FINANCIAL STATEMENTS 2010 - Finnlines
FINANCIAL STATEMENTS 2010 - Finnlines FINANCIAL STATEMENTS 2010 - Finnlines
19. OTHER FINANCIAL ASSETS EUR 1,000 2010 2009 Investments in unlisted shares 4,562 4,792 Available-for-sale financial assets 31 Dec 4,562 4,792 The main part of the unlisted shares consists of a stevedoring company. The shares are measured at cost, as according to manage- ment, the fair value of the investment cannot be measured reliably because there is no sufficient information available to make a reliable estimate of the fair value. Based on 2009 financial statements of the company, the Group’s share of the company’s equity is around 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- ment and estimates that due to the re-structuring of the company the investment is not impaired. Finnlines subsidiary in Germany has booked EUR 0.2 million as impairment loss for its shares in a non-listed company. In 2010 and 2009, the Group had no financial assets classified under the category held-to-maturity investments. 20. NON-CURRENT RECEIVABLES 2010 2009 EUR 1,000 Fair Value Carrying amount Fair Value Carrying amount Loans and other receivables Loan receivables 1,198 1,195 213 199 Pension plan receivables 128 128 197 197 Pledged bank account 462 462 457 457 Other receivables 35 35 39 39 Accrued receivables 1 1 1,823 1,820 908 894 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- amortized part of the loans were EUR 1,579 thousand on 31 December 2010. Amortizations of the loans in the following year, EUR 384 thousand, are presented under current receivables. The carrying value of loan receivables was calculated using the effective interest rate method and the fair value was determined by dis- 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- 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- ing amount. 28 FINNLINES PLC Financial Statements 2010 (figures in EUR thousand, if not stated otherwise)
21. DEFERRED TAX ASSETS AND LIABILITIES Changes in deferred taxes in 2009 and 2010: EUR 1,000 1 Jan 2009 Re- classification Recognised in profit and loss account (figures in EUR thousand, if not stated otherwise) Exchange rate differences Recognised in comrehensive income 31 Dec 2009 Deferred tax assets: Fair value valuation loss, IAS 32, 39 828 -136 692 Hedge accounting 1,506 188 1,694 Unutilised losses in taxation 145 145 Other differences 255 670 107 4 1,036 2,734 670 -29 4 188 3,567 Deferred tax liabilities: Depreciation difference 79,016 -10,129 68,887 Acquired businesses, fair value allocation 113 -113 0 Group difference, vessels and cargo handling equipment 16,091 -1,652 14,439 Capitalized interest costs during newbuilding 2,431 420 2,851 Fair value valuation gains, IAS 32, 39 55 -47 8 Repurchase reserve 1,093 -124 970 Deferred tax currency revaluation * -1,481 1,481 0 Other differences -483 783 296 -88 506 96,835 670 -11,236 1,392 87,660 * Reversal of deferred tax revaluation adjustment due to restatement of the financial statements for 2007 and 2008 of certain Swedish subsidiaries as part of appeal relating to 2007 taxation. EUR 1,000 1 Jan 2010 Re- classification Recognised in profit and loss account Recognised in Exchange rate comprehensive differences incom 31 Dec 2010 Deferred tax assets: Fair value valuation loss, IAS 32, 39 692 -594 98 Hedge accounting 1,694 -369 1,326 Unutilised losses in taxation 145 2,258 2,403 Other differences 1,036 -639 2 398 3,567 1,025 2 -369 4,225 Deferred tax liabilities: Depreciation difference 68,887 552 2,384 71,823 Group difference, vessels and cargo handling equipment 14,439 960 -600 14,799 Capitalized interest costs during newbuilding 2,851 -990 529 2,389 Fair value valuation gains, IAS 32, 39 8 -65 -57 Repurchase reserve 970 -124 846 Other differences 506 -522 -320 -4 -340 87,660 0 1,803 -4 89,459 FINNLINES PLC Financial Statements 2010 29
- 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 and 18: In defined benefit plans, the emplo
- Page 19 and 20: Segment assets, liabilities and inv
- 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: Main factors used in calculating va
- 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
- Page 69 and 70: AUDITOR'S REPORT TO THE ANNUAL GENE
21. DEFERRED TAX ASSETS AND LIABILITIES<br />
Changes in deferred taxes in 2009 and <strong>2010</strong>:<br />
EUR 1,000 1 Jan 2009<br />
Re-<br />
classification<br />
Recognised in<br />
profit and loss<br />
account<br />
(figures in EUR thousand, if not stated otherwise)<br />
Exchange rate<br />
differences<br />
Recognised in<br />
comrehensive<br />
income 31 Dec 2009<br />
Deferred tax assets:<br />
Fair value valuation loss,<br />
IAS 32, 39 828 -136 692<br />
Hedge accounting 1,506 188 1,694<br />
Unutilised losses in taxation 145 145<br />
Other differences 255 670 107 4 1,036<br />
2,734 670 -29 4 188 3,567<br />
Deferred tax liabilities:<br />
Depreciation difference 79,016 -10,129 68,887<br />
Acquired businesses,<br />
fair value allocation 113 -113 0<br />
Group difference, vessels<br />
and cargo handling equipment 16,091 -1,652 14,439<br />
Capitalized interest costs during newbuilding 2,431 420 2,851<br />
Fair value valuation gains,<br />
IAS 32, 39 55 -47 8<br />
Repurchase reserve 1,093 -124 970<br />
Deferred tax currency revaluation * -1,481 1,481 0<br />
Other differences -483 783 296 -88 506<br />
96,835 670 -11,236 1,392 87,660<br />
* Reversal of deferred tax revaluation adjustment due to restatement of the financial statements for 2007 and 2008 of certain Swedish<br />
subsidiaries as part of appeal relating to 2007 taxation.<br />
EUR 1,000 1 Jan <strong>2010</strong><br />
Re-<br />
classification<br />
Recognised in<br />
profit and loss<br />
account<br />
Recognised in<br />
Exchange rate comprehensive<br />
differences incom 31 Dec <strong>2010</strong><br />
Deferred tax assets:<br />
Fair value valuation loss,<br />
IAS 32, 39 692 -594 98<br />
Hedge accounting 1,694 -369 1,326<br />
Unutilised losses in taxation 145 2,258 2,403<br />
Other differences 1,036 -639 2 398<br />
3,567 1,025 2 -369 4,225<br />
Deferred tax liabilities:<br />
Depreciation difference 68,887 552 2,384 71,823<br />
Group difference, vessels and cargo handling<br />
equipment 14,439 960 -600 14,799<br />
Capitalized interest costs during newbuilding 2,851 -990 529 2,389<br />
Fair value valuation gains,<br />
IAS 32, 39 8 -65 -57<br />
Repurchase reserve 970 -124 846<br />
Other differences 506 -522 -320 -4 -340<br />
87,660 0 1,803 -4 89,459<br />
FINNLINES PLC Financial Statements <strong>2010</strong><br />
29
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