2017-05-18 08:00:02 CEST
2017-05-18 08:00:02 CEST
REGULATED INFORMATION
Viking Line - Interim report (Q1 and Q3)
Viking Line: Interim Management Statement for the period January - March 2017
Mariehamn, 2017-05-18 08:00 CEST (GLOBE NEWSWIRE) --
Viking Line Abp BUSINESS REVIEW 18.5.2017, 9.00 AM
INTERIM MANAGEMENT STATEMENT FOR THE PERIOD JANUARY–MARCH 2017
Consolidated sales of the Viking Line Group for the period January 1–March 31,
2017 were 102.1 million euros (EUR 106.9 M for January 1–March 31, 2016). Other
operating revenue amounted to EUR 0.1 M (1.5). Operating income totalled EUR
-17.7 M (-11.6). Net financial items totalled EUR -1.1 M (-1.5). Consolidated
income before taxes amounted to EUR -18.8 M (-13.1). Income after taxes
totalled EUR -15.1 M (-10.5).
Competition in Viking Line’s service area remains tough and implies continued
pressure on prices and volumes. Volume and price developments during the
remainder of the financial year will be crucial to the Group’s earnings. Bunker
prices are expected to be higher than in 2016, which should have an adverse
effect on consolidated income. However, there will be fewer planned dry-docking
and servicing days, which is expected to have a positive effect on earnings, as
is a revision in Finland’s restitution law for 2017. Operating income is
expected to be higher overall in 2017 than in 2016.
SALES AND EARNINGS
Consolidated sales of the Viking Line Group for the period January 1–March 31,
2017 were 102.1 million euros (EUR 106.9 M for January 1–March 31, 2016). Other
operating revenue amounted to EUR 0.1 M (1.5). Operating income totalled EUR
-17.7 M (-11.6). Net financial items totalled EUR -1.1 M (-1.5). Consolidated
income before taxes amounted to EUR -18.8 M (-13.1). Income after taxes
totalled EUR -15.1 M (-10.5).
Passenger-related revenue decreased by 5.4 per cent to EUR 89.8 M (94.9), while
cargo revenue increased by 3.7 per cent to EUR 11.7 M (11.2). Net sales revenue
decreased by 3.5 per cent to EUR 72.5 M (75.2).
Sales for the period fell as a result of lower passenger volume combined with
somewhat lower net sales revenue per passenger. Consolidated operating expenses
increased by 2.0 per cent to EUR 83.2 M (81.6). Bunker expenses increased by
17.6 per cent to EUR 11.2 M (9.5) as a result of higher bunker prices.
The first quarter of the financial year usually shows a weak earnings
performance, and 2017 was no exception. Consolidated earnings for the first
three months of 2017 was as expected.
SERVICES AND MARKET TRENDS
The Viking Line Group provides passenger and cargo carrier services using seven
vessels on the northern Baltic Sea. The Group’s vessels served the same routes
as in 2016.
The number of passengers on Viking Line’s vessels during the report period
amounted to 1,252,406 (1,314,700). The Group had a total market share in its
service area of approximately 33.0 per cent (34.0).
Viking Line’s cargo volume was 32,237 cargo units (33,152). The Group had a
cargo market share of approximately 19.9 per cent (22.2).
INVESTMENTS AND FINANCING
The Group’s investments amounted to EUR 6.7 M (5.1), which represents 6.5% of
sales (4.7%).
On March 31, 2017, the Group’s non-current interest-bearing liabilities
amounted to EUR 143.1 M (166.5). The equity/assets ratio was 42.6 per cent,
compared to 42.8 per cent a year earlier.
At the end of March 2017, the Group’s cash and cash equivalents amounted to EUR
62.0 M (74.9). Net cash flow from operating activities amounted to EUR -18.7 M
(-17.2). Net cash flow from investing activities was EUR -6.7 M (-2.6) and net
cash flow from financing activities amounted to EUR -7.5 M (-16.0).
FINANCIAL REPORTING
This Interim Management Statement was prepared in accordance with the same
accounting principles, estimates and judgements as in the latest annual
financial statements. The Interim Management Statement is unaudited.
When rounding off items to the nearest EUR 1,000,000, rounding-off differences
of EUR+/- 0.1 M may occur.
ORGANIZATION AND PERSONNEL
The average number of Group employees was 2,614 (2,573), of whom 1,954 (1,919)
worked for the parent company. Land-based personnel totalled 625 (635) and
shipboard personnel totalled 1,989 (1,938).
In addition to the Group’s own employees, the Viking XPRS was staffed by an
average of 231 (240) people employed by a staffing company.
OUTLOOK FOR THE FULL FINANCIAL YEAR 2017
Competition in Viking Line’s service area remains tough and implies continued
pressure on prices and volumes. Volume and price developments during the
remainder of the financial year will be crucial to the Group’s earnings. Bunker
prices are expected to be higher than in 2016, which should have an adverse
effect on consolidated income. However, there will be fewer planned dry-docking
and servicing days, which is expected to have a positive effect on earnings, as
is a revision in Finland’s restitution law for 2017. Operating income is
expected to be higher overall in 2017 than in 2016.
CONSOLIDATED INCOME STATEMENT
Jan 1, Jan 1, Jan 1,
2017– 2016– 2016–
EUR M Mar 31, Mar 31, Dec 31,
2017 2016 2016
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SALES 102.1 106.9 519.6
Other operating revenue 0.1 1.5 2.0
Expenses
Goods and services 29.6 31.7 151.7
Salary and other employment benefit expenses 29.3 30.5 122.3
Depreciation and impairment losses 7.1 6.7 28.0
Other operating expenses 53.9 51.1 206.0
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119.9 120.0 507.9
OPERATING INCOME -17.7 -11.6 13.7
Financial income 0.5 0.5 5.4
Financial expenses -1.6 -2.0 -9.5
INCOME BEFORE TAXES -18.8 -13.1 9.6
Income taxes 3.7 2.6 -1.5
INCOME FOR THE PERIOD -15.1 -10.5 8.0
Income attributable to:
Parent company shareholders -15.1 -10.5 8.0
Earnings per share before and after -1.40 -0.97 0.74
dilution, EUR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Jan 1, Jan 1, Jan 1,
2017– 2016– 2016–
EUR M Mar 31, Mar 31, Dec 31,
2017 2016 2016
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INCOME FOR THE PERIOD -15.1 -10.5 8.0
Other comprehensive income
Items that may be transferred to the income
statement
Translation differences 0.1 -0.1 -0.8
Investments available for sale - - 0.3
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0.1 -0.1 -0.5
COMPREHENSIVE INCOME FOR THE PERIOD -15.1 -10.6 7.5
Comprehensive income attributable to:
Parent company shareholders -15.1 -10.6 7.5
CONSOLIDATED BALANCE SHEET
EUR M Mar 31, Mar 31, Dec 31,
2017 2016 2016
--------------------------------------------------------------------------------
ASSETS
Non-current assets
Intangible assets 2.0 0.8 1.9
Land 0.6 0.6 0.6
Buildings and structures 9.0 9.5 9.2
Renovation costs for rented properties 2.8 1.5 2.3
Vessels 308.0 322.5 308.5
Machinery and equipment 5.3 5.3 5.6
Investments available for sale 27.1 26.8 27.1
Receivables - 0.2 -
Total non-current assets 354.8 367.1 355.2
Current assets
Inventories 18.1 17.0 18.1
Income tax assets 4.7 3.3 1.7
Trade and other receivables 48.7 40.3 36.1
Cash and cash equivalents 62.0 74.9 94.9
Total current assets 133.5 135.5 150.8
TOTAL ASSETS 488.2 502.6 506.0
EQUITY AND LIABILITIES
Equity
Share capital 1.8 1.8 1.8
Reserves 1.0 0.7 1.0
Translation differences -1.1 -0.6 -1.3
Retained earnings 206.1 213.2 221.4
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Equity attributable to parent company 207.9 215.1 222.9
shareholders
Total equity 207.9 215.1 222.9
Non-current liabilities
Deferred tax liabilities 35.9 34.5 35.9
Non-current interest-bearing liabilities 143.1 166.5 150.6
Total non-current liabilities 179.0 201.0 186.5
Current liabilities
Current interest-bearing liabilities 23.5 15.0 23.6
Income tax liabilities 0.0 1.3 0.0
Trade and other payables 77.8 70.3 73.0
Total current liabilities 101.4 86.6 96.6
Total liabilities 280.4 287.5 283.0
TOTAL EQUITY AND LIABILITIES 488.2 502.6 506.0
Equity per share, EUR 19.25 19.91 20.64
The Group’s Half-Year Financial Report for the period January 1–June 30, 2017
will be published on August 17, 2017.
Mariehamn, Åland, May 18, 2017
VIKING LINE ABP
Jan Hanses
President and Chief Executive Officer
President and CEO Jan Hanses, jan.hanses@vikingline.com, +358-18-27000
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