Helsinki, Finland, 2011-05-19 15:00 CEST (GLOBE NEWSWIRE) --
Finnlines Plc Stock Exchange Release 19 May 2011 at 16:00
INTERIM REPORT JANUARY - MARCH 2011 (Unaudited)
JANUARY – MARCH 2011 IN BRIEF
| MEUR | 1-3 2011 | 1-3 2010 | 1-12 2010 |
| Revenue | 139.0 | 121.5 | 561.1 |
| EBITDA | 15.1 | 16.1 | 85.9 |
| Result before interest and taxes (EBIT) | -0.1 | 1.4 | 25.6 |
| % of revenue | -0.1 | 1.2 | 4.6 |
| Result before taxes | -6.1 | -3.8 | 3.7 |
| EPS, EUR | -0.10 | -0.07 | 0.05 |
| Equity ratio, % | 27.9 | 29.2 | 29.1 |
| Gearing, % | 209.7 | 202.7 | 198.8 |
| Shareholders’ equity/share, EUR | 9.03 | 9.03 | 9.14 |
Calculation of key ratios is presented on page 12.
GENERAL MARKET DEVELOPMENT
During Q1 2011, the recovery of market volumes continued. Based on the statistics by the Finnish Maritime Administration (FMA), the Finnish seaborne imports carried in container, lorry and trailer units increased by 15 per cent and exports by 24 per cent during January- March 2011 compared to the previous year (measured in tons). The Finnish export and import volumes 2010 and 2011 are not comparable as such as Q1 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 increased in January-March by 6 per cent compared to 2010. During the same period private and commercial passenger traffic between Finland and Sweden decreased by 1 per cent. Between Finland and Germany the corresponding decrease was 20 per cent mainly due to the stevedoring strike in 2010, which then increased the amount of commercial passengers (FMA).
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 increase in oil prices has also affected the result of the first quarter negatively.
During the first quarter of the year, Finnlines operated on average 24 vessels in its own traffic, compared to 23 vessels in the same period in 2010.
The cargo volumes transported during January-March totalled approximately 155,000 (148,000 in 2010) units, 17,000 (9,000) cars (not including passengers’ cars ) and 499,000 (390,000) tons of freight not possible to measure in units. In addition, some 121,000 private and commercial passengers were transported.
FINANCIAL RESULTS
The Finnlines Group recorded revenue totalling EUR 139.0 million (121.5), an increase of 14.4 %. Shipping and Sea Transport Services generated revenue amounting to EUR 126.5 million (110.9) and Port Operations EUR 18.7 million (14.8). The internal revenue between the segments was EUR 6.1 million (4.2).
Result before depreciation and amortisation (EBITDA) was EUR 15.1 million (16.1). Vessel lease expenses have decreased by EUR 2.3 million compared to the same period of the previous year.
Result before interest and taxes (EBIT) was EUR -0.1 million (1.4). EBIT for the first quarter of 2010 was improved by EUR 2.9 million refund of excess charged fairway dues. Financial income was EUR 0.2 million (1.4) and financial expenses totalled EUR -6.2 million (-6.7). Result before taxes (EBT) was EUR -6.1 million (-3.8) and earnings per share (EPS) were EUR -0.10 (-0.07).
STATEMENT OF FINANCIAL POSITION, FINANCING AND CASH-FLOW
Interest-bearing net debt increased by EUR 29.9 million compared to the same period 2010 and amounted to EUR 888.0 million (858.2). The equity ratio calculated from the balance sheet was 27.9% (29.2) and gearing was 209.7% (202.7). Vessel lease commitments decreased by EUR 34.3 million from the end of March 2010 due to the redelivery of chartered tonnage.
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 120.5 million. The company has a commercial paper programme amounting to EUR 100 million of which the company has issued EUR 26 million at the end of March.
CAPITAL EXPENDITURE
Gross capital expenditure in the review period totalled EUR 24.6 million (5.0) and consists mainly of payments for newbuildings (22.4 million). Two of the six newbuildings (MS Finnbreeze and MS Finnsea) were delivered from the shipyard in China during March 2011. The vessels are taken into use in Finnlines’ service during the second quarter 2011. The next two vessels will be delivered during the fourth quarter of 2011 and the rest of the newbuildings during the second half of 2012. Depreciation amounted to EUR 15.2 million (14.7).
PERSONNEL
The Group employed an average of 2,039 (1,950) persons during the period, consisting of 1,102 (1,035) persons on shore and 937 (915) persons at sea. The increase in the average number of personnel is due to two reasons: in the comparison period there were more temporary layoffs and the company increased the number of employees in the passenger services unit after the sales and marketing agreement with a third party company came to an end.
Finnsteve Companies (Finnsteve Oy Ab, Containersteve Oy Ab and FS-Terminals Oy Ab) started co-operation negotiations in the port of Kotka, Turku and Helsinki with all personnel groups during the last quarter of 2010. These negotiations resulted in termination of about 160 employments in total.
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 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 main business risk in shipping is overcapacity of tonnage. Overall the ro-ro market looks better than other maritime transport sectors, where newbuildings are further increasing the imbalance between supply and demand of tonnage. For the ro-ro sector this does not apply. Moreover, around 50% of the current global ro-ro fleet is over 25 years old and needs to be scrapped for environmental reasons.
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 includes uncertainties. The decision of the tax authorities was that a SEK 97.2 million (EUR 9.5) tax debt should be paid. The Company appealed against this decision and requested postponement of the payment of the tax debt, which was granted. The Appeal Court rendered its decision in January 2011 in favour of the tax authorities and the tax debt became payable. The Company submitted in February 2011 the leave for appeal at the Administrative High Court. The Company paid the tax debt including accrued interest in March 2011. The amount paid is presented as receivable due to the ongoing appeal process. As the Company recorded a deferred tax liability due to the temporary timing difference in the tax year in question, this matter does not have any significant effect on the Company’s result.
Finnlines received information on the last day of January 2010 that the Finnish Transport Workers' Union (“Union”) has filed legal actions against Finnlines’ port operations subsidiary for compensation of weekend work. The legal actions are handled in three District Courts in Finland and concern 393 employees of the port subsidiary represented by the Union. The claim is based on weekly resting times and compensation thereof. The employees claim that they have not received sufficient weekly rest/ compensation from 2008-2009. The case raised in the District Court of Kotka resulted in a judgement by default in favour of the defendant company. The parties reached a settlement in the case raised in the District Court of Turku. The Union paid the main part of defendant’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 about EUR 0.5 million in maximum.
EVENTS AFTER THE REPORTING PERIOD
MS Finnbreeze entered Finnlines traffic in mid April and MS Finnsea in mid May, both plying in North Sea traffic.
OUTLOOK FOR THE REMAINING PART OF 2011
In 2010, import and export volumes started to recover which influenced positively the performance of the Company. For 2011, the Company expects this positive trend to continue.
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 cut the number of personnel, from which considerable savings are expected. However, a substantial part of these 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, during the year, have a modern optimized fleet to meet future demands and challenges. During the last two years the Company has been reshaped and optimized both with respect to efficiency and cost. Based on expected market development and the financial state of the Company, the Board of Directors expects an improved result in 2011 compared to previous year.
The second interim report of 2011, 1 January – 30 June, will be published on Thursday, 28 July 2011.
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 segment
- Property, plant and equipment
- Contingencies and commitments
- 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 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 Jan – 31 Mar 2011 | 1 Jan – 31 Mar 2010 | 1 Jan - 31 Dec 2010 |
| Revenue | 139,047 | 121,506 | 561,108 |
| Other income from operations | 437 | 2,455 | 4,287 |
| Materials and services | -56,486 | -43,409 | -202,964 |
| Personnel expenses | -28,433 | -25,062 | -110,635 |
| Depreciation, amortisation and write-offs | -15,168 | -14,653 | -60,322 |
| Other operating expenses | -39,514 | -39,396 | -165,850 |
| Total operating expenses | -139,601 | -122,521 | -539,770 |
| Result before interest and taxes (EBIT) | -117 | 1,440 | 25,625 |
| Financial income | 177 | 1,390 | 3,793 |
| Financial expenses | -6,180 | -6,655 | -25,734 |
| Result before taxes | -6,120 | -3,825 | 3,683 |
| Income taxes | 1,514 | 566 | -1,450 |
| Result for the reporting period | -4,606 | -3,259 | 2,234 |
| Other comprehensive income: | |||
| Exchange differences on translating foreign operations | 1 | -37 | -7 |
| Change in cash flow hedging reserve | -1,183 | 1,375 | 1,418 |
| Income tax relating to components of other comprehensive income | 308 | -357 | -369 |
| Total comprehensive income for the reporting period | -5,480 | -2,278 | 3,276 |
| Result for the reporting period attributable to: | |||
| Parent company shareholders | -4,555 | -3,190 | 2,243 |
| Non-controlling interests | -51 | -69 | -9 |
| -4,606 | -3,259 | 2,234 | |
| Total comprehensive income for the reporting period attributable to: | |||
| Parent company shareholders | -5,430 | -2,209 | 3,285 |
| Non-controlling interests | -51 | -69 | -9 |
| -5,480 | -2,278 | 3,276 | |
| Result for the reporting period attributable to parent company shareholders calculated as earnings per share (EUR/share): | |||
| Undiluted earnings per share | -0.10 | -0.07 | 0.05 |
| Diluted earnings per share | -0.10 | -0.07 | 0.05 |
|
Average number of shares: |
|||
| Undiluted | 46,821,037 | 46,821,037 | 46,821,037 |
| Diluted | 46,821,037 | 46,821,037 | 46,821,037 |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION, IFRS
| EUR 1,000 | 31 Mar 2011 | 31 Mar 2010 | 31 Dec 2010 |
| ASSETS | |||
| Non-current assets | |||
| Property, plant and equipment | 1,273,388 | 1,230,989 | 1,263,626 |
| Goodwill | 105,644 | 105,644 | 105,644 |
| Intangible assets | 9,366 | 10,726 | 9,736 |
| Investment properties | 0 | 1,576 | 0 |
| Share of associated companies | 0 | 1,514 | 0 |
| Other financial assets | 4,562 | 4,788 | 4,562 |
| Receivables | 1,762 | 957 | 1,820 |
| Deferred tax assets | 4,491 | 2,971 | 4,225 |
| 1,399,213 | 1,359,163 | 1,389,613 | |
| Current assets | |||
| Inventories | 8,469 | 6,550 | 6,567 |
| Accounts receivable and other receivables | 97,357 | 82,268 | 69,900 |
| Income tax receivables | 82 | 96 | 82 |
| Bank and cash | 11,583 | 3,897 | 6,452 |
| 117,491 | 92,812 | 83,001 | |
| Total assets | 1,516,703 | 1,451,976 | 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 | -4,648 | -3,805 | -3,773 |
| Translation differences | 117 | 87 | 117 |
| Unrestricted equity reserve | 21,015 | 21,015 | 21,015 |
| Retained earnings | 287,979 | 287,101 | 292,534 |
| 422,630 | 422,566 | 428,060 | |
| Non-controlling interests | 816 | 807 | 867 |
| Total equity | 423,447 | 423,373 | 428,927 |
| LIABILITIES | |||
| Long-term liabilities | |||
| Deferred tax liabilities | 87,767 | 86,566 | 89,459 |
| Interest-free liabilities | 8 | 16 | 12 |
| Pension liabilities | 2,297 | 2,348 | 2,310 |
| Provisions | 4,562 | 4,312 | 4,562 |
| Interest-bearing liabilities | 692,539 | 701,253 | 701,606 |
| 787,174 | 794,496 | 797,951 | |
| Current liabilities | |||
| Accounts payable and other liabilities | 98,862 | 71,874 | 88,130 |
| Income tax liabilities | 104 | 649 | 104 |
| Provisions | 30 | 777 | 30 |
| Current interest-bearing liabilities | 207,088 | 160,806 | 157,473 |
| 306,083 | 234,106 | 245,736 | |
| Total liabilities | 1,093,257 | 1,028,603 | 1,043,687 |
| Total equity and liabilities | 1,516,703 | 1,451,976 | 1,472,614 |
STATEMENT OF CHANGES IN EQUITY 2010, IFRS
| EUR 1,000 | Equity attributable to parent company shareholders | ||||
| Share capital | Share issue premium | Translation differences | Fair value reserves | Unrestricted equity reserve | |
| Equity 1 January 2010 | 93,642 | 24,525 | 124 | -4,822 | 21,015 |
| Comprehensive income for the reporting period: | |||||
| Exchange differences on translating foreign operations | -37 | ||||
| Change in cash flow hedging reserve | 1,375 | ||||
| Income tax relating to components of other comprehensive income | -357 | ||||
| Total comprehensive income for the reporting period | -37 | 1,017 | |||
| Equity 31 March 2010 | 93,642 | 24,525 | 87 | -3,805 | 21,015 |
| EUR 1,000 | Equity attributable to parent company shareholders |
Non-controlling interests |
Total equity |
||
| Retained earnings | Total | ||||
| Equity 1 January 2010 | 290,291 | 424,775 | 876 | 425,651 | |
| Comprehensive income for the reporting period: | |||||
| Result for the reporting period | -3,190 | -3,190 | -69 | -3,259 | |
| Exchange differences on translating foreign operations | -37 | -37 | |||
| Change on hedging reserve | 1,375 | 1,375 | |||
| Income tax relating to components of other comprehensive income | -357 | -357 | |||
| Total comprehensive income for the reporting period | -3,190 | -2,209 | -69 | -2,278 | |
| Equity 31 March 2010 | 287,101 | 422,566 | 807 | 423,373 | |
STATEMENT OF CHANGES IN EQUITY 2011, IFRS
| EUR 1,000 | Equity attributable to parent company shareholders | ||||
| Share capital | Share issue premium | Translation differences | Fair value reserves | Unrestricted equity reserve | |
| Equity 1 January 2011 | 93,642 | 24,525 | 117 | -3,773 | 21,015 |
| Comprehensive income for the reporting period | |||||
| Exchange differences on translating foreign operations | 1 | ||||
| Change on hedging reserve | -1,183 | ||||
| Income tax relating to components of other comprehensive income | 308 | ||||
| Total comprehensive income for the reporting period | 1 | -875 | |||
| Equity 31 March 2011 | 93,642 | 24,525 | 117 | -4,648 | 21,015 |
| EUR 1,000 | Equity attributable to parent company shareholders |
Non-controlling interests |
Total equity |
||
| Retained earnings | Total | ||||
| Equity 1 January 2011 | 292,534 | 428,060 | 867 | 428,927 | |
| Comprehensive income for the reporting period: | |||||
| Result for the reporting period | -4,555 | -4,555 | -51 | -4,606 | |
| Exchange differences on translating foreign operations | 1 | 1 | |||
| Change on hedging reserve | -1,183 | -1,183 | |||
| Income tax relating to components of other comprehensive income | 308 | 308 | |||
| Total comprehensive income for the reporting period | -4,555 | -5,430 | -51 | -5,480 | |
| Equity 31 March 2011 | 287,979 | 422,630 | 816 | 423,447 | |
CONSOLIDATED CASH FLOW STATEMENT, IFRS (CONDENSED)
| EUR 1,000 | 1 Jan-31 Mar 2011 | 1 Jan-31 Mar 2010 | 1 Jan-31 Dec 2010 |
| Cash flows from operating activities | |||
| Result for the reporting period | -4,606 | -3,259 | 2,234 |
| Non-cash transactions and other adjustments | 19,600 | 19,144 | 82,484 |
| Changes in working capital | -8,679 | -17,742 | 10,187 |
| Net financial items and income taxes | -16,750 | -7,344 | -27,118 |
| Net cash generated from operating activities | -10,434 | -9,200 | 67,787 |
| Cash flow from investing activities | |||
| Net investments in tangible and intangible assets | -24,954 | -4,988 | -81,839 |
| Disposal of subsidiaries | 1,650 | ||
| Proceeds from sale of investments | 11 | 159 | |
| Other investing activities | 56 | 223 | 2,621 |
| Net cash used in investing activities | -24,897 | -4,754 | -77,409 |
| Cash flows from financing activities | |||
| Loan withdrawals | 16,880 | 44,120 | |
| Net increase in current interest-bearing liabilities | 43,473 | 31,673 | 33,744 |
| Repayment of loans | -19,938 | -19,949 | -69,379 |
| Increase / decrease in long-term receivables | 47 | 20 | 1,482 |
| Net cash from (used in) financing activities | 40,462 | 11,744 | 9,967 |
| Change in cash and cash equivalents | 5,130 | -2,211 | 344 |
| Cash and cash equivalents 1 January | 6,452 | 6,103 | 6,103 |
| Effect of foreign exchange rate changes | 0 | 5 | 5 |
| Cash and cash equivalents at the end of period | 11,583 | 3,897 | 6,452 |
REVENUE AND RESULT BY BUSINESS SEGMENTS
| 1 Jan-31 Mar 2011 | 1 Jan-31 Mar 2010 | 1 Jan-31 Dec 2010 | ||||
| MEUR | % | MEUR | % | MEUR | % | |
| Revenue | ||||||
| Shipping and sea transport services | 126.5 | 91.0 | 110.9 | 91.3 | 513.7 | 91.5 |
| Port operations | 18.7 | 13.4 | 14.8 | 12.2 | 72.3 | 12.9 |
| Intra-group revenue | -6.1 | -4.4 | -4.2 | -3.4 | -24.9 | -4.4 |
| External sales | 139.0 | 100.0 | 121.5 | 100.0 | 561.1 | 100.0 |
| Result before interest and taxes (EBIT) | ||||||
| Shipping and sea transport services | 2.9 | 5.9 | 39.3 | |||
| Port operations | -3.0 | -4.5 | -13.7 | |||
| Result before interest and taxes (EBIT) total | -0.1 | 1.4 | 25.6 | |||
| Financial items | -6.0 | -5.3 | -21.9 | |||
| Result before taxes | -6.1 | -3.8 | 3.7 | |||
| Income taxes | 1.5 | 0.6 | -1.4 | |||
| Result for the reporting period | -4.6 | -3.3 | 2.2 | |||
PROPERTY, PLANT AND EQUIPMENT 2010
| EUR 1,000 | Land | Buildings | Vessels | Machinery and equipment | Advance payments & acquisitions under constr. | Total |
| Acquisition cost 1 January | 35 | 78,943 | 1,254,854 | 103,524 | 133,545 | 1,570,900 |
| Exchange rate differences | 3 | 3 | ||||
| Increases | 2,085 | 28 | 2,869 | 4,982 | ||
| Disposals | -1,394 | -7 | -202 | -1,602 | ||
| Acquisition cost 31 March 2010 | 35 | 77,549 | 1,256,932 | 103,353 | 136,413 | 1,574,283 |
| Accumulated depreciation, amortisation and write-offs 1 January | -7,676 | -271,610 | -51,557 | -330,843 | ||
| Exchange rate differences | -2 | -2 | ||||
| Cumulative depreciation on reclassifications and disposals | 1,394 | 7 | 180 | 1,580 | ||
| Depreciation for the reporting period | -727 | -11,705 | -1,597 | -14,029 | ||
| Accumulated depreciation, amortisation and write-offs 31 March | -7,009 | -283,308 | -52,977 | -343,294 | ||
| Book value 31 March 2010 | 35 | 70,540 | 973,624 | 50,376 | 136,413 | 1,230,989 |
PROPERTY, PLANT AND EQUIPMENT 2011
| EUR 1,000 | Land | Buildings | Vessels | Machinery and equipment | Advance payments & acquisitions under constr. | Total |
| Acquisition cost 1 January | 72 | 78,923 | 1,302,037 | 100,460 | 167,050 | 1,648,543 |
| Exchange rate differences | -15 | -15 | ||||
| Increases | 1 | 1,540 | 66 | 22,761 | 24,368 | |
| Disposals | -61 | -256 | -317 | |||
| Reclassifications | 12 | -12 | 0 | |||
| Acquisition cost 31 March 2011 | 72 | 78,924 | 1,303,528 | 100,255 | 189,799 | 1,672,579 |
| Accumulated depreciation, amortisation and write-offs 1 January | -10,510 | -319,792 | -54,615 | -384,917 | ||
| Exchange rate differences | 13 | 13 | ||||
| Cumulative depreciation on reclassifications and disposals | 61 | 256 | 317 | |||
| Depreciation for the reporting period | -684 | -12,473 | -1,447 | -14,604 | ||
| Accumulated depreciation, amortisation and write-offs 31 March | -11,195 | -332,204 | -55,792 | -399,191 | ||
| Book value 31 March 2011 | 72 | 67,730 | 971,324 | 44,463 | 189,799 | 1,273,388 |
CONTINGENCIES AND COMMITMENTS
| EUR 1,000 | 31 Mar 2011 | 31 Mar 2010 | 31 Dec 2010 |
| Minimum leases payable in relation to fixed-term leases: | |||
| Vessel leases (Group as lessee): | |||
| Within 12 months | 24,736 | 34,395 | 28,410 |
| 1-5 years | 11,109 | 35,720 | 14,785 |
| 35,845 | 70,115 | 43,195 | |
| Vessel leases (Group as lessor): | |||
| Within 12 months | 0 | 4,031 | 1,147 |
| 0 | 4,031 | 1,147 | |
| Other leases (Group as lessee): | |||
| Within 12 months | 6,589 | 6,965 | 6,658 |
| 1-5 years | 17,971 | 21,240 | 18,596 |
| After five years | 15,162 | 18,714 | 15,904 |
| 39,722 | 46,918 | 41,158 | |
| Other leases (Group as lessor): | |||
| Within 12 months | 347 | 200 | 237 |
| 347 | 200 | 237 | |
| Collateral given | |||
| Loans from financial institutions | 725,160 | 736,471 | 727,419 |
| Vessel mortgages provided as guarantees for the above loans | 1,189,500 | 1,153,500 | 1,173,500 |
| Other collateral given on own behalf | |||
| Pledged deposits | 469 | 469 | 472 |
| Corporate mortgages | 606 | 606 | 606 |
| 1,075 | 1,075 | 1,078 | |
| Other obligations | 81,536 | 132,094 | 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 investments | 10,811 | 12,106 | 11,134 |
Open derivative instruments:
| Fair value | Contract amount | |||||
| 1000 EUR | 31 Mar 2011 | 31 Mar 2010 | 31 Dec 2010 | 31 Mar 2011 | 31 Mar 2010 | 31 Dec 2010 |
| Currency derivatives | -88 | 655 | 657 | 13,796 | 21,812 | 22,003 |
| Interest rate swaps | 0 | -1,419 | 0 | 0 | 120,000 | 0 |
SHARES, MARKET CAPITALISATION AND TRADING INFORMATION
| 31 March 2011 | 31 March 2010 | |
| Number of shares | 46,821,037 | 46,821,037 |
|
Market capitalisation, EUR million |
369.9 | 351.2 |
| 1 Jan – 31 Mar 2011 | 1 Jan – 31 Mar 2010 | |
| Number of shares traded, million | 0.6 | 0.6 |
| 1 Jan – 31 Mar 2011 | ||||
| High | Low | Average | Close | |
| Share price | 8.15 | 7.68 | 7.97 | 7.90 |
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
Shareholders’ equity + non-controlling interests
Equity ratio, %:
Shareholders’ equity + non-controlling interests
------------------------------------------------ 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
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 is prepared in accordance with IAS 34 (Interim Financial Reporting) using the same accounting policies and methods as in the annual financial statements for 2010. 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.