Siberian Joint Business on flights between Europe and Japan, or the Atlantic Joint Business on flights between Europe and North America.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__40": {
"value": "1.2.5 Other operating incomeEUR mill. 2024 2023Lease income 106.9 95.3Sales gains on fixed assets 12.0 13.4Other income 21.1 21.8Total 140.0 130.5Other operating income increased compared to the financial year 2023 primarily due to the commencement of wet lease arrangements with Qantas for Singapore\u2013Sydney flights in Q4 2023 and for Bangkok\u2013Sydney flights at the beginning of Q2 2024. Sales gains on fixed assets mainly consist of the purchase of one A350 and one A321 aircraft, which were previously leased by Finnair.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__39": {
"value": "1.2.5 Other operating incomeEUR mill. 2024 2023Lease income 106.9 95.3Sales gains on fixed assets 12.0 13.4Other income 21.1 21.8Total 140.0 130.5Other operating income increased compared to the financial year 2023 primarily due to the commencement of wet lease arrangements with Qantas for Singapore\u2013Sydney flights in Q4 2023 and for Bangkok\u2013Sydney flights at the beginning of Q2 2024. Sales gains on fixed assets mainly consist of the purchase of one A350 and one A321 aircraft, which were previously leased by Finnair.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__41": {
"value": "1.3 Operating expenses The operating expenses section includes the income statement and balance sheet notes related to operating expenses, aiming to provide a better overview of business operations and related expenses. Maintenance provisions of leased aircraft that inherently relate to aircraft overhaul costs are included in this operating expenses section. Also accrued expenses, such as liabilities related to jet fuel and traffic charges, are presented in this section. In addition, items related to employee benefits are presented at the end of this section in a separate note 1.3.8. Employee benefits. It includes the different forms of benefits received by Finnair employees, including share-based payments and pensions, their effect on staff costs and balance sheet as well as information on management remuneration. Finnair\u2019s operating expenses increased compared to the prior year mainly due to increased capacity and longer Asian routings. Finnair continued its cost efficiency initiatives during 2024.1.3.1 Operating expenses by currencyEUR mill. 2024 2023EUR 1,805.8 1,774.4USD 1,074.7 971.9Other currencies 194.1 181.3Total 3,074.6 2,927.5The hedging policies against foreign exchange rate fluctuations are described in note 3.5 Management of financial risks.1.3.2 Passenger and handling servicesEUR mill. 2024 2023Ground and cargo handling expenses 191.6 178.8Expenses for tour operations 120.3 115.4Catering expenses 61.5 57.3Other passenger services 66.9 62.7Total 440.3 414.11.3.3 Property, IT and other expensesEUR mill. 2024 2023IT expenses 69.5 67.2Property expenses 20.4 21.9Other expenses 31.9 22.9Total 121.7 112.1Property, IT and other expenses mainly consist of fixed costs.Audit feesEUR mill. 2024 2023Auditor's fees 0.6 0.6Tax advising - -Other fees 0.1 0.2Total 0.7 0.9The auditor\u2019s fees of KPMG Oy Ab included fees of 489 thousand euros (614) for audit services and 137 thousand euros (9) for auditor\u2019s statements. Non-audit services to Finnair Group entities were 71 thousand euros (239).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__42": {
"value": "1.3.3 Property, IT and other expensesEUR mill. 2024 2023IT expenses 69.5 67.2Property expenses 20.4 21.9Other expenses 31.9 22.9Total 121.7 112.1Property, IT and other expenses mainly consist of fixed costs.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__43": {
"value": "Audit feesEUR mill. 2024 2023Auditor's fees 0.6 0.6Tax advising - -Other fees 0.1 0.2Total 0.7 0.9The auditor\u2019s fees of KPMG Oy Ab included fees of 489 thousand euros (614) for audit services and 137 thousand euros (9) for auditor\u2019s statements. Non-audit services to Finnair Group entities were 71 thousand euros (239).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__46": {
"value": "1.3.4 Inventories and other current assetsEUR mill. 2024 2023Credit card acquirer holdbacks - 57.0Inventories 35.0 32.2Interest and other financial items 9.7 2.3Aircraft materials and overhaul 8.1 9.5Capacity rent receivables 7.3 7.0Jet fuels 5.0 9.3VAT receivables 4.4 3.7Other items 17.3 13.6Total 86.8 134.6Credit card acquirer holdbacks relate to cash funds from passenger ticket sales that are held by credit card processors. These were reclassified from other current assets to other non-current assets during 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__45": {
"value": "1.3.4 Inventories and other current assetsEUR mill. 2024 2023Credit card acquirer holdbacks - 57.0Inventories 35.0 32.2Interest and other financial items 9.7 2.3Aircraft materials and overhaul 8.1 9.5Capacity rent receivables 7.3 7.0Jet fuels 5.0 9.3VAT receivables 4.4 3.7Other items 17.3 13.6Total 86.8 134.6Credit card acquirer holdbacks relate to cash funds from passenger ticket sales that are held by credit card processors. These were reclassified from other current assets to other non-current assets during 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__44": {
"value": "1.3.4 Inventories and other current assetsEUR mill. 2024 2023Credit card acquirer holdbacks - 57.0Inventories 35.0 32.2Interest and other financial items 9.7 2.3Aircraft materials and overhaul 8.1 9.5Capacity rent receivables 7.3 7.0Jet fuels 5.0 9.3VAT receivables 4.4 3.7Other items 17.3 13.6Total 86.8 134.6Credit card acquirer holdbacks relate to cash funds from passenger ticket sales that are held by credit card processors. These were reclassified from other current assets to other non-current assets during 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__48": {
"value": "1.3.5 Other liabilitiesEUR mill. 2024 2023Jet fuel and traffic charges 73.9 50.4Passenger and handling services 37.4 38.1Aircraft materials and overhaul 18.2 22.2Sales, marketing and distribution cost accruals 17.0 17.1Interest and other financial items 14.3 8.2Other items 20.7 31.2Total 181.5 167.1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__47": {
"value": "1.3.5 Other liabilitiesEUR mill. 2024 2023Jet fuel and traffic charges 73.9 50.4Passenger and handling services 37.4 38.1Aircraft materials and overhaul 18.2 22.2Sales, marketing and distribution cost accruals 17.0 17.1Interest and other financial items 14.3 8.2Other items 20.7 31.2Total 181.5 167.1",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__49": {
"value": "1.3.6 Provisions ProvisionsProvisions are recognised when the Group has a present legal or constructive obligation as the result of a past event, the fulfilment of the payment obligation is probable, and a reliable estimate of the amount of the obligation can be made. The amount to be recognised as provision corresponds to the management\u2019s best estimate of the expenses that will be necessary to meet the obligation at the end of the reporting period.In most cases, the Group is obliged to return leased aircraft and their engines according to the redelivery condition set in the lease agreement. If at the time of redelivery, the condition of the aircraft and its engines differs from the agreed redelivery condition, Finnair needs to either maintain the aircraft so that it meets the agreed redelivery condition or settle the difference in cash to the lessor. To fulfil these maintenance obligations, the Group has recognised airframe heavy maintenance, engine performance maintenance, engine life limited part, landing gear, auxiliary power unit and other material maintenance provisions. The provision is defined as a difference between the current condition and redelivery condition of these maintenance components. The provision is accrued based on flight hours flown until the next maintenance event or the redelivery and recognised in the aircraft overhaul costs in the income statement. The provision is reversed at the maintenance event or redelivery. The price of the flight hour depends on the market price development of the maintenance costs. Estimated future cash flows are discounted to the present value. The maintenance market prices are mainly denominated in US dollars, which is why the amount of maintenance provision changes due to currency fluctuation of the dollar.The final check and painting required at redelivery are considered unavoidable maintenance costs that realise when the aircraft is redelivered to the lessor, irrespective of the time or flight hours. The counterpart of the provision is recorded in the book value of the right-of-use asset at the commencement of the lease. Respectively, costs depending on the usage of the aircraft are not considered as part of the right-of-use asset cost, but these are recognised according to the principles presented above.Restructuring provisions are recognised when the Group has prepared a detailed restructuring plan and has begun to implement the plan or has announced it. Maintenance reserves of the fleetThe measurement of aircraft maintenance provisions requires management judgement especially related to the timing of maintenance events and the valuation of maintenance costs occurring in the future. The future maintenance costs and their timing are dependent on, for example, how future traffic plans actually realise, the market price development of maintenance costs and the actual condition of the aircraft at the time of the maintenance event. Aircraft Aircraft maintenance Other maintenance Other EUR mill.provisionprovisions 2024provisionprovisions 2023Provision at the beginning of period 144.2 2.9 147.1 246.7 5.0 251.7Provision for the period 49.4 1.8 51.2 49.1 1.2 50.3Provision used -42.6 -2.1 -44.7 -58.9 -2.8 -61.7Provision reversed -3.8 -0.4 -4.2 -2.3 -0.6 -2.9Provision for right-of-use assets redelivery -0.7 - -0.7 -0.3 - -0.3Reclassifications -14.7 - -14.7 -90.8 - -90.8Unwinding of discount 5.7 - 5.7 7.8 - 7.8Exchange rate differences 6.1 - 6.1 -7.1 - -7.1Total 143.5 2.2 145.8 144.2 2.9 147.1Of which non-current 113.7 0.7 114.5 118.3 0.8 119.0Of which current 29.8 1.5 31.3 25.9 2.1 28.1Total 143.5 2.2 145.8 144.2 2.9 147.1Non-current aircraft maintenance provisions are expected to be used by 2035. Maintenance provisions of 14.7 million euros (90.8) were reclassified against the acquisition cost of purchased, formerly leased aircraft.In balance sheet, the non-current provisions and other liabilities of 122.0 million euros (125.9) include, in addition to provisions, other non-current liabilities 7.5 million euros (6.9), which mainly consist of received lease deposits.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__50": {
"value": "ProvisionsProvisions are recognised when the Group has a present legal or constructive obligation as the result of a past event, the fulfilment of the payment obligation is probable, and a reliable estimate of the amount of the obligation can be made. The amount to be recognised as provision corresponds to the management\u2019s best estimate of the expenses that will be necessary to meet the obligation at the end of the reporting period.In most cases, the Group is obliged to return leased aircraft and their engines according to the redelivery condition set in the lease agreement. If at the time of redelivery, the condition of the aircraft and its engines differs from the agreed redelivery condition, Finnair needs to either maintain the aircraft so that it meets the agreed redelivery condition or settle the difference in cash to the lessor. To fulfil these maintenance obligations, the Group has recognised airframe heavy maintenance, engine performance maintenance, engine life limited part, landing gear, auxiliary power unit and other material maintenance provisions. The provision is defined as a difference between the current condition and redelivery condition of these maintenance components. The provision is accrued based on flight hours flown until the next maintenance event or the redelivery and recognised in the aircraft overhaul costs in the income statement. The provision is reversed at the maintenance event or redelivery. The price of the flight hour depends on the market price development of the maintenance costs. Estimated future cash flows are discounted to the present value. The maintenance market prices are mainly denominated in US dollars, which is why the amount of maintenance provision changes due to currency fluctuation of the dollar.The final check and painting required at redelivery are considered unavoidable maintenance costs that realise when the aircraft is redelivered to the lessor, irrespective of the time or flight hours. The counterpart of the provision is recorded in the book value of the right-of-use asset at the commencement of the lease. Respectively, costs depending on the usage of the aircraft are not considered as part of the right-of-use asset cost, but these are recognised according to the principles presented above.Restructuring provisions are recognised when the Group has prepared a detailed restructuring plan and has begun to implement the plan or has announced it.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__52": {
"value": "In balance sheet, the non-current provisions and other liabilities of 122.0 million euros (125.9) include, in addition to provisions, other non-current liabilities 7.5 million euros (6.9), which mainly consist of received lease deposits.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__54": {
"value": "1.3.8 Employee benefits1.3.8.1 Employee benefit expenses and share-based payments Share-based paymentsFinnair provides several share-based compensation plans for its employees, under which the Group receives services from employees as consideration for share-based payments. Regarding share-based incentive plans for key personnel, the awards are paid only if performance criteria set by the Board of Directors is met. Share-based savings plan for employees (FlyShare) requires the employees to remain in Finnair\u2019s service for the defined period, but payment does not depend on any performance criteria.The total expense for share-based payments is recognised over the vesting period, which is the period over which all of the specified vesting conditions, such as the fulfilment of goals and a valid employment relationship, are to be satisfied. Share-based payments that are settled net of taxes are considered in their entirety as equity-settled share-based payment transactions. The reward is valued based on the market price of the Finnair share as of the grant date, and recognised as an employee benefit expense over the vesting period with corresponding entry in the equity. Income tax paid to tax authorities on behalf of employee is measured based on the market price of the Finnair share at the delivery date and recognised as a decrease in equity. If the reward includes the portion settled in cash, it is accounted for as a cash-settled transaction. The liability resulting from the cash-settled transactions is measured based on the market price of the Finnair share at the balance sheet date and accrued as an employee benefit expense for service period with corresponding entry in the liabilities until the settlement date.Termination benefitsTermination benefits are payable when employment is terminated by the Group before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits when it is demonstrably committed to a termination. Group is demonstrably committed when it has a detailed formal plan to terminate the employment of current employees without possibility of withdrawal. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer.Accounting principles related to pension benefits are described in the note 1.3.8.2 Pensions. Staff and other crew related costsEUR mill. 2024 2023Wages and salaries 366.8 348.6Defined contribution schemes 64.1 61.7Defined benefit schemes 49.3 8.3Pension expenses total 113.4 70.0Other social expenses 9.1 16.3Salaries, pension and social costs 489.3 435.0Operative staff related costs 31.5 30.5Leased and outsourced crew 29.4 26.0Other personnel related costs 9.3 6.5Total 559.5 498.1At Finnair, the total salary of personnel consists of fixed pay, allowances, short- and long-term incentives, fringe benefits and other personnel benefits.A long-term incentive plan (Staff Incentive Plan) for 2023\u20132025 was prepared as part of the cost-saving programme in 2022. The incentive plan returns half of the one year\u2019s permanent savings made by the personnel group, if the goal of the incentive plan set by Finnair\u2019s Board of Directors is met.The total amount of the short-term and above-mentioned long-term incentives excluding social security costs recognised for 2024 were 9.9 million euros (19.1). Staff and other crew related costs include one-off personnel related costs of 40.9 million euros in the reporting period, which mainly are related to the obligations of Finnair Pension Fund, for which indexation was partially returned based on the precedent issued by the Supreme Administrative Court of Finland. During the comparison period, these costs did not exist.Profit-sharing Plan (Personnel fund)Finnair has a profit-sharing plan in which a share of Finnair\u2019s profits is allocated to the personnel. The share of profit is determined on the basis of targets set by the Board of Directors. All Finnair employees are eligible for the profit-sharing plan, excluding the CEO, other members of the Executive Board and the participants of the performance share plan. The targets for the profit-sharing plan in years 2021\u20132024 were not set.Liabilities related to employee benefitsEUR mill. 2024 2023Holiday payments 75.7 72.4Other employee related accrued expenses 37.0 44.1Liabilities related to employee benefits 112.8 116.5Other employee related accrued expenses mainly include withholding tax and accrued expenses related to social security costs and remunerations. Other non-current liabilities include the long-term Staff incentive plan of 2.6 million euros (1.5). In addition, restructuring provisions related to termination benefits (see note 1.3.6 Provisions) amounted to 0.2 million euros (0.2).Management remunerationInterim President CEO CEO and CEO Turkka Jaakko Topi Kuusisto, Schildt, 15 Manner, President from 24 January until 14 and CEO April 2024 - 23 April January Executive Total Topi Executive Total EUR thousandonwards20242024Board2024MannerBoard2023Fixed pay 473 165 98 1,985 2,720 771 2,050 2,820Short-term incentives* 124 40 34 779 977 372 1,057 1,428Fringe benefits 17 4 1 86 108 19 92 111Share-based payments 86 39 -629** 886 382 756 1,651 2,407Pensions (statutory)*** 99 34 21 459 613 189 519 708Pensions (voluntary, defined contribution) - - - 28 28 - 32 32Total 799 282 -476 4,223 4,828 2,106 5,401 7,507*Short-term incentives for the financial year 2024 are estimates as at the balance sheet date, the final review of targets has not been done. Short-term incentives for 2023 realised 248 thousand euros higher than expected in 2023 financial statements. The difference has been reported in 2024.** Topi Manner was no longer eligible for the long-term incentive plan 2023\u20132025 and the related costs were reversed in 2024.*** Statutory pensions include Finnair\u2019s share of the payment to Finnish statutory \u201cTyEL\u201d pension plan.Management remuneration is presented on an accrual basis. Share-based payments include long-term incentive plans and are recognised over the vesting period until the end of the lock-up period, according to IFRS 2. Therefore, the costs accrued and recognised for the financial year include effects from several share-based payment plans independent of when the shares are delivered. Management has not been provided any other long-term incentives in addition to share-based payments.The voluntary pension plans of one member of the Executive Board have been arranged through a Finnish pension insurance company. The retirement age for this member of the Executive Board is 63 years. The plan is a defined contribution plan.Remuneration to the Board of DirectorsMeeting Fringe EUR Total 2024 Annual feescompensationbenefits Total 2023Board of Directors 531,897 346,860 179,200 5,838 445,830Alahuhta-Kasko Tiina 51,232 36,232 15,000 -Brewer Montie 74,450 39,850 34,600 -Erlund Jukka 59,254 39,083 19,400 772Jakosuo-Jansson Hannele 54,956 39,082 14,200 1,674Kjellberg Henrik 71,235 36,232 31,800 3,203Large Simon, until 30 September 2024 57,975 45,575 12,400 -Pajumaa Minna, until 18 March 2024 10,575 7,575 3,000 -Siitonen Jussi, from 19 March 2024 onwards 41,258 28,658 12,600 -Suvanto-Harsaae Sanna 110,963 74,574 36,200 189The remuneration of the Board of Directors is presented on an accrual basis. The compensation paid to the members of the Board of Directors include annual fees and meeting compensation. The annual fees are paid as a combination of shares and money so that approximately 40 per cent of the fees are used for acquiring the company\u2019s shares for the members of the Board of Directors, and the rest is paid in money. The members of the Board of Directors are entitled to a compensation for travel expenses in accordance with Finnair\u2019s general travel rules. In addition, the members of the Board of Directors and their spouses have a limited right to use staff tickets in accordance with Finnair\u2019s staff ticket rules. These tickets constitute taxable income in Finland and are reported as fringe benefits in the table above.Share-based payments (long-term performance share plans)This note provides description and information on effects of the Group\u2019s share-based incentive schemes. More information on share-based personnel bonus schemes can be found in Remuneration report and on company website.Finnair\u2019s share-based incentive plan is a performance-based, annually commencing long-term incentive (LTI) arrangement, and the commencement of each new plan is subject to a separate decision made by Finnair\u2019s Board of Directors. The purpose of these plans is to encourage the management to work to increase long-term shareholder value. The Finnish Government\u2019s guidance regarding the remuneration of executive management and key individuals have been taken into consideration when designing the plans.All annually commencing rolling LTI plans include a three-year earning period. An exception is the two-year earning period for years 2023\u20132024 within LTI plan 2023\u20132025. The potential share rewards will be delivered to the participants in one tranche during the year following the performance period and they are at the participants\u2019 free disposal after delivery, except for the Rebuild incentive where the performance period ended in June 2023 and the reward was delivered during 2023 and 2024.The members of Finnair\u2019s Executive Board are expected to accumulate their share ownership in Finnair until it corresponds to their annual gross base salary. Each executive is expected to retain at least 50% of the shares received as reward, until the share ownership recommendation is fulfilled.There are two long-term incentive plans ongoing; plan covering years 2023\u20132025 which includes two earning periods 2023\u20132024 and 2023\u20132025 as well as plan covering years 2024\u20132026. In 2022, no new long-term incentive plan was launched due to continuous business environment changes caused by the war in Ukraine.The target levels and maximum levels set for the criteria are based on the long-term strategic objectives set by the company\u2019s Board of Directors. Criteria are monitored against the performance on a quarterly basis. The performance criteria of the plan for 2021\u20132023 in the reporting period and the plan for 2020\u20132022 in the comparison period were not reached. The performance criteria applied to the plans are:Finnair share-based payment plans2020 2021 2022 2023 2024 2025 2026 2027LTI 2021\u20132023LTI 2023\u20132025 LTI 2024\u20132026LTI Rebuild 7/2020\u20136/2023*Fly Share 2021Earnings / savings period Lock-up period Share delivery* Total incentive rewards cannot exceed 120% of annual base salary in any year, exceeding amount was deferred from 2023 to 2024. In 2024, the Board of Directors used their discretion to deviate from the variable pay cap in a manner that is described in the Remuneration Report.\u20222021\u20132023 plan: earnings per share (EPS, 45% weight), unit cost with constant currencies and fuel price (CASK,45% weight) and fuel efficiency (10% weight),\u2022 2023\u20132025 plan: operating result as well as\u2022 2024\u20132026 plan: free cash flow (FCF, 20% weight), earnings per share (EPS, 60% weight) and carbonemissions (CO/RTK, 20% weight).2The pay-out opportunity is defined as a fixed share amount in the beginning of each plan in relation to the participants annual base salary. Therefore, changes in the share price during the performance period impacts the value of the pay-out opportunity. The maximum number of shares that can be earned has been calculated based on 60% of annual base salary for the CEO and the other members of the Executive Board at the start of the plans, and based on 20-50% of annual base salary for the other plan participants. As a result of the rights issue in 2023, the share allocations for the 2021\u20132023 and 2023\u20132025 plans were adjusted 6.32-fold in order for the earning opportunities to retain their value. In addition, the share allocations were adjusted due to the reverse split executed during the financial year 2024, after which every 100 shares corresponded to one share.The maximum combined value of all variable compensation (including both short- and long-term incentives) paid to an individual participant may not exceed 120% of the participant\u2019s annual gross base salary. In 2024, the Board of Directors used their discretion to deviate from the variable pay cap in a manner that is described in the Remuneration Report. The amounts of shares paid are stated before tax. The number of shares delivered will be deducted by an amount corresponding to the income tax payable for the incentive at the time of payment.The total expense for the plans is recognised over the vesting period, which is three years. The grant date is at the beginning of performance period and the compensation is measured in shares. The expense recognised for 2024 amounted to 1.5 million euros (3.8). The amount expected to be transferred to the tax authority to settle the employee\u2019s tax obligation is 1.1 million euros (3.4). The cost related to share-based payments is recognised in staff and other crew related costs and unrestricted equity funds.Rebuild 2020\u20132023 2021\u20132023 2023\u20132025 2024\u20132026 TotalGrant date 9 Oct 2020 26 Jan 2021 23 Jan 2023 19 Feb 2024Grant price, euros* 6.63 10.49 8.56 3.14 Number of persons at the end of the reporting year - - 64 72Expenses recognised for the financial year, LTI\u2019s total (million euros) -0.2 - 1.4 0.3 1.5of which share-settled (net of taxes) -0.1 - 1.4 0.3 1.6of which cash-settled -0.1 - - - -0.1Shares granted, million shares** 1.6 - 0.9 1.1 3.6* Grant price in the plans commenced on 23 January 2023 or before have been adjusted by a bonus element included in the rights issue in 2023 and the reverse split executed in 2024.** As a result of the rights issue in 2023, the share allocations for the 2020\u20132023 Rebuild, 2021\u20132023 and 2023\u20132025 plans were adjusted based on the decision of the Board of Directors in order for the earning opportunities to retain their value. In addition, the share allocations were adjusted due to the reverse split executed in 2024.The additional shares of the last saving period 7/2021\u20146/2022 in the FlyShare employee share savings plan were transferred at the beginning of 2024. The expense recognised for the share saving plan in 2024 amounted to -0.0 million euros (0.7).1.3.8.2 Pensions Defined benefit and defined contribution plansPension plans are classified as defined benefit and defined contribution plans. Payments made into defined contribution pension plans are recognised in the income statement in the period to which the payment applies. Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. Current service cost is the present value of the post employment benefit, which is earned by the employees during the year and it is recognised as staff and other crew related costs. The liability recognised in the balance sheet in respect of defined pension plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligations is determined by discounting the estimated future cash flows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension obligation. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. If fair value of plan assets is higher than present value of funded obligations, the net amount is presented as pension assets in the Group\u2019s balance sheet. Pension obligationsThe present value of the pension obligations depends on a number of factors that are determined on an actuarial basis using a number of assumptions. Any changes in these assumptions will impact the carrying amount of pension obligations. The note below includes a description of exposure to most significant risks and a sensitivity analysis on impacts of changes in actuarial assumptions. Description of pension plans at FinnairThe statutory pension cover of the employees of the Group\u2019s Finnish companies has been arranged in a Finnish pension insurance company. The statutory pension cover is a defined contribution plan. The Group\u2019s foreign sales offices and subsidiaries have various defined contribution plans that comply with local rules and practices. CEO has no supplementary pension plan. The supplementary defined contribution pension plan of one member of the Executive Board is arranged in a pension insurance company. The retirement age for this member is 63 years.Other supplementary pension cover of the Group\u2019s domestic companies has been arranged mainly in the Finnair Pension Fund, in which the pension schemes are defined benefit plans. These pension plans cover old age supplementary pensions and disability pensions exceeding the pension cover under the Employment Pensions Act. The survivors\u2019 pensions under the supplementary pension cover applies on a limited basis to pensioners who have retired on 1 January 2005 at the latest, as well as to recipients of benefits previously in accordance with Finnair Plc\u2019s survivor\u2019s pension rules who transferred to the pension fund on 31 December 2015. The Pension Fund\u2019s old age pension scheme has been closed to other employees since 1 February 1992 and to pilots since 1 January 2010. Pilots recruited between 1 January 2010 and 31 May 2021 , are only covered by the limited occupational disability pension scheme if they are not switched to another work offered by the employer. The occupational disability pension is restricted to only accrued supplementary pension until 31 March 2022 and it doesn\u2019t include any projected pension component. The occupational disability pension can only be granted if the pilot\u2019s employment is resigned from Finnair Plc. The pension fund as a whole has been closed on 31 May 2021.Old age pensions of pilots recruited in 2015 or later are defined contribution schemes arranged in a life insurance company. Supplementary pension cover has also vested pension right on a limited basis and the retirement age of the Pension Fund\u2019s vested pension is tied to a change in the retirement age under the Employment Pensions Act that came into force in 2017 or an event under disability pension cover under the Employment Pensions Act. Beginning from 2021, the earnings or supplementary pensions payable on which the pension fund\u2019s defined benefit supplementary pension cover is based are not adjusted by the pension index increment. The precedent issued by the Supreme Administrative Court of Finland on 25 September 2024 partially overruled the removal of inxed adjustments concerning pilots whose pension or paid-up policy had begun before the rule amendment on 30 December 2020. The possible related amendments to the rules of Finnair Pension Fund are still ongoing, but Pension Fund has already included the impacts of the possible amendments in its obligations. The supplementary pension liability of the Pension Fund is fully covered in accordance with the Finnish legislation. In addition, approximately 500 Finnair pilots have the right to a separate defined contribution supplementary pension arranged in a life insurance company after reaching the age of 55 years in addition to the Pension Fund\u2019s defined benefit old age pension cover, if the pilot continues to work as a pilot after the age of 55 years and retires from his/her job.Exposure to most significant risksVolatility of plan assets: Some of the plan assets are invested in equities which causes volatility but are in the long run expected to provide higher returns than corporate bonds. The discount rate of plan obligations is defined based on the interest rates of corporate bonds.Changes in bond yield: A decrease in corporate bond yields increases plan obligations due to the fact that the pension obligation is discounted to net present value with a rate that is based on corporate bond rates. This increase in plan obligations is partially mitigated by a corresponding increase in the value of corporate bonds in plan assets.Life expectancy: The most significant part of the provided pension benefits relate to old age pensions. Therefore, an increase in the life expectancy rate results in an increase of plan obligations.Inflation risk: Pension obligations are partly linked to inflation which is why higher inflation leads to increased obligations. As only some of the plan assets increase with inflation, an increase in inflation will potentially decrease the solvency of the pension plan.Defined benefit pension plansEUR mill. 2024 2023Items recognised in the income statementCurrent service costs 3.7 3.8Past service cost 5.4 4.4Amendments 36.5 -Curtailments 3.7 -Service cost total, recognised in staff costs 49.3 8.3Net interest expenses and foreign exchange differences -3.8 -4.4Total included in the income statement 45.4 3.8Amounts recognised through other comprehensive incomeExperience adjustment on plan obligation -3.7 -5.7Changes in financial actuarial assumptions 0.3 15.2Net return on plan assets -9.3 -21.1Amounts recognised through other comprehensive income total -12.6 -11.6Number of persons involved, pension fund 3,757 3,893Number of persons involved, other defined benefit plans 49 51Items recognised in the balance sheetEUR mill. 2024 2023Pension Pension Pension Pension assetsobligationsassetsobligationsPresent value of funded obligations -290.5 -5.5 -260.6 -5.9Fair value of plan assets 385.5 5.0 388.5 5.1Pension assets (+) / pension obligations (-) in the balance sheet 95.0 -0.6 128.0 -0.8Pension assets of 95.0 million euros (128.0) include 95.0 million euros (127.9) related to defined benefit plans insured through the Pension Fund and 0.0 million euros (0.1) related to other defined benefit plans. Pension obligations include 0.6 million euros (0.8) related to other defined benefit plans. The change during 2024 is mainly due to the obligations of Finnair Pension Fund, for which indexation was partially returned based on the precedent issued by the Supreme Administrative Court of Finland.Changes in pension obligationsEUR mill. 2024 2023Fair value of pension obligations at 1 January 266.5 264.4Current service costs 3.2 3.3Past service cost 5.4 4.4Amendments 36.5 -Curtailments 3.7 -Interest expenses and foreign exchange differences 7.9 9.4Expense recognised in income statement 56.7 17.2Changes in actuarial assumptions 0.3 15.2Experience adjustment on plan obligation -3.7 -5.7Remeasurements recognised through OCI -3.3 9.5Benefits paid -23.7 -24.6Net present value of pension obligations 296.1 266.5Changes in plan assetsEUR mill. 2024 2023Fair value of plan assets at 1 January 393.7 383.7Administration expenses -0.5 -0.5Interest income and foreign exchange differences 11.7 13.8Items recognised through profit and loss 11.2 13.3Acturial gain (loss) on plan assets 9.3 21.1Items recognised through OCI 9.3 21.1Contributions paid 0.1 0.1Benefits paid -23.7 -24.6Fair value of plan assets at 31 December 390.5 393.7Plan assets are comprised as follows% 2024 2023Listed shares 18.8 14.8Debt instruments 52.1 56.7Property 25.9 25.2Other 3.2 3.3Total 100.0 100.0Plan assets of the Pension Fund include Finnair Plc shares with a fair value of 0.5 million euros (0.9) and buildings used by the Group with a fair value of 21.6 million euros (22.0).Defined benefit plans: principal actuarial assumptions% 2024 2023Discount rate % 3.04% 3.01%Inflation % 1.79% -Annual rate of future salary increases % 1.20% 0.90%Future pension increases % 0.00% 0.00%Estimated remaining years of service 8 8Sensitivity analysisThe sensitivity analysis describes the effect of a change in actuarial assumptions on the net defined benefit obligation. The analyses are based on the change in the assumption while holding all other assumptions constant. The method used is the same as that which has been applied when measuring the defined benefit obligation recognised in the balance sheet.Sensitivity analysis on principal actuarial assumptionsImpact when Impact when increase in decrease in Change in assumption, assumption, Actuarial assumptionassumptionEUR mill. %EUR mill. %Discount rate % 0.25% -6.2 -2.1% 6.5 2.2%Annual rate of future salary increases % 0.25% 1.3 0.4% -1.2 -0.4%Future pension increases % 0.25% 2.7 0.9% -2.6 -0.9%Life expectancy at birth 1 year 6.9 2.4% - -According to Finnish legislation, the pension fund needs to be fully funded. Finnair does not expect to pay contributions to the pension fund in 2025. The duration of defined benefit obligation is 9 years. The duration is calculated by using a discount rate of 3.04%.",
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"f0__s8__6__56": {
"value": "Share-based paymentsFinnair provides several share-based compensation plans for its employees, under which the Group receives services from employees as consideration for share-based payments. Regarding share-based incentive plans for key personnel, the awards are paid only if performance criteria set by the Board of Directors is met. Share-based savings plan for employees (FlyShare) requires the employees to remain in Finnair\u2019s service for the defined period, but payment does not depend on any performance criteria.The total expense for share-based payments is recognised over the vesting period, which is the period over which all of the specified vesting conditions, such as the fulfilment of goals and a valid employment relationship, are to be satisfied. Share-based payments that are settled net of taxes are considered in their entirety as equity-settled share-based payment transactions. The reward is valued based on the market price of the Finnair share as of the grant date, and recognised as an employee benefit expense over the vesting period with corresponding entry in the equity. Income tax paid to tax authorities on behalf of employee is measured based on the market price of the Finnair share at the delivery date and recognised as a decrease in equity. If the reward includes the portion settled in cash, it is accounted for as a cash-settled transaction. The liability resulting from the cash-settled transactions is measured based on the market price of the Finnair share at the balance sheet date and accrued as an employee benefit expense for service period with corresponding entry in the liabilities until the settlement date.",
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"f0__s8__6__55-1": {
"value": "Share-based paymentsFinnair provides several share-based compensation plans for its employees, under which the Group receives services from employees as consideration for share-based payments. Regarding share-based incentive plans for key personnel, the awards are paid only if performance criteria set by the Board of Directors is met. Share-based savings plan for employees (FlyShare) requires the employees to remain in Finnair\u2019s service for the defined period, but payment does not depend on any performance criteria.The total expense for share-based payments is recognised over the vesting period, which is the period over which all of the specified vesting conditions, such as the fulfilment of goals and a valid employment relationship, are to be satisfied. Share-based payments that are settled net of taxes are considered in their entirety as equity-settled share-based payment transactions. The reward is valued based on the market price of the Finnair share as of the grant date, and recognised as an employee benefit expense over the vesting period with corresponding entry in the equity. Income tax paid to tax authorities on behalf of employee is measured based on the market price of the Finnair share at the delivery date and recognised as a decrease in equity. If the reward includes the portion settled in cash, it is accounted for as a cash-settled transaction. The liability resulting from the cash-settled transactions is measured based on the market price of the Finnair share at the balance sheet date and accrued as an employee benefit expense for service period with corresponding entry in the liabilities until the settlement date.Share-based payments (long-term performance share plans)This note provides description and information on effects of the Group\u2019s share-based incentive schemes. More information on share-based personnel bonus schemes can be found in Remuneration report and on company website.Finnair\u2019s share-based incentive plan is a performance-based, annually commencing long-term incentive (LTI) arrangement, and the commencement of each new plan is subject to a separate decision made by Finnair\u2019s Board of Directors. The purpose of these plans is to encourage the management to work to increase long-term shareholder value. The Finnish Government\u2019s guidance regarding the remuneration of executive management and key individuals have been taken into consideration when designing the plans.All annually commencing rolling LTI plans include a three-year earning period. An exception is the two-year earning period for years 2023\u20132024 within LTI plan 2023\u20132025. The potential share rewards will be delivered to the participants in one tranche during the year following the performance period and they are at the participants\u2019 free disposal after delivery, except for the Rebuild incentive where the performance period ended in June 2023 and the reward was delivered during 2023 and 2024.The members of Finnair\u2019s Executive Board are expected to accumulate their share ownership in Finnair until it corresponds to their annual gross base salary. Each executive is expected to retain at least 50% of the shares received as reward, until the share ownership recommendation is fulfilled.There are two long-term incentive plans ongoing; plan covering years 2023\u20132025 which includes two earning periods 2023\u20132024 and 2023\u20132025 as well as plan covering years 2024\u20132026. In 2022, no new long-term incentive plan was launched due to continuous business environment changes caused by the war in Ukraine.The target levels and maximum levels set for the criteria are based on the long-term strategic objectives set by the company\u2019s Board of Directors. Criteria are monitored against the performance on a quarterly basis. The performance criteria of the plan for 2021\u20132023 in the reporting period and the plan for 2020\u20132022 in the comparison period were not reached. The performance criteria applied to the plans are:Finnair share-based payment plans2020 2021 2022 2023 2024 2025 2026 2027LTI 2021\u20132023LTI 2023\u20132025 LTI 2024\u20132026LTI Rebuild 7/2020\u20136/2023*Fly Share 2021Earnings / savings period Lock-up period Share delivery* Total incentive rewards cannot exceed 120% of annual base salary in any year, exceeding amount was deferred from 2023 to 2024. In 2024, the Board of Directors used their discretion to deviate from the variable pay cap in a manner that is described in the Remuneration Report.\u20222021\u20132023 plan: earnings per share (EPS, 45% weight), unit cost with constant currencies and fuel price (CASK,45% weight) and fuel efficiency (10% weight),\u2022 2023\u20132025 plan: operating result as well as\u2022 2024\u20132026 plan: free cash flow (FCF, 20% weight), earnings per share (EPS, 60% weight) and carbonemissions (CO/RTK, 20% weight).2The pay-out opportunity is defined as a fixed share amount in the beginning of each plan in relation to the participants annual base salary. Therefore, changes in the share price during the performance period impacts the value of the pay-out opportunity. The maximum number of shares that can be earned has been calculated based on 60% of annual base salary for the CEO and the other members of the Executive Board at the start of the plans, and based on 20-50% of annual base salary for the other plan participants. As a result of the rights issue in 2023, the share allocations for the 2021\u20132023 and 2023\u20132025 plans were adjusted 6.32-fold in order for the earning opportunities to retain their value. In addition, the share allocations were adjusted due to the reverse split executed during the financial year 2024, after which every 100 shares corresponded to one share.The maximum combined value of all variable compensation (including both short- and long-term incentives) paid to an individual participant may not exceed 120% of the participant\u2019s annual gross base salary. In 2024, the Board of Directors used their discretion to deviate from the variable pay cap in a manner that is described in the Remuneration Report. The amounts of shares paid are stated before tax. The number of shares delivered will be deducted by an amount corresponding to the income tax payable for the incentive at the time of payment.The total expense for the plans is recognised over the vesting period, which is three years. The grant date is at the beginning of performance period and the compensation is measured in shares. The expense recognised for 2024 amounted to 1.5 million euros (3.8). The amount expected to be transferred to the tax authority to settle the employee\u2019s tax obligation is 1.1 million euros (3.4). The cost related to share-based payments is recognised in staff and other crew related costs and unrestricted equity funds.Rebuild 2020\u20132023 2021\u20132023 2023\u20132025 2024\u20132026 TotalGrant date 9 Oct 2020 26 Jan 2021 23 Jan 2023 19 Feb 2024Grant price, euros* 6.63 10.49 8.56 3.14 Number of persons at the end of the reporting year - - 64 72Expenses recognised for the financial year, LTI\u2019s total (million euros) -0.2 - 1.4 0.3 1.5of which share-settled (net of taxes) -0.1 - 1.4 0.3 1.6of which cash-settled -0.1 - - - -0.1Shares granted, million shares** 1.6 - 0.9 1.1 3.6* Grant price in the plans commenced on 23 January 2023 or before have been adjusted by a bonus element included in the rights issue in 2023 and the reverse split executed in 2024.** As a result of the rights issue in 2023, the share allocations for the 2020\u20132023 Rebuild, 2021\u20132023 and 2023\u20132025 plans were adjusted based on the decision of the Board of Directors in order for the earning opportunities to retain their value. In addition, the share allocations were adjusted due to the reverse split executed in 2024.The additional shares of the last saving period 7/2021\u20146/2022 in the FlyShare employee share savings plan were transferred at the beginning of 2024. The expense recognised for the share saving plan in 2024 amounted to -0.0 million euros (0.7).",
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"f0__s8__6__57": {
"value": "Termination benefitsTermination benefits are payable when employment is terminated by the Group before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits when it is demonstrably committed to a termination. Group is demonstrably committed when it has a detailed formal plan to terminate the employment of current employees without possibility of withdrawal. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer.Accounting principles related to pension benefits are described in the note 1.3.8.2 Pensions.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f0__s8__6__59": {
"value": "Defined benefit and defined contribution plansPension plans are classified as defined benefit and defined contribution plans. Payments made into defined contribution pension plans are recognised in the income statement in the period to which the payment applies. Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. Current service cost is the present value of the post employment benefit, which is earned by the employees during the year and it is recognised as staff and other crew related costs. The liability recognised in the balance sheet in respect of defined pension plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligations is determined by discounting the estimated future cash flows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension obligation. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. If fair value of plan assets is higher than present value of funded obligations, the net amount is presented as pension assets in the Group\u2019s balance sheet.",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f0__s8__6__62-1": {
"value": "2 Fleet and other fixed assets and leasing arrangements Fleet and other fixed assets and leasing arrangements include notes particularly related to the aircraft fleet. Notes related to the aircraft operated by the Group are combined in this section so that the general view of the fleet is easier to understand. In addition to owned aircraft, the notes cover leased aircraft under different kinds of aircraft lease arrangements. The assets owned and leased by Finnair consist mostly of aircraft operated by Finnair and Norra. In 2024, the number of owned aircraft was 49 (46) and leased aircraft 31 (33). During the financial year, a new A350 aircraft was delivered and additionally, Finnair purchased one leased A350 and one leased A321 aircraft. All aircraft were in operative use as at the balance sheet date.FleetOwned, 49 Leased, 31 A321 (15) A320 (10) A319 (5) E190 Norra operated (12) ATR Norra operated (12) A350 (18) A330 (8)Fleet in Finnair balance sheetEUR mill. 2024 2023 ChangeAdvances paid for aircraft 37.1 95.8 -58.7Owned aircraft 1,183.7 957.2 226.5Right-of-use fleet 636.2 775.0 -138.8Fleet total 1,857.0 1,828.0 29.0Fleet lease liabilities 826.4 940.3 -113.9Depreciation and impairment from fleet during the periodDepreciation for the period of owned aircraft -164.6 -139.5 -25.1Depreciation for the period of right-of-use fleet -127.9 -156.9 29.0Impairment for the period related to owned aircraft - - -Additions to fixed assets are mainly related to the new A350 aircraft delivered in December 2024, the purchase of one A350 and one A321 aircraft which were previously leased by Finnair, cabin refurbishment of the wide-body aircraft and investments in aircraft maintenance. The change in advances is primarily related to the new A350 aircraft. Currency hedging of aircraft acquisitions is described in the notes 3.5 Management of financial risks and 3.8 Derivatives.In addition to the aircraft rotable parts included in the other fixed assets, Finnair\u2019s inventories include non-rotable aircraft parts amounting to 29.6 million euros (26.7).2.2 Leasing arrangements The Group as lessee Finnair assesses whether a contract that relates to tangible assets is, or contains, a lease in accordance with the IFRS 16. Lease agreements for tangible assets, where the contract conveys the right to use an identified asset for a period of time in exchange for consideration, are classified as leases.The lease term is the non-cancellable period for which a lessee has the right to use an underlying asset, together with both periods covered by an option to extend the lease if Finnair is reasonably certain to exercise that option; and periods covered by an option to terminate the lease if Finnair is reasonably certain not to exercise the option.The lease recognition requirements are not applied to short-term leases, where at the commencement date, the lease term is 12 months or less and does not contain a purchase option. Finnair considers the lease period to be the period that is enforceable. Hence, for contracts where the contract term is non-fixed and Finnair has the right to terminate the contract without the permission from the other party with no more than an insignificant penalty and there are no other indications that the contract is enforceable, Finnair classifies these contracts as short-term. The lease recognition requirements are also not applied to leases that are not material to Finnair.For short-term leases and immaterial leases to which these exemptions are applied, the lease payments are recognised as an expense on either a straight-line basis over the lease term, or on another systematic basis if that basis is more representative of the pattern of Finnair\u2019s benefit.At the commencement date of a lease, Finnair recognises both a right-of-use asset and a lease liability.The lease liability is the present value of future lease payments. At Finnair, lease payments for aircraft leases typically contain variable payments that depend on interest rates and indices. The variable payments are included in the measurement of the lease liability from the commencement date of the lease. The right-of-use asset is measured at cost, comprising \u2022 the amount of the initial measurement of the lease liability;\u2022 any lease payments made at or before the commencement date, less any incentives received;\u2022 any initial direct costs incurred by Finnair; and \u2022 an estimate of costs to be incurred by Finnair in restoring the assets to the condition required by the terms and conditions of the lease.In most cases, Finnair is obliged to return leased aircraft and their engines according to the redelivery condition set in the lease agreement. If at the time of redelivery, the condition of the aircraft and its engines differs from the agreed redelivery condition, Finnair needs to either maintain the aircraft so that it meets the agreed redelivery condition or settle the difference in cash to the lessor. The maintenance costs can be divided into two main groups: 1) costs that are incurred independent of the usage of the aircraft / leasing period and 2) costs that are incurred dependent on the usage of the aircraft / leasing period The final check and painting required at redelivery are considered unavoidable maintenance costs that realise when the aircraft is redelivered to the lessor, irrespective of the time or flight hours. The counterpart of the provision is recorded in the book value of the right-of-use asset at the commencement of the lease. Respectively, costs depending on the usage of the aircraft are not considered as part of the right-of-use asset cost.Finnair remeasures the lease liability when there is a lease modification that changes the scope of a lease or the consideration for the lease, that was not part of the original terms and conditions of the lease (including changes in lease payments resulting from a change in indices and rates used in variable aircraft lease payments) or when the the likehood of Finnair using a purchase-option is changed. The amount of the remeasurement of the lease liability is generally recognised as an adjustment to the right-of-use asset. However, if the carrying amount of the right-of-use asset is reduced to zero and there is a further reduction in the measurement of the lease liability, the remaining measurement is recognised in profit or loss.After initial recognition, right-of-use assets are measured at cost less any accumulated depreciations and accumulated impairment losses. The assets are depreciated with a straight-line method from the commencement date to the shorter of end of useful life of the right-of-use asset and the end of lease term. However, if the lease transfers ownership of the asset to Finnair by the end of lease term or if the cost of the right-of-use asset reflects that Finnair will exercise a purchase option, the right-of-use asset is depreciated from the commencement date to the end of useful life of the asset.At Finnair aircraft lease contracts contain the interest rate implicit in the lease, even if the aircraft lease agreements do not clearly define the interest rate implicit in the lease. Since the fair values of the aircraft are provided publicly by third parties, Finnair is able to calculate the implicit interest rate for each qualifying aircraft operating lease. The rate implicit in the lease is defined as the rate that causes the sum of the present value of the lease payments and the present value of the unguaranteed residual value of the underlying asset at the end of the lease to equal the sum of the fair value of the underlying asset and any initial direct costs of the lessor. The implicit interest rate is determined by each aircraft lease contract separately.For other lease contracts, an implicit interest rate cannot be usually determined. The incremental borrowing rate is therefore used and it is determined by each class of assets separately, based on management estimate. Aircraft lease contracts are usually denominated in foreign currency (US dollars) and the foreign currency lease liabilities are revalued at each balance sheet date to the spot rate. The lease payments (lease payments made) are accounted for as repayments of the lease liability and as interest expense.The Group as lessorAgreements, where the Group is the lessor, are accounted for as operating leases, when a substantial part of the risks and rewards of ownership are not transferred to the lessee. The assets leased under operating lease are included in the tangible assets and they are depreciated during their useful life. Depreciation is calculated using the same principles as the tangible assets for own use. Under the provisions of certain aircraft lease agreements, the lessee is required to pay periodic maintenance reserves which accumulate funds for aircraft maintenance. Advances received for maintenance are recognised as liability, which is charged, when maintenance is done. The rents for premises and aircraft are recognised in the income statement as other operating income over the lease term.Agreements, where the Group is the lessor, are accounted for as finance leases, when a substantial part of the risks and rewards of ownership are transferred to the lessee. Finnair recognises assets held under a finance lease in its balance sheet and presents them as a receivable at an amount equal to the net investment of the lease which is equal to the sum of the present values of the lease income it will receive in the future and the unguaranteed residual value.Finnair subleases aircraft and buildings as well as ground equipment from time to time, which are classified either as finance leases or operating leases based on the individual contract terms. A lease is classified on its commencement date and is reassessed only if the lease is amended. At the commencement date, for the subleases, a net investment (lease receivable), equaling to the present value of lease payments and the present value of the unguaranteed residual value, is recognised. The proportion of the right-of-use asset subleased is derecognised from the balance sheet and the difference between the right-of-use asset and the net investment is recognised in the profit or loss, in other operating income and expenses. Subsequently, the lease payments received are accounted for as repayments of the lease receivable and as interest income. Sale and leaseback In sale and leaseback transactions, where Finnair sells and then leases back aircraft, Finnair measures the right-of-use asset arising from the leaseback at the proportion of the previous carrying amount of the asset that relates to the right-of-use retained by the Group. Accordingly, Finnair recognises only the amount of any gain or loss that relates to the rights transferred to the buyer-lessor. Leasing arrangements Determining the interest rate and lease term used in discounting the lease payments, estimating the redelivery obligations of aircraft leases and the classification of sublease agreements to operating and financial leases require management discretion in interpretation and application of accounting standards. The carrying value of the right-of-use assets are tested for impairment as part of cash generating unit at the balance sheet date. More details is presented in the note 2.3. Right-of-use assets 2024Buildings Other EUR mill. Aircraftand landequipment TotalBook value 1 Jan 2024 775.0 114.8 25.6 915.3New contracts 2.1 8.2 3.6 13.9Reassessments and modifications 16.4 13.7 0.1 30.2Disposals -29.4 - - -29.4Depreciation for the financial year -127.9 -14.6 -6.8 -149.3Impairment - -0.7 - -0.7Book value 31 Dec 2024 636.2 121.4 22.5 780.0New contracts are mainly related to the new Schengen lounge at Helsinki-Vantaa airport and a spare engine lease contract. Reassessments and modifications are primarily related to lease extensions made for one A330 and one A321 aircraft, as well as to the non-Schengen lounge at Helsinki-Vantaa airport. Disposals are related to the purchases of one leased A350 and one leased A321 aircraft, for which the leasing contracts were terminated in connection with the acquisitions.Right-of-use assets 2023Buildings Other EUR mill. Aircraftand landequipment TotalBook value 1 Jan 2023 932.9 114 31.4 1,078.20New contracts 0.2 18.6 5.5 24.3Reassessments and modifications 45.0 9.0 -3.5 50.5Disposals -46.2 - - -46.2Depreciation for the financial year -156.9 -13.1 -7.7 -177.8Impairment - -13.7 - -13.7Book value 31 Dec 2023 775.0 114.8 25.6 915.3Lease liabilitiesAircraft Buildings and land Other equipmentEUR mill. 2024 2023 2024 2023 2024 2023less than one year 140.9 143.2 16.7 14.8 7.0 6.01\u20135 years 409.3 464.8 63.8 51.5 16.7 20.5more than 5 years 276.2 332.3 73.7 81.9 - -Total 826.4 940.3 154.2 148.2 23.7 26.6The Group leases aircraft, premises and other fixed assets, for which the lease liability is recorded on the balance sheet. The lease agreements have different terms of renewal and include index-linked terms and conditions. The Group was operating 31 leased aircraft at the end of the year with lease agreements of different tenors.Finance lease receivables, Group as lessorBuildings and landEUR mill. 2024 2023less than 12 months 0.3 0.313\u201324 months 0.0 0.325\u201336 months 0.0 0.037\u201348 months 0.0 0.049\u201360 months 0.0 0.0more than 60 months 0.1 0.1Total 0.5 0.8During the period, the Group had finance lease receivables related to the buildings and land area located in the airport area. Leasing arrangements in profit and lossEUR mill. 2024 2023Depreciation expense of right-of-use assets -149.3 -177.8Interest expense on lease liabilities -60.0 -70.7Interest income on sublease receivables 0.0 0.0Exchange rate changes of lease liabilities -54.2 37.0Hedging result of lease liabilities 19.5 -4.6Short-term wet leases -28.2 -26.9Short-term office rents -2.7 -3.8Variable purchase traffic and cargo capacity rents -83.5 -80.3Total -358.4 -327.1Operating expenses include costs related to short-term and capacity based rental agreements, that are not material for the Group or do not contain a lease according to IFRS 16, and are therefore not recognised in the balance sheet. In the income statement, the short-term wet leases and variable purchase traffic and cargo capacity rents are included in capacity rents and the short-term office rents are included in property, IT and other expenses. Gains related to sale and leaseback transactions are recorded in other operating income in profit and loss. Total cash outflow relating to leases was -342.6 million euros (-376.7).Off-balance sheet lease commitments, Group as lesseePremises rents Other rentsEUR mill. 2024 2023 2024 2023less than one year 2.5 2.6 1.9 0.91\u20135 years 3.4 4.7 1.7 0.5more than 5 years 6.5 7.0 - -Total 12.4 14.3 3.6 1.5Off-balance sheet lease commitments are short-term lease agreements and other lease agreements for which the underlying asset is of low value or contracts that do not contain a lease according to IFRS 16. Therefore, these contracts are not recognised as right-of-use assets and lease liabilities in the balance sheet. The most significant item in the rents for premises is the right-to-use a test cell, which is excluded from the lease liabilty on the basis that it is not for the exclusive use of Finnair. Other rents include IT equipment leases that are not material.Off-balance sheet lease receivables, Group as lessorAircraft Buildings and landEUR mill. 2024 2023 2024 2023less than 12 months 22.6 23.5 2.3 2.313\u201324 months 22.6 23.5 1.9 2.225\u201336 months 11.6 23.5 1.9 1.937\u201348 months 3.7 11.3 0.8 1.949\u201360 months 0.5 3.4 - 0.8more than 60 months - 0.4 - -Total 60.9 85.6 6.9 9.1The Group has leased 15 owned aircraft as well as premises with irrevocable lease agreements. Additionally, Finnair has subleased 9 aircraft classified as operating leases. These agreements have different terms of renewal and other index-linked terms and conditions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
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"value": "2 Fleet and other fixed assets and leasing arrangements Fleet and other fixed assets and leasing arrangements include notes particularly related to the aircraft fleet. Notes related to the aircraft operated by the Group are combined in this section so that the general view of the fleet is easier to understand. In addition to owned aircraft, the notes cover leased aircraft under different kinds of aircraft lease arrangements. The assets owned and leased by Finnair consist mostly of aircraft operated by Finnair and Norra. In 2024, the number of owned aircraft was 49 (46) and leased aircraft 31 (33). During the financial year, a new A350 aircraft was delivered and additionally, Finnair purchased one leased A350 and one leased A321 aircraft. All aircraft were in operative use as at the balance sheet date.FleetOwned, 49 Leased, 31 A321 (15) A320 (10) A319 (5) E190 Norra operated (12) ATR Norra operated (12) A350 (18) A330 (8)Fleet in Finnair balance sheetEUR mill. 2024 2023 ChangeAdvances paid for aircraft 37.1 95.8 -58.7Owned aircraft 1,183.7 957.2 226.5Right-of-use fleet 636.2 775.0 -138.8Fleet total 1,857.0 1,828.0 29.0Fleet lease liabilities 826.4 940.3 -113.9Depreciation and impairment from fleet during the periodDepreciation for the period of owned aircraft -164.6 -139.5 -25.1Depreciation for the period of right-of-use fleet -127.9 -156.9 29.0Impairment for the period related to owned aircraft - - -2.1 Fleet and other fixed assets Fleet and other fixed assets are stated at historical cost less accumulated depreciation and accumulated impairment loss if applicable. Fleet includes aircraft and aircraft prepayments. The acquisition cost of aircraft is allocated to the aircraft frame, cabin components, engines and maintenace components as separate assets. Maintenance components include heavy maintenance, C-checks, APU (auxiliary power unit) restorations, landing gear overhauls and thrust reversers of aircraft frames, as well as performance restoration and maintenance of life limited parts of engines. Aircraft frames and engines are depreciated over the useful life of the aircraft. The maintenance components are depreciated during the maintenance cycle. Cabin components are depreciated over their expected useful life. Significant modifications of owned or leased aircraft are capitalised as separate items and depreciated over their expected useful life, which in the case of leased aircraft cannot exceed the lease period. Replaced components are derecognised from the balance sheet. Advance payments for aircraft are recorded as fleet fixed assets. Interest costs related to advance payments are capitalised as acquisition cost for the period at which Finnair is financing the manufacturing of the aircraft. Hedging gains or losses related to the fair value changes of firm, USD nominated purchase commitments for aircraft are recognised in advance payments. Advance payments, realised foreign exchange hedges and capitalised interests are recognised as part of the aircraft acquisition cost once the aircraft is delivered and taken to commercial use.Other fixed assets include rotable aircraft spare parts, other fixed assets and their prepayments. Other fixed assets are depreciated during their expected useful life.Intangible assets mainly include computer software and connection fees. Connection fees are not depreciated. Gains and losses on disposal of tangible and intangible assets are included in other operating income and expenses. Useful life and residual valueDepreciation of fleet and other fixed assets is based on the following expected economic lifetimes:\u2022 New aircraft and engines (fleet) as well as flight simulators (other equipment) on a straight-line basis as follows: \u2013 Airbus A350 fleet, over 20 years to a residual value of 10% \u2013 Airbus A320 and Embraer fleet, over 20 years to a residual value of 10% \u2013 Airbus A330 fleet, over 18 years to a residual value of 10% \u2013 Turboprop aircraft (ATR fleet), over 20 years to a residual value of 10%\u2022 Heavy maintenance, C-checks, APU and landing gear restorations and thrust reversers of aircraft frame, as well as performance maintenance and life limited parts of the engines, on a straight-line basis during the maintenance period\u2022 Cabin components, over 7\u201320 years\u2022 Rotable spare parts and components, over 15 years to a residual value of 0%\u2022 Buildings, over 10\u201350 years from the time of acquisition to a residual value of 10%\u2022 Other tangible assets, over 3\u201315 years\u2022 Computer software, over 3\u20138 yearsThe residual values and estimated useful lives of the assets are assessed at each closing date and if they differ significantly from previous estimates, the depreciation periods and residual values are changed accordingly. During 2024, the useful life of Finnair\u2019s current Embraer, A320 and A330 fleet was extended as follows:\u2022 Embraer fleet, over 25 years to 0% residual value\u2022 Airbus A320 fleet, over 28 years to 0% residual value\u2022 Airbus A330 fleet, over 22 years to 0% residual valueThe change decreased the depreciation of 2024 by 9.7 million euros. The decrease in 2025 is approximately 12 million euros. Assets held for saleNon-current assets (or disposal groups) are classified as assets held for sale when their carrying amount is to be recovered principally through a sale transaction, a sale is considered highly probable and expected to take place within the next twelve months. Assets classified as held for sale are stated at the lower of the carrying amount or fair value less cost to sell. Assets classified as held for sale are no longer depreciated. Fleet 2024EUR mill. Aircraft Advances TotalAcquisition cost 1 Jan 2024 2,096.8 95.8 2,192.7Additions 375.9 -25.6 350.3Disposals -39.9 - -39.9Currency hedging of aircraft acquisitions - -3.2 -3.2Reclassifications 15.2 -29.9 -14.7Acquisition cost 31 Dec 2024 2,448.0 37.1 2,485.1Accumulated depreciation and impairment 1 Jan 2024 -1,139.7 - -1,139.7Disposals 39.9 - 39.9Depreciation for the financial year -164.6 - -164.6Accumulated depreciation and impairment 31 Dec 2024 -1,264.3 - -1,264.3Book value 31 Dec 2024 1,183.7 37.1 1,220.8Additions to fixed assets are mainly related to the new A350 aircraft delivered in December 2024, the purchase of one A350 and one A321 aircraft which were previously leased by Finnair, cabin refurbishment of the wide-body aircraft and investments in aircraft maintenance. The change in advances is primarily related to the new A350 aircraft. Currency hedging of aircraft acquisitions is described in the notes 3.5 Management of financial risks and 3.8 Derivatives.Fleet 2023EUR mill. Aircraft Advances TotalAcquisition cost 1 Jan 2023 1,828.1 111.2 1,939.3Additions 348.0 49.6 397.7Disposals -44.6 - -44.6Currency hedging of aircraft acquisitions - -10.2 -10.2Reclassifications -34.7 -54.8 -89.5Acquisition cost 31 Dec 2023 2,096.8 95.8 2,192.7Accumulated depreciation and impairment 1 Jan 2023 -1,044.5 - -1,044.5Disposals 44.3 - 44.3Depreciation for the financial year -139.5 - -139.5Accumulated depreciation and impairment 31 Dec 2023 -1,139.7 - -1,139.7Book value 31 Dec 2023 957.2 95.8 1,053.0Other fixed assets 2024Aircraft rotable Buildings Other Intangible EUR mill.partsand landequipmentassets Advances TotalAcquisition cost 1 Jan 2024 37.2 74.5 124.5 32.0 1.0 269.3Additions 4.0 - 8.9 0.3 1.9 15.1Disposals -1.6 - -0.7 -10.2 - -12.5Reclassifications 0.0 - 0.8 - -0.8 0.0Acquisition cost 31 Dec 2024 39.6 74.5 133.5 22.1 2.2 271.9Accumulated depreciation and impairment 1 Jan 2024 -24.1 -14.5 -59.3 -29.7 - -127.5Disposals 1.6 - 0.7 10.2 - 12.5Depreciation for the financial year -3.3 -1.8 -10.1 -0.5 - -15.7Accumulated depreciation and impairment 31 Dec 2024 -25.8 -16.3 -68.7 -19.9 - -130.7Book value 31 Dec 2024 13.8 58.3 64.8 2.2 2.2 141.2In addition to the aircraft rotable parts included in the other fixed assets, Finnair\u2019s inventories include non-rotable aircraft parts amounting to 29.6 million euros (26.7). Other fixed assets 2023Aircraft rotable Buildings Other Intangible EUR mill.partsand landequipmentassets Advances TotalAcquisition cost 1 Jan 2023 35.3 74.5 122.5 40.7 0.4 273.4Additions 3.6 - 2.5 0.3 0.8 7.3Disposals -1.7 - -0.6 -9.0 - -11.3Reclassifications - - 0.1 0.1 -0.1 0,0Acquisition cost 31 Dec 2023 37.2 74.5 124.5 32.0 1.0 269.3Accumulated depreciation and impairment 1 Jan 2023 -22.3 -12.7 -50.5 -37.7 - -123.3Disposals 1.4 - 0.6 9.0 - 11.0Depreciation for the financial year -3.1 -1.8 -9.4 -1.0 - -15.3Accumulated depreciation and impairment 31 Dec 2023 -24.1 -14.5 -59.3 -29.7 - -127.5Book value 31 Dec 2023 13.2 60.1 65.2 2.3 1.0 141.8Capitalised borrowing costsAircraft Advances TotalEUR mill. 2024 2023 2024 2023 2024 2023Book value 1 Jan 7.8 8.3 7.4 4.5 15.3 12.8Additions 6.0 - -2.0 2.9 4.0 2.9Depreciation -0.5 -0.5 - - -0.5 -0.5Book value 31 Dec 13.3 7.8 5.4 7.4 18.7 15.3In 2024, borrowing costs of 4.0 million euros (2.9) were capitalised in tangible assets related to the Airbus A350 investment programme. Finnair uses the effective interest rate to calculate the capitalised borrowing costs that represents the costs of the loans used to finance the investment. The average yearly interest rate in 2024 was 5.4% (5.1%). The general borrowings used to fund the acquisition of capital assets are included in the calculation of the capitalisation rate.Assets and liabilities held for saleFinnair had no assets classified as held for sale at the end of the financial year 2024. Pledged assets and other restrictions on fixed assetsFinnair does not have fixed assets pledged as a security for bank loans. Fleet assets include three A350 aircraft financed with JOLCO-loans and two A350 aircraft where the legal title is transferred to Finnair after loans are repaid. More details on these arrangements are presented in the note 3.3. Financial liabilities. Investment commitmentsInvestment commitments as at the end of the year totalled 162.6 million euros (313.7) and they include firm aircraft orders, other aircraft related investments as well as committed maintenance investments. Out of the total investment commitments, 22.6 million euros is expected to take place within the next 12 months and 140.0 million euros during the following 1-5 years. The amount of the total commitments fluctuates between the order and the delivery date of the aircraft mainly due to EUR/USD exchange rate changes and escalation clauses included in airline purchase agreements. The exact amount of the commitments in relation to each aircraft is only known at the time of the delivery.2.2 Leasing arrangements The Group as lessee Finnair assesses whether a contract that relates to tangible assets is, or contains, a lease in accordance with the IFRS 16. Lease agreements for tangible assets, where the contract conveys the right to use an identified asset for a period of time in exchange for consideration, are classified as leases.The lease term is the non-cancellable period for which a lessee has the right to use an underlying asset, together with both periods covered by an option to extend the lease if Finnair is reasonably certain to exercise that option; and periods covered by an option to terminate the lease if Finnair is reasonably certain not to exercise the option.The lease recognition requirements are not applied to short-term leases, where at the commencement date, the lease term is 12 months or less and does not contain a purchase option. Finnair considers the lease period to be the period that is enforceable. Hence, for contracts where the contract term is non-fixed and Finnair has the right to terminate the contract without the permission from the other party with no more than an insignificant penalty and there are no other indications that the contract is enforceable, Finnair classifies these contracts as short-term. The lease recognition requirements are also not applied to leases that are not material to Finnair.For short-term leases and immaterial leases to which these exemptions are applied, the lease payments are recognised as an expense on either a straight-line basis over the lease term, or on another systematic basis if that basis is more representative of the pattern of Finnair\u2019s benefit.At the commencement date of a lease, Finnair recognises both a right-of-use asset and a lease liability.The lease liability is the present value of future lease payments. At Finnair, lease payments for aircraft leases typically contain variable payments that depend on interest rates and indices. The variable payments are included in the measurement of the lease liability from the commencement date of the lease. The right-of-use asset is measured at cost, comprising \u2022 the amount of the initial measurement of the lease liability;\u2022 any lease payments made at or before the commencement date, less any incentives received;\u2022 any initial direct costs incurred by Finnair; and \u2022 an estimate of costs to be incurred by Finnair in restoring the assets to the condition required by the terms and conditions of the lease.In most cases, Finnair is obliged to return leased aircraft and their engines according to the redelivery condition set in the lease agreement. If at the time of redelivery, the condition of the aircraft and its engines differs from the agreed redelivery condition, Finnair needs to either maintain the aircraft so that it meets the agreed redelivery condition or settle the difference in cash to the lessor. The maintenance costs can be divided into two main groups: 1) costs that are incurred independent of the usage of the aircraft / leasing period and 2) costs that are incurred dependent on the usage of the aircraft / leasing period The final check and painting required at redelivery are considered unavoidable maintenance costs that realise when the aircraft is redelivered to the lessor, irrespective of the time or flight hours. The counterpart of the provision is recorded in the book value of the right-of-use asset at the commencement of the lease. Respectively, costs depending on the usage of the aircraft are not considered as part of the right-of-use asset cost.Finnair remeasures the lease liability when there is a lease modification that changes the scope of a lease or the consideration for the lease, that was not part of the original terms and conditions of the lease (including changes in lease payments resulting from a change in indices and rates used in variable aircraft lease payments) or when the the likehood of Finnair using a purchase-option is changed. The amount of the remeasurement of the lease liability is generally recognised as an adjustment to the right-of-use asset. However, if the carrying amount of the right-of-use asset is reduced to zero and there is a further reduction in the measurement of the lease liability, the remaining measurement is recognised in profit or loss.After initial recognition, right-of-use assets are measured at cost less any accumulated depreciations and accumulated impairment losses. The assets are depreciated with a straight-line method from the commencement date to the shorter of end of useful life of the right-of-use asset and the end of lease term. However, if the lease transfers ownership of the asset to Finnair by the end of lease term or if the cost of the right-of-use asset reflects that Finnair will exercise a purchase option, the right-of-use asset is depreciated from the commencement date to the end of useful life of the asset.At Finnair aircraft lease contracts contain the interest rate implicit in the lease, even if the aircraft lease agreements do not clearly define the interest rate implicit in the lease. Since the fair values of the aircraft are provided publicly by third parties, Finnair is able to calculate the implicit interest rate for each qualifying aircraft operating lease. The rate implicit in the lease is defined as the rate that causes the sum of the present value of the lease payments and the present value of the unguaranteed residual value of the underlying asset at the end of the lease to equal the sum of the fair value of the underlying asset and any initial direct costs of the lessor. The implicit interest rate is determined by each aircraft lease contract separately.For other lease contracts, an implicit interest rate cannot be usually determined. The incremental borrowing rate is therefore used and it is determined by each class of assets separately, based on management estimate. Aircraft lease contracts are usually denominated in foreign currency (US dollars) and the foreign currency lease liabilities are revalued at each balance sheet date to the spot rate. The lease payments (lease payments made) are accounted for as repayments of the lease liability and as interest expense.The Group as lessorAgreements, where the Group is the lessor, are accounted for as operating leases, when a substantial part of the risks and rewards of ownership are not transferred to the lessee. The assets leased under operating lease are included in the tangible assets and they are depreciated during their useful life. Depreciation is calculated using the same principles as the tangible assets for own use. Under the provisions of certain aircraft lease agreements, the lessee is required to pay periodic maintenance reserves which accumulate funds for aircraft maintenance. Advances received for maintenance are recognised as liability, which is charged, when maintenance is done. The rents for premises and aircraft are recognised in the income statement as other operating income over the lease term.Agreements, where the Group is the lessor, are accounted for as finance leases, when a substantial part of the risks and rewards of ownership are transferred to the lessee. Finnair recognises assets held under a finance lease in its balance sheet and presents them as a receivable at an amount equal to the net investment of the lease which is equal to the sum of the present values of the lease income it will receive in the future and the unguaranteed residual value.Finnair subleases aircraft and buildings as well as ground equipment from time to time, which are classified either as finance leases or operating leases based on the individual contract terms. A lease is classified on its commencement date and is reassessed only if the lease is amended. At the commencement date, for the subleases, a net investment (lease receivable), equaling to the present value of lease payments and the present value of the unguaranteed residual value, is recognised. The proportion of the right-of-use asset subleased is derecognised from the balance sheet and the difference between the right-of-use asset and the net investment is recognised in the profit or loss, in other operating income and expenses. Subsequently, the lease payments received are accounted for as repayments of the lease receivable and as interest income. Sale and leaseback In sale and leaseback transactions, where Finnair sells and then leases back aircraft, Finnair measures the right-of-use asset arising from the leaseback at the proportion of the previous carrying amount of the asset that relates to the right-of-use retained by the Group. Accordingly, Finnair recognises only the amount of any gain or loss that relates to the rights transferred to the buyer-lessor. Leasing arrangements Determining the interest rate and lease term used in discounting the lease payments, estimating the redelivery obligations of aircraft leases and the classification of sublease agreements to operating and financial leases require management discretion in interpretation and application of accounting standards. The carrying value of the right-of-use assets are tested for impairment as part of cash generating unit at the balance sheet date. More details is presented in the note 2.3. Right-of-use assets 2024Buildings Other EUR mill. Aircraftand landequipment TotalBook value 1 Jan 2024 775.0 114.8 25.6 915.3New contracts 2.1 8.2 3.6 13.9Reassessments and modifications 16.4 13.7 0.1 30.2Disposals -29.4 - - -29.4Depreciation for the financial year -127.9 -14.6 -6.8 -149.3Impairment - -0.7 - -0.7Book value 31 Dec 2024 636.2 121.4 22.5 780.0New contracts are mainly related to the new Schengen lounge at Helsinki-Vantaa airport and a spare engine lease contract. Reassessments and modifications are primarily related to lease extensions made for one A330 and one A321 aircraft, as well as to the non-Schengen lounge at Helsinki-Vantaa airport. Disposals are related to the purchases of one leased A350 and one leased A321 aircraft, for which the leasing contracts were terminated in connection with the acquisitions.Right-of-use assets 2023Buildings Other EUR mill. Aircraftand landequipment TotalBook value 1 Jan 2023 932.9 114 31.4 1,078.20New contracts 0.2 18.6 5.5 24.3Reassessments and modifications 45.0 9.0 -3.5 50.5Disposals -46.2 - - -46.2Depreciation for the financial year -156.9 -13.1 -7.7 -177.8Impairment - -13.7 - -13.7Book value 31 Dec 2023 775.0 114.8 25.6 915.3Lease liabilitiesAircraft Buildings and land Other equipmentEUR mill. 2024 2023 2024 2023 2024 2023less than one year 140.9 143.2 16.7 14.8 7.0 6.01\u20135 years 409.3 464.8 63.8 51.5 16.7 20.5more than 5 years 276.2 332.3 73.7 81.9 - -Total 826.4 940.3 154.2 148.2 23.7 26.6The Group leases aircraft, premises and other fixed assets, for which the lease liability is recorded on the balance sheet. The lease agreements have different terms of renewal and include index-linked terms and conditions. The Group was operating 31 leased aircraft at the end of the year with lease agreements of different tenors.Finance lease receivables, Group as lessorBuildings and landEUR mill. 2024 2023less than 12 months 0.3 0.313\u201324 months 0.0 0.325\u201336 months 0.0 0.037\u201348 months 0.0 0.049\u201360 months 0.0 0.0more than 60 months 0.1 0.1Total 0.5 0.8During the period, the Group had finance lease receivables related to the buildings and land area located in the airport area. Leasing arrangements in profit and lossEUR mill. 2024 2023Depreciation expense of right-of-use assets -149.3 -177.8Interest expense on lease liabilities -60.0 -70.7Interest income on sublease receivables 0.0 0.0Exchange rate changes of lease liabilities -54.2 37.0Hedging result of lease liabilities 19.5 -4.6Short-term wet leases -28.2 -26.9Short-term office rents -2.7 -3.8Variable purchase traffic and cargo capacity rents -83.5 -80.3Total -358.4 -327.1Operating expenses include costs related to short-term and capacity based rental agreements, that are not material for the Group or do not contain a lease according to IFRS 16, and are therefore not recognised in the balance sheet. In the income statement, the short-term wet leases and variable purchase traffic and cargo capacity rents are included in capacity rents and the short-term office rents are included in property, IT and other expenses. Gains related to sale and leaseback transactions are recorded in other operating income in profit and loss. Total cash outflow relating to leases was -342.6 million euros (-376.7).Off-balance sheet lease commitments, Group as lesseePremises rents Other rentsEUR mill. 2024 2023 2024 2023less than one year 2.5 2.6 1.9 0.91\u20135 years 3.4 4.7 1.7 0.5more than 5 years 6.5 7.0 - -Total 12.4 14.3 3.6 1.5Off-balance sheet lease commitments are short-term lease agreements and other lease agreements for which the underlying asset is of low value or contracts that do not contain a lease according to IFRS 16. Therefore, these contracts are not recognised as right-of-use assets and lease liabilities in the balance sheet. The most significant item in the rents for premises is the right-to-use a test cell, which is excluded from the lease liabilty on the basis that it is not for the exclusive use of Finnair. Other rents include IT equipment leases that are not material.Off-balance sheet lease receivables, Group as lessorAircraft Buildings and landEUR mill. 2024 2023 2024 2023less than 12 months 22.6 23.5 2.3 2.313\u201324 months 22.6 23.5 1.9 2.225\u201336 months 11.6 23.5 1.9 1.937\u201348 months 3.7 11.3 0.8 1.949\u201360 months 0.5 3.4 - 0.8more than 60 months - 0.4 - -Total 60.9 85.6 6.9 9.1The Group has leased 15 owned aircraft as well as premises with irrevocable lease agreements. Additionally, Finnair has subleased 9 aircraft classified as operating leases. These agreements have different terms of renewal and other index-linked terms and conditions. 2.3 Depreciation and impairment DepreciationDepreciation of assets is determined based on their expected useful life or maintenance cycle and residual value. Depreciation for all assets is calculated using straight-line method. Depreciation is started when the asset is available for use. Depreciation is ceased when the asset is either classified as held for sale or derecognised. The useful life and residual value for assets are described in more detail in the note 2.1. EUR mill. 2024 2023Amortisation of intangible assets 0.5 1.0Depreciation of own fleet 164.6 139.5Depreciation of right-of-use fleet 127.9 156.9Depreciation of other tangible assets 15.3 14.3Depreciation of other right-of-use assets 21.4 20.9Amortisation and depreciation 329.5 332.6Impairment of assets 0.7 13.7Impairment 0.7 13.7Total 330.3 346.2Total depreciation and impairment in income statement 330.3 346.2Depreciation and impairment include both planned depreciations on fixed assets as well as impairment. The change in depreciation of own and right-of-use fleet is mainly due to nine lease buyouts completed in 2023 which resulted in an increase in the depreciation of own fleet as well as a decrease in the depreciation of right-of-use fleet.During 2024, Finnair recorded an impairment of 0.7 million euros (13.7) related to a land lease agreement located at the airport and the lease agreement for the building on it due to low utilisation of the leased property. As of 31 December 2024, the lease liability related to the property totalled 12.6 million euro. Impairment testing Impairment testing Finnair reviews its fleet, other fixed assets and other non-current assets for indication of impairment on each balance sheet date. The recoverable amount of an asset or a cash generating unit is determined as the higher of value in use and the fair value less cost to sell. An impairment loss is recognized if an asset\u2019s recoverable amount is less than its carrying amount. The recoverable amount is defined for the cash generating unit, and the impairment is evaluated at the cash generating unit level. Finnair is a network carrier with highly integrated fleet operations and it considers all its fleet (including the right-of-use fleet) and other closely related assets as one cash-generating unit. Also intangible assets with indefinite useful life have been identified to belong to the one cash-generating unit. Assets that are either idle or held for sale are excluded from the cash-generating unit and reviewed for impairment separately. Calculation of the recoverable amountFinnair applies the value in use model as its primary method for determining the recoverable amount of the assets. The value in use measurement is based on a discounted cash flow model where the cash flow projections are based on Finnair\u2019s strategy approved by the Board of Directors and a management forecast covering a five-year period. The cash flow projections beyond the five-year period are based on the management\u2019s long-term growth assumptions. Preparation of the calculations used for impairment testing requires the use of significant management judgement and estimates, which is why the actual outcome may differ from the current management estimates and assumptions made. Finnair has not identified indications of possible impairment in connection with the preparation of its 2024 consolidated financial statements. As part of Finnair\u2019s internal process, in addition to the evaluation of separate impairment indicators, Finnair\u2019s management prepares an annual impairment test which indicated no need for impairment. Although the EBITDA-margin sensitivity used in the impairment testing decreased to -1.6 percentage points compared to previous year\u2019s -2.7 percentage points, a reasonably possible change in any single key assumption would not result in an impairment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__64": {
"value": "2.1 Fleet and other fixed assets Fleet and other fixed assets are stated at historical cost less accumulated depreciation and accumulated impairment loss if applicable. Fleet includes aircraft and aircraft prepayments. The acquisition cost of aircraft is allocated to the aircraft frame, cabin components, engines and maintenace components as separate assets. Maintenance components include heavy maintenance, C-checks, APU (auxiliary power unit) restorations, landing gear overhauls and thrust reversers of aircraft frames, as well as performance restoration and maintenance of life limited parts of engines. Aircraft frames and engines are depreciated over the useful life of the aircraft. The maintenance components are depreciated during the maintenance cycle. Cabin components are depreciated over their expected useful life. Significant modifications of owned or leased aircraft are capitalised as separate items and depreciated over their expected useful life, which in the case of leased aircraft cannot exceed the lease period. Replaced components are derecognised from the balance sheet. Advance payments for aircraft are recorded as fleet fixed assets. Interest costs related to advance payments are capitalised as acquisition cost for the period at which Finnair is financing the manufacturing of the aircraft. Hedging gains or losses related to the fair value changes of firm, USD nominated purchase commitments for aircraft are recognised in advance payments. Advance payments, realised foreign exchange hedges and capitalised interests are recognised as part of the aircraft acquisition cost once the aircraft is delivered and taken to commercial use.Other fixed assets include rotable aircraft spare parts, other fixed assets and their prepayments. Other fixed assets are depreciated during their expected useful life.Intangible assets mainly include computer software and connection fees. Connection fees are not depreciated. Gains and losses on disposal of tangible and intangible assets are included in other operating income and expenses. Useful life and residual valueDepreciation of fleet and other fixed assets is based on the following expected economic lifetimes:\u2022 New aircraft and engines (fleet) as well as flight simulators (other equipment) on a straight-line basis as follows: \u2013 Airbus A350 fleet, over 20 years to a residual value of 10% \u2013 Airbus A320 and Embraer fleet, over 20 years to a residual value of 10% \u2013 Airbus A330 fleet, over 18 years to a residual value of 10% \u2013 Turboprop aircraft (ATR fleet), over 20 years to a residual value of 10%\u2022 Heavy maintenance, C-checks, APU and landing gear restorations and thrust reversers of aircraft frame, as well as performance maintenance and life limited parts of the engines, on a straight-line basis during the maintenance period\u2022 Cabin components, over 7\u201320 years\u2022 Rotable spare parts and components, over 15 years to a residual value of 0%\u2022 Buildings, over 10\u201350 years from the time of acquisition to a residual value of 10%\u2022 Other tangible assets, over 3\u201315 years\u2022 Computer software, over 3\u20138 yearsThe residual values and estimated useful lives of the assets are assessed at each closing date and if they differ significantly from previous estimates, the depreciation periods and residual values are changed accordingly. During 2024, the useful life of Finnair\u2019s current Embraer, A320 and A330 fleet was extended as follows:\u2022 Embraer fleet, over 25 years to 0% residual value\u2022 Airbus A320 fleet, over 28 years to 0% residual value\u2022 Airbus A330 fleet, over 22 years to 0% residual valueThe change decreased the depreciation of 2024 by 9.7 million euros. The decrease in 2025 is approximately 12 million euros.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__63": {
"value": "2.1 Fleet and other fixed assets Fleet and other fixed assets are stated at historical cost less accumulated depreciation and accumulated impairment loss if applicable. Fleet includes aircraft and aircraft prepayments. The acquisition cost of aircraft is allocated to the aircraft frame, cabin components, engines and maintenace components as separate assets. Maintenance components include heavy maintenance, C-checks, APU (auxiliary power unit) restorations, landing gear overhauls and thrust reversers of aircraft frames, as well as performance restoration and maintenance of life limited parts of engines. Aircraft frames and engines are depreciated over the useful life of the aircraft. The maintenance components are depreciated during the maintenance cycle. Cabin components are depreciated over their expected useful life. Significant modifications of owned or leased aircraft are capitalised as separate items and depreciated over their expected useful life, which in the case of leased aircraft cannot exceed the lease period. Replaced components are derecognised from the balance sheet. Advance payments for aircraft are recorded as fleet fixed assets. Interest costs related to advance payments are capitalised as acquisition cost for the period at which Finnair is financing the manufacturing of the aircraft. Hedging gains or losses related to the fair value changes of firm, USD nominated purchase commitments for aircraft are recognised in advance payments. Advance payments, realised foreign exchange hedges and capitalised interests are recognised as part of the aircraft acquisition cost once the aircraft is delivered and taken to commercial use.Other fixed assets include rotable aircraft spare parts, other fixed assets and their prepayments. Other fixed assets are depreciated during their expected useful life.Intangible assets mainly include computer software and connection fees. Connection fees are not depreciated. Gains and losses on disposal of tangible and intangible assets are included in other operating income and expenses. Useful life and residual valueDepreciation of fleet and other fixed assets is based on the following expected economic lifetimes:\u2022 New aircraft and engines (fleet) as well as flight simulators (other equipment) on a straight-line basis as follows: \u2013 Airbus A350 fleet, over 20 years to a residual value of 10% \u2013 Airbus A320 and Embraer fleet, over 20 years to a residual value of 10% \u2013 Airbus A330 fleet, over 18 years to a residual value of 10% \u2013 Turboprop aircraft (ATR fleet), over 20 years to a residual value of 10%\u2022 Heavy maintenance, C-checks, APU and landing gear restorations and thrust reversers of aircraft frame, as well as performance maintenance and life limited parts of the engines, on a straight-line basis during the maintenance period\u2022 Cabin components, over 7\u201320 years\u2022 Rotable spare parts and components, over 15 years to a residual value of 0%\u2022 Buildings, over 10\u201350 years from the time of acquisition to a residual value of 10%\u2022 Other tangible assets, over 3\u201315 years\u2022 Computer software, over 3\u20138 yearsThe residual values and estimated useful lives of the assets are assessed at each closing date and if they differ significantly from previous estimates, the depreciation periods and residual values are changed accordingly. During 2024, the useful life of Finnair\u2019s current Embraer, A320 and A330 fleet was extended as follows:\u2022 Embraer fleet, over 25 years to 0% residual value\u2022 Airbus A320 fleet, over 28 years to 0% residual value\u2022 Airbus A330 fleet, over 22 years to 0% residual valueThe change decreased the depreciation of 2024 by 9.7 million euros. The decrease in 2025 is approximately 12 million euros. Assets held for saleNon-current assets (or disposal groups) are classified as assets held for sale when their carrying amount is to be recovered principally through a sale transaction, a sale is considered highly probable and expected to take place within the next twelve months. Assets classified as held for sale are stated at the lower of the carrying amount or fair value less cost to sell. Assets classified as held for sale are no longer depreciated.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__65": {
"value": "Assets held for saleNon-current assets (or disposal groups) are classified as assets held for sale when their carrying amount is to be recovered principally through a sale transaction, a sale is considered highly probable and expected to take place within the next twelve months. Assets classified as held for sale are stated at the lower of the carrying amount or fair value less cost to sell. Assets classified as held for sale are no longer depreciated.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__68": {
"value": "Capitalised borrowing costsAircraft Advances TotalEUR mill. 2024 2023 2024 2023 2024 2023Book value 1 Jan 7.8 8.3 7.4 4.5 15.3 12.8Additions 6.0 - -2.0 2.9 4.0 2.9Depreciation -0.5 -0.5 - - -0.5 -0.5Book value 31 Dec 13.3 7.8 5.4 7.4 18.7 15.3In 2024, borrowing costs of 4.0 million euros (2.9) were capitalised in tangible assets related to the Airbus A350 investment programme. Finnair uses the effective interest rate to calculate the capitalised borrowing costs that represents the costs of the loans used to finance the investment. The average yearly interest rate in 2024 was 5.4% (5.1%). The general borrowings used to fund the acquisition of capital assets are included in the calculation of the capitalisation rate.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__69": {
"value": "Assets and liabilities held for saleFinnair had no assets classified as held for sale at the end of the financial year 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__71": {
"value": "Investment commitmentsInvestment commitments as at the end of the year totalled 162.6 million euros (313.7) and they include firm aircraft orders, other aircraft related investments as well as committed maintenance investments. Out of the total investment commitments, 22.6 million euros is expected to take place within the next 12 months and 140.0 million euros during the following 1-5 years. The amount of the total commitments fluctuates between the order and the delivery date of the aircraft mainly due to EUR/USD exchange rate changes and escalation clauses included in airline purchase agreements. The exact amount of the commitments in relation to each aircraft is only known at the time of the delivery.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__70-1": {
"value": "Investment commitmentsInvestment commitments as at the end of the year totalled 162.6 million euros (313.7) and they include firm aircraft orders, other aircraft related investments as well as committed maintenance investments. Out of the total investment commitments, 22.6 million euros is expected to take place within the next 12 months and 140.0 million euros during the following 1-5 years. The amount of the total commitments fluctuates between the order and the delivery date of the aircraft mainly due to EUR/USD exchange rate changes and escalation clauses included in airline purchase agreements. The exact amount of the commitments in relation to each aircraft is only known at the time of the delivery.3.4 Contingent liabilitiesEUR mill. 2024 2023Guarantees on behalf of group companies 58.2 51.5Total 58.2 51.5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__73": {
"value": "2.2 Leasing arrangements The Group as lessee Finnair assesses whether a contract that relates to tangible assets is, or contains, a lease in accordance with the IFRS 16. Lease agreements for tangible assets, where the contract conveys the right to use an identified asset for a period of time in exchange for consideration, are classified as leases.The lease term is the non-cancellable period for which a lessee has the right to use an underlying asset, together with both periods covered by an option to extend the lease if Finnair is reasonably certain to exercise that option; and periods covered by an option to terminate the lease if Finnair is reasonably certain not to exercise the option.The lease recognition requirements are not applied to short-term leases, where at the commencement date, the lease term is 12 months or less and does not contain a purchase option. Finnair considers the lease period to be the period that is enforceable. Hence, for contracts where the contract term is non-fixed and Finnair has the right to terminate the contract without the permission from the other party with no more than an insignificant penalty and there are no other indications that the contract is enforceable, Finnair classifies these contracts as short-term. The lease recognition requirements are also not applied to leases that are not material to Finnair.For short-term leases and immaterial leases to which these exemptions are applied, the lease payments are recognised as an expense on either a straight-line basis over the lease term, or on another systematic basis if that basis is more representative of the pattern of Finnair\u2019s benefit.At the commencement date of a lease, Finnair recognises both a right-of-use asset and a lease liability.The lease liability is the present value of future lease payments. At Finnair, lease payments for aircraft leases typically contain variable payments that depend on interest rates and indices. The variable payments are included in the measurement of the lease liability from the commencement date of the lease. The right-of-use asset is measured at cost, comprising \u2022 the amount of the initial measurement of the lease liability;\u2022 any lease payments made at or before the commencement date, less any incentives received;\u2022 any initial direct costs incurred by Finnair; and \u2022 an estimate of costs to be incurred by Finnair in restoring the assets to the condition required by the terms and conditions of the lease.In most cases, Finnair is obliged to return leased aircraft and their engines according to the redelivery condition set in the lease agreement. If at the time of redelivery, the condition of the aircraft and its engines differs from the agreed redelivery condition, Finnair needs to either maintain the aircraft so that it meets the agreed redelivery condition or settle the difference in cash to the lessor. The maintenance costs can be divided into two main groups: 1) costs that are incurred independent of the usage of the aircraft / leasing period and 2) costs that are incurred dependent on the usage of the aircraft / leasing period The final check and painting required at redelivery are considered unavoidable maintenance costs that realise when the aircraft is redelivered to the lessor, irrespective of the time or flight hours. The counterpart of the provision is recorded in the book value of the right-of-use asset at the commencement of the lease. Respectively, costs depending on the usage of the aircraft are not considered as part of the right-of-use asset cost.Finnair remeasures the lease liability when there is a lease modification that changes the scope of a lease or the consideration for the lease, that was not part of the original terms and conditions of the lease (including changes in lease payments resulting from a change in indices and rates used in variable aircraft lease payments) or when the the likehood of Finnair using a purchase-option is changed. The amount of the remeasurement of the lease liability is generally recognised as an adjustment to the right-of-use asset. However, if the carrying amount of the right-of-use asset is reduced to zero and there is a further reduction in the measurement of the lease liability, the remaining measurement is recognised in profit or loss.After initial recognition, right-of-use assets are measured at cost less any accumulated depreciations and accumulated impairment losses. The assets are depreciated with a straight-line method from the commencement date to the shorter of end of useful life of the right-of-use asset and the end of lease term. However, if the lease transfers ownership of the asset to Finnair by the end of lease term or if the cost of the right-of-use asset reflects that Finnair will exercise a purchase option, the right-of-use asset is depreciated from the commencement date to the end of useful life of the asset.At Finnair aircraft lease contracts contain the interest rate implicit in the lease, even if the aircraft lease agreements do not clearly define the interest rate implicit in the lease. Since the fair values of the aircraft are provided publicly by third parties, Finnair is able to calculate the implicit interest rate for each qualifying aircraft operating lease. The rate implicit in the lease is defined as the rate that causes the sum of the present value of the lease payments and the present value of the unguaranteed residual value of the underlying asset at the end of the lease to equal the sum of the fair value of the underlying asset and any initial direct costs of the lessor. The implicit interest rate is determined by each aircraft lease contract separately.For other lease contracts, an implicit interest rate cannot be usually determined. The incremental borrowing rate is therefore used and it is determined by each class of assets separately, based on management estimate. Aircraft lease contracts are usually denominated in foreign currency (US dollars) and the foreign currency lease liabilities are revalued at each balance sheet date to the spot rate. The lease payments (lease payments made) are accounted for as repayments of the lease liability and as interest expense.The Group as lessorAgreements, where the Group is the lessor, are accounted for as operating leases, when a substantial part of the risks and rewards of ownership are not transferred to the lessee. The assets leased under operating lease are included in the tangible assets and they are depreciated during their useful life. Depreciation is calculated using the same principles as the tangible assets for own use. Under the provisions of certain aircraft lease agreements, the lessee is required to pay periodic maintenance reserves which accumulate funds for aircraft maintenance. Advances received for maintenance are recognised as liability, which is charged, when maintenance is done. The rents for premises and aircraft are recognised in the income statement as other operating income over the lease term.Agreements, where the Group is the lessor, are accounted for as finance leases, when a substantial part of the risks and rewards of ownership are transferred to the lessee. Finnair recognises assets held under a finance lease in its balance sheet and presents them as a receivable at an amount equal to the net investment of the lease which is equal to the sum of the present values of the lease income it will receive in the future and the unguaranteed residual value.Finnair subleases aircraft and buildings as well as ground equipment from time to time, which are classified either as finance leases or operating leases based on the individual contract terms. A lease is classified on its commencement date and is reassessed only if the lease is amended. At the commencement date, for the subleases, a net investment (lease receivable), equaling to the present value of lease payments and the present value of the unguaranteed residual value, is recognised. The proportion of the right-of-use asset subleased is derecognised from the balance sheet and the difference between the right-of-use asset and the net investment is recognised in the profit or loss, in other operating income and expenses. Subsequently, the lease payments received are accounted for as repayments of the lease receivable and as interest income. Sale and leaseback In sale and leaseback transactions, where Finnair sells and then leases back aircraft, Finnair measures the right-of-use asset arising from the leaseback at the proportion of the previous carrying amount of the asset that relates to the right-of-use retained by the Group. Accordingly, Finnair recognises only the amount of any gain or loss that relates to the rights transferred to the buyer-lessor. Leasing arrangements Determining the interest rate and lease term used in discounting the lease payments, estimating the redelivery obligations of aircraft leases and the classification of sublease agreements to operating and financial leases require management discretion in interpretation and application of accounting standards. The carrying value of the right-of-use assets are tested for impairment as part of cash generating unit at the balance sheet date. More details is presented in the note 2.3.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__75": {
"value": "2.3 Depreciation and impairment DepreciationDepreciation of assets is determined based on their expected useful life or maintenance cycle and residual value. Depreciation for all assets is calculated using straight-line method. Depreciation is started when the asset is available for use. Depreciation is ceased when the asset is either classified as held for sale or derecognised. The useful life and residual value for assets are described in more detail in the note 2.1. EUR mill. 2024 2023Amortisation of intangible assets 0.5 1.0Depreciation of own fleet 164.6 139.5Depreciation of right-of-use fleet 127.9 156.9Depreciation of other tangible assets 15.3 14.3Depreciation of other right-of-use assets 21.4 20.9Amortisation and depreciation 329.5 332.6Impairment of assets 0.7 13.7Impairment 0.7 13.7Total 330.3 346.2Total depreciation and impairment in income statement 330.3 346.2Depreciation and impairment include both planned depreciations on fixed assets as well as impairment. The change in depreciation of own and right-of-use fleet is mainly due to nine lease buyouts completed in 2023 which resulted in an increase in the depreciation of own fleet as well as a decrease in the depreciation of right-of-use fleet.During 2024, Finnair recorded an impairment of 0.7 million euros (13.7) related to a land lease agreement located at the airport and the lease agreement for the building on it due to low utilisation of the leased property. As of 31 December 2024, the lease liability related to the property totalled 12.6 million euro.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__74": {
"value": "2.3 Depreciation and impairment DepreciationDepreciation of assets is determined based on their expected useful life or maintenance cycle and residual value. Depreciation for all assets is calculated using straight-line method. Depreciation is started when the asset is available for use. Depreciation is ceased when the asset is either classified as held for sale or derecognised. The useful life and residual value for assets are described in more detail in the note 2.1. EUR mill. 2024 2023Amortisation of intangible assets 0.5 1.0Depreciation of own fleet 164.6 139.5Depreciation of right-of-use fleet 127.9 156.9Depreciation of other tangible assets 15.3 14.3Depreciation of other right-of-use assets 21.4 20.9Amortisation and depreciation 329.5 332.6Impairment of assets 0.7 13.7Impairment 0.7 13.7Total 330.3 346.2Total depreciation and impairment in income statement 330.3 346.2Depreciation and impairment include both planned depreciations on fixed assets as well as impairment. The change in depreciation of own and right-of-use fleet is mainly due to nine lease buyouts completed in 2023 which resulted in an increase in the depreciation of own fleet as well as a decrease in the depreciation of right-of-use fleet.During 2024, Finnair recorded an impairment of 0.7 million euros (13.7) related to a land lease agreement located at the airport and the lease agreement for the building on it due to low utilisation of the leased property. As of 31 December 2024, the lease liability related to the property totalled 12.6 million euro.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__76": {
"value": "EUR mill. 2024 2023Amortisation of intangible assets 0.5 1.0Depreciation of own fleet 164.6 139.5Depreciation of right-of-use fleet 127.9 156.9Depreciation of other tangible assets 15.3 14.3Depreciation of other right-of-use assets 21.4 20.9Amortisation and depreciation 329.5 332.6Impairment of assets 0.7 13.7Impairment 0.7 13.7Total 330.3 346.2Total depreciation and impairment in income statement 330.3 346.2Depreciation and impairment include both planned depreciations on fixed assets as well as impairment. The change in depreciation of own and right-of-use fleet is mainly due to nine lease buyouts completed in 2023 which resulted in an increase in the depreciation of own fleet as well as a decrease in the depreciation of right-of-use fleet.During 2024, Finnair recorded an impairment of 0.7 million euros (13.7) related to a land lease agreement located at the airport and the lease agreement for the building on it due to low utilisation of the leased property. As of 31 December 2024, the lease liability related to the property totalled 12.6 million euro. Impairment testing Impairment testing Finnair reviews its fleet, other fixed assets and other non-current assets for indication of impairment on each balance sheet date. The recoverable amount of an asset or a cash generating unit is determined as the higher of value in use and the fair value less cost to sell. An impairment loss is recognized if an asset\u2019s recoverable amount is less than its carrying amount. The recoverable amount is defined for the cash generating unit, and the impairment is evaluated at the cash generating unit level. Finnair is a network carrier with highly integrated fleet operations and it considers all its fleet (including the right-of-use fleet) and other closely related assets as one cash-generating unit. Also intangible assets with indefinite useful life have been identified to belong to the one cash-generating unit. Assets that are either idle or held for sale are excluded from the cash-generating unit and reviewed for impairment separately. Calculation of the recoverable amountFinnair applies the value in use model as its primary method for determining the recoverable amount of the assets. The value in use measurement is based on a discounted cash flow model where the cash flow projections are based on Finnair\u2019s strategy approved by the Board of Directors and a management forecast covering a five-year period. The cash flow projections beyond the five-year period are based on the management\u2019s long-term growth assumptions. Preparation of the calculations used for impairment testing requires the use of significant management judgement and estimates, which is why the actual outcome may differ from the current management estimates and assumptions made. Finnair has not identified indications of possible impairment in connection with the preparation of its 2024 consolidated financial statements. As part of Finnair\u2019s internal process, in addition to the evaluation of separate impairment indicators, Finnair\u2019s management prepares an annual impairment test which indicated no need for impairment. Although the EBITDA-margin sensitivity used in the impairment testing decreased to -1.6 percentage points compared to previous year\u2019s -2.7 percentage points, a reasonably possible change in any single key assumption would not result in an impairment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__78": {
"value": "Impairment testing Impairment testing Finnair reviews its fleet, other fixed assets and other non-current assets for indication of impairment on each balance sheet date. The recoverable amount of an asset or a cash generating unit is determined as the higher of value in use and the fair value less cost to sell. An impairment loss is recognized if an asset\u2019s recoverable amount is less than its carrying amount. The recoverable amount is defined for the cash generating unit, and the impairment is evaluated at the cash generating unit level. Finnair is a network carrier with highly integrated fleet operations and it considers all its fleet (including the right-of-use fleet) and other closely related assets as one cash-generating unit. Also intangible assets with indefinite useful life have been identified to belong to the one cash-generating unit. Assets that are either idle or held for sale are excluded from the cash-generating unit and reviewed for impairment separately. Calculation of the recoverable amountFinnair applies the value in use model as its primary method for determining the recoverable amount of the assets. The value in use measurement is based on a discounted cash flow model where the cash flow projections are based on Finnair\u2019s strategy approved by the Board of Directors and a management forecast covering a five-year period. The cash flow projections beyond the five-year period are based on the management\u2019s long-term growth assumptions. Preparation of the calculations used for impairment testing requires the use of significant management judgement and estimates, which is why the actual outcome may differ from the current management estimates and assumptions made.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__77-1": {
"value": "Impairment testing Impairment testing Finnair reviews its fleet, other fixed assets and other non-current assets for indication of impairment on each balance sheet date. The recoverable amount of an asset or a cash generating unit is determined as the higher of value in use and the fair value less cost to sell. An impairment loss is recognized if an asset\u2019s recoverable amount is less than its carrying amount. The recoverable amount is defined for the cash generating unit, and the impairment is evaluated at the cash generating unit level. Finnair is a network carrier with highly integrated fleet operations and it considers all its fleet (including the right-of-use fleet) and other closely related assets as one cash-generating unit. Also intangible assets with indefinite useful life have been identified to belong to the one cash-generating unit. Assets that are either idle or held for sale are excluded from the cash-generating unit and reviewed for impairment separately. Calculation of the recoverable amountFinnair applies the value in use model as its primary method for determining the recoverable amount of the assets. The value in use measurement is based on a discounted cash flow model where the cash flow projections are based on Finnair\u2019s strategy approved by the Board of Directors and a management forecast covering a five-year period. The cash flow projections beyond the five-year period are based on the management\u2019s long-term growth assumptions. Preparation of the calculations used for impairment testing requires the use of significant management judgement and estimates, which is why the actual outcome may differ from the current management estimates and assumptions made.Impairment of financial assetsFinnair Group recognises impairment provisions based on lifetime expected credit losses from trade receivables in accordance with IFRS 9. Finnair has chosen to apply a simplified credit loss matrix for trade receivables as trade receivables do not have a significant financing component. Accordingly, the credit loss allowance is measured at an amount equal to the lifetime expected credit losses. The expected credit loss model is forward-looking, and expected default rates are based on historical realised credit losses. The lifetime expected credit loss allowance is calculated using the gross carrying amount of outstanding trade receivables in each aging bucket and an expected default rate. The changes in expected credit losses are recognised in other expenses in the consolidated income statement. More information on the credit loss provision on trade receivables can be found in note 1.2.3. Receivables related to revenue.The impairment model does not apply to financial investments, such as bonds and money market funds, included in other financial assets as those are measured at fair value through profit and loss under IFRS 9, which already takes into account expected credit losses. With respect to the assets measured at amortised cost, Finnair is actively following such instruments and will recognise impairment through profit and loss if there is evidence of deterioration in credit quality.",
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"value": "3 Capital structure and financing costs3.1 Financial income and expenses The notes related to financial assets, liabilities and equity have been gathered into the capital structure and financing costs-section in order to give a better overview of the Group\u2019s financial position. The note \u00b4Earnings per share\u00b4 has been added to the equity section.3.2 Financial assets Financial assetsIn the Group, financial assets have been classified into the following categories according to the IFRS 9 standard \u201cFinancial Instruments\u201d: amortised cost and fair value through profit and loss. The classification is made at the time of the original acquisition based on the objective of the business model and the characteristics of contractual cash flows of the investment, or by applying a fair value option. All purchases and sales of financial assets are recognised on the trade date.Financial assets at fair value through profit and loss include such assets as investments in bonds and money market funds. Financial assets at fair value through profit and loss have mainly been acquired to obtain a gain from short-term changes in market prices. All those derivatives that do not fulfil the conditions for the application of hedge accounting are classified as financial assets at fair value through profit and loss and are valued at fair value in each financial statement. Realised and unrealised gains and losses arising from changes in fair value are recognised in the income statement in the period in which they arise. Financial assets recognised at fair value through profit and loss, as well as those maturing within 12 months, are included in current assets.In Finnair Group, unquoted shares are valued at their acquisition price in the absence of a reliable fair value.Investments in debt securities are measured at amortised cost, but only when the objective of the business model is to hold the asset to collect the contractual cash flows and the asset\u2019s contractual cash flows represent only payments of principal and interest. Financial assets recognised at amortised cost are valued using the effective interest method. Financial assets valued at amortised cost include trade receivables and security deposits for aircraft operating lease agreements. Due to the nature of short-term receivables and other receivables, their book value is expected to be equal to the fair value.Derecognition of financial assets takes place when the Group has lost its contractual right to receive cash flows or when it has substantially transferred the risks and rewards outside the Group.Impairment of financial assetsFinnair Group recognises impairment provisions based on lifetime expected credit losses from trade receivables in accordance with IFRS 9. Finnair has chosen to apply a simplified credit loss matrix for trade receivables as trade receivables do not have a significant financing component. Accordingly, the credit loss allowance is measured at an amount equal to the lifetime expected credit losses. The expected credit loss model is forward-looking, and expected default rates are based on historical realised credit losses. The lifetime expected credit loss allowance is calculated using the gross carrying amount of outstanding trade receivables in each aging bucket and an expected default rate. The changes in expected credit losses are recognised in other expenses in the consolidated income statement. More information on the credit loss provision on trade receivables can be found in note 1.2.3. Receivables related to revenue.The impairment model does not apply to financial investments, such as bonds and money market funds, included in other financial assets as those are measured at fair value through profit and loss under IFRS 9, which already takes into account expected credit losses. With respect to the assets measured at amortised cost, Finnair is actively following such instruments and will recognise impairment through profit and loss if there is evidence of deterioration in credit quality.Cash and cash equivalentsCash and cash equivalents consist of cash reserves and short-term bank deposits with maturity of less than three months. Foreign exchange-denominated items have been converted to euro using the mid-market exchange rates on the closing date. 3.2.1 Other current financial assetsEUR mill. 2024 2023Commercial paper, certificates and bonds 73.2 53.4Money market funds 589.5 723.4Unlisted shares 2.2 -Total 664.9 776.8Ratings of counterpartiesBetter than AA 19.8 -BBB 29.6 21.7BB 4.9 3.9Unrated 610.6 751.2Total 664.9 776.8As of 31 December 2024, investments in instruments issued by unrated counterparties mostly include investments in money market funds (EUR 723.4 million euros).The Group\u2019s financial asset investments and risk management policy are described in more detail in Note 3.5. The IFRS classifications and fair values of the financial assets are presented in Note 3.6.3.3 Financial liabilities Financial liabilitiesFinnair Group\u2019s financial liabilities are classified into two different classes: amortised cost and fair value through profit and loss. Financial liabilities are initially recognised at fair value on the basis of the original consideration received. Transaction costs have been included in the original book value of financial liabilities. Thereafter, all non-derivative financial liabilities are valued at amortised cost using the effective interest method. Financial liabilities are included in long- and short-term liabilities, and they can be interest-bearing or non-interest-bearing. Loans that are due for payment within 12 months are presented in the short-term liabilities. Foreign currency loans are valued at the mid-market exchange rate on the closing date, and translation differences are recognised in the financial items.Accounts payable are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method.Derecognition of financial liabilities takes place when the Group has fulfilled the contractual obligations. Non-current liabilitiesEUR mill. 2024 2023Loans from financial institutions, non-current - 199.8JOLCO loans and other 232.9 209.2Bonds 502.5 381.3Lease liabilities 839.7 951.0Interest-bearing liabilities total 1,575.1 1,741.3Non-interest-bearing liabilities 7.5 6.9Total 1,582.6 1,748.1Finnair\u2019s interest-bearing liabilies decreased during the financial year 2024. Most significant financing transactions affecting interest-bearing liabilities during 2024 were the issuance of a 500-million-euro senior unsecured bond, one ECA financing agreement for one Airbus A350 aircraft in excess of 100 million euros, repayment of the pension premium loan in full and lease buybacks on aircraft.The Group\u2019s JOLCO loans and other include the JOLCO loans (Japanese Operating Lease with Call Option) for three A350 aircraft and export credit support for two A350 aircraft. Export credit support is a debt arrangement to finance aircraft. The transactions are treated as loans and owned aircraft in Finnair\u2019s accounting. Non-interest-bearing liabilities mainly include leases and maintenance reserves related to the aircraft leased to other airlines.Current interest-bearing liabilitiesEUR mill. 2024 2023Loans from financial institutions, current - 80.0JOLCO loans and other 125.4 40.4Lease liabilities 164.6 164.0Total 290.1 284.3JOLCO loans and other include the JOLCO loans (Japanese Operating Lease with Call Option) for three A350 aircraft and export credit support for two A350 aircraft. The transactions are treated as loans and owned aircraft in Finnair\u2019s accounting. Fair value Book valueInterest-bearing liabilities, EUR in millions 2024 2023 2024 2023Lease liabilities 1,004.4 1115.0 1,004.4 1115.0Loans from financial institutions - 272.1 - 279.7Bonds 511.0 371.9 502.5 381.3JOLCO loans and other 353.4 231.9 358.3 249.5Total 1,868.8 1,990.9 1,865.2 2,025.6Fair values of interest-bearing liabilities (excluding lease liabilities) have been calculated by discounting the expected cash flows using the market interest rate and company\u2019s credit risk premium at the reporting date. Fair value of bonds has been calculated by using the quoted price of reporting date (102.2). Short-Long-Short-term Long-term term lease term lease borrowingsborrowingsliabilitiesliabilities TotalTotal liabilities from financing activities, 1 January 2024 120.3 790.2 164.0 951.0 2,025.6Repayments -121.4 -584.3 -170.3 - -875.9Acquisitions - - 1.8 42.7 540.1Decreases - - - -38.5 -38.5Foreign exchange adjustments - 16.9 9.1 44.6 70.6Reclassification between short-term and long-term liabilities 126.4 -126.4 160.0 -160.0 0.0Other non-cash movements 0.0 143.3 - - 143.3Total liabilities from financing activities, 31 December 2024 125.4 735.4 164.6 839.7 1,865.2Short-Long-Short-term Long-term term lease term lease borrowingsborrowingsliabilitiesliabilities TotalTotal liabilities from financing activities, 1 January 2023 240.0 1,058.4 202.7 1,128.0 2,629.1Repayments -239.8 -137.5 -198.1 - -575.5Acquisitions - - 3.1 73.1 76.1Decreases - - - -56.9 -56.9Foreign exchange adjustments - -12.4 -5.7 -31.0 -49.1Reclassification between short-term and long-term liabilities 120.0 -120.0 162.1 -162.1 0.0Other non-cash movements 0.1 1.7 - - 1.8Total liabilities from financing activities, 31 December 2023 120.3 790.2 164.0 951.1 2,025.6Maturity dates of interest-bearing financial liabilities 31 Dec 2024 EUR mill. 2025 2026 2027 2028 2029 Later TotalJOLCO loans and other, fixed interest 22.5 11.2 - - - - 33.7JOLCO loans and other, variable interest 103.0 45.5 22.2 22.4 22.5 112.2 327.9Bonds, fixed interest - - - - 500.0 - 500.0Lease liabilities, fixed interest 124.6 105.6 96.5 73.8 73.7 276.3 750.5Lease liabilities, variable interest 40.0 39.5 41.5 38.9 20.4 73.7 253.9Interest-bearing financial liabilities total 290.1 201.8 160.3 135.1 616.6 462.1 1,866.0Payments from interest rate and currency derivatives 777.0 94.0 - - 20.1 - 891.1Income from interest rate and currency derivatives -797.7 -101.3 - -1.9 -29.3 - -930.2Commodity derivatives 33.7 1.5 - - - - 35.2Trade payables and other liabilities 240.4 - - - - - 240.4Interest payments 92.1 75.3 64.1 56.1 49.5 75.6 412.6Total 635.6 271.3 224.3 189.3 657.0 537.7 2,517.1Maturity dates of interest-bearing financial liabilities 31 Dec 2023 EUR mill. 2024 2025 2026 2027 2028 Later TotalJOLCO loans and other, fixed interest - 23.4 11.7 - - - 35.1JOLCO loans and other, variable interest 40.4 85.9 31.9 10.0 10.1 39.3 217.5Loans from financial institutions, variable interest 80.0 200.0 - - - - 280.0Bonds, fixed interest - 382.5 - - - - 382.5Lease liabilities, fixed interest 127.6 131.9 101.8 89.7 68.5 329.0 848.5Lease liabilities, variable interest 36.4 36.4 35.9 37.7 35.0 85.2 266.5Interest-bearing financial liabilities total 284.4 860.1 181.2 137.3 113.7 453.4 2,030.1Payments from interest rate and currency derivatives 872.4 2.3 2.7 - 1.7 - 879.1Income from interest rate and currency derivatives -864.9 - - - - - -864.9Commodity derivatives 15.8 1.5 - - - - 17.4Trade payables and other liabilities 274.1 - - - - - 274.1Interest payments 96.8 73.2 45.1 34.6 27.6 84.1 361.3Total 678.5 937.2 229.1 171.9 142.9 537.5 2,697.0The interest rate re-fixing period is three months for variable interest loans and for variable interest lease liabilities. The bonds maturing do not include the amortised cost of 3.8 million euros paid in 2024 and due on 2029. JOLCO loans do not include the amortised cost of 3.2 million euros paid on 2016 and due in 2025. Therefore, the total amount of interest-bearing financial liabilities differs from the book value by the amount equal to the amortised costs.The minimum lease payments, discount values and present values of lease liabilities are presented in Note 2.2 Leasing arrangements.The currency mix of interest-bearing liabilities is as follows:EUR mill. 2024 2023EUR 822.5 841.2USD 1,008.9 1,149.2JPY 33.7 35.1HKD 0.1 0.11,865.2 2,025.6The weighted average effective interest rate on interest-bearing liabilities was 5.0% (4.0%).Interest rate re-fixing period of interest-bearing liabilities2024 2023Up to 6 months 39.7% 22.2%6\u201312 months 1.7% 0.1%1\u20135 years 21.9% 43.9%More than 5 years 36.7% 33.8%Total 100.0% 100.0%Maturity dates of interest-bearing financial liabilities\u20ac million1,000800616.6600462.1400290.1201.8160.3135.120002025 2026 2027 2028 2029Later JOLCO-loans and other, Bonds, fixed interest Lease liabilities, variable interestfixed interest Lease liabilities, fixed interest Loans from financial institutions, JOLCO-loans and other, variable interestvariable interestSensitivity analysis of the fair value reserveIf the price of Jet fuel CIF NWE had been 10 per cent higher, the balance of the reserve would have been 39.1 million euro (27.9) higher. Correspondingly, a 10 per cent weaker Jet fuel CIF NWE price would have reduced the reserve by 43.2 million euro (35.3). In terms of the US dollar, a 10 per cent weaker level would have lowered the balance of the fair value reserve by 38.7 million euro (35.9) and a 10 per cent stronger dollar would have had a positive impact of 41.8 million euro (33.3). In terms of Japanese yen, a 10 per cent stronger yen would have had a negative impact of 9.5 million euro (6.5), and a 10 per cent weaker level would have increased the balance of the fair value reserve by 9.8 million euro (6.8). The effect of change in interests to the fair value reserve in own equity is not material. The enclosed sensitivity figures do not take into account any change in deferred tax liability (tax assets).3.6 Classification of financial assets and liabilitiesHedge Fair value accounting through profit Amortised EUR mill.itemsand losscost Book value31 Dec 2024Financial assetsReceivables - - 59.6 59.6Other financial assets - 664.9 - 664.9Trade receivables and other receivables - - 250.5 250.5Derivatives 55.3 11.2 - 66.5Cash and cash equivalents - - 219.1 219.1Book value total 55.3 676.1 529.2 1,260.7Fair value total 55.3 676.1 529.2 1,260.7Financial liabilitiesInterest-bearing liabilities - - 860.8 860.8Lease liabilities - - 1,004.4 1,004.4Derivatives 62.6 0.0 - 62.6Trade payables and other liabilities - - 240.4 240.4Book value total 62.6 0.0 2,105.7 2,168.3Fair value total 62.6 0.0 1,868.8 1,931.4Hedge Fair value accounting through profit Amortised EUR mill.itemsand losscost Book value31 Dec 2023Financial assetsReceivables - - 2.6 2.6Other financial assets - 776.8 - 776.8Trade receivables and other receivables - - 289.0 289.0Derivatives 10.0 1.8 - 11.8Cash and cash equivalents - - 145.1 145.1Book value total 10.0 778.6 436.7 1,225.3Fair value total 10.0 778.6 436.7 1,225.3Financial liabilitiesInterest-bearing liabilities - - 910.6 910.6Lease liabilities - - 1,115.0 1,115.0Derivatives 34.4 8.9 - 43.4Trade payables and other liabilities - - 274.1 274.1Book value total 34.4 8.9 2,299.7 2,343.0Fair value total 34.4 8.9 1,990.9 2,034.2In this note interest rate derivatives (currency and interest-rate swaps) are included in derivatives. Item Receivables mainly includes USD-denominated security deposits for leased aircraft. Trade payables and other liabilities include: trade payables and other interest-bearing and non-interest-bearing liabilities.Derivatives are valued at fair value, with further details in the fair value hierarchy. Financial assets valued at fair value are money market funds (fair value hierarchy level 1) and bonds, or commercial papers (fair value hierarchy level 2). Receivables are mainly current and the book value is equivalent to the fair value, because the discount effect is not significant. Pension premium loan and issued bond make the most significant part of the loans valued at amortised cost. Breakdown of fair values of financial liabilities is presented in note 3.3. The valuation principles of financial assets and liabilities are outlined in the accounting principles.3.7 Offsetting financial assets and liabilitiesEUR mill. 2024 2023Derivative assets gross amounts 66.5 11.8Amounts of financial assets presented in the balance sheet 66.5 11.8Enforceable master netting agreement -49.7 -11.8Derivative assets net amount 16.9 0.0EUR mill. 2024 2023Derivative liabilities gross amounts -62.6 -43.4Amounts of financial liabilities presented in the balance sheet -62.6 -43.4Enforceable master netting agreement 49.7 11.8Derivative liabilities net amount -13.0 -31.5For the above financial assets and liabilities, subject to enforceable master netting arrangements or similar arrangements, each agreement between the Group and the counterparty allows net settlement of the relevant financial assets and liabilities when both parties choose to settle on a net basis. In the absence of such mutual decision, financial assets and liabilities will be settled on a gross basis. However, each party of the master netting agreement, or similar agreement, will have the option to settle on a net basis in the event of default of the other party. Depending on the terms of each agreement, an event of default includes failure by a party to make a payment when due, failure by a party to perform any obligation required by the agreement (other than payment), if such failure is not remedied within periods of 30 to 60 days after notice of such failure is given to the party, or bankruptcy.",
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"value": "3 Capital structure and financing costs3.9 Equity-related information Shareholders\u2019 equityThe nominal value of shares had been recognised in the share capital before an amendment to the Articles of Association registered on 22 March 2007. Share issue profit and gains on sale of own shares had been recognised in other restricted funds before the change in the Limited Liability Company Act in 2006.The subscription proceeds from the 2007 share issue less transaction costs after taxes as well as share-based payments according to IFRS 2 have been recognised in the unrestricted equity funds.The rights issue proceeds from 2020 and 2023 less the transaction costs has been recognized in the unrestricted equity funds.Hedging reserve and other OCI items include changes in the fair value of derivative instruments used in cash-flow hedging, in addition to actuarial gains and losses related to defined benefit pension plans, cost of hedging and translation differences.The acquisition cost of repurchased owned shares less transaction costs after taxes is charged to equity until the shares are cancelled or reissued. The consideration received for sale or issue of own shares is included in equity.The dividend proposed by the Board of Directors is not deducted from distributable equity until approved at the Annual General Meeting. Number of shares 2024 2023Number of outstanding shares in the beginning of the financial year 20,431,573,617 1,407,001,962Rights issue - 19,012,413,069Shares granted from FlyShare employee share savings plans 9,419,258 1,487,760Directed share issue without consideration 4,714,922 -Reverse split -20,241,250,720 -Executive Board Rebuild Incentive Plan 98,031 10,670,826Number of outstanding shares at the end of the financial year 204,555,108 20,431,573,617Own shares held by the parent company 256,284 49,565,650Total number of shares at the end of the financial year 204,811,392 20,481,139,267Finnair Plc\u2019s share capital, paid in its entirety and registered in the trade register, was at 75,442,904.30 euros at the end of 2023 and 2024. The shares have no nominal value. During the year 2024, Finnair transferred a total of 9,419,258 shares to FlyShare participants, Finnair executed a reverse split with a ratio of 100 to 1 and transffered a total of 98,031 shares to Executive Board Rebuild Incentive Plan participants. Group\u2019s hedging reserve and other OCI itemsUnrealised Line item Amounts gains and affected in reclassified losses profit or loss to profit or recognised because of the EUR mill. 2024lossin OCI 2023reclassificationJet fuel price hedging -31.9 11.9 -30.5 -13.2 Fuel costsRevenue and Operating cash flow hedging 19.5 -12.3 35.2 -3.5cost lines*Hedging of interest related to future Lease payments lease payments -2.1 0.7 - -2.8for aircraftThe actuarial gains and losses of defined benefit plan 94.6 - 12.6 82.0Cost of hedging reserve -2.9 - -1.2 -1.7Tax effect -15.4 - -3.3 -12.2Total 61.8 0.4 12.8 48.6*Forward and option contracts hedging forecasted sales and purchases denominated in foreign currencies are hedges of a group of similar hedged items, and the amounts reclassified from OCI to P&L are proportionally allocated to different cost lines based on the realised cost amounts. Amounts reclassified to revenue and different cost lines are specified in the table \u201dDerivatives realised through profit or loss\u201d in note 3.8.Maturity dates of fair values recognised in the hedging reserveEUR mill. 2025 2026 2027 2028 2029 TotalJet fuel price hedging -30.3 -1.5 - - - -31.9Operating cash flow hedging 18.6 0.9 - - - 19.5Hedging of interest related to future lease payments -0.7 -0.7 -0.7 -0.7 0.8 -2.1The actuarial gains and losses of defined benefit plan 94.6 - - - - 94.6Cost of hedging reserve -2.9 - - - - -2.9Tax effect -15.8 -0.3 0.1 01. -0.2 -15.4Total 63.4 -1.1 -0.6 -0.6 0.6 61.8Earnings per shareThe basic earnings per share figure is calculated by dividing the result for the financial year attributable to the parent company\u2019s shareholders by the weighted average number of shares outstanding during the financial year. The result for the financial year is adjusted for the after-tax amounts of hybrid bond interests and capital loan interests and other fees regardless of payment date, as well as transaction costs of the new hybrid bond issued and premium paid, when a hybrid bond is redeemed. When calculating the earnings per share adjusted for dilution, the weighted average of the number of shares takes into account the diluting effect resulting from the conversion into shares all potentially diluting shares. Finnair has not granted any options.EUR mill. 2024 2023Result for the financial year, EUR mill. 37.0 254.3Hybrid bond interest, EUR mill. - -13.7Capital loan cost, EUR mill. - -32.9Tax effect - 9.3Adjusted result for the financial year 37.0 216.9Weighted average number of shares, mill. Pcs 204.5 96.4Basic earnings per share, EUR 0.18 2.25Diluted earnings per share, EUR 0.18 2.19Effect of own shares, EUR 0.00 0.00Return of capital per shareThe Board of Directors proposes to the Annual General Meeting that a return of capital of 0.11 euros per share be distributed in two instalments. The first instalment is 0.06 euros per share and the second instalment 0.05 euros per share.Finnair Plc\u2019s distributable equityEUR mill. 2024Hedging reserve -12.3Unrestricted equity funds 1 344.9Retained earnings -856.5Result for the financial year 158.5Distributable equity total 634.6",
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"value": "3 Capital structure and financing costs3.5 Management of financial risksPrinciples of financial risk managementThe nature of Finnair Group\u2019s business operations exposes the company to a variety of financial risks: foreign exchange, interest rate, credit, liquidity and commodity price risks. The Group\u2019s policy is to limit the uncertainty caused by such risks on cash flow, financial performance, balance sheet items and equity.The management of financial risks is based on the risk management policy prepared by the Financial Risk Steering Committee and approved by the Board of Directors. The policy specifies the minimum and maximum levels permitted for each type of risk. Financial risk management is directed and supervised by the Financial Risk Steering Committee. Practical implementation of the risk management policy and risk management have been centralized to the parent company\u2019s treasury department.For the management of foreign exchange, interest rate and jet fuel the company uses different derivative instruments, such as forward contracts, swaps and options. At inception, derivatives are designated as hedges of highly probable cash flows (cash flow hedges), hedges of firm orders (hedges of the fair value of firm commitments) or as financial derivatives where the hedging relationship does not qualify for hedge accounting (economic hedges). Finnair Group implements cash flow hedging through foreign exchange hedging of highly probable forecasted sales and costs denominated in foreign currencies and jet fuel price risk, in accordance with the hedge accounting principles of IFRS 9. Hedge accounting compliant fair value hedges of Finnair Group consist of interest rate hedges of the issued bond and fair value hedges of firm aircraft purchase commitments. Fuel price risk in flight operationsFuel price risk means the cash flow and financial performance uncertainty arising from fuel price fluctuations.Finnair hedges against jet fuel price fluctuations using jet fuel forward contracts and options. The Jet Fuel CIF Cargoes NWE index is used as the underlying asset of jet fuel derivatives, since approximately 63 per cent of Finnair\u2019s fuel purchase contracts are based on the benchmark price index for Northwest Europe jet fuel deliveries.Finnair applies the principle of time-diversification in its fuel hedging. Finnair updated its risk management policy in December 2023, and hedging horizon was extended from 12 months to 18 months. The risk management policy states that hedging ratio must be increased during each quarter of the year, so that for the first three months of the hedging period the hedge ratio is approximately between 70 per cent and 95 per cent, with target ratio being 80 per cent. Thereafter, lower hedge ratio limits apply for each quarter. Due to hedging, the fuel cost per period is not as low as the spot-based price when prices fall, but when spot prices rise, the fuel cost rises more slowly.The hedges of jet fuel consumption are treated as cash flow hedges in accounting, in accordance with the hedge accounting principles of IFRS 9. During 2024, Finnair has hedged the jet fuel price risk in its entirety, without separating it into underlying risk components, such as crude oil price risk. However, Finnair has used proxy hedging for certain layer components of its jet fuel consumption, as described below.In the hedging of jet fuel price risk, Finnair Group designates layer components of its jet fuel consumption as hedged items. The layer components are defined as jet fuel consumption linked to different jet fuel price benchmarks. The first layer is defined as jet fuel purchases based on the Jet Fuel CIF Cargoes NWE index, with consumption linked to other price benchmarks, notably Cargoes FOB Singapore, representing other layers. Since the Jet Fuel CIF Cargoes NWE index is used as the underlying of all jet fuel derivatives, they are designated as proxy hedges for consumption based on other price benchmarks. Therefore, ineffectiveness may arise if the correlation between the NWE index and the price benchmark for the underlying consumption is not high enough for the fair value changes in the hedged item and the hedging instrument to be exactly offsetting. Any ineffectiveness resulting from overhedging or insufficient correlation is recognised in fair value changes in derivatives and changes in exchange rates of fleet overhauls.Emission price riskEmission price risk means the cash flow and financial performance uncertainty arising from emission price fluctuations related to emissions trading schemes (EU-ETS and UK-ETS). On the closing date, all requirements for calendar year 2024 were covered, and Finnair had hedged approximately 58% of its exposure for year 2025 with forward purchase agreements. Finnair has entered into these forward purchase agreements to hedge against emission price fluctuations. Forward purchase agreements qualify for own use exemption and are not accounted for as a financial instrument under IFRS 9. Total value of these forward purchase agreements equals approximately 45 million euros.MaturityTiming of the notional Hedged price Notional amount and hedged price$/tonne(tonnes)Under 1 year 1 to 2 years31 December 2024Jet fuel consumption priced with NWE index 785.2 776,284 660,284 116,000Jet fuel consumption priced with SING index 801.6 52,716 52,716 -31 December 2023Jet fuel consumption priced with NWE index 892.1 655,264 626,264 29,000 Jet fuel consumption priced with SING index 918.3 21,736 21,736 - The average hedged price of the instruments hedging highly probable jet fuel purchases is calculated by taking into account only the hedging (bought) leg of collar option structures, and therefore represents the least favorable hedged rate. The most favorable rate, calculated by including only the sold leg of collar option structures, is 758.35 US dollars per tonne for NWE consumption, and 779.54 US dollars for SING consumption. Options excluded from hedge accounting are excluded in both cases.At the end of the financial year, Finnair had hedged 77 per cent of its forecasted fuel purchases for the first six months of 2025 and 46 per cent of the purchases for the second half of the year. In the financial year 2024, fuel used in flight operations accounted for approximately 34 per cent of Group\u2019s turnover. At the end of the financial year, the forecast for 2025 is approximately 37 per cent of the Group\u2019s turnover. On the closing date, a 10 per cent rise in the market price of jet fuel \u2013 excluding hedging activity \u2013 increases annual fuel costs by an estimated 76 million euros. On the closing date \u2013 taking hedging into account \u2013 a 10 per cent rise in the market price of jet fuel lowers the operating profit by around 37 million euros.Foreign exchange riskForeign exchange risk means the uncertainty in cash flows and financial performance arising from exchange rate fluctuations.Finnair Group\u2019s foreign exchange risk mainly arises from fuel purchases, aircraft lease liabilities, acquisition and divestment of aircraft, aircraft maintenance, overflight royalties and foreign currency revenue. About 59 per cent of the Group\u2019s revenue is denominated in euros. The most important foreign revenue currencies are the US dollar (10 per cent, percentage of revenue), the Japanese yen (5 per cent) and the British pound sterling (4 per cent). Approximately 41 per cent Group\u2019s operating costs are denominated in foreign currencies. The most important purchasing currency is the US dollar, which accounts for approximately 35 per cent of all operating costs. The most significant US dollar-denominated expense is fuel costs. The largest investments \u2013 aircraft and their spare parts \u2013 are also mainly made in US dollars.The risk management policy divides the foreign exchange position into three parts, namely exposure to forecasted cash flows, balance sheet position and investment position.The cash flow exposure mainly consists of sales denominated in a number of different currencies and US dollar-denominated expenses. Forecasted jet fuel purchases, aircraft materials and overhaul expenses and traffic charges form a group of similar items that are hedged with the same hedging instrument. The purpose of currency risk hedging \u2013 for cash flow exposure \u2013 is to reduce the volatility of cash flows and the comparable operating result due to fluctuating currency prices. This is done using a layered hedging strategy for the two biggest sources of currency risk and utilising diversification benefits of the portfolio of various currencies. The contracts are timed to mature when the cash flows from operating expenses are expected to be settled. The hedging limits are set only for the main contributors to currency risk: the Japanese yen and the US dollar basket consisting of the US dollar and the Hong Kong dollar. Finnair updated its risk management policy in December 2023, and hedging horizon for both Japanese yen and US dollar basket was extended from 12 months to 18 months. The hedging horizon of 18 months is divided into six three-month periods. The risk management policy states that hedging ratio must be increased during each quarter of the year, so that for the first three months of the hedging period the hedge ratio is approximately between 70 per cent and 95 per cent, with target ratio being 80 per cent. Thereafter, lower hedge ratio limits apply for each quarter.The investment position includes all foreign currency denominated aircraft investments for which a binding purchase agreement has been signed as well as commitments for sale and leaseback transactions in the next four years. According to its risk management policy, Finnair Group hedges 50-100% of its aircraft investment exposure. New hedges of investments in aircraft are made as an IFRS 9 fair value hedge of a firm commitment.Balance sheet exposure consists of foreign currency denominated financial assets and liabilities, as well as other foreign currency denominated balance sheet items, such as provisions, trade receivables, trade payables and assets held for sale. Maximum hedge ratio for balance sheet position is 100% and minimum is 0%.At the end of the financial year, Finnair had a hedge level for net operating cash flows of 58 per cent in the USD-basket and 56 per cent in JPY for the coming 12 months. On the closing date \u2013 excluding hedges \u2013 a 10 per cent strengthening of the US dollar against the euro has a negative impact on the 12-month operating result of around 70 million euros and a 10 per cent weakening of the Japanese yen against the euro has a negative impact of around 15 million euros. On the closing date \u2013 taking hedging into account \u2013 a 10 per cent strengthening of the US dollar weakens the operating result by around 30 million euros and a 10 per cent weakening of the Japanese yen weakens the operating result by around 6 million euros. In the above numbers, the USD-basket risk includes the Hong Kong dollar, which historical correlation with the US dollar is high.The hedge levels for balance sheet position at the end of the financial year were 92 per cent for USD and 78 per cent for Japanese yen. Sensitivities of the balance sheet position are as follows: on the closing date \u2013 excluding hedges \u2013 a 10 per cent strengthening of the US dollar against the euro has a negative impact on the net result of around 101 million euros and a 10 per cent strengthening of the Japanese yen against the euro has a negative impact of around 4 million euro. On the closing date \u2013 taking hedging into account \u2013 a 10 per cent strengthening of the US dollar weakens the result by around 9 million euros and a 10 per cent strengthening of the Japanese yen weakens the result by around 0.9 million euros.MaturityTiming of the notional Notional amount Less than EUR mill. 31 December 2024(gross)1 year 1 to 2 years 2 to 4 yearsUSD 1 156,5 829,3 228,9 98,4JPY 136,7 131,7 5,1Cross-currency interest rate swaps are included in the nominal amount calculation.Foreign exchange P&L exposure EUR mill. 31 December 2024 JPY USD-basketNet forecasted operating cash flows, next 12m 168.2 -718.4Foreign exchange P&L exposure EUR mill. 31 December 2024 JPY USD-basketNet operating cash flow hedges, next 12m -102.3 430.3Weighted average exchange rate of hedging instruments against the euro 158.68 1.09Foreign exchange exposure from operating cash flows after hedging, next 12m 66.0 -288.1The average exchange rate of the instruments hedging highly probable forecasted sales and purchases denominated in foreign currencies is calculated by taking into account only the hedging (bought) leg of collar option structures, and therefore represents the least favorable hedged rate. The most favorable rate, calculated by including only the sold leg of collar option structures, is 1.10 for USD contracts and 152.09 for JPY instruments.Foreign exchange balance sheet exposure EUR mill. 31 December 2024 JPY USDNet balance sheet items -39.7 -676.7Net hedges of balance sheet items 30.9 589.8Weighted average exchange rate of hedging instruments against the euro 162.07 1.07Foreign exchange exposure from balance sheet items after hedging -8.8 -86.8Foreign exchange investment exposure EUR mill. 31 December 2024 USDNet investment position -147.1Net hedges of investment position 75.4Weighted average exchange rate of hedging instruments against the euro 1.09Foreign exchange exposure from investment position after hedging -71.7Foreign exchange P&L exposure EUR mill. 31 December 2023 JPY USD-basketNet forecasted operating cash flows, next 12m 136.3 -639.7Net operating cash flow hedges, next 12m -69.8 373.2Weighted average exchange rate of hedging instruments against the euro 152.09 1.09Foreign exchange exposure from operating cash flows after hedging, next 12m 66.6 -266.5Foreign exchange balance sheet exposure EUR mill. 31 December 2023 JPY USDNet balance sheet items -39.3 -718.6Net hedges of balance sheet items 33.4 590.9Weighted average exchange rate of hedging instruments against the euro 155.92 1.09Foreign exchange exposure from balance sheet items after hedging -5.9 -127.7Foreign exchange investment exposure EUR mill. 31 December 2023 USDNet investment position -289.2Net hedges of investment position 158.9Weighted average exchange rate of hedging instruments against the euro 1.11Foreign exchange exposure from investment position after hedging -130.3Interest rate riskInterest rate risk means the cash flow, financial performance and balance sheet uncertainty arising from interest rate fluctuations.In Finnair Group, the interest rate risk is measured using the interest rate re-fixing period. If necessary, interest rate derivatives are used to adjust the interest rate re-fixing period. According to the risk management policy, the mandate for the investment portfolio\u2019s interest rate re-fixing period is 0-12 months and for interest-bearing liabilities 36-72 months. On the closing date, the investment portfolio\u2019s interest rate re-fixing period was approximately 3 months and approximately 56 months for interest-bearing liabilities. On the closing date, a one percentage point rise in interest rates increases the annual interest income of the investment portfolio by approximately 6.0 million euros and the interest expenses of the loan portfolio by approximately 4.7 million euros. The situation as of December 29 2023 is a reasonable representation of conditions throughout the year given the current market environment.Future lease agreements expose the group to interest rate risk, as the interest rate is one component of the lease price. The interest rate is fixed when the lease payments start. If necessary, the group can hedge this exposure with cash flow hedges. MaturityTiming of the notional Notional amount Less than EUR mill. 31 December 2024(gross)1 year 1 to 2 years 2 to 4 yearsInterest rate derivatives 592.0 103.7 139.9 348.4Cross-currency interest rate swaps are included in the nominal amount calculation. Finnair has not entered into any interest rate derivatives on which it is paying a fixed rate.Credit riskThe Group is exposed to counterparty risk when investing its cash reserves and when using derivative instruments. The credit risk is managed by only making contracts with financially sound domestic and foreign banks, financial institutions and brokers, within the framework of the risk management policy for counterparty risk limits. Liquid assets are also invested in money market funds, bonds and commercial papers issued by conservatively selected companies, according to company-specific limits. This way, risk exposure to any single counterparty is not significant. Changes in the fair value of Group loans arises from changes in FX and interest rates, not from credit risk. The Group\u2019s credit risk exposure arises from other current financial assets presented in note 3.2.1, cash and cash equivalents presented in note 3.2.2, trade receivables presented in note 1.2.3 and derivatives presented in note 3.8.Liquidity riskThe goal of the Finnair Group is to maintain good liquidity. Liquidity is ensured by cash reserves, bank account limits, liquid money market investments and committed credit facilities. Counterparties of groups\u2019 long term loans are solid financial institutions with good reputations.Finnair executed several financing transactions to strenghten its balance sheet and maintain liquidity levels during 2024. During Q2, Finnair agreed on a new secured revolving credit facility of 200 million euros and issued a new 500-million-euro senior unsecured bond maturing in May 2029. During Q4, Finnair financed its 18th A350 aircraft with export credit support in excess of 100 million euros. Bond maturing in May 2025 and pension premium loan have been repaid in entirety during 2024.The Group\u2019s cash funds were 884.0 million euro at the end of financial year 2024. Revolving credit facility of 200 million euro was undrawn on 31 December 2024. It has a financial covenant of net debt to EBITDA ratio of 3.75 or less. On the closing date, Finnair\u2019s net debt to EBITDA was 2.0. Finnair has a domestic commercial paper program of 200 million euro, which was not in use as of the closing date. Capital managementThe aim of Finnair\u2019s capital management is to secure access to the capital markets at all times despite the volatile business environment, as well as to support future business development. Through maintaining an optimal capital structure the Group also aims to minimize the cost of capital and maximize the return on capital employed. The capital structure is influenced via, for example, dividend distribution and share issues. The Group can vary and adjust the level of dividends paid to shareholders, the amount of capital returned to them or the number of new shares issued. The Group can also decide on sales of asset items in order to reduce debt.S&P Global Ratings has assigned a long-term issuer credit rating of BB+ to Finnair Plc, with a stable outlook. A public rating enables deeper funding sources from the debt capital markets and increases the execution certainty of financing transactions.The development of the Group\u2019s capital structure is continuously monitored using the adjusted gearing ratio and net debt to EBITDA ratio. When calculating adjusted gearing, adjusted interest-bearing net debt is divided by the amount of shareholders\u2019 equity. The Group\u2019s adjusted gearing at the end of 2024 was 154.8 per cent (192.8), and net debt to EBITDA was 2.0 (2.2).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__79-1": {
"value": "3 Capital structure and financing costsInterest income and expensesInterest income and expenses are recognised on a time-proportion basis using the effective interest method. Interest expenses related to the financing of significant investments are capitalised as part of the asset acquisition cost and depreciated over the useful life of the asset.More detailed information about financial assets can be found in note 3.2 and about interest bearing liabilities in note 3.3. EUR mill. 2024 2023Interest income on leases 0.0 0.0Gains on investment instruments held at FVPL 36.8 38.0Interest from assets held at amortised cost 6.4 14.7Other interest income 0.0 0.0Other financial income 1.6 3.4Dividend income 0.0 0.0Financial income total 44.9 56.2Interest on leases -60.0 -70.7Other financial expenses -10.3 -25.4Interest expenses for liabilities measured at amortised cost -36.9 -46.0Interest rate swaps, fair value hedges 6.3 -Fair value adjustment to bond book value attributable to interest rate risk -6.3 -Financial expenses total -107.2 -142.2Foreign exchange gains and losses -5.8 13.7Financial expenses, net -68.1 -72.3In the effectiveness testing of the Group\u2019s hedge accounting, both cash flow and fair value hedging were found to be effective at year end 2024. Thus, as in the comparison year 2023, no inefficiency is included in the financial items for 2024. Financial income and expenses include an identical amount of profit and loss for fair value hedging instruments and for hedged items resulting from the hedged risk.In 2024, foreign exchange gains and losses recognised in financial expenses consist of a net realised exchange gain of 25.1 million euros and a net unrealised exchange loss of 30.9 million euros which were mostly caused by strenghtening of US dollar relative to euro. During the year 2024, 4.0 million euros of interest expense was capitalised in connection with the A350 investment program (3.0). More information about the capitalised interest can be found in note 2.1 Fleet and other fixed assets.Other financial expenses include for example guarantee fees as well as interest and penalties related to taxes.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__88": {
"value": "Interest income and expensesInterest income and expenses are recognised on a time-proportion basis using the effective interest method. Interest expenses related to the financing of significant investments are capitalised as part of the asset acquisition cost and depreciated over the useful life of the asset.More detailed information about financial assets can be found in note 3.2 and about interest bearing liabilities in note 3.3.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__87": {
"value": "Interest income and expensesInterest income and expenses are recognised on a time-proportion basis using the effective interest method. Interest expenses related to the financing of significant investments are capitalised as part of the asset acquisition cost and depreciated over the useful life of the asset.More detailed information about financial assets can be found in note 3.2 and about interest bearing liabilities in note 3.3.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__86": {
"value": "Interest income and expensesInterest income and expenses are recognised on a time-proportion basis using the effective interest method. Interest expenses related to the financing of significant investments are capitalised as part of the asset acquisition cost and depreciated over the useful life of the asset.More detailed information about financial assets can be found in note 3.2 and about interest bearing liabilities in note 3.3.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__85": {
"value": "Interest income and expensesInterest income and expenses are recognised on a time-proportion basis using the effective interest method. Interest expenses related to the financing of significant investments are capitalised as part of the asset acquisition cost and depreciated over the useful life of the asset.More detailed information about financial assets can be found in note 3.2 and about interest bearing liabilities in note 3.3. EUR mill. 2024 2023Interest income on leases 0.0 0.0Gains on investment instruments held at FVPL 36.8 38.0Interest from assets held at amortised cost 6.4 14.7Other interest income 0.0 0.0Other financial income 1.6 3.4Dividend income 0.0 0.0Financial income total 44.9 56.2Interest on leases -60.0 -70.7Other financial expenses -10.3 -25.4Interest expenses for liabilities measured at amortised cost -36.9 -46.0Interest rate swaps, fair value hedges 6.3 -Fair value adjustment to bond book value attributable to interest rate risk -6.3 -Financial expenses total -107.2 -142.2Foreign exchange gains and losses -5.8 13.7Financial expenses, net -68.1 -72.3In the effectiveness testing of the Group\u2019s hedge accounting, both cash flow and fair value hedging were found to be effective at year end 2024. Thus, as in the comparison year 2023, no inefficiency is included in the financial items for 2024. Financial income and expenses include an identical amount of profit and loss for fair value hedging instruments and for hedged items resulting from the hedged risk.In 2024, foreign exchange gains and losses recognised in financial expenses consist of a net realised exchange gain of 25.1 million euros and a net unrealised exchange loss of 30.9 million euros which were mostly caused by strenghtening of US dollar relative to euro. During the year 2024, 4.0 million euros of interest expense was capitalised in connection with the A350 investment program (3.0). More information about the capitalised interest can be found in note 2.1 Fleet and other fixed assets.Other financial expenses include for example guarantee fees as well as interest and penalties related to taxes.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__84": {
"value": "Interest income and expensesInterest income and expenses are recognised on a time-proportion basis using the effective interest method. Interest expenses related to the financing of significant investments are capitalised as part of the asset acquisition cost and depreciated over the useful life of the asset.More detailed information about financial assets can be found in note 3.2 and about interest bearing liabilities in note 3.3. EUR mill. 2024 2023Interest income on leases 0.0 0.0Gains on investment instruments held at FVPL 36.8 38.0Interest from assets held at amortised cost 6.4 14.7Other interest income 0.0 0.0Other financial income 1.6 3.4Dividend income 0.0 0.0Financial income total 44.9 56.2Interest on leases -60.0 -70.7Other financial expenses -10.3 -25.4Interest expenses for liabilities measured at amortised cost -36.9 -46.0Interest rate swaps, fair value hedges 6.3 -Fair value adjustment to bond book value attributable to interest rate risk -6.3 -Financial expenses total -107.2 -142.2Foreign exchange gains and losses -5.8 13.7Financial expenses, net -68.1 -72.3In the effectiveness testing of the Group\u2019s hedge accounting, both cash flow and fair value hedging were found to be effective at year end 2024. Thus, as in the comparison year 2023, no inefficiency is included in the financial items for 2024. Financial income and expenses include an identical amount of profit and loss for fair value hedging instruments and for hedged items resulting from the hedged risk.In 2024, foreign exchange gains and losses recognised in financial expenses consist of a net realised exchange gain of 25.1 million euros and a net unrealised exchange loss of 30.9 million euros which were mostly caused by strenghtening of US dollar relative to euro. During the year 2024, 4.0 million euros of interest expense was capitalised in connection with the A350 investment program (3.0). More information about the capitalised interest can be found in note 2.1 Fleet and other fixed assets.Other financial expenses include for example guarantee fees as well as interest and penalties related to taxes.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__92": {
"value": "3.2 Financial assets Financial assetsIn the Group, financial assets have been classified into the following categories according to the IFRS 9 standard \u201cFinancial Instruments\u201d: amortised cost and fair value through profit and loss. The classification is made at the time of the original acquisition based on the objective of the business model and the characteristics of contractual cash flows of the investment, or by applying a fair value option. All purchases and sales of financial assets are recognised on the trade date.Financial assets at fair value through profit and loss include such assets as investments in bonds and money market funds. Financial assets at fair value through profit and loss have mainly been acquired to obtain a gain from short-term changes in market prices. All those derivatives that do not fulfil the conditions for the application of hedge accounting are classified as financial assets at fair value through profit and loss and are valued at fair value in each financial statement. Realised and unrealised gains and losses arising from changes in fair value are recognised in the income statement in the period in which they arise. Financial assets recognised at fair value through profit and loss, as well as those maturing within 12 months, are included in current assets.In Finnair Group, unquoted shares are valued at their acquisition price in the absence of a reliable fair value.Investments in debt securities are measured at amortised cost, but only when the objective of the business model is to hold the asset to collect the contractual cash flows and the asset\u2019s contractual cash flows represent only payments of principal and interest. Financial assets recognised at amortised cost are valued using the effective interest method. Financial assets valued at amortised cost include trade receivables and security deposits for aircraft operating lease agreements. Due to the nature of short-term receivables and other receivables, their book value is expected to be equal to the fair value.Derecognition of financial assets takes place when the Group has lost its contractual right to receive cash flows or when it has substantially transferred the risks and rewards outside the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__91": {
"value": "3.2 Financial assets Financial assetsIn the Group, financial assets have been classified into the following categories according to the IFRS 9 standard \u201cFinancial Instruments\u201d: amortised cost and fair value through profit and loss. The classification is made at the time of the original acquisition based on the objective of the business model and the characteristics of contractual cash flows of the investment, or by applying a fair value option. All purchases and sales of financial assets are recognised on the trade date.Financial assets at fair value through profit and loss include such assets as investments in bonds and money market funds. Financial assets at fair value through profit and loss have mainly been acquired to obtain a gain from short-term changes in market prices. All those derivatives that do not fulfil the conditions for the application of hedge accounting are classified as financial assets at fair value through profit and loss and are valued at fair value in each financial statement. Realised and unrealised gains and losses arising from changes in fair value are recognised in the income statement in the period in which they arise. Financial assets recognised at fair value through profit and loss, as well as those maturing within 12 months, are included in current assets.In Finnair Group, unquoted shares are valued at their acquisition price in the absence of a reliable fair value.Investments in debt securities are measured at amortised cost, but only when the objective of the business model is to hold the asset to collect the contractual cash flows and the asset\u2019s contractual cash flows represent only payments of principal and interest. Financial assets recognised at amortised cost are valued using the effective interest method. Financial assets valued at amortised cost include trade receivables and security deposits for aircraft operating lease agreements. Due to the nature of short-term receivables and other receivables, their book value is expected to be equal to the fair value.Derecognition of financial assets takes place when the Group has lost its contractual right to receive cash flows or when it has substantially transferred the risks and rewards outside the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__89": {
"value": "3.2 Financial assets Financial assetsIn the Group, financial assets have been classified into the following categories according to the IFRS 9 standard \u201cFinancial Instruments\u201d: amortised cost and fair value through profit and loss. The classification is made at the time of the original acquisition based on the objective of the business model and the characteristics of contractual cash flows of the investment, or by applying a fair value option. All purchases and sales of financial assets are recognised on the trade date.Financial assets at fair value through profit and loss include such assets as investments in bonds and money market funds. Financial assets at fair value through profit and loss have mainly been acquired to obtain a gain from short-term changes in market prices. All those derivatives that do not fulfil the conditions for the application of hedge accounting are classified as financial assets at fair value through profit and loss and are valued at fair value in each financial statement. Realised and unrealised gains and losses arising from changes in fair value are recognised in the income statement in the period in which they arise. Financial assets recognised at fair value through profit and loss, as well as those maturing within 12 months, are included in current assets.In Finnair Group, unquoted shares are valued at their acquisition price in the absence of a reliable fair value.Investments in debt securities are measured at amortised cost, but only when the objective of the business model is to hold the asset to collect the contractual cash flows and the asset\u2019s contractual cash flows represent only payments of principal and interest. Financial assets recognised at amortised cost are valued using the effective interest method. Financial assets valued at amortised cost include trade receivables and security deposits for aircraft operating lease agreements. Due to the nature of short-term receivables and other receivables, their book value is expected to be equal to the fair value.Derecognition of financial assets takes place when the Group has lost its contractual right to receive cash flows or when it has substantially transferred the risks and rewards outside the Group.Impairment of financial assetsFinnair Group recognises impairment provisions based on lifetime expected credit losses from trade receivables in accordance with IFRS 9. Finnair has chosen to apply a simplified credit loss matrix for trade receivables as trade receivables do not have a significant financing component. Accordingly, the credit loss allowance is measured at an amount equal to the lifetime expected credit losses. The expected credit loss model is forward-looking, and expected default rates are based on historical realised credit losses. The lifetime expected credit loss allowance is calculated using the gross carrying amount of outstanding trade receivables in each aging bucket and an expected default rate. The changes in expected credit losses are recognised in other expenses in the consolidated income statement. More information on the credit loss provision on trade receivables can be found in note 1.2.3. Receivables related to revenue.The impairment model does not apply to financial investments, such as bonds and money market funds, included in other financial assets as those are measured at fair value through profit and loss under IFRS 9, which already takes into account expected credit losses. With respect to the assets measured at amortised cost, Finnair is actively following such instruments and will recognise impairment through profit and loss if there is evidence of deterioration in credit quality.Cash and cash equivalentsCash and cash equivalents consist of cash reserves and short-term bank deposits with maturity of less than three months. Foreign exchange-denominated items have been converted to euro using the mid-market exchange rates on the closing date. 3.2.1 Other current financial assetsEUR mill. 2024 2023Commercial paper, certificates and bonds 73.2 53.4Money market funds 589.5 723.4Unlisted shares 2.2 -Total 664.9 776.8Ratings of counterpartiesBetter than AA 19.8 -BBB 29.6 21.7BB 4.9 3.9Unrated 610.6 751.2Total 664.9 776.8As of 31 December 2024, investments in instruments issued by unrated counterparties mostly include investments in money market funds (EUR 723.4 million euros).The Group\u2019s financial asset investments and risk management policy are described in more detail in Note 3.5. The IFRS classifications and fair values of the financial assets are presented in Note 3.6.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__94": {
"value": "Impairment of financial assetsFinnair Group recognises impairment provisions based on lifetime expected credit losses from trade receivables in accordance with IFRS 9. Finnair has chosen to apply a simplified credit loss matrix for trade receivables as trade receivables do not have a significant financing component. Accordingly, the credit loss allowance is measured at an amount equal to the lifetime expected credit losses. The expected credit loss model is forward-looking, and expected default rates are based on historical realised credit losses. The lifetime expected credit loss allowance is calculated using the gross carrying amount of outstanding trade receivables in each aging bucket and an expected default rate. The changes in expected credit losses are recognised in other expenses in the consolidated income statement. More information on the credit loss provision on trade receivables can be found in note 1.2.3. Receivables related to revenue.The impairment model does not apply to financial investments, such as bonds and money market funds, included in other financial assets as those are measured at fair value through profit and loss under IFRS 9, which already takes into account expected credit losses. With respect to the assets measured at amortised cost, Finnair is actively following such instruments and will recognise impairment through profit and loss if there is evidence of deterioration in credit quality.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__96-1": {
"value": "Cash and cash equivalentsCash and cash equivalents consist of cash reserves and short-term bank deposits with maturity of less than three months. Foreign exchange-denominated items have been converted to euro using the mid-market exchange rates on the closing date.3.2.2 Cash and cash equivalentsEUR mill. 2024 2023Cash and bank deposits 219.1 145.1Total 219.1 145.1The items include cash and bank deposits realised on demand. Foreign currency cash and bank deposits have been valued using the closing date mid-market exchange rates. The reconciliation of cash and cash equivalents is illustrated in the notes of the consolidated cash flow statement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__95": {
"value": "Cash and cash equivalentsCash and cash equivalents consist of cash reserves and short-term bank deposits with maturity of less than three months. Foreign exchange-denominated items have been converted to euro using the mid-market exchange rates on the closing date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__99": {
"value": "3.3 Financial liabilities Financial liabilitiesFinnair Group\u2019s financial liabilities are classified into two different classes: amortised cost and fair value through profit and loss. Financial liabilities are initially recognised at fair value on the basis of the original consideration received. Transaction costs have been included in the original book value of financial liabilities. Thereafter, all non-derivative financial liabilities are valued at amortised cost using the effective interest method. Financial liabilities are included in long- and short-term liabilities, and they can be interest-bearing or non-interest-bearing. Loans that are due for payment within 12 months are presented in the short-term liabilities. Foreign currency loans are valued at the mid-market exchange rate on the closing date, and translation differences are recognised in the financial items.Accounts payable are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method.Derecognition of financial liabilities takes place when the Group has fulfilled the contractual obligations.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__101": {
"value": "3.4 Contingent liabilitiesEUR mill. 2024 2023Guarantees on behalf of group companies 58.2 51.5Total 58.2 51.5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__103": {
"value": "Fuel price risk in flight operationsFuel price risk means the cash flow and financial performance uncertainty arising from fuel price fluctuations.Finnair hedges against jet fuel price fluctuations using jet fuel forward contracts and options. The Jet Fuel CIF Cargoes NWE index is used as the underlying asset of jet fuel derivatives, since approximately 63 per cent of Finnair\u2019s fuel purchase contracts are based on the benchmark price index for Northwest Europe jet fuel deliveries.Finnair applies the principle of time-diversification in its fuel hedging. Finnair updated its risk management policy in December 2023, and hedging horizon was extended from 12 months to 18 months. The risk management policy states that hedging ratio must be increased during each quarter of the year, so that for the first three months of the hedging period the hedge ratio is approximately between 70 per cent and 95 per cent, with target ratio being 80 per cent. Thereafter, lower hedge ratio limits apply for each quarter. Due to hedging, the fuel cost per period is not as low as the spot-based price when prices fall, but when spot prices rise, the fuel cost rises more slowly.The hedges of jet fuel consumption are treated as cash flow hedges in accounting, in accordance with the hedge accounting principles of IFRS 9. During 2024, Finnair has hedged the jet fuel price risk in its entirety, without separating it into underlying risk components, such as crude oil price risk. However, Finnair has used proxy hedging for certain layer components of its jet fuel consumption, as described below.In the hedging of jet fuel price risk, Finnair Group designates layer components of its jet fuel consumption as hedged items. The layer components are defined as jet fuel consumption linked to different jet fuel price benchmarks. The first layer is defined as jet fuel purchases based on the Jet Fuel CIF Cargoes NWE index, with consumption linked to other price benchmarks, notably Cargoes FOB Singapore, representing other layers. Since the Jet Fuel CIF Cargoes NWE index is used as the underlying of all jet fuel derivatives, they are designated as proxy hedges for consumption based on other price benchmarks. Therefore, ineffectiveness may arise if the correlation between the NWE index and the price benchmark for the underlying consumption is not high enough for the fair value changes in the hedged item and the hedging instrument to be exactly offsetting. Any ineffectiveness resulting from overhedging or insufficient correlation is recognised in fair value changes in derivatives and changes in exchange rates of fleet overhauls.Emission price riskEmission price risk means the cash flow and financial performance uncertainty arising from emission price fluctuations related to emissions trading schemes (EU-ETS and UK-ETS). On the closing date, all requirements for calendar year 2024 were covered, and Finnair had hedged approximately 58% of its exposure for year 2025 with forward purchase agreements. Finnair has entered into these forward purchase agreements to hedge against emission price fluctuations. Forward purchase agreements qualify for own use exemption and are not accounted for as a financial instrument under IFRS 9. Total value of these forward purchase agreements equals approximately 45 million euros.MaturityTiming of the notional Hedged price Notional amount and hedged price$/tonne(tonnes)Under 1 year 1 to 2 years31 December 2024Jet fuel consumption priced with NWE index 785.2 776,284 660,284 116,000Jet fuel consumption priced with SING index 801.6 52,716 52,716 -31 December 2023Jet fuel consumption priced with NWE index 892.1 655,264 626,264 29,000 Jet fuel consumption priced with SING index 918.3 21,736 21,736 - The average hedged price of the instruments hedging highly probable jet fuel purchases is calculated by taking into account only the hedging (bought) leg of collar option structures, and therefore represents the least favorable hedged rate. The most favorable rate, calculated by including only the sold leg of collar option structures, is 758.35 US dollars per tonne for NWE consumption, and 779.54 US dollars for SING consumption. Options excluded from hedge accounting are excluded in both cases.At the end of the financial year, Finnair had hedged 77 per cent of its forecasted fuel purchases for the first six months of 2025 and 46 per cent of the purchases for the second half of the year. In the financial year 2024, fuel used in flight operations accounted for approximately 34 per cent of Group\u2019s turnover. At the end of the financial year, the forecast for 2025 is approximately 37 per cent of the Group\u2019s turnover. On the closing date, a 10 per cent rise in the market price of jet fuel \u2013 excluding hedging activity \u2013 increases annual fuel costs by an estimated 76 million euros. On the closing date \u2013 taking hedging into account \u2013 a 10 per cent rise in the market price of jet fuel lowers the operating profit by around 37 million euros.Foreign exchange riskForeign exchange risk means the uncertainty in cash flows and financial performance arising from exchange rate fluctuations.Finnair Group\u2019s foreign exchange risk mainly arises from fuel purchases, aircraft lease liabilities, acquisition and divestment of aircraft, aircraft maintenance, overflight royalties and foreign currency revenue. About 59 per cent of the Group\u2019s revenue is denominated in euros. The most important foreign revenue currencies are the US dollar (10 per cent, percentage of revenue), the Japanese yen (5 per cent) and the British pound sterling (4 per cent). Approximately 41 per cent Group\u2019s operating costs are denominated in foreign currencies. The most important purchasing currency is the US dollar, which accounts for approximately 35 per cent of all operating costs. The most significant US dollar-denominated expense is fuel costs. The largest investments \u2013 aircraft and their spare parts \u2013 are also mainly made in US dollars.The risk management policy divides the foreign exchange position into three parts, namely exposure to forecasted cash flows, balance sheet position and investment position.The cash flow exposure mainly consists of sales denominated in a number of different currencies and US dollar-denominated expenses. Forecasted jet fuel purchases, aircraft materials and overhaul expenses and traffic charges form a group of similar items that are hedged with the same hedging instrument. The purpose of currency risk hedging \u2013 for cash flow exposure \u2013 is to reduce the volatility of cash flows and the comparable operating result due to fluctuating currency prices. This is done using a layered hedging strategy for the two biggest sources of currency risk and utilising diversification benefits of the portfolio of various currencies. The contracts are timed to mature when the cash flows from operating expenses are expected to be settled. The hedging limits are set only for the main contributors to currency risk: the Japanese yen and the US dollar basket consisting of the US dollar and the Hong Kong dollar. Finnair updated its risk management policy in December 2023, and hedging horizon for both Japanese yen and US dollar basket was extended from 12 months to 18 months. The hedging horizon of 18 months is divided into six three-month periods. The risk management policy states that hedging ratio must be increased during each quarter of the year, so that for the first three months of the hedging period the hedge ratio is approximately between 70 per cent and 95 per cent, with target ratio being 80 per cent. Thereafter, lower hedge ratio limits apply for each quarter.The investment position includes all foreign currency denominated aircraft investments for which a binding purchase agreement has been signed as well as commitments for sale and leaseback transactions in the next four years. According to its risk management policy, Finnair Group hedges 50-100% of its aircraft investment exposure. New hedges of investments in aircraft are made as an IFRS 9 fair value hedge of a firm commitment.Balance sheet exposure consists of foreign currency denominated financial assets and liabilities, as well as other foreign currency denominated balance sheet items, such as provisions, trade receivables, trade payables and assets held for sale. Maximum hedge ratio for balance sheet position is 100% and minimum is 0%.At the end of the financial year, Finnair had a hedge level for net operating cash flows of 58 per cent in the USD-basket and 56 per cent in JPY for the coming 12 months. On the closing date \u2013 excluding hedges \u2013 a 10 per cent strengthening of the US dollar against the euro has a negative impact on the 12-month operating result of around 70 million euros and a 10 per cent weakening of the Japanese yen against the euro has a negative impact of around 15 million euros. On the closing date \u2013 taking hedging into account \u2013 a 10 per cent strengthening of the US dollar weakens the operating result by around 30 million euros and a 10 per cent weakening of the Japanese yen weakens the operating result by around 6 million euros. In the above numbers, the USD-basket risk includes the Hong Kong dollar, which historical correlation with the US dollar is high.The hedge levels for balance sheet position at the end of the financial year were 92 per cent for USD and 78 per cent for Japanese yen. Sensitivities of the balance sheet position are as follows: on the closing date \u2013 excluding hedges \u2013 a 10 per cent strengthening of the US dollar against the euro has a negative impact on the net result of around 101 million euros and a 10 per cent strengthening of the Japanese yen against the euro has a negative impact of around 4 million euro. On the closing date \u2013 taking hedging into account \u2013 a 10 per cent strengthening of the US dollar weakens the result by around 9 million euros and a 10 per cent strengthening of the Japanese yen weakens the result by around 0.9 million euros.MaturityTiming of the notional Notional amount Less than EUR mill. 31 December 2024(gross)1 year 1 to 2 years 2 to 4 yearsUSD 1 156,5 829,3 228,9 98,4JPY 136,7 131,7 5,1Cross-currency interest rate swaps are included in the nominal amount calculation.Foreign exchange P&L exposure EUR mill. 31 December 2024 JPY USD-basketNet forecasted operating cash flows, next 12m 168.2 -718.4Foreign exchange P&L exposure EUR mill. 31 December 2024 JPY USD-basketNet operating cash flow hedges, next 12m -102.3 430.3Weighted average exchange rate of hedging instruments against the euro 158.68 1.09Foreign exchange exposure from operating cash flows after hedging, next 12m 66.0 -288.1The average exchange rate of the instruments hedging highly probable forecasted sales and purchases denominated in foreign currencies is calculated by taking into account only the hedging (bought) leg of collar option structures, and therefore represents the least favorable hedged rate. The most favorable rate, calculated by including only the sold leg of collar option structures, is 1.10 for USD contracts and 152.09 for JPY instruments.Foreign exchange balance sheet exposure EUR mill. 31 December 2024 JPY USDNet balance sheet items -39.7 -676.7Net hedges of balance sheet items 30.9 589.8Weighted average exchange rate of hedging instruments against the euro 162.07 1.07Foreign exchange exposure from balance sheet items after hedging -8.8 -86.8Foreign exchange investment exposure EUR mill. 31 December 2024 USDNet investment position -147.1Net hedges of investment position 75.4Weighted average exchange rate of hedging instruments against the euro 1.09Foreign exchange exposure from investment position after hedging -71.7Foreign exchange P&L exposure EUR mill. 31 December 2023 JPY USD-basketNet forecasted operating cash flows, next 12m 136.3 -639.7Net operating cash flow hedges, next 12m -69.8 373.2Weighted average exchange rate of hedging instruments against the euro 152.09 1.09Foreign exchange exposure from operating cash flows after hedging, next 12m 66.6 -266.5Foreign exchange balance sheet exposure EUR mill. 31 December 2023 JPY USDNet balance sheet items -39.3 -718.6Net hedges of balance sheet items 33.4 590.9Weighted average exchange rate of hedging instruments against the euro 155.92 1.09Foreign exchange exposure from balance sheet items after hedging -5.9 -127.7Foreign exchange investment exposure EUR mill. 31 December 2023 USDNet investment position -289.2Net hedges of investment position 158.9Weighted average exchange rate of hedging instruments against the euro 1.11Foreign exchange exposure from investment position after hedging -130.3Interest rate riskInterest rate risk means the cash flow, financial performance and balance sheet uncertainty arising from interest rate fluctuations.In Finnair Group, the interest rate risk is measured using the interest rate re-fixing period. If necessary, interest rate derivatives are used to adjust the interest rate re-fixing period. According to the risk management policy, the mandate for the investment portfolio\u2019s interest rate re-fixing period is 0-12 months and for interest-bearing liabilities 36-72 months. On the closing date, the investment portfolio\u2019s interest rate re-fixing period was approximately 3 months and approximately 56 months for interest-bearing liabilities. On the closing date, a one percentage point rise in interest rates increases the annual interest income of the investment portfolio by approximately 6.0 million euros and the interest expenses of the loan portfolio by approximately 4.7 million euros. The situation as of December 29 2023 is a reasonable representation of conditions throughout the year given the current market environment.Future lease agreements expose the group to interest rate risk, as the interest rate is one component of the lease price. The interest rate is fixed when the lease payments start. If necessary, the group can hedge this exposure with cash flow hedges. MaturityTiming of the notional Notional amount Less than EUR mill. 31 December 2024(gross)1 year 1 to 2 years 2 to 4 yearsInterest rate derivatives 592.0 103.7 139.9 348.4Cross-currency interest rate swaps are included in the nominal amount calculation. Finnair has not entered into any interest rate derivatives on which it is paying a fixed rate.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__108": {
"value": "At the end of the financial year, Finnair had a hedge level for net operating cash flows of 58 per cent in the USD-basket and 56 per cent in JPY for the coming 12 months. On the closing date \u2013 excluding hedges \u2013 a 10 per cent strengthening of the US dollar against the euro has a negative impact on the 12-month operating result of around 70 million euros and a 10 per cent weakening of the Japanese yen against the euro has a negative impact of around 15 million euros. On the closing date \u2013 taking hedging into account \u2013 a 10 per cent strengthening of the US dollar weakens the operating result by around 30 million euros and a 10 per cent weakening of the Japanese yen weakens the operating result by around 6 million euros. In the above numbers, the USD-basket risk includes the Hong Kong dollar, which historical correlation with the US dollar is high.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__104": {
"value": "Credit riskThe Group is exposed to counterparty risk when investing its cash reserves and when using derivative instruments. The credit risk is managed by only making contracts with financially sound domestic and foreign banks, financial institutions and brokers, within the framework of the risk management policy for counterparty risk limits. Liquid assets are also invested in money market funds, bonds and commercial papers issued by conservatively selected companies, according to company-specific limits. This way, risk exposure to any single counterparty is not significant. Changes in the fair value of Group loans arises from changes in FX and interest rates, not from credit risk. The Group\u2019s credit risk exposure arises from other current financial assets presented in note 3.2.1, cash and cash equivalents presented in note 3.2.2, trade receivables presented in note 1.2.3 and derivatives presented in note 3.8.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__105": {
"value": "Liquidity riskThe goal of the Finnair Group is to maintain good liquidity. Liquidity is ensured by cash reserves, bank account limits, liquid money market investments and committed credit facilities. Counterparties of groups\u2019 long term loans are solid financial institutions with good reputations.Finnair executed several financing transactions to strenghten its balance sheet and maintain liquidity levels during 2024. During Q2, Finnair agreed on a new secured revolving credit facility of 200 million euros and issued a new 500-million-euro senior unsecured bond maturing in May 2029. During Q4, Finnair financed its 18th A350 aircraft with export credit support in excess of 100 million euros. Bond maturing in May 2025 and pension premium loan have been repaid in entirety during 2024.The Group\u2019s cash funds were 884.0 million euro at the end of financial year 2024. Revolving credit facility of 200 million euro was undrawn on 31 December 2024. It has a financial covenant of net debt to EBITDA ratio of 3.75 or less. On the closing date, Finnair\u2019s net debt to EBITDA was 2.0. Finnair has a domestic commercial paper program of 200 million euro, which was not in use as of the closing date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__106": {
"value": "Capital managementThe aim of Finnair\u2019s capital management is to secure access to the capital markets at all times despite the volatile business environment, as well as to support future business development. Through maintaining an optimal capital structure the Group also aims to minimize the cost of capital and maximize the return on capital employed. The capital structure is influenced via, for example, dividend distribution and share issues. The Group can vary and adjust the level of dividends paid to shareholders, the amount of capital returned to them or the number of new shares issued. The Group can also decide on sales of asset items in order to reduce debt.S&P Global Ratings has assigned a long-term issuer credit rating of BB+ to Finnair Plc, with a stable outlook. A public rating enables deeper funding sources from the debt capital markets and increases the execution certainty of financing transactions.The development of the Group\u2019s capital structure is continuously monitored using the adjusted gearing ratio and net debt to EBITDA ratio. When calculating adjusted gearing, adjusted interest-bearing net debt is divided by the amount of shareholders\u2019 equity. The Group\u2019s adjusted gearing at the end of 2024 was 154.8 per cent (192.8), and net debt to EBITDA was 2.0 (2.2).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__110-1": {
"value": "3.6 Classification of financial assets and liabilitiesHedge Fair value accounting through profit Amortised EUR mill.itemsand losscost Book value31 Dec 2024Financial assetsReceivables - - 59.6 59.6Other financial assets - 664.9 - 664.9Trade receivables and other receivables - - 250.5 250.5Derivatives 55.3 11.2 - 66.5Cash and cash equivalents - - 219.1 219.1Book value total 55.3 676.1 529.2 1,260.7Fair value total 55.3 676.1 529.2 1,260.7Financial liabilitiesInterest-bearing liabilities - - 860.8 860.8Lease liabilities - - 1,004.4 1,004.4Derivatives 62.6 0.0 - 62.6Trade payables and other liabilities - - 240.4 240.4Book value total 62.6 0.0 2,105.7 2,168.3Fair value total 62.6 0.0 1,868.8 1,931.4Hedge Fair value accounting through profit Amortised EUR mill.itemsand losscost Book value31 Dec 2023Financial assetsReceivables - - 2.6 2.6Other financial assets - 776.8 - 776.8Trade receivables and other receivables - - 289.0 289.0Derivatives 10.0 1.8 - 11.8Cash and cash equivalents - - 145.1 145.1Book value total 10.0 778.6 436.7 1,225.3Fair value total 10.0 778.6 436.7 1,225.3Financial liabilitiesInterest-bearing liabilities - - 910.6 910.6Lease liabilities - - 1,115.0 1,115.0Derivatives 34.4 8.9 - 43.4Trade payables and other liabilities - - 274.1 274.1Book value total 34.4 8.9 2,299.7 2,343.0Fair value total 34.4 8.9 1,990.9 2,034.2Fair value hierarchy of financial assets and liabilities valued at fair valueFair values at the end of the reporting periodEUR mill. 31 Dec 2024 Level 1 Level 2AssetsFinancial assets at fair valueSecurities held for trading 664.9 589.5 75.4DerivativesCurrency and interest rate swaps and options 37.0 37.0 - of which in fair value hedge accountingCurrency derivatives 23.2 - 23.2 - of which in fair value hedge accounting 1.8 - 1.8 - of which in cash flow hedge accounting 20.7 - 20.7Commodity derivatives 6.4 - 6.4 - of which in cash flow hedge accounting 6.4 - 6.4Total 731.5 589.5 141.9LiabilitiesFinancial liabilities at fair valueDerivativesCurrency and interest rate swaps and options 20.1 - 20.1 - of which in fair value hedge accounting -Currency derivatives 1.0 - 1.0 - of which in cash flow hedge accounting 0.9 - 0.9Commodity derivatives 41.6 - 41.6 - of which in cash flow hedge accounting 41.6 - 41.6Total 62.6 - 62.6During the financial year, no significant transfers took place between fair value hierarchy Levels 1 and 2.The fair values of hierarchy Level 1 are fully based on quoted (unadjusted) prices in active markets of the same assets and liabilities.The fair values of Level 2 instruments are, to a significant extent, based on input data other than the quoted prices included in Level 1, but still mainly based on directly observable data (price) or indirectly observable data (derived from price) for the particular asset or liability.On the other hand, the fair values of Level 3 instruments are based on asset or liability input data that is not based on observable market information (unobservable inputs). The fair values are based on confirmations supplied by counterparties, based on generally accepted valuation models.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__113": {
"value": "3.7 Offsetting financial assets and liabilitiesEUR mill. 2024 2023Derivative assets gross amounts 66.5 11.8Amounts of financial assets presented in the balance sheet 66.5 11.8Enforceable master netting agreement -49.7 -11.8Derivative assets net amount 16.9 0.0EUR mill. 2024 2023Derivative liabilities gross amounts -62.6 -43.4Amounts of financial liabilities presented in the balance sheet -62.6 -43.4Enforceable master netting agreement 49.7 11.8Derivative liabilities net amount -13.0 -31.5For the above financial assets and liabilities, subject to enforceable master netting arrangements or similar arrangements, each agreement between the Group and the counterparty allows net settlement of the relevant financial assets and liabilities when both parties choose to settle on a net basis. In the absence of such mutual decision, financial assets and liabilities will be settled on a gross basis. However, each party of the master netting agreement, or similar agreement, will have the option to settle on a net basis in the event of default of the other party. Depending on the terms of each agreement, an event of default includes failure by a party to make a payment when due, failure by a party to perform any obligation required by the agreement (other than payment), if such failure is not remedied within periods of 30 to 60 days after notice of such failure is given to the party, or bankruptcy.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
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"f0__s8__6__116": {
"value": "3.8 Derivatives Derivative contracts and hedge accountingAccording to its risk management policy, Finnair Group uses foreign currency, interest rate and commodity derivatives to reduce the exchange rate, interest rate and commodity risks which arise from the Group\u2019s balance sheet items, foreign currency denominated purchase agreements, anticipated foreign currency denominated purchases and sales as well as future jet fuel purchases. It is the Group\u2019s policy not to enter into derivative financial contracts for speculative purposes.The derivatives are initially recognised as well as subsequently valued at fair value in each financial statement and interim report. The fair values of the derivatives are based on the value at which the instrument could be exchanged between knowledgeable, willing and independent parties, with no compulsion to sell or buy in the sales situation. The fair values of derivatives are determined as follows:The fair values of all derivatives are calculated using the exchange rates, interest rates, volatilities and commodity price quotations on the closing date. The fair values of currency forward contracts are calculated as the present value of future cash flows. The fair values of currency options are calculated using the Black-Scholes option pricing model. The fair values of interest rate swap contracts are calculated as the present value of future cash flows. The fair values of cross-currency interest rate swap contracts are calculated as the present value of future cash flows. The fair values of interest rate options are calculated using generally accepted option valuation models. The fair values of commodity forward contracts are calculated as the present value of future cash flows. The fair values of commodity options are calculated using generally accepted option valuation models.The Group uses credit valuation adjustment for cross-currency interest rate swaps as the maturities of these derivatives are long. The credit valuation adjustment is not done for the rest of the derivatives as the maturities for these are short and the impact would not be material. Credit risk management is described in more detail in note 3.5.Gains and losses arising from changes in the fair value are presented in the financial statements according to the original classification of the derivative. Gains and losses on derivatives qualifying for hedge accounting are recognised in accordance with the nature of the risk being hedged. At inception, derivative contracts are designated as hedges of future cash flows, hedges of the fair value of recognised assets or liabilities and binding purchase contracts (cash flow hedges or fair value hedges) or as derivatives not meeting the hedge accounting criteria or to which hedge accounting is not applied (economic hedges). Hedging of the fair value of net investments of foreign units or embedded derivatives have not been used.At the inception of hedge accounting, Finnair Group documents the economic relationship and the hedge ratio between the hedged item and the hedging instrument, as well as the Group\u2019s risk management objectives and the strategy for the inception of hedging. At the inception of hedging, and at least at the time of each financial statement, the Group documents and assesses the effectiveness of hedge relationships by examining the past and prospective capacity of the hedging instrument to offset changes in the fair value of the hedged item or changes in cash flows. The values of derivatives in a hedging relationship are presented in the balance sheet item Short\u2013term financial asset and liabilities.Finnair Group implements the IFRS hedge accounting principles in the hedging of future cash flows (cash flow hedging). The principles are applied to the price and foreign currency risk of jet fuel, the foreign currency risk of lease payments and the foreign currency risk of highly probable future sales and costs denominated in foreign currencies. The IFRS fair value hedge accounting principles are applied to the hedging of foreign exchange and interest rate risk of aircraft.The change in the fair value of the effective portion of derivative instruments that have been designated and qualify as cash flow hedges are recognised in comprehensive income and presented within equity in the fair value reserve, to the extent that the requirements for the application of hedge accounting have been fulfilled and the hedge is effective. The gains and losses, recognised in the fair value reserve, are transferred to the income statement in the period in which the hedged item is recognised in the income statement. When a hedging instrument expires or is sold, terminated or exercised, or the criteria for cash flow hedge accounting are no longer fulfilled, but the hedged forecast transaction is still expected to occur, the cumulative gain or loss at that point remains in the hedge reserve and is recognised in accordance with the above policy when the transaction occurs. If the underlying hedged transaction is no longer expected to take place, the cumulative unrealised gain or loss recognised in the hedge reserve with respect to the hedging instrument is recognised immediately in the consolidated income statement.The effectiveness of hedging is tested on a quarterly basis. The effective portion of the hedges is recognised in the fair value reserve of other comprehensive income, from which it is transferred to the income statement when the hedged item is realised or, in terms of investments, as an acquisition cost adjustment.Fair value hedging is implemented on firm orders of new aircraft, and in order to hedge the fixed interest rate bond. The binding purchase agreements for new aircraft are treated as firm commitments under IFRS, and therefore, the fair value changes of the hedged part arising from foreign currency movements are recognised in the balance sheet as an asset item, and corresponding gains or losses recognised through profit and loss. Similarly, the fair value of instruments hedging these purchases is presented in the balance sheet as a liability or receivable, and the change in fair value is recognised in profit and loss.The gain or loss related to the effective portion of the interest rate swap, which hedges the fixed interest rate bond, is recognised as financial income or expenses in the income statement. The gain or loss related to the ineffective portion is recognised within other operating income and expenses in the income statement. The change in the fair value attributable to the interest rate risk of the hedged fixed interest rate loans is recognised in the financial expenses in the income statement.If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item, for which the effective interest method is used, is amortized to profit or loss over the period to maturity.Finnair Group uses cross-currency interest rate swaps in the hedging of the interest rate and foreign exchange risks of foreign currency denominated loans. Cross-currency interest rate swaps are excluded from hedge accounting, and therefore the fair value changes are recognised in derivative assets and liabilities in the balance sheet, as well as in the financial income and expenses in the income statement. The fair value changes of the loans are simultaneously recognised in the financial income and expenses. Realised foreign exchange rate differences, as well as interest income and expenses, are recognised in the financial income and expenses against the exchange rate differences and interest income and expenses of the loan.Finnair Group uses jet fuel swaps (forward contracts) and options in the hedging of jet fuel price risk. Unrealised gains and losses on derivatives hedging jet fuel, which are designated as cash flow hedges and fulfil the requirements of IFRS hedge accounting, are recognised in the hedging reserve within other comprehensive income. Accrued derivative gains and losses, recognised in shareholders\u2019 equity, are recognised as income or expense in the income statement in the same financial period as the hedged item is recognised in the income statement. If a forecasted cash flow is no longer expected to occur, and as a result the IFRS hedge accounting criteria are not fulfilled, the fair value changes and the accrued gains and losses reported in shareholders\u2019 equity are transferred to the items affecting comparability in the income statement. Changes in the fair value of jet fuel swaps and options excluded from hedge accounting are recognised in fair value changes in derivatives in the income statement, while the realised result is presented in fuel costs.For forward and option contracts, an economic relationship exists between the hedged item and the hedging instrument as the hedging instrument and the hedged item are expected to move in opposite directions because of the same underlying exposure. This is true for all hedge relationships except for the SING consumption hedged with NWE hedges (as described in section 3.5). In that case, the underlying is different, but the underlying hedged item (SING) and the hedge (NWE) have a historical correlation of 0.99. Therefore, it can be classified as a relationship where the underlying and the hedge are economically closely related. Ineffectiveness on fuel derivatives can also arise from timing differences on the notional amount between the hedged instrument and hedged item, significant changes in credit risk of parties to the hedging relationship and changes in the total amount of the hedged item, for instance if the underlying fuel consumption forecast is not accurate enough, that can result in overhedging. However, as Finnair usually hedges less than 100% of its exposure, the risk of overhedging is insignificant. Finnair has established a hedge ratio of 1:1 for hedging relationships.Finnair uses forward contracts and options to hedge its exposure to foreign currency denominated cash flows. The hedges of cash flows denominated in foreign currencies are treated as cash flow hedges in accounting, in accordance with the hedge accounting principles of IFRS 9. Unrealised gains and losses on hedges of forecasted cash flows qualifying for hedge accounting are recognised in the hedging reserve in OCI, while the change in the fair value of such hedges not qualifying for hedge accounting is recognised in Fair value changes in derivatives and changes in exchange rates of fleet overhauls in the income statement. The change in fair value recognised in the hedging reserve in equity is transferred to the income statement when the hedged transaction is realised. Forward points are included in the hedging instrument and in the hedge relationship. Potential sources of ineffectiveness include changes in the timing of the hedged item, significant changes in the credit risk of parties to the hedging relationship and changes in the total amount of the hedged item, for instance if the underlying cash flow forecast is not accurate enough, that can result in overhedging. However, as Finnair usually hedges less than 100% of its exposure, the risk of overhedging is insignificant. Realised profit or loss on derivatives hedging JPY-denominated operating cash flows is presented in revenue, realised profit or loss on derivatives hedging a group of similar USD costs is proportionally recognised in corresponding expense lines, while profit or loss on derivatives hedging cash flows denominated in other currencies is presented in Other expenses.The hedge ratio is defined as the relationship between the quantity of the hedging instrument and the quantity of the hedged item in terms of their relative weighting. With currency hedging, the hedge ratio is typically 1:1. For forward and option contracts, an economic relationship exists between the hedged item and the hedging instrument as there is an expectation that the value of the hedging instrument and the value of the hedged item would move in opposite directions because of the common underlying exposure.Changes in the fair value of interest rate derivatives not qualifying for hedge accounting are recognised in financial income and expenses in the income statement. Changes in the fair value as well as realised gain or loss on forward contracts used to hedge foreign currency denominated balance sheet items of Finnair Group are recognised in financial expenses. Changes in the fair value and the realised result of hedges of assets held for sale are recognised in Items affecting comparability.Cost of hedgingAt Finnair, the time value of an option is excluded from the designation of a financial instrument and accounted for as a cost of hedging. Upon initial recognition, Finnair defers any paid premium in the cost of hedging reserve within other comprehensive income. The fair value changes of the time value are recognised in the cost of hedging reserve within other comprehensive income. The premium will be transferred to the consolidated income statement in the same period that the underlying transaction affects the consolidated income statement for transaction-related hedges. As of 31 December 2024, Finnair has deferred premiums only on transaction-related hedges. Critical accounting estimates and sources of uncertaintyFinnair accounts for its cash flow hedges of forecasted foreign currency denominated purchases and sales and future jet fuel purchases in accordance with the IFRS 9. Under the hedge accounting principles, a forecast transaction can be designated as a hedged item only if that transaction is considered as highly probable. The evaluation of probability is based on the management forecasts about the future level of Finnair\u2019s operations and cash flows. Such forecasts require the use of management judgement and assumptions, which inherently contain some degree of uncertainty. Should the expected circumstances or outcome change in the future, the management would need to reassess whether a hedged forecast transaction is still highly likely to occur. This could be the case if, for example, the expected recovery and thus the expected jet fuel consumption levels would not realize as expected. Should the forecast transaction no longer be highly probable, it would no longer qualify as an eligible hedged item and hedge accounting would need to be discontinued. Should it no longer be expected to occur at all, the balance of the cash flow hedge reserve included in other comprehensive income would need to be reclassified to profit or loss.",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__115": {
"value": "3.8 Derivatives Derivative contracts and hedge accountingAccording to its risk management policy, Finnair Group uses foreign currency, interest rate and commodity derivatives to reduce the exchange rate, interest rate and commodity risks which arise from the Group\u2019s balance sheet items, foreign currency denominated purchase agreements, anticipated foreign currency denominated purchases and sales as well as future jet fuel purchases. It is the Group\u2019s policy not to enter into derivative financial contracts for speculative purposes.The derivatives are initially recognised as well as subsequently valued at fair value in each financial statement and interim report. The fair values of the derivatives are based on the value at which the instrument could be exchanged between knowledgeable, willing and independent parties, with no compulsion to sell or buy in the sales situation. The fair values of derivatives are determined as follows:The fair values of all derivatives are calculated using the exchange rates, interest rates, volatilities and commodity price quotations on the closing date. The fair values of currency forward contracts are calculated as the present value of future cash flows. The fair values of currency options are calculated using the Black-Scholes option pricing model. The fair values of interest rate swap contracts are calculated as the present value of future cash flows. The fair values of cross-currency interest rate swap contracts are calculated as the present value of future cash flows. The fair values of interest rate options are calculated using generally accepted option valuation models. The fair values of commodity forward contracts are calculated as the present value of future cash flows. The fair values of commodity options are calculated using generally accepted option valuation models.The Group uses credit valuation adjustment for cross-currency interest rate swaps as the maturities of these derivatives are long. The credit valuation adjustment is not done for the rest of the derivatives as the maturities for these are short and the impact would not be material. Credit risk management is described in more detail in note 3.5.Gains and losses arising from changes in the fair value are presented in the financial statements according to the original classification of the derivative. Gains and losses on derivatives qualifying for hedge accounting are recognised in accordance with the nature of the risk being hedged. At inception, derivative contracts are designated as hedges of future cash flows, hedges of the fair value of recognised assets or liabilities and binding purchase contracts (cash flow hedges or fair value hedges) or as derivatives not meeting the hedge accounting criteria or to which hedge accounting is not applied (economic hedges). Hedging of the fair value of net investments of foreign units or embedded derivatives have not been used.At the inception of hedge accounting, Finnair Group documents the economic relationship and the hedge ratio between the hedged item and the hedging instrument, as well as the Group\u2019s risk management objectives and the strategy for the inception of hedging. At the inception of hedging, and at least at the time of each financial statement, the Group documents and assesses the effectiveness of hedge relationships by examining the past and prospective capacity of the hedging instrument to offset changes in the fair value of the hedged item or changes in cash flows. The values of derivatives in a hedging relationship are presented in the balance sheet item Short\u2013term financial asset and liabilities.Finnair Group implements the IFRS hedge accounting principles in the hedging of future cash flows (cash flow hedging). The principles are applied to the price and foreign currency risk of jet fuel, the foreign currency risk of lease payments and the foreign currency risk of highly probable future sales and costs denominated in foreign currencies. The IFRS fair value hedge accounting principles are applied to the hedging of foreign exchange and interest rate risk of aircraft.The change in the fair value of the effective portion of derivative instruments that have been designated and qualify as cash flow hedges are recognised in comprehensive income and presented within equity in the fair value reserve, to the extent that the requirements for the application of hedge accounting have been fulfilled and the hedge is effective. The gains and losses, recognised in the fair value reserve, are transferred to the income statement in the period in which the hedged item is recognised in the income statement. When a hedging instrument expires or is sold, terminated or exercised, or the criteria for cash flow hedge accounting are no longer fulfilled, but the hedged forecast transaction is still expected to occur, the cumulative gain or loss at that point remains in the hedge reserve and is recognised in accordance with the above policy when the transaction occurs. If the underlying hedged transaction is no longer expected to take place, the cumulative unrealised gain or loss recognised in the hedge reserve with respect to the hedging instrument is recognised immediately in the consolidated income statement.The effectiveness of hedging is tested on a quarterly basis. The effective portion of the hedges is recognised in the fair value reserve of other comprehensive income, from which it is transferred to the income statement when the hedged item is realised or, in terms of investments, as an acquisition cost adjustment.Fair value hedging is implemented on firm orders of new aircraft, and in order to hedge the fixed interest rate bond. The binding purchase agreements for new aircraft are treated as firm commitments under IFRS, and therefore, the fair value changes of the hedged part arising from foreign currency movements are recognised in the balance sheet as an asset item, and corresponding gains or losses recognised through profit and loss. Similarly, the fair value of instruments hedging these purchases is presented in the balance sheet as a liability or receivable, and the change in fair value is recognised in profit and loss.The gain or loss related to the effective portion of the interest rate swap, which hedges the fixed interest rate bond, is recognised as financial income or expenses in the income statement. The gain or loss related to the ineffective portion is recognised within other operating income and expenses in the income statement. The change in the fair value attributable to the interest rate risk of the hedged fixed interest rate loans is recognised in the financial expenses in the income statement.If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item, for which the effective interest method is used, is amortized to profit or loss over the period to maturity.Finnair Group uses cross-currency interest rate swaps in the hedging of the interest rate and foreign exchange risks of foreign currency denominated loans. Cross-currency interest rate swaps are excluded from hedge accounting, and therefore the fair value changes are recognised in derivative assets and liabilities in the balance sheet, as well as in the financial income and expenses in the income statement. The fair value changes of the loans are simultaneously recognised in the financial income and expenses. Realised foreign exchange rate differences, as well as interest income and expenses, are recognised in the financial income and expenses against the exchange rate differences and interest income and expenses of the loan.Finnair Group uses jet fuel swaps (forward contracts) and options in the hedging of jet fuel price risk. Unrealised gains and losses on derivatives hedging jet fuel, which are designated as cash flow hedges and fulfil the requirements of IFRS hedge accounting, are recognised in the hedging reserve within other comprehensive income. Accrued derivative gains and losses, recognised in shareholders\u2019 equity, are recognised as income or expense in the income statement in the same financial period as the hedged item is recognised in the income statement. If a forecasted cash flow is no longer expected to occur, and as a result the IFRS hedge accounting criteria are not fulfilled, the fair value changes and the accrued gains and losses reported in shareholders\u2019 equity are transferred to the items affecting comparability in the income statement. Changes in the fair value of jet fuel swaps and options excluded from hedge accounting are recognised in fair value changes in derivatives in the income statement, while the realised result is presented in fuel costs.For forward and option contracts, an economic relationship exists between the hedged item and the hedging instrument as the hedging instrument and the hedged item are expected to move in opposite directions because of the same underlying exposure. This is true for all hedge relationships except for the SING consumption hedged with NWE hedges (as described in section 3.5). In that case, the underlying is different, but the underlying hedged item (SING) and the hedge (NWE) have a historical correlation of 0.99. Therefore, it can be classified as a relationship where the underlying and the hedge are economically closely related. Ineffectiveness on fuel derivatives can also arise from timing differences on the notional amount between the hedged instrument and hedged item, significant changes in credit risk of parties to the hedging relationship and changes in the total amount of the hedged item, for instance if the underlying fuel consumption forecast is not accurate enough, that can result in overhedging. However, as Finnair usually hedges less than 100% of its exposure, the risk of overhedging is insignificant. Finnair has established a hedge ratio of 1:1 for hedging relationships.Finnair uses forward contracts and options to hedge its exposure to foreign currency denominated cash flows. The hedges of cash flows denominated in foreign currencies are treated as cash flow hedges in accounting, in accordance with the hedge accounting principles of IFRS 9. Unrealised gains and losses on hedges of forecasted cash flows qualifying for hedge accounting are recognised in the hedging reserve in OCI, while the change in the fair value of such hedges not qualifying for hedge accounting is recognised in Fair value changes in derivatives and changes in exchange rates of fleet overhauls in the income statement. The change in fair value recognised in the hedging reserve in equity is transferred to the income statement when the hedged transaction is realised. Forward points are included in the hedging instrument and in the hedge relationship. Potential sources of ineffectiveness include changes in the timing of the hedged item, significant changes in the credit risk of parties to the hedging relationship and changes in the total amount of the hedged item, for instance if the underlying cash flow forecast is not accurate enough, that can result in overhedging. However, as Finnair usually hedges less than 100% of its exposure, the risk of overhedging is insignificant. Realised profit or loss on derivatives hedging JPY-denominated operating cash flows is presented in revenue, realised profit or loss on derivatives hedging a group of similar USD costs is proportionally recognised in corresponding expense lines, while profit or loss on derivatives hedging cash flows denominated in other currencies is presented in Other expenses.The hedge ratio is defined as the relationship between the quantity of the hedging instrument and the quantity of the hedged item in terms of their relative weighting. With currency hedging, the hedge ratio is typically 1:1. For forward and option contracts, an economic relationship exists between the hedged item and the hedging instrument as there is an expectation that the value of the hedging instrument and the value of the hedged item would move in opposite directions because of the common underlying exposure.Changes in the fair value of interest rate derivatives not qualifying for hedge accounting are recognised in financial income and expenses in the income statement. Changes in the fair value as well as realised gain or loss on forward contracts used to hedge foreign currency denominated balance sheet items of Finnair Group are recognised in financial expenses. Changes in the fair value and the realised result of hedges of assets held for sale are recognised in Items affecting comparability.Cost of hedgingAt Finnair, the time value of an option is excluded from the designation of a financial instrument and accounted for as a cost of hedging. Upon initial recognition, Finnair defers any paid premium in the cost of hedging reserve within other comprehensive income. The fair value changes of the time value are recognised in the cost of hedging reserve within other comprehensive income. The premium will be transferred to the consolidated income statement in the same period that the underlying transaction affects the consolidated income statement for transaction-related hedges. As of 31 December 2024, Finnair has deferred premiums only on transaction-related hedges. Critical accounting estimates and sources of uncertaintyFinnair accounts for its cash flow hedges of forecasted foreign currency denominated purchases and sales and future jet fuel purchases in accordance with the IFRS 9. Under the hedge accounting principles, a forecast transaction can be designated as a hedged item only if that transaction is considered as highly probable. The evaluation of probability is based on the management forecasts about the future level of Finnair\u2019s operations and cash flows. Such forecasts require the use of management judgement and assumptions, which inherently contain some degree of uncertainty. Should the expected circumstances or outcome change in the future, the management would need to reassess whether a hedged forecast transaction is still highly likely to occur. This could be the case if, for example, the expected recovery and thus the expected jet fuel consumption levels would not realize as expected. Should the forecast transaction no longer be highly probable, it would no longer qualify as an eligible hedged item and hedge accounting would need to be discontinued. Should it no longer be expected to occur at all, the balance of the cash flow hedge reserve included in other comprehensive income would need to be reclassified to profit or loss.",
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"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__114": {
"value": "3.8 Derivatives Derivative contracts and hedge accountingAccording to its risk management policy, Finnair Group uses foreign currency, interest rate and commodity derivatives to reduce the exchange rate, interest rate and commodity risks which arise from the Group\u2019s balance sheet items, foreign currency denominated purchase agreements, anticipated foreign currency denominated purchases and sales as well as future jet fuel purchases. It is the Group\u2019s policy not to enter into derivative financial contracts for speculative purposes.The derivatives are initially recognised as well as subsequently valued at fair value in each financial statement and interim report. The fair values of the derivatives are based on the value at which the instrument could be exchanged between knowledgeable, willing and independent parties, with no compulsion to sell or buy in the sales situation. The fair values of derivatives are determined as follows:The fair values of all derivatives are calculated using the exchange rates, interest rates, volatilities and commodity price quotations on the closing date. The fair values of currency forward contracts are calculated as the present value of future cash flows. The fair values of currency options are calculated using the Black-Scholes option pricing model. The fair values of interest rate swap contracts are calculated as the present value of future cash flows. The fair values of cross-currency interest rate swap contracts are calculated as the present value of future cash flows. The fair values of interest rate options are calculated using generally accepted option valuation models. The fair values of commodity forward contracts are calculated as the present value of future cash flows. The fair values of commodity options are calculated using generally accepted option valuation models.The Group uses credit valuation adjustment for cross-currency interest rate swaps as the maturities of these derivatives are long. The credit valuation adjustment is not done for the rest of the derivatives as the maturities for these are short and the impact would not be material. Credit risk management is described in more detail in note 3.5.Gains and losses arising from changes in the fair value are presented in the financial statements according to the original classification of the derivative. Gains and losses on derivatives qualifying for hedge accounting are recognised in accordance with the nature of the risk being hedged. At inception, derivative contracts are designated as hedges of future cash flows, hedges of the fair value of recognised assets or liabilities and binding purchase contracts (cash flow hedges or fair value hedges) or as derivatives not meeting the hedge accounting criteria or to which hedge accounting is not applied (economic hedges). Hedging of the fair value of net investments of foreign units or embedded derivatives have not been used.At the inception of hedge accounting, Finnair Group documents the economic relationship and the hedge ratio between the hedged item and the hedging instrument, as well as the Group\u2019s risk management objectives and the strategy for the inception of hedging. At the inception of hedging, and at least at the time of each financial statement, the Group documents and assesses the effectiveness of hedge relationships by examining the past and prospective capacity of the hedging instrument to offset changes in the fair value of the hedged item or changes in cash flows. The values of derivatives in a hedging relationship are presented in the balance sheet item Short\u2013term financial asset and liabilities.Finnair Group implements the IFRS hedge accounting principles in the hedging of future cash flows (cash flow hedging). The principles are applied to the price and foreign currency risk of jet fuel, the foreign currency risk of lease payments and the foreign currency risk of highly probable future sales and costs denominated in foreign currencies. The IFRS fair value hedge accounting principles are applied to the hedging of foreign exchange and interest rate risk of aircraft.The change in the fair value of the effective portion of derivative instruments that have been designated and qualify as cash flow hedges are recognised in comprehensive income and presented within equity in the fair value reserve, to the extent that the requirements for the application of hedge accounting have been fulfilled and the hedge is effective. The gains and losses, recognised in the fair value reserve, are transferred to the income statement in the period in which the hedged item is recognised in the income statement. When a hedging instrument expires or is sold, terminated or exercised, or the criteria for cash flow hedge accounting are no longer fulfilled, but the hedged forecast transaction is still expected to occur, the cumulative gain or loss at that point remains in the hedge reserve and is recognised in accordance with the above policy when the transaction occurs. If the underlying hedged transaction is no longer expected to take place, the cumulative unrealised gain or loss recognised in the hedge reserve with respect to the hedging instrument is recognised immediately in the consolidated income statement.The effectiveness of hedging is tested on a quarterly basis. The effective portion of the hedges is recognised in the fair value reserve of other comprehensive income, from which it is transferred to the income statement when the hedged item is realised or, in terms of investments, as an acquisition cost adjustment.Fair value hedging is implemented on firm orders of new aircraft, and in order to hedge the fixed interest rate bond. The binding purchase agreements for new aircraft are treated as firm commitments under IFRS, and therefore, the fair value changes of the hedged part arising from foreign currency movements are recognised in the balance sheet as an asset item, and corresponding gains or losses recognised through profit and loss. Similarly, the fair value of instruments hedging these purchases is presented in the balance sheet as a liability or receivable, and the change in fair value is recognised in profit and loss.The gain or loss related to the effective portion of the interest rate swap, which hedges the fixed interest rate bond, is recognised as financial income or expenses in the income statement. The gain or loss related to the ineffective portion is recognised within other operating income and expenses in the income statement. The change in the fair value attributable to the interest rate risk of the hedged fixed interest rate loans is recognised in the financial expenses in the income statement.If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item, for which the effective interest method is used, is amortized to profit or loss over the period to maturity.Finnair Group uses cross-currency interest rate swaps in the hedging of the interest rate and foreign exchange risks of foreign currency denominated loans. Cross-currency interest rate swaps are excluded from hedge accounting, and therefore the fair value changes are recognised in derivative assets and liabilities in the balance sheet, as well as in the financial income and expenses in the income statement. The fair value changes of the loans are simultaneously recognised in the financial income and expenses. Realised foreign exchange rate differences, as well as interest income and expenses, are recognised in the financial income and expenses against the exchange rate differences and interest income and expenses of the loan.Finnair Group uses jet fuel swaps (forward contracts) and options in the hedging of jet fuel price risk. Unrealised gains and losses on derivatives hedging jet fuel, which are designated as cash flow hedges and fulfil the requirements of IFRS hedge accounting, are recognised in the hedging reserve within other comprehensive income. Accrued derivative gains and losses, recognised in shareholders\u2019 equity, are recognised as income or expense in the income statement in the same financial period as the hedged item is recognised in the income statement. If a forecasted cash flow is no longer expected to occur, and as a result the IFRS hedge accounting criteria are not fulfilled, the fair value changes and the accrued gains and losses reported in shareholders\u2019 equity are transferred to the items affecting comparability in the income statement. Changes in the fair value of jet fuel swaps and options excluded from hedge accounting are recognised in fair value changes in derivatives in the income statement, while the realised result is presented in fuel costs.For forward and option contracts, an economic relationship exists between the hedged item and the hedging instrument as the hedging instrument and the hedged item are expected to move in opposite directions because of the same underlying exposure. This is true for all hedge relationships except for the SING consumption hedged with NWE hedges (as described in section 3.5). In that case, the underlying is different, but the underlying hedged item (SING) and the hedge (NWE) have a historical correlation of 0.99. Therefore, it can be classified as a relationship where the underlying and the hedge are economically closely related. Ineffectiveness on fuel derivatives can also arise from timing differences on the notional amount between the hedged instrument and hedged item, significant changes in credit risk of parties to the hedging relationship and changes in the total amount of the hedged item, for instance if the underlying fuel consumption forecast is not accurate enough, that can result in overhedging. However, as Finnair usually hedges less than 100% of its exposure, the risk of overhedging is insignificant. Finnair has established a hedge ratio of 1:1 for hedging relationships.Finnair uses forward contracts and options to hedge its exposure to foreign currency denominated cash flows. The hedges of cash flows denominated in foreign currencies are treated as cash flow hedges in accounting, in accordance with the hedge accounting principles of IFRS 9. Unrealised gains and losses on hedges of forecasted cash flows qualifying for hedge accounting are recognised in the hedging reserve in OCI, while the change in the fair value of such hedges not qualifying for hedge accounting is recognised in Fair value changes in derivatives and changes in exchange rates of fleet overhauls in the income statement. The change in fair value recognised in the hedging reserve in equity is transferred to the income statement when the hedged transaction is realised. Forward points are included in the hedging instrument and in the hedge relationship. Potential sources of ineffectiveness include changes in the timing of the hedged item, significant changes in the credit risk of parties to the hedging relationship and changes in the total amount of the hedged item, for instance if the underlying cash flow forecast is not accurate enough, that can result in overhedging. However, as Finnair usually hedges less than 100% of its exposure, the risk of overhedging is insignificant. Realised profit or loss on derivatives hedging JPY-denominated operating cash flows is presented in revenue, realised profit or loss on derivatives hedging a group of similar USD costs is proportionally recognised in corresponding expense lines, while profit or loss on derivatives hedging cash flows denominated in other currencies is presented in Other expenses.The hedge ratio is defined as the relationship between the quantity of the hedging instrument and the quantity of the hedged item in terms of their relative weighting. With currency hedging, the hedge ratio is typically 1:1. For forward and option contracts, an economic relationship exists between the hedged item and the hedging instrument as there is an expectation that the value of the hedging instrument and the value of the hedged item would move in opposite directions because of the common underlying exposure.Changes in the fair value of interest rate derivatives not qualifying for hedge accounting are recognised in financial income and expenses in the income statement. Changes in the fair value as well as realised gain or loss on forward contracts used to hedge foreign currency denominated balance sheet items of Finnair Group are recognised in financial expenses. Changes in the fair value and the realised result of hedges of assets held for sale are recognised in Items affecting comparability.Cost of hedgingAt Finnair, the time value of an option is excluded from the designation of a financial instrument and accounted for as a cost of hedging. Upon initial recognition, Finnair defers any paid premium in the cost of hedging reserve within other comprehensive income. The fair value changes of the time value are recognised in the cost of hedging reserve within other comprehensive income. The premium will be transferred to the consolidated income statement in the same period that the underlying transaction affects the consolidated income statement for transaction-related hedges. As of 31 December 2024, Finnair has deferred premiums only on transaction-related hedges. Critical accounting estimates and sources of uncertaintyFinnair accounts for its cash flow hedges of forecasted foreign currency denominated purchases and sales and future jet fuel purchases in accordance with the IFRS 9. Under the hedge accounting principles, a forecast transaction can be designated as a hedged item only if that transaction is considered as highly probable. The evaluation of probability is based on the management forecasts about the future level of Finnair\u2019s operations and cash flows. Such forecasts require the use of management judgement and assumptions, which inherently contain some degree of uncertainty. Should the expected circumstances or outcome change in the future, the management would need to reassess whether a hedged forecast transaction is still highly likely to occur. This could be the case if, for example, the expected recovery and thus the expected jet fuel consumption levels would not realize as expected. Should the forecast transaction no longer be highly probable, it would no longer qualify as an eligible hedged item and hedge accounting would need to be discontinued. Should it no longer be expected to occur at all, the balance of the cash flow hedge reserve included in other comprehensive income would need to be reclassified to profit or loss. 2024 2023Positive Negative Positive Negative Nominal fair fair Fair net Nominal fair fair Fair net EUR mill.valuevaluesvaluesvaluevaluevaluesvaluesvalueCurrency derivativesJet fuel currency hedgingOperational cash flow hedging (forward contracts) 490.8 19.5 -0.7 18.8 389.7 2.0 -5.5 -3.5Operational cash flow hedging, bought options 41.7 1.2 - 1.2 53.3 0.0 - 0.0Operational cash flow hedging, sold options 37.8 - -0.2 -0.2 48.9 - -0.6 -0.6Fair value hedging of aircraft acquisitions 75.4 1.8 0.0 1.8 158.9 0.1 -1.5 -1.4Hedge accounting items total 645.7 22.6 -0.9 21.6 650.7 2.1 -7.6 -5.5Balance sheet hedging (forward contracts) 305.6 0.7 0.0 0.6 321.8 0.2 -0.1 0.2Items outside hedge accounting total 305.6 0.7 0.0 0.6 321.8 0.2 -0.1 0.2Currency derivatives total 951.3 23.2 -1.0 22.3 972.6 2.3 -7.6 -5.3Commodity derivativesJet fuel forward contracts, tonnes 598,000 1.0 -26.6 -25.6 422,000 5.3 -14.9 -9.6Bought options, jet fuel, tonnes 231,000 5.4 - 5.4 255,000 2.6 - 2.6Sold options, jet fuel, tonnes 231,000 - -14.9 -14.9 255,000 - -12.0 -12.0Hedge accounting items total - 6.4 -41.6 -35.2 - 7.9 -26.8 -18.9Bought options, jet fuel, tonnes - - - - 187,000 1.6 - 1.6Items outside hedge accounting total - - - - - 1.6 - 1.6Commodity derivatives total - 6.4 -41.6 -35.2 - 9.5 -26.8 -17.4Interest rate derivativesInterest rate swaps 250.0 26.4 -20.1 6.3 - - - -Hedge accounting items total250.0 26.4 -20.1 6.3 - - - -Cross currency interest rate swaps 342.0 10.5 - 10.5 310.4 - -8.9 -8.9Items outside hedge accounting total 342.0 10.5 0.0 10.5 310.4 - -8.9 -8.9Interest rate derivatives total 592.0 37.0 -20.1 16.8 310.4 - -8.9 -8.9Derivatives total * - 66.5 -62.6 3.9 - 11.8 -43.3 -31.5* Positive (negative) fair value of hedging instruments as of 31.12.2024 is presented in the statement of financial position in the item derivative financial instruments within current assets (derivative financial instruments within current liabilities). However, during the year 2024 Finnair has resumed normal hedging operations.Hedged items in hedge relationshipsChanges in Changes in fair value of Line item fair value of the hedging in the the hedged instrument Accumulated statement item used for used for amount of fair value of financial calculating calculating hedge adjustments position in hedge inef-hedge inef-included in the which the fectiveness, fectiveness, Carrying amount of carrying amount of hedged item previous previous the hedged itemthe hedged itemis included12 months12 months31 December 2024 Assets Liabilities Assets LiabilitiesCash flow hedgesJet fuel price risk- Forecasted jet fuel purchases - - - - - 76.9 6.3Foreign exchange risk- Forecasted sales and purchases, USD - - - - - -61.8 8.8- Forecasted sales and purchases, JPY - - - - - -8.3 4.4Fair value hedgesForeign exchange riskNon-current - Aircraft acquisitions -2.6 - -2.6 -assets -18.4 7.2Interest rate riskInterest-bearing - Fixed rated loans - 256.3 - 6.3liabilities 6.3 -6.3Ratings of derivative counterpartiesEUR mill. 2024 2023Better than A 11.4 -3.9A 4.9 -20.9BBB -12.4 -6.7Total 3.9 -31.5Derivatives realised through profit and lossEUR mill. 2024 2023Jet fuel hedging Fuel costs -11.9 0.6Operational cash flow hedging Fuel costs 5.8 -7.2Operational cash flow hedging Aircraft materials and overhaul 0.8 -0.8Operational cash flow hedging Traffic charges 0.2 -0.2Operational cash flow hedging Revenue 5.5 4.2Interest rate swaps Financial expenses -7.3 -Expenses of hedge accounting items total -6.9 -3.3Jet fuel hedging Fuel costs 0.0 -6.1Balance sheet hedging Financial expenses 15.7 -8.4Cross-currency interest rate swaps Financial expenses 4.4 3.7Expenses of items outside hedge accounting total 20.2 -10.8",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__118": {
"value": "Number of shares 2024 2023Number of outstanding shares in the beginning of the financial year 20,431,573,617 1,407,001,962Rights issue - 19,012,413,069Shares granted from FlyShare employee share savings plans 9,419,258 1,487,760Directed share issue without consideration 4,714,922 -Reverse split -20,241,250,720 -Executive Board Rebuild Incentive Plan 98,031 10,670,826Number of outstanding shares at the end of the financial year 204,555,108 20,431,573,617Own shares held by the parent company 256,284 49,565,650Total number of shares at the end of the financial year 204,811,392 20,481,139,267",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__119": {
"value": "Number of shares 2024 2023Number of outstanding shares in the beginning of the financial year 20,431,573,617 1,407,001,962Rights issue - 19,012,413,069Shares granted from FlyShare employee share savings plans 9,419,258 1,487,760Directed share issue without consideration 4,714,922 -Reverse split -20,241,250,720 -Executive Board Rebuild Incentive Plan 98,031 10,670,826Number of outstanding shares at the end of the financial year 204,555,108 20,431,573,617Own shares held by the parent company 256,284 49,565,650Total number of shares at the end of the financial year 204,811,392 20,481,139,267",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__120": {
"value": "Earnings per shareThe basic earnings per share figure is calculated by dividing the result for the financial year attributable to the parent company\u2019s shareholders by the weighted average number of shares outstanding during the financial year. The result for the financial year is adjusted for the after-tax amounts of hybrid bond interests and capital loan interests and other fees regardless of payment date, as well as transaction costs of the new hybrid bond issued and premium paid, when a hybrid bond is redeemed. When calculating the earnings per share adjusted for dilution, the weighted average of the number of shares takes into account the diluting effect resulting from the conversion into shares all potentially diluting shares. Finnair has not granted any options.EUR mill. 2024 2023Result for the financial year, EUR mill. 37.0 254.3Hybrid bond interest, EUR mill. - -13.7Capital loan cost, EUR mill. - -32.9Tax effect - 9.3Adjusted result for the financial year 37.0 216.9Weighted average number of shares, mill. Pcs 204.5 96.4Basic earnings per share, EUR 0.18 2.25Diluted earnings per share, EUR 0.18 2.19Effect of own shares, EUR 0.00 0.00",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__121": {
"value": "Return of capital per shareThe Board of Directors proposes to the Annual General Meeting that a return of capital of 0.11 euros per share be distributed in two instalments. The first instalment is 0.06 euros per share and the second instalment 0.05 euros per share.Finnair Plc\u2019s distributable equityEUR mill. 2024Hedging reserve -12.3Unrestricted equity funds 1 344.9Retained earnings -856.5Result for the financial year 158.5Distributable equity total 634.6",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__124-1": {
"value": "4.2 Subsidiaries Consolidation principles of subsidiariesFinnair Plc\u2019s consolidated financial statements include the parent company Finnair Plc and all of its subsidiaries. Subsidiaries are defined as companies in which Finnair has control. Control exists when Finnair has rights to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Usually Finnair has power over the entity when it owns more than 50% of the votes or where Finnair otherwise has the power to govern the financial and operating policies. The acquired subsidiaries are included in the consolidated financial statements from the day the Group has control, and disposed subsidiaries until the control ceases.Acquired and established companies are accounted for using the acquisition method of accounting. Accordingly, the acquired company\u2019s identifiable assets, liabilities and contingent liabilities are measured at fair value on the date of acquisition. The excess between purchase price and fair value of the Group\u2019s share of the identifiable net assets is recognised as goodwill.All inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless there is evidence of impairment related to the transferred asset. The accounting principles of subsidiaries have been changed to correspond Group\u2019s accounting policies. SubsidiariesGroup Group Name of the companyownership % Name of the companyownership %Finnair Cargo Oy, Finland 100.0 Amadeus Finland Oy, Finland 95.0Oy Aurinkomatkat - Suntours Ltd Ab, Finnair Aircraft Finance Oy, Finland 100.0Finland 100.0Finnair Technical Services Oy, Finland 100.0 Aurinko O\u00fc, Estonia 100.0Finnair Kitchen Oy, Finland 100.0 Matkayhtym\u00e4 Oy, Finland 100.0Finnair Business Services O\u00fc, Estonia 100.0Northport Oy, FTS Financial Services Oy, Finnair Engine Services Oy and Kiinteist\u00f6 Oy Lentokonehuolto were merged into Finnair Plc on 31 December 2024.4.3 Acquisitions and divestmentsThere were no business acquisitions or divestments in 2024 and 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__125": {
"value": "Consolidation principles of subsidiariesFinnair Plc\u2019s consolidated financial statements include the parent company Finnair Plc and all of its subsidiaries. Subsidiaries are defined as companies in which Finnair has control. Control exists when Finnair has rights to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Usually Finnair has power over the entity when it owns more than 50% of the votes or where Finnair otherwise has the power to govern the financial and operating policies. The acquired subsidiaries are included in the consolidated financial statements from the day the Group has control, and disposed subsidiaries until the control ceases.Acquired and established companies are accounted for using the acquisition method of accounting. Accordingly, the acquired company\u2019s identifiable assets, liabilities and contingent liabilities are measured at fair value on the date of acquisition. The excess between purchase price and fair value of the Group\u2019s share of the identifiable net assets is recognised as goodwill.All inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless there is evidence of impairment related to the transferred asset. The accounting principles of subsidiaries have been changed to correspond Group\u2019s accounting policies.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__127": {
"value": "4.3 Acquisitions and divestmentsThere were no business acquisitions or divestments in 2024 and 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__129": {
"value": "4.4 Investments in joint ventures Companies where the Group has joint control with another entity and significant decisions require both parties approval are considered as joint ventures and those are accounted for using the equity method. The group has no joint arrangements classified as joint operations in which the group would have rights to shares in the assets or liabilities of the joint ventures and which it would combine with its balance sheet.The investment in joint ventures include goodwill recognised at the time of acquisition. The Group recognises its share of the post-acquisition results in joint ventures in the income statement. When the Group\u2019s share of losses in a joint venture equals or exceeds its interest in the joint venture, the Group does not recognise further losses, unless it has incurred obligations on behalf of the joint venture.Results from the transactions between the Group and its joint ventures are recognised only to the extent of unrelated investor\u2019s interests in the joint ventures. The Group determines at each reporting date whether there is any objective evidence that the investment in the joint ventures is impaired. In case of such indications, Group calculates the amount of impairment as the difference between the recoverable amount of the joint venture and its carrying value. The impairment is recognised in share of results in joint ventures.Accounting policies of joint ventures have been changed to correspond with the accounting policies adopted by the Group. If financial statements for the period are not available, the share of the profit of certain joint ventures is included in the consolidated accounts based on the preliminary financial statements or latest available information. Information on the Group\u2019s joint venturesNordic Regional Airlines AB (Norra) operates mainly purchased traffic for Finnair. The owners (Finnair 40% and Danish Air Transport 60%) have joint control over the entity. In the balance sheet of Finnair, Norra has been classified as a joint venture.EUR mill. Domicile Assets Liabilities Revenue Profit/Loss Holding %31 Dec 2024 Sweden 89.9 88.8 88.2 0.9 40.0031 Dec 2023 Sweden 110.7 110.4 84.0 0.6 40.00The result of associated companies and joint ventures for 2024 was 0.9 (0.6) million euros, of which Finnair\u2019s share was 0.0 (0.0) million euros. Investments in joint ventures in consolidated balance sheet were 0.0 (0.0) million euros. More information on transactions with joint ventures can be found in the note 4.5 Related party transactions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__128": {
"value": "4.4 Investments in joint ventures Companies where the Group has joint control with another entity and significant decisions require both parties approval are considered as joint ventures and those are accounted for using the equity method. The group has no joint arrangements classified as joint operations in which the group would have rights to shares in the assets or liabilities of the joint ventures and which it would combine with its balance sheet.The investment in joint ventures include goodwill recognised at the time of acquisition. The Group recognises its share of the post-acquisition results in joint ventures in the income statement. When the Group\u2019s share of losses in a joint venture equals or exceeds its interest in the joint venture, the Group does not recognise further losses, unless it has incurred obligations on behalf of the joint venture.Results from the transactions between the Group and its joint ventures are recognised only to the extent of unrelated investor\u2019s interests in the joint ventures. The Group determines at each reporting date whether there is any objective evidence that the investment in the joint ventures is impaired. In case of such indications, Group calculates the amount of impairment as the difference between the recoverable amount of the joint venture and its carrying value. The impairment is recognised in share of results in joint ventures.Accounting policies of joint ventures have been changed to correspond with the accounting policies adopted by the Group. If financial statements for the period are not available, the share of the profit of certain joint ventures is included in the consolidated accounts based on the preliminary financial statements or latest available information. Information on the Group\u2019s joint venturesNordic Regional Airlines AB (Norra) operates mainly purchased traffic for Finnair. The owners (Finnair 40% and Danish Air Transport 60%) have joint control over the entity. In the balance sheet of Finnair, Norra has been classified as a joint venture.EUR mill. Domicile Assets Liabilities Revenue Profit/Loss Holding %31 Dec 2024 Sweden 89.9 88.8 88.2 0.9 40.0031 Dec 2023 Sweden 110.7 110.4 84.0 0.6 40.00The result of associated companies and joint ventures for 2024 was 0.9 (0.6) million euros, of which Finnair\u2019s share was 0.0 (0.0) million euros. Investments in joint ventures in consolidated balance sheet were 0.0 (0.0) million euros. More information on transactions with joint ventures can be found in the note 4.5 Related party transactions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__130": {
"value": "Companies where the Group has joint control with another entity and significant decisions require both parties approval are considered as joint ventures and those are accounted for using the equity method. The group has no joint arrangements classified as joint operations in which the group would have rights to shares in the assets or liabilities of the joint ventures and which it would combine with its balance sheet.The investment in joint ventures include goodwill recognised at the time of acquisition. The Group recognises its share of the post-acquisition results in joint ventures in the income statement. When the Group\u2019s share of losses in a joint venture equals or exceeds its interest in the joint venture, the Group does not recognise further losses, unless it has incurred obligations on behalf of the joint venture.Results from the transactions between the Group and its joint ventures are recognised only to the extent of unrelated investor\u2019s interests in the joint ventures. The Group determines at each reporting date whether there is any objective evidence that the investment in the joint ventures is impaired. In case of such indications, Group calculates the amount of impairment as the difference between the recoverable amount of the joint venture and its carrying value. The impairment is recognised in share of results in joint ventures.Accounting policies of joint ventures have been changed to correspond with the accounting policies adopted by the Group. If financial statements for the period are not available, the share of the profit of certain joint ventures is included in the consolidated accounts based on the preliminary financial statements or latest available information.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__132": {
"value": "4.5 Related party transactionsRelated parties of the Finnair Group includes its subsidiaries, management (the Board of Directors, the CEO and the Executive Board), their close family members and companies controlled by them or their close family members, associated companies and joint ventures, Finnair pension fund and Finnair Group sickness fund. Subsidiaries are listed in the note 4.2 and joint ventures in note 4.4. Related party transactions include such operations that are not eliminated in the Group\u2019s consolidated financial statements.The State of Finland, which has control over Finnair, owns 55.7% (55.7) of Finnair\u2019s shares. The pension premium loan, primarily guaranteed by the State of Finland, was fully repaid during 2024. All the transactions with other government owned companies and other related parties are on arm\u2019s length basis, and are on similar terms than transactions carried out with independent parties. The following transactions have taken place with related party entities:EUR mill. 2024 2023Sales of goods and servicesJoint venture 26.0 25.4Pension fund 0.2 0.2Sickness fund 0.2 0.3Employee benefitsPension fund 49.4 8.3Sickness fund 0.7 0.8CEO and Executive Board 4.8 7.5The Board of Directors 0.5 0.4Purchases of goods and servicesJoint venture 88.6 84.7Pension fund 2.4 1.6Financial incomePension fund 3.8 4.4ReceivablesJoint venture 7.0 6.7Pension fund 95.0 128.1Sickness fund 0.2 -LiabilitiesJoint venture 5.6 4.6Pension fund 16.3 17.3*Sickness fund 0.0 0.1* In 2023 financial statements, a property leased by Pension Fund was erroneously recognised twice in the 2023 property lease liabilities. The employee benefits of pension fund increased mainly due to the obligations of Finnair Pension Fund, for which indexation was partially returned based on the precedent issued by the Finnish Supreme Administrative Court. Employee benefits and non-current receivables from pension fund are related to defined benefit pension plans in Finnair Pension Fund. These are described more detailed in the note 1.3.8.2. Management remuneration is presented in note 1.3.8.1. Management has not been granted any loans and there have not been any other transactions with management. More information on joint venture can be found in the note 4.4.Finnair Pension FundThe Finnair Pension Fund in Finland is a stand-alone legal entity which mainly provides additional pension coverage to Finnair\u2019s personnel in the form of defined benefit plan, and manages related pension assets. The assets include Finnair\u2019s shares representing 0.1% (0.1%) of the company\u2019s outstanding shares. Real estate and premises owned by the Pension Fund have been mainly leased to Finnair. In 2024 and 2023 Finnair did not pay any contributions to the Pension Fund. Pension asset was 95.0 million euros (127.9) at the end of the financial year.Finnair sickness fundThe Finnair sickness fund in Finland is a stand-alone legal entity which provides its members the possibility to seek best possible care by compensating related medical costs. The fund\u2019s sphere of operation consists of persons (members) employed by group companies (shareholders). The activities of the insurance fund are financed by contributions collected from shareholders and members.",
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"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__131": {
"value": "The State of Finland",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__135-1": {
"value": "5.1 Income taxes The tax expense for the period includes current and deferred tax and adjustments to previous years\u2019 taxation. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or other equity items.Deferred taxes are calculated for temporary differences between accounting and taxation using the valid tax rates for future years at the closing date. Deferred tax asset is recognised to the extent that realisation of the related tax benefit through future profits is probable. Temporary differences arise mainly from sales of tangible assets and depreciation, right-of-use assets, lease liabilities and tax losses. Deferred tax is recognised for foreign subsidiaries\u2019 undistributed earnings only when related tax effects are probable.Deferred tax assets and liabilities are netted when they are levied by the same taxing authority and Finnair has a legally enforceable right to set off the balances.According to the IAS 12 Income taxes standard Finnair has applied a temporary mandatory exception to neither recognise nor disclose information about deferred tax assets and liabilities related to Pillar Two income taxes. Deferred taxesRecognition of deferred tax asset is based on management estimates and require the use of management judgement in order to assess whether there will be sufficient taxable profits flowing to the company in the future. The expectations used in the calculation are based on the latest forecast approved by the Board of Directors in connection with the financial statements and assumptions that are consistent with those used elsewhere in the financial statements. Finnair\u2019s management has taken the relevant risks (inter alia international conflicts, global political instability and changes in the price of jet fuel or foreign currency rates) and opportunities related to the business environment into account in their estimates and assumptions, based on their best knowledge on the balance sheet date. As a result of the normalisation of the business environment, deferred tax asset from the taxable losses of 2020\u20132021 were fully recognised and the taxable loss of 2022 was mainly recognised in the balance sheet at the end of 2023. Based on the criteria outlined in IAS 12 and the management\u2019s assessment of the Finnair Group\u2019s forecasted future profits and performance, there was no need to write down deferred tax asset from the taxable losses or recognise the unrecognised part of deferred tax asset from the taxable loss of 2022 in the financial year 2024. Finnair expects to be able to use the tax losses recognised on balance sheet in advance of 10 years expiry date in 2030\u20132032.Distributing retained earnings of foreign subsidiaries as dividends would cause a tax effect of 0.5 million euros (0.4).Deferred tax assets and liabilitiesChanges in deferred taxes during 2024Recognised Recognised in in the income shareholders\u2019 EUR mill. 2023statementequity 2024Deferred tax assetsConfirmed losses 219.5 -40.3 - 179.2Property, plant and equipment 49.9 21.8 - 71.7Leases 226.0 -22.4 - 203.7Valuation of derivatives at fair value 4.2 - -0.8 3.5Other temporary differences 17.3 2.3 0.0 19.6Total 517.0 -38.6 -0.7 477.7Netted from deferred tax liabilities -283.0 29.6 -2.5 -256.0Deferred tax assets in balance sheet 234.0 -9.0 -3.3 221.7Recognised Recognised in in the income shareholders\u2019 EUR mill. 2023statementequity 2024Deferred tax liabilitiesDefined benefit pension plans -25.5 9.1 -2.5 -18.9Property, plant and equipment -76.4 -6.7 - -83.1Leases -181.1 27.2 - -154.0Total -283.0 29.6 -2.5 -256.0Netted from deferred tax assets 283.0 -29.6 2.5 256.0Deferred tax liabilities in balance sheet - - - -Finnair\u2019s taxable result was profitable in year 2024 and a part of tax losses for 2020 was utilised. Confirmed losses will expire in 2030\u20132032. Finnair\u2019s management is continuously monitoring the probability of utilising deferred tax assets and considers both positive and negative evidence in the assessment. The management has concluded at the time of the preparation of the consolidated financial statements that the management forecast of taxable profit provides positive evidence about its ability to utilise the unused tax losses and other deductible temporary differences.Changes in deferred taxes during 2023Recognised Recognised in in the income shareholders\u2019 EUR mill. 2022statementequity 2023Deferred tax assetsConfirmed losses 93.7 116.0 9.8 219.5Property, plant and equipment 60.4 -10.4 - 49.9Leases 279.2 -53.1 - 226.0Valuation of derivatives at fair value - - 4.2 4.2Other temporary differences 16.9 -6.1 6.4 17.3Total 450.2 46.4 20.5 517.0Netted from deferred tax liabilities -369.6 88.9 -2.3 -283.0Deferred tax assets in balance sheet 80.6 135.3 18.1 234.0Recognised Recognised in in the income shareholders\u2019 EUR mill. 2022statementequity 2023Deferred tax liabilitiesDefined benefit pension plans -24.0 0.8 -2.3 -25.5Property, plant and equipment -109.2 32.8 - -76.4Leases -236.4 55.3 - -181.1Total -369.6 88.9 -2.3 -283.0Netted from deferred tax assets 369.6 -88.9 2.3 283.0Deferred tax liabilities in balance sheet - - - -Unrecognised deferred taxes2024 2023Expiry Gross Expiry Gross EUR mill.yearamount Tax effectyearamount Tax effectTax losses 2032 31.1 6.2 2032 31.1 6.2Interest expenses under the limitation of the right to deduct interest No expiry 73.7 14.7 No expiry 73.1 14.6Total - 104.8 21.0 - 104.2 20.8",
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"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__134-1": {
"value": "5.1 Income taxes The tax expense for the period includes current and deferred tax and adjustments to previous years\u2019 taxation. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or other equity items.Deferred taxes are calculated for temporary differences between accounting and taxation using the valid tax rates for future years at the closing date. Deferred tax asset is recognised to the extent that realisation of the related tax benefit through future profits is probable. Temporary differences arise mainly from sales of tangible assets and depreciation, right-of-use assets, lease liabilities and tax losses. Deferred tax is recognised for foreign subsidiaries\u2019 undistributed earnings only when related tax effects are probable.Deferred tax assets and liabilities are netted when they are levied by the same taxing authority and Finnair has a legally enforceable right to set off the balances.According to the IAS 12 Income taxes standard Finnair has applied a temporary mandatory exception to neither recognise nor disclose information about deferred tax assets and liabilities related to Pillar Two income taxes.Global minimum tax framework (Pillar Two)The OECD introduced Global Anti-Base Erosion (GloBE) Rules rules for a new global minimum tax framework (Pillar Two) at the end of 2021 and in December 2022, the EU Minimum Tax Directive (Pillar Two) was entered into force. The EU Directive is set to implement a global minimum tax rate of 15% for multinational enterprises and large-scale domestic groups and has been applicable within EU starting from 2024. To provide transitional relief for Pillar Two tax compliance and administrative burden, the OECD has introduced a Framework for Transitional Safe CbCR Safe Harbours applicable for Transition Period covering fiscal years 2024\u20132026.Finnair has taken measures for assessing its potential exposure to Pillar Two rules and based on its initial assessment, it does not anticipate material top-up tax adjustments during the transitional period 2024\u20132026. Finnair will monitor the development of regulatory updates, as OECD is expected to publish additional guidance and details concerning for example aviation industry, permanent safe harbours frameworks and Qualified Domestic Minimum Tax Regimes.Income taxesEUR mill. 2024 2023Taxes for the financial yearCurrent tax -0.1 -0.1Adjustments recognised for current tax of prior periods -0.0 -Deferred taxes -9.0 135.3Total -9.1 135.2The reconciliation of income taxes to theoretical tax cost calculated at Finnish tax rateEUR mill. 2024 2023Result before taxes 46.1 119.1Taxes calculated using the Finnish tax rate 20% -9.2 -23.8Different tax rates of foreign subsidiaries 0.1 0.1Tax-exempt income 0.4 0.4Non-deductible expenses -0.3 3.2Non-capitalised temporary differences -0.1 -3.3Re-recognised deferred tax on taxable losses 2020-2021 - 117.0Recognised temporary differences in taxation 2022 - 13.9Recognised deferred tax on taxable loss 2022 - 27.7Adjustments recognised for taxes of prior periods -0.0 0.0Income taxes total -9.1 135.2",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__137": {
"value": "The tax expense for the period includes current and deferred tax and adjustments to previous years\u2019 taxation. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or other equity items.Deferred taxes are calculated for temporary differences between accounting and taxation using the valid tax rates for future years at the closing date. Deferred tax asset is recognised to the extent that realisation of the related tax benefit through future profits is probable. Temporary differences arise mainly from sales of tangible assets and depreciation, right-of-use assets, lease liabilities and tax losses. Deferred tax is recognised for foreign subsidiaries\u2019 undistributed earnings only when related tax effects are probable.Deferred tax assets and liabilities are netted when they are levied by the same taxing authority and Finnair has a legally enforceable right to set off the balances.According to the IAS 12 Income taxes standard Finnair has applied a temporary mandatory exception to neither recognise nor disclose information about deferred tax assets and liabilities related to Pillar Two income taxes.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__136": {
"value": "The tax expense for the period includes current and deferred tax and adjustments to previous years\u2019 taxation. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or other equity items.Deferred taxes are calculated for temporary differences between accounting and taxation using the valid tax rates for future years at the closing date. Deferred tax asset is recognised to the extent that realisation of the related tax benefit through future profits is probable. Temporary differences arise mainly from sales of tangible assets and depreciation, right-of-use assets, lease liabilities and tax losses. Deferred tax is recognised for foreign subsidiaries\u2019 undistributed earnings only when related tax effects are probable.Deferred tax assets and liabilities are netted when they are levied by the same taxing authority and Finnair has a legally enforceable right to set off the balances.According to the IAS 12 Income taxes standard Finnair has applied a temporary mandatory exception to neither recognise nor disclose information about deferred tax assets and liabilities related to Pillar Two income taxes.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s8__6__142": {
"value": "5.3 Events after the closing dateThere were no events after the closing date that would have a material financial impact.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800SB6EOB8SSK9W63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
}
}
}