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Record profits and travellers for Finavia

Finavia’s CEO Kari Savolainen says that Finavia, formerly the Civil Aviation Authority, is in better financial form than ever before. The agency was recently in the news regarding an out-of-court settlement over risky derivatives investments that lost Finavia 34 million euros.

Helsinki-Vantaan lentoasema.
Helsinki Airport Image: Roni Rekomaa / Lehtikuva

Airports operator Finavia posted its best results ever for 2015.

Turnover rose to 353 million euros, and the company's profits without extraordinary items grew from 47 million to close to 56 million euros.

Finavia also reached a new passenger record with more than 20 million travellers passing through Finnish airports.

In a press release, Finavia referred to the events regarding its risky investments and said that its financing practices have been renewed and a similar error could not occur again.

The interest rate derivative saga

Between 2009 and 2011, Finavia invested in interest rate derivatives, which were much riskier than allowed by the organisation’s rules, and it ended up losing 34 million euros.

In December 2015, former Finavia chair Riitta Tiuraniemi resigned to protest alleged interference by the Transport Minister, Anne Berner. Tiuraniemi was annoyed at Berner’s move to delay a lawsuit Finavia wanted to bring against its former auditors, Deloitte and Touche.

Finavia, the former Finnish Civil Aviation Authority, is a limited liability company owned by the Finnish state. As such, the government is able to exercise ownership steering.

Finavia’s board and Deloitte and Touche reached an agreement to settle out of court at the beginning of December.

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