Interim report Stena Line
Interim report January 1 - March 31, 1999 Stena Line is an international transport and travel service company and one of the world's largest ferry companies. The route network comprises 12 strategically located ferry routes in Scandinavia and around the UK, including one lift-on/lift-off container route for freight. In addition the Company has interests in three other ferry routes through its ownership in P&O Stena Line and its collaboration with another ferry operator. On March 10, 1998 Stena Line's English Channel routes, Dover-Calais and Newhaven-Dieppe, were transferred to P&O Stena Line Ltd, a jointly-owned company in which Stena Line has a 40% proprietary share. As a consequence, the result of the operations for the first quarters of 1999 and 1998 are not fully comparable. In order to facilitate the comparison, comments on the results are given both including and excluding the English Channel routes. First Quarter 1999 Highlights The volume of freight and private cars increased by 1% and 7% respectively while passenger volumes decreased by 2% excluding English Channel and the Halmstad-Grenaa route which was closed January 31, 1999. On Stena Line's routes, average ticket fares increased by 17% in Scandinavia and 10% in the UK, and freight rates increased by 4% in Scandinavia and 5% in the UK . Revenue, excluding the English Channel operations, rose by 2% to SEK 1,301 million compared to SEK 1,278 million in 1998. EBITDA, excluding English Channel operations, improved to -SEK 70 million in the first quarter of 1999 compared to -SEK 123 million in the first quarter of 1998. Stena Line´s loss before income taxes including English Channel, narrowed to SEK 418 million in 1999 compared to a loss of SEK 490 million in 1998. At the period end, the total available cash and cash equivalents, including committed, unutilized credit facilities, were SEK 1,165 million. ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1999/04/29/19990429BIT00440/bit0001.doc The full report http://www.bit.se/bitonline/1999/04/29/19990429BIT00440/bit0002.pdf The full report