FINANCIAL STATEMENTS 2010 - Finnlines
FINANCIAL STATEMENTS 2010 - Finnlines
FINANCIAL STATEMENTS 2010 - Finnlines
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
19. OTHER <strong>FINANCIAL</strong> ASSETS<br />
EUR 1,000 <strong>2010</strong> 2009<br />
Investments in unlisted shares 4,562 4,792<br />
Available-for-sale financial assets 31 Dec 4,562 4,792<br />
The main part of the unlisted shares consists of a stevedoring company. The shares are measured at cost, as according to manage-<br />
ment, the fair value of the investment cannot be measured reliably because there is no sufficient information available to make a reliable<br />
estimate of the fair value. Based on 2009 financial statements of the company, the Group’s share of the company’s equity is around<br />
EUR 3.1 million whereas the carrying value of the investment is EUR 4.4 million. The Management has no plans to dispose of the invest-<br />
ment and estimates that due to the re-structuring of the company the investment is not impaired.<br />
<strong>Finnlines</strong> subsidiary in Germany has booked EUR 0.2 million as impairment loss for its shares in a non-listed company.<br />
In <strong>2010</strong> and 2009, the Group had no financial assets classified under the category held-to-maturity investments.<br />
20. NON-CURRENT RECEIVABLES<br />
<strong>2010</strong> 2009<br />
EUR 1,000 Fair Value Carrying amount Fair Value Carrying amount<br />
Loans and other receivables<br />
Loan receivables 1,198 1,195 213 199<br />
Pension plan receivables 128 128 197 197<br />
Pledged bank account 462 462 457 457<br />
Other receivables 35 35 39 39<br />
Accrued receivables 1 1<br />
1,823 1,820 908 894<br />
The Group has long term fixed interest loan receivables, of which the main part is related to the selling of real estate in Turku. The un-<br />
amortized part of the loans were EUR 1,579 thousand on 31 December <strong>2010</strong>. Amortizations of the loans in the following year, EUR 384<br />
thousand, are presented under current receivables.<br />
The carrying value of loan receivables was calculated using the effective interest rate method and the fair value was determined by dis-<br />
counting the future cash flows of the loan at the interest rate that corresponds to the market interest rate prevailing at the end of the re-<br />
porting period (1.3-3.6 per cent), to which a risk premium has been added. The maximum credit risk related to a loan asset is its carry-<br />
ing amount.<br />
28 FINNLINES PLC Financial Statements <strong>2010</strong> (figures in EUR thousand, if not stated otherwise)