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GOTLAND HYDROCAT and HORIZON © Gotlandsbolaget

GOTLAND HYDROCAT and HORIZON © Gotlandsbolaget

Gotlandsbolaget interim report January-September 2023

FinanceRevenues amounted to SEK 1,895.5 million (SEK 2,395.3 million). The costs amounted to SEK -1,711.4 million (SEK -2,363.0 million). Revenues and costs during the period are lower than the previous year, mainly as a result of items relating to Stockholms Reparationsvarv and Hansa Destinations, as well as for ships sold during the second half of 2022 and the first half of 2023. Adjusted operating profit amounted to SEK 222.9 million (SEK 32.6 million).

“When we sum up the important summer, we can state that Gotland stands strong as a travel destination, despite a slight decrease in the number of travelers. The measures implemented to strengthen our results, with efficiencies and adjusted ticket prices, have had a positive financial effect and we report an improved adjusted operating result for the period compared to the loss year 2022. During the third quarter, the Swedish Transport Administration distributed the procurement documents for the procured Gotland traffic 2027–2035. Our main goal is to gain renewed confidence, but in the event that we do not win the contract, we plan to continue running traffic between Gotland and the mainland. Work also continues with the development of the new cruise line in collaboration with Viking Line, as well as investments in accommodation facilities on Gotland, Gotland biogas production and technology development to reduce emissions from ferry traffic.”

Quarter July-September 2023

Revenues amounted to SEK 968.5 million (1,140.2). The costs amounted to SEK -690.9 million (-958.4). Revenues and costs during the quarter are lower than the previous year, mainly as a result of items relating to Stockholms Reparationsvarv and Hansa Destinations, as well as for ships sold during the second half of 2022 and the first half of 2023.

Adjusted operating profit amounted to SEK 277.6 million (181.8), corresponding to SEK 111.0 (72.7) per share. The improvement is due to the previous year's result being affected by a negative result for Hansa Destinations, as well as to adjusted prices in Gotlandstrafiken and the fact that the price of fuel has stabilized at lower levels.

Capital gains on the sale of vessels amounted to SEK 19.1 million (0.5) net.

The financial net amounted to SEK 17.3 million (4.8) as a result of higher interest rates and increased investments in the money market as well as negative exchange rate effects.

The profit after tax, including capital gains on sales, amounted to SEK 247.2 million (162.9), corresponding to SEK 98.9 (65.1) per share.

The period January-September 2023

Revenues amounted to SEK 1,895.5 million (2,395.3). The costs amounted to SEK -1,711.4 million (-2,363.0). Revenues and costs during the period are lower than the previous year, mainly as a result of items relating to Stockholms Reparationsvarv and Hansa Destinations, as well as for ships sold during the second half of 2022 and the first half of 2023.

Adjusted operating profit amounted to SEK 222.9 million (32.6), corresponding to SEK 89.2 (13.0) per share. The improvement is due to the fact that the previous year's result was burdened by a negative result for Hansa Destinations, as well as adjusted prices in Gotlandstrafiken and that the price of fuel has stabilized at lower levels.

Capital gains on the sale of ships amounted to SEK 280.3 million (0.4).

The financial net amounted to SEK 137.9 million (10.7) as a result of positive exchange rate effects as well as rising interest rates and increased investments in the money market.

The result after tax, including capital gains on sales, amounted to SEK 503.1 million (11.3), corresponding to SEK 201.2 (4.5) per share.

Comments from the CEO

Continued financial recovery in the group

Large parts of the group's operations are seasonal and the important summer is now behind us.

Already in the first two quarters of 2023, we could see that the decision not to operate Hansa Destination's route to Rostock in 2023 and to adjust Destination Gotland's ticket prices had an effect through a stronger result compared to the loss year 2022. Now after the high season, we can state that the measures have worked and our adjusted operating profit for the period rose to SEK 277.6 million compared to SEK 181.8 million in 2022.

Thanks to lower fuel prices, Destination Gotland has been able to keep lower average prices during the quarter than expected at the beginning of the year.

Gotlandstrafiken is part of Gotlandsbolaget

In August, the Swedish Transport Administration published the basis for the upcoming concession period (2027–2035) in Gotlandstrafiken.

When Gotlandsbolaget was formed, it was to ensure good communications between Gotland and the mainland, and traffic is part of our origins and DNA. But today the business is considerably broader, with hotels, real estate, travel booking, technology development and an upcoming cruise venture. We are therefore not dependent on a deal or the agreement with the Swedish Transport Administration. During the 90s when we did not have the purchased traffic, we showed our ability to change the business.

Having said that, our main focus is to win the tender. We are humble in the face of possible competition, but also know that we have extensive experience in traffic, developed customer relationships and a well-adapted fleet. This knowledge means that, even if we do not win the contract with the Swedish Transport Administration, we plan to continue running traffic between Gotland and the mainland.

More long-term investments with a focus on Gotland

We work in parallel with several strategic investments on and around Gotland. Perhaps our most important investment concerns technology development for the ships of the future with the goal of being able to offer a climate-neutral crossing to and from Gotland.

We are also in an intensive phase together with Viking Line before the launch of our joint cruise venture in spring 2024. With it, we will be able to welcome more visitors to Gotland. At the same time, our investments in accommodation facilities on Gotland continue and we hope to share more of our plans during the beginning of 2024.

Håkan Johansson, CEO Gotlandsbolaget

Nov 21 2023


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