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Annual Report ANNUAL REPORT 2014 CONTENT Finnlines in 2014 2 CEO’s Review 5 CFO’s Review 6 Business Concept, Values and Goals 9 Business Environment 10 Shipping and Sea Transport Services 12 Passenger Services 15 Port Operations 16 Safety and Environment 19 Human Resources 21 Financial Statements Board of Directors’ Report 24 Consolidated Statement of Comprehensive Income 28 Consolidated Statement of Financial Position 29 Consolidated Statement of Changes in Equity 30 Consolidated Statement of Cash Flows 31 Profit and Loss Account, Parent Company 32 Balance Sheet, Parent Company 33 Cash Flow Statement, Parent Company 34 Five-Year Key Figures 35 Calculation of Key Ratios 36 Quarterly Data 37 Shares and Shareholders 38 Board’s Proposal 40 Auditor’s Report 41 Corporate Governance Statement 42 Board of Directors 48 Executive Committee 49 Finnlines Fleet 50 Information for Shareholders 52 Contact Information 52 The Grimaldi Group 53 SHIPPING AND SEA TRANSPORT SERVICES, PAGE 12 PASSENGER SERVICES, PAGE 15 PORT OPERATIONS, PAGE 16 Finnlines is a leading shipping operator of ro-ro and passenger services in the Baltic Sea and the North Sea. The Company is listed on the NASDAQ OMX Helsinki Ltd and is a part of the Grimaldi Group, one of the world’s largest operators of ro-ro vessels and the largest operator of the Motorways of the Sea in Europe for both passengers and freight. This affiliation enables Finnlines to offer liner services to and from any destination in the Mediterranean, West Africa as well as the Atlantic coast of both North and South America. Finnlines’ sea transports are concentrated in the Baltic and the North Sea. 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. The Company has subsidiaries or sales offices in Germany, Belgium, Great Britain, Sweden, Denmark and Poland. In addition to sea transportation, the Company provides port services in Finland in Helsinki and Turku, which are the most important seaports in Finland. FINNLINES 2012 5 FINNLINES IN 2014 Finnlines Group’s result before taxes (EBT) improved by EUR 43.3 million, Revenue 2010–2014 and was EUR 36.6 million. The improvement was driven by a targeted cost- (EUR million) cutting programme and by reducing the overcapacity and optimising the 600 existing fleet. 500 Finnlines has also made the necessary adjustments required due to the slow growth 400 in the EU area and due to the EU sanctions. Despite of an uncertain economic en- 300 vironment, Finnlines was able to improve its profitability markedly. Lower bunker 200 surcharge reduced the turnover slightly. However, higher cargo volumes increased 100 the capacity utilisation of the vessels, which in turn reduced our costs and improved 0 our efficiency. Through operational optimisations, fuel consumption was reduced 011 1 12 13 14 by 7 per cent with benefit for both the environment and Company results. Finnlines Group’s good cash-flow generation enabled the Company to further reduce its interest-bearing debt considerably, by EUR 118.9 million, and as a result, the equity ratio rose to 41.7 per cent. Result before interest and taxes (EBIT) 2010–2014 The AGM held in Helsinki on 8 April 2014 decided that no dividend shall be paid (EUR million) for 2013. The meeting decided that the number of Board Members be seven: Mr 60 Christer Backman, Ms Tiina Bäckman, Mr Emanuele Grimaldi, Mr Gianluca Grimaldi, 50 Mr Diego Pacella, Mr Olav K. Rakkenes and Mr Jon-Aksel Torgersen. The AGM 40 elected APA KPMG Oy Ab as the Company’s auditor for the fiscal year 2014. 30 In May, Finnlines announced a capex programme focused on investments in environ- 20 mental technology. The Company ordered exhaust gas cleaning systems – scrubbers 10 – for six of its latest series of ro-ro vessels built in 2011–2012 and for four of its ro-ro 0 vessels built in 2000–2002. Later in August, Finnlines ordered exhaust gas scrub- 011 1 12 13 14 bers for four of its Star-class ro-pax vessels built in 2006–2007. A total of 14 vessels in service will be fitted with scrubbers. Finnlines also ordered an improvement retrofit to the propulsion system for six of its vessels. Breakdown of revenue In June, Finnlines doubled the departures to Långnäs, Åland for the summer season. 2014 In August, Finnlines re-opened its weekly service from the Finnish ports of Kotka and 2.9% 97.1% Helsinki to Tilbury. This complements Finnlines’ services to Immingham and Hull, thus expanding its services to cover the whole of Great Britain. In October, Finnlines announced its participation in the privatisation process of Polferries, a Polish shipping company operating in the Poland–Sweden routes. Finnlines also expanded its North Sea services by adding a new port of call in the Shipping and Baltic Sea, Paldiski in Estonia. The port of Paldiski offers very good rail connections sea transport to Central Asia and Siberia. Finnlines sold MS Finnhansa to the Grimaldi Group for Port operations EUR 30 million. Furthermore, Finnlines Plc’s subsidiary signed a sales agreement of MS Euroferry Brindisi (MS Finnarrow) with an external party at EUR 32.5 million. IFRS IFRS (EUR million) 2014 2013 Revenue 532.9 563.6 Result before interest, taxes, depreciation and amortisation (EBITDA) 115.4 83.7 Result before interest and taxes (EBIT) 58.6 18.1 Result for the reporting period 41.7 6.0 Earnings per share (EPS), EUR 0.81 0.12 Dividend per share, EUR 0.00* 0.00 Equity ratio, % 41.7 35.7 Gearing, % 113.0 149.1 * Board’s proposal 2 FINNLINES’ ENVIRONMENTAL INVESTMENTS Air pollutant emissions from maritime transport can be car- (exhaust gas scrubbers) and hyper-efficient propellers. The ried over long distances and therefore contribute to air quality Company ordered scrubber installations for 14 vessels operat- problems. In order to reduce the impact of these pollutants, the ing on medium-long routes and it will replace the original propel- International Maritime Organization and the European Union ler blades with newly designed blades in six of its vessels and fit have introduced new legislation. their rudders with bulbs that will further increase the propulsion As of January 2015, the new fuel sulphur limit applicable in efficiency by reducing rotational propulsion losses. Emission Control Areas (ECAs) is 0.10 per cent. This means Since 2008, the Finnlines fleet’s fuel consumption has that all vessels in the Baltic Sea, the North Sea and the English decreased by over 30 per cent. Higher cargo volumes have Channel will be required to use 0.10 per cent sulphur fuel, un- increased the capacity utilisation of the Company’s vessels, less they can remove sulphur emissions using either exhaust which has reduced fuels costs per transported cargo unit and gas scrubbers, switch to marine gas oil (MGO, less than improved efficiency. Finnlines will continue exploring all possi- 0.1 per cent sulphur) or liquefied natural gas (LNG, contains bilities to further reduce its fuel consumption and fuel costs; no sulphur). further investments in scrubbers, propellers and rudders are Finnlines is focusing on the environmental and economic under study. performance of its vessels and has invested in technological Finnlines is set to be one of the best equipped shipping innovation. In 2014, the most important contributions to sustain- companies in terms of technological innovation in the markets ability were the investments in emissions abatement technology we serve. FINNLINES 2014 3 4 CEO’S REVIEW FINNLINES — ONE OF THE MOST EFFICIENT PLAYERS Last year, 2014, was a historic year for Finnlines. We recorded and six new efficient propeller and rudder sets will be installed the best financial results since the beginning of the 2008 eco- over this time. Similar investments are under study for the remain- nomic downturn. In certain quarters of the year we put in finan- ing third of the fleet and could follow soon after. cial performances that have not been bettered or equalled in the Finnlines’ management has worked hard to keep service dis- present century. turbances to a minimum, though realistically we have to admit that New services were inaugurated in 2014: to Tilbury in Great some disruption is possible. Operating results, at least in the first Britain and Paldiski port in Estonia. quarter, will be affected. Making these changes now will help us At the same time, Finnlines placed orders worth more than become leaner and fitter, and our business model will logically EUR 65 million for innovative equipment. Propellers, scrubbers become more profitable. and information technology will help renew the fleet and create The long-term competitive position of the Company, mean- efficiencies, allowing the Company to keep reducing its debt. while, has been further secured by the signing of contracts for Turning to the present, it is safe to say that 2015 looks des- the purchase of three ice-class ro-ro vessels. They have all been tined to be challenging. The maritime transport market in north- tested by Finnlines as charter vessels and found to be ideal for ern Europe is now obliged to comply with stringent International our markets. Once delivered and upgraded, they will be a great Maritime Organization ‘Marpol’ rules designed to reduce sulphur addition to the fleet. In all, we will then employ 13 ro-ro vessels emissions from the burning of fuel. with a total capacity of around 40,000 lane metres, all equipped Bunker fuel is the largest single cost item for many of the ship with scrubbers and the latest fuel-saving technology. Our flexible operators serving our markets. The premium separating low-sul- fleet will include eight ships with a capacity of over 3,000 lane phur bunkers and non-compliant bunkers previously in use in the metres, and five smaller units.
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