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
5124
Attachments
Submission date and time
13.08.2015 09:50:00
Content of announcement in Estonian
Title
AS-i Tallink Grupp 2015. majandusaasta auditeerimata konsolideeritud II kvartali vahearuanne
Message
Tallinn, 2015-08-13 08:50 CEST (GLOBE NEWSWIRE) --
AS-i Tallink Grupp 2015. majandusaasta auditeerimata konsolideeritud II
kvartali vahearuanne
AS Tallink Grupp ja tema tütarettevõtted (Kontsern) vedasid 2015. majandusaasta
teises kvartalis (1. aprill – 30. juuni) kokku 2,4 miljonit reisijat, mida on
sama palju kui eelmise aasta sama perioodi jooksul. Kontserni auditeerimata
müügitulu kasvas 7,4 miljoni või 3,0% võrra, kokku 253,9 miljoni euroni, EBITDA
kasvas 14,1 miljoni euro või 34,3% võrra, kokku 55,2 miljoni euroni. Kontserni
auditeerimata puhaskasum kasvas 22,4 miljoni või 367,7% võrra, kokku 28,5
miljoni euroni võrreldes eelmise aasta sama perioodiga.
Kontserni 2015. aasta esimese 6 kuu auditeerimata müügitulu oli 444,0 miljonit
eurot ja kasvas 9,3 miljoni või 2,1% võrra eelmise aastaga võrreldes. EBITDA
kasvas 29,1 miljoni euro võrra 74,6 miljoni euroni ja puhaskasum kasvas 32,5
miljoni võrra 15,2 miljoni euroni võrreldes eelmise aasta sama perioodiga.
Kontsern tegi eelmise majandusaasta jooksul erinevaid laevade opereerimist
puudutavaid muudatusi, mis avaldasid jätkuvalt positiivset mõju teise kvartali
äritulemusele, tehtud muudatused tõid kaasa müügitulu kasvu ning kasumlikkuse
paranemise läbi kulude kokkuhoiu.
Teises kvartalis suurenes Eesti-Soome vahelise laevaliini müügitulu 6,2%
tuginedes 4,8% võrra kasvanud reisijate arvule ja 19,9% võrra kasvanud
kaubaveoühikutele, kaubaveoühikute kasvu toetas peamiselt liinile toodud laev
Sea Wind. Eesti-Rootsi vahelisel laevaliinil, kus laevade mahutavus on eelmise
aastaga võrreldes madalam, oli näha reisijate arvu langust 5,1% ning
kaubaveoühikute arv vähenes 12,3%. Läti-Rootsi laevaliini opereerib üks laev
võrreldes kahe laevaga eelmisel aastal samal ajal ja reisijate veo langus oli
oodatavalt 42,3%, veetud kaubaveoühikute arv kahanes 59,2% võrra.
Teise kvartali jooksul avaldas konkurentsiolukord liinidel jätkuvalt survet
piletihindadele. Kontsern suutis säilitada eelmise aastaga võrreldava
reisijateveo mahu hoolimata liine teenindavate laevade koguarvu vähenemisest.
Reisijateveo mahtu toetasid peamiselt reisijate arvu kasv Eesti-Soome ja
Soome-Rootsi liinidel.
Laevade avalike alade ning restoranide ja poodide kontseptsioonide uuendused
eelmisel aastal, koos muudatustega laevade opereerimises aitasid tõsta
müügitulu pardal tarbimisest 2,0% reisija kohta.
Tänu suuremale prahitud laevade arvule võrreldes eelmise aasta sama perioodiga,
suurenes müügitulu laevade prahtimisest 4,8 miljoni euro või 57,8% võrra, kokku
13,2 miljoni euroni. Oluline osa laevade prahtimise müügitulu kasvust tuleb
2014 augustis sõlmitud Silja Europa prahilepingust.
AS Tallink Grupp ja Meyer Turku Oy allkirjastasid veebruaris 2015 lepingu uue
generatsiooni LNG reisilaeva ehitamiseks Tallinna-Helsingi liini Shuttle
kiirlaevateenuse jaoks. Tallinki uue generatsiooni LGN kiirlaev ehitatakse
Soomes, Meyer Turku laevatehases ja laeva maksumus on 230 miljonit eurot, 20%
protsenti laeva maksumusest tasutakse ehitusperioodi vältel ning ülejäänud 80%
laeva üleandmisel. aasta alguses. AS-i Tallink Grupp tütarettevõte Tallink Line
Ltd. ning Nordea Bank Finland Plc allkirjastasid juunis 2015 uue generatsiooni
LGN kiirlaeva ehituse finantseerimiseks laenulepingu summas 184 miljonit eurot.
Laenu väljamakse toimub uue laeva üleandmisel Tallink'ile eeldatavalt 2017
aasta alguses ning laenu tagasimakse lõpptähtaeg on kaksteist aastat pärast
laenu väljamakset. Laenust 95% on garanteeritud Soome ekspordi- ja
krediidiagentuuri Finnvera poolt ning laen kannab OECD turuintressi viitemäära
CIRR alusel fikseeritud intressimäära.
Välja prahitud laevadest kaks, Silja Festival ja Regina Baltica, müüdi teises
kvartalis. Kahe laeva müügist laekus kokku 25 miljonit eurot, laekunud rahast
maksti 11,5 miljonit eurot uue generatsiooni LNG reisilaeva ostuhinna
osamakseks ja tagastati võetud laene. Sellega jätkas kontsern edukalt
laenukoormuse vähendamise strateegiat, teise kvartali jooksul kahanes netovõlg
62 miljoni euro võrra, 614 miljoni euroni, ning netovõla ja EBITDA suhe oli
teise kvartali lõpu seisuga 3,4.
2015. aasta esimesel poolaastal olid laevade prahtimise tulud märkimisväärselt
suuremad võrreldes eelmise aasta sama ajaga kui välja oli prahitud vähem laevu.
2015. aasta teises poolaastas on omakorda oodata laevade prahtimise tulude
vähenemist võrreldes eelmise aastaga, kuna Silja Europa prahtimise tulud on
teises poolaastas võrreldavad ja 2015. aasta teises kvartalis lõppesid kahe
laeva prahilepingud seoses nende müügiga.
AS Tallink Grupp fikseeris juunis 2015 oma peamise laevakütuse tarnijaga kütuse
ostuhinna kogu kütuse ostumahust arvestuslikult 30% ulatuses kuni 2015 aasta
lõpuni.
2015. majandusaasta teise kvartali brutokasum oli 62,4 miljonit eurot ning
EBITDA 55,2 miljonit eurot vastavalt 11,4 miljonit eurot ja 14,1 miljonit eurot
rohkem kui eelmise aasta samal perioodil. Kontserni majandustulemuse paranemine
on põhiliselt tingitud reisijate arvu kasvust, laevade prahtimise tulude
suurenemisest ning opereerimisega seotud kulude kahanemisest. Maksude eelse
kasumi suurenemist mõjutas peamiselt tuletisinstrumentide
(intressivahetuslepingud) õiglase väärtuse suurenemisest saadud finantstulu,
mille tulemusena vähenes neto finantskulu 7,3 miljoni euro võrra võrreldes
eelmise aasta sama perioodiga.
2015. aasta juunis toimunud aktsionäride üldkoosolekul otsustati maksta
aktsionäridele dividendi 0,02 eurot aktsia kohta. Juuli alguses (kolmas
kvartal) maksti aktsionäridele kokku välja dividende 13,4 miljonit eurot.
Kontserni auditeerimata puhaskasum 2015. majandusaasta teises kvartalis oli
28,5 miljonit eurot, ehk 0,04 eurot aktsia kohta. Eelmise majandusaasta samal
perioodil oli puhaskasum 6,1 miljonit eurot ehk 0,01 eurot aktsia kohta.
Käesoleva majandusaasta esimeses kvartalis kasvas rahavoog äritegevusest kokku
8,2 miljonit eurot. Kontserni kogulikviidsus ulatus teise kvartali lõpus 96,2
miljoni euroni, mis hõlmab 81,0 miljonit eurot raha ja 15,2 miljonit eurot
kasutamata krediidilimiite, tagades tugeva finantspositsiooni jätkusuutlikuks
opereerimiseks.
PÕHINÄITAJAD 2015 2014 muutus
aprill-juuni aprill-juuni
--------------------------------------------------------------------------------
EUR EUR
--------------------------------------------------------------------------------
Müügitulu (miljonites) 253,9 246,5 3,0%
--------------------------------------------------------------------------------
Brutokasum (miljonites) 62,4 51,0 22,4%
--------------------------------------------------------------------------------
Brutokasumi marginaal 24,6% 20,7%
--------------------------------------------------------------------------------
EBITDA (miljonites) 55,2 41,1 34,3%
--------------------------------------------------------------------------------
EBITDA marginaal 21,7% 16,7%
--------------------------------------------------------------------------------
Aruande perioodi puhaskasum / -kahjum 28,5 6,1 367,7%
(miljonites)
--------------------------------------------------------------------------------
Puhaskasumi marginaal 11,2% 2,5%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Amortisatsioon (miljonites) 19,9 20,0 -0,4%
--------------------------------------------------------------------------------
Investeeringud (miljonites) 14,9 6,2 139,0%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Aktsiate kaalutud keskmine arv* 669 882 040 669 882 040
--------------------------------------------------------------------------------
Aktsiakasum 0,04 0,01 367,7%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Reisijate arv 2 356 039 2 363 510 -0,3%
--------------------------------------------------------------------------------
Kaubaveo ühikute arv 78 659 79 055 -0,5%
--------------------------------------------------------------------------------
Töötajate keskmine arv 6 903 7 124 -3,1%
--------------------------------------------------------------------------------
--------------------------------------------- -------
----------------------------
30.06.2015 31.03.2015
--------------------------------------------------------------------------------
Varad 1 665,5 1 674,5 -0,5%
--------------------------------------------------------------------------------
Intressi kandvad kohustused (miljonites) 695,5 742,9 -6,4%
--------------------------------------------------------------------------------
Netovõlg (miljonites) 614,5 676,6 -9,2%
--------------------------------------------------------------------------------
Omakapital kokku (miljonites) 780,2 764,9 2,0%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Omakapitali määr 46,8% 45,7%
--------------------------------------------------------------------------------
Netovõla EBITDA suhe 3,4 4,1
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Aktsiate arv* 669 882 040 669 882 040 0%
--------------------------------------------------------------------------------
Omakapital aktsia kohta 1,16 1,14 2,0%
--------------------------------------------------------------------------------
KONSOLIDEERITUDKOONDKASUMIARUANNE
(auditeerimata, tuhandetes 01.04.2015- 01.04.2014- 01.01.2015- 01.01.2014-
eurodes)
30.06.2015 30.06.2014 30.06.2015 30.06.2014
================================================================================
Müügitulu 253,862 246,463 444,015 434,669
Müüdud kaupade ja teenuste -191,489 -195,503 -355,538 -371,922
kulud
Brutokasum 62,373 50,960 88,477 62,747
--------------------------------------------------------------------------------
Turunduskulud -16,481 -16,001 -31,716 -31,799
Üldhalduskulud -11,603 -13,888 -23,318 -25,277
Muud äritulud 1,362 312 1,485 525
Muud ärikulud -390 -292 -581 -340
--------------------------------------------------------------------------------
Kasum/-kahjum äritegevusest 35,261 21,091 34,347 5,856
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finantstulud 1,621 551 7,297 3,867
Finantskulud -4,000 -10,192 -20,608 -21,637
Kasum/-kahjum enne tulumaksu 32,882 11,450 21,036 -11,914
--------------------------------------------------------------------------------
Tulumaks -4,350 -5,349 -5,850 -5,359
Aruandeperioodi 28,532 6,101 15,186 -17,273
puhaskasum/-kahjum
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Muu koondkasum/-kahjum
Summad, mida saab edaspidi
ümber liigitada kasumisse
või kahjumisse
Valuutakursi vahed 28 -51 -54 8
välisettevõtetest
Perioodi muu 28 -51 -54 8
koondkasum/-kahjum kokku
--------------------------------------------------------------------------------
Perioodi koondkasum/-kahjum 28,560 6,050 15,132 -17,265
kokku
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Kasum aktsia kohta (eurodes
ühe aktsia kohta)
- tava 0.043 0.009 0.023 0.026
- lahustatud 0.043 0.009 0.023 0.026
--------------------------------------------------------------------------------
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
(auditeerimata, tuhandetes eurodes)
VARAD 30.06.2015 31.12.2014
================================================================================
Käibevara
Raha ja raha ekvivalendid 81,048 65,311
--------------------------------------------------------------------------------
Nõuded ostjate vastu ja muud nõuded 44,028 38,210
Ettemaksed 10,670 5,448
Varud 30,424 31,315
Käibevara kokku 166,170 140,284
--------------------------------------------------------------------------------
Põhivara
Investeeringud kapitaliosaluse meetodil kajastatud 286 286
investeeringuobjektidesse
--------------------------------------------------------------------------------
Muud finantsvarad 332 252
Edasilükkunud tulumaksu vara 21,349 21,338
Kinnisvarainvesteeringud 300 300
Materiaalne põhivara 1,423,409 1,467,964
Immateriaalne vara 53,608 55,174
---------------------------------------------------------
Põhivara kokku 1,499,284 1,545,314
--------------------------------------------------------------------------------
---------------------------------------------------------
VARAD KOKKU 1,665,454 1,685,598
--------------------------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL
================================================================================
Lühiajalised kohustused
Intressikandvad võlakohustused 145,730 149,850
--------------------------------------------------------------------------------
Võlad tarnijatele ja muud võlad 95,415 91,236
Dividendivõlad 13,398 0
Tulumaksukohustus 6,344 1,300
Ettemakstud tulud 39,891 29,408
Tuletisinstrumendid 34,694 41,982
Lühiajalised kohustused kokku 335,472 313,776
--------------------------------------------------------------------------------
Pikaajalised kohustused
-----------------------
-----------------------
Intressikandvad võlakohustused 549,806 593,532
---------------------------------------------------------
Pikaajalised kohustused kokku 549,806 593,532
--------------------------------------------------------------------------------
Kohustused kokku 885,278 907,308
--------------------------------------------------------------------------------
OMAKAPITAL
--------------------------------------------------------------------------------
Emaettevõtja aktsionäridele kuuluv omakapital
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Aktsiakapital nimiväärtuses 404,290 404,290
Ülekurss 639 639
Reservid 71,590 70,129
Jaotamata kasum 303,657 303,232
--------------------------------------------------------------------------------
Emaettevõtte omanikele kuuluv omakapital kokku 780,176 778,290
--------------------------------------------------------------------------------
OMAKAPITAL KOKKU 780,176 778,290
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL KOKKU 1,665,454 1,685,598
--------------------------------------------------------------------------------
KONSOLIDEERITUD RAHAVOOGUDE ARUANNE
(auditeerimata, tuhandetes eurodes) 01.01.2015 - 01.01.2014-
30.06.2015 30.06.2014
Rahavood äritegevusest
Aruandeperioodi puhaskasum/-kahjum 15,186 -17,273
Korrigeerimised 59,282 64,136
Äritegevusega seotud nõuete ja ettemaksete muutused -10,917 -12,844
Varude muutused 891 1,268
Äritegevusega seotud kohustuste muutused 14,097 15,615
Makstud tulumaks -246 -4
------------------------------------------------------------------------------
78,293 50,898
------------------------------------------------------------------------------
----------------------------------------------------
Rahavood investeerimistegevusest
Materiaalse põhivara ja immateriaalse vara ostmine -18,499 -20,351
Laekumised materiaalse põhivara müügist 25,001 114
Saadud intressid 41 9
------------------------------------------------------------------------------
6,543 -20,228
------------------------------------------------------------------------------
----------------------------------------------------
Rahavood finantseerimistegevusest
Laenude tagasimaksed -49,381 -39,920
Arvelduskrediidi muutus -2,644 26,589
Kapitalirendimaksete tasumine -40 -97
Makstud intressid -14,744 -17,040
Tuletisinstrumentidega seotud maksed -2,290 -2,000
-69,099 -32,468
------------------------------------------------------------------------------
------------------------------------------------------------------------------
RAHAVOOD KOKKU 15,737 -1,798
------------------------------------------------------------------------------
---------------------------------------------------- ------------
Raha ja raha ekvivalendid
- perioodi alguses 65,311 72,012
- suurenemine (+) / vähenemine (-) 15,737 -1,798
------------------------------------------------------------------------------
- perioodi lõpus 81,048 70,214
------------------------------------------------------------------------------
Veiko Haavapuu
Finantsdirektor
AS Tallink Grupp
Sadama 5/7. 10111 Tallinn
Tel +372 640 9914
E-mail [email protected]
Content of announcement in English
Title
AS Tallink Grupp Unaudited Consolidated Interim Report Q2 2015
Message
Tallinn, 2015-08-13 08:50 CEST (GLOBE NEWSWIRE) --
AS Tallink Grupp Unaudited Consolidated Interim Report Q2 2015
In the second quarter (1 April – 30 June) of the 2015 financial year AS Tallink
Grupp and its subsidiaries’ (the Group) carried nearly 2.4 million passengers
which is on the same level compared to the second quarter last year. The
Group’s unaudited revenue for the second quarter of 2015 increased by EUR 7.4
million or 3.0% year on year to the total of EUR 253.9 million, EBITDA
increased by EUR 14.1 million or 34.3% to the total of EUR 55.2 million,
compared to the same period last year. Net profit increased by EUR 22.4 million
or 367.7% to the total of EUR 28.5 million, compared to the same period last
year.
The Group’s revenue for the first six months of 2015 was EUR 444.0 million and
increased by EUR 9.3 million or 2.1% year on year comparison. EBITDA increased
by EUR 29.1 million to the total of EUR 74.6 million and net profit increased
by EUR 32.5 million to the total of EUR 15.2 million, compared to the same
period last year.
The Group made various changes to the operations during the past year, these
changes have continued to positively affect the operating result in the second
quarter with increased revenue and profitability.
In the second quarter the Estonia-Finland route revenue increased by 6.2%,
driven by 4.8% growth in passenger number and 19.9% increase in cargo units,
the cargo growth is supported mainly by added capacity. The Estonia-Sweden
route, where capacity is lower than last year, experienced a 5.1% decrease in
passengers and a 12.3% decrease in cargo volumes. The Latvia-Sweden route,
operating with one vessel compared to two vessels last year, showed a decline
with passenger numbers decreasing by 42.3%, cargo units transported decreased
by 59.2%.
Throughout the second quarter price pressure from competition remained visible
on all routes. The group was able to keep the total number of passengers on
same level despite the total lower capacity from Latvia-Sweden route. The
passenger number was supported by growth in Estonia-Finland and Finland-Sweden
routes.
The upgrades of the public areas and improvements to restaurant and shop
concept throughout the fleet in past year, combined with the operational
changes, have resulted in a 2.0% increase in on-board revenue per passenger.
Due to the increased number of chartered vessels compared to the same period
last year the revenue from charters increased by EUR 4.8 million or 57.8% to
the total of EUR 13.2 million. Main contribution to the charter revenue growth
comes from the Silja Europa charter agreement from August 2014 onwards.
In February 2015 AS Tallink Grupp and Meyer Turku Oy signed a contract for the
construction of the new LNG powered fast ferry for Tallinn-Helsinki route
shuttle operations. The ship will cost around EUR 230 million, 20% of the total
cost will be paid during the construction period and the rest 80% upon the
delivery of the vessel in the beginning of 2017. AS Tallink Grupp's subsidiary
Tallink Line Ltd. and Nordea Bank Finland Plc have signed the loan agreement in
June 2015 in amount of EUR 184 million with maturity of twelve years from
drawdown to finance the construction of the new fast ferry in Meyer Turku
shipyard. Finnish Export Credit Agency “Finnvera” guarantees 95% of this
post-delivery buyer credit and the loan bears OECD Commercial Interest
Reference Rate (CIRR) based fixed interest rate.
Two of the vessels that were chartered out, Silja Festival and Regina Baltica
were sold in the second quarter of the 2015 financial year. The sale of the two
vessels generated a positive cash flow of EUR 25 million which was used for the
EUR 11.5 million down payment of the new LNG vessel and repayment of loans.
Altogether the Group successfully continued the deleveraging strategy and the
net debt decreased by EUR 62 million to a total of EUR 614 million in the
second quarter resulting in a solid net debt to EBITDA ratio of 3.4.
In the first half year of 2015 the positive effect from chartering activities
has been clearly visible as in the comparable period last year fewer ships were
in charter. Looking forward to the second half of the 2015 financial year the
chartering revenues will decrease compared to the previous year as Silja Europa
charter becomes comparable with the last year and two ships previously in
charter were sold in the second quarter of 2015.
In June 2015 AS Tallink Grupp agreed with the main fuel supplier to fix the
price of approximately 30% of the fuel purchasing volume until the end of 2015.
In the second quarter of the 2015 financial year the Group’s gross profit
amounted to EUR 62.4 million and EBITDA to EUR 55.2 million being respectively
EUR 11.4 million and EUR 14.1 million more compared to the same period last
year. The increase in the Group’s results is mainly attributed to the growth in
passenger numbers, increased charter revenues and decreased costs related to
operations. The increase in the pre-tax profit was affected by higher financial
income mainly due to the increase in the fair value of derivative instruments
(interest rate swaps) which resulted in EUR 7.3 million lower net finance cost.
The unaudited net profit for the second quarter of the 2015 financial year was
EUR 28.5 million or EUR 0.04 per share compared to the net profit of EUR 6.1
million or EUR 0.01 per share in the same period last year.
In June 2015 the shareholders annual general meeting decided to pay a dividend
of 0.02 euros per share. The total dividend amount of EUR 13.4 million was paid
out in the beginning of July 2015 (third quarter).
Cash flow from operations increased by EUR 8.2 million when compared to the
same period last year. The total liquidity, cash and unused credit facilities
at the end of the second quarter was EUR 96.2 million providing a strong
position for sustainable operations. At the end of the second quarter 2015 the
Group had EUR 81.0 million in cash and equivalents and the total of unused
credit lines were at EUR 15.2 million.
Q2 KEY FIGURES 2015 2014 Change
Apr-Jun Apr-Jun
----------------------------------------------------------
Revenue EUR million 253.9 246.5 3.0%
--------------------------------------------------------------------------------
Gross profit EUR million 62.4 51.0 22.4%
--------------------------------------------------------------------------------
Gross margin 24.6% 20.7%
--------------------------------------------------------------------------------
EBITDA EUR million 55.2 41.1 34.3%
--------------------------------------------------------------------------------
EBITDA margin 21.7% 16.7%
--------------------------------------------------------------------------------
Net profit for the EUR million 28.5 6.1 367.7%
period
--------------------------------------------------------------------------------
Net profit margin 11.2% 2.5%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Depreciation and EUR million 19.9 20.0 -0.4%
amortization
--------------------------------------------------------------------------------
Investments EUR million 14.9 6.2 139.0%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Weighted average number of ordinary shares 669 882 040 669 882 040
outstanding
--------------------------------------------------------------------------------
Earnings per share EUR 0.04 0.01 367.7%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Number of passengers 2 356 039 2 363 510 -0.3%
--------------------------------------------------------------------------------
Number of cargo units 78 659 79 055 -0.5%
--------------------------------------------------------------------------------
Average number of 6 903 7 124 -3.1%
employees
--------------------------------------------------------------------------------
----------------------------------------------- -------
--------------------------
30.06.2015 31.03.2015
--------------------------------------------------------------------------------
Total assets EUR million 1 665.5 1 674.5 -0.5%
--------------------------------------------------------------------------------
Interest-bearing EUR million 695.5 742.9 -6.4%
liabilities
--------------------------------------------------------------------------------
Net debt EUR million 614.5 676.6 -9.2%
--------------------------------------------------------------------------------
Total equity EUR million 780.2 764.9 2.0%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Equity ratio 46.8% 45.7%
--------------------------------------------------------------------------------
Net debt to EBITDA 3.4 4.1
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Number of ordinary 669 882 040 669 882 040 0%
shares outstanding1
--------------------------------------------------------------------------------
Shareholders’ equity per EUR 1.16 1.14 2.0%
share
--------------------------------------------------------------------------------
EBITDA: Earnings before net financial items, taxes, depreciation and
amortization;
Earnings per share: net profit / weighted average number of shares outstanding;
Equity ratio: total equity / total assets;
Shareholder’s equity per share: shareholder’s equity / number of shares
outstanding;
Gross margin: gross profit / net sales;
EBITDA margin: EBITDA / net sales;
Net profit margin: net profit / net sales;
Net debt: Interest bearing liabilities less cash and cash equivalents;
Net debt to EBITDA: Net debt / 12-months trailing EBITDA.
1 Share numbers exclude own shares.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(unaudited, in thousands of 01.04.2015- 01.04.2014- 01.01.2015- 01.01.2014-
euros)
30.06.2015 30.06.2014 30.06.2015 30.06.2014
================================================================================
Revenue 253,862 246,463 444,015 434,669
Cost of sales -191,489 -195,503 -355,538 -371,922
Gross profit 62,373 50,960 88,477 62,747
--------------------------------------------------------------------------------
Marketing expenses -16,481 -16,001 -31,716 -31,799
Administrative expenses -11,603 -13,888 -23,318 -25,277
Other income 1,362 312 1,485 525
Other expenses -390 -292 -581 -340
--------------------------------------------------------------------------------
Result from operating 35,261 21,091 34,347 5,856
activities
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finance income 1,621 551 7,297 3,867
Finance costs -4,000 -10,192 -20,608 -21,637
Profit/-loss before income 32,882 11,450 21,036 -11,914
tax
--------------------------------------------------------------------------------
Income tax -4,350 -5,349 -5,850 -5,359
--------------------------------------------------------------------------------
Net profit/-loss for the 28,532 6,101 15,186 -17,273
period
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Other comprehensive
income/-expense
Items that may be
reclassified to profit or
loss
Exchange differences on 28 -51 -54 8
translating foreign
operations
Other comprehensive 28 -51 -54 8
income/-expense for the
period
--------------------------------------------------------------------------------
Total comprehensive 28,560 6,050 15,132 -17,265
income/-expense for the
period
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Earnings per share (in EUR
per share)
- basic 0.043 0.009 0.023 0.026
- diluted 0.043 0.009 0.023 0.026
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(unaudited, in thousands of euros)
ASSETS 30.06.2015 31.12.2014
================================================================================
Current assets
Cash and cash equivalents 81,048 65,311
--------------------------------------------------------------------------------
Trade and other receivables 44,028 38,210
Prepayments 10,670 5,448
Inventories 30,424 31,315
Total current assets 166,170 140,284
--------------------------------------------------------------------------------
Non-current assets
Investments in equity-accounted investees 286 286
--------------------------------------------------------------------------------
Other financial assets 332 252
Deferred income tax assets 21,349 21,338
Investment property 300 300
Property, plant and equipment 1,423,409 1,467,964
Intangible assets 53,608 55,174
---------------------------------------------------------
Total non-current assets 1,499,284 1,545,314
--------------------------------------------------------------------------------
---------------------------------------------------------
TOTAL ASSETS 1,665,454 1,685,598
--------------------------------------------------------------------------------
LIABILITIES AND EQUITY
================================================================================
Current liabilities
Interest bearing loans and borrowings 145,730 149,850
--------------------------------------------------------------------------------
Trade and other payables 95,415 91,236
Dividends 13,398 0
Income tax liability 6,344 1,300
Deferred income 39,891 29,408
Derivatives 34,694 41,982
Total current liabilities 335,472 313,776
--------------------------------------------------------------------------------
Non-current liabilities
-----------------------
-----------------------
Interest bearing loans and borrowings 549,806 593,532
---------------------------------------------------------
Total non-current liabilities 549,806 593,532
--------------------------------------------------------------------------------
TOTAL LIABILITIES 885,278 907,308
--------------------------------------------------------------------------------
EQUITY
--------------------------------------------------------------------------------
Equity attributable to equity holders of the parent
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Share capital 404,290 404,290
Share premium 639 639
Reserves 71,590 70,129
Retained earnings 303,657 303,232
--------------------------------------------------------------------------------
Total equity attributable to equity holders of the 780,176 778,290
parent
--------------------------------------------------------------------------------
TOTAL EQUITY 780,176 778,290
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 1,665,454 1,685,598
--------------------------------------------------------------------------------
CONSOLIDATED CASH FLOW STATEMENT
(unaudited, in thousands of euros) 01.01.2015- 01.01.2014-
30.06.2015 30.06.2014
Cash flows from operating activities
Net profit/-loss for the period 15,186 -17,273
Adjustments 59,282 64,136
Changes in receivables and prepayments related to -10,917 -12,844
operating activities
Changes in inventories 891 1,268
Changes in liabilities related to operating activities 14,097 15,615
Income tax paid -246 -4
--------------------------------------------------------------------------------
78,293 50,898
--------------------------------------------------------------------------------
-------------------------------------------------------
Cash flow used in investing activities
Purchase of property, plant and equipment and -18,499 -20,351
intangible assets
Proceeds from disposals of property, plant and 25,001 114
equipment
Interest received 41 9
--------------------------------------------------------------------------------
6,543 -20,228
--------------------------------------------------------------------------------
-------------------------------------------------------
Cash flow used in financing activities
Repayment of loans -49,381 -39,920
Change in overdraft -2,644 26,589
Payment of finance lease liabilities -40 -97
Interest paid -14,744 -17,040
Payments for settlement of derivatives -2,290 -2,000
-69,099 -32,468
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
TOTAL NET CASH FLOW 15,737 -1,798
--------------------------------------------------------------------------------
------------------------------------------------------- ------------
Cash and cash equivalents:
- at the beginning of period 65,311 72,012
- increase (+) / decrease (-) 15,737 -1,798
--------------------------------------------------------------------------------
- at the end of period 81,048 70,214
--------------------------------------------------------------------------------
Veiko Haavapuu
Finance Director
AS Tallink Grupp
Sadama 5/7. 10111 Tallinn
Tel +372 640 9914
E-mail [email protected]