Finnlines sees increased revenues

2022-03-13T11:23:49+00:00 March 13th, 2022|Finance|

Finnlines has reported a revenue increase and a result improvement for 2021.

Emanuele Grimaldi, President and CEO, said in the review: “The Finnlines Group recorded revenue totalling €579.9 mill (€484 mill in 2020) in the reporting period, an increase of 20% compared to the same period in the previous year.

“Shipping and Sea Transport Services generated revenue amounting to €555.3 mill (€461.8 mill in 2020), of which passenger related revenue was €47.8 mill (€39 mill in 2020).

“The revenue of Port Operations was €47 mill (€42.8 mill). Cargo volumes are clearly above the 2020 level, and the number of passengers also increased, compared to 2020. Revenue of Port Operations also increased, due to the growth of cargo.

“Cash flow was good and result before interest, taxes, depreciation and amortisation (EBITDA) was €160.3 mill (€140.8 mill), an increase of 14%. The result for the reporting period was €74.7 mill (€69.7 mill for 2020).

“We are proud to announce that 2021 was a good year for Finnlines. We served European industries, transported goods and passengers without any public COVID-related subsidies. Positive cargo development continued during the fourth quarter when cargo volumes increased nearly on all routes.

“The automotive industry suffered to some extent from shortage of the global semi-conductor components. When travel restrictions were gradually eased, recreational travel recovered although passenger numbers remained far below the normal level.

“Finnlines continues its €0.5 bill Green Investment Programme in order to reduce its greenhouse gas emissions in its fleet according to targets and beyond set by IMO and EU. The EU Commission has also proposed to include maritime transport in the emissions trading system and EU will set a maximum limit on the greenhouse gas content of energy used by ships.

“In addition the EU Taxonomy Regulation is under preparation to classify all investments based on how ‘green’ they are and also setting indicators for each industrial sector to introduce a defined criteria. The International Chamber of Shipping has put forward carbon tax system in autumn 2021 to support zero-emission development in the shipping sector.

“The construction of three hybrid ro-ro vessels and two eco-efficient ropax vessels has progressed well. A series of the new ‘Eco-ships’, many of which already operate in the parent company’s, Grimaldi Group’s traffic, have proved to be excellent carriers with more capacity for cargo but lower energy consumption than vessels of the previous generation.

“The vessels are all hybrid and state-of-the-art vessels from the environmental point of view. Moreover, with past investments made in the fleet, as well as all the actions in improving efficiency, productivity and financial performance, we can state, that Finnlines is a future-ready company with its diversified fleet to serve its customers and well-placed to compete with its green strategy,” he concluded.