Table of contents Managing Director s Review...3 Business idea, vision, values...4 The most remarkable events of 2016...5 Passenger volume at regular level...6 Positive trend continued in cargo transports...7 Long-term leasing agreements on warehouses...8 Development of operations continued in the Port organisation...9 Co-operation for improved port safety...10 Environmental protection belongs to the quality of operations...11 Environmental statement 2016...12 Key figures and graphs...14 15 Port of Turku s financial statements were positive...16 Profits and loss account...17 Balance sheet...18 19 Statement of source and application of funds (indirect)...20
Managing Director s Review Port of Turku Ltd is a limited liability company wholly-owned by the City of Turku whose line of business is maintenance of the port, port operations, safety and development, and other business operations related thereto. Operating year 2016 was still a challenging one for Finland s economy. Nevertheless, the turnover and operating profit of the port enterprise increased on the previous year. Turnover amounted to 22 million euros, up by 7.4 per cent. Operating profit stood at 5.2 million euros, and the result of the financial year was 1.6 million euros. The positive development was particularly supported by the growth of cargo transports as well as the rationalisation of Port of Turku Ltd s own operations and partly the sale of the dredging equipment. The growth of around 5 per cent in cargo transports mainly accumulated from the increased German traffic, as Finnlines raised the number of its regular vessel calls to four per week. In addition to unit cargo, the Port strengthened its position as the port for demanding project shipments of the Finnish industry. The passenger volume through the Port of Turku reached the satisfactory level of the previous years. In 2016, some 3.3 million passengers travelled via the Port. Viking Line Oyj announced in late 2016 that it has signed a letter of intent on ordering a new vessel. The vessel to replace m/s Amorella will be bigger and have higher capacity than m/s Viking Grace and is due for completion in spring 2020. In 2016, traffic planning in Kanavaniemi was initiated to make car traffic smoother and improve the service level in the passenger harbour. The project is linked to the EU-supported NextGen project which will update the existing sea connection between the ports of Turku, Mariehamn and Stockholm. Aimed at improving the sustainability and environmental soundness of maritime traffic, the project is co-ordinated by Port of Turku Ltd. The other partners are the aforementioned ports and Viking Line. In 2017, we expect Port of Turku Ltd s turnover to continue to grow. The cargo transport volume will be further increased by the growth of liner traffic to Germany and other destinations, and the recovery of domestic demand will increase the cargo volume on our Scandinavian routes. Passenger volumes are expected to stay at their current level next year, until Viking Line s new ship will give a significant boost to our Swedish route in 2018. Christian Ramberg, Managing Director 3
Business idea, vision, values BUSINESS IDEA The Port of Turku acts as a flexible centre of maritime traffic and promotes the competitiveness of the business world. We create the best prerequisites for passenger traffic and cargo transports. The company operates in the maintenance of the port, running and developing port operations, and other business related thereto. Port of Turku Ltd is a limited liability company whollyowned by the City of Turku. VISION The operations of the Port of Turku focus on functions that support passenger traffic and the transports of processed products. In these areas the Port of Turku is the best alternative in the economic region. VALUES The operations of the Port of Turku are based on reliability, customer-orientation, expertise, renewal, responsibility, and profitability. KEY FIGURES 2012 2013 2014 2015 2016 Turnover, MEUR 22.0 21.5 21.5 20.5 22.0 Change % -3.3-2.5 0.2-4.6 7.4 Business surplus, MEUR 4.4 2.5 2.8 3.4 5.2 of turnover % 19.8 11.8 12.9 16.6 23.8 Result, MEUR -2.1 1.1 1.5 2.1 1.6 Investments 7.8 1.7 1.1 4.0 2.8 Equity ratio % 97.3 30.1 30.2 32.0 30.7 No. of personnel, on average 91 91 89 83 76 KEY INDICATORS 2016 2015 MUUTOS % No. of personnel 31.12. 77 77 0.0 Of which permanent employees 75 76-1.3 Administration 25 26-3.8 Vessel traffic services 13 11 18.2 Operational services 12 12 0.0 Technical services 27 28-3.6 Turnover / person 286,151 266,431 7.4 4
Finnlines increased both the capacity and departures on the Turku Germany route. M/s Gabriella replaced m/s Amorella and m/s Viking Grace during their docking from 19 January 10 February. Continuous noise measurement was tested in Pansio on 1 February. Port joined LinkedIn on 2 February. Port joined Twitter on 9 February. New environmental permit was granted to the Pansio Harbour on 4 April. NaviGate fair, Turku, 18 19 May. Cruise liner m/s Deutschland, 8 June. Cruise liner m/s Albatros, 15 June. Cruise liner m/s World, 17 June. M/s Gamle Oksøy visited Turku on 28 June. JANUARY FEBRUARY MARCH APRIL MAY JUNE The most remarkable events of 2016 JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER Cruise liner m/s Artania, 1 July. Swan Regatta in Turku from 27 31 July. Harbour icebreaker s/s Turso visited Turku on 6 August. Power Truck Show, Alahärmä, 12 13 August. Cruise liner National Geographic Orion, 13 August. Cruise liner National Geographic Orion, 27 August. Port of Turku shipping days, 1 September. Open Port event, 18 September. Road fuel gas filling station in Turku was opened on 26 October. Renovation of shelter no. 180 commenced on 1 November. Permission for construction of noise barrier was approved on 3 November. Viking Line announced having signed a letter of intent on a new ship for the Turku Stockholm route on 23 November. The logistics prizes of the Turku Chamber of Commerce were distributed at the Port of Turku s calendar party on 24 November. Port Calendar 2017 was published. Jaakko Nirhamo, M.Sc. (Tech.), was appointed Sales Director of the Port of Turku. Major incident exercise in the Port of Turku on 7 December. Viking Strandfelt was elected the Port Hampuusi of 2016 on 13 December.
Passenger volume at regular level The Port of Turku is the leading Finnish port for passenger traffic between Finland and Sweden. There are four daily departures from Turku via Åland islands to Stockholm, two in the morning and two in the evening. Known for its great vistas, the archipelago route is operated by two shipping companies, Tallink Silja Oy and Viking Line Abp. In addition to regular liner traffic, passengers are brought to the Port of Turku by the cruise liner companies operating in the Baltic Sea. ROUTE TO SWEDEN IS STILL POPULAR AMONG TRAVEL- LERS The passenger volume through the Port of Turku reached the satisfactory level of the previous years. In 2016, some 3.3 million passengers travelled via the Port of Turku, which indicates that the route between Turku and Stockholm is still an attractive alterna-tive to the other tourist routes between Finland and the neighbouring countries. The short and fast sea voyage enables a diverse offering of cruise products both for leisure and conference travel. SHIPPING COMPANIES RENEWED THE VESSELS ON THE ROUTE The popularity of the Port of Turku s passenger traffic is also maintained by the willingness of the shipping companies to renew their vessels and services with a keen ear to the customers wishes. Tallink Silja Oy updated m/s Galaxy s restaurants in spring 2016 and the project continues on m/s Baltic Princess during spring 2017. Of Viking Line s vessels, the biggest changes took place on m/s Viking Amorella where the restaurants were refurnished and part of the cabins were fitted with double beds. On m/s Viking Grace the popular spa department was expanded. A NEW VESSEL ARRIVING IN 202 Viking Line Abp announced in late 2016 that it has signed a letter of intent on ordering a new vessel. Planned for the Turku Stockholm route, the new ship will be 218 metres long and have room for 2,800 passengers. Due for completion in spring 2020, the vessel will allow for the development of the passenger traffic in the Port of Turku and considerably increase the cargo capacity and enhance the environmentally sound operations. CRUISE TRAFFIC FOCUSED ON THE SUMMER MONTHS The Port of Turku s cruise season started on 10 June and ended on 4 September. There were a total of eight cruise liner calls during the summer, the same number as in 2015. They brought some 4,400 cruise passengers to Turku. Viking Line Abp announced in late 2016 that it has signed a letter of intent on ordering a new vessel. 6
Positive trend continued in cargo transports The Port of Turku offers a fast and cost-efficient route for import and export shipments of trade and industry. High-frequency liner traffic to Scandinavia and Germany and the connections to ocean lines add flexibility to transport schedules and strengthen the delivery performance of companies. The Port s good inland connections provide added value especially for domestic distribution and other operators in the transport chain for whom time matters. THE BIGGEST GROWTH IN LINER TRAFFIC TO GERMANY Cargo transports via the Port of Turku developed positively in 2016. Due to increase in exports, the total cargo volume grew by around 5 per cent. Unit cargo transports rose by nearly 9 per cent, most of which came from the increased German traffic. The growth was accelerated by the increase of Finnlines vessel calls to four per week and significant growth of the cargo capacity. INVESTMENT IN PROJECT SHIPMENTS PAID OFF In addition to unit cargo, the share of project shipments that require careful load handling has increased in the Port of Turku s cargo transports. Most of those are export shipments of the heavy industry to Europe as well as Asian and American markets. Items exported via Turku include e.g. mining equipment, processed steel products, and forest industry products. INVOLVED IN THE SUCCESS OF MARITIME INDUSTRY The success of the Turku region maritime cluster is also visible in the operations of the Port of Turku. The Meyer Turku shipyard and its subcontractors use the Port s services as part of their materials management. More than one thousand cabin modules ready for installation in vessels are in intermediate storage in the Port area. Furthermore, some of the shipyard s subcontractors use the services of the logistics companies operating in the Port, especially Turku Free Zone Company. NEW VESSELS SUPPORT THE DEVELOPMENT OF TRAFFIC The diverse stock of vessels of the shipping companies operating in Turku offers plenty of capacity for the needs of both project shipments and unit cargo. During 2017, e.g. Baltic Line and Mann Lines will renew their stock of vessels. The first new ship is Baltic Line s m/v Baltic Madonna. The new vessel sails from Turku to Norway in alternating weeks with m/v Mini Star which is also being replaced by a new vessel during the spring. Furthermore, Mann Lines will introduce a new ship on its route from Turku via Bremerhaven to Harwich in the summer. Due to increase in exports, the total cargo volume grew by around 5 per cent. Unit cargo transports rose by nearly 9 per cent. 7
Long-term leasing agreements on warehouses The Port of Turku s business operations also include the leasing of land areas and buildings held by the company. In 2016, the leasing agreements of the Port s own warehouses were renewed with durations set for periods of 2 10 years. The longest leasing agreement was made on warehouse shelter 180 which was renovated during the year as a raw materials warehouse as per modern requirements. Thanks to the new agreements, the Port s own warehouse capacity is fully booked to the year 2018. If required, however, the Port s storage capacity can be quickly increased. The development of the Port s cargo transports also has a positive effect on the high utilisation rate of the private warehouses and terminals in the area. In addition, a large amount of new warehouse space is being built in the immediate vicinity of the Port. The new unheated Best hall of Turku Free Zone Company was introduced at the end of January 2017, and the construction work of another hall with geothermal heating will be completed in late summer. BIG PROJECTS PROCEEDED AS PLANNED The Port of Turku participates in the EU-supported ScanMed project which helps to prepare for the tightening of the environmental regulations in seafaring, especially regarding waste water reception. New vessels must drain their waste water on land by 2019 at the latest, and from 2021 on the rule will concern all passenger vessels sailing in the Baltic Sea. A joint project of several ports promotes the use of LNG in maritime traffic and offering on-shore electricity to vessels. One of the partners is Viking Line which signed a letter of intent on ordering a new vessel in late 2016. The intention is to create a new kind of a ro-ro passenger vessel concept that responds to the needs of both cargo and passenger traffic, taking into account the sensitive environment of the Baltic Sea. The biggest development project for cargo transports concerned the Port s crane services. The Port s container and multi-function cranes went through comprehensive basic repairs, including modernisation of the crane logic to meet the current requirements. The crane project will be completed in summer 2017. The Port of Turku surveyed together with Neste Jacobs the user potential of LNG in the Turku region. In the survey the readiness of local shipping companies, industrial players and thermal energy plants for the use of LNG was mapped broadly. The results of the survey speak for building a small-scale LNG terminal in the Port of Turku. The utilization rate of the Port s storage space is high. If required, however, the Port s storage capacity can be quickly increased. 8
Development of operations continued in the Port organisation The Port of Turku continued the operations development process initiated in 2015 for enhancing the customer service and practical activities of the port enterprise. The work tasks were specified and team work was renewed e.g. by increasing the co-operation of Port Control, crane operators and technical maintenance services. The channels between the personnel and management are the Port s co-operation team and the occupational safety committee, which participated actively in the development of the personnel issues. The evaluation of the training needs of the personnel proceeded as planned, with the aim to strengthen the know-how of the whole personnel, also with a view to the future needs. During the year under review, the starting of voluntary, regular age-based check-ups was prepared as part of maintenance of well-being at work and support for coping at work. The check-ups intended for those over 45 are planned to be organised every three years. The customer satisfaction survey carried out in 2016 indicates that the personnel have committed themselves to the Port s strategic goals. In a survey completed in the autumn the Port of Turku received the best ratings e.g. for willingness to serve and contacts with customers, which is why the Port of Turku is appreciated as an easy and reliable partner. At the end of 2016, the Port of Turku had 77 employees, which was 3 persons less compared with the previous year. At the end of 2016, Board members elected by the Annual General Meeting of Port of Turku Ltd were Arja Iho, Satu-Maarit Hilden, Turja Lehtonen, Maria Puhakka and Jarmo Tamminen. The Chair of the Board was Marjukka Karttunen. The Vice Chairman was Petja Raaska who was appointed to replace Jukka Mikkola who resigned. The Board convened 12 times in 2016. 9
Co-operation for improved port safety The goal of the Port of Turku s safety measures is to guarantee the safety of people, vessels and property in the port and on fairways. The port area is equipped with 24-hour video surveillance and an access control system in accordance with the ISPS regulations. The safety of maritime traffic on port fairways is secured by the VTS radar system that covers the commercial fairways. Safety work in the Port means above all anticipation and prevention of dangerous situations together with different authorities and other players in the port. THE HAZARD PROJECT TIES THE BALTIC SEA PORTS TO- GETHER The Port of Turku participates in the EU-supported HAZARD project that focuses on the prevention and management of accidents. The three-year project started in March 2016 and aims at improving port safety in the Baltic Sea region ports. Headed up by the Turku School of Economics, the project involves ports, emergency departments, logistics players and academic partners from seven Baltic Sea region countries. Partners from Southwest Finland in addition to the Turku School of Economics are the Ports of Turku and Naantali, Southwest Finland Emergency Services, and Neste Corporation Logistics. CO-OPERATION BETWEEN THE AUTHORITIES IMPROVED IN AN EXERCISE One of the goals of the HAZARD project is to standardise the safety practices and facilitate working with the continuously changing and amended safety regulations and requirements. These goals are aimed at e.g. through joint exercises of the port operators and emergency authorities. Co-operation between different organisations is challenging and hence practising is necessary. To enhance the co-operation, Southwest Finland Emergency Services arranged a major emergency exercise in the Port of Turku on 7 December 2016. The purpose was to simulate an ammonia leak in the West Harbour, the resulting odour of which caused a panic in the passenger terminal. In addition to actual rescue operations, the exercise involved efficient communication between the contributing organisations, which is a requirement for functioning co-operation and managing a major emergency situation. During the project, 12 15 similar major emergency exercises will be arranged in Turku, Naantali, Klaipeda and Hamburg. The emergency services and ports or port operators of those cities will participate in the project. The three-year project started in March 2016 and aims at improving port safety in the Baltic Sea region ports. 10
Environmental protection belongs to the quality of operations The Port of Turku s environmental work focuses on water protection in the Baltic Sea, reduction of emissions into air and improvement of energy-efficiency. The individual measures for improving environmental issues and minimising the environmental impacts are determined in the Port s environmental programme. In addition, the Port draws up annually an environmental report which collects the measures and follow-up implemented during the year. QUALITY AND ENVIRONMENTAL SYSTEMS WERE SUCCESS- FULLY UPDATED The development of the Port of Turku s environmental and safety issues is based on an operations system certified by DNV GL. In 2016, reassessment and certification of the systems in accordance with the ISO 14001 and ISO 9001 standards were performed. As a result, the Port s quality and environmental management systems have now been updated to match the newest standards. ADDITIONAL CAPACITY FOR WASTE WATER RECEPTION The Port of Turku has had fixed waste water reception points for passenger vessels since the 1980s. As part of the EU-funded ScanMed environmental project, three new reception points were built in 2016 on the berths used by cargo traffic and cruise liners in the West Harbour and the Linnanaukko area. Enhancing waste water collection is part of the ScanMed project which aims at improving the state of the Baltic Sea. ENERGY SAVINGS FROM ENHANCED LIGHTING Reducing the energy consumption in port operations and buildings is part of the Port of Turku s environmental work. In 2016, energy efficiency was improved e.g. by using LED technology in the lighting of the port area and upgrading the lighting control. Despite the increased lighting power the energy consumption of lighting has been halved. Port charges guide to cleaner seafaring The Port of Turku is one of the few Finnish ports that apply environmental port charges. Discounted port charges encourage the shipping companies to introduce technology for reducing nitrogen oxide emissions. In 2016, the Port granted environmental discounts of around 450,000 euros. 11
Environmental statement 2016 2016 2016 2016 Revenue, Eur Cost, Eur Investments, Eur 1. Air and climate protection 7,641 0 2. Water protection and waste water processing 57,327 281,953 3. Waste management and littering 38,579 76,151 0 4. Soil and ground water protection 5. Noise and vibration abatement 41,944 22,152 6. Nature and landscape protection 7. Official duties of environmental protection 8. Promotion of environmental protection 9,349 131,972 268,473 TOTAL 47,928 315,035 572,578 9. Environment-based taxes and fiscal charges Waste tax 514 Fuel tax 16,030 Electricity tax 52,405 ENVIRONMENTAL OPERATING COSTS TOTAL 68,949 Environmental protection devices (investments) depreciation Protection of fairway ramps against erosion 3,435 Filling embankments 46,515 Renovation of the premises 10,518 Environmental construction, Pansio 2,811 Embankment basin, stabilisation, Pansio 138,873 Environmental construction, West Harbour 7,959 Depreciation other investmenst 68,986 DEPRECIATION TOTAL 279,097 TOTAL 47,928 663,081 572,578 12
Key figures and graphs Financial statement 13
Graphs 2,8 Goods traffic, mill. tonnes 2,6 2,4 2,2 2012 2013 2015 2015 2016 Goods traffic, 2,5 mill. tonnes 15 % 20 % 65 % Car Autolautta ferry Ro-Ro Others Muut 140000 No. of trucks, pcs 120000 100000 80000 60000 40000 20000 0 2012 2013 2014 2015 2016 5 Passenger traffic, mill. people 4 3 2 1 14 0 2012 2013 2014 2015 2016
2500 No. of vessel calls, pcs 2000 1500 1000 500 0 2012 2013 2014 2015 2016 24000 21000 18000 15000 12000 9000 6000 3000 0 Average vessel net tonnage, NT 2012 2013 2014 2015 2016 140 No. of personnel of Port of Turku 120 100 80 60 40 20 0 2012 2013 2014 2015 2016 300 000 250 000 200 000 150 000 100 000 Turnover/person 50 000 0 2012 2013 2014 2015 2016 15
Port of Turku s financial statements were positive Year 2016 was financially positive for Port of Turku Ltd. The company s turnover increased by 7.4 per cent to stand at 22.0 million euros (2015: MEUR 20.5). Thanks to the positive development of turnover, operating profit grew by 53.9 per cent to 5.2 million euros (2015: MEUR 3.4) despite the challenging market conditions. The company s investments in the financial year amounted to 2.8 million euros, the most significant of which were the building of on-shore electricity supply and reception of wastewater from cruise liners. POSITIVE TONE WAS ALSO VISIBLE IN TRAFFIC VOLUME Deviating from the industry trend, total traffic through the Port of Turku increased by 4.9 per cent to 2.5 million tonnes. Exports accounted for 1.1 million tonnes and imports for 1.4 million tonnes. The growth was positively affected e.g. by the development of Finnlines traffic on the Turku Travemünde route. A total of 3.3 million passengers (-0.5%) travelled through the Port, and the number of vessel calls was 2,006 (+6.25%). The company employed on average 76 (77) persons during the financial year. Turnover and business surplus (eur, million) 25 20 15 10 5 0 2012 2013 2014 2015 2016 Liikevaihto Turnover Liikevoitto Business surplus Investments (eur, million) 8 7 6 5 4 3 2 1 0 2012 2013 2014 2015 2016 16
Profits and loss account 1.1. 31.12.2016 1.1. 31.12.2015 TURNOVER 22,033,657.37 20,515,159.44 Production for own use 156,462.23 32,234.04 Other operating income 978,046.85 820,767.84 Materials and services Materials, equipments and goods Purchases during the financial period -260,726.20-487,384.12 External services -2,185,741.05-3,437,653.58 Materials and services total -2,446,467.25-3,925,037.70 Personnel costs Salaries and remunerations -3,535,968.84-3,589,323.15 Indirect employee costs Pension expenses -920,011.24-931,198.52 Other indirect employee costs -193,712.75-147,519.90 Personnel costs total -4,649,692.83-4,668,041.57 Depreciation and write-downs Other operating expenses -6,009,493.39-5,777,721.14 Depreciation and write-downs total -6,009,493.39-5,777,721.14 Other operation expenses -4,813,594.37-3,586,340.88 OPERATION PROFIT (LOSS) 5,248,918.61 3,411,020.03 Financing income and expenses Other interest and financial income From companies in the same group 0.00 0.00 From others 10,933.92 3,869.23 Interest costs and other financial expenses To companies in the same group -3,627,787.33-1,264,538.82 To others -5,172.48-5,577.38 Financial income and costs total -3,622,025.89-1,266,246.97 OPERATING PROFIT (LOSS) BEFORE EXTRAORDINARY ITEMS 1,626,892.72 2,144,773.06 OPERATING PROFIT (LOSS) BEFORE APPROPRIATIONS AND TAXES 1,626,892.72 2,144,773.06 Appropriations Increase (-) or decrease (+) in depreciation difference 0.00 0.00 Appropriations total 0.00 0.00 Income taxes Income taxes 0.00 0.00 Income taxes total 0.00 0.00 PROFIT FOR THE FINANCIAL PERIOD 1,626,892.72 2,144,773.06 17
Balance sheet ASSETS 31.12.2016 31.12.2015 FIXED ASSETS Intangible assets Goodwill 18,946,641.81 22,104,415.44 Intangible assets total 18,946,641.81 22,104,415.44 Tangible assets Buildings and structures 13,745,398.79 13,509,307.99 Fixed structures and fixtures 36,899,536.95 36,398,519.59 Machines and equipment 1,684,739.68 2,095,676.31 Advance payments and unfinished purchases 1,173,499.39 28,069.70 Tangible assets total 53,503,174.81 52,031,573.59 Investments Receivables from companies in the same group 121,880.00 121,880.00 Shares in associated companies 609,792.00 600,000.00 Investments total 731,672.00 721,880.00 FIXED ASSETS TOTAL 73,181,488.62 74,857,869.03 CURRENT ASSETS Short-term receivables Sales receivables Sales receivables from companies in the same group 63,564.35 165,902.07 Sales receivables from elsewhere 1,606,824.28 1,462,314.17 Other receivables Other receivables from companies in the same group 13,262,333.60 8,244,726.26 Other receivables from elsewhere 460,691.87 909,114.55 Adjusting entries for assets Adjusting entries for assets from companies in the same group 28,330.00 Adjusting entries for assets from elsewhere 221,468.84 1,939,163.71 Short-term receivables total 15,614,882.94 12,749,550.76 Cash in hand and at banks 749.15 5,475.20 CURRENT ASSETS TOTAL 15,615,632.09 12,755,025.96 ASSETS TOTAL 88,797,120.71 87,612,894.99 18
Balance sheet SHAREHOLDERS EQUITY AND LIABILITIES 31.12.2016 31.12.2015 SHAREHOLDERS EQUITY Share capital 100,000.00 100,000.00 Chargeable equity issue Other reserves Invested unrestricted equity fund 23,241,479.82 23,241,479.82 Profit (loss) from previous financial periods 2,301,462.46 2,556,689.40 Profit (loss) for the financial period 1,626,892.72 2,144,773.06 SHAREHOLDERS EQUITY TOTAL 27,269,835.00 28,042,942.28 ACCRUED APPROPRIATIONS Depreciation difference 0.00 0.00 LIABILITIES Long-term liabilities Liabilities to companies in the same group 54,800,000.00 55,800,000.00 Other long-term liabilities 23,638.,84 9,571.57 Non-current liabilities total 54,823,638.84 55,809,571.57 Short-term liabilities Accounts payable To companies in the same group 586,341.90 214,781.94 To others 861,803.29 844,184.31 Other liabilities To companies in the same group 1,000,000.00 1,000,000.00 To others 416,878.48 246,994.44 Adjusting entries for liabilities To companies in the same group 2,645,574.21 245,859.87 To others 1,193,048.99 1,208,560.58 Short-term liabilities. total 6,703,646.87 3,760,381.14 LIABILITIES TOTAL 61,527,285.71 59,569,952.71 SHAREHOLDERS EQUITY AND LIABILITIES TOTAL 88,797,120.71 87,612,894.99 19
Statement of source and application of funds (indirect) 1.1. 31.12.2016 1.1. 31.12.2015 Profit/loss before extraordinary items (+/-) 1,626,892.72 2,144,773.06 Adjustments of operating profit 8,929,947.00 7,043,968.11 Depreciation according to plan 6,009,493.39 5,777,721.14 Financial income and expenses 3,622,025.89 1,266,246.97 Other adjustments -701,572.28 0.00 Cash flow before change in working capital 10,556,839.72 9,188,741.17 Change in working capital 92,000.82-2,766,617.55 Addition/reduction of short-term interest-free receivables -2,865,332.18-3,499,595.23 Addition/reduction of short-term interest-free liabilities 2,957,333.00 732,977.68 Cash flow from operations before financial items and taxes 10,648,840.54 6,422,123.62 Paid interest and charges from other financial costs of operations -3,632,959.81-1,270,116.20 Interest received from operations 10,933.92 3,869.23 Cash flow before extraordinary items 7,026,814.65 5,155,876.65 Cash flow from operations 7,026,814.65 5,155,876.65 Investments in tangible and intangible assets -4,554,098.70-4,032,132.60 Transfer of tangible and intangible assets 932,350.00 Investments in other investments (-) -9,792.00-121,880.00 Investment cash flow -3,631,540.70-4,154,012.60 Repayments of short-term loans (-) -1,000,000.00-1,000,000.00 Dividends paid and other profit distribution (-) -2,400,000.00 Financial cash flow -3,400,000.00-1,000,000.00 Change in financial assets, addition (+) / reduction (-) -4,726.05 1,864.05 Financial assets at the beginning of the financial year 5,475.20 3,611.15 Financial assets at the end of the financial year 749.15 5,475.20 20
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ANNUAL REPORT 2016 Juhana Herttuan puistokatu 21, FI-20100 TURKU turkuport@portofturku.fi Tel. +358 2 2674 111