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
4335
Attachments
Submission date and time
27.02.2014 16:35:00
Content of announcement in Estonian
Title
2013 majandusaasta 12-kuu konsolideeritud auditeerimata vahearuanne
Message
Tallinn, 2014-02-27 15:35 CET (GLOBE NEWSWIRE) --
2013 majandusaasta 12-kuu konsolideeritud auditeerimata vahearuanne
AS Tallink Grupp ja tema tütarettevõtted (edaspidi „Kontsern“) vedasid 2013
majandusaastal kokku 9,11 miljonit reisijat, mida on 1,6% vähem kui eelneval
aastal. Kontserni auditeerimata konsolideeritud müügitulu jäi eelmise aasta
tasemele kokku 942,0 miljonit eurot. 2013 majandusaasta auditeerimata
brutokasum kokku oli 190,2 miljonit eurot, EBITDA 156,2 miljonit eurot.
Auditeerimata puhaskasum oli 43,3 miljonit eurot (0,06 senti aktsia kohta), mis
on 23,1% vähem kui eelmisel aastal.
2013 majandusaasta neljandas kvartalis (1. oktoober – 31. detsember) vedas
Kontsern kokku 2,1 miljonit reisijat, mida on 1% enam kui sama perioodi jooksul
eelmisel aastal. Auditeerimata müügitulu 2013. aasta neljandas kvartalis
suurenes 1,2 miljoni euro võrra võrreldes eelmise aasta sama perioodiga, kokku
224,0 miljoni euroni. EBITDA oli 29,8 miljonit eurot, 7,1% vähem kui sama
perioodi jooksul eelmisel aastal. Perioodi puhaskasum ulatus 7,5 miljoni
euroni, mis on 31,8% enam kui eelmise aasta neljandas kvartalis.
2013 majandusaastal suurenes tulu piletite ning kaubaveoühikute müügist
vastavalt 3,4% ja 2,7%. Konkurentsist ning struktuursetest muudatustest
tingitud reisijate arvu langus Soome ja Rootsi vahelistel liinidel tõi kaasa
restoranide ja poodide müügitulu 2,0% languse. Kuigi restoranide ja poodide
müük kahanes, jäi tarbiminereisija kohta eelmise aastaga võrreldavale tasemele.
Tänu uutele investeeringutele laevastikku jätkus kasv Riia-Stockholmi liinil,
müügitulu kasvas 2013 majandusaastal 8,4% võrra ning liin oli esmakordselt
alates avamisest 2006 aastal kasumlik.
Kontserni tegevust 2013 majandusaastal mõjutas regiooni üldine nõrk
majanduskeskkond. Põhjamaades, mis on ühtlasi Kontserni peamisteks turgudeks,
jätkub märgatav majanduskasvu aeglustumine ning see on avaldanud mõju ka
Kontserni reisijate tarbimiskäitumisele. Puhaskasumit mõjutas samuti 3,8
miljoni euro suurune maksukulu.
2013 aasta vältel avaldasid madalamad kütusehinnad Kontserni tulemusele
positiivset mõju, kokku oli kütusekulu ligi 10% ehk 14 miljonit eurot madalam
võrreldes eelmise aastaga. Samas suurenesid opereerimisega seotud kulud, sh
sadamakulud.
Kontserni rahavoog äritegevusest kasvas käesoleva majandusaasta neljandas
kvartalis ja ka aasta kokku ulatudes vastavalt 48,4 miljoni ning 168,4 miljoni
euroni võrreldes eelmise aasta sama perioodiga. Kontserni kogulikviidsus ulatus
neljanda kvartali lõpus 104 miljoni euroni, mis hõlmab 72 miljonit eurot raha
ja 32 miljonit eurot kasutamata krediidilimiite, tagades tugeva
finantspositsiooni jätkusuutlikuks opereerimiseks.
Kontsern jätkas edukalt laenukoormuse vähendamise strateegiat, 2013
majandusaasta jooksul kahanes netovõlg 52 miljoni euro võrra, 722 miljoni
euroni.
2013 majandusaasta tulemused ei vastanud Kontserni juhatuse ootustele.
Tulenevalt nõrgast majanduskasvust regioonis ning Soome-Rootsi liinidel
muutunud konkurentsi keskkonnast, ei saavutanud selle aasta tulemus eelmise
aasta taset. Eesmärgiga toetada müügitulu kasvu on tootearenduses plaanitud
erinevaid parendusi rõhuasetusega pardamüügile ning avalike alade uuendamisele
valitud laevadel. Samuti panustatakse erinevate kulude vähendamisele, et
paremini kohaneda majanduskeskkonna muutustega. Seoses eeltooduga ootab
Kontserni juhatus 2014 aastal tulemuste paranemist.
Juhtkond leiab, et kontserni finantspositsioon võimaldab maksta dividende.
Juhatus teeb aktsionäride üldkoosolekule ettepaneku maksta dividende 0,03 eurot
aktsia kohta, kokku summas 20 096 461 eurot.
PÕHINÄITAJAD 2013 2012 muutus
okt-dets okt-dets
--------------------------------------------------------------------------------
EUR EUR
--------------------------------------------------------------------------------
Müügitulu (miljonites) 224,0 222,8 0,5%
--------------------------------------------------------------------------------
Brutokasum (miljonites) 37,1 40,0 -7,1%
--------------------------------------------------------------------------------
Brutokasumi marginaal 16,6% 17,9%
--------------------------------------------------------------------------------
EBITDA (miljonites) 29,8 32,1 -7,1%
--------------------------------------------------------------------------------
EBITDA marginaal 13,3% 14,4%
--------------------------------------------------------------------------------
Aruande perioodi puhaskasum / -kahjum 7,5 5,7 31,8%
(miljonites)
--------------------------------------------------------------------------------
Puhaskasumi marginaal 3,36% 2,56%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Amortisatsioon (miljonites) 18,6 17,9 4,0%
--------------------------------------------------------------------------------
Investeeringud (miljonites) 5,0 0,6 800,0%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Aktsiate kaalutud keskmine arv** 669 882 040 669 882 040
--------------------------------------------------------------------------------
Aktsiakasum 0,01 0,01 31,8%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Reisijate arv 2 148 204 2 133 163 0,7%
--------------------------------------------------------------------------------
Kaubaveo ühikute arv 78 771 70 457 6,2%
--------------------------------------------------------------------------------
Töötajate keskmine arv 6 898 6 799 1,5%
--------------------------------------------------------------------------------
----------------------------------------------- -------
--------------------------
31.12.2013 30.09.2013
--------------------------------------------------------------------------------
Varad 1 722,1 1 723,1 -0,1%
--------------------------------------------------------------------------------
Intressi kandvad kohustused (miljonites) 794,3 808,1 -1,7%
--------------------------------------------------------------------------------
Netovõlg (miljonites) 722,3 758,1 -4,7%
--------------------------------------------------------------------------------
Omakapital kokku (miljonites) 771,1 763,4 1,0%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Omakapitali määr 44,8% 44,3%
--------------------------------------------------------------------------------
Netovõla EBITDA suhe 4,6 4,8
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Aktsiate arv** 669 882 040 669 882 040 0%
--------------------------------------------------------------------------------
Omakapital aktsia kohta 1,15 1,14 1,0%
--------------------------------------------------------------------------------
EBITDA: Finantstulude ja -kulude, 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 01.10.2013- 01.10.2012- 01.01.2013- 01.01.2012-
eurodes)
31.12.2013 31.12.2012 31.12.2013 31.12.2012
================================================================================
Müügitulu 223,982 222,816 941,983 943,868
Müüdud kaupade ja teenuste -186,859 -182,836 -751,827 -742,669
kulu
Brutokasum 37,123 39,980 190,156 201,199
--------------------------------------------------------------------------------
Turustuskulud -13,650 -17,183 -63,292 -65,407
Halduskulud -12,679 -10,626 -45,148 -44,081
Muud äritulud 1,035 2,806 2,120 3,659
Muud ärikulud -664 -802 -805 -1,654
--------------------------------------------------------------------------------
Kasum/-kahjum äritegevusest 11,165 14,175 83,031 93,716
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finantstulud 5,757 2,735 21,547 5,269
Finantskulud -14,538 -13,991 -57,503 -46,249
Kasum tütarettevõtte müügist 0 0 0 783
Kapitaliosaluse meetodil 17 19 17 19
kajastatud
investeeringuobjektide
kasumi/-kahjumi osa
Kasum/-kahjum enne tulumaksu 2,401 2,938 47,092 53,538
--------------------------------------------------------------------------------
Tulumaks 5,117 2,764 -3,786 2,764
Aruandeperioodi 7,518 5,702 43,306 56,302
puhaskasum/-kahjum
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Muu koondkasum/-kahjum
Valuutakursi vahed 34 -442 114 -563
välisettevõtetest
Perioodi muu 34 -442 114 -563
koondkasum/-kahjum kokku
--------------------------------------------------------------------------------
Perioodi koondkasum/-kahjum 7,552 5,260 43,420 55,739
kokku
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Sh.
Emaettevõtte omanike osa 7,518 5,702 43,306 56,302
puhaskasumist/-kahjumist
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Sh.
Emaettevõtte omanike osa 7,552 5,260 43,420 55,739
koondkasumist/-kahjumist
Kasum aktsia kohta (EUR-ides
ühe aktsia kohta)
- tava 0.01 0.01 0.06 0.08
- lahustatud 0.01 0.01 0.06 0.08
--------------------------------------------------------------------------------
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
(auditeerimata, tuhandetes eurodes)
VARAD 31.12.2013 31.12.2012
================================================================================
Käibevara
--------------------------------------------------------------------------------
Raha ja raha ekvivalendid 72,012 65,600
Nõuded ostjate vastu ja muud nõuded 40,608 42,555
Ettemaksed 3,121 5,151
Tuletisinstrumendid 679 0
Varud 33,457 29,426
Käibevara kokku 149,877 142,732
--------------------------------------------------------------------------------
Põhivara
--------------------------------------------------------------------------------
Investeeringud kapitaliosaluse meetodil kajastatud 262 245
investeeringuobjektidesse
Muud finantsvarad 385 296
Edasilükkunud tulumaksuvara 17,413 12,264
Kinnisvarainvesteering 300 300
Materiaalne põhivara 1,495,895 1,526,995
Immateriaalne põhivara 57,925 58,999
---------------------------------------------------------
Põhivara kokku 1,572,180 1,599,099
--------------------------------------------------------------------------------
---------------------------------------------------------
VARAD KOKKU 1,722,057 1,741,831
--------------------------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL
================================================================================
Lühiajalised kohustused
--------------------------------------------------------------------------------
Intressikandvad võlakohustused 106,014 103,685
Võlad tarnijatele ja muud võlad 97,387 92,988
Ettemakstud tulud 28,315 25,458
Tuletisinstrumendid 30,888 22,102
Lühiajalised kohustused kokku 262,604 244,233
--------------------------------------------------------------------------------
Pikaajalised kohustused
-----------------------
--------------------------------------------------------------------------------
Intressikandvad võlakohustused 688,327 736,699
Muud kohustused 63 69
--------------------------------------------------------------------------------
Pikaajalised kohustused kokku 688,390 736,768
--------------------------------------------------------------------------------
Kohustused kokku 950,994 981,001
--------------------------------------------------------------------------------
OMAKAPITAL
--------------------------------------------------------------------------------
Emaettevõtja aktsionäridele kuuluv omakapital
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Aktsiakapital nimiväärtuses 404,290 404,290
Ülekurss 639 639
Reservid 70,262 69,091
Jaotamata kasum 295,872 286,810
--------------------------------------------------------------------------------
Emaettevõtte omanikele kuuluv omakapital kokku 771,063 760,830
--------------------------------------------------------------------------------
OMAKAPITAL KOKKU 771,063 760,830
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL KOKKU 1,722,057 1,741,831
--------------------------------------------------------------------------------
KONSOLIDEERITUD RAHAVOOGUDE ARUANNE
(auditeerimata, tuhandetes eurodes) 01.01.2013 - 01.01.2012-
31.12.2013 31.12.2012
Rahavood äritegevusest
Aruandeperioodi puhaskasum/-kahjum 43,306 56,302
Korrigeerimised 118,619 109,768
Äritegevusega seotud varade muutused 198 -9,796
Äritegevusega seotud kohustuste muutused 6,649 6,782
Makstud tulumaks -378 -40
--------------------------------------------------------------------------------
168,394 163,016
--------------------------------------------------------------------------------
------------------------------------------------------
Rahavood investeerimistegevusest
Materiaalse põhivara ja immateriaalse põhivara -43,291 -9,449
soetamine
Laekumised materiaalse põhivara müügist 1,318 50
Laekumised tütarettevõtetest 0 1,992
Tuletisinstrumentidega seotud maksed -4,451 -3,976
Muude investeeringute soetamine 0 -34
Saadud intressid 114 297
--------------------------------------------------------------------------------
-46,310 -11,120
--------------------------------------------------------------------------------
------------------------------------------------------
Rahavood finantseerimistegevusest
Laekumised laenudest 24,000 440,000
Laenude tagasimaksed -198,126 -557,848
Kasutatud arvelduskrediidi muutus 18,456 0
Laekumised võlakirjadest 115,487 0
Kapitalirendi põhimaksete tasumine -96 -56
Makstud intressid -32,439 -36,434
Laenudega seotud tehingukulude tasumine -557 -7,379
Makstud dividendid -33,494 0
Makstud dividendide tulumaks -8,903 0
-115,672 -161,717
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
RAHAVOOD KOKKU 6,412 -9,821
--------------------------------------------------------------------------------
------------------------------------------------------ ------------
Raha ja raha ekvivalendid
- perioodi alguses 65,600 75,421
- suurenemine (+) / vähenemine (-) 6,412 -9,821
--------------------------------------------------------------------------------
- perioodi lõpus 72,012 65,600
--------------------------------------------------------------------------------
Harri Hanschmidt
Finantsosakonna juhataja
AS Tallink Grupp
Sadama 5/7, 10111 Tallinn
Tel +372 640 8981
E-mail [email protected]
Content of announcement in English
Title
12 months unaudited results of the 2013 financial year
Message
Tallinn, 2014-02-27 15:35 CET (GLOBE NEWSWIRE) --
12 months unaudited results of the 2013 financial year
AS Tallink Grupp and its subsidiaries (the Group) carried a total of 9.11
million passengers in the 2013 financial year which is 1.6% less than the year
before. The Group’s unaudited consolidated revenue remained on the previous
year’s level with EUR 942.0 million. Gross profit was EUR 190.2 million, EBITDA
EUR 156.2 million. Unaudited net profit amounted to EUR 43.3 million or EUR
0.06 per share, which is a 23.1% decrease compared to the previous year.
In the fourth quarter (1 October - 31 December) of the 2013 financial year the
Group carried 2.1 million passengers, 1% more compared to the same period last
year. The Group’s consolidated revenue amounted to EUR 224.0 million, EUR 1.2
million more compared to the same period last year. The Group’s EBITDA amounted
to EUR 29.8 million, 7.1% less compared to the same period last year. The
unaudited net profit for the fourth quarter increased by 31.8% to EUR 7.5
million.
The 2013 financial year ticket and cargo sales showed a 3.4% and 2.7% increase
respectively. Due to the decline in the passenger numbers on the Finland-Sweden
routes caused by increased competition and structural changes the shop and
restaurant sales experienced a 2.0% decline. Although there was a slight
decrease in shop and restaurant sales, spending per passenger stayed on last
year’s level. As a result of upgrading the fleet growth continued on the
Riga-Stockholm route in the 2013 financial year, showing an 8.4% increase in
revenue and the result for the financial year was positive for the first time
since the route was opened in 2006.
During the 2013 financial year the Group’s operations were affected by an
overall weak macroeconomic environment in the region. The Nordic countries
which are the Group’s main markets continue to experience noticeable slowdown
in their economies and there is an impact to the Group’s passengers’ spending
behaviour. Net profit was also affected by a tax expense of EUR 3.8 million.
The lower fuel price levels throughout the year had a positive effect on the
2013 results, the Group’s overall fuel cost was circa 10% or EUR 14 million
lower compared to the same period last year. Meanwhile there was raise in the
ships operating costs and port fees.
The Group was successful in generating a higher cash flow from operating
activities both in the fourth quarter and for the twelve months 48.4 million
and 168.4 million respectively compared to the same period last year. The total
liquidity, cash and unused credit facilities at the end of the fourth quarter
were EUR 104 million providing a strong position for sustainable operations. At
the end of the fourth quarter 2013 the Group had EUR 72 million in cash and
equivalents and the total of unused credit lines were at EUR 32 million.
The Group successfully continued the deleveraging strategy and the net debt
decreased by EUR 52 million to a total of EUR 722 million in the 2013 financial
year.
The 2013 financial year result did not meet the management’s expectations. Due
to adverse macroeconomic developments in the region and the increased
competition on Finland-Sweden routes the results for this year did not reach
the previous year’s level. With an aim to increase revenue generation
improvements in product development are being made, emphasis is on retail sales
and upgrades to the public areas on selected vessels. Cost reductions in some
areas are processed in order to adapt with the changed economic environment.
The management expects an improvement in the results for the 2014 financial
year.
In management’s opinion, the Group’s financial position allows the Group to pay
dividends. Management will propose to the shareholders’ general meeting a
dividend distribution of EUR 0.03 per share, i.e. EUR 20,096,461 in aggregate.
Q4 KEY FIGURES 2013 2012 Change
Oct-Dec Oct-Dec
----------------------------------------------------------
Revenue EUR million 224.0 222.8 0.5%
--------------------------------------------------------------------------------
Gross profit EUR million 37.1 40.0 -7.1%
--------------------------------------------------------------------------------
Gross margin (%) 16.6% 17.9%
--------------------------------------------------------------------------------
EBITDA EUR million 29.8 32.1 -7.1%
--------------------------------------------------------------------------------
EBITDA margin (%) 13.3% 14.4%
--------------------------------------------------------------------------------
Net profit for the EUR million 7.5 5.7 31.8%
period
--------------------------------------------------------------------------------
Net profit margin (%) 3.36% 2.56%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Depreciation and EUR million 18.6 17.9 4.0%
amortization
--------------------------------------------------------------------------------
Investments EUR million 5.0 0.6 800.0%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Weighted average number of ordinary shares 669 882 040 669 882 040
outstanding
--------------------------------------------------------------------------------
Earnings per share EUR 0.01 0.01 31.8%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Number of passengers 2 148 204 2 133 163 0.7%
--------------------------------------------------------------------------------
Number of cargo units 78 771 70 457 6.2%
--------------------------------------------------------------------------------
Average number of 6 898 6 799 1.5%
employees
--------------------------------------------------------------------------------
----------------------------------------------- -------
--------------------------
31.12.2013 30.09.2013
--------------------------------------------------------------------------------
Total assets EUR million 1 722.1 1 723.1 -0.1%
--------------------------------------------------------------------------------
Interest-bearing EUR million 794.3 808.1 -1.7%
liabilities
--------------------------------------------------------------------------------
Net debt EUR million 722.3 758.1 -4.7%
--------------------------------------------------------------------------------
Total equity EUR million 771.1 763.4 1.0%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Equity ratio (%) 44.8% 44.3%
--------------------------------------------------------------------------------
Net debt to EBITDA 4.6 4.8
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Number of ordinary 669 882 040 669 882 040 0%
shares outstanding1
--------------------------------------------------------------------------------
Shareholders’ equity per EUR 1.15 1.14 1.0%
share
--------------------------------------------------------------------------------
EBITDA: Earnings before net financial items, 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 01.10.2013- 01.10.2012- 01.01.2013- 01.01.2012-
EUR)
31.12.2013 31.12.2012 31.12.2013 31.12.2012
================================================================================
Revenue 223,982 222,816 941,983 943,868
Cost of sales -186,859 -182,836 -751,827 -742,669
Gross profit 37,123 39,980 190,156 201,199
--------------------------------------------------------------------------------
Marketing expenses -13,650 -17,183 -63,292 -65,407
Administrative expenses -12,679 -10,626 -45,148 -44,081
Other income 1,035 2,806 2,120 3,659
Other expenses -664 -802 -805 -1,654
--------------------------------------------------------------------------------
Results from operating 11,165 14,175 83,031 93,716
activities
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finance income 5,757 2,735 21,547 5,269
Finance costs -14,538 -13,991 -57,503 -46,249
Profit from the sale of a 0 0 0 783
subsidiary
Share of profit/-loss from 17 19 17 19
equity accounted investees
Profit/-loss before income 2,401 2,938 47,092 53,538
tax
--------------------------------------------------------------------------------
Income tax 5,117 2,764 -3,786 2,764
--------------------------------------------------------------------------------
Net profit/-loss for the 7,518 5,702 43,306 56,302
period
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Other comprehensive
income/-expense
Exchange differences on 34 -442 114 -563
translating foreign
operations
Other comprehensive 34 -442 114 -563
income/-expense for the
period
--------------------------------------------------------------------------------
Total comprehensive 7,552 5,260 43,420 55,739
income/-expense for the
period
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Profit/-loss attributable
to:
Equity holders of the 7,518 5,702 43,306 56,302
parent
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total comprehensive
income/-expense
attributable to:
Equity holders of the 7,552 5,260 43,420 55,739
parent
Earnings per share (in EUR
per share)
- basic 0.01 0.01 0.06 0.08
- diluted 0.01 0.01 0.06 0.08
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(unaudited, in thousands of EUR)
ASSETS 31.12.2013 31.12.2012
================================================================================
Current assets
--------------------------------------------------------------------------------
Cash and cash equivalents 72,012 65,600
Trade and other receivables 40,608 42,555
Prepayments 3,121 5,151
Derivatives 679 0
Inventories 33,457 29,426
Total current assets 149,877 142,732
--------------------------------------------------------------------------------
Non-current assets
--------------------------------------------------------------------------------
Investments in equity-accounted investees 262 245
Other financial assets 385 296
Deferred income tax assets 17,413 12,264
Investment property 300 300
Property, plant and equipment 1,495,895 1,526,995
Intangible assets 57,925 58,999
---------------------------------------------------------
Total non-current assets 1,572,180 1,599,099
--------------------------------------------------------------------------------
---------------------------------------------------------
TOTAL ASSETS 1,722,057 1,741,831
--------------------------------------------------------------------------------
LIABILITIES AND EQUITY
================================================================================
Current liabilities
--------------------------------------------------------------------------------
Interest bearing loans and borrowings 106,014 103,685
Trade and other payables 97,387 92,988
Deferred income 28,315 25,458
Derivatives 30,888 22,102
Total current liabilities 262,604 244,233
--------------------------------------------------------------------------------
Non-current liabilities
-----------------------
--------------------------------------------------------------------------------
Interest bearing loans and borrowings 688,327 736,699
Other liabilities 63 69
--------------------------------------------------------------------------------
Total non-current liabilities 688,390 736,768
--------------------------------------------------------------------------------
TOTAL LIABILITIES 950,994 981,001
--------------------------------------------------------------------------------
EQUITY
--------------------------------------------------------------------------------
Equity attributable to equity holders of the parent
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Share capital 404,290 404,290
Share premium 639 639
Reserves 70,262 69,091
Retained earnings 295,872 286,810
--------------------------------------------------------------------------------
Total equity attributable to equity holders of the 771,063 760,830
parent
--------------------------------------------------------------------------------
TOTAL EQUITY 771,063 760,830
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 1,722,057 1,741,831
--------------------------------------------------------------------------------
CONSOLIDATED CASH FLOW STATEMENT
(unaudited, in thousands of EUR) 01.01.2013 - 01.01.2012-
31.12.2013 31.12.2012
Cash flows from operating activities
Net profit/-loss for the period 43,306 56,302
Adjustments 118,619 109,768
Changes in assets related to operating activities 198 -9,796
Changes in liabilities related to operating 6,649 6,782
activities
Income tax paid -378 -40
--------------------------------------------------------------------------------
168,394 163,016
--------------------------------------------------------------------------------
------------------------------------------------------
Cash flow used for investing activities
Purchase of property, plant and equipment and -43,291 -9,449
intangible assets
Proceeds from disposals of property, plant and 1,318 50
equipment
Proceeds from subsidiaries 0 1,992
Payments for settlement of derivatives -4,451 -3,976
Acquisition of other investments 0 -34
Interest received 114 297
--------------------------------------------------------------------------------
-46,310 -11,120
--------------------------------------------------------------------------------
------------------------------------------------------
Cash flow from (+)/ used for (-) financing activities
Proceeds from loans 24,000 440,000
Redemption of loans -198,126 -557,848
Change in overdraft 18,456 0
Proceeds from bonds 115,487 0
Repayment of finance lease liabilities -96 -56
Interest paid -32,439 -36,434
Payment of transaction costs related to loans -557 -7,379
Dividends paid -33,494 0
Income tax on dividends paid -8,903 0
-115,672 -161,717
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
TOTAL NET CASH FLOW 6,412 -9,821
--------------------------------------------------------------------------------
------------------------------------------------------ ------------
Cash and cash equivalents:
- at the beginning of period 65,600 75,421
- increase (+) / decrease (-) 6,412 -9,821
--------------------------------------------------------------------------------
Cash and cash equivalents at the end of period 72,012 65,600
--------------------------------------------------------------------------------
Harri Hanschmidt
Head of the Financial Department
AS Tallink Grupp
Sadama 5/7. 10111 Tallinn
Tel +372 640 8981
E-mail [email protected]