Finnlines Plc Stock Exchange Release 26 January, 2007
PRELIMINARY 2006 RESULT
Due to the fact that Grimaldi Compagnia di Navigazione
S.p.A has published a mandatory public tender offer for
all Finnlines shares, the Board of Directors of Finnlines
Plc has decided to publish the preliminary result for
2006.
(EUR million) 1.1.-31.12.06 1.1.-31.12.05
Continuing operations
Revenue 632.7 584.1
Operating profit 58.2 42.0
Profit before tax 47.7 36.3
Profit/Loss for the period 37.7 28.6
Discontinuing operations
Profit/Loss for the period 18.7 -1.4
Minority interest -0.4 -0.5
Net profit to parent
company shareholders 56.1 26.7
The result is presented according to the IFRS rules:
continuing operations are presented without Team
Lines figures both in 2006 and in 2005 and the result of
Team Lines is presented separately (discontinuing
operations, EUR 18.7 million).This item consists of Team
Lines result for 8 months, EUR 0.6 million, and the
profit on the sale of Team Lines, EUR 18,1 million.
In August Finnlines received two first vessels
of its five newbuildings and they are plying on the
route between Finland and Germany.
The next two newbuildings are expected to be delivered
during the first quarter of 2007 and the last one in June
2007. The result for the fiscal year 2006 does not
include any compensations relating to the newbuildings
and their delivery. Finnlines estimates these
compensations, which are to be received by the company,
to be substantial. However, the negotiations are
continuing, as three of the vessels are still under
construction.
During the first weeks of 2007 the freight volumes in all
Finnlines routes have been clearly bigger than during the
same period of previous years. This is due to the
positive economic development in Finland and in its most
important trading countries and also due to Finnlines'
faster timetable between Finland and Germany.
Despite one-time expenses relating to the new vessels
coming into service, rotation of the fleet and three
vessels being under conversion, the whole year operating
profit for 2007 is expected to be better than in 2006.
The company will publish its Financial Statements
Bulletin 2006 according to the original timetable
i.e. 13 February, 2007.
The members of the Board of Directors Emanuele Grimaldi,
Jukka Härmälä and Timo Jouhki did not participate in the
issuing of this preliminary result.
Finnlines Plc
Antti Lagerroos
President and CEO
DISTRIBUTION OMX Helsinki Stock Exchange
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