2016-02-23 08:00:02 CET
2016-02-23 08:00:02 CET
REGULATED INFORMATION
Viking Line - Financial Statement Release
Viking Line Abp's year-end report January - December 2015
Mariehamn, 2016-02-23 08:00 CET (GLOBE NEWSWIRE) --
Viking Line Abp FINANCIAL STATEMENT RELEASE 23.2.2014,
9.00 AM
VIKING LINE ABP'S YEAR-END REPORT JANUARY - DECEMBER 2015.
Consolidated sales of the Viking Line Group during the report period, January 1
– December 31, 2015 rose to 530.5 million euros (EUR 527.4 M during January 1 –
December 31, 2014). Other operating revenue amounted to EUR 0.5 M (0.7).
Operating income totalled EUR 26.4 M (13.7). Net financial items totalled EUR
-3.2 M (2014: 18.6, of which -9.1 excluding shares in the Åland-based insurance
company Försäkringsaktiebolaget Alandia received and divested). Consolidated
income before taxes amounted to EUR 23.2 M (32.3, of which 4.6 excluding shares
in Försäkringsaktiebolaget Alandia received and divested). Income after taxes
totalled EUR 18.7 M (30.6).
The Board of Directors proposes to the annual shareholders' meeting that a
dividend of EUR 0.95 per share shall be paid.
SALES AND EARNINGS
FULL CALENDER YEAR
Consolidated sales of the Viking Line Group during the report period, January 1
– December 31, 2015 rose to 530.5 million euros (EUR 527.4 M during January 1 –
December 31, 2014). Other operating revenue amounted to EUR 0.5 M (0.7).
Operating income totalled EUR 26.4 M (13.7). Net financial items totalled EUR
-3.2 M (2014: 18.6, of which -9.1 excluding shares in the Åland-based insurance
company Försäkringsaktiebolaget Alandia received and divested). Consolidated
income before taxes amounted to EUR 23.2 M (32.3, of which 4.6 excluding shares
in Försäkringsaktiebolaget Alandia received and divested). Income after taxes
totalled EUR 18.7 M (30.6).
During the report period, passenger-related revenue decreased by 0.8 per cent
to EUR 480.0 M (483.8), while cargo revenue increased by 17.3 per cent to EUR
46.5 M (39.6). Net sales revenue decreased by 0.5 per cent to EUR 377.2 M
(379.3).
Consolidated operating income improved mainly due to lower operating expenses.
Operating expenses decreased by 3.2 per cent to EUR 323.7 M (334.4). The items
that decreased the most were bunker (vessel fuel) expenses and salary and other
employment benefit expenses. The decrease in bunker expenses is explained by
lower average bunker prices combined with the Group’s continued efforts to
optimize the bunker consumption of its vessels. Salary and other employment
benefit expenses decreased by EUR 2.7 M or 2.2 per cent.
The Group’s ongoing focus on expenses has resulted in reduced operating
expenses.
FOURTH QUARTER
Consolidated sales of the Viking Line Group during the fourth quarter, October
1 – December 31, 2015, increased by 0.9 per cent to EUR 127.4 M compared to the
corresponding quarter of 2014 (EUR 126.3 M during October 1 – December 31,
2014). Operating income during the quarter amounted to EUR 3.9 M (4.2).
Consolidated net financial items during the fourth quarter of 2015 were EUR
-0.4 M (24.9, of which EUR -2.8 M excluding shares in the Åland-based insurance
company Försäkringsaktiebolaget Alandia received and divested). Income before
taxes during the fourth quarter totalled EUR 3.5 M (29.1, of which EUR 1.4 M
excluding shares in the Åland-based insurance company Försäkringsaktiebolaget
Alandia received and divested).
During the fourth quarter, cargo revenue increased by 13.0 per cent to EUR 11.4
M (10.1), while passenger-related revenue decreased by 0.2 per cent to EUR
115.1 M (115.3).
SERVICES AND MARKET TRENDS
During 2015, the Viking Line Group provided passenger and cargo carrier
services using seven vessels on the northern Baltic Sea. The Group’s vessels
served the same routes as during 2014.
The number of passengers on Viking Line’s vessels during the financial year was
6,568,684 (6,610,146). Viking Line’s market share on the Turku
(Finland)–Mariehamn/Långnäs (Åland Islands, Finland)–Stockholm (Sweden) route
was at the level for the previous year, 56.3 per cent. Market share decreased
on the Helsinki (Finland)–Mariehamn–Stockholm route by 3.1 percentage points to
43.6 per cent. In cruise services between Stockholm and Mariehamn, market share
increased by 2.9 percentage points to 57.1 per cent. On the Helsinki–Tallinn
(Estonia) route, market share decreased by 1.1 percentage points to 23.8 per
cent. On the short route over the Sea of Åland between Mariehamn and Kapellskär
(Sweden), market share decreased by 1.8 percentage points to 41.8 per cent. The
Group had a total market share in its service area of 34.6 per cent (35.0).
Viking Line’s cargo volume rose by 3,908 cargo units to 133,163 (129,255).
Viking Line’s cargo market share was at the level for the previous year, 21.9
per cent (21.9).
INVESTMENTS AND FINANCING
The Group’s investments amounted to EUR 10.0 M (7.2).
On December 31, 2015 the Group’s non-current interest-bearing liabilities
amounted to EUR 174.0 M (197.5). The equity/assets ratio was 42.8 per cent,
compared to 40.0 per cent a year earlier.
At the end of December 2015, the Group’s cash and cash equivalents amounted to
EUR 110.7 M (101.1). Net cash flow from operating activities amounted to EUR
48.7 M (30.7).
RISK FACTORS
Fluctuations in bunker (vessel fuel) prices have a direct impact on the Group’s
earnings. In order to partly offset the risk of higher bunker prices, the Group
has entered into fixed-price agreements related to a portion of its estimated
bunker consumption during 2015 and 2016.
The Group is also exposed to various financial risks, among them fluctuations
in currency exchange rates. Revenue is generated in euros and Swedish kronor.
Most operational influx of cash and cash equivalents consists of euros. Prices
of goods for sale and bunker are affected by foreign currencies, especially the
US dollar. The Group endeavours to maintain good liquidity in order to be
prepared to deal with adverse changes in operational cash flow.
ONGOING LEGAL ACTIONS
On February 27, 2015, the Helsinki District Court announced its judgement in a
case between Viking Line and the Finnish State regarding fairway charges levied
during the years 2001–2004. According to the judgement, the Finnish State will
be required to pay approximately EUR 12.4 M in accordance with Viking Line's
claim as well as legal expenses plus interest. If the judgement becomes final,
it will affect Viking Line's financial statements positively with a
corresponding amount. The Finnish State has appealed the case. The appeal will
go before the Court of Appeals during the spring of 2016, but the assessment of
Viking Line’s Board of Directors is that a final legally binding decision is
unlikely during 2016.
ORGANIZATION AND PERSONNEL
The average number of Group employees was 2,735 (2,797), of whom 2,040 (2,068)
worked for the parent company. Shipboard personnel totalled 2,066 (2,133) and
land-based personnel totalled 669 (664).
In addition to the Group’s own employees, the Viking XPRS was staffed by an
average of 241 (235) people employed by a staffing company.
OUTLOOK FOR 2016
Competition in Viking Line’s service area remains tough and implies continued
pressure on prices. The economic downturn in Finland is an uncertainty factor,
but recent bunker price developments are currently having a favourable effect
on earnings. The Board of Directors' assessment is that operating income will
be somewhat lower in 2016 than in 2015 as a consequence of a larger number of
vessel dry-dockings.
THE BOARD’S PROPOSAL ON DISTRIBUTION OF EARNINGS
According to the balance sheet of Viking Line Abp on December 31, 2015
unrestricted equity totalled EUR 87,373,356.45.
The Board of Directors proposes to the annual shareholders’ meeting that:
A dividend of EUR 0.95 per share shall be paid, totalling EUR 10,260,000.00
Remaining unrestricted equity EUR
77,113,356.45
No material changes in the Company’s financial position have occurred after the
end of the financial year. In the assessment of the Board of Directors, the
dividend is justifiable in light of the demands with respect to the size of the
equity capital which are imposed by the nature, scope, financing and risks
associated with the business.
CONSOLIDATED INCOME STATEMENT
Oct 1, Oct 1, Jan 1, Jan 1,
2015– 2014– 2015– 2014–
EUR M Dec 31, Dec 31, Dec 31, Dec 31,
2015 2014 2015 2014
--------------------------------------------------------------------------------
SALES 127.4 126.3 530.5 527.4
Other operating revenue 0.2 0.2 0.5 0.7
Expenses
Goods and services 37.0 36.2 153.2 148.1
Salary and other employment benefit 29.6 28.9 118.1 120.8
expenses
Depreciation and impairment losses 7.3 7.2 27.7 31.8
Other operating expenses 49.7 50.0 205.5 213.6
-------------------------------------------
123.7 122.3 504.6 514.3
OPERATING INCOME 3.9 4.2 26.4 13.7
Financial income 1.2 28.1 5.0 29.0
Financial expenses -1.6 -3.2 -8.2 -10.4
INCOME BEFORE TAXES 3.5 29.1 23.2 32.3
Income taxes -1.0 -1.1 -4.4 -1.8
INCOME FOR THE PERIOD 2.5 28.1 18.7 30.6
Income attributable to:
Parent company shareholders 2.5 28.1 18.7 30.6
Earnings per share before and after 0.23 2.60 1.73 2.83
dilution, EUR
CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
Oct 1, Oct 1, Jan 1, Jan 1,
2015– 2014– 2015– 2014–
EUR M Dec 31, Dec 31, Dec 31, Dec 31,
2015 2014 2015 2014
--------------------------------------------------------------------------------
INCOME FOR THE PERIOD 2.5 28.1 18.7 30.6
Other comprehensive income
Items that may be transferred to the
income statement
Translation differences 0.5 -0.4 0.5 -0.9
Investments available for sale 0.8 0.0 0.7 0.0
-------------------------------------------
1.4 -0.4 1.2 -0.9
COMPREHENSIVE INCOME FOR THE PERIOD 3.9 27.7 19.9 29.7
Comprehensive income attributable
to:
Parent company shareholders 3.9 27.7 19.9 29.7
CONSOLIDATED BALANCE SHEET
EUR M Dec 31, Dec 31,
2015 2014
--------------------------------------------------------------------------------
ASSETS
Non-current assets
Intangible assets 0.8 0.6
Land 1.1 1.1
Buildings and structures 10.0 10.8
Renovation costs for rented 1.2 0.6
properties
Vessels 324.5 340.1
Machinery and equipment 5.5 6.7
Investments available for sale 26.8 26.1
Receivables 0.2 0.3
Total non-current assets 370.0 386.3
Current assets
Inventories 17.2 16.1
Income tax assets 0.5 0.3
Trade and other receivables 29.4 29.3
Cash and cash equivalents 110.7 101.1
Total current assets 157.8 146.8
TOTAL ASSETS 527.8 533.1
EQUITY AND LIABILITIES
Equity
Share capital 1.8 1.8
Reserves 0.7 0.0
Translation differences -0.4 -0.8
Retained earnings 223.6 212.3
---------------------
Equity attributable to parent 225.7 213.3
company shareholders
Total equity 225.7 213.3
Non-current liabilities
Deferred tax liabilities 34.5 31.4
Non-current interest-bearing 174.0 197.5
liabilities
Total non-current liabilities 208.4 228.9
Current liabilities
Current interest-bearing liabilities 23.5 23.5
Income tax liabilities 1.3 0.0
Trade and other payables 68.9 67.4
Total current liabilities 93.7 91.0
Total liabilities 302.1 319.8
TOTAL EQUITY AND LIABILITIES 527.8 533.1
CONSOLIDATED CASH FLOW STATEMENT
Jan 1, Jan 1,
2015– 2014–
EUR M Dec 31, Dec 31,
2015 2014
--------------------------------------------------------------------------------
OPERATING ACTIVITIES
Income for the period 18.7 30.6
Adjustments
Depreciation and impairment losses 27.7 31.8
Capital gains from non-current 0.0 -0.2
assets
Other items not included in cash -0.5 2.1
flow
Interest expenses and other 5.9 6.8
financial expenses
Financial income, - -27.9
Försäkringsaktiebolaget Alandia
Interest income and other financial -0.1 -0.2
income
Dividend income -1.6 0.0
Income taxes 4.4 1.8
Change in working capital
Change in trade and other -0.1 1.7
receivables
Change in inventories -1.1 -1.1
Change in trade and other payables 1.7 -7.7
Interest paid -5.4 -6.1
Financial expenses paid -0.7 -0.8
Interest received 0.1 0.1
Financial income received 0.0 0.1
Taxes paid -0.3 -0.2
NET CASH FLOW FROM
OPERATING ACTIVITIES 48.7 30.7
INVESTING ACTIVITIES
Investments in vessels -7.6 -6.2
Investments in other intangible and -2.4 -1.1
tangible assets
Divestments of other intangible and 0.1 0.3
tangible assets
Divestments of investments available - 1.6
for sale
Payments received for non-current 0.2 0.2
receivables
Dividends received 1.6 0.0
NET CASH FLOW FROM INVESTING -8.1 -5.1
ACTIVITIES
FINANCING ACTIVITIES
Amortization of non-current -23.5 -15.2
liabilities
Dividends paid -7.6 -5.4
NET CASH FLOW FROM FINANCING -31.1 -20.6
ACTIVITIES
CHANGE IN CASH AND CASH EQUIVALENTS 9.5 5.0
Cash and cash equivalents at 101.1 96.1
beginning of period
CASH AND CASH EQUIVALENTS AT END OF 110.7 101.1
PERIOD
STATEMENT OF CHANGES IN CONSOLIDATED EQUITY
Equity attributable to parent
company shareholders
Share Translati Retaine Total
on d
EUR M capita Reserve differenc earning equity
l s es s
--------------------------------------------------------------------------------
Equity, Jan 1, 2014 1.8 0.0 -0.3 187.5 189.0
--------------------------------------------------------------------------------
Income for the period 30.6 30.6
Translation differences 0.0 -0.5 -0.4 -0.9
Remeasurement of investments 0.0 0.0
available for sale
--------------------------------------------------------------------------------
Comprehensive income for the period - 0.0 -0.5 30.2 29.7
Dividend to shareholders -5.4 -5.4
Equity, Dec 31, 2014 1.8 0.0 -0.8 212.3 213.3
--------------------------------------------------------------------------------
Income for the period 18.7 18.7
Translation differences 0.0 0.4 0.1 0.5
Remeasurement of investments 0.7 0.7
available for sale
--------------------------------------------------------------------------------
Comprehensive income for the period - 0.7 0.4 18.8 19.9
Dividend to shareholders -7.6 -7.6
Equity, Dec 31, 2015 1.8 0.7 -0.4 223.6 225.7
--------------------------------------------------------------------------------
QUARTERLY CONSOLIDATED INCOME STATEMENT
2015 2015 2015 2015
EUR M Q4 Q3 Q2 Q1
--------------------------------------------------------------------------------
SALES 127.4 164.1 134.1 105.0
Other operating revenue 0.2 0.1 0.1 0.1
Expenses
Goods and services 37.0 46.0 39.5 30.6
Salary and other employment benefit expenses 29.6 29.6 30.2 28.8
Depreciation and impairment losses 7.3 6.7 7.0 6.6
Other operating expenses 49.7 51.7 55.2 48.9
---------------------------
123.7 134.0 131.9 114.9
OPERATING INCOME 3.9 30.1 2.3 -9.8
Financial income 1.2 0.5 2.2 1.0
Financial expenses -1.6 -3.2 -1.9 -1.6
INCOME BEFORE TAXES 3.5 27.4 2.6 -10.4
Income taxes -1.0 -5.4 -0.1 2.1
INCOME FOR THE PERIOD 2.5 22.0 2.5 -8.2
Income attributable to:
Parent company shareholders 2.5 22.0 2.5 -8.2
Earnings per share before and after dilution, EUR 0.23 2.03 0.23 -0.76
QUARTERLY CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
2015 2015 2015 2015
EUR M Q4 Q3 Q2 Q1
--------------------------------------------------------------------------------
INCOME FOR THE PERIOD 2.5 22.0 2.5 -8.2
Other comprehensive income
Items that may be transferred to the income
statement
Translation differences 0.5 -0.3 0.1 0.2
Investments available for sale 0.8 0.6 -2.1 1.2
---------------------------
1.4 0.3 -1.9 1.4
COMPREHENSIVE INCOME FOR THE PERIOD 3.9 22.3 0.6 -6.8
Comprehensive income attributable to:
Parent company shareholders 3.9 22.3 0.6 -6.8
SEGMENT INFORMATION, VIKING LINE GROUP
Jan 1, 2015– Jan 1, 2014–
OPERATING SEGMENTS, EUR M Dec 31, 2015 Dec 31, 2014
---------------------------------------------------------------
Sales
---------------------------------------------------------------
Vessels 525.1 521.7
Unallocated 5.6 5.8
Total, operating segments 530.7 527.6
---------------------------------------------------------------
Eliminations -0.2 -0.2
Total sales of the Group 530.5 527.4
---------------------------------------------------------------
Operating income
---------------------------------------------------------------
Vessels 71.2 58.3
Unallocated -44.7 -44.6
Total operating income of the Group 26.4 13.7
---------------------------------------------------------------
PLEDGED ASSETS AND CONTINGENT LIABILITIES
EUR M Dec 31, Dec 31,
2015 2014
--------------------------------------------------------------------------------
Contingent liabilities 197.5 221.1
Assets pledged for own debt 313.6 315.7
FINANCIAL RATIOS AND STATISTICS
Jan 1, Jan 1,
2015– 2014–
Dec 31, Dec 31,
2015 2014
--------------------------------------------------------------------------------
Equity per share, EUR 20.89 19.75
Dividend per share, EUR 0.95 0.70
Number of shares on balance sheet date 10,800,000 10,800,000
Return on equity (ROE) 8.5 % 15.2 %
Return on investment (ROI) 6.8 % 9.1 %
Equity/assets ratio 42.8 % 40.0 %
Investments, EUR M 10.0 7.2
– as % of sales 1.9 % 1.4 %
Passengers 6,568,684 6,610,146
Cargo units 133,163 129,255
Average number of employees, full time equivalent 2,735 2,797
Earnings per share = (Income before taxes – income taxes +/– minority interest)
/ Average number of shares
Equity per share = Equity attributable to parent company shareholders / Number
of shares on balance sheet date
Return on equity (ROE), % = (Income before taxes - income taxes) /
Equity including minority
interest (average for the year)
Return on investment (ROI), % = (Income before taxes + interest and
other financial expenses)
/ (Total assets - interest-free liabilities [average for
the year])
Equity/assets ratio, % = (Equity including minority interest) /
(Total assets – advances received)
When rounding off items to the nearest EUR 1,000,000,
rounding-off differences of EUR +/– 0.1 M have
occurred.
The above figures from the financial statements have
been audited.
SHAREHOLDERS’ MEETING
The annual shareholders’ meeting of Viking Line Abp will be held at 12 noon on
Wednesday, April 20, 2016 at the Alandica Kultur och Kongress auditorium,
Strandgatan 33, Mariehamn, Åland, Finland.
An electronic version of the Annual Report for the financial year 2015 will be
published during the week of March 7, 2016 on the Company’s website,
www.vikingline.com. The printed Annual Report will be published in Swedish and
Finnish during the week of March 21, 2016.
FINANCIAL INFORMATION FOR 2016
During the financial year 2016, Viking Line Abp’s interim reports will be
published for the periods January 1 to March 31, 2016; January 1 to June 30,
2016 and January 1 to September 30, 2016. These interim reports will be
published on May 18, August 18 and November 16, 2016, respectively. The press
release on the results for the fiscal year 2016 will be published on February
16, 2017. The Annual Report for the financial year 2016 will be published
during the week of March 27, 2017.
Mariehamn, Åland, February 22, 2016
VIKING LINE ABP
The Board of Directors
Jan Hanses
President and CEO
CEO Jan Hanses, +358-18-27000, jan.hanses@vikingline.com
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