Finland flag carrier Finnair has finalized a sale-and-leaseback agreement with GE Capital Aviation Services for one Airbus A350 XWB. The initial lease term is 12 years, with extension options.

Finnair said the arrangement has had a positive effect of approximately €50 million ($52.6 million) on the Helsinki-based carrier’s operating results for 2Q 2017, comprising a gain on sale and currency gains on pre-delivery payments and hedges.

Following the arrangement, Finnair said it has the flexibility to pay cash for the remaining three A350s scheduled for delivery in 2017.

According to the current delivery schedule, the oneworld member will have 11 A350s in service by year-end and 19 by the end of 2023.

Finnair has 19 new A350-900 XWBs on order.

Kurt Hofmann