April 23, 2020
Some key elements of the Q1 report.
- Passenger traffic is marginal at present, since only the transport of people between the Finnish mainland and Åland is allowed.
- Quick measures to cut costs have been necessary. Basically the entire staff has been furloughed.
- Backed by Finland’s National Emergency Supply Agency’s decision to aid cargo traffic to ensure the security of supply, four of the Group’s vessels are serving the Turku – Långnäs (Åland) – Stockholm, Mariehamn – Kapellskär and Helsinki – Tallinn routes. Viking Line’s three other vessels are not in service.
- While current cargo traffic generates revenue for each vessel to cover variable costs and a small portion of fixed costs, it does not generate positive operating income for the vessels in service.
- To strengthen liquidity and safeguard the future of the Company, Viking Line has begun negotiations for additional funding. The intention is to use State guarantees proposed in a supplementary budget submitted to the Finnish parliament.
- Operating income totalled EUR – 21.5m (-14.2).
- Passenger-related revenue was EUR 63.2m (83.0), while cargo revenue amounted to EUR 11.3m (12.3). Net sales revenue was EUR 54.9m (70.1).