2010-07-29 14:36:36 CEST
2010-07-29 14:37:33 CEST
REGULATED INFORMATION
Finnlines - Interim report (Q1 and Q3)
INTERIM REPORT JANUARY - JUNE 2010 (Unaudited)
Finnlines Plc Stock Exchange Release 29 July 2010
INTERIM REPORT JANUARY - JUNE 2010 (Unaudited)
SUMMARY
April - June 2010 Q2
- Revenue EUR 152.8 million (EUR 124.4 million prev. year), increase 22.9%
- Result before interest, taxes, depreciation and amortisation (EBITDA) EUR
29.2
million (EUR 15.0 million), increase 94.3%
- Earnings per share were 0.15 (-0.20) EUR/share
January - June 2010 H1
- Revenue EUR 274.4 million (EUR 241.8 million prev. year), increase 13.5%
- Result before interest, taxes, depreciation and amortisation (EBITDA) EUR
45.3
million (EUR 14.9 million), increase 204.9%.
- Earnings per share were 0.08 (-0.71) EUR/share
JANUARY - JUNE 2010 IN BRIEF
--------------------------------------------------------------------------------
| MEUR | 4-6 2010 | 4-6 2009 | 1-6 2010 | 1-6 2009 | 1-12 2009 |
--------------------------------------------------------------------------------
| Revenue | 152.8 | 124.4 | 274.4 | 241.8 | 494.4 |
--------------------------------------------------------------------------------
| EBITDA | 29.2 | 15.0 | 45.3 | 14.9 | 37.4 |
--------------------------------------------------------------------------------
| Result before | 14.4 | -0.3 | 15.9 | -16.4 | -23.6 |
| interest and | | | | | |
| taxes (EBIT) | | | | | |
--------------------------------------------------------------------------------
| % of revenue | 9.4 | -0.3 | 5.8 | -6.8 | -4.8 |
--------------------------------------------------------------------------------
| Result before | 9.2 | -7.1 | 5.4 | -33.7 | -51.4 |
| taxes (EBT) | | | | | |
--------------------------------------------------------------------------------
| EPS, EUR * | 0.15 | -0.20 | 0.08 | -0.71 | -0.96 |
--------------------------------------------------------------------------------
| Equity ratio, % | 29.5 | 28.6 | 29.5 | 28.6 | 29.4 |
--------------------------------------------------------------------------------
| Gearing, % | 192.0 | 192.6 | 192.0 | 192.6 | 198.3 |
--------------------------------------------------------------------------------
| Shareholders' | 9.20 | 9.39 | 9.20 | 9.39 | 9.07 |
| equity/share, EUR | | | | | |
| * | | | | | |
--------------------------------------------------------------------------------
* In 2009, key indicators per share have been retroactively adjusted with the
share issue adjustment factor.
Calculation of key ratios is presented under 'Calculation of ratios'.
GENERAL MARKET DEVELOPMENT
During the first half of the year, the market volumes have started to recover
from the sharp drop experienced at the end of 2008 and beginning of 2009, but
remain still on a relatively low level. Based on the statistics by the Finnish
Maritime Administration (FMA), the Finnish seaborne imports carried in
container, lorry and trailer units increased by 12% and exports by 8% during
January-May 2010 compared to the previous year (measured in tons). According to
the statistics published by Shippax, trailer and lorry volumes transported by
sea between Southern Sweden and Germany decreased in January-May by 4% compared
to 2009. During the same period, private and commercial passenger traffic
between Finland and Germany increased by 5% and decreased between Finland and
Sweden by 4% (FMA).
FINNLINES TRAFFIC
During the first quarter of the year, traffic was influenced by a number of
external disturbances. Severe ice conditions in the northern parts of the Baltic
Sea, stevedores' overtime ban in Finnish ports and the 16-day stevedoring strike
in Finland all caused several temporary schedule changes, reroutings and
stoppages. Especially the stevedores' strike had big impacts as practically all
ro-ro traffic to and from Finnish ports was halted during the strike. By the end
of March, the situation normalised and the traffic returned to a normal pattern.
During the second quarter of 2010, the Company operated an average of 23 vessels
in its own traffic compared to 25 during the same period in 2009.
The cargo volumes transported during January-June totalled approximately 313,000
(305,000 in 2009) units, 25,000 (18,000) cars (not including cars of the
passengers) and, in addition, 960,000 (981,000) tons of freight not possible to
measure in units. In addition, some 305,000 private and commercial passengers
were transported (around 245,000), an increase of 25%. Compared to January-June
of 2009, the number of private passengers (excluding lorry drivers) transported
by the Company increased by 57%.
PRODUCTIVITY
At the end of 2009 the fleet capacity was adjusted to new market requirements
both on number of ships as well as the correct allocation of tonnage in specific
trades.
The average number of personnel has decreased by 4% during the first half of
2010 compared to the same period of the previous year mainly due to temporary
lay-offs in ports and personnel cuts in offices.
In 2009, the Group started a significant process to merge group companies and
businesses. This process is continuing during 2010 and will result in a much
leaner company structure, thus creating further savings in administration and
personnel costs.
FINANCIAL RESULTS
April - June 2010
The Finnlines Group recorded revenue totalling EUR 152.8 million (124.4), an
increase of 22.9% compared to the same period in 2009. Shipping and Sea
Transport Services generated revenue amounting to EUR 138.9 million (111.5) and
Port Operations EUR 21.5 million (18.7). The internal revenue between the
segments was EUR 7.5 million (5.9).
Result before interest, taxes, depreciation and amortisation (EBITDA) was EUR
29.2 million (15.0), an increase of 94.3%. Vessel lease expenses decreased by
EUR 7.0 million. Other operating expenses totalled EUR -42.8 million (-51.5) and
included refund on harbour dues of EUR 2.6 million. The pending legal case
relating to the unpaid part of harbour dues is commented in Chapter ‘Essential
Changes in Legal Proceedings'.
Result before interest and taxes (EBIT) was EUR 14.4 million (-0.3). Financial
income was EUR 1.6 million (0.4) and financial expenses totalled EUR -6.8
million (-7.1). Result before taxes (EBT) was EUR 9.2 million (-7.1), an
improvement of EUR 16.3 million compared to the same period in 2009. Earnings
per share (EPS) were EUR 0.15 (-0.20).
January - June 2010
The Finnlines Group recorded revenue totalling EUR 274.4 million (241.8), an
increase of 13.5% compared to the same period in 2009. Shipping and Sea
Transport Services generated revenue amounting to EUR 249.8 million (214.8) and
Port Operations EUR 36.3 million (38.9). The internal revenue between the
segments was EUR 11.7 million (11.9).
Result before interest, taxes, depreciation and amortisation (EBITDA) was EUR
45.3 million (14.9), an increase of 204.9%. Personnel expenses have decreased by
EUR 2.4 million and vessel lease expenses decreased by EUR 13.8 million. Other
operating expenses totalled EUR -82.2 million (-105.7) and included EUR 3.1
million (2.7) reimbursement of fairway dues and refund on harbour dues EUR 2.6
million (See Chapter ‘Essential Changes in Legal Proceedings').
Result before interest and taxes (EBIT) was EUR 15.9 million (-16.4). Financial
income was EUR 3.0 million (1.6) and financial expenses totalled EUR -13.4
million (-18.9). Result before taxes (EBT) was EUR 5.4 million (-33.7), an
improvement of EUR 39.1 million compared to the same period in 2009. Earnings
per share (EPS) were EUR 0.08 (-0.71).
BALANCE SHEET, FINANCING AND CASH-FLOW
Interest-bearing net debt decreased by EUR 19.3 million compared to the same
period in 2009 and amounted to EUR 828.9 million (848.2). The equity ratio
calculated from the balance sheet was 29.5% (28.6) and gearing was 192.0%
(192.6). Vessel lease commitments decreased by EUR 55.1 million from the end of
June 2009 due to the redelivery of chartered tonnage.
At the end of the period, cash and deposits together with unused committed
working capital credits and the undrawn part of committed credits for
newbuildings amounted to EUR 177.6 million.
In April 2009, Finnlines' subsidiary Hanseatic Shipping sold MS Finnhansa to
Grimaldi Group at the market price of EUR 40 million with a call option to
repurchase the vessel at the same price. This call option was exercised in April
2010. MS Finnhansa (renamed Transrussia) was bought in July by Finnlines
Deutschland GmbH, after which she was delivered and started plying in
TransRussiaExpress traffic.
CAPITAL EXPENDITURE
Gross capital expenditure in the review period totalled EUR 27.2 million (15.8),
and consists mainly of prepayments for newbuildings (EUR 11.8 million) and for
Finnhansa vessel (EUR 10.0 million). Depreciation amounted to EUR 29.4 million
(31.2). The holdings in associated companies have been reduced to zero due to
the fact that Finnlines sold the associated company Simonaukion pysäköinti in
April.
The timetable of the 6 vessels under construction in China has been adapted to
meet scheduled further redeliveries of the chartered tonnage. The new delivery
times are: vessels Nos. 1 and 2 at the end of the first quarter of 2011, vessels
Nos. 3 and 4 during the fourth quarter of 2011, vessel No. 5 at the end of the
third quarter 2012 and vessel No. 6 during the fourth quarter of 2012.
PERSONNEL
The Group employed an average of 2,048 (2,141) persons during the period,
consisting of 1,116 (1,181) persons on shore and 932 (960) persons at sea. The
average number of employees has been calculated by converting the regular
working hours performed during the reporting period to correspond to a full-time
employee, and the average number of persons was recalculated accordingly for
2009.
DECISIONS TAKEN BY THE ANNUAL GENERAL MEETING
The Annual General Meeting of Finnlines Plc approved the Financial Statements.
The Meeting approved the Board of Directors' proposal not to pay any dividend.
The Annual General Meeting decided that the Board of Directors shall have six
members. The following were re-elected to the Board: Mr. Emanuele Grimaldi, Mr.
Diego Pacella, Mr. Gianluca Grimaldi, Mr. Antti Pankakoski, Mr. Olav Rakkenes
and Mr. Jon-Aksel Torgersen. The Board elected Mr. Emanuele Grimaldi Chairman
and Mr. Diego Pacella Vice-Chairman.
The firm of authorised public accountants Deloitte & Touche was appointed as the
Company's auditors for 2010.
The Annual General Meeting authorised the Board of Directors to decide on the
issuance of new shares in one or several tranches so that the total number of
shares issued based on the authorization is 20,000,000 at maximum. The
authorization is valid until the next Annual General Meeting. The authorization
replaces the Annual General Meeting's authorization to decide on a share issue
of 15 April 2009.
RISKS
The main business risk in shipping is overcapacity of the tonnage. Overall the
global ro-ro market looks better than other maritime transport sectors, where
newbuildings are further increasing the imbalance of supply and demand of
tonnage. For the ro-ro sector this does not apply. Moreover, around 50% of the
current global ro-ro fleet is over 25 years old and needs to be scrapped for
environmental reasons.
Finnlines monitors constantly the stability and the payment behaviour of its
customers and currently there are no significant risks related to this.
Finnlines holds adequate credit lines to maintain liquidity in the current
business environment.
The annual report 2009 contains a thorough description of Finnlines' risks and
risk management, and there are no essential changes to that report.
ESSENTIAL CHANGES IN LEGAL PROCEEDINGS
The Annual Report 2009 contains a thorough description of legal proceedings and
the following is a description of the changes compared to what was reported in
the annual report:
The Helsinki District Court rendered on 3 March 2010 its judgment in the action
initiated by Mutual Pension Insurance Company Ilmarinen against Finnlines Plc.
In its action Ilmarinen objected to the decision by Finnlines' Annual General
Meeting held on 20 May 2008 to distribute EUR 180,216.39 as a minimum dividend
and demanded that the minimum dividend be increased. The District Court approved
Ilmarinen's claim to have the resolution of the Annual General Meeting amended
so that the minimum dividend instead of EUR 180,216.39 as above should have been
EUR 17,181,000. In addition, the District Court ordered Finnlines to compensate
Ilmarinen's legal costs by an amount of EUR 300,035.15 together with interest at
statutory rate. As Finnlines has assessed Ilmarinen's claim not being
justifiable, any amount relating to the claim has not been recorded. Finnlines
filed an appeal with the Helsinki Court of Appeal against the judgement by the
Helsinki District Court in April 2010 and the case is under process.
Taxation of internal vessel sales carried out in 2007 by Finnlines' Swedish
subsidiary includes uncertainties. The decision of the tax authorities was that
a SEK 97.2 million (EUR 9.5) tax debt should be paid. The Company has been
granted postponement of this payment as it has appealed in the matter and the
court proceedings are under way. As the Company recorded a deferred tax
liability due to the temporary timing difference in the tax year in question,
this matter does not have any significant effect on the Company's result.
Finnlines received information on the last day of January 2010 that the Finnish
Transport Workers' Union has filed legal actions against Finnlines' port
operations subsidiary for compensations of weekend work. The Company considers
the basis of the action groundless. The Company has replied to the submission of
the Union. The main hearing will take place later in autumn.
Sub-chartering of MS Birka Transporter and MS Birka Explorer to Scandinavian
Shipping Investment A/S ('SSI') caused Finnlines a loss of time charter hires
and expenses in total EUR 326,211, as SSI terminated the charters in summer
2009. Since the parties could not reach an agreement, Finnlines started the
arbitration proceedings against SSI for payment of the outstanding time charter
hires and expenses. Finnlines has received SSI's counter claim in the amount of
EUR 1,182,298. Finnlines considers the basis of the counter claim
groundless. The charters are subject to Finnish law and the place of arbitration
is Helsinki. The main hearing of the arbitration proceedings will take place in
autumn.
Finnlines addressed material appeals to the Finnish Customs and the Port of
Helsinki for rectification of the paid fairway and port dues based on the
incorrect tonnage certificates of the Star-class vessels issued by the Swedish
and Finnish maritime authorities. The Finnish Customs have refunded the excess
paid fairways dues entirely as from the year of the construction of each
Star-class vessel. The Port of Helsinki decided to refund the excess paid ports
dues only in the amount of EUR 554,550 for 2009. Finnlines considered the
decision of the Port of Helsinki groundless and appealed to the Administrative
Court of Helsinki for refunding of the entire non-refunded excess port dues in
the amount EUR 2,087,418. The case is under process. The yet non-refunded part
of the fairway dues was booked as crediting other operating expenses in the
second quarter 2010, based on management's estimate of the outcome of the case.
FINNLINES PROSPECTS FOR 2010
Since April there have been signs of good recovery in transport volumes. On some
lines the Company has been able to improve the freights and the passenger
bookings for the summer season have increased considerably compared to last
year.
The Company expects the whole year 2010 result to be positive due to extensive
cost reduction, synergy and optimisation initiatives, focusing a lot on a better
fleet capacity utilisation, a production-driven fleet allocation on existing and
new trades, and improved volume and revenue development both on the cargo and on
the passenger sector.
The third interim report of 2010, 1 January - 30 September, will be published on
Tuesday, 2 November 2010.
Finnlines Plc
The Board of Directors
Uwe Bakosch
President/CEO
ENCLOSURES
- Consolidated statement of comprehensive income, IFRS
- Consolidated balance sheet, IFRS
- Consolidated statement of changes in equity, IFRS
- Consolidated statement of cash flows, IFRS
- Revenue and result by business segment
- Property, plant and equipment
- Contingencies and commitments
- Revenue and result by quarter
- Shares, market capitalisation and trading information
- Calculation of ratios
DISTRIBUTION
NASDAQ OMX Helsinki Ltd.
Main media
This interim report is unaudited.
FINNLINES' BUSINESS
Finnlines is one of the largest North-European liner shipping companies,
providing sea transport services mainly in the Baltic and the North Sea. In
addition to freight, the Company's ro-pax vessels carry passengers between five
countries and eight ports. The Company also provides port services in Helsinki,
Turku and Kotka. The company has subsidiaries or sales offices in Germany,
Belgium, the UK, Sweden, Denmark, Poland and Russia. Finnlines is a Finnish
listed company and part of the Italian Grimaldi Group.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME, IFRS
--------------------------------------------------------------------------------
| EUR 1,000 | 1 Apr - 30 | 1 Apr - 30 | 1 Jan - 30 | 1 Jan - 30 | 1 Jan - 31 |
| | Jun 2010 | Jun 2009 | Jun 2010 | Jun 2009 | Dec 2009 |
--------------------------------------------------------------------------------
| Revenue | 152,847 | 124,361 | 274,354 | 241,762 | 494,411 |
--------------------------------------------------------------------------------
| Other | 540 | 7,999 | 2,995 | 9,016 | 13,413 |
| income | | | | | |
| from | | | | | |
| operations | | | | | |
--------------------------------------------------------------------------------
| Materials | -52,453 | -38,234 | -95,863 | -73,843 | -162,553 |
| and | | | | | |
| services | | | | | |
--------------------------------------------------------------------------------
| Personnel | -28,978 | -27,614 | -54,040 | -56,400 | -107,548 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Depreciati | -14,767 | -15,361 | -29,420 | -31,235 | -61,012 |
| on, | | | | | |
| amortisati | | | | | |
| on and | | | | | |
| other | | | | | |
| write-offs | | | | | |
--------------------------------------------------------------------------------
| Other | -42,770 | -51,494 | -82,165 | -105,685 | -200,328 |
| operating | | | | | |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Total | -138,968 | -132,702 | -261,489 | -267,163 | -531,441 |
| operating | | | | | |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Result | 14,419 | -342 | 15,860 | -16,385 | -23,617 |
| before | | | | | |
| interest | | | | | |
| and taxes | | | | | |
| (EBIT) | | | | | |
--------------------------------------------------------------------------------
| Financial | 1,570 | 387 | 2,960 | 1,580 | 3,922 |
| income | | | | | |
--------------------------------------------------------------------------------
| Financial | -6,780 | -7,120 | -13,435 | -18,908 | -31,724 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Result | 9,209 | -7,076 | 5,384 | -33,713 | -51,419 |
| before | | | | | |
| taxes | | | | | |
--------------------------------------------------------------------------------| Income | -2,409 | -920 | -1,843 | 4,682 | 9,713 |
| taxes | | | | | |
--------------------------------------------------------------------------------
| Result for | 6,800 | -7,995 | 3,541 | -29,031 | -41,706 |
| the | | | | | |
| reporting | | | | | |
| period | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other | | | | | |
| comprehens | | | | | |
| ive | | | | | |
| income: | | | | | |
--------------------------------------------------------------------------------
| Exchange | -14 | 20 | -51 | -150 | -255 |
| difference | | | | | |
| s on | | | | | |
| translatin | | | | | |
| g foreign | | | | | |
| operations | | | | | |
--------------------------------------------------------------------------------
| Change in | 2,098 | -1,239 | 3,473 | -329 | -723 |
| hedging | | | | | |
| reserve | | | | | |
--------------------------------------------------------------------------------
| Deferred | | | | | -1,481 |
| tax | | | | | |
| revaluatio | | | | | |
| n | | | | | |
--------------------------------------------------------------------------------
| Income tax | -546 | 322 | -903 | 86 | 188 |
| relating | | | | | |
| to | | | | | |
| components | | | | | |
| of other | | | | | |
| comprehens | | | | | |
| ive income | | | | | |
--------------------------------------------------------------------------------
| Total | 8,338 | -8,893 | 6,060 | -29,424 | -43,977 |
| comprehens | | | | | |
| ive income | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Result | | | | | |
| attributab | | | | | |
| le to: | | | | | |
--------------------------------------------------------------------------------
| Parent | 6,806 | -7,924 | 3,617 | -28,940 | -41,637 |
| company | | | | | |
| shareholde | | | | | |
| rs | | | | | |
--------------------------------------------------------------------------------
| Non-contro | -7 | -71 | -75 | -91 | -69 |
| lling | | | | | |
| interests | | | | | |
--------------------------------------------------------------------------------
| | 6,800 | -7,995 | 3,541 | -29,031 | -41,706 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total | | | | | |
| comprehens | | | | | |
| ive income | | | | | |
| attributab | | | | | |
| le to: | | | | | |
--------------------------------------------------------------------------------
| Parent | 8,345 | -8,821 | 6,136 | -29,333 | -43,908 |
| company | | | | | |
| shareholde | | | | | |
| rs | | | | | |
--------------------------------------------------------------------------------
| Non-contro | -7 | -71 | -75 | -91 | -69 |
| lling | | | | | |
| interests | | | | | |
--------------------------------------------------------------------------------
| | 8,338 | -8,893 | 6,060 | -29,424 | -43,977 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Result | | | | | |
| attributab | | | | | |
| le to | | | | | |
| parent | | | | | |
| company | | | | | |
| shareholde | | | | | |
| rs | | | | | |
| calculated | | | | | |
| as | | | | | |
| earnings | | | | | |
| per share | | | | | |
| (EUR/share | | | | | |
| ): | | | | | |
--------------------------------------------------------------------------------
| Undiluted | 0.15 | -0.20 | 0.08 | -0.71 | -0.96 |
| earnings | | | | | |
| per share | | | | | |
| * | | | | | |
--------------------------------------------------------------------------------
| Diluted | 0.15 | -0.20 | 0.08 | -0.71 | -0.96 |
| earnings | | | | | |
| per share | | | | | |
| * | | | | | |
--------------------------------------------------------------------------------
| Average | | | | | |
| number of | | | | | |
| shares: | | | | | |
--------------------------------------------------------------------------------
| Undiluted | 46,821,037 | 42,284,407 | 46,821,037 | 41,908,443 | 44,384,929 |
| * | | | | | |
--------------------------------------------------------------------------------
| Diluted * | 46,821,037 | 42,284,407 | 46,821,037 | 41,908,443 | 44,384,929 |
--------------------------------------------------------------------------------
*In 2009, key indicators per share have been retroactively adjusted with the
share issue adjustment factor.
CONSOLIDATED BALANCE SHEET, IFRS
--------------------------------------------------------------------------------
| EUR 1,000 | 30 Jun 2010 | 30 Jun 2009 | 31 Dec 2009 |
--------------------------------------------------------------------------------
| ASSETS | | | |
--------------------------------------------------------------------------------
| Non-current assets | | | |
--------------------------------------------------------------------------------
| Property, plant and | 1,239,031 | 1,260,994 | 1,240,057 |
| equipment | | | |
--------------------------------------------------------------------------------
| Goodwill | 105,644 | 105,644 | 105,644 |
--------------------------------------------------------------------------------
| Intangible assets | 10,148 | 12,607 | 11,342 |
--------------------------------------------------------------------------------
| Investment properties | 1,575 | 1,578 | 1,577 |
--------------------------------------------------------------------------------
| Share of associated | 0 | 1,526 | 1,514 |
| companies | | | |
--------------------------------------------------------------------------------
| Other financial assets | 4,777 | 4,547 | 4,792 |
--------------------------------------------------------------------------------
| Receivables | 696 | 3,445 | 894 |
--------------------------------------------------------------------------------
| Deferred tax assets | 2,152 | 3,213 | 3,567 |
--------------------------------------------------------------------------------
| | 1,364,022 | 1,393,555 | 1,369,386 |
--------------------------------------------------------------------------------
| Current assets | | | |
--------------------------------------------------------------------------------
| Inventories | 6,197 | 5,560 | 6,530 |
--------------------------------------------------------------------------------
| Accounts receivable and | 89,778 | 76,286 | 64,345 |
| other receivables | | | |
--------------------------------------------------------------------------------
| Income tax receivables | 27 | 32 | 18 |
--------------------------------------------------------------------------------
| Bank and cash | 6,729 | 67,037 | 6,103 |
--------------------------------------------------------------------------------
| | 102,730 | 148,915 | 76,996 |
--------------------------------------------------------------------------------
| Total assets | 1,466,752 | 1,542,470 | 1,446,382 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| SHAREHOLDERS' EQUITY | | | |
--------------------------------------------------------------------------------
| Equity attributable to | | | |
| parent company | | | |
| shareholders | | | |
--------------------------------------------------------------------------------
| Share capital | 93,642 | 81,384 | 93,642 |
--------------------------------------------------------------------------------
| Share issue | | 12,258 | |
--------------------------------------------------------------------------------
| Share premium account | 24,525 | 24,525 | 24,525 |
--------------------------------------------------------------------------------
| Fair value reserve | -2,253 | -3,050 | -4,822 |
--------------------------------------------------------------------------------
| Translation differences | 73 | 229 | 124 |
--------------------------------------------------------------------------------
| Unrestricted equity | 21,015 | 21,025 | 21,015 |
| reserve | | | |
--------------------------------------------------------------------------------
| Retained earnings | 293,908 | 303,230 | 290,291 |
--------------------------------------------------------------------------------
| Hybrid bond | | 0 | |
--------------------------------------------------------------------------------
| | 430,911 | 439,601 | 424,775 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-controlling | 800 | 853 | 876 |
| interests | | | |
--------------------------------------------------------------------------------
| Total equity | 431,711 | 440,455 | 425,651 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES | | | |
--------------------------------------------------------------------------------
| Long-term liabilities | | | |
--------------------------------------------------------------------------------
| Deferred tax liabilities | 88,655 | 91,910 | 87,660 |
--------------------------------------------------------------------------------
| Interest-free | 16 | 700 | 742 |
| liabilities | | | |
--------------------------------------------------------------------------------
| Pension liabilities | 2,342 | 2,327 | 2,355 |
--------------------------------------------------------------------------------
| Provisions | 4,312 | 4,277 | 4,312 |
--------------------------------------------------------------------------------
| Interest-bearing | 699,501 | 757,751 | 721,112 |
| liabilities | | | |
--------------------------------------------------------------------------------
| | 794,827 | 856,966 | 816,182 |
--------------------------------------------------------------------------------
| Current liabilities | | | |
--------------------------------------------------------------------------------
| Accounts payable and | 103,229 | 85,459 | 73,714 |
| other liabilities | | | |
--------------------------------------------------------------------------------
| Income tax liabilities | 614 | 144 | 448 |
--------------------------------------------------------------------------------
| Provisions | 210 | 1,913 | 1,280 |
--------------------------------------------------------------------------------
| Current interest-bearing | 136,162 | 157,534 | 129,107 |
| liabilities | | | |
--------------------------------------------------------------------------------
| | 240,214 | 245,050 | 204,549 |
--------------------------------------------------------------------------------
| Total liabilities | 1,035,041 | 1,102,015 | 1,020,731 |
| | | | |
--------------------------------------------------------------------------------
| Total equity and | 1,466,752 | 1,542,470 | 1,446,382 |
| liabilities | | | |
--------------------------------------------------------------------------------
statement of changes in equity 2009, IFRS
--------------------------------------------------------------------------------
| EUR 1,000 | Equity attributable to parent company shareholders |
--------------------------------------------------------------------------------
| | Share | Share | Translat | Fair | Unrestric |
| | capital | issue | ion | value | ted |
| | | premium | differen | reserves | equity |
| | | | ces | | reserve |
--------------------------------------------------------------------------------
| Shareholders' | 81,384 | 24,525 | 379 | -2,807 | |
| equity 1 | | | | | |
| January 2009 | | | | | |
--------------------------------------------------------------------------------
| Total comprehensive | | | -150 | -244 | |
| income for the year | | | | | |
--------------------------------------------------------------------------------
| Share issue | 12,258 | | | | 21,025 |
--------------------------------------------------------------------------------
| Shareholders' | 93,642 | 24,525 | 229 | -3,050 | 21,025 |
| equity 30 June 2009 | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR 1,000 | Equity attributable to parent | Non-contr | Total |
| | company shareholders | olling | sharehold |
| | | interests | ers' |
| | | | equity |
--------------------------------------------------------------------------------
| | Retained | Hybrid | Total | | |
| | earnings | bond | | | |
--------------------------------------------------------------------------------
| Shareholders' | 332,927 | | 436,409 | 1,531 | 437,940 |
| equity 1 January | | | | | |
| 2009 | | | | | |
--------------------------------------------------------------------------------
| Total comprehensive | -28,940 | | -29,333 | -91 | -29,424 |
| income for the year | | | | | |
--------------------------------------------------------------------------------
| Share issue | | | 33,283 | | 33,283 |
--------------------------------------------------------------------------------
| Issue of hybrid | | 20,906 | 20,906 | | 20,906 |
| bond | | | | | |
--------------------------------------------------------------------------------
| Repayment of the | -94 | -20,906 | -21,000 | | -21,000 |
| hybrid bond | | | | | |
--------------------------------------------------------------------------------
| Hybrid bond | -663 | | -663 | | -633 |
| interest | | | | | |
--------------------------------------------------------------------------------
| Decrease in | | | | -96 | -96 |
| interest in | | | | | |
| subsidiary | | | | | |
--------------------------------------------------------------------------------
| Dividend | | | | -490 | -490 |
--------------------------------------------------------------------------------
| Shareholders' | 303,230 | 0 | 439,601 | 853 | 440,455 |
| equity 30 June 2009 | | | | | |
--------------------------------------------------------------------------------
statement of changes in equity 2010, IFRS
--------------------------------------------------------------------------------
| EUR 1,000 | Equity attributable to parent company shareholders |
--------------------------------------------------------------------------------
| | Share | Share | Translat | Fair | Unrestric |
| | capital | issue | ion | value | ted |
| | | premium | differen | reserves | equity |
| | | | ces | | reserve |
--------------------------------------------------------------------------------
| Shareholders' | 93,642 | 24,525 | 124 | -4,822 | 21,015 |
| equity 1 | | | | | |
| January 2010 | | | | | |
--------------------------------------------------------------------------------
| Total comprehensive | | | -51 | 2,570 | |
| income for the year | | | | | |
--------------------------------------------------------------------------------
| Shareholders' | 93,642 | 24,525 | 73 | -2,253 | 21,015 |
| equity 30 June 2010 | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR 1,000 | Equity attributable to | Non-contro | Total |
| | parent company | lling | shareholder |
| | shareholders | interests | s' equity |
--------------------------------------------------------------------------------
| | Retained | Total | | |
| | earnings | | | |
--------------------------------------------------------------------------------
| Shareholders' equity 1 | 290,291 | 424,775 | 876 | 425,651 |
| January 2010 | | | | |
--------------------------------------------------------------------------------
| Total comprehensive | 3,617 | 6,136 | -75 | 6,060 |
| income for the year | | | | |
--------------------------------------------------------------------------------
| Shareholders' equity 30 | 293,908 | 430,911 | 800 | 431,711 |
| June 2010 | | | | |
--------------------------------------------------------------------------------
CONSOLIDATED CASH FLOW STATEMENT, IFRS
--------------------------------------------------------------------------------
| EUR 1,000 | 1 Jan-30 | 1 Jan-30 | 1 Jan-31 |
| | Jun 2010 | Jun 2009 | Dec 2009 |
--------------------------------------------------------------------------------
| Cash flows from operating | | | |
| activities | | | |
--------------------------------------------------------------------------------
| Result for reporting period | 3,541 | -29,031 | -41,706 |
--------------------------------------------------------------------------------
| Non-cash transactions | 41,206 | 36,124 | 67,673 |
--------------------------------------------------------------------------------
| Changes in working capital | 4,729 | 359 | 6,273 |
--------------------------------------------------------------------------------
| Net financial items and income | -9,491 | -14,511 | -33,395 |
| taxes | | | |
--------------------------------------------------------------------------------
| Net cash generated from operating | 39,985 | -7,059 | -1,154 |
| activities | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from investing | | | |
| activities | | | |
--------------------------------------------------------------------------------
| Investment in shares and | | | -251 |
| acquisition | | | |
--------------------------------------------------------------------------------
| Net investments in tangible and | -27,216 | -13,751 | -25,363 |
| intangible assets | | | |
--------------------------------------------------------------------------------
| Disposal of subsidiaries | | -89 | 2,114 |
--------------------------------------------------------------------------------
| Proceeds from sale of investments | 1,675 | 796 | 957 |
--------------------------------------------------------------------------------
| Other investing activities | 426 | 41,166 | 49,377 |
--------------------------------------------------------------------------------
| Net cash used in investing | -25,114 | 28,123 | 26,834 |
| activities | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flows from financing | | | |
| activities | | | |
--------------------------------------------------------------------------------
| Proceeds from share issue | | 33,283 | 33,274 |
--------------------------------------------------------------------------------
| Loan withdrawals | 8,040 | | 8,040 |
--------------------------------------------------------------------------------
| Net increase in current | 7,338 | 40,055 | 9,801 |
| interest-bearing liabilities | | | |
--------------------------------------------------------------------------------
| Repayment of loans | -30,256 | -37,704 | -81,143 |
--------------------------------------------------------------------------------
| Increase / decrease in long-term | 631 | 362 | 466 |
| receivables | | | |
--------------------------------------------------------------------------------
| Dividends paid | | -540 | -540 |
--------------------------------------------------------------------------------
| Hybrid bond | | 20,906 | 20,906 |
--------------------------------------------------------------------------------
| Hybrid bond repayment | | -20,906 | -20,906 |
--------------------------------------------------------------------------------
| Net cash from (used in) financing | -14,247 | 35,455 | -30,103 |
| activities | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in cash and cash | 623 | 56,519 | -4,423 |
| equivalents | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents 1 | 6,103 | 10,509 | 10,509 |
| January | | | |
--------------------------------------------------------------------------------
| Effect of foreign exchange rate | 2 | 9 | 17 |
| changes | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at the | 6,729 | 67,037 | 6,103 |
| end of period | | | |
--------------------------------------------------------------------------------
REVENUE AND RESULT BY BUSINESS SEGMENTS
--------------------------------------------------------------------------------
| | 1 Apr-30 | 1 Apr-30 | 1 Jan-30 | 1 Jan-30 | 1 Jan-31 Dec |
| | Jun 2010 | Jun 2009 | Jun 2010 | Jun 2009 | 2009 |
--------------------------------------------------------------------------------
| | MEUR | % | MEUR | % | MEUR | % | MEUR | % | MEUR | % |
--------------------------------------------------------------------------------
| Reve | | | | | | | | | | |
| nue | | | | | | | | | | |
--------------------------------------------------------------------------------
| Ship | 138. | 90.8 | 111. | 89.7 | 249. | 91.0 | 214. | 88.9 | 444.9 | 90.0 |
| ping | 9 | | 5 | | 8 | | 8 | | | |
| and | | | | | | | | | | |
| sea | | | | | | | | | | |
| tran | | | | | | | | | | |
| spor | | | | | | | | | | |
| t | | | | | | | | | | |
--------------------------------------------------------------------------------
| Port | 21.5 | 14.1 | 18.7 | 15.1 | 36.3 | 13.2 | 38.9 | 16.1 | 73.2 | 14.8 |
| oper | | | | | | | | | | |
| atio | | | | | | | | | | |
| ns | | | | | | | | | | |
--------------------------------------------------------------------------------
| Elim | -7.5 | -4.9 | -5.9 | -4.7 | -11. | -4.3 | -11. | -4.9 | -23.7 | -4.8 |
| inat | | | | | 7 | | 9 | | | |
| ions | | | | | | | | | | |
| (int | | | | | | | | | | |
| ragr | | | | | | | | | | |
| oup) | | | | | | | | | | |
--------------------------------------------------------------------------------
| Exte | 152. | 100. | 124. | 100. | 274. | 100. | 241. | 100. | 494.4 | 100.0 |
| rnal | 8 | 0 | 4 | 0 | 4 | 0 | 8 | 0 | | |
| sale | | | | | | | | | | |
| s | | | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Resu | | | | | | | | | | |
| lt | | | | | | | | | | |
| befo | | | | | | | | | | |
| re | | | | | | | | | | |
| inte | | | | | | | | | | |
| rest | | | | | | | | | | |
| and | | | | | | | | | | |
| taxe | | | | | | | | | | |
| s | | | | | | | | | | |
| (EBI | | | | | | | | | | |
| T) | | | | | | | | | | |
--------------------------------------------------------------------------------
| Ship | 16.5 | | 3.7 | | 22.4 | | -6.3 | | -7.7 | |
| ping | | | | | | | | | | |
| and | | | | | | | | | | |
| sea | | | | | | | | | | |
| tran | | | | | | | | | | |
| spor | | | | | | | | | | |
| t | | | | | | | | | | |
--------------------------------------------------------------------------------
| Port | -2.1 | | -4.1 | | -6.6 | | -10. | | -15.9 | |
| oper | | | | | | | 1 | | | |
| atio | | | | | | | | | | |
| ns | | | | | | | | | | |
--------------------------------------------------------------------------------
| Resu | 14.4 | | -0.3 | | 15.9 | | -16. | | -23.6 | |
| lt | | | | | | | 4 | | | |
| befo | | | | | | | | | | |
| re | | | | | | | | | | |
| inte | | | | | | | | | | |
| rest | | | | | | | | | | |
| and | | | | | | | | | | |
| taxe | | | | | | | | | | |
| s | | | | | | | | | | |
| (EBI | | | | | | | | | | |
| T) | | | | | | | | | | |
| tota | | | | | | | | | | |
| l | | | | | | | | | | |
--------------------------------------------------------------------------------
| Fina | -5.2 | | -6.7 | | -10. | | -17. | | -27.8 | |
| ncia | | | | | 5 | | 3 | | | |
| l | | | | | | | | | | |
| item | | | | | | | | | | |
| s | | | | | | | | | | |
--------------------------------------------------------------------------------
| Resu | 9.2 | | -7.1 | | 5.4 | | -33. | | -51.4 | |
| lt | | | | | | | 7 | | | |
| befo | | | | | | | | | | |
| re | | | | | | | | | | |
| taxe | | | | | | | | | | |
| s | | | | | | | | | | |
--------------------------------------------------------------------------------
| Inco | -2.4 | | -0.9 | | -1.8 | | 4.7 | | 9.7 | |
| me | | | | | | | | | | |
| taxe | | | | | | | | | | |
| s | | | | | | | | | | |
--------------------------------------------------------------------------------
| Resu | 6.8 | | -8.0 | | 3.5 | | -29. | | -41.7 | |
| lt | | | | | | | 0 | | | |
| for | | | | | | | | | | |
| repo | | | | | | | | | | |
| rtin | | | | | | | | | | |
| g | | | | | | | | | | |
| peri | | | | | | | | | | |
| od | | | | | | | | | | |
--------------------------------------------------------------------------------
PROPERTY, PLANT AND EQUIPMENT 2009
--------------------------------------------------------------------------------
| EUR 1,000 | Land | Buildin | Vessels | Machiner | Advance | Total |
| | | gs | | y and | payments | |
| | | | | equipmen | & | |
| | | | | t | acquisit | |
| | | | | | ions | |
| | | | | | under | |
| | | | | | constr. | |
--------------------------------------------------------------------------------
| Acquisition | 339 | 106,638 | 1,289,692 | 109,525 | 125,401 | 1,631,595 |
| cost 1 | | | | | | |
| January | | | | | | |
--------------------------------------------------------------------------------
| Exchange | | 13 | | 465 | | 478 |
| rate | | | | | | |
| differences | | | | | | |
--------------------------------------------------------------------------------
| Increases | | 1,025 | 9,963 | 2,735 | 1,217 | 14,939 |
--------------------------------------------------------------------------------
| Sales of | | | | | | |
| assets | | | | | | |
--------------------------------------------------------------------------------
| Disposals | -36 | -22,489 | -49,109 | -2,847 | -41 | -74,521 |
--------------------------------------------------------------------------------
| Reclassific | | | 3,873 | | -3,873 | |
| ations | | | | | | |
--------------------------------------------------------------------------------
| Acquisition | 303 | 85,186 | 1,254,420 | 109,878 | 122,704 | 1,572,491 |
| cost 30 | | | | | | |
| June 2009 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Accumulated | | -32,221 | -237,395 | -50,010 | | -319,627 |
| depreciatio | | | | | | |
| n, | | | | | | |
| amortisatio | | | | | | |
| n and | | | | | | |
| write-offs | | | | | | |
| 1 Jan | | | | | | |
--------------------------------------------------------------------------------
| Exchange | | -4 | | -167 | | -171 |
| rate | | | | | | |
| differences | | | | | | |
--------------------------------------------------------------------------------
| Cumulative | | 22,109 | 13,732 | 2,479 | | 38,319 |
| depreciatio | | | | | | |
| n on | | | | | | |
| reclassific | | | | | | |
| ations and | | | | | | |
| disposals | | | | | | |
--------------------------------------------------------------------------------
| Cumulative | | | | | | |
| depreciatio | | | | | | |
| n on sales | | | | | | |
| of assets | | | | | | |
--------------------------------------------------------------------------------
| Depreciatio | | -1,595 | -24,699 | -3,725 | | -30,019 |
| n for the | | | | | | |
| reporting | | | | | | |
| period | | | | | | |
--------------------------------------------------------------------------------
| Accumulated | | -11,712 | -248,362 | -51,424 | | -311,498 |
| depreciatio | | | | | | |
| n, | | | | | | |
| amortisatio | | | | | | |
| n and | | | | | | |
| write-offs | | | | | | |
| 30 Jun | | | | | | |
--------------------------------------------------------------------------------
| Book value | 303 | 73,474 | 1,006,058 | 58,454 | 122,704 | 1,260,994 |
| 30 June | | | | | | |
| 2009 | | | | | | |
--------------------------------------------------------------------------------
PROPERTY, PLANT AND EQUIPMENT 2010
--------------------------------------------------------------------------------
| EUR 1,000 | Land | Buildin | Vessels | Machiner | Advance | Total |
| | | gs | | y and | payments | |
| | | | | equipmen | & | |
| | | | | t | acquisit | |
| | | | | | ions | |
| | | | | | under | |
| | | | | | constr. | |
--------------------------------------------------------------------------------
| Acquisition | 35 | 78,943 | 1,254,854 | 103,524 | 133,545 | 1,570,900 |
| cost 1 | | | | | | |
| January | | | | | | |
--------------------------------------------------------------------------------
| Exchange | | | | 49 | | 49 |
| rate | | | | | | |
| differences | | | | | | |
--------------------------------------------------------------------------------
| Increases | | | 3,983 | 48 | 23,133 | 27,164 |
--------------------------------------------------------------------------------
| Sales of | | | | | | |
| assets | | | | | | |
--------------------------------------------------------------------------------
| Disposals | | -1,394 | -284 | -847 | | -2,525 |
--------------------------------------------------------------------------------
| Reclassific | | | | | | |
| ations | | | | | | |
--------------------------------------------------------------------------------
| Acquisition | 35 | 77,549 | 1,258,553 | 102,774 | 156,678 | 1,595,589 |
| cost 30 | | | | | | |
| June 2010 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Accumulated | | -7,676 | -271,610 | -51,557 | | -330,843 |
| depreciatio | | | | | | |
| n, | | | | | | |
| amortisatio | | | | | | |
| n and | | | | | | |
| write-offs | | | | | | |
| 1 Jan | | | | | | |
--------------------------------------------------------------------------------
| Exchange | | | | -45 | | -45 |
| rate | | | | | | |
| differences | | | | | | |
--------------------------------------------------------------------------------
| Cumulative | | 1,394 | 284 | 825 | | 2,503 |
| depreciatio | | | | | | |
| n on | | | | | | |
| reclassific | | | | | | |
| ations and | | | | | | |
| disposals | | | | | | |
--------------------------------------------------------------------------------
| Cumulative | | | | | | |
| depreciatio | | | | | | |
| n on sales | | | | | | |
| of assets | | | | | | |
--------------------------------------------------------------------------------
| Depreciatio | | -1,430 | -23,577 | -3,166 | | -28,173 |
| n for the | | | | | | |
| reporting | | | | | | |
| period | | | | | | |
--------------------------------------------------------------------------------
| Accumulated | | -7,712 | -294,903 | -53,942 | | -356,558 |
| depreciatio | | | | | | |
| n, | | | | | | |
| amortisatio | | | | | | |
| n and | | | | | | |
| write-offs | | | | | | |
| 30 Jun | | | | | | |
--------------------------------------------------------------------------------
| Book value | 35 | 69,837 | 963,650 | 48,832 | 156,678 | 1,239,031 |
| 30 June | | | | | | |
| 2010 | | | | | | |
--------------------------------------------------------------------------------
CONTINGENCIES AND COMMITMENTS
--------------------------------------------------------------------------------
| EUR 1,000 | 30 Jun 2010 | 30 Jun 2009 | 31 Dec 2009 |
--------------------------------------------------------------------------------
| Minimum lease payable in relation | | | |
| to fixed-term leases: | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Vessel leases (Group as lessee): | | | |
--------------------------------------------------------------------------------
| Within 12 months | 31,989 | 53,501 | 39,200 |
--------------------------------------------------------------------------------
| 1-5 years | 28,768 | 62,329 | 42,571 |
--------------------------------------------------------------------------------
| | 60,756 | 115,830 | 81,771 |
--------------------------------------------------------------------------------
| Vessel leases (Group as lessor): | | | |
--------------------------------------------------------------------------------
| Within 12 months | 4,130 | 16,490 | 9,226 |
--------------------------------------------------------------------------------
| 1-5 years | 0 | | 0 |
--------------------------------------------------------------------------------
| | 4,130 | 16,490 | 9,226 |
--------------------------------------------------------------------------------
| Other leases (Group as lessee): | | | |
--------------------------------------------------------------------------------
| Within 12 months | 6,945 | 6,951 | 7,057 |
--------------------------------------------------------------------------------
| 1-5 years | 20,941 | 20,939 | 21,511 |
--------------------------------------------------------------------------------
| After five years | 17,530 | 19,137 | 19,869 |
--------------------------------------------------------------------------------
| | 45,416 | 47,027 | 48,437 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Collateral given | | | |
--------------------------------------------------------------------------------
| Loans secured by mortgages | | | |
--------------------------------------------------------------------------------
| Loans from financial institutions | 723,267 | 741,159 | 699,922 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Vessel mortgages provided as | 1,153,500 | 1,153,500 | 1,153,500 |
| guarantees for the above loans | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other guarantees given on behalf | | | |
| of the Group | | | |
--------------------------------------------------------------------------------
| Collateral | 11 | 11 | 11 |
--------------------------------------------------------------------------------
| Mortgages | 606 | 606 | 606 |
--------------------------------------------------------------------------------
| Other obligations | 116,475 | 121,156 | 120,962 |
--------------------------------------------------------------------------------
| | 117,092 | 121,773 | 121,579 |
--------------------------------------------------------------------------------
| Guarantees given on behalf of | | | |
| subsidiaries | | | |
--------------------------------------------------------------------------------
| Guarantees given on behalf of the | 6,912 | 6,000 | 6,913 |
| subsidiaries | | | |
--------------------------------------------------------------------------------
| | 6,912 | 6,000 | 6,913 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| VAT adjustment liability related | 11,782 | 13,033 | 12,430 |
| to real estate investments | | | |
--------------------------------------------------------------------------------
Open derivative instruments:
--------------------------------------------------------------------------------
| | Fair value | Contract amount |
--------------------------------------------------------------------------------
| 1000 EUR | 30 Jun | 30 Jun | 31 Dec | 30 Jun | 30 Jun | 31 Dec |
| | 2010 | 2009 | 2009 | 2010 | 2009 | 2009 |
--------------------------------------------------------------------------------
| Currency | 2,721 | -840 | -677 | 23,959 | 41,610 | 20,408 |
| forwards | | | | | | |
--------------------------------------------------------------------------------
| Interest | -343 | -3,884 | -2,369 | 120,000 | 120,000 | 120,000 |
| rate swaps | | | | | | |
--------------------------------------------------------------------------------
REVENUE AND RESULT BY QUARTER
--------------------------------------------------------------------------------
| MEUR | Q1/10 | Q1/09 | Q2/10 | Q2/09 |
--------------------------------------------------------------------------------
| Shipping and sea transport | 110.9 | 103.3 | 138.9 | 111.5 |
--------------------------------------------------------------------------------
| Port operations | 14.8 | 20.1 | 21.5 | 18.7 |
--------------------------------------------------------------------------------
| Eliminations (intragroup) | -4.2 | -6.1 | -7.5 | -5.9 |
--------------------------------------------------------------------------------
| External sales | 121.5 | 117.4 | 152.8 | 124.4 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Result before interest and | | | | |
| taxes (EBIT) | | | | |
--------------------------------------------------------------------------------
| Shipping and sea transport | 5.9 | -10.0 | 16.5 | 3.7 |
--------------------------------------------------------------------------------
| Port operations | -4.5 | -6.0 | -2.1 | -4.1 |
--------------------------------------------------------------------------------
| Result before interest and | 1.4 | -16.0 | 14.4 | -0.3 |
| taxes (EBIT) total | | | | |
--------------------------------------------------------------------------------
| Financial items | -5.3 | -10.6 | -5.2 | -6.7 |
--------------------------------------------------------------------------------
| Result before taxes | -3.8 | -26.6 | 9.2 | -7.1 |
--------------------------------------------------------------------------------
| Income taxes | 0.6 | 5.6 | -2.4 | -0.9 |
--------------------------------------------------------------------------------
| Result for the reporting | -3.3 | -21.0 | 6.8 | -8.0 |
| period | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EPS (undiluted) | -0.07 | -0.51 | 0.15 | -0.20 |
--------------------------------------------------------------------------------
| EPS (diluted) | -0.07 | -0.51 | 0.15 | -0.20 |
--------------------------------------------------------------------------------
SHARES, MARKET CAPITALISATION AND TRADING INFORMATION
--------------------------------------------------------------------------------
| | 30 June 2010 | 30 June 2009 |
--------------------------------------------------------------------------------
| Number of shares | 46,821,037 | 46,821,037 |
--------------------------------------------------------------------------------
| Market capitalisation, | 379.7 | 267.3 |
| EUR million | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | 1 Jan - 30 Jun 2010 | 1 Jan - 30 Jun 2009 |
--------------------------------------------------------------------------------
| Number of shares traded, | 1.8 | 0.6 |
| million | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | 1 Jan - 30 Jun 2010 |
--------------------------------------------------------------------------------
| | High | Low | Average | Close |
--------------------------------------------------------------------------------
| Share price | 8.82 | 6.95 | 7.72 | 8.11 |
--------------------------------------------------------------------------------
CALCULATION OF RATIOS
Earnings per share (EPS), EUR *:
Result attributable to parent company shareholders - hybrid bond interest
-------------------------------------------------------------------------
Weighted average number of outstanding shares
Shareholders' equity per share, EUR *:
Shareholders' equity attributable to parent company shareholders
----------------------------------------------------------------
Number of shares at the end of period
Gearing, %:
Interest-bearing liabilities - cash and bank equivalents
-------------------------------------------------------- X 100
Shareholders' equity + non-controlling interests
Equity ratio, %:
Shareholders' equity + non-controlling interests
------------------------------------------------ X 100
Balance sheet total - received advances
*In 2009, key indicators per share have been retroactively adjusted with the
share issue adjustment factor.
Taxes corresponding to the result for the reporting period are presented as
income taxes in the interim report.
RELATED PARTY TRANSACTIONS
In April 2009, Finnlines' subsidiary Hanseatic Shipping sold MS Finnhansa to
Grimaldi Group at the market price of EUR 40 million with a call option to
repurchase the vessel at the same price. This call option was exercised in April
2010. MS Finnhansa (renamed Transrussia) was bought in July 2010 by Finnlines
Deutschland GmbH, after which she was delivered and started plying in
TransRussiaExpress traffic.
Redelivery of the two vessels, hired to Grimaldi Group in 2009, took place in
the first quarter 2010 and at the beginning of the second quarter 2010.
Otherwise there were no material related party transactions or balances during
the reporting period.
REPORTING AND ACCOUNTING POLICIES
This interim report is prepared in accordance with IAS 34 (Interim Financial
Reporting) using the same accounting policies and methods as in the annual
financial statements for 2009. All figures in the accounts have been rounded
and consequently the sum of individual figures can deviate from the presented
sum figure.
The preparation of the financial statements in accordance with IFRS requires
management to make estimates and assumptions that affect the valuation of the
reported assets and liabilities and other information such as contingent
liabilities and the recognition of income and expenses in the income statement.
Although the estimates are based on the management's best knowledge of current
events and actions, actual results may differ from the estimates.
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