Finnlines Plc’s German subsidiary, Finnlines Deutschland GmbH, has sold MS Transrussia to Finnlines Plc at the market price of EUR 30.6 million which corresponds to the book value of the vessel.
The sale will have no effect on the Finnlines Group’s result. Through the sale of the last vessel Finnlines Deutschland GmbH will close its shipowning activities and concentrate on the provision of the agency services to the Finnlines Group companies and Russia liner services with the chartered tonnage.
Finnlines Plc will recognise in its financial statements for the year 2013 a write-off of EUR 16 million on the book value of the shares of its German subsidiary, Finnlines Deutschland GmbH.
The write-off have no effect on Finnlines Group’s result for the year 2013, but it has a negative effect of EUR 16 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, January 31, 2014