A half-year that exceeds expectations
JANUARY-
(compared to January-
- Sales amounted to
EUR 226.3 M (EUR 199.8 M). -
Other operating revenue was
EUR 8.9 M (EUR 8.3 M). -
Operating income totalled
EUR 17.1 M (EUR -8.0 M). -
Net financial items were
EUR -7.9 M (-4.7 M). -
Income before taxes totalled
EUR 9.2 M (EUR -12.7 M). -
Income after taxes totalled
EUR 6.9 M (EUR -9.8 M).
Outlook for the full financial year 2023
The Board of Directors has decided to revise its earnings outlook for 2023. Provided that energy prices remain at current levels,
On
Provided that energy prices remain at current levels,
SECOND QUARTER 2023
(compared to second quarter 2022)
- Sales amounted to
EUR 132.4 M (EUR 141.0 M). -
Other operating revenue was
EUR 0.1 M (EUR 2.4 M). -
Operating income totalled
EUR 18.0 M (EUR 10.1 M). -
Net financial items were
EUR -4.4 M (EUR -2.5 M). -
Income before taxes totalled
EUR 13.6 M (EUR 7.6 M). -
Income after taxes totalled
EUR 10.6 M (EUR 6.3 M).
COMMENTS FROM PRESIDENT AND CEO JAN HANSES
Results for the first half of the year exceeded expectations and give cause for an improved full-year outlook. Passenger and cargo volumes continued to rise, despite a smaller number of vessels, while the planned price levels were reached. Bunker (vessel oil) prices have gradually fallen but are still very high relative to before the pandemic and
On
For
During the first six months of the year, nearly 2.2 million passengers sailed with
We are really pleased that we have now also been able to announce our plans to partner with Gotlandsbolaget, for which we see great potential.
I would like to extend my warm thanks to our customers and partners for their faith and good collaboration. I would also like to give a big thank you to our engaged staff, who contributed to our half-year earnings with their good work.
KEY RATIOS, SUMMARY
|
| |||||
EUR M |
| |||||
|
|
|
|
|
|
|
Sales |
| 132.4 | 141.0 | 226.3 | 199.8 | 494.7 |
Other operating revenue |
| 0.1 | 2.4 | 8.9 | 8.3 | 24.1 |
Operating income |
| 18.0 | 10.1 | 17.1 | -8.0 | 38.3 |
Income before taxes |
| 13.6 | 7.6 | 9.2 | -12.7 | 28.3 |
Income for the period |
| 10.6 | 6.3 | 6.9 | -9.8 | 23.0 |
SERVICE AND MARKET
During the first half of the year, the
Viking Grace was dry-docked during the period
Rosella sailed between Mariehamn and Kapellskär until
Last year, on
During the comparative period, Viking Cinderella served the Turku-Mariehamn/Långnäs-
During the first half of last year, Viking Cinderella, Viking XPRS, Gabriella and Rosella were dry-docked.
The total number of passengers on the Group's vessels during the report period was 2,185,843 (1,875,706). The Group had a total market share in its service area of approximately 34.8% (35.4%).
Market demand for travel since the beginning of the year has been significantly higher compared to the same period last year, which was affected by pandemic restrictions.
The Group's total cargo volume was 64,872 cargo units (59,522). The Group's share of the cargo market was approximately 16.9% (14.5%). Demand for cargo in our service area during the period was high but characterized by great weekly variations, and the prevailing situation in
The market share for passenger cars was approximately 27.3% (29.4%).
SALES AND EARNINGS FOR JANUARY - JUNE 2023
Consolidated sales increased 13.3% to
Passenger-related revenue increased 14.7% to
Operating expenses decreased 3.0% to
In January and
SALES AND EARNINGS FOR THE SECOND QUARTER 2023
Consolidated sales decreased 6.1% to
Passenger-related revenue decreased 5.7% to
Salary and other employment benefit expenses decreased 3.3% or
INVESTMENTS AND FINANCE
The Group's investments for the period
The Group's long-term interest-bearing liabilities on
The debt/equity ratio was 47.6% compared to 40.2% for the same period in 2022.
The Group's cash and cash equivalents at the end of June totalled
Net cash flow from operating activities was
Most of the Group's loan agreements include loan covenants according to market terms. The financial covenants in the loan agreements consist of minimum requirements for liquidity and solvency and a maximum net financial debt-to-EBITDA ratio.
The dividend restriction in one of the Group's loan agreements continues to apply in the event the Group's debt-to-EBITDA ratio exceeds 5.0.
ORGANIZATION AND PERSONNEL
The average number of employees in the Group was 2,138 (2,035), 1,611 (1,547) of whom worked in the parent company. Land-based personnel totalled 469 (434) and shipboard personnel totalled 1,669 (1,601). In addition to the Group's own employees, Viking XPRS was crewed by an average of 65 (166) people employed by a staffing company. Since the reflagging of the vessel to the Finnish flag on
During the winter, the company held restructuring negotiations with Finnish land-based staff and co-determination negotiations with Swedish land-based staff on account of the reduction in the company's fleet. Costs have had to be adjusted as a result.
During the comparative period, some shipboard and land-based staff were also made redundant.
Risk faCtorS
As of
OUTLOOK FOR THE FINANCIAL YEAR 2023
The Board of Directors has decided to revise its earnings outlook for 2023. Provided that energy prices remain at current levels,
On
Provided that energy prices remain at current levels,
EVENTS AFTER THE BALANCE SHEET DATE
On
M/S Birka Stockholm between Stockholm-Mariehamn and Stockholm-Mariehamn-Visby.
Gotlandsbolaget acquired M/S Birka Stockholm in
The Board of Directors knows of no other significant events after the balance sheet date that could affect the Half-Year Report.
Mariehamn,
The Board of Directors
President and CEO
Financial information
The Board of Directors' Half-Year Report was prepared in accordance with IFRS accounting standards and valuation principles. The accounting principles and measurement principles applied are the same as for the year-end financial statements for 2022. The figures have not been audited.
Consolidated income statement | ||||||
EUR M | Note | |||||
SALES | 4 | 132,4 | 141,0 | 226,3 | 199,8 | 494,7 |
Other operating revenue | 5 | 0,1 | 2,4 | 8,9 | 8,3 | 24,1 |
Expenses | ||||||
Goods and services | 31,3 | 34,6 | 53,9 | 48,1 | 117,4 | |
Salary and other employment benefit expenses | 6 | 28,6 | 29,6 | 53,1 | 50,4 | 104,7 |
Depreciation, amortization and impairment losses | 7 | 6,8 | 6,9 | 13,5 | 12,7 | 26,5 |
Other operating expenses | 8 | 47,8 | 62,1 | 97,6 | 105,0 | 231,8 |
114,5 | 133,3 | 218,0 | 216,2 | 480,5 | ||
OPERATING INCOME | 18,0 | 10,1 | 17,1 | -8,0 | 38,3 | |
Financial income | 0,6 | 0,0 | 0,9 | 0,2 | 0,3 | |
Financial expenses | 9 | -3,4 | -3,2 | -6,2 | -5,8 | -12,3 |
Share of net profit of associate companies accounted for | -1,6 | 0,7 | -2,6 | 0,9 | 2,0 | |
using the equity method | ||||||
INCOME BEFORE TAXES | 13,6 | 7,6 | 9,2 | -12,7 | 28,3 | |
Income taxes | -2,9 | -1,3 | -2,3 | 2,9 | -5,3 | |
INCOME FOR THE PERIOD | 10,6 | 6,3 | 6,9 | -9,8 | 23,0 | |
Income attributable to: | ||||||
Parent company shareholders | 10,6 | 6,3 | 6,9 | -9,8 | 23,0 | |
Earnings per share before and after dilution, EUR | 0,61 | 0,37 | 0,40 | -0,57 | 1,33 | |
Consolidated statement of | ||||||
comprehensive income | ||||||
EUR M | ||||||
INCOME FOR THE PERIOD | 10,6 | 6,3 | 6,9 | -9,8 | 23,0 | |
Items that may be reclassified to the income statement | ||||||
Translation differences | -1,3 | -0,9 | -1,6 | -1,1 | -1,9 | |
Other comprehensive income | -1,3 | -0,9 | -1,6 | -1,1 | -1,9 | |
COMPREHENSIVE INCOME FOR THE PERIOD | 9,3 | 5,5 | 5,3 | -10,9 | 21,1 | |
Comprehensive income attributable to: | ||||||
Parent company shareholders | 9,3 | 5,5 | 5,3 | -10,9 | 21,1 | |
Consolidated balance sheet | ||||||
EUR M | Note | |||||
ASSETS | ||||||
Non-current assets | ||||||
Intangible assets | 4,1 | 2,9 | 2,8 | |||
Land | 0,5 | 0,5 | 0,5 | |||
Buildings and structures | 1,6 | 1,6 | 1,6 | |||
Renovation costs for rented properties | 0,9 | 1,3 | 1,1 | |||
Vessels | 421,9 | 442,7 | 429,6 | |||
Machinery and equipment | 2,5 | 2,3 | 2,3 | |||
Right-of-use assets | 4,0 | 6,0 | 4,4 | |||
Financial assets at fair value through | ||||||
other comprehensive income | 10,8 | 0,0 | 10,6 | |||
Investments accounted for using the equity method | 12 | 30,3 | 33,5 | 34,6 | ||
Receivables | 0,7 | 4,0 | - | |||
Total non-current assets | 477,5 | 494,8 | 487,3 | |||
Current assets | ||||||
Inventories | 14,4 | 14,8 | 14,0 | |||
Income tax assets | 0,1 | 0,1 | 0,1 | |||
Trade and other receivables | 13 | 47,0 | 52,6 | 36,7 | ||
Cash and cash equivalents | 97,7 | 103,6 | 89,0 | |||
Total current assets | 159,2 | 171,1 | 139,8 | |||
Non-current assets held for sale | 14 | - | 3,2 | 2,4 | ||
TOTAL ASSETS | 636,7 | 669,1 | 629,5 | |||
EQUITY AND LIABILITIES | ||||||
Equity | ||||||
Share capital | 1,8 | 1,8 | 1,8 | |||
Reserves | 49,7 | 49,7 | 49,7 | |||
Translation differences | -4,3 | -2,9 | -3,4 | |||
Retained earnings | 241,7 | 209,9 | 242,4 | |||
Equity attributable to parent company shareholders | 288,9 | 258,5 | 290,5 | |||
Total equity | 288,9 | 258,5 | 290,5 | |||
Non-current liabilities | ||||||
Deferred tax liabilities | 10 | 37,0 | 27,7 | 36,1 | ||
Interest-bearing liabilities | 168,5 | 227,3 | 186,3 | |||
Lease liabilities | 4,0 | 6,1 | 4,5 | |||
Total non-current liabilities | 209,5 | 261,1 | 226,8 | |||
Current liabilities | ||||||
Interest-bearing liabilities | 36,7 | 34,9 | 36,7 | |||
Lease liabilities | 2,4 | 2,7 | 2,4 | |||
Income tax liabilities | 1,0 | 0,0 | 0,0 | |||
Trade and other payables | 98,2 | 111,9 | 73,0 | |||
Total current liabilities | 138,3 | 149,5 | 112,2 | |||
Total liabilities | 347,8 | 410,6 | 339,0 | |||
TOTAL EQUITY AND LIABILITIES | 636,7 | 669,1 | 629,5 | |||
Consolidated cash flow statement | ||||||
EUR M | ||||||
OPERATING ACTIVITIES | ||||||
Income for the period | 6,9 | -9,8 | 23,0 | |||
Adjustments | ||||||
Depreciation, amortization and impairment losses | 13,5 | 12,7 | 26,5 | |||
Capital gains/losses from non-current assets | -8,9 | 0,0 | -13,1 | |||
Income from investments in associate companies | 2,6 | -0,9 | -2,0 | |||
Other items not included in cash flow | -0,4 | -0,2 | -2,8 | |||
Interest expenses and other financial expenses | 5,3 | 4,8 | 10,8 | |||
Interest income and other financial income | -0,8 | -0,2 | -0,3 | |||
Dividend income | 0,0 | 0,0 | 0,0 | |||
Income taxes | 2,3 | -2,9 | 5,3 | |||
Change in working capital | ||||||
Change in trade and other receivables | -10,2 | -25,3 | -11,0 | |||
Change in inventories | -0,4 | -4,8 | -4,0 | |||
Change in trade and other payables | 25,1 | 44,4 | 5,8 | |||
Interest paid | -4,5 | -3,3 | -7,0 | |||
Financial expenses paid | -0,2 | -0,9 | -3,1 | |||
Interest received | 0,6 | - | - | |||
Financial income received | 0,1 | 0,0 | 0,3 | |||
Taxes paid | -0,2 | -0,3 | 0,0 | |||
NET CASH FLOW FROM OPERATING ACTIVITIES | 30,7 | 13,3 | 28,4 | |||
INVESTING ACTIVITIES | ||||||
Investments in vessels | -5,2 | -12,3 | -14,1 | |||
Investments in other non-current assets | -2,3 | -0,4 | -0,8 | |||
Investments in financial assets recognized at fair value | ||||||
through other comprehensive income | -0,2 | - | -10,6 | |||
Divestments of vessels | 11,1 | - | 18,0 | |||
Divestments of other non-current assets | 0,1 | 0,2 | 0,4 | |||
Change in non-current receivables | -0,7 | 0,1 | 5,9 | |||
Dividends received from associate companies | 1,7 | 1,4 | 1,4 | |||
Dividends received from others | 0,0 | 0,0 | 0,0 | |||
NET CASH FLOW FROM INVESTING ACTIVITIES | 4,5 | -11,1 | 0,2 | |||
FINANCING ACTIVITIES | ||||||
Increase in loans | - | 10,0 | 40,0 | |||
Principal payments | -18,4 | -21,8 | -91,4 | |||
Depreciation of lease liabilities | -1,3 | -1,4 | -2,7 | |||
Dividends paid | -6,9 | - | - | |||
NET CASH FLOW FROM FINANCING ACTIVITIES | -26,6 | -13,2 | -54,1 | |||
CHANGE IN CASH AND CASH EQUIVALENTS | 8,7 | -11,0 | -25,5 | |||
Cash and cash equivalents at the beginning of the period | 89,0 | 114,6 | 114,6 | |||
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD | 97,7 | 103,6 | 89,0 |
Statement of changes in consolidated equity | |||||
Equity attributable to parent company shareholders | |||||
Share | Translation | Retained | Total | ||
EUR M | capital | Reserves | differences | earnings | equity |
EQUITY, | 1,8 | 49,7 | -3,4 | 242,4 | 290,5 |
Income for the period | 6,9 | 6,9 | |||
Translation differences | 0,0 | -0,9 | -0,8 | -1,6 | |
Comprehensive income for the period | - | 0,0 | -0,9 | 6,2 | 5,3 |
Dividend to shareholders | -6,9 | -6,9 | |||
Transactions with owners of the parent company | - | - | - | -6,9 | -6,9 |
EQUITY, | 1,8 | 49,7 | -4,3 | 241,7 | 288,9 |
Equity attributable to parent company shareholders | |||||
Share | Translation | Retained | Total | ||
EUR M | capital | Reserves | differences | earnings | equity |
EQUITY, | 1,8 | 49,7 | -2,2 | 220,1 | 269,4 |
Income for the period | -9,8 | -9,8 | |||
Translation differences | 0,0 | -0,6 | -0,4 | -1,1 | |
Comprehensive income for the period | - | 0,0 | -0,6 | -10,3 | -10,9 |
Dividend to shareholders | - | - | |||
Transactions with owners of the parent company | - | - | - | - | - |
EQUITY, | 1,8 | 49,7 | -2,9 | 209,9 | 258,5 |
Consolidated income statement by quarter
| 2023 | 2023 | 2022 | 2022 | 2022 |
EUR M | Q2 | Q1 | Q4 | Q3 | Q2 |
|
|
|
|
|
|
SALES | 132.4 | 93.9 | 124.5 | 170.4 | 141.0 |
|
|
|
|
|
|
Other operating revenue | 0.1 | 8.8 | 15.2 | 0.5 | 2.4 |
|
|
|
|
|
|
Expenses |
|
|
|
|
|
Goods and services | 31.3 | 22.6 | 29.4 | 39.9 | 34.6 |
Salary and other employment benefit expenses | 28.6 | 24.5 | 25.4 | 28.9 | 29.6 |
Depreciation, amortization and impairment losses | 6.8 | 6.7 | 7.2 | 6.7 | 6.9 |
Other operating expenses | 47.8 | 49.8 | 58.4 | 68.5 | 62.1 |
| 114.5 | 103.6 | 120.3 | 144.0 | 133.3 |
|
|
|
|
|
|
OPERATING INCOME | 18.0 | -0.9 | 19.4 | 26.9 | 10.1 |
|
|
|
|
|
|
Financial income | 0.6 | 0.3 | 0.3 | -0.2 | 0.0 |
Financial expenses | -3.4 | -2.8 | -4.0 | -2.6 | -3.2 |
Share of net profit of associates accounted for | -1.6 | -1.0 | 1.2 | -0.1 | 0.7 |
using the equity method |
|
|
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|
|
INCOME BEFORE TAXES | 13.6 | -4.4 | 16.9 | 24.1 | 7.6 |
|
|
|
|
|
|
Income taxes | -2.9 | 0.7 | -3.3 | -4.9 | -1.3 |
|
|
|
|
|
|
INCOME FOR THE PERIOD | 10.6 | -3.7 | 13.6 | 19.3 | 6.3 |
|
|
|
|
|
|
Income attributable to: |
|
|
|
|
|
Parent company shareholders | 10.6 | -3.7 | 13.6 | 19.3 | 6.3 |
|
|
|
|
|
|
Earnings per share before and after dilution, EUR | 0.61 | -0.21 | 0.79 | 1.12 | 0.37 |
Consolidated statement of comprehensive income by quarter
| 2023 | 2023 | 2022 | 2022 | 2022 |
EUR M | Q2 | Q1 | Q4 | Q3 | Q2 |
|
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|
|
|
|
INCOME FOR THE PERIOD | 10.6 | -3.7 | 13.6 | 19.3 | 6.3 |
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|
|
Items that may be reclassified to the income statement |
|
|
|
|
|
Translation differences | -1.3 | -0.3 | -0.5 | -0.4 | -0.9 |
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|
|
|
|
Other comprehensive income | -1.3 | -0.3 | -0.5 | -0.4 | -0.9 |
|
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COMPREHENSIVE INCOME FOR THE PERIOD | 9.3 | -4.0 | 13.1 | 18.9 | 5.5 |
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Comprehensive income attributable to: |
|
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|
|
Parent company shareholders | 9.3 | -4.0 | 13.1 | 18.9 | 5.5 |
Financial ratios and statistics
| |||
| |||
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|
Equity per share, EUR | 16.72 | 14.96 | 16.81 |
Equity/assets ratio | 47.6 % | 40.2 % | 47.0 % |
|
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|
Investments, EUR M | 7.7 | 12.7 | 25.5 |
- as % of sales | 3.4 % | 6.4 % | 5.2 % |
|
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|
|
Passengers | 2,185,843 | 1,875,706 | 4,945,564 |
Cargo units | 64,872 | 59,522 | 117,777 |
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|
Average number of employees, full-time equivalent | 2,138 | 2,035 | 2,203 |
Equity per share = Equity attributable to parent company shareholders / Number of shares.
Equity/assets ratio, % = (Equity including minority interest) / (Total assets - advances received).
When rounding off items to the nearest
NOTES TO THE HALF-YEAR FINANCIAL REPORT FOR THE PERIOD JANUARY-JUNE 2023
1. Accounting principles
This Half-Year Report has been prepared in accordance with IFRS and consists of a summary of the financial statements for the period in accordance with IAS 34.
The Half-Year Report has been prepared in accordance with the same accounting principles, estimates and valuations as in the most recent annual accounts, unless otherwise indicated below.
This Half-Year Report has not been subject to an audit.
When rounding off items to the nearest
2. Estimates and judgements
In preparing the consolidated financial statements in compliance with IFRSs, the company's management must make judgements and estimates about the future that affect the reported amounts for assets and liabilities, revenue and expenses as well as other information. The judgements and estimates contained in the financial statements are based on the best assessment of management on the date the Half-Year Report was published.
However, the geopolitical situation with high energy prices affects the income statement and balance sheet. It is difficult at present to assess how the geopolitical situation will affect the Group, and it is equally difficult to determine how long energy prices will be high and what effects this will have on
The most important area that entails judgements is the valuation of the Group's vessels. The vessels' residual values and estimated periods of use are examined yearly and adjusted if they deviate significantly from earlier values.
The Group's shareholdings are recognized as financial assets at fair value through other comprehensive income and on the reporting date
In valuing the Group's leases, judgements are made as to how the Group will capitalize on any opportunity to extend the lease period or terminate the lease. Judgements are also made as to what discount rate is to be used in calculating the present value of the Group's lease liability. The size of the Group's lease liabilities and rights of use, as well as the payments for its lease liabilities, is affected by those judgements.
Based on the management's judgements, there was no need to take any significant impairment losses.
3. Risks and liquidity
The Group's cash and cash equivalents at the end of June totalled
Most of the Group's loan agreements include loan covenants according to market terms. The financial covenants in the loan agreements consist of minimum requirements for liquidity and solvency and a maximum net financial debt-to-EBITDA ratio.
As of
Future cash flows related to financial liabilities as of
EUR M |
|
|
|
| |
| Future cash flows related to | Lease | Trade | Interest- | Total |
| financial liabilities | liabilities | payables | bearing |
|
| (incl. financial expenses) |
|
| liabilities |
|
| 1.3 | 24.2 | 23.8 | 49.4 | |
| 1.3 |
| 23.5 | 24.8 | |
| 2.3 |
| 45.5 | 47.8 | |
| 1.3 |
| 28.9 | 30.3 | |
| 0.3 |
| 34.7 | 34.9 | |
| 0.1 |
| 24.5 | 24.7 | |
| 0.2 |
| 72.0 | 72.2 | |
| Total | 6.8 | 24.2 | 252.9 | 284.0 |
4. Segment information
Consolidated revenue increased 13.3% and passenger-related revenue increased 14.7%.
|
| |||
EUR M |
| |||
|
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|
|
Sales |
|
|
|
|
Vessels |
| 222.4 | 196.3 | 486.7 |
Unallocated |
| 3.9 | 3.6 | 8.1 |
Total, operating segments |
| 226.3 | 199.8 | 494.8 |
Eliminations |
| 0.0 | 0.0 | -0.1 |
Total sales of the Group |
| 226.3 | 199.8 | 494.7 |
|
|
|
|
|
Operating income |
|
|
|
|
Vessels |
| 48.0 | 17.8 | 93.1 |
Unallocated |
| -30.9 | -25.9 | -54.8 |
Total operating income of the Group |
| 17.1 | -8.0 | 38.3 |
|
|
|
|
|
SALES |
|
|
|
|
Passenger-related revenue |
| 201.1 | 175.2 | 444.4 |
Cargo revenue |
| 23.6 | 23.2 | 47.4 |
Miscellaneous sales revenue |
| 1.6 | 1.4 | 2.9 |
Total |
| 226.3 | 199.8 | 494.7 |
5. Other operating revenue
During the period, Rosella was sold, which has a positive effect on income of
During the comparative period, the Group received aid for public service obligations from Traficom for the Group's vessels on the Turku-Mariehamn/Långnäs-
|
| ||
EUR M | |||
|
|
|
|
| State aid | - | 7.5 |
| Rents received on properties | 0.1 | 0.0 |
| Capital gains | 8.6 | 0.0 |
| Insurance claim payments, accidents | 0.2 | 0.8 |
| Miscellaneous other operating revenue | 0.0 | 0.0 |
| Total | 8.9 | 8.3 |
6. Compensation to employees
During the period, Viking XPRS was reflagged from an Estonian to a Finnish flag. Since the reflagging, the vessel is staffed by
During the comparative period, some of the onboard and land-based staff were also made redundant.
|
| ||
EUR M | |||
|
|
|
|
| Salaries | 55.8 | 52.4 |
| Expenses of defined-contribution pensions | 6.5 | 6.1 |
| Other payroll overhead | 6.2 | 5.7 |
|
| 68.4 | 64.1 |
| Government restitution | -15.3 | -14.0 |
| Aid for furloughs | 0.0 | 0.2 |
| Total | 53.1 | 50.4 |
7. Depreciation
|
| ||
EUR M | |||
|
|
|
|
| Depreciation and amortization |
|
|
| Intangible assets | 0.2 | 0.2 |
| Building and structures | 0.0 | 0.1 |
| Renovation costs for rented properties | 0.2 | 0.2 |
| Vessels | 11.3 | 10.4 |
| Machinery and equipment | 0.3 | 0.4 |
| Right-of-use assets | 1.4 | 1.5 |
| Total | 13.5 | 12.7 |
- Other operating expenses
|
| ||
EUR M | |||
|
|
|
|
| Sales and marketing expenses | 9.8 | 7.9 |
| Washing and cleaning expenses | 11.2 | 9.4 |
| Repairs and maintenance | 6.3 | 5.8 |
| Public port expenses and vessel charges | 16.8 | 16.5 |
| Fuel expenses | 30.9 | 42.6 |
| Miscellaneous expenses | 22.5 | 22.7 |
| Total | 97.6 | 105.0 |
9. Financial expenses
|
| ||
EUR M | |||
|
|
|
|
| Interest expenses on financial liabilities recognized at |
|
|
| amortized cost | 4.3 | 3.7 |
| Interest expenses on lease liabilities | 0.2 | 0.2 |
| Exchange losses | 0.9 | 1.0 |
| Guarantee commissions and other financial expenses | 0.7 | 0.9 |
| Total financial expenses | 6.2 | 5.8 |
10. Income taxes
As of
EUR M |
|
|
|
| |
| Deferred tax liabilities | Differences between recognized value of fixed assets and their value for tax purposes | Losses recognized in taxation | Other temporary differences | Total |
| 37.0 | -1.1 | 0.1 | 36.1 | |
| Translation differences | -0.1 | - | - | -0.1 |
| Recognized in income statement | - | 1.1 | 0.0 | 1.1 |
| Recognized directly in equity | - | - | - | - |
| 36.9 | 0.0 | 0.1 | 37.0 |
11. Impairment testing
Recognized values for intangible assets and property, plant and equipment are tested regularly in order to identify any external or internal indications of an impairment loss. If such indications are observed for any asset item, the recoverable amount of the asset is recognized. One of the most important areas that entail judgements is valuation of the Group's vessels.
The management has also made the assessment that there is no need for impairment for the Group's other non-current assets.
12. Investments accounted for using the equity method
During the first half of the year,
13. Trade and other receivables
Trade receivables are recognized at amortized cost in accordance with IFRS 9. The carrying amount of trade receivables and other receivables is considered equal to fair value based on the short-term nature of the items.
14. Non-current assets held for sale
During the comparative period,
15. Pledged assets and contingent liabilities
|
|
|
|
EUR M |
| ||
|
|
|
|
Contingent liabilities 1 |
| 205.4 | 223.4 |
Assets pledged for own debt 2 |
| 413.4 | 413.4 |
Other liabilities not shown in the balance sheet 3 |
| 3.2 | 3.2 |
1 Concerning loans and credit lines for which vessel, property and chattel mortgages were provided as collateral and other contingent liabilities not included in the balance sheet covered by site leasehold and chattel mortgages.
2 Concerning vessel mortgages, chattel mortgages and site leasehold mortgages.
3 In addition to a capital injection,
16. Events after the balance sheet date
On
Gotlandsbolaget acquired M/S Birka Stockholm in
The Board of Directors knows of no other significant events after the balance sheet date that could affect the Half-Year Report.
President and CEO
jan.hanses@vikingline.com
+358-(0)18-270 00
https://news.cision.com/viking-line-abp/r/viking-line-a-half-year-that-exceeds-expectations,c3822839
https://mb.cision.com/Main/13658/3822839/2251792.pdf
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