Finnlines
Finnlines Plc Interim report January-September 2014 (unaudited)
DGAP-News: Finnlines 06.11.2014 / 14:54 --------------------------------------------------------------------- Helsinki, Finland, 2014-11-06 14:54 CET (GLOBE NEWSWIRE) -- FINNLINES PLC INTERIM REPORT JANUARY-SEPTEMBER 2014 (unaudited) Stock Exchange Release 6 November 2014 at 15:55 JANUARY-SEPTEMBER 2014: Result improved over EUR 37 million · Revenue EUR 413.8 (433.3 prev. year) million, decrease 4.5 per cent · Result before interest, taxes, depreciation and amortisation (EBITDA) EUR 91.5 (63.4) million, increase 44.3 per cent · Result for the reporting period EUR 33.2 (-3.9) million · Earnings per share were 0.64 (-0.08) EUR/share · Interest-bearing debt decreased EUR 96.7 million and was EUR 627.1 (723.8) million at the end of the period · Fuel consumption reduced by 4.9 per cent JULY-SEPTEMBER 2014: Best quarterly result ever in eight years, earnings per share up by almost 200 per cent · Revenue EUR 143.7 (149.7 prev. year) million, decrease 4.0 per cent · Result before interest, taxes, depreciation and amortisation (EBITDA) EUR 36.9 (28.6) million, increase 29.4 per cent · Result for the reporting period EUR 18.1 (6.1) million · Earnings per share were 0.35 (0.12) EUR/share KEY FIGURES MEUR 1-9 2014 1-9 2013 7-9 2014 7-9 2013 1-12 2013 Revenue 413.8 433.3 143.7 149.7 563.6 Result before interest, 91.5 63.4 36.9 28.6 83.7 taxes, depreciation and amortisation (EBITDA) Result before interest and 48.1 12.8 22.9 11.7 18.1 taxes (EBIT) % of revenue 11.6 2.9 15.9 7.8 3.2 Result for the reporting 33.2 -3.9 18.1 6.1 6.0 period EPS, EUR 0.64 -0.08 0.35 0.12 0.12 Shareholders' equity/share, 9.63 8.78 9.63 8.78 8.98 EUR Equity ratio, % 38.6 33.4 38.6 33.4 35.7 Interest bearing debt, MEUR 627.1 723.8 627.1 723.8 673.0 Gearing, % 130.0 163.5 130.0 163.5 149.1 EMANUELE GRIMALDI, PRESIDENT AND CEO, IN CONJUNCTION WITH THE REVIEW: Finnlines Group's profitability growth is impressive and the fleet is ready for 2015 'The third quarter result for the reporting period, EUR 18.1 million, is the fourth consecutive quarter with impressive over EUR 10 million improvement when compared to previous year. The January-September result for the reporting period amounting to EUR 33.2 million, again, is a record result in eight years. Despite of a somewhat uncertain economic environment we have been able to improve further our profitability. Lower bunker surcharge reduced the turnover slightly. However, higher cargo volumes have increased the capacity utilisation of our vessels, which have reduced our costs and have improved our efficiency. Through operational optimisations, fuel consumption was reduced in the first nine months of the year by 4.9 per cent with benefit for both the environment and company results. The Company is targeting not only for improving its operations and profitability but also for improving its capital structure; we continue to analyse every vessel and every line in order to investigate whether there is opportunity for profitable operations in the current market situation and need to react if overcapacity exists. Finnlines Group's good cash-flow generation has enabled us to further reduce our interest bearing debt considerably and, therefore, the equity ratio has improved to 38.6 per cent. The turnaround programme striving towards cost efficiency has been well implemented and the results show our people can deliver. We are progressing well with our capex programme and after implementation we will have the strongest fleet in the Baltic Sea with scrubbers installed and efficient fuel economy with new propulsion systems. We continue our good work to improve further our operational efficiency and cost efficiency and it has already become crystal clear that the Group's result before taxes will continue to improve over the previous year. In fact, when measured at the EBITDA level Finnlines Group is likely to make its best or second best EBITDA since the beginning of this century.' FINNLINES PLC, INTERIM REPORT JANUARY-SEPTEMBER 2014 (unaudited) FINNLINES' BUSINESS Finnlines is the largest shipping company in the Baltic Sea providing both ro-ro and ro-pax services (source: Baltic Transportation Journal). Finnlines' passenger-freight vessels offer services from Finland to Germany and via the Åland Islands to Sweden, from Sweden to Germany and from Germany to Russia. Finnlines' ro-ro vessels operate in the Baltic Sea and the North Sea. The Company has subsidiaries in Germany, Belgium, Great Britain, Sweden, Denmark and Poland which all are also sales offices. In addition to sea transportation, the Company provides port services in Helsinki and Turku. GROUP STRUCTURE Finnlines Plc is a Finnish listed company. At the end of the reporting period, the Group consisted of the parent company and 25 subsidiaries. Finnlines is part of the Italian Grimaldi Group, which is a global logistics group specialising in maritime transport of cars, rolling cargo, containers and passengers. The Grimaldi Group comprises seven shipping companies, including Finnlines, Atlantic Container Line (ACL), Malta Motorways of the Sea (MMS) and Minoan Lines. With a fleet of about 100 vessels, the Group provides maritime transport services for rolling cargo and containers between North Europe, the Mediterranean, the Baltic Sea, West Africa, North and South America. It also offers passenger services within the Mediterranean and Baltic Sea. With 77.76 per cent (on 30 September 2014) of the shares, the Grimaldi Group is the biggest shareholder in Finnlines Plc. GENERAL MARKET DEVELOPMENT Based on the statistics by the Finnish Transport Agency for January-August, the Finnish seaborne imports carried in container, lorry and trailer units remained at the same level as in 2013 whereas exports increased by 3 per cent (measured in tons) compared to the same period in 2013. According to the statistics published by Shippax for January-August, trailer and lorry volumes transported by sea between Southern Sweden and Germany increased by 1 per cent compared to 2013. During the same period private and commercial passenger traffic between Finland and Sweden decreased by 3 per cent. Between Finland and Germany the corresponding traffic decreased by 8 per cent (Finnish Transport Agency). FINNLINES' TRAFFIC During the third quarter Finnlines operated on average 24 (25) vessels in its own traffic. In August Finnlines re-opened its weekly service from the Finnish ports of Kotka and Helsinki to Tilbury, Great Britain. The vessel returns to Helsinki via Amsterdam and Antwerp and further to St. Petersburg. On the Helsinki-Rostock service MS Finnkraft substituted MS Finnhansa, which left northern Europe at the end of September 2014. The cargo volumes transported during January-September totalled approximately 486 (478 in 2013) thousand cargo units, 61 (43) thousand cars (not including passengers' cars) and 1,803 (1,649) thousand tons of freight not possible to measure in units. In addition, some 450 (443) thousand private and commercial passengers were transported. FINANCIAL RESULTS January-September 2014 The Finnlines Group recorded revenue totalling EUR 413.8 (433.3) million, a decrease of 4.5 per cent compared to the same period in 2013. Shipping and Sea Transport Services generated revenue amounting to EUR 401.9 (413.8) million and Port Operations EUR 28.6 (38.5) million. The internal revenue between the segments was EUR 16.7 (19.0) million. Result before interest, taxes, depreciation and amortisation (EBITDA) was EUR 91.5 (63.4) million, an increase of 44.3 per cent. Result before interest and taxes (EBIT) was EUR 48.1 (12.8) million. The increased efficiency of the operations in terms of bunker consumption, higher capacity utilisation of vessels and reduction of costs in many areas has continued to impact the financial performance of the Group. Net financial expenses decreased and were EUR -16.8 (-18.9) million. Financial income was EUR 0.3 (0.3) million and financial expenses EUR -17.2 (-19.2) million. The above mentioned increased operational efficiency, decreased net financial expenses, and moreover, cutting of the vessel overcapacity by selling three vessels in the end of 2013, which enabled better optimization of the existing tonnage, altogether contributed to a EUR 37.1 million increase in the result for the reporting period. The result for January-September was EUR 33.2 (-3.9) million and earnings per share (EPS) were EUR 0.64 (-0.08). July-September 2014 The Finnlines Group recorded revenue totalling EUR 143.7 (149.7) million, a decrease of 4.0 per cent compared to the same period in 2013. Shipping and Sea Transport Services generated revenue amounting to EUR 140.0 (144.2) million and Port Operations EUR 8.5 (11.4) million. The internal revenue between the segments was EUR 4.8 (5.9) million. Compared to the first two quarters the amount of passengers has increased due to the summer high season. Result before interest, taxes, depreciation and amortisation (EBITDA) was EUR 36.9 (28.6) million, an increase of 29.4 per cent. Result before interest and taxes (EBIT) was EUR 22.9 (11.7) million. Net financial expenses were EUR -5.4 (-6.2) million. Financial income was EUR 0.1 (0.1) million and financial expenses totalled EUR -5.5 (-6.3) million. The result for July-September was EUR 18.1 (6.1) million, which is the best quarter ever in eight years. Earnings per share (EPS) rose to EUR 0.35 (0.12). STATEMENT OF FINANCIAL POSITION, FINANCING AND CASH-FLOW Interest-bearing debt decreased by EUR 96.7 million and amounted to EUR 627.1 (723.8) million excluding leasing liabilities EUR 19.9 (21.5) million. The equity ratio calculated from the balance sheet improved to 38.6 (33.4) per cent and gearing dropped to 130.0 (163.5) per cent. Vessel lease commitments decreased by EUR 13.9 million to EUR 14.2 million compared to the end of September 2013. At the end of the period, cash and deposits together with unused committed working capital credits amounted to EUR 82.0 (68.8) million. Net cash generated from operating activities improved markedly and was EUR 55.5 (30.2) million. CAPITAL EXPENDITURE Finnlines Group's gross capital expenditure in the reporting period totalled EUR 20.5 (9.4) million including tangible and intangible assets. Total depreciation amounted to EUR 43.4 (50.7) million. The capital expenditures consist of normal replacement costs of fixed assets, prepayments of scrubber and re-blading projects and dry-docking cost of ships. Due to the new stringent sulphur oxide emission regulations to be enforced 1 January 2015, Finnlines has ordered exhaust gas cleaning systems for six of its latest series of ro-ro vessels built 2011-2012, for four of its Star-class ro-pax vessels built 2006-2007 and for four of its ro-ro vessels built 2000-2002. These investments are part of the 2014 capex programmes. The scrubber systems will be installed during the end of 2014 and the beginning of 2015. By selecting these scrubber systems, the vessels will be able to operate in compliance with the new environmental regulations while continuing to operate on heavy fuel oil. At the same time, Finnlines has ordered an improvement retrofit to the propulsion system to be installed on four Star-class ro-pax vessels. At the end of June, Finnlines ordered the same type of improvement retrofit to the propulsion systems of MS Finnmill and MS Finnpulp. These re-blading projects will be done during the turn of the year. This new propeller and rudder system improves substantially the vessels' relative propulsion efficiency and as a result, the vessels achieve a reduction in fuel consumption. PERSONNEL The Group employed an average of 1,729 (1,878) persons during the period, consisting of 778 (927) persons on shore and 951 (951) persons at sea. The average number of shore personnel decreased mostly due to employee reductions in Port Operations. The number of persons employed at the end of the period was1,628 (1,834) in total, of which 709 (927) on shore and 919 (907) at sea. The personnel expenses (including social costs) for the reporting period were EUR -67.2 (-78.4) million. THE FINNLINES SHARE The Company's registered share capital on 30 September 2014 was EUR 103,006,282 divided into 51,503,141 shares. A total of 4.0 (0.8) million shares were traded on the NASDAQ OMX Helsinki during January-September. The market capitalisation of the Company's stock at the end of September was EUR 772.5 (321.9) million. Earnings per share (EPS) were EUR 0.64 (-0.08). Shareholders' equity per share was EUR 9.63 (8.78). At the end of the reporting period, the Grimaldi Group's holding and share of votes in Finnlines was 77.76 per cent. RISKS AND RISK MANAGEMENT Finnlines is exposed to business risks that arise from capacity of the fleet existing in the market, counterparties, prospects for export and import of goods, and changes in the operating environment. The risk of overcapacity is reduced when the aging fleet is scrapped, on the one hand, and when more stringent sulphur directive requirements come into force, on the other. Finnlines operates mainly in the Emissions Control Areas where the emission regulations are stricter than globally. The sulphur content limit for heavy fuel oil will decrease to 0.1 per cent in 2015 in accordance with the MARPOL Convention. This brings a risk of increased costs in sea transportation. But considering that Finnlines has one of the youngest and largest fleet in Northern Europe, and the Company is doing targeted investment on engine systems and energy efficiency, Finnlines is in the strong position to greatly mitigate this risk. The effect of fluctuations in the foreign trade is reduced by the fact that the Company operates in several geographical areas. This means that slow growth in one country is compensated by faster recovery in another. Finnlines continuously monitors the solidity and payment schedules of its customers and suppliers. Currently, there are no indications of risks related to counterparties and Finnlines continues to monitor the financial position of its counterparties. Finnlines holds adequate credit lines to maintain liquidity in the current business environment. LEGAL PROCEEDINGS The 2013 Financial statements, published in 27 February 2014, contain a description of ongoing legal proceedings. CORPORATE GOVERNANCE Finnlines applies the Finnish Corporate Governance Code for listed companies. The Corporate Governance Statement can be reviewed on the corporate website: www.finnlines.com. EVENTS AFTER THE REPORTING PERIOD In October, Finnlines has sold MS Finnhansa to the Grimaldi Group at a market price of EUR 30 million and Finnlines Plc's subsidiary has signed the sales agreement of MS Euroferry Brindisi (MS Finnarrow) with an external party at a market price of EUR 32.5 million. These actions, when concluded, will lead in Finnlines Group to a cumulative additional cash-flow of EUR 62.5 million, gains on sales of approximately EUR 3.5 million and an equity ratio improvement to around 40 per cent in the fourth quarter. OUTLOOK AND OPERATING ENVIRONMENT The Finnlines Group's result before taxes is expected to continue to be better for the remaining part of 2014 compared to the corresponding period in the previous year due to several reasons: certain vessels have been sold to cut overcapacity, the number of personnel has been reduced, changes in fleet/routes have increased operational efficiency, fuel consumption has been reduced, overall productivity has been increased, and the interest bearing debt has been reduced. The Group Financial Statement bulletin for the period of 1 January-31 December 2014 will be published on Tuesday, 24 February 2015. Finnlines Plc The Board of Directors Emanuele Grimaldi President and CEO ENCLOSURES - Reporting and accounting policies - Consolidated statement of comprehensive income, IFRS - Consolidated statement of financial position, IFRS - Consolidated statement of changes in equity, IFRS - Consolidated cash flow statement, IFRS (condensed) - Revenue and result by business segments - Property, plant and equipment - Contingencies and commitments - Revenue and result by quarter - Shares, market capitalisation and trading information - Calculation of ratios - Related party transactions DISTRIBUTION NASDAQ OMX Helsinki Ltd. Main media This interim report is unaudited. REPORTING AND ACCOUNTING POLICIES This interim report included herein is prepared in accordance with IAS 34 (Interim Financial Reporting) standard. The Company has adopted new or revised IFRS standards and IFRIC interpretations from the beginning of the reporting period corresponding to those described in the 2013 Financial Statements with effect of 1 January 2014. These new or revised standards have not had an effect on the reported figures. Finnlines Plc entered into the tonnage taxation regime in January 2013. In tonnage taxation, shipping operations transferred from taxation of business income to tonnage-based taxation. In other respects, the same accounting policies have been applied as in the previous annual financial statements. All figures in the accounts have been rounded and, consequently, the sum of individual figures may deviate from the presented sum figure. The preparation of the interim financial statements in accordance with IFRS requires management to make estimates and assumptions and use its discretion in applying the accounting principles that affect the valuation of the reported assets and liabilities and other information such as contingent liabilities and the recognition of income and expenses in the income statement. Although the estimates are based on the management's best knowledge of current events and actions, actual results may differ from the estimates. The uncertainties related to the key assumptions were the same as those applied to the consolidated financial statements at the year-end 31 December 2013. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME, IFRS EUR 1,000 7-9 2014 7-9 2013 1-9 2014 1-9 2013 1-12 2013 Revenue 143,673 149,661 413,813 433,303 563,587 Other income from 888 1,853 3,057 2,636 5,329 operations Materials and -50,535 -59,465 -149,296 -178,021 -229,690 services Personnel expenses -19,933 -23,887 -67,150 -78,427 -102,584 Depreciation, -14,079 -16,823 -43,384 -50,668 -65,583 amortisation and impairment losses Other operating -37,159 -39,609 -108,927 -116,062 -152,983 expenses Total operating -121,706 -139,784 -368,757 -423,178 -550,840 expenses Result before 22,855 11,729 48,113 12,761 18,075 interest and taxes (EBIT) Financial income 146 107 342 348 526 Financial expenses -5,498 -6,262 -17,181 -19,210 -25,335 Result before taxes 17,502 5,575 31,273 -6,101 -6,734 (EBT) Income taxes 645 554 1,910 2,232 12,744 Result for the 18,147 6,128 33,183 -3,869 6,011 reporting period Other comprehensive income: Other comprehensive income to be reclassified to profit and loss in subsequent periods: Exchange differences 15 14 34 -10 -9 on translating foreign operations Changes in cash flow hedging reserve Fair value changes Transfer to fixed assets Tax effect, net -4 -5 -6 2 2 Other comprehensive 11 8 28 -7 -7 income to be reclassified to profit and loss in subsequent periods, total Other comprehensive income not being reclassified to profit and loss in subsequent periods: Remeasurement of -399 defined benefit plans Tax effect, net * 0 212 1 Other comprehensive 0 212 -398 income not being reclassified to profit and loss in subsequent periods, total Total comprehensive 18,158 6,136 33,422 -3,877 5,606 income for the reporting period Result for the reporting period attributable to: Parent company 18,132 6,076 33,193 -3,879 5,997 shareholders Non-controlling 15 52 -10 10 14 interests 18,147 6,128 33,183 -3,869 6,011 Total comprehensive income for the reporting period attributable to: Parent company 18,143 6,084 33,433 -3,887 5,592 shareholders Non-controlling 15 52 -10 10 14 interests 18,158 6,136 33,422 -3,877 5,606 Result for the reporting period attributable to parent company shareholders calculated as earnings per share (EUR/share): Undiluted / diluted 0.35 0.12 0.64 -0.08 0.12 earnings per share Average number of shares: Undiluted / diluted 51,503,141 51,503,141 51,503,141 49,202,477 49,782,370 The majority of amounts included in Comprehensive income relates to tonnage tax scheme. There is no tax on this income. * Tax asset has been posted from remeasurement because Finnlines Deutschland GmbH transferred from tonnage-based taxation to business taxation at the end of January 2014. The company entered into business taxation as from 1 February 2014. CONSOLIDATED STATEMENT OF FINANCIAL POSITION, IFRS EUR 1,000 30 Sep 30 Sep 31 Dec 2014 2013 2013 ASSETS Non-current assets Property, plant and equipment 986,021 1,098,516 1,084,389 Goodwill 105,644 105,644 105,644 Intangible assets 5,717 5,941 5,836 Other financial assets 4,580 4,581 4,580 Receivables 1,018 483 43 Deferred tax assets 1,599 1,428 1,370 1,104,579 1,216,592 1,201,861 Current assets Inventories 8,496 11,360 8,832 Accounts receivable and other receivables 97,011 90,475 85,251 Income tax receivables 185 1 1 Cash and cash equivalents 2,454 4,099 2,508 108,145 105,934 96,592 Non current assets held for sale 74,086 36,620 Total assets 1,286,810 1,359,146 1,298,453 EQUITY Equity attributable to parent company shareholders Share capital 103,006 103,006 103,006 Share premium account 24,525 24,525 24,525 Fair value reserve Translation differences 136 109 109 Fund for invested unrestricted equity 40,016 40,016 40,016 Retained earnings 328,046 284,773 294,641 495,730 452,429 462,297 Non-controlling interests 308 848 360 Total equity 496,038 453,277 462,658 LIABILITIES Long-term liabilities Deferred tax liabilities 55,596 68,497 57,560 Interest-free liabilities 2,550 4,349 3,242 Pension liabilities 3,961 3,711 3,982 Provisions 1,889 5,052 1,980 Interest-bearing liabilities 485,988 549,404 557,759 549,983 631,014 624,523 Current liabilities Accounts payable and other liabilities 79,589 78,864 72,815 Income tax liabilities 16 25 27 Provisions 103 60 3,715 Current interest-bearing liabilities 152,560 195,907 134,715 232,268 274,856 211,273 Total liabilities 782,251 905,869 835,796 Liabilities directly attributable to 8,521 non-current assets held for sale Total equity and liabilities 1,286,810 1,359,146 1,298,453 CONSOLIDATED statement of changes in equity 2013, IFRS EUR Equity attributable to parent company 1,000 shareholders Share Share Trans- Fair Unres- Retaine Total Non- Total capital issue lation value tricte d contro equity pre diffe- reserv d earning l- -mium rences es equity s ling reserv intere e sts Report 93,642 24,525 116 21,015 289,990 429,289 838 430,127 ed equit y 1 Januar y 2013 Effect -1,338 -1,338 -1,338 of IAS 19 Emplo yee benefi ts standa rd Restat 93,642 24,525 116 21,015 288,652 427,951 838 428,788 ed equity 1 Januar y 2013 Compre hen- sive incom e for the repor ting period : Result -3,879 -3,879 10 -3,869 for the report ing period Exchan -10 -10 -10 ge differ ences on transl ating foreig n operat ions Tax 2 2 2 effec t, net Total -7 -3,879 -3,887 10 -3,877 compr ehensi ve income for the report ing period Share 9,364 19,001 28,365 28,365 issue Equity 103,006 24,525 109 40,016 284,773 452,429 848 453,277 30 Septem ber 2013 CONSOLIDATED statement of changes in equity 2014, IFRS EUR Equity attributable to parent company 1,000 shareholders Share Share Trans- Fair Unres- Retai- Total Non- Total capital issue lation value tricte ned contr- equity premiu diffe- reserv d earning olling m rences es equity s intere reserv sts e Report 103,006 24,525 109 40,016 294,641 462,297 360 462,658 ed equity 1 Januar y 2014 Effect of IAS 19 Emplo yee benefi ts standa rd Restat 103,006 24,525 109 40,016 294,641 462,297 360 462,658 ed equity 1 Januar y 2014 Compre hen- sive incom e for the repor ting period : Result 33,193 33,193 -10 33,183 for the report ing period Exchan 34 34 34 ge differ ences on transl ating foreig n operat ions Tax -6 212 206 206 effec t, net Total 28 33,405 33,433 -10 33,422 compre hensiv e income for the report ing period Divide -42 -42 nd Equity 103,006 24,525 136 40,016 328,046 495,730 308 496,038 30 Septem ber 2014 CONSOLIDATED CASH FLOW STATEMENT, IFRS EUR 1,000 1-9 2014 1-9 2013 1-12 2013 Cash flows from operating activities Result for the reporting period 33,183 -3,869 6,011 Adjustments: Non-cash transactions 41,788 48,970 61,609 Unrealised foreign exchange gains (-) / losses -45 33 19 (+) Financial income and expenses 16,884 18,829 24,790 Taxes -1,910 -2,232 -12,744 Changes in working capital Change in accounts receivable and other -16,676 -16,273 -6,402 receivables Change in inventories 336 -1,601 927 Change in accounts payable and other liabilities 4,934 8,467 -170 Change in provisions -113 -129 379 Interest paid -15,983 -19,172 -22,366 Interest received 113 121 192 Taxes paid * -3,885 -406 -423 Other financing items -3,080 -2,491 -3,645 Net cash generated from operating activities 55,547 30,248 48,175 Cash flow from investing activities Investments in tangible and intangible assets -16,689 -10,265 -10,960 Proceeds from sale of tangible assets 7,801 86,503 120,647 Dividends received 13 12 Loans granted -900 Net cash used in investing activities -9,775 76,238 109,699 Cash flows from financing activities Proceeds from issue of share capital 28,365 28,365 Loan withdrawals 135,475 173,773 263,772 Net increase in current interest-bearing 17,556 43 -14,198 liabilities Repayment of loans -199,166 -321,077 -449,914 Acquisition of non-controlling interest -102 Decrease in long-term receivables 350 229 429 Dividends paid -42 Net cash used in financing activities -45,827 -118,667 -171,647 Change in cash and cash equivalents -55 -12,181 -13,772 Cash and cash equivalents 1 January 2,508 16,282 16,282 Effect of foreign exchange rate changes 0 -3 -2 Cash and cash equivalents at the end of period 2,454 4,099 2,508 * Taxes paid includes Finnlines Deutschland GmbH's payment of tax provision EUR 3.6 million. REVENUE AND RESULT BY BUSINESS SEGMENTS 7-9 2014 7-9 2013 1-9 2014 1-9 2013 1-12 2013 MEUR % MEUR % MEUR % MEUR % MEUR % Revenue Shipping 140.0 97.4 144.2 96.3 401.9 97.1 413.8 95.5 538.6 95.6 and sea transport services Port 8.5 5.9 11.4 7.6 28.6 6.9 38.5 8.9 50.1 8.9 operation s Intra-grou -4.8 -3.3 -5.9 -4.0 -16.8 -4.0 -19.0 -4.4 -25.1 -4.5 p revenue External 143.7 100.0 149.7 100.0 413.8 100.0 433.3 100.0 563.6 100.0 sales Result before interest and taxes Shipping 22.1 13.5 49.8 19.7 27.9 and sea transport services Port 0.7 -1.8 -1.7 -7.0 -9.8 operation s Result 22.8 11.7 48.1 12.8 18.1 before interest and taxes (EBIT) total Financial -5.3 -6.2 -16.8 -18.9 -24.8 items Result 17.5 5.6 31.3 -6.1 -6.7 before taxes (EBT) Income 0.6 0.6 1.9 2.2 12.7 taxes Result for 18.1 6.1 33.2 -3.9 6.0 the reporting period PROPERTY, PLANT AND EQUIPMENT 2014 EUR 1,000 Land Buildin Vessels Machinery ** Total gs and Advance equipment payments & acquisition s under constructio n Acquisition cost 72 75,271 1,372,769 73,122 398 1,521,632 1 January 2014 Exchange rate 36 36 differences Increases 4,068 116 15,664 19,849 Disposals -2,062 -261 -6,698 -9,021 Reclassification -4,369 -94,603 -22,395 -121,367 s to non-current assets held for sale * Acquisition cost 72 68,840 1,281,974 44,181 16,062 1,411,128 30 September 2014 Accumulated -16,316 -373,866 -47,060 -437,243 depreciation, amortisation and write-offs 1 January 2014 Exchange rate -33 -33 differences Reclassification 1,132 35,638 10,510 47,280 to non-current assets held for sale * Cumulative 1,012 261 6,223 7,496 depreciation on reclassification s and disposals Depreciation for -1,815 -39,060 -1,733 -42,609 the reporting period Accumulated -15,986 -377,028 -32,093 -425,108 depreciation, amortisation and write-offs 30 September 2014 Book value 30 72 52,853 904,946 12,088 16,062 986,021 September 2014 * Finnlines Group is negotiating to sell two vessels with the book value of EUR 58.9 million and the Port Operations are negotiating to sell port assets with the book value of around EUR 15.1 million. No impairment losses have been recognized on the carrying amount of the assets. ** Includes mainly advance payments for the scrubber system. PROPERTY, PLANT AND EQUIPMENT 2013 EUR 1,000 Land Buildin Vessels Machine Advance Total gs ry payments and & equipme acquisitio nt ns under constructi on Acquisition cost 1 72 76,466 1,597,437 79,690 991 1,754,655 January 2013 Exchange -13 -13 rate differences Increases 102 8,463 479 23 9,067 Reclassifi -126,855 -237 -127,092 cations to non-current assets held for sale * Disposals -803 -106,412 -6,344 -113,559 Reclassifi 406 5 -410 0 cations Acquisition cost 30 72 75,765 1,373,037 73,817 367 1,523,058 September 2013 Accumulated -15,047 -429,028 -50,285 -494,360 depreciation, amortisation and write-offs 1 January 2013 Exchange 12 12 rate differences Reclassifications to 90,472 90,472 non-current assets held for sale * Cumulative 801 21,612 6,579 28,991 depreciation on reclassifi cations and disposals Depreciation -1,919 -44,575 -3,163 -49,657 for the reporting period Accumulated -16,166 -361,518 -46,858 -424,542 depreciation, amortisation and write-offs 30 September 2013 Book value 72 59,599 1,011,519 26,959 367 1,098,516 30 September 2013 CONTINGENCIES AND COMMITMENTS EUR 1,000 30 Sep 30 Sep 31 Dec 2014 2013 2013 Minimum leases payable in relation to fixed-term leases: Vessel leases (Group as lessee): Within 12 months 11,492 13,934 14,007 1-5 years 2,683 14,175 10,644 14,175 28,109 24,651 Vessel leases (Group as lessor): Within 12 months 2,446 1,580 2,356 1-5 years 5,847 4,749 7,457 8,293 6,329 9,812 Other leases (Group as lessee): Within 12 months 6,307 5,658 6,107 1-5 years 17,619 17,177 17,948 After five years 10,117 13,127 12,358 34,043 35,962 36,413 Other leases (Group as lessor): Within 12 months 245 364 350 245 364 350 Collateral given Loans from financial institutions 520,024 601,095 561,245 Vessel mortgages provided as guarantees for the 1,035,000 1,136,000 1,121,000 above loans Other collateral given on own behalf Pledged deposits 0 11 Corporate mortgages 606 606 606 606 617 606 Other obligations * 43,782 2,777 2,375 VAT adjustment liability related to real estate 5,674 6,953 6,756 investments * 2014 includes scrubber system and re-blading obligations EUR 42.1 million. REVENUE AND RESULT BY QUARTER MEUR Q1/14 Q1/13 Q2/14 Q2/13 Q3/14 Q3/13 Shipping and sea transport services 122.8 126.0 139.1 143.6 140.0 144.2 Port operations 10.0 14.3 10.2 12.8 8.5 11.4 Intra-group revenue -6.0 -6.4 -5.9 -6.7 -4.8 -5.9 External sales 126.8 133.9 143.3 149.7 143.7 149,7 Result before interest and taxes Shipping and sea transport services 7.3 -3.6 20.4 9.8 22.1 13,5 Port operations -1.8 -2.2 -0.6 -3.0 0.7 -1,8 Result before interest and taxes 5.4 -5.8 19.8 6.9 22.8 11,7 (EBIT) total Financial items -5.8 -6.2 -5.7 -6.5 -5.3 -6,2 Result before taxes (EBT) -0.4 -12.1 14.1 0.4 17.5 5,6 Income taxes 0.7 1.2 0.6 0.5 0.6 0,6 Result for the reporting period 0.3 -10.9 14.7 0.9 18.1 6,1 EPS (undiluted / diluted)* 0.01 -0.23 0.29 0.02 0.35 0,12 * Key indicators per share have been adjusted with the share issue adjustment factor. SHARES, MARKET CAPITALISATION AND TRADING INFORMATION 30 Sep 2014 30 Sep 2013 Number of shares 51,503,141 51,503,141 Market capitalisation, EUR million 772.5 321.9 1-9 2014 1-9 2013 Number of shares traded, million 4.0 0.8 1-9 2014 High Low Average Close Share price 15.01 7.14 8.95 15.00 CALCULATION OF RATIOS Earnings per share (EPS), EUR : Result attributable to parent company shareholders ------------------------------------------------------------------------- Weighted average number of outstanding shares Shareholders' equity per share, EUR : Shareholders' equity attributable to parent company shareholders -------------------------------------------------------------------------------- ----------- Undiluted number of shares at the end of period Gearing, %: Interest-bearing liabilities - cash and bank equivalents --------------------------------------------------------------------------- X 100 Total equity Equity ratio, %: Total equity --------------------------------------------- X 100 Assets total - received advances Income tax expense is recognised based on the best estimate of the weighted-average annual income tax rate expected for the full financial year. In January 2013, the shipping operations of Finnlines Plc transferred to tonnage-based taxation. At the end of January 2014, Finnlines Deutschland GmbH transferred from tonnage-based taxation to business taxation. The company entered into business taxation as from 1 February 2014. RELATED PARTY TRANSACTIONS There were no material related party transactions during the reporting period. News Source: NASDAQ OMX --------------------------------------------------------------------- 06.11.2014 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: Finnlines Finland ISIN: FI0009003644 End of News DGAP News-Service --------------------------------------------------------------------- 295573 06.11.2014
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