Consolidated sales of the Viking Line Group during the first quarter, January 1 – March 31, 2015, increased by 1.5 per cent to 105.0 million euros compared to the same quarter of 2014 (EUR 103.4 M). Operating income amounted to EUR -9.8 M (-17.1). Income after taxes totalled EUR -8.2 M (-15.6). Consolidated operating income improved mainly due to lower operating expenses and fewer vessel dry-dockings than in the same quarter of 2014. Operating expenses decreased by 7.1 per cent to EUR 77.7 M (83.6). The items that decreased the most were bunker (vessel fuel) expenses and salary and other employment benefit expenses. The decrease in bunker expenses is explained by lower average bunker prices combined with the Group’s continued efforts to optimize the bunker consumption of its vessels. Salary and other employment benefit expenses decreased by EUR 2.8 M or 9.0 per cent.
The number of passengers on Viking Line’s vessels during the report period increased by 43,586 to 1,277,630 (1,234,044). The Group had a total market share in its service area of approximately 35.3 per cent (33.0).
Viking Line’s cargo volume increased by 3,306 cargo units to 34,506 (31,200). Viking Line achieved a cargo market share of approximately 23.6 per cent (21.6).
Passenger-related revenue decreased by 1.3 per cent to EUR 91.5 M (92.7), while cargo revenue increased by 26.7 per cent to EUR 12.6 M (9.9). Net sales revenue decreased by 0.9 per cent to EUR 74.3 M (75.0).
Special risks during the immediate future are primarily related to bunker prices. Fluctuations in bunker (vessel fuel) prices have a direct impact on the Group’s earnings. The European Union’s sulphur directive, which entered into force on January 1, 2015, is resulting in higher expenses for the Group. The directive affects all of the Group’s vessels except the Viking Grace, which operates on liquefied natural gas (LNG). In order to partly offset the risk of higher bunker prices, the Group has entered into a fixed-price agreement related to a portion of its estimated bunker consumption during the period April 1 until December 31, 2015.
Viking Line is a public limited company and a market-leading brand in passenger traffic on the northern Baltic Sea. It offers passenger services, recreation and cargo carrier services on the vessels Gabriella, Mariella, Amorella, Rosella, Viking Cinderella, Viking XPRS and on the new flagship Viking Grace.