FINANCIAL STATEMENTS 2010 - Finnlines

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34. TRANSACTIONS WITH RELATED PARTIES The following transactions were made with the Group’s related parties: EMPLOYEE BENEFITS GRANTED TO KEY MANAGEMENT * EUR 1,000 2010 2009 Salaries and other short-term benefits 2,352 2,404 Post-employment benefits 378 368 Benefits provided upon expiry of employment 528 2,730 3,300 * Including the benefits of the members of the Board of Directors, the president and CEO, the deputy CEO and other members of the Board of Management. EUR 1,000 2010 2009 Salaries and fees President and CEO * President and CEO 1 Jan-23 Mar 2009 116 Benefits provided upon expiry of service 452 President and CEO 24 Mar-21 June 2009 ** President and CEO 1 Jan-31 Dec 2010 (22 Jun-31 Dec 2009) 411 209 Board of Directors: *** Chairman 50 50 Vice-Chairman 40 40 Board members (each) 30 30 * Including compensation for the period during which position was held. ** The Finnlines Group has not paid any salary or other employee benefits. *** Compensation paid in arrears in March of each year. Finnlines’ President and CEO, Christer Antson, resigned from his position in March 2009 and Emanuele Grimaldi, a member of the Board of Directors, was appointed temporary President and CEO as of 24 March 2009. He was paid no remuneration by Finnlines for his work as President and CEO. Uwe Bakosch took over as new President and CEO on 22 June 2009. In the event that the Company should decide to give notice of termination to the President and CEO, he is entitled to compensation equalling 24 months’ salary, in addition to 6 months’ salary for the notice period. The respective times for the Deputy CEO are 18 months and 6 months. The Group’s former Board of Management had premium-based pension insurance, the annual premiums of which were tied to the Company’s performance. No premiums were paid for this insurance in 2010. The Company's management has no other valid supplementary pension insurances. Finnlines had no option schemes on 31 December 2010. The President and CEO, the Deputy CEO, the Board of Management or the Board of Directors have no share-based incentive programmes. TRANSACTIONS WITH RELATED PARTIES According to the information received by the company on 31 December 2010, Grimaldi Group companies hold 65.84 per cent of all shares in Finnlines Plc. More information about ownership of the Board of Directors and the President and CEO in Finnlines Plc can be found in Note 36. Shares and Shareholders. The ownership of the members of the Board and management is dealt with in more detail at the corporate website (www.finnlines.com). 46 FINNLINES PLC Financial Statements 2010 (figures in EUR thousand, if not stated otherwise)
In April 2009, Finnlines Plc's subsidiary Hanseatic Shipping sold MS Finnhansa to Grimaldi Group at the market price of EUR 40 million with call option to repurchase by Finnlines Plc at the same price. This call option was exercised and MS Finnhansa (renamed Transrussia) was bought in July 2010 by Finnlines Deutschland GmbH and started plying in TransRussiaExpress traffic between Lübeck and St. Petersburg. Redelivery of the two vessels, hired to Grimaldi Group in 2009, took place in the first quarter 2010 and at the beginning of the second quarter 2010. EUR 1,000 2010 2009 Transactions with related parties Income from Grimaldi companies * 6,427 7,783 MS Finnhansa sold to Grimaldi companies 40,000 MS Finnhansa bought from Grimaldi companies 40,000 Purchases from Grimaldi companies 4,052 751 Receivables from Grimaldi companies 2,318 625 Payables to Grimaldi companies 261 58 Hybrid bond issue to Grimaldi companies 18,000 Hybrid bond repayment and interest to Grimaldi companies 18,778 Business transactions with key management 48 * Income includes vessels’ hires EUR 1.3 million and other freight related revenue from the Grimaldi Group companies. Transactions with the Group’s related parties are carried out using ordinary, market-based pricing. LOANS, GUARANTEES AND OTHER SECURITIES TO RELATED PARTIES The Group had no loan, guarantee or other securities arrangements with its key personnel or related parties during 2009 and 2010. 35. SUBSIDIARIES ON 31 DECEMBER 2010 Name of subsidiary Holding (%) Registered in Domestic Finnsteve Oy 100 Helsinki FL Port Services Oy 100 Helsinki FS-Terminals Oy Ab 100 Helsinki Oy Intercarriers Ab 51 Helsinki TBE System Oy Ltd 100 Kotka Foreign Finnlines Belgium N.V. 100 Belgium Finnlines Danmark A/S 100 Denmark Finnlines Deutschland GmbH 100 Germany Finnlines Polska Sp.z.o.o 100 Poland AB Finnlines Scandinavia Ltd 100 Sweden Finnlines Schiffahrt GmbH 100 Germany Finnlines Ship Management AB 100 Sweden Finnlines UK Limited 100 United Kingdom Finnlink AB 100 Sweden Rederi AB Nordö-Link 100 Sweden Ropax I Aktiebolaget Clipper 100 Sweden Ropax II EuropaLink AB 100 Sweden Ropax III NordLink AB 100 Sweden Ropax IV Arrow AB 100 Sweden Roro I Mill AB 100 Sweden Roro II Pulp AB 100 Sweden (figures in EUR thousand, if not stated otherwise) FINNLINES PLC Financial Statements 2010 47
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 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: with the Helsinki Court of Appeal a
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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