2013-05-15 08:00:00 CEST
2013-05-15 08:00:06 CEST
REGULATED INFORMATION
Viking Line - Interim report (Q1 and Q3)
VIKING LINES INTERIM REPORT FOR THE PERIOD JANUARY - MARCH 2013
Mariehamn, 2013-05-15 08:00 CEST (GLOBE NEWSWIRE) --
Viking Line Abp INTERIM REPORT
15.5.2013, 9.00 A.M.
VIKING LINES INTERIM REPORT FOR THE PERIOD JANUARY - MARCH 2013
Consolidated sales of the Viking Line Group during the first quarter, January 1
- March 31, 2013, increased by 13.6 per cent to 115.0 million euros compared to
the same quarter of 2012 (EUR 101.2 M during January 1 - March 31, 2012).
Operating income amounted to EUR -18.9 M (-19.5). Net financial items totalled
EUR -1.9 M (-0.4). Consolidated income before taxes amounted to EUR -20.7 M
(-19.9). Income after taxes totalled EUR -15.7 M (-15.1).
Competition in Viking Line's service area remains tough and implies continued
pressure on prices. Volume and price developments during the remainder of the
financial year will be crucial to the Group's earnings. The Board of Directors
believes that operating income excluding capital gains will improve in 2013
compared to operating income in 2012. In addition, operating income will be
improved by a capital gain of about EUR 23 M on the sale of the Isabella.
SALES AND EARNINGS
Consolidated sales of the Viking Line Group during the first quarter, January 1
- March 31, 2013, increased by 13.6 per cent to 115.0 million euros compared to
the same quarter of 2012 (EUR 101.2 M during January 1 - March 31, 2012).
Operating income amounted to EUR -18.9 M (-19.5). Net financial items totalled
EUR -1.9 M (-0.4). Consolidated income before taxes amounted to EUR -20.7 M
(-19.9). Income after taxes totalled EUR -15.7 M (-15.1).
Passenger-related revenue increased by 15.5 per cent to EUR 105.2 M (91.1),
while cargo revenue decreased by 4.1 per cent to EUR 9.1 M (9.5). Net sales
revenue increased by 15.0 per cent to EUR 83.1 M (72.2). The Group's operating
expenses increased by 11.2 per cent to EUR 102.1 M (91.8). The Viking Grace's
successful service debut was the main reason for the improved passenger-related
revenue. At the same time, earnings were pulled down by the Viking Grace's
start-up expenses.
The Swedish krona remains strong, which is fundamentally favourable to the
Group.
SERVICES AND MARKET TRENDS
The Viking Line Group provides passenger and cargo carrier services using seven
vessels on the northern Baltic Sea. In January 2013, the Isabella was replaced
by the Group's new flagship, the Viking Grace, on the Turku
(Finland)-Mariehamn/Långnäs (Åland Island, Finland)-Stockholm (Sweden) route.
The Isabella was sold in April 2013. Otherwise the Group's vessels served the
same routes as during 2012.
The number of passengers on Viking Line's vessels during the report period
increased by 94,828 to 1,346,750 (1,251,922). Viking Line's cargo volume was
28,747 cargo units (31,636). Viking Line achieved a cargo market share of 21.1
per cent (21.8).
During the report period, Viking Line strengthened its market share on the
Turku-Mariehamn/Långnäs-Stockholm route by 11.0 percentage points to 58.4 per
cent and on the Helsinki (Finland)-Mariehamn-Stockholm route by 1.0 percentage
points to 46.6 per cent. Viking Line also increased its market share in cruise
services between Stockholm and Mariehamn by 5.7 per cent to 54.0 per cent. On
the Helsinki-Tallinn route, market share decreased by 1.2 percentage points to
23.5 per cent. On the short route over the Sea of Åland, market share decreased
by 14.5 percentage points to 30.8 per cent due to a reduced number of
departures. The Group thus had a total market share in its service area of 35.1
per cent (33.5).
INVESTMENTS AND FINANCING
The Viking Grace was delivered from the STX Finland Oy shipyard as planned on
January 10, 2013. The cost of the vessel amounted to EUR 224.4 M. During the
first quarter of 2013 the Group's investment in the Viking Grace totalled EUR
162.7 M, while its other investments amounted to EUR 3.0 M. The Group's total
investments were thus EUR 165.7 M (16.1). Viking Line Abp took out a loan of
EUR 179.0 M in order to finance the Viking Grace.
On March 31, 2013 the Group's non-current interest-bearing liabilities amounted
to EUR 237.2 M (81.6). The equity/assets ratio was 28.2 per cent, compared to
43.8 per cent a year earlier.
At the end of March 2013, the Group's cash and cash equivalents amounted to EUR
41.7 M (29.2). Net cash flow from operating activities amounted to EUR -16.9 M
(-20.5).
FINANCIAL REPORTING
This Interim Report was prepared in compliance with International Financial
Reporting Standards
(IFRSs) and was drawn up as a summary of the financial statements for the
period in compliance with IAS 34. Estimates and judgments as well as accounting
principles and calculation methods are the same as in the latest annual
financial statements. Recognized income taxes are based on an estimated average
tax rate, which is expected to apply throughout the fiscal year. This Interim
Report is unaudited.
EVENTS AFTER THE END OF THE FINANCIAL PERIOD
The Isabella was sold to Hansalink Limited on April 22, 2013. The sale of the
Isabella was a planned step in the financing of Viking Line's new cruise vessel
Viking Grace. The total sale price is about EUR 30 M and represents a capital
gain of about EUR 23 M.
ORGANIZATION AND PERSONNEL
The average number of Group employees was 2,984 (2,892), of whom 1,921 (1,795)
worked for the parent company. Land-based personnel totalled 679 (699) and
shipboard personnel totalled 2,305 (2,193).
ANNUAL GENERAL MEETING
The Annual General Meeting of Viking Line Abp on April 19, 2013 adopted the
parent company and consolidated financial statements. This included the
proposal of the Board of Directors that no dividend be paid for the financial
year January 1−December 31, 2012. The Annual General Meeting discharged the
Board of Directors and the President and Chief Executive Officer from liability
for 2012.
The current composition of the Company's Board of Directors changed as follows.
Since Åsa Ceder had declined re-election, Ulrica Danielsson was elected as a
new deputy member. The Company's Board of Directors until the end of the next
Annual General Meeting thus has the following composition: Ben Lundqvist
(Chairman), Nils-Erik Eklund, Trygve Eriksson, Erik Grönberg, Agneta Karlsson,
Dick Lundqvist and Lars G Nordström plus deputy members Ulrica Danielsson,
Stefan Lundqvist and Johnny Rosenholm.
Re-elected as the Company's Auditors were Johan Kronberg, Authorized Public
Accountant (CGR) and Martin Grandell, Authorized Public Accountant (CGR).
Elected as Deputy Auditor was the firm of PricewaterhouseCoopers Oy, Authorized
Public Accountants (CGR).
RISK FACTORS
Since the Year-end Report was published, no changes have occurred that affect
the Group's short-term assessment of the risks in its business operations.
Special risks during the immediate future are primarily related to bunker
(vessel fuel oil) prices.
OUTLOOK FOR THE FULL FINANCIAL YEAR 2013
Competition in Viking Line's service area remains tough and implies continued
pressure on prices. Volume and price developments during the remainder of the
financial year will be crucial to the Group's earnings. The Board of Directors
believes that operating income excluding capital gains will improve in 2013
compared to operating income in 2012. In addition, operating income will be
improved by a capital gain of about EUR 23 M on the sale of the Isabella.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Jan 1, Jan 1, Jan 1,
2013- 2012- 2012-
EUR M Mar 31, Mar 31, Dec 31,
2013 2012 2012
SALES 115.0 101.2 516.1
Other operating revenue 0.1 0.1 0.4
Expenses
Goods and services 31.9 29.0 149.6
Salary and other employment benefit 32.9 31.2 125.2
expenses
Depreciation and impairment losses 9.3 7.1 28.5
Other operating expenses 59.9 53.5 210.7
--------------------------------------
133.9 120.8 514.1
OPERATING INCOME -18.9 -19.5 2.4
Financial income 0.2 0.2 1.6
Financial expenses -2.0 -0.6 -2.5
INCOME BEFORE TAXES -20.7 -19.9 1.6
Income taxes 5.0 4.8 -0.7
INCOME FOR THE PERIOD -15.7 -15.1 0.9
Translation differences 0.0 0.1 0.1
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD -15.8 -15.0 1.0
Income attributable to:
Parent company shareholders -15.7 -15.1 0.9
Total comprehensive income attributable
to:
Parent company shareholders -15.8 -15.0 1.0
Earnings per share before and after -1.45 -1.39 0.09
dilution, EUR
CONSOLIDATED BALANCE SHEET
EUR M Mar 31, Mar 31, Dec 31,
2013 2012 2012
ASSETS
Non-current assets
Intangible assets 1.1 1.1 0.9
Land 1.1 1.1 1.1
Buildings and structures 12.2 7.8 12.3
Renovation costs for rented properties 0.5 0.5 0.5
Vessels 384.6 190.5 174.2
Machinery and equipment 8.1 5.6 8.1
Advance payments - 39.5 61.1
Investments available for sale 0.0 0.0 0.0
Receivables 0.7 0.8 0.7
Total non-current assets 408.2 246.9 258.9
Current assets
Inventories 16.8 14.5 15.2
Income tax assets 5.2 5.9 1.9
Trade and other receivables 39.7 49.1 29.1
Cash and cash equivalents 41.7 29.2 45.3
Total current assets 103.4 98.7 91.5
Vessels available for sale 7.1 - -
TOTAL ASSETS 518.7 345.6 350.4
EQUITY AND LIABILITIES
Equity
Share capital 1.8 1.8 1.8
Reserves 0.0 0.0 0.0
Translation differences 0.0 0.1 0.1
Retained earnings 144.4 149.4 160.0
--------------------------------------
Equity attributable to parent company 146.2 151.3 162.0
shareholders
Total equity 146.2 151.3 162.0
Non-current liabilities
Deferred tax liabilities 29.7 31.2 29.7
Non-current interest-bearing liabilities 237.2 81.6 73.1
Total non-current liabilities 266.9 112.8 102.8
Current liabilities
Current interest-bearing liabilities 23.6 8.6 8.7
Trade and other payables 82.1 72.8 76.9
Total current liabilities 105.6 81.4 85.6
Total liabilities 372.5 194.2 188.4
TOTAL EQUITY AND LIABILITIES 518.7 345.6 350.4
CONSOLIDATED CASH FLOW STATEMENT
Jan 1, Jan 1, Jan 1,
2013- 2012- 2012-
EUR M Mar 31, Mar 31, Dec 31,
2013 2012 2012
OPERATING ACTIVITIES
Income for the period -15.7 -15.1 0.9
Adjustments
Depreciation and impairment losses 9.3 7.1 28.5
Other items not included in cash flow -0.1 0.1 0.1
Interest expenses and other financial 1.7 0.5 1.6
expenses
Interest income and other financial 0.0 -0.2 -0.4
income
Dividend income - - 0.0
Income taxes -5.0 -4.8 0.7
Change in working capital
Change in trade and other receivables -10.6 -10.0 -0.2
Change in inventories -1.6 -0.9 -1.6
Change in trade and other payables 3.9 2.8 7.1
Interest paid -0.2 -0.5 -1.6
Financial expenses paid -0.2 0.0 -0.1
Interest received 0.0 0.1 0.5
Financial income received 0.0 0.0 0.1
Taxes paid 1.7 0.3 -2.7
NET CASH FLOW FROM
OPERATING ACTIVITIES -16.9 -20.5 32.8
INVESTING ACTIVITIES
Investments in vessels -164.8 -1.1 -4.0
Investments in other property, plant and -0.9 -1.9 -11.0
equipment
Advance payments - -13.1 -34.7
Divestments of other property, plant and 0.0 - 0.1
equipment
Change in non-current receivables 0.0 0.0 0.2
Dividends received - - 0.0
NET CASH FLOW FROM INVESTING ACTIVITIES -165.7 -16.1 -49.5
FINANCING ACTIVITIES
Increase in non-current liabilities 179.0 0.1 1.0
Amortization of non-current liabilities 0.0 0.0 -9.4
Dividends paid - - -5.4
NET CASH FLOW FROM FINANCING ACTIVITIES 179.0 0.1 -13.7
CHANGE IN CASH AND CASH EQUIVALENTS -3.6 -36.5 -30.4
Cash and cash equivalents at beginning of 45.3 55.7 55.7
period
Change in held-to-maturity investments - 10.0 20.0
CASH AND CASH EQUIVALENTS AT END OF 41.7 29.2 45.3
PERIOD
STATEMENT OF CHANGES IN CONSOLIDATED EQUITY
Equity attributable to parent
company shareholders
Share Translatio Retaine Total
n d
EUR M capita Reserve difference earning equity
l s s s
Equity, Jan 1, 2013 1.8 0.0 0.1 160.0 162.0
Dividend to shareholders -
Translation differences 0.0 -0.1 0.0 0.0
Income for the period -15.7 -15.7
Total comprehensive income for the 0.0 -0.1 -15.7 -15.8
period
Equity, Mar 31, 2013 1.8 0.0 0.0 144.4 146.2
Equity, Jan 1, 2012 1.8 0.0 0.1 164.4 166.3
Dividend to shareholders -
Translation differences 0.0 0.0 0.0 0.1
Income for the period -15.1 -15.1
Total comprehensive income for the 0.0 0.0 -15.0 -15.0
period
Equity, Mar 31, 2012 1.8 0.0 0.1 149.4 151.3
QUARTERLY CONSOLIDATED INCOME STATEMENT
2013 2012 2012 2012
EUR M Q1 Q4 Q3 Q2
SALES 115.0 126.6 156.4 131.9
Other operating revenue 0.1 0.1 0.1 0.1
Expenses
Goods and services 31.9 38.2 44.2 38.3
Employee expenses 32.9 31.9 30.8 31.4
Depreciation and impairment losses 9.3 7.3 7.0 7.0
Other operating expenses 59.9 50.0 53.4 53.7
---------------------------
133.9 127.4 135.5 130.3
OPERATING INCOME -18.9 -0.7 21.0 1.6
Financial income 0.2 0.3 0.8 0.3
Financial expenses -2.0 -0.5 -0.7 -0.6
INCOME BEFORE TAXES -20.7 -0.9 21.1 1.3
Income taxes 5.0 0.1 -5.2 -0.4
INCOME FOR THE PERIOD -15.7 -0.8 15.8 0.9
Translation differences 0.0 -0.1 0.2 0.0
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD -15.8 -0.8 16.0 0.9
Income attributable to:
Parent company shareholders -15.7 -0.8 15.8 0.9
Total comprehensive income attributable to:
Parent company shareholders -15.8 -0.8 16.0 0.9
Earnings per share before and after dilution, EUR -1.45 -0.07 1.47 0.08
SEGMENT INFORMATION, VIKING LINE GROUP
Jan 1, 2013- Jan 1, 2012- Jan 1, 2012-
OPERATING SEGMENTS, EUR M Mar 31, 2013 Mar 31, 2012 Dec 31, 2012
Sales
Vessels 113.8 100.3 511.1
Unallocated 1.2 1.0 5.3
Total, operating segments 115.0 101.3 516.3
Eliminations 0.0 0.0 -0.2
Total sales of the Group 115.0 101.2 516.1
Operating income
Vessels -7.4 -7.5 52.5
Unallocated -11.5 -12.0 -50.0
Total operating income of the Group -18.9 -19.5 2.4
PLEDGED ASSETS AND CONTINGENT LIABILITIES
EUR M Mar 31, Mar 31, Dec 31,
2013 2012 2012
Contingent liabilities 262.3 91.1 84.1
Assets pledged for own debt 316.2 134.7 112.2
Investment commitments not included in the - 211.8 191.9
accounts
- contractual amount - 250.8 253.0
FINANCIAL RATIOS AND STATISTICS
Jan 1, Jan 1, Jan 1,
2013- 2012- 2012-
Mar 31, Mar 31, Dec 31,
2013 2012 2012
Equity per share, EUR 13.54 14.01 15.00
Equity/assets ratio 28.2 % 43.8 % 46.2 %
Investments, EUR M 165.7 16.1 49.7
- as % of sales 144.1 % 15.9 % 9.6 %
Passengers 1,346,750 1,251,922 6,349,903
Cargo units 28,747 31,636 116,906
Average number of employees, full time 2,984 2,892 3,014
equivalent
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
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.
The next Interim Report (January - June 2013) will be published on August 15,
2013.
Mariehamn, Åland, May 14, 2013
VIKING LINE ABP
The Board of Directors
Mikael Backman
Ceo and President
CEO Mikael Backman, mikael.backman@vikingline.com, +358-(0)18-27000
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