Helsinki,Finland, 2012-11-06 13:05 CET (GLOBE NEWSWIRE) -- Finnlines Plc Stock Exchange Release 6 November 2012 at 14:05
INTERIM REPORT JANUARY – SEPTEMBER 2012 (unaudited)
SUMMARY
July – September 2012
- Revenue EUR 161.3 million (EUR 161.2 million prev. year), increase 0.1%
- Result before interest, taxes, depreciation and amortisation (EBITDA) EUR 30.8 million (EUR 29.0 million), increase 6.2%
- Result before taxes (EBT) EUR 8.1 million (EUR 6.1 million), increase 32.6%
- Earnings per share were 0.11 (0.08) EUR/share
January – September 2012
- Revenue EUR 470.9 million (EUR 460.4 million prev. year), increase 2.3%
- Result before interest, taxes, depreciation and amortisation (EBITDA) EUR 78.1 million (EUR 70.2 million), increase 11.3%
- Result before taxes (EBT) EUR 9.5 million (EUR 2.7 million), increase 247.0%
- Earnings per share were 0.11 (0.01) EUR/share
JANUARY – SEPTEMBER 2012 IN BRIEF
| MEUR | 7-9 2012 | 7-9 2011 | 1-9 2012 | 1-9 2011 | 1-12 2011 |
| Revenue | 161.3 | 161.2 | 470.9 | 460.4 | 605.2 |
| Result before interest, taxes, depreciation and amortisation (EBITDA) | 30.8 | 29.0 | 78.1 | 70.2 | 84.5 |
| Result before interest and taxes (EBIT) | 14.3 | 12.9 | 28.8 | 22.7 | 21.0 |
| % of revenue | 8.9 | 8.0 | 6.1 | 4.9 | 3.5 |
| Result before taxes (EBT) | 8.1 | 6.1 | 9.5 | 2.7 | -5.4 |
| Result for the reporting period | 5.3 | 4.0 | 5.3 | 0.6 | -2.5 |
| EPS, EUR | 0.11 | 0.08 | 0.11 | 0.01 | -0.05 |
| Equity ratio, % | 29.4 | 28.8 | 29.4 | 28.8 | 29.1 |
| Gearing, % | 201.9 | 204.6 | 201.9 | 204.6 | 199.8 |
| Shareholders’ equity/share, EUR | 9.26 | 9.18 | 9.26 | 9.18 | 9.12 |
Calculation of key ratios is presented under ’Calculation of ratios’.
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 six countries and eleven 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, Luxembourg and Poland and a representative office in Russia. Finnlines is a Finnish listed company and part of the Italian Grimaldi Group.
GENERAL MARKET DEVELOPMENT
Based on the statistics by the Finnish Transport Agency for January-September, the Finnish seaborne imports carried in container, lorry and trailer units (measured in tons) decreased by 1% compared to the same period in 2011, but exports increased by 2%. According to the statistics published by Shippax for January-September, trailer and lorry volumes transported by sea between Southern Sweden and Germany decreased by 3% compared to 2011. During the same period private and commercial passenger traffic between Finland and Sweden decreased by 1%. Between Finland and Germany the corresponding decrease was 24% (Finnish Transport Agency).
FINNLINES TRAFFIC
In the first quarter the third and the fourth out of six ro-ro newbuildings (MS Finnsky and MS Finnsun) entered the traffic flying the Finnish flag. During the third quarter Finnlines operated on average 24 vessels in its own traffic compared to 26 vessels in the same period in 2011.
During spring, Finnlines started a new traffic between the Swedish port of Wallhamn and the Russian port of Ust-Luga by integrating the Grimaldi owned port of Wallhamn to benefit and ship factory new cars stemming from the Far East markets destined to the large Russian market.
In September MS Finnarrow, previously flying the Swedish flag, changed to Finnish flag. The similar change of flag for MS Finneagle took place in the beginning of October.
The cargo volumes transported during January-September totalled approximately 485,000 (485,000 in 2011, corrected figure) cargo units, 45,000 (51,000) cars (not including passengers’ cars) and 1,595,000 (1,685,000) tons of freight not possible to measure in units. In addition, some 487,000 (508,000, corrected figure) private and commercial passengers were transported.
FINANCIAL RESULTS
July – September 2012
The Finnlines Group recorded revenue totalling EUR 161.3 (161.2) million, an increase of 0.1% compared to the same period in 2011. Shipping and Sea Transport Services generated revenue amounting to EUR 153.2 (151.7) million and Port Operations EUR 13.7 (15.7) million. The internal revenue between the segments was EUR 5.6 (6.2) million.
Result before interest, taxes, depreciation and amortisation (EBITDA) was EUR 30.8 (29.0) million, an increase of 6.2%.
Result before interest and taxes (EBIT) was EUR 14.3 (12.9) million. Financial income was EUR 0.2 (0.1) million and financial expenses totalled EUR -6.4 (-6.9) million. Result before taxes (EBT) was EUR 8.1 (6.1) million and earnings per share (EPS) were EUR 0.11 (0.08).
January – September 2012
The Finnlines Group recorded revenue totalling EUR 470.9 (460.4) million, an increase of 2.3% compared to the same period in 2011. Shipping and Sea Transport Services generated revenue amounting to EUR 444.4 (427.0) million and Port Operations EUR 44.7 (52.3) million. The internal revenue between the segments was EUR 18.2 (19.0) million.
Result before interest, taxes, depreciation and amortisation (EBITDA) was EUR 78.1 (70.2) million, an increase of 11.3%.
Result before interest and taxes (EBIT) was EUR 28.8 (22.7) million. The result includes a non-recurring compensation of EUR 3.4 million from the Jinling shipyard relating to the first two newbuildings covering loss for reduced income. The result also includes one-time cost items amounting to EUR 3.2 million. These are mainly related to the arrangements of leased property and settlements with the personnel. Financial income was EUR 0.7 (0.4) million and financial expenses totalled EUR -20.1 (-20.4) million. Result before taxes (EBT) was EUR 9.5 (2.7) million and earnings per share (EPS) were EUR 0.11 (0.01).
STATEMENT OF FINANCIAL POSITION, FINANCING AND CASH-FLOW
Interest-bearing net debt decreased by EUR 4.3 million compared to the same period in 2011 and amounted to EUR 876.9 (881.2) million. The equity ratio calculated from the balance sheet was 29.4% (28.8) and gearing was 201.9% (204.6). Vessel lease commitments have decreased by EUR 18.1 million from the end of September 2011 and were EUR 3.7 million at the end of the reporting period.
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 46.0 million. The company has a commercial paper programme amounting to EUR 100 million of which the company has issued EUR 13.6 million at the end of September.
CAPITAL EXPENDITURE
Gross capital expenditure in the reporting period totalled EUR 45.5 (56.3) million, and consists mainly of payments for newbuildings, EUR 38.3 million. Total depreciation amounted to EUR 49.3 (47.5) million. Four of the six newbuildings ordered from the Jinling shipyard in China have been delivered, MS Finnbreeze and MS Finnsea in March 2011 and MS Finnsky and MS Finnsun in the beginning of 2012. The last two of the newbuildings will be delivered during the last quarter of current year.
PERSONNEL
The Group employed an average of 2,057 (2,097) persons during the period, consisting of 979 (1,092) persons on shore and 1,078 (1,005) persons at sea. The average number of sea personnel increased due to two newbuildings taken into use in the beginning of 2012. The number of shore personnel decreased mainly due to employee reductions carried out in the Port Operations. The employee co-operation negotiations with personnel in Kotka were completed in January 2012 resulting in termination of 23 employments in total.
Finnsteve companies started new employee co-operation negotiations with the personnel in Turku and Kotka during the third quarter. These negotiations ended in October and resulted in the termination of 7 employees and the temporary lay-offs of the whole personnel in shifts in both Turku and Kotka, starting in November 2012.
DECISIONS TAKEN BY THE ANNUAL GENERAL MEETING
The Annual General Meeting of Finnlines Plc held on 17 April 2012 approved the Financial Statements and discharged the members of the Board of Directors and the President and CEO from liability for the financial year 2011.
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 seven members. The current Board Members were re-elected to the Board: Mr Emanuele Grimaldi, Mr Gianluca Grimaldi, Mr Diego Pacella, Mr Olav Rakkenes and Mr Jon-Aksel Torgersen. In addition, Mr. Christer Backman and Ms. Tiina Bäckman were elected as new Members. The Board of Directors elected Mr Emanuele Grimaldi as Chairman and Mr Diego Pacella as Vice-Chairman.
The Authorised Public Audit Firm Deloitte & Touche Oy was appointed as the Company’s auditors for 2012.
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 19 April 2011.
RISKS
The 2011 Financial statements, published in March 2012, 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 2011 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:
During the second quarter, the parties reached an amicable settlement agreement in the dispute with Sponda Kiinteistöt Oy on the termination of the lease agreements. In this dispute the Helsinki District Court rendered its decision in February 2012 in favour of Sponda.
The Company’s German subsidiary was taken to the City Court of Lübeck in December 2009 by its former Managing Director regarding the termination of his Service Agreement. The City Court of Lübeck rendered the decision in favour of the subsidiary. The former Managing Director appealed on the decision. During the third quarter the parties have reached an amicable settlement agreement regarding the termination of the Service Agreement of the former Managing Director.
EVENTS AFTER THE REPORTING PERIOD
Finnsteve companies started new employee co-operation negotiations with the personnel in Turku and Kotka during the third quarter. These negotiations ended in October and resulted in the termination of 7 employees and the temporary lay-offs of the whole personnel in shifts in both Turku and Kotka, starting in November 2012.
The fifth newbuilding in a series of six vessels was delivered from the Chinese shipyard at the end of October 2012.
OUTLOOK AND OPERATING ENVIRONMENT
Finnlines has continued the re-structuring of its fleet and organisation in order to improve cost-efficiency of its vessels and its overall logistics systems. These measures will also enable the possible entering into the renewed Finnish tonnage taxation system. The final decision to enter the tonnage taxation system is to be taken by the end of 2014 at the latest.
The Board expects that the remaining part of the year 2012 will still be volatile and challenging. The Company is well prepared to face the market challenges.
The Group Financial Statement bulletin for the period 1 January – 31 December 2012 will be published on Thursday, 28 February 2013.
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 segments
- Property, plant and equipment
- Contingencies and commitments
- Revenue and result by quarter
- Shares, market capitalisation and trading information
- Calculation of ratios
DISTRIBUTION
NASDAQ OMX Helsinki Ltd.
Main media
This interim report is unaudited.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME, IFRS
| EUR 1,000 | 1 Jul – 30 Sep 2012 | 1 Jul – 30 Sep 2011 | 1 Jan – 30 Sep 2012 | 1 Jan – 30 Sep 2011 | 1 Jan - 31 Dec 2011 |
| Revenue | 161,335 | 161,157 | 470,930 | 460,384 | 605,208 |
| Other income from operations | 244 | 386 | 5,222 | 1,489 | 2,515 |
| Materials and services | -60,970 | -64,442 | -188,704 | -184,421 | -247,262 |
| Personnel expenses | -27,472 | -25,069 | -81,350 | -81,484 | -107,948 |
| Depreciation, amortisation and write-offs | -16,451 | -16,051 | -49,322 | -47,493 | -63,512 |
| Other operating expenses | -42,375 | -43,060 | -127,986 | -125,808 | -167,972 |
| Total operating expenses | -147,268 | -148,622 | -447,363 | -439,206 | -586,695 |
| Result before interest and taxes (EBIT) | 14,311 | 12,922 | 28,790 | 22,667 | 21,028 |
| Financial income | 179 | 112 | 716 | 448 | 911 |
| Financial expenses | -6,361 | -6,904 | -20,051 | -20,391 | -27,370 |
| Result before taxes (EBT) | 8,128 | 6,129 | 9,454 | 2,724 | -5,431 |
| Income taxes | -2,797 | -2,145 | -4,187 | -2,103 | 2,925 |
| Result for the reporting period | 5,331 | 3,984 | 5,266 | 621 | -2,506 |
| Other comprehensive income: | |||||
| Exchange differences on translating foreign operations | 0 | -5 | 14 | -5 | -3 |
| Changes in cash flow hedging reserve | |||||
| Fair value changes | -204 | 937 | 9 | -401 | -95 |
| Transfer to fixed assets | 1,755 | 2,004 | 2,004 | ||
| Tax effect, net | 50 | -244 | -432 | -417 | -496 |
| Effect of the tax rate change | -48 | ||||
| Total comprehensive income for the reporting period | 5,178 | 4,673 | 6,613 | 1,803 | -1,145 |
| Result for the reporting period attributable to: | |||||
| Parent company shareholders | 5,299 | 3,941 | 5,305 | 611 | -2,517 |
| Non-controlling interests | 33 | 43 | -38 | 10 | 10 |
| 5,331 | 3,984 | 5,266 | 621 | -2,506 | |
| Total comprehensive income for the reporting period attributable to: | |||||
| Parent company shareholders | 5,145 | 4,629 | 6,651 | 1,793 | -1,155 |
| Non-controlling interests | 33 | 43 | -38 | 10 | 10 |
| 5,178 | 4,673 | 6,613 | 1,803 | -1,145 | |
| Result for the reporting period attributable to parent company shareholders calculated as earnings per share (EUR/share): | |||||
| Undiluted / diluted earnings per share | 0.11 | 0.08 | 0.11 | 0.01 | -0.05 |
|
Average number of shares: |
|||||
| Undiluted / diluted | 46,821,037 | 46,821,037 | 46,821,037 | 46,821,037 | 46,821,037 |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION, IFRS
| EUR 1,000 | 30 Sep 2012 | 30 Sep 2011 | 31 Dec 2011 |
| ASSETS | |||
| Non-current assets | |||
| Property, plant and equipment | 1,255,234 | 1,272,027 | 1,258,306 |
| Goodwill | 105,644 | 105,644 | 105,644 |
| Intangible assets | 6,923 | 8,519 | 8,049 |
| Other financial assets | 4,582 | 4,562 | 4,582 |
| Receivables | 1,017 | 1,215 | 1,250 |
| Deferred tax assets | 4,164 | 3,837 | 4,395 |
| 1,377,564 | 1,395,804 | 1,382,225 | |
| Current assets | |||
| Inventories | 8,913 | 9,272 | 8,903 |
| Accounts receivable and other receivables | 89,392 | 89,946 | 76,660 |
| Income tax receivables | 107 | 82 | 73 |
| Bank and cash | 2,920 | 3,838 | 4,263 |
| 101,331 | 103,137 | 89,898 | |
| Total assets | 1,478,895 | 1,498,941 | 1,472,123 |
| 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 | -1,077 | -2,587 | -2,409 |
| Translation differences | 128 | 112 | 114 |
| Unrestricted equity reserve | 21,015 | 21,015 | 21,015 |
| Retained earnings | 295,322 | 293,145 | 290,017 |
| 433,556 | 429,853 | 426,905 | |
| Non-controlling interests | 839 | 877 | 877 |
| Total equity | 434,395 | 430,729 | 427,782 |
| LIABILITIES | |||
| Long-term liabilities | |||
| Deferred tax liabilities | 79,639 | 80,342 | 76,015 |
| Interest-free liabilities | 4 | 8 | 8 |
| Pension liabilities | 2,427 | 2,273 | 2,462 |
| Provisions | 4,892 | 4,562 | 4,562 |
| Interest-bearing liabilities | 639,322 | 672,291 | 665,496 |
| 726,285 | 759,477 | 748,544 | |
| Current liabilities | |||
| Accounts payable and other liabilities | 77,651 | 95,934 | 102,181 |
| Income tax liabilities | 18 | 17 | 65 |
| Provisions | 30 | 30 | 30 |
| Current interest-bearing liabilities | 240,517 | 212,753 | 193,521 |
| 318,215 | 308,734 | 295,797 | |
| Total liabilities | 1,044,500 | 1,068,212 | 1,044,341 |
| Total equity and liabilities | 1,478,895 | 1,498,941 | 1,472,123 |
CONSOLIDATED 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 | -5 | ||||
| Changes in cash flow hedging reserve | |||||
| Fair value changes | -401 | ||||
| Transfer to fixed assets | 2,004 | ||||
| Tax effect, net | -417 | ||||
| Total comprehensive income for the reporting period | -5 | 1,186 | |||
| Equity 30 September 2011 | 93,642 | 24,525 | 112 | -2,587 | 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 | 611 | 611 | 10 | 621 | |
| Exchange differences on translating foreign operations | -5 | -5 | |||
| Changes in cash flow hedging reserve | |||||
| Fair value changes | -401 | -401 | |||
| Transfer to fixed assets | 2,004 | 2,004 | |||
| Tax effect, net | -417 | -417 | |||
| Total comprehensive income for the reporting period | 611 | 1,793 | 10 | 1,803 | |
| Equity 30 September 2011 | 293,145 | 429,853 | 877 | 430,729 | |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 2012, 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 2012 | 93,642 | 24,525 | 114 | -2,409 | 21,015 |
| Comprehensive income for the reporting period: | |||||
| Exchange differences on translating foreign operations | 14 | ||||
| Changes in cash flow hedging reserve | |||||
| Fair value changes | 9 | ||||
| Transfer to fixed assets | 1,755 | ||||
| Tax effect, net | -432 | ||||
| Total comprehensive income for the reporting period | 14 | 1,332 | |||
| Equity 30 September 2012 | 93,642 | 24,525 | 128 | -1,077 | 21,015 |
| EUR 1,000 | Equity attributable to parent company shareholders |
Non-controlling interests |
Total equity |
|
| Retained earnings | Total | |||
| Equity 1 January 2012 | 290,017 | 426,905 | 877 | 427,782 |
| Comprehensive income for the reporting period: | ||||
| Result for the reporting period | 5,305 | 5,305 | -38 | 5,266 |
| Exchange differences on translating foreign operations | 14 | 14 | ||
| Changes in cash flow hedging reserve | 9 | 9 | ||
| Fair value changes | 1,755 | 1,755 | ||
| Transfer to fixed assets | -432 | -432 | ||
| Tax effect, net | ||||
| Total comprehensive income for the reporting period | 5,305 | 6,651 | -38 | 6,613 |
| Equity 30 September 2012 | 295,322 | 433,556 | 839 | 434,395 |
CONSOLIDATED STATEMENT OF CASH FLOWS, IFRS (CONDENSED)
| EUR 1,000 | 1 Jan-30 Sep 2012 | 1 Jan-30 Sep 2011 | 1 Jan-31 Dec 2011 |
| Cash flows from operating activities | |||
| Result for the reporting period | 5,266 | 621 | -2,506 |
| Non-cash transactions and other adjustments | 72,572 | 68,952 | 85,570 |
| Changes in working capital | -33,715 | -12,119 | 4,840 |
| Net financial items and income taxes | -22,748 | -33,881 | -37,065 |
| Net cash generated from operating activities | 21,376 | 23,574 | 50,839 |
| Cash flow from investing activities * | |||
| Net investments in tangible and intangible assets | -44,091 | -54,568 | -62,398 |
| Investments in shares | -22 | ||
| Proceeds from sale of investments | 59 | ||
| Other investing activities | 706 | 2,240 | 9,371 |
| Net cash used in investing activities | -43,385 | -52,327 | -52,991 |
| Cash flows from financing activities | |||
| Loan withdrawals | 72,400 | 37,420 | 41,440 |
| Net increase in current interest-bearing liabilities | 15,886 | 41,945 | 28,102 |
| Repayment of loans | -67,657 | -53,846 | -70,209 |
| Increase / decrease in long-term receivables | 28 | 628 | 637 |
| Net cash from (used in) financing activities | 20,657 | 26,147 | -30 |
| Change in cash and cash equivalents | -1,352 | -2,607 | -2,181 |
| Cash and cash equivalents 1 January | 4,263 | 6,452 | 6,452 |
| Effect of foreign exchange rate changes | 8 | -8 | -8 |
| Cash and cash equivalents at the end of period | 2,920 | 3,838 | 4,263 |
* Capitalised borrowing costs are included in investments
REVENUE AND RESULT BY BUSINESS SEGMENTS
| 1 Jul-30 Sep 2012 | 1 Jul-30 Sep 2011 | 1 Jan-30 Sep 2012 | 1 Jan-30 Sep 2011 | 1 Jan-31 Dec 2011 | ||||||
| MEUR | % | MEUR | % | MEUR | % | MEUR | % | MEUR | % | |
| Revenue | ||||||||||
| Shipping and sea transport services | 153.2 | 95.0 | 151.7 | 94.1 | 444.4 | 94.4 | 427.0 | 92.8 | 563.3 | 93.1 |
| Port operations | 13.7 | 8.5 | 15.7 | 9.7 | 44.7 | 9.5 | 52.3 | 11.4 | 67.7 | 11.2 |
| Intra-group revenue | -5.6 | -3.5 | -6.2 | -3.9 | -18.2 | -3.9 | -19.0 | -4.1 | -25.8 | -4.3 |
| External sales | 161.3 | 100.0 | 161.2 | 100.0 | 470.9 | 100.0 | 460.4 | 100.0 | 605.2 | 100.0 |
| Result before interest and taxes | ||||||||||
| Shipping and sea transport services | 16.4 | 15.2 | 35.3 | 29.9 | 30.8 | |||||
| Port operations | -2.1 | -2.3 | -6.5 | -7.3 | -9.8 | |||||
| Result before interest and taxes (EBIT) total | 14.3 | 12.9 | 28.8 | 22.7 | 21.0 | |||||
| Financial items | -6.2 | -6.8 | -19.3 | -19.9 | -26.5 | |||||
| Result before taxes (EBT) | 8.1 | 6.1 | 9.5 | 2.7 | -5.4 | |||||
| Income taxes | -2.8 | -2.1 | -4.2 | -2.1 | 2.9 | |||||
| Result for the reporting period | 5.3 | 4.0 | 5.3 | 0.6 | -2.5 | |||||
PROPERTY, PLANT AND EQUIPMENT 2011
| EUR 1,000 | Land | Buildings | Vessels | Machinery and equipment | Advance payments & acquisitions under constr. | Total |
| Acquisition cost 1 January 2011 | 72 | 78,923 | 1,302,037 | 100,460 | 167,050 | 1,648,543 |
| Exchange rate differences | -8 | -8 | ||||
| Increases | 5 | 5,159 | 127 | 50,504 | 55,795 | |
| Disposals | -2,175 | -93 | -932 | -3,200 | ||
| Reclassifications | 94,212 | -94,212 | 0 | |||
| Acquisition cost 30 September 2011 | 72 | 76,754 | 1,401,315 | 99,647 | 123,342 | 1,701,131 |
| Accumulated depreciation, amortisation and write-offs 1 January 2011 | -10,510 | -319,792 | -54,615 | -384,917 | ||
| Exchange rate differences | 7 | 7 | ||||
| Cumulative depreciation on reclassifications and disposals | 532 | 93 | 932 | 1,557 | ||
| Depreciation for the reporting period | -2,294 | -39,181 | -4,275 | -45,751 | ||
| Accumulated depreciation, amortisation and write-offs 30 September 2011 | -12,272 | -358,881 | -57,951 | -429,104 | ||
| Book value 30 September 2011 | 72 | 64,482 | 1,042,435 | 41,696 | 123,342 | 1,272,027 |
PROPERTY, PLANT AND EQUIPMENT 2012
| EUR 1,000 | Land | Buildings | Vessels | Machinery and equipment | Advance payments & acquisitions under constr. | Total |
| Acquisition cost 1 January 2012 | 72 | 76,758 | 1,401,930 | 90,543 | 130,588 | 1,699,892 |
| Exchange rate differences | 26 | 26 | ||||
| Increases | 533 | 6,247 | 195 | 38,417 | 45,393 | |
| Disposals | -514 | -80 | -1,520 | -2,114 | ||
| Reclassifications | 23 | 92,765 | -92,787 | 0 | ||
| Acquisition cost 30 September 2012 | 72 | 76,800 | 1,500,862 | 89,244 | 76,218 | 1,743,196 |
| Accumulated depreciation, amortisation and write-offs 1 January 2012 | -12,916 | -372,235 | -56,435 | -441,586 | ||
| Exchange rate differences | -23 | -23 | ||||
| Cumulative depreciation on reclassifications and disposals | 277 | 80 | 1,348 | 1,705 | ||
| Depreciation for the reporting period | -2,021 | -42,382 | -3,655 | -48,058 | ||
| Accumulated depreciation, amortisation and write-offs 30 September 2012 | -14,659 | -414,537 | -58,765 | -487,962 | ||
| Book value 30 September 2012 | 72 | 62,141 | 1,086,325 | 30,479 | 76,218 | 1,255,234 |
CONTINGENCIES AND COMMITMENTS
| EUR 1,000 | 30 Sep 2012 | 30 Sep 2011 | 31 Dec 2011 |
| Minimum leases payable in relation to fixed-term leases: | |||
| Vessel leases (Group as lessee): | |||
| Within 12 months | 3,716 | 18,060 | 14,785 |
| 1-5 years | 3,716 | ||
| 3,716 | 21,776 | 14,785 | |
| Vessel leases (Group as lessor): | |||
| Within 12 months | 2,486 | 1,680 | 910 |
| 2,486 | 1,680 | 910 | |
| Other leases (Group as lessee): | |||
| Within 12 months | 6,140 | 6,725 | 6,796 |
| 1-5 years | 15,947 | 18,090 | 17,551 |
| After five years | 13,671 | 13,883 | 13,164 |
| 35,757 | 38,698 | 37,511 | |
| Other leases (Group as lessor): | |||
| Within 12 months | 227 | 347 | 204 |
| 227 | 347 | 204 | |
|
Collateral given |
|||
| Loans from financial institutions | 781,653 | 722,795 | 730,563 |
| Vessel mortgages provided as guarantees for the above loans | 1,263,000 | 1,189,500 | 1,189,500 |
| Other collateral given on own behalf | |||
| Pledged deposits | 471 | 473 | 476 |
| Corporate mortgages | 606 | 606 | 606 |
| 1,077 | 1,079 | 1,082 | |
|
Other obligations |
20,646 | 60,968 | 56,525 |
| 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 | 8,231 | 9,412 | 9,088 |
Open derivative instruments:
| Fair value | Contract amount | |||||
| 1000 EUR | 30 Sep 2012 | 30 Sep 2011 | 31 Dec 2011 | 30 Sep 2012 | 30 Sep 2011 | 31 Dec 2011 |
| Currency derivatives | 272 | 198 | 231 | 7,579 | 14,515 | 7,574 |
REVENUE AND RESULT BY QUARTER
| MEUR | Q1/12 | Q1/11 | Q2/12 | Q2/11 | Q3/12 | Q3/11 |
| Shipping and sea transport services | 135.4 | 126.5 | 155.8 | 148.9 | 153.2 | 151.7 |
| Port operations | 15.8 | 18.7 | 15.2 | 18.0 | 13.7 | 15.7 |
| Intra-group revenue | -6.2 | -6.1 | -6.4 | -6.6 | -5.6 | -6.2 |
| External sales | 145.0 | 139.0 | 164.6 | 160.2 | 161.3 | 161.2 |
| Result before interest and taxes | ||||||
| Shipping and sea transport services | 2.4 | 2.9 | 16.5 | 11.8 | 16.4 | 15.2 |
| Port operations | -2.7 | -3.0 | -1.8 | -1.9 | -2.1 | -2.3 |
| Result before interest and taxes (EBIT) total | -0.2 | -0.1 | 14.7 | 9.9 | 14.3 | 12.9 |
| Financial items | -6.9 | -6.0 | -6.3 | -7.1 | -6.2 | -6.8 |
| Result before taxes (EBT) | -7.1 | -6.1 | 8.4 | 2.7 | 8.1 | 6.1 |
| Income taxes | 1.3 | 1.5 | -2.7 | -1.5 | -2.8 | -2.1 |
| Result for the reporting period | -5.8 | -4.6 | 5.7 | 1.2 | 5.3 | 4.0 |
| EPS (undiluted / diluted) | -0.12 | -0.10 | 0.12 | 0.03 | 0.11 | 0.08 |
SHARES, MARKET CAPITALISATION AND TRADING INFORMATION
| 30 September 2012 | 30 September 2011 | |
| Number of shares | 46,821,037 | 46,821,037 |
|
Market capitalisation, EUR million |
356.8 | 360.5 |
| 1 Jan – 30 Sep 2012 | 1 Jan – 30 Sep 2011 | |
| Number of shares traded, million | 1.0 | 1.3 |
| 1 Jan – 30 Sep 2012 | ||||
| High | Low | Average | Close | |
| Share price | 8.16 | 6.65 | 7.03 | 7.62 |
CALCULATION OF RATIOS
Earnings per share (EPS), EUR :
Result attributable to parent company shareholders
----------------------------------------------------------------------
Weighted average number of outstanding shares
Shareholders’ equity per share, EUR :
Shareholders’ equity attributable to parent company shareholders
-----------------------------------------------------------------------------------------
Undiluted number of shares at the end of period
Gearing, %:
Interest-bearing liabilities – cash and bank equivalents
--------------------------------------------------------------------------- X 100
Total equity
Equity ratio, %:
Total equity
---------------------------------------------- X 100
Assets total – received advances
Taxes corresponding to the result for the reporting period are presented as income taxes in the interim report.
RELATED PARTY TRANSACTIONS
Redelivery of the two vessels, hired to Grimaldi Group in September 2011 and April 2012, took place in the second and third quarter of 2012. Otherwise 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 included herein is prepared in accordance with IAS 34 (Interim Financial Reporting) standard. The Company has adopted new or revised IFRS standards and IFRIC interpretations from beginning of the reporting period corresponding to those described in the 2011 Financial Statements. These new or revised standards have not had an effect on the reported figures. In other respects, the same accounting policies have been followed as in the previous annual financial statements. 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.
