FINANCIAL STATEMENTS 2010 - Finnlines

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PARENT COMPANY ACCOUNTING PRINCIPLES 2010 The financial statements are prepared in conformity with the Finnish Accountancy Act and other regulations and provisions in force in Finland. REVENUES Revenues comprise sales income and exchange rate differences related to sales, excluding discounts and indirect sales taxes such as VAT. OTHER OPERATING INCOME Other operating income includes profits on the sale of property and other fixed assets as well as other regular income not directly related to the company's sales, such as rents and leases. FOREIGN CURRENCY ITEMS Receivables and payables denominated in foreign currencies are valued at the exchange rates prevailing on the balance sheet date. Exchange rate differences on accounts receivable are recognised under revenue and exchange rate differences on accounts payable under operating expenses. Exchange rate differences on financing operations are recognised under financial items. DERIVATIVE FINANCIAL INSTRUMENTS The realised gains and losses arising from derivative financial instruments such as forward foreign exchange and option contracts and currency swaps are recognised under financial items. The interest received or payable under derivative financial instruments used to hedge the company against interest rate risks is accrued over the duration of the contract and recorded as an ad- justment to the interest income or expenses of the designated asset or liability. Finnlines also covers itself against changes in fuel prices by including bunker clauses in its freight contracts. FIXED ASSETS AND DEPRECIATION Fixed assets are capitalised to their direct acquisition cost excluding depreciation and other deductions, along with any revalu- ations allowed by local accounting practices. Fixed assets sub- ject to wear and tear are depreciated according to plan based on the economic life span of the asset and its estimated residual value. Depreciation periods: Vessels 30-35 years Buildings 10-40 years Constructions 5-10 years Stevedoring machinery and equipment 5-25 years Other machinery and equipment 3-10 years Other long-term expenditure 3-20 years Second-hand vessels are depreciated over their estimated economic service life. LEASING 56 FINNLINES PLC Financial Statements 2010 (figures in EUR thousand, if not stated otherwise) Leasing payments are recognised as expenses regardless of the form of leasing. INVENTORIES Vessel stocks of fuel, lubricating oil, materials, provisions and sales items are recognised under stocks. Stocks are valued on a first-in, first-out basis at their direct acquisition cost or lower probable net realisable value. FINANCIAL ASSETS The part of the financial assets that have been invested in money market instruments are included in the financial assets in the balance sheet. The financial assets with a maturity longer than one year, are valued at the lower of acquisition cost or fair value on the balance sheet date. PENSION COSTS Pension costs are charged to the profit and loss account according to the local practice. The entire uncovered pension liability is recorded as an expense and liability. EXTRAORDINARY ITEMS Extraordinary income and expenses are group contributions received and given. PROVISIONS Expenses and losses that no longer accrue corresponding revenues in the foreseeable future and that the company is committed or obliged to settle and whose monetary value can reasonably be assessed are recognised as expenses in the profit and loss account, and included as a provision in the balance sheet.
NOTES TO THE FINANCIAL STATEMENTS, PARENT COMPANY 1. REVENUE EUR 2010 2009 By segment Shipping and Sea Transport Services 359,543,638.55 269,808,103.74 Total 359,543,638.55 269,808,103.74 Intragroup revenue 26,760,704.57 41,487,361.28 2. OTHER INCOME FROM OPERATIONS EUR 2010 2009 Gain on disposals 520,318.36 117,177.63 Rental income 142,685.60 263,758.72 Gain on merger 7,520,509.78 373,044.78 Other 2,188,250.09 Total 10,371,763.83 753,981.13 3. MATERIALS AND SERVICES EUR 2010 2009 Purchases during period Bunker -104,082,162.84 -59,982,325.68 Other -2,604,908.92 -2,340,214.44 Change in inventories -679,265.10 2,735,135.26 Total -107,366,336.86 -59,587,404.86 External services -60,146,478.09 -37,280,332.41 Materials and services total -167,512,814.95 -96,867,737.27 4. PERSONNEL EXPENSES EUR 2010 2009 Employees Average number of employees Shore-based personnel 199 201 Sea personnel 262 282 461 483 Personnel expenses Wages and salaries -24,087,321.45 -23,791,895.94 Social costs Pension costs -3,263,236.09 -3,060,338.53 Other social costs -1,497,918.93 -1,728,456.75 State subsidies 4,890,261.17 4,369,798.51 Total -23,958,215.30 -24,210,892.71 Salaries and remunerations to President and CEO -209,178.72 -692,290.67 Salaries and remunerations 209,178.72 -240,310.67 Benefits provided upon expiry of service -451,980.00 Board of Directors -210,000.00 -240,000.00 (figures in EUR thousand, if not stated otherwise) FINNLINES PLC Financial Statements 2010 57
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FINANCIAL STATEMENTS 2010
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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 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: CASH FLOW STATEMENT, PARENT COMPANY
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
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FINANCIAL STATEMENTS 2010 - Finnlines

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