In order to meet the cost increases, a temporary fuel shift was carried out in 2022 and ticket prices were adjusted. However, the measures did not cover the cost increases and during the fourth quarter the loss in ferry traffic escalated, which is why a decision was made not to operate Hansa Destination's Nynäshamn-Rostock line in 2023 and to adjust Destination Gotland's ticket prices for 2023.

October-December 2022

Revenues amounted to SEK 523.6 m (SEK 520 m).

The costs amounted to SEK -685.5 m (SEK -593.8 m). Increased costs during the quarter are mainly due to higher fuel prices for Destination Gotland and Hansa Destinations.

Adjusted operating profit amounted to SEK -161.9 m (SEK -73.1 m).

Capital gains on sales of product tankers amounted to SEK 519.5 m (0.0).

The result after tax, including capital gains on sales, amounted to SEK 265.6 m (SEK -109.6 m).

The period January-December 2022

Revenues amounted to SEK 2.9 bn (SKE 2.3 bn). The increase is due to increased traffic revenue for Destination Gotland, new revenue for Hansa Destinations and an improved product tank market.

The costs amounted to SEK -3 bn (SEK -2.2 bn). Increased costs during the year are primarily due to higher fuel prices for Destination Gotland and Hansa Destinations as well as costs for building up Hansa Destinations.

Adjusted operating profit amounted to SEK -129.4 m (SEK 123.9 m). The total adjusted operating result for the companies that operate ferry traffic (Destination Gotland AB and Hansa Destination AB) amounted to SEK -417.2 m (SEK 122.9 m).

Capital gains on sales of fixed assets amounted to SEK 520.0 m (0.0), of which sales of product tankers accounted for SEK 519.5 m (0.0).

Significant events during the quarter and after the end of the period

During October, the second concept vessel in Gotlandsbolaget's Horizon series was launched, a fast-moving catamaran that can be powered by hydrogen and enables a crossing time between Gotland and the mainland of under three hours.

During October and November, GOTLAND CAROLINA, GOTLAND ALIYA, GOTLAND SOFIA and GOTLAND MARIEANN were sold.

On 1 December, Gotlandsbolaget formally applied for a listing on the First North Growth Market. The first trading day was 7 December.

During December, it was decided that Hansa Destinations will not operate traffic Nynäshamn-Rostock-Visby during 2023.

During February, work began on selling, or alternatively renting out, GOTLANDIA II.

Comment from the CEO

“A challenging year

As we sum up 2022, it is a year marked by Russia's invasion of Ukraine, skyrocketing energy prices, high inflation and fears of recession. Against this background, the costs for several of our operations have also increased significantly, with a negative adjusted operating result (SEK -129.4 m) as a result.

Our ferry operations within Destination Gotland and Hansa Destinations have had to deal with significantly higher fuel costs during the year, and the two companies show a combined loss of roughly SEK -400 m for the year.

In order to limit the cost development and ensure independence from Russia in terms of fuel, Destination Gotland has successively implemented a temporary fuel change from fossil gas, LNG, to Marine Gasoil, MGO in 2022. We intend to return to fossil gas and biogas as soon as the price picture permits, and we can ensure the origin of the gas.

Continued cost increases during the fourth quarter

The fourth quarter involved further cost increases for fuel for both Destination Gotland and Hansa Destinations. After the high season ends each year, travel decreases sharply, and so does the income. In 2022, this meant an escalating loss, so two difficult, but necessary, decisions were made.

Destination Gotland decided on adjusted prices for tickets and freight for 2023, which has contributed to a local debate about Gotlandstrafiken's funding. With its island location, Gotland has a special need to ensure efficient traffic all year round, as the sea route is the primary route for passengers and freight, and therefore the Swedish Transport Administration procures the ferry service to the island. When the price of fuel stabilizes at a lower level, we will reflect this in the ticket prices.

During the fourth quarter, it was also decided that Hansa Destinations will not operate the line between Nynäshamn and Rostock during 2023. The increased fuel costs, operational challenges and difficulties in securing sufficient freight volume means that the operation is not deemed to be financially viable. We built up important knowledge capital during the time we ran the line and are now evaluating a possible continuation from 2024.

In line with streamlining Gotlandsbolaget's fleet with a focus on the industrial segment - with cargo and passengers in focus, during the fourth quarter we sold four product tankers that were part of Gotland Tankers' operations. This has strengthened our coffers, but is a one-off financial effect.

Strong investment ability going forward

Behind us is a year that was marred by several challenging global events, but we look to the future with confidence. Gotlandsbolaget is a financially strong company despite losses in 2022, largely thanks to long-term planning and the sale of assets with capital gains. We are continuing the development of the ships of the future and the work with the Horizon series, where a hydrogen-powered catamaran was presented in the fourth quarter of 2022. We are also developing our operations at large and continuously evaluating investments in new ferry lines, ships, energy infrastructure and destinations.”

Håkan Johansson, CEO of Gotlandsbolaget