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Business ReviewFinancial ReviewInformation for shareholders

Board of Directors Report
Financial Statement Principles
Consolidated Income Statement
Consolidated Balance Sheet
Consolidated Cash Flow Statement
Finnair Oyj Income Statement
Finnair Oyj Balance Sheet
Finnair Oyj Cash Flow Statement
Notes
Shares and Shareholders
Proposal Concerning Disposal of the Profit
Statement of the Supervisory Board
Auditors Report
Key Figures 1998/99-2002
Formula for ratios

Investment and Financing

Capital investments excluding advance payments for the financial year totalled 102.4 million euros. In the previous year they came to 281.1 million euros. The expenditure included the purchase of two Airbus A319 aircraft. The aircraft's former owner, Sabena, had been declared bankrupt. After conversion work, the aircraft will be brought into service in 2003. Another five new, Airbus A320, aircraft delivered in 2002 have been acquired on long-term operational lease agreements.

Operational cash flow, excluding capital gains and extraordinary items, came to 151.6 million euros, having been 139.6 million euros a year previously. Due to the strong cash flow, 98.3 million euros of interest-bearing debt was repaid, leaving the Group with net debt of only 20 million euros at the end of the financial year. The gearing ratio has fallen from 34.6 per cent at the turn of the year to 3.1 per cent and the equity ratio has risen to 44.3 per cent, compared with 41.3 per cent at the beginning of the financial year.

At the end of the financial year, the Group had liquid cash reserves of 301.7 million euros, in addition to which there was a total of 238.4 million euros in unused committed loan facilities.