SIX-MONTH REPORT, NOVEMBER 1, 2002 - APRIL 30, 2003
SALES AND EARNINGS
During the period November 1, 2002-April 30, 2003, the consolidated sales of
the Viking Line Group totalled 178.30 million euro (year-earlier period: 176.86
million euro). Operating profit was EUR -0.88 M (-0.26). Consolidated profit
before taxes was EUR -1.24 M (0.51). Profit after taxes was EUR -1.29 M (0.04).
Although the number of service days was considerably larger, Group sales were
only slightly higher than in the corresponding period of fiscal 2001/2002. Net
sales revenues per passenger were lower. Among other operating expenses, vessel
fuel (bunkering) costs rose significantly due to the ice situation during the
winter and higher vessel fuel prices during most of the report period. Operating
profit was somewhat lower than in the year-earlier period.
The Group’s net financial items for the report period were negative, which
also contributed to lower earnings than in the year-earlier period. During the
corresponding period of fiscal 2001/2002, the valuation of Swedish krona
holdings on the balance sheet date resulted in a sizeable exchange gain, which
led to positive net financial items.
TRAFFIC AND MARKET CONDITIONS
Competition in Viking Line’s service area (Finnish mainland-Åland
Islands-Sweden and Finland-Baltic countries) is becoming increasingly keen,
especially from shipping companies with vessels that sail under a foreign flag
and have lower manning expenses. In the service area, two Swedish-registered
vessels have been added. The range of cruises under the Estonian flag also
expanded, due to Tallink’s large new passenger vessel, which began service last
year.
The Group’s vessels served the same main routes as during 2001/2002. The
number of service days during the report period was larger than during the
corresponding period of fiscal 2001/2002. During the same period in 2001/2002,
the Isabella was out of service for 55 days, while the Ålandsfärjan’s winter
hiatus was longer than during 2002/2003 and the Gabriella was dry-docked for 15
days.
During the first half of fiscal 2002/2003, the number of passengers on the
Group’s vessels totalled 2,258,618. This represented a 1.5 per cent increase,
compared to the year-earlier period. The total passenger volume in Viking Line’s
service area declined by 0.8 per cent compared to the year-earlier period.
Viking Line’s cargo volume rose by 4.3 per cent to 40,177 cargo units.
Viking Line’s share of passenger traffic in its entire service area totalled
35.4 per cent (34.6). Its market share on each respective route was as follows:
Helsinki (Finland)-Stockholm (Sweden), 42.8 per cent (42.3); Turku (Finland)-Stockholm/Kapellskär
(Sweden), 43.2 per cent (42.2); services to the Åland Islands (Finland), 41.8
per cent (39.1); and Helsinki-Baltic countries, 24.6 per cent (24.5). Viking
Line’s share of the cargo market was 22.0 per cent (23.0).
INVESTMENTS AND FINANCING
The Group’s investments during the report period totalled EUR 3.95 M (4.70).
On April 30, 2003, the equity/assets ratio was 49.1 per cent, compared to 46.8
per cent on the same date last year.
At the close of the report period, the Group’s liquid assets amounted to EUR
27.91 M (23.35). Net cash flow from business operations amounted to EUR 9.35 M
(-2.84).
PERSONNEL
The average number of Group employees during the report period was 2,739
(2,674). Of these, 2,096 (2,022) worked for the parent company. Land-based
personnel totalled 662 (677) and shipboard personnel totalled 2,077 (1,997).
OUTLOOK FOR THE FULL 2002/2003 FISCAL YEAR
The Group’s earnings are not generated evenly throughout the year. Earnings
for the full fiscal year are highly dependent on volume and price developments
during the summer. The transfer of two of the Group’s vessels to new routes
late in the fiscal year will lead to conversion costs. In light of this and the
prevailing competitive and market situation, the Group estimates that its
earnings during the full fiscal year will be lower than its full-year 2001/2002
earnings.
This Interim Report is unaudited.
The next Interim Report (November 1, 2002 to July 31, 2003) will be published
on September 4, 2003.
CONSOLIDATED SUMMARY
INCOME STATEMENT, EUR M |
Nov 2002
- Apr 2003 |
Nov 2001
- Apr 2002 |
Nov 2001
- Oct 2002 |
| Sales |
178.30 |
176.86 |
402.45 |
| Other operating revenues |
0.20 |
0.16 |
0.50 |
| Other operating expenses |
169.61 |
167.60 |
354.88 |
| Depreciation |
9.77 |
9.68 |
19.37 |
| Operating profit |
-0.88 |
-0.26 |
28.71 |
| Financial items |
-0.35 |
0.76 |
0.56 |
| Profit before taxes |
-1.24 |
0.51 |
29.27 |
| Direct taxes |
-0.06 |
-0.46 |
-8.99 |
| Net profit for the period |
-1.29 |
0.04 |
20.27 |
CONSOLIDATED SUMMARY
BALANCE SHEET, EUR M |
Apr 30, 2003 |
Apr 30,
2002 |
Oct 31,
2002 |
| ASSETS |
| Fixed assets |
| Intangible assets |
0.37 |
0.68 |
0.38 |
| Tangible assets |
197.49 |
207.62 |
203.34 |
| Shares and participations |
0.07 |
0.07 |
0.07 |
| Current and financial assets |
|
|
|
| Current assets |
8.53 |
8.53 |
8.86 |
| Receivables |
29.01 |
26.86 |
28.74 |
| Liquid assets and bank balances |
27.91 |
23.35 |
43.76 |
| Total assets |
263.37 |
267.12 |
285.15 |
| |
| 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 |
103.03 |
104.53 |
104.53 |
| Other shareholders' equity |
24.56 |
18.71 |
38.94 |
| Deferred tax liability |
42.08 |
42.69 |
42.08 |
| Long-term liabilities |
34.90 |
43.73 |
41.63 |
| Current liabilities |
56.98 |
55.62 |
56.14 |
| Total shareholders' equity and liabilities |
263.37 |
267.12 |
285.15 |
| PLEDGED ASSETS AND OTHER CONTINGENT LIABILITIES, EUR M |
| Assets pledged for own debt |
57.84 |
64.73 |
57.85 |
| Leasing liabilities |
0.80 |
0.45 |
0.89 |
STATEMENT OF CHANGES
IN FINANCIAL POSITION, EUR M |
Nov 2002
- Apr 2003 |
Nov 2001
- Apr 2002 |
Nov 2001
- Oct 2002 |
| Net cash flow from business
operations |
9.35 |
-2.84 |
24.79 |
| Cash flow from capital spending |
-3.92 |
-4.66 |
-9.75 |
| Financial items |
|
|
|
| Decrease in long-term
liabilities |
-6.73 |
-8.91 |
-11.02 |
| Change in long-term
receivables |
0.02 |
0.02 |
0.02 |
| Dividend to shareholders |
-14.58 |
-16.20 |
-16.20 |
| Translation difference |
-0.01 |
-0.02 |
-0.04 |
| Total financial items |
-21.29 |
-25.11 |
-27.23 |
| Change in liquid assets |
-15.86 |
-32.61 |
-12.20 |
| Liquid assets at the beginning of
the period |
43.76 |
55.96 |
55.96 |
| Liquid assets at the end of the
period |
27.91 |
23.35 |
43.76 |
| FINANCIAL RATIOS AND STATISTICS |
Nov 2002
- Apr 2003 |
Nov 2001
- Apr 2002 |
Nov 2001
- Oct 2002 |
| Earnings per share, EUR |
-0.12 |
0.00 |
1.88 |
| Shareholders' equity per share, EUR |
11.98 |
11.58 |
13.45 |
| Equity/assets ratio |
49.1% |
46.8% |
51.0% |
| |
|
|
|
| Investments in fixed assets, EUR M |
3.95 |
4.70 |
9.81 |
| - as a percentage of sales |
2.22% |
2.66% |
2.44% |
| |
|
|
|
| Passengers |
2,258,618
|
2,224,242 |
5,186,385 |
| Cargo units |
40,177 |
38,525 |
78,045 |
| |
|
|
|
| Average number of employees, full time equivalent |
2,739 |
2,674 |
2,792 |
When rounding off items to the nearest EUR 1,000,000, rounding-off differences of EUR ± 0.01 M have
occurred.
Mariehamn, Åland, June 4, 2003
VIKING LINE ABP
The Board of Directors
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