INTERIM REPORT, NOVEMBER 1, 2002 - JULY 31, 2003
SALES AND EARNINGS
During the period November 1, 2002-July 31, 2003, the consolidated sales of
the Viking Line Group totalled 299.21 million euro (year-earlier period: 297.94
million euro). Operating profit was EUR 21.68 M (19.09). Consolidated profit
before taxes was EUR 21.12 M (19.49). Profit after taxes was EUR 14.82 M
(13.46).
Although the number of service days was considerably larger, consolidated
sales were only slightly higher than in the corresponding period of fiscal
2001/2002. Net sales revenues per passenger were largely unchanged. Among other
operating expenses, vessel fuel (bunkering) costs were higher due to the ice
situation during the winter and higher vessel fuel prices early in the report
period. During the spring, Viking Line initiated an earnings improvement
programme, which had a certain impact during the third quarter of the report
period. Operating profit improved.
The Group’s net financial items for the report period were negative. During
the corresponding period of fiscal 2001/2002, the valuation of Swedish krona
holdings on the balance sheet date resulted in an exchange gain, which led to
positive net financial items.
TRAFFIC AND MARKET CONDITIONS
The Group’s vessels served the same main routes as during 2001/2002. During
May and June, the Rosella also provided seven cruises between Stockholm
(Sweden) and Riga (Latvia). The Cinderella provided weekend cruises on the
Helsinki (Finland)-Riga route in June and July. The number of service days
during the report period was larger than during the corresponding period of
fiscal 2001/2002, when among other things the Isabella was out of service for
61 days, while the Ålandsfärjan’s winter hiatus was longer than during
2002/2003 and the Gabriella was dry-docked for 15 days.
Starting on August 17, the Rosella was placed in scheduled service between
Helsinki and Tallinn (Estonia), with four departures per day. Meanwhile the
Cinderella was dry-docked for an extensive refurbishing of the vessel. The
Cinderella will begin its new Stockholm-Mariehamn (Åland Islands) cruise service
on September 4. Starting on September 1, the vessel is being chartered by the
subsidiary Viking Rederi AB and was registered on the same day in the Swedish
ship register.
During the first nine months of fiscal 2002/2003, the number of passengers on
the Group’s vessels totalled 3,816,901. This represented a 0.2 per cent decrease,
compared to the year-earlier period. The total passenger volume in Viking Line’s
service area (Swedish-Åland Islands-Finnish mainland and Finland-Baltic
countries) declined by 0.8 per cent compared to the year-earlier period. Viking
Line’s cargo volume rose by 0.6 per cent to 57,888 cargo units.
Viking Line’s share of passenger traffic in its entire service area totalled
33.7 per cent (33.5). Its market share on each respective route was as follows:
Helsinki-Stockholm, 42.8 per cent (42.7); Turku (Finland)-Stockholm/Kapellskär
(Sweden), 43.8 per cent (43.7); services to the Åland Islands (Finland), 41.0
per cent (39.8); and Helsinki-Baltic countries, 20.5 per cent (20.7). Viking
Line’s share of the cargo market was 21.0 per cent (22.4).
INVESTMENTS AND FINANCING
The Group’s investments during the report period totalled EUR 5.25 M (6.15).
On July 31, 2003, the equity/assets ratio was 51.7 per cent, compared to 48.4
per cent on the same date last year.
At the close of the report period, the Group’s liquid assets amounted to EUR
48.30 M (41.77). Net cash flow from business operations amounted to EUR 30.98 M
(17.03).
PERSONNEL
The average number of Group employees during the report period was 2,832
(2,778). Of these, 2,145 (2,078) worked for the parent company. Land-based
personnel totalled 689 (706) and shipboard personnel totalled 2,143 (2,072).
OUTLOOK FOR THE FULL 2002/2003 FISCAL YEAR
The Group’s earnings during the first nine months of fiscal 2002/2003 were
somewhat better than its earnings for the corresponding period of 2001/2002. The
transfer of the Rosella and the Cinderella to new routes, combined with the
Cinderella’s change of flag, 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 not reach the level of its full-year
2001/2002 earnings.
This Interim Report is unaudited.
The Group’s press release on its results for the 2002/2003 fiscal year will
be published on December 18, 2003.
CONSOLIDATED SUMMARY
INCOME STATEMENT, EUR M |
Nov 2002
- Jul 2003 |
Nov 2001
- Jul 2002 |
Nov 2001
- Oct 2002 |
| Sales |
299.21 |
297.94 |
402.45 |
| Other operating revenues |
0.67 |
0.29 |
0.50 |
| Other operating expenses |
263.50 |
264.59 |
354.88 |
| Depreciation |
14.70 |
14.55 |
19.37 |
| Operating profit |
21.68 |
19.09 |
28.71 |
| Financial items |
-0.56 |
0.40 |
0.56 |
| Profit before taxes |
21.12 |
19.49 |
29.27 |
| Direct taxes |
-6.30 |
-6.03 |
-8.99 |
| Net profit for the period |
14.82 |
13.46 |
20.27 |
CONSOLIDATED SUMMARY
BALANCE SHEET, EUR M |
Jul 31, 2003 |
Jul 31,
2002 |
Oct 31,
2002 |
| ASSETS |
| Fixed assets |
| Intangible assets |
0.35 |
0.54 |
0.38 |
| Tangible assets |
193.85 |
204.32 |
203.34 |
| Shares and participations |
0.04 |
0.07 |
0.07 |
| Current and financial assets |
|
|
|
| Current assets |
8.64 |
9.79 |
8.86 |
| Receivables |
30.49 |
29.92 |
28.74 |
| Liquid assets and bank balances |
48.30 |
41.77 |
43.76 |
| Total assets |
281.68 |
286.41 |
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 |
103.02 |
104.53 |
104.53 |
| Other shareholders' equity |
40.68 |
32.12 |
38.94 |
| Deferred tax liability |
42.08 |
42.69 |
42.08 |
| Long-term liabilities |
34.90 |
43.73 |
41.63 |
| Current liabilities |
59.16 |
61.51 |
56.14 |
| Total shareholders' equity and liabilities |
281.68 |
286.41 |
285.15 |
| PLEDGED ASSETS AND OTHER CONTINGENT LIABILITIES, EUR M |
| Assets pledged for own debt |
58.44 |
58.10 |
57.85 |
| Leasing liabilities |
0.73 |
0.48 |
0.89 |
STATEMENT OF CHANGES
IN FINANCIAL POSITION, EUR M |
Nov 2002
- Jul 2003 |
Nov 2001
- Jul 2002 |
Nov 2001
- Oct 2002 |
| Net cash flow from business
operations |
30.98 |
17.03 |
24.79 |
| Cash flow from capital spending |
-5.17 |
-6.09 |
-9.75 |
| Financial items |
|
|
|
| Decrease in long-term
liabilities |
-6.73 |
-8.91 |
-11.02 |
| Change in long-term
receivables |
0.03 |
0.02 |
0.02 |
| Dividend to shareholders |
-14.58 |
-16.20 |
-16.20 |
| Translation difference |
0.01 |
-0.03 |
-0.04 |
| Total financial items |
-21.27 |
-25.13 |
-27.23 |
| Change in liquid assets |
4.54 |
-14.19 |
-12.20 |
| Liquid assets at the beginning of
the period |
43.76 |
55.96 |
55.96 |
| Liquid assets at the end of the
period |
48.30 |
41.77 |
43.76 |
| FINANCIAL RATIOS AND STATISTICS |
Nov 2002
- Jul 2003 |
Nov 2001
- Jul 2002 |
Nov 2001
- Oct 2002 |
| Earnings per share, EUR |
1.37 |
1.25 |
1.88 |
| Shareholders' equity per share, EUR |
13.48 |
12.82 |
13.45 |
| Equity/assets ratio |
51.7% |
48.4% |
51.0% |
| |
|
|
|
| Investments in fixed assets, EUR M |
5.25 |
6.15 |
9.81 |
| - as a percentage of sales |
1.75% |
2.06% |
2.44% |
| |
|
|
|
| Passengers |
3,816,901
|
3,824,223 |
5,186,385 |
| Cargo units |
57,888 |
57,557 |
78,045 |
| |
|
|
|
| Average number of employees, full time equivalent |
2,832 |
2,778 |
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, September 4, 2003
VIKING LINE ABP
The Board of Directors
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