Annual Report 2009 - Finnlines

annual report
2009

sHIPPIng and sea TransPOrT servICes, Page 10
Passenger servICes, Page 12
POrT OPeraTIOns, Page 14
Finnlines is one oF the biggest shipping operators of
ro-ro and passenger services in northern europe.
the company is listed on the nasDaQ oMX helsinki ltd
and a part of the italian grimaldi group, one of the world’s
largest operators of the Motorways of the sea in europe for
both passengers and freight. this affiliation enables
Finnlines to offer liner services to and from any destina-
tion in the Mediterrannean, West africa as well as the
atlantic Coast of both north and south america.
the sea transportation of the company is concentraded
in the baltic and north sea. in addition to cargo, the
company transports passengers on board of 13 ro-pax
vessels between five countries and eight ports.
the company has subsidiaries or sales offices in
germany, belgium, the united Kingdom, sweden, Denmark,
poland and russia. besides sea transportation the
company provides port services in Finland in the ports of
helsinki, turku and Kotka, which are the most important
seaports in Finland.
Content
Finnlines in 2009 2
CEO’s review 4
Business concept, values and goals 6
Business environment 8
Shipping and Sea Transport Services 10
Passenger Services 12
Port Operations 14
Environment and Safety 16
Human resources 19
Financial Statements
Board of directors’ report 22
Consolidated statement of
comprehensive income 28
Consolidated balance sheet 29
Consolidated statement of
changes in equity 30
Consolidated statement of cash flows 31
Profit and loss account,
parent company 32
Balance sheet, parent company 33
Cash flow statement, parent company 34
Five-year key figures 35
Calculation of key ratios 36
Quarterly data 37
Board’s proposal 38
Auditor’s report 39
Corporate governance statement 40
Board of Directors 44
Management Board 45
Finnlines fleet 46
Shares and shareholders 48
Information for shareholders 50
Contact information 51
The Grimaldi Group 52

eUr
million
2
Finnlines in 2009
revenue 2005–2009,
eUr million
800
600
400
200
0
Operating profit
2005–2009, eUr million
05* 06* 07* 08* 09* 05* 06* 07* 08* 09* Shipping and sea transport
Port operations
* IFRS * IFRS
70
60
50
40
30
20
10
0
-10
-20
2009
IFrs
2008
IFRS
Revenue
Result before tax, depreciation and amortisation
494.4 735.7
(EBITDA) 37.4 98.1
Result before interest and taxes (EBIT) -23.6 35.4
Result for reporting period -41.7 1.0
Earnings per share (EPS), EUR -0.96 0.01
Dividend per share, EUR 0.00* 0.00
Equity ratio, % 29.4 28.5
Gearing, %
* The proposal of the Board of Directors
198.3 205.5
Breakdown
of revenue 2009
90%
10%
SPAIN
Bilbao
Hull
Immingham
UK
FRANCE
Antwerp
BELGIUM
Århus
Travemünde
Lübeck
Amsterdam
NORWAY
GERMANY
Wallhamn
Göteborg
Halmstad
Malmö
Sassnitz
Rostock
K

apellskär
Gdynia
SWEDEN
POLAND
Rauma Kotka
Naantali Helsinki
Turku
ESTONIA
LITHUANIA
FINLAND
LATVIA
BELARUS
St. Petersburg
RUSSIA
Moscow
year 2009
• Finnlines has carried out numerous changes in different routes in order to optimise the
utilisation of its fleet. From the beginning of June 2009, the Company started a set of new,
fast and comfortable Motorways of the Sea for freight and passengers between Finland
and Poland (Helsinki–Gdynia–Helsinki) and between Poland and Germany (Gdynia–
Travemünde–Gdynia). At the beginning of December, the Star-class vessels trading between
Helsinki and Gdynia and Travemünde also started calling at Rostock. Additionally,
from May 2009, Finnlines offers all its freight customers a wide range of destinations in
13 Mediterranean countries. This is done in cooperation with the Grimaldi Group.
• The fleet capacity was adjusted because of a sharp decline in cargo volumes. With this
measure the company was able to generate considerable savings. During the year nine
chartered vessels were re-delivered to the owners. In April, Finnlines Plc’s subsidiary
Hanseatic Shipping sold MS Finnhansa to the Grimaldi Group at the market price of EUR
40 million with a call option for repurchase the vessel at the same price.
• A new purchasing department, which performs and manages all group purchases was established.
During the whole year, there have been temporary layoffs in the ports where the
Company is operating and the number of employees has been reduced in the offices.
• Finnlines Plc´s President and CEO, Mr. Christer Antson, resigned on 23 March.
Mr. Emanuele Grimaldi, member of the Board, acted as temporary President and CEO for
the Company from 24 March until the end of June.
• Mr. Uwe Bakosch was appointed new President/CEO on 24 March. He joined Finnlines
at the end of June 2009. Mr. Bakosch, aged 51, is a German citizen. Amongst his previous
positions are e.g. the Managing Director of ATG Autotransport Logistic GmbH (100 per
cent subsidiary of Deutsche Bahn), Executive Vice President of DB Intermodal, Scandlines
AG - Member of the Board, Managing Director of Scandlines Deutschland GmbH,
as well as Scandlines Danmark AS, Commercial Director at United European Car Carriers
A/S, as well as various managerial functions in Volkswagen AG and in Island View
Shipping in South Africa.
• At the end of March, Finnlines issued a hybrid bond in order to strengthen the Group’s
capital structure.The principal amount of the bond was EUR 21 million and the coupon of
the bond was 12 per cent per annum. The bond had no maturity but it included an option
for the Company to redeem the bonds after three years or at any time in certain events including
issue of new shares. The bond was subscribed for by the Company’s two main
shareholders. Following the successful share issue in June, the Company redeemed the
hybrid bond together with accrued interest in early August.
• The Annual General Meeting held in April decided the company’s Board of Directors to
have six members. The following Board Members were re-elected: Mr Emanuele Grimaldi,
Mr Gianluca Grimaldi, Mr Diego Pacella, Mr Antti Pankakoski, Mr Olav K. Rakkenes
and Mr Jon-Aksel Torgersen. No dividend for 2008 was paid. The Board of Directors was
authorised to resolve on the issuance of shares in one or several instalments, so that the
aggregate number of shares to be issued shall not exceed 20,000,000 shares.
• In order to repay the hybrid bond the company launched a rights issue in May. In this
rights issue 6,129,079 shares were subscribed. The amount corresponds to 90.4 per cent
of the offered shares. The gross proceeds raised by Finnlines Plc in the rights issue were
EUR 33,709,935. Following the registration of the new shares, the number of Finnlines
Plc’s shares amounts to 46,821,037 shares and share capital to EUR 93,642,074.
• The County Administrative Board of Southern Finland appointed Hannu Niilekselä (APA)
to perform a special audit of the accounts and administration regarding certain specific
matters of Finnlines Plc for the reporting period from 1 January 2007 to 31 December
2007. Mr. Hannu Niilekselä issued in September 2009 his report addressed to the
General Meeting of Shareholders of Finnlines Plc. The report, which will be presented
to the shareholders of Finnlines Plc at the Annual General Meeting of Shareholders in
spring 2010, does not include anything that gives the Company any reason to change its
earlier view according to which the measures taken have had commercial grounds and
that the Company has in all respects acted in the best interests of the Company and its
shareholders.
FINNLINES 2008
3

4
CEO’S REVIEW
neW horizons
Finnlines – the MoDern, reliable anD innovative shipping CoMpany
after giving its first signals in summer 2008, the global economic crisis hit ill-prepared Finnlines severely, especially during the
period of rapidly falling volumes from december 2008 to the first quarter 2009. a comprehensive restructuring program was
stated in March 2009 and major initiatives were undertaken to steer the company through the crisis during 2009. Intense focus
was put on cost saving and optimisation initiatives, utilisation of the whole grimaldi group synergies, improvement of freight
yield management, as well as focused passenger services development initiatives. as a combination of all the measures together
we have managed to reduce the total cost base significantly while simultaneously identifying, targeting and realising
new revenue potentials. at the same time, we have strengthened our existing line network and extended it further by introducing
totally new lines. The combination of reliability, commitment and innovation places Finnlines as one of the strongest and
leading international shipping companies, even during a severe global economic crisis.
As part of the fitness program of Finnlines, we have been able
to achieve major cost savings in port expenses throughout the
group lines network in Europe and reduced other operative and
non-operative cost by closely scrutinising and rationalising the
cost base. The main optimisation initiatives were focused on reallocating
the fleet by putting right vessels on the right trade and
on adjusting the capacity by redelivering and chartering out additional
tonnage. The group structure simplification was initialised
and the number of group companies has already been substantially
reduced and non core asset sales have been undertaken.
Throughout the year, Finnlines has greatly benefitted from the
considerable synergies realised as part of the Grimaldi Group
especially in conjunction with the newly established Finnlines
centralised procurement but also in fleet management and bunkering.
Further synergies will be created with the introduction
of a new Grimaldi group wide state-of-the-art passenger booking
system, which is currently being developed and will eventually
enable linking the passenger market potential and furthering
the cultural exchanges throughout Europe. Additional potential
will be achieved by new innovative cargo traffic network combinations
between Finnlines and Grimaldi which are continuously
developed.
One of the focus areas has been the development of the passenger
services on our 13 ro-pax vessels in service. We have
strengthened our passenger services function considerably during
2009 and the efforts are already bearing fruit in the form of
higher number of passengers and better quality services. As another
revenue initiative, the freight yield management is underlying
Finnlines’ strong focus on providing frequent, sustainable and
reliable services also during low volume environments. The new
yield management system is designed to increase the average
utilisation of the vessels, to optimise the total supply chain costs
and reduce emissions per transported cargo.
As a shipping company we naturally bear a great responsibility
for the environment and are committed to provide environmentally
friendly transport solutions. We already have a very
modern, efficient and environmentally friendly fleet and the short
term improvements in environmental efficiency coincide with our
economical efficiency programs targeting fuel efficiency and increased
utilisation of vessels. On longer term, we are renewing
our fleet with the introduction of six ro-ro newbuildings being under
construction and due to be delivered in 2011–2012 with the
highest fuel efficiency standards. This further investment underlines
once more the dedication to provide further optimal solutions
for our cargo clients.
All of the measures started in 2009 and described above will
continue also this year and I believe that our comprehensive fitness
programm will greatly benefit the company during 2010 in
reaching a positive result even under the current market conditions.
We have a strong focus and commitment in continuing to
keep the cost levels down which will provide a solid ground for
the financial development. Simultaneously, we appreciate our
role in providing services for the surrounding society and are
committed to provide flexible and reliable service to all our
customers.
This underlines our strong focus in using our resources to the
maximum possible to minimise the ecological impact for the sake
of our joint environment of today, our children and future
generations.
I`m very much looking forward to a continued, very exciting
and challenging year 2010 and I would like to thank our customers,
our shareholders and our staff at sea and ashore for their
contributions during 2009.
Uwe Bakosch
President/CEO

Business concept, values
and strategic goals

usiness ConCept
Finnlines promotes international commerce by providing efficient, high quality sea transport and port services, mainly to
meet the requirements of the European industrial, commercial and transport sectors and private passengers.
FinanCial goals
Finnlines’ objective is to guarantee long-term profitability through high-quality operations, to generate added
value for its shareholders and to maintain a healthy capital structure. The Board of Directors bases its annual
dividend proposal on the company’s capital structure, future outlook, and investment and development needs.
values
CustoMer FoCus
Our customers choose us thanks to our competence, expertise and reliability. Satisfied customers are the basis for
Finnlines’ enduring success. By identifying its cargo customers’ and passengers’ needs, the company can continuously
develop its service products and generate concrete added value for its customers.
responsibility
We adhere to the principles of sustainable development. Environmental responsibility forms part of our
company’s everyday operations. We take safety issues into consideration in all our operations.
proFitability
We achieve our objectives. Through the quality of our business operations, we are able to guarantee long-term profitability
and generate added value.
eMployee satisFaCtion
Finnlines is a reliable and motivating employer, which treats its employees with fairness and equality.
strategiC goals
a stronger position in Baltic sea and north sea cargo traffic
• We invest into the operational efficiency of our current transport areas.
• We will open new routes according to market opportunities.
• We are actively involved in the growing consolidation of the sector.
• We increase Group-wide network synergies beoynd core of today
a stronger position in Baltic sea passenger traffic
• We offer quick and effortless travel between Finland, Sweden, Poland and Germany to our passengers on our large
and efficient ro-pax vessels..
a stronger position in russian freight traffic
• We are the leading shipping company in transit traffic.
• We actively develop and market direct transport routes between Central Europe and Russian Baltic ports.
growing profitability
• We strive to improve our productivity. One of the main ways of doing this is to focus on routes where the
vessels’ degree of filling is as high as possible in both directions.
• We will increase the efficiency of our operational systems and information management.
• We take proper care of environmental and safety issues.
• We invest into staff competence.
FINNLINES 2009
7

8
Business environment

the sharp drop in volumes that has been realised in the last quarter of 2008 has stabilised on this low level during
2009. During the year, the Finnish seaborne imports carried in container, lorry and trailer units fell by 24 per cent and
exports by 21 per cent compared to previous year (measured in tons). the trailer and lorry volumes transported by sea
between southern sweden and germany declined by 20 per cent compared to 2008. private and commercial passenger
traffic between Finland and germany decreased by 11 per cent due to a low number of lorry drivers and increased
by one per cent between Finland and sweden.
the Finnlines Fleet
The Company owns the youngest and largest ro-pax fleet in the
Baltic Sea. In the year 2009 the newest ro-pax vessels, the five
Star class vessels operated all in the Helsinki–Travemünde, Helsinki–Gdynia
and Helsinki–Rostock routes. Two of the Star class
vessels were transferred from the Malmö–Travemünde -route to
this new Motorways of the Sea connecting as well Poland with
Germany.
The cargo intake of the ro-ro vessels MS Finnmill and MS
Finnpulp was considerably improved in spring 2009 by adding a
ramp to the weather deck and hoistable car deck panels on the
main deck.
The six 10,500 dwt ro-ro vessels ordered in 2007 from the
Chinese Jinling shipyard are under construction and three of
them will be delivered in 2011 and the other three in 2012.
During 2009, the fleet capacity was adjusted because of a
sharp decline in cargo volumes. With this measure the company
was able to generate considerable savings. At the beginning
of 2009, the Group operated a fleet of 39 vessels. During
2009, nine of the chartered vessels have been redelivered to the
owners. Out of them four were redelivered in December. The
Group operated an average of 33 vessels during the main part of
the year. Of the 33 vessels, 23 were in the Group’s own traffic,
nine chartered out and one laid-up since June. Of the vessels,
15 were ro-pax, 17 were ro-ro and one was a trainferry. At yearend,
a further four ro-ro vessels were redelivered to the owners.
By the end of the year the total capacity of the fleet was approximately
77,000 lane meters, of which approximately 67,000 lane
meters was in the Group’s own traffic. The Group owned 18 vessels,
of which all 15 ro-pax vessels and 34 per cent of the ro-ro
cargo capacity were owned. The average age of the Group’s tonnage
was approximately nine years. The owned fleet is managed
by the Group.
route netWorK
During the year under review, Finnlines had roughly 60 weekly
departures from Finland. The main ports of call are Helsinki,
Naantali and Turku. Other liner traffic ports are Kotka and
Rauma. The main ports in Sweden are Kapellskär (FinnLinkline)
and Malmö (NordöLink-line). In spring 2009, Wallhamn was
added to the liner network providing a unique possibility to connect
Finland with the Mediterranean on a regular basis. In Denmark
the main port is Århus, in Poland Gdynia, and in Germany
Travemünde/Lübeck and Rostock. Travemünde is also the main
port for the NordöLink-line from Sweden.
The main ports in the North Sea are Hull in the U.K, Antwerp
in Belgium and Amsterdam in the Netherlands. Bilbao is the main
port in the service to Spain. Finnlines also has a direct link between
St. Petersburg and Lübeck (TransRussiaExpress-line) as
well as Helsinki and St.Petersburg. The latter gives the opportunity
to connect St. Petersburg to the Group’s liner network in the
Baltic Sea, the North Sea and Mediterranean.
Furthermore, a new connection between Poland and Germany
was opened in summer 2009.
As from January 2010, three new ro-ro services were opened
between Kotka/Helsinki–Gothenburg and Gothenburg–Bilbao.
In January 2010, a terminal change took place in the port of
Antwerp. The new terminal AET (Antwerp Euro Terminal) connects
the existing Finnlines’ Antwerp services with the Grimaldi
Group’s regular lines to South America, West Africa and the
Mediterranean area.
The sea transportation services were sold under the Finnlines
name in the Baltic Sea, the North Sea and the Bay of Biscay,
under the FinnLink name between Naantali and Kapellskär,
under the NordöLink name between Malmö and Travemünde and
under the TransRussiaExpress name between Lübeck and
St. Petersburg.
FINNLINES 2009
9

10
SHIPPING AND SEA
TRANSPORT SERVICES

Finnlines is one of the leading operators in the ro-ro sector in the baltic sea, the north sea and the bay of biscay. its
strong position derives from excellent services and a product concept tailored to its customers’ needs. Finnlines’ high
frequency of departures, cargo capacity and information services contribute to flexibility, reliability and predictability
to customers’ transport plans.
Despite tough competition, Finnlines consolidated its marketleading
position in 2009.
The cargo volumes transported during January–December
totalled approximately 596,000 (814,000 in 2008) units, 38,000
(117,000) cars (not including cars of the passengers) and, in
addition 2,001,000 (2,915,000) tons of freight not possible to
measure in units. In addition, some 533,000 passengers were
transported (around 612,000 in 2008), which figure includes
freight-related passengers. The number of pure passengers
(excluding lorry drivers) transported by the company increased
by 11 per cent.
The Shipping and Sea Transportation segment’s revenue for
the reporting period was EUR 444.9 (643.7) million, and it employed
1 367 (1 464) people at year-end.
FinnLink-line between Naantali (Finland) and Kapellskär (Sweden)
was operated with four ro-pax vessels during the first part
of the year. From April on, there were three vessels in traffic serving
unitised cargo traffic with three daily departures in each direction.
The fast eight-hour voyage and the service´s schedule,
tailored to the needs of freight customers, have maintained the
competitiveness of the route.
Finnlink-line transported nearly 112,000 freight units, which is
30 per cent less than the year before.
Passenger traffic continued with three vessels, the main target
group being touring cars and caravan passengers. The line´s
number of passenger volumes totalled 51,000, which was 27 per
cent less than the year before. Two Clipper class ro-pax vessels
and one smaller ro-pax vessel offered customers an effective
service capacity year round.
nordöLink-line offers ro-pax services on the maritime route between
Malmö (Sweden) and Travemünde (Germany). At the be-
ginning of 2009, as a part of a wider fleet re-organisation within
the Finnlines Group, the two Star Class vessels MS Europalink
and MS Nordlink were diverted to open a new trade from Helsinki
to Germany. At the same time, also because of dramatically
decreasing volumes due to the global crisis, more suitable
vessels were deployed (MS Finneagle, MS Finnpartner and
MS Finntrader). The three vessels offer twenty weekly departures
in both directions. Notwithstanding the capacity reduction,
Nordö-Link was able to maintain a market share of 47 per cent on
the Lübeck/Travemünde–Southern Sweden route, thereby consistently
increasing the vessels utilisation rate.
Transrussiaexpress-line (Tre) is running a regular direct roro
(ro-pax) liner service between Germany and Russia (Lübeck -
via Sassnitz–Mukran to St. Petersburg). After the first signals of
the global economic crisis in late 2008, the cargo volumes have
further decreased considerably in 2009. Russian traffic was hit
relatively more than other traffics in the Baltic Sea. As a consequence,
the number of ships in service was reduced from four to
two modern ro-pax vessels. With this measure, TRE continues to
offer two departures a week in each direction as a minimum service
meeting the requirements and, at the same time, has maintained
its market leader position in the direct Russian ro-ro traffic.
During the last quarter of 2009, the downtrend in traffic volumes
could be halted and stopped and turned into a slight
growth. Finnlines owns 75 per cent of the shares in TRE, whilst
25 per cent belong to the Russian partner.
Intercarriers, in which Finnlines holds a 51 per cent stake, offered
small-tonnage traffic services from ports in Lake Saimaa
and some Russian inland ports to various parts of Europe.
FINNLINES 2009 11

12
PASSENGER SERVICES

During 2009, significantly more focus was put on the passenger business.
New passenger routes were opened from Helsinki to Gdynia
(Poland), Gdynia–Travemünde (Germany) and Rostock (Germany)–Helsinki.
All five Star class ro-pax vessels were moved to
the Finland–Poland–Germany routes. The passenger volumes
on this route, which is the company’s most important passenger
line, grew by 33 per cent.
Also the Malmö–Travemünde line showed an encouraging
growth in passenger volumes of 45 per cent compared to the
previous year. The passenger volume on the Naantali–Kapellskär
route decreased due to the reduction in the fleet capacity of the
line. The Lübeck–St.Petersburg route showed a positive growth
trend.
The decrease in freight volumes affected the total number of
freight drivers. In 2009, the company’s 13 ro-pax vessels transported
a total of 533,000 passengers (private and commercial),
which is 13 per cent less than the year before.
However, the private passenger volumes alone grew 11 per cent.
FINNLINES 2009 13

14
Port oPerations

the group’s port operations are handled by Finnsteve, which is a major port operator focused on the unitised cargo
services required by regular liner traffic in the ports of helsinki, turku, naantali and Kotka. helsinki is Finland’s most
important export and import harbour for unitised goods, while turku and naantali have the fastest sea connections
to sweden. the port of Kotka specialises in the unitised cargo services needed for container transports, including
transit containers to russia. During 2009, the operations of norsteve a/s oslo and the industrial port of Kantvik were
sold out.
In 2009, Finnlines’ Port Operations generated revenues of EUR
73.2 (122.1) million and employed 799 (913) people at year-end.
In the port operations an economic recession continued with
a new organisational structure and with changes in the management.
Finnsteve Oy Ab was divided into three companies: Finnsteve
Oy Ab and new subsidiaries Containersteve Oy and FS-Terminals
Oy in order to develop the quality and efficiency of the services.
The parent company Finnsteve is responsible for ro-ro services
at the ports of Helsinki/Vuosaari and Turku. Containersteve
is providing stevedoring and depot services for container traffic
at the ports of Helsinki and Kotka and FS-Terminals provides import
and export terminal services at Vuosaari Harbour in Helsinki.
The Finnsteve personnel were also divided among these companies
according to their functions. The change was not noticeable
for Finnsteve´s customers.
The first year was very challenging in the new Vuosaari Harbour,
which was heavily affected by the world-wide recession.
There was an urgent need for savings due to much lower cargo
volumes. Finnsteve companies conducted two rounds of co-operation
negotiations together with its personnel in all of its units in
order to adapt to new circumstances and to cut costs. Following
these negotiations, some 25 per cent of the personnel have been
temporarily laid off during the year.
port operations in helsinKi
During its first year in operation, the Vuosaari Harbour proved to
be an efficient world-class port with its modern and advanced
infra structure. The four new container cranes represent the-
state-of-art and have sufficient capacity and power to cope eas-
ily with future growth in container volumes. Also the number and
performance of the other machinery is optimal.
The new export terminals allow cargo handling in all weather
conditions. Meanwhile, the new import terminal in the logistics
area has capacity for diversifying and increasing the provision of
supplementary services.
Loading and unloading of the ro-ro vessels and especially the
Star class ro-pax vessels is effective thanks to two new double
ramps. In 2009, the human resources at Vuosaari were scaled
to the needs of the new decreased cargo volumes by using termporary
layoffs. Demolition of the buildings in old harbours, Sompasaari
and West Harbour, was performed and finished during
the year. The financial figures for 2009 were negatively affected
by the decreased cargo volumes.
With new operators being involved after the opening of the
Vuosaari Harbour, competition has proved to be significantly
tougher, especially in the situation where overall volumes have
decreased considerably.
port operations in turKu
During the year under review, the volumes of handled cargo declined
also in Turku, the car imports and transit traffic were hit
hard by the economic downturn. Also searail volumes diminished
towards the year end.
All Finnlines traffic was transferred to the Pansio Harbour,
which brought newer vessels into the West Harbour of Turku.
The traffic frequency was reduced and the connection between
Antwerp–Turku was closed down in spring 2009.
port operations in KotKa
The quay extension project in Kotka was completed during 2009.
Sharply reduced volumes in transit traffic have significantly reduced
the volumes handled in Kotka, together with loss of customer
at the end of 2008.
At the end 2009 Kotka unit benefitted from a major customer’s
decision to concentrate its pulp export in Kotka.
FINNLINES 2009 15

16
ENVIRONMENT aNd safETy
sea traffic Port operations*
(In tons) 2008 2009 2008 2009
Fuel 462,400 405,220 2,700 1,830
Carbon dioxide emissions (CO 2 ) 1,442,800 1,264,300 8,400 5,710
Sulphur dioxide emissions (SO 2 ) 12,400 10,600
Nitrogen oxide emissions (NO x ) 26,300 23,700
* The figures include operations in Helsinki, Kotka and Turku

eing aware of its environmental responsibility both at present and in the future, Finnlines is committed to promoting
sustainable development and to reducing the environmental impact of its operations. Finnlines optimises its trans-
ports and routes to achieve the highest possible capacity utilisation on both southbound and northbound voyages,
which minimises environmental stress per transported cargo unit. transferring the carriage of goods from road to sea
also reduces congestion and noise on roads. in 2009, Finnlines opened a connection between germany and poland
and linked helsinki to its lübeck–st. petersburg services.
With growing passenger volumes, Finnlines was one of the parties
to sign the Helsinki Declaration at the Matka 2009 travel fair.
The aim of the declaration is to promote sustainable development
in tourism, which is one of the largest trades in the world but also
known to have an impact on the environment and climate.
environMental CertiFiCation
Finnlines has integrated environmental and safety programmes
into its management system. The aim of the environmental system
is to monitor and measure the impact of all environment-related
operations and services provided by Finnlines on board ships
and ashore, and to guarantee that the environmental performance
unconditionally complies with relevant legislation and
regulations.
All of Finnlines’ ro-pax ships have been incorporated into
the environmental certificate issued by LRQA (Lloyd’s Register
Quality Assurance). Certification complies with the requirements
of the ISO 14 001 standard. In 2009, two ropax ships and ship
management functions were audited by LRQA.
staKeholDers
In environmental and safety matters, Finnlines’ most important
stakeholders are the flag and host state administration, owners,
shareholders and subcontractors, as well as the inhabitants of
harbour and fairway areas. More and more customers are interested
in environmental effects of transports. In terms of environmental
and safety issues, the most important subcontractors
are shipowner and management companies and port operators.
Waste management companies are important partners, offering
expertise in segregation, collection and treatment of waste.
Finnlines follows developments in environmental and safety
issues, participating in projects driven by research centres and
institutes, maritime colleges and different organisations. The
company is actively engaged in the operations of Finnish and
Swedish shipowners’ associations.
legislation
Shipping is governed by international, regional and national regulations.The
International Maritime Organisation (IMO) manages
international legislation on safety and environmental matters. The
Marpol 73/78 Convention contains regulations on the disposal
of waste and sewage into the sea, and on the prevention of air
emissions. The SOLAS Convention regulates maritime safety
matters, including ship construction, life-saving arrangements
and navigation. Both the Marpol and SOLAS are continuously
amended. The Helsinki Commission (HELCOM) has issued regional
recommendations for the shipping industry.The company’s
port operations comply with national legislation.
saFety anD seCurity
All vessels have been certified in accordance with the International
Safety Management Code (ISM Code). All vessels and
port facilities also comply with the requirements of the International
Ship and Port Facility Security (ISPS) Code.
The vessels are regularly inspected and audited by the maritime
administration, classification societies and certification institutions.
In addition, ‘port and host state control’ inspections are
held on ships.
To be ready to deal with emergency situations, vessels hold
drills regularly both “in-house” and with authorities. In May 2009,
the ro-pax ship MS Finnmaid participated in a large-scale drill in
the Baltic and in the port of Vuosaari. The object was to prepare
for anti-terrorist operations and to test cooperation and communication
between different authorities. In addition to practical drills,
rescue departments and emergency services colleges visited our
ships to train in shipboard conditions.
Occupational safety and health, which entails maintenance
of health, prevention of injuries and illnesses, and riskless use of
work equiment, is an important part of Finnlines operations. Being
the safest passenger ship of the year 2009, the ro-pax ship
MS Finnlady was awarded by the insurance company Alandia.
Finnlines has strict operating instructions for handling of dangerous
IMDG cargo on vessels and in ports. In 2009, training
was provided for the shore-based staff handling carriage of dangerous
cargo and related documents.
energy ConsuMption anD atMospere eMissions
In accordance with the Marpol Annex VI, the Baltic Sea, the
North Sea and the English Channel are Emissions Control Areas.
This means that ships must use fuel with maximum 1.5 per cent
sulphur content. The sulphur content of the heavy fuel oil used by
Finnlines ships varied somewhat depending on the supplier, the
average sulphur content was 1.4 per cent. The quality of fuel is
followed by taking samples that are sent to a laboratory for testing
whenever it is deemed necessary.
FINNLINES 2009 17

18
envIrOnMenT and saFeTy (COnTInUed)
In port, power is generated using auxiliary engines. With ef-
fect from 1 January 2010, there has been a maximum 0.1 per cent
sulphur limit on all marine fuel used at berth in EU ports. Finnlines’
vessels have complied with the regulation for many years.
The IMO has decided on more stringent standards on the sulphur
content in ships’ fuel. In the Emissions Control Areas, the
sulphur content limit for heavy fuel oil will be reduced from 1.5
per cent to 1.0 per cent from 1 July 2010. The plan is to continue
with reductions to 0.1 per cent, effective from 2015. Not only the
shipping industry, but other industries as well have expressed
their concern with regard to the availability and price level of
sulphur-free fuel. It is not known if the oil refining industry will be
able to respond to the new demand. There is also a potential danger
that the rising fuel costs will result in a shift of cargo from the
sea to transport modes that have a larger environmental impact.
Today, the global limit for sulphur content in fuel is 4.5 per
cent. The plan is to reduce the limit to 3.5 per cent in 2012 and
further to 0.5 per cent in 2020.
Restrictions on nitrogen oxide emissions are also being
planned in Marpol Annex VI.
The shipping industry has discussed emissions reductions by
implementing either a Maritime Emissions Trading Scheme or by
introducing a universal CO tax. No decision has yet been taken.
2
There have also been studies of introducing and implementing an
Energy Efficiency Design Index for new ships.
Finnlines has focused on means to reduce fuel consumption
and overall energy consumption. Timetable planning is an important
tool to reduce consumption. An electronic operation optimising
tool, an Onboard Napa Power and Speed Pilot system, has
been installed on the Finnmaid.
In 2009, Finnlines’ vessel traffic consumed 405,220 tons of
heavy fuel oil and diesel oil, representing a decrease of 12 per
cent compared to the previous year. The fuel consumption of the
company’s port operations totalled 1 830 tons, which includes
the Group’s operations in Helsinki and Turku, the decrease being
32 per cent.
Waste anD seWage
In accordance with the EU directive on ship-generated waste,
solid waste and oily water are included in the “no special fee”
system. The aim is to stop illegal discharges at sea by requiring
all ships to deliver their waste to port reception facilities. All ships
calling at a port must pay for waste reception costs whether they
have anything to deliver or not. Ships engaged in scheduled traffic
with frequent port calls may be exempted from this directive, if
they have made alternative arrangements with competent companies.
Finnlines has had its own contracts with waste management
companies for years.
Efforts are made to reduce the amount of miscellaneous
waste that can only be disposed of in landfills. The main recyclable
waste types generated on board include glass, paper, cardboard,
and metal. The Star class vessels separate food waste
and vessels in FinnLink and NordöLink traffic separate combustible
waste. Hazardous waste, including oil waste, oily filters,
paint, and batteries, is separated and taken to a separate container
in port.
MARPOL contains restrictions concerning black water, i.e.
toilet water. Finnlines’ ro-pax vessels send black water, i.e. toilet
water, to onshore municipal sewage systems whenever they are
accessible. Tank vehicles are used where reception facilities are
not provided.
There are no restrictions on the discharge of grey water, i.e.
water from kitchens and showers, but Finnlines pumps grey water
to the sewage system whenever it is available.
Cargo ships are equipped with sewage treatment plants approved
by the flag-state administration. After treatment, the remaining
slurry is taken ashore.
Dirty oily waste water, ‘bilge water’, is generated in engine
rooms. Bilge water is separated in separators. The limit for the oil
content of water that may be discharged into the sea is 15 ppm
(parts per million) and the remaining sludge is taken ashore. New
bilge water separators were installed on the ro-pax vessels operating
on the Malmö–Travemünde route. The efficiency of the separators
is under 5 ppm.
other environMental aspeCts
In March 2009, MS Finneagle accidentally leaked about 4 m3 of
marine diesel oil into the sea while she was heading from Kapellskär
to Naantali. The incident was investigated by Finnish and
Swedish authorities. So far, Finnlines has not received any information
on any environmental damage. To prevent the same type
of incident from recurring, all Finnlines-flagged ships were reminded
of the importance of alertness and vigilance when oil is
transferred from one tank to another. Ships were also instructed
of carrying out technical inspections.
In addition to fuel oils, ships use lubricants and hydraulic oils.
On several ships, Finnlines has replaced the use of mineral oils
with environmentally non-hazardous biological oils.
Onboard, noise is caused by ventilators in the cargo holds
and auxiliary engines as they generate power. Noise from ships
is monitored and measured, especially when the port is located
close to residential or nature preservation areas. In the port of
Pansio, which is situated next to a Natura area, the noise level of
three ships was measured in spring 2009. The values showed
that no technical measures needed to be taken.
Micro-organisms attached to the ship’s hull slow the ship
down, increasing fuel consumption and air emissions. On
Finnlines ships, the underwater hulls are regularly cleaned to remove
micro-organisms.
Ballast water may transfer from one location to another species
of sealife that are ecologically harmful when released into a
non-native environment. In January 2010, the Ballast Water Management
Convention had been signed by 21 countries, representing
roughly 23 per cent of world tonnage. The Convention
will enter into force when 30 countries, representing 35 per cent
of world tonnage, have signed it. It is likely that ships operating
exclusively within the Baltic Sea will be exempted from the Convention
regulations. However, ships trading outside the Baltic will
have to exchange ballast water or install treatment plants as per
certain conditions. After 2016 ballast water treatment systems
will be mandatory.

huMan resourCes
the sharp decline in cargo volumes impacted Finnlines’ operations and human resources in 2009. the fleet capacity
and, consequently, the number of personnel in all three employee categories (office staff, sea personnel and stevedores)
was adjusted. the total average number of the Finnlines group’s employees decreased by nine per cent compared
to the previous year. the focus of the personnel development was in operative and safety related issues. a centralised
purchasing department was established in order to cut expenses and the organisation of passenger services
was further strengthened in order to increase passenger volumes.
savings
The Company agreed on the temporary layoffs with its personnel
groups in the ports where the Company is operating in Finland.
Other rationalisation measures with respect of personnel were
also taken. Part of the sea personnel were laid off due to adjustments
made to the fleet capacity. In the offices, the number of
employees was also reduced through employment terminations
and layoffs.
training
Due to the financial situation, the focus has been in the operative
and safety related training. With regard to sea personnel, the
most important training areas were safety, competence maintenance
and diverse competence development. Joint emergency
simulations were organised with emergency and rescue authorities.
Guided practical training also forms an important part of the
company’s onboard training programme.
After the centralisation of the port operations, the focus on the
Vuosaari harbour was on increasing efficiency through improved
cross-usage of the personnel. For the purpose, the ship stevedores
and foremen received training in terminal work and terminal
workers in stevedoring work. Almost 300 employees, ranging
from stevedores to management, participated in the occupational
safety training.
reCruitMent
According to Finnlines’ human resource policy, vacant positions
are first advertised internally; this improves job rotation and develops
employee competence. In 2009, recruitment from outside
the company was minimised due to rationalisation measures targeted
towards the Company’s existing staff. In the port operations,
the usage of temporary stevedores had to be terminated
due to the temporary layoffs.
Mental anD physiCal WorK ability
Despite the financially challenging circumstances, measures
were taken to promote the physical, mental and social working
ability and health of the company’s employees. For example, sea
personnel have access to onboard gyms and the Vuosaari harbour
has brand new facilities including a sauna and a gym. Staff
appraisals were applied to the Finnish sea personnel. Staff’s
well-being and ergonomics will be taken into account in the office
and in stevedoring. Staff associations are in place to support employees’
leisure and recreational activities.
FINNLINES 2009 19

20
HUMan resOUrCes (COnTInUed)
Key figures 2009 2008
Average number of employees 2,234 2,436
Revenue/employee, EUR 221,312 302,030
Personnel expenses/employee, EUR 51,923 53,693
Operating profit/employee, EUR -16,575 13,552
Employee turnover, % 18 32
Absences of personnel, change % 6 -14
Training days, total 2,700 4,173
Average number of employees per business area
Shore-based personnel
2009 2008
Shipping and Sea Transport Services 434 458
Port Operations 846 1,006
Sea personnel 954 972
Continuing operations, total
Divestments
2,234 2,436
Total
As of 31 December 2009, there were 1,225 shore-based personnel and 941 sea personnel for a total of 2,166.
2,234 2,436
Employee categories 2009 2008
Office staff 29% 27%
Sea personnel 28% 40%
Stevedores 43% 33%
Gender distribution Shipping Port personnel Sea operations
Female 48% 7% 22%
Male 52% 93% 78%
Personnel by country 2009 2008
Finland 64% 66%
Germany 5% 5%
Sweden 26% 23%
Other
The average age of Finnlines personnel was 42 (42).
The average duration of employment was appr. 9 (10) years.
5% 6%
Personnel profit and loss account, (EUR 1,000) 2009 2008
Revenue
Personnel expenses
494,411 735,747
Real working time expenses 80,760 94,105
Personnel renewal (holidays, recruitment) 20,198 20,108
Personnel development 237 1,281
Personnel benefits and obligations 14,802 16,909
Total personnel expenses 115,997 132,403
Other operating expenses 415,444 570,331
Profit before other operating income (operating profit) -37,029 33,013
Other income from operations 13,413 2,430
Net operating profit -23,617 35,443
Quarterly figures I/2009 II/2009 III/2009 Iv/2009
Average number of employees 2,280 2,215 2,272 2,208

financial statements

22
Board of direCTorS’ reporT
The Company
Finnlines is one of the largest North-European liner shipping
companies, providing sea transport services mainly in the Baltic
and the North Sea. In addition to freight, the Company’s ro-pax
vessels carry passengers between five countries and eight ports.
The Company also provides port services in Helsinki, Turku and
Kotka. The company has subsidiaries or sales offices in Germany,
Belgium, the UK, Sweden, Denmark, Poland and Russia.
Finnlines is a Finnish listed company and part of the Italian
Grimaldi Group.
markeT developmenT
The sharp drop in volumes that had been realised in the last quarter
of 2008 has stabilised on this low level during 2009. During
the year, the Finnish seaborne imports carried in container, lorry
and trailer units fell by 24 per cent and exports by 21 per cent
compared to previous year (measured in tons). The trailer and
lorry volumes transported by sea between Southern Sweden and
Germany declined by 20 per cent compared to 2008. Private and
commercial passenger traffic between Finland and Germany decreased
by 11 per cent due to low number of lorry drivers and increased
by one per cent between Finland and Sweden.
SignifiCanT evenTS during The reporTing period
TraffiC
Finnlines has carried out numerous changes on different routes
in order to optimise the utilisation of its fleet. In mid-February,
MS Nordlink was moved from the Malmö–Travemünde route to
the Helsinki–Travemünde route. At the same time, MS Transeuropa
was transferred from the Helsinki–Travemünde route to
the Lübeck–St.Petersburg route. In mid-April, MS Finneagle
was moved from the Naantali–Kapellskär route to the Malmö–
Travemünde route and further, MS Europalink was moved from
the Malmö–Travemünde route to the Helsinki–Travemünde route.
From the beginning of June 2009, the Company started up
a set of new, fast and comfortable the Motorways of the Sea for
freight and passengers between Finland and Poland (Helsinki–
Gdynia–Helsinki) and between Poland and Germany (Gdynia–
Travemünde–Gdynia). At the beginning of December, Rostock
was included in the route network as the Star class vessels trading
between Helsinki–Gdynia–Travemünde started calling at
Rostock. The Star class ro-pax ferries continue their daily sailings
from Travemünde to Helsinki.
The new services enable Finnlines to offer three ports on the
Southern Baltic Sea as a gateway for transports to or from Finland:
Travemünde as a port for Western Europe, Benelux and
western Germany; Rostock for the south-eastern part of Germany
and Southern and South-Eastern Europe; and Gdynia for
goods flows to and from Poland and Eastern Europe.
Additionally, from May 2009, Finnlines offers all its freight customers
a wide range of destinations in 13 Mediterranean countries.
This is done in cooperation with the Grimaldi Group. The
Company has also started a new weekly link between Helsinki
and St. Petersburg. The route is interconnected at all the destinations
served by Finnlines and Grimaldi Lines.
The cargo volumes transported during January–December
totalled approximately 596,000 (814,000 in 2008) units, 38,000
(117,000) cars (not including cars of the passengers) and, in
addition 2,001,000 (2,915,000) tons of freight not possible to
measure in units. In addition, some 533,000 passengers were
transported (around 612,000 in 2008), a decline of 13 per cent,
which figure includes freight-related passengers. The number
of pure passengers (excluding lorry drivers) transported by the
company increased by 11 per cent.
SavingS
The fleet capacity was adjusted to new market requirements both
on number of ships as well as the correct allocation of tonnage
towards specific trades. With this measure the company was
able to generate considerable savings. At the beginning of 2009,
the Group operated a fleet of 39 vessels. In April Finnlines Plc's
subsidiary Hanseatic Shipping sold MS Finnhansa to Grimaldi
Group at the market price of EUR 40 million with a call option for
repurchase the vessel at the same price. The vessel Finnhansa
had been left idle due to the economic situation and the selling
of the vessel reduced the costs of Finnlines. The Company
booked a profit of about EUR 4.4 million on the sale of the vessel.
The vessel had not been repurchased by the end of 2009. During
2009, nine chartered vessels were redelivered to the owners.
Out of them, four were redelivered in December and one in January
2010 thus primarily affecting 2010 savings amount.
The Group's operated an average of 33 vessels during the
main part of the year. Of the 33 vessels, 23 were in the Groups
own traffic, nine chartered out and one laid up since June.
A new purchasing department was established and all purchases
are performed and managed by this department. This
move together with a general savings programme has proved to
be a very efficient way to cut expenses substantially.
During the whole year, there were temporary layoffs in the
ports where the Company is operating and the number of employees
was reduced in the offices.
new Ceo for finnlineS group
Finnlines Plc´s President and CEO, Mr. Christer Antson, resigned
on 23 March.
Mr. Uwe Bakosch was appointed new President and CEO
on 24 March. He started working at the end of June 2009. Mr.
Emanuele Grimaldi, member of the Board, acted as temporary

President and CEO for the Company from 24 March until the end
of June.
Mr. Bakosch, aged 51, is a German citizen. His previous positions
have been among others: Managing Director of ATG Autotransport
Logistic GmbH (100 per cent subsidiary of Deutsche
Bahn), Executive Vice President of DB Intermodal, Scandlines
AG - Member of the Board, Managing Director of Scandlines
Deutschland GmbH, as well as Scandlines Danmark AS, Commercial
Director at United European Car Carriers A/S, as well
as various managerial functions in Volkswagen AG and in Island
View Shipping in South Africa.
hyBrid Bond
Finnlines issued a hybrid bond in order to strengthen the Group's
capital structure on 23 March. The principal amount of the bond
was EUR 21 million and the coupon of the bond was 12 per cent
per annum. The bond had no maturity but it included an option
for the Company to redeem the bonds after three years or at any
time in certain events including issue of new shares. The bond
was subscribed for by the Company's two main shareholders.
Following the successful share issue in June, the Company
redeemed the hybrid bond together with accrued interest on 4
August 2009.
During 2009, the company had no other subordinated loans
or other hybrid bonds.
annual general meeTing
The Annual General Meeting approved the Financial Statements
and discharged the Company's officers from liability for the financial
year 2008. No dividend was paid for the year 2008.
The meeting decided that the number of Board Members
be six.
The following Board Members were re-elected; Mr Emanuele
Grimaldi, Mr Gianluca Grimaldi, Mr Diego Pacella (vice chairman),
Mr Antti Pankakoski, Mr Olav K. Rakkenes and Mr Jon-Aksel
Torgersen (chairman). The yearly compensation to the Board
will remain unchanged as follows: the chairman EUR 50,000, the
vice-chairman EUR 40,000 and the member EUR 30,000.
Deloitte & Touche Oy was re-elected as the Company's auditor
for the fiscal year 2009.
The Board of Directors was authorised to resolve on the issuance
of shares. The Board of Directors may, on the basis of the
authorisation, resolve on the issuance of shares in one or several
instalments, so that the aggregate number of shares to be issued
shall not exceed 20,000,000 shares. The Board of Directors
can decide on all the conditions of the issuance of shares.
The issuance of shares may be carried out in deviation from the
shareholders' pre-emptive rights (directed issue). The authorization
is valid until the Annual General Meeting to be held in 2010.
The share issue authorization granted to the Board of Directors in
May 2008 was cancelled.
The Articles of Association (§ 10) of the Company was
amended as follows:
"The Shareholders' Meeting shall be announced in a national
newspaper chosen by the Board, no earlier than three months
before the Shareholders' Meeting and no later than 21 days before
the Shareholders' Meeting."
Share iSSue
The Company resolved upon a rights issue in which the Company
offered up to 6,781,993 shares to be subscribed for by the
shareholders based on their pre-emptive subscription rights so
that each shareholder had the pre-emptive right to subscribe for
new shares for the subscription price of EUR 5.50 per share in
proportion to the number of shares in the Company they already
hold. The total maximum amount of the rights issue amounted to
up to EUR 37.3 million. The shares offered for subscription in the
rights issue represented at a maximum approximately 16.7 per
cent of the total number of the shares prior to the rights issue.
The shares were offered to the shareholders for subscription on
29 May 2009. Each shareholder received one subscription right
for each share. The subscription rights were subject to public
trading on NASDAQ OMX Helsinki during the period 4 June to
10 June 2009. A holder of the subscription rights was entitled to
subscribe for one new share for every six subscription rights. The
subscription period commenced on 4 June 2009 and expired on
17 June 2009.
Grimaldi Group had undertaken to ensure that new shares
were subscribed for in the rights issue amounting to a value of
EUR 24,221,659. The subscription undertaking given by the
Grimaldi Group concerned 4,403,938 new shares.
The reason for the rights issue was the repayment of the hybrid
bond, which the Company had issued in spring 2009 in order
to strengthen the Company’s capital structure and working
capital financing. In the rights issue 6,129,079 shares were subscribed
for. The amount corresponds to 90.4 per cent of the offered
shares. The gross proceeds raised by Finnlines Plc in the
rights issue were EUR 33,709,935. Shares subscribed for in the
offering were subject to public trading on the NASDAQ OMX
Helsinki during 18 June to 25 June 2009 as interim shares. The
new 6,129,079 Finnlines Plc shares subscribed for were registered
with the Finnish Trade Register on 25 June 2009. The new
shares carry shareholders´ rights from the date of registration.
The new shares were taken to public trading on NASDAQ OMX
Helsinki together with the old shares on 26 June 2009. Following
the registration of the new shares with the Trade Register, the
number of Finnlines Plc’s shares amounts to 46,821,037 shares
and share capital to EUR 93,642,074.
FINNLINES 2009 23

24
SpeCial audiT
The County Administrative Board of Southern Finland appointed
Hannu Niilekselä (APA) to perform a special audit of accounts
and administration of Finnlines Plc for the reporting period from 1
January 2007 to 31 December 2007. The special audit related to
the following matters and operations:
• group contributions granted to subsidiaries
• audit of the fact that no group contribution has been granted
from subsidiaries to the parent company
• dividends paid by subsidiaries to the parent company
• investment programme
• the sale of two vessels by parent company to subsidiaries.
The County Administrative Board rejected the application
in respect of applying special audit to cover the accounts and
administration as whole for the reporting period from 1 January
2007 to 31 December 2007, only above mentioned matters
should be included in special audit.
On 14 September 2009, Mr. Hannu Niilekselä issued his
report addressed to the General Meeting of Shareholders of
Finnlines Plc. The report, which will be presented to the shareholders
of Finnlines Plc at the Annual General Meeting of Shareholders
in spring 2010, does not include anything that gives the
Company any reason to change its earlier view according to
which the measures taken have had commercial grounds and
that the Company has in all respects acted in the best interests of
the Company and its shareholders.
refunded fairway dueS
The Administrative Court of Helsinki has rendered three decisions
based on which it can be firmly argued that the Acts on the
fairway dues in force until 1 January 2006 were not in accordance
with the European Community legislation. Consequently,
the Company applied for refund of fairway dues for 2005,
amounting to EUR 2.8 million. The main part of these has been
refunded to the Company by the end of 2009. Finnlines will also
apply for refund for other years for which the documents are
available. At this stage, no estimates of the amounts or the handling
time can be given.
finanCial performanCe
The Finnlines Group recorded revenue totalling EUR 494.4
(735.7 in 2008) million, a decline of 32.8 per cent. Shipping
and Sea Transport Services generated revenue amounting
to EUR 444.9 (643.7) million and Port Operations EUR 73.2
(122.1) million. The internal revenue between the segments was
23.7 (30.1) million. Other income from operations amounted to
EUR 13.4 (2.4) million. This included the sales gain amounting
EUR 4.4 million from the sales of vessel MS Finnhansa, a sales
gain of EUR 1.9 million from the sales of subsidiary shares, a
sales gain of EUR 4.3 million from the sales of apartments and
warehouses, and a sales gain of EUR 0.5 million from the sale of
a small port operation.
Result before depreciation and amortisation (EBITDA) was
EUR 37.4 (98.1) million. Result before interest and taxes (EBIT)
was EUR -23.6 (35.4) million. Financial income was EUR 3.9
(3.4) million and financial expenses totalled EUR -31.7 (-42.0)
million. Result before taxes (EBT) was EUR -51.4 (-3.2) million.
Earnings per share (EPS) were EUR -0.96 (0.01). Return on
equity (ROE) was -9.7 (0.2) per cent and return on investment
(ROI) was -1.7 (2.9) per cent.
inveSTmenTS and finanCing
The Group's capital expenditure was EUR 28.0 (236.3) million.
Interest-bearing net debt amounted to EUR 844.1 (900.1) million.
The equity ratio calculated from the balance sheet was 29.4
(28.5) per cent. Gearing was 198.3 (205.5) per cent. The liquidity
of the Company was good during the period under review. At
the end of the period, cash and deposits together with unused
committed working capital credits and the undrawn part of committed
credits for newbuildings amounted to EUR 187.4 million.
perSonnel
The Group employed an average of 2,234 (2,436) persons during
the period, consisting of 1,280 (1,464) persons on shore and
954 (972) persons at sea. The personnel expenses (including
other social costs) for the reporting period totalled EUR 107.5
(122.9) million.
Personnel are specified in more detail in this Annual Report
under the Human Resources.
group STruCTure
The Group has started a significant process to merge group
companies and businesses, with the aim of making savings in administration
and personnel costs. The process results in a leaner
company structure. By the end of 2009, the number of subsidiaries
was 18 less.
Finnlines Plc and its wholly owned subsidiaries, Ropax Oy
Eagle, Ropax Oy Fellow, Ropax Oy Maid, Ropax Oy Star and FL-
Sailor's Shop Oy were merged at the end of the year.
The assets and liabilities of the mentioned subsidiaries were
transferred without liquidation proceedings to the parent company
Finnlines Plc. In the mergers, no consideration was paid as
the parent company owns all the shares in the mentioned merging
subsidiaries. In October, the Company sold its 66.7 per
cent share in Finnwest N.V. In November the operations done by
Norsteve Oslo A/S in Sjursoya port were sold. The other operations
of that company were sold already earlier during the year.

At the end of the year, the Group had 31 companies (of which
26 operational companies) left out of 49 companies at the end of
the previous year. At the same time, and on a parallel track, the
Group brought forward successfully some deleveraging initiatives
as to sell non-core companies and assets.
reSearCh and developmenT
The aim of Finnlines' research and development work is to find
and introduce new practical solutions and operating methods,
which enable the company to better and more cost-efficiently
meet customer needs.
The Vuosaari Harbour was opened at the end of 2008 and the
start-up phase continued in 2009. In addition to an increased capacity,
it will enable us to provide faster and more efficient port
and terminal services to our customers. A great deal of effort was
put into the planning of the operations in the harbour area, which
will ensure efficient, smooth and safe cargo handling in the harbour,
not forgetting passengers.
Finnlines introduced new ro-pax vessels to the Company's
fleet in 2006–2007. As a result, sailing schedules and operational
models on the company's main routes have been altered and
new service modes have been developed also in 2009.
The Company's operative and customer management systems
are under ongoing development and improvement and special
efforts will be put into developing procurement and passenger
services related systems. The new IT systems are aimed at
enhancing efficiency and improving sales and day-to-day customer
service.
Research and development costs are not significant, considering
the extent of the company's operations.
The finnlineS Share
The company’s registered share capital on 31 December 2009
was EUR 93,642,074 divided into 46,821,037 shares. A total of
2.7 (8.6) million Finnlines shares were traded on the NASDAQ
OMX Helsinki during the period. The market capitalisation of
the Company’s stock at the end of December was EUR 323.1
(262.5) million. Earnings per share (EPS) during the period were
EUR -0.96 (0.01). Shareholders’ equity per share was EUR 9.07
(10.51). At the end of the year, Grimaldi Group's holding and
share of votes in Finnlines was 65.8 per cent.
Key indicators per share have been retroactively adjusted
with the share issue adjustment factor due to the share issue of
Finnlines Plc and the new shares registered with the Trade Register
on 26 June 2009.
riSkS
The most significant operative risk in shipping is involved in vessel
and sea safety. Accidents at sea may have harmful conse-
quences for humans and the environment and can also cause
financial losses. The ships in Finnlines' service have safety management
systems which are audited and improved through appropriate
training and regular safety drills. Cargo handling practices
play an important role in ensuring safe sea traffic. In the
past year, the company reassessed its cargo handling practices,
updated the instructions and stepped up the monitoring of cargo
handling and cargo securing in ports.
The majority of the Group’s assets consist of its fleet. The
fleet is always insured to its full value. Accidents and engine damage
can result in interruptions of operations, which are covered
by loss-of-earnings policies.
Well-functioning information systems and data security are
of vital importance in all situations. Failures in information systems
cause extra work, disturbances in service, loss of potential
cargoes, data security risk and erosion of customer confidence.
The company’s operative information systems are under ongoing
development and improvement. The technical failure prevention
systems have been built on effective exploitation of modern technology.
In addition, for stevedoring operations, operating models
have been created in case of major failures in the IT systems.
Technological data security solutions will prevent third parties
from accessing Finnlines' internal and customers' data.
More detailed information on Finnlines' risks can be found in
the 2009 Financial Statements, which is published separately.
The legal cases are presented under Legal proceedings.
The risk management procedures of the Group are more
widely presented on the Group’s Internet pages under Corporate
Governance.
legal proCeedingS
MS Finnbirch sank in November 2006 in the southern Baltic. She
was under time charter to Finnlines from her owners Lindholm
Shipping, Sweden. Sjö- & Handelsrätten (Sea and Commercial
Court) in Copenhagen gave judgement on 9 November 2009, on
the division of the limitation fund established by the Owners of
the vessel among the claimants. The judgement became final on
4 January 2010.
At the end of March 2009, there was an oil spill on MS
Finneagle on the way from Kapellskär to Naantali. As a result, approximately
4 m3 of light fuel oil leaked from the vessel into the
sea between the Åland Sea and the Port of Naantali. The Finnish
authorities initiated investigations, which are still pending. The
vessel or the Company has not received any notice or information
on any environmental damage. The Company immediately started
its own investigations and is working in cooperation with the authorities
in order to clarify the matter. Possible damages will be
covered by the Company’s P&I Insurance.
FINNLINES 2009 25

26
Mutual Pension Insurance Company Ilmarinen initiated ac-
tion against Finnlines Plc in the Helsinki District Court. Ilmarin-
en objects to the decision of Finnlines’ Annual General Meeting
held in May 2008 to distribute EUR 180,216.39 as a minimum
dividend. Ilmarinen demands primarily that the minimum dividend
be altered to EUR 17,181,000. Secondarily, Ilmarinen demands
that the AGM’s resolution be declared null and void. Additionally,
Ilmarinen demands Finnlines to pay its legal expenses. Finnlines
considers the action groundless. The company considers that
the measures taken have had commercial grounds and that it has
in all respects acted in the best interests of the company and its
shareholders. At the signing of the Financial Statements, the matter
was in process at the Helsinki District Court.
Mr. Hannu Niilekselä (APA), who was appointed to perform a
special audit of accounts and administration of Finnlines Plc for
the reporting period from 1 January 2007 to 31 December 2007
on Ilmarinen’s request, issued in September 2009 his report,
which will be presented to the shareholders of Finnlines Plc at
the Annual General Meeting of Shareholders in spring 2010. The
report does not include anything that gives the Company reason
to change its earlier view, according to which the measures taken
have had commercial grounds and that the Company has in all respects
acted in the best interests of the Company and its shareholders.
In 2008, the Administrative Court of Helsinki rendered decisions
based on which it can be firmly argued that the Acts on the
fairway dues in force until 1 January 2006 were not in accordance
with the Community legislation. Consequently, the Company
applied for refund of fairway dues for 2005, amounting to
EUR 2.8 million. The main part of these has been refunded to the
Company by the end of 2009. Finnlines will also apply for refund
for other years for which the documents are available. At this
stage, no estimates of the amounts or the handling time can be
given.
Finnlines’ German subsidiary has been taken to the City
Court of Lübeck by its former Managing Director regarding the
termination of his Service Agreement in December 2009. The
Company considers the legal grounds for the termination to be
valid.
The former management of Finnlines port operations subsidiary
has been summoned to the Helsinki District Court to answer
for infringing the occupational safety and health and working
hours acts in the port of Helsinki. On the day of signing of the Financial
Statements the court proceedings are under way.
Taxation of internal vessel sales carried out in 2007 by
Finnlines’ Swedish subsidiary includes uncertainties. The decision
of the tax authorities was that a SEK 97.2 (EUR 9.5) million
tax debt should be paid. The Company has though been granted
postponement of this payment as it has appealed in the matter.
As the Company recorded a deferred tax liability due the temporary
timing difference in the tax year in question, the matter does
not have any significant effect on the Company’s result in 2009.
Finnlines received information on the last day of January 2010
that the Finnish Transport Workers' Union has filed on legal actions
against Finnlines’ port operations subsidiary for compensation
of weekend work. The Company considers the basis of the
action groundless and will reply to the submission of the Union in
the given time limit.
environmenT and SafeTy
Finnlines places high priority on the environmental aspects of its
operations. The Company seeks to continuously improve its environmental
programmes while considering the requirements of
sustainable development, the needs of customers and partners,
as well as the demands imposed by society. Finnlines focuses on
optimising its transports and routes to achieve the highest possible
utilisation on both southbound and northbound voyages,
which minimises environmental stress per transported cargo unit.
The Company is continuously looking for ways to reduce
fuel and energy consumption. Fuel consumption depends on
many factors: route, amount of cargo, speed and engine power.
Schedule planning is one tool to reduce fuel consumption. An
electronic operation optimising tool has been trialled on one vessel.
The six new ships to be delivered from China in 2011–2012
will be fitted with a rudder/propeller combination technology that
is designed to achieve significant reductions in fuel consumption.
All of Finnlines' ro-pax ships have been incorporated into
the environmental certificate issued by LRQA (Lloyd's Register
Quality Assurance). Certification complies with the requirements
of the ISO 14 001 standard. In 2009, two ro-pax ships and ship
management functions were audited by LRQA. Most of the other
ships in Finnlines’ service and port operators also have the ISO
14 001 certificate.
All vessels have been certified in accordance with the International
Safety Management Code. All ships also comply with the
requirements of the International Ship and Port Facility Security
Code (ISPS). The safety management system is developed
through crew training and internal audits. Safety drills are held together
with the authorities annually.
In this report, Finnlines publishes a summary of environmental
and safety issues.
CorporaTe governanCe
Finnlines applies the Finnish Corporate Governance Code
for listed companies issued in 2008. The Corporate Governance
Statement can be reviewed at the corporate website
(www.finnlines.com).

evenTS afTer The BalanCe SheeT daTe
Mr. Jon-Aksel Torgersen stepped down as Chairman of Finnlines
Plc's Board of Directors. Mr. Torgersen will continue his position
as a member of the Board of the Company. The Board of Directors
appointed Mr. Emanuele Grimaldi Executive Chairman of
Finnlines Plc's Board of Directors. These changes took place on
14 January 2010.
The Group’s management is not aware of any other events after
the balance sheet date than those described in this report that
could have a material impact on the Group’s financial position or
the figures or calculations reported in its Financial Statements.
The Finnish stevedores started a strike in all ports in Finland
on 4 March 2010.
ouTlook for 2010
The rapidly deteriorated economic conditions in Europe and the
whole world impacted Finnlines’ operations in 2009. The Company
has responded to the sharp drop in cargo volumes by drastically
reducing tonnage and employing the vessels left in a much
more efficient way, by initiating structural measures in order to
improve competitiveness, by increasing synergies and economies
of scale within the Grimaldi Group and by personnel adjustments,
divestments and redelivery of excess tonnage. The Company
expects the whole year 2010 result to be positive due to
the significant lower cost structure in 2010, even if the economic
conditions would not improve rapidly. However, the first quarter
of the year could be affected by the labour market disputes in
Finland.
dividend diSTriBuTion propoSal
The Board of Directors will propose to the Annual Shareholders'
Meeting that no dividend be paid out for 2009 due to the weak financial
performance and the ongoing investment programme.
annual general meeTing
Finnlines Plc’s Annual General Meeting will be held from
12.00 hrs on Wednesday, 14 April 2010 at Hotel Scandic Continental,
Mannerheimintie 46, Helsinki.
FINNLINES 2009 27

28
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME, IFRS
EUR 1,000 1 Jan–31 Dec 2009 1 Jan–31 Dec 2008
Revenue 494,411 735,747
Other income from operations 13,413 2,429
Materials and services -162,553 -258,187
Personnel expenses -107,548 -122,944
Depreciation, amortisation and other write-offs -61,012 -62,690
Other operating expenses -200,328 -258,912
Total operating expenses -531,441 -702,732
Result before interest and taxes -23,617 35,443
Financial income 3,922 3,422
Financial expense -31,724 -42,039
Result before taxes -51,419 -3,174
Income taxes 9,713 4,145
Result for the reporting period -41,706 971
Other comprehensive income:
Exchange differences on translating foreign operations -255 227
Change on hedging reserve -723 347
Deferred tax revaluation -1,481 1,481
Income tax relating to components of other comprehensive income 188 -90
Total comprehensive income -43,977 2,936
Result attributable to:
Parent company shareholders -41,637 507
Minority interest -69 464
-41,706 971
Total comprehensive income attributable to
Parent company shareholders -43,908 2,471
Minority interest -69 464
-43,977 2,936
Result attributable to parent company shareholders calculated as
earnings per share (EUR/share)
Undiluted earnings per share * -0.96 0.01
Diluted earnings per share * -0.96 0.01
* Key indicators per share have been retroactively adjusted with the share issue adjustment factor. In EPS calculation the hybrid bond interest is
deducted from the result.
All figures in the Annual Report have been rounded and consequently the sum of individual figures may deviate from the sum presented.
This page is an extract of the audited Financial Statements. The complete audited Financial Statements of the Group and the parent company are
available at www.finnlines.com. The extracts of the audited Financial Statements presented in the Annual Report should be viewed together with
the complete and audited Financial Statements.

ConSolidaTed BalanCe SheeT, ifrS
EUR 1,000 31 Dec 2009 31 Dec 2008
ASSETS
Non-current assets
Property, plant and equipment 1,240,057 1,311,969
Goodwill 105,644 105,644
Other intangible assets 11,342 12,947
Investment properties 1 577 1,580
Share of associated companies 1 514 1,526
Other financial assets 4 792 4,793
Receivables 894 3,848
Deferred tax assets 3 567 2,734
Current assets
1 369 386 1,445,041
Inventories 6 530 5,252
Accounts receivable and other receivables 64 345 73,474
Income tax receivables 18 76
Bank and cash 6 103 10,509
76 996 89,312
Total assets 1 446 382 1,534,352
EQUITY
Equity
Share capital 93,642 81,384
Share premium account 24,525 24,525
Fair value reserve -4,822 -2,807
Translation differences 124 379
Unrestricted equity reserve 21,015
Retained earnings 290,291 332,927
424,775 436,409
Minority interest 876 1,531
Total equity 425,651 437,940
LIABILITIES
Long-term liabilities
Deferred tax liabilities 87,660 96,835
Interest-free liabilities 742 370
Pension liabilities 2,355 3,026
Provisions 4,312 4,277
Interest-bearing liabilities 721,112 789,692
Current liabilities
816,182 894,201
Accounts payable and other liabilities 73,714 78,293
Income tax liabilities 448 110
Provisions 1,280 2,930
Current interest-bearing liabilities 129,107 120,878
204,549 202,212
Total liabilities 1,020,731 1,096,412
Total equity and liabilities 1,446,382 1,534,352
This page is an extract of the audited Financial Statements. The complete audited Financial Statements of the Group and the parent company are
available at www.finnlines.com. The extracts of the audited Financial Statements presented in the Annual Report should be viewed together with
the complete and audited Financial Statements.
FINNLINES 2009 29

30
ConSolidaTed STaTemenT of ChangeS in eQuiTy, ifrS
EUR 1,000
Share
capital
Share
issue
premium
Equity attributable to parent company shareholders
Translation
differences
Fair value
reserves
Unrestricted
equity
reserve
Retained
earnings
Hybrid
bond Total
Minority
interest
Equity
1 January 2008
Total comprehensive
81,384 24,525 152 -4,544 332,601 434,118 1,534 435,651
income for the year 227 1,738 507 2,471 464 2,936
Dividend
Equity
-180 -180 -467 -647
31 December 2008 81,384 24,525 379 -2,807 332,927 436,409 1,531 437,940
Equity
1 January 2009
Total comprehensive
81,384 24,525 379 -2,807 332,927 436,409 1 531 437,940
income for the year * -255 -2,016 -41,637 -43,908 -69 -43,977
Share issue 12,258 21,015 33,274 33,274
Issue of hybrid bond
Repayment of the
20,906 20,906 20,906
hybrid bond -94 -20,906 -21,000 -21,000
Hybrid bond interest
Decrease in interest in
-905 -905 -905
subsidiaries -96 -96
Dividend
Equity
-490 -490
31 December 2009 93,642 24,525 124 -4,822 21,015 290,291 0 424,775 876 425,651
* Including EUR 1.481 million 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.
This page is an extract of the audited Financial Statements. The complete audited Financial Statements of the Group and the parent company are
available at www.finnlines.com. The extracts of the audited Financial Statements presented in the Annual Report should be viewed together with
the complete and audited Financial Statements.
Total
equity

ConSolidaTed STaTemenT of CaSh flowS, ifrS
EUR 1,000 1 Jan–31 Dec 2009 1 Jan–31 Dec 2008
Cash flows from operating activities
Result for reporting period
Adjustments:
-41,706 971
Non-cash transactions 49,584 61,563
Unrealised foreign exchange gains (-) / losses (+) -468 2,945
Financial income and expenses 28,270 35,672
Taxes
Changes in working capital:
-9,713 -4,145
Change in accounts receivable and other receivables 11,063 17,446
Change in inventories -1,278 1,866
Change in accounts payable and other liabilities -1,312 -20,434
Change in provisions -2,200 3,230
Interest paid -31,141 -34,101
Interest received 334 1,383
Taxes paid -1,218 -2,747
Other financing items -1,370 -1,261
Net cash generated from operating activities -1,154 62,387
Cash flows from investing activities
Acquisition of subsidiaries -194
Investments in tangible and intangible assets -25,363 -235,849
Investments in shares -251
Sale of tangible assets 49,121 1,537
Disposal of subsidiaries, net of cash disposed 2,114
Proceeds sale of investments 957 -
Dividends received 256 5
Net cash used in investing activities 26,834 -234,501
Cash flows from financing activities
Proceeds from share issue 33,274
Loan withdrawals 8,040 280,267
Net increase in current interest-bearing liabilities 9,801 -45,867
Repayment of loans -81,143 -78,700
Increase / decrease in long-term receivables 466 694
Dividends paid -540 -647
Hybrid bond 20,906
Hybrid bond repayment -20,906
Net cash used in financing activities -30,103 155,747
Change in cash and cash equivalents -4,423 -16,367
Cash and cash equivalents 1 January 10,509 26,913
Effect of foreign exchange rate changes 17 -37
Cash and cash equivalents 31 December 6,103 10,509
This page is an extract of the audited Financial Statements. The complete audited Financial Statements of the Group and the parent company are
available at www.finnlines.com. The extracts of the audited Financial Statements presented in the Annual Report should be viewed together with
the complete and audited Financial Statements.
FINNLINES 2009 31

32
profiT and loSS aCCounT, parenT Company, faS
EUR 1,000 1 Jan–31 Dec 2009 1 Jan–31 Dec 2008
Revenue 269,808 285,448
Other income from operations 754 828
Materials and services -96,868 -72,830
Personnel expenses -24,211 -25,536
Depreciation, amortisation and other write-offs -13,242 -11,694
Other operating expenses -170,235 -174,096
Result before interest and taxes -33,993 2,121
Financial income and expense -8,040 -6,565
Result before extraordinary items -42,033 -4,444
Extraordinary items 42,178
Result before appropriations and taxes 145 -4,444
Appropriations -145 4,444
Income taxes 0 0
Result for the reporting period 0 0
This page is an extract of the audited Financial Statements. The complete audited Financial Statements of the Group and the parent company are
available at www.finnlines.com. The extracts of the audited Financial Statements presented in the Annual Report should be viewed together with
the complete and audited Financial Statements.

BalanCe SheeT, parenT Company, faS
EUR 1,000 31 Dec 2009 31 Dec 2008
ASSETS
Non-current assets
Intangible assets 9,919 11,420
Tangible assets
Investments
720,677 315,213
Shares in Group companies 312,606 315,236
Other investments 5,898 5,646
1,049,099 647,517
Current assets
Inventories 4,227 1,491
Long-term receivables 320,693 616,340
Short-term receivables 113,793 171,840
Bank and cash 2,518 2,562
441,231 792,234
Total assets 1,490,330 1,439,751
SHAREHOLDERS' EQUITY AND LIABILITIES
EQUITY
Share capital 93,642 81,384
Share premium account 24,525 24,525
Unrestricted equity reserve 21,452
Retained earnings 92,747 92,747
Result for the period 0 0
Total shareholders’ equity 232,367 198,657
Accumulated appropriations 213,651 144,270
Liabilities
Long-term liabilities
Interest-bearing 802,687 850,759
Interest-free 397
802,687 851,156
Current liabilities
Interest-bearing 199,384 216,412
Interest-free 42,241 29,256
241,625 245,668
Total liabilities 1,044,313 1,096,824
Total shareholders’ equity and liabilities 1,490,330 1,439 751
This page is an extract of the audited Financial Statements. The complete audited Financial Statements of the Group and the parent company are
available at www.finnlines.com. The extracts of the audited Financial Statements presented in the Annual Report should be viewed together with
the complete and audited Financial Statements.
FINNLINES 2009 33

34
CASH FLOW STATEMENT, PARENT COMPANY, FAS
EUR 1,000 1 Jan–31 Dec 2009 1 Jan–31 Dec 2008
Cash flows from operating activities
Result for the reporting period 0 0
Adjustments for
Depreciation, amortisation & impairment loss 13,242 11,694
Gains (-) and Losses (+) of disposals of fixed assets and other non-current assets -10 -452
Unrealised foreign exchange gains (-) and losses (+) 98 -196
Financial income and expenses 7,942 6,761
Income taxes 0 0
Other adjustments -42,178 -4,444
-20,906 13,362
Changes in working capital:
Change in inventories, addition (-) and decrease (+) -2,735 459
Change in accounts receivable, addition (-) and decrease (+) -11,910 1,643
Change in accounts payable, addition (+) and decrease (-) 15,316 -4,585
-20,235 10,879
Interest paid -35,571 -49,837
Dividends received 762 474
Interest received 26,417 43,484
Other financing items -1,516 -758
Income taxes paid -2 0
-9,911 -6,637
Net cash generated from operating activities -30,146 4,242
Cash flows from investing activities
Investments in tangible and intangible assets -112,881 -104,049
Proceeds from sale of tangible and intangible assets 211 530
Acquisition of subsidiaries, net of cash acquired -434
Disposal of subsidiaries, net of cash disposed 206
Purchase of investments -251
Loans granted -58,424
Proceeds from repayments of loans 132,360 15,747
Net cash used in investing activities 19,212 -146,195
Net cash before financing activities -10,934 -141,953
Cash flows from financing activities
Proceeds from issue of share capital 33,710
Proceeds from short-term borrowings 10,134
Repayment of short-term borrowings -25,725 -76,493
Proceeds of long-term borrowings 27,149 279,606
Repayment of long-term borrowings -76,555 -77,794
Hybrid bond 20,906
Hybrid bond repayment -20,906
Dividends paid - -180
Group contribution received 42,178 0
Net cash used in financing activities 10,890 125,139
Change in cash and cash equivalents -44 -16,815
Cash and cash equivalents on 1 January 2,562 19,377
Effect of foreign exchange rate changes
Cash and cash equivalents on 31 December 2,518 2,562
This page is an extract of the audited Financial Statements. The complete audited Financial Statements of the Group and the parent company are
available at www.finnlines.com. The extracts of the audited Financial Statements presented in the Annual Report should be viewed together with
the complete and audited Financial Statements.

five-year key figureS
EUR million 2009 2008 2007 2006 2005
IFRS IFRS IFRS IFRS IFRS
Revenue 494.4 735.7 685.5 632.7 584.1
Other income from operations 13.4 2.4 15.3 2.1 3.5
Result before tax, depreciation and amortisation (EBITDA) 37.4 98.1 121.9 98.1 75.8
% of revenue 7.6 13.3 17.8 15.5 13.0
Result before interest and taxes (EBIT) -23.6 35.4 68.8 58.2 42.0
% of revenue -4.8 4.8 10.0 9.2 7.2
Associated companies 0.3 0.3
Result before taxes (EBT) -51.4 -3.2 40.1 47.7 36.3
% of revenue -10.4 -0.4 5.9 7.5 6.2
Result for reporting period, continuing operations -41.7 1.0 34.4 37.7 28.6
% of revenue -8.4 0.1 5.0 6.0 4.9
Result for reporting period, discontinuing operations 18.7 -1.4
Result for reporting period -41.7 1.0 34.4 56.5 27.1
% of revenue -8.4 0.1 5.0 8.9 4.6
Total investments * 28.0 236.3 391.3 238.8 73.0
% of revenue 5.7 32.1 57.1 37.7 12.5
Return on equity (ROE), % -9.7 0.2 8.0 14.1 7.2
Return on investment (ROI), % -1.7 2.9 6.9 9.9 6.0
Balance sheet total 1,446.4 1,534.4 1,402.3 1,068.0 908.1
Equity ratio, % 29.4 28.5 31.1 39.7 41.7
Gearing, % 198.3 205.5 167.4 104.2 82.8
Average no. of employees 2,234 2,436 2,335 2,196 2,090
2009 2008 2007 2006 2005
IFRS IFRS IFRS IFRS IFRS
Earnings per share (EPS), EUR -0.96 0.01 0.82 1.35 0.65
Earnings per share (EPS) less warrant dilution, EUR -0.96 0.01 0.82 1.35 0.65
Shareholders’ equity per share, EUR 9.07 10.51 10.45 10.16 9.07
Dividend per share, EUR ** 0 00 0 00 0.00 0.41 0.29
Payout ratio, % ** 0 0 0.5 30.5 45.3
Effective dividend yield, % ** 0.0 0.0 0.0 2.4 2.1
Price/earnings ratio (P/E) n/a n/a 18.3 12.5 21.7
Share price on stock exchange at year-end, EUR 6.90 6.45 15.25 17.20 14.40
Market capitalisation at year-end, EUR million 323.1 262.5 620.6 699.9 585.5
Adjusted average number of outstanding shares (1,000) 44,385 41,528 41,528 41,520 41,063
Adjusted number of outstanding shares 31 December (1,000) 46,821 41,528 41,528 41,528 41,495
Number of outstanding shares at year-end (1,000) 46,821 40,692 40,692 40,692 40,660
* Includes continuing and discontinuing operations.
** In 2009 according to the proposal by the Board of Directors.
Calculation of key ratios is presented on page 36.
This page is an extract of the audited Financial Statements. The complete audited Financial Statements of the Group and the parent company are
available at www.finnlines.com. The extracts of the audited Financial Statements presented in the Annual Report should be viewed together with
the complete and audited Financial Statements.
FINNLINES 2009 35

36
CalCulaTion of key raTioS, ifrS
Earnings per share (EPS), EUR * =
Shareholders’ equity per share, EUR * =
Dividend per share, EUR * =
Payout ratio, % =
Effective dividend yield, % * =
P/E ratio * =
Return on equity (ROE), % =
Return on investment (ROI), % =
Gearing, % =
Equity ratio, % =
Result attributable to parent company shareholders – hybrid bond interest
Weighted average number of outstanding shares
Shareholders’ equity attributable to parent company shareholders
Number of shares on 31 December
Dividend paid for the year
Number of shares on 31 December
Dividend paid for the year
Result before tax +/- minority interests of Group
result +/- change in deferred tax liabilities – taxes for the period
Dividend per share
Share price on stock exchange on 31 December
Share price on stock exchange on 31 December
Earnings per share
Result before tax – taxes for the period – change in deferred tax liability
Shareholders’ equity + minority interests (average)
Result before tax + interest expense + other liability expenses
Balance sheet total – interest-free liabilities (average)
Interest-bearing liabilities – cash and bank equivalents
Shareholders’ equity + minority interests
Shareholders’ equity + minority interests
Balance sheet total – received advances
* Key indicators per share have been retroactively adjusted with the share issue adjustment factor.
This page is an extract of the audited Financial Statements. The complete audited Financial Statements of the Group and the parent company are
available at www.finnlines.com. The extracts of the audited Financial Statements presented in the Annual Report should be viewed together with
the complete and audited Financial Statements.
x 100
x 100
x 100
x 100
x 100
x 100

QuarTerly daTa, ifrS
(EUR million) Q1/2009 Q1/2008 Q2/2009 Q2/2008 Q3/2009 Q3/2008 Q4/2009 Q4/2008
Revenue by segment
Shipping and Sea Transport Services
total 103.3 160.0 111.5 173.4 118.8 170.1 111.3 140.2
Sales to third parties 103.0 159.9 111.2 173.3 118.4 170.0 110.9 139.1
Sales to Port Operations 0.3 0.1 0.3 0.1 0.3 0.1 0.3 1.1
Port Operations total 20.1 32.4 18.7 33.5 17.5 30.8 16.8 25.5
Sales to third parties
Sales to Shipping and Sea
14.4 25.2 13.2 25.7 12.1 23.9 11.2 18.8
Transport Services 5.7 7.2 5.6 7.8 5.4 6.9 5.6 6.7
Group internal revenue -6.1 -7.4 -5.9 -7.9 -5.8 -7.0 -5.9 -7.8
Revenue total 117.4 185.1 124.4 199.0 130.5 193.8 122.1 157.8
Result before interest and taxes per
segment
Shipping and Sea Transport Services -10.0 12.7 3.7 17.6 2.1 12.0 -3.5 5.6
Port Operations
Result before interest and taxes
-6.0 1.4 -4.1 -0.1 -3.8 -1.4 -2.0 -12.2
total -16.0 14.0 -0.3 17.5 -1.7 10.6 -5.5 -6.7
Financial income and expenses
Share of associated companies’
profits
-10.6 -8.5 -6.7 -6.8 -4.8 -10.3 -5.7 -13.0
Result before tax -26.6 5.5 -7.1 10.7 -6.5 0.3 -11.2 -19.7
Direct taxes 5.6 -0.9 -0.9 -1.8 1.3 0.7 3.7 6.2
Result for the reporting period -21.0 4.6 -8.0 8.9 -5.2 0.9 -7.5 -13.4
Quarterly consolidated key figures
Result before interest and taxes,
(% of revenue) -13.7 7.6 -0.3 8.8 -1.3 5.5 -4.5 -4.2
Return on equity (ROE), % -19.2 4.2 -7.3 8.0 -4.8 0.8 -6.9 -12.1
Return on investment (ROI), % -4.7 5.0 0.0 6.2 0.3 2.7 -1.4 -1.9
Earnings per share, EUR *
Average number of outstanding
-0.51 0.11 -0.20 0.21 -0.12 0.02 -0.16 -0.32
shares (1,000) * 41,528 41,528 42,284 41,528 46,821 41,528 46,821 41,528
* Key indicators per share have been retroactively adjusted with the share issue adjustment factor.
In EPS calculation the hybrid bond interest is deducted from the result.
This page is an extract of the audited Financial Statements. The complete audited Financial Statements of the Group and the parent company are
available at www.finnlines.com. The extracts of the audited Financial Statements presented in the Annual Report should be viewed together with
the complete and audited Financial Statements.
FINNLINES 2009 37

38
Board’S propoSal for The uSe of The diSTriBuTaBle fundS and SignaTureS
To The Board of direCTorS’ reporT and To The finanCial STaTemenTS
According to the parent company’s balance sheet on 31 December 2009:
Retained earnings EUR 92,747,356.47
Unrestricted equity reserve EUR 21,451,776.50
Result for the reporting period EUR 0.00
Distributable funds EUR 114,199,132.97
The Board of Directors proposes to the Annual General Meeting that no dividend be paid for the reporting period ended
on 31 December 2009.
Helsinki, 2 March 2010
Emanuele Grimaldi
Executive Chairman
Gianluca Grimaldi Diego Pacella Antti Pankakoski
Olav K. Rakkenes Jon-Aksel Torgersen
Uwe Bakosch
President and CEO
This page is an extract of the audited Financial Statements. The complete audited Financial Statements of the Group and the parent company are
available at www.finnlines.com. The extracts of the audited Financial Statements presented in the Annual Report should be viewed together with
the complete and audited Financial Statements.

audiTor’S reporT
To The annual general meeTing of finnlineS plC
We have audited the accounting records, the financial statements, the report of the Board of Directors, and the administration of Finnlines
Plc for the financial period 1 January to 31 December, 2009. The financial statements comprise the consolidated balance sheet, statement
of comprehensive income, statement of changes in equity, cash flow statement and notes to the consolidated financial statements,
as well as the parent company's balance sheet, income statement, cash flow statement and notes to the financial statements.
The reSponSiBiliTy of The Board of direCTorS and The managing direCTor
The Board of Directors and the Managing Director are responsible for the preparation of the financial statements and the report of the
Board of Directors and for the fair presentation of the consolidated financial statements in accordance with International Financial Reporting
Standards (IFRS) as adopted by the EU, as well as for the fair presentation of the financial statements and the report of the
Board of Directors in accordance with laws and regulations governing the preparation of the financial statements and the report of the
Board of Directors in Finland. The Board of Directors is responsible for the appropriate arrangement of the control of the company’s accounts
and finances, and the Managing Director shall see to it that the accounts of the company are in compliance with the law and that
its financial affairs have been arranged in a reliable manner.
audiTor’S reSponSiBiliTy
Our responsibility is to perform an audit in accordance with good auditing practice in Finland, and to express an opinion on the parent
company’s financial statements, on the consolidated financial statements and on the report of the Board of Directors based on our audit.
Good auditing practice requires that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance
whether the financial statements and the report of the Board of Directors are free from material misstatement and whether the members
of the Board of Directors of the parent company and the Managing Director have complied with the Limited Liability Companies Act.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements and
the report of the Board of Directors. The procedures selected depend on the auditor’s judgment, including the assessment of the risks
of material misstatement of the financial statements or of the report of the Board of Directors, whether due to fraud or error. In making
those risk assessments, the auditor considers internal controls relevant to the entity’s preparation and fair presentation of the financial
statements and the report of the Board of Directors in order to design audit procedures that are appropriate in the circumstances. An
audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made
by management, as well as evaluating the overall presentation of the financial statements and the report of the Board of Directors.
The audit was performed in accordance with good auditing practice in Finland. We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our audit opinion.
opinion on The ConSolidaTed finanCial STaTemenTS
In our opinion, the consolidated financial statements give a true and fair view of the financial position, financial performance, and cash
flows of the group in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU.
opinion on The Company’S finanCial STaTemenTS and The reporT of The Board of direCTorS
In our opinion, the financial statements and the report of the Board of Directors give a true and fair view of the financial performance
and financial position of both the consolidated and the parent company’s financial performance and financial position in accordance
with the laws and regulations governing the preparation of the financial statements and the report of the Board of Directors in Finland.
The information in the report of the Board of Directors is consistent with the information in the financial statements.
addiTional informaTion
We refer to the information on the legal proceeding regarding the action initiated by Mutual Pension Insurance Company Ilmarinen disclosed
in the report of the Board of Directors and in the notes to the financial statements as well as to the stock exchange release published
by the company on 3 March 2010 concerning the judgment rendered by the Helsinki District Court the same day. Without qualifying
our opinion, we note that the Helsinki District Court has in its judgment approved Mutual Pension Insurance Company Ilmarinen’s
claim to have the resolution of the General Meeting 20 May 2008 amended so that the minimum dividend should instead of 180,216.39
euros be 17,181,000.00 euros. As the company informed in its stock exchange release, the company will consider filing an appeal
against the District Court’s judgment.
Helsinki, 23 March, 2010
Deloitte & Touche Oy
Authorized Public Audit Firm
Mikael Leskinen
Authorized Public Accountant
Auditors’ report issued for the Board of Directors’
report and Financial Statements for the year ended on
31 December 2009 as available at www.finnlines.com.
Translation from Finnish original.
FINNLINES 2009 39

40
CORPORATE GOVERNANCE STATEMENT
Finnlines Plc applies the guidelines and provisions of the Finnish
Companies Act, the NASDAQ OMX Helsinki Ltd, and its own Articles
of Association. Finnlines also applies the Finnish Corporate
Governance Code issued in October 2008 for listed companies.
The code is publicly available on www.cgfinland.fi.
TASkS ANd RESPONSibiliTiES Of GOVERNiNG bOdiES
Management of the Finnlines Group is the responsibility of the
Board of Directors elected by the General Meeting as well as the
President and CEO. Their duties are for the most part defined by
the Finnish Companies Act. Day-to-day operational responsibility
lies with the members of the Extended Management Board supported
by relevant staff and service functions.
GENERAl MEETiNG Of ShAREhOldERS
The ultimate decision making body in the company is the General
Meeting of Shareholders.
It resolves issues as defined for General Meeting in the Finnish
Companies’ Act and the company’s Articles of Association.
These include approving the financial statements, deciding on
the distribution of dividends, discharging the company’s Board
of Directors and CEO from the liability for the financial year, appointing
the company’s Board of Directors and auditors and deciding
on their remuneration.
A General Meeting of Finnlines Plc is held at least once
a year. The Annual General Meeting (AGM) must be held no
later than the end of June. An invitation to attend the AGM and
the agenda are published in a national newspaper chosen by
the Board, as well as on the company’s website, no earlier
than three months before the Shareholders’ Meeting and no
later than 21 days before the Shareholders’ Meeting. Shareholders
have, according to the law, the right to put items falling
within the competence of the General Meeting on the agenda
of the General Meeting, if the shareholder so notifies the
Board of Directors in writing well in advance of the General
Meeting so that the item can be added to the notice of the
General Meeting.
ANNuAl GENERAl MEETiNG 2009
Finnlines Plc’s Annual General Meeting on 15 April 2009 approved
the financial statements and discharged the members of
the Board of Directors and the company’s President and CEO
from the liability for the financial year 2008. All related documents
can be found on our website www.finnlines.com.
ThE bOARd Of diRECTORS
Responsibility for the management of the company and proper
organisation of its operations lies with the company’s Board
of Directors, which has at least five (5) and at most eleven (11)
members. The members of the Board are appointed by the Annual
General Meeting for one year at a time.
The majority of the directors shall be independent of the company
and at least two of the directors representing this majority
shall be independent from significant shareholders of the company.
Information on the Board composition, Board members and
their independence can be found on our website. The President
and CEO is not a member of the Board.
The proposal for Board composition shall be included in the
notice of the General Meeting.
The names of candidates for membership of the Board of Directors,
put forward by the Board of Directors or by shareholders
with a minimum holding of 10 per cent of the company’s voting
rights, are published in the notice of the AGM, provided that the
candidates have given their consent to the election. The candidates
proposed thereafter shall be disclosed separately.
The Board elects a chairman and deputy chairman from
among its members. The Board steers and supervises the company’s
operations, and decides on policies, goals and strategies
of major importance. The principles applied by the Board in its
regular work are set out in the Rules of Procedure approved by
the Board. The Board handles all issues in the presence of the
entire Board. The Board does not have any separate committees.
The Board considers all the matters stipulated to be the responsibility
of a board of directors by legislation, other provisions and
the company’s Articles of Association. Due to the limited extent
of the company’s business, it is considered effective that the entire
Board also handles the duties of the audit committee, the
nomination committee as well as those of the remuneration committee.
The main duties and working principles drawn up by the
Board are:
• the annual and interim financial statements
• the matters to be put before General Meetings of Shareholders
• the appointment and dismissal of the President and CEO, the
Deputy CEO, if any, and the members of the Board of Management
• approval of internal supervision and organisation of the company’s
financial supervision
• other matters related to the duties of the audit committee mentioned
in the Finnish Corporate Governance Code
• approval of the Group’s strategic plan and long-term goals
• approval of the Group’s annual business plan and budget
• decisions concerning investments, acquisitions, or divestments
that are significant or that deviate from the Group’s
strategy
• decisions on raising long-term loans and the granting of security
or similar collateral commitments

• risk management principles
• the Group’s organisational structure
• approval of the remuneration and pension benefits of the
President and CEO, the Deputy CEO and the members of the
Board of Management
• monitoring and assessment of the performance of the President
and CEO
In addition to matters requiring decisions, Board meetings are
given updates on the Group’s operations, financial position and
risks.
The Board of Directors reviews its operations and working
methods annually through an internal self-assessment process.
The Board convenes six to eight times a year following a predetermined
schedule. In addition to these meetings, the Board convenes
as necessary.
The Board of direcTors 2009
In 2009, the Board consisted of six members: Mr Jon-Aksel
Torgersen (Chairman), Mr Diego Pacella (Vice Chairman), Mr
Emanuele Grimaldi, Mr Gianluca Grimaldi, Mr Antti Pankakoski
and Mr Olav K. Rakkenes. During 2009, Finnlines Plc’s Board of
Directors held 18 meetings. The average attendance of all directors
was 96 per cent.
The PresidenT and ceo and dePuTy ceo
The Board of Directors appoints a President for the Group who
is also its chief executive officer. The President and CEO is in
charge of the day-to-day management of the company and its
administration in accordance with the company’s Articles of Association,
the Finnish Companies’ Act and the instructions of the
Board of Directors. He is assisted in this work by the Board of
Management.
Mr Christer Antson was the President and CEO till 23 March
2009. During the period from 23 March 2009 to 21 June 2009,
Dr. Emanuele Grimaldi acted as the President of the company.
Mr. Uwe Bakosch started as President and CEO on 22 June
2009.
The Board of Directors appoints, if necessary, a Deputy CEO.
The Company’s Deputy CEO is its Chief Financial Officer, Mrs.
Seija Turunen, MSc (Econ.).
The Board of ManageMenT and The exTended Board of
ManageMenT
The Company’s Board of Management comprises the President
and CEO, the CFO and the directors in charge of the largest
business and supporting units. The members are appointed by
the Board of Directors, which also approves their remuneration
and other terms of employment. The company has an Extended
Board of Management, which comprises the members of the
Board of Management and representatives of the most important
units. The Extended Board of Management convenes normally
once a month.
The Extended Board of Management is chaired by the President
and CEO. It considers strategic issues related to the Group
and its business, as well as investments, service products, the
Group’s structure and the corporate steering system, and supervises
the company’s operations.
The heads of the business units are responsible for the sales
volumes and profitability of their respective units.
Information on the members of the Board of Management and
their areas of responsibility is given on the Company’s website.
The exTended Board of ManageMenT 2009
The Extended Board of Management had a meeting once a
month in average. The principal issues addressed by the Extended
Board of Management were related to market development,
company profitability, expenses, business strategy as well as issues
relating to development of competitiveness. The further development
of markets, volumes and capacity as well as customer
relationships in a highly volatile economic environment were
also issues of vital concern addressed by the Extended Board of
Management. Other important matters considered included the
optimisation and productivity and as well as developing internal
processes and working practices.
coMPensaTion
ManageMenT conTracTs, reMuneraTion and BenefiTs
2009
The annual remuneration for the Board of Directors in 2009 was
EUR 50,000 for the Chairman, EUR 40,000 for the Vice Chairman
and EUR 30,000 for the other Board members.
The Board or its Chairman appoints and decides on the remuneration
of all Directors who report directly to the President and
CEO. The Board also decides on any separate performancebased
compensation schemes for management.
The remuneration of the President and CEO, CFO and the
members of the Extended Board of Management consists of a
monthly salary and a yearly bonus. The Board of Directors determines
the terms for bonus payment on yearly basis. Bonuses
are paid either cash or as payments to the collective pension
plan.
In the event the company decides to give notice of termination
to the President and CEO, he is in addition to six months’ salary
for the term of notice, entitled to a compensation equalling 24
months’ salary. The corresponding compensation levels for the
Deputy CEO are six months and 18 months.
Detailed specification of the salaries and remunerations paid
are given in the the Financial Statement of 2009.
FINNLINES 2008 41

42
The inTernal audiT
The Group’s internal audit is handled by the company’s Internal
Audit unit, which reports to the President and CEO. Relevant issues
are also brought to the attention of the Board.
The purpose of the Internal Audit is to analyse the company’s
operations and processes and the effectiveness and quality of
its supervision mechanisms. The internal auditor also carries out
special tasks assigned by the President and CEO or the Board
of Directors. The internal auditor prepares an annual plan under
which he independently from operational units audits different
parts of the company, but he is also empowered to carry out special
audits.
The risk ManageMenT
Internal control in Finnlines is designed to support the company
in achieving its targets. The risks related to the achievement of
the targets need to be identified and evaluated in order to be able
to manage them. Thus, identification and assessment of risks is a
prerequisite for internal control in Finnlines.
Internal control mechanisms and procedures provide management
assurance that the risk management actions are carried out
as planned.
Conscious and carefully evaluated risks are taken in selecting
strategies, e.g. in expanding business operations, in enchancing
market position and in creating new business.
Financial, operational and damage/loss risks are avoided or
reduced. The continuity of operations is ensured by safeguarding
critical functions and essential resources. Crisis management,
continuity and disaster recovery plans are prepared.
The costs and resources involved in risk management are in
proportion to the obtainable benefits.
The Board of Directors of Finnlines is responsible for defining
the Group’s overall level of risk tolerance and for ensuring that
Finnlines has adequate tools and resources for managing risks.
The President and CEO, with the assistance of the Extended
Board of Management, is responsible for organising and ensuring
risk management in all Finnlines’ operations.
Responsibilities for the Group’s working capital, investments,
financing, finances, human resources, communications,
information management and procurement are centralised to
the head office of the company. The Group’s payment transactions,
external and internal accounting are managed centrally
by the Financial Shared Service Center, which reports to the
CFO. The Group’s foreign exchange and interest exposure is
reviewed by the Board of Directors in each budgeting period.
External long-term loan arrangements are submitted to the
Board for approval.
The Corporate Legal Affairs and Insurance unit is responsible
for risks associated with the company’s non-current assets and
any interruptions in operations, as well as for the management
and coordination of the Group’s insurance policies.
The majority of the Group’s non-current assets consist of its
fleet. The fleet is always insured to its full value. Accidents and
engine damage can result in interruptions to operations, which
are covered by loss-of-earnings policies.
The financial position and creditworthiness of the Group’s
customers are monitored continuously in order to minimise the
risk of customer credit losses.
Each business unit has a responsible controller who reports
to the head of the relevant business unit and to the CFO. The Directors
of Finnlines’business units are responsible for the profit
and working capital of their units. They set the operational targets
for their units and ensure that resources are used efficiently and
that operations are evaluated and improved.
Finnlines’most important strategic, operative and financial
risks are described on in the Financial Statements 2009.
inTernal conTrol over The financial rePorTing
Process
Monitoring is a process that assesses the quality of Finnlines’ system
of internal control and its performance over time. Monitoring is
performed both on an ongoing basis, and through separate evaluations
including internal, external and quality audits. The business
unit is responsible for ensuring that relevant laws and regulations
are complied with in their respective responsibility areas.
The Internal Audit function assists the CEO and the Board
of Directors in assessing and assuring the adequacy and effectiveness
of internal controls and risk management by performing
regular audits in Group’s legal entities and support functions
according to its annual plan. Finnlines’ external auditor and other
assurance providers such as quality auditors conduct evaluations
of the company’s internal controls.
The company’s financial performance is reviewed at each
Board meeting. The Board reviews all interim and annual financial
reports before they are released. The effectiveness of the process
for assessing risks and the execution of control activities are
monitored continuously at various levels. This involves reviews of
results in comparison with budgets and plans. Responsibility for
maintaining an effective control environment and operating the
system for risk management and internal control of financial reporting
is delegated to the CEO. The internal control in the company
is based on the Group’s structure, whereby the Group’s operations
are organised into two segments and various business
areas and support functions. Group functions issue corporate
guidelines that stipulate responsibilities and authority, and constitute
the control environment for specific areas, such as finance,
accounting, and investments, purchasing and sales.
The company has a compliance program. Standard requirements
have been defined for internal control over financial reporting.
The management expects all employees to maintain high
moral and ethical standards and those expectations are communicated
to the employees through internal channels.

The Group Finance & Control unit monitors that the financial
reporting processes and controls are being followed. It also monitors
the correctness of external and internal financial reporting.
The external auditor verifies the correctness of external annual financial
reports.
inforMaTion ManageMenT
An effective internal control system needs sufficient, timely and
reliable information to enable the management to follow up the
achievement of the company’s objectives. Both financial and nonfinancial
information is needed, relating to both internal and external
events and activities.
Information management plays a key role in Finnlines’ internal
control system. Information systems are critical for effective internal
control as many of the control activities are programmed
controls.
The controls embedded in Finnlines’ business processes
have a key role in ensuring effective internal control in Finnlines.
Controls in the business processes help ensure the achievement
of all the objectives of internal control in Finnlines, especially
those related to the efficiency of operations and safeguarding
Finnlines’ profitability and reputation. Business units and IT management
are responsible for ensuring that in their area of responsibility
the defined Group level processes and controls are implemented
and complied with. Where no Group level processes and
controls exist, business units and IT management are responsible
for ensuring that efficient business level processes with adequate
controls have been described and implemented.
The proper functioning of Finnlines’ information systems
is guaranteed through extensive and thorough security programmes
and emergency systems.
insider ManageMenT
Finnlines applies the legal provisions applying to the management
of insiders, as well as the guidelines for insiders approved
by NASDAQ OMX Helsinki Exchange for public listed companies,
and the stipulations and guidelines of the Finnish Financial
Supervision Authority.
Finnlines’ permanent insiders comprise the statutory insiders,
ie. the Board of Directors, the company’s President and CEO
and the Deputy CEO, the Principal auditor as well as the members
of the Extended Management Board. Certain members of
the corporate management and other employees, as required by
their duties also belong to the company’s own non-public insider
register.
Project-specific insider lists are drawn up for major projects
such as mergers and acquisitions, and include all those who participate
in planning and organising the projects. The decision to
draw up a project-specific insider list rests with the President
and CEO.
The company’s insiders are not permitted to trade in the company’s
share for 14 (however Finnlines recommends 30 days)
days prior to the publication of the interim reports or the annual financial
statements. The company’s insider register is maintained
by the corporate legal unit.
Information on the interests and holdings of the company’s
permanent insiders and related parties is available from the SIRE
system of Euroclear Finland Oy. The information can also be obtained
directly from the company’s website.
The exTernal audiT
The company has one auditor which shall be an auditing firm authorised
by the Central Chamber of Commerce. The auditor is
elected by the Annual General Meeting to audit the accounts for
the ongoing financial year and its duties cease at the close of the
subsequent Annual General Meeting. The auditor is responsible
for auditing the consolidated and parent companys’ financial
statements and accounting records, and the administration of the
parent company. On closing of the annual accounts, the external
auditor submits the statutory auditor’s report to the company’s
shareholders, and also regularly reports the findings to the Board
of Directors. An auditor, in addition to fulfilling general competency
requirements, must also comply with certain legal independence
requirements guaranteeing the execution of an independent
and reliable audit.
audiTor in 2009
In 2009, the AGM appointed the authorized public audit firm
Deloitte & Touche Oy as auditor, which appointed APA Mikael
Leskinen as head auditor. In 2009, EUR 360 thousand was paid
to the auditors in remuneration for the audit of the consolidated,
parent company and subsidiary financial statements. During the
same year, EUR 232 thousand was paid for consulting services
not related to auditing.
coMMunicaTions
The principal information on Finnlines’ administration and management
is published on the company’s website. All stock exchange
releases and press releases are published on the company’s
website as soon as they are made public.
FINNLINES 2008 43

44
bOARd Of diRECTORS
JON-AkSEl TORGERSEN
• Chairman of the Board
Member of Finnlines Board
since 2007
• Independendent of the Company and
significant shareholders
• Born 1952
• Master in Business Administration,
University of St. Gallen, Switzerland
• Astrup Fearnley AS, CEO
Current positions:
• Atlantic Container Line AB, Chairman
• Board Member of I.M. Skaugen ASA,
Board member
• Chairman and Board Member of a
number of private companies
• Number of Finnlines Plc shares: 0 *
diEGO PACEllA
• Vice-Chairman of the Board
Member of Finnlines Board
since 2007
• Independendent of the Company
• Born 1960
• Degree in Mechanics Engineering at
the University of Naples, Italy
• Industria Armamento Meridionale
(INARME), Managing Director
• Grimaldi Group, Finance Director
Current positions:
• Minoan Lines, Greece, Board Member
• Malta Motorways of the Sea Ltd,
Board Member
• Grimaldi Compagnia di Navigazione,
Board Member
• Atlantica S.p.a. di Navigazione,
Board Member
• Atlantic Container Line AB,
Board Member
• Number of Finnlines Plc shares: 0*
EMANuElE GRiMAldi
• Member of Finnlines Board
since 2006
• Independendent of the Company
• Born 1956
• Degree in Economics and Commerce,
University of Naples, 1980, Italy
• General Certificate of Education
(scientific studies), Military School
Nunziatella in Naples, Italy
• Grimaldi Compagnia di Navigazione
S.p.a., Director
• Industria Armamento Meridionale
S.p.a., Director
• Atlantica di Navigazione S.p.a.,
Director
Current positions:
• Minoan Lines, Greece, President
• Malta Motorways of the Sea Ltd,
President
• European Community Shipowners’
Associations, Board Member
• Atlantic Container Line AB,
Board Member
• Executive Committee of
Confitarma Member
• Number of Finnlines Plc shares:
406 294 *
GiANluCA GRiMAldi
• Member of Finnlines Board
since 2007
• Independendent of the Company
• Born 1955
• Degree in Economics and Commerce
at the University of Naples, Italy
• Grimaldi Compagnia di Navigazione
S.p.a., Managing Director:
Current positions:
• Minoan Lines, Greece, Board Member
• Malta Motorways of the Sea,
Board Member
• Atlantic Container Line AB,
Board Member
• Antwerp Euro Terminal n.v. - Antwerp
(Belgium), President
• Number of Finnlines Plc shares:
622 414 *
ANTTi PANkAkOSki
• Member of Finnlines Board
since 2007
• Independendent of the Company
and significant shareholders
• Born 1954
• Master of Laws taken at the
University of Helsinki, Finland
Current positions:
• Altia Plc, CEO
• Kristina Cruises Oy, Board member
• Number of Finnlines Plc shares: 0*
OlAV k. RAkkENES
• Member of Finnlines Board
since 2007
• Independendent of the Company
and significant shareholders
• Born 1945
• Master’s Licence, Maritime College
of Tromsø, Norway
Current positions:
• Atlantic Container Line AB,
Board Member
• Swedish Shipowner’s association,
Board member
• Through Transport Mutual Club,
Board Member
• Number of Finnlines Plc shares: 0 *
* Amount of Shares 31 December 2009.
More info on Members of the Board at
www.finnlines.com.

MANAGEMENT bOARd
uwE bAkOSCh
• President / CEO
• Board of Management member 2009–
• Finnlines Deutschland GmbH,
Managing Director 2009–
• Born 1958
• Maritime Law diploma, English
University Durban, South Africa
• Finnlines Plc Shares: 0*
SEiJA TuRuNEN
• Chief Financial Officer (CFO)
and Deputy CEO 2007–
• Finance, Communication,
HR & Administration, IT
• Board of Management member 1993–
• Born 1953
• MSc (Econ)
• Finnlines Plc Shares: 0*
SiMO AiRAS
• President, Baltic and North Sea Liner
Services 2008-
• Board of Management member 2006–
• Born 1947
• BSc (Econ)
• Finnlines Plc Shares: 0*
ChRiSTER bACkMAN
• President, Link Services 2008–
• Board of Management member 2008–
• Finnlink Oy Ab
Managing Director 1988–
• Born 1945
• M.Pol.Sc
• Finnlines Plc Shares: 0*
ChRiSTER bRuzEliuS
• Executive Vice President,
Ship Management
• Board of Management member 2008–
• Born 1958
• MSc (Naval Architect)
• Finnlines Plc Shares: 0*
STAffAN hERliN
• Executive Vice President,
Liner Services
Marketing and Sales 2008–
• Board of Management member 2008–
• Born 1958
• MSc (Econ)
• Finnlines Plc Shares: 14*
håkAN MOdiG
• Executive Vice President,
Fleet Management 2008–
• Board of Management member 2008–
• Born 1964
• MSc (Econ)
• Finnlines Plc Shares: 0*
PERTTu PiRi
• President, Port Services 2009–
• Board of Management member 2009–
• Finnsteve Oy Ab,
Managing Director 2009–
• Born 1971
• Engineer in Logistics, Kymenlaakso
Polytecnic
• Finnlines Plc Shares: 0*
kAJ TAkOlANdER
• Executive Vice President/ Corporate
Passenger Service unit 2009–
• Board of Management member 2009–
• Born 1962
• Msc ( Econ)
• Finnlines Plc Shares: 0*
* Amount of Shares 31 December 2009.
More info on Members of the Management Board at
www.finnlines.com.
FINNLINES 2008 45

46
fiNNliNES flEET 1 JANuARy 2010
STAR ClASS (5 VESSElS)
hANSA ClASS (3 VESSElS)
DWT: Deadweight Tonnage
GT: Gross Tonnage
fiNNSTAR (2006)
fiNNMAid (2006)
fiNNlAdy (2007)
EuROPAliNk (2007)
NORdliNk (2007)
Length, o.a./p.o. (m) 218.8
Breadth, moulded (m) 30.5
DWT metric tons 9,653
GT 45,923
Total lane length (m) 4,216
Passengers 500
Speed (knots) 25
Ice Class 1A Super
TRANSEuROPA (1995)
Length, o.a./p.o. (m) 183
Breadth, moulded (m) 28.7
DWT metric tons 9,761
GT 32,534
Speed (knots) 21.3
Total lane length (m) 3,200
Passengers 114
Ice Class 1A Super
fiNNPARTNER (1995 / 2007)
fiNNTRAdER (1995 / 2007)
Length, o.a./p.o. (m) 183
Breadth, moulded (m) 28.7
DWT metric tons 8 865
GT 33,313
Speed (knots) 21
Total lane length (m) 3,050
Passengers 274
Ice Class 1A Super

CliPPER ClASS (3 VESSElS)
NEwbuildiNGS (6 VESSElS 2011–2012)
OTHER OWNED VESSELS
GT / Lane metres /
Passengers Year of delivery
Finnarrow 25,996 / 2,400 / 200 1996
Finnsailor 20,921 / 1,350 / 119 1987 / 1996
Translubeca 24,727 / 2,100 / 84 1990
CHARTERED
GT / Lane metres Year of delivery
Baltica 21,224 / 2,170 1990
Finnforest 15,525 / 2,100 1978
Finlandia 19,524 / 2,240 1981
Beachy Head 23,235 / 2,606 2003
Longstone 23,235 / 2,606 2003
fiNNCliPPER (1999)
fiNNfEllOw (2000)
Length, o.a./p.o. (m) 188.3
Breadth, moulded (m) 28.7
DWT metric tons: 7,800
GT 33,958 / 33,724
Lane meters (m) 3,118 / 3,215
Passengers 440
Speed (knots) 22
Ice Class 1A
fiNNEAGlE (1999)
Length, o.a./p.o. (m) 188
Breadth, moulded (m) 28.7
DWT metric tons 7,800
GT 29,841
Lane meters (m) 2,459
Passengers 400
Speed (knots) 22
Ice Class 1A
Length, o.a./p.o. (m) 187
Breadth, moulded (m) 26.5
DWT metric tons 10,500
GT 27,120
Lane meters (m) 3,245
Speed (knots) 20
Ice Class 1A
Shipyard Jinling, China
GT / Lane metres Year of delivery
Finnkraft 11,530 / 1,899 2000
Finnhawk 11,530 / 1,899 2001
Finnmill 25,732 / 3,262 2002 / 2009
Finnpulp 25,732 / 3,262 2002 / 2009
GT / Lane metres Year of delivery
Birka Carrier 12,251 / 1,775 1998
Birka Express 12,251 / 1,775 1997
Birka Trader 12,251 / 1,775 1998
Birka Shipper 6,620 / 1,278 1992
Envoy 18,653 / 1,934 1979
Runner 20,729 / 1,975 1990
FINNLINES 2008 47

48
ShARES ANd ShAREhOldERS
Finnlines Plc has one share series. Each share carries one vote
at general shareholder meetings and conferes identical dividend
rights. As outlined in Finnlines’ Articles of Association, the companys’s
miminum share capital is EUR 50 million and the maximum
is EUR 200 million. The share capital can be increased
or decreased within these limits. The companys’s paid-up and
registered share capital on 31 December 2009 totalled EUR
93,642,074. The capital stock consisted of 46,821,037 shares.
ShARES
Finnlines Plc shares are listed on NASDAQ OMX Helsinki Ltd. A
total of 2.7 million shares were traded during the year under re-
view. No treasury shares were held by the company. The highest
quoted price of the Finnlines share during the year was EUR 9.50
and lowest was 4.07. At year-end, the shares’ market capitalisation
value was EUR 323 million.
ShAREhOldERS
At year-end 2009, Finnlines had 2,367 shareholders. The ten
largest shareholders owned 82.7 per cent of the company’s
shares. 10.9 per cent of shareholders were nominee registered.
At year-end, Italian Grimaldi Group had a holding of 65.8 per
cent of Finnlines’ shares and voting rights.
Finnlines’ share ownership structure on 31 December 2009 % of shares
Private companies 0.91
Financial and insurance companies 3.19
Public entities 12.01
Households 3.26
Non-profit associations 3.58
Nominee registered 10.86
Other 66.19
Total 100.00
Shares outstanding from 31.12.2004 to 31.12.2009
Transaction Option series
Options
exercised
Amount of
shares
Shares
outstanding Own shares
Total amount of
shares
31 December 2004 39,401,958 556,000 39,957,958
18 January 2005 2001A 154,600 309,200
Exercise of options 2001B 21,300 42,600 39,753,758 556,000 40,309,758
11 March 2005 2001A 76,300 152,600
Exercise of options
8 April 2005
2001B 199,500 399,000 40,305,358 556,000 40,861,358
Cancellation of own shares -556,000 40,305,358 40,305,358
30 September 2005 40,305,358 40,305,358
9 November 2005 2001A 84,100 168,200
Exercise of options 2001B 91,600 183,200 40,656,758 40,656,758
31 December 2005
20 January 2006
40,656,758 40,656,758
Exercise of options 2001B 1,500 3,000 40,659,758 40,659,758
10 April 2006 2001A 7,500 15,000
Exercise of options 2001B 8,600 17,200 40,691,958 40,691,958
31 December 2006 40,691,958 40,691,958
31 December 2007 40,691,958 40,691,958
31 December 2008
25 June 2009
40,691,958 40,691,958
Share issue 6,129,079 46,821,037 46,821,037
31 December 2009 46,821,037 46,821,037

Major shareholders at 31 December 2009 Number of shares % of shares
Grimaldi Group Naples 30,827,572 65.84
Ilmarinen Mutual Pension Insurance Company 4,953,667 10.58
Mandatum Life 773,500 1.65
Svenska Litteratursällskapet i Finland 690,000 1.47
Sigrid Juselius Foundation 370,000 0.79
Pohjola Non-Life Insurance Company Ltd 290,000 0.62
Kaleva Mutual Insurance Company 256,666 0.55
The State Pension Fund 250,833 0.54
SR Arvo Finland Value Fund 150,000 0.32
Finnish Cultural Foundation 150,000 0.32
10 largest total 38,712,238 82.68
Nominee registered 5,085,653 10.86
Other shareholders 3,023,146 6.46
Total amount of shares 46,821,037 100.00
Management holding 1,028,722 2.20
MONThly ShARE PRiCE dEVElOPMENT ANd TRAdiNG VOluMES, 2005–2009
Number (million)
12
11
10
9
8
7
6
5
4
3
2
1
0
Trading volumes
Share price
2005 2006 2007 2008 2009
Source: Euroclear Finland Oy
EUR
20
15
10
Source: NASDAQ OMX Helsinki Ltd
5
0
FINNLINES 2008
49

50
iNfORMATiON fOR ShAREhOldERS
REPORT PubliCATiON SChEdulE ANd kEy EVENTS iN 2010
Record date for Annual General Meeting: 31 March 2010
Registration period for AGM ends on: 9 April 2010
Annual General Meeting: 14 April 2010
iNTERiM REPORTS
Finnlines’ interim reports for 2010 will be published as follows:
• January–March: 11 May 2010
• January–June: 29 July 2010
• January–September: 2 November 2010
REGiSTERiNG fOR ATTENdANCE AT ThE AGM
Finnlines Plc’s Annual General Meeting will be held from
12.00 on 14 April 2010 at the Scandic Continental Hotel,
Mannerheimin tie 46, Helsinki. All shareholders registered in the
shareholder list maintained by Euroclear Finland Ltd by 31 March
2010 have the right to attend the meeting.
Shareholders who wish to attend the meeting must register
by 4 pm on 9 April 2009, either in writing to Finnlines Plc, Share
Register, P.O. Box 197, 00181 Helsinki, Finland, by telephone on
+358 10 343 4404, by e-mail at IR@finnlines.com or by fax on
+358 10 343 4425.
AddRESS ChANGES
Please send details of any address changes to the bank where
you hold your book-entry account.
fiNANCiAl PubliCATiONS
Interim reports and other financial reports are published in Finnish
and English. The Annual Report, the Financial Statements,
interim reports and other important reports are published on
Finnlines’ website at www.finnlines.com.
TO ORdER ANy Of ThESE PubliCATiONS, PlEASE CONTACT:
Finnlines Plc, Corporate Communication
P.O. Box 197, FI-00181 Helsinki, Finland
Tel.: +358 10 343 50
Fax: +358 10 343 4425
E-mail: IR@finnlines.com

CONTACT iNfORMATiON
fiNNliNES PlC
Porkkalankatu 20
00180 Helsinki, Finland
PL 197
FI-00181 Helsinki
tel +358 (0) 10 343 50
fax +358 (10) 343 5200
www.finnlines.com
fiNNliNES dEuTSChlANd GMbh
Einsiedelstraße 43-45
DE-23554 Lübeck, Germany
P.O.Box 10 22 22
DE-23527 Lübeck
tel +49 (0)451 1507 0
fax +49 (0)451 1507 222
fiNNliNES RuSSiA
fiNNliNES dEuTSChlANd GMbh
Representative Office St.Petersburg
Birzhevoy Pereulok 6A
RU-199004 St. Petersburg, Russia
tel + 7 (0)812 680 1070
fax + 7 (0)812 680 1069
Representative Office Moscow
Pokrovski bulvar 4/17, korp.4B
RU-101000 Moscow, Russia
tel +7 (0)495 589 1424
fiNNliNES bElGiuM N.V.
Blikken – Haven 1333
BE-9130 Verrebroek
tel +32 (0)3 570 9530
fax +32 (0)3 570 9550
fiNNliNES uk lTd.
Finhumber House
Queen Elizabeth Dock
Hedon Road
GB-Hull HU9 5PB, UK
tel +44 (0)1482 377655
fax +44 (0)1482 787229
fiNNliNES dANMARk A/S
Østhavnsvej 11
DK-8000 Aarhus C, Dennmark
tel +45 (0)86 206 650
fax +45 (0)86 206 659
fiNNliNES POlSkA CO. lTd.
1 C Solidarnosci Av.
PL-81336 Gdynia, Poland
tel +48 (0)58 627 4427
fax +48 (0)58 627 4249
Oy fiNNliNk Ab
Satamatie 11
FI-21100 Naantali, Finland
tel +358 (0)10 4367620
fax +358 (0)10 436 7680
REdERi Ab NORdÖ-liNk
Grimsbygatan 8
SE-21120 Malmö, Sweden
P.O. Box 106
SE-20121 Malmö
tel +46 (0)40 176 800
fax +46 (0)40 176 801
fiNNSTEVE Oy Ab
Komentosilta 1
00980 Helsinki, Finland
PL 225
FI-00181 Helsinki
Tel +358 (0) 10 565 60
fax +358 (0) 9 685 7253
FINNLINES 2008 51

52
ThE GRiMAldi GROuP
With a long experience dating back to 1947, the Grimaldi Group
is specialised in the operation of roll-on/roll-off vessels, car carriers
and ferries. It is a dedicated supplier of integrated logistics
services based on maritime transport to the world’s major vehicle
manufacturers. Through its maritime services, the Group also
transports containers, palletised/unitised cargo and passengers.
The Group’s presence in the maritime transport of vehicles
started in 1969 when it introduced a regular service between Italy
and England, transporting Fiat cars to the British market. The
Group rapidly gained the trust of other major car manufacturers
who chose Grimaldi’s vessels to transport their production from
North Europe to various Mediterranean countries. Throughout
the years the Group rapidly developed and now serves over 130
ports in 45 countries in the Mediterranean Sea, North Europe,
West Africa, North and South America. The shore personnel and
crew exceeds 8,000 people.
Currently the Group transports yearly over 2.491 million cars,
1.313 million rolling units and containers as well as over 2.683
million passengers with its modern fleet of over 100 ro-ro multipurpose
vessels, pure car carriers and ferries, 30 of which built
in the last seven years. Another 23 vessels (ro-ro multipurpose,
car carriers, cruise ferries) are under construction and are due to
be delivered by 2012.
The Grimaldi Group comprises eight main shipping companies,
including Atlantic Container Line (ACL), Malta Motorways
of the Sea (MMS), Finnlines and Minoan Lines. With 65.84 per
THE GROUP IN FIGURES (2009)
Turnover EUR 2.1 billion
Vessels deployed 100
Freight transported 2.491 million cars (C.E.U.),
1.313 million rolling units & containers (FEU)
Passengers transported 2.683 million
Liner services 13
Terminals 16 (about 5.2 million m 2 )
Logistics companies 4
Ports served 130 (in 45 countries in 4 continents)
Number of employees 8,000 (including the crews)
Number of branches 51
cent of the shares, the Group is the biggest stakeholder in
Finnlines, a Finnish company which runs a fleet of ro-pax and roro
vessels in the Baltic Sea and North Europe as well as port terminals
in Finland. Moreover, the Group has recently purchased
over 85 per cent of the share capital of the Greek ferry company
Minoan Lines, which operates ro-pax services between Italy and
Greece as well as between Piraeus and Crete.
Recently, the Grimaldi Group has also evolved to become a
multimodal transport operator offering “door to door” logistics
services. For this purpose, it currently operates, together with
strategic partners, 16 car and container terminals (totalling over
5 million square metres) in the Mediterranean Sea, North Europe
and West Africa as well as trucking companies for the transport
of cars and containers.
In recent years the Group has also invested in the development
of the Motorways of the Sea in the Mediterranean Sea introducing
new and modern ro-pax ferries. Currently the Group’s
network covers Italy, Spain, Malta, Tunisia, Libya and Greece for
the transport of trailers, cars and passengers.
The high quality services offered by the Grimaldi Group are
being regularly awarded by its international clientele such as
General Motors, Fiat Auto and Land Rover.
Finally, the Grimaldi Group is the first Italian shipping company
to have obtained the SMS, ISO 9001 and ISO 14001 certifications
for Safety, Quality and Environment.

FINNLINES 2008
53

Finnlines Plc
Porkkalankatu 20, 00180 Helsinki
P.O. Box 197, FI-00181 Helsinki, Finland
Phone +358 10 343 50, Telefax +358 10 343 5200
www.finnlines.com