Viking Line
VIKING LINES INTERIM REPORT FOR
Viking Line 14.11.2013 08:00 --------------------------------------------------------------------------- Viking Line Abp INTERIM REPORT 14.11.2013, 9.00 A.M. VIKING LINES INTERIM REPORT FOR THE PERIOD JANUARY - SEPTEMBER 2013 Consolidated sales of the Viking Line Group during the report period, January 1 - September 30, 2013, increased by 7.7 per cent to EUR 419.7 M compared to the corresponding period of 2012 (EUR 389.5 M during January 1 - September 30, 2012). Other operating revenue amounted to EUR 23.2 M (0.3). Operating income amounted to EUR 32.7 M (3.2). Net financial items totalled EUR -5.1 M (-0.7). Consolidated income before taxes amounted to EUR 27.6 M (2.5). Income after taxes totalled EUR 20.7 M (1.7). Competition in Viking Line's service area remains tough and implies continued pressure on prices. Market growth is very low, but service on the Viking Grace is expected to continue its positive performance. The Group has an ongoing action programme to improve the efficiency of its operations. The Board of Directors believes that operating income excluding capital gains will improve in 2013 compared to operating income in 2012. Income before taxes, excluding the capital gain related to the sale of the Isabella, is expected to be at about the same level as last year. In addition, the capital gain from the sale of the Isabella will improve income before taxes by EUR 22.8 M. SALES AND EARNINGS Consolidated sales of the Viking Line Group during the report period, January 1 - September 30, 2013, increased by 7.7 per cent to EUR 419.7 M compared to the corresponding period of 2012 (EUR 389.5 M during January 1 - September 30, 2012). Other operating revenue amounted to EUR 23.2 M (0.3). Operating income amounted to EUR 32.7 M (3.2). Net financial items totalled EUR -5.1 M (-0.7). Consolidated income before taxes amounted to EUR 27.6 M (2.5). Income after taxes totalled EUR 20.7 M (1.7). Viking Line's market share increased to 34.4 per cent (33.7). Passenger-related revenue increased by 7.9 per cent to EUR 389.7 M (361.1), while cargo revenue increased by 5.3 per cent to EUR 27.1 M (25.8). Net sales revenue increased by 9.6 per cent to EUR 304.8 M (278.1). The placement into service of the Viking Grace on the Turku (Finland)-Mariehamn/ Långnäs (Åland Islands, Finland)-Stockholm (Sweden) route was the main reason for the improved passenger-related revenue. Market growth was weak, but the company's earnings trend was somewhat better than last year. Earnings were pulled down by the Viking Grace's start-up expenses as well as the Gabriella's unforeseen dry-docking and 23-day service interruption during the late spring of 2013. The Group's operating expenses increased by 7.3 per cent to EUR 295.3 M (275.2). Consolidated income before taxes, excluding a capital gain from the sale of the Isabella, totalled EUR 4.8 M (2.5). Consolidated sales during the third quarter, July 1 - September 30, 2013, increased by 5.1 per cent to EUR 164.4 M compared to the same quarter of 2012 (EUR 156.4 M during July 1 - September 30, 2012). Operating income in the third quarter amounted to EUR 26.6 M (21.0) and income after taxes totalled EUR 18.9 M (15.8). 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 Viking Grace on the Turku-Mariehamn/Långnäs-Stockholm route. The Isabella was sold in April 2013. The number of passengers on Viking Line's vessels during the report period increased by 144,432 to 4,998,757 (4,854,325). Viking Line's cargo volume was 88,819 cargo units (88,488). Viking Line achieved a cargo market share of 20.7 per cent (20.0). During the report period, Viking Line strengthened its market share on the Turku-Mariehamn/Långnäs-Stockholm route by 8.3 percentage points to 58.3 per cent. Market share increased on the Helsinki (Finland)-Mariehamn-Stockholm route by 0.3 percentage points to 45.4 per cent. In cruise services between Stockholm and Mariehamn, market share decreased by 0.6 per cent to 51.9 per cent. On the Helsinki-Tallinn (Estonia) route, market share decreased by 1.1 percentage points to 23.0 per cent. On the short route over the Sea of Åland, market share decreased by 3.1 percentage points to 41.6 per cent, primarily due to a reduced number of departures. The Group thus had a total market share in its service area of 34.4 per cent (33.7). INVESTMENTS AND FINANCING Of the Group's investments during the report period, its investment in the Viking Grace totalled EUR 163.5 M, while its other investments amounted to EUR 6.0 M. The Group's total investments were thus EUR 169.5 M (39.9). 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 was about EUR 30 M and represented a capital gain of EUR 22.8 M. On September 30, 2013 the Group's non-current interest-bearing liabilities amounted to EUR 225.5 M (77.4). The equity/assets ratio was 33.8 per cent, compared to 45.7 per cent a year earlier. At the end of September 2013, the Group's cash and cash equivalents amounted to EUR 88.9 M (41.8). Net cash flow from operating activities amounted to EUR 19.9 M (15.4). 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. ORGANIZATION AND PERSONNEL The average number of Group employees was 3,151 (3,048), of whom 1,986 (1,860) worked for the parent company. Land-based personnel totalled 708 (725) and shipboard personnel totalled 2,443 (2,323). Andreas Remmer, LL.M, has been a new member of Group Management since September 2013 as Head of Finance and IT (Chief Financial Officer, CFO). 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) prices. OUTLOOK FOR THE FULL FINANCIAL YEAR 2013 Competition in Viking Line's service area remains tough and implies continued pressure on prices. Market growth is very low, but service on the Viking Grace is expected to continue its positive performance. The Group has an ongoing action programme to improve the efficiency of its operations. The Board of Directors believes that operating income excluding capital gains will improve in 2013 compared to operating income in 2012. Income before taxes, excluding the capital gain related to the sale of the Isabella, is expected to be at about the same level as last year. In addition, the capital gain from the sale of the Isabella will improve income before taxes by EUR 22.8 M. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Jul 1, Jul 1, Jan 1, Jan 1, Jan 1, 2013- 2012- 2013- 2012- 2012- EUR M Sep 30, Sep 30, Sep 30, Sep 30, Dec 31, 2013 2012 2013 2012 2012 SALES 164.4 156.4 419.7 389.5 516.1 Other operating revenue 0.2 0.1 23.2 0.3 0.4 Expenses Goods and services 43.4 44.2 114.9 111.5 149.6 Salary and other employment 31.9 30.8 98.5 93.3 125.2 benefit expenses Depreciation and impairment 8.8 7.0 27.4 21.2 28.5 losses Other operating expenses 53.8 53.4 169.4 160.6 210.7 ------------------------------------------------ 137.9 135.5 410.2 386.6 514.1 OPERATING INCOME 26.6 21.0 32.7 3.2 2.4 Financial income 0.3 0.8 0.9 1.3 1.6 Financial expenses -2.0 -0.7 -6.0 -2.0 -2.5 INCOME BEFORE TAXES 25.0 21.1 27.6 2.5 1.6 Income taxes -6.1 -5.2 -6.9 -0.8 -0.7 INCOME FOR THE PERIOD 18.9 15.8 20.7 1.7 0.9 Translation differences -0.1 0.2 -0.3 0.2 0.1 TOTAL COMPREHENSIVE INCOME FOR 18.8 16.0 20.4 1.9 1.0 THE PERIOD Income attributable to: Parent company shareholders 18.9 15.8 20.7 1.7 0.9 Total comprehensive income attributable to: Parent company shareholders 18.8 16.0 20.4 1.9 1.0 Earnings per share before and 1.75 1.47 1.92 0.16 0.09 after dilution, EUR CONSOLIDATED BALANCE SHEET EUR M Sep 30, Sep 30, Dec 31, 2013 2012 2012 ASSETS Non-current assets Intangible assets 0.9 1.0 0.9 Land 1.1 1.1 1.1 Buildings and structures 11.8 10.4 12.3 Renovation costs for rented 0.5 0.5 0.5 properties Vessels 370.5 179.5 174.2 Machinery and equipment 8.3 6.8 8.1 Advance payments - 56.5 61.1 Investments available for sale 0.0 0.0 0.0 Receivables 0.7 0.8 0.7 Total non-current assets 393.6 256.6 258.9 Current assets Inventories 15.3 15.4 15.2 Income tax assets 0.5 2.4 1.9 Trade and other receivables 40.7 40.2 29.1 Cash and cash equivalents 88.9 41.8 45.3 Total current assets 145.4 99.8 91.5 TOTAL ASSETS 539.0 356.4 350.4 EQUITY AND LIABILITIES Equity Share capital 1.8 1.8 1.8 Reserves 0.0 0.0 0.0 Translation differences -0.2 0.2 0.1 Retained earnings 180.8 160.8 160.0 ------------------------------ Equity attributable to parent 182.4 162.8 162.0 company shareholders Total equity 182.4 162.8 162.0 Non-current liabilities Deferred tax liabilities 29.7 31.2 29.7 Non-current interest-bearing 225.5 77.4 73.1 liabilities Total non-current liabilities 255.2 108.6 102.8 Current liabilities Current interest-bearing 19.4 8.7 8.7 liabilities Income tax liabilities 7.0 0.0 - Trade and other payables 75.1 76.3 76.9 Total current liabilities 101.5 85.0 85.6 Total liabilities 356.6 193.6 188.4 TOTAL EQUITY AND LIABILITIES 539.0 356.4 350.4 CONSOLIDATED CASH FLOW STATEMENT Jan 1, Jan 1, Jan 1, 2013- 2012- 2012- EUR M Sep 30, Sep 30, Dec 31, 2013 2012 2012 OPERATING ACTIVITIES Income for the period 20.7 1.7 0.9 Adjustments Depreciation and impairment 27.4 21.2 28.5 losses Other items not included in -23.1 0.2 0.1 cash flow Interest expenses and other 5.3 1.3 1.6 financial expenses Interest income and other -0.1 -0.3 -0.4 financial income Dividend income 0.0 0.0 0.0 Income taxes 6.9 0.8 0.7 Change in working capital Change in trade and other -11.6 -11.3 -0.2 receivables Change in inventories -0.1 -1.8 -1.6 Change in trade and other -3.0 6.4 7.1 payables Interest paid -3.5 -1.3 -1.6 Financial expenses paid -0.6 -0.1 -0.1 Interest received 0.0 0.4 0.5 Financial income received 0.0 0.0 0.1 Taxes paid 1.5 -1.8 -2.7 NET CASH FLOW FROM OPERATING ACTIVITIES 19.9 15.4 32.8 INVESTING ACTIVITIES Investments in vessels -166.7 -2.9 -4.0 Investments in other property, -2.8 -6.9 -11.0 plant and equipment Advance payments - -30.1 -34.7 Divestments of vessels 29.9 - - Divestments of other property, 0.2 0.1 0.1 plant and equipment Change in non-current 0.0 0.0 0.2 receivables Dividends received 0.0 0.0 0.0 NET CASH FLOW FROM INVESTING -139.3 -39.8 -49.5 ACTIVITIES FINANCING ACTIVITIES Increase in non-current 179.1 0.3 1.0 liabilities Amortization of non-current -16.0 -4.4 -9.4 liabilities Dividends paid - -5.4 -5.4 NET CASH FLOW FROM FINANCING 163.1 -9.5 -13.7 ACTIVITIES CHANGE IN CASH AND CASH 43.6 -33.9 -30.4 EQUIVALENTS Cash and cash equivalents at 45.3 55.7 55.7 beginning of period Change in held-to-maturity - 20.0 20.0 investments CASH AND CASH EQUIVALENTS AT 88.9 41.8 45.3 END OF 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, 2012 1.8 0.0 0.1 164.4 166.3 Income for the period 1.7 1.7 Translation differences 0.0 0.1 0.1 0.2 Total comprehensive income for the - 0.0 0.1 1.8 1.9 period Dividend to shareholders -5.4 -5.4 Equity, Sep 30, 2012 1.8 0.0 0.2 160.8 162.8 Equity, Jan 1, 2013 1.8 0.0 0.1 160.0 162.0 Income for the period 20.7 20.7 Translation differences 0.0 -0.3 0.0 -0.3 Total comprehensive income for the - 0.0 -0.3 20.7 20.4 period Dividend to shareholders - Equity, Sep 30, 2013 1.8 0.0 -0.2 180.8 182.4 QUARTERLY CONSOLIDATED INCOME STATEMENT 2013 2013 2013 2012 EUR M Q3 Q2 Q1 Q4 SALES 164.4 140.3 115.0 126.6 Other operating revenue 0.2 22.9 0.1 0.1 Expenses Goods and services 43.4 39.6 31.9 38.2 Salary and other employment benefit expenses 31.9 33.7 32.9 31.9 Depreciation and impairment losses 8.8 9.3 9.3 7.3 Other operating expenses 53.8 55.6 59.9 50.0 --------------------------- 137.9 138.3 133.9 127.4 OPERATING INCOME 26.6 25.0 -18.9 -0.7 Financial income 0.3 0.4 0.2 0.3 Financial expenses -2.0 -2.0 -2.0 -0.5 INCOME BEFORE TAXES 25.0 23.3 -20.7 -0.9 Income taxes -6.1 -5.8 5.0 0.1 INCOME FOR THE PERIOD 18.9 17.6 -15.7 -0.8 Translation differences -0.1 -0.2 0.0 -0.1 TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 18.8 17.4 -15.8 -0.8 Income attributable to: Parent company shareholders 18.9 17.6 -15.7 -0.8 Total comprehensive income attributable to: Parent company shareholders 18.8 17.4 -15.8 -0.8 Earnings per share before and after dilution, EUR 1.75 1.63 -1.45 -0.07 SEGMENT INFORMATION, VIKING LINE GROUP Jan 1, 2013- Jan 1, 2012- Jan 1, 2012- OPERATING SEGMENTS, EUR M Sep 30, 2013 Sep 30, 2012 Dec 31, 2012 Sales Vessels 416.0 385.7 511.1 Unallocated 3.9 4.0 5.3 Total, operating segments 419.9 389.7 516.3 Eliminations -0.2 -0.2 -0.2 Total sales of the Group 419.7 389.5 516.1 Operating income Vessels 66.3 38.4 52.5 Unallocated -33.6 -35.3 -50.0 Total operating income of the Group 32.7 3.2 2.4 PLEDGED ASSETS AND CONTINGENT LIABILITIES EUR M Sep 30, Sep 30, Dec 31, 2013 2012 2012 Contingent liabilities 246.2 87.0 84.1 Assets pledged for own debt 316.2 134.9 112.2 Investment commitments not included in the - 198.9 191.9 accounts - contractual amount - 254.2 253.0 FINANCIAL RATIOS AND STATISTICS Jan 1, Jan 1, Jan 1, 2013- 2012- 2012- Sep 30, Sep 30, Dec 31, 2013 2012 2012 Equity per share, EUR 16.88 15.07 15.00 Equity/assets ratio 33.8 % 45.7 % 46.2 % Investments, EUR M 169.5 39.9 49.7 - as % of sales 40.4 % 10.2 % 9.6 % Passengers 4,998,757 4,854,325 6,349,903 Cargo units 88,819 88,488 116,906 Average number of employees, full time 3,151 3,048 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 Year-end Report for the financial year 2013 will be published on February 13, 2014. Mariehamn, Åland, November 13, 2013 VIKING LINE ABP The Board of Directors Mikael Backman CEO and President CEO Mikael Backman, mikael.backman@vikingline.com, +358-(0)18-27000 News Source: NASDAQ OMX 14.11.2013 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Viking Line Finland Phone: Fax: E-mail: Internet: ISIN: FI0009005250 WKN: End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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