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
Other price sensitive information
Unique data record identifier
3173
Submission date and time
21.12.2010 16:09:53
Content of announcement in Estonian
Title
TAL: Auditeeritud 2009/2010 majandusaasta aruanne
Message
Tallink Grupp Majandusaasta aruanne 21.12.2010
Auditeeritud 2009/2010 majandusaasta aruanne
Tallinn, 2010-12-21 15:09 CET (GLOBE NEWSWIRE) -- Auditeeritud 2009/2010
majandusaasta aruanne
2009/2010 majandusaastal (1. september 2009 - 31. august 2010) veeti kontserni
laevadega 8,4 miljonit reisijat. Aastaga kasvas reisijateveo maht 3,7%.
Kontsern kasvatas oma turuosa Läänemere põhjaosas. Reisijateveo kasvu tulemusel
suurenes kontserni müügitulu 2,8% 12 734,3 miljoni kroonini (813,9 miljoni
euroni).
2009/2010 majandusaastal edenes kontserni tegevus peamiselt kasvanud
reisijateveo mahu arvelt ja veidi paranenud müügitulu arvelt reisija kohta.
Koos regiooni majanduse taastumisega hakkasid kasvama ka kaubaveo mahud
kontserni laevadel, mida oli eriti märgata majandusaasta teisel poolel.
Kontsernil õnnestus parandada oma tegevuse efektiivsust. Finantskulude, maksude
ja kulumieelne kasum EBITDA kasvas 8,9% 2 270,1 miljoni kroonini (145,1 miljoni
euroni). EBITDA marginaal tõusis 16,8 protsendilt 17,8 protsendile. Kontserni
eesmärgiks oli jõuda 2009/2010 majandusaastal kasumisse ning eesmärk saavutati.
Majandusaasta puhaskasum oli 341,9 miljonit krooni (21,9 miljonit eurot).
Kontserni tulemuste paranemist põhjustas rida erinevaid tegureid. Pärast
viimaste aastate suurinvesteeringuid ja elluviidud uusi projekte saavad
kontserni üksused nüüd pühenduda rohkem põhitegevusele. Suunatud müük ning
selle koordineerimine kontserni turgude vahel on aidanud kasvatada reisijateveo
mahtu. Samal ajal õnnestus kontsernil suurendada müügitulu reisija kohta. See
saavutati müügitulu juhtimise uuendamisega: Shuttle kiirlaevade toote müügis
hakati kasutama paindlikku ja dünaamilist hinnastamist ja laevades panustati
aktiivsele müügile. Kontserni IT süsteemide integratsioon ja areng on kulgenud
edukalt. Selle tulemusena on saavutatud märgatavat kulude kokkuhoidu, kuid
veelgi olulisemad on selle tagajärjel tekkinud uued võimalused müügi
maksimeerimiseks tulude ja varude juhtimise ning kliendisuhete haldamise (CRM)
abil. Oktoobris 2010 käivitati uus ja täienenud veebipõhine broneeringute
keskkond klientidele, novembris 2010 aga uuenenud klientide lojaalsusprogramm
Club One.
2009/2010 majandusaasta tähtsündmused olid järgmised:
· Kontserni laenude tagasimaksete ümberstruktureerimine, mis parandas
märkimisväärselt kontserni likviidsuspositsiooni
· Pidev tähelepanu kulude kokkuhoiule
· Tõhusam tulujuhtimine tänu paindliku ja dünaamilise hinnastamise
kasutuselevõtule Shuttle kiirlaevade toote müügis
· HSC Tallink Autoexpress 2 müük
· Reisijate arvu kasv
· Kasvanud müügitulu reisija kohta
· Kaubaveo mahtude kasv
Kontsern on astunud uude arenguetappi. Märkimisväärne investeeringute kava
jõudis lõpule viimase kruiisilaeva Baltic Queen liiniletulekuga 2009. aastal.
Konserni investeerimisvajadus edasiseks tegevuseks on minimaalne. Hetkel on
kontserni peatähelepanu pööratud põhitegevusele, et realiseerida hiljutiste
investeeringute tulemused ning maksta tagasi pangalaene. Juhtkonna
prioriteediks on jätkuvalt kontserni kulutõhusus ning kasumlikkus.
Juhtkonna hinnangul jätkub makromajanduse taastumine ning 2010/2011
majandusaastal ei ole ette näha kontserni tegevuses suuremaid muutusi.
Kontserni tulemused paranevad eeldatavasti ka edaspidi.
2009/2010 MAJANDUSAASTA PÕHINÄITAJAD
01.09.2009- 01.09.2008- Muutuse %
31.08.2010 31.08.2009
--------------------------------------------------------------------------------
EEK EUR EEK EUR
--------------------------------------------------------------------------------
Müügitulu (miljonites) 12 734 813,9 12 390 791,9 2,8%
--------------------------------------------------------------------------------
Brutokasum (miljonites) 2 631 168,1 2 578 164,8 2,1%
--------------------------------------------------------------------------------
EBITDA (miljonites) 2 270 145,1 2 084 133,2 8,9%
--------------------------------------------------------------------------------
Aruandeperioodi puhaskasum 342 21,9 -128 -8,2
(miljonites)
--------------------------------------------------------------------------------
Amortisatsioon (miljonites) 1 145 73,2 1 094 69,9 4,7%
--------------------------------------------------------------------------------
Investeeringud (miljonites) 96 6,1 2 550 163,0 -96,2%
--------------------------------------------------------------------------------
12 kuu aktsiate kaalutud keskmine 669 882 040 669 882 040 0,0%
arv*
--------------------------------------------------------------------------------
Aktsiakasum 0,51 0,03 -0,19 -0,01
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Reisijate arv 8 428 055 8 124 561 3,7%
--------------------------------------------------------------------------------
Kaubaveo ühikute arv 258 773 252 026 2,7%
--------------------------------------------------------------------------------
Keskmine töötajate arv 6 612 6 853 -3,5%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
31.08.2010 31.08.2009 Muutuse %
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Varad kokku (miljonites) 29 280 1 871,3 30 468 1 947,2 -3,9%
--------------------------------------------------------------------------------
Kohustused kokku (miljonites) 18 832 1 203,6 20 412 1 304,5 -7,7%
--------------------------------------------------------------------------------
Intressikandvad kohustused 16 709 1 067,9 18 483 1 181,3 -9,6%
(miljonites)
--------------------------------------------------------------------------------
Omakapital kokku (miljonites) 10 448 667,7 10 056 642,7 3,9%
--------------------------------------------------------------------------------
Omakapitali kordaja (%) 35,7% 33,0%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Aktsiate arv* 669 882 040 669 882 040 0,0%
--------------------------------------------------------------------------------
Omakapital aktsia kohta 15,6 1,00 15,0 0,96 3,9%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Brutokasumi marginaal (%) 20,7% 20,8%
--------------------------------------------------------------------------------
EBITDA marginaal (%) 17,8% 16,8%
--------------------------------------------------------------------------------
Puhaskasumi marginaal (%) 2,7% -1,0%
--------------------------------------------------------------------------------
Varade tootlus (ROA) 3,8% 3,3%
--------------------------------------------------------------------------------
Omakapitali tootlus (ROE) 3,3% -1,3%
--------------------------------------------------------------------------------
Investeeritud kapitali tootlus 4,2% 3,8%
(ROCE)
--------------------------------------------------------------------------------
EBITDA - Finantskulude, sidusettevõtete kasumi osa, maksude, intresside, kulumi
eelne kasum;
Aktsiakasum - Puhaskasum / Kaalutud keskmine aktsiate arv;
Omakapitali kordaja -Omakapital kokku / Varad kokku;
Omakapital aktsia kohta - Omakapital / Aktsiate arv;
Brutokasumi marginaal - Brutokasum / Müügitulu;
EBITDA marginaal - EBITDA / Müügitulu;
Puhaskasumi marginaal - Puhaskasum / Müügitulu;
ROA - Finantskulude, maksude eelne kasum / Varad kokku keskmiselt
ROE - Puhaskasum /Keskmine omakapital
ROCE - Finantskulude, maksude eelne kasum /(Varad kokku - lühiajalised
kohustused (perioodi keskmine)).
* Aktsiate arv ei sisalda omaaktsiaid.
MÜÜGITULU
Kontserni konsolideeritud müügitulu 2009/2010 majandusaastal oli 12 734,3
miljonit krooni (813,9 miljonit eurot) võrreldes 12 390,0 miljoni krooniga
(791,9 miljoni euroga) 2008/2009 majandusaastal (1. september 2008 - 31. august
2009).
Segmendi müügitulu kasvas enim ehk 13,3% kontserni uusimal, Läti-Rootsi liinil,
ulatudes 822,4 miljoni kroonini (52,6 miljoni euroni). Absoluutarvudes
saavutati suurim tõus Eesti-Soome liinil, mille arvelt kasvas kontserni
müügitulu silmapaistva 355,6 miljoni krooni (22,7 miljoni euro) võrra. Nõrk
kaubavedu ning neljakuine paus Soome-Saksamaa liinil vähendas segmendi
müügitulu enam kui 38% 349,6 miljoni kroonini (22,3 miljoni euroni).
Tänu suuremale reisijate arvule, reisijate tarbimisehuvi paranemisele ja
keskmisele piletitulule reisija kohta saavutati restoranide ja poodide
ärisegmendis müügitulu kasv 316,4 miljoni krooni (20,2 miljoni euro) võrra
(+4,8%) ja piletitulu kasv 138,9 miljoni krooni (8,9 miljoni euro) võrra
(+4,3%). Kontserni kaubaveomüük vähenes 135,8 miljoni krooni (8,7 miljoni euro)
võrra hindade alandamise ning struktuursete muutuste tõttu: suurema
kaubaveotulude osakaaluga Soome-Saksamaa liinil oli ka langus võrreldes teiste
liinidega suurem.
KASUM
2009/2010 majandusaastal oli kontserni brutokasum 2 630,8 miljonit krooni
(168,1 miljonit eurot), kasv 2,1%; EBITDA suurenes 186,0 miljoni krooni (11,9
miljoni euro) võrra 2 270,1 miljoni kroonini (145,1 miljoni euroni). Aasta
puhaskasum oli 341,9 miljonit krooni (21,9 miljonit eurot); 2008/2009
majandusaasta lõppes 127,9 miljoni kroonise (8,2 miljoni eurose)
puhaskahjumiga. 2009/2010 majandusaasta tava- ja lahustatud aktsiakasum oli
0,51 krooni (0,03 eurot).
Müügitulu kasv poodides ja restoranides võimaldas kontsernil suurendada kaupade
kasumimarginaali. Suurima kuluartikli, kauba kulu vähenes 65,1 miljoni krooni
(4,1 miljoni euro) võrra 2 659,6 miljoni kroonini (170,0 miljoni euroni).
Kui võrrelda 2009/2010 majandusaasta ja 2008/2009 majandusaasta keskmisi hindu,
tõusis kütuse võrdlushind (alla 1% väävlisisaldusega raskekütus) eurodes
mõõdetuna umbes 38%. Viimastel aastatel on kütusehindade kõikumine olnud suur
ning osal võrdlusperioodiks olnud 2008/2009 majandusaastast olid hinnad väga
madalad. Kontserni kogu 2009/2010 majandusaasta kütusekulu tõusis 316,3
miljonit krooni (20,2 miljonit eurot) ehk 22%, mõjutatuna hinnasuundumustest,
suuremast kütusetarbest 2010. aasta karmil talvel aga ka vähemast arvust
väljumistest Soome-Saksamaa liinil. Osa 2009/2010 majandusaastal ostetud kütuse
hinnariskist oli maandatud kütusehinna fikseerimiseks sõlmitud
tuletisinstrumentidega.
KONSOLIDEERITUD KOONDKASUMIARUANNE
31. augustil lõppenud aasta kohta
Tuhandetes kroonides Tuhandetes eurodes
--------------------------------------------
2010 2009 2010 2009
--------------------------------------------
--------------------------------------------
Müügitulu 12 734 334 12 389 960 813 872 791 863
Müüdud kaupade ja teenuste kulu -10 103 486 -9 812 048 -645 730 -627 104
--------------------------------------------
Brutokasum 2 630 848 2 577 912 168 142 164 759
--------------------------------------------
--------------------------------------------
Turustuskulud -849 184 -803 090 -54 273 -51 327
Halduskulud -629 917 -774 599 -40 259 -49 506
Muud äritulud 14 170 5 579 906 356
Muud ärikulud -34 986 -8 513 -2 236 -544
--------------------------------------------
Kasum/kahjum äritegevusest 1 130 931 997 289 72 280 63 738
--------------------------------------------
Finantstulud 81 963 5 428 5 238 347
--------------------------------------------
Finantskulud -823 963 -1 145 926 -52 661 -73 238
Kahjumi osa sidusettevõtetest -5 837 -7 560 -373 -483
--------------------------------------------
Kasum/kahjum enne tulumaksu 383 094 -150 769 24 484 -9 636
--------------------------------------------
--------------------------------------------
Tulumaks -41 212 22 856 -2 634 1 461
--------------------------------------------
Aruandeaasta puhaskasum/-kahjum 341 882 -127 913 21 850 -8 175
--------------------------------------------
--------------------------------------------
Muu koondkasum/-kahjum
--------------------------------------------
Valuutakursi vahed 11 086 -4 185 709 -268
välisettevõtetest
Riskimaandamise instrumentide 11 454 -422 732 -27
õiglase väärtuse muutus
Materiaalse põhivara ümberhindlus 27 063 0 1 730 0
Perioodi muu koondkasum/-kahjum 49 603 -4 607 3 171 -295
kokku
--------------------------------------------
Perioodi koondkasum/-kahjum kokku 391 485 -132 520 25 021 -8 470
--------------------------------------------
--------------------------------------------
Sealhulgas:
--------------------------------------------
Emaettevõtte omanike osa
puhaskasumist 341 882 -127 913 21 850 -8 175
Sealhulgas:
Emaettevõtte omanike osa
koondkasumist/-kahjumist 391 485 -132 520 25 021 -8 470
Tava- ja lahustatud aktsiakasum 0,51 -0,19 0,03 -0,01
(kroonides/eurodes ühe aktsia
kohta)
--------------------------------------------
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
31. augusti seisuga Tuhandetes kroonides Tuhandetes eurodes
---------------------------------------------
2010 2009 2010 2009
---------------------------------------------
VARAD
---------------------------------------------
Käibevara
Raha ja raha ekvivalendid 899 494 782 043 57 488 49 982
Nõuded ostjate vastu ja muud 657 788 797 762 42 040 50 986
nõuded
Ettemaksed 152 582 179 892 9 752 11 497
Derivatiivid 11 032 6 493 705 415
Varud 313 483 297 527 20 035 19 015
---------------------------------------------
2 034 379 2 063 717 130 020 131 895
---------------------------------------------
Põhivara
---------------------------------------------
Investeeringud sidusettevõtetesse 3 343 0 214 0
Muud finantsvarad 4 957 7 664 317 490
Edasilükkunud tulumaksuvara 166 851 207 455 10 664 13 259
Kinnisvarainvesteering 4 694 4 694 300 300
Materiaalne põhivara 26 021 867 27 049 393 1 663 100 1 728 771
Immateriaalne põhivara 1 043 627 1 134 738 66 700 72 523
---------------------------------------------
27 245 339 28 403 944 1 741 295 1 815 343
---------------------------------------------
VARAD KOKKU 29 279 718 30 467 661 1 871 315 1 947 238
---------------------------------------------
---------------------------------------------
KOHUSTUSED JA OMAKAPITAL
Lühiajalised kohustused
Intressikandvad võlakohustused 995 554 1 655 760 63 627 105 822
Võlad tarnijatele ja muud võlad 1 471 620 1 415 762 94 054 90 484
Ettemakstud tulud 374 976 331 323 23 965 21 175
Derivatiivid 275 912 179 842 17 634 11 494
3 118 062 3 582 687 199 280 228 975
---------------------------------------------
Pikaajalised kohustused
---------------------------------------------
Intressikandvad võlakohustused 15 712 996 16 827 627 1 004 244 1 075 482
Muud kohustused 1 158 1 330 74 85
---------------------------------------------
15 714 154 16 828 957 1 004 318 1 075 567
---------------------------------------------
Kohustused kokku 18 832 216 20 411 644 1 203 598 1 304 542
---------------------------------------------
---------------------------------------------
Omakapital
Emaettevõtte omanikele kuuluv
omakapital
Aktsiakapital nimiväärtuses 6 738 170 6 738 170 430 648 430 648
Ülekurss 9 999 9 999 639 639
Reservid 1 136 052 1 124 409 72 607 71 862
Jaotamata kasum 2 563 281 2 183 439 163 823 139 547
---------------------------------------------
Emaettevõtte omanikele kuuluv 10 447 502 10 056 017 667 717 642 696
omakapital kokku
---------------------------------------------
Omakapital kokku 10 447 502 10 056 017 667 717 642 696
---------------------------------------------
KOHUSTUSED JA OMAKAPITAL KOKKU 29 279 718 30 467 661 1 871 315 1 947 238
---------------------------------------------
KONSOLIDEERITUD RAHAVOOGUDE ARUANNE
31. augustil lõppenud aasta kohta Tuhandetes kroonides Tuhandetes eurodes
-------------------------------------------
2010 2009 2010 2009
-------------------------------------------
Rahavood äritegevusest
-------------------------------------------
Aruandeaasta puhaskasum/-kahjum 341 882 -127 913 21 850 -8 175
Korrigeerimised: 1 990 375 2 190 985 127 208 140 029
Amortisatsioon 1 125 303 1 094 311 71 920 69 939
Väärtuse langus 19 663 0 1 257 0
Kasum põhivara müügist -5 376 -1 203 -344 -77
Puhas intressikulu 616 981 815 809 39 433 52 140
Netokulu derivatiividest 178 550 301 523 11 411 19 271
Kahjum sidusettevõtetest 5 837 7 560 373 483
kapitaliosaluse meetodil
Investeerimis- ja 8 205 -4 159 524 -266
finantseerimistegevusega seotud
kasum/kahjum valuutakursi muutustest
Tulumaks 41 212 -22 856 2 634 -1 461
Äritegevusega seotud nõuete ja 169 222 305 233 10 816 19 508
ettemaksetega seotud muutused
Varude muutused -15 956 60 953 -1 020 3 896
Äritegevusega seotud kohustuste 78 381 -149 508 5 009 -9 555
muutused
Makstud tulumaks -1 105 -493 -71 -32
-------------------------------------------
2 562 799 2 279 257 163 792 145 671
-------------------------------------------
Rahavood investeerimistegevusest
-------------------------------------------
Materiaalse põhivara ja -95 630 -2 549 838 -6 112 -162 964
immateriaalse põhivara soetamine
Laekumised materiaalse põhivara 104 898 16 895 6 704 1 080
müügist
Laekumised sidusettevõtete müügist 0 782 0 50
Maksed derivatiividest -69 778 -62 514 -4 460 -3 995
Sidusettevõtete aktsiate soetamine -9 180 -6 120 -587 -391
Saadud intressid 2 707 5 804 173 371
-66 983 -2 594 991 -4 282 -165 849
-------------------------------------------
Rahavood finantseerimistegevusest
-------------------------------------------
Laekumised laenudest 0 2 427 151 0 155 123
Laenude tagasimaksed -944 249 -1 699 493 -60 348 -108 618
Kasutatud arvelduskrediidi muutus -721 541 204 199 -46 115 13 051
Kapitalirendi põhimaksete tasumine -6 308 -6 619 -403 -423
Makstud intressid -706 267 -871 246 -45 138 -55 683
-2 378 365 53 992 -152 004 3 450
-------------------------------------------
-------------------------------------------
RAHAVOOD KOKKU 117 451 -261 742 7 506 -16 728
-------------------------------------------
-------------------------------------------
Raha ja raha ekvivalendid:
- perioodi alguses 782 043 1 043 785 49 982 66 710
- suurenemine / vähenemine 117 451 -261 742 7 506 -16 728
-------------------------------------------
- perioodi lõpus 899 494 782 043 57 488 49 982
-------------------------------------------
Janek Stalmeister
Juhatuse liige
AS Tallink Grupp
Tel +372 640 9800
E-mail [email protected]
1. AS Tallink Grupp auditeeritud majandusaasta aruanne 2009 2010.pdf <PDF>
(https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=330131)
Content of announcement in English
Title
TAL: Audited Annual Report of the 2009/2010 Financial Year
Message
Tallink Grupp Annual Financial Report 21.12.2010
Audited Annual Report of the 2009/2010 Financial Year
Tallinn, 2010-12-21 15:09 CET (GLOBE NEWSWIRE) -- Audited Annual Report of the
2009/2010 Financial Year
During the 2009/2010 financial year (1 September 2009-31 August 2010) the
volume of passengers transported by the Group's vessels was 8.4 million. The
annual growth of passenger volume was 3.7%. The group was able to increase its
market share in the Northern Baltic Sea. As a result of the growth in the
passenger volume the Group's revenue increased by 2.8% to 12,734.3 million EEK
(813.9 million EUR).
In 2009/2010 the Group's operations improved mainly as a result of the
increased passenger volume and a slight recovery in the revenues per passenger.
As the economy in the region started to pick up the cargo volumes on the
Group's ships increased, more noticeably in the second half of the financial
year.
The Group was able to improve its operational efficiency. The EBITDA increased
by 8.9% to 2,270.1 million EEK (145.1 million EUR). EBITDA margin improved from
16.8% to 17.8%. The Group's target for the 2009/2010 financial year was to be
profitable and the target was met. The net profit for the year was 341.9
million EEK (21.9 million EUR).
The improvement in the Group's results is an effect contributed by several
factors. After the extensive investment phase and several new projects in the
past years the Group's units have now been able to dedicate more of their
resources to the core operations. Focused sales activities and the coordination
between the Group's market areas have lead to increased passenger volumes. At
the same time the Group was able to improve the revenue per passenger. This was
a result of the development in the revenue management by introducing dynamic
flexible pricing in the Shuttle product, as well as performing active sales
onboard the vessels. The integration of the Group's IT systems has developed
well. From one side it has delivered noticeable cost savings but even more
importantly will give new opportunities for further maximisation of the Group's
sales through revenue & inventory and customer relations management (CRM). In
October 2010 the new and improved online booking engine for the customers was
launched and in November 2010 the enhancement to the loyal customer program
Club One was introduced.
The key highlights for the 2009/2010 financial year were the following:
· Restructuring of the Group's debt repayments, which significantly improved
the Group's liquidity position
· Continuous focus on cost savings
· Improved revenue management with the start of dynamic & flexible
pricing on the Shuttle service
· HSC Tallink Autoexpress 2 was sold
· Increased passenger number
· Increased revenue per passenger
· Increased cargo volume
The Group has entered into a new phase. The significant investment program has
been completed with the delivery of last cruise ferry MS Baltic Queen in 2009.
Thus the Group's investment requirement is very small going ahead. The Group's
focus is now prioritized on the core operations to realize results of the
recent investments and repay the loans. The Management continues to focus on
cost efficiency and on the Group's profitability.
The Management estimates that the macroeconomic recovery continues and no major
changes are foreseen in the Group operations in the 2010/2011 financial year.
The Group's results are estimated to improve further.
KEY FIGURES OF THE FINANCIAL YEAR 2009/2010
01.09.2009- 01.09.2008- change
31.08.2010 31.08.2009 %
--------------------------------------------------------------------------------
EEK EUR EEK EUR
--------------------------------------------------------------------------------
Net sales (million) 12,734 813.9 12,390 791.9 2.8%
--------------------------------------------------------------------------------
Gross profit (million) 2,631 168.1 2,578 164.8 2.1%
--------------------------------------------------------------------------------
EBITDA (million) 2,270 145.1 2,084 133.2 8.9%
--------------------------------------------------------------------------------
Net profit for the period (million) 342 21.9 -128 -8.2
--------------------------------------------------------------------------------
Depreciation (million) 1,145 73.2 1,094 69.9 4.7%
--------------------------------------------------------------------------------
Investments (million) 96 6.1 2,550 163.0 -96.2%
--------------------------------------------------------------------------------
Weighted average number of ordinary 669,882,040 669,882,040 0.0%
shares outstanding during 12 months*
--------------------------------------------------------------------------------
Earnings per share 0.51 0.03 -0.19 -0.01
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Number of passengers 8,428,055 8,124,561 3.7%
--------------------------------------------------------------------------------
Number of cargo units 258,773 252,026 2.7%
--------------------------------------------------------------------------------
Average number of employees 6,612 6,853 -3.5%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
31.08.2010 31.08.2009 change
%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total assets (million) 29,280 1,871.3 30,468 1,947.2 -3.9%
--------------------------------------------------------------------------------
Total liabilities (million) 18,832 1,203.6 20,412 1,304.5 -7.7%
--------------------------------------------------------------------------------
Interest-bearing liabilities (million) 16,709 1,067.9 18,483 1,181.3 -9.6%
--------------------------------------------------------------------------------
Total equity (million) 10,448 667.7 10,056 642.7 3.9%
--------------------------------------------------------------------------------
Equity ratio (%) 35.7% 33.0%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Number of ordinary shares outstanding* 669,882,040 669,882,040 0.0%
--------------------------------------------------------------------------------
Shareholders' equity per share 15.6 1.00 15.0 0.96 3.9%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Gross margin (%) 20.7% 20.8%
--------------------------------------------------------------------------------
EBITDA margin (%) 17.8% 16.8%
--------------------------------------------------------------------------------
Net profit margin (%) 2.7% -1.0%
--------------------------------------------------------------------------------
Return on assets (ROA) 3.8% 3.3%
--------------------------------------------------------------------------------
Return on equity (ROE) 3.3% -1.3%
--------------------------------------------------------------------------------
Return on capital employed (ROCE) 4.2% 3.8%
--------------------------------------------------------------------------------
EBITDA - Earnings before net financial items, share of profit of associates,
taxes, depreciation and amortization;
Earnings per share - net profit / weighted average number of shares outstanding;
Equity ratio - total equity / total assets;
Shareholder's equity per share - shareholder's equity / number of shares
outstanding;
Gross margin - gross profit / net sales;
EBITDA margin - EBITDA / net sales;
Net profit margin - net profit / net sales;
ROA - Earnings before net financial items, taxes /Average of total assets;
ROE - Net profit/Average shareholders' equity;
ROCE - Earnings before net financial items, taxes / (Total assets - Current
liabilities (average for the period)).
* Share numbers exclude own shares.
SALES
The Group's consolidated net sales amounted to 12,734.3 million EEK (813.9
million EUR) in the 2009/2010 financial year compared to 12,390.0 million EEK
(791.9 million EUR) in the 2008/2009 financial year (1 September 2008 - 31
August 2009).
The highest growth segment with a 13.3% increase was the Group's newest
Latvia-Sweden route where the sales reached a total of 822.4 million EEK (52.6
million EUR). In absolute terms the largest growth was in the Estonia-Finland
route bringing a noticeable 355.6 million EEK (22.7 million EUR) increase to
the Group's revenue. Due to the weak cargo transportation and a four months
pause in the operations in the Finland-Germany route the segment revenue
decreased by more than 38% to 349.6 million EEK (22.3 million EUR).
In the operational segments the restaurant and shop sales increased by 316.4
million EEK (20.2 million EUR) (+4.8%) and ticket sales increased by 138.9
million EEK (8.9 million EUR) (+4.3%), as a result of the increased passenger
volumes, improved spending per passenger and improved average ticket revenue
per passenger. The Group's cargo sales decreased by 135.8 million EEK (8.7
million EUR) due to lower pricing and the structural changes in the operations
as the Finland-Germany route where the cargo revenue share is higher decreased
more than the other routes.
EARNINGS
During the 2009/2010 financial year the Group's gross profit was 2,630.8
million EEK (168.1 million EUR), a 2.1% increase and EBITDA increased by 186.0
million EEK (11.9 million EUR) to 2,270.1 million EEK (145.1 million EUR). The
net profit for the year was 341.9 million EEK (21.9 million EUR) compared to
the net loss of 127.9 million EEK (8.2 million EUR) in the 2008/2009 financial
year. Basic earnings per share and diluted earnings per share were 0.51 EEK
(0.03 EUR) in the 2009/2010 financial year.
Whereas the shops and restaurant sales increased the Group was able to increase
the margin on the goods. The largest cost group, cost of goods, decreased by
65.1 million EEK (4.1 million EUR) to 2,659.6 million EEK (170.0 million EUR).
The increase in the reference fuel price (Fuel oil 1%) was approximately 38%,
measured in euros, when comparing the average price in the 2009/2010 financial
year with the average price in the 2008/2009 financial year. The volatility in
the fuel prices in the previous years has been high which resulted in very low
prices during part of the comparison period - financial year 2008/2009. Due to
the price development, increased consumption during the harsh winter of 2010
but at the same time less sailings in the Finland-Germany route the overall
increase in the Group's fuel cost was 316.3 million EEK (20.2 million EUR) or
22%. A portion of the fuel purchases for 2009/2010 financial year was hedged
with fuel derivatives.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 August
in thousands of EEK in thousands of
EUR
--------------------------------------------
2010 2009 2010 2009
--------------------------------------------
--------------------------------------------
Revenue 12,734,334 12,389,960 813,872 791,863
Cost of sales -10,103,486 -9,812,048 -645,730 -627,104
--------------------------------------------
Gross profit 2,630,848 2,577,912 168,142 164,759
--------------------------------------------
--------------------------------------------
Marketing expenses -849,184 -803,090 -54,273 -51,327
Administrative expenses -629,917 -774,599 -40,259 -49,506
Other income 14,170 5,579 906 356
Other expenses -34,986 -8,513 -2,236 -544
--------------------------------------------
Results from operating activities 1,130,931 997,289 72,280 63,738
--------------------------------------------
Finance income 81,963 5,428 5,238 347
--------------------------------------------
Finance costs -823,963 -1,145,926 -52,661 -73,238
Share of loss of associates -5,837 -7,560 -373 -483
--------------------------------------------
Profit/-loss before income tax 383,094 -150,769 24,484 -9,636
--------------------------------------------
--------------------------------------------
Income tax -41,212 22,856 -2,634 1,461
--------------------------------------------
Net profit/-loss for the financial 341,882 -127,913 21,850 -8,175
year
--------------------------------------------
--------------------------------------------
Other comprehensive income/-expense
--------------------------------------------
Exchange differences on translating 11,086 -4185 709 -268
foreign operations
Changes in fair value of cash flow 11,454 -422 732 -27
hedges
Revaluation of property, plant and 27,063 0 1,730 0
equipment
Other comprehensive income/-expense 49,603 -4,607 3,171 -295
for the period
--------------------------------------------
Total comprehensive income/-expense 391,485 -132,520 25,021 -8,470
for the period
--------------------------------------------
--------------------------------------------
Profit attributable to:
Equity holders of the Parent 341,882 -127,913 21,850 -8,175
Total comprehensive income/-expense
attributable to:
Equity holders of the parent 391,485 -132,520 25,021 -8,470
Basic and diluted earnings per 0.51 -0.19 0.03 -0.01
share
(in EEK/EUR per share)
--------------------------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as of 31 August in thousands of EEK in thousands of EUR
---------------------------------------------
2010 2009 2010 2009
---------------------------------------------
ASSETS
---------------------------------------------
Current assets
Cash and cash equivalents 899,494 782,043 57,488 49,982
Trade and other receivables 657,788 797,762 42,040 50,986
Prepayments 152,582 179,892 9,752 11,497
Derivatives 11,032 6,493 705 415
Inventories 313,483 297,527 20,035 19,015
---------------------------------------------
2,034,379 2,063,717 130,020 131,895
---------------------------------------------
Non-current assets
---------------------------------------------
Investments in associates 3,343 0 214 0
Other financial assets 4,957 7,664 317 490
Deferred income tax assets 166,851 207,455 10,664 13,259
Investment property 4,694 4,694 300 300
Property, plant and equipment 26,021,867 27,049,393 1,663,100 1,728,771
Intangible assets 1,043,627 1,134,738 66,700 72,523
---------------------------------------------
27,245,339 28,403,944 1,741,295 1,815,343
---------------------------------------------
TOTAL ASSETS 29,279,718 30,467,661 1,871,315 1,947,238
---------------------------------------------
---------------------------------------------
LIABILITIES AND EQUITY
Current liabilities
Interest-bearing loans and 995,554 1,655,760 63,627 105,822
borrowings
Trade and other payables 1,471,620 1,415,762 94,054 90,484
Deferred income 374,976 331,323 23,965 21,175
Derivatives 275,912 179,842 17,634 11,494
3,118,062 3,582,687 199,280 228,975
---------------------------------------------
Non-current liabilities
---------------------------------------------
Interest-bearing loans and 15,712,996 16,827,627 1,004,244 1,075,482
borrowings
Other liabilities 1,158 1,330 74 85
---------------------------------------------
15,714,154 16,828,957 1,004,318 1,075,567
---------------------------------------------
Total liabilities 18,832,216 20,411,644 1,203,598 1,304,542
---------------------------------------------
---------------------------------------------
Equity
Equity attributable to equity
holders of the Parent
Share capital 6,738,170 6,738,170 430,648 430,648
Share premium 9,999 9,999 639 639
Reserves 1,136,052 1,124,409 72,607 71,862
Retained earnings 2,563,281 2,183,439 163,823 139,547
---------------------------------------------
Total equity attributable to 10,447,502 10,056,017 667,717 642,696
equity holders of the Parent
---------------------------------------------
Total equity 10,447,502 10,056,017 667,717 642,696
---------------------------------------------
TOTAL LIABILITIES AND EQUITY 29,279,718 30,467,661 1,871,315 1,947,238
---------------------------------------------
CONSOLIDATEDSTATEMENT OF CASH FLOWS
for the year ended 31 August in thousands of EEK in thousands of
EUR
-------------------------------------------
2010 2009 2010 2009
-------------------------------------------
Cash flows from operating activities
-------------------------------------------
Net profit/-loss for the financial 341,882 -127,913 21,850 -8,175
year
Adjustments: 1,990,375 2,190,985 127,208 140,029
Depreciation and amortisation 1,125,303 1,094,311 71,920 69,939
Impairment loss 19,663 0 1,257 0
Net gain on disposals of property, -5,376 -1,203 -344 -77
plant and equipment
Net interest expense 616,981 815,809 39,433 52,140
Net expense from derivatives 178,550 301,523 11,411 19,271
Loss from equity accounted 5,837 7,560 373 483
associates
Net foreign exchange gain / loss 8,205 -4,159 524 -266
related to investing and financing
activities
Income tax 41,212 -22,856 2,634 -1,461
Changes in receivables and 169,222 305,233 10,816 19,508
prepayments related to operating
activities
Changes in inventories -15,956 60,953 -1,020 3,896
Changes in liabilities related to 78,381 -149,508 5,009 -9,555
operating activities
Income tax paid -1,105 -493 -71 -32
-------------------------------------------
2,562,799 2,279,257 163,792 145,671
-------------------------------------------
Cash flows used in investing
activities
-------------------------------------------
Purchase of property, plant and -95,630 -2,549,838 -6,112 -162,964
equipment and intangible assets
Proceeds from disposals of property, 104,898 16,895 6,704 1,080
plant and equipment
Proceeds from disposals of 0 782 0 50
associates
Payments from settlement of -69,778 -62,514 -4,460 -3,995
derivatives
Issue of shares by associates -9,180 -6,120 -587 -391
Interest received 2,707 5,804 173 371
-66,983 -2,594,991 -4,282 -165,849
-------------------------------------------
Cash flows from /used in financing
activities
-------------------------------------------
Proceeds from loans 0 2,427,151 0 155,123
Redemption of loans -944,249 -1,699,493 -60,348 -108,618
Change in overdraft -721,541 204,199 -46,115 13,051
Payment of finance lease liabilities -6,308 -6,619 -403 -423
Interest paid -706,267 -871,246 -45,138 -55,683
-2,378,365 53,992 -152,004 3,450
-------------------------------------------
-------------------------------------------
TOTAL NET CASH FLOW 117,451 -261,742 7,506 -16,728
-------------------------------------------
-------------------------------------------
Cash and cash equivalents:
- at the beginning of period 782,043 1,043,785 49,982 66,710
- increase / decrease 117,451 -261,742 7,506 -16,728
-------------------------------------------
- at the end of period 899,494 782,043 57,488 49,982
-------------------------------------------
Janek Stalmeister
Financial Director
AS Tallink Grupp
Tel. +372 6409 800
e-mail: [email protected]
1. Audited 2009 2010 Annual Report AS Tallink Grupp.pdf <PDF>
(https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=330130)