VIKING LINE ABP
A strong quarter
JANUARY-SEPTEMBER 2023
(compared to January-September 2022)
- Sales amounted to
EUR 379.2 M (EUR 370.2 M). -
Other operating revenue was
EUR 8.9 M (EUR 8.8 M). -
Operating income totalled
EUR 52.4 M (EUR 18.9 M). -
Net financial items were
EUR -9.0 M (EUR -7.5 M). -
Income before taxes totalled
EUR 43.4 M (EUR 11.4 M). -
Income after taxes totalled
EUR 34.6 M (EUR 9.5 M). -
The outlook for the financial year 2023 is unchanged compared to the Half-Year Report as of
June 30, 2023 , which means that income before taxes is expected to be significantly better than last year provided that energy prices remain at current levels.
THIRD QUARTER 2023
(compared to the third quarter of 2022)
- Sales amounted to
EUR 152.9 M (EUR 170.4 M). -
Other operating revenue was
EUR 0.0 M (EUR 0.5 M). -
Operating income totalled
EUR 35.3 M (EUR 26.9 M). -
Net financial items were
EUR -1.1 M (EUR -2.8 M). -
Income before taxes totalled
EUR 34.2 M (EUR 24.1 M). -
Income after taxes totalled
EUR 27.6 M (EUR 19.3 M).
COMMENTS FROM PRESIDENT AND CEO JAN HANSES Results for the third quarter exceeded expectations and provide grounds for a continued good full-year forecast. Passenger and cargo volumes continued to rise, despite the lower number of vessels, while the planned sales prices were reached. Bunker (vessel oil) prices have gradually fallen but are still very high compared to before the pandemic and Russia's war of aggression against Ukraine .On August 9 , we announced that Viking Line and Gotlandsbolaget were forming a joint venture entrusted with the task of developing and providing cruises using the former M/S Birka Stockholm. At the same time, the two companies agreed that Viking Line would acquire 50 per cent of the vessel for EUR 19 M. On August 23 , the joint venture was approved by the Swedish Competition Authority , and intensive work began. The initial contract period runs for five years with an extension option.Starting in 2024, our traffic will be subject to the EU Emissions Trading System. This means that a cost will be imposed on us that we can only partly adjust to in the medium term through continued energy efficiency work. There are no fossil-free fuels available in a quantity and at prices that are economically viable. Implementation of a temporary island exemption for service between Finland and Åland is thus well justified since the transition to fossil-free fuel is determined not by the cost of emission rights but rather by the supply of alternative fossil-free fuels. We do not intend to lower our ambitions to reduce emissions from our service with the implementation of this island exemption. On the contrary, we will use the cost savings to continue our work to make the transition to fossil-free fuels and increase energy efficiency.During the summer months of June-August, nearly 1.8 million passengers sailed with Viking Line's vessels, and many departures during the holiday season were sold out well in advance. Reasons for the strong demand include local tourism, which is popular in both Finland and Sweden , and the recovery in international tourism for the Nordic region - and of course, the vessels, which many people want to experience. During the first nine months of the year, 3.8 million passengers sailed on our vessels. Occupancy rates have been good on all the vessels. On the route between Turku , Åland and Stockholm , travel was intense on Viking Grace and the new Viking Glory. Market share for the first nine months was over 73%.To summarize, I can note that the report period was very strong even excluding the income effect of the sale of Rosella.I would like to extend my warm thanks to our customers and partners for their faith and good collaboration. I would also like to give a big thank you to our engaged staff, who contributed to our good results with their good work.
On August 9 , we announced that Viking Line and Gotlandsbolaget were forming a joint venture entrusted with the task of developing and providing cruises using the former M/S Birka Stockholm. At the same time, the two companies agreed that Viking Line would acquire 50 per cent of the vessel for EUR 19 M. On August 23 , the joint venture was approved by the Swedish Competition Authority , and intensive work began. The initial contract period runs for five years with an extension option.Starting in 2024, our traffic will be subject to the EU Emissions Trading System. This means that a cost will be imposed on us that we can only partly adjust to in the medium term through continued energy efficiency work. There are no fossil-free fuels available in a quantity and at prices that are economically viable. Implementation of a temporary island exemption for service between Finland and Åland is thus well justified since the transition to fossil-free fuel is determined not by the cost of emission rights but rather by the supply of alternative fossil-free fuels. We do not intend to lower our ambitions to reduce emissions from our service with the implementation of this island exemption. On the contrary, we will use the cost savings to continue our work to make the transition to fossil-free fuels and increase energy efficiency.During the summer months of June-August, nearly 1.8 million passengers sailed with Viking Line's vessels, and many departures during the holiday season were sold out well in advance. Reasons for the strong demand include local tourism, which is popular in both Finland and Sweden , and the recovery in international tourism for the Nordic region - and of course, the vessels, which many people want to experience. During the first nine months of the year, 3.8 million passengers sailed on our vessels. Occupancy rates have been good on all the vessels. On the route between Turku , Åland and Stockholm , travel was intense on Viking Grace and the new Viking Glory. Market share for the first nine months was over 73%.To summarize, I can note that the report period was very strong even excluding the income effect of the sale of Rosella.I would like to extend my warm thanks to our customers and partners for their faith and good collaboration. I would also like to give a big thank you to our engaged staff, who contributed to our good results with their good work.
During the summer months of June-August, nearly 1.8 million passengers sailed with Viking Line's vessels, and many departures during the holiday season were sold out well in advance. Reasons for the strong demand include local tourism, which is popular in both Finland and Sweden , and the recovery in international tourism for the Nordic region - and of course, the vessels, which many people want to experience. During the first nine months of the year, 3.8 million passengers sailed on our vessels. Occupancy rates have been good on all the vessels. On the route between Turku , Åland and Stockholm , travel was intense on Viking Grace and the new Viking Glory. Market share for the first nine months was over 73%.To summarize, I can note that the report period was very strong even excluding the income effect of the sale of Rosella.I would like to extend my warm thanks to our customers and partners for their faith and good collaboration. I would also like to give a big thank you to our engaged staff, who contributed to our good results with their good work.
To summarize, I can note that the report period was very strong even excluding the income effect of the sale of Rosella.I would like to extend my warm thanks to our customers and partners for their faith and good collaboration. I would also like to give a big thank you to our engaged staff, who contributed to our good results with their good work.
SUMMARY OF
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EUR M |
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Sales |
| 152.9 | 170.4 | 379.2 | 370.2 | 494.7 |
Other operating revenue |
| 0.0 | 0.5 | 8.9 | 8.8 | 24.1 |
Operating income |
| 35.3 | 26.9 | 52.4 | 18.9 | 38.3 |
Income before taxes |
| 34.2 | 24.1 | 43.4 | 11.4 | 28.3 |
Income for the period |
| 27.6 | 19.3 | 34.6 | 9.5 | 23.0 |
SERVICE AND MARKET
During the period
Viking Grace was dry-docked during the period
Rosella sailed between Mariehamn and Kapellskär until
During the summer period, both Gabriella and Viking Cinderella made a number of destination cruises, including to Visby,
During the period
Last year, on
During the comparative period,
The total number of passengers on the Group's vessels during the report period was 3,818,810 (3,726,104). The Group had a total market share in its service area of approximately 35.2% (37.2%).
Market demand for travel since the beginning of the year has been significantly higher compared to the same period last year, which was affected to some extent by pandemic restrictions.
The Group's total cargo volume was 93,565 cargo units (87,408). The Group's share of the cargo market was approximately 16.7% (14.4%). Demand for cargo in our service area during the third quarter of 2023 decreased compared to the same period last year due to economic uncertainty in our region. Nonetheless, the number of cargo units transported increased.
The market share for passenger cars was approximately 29.0% (32.9%). The decrease is mostly due to the termination of the short-haul Kapellskär-Mariehamn route.
SALES AND EARNINGS FOR JANUARY - SEPTEMBER 2023
Consolidated sales increased 2.4% to
Passenger-related revenue increased 2.9% to
Operating expenses decreased 9.6% to
In January and
SALES AND EARNINGS FOR THE THIRD QUARTER 2023
Consolidated sales decreased 10.3% to
Passenger-related revenue decreased 10.1% to
Salary and other employment benefit expenses decreased 3.6% or
INVESTMENTS AND FINANCE
The Group's investments for the period
Most other investments are attributable to the dry-docking of Viking Grace and cabin upgrades on both Gabriella and Cinderella.
M/S Viking Cinderella, which currently provides cruise service from
The Group's long-term interest-bearing liabilities on
The debt/equity ratio was 50.5% compared to 43.2% for the same period last year.
The Group's cash and cash equivalents at the end of September totalled
Net cash flow from operating activities was
Most of the Group's loan agreements include loan covenants according to market terms. The financial covenants in the loan agreements consist of minimum requirements for liquidity and solvency and a maximum net financial debt-to-EBITDA ratio.
The dividend restriction in one of the Group's loan agreements continues to apply in the event the Group's debt-to-EBITDA ratio exceeds 5.0.
Future cash flows related to financial liabilities as of
EUR M |
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| Future cash flows related to | Lease | Trade | Interest- | Total |
| financial liabilities | liabilities | payables | bearing |
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| (incl. financial expenses) |
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| liabilities |
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| 1.4 | 25.3 | 23.7 | 50.4 | |
| 1.4 |
| 23.4 | 24.7 | |
| 2.5 |
| 37.8 | 40.2 | |
| 1.1 |
| 36.9 | 38.0 | |
| 0.4 |
| 25.6 | 26.0 | |
| 0.3 |
| 24.4 | 24.8 | |
| 0.2 |
| 70.5 | 70.7 | |
| Total | 7.3 | 25.3 | 242.3 | 274.9 |
IMPAIRMENT TESTING
Recognized values for intangible assets and property, plant and equipment are tested regularly in order to identify any external or internal indications of an impairment loss. If such indications are observed for any asset item, the recoverable amount of the asset is recognized. One of the most important areas that entail judgements is valuation of the Group's vessels.
The management has also made the assessment that there is no need for impairment for the Group's other non-current assets.
ORGANIZATION AND PERSONNEL
The average number of employees in the Group was 2,243 (2,218), 1,695 (1,698) of whom worked in the parent company. Land-based personnel totalled 472 (454) and shipboard personnel totalled 1,771 (1,764). During the comparative period, additional shipboard and land-based staff were made redundant.
In addition to the Group's own employees, Viking XPRS was crewed by an average of 44 (179) people employed by a staffing company. Since the reflagging of the vessel to the Finnish flag on
During the winter, the company held restructuring negotiations with Finnish land-based staff and co-determination negotiations with Swedish land-based staff on account of the reduction in the company's fleet. The land-based work and staff were reorganized to adjust to
Risk faCTORS
As of
OUTLOOK FOR THE FINANCIAL YEAR 2023
The outlook for the financial year 2023 is unchanged compared to the Half-Year Report as of
EVENTS AFTER THE BALANCE SHEET DATE
The management knows of no other significant events after the balance sheet date that could affect the Business Review for January-
Mariehamn,
President and CEO
Financial information
The Board of Directors' Business was prepared in accordance with IFRS accounting standards and valuation principles. The accounting principles and measurement principles applied are the same as for the year-end financial statements for 2022. The figures have not been audited.
| Consolidated income statement | ||||||
| EUR M | ||||||
| SALES | 152.9 | 170.4 | 379.2 | 370.2 | 494.7 | |
| Other operating revenue | 0.0 | 0.5 | 8.9 | 8.8 | 24.1 | |
| Expenses | ||||||
| Goods and services | 33.1 | 39.9 | 87.0 | 88.0 | 117.4 | |
| Salary and other employment benefit expenses | 27.9 | 28.9 | 81.0 | 79.3 | 104.7 | |
| Depreciation, amortization and impairment losses | 6.9 | 6.7 | 20.4 | 19.4 | 26.5 | |
| Other operating expenses | 49.8 | 68.5 | 147.4 | 173.4 | 231.8 | |
| 117.7 | 144.0 | 335.7 | 360.1 | 480.5 | ||
| OPERATING INCOME | 35.3 | 26.9 | 52.4 | 18.9 | 38.3 | |
| Financial income | 0.6 | -0.2 | 1.5 | 0.0 | 0.3 | |
| Financial expenses | -2.3 | -2.6 | -8.5 | -8.3 | -12.3 | |
| Share of net profit of associate companies accounted for | 0.6 | -0.1 | -1.9 | 0.9 | 2.0 | |
| using the equity method | ||||||
| INCOME BEFORE TAXES | 34.2 | 24.1 | 43.4 | 11.4 | 28.3 | |
| Income taxes | -6.6 | -4.9 | -8.9 | -2.0 | -5.3 | |
| INCOME FOR THE PERIOD | 27.6 | 19.3 | 34.6 | 9.5 | 23.0 | |
| Income attributable to: | ||||||
| Parent company shareholders | 27.6 | 19.3 | 34.6 | 9.5 | 23.0 | |
| Earnings per share before and after dilution, EUR | 1.60 | 1.12 | 2.00 | 0.55 | 1.33 | |
| Consolidated statement of | ||||||
| comprehensive income | ||||||
| EUR M | ||||||
| INCOME FOR THE PERIOD | 27.6 | 19.3 | 34.6 | 9.5 | 23.0 | |
| Items that may be reclassified to the income statement | ||||||
| Translation differences | 0.7 | -0.4 | -0.9 | -1.4 | -1.9 | |
| Items that will not be reclassified to the income statement | ||||||
| Changes in the fair value of financial assets at fair value | ||||||
| through other comprehensive income | 1.2 | - | 1.2 | - | - | |
| Other comprehensive income | 1.9 | -0.4 | 0.3 | -1.4 | -1.9 | |
| COMPREHENSIVE INCOME FOR THE PERIOD | 29.5 | 18.9 | 34.8 | 8.0 | 21.1 | |
| Comprehensive income attributable to: | ||||||
| Parent company shareholders | 29.5 | 18.9 | 34.8 | 8.0 | 21.1 | |
Consolidated income statement by quarter
| 2023 | 2023 | 2023 | 2022 | 2022 |
EUR M | Q3 | Q2 | Q1 | Q4 | Q3 |
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SALES | 152.9 | 132.4 | 93.9 | 124.5 | 170.4 |
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Other operating revenue | 0.0 | 0.1 | 8.8 | 15.2 | 0.5 |
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Expenses |
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Goods and services | 33.1 | 31.3 | 22.6 | 29.4 | 39.9 |
Salary and other employment benefit expenses | 27.9 | 28.6 | 24.5 | 25.4 | 28.9 |
Depreciation, amortization and impairment losses | 6.9 | 6.8 | 6.7 | 7.2 | 6.7 |
Other operating expenses | 49.8 | 47.8 | 49.8 | 58.4 | 68.5 |
| 117.7 | 114.5 | 103.6 | 120.3 | 144.0 |
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OPERATING INCOME | 35.3 | 18.0 | -0.9 | 19.4 | 26.9 |
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Financial income | 0.6 | 0.6 | 0.3 | 0.3 | -0.2 |
Financial expenses | -2.3 | -3.4 | -2.8 | -4.0 | -2.6 |
Share of net profit of associates accounted for | 0.6 | -1.6 | -1.0 | 1.2 | -0.1 |
using the equity method |
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INCOME BEFORE TAXES | 34.2 | 13.6 | -4.4 | 16.9 | 24.1 |
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Income taxes | -6.6 | -2.9 | 0.7 | -3.3 | -4.9 |
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INCOME FOR THE PERIOD | 27.6 | 10.6 | -3.7 | 13.6 | 19.3 |
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Income attributable to: |
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Parent company shareholders | 27.6 | 10.6 | -3.7 | 13.6 | 19.3 |
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Earnings per share before and after dilution, EUR | 1.60 | 0.61 | -0.21 | 0.79 | 1.12 |
Consolidated statement of comprehensive income by quarter
| 2023 | 2023 | 2023 | 2022 | 2022 |
EUR M | Q3 | Q2 | Q1 | Q4 | Q3 |
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INCOME FOR THE PERIOD | 27.6 | 10.6 | -3.7 | 13.6 | 19.3 |
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Items that may be reclassified to the income statement |
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Translation differences | 0.7 | -1.3 | -0.3 | -0.5 | -0.4 |
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Items that will not be reclassified to the income statement |
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Changes in the fair value of financial assets recognized |
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at fair value through other comprehensive income | 1.2 | - | - | - | - |
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Other comprehensive income | 1.9 | -1.3 | -0.3 | -0.5 | -0.4 |
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COMPREHENSIVE INCOME FOR THE PERIOD | 29.5 | 9.3 | -4.0 | 13.1 | 18.9 |
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Comprehensive income attributable to: |
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Parent company shareholders | 29.5 | 9.3 | -4.0 | 13.1 | 18.9 |
| Consolidated balance sheet | ||||
| EUR M | ||||
| ASSETS | ||||
| Non-current assets | ||||
| Intangible assets | 4.6 | 2.9 | 2.8 | |
| Land | 0.5 | 0.5 | 0.5 | |
| Buildings and structures | 1.6 | 1.6 | 1.6 | |
| Renovation costs for rented properties | 1.0 | 1.2 | 1.1 | |
| Vessels | 436.5 | 437.3 | 429.6 | |
| Machinery and equipment | 2.4 | 2.2 | 2.3 | |
| Right-of-use assets | 4.7 | 4.2 | 4.4 | |
| Financial assets at fair value through | ||||
| other comprehensive income | 14.2 | 0.0 | 10.6 | |
| Investments accounted for using the equity method | 30.9 | 33.4 | 34.6 | |
| Receivables | 0.7 | - | - | |
| Total non-current assets | 497.1 | 483.2 | 487.3 | |
| Current assets | ||||
| Inventories | 14.7 | 14.4 | 14.0 | |
| Income tax assets | 0.1 | 0.1 | 0.1 | |
| Trade and other receivables | 46.8 | 43.7 | 36.7 | |
| Cash and cash equivalents | 88.6 | 116.3 | 89.0 | |
| Total current assets | 150.2 | 174.5 | 139.8 | |
| Non-current assets held for sale | - | 3.2 | 2.4 | |
| TOTAL ASSETS | 647.3 | 661.0 | 629.5 | |
| EQUITY AND LIABILITIES | ||||
| Equity | ||||
| Share capital | 1.8 | 1.8 | 1.8 | |
| Reserves | 50.8 | 49.7 | 49.7 | |
| Translation differences | -3.8 | -3.1 | -3.4 | |
| Retained earnings | 269.5 | 229.0 | 242.4 | |
| Equity attributable to parent company shareholders | 318.4 | 277.4 | 290.5 | |
| Total equity | 318.4 | 277.4 | 290.5 | |
| Non-current liabilities | ||||
| Deferred tax liabilities | 37.4 | 32.4 | 36.1 | |
| Interest-bearing liabilities | 158.6 | 219.6 | 186.3 | |
| Lease liabilities | 4.3 | 4.5 | 4.5 | |
| Total non-current liabilities | 200.3 | 256.5 | 226.8 | |
| Current liabilities | ||||
| Interest-bearing liabilities | 36.7 | 39.7 | 36.7 | |
| Lease liabilities | 2.5 | 2.3 | 2.4 | |
| Income tax liabilities | 7.4 | - | 0.0 | |
| Trade and other payables | 82.0 | 85.1 | 73.0 | |
| Total current liabilities | 128.6 | 127.1 | 112.2 | |
| Total liabilities | 328.9 | 383.6 | 339.0 | |
| TOTAL EQUITY AND LIABILITIES | 647.3 | 661.0 | 629.5 | |
| Consolidated cash flow statement | ||||
| EUR M | ||||
| OPERATING ACTIVITIES | ||||
| Income for the period | 34.6 | 9.5 | 23.0 | |
| Adjustments | ||||
| Depreciation, amortization and impairment losses | 20.4 | 19.4 | 26.5 | |
| Capital gains/losses from non-current assets | -8.9 | -0.4 | -13.1 | |
| Income from investments in associate companies | 1.9 | -0.9 | -2.0 | |
| Other items not included in cash flow | -0.6 | -0.4 | -2.8 | |
| Interest expenses and other financial expenses | 8.1 | 7.4 | 10.8 | |
| Interest income and other financial income | -1.4 | 0.0 | -0.3 | |
| Dividend income | 0.0 | 0.0 | 0.0 | |
| Income taxes | 8.9 | 2.0 | 5.3 | |
| Change in working capital | ||||
| Change in trade and other receivables | -10.0 | -18.0 | -11.0 | |
| Change in inventories | -0.7 | -4.5 | -4.0 | |
| Change in trade and other payables | 7.2 | 17.4 | 5.8 | |
| Interest paid | -5.5 | -4.8 | -7.0 | |
| Financial expenses paid | -0.1 | -1.8 | -3.1 | |
| Interest received | 1.1 | - | - | |
| Financial income received | 0.2 | 0.0 | 0.3 | |
| Taxes paid | -0.3 | -0.4 | 0.0 | |
| NET CASH FLOW FROM OPERATING ACTIVITIES | 54.9 | 24.6 | 28.4 | |
| INVESTING ACTIVITIES | ||||
| Investments in vessels | -25.0 | -13.0 | -14.1 | |
| Investments in other non-current assets | -3.2 | -0.6 | -0.8 | |
| Investments in financial assets recognized at fair value | ||||
| through other comprehensive income | -2.1 | - | -10.6 | |
| Investments accounted for using the equity method | 0.0 | - | - | |
| Divestments of vessels | 11.1 | - | 18.0 | |
| Divestments of other non-current assets | 0.1 | 0.2 | 0.4 | |
| Change in non-current receivables | -0.7 | 5.9 | 5.9 | |
| Dividends received from associate companies | 1.7 | 1.4 | 1.4 | |
| Dividends received from others | 0.0 | 0.0 | 0.0 | |
| NET CASH FLOW FROM INVESTING ACTIVITIES | -18.0 | -6.1 | 0.2 | |
| FINANCING ACTIVITIES | ||||
| Increase in loans | - | 40.0 | 40.0 | |
| Principal payments | -28.5 | -54.8 | -91.4 | |
| Depreciation of lease liabilities | -1.9 | -2.0 | -2.7 | |
| Dividends paid | -6.9 | - | - | |
| NET CASH FLOW FROM FINANCING ACTIVITIES | -37.4 | -16.8 | -54.1 | |
| CHANGE IN CASH AND CASH EQUIVALENTS | -0.5 | 1.7 | -25.5 | |
| Cash and cash equivalents at the beginning of the period | 89.0 | 114.6 | 114.6 | |
| CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD | 88.6 | 116.3 | 89.0 | |
| Statement of changes in consolidated equity | |||||
| Equity attributable to parent company shareholders | |||||
| Share | Translation | Retained | Total | ||
| EUR M | capital | Reserves | differences | earnings | equity |
| EQUITY, | 1.8 | 49.7 | -3.4 | 242.4 | 290.5 |
| Income for the period | 34.6 | 34.6 | |||
| Translation differences | 0.0 | -0.4 | -0.5 | -0.9 | |
| Remeasurement of financial assets recognized at | |||||
| fair value through other comprehensive income | 1.2 | 0.0 | 1.2 | ||
| Comprehensive income for the period | - | 1.2 | -0.4 | 34.0 | 34.8 |
| Dividend to shareholders | -6.9 | -6.9 | |||
| Transactions with owners of the parent company | - | - | - | -6.9 | -6.9 |
| EQUITY, | 1.8 | 50.8 | -3.8 | 269.5 | 318.4 |
| Equity attributable to parent company shareholders | |||||
| Share | Translation | Retained | Total | ||
| EUR M | capital | Reserves | differences | earnings | equity |
| EQUITY, | 1.8 | 49.7 | -2.2 | 220.1 | 269.4 |
| Income for the period | 9.5 | 9.5 | |||
| Translation differences | 0.0 | -0.9 | -0.6 | -1.4 | |
| Comprehensive income for the period | - | 0.0 | -0.9 | 8.9 | 8.0 |
| Dividend to shareholders | - | - | |||
| Transactions with owners of the parent company | - | - | - | - | - |
| EQUITY, | 1.8 | 49.7 | -3.1 | 229.0 | 277.4 |
Financial ratios and statistics
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Equity per share, EUR | 18.43 | 16.05 | 16.81 |
Equity/assets ratio | 50.5 % | 43.2 % | 47.0 % |
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Investments, EUR M | 30.3 | 13.5 | 25.5 |
- as % of sales | 8.0 % | 3.7 % | 5.2 % |
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Passengers | 3,818,810 | 3,726,104 | 4,945,564 |
Cargo units | 93,565 | 87,408 | 117,777 |
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Average number of employees, full-time equivalent | 2,243 | 2,218 | 2,203 |
Equity per share = Equity attributable to parent company shareholders / Number of shares.
Equity/assets ratio, % = (Equity including minority interest) / (Total assets - advances received).
When rounding off items to the nearest
President and CEO
jan.hanses@vikingline.com
+358-(0)18-270 00
https://news.cision.com/viking-line-abp/r/viking-line--a-strong-quarter,c3861174
https://mb.cision.com/Main/13658/3861174/2390349.pdf
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