Gotlandsbolaget awaits Gotland service operation decision

2024-03-27T18:28:04+00:00 March 27th, 2024|Finance|

Thanks to the measures adopted last year, Swedish ferry operator, Gotlandsbolaget turned a loss into a profit, which was important to secure investment, the company said.

Last August, the Swedish Transport Administration published documentation for the Gotland service from 2027 to 2035.

Gotlandsbolaget submitted tenders in March, 2024 to run the service. The company also said that it saw great opportunities to operate competing services in the event that another operator wins the contract.

For the fourth quarter of last year, revenues amounted to SEK470.9 mill, while costs amounted to SEK515 mill.

Revenues and expenses for the quarter were lower than last year, mainly due to the inclusion of items relating to Hansa Destinations, as well as for vessels sold during the second half of 2022 and the first half of 2023.

Adjusted operating profit was minus SEK61.2 mill, corresponding to minus SEK 24.5 per share, an improvement over the year before’s figure.

This improvement is due to the fact that earnings last year were affected by a negative result for Hansa Destinations, as well as adjusted prices in the Gotland service and that the price of fuel stabilised at lower levels.

The quarter was also affected by the result of the company’s earnings share in Gotland Alandia Cruises.

Profit after tax, including capital gains on sales, amounted to minus SEK98.7 mill, corresponding to minus SEK39.5 per share.

For the full year, revenues amounted to SEK2,366.4 mill, while . expenses totalled SEK2,187.6 mill. Both revenues and expenses during the year were lower than in 2022, mainly due to the inclusion of items relating to Stockholms Reparationsvarv and Hansa Destinations, as well as for vessels sold during the second half of 2022 and the first half of 2023.

Adjusted operating profit was SEK161.7 mill, corresponding to SEK64.7 per share.

Net capital gains on the sale of vessels amounted to SEK280.3 mill.

Profit after tax, including capital gains on sales, totalled to SEK404.5 mill, or SEK161.8 per share.

At the beginning of December, Gotlandsbolaget and Viking Line presented their first plans for the joint cruise venture through the jointly owned company Gotland Alandia Cruises.

The maiden cruise with ‘Birka Gotland’ was planned for 20th March, 2024.

In February, 2024, Gotlandsbolaget and the Australian shipbuilding shipyard Austal took a step towards the development of a high-speed catamaran for the Gotland service.

A Memorandum of Understanding (MoU) was signed with the goal of being able to sign a contract for its construction. If a newbuilding contract is signed, the high-speed catamaran could be delivered in 2027.