2012-11-06 13:05:50 CET
2012-11-06 13:06:54 CET
REGULATED INFORMATION
Finnlines - Interim report (Q1 and Q3)
FINNLINES PLC INTERIM REPORT JANUARY – SEPTEMBER 2012 (unaudited)
Helsinki,Finland, 2012-11-06 13:05 CET (GLOBE NEWSWIRE) -- Finnlines Plc Stock
Exchange Release 6 November 2012 at 14:05
INTERIM REPORT JANUARY - SEPTEMBER 2012 (unaudited)
SUMMARY
July - September 2012
-- Revenue EUR 161.3 million (EUR 161.2 million prev. year), increase 0.1%
-- Result before interest, taxes, depreciation and amortisation (EBITDA) EUR
30.8 million (EUR 29.0 million), increase 6.2%
-- Result before taxes (EBT) EUR 8.1 million (EUR 6.1 million), increase 32.6%
-- Earnings per share were 0.11 (0.08) EUR/share
January - September 2012
-- Revenue EUR 470.9 million (EUR 460.4 million prev. year), increase 2.3%
-- Result before interest, taxes, depreciation and amortisation (EBITDA) EUR
78.1 million (EUR 70.2 million), increase 11.3%
-- Result before taxes (EBT) EUR 9.5 million (EUR 2.7 million), increase
247.0%
-- Earnings per share were 0.11 (0.01) EUR/share
JANUARY - SEPTEMBER 2012 IN BRIEF
MEUR 7-9 2012 7-9 2011 1-9 2012 1-9 2011 1-12 2011
Revenue 161.3 161.2 470.9 460.4 605.2
Result before interest, 30.8 29.0 78.1 70.2 84.5
taxes, depreciation and
amortisation (EBITDA)
Result before interest and 14.3 12.9 28.8 22.7 21.0
taxes (EBIT)
% of revenue 8.9 8.0 6.1 4.9 3.5
Result before taxes (EBT) 8.1 6.1 9.5 2.7 -5.4
Result for the reporting 5.3 4.0 5.3 0.6 -2.5
period
EPS, EUR 0.11 0.08 0.11 0.01 -0.05
Equity ratio, % 29.4 28.8 29.4 28.8 29.1
Gearing, % 201.9 204.6 201.9 204.6 199.8
Shareholders' equity/share, 9.26 9.18 9.26 9.18 9.12
EUR
Calculation of key ratios is presented under 'Calculation of ratios'.
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 six
countries and eleven 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-September,
the Finnish seaborne imports carried in container, lorry and trailer units
(measured in tons) decreased by 1% compared to the same period in 2011, but
exports increased by 2%. According to the statistics published by Shippax for
January-September, trailer and lorry volumes transported by sea between
Southern Sweden and Germany decreased by 3% compared to 2011. During the same
period private and commercial passenger traffic between Finland and Sweden
decreased by 1%. Between Finland and Germany the corresponding decrease was 24%
(Finnish Transport Agency).
FINNLINES TRAFFIC
In the first quarter the third and the fourth out of six ro-ro newbuildings (MS
Finnsky and MS Finnsun) entered the traffic flying the Finnish flag. During the
third quarter Finnlines operated on average 24 vessels in its own traffic
compared to 26 vessels in the same period in 2011.
During spring, Finnlines started a new traffic between the Swedish port of
Wallhamn and the Russian port of Ust-Luga by integrating the Grimaldi owned
port of Wallhamn to benefit and ship factory new cars stemming from the Far
East markets destined to the large Russian market.
In September MS Finnarrow, previously flying the Swedish flag, changed to
Finnish flag. The similar change of flag for MS Finneagle took place in the
beginning of October.
The cargo volumes transported during January-September totalled approximately
485,000 (485,000 in 2011, corrected figure) cargo units, 45,000 (51,000) cars
(not including passengers' cars) and 1,595,000 (1,685,000) tons of freight not
possible to measure in units. In addition, some 487,000 (508,000, corrected
figure) private and commercial passengers were transported.
FINANCIAL RESULTS
July - September 2012
The Finnlines Group recorded revenue totalling EUR 161.3 (161.2) million, an
increase of 0.1% compared to the same period in 2011. Shipping and Sea
Transport Services generated revenue amounting to EUR 153.2 (151.7) million and
Port Operations EUR 13.7 (15.7) million. The internal revenue between the
segments was EUR 5.6 (6.2) million.
Result before interest, taxes, depreciation and amortisation (EBITDA) was EUR
30.8 (29.0) million, an increase of 6.2%.
Result before interest and taxes (EBIT) was EUR 14.3 (12.9) million. Financial
income was EUR 0.2 (0.1) million and financial expenses totalled EUR -6.4
(-6.9) million. Result before taxes (EBT) was EUR 8.1 (6.1) million and
earnings per share (EPS) were EUR 0.11 (0.08).
January - September 2012
The Finnlines Group recorded revenue totalling EUR 470.9 (460.4) million, an
increase of 2.3% compared to the same period in 2011. Shipping and Sea
Transport Services generated revenue amounting to EUR 444.4 (427.0) million and
Port Operations EUR 44.7 (52.3) million. The internal revenue between the
segments was EUR 18.2 (19.0) million.
Result before interest, taxes, depreciation and amortisation(EBITDA) was EUR
78.1 (70.2) million,an increase of 11.3%.
Result before interest and taxes (EBIT) was EUR 28.8 (22.7) million. The result
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 result also includes one-time cost items amounting to EUR 3.2
million. These are mainly related to the arrangements of leased property and
settlements with the personnel. Financial income was EUR 0.7 (0.4) million and
financial expenses totalled EUR -20.1 (-20.4) million. Result before taxes
(EBT) was EUR 9.5 (2.7) million and earnings per share (EPS) were EUR 0.11
(0.01).
STATEMENT OF FINANCIAL POSITION, FINANCING AND CASH-FLOW
Interest-bearing net debt decreased by EUR 4.3 million compared to the same
period in 2011 and amounted to EUR 876.9 (881.2) million. The equity ratio
calculated from the balance sheet was 29.4% (28.8) and gearing was 201.9%
(204.6). Vessel lease commitments have decreased by EUR 18.1 million from the
end of September 2011 and were EUR 3.7 million at the end of the reporting
period.
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 46.0 million. The company has a commercial paper
programme amounting to EUR 100 million of which the company has issued EUR 13.6
million at the end of September.
CAPITAL EXPENDITURE
Gross capital expenditure in the reporting period totalled EUR 45.5 (56.3)
million, and consists mainly of payments for newbuildings, EUR 38.3 million.
Total depreciation amounted to EUR 49.3 (47.5) million. Four of the six
newbuildings ordered from the Jinling shipyard in China have been delivered, MS
Finnbreeze and MS Finnsea in March 2011 and MS Finnsky and MS Finnsun in the
beginning of 2012. The last two of the newbuildings will be delivered during
the last quarter of current year.
PERSONNEL
The Group employed an average of 2,057 (2,097) persons during the period,
consisting of 979 (1,092) persons on shore and 1,078 (1,005) persons at sea.
The average number of sea personnel increased due to two newbuildings taken
into use in the beginning of 2012. The number of shore personnel decreased
mainly due to employee reductions carried out in the Port Operations. The
employee co-operation negotiations with personnel in Kotka were completed in
January 2012 resulting in termination of 23 employments in total.
Finnsteve companies started new employee co-operation negotiations with the
personnel in Turku and Kotka during the third quarter. These negotiations ended
in October and resulted in the termination of 7 employees and the temporary
lay-offs of the whole personnel in shifts in both Turku and Kotka, starting in
November 2012.
DECISIONS TAKEN BY THE ANNUAL GENERAL MEETING
The Annual General Meeting of Finnlines Plc held on 17 April 2012 approved the
Financial Statements and discharged the members of the Board of Directors and
the President and CEO from liability for the financial year 2011.
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 seven
members. The current Board Members were re-elected to the Board: Mr Emanuele
Grimaldi, Mr Gianluca Grimaldi, Mr Diego Pacella, Mr Olav Rakkenes and Mr
Jon-Aksel Torgersen. In addition, Mr. Christer Backman and Ms. Tiina Bäckman
were elected as new Members. The Board of Directors elected Mr Emanuele
Grimaldi as Chairman and Mr Diego Pacella as Vice-Chairman.
The Authorised Public Audit Firm Deloitte & Touche Oy was appointed as the
Company's auditors for 2012.
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 19 April 2011.
RISKS
The 2011 Financial statements, published in March 2012, 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 2011 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:
During the second quarter, the parties reached an amicable settlement agreement
in the dispute with Sponda Kiinteistöt Oy on the termination of the lease
agreements. In this dispute the Helsinki District Court rendered its decision
in February 2012 in favour of Sponda.
The Company's German subsidiary was taken to the City Court of Lübeck in
December 2009 by its former Managing Director regarding the termination of his
Service Agreement. The City Court of Lübeck rendered the decision in favour of
the subsidiary. The former Managing Director appealed on the decision. During
the third quarter the parties have reached an amicable settlement agreement
regarding the termination of the Service Agreement of the former Managing
Director.
EVENTS AFTER THE REPORTING PERIOD
Finnsteve companies started new employee co-operation negotiations with the
personnel in Turku and Kotka during the third quarter. These negotiations ended
in October and resulted in the termination of 7 employees and the temporary
lay-offs of the whole personnel in shifts in both Turku and Kotka, starting in
November 2012.
The fifth newbuilding in a series of six vessels was delivered from the Chinese
shipyard at the end of October 2012.
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
systems. These measures will also enable the possible entering into the renewed
Finnish tonnage taxation system. The final decision to enter the tonnage
taxation system is to be taken by the end of 2014 at the latest.
The Board expects that the remaining part of the year 2012 will still be
volatile and challenging. The Company is well prepared to face the market
challenges.
The Group Financial Statement bulletin for the period 1 January - 31 December
2012 will be published on Thursday, 28 February 2013.
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 segments
- 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.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME, IFRS
EUR 1,000 1 Jul - 30 1 Jul - 30 1 Jan - 30 1 Jan - 30 1 Jan - 31
Sep 2012 Sep 2011 Sep 2012 Sep 2011 Dec 2011
Revenue 161,335 161,157 470,930 460,384 605,208
Other income from 244 386 5,222 1,489 2,515
operations
Materials and -60,970 -64,442 -188,704 -184,421 -247,262
services
Personnel expenses -27,472 -25,069 -81,350 -81,484 -107,948
Depreciation, -16,451 -16,051 -49,322 -47,493 -63,512
amortisation and
write-offs
Other operating -42,375 -43,060 -127,986 -125,808 -167,972
expenses
Total operating -147,268 -148,622 -447,363 -439,206 -586,695
expenses
Result before 14,311 12,922 28,790 22,667 21,028
interest and taxes
(EBIT)
Financial income 179 112 716 448 911
Financial expenses -6,361 -6,904 -20,051 -20,391 -27,370
Result before taxes 8,128 6,129 9,454 2,724 -5,431
(EBT)
Income taxes -2,797 -2,145 -4,187 -2,103 2,925
Result for the 5,331 3,984 5,266 621 -2,506
reporting period
Other comprehensive
income:
Exchange differences 0 -5 14 -5 -3
on translating
foreign operations
Changes in cash flow
hedging reserve
Fair value changes -204 937 9 -401 -95
Transfer to fixed 1,755 2,004 2,004
assets
Tax effect, net 50 -244 -432 -417 -496
Effect of the tax -48
rate change
Total comprehensive 5,178 4,673 6,613 1,803 -1,145
income for the
reporting period
Result for the
reporting period
attributable to:
Parent company 5,299 3,941 5,305 611 -2,517
shareholders
Non-controlling 33 43 -38 10 10
interests
5,331 3,984 5,266 621 -2,506
Total comprehensive
income for the
reporting period
attributable to:
Parent company 5,145 4,629 6,651 1,793 -1,155
shareholders
Non-controlling 33 43 -38 10 10
interests
5,178 4,673 6,613 1,803 -1,145
Result for the
reporting period
attributable to
parent company
shareholders
calculated as
earnings per share
(EUR/share):
Undiluted / diluted 0.11 0.08 0.11 0.01 -0.05
earnings per share
Average number of
shares:
Undiluted / 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 Sep 30 Sep 31 Dec
2012 2011 2011
ASSETS
Non-current assets
Property, plant and equipment 1,255,234 1,272,027 1,258,306
Goodwill 105,644 105,644 105,644
Intangible assets 6,923 8,519 8,049
Other financial assets 4,582 4,562 4,582
Receivables 1,017 1,215 1,250
Deferred tax assets 4,164 3,837 4,395
1,377,564 1,395,804 1,382,225
Current assets
Inventories 8,913 9,272 8,903
Accounts receivable and other receivables 89,392 89,946 76,660
Income tax receivables 107 82 73
Bank and cash 2,920 3,838 4,263
101,331 103,137 89,898
Total assets 1,478,895 1,498,941 1,472,123
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 -1,077 -2,587 -2,409
Translation differences 128 112 114
Unrestricted equity reserve 21,015 21,015 21,015
Retained earnings 295,322 293,145 290,017
433,556 429,853 426,905
Non-controlling interests 839 877 877
Total equity 434,395 430,729 427,782
LIABILITIES
Long-term liabilities
Deferred tax liabilities 79,639 80,342 76,015
Interest-free liabilities 4 8 8
Pension liabilities 2,427 2,273 2,462
Provisions 4,892 4,562 4,562
Interest-bearing liabilities 639,322 672,291 665,496
726,285 759,477 748,544
Current liabilities
Accounts payable and other liabilities 77,651 95,934 102,181
Income tax liabilities 18 17 65
Provisions 30 30 30
Current interest-bearing liabilities 240,517 212,753 193,521
318,215 308,734 295,797
Total liabilities 1,044,500 1,068,212 1,044,341
Total equity and liabilities 1,478,895 1,498,941 1,472,123
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 2011, IFRS
EUR 1,000 Equity attributable to parent company shareholders
Share Share Translation Fair Unrestricted
capita issue differences value equity
l premium reserves reserve
Equity 1 January 2011 93,642 24,525 117 -3,773 21,015
Comprehensive income
for the reporting
period:
Exchange differences on -5
translating foreign
operations
Changes in cash flow
hedging reserve
Fair value changes -401
Transfer to fixed 2,004
assets
Tax effect, net -417
Total comprehensive -5 1,186
income for the
reporting period
Equity 30 September 93,642 24,525 112 -2,587 21,015
2011
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 611 611 10 621
Exchange differences on -5 -5
translating foreign operations
Changes in cash flow hedging
reserve
Fair value changes -401 -401
Transfer to fixed assets 2,004 2,004
Tax effect, net -417 -417
Total comprehensive income for 611 1,793 10 1,803
the reporting period
Equity 30 September 2011 293,145 429,853 877 430,729
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
Equity 1 January 2012 93,642 24,525 114 -2,409 21,015
Comprehensive income
for the reporting
period:
Exchange differences on 14
translating foreign
operations
Changes in cash flow
hedging reserve
Fair value changes 9
Transfer to fixed 1,755
assets
Tax effect, net -432
Total comprehensive 14 1,332
income for the
reporting period
Equity 30 September 93,642 24,525 128 -1,077 21,015
2012
EUR 1,000 Equity attributable Non-controlling Total
to parent company interests equity
shareholders
Retained Total
earnings
Equity 1 January 2012 290,017 426,905 877 427,782
Comprehensive income for the
reporting period:
Result for the reporting period 5,305 5,305 -38 5,266
Exchange differences on 14 14
translating foreign operations
Changes in cash flow hedging 9 9
reserve
Fair value changes 1,755 1,755
Transfer to fixed assets -432 -432
Tax effect, net
Total comprehensive income for 5,305 6,651 -38 6,613
the reporting period
Equity 30 September 2012 295,322 433,556 839 434,395
CONSOLIDATED STATEMENT OF CASH FLOWS, IFRS (CONDENSED)
EUR 1,000 1 Jan-30 Sep 1 Jan-30 Sep 1 Jan-31 Dec
2012 2011 2011
Cash flows from operating activities
Result for the reporting period 5,266 621 -2,506
Non-cash transactions and other 72,572 68,952 85,570
adjustments
Changes in working capital -33,715 -12,119 4,840
Net financial items and income taxes -22,748 -33,881 -37,065
Net cash generated from operating 21,376 23,574 50,839
activities
Cash flow from investing activities
*
Net investments in tangible and -44,091 -54,568 -62,398
intangible assets
Investments in shares -22
Proceeds from sale of investments 59
Other investing activities 706 2,240 9,371
Net cash used in investing -43,385 -52,327 -52,991
activities
Cash flows from financing activities
Loan withdrawals 72,400 37,420 41,440
Net increase in current 15,886 41,945 28,102
interest-bearing liabilities
Repayment of loans -67,657 -53,846 -70,209
Increase / decrease in long-term 28 628 637
receivables
Net cash from (used in) financing 20,657 26,147 -30
activities
Change in cash and cash equivalents -1,352 -2,607 -2,181
Cash and cash equivalents 1 January 4,263 6,452 6,452
Effect of foreign exchange rate 8 -8 -8
changes
Cash and cash equivalents at the end 2,920 3,838 4,263
of period
* Capitalised borrowing costs are included in investments
REVENUE AND RESULT BY BUSINESS SEGMENTS
1 Jul-30 Sep 1 Jul-30 Sep 1 Jan-30 Sep 1 Jan-30 Sep 1 Jan-31 Dec
2012 2011 2012 2011 2011
MEUR % MEUR % MEUR % MEUR % MEUR %
Revenue
Shipping 153.2 95.0 151.7 94.1 444.4 94.4 427.0 92.8 563.3 93.1
and sea
transport
services
Port 13.7 8.5 15.7 9.7 44.7 9.5 52.3 11.4 67.7 11.2
operation
s
Intra-grou -5.6 -3.5 -6.2 -3.9 -18.2 -3.9 -19.0 -4.1 -25.8 -4.3
p revenue
External 161.3 100.0 161.2 100.0 470.9 100.0 460.4 100.0 605.2 100.0
sales
Result
before
interest
and taxes
Shipping 16.4 15.2 35.3 29.9 30.8
and sea
transport
services
Port -2.1 -2.3 -6.5 -7.3 -9.8
operation
s
Result 14.3 12.9 28.8 22.7 21.0
before
interest
and taxes
(EBIT)
total
Financial -6.2 -6.8 -19.3 -19.9 -26.5
items
Result 8.1 6.1 9.5 2.7 -5.4
before
taxes
(EBT)
Income -2.8 -2.1 -4.2 -2.1 2.9
taxes
Result for 5.3 4.0 5.3 0.6 -2.5
the
reporting
period
PROPERTY, PLANT AND EQUIPMENT 2011
EUR 1,000 Land Buildin Vessels Machine Advance Total
gs ry and payments
equipme &
nt acquisitions
under constr.
Acquisition cost 1 72 78,923 1,302,037 100,460 167,050 1,648,543
January 2011
Exchange rate -8 -8
differences
Increases 5 5,159 127 50,504 55,795
Disposals -2,175 -93 -932 -3,200
Reclassifications 94,212 -94,212 0
Acquisition cost 30 72 76,754 1,401,315 99,647 123,342 1,701,131
September 2011
Accumulated -10,510 -319,792 -54,615 -384,917
depreciation,
amortisation and
write-offs 1
January 2011
Exchange rate 7 7
differences
Cumulative 532 93 932 1,557
depreciation on
reclassifications
and disposals
Depreciation for -2,294 -39,181 -4,275 -45,751
the reporting
period
Accumulated -12,272 -358,881 -57,951 -429,104
depreciation,
amortisation and
write-offs 30
September 2011
Book value 30 72 64,482 1,042,435 41,696 123,342 1,272,027
September 2011
PROPERTY, PLANT AND EQUIPMENT 2012
EUR 1,000 Land Buildin Vessels Machine Advance Total
gs ry and payments
equipme & nt acquisitions
under constr.
Acquisition cost 1 72 76,758 1,401,930 90,543 130,588 1,699,892
January 2012
Exchange rate 26 26
differences
Increases 533 6,247 195 38,417 45,393
Disposals -514 -80 -1,520 -2,114
Reclassifications 23 92,765 -92,787 0
Acquisition cost 30 72 76,800 1,500,862 89,244 76,218 1,743,196
September 2012
Accumulated -12,916 -372,235 -56,435 -441,586
depreciation,
amortisation and
write-offs 1
January 2012
Exchange rate -23 -23
differences
Cumulative 277 80 1,348 1,705
depreciation on
reclassifications
and disposals
Depreciation for -2,021 -42,382 -3,655 -48,058
the reporting
period
Accumulated -14,659 -414,537 -58,765 -487,962
depreciation,
amortisation and
write-offs 30
September 2012
Book value 30 72 62,141 1,086,325 30,479 76,218 1,255,234
September 2012
CONTINGENCIES AND COMMITMENTS
EUR 1,000 30 Sep 30 Sep 31 Dec
2012 2011 2011
Minimum leases payable in relation to
fixed-term leases:
Vessel leases (Group as lessee):
Within 12 months 3,716 18,060 14,785
1-5 years 3,716
3,716 21,776 14,785
Vessel leases (Group as lessor):
Within 12 months 2,486 1,680 910
2,486 1,680 910
Other leases (Group as lessee):
Within 12 months 6,140 6,725 6,796
1-5 years 15,947 18,090 17,551
After five years 13,671 13,883 13,164
35,757 38,698 37,511
Other leases (Group as lessor):
Within 12 months 227 347 204
227 347 204
Collateral given
Loans from financial institutions 781,653 722,795 730,563
Vessel mortgages provided as guarantees for the 1,263,000 1,189,500 1,189,500
above loans
Other collateral given on own behalf
Pledged deposits 471 473 476
Corporate mortgages 606 606 606
1,077 1,079 1,082
Other obligations 20,646 60,968 56,525
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 8,231 9,412 9,088
investments
Open derivative instruments:
Fair value Contract amount
1000 EUR 30 Sep 30 Sep 31 Dec 30 Sep 30 Sep 31 Dec
2012 2011 2011 2012 2011 2011
Currency 272 198 231 7,579 14,515 7,574
derivatives
REVENUE AND RESULT BY QUARTER
MEUR Q1/12 Q1/11 Q2/12 Q2/11 Q3/12 Q3/11
Shipping and sea transport services 135.4 126.5 155.8 148.9 153.2 151.7
Port operations 15.8 18.7 15.2 18.0 13.7 15.7
Intra-group revenue -6.2 -6.1 -6.4 -6.6 -5.6 -6.2
External sales 145.0 139.0 164.6 160.2 161.3 161.2
Result before interest and taxes
Shipping and sea transport services 2.4 2.9 16.5 11.8 16.4 15.2
Port operations -2.7 -3.0 -1.8 -1.9 -2.1 -2.3
Result before interest and taxes -0.2 -0.1 14.7 9.9 14.3 12.9
(EBIT) total
Financial items -6.9 -6.0 -6.3 -7.1 -6.2 -6.8
Result before taxes (EBT) -7.1 -6.1 8.4 2.7 8.1 6.1
Income taxes 1.3 1.5 -2.7 -1.5 -2.8 -2.1
Result for the reporting period -5.8 -4.6 5.7 1.2 5.3 4.0
EPS (undiluted / diluted) -0.12 -0.10 0.12 0.03 0.11 0.08
SHARES, MARKET CAPITALISATION AND TRADING INFORMATION
30 September 2012 30 September 2011
Number of shares 46,821,037 46,821,037
Market capitalisation, 356.8 360.5
EUR million
1 Jan - 30 Sep 2012 1 Jan - 30 Sep 2011
Number of shares traded, million 1.0 1.3
1 Jan - 30 Sep 2012
High Low Average Close
Share price 8.16 6.65 7.03 7.62
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
Redelivery of the two vessels, hired to Grimaldi Group in September 2011 and
April 2012, took place in the second and third quarter of 2012. Otherwise 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 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 2011 Financial Statements. These new or
revised standards have not had an effect on the reported figures. 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.
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