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
4595
Attachments
Submission date and time
14.08.2014 09:50:00
Content of announcement in Estonian
Title
2014 majandusaasta II kvartali majandustulemused
Message
Tallinn, 2014-08-14 08:50 CEST (GLOBE NEWSWIRE) --
2014 majandusaasta II kvartali majandustulemused
AS-i Tallink Grupp ja tema tütarettevõtted (Kontsern) vedasid 2014
majandusaasta teises kvartalis (1. aprill – 30. juuni) kokku ligi 2,4 miljonit
reisijat, mida on 0,5% rohkem kui sama perioodi jooksul eelmisel aastal. Veetud
kaubaühikute arv kahanes 1,0% võrra ning veetud sõiduautode arv kasvas 0,7%
võrreldes eelmise aasta sama perioodiga.
Kontserni konsolideeritud müügitulu teises kvartalis oli 246,5 miljonit eurot,
mis on 1,0% ehk 2,6 miljonit eurot väiksem kui eelmise majandusaasta teises
kvartalis. 2014 majandusaasta teise kvartali brutokasum oli 51,0 miljonit eurot
ning EBITDA 41,1 miljonit eurot vastavalt 6,0 miljonit eurot ja 5,7 miljonit
eurot vähem kui eelmise majandusaasta samal perioodil. Mõjuteguriteks olid
laevade Star, Galaxy ja Baltic Printsess remonditööd. Võrreldes eelmise aasta
sama perioodiga oli teises kvartalis laevade hooldustööde tõttu vähem reise.
Teises kvartalis oli näha Eesti-Soome vahelistel laevaliinidel reisijate veo
kerget langust 2,7%, samas veetud kaubaveoühikute arv kasvas 6,6% ning
müügitulu jäi eelmise aasta tasemele. Tulemusi mõjutasid reisilaeva M/S Star
rambi parandustööd, mille tõttu laev oli aprilli kuus liinilt ära 68 reisi ning
asendati vaid osaliselt. Samal ajal suurenes liinil konkurentide poolt tehtud
väljumiste arv.
Teises kvartalis langes Soome-Rootsi vahelise segmendi tulem 4,9 miljoni euro
võrra, võrreldes eelmise aasta sama perioodiga. Langus tuli Turu-Stockholmi
liinilt, kus kahanes müügitulu kuna kruiisilaevad Galaxy ja Baltic Princess
olid korraliste hooldustööde tõttu liinilt ära ja oli näha reisijate
tarbimiskäitumise nõrgenemist üldises nõrgas makromajanduslikus keskkonnas.
Sama parandas Helsingi-Stockholmi liinil tulemust uuendustööd läbinud
kruiisilaev Silja Serenade. Kõrgem kliendirahulolu ning tarbimine pardal
annavad kinnitust, et investeering osutus edukaks ning sellest võib oodata
ärile pikaajalist positiivset mõju.
2014 majandusaastal on Kontserni amortisatsioonikulu kõrgem, kuna lisandus
kruiisilaev Isabelle ja Kontsern on muutnud osade laevade kasuliku eluea
hinnanguid. Seoses sellega on teises kvartalis suurenenud kogu amortisatsiooni
kulu 1,8 miljoni euro võrra võrreldes eelmise aasta sama perioodiga.
Kontserni auditeerimata puhaskasum 2014. majandusaasta teises kvartalis oli 6,1
miljonit eurot, ehk 0,01 eurot aktsia kohta. Eelmise majandusaasta samal
perioodil oli kasum 9,3 miljonit eurot ehk 0,01 eurot aktsia kohta.
2014. a juunis toimunud aktsionäride üldkoosolekul otsustati maksta
aktsionäridele dividendi 0,03 eurot aktsia kohta. Juuli alguses (kolmas
kvartal) maksti aktsionäridele kokku välja dividende 20,1 miljonit eurot.
Viimase aja geopoliitilised sündmused Euroopas on avaldanud Kontserni
tegevusele mõju, majandusaasta esimese kuue kuuga on Venemaalt pärinevate
turistide osakaal märgatavalt kahanenud.
Kontsern teeb koostöös laevakütuse tarnijatega laevadel tehnilisi
ettevalmistusi, eesmärgiga sujuvalt üle minna 1,0%-lise väävlisisaldusega
kütuselt 0,1% väävlisisaldusega kütusele, et vastata 2015 aastast kehtima
hakkavatele uutele nõuetele.
Kontserni kogulikviidsus ulatus teise kvartali lõpus 75,2 miljoni euroni, mis
hõlmab 70,2 miljonit eurot raha ja 5,0 miljonit eurot kasutamata
krediidilimiite, tagades tugeva finantspositsiooni jätkusuutlikuks
opereerimiseks.
PÕHINÄITAJAD 2014 2013 muutus
aprill-juun aprill-juun
i i
--------------------------------------------------------------------------------
EUR EUR
--------------------------------------------------------------------------------
Müügitulu (miljonites) 246,5 249,0 -1,0%
--------------------------------------------------------------------------------
Brutokasum (miljonites) 51,0 57,0 -10,6%
--------------------------------------------------------------------------------
Brutokasumi marginaal 20,7% 22,9%
--------------------------------------------------------------------------------
EBITDA (miljonites) 41,1 46,8 -12,3%
--------------------------------------------------------------------------------
EBITDA marginaal 16,7% 18,8%
--------------------------------------------------------------------------------
Aruande perioodi puhaskasum / -kahjum 6,1 9,3 -34,2%
(miljonites)
--------------------------------------------------------------------------------
Puhaskasumi marginaal 2,5% 3,7%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Amortisatsioon (miljonites) 20,0 18,2 9,6%
--------------------------------------------------------------------------------
Investeeringud (miljonites) 20,4 35,9 -43,3%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Aktsiate kaalutud keskmine arv** 669 882 040 669 882 040
--------------------------------------------------------------------------------
Aktsiakasum 0,01 0,01 -34,2%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Reisijate arv 2 363 510 2 352 487 0,5%
--------------------------------------------------------------------------------
Kaubaveo ühikute arv 79 055 79 843 -1,0%
--------------------------------------------------------------------------------
Töötajate keskmine arv 7 124 7 029 1,6%
--------------------------------------------------------------------------------
----------------------------------------------- -------
--------------------------
30.06.2014 31.03.2014
--------------------------------------------------------------------------------
Varad 1 712,0 1 711,8 0.0%
--------------------------------------------------------------------------------
Intressi kandvad kohustused (miljonites) 782,0 811,5 -3,6%
--------------------------------------------------------------------------------
Netovõlg (miljonites) 711,8 748,9 -5,0%
--------------------------------------------------------------------------------
Omakapital kokku (miljonites) 733,9 747,8 -1,9%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Omakapitali määr 42,9% 43,7%
--------------------------------------------------------------------------------
Netovõla EBITDA suhe 4,8 4,9
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Aktsiate arv** 669 882 040 669 882 040 0%
--------------------------------------------------------------------------------
Omakapital aktsia kohta 1,10 1,12 -1,9%
--------------------------------------------------------------------------------
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.
KONSOLIDEERITUDKOONDKASUMIARUANNE
(auditeerimata, tuhandetes 01.04.2014- 01.04.2013- 01.01.2014- 01.01.2013-
eurodes)
30.06.2014 30.06.2013 30.06.2014 30.06.2013
================================================================================
Müügitulu (Lisa 3) 246,463 249,027 434,669 439,610
Müüdud kaupade ja teenuste -195,503 -192,055 -371,922 -366,394
kulud
Brutokasum 50,960 56,972 62,747 73,216
--------------------------------------------------------------------------------
Turustuskulud -16,001 -17,583 -31,799 -33,716
Halduskulud -13,888 -11,161 -25,277 -22,401
Muud äritulud 312 482 525 808
Muud ärikulud -292 -117 -340 -129
--------------------------------------------------------------------------------
Kasum/-kahjum äritegevusest 21,091 28,593 5,856 17,778
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finantstulud (Lisa 4) 551 8,609 3,867 11,213
Finantskulud (Lisa 4) -10,192 -19,017 -21,637 -28,323
Kasum/-kahjum enne tulumaksu 11,450 18,185 -11,914 668
--------------------------------------------------------------------------------
Tulumaks -5,349 -8,911 -5,359 -8,919
Aruandeperioodi 6,101 9,274 -17,273 -8,251
puhaskasum/-kahjum
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Muu koondkasum/-kahjum
Summad, mida saab edaspidi
ümber liigitada kasumisse
või kahjumisse
Valuutakursi vahed -51 68 8 77
välisettevõtetest
Perioodi muu -51 68 8 77
koondkasum/-kahjum kokku
--------------------------------------------------------------------------------
Perioodi koondkasum/-kahjum 6,050 9,342 -17,265 -8,174
kokku
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Kasum aktsia kohta (eurodes
ühe aktsia kohta)
- tava (Lisa 5) 0.01 0.01 -0.03 -0.01
- lahustatud (Lisa 5) 0.01 0.01 -0.03 -0.01
--------------------------------------------------------------------------------
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
(auditeerimata, tuhandetes eurodes)
VARAD 30.06.2014 31.12.2013
================================================================================
Käibevara
--------------------------------------------------------------------------------
Raha ja raha ekvivalendid 70,214 72,012
Nõuded ostjate vastu ja muud nõuded 46,544 40,544
Ettemaksed 10,171 3,185
Tuletisinstrumendid 0 679
Varud 32,189 33,457
Käibevara kokku 159,118 149,877
--------------------------------------------------------------------------------
Põhivara
--------------------------------------------------------------------------------
Investeeringud kapitaliosaluse meetodil kajastatud 262 262
investeeringuobjektidesse
Muud finantsvarad 252 385
Edasilükkunud tulumaksuvara 17,413 17,413
Kinnisvarainvesteering 300 300
Materiaalne põhivara (Lisa 7) 1,478,535 1,495,895
Immateriaalne põhivara (Lisa 8) 56,095 57,925
---------------------------------------------------------
Põhivara kokku 1,552,857 1,572,180
--------------------------------------------------------------------------------
---------------------------------------------------------
VARAD KOKKU 1,711,975 1,722,057
--------------------------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL
================================================================================
Lühiajalised kohustused
--------------------------------------------------------------------------------
Intressikandvad võlakohustused (Lisa 9) 132,445 106,014
Võlad tarnijatele ja muud võlad 104,680 97,387
Dividendivõlad (Lisa 12, 14) 20,096 0
Ettemakstud tulud 41,646 28,315
Tuletisinstrumendid (Lisa 6) 29,600 30,888
Lühiajalised kohustused kokku 328,467 262,604
--------------------------------------------------------------------------------
Pikaajalised kohustused
-----------------------
--------------------------------------------------------------------------------
Intressikandvad võlakohustused (Lisa 9) 649,591 688,327
Muud kohustused 61 63
--------------------------------------------------------------------------------
Pikaajalised kohustused kokku 649,652 688,390
--------------------------------------------------------------------------------
Kohustused kokku 978,119 950,994
--------------------------------------------------------------------------------
OMAKAPITAL
--------------------------------------------------------------------------------
Emaettevõtja aktsionäridele kuuluv omakapital
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Aktsiakapital nimiväärtuses 404,290 404,290
Ülekurss 639 639
Reservid 72,444 70,111
Jaotamata kasum 256,483 296,023
--------------------------------------------------------------------------------
Emaettevõtte omanikele kuuluv omakapital kokku 733,856 771,063
--------------------------------------------------------------------------------
OMAKAPITAL KOKKU 733,856 771,063
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL KOKKU 1,711,975 1,722,057
--------------------------------------------------------------------------------
KONSOLIDEERITUD RAHAVOOGUDE ARUANNE
(auditeerimata, tuhandetes eurodes) 01.01.2014 - 01.01.2013-
30.06.2014 30.06.2013
Rahavood äritegevusest
Aruandeperioodi puhaskasum/-kahjum -17,273 -8,251
Korrigeerimised 64,136 66,397
Äritegevusega seotud nõuete ja ettemaksete muutused -12,844 -15,320
Varude muutused 1,268 -561
Äritegevusega seotud kohustuste muutused 15,615 18,778
Makstud tulumaks -4 -203
--------------------------------------------------------------------------------
50,898 60,840
--------------------------------------------------------------------------------
------------------------------------------------------
Rahavood investeerimistegevusest
Materiaalse põhivara ja immateriaalse põhivara -20,351 -35,865
soetamine (Lisad 7, 8, 9)
Laekumised materiaalse põhivara müügist 114 265
Saadud intressid 9 16
--------------------------------------------------------------------------------
-20,228 -35,584
--------------------------------------------------------------------------------
------------------------------------------------------
Rahavood finantseerimistegevusest
Saadud laenud 0 24,000
Laenude tagasimaksed (Lisa 9) -39,920 -148,205
Kasutatud arvelduskrediidi muutus (Lisa 9) 26,589 4,812
Laekumised võlakirjadest 0 115,487
Kapitalirendimaksete tasumine (Lisa 9) -97 -3
Makstud intressid -17,040 -16,006
Tuletisinstrumentidega seotud maksed -2,000 -2,247
Laenudega seotud tehingukulude tasumine 0 -565
-32,468 -22,727
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
RAHAVOOD KOKKU -1,798 2,529
--------------------------------------------------------------------------------
------------------------------------------------------ ------------
Raha ja raha ekvivalendid
- perioodi alguses 72,012 65,600
- suurenemine (+) / vähenemine (-) -1,798 2,529
--------------------------------------------------------------------------------
- perioodi lõpus 70,214 68,129
--------------------------------------------------------------------------------
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
Q2 results of the 2014 financial year
Message
Tallinn, 2014-08-14 08:50 CEST (GLOBE NEWSWIRE) --
Q2 results of the 2014 financial year
In the second quarter (1 April - 30 June) of the 2014 financial year AS Tallink
Grupp and its subsidiaries’ (the Group) carried nearly 2.4 million passengers
which is 0.5% more compared to the same period last year. The number of cargo
units transported decreased by 1.0% and the number of passenger vehicles
transported increased by 0.7% for the same period as last year.
The Group’s consolidated revenue in the second quarter was EUR 246.5 million,
being 1.0% or EUR 2.6 million less than a year ago. In the second quarter of
the 2014 financial year the Group’s gross profit amounted to EUR 51.0 million
and EBITDA to EUR 41.1 million being respectively EUR 6.0 million and EUR 5.7
million less compared to the same period last year. The decline in the Group’s
results is related to maintenance and upgrade works on the vessels Star, Galaxy
and Baltic Princess. In the second quarter there were less trips due to ships
being out of the operation when compared to the same period in the last year.
In the second quarter the Estonia-Finland route showed a slight decline with
passengers numbers decreasing by 2.7%, cargo units transported increased by
6.6%, the sales numbers remained on the last year’s level. The operations were
affected by the shuttle vessel Star being out of operation for 68 trips in
April, undergoing car deck ramp repairs, the ship was only partially replaced
during that time. In the same time the competitors on the route have increased
the number of departures.
In the second quarter the segment result for the Finland-Sweden segment was EUR
4.9 million lower than last year. The decline came from the Turku-Stockholm
route, where revenue decreased due to the vessels Galaxy and Baltic Princess
being out of operations for scheduled maintenance works and passengers’
spending showing weaknesses in an overall weak macroeconomic development.
Meanwhile the recently upgraded cruise ferry Silja Serenade on the
Helsinki-Stockholm route has delivered positive developments. Higher customer
satisfaction and on-board spending levels are confirming that the investment
was successful and has a positive effect to the business in the longer run.
The amortization cost for the 2014 financial year is higher due to the new
vessel Isabelle and the group has also changed the useful life estimation of
some vessels. In the second quarter the amortization cost was EUR 1.8 million
higher when compared to the same period in the last year.
The unaudited net profit for the second quarter of the 2014 financial year was
EUR 6.1 million or EUR 0.01 per share compared to the net profit of EUR 9.3
million or EUR 0.01 per share in the same period last year.
In June 2014 the shareholders annual general meeting decided to pay a dividend
of 0.03 euros per share. The total dividend amount of EUR 20.1 million was paid
out in the beginning of July 2014 (third quarter).
The unstable macro-economic situation in Europe has had a negative impact to
the Groups operations. In the first six months of the financial year a
noticeable drop in passenger numbers from the Russian market has been observed.
Working together with ship fuel suppliers the Group is preparing for a smooth
transition from 1.0% sulphur marine fuel to low sulphur marine fuel in order to
meet the new 2015 sulphur emissions regulation.
The total liquidity, cash and unused credit facilities at the end of the first
quarter were EUR 75.2 million providing a strong position for sustainable
operations. At the end of the second quarter 2014 the Group had EUR 70.2
million in cash and equivalents and the total of unused credit lines were at
EUR 5.0 million.
Q2 KEY FIGURES 2014 2013 Change
Apr-Jun Apr-Jun
----------------------------------------------------------
Revenue EUR million 246.5 249.0 -1.0%
--------------------------------------------------------------------------------
Gross profit EUR million 51.0 57.0 -10.6%
--------------------------------------------------------------------------------
Gross margin (%) 20.7% 22.9%
--------------------------------------------------------------------------------
EBITDA EUR million 41.1 46.8 -12.3%
--------------------------------------------------------------------------------
EBITDA margin (%) 16.7% 18.8%
--------------------------------------------------------------------------------
Net profit for the EUR million 6.1 9.3 -34.2%
period
--------------------------------------------------------------------------------
Net profit margin (%) 2.5% 3.7%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Depreciation and EUR million 20.0 18.2 9.6%
amortization
--------------------------------------------------------------------------------
Investments EUR million 20.4 35.9 -43.3%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Weighted average number of ordinary shares 669 882 040 669 882 040
outstanding
--------------------------------------------------------------------------------
Earnings per share EUR 0.01 0.01 -34.2%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Number of passengers 2 363 510 2 352 487 0.5%
--------------------------------------------------------------------------------
Number of cargo units 79 055 79 843 -1.0%
--------------------------------------------------------------------------------
Average number of 7 124 7 029 1.6%
employees
--------------------------------------------------------------------------------
----------------------------------------------- -------
--------------------------
30.06.2014 31.03.2014
--------------------------------------------------------------------------------
Total assets EUR million 1 712.0 1 711.8 0.0%
--------------------------------------------------------------------------------
Interest-bearing EUR million 782.0 811.5 -3.6%
liabilities
--------------------------------------------------------------------------------
Net debt EUR million 711.8 748.9 -5.0%
--------------------------------------------------------------------------------
Total equity EUR million 733.9 747.8 -1.9%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Equity ratio (%) 42.9% 43.7%
--------------------------------------------------------------------------------
Net debt to EBITDA 4.8 4.9
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Number of ordinary 669 882 040 669 882 040 0%
shares outstanding1
--------------------------------------------------------------------------------
Shareholders’ equity per EUR 1.10 1.12 -1.9%
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 01.04.2014- 01.04.2013- 01.01.2014- 01.01.2013-
euros)
30.06.2014 30.06.2013 30.06.2014 30.06.2013
================================================================================
Revenue (Note 3) 246,463 249,027 434,669 439,610
Cost of sales -195,503 -192,055 -371,922 -366,394
Gross profit 50,960 56,972 62,747 73,216
--------------------------------------------------------------------------------
Marketing expenses -16,001 -17,583 -31,799 -33,716
Administrative expenses -13,888 -11,161 -25,277 -22,401
Other income 312 482 525 808
Other expenses -292 -117 -340 -129
--------------------------------------------------------------------------------
Result from operating 21,091 28,593 5,856 17,778
activities
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finance income (Note 4) 551 8,609 3,867 11,213
Finance costs (Note 4) -10,192 -19,017 -21,637 -28,323
Profit/-loss before income 11,450 18,185 -11,914 668
tax
--------------------------------------------------------------------------------
Income tax -5,349 -8,911 -5,359 -8,919
--------------------------------------------------------------------------------
Net profit/-loss for the 6,101 9,274 -17,273 -8,251
period
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Other comprehensive
income/-expense
Items that may be
reclassified to profit or
loss
Exchange differences on -51 68 8 77
translating foreign
operations
Other comprehensive -51 68 8 77
income/-expense for the
period
--------------------------------------------------------------------------------
Total comprehensive 6,050 9,342 -17,265 -8,174
income/-expense for the
period
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Earnings per share (in EUR
per share)
- basic (Note 5) 0.01 0.01 -0.03 -0.01
- diluted (Note 5) 0.01 0.01 -0.03 -0.01
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(unaudited, in thousands of euros)
ASSETS 30.06.2014 31.12.2013
================================================================================
Current assets
--------------------------------------------------------------------------------
Cash and cash equivalents 70,214 72,012
Trade and other receivables 46,544 40,544
Prepayments 10,171 3,185
Derivatives 0 679
Inventories 32,189 33,457
Total current assets 159,118 149,877
--------------------------------------------------------------------------------
Non-current assets
--------------------------------------------------------------------------------
Investments in equity-accounted investees 262 262
Other financial assets 252 385
Deferred income tax assets 17,413 17,413
Investment property 300 300
Property, plant and equipment (Note 7) 1,478,535 1,495,895
Intangible assets (Note 8) 56,095 57,925
---------------------------------------------------------
Total non-current assets 1,552,857 1,572,180
--------------------------------------------------------------------------------
---------------------------------------------------------
TOTAL ASSETS 1,711,975 1,722,057
--------------------------------------------------------------------------------
LIABILITIES AND EQUITY
================================================================================
Current liabilities
--------------------------------------------------------------------------------
Interest bearing loans and borrowings (Note 9) 132,445 106,014
Trade and other payables 104,680 97,387
Dividends payable (Note 12, 14) 20,096 0
Deferred income 41,646 28,315
Derivatives (Note 6) 29,600 30,888
Total current liabilities 328,467 262,604
--------------------------------------------------------------------------------
Non-current liabilities
-----------------------
--------------------------------------------------------------------------------
Interest bearing loans and borrowings (Note 9) 649,591 688,327
Other liabilities 61 63
--------------------------------------------------------------------------------
Total non-current liabilities 649,652 688,390
--------------------------------------------------------------------------------
TOTAL LIABILITIES 978,119 950,994
--------------------------------------------------------------------------------
EQUITY
--------------------------------------------------------------------------------
Equity attributable to equity holders of the parent
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Share capital 404,290 404,290
Share premium 639 639
Reserves 72,444 70,111
Retained earnings 256,483 296,023
--------------------------------------------------------------------------------
Total equity attributable to equity holders of the 733,856 771,063
parent
--------------------------------------------------------------------------------
TOTAL EQUITY 733,856 771,063
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 1,711,975 1,722,057
--------------------------------------------------------------------------------
CONSOLIDATED CASH FLOW STATEMENT
(unaudited, in thousands of euros) 01.01.2014 - 01.01.2013-
30.06.2014 30.06.2013
Cash flows from operating activities
Net profit/-loss for the period -17,273 -8,251
Adjustments 64,136 66,397
Changes in receivables and prepayments related to -12,844 -15,320
operating activities
Changes in inventories 1,268 -561
Changes in liabilities related to operating 15,615 18,778
activities
Income tax paid -4 -203
--------------------------------------------------------------------------------
50,898 60,840
--------------------------------------------------------------------------------
------------------------------------------------------
Cash flow used for investing activities
Purchase of property, plant and equipment and -20,351 -35,865
intangible assets (Notes 7, 8, 9)
Proceeds from disposals of property, plant and 114 265
equipment
Interest received 9 16
--------------------------------------------------------------------------------
-20,228 -35,584
--------------------------------------------------------------------------------
------------------------------------------------------
Cash flow from (+)/ used for (-) financing activities
Proceeds from loans 0 24,000
Redemption of loans (Note 9) -39,920 -148,205
Change in overdraft (Note 9) 26,589 4,812
Proceeds from bonds 0 115,487
Repayment of finance lease liabilities (Note 9) -97 -3
Interest paid -17,040 -16,006
Payments for settlement of derivatives -2,000 -2,247
Payment of transaction costs related to loans 0 -565
-32,468 -22,727
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
TOTAL NET CASH FLOW -1,798 2,529
--------------------------------------------------------------------------------
------------------------------------------------------ ------------
Cash and cash equivalents:
- at the beginning of period 72,012 65,600
- increase (+) / decrease (-) -1,798 2,529
--------------------------------------------------------------------------------
Cash and cash equivalents at the end of period 70,214 68,129
--------------------------------------------------------------------------------
Harri Hanschmidt
Head of the Finance Department
AS Tallink Grupp
Sadama 5/7. 10111 Tallinn
Tel +372 640 8981
E-mail [email protected]