September 3, 2020
The Covid-19 outbreak is affecting Stena’s Business Areas in different ways and there has been a negative financial impact on the Stena AB Group as from mid-March.
EBITDA trends (+/-)
- -Ferry operations
- – Offshore drilling
- +Tanker operations
- +Property
Key H1 figures Stena AB
- Total revenues SEK 16,632 million (SEK 16,973 million)
- Direct operating expenses SEK 12,027 million (SEK 11,287 million)
- EBITDA SEK 2,894 million (SEK 4,265 million)
Segment: Ferry Operations
- EBITDA, excluding redundancy costs, SEK 514 million (SEK 1,369 million)
- Redundancy costs for closing routes amounting to SEK 302 million.
- Car volumes decreased 53%, passenger volumes decreased 52% and freight volumes decreased 11%.
Segment: RoRo Operations
- EBITDA from chartering out Roll-on/Roll-off vessels SEK 114 million (SEK 151 million)
- The decrease is mainly due to lower charter income due to the sale of the vessel KAIARAHI in Q4, 2019.
Change in vessel measurement policy
Stena has decided to change the measurement policy for vessels in the Ferries section and in the Offshore Drilling section as of January 1, 2020.
The remeasurement has:
- increased the value of ferries with SEK 4.3 billion
- decreased the value of drilling units in the segment with SEK 3.1 billion
Effect on H1: Depreciation, Amortisation and Impairment Depreciation and amortisation charges increased by SEK 142 million to SEK 3,668 million (SEK 3,526 million)
Outlook
“Given the uncertain situation, it is not currently possible to predict the full potential impact on the Stena AB Group.“
