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Govt mulls €350m support for Finavia

Published : 22 Oct 2020, 23:55

  DF Report

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Photo: Finavia.

The state is preparing to capitalise the Finnish airports operator Finavia by EUR 350 million in order to strengthen the company’s financial position.

Finavia’s passenger number has fallen sharply this year and, as a result, the company’s economic situation has deteriorated significantly, said a Finavia press release on Thursday.

“Finavia is a company owned by all Finns. We play a key role in building the connections for Finns, and we are an integral part of Finnish society and the traffic system. The COVID-19 crisis has caused unprecedented financial distress for the aviation and tourism sectors. The consequences are also dramatic for us,” said Finavia CEO Kimmo Mäki.

Finavia has developed its airport services on a long-term basis and Helsinki Airport has determinedly aimed for the leading position in the international competition between transfer airports. The company has invested more than EUR 1.2 billion in the development of Helsinki Airport and the tourism in Lapland.

Finavia in March launched the most extensive cost-cutting programme in its history.

“It includes long-term layoffs concerning the entire personnel as well as significant cost cuts in operations. The company is aiming for a total of EUR 200 million in savings,” said Mäki, adding that an extensive investment, which has partially been financed by debt, is underway in Finavia.