FINANCIAL STATEMENTS 2010 - Finnlines

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EUR 1,000 2010 2009 Deferred tax assets and liabilities Total deferred tax assets 4,225 3,567 Set off against deferred tax liabilities Deferred tax assets on statement of financial position 4,225 3,567 Deferred tax liabilities 89,459 87,660 Set off against deferred tax assets Deferred tax liabilities on statement of financial position 89,459 87,660 Deferred tax liabilities are not recognised for subsidiaries’ undistributed earnings, because in most cases these earnings are trans- ferred to the company without any tax consequences. In addition, the Group does not recognise deferred tax liabilities for subsidiaries’ undistributed earnings when the related funds are intended for permanent investment in the companies in question. Deferred income tax assets are recognised for tax loss carry-forwards to the extent that the realisation of the related tax benefit through future taxable profits is probable. The group did not recognise deferred income tax assets of EUR 1 million (2009: EUR 2.6 million) because according to management’s view, utilisation of losses involves considerable uncertainty. The group has booked deferred tax assets for unutilised losses in taxation EUR 2.4 million (2009 EUR 0.1 million). The tax losses expire during 2015-2020. 22. INVENTORIES EUR 1,000 2010 2009 Material and equipment 5,922 5,958 Inventory for resale 645 572 6,567 6,530 No impairment of inventories was recognised during the reporting period. 23. CURRENT RECEIVABLES 2010 2009 EUR 1,000 Fair Value Carrying amount Fair Value Carrying amount Accounts receivable and other receivables Loans and other receivables Accounts receivable 53,166 53,166 43,775 43,775 Accrued income and prepaid expenses 12,057 12,057 14,352 14,352 Other receivables 3,636 3,636 2,942 2,942 Loan receivables 384 384 2,860 2,860 Financial assets at fair value through P&L Currency derivatives, non-hedge accountig * 657 657 416 416 69,900 69,900 64,345 64,345 The tables below show the analysis of accounts receivable by age and currency. Significant items of accrued receivables are specified in the following table. * The Group has ordered six ro-ro vessels from the Chinese Jinling shipyard. These ships will be paid partly in USD, but instalments have been fully hedged against EUR. The Group applies hedge accounting in accordance with IAS 39 for the spot part of the forward exchange of the above derivative contracts. The interest portion of these forward agreements is handled outside hedge accounting. The generated positive valuation is shown in short-term receivables. 30 FINNLINES PLC Financial Statements 2010 (figures in EUR thousand, if not stated otherwise)
EUR 1,000 2010 2009 Significant items of accrued income and prepaid expenses Government grants for shipping companies 5,946 5,168 Vessel docking costs 3,795 2,515 Vessel hires 1,185 3,197 Other accrued receivables 1,131 3,472 12,057 14,352 EUR 1,000 Aging of accounts receivable 2010 2010 Impaired receivables Net 2010 Undue Overdue 40,654 40,654 1-30 days 9,051 9,051 31-60 days 1,744 1,744 61-90 days 445 445 91-360 days 1,655 474 1,181 over 360 days 715 624 91 Total overdue 13,610 1,098 12,512 54,264 1,098 53,166 EUR 1,000 Aging of accounts receivable 2009 2009 Impaired receivables Net 2009 Undue Overdue 32,813 32,813 1-30 days 7,990 7,990 31-60 days 1,676 9 1,667 61-90 days 403 403 91-360 days 770 81 689 over 360 days 710 498 212 Total overdue 11,551 589 10,962 44,363 589 43,775 EUR 1,000 2010 2009 Accounts receivable by currency EUR 52,125 42,632 SEK 17 154 GBP 907 749 NOK -4 USD 105 220 DKK 12 21 PLN 2 53,166 43,775 The book values of accounts receivable and other receivables are reasonable estimates of their fair values. In 2010, the Group has recognised EUR -1,008 (590) thousand in credit losses booked in consolidated statement of comprehensive income. The maximum credit risk related to accounts receivable and other receivables is their book value. (figures in EUR thousand, if not stated otherwise) FINNLINES PLC Financial Statements 2010 31
Page 1 and 2: FINANCIAL STATEMENTS 2010
Page 3 and 4: BOARD OF DIRECTORS’ REPORT THE CO
Page 5 and 6: elated to this. Other significant r
Page 7 and 8: CONSOLIDATED STATEMENT OF COMPREHEN
Page 9 and 10: CONSOLIDATED STATEMENT OF CHANGES I
Page 11 and 12: NOTES TO THE CONSOLIDATED FINANCIAL
Page 13 and 14: ated companies are consolidated usi
Page 15 and 16: egory includes assets held for trad
Page 17 and 18: In defined benefit plans, the emplo
Page 19 and 20: Segment assets, liabilities and inv
Page 21 and 22: 8. PERSONNEL EXPENSES EUR 1,000 201
Page 23 and 24: 13. EARNINGS PER SHARE UNDILUTED Un
Page 25 and 26: Assets leased through finance lease
Page 27 and 28: Main factors used in calculating va
Page 29: 21. DEFERRED TAX ASSETS AND LIABILI
Page 33 and 34: 26. PROVISIONS EUR 1,000 2010 2009
Page 35 and 36: Finance lease liabilities Finance l
Page 37 and 38: 31. PENSION LIABILITIES The Group
Page 39 and 40: Hedge Accounting The Group has orde
Page 41 and 42: The Group had an interest rate swap
Page 43 and 44: COMMODITY RISK The Group is exposed
Page 45 and 46: with the Helsinki Court of Appeal a
Page 47 and 48: In April 2009, Finnlines Plc's subs
Page 49 and 50: Shares outstanding 31 December 2005
Page 51 and 52: CALCULATION OF KEY RATIOS, IFRS Ear
Page 53 and 54: PROFIT AND LOSS ACCOUNT, PARENT COM
Page 55 and 56: CASH FLOW STATEMENT, PARENT COMPANY
Page 57 and 58: NOTES TO THE FINANCIAL STATEMENTS,
Page 59 and 60: 8. EXTRAORDINARY ITEMS EUR 2010 200
Page 61 and 62: 14. INVENTORIES EUR 2010 2009 Bunke
Page 63 and 64: 18. ACCUMULATED APPROPRIATIONS EUR
Page 65 and 66: CONTINGENCIES AND COMMITMENTS EUR 1
Page 67 and 68: BOARD'S PROPOSAL FOR THE USE OF THE
Page 69 and 70: AUDITOR'S REPORT TO THE ANNUAL GENE

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