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
This announcement has been corrected.
Corrected version
CORRECTION: Audited Annual Report of the 2010/2011 Financial Year
Categories
Annual financial report
Unique data record identifier
3660
Attachments
Submission date and time
30.04.2012 16:05:01
Content of announcement in Estonian
Title
Auditeeritud 2010/2011 majanduaasta aruanne
Message
Tallinn, 2012-04-30 15:05 CEST (GLOBE NEWSWIRE) --
Auditeeritud 2010/2011 majanduaasta aruanne
Kontserni majandusaasta perioodi muutmise tõttu oli 2010/2011 majandusaasta
pikkuseks 16 kuud (01.09.2010-31.12.2011). Eelneva, 2009/2010 majandusaasta
pikkuseks oli 12 kuud (01.09.2009-31.08.2010). Seetõttu ei ole majandusaastate
informatsioon omavahel täielikult võrreldav.
Kontsern järgis 2010/2011 majandusaastal (01.09.2010-31.12.2011) edukalt varem
seatud strateegiat. Kliendirahulolu paranes mitmetes olulistes kategooriates.
Kontserni veomahud ning turuosa kasvasid kogu majandusaasta jooksul. 2010/2011
majandusaastal veeti kontserni laevadega 11,8 miljonit reisijat (2009/2010
majandusaastal 8,4 miljonit).
Kasumit mitte tootvale Soome-Saksamaa liinile leiti lahendus. 2011. aasta
augustis lõpetati liini opereerimine ning sellega seotud kaks Superfast laeva
prahiti kontsernist välja.
Kontserni jätkuvate tegevuste müügitulu oli 1 153,0 miljonit eurot (2009/2010
majandusaastal 791,5 miljonit eurot), brutokasum 251,4 miljonit eurot
(2009/2010 majandusaastal 180,2 miljonit eurot) ning puhaskasum 51,7 miljonit
eurot (2009/2010 majandusaastal 36,5 miljonit eurot).
Koos lõpetatud tegevustega ulatus 2010/2011 majandusaasta müügitulu kokku 1
178,3 miljoni euroni (2009/2010 majandusaastal 813,9 miljonit eurot).
Brutokasum oli kokku 238,7 miljonit eurot (2009/2010 majandusaastal 168,1
miljonit eurot) ning finantstulude ja -kulude, maksude ning kulumi eelne kasum
(EBITDA) 199,1 miljonit eurot (2009/2010 majandusaastal 145,1 miljonit eurot).
Kuna majandusaasta oli 16 kuu pikkune, hõlmavad tulemused kahte sügisest
madalhooaega ja ainult ühte kõrghooaega; see peegeldub ka eelmisest
majandusaastast madalamates brutokasumi ja EBITDA marginaalides.
Kontserni 2010/2011 majandusaasta eesmärgiks oli saavutada eelmise aastaga
võrreldes paremad tulemused. Eesmärk täideti nii 16 kuu kui 12 kuu arvestuses.
2010/2011 majandusaasta puhaskasum oli 37,5 miljonit eurot (2009/2010
majandusaastal 21,9 miljonit eurot).
2010/2011 majandusaasta tähtsündmused olid järgmised:
· Pidev tähelepanu kulude kokkuhoiule
· Tõhusam tulujuhtimine paindliku ja dünaamilise hinnastamise pideva
arendamise kaudu
· Kasumit mitte tootva Soome-Saksamaa liini sulgemine
· Reisijate arvu ja turuosa kasv
· Kasvanud müügitulu reisija kohta
· Laenukoormuse vähenemine
Juhtkonna prioriteediks on jätkuvalt kontserni kuluefektiivsus ning
kasumlikkus. Juhtkonna hinnangul ei ole 2012. majandusaastal ette näha
kontserni tegevuses suuremaid muutusi, samas ei ole aga kadunud üldisest
majanduskeskkonnast ning kõrgetest kütusehindadest tulenev ebakindlus.
Kontserni tulemused paranevad eeldatavasti ka 2012. majandusaastal. Seatud
sihte aitavad saavutada veebipõhise broneeringukeskkonna edasiarendamine,
tõhusam kliendisuhete haldamine (CRM) ja dünaamiline hinnastamine.
Soome-Saksamaa liini sulgemisel peaks olema positiivne mõju ning senine kahjum
peaks pöörduma laevade prahtimisest saadavaks kasumiks.
2010/2011 MAJANDUSAASTA PÕHINÄITAJAD
01.09.2010- 01.09.2009-
31.12.2011 31.08.2010
---------------------------------------------------------------------
Jätkuvad tegevused EUR EUR
---------------------------------------------------------------------
---------------------------------------------------------------------
Jätkuvate tegevuste müügitulu (miljonites) 1 153,0 791,5
---------------------------------------------------------------------
Jätkuvate tegevuste brutokasum (miljonites) 251,4 180,2
---------------------------------------------------------------------
Jätkuvate tegevuste puhaskasum (miljonites) 51,7 36,5
---------------------------------------------------------------------
---------------------------------------------------------------------
Kontsern kokku, sh lõpetatud tegevused
---------------------------------------------------------------------
---------------------------------------------------------------------
Müügitulu (miljonites) 1 178,3 813,9
---------------------------------------------------------------------
Brutokasum (miljonites) 238,7 168,1
---------------------------------------------------------------------
Aruandeperioodi puhaskasum (miljonites) 37,5 21,9
---------------------------------------------------------------------
EBITDA (miljonites) 199,1 145,1
---------------------------------------------------------------------
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Amortisatsioon (miljonites) 95,3 73,2
---------------------------------------------------------------------
Investeeringud (miljonites) 13,3 6,1
---------------------------------------------------------------------
Aktsiate kaalutud keskmine arv 669 882 040 669 882 040
---------------------------------------------------------------------
Aktsiakasum 0,06 0,03
---------------------------------------------------------------------
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Reisijate arv 11 818 870 8 428 055
---------------------------------------------------------------------
Kaubaveo ühikute arv 382 869 258 773
---------------------------------------------------------------------
Keskmine töötajate arv 6 720 6 612
---------------------------------------------------------------------
---------------------------------------------------------------------
31.12.2011 31.08.2010
---------------------------------------------------------------------
---------------------------------------------------------------------
Varad kokku (miljonites) 1 799,5 1 871,3
---------------------------------------------------------------------
Kohustused kokku (miljonites) 1 094,5 1 203,6
---------------------------------------------------------------------
Intressikandvad kohustused (miljonites) 959,6 1 067,9
---------------------------------------------------------------------
Netovõlg (miljonites) 884,2 1 010,4
---------------------------------------------------------------------
Omakapital kokku (miljonites) 705,1 667,7
---------------------------------------------------------------------
Omakapitali kordaja (%) 39,2% 35,7%
---------------------------------------------------------------------
---------------------------------------------------------------------
Aktsiate arv1 669 882 040 669 882 040
---------------------------------------------------------------------
Omakapital aktsia kohta 1,05 1,00
---------------------------------------------------------------------
---------------------------------------------------------------------
Suhtarvud2
---------------------------------------------------------------------
Brutokasumi marginaal (%) 20,3% 20,7%
---------------------------------------------------------------------
EBITDA marginaal (%) 16,9% 17,8%
---------------------------------------------------------------------
Puhaskasumi marginaal (%) 3,2% 2,7%
---------------------------------------------------------------------
Varade tootlus (ROA) 5,7% 3,8%
---------------------------------------------------------------------
Omakapitali tootlus (ROE) 5,5% 3,3%
---------------------------------------------------------------------
Investeeritud kapitali tootlus (ROCE) 6,5% 4,2%
---------------------------------------------------------------------
Netovõla ja EBITDA suhe 5,4 6,9
---------------------------------------------------------------------
EBITDA: Finantstulude ja -kulude, kapitaliosaluse meetodil kajastatud
investeeringuobjektide kasumi osa, maksude ja 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: Finantstulude ja -kulude, maksude eelne kasum / Varad kokku keskmiselt;
ROE: Puhaskasum /Keskmine omakapital;
ROCE: Finantstulude ja -kulude, maksude eelne kasum /(Varad kokku –
lühiajalised kohustused (perioodi keskmine));
Netovõlg: Intressikandvad kohustused miinus raha ja raha ekvivalendid;
Netovõla ja EBITDA suhe: Netovõlg / 12 kuu EBITDA.
1 Aktsiate arv ei sisalda oma aktsiaid.
2 Arvestuste aluseks on kontserni koondtulemused, sh lõpetatud tegevused.
MÜÜGITULU
Kontserni jätkuvate tegevuste konsolideeritud müügitulu 2010/2011
majandusaastal oli 1 153,0 miljonit eurot (1. september 2010 – 31. detsember
2011). Rohkem kui pool müügitulust ehk 636 miljonit eurot saadi müügist
maismaal ja laevadel asuvates restoranides ja poodides. Piletimüük andis
ligikaudu 314 miljonit eurot ning kaubaveomüük 142 miljonit eurot. Võrreldes
eelmise majandusaastaga ei ole ärisegmentide vahelises müügitulu jaotuses suuri
muutusi toimunud.
Geograafilistest segmentidest pärines ligikaudu 41% ehk 475 miljonit eurot
müügitulu Soome-Rootsi liinilt ja 32% ehk 371 miljonit eurot Eesti-Soome
liinilt. Viimase kiirem kasv põhjustas ka muutusi müügitulu jaotumises
geograafiliste segmentide vahel eelmise majandusaastaga võrreldes. Rootsi-Eesti
liini müügitulu oli 140 miljonit eurot ja Rootsi-Läti liinilt saadi 80 miljonit
eurot. 2011. aasta augustis lõpetas kontsern tegevuse Soome-Saksamaa liinil
ning vastav segment on kontserni konsolideeritud raamatupidamise aastaaruandes
kajastatud lõpetatud tegevustena. Soome-Saksamaa liini müügitulu oli 2010/2011
majandusaastal 25 miljonit eurot ja 2009/2010 majandusaastal 22 miljonit eurot.
KASUM
Kontserni jätkuvate tegevuste brutokasum oli 251,4 miljonit eurot (2009/2010
majandusaastal 180,2 miljonit eurot) ja puhaskasum 51,7 miljonit eurot
(2009/2010 majandusaastal 36,5 miljonit eurot). Koos lõpetatud tegevustega oli
brutokasum 2010/2011 majandusaastal kokku 238,7 miljonit eurot (2009/2010
majandusaastal 168,1 miljonit eurot) ning finantstulude ja -kulude, maksude
ning kulumi eelne kasum (EBITDA) 199,1 miljonit eurot (2009/2010 majandusaastal
145,1 miljonit eurot).
Jätkuvate tegevuste puhaskasum oli 51,7 miljonit eurot (2009/2010
majandusaastal 36,5 miljonit eurot). Aruandeperioodi puhaskasum oli 37,5
miljonit eurot (2009/2010 majandusaastal 21,9 miljonit eurot). Tava- ja
lahustatud aktsiakasum oli 0,06 eurot (2009/2010 majandusaastal 0,03 eurot)
ning tava ja lahustatud aktsiakasum jätkuvatest tegevustest oli 0,08 eurot
(2009/2010 majandusaastal 0,05 eurot).
Suurim kuluartikkel, kaubakulu, oli 252,9 miljonit krooni tänu toidu- ja
jaekaupade üldisele hinnainflatsioonile regioonis ning kontserni restoranide ja
poodide müügitulu kasvule (2009/2010 majandusaastal 170,0 miljonit eurot).
Sellegipoolest suutis kontsern säilitada kaupade kasumimarginaali.
Kütusekulu oli 2010/2011 majandusaastal 182,7 miljonit eurot (2009/2010
majandusaastal 110,8 miljonit eurot). Kütusekulu kasvu peamisteks põhjusteks
olid majandusaasta pikenemisest tingitud suurem kütuse tarbimine ning
kütusehindade tõus. Võrreldes 2010. aasta keskmiste hindadega oli 2011. aastal
kütuse võrdlushind (alla 1% väävlisisaldusega raskekütus) eurodes mõõdetuna
umbes 33% kõrgem.
Kontserni personalikulud olid 227,6 miljonit eurot (2009/2010 majandusaastal
161,2 miljonit eurot). 2010/2011 majandusaastal oli keskmine töötajate arv 6
720 (2009/2010 majandusaastal 6 612).
2010/2011 majandusaasta halduskulud olid 55,0 miljonit eurot ja turustuskulud
78,2 miljonit eurot (2009/2010 majandusaastal vastavalt 40,2 and 51,7 miljonit
eurot).
Kontserni varade amortisatsioonikulu oli 95,3 miljonit eurot (2009/2010
majandusaastal 73,2 miljonit eurot). 2010/2011 majandusaastal amortisatsiooni
arvestuse põhimõtteid ei muudetud. Kontserni materiaalse varaga seotud väärtuse
langust ei esinenud.
2010/2011 majandusaastal olid kontserni neto finantskulud 65,0 miljonit eurot
(2009/2010 majandusaastal 47,4 miljonit eurot). Suurim finantskulude artikkel
oli intressikulu. 2010/2011 majandusaastal oli intressikulu 56,2 miljonit eurot
(2009/2010 majandusaastal 39,6 miljonit eurot). 2010/2011 majandusaastal ulatus
kulu tuletisinstrumentidest 13,2 miljoni euroni (2009/2010 majandusaastal 13,1
miljoni euroni).
Kontserni krediidiriske, likviidsusriske ja tururiske ning finantsriskide
juhtimise alast tegevust kirjeldatakse raamatupidamise aastaaruande lisades.
KONSOLIDEERITUD KOONDKASUMI ARUANNE
31. detsembril ja 31. augustil lõppenud aasta kohta
-----------------------
Tuhandetes eurodes
01.09.2010 01.09.2009
- -
31.12.2011 31.08.2010
-----------------------
-----------------------
Jätkuvad tegevused
Müügitulu 1 152 994 791 530
Müüdud kaupade ja teenuste kulu -901 597 -611 286
-----------------------
Brutokasum 251 397 180 244
-----------------------
-----------------------
Turustuskulud -78 172 -51 738
Halduskulud -54 988 -40 259
Muud äritulud 1 291 906
Muud ärikulud -1 326 -2 236
-----------------------
Kasum/kahjum äritegevusest 118 202 86 917
-----------------------
-----------------------
Finantstulud 4 277 5 238
Finantskulud -69 324 -52 661
Kapitaliosaluse meetodil kajastatud -157 -373
investeeringuobjektide kahjumi osa
-----------------------
Kasum enne tulumaksu 52 998 39 121
-----------------------
-----------------------
Tulumaks -1 302 -2 634
-----------------------
-----------------------
Jätkuvate tegevuste puhaskasum 51 696 36 487
-----------------------
-----------------------
Lõpetatud tegevuste kahjum -14 220 -14 637
-----------------------
Aruandeperioodi puhaskasum 37 476 21 850
-----------------------
-----------------------
Muu koondkasum
Valuutakursi vahed välisettevõtetest 76 709
Riskimaandamise instrumentide õiglase väärtuse muutus -705 732
Materiaalse põhivara ümberhindlus 0 1 730
-----------------------
Perioodi muu koondkasum/-kahjum kokku -629 3 171
-----------------------
Perioodi koondkasum/-kahjum kokku 36 847 25 021
-----------------------
Sealhulgas:
Emaettevõtte omanike osa puhaskasumist 37 476 21 850
Sealhulgas:
Emaettevõtte omanike osa koondkasumist 36 847 25 021
Tava- ja lahustatud aktsiakasum 0,056 0,033
(eurodes ühe aktsia kohta)
-----------------------
Tava- ja lahustatud aktsiakasum – jätkuvad tegevused 0,077 0,054
(eurodes ühe aktsia kohta)
-----------------------
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
-----------------------
31. detsembri ja 31. augusti seisuga Tuhandetes eurodes
31.12.2011 31.08.2010
-----------------------
-----------------------
VARAD
Käibevara
Raha ja raha ekvivalendid 75 421 57 488
Nõuded ostjate vastu ja muud nõuded 35 152 42 040
Ettemaksed 7 087 9 752
Tuletisinstrumendid 0 705
Varud 25 198 20 035
-----------------------
142 858 130 020
-----------------------
-----------------------
Põhivara
Investeeringud kapitaliosaluse meetodil 226 214
kajastatud investeeringuobjektidesse
Muud finantsvarad 2 551 317
Edasilükkunud tulumaksuvara 9 452 10 664
Kinnisvarainvesteering 300 300
Materiaalne põhivara 1 583 002 1 663 100
Immateriaalne põhivara 61 153 66 700
-----------------------
1 656 684 1 741 295
-----------------------
VARAD KOKKU 1 799 542 1 871 315
-----------------------
-----------------------
KOHUSTUSED JA OMAKAPITAL
Lühiajalised kohustused
Intressikandvad võlakohustused 145 261 63 627
Võlad tarnijatele ja muud võlad 86 793 94 054
Ettemakstud tulud 25 226 23 965
Tuletisinstrumendid 22 668 17 634
279 948 199 280
-----------------------
-----------------------
Pikaajalised kohustused
Intressikandvad võlakohustused 814 305 1 004 244
Muud kohustused 198 74
-----------------------
814 503 1 004 318
-----------------------
Kohustused kokku 1 094 451 1 203 598
-----------------------
-----------------------
Omakapital
Emaettevõtte omanikele kuuluv omakapital
Aktsiakapital nimiväärtuses 404 290 430 648
Ülekurss 639 639
Reservid 70 497 72 607
Jaotamata kasum 229 665 163 823
-----------------------
Emaettevõtte omanikele kuuluv omakapital kokku 705 091 667 717
-----------------------
Omakapital kokku 705 091 667 717
-----------------------
KOHUSTUSED JA OMAKAPITAL KOKKU 1 799 542 1 871 315
-----------------------
KONSOLIDEERITUD RAHAVOOGUDE ARUANNE
-------------------
31. detsembril ja 31. augustil lõppenud aasta kohta Tuhandetes eurodes
2011 2010
-------------------
-------------------
Rahavood äritegevusest
Aruandeaasta puhaskasum/-kahjum 37 476 21 850
Korrigeerimised: 164 038 127 208
Amortisatsioon 95 283 71 920
Väärtuse langus 0 1 257
Kasum põhivara müügist -56 -344
Puhas intressikulu 55 773 39 433
Netokulu tuletisinstrumentidest 11 071 11 411
Kahjum kapitaliosaluse meetodil kajastatud 157 373
investeeringuobjektidest
Investeerimis- ja finantseerimistegevusega seotud -19 524
kasum/kahjum
valuutakursi muutustest
Aktsiaoptsioonide programmi reserv 527 0
Tulumaks 1 302 2 634
Äritegevusega seotud nõuete ja ettemaksete muutused 10 898 10 816
Varude muutused -5 163 -1 020
Äritegevusega seotud kohustuste muutused -3 711 5 009
Makstud tulumaks -107 -71
-------------------
203 431 163 792
-------------------
-------------------
Rahavood investeerimistegevusest
Materiaalse põhivara ja immateriaalse põhivara soetamine -13 258 -6 112
Laekumised materiaalse põhivara müügist 84 6 704
Laekumised/maksed tuletisinstrumentidest -7 236 -4 460
Kapitaliosaluse meetodil kajastatud investeeringuobjektide -169 -587
soetamine
Investeering -5 0
Saadud intressid 380 173
-20 204 -4 282
-------------------
-------------------
Rahavood finantseerimistegevusest
Laenude tagasimaksed -112 093 -60 348
Kasutatud arvelduskrediidi muutus 0 -46 115
Kapitalirendi põhimaksete tasumine -114 -403
Makstud intressid -53 087 -45 138
-165 294 -152 004
-------------------
-------------------
RAHAVOOD KOKKU 17 933 7 506
-------------------
-------------------
Raha ja raha ekvivalendid:
- perioodi alguses 57 488 49 982
- suurenemine / vähenemine 17 933 7 506
-------------------
- perioodi lõpus 75 421 57 488
-------------------
Janek Stalmeister
Juhatuse liige
AS Tallink Grupp
Tel +372 640 9800
E-mail [email protected]
Harri Hanschmidt
Investorsuhete juht
AS Tallink Grupp
Sadama 5/7, 10111 Tallinn
Tel +372 640 8981
E-mail [email protected]
Content of announcement in English
Title
Audited Annual Report of the 2010/2011 Financial Year
Message
Tallinn, 2012-04-30 15:05 CEST (GLOBE NEWSWIRE) --
Audited Annual Report of the 2010/2011 Financial Year
Due to the change of the financial year the Group’s 2010/2011 financial year
was 16 months (01.09.2010-31.12.2011). The comparative financial year 2009/2010
was 12 months (01.09.2009-31.08.2010). The financial years are therefore not
entirely comparable.
In the 2010/2011 financial year (01.09.2010-31.12.2011) the Group successfully
followed the set strategy. Customer satisfaction improved in several main
categories. The Group increased its traffic volumes and market shares
throughout the financial year. During the 2010/2011 financial year the volume
of passengers transported by the Group vessels was 11.8 million (8.4 million in
2009/2010).
The solution for non-profitable Finland-Germany route was found. In August 2011
two Superfast ships from the route were chartered to a third party and the
operations on the route were discontinued.
From continuing operations the Group’s revenue was 1,153.0 million EUR (791.5
million EUR in 2009/2010) gross profit was 251.4 million EUR (180.2 million EUR
in 2009/2010) and net profit was 51.7 million EUR (36.5 million EUR in
2009/2010).
Including the discontinued operations the total revenue for the 2010/2011
financial year was 1,178.3 million EUR (813.9 million EUR in 2009/2010). Total
gross profit was 238.7 million EUR (168.1 million EUR in 2009/2010) and EBITDA
was 199.1 million EUR (145.1 million EUR in 2009/2010). Due to longer 16-months
financial year the results include twice the autumn low season whereas only one
high season which is visible in the lower gross profit and EBITDA margins than
in the previous financial year.
The Group’s target for the 2010/2011 financial year was to outperform previous
year results. The target was met both in 16-month as well as 12-month
comparison. Net profit for the 2010/2011 financial year was 37.5 million EUR
(21.9 million EUR in 2009/2010).
The key highlights for the 2010/2011 financial year were the following:
· Continuous focus on the cost savings
· Improved revenue management with the continuous enhancement of dynamic
& flexible pricing
· Ending the operations on the non performing Finland-Germany route
· Increased passenger number and market share
· Increased revenue per passenger
· Reduction of debt
The Management continues to focus on cost efficiency and on the Group’s
profitability. The Management estimates that no major changes are foreseen in
the Group operations in the 2012 financial year whereas the uncertainties in
the overall economic environment and high fuel prices are remaining. The
Group’s results are estimated to improve in the 2012 financial year. The
developments such as enhancements in the online booking environment, CRM system
and dynamic pricing are supporting to reach the targets. A positive impact is
expected from the closure of the Finland-Germany route which previous negative
result will change to positive result from chartering of ships.
KEY FIGURES OF THE FINANCIAL YEAR 2010/2011
01.09.2010- 01.09.2009-
31.12.2011 31.08.2010
--------------------------------------------------------------------------------
Continuing operations EUR EUR
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Revenue from continuing operations (million) 1,153.0 791.5
--------------------------------------------------------------------------------
Gross profit from continuing operations (million) 251.4 180.2
--------------------------------------------------------------------------------
Net profit from continuing op. (million) 51.7 36.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Group total including the discontinued operations
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Revenue (million) 1,178.3 813.9
--------------------------------------------------------------------------------
Gross profit (million) 238.7 168.1
--------------------------------------------------------------------------------
Net profit for the period (million) 37.5 21.9
--------------------------------------------------------------------------------
EBITDA (million) 199.1 145.1
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Depreciation and amortization (million) 95.3 73.2
--------------------------------------------------------------------------------
Investments (million) 13.3 6.1
--------------------------------------------------------------------------------
Weighted average number of ordinary shares outstanding 669,882,040 669,882,040
--------------------------------------------------------------------------------
Earnings per share 0.06 0.03
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Number of passengers 11,818,870 8,428,055
--------------------------------------------------------------------------------
Number of cargo units 382,869 258,773
--------------------------------------------------------------------------------
Average number of employees 6,720 6,612
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
31.12.2011 31.08.2010
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total assets (million) 1,799.5 1,871.3
--------------------------------------------------------------------------------
Total liabilities (million) 1,094.5 1,203.6
--------------------------------------------------------------------------------
Interest-bearing liabilities (million) 959.6 1,067.9
--------------------------------------------------------------------------------
Net debt (million) 884.2 1,010.4
--------------------------------------------------------------------------------
Total equity (million) 705.1 667.7
--------------------------------------------------------------------------------
Equity ratio (%) 39.2% 35.7%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Number of ordinary shares outstanding1 669,882,040 669,882,040
--------------------------------------------------------------------------------
Shareholders’ equity per share 1.05 1.00
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Ratios2
--------------------------------------------------------------------------------
Gross margin (%) 20.3% 20.7%
--------------------------------------------------------------------------------
EBITDA margin (%) 16.9% 17.8%
--------------------------------------------------------------------------------
Net profit margin (%) 3.2% 2.7%
--------------------------------------------------------------------------------
Return on assets (ROA) 5.7% 3.8%
--------------------------------------------------------------------------------
Return on equity (ROE) 5.5% 3.3%
--------------------------------------------------------------------------------
Return on capital employed (ROCE) 6.5% 4.2%
--------------------------------------------------------------------------------
Net debt to EBITDA 5.4 6.9
--------------------------------------------------------------------------------
EBITDA: Earnings before net financial items, share of profit of equity
accounted investees, 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));
Net debt: Interest bearing liabilities less cash and cash equivalents;
Net debt to EBITDA: Net debt / 12-months trailing EBITDA.
1 Share numbers exclude own shares
2 Calculations are made using the Group’s total numbers which include
discontinued operations
SALES
The Group’s consolidated revenue from continuing operations amounted to 1,153.0
million EUR in the 2010/2011 financial year (1 September 2010 – 31 December
2011). Restaurant and shop sales on-board and on mainland in the amount of 636
million EUR contribute more than half of the revenue. Ticket sales amounted to
nearly 314 million EUR and sales of cargo transport were 142 million EUR. The
distribution of sales between operational segments has remained about same when
compared to the previous financial year.
Geographically nearly 41% or 475 million EUR of the revenue from continuing
operations came from the Finland-Sweden route and 32% or 371 million EUR from
the Estonia-Finland route. The faster growth in the latter has had impact to
the geographical sales distribution when compared to the previous financial
year. The revenue on the Sweden-Estonia route was 140 million EUR and on the
Sweden-Latvia route 80 million EUR. In August 2011 the Group ceased operations
on the Finland-Germany route which segment is classified as discontinued
operations in the Group’s financial statements. The revenue from the
Finland-Germany route in the 2010/2011 financial year was 25 million EUR and in
the 2009/2010 financial year 22 million EUR.
EARNINGS
From continuing operations the Group’s gross profit was 251.4 million EUR
(180.2 million EUR in 2009/2010) and net profit was 51.7 million EUR (36.5
million EUR in 2009/2010). Including the discontinued operations the total
gross profit for the 2010/2011 financial year was 238.7 million EUR (168.1
million EUR in 2009/2010) and EBITDA was 199.1 million EUR (145.1 million EUR
in 2009/2010).
Net profit from continuing operations was 51.7 million EUR (36.5 million EUR in
2009/2010). The net profit for the period was 37.5 million EUR (21.9 million in
2009/2010). Basic and diluted earnings per share were 0.06 EUR (0.03 EUR in
2009/2010) and basic and diluted earnings per share from continuing operations
were 0.08 EUR (0.05 EUR in 2009/2010).
Driven by the overall cost inflation in food and retail products in the region
and the Group’s higher shops and restaurant sales the cost of goods, the
largest operating cost, amounted to 252.9 million EUR (170.0 million EUR in
2009/2010). However, the Group was able to maintain the profit margin on the
goods.
Fuel cost in the 2010/2011 financial year was 182.7 million EUR (110.8 million
EUR in 2009/2010). Higher consumption due to the longer financial year but also
the increase in the fuel price have been main drivers for the fuel cost. When
measured in euros the average market price of the reference fuel (Fuel oil 1%)
in 2011 was approximately 33% higher than in 2010.
The Group’s personnel expenses amounted to 227.6 million EUR (161.2 million EUR
in 2009/2010). The average number of employees for the 2010/2011 financial year
was 6,720 (6,612 in 2009/2010).
The administrative expenses in 2010/2011 financial year amounted to 55.0
million EUR and marketing expenses to 78.2 million EUR (respectively 40.2 and
51.7 million EUR in 2009/2010).
The depreciation and amortisation of the Group’s assets was 95.3 million EUR
(73.2 million EUR in 2009/2010). There were no changes in the depreciation
policies in the 2010/2011 financial year. There was no impairment loss related
to the Group’s tangible assets.
In the 2010/2011 financial year the Group’s net finance cost amounted to 65.0
million EUR (47.4 million EUR in 2009/2010). Interest expense is the largest
component in the financial cost. In 2010/2011 financial year interest expense
was 56.2 million EUR (39.6 million EUR in 2009/2010). In 2010/2011 expenses
from derivatives amounted to 13.2 million EUR (13.1 million EUR in 2009/2010).
The Group’s exposure to credit risk, liquidity risk and market risks and
financial risk management activities are described in the notes to the
financial statements.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December and 31 August
-------------------------
in thousands of EUR
01.09.2010- 01.09.2009-
31.12.2011 31.08.2010
-------------------------
-------------------------
Continuing operations
Revenue 1,152,994 791,530
Cost of sales -901,597 -611,286
-------------------------
Gross profit 251,397 180,244
-------------------------
-------------------------
Marketing expenses -78,172 -51,738
Administrative expenses -54,988 -40,259
Other income 1,291 906
Other expenses -1,326 -2,236
-------------------------
Results from operating activities 118,202 86,917
-------------------------
-------------------------
Finance income 4,277 5,238
Finance costs -69,324 -52,661
Share of loss of equity accounted investees -157 -373
-------------------------
Profit before income tax 52,998 39,121
-------------------------
-------------------------
Income tax -1,302 -2,634
-------------------------
-------------------------
Net profit from continuing operations 51,696 36,487
-------------------------
-------------------------
Profit from discontinued operations -14,220 -14,637
-------------------------
Net profit for the period 37,476 21,850
-------------------------
-------------------------
Other comprehensive income
Exchange differences on translating foreign operations 76 709
Changes in fair value of cash flow hedges -705 732
Revaluation of property, plant and equipment 0 1,730
-------------------------
Other comprehensive income/-expense for the period -629 3,171
-------------------------
Total comprehensive income for the period 36,847 25,021
-------------------------
Profit attributable to:
Equity holders of the Parent 37,476 21,850
Total comprehensive income attributable to:
Equity holders of the parent 36,847 25,021
Basic and diluted earnings per share 0.056 0.033
(in EUR per share)
-------------------------
Basic and diluted earnings per share – continuing 0.077 0.054
operations
(in EUR per share)
-------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
-----------------------
as of 31 December and 31 August in thousands of EUR
31.12.2011 31.08.2010
-----------------------
-----------------------
ASSETS
Current assets
Cash and cash equivalents 75,421 57,488
Trade and other receivables 35,152 42,040
Prepayments 7,087 9,752
Derivatives 0 705
Inventories 25,198 20,035
-----------------------
142,858 130,020
-----------------------
-----------------------
Non-current assets
Investments in equity accounted investees 226 214
Other financial assets 2,551 317
Deferred income tax assets 9,452 10,664
Investment property 300 300
Property, plant and equipment 1,583,002 1,663,100
Intangible assets 61,153 66,700
-----------------------
1,656,684 1,741,295
-----------------------
TOTAL ASSETS 1,799,542 1,871,315
-----------------------
-----------------------
LIABILITIES AND EQUITY
Current liabilities
Interest-bearing loans and borrowings 145,261 63,627
Trade and other payables 86,793 94,054
Deferred income 25,226 23,965
Derivatives 22,668 17,634
279,948 199,280
-----------------------
-----------------------
Non-current liabilities
Interest-bearing loans and borrowings 814,305 1,004,244
Other liabilities 198 74
-----------------------
814,503 1,004,318
-----------------------
Total liabilities 1,094,451 1,203,598
-----------------------
-----------------------
Equity
Equity attributable to equity holders of the Parent
Share capital 404,290 430,648
Share premium 639 639
Reserves 70,497 72,607
Retained earnings 229,665 163,823
-----------------------
Total equity attributable to equity holders of the 705,091 667,717
Parent
-----------------------
Total equity 705,091 667,717
-----------------------
TOTAL LIABILITIES AND EQUITY 1,799,542 1,871,315
-----------------------
CONSOLIDATED STATEMENT OF CASH FLOWS
-------------------
for the year ended 31 December and 31 August in thousands of
EUR
2011 2010
-------------------
-------------------
Cash flows from operating activities
Net profit/-loss for the financial year 37,476 21,850
Adjustments: 164,038 127,208
Depreciation and amortisation 95,283 71,920
Impairment loss 0 1,257
Net gain on disposals of property, plant and equipment -56 -344
Net interest expense 55,773 39,433
Net expense from derivatives 11,071 11,411
Loss from equity accounted investees 157 373
Net foreign exchange gain / loss related to investing and -19 524
financing activities
Share option programme reserve 527 0
Income tax 1,302 2,634
Changes in receivables and prepayments related to operating 10,898 10,816
activities
Changes in inventories -5,163 -1,020
Changes in liabilities related to operating activities -3,711 5,009
Income tax paid -107 -71
-------------------
203,431 163,792
-------------------
-------------------
Cash flows used in investing activities
Purchase of property, plant, equipment and intangible assets -13,258 -6,112
Proceeds from disposals of property, plant, equipment 84 6,704
Proceeds/ payments from settlement of derivatives -7,236 -4,460
Acquisition of equity accounted investees -169 -587
Investment -5 0
Interest received 380 173
-20,204 -4,282
-------------------
-------------------
Cash flows from /used in financing activities
Redemption of loans -112,093 -60,348
Change in overdraft 0 -46,115
Payment of finance lease liabilities -114 -403
Interest paid -53,087 -45,138
-165,294 -152,004
-------------------
-------------------
TOTAL NET CASH FLOW 17,933 7,506
-------------------
-------------------
Cash and cash equivalents:
- at the beginning of period 57,488 49,982
- increase / decrease 17,933 7,506
-------------------
- at the end of period 75,421 57,488
-------------------
Janek Stalmeister
Member of the Management Board, CFO
AS Tallink Grupp
Tel +372 640 9800
E-mail [email protected]
Harri Hanschmidt
Head of Investor Relations
AS Tallink Grupp
Sadama 5/7. 10111 Tallinn
Tel +372 640 8981
E-mail [email protected]