PRELIMINARY ACCOUNTS FOR 2010

Transcription

1 INTERIM REPORT FOR Q AND INTERIM REPORT FOR Q AND PRELIMINARY ACCOUNTS FOR 2010

2 HIGHLIGHTS

3 Profit for Hurtigruten in 2010 Pre-tax profit of NOK 22 million (loss of NOK 28 million in 2009) EBITDA improvement NOK million in 2010 Strong development in number of cruise nights + 11% Cruise nights roundtrips + 14 % Cruise nights port to port + 7 % 69,1% capacity utilisation, increase from 61,5% in 2009 Strong NOK currency and late start-up for charter contract dampen profit Finalization of state contract is crucial Page 3

4 Hurtigruten group income statement Hurtigruten group Q4 Q4 Year to date Year to date (NOK 1 000) Operating revenues Operating expenses Other losses/(gains) - net EBITDA Depreciation & impairment losses EBIT Net financial items Share of profit/loss of associates Profit (loss) before tax for continued business Profit (loss) before tax for discontinued business Net profit (loss) before tax Page 4

5 Profit for Hurtigruten in first profitable year after merger Profit/loss before tax in MNOK Page 5

6 Improved capacity utilization*, 69,1% for whole year - Winter challenge in process of being resolved - Reversing negative trend in Q2 and Q3 120 % 100 % 80 % 60 % 40 % 20 % 0 % Q1 Q2 Q3 Q * 100% defined as two guests in each cabin; booking status as of 31 December 2010 Page 6

7 Satisfied customers - winter scores higher than summer 4,7 Winter 4,7 Summer 4,65 4,65 4,6 4,6 4,55 4,55 4,5 4,5 4,45 4,45 4,4 Winter 2007 Winter 2008 Winter 2009 Winter ,4 Summer 2007 Summer 2008 Summer 2009 Summer 2010 Customer satisfaction index, 1 =Low, 5 =very high Page 7

8 Stronger NOK currency reduced profit before tax by NOK 140 million EUR/NOK 9,50 9,00 8, , ,50 7,00 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Page 8

9 Delayed start up Charter MV Finnmarken - EBITDA of NOK 80 million postponed from 2010 to 2011 Four months delayed start up dampened effect in 2010 Charter operation crucial for 2010 profitability Page 9

10 Germany and Norway most important markets - Solid development in all areas Cruise nights Norway Germany UK US Sweden Netherlands France Denmark Switzerland Italy Australia ROW Belgium Finland Spain Page 10

11 In no of guests - Norway by far the biggest market No of guests Norway Germany Sweden UK Denmark US France Switzerland Italy Netherlands ROW Australia Finland Belgium Spain South Africa Page 11

12 ACCOUNTS Q AND PRELIMINARY YEAR 2010

13 Hurtigruten group income statement Hurtigruten group Q4 Q4 Year to date Year to date (NOK 1 000) Passenger ticket revenues Onboard revenues Goods, cars and other revenues Contractual revenues Total revenues Commissions, transportation and other Onboard Ship manning costs Fuel Other cruise operating costs Total cruise operating costs S, G & A Total operating costs Other (losses)/gains - net EBITDA Depreciation and impairment losses EBIT Net financial a items Share of profit/loss of associates Profit (loss) before tax for continued business Profit (loss) before tax for discontinued business Net profit (loss) before tax Page 13

14 Hurtigruten group Balance sheet (IFRS) (NOK 1 000) Assets Tangible non-current assets Intangible non-current assets Financial non-current assets Current assets Assets held-for-sale Total assets Equity and liabilities Paid-in capital and retained earnings Minority interests Total equity Non-current liabilities Provisions Current liabilities Liabilities on assets held-for-sale Total liabilities Total equity and liabilities Page 14

15 Product information Operating profit before depreciation (EBITDA) Hurtigruten group Q4 Q4 Year to date Year to date (NOK 1 000) Hurtigruten Norwegian coast * Explorer products * Spitsbergen Charter Other business EBITDA Depreciation & impairment losses EBIT Net financial items Share of profit/loss of associates Profit (loss) before tax for continued business Profit (loss) before tax for discontinued business Net profit (loss) before tax * Revised SG&A allocation between Norwegian coast and Explorer; changed from 80/20 in 2009 to ~90/10 in 2010 Page 15

16 Hurtigruten Norwegian coast Higher volume Hurtigruten Norwegian coast Q4 Q4 Year to date Year to date (NOK 1 000) Passenger ticket revenues Onboard revenues Goods, cars and other revenues Contractual revenues Total revenues Commissions, transportation and other Onboard Ship manning costs Fuel Other cruise operating costs * Total cruise operating costs S, G & A** Total operating costs EBITDA * Includes harbour costs, repair & maintenance, insurance and other operating costs ** Revised SG&A allocation between Norwegian coast and Explorer; changed from 80/20 in 2009 to ~90/10 in 2010 Page 16

17 Explorer products/spitsbergen * Improved results for MV Fram Consolidated Explorer products & Spitsbergen Q4 Q4 Year to date Year to date (NOK 1 000) Passenger ticket revenues Onboard revenues Goods, cars and other revenues Total revenues Commissions, transportation and other Onboard Ship manning costs Fuel Other cruise operating costs Total cruise operating costs S, G & A ** Total operating costs Other (losses)/gains - net EBITDA * Separate profit & loss per product area in appendix ** Revised SG&A allocation between Norwegian coast and Explorer; changed from 80/20 in 2009 to ~90/10 in 2010 Page 17

18 Charter MV Finnmarken in normal operations Charter Q4 Q4 Year to date Year to date (NOK 1 000) Onboard revenues Charter revenues Other operating revenues Total revenues Onboard Ship manning costs Other cruise operating costs Total cruise operating costs S, G & A Total operating costs EBITDA Page 18

19 Other business Other business Q4 Q4 Year to date Year to date (NOK 1 000) Goods, cars and other revenues Contractual revenues Total revenues Ship manning costs Other cruise operating costs Total cruise operating costs S, G & A Total operating costs Other (losses)/gains - net EBITDA Page 19

20 Discontinued business Discontinued business Q4 Q4 Year to date Year to date (NOK 1 000) Fast ferries Bergenske Reisebyrå AS Nor Lines group Profit/loss before tax Page 20

21 MEASURES AND PROSPECTS

22 Charter status MV Finnmarken In normal operations Some days out of service due to heavy weather conditions Number of passengers has increased steadily since startup and reached 300 in November Charterer has the option to prolong contract on existing terms for 18 months

23 Hurtigruten sole bidder for state contract Current contract; NOK 380 million per year (2010) Bid submitted (per year in 2011-values) Alternative 1 (daily sailings); NOK 750 million Alternative 2 (daily sailings during summer and five sailings per week during winter); NOK 730 million Alternative ti 3 (five sailings every week all year round); NOK 580 million Bid valid until 8 March 2011 Meetings with Ministry in December and January Political level to decide which alternative to pursue With this contract Hurtigruten will be profitable without chartering of vessel Page 23

24 Strong start for booking 2011 The development graph for pre booked CN (RT+PP) Cruise night s vs ,2% * Booking status as of 15 February 2011, RT = round trips, PP= port to port Page 24

25 and all months are improving Cruise night (RT+PP) sales 2011 per month compared to 2010 and budget Cruise nights Jan Feb Mar Apr Mai Jun Jul Aug Sep Oct Nov Dec * Booking status as of 15 February 2011, RT = round trips, PP= port to port Page 25

26 Copying winter success to spring - The Arctic Awakening Season based products, ref. Hunting the light Product development On board Excursions Theme voyages Pilot ships spring 2011, All ships 2012 Pilot summer concept in 2012

27 Operating costs being addressed Black Belt initiatives from 2008 completed in 2011 Cost savings focus into new phase Optimum Ambition NOK 100 million per year through Simplify product offerings Efficient organization Lean operations on board Cost efficient channel mix Purchasing Page 27

28 Profit for Hurtigruten in 2010 Strong development in number of cruise nights Profit for whole year Basis for sustainable profitability Page 28

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30 Explorer products Explorer products Q4 Q4 Year to date Year to date (NOK 1 000) Passenger ticket revenues Onboard revenues Goods, cars and other revenues Total revenues Commissions, transportation and other Onboard Ship manning costs Fuel Other cruise operating costs Total cruise operating costs S, G & A * Total operating costs Other (losses)/gains - net EBITDA * Revised SG&A allocation between Norwegian coast and Explorer; changed from 80/20 in 2009 to ~90/10 in 2010 Page 30

31 Spitsbergen Spitsbergen Q4 Q4 Year to date Year to date (NOK 1 000) Passenger ticket revenues Onboard revenues Other revenues Total revenues Commissions, transportation and other Onboard Ship manning costs Other cruise operating costs Total cruise operating costs S, G & A Total operating costs EBITDA Page 31