2010-11-02 14:54:10 CET
2010-11-02 14:55:07 CET
REGULATED INFORMATION
Finnlines - Interim report (Q1 and Q3)
INTERIM REPORT JANUARY - SEPTEMBER 2010 (Unaudited)
Finnlines Plc Stock Exchange Release 2 November 2010
INTERIM REPORT JANUARY - SEPTEMBER 2010 (Unaudited)
SUMMARY
July - September 2010 Q3
- Revenue EUR 147.5 million (EUR 130.5 million prev. year), increase 13.0%
- Result before interest, taxes, depreciation and amortisation (EBITDA) EUR
24.6 million (EUR 13.3 million), increase 85.6%
- Earnings per share were 0.04 (-0.12) EUR/share
January - September 2010
- Revenue EUR 421.8 million (EUR 372.3 million prev. year), increase 13.3%
- Result before interest, taxes, depreciation and amortisation (EBITDA) EUR
69.9 million (EUR 28.1 million), increase 148.6%
- Earnings per share were 0.12 (-0.80) EUR/share
JANUARY - SEPTEMBER 2010 IN BRIEF
--------------------------------------------------------------------------------
| MEUR | 7-9 2010 | 7-9 2009 | 1-9 2010 | 1-9 2009 | 1-12 2009 |
--------------------------------------------------------------------------------
| Revenue | 147.5 | 130.5 | 421.8 | 372.3 | 494.4 |
--------------------------------------------------------------------------------
| EBITDA | 24.6 | 13.3 | 69.9 | 28.1 | 37.4 |
--------------------------------------------------------------------------------
| Result before | 9.3 | -1.7 | 25.2 | -18.1 | -23.6 |
| interest and | | | | | |
| taxes (EBIT) | | | | | |
--------------------------------------------------------------------------------
| % of revenue | 6.3 | -1.3 | 6.0 | -4.9 | -4.8 |
--------------------------------------------------------------------------------
| Result before | 3.2 | -6.5 | 8.6 | -40.2 | -51.4 |
| taxes (EBT) | | | | | |
--------------------------------------------------------------------------------
| EPS, EUR * | 0.04 | -0.12 | 0.12 | -0.80 | -0.96 |
--------------------------------------------------------------------------------
| Equity ratio, % | 28.9 | 29.4 | 28.9 | 29.4 | 29.4 |
--------------------------------------------------------------------------------
| Gearing, % | 203.4 | 198.0 | 203.4 | 198.0 | 198.3 |
--------------------------------------------------------------------------------
| Shareholders' | 9.20 | 9.26 | 9.20 | 9.26 | 9.07 |
| equity/share, EUR | | | | | |
| * | | | | | |
--------------------------------------------------------------------------------
* In 2009, key indicators per share have been retroactively adjusted with the
share issue adjustment factor.
Calculation of key ratios is presented under 'Calculation of ratios'.
GENERAL MARKET DEVELOPMENT
During the year, the market volumes have started to recover from the sharp drop
experienced during 2009, but remained still far away from the 2008 levels. Based
on the statistics by the Finnish Maritime Administration (FMA), the Finnish
seaborne imports carried in container, lorry and trailer units increased by 14%
and exports by 16% during January-August 2010 compared to the previous year
(measured in tons). According to the statistics published by Shippax, trailer
and lorry volumes transported by sea between Southern Sweden and Germany
decreased in January-August by 1% compared to 2009. During the same period,
private and commercial passenger traffic between Finland and Germany increased
by 5% and decreased between Finland and Sweden by 2% (FMA).
FINNLINES TRAFFIC
During the first quarter of the year, traffic was affected by a number of
external disturbances. Severe ice conditions in the northern parts of the Baltic
Sea, stevedores' overtime ban in Finnish ports and the 16-day stevedoring strike
in Finland all caused several temporary schedule changes, reroutings and
stoppages. Especially the stevedores' strike had big impacts as practically all
ro-ro traffic to and from Finnish ports was halted during the strike. By the end
of March, the situation normalised and the traffic returned to the normal
pattern. During the third quarter of 2010, the Company operated on average 23
vessels in its own traffic, as in the previous year 2009.
The cargo volumes transported during January-September totalled approximately
470,000 (450,000 in 2009) units, 39,000 (25,000) cars (not including passengers'
cars ) and, in addition, 1,491,000 (1,469,000) tons of freight not possible to
measure in units. In addition, some 522,000 private and commercial passengers
were transported (around 424,000), an increase of 23%. Compared to
January-September of 2009, the number of private passengers (excluding lorry
drivers) transported by the Company increased by 45%.
PRODUCTIVITY
At the end of 2009 the fleet capacity was adjusted to new market requirements
both on number of ships and the correct allocation of tonnage in specific
trades.
In 2009, the Group started a significant process to merge group companies and
businesses. This process is continuing during 2010 and will result in a much
leaner company structure, thus creating further savings in administration and
personnel costs.
FINANCIAL RESULTS
July - September 2010
The Finnlines Group recorded revenue totalling EUR 147.5 million (130.5), an
increase of 13.0% compared to the same period in 2009. Shipping and Sea
Transport Services generated revenue amounting to EUR 135.9 million (118.8) and
Port Operations EUR 17.7 million (17.5). The internal revenue between the
segments was EUR 6.1 million (5.8).
Result before interest, taxes, depreciation and amortisation (EBITDA) was EUR
24.6 million (13.3), an increase of 85.6%. Vessel lease expenses decreased by
EUR 7.5 million. Other operating expenses totalled EUR -42.8 million (-48.5).
Result before interest and taxes (EBIT) was EUR 9.3 million (-1.7). Financial
income was EUR 0.3 million (1.3) and financial expenses totalled EUR -6.4
million (-6.1). Result before taxes (EBT) was EUR 3.2 million (-6.5), an
improvement of EUR 9.7 million compared to the same period in 2009. Earnings per
share (EPS) were EUR 0.04 (-0.12).
January - September 2010
The Finnlines Group recorded revenue totalling EUR 421.8 million (372.3), an
increase of 13.3% compared to the same period in 2009. Shipping and Sea
Transport Services generated revenue amounting to EUR 385.7 million (333.6) and
Port Operations EUR 53.9 million (56.4). The internal revenue between the
segments was EUR 17.8 million (17.7).
Result before interest, taxes, depreciation and amortisation (EBITDA) was EUR
69.9 million (28.1), an increase of 148.6%. Personnel expenses have decreased by
EUR 0.7 million and vessel lease expenses decreased by EUR 21.5 million. Other
operating expenses totalled EUR -124.9 million (-154.2) and included EUR 3.1
million (2.7) reimbursement of fairway dues and refund on harbour dues EUR 2.6
million (See Chapter ‘Essential Changes in Legal Proceedings').
Result before interest and taxes (EBIT) was EUR 25.2 million (-18.1). Financial
income was EUR 3.2 million (2.9) and financial expenses totalled EUR -19.8
million (-25.0). Result before taxes (EBT) was EUR 8.6 million
(-40.2), an improvement of EUR 48.8 million compared to the same period in 2009.
Earnings per share (EPS) were EUR 0.12 (-0.80).
BALANCE SHEET, FINANCING AND CASH-FLOW
Interest-bearing net debt increased by EUR 18.2 million compared to the same
period in 2009 and amounted to EUR 878.2 million (860.0). The equity ratio
calculated from the balance sheet was 28.9% (29.4) and gearing was 203.4%
(198.0). Vessel lease commitments have decreased by EUR 48.0 million from the
end of September 2009.
At the end of the period, cash and deposits together with unused committed
working capital credits and the undrawn part of committed credits for
newbuildings amounted to EUR 124.9 million. The company has a commercial paper
program of which the company has issued EUR 11 million.
In April 2009, Finnlines' subsidiary Hanseatic Shipping sold MS Finnhansa to
Grimaldi Group at the market price of EUR 40 million with a call option to
repurchase the vessel at the same price. This call option was exercised in April
2010. MS Finnhansa (renamed Transrussia) was bought in July by Finnlines
Deutschland GmbH and started plying in TransRussiaExpress traffic between
Travemünde and St. Petersburg.
CAPITAL EXPENDITURE
Gross capital expenditure in the review period totalled EUR 78.8 million (17.0),
and consists mainly of prepayments for newbuildings (EUR 31.1 million) and the
purchase of Finnhansa vessel (EUR 40.0 million). Depreciation amounted to EUR
44.8 million (46.2). The holdings in associated companies have been reduced to
zero due to the fact that Finnlines sold the associated company Simonaukion
pysäköinti in April.
The delivery timetable of the 6 vessels under construction in China has been
adapted to meet scheduled further redeliveries of the chartered tonnage. The new
delivery times are: vessels Nos. 1 and 2 at the end of the first quarter of
2011, vessels Nos. 3 and 4 during the fourth quarter of 2011, vessel No. 5 at
the end of the third quarter 2012 and vessel No. 6 during the fourth quarter of
2012.
PERSONNEL
The Group employed an average of 2,104 (2,146) persons during the period,
consisting of 1,144 (1,167) persons on shore and 960 (979) persons at sea.
DECISIONS TAKEN BY THE ANNUAL GENERAL MEETING
The Annual General Meeting of Finnlines Plc approved the Financial Statements.
The Meeting approved the Board of Directors' proposal not to pay any dividend.
The Annual General Meeting decided that the Board of Directors shall have six
members. The following were re-elected to the Board: Mr. Emanuele Grimaldi, Mr.
Diego Pacella, Mr. Gianluca Grimaldi, Mr. Antti Pankakoski, Mr. Olav Rakkenes
and Mr. Jon-Aksel Torgersen. The Board elected Mr. Emanuele Grimaldi Chairman
and Mr. Diego Pacella Vice-Chairman.
The firm of authorised public accountants Deloitte & Touche was appointed as the
Company's auditors for 2010.
The Annual General Meeting authorised the Board of Directors to decide on the
issuance of new shares in one or several tranches so that the total number of
shares issued based on the authorization is 20,000,000 at maximum. The
authorization is valid until the next Annual General Meeting. The authorization
replaces the Annual General Meeting's authorization to decide on a share issue
of 15 April 2009.
RISKS
The main business risk in shipping is overcapacity of tonnage. Overall the
global ro-ro market looks better than other maritime transport sectors, where
newbuildings are further increasing the imbalance of supply and demand of
tonnage. For the ro-ro sector this does not apply. Moreover, around 50% of the
current global ro-ro fleet is over 25 years old and needs to be scrapped for
environmental reasons.
Finnlines constantly monitors the stability and the payment behaviour of its
customers and currently there are no significant risks related to this.
Finnlines holds adequate credit lines to maintain liquidity in the current
business environment.
The annual report 2009 contains a thorough description of Finnlines' risks and
risk management, and there are no essential changes to that report.
ESSENTIAL CHANGES IN LEGAL PROCEEDINGS
The Annual Report 2009 contains a thorough description of legal proceedings and
the following is a description of the changes compared to what was reported in
the annual report:
The Helsinki District Court rendered on 3 March 2010 its judgment in the action
initiated by Mutual Pension Insurance Company Ilmarinen against Finnlines Plc.
In its action Ilmarinen objected to the decision by Finnlines' Annual General
Meeting held on 20 May 2008 to distribute EUR 180,216.39 as a minimum dividend
and demanded that the minimum dividend be increased. The District Court approved
Ilmarinen's claim to have the resolution of the Annual General Meeting amended
so that the minimum dividend instead of EUR 180,216.39 as above should have been
EUR 17,181,000. In addition, the District Court ordered Finnlines to compensate
Ilmarinen's legal costs by an amount of EUR 300,035.15 together with interest at
statutory rate. As Finnlines has assessed Ilmarinen's claim not being
justifiable, no amount relating to the claim has been recorded. Finnlines filed
an appeal with the Helsinki Court of Appeal against the judgement by the
Helsinki District Court in April 2010 and the case is under process.
Taxation of internal vessel sales carried out in 2007 by Finnlines' Swedish
subsidiary includes uncertainties. The decision of the tax authorities was that
a SEK 97.2 million (EUR 9.5) tax debt should be paid. The Company has been
granted postponement of this payment as it has appealed in the matter and the
court proceedings are under way. As the Company recorded a deferred tax
liability due to the temporary timing difference in the tax year in question,
this matter does not have any significant effect on the Company's result.
Sub-chartering of MS Birka Transporter and MS Birka Exporter to Scandinavian
Shipping Investment A/S ('SSI') caused Finnlines a loss of time charter hires
and expenses in total EUR 326,211, as SSI terminated the charters in summer
2009. Since the parties could not reach an agreement, Finnlines started
arbitration proceedings against SSI for payment of the outstanding time charter
hires and expenses. Finnlines has received SSI's counter claim in the amount of
EUR 1,182,298. Finnlines considers the basis of the counter claim
groundless. The charters are subject to Finnish law and the place of arbitration
is Helsinki. The arbitration panel has not yet decided the time for the main
hearing of the arbitration proceedings.
Finnlines addressed material appeals to the Finnish Customs and the Port of
Helsinki for rectification of the paid fairway and port dues based on the
incorrect tonnage certificates of the Star-class vessels issued by the Swedish
and Finnish maritime authorities. The Finnish Customs have refunded the excess
paid fairways dues entirely as from the year of the construction of each
Star-class vessel. The Port of Helsinki decided to refund the excess paid ports
dues only in the amount of EUR 554,550 for 2009. Finnlines considered the
decision of the Port of Helsinki groundless and appealed to the Administrative
Court of Helsinki for refunding of the entire non-refunded excess port dues in
the amount EUR 2,087,418. The case is under process. The yet non-refunded part
of the fairway dues was booked as crediting other operating expenses in the
second quarter 2010, based on management's estimate of the outcome of the case.
FINNLINES PROSPECTS FOR 2010
The transport volumes have increased from 2009 but have stabilised on a
considerably lower level compared to year 2008. The passenger volumes were
considerably higher during the summer season compared to previous year.
The Company expects the positive development compared to 2009 to continue for
the rest of the year.
The Group Financial Statement bulletin for 1 January - 31 December will be
published on Wednesday, 2 March 2011.
Finnlines Plc
The Board of Directors
Uwe Bakosch
President/CEO
ENCLOSURES
- Consolidated statement of comprehensive income, IFRS
- Consolidated balance sheet, IFRS
- Consolidated statement of changes in equity, IFRS
- Consolidated cash flow statement, IFRS
- Revenue and result by business segments
- Property, plant and equipment
- Contingencies and commitments
- Revenue and result by quarter
- Shares, market capitalisation and trading information
- Calculation of ratios
DISTRIBUTION
NASDAQ OMX Helsinki Ltd.
Main media
This interim report is unaudited.
FINNLINES' BUSINESS
Finnlines is one of the largest North-European liner shipping companies,
providing sea transport services mainly in the Baltic and the North Sea. In
addition to freight, the Company's ro-pax vessels carry passengers between five
countries and eight ports. The Company also provides port services in Helsinki,
Turku and Kotka. The company has subsidiaries or sales offices in Germany,
Belgium, the UK, Sweden, Denmark, Poland and Russia. Finnlines is a Finnish
listed company and part of the Italian Grimaldi Group.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME, IFRS
--------------------------------------------------------------------------------
| EUR 1,000 | 1 Jul - 30 | 1 Jul - 30 | 1 Jan - 30 | 1 Jan - 30 | 1 Jan - 31 |
| | Sep 2010 | Sep 2009 | Sep 2010 | Sep 2009 | Dec 2009 |
--------------------------------------------------------------------------------
| Revenue | 147,479 | 130,519 | 421,833 | 372,281 | 494,411 |
--------------------------------------------------------------------------------
| Other | 250 | 365 | 3,245 | 9,381 | 13,413 |
| income | | | | | |
| from | | | | | |
| operations | | | | | |
--------------------------------------------------------------------------------
| Materials | -53,618 | -44,076 | -149,480 | -117,919 | -162,553 |
| and | | | | | |
| services | | | | | |
--------------------------------------------------------------------------------
| Personnel | -26,689 | -25,040 | -80,729 | -81,439 | -107,548 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Depreciati | -15,351 | -14,975 | -44,771 | -46,210 | -61,012 |
| on, | | | | | |
| amortisati | | | | | |
| on and | | | | | |
| other | | | | | |
| write-offs | | | | | |
--------------------------------------------------------------------------------
| Other | -42,774 | -48,488 | -124,939 | -154,173 | -200,328 |
| operating | | | | | |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Total | -138,431 | -132,578 | -399,920 | -399,742 | -531,441 |
| operating | | | | | |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Result | 9,298 | -1,695 | 25,157 | -18,080 | -23,617 |
| before | | | | | |
| interest | | | | | |
| and taxes | | | | | |
| (EBIT) | | | | | |
--------------------------------------------------------------------------------
| Financial | 278 | 1,335 | 3,238 | 2,915 | 3,922 |
| income | | | | | |
--------------------------------------------------------------------------------
| Financial | -6,396 | -6,121 | -19,831 | -25,029 | -31,724 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Result | 3,180 | -6,481 | 8,564 | -40,194 | -51,419 |
| before | | | | | |
| taxes | | | | | |
--------------------------------------------------------------------------------
| Income | -1,358 | 1,285 | -3,201 | 5,966 | 9,713 |
| taxes | | | | | |
--------------------------------------------------------------------------------
| Result for | 1,822 | -5,197 | 5,363 | -34,228 | -41,706 |
| the | | | | | |
| reporting | | | | | |
| period | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other | | | | | |
| comprehens | | | | | |
| ive | | | | | |
| income: | | | | | |
--------------------------------------------------------------------------------
| Exchange | -8 | -135 | -58 | -285 | -255 |
| difference | | | | | |
| s on | | | | | |
| translatin | | | | | |
| g foreign | | | | | |
| operations | | | | | |
--------------------------------------------------------------------------------
| Change in | -2,359 | -711 | 1,114 | -1,041 | -723 |
| hedging | | | | | |
| reserve | | | | | |
--------------------------------------------------------------------------------
| Deferred | | | | | -1,481 |
| tax | | | | | |
| revaluatio | | | | | |
| n | | | | | |
--------------------------------------------------------------------------------
| Income tax | 613 | 185 | -290 | 271 | 188 |
| relating | | | | | |
| to | | | | | |
| components | | | | | |
| of other | | | | | |
| comprehens | | | | | |
| ive income | | | | | |
--------------------------------------------------------------------------------
| Total | 69 | -5,858 | 6,129 | -35,283 | -43,977 |
| comprehens | | | | | |
| ive income | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Result | | | | | |
| attributab | | | | | |
| le to: | | | | | |
--------------------------------------------------------------------------------
| Parent | 1,784 | -5,195 | 5,401 | -34,135 | -41,637 |
| company | | | | | |
| shareholde | | | | | |
| rs | | | | | |
--------------------------------------------------------------------------------
| Non-contro | 38 | -2 | -38 | -93 | -69 |
| lling | | | | | |
| interests | | | | | |
--------------------------------------------------------------------------------
| | 1,822 | -5,197 | 5,363 | -34,228 | -41,706 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total | | | | | |
| comprehens | | | | | |
| ive income | | | | | |
| attributab | | | | | |
| le to: | | | | | |
--------------------------------------------------------------------------------
| Parent | 31 | -5,857 | 6,167 | -35,190 | -43,908 |
| company | | | | | |
| shareholde | | | | | |
| rs | | | | | |
--------------------------------------------------------------------------------
| Non-contro | 38 | -2 | -38 | -93 | -69 |
| lling | | | | | |
| interests | | | | | |
--------------------------------------------------------------------------------
| | 69 | -5,858 | 6,129 | -35,283 | -43,977 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Result | | | | | |
| attributab | | | | | |
| le to | | | | | |
| parent | | | | | |
| company | | | | | |
| shareholde | | | | | |
| rs | | | | | |
| calculated | | | | | |
| as | | | | | |
| earnings | | | | | |
| per share | | | | | |
| (EUR/share | | | | | |
| ): | | | | | |
--------------------------------------------------------------------------------
| Undiluted | 0.04 | -0.12 | 0.12 | -0.80 | -0.96 |
| earnings | | | | | |
| per share | | | | | |
| * | | | | | |
--------------------------------------------------------------------------------
| Diluted | 0.04 | -0.12 | 0.12 | -0.80 | -0.96 |
| earnings | | | | | |
| per share | | | | | |
| * | | | | | |
--------------------------------------------------------------------------------
| Average | | | | | |
| number of | | | | | |
| shares: | | | | | |
--------------------------------------------------------------------------------
| Undiluted | 46,821,037 | 46,821,037 | 46,821,037 | 43,563,969 | 44,384,929 |
| * | | | | | |
--------------------------------------------------------------------------------
| Diluted * | 46,821,037 | 46,821,037 | 46,821,037 | 43,563,969 | 44,384,929 |
--------------------------------------------------------------------------------
*In 2009, key indicators per share have been retroactively adjusted with the
share issue adjustment factor.
CONSOLIDATED BALANCE SHEET, IFRS
--------------------------------------------------------------------------------
| EUR 1,000 | 30 Sep 2010 | 30 Sep 2009 | 31 Dec 2009 |
--------------------------------------------------------------------------------
| ASSETS | | | |
--------------------------------------------------------------------------------
| Non-current assets | | | |
--------------------------------------------------------------------------------
| Property, plant and equipment | 1,275,604 | 1,247,248 | 1,240,057 |
--------------------------------------------------------------------------------
| Goodwill | 105,644 | 105,644 | 105,644 |
--------------------------------------------------------------------------------
| Intangible assets | 9,820 | 11,930 | 11,342 |
--------------------------------------------------------------------------------
| Investment properties | 1,183 | 1,578 | 1,577 |
--------------------------------------------------------------------------------
| Share of associated companies | 0 | 1,526 | 1,514 |
--------------------------------------------------------------------------------
| Other financial assets | 4,777 | 4,799 | 4,792 |
--------------------------------------------------------------------------------
| Receivables | 697 | 3,641 | 894 |
--------------------------------------------------------------------------------
| Deferred tax assets | 2,636 | 3,107 | 3,567 |
--------------------------------------------------------------------------------
| | 1,400,360 | 1,379,471 | 1,369,386 |
--------------------------------------------------------------------------------
| Current assets | | | |
--------------------------------------------------------------------------------
| Inventories | 6,004 | 5,073 | 6,530 |
--------------------------------------------------------------------------------
| Accounts receivable and other | 85,566 | 83,810 | 64,345 |
| receivables | | | |
--------------------------------------------------------------------------------
| Income tax receivables | 22 | 15 | 18 |
--------------------------------------------------------------------------------
| Bank and cash | 3,889 | 8,037 | 6,103 |
--------------------------------------------------------------------------------
| | 95,482 | 96,935 | 76,996 |
--------------------------------------------------------------------------------
| Total assets | 1,495,842 | 1,476,406 | 1,446,382 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY | | | |
--------------------------------------------------------------------------------
| Equity attributable to parent | | | |
| company shareholders | | | |
--------------------------------------------------------------------------------
| Share capital | 93,642 | 93,642 | 93,642 |
--------------------------------------------------------------------------------
| Share premium account | 24,525 | 24,525 | 24,525 |
--------------------------------------------------------------------------------
| Fair value reserve | -3,998 | -3,577 | -4,822 |
--------------------------------------------------------------------------------
| Translation differences | 66 | 94 | 124 |
--------------------------------------------------------------------------------
| Unrestricted equity reserve | 21,015 | 21,015 | 21,015 |
--------------------------------------------------------------------------------
| Retained earnings | 295,692 | 297,794 | 290,291 |
--------------------------------------------------------------------------------
| | 430,942 | 433,494 | 424,775 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-controlling interests | 838 | 851 | 876 |
--------------------------------------------------------------------------------
| Total equity | 431,780 | 434,345 | 425,651 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES | | | |
--------------------------------------------------------------------------------
| Long-term liabilities | | | |
--------------------------------------------------------------------------------
| Deferred tax liabilities | 89,865 | 90,084 | 87,660 |
--------------------------------------------------------------------------------
| Interest-free liabilities | 12 | 1,411 | 742 |
--------------------------------------------------------------------------------
| Pension liabilities | 2,333 | 2,306 | 2,355 |
--------------------------------------------------------------------------------
| Provisions | 4,312 | 4,277 | 4,312 |
--------------------------------------------------------------------------------
| Interest-bearing liabilities | 718,140 | 728,225 | 721,112 |
--------------------------------------------------------------------------------
| | 814,663 | 826,303 | 816,182 |
--------------------------------------------------------------------------------
| Current liabilities | | | |
--------------------------------------------------------------------------------
| Accounts payable and other | 84,457 | 74,505 | 73,714 |
| liabilities | | | |
--------------------------------------------------------------------------------
| Income tax liabilities | 763 | 174 | 448 |
--------------------------------------------------------------------------------
| Provisions | 205 | 1,279 | 1,280 |
--------------------------------------------------------------------------------
| Current interest-bearing | 163,974 | 139,800 | 129,107 |
| liabilities | | | |
--------------------------------------------------------------------------------
| | 249,399 | 215,758 | 204,549 |
--------------------------------------------------------------------------------
| Total liabilities | 1,064,062 | 1,042,061 | 1,020,731 |
--------------------------------------------------------------------------------
| Total equity and liabilities | 1,495,842 | 1,476,406 | 1,446,382 |
--------------------------------------------------------------------------------
CONSOLIDATED statement of changes in equity 2009, IFRS
--------------------------------------------------------------------------------
| EUR 1,000 | Equity attributable to parent company shareholders |
--------------------------------------------------------------------------------
| | Share | Share | Translat | Fair | Unrestric |
| | capital | issue | ion | value | ted |
| | | premium | differen | reserves | equity |
| | | | ces | | reserve |
--------------------------------------------------------------------------------
| Shareholders' | 81,384 | 24,525 | 379 | -2,807 | |
| equity 1 | | | | | |
| January 2009 | | | | | |
--------------------------------------------------------------------------------
| Total comprehensive | | | -285 | -770 | |
| income for the year | | | | | |
--------------------------------------------------------------------------------
| Share issue | 12,258 | | | | 21,015 |
--------------------------------------------------------------------------------
| Shareholders' | 93,642 | 24,525 | 94 | -3,577 | 21,015 |
| equity | | | | | |
| 30 September 2009 | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR 1,000 | Equity attributable to parent | | |
| | company shareholders | | |
--------------------------------------------------------------------------------
| | Retained | Hybrid | Total | Non-contr | Total |
| | earnings | bond | | olling | sharehold |
| | | | | interests | ers' |
| | | | | | equity |
--------------------------------------------------------------------------------
| Shareholders' | 332,927 | | 436,409 | 1,531 | 437,940 |
| equity 1 January | | | | | |
| 2009 | | | | | |
--------------------------------------------------------------------------------
| Total comprehensive | -34,135 | | -35,190 | -93 | -35,283 |
| income for the year | | | | | |
--------------------------------------------------------------------------------
| Share issue | | | 33,274 | | 33,274 |
--------------------------------------------------------------------------------
| Issue of hybrid | | 20,906 | 20,906 | | 20,906 |
| bond | | | | | |
--------------------------------------------------------------------------------
| Repayment of the | -94 | -20,906 | -21,000 | | -21,000 |
| hybrid bond | | | | | |
--------------------------------------------------------------------------------
| Hybrid bond | -905 | | -905 | | -905 |
| interest | | | | | |
--------------------------------------------------------------------------------
| Decrease in | | | | -96 | -96 |
| interest in | | | | | |
| subsidiary | | | | | |
--------------------------------------------------------------------------------
| Dividend | | | | -490 | -490 |
--------------------------------------------------------------------------------
| Shareholders' | 297,794 | 0 | 433,494 | 851 | 434,345 |
| equity 30 | | | | | |
| September 2009 | | | | | |
--------------------------------------------------------------------------------
CONSOLIDATED statement of changes in equity 2010, IFRS
--------------------------------------------------------------------------------
| EUR 1,000 | Equity attributable to parent company shareholders |
--------------------------------------------------------------------------------
| | Share | Share | Translat | Fair | Unrestric |
| | capital | issue | ion | value | ted |
| | | premium | differen | reserves | equity |
| | | | ces | | reserve |
--------------------------------------------------------------------------------
| Shareholders' | 93,642 | 24,525 | 124 | -4,822 | 21,015 |
| equity 1 | | | | | |
| January 2010 | | | | | |
--------------------------------------------------------------------------------
| Total comprehensive | | | -58 | 824 | |
| income for the year | | | | | |
--------------------------------------------------------------------------------
| Shareholders' | 93,642 | 24,525 | 66 | -3,998 | 21,015 |
| equity 30 September | | | | | |
| 2010 | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR 1,000 | Equity attributable to | | || | parent company | | |
| | shareholders | | |
--------------------------------------------------------------------------------
| | Retained | Total | Non-contro | Total |
| | earnings | | lling | shareholder |
| | | | interests | s' equity |
--------------------------------------------------------------------------------
| Shareholders' equity 1 | 290,291 | 424,775 | 876 | 425,651 |
| January 2010 | | | | |
--------------------------------------------------------------------------------
| Total comprehensive | 5,401 | 6,167 | -38 | 6,129 |
| income for the year | | | | |
--------------------------------------------------------------------------------
| Shareholders' equity 30 | 295,692 | 430,942 | 838 | 431,780 |
| September 2010 | | | | |
--------------------------------------------------------------------------------
CONSOLIDATED CASH FLOW STATEMENT, IFRS
--------------------------------------------------------------------------------
| EUR 1,000 | 1 Jan-30 | 1 Jan-30 | 1 Jan-31 |
| | Sep 2010 | Sep 2009 | Dec 2009 |
--------------------------------------------------------------------------------
| Cash flows from operating | | | |
| activities | | | |
--------------------------------------------------------------------------------
| Result for reporting period | 5,363 | -34,228 | -41,706 |
--------------------------------------------------------------------------------
| Non-cash transactions | 63,932 | 54,541 | 67,673 |
--------------------------------------------------------------------------------
| Changes in working capital | -2,913 | -7,072 | 6,273 |
--------------------------------------------------------------------------------
| Net financial items and income | -24,603 | -31,386 | -33,395 |
| taxes | | | |
--------------------------------------------------------------------------------
| Net cash generated from operating | 41,779 | -18,146 | -1,154 |
| activities | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from investing | | | |
| activities | | | |
--------------------------------------------------------------------------------
| Investment in shares and | | -251 | -251 |
| acquisition | | | |
--------------------------------------------------------------------------------
| Net investments in tangible and | -78,652 | -14,727 | -25,363 |
| intangible assets | | | |
--------------------------------------------------------------------------------
| Disposal of subsidiaries | | -89 | 2,114 |
--------------------------------------------------------------------------------
| Proceeds from sale of investments | 1,675 | 937 | 957 |
--------------------------------------------------------------------------------
| Other investing activities | 919 | 41,962 | 49,377 |
--------------------------------------------------------------------------------
| Net cash used in investing | -76,058 | 27,832 | 26,834 |
| activities | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flows from financing | | | |
| activities | | | |
--------------------------------------------------------------------------------
| Proceeds from share issue | | 33,274 | 33,274 |
--------------------------------------------------------------------------------
| Loan withdrawals | 44,120 | | 8,040 |
--------------------------------------------------------------------------------
| Net increase in current | 47,178 | 20,469 | 9,801 |
| interest-bearing liabilities | | | |
--------------------------------------------------------------------------------
| Repayment of loans | -59,870 | -65,468 | -81,143 |
--------------------------------------------------------------------------------
| Increase / decrease in long-term | 632 | 92 | 466 |
| receivables | | | |
--------------------------------------------------------------------------------
| Dividends paid | | -540 | -540 |
--------------------------------------------------------------------------------
| Hybrid bond | | 20,906 | 20,906 |
--------------------------------------------------------------------------------
| Hybrid bond repayment | | -20,906 | -20,906 |
--------------------------------------------------------------------------------
| Net cash from (used in) financing | 32,060 | -12,173 | -30,103 |
| activities | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in cash and cash | -2,219 | -2,487 | -4,423 |
| equivalents | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents 1 | 6,103 | 10,509 | 10,509 |
| January | | | |
--------------------------------------------------------------------------------
| Effect of foreign exchange rate | 5 | 14 | 17 |
| changes | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at the | 3,889 | 8,037 | 6,103 |
| end of period | | | |
--------------------------------------------------------------------------------
REVENUE AND RESULT BY BUSINESS SEGMENTS
--------------------------------------------------------------------------------
| | 1 Jul-30 | 1 Jul-30 | 1 Jan-30 | 1 Jan-30 | 1 Jan-31 Dec |
| | Sep 2010 | Sep 2009 | Sep 2010 | Sep 2009 | 2009 |
--------------------------------------------------------------------------------
| | MEUR | % | MEUR | % | MEUR | % | MEUR | % | MEUR | % |
--------------------------------------------------------------------------------
| Reve | | | | | | | | | | |
| nue | | | | | | | | | | |
--------------------------------------------------------------------------------
| Ship | 135. | 92.2 | 118. | 91.0 | 385. | 91.4 | 333. | 89.6 | 444.9 | 90.0 |
| ping | 9 | | 8 | | 7 | | 6 | | | |
| and | | | | | | | | | | |
| sea | | | | | | | | | | |
| tran | | | | | | | | | | |
| spor | | | | | | | | | | |
| t | | | | | | | | | | |
--------------------------------------------------------------------------------
| Port | 17.7 | 12.0 | 17.5 | 13.4 | 53.9 | 12.8 | 56.4 | 15.1 | 73.2 | 14.8 |
| oper | | | | | | | | | | |
| atio | | | | | | | | | | |
| ns | | | | | | | | | | |
--------------------------------------------------------------------------------
| Elim | -6.1 | -4.2 | -5.8 | -4.4 | -17. | -4.2 | -17. | -4.8 | -23.7 | -4.8 |
| inat | | | | | 8 | | 7 | | | |
| ions | | | | | | | | | | |
| (int | | | | | | | | | | |
| ragr | | | | | | | | | | |
| oup) | | | | | | | | | | |
--------------------------------------------------------------------------------
| Exte | 147. | 100. | 130. | 100. | 421. | 100. | 372. | 100. | 494.4 | 100.0 |
| rnal | 5 | 0 | 5 | 0 | 8 | 0 | 3 | 0 | | |
| sale | | | | | | | | | | |
| s | | | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Resu | | | | | | | | | | |
| lt | | | | | | | | | | |
| befo | | | | | | | | | | |
| re | | | | | | | | | | |
| inte | | | | | | | | | | |
| rest | | | | | | | | | | |
| and | | | | | | | | | | |
| taxe | | | | | | | | | | |
| s | | | | | | | | | | |
| (EBI | | | | | | | | | | |
| T) | | | | | | | | | | |
--------------------------------------------------------------------------------
| Ship | 12.3 | | 2.1 | | 34.7 | | -4.2 | | -7.7 | |
| ping | | | | | | | | | | |
| and | | | | | | | | | | |
| sea | | | | | | | | | | |
| tran | | | | | | | | | | |
| spor | | | | | | | | | | |
| t | | | | | | | | | | |
--------------------------------------------------------------------------------
| Port | -3.0 | | -3.8 | | -9.5 | | -13. | | -15.9 | |
| oper | | | | | | | 9 | | | |
| atio | | | | | | | | | | |
| ns | | | | | | | | | | |
--------------------------------------------------------------------------------
| Resu | 9.3 | | -1.7 | | 25.2 | | -18. | | -23.6 | |
| lt | | | | | | | 1 | | | |
| befo | | | | | | | | | | |
| re | | | | | | | | | | |
| inte | | | | | | | | | | |
| rest | | | | | | | | | | |
| and | | | | | | | | | | |
| taxe | | | | | | | | | | |
| s | | | | | | | | | | |
| (EBI | | | | | | | | | | |
| T) | | | | | | | | | | |
| tota | | | | | | | | | | |
| l | | | | | | | | | | |
--------------------------------------------------------------------------------
| Fina | -6.1 | | -4.8 | | -16. | | -22. | | -27.8 | |
| ncia | | | | | 6 | | 1 | | | |
| l | | | | | | | | | | |
| item | | | | | | | | | | |
| s | | | | | | | | | | |
--------------------------------------------------------------------------------
| Resu | 3.2 | | -6.5 | | 8.6 | | -40. | | -51.4 | |
| lt | | | | | | | 2 | | | |
| befo | | | | | | | | | | |
| re | | | | | | | | | | |
| taxe | | | | | | | | | | |
| s | | | | | | | | | | |
--------------------------------------------------------------------------------
| Inco | -1.4 | | 1.3 | | -3.2 | | 6.0 | | 9.7 | |
| me | | | | | | | | | | |
| taxe | | | | | | | | | | |
| s | | | | | | | | | | |
--------------------------------------------------------------------------------
| Resu | 1.8 | | -5.2 | | 5.4 | | -34. | | -41.7 | |
| lt | | | | | | | 2 | | | |
| for | | | | | | | | | | |
| repo | | | | | | | | | | |
| rtin | | | | | | | | | | |
| g | | | | | | | | | | |
| peri | | | | | | | | | | |
| od | | | | | | | | | | |
--------------------------------------------------------------------------------
PROPERTY, PLANT AND EQUIPMENT 2009
--------------------------------------------------------------------------------
| EUR 1,000 | Land | Buildin | Vessels | Machiner | Advance | Total |
| | | gs | | y and | payments | |
| | | | | equipmen | & | |
| | | | | t | acquisit | |
| | | | | | ions | |
| | | | | | under | |
| | | | | | constr. | |
--------------------------------------------------------------------------------
| Acquisition | 339 | 106,638 | 1,289,69 | 109,525 | 125,401 | 1,631,595 |
| cost 1 | | | 2 | | | |
| January | | | | | | |
--------------------------------------------------------------------------------
| Exchange rate | | 24 | | 786 | | 810 |
| differences | | | | | | |
--------------------------------------------------------------------------------
| Increases | | 1,049 | 10,173 | 2,770 | 1,925 | 15,917 |
--------------------------------------------------------------------------------
| Disposals | -36 | -22,821 | -49,120 | -4,473 | -41 | -76,490 |
--------------------------------------------------------------------------------
| Reclassificat | | | 3,873 | | -3,873 | 0 |
| ions | | | | | | |
--------------------------------------------------------------------------------
| Acquisition | 303 | 84,890 | 1,254,61 | 108,609 | 123,412 | 1,571,832 |
| cost 30 | | | 8 | | | |
| September | | | | | | |
| 2009 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Accumulated | 0 | -32,221 | -237,395 | -50,010 | 0 | -319,627 |
| depreciation, | | | | | | |
| amortisation | | | | | | |
| and | | | | | | |
| write-offs 1 | | | | | | |
| Jan | | | | | | |
--------------------------------------------------------------------------------
| Exchange rate | | -8 | | -263 | | -271 |
| differences | | | | | | |
--------------------------------------------------------------------------------
| Cumulative | | 22,270 | 13,744 | 3,615 | | 39,629 |
| depreciation | | | | | | |
| on | | | | | | |
| reclassificat | | | | | | |
| ions and | | | | | | |
| disposals | | | | | | |
--------------------------------------------------------------------------------
| Depreciation | | -2,358 | -36,428 | -5,531 | | -44,316 |
| for the | | | | | | |
| reporting | | | | | | |
| period | | | | | | |
--------------------------------------------------------------------------------
| Accumulated | 0 | -12,317 | -260,079 | -52,189 | 0 | -324,585 |
| depreciation, | | | | | | |
| amortisation | | | | | | |
| and | | | | | | |
| write-offs 30 | | | | | | |
| Sep | | | | | | |
--------------------------------------------------------------------------------
| Book value 30 | 303 | 72,572 | 994,540 | 56,421 | 123,412 | 1,247,248 |
| September | | | | | | |
| 2009 | | | | | | |
--------------------------------------------------------------------------------
PROPERTY, PLANT AND EQUIPMENT 2010
--------------------------------------------------------------------------------
| EUR 1,000 | Land | Buildin | Vessels | Machiner | Advance | Total |
| | | gs | | y and | payment | |
| | | | | equipmen | s & | |
| | | | | t | acquisi | |
| | | | | | tions | |
| | | | | | under | |
| | | | | | constr. | |
--------------------------------------------------------------------------------
| Acquisition | 35 | 78,943 | 1,254,854 | 103,524 | 133,545 | 1,570,900 |
| cost 1 | | | | | | |
| January | | | | | | |
--------------------------------------------------------------------------------
| Exchange rate | | | | 21 | | 21 |
| differences | | | | | | |
--------------------------------------------------------------------------------
| Increases | | | 35,376 | 62 | 43,029 | 78,467 |
--------------------------------------------------------------------------------
| Disposals | | -1,394 | -291 | -1,968 | | -3,654 |
--------------------------------------------------------------------------------
| Reclassificat | | | 10,355 | | -10,355 | 0 |
| ions | | | | | | |
--------------------------------------------------------------------------------
| Acquisition | 35 | 77,549 | 1,300,294 | 101,638 | 166,219 | 1,645,735 |
| cost 30 | | | | | | |
| September | | | | | | |
| 2010 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Accumulated | | -7,676 | -271,610 | -51,557 | | -330,843 |
| depreciation, | | | | | | |
| amortisation | | | | | | |
| and | | | | | | |
| write-offs 1 | | | | | | |
| Jan | | | | | | |
--------------------------------------------------------------------------------
| Exchange rate | | | | -19 | | -19 |
| differences | | | | | | |
--------------------------------------------------------------------------------
| Cumulative | | 1,394 | 291 | 1,946 | | 3,631 |
| depreciation | | | | | | |
| on | | | | | | |
| reclassificat | | | | | | |
| ions and | | | | | | |
| disposals | | | | | | |
--------------------------------------------------------------------------------
| Depreciation | | -2,132 | -36,070 | -4,698 | | -42,901 |
| for the | | | | | | |
| reporting | | | | | | |
| period | | | | | | |
--------------------------------------------------------------------------------
| Accumulated | | -8,414 | -307,389 | -54,328 | | -370,131 |
| depreciation, | | | | | | |
| amortisation | | | | | | |
| and | | | | | | |
| write-offs 30 | | | | | | |
| Sep | | | | | | |
--------------------------------------------------------------------------------
| Book value 30 | 35 | 69,135 | 992,905 | 47,310 | 166,219 | 1,275,604 |
| September | | | | | | |
| 2010 | | | | | | |
--------------------------------------------------------------------------------
CONTINGENCIES AND COMMITMENTS
--------------------------------------------------------------------------------
| EUR 1,000 | 30 Sep 2010 | 30 Sep 2009 | 31 Dec 2009 |
--------------------------------------------------------------------------------
| Minimum lease payable in relation | | | |
| to fixed-term leases: | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Vessel leases (Group as lessee): | | | |
--------------------------------------------------------------------------------
| Within 12 months | 29,544 | 46,729 | 39,200 |
--------------------------------------------------------------------------------
| 1-5 years | 21,776 | 52,634 | 42,571 |
--------------------------------------------------------------------------------
| | 51,320 | 99,363 | 81,771 |
--------------------------------------------------------------------------------
| Vessel leases (Group as lessor): | | | |
--------------------------------------------------------------------------------
| Within 12 months | 3,049 | 12,836 | 9,226 |
--------------------------------------------------------------------------------
| 1-5 years | 0 | 0 | 0 |
--------------------------------------------------------------------------------
| | 3,049 | 12,836 | 9,226 |
--------------------------------------------------------------------------------
| Other leases (Group as lessee): | | | |
--------------------------------------------------------------------------------
| Within 12 months | 6,989 | 6,688 | 7,057 |
--------------------------------------------------------------------------------
| 1-5 years | 20,446 | 20,994 | 21,511 |
--------------------------------------------------------------------------------
| After five years | 16,649 | 21,051 | 19,869 |
--------------------------------------------------------------------------------
| | 44,084 | 48,733 | 48,437 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Collateral given | | | |
--------------------------------------------------------------------------------
| Loans secured by mortgages | | | |
--------------------------------------------------------------------------------
| Loans from financial institutions | 738,410 | 701,354 | 699,922 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Vessel mortgages provided as | 1,173,500 | 1,153,500 | 1,153,500 |
| guarantees for the above loans | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other given collateral and | | | |
| obligations | | | |
--------------------------------------------------------------------------------
| Pledges | 11 | 11 | 11 |
--------------------------------------------------------------------------------
| Mortgages | 606 | 606 | 606 |
--------------------------------------------------------------------------------
| Other obligations | 96,244 | 120,465 | 120,962 |
--------------------------------------------------------------------------------
| | 96,861 | 121,082 | 121,579 |
--------------------------------------------------------------------------------
| Obligations of parent company on | | | |
| behalf of subsidiaries | | | |
--------------------------------------------------------------------------------
| Guarantees | 6,913 | 6,000 | 6,913 |
--------------------------------------------------------------------------------
| | 6,913 | 6,000 | 6,913 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| VAT adjustment liability related | 11,458 | 12,716 | 12,430 |
| to real estate investments | | | |
--------------------------------------------------------------------------------
Open derivative instruments:
--------------------------------------------------------------------------------
| | Fair value | Contract amount |
--------------------------------------------------------------------------------
| 1000 EUR | 30 Sep | 30 Sep | 31 Dec | 30 Sep | 30 Sep | 31 Dec |
| | 2010 | 2009 | 2009 | 2010 | 2009 | 2009 |
--------------------------------------------------------------------------------
| Currency | 507 | -707 | -677 | 64,625 | 30,633 | 20,408 |
| forwards | | | | | | |
--------------------------------------------------------------------------------
| Interest | 0 | -3,265 | -2,369 | 0 | 120,000 | 120,000 |
| rate swaps | | | | | | |
--------------------------------------------------------------------------------
REVENUE AND RESULT BY QUARTER
--------------------------------------------------------------------------------
| MEUR | Q1/10 | Q1/09 | Q2/10 | Q2/09 | Q3/10 | Q3/09 |
--------------------------------------------------------------------------------
| Shipping and | 110.9 | 103.3 | 138.9 | 111.5 | 135.9 | 118.8 |
| sea transport | | | | | | |
--------------------------------------------------------------------------------
| Port | 14.8 | 20.1 | 21.5 | 18.7 | 17.7 | 17.5 |
| operations | | | | | | |
--------------------------------------------------------------------------------
| Eliminations | -4.2 | -6.1 | -7.5 | -5.9 | -6.1 | -5.8 |
| (intragroup) | | | | | | |
--------------------------------------------------------------------------------
| External | 121.5 | 117.4 | 152.8 | 124.4 | 147.5 | 130.5 |
| sales | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Result before | | | | | | |
| interest and | | | | | | |
| taxes (EBIT) | | | | | | |
--------------------------------------------------------------------------------
| Shipping and | 5.9 | -10.0 | 16.5 | 3.7 | 12.3 | 2.1 |
| sea transport | | | | | | |
--------------------------------------------------------------------------------
| Port | -4.5 | -6.0 | -2.1 | -4.1 | -3.0 | -3.8 |
| operations | | | | | | |
--------------------------------------------------------------------------------
| Result before | 1.4 | -16.0 | 14.4 | -0.3 | 9.3 | -1.7 |
| interest and | | | | | | |
| taxes (EBIT) | | | | | | |
| total | | | | | | |
--------------------------------------------------------------------------------
| Financial | -5.3 | -10.6 | -5.2 | -6.7 | -6.1 | -4.8 |
| items | | | | | | |
--------------------------------------------------------------------------------
| Result before | -3.8 | -26.6 | 9.2 | -7.1 | 3.2 | -6.5 |
| taxes | | | | | | |
--------------------------------------------------------------------------------
| Income taxes | 0.6 | 5.6 | -2.4 | -0.9 | -1.4 | 1.3 |
--------------------------------------------------------------------------------
| Result for | -3.3 | -21.0 | 6.8 | -8.0 | 1.8 | -5.2 |
| the reporting | | | | | | |
| period | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EPS | -0.07 | -0.51 | 0.15 | -0.20 | 0.04 | -0.12 |
| (undiluted) | | | | | | |
--------------------------------------------------------------------------------
| EPS (diluted) | -0.07 | -0.51 | 0.15 | -0.20 | 0.04 | -0.12 |
--------------------------------------------------------------------------------
SHARES, MARKET CAPITALISATION AND TRADING INFORMATION
--------------------------------------------------------------------------------
| | 30 September 2010 | 30 September 2009 |
| | | |
--------------------------------------------------------------------------------
| Number of shares | 46,821,037 | 46,821,037 |
--------------------------------------------------------------------------------
| Market capitalisation, | 387.7 | 369.9 |
| EUR million | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | 1 Jan - 30 Sep 2010 | 1 Jan - 30 Sep 2009 |
--------------------------------------------------------------------------------
| Number of shares traded, | 2.2 | 1.3 |
| million | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | 1 Jan - 30 Sep 2010 |
--------------------------------------------------------------------------------
| | High | Low | Average | Close |
--------------------------------------------------------------------------------
| Share price | 9.70 | 6.95 | 7.85 | 8.28 |
--------------------------------------------------------------------------------
CALCULATION OF RATIOS
Earnings per share (EPS), EUR *:
Result attributable to parent company shareholders - hybrid bond interest
-------------------------------------------------------------------------
Weighted average number of outstanding shares
Shareholders' equity per share, EUR *:
Shareholders' equity attributable to parent company shareholders
----------------------------------------------------------------
Number of shares at the end of period
Gearing, %:
Interest-bearing liabilities - cash and bank equivalents
-------------------------------------------------------- X 100
Shareholders' equity + non-controlling interests
Equity ratio, %:
Shareholders' equity + non-controlling interests
------------------------------------------------ X 100
Balance sheet total - received advances
*In 2009, key indicators per share have been retroactively adjusted with the
share issue adjustment factor.
Taxes corresponding to the result for the reporting period are presented as
income taxes in the interim report.
*In 2009, key indicators per share have been retroactively adjusted with the
share issue adjustment factor.
Taxes corresponding to the result for the reporting period are presented as
income taxes in the interim report.
RELATED PARTY TRANSACTIONS
In April 2009, Finnlines' subsidiary Hanseatic Shipping sold MS Finnhansa to
Grimaldi Group at the market price of EUR 40 million with a call option to
repurchase the vessel at the same price. This call option was exercised in April
2010. MS Finnhansa (renamed Transrussia) was bought in July 2010 by Finnlines
Deutschland GmbH and started plying in TransRussiaExpress traffic between
Travemünde and St. Petersburg.
Redelivery of the two vessels, hired to Grimaldi Group in 2009, took place in
the first quarter 2010 and at the beginning of the second quarter 2010.
Otherwise there were no material related party transactions or balances during
the reporting period.
REPORTING AND ACCOUNTING POLICIES
This interim report is prepared in accordance with IAS 34 (Interim Financial
Reporting) using the same accounting policies and methods as in the annual
financial statements for 2009. All figures in the accounts have been rounded and
consequently the sum of individual figures can deviate from the presented sum
figure.
The preparation of the financial statements in accordance with IFRS requires
management to make estimates and assumptions that affect the valuation of the
reported assets and liabilities and other information such as contingent
liabilities and the recognition of income and expenses in the income statement.
Although the estimates are based on the management's best knowledge of current
events and actions, actual results may differ from the estimates.
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