Helsinki, Finland, 2014-10-28 13:45 CET (GLOBE NEWSWIRE) -- Finnlines Plc Stock Exchange Release 28 October 2014 at 14:45
FINNLINES HAS DISPOSED OF MS FINNHANSA AND MS FINNARROW
Finnlines Plc has sold MS Finnhansa to the Grimaldi Group at a market price of EUR 30 million and Finnlines Plc’s subsidiary has signed the sales agreement of MS Euroferry Brindisi (MS Finnarrow) with an external party at a market price of EUR 32.5 million. These actions, when concluded, will lead in Finnlines Group to a cumulative additional cash-flow of EUR 62.5 million, gains on sales of approximately EUR 3.5 million and an equity ratio improvement to around 40 per cent in the fourth quarter.
The reason for the disposal of these two vessels was that the operative use of both MS Finnhansa and MS Finnarrow has been unprofitable due to the existing overcapacity in the market.
These sales do not affect the provision of maritime liner services or the service level offered to the customers.
Finnlines Plc
Tom Pippingsköld Tapani Voionmaa
CFO Group General Counsel
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About Finnlines
Finnlines is a leading shipping operator of ro-ro and passenger services in the Baltic Sea and the North Sea. The Company is listed on the NASDAQ OMX Helsinki Ltd and 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.
www.finnlines.com