By | 2019 Newsletter week 18 | No Comments

Scandlines Maintained Profitability In 2018, With Stable Operations And High Reliability Levels

The group’s two ferry routes completed more than 43,000 departures and transported 7.4 million passengers between Germany and Denmark. Freight traffic increased by 7% and surpassed 700,000 units in 2018.

Key figures (in EUR)

Group Revenue declined 2%: 477 million (487 million). Reason is a slight decline in car traffic and BorderShop visits driven by the unseasonably warm weather in the period from May to September, which dampened Scandinavians’ need to travel South.

Revenue from the two ferry routes was unchanged at 352 million following strong performance in the freight segment and continued progress on the Rostock-Gedser route, compensating for slightly declining leisure traffic on the Puttgarden-Rødby route during the year.

BorderShop revenue declined to 125 million (135 million) due to lower leisure travel and a weakening of the Swedish currency, which reduced Swedish customers’ incentive to visit the group’s BorderShops.

Profitability was maintained in 2018 as Scandlines generated profit from ordinary activities (recurring EBITDA) of 191 million (194 million) corresponding to a stable recurring EBITDA margin of 40% (40%).

While profitability was satisfactory and driven mainly by higher freight volumes and cost control, we are still far from reaching results posted by fixed connections and other infrastructure companies in the region.


Moby’s Challenging 2018 Is A Prelude To Better Performances In 2019

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The Moby Group closes 2018 with growth in combination with challenges.

  • The ferries transported half a million additional cargo, especially on the vessels of the CIN subsidiary.
  • Excellent performance in ‘Revenues from onboard services’, (+8.8%) mainly attributable to the cruise-ferry business in the Baltic, and on the Corsica and ‘Sardinia routes.
  • Revenue in line with previous year.
  • Increase in operational costs (bunker, new start-ups ).

Achille Onorato, CEO of the Group agrees that 2018 was not an easy year. However, entering new business areas and finalising investments will be beneficial as from Q1, 2019.

Revenues by region:

  • Sardinia down 3.3% (less pax, less freight)
  • Sicily up 14.7% (more pax, more freight, new Naples-Catania route)
  • Tuscan Archipelago down 1.2%
  • Corsica up 3.9% (more pax, more onboard sales)
  • Baltic up 12.9% (onboard revenue)

Figures (in € thousands)

  • Revenues 584,335 (586,164)
  • Operating profit -21,071 (68,414)
  • Profit before taxes -58,112 (26,840)
  • Profit for the year -62,683 (22,947)

Stena AB’s ‘Restricted Group Data As Of December 31, 2018’

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Ferry Operations

  • In December 2018 it was decided to close the route between Gdynia and Nynäshamn as from 1 January 2019.
  • As from September 2018 all technical and manning of all vessels within the Stena Line fleet is handled within Stena Line and the previous cooperation with Northern Marine has been resolved.
  • During 2018, a number of tonnage changes have been done throughout the whole fleet to prepare for the future and adapt to the customer needs.
  • +8.7% Revenue (ferry only)

Stena RoRo

  • In 2018, Stena RoRo sold STENA CARRIER and STENA FREIGHTER.
  • In 2018, Stena RoRo exercised four options at AVIC Weihai Shipyard. The company is now managing the construction of eight RoPax vessels ordered from the shipyard in China.

Stena AB highlights (in MSEK)

  • Revenue 21,824 (22,127)
  • Operational profit -2,340 (-869)
  • Profit before tax -3,372 (-2,062)
  • Profit for year -3,124 (-2,396)

First Quarter For Viking Line Unchanged

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Key figures Q1

  • -4.5% Sales EUR 95.8 million (100.3)
  • +5.8% Operating income EUR -14.2 million (-13.5)
  • -4.3% Income before taxes EUR -15.4 million (-16.1).
  • -4.7% Income after taxes EUR -12.3 million (-12.9).

Future prospects unchanged: Operating income for 2019 will remain on a par with 2018 or improve.

Traffic figures Q1

Remark: this year, the busy Easter period is not in Q1 but in April, Q2.

  • -7,8% passengers
  • -4.0% cars
  • +8.8% cargo


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UK Government Cancels Brexit Ferry Deals

The UK Department for Transport is cancelling contracts to provide extra ferry services after Brexit.
The government bought £89m worth of capacity from Brittany Ferries and DFDS.
Ending the contracts could cost the taxpayer more than £50m.
“We needed to be ready”, said Mr Grayling, the Transport Secretary. The cancelled contracts were part of a £4bn no-deal “insurance policy” the government had put in place.

Calmac Ferry Contract Woes: ‘Getting Rid Of These Vessels Would Be A Godsend’

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Ferguson Marine Engineering Ltd (FMEL) last month launched legal action against Caledonian Maritime Assets Ltd (CMAL) in a row over a £97 million contract to build two new dual-fuel ferries for the Clyde and Hebrides Ferry Service.
Both ships look set to be months behind schedule.

Central to the dispute is the cost of building the two new ferries.
FMEL claims that the operator has demanded hundreds of design changes.
CMAL insists the work is covered by the original contract.