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  • Finnlines published its financial review for January–September 2021
  • 2021 November 11 13:24

    Finnlines published its financial review for January–September 2021

    Finnlines has published its financial review for January–September 2021.

    In January-September, the company’s revenue totaled EUR 425.9 (363.1 in 2020) million, increase 17%. Result before interest, taxes, depreciation and amortisation (EBITDA) - EUR 121.2 (107.2) million, increase 13%. Result for the reporting period - EUR 69.0 (54.2) million, increase 27%. Interest bearing debt increased by EUR 8.4 million and was EUR 371.2 (362.8) million at the end of the period.

    In July-September, revenue totaled EUR 155.1 (126.7 in 2020) million, increase 22%. Result before interest, taxes, depreciation and amortisation (EBITDA) amounted to EUR 50.2 (40.8) million, increase 23%.  Result for the reporting period EUR 32.7 (22.5) million, increase 45%.


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    Emanuele Grimaldi, President and CEO, commented in conjunction with the review:

    “The Finnlines Group’s revenue for January–September 2021 was EUR 425.9 million, an increase of 17% compared to the corresponding period in the previous year (EUR 363.1 in 2020). The result for the reporting period was EUR 69.0 million, an increase of 27% compared to EUR 54.2 million in January–September 2020. Earnings before interest, taxes, depreciation and amortisation, EBITDA, amounted to EUR 121.2 (107.2) million.

    During the reporting period January–September 2021, Finnlines transported 583 (536 in 2020) thousand cargo units, shipped 124 (102) thousand cars, and carried 1,041 (811) thousand tons of freight not possible to measure in units, 439 (390) thousand private and commercial passengers travelled with us.

    An upward trend continued during the third quarter when cargo volumes increased nearly on all routes. The automotive industry suffered from shortage of components and the summer stoppage was longer than anticipated. However, as the Finnlines fleet consists of vessels in different sizes, capacity could be moved from routes with temporarily declining demand to others where larger capacity was needed. When travel restrictions were gradually eased, recreational travel recovered although passenger numbers remained far below the normal level.

    While the global shortage of containers has challenged importers and exporters and led to world-wide supply-chain disruptions, roll-on-roll-off vessels have proved to be efficient and competitive modes of transport. Finnlines has carried freight uninterruptedly throughout the Covid-19 pandemic, offering around 170 departures each week.

    Finnlines has made substantial investments in environmental technology and in its fleet renewal during the past years, but new challenges lie ahead. Both globally and within the European Union, numerous proposals are being discussed. The European Commission intends to reduce greenhouse gas emissions by at least 55% by 2030, compared to 1990 levels. Previously, IMO has set the minimum reduction target of 50%, compared to 2008.

    The EU Commission has also proposed to include maritime transport in the emissions trading system, which has covered energy-intensive industries and flights within EU for nearly two decades. Furthermore, the planned FuelEU Maritime Initiative will set a maximum limit on the greenhouse gas content of energy used by ships. The EU Taxonomy Regulation directive aims to promote clean technologies and discourage the use of fossil fuels. The carbon levy, i.e. a tax, which the International Chamber of Shipping has put forward in September 2021, is intended to expedite the creation of a market that makes zero-emission shipping viable.

    To reach the ambitious goal of becoming carbon neutral, it may be necessary to modify existing ships with new tanks and engines so that they can run on new types of fuel. However, at current rates of production, zero-carbon fuels are not commercially available at the scale needed for the global fleet. Today, Finnlines concentrates on new battery technology, hydrodynamic design in vessels, air lubrication systems and solar panels on its newbuilds. Several existing ships will be equipped to use onshore power where available. Moreover, gradual transition to carbon-free and renewable fuels is being investigated.

    The construction of three hybrid ro-ro vessels and two state-of-the-art ro-pax vessels is proceeding. Although we have an ambitious EUR 0.5 billion Newbuilding Programme, in Finnlines, we have understood that it is of crucial importance to focus intensively on energy efficiency of the fleet because energy savings is the best way to reduce the emissions and reach immediate results.”

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