Interim Report
Interim report January 1 - March 31, 2000 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 P&O Stena Line and a company jointly-owned with another ferry operator. First Quarter 2000 - Highlights * Volumes rose 1% and 6% for private cars and freight respectively, and declined 11% for passengers, excluding the Halmstad-Grenaa route, which was closed on January 31, 1999. * Average ticket rates rose 26% in Scandinavia and 3% in the UK. Freight rates increased by 11% in Scandinavia and remained stable in the UK. * Average retail spending per passenger continued to decline as a result of the abolition of tax and duty free retail sales. * Revenue decreased by SEK 159 million to SEK 1,142 million from SEK 1,301 million. * EBITDA declined by SEK 112 million to -SEK 182 million from -SEK 70 million. * Income from operations decreased to -SEK 415 million from -SEK 280 million. Income from operations includes Stena Line's share of P&O Stena Line's income of -SEK 73 million. No dividends were received from P&O Stena Line. * The loss before income taxes amounted to SEK 545 million compared to a loss of SEK 418 million in 1999. * Due to ongoing arbitration, the acquisition of Scandlines AB has not yet been completed. 1 Results, January-March 2000 (Comparisons are with the same period in 1999, unless otherwise indicated) Revenue Revenue declined by SEK 159 million or 12%, to SEK 1,142 million compared to SEK 1,301 million for the same period in 1999. The decrease was mainly due to a reduction in onboard sales and lower passenger volumes, particularly in Scandinavia, as a result of the abolition of tax and duty free retail sales and the operational changes. Exchange rate fluctuations had a positive impact of SEK 10 million. Revenue in Scandinavia decreased by SEK 165 million to SEK 546 million compared to SEK 711 million for the same period in 1999. Revenue in the UK increased by SEK 6 million to SEK 596 million compared to SEK 590 million in 1999. Freight/Port revenue increased by SEK 47 million to SEK 511 million from SEK 464 million in 1999. Average freight rates rose 11% in Scandinavia and remained unchanged in the UK. Freight volumes declined 3% in Scandinavia and increased by 12% in the UK. Total onboard revenue declined by SEK 205 million to SEK 254 million from SEK 459 million in 1999. Average retail spending per passenger fell to SEK 156 from SEK 278 in Scandinavia and to SEK 57 from SEK 139 in the UK. ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/2000/05/02/20000502BIT00930/bit0001.doc http://www.bit.se/bitonline/2000/05/02/20000502BIT00930/bit0002.pdf