FINANCIAL STATEMENTS 2010 - Finnlines

EUR 1,000 2010 2009
Significant items in accrued expenses and deferred income
Discounts given 3,828 4,396
Cargo handling costs 3,158 2,325
Port expenses and voyage-related costs 2,376 2,116
Bunker costs 1,831 3,503
Repairs, vessels 1,051 1,173
Other accrued liabilities 2,944 3,933
15,188 17,446
EUR 1,000 2010 2009
Distribution of accounts payable by currency
EUR 25,075 8,683
SEK 1,569 1,313
USD 3,907 2,410
GBP 346 241
NOK 16 -58
DKK 285 123
CHF 2
PLN 17 20
31,215 12,732
29. FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS
Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as pric-
es) or indirectly (i.e., derived from prices).
Level 3 - Inputs for the asset or liability that are not based on observable market data (unobservable inputs).
The Group has on 31 December 2010 financial assets totalling EUR 657 thousand (currency forward, of which EUR 324 thousand
treated as cash flow hedges) belonging to hierarchy 2. The Group had on 31 December 2009 financial liabilities of fair value totalling
EUR -2,369 thousand (interest rate swap) and EUR -677 thousand (currency forward, of which EUR -1,093 thousand treated as cash
flow hedges) belonging to hierarchy 2.
The Group has ordered six ro-ro vessels from the Chinese Jinling shipyard. These vessels 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.
In the year 2009 the Group had an open interest rate swap made in 2007, where the Group swapped six-month Euribor interest for
a fixed three-year interest. The nominal value of the interest-rate swap was EUR 120 million and the duration was three years. This
interest-rate swap was measured at fair value through profit or loss, and the negative effect of the value was presented in the balance
sheet under account payable and other liabilities.
30. ADJUSTMENTS TO CASH FLOW FROM OPERATIONS
EUR 1,000 2010 2009
Non-cash transactions:
Depreciation 60,322 61,012
Profits/losses from the sale of assets -1,230 -11,428
Exchange rate differences -2,300 -468
56,792 49,116
36 FINNLINES PLC Financial Statements 2010 (figures in EUR thousand, if not stated otherwise)