2014-05-06 11:19:20 CEST
2014-05-06 11:20:22 CEST
REGULATED INFORMATION
Finnlines - Interim report (Q1 and Q3)
FINNLINES PLC, INTERIM REPORT JANUARY–MARCH 2014 (unaudited)
Helsinki, Finland, 2014-05-06 11:19 CEST (GLOBE NEWSWIRE) -- FINNLINES PLC,
INTERIM REPORT JANUARY-MARCH 2014 (unaudited)
Stock Exchange Release 6 May 2014 at 12.15
JANUARY-MARCH 2014: Strong start to the year
- Revenue EUR 126.8 million (EUR 133.9 million prev. year), decrease 5.3 per
cent
- Result before interest, taxes, depreciation and amortisation (EBITDA) EUR
20.2 (11.1) million, increase 81.9 per cent
- Result for the reporting period EUR 0.3 (-10.9) million
- Earnings per share were 0.01 (-0.23) EUR/share
KEY FIGURES
MEUR Q1 Q1 1-12 2013
2014 2013
Revenue 126.8 133.9 563.6
Result before interest, taxes, depreciation and 20.2 11.1 83.7
amortisation (EBITDA)
Result before interest and taxes (EBIT) 5.4 -5.8 18.1
% of revenue 4.3 -4.4 3.2
Result for the reporting period 0.3 -10.9 6.0
EPS, EUR 0.01 -0.23 0.12
Equity ratio, % 35.7 28.4 35.7
Gearing, % 146.9 212.0 149.1
Shareholders' equity/share, EUR 8.99 8.91 8.98
EMANUELE GRIMALDI, PRESIDENT AND CEO, IN CONJUNCTION WITH THE REVIEW:
Full speed ahead
“The first quarter result was EUR 0.3 million positive, which is over EUR 11
million better than previous year. The turnaround in the company financial
performance took place already during the last quarter of 2013, and has
continued during 1Q 2014. This came as a confirmation of the positive
development of the Group, also because the first quarter has traditionally
been, due to seasonality, negative in previous years. Several measures
undertaken during 2013 lie behind the strength of this performance:
optimisation of vessels, route and trade flows; painful decisions to reduce
staff in port operations and elsewhere; reduction of interest bearing debt;
cut of the overcapacity through the sale of certain vessels; cost controlling
and cost cutting. Finnlines has the youngest fleet in the Baltic with low fuel
consumption and high efficiency: with the above measures and with a committed
management, we expect to improve during 2014 the Group result before taxes
compared to previous year.”
FINNLINES PLC, INTERIM REPORT JANUARY-MARCH 2014 (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.
Finnlines' passenger-freight vessels offer services from Finland to Germany and
Sweden, from Sweden via the Åland Islands to Finland and from Germany to
Russia. 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 25 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 74.96
per cent (at 31 March 2014) 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
decreased by 1 per cent whereas exports increased by 11 per cent (measured in
tons) compared to the same period in 2013. According to the statistics
published by Shippax for January-February, trailer and lorry volumes
transported by sea between Southern Sweden and Germany increased by 4 per cent
compared to 2013. During the same period private and commercial passenger
traffic between Finland and Sweden decreased by 7 per cent. Between Finland and
Germany the corresponding traffic also decreased by 7 per cent (Finnish
Transport Agency).
FINNLINES' TRAFFIC
During the first quarter Finnlines operated on average 24 (24) vessels in its
own traffic. MS Transrussia was renamed MS Finnhansa after Finnlines Plc
purchased the vessel from its subsidiary Finnlines Deutschland GmbH in the end
of January 2014. The vessel flies the Finnish flag and has continued to operate
on Helsinki-Rostock route.
The cargo volumes transported during January-March totalled approximately 158
thousand (151 thousand in 2013) cargo units, 16 thousand (13 thousand) cars
(not including passengers' cars ) and 584 thousand (518 thousand) tons of
freight not possible to measure in units. In addition, some 109 thousand (105
thousand) private and commercial passengers were transported.
FINANCIAL RESULTS
January-March 2014
The Finnlines Group recorded revenue totalling EUR 126.8 (133.9) million, a
decrease of 5.3 per cent compared to the same period in 2013. Shipping and Sea
Transport Services generated revenue amounting to EUR 122.8 (126.0) million and
Port Operations EUR 10.0 (14.3) million. The internal revenue between the
segments was EUR 6.0 (6.4) million.
Result before interest, taxes, depreciation and amortisation (EBITDA) was EUR
20.2 (11.1) million, an increase of 81.9 per cent.
Result before interest and taxes (EBIT) was EUR 5.4 (-5.8) million. The
increased efficiency of the operations in terms of bunker consumption, higher
capacity utilisation and reduction of costs has improved the financial
performance. The result is 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 during the autumn/winter period compared to the
summer season.
Net financial expenses were EUR -5.8 (-6.2) million. Financial income was EUR
0.0 (0.1) million and financial expenses totalled EUR -5.8 (-6.4) million.
Result for the reporting period turned positive and was EUR 0.3
(-10.9) million and earnings per share (EPS) were EUR 0.01 (-0.23).
STATEMENT OF FINANCIAL POSITION, FINANCING AND CASH-FLOW
Interest-bearing debt decreased by EUR 220.0 million and amounted to EUR 663.6
(883.6). The equity ratio calculated from the balance sheet improved to 35.7
(28.4) per cent and gearing dropped to 146.9 (212.0) per cent. Due to the
expansion of liner service network vessel lease commitments increased by EUR
15.1 million to EUR 21.2 million compared to the end of March 2013.
At the end of the period, cash and deposits together with unused committed
working capital credits amounted to EUR 47.8 (8.3) million.
Net cash generated from operating activities after investing activities
improved markedly and was EUR 9.7 (-7.0) million.
CAPITAL EXPENDITURE
Finnlines Group's gross capital expenditure in the reporting period totalled
EUR 1.1 (1.9) million. Total depreciation amounted to EUR 14.7 (16.9) million.
The investments consist of normal replacement costs of fixed assets and accrued
dry-docking cost of ships. Finnlines has a capex programme in place which
enables it to operate its full fleet, which is one of the youngest, most
modern and most environmentally friendly of the Baltic, from 1 January 2015
onwards under the new MARPOL regulations.
PERSONNEL
The Group employed an average of 1,712 (1,906) persons during the period,
consisting of 797 (928) persons on shore and 915 (978) 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
1,726 (1,902) in total, of which 800 (945) on shore and 926 (957) at sea. The
personnel expenses (including social costs) for the reporting period were EUR
24.6 (27.1) million.
A group company of the Finnsteve group, Containersteve Oy Ab's adaptation
negotiations according to the collective agreement of the Transport Workers'
Union in the Port of Kotka which started in November 2013 and consequent
co-operation negotiations have resulted in the termination of all 36
employments in Kotka. Due to this the Company has booked a dismissal cost of
EUR 1.0 million. Containersteve Oy Ab has made a decision to discontinue its
business activities in Kotka.
THE FINNLINES SHARE
The Company's registered share capital on 31 March 2014 was EUR 103,006,282
divided into 51,503,141 shares. A total of 1.3 (0.2) 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 380.6 (332.9) million. Earnings per
share (EPS) were EUR 0,01 (-0.23). Shareholders' equity per share was EUR 8.99
(8.91). At the end of the reporting period, the Grimaldi Group's holding and
share of votes in Finnlines was 74.96 per cent.
DECISIONS TAKEN BY THE ANNUAL GENERAL MEETING
Finnlines Plc's Annual General Meeting was held in Helsinki on 8 April 2014.
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 2013. It was decided to accept the proposal of
the Board of Directors that no dividend shall be paid for 2013.
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: the Chairman EUR 50,000, the Vice-Chairman EUR
40,000 and the Member EUR 30,000.
The Annual General Meeting elected APA KPMG Oy Ab as the Company's auditor for
the fiscal year 2014. 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 16 April
2013.
RISKS AND RISK MANAGEMENT
Finnlines is exposed to business risks that arise from 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 fleet is scrapped, on the other hand, and when more
stringent sulphur directive requirements 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 will decrease to 0.1 per cent in 2015 in accordance with the MARPOL
Convention. This brings a risk of increased costs in sea transportation. But
considering that Finnlines has one of the youngest and largest fleet in
Northern Europe, and the Company is doing targeted investment on engine systems
and energy efficiency, the Company is in the 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 risks related
to counterparties and Finnlines 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 2013 Financial statements, published in 27 February 2014, contains a
description of ongoing legal proceedings.
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 Finnlines Group's result before taxes is expected to improve in 2014 due to
several reasons: certain vessels have been sold to cut overcapacity, the number
of personnel has been reduced, changes in fleet/routes have increased
operational efficiency, reducing consumption and increasing productivity, and
the interest bearing debt has been reduced.
The second interim report of 2014 for the period of 1 January-30 June will be
published on Tuesday, 29 July 2014.
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
- Contingencies and commitments
- Shares, market capitalisation and trading information
- 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 has adopted new or revised
IFRS standards and IFRIC interpretations from the beginning of the reporting
period corresponding to those described in the 2013 Financial Statements with
effect of 1 January 2014. These new or revised standards have not had an effect
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.
In other respects, the same accounting policies have been applied as in the
previous annual financial statements.
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 2013.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME, IFRS
EUR 1,000 1 Jan - 31 1 Jan - 31 1 Jan - 31
Mar 2014 Mar 2013 Dec 2013
Revenue 126,803 133,935 563,587
Other income from operations 1,618 353 5,329
Materials and services -48,429 -59,277 -229,690
Personnel expenses -24,643 -27,121 -102,584
Depreciation, amortisation and impairement -14,734 -16,919 -65,583
losses
Other operating expenses -35,181 -36,803 -152,983
Total operating expenses -122,986 -140,121 -550,840
Result before interest and taxes (EBIT) 5,435 -5,832 18,075
Financial income 56 128 526
Financial expenses -5,848 -6,375 -25,335
Result before taxes (EBT) -356 -12,079 -6,734
Income taxes 684 1,172 12,744
Result for the reporting period 328 -10,907 6,011
Other comprehensive income:
Other comprehensive income to be
reclassified to profit and loss in
subsequent periods:
Exchange differences on translating foreign 2 -15 -9
operations
Changes in cash flow hedging reserve
Fair value changes
Transfer to fixed assets
Tax effect, net 0 6 2
Other comprehensive income to be 2 -9 -7
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 benefit plans -399
Tax effect, net * 212 1
Other comprehensive income not being 212 -398
reclassified to profit and loss in
subsequent periods, total
Total comprehensive income for the reporting 542 -10,916 5,606
period
Result for the reporting period attributable
to:
Parent company shareholders 355 -10,859 5,997
Non-controlling interests -27 -48 14
328 -10,907 6,011
Total comprehensive income for the reporting
period attributable to:
Parent company shareholders 569 -10,868 5,592
Non-controlling interests -27 -48 14
542 -10,916 5,606
Result for the reporting period attributable
to parent company shareholders calculated
as earnings per share (EUR/share):
Undiluted / diluted earnings per share 0.01 -0.23 0.12
Average number of shares:
Undiluted / diluted 51,503,141 46,821,037 49,782,370
* 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 31 Mar 31 Dec
2014 2013 2013
ASSETS
Non-current assets
Property, plant and equipment 1,069,523 1,245,555 1,084,389
Goodwill 105,644 105,644 105,644
Intangible assets 5,706 6,316 5,836
Other financial assets 4,580 4,581 4,580
Receivables 238 778 43
Deferred tax assets 1,586 1,810 1,370
1,187,275 1,364,685 1,201,861
Current assets
Inventories 8,476 10,626 8,832
Accounts receivable and other receivables 101,663 96,791 85,251
Income tax receivables 61 1 1
Cash and cash equivalents 2,230 3,100 2,508
112,430 110,517 96,592
Non-current assets held for sale * 1 ,173
Total assets 1,300,878 1,475,202 1,298,453
EQUITY
Equity attributable to parent company
shareholders
Share capital 103,006 93,642 103,006
Share premium account 24,525 24,525 24,525
Fair value reserve
Translation differences 110 107 109
Fund for invested unrestricted equity 40,016 21,015 40,016
Retained earnings 295,208 277,793 294,641
462,866 417,083 462,297
Non-controlling interests 332 789 360
Total equity 463,199 417,872 462,658
LIABILITIES
Long-term liabilities
Deferred tax liabilities 56,858 70,121 57,560
Interest-free liabilities 3,013 1,261 3,242
Pension liabilities 3,973 3,712 3,982
Provisions 1,925 5,100 1,980
Interest-bearing liabilities ** 498,087 645,674 557,759
563,858 725,869 624,523
Current liabilities
Accounts payable and other liabilities 85,460 87,846 72,815
Income tax liabilities 18 87 27
Provisions 3,616 48 3,715
Current interest-bearing liabilities ** 184,727 243,479 134,715 273,822 331,461 211,273
Total liabilities 837,679 1,057,330 835,796
Total equity and liabilities 1,300,878 1,475,202 1,298,453
* As a result of a decision to discontinue the business activities in Kotka the
group intends to dispose five buildings located in the harbour area within the
port operations. No impairement losses have been recognised on the carrying
amount of the buildings of EUR 1.2 million.
** The revolving credit facilities in 2013, of which the Company can
unilaterally postpone the final due date over one year after the reporting
period, are reclassified from current liabilities to non-current liabilities in
accordance with IFRS.
CONSOLIDATED statement of changes in equity 2013, IFRS
EUR 1,000 Equity attributable to parent company shareholders
Share Share Translation Fair Unrestricted
capita issue differences value equity
l premium reserves reserve
Reported equity 1 93,642 24,525 116 21,015
January 2013
Effect of IAS 19
Employee benefits
standard
Restated equity 1 93,642 24,525 116 21,015
January 2013
Comprehensive income
for the reporting
period:
Exchange differences on -15
translating foreign
operations
Changes in cash flow
hedging reserve
Fair value changes
Transfer to fixed
assets
Tax effect, net 6
Total comprehensive -9
income for the
reporting period
Equity 31 March 2013 93,642 24,525 107 21,015
EUR 1,000 Equity attributable to Non-controlling Total
parent company interests equity
shareholders
Retained Total
earnings
Reported equity 1 January 2013 289,990 429,289 838 430,127
Effect of IAS 19 Employee -1,338 -1,338 -1,338
benefits standard
Restated equity 1 January 2013 288,652 427,951 838 428,788
Comprehensive income for the
reporting period:
Result for the reporting -10,859 -10,859 -48 -10,907
period
Exchange differences on -15 -15
translating foreign
operations
Changes in cash flow hedging
reserve
Fair value changes
Transfer to fixed assets
Tax effect, net 6 6
Total comprehensive income for -10,859 -10,868 -48 -10,916
the reporting period
Equity 31 March 2013 277,793 417,083 789 417,872
CONSOLIDATED statement of changes in equity 2014, IFRS
EUR 1,000 Equity attributable to parent company shareholders
Share Share Translation Fair Unrestricted
capital issue differences value equity
premium reserves reserve
Reported equity 1 103,006 24,525 109 40,016
January 2014
Comprehensive income
for the reporting
period:
Exchange differences 2
on translating
foreign operations
Changes in cash flow
hedging reserve
Fair value changes
Transfer to fixed
assets
Tax effect, net -1
Total comprehensive 1
income for the
reporting period
Equity 31 March 2014 103,006 24,525 110 40,016
EUR 1,000 Equity attributable to Non-controlling Total
parent company interests equity
shareholders
Retained Total
earnings
Reported equity 1 January 2014 294,641 462,297 360 462,658
Comprehensive income for the
reporting period:
Result for the reporting 355 355 -28 328
period
Exchange differences on 2 2
translating foreign
operations
Changes in cash flow hedging
reserve
Fair value changes
Transfer to fixed assets
Remeasurement of defined 0 0
benefit plans
Tax effect, net 212 211 211
Total comprehensive income for 567 569 -28 541
the reporting period
Equity 31 March 2014 295,208 462,866 332 463,199
CONSOLIDATED CASH FLOW STATEMENT, IFRS (CONDENSED)
EUR 1,000 1 Jan-31 Mar Restated 1 Jan-31 Dec
2014 1 Jan-31 Mar 2013
2013
Cash flows from operating activities
Result for the reporting period 328 -10,907 6,011
Adjustments:
Non-cash transactions 13,941 16,809 61,609
Unrealised foreign exchange gains -12 -2 19
(-) / losses (+)
Financial income and expenses 5,803 6,248 24,790
Taxes -684 -1,172 -12,744
Changes in working capital
Change in accounts receivable and -20,425 -22,677 -6,402
other receivables
Change in inventories 356 -867 927
Change in accounts payable and other 11,752 14,062 -170
liabilities
Change in provisions -163 -91 379
Interest paid -3,923 -4,998 -22,366
Interest received 21 41 192
Taxes paid -91 -158 -423
Other financing items -833 -652 -3,645
Net cash generated from operating 6,069 -4,362 48,175
activities
Cash flow from investing activities
Investments in tangible and -1,099 -2,750 -10,960
intangible assets
Proceeds from sale of tangible 120,647
assets
Proceeds from sale of investments 4,767 117
Dividends received 12
Net cash used in investing 3,669 -2,633 109,699
activities
Cash flows from financing activities
*
Proceeds from issue of share 28,365
capital
Loan withdrawals 45,000 263,772
Net increase in current 49,883 19,209 -14,198
interest-bearing liabilities
Repayment of loans -59,899 -70,404 -449,914
Acquisition of non-controlling -102
interest
Increase / decrease in long-term 9 429
receivables
Net cash used in financing -10,016 -6,185 -171,647
activities
Change in cash and cash equivalents -278 -13,180 -13,772
Cash and cash equivalents 1 January 2,508 16,282 16,282
Effect of foreign exchange rate -2 -2
changes
Cash and cash equivalents at the end 2,230 3,100 2,508
of period
* Activities related to revolving credit facilities, of which the company can
unilaterally move the final due date over one year after the reporting period,
have been reclassified from current liabilities to non-current liabilities
within the Cash flows from financing activities group in accordance with IFRS.
REVENUE AND RESULT BY BUSINESS SEGMENTS
1 Jan-31 Mar 1 Jan-31 Mar 1 Jan-31 Dec
2014 2013 2013
MEUR % MEUR MEUR % MEUR
Revenue
Shipping and sea transport services 122.8 96.9 126.0 94.1 538.6 95.6
Port operations 10.0 7.9 14.3 10.7 50.1 8.9
Intra-group revenue -6.0 -4.8 -6.4 -4.8 -25.1 -4.5
External sales 126.8 100.0 133.9 100.0 563.6 100.0
Result before interest and taxes
Shipping and sea transport services 7.2 -3.6 27.9
Port operations -1.8 -2.2 -9.8
Result before interest and taxes 5.4 -5.8 18.1
(EBIT) total
Financial items -5.8 -6.2 -24.8
Result before taxes (EBT) -0.4 -12.1 -6.7
Income taxes 0.7 1.2 12.7
Result for the reporting period 0.3 -10.9 6.0
PROPERTY, PLANT AND EQUIPMENT 2014
EUR 1,000 Land Buildin Vessels Machine Advance Total
gs ry and payments &
equipme acquisitions
nt under constr.
Acquisition cost 1 72 75,271 1,372,769 73,122 398 1,521,632
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
Reclassification 1,325 1,325
to non-current
assets held for
sale *
Cumulative 110 3,124 3,234
depreciation on
reclassifications
and disposals
Depreciation for -642 -13,071 -754 -14,467
the reporting
period
Accumulated -15,634 -386,827 -44,693 -447,154
depreciation,
amortisation and
write-offs 31
March 2014
Book value 31 72 57,139 986,787 25,126 398 1,069,523
March 2014
* As a result of a decision to discontinue the business activities in Kotka the
Group intends to dispose five buildings located in the harbour area within the
port operations. No impairment losses have been recognised on the carrying
amount of the buildings of EUR 1.2 million.
PROPERTY, PLANT AND EQUIPMENT 2013
EUR 1,000 Land Buildin Vessels Machine Advance Total
gs ry and payments &
equipme acquisitions
nt under constr.
Acquisition cost 1 72 76,466 1,597,437 79,690 991 1,754,655
January 2013
Exchange rate -18 -18
differences
Increases 3 1,371 421 56 1,850
Disposals -15 -17 -571 -603
Reclassifications 372 5 -377 0
Acquisition cost 72 76,454 1,599,162 79,526 670 1,755,883
31 March 2013
Accumulated -15,047 -429,028 -50,285 -494,360
depreciation,
amortisation and
write-offs 1
January 2013
Exchange rate 16 16
differences
Cumulative 12 17 567 597
depreciation on
reclassifications
and disposals
Depreciation for -639 -14,885 -1,057 -16,581
the reporting
period
Accumulated -15,674 -443,895 -50,759 -510,328
depreciation,
amortisation and
write-offs 31
March 2013
Book value 31 72 60,779 1,155,267 28,768 670 1,245,555
March 2013
CONTINGENCIES AND COMMITMENTS
EUR 1,000 31 Mar 31 Mar 31 Dec
2014 2013 2013
Minimum leases payable in relation to
fixed-term leases:
Vessel leases (Group as lessee):
Within 12 months 13,177 3,500 14,007
1-5 years 8,020 2,613 10,644
21,197 6,113 24,651
Vessel leases (Group as lessor):
Within 12 months 2,152 5,536 2,356
1-5 years 6,926 16,592 7,457
9,078 22,128 9,812
Other leases (Group as lessee):
Within 12 months 6,356 6,423 6,107
1-5 years 17,719 17,816 17,948
After five years 11,602 15,143 12,358
35,677 39,382 36,413
Other leases (Group as lessor):
Within 12 months 308 582 350
308 582 350
Collateral given
Loans from financial institutions 559,794 776,743 561,245
Vessel mortgages provided as guarantees for the 1,057,000 1,254,000 1,121,000
above loans
Other collateral given on own behalf
Pledged deposits 0 472
Corporate mortgages 606 606 606
606 1,078 606
Other obligations 2,095 1,905 2,375
Obligations of parent company on behalf of
subsidiaries
Guarantees 6,000 6,913 6,000
VAT adjustment liability related to real estate 6,440 7,603 6,756
investments
SHARES, MARKET CAPITALISATION AND TRADING INFORMATION
31 March 2014 31 March 2013
Number of shares 51,503,141 46,821,037
Market capitalisation, EUR million 380.6 332.9
1 Jan - 31 Mar 2014 1 Jan - 31 Mar 2013
Number of shares traded, million 1.3 0.2
1 Jan - 31 Mar 2014
High Low Average Close
Share price 8.15 7.14 7.82 7.39
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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