Market announcement
AS Tallink Grupp
LEI code
529900QRMWAKKR3L9W75
Size of the entity
Large group
Economic activities
Wholesale and Retail Trade; Repair of Motor Vehicles and Motorcycles, Transportation and Storage, Accommodation and Food Service Activities, Administrative and Support Service Activities
Country of registered office
Estonia
General information
Categories
Management interim statement or quarterly financial report
Unique data record identifier
3792
Attachments
Submission date and time
15.08.2012 17:27:50
Content of announcement in Estonian
Title
2012 majandusaasta II kvartali majandustulemused
Message
Tallinn, 2012-08-15 16:27 CEST (GLOBE NEWSWIRE) --
2012 majandusaasta II kvartali majandustulemused
Jätkuvalt stabiilne kasv hoolimata kehvast ilmast, ebastabiilsest
majanduskeskkonnast ning muutlikest kütusehindadest kirjeldab kokkuvõtlikult AS
Tallink Grupp ja tema tütarettevõtete (edaspidi „Kontsern“) tegevust 2012
majandusaasta teises kvartalis (1. aprill – 30. juuni). Kontsern vedas antud
perioodil kokku 2,4 miljonit reisijat, mida on ligikaudu 2% enam kui sama
perioodi jooksul eelmisel aastal. Kontserni turuosa regioonis kasvas.
Auditeerimata müügitulu 2012. aasta teises kvartalis suurenes 6,8 miljoni euro
võrra ehk 3% võrreldes eelmise aasta sama perioodiga, kokku 244,8 miljoni
euroni.
Müügitulu suurenemise ning varasemalt tegevuses toimunud muudatuste, sh
Soome-Saksamaa liini sulgemise, tulemusel paranes kontserni kasumlikkus. Teises
kvartalis suurenes ka jätkuvate tegevuste kasum. 2012 majandusaasta
auditeerimata brutokasum kokku oli 57,3 miljonit eurot, mis kasvas eelmise
aasta sama perioodiga võrreldes 13,6%. Finantskulude, maksude ning kulumi eelne
kasum EBITDA oli 46,2 miljonit eurot kasvades eelmise aasta teise kvartaliga
võrreldes 9,6%. Kontserni auditeerimata puhaskasum 2012 majandusaasta teises
kvartalis oli 20 miljonit eurot võrreldes 13,6 miljoni euro suuruse kasumiga
eelmise aasta samas kvartalis. Kokku on käesoleva majandusaasta esimese 6-kuu
puhaskasum 1 miljon eurot. Eelmise aasta esimesel kuuel kuul oli kahjum 3,5
miljonit eurot.
Võttes arvesse üldist majanduskeskkonda ning konkurentsisituatsiooni olid
Kontserni teise kvartali tulemused rahuldavad, kuid ei vastanud täielikult
juhtkonna ootustele. Seda eelkõige reisijapõhise tulu dünaamikas, mis liikus
erisuunaliselt. Kui tulu reisija kohta kauplustes ja restoranides näitas 3,6%
või 2 eurost kasvu, siis piletitulu reisija kohta vähenes 1,2 eurot ehk 4,4%
võrreldes eelmise aasta teise kvartaliga. Tavapärasest kehvem ilm kevadel ning
suve alguses mõjutasid reisijate broneeringuid, mille tulemusel oli Kontsern
senisest aktiivsem eripakkumiste ja kampaaniate tegemisel, et suurendada
inimeste reisihuvi.
Kütusehinnad teises kvartalis olid volatiilsed. Eurodes arvestatuna kasvas
laevakütuse keskmine hind käesoleva aasta teises kvartalis eelmise aasta teise
kvartaliga võrreldes 13% protsenti. Selle tulemusel suurenes Kontserni
jätkuvate tegevuste kütusekulu teises kvartalis 3,9 miljonit eurot. Tulenevalt
Soome-Saksamaa liini sulgemisest kontserni kogu kütusekulu teises kvartalis oli
3,4 miljoni euro võrra väiksem.
Käesoleva majandusaasta teises kvartalis oli rahavoog äritegevusest kokku 51,1
miljonit eurot. Pangalaene maksis Kontsern tagasi 34,3 miljoni eurot, mille
tulemusel vähenesid intressi kandvad kohustused teise kvartali jooksul 3,6%.
Kontserni netovõlg teise kvartali lõpus oli 850,5 miljonit eurot ning moodustas
5,1 korda viimase 12-kuu EBITDA-st. Juuni lõpus oli Kontsernil 51,8 miljonit
euro väärtuses raha ja likviidseid vahendeid. Kasutamata krediidiliinide maht
oli jätkuvalt 66 miljonit eurot. Kontserni kogulikviidsus, mis hõlmab raha ja
kasutamata krediidilimiite kokku ulatus teise kvartali lõpus 115 miljoni euroni
tagades tugeva finantspositsiooni jätkusuutlikuks opereerimiseks.
PÕHINÄITAJAD 2012 2011 muutus
aprill-juun aprill-juun
i i
--------------------------------------------------------------------------------
Jätkuvad tegevused EUR EUR
--------------------------------------------------------------------------------
Jätkuvate tegevuste müügitulu (miljonites) 244,8 229,0 6,9%
--------------------------------------------------------------------------------
Jätkuvate tegevuste brutokasum (miljonites) 57,3 54,3 5,5%
--------------------------------------------------------------------------------
Jätkuvate tegevuste puhaskasum (miljonites) 20,0 18,1 10,4%
--------------------------------------------------------------------------------
Kontsern kokku, sh lõpetatud tegevused
--------------------------------------------------------------------------------
Müügitulu (miljonites) 244,8 238,0 2,9%
--------------------------------------------------------------------------------
Brutokasum (miljonites) 57,3 50,4 13,6%
--------------------------------------------------------------------------------
Brutokasumi marginaal 23,4% 21,2%
--------------------------------------------------------------------------------
EBITDA (miljonites) 46,2 42,2 9,6%
--------------------------------------------------------------------------------
EBITDA marginaal 18,9% 17,7%
--------------------------------------------------------------------------------
Aruande perioodi puhaskasum / -kahjum 20,0 13,6 46,8%
(miljonites)
--------------------------------------------------------------------------------
Puhaskasumi marginaal 8,2% 5,7%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Amortisatsioon (miljonites) 17,7 17,8 -0,7%
--------------------------------------------------------------------------------
Investeeringud (miljonites) 3,7 4,5 -18,7%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Aktsiate kaalutud keskmine arv** 669 882 040 669 882 040
--------------------------------------------------------------------------------
Aktsiakasum 0,03 0,02 46,8%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Reisijate arv 2 376 516 2 336 462 1,7%
--------------------------------------------------------------------------------
Kaubaveo ühikute arv 72 014 75 972 -5,2%
--------------------------------------------------------------------------------
Töötajate keskmine arv 6 938 7 022 -1,2%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
30.06.2012 31.03.2012
--------------------------------------------------------------------------------
Varad 1 760,7 1 764,9 -0,2%
--------------------------------------------------------------------------------
Intressi kandvad kohustused (miljonites) 902,3 935,9 -3,6%
--------------------------------------------------------------------------------
Netovõlg (miljonites) 850,5 886,6 -4,1%
--------------------------------------------------------------------------------
Omakapital kokku (miljonites) 706,1 686,2 2,9%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Omakapitali määr 40,1% 38,9%
--------------------------------------------------------------------------------
Netovõla EBITDA suhe 5,1 5,5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Aktsiate arv** 669 882 040 669 882 040 0%
--------------------------------------------------------------------------------
Omakapital aktsia kohta 1,05 1,02 2,9%
--------------------------------------------------------------------------------
EBITDA: Finantstulude ja -kulude, kapitaliosaluse meetodil kajastatud
investeeringuobjektide kasumi osa, maksude ja 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;
Netovõlg: Intressikandvad kohustused miinus raha ja raha ekvivalendid;
Netovõla ja EBITDA suhe: Netovõlg / 12 kuu EBITDA.
** Aktsiate arv ei sisalda oma aktsiaid.
KONSOLIDEERITUD KOONDKASUMIARUANNE
(auditeerimata, tuhandetes 01.04.2012- 01.04.2011- 01.01.2012- 01.01.2011-
eurodes)
30.06.2012 30.06.2011 30.06.2012 30.06.2011
================================================================================
Jätkuvad tegevused
Müügitulu (Lisa 3) 244,817 229,006 438,611 412,153
Müüdud kaupade ja teenuste -187,563 -174,726 -362,543 -337,001
kulu
Brutokasum 57,254 54,280 76,068 75,152
--------------------------------------------------------------------------------
Turustuskulud -16,861 -15,183 -32,633 -30,054
Halduskulud -12,165 -10,385 -22,894 -20,247
Muud äritulud 350 194 506 538
Muud ärikulud -12 -5 -32 -15
--------------------------------------------------------------------------------
Kasum/-kahjum äritegevusest 28,566 28,901 21,015 25,374
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finantstulud (Lisa 4) 1,080 790 1,152 2,647
Finantskulud (Lisa 4) -9,656 -11,579 -21,128 -23,954
Kasum/-kahjum jätkuvatest 19,990 18,112 1,039 4,067
tegevustest
--------------------------------------------------------------------------------
Tulumaks 0 0 0 0
Aruandeperioodi 19,990 18,112 1,039 4,067
puhaskasum/-kahjum
--------------------------------------------------------------------------------
----------------------------- --------------------------------------
Kasum/-kahjum lõpetatud 0 -4,492 0 -7,594
tegevustest (Lisa 3)
--------------------------------------------------------------------------------
Aruandeperioodi 19,990 13,620 1,039 -3,527
puhaskasum/-kahjum
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Muu koondkasum/-kahjum
Valuutakursi vahed -62 157 -5 123
välisettevõtetest
Perioodi muu -62 157 -5 123
koondkasum/-kahjum kokku
--------------------------------------------------------------------------------
Perioodi koondkasum/-kahjum 19,928 13,777 1,034 -3,404
kokku
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Sh.
Emaettevõtte omanike osa 19,990 13,620 1,039 -3,527
puhaskasumist/-kahjumist
(Lisa 5)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Sh.
Emaettevõtte omanike osa 19,928 13,777 1,034 -3,404
koondkasumist/-kahjumist
Kasum/-kahjum aktsia kohta
(EUR-ides ühe aktsia kohta)
- tava (Lisa 5) 0.03 0.02 0.00 -0.01
- lahustatud (Lisa 5) 0.03 0.02 0.00 -0.01
--------------------------------------------------------------------------------
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
(auditeerimata, tuhandetes eurodes)
VARAD 30.06.2012 31.12.2011
======================================================================
Käibevara
----------------------------------------------------------------------
Raha ja raha ekvivalendid 51,828 75,421
Nõuded ostjate vastu ja muud nõuded 42,114 35,152
Ettemaksed 13,920 7,087
Varud 28,059 25,198
Käibevara kokku 135,921 142,858
----------------------------------------------------------------------
Põhivara
----------------------------------------------------------------------
Investeeringud sidusettevõtetesse 226 226
Muud finantsvarad 2,024 2,551
Edasilükkunud tulumaksuvara 9,452 9,452
Kinnisvarainvesteering 300 300
Materiaalne põhivara (Lisa 7) 1,553,829 1,583,002
Immateriaalne põhivara (Lisa 8) 58,936 61,153
-----------------------------------------------
Põhivara kokku 1,624,767 1,656,684
----------------------------------------------------------------------
-----------------------------------------------
VARAD KOKKU 1,760,688 1,799,542
----------------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL
======================================================================
Lühiajalised kohustused
----------------------------------------------------------------------
Intressikandvad võlakohustused (Lisa 9) 167,328 145,261
Võlad tarnijatele ja muud võlad 96,006 86,793
Ettemakstud tulud 33,392 25,226
Tuletisinstrumendid (Lisa 6) 22,668 22,668
Lühiajalised kohustused kokku 319,394 279,948
----------------------------------------------------------------------
Pikaajalised kohustused
-----------------------
----------------------------------------------------------------------
Intressikandvad võlakohustused (Lisa 9) 735,012 814,305
Muud kohustused 157 198
----------------------------------------------------------------------
Pikaajalised kohustused kokku 735,169 814,503
----------------------------------------------------------------------
Kohustused kokku 1,054,563 1,094,451
----------------------------------------------------------------------
OMAKAPITAL
----------------------------------------------------------------------
Emaettevõtja aktsionäridele kuuluv omakapital
----------------------------------------------------------------------
----------------------------------------------------------------------
Aktsiakapital nimiväärtuses 404,290 404,290
Ülekurss 639 639
Reservid 72,366 70,497
Jaotamata kasum 228,830 229,665
----------------------------------------------------------------------
Emaettevõtte omanikele kuuluv omakapital kokku 706,125 705,091
----------------------------------------------------------------------
OMAKAPITAL KOKKU 706,125 705,091
----------------------------------------------------------------------
----------------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL KOKKU 1,760,688 1,799,542
----------------------------------------------------------------------
KONSOLIDEERITUD RAHAVOOGUDE ARUANNE
(auditeerimata, tuhandetes eurodes) 01.01.2012 - 01.01.2011-
30.06.2012 30.06.2011
Rahavood äritegevusest
Aruandeperioodi puhaskasum/-kahjum 1,039 -3,527
Korrigeerimised 56,034 57,407
Äritegevusega seotud varade muutused -16,122 -24,512
Äritegevusega seotud kohustuste muutused 18,659 23,801
Makstud tulumaks -10 -22
--------------------------------------------------------------------------------
59,600 53,147
--------------------------------------------------------------------------------
------------------------------------------------------
Rahavood investeerimistegevusest
Materiaalse põhivara ja immateriaalse põhivara -3,687 -4,533
soetamine (Lisad 7, 8)
Laekumised materiaalse põhivara müügist 36 59
Maksed tuletisinstrumentidest -2,019 -2,542
Saadud intressid 133 23
--------------------------------------------------------------------------------
-5,537 -6,993
--------------------------------------------------------------------------------
------------------------------------------------------
Rahavood finantseerimistegevusest
Laenude tagasimaksed (Lisa 9) -58,638 -12,850
Kapitalirendi põhimaksete tasumine (Lisa 9) -42 -41
Makstud intressid -18,976 -18,822
-77,656 -31,713
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
RAHAVOOD KOKKU -23,593 14,441
--------------------------------------------------------------------------------
------------------------------------------------------ ------------
Raha ja raha ekvivalendid
- perioodi alguses 75,421 44,946
- suurenemine (+) / vähenemine (-) -23,593 14,441
--------------------------------------------------------------------------------
- perioodi lõpus 51,828 59,387
--------------------------------------------------------------------------------
Janek Stalmeister
Juhatuse liige
AS Tallink Grupp
Tel +372 640 9800
E-mail [email protected]
Content of announcement in English
Title
Q2 results of the 2012 financial year
Message
Tallinn, 2012-08-15 16:27 CEST (GLOBE NEWSWIRE) --
Q2 results of the 2012 financial year
Steady growth despite the adverse weather, unstable economic environment and
volatile fuel prices can be used to describe the second quarter (1 April – 30
June) operations of AS Tallink Grupp and its subsidiaries (the Group). The
Group carried total of 2.4 million passengers in the second quarter of 2012
which is nearly 2% more than in the same period of the last year. Market share
improved overall. The Group’s unaudited consolidated revenue for the second
quarter of the 2012 financial year increased by EUR 6.8 million or 3% year on
year to EUR 244.8 million.
In result of the increase in revenues and changes in the operations, including
the earlier closure of the Finland Germany route, the Group’s earnings
improved. Also the earnings from the continuing operations increased. Total
unaudited Gross profit for the second quarter amounted to EUR 57.3 million, up
by 13.6% and EBITDA amounted to EUR 46.2 million up by 9.6% when compared to
the same period in last year. In the second quarter of 2012 the Group’s
unaudited net profit was EUR 20 million compared to EUR 13.6 million last year.
The total cumulative net profit for the six months of the 2012 financial year
amounts to EUR 1 million compared to net loss of EUR 3.5 million a year ago.
Considering the overall economic situation and competition the Group’s second
quarter results were generally pleasing, but did not fully meet the management
expectations as the dynamics in the passenger metrics were different. While the
revenue per passenger from shops and restaurant sales is showing a healthy 3.6%
or 2 EUR growth per passenger at the same time revenue from ticket sales
declined by 1.2 EUR or 4.4% when compared to the second quarter of the previous
year. The unusually bad weather in spring and early summer affected the
passengers’ booking behaviour hence resulting in increased promotional
activities to attract people to travel.
The fuel prices in the second quarter were volatile. When measured in euros and
compared to the same quarter of the last year the average quarterly price for
ship fuel was approximately 13% higher. In result the Group’s fuel cost in the
continuing operations increased by EUR 3.9 million. Due to the closure of
Finland-Germany operations the total fuel cost for the Group in the second
quarter was EUR 3.4 million smaller.
Cash flow from operations amounted to EUR 51.1 million in the second quarter of
2012. EUR 34.3 million was used to repay the bank debt resulting the 3.6%
decrease in interest bearing liabilities during the second quarter. The net
debt in the end of the second quarter was EUR 850.5 million and the net debt
ratio to last 12-months EBITDA was 5.1. At the end of June the Group had EUR
51.8 million in cash and equivalents and the total of unused credit lines stood
at EUR 66 million. The total liquidity, cash and unused credit facilities at
the end of the second quarter was EUR 117.8 million providing strong position
for the sustainable operations.
Q2 KEY FIGURES 2012 2011 change
April-June April-June
--------------------------------------------------------------------------------
Continuing operations
--------------------------------------------------------------------------------
Revenue from continuing EUR million 244.8 229.0 6.9%
operations
--------------------------------------------------------------------------------
Gross profit from continuing EUR million 57.3 54.3 5.5%
operations
--------------------------------------------------------------------------------
Net profit from continuing EUR million 20.0 18.1 10.4%
operations
--------------------------------------------------------------------------------
Group total including the discontinued
operations
--------------------------------------------------------------------------------
Revenue EUR 244.8 238.0 2.9%
million
--------------------------------------------------------------------------------
Gross profit EUR 57.3 50.4 13.6%
million
--------------------------------------------------------------------------------
Gross margin (%) 23.4% 21.2%
--------------------------------------------------------------------------------
EBITDA EUR 46.2 42.2 9.6%
million
--------------------------------------------------------------------------------
EBITDA margin (%) 18.9% 17.7%
--------------------------------------------------------------------------------
Net profit for the period EUR 20.0 13.6 46.8%
million
--------------------------------------------------------------------------------
Net profit margin (%) 8.2% 5.7%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Depreciation and amortization EUR 17.7 17.8 -0.7%
million
--------------------------------------------------------------------------------
Investments EUR 3.7 4.5 -18.7%
million
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Weighted average number of ordinary shares 669 882 040 669 882 040
outstanding
--------------------------------------------------------------------------------
Earnings per share EUR 0.03 0.02 46.8%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Number of passengers 2 376 516 2 336 462 1.7%
--------------------------------------------------------------------------------
Number of cargo units 72 014 75 972 -5.2%
--------------------------------------------------------------------------------
Average number of employees 6 938 7 022 -1.2%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
30.06.2012 31.03.2012
--------------------------------------------------------------------------------
Total assets EUR 1 760.7 1 764.9 -0.2%
million
--------------------------------------------------------------------------------
Interest-bearing liabilities EUR 902.3 935.9 -3.6%
million
--------------------------------------------------------------------------------
Net debt EUR 850.5 886.6 -4.1%
million
--------------------------------------------------------------------------------
Total equity EUR 706.1 686.2 2.9%
million
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Equity ratio (%) 40.1% 38.9%
--------------------------------------------------------------------------------
Net debt to EBITDA 5.1 5.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Number of ordinary shares 669 882 040 669 882 040 0%
outstanding1
--------------------------------------------------------------------------------
Shareholders’ equity per share EUR 1.05 1.02 2.9%
--------------------------------------------------------------------------------
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;
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.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(unaudited, in thousands of 01.04.2012- 01.04.2011- 01.01.2012- 01.01.2011-
EUR)
30.06.2012 30.06.2011 30.06.2012 30.06.2011
================================================================================
Continuing operations
Revenue (Note 3) 244,817 229,006 438,611 412,153
Cost of sales -187,563 -174,726 -362,543 -337,001
Gross profit 57,254 54,280 76,068 75,152
--------------------------------------------------------------------------------
Marketing expenses -16,861 -15,183 -32,633 -30,054
Administrative expenses -12,165 -10,385 -22,894 -20,247
Other income 350 194 506 538
Other expenses -12 -5 -32 -15
--------------------------------------------------------------------------------
Results from operating 28,566 28,901 21,015 25,374
activities
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finance income (Note 4) 1,080 790 1,152 2,647
Finance costs (Note 4) -9,656 -11,579 -21,128 -23,954
Profit/-loss before income 19,990 18,112 1,039 4,067
tax
--------------------------------------------------------------------------------
Income tax 0 0 0 0
--------------------------------------------------------------------------------
Net profit/-loss from 19,990 18,112 1,039 4,067
continuing operations
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Profit/-loss from 0 -4,492 0 -7,594
discontinued operation
(Note 3)
--------------------------------------------------------------------------------
Net profit/-loss for the 19,990 13,620 1,039 -3,527
period
--------------------------------------------------------------------------------
----------------------------- --------------------------------------
Other comprehensive
income/-expense
Exchange differences on -62 157 -5 123
translating foreign
operations
Other comprehensive -62 157 -5 123
income/-expense for the
period
--------------------------------------------------------------------------------
Total comprehensive 19,928 13,777 1,034 -3,404
income/-expense for the
period
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Profit/-loss attributable
to:
Equity holders of the 19,990 13,620 1,039 -3,527
parent (Note 5)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total comprehensive
income/-expense
attributable to:
Equity holders of the 19,928 13,777 1,034 -3,404
parent
Earnings per share (in EUR
per share)
- basic (Note 5) 0.03 0.02 0.00 -0.01
- diluted (Note 5) 0.03 0.02 0.00 -0.01
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(unaudited, in thousands of EUR)
ASSETS 30.06.2012 31.12.2011
================================================================================
Current assets
--------------------------------------------------------------------------------
Cash and cash equivalents 51,828 75,421
Trade and other receivables 42,114 35,152
Prepayments 13,920 7,087
Inventories 28,059 25,198
Total current assets 135,921 142,858
--------------------------------------------------------------------------------
Non-current assets
--------------------------------------------------------------------------------
Investments in associates 226 226
Other financial assets 2,024 2,551
Deferred income tax assets 9,452 9,452
Investment property 300 300
Property, plant and equipment (Note 7) 1,553,829 1,583,002
Intangible assets (Note 8) 58,936 61,153
---------------------------------------------------------
Total non-current assets 1,624,767 1,656,684
--------------------------------------------------------------------------------
---------------------------------------------------------
TOTAL ASSETS 1,760,688 1,799,542
--------------------------------------------------------------------------------
LIABILITIES AND EQUITY
================================================================================
Current liabilities
--------------------------------------------------------------------------------
Interest bearing loans and borrowings (Note 9) 167,328 145,261
Trade and other payables 96,006 86,793
Deferred income 33,392 25,226
Derivatives (Note 6) 22,668 22,668
Total current liabilities 319,394 279,948
--------------------------------------------------------------------------------
Non-current liabilities
-----------------------
--------------------------------------------------------------------------------
Interest bearing loans and borrowings (Note 9) 735,012 814,305
Other liabilities 157 198
--------------------------------------------------------------------------------
Total non-current liabilities 735,169 814,503
--------------------------------------------------------------------------------
TOTAL LIABILITIES 1,054,563 1,094,451
--------------------------------------------------------------------------------
EQUITY
--------------------------------------------------------------------------------
Equity attributable to equity holders of the parent
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Share capital 404,290 404,290
Share premium 639 639
Reserves 72,366 70,497
Retained earnings 228,830 229,665
--------------------------------------------------------------------------------
Total equity attributable to equity holders of the 706,125 705,091
parent
--------------------------------------------------------------------------------
TOTAL EQUITY 706,125 705,091
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 1,760,688 1,799,542
--------------------------------------------------------------------------------
CONSOLIDATED CASH FLOW STATEMENT
(unaudited, in thousands of EUR) 01.01.2012 - 01.01.2011-
30.06.2012 30.06.2011
Cash flows from operating activities
Net profit/-loss for the period 1,039 -3,527
Adjustments 56,034 57,407
Changes in assets related to operating activities -16,122 -24,512
Changes in liabilities related to operating 18,659 23,801
activities
Income tax paid -10 -22
--------------------------------------------------------------------------------
59,600 53,147
--------------------------------------------------------------------------------
------------------------------------------------------
Cash flow used for investing activities
Purchase of property, plant and equipment and -3,687 -4,533
intangible assets (Notes 7, 8)
Proceeds from disposals of property, plant and 36 59
equipment
Payments from settlement of derivatives -2,019 -2,542
Interest received 133 23
--------------------------------------------------------------------------------
-5,537 -6,993
--------------------------------------------------------------------------------
------------------------------------------------------
Cash flow from (+)/ used for (-) financing activities
Redemption of loans (Note 9) -58,638 -12,850
Repayment of finance lease liabilities (Note 9) -42 -41
Interest paid -18,976 -18,822
-77,656 -31,713
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
TOTAL NET CASH FLOW -23,593 14,441
--------------------------------------------------------------------------------
------------------------------------------------------ ------------
Cash and cash equivalents:
- at the beginning of period 75,421 44,946
- increase (+) / decrease (-) -23,593 14,441
--------------------------------------------------------------------------------
Cash and cash equivalents at end of period 51,828 59,387
--------------------------------------------------------------------------------
Janek Stalmeister
Member of the Management Board, CFO
AS Tallink Grupp
Tel +372 640 9800
E-mail [email protected]