2009-05-07 10:57:33 CEST
2009-05-07 10:58:33 CEST
REGULATED INFORMATION
Finnlines - Interim report (Q1 and Q3)
Finnlines Interim Report 1.1. - 31.3.2009 (unaudited)
The Finnlines Group recorded revenue totalling EUR 117.4 (185.1) million. Operating loss was EUR -16.0 (operating profit 14.0) million. Loss before taxes was EUR -26.6 (profit before taxes 5.5) million. Earnings per share (EPS) were EUR -0.52 (0.11). Return on equity (ROE) was -19.2 (4.2) % and return on investment (ROI) was -4.7 (5.0) %. Market development The sharp drop in volumes experienced in the last quarter of 2008 accelerated at the beginning of the first quarter. During January-February, the Finnish seaborn imports of unitized goods fell by 24.9% and exports by 33.3% in comparison with the corresponding period of the previous year (measured in tons). Similarly, the trailer and lorry volumes transported by sea between the Southern Sweden and Germany declined by 21.1% on the previous year. The passenger traffic between Finland and Germany decreased by 18.6% and increased by 5.0% between Finland and Sweden (the passenger figures include the lorry drivers accompanying their vehicles). Group structure Finnlines is one of the largest Nordic European shipping companies specialising in liner cargo services. The operations of the Company are centred on sea transports in the Baltic Sea and North Sea areas and on providing port services in Finland and Norway. Through its subsidiaries and associated companies, the Group has operations in eight northern European countries and in Russia. The Group's services are also offered throughout Europe via an extensive network of agents. To improve the customer service, efficiency and business follow-up, different port operations were split into separate companies by de-merger of Finnsteve Oy Ab as of 1 January 2009. The new companies provide container, ro-ro and terminal services. The Company is part of Italian Grimaldi Group. Significant events during the reporting period Traffic Finnlines adjusted the capacity on different routes during the first quarter because of a sharp decline in cargo volumes. In mid-February, MS Europalink was moved from the Malmö-Travemünde route to the Helsinki-Travemünde route. At the same time, MS Transeuropa was transferred from the Helsinki-Travemünde route to the Lübeck-St. Petersburg route. Further adjustments to the ropaxfleet were made after the reporting period in April. Starting from mid-February, the ro-ro capacity was adjusted heavily. In March, on average six ro-ro vessels were laid up in different locations. During April, Finnlines managed to redeliver or sublet four of these vessels. The cargo volumes transported during the first quarter of the year totalled approximately 155,000 (208,000 in 2008) units, 11,000 (28,000) cars (not including cars of the passengers) and, in addition, 485,000 (768,000) tonnes of freight not possible to measure in units. In addition, some 102,000 passengers were transported (around 127,000 in 2008), which figure includes freight-related passengers. New CEO for Finnlines Group Finnlines Plc´s President and CEO, Mr.Christer Antson, resigned on 23 March. Mr. Uwe Bakosch was apppointed new President and CEO on 24 March. He will start at the end of June 2009. Mr. Emanuele Grimaldi, member of the Board, is acting as temporary President and CEO for the company until the end of June. Mr. Bakosch, aged 50, is a German citizen. He is currently the Managing Director of ATG Autotransport Logistic GmbH (100% subsidiary of Deutsche Bahn). His previous positions have been among others: V.A.G. Transport GmbH - Chartering Manager, United European Car Carriers A/S - Director / Marketing and Sales, Scandlines AG - Member of the Board of Scandlines AG, Managing Director of Scandlines Deutschland GmbH, as well as Scandlines Danmark AS. Hybrid bond The Board of Directors of Finnlines Plc resolved to issue a hybrid bond in order to strengthen the Group's capital structure on 23 March. The principal amount of the bond was EUR 21 million and the coupon of the bond is 12 per cent per annum. The bond has no maturity but the company may redeem the securities after three years or at any time in certain events including issue of new shares. The bond was placed with the Company's two main shareholders. At the same time, the Board of Directors of Finnlines Plc decided to propose to the shareholders' meeting of the company that a rights issue be arranged in May 2009. The company's largest shareholder, Grimaldi Group has committed to subscribe shares in such a rights issue provided that shareholders' meeting decides on the authorization of the share issue. Fairway dues The Administrative Court of Helsinki has rendered three decisions, today final, based on which it can be firmly argued that the Acts on the fairway dues in force until 1 January 2006 were not in accordance with the Community legislation(particularly Counsel Regulation 4055/86 and case law). On the basis of these decisions, the company has applied for refund of fairway dues for 2005, amounting to EUR 2.7 million. This sum may be refunded during autumn 2009 and is included in other operating income. Finnlines will also apply for refund for other years for which the documents are available. At this stage, no estimates of the amounts nor the handling times can be given. Financial performance The Finnlines Group recorded revenue totalling EUR 117.4 (185.1 in 2008) million. Shipping and Sea Transport Services generated revenue amounting to EUR 103.3 (160.0) million and Port Operations EUR 20.1 (32.4) million. Other income from operations amounted to EUR 3.7 (0.6) million, including EUR 2.7 million from the fairway dues of 2005 booked as income for the first quarter and sales gain of EUR 0.6 million from the sale of the operations of the Port of Kantvik. Operating profit/loss was EUR - 16.0 (14.0) million. Finnlines suffered from the loss of cargo volumes and from overcapacity in this difficult market environment. Financial income was EUR 1.2 (1.1) million and financial expenses totalled EUR -11.8 (-9.6) million. Loss before taxes was EUR -26.6 (5.5) million. Earnings per share (EPS) were EUR -0.52 (0.11). Return on equity (ROE) was -19.2 (4.2) % and return on investment (ROI) was -4.7 (5.0) %. Investments and financing The Group's investments were EUR 13.7 (24.6) million. Interest-bearing net debt amounted to EUR 905.7 (755.6) million. The equity ratio calculated from the balance sheet was 28.5 (30.9) %. Gearing was 206.7 (172.8) %. Personnel The Group employed an average of 2,315 (2,313) people during the period, consisting of 1,350 (1,428) employees on shore and 965 (885) persons at sea. The Finnlines share The Company's registered share capital on 31 March 2009 was EUR 81,383,916 divided into 40,691,958 shares. A total of 0.4 million Finnlines shares were traded on the Helsinki Exchange during the period. The market capitalisation of the Company's stock at the end of March was EUR 212.8 million. Earnings per share (EPS) during the period were EUR -0.52 (0.11). Shareholders' equity per share was EUR 10.73 (10.70). Risks There is no material changes in the risks disclosed in the notes to the financial statements 2008. Events after the reporting period Litigation The County Administrative Board of Southern Finland at the request of Mutual Pension Insurance Company Ilmarinen appointed Hannu Niilekselä (APA) to perform a special audit of accounts and administration of Finnlines Plc for the reporting period from 1 January 2007 to 31 December 2007. The special audit will cover the following matters and operations: - Group contributions granted to subsidiaries - Audit of the fact that no group contribution has been granted from subsidiaries to the parent company - Dividends paid by subsidiaries to the parent company - Investment programme - The sale of two vessels by the parent company to subsidiaries. The County Administrative Board rejected the application in respect of applying a special audit to cover the accounts and administration as a whole for the reporting period from 1 January 2007 to 31 December 2007, i.e. only the above mentioned matters should be included in the special audit. During the night from 28 to 29 March 2009, there was an oil spill on MS Finneagle, a vessel owned by the Company, while she was heading from Kapellskär to Naantali. As a result, approximately 4 m3 of light fuel oil was leaked from the vessel into the sea between the Åland Sea and the Port of Naantali. The Finnish authorities initiated investigations on 30 March 2009 and the investigation is still pending. The vessel or the Company has not received any notice or information on any environmental damage. The Company immediately started its own investigations and is working in cooperation with the authorities in order to clarify the matter. Possible damages are covered by the comapany's P&I Insurance. The Annual General Meeting The Annual General Meeting of Finnlines Plc approved the Financial Statements and discharged the company's officers from liability for the financial year 2008. The meeting decided to accept the proposal of the Board of Directors that no dividend be paid for 2008. The meeting decided that the number of Board Members be six. Current Board Members were re-elected; Mr Emanuele Grimaldi, Mr Gianluca Grimaldi, Mr Diego Pacella, Mr Antti Pankakoski, Mr Olav K Rakkenes and Mr Jon-Aksel Torgersen. The yearly compensation to the Board will be as follows: the chairman EUR 50,000, the vice-chairman EUR 40,000 and the member EUR 30,000. The Annual General Meeting re-elected Deloitte & Touche Oy as the Company's auditors for the fiscal year 2009, with Mikael Leskinen, APA, as the principally responsible auditor. It was decided to authorize the Board of Directors to resolve on the issuance of shares in one or several instalments. The Board of Directors may, on the basis of the authorization, resolve on the issuance of shares in one or several instalments, so that the aggregate number of shares to be issued shall not exceed 20 000 000 shares. The Board of Directors decides on all the conditions of the issuance of shares. The issuance of shares may also be carried out in deviation from the shareholders' pre-emptive rights (directed issue). The authorization is valid until the next Annual General Meeting. The authorization granted to the Board of Directors by the Annual General Meeting on May 20 2008 to decide on the issuance of shares was cancelled. The Annual General Meeting decided to amend § 10 of the Articles of Association of the Company as follows: "The Shareholders' Meeting shall be announced in a national newspaper chosen by the Board, no earlier than three months before the Shareholders' Meeting and no later than 21 days before the Shareholders' Meeting." Capacity adjustments and cost saving actions subsequent to the review period In mid-April, MS Finneagle was moved from the Naantali-Kapellskär route to the Malmö-Travemünde route and further MS Nordlink was moved from the Malmö-Travemünde route to the Helsinki- Travemünde route. Now Finnlines is offering a superior schedule with more capacity for both freight customers and passengers with five Star-class vessels on the Helsinki-Travemünde route. At the end of April, Finnlines sold MS Finnhansa to Grimaldi Group at the market price of EUR 40 million with a one month's notice call option for repurchase by Finnlines Plc at the same price. The call option may be declared during April 2010. The Finnhansa was left idle due to the economic situation and the selling of the vessel will reduce the costs of Finnlines. The company will book a profit of about EUR 4.3 million on the sale of the vessel. During April, Finnlines managed to generate additional savings by redelivering or subletting four chartered ro-ro vessels. Finnlines will continue efforts to adjust its capacity to the current market situation. A new purchasing department was established and all purchases are now performed and managed by the department. The Group has temporarily laid off 160 persons in all the ports where it is operating and cut the number of employees in the offices. Considerable savings are expected to be achieved through these measures. Outlook for 2009 The overall economic development in Europe and in the whole world has rapidly deteriorated and casts uncertainty over the business environment. The sharp drop in cargo volumes started in the last quarter of 2008, will burden the company's revenues and financial performance at least during the first half of 2009. Due to the fleet renewal programme, ship conversions and investments in harbours, Finnlines' depreciations are expected to continue to rise from the 2008 level. However, interest expenses of the company's floating rate loans are likely to fall due to declining market interest rates. Finnlines will continue efforts to respond to the difficult market conditions. The actions include further adjustment of the capacity to the demand where possible, cost-saving initiatives, personnel adjustments, and divesting non-core businesses. The next interim report for 1 January - 30 June 2009 will be published on 30 July 2009. Finnlines Plc The Board of Directors ENCLOSURES -Group income statement -Balance Sheet -Changes in Shareholders Equity -Cash Flow Statement -Revenue and profit by business segment -Property,plant and equipment -Financial indicators -Contingencies and Commitments DISTRIBUTION Helsinki Exchanges Main media All figures unaudited -------------------------------------------------------------------------------- | GROUP INCOME STATEMENT,IFRS | | | | -------------------------------------------------------------------------------- | EUR 1,000 | 1.1. - | 1.1. - | 1.1. - | | | 31.3.2009 | 31.3.2008 | 31.12.2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Revenue | 117,401 | 185,072 | 735,747 | -------------------------------------------------------------------------------- | Other income from operations | 3,743 | 595 | 2,429 | -------------------------------------------------------------------------------- | Materials and services | -35,609 | -62,967 | -258,187 | -------------------------------------------------------------------------------- | Personnel expenses | -28,786 | -28,335 | -122,944 | -------------------------------------------------------------------------------- | Depreciation, amortisation | -15,875 | -13,950 | -62,690 | | and other write-offs | | | | -------------------------------------------------------------------------------- | Other operating expenses | -56,917 | -66,373 | -258,912 | -------------------------------------------------------------------------------- | Total operating expenses | -137,187 | -171,625 | -702,732 | -------------------------------------------------------------------------------- | Operating profit/loss | -16,042 | 14,042 | 35,443 | -------------------------------------------------------------------------------- | Financial income | 1,194 | 1,094 | 3,422 | -------------------------------------------------------------------------------- | Financial expense | -11,788 | -9,595 | -42,039 | -------------------------------------------------------------------------------- | Profit/loss before taxes | -26,637 | 5,541 | -3,174 | -------------------------------------------------------------------------------- | Income taxes | 5,601 | -941 | 4,145 | -------------------------------------------------------------------------------- | Profit/loss for the reporting | -21,036 | 4,600 | 971 | | period | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other comprehensive income: | | | | -------------------------------------------------------------------------------- | Exchange differences on | -170 | 62 | 227 | | translating foreign operations | | | | -------------------------------------------------------------------------------- | Change in hedging reserve | 910 | -4,243 | 347 | -------------------------------------------------------------------------------- | Other changes in revaluations | | | 1,481 | -------------------------------------------------------------------------------- | Income tax relating to | -237 | 1,103 | -90 | | components of other | | | | | comprehensive income | | | | -------------------------------------------------------------------------------- | TOTAL COMPREHENSIVE INCOME | -20,532 | 1,521 | 2,936 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit/loss attributable to: | | | | -------------------------------------------------------------------------------- | Parent company shareholders | -21,015 | 4,551 | 507 | -------------------------------------------------------------------------------- | Minority interest | -20 | 48 | 464 | -------------------------------------------------------------------------------- | | -21,036 | 4,600 | 971 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total comprehensive income | | | | | attributable to: | | | | -------------------------------------------------------------------------------- | Parent company shareholders | -20,512 | 1,473 | 2,471 | -------------------------------------------------------------------------------- | Minority interest | -20 | 48 | 464 | -------------------------------------------------------------------------------- | | -20,532 | 1,521 | 2,936 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit/loss attributable to | | | | | parent company shareholders | | | | | calculated as earnings per | | | | | share (EUR/share) | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Undiluted earnings per share | -0,52 | 0,11 | 0,01 | -------------------------------------------------------------------------------- | Diluted earnings per share | -0,52 | 0,11 | 0,01 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Average number of shares: | | | | -------------------------------------------------------------------------------- | Undiluted | 40,691,958 | 40,691,958 | 40,691,958 | -------------------------------------------------------------------------------- | Diluted | 40,691,958 | 40,691,958 | 40,691,958 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | GROUP BALANCE SHEET, IFRS | | | | -------------------------------------------------------------------------------- | EUR 1,000 | 31 March, | 31 March, | 31 Dec, 2008 | | | 2009 | 2008 | | -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- | Non-current assets | | | | -------------------------------------------------------------------------------- | Property, plant and equipment | 1,309,919 | 1,150,308 | 1,311,969 | -------------------------------------------------------------------------------- | Goodwill | 105,644 | 108,660 | 105,644 | -------------------------------------------------------------------------------- | Other intangible assets | 13,013 | 9,731 | 12,947 | -------------------------------------------------------------------------------- | Investment properties | 1,579 | 1,583 | 1,580 | -------------------------------------------------------------------------------- | Share of associated companies | 1,526 | 1,526 | 1,526 | -------------------------------------------------------------------------------- | Other financial assets | 4,791 | 4,797 | 4,793 | -------------------------------------------------------------------------------- | Receivables | 4,514 | 8,750 | 3,848 | -------------------------------------------------------------------------------- | Deferred tax assets | 3,034 | 3,253 | 2,734 | -------------------------------------------------------------------------------- | | 1,444,022 | 1,288,608 | 1,445,041 | -------------------------------------------------------------------------------- | Current assets | | | | -------------------------------------------------------------------------------- | Inventories | 5,444 | 7,165 | 5,252 | -------------------------------------------------------------------------------- | Accounts receivable and other | 76,398 | 100,580 | 73,474 | | receivables | | | | -------------------------------------------------------------------------------- | Income tax receivables | 111 | 107 | 76 | -------------------------------------------------------------------------------- | Bank and cash | 14,007 | 19,865 | 10,509 | -------------------------------------------------------------------------------- | | 95,960 | 127,718 | 89,312 | -------------------------------------------------------------------------------- | Total assets | 1,539,982 | 1,416,326 | 1,534,352 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHAREHOLDER'S EQUITY | | | | -------------------------------------------------------------------------------- | Equity attributable to parent | | | | | company shareholders | | | | -------------------------------------------------------------------------------- | Share capital | 81,384 | 81,384 | 81,384 | -------------------------------------------------------------------------------- | Share premium account | 24,525 | 24,525 | 24,525 | -------------------------------------------------------------------------------- | Fair value reserve | -2,133 | -7,684 | -2,807 | -------------------------------------------------------------------------------- | Translation differences | 209 | 214 | 379 | -------------------------------------------------------------------------------- | Retained earnings | 311,912 | 337,152 | 332,927 | -------------------------------------------------------------------------------- | Hybrid bond | 20,906 | | | -------------------------------------------------------------------------------- | | 436,803 | 435,591 | 436,409 | -------------------------------------------------------------------------------- | Minority interest | 1,511 | 1,582 | 1,531 | -------------------------------------------------------------------------------- | Total shareholders' equity | 438,314 | 437,173 | 437,940 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES | | | | -------------------------------------------------------------------------------- | Long-term liabilities | | | | -------------------------------------------------------------------------------- | Deferred tax liabilities | 91,408 | 104,818 | 96,835 | -------------------------------------------------------------------------------- | Interest-free liabilities | | 2,525 | 370 | -------------------------------------------------------------------------------- | Pension liabilities | 3,026 | 2,349 | 3,026 | -------------------------------------------------------------------------------- | Provisions | 4,277 | 2,283 | 4,277 | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 771,935 | 644,900 | 789,692 | -------------------------------------------------------------------------------- | | 870,645 | 756,876 | 894,201 | -------------------------------------------------------------------------------- | Current liabilities | | | | -------------------------------------------------------------------------------- | Accounts payable and other | 80,204 | 90,868 | 78,293 | | liabilities | | | | -------------------------------------------------------------------------------- | Income tax liabilities | 199 | 220 | 110 | -------------------------------------------------------------------------------- | Provisions | 2,843 | 667 | 2,930 | -------------------------------------------------------------------------------- | Current interest-bearing | 147,777 | 130,522 | 120,878 | | liabilities | | | | -------------------------------------------------------------------------------- | | 231,057 | 222,278 | 202,212 | -------------------------------------------------------------------------------- | Total liabilities | 1,101,702 | 979,153 | 1,096,412 | -------------------------------------------------------------------------------- | Total shareholders' equity and | 1,539,982 | 1,416,326 | 1,534,352 | | liabilities | | | | -------------------------------------------------------------------------------- GROUP STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY 2008 -------------------------------------------------------------------------------- | 2008 | Equity attributable to parent company shareholders | -------------------------------------------------------------------------------- | EUR 1,000 | Share | Share | Translation | Fair | Retained | | | capital | issue | differences | value | earnings | | | | premium | | reserves | | -------------------------------------------------------------------------------- | Shareholders' | 81,384 | 24,525 | 152 | -4,544 | 332,601 | | equity 1 Jan 2008 | | | | | | -------------------------------------------------------------------------------- | Total | | | 62 | -3,140 | 4,551 | | comprehensive | | | | | | | income for the | | | | | | | year | | | | | | -------------------------------------------------------------------------------- | Dividend | | | | | | -------------------------------------------------------------------------------- | Shareholders' | 81,384 | 24,525 | 213 | -7,684 | 337,152 | | equity 31 March | | | | | | | 2008 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 2008 | | | | | -------------------------------------------------------------------------------- | EUR 1,000 | Hybrid | Total | Minority | Total | | | bond | | interest | shareholders' | | | | | | equity | -------------------------------------------------------------------------------- | Shareholders' | | 434,118 | 1,534 | 435,652 | | equity 1 Jan 2008 | | | | | -------------------------------------------------------------------------------- | Total | | 1,473 | 48 | 1,521 | | comprehensive | | | | | | income for the | | | | | | year | | | | | -------------------------------------------------------------------------------- | Dividend | | | | | -------------------------------------------------------------------------------- | Shareholders' | | 435,590 | 1,582 | 437,172 | | equity 31 March | | | | | | 2008 | | | | | -------------------------------------------------------------------------------- GROUP STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY 2009 -------------------------------------------------------------------------------- | 2009 | Equity attributable to parent company shareholders | -------------------------------------------------------------------------------- | EUR 1,000 | Share | Share | Translation | Fair | Retained | | | capital | issue | differences | value | earnings | | | | premium | | reserves | | -------------------------------------------------------------------------------- | Shareholders' | 81,384 | 24,525 | 379 | -2,807 | 332,927 | | equity 1 Jan 2009 | | | | | | -------------------------------------------------------------------------------- | Total | | | -170 | 673 | -21,015 | | comprehensive | | | | | | | income for the | | | | | | | year | | | | | | -------------------------------------------------------------------------------- | Hybrid bond | | | | | | -------------------------------------------------------------------------------- | Dividend | | | | | | -------------------------------------------------------------------------------- | Shareholders' | 81,384 | 24,525 | 209 | -2,133 | 311,912 | | equity 31 March | | | | | | | 2009 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 2009 | | | | | -------------------------------------------------------------------------------- | EUR 1,000 | Hybrid bond | Total | Minority | Total | | | | | interest | shareholders' | | | | | | equity | -------------------------------------------------------------------------------- | Shareholders' | | 436,409 | 1,531 | 437,940 | | equity 1 Jan 2009 | | | | | -------------------------------------------------------------------------------- | Total | | -20,512 | -20 | -20,532 | | comprehensive | | | | | | income for the | | | | | | year | | | | | -------------------------------------------------------------------------------- | Hybrid bond | 20,906 | 20,906 | | 20,906 | -------------------------------------------------------------------------------- | Dividend | | | | | -------------------------------------------------------------------------------- | Shareholders' | 20,906 | 436,803 | 1,511 | 438,314 | | equity 31 March | | | | | | 2009 | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED CASH FLOW STATEMENT, IFRS | | | -------------------------------------------------------------------------------- | EUR 1,000 | 1 Jan- | 1 Jan- | 1 Jan- | | | 31 March 2009 | 31 March 2008 | 31 Dec 2008 | -------------------------------------------------------------------------------- | Cash flow from operations | | | | -------------------------------------------------------------------------------- | Profit for reporting | -21,036 | 4,600 | 971 | | period | | | | -------------------------------------------------------------------------------- | Adjustments: | | | | -------------------------------------------------------------------------------- | Non-cash transactions | 18,039 | 14,241 | 64,508 | -------------------------------------------------------------------------------- | Financial income and | 8,289 | 7,895 | 35,672 | | expenses | | | | -------------------------------------------------------------------------------- | Taxes | -5,601 | 941 | -4,145 | -------------------------------------------------------------------------------- | Changes in working | | | | | capital: | | | | -------------------------------------------------------------------------------- | Change in accounts | -3,124 | -8,942 | 17,446 | | receivable and other | | | | | receivables | | | | -------------------------------------------------------------------------------- | Change in inventories | -192 | -257 | 1,866 | -------------------------------------------------------------------------------- | Change in accounts payable | -2,138 | -10,635 | -20,434 | | and other liabilities | | | | -------------------------------------------------------------------------------- | Change in provisions | -88 | -14 | 3,230 | -------------------------------------------------------------------------------- | Interest paid | -7,648 | -9,292 | -34,101 | -------------------------------------------------------------------------------- | Interest received | 79 | 230 | 1,383 | -------------------------------------------------------------------------------- | Taxes paid | -368 | -468 | -2,747 | -------------------------------------------------------------------------------- | Other financing items | -301 | -453 | -1,261 | -------------------------------------------------------------------------------- | Net cash flow from | -14,089 | -2,156 | 62,387 | | operating activities | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from investing | | | | | activities | | | | -------------------------------------------------------------------------------- | Acquisition of | | | -194 | | subsidiaries | | | | -------------------------------------------------------------------------------- | Investments in tangible | -10,722 | -24,598 | -235,849 | | and intangible assets | | | | -------------------------------------------------------------------------------- | Sale of tangible assets | 327 | 338 | 1,537 | -------------------------------------------------------------------------------- | Proceed sale of | 1 | | 0 | | investments | | | | -------------------------------------------------------------------------------- | Dividends received | 0 | 38 | 5 | -------------------------------------------------------------------------------- | Net cash used in investing | -10,394 | -24,223 | -234,501 | | activities | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from financing | | | | | activities | | | | -------------------------------------------------------------------------------- | Loan withdrawals | | 69,000 | 280,267 | -------------------------------------------------------------------------------- | Net increase in current | 25,119 | -31,726 | -45,867 | | interest-bearing | | | | | liabilities | | | | -------------------------------------------------------------------------------- | Repayment of loans | -18,050 | -17,942 | -78,700 | -------------------------------------------------------------------------------- | Increase / decrease in | 2 | 2 | 694 | | long-term receivables | | | | -------------------------------------------------------------------------------- | Dividends paid | | | -647 | -------------------------------------------------------------------------------- | Hybrid bond | 20,906 | | | -------------------------------------------------------------------------------- | Net cash flow used in | 27,976 | 19,334 | 155,747 | | financing activities | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in cash and cash | 3,492 | -7,046 | -16,367 | | equivalents | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 10,509 | 26,913 | 26,913 | | 1 January | | | | -------------------------------------------------------------------------------- | Effect of foreign exchange | 4 | -3 | -37 | | rate changes | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 14,007 | 19,865 | 10,509 | | 31 March | | | | -------------------------------------------------------------------------------- REVENUE AND OPERATING RESULT BY BUSINESS SEGMENTS -------------------------------------------------------------------------------- | | 1 Jan -31 | | 1 Jan | | 1 Jan | | | | March | | -31 | | -31 Dec | | | | 2009 | | March | | 2008 | | | | | | 2008 | | | | -------------------------------------------------------------------------------- | | EUR | % | EUR | % | EUR | % | | | 1,000 | | 1,000 | | 1,000 | | -------------------------------------------------------------------------------- | Shipping and sea | 103,322 | 88.0 | 159,990 | 86.4 | 643,666 | 87.5 | | transport | | | | | | | -------------------------------------------------------------------------------- | Port operations | 20,139 | 17.2 | 32,434 | 17.5 | 122,150 | 16.6 | -------------------------------------------------------------------------------- | Eliminations | -6,060 | -5.2 | -7,353 | -4.0 | -30,069 | -4.1 | | (intragroup) | | | | | | | -------------------------------------------------------------------------------- | External sales | 117,401 | 100.0 | 185,072 | 100.0 | 735,747 | 100.0 | -------------------------------------------------------------------------------- | Operating | | | | | | | | profit/loss | | | | | | | -------------------------------------------------------------------------------- | Shipping and sea | -10,044 | | 12,673 | | 47,849 | | | transport *) | | | | | | | -------------------------------------------------------------------------------- | Port operations | -5,998 | | 1,369 | | -12,406 | | -------------------------------------------------------------------------------- | Operating | -16,042 | | 14,042 | | 35,443 | | | profit/loss | | | | | | | | total | | | | | | | -------------------------------------------------------------------------------- | Financial items | -10,595 | | -8,501 | | -38,617 | | -------------------------------------------------------------------------------- | Profit/loss | -26,637 | | 5,541 | | -3,174 | | | before taxes | | | | | | | -------------------------------------------------------------------------------- | Income taxes | 5,601 | | -941 | | 4,145 | | -------------------------------------------------------------------------------- | Profit/loss for | -21,036 | | 4,600 | | 971 | | | reporting period | | | | | | | -------------------------------------------------------------------------------- *)Based on the legally binding decision of the Helsinki Admistrative Court, Custom Districts have collected incorrect fairway dues until 2006. On the basis of the decision, the company has applied for refund of fairway dues for 2005, amounting to EUR 2,7 million. This sum is included in the operating result of Shipping and Sea Transport Services. PROPERTY, PLANT AND EQUIPMENT -------------------------------------------------------------------------------- | EUR 1,000 | Land | Buildings | Vessels | Machinery | Advance | Total | | | | | and | and | payments | | | | | | ship | equipment | and | | | | | | shares | | acqui-sit | | | | | | | | ions | | | | | | | | under | | | | | | | | constr. | | -------------------------------------------------------------------------------- | Reporting | | | | | | | | period | | | | | | | | starting 1 | | | | | | | | Jan 2008 | | | | | | | -------------------------------------------------------------------------------- | Acquisition | 339 | 44,739 | 1,164,9 | 81,819 | 117,014 | 1,408, | | cost 1 Jan | | | 70 | | | 881 | -------------------------------------------------------------------------------- | Exchange rate | | -1 | | -183 | | -184 | | differences | | | | | | | -------------------------------------------------------------------------------- | Increases | | 17 | 933 | 747 | 22,549 | 24,245 | -------------------------------------------------------------------------------- | Disposals | | | -659 | -207 | -5 | -870 | -------------------------------------------------------------------------------- | Acquisition | 339 | 44,755 | 1,165,2 | 82,176 | 139,558 | 1,432, | | cost 31 March | | | 45 | | | 072 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Accumulated | | -29,246 | -190,55 | -49,501 | | -269,3 | | depreciation, | | | 8 | | | 05 | | amortisation | | | | | | | | and | | | | | | | | write-offs 1 | | | | | | | | Jan | | | | | | | -------------------------------------------------------------------------------- | Exchange rate | | 1 | | 124 | | 125 | | differences | | | | | | | -------------------------------------------------------------------------------- | Cumulative | | | | | | | | depreciation | | | | | | | | on | | | | | | | | acquisitions | | | | | | | -------------------------------------------------------------------------------- | Cumulative | | | 648 | 201 | | 849 | | depreciation | | | | | | | | on | | | | | | | | reclassificat | | | | | | | | ions and | | | | | | | | disposals | | | | | | | -------------------------------------------------------------------------------- | Depreciation | | -728 | -11,200 | -1,504 | | -13,43 | | for the | | | | | | 3 | | reporting | | | | | | | | period | | | | | | | -------------------------------------------------------------------------------- | Accumulated | | -29,974 | -201,11 | -50,680 | | -281,7 | | depreciation, | | | 0 | | | 64 | | amortisation | | | | | | | | and | | | | | | | | write-offs 31 | | | | | | | | Dec | | | | | | | -------------------------------------------------------------------------------- | Book value 31 | 339 | 14,781 | 964,135 | 31,496 | 139,558 | 1,150, | | March 2008 | | | | | | 308 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Reporting | | | | | | | | period | | | | | | | | starting 1 Jan | | | | | | | | 2009 | | | | | | | -------------------------------------------------------------------------------- | Acquisition | 339 | 106,638 | 1,289,69 | 109,526 | 125,401 | 1,631,596 | | cost 1 Jan | | | 2 | | | | -------------------------------------------------------------------------------- | Exchange rate | | 15 | | 488 | | 504 | | differences | | | | | | |-------------------------------------------------------------------------------- | Increases | | 1,013 | 8,689 | 2,618 | 747 | 13,067 | -------------------------------------------------------------------------------- | Disposals | | | -12 | -1,039 | -41 | -1,091 | -------------------------------------------------------------------------------- | Reclassificati | | | 3,796 | | -3,796 | | | ons | | | | | | | -------------------------------------------------------------------------------- | Acquisition | 339 | 107,666 | 1,302,16 | 111,593 | 122,311 | 1,644,074 | | cost 31 March | | | 6 | | | | | 2009 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Accumulated | | -32,222 | -237,395 | -50,010 | | -319,627 | | depreciation, | | | | | | | | amortisation | | | | | | | | and write-offs | | | | | | | | 1 Jan | | | | | | | -------------------------------------------------------------------------------- | Exchange rate | | -5 | | -148 | | -153 | | differences | | | | | | | -------------------------------------------------------------------------------- | Cumulative | | | | | | | | depreciation | | | | | | | | on | | | | | | | | acquisitions | | | | | | | -------------------------------------------------------------------------------- | Cumulative | | | 10 | 895 | | 906 | | depreciation | | | | | | | | on | | | | | | | | reclassificati | | | | | | | | ons and | | | | | | | | disposals | | | | | | | -------------------------------------------------------------------------------- | Depreciation | | -809 | -12,585 | -1,888 | | -15,282 | | for the | | | | | | | | reporting | | | | | | | | period | | | | | | | -------------------------------------------------------------------------------- | Accumulated | | -33,035 | -249,969 | -51,151 | | -334,156 | | depreciation, | | | | | | | | amortisation | | | | | | | | and write-offs | | | | | | | | 31 Dec | | | | | | | -------------------------------------------------------------------------------- | Book value 31 | 339 | 74,631 | 1,052,19 | 60,442 | 122,311 | 1,309,919 | | March 2009 | | | 7 | | | | -------------------------------------------------------------------------------- FINANCIAL INDICATORS -------------------------------------------------------------------------------- | | 1 Jan -31 | 1 Jan -31 | 1 Jan -31 Dec | | | March 2009 | March 2008 | 2008 | -------------------------------------------------------------------------------- | Operating profit as % of | -13.7 | 7.6 | 4.8 | | revenue (continuing operations) | | | | -------------------------------------------------------------------------------- | ROE, % | -19.2 | 4.2 | 0,2 | -------------------------------------------------------------------------------- | ROI, % | -4.7 | 5.0 | 2.9 | -------------------------------------------------------------------------------- | Gearing, % | 206.7 | 172.8 | 205.5 | -------------------------------------------------------------------------------- | Gross capital | 13.7 | 24.6 | 263.3 | | expenditure, MEUR | | | | -------------------------------------------------------------------------------- | % of revenue | 11.7 | 13.3 | 32.1 | -------------------------------------------------------------------------------- | Equity ratio, % | 28.5 | 30.9 | 28.5 | -------------------------------------------------------------------------------- | Shareholders' equity/ | 10.73 | 10.70 | 10.72 | | share, EUR | | | | -------------------------------------------------------------------------------- | Number of shares during period, | 40,692 | 40,692 | 40,692 | | average (1000) | | | | -------------------------------------------------------------------------------- | Number of shares at | 40,692 | 40,692 | 40,692 | | end of period (1000) | | | | -------------------------------------------------------------------------------- | Market capitalisation, | 212.8 | 549.3 | 262.5 | | EUR million | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Average personnel (continuing | | | | | operations) | | | | -------------------------------------------------------------------------------- | Shore-based personnel | 1,350 | 1,428 | 1,464 | -------------------------------------------------------------------------------- | Sea-borne personnel | 965 | 885 | 972 | -------------------------------------------------------------------------------- | Personnel total | 2,315 | 2,313 | 2,436 | -------------------------------------------------------------------------------- The hybrid bond, amounting EUR 21 million, is considered as equity when calculating financial ratios. When calculating EPS the interest of the hybrid bond is deducted from the profit/loss. Otherwise, financial ratios have been calculated according to the same principles as in financial statements 2008. CONTINGENCIES AND COMMITMENTS -------------------------------------------------------------------------------- | EUR 1,000 | 31 March | 31 March | 31 Dec 2008 | | | 2009 | 2008 | | -------------------------------------------------------------------------------- | Minimum lease payable in | | | | | relation to fixed-term leases: | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Vessel leases (Group as lessee): | | | | -------------------------------------------------------------------------------- | Within 12 months | 61,929 | 72,780 | 69,861 | -------------------------------------------------------------------------------- | 1-5 years | 73,696 | 97,283 | 83,485 | -------------------------------------------------------------------------------- | | 135,625 | 170,063 | 153,346 | -------------------------------------------------------------------------------- | Vessel leases (Group as lessor): | | | | -------------------------------------------------------------------------------- | Within 12 months | 7,350 | 10,004 | 7,214 | -------------------------------------------------------------------------------- | 1-5 years | 501 | 5,885 | 1,829 | -------------------------------------------------------------------------------- | | 7,851 | 15,889 | 9,043 | -------------------------------------------------------------------------------- | Other leases: | | | | -------------------------------------------------------------------------------- | Within 12 months | 7,277 | 6,139 | 7,557 | -------------------------------------------------------------------------------- | 1-5 years | 21,267 | 21,620 | 21,947 | -------------------------------------------------------------------------------- | After five years | 21,852 | 41,411 | 25,917 | -------------------------------------------------------------------------------- | | 50,396 | 69,170 | 55,421 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR 1,000 | 31 March | 31 March | 31 Dec 2008 | | | 2009 | 2008 | | -------------------------------------------------------------------------------- | Collateral given | | | | -------------------------------------------------------------------------------- | Loans secured by mortgages | | | | -------------------------------------------------------------------------------- | Loans from financial | 758,396 | 514,323 | 735,478 | | institutions | | | | -------------------------------------------------------------------------------- | Vessel mortgages provided as | 1,163,500 | 723,500 | 1,113,500 | | guarantees for the above loans | | | | -------------------------------------------------------------------------------- | Other guarantees given on behalf | | | | | of the Group | | | | -------------------------------------------------------------------------------- | Collateral | 1,673 | 1,676 | 2,875 | -------------------------------------------------------------------------------- | Mortgages | 606 | 606 | 606 | -------------------------------------------------------------------------------- | Other obligations | 121,192 | 192,747 | 120,627 | -------------------------------------------------------------------------------- | | 123,471 | 195,029 | 124,108 | -------------------------------------------------------------------------------- | Guarantees given on behalf of | | | | | subsidiaries | | | | -------------------------------------------------------------------------------- | Guarantees given on behalf of | 6,000 | 6,000 | 6,000 | | the subsidiaries | | | | -------------------------------------------------------------------------------- | Guarantees for rental contracts | 480 | | 480 | -------------------------------------------------------------------------------- | | 6,480 | 6,000 | 6,480 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 1,293,451 | 924,529 | 1,244,088 | -------------------------------------------------------------------------------- Open derivative instruments: -------------------------------------------------------------------------------- | 1000 EUR | 31/3/0 | 31/3/0 | 31/12/08 | 31/3/09 | 31/3/08 | 31/12/08 | | | 9 | 8 | | | | | -------------------------------------------------------------------------------- | | Fair value | Contract amount | -------------------------------------------------------------------------------- | Currency | -169 | -7,483 | 317 | 53,353 | 59,701 | 29,405 | | forwards | | | | | | | -------------------------------------------------------------------------------- | Interest rate | -4,752 | -1,203 | -2,886 | 120,000 | 120,000 | 120,000 | | swaps | | | | | | | -------------------------------------------------------------------------------- Related Party Transactions The Board of Directors of Finnlines Plc resolved to issue a hybrid bond in order to strengthen the Group's capital structure on 23 March. The principal amount of the bond was EUR 21 million and the coupon of the bond is 12 per cent per annum. The bond was targeted to main shareholders. Eur 18 million was subscribed by companies related to Grimaldi Group Otherwise there were no material related party transactions during the reporting period. Reporting The interim report includes a summary of the financial statements for the period in accordance with the IAS 34. This interim report is unaudited. Changes in Accounting Principles The Group started to report according to the IAS 1 standard, Presentation of Financial Statements, from reporting period beginning on 1 January 2009. The revised standard mainly change the way the financial statements are presented. Change in IAS 1 has an impact mainly on the presentation of the profit and loss account and the statement of changes in shareholders' equity. The Group investigated during 2008 the impact of the new IFRS 8 Operating Segments standard on the segment information to be published. According to IFRS 8, segment information to be presented has to be based on internal reporting provided to Group management and on the same accounting principles used in this reporting. Group management follows up the profitability of the business and makes the most important business and asset allocation decisions based on the segment structure used earlier. Thus adoption of IFRS 8 did not change the information to be presented notably. Segment information is based on the internal reporting structure of the Group. The Group started to apply the new standard as of 1 January 2009. Otherwise the accounting principles are the same as in the financial statements of 2008.
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