FINANCIAL STATEMENTS 2010 - Finnlines
FINANCIAL STATEMENTS 2010 - Finnlines
FINANCIAL STATEMENTS 2010 - Finnlines
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3. SEGMENT INFORMATION<br />
The Group's segment reporting is based on two strategic busi-<br />
ness segments which provide different services requiring differ-<br />
ent resources and which are managed as separate businesses.<br />
The segment information is based on the Group's internal re-<br />
porting structure. The Group adopted the new standard as of 1<br />
January 2009.<br />
The Group has two business segments: Shipping and Sea<br />
Transport Services, and Port Operations.<br />
The Group's segment results and decisions concerning as-<br />
sets to be allocated to the segments are evaluated based on seg-<br />
ments' results before interest and taxes. The Group management<br />
considers this to be the most appropriate indicator when com-<br />
paring segment results against other companies in the industry.<br />
The chief operating decision- maker concerning the segment<br />
result evaluations and asset allocations is the Board of Manage-<br />
ment together with the Board of Directors.<br />
Inter-segment transfers and transactions are carried out using normal commercial conditions, equivalent to those used with external<br />
parties. All inter-segment revenue is eliminated in the consolidated financial statements.<br />
18 FINNLINES PLC Financial Statements <strong>2010</strong> (figures in EUR thousand, if not stated otherwise)<br />
SHIPPING AND SEA TRANSPORT SERVICES<br />
<strong>Finnlines</strong>' Shipping and Sea Transport Services segment in-<br />
cludes <strong>Finnlines</strong>' traffic in the Baltic Sea, the North Sea and the<br />
Bay of Biscay, as well as FinnLink, NordöLink and TransRussia-<br />
Express traffic.<br />
PORT OPERATIONS<br />
During the reporting period, <strong>Finnlines</strong> engaged in port operations<br />
under the name Finnsteve in the ports of Helsinki, Turku, Naan-<br />
tali and Kotka in Finland. Finnsteve specialises in providing the<br />
following services to operators of regular unitised cargo traffic:<br />
stevedoring, terminal services, ship clearance, warehousing and<br />
container depot services. The Group sold the port operations in<br />
Norway in 2009.<br />
EUR 1,000<br />
Result per segment for reporting period<br />
ending 31 Dec <strong>2010</strong>:<br />
Shipping and<br />
Sea Transport Services Port Operations Eliminations Group<br />
Total revenue from segment 513,657 72,308 585,965<br />
Inter-segment revenue 555 24,302 -24,857 -24,857<br />
External revenue 513,102 48,006 561,108<br />
Result before interest and taxes 39,302 -13,677 25,625<br />
Financial items -21,942<br />
Income taxes -1,450<br />
Result for reporting period 2,234<br />
EUR 1,000<br />
Result per segment for reporting period<br />
ending 31 Dec 2009:<br />
Shipping and<br />
Sea Transport Services Port Operations Eliminations Group<br />
Total revenue from segment 444,896 73,174 518,069<br />
Inter-segment revenue 1,294 22,364 -23,658 -23,658<br />
External revenue 443,602 50,809 494,411<br />
Result before interest and taxes -7,704 -15,913 -23,617<br />
Financial items -27,802<br />
Income taxes 9,713<br />
Result for reporting period -41,706