VIKING enjoys growth despite the falling dollar
ANNUAL ACCOUNTS: With a net turnover of 966 million Danish kroner, 2007 lived up to expectations at VIKING Life-Saving Equipment A/S, global producer of safety solutions. Turnover increased 7% compared to 2006, but fell just short of the magic billion kroner mark due to developments on the currency market.
"VIKING has again proven that our focussed growth strategy combined with tight cost control can deliver wide based growth and a satisfactory result," commented Kjeld Amann, Managing Director.
"Taking developments on the currency market into account, we are very pleased for our 2007 results," he continues.
Operating activities for the year at 78.6 million Danish kroner (compared to 69.3 million kroner in 2006) has been affected by substantial value-adding in the form of market, product and technology development. The majority of these costs are recognised as incurred in the annual accounts. The result has also been strengthened by new service areas and by a general positive development in the global market for maritime transport and offshore oil activities.
"Our strength in relation to our competitors is our closeness and the fact that customers increasingly prefer total solutions, hence they choose VIKING," says Kjeld Amann. "Not only do we offer a wide range of safety equipment, accessories and knowledge, we also supply uniform, quality service no matter where our customers need us.
Global growth with focus on China
The company's vision is to continue to be the preferred supplier of safety solutions to the global marine and offshore industry. Focusing on providing complete solutions for our customers is a natural part of VIKING's growth strategy. In 2007, VIKING expanded its global network with new locations in Iceland, Norway, Spain, Germany, Italy and China.
The Chinese market for new ship building is expected to grow at a faster rate than any other, which is why VIKING's presence is so important. To be number one in the world, we need to be number one in China.
"It is important to be close to our customers in terms of language, time and culture, etc. Our global network enables us to react quickly and wisely," explains Kjeld Amann.
VIKING has launched a host of initiatives to attract well-educated employees to its global network, e.g. graduate programmes for new graduates, Global Management Development Programme for managers and middle managers in cooperation with Copenhagen Business School and domestic and overseas posting across the concern.
High expectations for 2008
2008 is expected to bring growth in most areas, with focus on offshore and servicing activities, new partner agreements with VIKINGs maritime customers and increased focus on new growth markets.
"Thanks to the tremendous dedication from our employees and solid support from owners and the board, we are convinced that we will maintain our success curve and continue to create value for our owners and VIKING in 2008" concludes Kjeld Amann.
Facts/background:
Growth through knowledge and innovation
Who is VIKING
VIKING is a market leader in maritime safety, providing and servicing essential safety equipment for passenger and cargo ships, offshore installations, fishing vessels, yachts, and defence and fire-fighting industries.
Headquarters are located in Esbjerg, Denmark and products are manufactured in four locations in Denmark, Norway and Thailand.
VIKING has approximately 1200 employees in 48 locations and is represented by approximately 270 VIKING owned or authorised servicing station across the world. The company is privately owned and had a turnover of 966 million Danish kroner in 2007.
VIKING has had a positive growth curve over many years, thanks to innovation in the entire value chain with knowledge, dialogue and service.
An innovative, winner culture
Focussed investments in production development have resulted in several patent applications and recognition for technological expertise. In April 2007, the company won the international Safety At Sea Award for an innovative evacuation system for ferries. Later that year, VIKNG's intelligent fire-fighter suit with built-in sensors received a Danish Engineering Product Prize for the best new technological product. The fire-fighter suit was also a finalist in the Danish Industry Association Product Prize (Dansk Industris Produktpris).
These prestigious awards for vastly differently products reflect the innovative culture within the entire company; a culture driven by commitment and the knowledge that VIKING's products and services protect and save lives every day. |