Financial review January–June 2020: Challenging Q2 – Finnlines’ services continued unaltered, even though global pandemic significantly reduced revenue and weakened result
30. July 2020
EMANUELE GRIMALDI, PRESIDENT AND CEO, IN CONJUNCTION WITH THE REVIEW
“The Finnlines Group’s revenue for January–June 2020 was EUR 236.4 million compared to EUR 295.5 million in the corresponding period 2019, which was a decrease of 20%. The result for the reporting period was EUR 31.7 million – a 32% decrease compared to EUR 46.7 million in corresponding period last year. The Covid-19 pandemic continued its dramatic effects in Europe and Finland, and operationally the quarter was extremely challenging. The biggest impact has been on passenger traffic which has stopped almost completely. Finnlines, like any other shipping operator, is also suffering from the slowdown in global trade caused by the global pandemic.
Finland’s island-like location, and its dependence on sea transportation require frequent and regular liner traffic services. Finnlines is the most important player providing maritime transport of rubber-tyred vehicles, i.e. lorries and trailers to and from Finland. Finnlines alone transports more than one third of the roughly one million trucks moving over the three main sea bridges, Finland–Estonia, Finland–Sweden and Finland–Germany, which are connecting Finland to the rest of Europe. Even in this exceptional situation we are facing today, our vessels have been running and performing their duties as usual. With more than 170 departures each week, into and out of Finland, with a fleet of 21 ships, we have been ensuring that the flow of supplies continues to run smoothly.
Finnlines has been following closely all the emergency measures to shipping companies set by the Governments across the Europe and especially Finnish Government’s aids that are granted for the operation of cargo and passenger shipping companies. Finnlines is still in the process with NESA aiming for a decision where the support is based and distributed according to each shipping company’s share they secure Finland’s security of supply in the important rubber-tyred traffic. Finnlines is also hopeful regarding the new proposed supplementary appropriation which is also for awarding grants for shipping companies. Companies that operate in the same sector and compete with each other should have uniform and equal opportunities to apply for and receive financial aid granted by the State and authorities. Non-discrimination and ensuring fair conditions of competition are the basic principles of EU State aid rules.
Besides being a market leader and the most critical company in Finland from the security of supply point of view, Finnlines provides its service in a way that is the most cost-efficient and, also with the lowest CO2 emission per transported rubber-tyred vehicle.
Environmental responsibility has been part of Finnlines’ business strategy for a long time and reducing fuel consumption and cutting harmful emissions have been one of the key elements of the strategy. Finnlines has reduced its CO2 emissions by investing in energy efficiency and green technology and by reducing fuel consumption. On top of this, Finnlines is investing in new environmentally friendly vessels to cut emissions further with a total of EUR 0.5 billion. The world’s greenest ro-ro vessels are currently being built to accommodate sustainable development and the first ro-ro vessel is expected to start operation as early as next year, and the other two in 2022. In addition to this, Finnlines has also ordered two large Superstar eco-efficient ro-pax vessels, which will pioneer in honouring green values and start in traffic in 2023.”
Attachement: Finnlines Financial review Q2 2020
For further information, please contact
Chief Financial Officer
phone +358 40 519 5041
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.
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