Market announcement
AS Tallink Grupp
Category
Management interim statement or quarterly financial report
Attachments
Date
17.04.2008 16:39:34
Title
2007/2008 majandusaasta I poolaasta majandustulemused
Message
AS-i Tallink Grupp ja tema tütarettevõtete (edaspidi „Kontsern“) teise kvartali
arengud olid võrreldes eelmise majandusaasta sama perioodiga paljude
võtmenäitajate poolest edukamad. Meie ärile iseloomulikult on esimene poolaasta
ning teine kvartal majandusaasta madalhooaeg. Järjest tõusvate kütusehindade
keskkonnas on positiivne, et Kontserni käive kasvas teises kvartalis 11
protsenti 2,7 miljardi kroonini (175 miljoni euroni) ja EBITDA kasvas 22
protsenti 328 miljoni kroonini (21 miljonit euroni). Kontserni reisijate arv
saavutas uue rekordi veebruaris 2008.
Tallink Shuttle esimese sügis-talvise perioodi jooksul kasvatas teenus
oluliselt Tallinn-Helsingi laevaliini reisijate arvu ning käivet ja sellest
tulenevalt on Eesti-Soome segmendi tulemus märkimisväärselt tõusnud. Võrreldes
Tallinn-Helsingi liinil sõitvate vanemat tüüpi väikeste kiirlaevadega on 2007
aasta kevadel liinile tulnud M/L Star kiirus, stabiilne sõiduplaan ja paljude
võimalustega laevateenused suureks eeliseks. Lõppenud talveperiood oli
tegelikult esimene kui reisijad said antud liinil tänu Shuttle teenusele
nautida kiiret laevaühendust kahe pealinna vahel. Käesoleva aruande esitamise
hetkeks on Tallinnasse jõudnud ka teine, oma põhiomadustelt sarnane, Tallink
Shuttle laev M/L Superstar. Uus laev hakkab Tallink Shuttle
teenusekontseptsiooni alusel sõitma Tallinn-Helsingi liinil, mis tagab võrdselt
sagedased väljumised mõlemast sihtsadamast, Tallinnast ja Helsingist.
Kontserni tulemustele on mõju avaldanud kasvanud kütusehinnad. Esimese
poolaasta jooksul on kütusekulud kasvanud 47 protsenti, ligi 297 miljoni krooni
(19 miljoni euro) võrra. Ligi poole kütusekulude kasvust võtab pika marsruudi
ning kiirteenuse iseloomu tõttu enda alla Soome-Saksamaa liin. Kasvanud
kütusekulu ja suurenenud konkurentsist tulenenud madalamate kaubaveomahtude
tõttu on Soome-Saksamaa segmendi tulemused nõrgenenud. Juhatus tegeleb hetkel
aktiivselt lahenduste otsimisega, et optimeerida Superfast laevade opereerimist
ning tõsta nende täituvust. Eesmärgiks on parandada Superfast laevade
kapitalitootlust ja seeläbi ka terve Kontserni näitajaid.
Arvestades suhteliselt head tulemust teises kvartalis ja eelolevat kõrghooaega
ootame Kontserni äritegevuses ja mitmetes näitajates positiivseid arenguid.
Samas avaldavad oodatust kiiremini kasvanud kütusehinnad jätkuvalt survet
kütusekuludele ja vähendavad seeläbi kasumimarginaale. Tänaste hinnangute
kohaselt ei tohiks negatiivne mõju Kontserni varasemalt seatud
kasumiprognoosidele olla suurem kui 10%.
ESIMESE POOLAASTA OLULISEMAD SÜNDMUSED:
• Uue broneerimis- ja registreerimissüsteemi käivitamine;
• M/L Meloodia müük;
• Aktsiate tagasiostuprogramm;
• Aktsionäride Üldkoosolek.
I POOLAASTA PÕHINÄITAJAD
01.09.2007- 01.09.2006- muutus %
29.02.2008 28.02.2007
EEK EUR EEK EUR
Müügitulu (miljon) 5,663.2 361.9 5,448.8 348.2 3.9
Brutokasum(miljon) 1,148.3 73.4 1,154.8 73.8 -0.6
Brutokasumi marginaal (%) 20.3 21.2
EBITDA (miljon) 781.4 49.9 789.1 50.4 -1.0
EBITDA marginaal (%) 13.8 14.5
Aruandeperioodi -108.8 -7.0 2.6 0.2
puhaskasum(miljon)
Aruandeperioodi puhaskasumi -1.9 0.0
marginaal (%)
Amortisatsioon (miljon) 464.9 29.7 509.1 32.5 -8.7
Investeeringud (miljon) 494.4 31.6 413.6 26.4 19.5
Aktsiate kaalutud keskmine arv 672,623,111 673,817,040 -0.2%
1 poolaastal
Aktsiakasum -0.16 -0.01 0.00 0.00
Reisijate arv 3,080,334 2,978,815 3.4
Kaubaveo ühikud 171,271 175,935 -2.7
Keskmine töötajate arv 6,309 5,972 5.6
29.02.2008 31.08.2007 muutus %
EEK EUR EEK EUR
Varad kokku(miljon) 25,811.9 1,649.7 26,570.9 1,698.2 -2.9
Kohustused kokku (miljon) 15,847.7 1,012.9 16,436.0 1,050.4 -3.6
Intressikandvad 14,284.8 913.0 14,831.7 947.9 -3.7
kohustused(miljon)
Omakapital kokku (miljon) 9,964.2 636.8 10,134.9 647.7 -1.7
Lühiajaliste kohustuste 0.577 0.665
kattekordaja
Omakapitali kordaja(%) 38.6 38.1
Aktsiate arv 669,882,040 673,817,040 -0.6
Omakapital aktsia kohta 14.87 0.95 15.04 0.96 -1.1
Kontserni müügitulu esimesel poolaastal oli 5 663 miljonit krooni (361.9
miljonit eurot) võrreldes 5 448 miljoni krooniga (348.2 miljoni euroga) eelmise
majandusaasta esimesel poolaastal. Müügitulude 4 protsendiline kasv tulenes
peamiselt uuest Shuttle teenusest Tallinn-Helsingi liinil, mis erinevalt
eelmisest aastast on uudne talvine kiire laevaühendus. Samuti avaldasid
positiivset mõju mitmed erinevad müügikampaaniad.
Esimese poolaasta brutokasum oli 1 148,3 miljonit krooni (73,4 miljonit eurot),
mis on 6,4 miljonit krooni, ehk 1% võrra väiksem kui eelmise majandusaasta
esimesel poolaastal. Amortisatsiooni, finantseerimiskulude ja maksude eelne
kasum (EBITDA) oli 781,4 miljonit krooni (49,9 miljonit eurot), mis langes
samuti 1%. Kontserni puhaskasum esimesel poolaastal langes 111,4 miljoni krooni
(7,1 miljoni euro) võrra -108,8 miljoni kroonini (-7 miljoni euroni). Teises
kvartalis brutokasum ja EBITDA tõusid vastavalt 16% ja 22% võrreldes eelmise
majandusaasta teise kvartaliga.
Käesoleva majandusaasta esimese kvartali tulemus, mis oli mõjutatud 2007 aasta
lõpus uuele piletimüügisüsteemile üleminekust tulenenud ajutisest reisijate
arvu vähenemisest, neutraliseerib teise kvartali kasvu poolaasta kumulatiivses
aruandes.
KONSOLIDEERITUD KASUMIARUANNE
(auditeerimata, tuhandetes 01.12.2007- 01.12.2006- 01.09.2007- 01.09.2006-
kroonides) 29.02.2008 28.02.2007 29.02.2008 28.02.2007
Müügitulu 2,743,058 2,471,915 5,663,160 5,448,778
Müüdud kauba ja teenuse -2,244,210 -2,041,164 -4,514,834 -4,294,028
kulu
Brutokasum 498,848 430,751 1,148,326 1,154,750
Turustuskulud -186,758 -167,747 -380,240 -403,688
Üldhalduskulud -229,877 -249,683 -469,177 -479,239
Muud äritulud/-kulud 14,700 823 17,517 8,250
Negatiivne firmaväärtus 0 0 0 689
Finantstulud 23,724 66,409 30,612 91,045
Finantskulud -231,928 -190,841 -455,702 -367,549
Kasum enne tulumaksu -111,291 -110,288 -108,664 4,258
Tulumaks -107 -1,708 -110 -1,653
Aruandeperioodi kasum -111,398 -111,996 -108,774 2,605
Sh.:
Emaettevõtja aktsionäride -111,398 -111,996 -108,774 2,605
osa kasumist
Tava ja lahustatud kasum
aktsia kohta
(EEK-ides ühe aktsia -0.17 -0.17 -0.16 0.00
kohta)
KONSOLIDEERITUD KASUMIARUANNE
(auditeerimata, tuhandetes 01.12.2007- 01.12.2006- 01.09.2007- 01.09.2006-
eurodes) 29.02.2008 28.02.2007 29.02.2008 28.02.2007
Müügitulu 175,313 157,984 361,942 348,240
Müüdud kauba ja teenuse -143,431 -130,454 -288,550 -274,438
kulu
Brutokasum 31,882 27,530 73,392 73,802
Turustuskulud -11,936 -10,721 -24,302 -25,800
Üldhalduskulud -14,692 -15,958 -29,986 -30,629
Muud äritulud/-kulud 940 53 1,120 527
Negatiivne firmaväärtus 0 0 0 44
Finantstulud 1,516 4,244 1,956 5,819
Finantskulud -14,823 -12,197 -29,125 -23,491
Kasum enne tulumaksu -7,113 -7,049 -6,945 272
Tulumaks -7 -109 -7 -106
Aruandeperioodi kasum -7,120 -7,158 -6,952 166
Sh.:
Emaettevõtja aktsionäride -7,120 -7,158 -6,952 166
osa kasumist
Tava ja lahustatud kasum
aktsia kohta
(EEK-ides ühe aktsia -0.01 -0.01 -0.01 0.00
kohta)
KONSOLIDEERITUD BILANSS
(auditeerimata, tuhandetes kroonides)
VARAD 29.02.2008 31.08.2007
Käibevara
Raha ja raha ekvivalendid 420,538 1,303,609
Nõuded 1,038,422 815,093
Ettemaksed 172,106 124,134
Tuletisinstrumendid 7,394 1,799
Varud 276,085 272,352
Käibevara kokku 1,914,545 2,516,987
Põhivara
Sidusettevõtete aktsiad ja osakud 3,242 3,242
Muud pikaajalised 7,668 9,279
finantsinvesteeringud ja ettemaksed
Maksuvara 153,278 153,102
Kinnisvarainvesteering 4,694 4,694
Materiaalne põhivara 22,453,005 22,600,001
Immateriaalne põhivara 1,275,469 1,283,592
Põhivara kokku 23,897,356 24,053,910
VARAD KOKKU 25,811,901 26,570,897
KOHUSTUSED JA OMAKAPITAL
Lühiajalised kohustused
Intressikandvad võlakohustused 1,823,732 2,247,390
Võlad hankijatele 1,329,383 1,408,369
Ettemakstud tulud 166,822 121,008
Tuletisinstrumendid 0 7,980
Lühiajalised kohustused kokku 3,319,937 3,784,747
Pikaajalised kohustused
Intressikandvad võlakohustused 12,461,082 12,584,261
Edasilükkunud tulumaksukohustus 63,447 63,463
Pensionikohustus 3,254 3,489
Pikaajalised kohustused kokku 12,527,783 12,651,213
KOHUSTUSED KOKKU 15,847,720 16,435,960
OMAKAPITAL
Emaettevõtja aktsionäridele kuuluv
omakapital
Aktsiakapital nimiväärtuses 6,738,170 6,738,170
Ülekurss 9,999 9,999
Reservid 1,193,474 1,202,991
Jaotamata kasum 2,022,538 2,183,777
Emaettevõtja aktsionäridele kuuluv 9,964,181 10,134,937
omakapital
OMAKAPITAL KOKKU 9,964,181 10,134,937
KOHUSTUSED JA OMAKAPITAL KOKKU 25,811,901 26,570,897
KONSOLIDEERITUD BILANSS
(auditeerimata, tuhandetes eurodes)
VARAD 29.02.2008 31.08.2007
Käibevara
Raha ja raha ekvivalendid 26,877 83,315
Nõuded 66,367 52,094
Ettemaksed 11,000 7,934
Tuletisinstrumendid 473 115
Varud 17,645 17,407
Käibevara kokku 122,362 160,865
Põhivara
Sidusettevõtete aktsiad ja osakud 207 207
Muud pikaajalised 490 594
finantsinvesteeringud ja ettemaksed
Maksuvara 9,796 9,785
Kinnisvarainvesteering 300 300
Materiaalne põhivara 1,435,009 1,444,403
Immateriaalne põhivara 81,517 82,036
Põhivara kokku 1,527,319 1,537,325
VARAD KOKKU 1,649,681 1,698,190
KOHUSTUSED JA OMAKAPITAL
Lühiajalised kohustused
Intressikandvad võlakohustused 116,558 143,634
Võlad hankijatele 84,963 90,011
Ettemakstud tulud 10,662 7,734
Tuletisinstrumendid 0 510
Lühiajalised kohustused kokku 212,183 241,889
Pikaajalised kohustused
Intressikandvad võlakohustused 796,408 804,281
Edasilükkunud tulumaksukohustus 4,055 4,056
Pensionikohustus 208 223
Pikaajalised kohustused kokku 800,671 808,560
KOHUSTUSED KOKKU 1,012,854 1,050,449
OMAKAPITAL
Emaettevõtja aktsionäridele kuuluv
omakapital
Aktsiakapital nimiväärtuses 430,648 430,648
Ülekurss 639 639
Reservid 76,276 76,885
Jaotamata kasum 129,264 139,569
Emaettevõtja aktsionäridele kuuluv 636,827 647,741
omakapital
OMAKAPITAL KOKKU 636,827 647,741
KOHUSTUSED JA OMAKAPITAL KOKKU 1,649,681 1,698,190
KONSOLIDEERITUD RAHAVOOGUDE ARUANNE
(auditeerimata, tuhandetes 01.09.2007 - 01.09.2006 -
kroonides) 29.02.2008 28.02.2007
Rahavood äritegevusest
Aruandeperioodi kasum -108,774 2,605
Korrigeerimised 880,913 791,295
Äritegevusega seotud nõuete muutus -270,924 144,588
Äritegevusega seotud varude muutus -3,733 11,190
Äritegevusega seotud kohustuste muutus -36,461 -451,185
Ettemakstud tulumaks 344 -652
461,365 497,841
Rahavood investeerimistegevusest
Materiaalse ja immateriaalse põhivara -494,290 -413,633
soetamine
Laekumised materiaalse põhivara 200,228 6,803
müügist
Laekumised tuletistehingutest 9,683 15,682
Maksed tuletistehingutest -18,146 -42
Vähemusosa soetamine 0 -1,157
Saadud intressid 7,443 13,527
-295,082 -378,820
Rahavood finantseerimistegevusest
Aktsiate emiteerimisega seotud kulud 0 -6,520
Omaaktsiate tagasiost -65,067 0
Laenude ja võlakirjade tagasimaksed -821,577 -602,014
Kasutatud arvelduskrediidi muutus 270,935 27,978
Kapitalirendi põhimaksete tasumine -8,402 -23,130
Makstud intressid -425,243 -343,024
-1,049,354 -946,710
RAHAVOOD KOKKU -883,071 -827,689
Raha ja raha ekvivalendid:
- perioodi alguses 1,303,609 1,407,608
- suurenemine (+) / vähenemine (-) -883,071 -827,689
Perioodi lõpus 420,538 579,919
KONSOLIDEERITUD RAHAVOOGUDE ARUANNE
(auditeerimata, tuhandetes 01.09.2007 - 01.09.2006 -
eurodes) 29.02.2008 28.02.2007
Rahavood äritegevusest
Aruandeperioodi kasum -6,952 166
Korrigeerimised 56,301 50,573
Äritegevusega seotud nõuete muutus -17,315 9,241
Äritegevusega seotud varude muutus -239 715
Äritegevusega seotud kohustuste muutus -2,330 -28,836
Ettemakstud tulumaks 22 -41
29,487 31,818
Rahavood investeerimistegevusest
Materiaalse ja immateriaalse põhivara -31,591 -26,436
soetamine
Laekumised materiaalse põhivara 12,797 435
müügist
Laekumised tuletistehingutest 619 1,003
Maksed tuletistehingutest -1,160 -3
Vähemusosa soetamine 0 -74
Saadud intressid 476 864
-18,859 -24,211
Rahavood finantseerimistegevusest
Aktsiate emiteerimisega seotud kulud 0 -417
Omaaktsiate tagasiost -4,159 0
Laenude ja võlakirjade tagasimaksed -52,508 -38,476
Kasutatud arvelduskrediidi muutus 17,316 1,788
Kapitalirendi põhimaksete tasumine -537 -1,478
Makstud intressid -27,178 -21,923
-67,066 -60,506
RAHAVOOD KOKKU -56,438 -52,899
Raha ja raha ekvivalendid:
- perioodi alguses 83,315 89,963
- suurenemine (+) / vähenemine (-) -56,438 -52,899
Perioodi lõpus 26,877 37,064
Janek Stalmeister
Finantsdirektor
AS Tallink Grupp
Tel. +372 6409 800
e-mail: janek.stalmeister@tallink.ee
Title
I half-year results of the 2007/2008 financial year
Message
The second quarter development of AS Tallink Grupp and its subsidiaries
(hereinafter also referred to as “the Group”) was better by most of the key
operational numbers in the comparison to the last financial year, which is very
pleasing especially in the current high fuel price environment. Commonly to our
business, the first half year and second quarter are the lowest seasons of the
financial year. The Group revenues increased by 11% to 2,743 million EEK (175
million EUR) and EBITDA increased by 22% to 328 million EEK (21 million EUR) in
the second quarter. The Group reached a new record breaking result in passenger
transportation in February 2008.
During its first autumn and winter period the new, year around Tallink Shuttle
service drove the increase in passenger transportation and revenues on the
Estonia-Finland segment. The segment result has improved significantly. The
speed, stable operating schedule and improved onboard services of a new shuttle
vessel M/S Star are of great advantages over the old type fast crafts in the
service between Tallinn and Helsinki. In fact, this translated into the first
ever winter period when the customers have had the chance to enjoy fast
crossings between Tallinn and Helsinki. At the time of this report the second
shuttle vessel M/S Superstar has arrived to her home port in Tallinn. With the
similar main characteristics she will join M/S Star whereby Tallink Shuttle
service will then provide frequent daily departures from both of the ports,
Tallinn and Helsinki.
The increased fuel prices have had pressure to the Group results. The fuel cost
has risen by approximately 297 million EEK (19 million EUR) during the first
half-year period which is a 47% increase. Given its long distance and fast
service almost half of the fuel cost increase accounts to the Finland-Germany
route. As a result of the increased fuel cost and lower cargo volumes resulting
from the higher competition in the cargo transportation, the Finland-Germany
segment result has declined. The Management is currently looking for a solution
to optimize the operations of the Superfast vessels and to improve their
utilisation. The target is to improve the return on the capital of the
Superfast vessels and to maintain the overall Group's return ratios.
Based on the rather positive performance in the second quarter and the high
season period ahead, the Group's business development looks promising. However,
as the fuel prices have been increasing rapidly and more than expected, the
fuel cost continues to have high pressure on the earnings margins. By today's
estimations the negative impact to the previously set earnings targets should
not be more than 10%.
KEY EVENTS IN 1st HALF-YEAR
• Implementation of new booking and check-in system;
• Sale of M/S Meloodia;
• Share buyback program;
• Annual General Meeting.
1st HALF-YEAR KEY FIGURES
01.09.2007- 01.09.2006- change %
29.02.2008 28.02.2007
EEK EUR EEK EUR
Net sales (million) 5,663.2 361.9 5,448.8 348.2 3.9
Gross profit (million) 1,148.3 73.4 1,154.8 73.8 -0.6
Gross margin (%) 20.3 21.2
EBITDA (million) 781.4 49.9 789.1 50.4 -1.0
EBITDA margin (%) 13.8 14.5
Net profit for the period -108.8 -7.0 2.6 0.2
(million)
Net profit margin (%) -1.9 0.0
Depreciation (million) 464.9 29.7 509.1 32.5 -8.7
Investments (million) 494.4 31.6 413.6 26.4 19.5
Weighted average number 672,623,111 673,817,040 -0.2%
of ordinary shares
outstanding during 1st
half-year
Earnings per share -0.16 -0.01 0.00 0.00
Number of passengers 3,080,334 2,978,815 3.4
Cargo units 171,271 175,935 -2.7
Average number of 6,309 5,972 5.6
employees
29.02.2008 31.08.2007 change %
EEK EUR EEK EUR
Total assets (million) 25,811.9 1,649.7 26,570.9 1,698.2 -2.9
Total liabilities 15,847.7 1,012.9 16,436.0 1,050.4 -3.6
(million)
Interest-bearing 14,284.8 913.0 14,831.7 947.9 -3.7
liabilities (million)
Total equity (million) 9,964.2 636.8 10,134.9 647.7 -1.7
Liquidity ratio 0.577 0.665
Equity ratio (%) 38.6 38.1
Number of ordinary shares 669,882,040 673,817,040 -0.6
outstanding
Shareholders equity per 14.87 0.95 15.04 0.96 -1.1
share
SALES AND EARNINGS
Net sales of the Group amounted to 5,663.2 million EEK (361.9 million EUR) in
the first half-year of 2007/2008 financial year (September 01, 2007 - February
29, 2008) compared to 5,448.8 million EEK (348.2 million EUR) in the first
half-year of 2006/2007 financial year (September 01, 2006 - February 28, 2007).
The sales were positively affected by the first ever winter period of fast
ferry operation between Tallinn and Helsinki provided by M/S Star and the
Tallink Shuttle service. Also various campaigns helped to improve the revenues.
The Group's gross profit decreased 6.4 million EEK (0.4 million EUR) to 1,148.3
million EEK (73.4 million EUR), EBITDA decreased by 1.0% to 781.4 million EEK
(49.9 million EUR) and the net profit decreased by 111.4 million EEK (7.1
million EUR) from 2.6 million EEK (0.2 million EUR) to -108.8 million EEK (-7.0
million EUR). In the second quarter the gross profit and EBITDA showed a 16%
and 22% increase respectively compared to the second quarter of the previous
financial year.
However, the lower marketing and sales activity during the transition period to
the new Group-wide booking and check-in system mainly in October and November
2007 had a negative impact on the sales and earnings during the first quarter
neutralizing the second quarter sales and EBITDA increase effect to the
cumulative half-year performance.
CONSOLIDATED CONDENSED INCOME STATEMENT
(unaudited, in thousands 01.12.2007- 01.12.2006- 01.09.2007- 01.09.2006-
of EEK) 29.02.2008 28.02.2007 29.02.2008 28.02.2007
Net sales 2,743,058 2,471,915 5,663,160 5,448,778
Cost of sales -2,244,210 -2,041,164 -4,514,834 -4,294,028
Gross profit 498,848 430,751 1,148,326 1,154,750
Marketing expenses -186,758 -167,747 -380,240 -403,688
Administrative and general -229,877 -249,683 -469,177 -479,239
expenses
Other operating items 14,700 823 17,517 8,250
Income from negative 0 0 0 689
goodwill
Financial income 23,724 66,409 30,612 91,045
Financial expenses -231,928 -190,841 -455,702 -367,549
Profit/-loss from normal -111,291 -110,288 -108,664 4,258
operation before income tax
Income tax -107 -1,708 -110 -1,653
Net profit/-loss for the -111,398 -111,996 -108,774 2,605
period
Attributable to:
Equity holders of the -111,398 -111,996 -108,774 2,605
parent
Earnings per share (in EEK
per share)
- basic -0.17 -0.17 -0.16 0.00
- diluted -0.17 -0.17 -0.16 0.00
CONSOLIDATED CONDENSED INCOME STATEMENT
(unaudited, in thousands 01.12.2007- 01.12.2006- 01.09.2007- 01.09.2006-
of EUR) 29.02.2008 28.02.2007 29.02.2008 28.02.2007
Net sales 175,313 157,984 361,942 348,240
Cost of sales -143,431 -130,454 -288,550 -274,438
Gross profit 31,882 27,530 73,392 73,802
Marketing expenses -11,936 -10,721 -24,302 -25,800
Administrative and general -14,692 -15,958 -29,986 -30,629
expenses
Other operating items 940 53 1,120 527
Income from negative 0 0 0 44
goodwill
Financial income 1,516 4,244 1,956 5,819
Financial expenses -14,823 -12,197 -29,125 -23,491
Profit/-loss from normal -7,113 -7,049 -6,945 272
operation before income tax
Income tax -7 -109 -7 -106
Net profit/-loss for the -7,120 -7,158 -6,952 166
period
Attributable to:
Equity holders of the -7,120 -7,158 -6,952 166
parent
Earnings per share (in EUR
per share)
- basic -0.01 -0.01 -0.01 0.00
- diluted -0.01 -0.01 -0.01 0.00
CONSOLIDATED CONDENSED BALANCE SHEET
(unaudited, in thousands of EEK)
ASSETS 29.02.2008 31.08.2007
Current assets
Cash and cash equivalents 420,538 1,303,609
Receivables 1,038,422 815,093
Prepayments 172,106 124,134
Derivatives 7,394 1,799
Inventories 276,085 272,352
Total current assets 1,914,545 2,516,987
Non-current assets
Investments in associates 3,242 3,242
Other financial assets and 7,668 9,279
prepayments
Deferred income tax assets 153,278 153,102
Investment property 4,694 4,694
Property, plant and equipment 22,453,005 22,600,001
Intangible assets 1,275,469 1,283,592
Total non-current assets 23,897,356 24,053,910
TOTAL ASSETS 25,811,901 26,570,897
LIABILITIES AND EQUITY
Current liabilities
Current portion of interest-bearing 1,823,732 2,247,390
liabilities
Payables 1,329,383 1,408,369
Deferred income 166,822 121,008
Derivatives 0 7,980
Total current liabilities 3,319,937 3,784,747
Non-current liabilities
Interest bearing loans and borrowings 12,461,082 12,584,261
Deferred income tax liability 63,447 63,463
Pension liability 3,254 3,489
Total non-current liabilities 12,527,783 12,651,213
TOTAL LIABILITIES 15,847,720 16,435,960
EQUITY
Equity attributable to equity holders
of the parent
Share capital 6,738,170 6,738,170
Share premium 9,999 9,999
Reserves 1,193,474 1,202,991
Retained earnings 2,022,538 2,183,777
Total equity attributable to equity 9,964,181 10,134,937
holders of the parent
TOTAL EQUITY 9,964,181 10,134,937
TOTAL LIABILITIES AND EQUITY 25,811,901 26,570,897
CONSOLIDATED CONDENSED BALANCE SHEET
(unaudited, in thousands of EUR)
ASSETS 29.02.2008 31.08.2007
Current assets
Cash and cash equivalents 26,877 83,315
Receivables 66,367 52,094
Prepayments 11,000 7,934
Derivatives 473 115
Inventories 17,645 17,407
Total current assets 122,362 160,865
Non-current assets
Investments in associates 207 207
Other financial assets and 490 594
prepayments
Deferred income tax assets 9,796 9,785
Investment property 300 300
Property, plant and equipment 1,435,009 1,444,403
Intangible assets 81,517 82,036
Total non-current assets 1,527,319 1,537,325
TOTAL ASSETS 1,649,681 1,698,190
LIABILITIES AND EQUITY
Current liabilities
Current portion of interest-bearing 116,558 143,634
liabilities
Payables 84,963 90,011
Deferred income 10,662 7,734
Derivatives 0 510
Total current liabilities 212,183 241,889
Non-current liabilities
Interest bearing loans and borrowings 796,408 804,281
Deferred income tax 4,055 4,056
Pension liability 208 223
Total non-current liabilities 800,671 808,560
TOTAL LIABILITIES 1,012,854 1,050,449
EQUITY
Equity attributable to equity holders
of the parent
Share capital 430,648 430,648
Share premium 639 639
Reserves 76,276 76,885
Retained earnings 129,264 139,569
Total equity attributable to equity 636,827 647,741
holders of the parent
TOTAL EQUITY 636,827 647,741
TOTAL LIABILITIES AND EQUITY 1,649,681 1,698,190
CONSOLIDATED CONDENSED CASH FLOW STATEMENT
(unaudited, in thousands of EEK) 01.09.2007 - 01.09.2006 -
29.02.2008 28.02.2007
Cash flows from operating activities
Net profit/-loss for the period -108,774 2,605
Adjustments 880,913 791,295
Changes in assets related to -270,924 144,588
operating activities
Changes in inventories -3,733 11,190
Changes in liabilities related to -36,461 -451,185
operating activities
Income tax repaid/-paid 344 -652
461,365 497,841
Cash flow used for investing
activities
Purchase of property, plant, -494,290 -413,633
equipment and intangible assets
Proceeds from disposals of property, 200,228 6,803
plant, equipment
Proceeds from settlement of 9,683 15,682
derivatives
Payments of settlement of derivatives -18,146 -42
Acquisition of minority interests 0 -1,157
Interest received 7,443 13,527
-295,082 -378,820
Cash flow from (+)/ used for (-)
financing activities
Transaction costs of issue of shares 0 -6,520
Repurchase of own shares -65,067 0
Redemption of loans and bonds -821,577 -602,014
Change in overdraft 270,935 27,978
Repayment of finance lease -8,402 -23,130
liabilities
Interest paid -425,243 -343,024
-1,049,354 -946,710
TOTAL NET CASH FLOW -883,071 -827,689
Cash and cash equivalents:
- at the beginning of period 1,303,609 1,407,608
- increase (+) / decrease (-) -883,071 -827,689
Cash and cash equivalents at end of 420,538 579,919
period
CONSOLIDATED CONDENSED CASH FLOW STATEMENT
(unaudited, in thousands of EUR) 01.09.2007 - 01.09.2006 -
29.02.2008 28.02.2007
Cash flows from operating activities
Net profit/-loss for the period -6,952 166
Adjustments 56,301 50,573
Changes in assets related to -17,315 9,241
operating activities
Changes in inventories -239 715
Changes in liabilities related to -2,330 -28,836
operating activities
Income tax repaid/-paid 22 -41
29,487 31,818
Cash flow used for investing
activities
Purchase of property, plant, -31,591 -26,436
equipment and intangible assets
Proceeds from disposals of property, 12,797 435
plant, equipment
Proceeds from settlement of 619 1,003
derivatives
Payments of settlement of derivatives -1,160 -3
Acquisition of minority interests 0 -74
Interest received 476 864
-18,859 -24,211
Cash flow from (+)/ used for (-)
financing activities
Transaction costs of issue of shares 0 -417
Repurchase of own shares -4,159 0
Redemption of loans and bonds -52,508 -38,476
Change in overdraft 17,316 1,788
Repayment of finance lease -537 -1,478
liabilities
Interest paid -27,178 -21,923
-67,066 -60,506
TOTAL NET CASH FLOW -56,438 -52,899
Cash and cash equivalents:
- at the beginning of period 83,315 89,963
- increase (+) / decrease (-) -56,438 -52,899
Cash and cash equivalents at end of 26,877 37,064
period
Janek Stalmeister
Financial Director
AS Tallink Grupp
Tel. +372 6409 800
e-mail: janek.stalmeister@tallink.ee