JOINT SCANDINAVIAN LUNCHEON MEETING 2 DECEMBER, 2002
Theme:
"Recovery for Airlines?"

Guest Speaker:
Keijo Suila, President & CEO, Finnair
RECAP
The sympthoms and reasons behind the problems for the airlines have existed long before the 9/11 events, but they naturallyemphasised them. Even if volumes increase, revenues are still dropping by 7-8 % per year and the world's airlines lost 12 bill. USD in 2001 and are expected to lose another 7 billion this year.

The airline industry has lost 150,000 jobs and 2,000 aircrafts have been retired.
Many of the cost savings measures have been hampered by increased cost for insurance and security.
Despite all the problems, Finnair is doing at least fairly well. The company is almost debt-free, last year it made a samll profit and is expected to improve from that this year. Finnair's strategy is to be the best in their own segment. In its long-haul traffic, emphasis is on Asia. At present Finnair only has one destination in America (New York) but has increased in Asia. Beijing has now 5 weekly flights, which might be increased to 6 or 7, from next spring-summer, three weekly from Osaka, and as soon they get landing rights at Narita, they would increase also Tokyo.

Asian traffic accounts now for 17 % of Finnair's total revenues, as a comparison; domestic traffic for 23 %.

As for a question from the audience regarding the destiny of national airlines in Europe, Mr. Suila commented that some will disappear, but declined to give his guess on which.
IMAGES FROM THE MEETING
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FCCJ President Timo Varhama introduces the guest speaker
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The Guest Speaker Keijo Suila
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A question from the gallery.
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With pleasure the speaker noted that the appreciation gift was delivered in a Finnair bag!
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The meeting was attended by 55 members and guests.
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