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
Annual financial report
Unique data record identifier
4425
Attachments
Submission date and time
30.04.2014 09:50:00
Content of announcement in Estonian
Title
Auditeeritud 2013 majandusaasta aruanne
Message
Tallinn, 2014-04-30 08:50 CEST (GLOBE NEWSWIRE) --
Auditeeritud 2013 majandusaasta aruanne
Eelmiste aastate majanduskasv on asendunud stabiilsema turukeskkonnaga. 2013.
majandusaastal jätkus Põhjamaades majanduskasvu aeglustumine ning see avaldas
omakorda mõju kontserni klientide tarbimiskäitumisele. Samal ajal investeerisid
mõned meie konkurendid vastehitatud või uuematesse laevadesse ning selle
tulemusena muutus konkurentsimaastik. Võrreldes eelmise perioodiga oli
korralisi hooldustöid läbivaid laevu rohkem ning seetõttu vähenes reiside ja
ühtlasi ka reisijate arv. Lisaks vahetasid kruiisilaevad Silja Europa ja Baltic
Princess omavahel reisiliinid ja muutuse tõttu vähenes ajutiselt reiside arv.
Kõigi nimetatud tegurite mõjul mahud pisut kahanesid ning sellest tulenevalt
olid aastatulemused mõnevõrra kehvemad.
2013. majandusaastal reisis kontserni laevadel kokku 9,11 miljonit reisijat.
Kontserni konsolideeritud müügitulu 2013. aastal oli 942,0 miljonit eurot
(2012: 943,9 miljonit eurot). Brutokasum oli 190,2 miljonit eurot (2012: 201,2
miljonit eurot), EBITDA oli 156,2 miljonit eurot (2012: 165,5 miljonit eurot).
2013. aasta puhaskasum oli 43,3 miljonit eurot (2012: 56,3 miljonit eurot) ja
aktsiakasum 0,065 eurot (2012: 0,084 eurot).
2013. majandusaastal keskendus kontsern varasemast enam laevade
pardakontseptsiooni arendamisel. See on meie visioon pikaajalisest protsessist,
mille eesmärk on välja töötada uued ärikontseptsioonid seoses baaride,
restoranide, kaupluste, butiikide ja teenindusega. Lisaks pöörame tähelepanu
tehniliste uuenduste ning kliendisuhtluse täiustamisele laevade pardal. Me
oleme oma visioonile andnud nimeks „Newboard“. Väiksemate täienduste kõrval on
esimesed märkimisväärsed parendused seotud Silja Serenade'iga, kus 2014. aasta
esimeses kvartalis moderniseeriti restoranid, kauplused ja muud reisijaile
avatud alad.
Veebipõhiste müügikanalite aktiivne arendamine jätkus kogu aasta vältel.
Suurenenud on veebipõhiste broneeringute maht ja osakaal.
2013. aasta kevadel investeeris kontsern umbes 30 miljonit eurot
Riia-Stockholmi liini arendamisse ostes kruiisilaeva Isabelle. Viimastel
aastatel on Riia-Stockholmi liin kasvanud kõige kiiremini ning eelnimetatud
investeering toetab edasist arengut. Uuendused aitasid kaasa müügitulu
suurendamisele 8,4% ja positiivsete segmenditulemuste saavutamisele 2013.
aastal.
2013. aasta juunis emiteeris kontsern 900 miljoni Norra krooni (118 miljoni
euro) väärtuses tagamata võlakirju, et maksta ennetähtaegselt tagasi pangalaen.
Võlakirjad noteeriti Oslo börsil oktoobris. Ligipääs kapitaliturgudele on
oluline, et hajutatud rahastamisallikate kaudu muuta finantseerimine
paindlikumaks.
2013. majandusaasta olulised märksõnad olid järgmised:
-- Piirkonna üldise kehva majanduskeskkonna mõju äritegevusele
-- Muutunud konkurentsimaastik
-- Veebipõhiste müügikanalite arendamine
-- Visiooni „Newboard
?
arendamine
-- Kruiisilaeva Isabelle ostmine
-- Võlakirjade emiteerimine
Juhatus leiab, et kontserni finantspositsioon võimaldab kontsernil maksta
dividende. Juhatus teeb aktsionäride 2014. aasta üldkoosolekule ettepaneku
maksta dividende 0,03 eurot aktsia kohta, seega kokku 20 096 461 eurot.
2013 MAJANDUSAASTA PÕHINÄITAJAD
2013 2012 Muutus
-------------------------------------------------------------------------
EUR EUR %
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Müügitulu (miljonites) 942,0 943,9 -0,2%
-------------------------------------------------------------------------
Brutokasum (miljonites) 190,2 201,2 -5,5%
-------------------------------------------------------------------------
Aruandeperioodi puhaskasum (miljonites) 43,3 56,3 -23,1%
-------------------------------------------------------------------------
EBITDA (miljonites) 156,2 165,5 -5,6%
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Amortisatsioon (miljonites) 73,2 71,0 3,1%
-------------------------------------------------------------------------
Investeeringud (miljonites) 43,3 9,4 358,2%
-------------------------------------------------------------------------
Aktsiate kaalutud keskmine arv 669 882 040 669 882 040 0%
-------------------------------------------------------------------------
Aktsiakasum 0,065 0,084 -23,1%
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Reisijate arv 9 114 812 9 264 561 -1,6%
-------------------------------------------------------------------------
Kaubaveoühikute arv 301 660 283 973 6,2%
-------------------------------------------------------------------------
Keskmine töötajate arv 6 948 6 868 1,2%
-------------------------------------------------------------------------
-------------------------------------------------------------------------
31.12.2013 31.12.2012
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Varad kokku (miljonites) 1 722,1 1 741,8 -1,1%
-------------------------------------------------------------------------
Kohustused kokku (miljonites) 951,0 981,0 -3,1%
-------------------------------------------------------------------------
Intressikandvad kohustused (miljonites) 794,3 840,4 -5,5%
-------------------------------------------------------------------------
Netovõlg (miljonites) 722,3 774,8 -6,8%
-------------------------------------------------------------------------
Omakapital kokku (miljonites) 771,1 760,8 1,3%
-------------------------------------------------------------------------
Omakapitali määr (%) 44,8% 43,7%
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Lihtaktsiate arv1 669 882 040 669 882 040 0%
-------------------------------------------------------------------------
Omakapital aktsia kohta 1,15 1,14 1,3%
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Suhtarvud
-------------------------------------------------------------------------
Brutokasumi marginaal (%) 20,19% 21,3%
-------------------------------------------------------------------------
EBITDA marginaal (%) 16,6% 17,5%
-------------------------------------------------------------------------
Puhaskasumi marginaal (%) 4,6% 6,0%
-------------------------------------------------------------------------
Varade tootlus (ROA) 4,8% 5,4%
-------------------------------------------------------------------------
Omakapitali tootlus (ROE) 5,7% 7,8%
-------------------------------------------------------------------------
Investeeritud kapitali tootlus (ROCE) 5,6% 6,4%
-------------------------------------------------------------------------
Netovõla ja EBITDA suhe 4,6 4,7 -2,1%
-------------------------------------------------------------------------
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;
ROA: Finantstulude ja -kulude ning maksude eelne kasum / keskmine koguvara;
ROE: Puhaskasum /keskmine omakapital;
ROCE: Finantstulude ja -kulude ning maksude eelne kasum /(koguvara –
lühiajalised kohustused (perioodi keskmine));
Netovõlg: Intressikandvad kohustused miinus raha ja raha ekvivalendid;
Netovõla ja EBITDA suhe: netovõlg / 12 kuu EBITDA.
1Aktsiate arv ei sisalda oma aktsiaid.
MÜÜGITULU
Kontserni konsolideeritud müügitulu oli 942,0 miljonit eurot (2012: 943,9
miljonit eurot). Enam kui pool müügitulust ehk 507,3 miljonit eurot (2012:
517,5 miljonit eurot) saadi müügist laevadel ja maismaal asuvates restoranides
ja poodides. Piletimüük andis 249,2 miljonit eurot (2012: 241,0 miljonit eurot)
ning kaubaveomüük 105,6 miljonit eurot (2012: 102,8 miljonit eurot).
Ärisegmentide vahelises müügitulu jaotuses eelmise majandusaastaga võrreldes
suuri muutusi ei toimunud.
Geograafiliste segmentide vahel jagunes müügitulu järgmiselt: 36,4% ehk 343,2
miljonit eurot tuli Soome-Rootsi liinilt ja 33,7% ehk 317,4 miljonit eurot
Eesti-Soome liinilt. Rootsi-Eesti liini müügitulu oli 104,9 miljonit eurot ehk
11,2% ja Rootsi-Läti liini müügitulu 71,9 miljonit eurot ehk 7,6%. Muude
geograafiliste segmentide müügitulu osakaal kasvas 11,1%-ni (114,8 miljonit
eurot).
KASUM
Kontserni brutokasum oli 190,2 miljonit eurot (2012: 201,2 miljonit eurot),
EBITDA 156,2 miljonit eurot (2012: 165,5 miljonit eurot). 2013. aasta
puhaskasum oli 43,3 miljonit eurot (2012: 56,3 miljonit eurot). Tava- ja
lahustatud aktsiakasum oli 0,065 eurot (2012: 0,084 eurot).
Suurim kuluartikkel, kaubakulud, mis on seotud poodide ja restoranide
müügituluga, oli 220,2 miljonit eurot (2012: 213,7 miljonit eurot).
Käibemaksuvabastuseta liinide (Soome-Eesti ja Läti-Rootsi liinid), kus
marginaal on väiksem, müügitulu osakaal kasvas, samas kui käibemaksuvabastusega
(tax-free) liinide osakaal vähenes.
Kütusekulud oli 2013. aastal 129,8 miljonit eurot (2012: 143,9 miljonit eurot).
Kütusekuludele avaldas mõju madalam kütusehind kogu aasta vältel. 2013. aastal
oli võrreldava kütuse (alla 1% väävlisisaldusega raskekütus) keskmine turuhind
eurodes mõõdetuna umbes 13% madalam kui 2012. kalendriaastal.
Kontserni personalikulud olid 182,4 miljonit eurot (2012: 180,5 miljonit
eurot). 2013. majandusaastal oli keskmine töötajate arv 6 948 (2012: 6 868).
2013. aasta üldhalduskulud olid 45,1 miljonit eurot (2012: 44,1 miljonit eurot)
ja turustuskulud 63,3 miljonit eurot (2012: 65,4 miljonit eurot).
Kontserni varade amortisatsioonikulu oli 73,2 miljonit eurot (2012: 71,0
miljonit eurot). 2013. aastal amortisatsiooni arvestuse põhimõtteid ei
muudetud. Kontserni materiaalse põhivara ja immateriaalse vara väärtus ei
langenud.
2013. aastal olid kontserni netofinantskulud 36,0 miljonit eurot (2012: 41,0
miljonit eurot).
Kontserni krediidiriske, likviidsusriske ja tururiske ning finantsriskide
juhtimise alast tegevust kirjeldatakse raamatupidamise aastaaruande lisades.
KONSOLIDEERITUD KOONDKASUMIARUANNE
-------------------
Tuhandetes eurodes
31. detsembril lõppenud aasta kohta 2013 2012
-------------------
-------------------
Müügitulu 941 983 943 868
Müüdud kaupade ja teenuste kulud -751 827 -742 669
-------------------
Brutokasum 190 156 201 199
-------------------
-------------------
Turustuskulud -63 292 -65 407
Üldhalduskulud -45 148 -44 081
Muud äritulud 2 120 3 659
Muud ärikulud -805 -1 654
-------------------
Kasum äritegevusest 83 031 93 716
-------------------
-------------------
Finantstulud 21 547 5 269
Finantskulud -57 503 -46 249
Kasum tütarettevõtte müügist 0 783
Kapitaliosaluse meetodil kajastatud investeeringuobjektide 17 19
kasumi osa
-------------------
Kasum enne tulumaksu 47 092 53 538
-------------------
-------------------
Tulumaks -3 786 2 764
-------------------
-------------------
Aruandeperioodi puhaskasum 43 306 56 302
-------------------
-------------------
-------------------
Muu koondkasum/-kahjum
Summad, mida saab edaspidi ümber liigitada kasumisse või
kahjumisse
Valuutakursi vahed välisettevõtetest 114 -563
-------------------
Perioodi muu koondkasum/-kahjum kokku 114 -563
-------------------
Perioodi koondkasum kokku 43 420 55 739
-------------------
Tava- ja lahustatud aktsiakasum(eurodes ühe aktsia kohta) 0,065 0,084
-------------------
Tava- ja lahustatud aktsiakasum – jätkuvad tegevused 0,065 0,084
(eurodes ühe aktsia kohta)
-------------------
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
---------------------
Tuhandetes eurodes
Seisuga 31. detsember 2013 2012
---------------------
---------------------
VARAD
Käibevara
Raha ja raha ekvivalendid 72 012 65 600
Nõuded ostjate vastu ja muud nõuded 40 544 42 555
Ettemaksed 3 185 5 151
Tuletisinstrumendid 679 0
Varud 33 457 29 426
---------------------
149 877 142 732
---------------------
---------------------
Põhivara
Investeeringud kapitaliosaluse meetodil kajastatud 262 245
investeeringuobjektidesse
Muud finantsvarad 385 296
Edasilükkunud tulumaksuvara 17 413 12 264
Kinnisvarainvesteeringud 300 300
Materiaalne põhivara 1 495 895 1 526 995
Immateriaalne põhivara 57 925 58 999
---------------------
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 92 982
Tulumaks 0 6
Ettemakstud tulud 28 315 25 458
Tuletisinstrumendid 30 888 22 102
262 604 244 233
---------------------
---------------------
Pikaajalised kohustused
Intressikandvad võlakohustused 688 327 736 699
Muud kohustused 63 69
---------------------
688 390 736 768
---------------------
Kohustused kokku 950 994 981 001
---------------------
---------------------
Omakapital
Emaettevõtte omanikele kuuluv omakapital
Aktsiakapital 404 290 404 290
Ülekurss 639 639
Reservid 70 111 69 091
Jaotamata kasum 296 023 286 810
---------------------
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
-------------------
31. detsembril lõppenud aasta kohta Tuhandetes eurodes
2013 2012
-------------------
-------------------
Rahavood äritegevusest
Aruandeperioodi puhaskasum 43 306 56 302
Korrigeerimised: 118 619 109 768
Amortisatsioon 73 176 71 001
Kasum/kahjum põhivara müügist 1 300 -45
Puhas intressikulu 36 687 39 637
Puhaskulu tuletisinstrumentidest 12 558 3 410
Kasum tütarettevõtetest 0 -783
Kasum kapitaliosaluse meetodil kajastatud -17 -19
investeeringuobjektidest
Realiseerimata kasum valuutakursi muutustest -9 178 -669
Aktsiaoptsioonide programmi reserv 307 0
Tulumaks 3 786 -2 764
Äritegevusega seotud nõuete ja ettemaksete muutused 4 229 -5 568
Varude muutused -4 031 -4 228
Äritegevusega seotud kohustuste muutused 6 649 6 782
Makstud tulumaks -378 -40
-------------------
168 394 163 016
-------------------
-------------------
Rahavood investeerimistegevusest
Materiaalse põhivara ja immateriaalse vara ostmine -43 291 -9 449
Laekumised materiaalse põhivara müügist 1 318 50
Laekumised tütarettevõtetest 0 1 992
Muude investeeringute soetamine 0 -34
Saadud intressid 114 297
-41 859 -7 144
-------------------
-------------------
Rahavood finantseerimistegevusest
Saadud laenud 24 000 440 000
Laenude tagasimaksed -198 126 -557 848
Arvelduskrediidi muutus 18 456 0
Laekumised võlakirjadest 115 487 0
Tuletisinstrumentidega seotud maksed -4 451 -3 976
Kapitalirendimaksete tasumine -96 -56
Makstud intressid -32 439 -36 434
Laenudega seotud tehingukulude tasumine -557 -7 379
Makstud dividendid -33 494 0
Tulumaks makstud dividendidelt -8 903 0
-------------------
-120 123 -165 693
-------------------
-------------------
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
-------------------
Janek Stalmeister
Juhatuse liige
AS Tallink Grupp
Tel +372 640 9800
E-mail [email protected]
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
Audited Annual Report of the 2013 Financial Year
Message
Tallinn, 2014-04-30 08:50 CEST (GLOBE NEWSWIRE) --
Audited Annual Report of the 2013 Financial Year
The growth experienced during the previous years has turned into a more stable
market environment. During the 2013 financial year the Nordic economies
continued to experience a slowdown that in turn had an effect on the Group’s
customer spending behaviour. At the same time several competitors invested in
new built or newer vessels resulting in a changed competitive landscape.
Compared to the previous period an increased number of the Group’s vessels went
through scheduled maintenance works resulting in fewer voyages and hence lower
passenger volumes. In addition, the cruise ferries Silja Europa and Baltic
Princess switched their operating routes resulting temporarily in fewer
sailings due to the change. These various factors had an effect to the slight
decline in the volumes resulting in a somewhat weaker annual result.
During the 2013 financial year a total of 9.11 million passengers travelled on
the Group’s vessels. The Group’s consolidated revenue for 2013 was EUR 942.0
million (EUR 943.9 million in 2012). Gross profit was EUR 190.2 million (EUR
201.2 million in 2012), EBITDA EUR 156.2 million (EUR 165.5 million in 2012).
Net profit for 2013 was EUR 43.3 million (EUR 56.3 million in 2012),
representing earnings per share of EUR 0.065 (EUR 0.084 in 2012).
During the 2013 financial year the Group’s increased focus was on developing
the on-board concept. It is our vision for the long term on-board development
of new business concepts for bars, restaurants, shops, boutiques, servicing,
technical innovations, customer communication etc, we call this “Newboard”.
Aside from smaller upgrades the first noticeable improvement comes from Silja
Serenade where restaurants, shops and other public areas were upgraded in the
first quarter of 2014.
Active development of the on-line sales channels continued throughout the year.
The volume and share of on-line bookings has increased.
In 2013 spring the Group invested around EUR 30 million in the development of
the Riga – Stockholm route by purchasing the cruise ferry Isabelle. In the
recent years the Riga – Stockholm route has been the fastest growing route and
this investment supports the further development. The upgrade helped to achieve
8.4% higher revenue and a positive segment result for 2013.
In 2013 June the Group issued a NOK 900 million (EUR 118 million) senior
unsecured bond to pre-pay an existing bank loan. The bond was listed on the
Oslo stock exchange in October. The access to capital markets is important for
improving financial flexibility through diversified funding sources.
The key highlights of the 2013 financial year were the following:
-- Operations impacted by an overall weak economic environment in the region
-- Changed competitive landscape
-- Development of the online sales channels
-- Development of “Newboard”
-- Purchase of the cruise ferry Isabelle
-- Bond issue
In management’s opinion, the Group’s financial position allows the Group to pay
dividends. Management will propose to the 2014 shareholders’ general meeting a
dividend distribution of EUR 0.03 per share, i.e. EUR 20,096,461 in aggregate.
KEY FIGURES OF THE FINANCIAL YEAR 2013
2013 2012 Change
--------------------------------------------------------------------------------
EUR EUR %
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Revenue (million) 942.0 943.9 -0.2%
--------------------------------------------------------------------------------
Gross profit (million) 190.2 201.2 -5.5%
--------------------------------------------------------------------------------
Net profit for the period (million) 43.3 56.3 -23.1%
--------------------------------------------------------------------------------
EBITDA (million) 156.2 165.5 -5.6%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Depreciation and amortisation (million) 73.2 71.0 3.1%
--------------------------------------------------------------------------------
Investments (million) 43.3 9.4 358.2%
--------------------------------------------------------------------------------
Weighted average number of ordinary shares 669,882,040 669,882,040 0%
outstanding
--------------------------------------------------------------------------------
Earnings per share 0.065 0.084 -23.1%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Number of passengers 9,114,812 9,264,561 -1.6%
--------------------------------------------------------------------------------
Number of cargo units 301,660 283,973 6.2%
--------------------------------------------------------------------------------
Average number of employees 6,948 6,868 1.2%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
31.12.2013 31.12.2012
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total assets (million) 1,722.1 1,741.8 -1.1%
--------------------------------------------------------------------------------
Total liabilities (million) 951.0 981.0 -3.1%
--------------------------------------------------------------------------------
Interest-bearing liabilities (million) 794.3 840.4 -5.5%
--------------------------------------------------------------------------------
Net debt (million) 722.3 774.8 -6.8%
--------------------------------------------------------------------------------
Total equity (million) 771.1 760.8 1.3%
--------------------------------------------------------------------------------
Equity ratio (%) 44.8% 43.7%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Number of ordinary shares outstanding1 669,882,040 669,882,040 0%
--------------------------------------------------------------------------------
Shareholders’ equity per share 1.15 1.14 1.3%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Ratios
--------------------------------------------------------------------------------
Gross margin (%) 20.19% 21.3%
--------------------------------------------------------------------------------
EBITDA margin (%) 16.6% 17.5%
--------------------------------------------------------------------------------
Net profit margin (%) 4.6% 6.0%
--------------------------------------------------------------------------------
Return on assets (ROA) 4.8% 5.4%
--------------------------------------------------------------------------------
Return on equity (ROE) 5.7% 7.8%
--------------------------------------------------------------------------------
Return on capital employed (ROCE) 5.6% 6.4%
--------------------------------------------------------------------------------
Net debt to EBITDA 4.6 4.7 -2.1%
--------------------------------------------------------------------------------
EBITDA: Earnings before net financial items, share of profit of equity
accounted investees, taxes, depreciation and amortisation
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 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.
SALES
The Group’s consolidated revenue amounted to EUR 942.0 million in 2013 (943.9
million in 2012). Restaurant and shop sales on-board and on mainland of EUR
507.3 million (517.5 million in 2012) contributed more than half of total
revenue. Ticket sales amounted to EUR 249.2 million (241.0 million in 2012) and
sales of cargo transport to EUR 105.6 million (102.8 million in 2012). The
distribution of sales between operational segments remained more or less stable
compared to the previous financial year.
Geographically, 36.4% or EUR 343.2 million of revenue came from the
Finland-Sweden route and 33.7% or EUR 317.4 million from the Estonia-Finland
route. Revenue from the Sweden-Estonia route was EUR 104.9 million or 11.2% and
from the Sweden-Latvia route EUR 71.9 million or 7.6%. The share of revenue
generated by other geographical segments increased to 11.1% (EUR 114.8
million).
EARNINGS
Gross profit was EUR 190.2 million (EUR 201.2 million in 2012), EBITDA EUR
156.2 million (EUR 165.5 million in 2012). Net profit for 2013 was EUR 43.3
million (EUR 56.3 million in 2012). Basic and diluted earnings per share were
EUR 0.065 (EUR 0.084 in 2012).
The cost of goods related to sales at shops and restaurants, which is the
largest operating cost item, amounted to EUR 220.2 million (EUR 213.7 million
in 2012). Accordingly, the proportion of sales on the tax- paid routes
(Finland-Estonia and Latvia-Sweden routes), where the margin is lower,
increased, whereas the share of the Finland-Sweden tax-free routes decreased.
Fuel costs for 2013 were EUR 129.8 million (EUR 143.9 million in 2012). Fuel
costs were impacted by lower fuel price levels throughout the year. Measured in
euros, in 2013 the average market price of the reference fuel (Fuel oil 1%
sulphur content) was approximately 13% lower than in the 2012 calendar year.
The Group’s personnel expenses amounted to EUR 182.4 million (EUR 180.5 million
in 2012). The average number of employees in the 2013 financial year was 6,948
(6,868 in 2012).
Administrative expenses for 2013 amounted to EUR 45.1 million and marketing
expenses to EUR 63.3 million (EUR 44.1 million and 65.4 million respectively in
2012).
Depreciation and amortisation of the Group’s assets was EUR 73.2 million (EUR
71.0 million in 2012). There were no changes in depreciation policies in 2013.
There were no impairment losses related to the Group’s property, plant,
equipment and intangible assets.
The Group’s net finance costs for 2013 amounted to EUR 36.0 million (EUR 41.0
million in 2012).
The Group’s exposure to credit risk, liquidity risk and market risks, and its
financial risk management activities are described in the notes to the
financial statements.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 December
--------------------
In thousands of EUR
2013 2012
--------------------
--------------------
Revenue 941,983 943,868
Cost of sales -751,827 -742,669
--------------------
Gross profit 190,156 201,199
--------------------
--------------------
Marketing expenses -63,292 -65,407
Administrative expenses -45,148 -44,081
Other income 2,120 3,659
Other expenses -805 -1,654
--------------------
Result from operating activities 83,031 93,716
--------------------
--------------------
Finance income 21,547 5,269
Finance costs -57,503 -46,249
Profit from the sale of a subsidiary 0 783
Share of profit of equity-accounted investees 17 19
--------------------
Profit before income tax 47,092 53,538
--------------------
--------------------
Income tax -3,786 2,764
--------------------
--------------------
Net profit for the period 43,306 56,302
--------------------
--------------------
--------------------
Other comprehensive income/ expense
Items that may be reclassified to profit or loss
Exchange differences on translating foreign operations 114 -563
--------------------
Other comprehensive income/expense for the period 114 -563
--------------------
Total comprehensive income for the period 43,420 55,739
--------------------
Basic and diluted earnings per share 0.065 0.084
(in EUR per share)
--------------------
Basic and diluted earnings per share – continuing 0.065 0.084
operations
(in EUR per share)
--------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
---------------------
In thousands of EUR
As of 31 December 2013 2012
---------------------
---------------------
ASSETS
Current assets
Cash and cash equivalents 72,012 65,600
Trade and other receivables 40,544 42,555
Prepayments 3,185 5,151
Derivatives 679 0
Inventories 33,457 29,426
---------------------
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
---------------------
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 92,982
Income tax 0 6
Deferred income 28,315 25,458
Derivatives 30,888 22,102
262,604 244,233
---------------------
---------------------
Non-current liabilities
Interest-bearing loans and borrowings 688,327 736,699
Other liabilities 63 69
---------------------
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 70,111 69,091
Retained earnings 296,023 286,810
---------------------
Total equity attributable to equity holders of the Parent 771,063 760,830
---------------------
Total equity 771,063 760,830
---------------------
TOTAL LIABILITIES AND EQUITY 1,722,057 1,741,831
---------------------
CONSOLIDATED STATEMENT OF CASH FLOWS
-------------------
For the year ended 31 December In thousands of
EUR
2013 2012
-------------------
-------------------
Cash flows from operating activities
Net profit for the period 43,306 56,302
Adjustments: 118,619 109,768
Depreciation and amortisation 73,176 71,001
Net gain/loss on disposals of property, plant and equipment 1,300 -45
Net interest expense 36,687 39,637
Net expense from derivatives 12,558 3,410
Profit from subsidiaries 0 -783
Profit from equity-accounted investees -17 -19
Net unrealised foreign exchange gain -9,178 -669
Share option programme reserve 307 0
Income tax 3,786 -2,764
Changes in receivables and prepayments related to operating 4,229 -5,568
activities
Changes in inventories -4,031 -4,228
Changes in liabilities related to operating activities 6,649 6,782
Income tax paid -378 -40
-------------------
168,394 163,016
-------------------
-------------------
Cash flows used in investing activities
Purchase of property, plant, equipment and intangible assets -43,291 -9,449
Proceeds from disposals of property, plant, equipment 1,318 50
Proceeds from subsidiaries 0 1,992
Acquisition of other investments 0 -34
Interest received 114 297
-41,859 -7,144
-------------------
-------------------
Cash flows used in 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
Payments for settlement of derivatives -4,451 -3,976
Payment 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
-------------------
-120,123 -165,693
-------------------
-------------------
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
-------------------
- at the end of period 72,012 65,600
-------------------
Janek Stalmeister
Member of the Management Board, CFO
AS Tallink Grupp
Tel +372 640 9800
E-mail [email protected]
Harri Hanschmidt
Head of the Finance Department
AS Tallink Grupp
Sadama 5/7. 10111 Tallinn
Tel +372 640 8981
E-mail [email protected]