Grimaldi Group Completes Takeover of Finnlines
30th August 2016
The Grimaldi Group has now completed its takeover of Finnlines Plc and therefore controls 100% of the company.
As a result, Nasdaq Helsinki Ltd has delisted Finnlines shares from the official list
of Nasdaq Helsinki.
The top management of the Grimaldi Group has decided to increase its controlling share in the
Finnish daughter company, completing an acquisition process which started back in 2005, after
careful evaluation of several investment options.
While the economic crisis strongly affected the maritime industry since 2008, during the last decade
Finnlines, thanks to the dedication of its top management and the assistance of its mother
company, managed to strengthen its operational and economic performances by rationalising
rotations, selling non-core assets, redelivering chartered tonnage, chartering out or selling
redundant vessels, increasing productivity and reducing fuel consumption. Beside nearly 1 bln
investment in newbuilt cutting-edge green fleet units, the company invested in last two years 100
million in environmental technology improvements to its fleet, like scrubbers, propulsion systems
and reblading, and in silicon paint hull projects for better fuel economy. As a result, Finnlines now
has the youngest and most modern and efficient fleet in the Baltic Sea.
On the financial field, Finnlines broke records quarter after quarter during the 2015 financial year,
and for the first semester of 2016 it registered an EBITDA of 64.7 million (+ 25.6 %) and a result
of 30.5 million (+ 85.9 %). These figures are a strong indication that the company has proactively
taken the right measures to consolidate its market position.