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39 Board of Directors report for the financial year 1 January 31 December 2014 The Operations The Parent company sells administrative, financial and accounting services to the Group companies. The business includes also rental of machinery, equipment, real estate and office space in home country and abroad. The Parent company s activity includes also strategic planning, development and managing of Group s businesses segments. The Parent company s businesses, organized in Group and associated companies, consist of four business segments: container transport services, terminal operation, depot- and warehousing and other operations. The business segments have been operated through subsidiaries, associated companies and joint ventures. Container Transport Services The container transport services have been run by Containerships Ltd Oy, which is 98% owned subsidiary of Container Finance. Containerships is a land and sea transportation company with business concept based on door-todoor transport, operating with fleet of designated container vessels and vehicles enabling optimization of the logistics chain and close cooperation with selected port operators. Containerships Group s core business is focused in the Baltic region, where the company is one of the leading providers on its Sector. Recent years have also witnessed the company expanding its business to the Mediterranean, which is today delivering nearly 13% of the consolidated net sales. The door-to-door service consists of both shipping by container vessels as well as inland transportation to or from harbours by truck, train or ferry inclusive storage services. Containerships directly control its vessels and container fleet as well as significant share of the trucks in use. Containerships, in close cooperation with its Agents, maintain own offices or Agencies across 20 countries providing sales and delivery services to the Company s international customers. Towards the end of 2013 the signs of positive economic activity grew steadily throughout the financial period in Europe, however sanctions in certain product groups originating from the Ukraine crisis, had its negative impact on volumes with fruit and vegetable import to Russia. In the Mediterranean the economic situation developed reasonable until June 2014 when the new war in Libya obstructed the traffic to North/Africa. The situation began to normalize in October, when Company activities in this area turned out profitable again. During 2014 the Company operated mainly with 8 vessels fleet in the Baltic area and with 3 to 5 vessels in the Mediterranean traffic. The Baltic routes vessels called the following ports> Helsinki, Pori, Teesport, Sheerness, Rotterdam, Ghent, Luebeck, Aarhus, Klaipeda, Riga and St. Petersburg. The weekly call to the port of Luebeck was included to the service in January 2014 when the calls to Hamburg were terminated. In Ukraine the company launched to the market its multimodal door-doorservice concept, which was not available before in this market. Ukraine will combine the Black Sea and Baltic as united operational area. In the Mediterranean the company vessels called Istanbul, Izmir, Mersin, Misurata, Benghazi, Tripoli, Bizerte and Algerian ports. For a short period of time the calls to Libyan ports were terminated, but have since recovered its routine. In the Baltic Sea the volumes in short shipping increased with 11.7% compared to the previous calendar year. The volumes in the Mediterranean decreased by 13.8%. The ship loading and other handling services for Containerships in Finland are provided by Container Finance s associated company Multi-Link Terminals Ltd Oy in Finland and OOO Moby Dick in Russia. Terminal handling, depot and warehousing services

40 The financial performance of the terminal handling, depot and warehousing services, organized through associated companies, was twofold. Multi-Link Terminal, selling terminal handling services, made a reasonably good profit considering the circumstances. Multi/Link Terminal operates in Helsinki, Kotka, and in St. Petersburg Litke Bay. The sales grew 9% compared to previous year due to the increased handled volumes. The company also distributed EUR 7 million in dividends to its shareholders, of which Containers Finance s share was EUR 1.7 million. The container terminal in Litke Bay has operated normally; the revenues have slightly increased due to increased handled volumes. The changes in the rouble exchange rates vis-á-vis euro and US dollar have resulted in relatively high unrealised exchange rate losses., when the USD-based sales receivables and USD-based bank loan are rated on the exchange rates of the Central Bank of Russia. Especially the rapid deterioration of the rouble value against the euro at the end of 2014 caused material unrealized exchange rate losses. In Kotka, where Multi-Link Terminal Ltd Oy also has operations, the terminal volumes have increased significantly. The handled volumes have also increased in Helsinki. The total volumes increased by 12% compared to previous year. Multi-Link Terminals Ltd Oy had a slightly negative result due to the EUR 320,000 impairment of fixed assets of its associate company. Even though the Multi-Link Terminal Ltd Oy numbers are slightly increasing, making exact estimates for 2015 is challenging. Mody Dick volumes in Russia have decreased due to the sanctions posed on Russia, even though the level of financial results has been positive. The financial result in 2015 is estimated to be better than in 2014 due to the executed rationalization measures and investments. Sustaining the profitability in still, however challenging in Vuosaari due to the expensiveness of the port and the unhealthy pricing by competitors. CD Holding (CDH) is a holding company in Finland, that only has ownership in a subsidiary in St. Petersburg, namely OOO Yanino Logistics Park and in two dormant companies in St. Petersburg. Yanino Logistics Park consists of a land container terminal, 30,000m 2 warehouse and technical infrastructure. The terminal has its own 5MW gas power station, which is now fully utilised by the business at the site. The total capacity of the terminal is 12,000 TEUs and the operational land area of the warehouse is 22,500m 2. The railroad inside the terminal is fully utilised by the business at the site. The revenues CD Holding Group decreased slightly in 2014 compared to previous year even though the subsidiary Yanino Logistics Park handled 40% more containers and 5% more of tonnage cargo compared to previous year. This is mainly due to the weakening of the rouble. The EBITDA of CD Holding was EUR 1.1 million, the Net Income was negative due to high depreciation and financial expenses. The financial loss is mainly due to the unrealised exchange rate losses of Yanino s USDand EUR-based loans. Container Finance s share of those exchange rate losses was EUR 12.6 million calculated on the exchange rates of the day of the annual report. Shareholders hold 78% of the loans of CD Holding and the shareholder have initiated actions to correct the situation. One of the actions is the loan arrangement done in November 2014, which resulted in CD Holding having no loans to shareholders and positive equity. Shareholders have also given a comfort letter to provide financial support to the company in order to allow the company to continue its operations. Container Finance also holds 50% share in a terminal in Gent, Belgium, namely Gent Container Terminal. The results of the terminal improved in 2014 due to increase in handled volumes, development of the operations and the cooperation with its cooperation partner. The mobile crane owned by the company was destroyed by a fire in September, but the acquisition of a new crease can be done with the funds from the insurance of the burned crane. The on-going expansion and development plan details that the terminal is going to have railroad access and the area is going to be improved by other means as well by the Gent port operator. The changes and improvements should be finalised by end of Q The terminal company had a positive cash flow, EBITDA and result in Other operations The unitised cargo, haulage and warehousing is handled by the subsidiary, Cargo Connexion Oy. The warehouse and haulage services of Cargo Connexion are in Loviisa. The company has close

41 cooperation with a local stevedoring company, Nordström Group. Cargo Connexion had a positive result in The operations of Ecoshipping have been developed during 2014 focusing more on road transportation between Continental Europe and Finland, as well as on CEMT-operations in Germany. The operations of Someron Autokuljetus, which were acquired in 2013, were integrated to Ecoshipping operations to support the development. The development of the operations continued in 2014 and the transportation operations increased through its own sales and though sub-contracting to other transportation companies. The subcontracting increased significantly in summer At the beginning of the fall the situation worsened, as one of the customers ended up in financial difficulties and became bankrupt. This bankruptcy resulted in nearly EUR 500,000 bad debts for Ecoshipping. Ecoshipping had to write down the respective open sales receivables. At the same time renewal of the trucks and unexpected malfunctions of the trucks and other equipment, temporary decrease of volumes and rearrangements required resulted a heavily negative results. The financial support of the parent company has been necessary in rearranging Ecoshipping operations and the parent company has given EUR 600,000 in group contribution as well shareholder loans. The improvements required to improve the operations and results will continue in Other operations consisted of hotel- and restaurant operations as well as few real estates that are rented. As part of the business, the hotel-operations offer also adventure trips in the archipelago of Loviisa and hunting trips at Lohijärvi Ainola in Ylitornio. The real estate business run profitably. The hotel operations were sold on 30 March 2014 and the hotel real estate was transferred to the owner running the operations in October Container Finance has no branch offices as the business is run by the subsidiaries and associated companies. Risks The company s and Group s business risks relate mainly to the development of the global economy and its effect to the freight volume, traffic volatility, competitors actions and oil prices. Also certain dollar-based costs and dependence on the exchange fluctuations result in exchange rate -risks to the company. To mitigate the risks the company operations is various geographical traffic areas, such as Finland, the Baltics, Europe, Russia and the Mediterranean. The increase in fuel costs and vessel charted rates pose challenges to the profitability of the business. The fuel price increase is partly transferrable to freight rates through fuel surcharge. Cost increases in haulage can be coped with accurate and punctual operation of the service, which has still been a strong focus area in Improving and maintaining the performance of the Mediterranean traffic will be another challenge. The situation and traffic in North Africa have gradually returned to normal, despite the unrest in the region. The tightness of the financing market is a risk, which may slow-down or complicate the realisation of the growth opportunities and business arrangements. Refinancing and investment planning take a lot of time and accurate calculations in group operations. The economic cycles of the global economy may even rapidly affect the traffic volumes and this requires continuous business sensitivity from the company. The Group and especially Containerships have a slight advantage, as the traffic network in the Baltic Sea is extensive and the vessels can operate efficiently in the container terminals operated by the company both in Finland and in Russia. Developing the warehousing, depot services and other services as part of the Yanino project is one of the most important tasks. These tasks are done together with Global Ports International (GPI) and APM Terminals. One of the alternatives is to sell the entire Yanino operations. There is material insecurity related to the receivables from Yanino due to the current Yanino situation. The consolidate financial statements of the associated companies have been drafted based on the going-concern principle as per the management of the respective companies and the proposal of GPI. CDH and Yanino will require shareholder support in the future. Cost control, sales development and

42 reporting and the appropriate use of financing continues to pose challenges to the operations. Otherwise, there are no material risks related to the port and depot operations in Russia. Changes in group structure and events after the financial year The consolidated accounts for 2014 have been prepared along the Finnish Accounting Standards. Multi-Link Terminals and CD Holding -groups have been consolidated as associated companies. Container Finance has 25% in them. There are not material changes in the group structure in In 2015 company continues to evaluate possibilities to develop and clarify its group structure. The sister company merger of Palmen & Charpentier Oy and Isdegon Oy to Containerships Ltd oy that was started in 2013 was completed. Degerby Constructor Oy was merged into Degerby Hotel- Restaurant Ltd Oy and the name was changed into Degerby Constructor Oy. SECA (Sulphur Emission Control Area) ruling entered into force at the beginning requiring the seafarers operating in the area to use low sulphur marine gas oil (<0.1%). This creates changes to the maritime industry either in the price of fuel or investments to special equipment, scrubbers. To balance the costs, the seafarers have implemented a SECA-charge to their freight bills and Containerships Ltd Oy has also included this extra fee as from 1 st of January. Containerships Ltd Oy refinanced its loan portfolio at the end of March. Loan arrangement included, in addition to full amortization of existing long term debt, new funding for planned investments and working capital financing. Containerships plans to use new funds for financing new LNG-fuelled vessels and related containers driven by volume growth. As part of the arrangement loans of Container Finance were also rearranged. After the end of the financial year the Russian rouble has strengthened considerably vis-á-vis Euro and US dollar, which has a material positive effect especially on the profitability of Russian operations and unrealised exchange rate differences. Partly due to this Yanino was profitable by EUR 10 million after the first four months and Multi-Link terminals made approximately EUR 4.5 million in EBIT during the same time period. Financial performance In 2014, the financial performance of the Group and especially Containerships, the most important subsidiary, was better than on the previous year. The revenue increased at the end of the year. The sharp weakening of the rouble at the end of the year caused material unrealised exchange rate losses. These losses were EUR 2.5 million in Containerships Group. The losses would have been greater without the rouble and USD hedging. The biggest unrealised exchange rate losses were caused by the Russian associated companies, were the weakening of the rouble caused EUR 12.6 million in unrealised exchange rate losses, which is included in the income statement in the row share of associated companies income. Altogether the unrealised exchange rate losses of the group were EUR 13.9 million. Company has had no standalone research and development activity. In 2014, there were on average 590 persons (592) employed by the Group and wages and salaries totalled EUR 20.0 million (EUR 20.7 million), out of which wages and salaries for the Board of Directors and the managing director totalled EUR 1.4 million (EUR 0.9 million). In 2014, there were on average 12 persons (12) persons employed by the Company and wages and salaries totalled EUR 0.6 million (EUR 0.8 million) on accrual basis, out of which wages and salaries for the Board of Directors and the managing director totalled EUR 0.2 million (EUR 0.2 million). The net sales of the parent company totalled EUR 2.5 million (EUR 2.3 million) in 2014 and the Group net sales were EUR million (EUR million). The Group reported EUR 17.0 million in losses (EUR 8.2 million in losses). The loss includes write-downs of values of receivables, as well as other write-downs of investments and receivables of EUR 1.5 million (EUR 1.9 million).

43 Unrealised exchange rate losses for the group were EUR 13.9 million, out of which Yanino#s share was EUR 12.8 million (EUR 2.0 million loss) due to the differences in USD, RUB and EUR exchange rates of the loans. At the end of 2014, the consolidated balance sheet of the group totalled EUR million (EUR million). In the consolidated group accounts, the goodwill according to the business plan was EUR 8.3 million (EUR 9.1 million) after the changes in Containerships Ltd Oy group has prepared its own consolidated accounts, which have been fully consolidated to Container Finance. Multi-Link Terminals Ltd -group Oy and CD Holding -group have been consolidated into Container Finance as associated companies. The parent company s profit for the period was EUR 1.2 million (EUR -1.9 million loss). The result was burdened by the write down of values of receivables and investments, that are included in other expenses, as well as by the exchange rate losses of EUR 362,000. The parent company gave group contributions to its subsidiaries altogether EUR 705,000 and received group contributions of EUR 134,000. The consolidated balance sheet of the parent company was EUR 98,765 (EUR 100,268). The distributable shareholders equity was EUR 86,168,112 taking into consideration the profit for the period. The company has given loans to related parties in total of EUR 518,000 for guarantees. Key figures (EUR 000) Group Parent Company Net sales 216, , ,289 2,477 2,341 2,407 EBIT -15,152-8,191-1,272-2,259-3,759-2,211 EBIT margin (%) neg neg neg neg neg neg Return on equity (%) neg neg neg 1.8% neg neg Equity ratio (%) 38.2% 42.9% 48.0% 88.1% 85.6% 84.1% Environment The company has no stand-alone environmental certification, but the company complies with the principles of the ISO-9001 system certified in its subsidiary Containerships Ltd Oy, which includes environmental aspects. It is based on ISO and the company complies with it to the extent applicable. The 2015 tightening of the sulphur directive for vessel fuels and the SECA-areas in the Baltic Sea are a great challenge for the entire industry, as it increases the cost of fuel considerably. The company is actively working with its subsidiaries to mitigate the cost effect of the new directive either by installing scrubbers to the vessels or by other means fulfilling the requirements of the directive. Distribution of profits The Board proposes that a dividend of EUR 600,000 is distributed out of the parent company s distributable shareholders equity of EUR 86,168,112 after considering the parent company s profit for the period of EUR 1,173,379. The consolidated distributable shareholders equity totalled EUR 46,588,488. There have been no material changes in the financial position of the company after the balance sheet date. The company s liquidity is satisfactory. Outlook for 2015

44 The Baltic Sea traffic and volumes in 2015 are expected to stay at 2014 level or to slightly decline due to the Russian sanctions. The Group s transport volumes are still expected grow. The total growth in volumes is expected to be reflected in the results for port and terminal operations. The intra- Mediterranean volumes is estimated to grow from 2014 level. Ownerhsip The share capital of the company consists of 156 shares, all in one class, bearing a redemption clause, but no approval clause.

45 CONTAINER FINANCE LTD OY CONSOLIDATED INCOME STATEMENT (FAS) EUR '000 Note Revenue 1 216, ,384 Other income 2 2,380 4,353 Share in associated companies profits -14,109-3,556 Materials and services 3-179, ,467 Employee benefit expenses 4-24,275-25,382 Depreciation, amortization and impairment 5-5,850-6,084 Other expenses 6-9,478-10,054 Operating profit -14,928-7,805 Finance income 7 1,856 2,814 Finance expenses 7-4,175-2,139 Profit before appropriations and taxes -17,248-7,130 Income taxes ,162 Minority interests Total comprehensive income for the year -16,974-8,244

46 CONTAINER FINANCE LTD OY CONSOLIDATED BALANCE SHEET (FAS) EUR '000 Note ASSETS Intangible assets 9 9,250 10,200 Tangible assets 10 31,220 35,335 Other shares and investments 11 18,934 20,232 Total non-current assets 59,405 65,766 Inventories Long-term receivables 13 32,643 34,316 Short term receivables 14 29,714 31,066 Cash and cash equivalents 2,106 2,263 Total current assets 64,622 67,824 Total assets 124, ,591 EQUITY 15 Share capital Share premium account Retained earnings 63,563 64,714 Profit (loss) for the financial year -16,974-8,244 Total equity 47,429 57,310 Minority interests LIABILITIES Long-term liabilities 17 14,129 17,985 Short-term liabilities 18 62,140 57,896 Total liabilities 76,269 75,881 Total equity and liabilities 124, ,591

47 CONTAINER FINANCE LTD OY CONSOLIDATED CASH FLOW STATEMENT (FAS) EUR '000 Note Cash flows from operating activities Profit before taxes and adjustments -17,248-7,130 Financial income 2,094-1,058 Financial expenses 5,837 6,084 Depreciation, amortization and impairment -2,380-4,252 Gains/losses on sales of tangible non-current assets 14,109 3,832 Share of profits from associated companies Change in long-term receivables -1,100 0 Change in short-term receivables ,668 Change in inventories Change in current liabilities 722 1,811 Dividends received 0 0 Interests received 69 4 Interests paid Taxes paid Net cash generated from operating activities (A) 943 3,199 Cash flow from investing activities Investments in tangible and intangible assets -1,746-2,116 Sale of tangible and intangible assets 678 4,671 Other investments Profit from sale of businesses 1,100 0 Dividends received from investments Investments in group companies Proceeds from sale of group companies 0 45 Net cash flow from investing activities (B) 872 2,504 Cash flow from financing activities Change in long.-term borrowings 0 5,825 Borrowings and repayments of short-term debt 488-8,221 Paid interests -1, Paid dividends ,491 Received loan repayments Net cash from financing activities (C) -1,396-4,864 Exchange rate difference from the bank accounts (D) Net change in the cash and equivalents (A+B+C) Cash and equivalents 1 January 2,263 1,363 Total cash and cash equivalents 31 December 2,106 2,263

48 CONTAINER FINANCE LTD OY CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS Notes concerning the preparation of the consolidated financial statements Business operations The parent company of the Group is Container Finance Ltd Oy, with the registered office in Helsinki, Finland. The business operations of the Group have been reported in the report of the Board of Directors. General The financial statements of the Group and the parent company have been prepared in accordance with Finnish Standards (FAS). The company s financial period is the calendar year. Principles applied in the preparation of the consolidated financial statements The consolidated financial statements have been prepared using the acquisition cost method. The difference between the acquisition cost of subsidiaries and their shareholders equity at the time of acquisition is shown as goodwill on consolidation. Intra-group transactions, unrealised margins on internal deliveries, intra-group receivables and liabilities, and the Group s internal distribution of profit have been eliminated. The income statements of subsidiaries are translated into euros using the average exchange rates for the financial period, while balance sheets are translated using the exchange rates prevailing on the balance sheet date. Exchange rate differences arising from translation and translation differences of the shareholders equities of subsidiaries are entered in "retained earnings". Consolidation principles The consolidated financial statements include the parent company, Container Finance Ltd Oy, and all subsidiaries over which the parent company exercises direct or indirect control. Control means the right to govern the financial and operating policies of a company so as to obtain benefits from its activities. Minority shares of the Group s financial result and shareholders equity are recognised separately. Minority shares of the losses incurred by the Group are recognised in the consolidated financial statements up to the maximum amount of the investment. Associated companies Associated companies have been consolidated using the equity method. Unrealised profits between the Group and its associated are eliminated according to group holdings. If the Group s share of an associated company s losses exceeds the acquisition cost of the investment, it is recognised at zero value and the losses exceeding the carrying value are not consolidated unless the Group has undertaken to fulfil the obligations of the associated companies on their behalf. The carrying value of associated companies in the Group is exclusive of translation differences. Transactions in currencies other than euro Cash and cash equivalents, receivables and liabilities denominated in currencies other than euro are translated into euros using the exchange rate prevailing at the balance sheet date. Income taxes Income taxes consist of taxes allocated for the period for which tax is levied. They also contain adjustments to the income taxes of the preceding years (added taxes and tax refunds). Deferred taxes Deferred tax liabilities or receivables have been calculated on the temporary differences between taxation and annual accounts using the tax rate for future years officially in force on the closing date. The balance sheet includes the imputed tax liabilities as a whole and the imputed tax receivables based on the estimate amounts due.

49 CONTAINER FINANCE LTD OY CONSOLIDATED Intangible and tangible assets Intangible and tangible assets are recognised in the balance sheet at acquisition cost less depreciations according to plan. Depreciation charges according to plan are calculated as straight-line depreciation based on the expected useful life of intangible and tangible assets. Depreciation periods: Straight-line depreciation Intangible assets 5 years Buildings and structures 10 to 20 years Machinery and equipment 5 to 20 years Other capitalised expenditure 3 to 5 years Goodwill 5 to 20 years The depreciation period for group consolidation goodwill is 20 years in accordance with section 5a of the Accounting Act due to the long-term nature of shipping. Inventories Inventories are valued according to the FIFO principle at cost or replacement cost or probable selling price, whichever lower. Financial instruments Financial instruments are valued at acquisition cost or the probable realisable value, whichever lower. Changes in Group structure Degerby Hotel-Restaurant Oy business was sold 1 April Palmen & Charpentier Oy was merged into Containerships Ltd Oy 31 March Isdegon Oy was merged into Containerships Ltd oy 31 December Events after the date of the financial statements Degerby Hotel-Restaurant Ltd Oy was merged into Degerby Constructor Oy in Accounting principles applied by the parent company The accounting principles applied by the parent company are consistent with those of the Group. The accounting principles pertaining to financial statements differ from those applied by the Group in respect of the following items: Appropriations include depreciation difference. Extraordinary items of the parent company Extraordinary items consist of Group contributions given to and taken from the Finnish subsidiaries. Group contributions are recognised in accordance with the Finnish tax regulations. Appropriations The appropriations on the income statement consist of depreciation charges in excess of plan, which are recognised in accordance with Finnish tax legislation. The accumulated appropriations on the balance sheet consist of accumulated depreciation charges in excess of plan.

50 CONTAINER FINANCE LTD OY CONSOLIDATED Notes to the Income Statement Net Sales Sea freight 89,422, ,146,998 Haulage and forwarding activity 74,854,466 67,645,525 Stevedoring and terminal operations 46,230,044 32,320,195 Hotel- and restaurant activity 556,930 1,862,736 Newspaper activity 0 0 Property rents 74, ,612 Machinery and equipment rents 4,784,789 5,491,153 Other sales 431,497 2,807,031 Total 216,354, ,384,250 Net sales by market area Finland and EU 127,799, ,181,884 Russia 88,555,225 73,202,366 Total 216,354, ,384, Other operating income Sales gain on sold of noncurrent assets 1,082,332 4,144,653 Other operating income 1,297, ,836 Total 2,380,206 4,353,489 Share of associated company income -14,109,157-3,832,183 Associated companies -14,109,157-3,832, Material and service expenses Purchases in the financial year -50,377,888-52,020,895 Change in inventories 16,940 2,997 Material and supplies -50,360,948-52,017,898 Purchased services -129,590, ,449,491 Total -179,951, ,467, Personnel expenses Wages and salaries -19,932,468-20,709,899 Pension expenses -2,331,874-3,017,544 Other personnel costs -2,010,664-1,654,657 Total -24,275,006-25,382,100 Average number of employees during the financial year Average number of employees Managements' wages and fees BoD and CEO -1,358, ,931 Total -1,358, ,931

51 CONTAINER FINANCE LTD OY CONSOLIDATED Depreciation, amortisation and impairment losses Depreciation according to plan Buildings -361, ,102 Machinery and equipment -4,157,817-4,286,282 Intangible assets -427, ,344 Other long-term expenses -135, ,673 Goodwill -767, ,103 Total -5,850,049-6,083, Other operating expenses Other personnel costs -447, ,756 Office costs -1,682,746-2,108,504 Purchased services -3,545,875-2,534,108 Other operating expences *) -3,801,218-5,084,963 Total -9,477,800-10,054,331 *) Includes write-downs of EUR 290,266 (31 December 2014) Includes write-downs of EUR (31 December 2013) 7. Financial income and expenses Financial income Dividend income 50,100 1,257,615 Interest income 42,385 4,526 Exchange rate gain (net) 0 103,525 Other financial income 1,763,195 1,447,845 Total 1,855,680 2,813,511 Financial expenses Interest expenses -1,031, ,144 Other financial expenses -1,271, ,458 Value impairment in investments -224, ,984 Exchange rate losses (net) -1,646,615 0 Total -4,174,870-2,138, Income taxes Income taxes from ordinary operations Current period -449, ,814 Previous period 0-119,029 Changes in deferred taxes 668, ,696 Total 219,215-1,161,539

52 CONTAINER FINANCE LTD OY CONSOLIDATED Notes to Balance Sheet (assets) Intangible assets Intangible rights Acquisition cost 1.1 5,283,517 5,115,064 Additions 250, ,453 Disposals -4,281 0 Reclassification 0-110,000 Acquisition cost ,529,388 5,283,517 Accumulated amortisations ,167,167 3,711,413 Amortisations under the financial year 427, ,870 Reclassification 0-22,000 Exchange rate differences Accumulated amortisations ,594,450 4,167,167 Book value ,938 1,116,350 Other long-term expenses Acquisition cost 1.1 1,991,449 1,991,449 Additions 0 0 Acquisition cost ,991,449 1,991,449 Accumulated amortisations ,990,897 1,990,161 Amortisations under the financial year Accumulated amortisations ,991,449 1,990,897 Book value Goodwill Acquisition cost ,692,988 15,017,844 Additions 0 130,000 Write-downs 0-564,856 Reclassification 0 110,000 Acquisition cost ,692,988 14,692,988 Accumulated amortisations ,610,378 5,043,022 Amortisations under the financial year 767, ,228 Accumulated amortizations of write-downs 0-178,872 Reclassification 0 22,000 Accumulated amortisations ,377,727 5,610,378 Book value ,315,261 9,082,610 Total intangible assets 9,250,199 10,199,512

53 CONTAINER FINANCE LTD OY CONSOLIDATED 10. Tangible assets Land and water areas Acquisition cost 1.1 2,530,942 2,848,671 Additions 0 36,041 Disposals -128,764-33,099 Reclassification 0-320,670 Acquisition cost ,402,178 2,530,942 Book value ,402,178 2,530,942 Buildings and structures Acquisition cost ,176,840 9,679,758 Additions 263, ,461 Disposals -1,006,175 Reclassification 0 320,670 Exchange rate differences 15,621-4,788 Deductions 0-1,261 Acquisition cost ,449,484 10,176,840 Accumulated depreciation ,483,998 6,115,177 Accumulated amortizations of write-downs -377,316 Amortisations under the financial year 361, ,898 Exchange rate differences 14,352-4,077 Accumulated depreciation and impairment losses ,482,949 6,483,998 Book value ,966,535 3,692,842 Machinery and equipment Acquisition cost ,278,598 78,770,034 Increases 3,738,813 4,307,988 Disposals -4,455,161-1,378,134 Other changes 9,582 Exchange rate differences -2,444, ,290 Acquisition cost ,127,683 81,278,598 Accumulated depreciation on ,269,231 49,564,466 Accumulated depreciation of disposals -2,990, ,839 Depreciation under the financial year 4,157,817 4,286,282 Other changes 2, ,241 Exchange rate differencies -1,275,987-53,919 Accumulated depreciation and impairment losses ,162,633 53,269,231 Book value ,965,050 28,009,367

54 CONTAINER FINANCE LTD OY CONSOLIDATED Other tangible assets Acquisition cost , ,159 Acquisition cost , ,159 Book value , ,159 Other long-term assets Acquisition cost ,283,027 2,099,442 Increases 32, ,415 Disposals -296,722 0 Exchange rate differencies -124,327-33,830 Acquisition cost ,894,173 2,283,027 Accumulated depreciation ,515,850 1,287,267 Accumulated depreciation of disposals and transfers -206,608 0 Depreciation under the financial year 135, ,226 Exchange rate differencies -102,082 6,357 Accumulated depreciation and impairment losses ,342,293 1,515,850 Book value , ,177 Total other tangibles and long-term assets 719, ,336 Total tangible assets 31,219,960 35,334, Investments Shares in associated companies Acquisition cost ,405,239 14,574,875 Disposals & deductions -88,472 Additions ( ) 2,535,445 Share of profits in associated companies -15,850,428-3,555,631 Share of exchange rate and depreciation differences 7,909,146 Entered as accrued liability 4,301,186 4,385,995 Acquisition cost ,212,116 15,405,239 Book value ,212,116 15,405,239 Unamortized consolidation goodwill included in the book value 4,122,616 4,494,907

55 CONTAINER FINANCE LTD OY CONSOLIDATED 12. Inventories Materials and supplies 157, ,931 Total 157, , Long-term receivables Long-term receivables from the associated companies Loan receivables 23,764,374 23,307,486 Capital loan receivables 500,000 2,286,000 Total 24,264,374 25,593,486 Deferred tax assets 2,446,019 2,767,103 Long-term receivables total 5,933,103 5,955, Short-term receivables Short-term receivables from associated companies Sales receivables 86, ,725 Other receivables 3,058,402 1,167,537 Total 3,145,306 1,614,262 Short-term receivables from other companies Sales receivables 20,802,316 20,329,002 Other receivables 840,097 3,215,895 Loan receivable 1,304, ,976 Total 22,946,977 24,315,873 Short-term prepayments and accrued income Finnish Maritime Administration 271, ,731 Bunker 996,190 1,294,440 Cost accruals 508, ,381 VAT-receivables 215, ,442 Accrued insurance cost 333, ,796 Tax receivable 59,919 70,468 Accrued rents 955,065 1,404,539 Other 282, ,466 Total 3,621,780 5,136,263 Short-term receivables total 29,714,063 31,066,398

56 CONTAINER FINANCE LTD OY CONSOLIDATED Notes to Balance Sheet (equity and liabilities) 15. Shareholders' equity Share capital , ,838 Share capital , ,838 Share premium account , ,564 Share premium account , ,564 Retained earnings ,469,501 66,775,674 Dividend distribution 0-2,058,950 Share of associated companies' depreciation difference 552,009 Share of associated companies' exchange difference 5,647,351 Translation differences -317,897 0 Other changes 1,211,660-2,902 Retained earnings ,562,624 64,713,822 Profit from the financial year -16,974,136-8,244,321 Total equity ,428,890 57,309, Minority interests Minority interests 328, ,994 Total 328, , Long-term liabilities Long-term liabilities to other companies Shareholder loans 0 203,879 Loans from financial institutions 10,854,583 15,590,863 Other long-term liabilities 2,251, ,559 Total 13,106,211 16,285,301 Deferred tax liabilities 1,022,808 1,699,288 Long-term liabilities total 14,129,019 17,984, Short-term liabilities Short-term liabilities to associated companies Accounts payable 9,660 2,133,934 Other liabilities 1,550,158 1,553,120 Total 1,559,818 3,687,054 Short-term liabilities to other companies Loans from financial institutions 14,725,741 14,176,203 Advances received 5,732 20,488 Accounts payable 22,340,305 18,663,388 Other liabilities 3,030,727 4,204,722 Total 40,102,505 37,064,801

57 CONTAINER FINANCE LTD OY CONSOLIDATED Short-term accrued expenses Salaries 1,745,605 1,585,027 Claims 0 133,507 Taxes 176,050 0 Sales accruals 129,880 13,052 Accrued costs 1,519,599 1,944,290 Share of associated companies profit 16,311,980 12,010,794 Other 594,816 1,457,861 Total 20,477,930 17,186,170 Short-term liabilities total 62,140,253 57,938,025 Notes to commitments and contingent liabilities 19. Loans, for which fixed and floating charges, peldges and deposits have been made Loans from financial institutions 11,276,979 12,939,383 Collateral given against the loans from financial institutions Ship mortgages 23,000,000 23,000,000 Real estate mortgages 1,586,332 1,586,332 Total collateral 24,586,332 24,586,332 Credit limit 12,705,051 10,344,830 from which is in use 9,798,235 9,323,061 Bank guarantees 150, ,000 Collateral given against credit limit and bank guarantees Real estate mortgages 2,528,566 2,528,566 Floating charge 2,000,000 2,000,000 Total collateral 4,528,566 4,528,566 Total collateral against loans, limits and guarantees 27,528,566 27,528, Guarantees given for own behalf Loans from financial institutions 348,636 1,804,331 Charges *) 3,135,000 3,135,000 *) The total refers to the carrying value of machinery and equipment 21. Loans, for which shares and shareholdings have been given as a pledge Loans from financial institutions 3,005,035 4,995,615 Shares and shareholdings 23,795,064 23,795,064 Total pledges 23,795,064 23,795,064

58 CONTAINER FINANCE LTD OY CONSOLIDATED 22. Other guarantees given Deposits against loans from financial institutions 15,137 15, Guarantees given for own behalf Charges 5,026,240 5,026,240 Customs guarantee 881, ,955 Guarantee *) 12,704,474 11,968,314 Other guarantees 320, ,282 Guantees total 18,932,340 18,284,791 Charges and guarantees total 3,135,000 59,044,962 *) Parent company guarantee given in addition to other guarantees 24. Loans of foreign associated companies Foreign associated companies have financed their operations independently and have provided the necessary guarantees if and when needed independently. 24. Loans of Finnish associated companies 1,319,449 2,185,458 Guarantees given on behalf of associated companies Fixed charges 1,000,000 1,000,000 Other guarantees 100,000 1,029,775 Total guarantees 1,100,000 2,029, Leasing commitments Due within one year from balance sheet date Container leases 5,543,498 4,795,008 Other leases 1,426, ,752 Due later than one year from balance sheet date Container leases 8,063,436 10,576,722 Other leases 2,915,303 1,764,679 Total leases 17,948,730 17,584,161 Term of notice for leased containers is generally 2 months. Out of the 6,755 leased containers, all can be redeemed at the end of lease period during Telephone and other equipment lease agreements mature during Generally these lease agreements do not have redemption clauses. The group s balance sheet assets include about 6,625 containers and the carrying value is EUR 3.5 million.

59 CONTAINER FINANCE LTD OY PARENT COMPANY INCOME STATEMENT (FAS) EUR '000 Note Revenue 1 2,477 2,341 Other income Employee benefit expenses ,063 Depreciation, amortization and impairment ,000 Other expenses 5-2,835-2,291 Operating profit -1,587-1,899 Finance income 6 4,163 3,378 Finance expenses 6-1,087-2,782 Profit before extraordinary items 1,489-1,303 Extraordinary items Profit before appropriations and taxes 918-1,787 Appropriations Income taxes Profit / Loss (-) for the financial year 1,173-1,911

60 CONTAINER FINANCE LTD OY PARENT COMPANY BALANCE SHEET (FAS) EUR '000 Note ASSETS Intangible assets Tangible assets 11 5,562 7,640 Investments Shares in associated companies 29,651 30,499 Other shares and investments 29,428 27,025 Total non-current assets 64,965 64,223 Long-term receivables 13 29,441 31,065 Short term receivables 14 3,937 3,913 Cash and cash equivalents Total current assets 33,800 35,045 Total assets 98, ,268 EQUITY 15 Share capital Share premium account Retained earnings 84,995 86,906 Profit (loss) for the financial year 1,173-1,911 Total equity 87,009 85,835 Appropriations LIABILITIES Long-term liabilities 17 1,098 3,880 Short-term liabilities 18 10,640 10,318 Total liabilities 11,738 14,198 Total equity and liabilities 98, ,268

61 CONTAINER FINANCE LTD OY PARENT COMPANY CASH FLOW STATEMENT (FAS) EUR '000 Note Cash flows from operating activities Profit before taxes and adjustments 918-1,787 Adjustments Extraordinary items Financial income and expenses -3,749-2,457 Depreciation, amortization and impairment 831 1,000 Gains/losses on sales of tangible non-current assets Other adjustments Change in working capital Change in long-term receivables -1,100 Change in short-term receivables ,170 Change in long-term loans Change in short-term loans Dividends received Interests received 3 4 Interests paid -5 Taxes paid Net cash generated from operating activities (A) -3,209-2,009 Cash flow from investing activities Investments in tangible and intangible assets Sale of tangible and intangible assets Investments in group companies 0 0 Proceeds from sale of businesses 1,100 Proceeds from the sale of group companies 0 45 Investments in other shares Proceeds from sale of other investments 0 0 Dividends received from investments Net cash flow from investing activities (B) 2, Cash flow from financing activities Change in long.-term borrowings Borrowings and repayments of short-term debt 2,141 2,087 Paid interests and financing expenses Paid dividends ,218 Received loan repayments Net cash from financing activities (C) 1,417 1,394 Net change in the cash and equivalents (A+B+C) Cash and equivalents 1 January Total cash and cash equivalents 31 December

62 CONTAINER FINANCE LTD OY PARENT COMPANY Notes to the Income Statement Net Sales Segment information Administrative and accounting services 1,172, ,810 Property rents 505, ,889 Machinery and equipment rents 771, ,935 Other 27,457 27,383 Total 2,477,089 2,341,017 Net sales by market area Finland and EU 2,477,089 2,341,017 Russia Total 2,477,089 2,341, Other operating income Sales gain on sold of noncurrent assets 240,294 57,817 Other operating income 189,254 55,201 Total 429, , Personnel expenses Wages and salaries -633, ,833 Pension expenses -173, ,636 Other personnel costs -19,715-95,070 Total -827,423-1,062,538 Average number of employees during the financial year Average number of employees Managements' wages and fees BoD and CEO -203, ,963 Total -203, , Depreciation, amortisation and impairment losses Depreciation according to plan Intangible assets -35,409-48,947 Buildings and structures -269, ,590 Machinery and equipment -526, ,101 Total -831, ,638

63 CONTAINER FINANCE LTD OY PARENT COMPANY Other operating expenses Other personnel costs -23,995-16,327 Office costs -803, ,347 Vehicle and trip costs -277, ,839 IT and equipment costs -90,618-55,826 Purchased services -393, ,163 Other operating expences *) -1,245, ,569 Total -2,834,559-2,291,071 *) Includes write-downs of receivables of EUR 790,266 (31 December 2014) Includes write-downs of receivables of EUR 20,000 (31 December 2013) 6. Financial income and expenses Financial income Dividend income 1,790,150 1,861,055 Interest income (intra-group) 520, ,002 Interest income 791, ,847 Exchange rate gain (net) 1,060,120 0 Other financial income 0 111,362 Total 4,162,531 3,378,265 Financial expenses Interest expenses -413, ,295 Other financial expenses 0-8,373 Value impairment in investments -672,894-1,865,275 Exchange rate losses (net) 0-433,712 Total -1,086,587-2,781, Extraordinary items Extraordinary income 134, ,000 Extraordinary expenses -705, ,000 Total -570, , Appropriations Change in depreciation difference 216,439-57,917 Total 216,439-57, Income taxes Income taxes from ordinary operations 38,658-66,376 Total 38,658-66,376

64 CONTAINER FINANCE LTD OY PARENT COMPANY Notes to Balance Sheet (assets) Intangible assets Intangible rights Acquisition cost , ,117 Additions 0 34,247 Acquisition cost , ,364 Accumulated amortisations , ,967 Amortisations under the financial year 35,409 48,947 Accumulated amortisations , ,915 Book value ,040 59,449 Total intangible assets 24,040 59, Tangible assets Other long-term expenses Acquisition cost , ,255 Additions 10,159 3,612 Acquisition cost , ,867 Accumulated depreciation ,280 98,077 Depreciations under the financial year 36,481 36,203 Accumulated depreciation and impairment losses , ,279 Land and water areas Acquisition cost 1.1 1,982,590 1,959,710 Additions 0 22,880 Acquisition cost ,982,590 1,982,590 Book value ,982,590 1,982,590 Buildings and structures Acquisition cost 1.1 6,110,366 6,083,774 Additions 2,300 26,592 Acquisition cost ,112,666 6,110,366 Accumulated depreciation ,229,045 3,949,659 Depreciations under the financial year 269, ,386 Accumulated depreciation and impairment losses ,498,208 4,229,046 Book value ,614,458 1,881,320

65 CONTAINER FINANCE LTD OY PARENT COMPANY Machinery and equipment Acquisition cost ,435,071 11,431,277 Increases 17,244 72,437 Disposals -3,003,479-68,643 Acquisition cost ,448,835 11,435,071 Accumulated depreciation on ,419,183 7,852,724 Accumulated depreciation of disposals -1,692,499-68,643 Depreciation under the financial year 490, ,101 Accumulated depreciation and impairment losses ,216,960 8,419,183 Book value ,231,875 3,015,888 Other tangible assets Acquisition cost , ,160 Acquisition cost , ,160 Book value , ,160 Total tangible assets 5,562,348 7,639, Investments Shares in group companies Acquisition cost ,498,995 31,516,898 Additions -100,000-37,903 Write-downs -448, ,000 Acquisition cost ,950,516 30,498,995 Book value ,950,516 30,498,995 Group companies (Finland) Ownership (%) Containerships Ltd Oy 98% Degerby Hotel-Restaurant Ltd Oy, Helsinki 100% Ecoshipping Ltd Oy, Helsinki 100% Oy Lovisa Stevedoring Co Ab, Loviisa 77% Lohijärven Ainola Oy, Ylitornio 100% Degerby Constructor Oy, Loviisa 100% Cargo Connexion Oy, Loviisa 100% Kiint. Oy Ewald II, Loviisa ** 100% Kiinteistö Oy Karlskronabulevardi 9-11, Loviisa ** 100% Kiinteistö Oy Porvoonkatu 9, Loviisa ** 100% Oy Petsamo Shipsbroker Ab, Loviisa 100% ** Not consoldidated due to the profile of the company and immateriality

66 CONTAINER FINANCE LTD OY PARENT COMPANY Group companies (foreign) Ownership (%) Containerships (Italy) SRL, Milano, Italy ** 100% SCL (Benelux) B.V., Amsterdam, Netherlands 100% OOO Kapita, St. Petersburg, Russia 100% Containerships (Ireland) Ltd, Dublin, Ireland ** 100% ZAO Container Transport Systems, St. Pete, Russia ** 100% Shares in associated companies Acquisition cost ,817,939 22,817,940 Additions ( ) 2,535,446 0 Acquisition cost ,353,385 22,817,939 Book value ,353,385 22,817,939 Asssociated companies Ownership (%) CD Holding Oy, Helsinki (Container-Depot Ltd Oy) 25% Multi-Link Terminals Ltd, Ireland 25% Fantuzzi Noel Baltic Oy, Helsinki 45% MLT Containerships Logistics Ltd, Cyprus 25% Ghent Container Terminal, Belgium 50% Fourgifters Oy, Loviisa 45% Other shares and shareholdings Acquisition cost 1.1 4,207,041 4,044,740 Additions ( ) 0 162,300 Disposals and deductions ( ) -132,212 0 Acquisition cost ,074,829 4,207,041 Book value ,074,829 4,207,041 Total other shares and shareholdings 29,428,213 27,024,979 Other shares and shareholdings (%) kpl Oy R.Nordström & Co Ab, Loviisa 15.3% 7419 Ainovaaran Jäähalli, Ylitornio 50 As. Oy Moika 11, apt. 47, St. Petersburg, Russia 1 As. Oy Moika 11, apt. 43 and 62, St. Petersburg, Russia 2 Porvoon energia Oy, Finland 2 West Palm Beach, USA share Kirill Solin, St. Petersburg share Kymenlaakson sähkö, aff.contract, Pernaja 1 Kymenlaakson sähkö, aff.contract, Loviisa 1 Tornionlaakson sähkö, aff.contract, Ylitornio 1 Loviisan Merenkulkuhistorian säätiö, Loviisa 1 R.y. Östersternan, Loviisa 124 Telephone company shares, Finland 8 As. Oy Mankkaankallio Kouvola Innorail Oy, Kouvola 8 Forevia Oy 50% Candarine Oy, Finland 13% 3930 Listed shares, Finland 74 Total investments 59,378,730 57,523,975