2014-07-29 13:07:10 CEST
2014-07-29 13:08:12 CEST
REGULATED INFORMATION
Finnlines - Interim report (Q1 and Q3)
Finnlines Plc, Interim Report January–June 2014 (unaudited)
Helsinki, Finland, 2014-07-29 13:07 CEST (GLOBE NEWSWIRE) -- FINNLINES PLC,
INTERIM REPORT JANUARY-JUNE 2014 (unaudited) Stock Exchange
Release 29 July 2014 at 14:00
JANUARY-JUNE 2014: Result for the period improved EUR 25 million
· Revenue EUR 270.1 (283.6 prev. year) million, decrease 4.8 per cent
· Result before interest, taxes, depreciation and amortisation (EBITDA)
EUR 54.6 (34.9) million, increase 56.4 per cent
· Result for the reporting period EUR 15.0 (-10.0) million
· Earnings per share were 0.29 (-0.21) EUR/share
· Interest-bearing debt decreased EUR 179.8 million and was EUR 642.5
(822.4) million at the end of the period
APRIL-JUNE 2014: Best quarterly result ever in eight years
· Revenue EUR 143.3 (149.7 prev. year) million, decrease 4.3 per cent
· Result before interest, taxes, depreciation and amortisation (EBITDA)
EUR 34.4 (23.8) million, increase 44.6 per cent
· Result for the reporting period EUR 14.7 (0.9) million
· Earnings per share were 0.29 (0.02) EUR/share
KEY FIGURES
MEUR 1-6 2014 1-6 2013 4-6 2014 4-6 2013 1-12 2013
Revenue 270.1 283.6 143.3 149.7 563.6
Result before interest, 54.6 34.9 34.4 23.8 83.7
taxes, depreciation and
amortisation (EBITDA)
Result before interest and 25.3 1.0 19.8 6.9 18.1
taxes (EBIT)
% of revenue 9.3 0.4 13.8 4.6 3.2
Result for the reporting 15.0 -10.0 14.7 0.9 6.0
period
EPS, EUR 0.29 -0.21 0.29 0.02 0.12
Shareholders' equity/share, 9.27 8.67 9.27 8.67 8.98
EUR
Equity ratio, % 37.2 30.8 37.2 30.8 35.7
Interest bearing debt, MEUR 642.5 822.4 642.5 822.4 673.0
Gearing, % 138.0 187.9 138.0 187.9 149.1
EMANUELE GRIMALDI, PRESIDENT AND CEO, IN CONJUNCTION WITH THE REVIEW:
Best January-June result for eight years, the market value of Finnlines has
almost doubled in a year
“The second quarter result for the period was EUR 14.7 million, which is the
best quarter ever in eight years. The January-June result improved by EUR 25
million compared to 2013 and it is the best January-June result for eight years
as well. The prudent actions taken in turning the Company into such strong
performance have continued i.e. optimization of vessels, routes and trade
flows; reduction of interest bearing debt through improved cash flow
generation; cutting of the overcapacity through the sale of certain vessels,
which enabled the better optimization of existing tonnage; efficient cost
controlling and cost cutting. Finnlines is fighting successfully against the
cycle, but we have to analyse every line, every vessel, every function and
every cost item whether there is room for further lowering of costs and
therefore room for further improvement. It is clear that the Company cannot
afford to have loss-making services, routes nor vessels and therefore will find
solutions for restoring profitability in all operations throughout the Group.
Finnlines is well prepared for the year 2015's sulphur directive with its
capital expenditure programmes which puts our fleet in the Baltic in the most
competitive position. With the joint effort for making the Group even more
profitable through the present market situation, we can calmly state that we
expect the Group's result before taxes to improve compared to previous year.”
FINNLINES PLC, INTERIM REPORT JANUARY-JUNE 2014 (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.
Finnlines' passenger-freight vessels offer services from Finland to Germany and
Sweden, from Sweden via the Åland Islands to Finland and Germany and from
Germany to Russia. The Company has subsidiaries in Germany, Belgium, Great
Britain, Sweden, Denmark and Poland which all are also sales offices. In
addition to sea transportation, the Company provides port services in Helsinki
and Turku.
GROUP STRUCTURE
Finnlines Plc is a Finnish listed company. At the end of the reporting period,
the Group consisted of the parent company and 25 subsidiaries.
Finnlines is part of the Italian Grimaldi Group, which is a global logistics
group specialising in maritime transport of cars, rolling cargo, containers and
passengers. The Grimaldi Group comprises seven shipping companies, including
Finnlines, Atlantic Container Line (ACL), Malta Motorways of the Sea (MMS) and
Minoan Lines. With a fleet of about 100 vessels, the Group provides maritime
transport services for rolling cargo and containers between North Europe, the
Mediterranean, the Baltic Sea, West Africa, North and South America. It also
offers passenger services within the Mediterranean and Baltic Sea. With 77.40
per cent (on 30 June 2014) of the shares, the Grimaldi Group is the biggest
shareholder in Finnlines Plc.
GENERAL MARKET DEVELOPMENT
Based on the statistics by the Finnish Transport Agency for January-May, the
Finnish seaborne imports carried in container, lorry and trailer units remained
at the same level as in 2013 whereas exports increased by 5 per cent (measured
in tons) compared to the same period in 2013. According to the statistics
published by Shippax for January-May, trailer and lorry volumes transported by
sea between Southern Sweden and Germany increased by 2 per cent compared to
2013. During the same period private and commercial passenger traffic between
Finland and Sweden decreased by 5 per cent. Between Finland and Germany the
corresponding traffic also decreased by 14 per cent (Finnish Transport Agency).
FINNLINES' TRAFFIC
During the first two quarters Finnlines operated on average 24 (23) vessels in
its own traffic.
In June, Finnlines doubled the departures to Långnäs, Åland. This schedule is
planned to last for the summer season.
The cargo volumes transported during January-June totalled approximately 325
(320 in 2013) thousand cargo units, 39 (30) thousand cars (not including
passengers' cars) and 1,194 (1,070) thousand tons of freight not possible to
measure in units. In addition, some 265 (264) thousand private and commercial
passengers were transported.
FINANCIAL RESULTS
January-June 2014
The Finnlines Group recorded revenue totalling EUR 270.1 (283.6) million, a
decrease of 4.8 per cent compared to the same period in 2013. Shipping and Sea
Transport Services generated revenue amounting to EUR 261.9 (269.6) million and
Port Operations EUR 20.2 (27.1) million. The internal revenue between the
segments was EUR 12.0 (13.1) million.
Result before interest, taxes, depreciation and amortisation (EBITDA) was EUR
54.6 (34.9) million, an increase of 56.4 per cent.
Result before interest and taxes (EBIT) was EUR 25.3 (1.0) million. The
increased efficiency of the operations in terms of bunker consumption, higher
capacity utilisation of vessels and reduction of costs in many areas has
continued to impact the financial performance of the Group.
Net financial expenses decreased and were EUR -11.5 (-12.7) million. Financial
income was EUR 0.2 (0.2) million and financial expenses EUR -11.7 (-12.9)
million. The above mentioned increased operational efficiency, decreased net
financial expenses, and moreover, cutting of the vessel overcapacity by selling
three vessels in the end of 2013, which enabled better optimization of the
existing tonnage, altogether contributed to a EUR 25 million increase in the
result for the reporting period. The result for January-June was EUR 15.0
(-10.0) million and earnings per share (EPS) were EUR 0.29 (-0.21).
April-June 2014
The Finnlines Group recorded revenue totalling EUR 143.3 (149.7) million, a
decrease of 4.3 per cent compared to the same period in 2013. Shipping and Sea
Transport Services generated revenue amounting to EUR 139.1 (143.6) million and
Port Operations EUR 10.1 (12.8) million. The internal revenue between the
segments was EUR -5.9 (6.7) million. Compared to the first quarter the cargo
volumes and the amount of passengers have increased due to the seasonality of
the trade.
Result before interest, taxes, depreciation and amortisation (EBITDA) was EUR
34.4 (23.8) million, an increase of 44.6 per cent.
Result before interest and taxes (EBIT) was EUR 19.8 (6.9) million.
Net financial expenses were EUR -5.7 (-6.5) million. Financial income was EUR
0.1 (0.1) million and financial expenses totalled EUR -5.8 (-6.6) million. The
result for April-June was EUR 14.7 (0.9) million which is the best quarter ever
in eight years. Earnings per share (EPS) rose to EUR 0.29 (0.02).
STATEMENT OF FINANCIAL POSITION, FINANCING AND CASH-FLOW
Interest-bearing debt decreased by EUR 179.8 million and amounted to EUR 642.5
(822.4) million. The equity ratio calculated from the balance sheet improved to
37.2 (30.8) per cent and gearing dropped to 138.0 (187.9) per cent. Vessel
lease commitments decreased by EUR 3.1 million to EUR 17.7 million compared to
the end of June 2013.
At the end of the period, cash and deposits together with unused committed
working capital credits amounted to EUR 65.1 (48.3) million.
Net cash generated from operating activities after investing activities
improved markedly and was EUR 31.0 (10.6) million.
CAPITAL EXPENDITURE
Finnlines Group's gross capital expenditure in the reporting period totalled
EUR 6.3 (3.7) million including tangible and intangible assets. Total
depreciation amounted to EUR 29.3 (33.8) million. The capital expenditures
consist of normal replacement costs of fixed assets, prepayments of scrubber
and re-blading projects and dry-docking cost of ships.
Due to the new stringent sulphur oxide emission regulations to be enforced 1
January 2015, Finnlines has ordered exhaust gas cleaning systems for six of its
latest series of ro-ro vessels built 2011-2012 and for four of its ro-ro
vessels built 2000-2002 in the second quarter. These investments are part of
the 2014 capex programmes. The scrubber systems will be installed during the
end of 2014 and the beginning of 2015. By selecting these scrubber systems, the
vessels will be able to operate in compliance with the new environmental
regulations while continuing to operate on heavy fuel oil. At the same time,
Finnlines has ordered an improvement retrofit to the propulsion system to be
installed on four Star-class ro-pax vessels. At the end of June, Finnlines
ordered the same type of improvement retrofit to the propulsion systems of MS
Finnmill and MS Finnpulp. These re-blading projects will be done during the
turn of the year. This new propeller and rudder system improves substantially
the vessels' relative propulsion efficiency and as a result, the vessels
achieve a reduction in fuel consumption.
PERSONNEL
The Group employed an average of 1,731 (1,894) persons during the period,
consisting of 800 (933) persons on shore and 931 (961) persons at sea. The
average number of shore personnel decreased mostly due to employee reductions
in Port Operations. The number of persons employed at the end of the period
were 1,823 (1,944) in total, of which 789 (956) on shore and 1,034 (988) at
sea. The personnel expenses (including social costs) for the reporting period
were EUR -47.2 (-54.5) million.
THE FINNLINES SHARE
The Company's registered share capital on 30 June 2014 was EUR 103,006,282
divided into 51,503,141 shares. A total of 3.6 (0.4) million shares were traded
on the NASDAQ OMX Helsinki during the period. The market capitalisation of the
Company's stock at the end of June was EUR 527.4 (316.7) million. Earnings per
share (EPS) were EUR 0.29 (-0.21). Shareholders' equity per share was EUR 9.27
(8.67). At the end of the reporting period, the Grimaldi Group's holding and
share of votes in Finnlines was 77.40 per cent.
RISKS AND RISK MANAGEMENT
Finnlines is exposed to business risks that arise from capacity of the fleet
existing in the market, counterparties, prospects for export and import of
goods, and changes in the operating environment. The risk of overcapacity is
reduced when the aging fleet is scrapped, on the one hand, and when more
stringent sulphur directive requirements come into force, on the other.
Finnlines operates mainly in the Emissions Control Areas where the emission
regulations are stricter than globally. The sulphur content limit for heavy
fuel oil will decrease to 0.1 per cent in 2015 in accordance with the MARPOL
Convention. This brings a risk of increased costs in sea transportation. But
considering that Finnlines has one of the youngest and largest fleet in
Northern Europe, and the Company is doing targeted investment on engine systems
and energy efficiency, the Company is in the strong position to greatly
mitigate this risk. The effect of fluctuations in the foreign trade is reduced
by the fact that the Company operates in several geographical areas. This means
that slow growth in one country is compensated by faster recovery in another.
Finnlines continuously monitors the solidity and payment schedules of its
customers and suppliers. Currently, there are no indications of risks related
to counterparties and Finnlines continues to monitor the financial position of
its counterparties. Finnlines holds adequate credit lines to maintain liquidity
in the current business environment.
LEGAL PROCEEDINGS
The 2013 Financial statements, published in 27 February 2014, contain a
description of ongoing legal proceedings.
CORPORATE GOVERNANCE
Finnlines applies the Finnish Corporate Governance Code for listed companies.
The Corporate Governance Statement can be reviewed on the corporate website:
www.finnlines.com.
EVENTS AFTER THE REPORTING PERIOD
There are no significant events to report.
OUTLOOK AND OPERATING ENVIRONMENT
The Finnlines Group's result before taxes is expected to continue to be better
for the remaining part of 2014 than in the corresponding period in previous
year due to several reasons: certain vessels have been sold to cut
overcapacity, the number of personnel has been reduced, changes in fleet/routes
have increased operational efficiency, fuel consumption has been reduced,
overall productivity has been increased, and the interest bearing debt has been
reduced.
The third interim report of 2014 for the period of 1 January-30 September will
be published on Thursday, 6 November 2014.
Finnlines Plc
The Board of Directors
Emanuele Grimaldi
President and CEO
ENCLOSURES
- Reporting and accounting policies
- Consolidated statement of comprehensive income, IFRS
- Consolidated statement of financial position, IFRS
- Consolidated statement of changes in equity, IFRS
- Consolidated cash flow statement, IFRS (condensed)
- 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
- Related party transactions
DISTRIBUTION
NASDAQ OMX Helsinki Ltd.
Main media
This interim report is unaudited.
REPORTING AND ACCOUNTING POLICIES
This interim report included herein is prepared in accordance with IAS 34
(Interim Financial Reporting) standard. The Company has adopted new or revised
IFRS standards and IFRIC interpretations from the beginning of the reporting
period corresponding to those described in the 2013 Financial Statements with
effect of 1 January 2014. These new or revised standards have not had an effect
on the reported figures.
Finnlines Plc entered into the tonnage taxation regime in January 2013. In
tonnage taxation, shipping operations transferred from taxation of business
income to tonnage-based taxation.
In other respects, the same accounting policies have been applied as in the
previous annual financial statements.
All figures in the accounts have been rounded and, consequently, the sum of
individual figures may deviate from the presented sum figure.
The preparation of the interim financial statements in accordance with IFRS
requires management to make estimates and assumptions and use its discretion in
applying the accounting principles 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. The uncertainties
related to the key assumptions were the same as those applied to the
consolidated financial statements at the year-end 31 December 2013.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME, IFRS
EUR 1,000 4-6 2014 4-6 2013 1-6 2014 1-6 2013 1-12 2013
Revenue 143,337 149,707 270,140 283,643 563,587
Other income from 551 430 2,169 783 5,329
operations
Materials and -50,332 -59,278 -98,761 -118,555 -229,690
services
Personnel expenses -22,575 -27,418 -47,218 -54,539 -102,584
Depreciation, -14,571 -16,926 -29,305 -33,846 -65,583
amortisation and
impairment losses
Other operating -36,587 -39,651 -71,767 -76,453 -152,983
expenses
Total operating -124,065 -143,273 -247,051 -283,394 -550,840
expenses
Result before 19,823 6,864 25,258 1,032 18,075
interest and taxes
(EBIT)
Financial income 140 112 196 241 526
Financial expenses -5,835 -6,573 -11,683 -12,948 -25,335
Result before taxes 14,127 404 13,771 -11,675 -6,734
(EBT)
Income taxes 581 506 1,265 1,678 12,744
Result for the 14,708 910 15,036 -9,997 6,011
reporting period
Other comprehensive
income:
Other comprehensive
income to be
reclassified to
profit and loss in
subsequent periods:
Exchange differences 16 -8 19 -23 -9
on translating
foreign operations
Changes in cash flow
hedging reserve
Fair value changes
Transfer to fixed
assets
Tax effect, net -2 2 -2 8 2
Other comprehensive 15 -6 16 -16 -7
income to be
reclassified to
profit and loss in
subsequent periods,
total
Other comprehensive
income not being
reclassified to
profit and loss in
subsequent periods:
Remeasurement of -399
defined benefit
plans
Tax effect, net * 212 1
Other comprehensive 212 -398
income not being
reclassified to
profit and loss in
subsequent periods,
total
Total comprehensive 14,723 903 15,264 -10,013 5,606
income for the
reporting period
Result for the
reporting period
attributable to:
Parent company 14,706 903 15,061 -9,955 5,997
shareholders
Non-controlling 3 6 -25 -42 14
interests
14,708 910 15,036 -9,997 6,011
Total comprehensive
income for the
reporting period
attributable to:
Parent company 14,721 897 15,289 -9,971 5,592
shareholders
Non-controlling 3 6 -25 -42 14
interests
14,723 903 15,264 -10,013 5,606
Result for the
reporting period
attributable to
parent company
shareholders
calculated as
earnings per share
(EUR/share):
Undiluted / diluted 0.29 0.02 0.29 -0.21 0.12
earnings per share
Average number of
shares:
Undiluted / diluted 51,503,141 48,714,919 51,503,141 48,033,078 49,782,370
* Tax asset has been posted from remeasurement because Finnlines Deutschland
GmbH transferred from tonnage-based taxation to business taxation at the end of
January 2014. The company entered into business taxation as from 1 February
2014.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION, IFRS
EUR 1,000 30 Jun 30 Jun 31 Dec
2014 2013 2013
ASSETS
Non-current assets
Property, plant and equipment 1,044,864 1,230,896 1,084,389Goodwill 105,644 105,644 105,644
Intangible assets 5,719 6,083 5,836
Other financial assets 4,580 4,581 4,580
Receivables 1,018 579 43
Deferred tax assets 1,601 1,431 1,370
1,163,426 1,349,212 1,201,861
Current assets
Inventories 8,268 9,352 8,832
Accounts receivable and other receivables 100,784 98,396 85,251
Income tax receivables 123 1 1
Cash and cash equivalents 1,771 2,552 2,508
110,946 110,301 96,592
Non current assets held for sale * 15,408
Total assets 1,289,780 1,459,514 1,298,453
EQUITY
Equity attributable to parent company
shareholders
Share capital 103,006 103,006 103,006
Share premium account 24,525 24,525 24,525
Fair value reserve
Translation differences 125 100 109
Fund for invested unrestricted equity 40,016 40,020 40,016
Retained earnings 309,914 278,697 294,641 477,587 446,349 462,297
Non-controlling interests 293 796 360
Total equity 477,880 447,144 462,658
LIABILITIES
Long-term liabilities
Deferred tax liabilities 56,272 69,088 57,560
Interest-free liabilities 2,783 1,429 3,242
Pension liabilities 3,969 3,715 3,982
Provisions 1,913 5,064 1,980
Interest-bearing liabilities 505,772 617,333 557,759
570,709 696,630 624,523
Current liabilities
Accounts payable and other liabilities 85,589 90,364 72,815
Income tax liabilities 18 25 27
Provisions 103 48 3,715
Current interest-bearing liabilities 155,481 225,303 134,715
241,191 315,740 211,273
Total liabilities 811,900 1,012,369 835,796
Total equity and liabilities 1,289,780 1,459,514 1,298,453
* Finnlines Group's Port Operations are negotiating to sell port assets with
book value of around EUR 15.4 million. No impairment losses have been
recognized on the carrying amount of the assets of EUR 15.4 million.
CONSOLIDATED statement of changes in equity 2013, IFRS
EUR Equity attributable to parent company shareholders
1,000
Share Share Transl Fair Unrest Retaine Total Non-co
Total
capital issue ation value ricted d ntroll
equity
premiu differ reserv equity earning ing
m ences es reserv s intere
e sts
Report 93,642 24,525 116 21,015 289,990 429,289 838
430,127
ed
equit
y 1
Janua
ry
2013
Effect -1,338 -1,338
-1,338
of
IAS
19
Emplo
yee
benef
its
stand
ard
Restat 93,642 24,525 116 21,015 288,652 427,951 838
428,788
ed
equit
y 1
Janua
ry
2013
Compre
hensiv
e
incom
e for
the
repor
ting
perio
d:
Result -9,955 -9,955 -42
-9,997
for
the
repor
ting
perio
d
Exchan -23 -23
-23
ge
diffe
rences
on
trans
lating
forei
gn
opera
tions
Tax 8 8
8
effec
t, net
Total -16 -9,955 -9,971 -42
-10,013
compr
ehensi
ve
incom
e for
the
repor
ting
perio
d
Share 9,364 19,004 28,369
28,369
issue
Equity 103,006 24,525 100 40,020 278,697 446,349 796
447,144
30
June
2013
CONSOLIDATED statement of changes in equity 2014, IFRS
EUR Equity attributable to parent company shareholders
1,000
Share Share Transl Fair Unrest Retaine Total Non-co
Total
capital issue ation value ricted d ntroll
equity
premiu differ reserv equity earning ing
m ences es reserv s intere
e sts
Report 103,006 24,525 109 40,016 294,641 462,297 360
462,658
ed
equit
y 1
Janua
ry
2014
Effect
of
IAS
19
Emplo
yee
benef
its
stand
ard
Restat 103,006 24,525 109 40,016 294,641 462,297 360
462,658
ed
equit
y 1
Janua
ry
2014
Compre
hensiv
e
incom
e for
the
repor
ting
perio
d:
Result 15,061 15,061 -25
15,036
for
the
repor
ting
perio
d
Exchan 18 18
18
ge
diffe
rences
on
trans
lating
forei
gn
opera
tions
Tax -2 212 209
209
effec
t, net
Total 16 15,273 15,289 -25
15,264
compr
ehensi
ve
incom
e for
the
repor
ting
perio
d
Divide -42
-42
nd
Equity 103,006 24,525 125 40,016 309,914 477,587 293
477,880
30
June
2014
CONSOLIDATED CASH FLOW STATEMENT, IFRS (CONDENSED)
EUR 1,000 1-6 2014 Restated 1-12 2013
1-6 2013
Cash flows from operating activities
Result for the reporting period 15,036 -9,997 6,011
Adjustments:
Non-cash transactions 28,288 33,644 61,609
Unrealised foreign exchange gains (-) / losses -47 3 19
(+)
Financial income and expenses 11,534 12,705 24,790
Taxes -1,265 -1,678 -12,744
Changes in working capital
Change in accounts receivable and other -19,778 -24,084 -6,402
receivables
Change in inventories 565 407 927
Change in accounts payable and other liabilities 10,235 14,662 -170
Change in provisions -81 -124 379
Interest paid -7,193 -8,658 -22,366
Interest received 69 87 192
Taxes paid * -3,788 -365 -423
Other financing items -1,927 -1,657 -3,645
Net cash generated from operating activities 31,647 14,943 48,175
Cash flow from investing activities
Investments in tangible and intangible assets -6,190 -4,539 -10,960
Proceeds from sale of tangible assets 6,100 202 120,647
Proceeds from sale of investments
Dividends received 13 12 12
Loans granted -900
Net cash used in investing activities -976 -4,326 109,699
Cash flows from financing activities **
Proceeds from issue of share capital 28,369 28,365
Loan withdrawals 31,708 100,000 263,772
Net increase in current interest-bearing 10,653 529 -14,198
liabilities
Repayment of loans -74,032 -153,457 -449,914
Acquisition of non-controlling interest -102
Increase / decrease in long-term receivables 305 219 429
Dividends paid -42
Net cash used in financing activities -31,409 -24,341 -171,647
Change in cash and cash equivalents -738 -13,724 -13,772
Cash and cash equivalents 1 January 2,508 16,282 16,282
Effect of foreign exchange rate changes 0 -6 -2
Cash and cash equivalents at the end of period 1,771 2,552 2,508
* Taxes paid includes Finnlines Deutschland GmbH's payment of tax provision EUR
3.6 million.
** Activities related to revolving credit facilities, of which the Company can
unilaterally move the final due date over one year after the reporting period,
have been classified from current liabilities to non-current liabilities within
the Cash flows from financing activities group.
REVENUE AND RESULT BY BUSINESS SEGMENTS
4-6 2014 4-6 2013 1-6 2014 1-6 2013 1-12 2013
MEUR % MEUR % MEUR % MEUR % MEUR %
Revenue
Shipping 139.1 97.0 143.6 95.9 261.9 96.9 269.6 95.1 538.6 95.6
and sea
transport
services
Port 10.2 7.1 12.8 8.6 20.2 7.5 27.1 9.6 50.1 8.9
operation
s
Intra-grou -5.9 -4.1 -6.7 -4.5 -12.0 -4.4 -13.1 -4.6 -25.1 -4.5
p revenue
External 143.3 100.0 149.7 100.0 270.1 100.0 283.6 100.0 563.6 100.0
sales
Result
before
interest
and taxes
Shipping 20.4 9.8 27.7 6.2 27.9
and sea
transport
services
Port -0.6 -3.0 -2.4 -5.2 -9.8
operation
s
Result 19.8 6.9 25.3 1.0 18.1
before
interest
and taxes
(EBIT)
total
Financial -5.7 -6.5 -11.5 -12.7 -24.8
items
Result 14.1 0.4 13.7 -11.7 -6.7
before
taxes
(EBT)
Income 0.6 0.5 1.3 1.7 12.7
taxes
Result for 14.7 0.9 15.0 -10.0 6.0
the
reporting
period
PROPERTY, PLANT AND EQUIPMENT 2014
EUR 1,000 Land Buildin Vessels Machine Advance Total
gs ry and payments &
equipme acquisitions
nt under constr.
Acquisition cost 1 72 75,271 1,372,769 73,122 398 1,521,632
January 2014
Exchange rate 20 20
differences
Increases 3093 20 2,788 5,901
Disposals -2,062 -154 -3,749 -5,965
Reclassifications -4,369 -28,785 -33,154
to non-current
assets held for
sale *
Acquisition cost 72 68,840 1,375,708 40,628 3,186 1,488,434
30 June 2014
Accumulated -16,316 -373,866 -47,060 -437,243
depreciation,
amortisation and
write-offs 1
January 2014
Exchange rate -18 -18
differences
Reclassification 1,132 16,613 17,745
to non-current
assets held for
sale *
Cumulative 1,012 154 3,560 4,727
depreciation on
reclassifications
and disposals
Depreciation for -1,254 -26,076 -1,451 -28,781
the reporting
period
Accumulated -15,426 -399,788 -28,356 -443 570
depreciation,
amortisation and
write-offs 30
June 2014
Book value 30 June 72 53,414 975,920 12,272 3,186 1,044,864
2014
* Finnlines Group's Port Operations are negotiating to sell port assets with
book value of around EUR 15.4 million. No impairment losses have been
recognized on the carrying amount of the assets of EUR 15.4 million.
PROPERTY, PLANT AND EQUIPMENT 2013
EUR 1,000 Land Buildin Vessels Machine Advance Total
gs ry and payments &
equipme acquisitions
nt under constr.
Acquisition cost 1 72 76,466 1,597,437 79,690 991 1,754,655
January 2013
Exchange rate -26 -26
differences
Increases 3 3,023 457 50 3,532
Disposals -15 -62 -5,349 -5,426
Reclassifications 406 4 -410 0
Acquisition cost 72 76,454 1,600,803 74,776 630 1,752,735
30 June 2013
Accumulated -15,047 -429,028 -50,285 -494,360
depreciation,
amortisation and
write-offs 1
January 2013
Exchange rate 24 24
differences
Cumulative 12 61 5,591 5,664
depreciation on
reclassifications
and disposals
Depreciation for -1,279 -29,771 -2,118 -33,168
the reporting
period
Accumulated -16,314 -458,738 -46,788 -521,839
depreciation,
amortisation and
write-offs 30
June 2013
Book value 30 June 72 60,140 1,142,066 27,988 630 1,230,896
2013
CONTINGENCIES AND COMMITMENTS
EUR 1,000 30 Jun 30 Jun 31 Dec
2014 2013 2013
Minimum leases payable in relation to
fixed-term leases:
Vessel leases (Group as lessee):
Within 12 months 12,339 13,814 14,007
1-5 years 5,366 7,010 10,644
17,705 20,824 24,651
Vessel leases (Group as lessor):
Within 12 months 2,152 6,505 2,356
1-5 years 6,390 20,514 7,457 8,541 27,019 9,812
Other leases (Group as lessee):
Within 12 months 6,328 5,932 6,107
1-5 years 18,040 17,415 17,948
After five years 10,958 14,038 12,358
35,327 37,385 36,413
Other leases (Group as lessor):
Within 12 months 307 551 350
307 551 350
Collateral given
Loans from financial institutions 530,730 705,834 561,245
Vessel mortgages provided as guarantees for the 1,035,000 1,254,000 1,121,000
above loans
Other collateral given on own behalf
Pledged deposits 0 472
Corporate mortgages 606 606 606
606 1,078 606
Other obligations * 23,599 1,542 2,375
Obligations of parent company on behalf of
subsidiaries
Guarantees 6,000 6,000 6,000
VAT adjustment liability related to real estate 5,993 7,289 6,756
investments
* 2014 includes scrubber system and re-blading obligations EUR 21.8 million.
REVENUE AND RESULT BY QUARTER
MEUR Q1/14 Q1/13 Q2/14 Q2/13
Shipping and sea transport services 122.8 126.0 139.1 143.6
Port operations 10.0 14.3 10.2 12.8
Intra-group revenue -6.0 -6.4 -5.9 -6.7
External sales 126.8 133.9 143.3 149.7
Result before interest and taxes
Shipping and sea transport services 7.3 -3.6 20.4 9.8
Port operations -1.8 -2.2 -0.6 -3.0
Result before interest and taxes (EBIT) total 5.4 -5.8 19.8 6.9
Financial items -5.8 -6.2 -5.7 -6.5
Result before taxes (EBT) -0.4 -12.1 14.1 0.4
Income taxes 0.7 1.2 0.6 0.5
Result for the reporting period 0.3 -10.9 14.7 0.9
EPS (undiluted / diluted)* 0.01 -0.23 0.29 0.02
*Key indicators per share have been adjusted with the share issue adjustment
factor.
SHARES, MARKET CAPITALISATION AND TRADING INFORMATION
30 Jun 2014 30 Jun 2013
Number of shares 51,503,141 51,503,141
Market capitalisation, EUR million 527.4 316,7
1-6 2014 1-6 2013
Number of shares traded, million 3.6 0.4
1-6 2014
High Low Average Close
Share price 10.39 7.14 8.55 10.24
CALCULATION OF RATIOS
Earnings per share (EPS), EUR :
Result attributable to parent company shareholders
------------------------------------------------------------------
Weighted average number of outstanding shares
Shareholders' equity per share, EUR :
Shareholders' equity attributable to parent company shareholders
------------------------------------------------------------------
Undiluted number of shares at the end of period
Gearing, %:
Interest-bearing liabilities - cash and bank equivalents
---------------------------------------------------------- X 100
Total equity
Equity ratio, %:
Total equity
---------------------------------------------------------- X 100
Assets total - received advances
Income tax expense is recognised based on the best estimate of the
weighted-average annual income tax rate expected for the full financial year.
In January 2013, the shipping operations of Finnlines Plc transferred to
tonnage-based taxation.
At the end of January 2014, Finnlines Deutschland GmbH transferred from
tonnage-based taxation to business taxation. The company entered into business
taxation as from 1 February 2014.
RELATED PARTY TRANSACTIONS
There were no material related party transactions during the reporting period.
The business transactions were carried out using market-based pricing.
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