VIKING continues to grow despite global crisis

Annual accounts: Global manufacturer of maritime and offshore safety solutions VIKING Life-Saving Equipment A/S reached an important milestone in 2008 with a turnover of more than 1.000.000.000 DKK.

The VIKING Life-Saving Equipment A/S group reached a record turnover of 1,073.8 million DKK despite the decline of important currencies, which is an increase of 11% compared to 2007. The result of main activities amounts to 91.6 million DKK (2007: 78.6 million DKK) fueled by the success of the big new building markets in South East Asia, good growth in the offshore market, new servicing areas as well as a close, full service cooperation with major shipowners.

Despite the general recession in the market, VIKING still experiences a broad based global growth in the network with new offices, innovative products and long term service contracts. The number of employees increased slightly compared to 2007 and by the end of the year the head count was approx. 1250 persons in 50 locations all over the world.

“VIKING's strength lies in our global presence and the fact that we offer total solutions within safety equipment, consulting and service.” says CEO Kjeld Amann “Our proven track record, commitment to quality and sound financial situation really does make a difference in the minds of our customers.”

Optimistic expectations for 2009

“We want to move ahead. Only innovation and development can support the legitimate expectations of our customers for better solutions at competitive prices”, says managing director Kjeld Amann.

“The current recession has created a great deal of uncertainty in the market. Difficult conditions for obtaining necessary financing threaten the entire maritime business, and it is true that there has been a significant decline in new building contracts. However it is important to remember that the business has experienced a number of years with terrific growth, which means that it will take a large amount of annulments to bring the new building market down to a normal level - seen in a historical perspective”, he continues.

With its significant base of loyal customers, large order volume and strong financial foundation, VIKING is in a very good position to face the current challenges than many other players. The company looks forward to celebrating its 50 year anniversary in 2010 with confidence.

New servicing concept for shipowners

“In recent years we have seen an increasing demand from shipowners for more transparent solutions that reduce the resources needed within their organisations to handle the servicing of maritime equipment,” says Kjeld Amann and continues: “VIKING offers flexible shipowner agreements with direct access to an organisation of specialists. Truly fixed prices and close monitoring of servicing stations ensure the reliability they need, he concludes.

KEY FIGURES: VIKING Life-Saving Equipment A/S

Million DKK	2008	2007	2006	2005	2004
Net turnover	1,073.8	965.6	904.6	753.7	678.9
Result main activities	91.6	78.6	69.3	44.9	46.0
Result after taxes	54.9	51.6	40.7	27.1	26.7
Assets	856.9	799.2	732.5	638.5	544.4
Equity	316.0	307.2	268.0	231.9	227.6
Average no. of employees	1253	1.201	1.139	966	869