- Turnover €0m (574.8), a difference of €91m or -16%
- €91 million = reduction of €21m pax + €70m freight
- €70 million = €47m reduction of bunker surcharges asked from clients during pandemic
- EBITDA €8m (169.8) or a decrease of 17%.
Cost saving plan:
At the end of Q1 Finnlines reacted promptly to the first signs of the widespread economic fallout of the ongoing crisis and initiated a cost saving plan to mitigate the Covid-19 impact.
“As a result, we maintained a feasible profitability throughout the latter part of the year and the result for the reporting period was EUR 69.7 (98.3) million, which we are very proud of,” says Emanuele Grimaldi, President and CEO.
Five new vessels / First expected in November.
No financial aid: “Regardless of our pivotal supply role, green and sustainable leadership and despite Finnlines’ turnover and profitability have also declined due to economic slowdown, we were not made part of any of the EUR 70 million maritime public financial aid distributed to other shipping companies during the Covid-19 pandemic,” declares Mr Grimaldi.
“On the contrary, we found ourselves to compete in a very tough period, with a lot of sustainable investments ongoing, against competitors operating on the same routes, with same type of services, but without enjoying at all their subsidies. This of course cause to Finnlines harm and difficulties. Furthermore, this has proved to be inequal, distortive of market rules and against the EU market laws. We therefore still dare to suggest a more equal, horizontal, green and proportional distribution of public aids.”
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