2013-07-30 14:00:03 CEST
2013-07-30 14:01:05 CEST
REGULATED INFORMATION
Finnlines - Interim report (Q1 and Q3)
FINNLINES PLC INTERIM REPORT JANUARY – JUNE 2013 (unaudited)
Helsinki,Finland, 2013-07-30 14:00 CEST (GLOBE NEWSWIRE) -- Finnlines Plc Stock
Exchange Release 30 July 2013 at 15:00
INTERIM REPORT JANUARY - JUNE 2013 (unaudited)
SUMMARY
January - June 2013
-- Revenue EUR 283.6 million (EUR 309.6 million prev. year), decrease 8.4%
-- Result before interest, taxes, depreciation and amortisation (EBITDA) EUR
34.9 million (EUR 47.3 million), decrease 26.3%
-- Result for the reporting period EUR -10.0 million (EUR -0.1 million)
-- Earnings per share were -0.21 (0.00) EUR/ share
April - June 2013
-- Revenue EUR 149.7 million (EUR 164.6 million prev. year), decrease 9.0%
-- Result before interest, taxes, depreciation and amortisation (EBITDA) EUR
23.8 million (EUR 31.4 million), decrease 24.2%
-- Result for the reporting period EUR 0.9 million (EUR 5.7 million)
-- Earnings per share were 0.02 (0.12) EUR/ share
JANUARY - JUNE 2013 IN BRIEF
MEUR 1-6 1-6 4-6 2013 4-6 2012 1-12 2012
2013* 2012*
Revenue 283.6 309.6 149.7 164.6 609.3
Result before interest, taxes, 34.9 47.3 23.8 31.4 89.8
depreciation and amortisation
(EBITDA)
Result before interest and taxes 1.0 14.5 6.9 14.7 23.7
(EBIT)
% of revenue 0.4 4.7 4.6 8.9 3.9
Result for the reporting period -10.0 -0.1 0.9 5.7 -0.1
Earnings per share (EPS), EUR ** -0.21 0.00 0.02 0.12 0.00
Equity ratio, % 30.8 28.9 30.8 28.9 29.0
Gearing, % 187.9 206.3 187.9 206.3 204.9
Shareholders' equity/share, EUR 8.67 9.12 8.67 9.12 9.14
Calculation of key ratios is presented under 'Calculation of ratios'.
* The result for the first half-year of 2013 includes a non-recurring cost item
of about EUR 1.0 million related to general increases of the collective
agreement. The result for the first half-year of 2012 includes a non-recurring
compensation of EUR 3.4 million from the Jinling shipyard. The comparable
result before interest and taxes (EBIT) for January-June adjusted with above
mentioned items was EUR 2.0 (11.1) million.
** Key indicators per share have been adjusted with the share issue adjustment
factor.
FINNLINES' BUSINESS
Finnlines is one of the largest North-European liner shipping companies,
providing sea transport services mainly in the Baltic and the North Sea. In
addition to freight, the Company's ro-pax vessels carry passengers between five
countries and ten ports. The Company also provides port services in Helsinki,
Turku and Kotka. The company has subsidiaries or sales offices in Germany,
Belgium, the UK, Sweden, Denmark, Luxembourg and Poland and a representative
office in Russia. Finnlines is a Finnish listed company and part of the Italian
Grimaldi Group.
GENERAL MARKET DEVELOPMENT
Based on the statistics by the Finnish Transport Agency for January-May, the
Finnish seaborne imports carried in container, lorry and trailer units
decreased by 4% whereas exports increased by 4% (measured in tons) compared to
the same period in 2012. According to the statistics published by Shippax for
January-May, trailer and lorry volumes transported by sea between Southern
Sweden and Germany increased by 1% compared to 2012. During the same period
private and commercial passenger traffic between Finland and Sweden remained on
the same level as in 2012. Between Finland and Germany the corresponding
traffic decreased by 16% (Finnish Transport Agency).
FINNLINES TRAFFIC
In the first quarter the last of six ro-ro newbuildings (MS Finnwave) entered
service. The vessel flies the Finnish flag.
In order to adapt to the current market situation Finnlines has in the second
quarter chartered out MS Finnarrow to the Grimaldi Group at market price.
During the second quarter Finnlines operated on average 23 vessels in its own
traffic compared to 24 vessels in the same period in 2012.
The cargo volumes transported during January-June totalled approximately
320,000 (324,000) cargo units, 30,000 (30,000) cars (not including passengers'
cars ) and 1,070,000 (1,073,000) tons of freight not possible to measure in
units. In addition, some 264,000 (291,000) private and commercial passengers
were transported.
FINANCIAL RESULTS
January - June 2013
The Finnlines Group recorded revenue totalling EUR 283.6 (309.6) million, a
decrease of 8.4% compared to the same period in 2012. Shipping and Sea
Transport Services generated revenue amounting to EUR 269.6 (291.1) million and
Port Operations EUR 27.1 (31.0) million. The internal revenue between the
segments was EUR 13.1 (12.6) million. The decrease of the revenue is a result
of declined transport volumes due to the challenging business environment,
especially in the Port Operations segment.
Result before interest, taxes, depreciation and amortisation (EBITDA) was EUR
34.9 (47.3) million, a decrease of 26.3%.
Result before interest and taxes (EBIT) was EUR 1.0 (14.5) million. The result
for 2013 includes a non-recurring cost item of about EUR 1.0 million related to
general increases of the collective agreement. The result for 2012 includes a
non-recurring compensation of EUR 3.4 million from the Jinling shipyard
relating to the first two newbuildings covering loss for reduced income. The
comparable result before interest and taxes (EBIT) adjusted with above
mentioned items was EUR 2.0 (11.1) million. The result is affected by the
seasonality of the cargo volumes, which are typically on a lower level in the
beginning of the year. Also the number of passengers is modest during the
winter period compared to the summer season. Financial income was EUR 0.2 (0.5)
million and financial expenses totalled EUR -12.9 (-13.7) million. Result
before taxes (EBT) was EUR -11.7 (1.3) million and earnings per share (EPS)
were EUR -0.21 (0.00).
April - June 2013
The Finnlines Group recorded revenue totalling EUR 149.7 (164.6) million, a
decrease of 9.0% compared to the same period in 2012. Shipping and Sea
Transport Services generated revenue amounting to EUR 143.6 (155.8) million and
Port Operations EUR 12.8 (15.2) million. The internal revenue between the
segments was EUR 6.7 (6.4) million.
Result before interest, taxes, depreciation and amortisation (EBITDA) was EUR
23.8 (31.4) million, a decrease of 24.2%.
Result before interest and taxes (EBIT) was EUR 6.9 (14.7) million. Financial
income was EUR 0.1 (0.4) million and financial expenses totalled EUR -6.6
(-6.7) million. Result before taxes (EBT) was EUR 0.4 (8.4) million and
earnings per share (EPS) were EUR 0.02 (0.12).
STATEMENT OF FINANCIAL POSITION, FINANCING AND CASH-FLOW
Interest-bearing net debt amounted to EUR 840.1 (882.9) million. The equity
ratio calculated from the balance sheet was 30.8% (28.9) and gearing was 187.9%
(206.3). Due to the expansion of liner service network vessel lease commitments
increased by EUR 13.4 million to EUR 20.8 million compared to the end of June
2012.
At the end of the period, cash and deposits together with unused committed
working capital credits amounted to EUR 48.3 (70.9) million. The company has a
commercial paper programme amounting to EUR 100 million of which the company
has issued EUR 42.5 (12.9) million at the end of June.
The Board of Directors of Finnlines Plc decided on the 7th of May 2013, based
on the authorisation granted at the annual general meeting on 16 April 2013, on
a rights issue, in which the Company offered a maximum of 4,682,104 new shares
to be subscribed by the Company's existing shareholders. All offered shares
were subscribed for in the rights issue completed at the end of May. The gross
proceeds raised by Finnlines in the rights issue were approximately EUR 28.8
million. The net proceeds are used to strengthen the Company's capital
structure.
In April, Finnlines' port subsidiaries sold four container cranes to a
financing company and rented them back with a five year financing lease
contract. This arrangement released working capital to the group EUR 15
million.
CAPITAL EXPENDITURE
Gross capital expenditure in the review period totalled EUR 3.7 (34.9) million.
Total depreciation amounted to EUR 33.8 (32.9) million. The investments are
mainly consisting of normal replacement costs of fixed assets and accrued
dry-docking cost of ships. The investment programme of six ro-ro newbuildings
was finalised in 2012 and there are no decisions on any new vessel investments.
PERSONNEL
The Group employed an average of 1,894 (2,002) persons during the period,
consisting of 933 (980) persons on shore and 961 (1,022) persons at sea.
Finnsteve-companies' (Finnsteve Oy Ab, Containersteve Oy Ab and FS-Terminals Oy
Ab) co-operation negotiations, which started in February 2013 and ended in May,
have resulted in the termination of about 100 employments in total. The
negotiations were held with all personnel groups in Helsinki.
DECISIONS TAKEN BY THE ANNUAL GENERAL MEETING
The Annual General Meeting of Finnlines Plc approved the Financial Statements
and discharged the members of the Board of Directors and President and CEO from
liability for the financial year 2012.
It was decided to accept the proposal of the Board of Directors that no
dividend shall be paid for the year 2012.
The meeting decided that the number of Board Members be seven. All of the
current Board Members were re-elected; Mr Emanuele Grimaldi, Mr Gianluca
Grimaldi, Mr Diego Pacella, Mr Olav K Rakkenes, Mr Jon-Aksel Torgersen, Mr
Christer Backman and Ms Tiina Bäckman. The yearly compensation to the Board
will remain unchanged as follows: the Chairman EUR 50,000, the Vice-Chairman
EUR 40,000 and the Member EUR 30,000.
The Annual General Meeting elected KPMG Oy Ab as the Company's auditor for the
fiscal year 2013. It was decided that the external auditors will be reimbursed
according to invoice.
It was decided to authorise the Board of Directors to resolve on the issuance
of shares in one or several tranches. The Board of Directors may, on the basis
of the authorisation, resolve on the issuance of shares in one or several
tranches, so that the aggregate number of shares to be issued shall not exceed
10,000,000 shares. The Board of Directors decides on all the conditions of the
issuance of shares. The issuance of shares may be carried out in deviation from
the shareholders' pre-emptive rights (directed issue). The authorisation is
valid until the next Annual General Meeting. The authorisation replaces the
Annual General Meeting's authorisation to decide on a share issue of 17 April
2012.
It was also decided to change § 10 of the Articles of Association of the
Company regarding the convocation way of announcement of the Shareholder
Meeting as follows: “The Shareholders' Meeting shall be announced in a national
newspaper chosen by the Board or on the web site of the company, no earlier
than three months before the Shareholders' Meeting and no later than 21 days
before the Shareholders' Meeting. The invitation must in any event be given no
later than nine (9) days before the record date of the Shareholders Meeting.”
SHARE ISSUE
The Board of Directors of Finnlines Plc decided on 7 May 2013, based on the
authorisation granted at the annual general meeting on 16 April 2013, on a
rights issue, in which the Company offered a maximum of 4,682,104 new shares to
be subscribed by the Company's existing shareholders. The Company's largest
shareholder, Grimaldi Compagnia di Navigazione S.p.A., committed on its own and
its subsidiaries' behalf to subscribe for its relative portion of the new
shares and gave an underwriting commitment concerning all new shares that would
otherwise possible remain unsubscribed for in the offering.
All offered shares were subscribed for in the rights issue completed at the end
of May.A total of 4,008,441 shares, representing approximately 85.6 per cent of
the offered shares, were subscribed in the primary subscription. In the
secondary subscription 7,451 shares, representing 0.2 per cent of the offered
shares, were subscribed for. The remaining 666,212 shares, approximately 14.2
per cent of the offered shares, were subscribed for based on the underwriting
commitment.
Shares subcribed for in the primary subscription were subject to public trading
on NASDAQ OMX Helsinki Ltd since 3 June 2013. The new shares are traded
together with the old shares as of 7 June 2013.
The gross proceeds raised by Finnlines in the rights issue were approximately
EUR 28.8 million. The net proceeds are used to strengthen the Company's capital
structure.
Following the registration of the new shares with the Trade Register, the
number of Finnlines Plc's shares amounts to 51,503,141 shares and share capital
to EUR 103,006,282.00.
RISKS AND RISK MANAGEMENT
The 2012 Financial statements, published in March 2013, contains a thorough
description of Finnlines' risks and risk management, and there are no essential
changes to that report.
CHANGES IN ESSENTIAL LEGAL PROCEEDINGS
The 2012 Financial statements, published in March 2013, contains a thorough
description of essential legal proceedings and the following is a description
of the changes compared to what was reported in the financial statements:
A number of former and current employees of the Company, represented by the
Union of Salaried Employees, has brought an action against the Company at the
City Court of Helsinki on adherance to the general increases of the collective
agreement. The Court has in February 2012 rendered the decision in favour of
the employees and ordered the Company to compensate the employees with about
EUR 0.2 million in all. The Company has appealed the decision partly at the
Helsinki Court of Appeal. The Helsinki Court of Appeal rendered its decision in
April in favour of the employees.
TONNAGE TAXATION
The Finnish Parliament has approved the amended Tonnage Tax Act (476/2002), as
amended by the Act 90/2012 which entered into force on 1 March 2012. Finnlines
Plc's board decided on December 2012 to enter into the tonnage taxation regime
as from 1 January 2013. In the tonnage taxation regime, the shipping operations
will be transferred from business taxation to tonnage-based taxation.
The depreciation difference of EUR 215.1 million recorded in Finnlines Plc's
opening balance as per 1.1.2013 has been divided into two portions: the
depreciation difference of EUR 162.4 million (75.5%) and deferred tax liability
of EUR 52.7 million (24.5%). The depreciation difference of EUR 162.4 million
has been entered in the distributable funds of Finnlines Plc's equity. The
deferred tax of EUR 52.7 million has been entered in the deferred tax
liability. The recording has no effect on the equity and the deferred tax
liability of the consolidated financial statements of the Finnlines Group.
The fixed assets subject to tonnage tax regime must be revalued in the
transition moment 1.1.2013 into their fair values. The fair value of Finnlines
Plc's fixed assets exceeded their net book values by EUR 7.0 million, and out
of this amount the company recorded a deferred tax liability of EUR 1.7 million
(24.5%). The fair value of the fixed assets exceeded their group values by EUR
1.5 million, and the share of deferred tax liability out of this amount was EUR
0.4 million.
According to the tonnage tax regime in the transition moment 1.1.2013 the value
of maximum amount entered as income determined to the fixed assets subject to
tonnage tax regime a maximum reduction of 1/9 can be done from the second year
onwards. The yearly maximum of deductable amount cannot exceed the maximum
value of granted state subsidy. The deferred tax liability will decline
respectively according to the valid corporate tax rate.
Finnlines Plc will record the reduction of deferred tax liability as from
1.1.2013 according to the above mentioned tonnage tax act.
EVENTS AFTER THE REPORTING PERIOD
Mr Tom Pippingsköld, Bachelor of Science, MBA, has been appointed CFO of
Finnlines Plc as from 1 October 2013. Mrs Seija Turunen, current CFO and Deputy
CEO, will retire at the end of July 2013 after which she will continue as
Executive Advisor to the Board of Directors.
The Board of Finnlines decided in their meeting on the 30th of July 2013 that
Finnlines will sell MS Europalink to the Grimaldi Group at market price, which
is slightly above the book value of the vessel. This deal will be done during
the third quarter of 2013 and it will have a positive effect on Finnlines'
financial position. The vessel has been chartered out since October last year
and has been sailing in Grimaldi traffic in the Mediterranean Sea. The charter
and subsequent sale has been undertaken because the capacity of MS Europalink
is not to be required by Finnlines under the present sailing pattern.
OUTLOOK AND OPERATING ENVIRONMENT
Finnlines has continued the re-structuring of its fleet and organisation in
order to improve cost efficiency of its vessels and its overall logistics
system. With the completed deliveries of the six newbuildings the dependency on
a volatile charter market has been further reduced. The Board expects that the year 2013 will still be volatile and challenging.
The third interim report of 2013 for the period of 1 January - 30 September
will be published on Tuesday, 5 November 2013.
Finnlines Plc
The Board of Directors
Uwe Bakosch
President/CEO
ENCLOSURES
- Reporting and accounting policies
- Consolidated statement of comprehensive income, IFRS
- Consolidated statement of financial position, IFRS
- Consolidated statement of changes in equity, IFRS
- Consolidated statement of cash flows, IFRS (condensed)
- Revenue and result by business segment
- Property, plant and equipment
- Contingencies and commitments
- Revenue and result by quarter
- Shares, market capitalisation and trading information
- Calculation of ratios
- Related party transactions
DISTRIBUTION
NASDAQ OMX Helsinki Ltd.
Main media
This interim report is unaudited.
REPORTING AND ACCOUNTING POLICIES
This interim report included herein is prepared in accordance with IAS 34
(Interim Financial Reporting) standard. The Company has adopted new or revised
IFRS standards and IFRIC interpretations from beginning of the reporting period
corresponding to those described in the 2012 Financial Statements.
With effect from 1 January 2013, the Finnlines Group has adopted the revised
IAS 19 Employee benefits standard. The amendment has an impact on the Finnlines
Group's pension liability and equity on the balance sheet. Resulting from the
amendment, the Finnlines's consolidated statement of financial position for
2012 have been updated in compliance with the requirements prescribed in the
revised standard. In consequence of the adoption of the revised IAS 19 Employee
benefits standard, the Group's equity in the 2012 opening balance will decrease
by EUR 1.2 million and in the balance sheet of 31 December 2012 by EUR 0.1
million due to actuarial losses recognised in equity in the consolidated
statement of financial position.
Otherwise new or revised standards have not had an effect on the reported
figures.
Finnlines Plc was included in tonnage taxation from January 2013. In tonnage
taxation, shipping operations shifted from taxation of business income to
tonnage-based taxation.
In other respects, the same accounting policies have been followed as in the
previous annual financial statements.
All figures in the accounts have been rounded and consequently the sum of
individual figures can deviate from the presented sum figure.
The preparation of the financial statements in accordance with IFRS requires
management to make estimates and assumptions that affect the valuation of the
reported assets and liabilities and other information such as contingent
liabilities and the recognition of income and expenses in the income statement.
Although the estimates are based on the management's best knowledge of current
events and actions, actual results may differ from the estimates.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME, IFRS
Restated*
EUR 1,000 1 Apr-30 1 Apr-30 1 Jan-30 1 Jan-30 1 Jan-31
Jun 2013 Jun 2012 Jun 2013 Jun 2012 Dec 2012
Revenue 149,707 164,587 283,643 309,596 609,329
Other income from 430 328 783 4,978 5,702
operations
Materials and -59,278 -62,869 -118,555 -127,735 -247,237
services
Personnel expenses -27,418 -26,832 -54,539 -53,878 -109,009
Depreciation, -16,926 -16,682 -33,846 -32,871 -66,095
amortisation and
write-offs
Other operating -39,651 -43,814 -76,453 -85,611 -169,030
expenses
Total operating -143,273 -150,197 -283,394 -300,095 -591,371
expenses
Result before 6,864 14,718 1,032 14,479 23,660
interest and taxes
(EBIT)
Financial income 112 418 241 537 747
Financial expenses -6,573 -6,694 -12,948 -13,690 -26,013
Result before taxes 404 8,442 -11,675 1,326 -1,606
(EBT)
Income taxes 506 -2,717 1,678 -1,391 1,539
Result for the 910 5,724 -9,997 -65 -66
reporting period
Other comprehensive
income:
Other comprehensive
income to be
reclassified to
profit and loss in
subsequent periods:
Exchange differences -8 10 -23 14 2
on translating
foreign operations
Changes in cash flow
hedging reserve
Fair value changes 446 213 13
Transfer to fixed 1,755 3,178
assets
Tax effect, net 2 -109 8 -482 -782
Other comprehensive -6 346 -16 1,500 2,411
income to be
reclassified to
profit and loss in
subsequent periods,
total
Other comprehensive
income not being
reclassified to
profit and loss in
subsequent periods:
Defined benefit plan -150
actuarial
gains/losses*
Tax effect, net 7
Other comprehensive -143
income not being
reclassified to
profit and loss in
subsequent periods,
total
Total comprehensive 903 6,070 -10,013 1,435 2,201
income for the
reporting period
Result for the
reporting period
attributable to:
Parent company 903 5,732 -9,955 6 -27
shareholders
Non-controlling 6 -8 -42 -71 -39
interests
910 5,724 -9,997 -65 -66
Total comprehensive
income for the
reporting period
attributable to:
Parent company 897 6,078 -9,971 1,506 2,241
shareholders
Non-controlling 6 -8 -42 -71 -39
interests
903 6,070 -10,013 1,435 2,201
Result for the
reporting period
attributable to
parent company
shareholders
calculated as
earnings per share
(EUR/share):
Undiluted / diluted 0.02 0.12 -0.21 0.00 0.00
earnings per
share**
Average number of
shares**:
Undiluted / diluted 48,714,919 47,343,662 48,033,078 47,343,662 47,343,662
* restated due to revised IAS 19 Employee benefit standard.
** key indicators have been adjusted with the share issue adjustment factor
CONSOLIDATED STATEMENT OF FINANCIAL POSITION, IFRS
Restated* Restated*
EUR 1,000 30 Jun 30 Jun 31 Dec
2013 2012 2012
ASSETS
Non-current assets
Property, plant and equipment 1,230,896 1,260,688 1,260,295
Goodwill 105,644 105,644 105,644
Other intangible assets 6,083 7,327 6,629
Other financial assets 4,581 4,582 4,581
Receivables 579 978 768
Deferred tax assets 1,431 4,122 1,792
1,349,212 1,383,341 1,379,709
Current assets
Inventories 9,352 8,351 9,759
Accounts receivable and other receivables 98,396 95,642 74,087
Income tax receivables 1 123 24
Bank and cash 2,552 3,384 16,282
110,301 107,499 100,151
Total assets 1,459,514 1,490,840 1,479,861
EQUITY
Equity attributable to parent company
shareholders
Share capital 103,006 93,642 93,642
Share premium account 24,525 24,525 24,525
Fair value reserve -923 0
Translation differences 100 128 116
Fund for invested unrestricted equity 40,020 21,015 21,015
Retained earnings 278,697 288,828 288,652
446,349 427,216 427,951
Non-controlling interests 796 806 838
Total equity 447,144 428,022 428,788
LIABILITIES
Long-term liabilities
Deferred tax liabilities 69,088 77,013 71,444
Interest-free liabilities 1,429 4 1,325
Pension liabilities 3,715 3,601 3,710
Provisions 5,064 4,892 5,100
Interest-bearing liabilities** 617,333 736,000 712,985
696,630 821,511 794,564
Current liabilities
Accounts payable and other liabilities 90,364 90,967 74,504
Income tax liabilities 25 67 108
Provisions 48 30 48
Current interest-bearing liabilities** 225,303 150,243 181,848
315,740 241,307 256,508
Total liabilities 1,012,369 1,062,818 1,051,072
Total equity and liabilities 1,459,514 1,490,840 1,479,861
* With effect from 1 January 2013, the Finnlines Group has adopted the revised
IAS 19 Employee benefits standard. The amendment has an impact on the Finnlines
Group's pension liability and equity on the balance sheet. Resulting from the
amendment, the Finnlines' consolidated statement of financial position for 2012
have been updated in compliance with the requirements prescribed in the revised
standard. In consequence of the adoption of the revised IAS 19 Employee
benefits standard, the Group's equity in the 2012 opening balance will decrease
by EUR 1.2 million and in the balance sheet of 31 December 2012 by EUR 0.1
million due to actuarial losses recognised in equity in the consolidated
statement of financial position.
** The revolving credit facilities, of which the company can unilaterally move
the final due date over one year after the reporting period, are reclassified
from current liabilities to non-current liabilities in accordance with IFRS.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 2013, IFRS
EUR 1,000 Equity attributable to parent company shareholders
Share Share Translation Fund for invested
capital issue differences unrestricted
premium equity
Reported equity 1 January 93,642 24,525 116 21,015
2013
Effect of IAS 19 Employee
benefits standard
Restated equity 1 January 93,642 24,525 116 21,015
2013
Comprehensive income for
the reporting period:
Exchange differences on -23
translating foreign
operations
Changes in cash flow
hedging reserve
Fair value changes
Transfer to fixed assets
Tax effect, net 8
Total comprehensive -16
income for the reporting
period
Share issue 9,364 19,004
Equity 30 June 2013 103,006 24,525 100 40,020
EUR 1,000 Equity attributable Non-controlling Total
to parent company interests equity
shareholders
Retained Total
earnings
Reported equity 1 January 2013 289,990 429,289 838 430,127
Effect of IAS 19 Employee -1,338 -1,338 -1,338
benefits standard
Restated equity 1 January 2013 288,652 427,951 838 428,788
Comprehensive income for the
reporting period:
Result for the reporting period -9,955 -9,955 -42 -9,997
Exchange differences on -23 -23
translating foreign operations
Changes in cash flow hedging
reserve
Fair value changes
Transfer to fixed assets
Tax effect, net 8 8
Total comprehensive income for -9,955 -9,971 -42 -10,013
the reporting period
Share issue 28,369 28,369
Equity 30 June 2013 278,697 446,349 796 447,144
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 2012, IFRS
EUR 1,000 Equity attributable to parent company shareholders
Share Share Translatio Fair Fund for
capita issue n value invested
l premium difference reserves unrestricted
s equity
Reported equity 1 93,642 24,525 114 -2,409 21,015
January 2012
Effect of IAS 19
Employee benefits
standard
Restated equity 1 93,642 24,525 114 -2,409 21,015
January 2012
Comprehensive income
for the reporting
period:
Exchange differences 14
on translating
foreign operations
Changes in cash flow
hedging reserve
Fair value changes 213
Transfer to fixed 1,755
assets
Tax effect, net -482
Total comprehensive 14 1,486
income for the
reporting period
Equity 30 June 2012 93,642 24,525 128 -923 21,015
EUR 1,000 Equity attributable Non-controlling Total
to parent company interests equity
shareholders
Retained Total
earnings
Reported equity 1 January 2012 290,017 426,905 877 427,782
Effect of IAS 19 Employee -1,195 -1,195 -1,195
benefits standard
Restated equity 1 January 2012 288,822 425,710 877 426,587
Comprehensive income for the
reporting period:
Result for the reporting period 6 6 -71 -65
Exchange differences on 14 14
translating foreign operations
Changes in cash flow hedging
reserve
Fair value changes 213 213
Transfer to fixed assets 1,755 1,755
Tax effect, net -482 -482
Total comprehensive income for 6 1,506 -71 1,435
the reporting period
Equity 30 June 2012 288,828 427,216 806 428,022
CONSOLIDATED STATEMENT OF CASH FLOWS, IFRS (CONDENSED)
EUR 1,000 1 Jan-30 Jun 1 Jan-30 Jun 1 Jan-31 Dec
2013 2012 2012
Cash flows from operating activities
Result for the reporting period -9,997 -65 -66
Non-cash transactions and other 44,673 47,203 89,253
adjustments
Changes in working capital -9,139 -31,464 -26,481
Net financial items and income taxes -10,594 -10,304 -25,587
Net cash generated from operating 14,943 5,371 37,118
activities
Cash flow from investing activities
Net investments in tangible and -4,539 -33,763 -63,121
intangible assets
Proceeds from sale of investments 2
Other investing activities 213 522 982
Net cash used in investing -4,326 -33,241 -62,136
activities
Cash flows from financing
activities*
Share issue 28,369
Loan withdrawals 27,400 89,920 149,772
Net increase in current 529
interest-bearing liabilities
Net decrease in current -15,724 -14,602
interest-bearing liabilities
Repayment of loans -80,857 -47,229 -98,377
Increase / decrease in long-term 219 19 237
receivables
Net cash from (used in) financing -24,341 26,985 37,030
activities
Change in cash and cash equivalents -13,724 -885 12,012
Cash and cash equivalents 1 January 16,282 4,263 4,263
Effect of foreign exchange rate -6 5 7
changes
Cash and cash equivalents at the end 2,552 3,384 16,282
of period
* Activities related to revolving credit facilities, of which the company can
unilaterally move the final due date over one year after the reporting period,
have been reclassified within the Cash flows from financing activities group in
accordance with IFRS.
REVENUE AND RESULT BY BUSINESS SEGMENTS
1 Apr-30 Jun 1 Apr-30 Jun 1 Jan-30 Jun 1 Jan-30 Jun 1 Jan-31 Dec
2013 2012 2013 2012 2012
MEUR % MEUR % MEUR % MEUR % MEUR %
Revenue
Shipping 143.6 95.9 155.8 94.6 269.6 95.1 291.1 94.0 574.8 94.3
and sea
transport
services
Port 12.8 8.6 15.2 9.2 27.1 9.6 31.0 10.0 58.5 9.6
operation
s
Intra-grou -6.7 -4.5 -6.4 -3.9 -13.1 -4.6 -12.6 -4.1 -24.0 -3.9
p revenue
External 149.7 100.0 164.6 100.0 283.6 100.0 309.6 100.0 609.3 100.0
sales
Result
before
interest
and taxes
Shipping 9.8 16.5 6.2 19.0 34.0
and sea
transport
services
Port -3.0 -1.8 -5.2 -4.5 -10.4
operation
s
Result 6.9 14.7 1.0 14.5 23.7
before
interest
and
taxes(EBI
T) total
Financial -6.5 -6.3 -12.7 -13.2 -25.3
items
Result 0.4 8.4 -11.7 1.3 -1.6
before
taxes
(EBT)
Income 0.5 -2.7 1.7 -1.4 1.5
taxes
Result for 0.9 5.7 -10.0 -0.1 -0.1
the
reporting
period
PROPERTY, PLANT AND EQUIPMENT 2013
EUR 1,000 Land Buildin Vessels Machine Advance Total
gs ry and payments
equipme &
nt acquisitions
under constr.
Acquisition cost 1 72 76,466 1,597,437 79,690 991 1,754,655
January 2013
Exchange rate -26 -26
differences
Increases 3 3,023 457 50 3,532
Disposals -15 -62 -5,349 -5,426
Reclassifications 406 4 -410 0
Acquisition cost 72 76,454 1,600,803 74,776 630 1,752,735
30 June 2013
Accumulated -15,047 -429,028 -50,285 -494,360
depreciation,
amortisation and
write-offs 1
January 2013
Exchange rate 24 24
differences
Cumulative 12 61 5,591 5,664
depreciation on
reclassifications
and disposals
Depreciation for -1,279 -29,771 -2,118 -33,168
the reporting
period
Accumulated -16,314 -458,738 -46,788 -521,839
depreciation,
amortisation and
write-offs 30
June 2013
Book value 30 June 72 60,140 1,142,066 27,988 630 1,230,896
2013
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 19 19
differences
Increases 533 5,063 164 29,027 34,787
Disposals -495 -54 -1,407 -1,956
Reclassifications 23 92,765 -92,787 0
Acquisition cost 72 76,819 1,499,704 89,319 66,828 1,732,742
30 June 2012
Accumulated -12,916 -372,235 -56,435 -441,586
depreciation,
amortisation and
write-offs 1
January 2012
Exchange rate -17 -17
differences
Cumulative 277 54 1,238 1,569
depreciation on
reclassifications
and disposals
Depreciation for -1,381 -28,157 -2,482 -32,021
the reporting
period
Accumulated -14,020 -400,339 -57,696 -472,055
depreciation,
amortisation and
write-offs 30
June 2012
Book value 30 June 72 62,799 1,099,365 31,623 66,828 1,260,688
2012
CONTINGENCIES AND COMMITMENTS
EUR 1,000 30 Jun 30 Jun 31 Dec
2013 2012 2012
Minimum leases payable in relation to
fixed-term leases:
Vessel leases (Group as lessee):
Within 12 months 13,814 7,433 3,285
1-5 years 7,010 3,468
20,824 7,433 6,753
Vessel leases (Group as lessor):
Within 12 months 6,505 3,838 6,251
1-5 years 20,514 17,742
27,019 3,838 23,993
Other leases (Group as lessee):
Within 12 months 5,932 6,313 6,496
1-5 years 17,415 15,882 17,176
After five years 14,038 14,564 16,123
37,385 36,759 39,795
Other leases (Group as lessor):
Within 12 months 551 215 211
551 215 211
Collateral given
Loans from financial institutions 705,834 787,853 786,395
Vessel mortgages provided as guarantees for the 1,254,000 1,248,000 1,254,000
above loans
Other collateral given on own behalf
Pledged deposits 472 470 471
Corporate mortgages 606 606 606
1,078 1,076 1,077
Other obligations 1,542 28,987 1,932
Obligations of parent company on behalf of
subsidiaries
Guarantees 6,000 6,913 6,913
VAT adjustment liability related to real estate 7,289 8,555 7,927
investments
Open derivative instruments:
Fair value Contract amount
EUR 1,000 30 Jun 30 Jun 31 Dec 30 Jun 30 Jun 31 Dec
2013 2012 2012 2013 2012 2012
Currency 469 0 7,784 0
derivatives
The Group has no outstanding hedging or other financial instruments at the end
of the reporting period, which would be classified in category 2 or 3 in the
fair value hierarchy described in Note 30 to the 2012 Financial Statements.
REVENUE AND RESULT BY QUARTER
MEUR Q1/13 Q1/12 Q2/13 Q2/12
Shipping and sea transport services 126.0 135.4 143.6 155.8
Port operations 14.3 15.8 12.8 15.2
Intra-group revenue -6.4 -6.2 -6.7 -6.4
External sales 133.9 145.0 149.7 164.6
Result before interest and taxes
Shipping and sea transport services -3.6 2.4 9.8 16.5
Port operations -2.2 -2.7 -3.0 -1.8
Result before interest and taxes (EBIT) total -5.8 -0.2 6.9 14.7
Financial items -6.2 -6.9 -6.5 -6.3
Result before taxes (EBT) -12.1 -7.1 0.4 8.4
Income taxes 1.2 1.3 0.5 -2.7
Result for the reporting period -10.9 -5.8 0.9 5.7
EPS (undiluted / diluted)* -0.23 -0.12 0.02 0.12
*Key indicators per share have been adjusted with the share issue adjustment
factor.
SHARES, MARKET CAPITALISATION AND TRADING INFORMATION
30 June 2013 30 June 2012
Number of shares 51,503,141 46,821,037
Market capitalisation, 316.7 327.7
EUR million
1 Jan - 30 Jun 2013 1 Jan - 30 Jun 2012
Number of shares traded, million 0.4 0.7
1 Jan - 30 Jun 2013
High Low Average Close
Share price 7.97 5.76 6.98 6.15
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
Finnlines has cut its fleet overcapacity in the second quarter by chartering MS
Finnarrow for five years to the Grimaldi Group. During the last quarter of
2012, Finnlines has bareboat chartered out MS Europalink to the Grimaldi Group
for a period on five years. Otherwise there were no material related party
transactions during the reporting period. The business transactions were
carried out using market-based pricing.
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