Finnlines - Grimaldi Group

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Contents Fleet Fitness 4 Releasing our full potential 6 On the move again 9 Flying Finnlines 10 The fast way home! 10 Agents & Schedules 11 Issue 2/2010 Editor in Chief: Leena Manner news Graphic Designer: Graafinen suunnittelu Oy Peippo Printed by: Euraprint Oy Published by: Finnlines Plc, Porkkalankatu 20 A FI 00180 Helsinki www.finnlines.com press@finnlines.com Printed in Finland Circulation: 25,500 copies Editorial Fast Runni Fitness programme b show results for Finn It losses of Euro 21.0 million for the first quarter on revenues of Euro 117 is difficult to underestimate just how much progress we have made at Finnlines over the last year. Twelve months ago, we reported heavy million. Behind those grim results was a company substantially unprepared for the crisis, its prospects dimmed by inefficiencies and high costs across the business. Twelve months on, Finnlines is an altogether different proposition. Over this brief period, we have dramatically overhauled the company, eliminating waste, selling off non-core assets; reorganising both our internal organisation and our network of services to the public and, most daringly of all, investing in the teeth of the downturn in everything from new vessels to new routes. From Encouraging prEdictions to Encouraging rEsults As you will discover in more detail in this issue of Finnlines News, our financial results are now beginning to reflect the benefits of this transformation. In the first quarter of this year, we edged close to break-even, posting losses of just Euro 3.3 million on revenues that, at Euro 121.5 million, were little
ng egins to lines changed from a year ago. What is more, we achieved that improvement in a quarter hard hit by vicious winter conditions and damaging strikes in Finland. We have no illusions about the difficulties that face us and the continuing threat posed by economic crisis in this region and beyond. But we also see reasons to be cheerful, from encouraging predictions of a solid increase in Finnish trade volumes in the year ahead to our encouraging results in March. We are confident in returning to profit in 2010. Quality opErations in good shapE Our confidence in the future is based on four key points. First, we believe that after the exertions of the last year, Finnlines has licked itself into good shape again. More remains to be done, but we expect to emerge from the crisis fitter and stronger than before, and ready to take off as the recovery takes hold. Second, we are investing in quality, whether in the shape of sparkling new ships matched perfectly to the routes they serve, or new services that open up new markets for our customers, or the enhanced facilities that are already transforming our passenger business into a genuine profit centre. Thirdly, we are leveraging the power of our parent, the Grimaldi Group, creating network synergies that link Finnlines more closely to the world beyond the Baltic – to the US, for instance, or southern Europe – and that create new opportunities for our customers. And last, but certainly not least, we are reaffirming our commitment to our Finnish home, which remains our core market. Over the last year, we have significantly enhanced our Finnish operations, both in terms of new services and by deploying our flagship Star-class vessels on more routes through Helsinki. It has been a struggle and it is not over yet but, as our latest results demonstrate, Finnlines is on the way back. Uwe Bakosch, CEO 3
Page 1: Fast Running >> Fleet Fitness news
Page 5 and 6: o-ro delivery dates 5
Page 7 and 8: The ships in question are Finnlines
Page 9 and 10: On the move again: Finnlines opens
Page 11 and 12: Choose the Choose hoose the Choose
Page 13 and 14: Subject to alterations without noti
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Finnlines - Grimaldi Group

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