2015-05-13 12:00:18 CEST
2015-05-13 12:01:20 CEST
REGULATED INFORMATION
Finnlines - Interim report (Q1 and Q3)
Interim Report January-March 2015 (unaudited)
Helsinki, Finland, 2015-05-13 12:00 CEST (GLOBE NEWSWIRE) -- FINNLINES PLC
INTERIM REPORT JANUARY-MARCH 2015 (UNAUDITED) Stock Exchange Release 13
May 2015 at 13:00
JANUARY-MARCH 2015: Result for the reporting period improved to EUR 0.6 million
from EUR 0.3 million
- Revenue EUR 116.8 (EUR 126.8 prev. year) million, decrease 7.9 per cent,
mainly due to the reduction in cargo-related bunker surcharge
- Result before interest, taxes, depreciation and amortisation (EBITDA) EUR
17.7 (20.2) million, decrease 12.1 per cent
- Result for the reporting period EUR 0.6 (0.3) million
- Earnings per share were 0.01 (0.01) EUR/share
- Interest-bearing debt decreased EUR 68.5 million and was EUR 593.5 (662.1)
million at the end of the period
KEY FIGURES
MEUR Q1 2015 Q1 2014 1-12 2014
Revenue 116.8 126.8 532.9
Result before interest, taxes, 17.7 20.2 115.4
depreciation and amortisation (EBITDA)
Result before interest and taxes (EBIT) 3.9 5.4 58.6
% of revenue 3.3 4.3 11.0
Result for the reporting period 0.6 0.3 41.7
EPS, EUR 0.01 0.01 0.81
Shareholders' equity/share, EUR 9.79 8.99 9.78
Equity ratio, % 40.2 35.7 41.7
Interest-bearing debt, MEUR 593.5 662.1 552.5
Gearing, % 121.0 146.9 113.0
EMANUELE GRIMALDI, PRESIDENT AND CEO, IN CONJUNCTION WITH THE REVIEW:
“The first quarter result was in line with our forecast and the first part of
our EUR 100 million environmental technology investment programme is nearing
completion.
The result of Q1 2015 was EUR 0.6 million, which was according to our forecast.
During the reporting period already 12 vessels have undergone the exhaust gas
cleaning systems ("scrubbers") installation and new propulsion systems have
been installed into six vessels. This first part totals EUR 65 million of our
EUR 100 million environmental technology investment programme for 2014 to 2016.
The final completion of the ongoing scrubber installations will increase the
share of heavy fuel oil to be used during the next nine months. This means that
the Group will achieve savings in fuel costs due to cheaper IFO fuel compared
to more expensive MGO, which our vessels had to consume during the first
quarter as required by the new IMO sulphur directive. We have also kept our
costs low and continue our turnaround programme in order to improve our
financial and operational performance further. We have stated in February when
releasing our 2014 audited financial statements that the result before taxes is
expected to be better in 2015 compared to 2014. The first quarter was burdened
with several vessels being docked for scrubber installations, but for the
remainder of the year we will have the full fleet in operation and being able
to serve our clients with more efficient and environmentally friendly vessels.
Therefore, we expect good potential in the following quarters to improve our
result over the previous year.”
FINNLINES PLC, INTERIM REPORT JANUARY-MARCH 2015 (unaudited)
FINNLINES' BUSINESS
Finnlines is the largest shipping company in the Baltic Sea based on both ro-ro
and ro-pax volumes (source: Baltic Transportation Journal). The Company's
passenger-freight vessels offer services from Finland to Germany and via the
Åland Islands to Sweden, as well as from Sweden to Germany. Finnlines' ro-ro
vessels operate in the Baltic Sea and the North Sea. The Company has
subsidiaries in Germany, Belgium, Great Britain, Sweden, Denmark and Poland
which all are also sales offices. In addition to sea transportation, the
Company provides port services in Helsinki and Turku.
GROUP STRUCTURE
Finnlines Plc is a Finnish listed company. At the end of the reporting period,
the Group consisted of the parent company and 24 subsidiaries.
Finnlines is part of the Italian Grimaldi Group, which is a global logistics
group specialising in maritime transport of cars, rolling cargo, containers and
passengers. The Grimaldi Group comprises seven shipping companies, including
Finnlines, Atlantic Container Line (ACL), Malta Motorways of the Sea (MMS) and
Minoan Lines. With a fleet of about 100 vessels, the Group provides maritime
transport services for rolling cargo and containers between North Europe, the
Mediterranean, the Baltic Sea, West Africa, North and South America. It also
offers passenger services within the Mediterranean and Baltic Sea. With 80.4
per cent (on 31 March 2015) of the shares, the Grimaldi Group is the biggest
shareholder in Finnlines Plc.
GENERAL MARKET DEVELOPMENT
Based on the statistics by the Finnish Transport Agency for January-February,
the Finnish seaborne imports carried in container, lorry and trailer units
(measured in tons) decreased by 8 per cent whereas exports remained on the same
level compared to the same period in 2014. During the same period private and
commercial passenger traffic between Finland and Sweden increased by 1 per
cent. Between Finland and Germany the corresponding traffic increased by 3 per
cent (Finnish Transport Agency).
FINNLINES' TRAFFIC
During the first quarter, Finnlines operated on average 23 (24) vessels in its
own traffic.
As from 19 January 2015 Finnlines opened the route between Hanko and Rostock
operated by MS Finnmerchant acquired in January 2015. The ro-ro vessel built in
2003 complements Finnlines' liner services offered to customers and strengthens
the competitiveness of Finnlines' fleet.
The new stricter environmental regulations for the fuel sulphur limit came into
force as from 1 January 2015. During the first quarter 2015 the installations
of scrubbers and new propulsion systems have continued, which has caused
occasional disruption to the services offered. The majority of the
installations have been completed by the end of March 2015.
The cargo volumes transported during January-March totalled approximately 150
(158 in 2014) thousand cargo units, 33 (16) thousand cars (not including
passengers' cars ) and 480 (584) thousand tons of freight not possible to
measure in units. In addition, some 103 (109) thousand private and commercial
passengers were transported.
FINANCIAL RESULTS
January-March 2015
The Finnlines Group recorded revenue totalling EUR 116.8 (126.8) million, a
decrease of 7.9 per cent compared to the same period in 2014. Shipping and Sea
Transport Services generated revenue amounting to EUR 112.9 (122.8) million and
Port Operations EUR 8.3 (10.0) million. The internal revenue between the
segments was EUR 4.4 (6.0) million.
Result before interest, taxes, depreciation and amortisation (EBITDA) was EUR
17.7 (20.2) million, an decrease of 12.1 per cent.
Result before interest and taxes (EBIT) was EUR 3.9 (5.4) million. During the
first quarter, the installations of sulphur scrubbers and propulsion systems
and chartering of substituting tonnage has caused additional costs influencing
the result negatively. Despite this, Finnlines Group managed to maintain the
result on the same level compared to the first quarter of 2014. The increased
efficiency of the operations i.e. lower bunker consumption, higher capacity
utilisation and reduction of costs in many areas has continued to impact the
financial performance of the Group.
In addition, the results of the first quarters are affected by the seasonality
of the cargo volumes, which are typically on a lower level at the turn of the
year. The number of passengers is also modest compared to the summer season.
Net financial expenses amounted to EUR -4.3 (-5.8) million. Financial income
was EUR 0.3 (0.0) million and financial expenses totalled EUR -4.6 (-5.8)
million. The result for the reporting period remained positive and was EUR 0.6
(0.3) million and earnings per share (EPS) were EUR 0.01 (0.01).
STATEMENT OF FINANCIAL POSITION, FINANCING AND CASH-FLOW
Interest-bearing debt decreased by EUR 68.5 million and amounted to EUR 593.5
(662.1). The equity ratio calculated from the balance sheet improved to 40.2
(35.7) per cent and gearing dropped to 121.0 (146.9) per cent. Due to the
expired charter agreements and redelivery of chartered tonnage vessel lease
commitments decreased by EUR 13.2 million to EUR 8.0 million compared to the
end of March 2014.
At the end of the period, cash and deposits together with unused committed
credit lines amounted to EUR 54.9 (47.8) million.
Net cash generated from operating activities before investing activities
decreased slightly and was EUR 4.9 (6.1) million.
CAPITAL EXPENDITURE
Finnlines Group's gross capital expenditure in the reporting period totalled
EUR 39.3 (1.1) million. Total depreciation amounted to EUR 13.8 (14.7) million.
The investments consist of the purchase of MS Finnmerchant, normal replacement
expenditure of fixed assets, scrubber and re-blading projects and dry-dockings
of ships. In January, Finnlines signed a purchase agreement of two ro-ro
vessels, and paid a part of the purchase price. The vessels will be delivered
at the turn of the year 2015/2016.
The new stricter environmental regulations for the fuel sulphur limit came into
force as from 1 January 2015. For this reason, Finnlines ordered exhaust gas
cleaning systems ("scrubbers") for six of its latest series of ro-ro vessels
built in 2011-2012, for four of its Star-class ro-pax vessels built in
2006-2007 and for four of its ro-ro vessels built in 2000-2002. These
investments total EUR 65 million and are part of the Finnlines Group's EUR 100
million capex programme. The actual installations of scrubbers started in late
2014 and the majority of these installations were finished during the first
quarter 2015. These cleaning systems enable the vessels to operate in
compliance with the new environmental regulations. Finnlines has also ordered
an improvement retrofit to the propulsion system on four Star-class ro-pax
vessels and on two ro-ro vessels. This propulsion upgrading project started
also at the turn of the year and all propulsion upgrades were done by mid
February 2015. The new system will substantially improve the vessels' relative
propulsion efficiency and, as a result, reduce their fuel consumption.
In beginning of March 2015, Finnlines extended the environmental investment
programme by ordering one additional scrubber for MS Finnmerchant. The
installation on Finnmerchant will take place during Q3/2015.
PERSONNEL
The Group employed an average of 1,595 (1,712) persons during the period,
consisting of 694 (797) persons on shore and 901 (915) persons at sea. The
average number of shore personnel decreased mostly due to employee reductions
in Port Operations. The number of persons employed at the end of the period was
1,567 (1,726) in total, of which 706 (800) on shore and 861 (926) at sea. The
personnel expenses (including social costs) for the reporting period were EUR
21.0 (24.6) million.
THE FINNLINES SHARE
The Company's registered share capital on 31 March 2015 was EUR 103,006,282
divided into 51,503,141 shares. A total of 0.3 (1.3) million shares were traded
on the NASDAQ OMX Helsinki during the period. The market capitalisation of the
Company's stock at the end of March was EUR 825.1 (380.6) million. Earnings per
share (EPS) were EUR 0.01 (0.01). Shareholders' equity per share was EUR 9.79
(8.99). At the end of the reporting period, the Grimaldi Group's holding and
share of votes in Finnlines was 80.4 per cent.
DECISIONS TAKEN BY THE ANNUAL GENERAL MEETING
Finnlines Plc's Annual General Meeting was held in Helsinki on 14 April 2015.
The Annual General Meeting of Finnlines Plc approved the Financial Statements
and discharged the members of the Board of Directors and President and CEO from
liability for the financial year 2014. It was decided to accept the proposal of
the Board of Directors that no dividend shall be paid for 2014.
The meeting decided that the number of Board Members be seven. All of the
current Board Members were re-elected; Mr Christer Backman, Ms Tiina Bäckman,
Mr Emanuele Grimaldi, Mr Gianluca Grimaldi, Mr Diego Pacella, Mr Olav K.
Rakkenes and Mr Jon-Aksel Torgersen. The yearly compensation to the Board will
remain unchanged as follows: EUR 50,000 for the Chairman, EUR 40,000 for the
Vice Chairman, and EUR 30,000 for each of the other members of the Board.
The Annual General Meeting elected KPMG Oy Ab as the Company's auditor for the
fiscal year 2015. It was decided that the external auditors will be reimbursed
according to invoice.
It was decided to authorise the Board of Directors to resolve on the issuance
of shares in one or several tranches. The Board of Directors may, on the basis
of the authorisation, resolve on the issuance of shares in one or several
tranches, so that the aggregate number of shares to be issued shall not exceed
10,000,000 shares. The Board of Directors decides on all the conditions of the
issuance of shares. The issuance of shares may be carried out in deviation from
the shareholders' pre-emptive rights (directed issue). The authorisation is
valid until the next Annual General Meeting. The authorisation replaces the
Annual General Meeting's authorisation to decide on a share issue of 8 April
2014.
RISKS AND RISK MANAGEMENT
Finnlines is exposed to business risks that arise from the capacity of the
fleet existing in the market, counterparties, prospects for export and import
of goods, and changes in the operating environment. The risk of overcapacity is
reduced when the aging vessels are scrapped, on the one hand, and as more
stringent sulphur directive requirements have come into force, on the other.
Finnlines operates mainly in the Emissions Control Areas where the emission
regulations are stricter than globally. The sulphur content limit for heavy
fuel oil was reduced to 0.10 per cent as from 1.1.2015 in accordance with the
MARPOL Convention. This increases costs of sea transportation. However, with
one of the youngest and largest fleets in Northern Europe and with investments
targeted on engine systems and energy efficiency, Finnlines is in a strong
position to greatly mitigate this risk. The effect of fluctuations in the
foreign trade is reduced by the fact that the Company operates in several
geographical areas. This means that slow growth in one country is compensated
by faster recovery in another. Finnlines continuously monitors the solidity and
payment schedules of its customers and suppliers. Currently, there are no
indications of imminent risks related to counterparties but the Company
continues to monitor the financial position of its counterparties. Finnlines
holds adequate credit lines to maintain liquidity in the current business
environment.
LEGAL PROCEEDINGS
The 2014 Financial statements, published on 24 February 2015, contain a
description of ongoing legal proceedings.
On 27 February 2015, the District Court of Helsinki rendered its decision on
the dispute between Finnlines Plc and the State of Finland. According to
Finnlines Plc the Finnish Act on Fairway Dues in force until 1 January 2006 has
contained provisions which according to EU law were discriminatory. The Company
has been charged excessive fairway dues during 2001-2004. In its decision, the
District Court of Helsinki has ordered the State of Finland to refund to
Finnlines Plc, as plaintiffs, the fairway dues, charged in excessive extent in
the years 2001-2004 totalling about EUR 17.0 million including interest. The
Finnish State has announced that it would appeal the decision to the Helsinki
Court of Appeal. The case is pending.
CORPORATE GOVERNANCE
Finnlines applies the Finnish Corporate Governance Code for listed companies.
The Corporate Governance Statement can be reviewed on the corporate website:
www.finnlines.com.
EVENTS AFTER THE REPORTING PERIOD
There are no significant events to report.
OUTLOOK AND OPERATING ENVIRONMENT
The first part of Finnlines Group's EUR 100 million capex programme is nearing
completion, where fifteen scrubbers and six propulsion systems are being
installed into the vessels. Finnlines Group's result before taxes is expected
to be better in 2015 compared to the same period in the previous year. Cost
efficient and environmentally friendly fleet which is also better adjusted to
current market conditions and vessel capacity requirements are the main drivers
behind the Company's expectations.
The second interim report of 2015 for the period of 1 January-30 June will be
published on Wednesday, 29 July 2015.
Finnlines Plc
The Board of Directors
Emanuele Grimaldi
President and CEO
ENCLOSURES
- Reporting and accounting policies
- 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
- Fair value hierarchy
- Contingencies and commitments
- Shares, market capitalisation and trading information
- Events after the reporting period
- Calculation of ratios
- Related party transactions
DISTRIBUTION
NASDAQ OMX Helsinki Ltd.
Main media
This interim report is unaudited.
REPORTING AND ACCOUNTING POLICIES
This interim report included herein is prepared in accordance with IAS 34
(Interim Financial Reporting) standard. The Company adopts new or revised IFRS
standards and IFRIC interpretations from the beginning of the reporting period
corresponding to those described in the 2014 Financial Statements with effect
of 1 January 2015. They did not have any impact on the reported figures.
Finnlines Plc entered into the tonnage taxation regime in January 2013. In
tonnage taxation, shipping operations transferred from taxation of business
income to tonnage-based taxation.
All figures in the accounts have been rounded and, consequently, the sum of
individual figures may deviate from the presented sum figure.
The preparation of the interim financial statements in accordance with IFRS
requires management to make estimates and assumptions and use its discretion in
applying the accounting principles 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. The uncertainties
related to the key assumptions were the same as those applied to the
consolidated financial statements at the year-end
31 December 2014.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME, IFRS
EUR 1,000 1-3 2015 1-3 2014 1-12 2014
Revenue 116,829 126,803 532,889
Other income from operations 288 1,618 6,776
Materials and services -42,899 -48,429 -191,445
Personnel expenses -20,952 -24,643 -88,418
Depreciation, amortisation and -13,837 -14,734 -56,843
impairment losses
Other operating expenses -35,534 -35,181 -144,396
Total operating expenses -113,222 -122,986 -481,102
Result before interest and 3,894 5,435 58,563
taxes (EBIT)
Financial income 354 56 483
Financial expenses -4,608 -5,848 -22,412
Result before taxes (EBT) -360 -356 36,634
Income taxes 991 684 5,079
Result for the reporting period 632 328 41,713
Other comprehensive income:
Other comprehensive income to be
reclassified to profit and loss
in subsequent periods:
Exchange differences on translating foreign 38 2 69
operations
Tax effect, net 0
Other comprehensive income to be 38 2 69
reclassified to profit and loss
in subsequent periods, total
Other comprehensive income not
being reclassified to profit and
loss in subsequent periods:
Remeasurement of defined -844
benefit plans
Tax effect, net * 212 353
Other comprehensive income not 212 -491
being reclassified to profit and
loss in subsequent periods, total
Total comprehensive income for 670 542 41,291
the reporting period
Result for the reporting period
attributable to:
Parent company shareholders 655 355 41,726
Non-controlling interests -23 -27 -13
632 328 41,713
Total comprehensive income for the
reporting period attributable to:
Parent company shareholders 693 569 41,304
Non-controlling interests -23 -27 -13
670 542 41,291
Result for the reporting period
attributable to parent company
shareholders calculated as
earnings per share (EUR/share):
Undiluted / diluted earnings 0.01 0.01 0.81
per share
Average number of shares:
Undiluted / diluted 51,503,141 51,503,141 51,503,141
The majority of amounts included in Comprehensive income relates to tonnage tax
scheme.
* Tax asset has been posted from remeasurement because Finnlines Deutschland
GmbH transferred from tonnage-based taxation to business taxation at the end of
January 2014. The company entered into business taxation as from 1 February
2014.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION, IFRS
EUR 1,000 31 Mar 2015 31 Mar 2014 31 Dec 2014
ASSETS
Non-current assets
Property, plant and equipment 1,014,013 1,069,523 983,183
Goodwill 105,644 105,644 105,644
Intangible assets 5,307 5,706 5,500
Other financial assets 4,576 4,580 4,576
Receivables 838 238 838
Deferred tax assets 5,703 1,586 5,353
1,136,080 1,187,275 1,105,092
Current assets
Inventories 7,102 8,476 5,926
Accounts receivable and 99,662 101,663 76,480
other receivables
Income tax receivables 1 61 1
Cash and cash equivalents 2,185 2,230 2,680
108,950 112,430 85,086
Non-current assets held for sale 15,121 1,173 20,297
Total assets 1,260,151 1,300,878 1,210,475
EQUITY
Equity attributable to parent
company shareholders
Share capital 103,006 103,006 103,006
Share premium account 24,525 24,525 24,525
Translation differences 216 110 178
Fund for invested unrestricted 40,016 40,016 40,016
equity
Retained earnings 336,530 295,208 335,876
504,294 462,866 503,601
Non-controlling interests 283 332 306
Total equity 504,577 463,199 503,907
LIABILITIES
Long-term liabilities
Deferred tax liabilities 55,517 56,858 56,102
Other long term liabilities 150 3,013 163
Pension liabilities 4,701 3,973 4,705
Provisions 1,844 1,925 1,844
Loans from financial institutions 468,512 498,087 420,722
530,724 563,858 483,536
Current liabilities
Accounts payable and other 80,361 85,460 71,565
liabilities
Current tax liabilities 26 18 72
Provisions 267 3,616 81
Loans from financial institutions 136,061 184,727 142,967
216,715 273,822 214,685
Total liabilities 747,440 837,679 698,220
Liabilities related to long-term 8,134 8,348
assets held for sale
Total equity and liabilities 1,260,151 1,300,878 1,210,475
CONSOLIDATED statement of changes in equity 2014, IFRS
EUR 1,000 Equity attributable to parent company
shareholders
Share Share Trans- Unre- Re- Total Non-co Total
capital issue lation stric- tained n equity
pre- differ ted ear- trolli
mium ences equity nings ng
re- in-
serve terest
s
Reported 103,006 24,525 109 40,016 294,641 462,297 360 462,658
equity 1
January 2014
Compre-
hensive
income
for the
repor-
ting period:
Result 355 355 -28 328
for the
repor-
ting period
Exchange 2 2 2
differ-
ences on
trans-
lating
foreign
opera-
tions
Remea- 0 0
surement of
defined
benefit
plans
Tax effect, -1 212 211 211
net
Total 1 567 569 -28 541
compre-
hensive
income
for the
repor-
ting period
Equity 103,006 24,525 110 40,016 295,208 462,866 332 463,199
31 March
2014
CONSOLIDATED statement of changes in equity 2015, IFRS
EUR 1,000 Equity attributable to parent company shareholders
Share Share Transl Unre- Re- Total Non-contr Total
capital issue a- stric- tained ol equity
pre- tion ted ear- ling
mium dif- equity nings interests
fer- re-
ences serve
Reported 103,006 24,525 178 40,016 335,876 503,601 306 503,907
equity 1
January
2015
Compre-
hensive
income
for the
repor-
ting
period:
Result 655 655 -23 632
for the
repor-
ting
period
Exchange 39 39 39
differ-
ences on
trans-
lating
foreign
opera-
tions
Remea-
suremento
f defined
benefit
plans
Tax
effect,
net
Total 39 655 693 -23 670
compre-
hensive
income
for the
repor-
ting
period
Equity 103,006 24,525 216 40,016 336,530 504,294 283 504,577
31 March
2015
CONSOLIDATED CASH FLOW STATEMENT, IFRS
EUR 1,000 1-3 2015 1-3 2014 1-12 2014
Cash flows from operating activities
Result for the reporting period 632 328 41,713
Adjustments:
Non-cash transactions 13,760 13,941 51,987
Unrealised foreign exchange gains -7 -12 -28
(-) / losses (+)
Financial income and expenses 4,261 5,803 21,957
Taxes -991 -684 -5,079
Changes in working capital
Change in accounts receivable and -23,115 -20,425 4,855
other receivables
Change in inventories -1,176 356 2,906
Change in accounts payable and 14,764 11,752 -9,435
other liabilities
Change in provisions -8 -163 -207
Interest paid -2,846 -3,923 -18,742
Interest received 244 21 141
Taxes paid * 111 -91 -3,990
Other financing items -712 -833 -3,970
Net cash generated from operating 4,917 6,069 82,108
activities
Cash flow from investing activities
Investments in tangible and -42,576 -1,099 -29,575
intangible assets
Proceeds from sale of tangible assets 64 4,767 69,590
Proceeds from sale of investments 1
Dividends received 13
Net cash used in investing activities -42,512 3,669 40,029
Cash flows from financing activities
Loan withdrawals 90,000 169,604
Net increase in current interest-bearing -10,385 49,883 7,953
liabilities (+) /
net decrease (-)
Repayment of loans -42,564 -59,899 -298,974
Loans granted -900
Decrease in long-term receivables 45 395
Dividends paid -42
Net cash used in financing activities 37,096 -10,016 -121,964
Change in cash and cash equivalents -500 -278 173
Cash and cash equivalents 1 January 2,680 2,508 2,508
Effect of foreign exchange rate 5 -1
changes
Cash and cash equivalents at the 2,185 2,230 2,680
end of period
* Taxes paid in 2014 include Finnlines Deutschland GmbH's payment of tax
provision EUR 3.6 million.
REVENUE AND RESULT BY BUSINESS SEGMENTS
1-3 2015 1-3 2014 1-12 2014 MEUR % MEUR % MEUR %
Revenue
Shipping and sea transport 112.9 96.6 122.8 96.9 517.4 97.1
services
Port operations 8.3 7.2 10.0 7.9 36.9 6.9
Intra-group revenue -4.4 -3.8 -6.0 -4.8 -21.3 -4.0
External sales 116.8 100.0 126.8 100.0 532.9 100.0
Result before interest and
taxes
Shipping and sea transport 5.0 7.2 61.6
services
Port operations -1.1 -1.8 -3.1
Result before interest and 3.9 5.4 58.6
taxes (EBIT) total
Financial items -4.3 -5.8 -21.9
Result before taxes (EBT) -0.4 -0.4 36.6
Income taxes 1.0 0.7 5.1
Result for the reporting period 0.6 0.3 41.7
PROPERTY, PLANT AND EQUIPMENT 2015
EUR 1,000 Land Buil- Vessels Machi- * Total
dings nery and Advance
equip- pay-
ment ments &
acqui-
sitions under
constr.
Acquisition cost 72 72,773 1,287,982 66,273 25,928 1,453,028
1 January 2015
Exchange rate 39 39
differences
Increases 30,752 90 8,387 39,229
Disposals -159 -118 -277
Reclassifications 13,988 9 -13,997 0
Reclassifications -4,369 -22,395 -26,763
to non-current
assets held for
sale
Acquisition cost 72 68,404 1,332,563 43,899 20,319 1,465,257
31 March 2015
Accumulated -17,341 -389,749 -42,459 -449,549
depreciation,
amortisation and
write-offs 1 January
2015
Exchange rate -36 -36
differences
Cumulative 159 118 277
depreciation on
reclassifications
and disposals
Depreciation for -551 -12,747 -280 -13,578
the reporting
period
Accumulated -17,891 -402,338 -42,657 -462,886
depreciation,
amortisation and
write-offs 31
March 2015
Reclassification 1,132 10,510 11,642
to non-current
assets held for
sale
Book value 31 72 51,645 930,225 11,752 20,319 1,014,013
March 2015
Due to the long-term charter contract in February 2015 of the vessel, which was
classified as asset held for sale in the Financial Statement as of 31.12.2014,
the classification has been ceased during the reporting period. A part of the
Port Operations' assets, book value of 15.1 million euros, is continued to be
classified as assets held for sale.
* Includes mainly advance payments for the scrubber systems.
PROPERTY, PLANT AND EQUIPMENT 2014
EUR 1,000 Land Buil- Vessels Machi- Advance Total
dings nery and pay-
equip- ments &
ment acqui- sitions
under
constr.
Acquisition cost 72 75,271 1,372,769 73,122 398 1,521,632
1 January 2014
Exchange rate 3 3
differences
Increases 955 6 962
Disposals -110 -3,312 -3,423
Reclassifications -2,497 -2,497
to non-current
assets held for
sale
Acquisition cost 72 72,773 1,373,614 69,819 398 1,516,676
31 March 2014
Accumulated -16,316 -373,866 -47,060 -437,243
depreciation,
amortisation and
write-offs 1
January 2014
Exchange rate -3 -3
differences
Cumulative 110 3,124 3,234
depreciation on
reclassifications
and disposals
Depreciation for -642 -13,071 -754 -14,467
the reporting
period
Accumulated -16,958 -386,827 -44,693 -448,479
depreciation,
amortisation and
write-offs 31
March 2014
Reclassification 1,325 1,325
to non-current
assets held for
sale
Book value 31 72 57,139 986,787 25,126 398 1,069,523
March 2014
FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS
Level 1 - Quoted prices (unadjusted) in active markets for identical assets or
liabilities.
Level 2 - Inputs other than quoted prices included within Level 1 that are
observable for the asset or liability, either directly (i.e., as prices) or
indirectly (i.e., derived from prices).
The Group has loans from financial institutions and pension loans belonging to
level 2. There is no material difference between carrying values and fair
values of these instruments.
Level 3 - Inputs for the asset or liability that are not based on observable
market data (unobservable inputs).
There are no instruments in this category.
During 2015 and the previous year there has been no transfers to or from the
fair value hierarchy level 3.
CONTINGENCIES AND COMMITMENTS
EUR 1,000 31 Mar 2015 31 Mar 2014 31 Dec 2014
Minimum leases payable in relation
to fixed-term leases:
Vessel leases (Group as lessee):
Within 12 months 8,020 13,177 11,409
1-5 years 0 8,020
8,020 21,197 11,409
Vessel leases (Group as lessor)*:
Within 12 months 2,105 2,152 0
1-5 years 8,422 6,926 0
10,527 9,078 0
Other leases (Group as lessee):
Within 12 months 6,475 6,356 6,366
1-5 years 16,276 17,719 17,128
After five years 8,993 11,602 9,274
31,743 35,677 32,768
Other leases (Group as lessor):
Within 12 months 211 308 250
211 308 250
Collateral given
Loans from financial institutions 512,892 559,794 477,054
Vessel mortgages provided as 1,035,000 1,057,000 1,035,000
guarantees for the above loans
Other collateral given on own behalf
Cash deposit 850
Corporate mortgages 606 0
850 606 0
Other obligations ** 36,247 2,095 35,453
Guarantees given by the parent 0 6,000 0
company on behalf of the subsidiaries
VAT adjustment liability related 4,998 6,440 5,322
to real estate investments
* A long-term bareboat agreement was terminated on 17.12.2014 due to the sale
of the vessel, and another bareboat agreement was made during the first quarter
of 2015.
** Includes scrubber system, re-blading obligations and vessel investments.
SHARES, MARKET CAPITALISATION AND TRADING INFORMATION
31 March 2015 31 March 2014
Number of shares 51,503,141 51,503,141
Market capitalisation, 825.1 380.6
EUR million
1-3 2015 1-3 2014
Number of shares traded, 0.3 1.3
million
1-3 2015
High Low Average Close
Share price 16.9 14.9 15.98 16.02
EVENTS AFTER THE REPORTING PERIOD
There are no significant events to report.
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
Income tax expense is recognised based on the best estimate of the
weighted-average annual income tax rate expected for the full financial year.
In January 2013, the shipping operations of Finnlines Plc transferred to
tonnage-based taxation.
At the end of January 2014, Finnlines Deutschland GmbH transferred from
tonnage-based taxation to business taxation. The company entered into business
taxation as from 1 February 2014.
RELATED PARTY TRANSACTIONS
There were no material related party transactions during the reporting period.
The business transactions were carried out using market-based pricing.
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