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2012-11-06 13:05:50 CET 2012-11-06 13:06:54 CET REGULATED INFORMATION Finnlines - Interim report (Q1 and Q3)FINNLINES PLC INTERIM REPORT JANUARY – SEPTEMBER 2012 (unaudited)Helsinki,Finland, 2012-11-06 13:05 CET (GLOBE NEWSWIRE) -- Finnlines Plc Stock Exchange Release 6 November 2012 at 14:05 INTERIM REPORT JANUARY - SEPTEMBER 2012 (unaudited) SUMMARY July - September 2012 -- Revenue EUR 161.3 million (EUR 161.2 million prev. year), increase 0.1% -- Result before interest, taxes, depreciation and amortisation (EBITDA) EUR 30.8 million (EUR 29.0 million), increase 6.2% -- Result before taxes (EBT) EUR 8.1 million (EUR 6.1 million), increase 32.6% -- Earnings per share were 0.11 (0.08) EUR/share January - September 2012 -- Revenue EUR 470.9 million (EUR 460.4 million prev. year), increase 2.3% -- Result before interest, taxes, depreciation and amortisation (EBITDA) EUR 78.1 million (EUR 70.2 million), increase 11.3% -- Result before taxes (EBT) EUR 9.5 million (EUR 2.7 million), increase 247.0% -- Earnings per share were 0.11 (0.01) EUR/share JANUARY - SEPTEMBER 2012 IN BRIEF MEUR 7-9 2012 7-9 2011 1-9 2012 1-9 2011 1-12 2011 Revenue 161.3 161.2 470.9 460.4 605.2 Result before interest, 30.8 29.0 78.1 70.2 84.5 taxes, depreciation and amortisation (EBITDA) Result before interest and 14.3 12.9 28.8 22.7 21.0 taxes (EBIT) % of revenue 8.9 8.0 6.1 4.9 3.5 Result before taxes (EBT) 8.1 6.1 9.5 2.7 -5.4 Result for the reporting 5.3 4.0 5.3 0.6 -2.5 period EPS, EUR 0.11 0.08 0.11 0.01 -0.05 Equity ratio, % 29.4 28.8 29.4 28.8 29.1 Gearing, % 201.9 204.6 201.9 204.6 199.8 Shareholders' equity/share, 9.26 9.18 9.26 9.18 9.12 EUR 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, Luxembourg and Poland and a representative office in Russia. Finnlines is a Finnish listed company and part of the Italian Grimaldi Group. GENERAL MARKET DEVELOPMENT Based on the statistics by the Finnish Transport Agency for January-September, the Finnish seaborne imports carried in container, lorry and trailer units (measured in tons) decreased by 1% compared to the same period in 2011, but exports increased by 2%. According to the statistics published by Shippax for January-September, trailer and lorry volumes transported by sea between Southern Sweden and Germany decreased by 3% compared to 2011. During the same period private and commercial passenger traffic between Finland and Sweden decreased by 1%. Between Finland and Germany the corresponding decrease was 24% (Finnish Transport Agency). FINNLINES TRAFFIC In the first quarter the third and the fourth out of six ro-ro newbuildings (MS Finnsky and MS Finnsun) entered the traffic flying the Finnish flag. During the third quarter Finnlines operated on average 24 vessels in its own traffic compared to 26 vessels in the same period in 2011. During spring, Finnlines started a new traffic between the Swedish port of Wallhamn and the Russian port of Ust-Luga by integrating the Grimaldi owned port of Wallhamn to benefit and ship factory new cars stemming from the Far East markets destined to the large Russian market. In September MS Finnarrow, previously flying the Swedish flag, changed to Finnish flag. The similar change of flag for MS Finneagle took place in the beginning of October. The cargo volumes transported during January-September totalled approximately 485,000 (485,000 in 2011, corrected figure) cargo units, 45,000 (51,000) cars (not including passengers' cars) and 1,595,000 (1,685,000) tons of freight not possible to measure in units. In addition, some 487,000 (508,000, corrected figure) private and commercial passengers were transported. FINANCIAL RESULTS July - September 2012 The Finnlines Group recorded revenue totalling EUR 161.3 (161.2) million, an increase of 0.1% compared to the same period in 2011. Shipping and Sea Transport Services generated revenue amounting to EUR 153.2 (151.7) million and Port Operations EUR 13.7 (15.7) million. The internal revenue between the segments was EUR 5.6 (6.2) million. Result before interest, taxes, depreciation and amortisation (EBITDA) was EUR 30.8 (29.0) million, an increase of 6.2%. Result before interest and taxes (EBIT) was EUR 14.3 (12.9) million. Financial income was EUR 0.2 (0.1) million and financial expenses totalled EUR -6.4 (-6.9) million. Result before taxes (EBT) was EUR 8.1 (6.1) million and earnings per share (EPS) were EUR 0.11 (0.08). January - September 2012 The Finnlines Group recorded revenue totalling EUR 470.9 (460.4) million, an increase of 2.3% compared to the same period in 2011. Shipping and Sea Transport Services generated revenue amounting to EUR 444.4 (427.0) million and Port Operations EUR 44.7 (52.3) million. The internal revenue between the segments was EUR 18.2 (19.0) million. Result before interest, taxes, depreciation and amortisation(EBITDA) was EUR 78.1 (70.2) million,an increase of 11.3%. Result before interest and taxes (EBIT) was EUR 28.8 (22.7) 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 one-time cost items amounting to EUR 3.2 million. These are mainly related to the arrangements of leased property and settlements with the personnel. Financial income was EUR 0.7 (0.4) million and financial expenses totalled EUR -20.1 (-20.4) million. Result before taxes (EBT) was EUR 9.5 (2.7) million and earnings per share (EPS) were EUR 0.11 (0.01). STATEMENT OF FINANCIAL POSITION, FINANCING AND CASH-FLOW Interest-bearing net debt decreased by EUR 4.3 million compared to the same period in 2011 and amounted to EUR 876.9 (881.2) million. The equity ratio calculated from the balance sheet was 29.4% (28.8) and gearing was 201.9% (204.6). Vessel lease commitments have decreased by EUR 18.1 million from the end of September 2011 and were EUR 3.7 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 46.0 million. The company has a commercial paper programme amounting to EUR 100 million of which the company has issued EUR 13.6 million at the end of September. CAPITAL EXPENDITURE Gross capital expenditure in the reporting period totalled EUR 45.5 (56.3) million, and consists mainly of payments for newbuildings, EUR 38.3 million. Total depreciation amounted to EUR 49.3 (47.5) million. Four of the six newbuildings ordered from the Jinling shipyard in China have been delivered, MS Finnbreeze and MS Finnsea in March 2011 and MS Finnsky and MS Finnsun in the beginning of 2012. The last two of the newbuildings will be delivered during the last quarter of current year. PERSONNEL The Group employed an average of 2,057 (2,097) persons during the period, consisting of 979 (1,092) persons on shore and 1,078 (1,005) persons at sea. The average number of sea personnel increased due to two newbuildings taken into use in the beginning of 2012. The number of shore personnel decreased mainly due to employee reductions carried out in the Port Operations. The employee co-operation negotiations with personnel in Kotka were completed in January 2012 resulting in termination of 23 employments in total. 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. 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 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 appointed 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 The 2011 Financial statements, published in March 2012, 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 2011 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: During the second quarter, 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 on the decision. During the third quarter the parties have reached an amicable settlement agreement regarding the termination of the Service Agreement of the former Managing Director. EVENTS AFTER THE REPORTING PERIOD 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 fifth newbuilding in a series of six vessels was delivered from the Chinese shipyard at the end of October 2012. 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 systems. These measures will also enable the possible entering into the renewed Finnish tonnage taxation system. The final decision to enter the tonnage taxation system is to be taken by the end of 2014 at the latest. The Board expects that the remaining part of the year 2012 will still be volatile and challenging. The Company is well prepared to face the market challenges. The Group Financial Statement bulletin for the period 1 January - 31 December 2012 will be published on Thursday, 28 February 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 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. 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 2012 Sep 2011 Sep 2012 Sep 2011 Dec 2011 Revenue 161,335 161,157 470,930 460,384 605,208 Other income from 244 386 5,222 1,489 2,515 operations Materials and -60,970 -64,442 -188,704 -184,421 -247,262 services Personnel expenses -27,472 -25,069 -81,350 -81,484 -107,948 Depreciation, -16,451 -16,051 -49,322 -47,493 -63,512 amortisation and write-offs Other operating -42,375 -43,060 -127,986 -125,808 -167,972 expenses Total operating -147,268 -148,622 -447,363 -439,206 -586,695 expenses Result before 14,311 12,922 28,790 22,667 21,028 interest and taxes (EBIT) Financial income 179 112 716 448 911 Financial expenses -6,361 -6,904 -20,051 -20,391 -27,370 Result before taxes 8,128 6,129 9,454 2,724 -5,431 (EBT) Income taxes -2,797 -2,145 -4,187 -2,103 2,925 Result for the 5,331 3,984 5,266 621 -2,506 reporting period Other comprehensive income: Exchange differences 0 -5 14 -5 -3 on translating foreign operations Changes in cash flow hedging reserve Fair value changes -204 937 9 -401 -95 Transfer to fixed 1,755 2,004 2,004 assets Tax effect, net 50 -244 -432 -417 -496 Effect of the tax -48 rate change Total comprehensive 5,178 4,673 6,613 1,803 -1,145 income for the reporting period Result for the reporting period attributable to: Parent company 5,299 3,941 5,305 611 -2,517 shareholders Non-controlling 33 43 -38 10 10 interests 5,331 3,984 5,266 621 -2,506 Total comprehensive income for the reporting period attributable to: Parent company 5,145 4,629 6,651 1,793 -1,155 shareholders Non-controlling 33 43 -38 10 10 interests 5,178 4,673 6,613 1,803 -1,145 Result for the reporting period attributable to parent company shareholders calculated as earnings per share (EUR/share): Undiluted / diluted 0.11 0.08 0.11 0.01 -0.05 earnings per share Average number of shares: Undiluted / 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 2012 2011 2011 ASSETS Non-current assets Property, plant and equipment 1,255,234 1,272,027 1,258,306 Goodwill 105,644 105,644 105,644 Intangible assets 6,923 8,519 8,049 Other financial assets 4,582 4,562 4,582 Receivables 1,017 1,215 1,250 Deferred tax assets 4,164 3,837 4,395 1,377,564 1,395,804 1,382,225 Current assets Inventories 8,913 9,272 8,903 Accounts receivable and other receivables 89,392 89,946 76,660 Income tax receivables 107 82 73 Bank and cash 2,920 3,838 4,263 101,331 103,137 89,898 Total assets 1,478,895 1,498,941 1,472,123 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 -1,077 -2,587 -2,409 Translation differences 128 112 114 Unrestricted equity reserve 21,015 21,015 21,015 Retained earnings 295,322 293,145 290,017 433,556 429,853 426,905 Non-controlling interests 839 877 877 Total equity 434,395 430,729 427,782 LIABILITIES Long-term liabilities Deferred tax liabilities 79,639 80,342 76,015 Interest-free liabilities 4 8 8 Pension liabilities 2,427 2,273 2,462 Provisions 4,892 4,562 4,562 Interest-bearing liabilities 639,322 672,291 665,496 726,285 759,477 748,544 Current liabilities Accounts payable and other liabilities 77,651 95,934 102,181 Income tax liabilities 18 17 65 Provisions 30 30 30 Current interest-bearing liabilities 240,517 212,753 193,521 318,215 308,734 295,797 Total liabilities 1,044,500 1,068,212 1,044,341 Total equity and liabilities 1,478,895 1,498,941 1,472,123 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 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 14 translating foreign operations Changes in cash flow hedging reserve Fair value changes 9 Transfer to fixed 1,755 assets Tax effect, net -432 Total comprehensive 14 1,332 income for the reporting period Equity 30 September 93,642 24,525 128 -1,077 21,015 2012 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 5,305 5,305 -38 5,266 Exchange differences on 14 14 translating foreign operations Changes in cash flow hedging 9 9 reserve Fair value changes 1,755 1,755 Transfer to fixed assets -432 -432 Tax effect, net Total comprehensive income for 5,305 6,651 -38 6,613 the reporting period Equity 30 September 2012 295,322 433,556 839 434,395 CONSOLIDATED STATEMENT OF CASH FLOWS, IFRS (CONDENSED) EUR 1,000 1 Jan-30 Sep 1 Jan-30 Sep 1 Jan-31 Dec 2012 2011 2011 Cash flows from operating activities Result for the reporting period 5,266 621 -2,506 Non-cash transactions and other 72,572 68,952 85,570 adjustments Changes in working capital -33,715 -12,119 4,840 Net financial items and income taxes -22,748 -33,881 -37,065 Net cash generated from operating 21,376 23,574 50,839 activities Cash flow from investing activities * Net investments in tangible and -44,091 -54,568 -62,398 intangible assets Investments in shares -22 Proceeds from sale of investments 59 Other investing activities 706 2,240 9,371 Net cash used in investing -43,385 -52,327 -52,991 activities Cash flows from financing activities Loan withdrawals 72,400 37,420 41,440 Net increase in current 15,886 41,945 28,102 interest-bearing liabilities Repayment of loans -67,657 -53,846 -70,209 Increase / decrease in long-term 28 628 637 receivables Net cash from (used in) financing 20,657 26,147 -30 activities Change in cash and cash equivalents -1,352 -2,607 -2,181 Cash and cash equivalents 1 January 4,263 6,452 6,452 Effect of foreign exchange rate 8 -8 -8 changes Cash and cash equivalents at the end 2,920 3,838 4,263 of period * Capitalised borrowing costs are included in investments 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 2012 2011 2012 2011 2011 MEUR % MEUR % MEUR % MEUR % MEUR % Revenue Shipping 153.2 95.0 151.7 94.1 444.4 94.4 427.0 92.8 563.3 93.1 and sea transport services Port 13.7 8.5 15.7 9.7 44.7 9.5 52.3 11.4 67.7 11.2 operation s Intra-grou -5.6 -3.5 -6.2 -3.9 -18.2 -3.9 -19.0 -4.1 -25.8 -4.3 p revenue External 161.3 100.0 161.2 100.0 470.9 100.0 460.4 100.0 605.2 100.0 sales Result before interest and taxes Shipping 16.4 15.2 35.3 29.9 30.8 and sea transport services Port -2.1 -2.3 -6.5 -7.3 -9.8 operation s Result 14.3 12.9 28.8 22.7 21.0 before interest and taxes (EBIT) total Financial -6.2 -6.8 -19.3 -19.9 -26.5 items Result 8.1 6.1 9.5 2.7 -5.4 before taxes (EBT) Income -2.8 -2.1 -4.2 -2.1 2.9 taxes Result for 5.3 4.0 5.3 0.6 -2.5 the reporting 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 -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 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 26 26 differences Increases 533 6,247 195 38,417 45,393 Disposals -514 -80 -1,520 -2,114 Reclassifications 23 92,765 -92,787 0 Acquisition cost 30 72 76,800 1,500,862 89,244 76,218 1,743,196 September 2012 Accumulated -12,916 -372,235 -56,435 -441,586 depreciation, amortisation and write-offs 1 January 2012 Exchange rate -23 -23 differences Cumulative 277 80 1,348 1,705 depreciation on reclassifications and disposals Depreciation for -2,021 -42,382 -3,655 -48,058 the reporting period Accumulated -14,659 -414,537 -58,765 -487,962 depreciation, amortisation and write-offs 30 September 2012 Book value 30 72 62,141 1,086,325 30,479 76,218 1,255,234 September 2012 CONTINGENCIES AND COMMITMENTS EUR 1,000 30 Sep 30 Sep 31 Dec 2012 2011 2011 Minimum leases payable in relation to fixed-term leases: Vessel leases (Group as lessee): Within 12 months 3,716 18,060 14,785 1-5 years 3,716 3,716 21,776 14,785 Vessel leases (Group as lessor): Within 12 months 2,486 1,680 910 2,486 1,680 910 Other leases (Group as lessee): Within 12 months 6,140 6,725 6,796 1-5 years 15,947 18,090 17,551 After five years 13,671 13,883 13,164 35,757 38,698 37,511 Other leases (Group as lessor): Within 12 months 227 347 204 227 347 204 Collateral given Loans from financial institutions 781,653 722,795 730,563 Vessel mortgages provided as guarantees for the 1,263,000 1,189,500 1,189,500 above loans Other collateral given on own behalf Pledged deposits 471 473 476 Corporate mortgages 606 606 606 1,077 1,079 1,082 Other obligations 20,646 60,968 56,525 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 8,231 9,412 9,088 investments Open derivative instruments: Fair value Contract amount 1000 EUR 30 Sep 30 Sep 31 Dec 30 Sep 30 Sep 31 Dec 2012 2011 2011 2012 2011 2011 Currency 272 198 231 7,579 14,515 7,574 derivatives REVENUE AND RESULT BY QUARTER MEUR Q1/12 Q1/11 Q2/12 Q2/11 Q3/12 Q3/11 Shipping and sea transport services 135.4 126.5 155.8 148.9 153.2 151.7 Port operations 15.8 18.7 15.2 18.0 13.7 15.7 Intra-group revenue -6.2 -6.1 -6.4 -6.6 -5.6 -6.2 External sales 145.0 139.0 164.6 160.2 161.3 161.2 Result before interest and taxes Shipping and sea transport services 2.4 2.9 16.5 11.8 16.4 15.2 Port operations -2.7 -3.0 -1.8 -1.9 -2.1 -2.3 Result before interest and taxes -0.2 -0.1 14.7 9.9 14.3 12.9 (EBIT) total Financial items -6.9 -6.0 -6.3 -7.1 -6.2 -6.8 Result before taxes (EBT) -7.1 -6.1 8.4 2.7 8.1 6.1 Income taxes 1.3 1.5 -2.7 -1.5 -2.8 -2.1 Result for the reporting period -5.8 -4.6 5.7 1.2 5.3 4.0 EPS (undiluted / diluted) -0.12 -0.10 0.12 0.03 0.11 0.08 SHARES, MARKET CAPITALISATION AND TRADING INFORMATION 30 September 2012 30 September 2011 Number of shares 46,821,037 46,821,037 Market capitalisation, 356.8 360.5 EUR million 1 Jan - 30 Sep 2012 1 Jan - 30 Sep 2011 Number of shares traded, million 1.0 1.3 1 Jan - 30 Sep 2012 High Low Average Close Share price 8.16 6.65 7.03 7.62 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 Grimaldi Group in September 2011 and April 2012, took place in the second and third quarter of 2012. 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 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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