Gotlandsbolaget continues its recovery from 2022's negative adjusted operating profit thanks to the necessary decisions taken at the end of the year. Fuel prices have continued to fall during the quarter and Destination Gotland has therefore had the opportunity to further reduce average prices. The streamlining of the group and the decision not to operate Hansa Destinations in 2023 means lower income for the group, but also lower costs. Their coffers have been strengthened thanks to sales profits from the sale of tankers.

Quarter April-June 2023

Revenues amounted to SEK 564.2 million (760.0). The costs amounted to -555.9 MSEK (-810.8). 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 8.3 million (-50.8), corresponding to SEK 3.3 (-20.3) per share. The improvement is due to the previous year's result being burdened by a negative result for Hansa Destinations, as well as adjusted prices in Gotlandstrafiken and the fact that the price of fuel has stabilised.

Capital gains on the sale of ships amounted to SEK 291.7 million (0.0).

The financial net amounted to SEK 98.8 million (6.5) as a result of positive exchange rate effects as well as rising interest rates and increased investments in the money market.

The profit after tax, including capital gains on sales, amounted to SEK 326.0 million (-49.8), corresponding to SEK 130.4 (-19.9) per share.

The number of passengers in Gotlandstrafiken decreased during the quarter by 5.5 percent compared to the previous year. A reduction that can largely be explained by the current recession and the general cost situation.

The period January-June 2023

Revenues amounted to SEK 927.1 million (1,255.0). The costs amounted to SEK -981.7 million (-1,404.5). 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 -54.6 MSEK (-149.5) corresponding to -21.8 SEK (-59.8) per share. The improvement is due to the previous year's result being burdened by a negative result for Hansa Destinations, as well as adjusted prices in Gotlandstrafiken and the fact that the price of fuel has stabilised.

Capital gains on the sale of vessels amounted to SEK 261.2 million (0.2).

The financial net amounted to SEK 120.6 million (5.9) as a result of positive exchange rate effects as well as rising interest rates and increased investments in the money market.

The profit after tax, including capital gains on sales, amounted to SEK 255.9 million (-151.6), corresponding to SEK 102.4 (-60.6) per share.

Significant events during the quarter

During April, Gotlandsbolaget and the Australian shipyard Austal signed a letter of intent to enter into an agreement for the design of Gotlandsbolaget's new high-speed catamaran. GOTLAND HORIZON X will be able to run on hydrogen and is planned to be used in Gotland traffic.

On 11 April, Gotlandsbolaget agreed on the sale of its shares in the tankers WISBY ATLANTIC and WISBY PACIFIC, of which the group owned 50%, for a total of USD 85 million. The vessels have been delivered and thus Gotlandsbolaget has sold all tankers.

In connection with the annual general meeting in June, Carl-Johan Hagman was elected as a new board member in the company. Carl-Johan Hagman has a long background in international shipping.

At the beginning of June, it was announced that Ulrika Hellberg had been appointed as the new CFO at Gotlandsbolaget. Ulrika Hellberg will take office no later than 1 December 2023 and will be part of the group management. She succeeds Anders Gripne and comes most recently from the role of CFO at LEAX.

At the end of the quarter, Gotlandsbolaget and H2 Green Steel presented a collaboration on green hydrogen for shipping. Together, they will investigate the possibility of establishing a production facility to produce green hydrogen for Gotlandstrafiken's future ferries.

Significant events after the quarter

At the beginning of August, Gotlandsbolaget and Viking Line announced that they are forming a joint company to offer cruises between Stockholm-Mariehamn and Stockholm-Mariehamn-Visby. In March 2023, Gotlandsbolaget acquired BIRKA STOCKHOLM for approximately EUR 38 million and has now agreed to sell 50 percent of the vessel to Viking Line for EUR 19 million.

At the end of week 32, DROTTEN, which operates the Gotland traffic under the auspices of Destination Gotland, had technical problems and was taken out of service for repairs. Mid-August is high season on Gotland and many passengers are affected. Destination Gotland has since then worked intensively to deal with the situation that arose and has informed all passengers when the report was published and the majority have been able to complete their journey.

Lower fuel prices enable a return to LNG

Due to lower fuel prices, the company can again start using LNG. Shifting has begun and is expected to be fully completed on their two vessels that can be operated with LNG during the late summer.

© Shippax