2025-02-14 08:00:00 CET
2025-02-14 08:00:30 CET
REGULATED INFORMATION
Viking Line - Financial Statement Release
Viking Line: Financial Statement Release 2024
Viking Line Abp FINANCIAL STATEMENT RELEASE
14.02.2025, 09.00 EET
A year with somewhat weaker demand
JANUARY-DECEMBER2024
(compared to January-December 2023)
· Sales amounted to EUR 480.2 M (EUR 491.4 M).
· Other operating revenue was EUR 1.4 M (EUR 9.1 M, including the EUR 8.6 M
gain on the sale of Rosella).
· Operating income totalled EUR 26.7 M (EUR 55.0 M, including the EUR 8.6 M
gain on the sale of Rosella).
· Net financial items were EUR -6.9 M (EUR -9.6 M).
· Income before taxes totalled EUR 19.8 M (EUR 45.4 M, including the EUR 8.6 M
gain on the sale of Rosella).
· Income after taxes totalled EUR 15.9 M (EUR 36.3 M, including the EUR 8.6 M
gain on the sale of Rosella).
· Investments mainly in Viking Cinderella and Birka Gotland totalled EUR 24.6
M (EUR 36.9 M).
· The Board of Directors proposes to the AGM that it authorize the Board to
pay a dividend of at most 1 euro per share in two instalments so that 50 cents
is paid in May and the second instalment is planned to be paid in September
2025.
Outlook for the financial year 2025
The Board of Directors believes that income before taxes for 2025 will be on a
par with 2024.
There is significant uncertainty as a result of the economic downturn in our
service area in recent years, which has had a negative impact on customers'
consumption patterns. The current geopolitical situation and its potential
impact mostly on energy prices also contribute to the uncertainty. This
uncertainty also makes it difficult to predict the market trend with respect to
passengers.
FOURTH QUARTER 2024
(compared to fourth quarter 2023)
· Sales amounted to EUR 109.5 M (EUR 112.2 M).
· Other operating revenue was EUR 0.6 M (EUR 0.3 M).
· Operating income totalled EUR 1.5 M (EUR 2.7 M).
· Net financial items were EUR 2.1 M (EUR -0.9 M).
· Income before taxes amounted to EUR 3.7 M (EUR 1.8 M).
· Income after taxes totalled EUR 3.5 M (EUR 1.5 M).
COMMENTS FROM PRESIDENT AND CEO JAN HANSES
Earnings for the financial year 2024 were in line with the forecast communicated
to the market after the third quarter last year but weaker than for 2023, a
record year. Income before taxes was EUR 19.8 M. Although earnings did not reach
last year's figure, the earnings level is far better than it was before the
COVID pandemic.
Operations have continued to be dominated by consumer cautiousness in our
service area. The weak Swedish krona has continued to weigh down purchasing
power for the Swedish market. The geopolitical situation, with war in our
region, has not significantly affected people's propensity to travel in our main
markets but has contributed to continual uncertainty about energy prices.
During the fourth quarter of 2024, active measures were taken to further adjust
costs to the sluggish market conditions seen during the autumn. This contributed
to results for the quarter falling in line with our forecast.
Passenger volumes for 2024 were relatively stable. We are pleased to note that
cargo volumes for the year reached record levels. Our capacity on the Helsinki
-Mariehamn-Stockholm route more than doubled when Viking Cinderella was launched
in service, and as a result our market share on that route rose to a healthy 43
per cent. On the Turku-Mariehamn/Långnäs-Stockholm route, we have established a
strong market position with a share of more than 70 per cent. Before Viking
Cinderella returned to service on the Helsinki-Mariehamn-Stockholm route, the
vessel was reflagged and placed in the Finnish Register of Ships. Consequently,
all five of our wholly-owned vessels sail under a Finnish flag. Prioritizing
domestic goods and services is one of our core values, and the fact that our
entire fleet now sails under a Finnish flag is concrete proof of this. In a time
of increased turmoil in the world, preparedness and security have become
increasingly important issues in society.
The launch in service of Gotland Alandia Cruises AB during the spring of 2024
entailed additional one-off costs, while capacity utilization on the vessel
Birka Gotland during the period until June did not meet our expectations.
Utilization improved during the summer.
In 2024, our traffic was covered by the EU Emissions Trading System. This
imposed a cost that we have striven to partly offset through continued work to
improve energy efficiency. Unfortunately, fossil-free fuels in the quantity and
at a price that are economically viable do not exist today. Implementation of a
time-limited island exemption from the Emissions Trading System for traffic
between Finland and Åland was thus well justified since the transition to fossil
-free fuels is not governed by the cost of emission allowances but by access to
alternative fossil-free fuels. We do not intend to lower our ambitions to reduce
emissions from our traffic but will instead continue our work to make the
transition to fossil-free fuels and increase fuel efficiency.
During the year, we celebrated the 50th anniversary of our maritime transport on
the Helsinki-Stockholm route, a route that has served 45 million passengers
since it was launched. During the autumn, Viking Line reached another impressive
milestone. Since the company launched service, a quarter of a billion people
have sailed on our vessels, a fine achievement that has required more than 60
years of operations.
Viking Line continues its commitment to sustainability issues. In early 2024,
green sea conferences were launched on our Turku vessels, which led to a
reduction in greenhouse gas emissions from conference trips of about 90 per
cent. During the spring of 2025, this sustainable meeting solution will be
offered on all routes and vessels. The projects for green sea corridors between
Turku and Stockholm and between Helsinki and Tallinn have also continued to move
forward. For more than a year, Viking Line's passengers on the Turku-Stockholm
route have been able to purchase biogas to offset the amount of fuel used for
their trip, which reduces emissions from passengers' own travel by up to 90 per
cent.
The year was also characterized by high levels for customer service and the
customer experience. This good performance is to a large extent a result of the
work of our engaged staff, and I would thus like to extend a big thank you to
all of our employees for their excellent work, which has contributed to our
earnings. I would also like to give my warm thanks to our customers and partners
for the faith they have shown in us and for their good cooperation.
SUMMARY OF KEY FIGURES
Oct 1, 2024- Oct 1, 2023- Jan 1, 2024- Jan 1, 2023-
EUR M Dec 31, 2024 Dec 31, 2023 Dec 31, 2024 Dec 31, 2023
Sales 109.5 112.2 480.2 491.4
Other 0.6 0.3 1.4 9.1
operating
revenue
Operating 1.5 2.7 26.7 55.0
income
Income 3.7 1.8 19.8 45.4
before
taxes
Income for 3.5 1.5 15.9 36.3
the period
SERVICE AND MARKET
The Viking Line Group provided passenger and cargo carrier services using five
wholly-owned vessels in the northern Baltic Sea and the Gulf of Finland. On
March 20, the vessel Birka Gotland, which Viking Line owns jointly with
Gotlandsbolaget, launched cruise service from Stockholm. Prior to the launch,
the vessel underwent a major dry-docking and upgrade.
Viking Cinderella was dry-docked during the period January 1-19. After this, it
returned to making day cruises between Stockholm and Mariehamn until March 4,
and then on March 8 began service on the Helsinki-Mariehamn-Stockholm route.
Viking Cinderella was out of service for four days in conjunction with its
removal from the Swedish Register of Ships on March 5 and its entry in the Åland
Register of Ships. Since March 5, the vessel has sailed under a Finnish flag.
Viking Glory was dry-docked during the period April 8-17. From April 11-17, it
was replaced in service by Viking Cinderella on the Turku-Mariehamn/Långnäs
-Stockholm route. Viking Grace and Gabriella both had service disruptions due to
unplanned technical maintenance.
During the period June 19-August 11, Gabriella and Viking Cinderella called at
Tallinn in their scheduled service on the Helsinki-Mariehamn-Stockholm route.
The two vessels also made a number of destination cruises during the summer to
Visby from Helsinki.
Since it launched service on March 20, Birka Gotland has made day cruises
between Stockholm and Mariehamn. It has also sailed between Stockholm and Visby
via Mariehamn, as well as carrying out a number of charter and special cruises,
to Sweden's High Coast, Riga, Bornholm and Visby/Ystad.
The total number of passengers on the Group's wholly-owned vessels during the
report period was 4,646,676 (4,897,494). The Group had a total market share in
its service area of approximately 32.8% (35.1%). The number of passengers on
Birka Gotland since the launch of service was 438,743.
Market demand for travel in the entire service area increased last year. The
demand trend for travel to Tallinn has been favourable while the demand for
travel between Finland and Sweden can best be described as stable despite a
greater number of departures on offer and increased capacity compared to 2023.
In our view, general economic conditions and the Swedish krona's weak exchange
rate have affected household purchasing power and consumers' propensity to
spend, which has mainly affected the long-haul routes in the form of limited
growth. Viking Line's market share has risen for traffic between Finland and
Estonia as well as for traffic between Finland and Sweden.
The period includes service disruptions in the form of vessel dry-dockings for
both Viking Line and its competitors, which affects comparative figures.
The Group's total cargo volume was 134,219 cargo units (125,269). The Group's
share of the cargo market was approximately 17.8% (16.9%). The growth in volume
is directly linked to increased demand for transport in the international
transport market. The increase in cargo volume was due to an improved economic
outlook for Finland's most important nearby trading markets but also in global
trade and is a direct result of the company's long-term collaboration with cargo
market participants. With its expanded service on the
Helsinki-Mariehamn-Stockholm route since early March, Viking Line was able to
increase its cargo volume significantly compared to 2023.
The market share for passenger cars was approximately 28.9% (28.8%).
SALES AND EARNINGS FOR JANUARY - DECEMBER 2024
Consolidated sales decreased 2.3% to EUR 480.2 M during the period January
1-December 31, 2024 (EUR 491.4 M January 1-December 31, 2023). Operating income
totalled EUR 26.7 M (EUR 55.0 M). Consolidated income before taxes was EUR 19.8
M (EUR 45.4 M). The comparative figures include the capital gain from the sale
of Rosella, which was EUR 8.6 M. Income before taxes excluding the capital gain
from the sale of Rosella in 2023 was EUR 36.8 M.
Passenger-related demand in our service area during the period was weaker than
expected, which largely explains the decrease in sales and lower income compared
to the same period last year. Birka Gotland's launch in service and start-up
costs also failed to live up to the company's expectations, and income was weak
as a result. Viking Glory's unplanned dry-docking and cancelled departures for
Viking Grace and Gabriella also had a negative impact on income.
Passenger-related revenue decreased 3.3% to EUR 427.7 M (EUR 442.5 M), while
cargo revenue increased 8.9% to EUR 49.7 M (EUR 45.7 M) and other operating
revenue was EUR 2.7 M (EUR 3.2 M). The sales contribution was EUR 377.7 M (EUR
377.7 M).
Operating expenses increased 6.1% to EUR 323.0 M (EUR 304.3 M), EUR 3.1 M of
which was emission allowance costs. Salary and other employment benefit expenses
increased 11.4% or EUR 12.4 M, with most of the increase due to Viking Line
staffing Birka Gotland with its own service personnel. Other operating expenses
increased 3.2% or EUR 6.3 M. Although income for 2024 is lower than for 2023, it
is still better than was achieved in the years before the COVID pandemic. This
underscores our ability to adapt and improve our operational efficiency despite
challenging conditions.
SALES AND EARNINGS FOR FOURTH QUARTER 2024
Consolidated sales decreased 2.4% to EUR 109.5 M during the period October
1-December 31, 2024 (EUR 112.2 M October 1-December 31, 2023). Operating income
totalled EUR 1.5 M (EUR 2.7 M).
Passenger-related revenue decreased 3.4% to EUR 96.1 M (EUR 99.5 M), while cargo
revenue increased 8.4% to EUR 12.9 M (EUR 11.9 M) and other operating revenue
was 0.6 M (0.8 M). The sales contribution was EUR 86.0 M (EUR 85.4 M).
Operating expenses increased 3.2% to EUR 78.4 M (EUR 76.0 M). Salary and other
employment benefit expenses increased 11.2% or EUR 3.1 M while other operating
expenses decreased 1.4% or EUR 0.7 M. The increased salary costs are
attributable to Viking Line staffing Birka Gotland with its own service
personnel. The fourth quarter reflects the overall trend for the full financial
year with continued weaker demand, which explains the deterioration in operating
income compared to 2023.
INVESTMENTS AND FINANCING
The Group's investments for the period January 1-December 31, 2024, totalled EUR
24.6 M (EUR 36.9 M). The Group's total investments represented 5.1% of sales
(7.5%). Most of these investments are related to the dry-docking of Viking
Cinderella, which underwent extensive refurbishment. This investment underscores
our commitment to keeping the vessel in service and in our fleet for many years
to come. The other major investment is related to Birka Gotland and its launch
in service. This is a joint venture with Gotlandsbolaget, with each company
financing 50% of the investment. Viking Glory was also dry-docked during the
period.
The Group's long-term interest-bearing liabilities on December 31, 2024,
totalled EUR 122.5 M (EUR 150.6 M). It can be noted in this context that the
Group's loans to finance Viking Grace were repaid in full in January 2025.
The debt/equity ratio was 54.0% compared 51.4% in 2023.
The Group's cash and cash equivalents at the end of December totalled EUR 55.8 M
(EUR 85.3 M). Unutilized credit lines in the Group totalled EUR 22.1 M (EUR 0.1
M).
Net cash flow from operating activities was EUR 49.0 M (EUR 67.1 M). Net cash
flow from investing activities was EUR -21.7 M (EUR -24.5 M) and net cash flow
from financing activities was EUR -56.7 M (EUR -46.3 M).
The Group's loan agreements include loan covenants according to market terms.
The financial covenants in the loan agreements consist of minimum requirements
for liquidity and solvency and a maximum net financial debt-to-EBITDA ratio.
The dividend restriction in one of the Group's loan agreements continues to
apply in the event the Group's debt-to-EBITDA ratio exceeds 5.0. The Group's
debt-to-EBITDA ratio is below 5.0, so the dividend restriction does not apply.
Viking Line's Abp's shareholding in Rederiaktiebolaget Eckerö has exceeded 20%
since November 22, 2023, so Rederiaktiebolaget Eckerö has been recognized as a
company with a participating interest undertaking using the equity method since
then. An initial positive income effect of EUR 2.5 M arose in the transition and
thus affected income in 2023.
RISKS AND RISK MANAGEMENT
Viking Line's operations are exposed to different kinds of risks, which vary in
their scope and impact on operations, on financial results and on the company's
ability to meet certain social and environmental objectives. The relevant risks
have been classified into four categories: strategic risks, operational risks,
damage risks and financial risks. In the upcoming accounting period 2025, Viking
Line will work to expand this classification, adding a category for
sustainability risks.
Strategic risks
Changes in the geopolitical situation, the heightened security policy situation
and the impact this has on energy prices, inflation and people's propensity to
travel as well as changes in maritime policy, regulations and other laws, in
climate risks, in the competition situation and the market trend can have a
negative and significant impact on demand for the Group's products and services
and on its earnings, cash flow and financial position.
Demand for the company's services and products is also affected by megatrends.
For example, increased awareness of climate change and environmental protection
can affect the public's view of ferry service. For most of our customers, our
operations also constitute a leisure good rather than a utility good, which is
substitutable, so consumers can choose other alternatives.
Seasonal fluctuations during the year affect Viking Line's business operations.
Third quarter earnings usually account for the largest share of earnings for the
year.
Political decisions can change Viking Line's operating conditions with
potentially negative consequences for business operations. However, Åland's tax
exemption, which enables duty-free sales on board vessels in service to and from
the Åland Islands, is permanent. The European Commission's guidelines to promote
maritime transport, which enable the net salary system for seafarers, are in
effect until further notice.
Finnish maritime transport is governed by environmental regulations in the
International Maritime Organization (IMO)'s rules, EU directives, HELCOM
recommendations and national laws. We actively monitor the drafting of
environmental regulations, advances in environmental technology and the
solutions that research provides to meet ever more stringent environmental
regulations.
There is significant uncertainty as a result of the economic downturn in Finland
and Sweden, which in recent years has had a negative impact on customers'
consumption patterns.
Rapid technological advances and increased cyberthreats can have a negative
impact on operations. Security holes can lead to data breaches and the loss of
sensitive information, which can damage the company's reputation and earnings.
As of January 1, 2024, maritime transport is covered by the EU Emissions Trading
System (ETS) for greenhouse gas emissions. ETS is one of the instruments the EU
uses to achieve its own climate goals and meet its international commitments in
the Paris Agreement. Greenhouse gas (GHG) emissions of vessels will gradually be
phased into the ETS between 2024 and 2026, after which time all emissions will
be included. Starting in 2024, Viking Line Abp will surrender allowances that
cover 40% (70% in 2025 and 100% in 2026) of its fleet's verified GHG emissions
to the relevant regulatory authority, which for Viking Line is the Finnish
Energy Authority. The Finnish parliament has approved the application of the so
-called island exemption, which means that emissions generated by traffic
between the Finnish mainland and Åland are exempt from the requirement to
surrender emission allowances. Significant parts of the traffic on the Turku
-Stockholm and Helsinki-Stockholm routes are thus exempt from the ETS. The
island exemption will be in effect until December 31, 2030. The price of
emission rights is affected by many factors, including a gradual reduction in
total emission allowances in the free market, which is built into the ETS. The
price may also be affected by various external factors, such as geopolitical or
energy policy decisions.
Starting January 1, 2025, the FuelEU Maritime Regulation will apply to European
maritime shipping. The regulation is focused on the energy used by vessels, and
the intention is to gradually phase out fossil energy while phasing a percentage
of renewable or emission-free energy carriers into the European fleet's energy
mix. The vessels covered by the regulation shall achieve predetermined
improvements in their GHG intensity. Requirements will be raised after each five
-year period following a non-linear curve. The requirement is initially a 2%
decrease in GHG intensity for the first five-year period compared to the
reference year, 2020. Starting in 2050, the GHG intensity of vessels should have
decreased 80% compared to the reference year. Penalties will be charged to ship
owners if there is non-compliance, with the amount determined by the level of
the vessel's environmental underperformance. Penalties will increase each year
the vessel underperforms, and the size of the penalty could have a significant
impact on profitability. Emission-free maritime fuel or technologies that use
these fuels are not available today. In practice, the regulation for European
maritime shipping entails the use of a mix of bio-based or alternative fuels and
fossil fuels. The price and availability of alternative and renewable fuels will
be key issues in the future.
Operational risks
The Group's business operations are dependent on functioning logistics and IT
systems for both external communication and the day-to-day management of
operations. Cyber intrusion, malfunctions and disruptions can cause
interruptions in operations and have potential consequences. Cyberattacks are a
growing and ever-changing global problem. Disruptions in service or IT
communication can have a negative impact on the Group's earnings. Viking Line
endeavours to minimize the risk of lengthy unplanned service interruptions by
means of continuous vessel maintenance, a well-developed safety and security
system, training and regular exercises. Risks in information management are
minimized by developing appropriate security systems and alternative working
methods as well as efforts to ensure the reliability of computer systems.
Hiring, retaining and developing a skilled labour force are critical to success.
The loss of key employees and an inability to attract new employees can harm the
Group's operations.
Supply chain disruptions, such as delays in or shortages of critical materials,
can have a negative impact on operations. This includes problems with suppliers,
transport and warehousing.
Changes in laws and regulations can affect operational processes. Keeping up to
date and adapting to new requirements are critical in order to avoid sanctions
and ensure continuous operation.
Natural disasters and extreme weather conditions can affect operations,
especially in maritime transport. It is important to have preparedness plans for
such events to minimize disruptions.
Workplace accidents and occupational health risks can affect the wellbeing and
productivity of staff. Maintaining high safety standards and offering regular
training are crucial.
Damage risks
Maritime safety and security are guided by our safety and security policy, which
has top priority in Viking Line's operations. Through our International Safety
Management Code (ISMC) and International Ship & Port Facility Security Code
(ISPS) management systems, we work systematically to identify potential risk
situations and consequently prevent accidents. Our goal is to continuously
improve safety and security.
Viking Line has a zero vision when it comes to different kinds of crime,
harassment and disorderly conduct on board. We work on a continuous basis to
realize this vision. A group that has worked with these issues meets regularly,
while a team of external experts has also been hired.
Viking Line maintains a crisis preparedness plan to prevent and mitigate the
consequences of adverse events and crises with serious consequences for
passengers, staff, traffic, property, the environment, operations and trust in
the company. The crisis preparedness plan is characterized by an effective alert
system that quickly establishes the central crisis management organization in
the company. In crisis situations, this central crisis management organization
works in close cooperation with the relevant government agencies.
Various organizations, companies and specialists are hired as needed to provide
support and assistance in the crisis work. Communication, information and crisis
support are key aspects of the crisis management organization's work. In order
to be effective and maintain stamina despite the physical and mental pressure,
the organization undergoes training on a continuous basis. The work of the
crisis management organization is aimed at saving lives, avoiding injuries and
damage to the environment and property, and ensuring that rescue measures are so
effective that operations can return to a normal situation as soon as possible
without damaging the company's brand.
Environmental risks are managed through stringent procedures to minimize the
company's environmental impact, such as oil spills and other pollution. The
company closely complies with environmental laws and works actively to reduce
its environmental impact.
Regular maintenance and inspections of the vessels ensure that they are in good
condition and meet safety standards. This includes both internal and external
inspections.
Employee training and exercises are crucial for managing emergency situations
and safety and security risks. This includes fire safety exercises, evacuation
exercises and other safety and security training.
The company works in collaboration with local and international authorities to
ensure that safety and security standards are maintained and that the company is
prepared to manage crisis situations.
The Group's vessels are recognized in the balance sheet at a carrying amount of
EUR 423.5 M (EUR 435.3 M). The vessels have hull and machinery insurance plus
increased value insurance totalling EUR 724.0 M (EUR 726.0 M). In addition, all
vessels have strike/delay insurance, protection and indemnity (P&I) and
Passenger Liability Regulation (PLR) insurance.
Financial risks
The Group is also exposed to various financial risks, among them fluctuations in
currency exchange rates and interest rates.
Sales revenue is generated in euros and Swedish kronor. Most of the operating
inflow and outflow of cash and cash equivalents consist of euros. Purchase
prices of goods for sale and bunker (vessel fuel) are affected by other
currencies, especially the US dollar.
Fluctuations in bunker prices have a direct effect on consolidated earnings. To
mitigate the risk of increased bunker prices somewhat, on December 31, 2024, the
Group had entered into fixed price contracts for parts of its marine diesel oil
(MDO) use during the first quarter of 2025.
The company's ability to meet the requirements set in existing financial
agreements depends on its ability to generate a positive cash flow and earnings
from its operations, which depend in part on factors that are beyond the
company's control.
The company's interest-bearing liabilities amounted to EUR 151.7 M on December
31, 2024, 87.2% of which have a variable interest rate. The total variable
interest rate consists of the market interest rate plus a margin that is
specific to the company. Fluctuating interest rates can have an impact on the
company's funding costs and can affect funding costs in the future.
A general ex post review is under way of traffic aid received during the
pandemic years 2020-22 by shipping companies with passenger ferry service to
Finland. The outcome of the review can have a negative impact on earnings for
the company in the future.
ORGANIZATION AND PERSONNEL
The average number of full-time employees in the Group was 2,403 (2,227), 1,938
(1,682) of whom worked for the parent company. Land-based personnel totalled 468
(467) and shipboard personnel totalled 1,935 (1,760). On March 5, Viking
Cinderella was reflagged from a Swedish to a Finnish flag.
During the period, 257 people employed by one of Viking Line Abp's subsidiaries
were hired out to the joint venture Gotland Alandia Cruises AB, which provides
cruise service with the vessel Birka Gotland. The employees hired out by Viking
Line were mostly service staff.
During the comparative period, in addition to the company's own employees,
Viking XPRS was staffed by an average of 33 people employed by a staffing
company. Starting from its reflagging to a Finnish flag on March 6, 2023, the
vessel is staffed solely by the company's own personnel.
At year-end 2024, the Group had a total of 2,583 (2,401) employees, 2,056
(1,878) of whom resided in Finland. The number of employees residing in Sweden
was 401 (383). The number of employees residing in Estonia was 120 (124) and the
number residing in other countries was 6 (16).
Men made up 57.9% (58.3%) of employees, and women made up 42.1% (41.7%). Women
made up 25.7% (25.2%) of employees in a foreman position. The average age of
employees was 44.0 (44.8) years old.
CONSOLIDATED INCOME STATEMENT BY QUARTER
2024 2024 2024 2024 2023
EUR M Q4 Q3 Q2 Q1 Q4
SALES 109.5 151.5 125.9 93.2 112.2
Other operating revenue 0.6 0.2 0.2 0.4 0.3
Expenses
Goods and services 23.5 30.2 27.3 21.5 26.7
Salary and other 30.6 30.7 31.6 28.0 27.5
employment benefit
expenses
Depreciation, 6.8 7.5 7.6 7.5 7.1
amortization and
impairment losses
Other operating expenses 47.8 53.8 53.5 47.1 48.5
108.6 122.2 119.9 104.1 109.8
OPERATING INCOME 1.5 29.4 6.2 -10.4 2.7
Financial income 1.2 0.3 0.5 0.9 1.3
Financial expenses -2.0 -3.0 -2.8 -3.4 -3.3
Share of after-tax income 2.9 1.7 -2.0 -1.2 1.1
from joint ventures and
companies with a
participating interest
undertaking
accounted for using the
equity method
INCOME BEFORE TAXES 3.7 28.4 1.8 -14.2 1.8
Income taxes -0.2 -3.5 -0.1 -0.1 -0.3
INCOME FOR THE PERIOD 3.5 24.9 1.8 -14.3 1.5
Income attributable to:
Parent company 3.5 24.9 1.8 -14.3 1.5
shareholders
Earnings per share, EUR 0.20 1.44 0.10 -0.82 0.08
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME BY QUARTER
2024 2024 2024 2024 2023
EUR M Q4 Q3 Q2 Q1 Q4
INCOME FOR THE PERIOD 3.5 24.9 1.8 -14.3 1.5
Items that may be
reclassified to the income
statement
Translation differences 0.0 0.1 0.3 -0.9 1.0
Items that will not be
reclassified to the income
statement
Changes in the fair value of
financial assets at fair
value
through other comprehensive 0.0 0.0 0.0 0.0 0.3
income
Other comprehensive income 0.0 0.1 0.3 -0.9 1.3
COMPREHENSIVE INCOME FOR THE 3.6 25.1 2.1 -15.1 2.7
PERIOD
Comprehensive income
attributable to:
Parent company shareholders 3.6 25.1 2.1 -15.1 2.7
FINANCIAL RATIOS AND STATISTICS
Jan 1, 2024- Jan 1, 2023-
Dec 31, 2024 Dec 31, 2023
Equity per share, EUR 18.61 18.71
Equity/assets ratio 54.0 % 51.4 %
Investments, EUR M 24.6 36.9
- as % of sales 5.1 % 7.5 %
Passengers 4,646,676 4,897,494
Cargo units 134,219 125,269
Average number of employees, full-time equivalent 2,403 2,227
Equity per share = Equity attributable to parent company shareholders / Number
of shares.
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 may occur.
SUSTAINABILITY REPORT
The Sustainability Report for 2024 is part of the Report of the Directors and is
included in the annual report for 2024, which will be published the week of
March 31. Information about Viking Line's sustainability work is also available
at Vikingline.com.
CORPORATE GOVERNANCE STATEMENT
Viking Line applies the Finnish Corporate Governance Code, which was approved by
the Securities Market Association and is available on the Securities Market
Association's website, Cgfinland.fi. Viking Line complies with the Code in full,
and any deviations are explained (using the comply or explain approach). The
Corporate Governance Statement for 2024 is published separately. Information
about Viking Line's corporate governance is available at Vikingline.com.
EVENTS AFTER THE BALANCE SHEET DATE
The Board of Directors knows of no events after the balance sheet date that
could affect the Year-End Report.
THE BOARD'S PROPOSAL ON DISTRIBUTION OF EARNINGS
According to the balance sheet of Viking Line Abp on December 31, 2024,
unrestricted equity totalled 121,111,603.95 euros.
The Board of Directors proposes to the AGM that it authorize the Board to pay a
dividend of at most 1 euro per share, equivalent to 17,280,000.00 euros, made in
two instalments so that 50 cents is paid in May and the second instalment is
planned to be paid in September 2025.
Due to seasonal variations in the company's operations, the Board intends to
propose in the future that dividends be paid in two instalments.
There have been no material changes in the company's economic position since the
end of the report period. In the Board of Directors' view, the dividend is
justified given the requirements that the nature, scope, financing and risks of
operations place on the size of Viking Line's equity.
ANNUAL GENERAL MEETING
The Annual General Meeting of Viking Line Abp will be held at 12 noon on
Thursday, April 24, 2025, at the Alandica Culture and Congress auditorium,
Strandgatan 33, Mariehamn, Åland, Finland.
An electronic version of the official financial statements for 2024 and Viking
Line's Corporate Governance and Compensation Statement will be published during
the week of March 31 on the company's website, Vikingline.com.
FINANCIAL INFORMATION FOR 2025
During the financial year 2025, Viking Line Abp's financial reports will be
published for the periods January 1-March 31, January 1-June 30, and January
1-September 30. The Business Review for January-March will be published on April
24, the Half-Year Financial Report for January-June on August 15 and the
Business Review for January-September on October 23. The Year-End Report for the
financial year 2025 will be published on February 13, 2026.
Mariehamn February 13, 2025
VIKING LINE ABP
The Board of Directors
Jan Hanses
President and CEO
CONSOLIDATED INCOME STATEMENT
Oct 1, Oct 1, Jan 1, Jan 1, 2023-
2024- 2023- 2024-
EUR M Note Dec Dec Dec Dec 31, 2023
31, 31, 31,
2024 2023 2024
SALES 4 109.5 112.2 480.2 491.4
Other operating revenue 5 0.6 0.3 1.4 9.1
Expenses
Goods and services 23.5 26.7 102.5 113.7
Salary and other employment 6 30.6 27.5 120.9 108.5
benefit expenses
Depreciation, amortization 7 6.8 7.1 29.3 27.5
and impairment losses
Other operating expenses 8 47.8 48.5 202.2 195.9
108.6 109.8 454.8 445.5
OPERATING INCOME 1.5 2.7 26.7 55.0
Financial income 1.2 1.3 2.9 2.8
Financial expenses 9 -2.0 -3.3 -11.2 -11.8
Share of after-tax income 2.9 1.1 1.4 -0.6
from joint ventures and
companies with a
participating interest
undertaking
accounted for using the
equity method
INCOME BEFORE TAXES 3.7 1.8 19.8 45.4
Income taxes -0.2 -0.3 -3.8 -9.2
INCOME FOR THE PERIOD 3.5 1.5 15.9 36.3
Income attributable to:
Parent company shareholders 3.5 1.5 15.9 36.3
Earnings per share, EUR 0.20 0.08 0.92 2.10
CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
Oct 1, Oct 1, Jan 1, Jan 1, 2023-
2024- 2023- 2024-
EUR M Dec Dec Dec Dec 31, 2023
31, 31, 31,
2024 2023 2024
INCOME FOR THE PERIOD 3.5 1.5 15.9 36.3
Items that may be
reclassified to the income
statement
Translation differences 0.0 1.0 -0.4 0.0
Items that will not be
reclassified to the income
statement
Changes in the fair value of
financial assets at fair
value
through other comprehensive 0.0 0.3 0.0 1.5
income
Other comprehensive income 0.0 1.3 -0.4 1.5
COMPREHENSIVE INCOME FOR THE 3.6 2.7 15.6 37.8
PERIOD
Comprehensive income
attributable to:
Parent company shareholders 3.6 2.7 15.6 37.8
CONSOLIDATED BALANCE SHEET
EUR M Note Dec Dec
31, 31,
2024 2023
ASSETS
Non-current assets
Intangible assets 8.1 5.4
Land 0.5 0.5
Buildings and structures 1.6 1.6
Renovation costs for rented 1.5 0.9
properties
Vessels 423.5 435.3
Machinery and equipment 2.6 2.6
Right-of-use assets 5.2 4.7
Financial assets at fair
value through
other comprehensive income 0.0 0.0
Investments accounted for 12 54.6 49.8
using the equity method
Receivables - 0.6
Total non-current assets 497.7 501.5
Current assets
Inventories 13.4 12.7
Income tax assets 0.1 0.1
Trade and other receivables 13 40.4 40.1
Cash and cash equivalents 55.8 85.3
Total current assets 109.7 138.3
TOTAL ASSETS 607.4 639.8
EQUITY AND LIABILITIES
Equity
Share capital 1.8 1.8
Reserves 49.6 49.7
Translation differences -3.6 -3.2
Retained earnings 273.6 275.0
Equity attributable to parent 321.5 323.2
company shareholders
Total equity 321.5 323.2
Non-current liabilities
Deferred tax liabilities 10 49.0 45.2
Interest-bearing liabilities 122.5 150.6
Lease liabilities 3.3 4.0
Investments accounted for 12 0.5 -
using the equity method
Other payables 1.5 2.3
Total non-current liabilities 176.8 202.1
Current liabilities
Interest-bearing liabilities 29.2 36.7
Lease liabilities 2.7 2.7
Income tax liabilities 0.0 0.0
Trade and other payables 77.1 75.1
Total current liabilities 109.0 114.5
Total liabilities 285.9 316.6
TOTAL EQUITY AND LIABILITIES 607.4 639.8
CONSOLIDATED CASH FLOW
STATEMENT
Jan 1, Jan 1,
2024- 2023-
EUR M Dec Dec
31, 31,
2024 2023
OPERATING ACTIVITIES
Income for the period 15.9 36.3
Adjustments
Depreciation, amortization 29.3 27.5
and impairment losses
Capital gains/losses from 0.0 -8.9
non-current assets
Income from investments in -1.4 0.6
associate companies
Other items not included in -0.1 -0.7
cash flow
Interest expenses and other 11.1 11.2
financial expenses
Interest income and other -2.4 -2.7
financial income
Dividend income 0.0 0.0
Income taxes 3.8 9.2
Change in working capital
Change in trade and other -0.3 -3.4
receivables
Change in inventories -0.6 1.3
Change in trade and other 1.7 4.3
payables
Interest paid -9.8 -10.0
Financial expenses paid -0.7 -0.3
Interest received 2.4 2.7
Financial income received 0.1 0.0
Taxes paid 0.0 0.0
NET CASH FLOW FROM OPERATING 49.0 67.1
ACTIVITIES
INVESTING ACTIVITIES
Investments in vessels -14.4 -28.8
Investments in other -5.1 -4.5
intangible assets, property,
plant and equipment
Investments accounted for -5.0 -3.6
using the equity method
Divestments of vessels - 11.1
Divestments of other non 0.0 0.2
-current assets
Change in non-current 0.6 -0.6
receivables
Dividends received from 2.2 1.7
associate companies
Dividends received from 0.0 0.0
others
NET CASH FLOW FROM INVESTING -21.7 -24.5
ACTIVITIES
FINANCING ACTIVITIES
Principal payments -36.7 -36.8
Depreciation of lease -2.8 -2.6
liabilities
Dividends paid -17.3 -6.9
NET CASH FLOW FROM FINANCING -56.7 -46.3
ACTIVITIES
CHANGE IN CASH AND CASH -29.5 -3.7
EQUIVALENTS
Cash and cash equivalents at 85.3 89.0
the beginning of the period
CASH AND CASH EQUIVALENTS AT 55.8 85.3
THE END OF THE PERIOD
STATEMENT OF CHANGES IN
CONSOLIDATED EQUITY
Equity
attributable
to parent
company
shareholders
Share Translation Retained Total
EUR M capital Reserves differences earnings equity
EQUITY, JAN 1, 2024 1.8 49.7 -3.2 275.0 323.2
Income for the period 15.9 15.9
Translation differences 0.0 -0.4 0.0 -0.4
Divestments of
financial assets
recognized at
fair value through 0.0 0.0
other comprehensive
income
Remeasurement of
financial assets
recognized at
fair value through 0.0 - 0.0
other comprehensive
income
Comprehensive income - 0.0 -0.4 15.9 15.6
for the period
Dividend to -17.3 -17.3
shareholders
Transactions with - - - -17.3 -17.3
owners of the parent
company
EQUITY, DEC 31, 2024 1.8 49.6 -3.6 273.6 321.5
Equity
attributable
to parent
company
shareholders
Share Translation Retained Total
EUR M capital Reserves differences earnings equity
EQUITY, JAN 1, 2023 1.8 49.7 -3.4 244.3 292.4
Income for the period 36.3 36.3
Translation differences 0.0 0.2 -0.1 0.0
Remeasurement of
financial assets
recognized at
fair value through 0.0 1.5 1.5
other comprehensive
income
Comprehensive income - 0.0 0.2 37.6 37.8
for the period
Dividend to -6.9 -6.9
shareholders
Transactions with - - - -6.9 -6.9
owners of the parent
company
EQUITY, DEC 31, 2023 1.8 49.7 -3.2 275.0 323.2
NOTES TO THE YEAR-END REPORT FOR THE PERIOD JANUARY-DECEMBER 2024
1. Accounting principles
This Year-End Report has been prepared in accordance with IFRS accounting
principles and consists of a summary of the financial statements for the period
in accordance with IAS 34.
The Year-End Report has been prepared based on the same accounting principles,
estimates and judgements as in the previous Year-End Report unless otherwise
stated.
Depending on its nature, public aid received is recognized as other operating
revenue, compensation to employees or a decrease in investments.
For cash and cash equivalents with a short maturity, the carrying amount is
considered equal to fair value. The carrying amount of trade and other
receivables as well as trade and other payables is considered equal to fair
value based on the short-term nature of the items. The carrying amount of
interest-bearing liabilities is equal to fair value.
Joint ventures and companies with a participating interest undertaking are
companies over which the investor company can exert a significant influence.
Investments in both joint ventures and companies with a participating interest
undertaking shall be accounted for using the equity method. During the
comparative period, the Group established a new joint venture, Gotland Alandia
Cruises AB, as well as a company with a participating interest undertaking,
Rederiaktiebolaget Eckerö. Gotland Alandia Cruises AB is a joint venture with
Gotlandsbolaget with the aim of providing cruise service with Birka Gotland. The
investment in Rederiaktiebolaget Eckerö was reclassified in the autumn of 2023
as a company with a participating interest undertaking when the company's
shareholding exceeded 20%.
See Note 12.
The Year-End Report was not subject to an audit.
When rounding off items to the nearest EUR 1 M, rounding-off differences of
EUR+/- 0.1 M may occur.
2. Estimates and judgements
In preparing the consolidated financial statements in compliance with IFRS
accounting principles, the company's management must make judgements and
estimates about the future that affect the reported amounts for assets and
liabilities, revenue and expenses as well as other information. The judgements
and estimates contained in the financial statements are based on the
management's best assessment at the time the company's year-end financial
statements were published.
There was significant uncertainty in 2024 as a result of the economic downturn
in Finland, which has had a negative impact on customers' consumption patterns.
The current geopolitical situation and its potential impact mostly on energy
prices also contribute to this uncertainty.
It is difficult to determine how this uncertainty will affect operations and
what impact this will have on Viking Line's future earnings, financial position
and cash flow. The actual outcome may deviate from estimates and judgements
made.
The most important area that entails judgements is valuation of the Group's
vessels. Market valuations are carried out on a regular basis by external
assessors. The vessel's residual values and estimated periods of use are
examined yearly and adjusted if they deviate significantly from earlier periods.
Until November 22, 2023, the company's shareholding in Rederiaktiebolaget Eckerö
was accounted for under financial assets at fair value through other income, but
after that the holding was reclassified and since then has been reported as an
associate company using the equity method.
In valuing the Group's leases, judgements are made as to how the Group will
capitalize on any opportunity to extend the lease period or terminate the lease.
Judgements are also made as to what discount rate is to be used in calculating
the present value of the Group's lease liability. The size of the Group's lease
liabilities and right-of-use assets, as well as payments on its lease
liabilities and depreciation of right-of-use assets, is affected by those
judgements.
Based on the management's judgements, there is no need in the financial
statements on December 31, 2024, for significant impairment losses in the income
statement.
3. Risks and liquidity
The Group's cash and cash equivalents at the end of December totalled EUR 55.8 M
(EUR 85.3 M). Unutilized credit lines in the Group totalled EUR 22.1 M on
December 31, 2024 (EUR 0.1 M). Net cash flow from operating activities was EUR
49.0 M (EUR 67.1 M). Net cash flow from investing activities was EUR -21.7 M
(EUR -24.5 M) and net cash flow from financing activities was EUR -56.7 M (EUR
-46.3 M).
During the comparative period, Viking Line and Gotlandsbolaget formed a joint
venture entrusted with the task of developing and providing cruises with Birka
Gotland between Stockholm-Mariehamn and Stockholm-Mariehamn-Visby. In March
2023, Gotlandsbolaget acquired Birka Stockholm (Birka Gotland) for EUR 38 M. In
August 2023, Gotlandsbolaget sold 50% of the vessel to Viking Line for EUR 19 M,
which was financed by Viking Line's cash holdings.
The Group's loan agreements include loan covenants according to market terms.
The financial covenants in the loan agreement consist of a minimum liquidity
requirement and a maximum total net debt-to-EBITDA ratio for the Group. During
the period, these loan covenants met the requirements set.
The company's ability to meet the requirements set in existing financial
agreements depends on its ability to generate a positive cash flow and earnings
from its operations, which depend in part on factors that are beyond the
company's control. There is a risk, if the economic downturn in Finland and the
geopolitical situation deteriorate and energy prices rise significantly, that
the company will not be able to generate enough cash flow or obtain further
financing to meet its obligations in accordance with its financial agreements.
To mitigate the risk of increased bunker prices, on December 31, 2024, the Group
had entered into fixed price contracts for parts of its marine diesel oil (MDO)
use during the first quarter of 2025.
A general ex post review is under way of traffic aid received during the
pandemic years 2020-22 by shipping companies with passenger ferry service to
Finland. The outcome of the review can have a negative impact on earnings for
the company in the future.
Since January 1, 2024, maritime transport is covered by the EU Emissions Trading
System (ETS) for greenhouse gas emissions. ETS is one of the instruments the EU
uses to achieve its own climate goals and meet its international commitments in
the Paris Agreement. As of January 1, 2024, Viking Line is obliged to surrender
allowances for its fleet's greenhouse gas (GHG) emissions to the relevant
regulatory authority. The first allowance to be surrendered must take place by
September 30, 2025. During the year, Viking Line purchased emission allowances
on a continuous basis to reduce its price risk. Holding allowances ties up
capital and has a negative effect on liquidity.
The FuelEU Maritime Regulation entered into force on January 1, 2025. The
regulation is intended to increase the share of renewable and low-emission fuel
in the energy mix of the EU fleet, based on requirement levels that are raised
every five years. The Finnish government has decided to apply a similar island
exemption for FuelEU as for the ETS until December 31, 2029. The FuelEU Maritime
Regulation is expected to have a minimal effect on liquidity during the first
five-year period.
Future cash flows related to financial liabilities on December 31, 2024:
EUR
M
Future cash flows Lease Trade Interest- Total
related to
financial liabilities liabilities payables bearing
(incl. financial
expenses)
liabilities
Jan 1, 2025 - Jun 30, 1.5 24.1 21.8 47.4
2025
Jul 1, 2025 - Dec 31, 1.5 13.9 15.4
2025
Jan 1, 2026 - Dec 31, 1.2 35.1 36.2
2026
Jan 1, 2027 - Dec 31, 0.9 24.0 24.9
2027
Jan 1, 2028 - Dec 31, 0.7 21.4 22.1
2028
Jan 1, 2029 - Dec 31, 0.5 15.7 16.1
2029
Jan 1, 2030 - 0.4 46.0 46.4
Total 6.7 24.1 177.7 208.6
4. Segment information
Consolidated revenue decreased 2.3% and passenger-related revenue decreased
3.3%.
Jan 1, 2024- Jan 1, 2023-
EUR M Dec 31, 2024 Dec 31, 2023
Sales
Vessels 474.6 483.3
Unallocated 5.7 8.2
Total, operating segments 480.3 491.5
Eliminations -0.1 -0.1
Total sales of the Group 480.2 491.4
Operating income
Vessels 93.4 116.1
Unallocated -66.7 -61.1
Total operating income of the Group 26.7 55.0
SALES
Passenger-related revenue 427.7 442.5
Cargo revenue 49.7 45.7
Miscellaneous sales revenue 2.7 3.2
Total 480.2 491.4
5. Other operating revenue
During the comparative period, Rosella was sold, which had a positive income
effect of EUR 8.6 M.
Jan 1, 2024- Jan 1, 2023-
EUR M Dec 31, 2024 Dec 31, 2023
State aid 0.3 0.0
Rents received on properties 0.1 0.1
Capital gains 0.0 8.7
Insurance claim payments, accidents 0.0 0.2
Revenue, joint venture 0.8 -
Miscellaneous other operating revenue 0.3 0.2
Total 1.4 9.1
6. Compensation to employees
On March 5, 2024, Viking Cinderella was reflagged from a Swedish to a Finnish
flag.
During the period, 257 people employed by one of Viking Line Abp's subsidiaries
were hired out to the joint venture Gotland Alandia Cruises AB, which provides
cruise service with the vessel Birka Gotland. The employees hired out by Viking
Line were mostly catering staff.
During the comparative period, Viking XPRS was reflagged from an Estonian to a
Finnish flag. Since the reflagging, the vessel is staffed solely by the
company's own personnel. When the vessel was under the Estonian flag, such
services were purchased from a staffing company.
Jan 1, 2024- Jan 1, 2023-
EUR M Dec 31, 2024 Dec 31, 2023
Salaries 129.1 114.2
Expenses of defined-contribution pensions 15.7 13.4
Other payroll overhead 11.2 12.5
156.0 140.1
Government restitution -35.1 -31.6
Total 120.9 108.5
7. Depreciation and amortization
Jan 1, 2024- Jan 1, 2023-
EUR M Dec 31, 2024 Dec 31, 2023
Depreciation and amortization
Intangible assets 0.7 0.4
Building and structures 0.1 0.1
Renovation costs for rented properties 0.3 0.3
Vessels 25.4 23.1
Machinery and equipment 0.6 0.7
Right-of-use assets 2.1 2.9
Total 29.3 27.5
8. Other operating expenses
Jan 1, 2024- Jan 1, 2023-
EUR M Dec 31, 2024 Dec 31, 2023
Sales and marketing expenses 20.2 19.5
Washing and cleaning expenses 22.2 22.9
Repairs and maintenance 15.6 13.5
Public port expenses and vessel charges 38.1 35.7
Fuel expenses 59.5 61.0
Emission allowance costs 3.1 0.1
Miscellaneous expenses 43.4 43.2
Total 202.2 195.9
9. Financial expenses
Jan 1, 2024 - Jan 1, 2023 -
EUR Dec 31, 2024 Dec 31, 2023
M
Interest expenses on
financial liabilities
recognized at
amortized cost 10.1 10.2
Interest expenses on lease 0.3 0.3
liabilities
Exchange losses 0.1 0.6
Guarantee commissions and 0.7 0.7
other financial expenses
Total financial expenses 11.2 11.8
10. Income taxes
On December 31, 2024, the Group recognized net deferred tax liabilities of EUR
49.0 M, EUR 49.7 M of which is deferred tax liabilities and EUR 0.7 M of which
is deferred tax assets.
EUR
M
Differences between Losses Other Total
recognized value of recognized in temporary
fixed assets and taxation differences
their value for tax
purposes
Jan 1, 2024 45.1 - 0.2 45.2
Translation -0.1 - 0.0 0.0
differences
Recognized 3.7 - 0.1 3.8
in
income
statement
Recognized - - 0.0 0.0
directly in
equity
Dec 31, 48.6 - 0.3 49.0
2024
11. Impairment testing
Recognized values for intangible and tangible assets are tested regularly in
order to identify any external or internal indications of an impairment loss. If
such indications are observed for any asset item, the recoverable amount of the
asset is recognized. One of the most important areas that entail judgements is
valuation of the Group's vessels.
The management has also made the assessment that there is no need for impairment
for the Group's other non-current assets.
12. Investments accounted for using the equity method
During the financial year, Viking Line Abp's investment in Alandia Försäkring
Abp and Alandia Holding Abp generated income of EUR 3.4 M. Under IAS 28.10, the
EUR 1.2 M dividend received during the year from Alandia Försäkring Abp results
in only a positive cash flow for the Group.
Viking Line's Abp's shareholding in Rederiaktiebolaget Eckerö has exceeded 20%
since November 22, 2024, so Rederiaktiebolaget Eckerö has been recognized as an
associate company using the equity method. An initial positive income effect of
EUR 2.5 M arose in the transition. During the financial year, Viking Line Abp's
investment in Rederiaktiebolaget Eckerö generated income of EUR 3.0 M. Viking
Line receives financial figures from Rederiaktiebolaget Eckerö with a quarterly
lag. Under IAS 28.10, the dividend of EUR 1.0 M received during the period from
Rederiaktiebolaget Eckerö results in only a positive cash flow for the Group.
On August 9, 2023, Viking Line and Gotlandsbolaget announced the formation of a
joint venture, Gotland Alandia Cruises AB, which is entrusted with the task of
developing and providing cruises with Birka Gotland. Viking Line has a 50%
shareholding in the company, which is thus recognized as an associate company.
Viking Line's share of Gotland Alandia Cruises AB's earnings for the full-year
2024 was EUR -5.0 M. For the period August 9-December 31, 2023, its share was
EUR -1.5 M.
13. Trade and other receivables
Trade receivables are recognized at amortized cost in accordance with IFRS 9.
The carrying amount of trade and other receivables is considered equal to fair
value based on the short-term nature of the items.
14. Pledged assets and contingent liabilities
EUR M Dec 31, 2024 Dec 31, 2023
Contingent liabilities1 173.9 187.6
Assets pledged for own debt 2 436.5 413.4
Other liabilities not shown in the balance sheet 3 2.6 2.8
1 Concerning loans and credit lines for which vessel, property and chattel
mortgages were provided as collateral and other contingent liabilities not
included in the balance sheet covered by site leasehold and chattel mortgages.
2Concerning vessel mortgages, chattel mortgages and site leasehold mortgages.
3 In addition to a capital injection, Alandia Holding Ab has taken a loan to
finance the purchase of shares in Alandia Försäkring Abp. To the extent Alandia
Holding Ab is in need of cash equivalents to make the payments, Viking Line Abp
has undertaken to make a cash capital contribution to Alandia Holding Ab through
a shareholder agreement.Gäller lån och limiter för vilka fartygs-, fastighets-
och företagsinteckningar givits som säkerhet samt övriga ansvar ej upptagna i
balansräkningen täckta med legorätts- och företagsinteckningar.
15. Events after the balance sheet date
The Board of Directors knows of no events after the balance sheet date that
could affect the Year-End Report.
Jan Hanses
President and CEO
jan.hanses@vikingline.com
+358-(0)18-270 00
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