Market announcement
AS Tallink Grupp
Category
Annual financial report
Attachments
Date
17.12.2007 17:34:40
Title
2006/2007 MAJANDUSAASTA AUDITEERITUD ARUANDED
Message
AS-ile Tallink Grupp ja tema tütarettevõtetele („Kontsern”) oli käesolev majandusaasta esimene täispikk majandusaasta, mil tuli kanda eelmise majandusaasta suuri investeeringuid. Majandusaasta lõppes hea tulemusega, mis näitab, et meie oluliselt kasvanud ettevõte on tugev ja efektiivne. Kontserni müügitulu suurenes 88% 11 903 miljoni kroonini (761 miljoni euroni). Ühekordseid kulusid mitte arvestades kasvas Kontserni EBITDA 87% võrra 2 738 miljoni kroonini (175 miljoni euroni). Kontsern teenindas 6.9 miljonit reisijat, see on 63,5% rohkem kui eelmisel majandusaastal. 2006/2007 majandusaastal oli peamine tähelepanu eelmisel majandusaastal omandatud Silja Line äritegevuse restruktureerimisel ja integreerimisel. Vähendatud on mitmeid kattuvaid positsioone kaldaorganisatsioonis ja enamik administreerimise, müügi ja hangetega seotud tegevusi on tsentraliseeritud. Pensionifondi haldamine viidi Kontsernist välja ning mitmed ebasoodsad teenustelepingud lõpetati. Lisaks on Kontsern kandnud täiendavaid kulusid ajutiselt paralleelsete IT süsteemide pidamisest ja nendega seotud täiendatavatest funktsioonidest, mis on tulenenud ühtse, kogu Kontserni ulatuses kasutatava broneerimissüsteemi kasutuselevõtu viibimisest ja kontoripoole süsteemide tsentraliseerimisest. Ühekordsed integreerimise ja restruktureerimise kulud kokku moodustasid ligikaudu 250 miljonit krooni (16 miljonit eurot). Silja sünergiate positiivne mõju, mis siiani on veel vaevumärgatav, annab järgnevatel aastatel reaalseid positiivseid tulemusi. AUDITEERITUD KONSOLIDEERITUD KASUMIARUANNE 31. augustil lõppenud aasta kohta Tuhandetes kroonides Tuhandetes eurodes 2007 2006 2007 2006 Müügitulu 11,903,286 6,330,911 760,759 404,619 Müüdud kauba ja teenuse kulu -8,766,651 -4,498,940 -560,291 -287,535 Brutokasum 3,136,635 1,831,971 200,468 117,084 Turustuskulud -792,381 -454,520 -50,643 -29,049 Halduskulud -997,361 -329,798 -63,743 -21,078 Muud äritulud 209,029 8,293 13,359 530 Muud ärikulud -1,764 -9,421 -113 -602 Tulu negatiivsest 689 710,496 44 45,409 firmaväärtusest Finantstulud 203,884 44,854 13,031 2,867 Finantskulud -801,219 -316,571 -51,207 -20,233 Kasum sidusettevõtetest 7,698 0 492 0 Kasum enne tulumaksu 965,210 1,485,304 61,688 94,928 Tulumaks 84,077 -33 5,374 -2 Aruandeaasta puhaskasum 1,049,287 1,485,271 67,062 94,926 Seal hulgas: Emaettevõtte omanike osa 1,049,287 1,484,206 67,062 94,858 puhaskasumist Vähemusomanike osa puhaskasumist 0 1,065 0 68 Tava- ja lahutatud aktsiakasum 1.56 2.85 0.10 0.18 (kroonides/eurodes ühe aktsia kohta) AUDITEERITUD KONSOLIDEERITUD BILANSS 31. augusti seisuga Tuhandetes kroonides Tuhandetes eurodes 2007 2006 2007 2006 VARAD Käibevara Raha ja raha ekvivalendid 1,303,609 1,407,608 83,315 89,963 Nõuded 815,093 843,456 52,094 53,906 Ettemaksed 124,134 253,534 7,934 16,204 Derivatiivid 1,799 11,633 115 743 Varud 272,352 237,228 17,407 15,162 2,516,987 2,753,459 160,865 175,978 Põhivara Investeeringud 3,242 9,044 207 578 sidusettevõtetesse Muud finantsvarad ja ettemaksed 9,279 8,240 594 527 Edasilükkunud tulumaksuvara 153,102 0 9,785 0 Pensionivara 0 45,234 0 2,891 Kinnisvarainvesteering 4,694 0 300 0 Materiaalne põhivara 22,600,001 21,857,153 1,444,403 1,396,927 Immateriaalne põhivara 1,283,592 1,258,432 82,036 80,428 24,053,910 23,178,103 1,537,325 1,481,351 VARAD KOKKU 26,570,897 25,931,562 1,698,190 1,657,329 KOHUSTUSED JA OMAKAPITAL Lühiajalised kohustused Intressikandvad võlakohustused 2,247,390 1,228,098 143,634 78,490 Võlad 1,408,369 1,705,087 90,011 108,975 Ettemakstud tulud 121,008 146,042 7,734 9,334 Derivatiivid 7,980 24,159 510 1,544 3,784,747 3,103,386 241,889 198,343 Pikaajalised kohustused Intressikandvad võlakohustused 12,584,261 13,727,497 804,281 877,347 Edasilükkunud tulumaksukohustus 63,463 69 4,056 4 Pensionifondi kohustused 3,489 25,332 223 1,619 12,651,213 13,752,898 808,560 878,970 Kohustused kokku 16,435,960 16,856,284 1,050,449 1,077,313 Omakapital Vähemusosalus 0 1,189 0 76 Emaettevõtte omanikele kuuluv omakapital Aktsiakapital 6,738,170 1,415,000 430,648 90,435 Ülekurss 9,999 2,012,394 639 128,615 Registreerimata aktsiakapital ja 0 1,475,727 0 94,316 ülekurss Reservid 1,202,991 1,158,714 76,885 74,056 Jaotamata kasum 2,183,777 3,012,254 139,569 192,518 Emaettevõtte omanikele kuuluv 10,134,937 9,074,089 647,741 579,940 omakapital kokku Omakapital kokku 10,134,937 9,075,278 647,741 580,016 KOHUSTUSED JA OMAKAPITAL KOKKU 26,570,897 25,931,562 1,698,190 1,657,329 AUDITEERITUD KONSOLIDEERITUD RAHAVOOGUDE ARUANNE 31. augustil lõppenud aasta kohta Tuhandetes kroonides Tuhandetes eurodes 2007 2006 2007 2006 Rahavood äritegevusest Aruandesaasta puhaskasum 1,049,287 1,485,271 67,062 94,926 Korrigeerimised: 1,252,908 -17,689 80,076 -1,131 Amortisatsioon 925,485 419,664 59,150 26,821 Kasum põhivara müügist -178,466 -6,180 -11,406 -395 Kinnisvarainvesteeringu õiglase -4,412 0 -282 väärtuse muutus Puhas intressikulu 764,585 274,820 48,866 17,564 Puhas intressikulu -162,998 4,470 -10,417 286 derivatiividest Kasum tütar- ja sidusettevõtetest -7,698 0 -492 0 Tulu negatiivsest firmaväärtusest -689 -710,496 -44 -45,409 Investeerimis- ja 1,178 0 75 0 finantseerimistegevusega seotud kasum/kahjum valuutakursi muutusest Tulumaksukulu /-tulu -84,077 33 -5,374 2 Nõuete ja ettemaksetega seotud 203,468 -276,382 13,004 -17,664 muutused Varude muutused -34,964 -46,495 -2,235 -2,971 Äritegevusega seotud kohustuste -346,867 91,081 -22,169 5,821 muutused Makstud tulumaks -4,057 -791 -259 -50 2,119,775 1,234,995 135,479 78,931 Rahavood investeerimistegevusest Materiaalse põhivara ja -2,201,608 -7,824,715 -140,708 -500,090 immateriaalse vara soetamine Laekumised materiaalse põhivara 687,423 181,619 43,934 11,607 müügist Laekumised sidusettevõtete 15,162 5,000 969 320 müügist Laekumised derivatiividest 164,481 1,790 10,512 114 Tütarettevõtete soetamine, miinus -1,157 -969,511 -74 -61,963 soetatud raha Sidusettevõtete soetamine -1,020 0 -65 0 Saadud intressid 21,636 21,217 1,383 1,356 -1,315,083 -8,584,600 -84,049 -548,656 Rahavood finantseerimistegevusest Laekumised aktsiate 0 3,668,735 0 234,475 emiteerimisest Aktsiate emiteerimisega seotud -6,520 -132,891 -417 -8,493 tehingukulud Laekumised laenudest ja 1,357,847 12,609,227 86,782 805,876 võlakirjadest Laenude ja võlakirjade -1,555,385 -7,473,544 -99,407 -477,647 tagasimaksed Kasutatud arvelduskrediidi muutus 74,143 -18,249 4,739 -1,166 Kapitalirendi põhimaksete -27,010 -5,073 -1,727 -324 tasumine Makstud intressid -751,766 -217,778 -48,047 -13,918 -908,691 8,430,427 -58,077 538,803 RAHAVOOD KOKKU -103,999 1,080,822 -6,647 69,078 Raha ja raha ekvivalendid: - perioodi alguses 1,407,608 326,786 89,963 20,885 - suurenemine / vähenemine -103,999 1,080,822 -6,647 69,078 - perioodi lõpus 1,303,609 1,407,608 83,316 89,963 Janek Stalmeister Finantsdirektor AS Tallink Grupp e-mail: janek.stalmeister@tallink.ee Tel. +372 6409 800
Title
AUDITED STATEMENTS FOR THE 2006/2007 FINANCIAL YEAR
Message
For AS Tallink Grupp and its subsidiaries (hereinafter also referred to as “the Group”), the first full financial year with the previous financial year's big investments on board ended with a strong and healthy result which is assuring that the business of the significantly grown company is sound and effective. During the 2006/2007 financial year, the Group's revenues increased by 88% to 11,903 million EEK (761 million EUR). Excluding non-recurring costs the Group's EBITDA increased by 87% to 2,738 million EEK (175 million EUR). The Group transported 6.9 million passengers, which is 63.5% more than in the previous financial year. During the 2006/2007 financial year, the Group's focus was on the restructuring and integration of the acquired Silja Line business. Many overlapping positions in onshore organisations were reduced and many administration, sales and procurement related duties were centralized. Pension fund management was transferred out from the Group and several unfavourable service contracts were terminated. Furthermore, delays in the implementation of a new Group-wide booking system and the centralization of back office activities resulted in extra costs caused by the temporary application of parallel IT systems and related support functions. Non recurring integration and restructuring costs totalled approximately 250 million EEK (16 million EUR). Given the fact that during the first full post-acquisition year the positive impact of Silja's synergies is hardly visible, the following years have great upside potential. AUDITED CONSOLIDATED INCOME STATEMENT for the year ended 31 August in thousands of EEK in thousands of EUR 2007 2006 2007 2006 Revenue 11,903,286 6,330,911 760,759 404,619 Cost of sales -8,766,651 -4,498,940 -560,291 -287,535 Gross profit 3,136,635 1,831,971 200,468 117,084 Marketing expenses -792,381 -454,520 -50,643 -29,049 Administrative expenses -997,361 -329,798 -63,743 -21,078 Other income 209,029 8,293 13,359 530 Other expenses -1,764 -9,421 -113 -602 Income from negative goodwill 689 710,496 44 45,409 Financial income 203,884 44,854 13,031 2,867 Financial expenses -801,219 -316,571 -51,207 -20,233 Share of profit of associates 7,698 0 492 0 Profit before income tax 965,210 1,485,304 61,688 94,928 Income tax expense/ income 84,077 -33 5,374 -2 Net profit for the financial 1,049,287 1,485,271 67,062 94,926 year Attributable to: Equity holders of the Parent 1,049,287 1,484,206 67,062 94,858 Minority interests 0 1,065 0 68 Basic and diluted earnings per 1.56 2.85 0.10 0.18 share (in EEK/EUR per share) AUDITED CONSOLIDATED BALANCE SHEET as of 31 August in thousands of EEK in thousands of EUR 2007 2006 2007 2006 ASSETS Current assets Cash and cash equivalents 1,303,609 1,407,608 83,315 89,963 Receivables 815,093 843,456 52,094 53,906 Prepayments 124,134 253,534 7,934 16,204 Derivatives 1,799 11,633 115 743 Inventories 272,352 237,228 17,407 15,162 2,516,987 2,753,459 160,865 175,978 Non-current assets Investments in associates 3,242 9,044 207 578 Other financial assets and 9,279 8,240 594 527 prepayments Deferred income tax assets 153,102 0 9,785 0 Pension assets 0 45,234 0 2,891 Investment property 4,694 0 300 0 Property, plant and equipment 22,600,001 21,857,153 1,444,403 1,396,927 Intangible assets 1,283,592 1,258,432 82,036 80,428 24,053,910 23,178,103 1,537,325 1,481,351 TOTAL ASSETS 26,570,897 25,931,562 1,698,190 1,657,329 LIABILITIES AND EQUITY Current liabilities Interest-bearing loans and 2,247,390 1,228,098 143,634 78,490 borrowings Payables 1,408,369 1,705,087 90,011 108,975 Deferred income 121,008 146,042 7,734 9,334 Derivatives 7,980 24,159 510 1,544 3,784,747 3,103,386 241,889 198,343 Non-current liabilities Interest-bearing loans and 12,584,261 13,727,497 804,281 877,347 borrowings Deferred income tax liabilities 63,463 69 4,056 4 Pension liabilities 3,489 25,332 223 1,619 12,651,213 13,752,898 808,560 878,970 Total liabilities 16,435,960 16,856,284 1,050,449 1,077,313 Equity Minority interests 0 1,189 0 76 Equity attributable to equity holders of the Parent Share capital 6,738,170 1,415,000 430,648 90,435 Share premium 9,999 2,012,394 639 128,615 Unregistered share capital with 0 1,475,727 0 94,316 share premium Reserves 1,202,991 1,158,714 76,885 74,056 Retained earnings 2,183,777 3,012,254 139,569 192,518 Total equity attributable to 10,134,937 9,074,089 647,741 579,940 equity holders of the Parent Total equity 10,134,937 9,075,278 647,741 580,016 TOTAL LIABILITIES AND EQUITY 26,570,897 25,931,562 1,698,190 1,657,329 AUDITED CONSOLIDATED STATEMENT OF CASH FLOWS for the year ended 31 August in thousands of EEK in thousands of EUR 2007 2006 2007 2006 Cash flows from operating activities Net profit for the financial year 1,049,287 1,485,271 67,062 94,926 Adjustments: 1,252,908 -17,689 80,076 -1,131 Depreciation and amortization 925,485 419,664 59,150 26,821 Net gain on disposals of -178,466 -6,180 -11,406 -395 property, plant and equipment Change in fair value of -4,412 0 -282 investment property Net interest expense 764,585 274,820 48,866 17,564 Net interest expense from swaps -162,998 4,470 -10,417 286 Share profit of subsidiaries and -7,698 0 -492 0 associates Income from negative goodwill -689 -710,496 -44 -45,409 Net foreign exchange gain / loss 1,178 0 75 0 related to investing and financing activities Income tax expense/ income -84,077 33 -5,374 2 Changes in receivables and 203,468 -276,382 13,004 -17,664 prepayments related to operating activities Changes in inventories -34,964 -46,495 -2,235 -2,971 Changes in liabilities related to -346,867 91,081 -22,169 5,821 operating activities Income tax paid -4,057 -791 -259 -50 2,119,775 1,234,995 135,479 78,931 Cash flows used in investing activities Purchase of property, plant, -2,201,608 -7,824,715 -140,708 -500,090 equipment and intangible assets Proceeds from disposals of 687,423 181,619 43,934 11,607 property, plant, equipment Proceeds from disposals of 15,162 5,000 969 320 associates Proceeds from settlement of 164,481 1,790 10,512 114 derivatives Acquisition of subsidiaries, net -1,157 -969,511 -74 -61,963 of cash acquired Acquisition of associates -1,020 0 -65 0 Interest received 21,636 21,217 1,383 1,356 -1,315,083 -8,584,600 -84,049 -548,656 Cash flows from /used in financing activities Proceeds from issue of shares 0 3,668,735 0 234,475 Transaction costs of issue of -6,520 -132,891 -417 -8,493 shares Proceeds from loans and bonds 1,357,847 12,609,227 86,782 805,876 Redemption of loans and bonds -1,555,385 -7,473,544 -99,407 -477,647 Change in overdraft 74,143 -18,249 4,739 -1,166 Repayment of finance lease -27,010 -5,073 -1,727 -324 liabilities Interest paid -751,766 -217,778 -48,047 -13,918 -908,691 8,430,427 -58,077 538,803 TOTAL NET CASH FLOW -103,999 1,080,822 -6,647 69,078 Cash and cash equivalents: - at the beginning of period 1,407,608 326,786 89,963 20,885 - increase / decrease -103,999 1,080,822 -6,647 69,078 - at the end of period 1,303,609 1,407,608 83,316 89,963 Janek Stalmeister Financial Director AS Tallink Grupp e-mail: janek.stalmeister@tallink.ee Tel. +372 6409 800