Financial statement for 1999
Financial statement for 1999 Stena Line is an international transport and travel service company and one of the world's largest ferry operators. The route network comprises 12 strategically located routes in Scandinavia and around the UK. In addition the Company has interests in three ferry routes through its ownership in 1). P&O Stena Line and a company jointly-owned with another ferry operator 1999 Highlights (Comparisons are with 1998, unless otherwise indicated) * The last two quarters of 1999 were the first periods without tax and duty free sales within the EU and this had a substantially negative impact on both revenue and income. * Volumes rose 2% and 1% for private cars and freight respectively, and fell 6% for passengers, excluding the Halmstad-Grenaa route, which was closed on January 31, 1999. * Average ticket rates rose 12% in Scandinavia and 5% in the UK. Freight rates increased by 7% in Scandinavia and by 5% in the UK. * Revenue, excluding the English Channel, decreased by SEK 587 million to SEK 6,963 million from SEK 7,550 million. * EBITDA, excluding the English Channel, declined by SEK 148 million to SEK 655 million from SEK 803 million. * Income from operations, including the English Channel, decreased to SEK 6 million from SEK 152 million. Income from operations includes Stena Line's share of P&O Stena Line's income of SEK 131 million. No dividends were received from P&O Stena Line. * The loss before income taxes amounted to SEK 496 million compared to a loss of SEK 324 million in 1998. * On November 15, Stena Line signed an agreement to acquire the Swedish ferry company Scandlines AB. Due to ongoing arbitration the acquisition has not yet been completed. * In December the shares in the French company SPN was sold for SEK 217 million resulting in a capital loss of SEK 71 million. Results, October-December 1999 (Comparisons are with the same period in 1998, unless otherwise indicated) Revenue Revenue declined by SEK 351 million or 21%, to SEK 1,293 million compared to SEK 1,644 million for the same period in 1998. The decrease was mainly due to a reduction in onboard sales and lower passenger volumes, particularly in the Scandinavian operations, following the abolition of tax and duty free retail sales. Exchange rate fluctuations had a negative impact of SEK 12 million. Revenue in Scandinavia decreased by SEK 267 million to SEK 576 million compared to SEK 843 million for the same period in 1998. Revenue in the UK fell by SEK 84 million to SEK 717 million compared to SEK 801 million in 1998. Freight/Port revenue went down by SEK 22 million to SEK 513 million from SEK 535 million in 1998. Average freight rates rose 12% in Scandinavia and fell 3% in the UK. Freight volumes fell 6% in Scandinavia and 2% in the UK. Total onboard revenue declined by SEK 294 million to SEK 323 million from SEK 617 million in 1998. Average retail spending per passenger fell to SEK 186 from SEK 298 in Scandinavia and to SEK 58 from SEK 161 in the UK. Passenger revenue declined by SEK 35 million or 7% to SEK 457 million from SEK 492 million in 1998. Average passenger ticket rates increased by 26% in Scandinavia, due to a combination of increased prices and a change in passenger mix. Average ticket rates in the UK fell by 7% mainly due to severe competition and a change in passenger mix on the Irish Sea. Private car volumes were stable during the final quarter of 1999, though passenger volumes fell 18%, excluding the closed Halmstad-Grenaa route. Passenger volumes fell by 33% in Scandinavia and by 6% in the UK. The reduction in passenger volumes in Scandinavia was a consequence of the abolition of tax and duty free retail sales. Operating expenses Operating expenses were brought down by SEK 280 million to SEK 1,360 million from SEK 1,640 million. This was primarily a result of the reduction in retail goods sold following the abolition of tax and duty free retail sales within the EU and the operational changes in Scandinavia. Exchange rate fluctuations had a positive impact of SEK 12 million. ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/2000/02/29/20000229BIT01040/bit0001.doc The full report http://www.bit.se/bitonline/2000/02/29/20000229BIT01040/bit0002.pdf The full report