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2009-07-30 15:15:59 CEST 2009-07-30 15:16:59 CEST REGULATED INFORMATION Finnlines - Company AnnouncementInterim reportFinnlines Plc Stock Exchange Release 30 July, 2009 INTERIM REPORT SECOND QUARTER 2009 AND 1 JANUARY - 30 JUNE 2009 (Unaudited) SUMMARY April-June Q2 - Revenue EUR 124.4 million (EUR 199.0 million), decline 37.5 % - Profit before depreciation and amortisation (EBITDA) EUR 15.0 million (EUR 32.4 million) - Cash flow from operating activities were EUR 7.1 million (EUR 32.6 million) - Earnings per share was -0.21 (0.21) EUR/share January-June H1 - Revenue EUR 241.8 million (EUR 384.0 million), decline 37.0 % - Profit before depreciation and amortisation (EBITDA) EUR 14.9 million (EUR 60.3 million) - Cash flow from operating activities were EUR -7.1 million (EUR 30.3 million) - Earnings per share was -0.72 (0.33) EUR/share Comparison Q1-Q2,2009 - Revenue Q2 EUR 124.4 million compared to Q1 EUR 117.4 million, increase 5.9 % - Result before depreciation and amortisation (EBITDA) Q2 EUR 15.0 million compared to Q1 EUR -0.2 million. - Cashflow from operating activities Q2 EUR 7.1 million compared to Q1 EUR -14.1 million GROUP KEY FIGURES -------------------------------------------------------------------------------- | EUR million | 4-6 | 1-3 | 1-6 | 1-6 | 1-12 | | | 2009 | 2009 | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- | Net revenue | 124.4 | 117.4 | 241.8 | 384.0 | 735.7 | -------------------------------------------------------------------------------- | EBITDA | 15.0 | -0.2 | 14.9 | 60.3 | 98.1 | -------------------------------------------------------------------------------- | EBIT | -0.3 | -16.0 | -16.4 | 31.5 | 35.4 | -------------------------------------------------------------------------------- | % of revenue | -0.3 | -13.7 | -6.8 | 8.2 | 4.8 | -------------------------------------------------------------------------------- | EBT | -7.1 | -26.6 | -33.7 | 16.2 | -3.2 | -------------------------------------------------------------------------------- | Profit / loss for | -8.0 | -21.0 | -29.0 | 13.5 | 1.0 | | the period | | | | | | -------------------------------------------------------------------------------- | EPS, EUR | -0.21 | -0.52 | -0.72 | 0.33 | 0.01 | -------------------------------------------------------------------------------- | ROE, % | -7.3 | -19.2 | -13.2 | 6.1 | 0.2 | -------------------------------------------------------------------------------- | ROI,% | 0.0 | -4.7 | -2.4 | 5.5 | 2.9 | -------------------------------------------------------------------------------- | Gearing, % | 192.6 | 206.7 | 192.6 | 189.1 | 205.5 | -------------------------------------------------------------------------------- | Equity ratio, % | 28.6 | 28.5 | 28.6 | 29.2 | 28.5 | -------------------------------------------------------------------------------- EBITDA = Result before interest, taxes, depreciation and amortisation EBIT = Result before interest and taxes EBT =Result before taxes The market has shown no recovery during the second quarter. Cargo volumes have stayed low and the revenue has dropped by about 37% compared to January-June 2008. Despite the difficult market situation the company has through certain significant measures been able to improve its Profit before depreciation and amortisation (EBITDA) in Q2 2009 by EUR 15.2 million from Q1 2009. The main items addressed, in addition to the changes in the traffic, were the surplus tonnage, vessel costs, IT costs, administration costs , headcount and the sale of non-core assets. Actions in all of these have brought good results in a very short time, but the work is not yet finished. The Company Finnlines is specialising in liner roro/ropax-services. The operations of the Company are centred on sea transports in the Baltic Sea and North Sea areas and on providing port services mainly in Finland. Through its subsidiaries and associated companies, the Group has operations in eight northern European countries and in Russia. The Group's services are also offered throughout Europe via an extensive network of agents. The Company is part of the Italian Grimaldi Group. Market development The sharp drop in volumes experienced in the last quarter of 2008 continued during the first half of the year. During January-May, the Finnish seaborn imports carried in container, lorry and trailer units fell by 26.7 % and exports by 29.7% in comparison with the corresponding period of the previous year (measured in tons). Similarly, the trailer and lorry volumes transported by sea between the Southern Sweden and Germany declined by 22.9% from previous year. The passenger traffic between Finland and Germany decreased by 15.2% overall but the decrease was due to reduced lorry drivers accompanying their vehicles. The overall passenger traffic between Finland and Sweden increased by about 5.5%. Finnlines'pure passenger traffic volumes increased by 3 % during the first half of the year. Significant events during the reporting period Traffic Finnlines has done a lot of changes in different routes in order to optimize the utilization of its fleet. In mid-February, MS Europalink was moved from the Malmö-Travemünde route to the Helsinki-Travemünde route. At the same time, MS Transeuropa was transferred from the Helsinki-Travemünde route to the Lübeck-St.Petersburg route. In mid-April, MS Finneagle was moved from the Naantali-Kapellskär route to the Malmö-Travemünde route and further MS Nordlink was moved from the Malmö-Travemünde route to the Helsinki- Travemünde route. As from June 1, 2009 the company started-up a set of new, fast and comfortable Motorways of the Sea for freight and passengers between Finland and Poland (Helsinki-Gdynia-Helsinki) and between Poland and Germany (Gdynia-Travemünde-Gdynia). Each of these new services offers three departures per week in each direction. The Helsinki-Gdynia crossing is performed in under 19 hours (compared to more than 26 hours before, when the connection was only for cargo); the direct connection Helsinki-Travemünde is completed in less than 27 hours; sailing time on Gdynia-Travemünde is 15 hours. At the same time, the company has strengthened its services on the key Travemünde-Helsinki-Travemünde (Germany-Finland) trade by increasing the number of weekly sailings to ten. Additionally, as from May 16, Finnlines offers to all its freight customers a wide range of destinations in 13 Mediterranean countries. This is done in cooperation with Grimaldi Group. The company has also started a new weekly link between Helsinki and St. Petersburg that is interconnected with the services calling all the destinations served by both Finnlines and Grimaldi Lines. The cargo volumes transported during the first half of the year totalled approximately 305,000 (429,000 in 2008) units, 17,000 (61,000) cars (not including cars of the passengers) and, in addition, 981,000 (1,526,000) tonnes of freight not possible to measure in units. In addition, some 245,000 passengers were transported (around 297,000 in 2008), which figure includes freight-related passengers. The pure passenger traffic volumes increased by 3 %. Savings The fleet capacity was rationalized and employed in a more efficient way also in reaction to the sharp decline in cargo volumes. In April Finnlines Plc's subsidiary Hanseatic Shipping sold MS Finnhansa to Grimaldi Group at the market price of EUR 40 million with a one month's notice call option for repurchase by Finnlines Plc at the same price. The vessel Finnhansa had been left idle due to the economic situation and the selling of the vessel will reduce the costs of Finnlines. The company booked a profit of about EUR 4.4 million on the sale of the vessel. During April-July, Finnlines managed to generate considerable savings by redelivering two and subletting seven chartered ro-ro vessels. A new purchasing department was established and all purchases are performed and managed by this department. This move together with general savings program has proved to be very efficient way to cut expenses partly in the region of about 30%. There has been temporary lay-offs in the ports where the company is operating and the number of employees have been reduced in the offices. The effect of these measures will mostly be shown in the result during the remaining part of the year. New CEO for Finnlines Group Finnlines Plc´s President and CEO, Mr.Christer Antson, resigned on 23 March. Mr. Uwe Bakosch was apppointed new President and CEO on 24 March. He started working at the end of June 2009. Mr. Emanuele Grimaldi, member of the Board, acted as temporary President and CEO for the company from 24 March until the end of June. Mr. Bakosch, aged 51, is a German citizen. His previous positions have been among others: the Managing Director of ATG Autotransport Logistic GmbH (100% subsidiary of Deutsche Bahn), Executive Vice President of DB Intermodal, Scandlines AG - Member of the Board, Managing Director of Scandlines Deutschland GmbH, as well as Scandlines Danmark AS, Commercial Director at United European Car Carriers AS, as well as various managerial functions in Volkswagen AG and in Island View Shipping in South Africa. Hybrid bond The Board of Directors of Finnlines Plc resolved to issue a hybrid bond in order to strengthen the Group's capital structure on 23 March. The principal amount of the bond was EUR 21 million and the coupon of the bond is 12 per cent per annum. The bond has no maturity but the company may redeem the securities after three years or at any time in certain events including issue of new shares. The bond was placed with the Company's two main shareholders. Following the successful share issue in June, the Board decided that the hybrid bond together with accrued interest will be redeemed on 4 August, 2009. Annual General Meeting The Annual General Meeting approved the Financial Statements and discharged the company's officers from liability for the financial year 2008. It was decided that no dividend shall be paid for the year 2008. The meeting decided that the number of Board Members be six. Current Board Members were re-elected; Mr Emanuele Grimaldi, Mr Gianluca Grimaldi, Mr Diego Pacella, Mr Antti Pankakoski, Mr Olav K. Rakkenes and Mr Jon-Aksel Torgersen. The yearly compensation to the Board will remain unchanged as follows: the chairman EUR 50,000, the vice-chairman EUR 40,000 and the member EUR 30,000. Deloitte & Touche Oy was re-elected as the Company's auditor for the fiscal year 2009. The Board of Directors was authorized to resolve on the issuance of shares in one or several instalments. The Board of Directors may, on the basis of the authorization, resolve on the issuance of shares in one or several instalments, so that the aggregate number of shares to be issued shall not exceed 20,000,000 shares. The Board of Directors can decide on all the conditions of the issuance of shares. The issuance of shares may be carried out in deviation from the shareholders' pre-emptive rights (directed issue). The authorization is valid until the next Annual General Meeting. The share issue authorization granted to the Board of Directors by the previous Annual General Meeting 20 May, 2008 was cancelled. The Annual General Meeting decided to amend § 10 of the Articles of Association of the Company as follows: “The Shareholders' Meeting shall be announced in a national newspaper chosen by the Board, no earlier than three months before the Shareholders' Meeting and no later than 21 days before the Shareholders' Meeting.” Share issue On 26 May, 2009 the Board of Directors of Finnlines resolved upon a rights issue, in which the Company offered up to 6,781,993 Company shares to be subscribed for by the shareholders based on their pre-emptive subscription rights so that each shareholder of the Company had the pre-emptive right to subscribe for new shares for the subscription price of EUR 5.50 per share in proportion to the number of shares in the Company they already hold. The total maximum amount of the rights issue amounted to up to EUR 37.3 million. The shares offered for subscription in the Rights Issue represent at maximum approximately 16.7 per cent of the total number of the Company's shares prior to the rights issue. The shares were offered to the shareholders of the Company for subscription in proportion to their shareholdings on 29 May 2009. Each shareholder received one subscription right for each share. The Subscription Rights were subject to public trading on NASDAQ OMX Helsinki Ltd. during the period 4 June - 10 June 2009. A holder of the subscription rights was entitled to subscribe for one new share for every six subscription rights. The subscription period commenced on 4 June 2009 and expired on 17 June 2009. Grimaldi Group had undertaken to ensure that new shares are subscribed in the rights issue amounting to a value of EUR 24,221,659. The subscription undertaking given by Grimaldi Group, concerned 4,403,938 New Shares. The reason for the rights issue was the repayment of the hybrid bond which the Company issued in spring 2009, the strengthening of the Company's capital structure and the working capital financing. The prospectus in accordance with the Finnish Securities Market Act relating to the offering was published at the beginning of June 2009. In the rights issue 6,129,079 shares were subscribed. The amount corresponds to 90.4 percent of the offered shares. The gross proceeds raised by Finnlines Plc in the rights issue were EUR 33,709,935. Shares subscribed for in the offering were subject to public trading on the NASDAQ OMX Helsinki Ltd. during 18-25 June 2009 as interim shares. The new 6,129,079 Finnlines Plc shares subscribed for were registered with the Finnish Trade Register on 25 June 2009. The new shares carry shareholders´ rights from the date of registration. The new shares were taken to public trading on NASDAQ OMX Helsinki Ltd. together with the old shares on 26 June 2009. Following the registration of the new shares with the Trade Register, the number of Finnlines Plc's shares amounts to 46,821,037 shares and share capital to EUR 93,642,074. Special audit The County Administrative Board of Southern Finland appointed Hannu Niilekselä (APA) to perform the special audit of accounts and administration of Finnlines Plc for the reporting period from 1 January, 2007 to 31 December 2007. The special audit relates to the following matters and operations: - group contributions granted to subsidiaries - audit of the fact that no group contribution has been granted from subsidiaries to the parent company - dividends paid by subsidiaries to the parent company - investment programme - the sale of two vessels by parent company to subsidiaries. The County Administrative Board rejected Ilmarinen's application in respect of applying special audit to cover the accounts and administration as whole for the reporting period from 1 January, 2007 to 31 December 2007, only above mentioned matters should be included in special audit. At the end of June 2009 the audit was going on. Fairway dues The Administrative Court of Helsinki has rendered three decisions, today final, based on which it can be firmly argued that the Acts on the fairway dues in force until 1 January 2006 were not in accordance with the Community legislation. On the basis of this, the company has applied for refund of fairway dues for 2005, amounting to EUR 2.7 million. This sum is supposed to be refunded during autumn 2009 and is booked during the first quarter in other operating income. Finnlines will also apply for refund for other years for which the documents are available. At this stage, no estimates of the amounts nor the handling time can be given. Financial performance April-June 2009 During April-June the Finnlines Group recorded revenue totalling EUR 124.4 (199.0 in 2008) million. Shipping and Sea Transport Services generated revenue amounting to EUR 111.5 (173.4) million and Port Operations EUR 18.7 (33.5) million. Other income from operations amounted to EUR 8.0 (0.5) million, including sales gain amounting EUR 4.4 million from the sales of vessel MS Finnhansa, sales gain EUR 1.9 million from the sales of subsidiary shares and sales gain of 1.2 million from the sales of apartments and warehouses. Profit before depreciation and amortisation (EBITDA) was EUR 15.0 (32.4) million. Result before interest and taxes (EBIT) was EUR -0.3 (17.5) million. Financial income was EUR 0.4 (2.1) million and financial expenses totalled EUR -7.1 (-8.9) million. Result before taxes (EBT) was EUR -7.1 (10.7) million. January-June 2009 The Finnlines Group recorded revenue totalling EUR 241.8 (384.0 in 2008) million. Shipping and Sea Transport Services generated revenue amounting to EUR 214.8 (333.4) million and Port Operations EUR 38.9 (65.9) million. Other income from operations amounted to EUR 11.7 (1.1) million, including EUR 2.7 million from the fairway dues of 2005 and a, sales gain of EUR 0.6 million from the sale of a small port operation booked as income for the first quarter and the items in the second quarter reported above. Profit before depreciation and amortisation (EBITDA) was EUR 14.9 million (60.3). Result before interest and taxes (EBIT) was EUR -16.4 (31.5) million. Financial income was EUR 1.6 (3.2) million and financial expenses totalled EUR -18.9 (-18.5) million. Result before taxes (EBT) was EUR -33.7 (16.2) million. Earnings per share (EPS) were EUR -0.72 (0.33). Return on equity (ROE) was -13.2 (6.1) % and return on investment (ROI) was -2.4 (5.5) %. Investments and financing The Group's investments were EUR 15.8 (147.9) million. Interest-bearing net debt amounted to EUR 848.2 (843.4) million. Hybrid bond is treated as a short term liability in the balance sheet after the decision to redeem it on August 4, 2009. The equity ratio calculated from the balance sheet was 28.6 (29.2) %. Gearing was 192.6 (189.1) %. The liquidity of the company was good. Cash and deposits amounted to EUR 67 million and unused committed working capital credits amounted to EUR 57 million (not including the undrawn committed credits for newbuildings amounting EUR 123 million). Personnel The Group employed an average of 2,285 (2,388) persons during the period, consisting of 1,325 (1,469) persons on shore and 960 (919) persons at sea. Group structure The Group has started a significant process to merge group companies and businesses in order to make savings in administration and personnel. The Finnlines share The Company's registered share capital on 30 June, 2009 was EUR 93,642,074 divided into 46,821,037 shares. A total of 0.6 (5.5) million Finnlines shares were traded on the NASDAQ OMX Helsinki Ltd. during the period. The market capitalisation of the Company's stock at the end of June was EUR 267.3 (553.4) million. Earnings per share (EPS) during the period were EUR -0.72 (0.33). Shareholders' equity per share was EUR 9.39 (10.92). Risks There is no material changes in the risks disclosed in the notes to the financial statements 2008. Litigation During the night from 28 to 29 March 2009, there was an oil spill on MS Finneagle, a vessel owned by the Company, while she was heading from Kapellskär to Naantali. As a result, approximately 4 m3 of light fuel oil was leaked from the vessel into the sea between the Åland Sea and the Port of Naantali. The Finnish authorities initiated investigations on 30 March 2009 and the investigation is still pending. The vessel or the Company has not received any notice or information on any environmental damage. The Company immediately started its own investigations and is working in cooperation with the authorities in order to clarify the matter. Possible damages are covered by the Company's P&I Insurance. Outlook for the remaining part of 2009 The rapidly deteriorated economic conditions in Europe and the whole world impacted Finnlines operations during the first half of the year. The Company has responded to the sharply dropped cargo volumes by rationalizing and employing the tonnage in a much more efficient way, cost-saving initiatives, personnel adjustments and divestments. The market conditions are supposed to remain weak for the rest of the year. However, the company will benefit from the continuing measures of cost-efficiency on the major fields of cost drivers, synergies found on a total Group level, chartering out excessive tonnage and redelivery of tonnage by the end of the year. The savings from these actions will mostly be shown in the result during the remaining part of 2009. The Company expects that the improvement in the earnings which has taken place in the second quarter compared to the first quarter will continue for the remaining part of the year. The next interim report for the 3rd quarter and 1 January - 30 September 2009 will be published on 4 November 2009. Finnlines Plc The Board of Directors ENCLOSURES -Group income statement -Balance Sheet -Changes in Shareholders Equity -Cash Flow Statement -Revenue and result by business segment -Property, plant and equipment -Financial indicators -Contingencies and Commitments -Revenue and result by quarter DISTRIBUTION NASDAQ OMX Helsinki Ltd. Main media All figures unaudited -------------------------------------------------------------------------------- | GROUP INCOME STATEMENT,IFRS | | | | -------------------------------------------------------------------------------- | EUR 1,000 | 1 Jan - | 1 Jan - | 1 Jan - | | | 30 Jun, 2009 | 30 Jun, 2008 | 31 Dec, 2008 | -------------------------------------------------------------------------------- | Revenue | 241,762 | 384,049 | 735,747 | -------------------------------------------------------------------------------- | Other income from operations | 11,742 | 1,140 | 2,429 | -------------------------------------------------------------------------------- | Materials and services | -73,843 | -131,394 | -258,187 | -------------------------------------------------------------------------------- | Personnel expenses | -56,400 | -60,042 | -122,944 | -------------------------------------------------------------------------------- | Depreciation, | -31,235 | -28,816 | -62,690 | | amortisation | | | | | and other write-offs | | | | -------------------------------------------------------------------------------- | Other operating expenses | -108,411 | -133,406 | -258,912 | -------------------------------------------------------------------------------- | Total operating expenses | -269,889 | -353,658 | -702,732 | -------------------------------------------------------------------------------- | Resultbefore interest and taxes | -16,385 | 31,531 | 35,443 | | (EBIT) | | | | -------------------------------------------------------------------------------- | Financial income | 1,580 | 3,184 | 3,422 | -------------------------------------------------------------------------------- | Financial expense | -18,908 | -18,495 | -42,039 | -------------------------------------------------------------------------------- | Reslult before taxes | -33,713 | 16,219 | -3,174 | -------------------------------------------------------------------------------- | Income taxes | 4,682 | -2,757 | 4,145 | -------------------------------------------------------------------------------- | Result for the reporting period | -29,031 | 13,462 | 971 | -------------------------------------------------------------------------------- | Other comprehensive income: | | | | -------------------------------------------------------------------------------- | Exchange differences on | -150 | 75 | 227 | | translating foreign operations | | | | -------------------------------------------------------------------------------- | Change in hedging reserve | -329 | -4,053 | 347 | -------------------------------------------------------------------------------- | Other changes in revaluations | | | 1,481 | -------------------------------------------------------------------------------- | Income tax relating to | 86 | 1,054 | -90 | | components of other | | | | | comprehensive income | | | | -------------------------------------------------------------------------------- | TOTAL COMPREHENSIVE INCOME | -29,424 | 10,538 | 2,936 | -------------------------------------------------------------------------------- | Result attributable to: | | | | -------------------------------------------------------------------------------- | Parent company shareholders | -28,940 | 13,234 | 507 | -------------------------------------------------------------------------------- | Non-controlling interest | -91 | 228 | 464 | -------------------------------------------------------------------------------- | | -29,031 | 13,462 | 971 | -------------------------------------------------------------------------------- | Total comprehensive income | | | | | attributable to: | | | | -------------------------------------------------------------------------------- | Parent company shareholders | -29,333 | 10,310 | 2,471 | -------------------------------------------------------------------------------- | Non-controlling interest | -91 | 228 | 464 | -------------------------------------------------------------------------------- | | -29,424 | 10,538 | 2,936 | -------------------------------------------------------------------------------- | Result attributable to parent | | | | | company shareholders calculated | | | | | as earnings per share | | | | | (EUR/share) | | | | -------------------------------------------------------------------------------- | Undiluted earnings per share | -0.72 | 0.33 | 0.01 | -------------------------------------------------------------------------------- | Diluted earnings per share | -0.72 | 0.33 | 0.01 | -------------------------------------------------------------------------------- | Average number of shares: | | | | -------------------------------------------------------------------------------- | Undiluted | 40,962,857 | 40,691,958 | 40,691,958 | -------------------------------------------------------------------------------- | Diluted | 40,962,857 | 40,691,958 | 40,691,958 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | GROUP BALANCE SHEET, IFRS | | | | -------------------------------------------------------------------------------- | EUR 1,000 | 30 Jun, 2009 | 30 Jun, 2008 | 31 Dec, 2008 | -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- | Non-current assets | | | | -------------------------------------------------------------------------------- | Property, plant and equipment | 1 260,994 | 1,259,526 | 1,311,969 | -------------------------------------------------------------------------------- | Goodwill | 105,644 | 108,660 | 105,644 | -------------------------------------------------------------------------------- | Other intangible assets | 12,607 | 8,945 | 12,947 | -------------------------------------------------------------------------------- | Investment properties | 1,578 | 1,582 | 1,580 | -------------------------------------------------------------------------------- | Share of associated companies | 1,526 | 1,526 | 1,526 | -------------------------------------------------------------------------------- | Other financial assets | 4,547 | 4,797 | 4,793 | -------------------------------------------------------------------------------- | Receivables | 3,445 | 3,560 | 3,848 | -------------------------------------------------------------------------------- | Deferred tax assets | 3,213 | 2,961 | 2,734 | -------------------------------------------------------------------------------- | | 1,393,555 | 1,391,557 | 1,445,041 | -------------------------------------------------------------------------------- | Current assets | | | | -------------------------------------------------------------------------------- | Inventories | 5,560 | 9,086 | 5,252 | -------------------------------------------------------------------------------- | Accounts receivable and other | 76,286 | 106,666 | 73,474 | | receivables | | | | -------------------------------------------------------------------------------- | Income tax receivables | 32 | 26 | 76 | -------------------------------------------------------------------------------- | Bank and cash | 67,037 | 19,520 | 10,509 | -------------------------------------------------------------------------------- | | 148,915 | 135,297 | 89,312 | -------------------------------------------------------------------------------- | Total assets | 1,542,470 | 1,526,854 | 1,534,352 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHAREHOLDER'S EQUITY | | | | -------------------------------------------------------------------------------- | Equity attributable to parent | | | | | company shareholders | | | | -------------------------------------------------------------------------------- | Share capital | 93,642 | 81,384 | 81,384 | -------------------------------------------------------------------------------- | Share issue | | | | -------------------------------------------------------------------------------- | Share premium account | 24,525 | 24,525 | 24,525 | -------------------------------------------------------------------------------- | Fair value reserve | -3,050 | -7,543 | -2,807 | -------------------------------------------------------------------------------- | Translation differences | 229 | 227 | 379 | -------------------------------------------------------------------------------- | Unrestricted equity reserve | 21,025 | | | -------------------------------------------------------------------------------- | Retained earnings | 303,230 | 345,654 | 332,927 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 439,601 | 444,247 | 436,409 | -------------------------------------------------------------------------------- | Non-controlling interest | 853 | 1,762 | 1,531 | -------------------------------------------------------------------------------- | Total equity | 440,455 | 446,009 | 437,940 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES | | | | -------------------------------------------------------------------------------- | Long-term liabilities | | | | -------------------------------------------------------------------------------- | Deferred tax liabilities | 91,910 | 105,939 | 96,835 | -------------------------------------------------------------------------------- | Interest-free liabilities | 700 | 2,383 | 370 | --------------------------------------------------------------------------------| Pension liabilities | 2,327 | 2,443 | 3,026 | -------------------------------------------------------------------------------- | Provisions | 4,277 | 2,282 | 4,277 | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 757,751 | 742,200 | 789,692 | -------------------------------------------------------------------------------- | | 856,966 | 855,247 | 894,201 | -------------------------------------------------------------------------------- | Current liabilities | | | | -------------------------------------------------------------------------------- | Accounts payable and other | 85,459 | 104,958 | 78,293 | | liabilities | | | | -------------------------------------------------------------------------------- | Income tax liabilities | 144 | 232 | 110 | -------------------------------------------------------------------------------- | Provisions | 1,913 | 1,169 | 2,930 | -------------------------------------------------------------------------------- | Current interest-bearing | 157,534 | 119,239 | 120,878 | | liabilities | | | | -------------------------------------------------------------------------------- | | 245,050 | 225,598 | 202,212 | -------------------------------------------------------------------------------- | Total liabilities | 1,102,015 | 1,080,845 | 1,096,412 | -------------------------------------------------------------------------------- | Total equity and liabilities | 1,542,470 | 1,526,854 | 1,534,352 | -------------------------------------------------------------------------------- GROUP STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY 2008 -------------------------------------------------------------------------------- | 2008 | Equity attributable to parent company shareholders | -------------------------------------------------------------------------------- | EUR 1,000 | Share | Share | Translati | Fair value | Retained | | | capital | issue | on | reserves | earnings | | | | premium | differenc | | | | | | | es | | | -------------------------------------------------------------------------------- | Shareholders' | 81,384 | 24,525 | 152 | -4,544 | 332,601 | | equity 1 | | | | | | | January, 2008 | | | | | | -------------------------------------------------------------------------------- | Total | | | 75 | -2,999 | 13,234 | | comprehensive | | | | | | | income for the | | | | | | | year | | | | | | -------------------------------------------------------------------------------- | Dividend | | | | | -180 | -------------------------------------------------------------------------------- | Shareholders' | 81,384 | 24,525 | 227 | -7,543 | 345,654 | | equity 30 | | | | | | | June, 2008 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 2008 | | | | | -------------------------------------------------------------------------------- | EUR 1,000 | Hybrid | Total | Non-controll | Total | | | bond | | ing interest | shareholders' | | | | | | equity | -------------------------------------------------------------------------------- | Shareholders' | | 434,118 | 1,534 | 435,652 | | equity 1 | | | | | | January, 2008 | | | | | -------------------------------------------------------------------------------- | Total | | 10,310 | 228 | 10,538 | | comprehensive | | | | | | income for the | | | | | | year | | | | | -------------------------------------------------------------------------------- | Dividend | | -180 | | -180 | -------------------------------------------------------------------------------- | Shareholders' | | 444,247 | 1,762 | 446,009 | | equity 30 June, | | | | | | 2008 | | | | | -------------------------------------------------------------------------------- GROUP STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY 2009 -------------------------------------------------------------------------------- | 2009 | Equity attributable to parent company shareholders | | -------------------------------------------------------------------------------- | EUR 1,000 | Share | Share | Translat | Fair value | Unres | | | | capita | issue | ion | reserves | tricted | | | | l | premium | differen | | equity | | | | | | ces | | reserve | | -------------------------------------------------------------------------------- | Shareholde | 81,384 | 24,525 | 379 | -2,807 | | | | rs' equity | | | | | | | | 1 January, | | | | | | | | 2009 | | | | | | | -------------------------------------------------------------------------------- | Total | | | -150 | -244 | | | | comprehens | | | | | | | | ive income | | | | | | | | for the | | | | | | | | year | | | | | | | -------------------------------------------------------------------------------- | Share | 12,258 | | | | 21,025 | | | issue | | | | | | | -------------------------------------------------------------------------------- | Hybrid | | | | | | | | bond | | | | | | | | interest | | | | | | | -------------------------------------------------------------------------------- | Dividend | | | | | | | -------------------------------------------------------------------------------- | Shareholde | 93,642 | 24,525 | 229 | -3,051 | 21,025 | | | rs' equity | | | | | | | | 30 June, | | | | | | | | 2009 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 2009 | | | | | | -------------------------------------------------------------------------------- | EUR 1,000 | Retained | Hybrid | Total | Non-control | Total | | | earnings | bond | | ling | shareholders' | | | | | | interest | equity | -------------------------------------------------------------------------------- | Shareholde | 332,927 | | 436,409 | 1 531 | 437,940 | | rs' equity | | | | | | | 1 January, | | | | | | | 2009 | | | | | | -------------------------------------------------------------------------------- | Total | ´ | | -29,333 | -91 | -29,424 | | comprehens | -28,940 | | | | | | ive income | | | | | | | for the | | | | | | | year | | | | | | -------------------------------------------------------------------------------- | Share | | | 33,283 | | 33 283 | | issue | | | | | | -------------------------------------------------------------------------------- | Issue of | | 20,906 | 20,906 | | 20,906 | | hybrid | | | | | | | bond | | | | | | -------------------------------------------------------------------------------- | Transfer | | -20,906 | -20,906 | | -20,906 | | to short | | | | | | | term loans | | | | | | -------------------------------------------------------------------------------- | Hybrid | -757 | | -757 | | -757 | | bond | | | | | | | interest | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Decrease | | | | -96 | -96 | | in | | | | | | | interest | | | | | | | in | | | | | | | subsidiary | | | | | | -------------------------------------------------------------------------------- | Dividend | | | | -490 | -490 | -------------------------------------------------------------------------------- | Shareholde | 303,230 | | 439,601 | 853 | 440,454 | | rs' equity | | | | | | | 30 June, | | | | | | | 2009 | | | | | | -------------------------------------------------------------------------------- CONSOLIDATED CASH FLOW STATEMENT, IFRS -------------------------------------------------------------------------------- | EUR 1,000 | 1 Jan- | 1 Jan- | 1 Jan- | | | 30 Jun, | 30 Jun, 2008 | 31 Dec, 2008 | | | 2009 | | | -------------------------------------------------------------------------------- | Cash flow from operations | | | | -------------------------------------------------------------------------------- | Profit for reporting period | -29,031 | 13,462 | 971 | -------------------------------------------------------------------------------- | Adjustments: | | | | -------------------------------------------------------------------------------- | Non-cash transactions | 23,478 | 28,287 | 64,508 | -------------------------------------------------------------------------------- | Financial income and | 17,328 | 15,311 | 35,672 | | expenses | | | | -------------------------------------------------------------------------------- | Taxes | -4,682 | 2,757 | -4,145 | -------------------------------------------------------------------------------- | Changes in working capital: | | | | -------------------------------------------------------------------------------- | Change in accounts | -592 | -12,902 | 17,446 | | receivable and other | | | | | receivables | | | | -------------------------------------------------------------------------------- | Change in inventories | -307 | -2,178 | 1,866 | -------------------------------------------------------------------------------- | Change in accounts | 2,890 | -3 259 | -20,434 | | payable and other | | | | | liabilities | | | | -------------------------------------------------------------------------------- | Change in provisions | -1,632 | 580 | 3,230 | -------------------------------------------------------------------------------- | Interest paid | -13,199 | -10,346 | -34,101 | -------------------------------------------------------------------------------- | Interest received | 179 | 572 | 1,383 | -------------------------------------------------------------------------------- | Taxes paid | -601 | -827 | -2,747 | -------------------------------------------------------------------------------- | Other financing items | -890 | -1,122 | -1,261 | -------------------------------------------------------------------------------- | Net cash flow from operating | -7,059 | 30,335 | 62,387 | | activities | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from investing | | | | | activities | | | | -------------------------------------------------------------------------------- | Acquisition of subsidiaries | | | -194 | -------------------------------------------------------------------------------- | Investments in tangible and | -13,751 | -147,927 | -235,849 | | intangible assets | | | | -------------------------------------------------------------------------------- | Sale of tangible assets | 41,162 | 610 | 1,537 | -------------------------------------------------------------------------------- | Disposal of subsidiaries | -89 | | | -------------------------------------------------------------------------------- | Proceed sale of investments | 796 | | | -------------------------------------------------------------------------------- | Dividends received | 3 | 6 | 5 | -------------------------------------------------------------------------------- | Net cash used in investing | 28,123 | -147,311 | -234,501 | | activities | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from financing | | | | | activities | | | | -------------------------------------------------------------------------------- | Proceeds from issue of equity | 33,283 | | | -------------------------------------------------------------------------------- | Loan withdrawals | | 189,000 | 280,267 | -------------------------------------------------------------------------------- | Net increase in current | 19,150 | -29,774 | -45,867 | | interest-bearing liabilities | | | | -------------------------------------------------------------------------------- | Repayment of loans | -37,704 | -49,804 | -78,700 | -------------------------------------------------------------------------------- | Increase / decrease in | 362 | 343 | 694 | | long-term receivables | | | | -------------------------------------------------------------------------------- | Dividends paid | -540 | -180 | -647 | -------------------------------------------------------------------------------- | Hybrid bond | 20,906 | | | -------------------------------------------------------------------------------- | Net cash flow used in financing | 35,455 | 109,585 | 155,747 | | activities | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in cash and cash | 56,519 | -7,391 | -16,367 | | equivalents | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents 1 | 10,509 | 26,913 | 26,913 | | January | | | | -------------------------------------------------------------------------------- | Effect of foreign exchange rate | 9 | -2 | -37 | | changes | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents 30 | 67,037 | 19,520 | 10,509 | | June | | | | -------------------------------------------------------------------------------- REVENUE AND RESULT BY BUSINESS SEGMENTS -------------------------------------------------------------------------------- | | 1 Jan - | | 1 Jan | | 1 Jan -31 | | | | 30 Jun, | | -30 Jun, | | Dec, | | | | 2009 | | 2008 | | 2008 | | -------------------------------------------------------------------------------- | | EUR | % | EUR | % | EUR | % | | | 1,000 | | 1,000 | | 1,000 | | -------------------------------------------------------------------------------- | Shipping and | 214,825 | 88.9 | 333,391 | 86.8 | 643,666 | 87.5 | | sea transport | | | | | | | -------------------------------------------------------------------------------- | Port | 38,884 | 16.1 | 65,901 | 17.2 | 122,150 | 16.6 | | operations | | | | | | | -------------------------------------------------------------------------------- | Eliminations | -11,946 | -4.9 | -15,243 | -4.0 | -30,069 | -4.1 | | (intragroup) | | | | | | | -------------------------------------------------------------------------------- | External sales | 241,762 | 100.0 | 384,049 | 100.0 | 735,747 | 100.0 | -------------------------------------------------------------------------------- | Result before | | | | | | | | interest and | | | | | | | | taxes (EBIT) | | | | | | | -------------------------------------------------------------------------------- | Shipping and | -6,309 | | 30,286 | | 47,849 | | | sea | | | | | | | | transport*) | | | | | | | -------------------------------------------------------------------------------- | Port | -10,076 | | 1,244 | | -12,406 | | | operations | | | | | | | -------------------------------------------------------------------------------- | Result before | -16,385 | | 31,531 | | 35,443 | | | interest and | | | | | | | | taxes | | | | | | | | (EBIT)total | | | | | | | -------------------------------------------------------------------------------- | Financial | -17,328 | | -15,311 | | -38,617 | | | items | | | | | | | -------------------------------------------------------------------------------- | Result before | -33,713 | | 16,219 | | -3,174 | | | taxes | | | | | | | -------------------------------------------------------------------------------- | Income taxes | 4,682 | | -2,757 | | 4,145 | | -------------------------------------------------------------------------------- | Result for | -29,031 | | 13,462 | | 971 | | | reporting | | | | | | | | period | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- *)Based on the legally binding decision of the Helsinki Admistrative Court, Custom Districts have collected incorrect fairway dues until 2006. On the basis of the decision, the company has applied for refund of fairway dues for 2005, amounting to EUR 2,7 million. This sum is included in the result of Shipping and Sea Transport Services. PROPERTY, PLANT AND EQUIPMENT -------------------------------------------------------------------------------- | EUR 1,000 | Land | Buildin | Vessels | Machiner | Advance | Total | | | | gs | and ship | y and | payments | | | | | | shares | equipmen | and | | | | | | | t | acquisit | | | | | | | | ions | | | | | | | | under | | | | | | | | constr. | | -------------------------------------------------------------------------------- | Reporting | | | | | | | | period | | | | | | | | starting 1 | | | | | | | | January, | | | | | | | | 2008 | | | | | | | -------------------------------------------------------------------------------- | Acquisition | 339 | 44,739 | 1,164,970 | 81,819 | 117,014 | 1,408,881 | | cost 1 | | | | | | | | January | | | | | | | -------------------------------------------------------------------------------- | Exchange | | -1 | | -141 | | -141 | | rate | | | | | | | | differences | | | | | | | -------------------------------------------------------------------------------- | Increases | | 17 | 123,668 | 1,093 | 23,060 | 147,837 | -------------------------------------------------------------------------------- | Disposals | | -58 | -1,141 | -2,389 | -7 | -3,594 | -------------------------------------------------------------------------------- | Reclassifica | | | | 74 | -74 | | | tion | | | | | | | -------------------------------------------------------------------------------- | Acquisition | 339 | 44,697 | 1,287,498 | 80,456 | 139,993 | 1,552,982 | | cost 30 | | | | | | | | June, 2008 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Accumulated | | -29,246 | -190,558 | -49,501 | | -269,305 | | depreciation | | | | | | | | , | | | | | | | | amortisation | | | | | | | | and | | | | | | | | write-offs 1 | | | | | | | | Jan | | | | | | | -------------------------------------------------------------------------------- | Exchange | | | | 109 | | 109 | | rate | | | | | | | | differences | | | | | | | -------------------------------------------------------------------------------- | Cumulative | | 43 | 1,092 | 2,379 | | 3,513 | | depreciation | | | | | | | | on | | | | | | | | reclassifica | | | | | | | | tions and | | | | | | | | disposals | | | | | | | -------------------------------------------------------------------------------- | Depreciation | | -1,448 | -23,303 | -3,023 | | -27,774 | | for the | | | | | | | | reporting | | | | | | | | period | | | | | | | -------------------------------------------------------------------------------- | Accumulated | | -30,651 | -212,769 | -50,036 | | -293,457 | | depreciation | | | | | | | | , | | | | | | | | amortisation | | | | | | | | and | | | | | | | | write-offs | | | | | | | | 30 Jun | | | | | | | -------------------------------------------------------------------------------- | Book value | 339 | 14,046 | 1,074,729 | 30,420 | 139,993 | 1 259,526 | | 30 June, | | | | | | | | 2008 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Reporting | | | | | | | | period | | | | | | | | starting 1 | | | | | | | | January, | | | | | | | | 2009 | | | | | | | -------------------------------------------------------------------------------- | Acquisition | 339 | 106,638 | 1,289,692 | 109,526 | 125,401 | 1,631,596 | | cost 1 | | | | | | | | January | | | | | | | -------------------------------------------------------------------------------- | Exchange | | 13 | | 465 | | 478 | | rate | | | | | | | | differences | | | | | | | -------------------------------------------------------------------------------- | Increases | | 1,025 | 9,963 | 2,735 | 1,217 | 14,939 | -------------------------------------------------------------------------------- | Disposals | -36 | -22,489 | -49,109 | -2,847 | -41 | -74,521 | -------------------------------------------------------------------------------- | Reclassifica | | | 3,873 | | -3,873 | | | tions | | | | | | | -------------------------------------------------------------------------------- | Acquisition | 303 | 85,186 | 1,254,420 | 109,878 | 122,704 | 1,572,491 | | cost 30 June | | | | | | | | 2009 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Accumulated | | -32,222 | -237,395 | -50,010 | | -319,627 | | depreciation | | | | | | | | , | | | | | | | | amortisation | | | | | | | | and | | | | | | | | write-offs 1 | | | | | | | | Jan | | | | | | | -------------------------------------------------------------------------------- | Exchange | | -4 | | -167 | | -171 | | rate | | | | | | | | differences | | | | | | | -------------------------------------------------------------------------------- | Cumulative | | 22,109 | 13,732 | 2,479 | | 38,319 | | depreciation | | | | | | | | on | | | | | | | | reclassifica | | | | | | | | tions and | | | | | | | | disposals | | | | | | | -------------------------------------------------------------------------------- | Depreciation | | -1,595 | -24,699 | -3,725 | | -30,019 | | for the | | | | | | | | reporting | | | | | | | | period | | | | | | | -------------------------------------------------------------------------------- | Accumulated | | -11,712 | -248,362 | -51,424 | | -311,498 | | depreciation | | | | | | | | , | | | | | | | | amortisation | | | | | | | | and | | | | | | | | write-offs | | | | | | | | 30 Jun | | | | | | | -------------------------------------------------------------------------------- | Book value | 303 | 73,474 | 1,006,058 | 58,454 | 122,704 | 1,260,994 | | 30 June, | | | | | | | | 2009 | | | | | | | -------------------------------------------------------------------------------- FINANCIAL INDICATORS -------------------------------------------------------------------------------- | | 1 Jan - 30 | 1 Jan - 30 | 1 Jan - 31 | | | Jun, 2009 | Jun, 2008 | Dec, 2008 | -------------------------------------------------------------------------------- | Result before interest and | -6.8 | 8.2 | 4.8 | | taxes (EBIT)as % of | | | | | revenue | | | | -------------------------------------------------------------------------------- | ROE, % | -13.2 | 6.1 | 0.2 | -------------------------------------------------------------------------------- | ROI, % | -2.4 | 5.5 | 2.9 | -------------------------------------------------------------------------------- | Gearing, % | 192.6 | 189.1 | 205.5 | -------------------------------------------------------------------------------- | Gross capital | 15.8 | 147.9 | 236.3 | | expenditure, MEUR | | | | -------------------------------------------------------------------------------- | % of revenue | 6.5 | 38.5 | 32.1 | -------------------------------------------------------------------------------- | Equity ratio, % | 28.6 | 29.2 | 28.5 | -------------------------------------------------------------------------------- | Shareholders' | 9.39 | 10.92 | 10.72 | | equity/share, EUR | | | | -------------------------------------------------------------------------------- | Number of shares during | 40,963 | 40,692 | 40,692 | | period, average (1000) | | | | -------------------------------------------------------------------------------- | Number of shares at | 46,821 | 40,692 | 40,692 | | end of period (1000) | | | | -------------------------------------------------------------------------------- | Market capitalisation, | 267.3 | 553.4 | 262.5 | | EUR million | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Average personnel | | | | -------------------------------------------------------------------------------- | Shore-based personnel | 1,325 | 1,469 | 1,464 | -------------------------------------------------------------------------------- | Sea-borne personnel | 960 | 919 | 972 | -------------------------------------------------------------------------------- | Personnel total | 2,285 | 2,388 | 2,436 | -------------------------------------------------------------------------------- When calculating EPS the interest of the hybrid bond is deducted from the result. Otherwise, financial ratios have been calculated according to the same principles as in financial statements 2008. CONTINGENCIES AND COMMITMENTS -------------------------------------------------------------------------------- | EUR 1,000 | 30 Jun, | 30 Jun, 2008 | 31 Dec, 2008 | | | 2009 | | | -------------------------------------------------------------------------------- | Minimum lease payable in | | | | | relation to fixed-term leases: | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Vessel leases (Group as | | | | | lessee): | | | | -------------------------------------------------------------------------------- | Within 12 months | 53,501 | 64,125 | 69,861 | -------------------------------------------------------------------------------- | 1-5 years | 62,329 | 80,428 | 83,485 | -------------------------------------------------------------------------------- | | 115,830 | 144,553 | 153,346 | -------------------------------------------------------------------------------- | Vessel leases (Group as | | | | | lessor): | | | | -------------------------------------------------------------------------------- | Within 12 months | 10,585 | 8,475 | 7,214 | -------------------------------------------------------------------------------- | 1-5 years | | 4,543 | 1,829 | -------------------------------------------------------------------------------- | | 10,585 | 13,018 | 9,043 | -------------------------------------------------------------------------------- | Other leases: | | | | -------------------------------------------------------------------------------- | Within 12 months | 6,951 | 6,219 | 7,557 | -------------------------------------------------------------------------------- | 1-5 years | 20,939 | 20,732 | 21,947 | -------------------------------------------------------------------------------- | After five years | 19,137 | 40,256 | 25,917 | -------------------------------------------------------------------------------- | | 47,027 | 67,207 | 55,421 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR 1,000 | 30 Jun, | 30 Jun, 2008 | 31 Dec, 2008 | | | 2009 | | | -------------------------------------------------------------------------------- | Collateral given | | | | -------------------------------------------------------------------------------- | Loans secured by mortgages | | | | -------------------------------------------------------------------------------- | Loans from financial | 741,159 | 630,320 | 735,478 | | institutions | | | | -------------------------------------------------------------------------------- | Vessel mortgages provided as | 1,153,500 | 843,500 | 1,113,500 | | guarantees for the above loans | | | | -------------------------------------------------------------------------------- | Other guarantees given on | | | | | behalf of the Group | | | | -------------------------------------------------------------------------------- | Collateral | 1,665 | 1,675 | 2,875 | -------------------------------------------------------------------------------- | Mortgages | 606 | 606 | 606 | -------------------------------------------------------------------------------- | Other obligations | 119,802 | 182,101 | 120,627 | -------------------------------------------------------------------------------- | | 122,073 | 184,382 | 124,108 | -------------------------------------------------------------------------------- | Guarantees given on behalf of | | | | | subsidiaries | | | | -------------------------------------------------------------------------------- | Guarantees given on behalf of | 6,000 | 6,000 | 6,000 | | the subsidiaries | | | | -------------------------------------------------------------------------------- | Guarantees for rental contracts | 480 | | 480 | -------------------------------------------------------------------------------- | | 6,480 | 6,000 | 6,480 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 1,282,053 | 1,033,882 | 1,244,088 | -------------------------------------------------------------------------------- Open derivative instruments: -------------------------------------------------------------------------------- | 1000 EUR | 30 | 30 Jun, | 31 Dec, | 30 Jun, | 30 Jun, | 31 Dec, | | | Jun, | 2008 | 2008 | 2009 | 2008 | 2008 | | | 2009 | | | | | | -------------------------------------------------------------------------------- | | Fair value | Contract amount | -------------------------------------------------------------------------------- | Currency forwards | -840 | -7,559 | 317 | 41,610 | 59,883 | 29,405 | -------------------------------------------------------------------------------- | Interest rate | -5,055 | 1,484 | -2,886 | 120,000 | 120,000 | 120,000 | | swaps | | | | | | | -------------------------------------------------------------------------------- REVENUE AND RESULT BY QUARTER -------------------------------------------------------------------------------- | MEUR | Q1/09 | Q1/08 | Q2/09 | Q2/08 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shipping and sea | 103.3 | 160.0 | 111.5 | 173.4 | | transport | | | | | -------------------------------------------------------------------------------- | Port operations | 20.1 | 32.4 | 18.7 | 33.5 | -------------------------------------------------------------------------------- | Eliminations (intragroup) | -6.1 | -7.3 | -5.9 | -7.9 | -------------------------------------------------------------------------------- | External sales | 117.4 | 185.1 | 124.4 | 199.0 | -------------------------------------------------------------------------------- | Result before interest | | | | | | and taxes (EBIT) | | | | | -------------------------------------------------------------------------------- | Shipping and sea | -10.0 | 12.7 | 3.7 | 17.6 | | transport | | | | | -------------------------------------------------------------------------------- | Port operations | -6.0 | 1.3 | -4.1 | -0.1 | -------------------------------------------------------------------------------- | Result before interest | -16.0 | 14.0 | -0.3 | 17.5 | | and taxes (EBIT)total | | | | | -------------------------------------------------------------------------------- | Financial items | -10.6 | -8.5 | -6.7 | -6.8 | -------------------------------------------------------------------------------- | Result | -26.6 | 5.5 | -7.1 | 10.7 | | before taxes | | | | | -------------------------------------------------------------------------------- | Income taxes | 5.6 | -1.0 | -0.9 | -1.8 | -------------------------------------------------------------------------------- | Result for the reporting | -21.0 | 4.6 | -8.0 | 8.9 | | period | | | | | -------------------------------------------------------------------------------- | EPS (undiluted) | -0.52 | 0.11 | -0.21 | 0.22 | -------------------------------------------------------------------------------- | EPS (diluted) | -0.52 | 0.11 | -0.21 | 0.22 | -------------------------------------------------------------------------------- Related Party Transactions The Board of Directors of Finnlines Plc resolved to issue a hybrid bond in order to strengthen the Group's capital structure on 23 March. The principal amount of the bond was EUR 21 million and the coupon of the bond is 12 per cent per annum. The bond was targeted to main shareholders. Eur 18 million was subscribed by companies related to Grimaldi Group. In April Finnlines Plc's subsidiary Hanseatic Shipping sold MS Finnhansa to Grimaldi Group at the market price of EUR 40 million with a one month's notice call option for repurchase by Finnlines Plc at the same price. During Q2 Group has sublet three roro vesels to the Grimaldi Group. Subletting contracts are not exceeding one year's time and are done at current market price level. Otherwise there were no material related party transactions during the reporting period. Reporting The interim report includes a summary of the financial statements for the period in accordance with the IAS 34. This interim report is unaudited. Changes in Accounting Principles The Group started to report according to the IAS 1 standard, Presentation of Financial Statements, from reporting period beginning on 1 January 2009. The revised standard mainly change the way the financial statements are presented. Change in IAS 1 has an impact mainly on the presentation of the profit and loss account and the statement of changes in shareholders' equity. The Group investigated during 2008 the impact of the new IFRS 8 Operating Segments standard on the segment information to be published. According to IFRS 8, segment information to be presented has to be based on internal reporting provided to Group management and on the same accounting principles used in this reporting. Group management follows up the profitability of the business and makes the most important business and asset allocation decisions based on the segment structure used earlier. Thus adoption of IFRS 8 did not change the information to be presented notably. Segment information is based on the internal reporting structure of the Group. The Group started to apply the new standard as of 1 January 2009. Otherwise the accounting principles are the same as in the financial statements of 2008. |
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