INTERIM REPORT Nov 1, 2001 - July 31, 2002
SALES AND EARNINGS
During the period November 1, 2001-July 31, 2002, consolidated sales of the Viking Line Group amounted to 297.94 million euro (year-earlier period: 312.85 million euro). Operating profit was EUR 19.09 M (25.50). Consolidated profit before taxes was EUR 19.49 M (23.16).
Profit after taxes was EUR 13.46 M (16.21). Taxes for the period were calculated on the basis of the reported earnings of Group companies.
Group sales fell during the report period, mainly due to lower passenger volume during the first half of the fiscal year. Overall revenues per passenger were largely unchanged. About two thirds of the decrease in volume was due to the Isabella’s accident and subsequent absence from service. In addition, the number of other dry-docking and idle days was larger than during the year-earlier period. The decrease in sales, together with high repair and maintenance expenses, resulted in lower operating profit. Government restitution, which on Finnish-registered vessels is limited to a portion of shipboard personnel’s taxes, was taken into account as a reduction in expenses.
The increased repair and maintenance expenses were mainly related to quality-enhancement measures. The repair expenses owing to the Isabella’s accident were mainly covered by the vessel’s insurance.
The main reason for the improvement in the Group’s net financial items was that the Swedish krona has strengthened, compared to its exchange rate at the beginning of the fiscal year.
TRAFFIC AND MARKET CONDITIONS
During the first nine months of fiscal 2001/2002, the number of passengers on the Group’s vessels totalled 3,824,223. This represented a 4.4 per cent decrease, compared to the year-earlier period. The total passenger market in Viking Line’s service area (Finland-Sweden and Finland-Baltic states) rose by 1.0 per cent, compared to the year-earlier period. Viking Line’s cargo volume rose by 0.3 per cent to 57,557 cargo units.
Viking Line’s share of the passenger traffic in its entire service area amounted to 33.5 per cent (35.3). Its market share on each respective route was as follows: Helsinki (Finland)-Stockholm (Sweden), 42.7 per cent (43.6); Turku (Finland)-Stockholm/Kapellskär (Sweden), 43.7 per cent (46.4); services to the Åland Islands (Finland), 39.8 per cent (42.2); and Helsinki-Baltic states, 20.7 per cent (22.2). Viking Line’s share of the cargo market totalled 22.4 per cent (22.2).
As mentioned above, the decrease in Viking Line’s passenger volume was partly due to the Isabella’s accident. The Isabella ran aground on December 20, 2001 and resumed service on February 13, 2002. During this period, the Rosella was placed in service on the Turku-Åland-Stockholm route, while the vessel’s “Dancing Queen” cruises on the Stockholm-Mariehamn route were cancelled. In June and July, the Cinderella provided weekend cruises on the Helsinki-Riga (Latvia) route. Otherwise the Group’s vessels served the same routes as during 2000/2001. Besides the Isabella’s absence from service, there were 34 more dry-docking and idle days during the report period than during the year-earlier period.
CAPITAL SPENDING AND FINANCING
The Group’s investments in fixed assets during the report period totalled EUR 6.15 M (7.14) On July 31, 2002, the equity/assets ratio was 48.4 per cent, compared to 45.8 per cent on the same date last year.
PERSONNEL
The average number of Group employees during the report period was 2,778 (2,785). Of these, 2,078 (2,096) worked for the parent company. Land-based personnel totalled 706 (701) and shipboard personnel totalled 2,072 (2,084).
OUTLOOK FOR THE FULL 2001/2002 FISCAL YEAR
Developments during the first nine months of the fiscal year, together with a changed competitive situation, are expected to lead to lower earnings in 2001/2002 than in the preceding fiscal year.
This Interim Report is unaudited.
On December 19, 2002, the Group will publish a press release concerning its results for the 2001/2002 fiscal year, which ends on October 31.
CONSOLIDATED
SUMMARY INCOME STATEMENT, EUR M |
Nov 2001- Jul 2002 |
Nov 2000- Jul 2001 |
Nov 2000- Oct 2001 |
| Sales |
297.94 |
312.85 |
420.78 |
| Other operating revenues |
0.29 |
0.29 |
0.49 |
| Other operating expenses |
264.59 |
273.43 |
364.42 |
| Depreciation |
14.55 |
14.22 |
18.79 |
| Operating profit |
19.09 |
25.50 |
38.06 |
| Financial items |
0.40 |
-2.34 |
-3.24 |
| Profit before taxes |
19.49 |
23.16 |
34.82 |
| Direct taxes |
-6.03 |
-6.95 |
-10.43 |
| Net profit for the period |
13.46 |
16.21 |
24.40 |
| CONSOLIDATED SUMMARY BALANCE SHEET, EUR M |
Jul 31,
2002 |
Jul 31,
2001 |
Oct 31,
2001 |
| ASSETS |
| Fixed assets |
| Intangible assets |
0.54 |
1.00 |
0.86 |
| Tangible assets |
204.32 |
215.83 |
212.42 |
| Shares and participations |
0.07 |
0.07 |
0.07 |
| Current and financial assets |
|
|
|
| Current assets |
9.79 |
8.70 |
7.90 |
| Receivables |
29.92 |
22.79 |
17.66 |
| Liquid assets and bank balances |
41.77 |
42.36 |
55.96 |
| Total assets |
286.41 |
290.75 |
294.85 |
| SHAREHOLDERS’ EQUITY AND LIABILITIES |
| Shareholders' equity |
| Share capital |
1.82 |
1.82 |
1.82 |
| Legal reserve |
0.02 |
0.02 |
0.02 |
| Share of accumulated appropriations |
104.53 |
103.93 |
103.93 |
| Other shareholders' equity |
32.12 |
27.29 |
35.45 |
| Deferred tax liability |
42.69 |
42.45 |
42.69 |
| Long-term liabilities |
43.73 |
52.56 |
50.46 |
| Current liabilities |
61.51 |
62.69 |
60.50 |
| Total shareholders' equity and liabilities |
286.41 |
290.75 |
294.85 |
| PLEDGED ASSETS AND OTHER CONTINGENT LIABILITIES, EUR M |
| Assets pledged for own debt |
58.10 |
77.20 |
66.83 |
| Leasing liabilities |
0.48 |
0.51 |
0.51 |
| FINANCIAL RATIOS AND STATISTICS |
Nov 2001-
Jul 2002 |
Nov 2000-
Jul 2001 |
Nov 2000-
Oct 2001 |
| Earnings per share, EUR |
1.25 |
1.50 |
2.26 |
| Shareholders' equity per share, EUR |
12.82 |
12.32 |
13.07 |
| Equity/assets ratio |
48.4% |
45.8% |
47.9% |
| Investments in fixed assets, EUR M |
6.15 |
7.14 |
8.16 |
| - as a percentage of sales |
2.06% |
2.28% |
1.94% |
| Passengers |
3,824,223
|
4,002,008 |
5,387,749 |
| Cargo units |
57,557 |
57,395 |
77,879 |
| Average number of employees, full time equivalent |
2,778 |
2,785 |
2,780 |
When rounding off items to the nearest EUR 1,000,000, rounding-off differences of EUR ± 0.01 M have arisen.
Mariehamn, Åland, September 5, 2002
VIKING LINE ABP
The Board of Directors
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