FINANCIAL STATEMENTS 2010 - Finnlines
FINANCIAL STATEMENTS 2010 - Finnlines FINANCIAL STATEMENTS 2010 - Finnlines
3. SEGMENT INFORMATION The Group's segment reporting is based on two strategic busi- ness segments which provide different services requiring differ- ent resources and which are managed as separate businesses. The segment information is based on the Group's internal re- porting structure. The Group adopted the new standard as of 1 January 2009. The Group has two business segments: Shipping and Sea Transport Services, and Port Operations. The Group's segment results and decisions concerning as- sets to be allocated to the segments are evaluated based on seg- ments' results before interest and taxes. The Group management considers this to be the most appropriate indicator when com- paring segment results against other companies in the industry. The chief operating decision- maker concerning the segment result evaluations and asset allocations is the Board of Manage- ment together with the Board of Directors. Inter-segment transfers and transactions are carried out using normal commercial conditions, equivalent to those used with external parties. All inter-segment revenue is eliminated in the consolidated financial statements. 18 FINNLINES PLC Financial Statements 2010 (figures in EUR thousand, if not stated otherwise) SHIPPING AND SEA TRANSPORT SERVICES Finnlines' Shipping and Sea Transport Services segment in- cludes Finnlines' traffic in the Baltic Sea, the North Sea and the Bay of Biscay, as well as FinnLink, NordöLink and TransRussia- Express traffic. PORT OPERATIONS During the reporting period, Finnlines engaged in port operations under the name Finnsteve in the ports of Helsinki, Turku, Naan- tali and Kotka in Finland. Finnsteve specialises in providing the following services to operators of regular unitised cargo traffic: stevedoring, terminal services, ship clearance, warehousing and container depot services. The Group sold the port operations in Norway in 2009. EUR 1,000 Result per segment for reporting period ending 31 Dec 2010: Shipping and Sea Transport Services Port Operations Eliminations Group Total revenue from segment 513,657 72,308 585,965 Inter-segment revenue 555 24,302 -24,857 -24,857 External revenue 513,102 48,006 561,108 Result before interest and taxes 39,302 -13,677 25,625 Financial items -21,942 Income taxes -1,450 Result for reporting period 2,234 EUR 1,000 Result per segment for reporting period ending 31 Dec 2009: Shipping and Sea Transport Services Port Operations Eliminations Group Total revenue from segment 444,896 73,174 518,069 Inter-segment revenue 1,294 22,364 -23,658 -23,658 External revenue 443,602 50,809 494,411 Result before interest and taxes -7,704 -15,913 -23,617 Financial items -27,802 Income taxes 9,713 Result for reporting period -41,706
Segment assets, liabilities and investments for 2010 and 2009: EUR 1,000 Non-cash expenses in the profit and loss account 2010 Shipping and Sea Transport Services Port Operations Eliminations Group Depreciation -51,916 -8,206 -60,122 Impairment -200 -200 Write-offs in accounts receivable -998 -10 -1,008 2009 Depreciation -51,719 -9,229 -64 -61,012 Write-offs in accounts receivable 593 -3 590 Change in provisions -35 -35 Assets, liabilities and capital expenditure by segment 2010 Segment assets 1,344,930 121,135 -6,900 1,459,165 Unallocated assets 13,448 Total assets 1,344,930 121,135 -6,900 1,472,614 Segment liabilities 72,310 15,231 -681 86,861 Unallocated liabilities 956,826 Total liabilities 72,310 15,231 -681 1,043,687 Capital expenditure 82,168 2 -19 82,152 Assets, liabilities and capital expenditure by segment 2009 Segment assets 1,306,515 128,252 -5,974 1,428,793 Investment in associated companies consolidated by the equity method 1,514 1,514 Unallocated assets 16,075 Total assets 1,308,028 128,252 -5,974 1,446,382 Segment liabilities 53,611 15,053 -1,120 67,543 Unallocated liabilities 953,187 Total liabilities 53,611 15,053 -1,120 1,020,731 Capital expenditure 23,796 4,172 -230 27,737 In Shipping and Sea Transport Services segment an impairment loss of EUR 0.2 million was booked by German subsidiary for its shares in a non-listed company. Segment assets mainly consist of tangible and intangible fixed assets, inventories and receivables. They do not include tax or financial items (e.g. bank and cash) or assets shared by the Group as a whole. Segment liabilities mainly consist of business-related liabilities such as accounts payable and other liabilities, accrued liabilities and received advances. They do not include tax items or loans. Capital expenditure include additions to tangible assets (Note 15. Property, Plant and Equipment) and intangible assets (Note 16. Goodwill and Other Intangible Assets). (figures in EUR thousand, if not stated otherwise) FINNLINES PLC Financial Statements 2010 19
- Page 1 and 2: FINANCIAL STATEMENTS 2010
- Page 3 and 4: BOARD OF DIRECTORS’ REPORT THE CO
- Page 5 and 6: elated to this. Other significant r
- Page 7 and 8: CONSOLIDATED STATEMENT OF COMPREHEN
- Page 9 and 10: CONSOLIDATED STATEMENT OF CHANGES I
- Page 11 and 12: NOTES TO THE CONSOLIDATED FINANCIAL
- Page 13 and 14: ated companies are consolidated usi
- Page 15 and 16: egory includes assets held for trad
- Page 17: In defined benefit plans, the emplo
- Page 21 and 22: 8. PERSONNEL EXPENSES EUR 1,000 201
- Page 23 and 24: 13. EARNINGS PER SHARE UNDILUTED Un
- Page 25 and 26: Assets leased through finance lease
- Page 27 and 28: Main factors used in calculating va
- Page 29 and 30: 21. DEFERRED TAX ASSETS AND LIABILI
- Page 31 and 32: EUR 1,000 2010 2009 Significant ite
- Page 33 and 34: 26. PROVISIONS EUR 1,000 2010 2009
- Page 35 and 36: Finance lease liabilities Finance l
- Page 37 and 38: 31. PENSION LIABILITIES The Group
- Page 39 and 40: Hedge Accounting The Group has orde
- Page 41 and 42: The Group had an interest rate swap
- Page 43 and 44: COMMODITY RISK The Group is exposed
- Page 45 and 46: with the Helsinki Court of Appeal a
- Page 47 and 48: In April 2009, Finnlines Plc's subs
- Page 49 and 50: Shares outstanding 31 December 2005
- Page 51 and 52: CALCULATION OF KEY RATIOS, IFRS Ear
- Page 53 and 54: PROFIT AND LOSS ACCOUNT, PARENT COM
- Page 55 and 56: CASH FLOW STATEMENT, PARENT COMPANY
- Page 57 and 58: NOTES TO THE FINANCIAL STATEMENTS,
- Page 59 and 60: 8. EXTRAORDINARY ITEMS EUR 2010 200
- Page 61 and 62: 14. INVENTORIES EUR 2010 2009 Bunke
- Page 63 and 64: 18. ACCUMULATED APPROPRIATIONS EUR
- Page 65 and 66: CONTINGENCIES AND COMMITMENTS EUR 1
- Page 67 and 68: BOARD'S PROPOSAL FOR THE USE OF THE
Segment assets, liabilities and investments for <strong>2010</strong> and 2009:<br />
EUR 1,000<br />
Non-cash expenses in the profit and loss account<br />
<strong>2010</strong><br />
Shipping and<br />
Sea Transport Services Port Operations Eliminations Group<br />
Depreciation -51,916 -8,206 -60,122<br />
Impairment -200 -200<br />
Write-offs in accounts receivable -998 -10 -1,008<br />
2009<br />
Depreciation -51,719 -9,229 -64 -61,012<br />
Write-offs in accounts receivable 593 -3 590<br />
Change in provisions -35 -35<br />
Assets, liabilities and capital expenditure by segment<br />
<strong>2010</strong><br />
Segment assets 1,344,930 121,135 -6,900 1,459,165<br />
Unallocated assets 13,448<br />
Total assets 1,344,930 121,135 -6,900 1,472,614<br />
Segment liabilities 72,310 15,231 -681 86,861<br />
Unallocated liabilities 956,826<br />
Total liabilities 72,310 15,231 -681 1,043,687<br />
Capital expenditure 82,168 2 -19 82,152<br />
Assets, liabilities and capital expenditure by segment<br />
2009<br />
Segment assets 1,306,515 128,252 -5,974 1,428,793<br />
Investment in associated companies<br />
consolidated by the equity method 1,514 1,514<br />
Unallocated assets 16,075<br />
Total assets 1,308,028 128,252 -5,974 1,446,382<br />
Segment liabilities 53,611 15,053 -1,120 67,543<br />
Unallocated liabilities 953,187<br />
Total liabilities 53,611 15,053 -1,120 1,020,731<br />
Capital expenditure 23,796 4,172 -230 27,737<br />
In Shipping and Sea Transport Services segment an impairment loss of EUR 0.2 million was booked by German subsidiary for its<br />
shares in a non-listed company.<br />
Segment assets mainly consist of tangible and intangible fixed assets, inventories and receivables. They do not include tax or financial<br />
items (e.g. bank and cash) or assets shared by the Group as a whole. Segment liabilities mainly consist of business-related liabilities<br />
such as accounts payable and other liabilities, accrued liabilities and received advances. They do not include tax items or loans.<br />
Capital expenditure include additions to tangible assets (Note 15. Property, Plant and Equipment) and intangible assets (Note 16.<br />
Goodwill and Other Intangible Assets).<br />
(figures in EUR thousand, if not stated otherwise)<br />
FINNLINES PLC Financial Statements <strong>2010</strong><br />
19
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