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31.07.2018Media Releases

Financial Review January–June 2018 (unaudited)

EMANUELE GRIMALDI, PRESIDENT AND CEO, IN CONJUNCTION WITH THE REVIEW:

”Our performance for the first half of 2018 has continued very strong as revenue grew 11.5 per cent to EUR 289.1 million. The January–June 2018 result for the period increased by approximately 20 per cent to EUR 42.3 million. Earnings before interest, taxes, depreciation and amortisation, EBITDA, came to EUR 78.3 million.

We have continued to focus on improving our productivity in particular through fleet changes and route optimisation. Our investments made in sustainable shipping will also help us to improve the results. When our lengthening programme is complete at the end of this year, six vessels will have been lengthened altogether, bringing online another 6,000 linear metres of rolling cargo – this equals two sizeable vessels. In addition to the extra capacity, this is in line with our sustainable development: the fuel consumption per transported tonne will decrease when considerably more cargo can be loaded onboard a ship.

Almost 92 per cent of Finland’s exports and 78 per cent of its imports are transported by sea. The sea freight volumes in Finland has continued to grow, imports up to 6 per cent and exports up to 4 per cent compared to the same period last year. Favourable trading conditions has increased also our cargo volumes – we transported 388,000 cargo units, shipped 82,000 cars (not including passengers’ cars) and carried 304,000 passengers. This shows that Finnlines is clearly an important service provider to Finland’s economy.

We have systemically invested into our fleet, over EUR 1 billion during the past 12 years. Furthermore, we have signed EUR 200 million Green Ro-Ro Newbuilding Programme and ordered another three large green ro-ro vessels to add up further 17,500 lane metres to our services. The vessels will be 238 metres long with a cargo capacity of 5,800 lane metres. Vessels will be equipped with scrubbers and will produce zero emissions while in port, as the ships will be fitted with a high-powered battery bank. Savings in fuel consumption will be achieved through the hull shape, the propeller-rudder system and the air lubrication system under the keel to reduce friction. The vessels will be among the most modern and environmentally friendly ships in the Baltic Sea.

Our January–June superb performance exceeded our last year’s record result and this shows that our strategy is the right one. In few years, as a direct effect of the newbuilding and ship lengthening programmes, Finnlines will have one of the most innovative, environmentally friendly and efficient fleet in the Baltic.” 

FURTHER INFORMATION

Tom Pippingsköld, Chief Financial Officer, tel. +358 40 519 5041, tom.pippingskold@finnlines.com

Finnlines is a leading shipping operator of ro-ro and passenger services in the Baltic Sea, the North Sea and the Bay of Biscay. The Company is a part of the Grimaldi Group, one of the world’s largest operators of ro-ro vessels and the largest operator 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 destination in the Mediterranean, West Africa as well as the Atlantic coast of both North and South America.

Finnlines Financial Review January-June 2018