Finnlines Plc Stock Exchange Release 18 February, 2009
FINANCIAL STATEMENT BULLETIN 1 JANUARY - 31 DECEMBER 2008 (UNAUDITED)
The Finnlines Group recorded revenue totalling EUR 735.7 (685.5 in 2007)
million. Operating profit was EUR 35.4 (68.8, including vessel sales gain of EUR
12.3 million) million. Loss before taxes was EUR -3.2 (40.1, incl. vessel sales
gain of 12.3 million) million. Return on equity (ROE) was 0.2 (8.0) % and return
on investment (ROI) was 2.9 (6.9) %.
Significant events
Operationally, the year was twofold: During the first half of the year, the
increase in cargo volumes and the rising fuel oil price reached their peak in
the summer. In early autumn, the financial crisis spread quickly from the US to
the global real economy. Due to the sharp decline in foreign trade, cargo
volumes dropped dramatically towards the end of the year. However, the cargo
volumes of the entire year (measured in cargo units) increased by 2.9 per cent.
The number of passengers transported on the company's ships during the year rose
by 21 per cent.
Despite the increase in revenue, the financial statements for the fiscal year
show a loss before taxes, which is due to the dramatic drop in the cargo volumes
towards the end of the year and also due to non-recurring costs of port
operations relating to port moves? In addition, the company's extensive
investment programme added depreciations and interest expenses.
In Helsinki, the company's port operations from the West and North Harbours were
concentrated to the new Vuosaari Harbour. The company's investments in new
harbour, including non-recurring items related to the move, totalled nearly EUR
100 million, of which nearly EUR 50 million in 2008. The new modern harbour will
enable the company to provide faster and more efficient services to its
customers.
In April, the Group companies bought four ro-ro vessels, which had been on
time-charter, at a price of EUR 121 million.
Market development
During the whole year, the growth in unitized sea transports via Finnish ports
continuously paced down with imports growing constantly more than exports, thus
increasing the imbalance in the traffic. This was partly caused by the
restructuring of the Finnish forest industry.
In the last quarter, volumes dropped sharply, as the economic crisis decreased
transports of investment goods, raw materials and paper dramatically. This
negative trend impacted all traffics in the Shipping and Sea Transports as well
as the Port Services segment.
For the full year, the Finnish sea transports of unitized goods were at the same
level as in 2007, but declined in Q4 by 9% compared to the year before.
Similarly, the full year trailer and lorry volumes between Southern Sweden and
Germany stayed at the 2007 level, but dropped by 11% during Q4.
The passenger traffic between Finland and Germany increased by 2.9% and
decreased by 0.2% between Finland and Sweden during 2008.
Bunker prices increased heavily during the first half of the year and reached
their peak in mid-July, when the price for the Rotterdam LS180 used as a
reference was 100 per cent higher than the 2007 average price at 818 USD/ton.
During the second half the year, bunker prices decreased substantially and at
the end of the year the reference quotation stood at 228 USD/ton.
Group structure
Finnlines is one of the largest European shipping companies specialising in
liner cargo services. The Group's operations are centred on sea transports in
the Baltic Sea and North Sea areas and on providing port services mainly in
Finland. Through its subsidiaries and sales offices, the Group has operations in
eight northern European countries and in Russia. The Group's services are also
offered throughout Europe via an extensive network of agents. There were no
significant changes in the Group structure during the reporting period.
To improve the customer service, efficiency and business follow-up, different
port operations were split into separate companies by de-merger of Finnsteve Oy
as of 1 January 2009. The new companies provide container, ro-ro and terminal
services.
The Annual General Meeting
The Board of Directors of Finnlines Plc proposed to the AGM held on 15 April
2008 that no dividend be paid out for the fiscal year 2007 due to the sizeable
investment in the five vessels already in operation, the commitments of the
vessel renewal programme and to the investments in the harbour.
The minority shareholders (more than 10% of the shares) used their rights to
require postponement of the handling of the closing of the books and the
discharge of the Board to a continued meeting. The AGM also decided to postpone
the Board of Directors' proposal for authorization to increase the share capital
to the same meeting. The continued meeting was held on 20 May 2008.
The AGM decided that the company's Board of Directors has seven members. Mr.
Emanuele Grimaldi, Mr. Gianluca Grimaldi, Mr. Diego Pacella, Mr. Heikki Laine,
Mr. Antti Pankakoski, Mr. Olav K. Rakkenes and Mr. Jon-Aksel Torgersen were
unanimously re-elected. Finnlines' Board of Directors elected Mr. Jon-Aksel
Torgersen Chairman and Mr. Diego Pacella Vice Chairman of the Board. The firm of
authorised public accountants Deloitte & Touche Oy was appointed the company's
auditors, with Mikael Leskinen, APA, as the principally responsible auditor.
In the Continued Annual General Meeting on 20 May 2008, Christer Antson,
President and CEO, explained that Group contribution had been given, like in
previous years, to Finnlines' 100% owned ship-owning companies, which had
invested in new vessels or converted older vessels.
The Continued AGM approved, after voting, the financial statements and
discharged the company's officers from liability for the financial year 2007.
Ilmarinen informed that it will demand a special audit in the company.
The AGM decided, after voting, that the minimum dividend required by the
minority (more than 10% of shares) will be paid. The total amount of dividends
paid is EUR 180,216.40 i.e. EUR 0.00443 per share. The dividend record date was
23 May 2008 and the dividend payment date was 30 May 2008.
The Board of Directors was authorized to resolve on the issuance of shares. The
company may, on the basis of the authorization, issue new shares in one or
several instalments, so that the aggregate maximum number of new shares will be
10,000,000 shares. The authorization includes the right for direct issue of
shares, in deviation from the shareholders' pre-emptive subscription right on
the terms and conditions prescribed by law. The authorization is valid until the
next Annual General Meeting.
The Vuosaari Harbour
Helsinki's cargo port operations were moved from the West and North Harbours to
the new modern Vuosaari Harbour Centre, which was opened on schedule at the end
of November. The Group's total investments in new container cranes and terminal
facilities, together with non-recurring expenses related to the move, are nearly
EUR 100 million. In the eastern part of the Vuosaari Harbour, the Group's port
operator Finnsteve has an operating area of about 70 hectares for container,
semitrailer and truck services. The area has 10 ro-ro berths and 750 metres of
quay for container ships. Vehicles to and from Finnsteve's area pass through the
sheltered 8-lane gate area. An online computer system controls and directs cargo
units between the harbour gate and the ship.
Fleet
In April, Finnlines bought MS Finnmill and MS Finnpulp and two other vessels, MS
Finnkraft and MS Finnhawk, which all had been under time charter in Finnlines
traffic, at the total amount of EUR 121 million. This deal settled the
litigation process relating to the purchase options of Finnpulp and Finnmill.
Finnkraft and Finnhawk are currently sailing under the Finnish flag and Finnmill
and Finnpulp under the Swedish flag.
Traffic
The operations at the terminals of Lübecker Hafengesellschaft (LHG) in Lübeck
harbours suffered from actions of the stevedoring workers' union early in the
year. The union protested against the planned privatisation of LHG.
The cargo volumes transported during the year totalled approximately 814,000
(791,000 in 2007) units (lorries, trailers), 117,000 (99,000) cars (not
including cars of the passengers) and 2,901,000 (2,576,000) tonnes of freight
not possible to measure by the unit. In addition, some 612,000 (504,000)
passengers (including freight-related passengers) were transported in 2008.
Financial performance
The Finnlines Group recorded revenue totalling EUR 735.7 (685.5 in 2007)
million. Shipping and Sea Transport Services generated revenue amounting to EUR
643.7 (585.1) million and Port Operations EUR 122.1 (133.2) million. Other
income from operations amounted to EUR 2.4 (15.3) million. The main part (EUR
12.3 million) of the 2007 amount was generated by the sales gain of the two
vessels sold during the third quarter of 2007.
Operating profit was EUR 35.4 (68.8) million. The decrease in operating profit
of Shipping and Sea Transport Services resulted mainly from the sharp drop in
transported volumes in the last quarter of the year and from the fact that the
comparison figure contains sales gain of two vessels totalling EUR 12.3 million.
The profitability of the Group's Port Operations was weak. Operating loss was
EUR -12.4 (7.2) million. The port operations in Oslo (Norsteve) moved to a new
location, which caused losses in income and non-recurring costs. The transfer of
Finnsteve's Helsinki operations to the Vuosaari Harbour caused non-recurring
costs of over EUR 5 million. In addition, due to a changed competitive
situation, goodwill write-offs of EUR 3.0 million were made to Finnsteve's
operations in Kotka. The financial performance of Port Operations was also
affected negatively by the considerable decrease in cargo volumes during the
last quarter of the year.
Financial income was EUR 3.4 (5.3) million and financial expenses totalled EUR
-42.0 (-34.0) million. Loss before taxes was EUR -3.2 (40.1). Return on equity
(ROE) was 0.2 (8.0) % and return on investment (ROI) was 2.9 (6.9) %.
Investments and financing
The Group's investments totalled EUR 236.3 (391.3) million, consisting mainly of
the down-payments for the six roro vessels on order, the purchased four roro
vessels and investments in the Vuosaari Harbour. Interest-bearing net debt
amounted to EUR 900.1 (729.3) million. The payments in 2009 for the Jinling
newbuilding project, totalling approximately EUR 8 million, are due during the
second half of the year. At the year-end, 57% of the loans were fixed rate and
the rest were floating rate loans. The duration (average interest rate period)
of the debt portfolio was approximately 58 months. The Group's financing
agreements include customary covenants relating to the equity ratio and
operations. On 31 December 2008, the granted but non-utilised credit facilities
totalled EUR 203 million. The equity ratio calculated from the balance sheet was
28.5 (31.1) %. Gearing was 205.5 (167.4) %.
Research and development
The aim of Finnlines' research and development work is to find and introduce new
practical solutions and operating methods, which enable the company to better
and more cost-efficiently meet customer needs.
The Vuosaari Harbour was opened at the end of November. In addition to an
increased capacity, it will enable us to provide faster and more efficient port
and terminal services to our customers. A great deal of effort was put into the
planning of the operations in the harbour area, which will ensure efficient,
smooth and safe cargo handling in the harbour, not forgetting passengers.
Finnlines introduced new ropax vessels to the company's fleet during 2006 -
2007. As a result, sailing schedules and operational models on the company's
main routes were altered. The aim is to further improve the company's
competitiveness and service when the new ro-ro vessels join the fleet in 2010 -
2011.
The company's operative and customer management systems are under ongoing
development and improvement. The new computer programs are aimed at enhancing
efficiency and improving sales and day-to-day customer service.
Development work is an integral part of the company's day-to-day activities. The
Group has an IT Department consisting of 37 employees, which is responsible for
the system development and maintenance.
Research and development costs are not significant, considering the extent of
the company's operations.
Personnel
The Group employed an average of 2,436 (2,335) people during the period,
consisting of 1,464 (1,470) employees on shore and 972 (865) people at sea.
The Finnlines share
The Company's registered share capital on 31 December 2008 was EUR 81,383,916
divided into 40,691,958 shares. A total of 8.6 (9.4) million Finnlines shares
were traded on the NASDAQ OMX Helsinki Ltd during the reporting period. The
market capitalisation of the Company's stock at the end of December was EUR
262.5 (620.6) million. Earnings per share (EPS) during the reporting period were
EUR 0.01 (0.83). Shareholders' equity per share was EUR 10.72 (10.67). At the
end of the year, Grimaldi Group's holding and share of votes in Finnlines was
64.90 per cent.
Risks
The most significant operative risk in shipping is involved in vessel and sea
safety. Accidents at sea may have consequences for humans, a harmful impact on
the environment and may lead to financial losses. The ships in Finnlines'
service have safety management systems which are audited and improved through
appropriate training and regular safety drills. Cargo handling practices play an
important role in ensuring safe sea traffic. In the past year, the company
reassessed its cargo handling practices, updated the instructions and stepped up
the monitoring of cargo handling and cargo securing in ports.
Well-functioning information systems and data security are of vital importance
in all situations. Failures in information systems cause extra work,
disturbances in service, loss of potential cargoes, data security risk and
erosion of customer confidence. The company's operative information systems are
under ongoing development and improvement. The technical failure prevention
systems have been built on effective exploitation of modern technology. In
addition, for stevedoring operations, operating models have been created in case
of major failures in the IT systems. Technological data security solutions will
prevent third parties from accessing Finnlines' internal and customers' data.
In addition to the 6-vessel investment programme announced earlier, Finnlines
purchased four ro-ro vessels at the price of EUR 121 million in April. The deal
was financed with long-term bank loans. The company has invested and will invest
from 2003 to 2011 over one billion euros in the fleet and ports. Due to the
investment programme, the net interest-bearing debt has increased and will
continue to do so. This is also reflected on the consolidated equity ratio. More
detailed information on Finnlines' risks can be found in financial statements
included in the company's Annual Report.
The risk management procedures of the Group are more widely presented on the
Group's Internet pages under Corporate Governance.
Litigation
The arbitration proceedings between the owners of MS Finnmill and MS Finnpulp
and Finnlines Plc were withdrawn in April. The main dispute concerned the
validity and terms of the purchase options of the vessels. The parties settled
the case amicably and in April Finnlines bought MS Finnmill and MS Finnpulp and
two other time chartered ro-ro vessels, MS Finncraft and MS Finnhawk. The total
price for the deal was EUR 121 million.
M/V Finnbirch sank in November 2006 in the southern Baltic. She was under time
charter to Finnlines from her owners Lindholm Shipping, Sweden. Finnlines has
an adequate insurance coverage in the event Finnlines would be found liable
towards the cargo interest.
In June, Finnlines Plc received a request for a statement of reply from the
County Administrative Board of South-Finland to the application made by Mutual
Pension Insurance Company Ilmarinen for conducting a special audit of accounts.
In its application letter to the County Administrative Board of South-Finland
Ilmarinen demanded that the County Administrative Board orders a special audit
to be conducted in Finnlines Plc's administration and accounting for the period
from 1 January to 31 December 2007, as prescribed in the Companies Act
(21.7.2006/624) 7:7 §. In September, Finnlines Plc submitted its reply by the
given time limit.
Mutual Pension Insurance Company Ilmarinen initiated action against Finnlines
Plc in the Helsinki District Court. Ilmarinen objects to the decision of
Finnlines' Annual General Meeting held on 20 May 2008 to distribute EUR
180,216.39 as a minimum dividend. Ilmarinen demands primarily that the minimum
dividend be altered to EUR 17,181,000. Secondarily Ilmarinen demands that the
resolution taken by the AGM on 20 May 2008 is to be declared null and void.
Additionally, Ilmarinen demands Finnlines to pay its legal expenses.
Finnlines considers the action groundless. The company considers that the
measures taken have had commercial grounds and that it has in all respects acted
in the best interests of the company and its shareholders. Finnlines prepared a
detailed response and submitted it to the Helsinki District Court within the
given time limit.
Mr. Tomas Lindholm, attorney at law from Roschier Attorneys Ltd., acts as legal
adviser to Finnlines.
On the day of signing the financial statements, the County Administrative Board
of South-Finland had not yet released its resolution on the special audit of
accounts and the Helsinki District Court had not yet started the hearing of the
case initiated by Mutual Pension Insurance Company Ilmarinen.
Environment and safety
Finnlines places high priority on the environmental aspects of its operations.
The company seeks to continuously improve its environmental programmes while
considering the requirements of sustainable development, the needs of customers
and partners, as well as the demands imposed by society. Finnlines focuses on
optimising its transports and routes to achieve the highest possible utilisation
on both southbound and northbound voyages, which minimises environmental stress
per transported cargo unit.
The company is continuously looking for ways to reduce fuel and energy
consumption. Fuel consumption depends on many factors: route, amount of cargo,
speed and engine power. Schedule planning is one tool to reduce fuel
consumption. An electronic operation optimising tool has been trialled on one
vessel. The six new ships to be delivered from China in 2010-2011 will be fitted
with a rudder/propeller combination technology that is designed to achieve
significant reductions in fuel consumption.
All of Finnlines' ro-pax ships have been incorporated into the environmental
certificate issued by LRQA (Lloyd's Register Quality Assurance). Certification
complies with the requirements of the ISO 14 001 standard. In 2008, three ro-pax
ships and ship management functions were audited by LRQA. Most of the other
ships in Finnlines' service and port operators also have the ISO 14 001
certificate.
All vessels have been certified in accordance with the International Safety
Management Code. All ships also comply with the requirements of the
International Ship and Port Facility Security Code (ISPS). The safety management
system is developed through crew training and internal audits. Safety drills are
held together with the authorities annually.
Ship crews first practised maneuvering on the new Vuosaari fairway with a
simulator, and in late summer and early autumn, before the new harbour was
opened, the Star class vessels made test runs on the new route.
In its annual report, Finnlines publishes a summary of environmental and safety
issues.
Outlook for 2009
The overall economic development in Europe and in the whole world has rapidly
deteriorated and casts uncertainty over our business environment. The sharp drop
in cargo volumes started in the last quarter of 2008, will burden the company's
revenues and financial performance at least during the first half of 2009. Due
to the fleet renewal programme, ship conversions and investments in harbours,
Finnlines' depreciations are expected to continue to rise from the 2008 level.
However, interest expenses are likely to fall due to declining market interest
rates.
Finnlines will take a number of actions to respond to the difficult market
conditions. The actions include adjustment of the capacity to the demand where
possible, cost-saving initiatives, personnel adjustments,
and even divesting non-core business.
Dividend Distribution Proposal
The parent company's non-restricted equity on 3§ December, 2008 is EUR
92,747,356.47 of which net profit from the financial year is EUR 0.00. The Board
of Directors will propose to the Annual Shareholders' Meeting that no dividend
be paid out for 2008 due to the weak financial performance, poor economic
prospects in the immediate future and the ongoing extensive investment
programme.
Annual General Meeting
Finnlines Plc's Annual General Meeting will be held from 12.30 on Wednesday, 15
April 2009 at the Hotel SAS Radisson Royal, Kamppi, Runeberginkatu 2, Helsinki,
Finland.
Financial statement and annual report of the 2008 will be ready in week starting
on the 30th of March at latest, and are available on web-page www.finnlines.com
or at Finnlines' headquarters, Porkkalankatu 20 A, Helsinki.
The first interim report of the year, 1 January - 31 March 2009, will be
published on Thursday 7 May 2009.
Finnlines Plc
The Board of Directors
ENCLOSURES Profit and Loss Account
Balance Sheet
Changes in Shareholders
Equity
Cash Flow Statement
Profit and Loss Account, Parent company, FAS
Balance Sheet, Parent Company, FAS
Revenue by business division
Property, plant and equipment
Financial indicators
Contingencies and
Commitments
Revenue and operating result by quarter
DISTRIBUTION Helsinki Exchanges
Main media
All figures unaudited
SUMMARY OF THE FINANCIAL STATEMENTS AND NOTES (UNAUDITED)
--------------------------------------------------------------------------------
| CONSOLIDATED PROFIT AND LOSS ACCOUNT | | | |
--------------------------------------------------------------------------------
| 1000 EUR | 10-12/08 | 10-12/07 | 1-12/08 | 1-12/07 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue | 157,849 | 180,054 | 735,747 | 685,464 |
--------------------------------------------------------------------------------
| Other income from operations | 621 | 933 | 2,429 | 15,320 |
--------------------------------------------------------------------------------
| Materials and services | -51,617 | -59,698 | -258,187 | -205,904 |
--------------------------------------------------------------------------------
| Personnel expenses | -31,871 | -29,289 | -122,944 | -116,648 |
--------------------------------------------------------------------------------
| Depreciation, amortization | -18,630 | -14,036 | -62,690 | -53,081 |
| and other write-offs | | | | |
--------------------------------------------------------------------------------
| Other operating expenses | -62,998 | -66,331 | -258,912 | -256,334 |
--------------------------------------------------------------------------------
| Total operating expenses | -165,116 | -169,353 | -702,732 | -631,968 |
--------------------------------------------------------------------------------
| Operating profit | -6,646 | 11,633 | 35,443 | 68,816 |
--------------------------------------------------------------------------------
| Financial income | 1,246 | 1,958 | 3,422 | 5,258 |
--------------------------------------------------------------------------------
| Financial expenses | -14,263 | -9,403 | -42,039 | -33,956 |
--------------------------------------------------------------------------------
| Profit before taxes | -19,663 | 4,188 | -3,174 | 40,118 |
--------------------------------------------------------------------------------
| Income taxes | 6,244 | 1,819 | 4,145 | -5,725 |
--------------------------------------------------------------------------------
| Profit for the reporting | -13,419 | 6,007 | 971 | 34,393 |
| period | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Distribution: | | | | |
--------------------------------------------------------------------------------
| Parent company shareholders | -13,407 | 5,870 | 507 | 33,900 |
--------------------------------------------------------------------------------
| Minority interest | -12 | 137 | 464 | 493 |
--------------------------------------------------------------------------------
| | -13,419 | 6,007 | 971 | 34,393 |
--------------------------------------------------------------------------------
| Profit attributable to | | | | |
| parent company shareholders | | | | |
--------------------------------------------------------------------------------
| calculated as earnings per share (EUR/share) | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Undiluted earnings per share | -0.33 | 0.14 | 0.01 | 0.83 |
--------------------------------------------------------------------------------
| Diluted earnings per share | -0.33 | 0.14 | 0.01 | 0.83 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED BALANCE SHEET, IFRS | | |
--------------------------------------------------------------------------------
| 1000 EUR | 31/12/08 | 31/12/07 |
--------------------------------------------------------------------------------
| ASSETS | | |
--------------------------------------------------------------------------------
| Non-current assets | | |
--------------------------------------------------------------------------------
| Property, plant and equipment | 1,311,969 | 1,139,576 |
--------------------------------------------------------------------------------
| Goodwill | 105,644 | 108,660 |
--------------------------------------------------------------------------------
| Other intangible assets | 12,947 | 9,899 |
--------------------------------------------------------------------------------
| Investment properties | 1,580 | 1,584 |
--------------------------------------------------------------------------------
| Share of associated companies | 1,526 | 1,526 |
--------------------------------------------------------------------------------
| Other financial assets | 4,793 | 4,797 |
--------------------------------------------------------------------------------
| Receivables | 3,848 | 9,173 |
--------------------------------------------------------------------------------
| Deferred tax assets | 2,734 | 2,051 |
--------------------------------------------------------------------------------
| | 1,445,041 | 1,277,265 |
--------------------------------------------------------------------------------
| Current assets | | |
--------------------------------------------------------------------------------
| Inventories | 5,252 | 6,908 |
--------------------------------------------------------------------------------
| Accounts receivable and other receivables | 73,474 | 91,191 |
--------------------------------------------------------------------------------
| Income tax receivables | 76 | 63 |
--------------------------------------------------------------------------------
| Bank and cash | 10,509 | 26,913 |
--------------------------------------------------------------------------------
| | 89,312 | 125,075 |
--------------------------------------------------------------------------------
| Total assets | 1,534,352 | 1,402,340 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| SHAREHOLDER'S EQUITY | | |
--------------------------------------------------------------------------------
| Equity attributable to parent company | | |
| shareholders | | |
--------------------------------------------------------------------------------
| Share capital | 81,384 | 81,384 |
--------------------------------------------------------------------------------
| Share premium account | 24,525 | 24,525 |
--------------------------------------------------------------------------------
| Fair value reserves | -2,806 | -4,544 |
--------------------------------------------------------------------------------
| Translation differences | 379 | 152 |
--------------------------------------------------------------------------------
| Retained earnings | 332,927 | 332,601 |
--------------------------------------------------------------------------------
| | 436,409 | 434,118 |
--------------------------------------------------------------------------------
| Minority interest | 1,531 | 1,534 |
--------------------------------------------------------------------------------
| Total equity | 437,940 | 435,652 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES | | |
--------------------------------------------------------------------------------
| Long-term liabilities | | |
--------------------------------------------------------------------------------
| Deferred tax liabilities | 96,835 | 103,910 |
--------------------------------------------------------------------------------
| Interest-free liabilities | 370 | 1,314 |
--------------------------------------------------------------------------------
| Pension liabilities | 3,026 | 2,358 |
--------------------------------------------------------------------------------
| Provisions | 4,277 | 2,284 |
--------------------------------------------------------------------------------
| Interest-bearing liabilities | 789,692 | 593,817 |
--------------------------------------------------------------------------------
| | 894,201 | 703,682 |
--------------------------------------------------------------------------------
| Current liabilities | | |
--------------------------------------------------------------------------------
| Accounts payable and other liabilities | 78,293 | 99,459 |
--------------------------------------------------------------------------------
| Income tax liabilities | 110 | 491 |
--------------------------------------------------------------------------------
| Provisions | 2,930 | 672 |
--------------------------------------------------------------------------------
| Current interest-bearing liabilities | 120,878 | 162,384 |
--------------------------------------------------------------------------------
| | 202,212 | 263,006 |
--------------------------------------------------------------------------------
| Total liabilities | 1,096,412 | 966,688 |
--------------------------------------------------------------------------------
| Total equity and liabilities | 1,534,352 | 1,402,340 |
--------------------------------------------------------------------------------
Changes in Consolidated Shareholders' Equity
--------------------------------------------------------------------------------
| 1000 EUR | Share | Share | Trans- | Fair |
| | capital | issue | lation | value |
| | | premium | diffe- | reserves |
| | | | rences | |
--------------------------------------------------------------------------------
| Shareholders´ | 81,384 | 24,525 | 28 | |
| equity 31.12.2006 | | | | |
--------------------------------------------------------------------------------
| Cash flow hedges | | | | -6,141 |
--------------------------------------------------------------------------------
| Deferred tax in | | | | 1,597 |
| equity | | | | |
--------------------------------------------------------------------------------
| Translation | | | 124 | |
| differences | | | | |
--------------------------------------------------------------------------------
| Profit for | | | | |
| reporting period | | | | |
--------------------------------------------------------------------------------
| Total recognised | | | 124 | -4,544 |
| income for the | | | | |
| period | | | | |
--------------------------------------------------------------------------------
| Dividend | | | | |
--------------------------------------------------------------------------------
| Reduction of share | | | | |
| capital | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareholders´ | 81,384 | 24,525 | 152 | -4,544 |
| equity 31.12.2007 | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 1000 EUR | Retained | Total | Minority | Total |
| | earnings | | interest | equity |
--------------------------------------------------------------------------------
| Shareholders´ | 315,791 | 421,728 | 2,028 | 423,757 |
| equity | | | | |
| 31.12.2006 | | | | |
--------------------------------------------------------------------------------
| Cash flow hedges | | -6,141 | | -6,141 |
--------------------------------------------------------------------------------
| Deferred tax in | | 1,597 | | 1,597 |
| equity | | | | |
--------------------------------------------------------------------------------
| Translation | | 124 | 3 | 127 |
| differences | | | | |
--------------------------------------------------------------------------------
| Profit for | 33,900 | 33,900 | 493 | 34,393 |
| reporting period | | | | |
--------------------------------------------------------------------------------
| Total | 33,900 | 29,480 | 496 | 29,976 |
| recognised | | | | |
| income for | | | | |
| the period | | | | |
--------------------------------------------------------------------------------
| Dividend | -17,091 | -17,091 | -392 | -17,483 |
--------------------------------------------------------------------------------
| Reduction of | | | -598 | -598 |
| share capital | | | | |
--------------------------------------------------------------------------------
| | -17,091 | -17,091 | -990 | -17,483 |
--------------------------------------------------------------------------------
| Shareholders´ | 332,601 | 434,118 | 1,534 | 435,652 |
| equity | | | | |
| 31.12.2007 | | | | |
--------------------------------------------------------------------------------
Changes in Consolidated Shareholders' Equity
--------------------------------------------------------------------------------
| 1,000 EUR | Share | Share issue | Fair value | Trans- |
| | capital | premium | reserves | lation |
| | | | | diffe- |
| | | | | rences |
--------------------------------------------------------------------------------
| Shareholders´ | 81,384 | 24,525 | -4,544 | 152 |
| equity 31.12.2007 | | | | |
--------------------------------------------------------------------------------
| Cash flow hedges | | | 347 | |
--------------------------------------------------------------------------------
| Deferred tax in | | | -90 | |
| equity | | | | |
--------------------------------------------------------------------------------
| Currency | | | 1,481 | |
| valuation of the | | | | |
| deferred tax | | | | |
| liability | | | | |
--------------------------------------------------------------------------------
| Translation | | | | 227 |
| differences | | | | |
--------------------------------------------------------------------------------
| Profit for | | | | |
| reporting period | | | | |
--------------------------------------------------------------------------------
| Total recognised | | | 1,737 | 227 |
| income for the | | | | |
| period | | | | |
--------------------------------------------------------------------------------
| Dividend | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareholders´ | 81,384 | 24,525 | -2,807 | 379 |
| equity | | | | |
| 31.12.2008 | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 1,000 EUR | Retained | Total | Minority | Total |
| | earnings | | interest | equity |
--------------------------------------------------------------------------------
| Shareholders´ | 332,601 | 434,118 | 1,534 | 435,652 |
| equity | | | | |
| 31.12.2007 | | | | |
--------------------------------------------------------------------------------
| Cash flow hedges | | 347 | | 347 |
--------------------------------------------------------------------------------
| Deferred tax in | | -90 | | -90 |
| equity | | | | |
--------------------------------------------------------------------------------
| Currency | | 1,481 | | 1,481 |
| valuation of the | | | | |
| deferred tax | | | | |
| liability | | | | |
--------------------------------------------------------------------------------
| Translation | | 227 | | 227 |
| differences | | | | |
--------------------------------------------------------------------------------
| Profit for | 507 | 507 | 464 | 971 |
| reporting period | | | | |
--------------------------------------------------------------------------------
| Total | 507 | 2,471 | 464 | 2,935 |
| recognised | | | | |
| income for | | | | |
| the period | | | | |
--------------------------------------------------------------------------------
| Dividend | -180 | -180 | -467 | -647 |
--------------------------------------------------------------------------------
| | -180 | -180 | -467 | -647 |
--------------------------------------------------------------------------------
| Shareholders´ | 332,927 | 436,409 | 1,531 | 437,940 |
| equity | | | | |
| 31.12.2008 | | | | |
--------------------------------------------------------------------------------
Consolidated Cash Flow Statement
--------------------------------------------------------------------------------
| 1000 EUR | 1-12/08 | 1-12/07 |
--------------------------------------------------------------------------------
| Cash flows from operations: | | |
--------------------------------------------------------------------------------
| Profit for the reporting period | 971 | 34,393 |
--------------------------------------------------------------------------------
| Adjustments: | | |
--------------------------------------------------------------------------------
| Non-cash transactions | 64,508 | 39,561 |
--------------------------------------------------------------------------------
| Financial income and expenses | 35,672 | 28,937 |
--------------------------------------------------------------------------------
| Taxes | -4,145 | 5,725 |
--------------------------------------------------------------------------------
| Changes in working capital: | | |
--------------------------------------------------------------------------------
| Change in accounts receivable | 17,446 | 66 |
| and other receivables | | |
--------------------------------------------------------------------------------
| Change in inventories | 1,866 | -1,496 |
--------------------------------------------------------------------------------
| Change in accounts payable | -20,434 | 11,766 |
| and other liabilities | | |
--------------------------------------------------------------------------------
| Change in provisions | 3,230 | 197 |
--------------------------------------------------------------------------------
| Interest paid | -34,101 | -20,988 |
--------------------------------------------------------------------------------
| Interest received | 1,383 | 1,397 |
--------------------------------------------------------------------------------
| Other financing items | -1,261 | -3,948 |
--------------------------------------------------------------------------------
| Taxes paid | -2,747 | -1,087 |
--------------------------------------------------------------------------------
| Net cash from operating activities | 62,392 | 94,524 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flows from investing activities: | | |
--------------------------------------------------------------------------------
| Acquisition of subsidiaries | -194 | N/A |
--------------------------------------------------------------------------------
| Investments in tangible and intangible | -235,849 | -392,780 |
| assets | | |
--------------------------------------------------------------------------------
| Sale of tangible and intangible assets | 1,537 | 30,819 |
--------------------------------------------------------------------------------
| Disposal of associated companies | | 200 |
--------------------------------------------------------------------------------
| Proceed sale of investment | 0 | 243 |
--------------------------------------------------------------------------------
| Reduction in share capital, minority | | -598 |
| interest | | |
--------------------------------------------------------------------------------
| Dividends received | 5 | 16 |
--------------------------------------------------------------------------------
| Net cash used in investing activities | -234,501 | -362,099 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from financing activities: | | |
--------------------------------------------------------------------------------
| Borrowing | 280,267 | 309,307 |
--------------------------------------------------------------------------------
| Net increase in current interest-bearing | -45,867 | 79,907 |
| liabilities | | |
--------------------------------------------------------------------------------
| Repayment of loans | -78,700 | -96,440 |
--------------------------------------------------------------------------------
| Increase / decrease of long-term receivables | 694 | 770 |
--------------------------------------------------------------------------------
| Dividends paid | -647 | -17,483 |
--------------------------------------------------------------------------------
| Net cash used in financing activities | 155,747 | 276,062 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in cash and cash equivalents | -16,367 | 8,487 |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 26,913 | 18,436 |
| on 1 January | | |
--------------------------------------------------------------------------------
| Effect of foreign exchange rate changes | -37 | -10 |
--------------------------------------------------------------------------------
| Cash and cash equivalents on December 31 | 10,509 | 26,913 |
--------------------------------------------------------------------------------
PROFIT AND LOSS ACCOUNT, PARENT COMPANY, FAS
--------------------------------------------------------------------------------
| EUR 1 000 | 1 Jan- | 1 Jan- |
| | 31 Dec 2008 | 31 Dec 2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue | 285,448 | 296,112 |
--------------------------------------------------------------------------------
| Other income from operations | 828 | 4,179 |
--------------------------------------------------------------------------------
| Materials and services | -72,830 | -67,074 |
--------------------------------------------------------------------------------
| Personnel expenses | -25,536 | -23,308 |
--------------------------------------------------------------------------------
| Depreciation, | -11,694 | -14,864 |
| amortisation and other | | |
| write-offs | | |
--------------------------------------------------------------------------------
| Other operating | -174,096 | -188,337 |
| expenses | | |
--------------------------------------------------------------------------------
| Operating profit | 2,121 | 6,708 |
--------------------------------------------------------------------------------
| Financial income and expense | -6,565 | -9,938 |
--------------------------------------------------------------------------------
| Profit/loss before extraordinary | -4,444 | -3,230 |
| items | | |
--------------------------------------------------------------------------------
| Extraordinary items | | -34,002 |
--------------------------------------------------------------------------------
| Profit/loss before appropriations and | -4,444 | -37,232 |
| taxes | | |
--------------------------------------------------------------------------------
| Appropriations | 4,444 | 37,624 |
--------------------------------------------------------------------------------
| Income taxes | 0 | -31 |
--------------------------------------------------------------------------------
| Profit for the reporting period | 0 | 360 |
--------------------------------------------------------------------------------
BALANCE SHEET, PARENT COMPANY, FAS
--------------------------------------------------------------------------------
| EUR 1 000 | 31 Dec 2008 | 31 Dec 2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| ASSETS | | |
--------------------------------------------------------------------------------
| Non-current assets | | |
--------------------------------------------------------------------------------
| Intangible assets | 11,420 | 11,065 |
--------------------------------------------------------------------------------
| Tanging assets | 315,213 | 223,292 |
--------------------------------------------------------------------------------
| Investments | | |
--------------------------------------------------------------------------------
| Shares in group | 315,236 | 315,236 |
| companies | | |
--------------------------------------------------------------------------------
| Other investments | 5,646 | 5,646 |
--------------------------------------------------------------------------------
| | 647,517 | 555,240 |
--------------------------------------------------------------------------------
| Current assets | | |
--------------------------------------------------------------------------------
| Inventories | 1,491 | 1,950 |
--------------------------------------------------------------------------------
| Long-term receivables | 616,340 | 592,747 |
--------------------------------------------------------------------------------
| Short-term receivables | 171,840 | 188,589 |
--------------------------------------------------------------------------------
| Marketable securities | | 13,363 |
--------------------------------------------------------------------------------
| Bank and cash | 2,562 | 6,014 |
--------------------------------------------------------------------------------
| | 792,234 | 802,662 |
--------------------------------------------------------------------------------
| Total assets | 1,439,751 | 1,357,902 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY AND LIABILITIES | | |
--------------------------------------------------------------------------------
| Shareholder's equity | | |
--------------------------------------------------------------------------------
| Share capital | 81,384 | 81,384 |
--------------------------------------------------------------------------------
| Share premium account | 24,525 | 24,525 |
--------------------------------------------------------------------------------
| Retained earnings | 92,747 | 92,567 |
--------------------------------------------------------------------------------
| Profit for the period | 0 | 360 |
--------------------------------------------------------------------------------
| Total shareholders' equity | 198,657 | 198,837 |
--------------------------------------------------------------------------------
| Accumulated appropriations | 144,270 | 148,714 |
--------------------------------------------------------------------------------
| Liabilities | | |
--------------------------------------------------------------------------------
| Long-term liabilities | | |
--------------------------------------------------------------------------------
| Interest-bearing | 850,759 | 649,713 |
--------------------------------------------------------------------------------
| Interest-free | 397 | 1,168 |
--------------------------------------------------------------------------------
| | 851,156 | 650,881 |
--------------------------------------------------------------------------------
| Current liabilities | | |
--------------------------------------------------------------------------------
| Interest-bearing | 216,412 | 292,139 |
--------------------------------------------------------------------------------
| Interest-free | 29,256 | 67,331 |
--------------------------------------------------------------------------------
| | 245,668 | 359,470 |
--------------------------------------------------------------------------------
| Total liabilities | 1,096,824 | 1,010,351 |
--------------------------------------------------------------------------------
| Total shareholders' equity and | 1,439,751 | 1,357,902 |
| liabilities | | |
--------------------------------------------------------------------------------
REVENUE AND OPERATING RESULT BY BUSINESS SEGMENTS (PRIMARY SEGMENT)
--------------------------------------------------------------------------------
| | 1-12/08 | | 1-12/07 | |
--------------------------------------------------------------------------------
| Sales | EUR | % | EUR | % |
| | (1000) | | (1000) | |
--------------------------------------------------------------------------------
| Shipping and sea | 643,666 | 87.5 | 585,067 | 85.3 |
| transport | | | | |
--------------------------------------------------------------------------------
| Port operations | 122,150 | 16.6 | 133,155 | 19.4 |
--------------------------------------------------------------------------------
| Eliminations (intragroup) | -30,069 | -4.1 | -32,758 | -4.8 |
--------------------------------------------------------------------------------
| External sales | 735,747 | 100.0 | 685,464 | 100.0 |
--------------------------------------------------------------------------------
| Operating profit | | | | |
--------------------------------------------------------------------------------
| Shipping and sea | 47,849 | | 61,653 | |
| transport | | | | |
--------------------------------------------------------------------------------
| Port operations | -12,406 | | 7,163 | |
--------------------------------------------------------------------------------
| Operating profit total | 35,443 | | 68,816 | |
--------------------------------------------------------------------------------
| Financial items | -38,617 | | -28,698 | |
--------------------------------------------------------------------------------
| Profit | -3,174 | | 40,118 | |
| before taxes | | | | |
--------------------------------------------------------------------------------
| Income taxes | 4,145 | | -5,725 | |
--------------------------------------------------------------------------------
| Profit for reporting | 971 | | 34,393 | |
| period continuing | | | | |
| operations | | | | |
--------------------------------------------------------------------------------
PROPERTY, PLANT AND EQUIPMENT (INCL. INVESTMENT PROPERTIES)
--------------------------------------------------------------------------------
| | 31/12/08 | 31/12/07 |
--------------------------------------------------------------------------------
| | EUR | EUR |
| | (1000) | (1000) |
--------------------------------------------------------------------------------
| Historical cost at the beginning of | 1,410,478 | 1,084,491 |
| the period | | |
--------------------------------------------------------------------------------
| Translation differences | -1,493 | 8 |
--------------------------------------------------------------------------------
| Additions | 230,963 | 389,559 |
--------------------------------------------------------------------------------
| Acquisition of subsidiaries | 121 | |
--------------------------------------------------------------------------------
| Disposals | -6,814 | -63,598 |
--------------------------------------------------------------------------------
| Reclassifications | -62 | 19 |
--------------------------------------------------------------------------------
| Historical cost at the beginning of | 1,633,194 | 1,410,478 |
| the period | | |
--------------------------------------------------------------------------------
| Accumulated depreciation at the end of | -269,319 | -264,926 |
| the period | | |
--------------------------------------------------------------------------------
| Translation differences | 741 | 11 |
--------------------------------------------------------------------------------
| Cumulative depreciation on | 6,418 | 46,694 |
| reclassifications and disposals | | |
--------------------------------------------------------------------------------
| Depreciation | -57,481 | -51,098 |
--------------------------------------------------------------------------------
| Accumulated depreciation at the end of | -319,644 | -269,319 |
| the period | | |
--------------------------------------------------------------------------------
| Book value | 1,313,549 | 1,141,160 |
--------------------------------------------------------------------------------
FINANCIAL INDICATORS
--------------------------------------------------------------------------------
| | 1-12/08 | 1-12/07 |
--------------------------------------------------------------------------------
| Operating profit as % of revenue | 4.8 | 10.0 |
--------------------------------------------------------------------------------
| ROE, % | 0.2 | 8.0 |
--------------------------------------------------------------------------------
| ROI, % | 2.9 | 6.9 |
--------------------------------------------------------------------------------
| Gearing, % | 205.5 | 167.4 |
--------------------------------------------------------------------------------
| Gross capital | 236.3 | 391.3 |
| expenditure, MEUR | | |
--------------------------------------------------------------------------------
| % of revenue | 32.1 | 57.1 |
--------------------------------------------------------------------------------
| Equity ratio, % | 28.5 | 31.1 |
--------------------------------------------------------------------------------
| Shareholders' equity/ | 10.72 | 10.67 |
| share, EUR | | |
--------------------------------------------------------------------------------
| Number of shares during period, | 40,692 | 40,692 |
| average (1000) | | |
--------------------------------------------------------------------------------
| Number of shares at | 40,692 | 40,692 |
| end of period (1000) | | |
--------------------------------------------------------------------------------
| Market capitalisation, | 262.5 | 620.6 |
| EUR million | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Average personnel | | |
--------------------------------------------------------------------------------
| Shore-based personnel | 1,464 | 1,470 |
--------------------------------------------------------------------------------
| Sea-borne personnel | 972 | 865 |
--------------------------------------------------------------------------------
| Personnel total | 2,436 | 2,335 |
--------------------------------------------------------------------------------
Financial ratios have been calculated according to the same principles as in
financial statements 2007.
--------------------------------------------------------------------------------
| CONTINGENCIES AND COMMITMENTS | 31/12/08 | 31/12/07 |
--------------------------------------------------------------------------------
| 1000 EUR | | |
--------------------------------------------------------------------------------
| Vessel hires (continuing operations): | | |
--------------------------------------------------------------------------------
| Within 12 months | 69,861 | 89,899 |
--------------------------------------------------------------------------------
| Between one and five years | 83,485 | 51,614 |
--------------------------------------------------------------------------------
| | 153,346 | 141,513 |
--------------------------------------------------------------------------------
| Other leases (continuing operations): | | |
--------------------------------------------------------------------------------
| Within 12 months | 7,557 | 5,673 |
--------------------------------------------------------------------------------
| Between one and five years | 21,947 | 21,537 |
--------------------------------------------------------------------------------
| After five years | 25,917 | 42,689 |
--------------------------------------------------------------------------------
| | 55,421 | 69,899 |
--------------------------------------------------------------------------------
Collateral given:
Borrowings secured by given mortgages
--------------------------------------------------------------------------------
| Loans from financial institutions | 735,478 | 531,461 |
--------------------------------------------------------------------------------
| Vessel mortgages provided as | 1,113,500 | 723,500 |
| guarantees for the above loans | | |
--------------------------------------------------------------------------------
Other guarantees given on behalf of the Group:
--------------------------------------------------------------------------------
| Collateral | 475 | 2,517 |
--------------------------------------------------------------------------------
| Mortgages | 606 | 606 |
--------------------------------------------------------------------------------
Other guarantees given on behalf of the others:
--------------------------------------------------------------------------------
| Collateral | 2,400 | 1,200 |
--------------------------------------------------------------------------------
Other commitments given by group on behalf of subsidiaries:
--------------------------------------------------------------------------------
| Commitments | 6,000 | 6,000 |
--------------------------------------------------------------------------------
| Guarantees for rental contracts | 480 | |
--------------------------------------------------------------------------------
| Obligations for capital expenditure | 120,548 | 197,137 |
--------------------------------------------------------------------------------
| Other obligations | 79 | 101 |
--------------------------------------------------------------------------------
Open derivative instruments:
--------------------------------------------------------------------------------
| 1000 EUR | 31/12/08 | 31/12/07 | 31/12/08 | 31/12/07 |
--------------------------------------------------------------------------------
| | Net fair values | Contract amounts |
--------------------------------------------------------------------------------
| Currency forwards | 317 | -3,845 | 29,405 | 64,126 |
--------------------------------------------------------------------------------
| Interest rate swaps | -2,886 | -327 | 120,000 | 120,000 |
--------------------------------------------------------------------------------
Contingent liabilities
Finnsteve's Leasehold Agreement:
Now the new Vuosaari harbour is operational and Finnsteve Oy Ab transferred its
port operations from Helsinki's West Harbour and Sompasaari to Vuosaari.
Finnsteve and the Port of Helsinki have made a leasehold agreement, which
obliges the leaseholder to dismantle and remove any buildings, plants and
equipment (including foundations) located in the area. The extent of the
liabilities arising from this has now become more concrete as demolition work
has been started and Group has made obligatory accrual to balance sheet though
P&L, amounting EUR 2.0 million, which is estimated to cover expenses arising
from demolition work. The work will be finalised during 2009.
REVENUE AND OPERATING RESULT BY QUARTER
--------------------------------------------------------------------------------
| MEUR | Q1/08 | Q1/07 | Q2/08 | Q2/07 |
--------------------------------------------------------------------------------
| Shipping and sea | 160.0 | 132.5 | 173.4 | 146.4 |
| transport | | | | |
--------------------------------------------------------------------------------
| Port operations | 32.4 | 33.3 | 33.5 | 33.5 |
--------------------------------------------------------------------------------
| Eliminations (intragroup) | -7.3 | -8.4 | -7.9 | -8.5 |
--------------------------------------------------------------------------------
| External sales | 185.1 | 157.4 | 199.0 | 171.4 |
--------------------------------------------------------------------------------
| Operating profit | | | | |
--------------------------------------------------------------------------------
| Shipping and sea | 12.7 | 11.0 | 17.5 | 14.9 |
| transport | | | | |
--------------------------------------------------------------------------------
| Port operations | 1.3 | 2.5 | 0.0 | 2.0 |
--------------------------------------------------------------------------------
| Operating profit total | 14.0 | 13.5 | 17.5 | 16.9 |
--------------------------------------------------------------------------------
| Financial items | -8.5 | -5.2 | -6.8 | -6.7 |
--------------------------------------------------------------------------------
| Profit | 5.5 | 8.3 | 10.7 | 10.2 |
| before taxes | | | | |
--------------------------------------------------------------------------------
| Income taxes | -1.0 | -1.7 | -1.8 | -2.2 |
--------------------------------------------------------------------------------
| Profit for the reporting | 4.6 | 6.6 | 8.9 | 8.1 |
| period | | | | |
--------------------------------------------------------------------------------
| EPS (undiluted) | 0.11 | 0.16 | 0.21 | 0.20 |
--------------------------------------------------------------------------------
| EPS (diluted) | 0.11 | 0.16 | 0.21 | 0.20 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| MEUR | Q3/08 | Q3/07 | Q4/08 | Q4/07 |
--------------------------------------------------------------------------------
| Shipping and sea | 170.2 | 150.6 | 140.0 | 155.6 |
| transport | | | | |
--------------------------------------------------------------------------------
| Port operations | 30.7 | 33.5 | 25.5 | 32.8 |
--------------------------------------------------------------------------------
| Eliminations (intragroup) | -7.0 | -7.6 | -7.8 | -8.3 |
--------------------------------------------------------------------------------
| External sales | 193.8 | 176.5 | 157.8 | 180.1 |
--------------------------------------------------------------------------------
| Operating profit | | | | |
--------------------------------------------------------------------------------
| Shipping and sea | 12.0 | 24.5 | 5.6 | 11.2 |
| transport | | | | |
--------------------------------------------------------------------------------
| Port operations | -1.4 | 2.2 | -12.2 | 0.4 |
--------------------------------------------------------------------------------
| Operating profit total | 10.6 | 26.7 | -6.7 | 11.6 |
--------------------------------------------------------------------------------
| Financial items | -10.3 | -9.4 | -13.0 | -7.4 |
--------------------------------------------------------------------------------
| Profit | 0.3 | 17.3 | -19.7 | 4.2 |
| before taxes | | | | |
--------------------------------------------------------------------------------
| Income taxes | 0.7 | -3.6 | 6.2 | 1.8 |
--------------------------------------------------------------------------------
| Profit for the reporting | 0.9 | 13.7 | -13.4 | 6.0 |
| period | | | | |
--------------------------------------------------------------------------------
| EPS (undiluted) | 0.02 | 0.33 | -0.33 | 0.14 |
--------------------------------------------------------------------------------
| EPS (diluted) | 0.02 | 0.33 | -0.33 | 0.14 |
--------------------------------------------------------------------------------
Related Party Transactions
There were no material related party transactions during the reporting period.
Reporting
The interim report includes a summary of the financial statements for the period
in accordance with the IAS 34. The accounting principles are the same as in the
financial statements of 2007. This interim report is unaudited.