2011-05-19 15:00:43 CEST
2011-05-19 15:01:45 CEST
REGULATED INFORMATION
Finnlines - Interim report (Q1 and Q3)
Finnlines Plc Interim report January - March 2011 (Unaudited)
Helsinki, Finland, 2011-05-19 15:00 CEST (GLOBE NEWSWIRE) --
Finnlines Plc Stock Exchange Release 19 May 2011 at 16:00
INTERIM REPORT JANUARY - MARCH 2011 (Unaudited)
JANUARY - MARCH 2011 IN BRIEF
MEUR 1-3 2011 1-3 2010 1-12 2010
Revenue 139.0 121.5 561.1
EBITDA 15.1 16.1 85.9
Result before interest and taxes (EBIT) -0.1 1.4 25.6
% of revenue -0.1 1.2 4.6
Result before taxes -6.1 -3.8 3.7
EPS, EUR -0.10 -0.07 0.05
Equity ratio, % 27.9 29.2 29.1
Gearing, % 209.7 202.7 198.8
Shareholders' equity/share, EUR 9.03 9.03 9.14
Calculation of key ratios is presented on page 12.
GENERAL MARKET DEVELOPMENT
During Q1 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 15 per cent
and exports by 24 per cent during January- March 2011 compared to the previous
year (measured in tons). The Finnish export and import volumes 2010 and 2011
are not comparable as such as Q1 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-March by 6 per cent compared to 2010. During the same period private
and commercial passenger traffic between Finland and Sweden decreased by 1 per
cent. Between Finland and Germany the corresponding decrease was 20 per cent
mainly due to the stevedoring strike in 2010, which then increased the amount
of commercial passengers (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 has also affected the
result of the first quarter negatively.
During the first quarter of the year, Finnlines operated on average 24 vessels
in its own traffic, compared to 23 vessels in the same period in 2010.
The cargo volumes transported during January-March totalled approximately
155,000 (148,000 in 2010) units, 17,000 (9,000) cars (not including passengers'
cars ) and 499,000 (390,000) tons of freight not possible to measure in units.
In addition, some 121,000 private and commercial passengers were transported.
FINANCIAL RESULTS
The Finnlines Group recorded revenue totalling EUR 139.0 million (121.5), an
increase of 14.4 %. Shipping and Sea Transport Services generated revenue
amounting to EUR 126.5 million (110.9) and Port Operations EUR 18.7 million
(14.8). The internal revenue between the segments was EUR 6.1 million (4.2).
Result before depreciation and amortisation (EBITDA) was EUR 15.1 million
(16.1). Vessel lease expenses have decreased by EUR 2.3 million compared to the
same period of the previous year.
Result before interest and taxes (EBIT) was EUR -0.1 million (1.4). EBIT for
the first quarter of 2010 was improved by EUR 2.9 million refund of excess
charged fairway dues. Financial income was EUR 0.2 million (1.4) and financial
expenses totalled EUR -6.2 million (-6.7). Result before taxes (EBT) was EUR
-6.1 million (-3.8) and earnings per share (EPS) were EUR -0.10 (-0.07).
STATEMENT OF FINANCIAL POSITION, FINANCING AND CASH-FLOW
Interest-bearing net debt increased by EUR 29.9 million compared to the same
period 2010 and amounted to EUR 888.0 million (858.2). The equity ratio
calculated from the balance sheet was 27.9% (29.2) and gearing was 209.7%
(202.7). Vessel lease commitments decreased by EUR 34.3 million from the end of
March 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 120.5 million. The company has a commercial paper
programme amounting to EUR 100 million of which the company has issued EUR 26
million at the end of March.
CAPITAL EXPENDITURE
Gross capital expenditure in the review period totalled EUR 24.6 million (5.0)
and consists mainly of payments for newbuildings (22.4 million). Two of the six
newbuildings (MS Finnbreeze and MS Finnsea) were delivered from the shipyard in
China during March 2011. The vessels are taken into use in Finnlines' service
during the second quarter 2011. The next two vessels will be delivered during
the fourth quarter of 2011 and the rest of the newbuildings during the second
half of 2012. Depreciation amounted to EUR 15.2 million (14.7).
PERSONNEL
The Group employed an average of 2,039 (1,950) persons during the period,
consisting of 1,102 (1,035) persons on shore and 937 (915) persons at sea. The
increase in the average number of personnel is due to two reasons: in the
comparison period there were more temporary layoffs and the company increased
the number of employees in the passenger services unit after the sales and
marketing agreement with a third party company came to an end.
Finnsteve Companies (Finnsteve Oy Ab, Containersteve Oy Ab and FS-Terminals Oy
Ab) started co-operation negotiations in the port of Kotka, Turku and Helsinki
with all personnel groups during the last quarter of 2010. These negotiations
resulted in termination of about 160 employments in total.
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 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 main business risk in shipping is overcapacity of tonnage. Overall the
ro-ro market looks better than other maritime transport sectors, where
newbuildings are further increasing the imbalance between supply and demand of
tonnage. For the ro-ro sector this does not apply. Moreover, around 50% of the
current global ro-ro fleet is over 25 years old and needs to be scrapped for
environmental reasons.
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 includes uncertainties. The decision of the tax authorities was
that a SEK 97.2 million (EUR 9.5) tax debt should be paid. The Company
appealed against this decision and requested postponement of the payment of the
tax debt, which was granted. The Appeal Court rendered its decision in January
2011 in favour of the tax authorities and the tax debt became payable. The
Company submitted in February 2011 the leave for appeal at the Administrative
High Court. The Company paid the tax debt including accrued interest in March
2011. The amount paid is presented as receivable due to the ongoing appeal
process. As the Company recorded a deferred tax liability due to the temporary
timing difference in the tax year in question, this matter does not have any
significant effect on the Company's result.
Finnlines received information on the last day of January 2010 that the Finnish
Transport Workers' Union (“Union”) has filed legal actions against Finnlines'
port operations subsidiary for compensation of weekend work. The legal actions
are handled in three District Courts in Finland and concern 393 employees of
the port subsidiary represented by the Union. The claim is based on weekly
resting times and compensation thereof. The employees claim that they have not
received sufficient weekly rest/ compensation from 2008-2009. The case raised
in the District Court of Kotka resulted in a judgement by default in favour of
the defendant company. The parties reached a settlement in the case raised in
the District Court of Turku. The Union paid the main part of defendant'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 about EUR 0.5 million in
maximum.
EVENTS AFTER THE REPORTING PERIOD
MS Finnbreeze entered Finnlines traffic in mid April and MS Finnsea in mid May,
both plying in North Sea traffic.
OUTLOOK FOR THE REMAINING PART OF 2011
In 2010, import and export volumes started to recover which influenced
positively the performance of the Company. For 2011, the Company expects this
positive trend to continue.
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 cut the number of personnel, from which
considerable savings are expected. However, a substantial part of these 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, during the year, have a modern optimized fleet to meet
future demands and challenges. During the last two years the Company has been
reshaped and optimized both with respect to efficiency and cost. Based on
expected market development and the financial state of the Company, the Board
of Directors expects an improved result in 2011 compared to previous year.
The second interim report of 2011, 1 January - 30 June, will be published on
Thursday, 28 July 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
- 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 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 Jan - 31 1 Jan - 31 1 Jan - 31
Mar 2011 Mar 2010 Dec 2010
Revenue 139,047 121,506 561,108
Other income from operations 437 2,455 4,287
Materials and services -56,486 -43,409 -202,964
Personnel expenses -28,433 -25,062 -110,635
Depreciation, amortisation and write-offs -15,168 -14,653 -60,322
Other operating expenses -39,514 -39,396 -165,850
Total operating expenses -139,601 -122,521 -539,770
Result before interest and taxes (EBIT) -117 1,440 25,625
Financial income 177 1,390 3,793
Financial expenses -6,180 -6,655 -25,734
Result before taxes -6,120 -3,825 3,683
Income taxes 1,514 566 -1,450
Result for the reporting period -4,606 -3,259 2,234
Other comprehensive income:
Exchange differences on translating foreign 1 -37 -7
operations
Change in cash flow hedging reserve -1,183 1,375 1,418
Income tax relating to components of other 308 -357 -369
comprehensive income
Total comprehensive income for the reporting -5,480 -2,278 3,276
period
Result for the reporting period attributable
to:
Parent company shareholders -4,555 -3,190 2,243
Non-controlling interests -51 -69 -9
-4,606 -3,259 2,234
Total comprehensive income for the reporting
period attributable to:
Parent company shareholders -5,430 -2,209 3,285
Non-controlling interests -51 -69 -9
-5,480 -2,278 3,276
Result for the reporting period attributable
to parent company shareholders calculated
as earnings per share (EUR/share):
Undiluted earnings per share -0.10 -0.07 0.05
Diluted earnings per share -0.10 -0.07 0.05
Average number of shares:
Undiluted 46,821,037 46,821,037 46,821,037
Diluted 46,821,037 46,821,037 46,821,037
CONSOLIDATED STATEMENT OF FINANCIAL POSITION, IFRS
EUR 1,000 31 Mar 31 Mar 31 Dec
2011 2010 2010
ASSETS
Non-current assets
Property, plant and equipment 1,273,388 1,230,989 1,263,626
Goodwill 105,644 105,644 105,644
Intangible assets 9,366 10,726 9,736
Investment properties 0 1,576 0
Share of associated companies 0 1,514 0
Other financial assets 4,562 4,788 4,562
Receivables 1,762 957 1,820
Deferred tax assets 4,491 2,971 4,225
1,399,213 1,359,163 1,389,613
Current assets
Inventories 8,469 6,550 6,567
Accounts receivable and other receivables 97,357 82,268 69,900
Income tax receivables 82 96 82
Bank and cash 11,583 3,897 6,452 117,491 92,812 83,001
Total assets 1,516,703 1,451,976 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 -4,648 -3,805 -3,773
Translation differences 117 87 117
Unrestricted equity reserve 21,015 21,015 21,015
Retained earnings 287,979 287,101 292,534
422,630 422,566 428,060
Non-controlling interests 816 807 867
Total equity 423,447 423,373 428,927
LIABILITIES
Long-term liabilities
Deferred tax liabilities 87,767 86,566 89,459
Interest-free liabilities 8 16 12
Pension liabilities 2,297 2,348 2,310
Provisions 4,562 4,312 4,562
Interest-bearing liabilities 692,539 701,253 701,606
787,174 794,496 797,951
Current liabilities
Accounts payable and other liabilities 98,862 71,874 88,130
Income tax liabilities 104 649 104
Provisions 30 777 30
Current interest-bearing liabilities 207,088 160,806 157,473
306,083 234,106 245,736
Total liabilities 1,093,257 1,028,603 1,043,687
Total equity and liabilities 1,516,703 1,451,976 1,472,614
STATEMENT OF CHANGES IN EQUITY 2010, IFRS
EUR 1,000 Equity attributable to parent company shareholders
Share Share Translatio Fair Unrestricte
capita issue n value d equity
l premium difference reserves reserve
s
Equity 1 January 2010 93,642 24,525 124 -4,822 21,015
Comprehensive income for
the reporting period:
Exchange differences on -37
translating foreign
operations
Change in cash flow 1,375
hedging reserve
Income tax relating to -357
components of other
comprehensive income
Total comprehensive -37 1,017
income for the reporting
period
Equity 31 March 2010 93,642 24,525 87 -3,805 21,015
EUR 1,000 Equity attributable Non-controllin Total
to parent company g 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 -3,190 -3,190 -69 -3,259
Exchange differences on -37 -37
translating foreign operations
Change on hedging reserve 1,375 1,375
Income tax relating to components -357 -357
of other comprehensive income
Total comprehensive income for the -3,190 -2,209 -69 -2,278
reporting period
Equity 31 March 2010 287,101 422,566 807 423,373
STATEMENT OF CHANGES IN EQUITY 2011, IFRS
EUR 1,000 Equity attributable to parent company shareholders
Share Share Translatio Fair Unrestricte
capita issue n value d equity
l premium difference reserves reserve s
Equity 1 January 2011 93,642 24,525 117 -3,773 21,015
Comprehensive income for
the reporting period
Exchange differences on 1
translating foreign
operations
Change on hedging reserve -1,183
Income tax relating to 308
components of other
comprehensive income
Total comprehensive 1 -875
income for the reporting
period
Equity 31 March 2011 93,642 24,525 117 -4,648 21,015
EUR 1,000 Equity attributable Non-controllin Total
to parent company g 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 -4,555 -4,555 -51 -4,606
Exchange differences on 1 1
translating foreign operations
Change on hedging reserve -1,183 -1,183
Income tax relating to components 308 308
of other comprehensive income
Total comprehensive income for the -4,555 -5,430 -51 -5,480
reporting period
Equity 31 March 2011 287,979 422,630 816 423,447
CONSOLIDATED CASH FLOW STATEMENT, IFRS (CONDENSED)
EUR 1,000 1 Jan-31 Mar 1 Jan-31 Mar 1 Jan-31 Dec
2011 2010 2010
Cash flows from operating activities
Result for the reporting period -4,606 -3,259 2,234
Non-cash transactions and other 19,600 19,144 82,484
adjustments
Changes in working capital -8,679 -17,742 10,187
Net financial items and income taxes -16,750 -7,344 -27,118
Net cash generated from operating -10,434 -9,200 67,787
activities
Cash flow from investing activities
Net investments in tangible and -24,954 -4,988 -81,839
intangible assets
Disposal of subsidiaries 1,650
Proceeds from sale of investments 11 159
Other investing activities 56 223 2,621
Net cash used in investing -24,897 -4,754 -77,409
activities
Cash flows from financing activities
Loan withdrawals 16,880 44,120
Net increase in current 43,473 31,673 33,744
interest-bearing liabilities
Repayment of loans -19,938 -19,949 -69,379
Increase / decrease in long-term 47 20 1,482
receivables
Net cash from (used in) financing 40,462 11,744 9,967
activities
Change in cash and cash equivalents 5,130 -2,211 344
Cash and cash equivalents 1 January 6,452 6,103 6,103
Effect of foreign exchange rate 0 5 5
changes
Cash and cash equivalents at the end 11,583 3,897 6,452
of period
REVENUE AND RESULT BY BUSINESS SEGMENTS
1 Jan-31 Mar 1 Jan-31 Mar 1 Jan-31 Dec
2011 2010 2010
MEUR % MEUR % MEUR %
Revenue
Shipping and sea transport services 126.5 91.0 110.9 91.3 513.7 91.5
Port operations 18.7 13.4 14.8 12.2 72.3 12.9
Intra-group revenue -6.1 -4.4 -4.2 -3.4 -24.9 -4.4
External sales 139.0 100.0 121.5 100.0 561.1 100.0
Result before interest and taxes
(EBIT)
Shipping and sea transport services 2.9 5.9 39.3
Port operations -3.0 -4.5 -13.7
Result before interest and taxes -0.1 1.4 25.6
(EBIT) total
Financial items -6.0 -5.3 -21.9
Result before taxes -6.1 -3.8 3.7
Income taxes 1.5 0.6 -1.4
Result for the reporting period -4.6 -3.3 2.2
PROPERTY, PLANT AND EQUIPMENT 2010
EUR 1,000 Land Buildi Vessels Machiner Advance Total
ngs y and payments &
equipmen acquisitions
t under constr.
Acquisition cost 1 35 78,943 1,254,854 103,524 133,545 1,570,900
January
Exchange rate 3 3
differences
Increases 2,085 28 2,869 4,982
Disposals -1,394 -7 -202 -1,602
Acquisition cost 31 35 77,549 1,256,932 103,353 136,413 1,574,283
March 2010
Accumulated -7,676 -271,610 -51,557 -330,843
depreciation,
amortisation and
write-offs 1
January
Exchange rate -2 -2
differences
Cumulative 1,394 7 180 1,580
depreciation on
reclassifications
and disposals
Depreciation for -727 -11,705 -1,597 -14,029
the reporting
period
Accumulated -7,009 -283,308 -52,977 -343,294
depreciation,
amortisation and
write-offs 31
March
Book value 31 March 35 70,540 973,624 50,376 136,413 1,230,989
2010
PROPERTY, PLANT AND EQUIPMENT 2011
EUR 1,000 Land Buildin Vessels Machiner Advance Total
gs y and payments &
equipmen acquisitions
t under constr.
Acquisition cost 1 72 78,923 1,302,037 100,460 167,050 1,648,543
January
Exchange rate -15 -15
differences
Increases 1 1,540 66 22,761 24,368
Disposals -61 -256 -317
Reclassifications 12 -12 0
Acquisition cost 72 78,924 1,303,528 100,255 189,799 1,672,579
31 March 2011
Accumulated -10,510 -319,792 -54,615 -384,917
depreciation,
amortisation and
write-offs 1
January
Exchange rate 13 13
differences
Cumulative 61 256 317
depreciation on
reclassifications
and disposals
Depreciation for -684 -12,473 -1,447 -14,604
the reporting
period
Accumulated -11,195 -332,204 -55,792 -399,191
depreciation,
amortisation and
write-offs 31
March
Book value 31 72 67,730 971,324 44,463 189,799 1,273,388
March 2011
CONTINGENCIES AND COMMITMENTS
EUR 1,000 31 Mar 31 Mar 31 Dec
2011 2010 2010
Minimum leases payable in relation to
fixed-term leases:
Vessel leases (Group as lessee):
Within 12 months 24,736 34,395 28,410
1-5 years 11,109 35,720 14,785
35,845 70,115 43,195
Vessel leases (Group as lessor):
Within 12 months 0 4,031 1,147
0 4,031 1,147
Other leases (Group as lessee):
Within 12 months 6,589 6,965 6,658
1-5 years 17,971 21,240 18,596
After five years 15,162 18,714 15,904
39,722 46,918 41,158
Other leases (Group as lessor):
Within 12 months 347 200 237
347 200 237
Collateral given
Loans from financial institutions 725,160 736,471 727,419
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 469 469 472
Corporate mortgages 606 606 606
1,075 1,075 1,078
Other obligations 81,536 132,094 103,819
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 10,811 12,106 11,134
investments
Open derivative instruments:
Fair value Contract amount
1000 EUR 31 Mar 31 Mar 31 Dec 31 Mar 31 Mar 31 Dec
2011 2010 2010 2011 2010 2010
Currency -88 655 657 13,796 21,812 22,003
derivatives
Interest rate 0 -1,419 0 0 120,000 0
swaps
SHARES, MARKET CAPITALISATION AND TRADING INFORMATION
31 March 2011 31 March 2010
Number of shares 46,821,037 46,821,037
Market capitalisation, 369.9 351.2
EUR million
1 Jan - 31 Mar 2011 1 Jan - 31 Mar 2010
Number of shares traded, million 0.6 0.6
1 Jan - 31 Mar 2011
High Low Average Close
Share price 8.15 7.68 7.97 7.90
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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