The Annual Report of Viking Line Abp for the financial year 2019 has now been published on the Company’s website.
Flensburg Shipyard Awaits Finance To Finish Three Ro-Pax Ferries
Siem Industries published its annual report, which included a chapter about the shipyard in Flensburg.
- For the fiscal year 2018, Flensburger Schiffbau-GmbH & Co KG had revenues of EUR 213 million, an EBITDA of EUR -102 million, and a net loss of EUR -111 million.
- B YEATS was delivered substantially late at the end of 2018 at a material loss caused mainly by the lack of performance by subcontractors.
- FSG contracted for four additional vessels during 2018 including two passenger ferries and two ro-ro carriers.
- The current backlog is approximately EUR 860 million consisting of four Ro-Pax vessels and two Ro-Ro vessels.
- One Ro-Pax vessel (HONFLEUR) is in the advanced construction stage and should be delivered by early 2020.
- The remaining three Ro-Pax vessels are delayed and awaiting construction finance.
- Siem’s ownership of FSG is considered as non-core and new equity in FSG was raised in Q1 by a private placement which diluted the Company’s holding in FSG to 24%.
- Changes in the yard’s management were implemented in early 2019.
Attica Group consolidates for the first time Hellenic Seaways in the financial statements for the period 1.6.2018-31.12.2018.
Key figures in million €
+34,56% Revenue consolidated 365.4 (271.54)
-4.28% EBITDA 57 (59.55)
++ Income after tax and minority interests 17.11 (1.25)
· The total debt of the Group stood, as at 31st December 2018, at € 346.08mln (€ 238.73mln as at 31st December, 2017) of which long-term borrowings are € 274.50mln (€ 214.43mln) while short-term borrowings stood at € 71.58mln (€ 24.30mln).
· The Group’s total equity as at 31st December, 2018 stood at € 409.18mln, corresponding to € 1.90 per share.
· Completion of refinancing of large part of the group’s debt with significantly lower cost financial results.
· The lower EBITDA margin in 2018 is attributed mainly to the significant increase in fuel price and to the integration cost of Hellenic Seaways Maritime S.A. («HSW»).
Profit Down For Rederi AB Gotland
In 2018, Rederi AB Gotland had a revenue of SEK 2.49 million, which was higher than the year before.
However, the result is a little disappointing, with a drop from SEK 324 million in 2017 to SEK 208 million last year.
Rederi AB Gotland operates tankers, ferries, ro-ro’s, hotels etc.
Finnlines’ Annual Report 2018 published
Finnlines has published its Annual Report for 2018. (see Ferry Shipping News 10 for comments)
Finnlines has also published its Financial Statements 2018 and Financial review Q4 2018 on 28 February 2019, which are available on the Company website as well.
The net result for 2017 is satisfactory despite EBIT going down compared to 2016. The reason for a lower EBIT relates to impairment loss, lower operating profit in the chartering activity from a reduction of two vessels and operational issues related to the lock in Liverpool.
- Seatruck Ferries total freight volumes growing 6%
- Seatruck Ferries now holds 19.6% (17.9%) of the ro-ro market on the Irish Sea.
- Especially the routes out of Dublin have proven to be successful.
- Operating result is expected to decrease slightly compared to 2017 because of a lower chartering result.
A Fascinating Year For Finnlines, Says Mr Grimaldi
As written in Week 9, Finnlines has performed very well last year. The official figures are now available in the Annual Report, downloadable via below link.
• Revenue increased by 13.2%
• EBITDA improved by 9.5%
• Cargo units: 709,000
• Passengers: 619,000 (including freight drivers)