Market announcement
AS Tallink Grupp
LEI code
529900QRMWAKKR3L9W75
Size of the entity
Large group
Economic activities
Wholesale and Retail Trade; Repair of Motor Vehicles and Motorcycles, Transportation and Storage, Accommodation and Food Service Activities, Administrative and Support Service Activities
Country of registered office
Estonia
General information
Categories
Management interim statement or quarterly financial report
Unique data record identifier
2031
Attachments
Submission date and time
19.01.2009 16:14:42
Content of announcement in Estonian
Title
2008/2009 majandusaasta I kvartali majandustulemused
Message
AS-i Tallink Grupp ja tema tütarettevõtete (edaspidi „Kontsern”) 2008/2009 majandusaasta esimese kvartali tegevus oli mõjutatud globaalsetest makromajanduse arengutest. Kontserni müügitulu suurenemine 7,1 miljoni euro (11,2 miljoni krooni) ehk 3,8% võrra eelmise majandusaasta esimese kvartaliga võrreldes on hea näitaja tänases jahtuvas majanduskeskkonnas. Tänu reisijate arvu kasvule suurenes Kontserni reisijate veost tulenev müügitulu 12,6% ehk 16,8 miljonit eurot (262 miljonit krooni), mis kompenseeris ja ületas kaubaveotulude 9 miljoni euro (142 miljoni krooni) suuruse vähenemise. Ootuspäraselt avaldas reisijateveo positiivsele arengule peamist mõju Baltic Princessi liiniletulek ning Galaxy ja Silja Festivali ümberpaigutamised liinidel. Kontserni finantskulude, maksude ja kulumieelne kasum EBITDA tõusis 30,2 miljoni euroni (473 miljoni kroonini), mis vastab juhtkonna esimese kvartali ootustele. Hoolimata kõrgematest opereerimiskuludest suutis Kontsern kasvatada EBITDA kasumit 4.4% tänu ligi 27% langenud administratiivkuludele. On oluline märkida, et lähiminevikus toimunud tugev hinnatõus avaldas jätkuvalt mõju Kontserni kuludele opereerimiseks vajalike kaupade ja teenuste sisseostul ka 2008/2009 majandusaasta esimeses kvartalis. Kuigi käesolevaks ajaks on kütusehinnad oluliselt langenud olid esimese kvartali kütusehinnad veel suheliselt kõrged ja võrreldavad eelmise majandusaasta esimese kvartaliga. Kütusekulu Kontserni laevadel vähenes 0,9 miljoni euro (15,3 miljoni krooni) võrra Saksa liinil toimunud ümberkorralduste ja liikluse vähendamise tõttu. Sarnaselt ei avaldu veel esimese kvartali tulemuses kiiresti langenud intressimäärad. Kuna enamuse Kontserni laenude intressiperioodid on 3-6 kuu pikkused, siis esimese kvartali intressid olid määratud peamiselt 5% lähedal olnud EURIBORI tasemetelt. Tulenevalt suurenenud laenudest ja kõrgetest intressimääradest suurenes Kontserni intressikulu 23% 17,5 miljoni euroni (273,5 miljoni kroonini) võrreldes möödunud majandusaasta esimese kvartaliga. Globaalne makromajanduse jahenemine avaldab jätkuvalt negatiivset mõju kontserni poolt veetavate kaubaveoühikute arvule. Koos ümberkorraldustega vähenenud liiklusintensiivsusele Saksa liinil on oodata väiksemaid kaubaveotulusid ka tulevastel perioodidel. Teisalt on Kontserni reisijateveo olukord hetkel jätkuvalt tugev. Kulud kaupadele, teenustele ja kütusele Kontserni opereerimises ning ka intressimäärad on hakanud langema oodatust kiiremini, mis peaksid vajadusel kompenseerima mõju võimalikust vähenemisest reisijate tarbimises. Kokkuvõtlikult on Kontserni tegevus heal järjel, et saavutada seatud eesmärke. I KVARTALI PÕHINÄITAJAD -------------------------------------------------------------------------------- | | 01.09.2008- | 01.09.2007- | Muutus % | | | 30.11.2008 | 30.11.2007 | | -------------------------------------------------------------------------------- | | EEK | EUR | EEK | EUR | | -------------------------------------------------------------------------------- | Müügitulu (miljon) | 3 031 | 193,7 | 2 920 | 186,6 | 3,8% | -------------------------------------------------------------------------------- | Brutokasum (miljon) | 604 | 38,6 | 649 | 41,5 | -7% | -------------------------------------------------------------------------------- | Brutokasumi marginaal % | 19,9% | | 22,2% | | | -------------------------------------------------------------------------------- | EBITDA (miljon) | 473 | 30,2 | 453 | 29,0 | 4,4% | -------------------------------------------------------------------------------- | EBITDA marginaal (%) | 15,6% | | 15,5% | | | -------------------------------------------------------------------------------- | Puhaskasum/-kahjum | -31 | -1,9 | 3 | 0,2 | -1267% | | (miljon) | | | | | | -------------------------------------------------------------------------------- | Puhaskasumi marginaal | -1,0% | | 0,1% | | | | (%) | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Amortisatsioon (miljon) | 257 | 16,5 | 234 | 14,9 | 10,2% | -------------------------------------------------------------------------------- | Investeeringud (miljon) | 168 | 10,7 | 446 | 28,5 | -62,3% | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Aktsiate kaalutud | 669 882 040 | 673 817 040 | -0,6% | | keskmine arv esimese | | | | | kvartali jooksul* | | | | -------------------------------------------------------------------------------- | Aktsiakasum | -0,05 | 0,00 | 0,00 | 0,00 | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Reisijate arv | 1 786 205 | 1 510 079 | 18,3% | -------------------------------------------------------------------------------- | Kaubaveo ühikud | 76 313 | 91 897 | -17% | -------------------------------------------------------------------------------- | Keskmine töötajate arv | 6 826 | 6 408 | 6,5% | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 30.11.2008 | 31.08.2008 | Muutus % | -------------------------------------------------------------------------------- | | EEK | EUR | EEK | EUR | | -------------------------------------------------------------------------------- | Varad kokku (miljon) | 28 887 | 1 846 | 29 702 | 1 898 | -2,7% | -------------------------------------------------------------------------------- | Kohustused kokku | 18 614 | 1 190 | 19 308 | 1 234 | -3,6% | | (miljon) | | | | | | -------------------------------------------------------------------------------- | Intressi kandvad | 17 040 | 1 089 | 17 525 | 1 120 | -2,8% | | kohustused (miljon) | | | | | | -------------------------------------------------------------------------------- | Omakapital kokku | 10 272 | 657 | 10 394 | 664 | -1,2% | | (miljon) | | | | | | -------------------------------------------------------------------------------- | Omakapitali määr (%) | 35,6% | | 35,0% | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Aktsiate arv* | 669 882 040 | 669 882 040 | | -------------------------------------------------------------------------------- | Omakapital aktsia kohta | 15,3 | 0,98 | 15,5 | 0,99 | -1,3% | -------------------------------------------------------------------------------- Puhaskasumi marginaal - puhaskasum / müügitulu; EBITDA - finantskulude sidusettevõtjate kasumiosade maksude intresside kulumi ja negatiivse firmaväärtuse eelne kasum; EBITDA marginaal - EBITDA / müügitulu; Brutokasumi marginaal - brutokasum / müügitulu Omakapitali määr - omakapital/ varad kokku; Aktsiakasum - puhaskasum / kaalutud keskmine aktsiate arv; Omakapital aktsia kohta - omakapital / aktsiate arv. * Aktsiate arv ei sisalda oma aktsiaid. Müügitulu suurenes enim 6,6 miljoni euro (104,1 miljoni krooni) võrra Eesti-Soome liinil. Suurim kasvumäär 45,7% oli Läti-Rootsi liini müügituludes. Reisijate arvu suurenemisest tulenevalt oli ärisegmentide lõikes suurim tõus restoranide ja poodide müügis 12,5 miljoni euro (195 miljoni krooni) võrra. Kontserni kaubaveotulud vähenesid 9 miljoni euro (142 miljoni krooni) võrra peamiselt globaalse makromajanduse jahenemise tõttu. KONSOLIDEERITUD KASUMIARUANNE -------------------------------------------------------------------------------- | (auditeerimata, tuhandetes kroonides) | 01.09.2008- | 01.09.2007- | -------------------------------------------------------------------------------- | | 30.11.2008 | 30.11.2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Müügitulu (Lisa 3) | 3,031,349 | 2,920,102 | -------------------------------------------------------------------------------- | Müüdud kauba ja teenuse kulu | -2,427,351 | -2,270,624 | -------------------------------------------------------------------------------- | Brutokasum | 603,998 | 649,478 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Turustuskulud | -215,656 | -193,482 | -------------------------------------------------------------------------------- | Üldhalduskulud | -175,594 | -239,300 | -------------------------------------------------------------------------------- | Muud äritulud | 3,156 | 3,099 | -------------------------------------------------------------------------------- | Muud ärikulud | -271 | -282 | -------------------------------------------------------------------------------- | Finantstulud (Lisa 4) | 87,511 | 6,888 | -------------------------------------------------------------------------------- | Finantskulud (Lisa 4) | -333,807 | -223,774 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kasum/-kahjum enne tulumaksu | -30,663 | 2,627 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Tulumaks | 0 | -3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Aruandeperioodi puhaskasum/-kahjum | -30,663 | 2,624 | -------------------------------------------------------------------------------- | Sh. | | | -------------------------------------------------------------------------------- | | Emaettevõtte omanike osa | -30,663 | 2,624 | | | puhaskasumist/-kahjumist (Lisa 5) | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kasum aktsia kohta (EEK-ides ühe aktsia | | | | kohta) | | | -------------------------------------------------------------------------------- | | - tava (Lisa 5) | -0.05 | 0.00 | -------------------------------------------------------------------------------- | | - lahustatud (Lisa 5) | -0.05 | 0.00 | -------------------------------------------------------------------------------- KONSOLIDEERITUD KASUMIARUANNE -------------------------------------------------------------------------------- | (auditeerimata, tuhandetes eurodes) | 01.09.2008- | 01.09.2007- | -------------------------------------------------------------------------------- | | 30.11.2008 | 30.11.2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Müügitulu (Lisa 3) | 193,739 | 186,629 | -------------------------------------------------------------------------------- | Müüdud kauba ja teenuse kulu | -155,136 | -145,119 | -------------------------------------------------------------------------------- | Brutokasum | 38,603 | 41,510 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Turustuskulud | -13,783 | -12,366 | -------------------------------------------------------------------------------- | Üldhalduskulud | -11,223 | -15,294 | -------------------------------------------------------------------------------- | Muud äritulud | 201 | 198 | -------------------------------------------------------------------------------- | Muud ärikulud | -17 | -18 | -------------------------------------------------------------------------------- | Finantstulud (Lisa 4) | 5,593 | 440 | -------------------------------------------------------------------------------- | Finantskulud (Lisa 4) | -21,334 | -14,302 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kasum/-kahjum enne tulumaksu | -1,960 | 168 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Tulumaks | 0 | 0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Aruandeperioodi puhaskasum/-kahjum | -1,960 | 168 | -------------------------------------------------------------------------------- | Sh. | | | -------------------------------------------------------------------------------- | | Emaettevõtte omanike osa | -1,960 | 168 | | | puhaskasumist/-kahjumist (Lisa 5) | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kasum aktsia kohta (EUR-ides ühe aktsia | | | | kohta) | | | -------------------------------------------------------------------------------- | | - tava (Lisa 5) | 0.00 | 0.00 | -------------------------------------------------------------------------------- | | - lahustatud (Lisa 5) | 0.00 | 0.00 | -------------------------------------------------------------------------------- KONSOLIDEERITUD BILANSS (auditeerimata, tuhandetes kroonides) -------------------------------------------------------------------------------- | VARAD | 30.11.2008 | 31.08.2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Käibevara | | | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid | 451,839 | 1,043,785 | -------------------------------------------------------------------------------- | Nõuded | 995,592 | 1,177,342 | -------------------------------------------------------------------------------- | Ettemaksed | 154,993 | 111,522 | -------------------------------------------------------------------------------- | Derivatiivid (Lisa 6) | 103,659 | 51,884 | -------------------------------------------------------------------------------- | Varud | 319,425 | 358,480 | -------------------------------------------------------------------------------- | Käibevara kokku | 2,025,508 | 2,743,013 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Põhivara | | | -------------------------------------------------------------------------------- | Investeeringud sidusettevõtetesse | 2,222 | 2,222 | -------------------------------------------------------------------------------- | Muud finantsvarad ja ettemaksed | 7,618 | 7,700 | -------------------------------------------------------------------------------- | Edasilükkunud tulumaksuvara | 199,849 | 199,851 | -------------------------------------------------------------------------------- | Kinnisvarainvesteering | 4,694 | 4,694 | -------------------------------------------------------------------------------- | Materiaalne põhivara (Lisa 7) | 25,441,508 | 25,518,298 | -------------------------------------------------------------------------------- | Immateriaalne põhivara (Lisa 8) | 1,205,697 | 1,226,023 | -------------------------------------------------------------------------------- | Põhivara kokku | 26,861,588 | 26,958,788 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | VARAD KOKKU | 28,887,096 | 29,701,801 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Lühiajalised kohustused | | | -------------------------------------------------------------------------------- | Intressikandvad võlakohustused (Lisa 9) | 2,185,822 | 2,200,220 | -------------------------------------------------------------------------------- | Võlad | 1,247,758 | 1,621,711 | -------------------------------------------------------------------------------- | Ettemakstud tulud | 171,447 | 138,752 | -------------------------------------------------------------------------------- | Derivatiivid (Lisa 6) | 137,675 | 5,351 | -------------------------------------------------------------------------------- | Lühiajalised kohustused kokku | 3,742,702 | 3,966,034 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Pikaajalised kohustused | | | -------------------------------------------------------------------------------- | Intressikandvad võlakohustused (Lisa 9) | 14,854,501 | 15,324,355 | -------------------------------------------------------------------------------- | Edasilükkunud tulumaksukohustus | 16,147 | 16,147 | -------------------------------------------------------------------------------- | Muud kohustused | 1,424 | 1,643 | -------------------------------------------------------------------------------- | Pikaajalised kohustused kokku | 14,872,072 | 15,342,145 | -------------------------------------------------------------------------------- | Kohustused kokku | 18,614,774 | 19,308,179 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OMAKAPITAL | | | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäridele kuuluv | | | | omakapital | | | -------------------------------------------------------------------------------- | Aktsiakapital nimiväärtuses | 6,738,170 | 6,738,170 | -------------------------------------------------------------------------------- | Ülekurss | 9,999 | 9,999 | -------------------------------------------------------------------------------- | Reservid | 1,060,434 | 1,151,071 | -------------------------------------------------------------------------------- | Jaotamata kasum | 2,463,719 | 2,494,382 | -------------------------------------------------------------------------------- | Emaettevõtte omanikele kuuluv omakapital | 10,272,322 | 10,393,622 | | kokku | | | -------------------------------------------------------------------------------- | OMAKAPITAL KOKKU | 10,272,322 | 10,393,622 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL KOKKU | 28,887,096 | 29,701,801 | -------------------------------------------------------------------------------- KONSOLIDEERITUD BILANSS (auditeerimata, tuhandetes eurodes) -------------------------------------------------------------------------------- | VARAD | 30.11.2008 | 31.08.2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Käibevara | | | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid | 28,878 | 66,710 | -------------------------------------------------------------------------------- | Nõuded | 63,630 | 75,246 | -------------------------------------------------------------------------------- | Ettemaksed | 9,906 | 7,127 | -------------------------------------------------------------------------------- | Derivatiivid (Lisa 6) | 6,625 | 3,316 | -------------------------------------------------------------------------------- | Varud | 20,415 | 22,911 | -------------------------------------------------------------------------------- | Käibevara kokku | 129,454 | 175,310 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Põhivara | | | -------------------------------------------------------------------------------- | Investeeringud sidusettevõtetesse | 142 | 142 | -------------------------------------------------------------------------------- | Muud finantsvarad ja ettemaksed | 486 | 492 | -------------------------------------------------------------------------------- | Edasilükkunud tulumaksuvara | 12,773 | 12,773 | -------------------------------------------------------------------------------- | Kinnisvarainvesteering | 300 | 300 | -------------------------------------------------------------------------------- | Materiaalne põhivara (Lisa 7) | 1,626,009 | 1,630,917 | -------------------------------------------------------------------------------- | Immateriaalne põhivara (Lisa 8) | 77,058 | 78,357 | -------------------------------------------------------------------------------- | Põhivara kokku | 1,716,768 | 1,722,981 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | VARAD KOKKU | 1,846,222 | 1,898,291 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Lühiajalised kohustused | | | -------------------------------------------------------------------------------- | Intressikandvad võlakohustused (Lisa 9) | 139,699 | 140,620 | -------------------------------------------------------------------------------- | Võlad | 79,746 | 103,646 | -------------------------------------------------------------------------------- | Ettemakstud tulud | 10,958 | 8,868 | -------------------------------------------------------------------------------- | Derivatiivid (Lisa 6) | 8,799 | 342 | -------------------------------------------------------------------------------- | Lühiajalised kohustused kokku | 239,202 | 253,476 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Pikaajalised kohustused | | | -------------------------------------------------------------------------------- | Intressikandvad võlakohustused (Lisa 9) | 949,376 | 979,405 | -------------------------------------------------------------------------------- | Edasilükkunud tulumaksukohustus | 1,032 | 1,032 | -------------------------------------------------------------------------------- | Muud kohustused | 91 | 105 | -------------------------------------------------------------------------------- | Pikaajalised kohustused kokku | 950,499 | 980,542 | -------------------------------------------------------------------------------- | Kohustused kokku | 1,189,701 | 1,234,018 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OMAKAPITAL | | | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäridele kuuluv | | | | omakapital | | | -------------------------------------------------------------------------------- | Aktsiakapital nimiväärtuses | 430,648 | 430,648 | -------------------------------------------------------------------------------- | Ülekurss | 639 | 639 | -------------------------------------------------------------------------------- | Reservid | 67,774 | 73,566 | -------------------------------------------------------------------------------- | Jaotamata kasum | 157,460 | 159,420 | -------------------------------------------------------------------------------- | Emaettevõtte omanikele kuuluv omakapital | 656,521 | 664,273 | | kokku | | | -------------------------------------------------------------------------------- | OMAKAPITAL KOKKU | 656,521 | 664,273 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL KOKKU | 1,846,222 | 1,898,291 | -------------------------------------------------------------------------------- KONSOLIDEERITUD RAHAVOOGUDE ARUANNE -------------------------------------------------------------------------------- | (auditeerimata, tuhandetes kroonides) | 01.09.2008 - | 01.09.2007 - | -------------------------------------------------------------------------------- | | | 30.11.2008 | 30.11.2007 | -------------------------------------------------------------------------------- | Rahavood äritegevusest | | | -------------------------------------------------------------------------------- | Aruandeperioodi puhaskasum | -30,663 | 2,624 | -------------------------------------------------------------------------------- | Korrigeerimised | 507,786 | 458,235 | -------------------------------------------------------------------------------- | Äritegevusega seotud nõuete muutus | 135,353 | 15,150 | -------------------------------------------------------------------------------- | Äritegevusega seotud varude muutus | 39,055 | -10,161 | -------------------------------------------------------------------------------- | Äritegevusega seotud kohustuste muutus | -337,265 | -76,655 | -------------------------------------------------------------------------------- | Makstud/ettemakstud tulumaks | -52 | 640 | -------------------------------------------------------------------------------- | | 314,214 | 389,833 | -------------------------------------------------------------------------------- | Rahavood investeerimistegevusest | | | -------------------------------------------------------------------------------- | Materiaalse põhivara ja immateriaalse vara | -168,304 | -445,547 | | soetamine (Lisad 7,8) | | | -------------------------------------------------------------------------------- | Laekumised materiaalse põhivara müügist | 8,318 | 312 | -------------------------------------------------------------------------------- | Laekumised derivatiividest | 12,999 | -8,552 | -------------------------------------------------------------------------------- | Saadud intressid | 2,718 | 2,552 | -------------------------------------------------------------------------------- | | -144,269 | -451,235 | -------------------------------------------------------------------------------- | Rahavood finantseerimistegevusest | | | -------------------------------------------------------------------------------- | Laenude tagasimaksed (Lisa 9) | -467,526 | -424,012 | -------------------------------------------------------------------------------- | Kasutatud arvelduskrediidi muutus (Lisa 9) | -19,440 | 53,888 | -------------------------------------------------------------------------------- | Kapitalirendi põhimaksete tasumine (Lisa 9) | -2,091 | -4,991 | -------------------------------------------------------------------------------- | Makstud intressid | -272,834 | -208,736 | -------------------------------------------------------------------------------- | | -761,891 | -583,851 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | RAHAVOOD KOKKU | -591,946 | -645,253 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid | | | -------------------------------------------------------------------------------- | - perioodi alguses | 1,043,785 | 1,303,609 | -------------------------------------------------------------------------------- | - suurenemine (+) / vähenemine (-) | -591,946 | -645,253 | -------------------------------------------------------------------------------- | - perioodi lõpus | 451,839 | 658,356 | -------------------------------------------------------------------------------- KONSOLIDEERITUD RAHAVOOGUDE ARUANNE -------------------------------------------------------------------------------- | (auditeerimata, tuhandetes eurodes) | 01.09.2008 - | 01.09.2007 - | -------------------------------------------------------------------------------- | | | 30.11.2008 | 30.11.2007 | -------------------------------------------------------------------------------- | Rahavood äritegevusest | | | -------------------------------------------------------------------------------- | Aruandeperioodi puhaskasum | -1,960 | 168 | -------------------------------------------------------------------------------- | Korrigeerimised | 32,453 | 29,287 | -------------------------------------------------------------------------------- | Äritegevusega seotud nõuete muutus | 8,651 | 968 | -------------------------------------------------------------------------------- | Varude muutus | 2,496 | -649 | -------------------------------------------------------------------------------- | Äritegevusega seotud kohustuste muutus | -21,555 | -4,899 | -------------------------------------------------------------------------------- | Makstud/ettemakstud tulumaks | -3 | 41 | -------------------------------------------------------------------------------- | | 20,082 | 24,916 | -------------------------------------------------------------------------------- | Rahavood investeerimistegevusest | | | -------------------------------------------------------------------------------- | Materiaalse põhivara ja immateriaalse vara | -10,756 | -28,476 | | soetamine (Lisad 7,8) | | | -------------------------------------------------------------------------------- | Laekumised materiaalse põhivara müügist | 532 | 20 | -------------------------------------------------------------------------------- | Laekumised derivatiividest | 831 | -546 | -------------------------------------------------------------------------------- | Saadud intressid | 173 | 163 | -------------------------------------------------------------------------------- | | -9,220 | -28,839 | -------------------------------------------------------------------------------- | Rahavood finantseerimistegevusest | | | -------------------------------------------------------------------------------- | Laenude tagasimaksed (Lisa 9) | -29,880 | -27,099 | -------------------------------------------------------------------------------- | Kasutatud arvelduskrediidi muutus (Lisa 9) | -1,242 | 3,444 | -------------------------------------------------------------------------------- | Kapitalirendi põhimaksete tasumine (Lisa 9) | -134 | -319 | -------------------------------------------------------------------------------- | Makstud intressid | -17,438 | -13,341 | -------------------------------------------------------------------------------- | | -48,694 | -37,315 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | RAHAVOOD KOKKU | -37,832 | -41,238 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid | | | -------------------------------------------------------------------------------- | - perioodi alguses | 66,710 | 83,315 | -------------------------------------------------------------------------------- | - suurenemine (+) / vähenemine (-) | -37,832 | -41,238 | -------------------------------------------------------------------------------- | - perioodi lõpus | 28,878 | 42,077 | -------------------------------------------------------------------------------- Janek Stalmeister Finantsdirektor AS Tallink Grupp Tel. +372 6409 800 E-mail: [email protected]
Content of announcement in English
Title
Q1 results of the 2008/2009 financial year
Message
The first quarter operations of the 2008/2009 financial year for AS Tallink
Grupp and its subsidiaries (hereinafter also referred to as the Group) were
influenced by the global macroeconomic development.
The Group revenues increased by EUR 7.1 million (EEK 111.2 million) showing
pleasing 3.8% year-on-year growth in spite of the current weak economic
environment. The increase in total passenger related revenues was 12.6% or EUR
16.8 million (EEK 262 million) as the result of increase in the number of
passengers which compensated well the EUR 9 million (EEK 142 million) decrease
in the cargo revenues. As expected, the delivery of MS Baltic Princess and the
related re-routings of M/S Galaxy and M/S Silja Festival had major impact to the
growth in the passenger operations.
The management is pleased with EUR 30.2 million (EEK 473 million) EBITDA result
being in line with the management expectations for the first quarter. Despite
the high operating costs, the Group was able to increase EBITDA by 4.4% as a
result of nearly 27% decreasing administrative costs.
It is important to stress that the high cost inflation from the recent past was
still influential on the purchase of goods and services during the first quarter
of the financial year 2008/2009. Although the fuel prices have decreased
significantly by today the prices were still relatively high during the first
quarter of the financial year compared to the prices a year ago. The fuel cost
for the vessel operations decreased by EUR 0.9 million (EEK 15.3 million),
effected from the reduction of the capacity on the Germany route. Similarly, the
rapid decrease in EUR interest rates had not yet an impact on the financial
costs of the first quarter. As the majority of the interest rates for the Group
loans are reset every 3-6 months period, the first quarter interests on most of
the Group loans were set at the highest EURIBOR levels at around 5%. As a result
of the higher debt liabilities and increased interest rates the Group's interest
cost during the first quarter increased by EUR 3.3 million (EEK 51.6 million) or
23% to EUR 17.5 million (EEK 273.5 million) comparing the first quarter a year
before.
The global macroeconomic slowdown is impacting negatively the freight volumes
carried by the Group vessels. Together with the decrease of the capacity on the
Group's Germany route, noticeable decrease in the cargo revenues in the coming
periods are expected. On the other hand, the passenger operations are currently
remaining strong. The costs for goods, services, fuel and also interest rates
are decreasing faster than previously planned which are expected to compensate
the potential slowdown in passengers' spendings. Overall, the Group operations
are healthy and expected to deliver targeted result.
1st QUARTER KEY FIGURES
--------------------------------------------------------------------------------
| | 01.09.2008- | 01.09.2007- | Change % |
| | 30.11.2008 | 30.11.2007 | |
--------------------------------------------------------------------------------
| | EEK | EUR | EEK | EUR | |
--------------------------------------------------------------------------------
| Net sales (million) | 3,031 | 193.7 | 2,920 | 186.6 | 3.8% |
--------------------------------------------------------------------------------
| Gross profit (million) | 604 | 38.6 | 649 | 41.5 | -7% |
--------------------------------------------------------------------------------
| Gross margin | 19.9% | | 22.2% | | |
--------------------------------------------------------------------------------
| EBITDA (million) | 473 | 30.2 | 453 | 29.0 | 4.4% |
--------------------------------------------------------------------------------
| EBITDA margin | 15.6% | | 15.5% | | |
--------------------------------------------------------------------------------
| Net profit/-loss | -31 | -1.9 | 3 | 0.2 | -1267% |
| (million) | | | | | |
--------------------------------------------------------------------------------
| Net profit margin | -1.0% | | 0.1% | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Depreciation (million) | 257 | 16.5 | 234 | 14.9 | 10.2% |
--------------------------------------------------------------------------------
| Investments (million) | 168 | 10.7 | 446 | 28.5 | -62.3% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Weighted average number | 669,882,040 | 673,817,040 | -0.6% |
| of ordinary shares | | | |
| outstanding during 1st | | | |
| quarter* | | | |
--------------------------------------------------------------------------------
| Earnings per share | -0.05 | 0.00 | 0.00 | 0.00 | |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Number of passengers | 1,786,205 | 1,510,079 | 18.3% |
--------------------------------------------------------------------------------
| Cargo units | 76,313 | 91,897 | -17% |
--------------------------------------------------------------------------------
| Average number of | 6,826 | 6,408 | 6.5% |
| employees | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | 30.11.2008 | 31.08.2008 | Change% |
--------------------------------------------------------------------------------
| | EEK | EUR | EEK | EUR | |
--------------------------------------------------------------------------------
| Total assets (million) | 28,887 | 1,846 | 29,702 | 1,898 | -2.7% |
--------------------------------------------------------------------------------
| Total liabilities | 18,614 | 1,190 | 19,308 | 1,234 | -3.6% |
| (million) | | | | | |
--------------------------------------------------------------------------------
| Interest-bearing | 17,040 | 1,089 | 17,525 | 1,120 | -2.8% |
| liabilities (million) | | | | | |
--------------------------------------------------------------------------------
| Total equity (million) | 10,272 | 657 | 10,394 | 664 | -1.2% |
--------------------------------------------------------------------------------
| Equity ratio (%) | 35.6% | | 35.0% | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Number of ordinary | 669,882,040 | 669,882,040 | |
| shares outstanding* | | | |
--------------------------------------------------------------------------------
| Shareholders' equity | 15.3 | 0.98 | 15.5 | 0.99 | -1.3% |
| per share | | | | | |
--------------------------------------------------------------------------------
Net profit margin - net profit / net sales;
EBITDA - Earnings before net financial items, share of profit of associates,
taxes, depreciation and amortization, income from negative goodwill;
EBITDA margin - EBITDA / net sales;
Gross margin - gross profit / net sales
Equity ratio - total equity / total assets;
Earnings per share - net profit / weighted average number of shares outstanding;
Shareholder's equity per share - shareholder's equity / number of shares
outstanding.
* Share numbers exclude own shares.
The largest increase of EUR 6.6 million (EEK 104.1 million) in the Group sales
was contributed from the Estonia-Finland route, whereas the biggest growth rate
of 45.7% in the sales was on the Latvia Sweden route. From the operational
segments, the largest increase by EUR 12.5 million (EEK 195 million) was on the
restaurant and shop sales as the result of the increased passenger volumes. The
Group's cargo sales decreased by EUR 9 million (EEK 142 million), mostly as a
consequence of the weak macroeconomics globally.
CONSOLIDATED CONDENSED INCOME STATEMENT
--------------------------------------------------------------------------------
| (unaudited, in thousands of EEK) | 01.09.2008- | 01.09.2007- |
--------------------------------------------------------------------------------
| | 30.11.2008 | 30.11.2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales (Note 3) | 3,031,349 | 2,920,102 |
--------------------------------------------------------------------------------
| Cost of sales | -2,427,351 | -2,270,624 |
--------------------------------------------------------------------------------
| Gross profit | 603,998 | 649,478 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Marketing expenses | -215,656 | -193,482 |
--------------------------------------------------------------------------------
| Administrative and general expenses | -175,594 | -239,300 |
--------------------------------------------------------------------------------
| Other income | 3,156 | 3,099 |
--------------------------------------------------------------------------------
| Other expenses | -271 | -282 |
--------------------------------------------------------------------------------
| Financial income (Note 4) | 87,511 | 6,888 |
--------------------------------------------------------------------------------
| Financial expenses (Note 4) | -333,807 | -223,774 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit /-loss from normal operation before | -30,663 | 2,627 |
| income tax | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income tax | 0 | -3 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net profit/-loss for the period | -30,663 | 2,624 |
--------------------------------------------------------------------------------
| Attributable to: | | |
--------------------------------------------------------------------------------
| | Equity holders of the parent (Note 5) | -30,663 | 2,624 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share (in EEK per share) | | |
--------------------------------------------------------------------------------
| | - basic (Note 5) | -0.05 | 0.00 |
--------------------------------------------------------------------------------
| | - diluted (Note 5) | -0.05 | 0.00 |
--------------------------------------------------------------------------------
CONSOLIDATED CONDENSED INCOME STATEMENT
--------------------------------------------------------------------------------
| (unaudited, in thousands of EUR) | 01.09.2008- | 01.09.2007- |
--------------------------------------------------------------------------------
| | 30.11.2008 | 30.11.2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales (Note 3) | 193,739 | 186,629 |
--------------------------------------------------------------------------------
| Cost of sales | -155,136 | -145,119 |
--------------------------------------------------------------------------------
| Gross profit | 38,603 | 41,510 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Marketing expenses | -13,783 | -12,366 |
--------------------------------------------------------------------------------
| Administrative and general expenses | -11,223 | -15,294 |
--------------------------------------------------------------------------------
| Other income | 201 | 198 |
--------------------------------------------------------------------------------
| Other expenses | -17 | -18 |
--------------------------------------------------------------------------------
| Financial income (Note 4) | 5,593 | 440 |
--------------------------------------------------------------------------------
| Financial expenses (Note 4) | -21,334 | -14,302 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit/-loss from normal operation before | -1,960 | 168 |
| income tax | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income tax | 0 | 0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net profit/-loss for the period | -1,960 | 168 |
--------------------------------------------------------------------------------
| Attributable to: | | |
--------------------------------------------------------------------------------
| | Equity holders of the parent (Note 5) | -1,960 | 168 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share (in EUR per share) | | |
--------------------------------------------------------------------------------
| | - basic (Note 5) | 0.00 | 0.00 |
--------------------------------------------------------------------------------
| | - diluted (Note 5) | 0.00 | 0.00 |
--------------------------------------------------------------------------------
CONSOLIDATED CONDENSED BALANCE SHEET
(unaudited, in thousands of EEK)
--------------------------------------------------------------------------------
| ASSETS | 30.11.2008 | 31.08.2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current assets | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 451,839 | 1,043,785 |
--------------------------------------------------------------------------------
| Receivables | 995,592 | 1,177,342 |
--------------------------------------------------------------------------------
| Prepayments | 154,993 | 111,522 |
--------------------------------------------------------------------------------
| Derivatives (Note 6) | 103,659 | 51,884 |
--------------------------------------------------------------------------------
| Inventories | 319,425 | 358,480 |
--------------------------------------------------------------------------------
| Total current assets | 2,025,508 | 2,743,013 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current assets | | |
--------------------------------------------------------------------------------
| Investments in associates | 2,222 | 2,222 |
--------------------------------------------------------------------------------
| Other financial assets and prepayments | 7,618 | 7,700 |
--------------------------------------------------------------------------------
| Deferred income tax assets | 199,849 | 199,851 |
--------------------------------------------------------------------------------
| Investment property | 4,694 | 4,694 |
--------------------------------------------------------------------------------
| Property, plant and equipment (Note 7) | 25,441,508 | 25,518,298 |
--------------------------------------------------------------------------------
| Intangible assets (Note 8) | 1,205,697 | 1,226,023 |
--------------------------------------------------------------------------------
| Total non-current assets | 26,861,588 | 26,958,788 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL ASSETS | 28,887,096 | 29,701,801 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES AND EQUITY | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current liabilities | | |
--------------------------------------------------------------------------------
| Current portion of interest-bearing | 2,185,822 | 2,200,220 |
| liabilities (Note 9) | | |
--------------------------------------------------------------------------------
| Payables | 1,247,758 | 1,621,711 |
--------------------------------------------------------------------------------
| Deferred income | 171,447 | 138,752 |
--------------------------------------------------------------------------------
| Derivatives (Note 6) | 137,675 | 5,351 |
--------------------------------------------------------------------------------
| Total current liabilities | 3,742,702 | 3,966,034 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current liabilities | | |
--------------------------------------------------------------------------------
| Interest bearing loans and borrowings (Note | 14,854,501 | 15,324,355 |
| 9) | | |
--------------------------------------------------------------------------------
| Deferred income tax liability | 16,147 | 16,147 |
--------------------------------------------------------------------------------
| Other liabilities | 1,424 | 1,643 |
--------------------------------------------------------------------------------
| Total non-current liabilities | 14,872,072 | 15,342,145 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES | 18,614,774 | 19,308,179 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY | | |
--------------------------------------------------------------------------------
| Equity attributable to equity holders of | | |
| the parent | | |
--------------------------------------------------------------------------------
| Share capital | 6,738,170 | 6,738,170 |
--------------------------------------------------------------------------------
| Share premium | 9,999 | 9,999 |
--------------------------------------------------------------------------------
| Reserves | 1,060,434 | 1,151,071 |
--------------------------------------------------------------------------------
| Retained earnings | 2,463,719 | 2,494,382 |
--------------------------------------------------------------------------------
| Total equity attributable to equity holders | 10,272,322 | 10,393,622 |
| of the parent | | |
--------------------------------------------------------------------------------
| TOTAL EQUITY | 10,272,322 | 10,393,622 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND EQUITY | 28,887,096 | 29,701,801 |
--------------------------------------------------------------------------------
CONSOLIDATED CONDENSED BALANCE SHEET
(unaudited, in thousands of EUR)
--------------------------------------------------------------------------------
| ASSETS | 30.11.2008 | 31.08.2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current assets | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 28,878 | 66,710 |
--------------------------------------------------------------------------------
| Receivables | 63,630 | 75,246 |
--------------------------------------------------------------------------------
| Prepayments | 9,906 | 7,127 |
--------------------------------------------------------------------------------
| Derivatives (Note 6) | 6,625 | 3,316 |
--------------------------------------------------------------------------------
| Inventories | 20,415 | 22,911 |
--------------------------------------------------------------------------------
| Total current assets | 129,454 | 175,310 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current assets | | |
--------------------------------------------------------------------------------
| Investments in associates | 142 | 142 |
--------------------------------------------------------------------------------
| Other financial assets and prepayments | 486 | 492 |
--------------------------------------------------------------------------------
| Deferred income tax assets | 12,773 | 12,773 |
--------------------------------------------------------------------------------
| Investment property | 300 | 300 |
--------------------------------------------------------------------------------
| Property, plant and equipment (Note 7) | 1,626,009 | 1,630,917 |
--------------------------------------------------------------------------------
| Intangible assets (Note 8) | 77,058 | 78,357 |
--------------------------------------------------------------------------------
| Total non-current assets | 1,716,768 | 1,722,981 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL ASSETS | 1,846,222 | 1,898,291 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES AND EQUITY | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current liabilities | | |
--------------------------------------------------------------------------------
| Current portion of interest-bearing | 139,699 | 140,620 |
| liabilities (Note 9) | | |
--------------------------------------------------------------------------------
| Payables | 79,746 | 103,646 |
--------------------------------------------------------------------------------
| Deferred income | 10,958 | 8,868 |
--------------------------------------------------------------------------------
| Derivatives (Note 6) | 8,799 | 342 |
--------------------------------------------------------------------------------
| Total current liabilities | 239,202 | 253,476 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current liabilities | | |
--------------------------------------------------------------------------------
| Interest bearing loans and borrowings (Note | 949,376 | 979,405 |
| 9) | | |
--------------------------------------------------------------------------------
| Deferred income tax | 1,032 | 1,032 |
--------------------------------------------------------------------------------
| Other liabilities | 91 | 105 |
--------------------------------------------------------------------------------
| Total non-current liabilities | 950,499 | 980,542 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES | 1,189,701 | 1,234,018 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY | | |
--------------------------------------------------------------------------------
| Equity attributable to equity holders of | | |
| the parent | | |
--------------------------------------------------------------------------------
| Share capital | 430,648 | 430,648 |
--------------------------------------------------------------------------------
| Share premium | 639 | 639 |
--------------------------------------------------------------------------------
| Reserves | 67,774 | 73,566 |
--------------------------------------------------------------------------------
| Retained earnings | 157,460 | 159,420 |
--------------------------------------------------------------------------------
| Total equity attributable to equity holders | 656,521 | 664,273 |
| of the parent | | |
--------------------------------------------------------------------------------
| TOTAL EQUITY | 656,521 | 664,273 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND EQUITY | 1,846,222 | 1,898,291 |
--------------------------------------------------------------------------------
CONSOLIDATED CONDENSED CASH FLOW STATEMENT
--------------------------------------------------------------------------------
| (unaudited, in thousands of EEK) | 01.09.2008 - | 01.09.2007 - |
--------------------------------------------------------------------------------
| | | 30.11.2008 | 30.11.2007 |
--------------------------------------------------------------------------------
| Cash flows from operating activities | | |
--------------------------------------------------------------------------------
| Net profit/-loss for the period | -30,663 | 2,624 |
--------------------------------------------------------------------------------
| Adjustments | 507,786 | 458,235 |
--------------------------------------------------------------------------------
| Changes in assets related to operating | 135,353 | 15,150 |
| activities | | |
--------------------------------------------------------------------------------
| Changes in inventories | 39,055 | -10,161 |
--------------------------------------------------------------------------------
| Changes in liabilities related to operating | -337,265 | -76,655 |
| activities | | |
--------------------------------------------------------------------------------
| Income tax paid/repaid | -52 | 640 |
--------------------------------------------------------------------------------
| | 314,214 | 389,833 |
--------------------------------------------------------------------------------
| Cash flow used for investing activities | | |
--------------------------------------------------------------------------------
| Purchase of property, plant, equipment and | -168,304 | -445,547 |
| intangible assets (Notes 7,8) | | |
--------------------------------------------------------------------------------
| Proceeds from disposals of property, plant, | 8,318 | 312 |
| equipment | | |
--------------------------------------------------------------------------------
| Proceeds from settlement of derivatives | 12,999 | -8,552 |
--------------------------------------------------------------------------------
| Interest received | 2,718 | 2,552 |
--------------------------------------------------------------------------------
| | -144,269 | -451,235 |
--------------------------------------------------------------------------------
| Cash flow from (+)/ used for (-) financing | | |
| activities | | |
--------------------------------------------------------------------------------
| Redemption of loans (Note 9) | -467,526 | -424,012 |
--------------------------------------------------------------------------------
| Change in overdraft (Note 9) | -19,440 | 53,888 |
--------------------------------------------------------------------------------
| Repayment of finance lease liabilities | -2,091 | -4,991 |
| (Note 9) | | |
--------------------------------------------------------------------------------
| Interest paid | -272,834 | -208,736 |
--------------------------------------------------------------------------------
| | -761,891 | -583,851 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL NET CASH FLOW | -591,946 | -645,253 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash and cash equivalents: | | |
--------------------------------------------------------------------------------
| - at the beginning of period | 1,043,785 | 1,303,609 |
--------------------------------------------------------------------------------
| - increase (+) / decrease (-) | -591,946 | -645,253 |
--------------------------------------------------------------------------------
| Cash and cash equivalents at end of period | 451,839 | 658,356 |
--------------------------------------------------------------------------------
CONSOLIDATED CONDENSED CASH FLOW STATEMENT
--------------------------------------------------------------------------------
| (unaudited, in thousands of EUR) | 01.09.2008 - | 01.09.2007 - |
--------------------------------------------------------------------------------
| | | 30.11.2008 | 30.11.2007 |
--------------------------------------------------------------------------------
| Cash flows from operating activities | | |
--------------------------------------------------------------------------------
| Net profit/-loss for the period | -1,960 | 168 |
--------------------------------------------------------------------------------
| Adjustments | 32,453 | 29,287 |
--------------------------------------------------------------------------------
| Changes in assets related to operating | 8,651 | 968 |
| activities | | |
--------------------------------------------------------------------------------
| Changes in inventories | 2,496 | -649 |
--------------------------------------------------------------------------------
| Changes in liabilities related to operating | -21,555 | -4,899 |
| activities | | |
--------------------------------------------------------------------------------
| Income tax repaid | -3 | 41 |
--------------------------------------------------------------------------------
| | 20,082 | 24,916 |
--------------------------------------------------------------------------------
| Cash flow used for investing activities | | |
--------------------------------------------------------------------------------
| Purchase of property, plant, equipment and | -10,756 | -28,476 |
| intangible assets (Notes 7,8) | | |
--------------------------------------------------------------------------------
| Proceeds from disposals of property, plant, | 532 | 20 |
| equipment | | |
--------------------------------------------------------------------------------
| Proceeds from settlement of derivatives | 831 | -546 |
--------------------------------------------------------------------------------
| Interest received | 173 | 163 |
--------------------------------------------------------------------------------
| | -9,220 | -28,839 |
--------------------------------------------------------------------------------
| Cash flow from (+)/ used for (-) financing | | |
| activities | | |
--------------------------------------------------------------------------------
| Redemption of loans (Note 9) | -29,880 | -27,099 |
--------------------------------------------------------------------------------
| Change in overdraft (Note 9) | -1,242 | 3,444 |
--------------------------------------------------------------------------------
| Repayment of finance lease liabilities | -134 | -319 |
| (Note 9) | | |
--------------------------------------------------------------------------------
| Interest paid | -17,438 | -13,341 |
--------------------------------------------------------------------------------
| | -48,694 | -37,315 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL NET CASH FLOW | -37,832 | -41,238 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash and cash equivalents: | | |
--------------------------------------------------------------------------------
| - at the beginning of period | 66,710 | 83,315 |
--------------------------------------------------------------------------------
| - increase (+) / decrease (-) | -37,832 | -41,238 |
--------------------------------------------------------------------------------
| Cash and cash equivalents at end of period | 28,878 | 42,077 |
--------------------------------------------------------------------------------
Janek Stalmeister
Financial Director
AS Tallink Grupp
Tel:+372 6409 800
E-mail: [email protected]