• Spring 2008, Finnlines bought MS Finnmill and MS Finnpulp and two other vessels, MS Finnkraft and MS Finnhawk, which all were under time-charter in Finnlines traffic, at the total amount of EUR 121 million. This deal settled the litigation process relating to the purchase options of Finnpulp and Finnmill. The main dispute concerned the validity and terms of the purchase options of the vessels.

• The Annual General Meeting held on 15 April 2008 decided that the company’s Board of Directors has seven members. Mr. Emanuele Grimaldi, Mr. Gianluca Grimaldi, Mr. Diego Pacella, Mr. Heikki Laine, Mr. Antti Pankakoski, Mr. Olav K. Rakkenes and Mr. Jon-Aksel Torgersen were re-elected. Finnlines’ Board of Directors elected Mr. Jon-Aksel Torgersen as Chairman and Mr. Diego Pacella as Vice Chairman of the Board. The firm of authorised public accountants Deloitte & Touche Oy was appointed as the company’s auditors, with Mikael Leskinen, APA, as the principally responsible auditor. The minority shareholders used their rights to require the postponement of the handling of the closing of the books and the discharge of the Board to a continued meeting. The Continued Annual General Meeting, held on 20 May 2008, approved the financial statements and discharged the company’s officers from liability for the financial year 2007. Ilmarinen Mutual Pension Insurance Company informed that it will apply for a special audit in the company. The Meeting decided that the minimum dividend required by the minority will be paid. The total amount of dividends paid was EUR 180,216.40 ie. EUR 0.00443 per share.

• In June, Finnlines Plc received a request for a statement of reply from the County Administrative Board of Southern Finland to the application made by Mutual Pension Insurance Company Ilmarinen on executing a special audit of accounts. Ilmarinen demanded for execution of a special audit in Finnlines Plc’s administration and accounting from 1 January to 31 December 2007.

• Ilmarinen initiated action against Finnlines Plc in the City Court of Helsinki. Ilmarinen objects to the decision of Finnlines’ Annual General Meeting held on 20 May 2008 to distribute EUR 180,216.40 as a minimum dividend. Ilmarinen demands primarily that the minimum dividend is to be altered to EUR 17,181,000. Secondly Ilmarinen demands that the resolution taken by the AGM on 20 May 2008 is to be declared null and void. Additionally, Ilmarinen demands that Finnlines pays its legal expenses. Mr. Tomas Lindholm, attorney at law from Roschier Attorneys Ltd., acts as legal adviser to Finnlines.

• Cargo port operations in Helsinki were concentrated to the new Vuo-saari Harbour in the end of November. The Group invested on the project nearly EUR 100 million.

Finnlines (IFRS) 2008 2007
Revenue, EUR million 735.7 685.5
Earnings before depreciation and amortisation (EBITDA), EUR million 98.1 121.9
Operating profit (EBIT), EUR million 35.4 68.8
Profit before extraordinary items, EUR million 1.0 34.4
Earnings per share, EUR 0.01 0.83
Dividend share, EUR 0.00 * 0.00
Equity ratio at close of period, % 28.5 31.1
Gearing at close of period, % 205.5 167.4
* Board’s proposal