2009-11-04 16:59:33 CET
2009-11-04 17:00:33 CET
REGULATED INFORMATION
Finnlines - Interim report (Q1 and Q3)
Interim report January - September 2009 (unaudited)
Finnlines Plc Stock Exchange Release 4 November 2009 INTERIM REPORT JANUARY-SEPTEMBER 2009 (Unaudited) SUMMARY January-September 2009 - Revenue EUR 372.3 million (EUR 577.9 million prev. year), decline 35.6% - Profit before interest, taxes, depreciation and amortisation (EBITDA) EUR 28.1 million (EUR 86.1 million) - Earnings per share was -0.82 (0.34) EUR/share July-September Q3 - Revenue EUR 130.5 million (EUR 193.8 million), decline 32.7% - Profit before interest, taxes, depreciation and amortisation (EBITDA) EUR 13.3 million (EUR 25.8 million) - Earnings per share was -0.12 (0.02) EUR/share GROUP KEY FIGURES -------------------------------------------------------------------------------- | EUR million | 7-9 | 4-6 | 1-3 | 1-9 | 1-9 | 1-12 | | | 2009 | 2009 | 2009 | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- | Revenue | 130.5 | 124.4 | 117.4 | 372.3 | 577.9 | 735.7 | -------------------------------------------------------------------------------- | EBITDA | 13.3 | 15.0 | -0.2 | 28.1 | 86.1 | 98.1 | -------------------------------------------------------------------------------- | EBIT | -1.7 | -0.3 | -16.0 | -18.1 | 42.1 | 35.4 | -------------------------------------------------------------------------------- | % of revenue | -1.3 | -0.3 | -13.7 | -4.9 | 7.3 | 4.8 | -------------------------------------------------------------------------------- | EBT | -6.5 | -7.1 | -26.6 | -40.2 | 16.5 | -3.2 | -------------------------------------------------------------------------------- | Profit / loss for | -5.2 | -8.0 | -21.0 | -34.2 | 14.4 | 1.0 | | the period | | | | | | | -------------------------------------------------------------------------------- | EPS, EUR | -0.12 | -0.21 | -0.52 | -0.82 | 0.34 | 0.01 | -------------------------------------------------------------------------------- | ROE, % | -4.8 | -7.3 | -19.2 | -10.5 | 4.3 | 0.2 | -------------------------------------------------------------------------------- | ROI,% | 0.3 | 0.0 | -4.7 | -1.7 | 4.5 | 2.9 | -------------------------------------------------------------------------------- | Gearing, % | 198.0 | 192.6 | 206.7 | 198.0 | 199.4 | 205.5 | -------------------------------------------------------------------------------- | Equity ratio, % | 29.4 | 28.6 | 28.5 | 29.4 | 28.8 | 28.5 | -------------------------------------------------------------------------------- EBITDA = Result before interest, taxes, depreciation and amortisation EBIT = Result before interest and taxes EBT =Result before taxes Cargo volumes have stayed low and the revenue has dropped by 35.6% compared to January-September 2008. Despite the difficult market situation, the Company was already able to turn to a positive EBITDA during the second quarter, which was achieved through certain significant measures. The main items addressed, in addition to the changes in the traffic, were the surplus tonnage, vessel costs, IT costs, administration costs, headcount and the sale of non-core assets. Actions in all of these have brought good results in a very short time, but a number of further improvements can still be achieved. The Company Finnlines focuses on liner ro-ro/ro-pax services. The operations of the Company are centered on sea transports in the Baltic Sea and North Sea areas and on providing port services mainly in Finland. 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. The Company is part of the Italian Grimaldi Group. Market development The sharp drop in volumes that realized in the last quarter of 2008 has continued during the first three quarters of 2009. During January-August, the Finnish seaborn imports carried in container, lorry and trailer units fell by 27.7% and exports by 28.6% 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 21.4% from the previous year. The passenger traffic between Finland and Germany decreased by 12.5% and increased by 3.0% between Finland and Sweden (the passenger figures include the lorry drivers accompanying their vehicles). Finnlines' pure passenger traffic volumes increased by 10% during the first three quarters. Significant events during the reporting period Traffic Finnlines has carried out numerous changes in different routes in order to optimise the utilisation of its fleet. 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. 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. From the beginning of June 2009, the Company started up a set of new, fast and comfortable Motorways of the Sea for freight and passengers between Finland and Poland (Helsinki-Gdynia-Helsinki) and between Poland and Germany (Gdynia-Travemünde-Gdynia). Each of these new services offers three departures per week in both directions. The Helsinki-Gdynia route is sailed in less than 19 hours (compared to more than 26 hours before, when the connection was only for cargo); the direct connection Helsinki-Travemünde is completed in less than 27 hours, whereas the sailing time between Gdynia and Travemünde is 15 hours. At the same time, the Company has strengthened its services in the key Travemünde-Helsinki-Travemünde (Germany-Finland) trade by increasing the number of weekly sailings to ten. Additionally, from May 2009, Finnlines offers all its freight customers a wide range of destinations in 13 Mediterranean countries. This is done in cooperation with Grimaldi Group. The Company has also started a new weekly link between Helsinki and St. Petersburg. The route is interconnected at all the destinations served by Finnlines and Grimaldi Lines. The cargo volumes transported during January-September totalled approximately 450,000 (629,000 in 2008) units, 25,000 (92,000) cars (not including cars of the passengers) and, in addition, 1,469,000 (2,249,000) tons of freight not possible to measure in units. In addition, some 424,000 passengers were transported (around 482,000 in 2008), which figure includes freight-related passengers. The pure passenger traffic volumes increased by 10%. Savings The fleet capacity was adjusted because of a sharp decline in cargo volumes. In April Finnlines Plc's subsidiary Hanseatic Shipping 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 vessel Finnhansa had been left idle due to the economic situation and the selling of the vessel will reduce the costs of Finnlines. The Company booked a profit of about EUR 4.4 million on the sale of the vessel. During April-September Finnlines managed to generate considerable savings by redelivering three and subletting eight chartered ro-ro vessels. A new purchasing department was established and all purchases are performed and managed by this department. This move together with a general savings programme has proved to be a very efficient way to cut expenses partly in the region of some 30%. There have been temporary lay-offs in the ports where the Company is operating and the number of employees have been reduced in the offices. The effect of these measures will mostly be shown in the result during the last months of the year and during next year. New CEO for Finnlines Group Finnlines Plc´s President and CEO, Mr.Christer Antson, resigned on 23 March. Mr. Uwe Bakosch was appointed new President and CEO on 24 March. He started working at the end of June 2009. Mr. Emanuele Grimaldi, member of the Board, acted as temporary President and CEO for the Company from 24 March until the end of June. Mr. Bakosch, aged 51, is a German citizen. His previous positions have been among others: the Managing Director of ATG Autotransport Logistic GmbH (100% subsidiary of Deutsche Bahn), Executive Vice President of DB Intermodal, Scandlines AG - Member of the Board, Managing Director of Scandlines Deutschland GmbH, as well as Scandlines Danmark AS, Commercial Director at United European Car Carriers A/S, as well as various managerial functions in Volkswagen AG and in Island View Shipping in South Africa. Hybrid bond Finnlines issued 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 was 12% per annum. The bond had no maturity but it included an option for the Company to redeem the bonds after three years or at any time in certain events including issue of new shares. The bond was subscribed by the Company's two main shareholders. Following the successful share issue in June, the Company redeemed the hybrid bond together with accrued interest on 4 August 2009. Annual General Meeting The Annual General Meeting approved the Financial Statements and discharged the Company's officers from liability for the financial year 2008. It was decided that no dividend be paid for the year 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 remain unchanged as follows: the chairman EUR 50,000, the vice-chairman EUR 40,000 and the member EUR 30,000. Deloitte & Touche Oy was re-elected as the Company's auditor for the fiscal year 2009. The Board of Directors was authorised to resolve on the issuance of shares. The Board of Directors may, on the basis of the authorisation, 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 can decide on all the conditions of the issuance of shares. The issuance of shares may be carried out in deviation from the shareholders' pre-emptive rights (directed issue). The authorization is valid until the next Annual General Meeting. The share issue authorization granted to the Board of Directors by the previous Annual General Meeting 20 May 2008 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.” Share issue On 26 May 2009, Finnlines Board of Directors, based on the authorization admitted by the Annual General Meeting, resolved upon a rights issue in which the Company offered up to 6,781,993 shares to be subscribed for by the shareholders based on their pre-emptive subscription rights so that each shareholder had the pre-emptive right to subscribe for new shares for the subscription price of EUR 5.50 per share in proportion to the number of shares in the Company they already hold. The total maximum amount of the rights issue amounted to up to EUR 37.3 million. The shares offered for subscription in the rights issue represented at a maximum approximately 16.7 per cent of the total number of the shares prior to the rights issue. The shares were offered to the shareholders for subscription on 29 May 2009. Each shareholder received one subscription right for each share. The subscription rights were subject to public trading on NASDAQ OMX Helsinki during the period 4 June - 10 June 2009. A holder of the subscription rights was entitled to subscribe for one new share for every six subscription rights. The subscription period commenced on 4 June 2009 and expired on 17 June 2009. Grimaldi Group had undertaken to ensure that new shares are subscribed in the rights issue amounting to a value of EUR 24,221,659. The subscription undertaking given by Grimaldi Group, concerned 4,403,938 new shares. The reason for the rights issue was the repayment of the hybrid bond, which the Company had issued in spring 2009, to strengthen the Company's capital structure and working capital financing. The prospectus relating to the offering was published at the beginning of June 2009 in accordance with the Finnish Securities Market Act. In the rights issue 6,129,079 shares were subscribed. The amount corresponds to 90.4% of the offered shares. The gross proceeds raised by Finnlines Plc in the rights issue were EUR 33,709,935. Shares subscribed for in the offering were subject to public trading on the NASDAQ OMX Helsinki during 18-25 June 2009 as interim shares. The new 6,129,079 Finnlines Plc shares subscribed for were registered with the Finnish Trade Register on 25 June 2009. The new shares carry shareholders´ rights from the date of registration. The new shares were taken to public trading on NASDAQ OMX Helsinki together with the old shares on 26 June 2009. Following the registration of the new shares with the Trade Register, the number of Finnlines Plc's shares amounts to 46,821,037 shares and share capital to EUR 93,642,074. Special audit The County Administrative Board of Southern Finland 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 related to 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 parent company to subsidiaries. The County Administrative Board rejected the application in respect of applying special audit to cover the accounts and administration as whole for the reporting period from 1 January 2007 to 31 December 2007, only above mentioned matters should be included in special audit. Mr. Hannu Niilekselä has on 14 September 2009 issued his report addressed to the General Meeting of Shareholders of Finnlines Plc. The report, which will be presented to the shareholders of Finnlines Plc at the Annual General Meeting of Shareholders in spring 2010, does not include anything that gives the Company reason to change its earlier view according to which the measures taken have had commercial grounds and that the Company has in all respects acted in the best interest of the Company and its shareholders. Fairway dues The Administrative Court of Helsinki has rendered three decisions 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. Consequently, the Company has applied for refund of fairway dues for 2005, amounting to EUR 2.7 million. This sum is supposed to be refunded during the last months of the year and was booked during the first quarter 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 or the handling time can be given. Financial performance July-September 2009 During July-September, the Finnlines Group recorded revenue totalling EUR 130.5 (193.8 in 2008) million, a decline of 32.7 %. Shipping and Sea Transport Services generated revenue amounting to EUR 118.8 (170.2) million and Port Operations EUR 17.5 (30.7) million. No asset sales were done during July-September 2009. Other income from operations amounted to EUR 0.4 (0.7) million. Earnings before depreciation and amortisation (EBITDA) was EUR 13.3 (25.8) million. Earnings before interest and taxes (EBIT) was EUR -1.7 (10.6) million. Financial income was EUR 1.3 (0.9) million and financial expenses totalled EUR -6.1 (-11.2) million. The decline was mainly due to lower interest rates. Earnings before taxes (EBT) was EUR -6.5 (0.3) million. Earnings per share (EPS) were EUR -0.12 (0.02). Return on equity (ROE) was -4.8 (0.8)% and return on investment (ROI) was 0.3 (2.7)%. January-September 2009 The Finnlines Group recorded revenue totalling EUR 372.3 (577.9 in 2008) million, a decline of 35.6%. Shipping and Sea Transport Services generated revenue amounting to EUR 333.6 (503.6) million and Port Operations EUR 56.4 (96.6) million. Other income from operations amounted to EUR 12.1 (1.8) million. This included the sales gain amounting EUR 4.4 million from the sales of vessel MS Finnhansa, a sales gain EUR 1.9 million from the sales of subsidiary shares, the EUR 2.7 million refund of the fairway dues of 2005, a sales gain of EUR 1.2 million from the sales of apartments and warehouses, and a sales gain of EUR 0.6 million from the sale of a small port operation. Earnings before depreciation and amortisation (EBITDA) was EUR 28.1 million (86.1). Earnings before interest and taxes (EBIT) was EUR -18.1 (42.1) million. Financial income was EUR 2.9 (2.2) million and financial expenses totalled EUR -25.0 (-27.8) million. Earnings before taxes (EBT) was EUR -40.2 (16.5) million. Earnings per share (EPS) were EUR -0.82 (0.34). Return on equity (ROE) was -10.5 (4.3)% and return on investment (ROI) was -1.7 (4.5)%. Investments and financing The Group's capital expenditure was EUR 17.0 (204.2) million. Interest-bearing net debt amounted to EUR 860.0 (896.3) million. The equity ratio calculated from the balance sheet was 29.4 (28.8)%. Gearing was 198.0 (199.4)%. The liquidity of the Company was good during the period under review. At the end of the period, cash and deposits together with unused committed working capital credits amounted to EUR 63.7 million (not including the undrawn committed credits for newbuildings amounting to EUR 123 million). Personnel The Group employed an average of 2,273 (2,461) persons during the period, consisting of 1,294 (1,496) persons on shore and 979 (965) persons at sea. Group structure The Group has started a significant process to merge group companies and businesses in order to make savings in administration and personnel. Finnlines Plc and its wholly owned subsidiaries, Ropax Oy Eagle, Ropax Oy Fellow, Ropax Oy Maid, Ropax Oy Star and FL-Sailor's Shop Oy have signed a merger plan on June 24 2009, in order to merge into their parent company Finnlines Plc. The merger plans were registered in the Trade Register in July 2009. According to each merger plan, the assets and liabilities of the mentioned subsidiaries are to be transferred without liquidation proceedings to the parent company Finnlines Plc. In the mergers, no consideration is paid as the parent company owns all the shares in the mentioned merging subsidiaries. The mergers do not require any changes in the Articles of Association of Finnlines Plc. The registration of the execution of the mergers is planned to take place on 31 December 2009. According to the auditor's statement regarding the merger plans, issued by Deloitte & Touche Oy/ Mr Mikael Leskinen, APA, the mergers do not jeopardize the payment of the liabilities of Finnlines Plc. In addition, Containersteve Oy and Finncare Oy are planned to be merged into TBE-Systems Oy, and wind-ups of certain smaller non-operating subsidiares are processed. The Finnlines share The Company's registered share capital on 30 September 2009 was EUR 93,642,074 divided into 46,821,037 shares. A total of 1.3 (7.1) million Finnlines shares were traded on the NASDAQ OMX Helsinki during the period. The market capitalisation of the Company's stock at the end of September was EUR 369.9 (477.3) million. Earnings per share (EPS) during the period were EUR -0.82 (0.34). Shareholders' equity per share was EUR 9.26 (11.01). Risks Taxation of internal ship sales carried out in 2007 by the Swedish subsidiary company Rederi AB Nordö-Link includes uncertainties. The Company has discussed the tax treatment of the capital gains arisen from the ship disposals with the Swedish tax authorities, and the tax authorities issued their official decision on the tax treatment in question in October. The decision of the tax authorities was that a EUR 9.5 million tax debt should be paid. The Company has though been granted postponement of this payment as it will appeal in the matter. As the Company recorded a deferred tax liability due the temporary timing difference in the tax year in question, the matter is not estimated to have any significant effect on the Company's result in 2009. There are no other material changes in the risks disclosed earlier. Litigation 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 leaked from the vessel into the sea between the Åland Sea and the Port of Naantali. At the end of March, the Finnish authorities initiated investigations, which are 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 Company's P&I Insurance. Events after Reporting Period Finnlines Group has sold its container and terminal operations in Oslo Port. This transaction will have a limited effect on result. Outlook for 2009 The rapidly deteriorated economic conditions in Europe and the whole world impacted Finnlines' operations during the nine months of the year. The Company has responded to the sharp drop in cargo volumes by employing the tonnage in a much more efficient way, by initiating significant structural measures in order to improve competitiveness and by personnel adjustments and divestments including re-delivery of excess tonnage. The cost-savings are already beginning to improve the Company's profitability and the company expects these improvements to continue for the remaining part of the year. The Group's Financial statement bulletin for 1 January - 31 December 2009 will be published on 17 February 2010. Finnlines Plc The Board of Directors ENCLOSURES -Group income statement -Balance Sheet -Changes in Shareholders Equity -Cash Flow Statement -Revenue and result by business segment -Property, plant and equipment -Financial indicators -Contingencies and Commitments -Revenue and result by quarter DISTRIBUTION NASDAQ OMX Helsinki Ltd. Main media All figures unaudited -------------------------------------------------------------------------------- | GROUP INCOME | | | | | | | STATEMENT,IF | | | | | | | RS | | | | | | -------------------------------------------------------------------------------- | EUR 1,000 | 1 Jul - | 1 Jul - | 1 Jan - | 1 Jan - | 1 Jan - | | | 30 Sep | 30 Sep | 30 Sep | 30 Sep | 31 Dec | | | 2009 | 2008 | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- | Revenue | 130,519 | 193,849 | 372,281 | 577,898 | 735,747 | -------------------------------------------------------------------------------- | Other income | 365 | 668 | 12,107 | 1,808 | 2,429 | | from | | | | | | | operations | | | | | | -------------------------------------------------------------------------------- | Materials | -44,076 | -75,176 | -117,919 | -206,570 | -258,187 | | and services | | | | | | -------------------------------------------------------------------------------- | | -25,040 | -31,031 | -81,439 | -91,073 | -122,944 | | Personnel | | | | | | | expenses | | | | | | -------------------------------------------------------------------------------- | Depreciation | -14,975 | -15,243 | -46,210 | -44,059 | -62,690 | | , | | | | | | | amortisation | | | | | | | | | | | | | | and other | | | | | | | write-offs | | | | | | -------------------------------------------------------------------------------- | Other | -48,488 | -62,507 | -156,899 | -195,913 | -258,912 | | operating | | | | | | | expenses | | | | | | -------------------------------------------------------------------------------- | Total | -132,578 | -183,958 | -402,468 | -537,616 | -702,732 | | operating | | | | | | | expenses | | | | | | -------------------------------------------------------------------------------- | Result | -1,695 | 10,559 | -18,080 | 42,090 | 35,443 | | before | | | | | || interest and | | | | | | | taxes (EBIT) | | | | | | -------------------------------------------------------------------------------- | Financial | 1,335 | 862 | 2,915 | 2,176 | 3,422 | | income | | | | | | -------------------------------------------------------------------------------- | Financial | -6,121 | -11,151 | -25,029 | -27,776 | -42,039 | | expense | | | | | | -------------------------------------------------------------------------------- | Result | -6,481 | 270 | -40,194 | 16,489 | -3,174 | | before taxes | | | | | | -------------------------------------------------------------------------------- | Income taxes | 1,285 | 658 | 5,966 | -2,099 | 4,145 | -------------------------------------------------------------------------------- | Result for | -5,197 | 928 | -34,228 | 14,390 | 971 | | the | | | | | | | reporting | | | | | | | period | | | | | | -------------------------------------------------------------------------------- | Other | | | | | | | comprehensiv | | | | | | | e income: | | | | | | -------------------------------------------------------------------------------- | Exchange | -135 | 7 | -285 | 81 | 227 | | differences | | | | | | | on | | | | | | | translating | | | | | | | foreign | | | | | | | operations | | | | | | -------------------------------------------------------------------------------- | Change in | -711 | 3,943 | -1,041 | -110 | 347 | | hedging | | | | | | | reserve | | | | | | -------------------------------------------------------------------------------- | Other | | | | | 1,481 | | changes in | | | | | | | revaluations | | | | | | -------------------------------------------------------------------------------- | Income tax | 185 | -1,025 | 271 | 29 | -90 | | relating to | | | | | | | components | | | | | | | of other | | | | | | | comprehensiv | | | | | | | e income | | | | | | -------------------------------------------------------------------------------- | TOTAL | -5,858 | 3,853 | -35,283 | 14,390 | 2,936 | | COMPREHENSIV | | | | | | | E INCOME | | | | | | -------------------------------------------------------------------------------- | Result | | | | | | | attributable | | | | | | | to: | | | | | | -------------------------------------------------------------------------------- | Parent | -5,195 | 680 | -34,135 | 13,914 | 507 | | company | | | | | | | shareholders | | | | | | -------------------------------------------------------------------------------- | Minority | -2 | 248 | -93 | 476 | 464 | | interest | | | | | | -------------------------------------------------------------------------------- | | -5,197 | 928 | -34,228 | 14,390 | 971 | -------------------------------------------------------------------------------- | Total | | | | | | | comprehensiv | | | | | | | e income | | | | | | | attributable | | | | | | | to: | | | | | | -------------------------------------------------------------------------------- | Parent | -5,857 | 3,605 | -35,190 | 13,914 | 2,471 | | company | | | | | | | shareholders | | | | | | -------------------------------------------------------------------------------- | Minority | -2 | 248 | -93 | 476 | 464 | | interest | | | | | | -------------------------------------------------------------------------------- | | -5,858 | 3,853 | -35,283 | 14,390 | 2,936 | -------------------------------------------------------------------------------- | Result | | | | | | | attributable | | | | | | | to parent | | | | | | | company | | | | | | | shareholders | | | | | | | calculated | | | | | | | as earnings | | | | | | | per share | | | | | | | (EUR/share) | | | | | | -------------------------------------------------------------------------------- | Undiluted | -0.12 | 0.02 | -0.82 | 0.34 | 0.01 | | earnings per | | | | | | | share | | | | | | -------------------------------------------------------------------------------- | Diluted | -0.12 | 0.02 | -0.82 | 0.34 | 0.01 | | earnings per | | | | | | | share | | | | | | -------------------------------------------------------------------------------- | Average | | | | | | | number of | | | | | | | shares: | | | | | | -------------------------------------------------------------------------------- | Undiluted | 46,821,03 | 40,691,958 | 42,937,042 | 40,691,958 | 40,691,958 | | | 7 | | | | | -------------------------------------------------------------------------------- | Diluted | 46,821,03 | 40,691,958 | 42,937,042 | 40,691,958 | 40,691,958 | | | 7 | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | GROUP BALANCE SHEET, IFRS | | | | -------------------------------------------------------------------------------- | EUR 1,000 | 30 Sep 2009 | 30 Sep 2008 | 31 Dec 2008 | -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- | Non-current assets | | | | -------------------------------------------------------------------------------- | Property, plant and equipment | 1,247,248 | 1,300,775 | 1,311,969 | -------------------------------------------------------------------------------- | Goodwill | 105,644 | 108,660 | 105,644 | -------------------------------------------------------------------------------- | Other intangible assets | 11,930 | 8,798 | 12,947 | -------------------------------------------------------------------------------- | Investment properties | 1,578 | 1,581 | 1,580 | -------------------------------------------------------------------------------- | Share of associated companies | 1,526 | 1,526 | 1,526 | -------------------------------------------------------------------------------- | Other financial assets | 4,799 | 4,797 | 4,793 | -------------------------------------------------------------------------------- | Receivables | 3,641 | 3,856 | 3,848 | -------------------------------------------------------------------------------- | Deferred tax assets | 3,107 | 1,941 | 2,734 | -------------------------------------------------------------------------------- | | 1,379,471 | 1,431,934 | 1,445,041 | -------------------------------------------------------------------------------- | Current assets | | | | -------------------------------------------------------------------------------- | Inventories | 5,073 | 8,325 | 5,252 | -------------------------------------------------------------------------------- | Accounts receivable and other | 83,810 | 102,258 | 73,474 | | receivables | | | | -------------------------------------------------------------------------------- | Income tax receivables | 15 | 52 | 76 | -------------------------------------------------------------------------------- | Bank and cash | 8,037 | 18,339 | 10,509 | -------------------------------------------------------------------------------- | | 96,935 | 128,974 | 89,312 | -------------------------------------------------------------------------------- | Total assets | 1,476,406 | 1,560,908 | 1,534,352 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHAREHOLDER'S EQUITY | | | | -------------------------------------------------------------------------------- | Equity attributable to parent | | | | | company shareholders | | | | -------------------------------------------------------------------------------- | Share capital | 93,642 | 81,384 | 81,384 | -------------------------------------------------------------------------------- | Share premium account | 24,525 | 24,525 | 24,525 | -------------------------------------------------------------------------------- | Fair value reserve | -3,577 | -4,625 | -2,807 | -------------------------------------------------------------------------------- | Translation differences | 94 | 233 | 379 | -------------------------------------------------------------------------------- | Unrestricted equity reserve | 21,015 | | | -------------------------------------------------------------------------------- | Retained earnings | 297,794 | 346,335 | 332,927 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 433,494 | 447,852 | 436,409 | -------------------------------------------------------------------------------- | Minority interest | 851 | 1,543 | 1,531 | -------------------------------------------------------------------------------- | Total equity | 434,345 | 449,395 | 437,940 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES | | | | -------------------------------------------------------------------------------- | Long-term liabilities | | | | -------------------------------------------------------------------------------- | Deferred tax liabilities | 90,084 | 104,870 | 96,835 | -------------------------------------------------------------------------------- | Interest-free liabilities | 1,411 | 827 | 370 | -------------------------------------------------------------------------------- | Pension liabilities | 2,306 | 2,736 | 3,026 | -------------------------------------------------------------------------------- | Provisions | 4,277 | 2,281 | 4,277 | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 728,225 | 762,813 | 789,692 | -------------------------------------------------------------------------------- | | 826,303 | 873,527 | 894,201 | -------------------------------------------------------------------------------- | Current liabilities | | | | -------------------------------------------------------------------------------- | Accounts payable and other | 74,505 | 85,036 | 78,293 | | liabilities | | | | -------------------------------------------------------------------------------- | Income tax liabilities | 174 | 331 | 110 | -------------------------------------------------------------------------------- | Provisions | 1,279 | 1,901 | 2,930 | -------------------------------------------------------------------------------- | Current interest-bearing | 139,800 | 150,718 | 120,878 | | liabilities | | | | -------------------------------------------------------------------------------- | | 215,758 | 237,986 | 202,212 | -------------------------------------------------------------------------------- | Total liabilities | 1,042,061 | 1,111,513 | 1,096,412 | -------------------------------------------------------------------------------- | Total equity and liabilities | 1,476,406 | 1,560,908 | 1,534,352 | -------------------------------------------------------------------------------- GROUP STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY 2008 -------------------------------------------------------------------------------- | 2008 | Equity attributable to parent company shareholders | -------------------------------------------------------------------------------- | EUR 1,000 | Share | Share | Translati | Fair value | Retained | | | capital | issue | on | reserves | earnings | | | | premium | differenc | | | | | | | es | | | -------------------------------------------------------------------------------- | Shareholders' | 81,384 | 24,525 | 152 | -4,544 | 332,601 | | equity 1 | | | | | | | January 2008 | | | | | | -------------------------------------------------------------------------------- | Total | | | 81 | -81 | 13,914 | | comprehensive | | | | | | | income for the | | | | | | | year | | | | | | -------------------------------------------------------------------------------- | Dividend | | | | | -180 | -------------------------------------------------------------------------------- | Shareholders' | 81,384 | 24,525 | 233 | -4,625 | 346,335 | | equity 30 | | | | | | | September 2008 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 2008 | | | | | -------------------------------------------------------------------------------- | EUR 1,000 | Hybrid | Total | Minority | Total | | | bond | | interest | shareholders' | | | | | | equity | -------------------------------------------------------------------------------- | Shareholders' | | 434,118 | 1,534 | 435,652 | | equity 1 January | | | | | | 2008 | | | | | -------------------------------------------------------------------------------- | Total | | 13,914 | 476 | 14,390 | | comprehensive | | | | | | income for the | | | | | | year | | | | | -------------------------------------------------------------------------------- | Dividend | | -180 | -467 | -647 | -------------------------------------------------------------------------------- | Shareholders' | | 447,852 | 1,543 | 449,395 | | equity 30 | | | | | | September 2008 | | | | | -------------------------------------------------------------------------------- GROUP STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY 2009 -------------------------------------------------------------------------------- | 2009 | Equity attributable to parent company shareholders | | -------------------------------------------------------------------------------- | EUR 1,000 | Share | Share | Translat | Fair value | Unres | | | | capita | issue | ion | reserves | tricted | | | | l | premium | differen | | equity | | | | | | ces | | reserve | | -------------------------------------------------------------------------------- | Shareholde | 81,384 | 24,525 | 379 | -2,807 | | | | rs' equity | | | | | | | | 1 January, | | | | | | | | 2009 | | | | | | | -------------------------------------------------------------------------------- | Total | | | -285 | -770 | | | | comprehens | | | | | | | | ive income | | | | | | | | for the | | | | | | | | year | | | | | | | -------------------------------------------------------------------------------- | Share | 12,258 | | | | 21,015 | | | issue | | | | | | | -------------------------------------------------------------------------------- | Hybrid | | | | | | | | bond | | | | | | | | interest | | | | | | | -------------------------------------------------------------------------------- | Dividend | | | | | | | -------------------------------------------------------------------------------- | Shareholde | 93,642 | 24,525 | 94 | -3,577 | 21,015 | | | rs' equity | | | | | | | | 30 | | | | | | | | September | | | | | | | | 2009 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 2009 | | | | | | -------------------------------------------------------------------------------- | EUR 1,000 | Retained | Hybrid | Total | Minority | Total | | | earnings | bond | | interest | shareholders' | | | | | | | equity | -------------------------------------------------------------------------------- | Shareholde | 332,927 | | 436,409 | 1 531 | 437,940 | | rs' equity | | | | | | | 1 January, | | | | | | | 2009 | | | | | | -------------------------------------------------------------------------------- | Total | -34,135 | | -35,190 | -93 | -35,283 | | comprehens | | | | | | | ive income | | | | | | | for the | | | | | | | year | | | | | | -------------------------------------------------------------------------------- | Share | | | 33,274 | | 33,274 | | issue | | | | | | -------------------------------------------------------------------------------- | Issue of | | 20,906 | 20,906 | | 20,906 | | hybrid | | | | | | | bond | | | | | | -------------------------------------------------------------------------------- | Repayment | -94 | -20,906 | -21,000 | | -21,000 | | of the | | | | | | | hybrid | | | | | | | bond | | | | | | -------------------------------------------------------------------------------- | Hybrid | -905 | | -905 | | -905 | | bond | | | | | | | interest | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Decrease | | | | -96 | -96 | | in | | | | | | | interest | | | | | | | in | | | | | | | subsidiary | | | | | | -------------------------------------------------------------------------------- | Dividend | | | | -490 | -490 | -------------------------------------------------------------------------------- | Shareholde | 297,794 | 0 | 433,494 | 851 | 434,345 | | rs' equity | | | | | | | 30 | | | | | | | September | | | | | | | 2009 | | | | | | -------------------------------------------------------------------------------- CONSOLIDATED CASH FLOW STATEMENT, IFRS -------------------------------------------------------------------------------- | EUR 1,000 | 1 Jan- | 1 Jan- | 1 Jan- | | | 30 Sep 2009 | 30 Sep | 31 Dec | | | | 2008 | 2008 | -------------------------------------------------------------------------------- | Cash flow from operations | | | | -------------------------------------------------------------------------------- | Result for reporting period | -34,228 | 14,390 | 971 | -------------------------------------------------------------------------------- | Adjustments: | | | | -------------------------------------------------------------------------------- | Non-cash transactions | 38,393 | 43,196 | 64,508 | -------------------------------------------------------------------------------- | Financial income and | 22,114 | 25,601 | 35,672 | | expenses | | | | -------------------------------------------------------------------------------- | Taxes | -5,966 | 2,099 | -4,145 | -------------------------------------------------------------------------------- | Changes in working capital: | | | | -------------------------------------------------------------------------------- | Change in accounts | -7,914 | -10,500 | 17,446 | | receivable and other | | | | | receivables | | | | -------------------------------------------------------------------------------- | Change in inventories | 179 | -1,206 | 1,866 | -------------------------------------------------------------------------------- | Change in accounts | 2,945 | -7,441 | -20,434 | | payable and other | | | | | liabilities | | | | -------------------------------------------------------------------------------- | Change in provisions | -2,283 | 1,602 | 3,230 | -------------------------------------------------------------------------------- | Interest paid | -29,629 | -28,579 | -34,101 | -------------------------------------------------------------------------------- | Interest received | 249 | 1,026 | 1,383 | -------------------------------------------------------------------------------- | Taxes paid | -835 | -1,256 | -2,747 | -------------------------------------------------------------------------------- | Other financing items | -1,171 | -1,497 | -1,261 | -------------------------------------------------------------------------------- | Net cash flow from operating | -18,146 | 37,434 | 62,387 | | activities | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from investing activities | | | | -------------------------------------------------------------------------------- | Acquisition of subsidiaries | | -194 | -194 | -------------------------------------------------------------------------------- | Investments in tangible and | -14,727 | -208,195 | -235,849 | | intangible assets | | | | -------------------------------------------------------------------------------- | Purchase of investments | -251 | | | -------------------------------------------------------------------------------- | Sale of tangible assets | 41,706 | 1,230 | 1,537 | -------------------------------------------------------------------------------- | Disposal of subsidiaries | -89 | | | -------------------------------------------------------------------------------- | Proceed sale of investments | 937 | | | -------------------------------------------------------------------------------- | Dividends received | 255 | 6 | 5 | -------------------------------------------------------------------------------- | Net cash used in investing | 27,832 | -207,153 | -234,501 | | activities | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from financing activities | | | | -------------------------------------------------------------------------------- | Proceeds from share issue | 33,274 | | | -------------------------------------------------------------------------------- | Loan withdrawals | | 237,000 | 280,267 | -------------------------------------------------------------------------------- | Net increase in current | 20,469 | -14,840 | -45,867 | | interest-bearing liabilities | | | | -------------------------------------------------------------------------------- | Repayment of loans | -65,468 | -60,715 | -78,700 | -------------------------------------------------------------------------------- | Increase / decrease in long-term | 92 | 352 | 694 | | receivables | | | | -------------------------------------------------------------------------------- | Dividends paid | -540 | -647 | -647 | -------------------------------------------------------------------------------- | Hybrid bond | 20,906 | | | -------------------------------------------------------------------------------- | Hybrid bond repayment | -20,906 | | | -------------------------------------------------------------------------------- | Net cash flow used in financing | -12,173 | 161,150 | 155,747 | | activities | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in cash and cash equivalents | -2,487 | -8,569 | -16,367 | -------------------------------------------------------------------------------- | Cash and cash equivalents 1 January | 10,509 | 26,913 | 26,913 | -------------------------------------------------------------------------------- | Effect of foreign exchange rate | 14 | -5 | -37 | | changes | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents 30 | 8,037 | 18,339 | 10,509 | | September 2009 | | | | -------------------------------------------------------------------------------- REVENUE AND RESULT BY BUSINESS SEGMENTS -------------------------------------------------------------------------------- | | 1 | | 1 | | 1 | | 1 | | 1 Jan | | | | Jul | | Jul | | Jan | | Jan | | -31 | | | | - | | - | | - | | -30 | | Dec | | | | 30 | | 30 | | 30 | | Sep | | 2008 | | | | Sep | | Sep | | Sep | | 2008 | | | | | | 2009 | | 2008 | | 2009 | | | | | | -------------------------------------------------------------------------------- | | MEUR | % | MEUR | % | MEUR | % | MEUR | % | MEUR | % | | | | | | | | | | | | | -------------------------------------------------------------------------------- | Shi | 118. | 91.0 | 170. | 87.8 | 333. | 89.6 | 503. | 87.1 | 643.7 | 87.5 | | ppi | 8 | | 2 | | 6 | | 6 | | | | | ng | | | | | | | | | | | | and | | | | | | | | | | | | sea | | | | | | | | | | | | tra | | | | | | | | | | | | nsp | | | | | | | | | | | | ort | | | | | | | | | | | -------------------------------------------------------------------------------- | Por | 17.5 | 13.4 | 30.7 | 15.8 | 56.4 | 15.1 | 96.6 | 16.7 | 122.2 | 16.6 | | t | | | | | | | | | | | | ope | | | | | | | | | | | | rat | | | | | | | | | | | | ion | | | | | | | | | | | | s | | | | | | | | | | | -------------------------------------------------------------------------------- | Eli | -5.8 | -4.4 | -7.0 | -3.6 | -17. | -4.8 | -22. | -3.8 | -30.1 | -4.1 | | min | | | | | 7 | | 2 | | | | | ati | | | | | | | | | | | | ons | | | | | | | | | | | | (in | | | | | | | | | | | | tra | | | | | | | | | | | | gro | | | | | | | | | | | | up) | | | | | | | | | | | -------------------------------------------------------------------------------- | Ext | 130. | 100. | 193. | 100. | 372. | 100. | 577. | 100.0 | 735.7 | 100.0 | | ern | 5 | 0 | 8 | 0 | 3 | 0 | 9 | | | | | al | | | | | | | | | | | | sal | | | | | | | | | | | | es | | | | | | | | | | | -------------------------------------------------------------------------------- | Res | | | | | | | | | | | | ult | | | | | | | | | | | | bef | | | | | | | | | | | | ore | | | | | | | | | | | | int | | | | | | | | | | | | ere | | | | | | | | | | | | st | | | | | | | | | | | | and | | | | | | | | | | | | tax | | | | | | | | | | | | es | | | | | | | | | | | | (EB | | | | | | | | | | | | IT) | | | | | | | | | | | -------------------------------------------------------------------------------- | Shi | 2.1 | | 12.0 | | -4.2 | | 42.3 | | 47.8 | | | ppi | | | | | | | | | | | | ng | | | | | | | | | | | | and | | | | | | | | | | | | sea | | | | | | | | | | | | tra | | | | | | | | | | | | nsp | | | | | | | | | | | | ort | | | | | | | | | | | | *) | | | | | | | | | | | -------------------------------------------------------------------------------- | Por | -3.8 | | -1.4 | | -13. | | -0.2 | | -12.4 | | | t | | | | | 9 | | | | | | | ope | | | | | | | | | | | | rat | | | | | | | | | | | | ion | | | | | | | | | | | | s | | | | | | | | | | | -------------------------------------------------------------------------------- | Res | -1.7 | | 10.6 | | -18. | | 42.1 | | 35.4 | | | ult | | | | | 1 | | | | | | | bef | | | | | | | | | | | | ore | | | | | | | | | | | | int | | | | | | | | | | | | ere | | | | | | | | | | | | st | | | | | | | | | | | | and | | | | | | | | | | | | tax | | | | | | | | | | | | es | | | | | | | | | | | | (EB | | | | | | | | | | | | IT) | | | | | | | | | | | | tot | | | | | | | | | | | | al | | | | | | | | | | | -------------------------------------------------------------------------------- | Fin | -4.8 | | -10. | | -22. | | -25. | | -38.6 | | | anc | | | 3 | | 1 | | 6 | | | | | ial | | | | | | | | | | | | ite | | | | | | | | | | | | ms | | | | | | | | | | | -------------------------------------------------------------------------------- | Res | -6.5 | | 0.3 | | -40. | | 16.5 | | -3.2 | | | ult | | | | | 2 | | | | | | | bef | | | | | | | | | | | | ore | | | | | | | | | | | | tax | | | | | | | | | | | | es | | | | | | | | | | | -------------------------------------------------------------------------------- | Inc | 1.3 | | 0.7 | | 6.0 | | -2.1 | | 4.1 | | | ome | | | | | | | | | | | | tax | | | | | | | | | | | | es | | | | | | | | | | | -------------------------------------------------------------------------------- | Res | -5.2 | | 0.9 | | -34. | | 14.4 | | 1.0 | | | ult | | | | | 2 | | | | | | | for | | | | | | | | | | | | rep | | | | | | | | | | | | ort | | | | | | | | | | | | ing | | | | | | | | | | | | per | | | | | | | | | | | | iod | | | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- *)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 result of Shipping and Sea Transport Services. PROPERTY, PLANT AND EQUIPMENT -------------------------------------------------------------------------------- | EUR 1,000 | Land | Buildin | Vessels | Machiner | Advance | Total | | | | gs | and ship | y and | payments | | | | | | shares | equipmen | and | | | | | | | t | acquisit | | | | | | | | ions | | | | | | | | under | | | | | | | | constr. | | -------------------------------------------------------------------------------- | Reporting | | | | | | | | period | | | | | | | | starting 1 | | | | | | | | January 2008 | | | | | | | -------------------------------------------------------------------------------- | Acquisition | 339 | 44,739 | 1,164,970 | 81,819 | 117,014 | 1,408,881 | | cost 1 | | | | | | | | January | | | | | | | -------------------------------------------------------------------------------- | Exchange | | -5 | 0 | -403 | | -408 | | rate | | | | | | | | differences | | | | | | | -------------------------------------------------------------------------------- | Increases | | 30 | 125,151 | 1,830 | 77,195 | 204,206 | -------------------------------------------------------------------------------- | Disposals | | -58 | -1,300 | -3,550 | -7 | -4,914 | -------------------------------------------------------------------------------- | Reclassifica | | | | 74 | -74 | 0 | | tion | | | | | | | -------------------------------------------------------------------------------- | Acquisition | 339 | 44,706 | 1,288,822 | 79,770 | 194,128 | 1,607,765 | | cost 30 | | | | | | | | September | | | | | | | | 2008 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Accumulated | 0 | -29,246 | -190,558 | -49,501 | 0 | -269,305 | | depreciation | | | | | | | | , | | | | | | | | amortisation | | | | | | | | and | | | | | | | | write-offs 1 | | | | | | | | Jan | | | | | | | -------------------------------------------------------------------------------- | Exchange | | 16 | 0 | 218 | | 234 | | rate | | | | | | | | differences | | | | | | | -------------------------------------------------------------------------------- | Cumulative | | 43 | 1,253 | 3,258 | | 4,554 | | depreciation | | | | | | | | on | | | | | | | | reclassifica | | | | | | | | tions and | | | | | | | | disposals | | | | | | | -------------------------------------------------------------------------------- | Depreciation | | -2,172 | -35,790 | -4,511 | | -42,473 | | for the | | | | | | | | reporting | | | | | | | | period | | | | | | | -------------------------------------------------------------------------------- | Accumulated | 0 | -31,373 | -225,095 | -50,537 | 0 | -306,990 | | depreciation | | | | | | | | , | | | | | | | | amortisation | | | | | | | | and | | | | | | | | write-offs | | | | | | | | 30 Sep | | | | | | | -------------------------------------------------------------------------------- | Book value | 339 | 13,347 | 1,063,727 | 29,233 | 194,128 | 1,300,775 | | 30 September | | | | | | | | 2008 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Reporting | | | | | | | | period | | | | | | | | starting 1 | | | | | | | | January 2009 | | | | | | | -------------------------------------------------------------------------------- | Acquisition | 339 | 106,638 | 1,289,692 | 109,526 | 125,401 | 1,631,596 | | cost 1 | | | | | | | | January | | | | | | | -------------------------------------------------------------------------------- | Exchange | | 24 | | 786 | | 810 | | rate | | | | | | | | differences | | | | | | | -------------------------------------------------------------------------------- | Increases | | 1,049 | 10,173 | 2,770 | 1,925 | 15,917 | -------------------------------------------------------------------------------- | Disposals | -36 | -22,821 | -49,120 | -4,473 | -41 | -76,490 | -------------------------------------------------------------------------------- | Reclassifica | | | 3,873 | | -3,873 | | | tions | | | | | | | -------------------------------------------------------------------------------- | Acquisition | 303 | 84,890 | 1,254,618 | 108,609 | 123,412 | 1,571,832 | | cost 30 | | | | | | | | September | | | | | | | | 2009 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Accumulated | 0 | -32,222 | -237,395 | -50,010 | 0 | -319,627 | | depreciation | | | | | | | | , | | | | | | | | amortisation | | | | | | | | and | | | | | | | | write-offs 1 | | | | | | | | Jan | | | | | | | -------------------------------------------------------------------------------- | Exchange | | -8 | | -263 | | -271 | | rate | | | | | | | | differences | | | | | | | -------------------------------------------------------------------------------- | Cumulative | | 22,270 | 13,744 | 3,615 | | 39,629 | | depreciation | | | | | | | | on | | | | | | | | reclassifica | | | | | | | | tions 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 | 303 | 72,572 | 994,540 | 56,421 | 123,412 | 1,247,248 | | 30 September | | | | | | | | 2009 | | | | | | | -------------------------------------------------------------------------------- FINANCIAL INDICATORS -------------------------------------------------------------------------------- | | 1 Jul - | 1 Jul - | 1 Jan - | 1 Jan - | 1 Jan - | | | 30 Sep | 30 Sep | 30 Sep | 30 Sep | 31 Dec | | | 2009 | 2008 | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- | Result before | 1.3 | 5.4 | -4.9 | 7.3 | 4.8 | | interest and taxes | | | | | | | (EBIT)as % of | | | | | | | revenue | | | | | | -------------------------------------------------------------------------------- | ROE, % | -4.8 | 0.8 | -10.5 | 4.3 | 0.2 | -------------------------------------------------------------------------------- | ROI, % | 0.3 | 2.7 | -1.7 | 4.5 | 2.9 | -------------------------------------------------------------------------------- | Gearing, % | 198.0 | 199.4 | 198.0 | 199.4 | 205.5 | -------------------------------------------------------------------------------- | Gross capital | 1.2 | 56.3 | 17.0 | 204.2 | 236.3 | | expenditure, MEUR | | | | | | -------------------------------------------------------------------------------- | % of revenue | 0.9 | 29.0 | 4.6 | 35.3 | 32.1 | -------------------------------------------------------------------------------- | Equity ratio, % | 29.4 | 28.8 | 29.4 | 28.8 | 28.5 | -------------------------------------------------------------------------------- | Shareholders' | 9.26 | 11.01 | 9.26 | 11.01 | 10.72 | | equity/share, EUR | | | | | | -------------------------------------------------------------------------------- | Number of shares | 46,821 | 40,692 | 42,937 | 40,692 | 40,692 | | during period, | | | | | | | average (1000) | | | | | | -------------------------------------------------------------------------------- | Number of shares at | 46,821 | 40,692 | 46,821 | 40,692 | 40,692 | | end of period | | | | | | | (1000) | | | | | | -------------------------------------------------------------------------------- | Market | 369.9 | 477.3 | 369.9 | 477.3 | 262.5 | | capitalisation, | | | | | | | EUR million | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Average personnel | | | | | | -------------------------------------------------------------------------------- | Shore-based | 1,269 | 1,505 | 1,294 | 1,496 | 1,464 | | personnel | | | | | | -------------------------------------------------------------------------------- | Sea-borne personnel | 1,021 | 1,050 | 979 | 965 | 972 | -------------------------------------------------------------------------------- | Personnel total | 2,290 | 2,555 | 2,273 | 2,461 | 2,436 | -------------------------------------------------------------------------------- When calculating EPS the interest of the hybrid bond is deducted from the result. Otherwise, financial ratios have been calculated according to the same principles as in financial statements 2008. CONTINGENCIES AND COMMITMENTS -------------------------------------------------------------------------------- | EUR 1,000 | 30 Sep 2009 | 30 Sep | 31 Dec | | | | 2008 | 2008 | -------------------------------------------------------------------------------- | Minimum lease payable in relation to | | | | | fixed-term leases: | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Vessel leases (Group as lessee): | | | | -------------------------------------------------------------------------------- | Within 12 months | 46,729 | 68,459 | 69,861 | -------------------------------------------------------------------------------- | 1-5 years | 52,634 | 98,745 | 83,485 | -------------------------------------------------------------------------------- | | 99,363 | 167,204 | 153,346 | -------------------------------------------------------------------------------- | Vessel leases (Group as lessor): | | | | -------------------------------------------------------------------------------- | Within 12 months | 9,167 | 6,974 | 7,214 | -------------------------------------------------------------------------------- | 1-5 years | 0 | 3,186 | 1,829 | -------------------------------------------------------------------------------- | | 9,167 | 10,160 | 9,043 | -------------------------------------------------------------------------------- | Other leases: | | | | -------------------------------------------------------------------------------- | Within 12 months | 6,688 | 7,172 | 7,557 | -------------------------------------------------------------------------------- | 1-5 years | 20,994 | 22,111 | 21,947 | -------------------------------------------------------------------------------- | After five years | 21,051 | 38,925 | 25,917 | -------------------------------------------------------------------------------- | | 48,733 | 68,208 | 55,421 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR 1,000 | 30 Sep 2009 | 30 Sep | 31 Dec | | | | 2008 | 2008 | -------------------------------------------------------------------------------- | Collateral given | | | | -------------------------------------------------------------------------------- | Loans secured by mortgages | | | | -------------------------------------------------------------------------------- | Loans from financial institutions | 701,354 | 670,181 | 735,478 | -------------------------------------------------------------------------------- | Vessel mortgages provided as | 1,153,500 | 843,500 | 1,113,500 | | guarantees for the above loans | | | | -------------------------------------------------------------------------------- | Other guarantees given on behalf of | | | | | the Group | | | | -------------------------------------------------------------------------------- | Collateral | 1,700 | 1,675 | 2,875 | -------------------------------------------------------------------------------- | Mortgages | 606 | 606 | 606 | -------------------------------------------------------------------------------- | Other obligations | 119,076 | 137,532 | 120,627 | -------------------------------------------------------------------------------- | | 121,382 | 139,813 | 124,108 | -------------------------------------------------------------------------------- | Guarantees given on behalf of | | | | | subsidiaries | | | | -------------------------------------------------------------------------------- | Guarantees given on behalf of the | 6,000 | 6,000 | 6,000 | | subsidiaries | | | | -------------------------------------------------------------------------------- | Guarantees for rental contracts | 480 | 0 | 480 | -------------------------------------------------------------------------------- | | 6,480 | 6,000 | 6,480 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 1,281,362 | 989,313 | 1,244,088 | -------------------------------------------------------------------------------- Open derivative instruments: -------------------------------------------------------------------------------- | 1000 EUR | 30 Sep | 30 Sep | 31 Dec | 30 Sep | 30 Sep | 31 Dec | | | 2009 | 2008 | 2008 | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- | | Fair value | Contract amount | -------------------------------------------------------------------------------- | Currency forwards | -707 | -270 | 317 | 30,633 | 20,555 | 29,405 | -------------------------------------------------------------------------------- | Interest rate | -3,962 | 146 | -2,886 | 120,000 | 120,000 | 120,000 | | swaps | | | | | | | -------------------------------------------------------------------------------- REVENUE AND RESULT BY QUARTER -------------------------------------------------------------------------------- | MEUR | Q1/09 | Q1/08 | Q2/09 | Q2/08 | Q3/09 | Q3/08 | ---------------------------------------------------------------------------------------------------------------------------------------------------------------- | Shipping and sea | 103.3 | 160.0 | 111.5 | 173.4 | 118.8 | 170.2 | | transport | | | | | | | -------------------------------------------------------------------------------- | Port operations | 20.1 | 32.4 | 18.7 | 33.5 | 17.5 | 30.7 | -------------------------------------------------------------------------------- | Eliminations | -6.1 | -7.3 | -5.9 | -7.9 | -5.8 | -7.0 | | (intragroup) | | | | | | | -------------------------------------------------------------------------------- | External sales | 117.4 | 185.1 | 124.4 | 199.0 | 130.5 | 193.8 | -------------------------------------------------------------------------------- | Result before | | | | | | | | interest and | | | | | | | | taxes (EBIT) | | | | | | | -------------------------------------------------------------------------------- | Shipping and sea | -10.0 | 12.7 | 3.7 | 17.6 | 2.1 | 12.0 | | transport | | | | | | | -------------------------------------------------------------------------------- | Port operations | -6.0 | 1.3 | -4.1 | -0.1 | -3.8 | -1.4 | -------------------------------------------------------------------------------- | Result before | -16.0 | 14.0 | -0.3 | 17.5 | -1.7 | 10.6 | | interest and | | | | | | | | taxes (EBIT)total | | | | | | | -------------------------------------------------------------------------------- | Financial items | -10.6 | -8.5 | -6.7 | -6.8 | -4.8 | -10.3 | -------------------------------------------------------------------------------- | Result | -26.6 | 5.5 | -7.1 | 10.7 | -6.5 | 0.3 | | before taxes | | | | | | | -------------------------------------------------------------------------------- | Income taxes | 5.6 | -1.0 | -0.9 | -1.8 | 1.3 | 0.7 | -------------------------------------------------------------------------------- | Result for the | -21.0 | 4.6 | -8.0 | 8.9 | -5.2 | 0.9 | | reporting period | | | | | | | -------------------------------------------------------------------------------- | EPS (undiluted) | -0.52 | 0.11 | -0.21 | 0.22 | -0.12 | 0.02 | -------------------------------------------------------------------------------- | EPS (diluted) | -0.52 | 0.11 | -0.21 | 0.22 | -0.12 | 0.02 | -------------------------------------------------------------------------------- Related Party Transactions 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 was 12 per cent per annum. The bond was subscribed by two the main shareholders. EUR 18 million was subscribed and paid by companies belonging to Grimaldi Group. The bond was paid back on 4 August 2009. In April Finnlines Plc's subsidiary Hanseatic Shipping 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. During the Q2-Q3, the Group sublet five ro-ro vessels to Grimaldi Group, two of which with short contracts which have expired by now. The subletting contracts of the rest of the vessels will expire by the end of the second quarter of 2010. All contracts were made at current market price level. 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 Policies 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 policies are the same as in the financial statements of 2008.
© 2024 Nasdaq, Inc. All Rights Reserved |