Market announcement
AS Tallink Grupp
Category
Management interim statement or quarterly financial report
Attachments
Date
20.01.2010 09:34:44
Title
2009/2010 majandusaasta I kvartali majandustulemused
Message
AS-i Tallink Grupp ja tema tütarettevõtete (edaspidi „Kontsern”) 2009/2010 majandusaasta esimese kvartali (01.09.2009-30.11.2009) tulemused vastasid juhtkonna ootustele. Kontserni reisijate arv kasvas 1,2% võrreldes eelmise majandusaasta esimese kvartaliga. Kui aastatagusega võrreldes olid esimese kvartali kaubaveomahud veel madalamad 10,5% võrra, siis viimastel kuudel on osadel liinidel märgata juba ka positiivseid arenguid kaubaveo mahtude osas. Kontserni 2009/2010 majandusaasta esimese kvartali müügitulu oli 181 miljonit eurot (2 837 miljonit krooni), mis on 6,4% väiksem võrreldes eelmise majandusaasta esimese kvartaliga. Müügitulude vähenemine on mõjutatud peamiselt kaubaveomahtude langusest ning madalamast tulust reisija kohta. Samas on viimase kahe kvartali jooksul olnud märgata reisijate tarbimise üldpildi paranemist kvartalist kvartalisse, mis on positiivne signaal tuleviku väljavaadeteks. Kontsern tegeleb aktiivselt tootevaliku, eripakkumiste ja hinnastamise kohandamisega ka laevadel, et järgida reisijate tarbimisharjumuste muutusi ja vajadusi. Kontserni EBITDA (intresside, maksude ja amortisatsioonieelne kasum) oli käesoleva majandusaasta esimeses kvartalis 27 miljonit eurot (422 miljonit krooni), mis on 10,7% madalam kui eelmise majandusaasta esimeses kvartalis. Suurenenud amortisatsioonikulde ja vähenenud intressikulude järgselt oli Kontserni 2009/2010 majandusaasta auditeerimata kahjum 1,2 miljonit eurot (18,6 miljonit krooni), mis on 0,8 miljoni euro (12 miljoni krooni) võrra parem kui 2008/2009 majandusaasta esimeses kvartalis. Kontserni kulude vähendamisele suunatud tegevuste tulemusena jätkus esimeses kvartalis administratiiv- ja üldkulude vähenemine. Eelmise majandusaasta esimese kvartaliga võrreldes olid administratiiv- ja üldkulud väiksemad 1,9 miljoni euro (29,4 miljoni krooni) ehk 16,7% võrra. Juhtkonna kõrgendatud tähelepanu on jätkuvalt kuluefektiivsusel ning Kontserni tulemuste parandamisel. Kõrge prioriteediga on vanade ja mittetootlike laevade rentimine või müük. 2009.a. oktoobris müüs Kontsern kiirlaeva Tallink Autoexpress 2. Hetkel on töös mitmed erinevad läbirääkimised vanade ja mittetootlike laevade müügi või rendile andmise osas. -------------------------------------------------------------------------------- | I kvartali | 01.09.09- | 01.09.08- | muutus % | | põhinäitajad | 30.11.09 | 30.11.08 | | -------------------------------------------------------------------------------- | | EEK | EUR | EEK | EUR | | -------------------------------------------------------------------------------- | Müügitulu (miljon) | 2 837 | 181,3 | 3 031 | 193,7 | -6,4% | -------------------------------------------------------------------------------- | Brutokasum (miljon) | 511 | 32,7 | 604 | 38,6 | -15,4% | -------------------------------------------------------------------------------- | Brutokasumi | 18,0% | | 19,9% | | | | marginaal | | | | | | -------------------------------------------------------------------------------- | EBITDA (miljon) | 422 | 27,0 | 473 | 30,2 | -10,7% | -------------------------------------------------------------------------------- | EBITDA marginaal | 14,9% | | 15,6% | | | -------------------------------------------------------------------------------- | Puhaskasum/-kahjum | -19 | -1,2 | -31 | -1,9 | 39,3% | | (miljon) | | | | | | -------------------------------------------------------------------------------- | Puhaskasumi | -0,7% | | -1,0% | | | | marginaal | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Amortisatsioon | 281 | 18,0 | 257 | 16,5 | 9,2% | | (miljon) | | | | | | -------------------------------------------------------------------------------- | Investeeringud | 5 | 0,4 | 168 | 10,7 | -96,7% | | (miljon) | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Aktsiate kaalutud | 669 882 040 | 669 882 040 | 0% | | keskmine arv esimese | | | | | kvartali jooksul* | | | | -------------------------------------------------------------------------------- | Aktsiakasum | -0,03 | -0,00 | -0,05 | 0,00 | 40% | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Reisijate arv | 1 808 235 | 1 786 205 | 1,2% | -------------------------------------------------------------------------------- | Kaubaveo ühikud | 68 334 | 76 313 | -10,5% | -------------------------------------------------------------------------------- | Keskmine töötajate | 6 621 | 6 826 | -3% | | arv | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 30.11.2009 | 31.08.2009 | | -------------------------------------------------------------------------------- | | EEK | EUR | EEK | EUR | | -------------------------------------------------------------------------------- | Varad kokku (miljon) | 29 862 | 1 909 | 30 468 | 1 947 | -2,0% | -------------------------------------------------------------------------------- | Kohustused kokku | 19 818 | 1 267 | 20 412 | 1 304 | -2,9% | | (miljon) | | | | | | -------------------------------------------------------------------------------- | Intressi kandvad | 17 919 | 1 145 | 18 483 | 1 181 | -3,1% | | kohustused (miljon) | | | | | | -------------------------------------------------------------------------------- | Omakapital kokku | 10 044 | 642 | 10 056 | 642 | -0,1% | | (miljon) | | | | | | -------------------------------------------------------------------------------- | Omakapitali määr | 33,6% | | 33,0% | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Aktsiate arv* | 669 882 040 | 669 882 040 | 0% | -------------------------------------------------------------------------------- | Omakapital aktsia | 15 | 0,96 | 15 | 0,96 | 0% | | kohta | | | | | | -------------------------------------------------------------------------------- EBITDA - finantskulude, maksude, intresside, kulumi eelne kasum; Aktsiakasum - Puhaskasum / Kaalutud keskmine aktsiate arv; Omakapitali määr - Omakapital kokku / Varad kokku; Omakapital aktsia kohta - Omakapital / Aktsiate arv; Brutokasumi marginaal - Brutokasum / Müügitulu; EBITDA marginaal - EBITDA / Müügitulu; Puhaskasumi marginaal - Puhaskasum / Müügitulu; *Ei sisalda omaaktsiaid. Kontserni laevastiku uuendamise programm on lõpetatud ja sellest tulenevalt on edasiste investeeringute vajadus suhteliselt väike. See aitab keskenduda põhitegevusele ning samas jääb rohkem vaba raha netovõla vähendamiseks, kuna investeerimisega seotud kapitalivajadusi ei ole. Kontserni 2009/2010 majandusaasta esimese kvartali rahavood äritegevusest olid 31,6 miljonit eurot (495 miljonit krooni). Äritegevuse rahavoogude paranemine 11,5 miljoni euro (180 miljoni krooni) võrra, võrreldes eelmise majandusaasta esimese kvartaliga, tuleneb peamiselt käibekapitali muutustest. Võttes arvesse vähenenud investeeringud, laeva müügist laekunud raha ning väiksemad intressimaksed paranesid rahavood kokku esimeses kvartalis aastatagusega võrreldes 28,9 miljoni euro (452 miljoni krooni) võrra. Esimese kvartali lõpus olid Kontserni rahalised vahendid 41 miljonit eurot (642 miljonit krooni). KONSOLIDEERITUD KOONDKASUMIARUANNE -------------------------------------------------------------------------------- | (auditeerimata, tuhandetes kroonides) | 01.09.2009- | 01.09.2008- | -------------------------------------------------------------------------------- | | 30.11.2009 | 30.11.2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Müügitulu | 2,836,833 | 3,031,349 | -------------------------------------------------------------------------------- | Müüdud kaupade ja teenuste kulu | -2,325,945 | -2,427,351 | -------------------------------------------------------------------------------- | Brutokasum | 510,888 | 603,998 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Turustuskulud | -227,586 | -215,656 | -------------------------------------------------------------------------------- | Halduskulud | -146,246 | -175,594 | -------------------------------------------------------------------------------- | Muud äritulud | 7,072 | 3,156 | -------------------------------------------------------------------------------- | Muud ärikulud | -2,785 | -271 | -------------------------------------------------------------------------------- | Kasum äritegevusest | 141,343 | 215,633 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Finantstulud | 12,729 | 87,511 | -------------------------------------------------------------------------------- | Finantskulud | -172,690 | -333,807 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kahjum enne tulumaksu | -18,618 | -30,663 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Tulumaks | 0 | 0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Aruandeperioodi puhaskahjum | -18,618 | -30,663 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Muu koondkasum/-kahjum | | | -------------------------------------------------------------------------------- | Valuutakursi vahed välisettevõtetest | -11,452 | -6,411 | -------------------------------------------------------------------------------- | Riskimaandamise instrumendid | 17,993 | -84,226 | -------------------------------------------------------------------------------- | Perioodi muu koondkasum/-kahjum kokku | 6,541 | -90,637 | -------------------------------------------------------------------------------- | Perioodi koondkasum/-kahjum kokku | -12,077 | -121,300 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Sh. | | | -------------------------------------------------------------------------------- | | Emaettevõtte omanike osa | -18,618 | -30,663 | | | puhaskahjumist | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Sh. | | | -------------------------------------------------------------------------------- | | Emaettevõtte omanike osa | -12,077 | -121,300 | | | koondkasumist/-kahjumist | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kahjum aktsia kohta (EEK-ides ühe aktsia | | | | kohta) | | | -------------------------------------------------------------------------------- | | - tava | -0.03 | -0.05 | -------------------------------------------------------------------------------- | | - lahustatud | -0.03 | -0.05 | -------------------------------------------------------------------------------- KONSOLIDEERITUD KOONDKASUMIARUANNE -------------------------------------------------------------------------------- | (auditeerimata, tuhandetes eurodes) | 01.09.2009- | 01.09.2008- | -------------------------------------------------------------------------------- | | 30.11.2009 | 30.11.2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Müügitulu | 181,307 | 193,739 | -------------------------------------------------------------------------------- | Müüdud kaupade ja teenuste kulu | -148,655 | -155,136 | -------------------------------------------------------------------------------- | Brutokasum | 32,652 | 38,603 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Turustuskulud | -14,545 | -13,783 | -------------------------------------------------------------------------------- | Halduskulud | -9,347 | -11,223 | -------------------------------------------------------------------------------- | Muud äritulud | 452 | 201 | -------------------------------------------------------------------------------- | Muud ärikulud | -178 | -17 | -------------------------------------------------------------------------------- | Kasum äritegevusest | 9,034 | 13,781 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Finantstulud | 813 | 5,593 | -------------------------------------------------------------------------------- | Finantskulud | -11,037 | -21,334 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kahjum enne tulumaksu | -1,190 | -1,960 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Tulumaks | 0 | 0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Aruandeperioodi puhaskahjum | -1,190 | -1,960 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Muu koondkasum/-kahjum | | | -------------------------------------------------------------------------------- | Valuutakursi vahed välisettevõtetest | -731 | -409 | -------------------------------------------------------------------------------- | Riskimaandamise instrumendid | 1,150 | -5,383 | -------------------------------------------------------------------------------- | Perioodi muu koondkasum/-kahjum kokku | 419 | -5,792 | -------------------------------------------------------------------------------- | Perioodi koondkasum/-kahjum kokku | -771 | -7,752 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Sh. | | | -------------------------------------------------------------------------------- | | Emaettevõtte omanike osa | -1,190 | -1,960 | | | puhaskahjumist | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Sh. | | | -------------------------------------------------------------------------------- | | Emaettevõtte omanike osa | -771 | -7,752 | | | koondkasumist/-kahjumist | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Kahjum aktsia kohta (EUR-ides ühe aktsia | | | | kohta) | | | -------------------------------------------------------------------------------- | | - tava | 0.00 | 0.00 | -------------------------------------------------------------------------------- | | - lahustatud | 0.00 | 0.00 | -------------------------------------------------------------------------------- KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE (auditeerimata, tuhandetes kroonides) -------------------------------------------------------------------------------- | VARAD | 30.11.2009 | 31.08.2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Käibevara | | | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid | 642,186 | 782,043 | -------------------------------------------------------------------------------- | Nõuded | 711,947 | 797,762 | -------------------------------------------------------------------------------- | Ettemaksed | 157,581 | 179,892 | -------------------------------------------------------------------------------- | Derivatiivid | 19,011 | 6,493 | -------------------------------------------------------------------------------- | Varud | 292,269 | 297,527 | -------------------------------------------------------------------------------- | Käibevara kokku | 1,822,994 | 2,063,717 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Põhivara | | | -------------------------------------------------------------------------------- | Investeeringud sidusettevõtetesse | 9,180 | 0 | -------------------------------------------------------------------------------- | Muud finantsvarad ja ettemaksed | 7,664 | 7,664 | -------------------------------------------------------------------------------- | Edasilükkunud tulumaksuvara | 207,453 | 207,455 | -------------------------------------------------------------------------------- | Kinnisvarainvesteering | 4,694 | 4,694 | -------------------------------------------------------------------------------- | Materiaalne põhivara | 26,695,009 | 27,049,393 | -------------------------------------------------------------------------------- | Immateriaalne põhivara | 1,115,143 | 1,134,738 | -------------------------------------------------------------------------------- | Põhivara kokku | 28,039,143 | 28,403,944 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | VARAD KOKKU | 29,862,137 | 30,467,661 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Lühiajalised kohustused | | | -------------------------------------------------------------------------------- | Intressikandvad võlakohustused | 1,641,126 | 1,655,760 | -------------------------------------------------------------------------------- | Muud võlad | 1,316,311 | 1,415,762 | -------------------------------------------------------------------------------- | Ettemakstud tulud | 410,250 | 331,323 | -------------------------------------------------------------------------------- | Derivatiivid | 171,111 | 179,842 | -------------------------------------------------------------------------------- | Lühiajalised kohustused kokku | 3,538,798 | 3,582,687 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Pikaajalised kohustused | | | -------------------------------------------------------------------------------- | Intressikandvad võlakohustused | 16,278,179 | 16,827,627 | -------------------------------------------------------------------------------- | Muud kohustused | 1,220 | 1,330 | -------------------------------------------------------------------------------- | Pikaajalised kohustused kokku | 16,279,399 | 16,828,957 | -------------------------------------------------------------------------------- | Kohustused kokku | 19,818,197 | 20,411,644 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OMAKAPITAL | | | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäridele kuuluv | | | | omakapital | | | -------------------------------------------------------------------------------- | Aktsiakapital nimiväärtuses | 6,738,170 | 6,738,170 | -------------------------------------------------------------------------------- | Ülekurss | 9,999 | 9,999 | -------------------------------------------------------------------------------- | Reservid | 1,130,950 | 1,124,409 | -------------------------------------------------------------------------------- | Jaotamata kasum | 2,164,821 | 2,183,439 | -------------------------------------------------------------------------------- | Emaettevõtte omanikele kuuluv omakapital | 10,043,940 | 10,056,017 | | kokku | | | -------------------------------------------------------------------------------- | OMAKAPITAL KOKKU | 10,043,940 | 10,056,017 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL KOKKU | 29,862,137 | 30,467,661 | -------------------------------------------------------------------------------- KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE (auditeerimata, tuhandetes eurodes) -------------------------------------------------------------------------------- | VARAD | 30.11.2009 | 31.08.2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Käibevara | | | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid | 41,043 | 49,982 | -------------------------------------------------------------------------------- | Nõuded | 45,502 | 50,986 | -------------------------------------------------------------------------------- | Ettemaksed | 10,071 | 11,497 | -------------------------------------------------------------------------------- | Derivatiivid | 1,215 | 415 | -------------------------------------------------------------------------------- | Varud | 18,679 | 19,015 | -------------------------------------------------------------------------------- | Käibevara kokku | 116,510 | 131,895 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Põhivara | | | -------------------------------------------------------------------------------- | Investeeringud sidusettevõtetesse | 587 | 0 | -------------------------------------------------------------------------------- | Muud finantsvarad ja ettemaksed | 490 | 490 | -------------------------------------------------------------------------------- | Edasilükkunud tulumaksuvara | 13,259 | 13,259 | -------------------------------------------------------------------------------- | Kinnisvarainvesteering | 300 | 300 | -------------------------------------------------------------------------------- | Materiaalne põhivara | 1,706,122 | 1,728,771 | -------------------------------------------------------------------------------- | Immateriaalne põhivara | 71,271 | 72,523 | -------------------------------------------------------------------------------- | Põhivara kokku | 1,792,029 | 1,815,343 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | VARAD KOKKU | 1,908,539 | 1,947,238 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Lühiajalised kohustused | | | -------------------------------------------------------------------------------- | Intressikandvad võlakohustused | 104,887 | 105,822 | -------------------------------------------------------------------------------- | Muud võlad | 84,128 | 90,484 | -------------------------------------------------------------------------------- | Ettemakstud tulud | 26,220 | 21,175 | -------------------------------------------------------------------------------- | Derivatiivid | 10,936 | 11,494 | -------------------------------------------------------------------------------- | Lühiajalised kohustused kokku | 226,171 | 228,975 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Pikaajalised kohustused | | | -------------------------------------------------------------------------------- | Intressikandvad võlakohustused | 1,040,365 | 1,075,482 | -------------------------------------------------------------------------------- | Muud kohustused | 78 | 85 | -------------------------------------------------------------------------------- | Pikaajalised kohustused kokku | 1,040,443 | 1,075,567 | -------------------------------------------------------------------------------- | Kohustused kokku | 1,266,614 | 1,304,542 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OMAKAPITAL | | | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäridele kuuluv | | | | omakapital | | | -------------------------------------------------------------------------------- | Aktsiakapital nimiväärtuses | 430,648 | 430,648 | -------------------------------------------------------------------------------- | Ülekurss | 639 | 639 | -------------------------------------------------------------------------------- | Reservid | 72,281 | 71,862 | -------------------------------------------------------------------------------- | Jaotamata kasum | 138,357 | 139,547 | -------------------------------------------------------------------------------- | Emaettevõtte omanikele kuuluv omakapital | 641,925 | 642,696 | | kokku | | | -------------------------------------------------------------------------------- | OMAKAPITAL KOKKU | 641,925 | 642,696 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL KOKKU | 1,908,539 | 1,947,238 | -------------------------------------------------------------------------------- KONSOLIDEERITUD RAHAVOOGUDE ARUANNE -------------------------------------------------------------------------------- | (auditeerimata, tuhandetes kroonides) | 01.09.2009 - | 01.09.2008 - | -------------------------------------------------------------------------------- | | | 30.11.2009 | 30.11.2008 | -------------------------------------------------------------------------------- | Rahavood äritegevusest | | | -------------------------------------------------------------------------------- | Aruandeperioodi puhaskahjum | -18,618 | -30,663 | -------------------------------------------------------------------------------- | Korrigeerimised | 392,982 | 507,786 | -------------------------------------------------------------------------------- | Äritegevusega seotud varade muutused | 114,741 | 174,408 | -------------------------------------------------------------------------------- | Äritegevusega seotud kohustuste muutused | 5,706 | -337,265 | -------------------------------------------------------------------------------- | Makstud tulumaks | -70 | -52 | -------------------------------------------------------------------------------- | | 494,741 | 314,214 | -------------------------------------------------------------------------------- | Rahavood investeerimistegevusest | | | -------------------------------------------------------------------------------- | Materiaalse põhivara ja immateriaalse vara | -5,490 | -168,304 | | soetamine | | | -------------------------------------------------------------------------------- | Laekumised materiaalse põhivara müügist | 99,721 | 8,318 | -------------------------------------------------------------------------------- | Sidusettevõtte soetamine | -9,180 | 0 | -------------------------------------------------------------------------------- | Laekumised/-maksed derivatiividest | -14,955 | 12,999 | -------------------------------------------------------------------------------- | Saadud intressid | 2,289 | 2,718 | -------------------------------------------------------------------------------- | | 72,385 | -144,269 | -------------------------------------------------------------------------------- | Rahavood finantseerimistegevusest | | | -------------------------------------------------------------------------------- | Laenude tagasimaksed | -573,688 | -467,526 | -------------------------------------------------------------------------------- | Kasutatud arvelduskrediidi muutus | 5,136 | -19,440 | -------------------------------------------------------------------------------- | Kapitalirendi põhimaksete tasumine | -2,005 | -2,091 | -------------------------------------------------------------------------------- | Makstud intressid | -136,426 | -272,834 | -------------------------------------------------------------------------------- | | -706,983 | -761,891 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | RAHAVOOD KOKKU | -139,857 | -591,946 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid | | | -------------------------------------------------------------------------------- | - perioodi alguses | 782,043 | 1,043,785 | -------------------------------------------------------------------------------- | - suurenemine (+) / vähenemine (-) | -139,857 | -591,946 | -------------------------------------------------------------------------------- | - perioodi lõpus | 642,186 | 451,839 | -------------------------------------------------------------------------------- KONSOLIDEERITUD RAHAVOOGUDE ARUANNE -------------------------------------------------------------------------------- | (auditeerimata, tuhandetes eurodes) | 01.09.2009 - | 01.09.2008 - | -------------------------------------------------------------------------------- | | | 30.11.2009 | 30.11.2008 | -------------------------------------------------------------------------------- | Rahavood äritegevusest | | | -------------------------------------------------------------------------------- | Aruandeperioodi puhaskahjum | -1,190 | -1,960 | -------------------------------------------------------------------------------- | Korrigeerimised | 25,116 | 32,453 | -------------------------------------------------------------------------------- | Äritegevusega seotud varade muutused | 7,333 | 11,147 | -------------------------------------------------------------------------------- | Äritegevusega seotud kohustuste muutused | 365 | -21,555 | -------------------------------------------------------------------------------- | Makstud tulumaks | -4 | -3 | -------------------------------------------------------------------------------- | | 31,620 | 20,082 | -------------------------------------------------------------------------------- | Rahavood investeerimistegevusest | | | -------------------------------------------------------------------------------- | Materiaalse põhivara ja immateriaalse vara | -351 | -10,756 | | soetamine | | | -------------------------------------------------------------------------------- | Laekumised materiaalse põhivara müügist | 6,373 | 532 | -------------------------------------------------------------------------------- | Sidusettevõtte soetamine | -587 | 0 | -------------------------------------------------------------------------------- | Laekumised/-maksed derivatiividest | -955 | 831 | -------------------------------------------------------------------------------- | Saadud intressid | 146 | 173 | -------------------------------------------------------------------------------- | | 4,626 | -9,220 | -------------------------------------------------------------------------------- | Rahavood finantseerimistegevusest | | | -------------------------------------------------------------------------------- | Laenude tagasimaksed | -36,665 | -29,880 | -------------------------------------------------------------------------------- | Kasutatud arvelduskrediidi muutus | 328 | -1,242 | -------------------------------------------------------------------------------- | Kapitalirendi põhimaksete tasumine | -129 | -134 | -------------------------------------------------------------------------------- | Makstud intressid | -8,719 | -17,438 | -------------------------------------------------------------------------------- | | -45,185 | -48,694 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | RAHAVOOD KOKKU | -8,939 | -37,832 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid | | | -------------------------------------------------------------------------------- | - perioodi alguses | 49,982 | 66,710 | -------------------------------------------------------------------------------- | - suurenemine (+) / vähenemine (-) | -8,939 | -37,832 | -------------------------------------------------------------------------------- | - perioodi lõpus | 41,043 | 28,878 | -------------------------------------------------------------------------------- Janek Stalmeister Juhatuse liige AS Tallink Grupp Tel. +372 6409 800 e-mail: janek.stalmeister@tallink.ee
Title
Q1 results of the 2009/2010 financial year
Message
AS Tallink Grupp and its subsidiaries (The Group) results and development in the
first quarter (01.09.2009-30.11.2009) met the management expectations.
The Group's passenger volume development was positive by 1.2% compared to the
first quarter of the previous financial year. While cargo volumes for the first
quarter still show a decrease by 10.5% on year on year comparison the latest
months have already brought slight increase in cargo volumes on some routes.
The unaudited revenues in the first quarter of the 2009/2010 financial year were
EUR 181 million (EEK 2 837 million) which is 6.4% decrease compared to the first
quarter of the previous financial year. The revenue decrease was mainly
influenced from the drop in cargo volumes and lower spending per passenger
compared to the first quarter of 2008/2009 financial year.
The overall situation in the passenger spending pattern has however improved on
quarter to quarter basis during the past two quarters which is giving a positive
signal for the future outlook. The Group is actively managing the selection of
products, special offers and pricing also onboard the vessels in order to follow
the customers' changed spending behaviour and to meet their expectations.
The Group's EBITDA in the first quarter of 2009/2010 financial year was EUR 27
million (EEK 422 million), 10.7% lower than year ago which resulted mainly from
the lower revenues. After the increased depreciation and lower interest expenses
the unaudited net loss for the first quarter of 2009/2010 financial year
improved by EUR 0.8 million (EEK 12 million) and amounted to EUR 1.2 million
(EEK 18.6 million).
As an effect of the cost reduction activities the Group's administrative and
general expenses continued to decrease in the first quarter, being 16.7% or EUR
1.9 million (EEK 29.4 million) lower compared to the first quarter of the
previous financial year.
The Management continues to focus on the cost efficiency and on the improvement
of the Group results. The sales or charters of older and non performing vessels
have high priority. In October 2009 one of the older vessels' Tallink
Autoexpress 2 was sold. There are currently several negotiations open to either
charter or sell some of the older and non performing vessels.
--------------------------------------------------------------------------------
| Q1 KEY FIGURES | 01.09.09- | 01.09.08- | Change &|
| | 30.11.09 | 30.11.08 | |
--------------------------------------------------------------------------------
| | EEK | EUR | EEK | EUR | |
--------------------------------------------------------------------------------
| Net sales (million) | 2 837 | 181.3 | 3 031 | 193.7 | -6.4% |
--------------------------------------------------------------------------------
| Gross profit (million) | 511 | 32.7 | 604 | 38.6 | -15.4% |
--------------------------------------------------------------------------------
| Gross margin | 18.0% | | 19.9% | | |
--------------------------------------------------------------------------------
| EBITDA (million) | 422 | 27.0 | 473 | 30.2 | -10.7% |
--------------------------------------------------------------------------------
| EBITDA margin | 14.9% | | 15.6% | | |
--------------------------------------------------------------------------------
| Net profit/-loss | -19 | -1.2 | -31 | -1.9 | 39.3% |
| (million) | | | | | |
--------------------------------------------------------------------------------
| Net profit margin | -0.7% | | -1.0% | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Depreciation & amort. | 281 | 18.0 | 257 | 16.5 | 9.2% |
| (million) | | | | | |
--------------------------------------------------------------------------------
| Investments (million) | 5 | 0.4 | 168 | 10.7 | -96.7% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Weighted average | 669 882 040 | 669 882 040 | 0% |
| number of ordinary | | | |
| shares outstanding | | | |
| during Q1* | | | |
--------------------------------------------------------------------------------
| Earnings per share | -0.03 | -0.00 | -0.05 | 0.00 | 40% |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Number of passengers | 1 808 235 | 1 786 205 | 1.2% |
--------------------------------------------------------------------------------
| Cargo units | 68 334 | 76 313 | -10.5% |
--------------------------------------------------------------------------------
| Average number of | 6 621 | 6 826 | -3% |
| employees | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | 30.11.2009 | 31.08.2009 | |
--------------------------------------------------------------------------------
| | EEK | EUR | EEK | EUR | |
--------------------------------------------------------------------------------
| Total assets (million) | 29 862 | 1 909 | 30 468 | 1 947 | -2.0% |
--------------------------------------------------------------------------------
| Total liabilities | 19 818 | 1 267 | 20 412 | 1 304 | -2.9% |
| (million) | | | | | |
--------------------------------------------------------------------------------
| Interest-bearing | 17 919 | 1 145 | 18 483 | 1 181 | -3.1% |
| liabilities (million) | | | | | |
--------------------------------------------------------------------------------
| Total equity (million) | 10 044 | 642 | 10 056 | 642 | -0.1% |
--------------------------------------------------------------------------------
| Equity ratio | 33.6% | | 33.0% | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Number of ordinary | 669 882 040 | 669 882 040 | 0% |
| shares outstanding* | | | |
--------------------------------------------------------------------------------
| Shareholders' equity | 15 | 0.96 | 15 | 0.96 | 0% |
| per share | | | | | |
--------------------------------------------------------------------------------
Net profit margin - net profit / net sales;
EBITDA - Earnings before net financial items, taxes, depreciation and
amortization;
EBITDA margin - EBITDA / net sales;
Gross margin - gross profit / net sales;
Net profit margin - net 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 Group's fleet renewal program has been completed and thus the Group's
investments are now relatively small going ahead. This helps to concentrate on
the core operations. As there are no capital commitments then more free cash can
be used to reduce the Group's net debt.
During the first quarter the Group's cash flow from operations was EUR 31.6
million (EEK 495 million), which is EUR 11.5 million (EEK 180 million) increase
compared to the first quarter of the previous financial year. The increase in
the operating cash flow results from the improved working capital dynamics.
Taking into account the reduction in investments, sale of one vessel and lower
interest payments the total net cash flow for the first quarter increased by EUR
28.9 million (EEK 452 million) compared to the first quarter of the 2008/2009
financial year. In the end of the first quarter the Group's cash and cash
equivalents amounted to EUR 41 million (EEK 642 million).
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
--------------------------------------------------------------------------------
| (unaudited, in thousands of EEK) | 01.09.2009- | 01.09.2008- |
--------------------------------------------------------------------------------
| | 30.11.2009 | 30.11.2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue | 2,836,833 | 3,031,349 |
--------------------------------------------------------------------------------
| Cost of sales | -2,325,945 | -2,427,351 |
--------------------------------------------------------------------------------
| Gross profit | 510,888 | 603,998 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Marketing expenses | -227,586 | -215,656 |
--------------------------------------------------------------------------------
| Administrative expenses | -146,246 | -175,594 |
--------------------------------------------------------------------------------
| Other income | 7,072 | 3,156 |
--------------------------------------------------------------------------------
| Other expenses | -2,785 | -271 |
--------------------------------------------------------------------------------
| Results from operating activities | 141,343 | 215,633 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial income | 12,729 | 87,511 |
--------------------------------------------------------------------------------
| Financial expenses | -172,690 | -333,807 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Loss from normal operation before income tax | -18,618 | -30,663 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income tax | 0 | 0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net loss for the period | -18,618 | -30,663 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other comprehensive income/-expense | | |
--------------------------------------------------------------------------------
| Exchange differences on translating foreign | -11,452 | -6,411 |
| operations | | |
--------------------------------------------------------------------------------
| Cash flow hedges | 17,993 | -84,226 |
--------------------------------------------------------------------------------
| Other comprehensive income/-expense for the | 6,541 | -90,637 |
| period | | |
--------------------------------------------------------------------------------
| Total comprehensive income/-expense for the | -12,077 | -121,300 |
| period | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Loss attributable to: | | |
--------------------------------------------------------------------------------
| | Equity holders of the parent | -18,618 | -30,663 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total comprehensive income/-expense | | |
| attributable to: | | |
--------------------------------------------------------------------------------
| | Equity holders of the parent | -12,077 | -121,300 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share (in EEK per share) | | |
--------------------------------------------------------------------------------
| | - basic | -0.03 | -0.05 |
--------------------------------------------------------------------------------
| | - diluted | -0.03 | -0.05 |
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
--------------------------------------------------------------------------------
| (unaudited, in thousands of EUR) | 01.09.2009- | 01.09.2008- |
--------------------------------------------------------------------------------
| | 30.11.2009 | 30.11.2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue | 181,307 | 193,739 |
--------------------------------------------------------------------------------
| Cost of sales | -148,655 | -155,136 |
--------------------------------------------------------------------------------
| Gross profit | 32,652 | 38,603 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Marketing expenses | -14,545 | -13,783 |
--------------------------------------------------------------------------------
| Administrative expenses | -9,347 | -11,223 |
--------------------------------------------------------------------------------
| Other income | 452 | 201 |
--------------------------------------------------------------------------------
| Other expenses | -178 | -17 |
--------------------------------------------------------------------------------
| Results from operating activities | 9,034 | 13,781 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial income | 813 | 5,593 |
--------------------------------------------------------------------------------
| Financial expenses | -11,037 | -21,334 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Loss from normal operation before income tax | -1,190 | -1,960 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income tax | 0 | 0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net loss for the period | -1,190 | -1,960 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other comprehensive income/-expense | | |
--------------------------------------------------------------------------------
| Exchange differences on translating foreign | -731 | -409 |
| operations | | |
--------------------------------------------------------------------------------
| Cash flow hedges | 1,150 | -5,383 |
--------------------------------------------------------------------------------
| Other comprehensive income/-expense for the | 419 | -5,792 |
| period | | |
--------------------------------------------------------------------------------
| Total comprehensive income/-expense for the | -771 | -7,752 |
| period | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Loss attributable to: | | |
--------------------------------------------------------------------------------
| | Equity holders of the parent | -1,190 | -1,960 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total comprehensive income/-expense | | |
| attributable to: | | |
--------------------------------------------------------------------------------
| | Equity holders of the parent | -771 | -7,752 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share (in EUR per share) | | |
--------------------------------------------------------------------------------
| | - basic | 0.00 | 0.00 |
--------------------------------------------------------------------------------
| | - diluted | 0.00 | 0.00 |
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(unaudited, in thousands of EEK)
--------------------------------------------------------------------------------
| ASSETS | 30.11.2009 | 31.08.2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current assets | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 642,186 | 782,043 |
--------------------------------------------------------------------------------
| Receivables | 711,947 | 797,762 |
--------------------------------------------------------------------------------
| Prepayments | 157,581 | 179,892 |
--------------------------------------------------------------------------------
| Derivatives | 19,011 | 6,493 |
--------------------------------------------------------------------------------
| Inventories | 292,269 | 297,527 |
--------------------------------------------------------------------------------
| Total current assets | 1,822,994 | 2,063,717 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current assets | | |
--------------------------------------------------------------------------------
| Investments in associates | 9,180 | 0 |
--------------------------------------------------------------------------------
| Other financial assets and prepayments | 7,664 | 7,664 |
--------------------------------------------------------------------------------
| Deferred income tax assets | 207,453 | 207,455 |
--------------------------------------------------------------------------------
| Investment property | 4,694 | 4,694 |
--------------------------------------------------------------------------------
| Property, plant and equipment | 26,695,009 | 27,049,393 |
--------------------------------------------------------------------------------
| Intangible assets | 1,115,143 | 1,134,738 |
--------------------------------------------------------------------------------
| Total non-current assets | 28,039,143 | 28,403,944 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL ASSETS | 29,862,137 | 30,467,661 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES AND EQUITY | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current liabilities | | |
--------------------------------------------------------------------------------
| Interest bearing loans and borrowings | 1,641,126 | 1,655,760 |
--------------------------------------------------------------------------------
| Payables | 1,316,311 | 1,415,762 |
--------------------------------------------------------------------------------
| Deferred income | 410,250 | 331,323 |
--------------------------------------------------------------------------------
| Derivatives | 171,111 | 179,842 |
--------------------------------------------------------------------------------
| Total current liabilities | 3,538,798 | 3,582,687 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current liabilities | | |
--------------------------------------------------------------------------------
| Interest bearing loans and borrowings | 16,278,179 | 16,827,627 |
--------------------------------------------------------------------------------
| Other liabilities | 1,220 | 1,330 |
--------------------------------------------------------------------------------
| Total non-current liabilities | 16,279,399 | 16,828,957 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES | 19,818,197 | 20,411,644 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY | | |
--------------------------------------------------------------------------------
| Equity attributable to equity holders of | | |
| the parent | | |
--------------------------------------------------------------------------------
| Share capital | 6,738,170 | 6,738,170 |
--------------------------------------------------------------------------------
| Share premium | 9,999 | 9,999 |
--------------------------------------------------------------------------------
| Reserves | 1,130,950 | 1,124,409 |
--------------------------------------------------------------------------------
| Retained earnings | 2,164,821 | 2,183,439 |
--------------------------------------------------------------------------------
| Total equity attributable to equity holders | 10,043,940 | 10,056,017 |
| of the parent | | |
--------------------------------------------------------------------------------
| TOTAL EQUITY | 10,043,940 | 10,056,017 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND EQUITY | 29,862,137 | 30,467,661 |
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(unaudited, in thousands of EUR)
--------------------------------------------------------------------------------
| ASSETS | 30.11.2009 | 31.08.2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current assets | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 41,043 | 49,982 |
--------------------------------------------------------------------------------
| Receivables | 45,502 | 50,986 |
--------------------------------------------------------------------------------
| Prepayments | 10,071 | 11,497 |
--------------------------------------------------------------------------------
| Derivatives | 1,215 | 415 |
--------------------------------------------------------------------------------
| Inventories | 18,679 | 19,015 |
--------------------------------------------------------------------------------
| Total current assets | 116,510 | 131,895 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current assets | | |
--------------------------------------------------------------------------------
| Investments in associates | 587 | 0 |
--------------------------------------------------------------------------------
| Other financial assets and prepayments | 490 | 490 |
--------------------------------------------------------------------------------
| Deferred income tax assets | 13,259 | 13,259 |
--------------------------------------------------------------------------------
| Investment property | 300 | 300 |
--------------------------------------------------------------------------------
| Property, plant and equipment | 1,706,122 | 1,728,771 |
--------------------------------------------------------------------------------
| Intangible assets | 71,271 | 72,523 |
--------------------------------------------------------------------------------
| Total non-current assets | 1,792,029 | 1,815,343 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL ASSETS | 1,908,539 | 1,947,238 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES AND EQUITY | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current liabilities | | |
--------------------------------------------------------------------------------
| Interest bearing loans and borrowings | 104,887 | 105,822 |
--------------------------------------------------------------------------------
| Payables | 84,128 | 90,484 |
--------------------------------------------------------------------------------
| Deferred income | 26,220 | 21,175 |
--------------------------------------------------------------------------------
| Derivatives | 10,936 | 11,494 |
--------------------------------------------------------------------------------
| Total current liabilities | 226,171 | 228,975 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current liabilities | | |
--------------------------------------------------------------------------------
| Interest bearing loans and borrowings | 1,040,365 | 1,075,482 |
--------------------------------------------------------------------------------
| Other liabilities | 78 | 85 |
--------------------------------------------------------------------------------
| Total non-current liabilities | 1,040,443 | 1,075,567 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES | 1,266,614 | 1,304,542 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY | | |
--------------------------------------------------------------------------------
| Equity attributable to equity holders of | | |
| the parent | | |
--------------------------------------------------------------------------------
| Share capital | 430,648 | 430,648 |
--------------------------------------------------------------------------------
| Share premium | 639 | 639 |
--------------------------------------------------------------------------------
| Reserves | 72,281 | 71,862 |
--------------------------------------------------------------------------------
| Retained earnings | 138,357 | 139,547 |
--------------------------------------------------------------------------------
| Total equity attributable to equity holders | 641,925 | 642,696 |
| of the parent | | |
--------------------------------------------------------------------------------
| TOTAL EQUITY | 641,925 | 642,696 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND EQUITY | 1,908,539 | 1,947,238 |
--------------------------------------------------------------------------------
CONSOLIDATED CASH FLOW STATEMENT
--------------------------------------------------------------------------------
| (unaudited, in thousands of EEK) | 01.09.2009-| 01.09.2008 - |
--------------------------------------------------------------------------------
| | 30.11.2009 | 30.11.2008 |
--------------------------------------------------------------------------------
| Cash flows from operating activities | | |
--------------------------------------------------------------------------------
| Net loss for the period | -18,618 | -30,663 |
--------------------------------------------------------------------------------
| Adjustments | 392,982 | 507,786 |
--------------------------------------------------------------------------------
| Changes in assets related to operating | 114,741 | 174,408 |
| activities | | |
--------------------------------------------------------------------------------
| Changes in liabilities related to operating | 5,706 | -337,265 |
| activities | | |
--------------------------------------------------------------------------------
| Income tax paid | -70 | -52 |
--------------------------------------------------------------------------------
| | 494,741 | 314,214 |
--------------------------------------------------------------------------------
| Cash flow used for investing activities | | |
--------------------------------------------------------------------------------
| Purchase of property, plant, equipment and | -5,490 | -168,304 |
| intangible assets | | |
--------------------------------------------------------------------------------
| Proceeds from disposals of property, plant, | 99,721 | 8,318 |
| equipment | | |
--------------------------------------------------------------------------------
| Acquisition of associate | -9,180 | 0 |
--------------------------------------------------------------------------------
| Proceeds/-payments from settlement of | -14,955 | 12,999 |
| derivatives | | |
--------------------------------------------------------------------------------
| Interest received | 2,289 | 2,718 |
--------------------------------------------------------------------------------
| | 72,385 | -144,269 |
--------------------------------------------------------------------------------
| Cash flow from (+)/ used for (-) financing | | |
| activities | | |
--------------------------------------------------------------------------------
| Redemption of loans | -573,688 | -467,526 |
--------------------------------------------------------------------------------
| Change in overdraft | 5,136 | -19,440 |
--------------------------------------------------------------------------------
| Repayment of finance lease liabilities | -2,005 | -2,091 |
--------------------------------------------------------------------------------
| Interest paid | -136,426 | -272,834 |
--------------------------------------------------------------------------------
| | -706,983 | -761,891 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL NET CASH FLOW | -139,857 | -591,946 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash and cash equivalents: | | |
--------------------------------------------------------------------------------
| - at the beginning of period | 782,043 | 1,043,785 |
--------------------------------------------------------------------------------
| - increase (+) / decrease (-) | -139,857 | -591,946 |
--------------------------------------------------------------------------------
| Cash and cash equivalents at end of period | 642,186 | 451,839 |
--------------------------------------------------------------------------------
CONSOLIDATED CASH FLOW STATEMENT
--------------------------------------------------------------------------------
| (unaudited, in thousands of EUR) | 01.09.2009-| 01.09.2008 - |
--------------------------------------------------------------------------------
| | 30.11.2009 | 30.11.2008 |
--------------------------------------------------------------------------------
| Cash flows from operating activities | | |
--------------------------------------------------------------------------------
| Net loss for the period | -1,190 | -1,960 |
--------------------------------------------------------------------------------
| Adjustments | 25,116 | 32,453 |
--------------------------------------------------------------------------------
| Changes in assets related to operating | 7,333 | 11,147 |
| activities | | |
--------------------------------------------------------------------------------
| Changes in liabilities related to operating | 365 | -21,555 |
| activities | | |
--------------------------------------------------------------------------------
| Income tax paid | -4 | -3 |
--------------------------------------------------------------------------------
| | 31,620 | 20,082 |
--------------------------------------------------------------------------------
| Cash flow used for investing activities | | |
--------------------------------------------------------------------------------
| Purchase of property, plant, equipment and | -351 | -10,756 |
| intangible assets | | |
--------------------------------------------------------------------------------
| Proceeds from disposals of property, plant, | 6,373 | 532 |
| equipment | | |
--------------------------------------------------------------------------------
| Acquisition of associate | -587 | 0 |
--------------------------------------------------------------------------------
| Proceeds/-payments from settlement of | -955 | 831 |
| derivatives | | |
--------------------------------------------------------------------------------
| Interest received | 146 | 173 |
--------------------------------------------------------------------------------
| | 4,626 | -9,220 |
--------------------------------------------------------------------------------
| Cash flow from (+)/ used for (-) financing | | |
| activities | | |
--------------------------------------------------------------------------------
| Redemption of loans | -36,665 | -29,880 |
--------------------------------------------------------------------------------
| Change in overdraft | 328 | -1,242 |
--------------------------------------------------------------------------------
| Repayment of finance lease liabilities | -129 | -134 |
--------------------------------------------------------------------------------
| Interest paid | -8,719 | -17,438 |
--------------------------------------------------------------------------------
| | -45,185 | -48,694 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL NET CASH FLOW | -8,939 | -37,832 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash and cash equivalents: | | |
--------------------------------------------------------------------------------
| - at the beginning of period | 49,982 | 66,710 |
--------------------------------------------------------------------------------
| - increase (+) / decrease (-) | -8,939 | -37,832 |
--------------------------------------------------------------------------------
| Cash and cash equivalents at end of period | 41,043 | 28,878 |
--------------------------------------------------------------------------------
Janek Stalmeister
CFO
AS Tallink Grupp
Tel. +372 6409 800
e-mail: janek.stalmeister@tallink.ee