2013-02-28 12:22:25 CET
2013-02-28 12:23:31 CET
REGULATED INFORMATION
Finnlines - Financial Statement Release
FINNLINES PLC FINANCIAL STATEMENT BULLETIN JANUARY-DECEMBER 2012 (unaudited)
Helsinki,Finland, 2013-02-28 12:22 CET (GLOBE NEWSWIRE) --
Finnlines Plc Stock Exchange Release 28 February 2013 at 13:20
FINANCIAL STATEMENT BULLETIN JANUARY-DECEMBER 2012 (unaudited)
SUMMARY
January - December 2012
-- Revenue EUR 609.3 million (EUR 605.2 million prev. year), increase 0.7%
-- Result before interest, taxes, depreciation and amortisation (EBITDA) EUR
89.8 million (EUR 84.5 million), increase 6.2%
-- Result for the reporting period EUR -0.1 million (EUR -2.5 million)
-- Earnings per share were 0.00 (-0.05) EUR/share
October - December 2012
-- Revenue EUR 138.4 million (EUR 144.8 million prev. year), decrease 4.4%
-- Result before interest, taxes, depreciation and amortisation (EBITDA) EUR
11.6 million (EUR 14.4 million), decrease 19.0%
-- Result for the reporting period EUR -5.3 million (EUR -3.1 million)
-- Earnings per share were -0.11 (-0.07) EUR/share
JANUARY - DECEMBER 2012 IN BRIEF
MEUR 1-12 2012 1-12 2011 10-12 2012 10-12 2011
Revenue 609.3 605.2 138.4 144.8
Result before interest, taxes, 89.8 84.5 11.6 14.4
depreciation and amortisation
(EBITDA)
Result before interest and taxes 23.7 21.0 -5.1 -1.6
(EBIT)
% of revenue 3.9 3.5 -3.7 -1.1
Result for the reporting period -0.1 -2.5 -5.3 -3.1
EPS, EUR 0.00 -0.05 -0.11 -0.07
Equity ratio, % 29.1 29.1 29.1 29.1
Gearing, % 204.3 199.8 204.3 199.8
Shareholders' equity/share, EUR 9.17 9.12 9.17 9.12
Calculation of key ratios is presented under 'Calculation of ratios'.
FINNLINES' BUSINESS
Finnlines is one of the largest North-European liner shipping companies,
providing sea transport services mainly in the Baltic and the North Sea. In
addition to freight, the Company's ro-pax vessels carry passengers between six
countries and eleven ports. The Company also provides port services in
Helsinki, Turku and Kotka. The Company has subsidiaries or sales offices in
Germany, Belgium, the UK, Sweden, Denmark, Poland, Luxembourg and a
representative office in Russia. Finnlines is a Finnish listed company and part
of the Italian Grimaldi Group.
GENERAL MARKET DEVELOPMENT
Based on the statistics by the Finnish Transport Agency for January-December,
the Finnish seaborne imports carried in container, lorry and trailer units
decreased by 2 per cent whereas exports increased by 1 per cent (measured in
tons) compared to the same period in 2011. According to the statistics
published by Shippax for January-December, trailer and lorry volumes
transported by sea between Southern Sweden and Germany decreased by 3 per cent
compared to 2011. During the same period, private and commercial passenger
traffic between Finland and Sweden decreased by 1 per cent. Between Finland and
Germany the corresponding decrease was 24 per cent (Finnish Transport Agency).
FINNLINES TRAFFIC
In the first quarter, the third and fourth (MS Finnsky and MS Finnsun) of six
ro-ro newbuildings entered service. The fifth newbuilding (MS Finntide) entered
service at the end of the last quarter and the sixth (MS Finnwave) was also
delivered at the end of the year. All six newbuildings fly the Finnish flag.
During the second half-year, MS Finnarrow, MS Finneagle and MS Finnfellow,
previously flying the Swedish flag, changed to the Finnish flag.
Finnlines cut its excess capacity by bareboat chartering MS Europalink for 5
years to its mother company Grimaldi Group. The vessel sails under Italian flag
and in the Mediterranean Sea from the beginning of November 2012. During the
fourth quarter, Finnlines operated on average 24 (25 prev. year) vessels in its
own traffic.
The cargo volumes transported during January-December totalled approximately
628,000 (640,000 in 2011, corrected figure) cargo units, 72,000 (74,000,
corrected figure) cars (not including passengers' cars) and 2,102,000
(2,243,000, corrected figure) tons of freight not possible to measure in units.
In addition, some 598,000 (635,000) private and commercial passengers were
transported.
FINANCIAL RESULTS
January - December 2012
The Finnlines Group recorded revenue totalling EUR 609.3 (605.2) million, an
increase of 0.7 per cent compared to the same period in 2011. Shipping and Sea
Transport Services generated revenue amounting to EUR 574.8 (563.3) million and
Port Operations EUR 58.5 (67.7) million. The internal revenue between the
segments was EUR 24.0 (25.8) million.
Result before interest, taxes, depreciation and amortisation (EBITDA) was EUR
89.8 (84.5) million, an increase of 6.2 per cent.
Result before interest and taxes (EBIT) was EUR 23.7 (21.0) million. The result
includes a non-recurring compensation of EUR 3.4 million from the Jinling
shipyard relating to the first two newbuildings covering loss for reduced
income. The result also includes non-recurring cost items amounting to EUR 3.3
million. These are mainly related to the settlements with the personnel and the
arrangements of leased property. Financial income was EUR 0.7 (0.9) million and
financial expenses totalled EUR -26.0 (-27.4) million. Result before taxes
(EBT) was EUR -1.6 (-5.4) million and earnings per share (EPS) were EUR 0.00
(-0.05).
October - December 2012
The Finnlines Group recorded revenue totalling EUR 138.4 (144.8) million, a
decrease of 4.4 per cent compared to previous year. Shipping and Sea Transport
Services generated revenue amounting to EUR 130.5 (136.3) million and Port
Operations EUR 13.8 (15.3) million. The internal revenue between the segments
was EUR 5.8 (6.8) million.
Result before interest, taxes, depreciation and amortisation (EBITDA) was EUR
11.6 (14.4) million, a decrease of 19.0 per cent.
Result before interest and taxes (EBIT) was EUR -5.1 (-1.6) million. Financial
income was EUR 0.0 (0.5) million and financial expenses totalled EUR -6.0
(-7.0) million. Result before taxes (EBT) was EUR -11.1 (-8.2) million and
earnings per share (EPS) were EUR -0.11 (-0.07).
STATEMENT OF FINANCIAL POSITION, FINANCING AND CASH-FLOW
Interest-bearing net debt amounted to EUR 878.6 (854.8) million. According to
the consolidated statement of financial position, the equity attributable to
parent company shareholders equals to EUR 429.3 million at the end of the
reporting period. Distributable funds included in the parent company's
shareholders' equity on 31 December 2012 totals EUR 114.0 million. The equity
ratio calculated from the statement of financial position was 29.1 per cent
(29.1) and gearing was 204.3 per cent (199.8). Vessel lease commitments have
decreased by EUR 8.0 million from the end of December 2011 due to redelivery of
chartered tonnage and were EUR 6.8 million at the end of the reporting period.
The Company is in complete compliance with the financial covenants of its loan
portfolio. At the end of the period, cash and deposits together with unused
committed working capital credits amounted to EUR 41.3 million. The Company has
a commercial paper programme amounting to EUR 100 million of which the company
had issued EUR 26.1 million at the end of 2012.
CAPITAL EXPENDITURE
Gross capital expenditure in the reporting period totalled EUR 67.1 (64.4)
million, and consists mainly of payments for newbuildings (EUR 57.5 million).
Total depreciation amounted to EUR 66.1 (63.5) million. All of the six
newbuildings ordered from the Jinling shipyard in China were delivered, MS
Finnbreeze and MS Finnsea in March 2011, MS Finnsky and MS Finnsun in the
beginning of 2012 and MS Finntide and MS Finnwave at the end of 2012.
PERSONNEL
The Group employed an average of 2,023 (2,076) persons during year 2012,
consisting of 957 (1,072) employees on shore and 1,066 (1,004) at sea. The
average number of sea personnel increased due to newbuildings taken into use
during the reporting period. The number of shore personnel decreased mainly due
to employee reductions carried out in the Port Operations.
Finnsteve companies started new employee co-operation negotiations with the
personnel in Turku and Kotka during the third quarter. These negotiations ended
in October and resulted in the termination of 7 employees and the temporary
lay-offs of the whole personnel in shifts in both Turku and Kotka, starting in
November 2012.
The number of persons employed at the end of the year was 2,009 (2,041) in
total, of which 963 (1,007) on shore and 1,046 (1,034) at sea.
The personnel expenses (social costs included) for the reporting period were
EUR 109.0 (107.9) million.
GROUP STRUCTURE
At the end of the reporting period, the Group consisted of the parent company
and 24 subsidiaries. The aim of the Company is to reduce the number of
subsidiaries in order to simplify the structure.
RESEARCH AND DEVELOPMENT
The aim of Finnlines' research and development work is to find and introduce
new practical solutions and operating methods, which enable the Company to
better and more cost-efficiently meet customer needs in a sustainable way. In
2012, with immediate effect, the focus was on optimisation of the traffic
patterns in connection with the introduction of the newbuildings to service.
In 2011, Finnlines launched an energy-saving programme to integrate all
vessels' officers in analysing and identifying all possible measures to
optimise the energy consumption devices in a day-to-day business. The programme
continued in 2012 with the new vessels in operation. The target is to reduce
all energy-related costs to the absolute minimum necessary. This also includes
all port-related costs.
The Company is also actively developing the safety of cargo handling methods.
Together with a group of vocational education providers, universities and cargo
securing experts in Finland, Germany, Italy and Sweden, Finnlines is
participating in the CARING project, i.e. cargo securing to prevent cargo
damages on road, rail, at sea and in the air. The project is partially financed
by the Leonardo da Vinci programme of the European Union. The project has
continued from the previous year and it will produce up-to-date learning and
instructive material in order to improve the quality of cargo securing. There
will also be a Cargo Calculator for determining sufficient cargo lashing,
translations of the quick guide and an Online Survey of the know-how and
attitudes of people working with cargo securing issues. The programme will be
concluded in the second half of 2013.
In 2012, the Company started the renewal work of its operative IT systems for
the cargo traffics. The target is to harmonise the systems between Finnlines
and other services within the Grimaldi Group Network. Implementation of the
system to different services will take place as from 2014 onwards.
THE FINNLINES SHARE
The Company's registered share capital on 31 December 2012 was EUR 93,642,074
divided into 46,821,037 shares. A total of 1.4 (1.5) million shares were traded
on the NASDAQ OMX Helsinki during the period. The market capitalisation of theCompany's stock at the end of December was EUR 365.2 (360.5) million. Earnings
per share (EPS) were EUR 0.00 (-0.05). Shareholders' equity per share was EUR
9.17 (9.12). At the end of the year, the Grimaldi Group's holding and share of
votes in Finnlines was 69.14 per cent.
DECISIONS TAKEN BY THE ANNUAL GENERAL MEETING
The Annual General Meeting of Finnlines Plc held on 17 April 2012 approved the
Financial Statements and discharged the members of the Board of Directors and
the President and CEO from liability for the financial year 2011.
The Annual General Meeting approved the Board of Directors' proposal not to pay
any dividend.
The Annual General Meeting decided that the Board of Directors shall have seven
members. The current Board Members were re-elected to the Board: Mr Emanuele
Grimaldi, Mr Gianluca Grimaldi, Mr Diego Pacella, Mr Olav K. Rakkenes and Mr
Jon-Aksel Torgersen. In addition, Mr Christer Backman and Ms Tiina Bäckman were
elected as new Members. The Board of Directors elected Mr Emanuele Grimaldi as
Chairman and Mr Diego Pacella as Vice-Chairman.
The Authorised Public Audit Firm Deloitte & Touche Oy was re-nominated as the
Company's auditors for 2012.
The Annual General Meeting authorised the Board of Directors to resolve on the
issuance of new shares in one or several tranches so that the total number of
shares issued based on the authorization is 20 000 000 at maximum. The
authorization is valid until the next Annual General Meeting. The authorization
replaces the Annual General Meeting's authorization to decide on a share issue
of 19 April 2011.
RISKS AND RISK MANAGEMENT
The risks affecting the business sector where the Group operates are:
The risk of overcapacity in terms of ro-ro tonnage plays a less important role
compared to the general shipping overcapacity of the world tonnage as the
scrapping of ro-ro and ro-pax tonnage has exceeded and is expected to exceed
the newbuilding order-book. At the end of 2012, the uncertainty in the global
and European economy was stabilised.
Finnlines constantly monitors 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.
ESSENTIAL LEGAL PROCEEDINGS
The Helsinki District Court rendered in March 2010 its judgement in the action
initiated by Mutual Pension Insurance Company Ilmarinen (“Ilmarinen”) against
the Company, which was reversed by the Helsinki Court of Appeal in favour of
the Company in November 2011. The Supreme Court granted a leave to the appeal
of Ilmarinen on the decision of the Helsinki Court of Appeal in December 2012.
The action initiated by Ilmarinen is the appeal against the decision of
Finnlines' Annual General Meeting held on 20 May 2008 concerning minimum
dividend and claimed that the resolution be amended so that the minimum
dividend paid should have been 17,181,000.00 euros instead of 180,216.39 euros.
During the second quarter of 2012, the parties reached an amicable settlement
agreement in the dispute with Sponda Kiinteistöt Oy on the termination of the
lease agreements. In this dispute the Helsinki District Court rendered its
decision in February 2012 in favour of Sponda.
The Company's German subsidiary was taken to the City Court of Lübeck in
December 2009 by its former Managing Director regarding the termination of his
Service Agreement. The City Court of Lübeck rendered the decision in favour of
the subsidiary. The former Managing Director appealed against the decision.
During the third quarter of 2012, the parties have reached an amicable
settlement agreement regarding the termination of the Service Agreement of the
former Managing Director.
In 2008, the Administrative Court of Helsinki rendered the decisions based on
which it can be argued that the Finnish Act on Fairway Dues in force until 1
January 2006 contained provisions which according to the EU law were
discriminatory. The Company has submitted the claim for damages and restitution
against the Finnish State for the years 2001-2004 at the District Court of
Helsinki. The amount of the claim is approximately EUR 8.5 million which has
not been recognised as revenue. The process is under way.
ENVIRONMENT AND SAFETY
The objective of Finnlines' safety and environmental policy is to provide safe,
top-quality services while making efforts to minimise the environmental impacts
in operations.
Finnlines and Finnsteve have both a certified environmental management system
in accordance with the ISO 14 001 standard. Ships and their ”Companies” must
adhere to the International Safety Management Code (ISM Code). All ships and
port facilities must also comply with the International Ship and Port Facility
Security (ISPS) Code.
Finnlines operates mainly in the Emissions Control Areas, i.e. the Baltic Sea,
North Sea and English Channel where the emission regulations are stricter than
globally. Today, the sulphur content limit for heavy fuel oil is 1.0 per cent
but it will decrease to 0.1 per cent in 2015 in accordance with the MARPOL
Convention. Today's global limit is 3.5 per cent. In EU ports there is a
maximum 0.1 per cent sulphur limit on all marine fuel used.
A Ship Energy Efficiency Management Plan has been mandatory from 1 January 2013
at the first renewal or intermediary survey. Fuel consumption can be reduced by
e.g. optimising route, speed, load, and engine mode. Finnlines' newest
roro-ships have proved to be more energy efficient than the previous generation
of ships. The improved performance is due to the rudder/propeller combination
technology that ships are fitted with.
The Ballast Water Management Convention will enter into force once it has been
signed by 30 states, representing 35 per cent of the world tonnage. At the
beginning of December 2012, it had been signed by 36 contracting states,
representing 29 per cent of world tonnage. After entry into force, the ships
will have to exchange ballast water or install a treatment plant. After 2016,
treatment plants will be mandatory.
Finnlines has been looking at efficient technical solutions to meet the coming
environmental regulations. A particular effort was put in reduce actual service
consumption patterns through ecofriendly newbuilding, slow steaming and other
initiatives. In 2012, Finnlines reduced fuel consumption by 29,601 tons, which
is 7.5 per cent less compared to 2011.
CORPORATE GOVERNANCE
Finnlines applies the Finnish Corporate Governance Code for listed companies
updated in autumn 2010. The Corporate Governance Statement can be reviewed on
the corporate website (www.finnlines.com).
TONNAGE TAXATION
The Finnish Parliament has approved the amended Tonnage Tax Act (476/2002), as
amended by the Act 90/2012, which entered into force on 1 March 2012. In
December 2012, the Board of Directors of Finnlines Plc decided to enter into
the tonnage taxation regime as from 1 January 2013. In the tonnage taxation
regime, the shipping operations will be transferred from business taxation to
tonnage-based taxation. As a consequence, the equity share 75.5 per cent of the
depreciation difference (EUR 215.1 million as per 31.12.2012) recorded in the
balance sheet of Finnlines Plc (the parent company), will be entered in the
equity. The recording has no effect on the equity of the consolidated financial
statements of the Finnlines Group. During the years 2013-2022, the deferred tax
liability EUR 52.7 million (24.5 per cent) of the depreciation difference will
be recorded through profit and loss account in Finnlines Plc's and in Finnlines
Group's financial statements.
MAIN EVENTS AFTER THE REPORTING PERIOD
Finnsteve-companies (Finnsteve Oy Ab, Containersteve Oy Ab, and FS-Terminals Oy
Ab) started on 6th of February 2013 employer-employee adaptation negotiations
in the Port of Helsinki according to the collective agreement of Transport
Workers' Union. Finnsteve-companies employ 360 persons in Helsinki.
Mrs Seija Turunen will retire from her CFO/Deputy CEO and Head of Port
Operations positions of Finnlines Plc and the managing director positions of
Finnsteve-companies (Finnsteve Oy Ab, Containersteve Oy Ab, FS-Terminals Oy Ab
and FL Port Services Oy) on the 31st of July 2013 after her contractual notice
period. As from the 1st of August 2013, Mrs Turunen will continue with the
Company as Executive Advisor to the Board of Directors.
Finnlines adopts new IFRS standard IAS 19 (Employee Benefits). The amendment
related to accounting for pension liabilities will decrease Finnlines' equity
by approximately EUR 1.4 million in the first quarter 2013.
OUTLOOK AND OPERATING ENVIRONMENT
Finnlines has continued the re-structuring of its fleet and organisation in
order to improve cost efficiency of its vessels and its overall logistics
system. With the completed deliveries of the 6 newbuildings the dependency on a
volatile charter market has been further reduced.
The Board expects that the year 2013 will still be volatile and challenging.
DIVIDEND DISTRIBUTION PROPOSAL
The Board of Directors will propose to the Annual Shareholders' Meeting that no
dividend be paid out for 2012 due to near to zero result and the still
uncertain business environment.
ANNUAL GENERAL MEETING
Finnlines Plc's Annual General Meeting will be held from 12.00 on Tuesday 16
April 2013 at the Radisson Blue Royal Hotel, Runeberginkatu 2, Helsinki.
The financial statements, the Board of Directors' Report and the annual report
for 2012 will be published during the week commencing on 25 March 2013 at the
latest and will be available at www.finnlines.com or at Finnlines'
headquarters, Porkkalankatu 20 A, Helsinki.
The first interim report of 2013, for 1 January - 31 March, will be published
on Tuesday, 7 May 2013.
Finnlines Plc
The Board of Directors
Uwe Bakosch
President/CEO
ENCLOSURES
- Consolidated statement of comprehensive income, IFRS
- Consolidated statement of financial position, IFRS
- Consolidated statement of changes in equity, IFRS
- Consolidated cash flow statement, IFRS (condensed)
- Revenue and result by business segments
- Property, plant and equipment
- Contingencies and commitments
- Revenue and result by quarter
- Shares, market capitalisation and trading information
- Calculation of ratios
- Related party transactions
- Reporting and accounting policies
DISTRIBUTION
NASDAQ OMX Helsinki Ltd.
Main media
The information is unaudited.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME, IFRS
EUR 1,000 1 Oct - 31 1 Oct - 31 1 Jan - 31 1 Jan - 31
Dec 2012 Dec 2011 Dec 2012 Dec 2011
Revenue 138,399 144,824 609,329 605,208
Other income from operations 479 1,025 5,702 2,515
Materials and services -58,532 -62,841 -247,237 -247,262
Personnel expenses -27,659 -26,464 -109,009 -107,948
Depreciation, amortisation and -16,773 -16,019 -66,095 -63,512
write-offs
Other operating expenses -41,044 -42,164 -169,030 -167,972
Total operating expenses -144,008 -147,488 -591,371 -586,695
Result before interest and taxes -5,129 -1,639 23,660 21,028
(EBIT)
Financial income 32 462 747 911
Financial expenses -5,962 -6,979 -26,013 -27,370
Result before taxes -11,059 -8,155 -1,606 -5,431
Income taxes * 5,727 5,028 1,539 2,925
Result for the reporting period -5,333 -3,128 -66 -2,506
Other comprehensive income:
Exchange differences on -12 2 2 -3
translating foreign operations
Changes in cash flow hedging
reserve
Fair value changes 4 306 13 -95
Transfer to fixed assets 1,423 3,178 2,004
Tax effect, net -350 -79 -782 -496
Effect of the tax rate change -48 -48
Total comprehensive income for -4,268 -2,947 2,345 -1,145
the reporting period
Result for the reporting period
attributable to:
Parent company shareholders -5,332 -3,128 -27 -2,517
Non-controlling interests -1 0 -39 10
-5,333 -3,128 -66 -2,506
Total comprehensive income for
the reporting period
attributable to:
Parent company shareholders -4,267 -2,947 2,384 -1,155
Non-controlling interests -1 0 -39 10
-4,268 -2,947 2,345 -1,145
Result for the reporting period
attributable to parent company
shareholders calculated as
earnings per share (EUR/share):
Undiluted/ diluted earnings per -0.11 -0.07 0.00 -0.05
share
Average number of shares:
Undiluted/ diluted 46,821,037 46,821,037 46,821,037 46,821,037
* In Sweden, the corporate tax rate was decreased from 26.3 per cent to 22 per
cent starting 1 January 2013. In 2012, the one-time positive effect of the tax
rate change is EUR 2.9 million.
As of 1 January 2012 the applicable corporate tax rate in Finland changed from
26 per cent to 24.5 per cent. In 2011, the one-time positive effect of the tax
rate change was EUR 3.3 million.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION, IFRS
EUR 1,000 31 Dec 2012 31 Dec 2011
ASSETS
Non-current assets
Property, plant and equipment 1,260,295 1,258,306
Goodwill 105,644 105,644
Other intangible assets 6,629 8,049
Other financial assets 4,581 4,582
Receivables 862 1,250
Deferred tax assets 1,792 4,395
1,379,803 1,382,225
Current assets
Inventories 9,759 8,903
Accounts receivable and other receivables 74,087 76,660
Income tax receivables 1 73
Bank and cash 16,282 4,263
100,129 89,898
Total assets 1,479,932 1,472,123
EQUITY
Equity attributable to parent company shareholders
Share capital 93,642 93,642
Share premium account 24,525 24,525
Fair value reserve 0 -2,409
Translation differences 116 114
Unrestricted equity reserve 21,015 21,015
Retained earnings 289,990 290,017
429,289 426,905
Non-controlling interests 838 877
Total equity 430,127 427,782
LIABILITIES
Long-term liabilities
Deferred tax liabilities 71,444 76,015
Interest-free liabilities 1,325 8
Pension liabilities 2,442 2,462
Provisions 5,100 4,562
Interest-bearing liabilities 632,985 665,496
713,297 748,544
Current liabilities
Accounts payable and other liabilities 74,504 102,181
Income tax liabilities 108 65
Provisions 48 30
Current interest-bearing liabilities 261,848 193,521
336,508 295,797
Total liabilities 1,049,805 1,044,341
Total equity and liabilities 1,479,932 1,472,123
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 2011, IFRS
EUR 1,000 Equity attributable to parent company shareholders
Share Share Transla Fair Unrestricted
capital issue tion value equity reserve
premium differe reserv
nces es
Equity 1 January 2011 93,642 24,525 117 -3,773 21,015
Comprehensive income for the
reporting period:
Exchange differences on -3
translating foreign
operations
Changes in cash flow hedging
reserve
Fair value changes -95
Transfer to fixed assets 2,004
Tax effect, net -496
Effect of the tax rate -48
change
Total comprehensive income -3 1,364
for the reporting period
Equity 31 December 2011 93,642 24,525 114 -2,409 21,015
EUR 1,000 Equity Non-con Total equity
attributable to trollin
parent company g
shareholders interes
ts
Retained Total
earnings
Equity 1 January 2011 292,534 428,060 867 428,927
Comprehensive income for the
reporting period:
Result for the reporting period -2,517 -2,517 10 -2,506
Exchange differences on -3 -3
translating foreign operations
Changes in cash flow hedging
reserve
Fair value changes -95 -95
Transfer to fixed assets 2,004 2,004
Tax effect, net -496 -496
Effect of the tax rate change -48 -48
Total comprehensive income for -2,517 -1,155 10 -1,145
the reporting period
Equity 31 December 2011 290,017 426,905 877 427,782
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 2012, IFRS
EUR 1,000 Equity attributable to parent company shareholders
Share Share Translation Fair Unrestricted
capita issue differences value equity
l premium reserves reserve
Equity 1 January 2012 93,642 24,525 114 -2,409 21,015
Comprehensive income
for the reporting
period:
Exchange differences on 2
translating foreign
operations
Changes in cash flow
hedging reserve
Fair value changes 13
Transfer to fixed 3,178
assets
Tax effect, net -782
Effect of the tax rate
change
Total comprehensive 2 2,409
income for the
reporting period
Equity 31 December 2012 93,642 24,525 116 0 21,015
EUR 1,000 Equity attributable Non-controlling Total
to parent company interests equity
shareholders
Retained Total
earnings
Equity 1 January 2012 290,017 426,905 877 427,782
Comprehensive income for the
reporting period:
Result for the reporting period -27 -27 -39 -66
Exchange differences on 2 2
translating foreign operations
Changes in cash flow hedging
reserve
Fair value changes 13 13
Transfer to fixed assets 3,178 3,178
Tax effect, net -782 -782
Effect of the tax rate change
Total comprehensive income for -27 2,384 -39 2,345
the reporting period
Equity 31 December 2012 289,990 429,289 838 430,127
CONSOLIDATED CASH FLOW STATEMENT, IFRS (CONDENSED)
EUR 1,000 1 Jan-31 Dec 1 Jan-31 Dec
2012 2011
Cash flows from operating activities
Result for reporting period -66 -2,506
Non-cash transactions and other adjustments 89,253 85,570
Changes in working capital -26,481 4,840
Net financial items and income taxes -25,587 -37,065
Net cash generated from operating activities 37,118 50,839
Cash flow from investing activities *
Net investments in tangible and intangible -63,121 -62,398
assets
Disposal of subsidiaries and associated
companies
Investments in shares -22
Proceeds from sale of investments 2 59
Other investing activities 982 9,371
Net cash used in investing activities -62,136 -52,991
Cash flows from financing activities
Loan withdrawals 89,772 41,440
Net increase in current interest-bearing 30,398 28,102
liabilities
Repayment of loans -83,377 -70,209
Increase / decrease in long-term receivables 237 637
Net cash from (used in) financing activities 37,030 -30
Change in cash and cash equivalents 12,012 -2,181
Cash and cash equivalents 1 January 4,263 6,452
Effect of foreign exchange rate changes 7 -8
Cash and cash equivalents at the end of 16,282 4,263
period
* Capitalised borrowing costs amounting to EUR -2,164 thousand (2011: EUR
-2,465 thousand) are included in investments.
REVENUE AND RESULT BY BUSINESS SEGMENTS
1 Oct-31 Dec 1 Oct-31 Dec 1 Jan-31 Dec 1 Jan-31 Dec
2012 2011 2012 2011
MEUR % MEUR % MEUR % MEUR %
Revenue
Shipping and sea 130.5 94.3 136.3 94.1 574.8 94.3 563.3 93.1
transport services
Port operations 13.8 9.9 15.3 10.6 58.5 9.6 67.7 11.2
Intra-group revenue -5.8 -4.2 -6.8 -4.7 -24.0 -3.9 -25.8 -4.3
External sales 138.4 100.0 144.8 100.0 609.3 100.0 605.2 100.0
Result before interest
and taxes
Shipping and sea -1.3 0.9 34.0 30.8
transport services
Port operations -3.8 -2.6 -10.4 -9.8
Result before interest -5.1 -1.6 23.7 21.0
and taxes (EBIT) total
Financial items -5.9 -6.5 -25.3 -26.5
Result before taxes -11.1 -8.2 -1.6 -5.4
(EBT)
Income taxes 5.7 5.0 1.5 2.9
Result for reporting -5.3 -3.1 -0.1 -2.5
period
PROPERTY, PLANT AND EQUIPMENT 2011
EUR 1,000 Land Buildin Vessels Machine Advance Total
gs ry and payments
equipme &
nt acquisitions
under constr.
Acquisition cost 1 72 78,923 1,302,037 100,460 167,050 1,648,543
January 2011
Exchange rate 12 12
differences
Increases 10 6,002 191 57,620 63,823
Disposals -2,175 -191 -10,121 -12,487
Reclassifications 94,082 -94,082 0
Acquisition cost 31 72 76,758 1,401,930 90,543 130,588 1,699,892
December 2011
Accumulated -10,510 -319,792 -54,615 -384,917
depreciation,
amortisation and
write-offs 1
January 2011
Exchange rate -11 -11
differences
Cumulative 532 191 3,824 4,547
depreciation on
reclassifications
and disposals
Depreciation for -2,938 -52,634 -5,633 -61,205
the reporting
period
Accumulated -12,916 -372,235 -56,435 -441,586
depreciation,
amortisation and
write-offs 31
December 2011
Book value 31 72 63,842 1,029,695 34,108 130,588 1,258,306
December 2011
PROPERTY, PLANT AND EQUIPMENT 2012
EUR 1,000 Land Buildin Vessels Machine Advance Total
gs ry and payments
equipme &
nt acquisitions
under constr.
Acquisition cost 1 72 76,758 1,401,930 90,543 130,588 1,699,892
January 2012
Exchange rate 15 15
differences
Increases 533 8,212 263 57,830 66,837
Disposals -848 -110 -11,131 -12,089
Reclassifications 23 187,405 -187,427 0
Acquisition cost 31 72 76,466 1,597,437 79,690 991 1,754,655
December 2012
Accumulated -12,916 -372,235 -56,435 -441,586
depreciation,
amortisation and
write-offs 1
January 2012
Exchange rate -13 -13
differences
Cumulative 656 110 10,935 11,701
depreciation on
reclassifications
and disposals
Depreciation for -2,787 -56,902 -4,772 -64,461
the reporting
period
Accumulated -15,047 -429,028 -50,285 -494,360
depreciation,
amortisation and
write-offs 31
December 2012
Book value 31 72 61,419 1,168,409 29,405 991 1,260,295
December 2012
CONTINGENCIES AND COMMITMENTS
EUR 1,000 31 Dec 2012 31 Dec 2011
Minimum leases payable in relation to fixed-term
leases:
Vessel leases (Group as lessee):
Within 12 months 3,285 14,785
1-5 years 3,468
6,753 14,785
Vessel leases (Group as lessor):
Within 12 months 6,251 910
1-5 years 17,742
23,993 910
Other leases (Group as lessee):
Within 12 months 6,496 6,796
1-5 years 17,176 17,551
After five years 16,123 13,164
39,795 37,511
Other leases (Group as lessor):
Within 12 months 211 204
211 204
Collateral given
Loans from financial institutions 786,395 730,563
Vessel mortgages provided as guarantees for the above 1,254,000 1,189,500
loans
Other collateral given on own behalf
Pledged deposits 471 476
Corporate mortgages 606 606
1,077 1,082
Other obligations 1,932 56,525
Obligations of parent company on behalf of
subsidiaries
Guarantees 6,913 6,913
VAT adjustment liability related to real estate 7,927 9,088
investments
Open derivative instruments:
Fair value Contract amount
EUR 1,000 31 Dec 2012 31 Dec 2011 31 Dec 2012 31 Dec 2011
Currency derivatives 0 231 0 7,574
REVENUE AND RESULT BY QUARTER
MEUR Q1/12 Q1/11 Q2/12 Q2/11 Q3/12 Q3/11 Q4/12 Q4/11
Shipping and sea 135.4 126.5 155.8 148.9 153.2 151.7 130.5 136.3
transport services
Port operations 15.8 18.7 15.2 18.0 13.7 15.7 13.8 15.3
Intra-group revenue -6.2 -6.1 -6.4 -6.6 -5.6 -6.2 -5.8 -6.8
External sales 145.0 139.0 164.6 160.2 161.3 161.2 138.4 144.8
Result before interest
and taxes
Shipping and sea 2.4 2.9 16.5 11.8 16.4 15.2 -1.3 0.9
transport services
Port operations -2.7 -3.0 -1.8 -1.9 -2.1 -2.3 -3.8 -2.6
Result before interest -0.2 -0.1 14.7 9.9 14.3 12.9 -5.1 -1.6
and taxes (EBIT) total
Financial items -6.9 -6.0 -6.3 -7.1 -6.2 -6.8 -5.9 -6.5
Result before taxes -7.1 -6.1 8.4 2.7 8.1 6.1 -11.1 -8.2
(EBT)
Income taxes 1.3 1.5 -2.7 -1.5 -2.8 -2.1 5.7 5.0
Result for the reporting -5.8 -4.6 5.7 1.2 5.3 4.0 -5.3 -3.1
period
EPS (undiluted/ -0.12 -0.10 0.12 0.03 0.11 0.08 -0.11 -0.07
undiluted)
SHARES, MARKET CAPITALISATION AND TRADING INFORMATION
31 December 2012 31 December 2011
Number of shares 46,821,037 46,821,037
Market capitalisation, EUR million 365.2 360.5
1 Jan - 31 Dec 2012 1 Jan - 31 Dec 2011
Number of shares traded, million 1.4 1.5
1 Jan - 31 Dec 2012
High Low Average Close
Share price 8.49 6.65 7.26 7.80
CALCULATION OF RATIOS
Earnings per share (EPS), EUR :
Result attributable to parent company shareholders
----------------------------------------------------------------------
Weighted average number of outstanding shares
Shareholders' equity per share, EUR :
Shareholders' equity attributable to parent company shareholders
--------------------------------------------------------------------------------
---------
Undiluted number of shares at the end of period
Gearing, %:
Interest-bearing liabilities - cash and bank equivalents
--------------------------------------------------------------------------- X
100
Total equity
Equity ratio, %:
Total equity
---------------------------------------------- X 100
Assets total - received advances
Taxes corresponding to the result for the reporting period are presented as
income taxes in the interim report.
RELATED PARTY TRANSACTIONS
Redelivery of the two vessels, hired to the Grimaldi Group in September 2011
and April 2012, took place in the second and third quarter of 2012. During the
last quarter of 2012, the Company has chartered out one ro-pax vessel to the
Grimaldi Group. Otherwise there were no material related party transactions
during the reporting period. The business transactions were carried out using
market-based pricing.
REPORTING AND ACCOUNTING POLICIES
This bulletin and the interim report included herein is prepared in accordance
with IAS 34 (Interim Financial Reporting) standard. The Company has adopted new
or revised IFRS standards and IFRIC interpretations from beginning of the
reporting period corresponding to those described in the 2011 Financial
Statements. These new or revised standards have not had an effect on the
reported figures. In other respects, the same accounting policies have been
followed as in the previous annual financial statements. All figures in the
accounts have been rounded and consequently the sum of individual figures can
deviate from the presented sum figure.
The preparation of the financial statements in accordance with IFRS requires
management to make estimates and assumptions that affect the valuation of the
reported assets and liabilities and other information such as contingent
liabilities and the recognition of income and expenses in the income statement.
Although the estimates are based on the management's best knowledge of current
events and actions, actual results may differ from the estimates.
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