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
4975
Attachments
Submission date and time
30.04.2015 09:50:01
Content of announcement in Estonian
Title
Auditeeritud 2014 majandusaasta aruanne
Message
Tallinn, 2015-04-30 08:50 CEST (GLOBE NEWSWIRE) --
Auditeeritud 2014 majandusaasta aruanne
2014. aastal mõjutasid kontserni äritegevust mitmed protsessid ja muutused
äritegevuses ja turukeskkonnas. Eelmise perioodiga võrreldes kasvas kontserni
väljaprahitud laevade arv, mille tulemusena suurenes prahtimisest saadav
müügitulu. Kruiisilaevad Silja Serenade ja Silja Symphony tegid läbi
märkimisväärse uuenduskuuri, mistõttu nende tehtud reiside arv ajutiselt
vähenes. Äritegevuse optimeerimiseks tehti mitmeid ümberkorraldusi
laevaliinides. Selle tulemusena vähenes kütuse tarbimine, samas lisandusid
ühekordsed kulud. Samal ajal muutus seoses tegevusmahtude suurenemisega olukord
konkurentsimaastikul. Kõigi nimetatud tegurite mõjul mahud pisut kahanesid ning
sellest tulenevalt olid aastatulemused mõnevõrra kehvemad.
Kontserni üleminek madala väävlisisaldusega kütusele kulges sujuvalt. Üks
eesmärk oli äritegevuse optimeerimise kaudu vähendada kütuse tarbimist,
seepärast tehti mitmeid ümberkorraldusi laevaliinides: kruiisilaev Silja Europa
prahiti, kruiisilaev Baltic Queen viidi üle Tallinna-Helsingi liinile ja
kruiisilaev Romantika viidi üle Tallinna-Stockholmi liinile ning
Riia-Stockholmi liinile jäeti ainult kruiisilaev Isabelle.
2014. majandusaastal reisis kontserni laevadel kokku 8,88 miljonit reisijat.
Kontserni konsolideeritud müügitulu 2014. aastal oli 921,5 miljonit eurot
(2013: 942,0 miljonit eurot). Brutokasum oli 181,7 miljonit eurot (2013: 190,2
miljonit eurot), EBITDA 150,6 miljonit eurot (2013: 156,2 miljonit eurot).
Majandusaasta puhaskasum oli 27,3 miljonit eurot (2013: 43,3 miljonit eurot) ja
aktsiakasum 0,041 eurot (2013: 0,065 eurot).
2014. majandusaastal oli kontserni kõrgendatud tähelepanu all jätkuvalt laevade
pardakontseptsiooni arendamine. See on meie visioon pikaajalisest protsessist,
mille eesmärk on välja töötada uued ärikontseptsioonid seoses baaride,
restoranide, kaupluste ja butiikide ning teenindusega laevade pardal. Lisaks
pöörame tähelepanu tehniliste uuenduste ja kliendisuhtluse täiustamisele. Me
oleme oma visioonile andnud nimeks „Newboard?. 2014. aasta veebruaris tõi
kontsern Stockholmi-Helsingi liinile värskenduskuuri läbi teinud laeva Silja
Serenade ja oktoobris toodi samale liinile ka värskenduskuuri läbinud Silja
Symphony. Laevadel on 50% suurenenud ostuala, kus muu hulgas asub uus
Superstore kauplus, uuendatud kontseptsiooniga Grand Buffet söögikoht ning uus
Itaalia restoran. Mitmed muudki reisijatele mõeldud ruumid on saanud uue näo.
Muu hulgas on remonditud Commodore klassi kajutid ning värskendatud SPA & Sauna
ala. 2014. aastal investeeris kontsern ligikaudu 30 miljonit eurot laevade
ajakohasemaks muutmisse.
Veebipõhiste müügikanalite aktiivne arendamine jätkus kogu aasta vältel.
Jätkuvalt suurenes veebipõhiste broneeringute maht ja osakaal.
Euroopa Komisjon on koostanud strateegia merel sõitvatelt laevadelt pärit
atmosfäärireostuse vähendamiseks. Läänemere piirkonna jaoks tõi see kaasa uued
reeglid. 2015. aasta algusest langes laevakütuse lubatud väävlisisaldus 1,0%-lt
0,1%-le. Et vastata kehtestatud nõuetele, läks kontsern üle meretranspordis
kasutatavale kallimale kütusele MGO (marine gasoil) ning see nõudis mõningast
investeerimist laevadesse. Kontsern jälgib endiselt aktiivselt
alternatiivlahenduste arendamist. Siia kuulub gaasipesu (scrubber) süsteemide
paigaldamine selleks väljavalitud laevadele ning veeldatud maagaasi (LNG)
tehnoloogia ja alternatiivkütuste kasutamine.
2014. majandusaasta olulised märksõnad olid järgmised:
-- Piirkonna üldise kehva majanduskeskkonna mõju äritegevusele
-- Suurenenud konkurentsivõitlus
-- Veebipõhiste müügikanalite arendamine
-- Visiooni „Newboard? arendamine
-- Laevade ajakohastamine
-- Ümberkorraldused laevaliinides ja lisaprahtimised
-- Globaalne kütusehindade langus
Juhatus leiab, et kontserni finantspositsioon võimaldab kontsernil maksta
dividende. Juhatus teeb aktsionäride 2015. aasta üldkoosolekule ettepaneku
maksta dividende 0,02 eurot aktsia kohta, seega kokku 13 398 000 eurot.
2014 MAJANDUSAASTA PÕHINÄITAJAD
2014 2013 Muutus
-------------------------------------------------------------------------
EUR EUR %
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Müügitulu (miljonites) 921,5 942,0 -2,2%
-------------------------------------------------------------------------
Brutokasum (miljonites) 181,7 190,2 -4,5%
-------------------------------------------------------------------------
Aruandeperioodi puhaskasum (miljonites) 27,3 43,3 -37,1%
-------------------------------------------------------------------------
EBITDA (miljonites) 150,6 156,2 -3,6%
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Amortisatsioon (miljonites) 79,9 73,2 9,2%
-------------------------------------------------------------------------
Investeeringud (miljonites) 49,1 43,3 13,5%
-------------------------------------------------------------------------
Aktsiate kaalutud keskmine arv 669 882 040 669 882 040 0%
-------------------------------------------------------------------------
Aktsiakasum 0,041 0,065 -37,1%
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Reisijate arv 8 881 732 9 114 812 -2,6%
-------------------------------------------------------------------------
Kaubaveoühikute arv 310 492 301 660 2,9%
-------------------------------------------------------------------------
Keskmine töötajate arv 6 952 6 948 0,1%
-------------------------------------------------------------------------
-------------------------------------------------------------------------
31.12.2014 31.12.2013
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Varad kokku (miljonites) 1 685,6 1 722,1 -2,1%
-------------------------------------------------------------------------
Kohustused kokku (miljonites) 907,3 951,0 -4,6%
-------------------------------------------------------------------------
Intressikandvad kohustused (miljonites) 743,4 794,3 -6,4%
-------------------------------------------------------------------------
Netovõlg (miljonites) 678,1 722,3 -6,1%
-------------------------------------------------------------------------
Omakapital kokku (miljonites) 778,3 771,1 0,9%
-------------------------------------------------------------------------
Omakapitali määr (%) 46,2% 44,8%
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Lihtaktsiate arv1 669 882 040 669 882 040 0%
-------------------------------------------------------------------------
Omakapital aktsia kohta 1,16 1,15 1,1%
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Suhtarvud
-------------------------------------------------------------------------
Brutokasumi marginaal (%) 19,72% 20,19%
-------------------------------------------------------------------------
EBITDA marginaal (%) 16,3% 16,6%
-------------------------------------------------------------------------
Puhaskasumi marginaal (%) 3,0% 4,6%
-------------------------------------------------------------------------
Varade tootlus (ROA) 4,1% 4,8%
-------------------------------------------------------------------------
Omakapitali tootlus (ROE) 3,6% 5,7%
-------------------------------------------------------------------------
Investeeritud kapitali tootlus (ROCE) 5,0% 5,6%
-------------------------------------------------------------------------
Netovõla ja EBITDA suhe 4,5 4,6 -2,6%
-------------------------------------------------------------------------
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 2014. aastal oli 921,5 miljonit eurot
(2013: 942,0 miljonit eurot). Enam kui pool kogu müügitulust ehk 487,6 miljonit
eurot (2013: 507,3 miljonit eurot) saadi müügist laevadel ja maismaal asuvates
restoranides ja poodides. Piletimüük andis 230,5 miljonit eurot (2013: 249,2
miljonit eurot) ning kaubaveomüük 103,1 miljonit eurot (2013: 105,6 miljonit
eurot). Ärisegmentide vahelises müügitulu jaotuses eelmise majandusaastaga
võrreldes suuri muutusi ei toimunud.
Geograafiliste segmentide vahel jagunes müügitulu järgmiselt: 35,2% ehk 324,0
miljonit eurot tuli Soome-Rootsi liinilt ja 34,9% ehk 321,7 miljonit eurot
Eesti-Soome liinilt. Rootsi-Eesti liini müügitulu oli 102,4 miljonit eurot ehk
11,1% ja Rootsi-Läti liini müügitulu 60,0 miljonit eurot ehk 6,5%. Muude
geograafiliste segmentide müügitulu osakaal kasvas 12,3%-ni (113,3 miljonit
eurot).
KASUM
Brutokasum oli 181,7 miljonit eurot (2013: 190,2 miljonit eurot), EBITDA 150,6
miljonit eurot (2013: 156,2 miljonit eurot). 2014. aasta puhaskasum oli 27,3
miljonit eurot (2013: 43,3 miljonit eurot). Tava- ja lahustatud aktsiakasum oli
0,041 eurot (2013: 0,065 eurot).
Poodides ja restoranides toimuva müügiga seotud kaubakulud, mis on suurim
kuluartikkel, ulatusid 211,2 miljoni euroni (2013: 220,2 miljonit eurot).
Kasvas käibemaksuvabastuseta väiksema marginaaliga liinide (Soome-Eesti ja
Läti-Rootsi liinid) müügitulu osakaal, samas kui käibemaksuvabastusega
(tax-free) Soome-Rootsi liinide osakaal vähenes.
Kütusekulud oli 2014. aastal 114,0 miljonit eurot (2013: 129,8 miljonit eurot).
Kütusekuludele avaldas mõju madalam kütusehind kogu aasta vältel. 2014. aastal
oli võrreldava kütuse (1% väävlisisaldusega raskekütus) keskmine turuhind
eurodes mõõdetuna umbes 10% madalam kui 2013. kalendriaastal.
Kontserni personalikulud olid 189,8 miljonit eurot (2013: 182,4 miljonit
eurot). 2014. majandusaastal oli keskmine töötajate arv 6 952 (2013: 6 948).
2014. aasta üldhalduskulud olid 49,2 miljonit eurot (2013: 45,1 miljonit eurot)
ja turustuskulud 62,7 miljonit eurot (2013: 63,3 miljonit eurot).
Kontserni varade amortisatsioonikulu oli 79,9 miljonit eurot (2013: 73,2
miljonit eurot). Vastavalt laevade tegevuse efektiivsuse ülevaatuse tulemustele
muutis kontserni juhtkond 2014. majandusaasta alguses laevade hinnangulist
kasulikku eluiga. Kontserni materiaalse põhivara ja immateriaalse vara väärtus
ei langenud.
2014. aastal olid kontserni netofinantskulud 40,7 miljonit eurot (2013: 36,0
miljonit eurot).
Kontserni krediidiriske, likviidsusriske ja tururiske ning finantsriskide
juhtimise alast tegevust kirjeldatakse raamatupidamise aastaaruande lisades.
KONSOLIDEERITUD KOONDKASUMIARUANNE
-------------------
Tuhandetes eurodes
2014 2013
-------------------
-------------------
Müügitulu 921 466 941 983
Müüdud kaupade ja teenuste kulud -739 789 -751 827
-------------------
Brutokasum 181 677 190 156
-------------------
-------------------
Turunduskulud -62 654 -63 292
Üldhalduskulud -49 211 -45 148
Muud äritulud 1 696 2 120
Muud ärikulud -854 -805
-------------------
Kasum äritegevusest 70 654 83 031
-------------------
-------------------
Finantstulud 11 760 21 547
Finantskulud -52 443 -57 503
Kapitaliosaluse meetodil kajastatud investeeringuobjektide 24 17
kasumi osa
-------------------
Kasum enne tulumaksu 29 995 47 092
-------------------
-------------------
Tulumaks -2 734 -3 786
-------------------
-------------------
Aruandeperioodi puhaskasum 27 261 43 306
-------------------
-------------------
-------------------
Muu koondkasum/-kahjum
Summad, mida saab edaspidi ümber liigitada kasumisse või
kahjumisse
Valuutakursi vahed välisettevõtetest 286 114
-------------------
Perioodi muu koondkasum 286 114
-------------------
Perioodi koondkasum kokku 27 547 43 420
-------------------
Tava- ja lahustatud aktsiakasum 0,041 0,065
(eurodes ühe aktsia kohta)
-------------------
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
---------------------
Tuhandetes eurodes
Seisuga 31. detsember 2014 2013
---------------------
---------------------
VARAD
Käibevara
Raha ja raha ekvivalendid 65 311 72 012
Nõuded ostjate vastu ja muud nõuded 38 210 40 544
Ettemaksed 5 448 3 185
Tuletisinstrumendid 0 679
Varud 31 315 33 457
---------------------
140 284 149 877
---------------------
---------------------
Põhivara
Investeeringud kapitaliosaluse meetodil kajastatud 286 262
investeeringuobjektidesse
Muud finantsvarad 252 385
Edasilükkunud tulumaksu vara 21 338 17 413
Kinnisvarainvesteeringud 300 300
Materiaalne põhivara 1 467 964 1 495 895
Immateriaalne vara 55 174 57 925
---------------------
1 545 314 1 572 180
---------------------
VARAD KOKKU 1 685 598 1 722 057
---------------------
---------------------
KOHUSTUSED JA OMAKAPITAL
Lühiajalised kohustused
Intressikandvad võlakohustused 149 850 106 014
Võlad tarnijatele ja muud võlad 91 236 97 387
Tulumaksukohustus 1 300 0
Ettemakstud tulud 29 408 28 315
Tuletisinstrumendid 41 982 30 888
313 776 262 604
---------------------
---------------------
Pikaajalised kohustused
Intressikandvad võlakohustused 593 532 688 327
Muud kohustused 0 63
---------------------
593 532 688 390
---------------------
Kohustused kokku 907 308 950 994
---------------------
---------------------
Omakapital
Emaettevõtte omanikele kuuluv omakapital
Aktsiakapital 404 290 404 290
Ülekurss 639 639
Reservid 70 129 70 111
Jaotamata kasum 303 232 296 023
---------------------
Emaettevõtte omanikele kuuluv omakapital kokku 778 290 771 063
---------------------
Omakapital kokku 778 290 771 063
---------------------
KOHUSTUSED JA OMAKAPITAL KOKKU 1 685 598 1 722 057
---------------------
KONSOLIDEERITUD RAHAVOOGUDE ARUANNE
-------------------
31. detsembril lõppenud aasta kohta Tuhandetes eurodes
2014 2013
-------------------
-------------------
Rahavood äritegevusest
Aruandeperioodi puhaskasum 27 261 43 306
Korrigeerimised: 125 629 118 619
Amortisatsioon 79 908 73 176
Kasum/kahjum materiaalse põhivara müügist -76 1 300
Puhas intressikulu 35 336 36 687
Puhaskulu tuletisinstrumentidest 15 758 12 558
Kasum kapitaliosaluse meetodil kajastatud -24 -17
investeeringuobjektidest
Realiseerimata kasum valuutakursi muutustest -7 783 -9 178
Aktsiaoptsioonide programmi reserv -224 307
Tulumaks 2 734 3 786
Äritegevusega seotud nõuete ja ettemaksete muutused -2 291 4 229
Varude muutused 2 142 -4 031
Äritegevusega seotud kohustuste muutused -2 103 6 649
Makstud tulumaks 71 -378
-------------------
150 709 168 394
-------------------
-------------------
Rahavood investeerimistegevusest
Materiaalse põhivara ja immateriaalse vara ostmine -49 148 -43 291
Laekumised materiaalse põhivara müügist 215 1 318
Saadud intressid 140 114
-48 793 -41 859
-------------------
-------------------
Rahavood finantseerimistegevusest
Saadud laenud 0 24 000
Laenude tagasimaksed -89 842 -198 126
Arvelduskrediidi muutus 43 993 18 456
Laekumised võlakirjadest 0 115 487
Tuletisinstrumentidega seotud maksed -3 985 -4 451
Kapitalirendimaksete tasumine -75 -96
Makstud intressid -33 270 -32 439
Laenudega seotud tehingukulude tasumine 0 -557
Makstud dividendid -20 096 -33 494
Tulumaks makstud dividendidelt -5 342 -8 903
-------------------
-108 617 -120 123
-------------------
-------------------
RAHAVOOD KOKKU -6 701 6 412
-------------------
-------------------
Raha ja raha ekvivalendid:
- perioodi alguses 72 012 65 600
- suurenemine/vähenemine -6 701 6 412
-------------------
- perioodi lõpus 65 311 72 012
-------------------
Janek Stalmeister
Juhatuse esimees
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 2014 Financial Year
Message
Tallinn, 2015-04-30 08:50 CEST (GLOBE NEWSWIRE) --
Audited Annual Report of the 2014 Financial Year
In the 2014 financial year the Group’s operations were affected by several
actions and changes in the operations and market developments. Compared to the
previous period an increased number of the Group’s vessels were chartered out
resulting in higher revenues from charters. The cruise ferries Silja Serenade
and Silja Symphony received major upgrades that resulted temporarily in fewer
trips. With the goal to optimize operations several re-routings were done. This
resulted in lower fuel consumption but added one-off costs. At the same time
increased capacity resulted in a changed competitive landscape. These various
factors had an effect to the slight decline in the volumes resulting in a
somewhat weaker annual result.
The Group had a smooth transition switching to low sulphur fuel. One of the
goals was to reduce fuel consumption by optimising current operations,
therefore several re-routings were made: the cruise ferry Silja Europa was
chartered out, the cruise ferry Baltic Queen changed to the Tallinn-Helsinki
route and the cruise ferry Romantika changed to Tallinn-Stockholm route,
leaving the Riga-Stockholm route with the cruise ferry Isabelle as the only
vessel.
During the 2014 financial year a total of 8.88 million passengers travelled on
the Group’s vessels. The Group’s consolidated revenue for 2014 was EUR 921.5
million (EUR 942.0 million in 2013). Gross profit was EUR 181.7 million (EUR
190.2 million in 2013), EBITDA EUR 150.6 million (EUR 156.2 million in 2013).
Net profit for 2014 was EUR 27.3 million (EUR 43.3 million in 2013),
representing earnings per share of EUR 0.041 (EUR 0.065 in 2013).
During the 2014 financial year the Group’s increased focus continued to be 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”. In February 2014 the Group launched the refreshed vessel Silja
Serenade on the Stockholm-Helsinki route and in October the refreshed Silja
Symphony was launched on the same route. The vessels have a 50% expanded
shopping area including a new Superstore, upgraded Grand Buffet concept and a
new Italian restaurant. Several of the other public areas received a facelift
including the refurbishment of Commodore Class cabins and a refreshed SPA &
Sauna area. In 2014 the Group invested around EUR 30 million in upgrading the
vessels.
Active development of the on-line sales channels continued throughout the year.
The volume and share of on-line bookings continue to increase.
The European Commission has a strategy to reduce atmospheric emissions from
seagoing ships. This approach brought the Baltic Sea area new rules. From the
start of 2015 the allowed sulphur content was reduced from 1.0% to 0.1%. In
order to be in compliance the Group switched to marine gasoil, a more expensive
fuel that required minimal investment for the vessels. The Group continues
actively to monitor the developments of the alternative solutions such as
installing scrubbers on selected vessels, LNG technology and alternative fuels.
The key highlights of the 2014 financial year were the following:
-- Operations impacted by an overall weak economic environment in the region
-- Increased competition
-- Development of the online sales channels
-- Development of “Newboard”
-- Upgrade of vessels
-- Re-routings and additional charters
-- Global drop in fuel prices
In management’s opinion, the Group’s financial position allows the Group to pay
dividends.Management will propose to the 2015 shareholders’ general meeting a
dividend distribution of EUR 0.02 per share, i.e. EUR 13,398,000 in aggregate.
2014 2013 Change
--------------------------------------------------------------------------------
EUR EUR %
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Revenue (million) 921.5 942.0 -2.2%
--------------------------------------------------------------------------------
Gross profit (million) 181.7 190.2 -4.5%
--------------------------------------------------------------------------------
Net profit for the period (million) 27.3 43.3 -37.1%
--------------------------------------------------------------------------------
EBITDA (million) 150.6 156.2 -3.6%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Depreciation and amortisation (million) 79.9 73.2 9.2%
--------------------------------------------------------------------------------
Investments (million) 49.1 43.3 13.5%
--------------------------------------------------------------------------------
Weighted average number of ordinary shares 669,882,040 669,882,040 0%
outstanding
--------------------------------------------------------------------------------
Earnings per share 0.041 0.065 -37.1%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Number of passengers 8,881,732 9,114,812 -2.6%
--------------------------------------------------------------------------------
Number of cargo units 310,492 301,660 2.9%
--------------------------------------------------------------------------------
Average number of employees 6,952 6,948 0.1%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
31.12.2014 31.12.2013
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total assets (million) 1,685.6 1,722.1 -2.1%
--------------------------------------------------------------------------------
Total liabilities (million) 907.3 951.0 -4.6%
--------------------------------------------------------------------------------
Interest-bearing liabilities (million) 743.4 794.3 -6.4%
--------------------------------------------------------------------------------
Net debt (million) 678.1 722.3 -6.1%
--------------------------------------------------------------------------------
Total equity (million) 778.3 771.1 0.9%
--------------------------------------------------------------------------------
Equity ratio (%) 46.2% 44.8%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Number of ordinary shares outstanding1 669,882,040 669,882,040 0%
--------------------------------------------------------------------------------
Shareholders’ equity per share 1.16 1.15 1.1%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Ratios
--------------------------------------------------------------------------------
Gross margin (%) 19.72% 20.19%
--------------------------------------------------------------------------------
EBITDA margin (%) 16.3% 16.6%
--------------------------------------------------------------------------------
Net profit margin (%) 3.0% 4.6%
--------------------------------------------------------------------------------
Return on assets (ROA) 4.1% 4.8%
--------------------------------------------------------------------------------
Return on equity (ROE) 3.6% 5.7%
--------------------------------------------------------------------------------
Return on capital employed (ROCE) 5.0% 5.6%
--------------------------------------------------------------------------------
Net debt to EBITDA 4.5 4.6 -2.6%
--------------------------------------------------------------------------------
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 921.5 million in 2014 (942.0
million in 2013). Restaurant and shop sales on-board and on mainland of EUR
487.6 million (507.3 million in 2013) contributed more than half of total
revenue. Ticket sales amounted to EUR 230.5 million (249.2 million in 2013) and
sales of cargo transport to EUR 103.1 million (105.6 million in 2013). The
distribution of sales between operational segments remained more or less stable
compared to the previous financial year.
Geographically, 35.2% or EUR 324.0 million of revenue came from the
Finland-Sweden route and 34.9% or EUR 321.7 million from the Estonia-Finland
route. Revenue from the Sweden-Estonia route was EUR 102.4 million or 11.1% and
from the Sweden-Latvia route EUR 60.0 million or 6.5%. The share of revenue
generated by other geographical segments increased to 12.3% (EUR 113.3
million).
EARNINGS
Gross profit was EUR 181.7 million (EUR 190.2 million in 2013), EBITDA EUR
150.6 million (EUR 156.2 million in 2013). Net profit for 2014 was EUR 27.3
million (EUR 43.3 million in 2013). Basic and diluted earnings per share were
EUR 0.041 (EUR 0.065 in 2013).
The cost of goods related to sales at shops and restaurants, which is the
largest operating cost item, amounted to EUR 211.2 million (EUR 220.2 million
in 2013). 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 2014 were EUR 114.0 million (EUR 129.8 million in 2013). Fuel
costs were impacted by lower fuel price levels throughout the year. Measured in
euros, in 2014 the average market price of the reference fuel (Fuel oil 1%
sulphur content) was approximately 10% lower than in the 2013 calendar year.
The Group’s personnel expenses amounted to EUR 189.8 million (EUR 182.4 million
in 2013). The average number of employees in the 2014 financial year was 6,952
(6,948 in 2013).
Administrative expenses for 2014 amounted to EUR 49.2 million and marketing
expenses to EUR 62.7 million (EUR 45.1 million and 63.3 million respectively in
2013).
Depreciation and amortisation of the Group’s assets was EUR 79.9 million (EUR
73.2 million in 2013).According to the operational efficiency review of the
ships the Group Management changed at the beginning of the financial year 2014
estimated useful lives of the ships. There were no impairment losses related to
the Group’s property, plant, equipment and intangible assets.
The Group’s net finance costs for 2014 amounted to EUR 40.7 million (EUR 36.0
million in 2013).
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
--------------------
In thousands of EUR
2014 2013
--------------------
--------------------
Revenue 921,466 941,983
Cost of sales -739,789 -751,827
--------------------
Gross profit 181,677 190,156
--------------------
--------------------
Marketing expenses -62,654 -63,292
Administrative expenses -49,211 -45,148
Other operating income 1,696 2,120
Other operating expenses -854 -805
--------------------
Result from operating activities 70,654 83,031
--------------------
--------------------
Finance income 11,760 21,547
Finance costs -52,443 -57,503
Share of profit of equity-accounted investees 24 17
--------------------
Profit before income tax 29,995 47,092
--------------------
--------------------
Income tax -2,734 -3,786
--------------------
--------------------
Net profit for the year 27,261 43,306
--------------------
--------------------
--------------------
Other comprehensive income
Items that may be reclassified to profit or loss
Exchange differences on translating foreign operations 286 114
--------------------
Other comprehensive income for the year 286 114
--------------------
Total comprehensive income for the year 27,547 43,420
--------------------
Basic and diluted earnings per share 0.041 0.065
(in EUR per share)
--------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
---------------------
In thousands of EUR
As at 31 December 2014 2013
---------------------
---------------------
ASSETS
Current assets
Cash and cash equivalents 65,311 72,012
Trade and other receivables 38,210 40,544
Prepayments 5,448 3,185
Derivatives 0 679
Inventories 31,315 33,457
---------------------
140,284 149,877
---------------------
---------------------
Non-current assets
Investments in equity-accounted investees 286 262
Other financial assets 252 385
Deferred income tax assets 21,338 17,413
Investment property 300 300
Property, plant and equipment 1,467,964 1,495,895
Intangible assets 55,174 57,925
---------------------
1,545,314 1,572,180
---------------------
TOTAL ASSETS 1,685,598 1,722,057
---------------------
---------------------
LIABILITIES AND EQUITY
Current liabilities
Interest-bearing loans and borrowings 149,850 106,014
Trade and other payables 91,236 97,387
Income tax liability 1,300 0
Deferred income 29,408 28,315
Derivatives 41,982 30,888
313,776 262,604
---------------------
---------------------
Non-current liabilities
Interest-bearing loans and borrowings 593,532 688,327
Other liabilities 0 63
---------------------
593,532 688,390
---------------------
Total liabilities 907,308 950,994
---------------------
---------------------
Equity
Equity attributable to equity holders of the Parent
Share capital 404,290 404,290
Share premium 639 639
Reserves 70,129 70,111
Retained earnings 303,232 296,023
---------------------
Total equity attributable to equity holders of the Parent 778,290 771,063
---------------------
Total equity 778,290 771,063
---------------------
TOTAL LIABILITIES AND EQUITY 1,685,598 1,722,057
---------------------
CONSOLIDATED STATEMENT OF CASH FLOWS
-------------------
For the year ended 31 December In thousands of
EUR
2014 2013
-------------------
-------------------
Cash flows from operating activities
Net profit for the period 27,261 43,306
Adjustments: 125,629 118,619
Depreciation and amortisation 79,908 73,176
Net gain/loss on disposals of property, plant and equipment -76 1,300
Net interest expense 35,336 36,687
Net expense from derivatives 15,758 12,558
Profit from equity-accounted investees -24 -17
Net unrealised foreign exchange gain -7,783 -9,178
Share option programme reserve -224 307
Income tax 2,734 3,786
Changes in receivables and prepayments related to operating -2,291 4,229
activities
Changes in inventories 2,142 -4,031
Changes in liabilities related to operating activities -2,103 6,649
Income tax paid 71 -378
-------------------
150,709 168,394
-------------------
-------------------
Cash flows used in investing activities
Purchase of property, plant, equipment and intangible assets -49,148 -43,291
Proceeds from disposals of property, plant, equipment 215 1,318
Interest received 140 114
-48,793 -41,859
-------------------
-------------------
Cash flows used in financing activities
Proceeds from loans 0 24,000
Repayment of loans -89,842 -198,126
Change in overdraft 43,993 18,456
Proceeds from bonds 0 115,487
Payments for settlement of derivatives -3,985 -4,451
Payment of finance lease liabilities -75 -96
Interest paid -33,270 -32,439
Payment of transaction costs related to loans 0 -557
Dividends paid -20,096 -33,494
Income tax on dividends paid -5,342 -8,903
-------------------
-108,617 -120,123
-------------------
-------------------
TOTAL NET CASH FLOW -6,701 6,412
-------------------
-------------------
Cash and cash equivalents:
- at the beginning of period 72,012 65,600
- increase / decrease -6,701 6,412
-------------------
- at the end of period 65,311 72,012
-------------------
Janek Stalmeister
Chairman of the Management Board
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]