2011-07-28 13:56:19 CEST
2011-07-28 13:57:26 CEST
REGULATED INFORMATION
Finnlines - Interim report (Q1 and Q3)
Finnlines Plc Interim report January - June 2011 (unaudited)
Helsinki, Finland, 2011-07-28 13:56 CEST (GLOBE NEWSWIRE) -- Finnlines Plc
Stock Exchange Release 28 July 2011 at 14:55
INTERIM REPORT JANUARY - JUNE 2011 (unaudited)
SUMMARY
April - June 2011
-- Revenue EUR 160.2 million (EUR 152.8 million prev. year), increase 5%
-- Result before interest, taxes, depreciation and amortisation (EBITDA) EUR
26.1 million (EUR 29.2 million), decrease 10%. 2010 figure includes
non-recurring refund income of EUR 2.6 million
-- Earnings per share were 0.03 (0.15) EUR/share
January - June 2011
-- Revenue EUR 299.2 million (EUR 274.4 million prev. year), increase 9%
-- Result before interest, taxes, depreciation and amortisation (EBITDA) EUR
41.2 million (EUR 45.3 million), decrease 9%. 2010 figure includes
non-recurring refund income of EUR 5.7 million
-- Earnings per share were -0.07 (0.08) EUR/share
JANUARY - JUNE 2011 IN BRIEF
MEUR 4-6 2011 4-6 2010 1-6 2011 1-6 2010 1-12 2010
Revenue 160.2 152.8 299.2 274.4 561.1
EBITDA 26.1 29.2 41.2 45.3 85.9
Result before interest and 9.9 14.4 9.7 15.9 25.6
taxes (EBIT)
% of revenue 6.2 9.4 3.3 5.8 4.6
Result before taxes (EBT) 2.7 9.2 -3.4 5.4 3.7
EPS, EUR 0.03 0.15 -0.07 0.08 0.05
Equity ratio, % 28.5 29.5 28.5 29.5 29.1
Gearing, % 207.1 192.0 207.1 192.0 198.8
Shareholders' equity/share, 9.08 9.20 9.08 9.20 9.14
EUR
Calculation of key ratios is presented under 'Calculation of ratios'.
GENERAL MARKET DEVELOPMENT
During the first half of the year 2011, the recovery of market volumes
continued. Based on the statistics by the Finnish Maritime Administration
(FMA), the Finnish seaborne imports carried in container, lorry and trailer
units increased by 11% and exports by 15% during January-May 2011 compared to
the previous year (measured in tons). The Finnish export and import volumes
2010 and 2011 are not comparable as such as the first quarter 2010 was affected
by the stevedoring strike in March. According to the statistics published by
Shippax, trailer and lorry volumes transported by sea between Southern Sweden
and Germany increased in January-May by 5% compared to 2010. During the same
period private and commercial passenger traffic between Finland and Sweden
decreased by 3%. Between Finland and Germany the corresponding decrease was
15%. In the second quarter 2010 the volcanic ash cloud caused airspace
limitations, which then abnormally increased the amounts of private passengers.
The amount of commercial passengers was increased in the first quarter 2010 by
the stevedoring strike (FMA).
FINNLINES TRAFFIC
During the first quarter of the year traffic was influenced by a number of
external disturbances. Unexpected stevedoring strikes and very hard ice
conditions in the Baltic Sea caused several temporary schedule changes,
reroutings and stoppages. The increase in oil prices also affected the result
of the first quarter negatively. In the second quarter the oil prices remained
on a high level.
In April and May two of the six ro-ro newbuildings (MS Finnbreeze and MS
Finnsea) entered the traffic. The first two vessels have been flagged to
Finland. During the second quarter of the year, Finnlines operated on average
26 vessels in its own traffic, compared to 23 vessels in the same period in
2010.
In April 2011 a new passenger booking system was launched.
The cargo volumes transported during January-June totalled approximately
362,000 (313,000 in 2010) units, 38,000 (25,000) cars (not including
passengers' cars) and 1,097,000 (960,000) tons of freight not possible to
measure in units. In addition, some 294,000 (305,000) private and commercial
(cargo related) passengers were transported.
FINANCIAL RESULTS
April - June 2011
The Finnlines Group recorded revenue totalling EUR 160.2 million (152.8), an
increase of 5% compared to the same period in 2010. Shipping and Sea Transport
Services generated revenue amounting to EUR 148.9 million (138.9) and Port
Operations EUR 18.0 million (21.5). The internal revenue between the segments
was EUR 6.6 million (7.5).
Result before interest, taxes, depreciation and amortisation (EBITDA) was EUR
26.1 million (29.2), a decrease of 10%. Vessel lease expenses decreased by EUR
1.9 million compared to the same period of the previous year.
Result before interest and taxes (EBIT) was EUR 9.9 million (14.4). EBIT for
April - June 2010 was improved by EUR 2.6 million by the refund of overcharged
harbour dues. Financial income was EUR 0.2 million (1.6) and financial expenses
totalled EUR -7.3 million (-6.8). Result before taxes (EBT) was EUR 2.7 million
(9.2) and earnings per share (EPS) were EUR 0.03 (0.15).
January - June 2011
The Finnlines Group recorded revenue totalling EUR 299.2 million (274.4), an
increase of 9% compared to the same period in 2010. Shipping and Sea Transport
Services generated revenue amounting to EUR 275.3 million (249.8) and Port
Operations EUR 36.6 million (36.3). The internal revenue between the segments
was EUR 12.7 million (11.7).
Result before interest, taxes, depreciation and amortisation (EBITDA) was EUR
41.2 million (45.3), a decrease of 9%. Vessel lease expenses have decreased by
EUR 4.2 million.
Result before interest and taxes (EBIT) was EUR 9.7 million (15.9). EBIT for
the first half of 2010 included a EUR 5.7 million refund of overcharged fairway
dues and harbour dues. Financial income was EUR 0.3 million (3.0) and financial
expenses totalled EUR -13.5 million (-13.4). Result before taxes (EBT) was EUR
-3.4 million (5.4) and earnings per share (EPS) were EUR -0.07 (0.08).
STATEMENT OF FINANCIAL POSITION, FINANCING AND CASH-FLOW
Interest-bearing net debt increased by EUR 53.4 million compared to the same
period in 2010 and amounted to EUR 882.3 million (828.9). The equity ratio
calculated from the balance sheet was 28.5% (29.5) and gearing was 207.1%
(192.0). Vessel lease commitments decreased by EUR 32.0 million from the end of
June 2010 due to the redelivery of chartered tonnage.
At the end of the period, cash and deposits together with unused committed
working capital credits and the undrawn part of committed credits for
newbuildings amounted to EUR 118.8 million. The company has a commercial paper
programme amounting to EUR 100 million of which the company has issued EUR 22.7
million at the end of June.
CAPITAL EXPENDITURE
Gross capital expenditure in the review period totalled EUR 48.2 million (27.2)
and consists mainly of payments for newbuildings, EUR 42.9 million. Total
depreciation amounted to EUR 31.4 million (29.4). Two of the six newbuildings
(MS Finnbreeze and MS Finnsea) were delivered from the shipyard in China during
March 2011. The vessels were taken into use in Finnlines' service during April
and May. The next two vessels (no. 3 and 4) will be delivered during the fourth
quarter of 2011 and the last of the newbuildings (no. 5 and 6) during the
second half of 2012. In June Finnlines sold its terminal building in Pansio,
Turku. The transaction had no major effect to the financial result of the
review period.
PERSONNEL
The Group employed an average of 2,066 (2,048) persons during the period,
consisting of 1,099 (1,116) persons on shore and 967 (932) persons at sea.
The increase in the average number of sea personnel is mainly due to the
newbuildings taken into use.
After the measures taken during the first quarter 2011 Finnsteve Companies
(Finnsteve Oy Ab, Containersteve Oy Ab and FS-Terminals Oy Ab) will have 150
employees less in the future.
DECISIONS TAKEN BY THE ANNUAL GENERAL MEETING
The Annual General Meeting of Finnlines Plc held on 19 April 2011 approved the
Financial Statements and discharged the members of the Board of Directors and
the President and CEO from liability for the financial year 2010.
The Annual General Meeting approved the Board of Directors proposal not to pay
any dividend.
The Annual General Meeting decided that the Board of Directors shall have six
members. The current Board Members were re-elected to the Board: Mr Emanuele
Grimaldi, Mr Gianluca Grimaldi, Mr Diego Pacella, Mr Antti Pankakoski, Mr Olav
Rakkenes and Mr Jon-Aksel Torgersen. The Board of Directors elected Mr Emanuele
Grimaldi as Chairman and Mr Diego Pacella as Vice-Chairman.
The firm of authorised public accountants Deloitte & Touche Oy was appointed as
the Company's auditors for 2011.
The Annual General Meeting authorised the Board of Directors to resolve on the
issuance of new shares in one or several tranches so that the total number of
shares issued based on the authorization is 20 000 000 at maximum. The
authorization is valid until the next Annual General Meeting. The authorization
replaces the Annual General Meeting's authorization to decide on a share issue
of 14 April 2010.
RISKS
The risk of overcapacity in terms of ro-ro tonnage plays, whilst the market is
recovering constantly since 2009 and the scrapping of ro-ro and ro-pax tonnage
exceeds the newbuilding capacity, a less important role compared to the general
shipping overcapacity of the world tonnage.
Finnlines constantly monitors the stability and the payment habits of its
customers and currently there are no significant risks related to this.
Finnlines holds adequate credit lines to maintain liquidity in the current
business environment.
The 2010 Financial statements contains a thorough description of Finnlines'
risks and risk management, and there are no essential changes to that report.
ESSENTIAL CHANGES IN LEGAL PROCEEDINGS
The 2010 Financial statements contains a thorough description of legal
proceedings and the following is a description of the changes compared to what
was reported in the financial statements:
Taxation of internal vessel sales carried out in 2007 by Finnlines Swedish
subsidiary Rederi AB Nordö-Link (“Nordö-Link”) included uncertainties.
Regardless of the appeals by Nordö-Link the decision of the tax authorities
that a SEK of 97.2 million (EUR 9.5 million) tax debt including interests
should be paid became definite. Nordö-Link paid in March 2011 SEK 101.4 million
(EUR 11.3 million), of which interest amounted to SEK 4.2 million (EUR 0.5
million). As a deferred tax liability of EUR 10.4 million had been recorded on
a Group level due to the temporary timing difference already in 2007, the net
effect on the Group's income taxes in the second quarter was only EUR -0.4
million. The result impact including the interest charge was in total EUR 0.9
million negative.
In the three legal actions raised by the Finnish Transport Workers' Union
(“Union”) against the Finnlines' port operations subsidiary for compensation of
weekend work the case raised in the District Court of Kotka resulted in a
judgement by default in favour of the port operations subsidiary. The Union has
now applied for an action of recovery of the case with a substantially reduced
claim. The port operations subsidiary has asked the District Court of Kotka to
reject the application. In the case raised at the District Court of Turku the
parties reached a settlement. The Union paid the main part of port operation
subsidiary's legal fees. The case raised in the District Court of Helsinki is
under process. The Company considers the basis of the actions under process
groundless. The total amount of all claims could now be estimated to be well
below EUR 0.5 million.
Sub-chartering of MS Birka Transporter and MS Birka Exporter to Benfleet
Shipping Limited, Cyprus (succeeding through a merger Scandinavian Shipping
Invest A/S (“SSI”) caused the Company a loss of time charter hires and expenses
in total EUR 0.3 million, as SSI terminated the charters in summer 2009. Since
the parties could not reach an agreement, the Company started arbitration
proceedings against SSI for payment of the outstanding time charter hires and
expenses. The Company received SSI's counter claim in the amount of EUR 1.2
million. The charters are subject to Finnish law and the place of arbitration
is Helsinki. The sole arbitrator has now rendered his decision under both
charters in favour of the Company and dismissed the counter claim of SSI. The
sole Arbitrator ordered SSI to pay to the Company compensation for unlawful
termination of the charters, for unpaid charter hires and legal fees in
accordance with the demands of the Company. The Company is now proceeding for
the enforcements of both decisions of the sole arbitrator. The procedure is
under way.
Sponda Kiinteistöt Oy (“Sponda”) has summoned the Company to the City Court of
Helsinki. The dispute concerns the termination of the lease contracts signed
between the parties on 2005. The Company has validly given notice of
termination on some of the spaces covered by the lease agreements. The Company
considers Sponda claim groundless.
In December 2010 an oil leakage from tank no 1 occurred on board MS Finnkraft
in the port of Ust-Luga while bunkering heavy fuel oil. The total amount leaked
to the sea was about 0.23 m3. The Company immediately started its own
investigations. The Finnish authorities have now initiated investigations which
are still pending. The Company is working in co-operation with the authorities
in order to clarify the matter. The vessel or the Company has not received any
notice or information on any environmental damage. Possible damages will be
covered by the Company's P&I Insurance.
CHANGES IN GROUP STRUCTURE
The Group established two new subsidiaries in Luxembourg for the ownership of
the newbuildings.
EVENTS AFTER THE REPORTING PERIOD
There are no essential events after the reporting period to report.
OUTLOOK FOR THE REMAINING PART OF 2011
The tough competition in the ports where the company operates has negatively
influenced the price levels of port services. The Finnlines port operation
companies have been compelled to adjust the number of personnel to the market
requirements, from which considerable savings are expected. However, a
substantial part of these savings will only be realised in 2012 due to notice
periods.
During 2011, the Company will take the delivery of major part of its
newbuildings and will have a modern optimized fleet to meet future demands.
During the last two years the Company has been reshaped and optimized both with
respect to efficiency and cost. Based on expected market development, the Board
of Directors expects an improved result in 2011 compared to previous year,
despite the challenging first half of the year 2011.
The third interim report of 2011, 1 January - 30 September, will be published
on Tuesday, 8 November 2011.
Finnlines Plc
The Board of Directors
Uwe Bakosch
President/CEO
ENCLOSURES
- Consolidated statement of comprehensive income, IFRS
- Consolidated statement of financial position, IFRS
- Consolidated statement of changes in equity, IFRS
- Consolidated statement of cash flows, IFRS (condensed)
- Revenue and result by business segment
- Property, plant and equipment
- Contingencies and commitments
- Revenue and result by quarter
- Shares, market capitalisation and trading information
- Calculation of ratios
DISTRIBUTION
NASDAQ OMX Helsinki Ltd.
Main media
This interim report is unaudited.
FINNLINES' BUSINESS
Finnlines is one of the largest North-European liner shipping companies,
providing sea transport services mainly in the Baltic and the North Sea. In
addition to freight, the Company's ro-pax vessels carry passengers between five
countries and eight ports. The Company also provides port services in Helsinki,
Turku and Kotka. The company has subsidiaries or sales offices in Germany,
Belgium, the UK, Sweden, Denmark, Luxembourg and Poland and a representative
office in Russia. Finnlines is a Finnish listed company and part of the Italian
Grimaldi Group.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME, IFRS
EUR 1,000 1 Apr - 30 1 Apr - 30 1 Jan - 30 1 Jan - 30 1 Jan - 31
Jun 2011 Jun 2010 Jun 2011 Jun 2010 Dec 2010
Revenue 160,180 152,847 299,227 274,354 561,108
Other income from 667 540 1,103 2,995 4,287
operations
Materials and -63,494 -52,453 -119,980 -95,863 -202,964
services
Personnel expenses -27,982 -28,978 -56,415 -54,040 -110,635
Depreciation, -16,274 -14,767 -31,442 -29,420 -60,322
amortisation and
write-offs
Other operating -43,234 -42,770 -82,748 -82,165 -165,850
expenses
Total operating -150,984 -138,968 -290,585 -261,489 -539,770
expenses
Result before 9,862 14,419 9,746 15,860 25,625
interest and taxes
(EBIT)
Financial income 159 1,570 336 2,960 3,793
Financial expenses -7,307 -6,780 -13,487 -13,435 -25,734
Result before taxes 2,715 9,209 -3,405 5,384 3,683
Income taxes -1,472 -2,409 42 -1,843 -1,450
Result for the 1,243 6,800 -3,363 3,541 2,234
reporting period
Other comprehensive
income:
Exchange differences -1 -14 0 -51 -7
on translating
foreign operations
Changes in cash flow
hedging reserve
Fair value changes -155 2,098 -1,338 3,473 1,418
Transfer to fixed 2,004 2,004
assets
Tax effect, net -481 -546 -173 -903 -369
Total comprehensive 2,610 8,338 -2,870 6,060 3,276
income for the
reporting period
Result for the
reporting period
attributable to:
Parent company 1,226 6,806 -3,330 3,617 2,243
shareholders
Non-controlling 17 -7 -33 -75 -9
interests
1,244 6,800 -3,363 3,541 2,234
Total comprehensive
income for the
reporting period
attributable to:
Parent company 2,593 8,345 -2,837 6,136 3,285
shareholders
Non-controlling 17 -7 -33 -75 -9
interests
2,610 8,338 -2,870 6,060 3,276
Result for the
reporting period
attributable to
parent company
shareholders
calculated as
earnings per share
(EUR/share):
Undiluted earnings 0.03 0.15 -0.07 0.08 0.05
per share
Diluted earnings per 0.03 0.15 -0.07 0.08 0.05
share
Average number of
shares:
Undiluted 46,821,037 46,821,037 46,821,037 46,821,037 46,821,037
Diluted 46,821,037 46,821,037 46,821,037 46,821,037 46,821,037
CONSOLIDATED STATEMENT OF FINANCIAL POSITION, IFRS
EUR 1,000 30 Jun 30 Jun 31 Dec
2011 2010 2010
ASSETS
Non-current assets
Property, plant and equipment 1,279,545 1,239,031 1,263,626
Goodwill 105,644 105,644 105,644
Intangible assets 8,936 10,148 9,736
Investment properties 1,575 0
Share of associated companies 0 0
Other financial assets 4,562 4,777 4,562
Receivables 1,213 696 1,820
Deferred tax assets 4,049 2,152 4,225
1,403,949 1,364,022 1,389,613
Current assets
Inventories 9,737 6,197 6,567
Accounts receivable and other receivables 84,873 89,778 69,900
Income tax receivables 82 27 82
Bank and cash 3,480 6,729 6,452
98,171 102,730 83,001
Total assets 1,502,120 1,466,752 1,472,614
EQUITY
Equity attributable to parent company
shareholders
Share capital 93,642 93,642 93,642
Share premium account 24,525 24,525 24,525
Fair value reserve -3,281 -2,253 -3,773
Translation differences 117 73 117
Unrestricted equity reserve 21,015 21,015 21,015
Retained earnings 289,204 293,908 292,534
425,223 430,911 428,060
Non-controlling interests 833 800 867
Total equity 426,056 431,711 428,927
LIABILITIES
Long-term liabilities
Deferred tax liabilities 78,303 88,655 89,459
Interest-free liabilities 8 16 12
Pension liabilities 2,285 2,342 2,310
Provisions 4,562 4,312 4,562
Interest-bearing liabilities 697,916 699,501 701,606
783,075 794,827 797,951
Current liabilities
Accounts payable and other liabilities 104,990 103,229 88,130
Income tax liabilities 105 614 104
Provisions 30 210 30
Current interest-bearing liabilities 187,864 136,162 157,473
292,989 240,214 245,736
Total liabilities 1,076,064 1,035,041 1,043,687
Total equity and liabilities 1,502,120 1,466,752 1,472,614
STATEMENT OF CHANGES IN EQUITY 2010, IFRS
EUR 1,000 Equity attributable to parent company shareholders
Share Share Translation Fair Unrestricted
capit issue difference value equity
al premium s reserves reserve
Equity 1 January 2010 93,642 24,525 124 -4,822 21,015
Comprehensive income
for the reporting
period:
Exchange differences on -51
translating foreign
operations
Changes in cash flow
hedging reserve
Fair value changes 3,473
Tax effect, net -903
Total comprehensive -51 2,570
income for the
reporting period
Equity 30 June 2010 93,642 24,525 73 -2,253 21,015
EUR 1,000 Equity attributable Non-controlling Total
to parent company interests equity
shareholders
Retained Total
earnings
Equity 1 January 2010 290,291 424,775 876 425,651
Comprehensive income for the
reporting period:
Result for the reporting period 3,617 3,617 -75 3,541
Exchange differences on -51 -51
translating foreign operations
Changes in cash flow hedging
reserve
Fair value changes 3,473 3,473
Tax effect, net -903 -903
Total comprehensive income for 3,617 6,136 -75 6,060
the reporting period
Equity 30 June 2010 293,908 430,911 800 431,711
STATEMENT OF CHANGES IN EQUITY 2011, IFRS
EUR 1,000 Equity attributable to parent company shareholders
Share Share Translation Fair Unrestricted
capit issue difference value equity
al premium s reserves reserve
Equity 1 January 2011 93,642 24,525 117 -3,773 21,015
Comprehensive income
for the reporting
period:
Exchange differences on 0
translating foreign
operations
Changes in cash flow
hedging reserve
Fair value changes -1,338
Transfer to fixed 2,004
assets
Tax effect, net -173
Total comprehensive 493
income for the
reporting period
Equity 30 June 2011 93,642 24,525 117 -3,281 21,015
EUR 1,000 Equity attributable Non-controlling Total
to parent company interests equity
shareholders
Retained Total
earnings
Equity 1 January 2011 292,534 428,060 867 428,927
Comprehensive income for the
reporting period:
Result for the reporting period -3,330 -3,330 -33 -3,363
Exchange differences on 0 0
translating foreign operations
Changes in cash flow hedging
reserve
Fair value changes -1,338 -1,338
Transfer to fixed assets 2,004 2,004
Tax effect, net -173 -173
Total comprehensive income for -3,330 -2,837 -33 -2,870
the reporting period
Equity 30 June 2011 289,204 425,223 833 426,056
CONSOLIDATED CASH FLOW STATEMENT, IFRS (CONDENSED)
EUR 1,000 1 Jan-30 Jun 1 Jan-30 Jun 1 Jan-31 Dec
2011 2010 2010
Cash flows from operating activities
Result for reporting period -3,363 3,541 2,234
Non-cash transactions and other 44,066 41,206 82,484
adjustments
Changes in working capital -5,828 4,729 10,187
Net financial items and income taxes -20,432 -9,491 -27,118
Net cash generated from operating 14,443 39,985 67,787
activities
Cash flow from investing activities
Net investments in tangible and -46,567 -27,216 -81,839
intangible assets
Disposal of subsidiaries 1,650
Proceeds from sale of investments 1,675 159
Other investing activities 2,128 426 2,621
Net cash used in investing -44,439 -25,114 -77,409
activities
Cash flows from financing activities
Loan withdrawals 33,400 8,040 44,120
Net increase in current 17,238 7,338 33,744
interest-bearing liabilities
Repayment of loans -24,232 -30,256 -69,379
Increase / decrease in long-term 619 631 1,482
receivables
Net cash from (used in) financing 27,025 -14,247 9,967
activities
Change in cash and cash equivalents -2,971 623 344
Cash and cash equivalents 1 January 6,452 6,103 6,103
Effect of foreign exchange rate -1 2 5
changes
Cash and cash equivalents at the end 3,480 6,729 6,452
of period
REVENUE AND RESULT BY BUSINESS SEGMENTS
1 Apr-30 Jun 1 Apr-30 Jun 1 Jan-30 Jun 1 Jan-30 Jun 1 Jan-31 Dec
2011 2010 2011 2010 2010
MEUR % MEUR % MEUR % MEUR % MEUR %
Revenue
Shipping 148.9 92.9 138.9 90.8 275.3 92.0 249.8 91.0 513.7 91.5
and sea
transport
services
Port 18.0 11.2 21.5 14.1 36.6 12.2 36.3 13.2 72.3 12.9
operation
s
Intra-grou -6.6 -4.2 -7.5 -4.9 -12.7 -4.3 -11.7 -4.3 -24.9 -4.4
p revenue
External 160.2 100.0 152.8 100.0 299.2 100.0 274.4 100.0 561.1 100.0
sales
Result
before
interest
and taxes
(EBIT)
Shipping 11.8 16.5 14.7 22.4 39.3
and sea
transport
services
Port -1.9 -2.1 -4.9 -6.6 -13.7
operation
s
Result 9.9 14.4 9.7 15.9 25.6
before
interest
and taxes
(EBIT)
total
Financial -7.1 -5.2 -13.2 -10.5 -21.9
items
Result 2.7 9.2 -3.4 5.4 3.7
before
taxes
Income -1.5 -2.4 0.0 -1.8 -1.4
taxes
Result for 1.2 6.8 -3.4 3.5 2.2
the
reporting
period
PROPERTY, PLANT AND EQUIPMENT 2010
EUR 1,000 Land Buildi Vessels Machine Advance Total
ngs ry and payments
equipm &
ent acquisitions
under constr.
Acquisition cost 1 35 78,943 1,254,854 103,524 133,545 1,570,900
January 2010
Exchange rate 49 49
differences
Increases 3,983 48 23,133 27,164
Disposals -1,394 -284 -847 -2,525
Acquisition cost 35 77,549 1,258,553 102,774 156,678 1,595,589
30 June 2010
Accumulated -7,676 -271,610 -51,557 -330,843
depreciation,
amortisation and
write-offs 1
January 2010
Exchange rate -45 -45
differences
Cumulative 1,394 284 825 2,503
depreciation on
reclassifications
and disposals
Depreciation for -1,430 -23,577 -3,166 -28,173
the reporting
period
Accumulated -7,712 -294,903 -53,942 -356,558
depreciation,
amortisation and
write-offs 30
June 2010
Book value 30 June 35 69,837 963,650 48,832 156,678 1,239,031
2010
PROPERTY, PLANT AND EQUIPMENT 2011
EUR 1,000 Land Buildin Vessels Machine Advance Total
gs ry and payments
equipm &
ent acquisitions
under constr.
Acquisition cost 1 72 78,923 1,302,037 100,460 167,050 1,648,543
January
Exchange rate -26 -26
differences
Increases 1 4,487 119 43,247 47,854
Disposals -2,175 -76 -566 -2,817
Reclassifications 93,966 -93,966 0
Acquisition cost 72 76,749 1,400,414 99,987 116,331 1,693,554
30 June 2011
Accumulated -10,510 -319,792 -54,615 -384,917
depreciation,
amortisation and
write-offs 1
January 2011
Exchange rate 23 23
differences
Cumulative 532 76 566 1,174
depreciation on
reclassifications
and disposals
Depreciation for -1,647 -25,767 -2,875 -30,289
the reporting
period
Accumulated -11,625 -345,484 -56,900 -414,009
depreciation,
amortisation and
write-offs 30
June 2011
Book value 30 June 72 65,124 1,054,931 43,087 116,331 1,279,545
2011
CONTINGENCIES AND COMMITMENTS
EUR 1,000 30 Jun 30 Jun 31 Dec
2011 2010 2010
Minimum lease payable in relation to fixed-term
leases:
Vessel leases (Group as lessee):
Within 12 months 21,335 31,989 28,410
1-5 years 7,433 28,768 14,785
28,768 60,756 43,195
Vessel leases (Group as lessor):
Within 12 months 0 4,130 1,147
0 4,130 1,147
Other leases (Group as lessee): Within 12 months 6,668 6,945 6,658
1-5 years 18,626 20,941 18,596
After five years 14,633 17,530 15,904
39,926 45,416 41,158
Other leases (Group as lessor):
Within 12 months 347 195 237
347 195 237
Collateral given
Loans from financial institutions 736,860 723,267 727,419
Vessel mortgages provided as guarantees for the 1,189,500 1,153,500 1,173,500
above loans
Other collateral given on own behalf
Pledged deposits 471 470 472
Corporate mortgages 606 606 606
1,077 1,076 1,078
Other obligations 64,532 124,842 103,819
Obligations of parent company on behalf of
subsidiaries
Guarantees 6,913 6,913 6,913 6,913 6,913 6,913
VAT adjustment liability related to real estate 10,487 11,782 11,134
investments
Open derivative instruments:
Fair value Contract amount
1000 EUR 30 Jun 30 Jun 31 Dec 30 Jun 30 Jun 31 Dec
2011 2010 2010 2011 2010 2010
Currency -621 2,721 657 13,561 23,959 22,003
derivatives
Interest rate 0 -343 0 0 120,000 0
swaps
REVENUE AND RESULT BY QUARTER
MEUR Q1/11 Q1/10 Q2/11 Q2/10
Shipping and sea transport services 126.5 110.9 148.9 138.9
Port operations 18.7 14.8 18.0 21.5
Intra-group revenue -6.1 -4.2 -6.6 -7.5
External sales 139.0 121.5 160.2 152.8
Result before interest and taxes (EBIT)
Shipping and sea transport services 2.9 5.9 11.8 16.5
Port operations -3.0 -4.5 -1.9 -2.1
Result before interest and taxes (EBIT) total -0.1 1.4 9.9 14.4
Financial items -6.0 -5.3 -7.1 -5.2
Result before taxes -6.1 -3.8 2.7 9.2
Income taxes 1.5 0.6 -1.5 -2.4
Result for the reporting period -4.6 -3.3 1.2 6.8
EPS (undiluted) -0.10 -0.07 0.03 0.15
EPS (diluted) -0.10 -0.07 0.03 0.15
SHARES, MARKET CAPITALISATION AND TRADING INFORMATION
30 June 2011 30 June 2010
Number of shares 46,821,037 46,821,037
Market capitalisation, 372.7 379.7
EUR million
1 Jan - 30 Jun 2011 1 Jan - 30 Jun 2010
Number of shares traded, million 0.7 1.8
1 Jan - 30 Jun 2011
High Low Average Close
Share price 8.15 7.37 7.94 7.96
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
Shareholders' equity + non-controlling interests
Equity ratio, %:
Shareholders' equity + non-controlling interests
-------------------------------------------------------------------- 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
There were no material related party transactions during the reporting period.
The business transactions were carried out using market-based pricing.
REPORTING AND ACCOUNTING POLICIES
This interim report is prepared in accordance with IAS 34 (Interim Financial
Reporting) using the same accounting policies and methods as in the annual
financial statements for 2010. All figures in the accounts have been rounded
and consequently the sum of individual figures can deviate from the presented
sum figure.
The preparation of the financial statements in accordance with IFRS requires
management to make estimates and assumptions that affect the valuation of the
reported assets and liabilities and other information such as contingent
liabilities and the recognition of income and expenses in the income statement.
Although the estimates are based on the management's best knowledge of current
events and actions, actual results may differ from the estimates.
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