2013-05-07 11:55:04 CEST
2013-05-07 11:56:09 CEST
REGULATED INFORMATION
Finnlines - Interim report (Q1 and Q3)
FINNLINES PLC INTERIM REPORT JANUARY - MARCH 2013 (unaudited)
Helsinki,Finland, 2013-05-07 11:55 CEST (GLOBE NEWSWIRE) -- Finnlines Plc Stock
Exchange Release 7 May 2013 at 12:55
INTERIM REPORT JANUARY - MARCH 2013 (unaudited)
JANUARY - MARCH 2013 IN BRIEF
MEUR 1-3 1-3 1-12 2012
2013* 2012*
Revenue 133.9 145.0 609.3
Result before interest, taxes, depreciation and 11.1 16.0 89.8
amortisation (EBITDA)
Result before interest and taxes (EBIT) -5.8 -0.2 23.7
% of revenue -4.4 -0.2 3.9
Result for the reporting period -10.9 -5.8 -0.1
EPS, EUR -0.23 -0.12 0.00
Equity ratio, % 28.4 28.4 29.0
Gearing, % 212.0 213.5 204.9
Shareholders' equity/share, EUR 8.91 8.99 9.14
Calculation of key ratios is presented under 'Calculation of ratios'.
* The result for the first quarter of 2013 includes a non-recurring cost item
of about EUR 1.0 million related to an action against the Company on adherance
to the general increases of the collective agreement. The result for the first
quarter of 2012 includes a non-recurring compensation of EUR 3.4 million from
the Jinling shipyard. The comparable result before interest and taxes (EBIT)
adjusted with above mentioned items was EUR -4.8 (-3.6) million.
FINNLINES' BUSINESS
Finnlines is one of the largest North-European liner shipping companies,
providing sea transport services mainly in the Baltic and the North Sea. In
addition to freight, the Company's ro-pax vessels carry passengers between five
countries and ten ports. The Company also provides port services in Helsinki,
Turku and Kotka. The company has subsidiaries or sales offices in Germany,
Belgium, the UK, Sweden, Denmark, Luxembourg and Poland and a representative
office in Russia. Finnlines is a Finnish listed company and part of the Italian
Grimaldi Group.
GENERAL MARKET DEVELOPMENT
Based on the statistics by the Finnish Transport Agency for January-March, the
Finnish seaborne imports carried in container, lorry and trailer units
decreased by 5% whereas exports remained on the same level (measured in tons)
compared to the same period in 2012. According to the statistics published by
Shippax for January-March, trailer and lorry volumes transported by sea between
Southern Sweden and Germany decreased by 4% compared to 2012. During the same
period private and commercial passenger traffic between Finland and Sweden
increased by 2%. Between Finland and Germany the corresponding traffic
decreased by 21% (Finnish Transport Agency).
FINNLINES' TRAFFIC
In the first quarter the last of six ro-ro newbuildings (MS Finnwave) entered
service. The vessel flies the Finnish flag.
During the first quarter Finnlines operated on average 24 vessels in its own
traffic compared to 23 vessels in the same period in 2012.
The cargo volumes transported during January-March totalled approximately
151,000 (158,000 in 2012, corrected figure) cargo units, 13,000 (16,000) cars
(not including passengers' cars ) and 518,000 (520,000) tons of freight not
possible to measure in units. In addition, some 105,000 (118,000) private and
commercial passengers were transported.
FINANCIAL RESULTS
The Finnlines Group recorded revenue totalling EUR 133.9 (145.0) million, a
decrease of 7.6%. Shipping and Sea Transport Services generated revenue
amounting to EUR 126.0 (135.4) million and Port Operations EUR 14.3 (15.8)
million. The internal revenue between the segments was EUR 6.4 (6.2) million.
The decrease of the revenue is a result of declined transport volumes due to
the challenging business environment. The revenue of Port Operations was also
affected by the loss of container customers.
Result before interest, taxes, depreciation and amortisation (EBITDA) was EUR
11.1 (16.0) million.
Result before interest and taxes (EBIT) was EUR -5.8 (-0.2) million. The result
for 2013 includes a non-recurring cost item of about EUR 1.0 million related to
an action against the Company on adherance to the general increases of the
collective agreement. The result for 2012 includes a non-recurring compensation
of EUR 3.4 million from the Jinling shipyard relating to the first two
newbuildings covering loss for reduced income. The comparable result before
interest and taxes (EBIT) adjusted with above mentioned items was EUR -4.8
(-3.6) million. The result is affected by the seasonality of the cargo volumes,
which are typically on a lower level in the beginning of the year. Also the
number of passengers is modest during the winter period compared to the summer
season. Financial income was EUR 0.1 (0.1) million and financial expenses
totalled EUR -6.4 (-7.0) million. Result before taxes (EBT) was EUR -12.1
(-7.1) million and earnings per share (EPS) were EUR -0.23 (-0.12).
STATEMENT OF FINANCIAL POSITION, FINANCING AND CASH-FLOW
Interest-bearing net debt amounted to EUR 886.1 (900.8) million. The equity
ratio calculated from the balance sheet was 28.4 (28.4)% and gearing was 212.0
(213.5)%. Vessel lease commitments were EUR 6.1 million and decreased by EUR
5.0 million from the end of March 2012 due to the redelivery of chartered
tonnage.
At the end of the period, cash and deposits together with unused committed
working capital credits amounted to EUR 8.3 million. The company has a
commercial paper programme amounting to EUR 100 million of which the company
has issued EUR 30.5 million at the end of March.
In the current situation the working capital is expected to be sufficient to
cover the Company's capital needs until September 2013 without renewing any
revolving credits. The Company has taken the following actions to improve its
financial position:
In February 2013, the Board of Finnlines Plc decided initially on a share issue
for which the main sharefolder has given the undertaking of a full
subscription. The share issue will strengthen the Company's capital structure.
The company policy has been that always part of the financing is short term and
revolving type of credits. As a part of normal procedure and financing
activities, the Company is negotiating with financiers on the refinancing of
revolving credits and bullet loans.
In April, Finnlines' port subsidiaries sold four container cranes to a
financing company and rented them back with a five year financing lease
contract. The arrangement released working capital to the group.
Due to the market situation, personnel adaptation measures have been continued
in Finnlines' port operations companies. If implemented, these measures will
provide significant savings, the effects of which will be fully visible during
2014.
Finnlines has chartered out MS Finnarrow, which it owns, to the Grimaldi Group
at market price. In the current market situation, the vessel cannot be used
efficiently in Finnlines' own traffic, so the arrangement provides additional
savings.
In addition, the Company plans to improve its cost structure and working
capital with the following measures:
The Company will continue measures to adapt its capacity to the current market
situation. Of the older vessels owned by the group, 1-2 can either be sold or
chartered out.
Non-core operations and balance sheet items can be dispensed with.
CAPITAL EXPENDITURE
Gross capital expenditure in the reporting period totalled EUR 1.9 (23.9)
million. Total depreciation amounted to EUR 16.9 (16.2) million. Investments
are mainly consisting of normal replacement costs of fixed assets and accrued
dry-docking cost of ships. The investment programme of six ro-ro newbuildings
was finalised in 2012 and there are no decisions on any new vessel investments.
PERSONNEL
The Group employed an average of 1,906 (1,991) persons during the period,
consisting of 928 (984) persons on shore and 978 (1,007) persons at sea. The
average number of shore personnel decreased mostly due to employee reductions
and lay-offs in Port Operations.
In February 2013, Finnsteve-companies (Finnsteve Oy Ab, Containersteve Oy Ab
and FS-Terminals Oy Ab) started employer-employee adaption negotiations in the
Port of Helsinki according to the collective agreement of Transport Workers
Union. In March, the negotiations continued as employee cooperation
negotiations with all employee categories. Finnsteve-companies employ 360
persons in Helsinki. Finnlines Plc is the parent company of these stevedoring
companies.
DECISIONS TAKEN BY THE ANNUAL GENERAL MEETING
The Annual General Meeting of Finnlines Plc approved the Financial Statements
and discharged the company's officers from liability for the financial year
2012.
It was decided to accept the proposal of the Board of Directors that no
dividend shall be paid for the year 2012.
The meeting decided that the number of Board Members be seven. All of the
current Board Members were re-elected; Mr Emanuele Grimaldi, Mr Gianluca
Grimaldi, Mr Diego Pacella, Mr Olav K Rakkenes, Mr Jon-Aksel Torgersen, Mr
Christer Backman and Ms Tiina Bäckman. 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.
The Annual General Meeting elected APA KPMG Oy Ab as the Company's auditor for
the fiscal year 2013. It was decided that the external auditors will be
reimbursed according to invoice.
It was decided to authorise the Board of Directors to resolve on the issuance
of shares in one or several tranches. The Board of Directors may, on the basis
of the authorisation, resolve on the issuance of shares in one or several
tranches, so that the aggregate number of shares to be issued shall not exceed
10,000,000 shares. The Board of Directors decides 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 authorisation is
valid until the next Annual General Meeting. The authorisation replaces the
Annual General Meeting's authorisation to decide on a share issue of 17 April,
2013.
It was also decided to change § 10 of the Articles of Association of the
Company regarding the convocation way of announcement of the Shareholder
Meeting as follows: “The Shareholders' Meeting shall be announced in a national
newspaper chosen by the Board or on the web site of the company, no earlier
than three months before the Shareholders' Meeting and no later than 21 days
before the Shareholders' Meeting. The invitation must in any event be given no
later than nine (9) days before the record date of the Shareholders Meeting.”
SHARE ISSUE
On the basis of the authorisation given by the Annual General Meeting on 17
April 2012, the Board of Directors of Finnlines Plc took a principle decision
on 28 February 2013 to issue about 4,600,000 new shares for subscription by the
Company's existing shareholders. This represents about 10% of the total number
of the Company's shares and votes. Finnlines Plc has chosen Pohjola Corporate
Finance Ltd as the Lead Manager for the share issue, which will be carried out
during the second quarter of 2013 based on the authorisation given by the
Annual General Meeting on 16 April 2013.
RISKS AND RISK MANAGEMENT
The 2012 Financial statements, published in March 2013, contains a thorough
description of Finnlines' risks and risk management, and there are no essential
changes to that report.
CHANGES IN ESSENTIAL LEGAL PROCEEDINGS
The 2012 Financial statements, published in March 2013, contains a thorough
description of essential legal proceedings and the following is a description
of the changes compared to what was reported in the financial statements:
A number of former and current employees of the Company, represented by the
Union of Salaried Employees, has brought an action against the Company at the
City Court of Helsinki on adherance to the general increases of the collective
agreement. The Court has in February 2012 rendered the decision in favour of
the employees and ordered the Company to compensate the employees with about
EUR 0.2 million in all. The Company has appealed the decision partly at the
Helsinki Court of Appeal. The Helsinki Court of Appeal rendered its decision in
April in favour of the employees.
TONNAGE TAXATION
The Finnish Parliament has approved the amended Tonnage Tax Act (476/2002), as
amended by the Act 90/2012 which entered into force on 1 March 2012. Finnlines
Plc's board decided on December 2012 to enter into the tonnage taxation regime
as from 1 January 2013. In the tonnage taxation regime, the shipping operations
will be transferred from business taxation to tonnage-based taxation.
The depreciation difference of EUR 215.1 million recorded in Finnlines Plc's
opening balance as per 1.1.2013 has been divided into two portions: the
depreciation difference of EUR 162.4 million (75.5%) and deferred tax liability
of EUR 52.7 million (24.5%). The depreciation difference of EUR 162.4 million
has been entered in the distributable funds of Finnlines Plc's equity. The
deferred tax of EUR 52.7 million has been entered in the deferred tax
liability. The recording has no effect on the equity and the deferred tax
liability of the consolidated financial statements of the Finnlines Group.
The fixed assets subject to tonnage tax regime must be revalued in the
transition moment 1.1.2013 into their fair values. The fair value of Finnlines
Plc's fixed assets exceeded their net book values by EUR 7.0 million, and out
of this amount the company recorded a deferred tax liability of EUR 1.7 million
(24.5%). The fair value of the fixed assets exceeded their group values by EUR
1.5 million, and the share of deferred tax liability out of this amount was EUR
0.4 million.
According to the tonnage tax regime in the transition moment 1.1.2013 the value
of maximum amount entered as income determined to the fixed assets subject to
tonnage tax regime a maximum reduction of 1/9 can be done from the second year
onwards. The yearly maximum of deductable amount cannot exceed the maximum
value of granted state subsidy. The deferred tax liability will decline
respectively according to the valid corporate tax rate.
Finnlines Plc will record the reduction of deferred tax liability as from
1.1.2013 according to the above mentioned tonnage tax act.
CHANGES IN THE ORGANISATION IN FINNLINES
Mr Håkan Modig, COO of Finnlines, has given his notice of termination of his
employment contract due to a new position in another shipping company. The term
of Mr Håkan Modig will end on 23 August 2013.
EVENTS AFTER THE REPORTING PERIOD
In April, Finnlines group companies taking care of port operations sold four
container cranes to the financing company and leased back in the group with
five year financing lease contract. The arrangement will release working
capital to the group.
The ownership of six ro-ro vessels (MS Finnbreeze, MS Finnsea, MS Finnsky, MS
Finnsun, MS Finntide and MS Finnwave) changed due to internal vessel sales
carried out in the beginning of April when Finnlines Plc acquired the vessels
from its subsidiaries Finnlines Luxembourg S.A. and Finnlines Northsea S.A. The
Luxembourg subsidiaries will be liquidated as well as their holding company
Finnlines Baltic S.A.
Due to the volatile and challenging market environment there is still an
overcapacity in the Finnlines fleet. Finnlines will cut its excess capacity by
bareboat chartering MS Finnarrow for 5 years to the Grimaldi Group at market
price. The vessel will sail under Italian flag in the Mediterranean Sea after
carrying out some technical improvements, which will be financed by the
Grimaldi Group. The flag change and the chartering arrangement is intended to
be carried out during May.
The Company has entered into two long-term contracts with one key paper company
customer and a major land transport company. Owing to the agreements, Finnlines
will open new lines in both the Baltic Sea traffic and the North Sea traffic in
2013, which will be serviced by the Company's newbuildings. These agreements
will improve the Company's result starting from the second half of 2013.
OUTLOOK AND OPERATING ENVIRONMENT
Finnlines has continued the re-structuring of its fleet and organisation in
order to improve cost efficiency of its vessels and its overall logistics
system. With the completed deliveries of the six newbuildings the dependency on
a volatile charter market has been further reduced.
The Board expects that the year 2013 will still be volatile and challenging.
The second interim report of 2013 for the period of 1 January - 30 June will be
published on Tuesday, 30 July 2013.
Finnlines Plc
The Board of Directors
Uwe Bakosch
President/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
- Shares, market capitalisation and trading information
- Calculation of ratios
- Related party transactions
DISTRIBUTION
NASDAQ OMX Helsinki Ltd.
Main media
This information 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 beginning of the reporting period
corresponding to those described in the 2012 Financial Statements.
With effect from 1 January 2013, the Finnlines Group has adopted the revised
IAS 19 Employee benefits standard. The amendment has an impact on the Finnlines
Group's pension liability and equity on the balance sheet. Resulting from the
amendment, the Finnlines's consolidated statement of financial position for
2012 have been updated in compliance with the requirements prescribed in the
revised standard. In consequence of the adoption of the revised IAS 19 Employee
benefits standard, the Group's equity in the 2012 opening balance will decrease
by EUR 1.2 million and in the balance sheet of 31 December 2012 by EUR 0.1
million due to actuarial losses recognised in equity in the consolidated
statement of financial position.
Otherwise new or revised standards have not had an effect on the reported
figures.
Finnlines Plc was included in tonnage taxation from January 2013. In tonnage
taxation, shipping operations shifted from taxation of business income to
tonnage-based taxation.
In other respects, the same accounting policies have been followed as in the
previous annual financial statements.
All figures in the accounts have been rounded and consequently the sum of
individual figures can deviate from the presented sum figure.
The preparation of the financial statements in accordance with IFRS requires
management to make estimates and assumptions that affect the valuation of the
reported assets and liabilities and other information such as contingent
liabilities and the recognition of income and expenses in the income statement.
Although the estimates are based on the management's best knowledge of current
events and actions, actual results may differ from the estimates.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME, IFRS
EUR 1,000 1 Jan - 31 1 Jan - 31 Restated Mar 2013 Mar 2012 1 Jan - 31
Dec 2012
Revenue 133,935 145,009 609,329
Other income from operations 353 4,650 5,702
Materials and services -59,277 -64,865 -247,237
Personnel expenses -27,121 -27,046 -109,009
Depreciation, amortisation and write-offs -16,919 -16,189 -66,095
Other operating expenses -36,803 -41,797 -169,030
Total operating expenses -140,121 -149,897 -591,371
Result before interest and taxes (EBIT) -5,832 -239 23,660
Financial income 128 119 747
Financial expenses -6,375 -6,996 -26,013
Result before taxes (EBT) -12,079 -7,116 -1,606
Income taxes 1,172 1,327 1,539
Result for the reporting period -10,907 -5,789 -66
Other comprehensive income:
Other comprehensive income to be
reclassified to profit and loss in
subsequent periods:
Exchange differences on translating foreign -15 5 2
operations
Changes in cash flow hedging reserve
Fair value changes -233 13
Transfer to fixed assets 1,755 3,178
Tax effect, net 6 -373 -782
Other comprehensive income to be -9 1,154 2,411
reclassified to profit and loss in
subsequent periods, total
Other comprehensive income not being
reclassified to profit and loss in
subsequent periods:
Defined benefit plan actuarial gains/losses* -150
Tax effect, net 7
Other comprehensive income not being -143
reclassified to profit and loss in
subsequent periods, total
Total comprehensive income for the reporting -10,916 -4,635 2,201
period
Result for the reporting period attributable
to:
Parent company shareholders -10,859 -5,726 -27
Non-controlling interests -48 -63 -39
-10,907 -5,789 -66
Total comprehensive income for the reporting
period attributable to:
Parent company shareholders -10,868 -4,572 2,241
Non-controlling interests -48 -63 -39
-10,916 -4,635 2,201
Result for the reporting period attributable
to parent company shareholders calculated
as earnings per share (EUR/share):
Undiluted / diluted earnings per share -0.23 -0.12 0.00
Average number of shares:
Undiluted / diluted 46,821,037 46,821,037 46,821,037
* restated due to revised IAS 19 Employee benefit standard.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION, IFRS
EUR 1,000 31 Mar Restated Restated
2013 31 Mar 31 Dec
2012 2012
ASSETS
Non-current assets
Property, plant and equipment 1,245,555 1,266,325 1,260,295
Goodwill 105,644 105,644 105,644
Intangible assets 6,316 7,731 6,629
Other financial assets 4,581 4,582 4,581
Receivables 778 1,195 768
Deferred tax assets 1,810 4,238 1,792
1,364,685 1,389,716 1,379,709
Current assets
Inventories 10,626 9,871 9,759
Accounts receivable and other receivables 96,791 90,021 74,087
Income tax receivables 1 542 24
Bank and cash 3,100 2,713 16,282
110,517 103,147 100,151
Total assets 1,475,202 1,492,863 1,479,861
EQUITY
Equity attributable to parent company
shareholders
Share capital 93,642 93,642 93,642
Share premium account 24,525 24,525 24,525
Fair value reserve -1,260 0
Translation differences 107 119 116
Fund for invested unrestricted equity 21,015 21,015 21,015
Retained earnings 277,793 283,096 288,652
417,083 421,138 427,951
Non-controlling interests 789 814 838
Total equity 417,872 421,952 428,788
LIABILITIES
Long-term liabilities
Deferred tax liabilities 70,121 74,437 71,444
Interest-free liabilities 1,261 4 1,325
Pension liabilities 3,712 3,613 3,710
Provisions 5,100 4,892 5,100
Interest-bearing liabilities 560,674 649,598 632,985
640,869 732,545 714,564
Current liabilities
Accounts payable and other liabilities 87,846 84,404 74,504
Income tax liabilities 87 66 108
Provisions 48 30 48
Current interest-bearing liabilities 328,479 253,866 261,848
416,461 338,366 336,508
Total liabilities 1,057,330 1,070,911 1,051,072
Total equity and liabilities 1,475,202 1,492,863 1,479,861
With effect from 1 January 2013, the Finnlines Group has adopted the revised
IAS 19 Employee benefits standard. The amendment has an impact on the Finnlines
Group's pension liability and equity on the balance sheet. Resulting from the
amendment, the Finnlines's consolidated statement of financial position for
2012 have been updated in compliance with the requirements prescribed in the
revised standard. In consequence of the adoption of the revised IAS 19 Employee
benefits standard, the Group's equity in the 2012 opening balance will decrease
by EUR 1.2 million and in the balance sheet of 31 December 2012 by EUR 0.1
million due to actuarial losses recognised in equity in the consolidated
statement of financial position.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 2012, IFRS
EUR 1,000 Equity attributable to parent company shareholders
Share Share Translation Fair Unrestricted
capita issue differences value equity
l premium reserves reserve
Reported equity 1 93,642 24,525 114 -2,409 21,015
January 2012
Effect of IAS 19
Employee benefits
standard
Restated equity 1 93,642 24,525 114 -2,409 21,015
January 2012
Comprehensive income
for the reporting
period:
Exchange differences on 5
translating foreign
operations
Changes in cash flow
hedging reserve
Fair value changes -233
Transfer to fixed 1,755
assets
Tax effect, net -373
Total comprehensive 5 1,149
income for the
reporting period
Equity 31 March 2012 93,642 24,525 119 -1,260 21,015
EUR 1,000 Equity attributable to Non-controlling Total
parent company interests equity
shareholders
Retained Total
earnings
Reported equity 1 January 2012 290,017 426,905 877 427,782
Effect of IAS 19 Employee -1,195 -1,195 -1,195
benefits standard
Restated equity 1 January 2012 288,822 425,710 877 426,587
Comprehensive income for the
reporting period:
Result for the reporting -5,726 -5,726 -63 -5,789
period
Exchange differences on 5 5
translating foreign
operations
Changes in cash flow hedging
reserve
Fair value changes -233 -233
Transfer to fixed assets 1,755 1,755
Tax effect, net -373 -373
Total comprehensive income for -5,726 -4,572 -63 -4,635
the reporting period
Equity 31 March 2012 283,096 421,138 814 421,952
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 2013, IFRS
EUR 1,000 Equity attributable to parent company shareholders
Share Share Translation Fair Unrestricted
capita issue differences value equity
l premium reserves reserve
Reported equity 1 93,642 24,525 116 21,015
January 2013
Effect of IAS 19
Employee benefits
standard
Restated equity 1 93,642 24,525 116 21,015
January 2013
Comprehensive income
for the reporting
period:
Exchange differences on -15
translating foreign
operations
Changes in cash flow
hedging reserve
Fair value changes
Transfer to fixed
assets
Tax effect, net 6
Total comprehensive -9
income for the
reporting period
Equity 31 March 2013 93,642 24,525 107 21,015
EUR 1,000 Equity attributable to Non-controlling Total
parent company interests equity
shareholders
Retained Total
earnings
Reported equity 1 January 2013 289,990 429,289 838 430,127
Effect of IAS 19 Employee -1,338 -1,338 -1,338
benefits standard
Restated equity 1 January 2013 288,652 427,951 838 428,788
Comprehensive income for the
reporting period:
Result for the reporting -10,859 -10,859 -48 -10,907
period
Exchange differences on -15 -15
translating foreign
operations
Changes in cash flow hedging
reserve
Fair value changes
Transfer to fixed assets
Tax effect, net 6 6
Total comprehensive income for -10,859 -10,868 -48 -10,916
the reporting period
Equity 31 March 2013 277,793 417,083 789 417,872
CONSOLIDATED CASH FLOW STATEMENT, IFRS (CONDENSED)
EUR 1,000 1 Jan-31 Mar 1 Jan-31 Mar 1 Jan-31 Dec
2013 2012 2012
Cash flows from operating activities
Result for the reporting period -10,907 -5,789 -66
Non-cash transactions and other 21,884 21,496 89,253
adjustments
Changes in working capital -9,572 -32,692 -26,481
Net financial items and income taxes -5,767 -6,384 -25,587
Net cash generated from operating -4,362 -23,369 37,118
activities
Cash flow from investing activities
Net investments in tangible and -2,750 -22,785 -63,121
intangible assets
Proceeds from sale of investments 2
Other investing activities 117 285 982
Net cash used in investing -2,633 -22,501 -62,136
activities
Cash flows from financing activities
Loan withdrawals 16,440 89,772
Net increase in current 24,209 53,956 30,398
interest-bearing liabilities
Repayment of loans -30,404 -26,091 -83,377
Increase / decrease in long-term 9 9 237
receivables
Net cash from (used in) financing -6,185 44,314 37,030
activities
Change in cash and cash equivalents -13,180 -1,555 12,012
Cash and cash equivalents 1 January 16,282 4,263 4,263
Effect of foreign exchange rate -2 5 7
changes
Cash and cash equivalents at the end 3,100 2,713 16,282
of period
REVENUE AND RESULT BY BUSINESS SEGMENTS
1 Jan-31 Mar 1 Jan-31 Mar 1 Jan-31 Dec
2013 2012 2012
MEUR % MEUR % MEUR %
Revenue
Shipping and sea transport services 126.0 94.1 135.4 93.4 574.8 94.3
Port operations 14.3 10.7 15.8 10.9 58.5 9.6
Intra-group revenue -6.4 -4.8 -6.2 -4.3 -24.0 -3.9
External sales 133.9 100.0 145.0 100.0 609.3 100.0
Result before interest and taxes
Shipping and sea transport services -3.6 2.4 34.0
Port operations -2.2 -2.7 -10.4
Result before interest and taxes -5.8 -0.2 23.7
(EBIT) total
Financial items -6.2 -6.9 -25.3
Result before taxes (EBT) -12.1 -7.1 -1.6
Income taxes 1.2 1.3 1.5
Result for the reporting period -10.9 -5.8 -0.1
PROPERTY, PLANT AND EQUIPMENT 2012
EUR 1,000 Land Buildin Vessels Machine Advance Total
gs ry and payments &
equipme acquisitions
nt under constr.
Acquisition cost 1 72 76,758 1,401,930 90,543 130,588 1,699,892
January 2012
Exchange rate 4 4
differences
Increases 464 3,773 64 19,516 23,817
Disposals -47 -485 -531
Reclassifications 23 92,765 -92,787 0
Acquisition cost 72 77,245 1,498,422 90,125 57,317 1,723,180
31 March 2012
Accumulated -12,916 -372,235 -56,435 -441,586
depreciation,
amortisation and
write-offs 1
January 2012
Exchange rate -4 -4
differences
Cumulative 47 444 491
depreciation on
reclassifications
and disposals
Depreciation for -648 -13,854 -1,254 -15,756
the reporting
period
Accumulated -13,564 -386,043 -57,249 -456,855
depreciation,
amortisation and
write-offs 31
March 2012
Book value 31 72 63,681 1,112,379 32,877 57,317 1,266,325
March 2012
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 -18 -18
differences
Increases 3 1,371 421 56 1,850
Disposals -15 -17 -571 -603
Reclassifications 372 5 -377 0
Acquisition cost 72 76,454 1,599,162 79,526 670 1,755,883
31 March 2013
Accumulated -15,047 -429,028 -50,285 -494,360
depreciation,
amortisation and
write-offs 1
January 2013
Exchange rate 16 16
differences
Cumulative 12 17 567 597
depreciation on
reclassifications
and disposals
Depreciation for -639 -14,885 -1,057 -16,581
the reporting
period
Accumulated -15,674 -443,895 -50,759 -510,328
depreciation,
amortisation and
write-offs 31
March 2013
Book value 31 72 60,779 1,155,267 28,768 670 1,245,555
March 2013
CONTINGENCIES AND COMMITMENTS
EUR 1,000 31 Mar 31 Mar 31 Dec
2013 2012 2012
Minimum leases payable in relation to
fixed-term leases:
Vessel leases (Group as lessee):
Within 12 months 3,500 11,109 3,285
1-5 years 2,613 3,468
6,113 11,109 6,753
Vessel leases (Group as lessor):
Within 12 months 5,536 570 6,251
1-5 years 16,592 17,742
22,128 570 23,993
Other leases (Group as lessee):
Within 12 months 6,423 6,696 6,496
1-5 years 17,816 17,117 17,176
After five years 15,143 12,439 16,123
39,382 36,252 39,795
Other leases (Group as lessor):
Within 12 months 582 199 211
582 199 211
Collateral given
Loans from financial institutions 776,743 807,807 786,395
Vessel mortgages provided as guarantees for the 1,254,000 1,240,500 1,254,000
above loans
Other collateral given on own behalf
Pledged deposits 472 469 471
Corporate mortgages 606 606 606
1,078 1,075 1,077
Other obligations 1,905 37,516 1,932
Obligations of parent company on behalf of
subsidiaries
Guarantees 6,913 6,913 6,913
VAT adjustment liability related to real estate 7,603 8,876 7,927
investments
Open derivative instruments:
Fair value Contract amount
EUR 1000 31 Mar 31 Mar 31 Dec 31 Mar 31 Mar 31 Dec
2013 2012 2012 2013 2012 2012
Currency 23 0 7,338 0
derivatives
SHARES, MARKET CAPITALISATION AND TRADING INFORMATION
31 March 2013 31 March 2012
Number of shares 46,821,037 46,821,037
Market capitalisation, 332.9 327.7
EUR million
1 Jan - 31 Mar 2013 1 Jan - 31 Mar 2012
Number of shares traded, million 0.2 0.4
1 Jan - 31 Mar 2013
High Low Average Close
Share price 7.97 6.75 7.51 7.11
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
Taxes corresponding to the result for the reporting period are presented as
income taxes in the interim report.
RELATED PARTY TRANSACTIONS
During the last quarter of 2012, Finnlines has bareboat chartered out MS
Europalink to the Grimaldi Group for a period on five years. Otherwise 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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