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Assets of the Civil Aviation Administration to Finavia Holding Oy

Assets of the Civil Aviation Administration to Finavia Holding Oy

Press release 22.12.2009 12.32 fi sv en

Finland's Ministry of Transport and Communications will transfer the assets and business operations of the Civil Aviation Administration Finavia to a state-owned company that will start operation in the beginning of 2010. Ms Anu Vehviläinen, Minister of Transport, signed a transfer document on 22 December 2009.

On 10 December 2009 the Government authorised the Ministry to act on its behalf and transfer the assets, the intellectual property rights and the business operations of the Civil Aviation Administration Finavia to Finavia Holding Oy and to sign the relevant transfer document.

The value of the transfer amounts to around 348 million euros as a contribution in kind. Against the assets, the Ministry, acting on behalf of the state, subscribed shares of Finavia Holding Oy in connection with an increase in its share capital (184,997,500 euros).

Finavia Holding Oy, which was established in the beginning of December, operates in the company's start-up phase. From 1 January 2010 the company will continue as a state-owned company, Finavia Oyj. The company's sphere of operation will be to maintain and develop the state network of airports and Finland's air navigation system to meet the needs of civil and military aviation, and to provide air navigation services in Finland.

Personnel of the Civil Aviation Administration, around 1,700 people, will transfer to the employment of Finavia Oyj as of 1 January 2010. The company will take out a supplementary pension insurance for the personnel to be transferred.

The opening balance of Finavia Oyj will be around 757 million euros, of which share capital will total 185 million euros. The company's equity ratio will be 46 per cent.

Further information:

Mr Kari Jääskeläinen, Special Adviser to the Minister of Transport, tel. +358 440 581 030
Mr Mika Mäkilä, Director of Corporate Policy Unit, tel. +358 9 160 28475, +358 40 595 6068