2011-11-08 13:00:54 CET
2011-11-08 13:02:01 CET
REGULATED INFORMATION
Finnlines - Interim report (Q1 and Q3)
Finnlines Plc Interim Report January - September 2011 (unaudited)
Helsinki, Finland, 2011-11-08 13:00 CET (GLOBE NEWSWIRE) -- Finnlines Plc Stock
Exchange Release 8 November 2011 at 14:00
INTERIM REPORT JANUARY - SEPTEMBER 2011 (unaudited)
SUMMARY
July - September 2011
-- Revenue EUR 161.2 million (EUR 147.5 million prev. year), increase 9.3%
-- Result before interest, taxes, depreciation and amortisation (EBITDA) EUR
29.0 million (EUR 24.6 million), increase 17.5%.
-- Earnings per share were 0.08 (0.04) EUR/share
January - September 2011
-- Revenue EUR 460.4 million (EUR 421.8 million prev. year), increase 9.1%
-- Result before interest, taxes, depreciation and amortisation (EBITDA) EUR
70.2 million (EUR 69.9 million), increase 0.3%. 2010 figure includes
non-recurring refund income of EUR 5.7 million. The comparable EBITDA in
2010 was EUR 64.2, an improvement of 9.3%.
-- Earnings per share were 0.01 (0.12) EUR/share. Comparable earnings per
share in 2010 were EUR -0.01, excluding non-recurring items
JANUARY - SEPTEMBER 2011 IN BRIEF
MEUR 7-9 2011 7-9 1-9 2011 1-9 1-12
2010** 2010*) 2010*)
)
Revenue 161.2 147.5 460.4 421.8 561.1
EBITDA 29.0 24.6 70.2 69.9 85.9
Result before interest and taxes 12.9 9.3 22.7 25.2 25.6
(EBIT)
% of revenue 8.0 6.3 4.9 6.0 4.6
Result before taxes (EBT) 6.1 3.2 2.7 8.6 3.7
EPS, EUR 0.08 0.04 0.01 0.12 0.05
EPS, EUR (comparable excl. 0.08 0.04 0.01 -0.01 -0.08
non-recurring items, without tax
effect)
Equity ratio, % 28.8 28.9 28.8 28.9 29.1
Gearing, % 204.6 203.4 204.6 203.4 198.8
Shareholders' equity/share, EUR 9.18 9.20 9.18 9.20 9.14
Calculation of key ratios is presented under 'Calculation of ratios'.
*) including non-recurring items EUR 5.7 million (refund of overcharged fairway
and harbour dues)
**) third quarter of 2010 does not include non-recurring items
GENERAL MARKET DEVELOPMENT
During the year, the recovery of market volumes continued. Based on the
statistics by the Finnish Transport Agency, the Finnish seaborne imports
carried in container, lorry and trailer units increased by 7% and exports by
13% during January-September 2011 compared to the previous year (measured in
tons). The Finnish export and import volumes 2010 and 2011 are not comparable
as such as the first quarter of 2010 was affected by the stevedoring strike in
March. According to the statistics published by Shippax, trailer and lorry
volumes transported by sea between Southern Sweden and Germany in
January-September were on the same level as in 2010. During the same period
private and commercial passenger traffic between Finland and Sweden decreased
by 2%. Between Finland and Germany the corresponding decrease was 10%. In the
second quarter of 2010 the volcanic ash cloud caused airspace limitations,
which then abnormally increased the amounts of private passengers.
FINNLINES TRAFFIC
During the first quarter of the year traffic was influenced by a number of
external disturbances. Unexpected stevedoring strikes and very hard ice
conditions in the Baltic Sea caused several temporary schedule changes,
reroutings and stoppages. The oil prices remained on a high level during the
whole reporting period.
In April and May two of the six ro-ro newbuildings (MS Finnbreeze and MS
Finnsea) entered the traffic. During the third quarter of the year Finnlines
operated on average 26 vessels in its own traffic compared to 23 vessels in the
same period in 2010.
The cargo volumes transported during January-September totalled approximately
483,000 (470,000 in 2010) units, 51,000 (39,000) cars (not including
passengers' cars ) and 1,685,000 (1,491,000) tons of freight not possible to
measure in units. In addition, some 513,000 (522,000) private and commercial
passengers were transported.
FINANCIAL RESULTS
July - September 2011
The Finnlines Group recorded revenue totalling EUR 161.2 million (147.5), an
increase of 9.3% compared to the same period in 2010. Shipping and Sea
Transport Services generated revenue amounting to EUR 151.7 million (135.9) and
Port Operations EUR 15.7 million (17.7). The internal revenue between the
segments was EUR 6.2 million (6.1).
Result before interest, taxes, depreciation and amortisation (EBITDA) was EUR
29.0 million (24.6), an increase of 17.5%. Vessel lease expenses decreased by
EUR 0.7 million compared to the same period of the previous year.
Result before interest and taxes (EBIT) was EUR 12.9 million (9.3). Financial
income was EUR 0.1 million (0.3) and financial expenses totalled EUR -6.9
million (-6.4). Result before taxes (EBT) was EUR 6.1 million (3.2) and
earnings per share (EPS) were EUR 0.08 (0.04).
January - September 2011
The Finnlines Group recorded revenue totalling EUR 460.4 million (421.8), an
increase of 9.1% compared to the same period in 2010. Shipping and Sea
Transport Services generated revenue amounting to EUR 427.0 million (385.7) and
Port Operations EUR 52.3 million (53.9). The internal revenue between the
segments was EUR 19.0 million (17.8).
Result before interest, taxes, depreciation and amortisation (EBITDA) was EUR
70.2 million (69.9, comparable EUR 64,2 million, excluding non-recurring items
of EUR 5.7 million), comparable increase 9.3%. Vessel lease expenses have
decreased by EUR 4.9 million compared to the same period of the previous year.
Result before interest and taxes (EBIT) was EUR 22.7 million (25.2). The
comparable EBIT for January - September 2010 was EUR 19.5 million, excluding
non-recurring items of EUR 5.7 million. Financial income was EUR 0.4 million
(3.2) and financial expenses totalled EUR -20.4 million (-19.8). Result before
taxes (EBT) was EUR 2.7 million (8.6, comparable EBT EUR 2.9 million). Earnings
per share (EPS) were EUR 0.01 (EUR 0.12, comparable EPS were EUR -0.01,
excluding non-recurring items).
STATEMENT OF FINANCIAL POSITION, FINANCING AND CASH-FLOW
Interest-bearing net debt increased by EUR 3.0 million compared to the same
period in 2010 and amounted to EUR 881.2 million (878.2). The equity ratio
calculated from the balance sheet was 28.8% (28.9) and gearing was 204.6%
(203.4). Vessel lease commitments have decreased by EUR 29.5 million from the
end of September 2010 and were EUR 21.8 million at the end of the reporting
period.
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 89.5 million. The company has a commercial paper
programme amounting to EUR 100 million of which the company has issued EUR 21.7
million at the end of September.
CAPITAL EXPENDITURE
Gross capital expenditure in the reporting period totalled EUR 56.3 million
(78.8), and consists mainly of payments for newbuildings, EUR 50.3 million.
Total depreciation amounted to EUR 47.5 million (44.8). Two of the six
newbuildings (MS Finnbreeze and MS Finnsea) were delivered from the shipyard in
China during March 2011. The vessels were taken into use in Finnlines' service
during April and May. The next two vessels (no. 3 and 4) are planned to be
delivered during the fourth quarter of 2011 and the last of the newbuildings
(no. 5 and 6) during the second half of 2012. In June Finnlines sold its
terminal building in Pansio, Turku. The transaction had no major effect to the
financial result of the reporting period.
PERSONNEL
The Group employed an average of 2,097 (2,104) persons during the period,
consisting of 1,092 (1,144) persons on shore and 1,005 (960) persons at sea.
The increase in the average number of sea personnel is mainly due to the
newbuildings taken into use.
The decrease of number of personnel onshore is the result of measures taken
during the first quarter in port operations companies. Due to notice periods
the number of onshore personnel will decrease further during the last quarter.
DECISIONS TAKEN BY THE ANNUAL GENERAL MEETING
The Annual General Meeting of Finnlines Plc held on 19 April 2011 approved the
Financial Statements and discharged the members of the Board of Directors and
the President and CEO from liability for the financial year 2010.
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 six
members. The current Board Members were re-elected to the Board: Mr Emanuele
Grimaldi, Mr Gianluca Grimaldi, Mr Diego Pacella, Mr Antti Pankakoski, Mr Olav
Rakkenes and Mr Jon-Aksel Torgersen. The Board of Directors elected Mr Emanuele
Grimaldi as Chairman and Mr Diego Pacella as Vice-Chairman.
The firm of authorised public accountants Deloitte & Touche Oy was appointed as
the Company's auditors for 2011.
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 14 April 2010.
RISKS
The risk of overcapacity in terms of ro-ro tonnage plays, whilst the market was
recovering constantly since 2009 and the scrapping of ro-ro and ro-pax tonnage
exceeds the newbuilding capacity, a less important role compared to the general
shipping overcapacity of the world tonnage. During autumn 2011 there has been
increasing uncertainty in the global economy.
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.
The 2010 Financial statements 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 2010 Financial statements contains a thorough description of legal
proceedings and the following is a description of the changes compared to what
was reported in the financial statements:
Taxation of internal vessel sales carried out in 2007 by Finnlines Swedish
subsidiary Rederi AB Nordö-Link (“Nordö-Link”) included uncertainties.
Regardless of the appeals by Nordö-Link the decision of the tax authorities
that a SEK of 97.2 million (EUR 9.5 million) tax debt including interests
should be paid became definite. Nordö-Link paid in March 2011 SEK 101.4 million
(EUR 11.3 million), of which interest amounted to SEK 4.2 million (EUR 0.5
million). As a deferred tax liability of EUR 10.4 million had been recorded on
a Group level due to the temporary timing difference already in 2007, the net
effect on the Group's income taxes in the second quarter was only EUR -0.4
million. The result impact including the interest charge was in total EUR 0.9
million negative.
In the three legal actions raised by the Finnish Transport Workers' Union
(“Union”) against the Finnlines' port operations subsidiary for compensation of
weekend work the case raised in the District Court of Kotka resulted in a
judgement by default in favour of the port operations subsidiary. The Union
applied for an action of recovery of the case, application of which the Court
of Kotka has now accepted.The claim of the Union is now EUR 18 thousand. The
process is under way. In the case raised at the District Court of Turku the
parties reached a settlement. The Union paid the main part of port operation
subsidiary's legal fees. The case raised in the District Court of Helsinki is
under process. The Company considers the basis of the actions under process
groundless. The total amount of all claims could now be estimated to be below
EUR 0.4 million.
Sub-chartering of MS Birka Transporter and MS Birka Exporter to Benfleet
Shipping Limited, Cyprus (succeeding through a merger Scandinavian Shipping
Invest A/S (“SSI”) caused the Company a loss of time charter hires and expenses
in total EUR 0.3 million, as SSI terminated the charters in summer 2009. Since
the parties could not reach an agreement, the Company started arbitration
proceedings against SSI for payment of the outstanding time charter hires and
expenses. The Company received SSI's counter claim in the amount of EUR 1.2
million. The charters are subject to Finnish law and the place of arbitration
is Helsinki. The sole arbitrator has now rendered his decision under both
charters in favour of the Company and dismissed the counter claim of SSI. The
sole Arbitrator ordered SSI to pay to the Company compensation for unlawful
termination of the charters, for unpaid charter hires and legal fees in
accordance with the demands of the Company. The Company is now proceeding for
the enforcements of both decisions of the sole arbitrator. The procedure is
under way.
Sponda Kiinteistöt Oy (“Sponda”) has summoned the Company to the City Court of
Helsinki. The dispute concerns the termination of the lease contracts signed
between the parties on 2005. The Company has validly given notice of
termination on some of the spaces covered by the lease agreements. The Company
considers Sponda claim groundless.
In December 2010 an oil leakage from tank no 1 occurred on board MS Finnkraft
in the port of Ust-Luga while bunkering heavy fuel oil. The total amount leaked
to the sea was about 0.23 m3. The Company immediately started its own
investigations. The Finnish authorities have now initiated investigations which
are still pending. The Company is working in co-operation with the authorities
in order to clarify the matter. The vessel or the Company has not received any
notice or information on any environmental damage. Possible damages will be
covered by the vessel's P&I Insurance.
Finnlines' German subsidiary has been 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 has rendered the decision in favour
of the Company. The former Managing Director has appealed on the decision. The
process is under way.
The subsidiaries of Finnlines port operations have received two separate
summons from two former employees. Both employees claim compensation based on
the unfounded termination of the employment. The total amount of the two claims
is EUR 0.25 million. The companies consider the basis of the claims groundless.
The processes are under way.
CHANGES IN GROUP STRUCTURE
The Group established two new subsidiaries in Luxembourg for the ownership of
the newbuildings.
EVENTS AFTER THE REPORTING PERIOD
There are no essential events after the reporting period to report.
OUTLOOK FOR THE REMAINING PART OF 2011
The tough competition in the ports where the company operates has negatively
influenced the price levels of port services. The Finnlines port operation
companies have been compelled to adjust the number of personnel to the market
requirements, from which considerable savings are expected. However, a
substantial part of these savings will only be realised in 2012 due to notice
periods.
During 2011, the Company will take the delivery of major part of its
newbuildings and will have a modern optimized fleet to meet future demands.
During the last two years the Company has been reshaped and optimized both with
respect to efficiency and cost. Based on the estimated market development, the
Board of Directors expects that the comparable result in 2011 will improve from
the previous year, despite of the challenges in 2011.
The Group Financial Statement bulletin for 1 January - 31 December will be
published on Thursday, 1 March 2012.
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 statement of cash flows, 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
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, Luxembourg and Poland and a representative
office in Russia. Finnlines is a Finnish listed company and part of the Italian
Grimaldi Group.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME, IFRS
EUR 1,000 1 Jul - 30 1 Jul - 30 1 Jan - 30 1 Jan - 30 1 Jan - 31
Sep 2011 Sep 2010 Sep 2011 Sep 2010 Dec 2010
Revenue 161,157 147,479 460,384 421,833 561,108
Other income from 386 250 1,489 3,245 4,287
operations
Materials and -64,442 -53,618 -184,421 -149,480 -202,964
services
Personnel expenses -25,069 -26,689 -81,484 -80,729 -110,635
Depreciation, -16,051 -15,351 -47,493 -44,771 -60,322
amortisation and
write-offs
Other operating -43,060 -42,774 -125,808 -124,939 -165,850
expenses
Total operating -148,622 -138,431 -439,206 -399,920 -539,770
expenses
Result before 12,922 9,298 22,667 25,157 25,625
interest and taxes
(EBIT)
Financial income 112 278 448 3,238 3,793
Financial expenses -6,904 -6,396 -20,391 -19,831 -25,734
Result before taxes 6,129 3,180 2,724 8,564 3,683
Income taxes -2,145 -1,358 -2,103 -3,201 -1,450
Result for the 3,984 1,822 621 5,363 2,234
reporting period
Other comprehensive
income:
Exchange differences -5 -8 -5 -58 -7
on translating
foreign operations
Changes in cash flow
hedging reserve
Fair value changes 937 -2,359 -401 1,114 1,418
Transfer to fixed 2,004
assets
Tax effect, net -244 613 -417 -290 -369
Total comprehensive 4,673 69 1,803 6,129 3,276
income for the
reporting period
Result for the
reporting period
attributable to:
Parent company 3,941 1,784 611 5,401 2,243
shareholders
Non-controlling 43 38 10 -38 -9
interests
3,984 1,822 621 5,363 2,234
Total comprehensive
income for the
reporting period
attributable to:
Parent company 4,629 31 1,793 6,167 3,285
shareholders
Non-controlling 43 38 10 -38 -9
interests
4,673 69 1,803 6,129 3,276
Result for the
reporting period
attributable to
parent company
shareholders
calculated as
earnings per share
(EUR/share):
Undiluted earnings 0.08 0.04 0.01 0.12 0.05
per share
Diluted earnings per 0.08 0.04 0.01 0.12 0.05
share
Average number of
shares:
Undiluted 46,821,037 46,821,037 46,821,037 46,821,037 46,821,037
Diluted 46,821,037 46,821,037 46,821,037 46,821,037 46,821,037
CONSOLIDATED STATEMENT OF FINANCIAL POSITION, IFRS
EUR 1,000 30 Sep 30 Sep 31 Dec
2011 2010 2010
ASSETS
Non-current assets
Property, plant and equipment 1,272,027 1,275,604 1,263,626
Goodwill 105,644 105,644 105,644
Intangible assets 8,519 9,820 9,736
Investment properties 1,183 0
Share of associated companies 0 0
Other financial assets 4,562 4,777 4,562
Receivables 1,215 697 1,820
Deferred tax assets 3,837 2,636 4,225
1,395,804 1,400,360 1,389,613
Current assets
Inventories 9,272 6,004 6,567
Accounts receivable and other receivables 89,946 85,566 69,900
Income tax receivables 82 22 82
Bank and cash 3,838 3,889 6,452
103,137 95,482 83,001
Total assets 1,498,941 1,495,842 1,472,614
EQUITY
Equity attributable to parent company
shareholders
Share capital 93,642 93,642 93,642
Share premium account 24,525 24,525 24,525
Fair value reserve -2,587 -3,998 -3,773
Translation differences 112 66 117
Unrestricted equity reserve 21,015 21,015 21,015
Retained earnings 293,145 295,692 292,534
429,853 430,942 428,060
Non-controlling interests 877 838 867
Total equity 430,729 431,780 428,927
LIABILITIES
Long-term liabilities
Deferred tax liabilities 80,342 89,865 89,459
Interest-free liabilities 8 12 12
Pension liabilities 2,273 2,333 2,310
Provisions 4,562 4,312 4,562
Interest-bearing liabilities 672,291 718,140 701,606
759,477 814,663 797,951
Current liabilities
Accounts payable and other liabilities 95,934 84,457 88,130
Income tax liabilities 17 763 104
Provisions 30 205 30
Current interest-bearing liabilities 212,753 163,974 157,473
308,734 249,399 245,736
Total liabilities 1,068,212 1,064,062 1,043,687
Total equity and liabilities 1,498,941 1,495,842 1,472,614
CONSOLIDATED statement of changes in equity 2010, 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 2010 93,642 24,525 124 -4,822 21,015
Comprehensive income
for the reporting
period:
Exchange differences on -58
translating foreign
operations
Changes in cash flow
hedging reserve
Fair value changes 1,114
Tax effect, net -290
Total comprehensive -58 824
income for the
reporting period
Equity 30 September 93,642 24,525 66 -3,998 21,015
2010
EUR 1,000 Equity attributable Non-controlling Total to parent company interests equity
shareholders
Retained Total
earnings
Equity 1 January 2010 290,291 424,775 876 425,651
Comprehensive income for the
reporting period:
Result for the reporting period 5,401 5,401 -38 5,363
Exchange differences on -58 -58
translating foreign operations
Changes in cash flow hedging
reserve
Fair value changes 1,114 1,114
Tax effect, net -290 -290
Total comprehensive income for 5,401 6,167 -38 6,129
the reporting period
Equity 30 September 2010 295,692 430,942 838 431,780
CONSOLIDATED statement of changes in equity 2011, 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 2011 93,642 24,525 117 -3,773 21,015
Comprehensive income
for the reporting
period:
Exchange differences on -5
translating foreign
operations
Changes in cash flow
hedging reserve
Fair value changes -401
Transfer to fixed 2,004
assets
Tax effect, net -417
Total comprehensive -5 1,186
income for the
reporting period
Equity 30 September 93,642 24,525 112 -2,587 21,015
2011
EUR 1,000 Equity attributable Non-controlling Total
to parent company interests equity
shareholders
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 611 611 10 621
Exchange differences on -5 -5
translating foreign operations
Changes in cash flow hedging
reserve
Fair value changes -401 -401
Transfer to fixed assets 2,004 2,004
Tax effect, net -417 -417
Total comprehensive income for 611 1,793 10 1,803
the reporting period
Equity 30 September 2011 293,145 429,853 877 430,729
CONSOLIDATED STATEMENT OF CASH FLOWS, IFRS (CONDENSED)
EUR 1,000 1 Jan-30 Sep 1 Jan-30 Sep 1 Jan-31 Dec
2011 2010 2010
Cash flows from operating activities
Result for reporting period 621 5,363 2,234
Non-cash transactions and other 68,952 63,932 82,484
adjustments
Changes in working capital -12,119 -2,913 10,187
Net financial items and income taxes -33,881 -24,603 -27,118
Net cash generated from operating 23,574 41,779 67,787
activities
Cash flow from investing activities
Net investments in tangible and -54,568 -78,652 -81,839
intangible assets
Disposal of subsidiaries 1,650
Proceeds from sale of investments 1,675 159
Other investing activities 2,240 919 2,621
Net cash used in investing -52,327 -76,058 -77,409
activities
Cash flows from financing activities
Loan withdrawals 37,420 44,120 44,120
Net increase in current 41,945 47,178 33,744
interest-bearing liabilities
Repayment of loans -53,846 -59,870 -69,379
Increase / decrease in long-term 628 632 1,482
receivables
Net cash from (used in) financing 26,147 32,060 9,967
activities
Change in cash and cash equivalents -2,607 -2,219 344
Cash and cash equivalents 1 January 6,452 6,103 6,103
Effect of foreign exchange rate -8 5 5
changes
Cash and cash equivalents at the end 3,838 3,889 6,452
of period
REVENUE AND RESULT BY BUSINESS SEGMENTS
1 Jul-30 Sep 1 Jul-30 Sep 1 Jan-30 Sep 1 Jan-30 Sep 1 Jan-31 Dec
2011 2010 2011 2010 2010
MEUR % MEUR % MEUR % MEUR % MEUR %
Revenue
Shipping 151.7 94.1 135.9 92.2 427.0 92.8 385.7 91.4 513.7 91.5
and sea
transport
services
Port 15.7 9.7 17.7 12.0 52.3 11.4 53.9 12.8 72.3 12.9
operation
s
Intra-grou -6.2 -3.9 -6.1 -4.2 -19.0 -4.1 -17.8 -4.2 -24.9 -4.4
p revenue
External 161.2 100.0 147.5 100.0 460.4 100.0 421.8 100.0 561.1 100.0
sales
Result
before
interest
and taxes
(EBIT)
Shipping 15.2 12.3 29.9 34.7 39.3
and sea
transport
services
Port -2.3 -3.0 -7.3 -9.5 -13.7
operation
s
Result 12.9 9.3 22.7 25.2 25.6
before
interest
and taxes
(EBIT)
total
Financial -6.8 -6.1 -19.9 -16.6 -21.9
items
Result 6.1 3.2 2.7 8.6 3.7
before
taxes
(EBT)
Income -2.1 -1.4 -2.1 -3.2 -1.4
taxes
Result for 4.0 1.8 0.6 5.4 2.2
reporting
period
PROPERTY, PLANT AND EQUIPMENT 2010
EUR 1,000 Land Buildi Vessels Machine Advance Total
ngs ry and payments &
equipme acquisitions
nt under constr.
Acquisition cost 1 35 78,943 1,254,854 103,524 133,545 1,570,900
January 2010
Exchange rate 21 21
differences
Increases 35,376 62 43,029 78,467
Disposals -1,394 -291 -1,968 -3,654
Reclassifications 10,355 -10,355 0
Acquisition cost 30 35 77,549 1,300,294 101,638 166,219 1,645,735
September 2010
Accumulated -7,676 -271,610 -51,557 -330,843
depreciation,
amortisation and
write-offs 1
January 2010
Exchange rate -19 -19
differences
Cumulative 1,394 291 1,946 3,631
depreciation on
reclassifications
and disposals
Depreciation for -2,132 -36,070 -4,698 -42,901
the reporting
period
Accumulated -8,414 -307,389 -54,328 -370,131
depreciation,
amortisation and
write-offs 30
September 2010
Book value 30 35 69,135 992,905 47,310 166,219 1,275,604
September 2010
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 -8 -8
differences
Increases 5 5,159 127 50,504 55,795
Disposals -2,175 -93 -932 -3,200
Reclassifications 94,212 -94,212 0
Acquisition cost 30 72 76,754 1,401,315 99,647 123,342 1,701,131
September 2011
Accumulated -10,510 -319,792 -54,615 -384,917
depreciation,
amortisation and
write-offs 1
January 2011
Exchange rate 7 7
differences
Cumulative 532 93 932 1,557
depreciation on
reclassifications
and disposals
Depreciation for -2,294 -39,181 -4,275 -45,751
the reporting
period
Accumulated -12,272 -358,881 -57,951 -429,104
depreciation,
amortisation and
write-offs 30
September 2011
Book value 30 72 64,482 1,042,435 41,696 123,342 1,272,027
September 2011
CONTINGENCIES AND COMMITMENTS
EUR 1,000 30 Sep 30 Sep 31 Dec
2011 2010 2010
Minimum leases payable in relation to
fixed-term leases:
Vessel leases (Group as lessee):
Within 12 months 18,060 29,544 28,410
1-5 years 3,716 21,776 14,785
21,776 51,320 43,195
Vessel leases (Group as lessor):
Within 12 months 1,680 3,049 1,147
1,680 3,049 1,147
Other leases (Group as lessee):
Within 12 months 6,725 6,989 6,658
1-5 years 18,090 20,446 18,596
After five years 13,883 16,649 15,904
38,698 44,084 41,158
Other leases (Group as lessor):
Within 12 months 347 361 237
347 361 237
Collateral given
Loans from financial institutions 722,795 738,410 727,419
Vessel mortgages provided as guarantees for the 1,189,500 1,173,500 1,173,500
above loans
Other collateral given on own behalf
Pledged deposits 473 471 472
Corporate mortgages 606 606 606
1,079 1,077 1,078
Other obligations 59,772 103,161 103,819
Obligations of parent company on behalf of
subsidiaries
Guarantees 6,913 6,913 6,913
6,913 6,913 6,913
VAT adjustment liability related to real estate 10,163 11,458 11,134
investments
Open derivative instruments:
Fair value Contract amount
1000 EUR 30 Sep 30 Sep 31 Dec 30 Sep 30 Sep 31 Dec
2011 2010 2010 2011 2010 2010
Currency 198 507 657 14,515 21,542 22,003
derivatives
REVENUE AND RESULT BY QUARTER
MEUR Q1/11 Q1/10* Q2/11 Q2/10* Q3/11 Q3/10
) )
Shipping and sea transport services 126.5 110.9 148.9 138.9 151.7 135.9
Port operations 18.7 14.8 18.0 21.5 15.7 17.7
Intra-group revenue -6.1 -4.2 -6.6 -7.5 -6.2 -6.1
External sales 139.0 121.5 160.2 152.8 161.2 147.5
Result before interest and taxes
(EBIT)
Shipping and sea transport services 2.9 5.9 11.8 16.5 15.2 12.3
Port operations -3.0 -4.5 -1.9 -2.1 -2.3 -3.0
Result before interest and taxes -0.1 1.4 9.9 14.4 12.9 9.3
(EBIT) total
Financial items -6.0 -5.3 -7.1 -5.2 -6.8 -6.1
Result before taxes (EBT) -6.1 -3.8 2.7 9.2 6.1 3.2
Income taxes 1.5 0.6 -1.5 -2.4 -2.1 -1.4
Result for the reporting period -4.6 -3.3 1.2 6.8 4.0 1.8
EPS (undiluted) -0.10 -0.07 0.03 0.15 0.08 0.04
EPS (diluted) -0.10 -0.07 0.03 0.15 0.08 0.04
EPS (comparable, excl non-recurring -0.10 -0.13 0.03 0.09 0.08 0.04
items, without tax effect)
*) including non-recurring items
SHARES, MARKET CAPITALISATION AND TRADING INFORMATION
30 September 2011 30 September 2010
Number of shares 46,821,037 46,821,037
Market capitalisation, 360.5 387.7
EUR million
1 Jan - 30 Sep 2011 1 Jan - 30 Sep 2010
Number of shares traded, million 1.3 2.2
1 Jan - 30 Sep 2011
High Low Average Close
Share price 8.15 7.00 7.81 7.70
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
During the third quarter Finnlines Group has chartered out one ro-pax vessel to
the Grimaldi Group. Charter hire contract is not exceeding one year's time and
is done at current market price level. 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 interim report has been 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 2010 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. Key indicator calculations remain unchanged and
are presented in the 2010 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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