Financial Review January-September 2016 (unaudited)
EMANUELE GRIMALDI, PRESIDENT AND CEO, IN CONJUNCTION WITH THE REVIEW:
Finnlines Group’s January-September result for the period, EUR 60.9 million, was about EUR 20 million better than in the corresponding period last year. The lower bunker consumption and also lower operative costs have contributed positively to the result as the share of inexpensive heavy fuel oil in Finnlines traffic is greater than in 2015 due to the scrubber installations. However, rising oil prices means that a careful control of bunker consumption and purchase prices will be even more important in order to secure a continued efficiency gains in costs. Regardless of the sluggish growth in Europe, the Company exceeded last year’s record breaking result by an outstanding 48.1 per cent. This extraordinary result achievement combined with lower capital expenditures lead to an improved cash flow over previous year, which enabled to reduce the Group’s debt markedly. The interest bearing debt decreased by EUR 80.0 million and amounted to EUR 481.4 (561.4) million. The gearing improved to 77.5 per cent (106.0) and the Group’s equity ratio stands now at a solid 50.2 per cent level. The Group’s liquidity is outstanding, cash and deposits together with unused committed credit facilities amounted to EUR 172.2 (92.4) million. Finnlines is both operationally and financially in a very advantageous position compared to its peers. Therefore, we see the future outlook very positively and we have a great potential ahead of us to further improve the performance of the Finnlines Group.
Tom Pippingsköld, Chief Financial Officer, tel. +358 40 519 5041, email@example.com
Finnlines Q3 2016