2010-05-11 16:30:08 CEST
2010-05-11 16:31:07 CEST
REGULATED INFORMATION
Finnlines - Interim report (Q1 and Q3)
INTERIM REPORT JANUARY - MARCH 2010 (Unaudited)
Finnlines Plc Stock Exchange Release 11 May 2010 INTERIM REPORT JANUARY - MARCH 2010 (Unaudited) JANUARY - MARCH 2010 IN BRIEF -------------------------------------------------------------------------------- | MEUR | 1-3 2010 | 1-3 2009 | 1-12 2009 | -------------------------------------------------------------------------------- | Revenue | 121.5 | 117.4 | 494.4 | -------------------------------------------------------------------------------- | EBITDA | 16.1 | -0.2 | 37.4 | -------------------------------------------------------------------------------- | Result before interest and | 1.4 | -16.0 | -23.6 | | taxes | | | | -------------------------------------------------------------------------------- | % of revenue | 1.2 | -13.7 | -4.8 | -------------------------------------------------------------------------------- | Result before taxes | -3.8 | -26.6 | -51.4 | -------------------------------------------------------------------------------- | EPS, EUR * | -0.07 | -0.51 | -0.96 | -------------------------------------------------------------------------------- | Equity ratio, % | 29.2 | 28.5 | 29.4 | -------------------------------------------------------------------------------- | Gearing, % | 202.7 | 206.7 | 198.3 | -------------------------------------------------------------------------------- | Shareholders' equity/share, | 9.03 | 10.52 | 9.07 | | EUR * | | | | -------------------------------------------------------------------------------- *Key indicators per share have been retroactively adjusted with the share issue adjustment factor. Calculation of key ratios is presented on the page 12. GENERAL MARKET DEVELOPMENT The sharp drop in volumes that was experienced especially during the last quarter of 2008 and the first quarter of 2009, stabilised during the rest of the year 2009, and the market volumes remained on the new lower level. Based on statistics by the Finnish Maritime Administration (FMA), the Finnish seaborne imports carried in container, lorry and trailer units increased by 4% and exports by 6% during the first quarter of 2010 compared to the previous year (measured in tons). According to statistics published by Shippax, trailer and lorry volumes transported by sea between Southern Sweden and Germany decreased in January-March by 8% compared to 2009. Private and commercial passenger traffic between Finland and Germany increased by 1% and decreased between Finland and Sweden by 5% (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 days' stevedores' strike in Finland all caused several temporary schedule changes, reroutings and even 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 has returned to normal pattern. During the first quarter of 2010, the company operated on average of 23 vessels in its own traffic compared to 30 during the same period in 2009. The cargo volumes transported during January-March totalled approximately 148,000 (155,000 in 2009) units, 9,000 (11,000) cars (not including cars of the passengers) and, in addition 390,000 (485,000) tons of freight not possible to measure in units. In addition, some 121,000 private and commercial passengers were transported (around 102,000), an increase of 19%. Compared to the first quarter of 2009, the number of private passengers (excluding lorry drivers) transported by the company increased by 59%. PRODUCTIVITY The fleet capacity has been adjusted to new market requirements both on number of ships as well as the correct allocation of tonnage in specific trades. These measures have mainly been taken at the end of 2009 and will therefore generate most part of the savings from 2010 onwards. The average number of personnel has decreased by 14% compared to the same period of the previous year mainly due to temporary lay offs in ports and personnel cuttings in offices. During 2009 the Group started a significant process to merge group companies and businesses. This process will continue during 2010 and will result in a much leaner company structure thus creating savings in administration and personnel costs. FINANCIAL RESULTS The Finnlines Group recorded revenue totalling EUR 121.5 million (117.4), an increase of 3.5%. Shipping and Sea Transport Services generated revenue amounting to EUR 110.9 million (103.3) and Port Operations EUR 14.8 million (20.1). The internal revenue between the segments was EUR 4.2 million (6.1). Result before depreciation and amortisation (EBITDA) was EUR 16.1 million (-0.2). Personnel expenses have decreased by EUR 3.7 million and vessel lease expenses decreased by EUR 6.1 million compared to the same period of the previous year. Other operating expenses totalled EUR -39.4 million (-54.2) and included EUR 2.9 million (2.7) reimbursement of fairway dues. Result before interest and taxes (EBIT) was EUR 1.4 million (-16.0). Financial income was EUR 1.4 million (1.2) and financial expenses totalled EUR -6.7 million (-11.8). Result before taxes (EBT) was EUR -3.8 million (-26.6), an improvement of EUR 22.8 million compared to the same period in 2009. Earnings per share (EPS) were EUR -0.07 (-0.51). BALANCE SHEET, FINANCING AND CASH-FLOW Interest-bearing net debt decreased by EUR 47.6 million compared to the same period 2009 and amounted to EUR 858.2 million (905.7). The equity ratio calculated from the balance sheet was 29.2% (28.5) and gearing was 202.7% (206.7). Vessel lease commitments decreased by EUR 65.5 million from the end of March 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 159.5 million. CAPITAL EXPENDITURE Gross capital expenditure in the review period totalled EUR 5.0 million (13.7). Depreciation amounted to EUR 14.7 million (15.9). 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 for vessels Nos. 1 and 2 end of first quarter of 2011, vessels Nos. 3 and 4 during the fourth quarter of 2011, vessel No. 5 end of the third quarter 2012 and vessel No. 6 during the fourth quarter of 2012. PERSONNEL The Group employed an average of 1,950 (2,267) persons during the period, consisting of 1,035 (1,302) persons on shore and 915 (965) 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 the shipping is the overcapacity of the tonnage. Overall the 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 habits of its customers and currently there are no significant risks related to this. Finnlines holds adequate credit lines to maintain liquidity in the current business environment. The 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 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' General Meeting held on 20 May 2008 to distribute 180,216.39 euros as a minimum dividend and demanded that the minimum dividend be increased. The District Court has approved Ilmarinen's claim to have the resolution of the General Meeting amended so that the minimum dividend instead of 180,216.39 euros as above should have been 17,181,000 euros. In addition, the District Court has ordered Finnlines to compensate Ilmarinen's legal costs by an amount of 300,035.15 euros together with interest at statutory rate. Finnlines filed an appeal with the Helsinki Court of Appeal against the judgement by the Helsinki District Court in April 2010. The former management of Finnlines' port operations subsidiary had been summoned to the Helsinki District Court to answer for infringing the Occupational Safety and Health Act and Working Hours Act in the port of Helsinki. The Helsinki District Court rendered its decision on 3 March 2010 sentencing the former management to pay fines. Finnlines port operations subsidiary has taken rectifying measures in the follow-up system of the working hours in order to avoid any infringements in the future. 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 compensation of weekend work. The Company considers the basis of the action groundless and will reply to the submission of the Union in the given time limit. ESSENTIAL EVENTS AFTER REPORTING PERIOD 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. In April 2010, Finnlines exercised this call option. MS Finnhansa will start plying in Finnlines' traffic in July 2010. FINNLINES PROSPECTS FOR 2010 Since April there have been signs of good recovery in transport volumes. In 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 the improved volumes and the significantly lower cost structure in 2010. The second interim report of the year 2010, 1 January - 30 June, will be published on Thursday, 29 July 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 - 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 Jan - 31 | 1 Jan - 31 | 1 Jan - 31 | | | Mar 2010 | Mar 2009 | Dec 2009 | -------------------------------------------------------------------------------- | Revenue | 121,506 | 117,401 | 494,411 | -------------------------------------------------------------------------------- | Other income from operations | 2,455 | 1,017 | 13,413 | -------------------------------------------------------------------------------- | Materials and services | -43,409 | -35,609 | -162,553 | -------------------------------------------------------------------------------- | Personnel expenses | -25,062 | -28,786 | -107,548 | -------------------------------------------------------------------------------- | Depreciation, amortisation and | -14,653 | -15,875 | -61,012 | | other write-offs | | | | -------------------------------------------------------------------------------- | Other operating expenses | -39,396 | -54,191 | -200,328 | -------------------------------------------------------------------------------- | Total operating expenses | -122,521 | -134,461 | -531,441 | -------------------------------------------------------------------------------- | Result before interest and | 1,440 | -16,042 | -23,617 | | taxes (EBIT) | | | | -------------------------------------------------------------------------------- | Financial income | 1,390 | 1,194 | 3,922 | -------------------------------------------------------------------------------- | Financial expenses | -6,655 | -11,788 | -31,724 | -------------------------------------------------------------------------------- | Result before taxes | -3,825 | -26,637 | -51,419 | -------------------------------------------------------------------------------- | Income taxes | 566 | 5,601 | 9,713 | -------------------------------------------------------------------------------- | Result for the reporting | -3,259 | -21,036 | -41,706 | | period | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other comprehensive income: | | | | -------------------------------------------------------------------------------- | Exchange differences on | -37 | -170 | -255 | | translating foreign operations | | | | -------------------------------------------------------------------------------- | Change in hedging reserve | 1,375 | 910 | -723 | -------------------------------------------------------------------------------- | Deferred tax revaluation | | | -1,481 | -------------------------------------------------------------------------------- | Income tax relating to | -357 | -237 | 188 | | components of other | | | | | comprehensive income | | | | -------------------------------------------------------------------------------- | Total comprehensive income | -2,278 | -20,532 | -43,977 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Result attributable to: | | | | -------------------------------------------------------------------------------- | Parent company shareholders | -3,190 | -21,015 | -41,637 | -------------------------------------------------------------------------------- | Non-controlling interests | -69 | -20 | -69 | -------------------------------------------------------------------------------- | | -3,259 | -21,036 | -41,706 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total comprehensive income | | | | | attributable to: | | | | -------------------------------------------------------------------------------- | Parent company shareholders | -2,209 | -20,512 | -43,908 | -------------------------------------------------------------------------------- | Non-controlling interests | -69 | -20 | -69 | -------------------------------------------------------------------------------- | | -2,278 | -20,532 | -43,977 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Result attributable to parent | | | | | company shareholders | | | | | calculated as earnings per | | | | | share (EUR/share): | | | | -------------------------------------------------------------------------------- | Undiluted earnings per share * | -0.07 | -0.51 | -0.96 | -------------------------------------------------------------------------------- | Diluted earnings per share * | -0.07 | -0.51 | -0.96 | -------------------------------------------------------------------------------- | Average number of shares: | | | | -------------------------------------------------------------------------------- | Undiluted * | 46,821,037 | 41,528,302 | 44,384,929 | -------------------------------------------------------------------------------- | Diluted * | 46,821,037 | 41,528,302 | 44,384,929 | -------------------------------------------------------------------------------- *Key indicators per share have been retroactively adjusted with the share issue adjustment factor. CONSOLIDATED BALANCE SHEET, IFRS -------------------------------------------------------------------------------- | EUR 1,000 | 31 Mar 2010 | 31 Mar 2009 | 31 Dec 2009 | -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- | Non-current assets | | | | -------------------------------------------------------------------------------- | Property, plant and equipment | 1,230,989 | 1,309,919 | 1,240,057 | -------------------------------------------------------------------------------- | Goodwill | 105,644 | 105,644 | 105,644 | -------------------------------------------------------------------------------- | Intangible assets | 10,726 | 13,013 | 11,342 | -------------------------------------------------------------------------------- | Investment properties | 1,576 | 1,579 | 1,577 | -------------------------------------------------------------------------------- | Share of associated companies | 1,514 | 1,526 | 1,514 | -------------------------------------------------------------------------------- | Other financial assets | 4,788 | 4,791 | 4,792 | -------------------------------------------------------------------------------- | Receivables | 957 | 4,514 | 894 | -------------------------------------------------------------------------------- | Deferred tax assets | 2,971 | 3,034 | 3,567 | -------------------------------------------------------------------------------- | | 1,359,163 | 1,444,022 | 1,369,386 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current assets | | | | -------------------------------------------------------------------------------- | Inventories | 6,550 | 5,444 | 6,530 | -------------------------------------------------------------------------------- | Accounts receivable and other | 82,268 | 76,398 | 64,345 | | receivables | | | | -------------------------------------------------------------------------------- | Income tax receivables | 96 | 111 | 18 | -------------------------------------------------------------------------------- | Bank and cash | 3,897 | 14,007 | 6,103 | -------------------------------------------------------------------------------- | | 92,812 | 95,960 | 76,996 | -------------------------------------------------------------------------------- | Total assets | 1,451,976 | 1,539,982 | 1,446,382 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY | | | | -------------------------------------------------------------------------------- | Equity attributable to parent | | | | | company shareholders | | | | -------------------------------------------------------------------------------- | Share capital | 93,642 | 81,384 | 93,642 | -------------------------------------------------------------------------------- | Share premium account | 24,525 | 24,525 | 24,525 | -------------------------------------------------------------------------------- | Fair value reserve | -3,805 | -2,133 | -4,822 | -------------------------------------------------------------------------------- | Translation differences | 87 | 209 | 124 | -------------------------------------------------------------------------------- | Unrestricted equity reserve | 21,015 | | 21,015 | -------------------------------------------------------------------------------- | Retained earnings | 287,101 | 311,912 | 290,291 | -------------------------------------------------------------------------------- | Hybrid bond | | 20,906 | | -------------------------------------------------------------------------------- | | 422,566 | 436,803 | 424,775 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-controlling interests | 807 | 1,511 | 876 | -------------------------------------------------------------------------------- | Total equity | 423,373 | 438,314 | 425,651 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES | | | | -------------------------------------------------------------------------------- | Long-term liabilities | | | | -------------------------------------------------------------------------------- | Deferred tax liabilities | 86,566 | 91,408 | 87,660 | -------------------------------------------------------------------------------- | Interest-free liabilities | 16 | | 742 | -------------------------------------------------------------------------------- | Pension liabilities | 2,348 | 3,026 | 2,355 | -------------------------------------------------------------------------------- | Provisions | 4,312 | 4,277 | 4,312 | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 701,253 | 771,935 | 721,112 | -------------------------------------------------------------------------------- | | 794,496 | 870,645 | 816,182 | -------------------------------------------------------------------------------- | Current liabilities | | | | -------------------------------------------------------------------------------- | Accounts payable and other | 71,874 | 80,169 | 73,714 | | liabilities | | | | -------------------------------------------------------------------------------- | Income tax liabilities | 649 | 199 | 448 | -------------------------------------------------------------------------------- | Provisions | 777 | 2,843 | 1,280 | -------------------------------------------------------------------------------- | Current interest-bearing | 160,806 | 147,811 | 129,107 | | liabilities | | | | -------------------------------------------------------------------------------- | | 234,106 | 231,023 | 204,549 | -------------------------------------------------------------------------------- | Total liabilities | 1,028,603 | 1,101,668 | 1,020,731 | -------------------------------------------------------------------------------- | Total equity and liabilities | 1,451,976 | 1,539,982 | 1,446,382 | -------------------------------------------------------------------------------- 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 | | | -170 | 673 | | | income for the year | | | | | | -------------------------------------------------------------------------------- | Shareholders' | 81,384 | 24,525 | 209 | -2,133 | | | equity | | | | | | | 31 March 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 | -21,015 | | -20,512 | -20 | -20,532 | | income for the year | | | | | | -------------------------------------------------------------------------------- | Issue of hybrid | | 20,906 | 20,906 | | 20,906 | | bond | | | | | | -------------------------------------------------------------------------------- | Shareholders' | 311,912 | 20,906 | 436,803 | 1,511 | 438,314 | | equity 31 | | | | | | | March 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 | | | -37 | 1,017 | | | income for the year | | | | | | -------------------------------------------------------------------------------- | Shareholders' | 93,642 | 24,525 | 87 | -3,805 | 21,015 | | equity | | | | | | | 31 March 2010 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR 1,000 | Equity attributable to parent | Non-contr | Total | | | company shareholders | olling | sharehold | | | | interests | ers' | | | | | equity | -------------------------------------------------------------------------------- | | Retained | Hybrid | Total | | | | | earnings | bond | | | | -------------------------------------------------------------------------------- | Shareholders' | 290,291 | | 424,775 | 876 | 425,651 | | equity 1 January | | | | | | | 2010 | | | | | | -------------------------------------------------------------------------------- | Total comprehensive | -3,190 | | -2,209 | -69 | -2,278 | | income for the year | | | | | | -------------------------------------------------------------------------------- | Shareholders' | 287,101 | | 422,566 | 807 | 423,373 | | equity 31 | | | | | | | March 2010 | | | | | | -------------------------------------------------------------------------------- CONSOLIDATED CASH FLOW STATEMENT, IFRS -------------------------------------------------------------------------------- | EUR 1,000 | 1 Jan-31 Mar | 1 Jan-31 Mar | 1 Jan-31 Dec | | | 2010 | 2009 | 2009 | -------------------------------------------------------------------------------- | Cash flows from operating | | | | | activities | | | | -------------------------------------------------------------------------------- | Result for reporting period | -3,259 | -21,036 | -41,706 | -------------------------------------------------------------------------------- | Non-cash transactions | 19,144 | 20,728 | 67,673 | -------------------------------------------------------------------------------- | Changes in working capital | -17,742 | -5,542 | 6,273 | -------------------------------------------------------------------------------- | Net financial items and | -7,344 | -8,238 | -33,395 | | income taxes | | | | -------------------------------------------------------------------------------- | Net cash generated from | -9,200 | -14,089 | -1,154 | | operating activities | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from investing | | | | | activities | | | | -------------------------------------------------------------------------------- | Investment in shares and | | | -251 | | acquisition | | | | -------------------------------------------------------------------------------- | Net investments in tangible | -4,988 | -10,722 | -25,363 | | and intangible assets | | | | -------------------------------------------------------------------------------- | Disposal of subsidiaries | | | 2,114 | -------------------------------------------------------------------------------- | Proceeds from sale of | 11 | 1 | 957 | | investments | | | | -------------------------------------------------------------------------------- | Other investing activities | 223 | 327 | 49,377 | -------------------------------------------------------------------------------- | Net cash used in investing | -4,754 | -10,394 | 26,834 | | activities | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from financing | | | | | activities | | | | -------------------------------------------------------------------------------- | Proceeds from share issue | | | 33,274 | -------------------------------------------------------------------------------- | Loan withdrawals | | | 8,040 | -------------------------------------------------------------------------------- | Net increase in current | 31,673 | 25,119 | 9,801 | | interest-bearing liabilities | | | | -------------------------------------------------------------------------------- | Repayment of loans | -19,949 | -18,050 | -81,143 | -------------------------------------------------------------------------------- | Increase / decrease in | 20 | 2 | 466 | | long-term receivables | | | | -------------------------------------------------------------------------------- | Dividends paid | | | -540 | -------------------------------------------------------------------------------- | Hybrid bond | | 20,906 | 20,906 | -------------------------------------------------------------------------------- | Hybrid bond repayment | | | -20,906 | -------------------------------------------------------------------------------- | Net cash from (used in) | 11,744 | 27,976 | -30,103 | | financing activities | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in cash and cash | -2,211 | 3,492 | -4,423 | | equivalents | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents 1 | 6,103 | 10,509 | 10,509 | | January | | | | -------------------------------------------------------------------------------- | Effect of foreign exchange | 5 | 4 | 17 | | rate changes | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at | 3,897 | 14,007 | 6,103 | | the end of period | | | | -------------------------------------------------------------------------------- REVENUE AND RESULT BY BUSINESS SEGMENTS -------------------------------------------------------------------------------- | | 1 Jan-31 Mar | 1 Jan-31 Mar | 1 Jan-31 Dec | | | 2010 | 2009 | 2009 | -------------------------------------------------------------------------------- | | MEUR | % | MEUR | % | MEUR | % | -------------------------------------------------------------------------------- | Revenue | | | | | | | -------------------------------------------------------------------------------- | Shipping and sea | 110.9 | 91.3 | 103.3 | 88.0 | 444.9 | 90.0 | | transport | | | | | | | -------------------------------------------------------------------------------- | Port operations | 14.8 | 12.2 | 20.1 | 17.2 | 73.2 | 14.8 | -------------------------------------------------------------------------------- | Eliminations | -4.2 | -3.4 | -6.1 | -5.2 | -23.7 | -4.8 | | (intragroup) | | | | | | | -------------------------------------------------------------------------------- | External sales | 121.5 | 100.0 | 117.4 | 100.0 | 494.4 | 100.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Result before interest | | | | | | | | and taxes (EBIT) | | | | | | | -------------------------------------------------------------------------------- | Shipping and sea | 5.9 | | -10.0 | | -7.7 | | | transport | | | | | | | -------------------------------------------------------------------------------- | Port operations | -4.5 | | -6.0 | | -15.9 | | -------------------------------------------------------------------------------- | Result before interest | 1.4 | | -16.0 | | -23.6 | | | and taxes (EBIT) total | | | | | | | -------------------------------------------------------------------------------- | Financial items | -5.3 | | -10.6 | | -27.8 | | -------------------------------------------------------------------------------- | Result before taxes | -3.8 | | -26.6 | | -51.4 | | -------------------------------------------------------------------------------- | Income taxes | 0.6 | | 5.6 | | 9.7 | | -------------------------------------------------------------------------------- | Result for reporting | -3.3 | | -21.0 | | -41.7 | | | period | | | | | | | -------------------------------------------------------------------------------- PROPERTY, PLANT AND EQUIPMENT 2009 -------------------------------------------------------------------------------- | EUR 1,000 | Land | Buildin | Vessels | Machinery | Advance | Total | | | | gs | | and | payments | | | | | | | equipment | & | | | | | | | | acquisit | | | | | | | | ions | | | | | | | | under | | | | | | | | constr. | | -------------------------------------------------------------------------------- | Acquisition | 339 | 106,638 | 1,289,692 | 109,525 | 125,401 | 1,631,595 | | cost 1 | | | | | | | | January | | | | | | | -------------------------------------------------------------------------------- | Exchange | | 15 | | 488 | | 504 | | rate | | | | | | | | differences | | | | | | | -------------------------------------------------------------------------------- | Increases | | 1,013 | 8,689 | 2,618 | 747 | 13,067 | -------------------------------------------------------------------------------- | Sales of | | | | | | | | assets | | | | | | | -------------------------------------------------------------------------------- | Disposals | | | -12 | -1,039 | -41 | -1,091 | -------------------------------------------------------------------------------- | Reclassifica | | | 3,796 | | -3,796 | 0 | | tions | | | | | | | -------------------------------------------------------------------------------- | Acquisition | 339 | 107,666 | 1,302,166 | 111,593 | 122,311 | 1,644,074 | | cost 31 | | | | | | | | March 2009 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Accumulated | | -32,221 | -237,395 | -50,010 | | -319,627 | | depreciation | | | | | | | | , | | | | | | | | amortisation | | | | | | | | and | | | | | | | | write-offs 1 | | | | | | | | Jan | | | | | | | -------------------------------------------------------------------------------- | Exchange | | -5 | | -148 | | -153 | | rate | | | | | | | | differences | | | | | | | -------------------------------------------------------------------------------- | Cumulative | | | 10 | 895 | | 906 | | depreciation | | | | | | | | on | | | | | | | | reclassifica | | | | | | | | tions and | | | | | | | | disposals | | | | | | | -------------------------------------------------------------------------------- | Cumulative | | | | | | | | depreciation | | | | | | | | on sales of | | | | | | | | assets | | | | | | | -------------------------------------------------------------------------------- | Depreciation | | -809 | -12,585 | -1,888 | | -15,282 | | for the | | | | | | | | reporting | | | | | | | | period | | | | | | | -------------------------------------------------------------------------------- | Accumulated | | -33,035 | -249,969 | -51,151 | | -334,156 | | depreciation | | | | | | | | , | | | | | | | | amortisation | | | | | | | | and | | | | | | | | write-offs | | | | | | | | 31 Mar | | | | | | | -------------------------------------------------------------------------------- | Book value | 339 | 74,631 | 1,052,197 | 60,442 | 122,311 | 1,309,919 | | 31 March | | | | | | | | 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 rate | | | | 3 | | 3 | | differences | | | | | | | -------------------------------------------------------------------------------- | Increases | | | 2,085 | 28 | 2,869 | 4,982 | -------------------------------------------------------------------------------- | Sales of | | | | | | | | assets | | | | | | | -------------------------------------------------------------------------------- | Disposals | | -1,394 | -7 | -202 | | -1,602 | -------------------------------------------------------------------------------- | Reclassificat | | | | | | | | ions | | | | | | | -------------------------------------------------------------------------------- | Acquisition | 35 | 77,549 | 1,256,932 | 103,353 | 136,413 | 1,574,283 | | cost 31 March | | | | | | | | 2010 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Accumulated | | -7,676 | -271,610 | -51,557 | | -330,843 | | depreciation, | | | | | | | | amortisation | | | | | | | | and | | | | | | | | write-offs 1 | | | | | | | | Jan | | | | | | | -------------------------------------------------------------------------------- | Exchange rate | | | | -2 | | -2 | | differences | | | | | | | -------------------------------------------------------------------------------- | Cumulative | | 1,394 | 7 | 180 | | 1,580 | | depreciation | | | | | | | | on | | | | | | | | reclassificat | | | | | | | | ions and | | | | | | | | disposals | | | | | | | -------------------------------------------------------------------------------- | Cumulative | | | | | | | | depreciation | | | | | | | | on sales of | | | | | | | | assets | | | | | | | -------------------------------------------------------------------------------- | Depreciation | | -727 | -11,705 | -1,597 | | -14,029 | | for the | | | | | | | | reporting | | | | | | | | period | | | | | | | -------------------------------------------------------------------------------- | Accumulated | | -7,009 | -283,308 | -52,977 | | -343,294 | | depreciation, | | | | | | | | amortisation | | | | | | | | and | | | | | | | | write-offs 31 | | | | | | | | Mar | | | | | | | -------------------------------------------------------------------------------- | Book value 31 | 35 | 70,540 | 973,624 | 50,376 | 136,413 | 1,230,989 | | March 2010 | | | | | | | -------------------------------------------------------------------------------- CONTINGENCIES AND COMMITMENTS -------------------------------------------------------------------------------- | EUR 1,000 | 31 Mar 2010 | 31 Mar 2009 | 31 Dec 2009 | -------------------------------------------------------------------------------- | Minimum lease payable in relation | | | | | to fixed-term leases: | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Vessel leases (Group as lessee): | | | | -------------------------------------------------------------------------------- | Within 12 months | 34,395 | 61,929 | 39,200 | -------------------------------------------------------------------------------- | 1-5 years | 35,720 | 73,696 | 42,571 | -------------------------------------------------------------------------------- | | 70,115 | 135,625 | 81,771 | -------------------------------------------------------------------------------- | Vessel leases (Group as lessor): | | | | -------------------------------------------------------------------------------- | Within 12 months | 4,031 | 15,466 | 9,226 | -------------------------------------------------------------------------------- | 1-5 years | 0 | 501 | 0 | -------------------------------------------------------------------------------- | | 4,031 | 15,967 | 9,226 | -------------------------------------------------------------------------------- | Other leases (Group as lessee): | | | | -------------------------------------------------------------------------------- | Within 12 months | 6,965 | 7,277 | 7,057 | -------------------------------------------------------------------------------- | 1-5 years | 21,240 | 21,267 | 21,511 | -------------------------------------------------------------------------------- | After five years | 18,714 | 21,852 | 19,869 | -------------------------------------------------------------------------------- | | 46,918 | 50,396 | 48,437 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Collateral given | | | | -------------------------------------------------------------------------------- | Loans secured by mortgages | | | | -------------------------------------------------------------------------------- | Loans from financial institutions | 736,471 | 758,396 | 699,922 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Vessel mortgages provided as | 1,153,500 | 1,163,500 | 1,153,500 | | guarantees for the above loans | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other guarantees given on behalf | | | | | of the Group | | | | -------------------------------------------------------------------------------- | Collateral | 11 | 19 | 11 | -------------------------------------------------------------------------------- | Mortgages | 606 | 606 | 606 | -------------------------------------------------------------------------------- | Other obligations | 122,410 | 122,546 | 120,962 | -------------------------------------------------------------------------------- | | 123,027 | 123,171 | 121,579 | -------------------------------------------------------------------------------- | Guarantees given on behalf of | | | | | subsidiaries | | | | -------------------------------------------------------------------------------- | Guarantees given on behalf of the | 6,913 | 6,000 | 6,913 | | subsidiaries | | | | -------------------------------------------------------------------------------- | | 6,913 | 6,000 | 6,913 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | VAT adjustment liability related | 12,106 | 13,349 | 12,430 | | to real estate investments | | | | -------------------------------------------------------------------------------- Open derivative instruments: -------------------------------------------------------------------------------- | | Fair value | Contract amount | -------------------------------------------------------------------------------- | 1000 EUR | 31 Mar | 31 Mar | 31 Dec | 31 Mar | 31 Mar | 31 Dec | | | 2010 | 2009 | 2009 | 2010 | 2009 | 2009 | -------------------------------------------------------------------------------- | Currency | 655 | -169 | -677 | 21,812 | 53,353 | 20,408 | | forwards | | | | | | | -------------------------------------------------------------------------------- | Interest | -1,419 | -4,282 | -2,369 | 120,000 | 120,000 | 120,000 | | rate swaps | | | | | | | -------------------------------------------------------------------------------- SHARES, MARKET CAPITALISATION AND TRADING INFORMATION -------------------------------------------------------------------------------- | | 31 March 2010 | 31 March 2009 | -------------------------------------------------------------------------------- | Number of shares | 46,821,037 | 40,691,958 | -------------------------------------------------------------------------------- | Market capitalisation, | 351.2 | 212.8 | | EUR million | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 1 Jan - 31 Mar 2010 | 1 Jan - 31 Mar 2009 | -------------------------------------------------------------------------------- | Number of shares traded, | 0.6 | 0.4 | | million | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 1 Jan - 31 Mar 2010 | -------------------------------------------------------------------------------- | | High | Low | Average | Close | -------------------------------------------------------------------------------- | Share price | 8.16 | 6.95 | 7.34 | 7.50 | -------------------------------------------------------------------------------- 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 / Shareholders' equity + non-controlling interests x 100 Equity ratio, % = Shareholders' equity + non-controlling interests / Balance sheet total - received advances x 100 *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 During the first quarter the group continued the sublet of two ro-ro vessels to Grimaldi Group based on the contract signed in 2009. These were redelivered in the first quarter 2010 and at the beginning of the second quarter 2010. Otherwise there were no material related party transactions 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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