Finnlines
Interim Report January-March 2015 (unaudited)
DGAP-News: Finnlines 2015-05-13 / 12:00 --------------------------------------------------------------------- Helsinki, Finland, 2015-05-13 12:00 CEST (GLOBE NEWSWIRE) -- FINNLINES PLC INTERIM REPORT JANUARY-MARCH 2015 (UNAUDITED) Stock Exchange Release 13 May 2015 at 13:00 JANUARY-MARCH 2015: Result for the reporting period improved to EUR 0.6 million from EUR 0.3 million - Revenue EUR 116.8 (EUR 126.8 prev. year) million, decrease 7.9 per cent, mainly due to the reduction in cargo-related bunker surcharge - Result before interest, taxes, depreciation and amortisation (EBITDA) EUR 17.7 (20.2) million, decrease 12.1 per cent - Result for the reporting period EUR 0.6 (0.3) million - Earnings per share were 0.01 (0.01) EUR/share - Interest-bearing debt decreased EUR 68.5 million and was EUR 593.5 (662.1) million at the end of the period KEY FIGURES MEUR Q1 2015 Q1 2014 1-12 2014 Revenue 116.8 126.8 532.9 Result before interest, taxes, 17.7 20.2 115.4 depreciation and amortisation (EBITDA) Result before interest and taxes (EBIT) 3.9 5.4 58.6 % of revenue 3.3 4.3 11.0 Result for the reporting period 0.6 0.3 41.7 EPS, EUR 0.01 0.01 0.81 Shareholders' equity/share, EUR 9.79 8.99 9.78 Equity ratio, % 40.2 35.7 41.7 Interest-bearing debt, MEUR 593.5 662.1 552.5 Gearing, % 121.0 146.9 113.0 EMANUELE GRIMALDI, PRESIDENT AND CEO, IN CONJUNCTION WITH THE REVIEW: 'The first quarter result was in line with our forecast and the first part of our EUR 100 million environmental technology investment programme is nearing completion. The result of Q1 2015 was EUR 0.6 million, which was according to our forecast. During the reporting period already 12 vessels have undergone the exhaust gas cleaning systems ('scrubbers') installation and new propulsion systems have been installed into six vessels. This first part totals EUR 65 million of our EUR 100 million environmental technology investment programme for 2014 to 2016. The final completion of the ongoing scrubber installations will increase the share of heavy fuel oil to be used during the next nine months. This means that the Group will achieve savings in fuel costs due to cheaper IFO fuel compared to more expensive MGO, which our vessels had to consume during the first quarter as required by the new IMO sulphur directive. We have also kept our costs low and continue our turnaround programme in order to improve our financial and operational performance further. We have stated in February when releasing our 2014 audited financial statements that the result before taxes is expected to be better in 2015 compared to 2014. The first quarter was burdened with several vessels being docked for scrubber installations, but for the remainder of the year we will have the full fleet in operation and being able to serve our clients with more efficient and environmentally friendly vessels. Therefore, we expect good potential in the following quarters to improve our result over the previous year.' FINNLINES PLC, INTERIM REPORT JANUARY-MARCH 2015 (unaudited) FINNLINES' BUSINESS Finnlines is the largest shipping company in the Baltic Sea based on both ro-ro and ro-pax volumes (source: Baltic Transportation Journal). The Company's passenger-freight vessels offer services from Finland to Germany and via the Åland Islands to Sweden, as well as from Sweden to Germany. 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 24 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 80.4 per cent (on 31 March 2015) 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-February, the Finnish seaborne imports carried in container, lorry and trailer units (measured in tons) decreased by 8 per cent whereas exports remained on the same level compared to the same period in 2014. During the same period private and commercial passenger traffic between Finland and Sweden increased by 1 per cent. Between Finland and Germany the corresponding traffic increased by 3 per cent (Finnish Transport Agency). FINNLINES' TRAFFIC During the first quarter, Finnlines operated on average 23 (24) vessels in its own traffic. As from 19 January 2015 Finnlines opened the route between Hanko and Rostock operated by MS Finnmerchant acquired in January 2015. The ro-ro vessel built in 2003 complements Finnlines' liner services offered to customers and strengthens the competitiveness of Finnlines' fleet. The new stricter environmental regulations for the fuel sulphur limit came into force as from 1 January 2015. During the first quarter 2015 the installations of scrubbers and new propulsion systems have continued, which has caused occasional disruption to the services offered. The majority of the installations have been completed by the end of March 2015. The cargo volumes transported during January-March totalled approximately 150 (158 in 2014) thousand cargo units, 33 (16) thousand cars (not including passengers' cars ) and 480 (584) thousand tons of freight not possible to measure in units. In addition, some 103 (109) thousand private and commercial passengers were transported. FINANCIAL RESULTS January-March 2015 The Finnlines Group recorded revenue totalling EUR 116.8 (126.8) million, a decrease of 7.9 per cent compared to the same period in 2014. Shipping and Sea Transport Services generated revenue amounting to EUR 112.9 (122.8) million and Port Operations EUR 8.3 (10.0) million. The internal revenue between the segments was EUR 4.4 (6.0) million. Result before interest, taxes, depreciation and amortisation (EBITDA) was EUR 17.7 (20.2) million, an decrease of 12.1 per cent. Result before interest and taxes (EBIT) was EUR 3.9 (5.4) million. During the first quarter, the installations of sulphur scrubbers and propulsion systems and chartering of substituting tonnage has caused additional costs influencing the result negatively. Despite this, Finnlines Group managed to maintain the result on the same level compared to the first quarter of 2014. The increased efficiency of the operations i.e. lower bunker consumption, higher capacity utilisation and reduction of costs in many areas has continued to impact the financial performance of the Group. In addition, the results of the first quarters are affected by the seasonality of the cargo volumes, which are typically on a lower level at the turn of the year. The number of passengers is also modest compared to the summer season. Net financial expenses amounted to EUR -4.3 (-5.8) million. Financial income was EUR 0.3 (0.0) million and financial expenses totalled EUR -4.6 (-5.8) million. The result for the reporting period remained positive and was EUR 0.6 (0.3) million and earnings per share (EPS) were EUR 0.01 (0.01). STATEMENT OF FINANCIAL POSITION, FINANCING AND CASH-FLOW Interest-bearing debt decreased by EUR 68.5 million and amounted to EUR 593.5 (662.1). The equity ratio calculated from the balance sheet improved to 40.2 (35.7) per cent and gearing dropped to 121.0 (146.9) per cent. Due to the expired charter agreements and redelivery of chartered tonnage vessel lease commitments decreased by EUR 13.2 million to EUR 8.0 million compared to the end of March 2014. At the end of the period, cash and deposits together with unused committed credit lines amounted to EUR 54.9 (47.8) million. Net cash generated from operating activities before investing activities decreased slightly and was EUR 4.9 (6.1) million. CAPITAL EXPENDITURE Finnlines Group's gross capital expenditure in the reporting period totalled EUR 39.3 (1.1) million. Total depreciation amounted to EUR 13.8 (14.7) million. The investments consist of the purchase of MS Finnmerchant, normal replacement expenditure of fixed assets, scrubber and re-blading projects and dry-dockings of ships. In January, Finnlines signed a purchase agreement of two ro-ro vessels, and paid a part of the purchase price. The vessels will be delivered at the turn of the year 2015/2016. The new stricter environmental regulations for the fuel sulphur limit came into force as from 1 January 2015. For this reason, Finnlines ordered exhaust gas cleaning systems ('scrubbers') for six of its latest series of ro-ro vessels built in 2011-2012, for four of its Star-class ro-pax vessels built in 2006-2007 and for four of its ro-ro vessels built in 2000-2002. These investments total EUR 65 million and are part of the Finnlines Group's EUR 100 million capex programme. The actual installations of scrubbers started in late 2014 and the majority of these installations were finished during the first quarter 2015. These cleaning systems enable the vessels to operate in compliance with the new environmental regulations. Finnlines has also ordered an improvement retrofit to the propulsion system on four Star-class ro-pax vessels and on two ro-ro vessels. This propulsion upgrading project started also at the turn of the year and all propulsion upgrades were done by mid February 2015. The new system will substantially improve the vessels' relative propulsion efficiency and, as a result, reduce their fuel consumption. In beginning of March 2015, Finnlines extended the environmental investment programme by ordering one additional scrubber for MS Finnmerchant. The installation on Finnmerchant will take place during Q3/2015. PERSONNEL The Group employed an average of 1,595 (1,712) persons during the period, consisting of 694 (797) persons on shore and 901 (915) 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 was 1,567 (1,726) in total, of which 706 (800) on shore and 861 (926) at sea. The personnel expenses (including social costs) for the reporting period were EUR 21.0 (24.6) million. THE FINNLINES SHARE The Company's registered share capital on 31 March 2015 was EUR 103,006,282 divided into 51,503,141 shares. A total of 0.3 (1.3) million shares were traded on the NASDAQ OMX Helsinki during the period. The market capitalisation of the Company's stock at the end of March was EUR 825.1 (380.6) million. Earnings per share (EPS) were EUR 0.01 (0.01). Shareholders' equity per share was EUR 9.79 (8.99). At the end of the reporting period, the Grimaldi Group's holding and share of votes in Finnlines was 80.4 per cent. DECISIONS TAKEN BY THE ANNUAL GENERAL MEETING Finnlines Plc's Annual General Meeting was held in Helsinki on 14 April 2015. The Annual General Meeting of Finnlines Plc approved the Financial Statements and discharged the members of the Board of Directors and President and CEO from liability for the financial year 2014. It was decided to accept the proposal of the Board of Directors that no dividend shall be paid for 2014. The meeting decided that the number of Board Members be seven. All of the current Board Members were re-elected; Mr Christer Backman, Ms Tiina Bäckman, Mr Emanuele Grimaldi, Mr Gianluca Grimaldi, Mr Diego Pacella, Mr Olav K. Rakkenes and Mr Jon-Aksel Torgersen. The yearly compensation to the Board will remain unchanged as follows: EUR 50,000 for the Chairman, EUR 40,000 for the Vice Chairman, and EUR 30,000 for each of the other members of the Board. The Annual General Meeting elected KPMG Oy Ab as the Company's auditor for the fiscal year 2015. It was decided that the external auditors will be reimbursed according to invoice. It was decided to authorise the Board of Directors to resolve on the issuance of shares in one or several tranches. The Board of Directors may, on the basis of the authorisation, resolve on the issuance of shares in one or several tranches, so that the aggregate number of shares to be issued shall not exceed 10,000,000 shares. The Board of Directors decides on all the conditions of the issuance of shares. The issuance of shares may be carried out in deviation from the shareholders' pre-emptive rights (directed issue). The authorisation is valid until the next Annual General Meeting. The authorisation replaces the Annual General Meeting's authorisation to decide on a share issue of 8 April 2014. RISKS AND RISK MANAGEMENT Finnlines is exposed to business risks that arise from the 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 vessels are scrapped, on the one hand, and as more stringent sulphur directive requirements have 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 was reduced to 0.10 per cent as from 1.1.2015 in accordance with the MARPOL Convention. This increases costs of sea transportation. However, with one of the youngest and largest fleets in Northern Europe and with investments targeted on engine systems and energy efficiency, Finnlines is in a 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 imminent risks related to counterparties but the Company 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 2014 Financial statements, published on 24 February 2015, contain a description of ongoing legal proceedings. On 27 February 2015, the District Court of Helsinki rendered its decision on the dispute between Finnlines Plc and the State of Finland. According to Finnlines Plc the Finnish Act on Fairway Dues in force until 1 January 2006 has contained provisions which according to EU law were discriminatory. The Company has been charged excessive fairway dues during 2001-2004. In its decision, the District Court of Helsinki has ordered the State of Finland to refund to Finnlines Plc, as plaintiffs, the fairway dues, charged in excessive extent in the years 2001-2004 totalling about EUR 17.0 million including interest. The Finnish State has announced that it would appeal the decision to the Helsinki Court of Appeal. The case is pending. 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 There are no significant events to report. OUTLOOK AND OPERATING ENVIRONMENT The first part of Finnlines Group's EUR 100 million capex programme is nearing completion, where fifteen scrubbers and six propulsion systems are being installed into the vessels. Finnlines Group's result before taxes is expected to be better in 2015 compared to the same period in the previous year. Cost efficient and environmentally friendly fleet which is also better adjusted to current market conditions and vessel capacity requirements are the main drivers behind the Company's expectations. The second interim report of 2015 for the period of 1 January-30 June will be published on Wednesday, 29 July 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 - Fair value hierarchy - Contingencies and commitments - Shares, market capitalisation and trading information - Events after the reporting period - 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 adopts new or revised IFRS standards and IFRIC interpretations from the beginning of the reporting period corresponding to those described in the 2014 Financial Statements with effect of 1 January 2015. They did not have any impact 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. 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 2014. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME, IFRS EUR 1,000 1-3 2015 1-3 2014 1-12 2014 Revenue 116,829 126,803 532,889 Other income from operations 288 1,618 6,776 Materials and services -42,899 -48,429 -191,445 Personnel expenses -20,952 -24,643 -88,418 Depreciation, amortisation and -13,837 -14,734 -56,843 impairment losses Other operating expenses -35,534 -35,181 -144,396 Total operating expenses -113,222 -122,986 -481,102 Result before interest and 3,894 5,435 58,563 taxes (EBIT) Financial income 354 56 483 Financial expenses -4,608 -5,848 -22,412 Result before taxes (EBT) -360 -356 36,634 Income taxes 991 684 5,079 Result for the reporting period 632 328 41,713 Other comprehensive income: Other comprehensive income to be reclassified to profit and loss in subsequent periods: Exchange differences on translating foreign 38 2 69 operations Tax effect, net 0 Other comprehensive income to be 38 2 69 reclassified to profit and loss in subsequent periods, total Other comprehensive income not being reclassified to profit and loss in subsequent periods: Remeasurement of defined -844 benefit plans Tax effect, net * 212 353 Other comprehensive income not 212 -491 being reclassified to profit and loss in subsequent periods, total Total comprehensive income for 670 542 41,291 the reporting period Result for the reporting period attributable to: Parent company shareholders 655 355 41,726 Non-controlling interests -23 -27 -13 632 328 41,713 Total comprehensive income for the reporting period attributable to: Parent company shareholders 693 569 41,304 Non-controlling interests -23 -27 -13 670 542 41,291 Result for the reporting period attributable to parent company shareholders calculated as earnings per share (EUR/share): Undiluted / diluted earnings 0.01 0.01 0.81 per share Average number of shares: Undiluted / diluted 51,503,141 51,503,141 51,503,141 The majority of amounts included in Comprehensive income relates to tonnage tax scheme. * 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 31 Mar 2015 31 Mar 2014 31 Dec 2014 ASSETS Non-current assets Property, plant and equipment 1,014,013 1,069,523 983,183 Goodwill 105,644 105,644 105,644 Intangible assets 5,307 5,706 5,500 Other financial assets 4,576 4,580 4,576 Receivables 838 238 838 Deferred tax assets 5,703 1,586 5,353 1,136,080 1,187,275 1,105,092 Current assets Inventories 7,102 8,476 5,926 Accounts receivable and 99,662 101,663 76,480 other receivables Income tax receivables 1 61 1 Cash and cash equivalents 2,185 2,230 2,680 108,950 112,430 85,086 Non-current assets held for sale 15,121 1,173 20,297 Total assets 1,260,151 1,300,878 1,210,475 EQUITY Equity attributable to parent company shareholders Share capital 103,006 103,006 103,006 Share premium account 24,525 24,525 24,525 Translation differences 216 110 178 Fund for invested unrestricted 40,016 40,016 40,016 equity Retained earnings 336,530 295,208 335,876 504,294 462,866 503,601 Non-controlling interests 283 332 306 Total equity 504,577 463,199 503,907 LIABILITIES Long-term liabilities Deferred tax liabilities 55,517 56,858 56,102 Other long term liabilities 150 3,013 163 Pension liabilities 4,701 3,973 4,705 Provisions 1,844 1,925 1,844 Loans from financial institutions 468,512 498,087 420,722 530,724 563,858 483,536 Current liabilities Accounts payable and other 80,361 85,460 71,565 liabilities Current tax liabilities 26 18 72 Provisions 267 3,616 81 Loans from financial institutions 136,061 184,727 142,967 216,715 273,822 214,685 Total liabilities 747,440 837,679 698,220 Liabilities related to long-term 8,134 8,348 assets held for sale Total equity and liabilities 1,260,151 1,300,878 1,210,475 CONSOLIDATED statement of changes in equity 2014, IFRS EUR 1,000 Equity attributable to parent company shareholders Share Share Trans- Unre- Re- Total Non-co Total capital issue lation stric- tained n equity pre- differ ted ear- trolli mium ences equity nings ng re- in- serve terest s Reported 103,006 24,525 109 40,016 294,641 462,297 360 462,658 equity 1 January 2014 Compre- hensive income for the repor- ting period: Result 355 355 -28 328 for the repor- ting period Exchange 2 2 2 differ- ences on trans- lating foreign opera- tions Remea- 0 0 surement of defined benefit plans Tax effect, -1 212 211 211 net Total 1 567 569 -28 541 compre- hensive income for the repor- ting period Equity 103,006 24,525 110 40,016 295,208 462,866 332 463,199 31 March 2014 CONSOLIDATED statement of changes in equity 2015, IFRS EUR 1,000 Equity attributable to parent company shareholders Share Share Transl Unre- Re- Total Non-contr Total capital issue a- stric- tained ol equity pre- tion ted ear- ling mium dif- equity nings interests fer- re- ences serve Reported 103,006 24,525 178 40,016 335,876 503,601 306 503,907 equity 1 January 2015 Compre- hensive income for the repor- ting period: Result 655 655 -23 632 for the repor- ting period Exchange 39 39 39 differ- ences on trans- lating foreign opera- tions Remea- suremento f defined benefit plans Tax effect, net Total 39 655 693 -23 670 compre- hensive income for the repor- ting period Equity 103,006 24,525 216 40,016 336,530 504,294 283 504,577 31 March 2015 CONSOLIDATED CASH FLOW STATEMENT, IFRS EUR 1,000 1-3 2015 1-3 2014 1-12 2014 Cash flows from operating activities Result for the reporting period 632 328 41,713 Adjustments: Non-cash transactions 13,760 13,941 51,987 Unrealised foreign exchange gains -7 -12 -28 (-) / losses (+) Financial income and expenses 4,261 5,803 21,957 Taxes -991 -684 -5,079 Changes in working capital Change in accounts receivable and -23,115 -20,425 4,855 other receivables Change in inventories -1,176 356 2,906 Change in accounts payable and 14,764 11,752 -9,435 other liabilities Change in provisions -8 -163 -207 Interest paid -2,846 -3,923 -18,742 Interest received 244 21 141 Taxes paid * 111 -91 -3,990 Other financing items -712 -833 -3,970 Net cash generated from operating 4,917 6,069 82,108 activities Cash flow from investing activities Investments in tangible and -42,576 -1,099 -29,575 intangible assets Proceeds from sale of tangible assets 64 4,767 69,590 Proceeds from sale of investments 1 Dividends received 13 Net cash used in investing activities -42,512 3,669 40,029 Cash flows from financing activities Loan withdrawals 90,000 169,604 Net increase in current interest-bearing -10,385 49,883 7,953 liabilities (+) / net decrease (-) Repayment of loans -42,564 -59,899 -298,974 Loans granted -900 Decrease in long-term receivables 45 395 Dividends paid -42 Net cash used in financing activities 37,096 -10,016 -121,964 Change in cash and cash equivalents -500 -278 173 Cash and cash equivalents 1 January 2,680 2,508 2,508 Effect of foreign exchange rate 5 -1 changes Cash and cash equivalents at the 2,185 2,230 2,680 end of period * Taxes paid in 2014 include Finnlines Deutschland GmbH's payment of tax provision EUR 3.6 million. REVENUE AND RESULT BY BUSINESS SEGMENTS 1-3 2015 1-3 2014 1-12 2014 MEUR % MEUR % MEUR % Revenue Shipping and sea transport 112.9 96.6 122.8 96.9 517.4 97.1 services Port operations 8.3 7.2 10.0 7.9 36.9 6.9 Intra-group revenue -4.4 -3.8 -6.0 -4.8 -21.3 -4.0 External sales 116.8 100.0 126.8 100.0 532.9 100.0 Result before interest and taxes Shipping and sea transport 5.0 7.2 61.6 services Port operations -1.1 -1.8 -3.1 Result before interest and 3.9 5.4 58.6 taxes (EBIT) total Financial items -4.3 -5.8 -21.9 Result before taxes (EBT) -0.4 -0.4 36.6 Income taxes 1.0 0.7 5.1 Result for the reporting period 0.6 0.3 41.7 PROPERTY, PLANT AND EQUIPMENT 2015 EUR 1,000 Land Buil- Vessels Machi- * Total dings nery and Advance equip- pay- ment ments & acqui- sitions under constr. Acquisition cost 72 72,773 1,287,982 66,273 25,928 1,453,028 1 January 2015 Exchange rate 39 39 differences Increases 30,752 90 8,387 39,229 Disposals -159 -118 -277 Reclassifications 13,988 9 -13,997 0 Reclassifications -4,369 -22,395 -26,763 to non-current assets held for sale Acquisition cost 72 68,404 1,332,563 43,899 20,319 1,465,257 31 March 2015 Accumulated -17,341 -389,749 -42,459 -449,549 depreciation, amortisation and write-offs 1 January 2015 Exchange rate -36 -36 differences Cumulative 159 118 277 depreciation on reclassifications and disposals Depreciation for -551 -12,747 -280 -13,578 the reporting period Accumulated -17,891 -402,338 -42,657 -462,886 depreciation, amortisation and write-offs 31 March 2015 Reclassification 1,132 10,510 11,642 to non-current assets held for sale Book value 31 72 51,645 930,225 11,752 20,319 1,014,013 March 2015 Due to the long-term charter contract in February 2015 of the vessel, which was classified as asset held for sale in the Financial Statement as of 31.12.2014, the classification has been ceased during the reporting period. A part of the Port Operations' assets, book value of 15.1 million euros, is continued to be classified as assets held for sale. * Includes mainly advance payments for the scrubber systems. PROPERTY, PLANT AND EQUIPMENT 2014 EUR 1,000 Land Buil- Vessels Machi- Advance Total dings nery and pay- equip- ments & ment acqui- sitions under constr. Acquisition cost 72 75,271 1,372,769 73,122 398 1,521,632 1 January 2014 Exchange rate 3 3 differences Increases 955 6 962 Disposals -110 -3,312 -3,423 Reclassifications -2,497 -2,497 to non-current assets held for sale Acquisition cost 72 72,773 1,373,614 69,819 398 1,516,676 31 March 2014 Accumulated -16,316 -373,866 -47,060 -437,243 depreciation, amortisation and write-offs 1 January 2014 Exchange rate -3 -3 differences Cumulative 110 3,124 3,234 depreciation on reclassifications and disposals Depreciation for -642 -13,071 -754 -14,467 the reporting period Accumulated -16,958 -386,827 -44,693 -448,479 depreciation, amortisation and write-offs 31 March 2014 Reclassification 1,325 1,325 to non-current assets held for sale Book value 31 72 57,139 986,787 25,126 398 1,069,523 March 2014 FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices). The Group has loans from financial institutions and pension loans belonging to level 2. There is no material difference between carrying values and fair values of these instruments. Level 3 - Inputs for the asset or liability that are not based on observable market data (unobservable inputs). There are no instruments in this category. During 2015 and the previous year there has been no transfers to or from the fair value hierarchy level 3. CONTINGENCIES AND COMMITMENTS EUR 1,000 31 Mar 2015 31 Mar 2014 31 Dec 2014 Minimum leases payable in relation to fixed-term leases: Vessel leases (Group as lessee): Within 12 months 8,020 13,177 11,409 1-5 years 0 8,020 8,020 21,197 11,409 Vessel leases (Group as lessor)*: Within 12 months 2,105 2,152 0 1-5 years 8,422 6,926 0 10,527 9,078 0 Other leases (Group as lessee): Within 12 months 6,475 6,356 6,366 1-5 years 16,276 17,719 17,128 After five years 8,993 11,602 9,274 31,743 35,677 32,768 Other leases (Group as lessor): Within 12 months 211 308 250 211 308 250 Collateral given Loans from financial institutions 512,892 559,794 477,054 Vessel mortgages provided as 1,035,000 1,057,000 1,035,000 guarantees for the above loans Other collateral given on own behalf Cash deposit 850 Corporate mortgages 606 0 850 606 0 Other obligations ** 36,247 2,095 35,453 Guarantees given by the parent 0 6,000 0 company on behalf of the subsidiaries VAT adjustment liability related 4,998 6,440 5,322 to real estate investments * A long-term bareboat agreement was terminated on 17.12.2014 due to the sale of the vessel, and another bareboat agreement was made during the first quarter of 2015. ** Includes scrubber system, re-blading obligations and vessel investments. SHARES, MARKET CAPITALISATION AND TRADING INFORMATION 31 March 2015 31 March 2014 Number of shares 51,503,141 51,503,141 Market capitalisation, 825.1 380.6 EUR million 1-3 2015 1-3 2014 Number of shares traded, 0.3 1.3 million 1-3 2015 High Low Average Close Share price 16.9 14.9 15.98 16.02 EVENTS AFTER THE REPORTING PERIOD There are no significant events to report. 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. The business transactions were carried out using market-based pricing. News Source: NASDAQ OMX --------------------------------------------------------------------- 2015-05-13 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 --------------------------------------------------------------------- 357247 2015-05-13
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