The first half of this year was largely marked by the announcement from the Swedish Transport Administration Gotlandsbolaget’s renewal of its Gotlandstrafiken operation between 2027/2035.
In addition, during the period, the group acquired DFDS Copenhagen/Oslo route for around DKK400 mill.
This deal established Gotlandsbolaget in two more Nordic countries.
For the second quarter of this year, revenues amounted to SEK604.1 mill (SEK564.2 in 2Q23), while costs amounted to SEK562.4 mill (SEK555.9 mill in 2Q23).
The changes compared to the previous year are primarily as a consequence of services performed for Gotland Alandia Cruises, which affected both income and costs, as well as higher income on the Gotland route.
Adjusted operating profit amounted to SEK27.3 mill (SEK8.3 mill in 2Q23), corresponding to SEK10.9 (SEK3.3) per share. The improvement is primarily due to stronger results in Gotlandstrafiken.
However, the result was still negatively affected by the share in Gotland Alandia Cruises.
Net income amounted to SEK39.7 mill (SEK98.8 mill), which was positively affected by higher interest income but negatively affected by exchange rate changes.
Profit after tax, including profit on sales, amounted to SEK55.1 mill (SEK326 mill), corresponding to SEK22 (SEK130.4) per share.
Revenues for the first half of this year totalled SEK989 mill (SEK927.1 mill in 1H23), while costs amounted to SEK982.1 mill (SEK981.7 mill).
Both income and costs were affected by services provided for Gotland Alandia Cruises and discontinued operations within the products tankers division.
At the same time, higher revenues in Gotlandstrafiken and lower fuel costs had a positive impact.
Adjusted operating profit amounted to minus SEK39.4 mill (minus SEK54.6 mill) corresponding to minus SEK15.8 (minus SEK21.8) per share.
The improvement was primarily due to stronger results in Gotlandstrafiken, but was negatively affected by establishment costs from the Gotland Alandia Cruises share.
The net financial total was SEK162.4 mill (SEK120.6 mill), as a result of rising interest rates and increased investments in the money market and, as in the previous year, positive exchange rate effects.
Profit after tax, including capital gains on sales, amounted to SEK92.3 mill (SEK255.9 mill), corresponding to SEK36.9 (SEK102.4) per share.
On 10th June, Gotlandsbolaget announced it was buying the DFDS route between Oslo/Fredrikshavn/Copenhagen for about DKK400 mill. The purchase included two cruise ferries and a business with around 800 employees.
CEO Håkan Johansson (pictured), said: “At the end of June, we received notification of renewed confidence to operate Gotlandstrafiken during 2027/2035, with an option for another two years.
“The procurement took place with full competition throughout the EU, and we are very happy and proud of the announcement. In order to competitively respond to the different conditions that prevail in Europe today, the winning bid is based on a Swedish flag and Swedish crew with Swedish collective agreements, and a Danish subsidiary that will be responsible for financial and strategic management.
“For most of our employees in Destination Gotland, the Danish subsidiary’s responsibility for financial and strategic management means small changes in daily life, so also for our passengers. But it is an important strategic issue, for us and for Sweden.
“The government is working to develop the Swedish tonnage tax, which could mean that Swedish shipping gets equal terms with international shipping companies. Gotlandsbolaget looks with confidence at the possibility that Gotlandstrafiken will be included in its entirety in the new Swedish tax system.
“If the government makes this decision, we plan to also place the responsibility for financial and strategic management for Gotlandstrafiken on Gotland. But it is urgent – notification is needed in 2025 for one of Sweden’s most strategically important ferry lines to be operated entirely from Sweden – as it should be.
“In the quarterly report for January/March, we saw an Easter effect, where travel was affected by Easter being early. Although Easter, the year’s first major travel weekend, fell during the previous quarter, we had a positive development in the number of travellers during April/June. Almedal Week fell for the second year in June, which contributes to increased passenger volumes during the first month of summer,” he said.
