FINANCIAL STATEMENTS 2010 - Finnlines

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The book values of interest-bearing loans from financial institutions and pension liabilities have been calculated using the effective interest rate method and the fair values have been determined by discounting future cash flows of loans at the interest rate at which the Group would obtain a similar loan from external parties at the end of reporting period. The total interest comprises risk-free interest of 1.3-3.6 per cent (1.3-4.0 per cent) and a company-specific risk premium. The effective interest rate of finance lease obligations is as- sumed to correspond to the valid interest rate of similar contracts to be made at the end of the reporting period. In practice, fair values of loans do not materially differ from amortised cost. EUR 1,000 2010 2009 Maturity of long-term interest-bearing liabilities (not including financial lease liabilities) Within 12 months 64,175 74,579 1-5 years 363,154 340,829 After five years 333,037 374,633 760,365 790,041 2010 2009 Weighted average interest rates of the interest-bearing debts Loans from financial institutions 2.67% 2.51% Bank overdraft facilities 1.48% Commercial paper programme 1.69% Pension loans 3.08% 3.10% Finance lease liabilities 3.63% 3.40% EUR 1,000 Within 1 year 1-5 years More than 5 years Total Floating rate liabilities, timing of re-pricing 31 December 2010 Financial liabilities Loans from financial institutions 511,666 511,666 Pension loans 34,614 34,614 Financial lease liabilities 3,603 3,601 7,203 Instalment plan debts 100 100 Commercial paper programme 17,395 17,395 532,764 38,214 570,978 EUR 1,000 Within 1 year 1-5 years More than 5 years Total Floating rate liabilities, timing of re-pricing 31 December 2009 Financial liabilities Loans from financial institutions 480,241 480,241 Bank overdraft facilities 3,651 3,651 Pension loans 38,940 38,940 Financial lease liabilities 4,134 2,237 1,570 7,941 Instalment plan debts 229 229 Effect of interest swaps 0 0 488,255 41,178 1,570 531,002 All of the Group’s interest-bearing liabilities were in EUR on 31 December 2010. The interest rate swap matured in 2010. Interest-bearing liabilities include secured liabilities. The pledge value for the related pledged assets is EUR 1,174 (1,154) million. This is detailed in Note 33. Contingencies and Commitments. 34 FINNLINES PLC Financial Statements 2010 (figures in EUR thousand, if not stated otherwise)
Finance lease liabilities Finance lease liabilities consist of two pier ramp constructions and one office building, as well as certain machinery and equipment be- longing to the port operations business. EUR 1,000 2010 2009 Future minimum lease payments due: Within 12 months 1,154 1,147 1-5 years 4,491 4,523 After five years 5,697 6,777 11,341 12,447 Future interest expenses from finance lease agreements 2,366 2,670 Current value of minimum lease payments Within 12 months 1,072 1,068 1-5 years 4,017 4,041 After five years 3,887 4,667 8,976 9,776 28. ACCOUNTS PAYABLE AND OTHER LIABILITIES 2010 2009 EUR 1,000 Fair Value Carrying amount Fair Value Carrying amount Interest-free liabilities, long-term Currency forward contracts - hedge accounting 725 725 Other long-term liabilities 12 12 16 16 12 12 742 742 2010 2009 EUR 1,000 Fair Value Carrying amount Fair Value Carrying amount Accounts payable and other liabilities Liabilities measured at cost Accounts payable 31,215 31,215 12,732 12,732 Accrued personnel costs 18,262 18,262 16,776 16,776 Accrued interest 5,354 5,354 7,614 7,614 Other accrued expenses and deferred income 15,188 15,188 17,446 17,446 Other liabilities 17,220 17,220 15,636 15,636 Current advances received 891 891 773 773 Financial liabilities at fair value Interest rate SWAPs - non-hedge accounting 2,369 2,369 Currency forward contracts - hedge accounting 368 368 88,130 88,130 73,714 73,714 The book value of accounts payable and other liabilities is the reasonable estimate of their fair values. The table below shows the significant items in accrued liabilities and the distribution of accounts payable by currency. (figures in EUR thousand, if not stated otherwise) FINNLINES PLC Financial Statements 2010 35
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 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: 26. PROVISIONS EUR 1,000 2010 2009
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

FINANCIAL STATEMENTS 2010 - Finnlines

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