Helsinki, Finland, 2015-01-26 14:40 CET (GLOBE NEWSWIRE) -- Finnlines Plc Stock Exchange Release 26 January 2015 at 15:40
THE RE-STRUCTURING OF FINNLINES DEUTSCHLAND GMBH HAS BEEN FINALISED. THE COMPANY CONCENTRATES SOLELY ON AGENCY ACTIVITIES IN THE FUTURE. FINNLINES PLC WRITES OFF EUR 33.5 MILLION ON THE BOOK VALUE OF FINNLINES DEUTSCHLAND GMBH’S SHARES.
Finnlines Deutschland GmbH concentrates solely on the provision of agency services to the Finnlines Group companies. Finnlines Plc will recognise in its financial statements for the year 2014 a write-off of EUR 33.5 million on the book value of the shares of its German subsidiary, Finnlines Deutschland GmbH.
The write-off has no effect on the Finnlines Group’s result for the year 2014, but it has a negative effect of EUR 33.5 million on Finnlines Plc’s result for the period. The write-off is treated as a non-recurring expense and it does not have a cash flow effect.
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