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AS Tallink Grupp
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Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
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Kuupäev
31.10.2008 17:12:50
Pealkiri
2007/2008 majandusaasta 12 kuu auditeerimata majandustulemused
Teade
AS-i Tallink Grupp 2007/2008 majandusaasta oli üks teguderohkeim. Ühe aasta jooksul tõime liinile kaks uut laeva, tegime mitmeid muudatusi opereerimises ja käivitasime uue broneerimis- ja registreerimissüsteemi. Juba alanud 2008/2009 majandusaasta algus näitab väga head arengut. Käesoleva sügise reisijate veomahud tõusevad jõuliselt, mis kinnitavad möödunud majandusaastal tehtud muudatuste edukust. Kontserni müügitulud kasvasid 2007/2008 majandusaastal enim Rootsi-Läti liinil ja ka Soome-Eesti liinil, kus peamiseks kasvumootoriks on olnud uus Tallink Shuttle teenus. Vastupidiselt mõjusid oodatust nõrgemad tulemused Soome-Saksa ja Soome-Rootsi liinidel. Kontserni müügitulu suurenes 2007/2008 majandusaastal 3,4% 786,8 miljoni euroni (12,3 miljardi kroonini). Neljanda kvartali müügitulu oli 237 miljonit eurot (3,7 miljardit krooni). Lõppenud majandusaasta tulemust mõjutasid suurenenud kütusehinnad ja intressimäärad. 2007/2008 majandusaasta jooksul kasvas Kontserni kütusekulu võrreldes eelneva majandusaastaga ligi 45 miljonit eurot (700 miljonit krooni). Neljandas kvartalis tuli liinile uus kruiisilaev Baltic Princess. Uue laeva valmimine hilines ja kaasnevad muudatused teistel liinidel toimusid selle tulemusena samuti plaanitust hiljem, ulatudes kõrghooaega. Kuna nimetatud muudatuste ajakava selgus hilises faasis, jäi turundustegevuse aeg lühemaks ja selle efektiivsus eelkõige neljandas kvartalis väksemaks kui oleme kogenud eelnevate uute laevade käivitamisel. Kui täna võib öelda, et nimetatud muudatused olid edukad, siis 2007/2008 majandusaasta neljanda kvartali tulemuses ei jõudnud oodatud positiivne mõju veel avalduda ja käivituskulusid ületada. Tulenevalt eelpool kirjeldatud kõrgemast kulubaasist, madalamatest veomahtudest ja Saksa-Soome liini negatiivsetest arengutest, langes Kontserni intresside, maksude ja amortisatsioonieelne kasum EBITDA 2007/2008 majandusaastal 32,3 miljoni euro (505 miljoni krooni) võrra 126,7 miljoni euroni (1,98 miljardi kroonini). Kontserni puhaskasum lõppenud majandusaastal oli 20,3 miljonit eurot (318 miljonit krooni). 2007/2008 majandusaasta neljandas kvartalis oli Kontserni EBITDA 49,7 miljonit eurot (777,8 miljonit krooni) ning puhaskasum 29,5 miljonit eurot (460,9 miljonit krooni). Juhatus on rakendanud meetmeid lõppenud majandusaasta tegevuses ilmnenud asjaolude lahendamiseks, et alanud 2008/2009 majandusaasta tulemust oluliselt parandada. Käesoleva aruande avaldamise hetkeks on märgid Kontserni tulemuse paranemise osas selgelt näha, millest peamistena märgiksime järgmised: · Uus piletite broneerimise ja registreerimise süsteem, mis mõjutas müügitegevust ja veomahtusid lõppenud majandusaastal, töötab täna täiel funktsionaalsusel. · Uus kruiisilaev Baltic Princess ja sellega kaasnenud muudatused liinidel on olnud edukad ja toonud endaga kaasa suurenenud reisijateveo numbrid. · Eelbroneeringud lähikuudeks indikeerivad kasvu. · Saksa liinil opereerib kolme laeva asemel kaks laeva, mille tulemusena vähenevad liini kulud. Superfast IX alustab lähinädalatel kasumlikku prahti. · Kütuse hind, mis oli väga kõrge suve keskel on tänaseks langenud ja on ligilähedane 2006 ja 2007 aasta tasemetega. Otsustasime kasutada tänast situatsiooni, et osaliselt fikseerida kütusehind 2009-ks aastaks. · Tallinn-Helsingi liinil on vähenenud konkurents, sest kaks kiirlaevaoperaatorit, kelle aastane reisijateveo maht ulatus ligi miljoni reisijani, on oma tegevuse peatanud. Eeldame, et suure tõenäosusega nad ei naase. Uue Tallink Suttle teenuse ja meie vaba veomahu toel usume, et suur osa lahkunud konkurentide reisijatest teenindatakse Tallinki poolt. Suviste intressimäärade kasvu järel ei ole globaalne finantskriis tänaseks täiendavalt oluliselt mõjutanud Kontserni tegevust. Kontserni laenud on keskmiselt kümneaastase tähtajaga ning laene makstakse tagasi lepinguliste graafikute alusel äritegevuse rahavoogusest. Kontsernil ei ole enne 2013. aastat ühtegi kohustuslikku suurt ühekordset tagasimakset, mis eeldaks refinantseerimist. Uue, 2009. valmiva kruiisilaeva ostuks on laenuleping varasemalt sõlmitud, mis sätestab laeva finantseerimise selle valmimisel. Likviidsuse seisukohalt on alanud 2008/2009 majandusaasta paljus osas parem lõppenud majandusaastast. Kontserni lepingujärgsed maksed uute laevade ehituseks on oluliselt väiksemad. Möödunud majandusaastal olid enne 80% välisfinantseeringut ehituslepingute maksed laevatehastele 38 miljonit eurot, 2008/2009 majandusaastal vaid 6 miljonit eurot ning see on tänaseks juba tasutud. Leevendav positiivne mõju on ka langevatel intressimääradel, kolmandiku võrra vähendatud kuludel Saksa liinil ning madalam kütusehind, mis kõik toetab normaalse likviidsuse säilimist. NELJANDA KVARTALI PÕHISÜNDMUSED · Kruiisilaeva Baltic Princess liiniletulek; · M/S Fantaasia müük. 12 KUU PÕHINÄITAJAD 01.09.2007- 01.09.2006- change 31.08.2008 31.08.2007 % EEK EUR EEK EUR Müügitulu (miljon) 12 786,8 11 760,8 3,4% 310,0 903,3 Brutokasum (miljon) 2 580,9 165,0 3 136,6 200,5 -17,7% Brutokasumi marginaal % 20,9% 26,4% EBITDA (miljon) 1 982,4 126,7 2 487,3 159,0 -20,3% EBITDA marginaal (%) 16,1% 20,9% Aruandeperioodi 318,0 20,3 1 049,3 67,1 -69,7% puhaskasum (miljon) Puhaskasumi marginaal 2,6% 8,8% (%) Amortisatsioon (miljon) 964,3 61,6 925,5 59,1 4,2% Investeeringud (miljon) 4 240,3 271,0 2 203,5 140,8 92,4% Aktsiate kaalutud 671 245 086 673 817 040 keskmine arv 12 kuu jooksul Aktsiakasum 0,47 0,03 1,56 0,100 -69,8% Reisijate arv 7 070 264 6 873 339 2,9% Kaubaveo ühikud 331 149 359 781 -8% Keskmine töötajate arv 6 564 6 227 5,4% 31.08.2008 31.08.2007 change% Varad kokku (miljon) 29 1 26 1 11,8% 701,8 898,3 570,9 698,2 Kohustused kokku 19 1 16 1 17,5% (miljon) 308,2 234,0 436,0 050,4 Intressi kandvad 17 1 14 947,9 18,1% kohustused (miljon) 524,6 120,0 831,7 Omakapital kokku 10 664,3 10 647,7 2,6% (miljon) 393,6 134,9 Omakapitali määr (%) 35,2% 38,1% Aktsiate arv 669 882 040 673 817 040 -0,6% Omakapital aktsia kohta 15,5 0,99 15,04 0,96 3,1% Puhaskasumi marginaal - puhaskasum / müügitulu; EBITDA - finantskulude sidusettevõtjate kasumiosade maksude intresside kulumi ja negatiivse firmaväärtuse eelne kasum; EBITDA marginaal - EBITDA / müügitulu; Brutokasumi marginaal - brutokasum / müügitulu Omakapitali määr - omakapital/ varad kokku; Aktsiakasum - puhaskasum / kaalutud keskmine aktsiate arv; Omakapital aktsia kohta - omakapital / aktsiate arv. * aktsiate arvud on võrreldavuse tagamiseks korrigeeritud 2007 a. jaanuaris toimunud fondiemissiooniga. Aktsiate number ei sisalda oma aktsiaid. KONSOLIDEERITUD KASUMIARUANNE (auditeerimata, 01.06.2008- 01.06.2007- 01.09.2007- 01.09.2006- tuhandetes kroonides) 31.08.2008 31.08.2007 31.08.2008 31.08.2007 Müügitulu 3,710,812 3,552,013 12,310,015 11,903,286 Müüdud kauba ja teenuse -2,891,498 -2,254,045 -9,729,085 -8,766,651 kulu Brutokasum 819,314 1,297,968 2,580,930 3,136,635 Turustuskulud -262,075 -147,165 -850,988 -792,381 Üldhalduskulud -196,004 -243,196 -889,377 -997,361 Muud äritulud/-kulud 144,441 179,794 181,115 207,265 Negatiivne firmaväärtus 0 0 0 689 Finantstulud 94,890 56,718 143,124 203,884 Finantskulud -226,328 -222,942 -933,332 -801,219 Kasum/-kahjum -3,060 1,205 -3,060 7,698 sidusettevõtte aktsiatest Kasum enne tulumaksu 371,178 922,382 228,412 965,210 Tulumaks 89,736 85,525 89,564 84,077 Aruandeperioodi kasum 460,914 1,007,907 317,976 1,049,287 Sh. Emaettevõtja 460,914 1,007,907 317,976 1,049,287 aktsionäride osa kasumist Kasum aktsia kohta (EEK- ides ühe aktsia kohta) - tava 0.69 1.50 0.47 1.56 - lahustatud 0.69 1.50 0.47 1.56 (auditeerimata, 01.06.2008- 01.06.2007- 01.09.2007- 01.09.2006- tuhandetes eurodes) 31.08.2008 31.08.2007 31.08.2008 31.08.2007 Müügitulu 237,164 227,015 786,753 760,759 Müüdud kauba ja teenuse -184,801 -144,060 -621,802 -560,291 kulu Brutokasum 52,363 82,955 164,951 200,468 Turustuskulud -16,750 -9,406 -54,388 -50,643 Üldhalduskulud -12,526 -15,543 -56,841 -63,743 Muud äritulud/-kulud 9,231 11,490 11,575 13,246 Negatiivne firmaväärtus 0 0 0 44 Finantstulud 6,064 3,625 9,147 13,031 Finantskulud -14,464 -14,248 -59,650 -51,207 Kasum/-kahjum -196 77 -196 492 sidusettevõtte aktsiatest Kasum enne tulumaksu 23,722 58,950 14,598 61,688 Tulumaks 5,735 5,467 5,724 5,374 Aruandeperioodi kasum 29,457 64,417 20,322 67,062 Sh. Emaettevõtja 29,457 64,417 20,322 67,062 aktsionäride osa kasumist Kasum aktsia kohta (EUR- ides ühe aktsia kohta) - tava 0.04 0.10 0.03 0.10 - lahustatud 0.04 0.10 0.03 0.10 KONSOLIDEERITUD BILANSS (auditeerimata, tuhandetes kroonides) VARAD 31.08.2008 31.08.2007 Käibevara Raha ja raha ekvivalendid 1,043,785 1,303,609 Nõuded 1,177,342 815,093 Ettemaksed 111,522 124,134 Tuletisinstrumendid 51,884 1,799 Varud 358,480 272,352 Käibevara kokku 2,743,013 2,516,987 Põhivara Sidusettevõtete aktsiad ja osakud 2,222 3,242 Muud pikaajalised 7,700 9,279 finantsinvesteeringud ja ettemaksed Maksuvara 199,851 153,102 Kinnisvarainvesteering 4,694 4,694 Materiaalne põhivara 25,531,770 22,600,001 Immateriaalne põhivara 1,212,551 1,283,592 Põhivara kokku 26,958,788 24,053,910 VARAD KOKKU 29,701,801 26,570,897 KOHUSTUSED JA OMAKAPITAL Lühiajalised kohustused Intressikandvad võlakohustused 2,200,220 2,247,390 Võlad hankijatele 1,621,711 1,408,369 Ettemakstud tulud 138,752 121,008 Tuletisinstrumendid 5,351 7,980 Lühiajalised kohustused kokku 3,966,034 3,784,747 Pikaajalised kohustused Intressikandvad võlakohustused 15,324,355 12,584,261 Edasilükkunud tulumaksukohustus 16,147 63,463 Muu kohustus 1,643 3,489 Pikaajalised kohustused kokku 15,342,145 12,651,213 Kohustused kokku 19,308,179 16,435,960 OMAKAPITAL Emaettevõtja aktsionäridele kuuluv omakapital Aktsiakapital nimiväärtuses 6,738,170 6,738,170 Ülekurss 9,999 9,999 Reservid 1,151,071 1,202,991 Jaotamata kasum 2,494,382 2,183,777 Emaettevõtja aktsionäridele kuuluv 10,393,622 10,134,937 omakapital kokku OMAKAPITAL KOKKU 10,393,622 10,134,937 KOHUSTUSED JA OMAKAPITAL KOKKU 29,701,801 26,570,897 KONSOLIDEERITUD BILANSS (auditeerimata, tuhandetes eurodes) VARAD 31.08.2008 31.08.2007 Käibevara Raha ja raha ekvivalendid 66,710 83,315 Nõuded 75,246 52,094 Ettemaksed 7,127 7,934 Tuletisinstrumendid 3,316 115 Varud 22,911 17,407 Käibevara kokku 175,310 160,865 Põhivara Sidusettevõtete aktsiad ja osakud 142 207 Muud pikaajalised 492 594 finantsinvesteeringud ja ettemaksed Maksuvara 12,773 9,785 Kinnisvarainvesteering 300 300 Materiaalne põhivara 1,631,778 1,444,403 Immateriaalne põhivara 77,496 82,036 Põhivara kokku 1,722,981 1,537,325 VARAD KOKKU 1,898,291 1,698,190 KOHUSTUSED JA OMAKAPITAL Lühiajalised kohustused Intressikandvad võlakohustused 140,620 143,634 Võlad hankijatele 103,646 90,011 Ettemakstud tulud 8,868 7,734 Tuletisinstrumendid 342 510 Lühiajalised kohustused kokku 253,476 241,889 Pikaajalised kohustused Intressikandvad võlakohustused 979,405 804,281 Edasilükkunud tulumaksukohustus 1,032 4,056 Muu kohustus 105 223 Pikaajalised kohustused kokku 980,542 808,560 Kohustused kokku 1,234,018 1,050,449 OMAKAPITAL Emaettevõtja aktsionäridele kuuluv omakapital Aktsiakapital nimiväärtuses 430,648 430,648 Ülekurss 639 639 Reservid 73,566 76,885 Jaotamata kasum 159,420 139,569 Emaettevõtja aktsionäridele kuuluv 664,273 647,741 omakapital kokku OMAKAPITAL KOKKU 664,273 647,741 KOHUSTUSED JA OMAKAPITAL KOKKU 1,898,291 1,698,190 KONSOLIDEERITUD RAHAVOOGUDE ARUANNE (auditeerimata, tuhandetes 01.09.2007- 01.09.2006- kroonides) 31.08.2008 31.08.2007 Rahavood äritegevusest Aruandeperioodi kasum 317,976 1,049,287 Korrigeerimised 1,661,987 1,252,817 Äritegevusega seotud nõuete muutus -339,402 203,468 Äritegevusega seotud varude muutus -85,110 -34,964 Äritegevusega seotud kohustuste 158,379 -346,867 muutus Makstud tulumaks -1,800 -4,083 1,712,030 2,119,658 Rahavood investeerimistegevusest Materiaalse ja immateriaalse põhivara -4,240,289 -2,201,608 soetamine Laekumised materiaalse põhivara 453,242 687,540 müügist Laekumised tuletistehingutest 64,025 164,481 Maksed tuletistehingutest -18,146 0 Tütarettevõtte soetamine 0 15,162 Sidusettevõtte soetamine 1,885 -1,157 Vähemusosa soetamine -2,040 -1,020 Saadud intressid 11,511 21,636 -3,729,812 -1,314,966 Rahavood finantseerimistegevusest Aktsiatega seotud kulud 0 -6,520 Omaaktsiate tagasiost -65,132 0 Laekumised laenudest 3,756,212 1,357,847 Laenude ja võlakirjade tagasimaksed -1,518,433 -1,555,385 Kasutatud arvelduskrediidi muutus 443,199 74,143 Kapitalirendi põhimaksete tasumine -14,855 -27,010 Makstud intressid -843,033 -751,766 1,757,958 -908,691 RAHAVOOD KOKKU -103,999 Raha ja raha ekvivalendid - perioodi alguses 1,303,609 1,407,608 - suurenemine (+) / vähenemine (-) -259,824 -103,999 - perioodi lõpus 1,043,785 1,303,609 (auditeerimata, tuhandetes 01.09.2007- 01.09.2006- eurodes) 31.08.2008 31.08.2007 Rahavood äritegevusest Aruandeperioodi kasum 20,322 67,062 Korrigeerimised 106,221 80,070 Äritegevusega seotud nõuete muutus -21,692 13,004 Varude muutus -5,439 -2,235 Äritegevusega seotud kohustuste 10,122 -22,169 muutus Makstud tulumaks -115 -261 109,419 135,471 Rahavood investeerimistegevusest Materiaalse ja immateriaalse põhivara -271,004 -140,708 soetamine Laekumised materiaalse põhivara 28,967 43,942 müügist Laekumised tuletistehingutest 4,092 10,512 Maksed tuletistehingutest -1,159 0 Tütarettevõtte soetamine 0 969 Sidusettevõtte soetamine 120 -74 Vähemusosa soetamine -130 -65 Saadud intressid 736 1,382 -238,378 -84,042 Rahavood finantseerimistegevusest Aktsiatega seotud kulud 0 -417 Omaaktsiate tagasiost -4,163 0 Laekumised laenudest 240,066 86,782 Laenude ja võlakirjade tagasimaksed -97,045 -99,407 Kasutatud arvelduskrediidi muutus 28,325 -4,739 Kapitalirendi põhimaksete tasumine -949 -1,727 Makstud intressid -53,880 -48,047 112,354 -58,077 RAHAVOOD KOKKU -16,605 -6,648 Raha ja raha ekvivalendid - perioodi alguses 83,315 89,963 - suurenemine (+) / vähenemine (-) -16,605 -6,648 - perioodi lõpus 66,710 83,315 Janek Stalmeister Finantsdirektor AS Tallink Grupp Tel. +372 6409 800 Fax. +372 6409 810 e-mail: janek.stalmeister@tallink.ee
Pealkiri
12 months result of the 2007/2008 financial year
Teade
The 2007/2008 financial year for AS Tallink Grupp (hereinafter also referred to as the Group) was one of the most eventful. In one year we took delivery of two new vessels, made several changes in route operations and launched a new booking reservation and check-in system. The 2007/2008 financial year ended before the full effect of these the positive changes and developments have become visible. However, the start of the new 2008/2009 financial year is very positive with traffic volumes indicating strong growth in autumn 2008 as a result of the developments implemented in the previous financial year. The Group's revenues increased strongly on the newest Sweden-Latvia route and also on the Finland-Estonia route where the new Tallink Shuttle service is the main contributing factor . This was partly offset by worse than expected performance on the Finland - Sweden route and the Germany - Finland route. As a result, the group revenues for the financial year increased by 3.4% totalling EUR 786.8 million (EEK 12,310 million). The Group's sales in the fourth quarter amounted to EUR 237 million (EEK 3,710 million) EBITDA was EUR 49.7 million (EEK 777.6 million) and net profit for the quarter was EUR 29.5 million (EEK 460.9 million). The 2007/2008 financial year was largely influenced by significantly increased fuel costs, higher interest costs and weak traffic volumes on some routes. During the year the total fuel cost increased nearly 700 million EEK (45 million EUR) million compared to the previous financial year as the market price for fuel was at record high levels. In the fourth quarter the Group delivered the newest cruise ferry M/S Baltic Princess. The delivery of the new vessel was delayed which resulted in significant route changes during the high season. The timing of the new vessel and consequent route changes were unclear until very late and as a result of which the pre-marketing period was too short, resulting in an immediate weaker result compared to our previous deliveries. This further delayed other re-routings which altogether affected negatively the Group result in the fourth quarter as the associated start-up costs were not covered by the end of August 2008. As a result of the above, high fuel cost, weaker than expected traffic numbers and with the negative development on the Germany route the EBITDA for the full year decreased to EUR 126.7 million (EEK 1,982 million), down by EUR 32.3 million (EEK 505 million). The net profit for the Group during the last financial year was EUR 20.3 million (EEK 318 million). Management have taken a number of operational steps to address the issues seen in the last financial year and to try to deliver significantly improved financial performance in the current financial year. At the time of this report the signs for the Group result improvement are clearly noticeable providing an encouraging outlook for the current financial year. We can highlight the following: · The new booking reservation and check-in system launch which disturbed our sales last year is now running at its full functionality. · New cruise vessel delivery and related vessels' route changes have been successfully implemented. · Passenger bookings for the coming months are increasing. · Steps taken to address the situation on the Germany route: we now operate with only two vessels on a decreased cost base with the third vessel heading to a profitable charter in the coming weeks. Other possibilities are being actively explored to further address the issues on this route. · The fuel price which has been very high last summer has now decreased significantly and, in EUR, is back to the levels that were seen in the years 2006-2007. Given the high market volatility, management has decided to use the current situation in order to hedge a portion of the fuel cost for the year 2009. · The competition on the Tallinn-Helsinki route has reduced as two of the fast craft operators have exited from the market. These operators are unlikely to restart operations and their total annual passenger volume has been close to one million. Given the recently launched Tallink Shuttle service and our available capacity we believe that a noticeable portion of this passenger volume will be served by Tallink. So far, besides the interest rate decrease in last summer, we do not notice other significant direct impact of the global financial crisis on Tallink's operations. The Group's loans have on average 10 years maturity and are being repaid based on agreed repayment schedule served from the business cash flows. Currently we do not see the need for refinancing any of the loans as there will not be any large bullet repayments due before the year 2013. The loan agreement for the new Cruise 5 vessel (to be delivered in 2009) has also been concluded earlier stating the financing on time of the delivery of the vessel. From the operational liquidity aspect the new 2008/2009 financial year will be in many areas better for the Group. The capital down payments needed for the new vessels is only EUR 6 million. In comparison during the 2007/2008 financial year ended the Group was paying 38 million EUR to the shipyards before the agreed 80% bank financing. Given the (a) reduction of capacity and thereby lower costs on the Germany route (b) visible positive development on the traffic volumes and (c) lower fuel costs and reduced exposure to rising fuel prices going forward, the operational cash flows and company's liquidity is expected to be healthy. KEY EVENTS IN 4th QUARTER · Delivery of M/S Baltic Princess; · Sale of M/S Fantaasia. 12 MONTHS KEY FIGURES 01.09.2007- 01.09.2006- change 31.08.2008 31.08.2007 % EEK EUR EEK EUR Net sales (million) 12,310.0 786.8 11,903.3 760.8 3.4% Gross profit (million) 2,580.9 165.0 3,136.6 200.5 -17.7% Gross margin (%) 20.9% 26.4% EBITDA (million) 1,982.4 126.7 2,487.3 159.0 -20.3% EBITDA margin (%) 16.1% 20.9% Net profit for the period 318.0 20.3 1,049.3 67.1 -69.7% (million) Net profit margin (%) 2.6% 8.8% Depreciation (million) 964.3 61.6 925.5 59.1 4.2% Investments (million) 4,240.3 271.0 2,203.5 140.8 92.4% Weighted average number of 671,245,086 673,817,040 ordinary shares outstanding during 12 months* Earnings per share 0.47 0.03 1.56 0.100 -69.8% Number of passengers 7,070,264 6,873,339 2.9% Cargo units 331,149 359,781 -8% Average number of 6,564 6,227 5.4% employees 31.08.2008 31.08.2007 change% Total assets (million) 29,701.8 1,898.3 26,570.9 1,698.2 11.8% Total liabilities 19,308.2 1,234.0 16,436.0 1,050.4 17.5% (million) Interest-bearing 17,524.6 1,120.0 14,831.7 947.9 18.1% liabilities (million) Total equity (million) 10,393.6 664.3 10,134.9 647.7 2.6% Equity ratio (%) 35.2% 38.1% Number of ordinary shares 669,882,040 673,817,040 -0.6% outstanding* Shareholders' equity per 15.5 0.99 15.04 0.96 3.1% share Net profit margin - net profit / net sales; EBITDA - Earnings before net financial items, share of profit of associates, taxes, depreciation and amortization, income from negative goodwill; EBITDA margin - EBITDA / net sales; Gross margin - gross profit / net sales Equity ratio - total equity / total assets; Earnings per share - net profit / weighted average number of shares outstanding; Shareholder's equity per share - shareholder's equity / number of shares outstanding. * Share numbers have been adjusted in connection with the bonus issue in January 2007. Numbers exclude own shares. CONSOLIDATED CONDENSED INCOME STATEMENT (unaudited, in thousands of 01.06.2008- 01.06.2007- 01.09.2007- 01.09.2006 EEK) - 31.08.2008 31.08.2007 31.08.2008 31.08.2007 Net sales 3,710,812 3,552,013 12,310,015 11,903,286 Cost of sales -2,891,498 -2,254,045 -9,729,085 -8,766,651 Gross profit 819,314 1,297,968 2,580,930 3,136,635 Marketing expenses -262,075 -147,165 -850,988 -792,381 Administrative and general -196,004 -243,196 -889,377 -997,361 expenses Other operating items 144,441 179,794 181,115 207,265 Income from negative 0 0 0 689 goodwill Financial income 94,890 56,718 143,124 203,884 Financial expenses -226,328 -222,942 -933,332 -801,219 Income/-expenses from -3,060 1,205 -3,060 7,698 associates Profit from normal 371,178 922,382 228,412 965,210 operation before income tax Income tax 89,736 85,525 89,564 84,077 Net profit for the period 460,914 1,007,907 317,976 1,049,287 Attributable to: Equity holders of the 460,914 1,007,907 317,976 1,049,287 parent Earnings per share (in EEK per share) - basic 0.69 1.50 0.47 1.56 - diluted 0.69 1.50 0.47 1.56 (unaudited, in thousands of 01.06.2008- 01.06.2007- 01.09.2007- 01.09.2006 EUR) - 31.08.2008 31.08.2007 31.08.2008 31.08.2007 Net sales 237,164 227,015 786,753 760,759 Cost of sales -184,801 -144,060 -621,802 -560,291 Gross profit 52,363 82,955 164,951 200,468 Marketing expenses -16,750 -9,406 -54,388 -50,643 Administrative and general -12,526 -15,543 -56,841 -63,743 expenses Other operating items 9,231 11,490 11,575 13,246 Income from negative 0 0 0 44 goodwill Financial income 6,064 3,625 9,147 13,031 Financial expenses -14,464 -14,248 -59,650 -51,207 Income/-expenses from -196 77 -196 492 associates Profit from normal 23,722 58,950 14,598 61,688 operation before income tax Income tax 5,735 5,467 5,724 5,374 Net profit for the period 29,457 64,417 20,322 67,062 Attributable to: Equity holders of the 29,457 64,417 20,322 67,062 parent Earnings per share (in EUR per share) - basic 0.04 0.10 0.03 0.10 - diluted 0.04 0.10 0.03 0.10 CONSOLIDATED CONDENSED BALANCE SHEET (unaudited, in thousands of EEK) ASSETS 31.08.2008 31.08.2007 Current assets Cash and cash equivalents 1,043,785 1,303,609 Receivables 1,177,342 815,093 Prepayments 111,522 124,134 Derivatives 51,884 1,799 Inventories 358,480 272,352 Total current assets 2,743,013 2,516,987 Non-current assets Investments in associates 2,222 3,242 Other financial assets and 7,700 9,279 prepayments Deferred income tax assets 199,851 153,102 Investment property 4,694 4,694 Property, plant and equipment 25,531,770 22,600,001 Intangible assets 1,212,551 1,283,592 Total non-current assets 26,958,788 24,053,910 TOTAL ASSETS 29,701,801 26,570,897 LIABILITIES AND EQUITY Current liabilities Current portion of interest-bearing 2,200,220 2,247,390 liabilities Payables 1,621,711 1,408,369 Deferred income 138,752 121,008 Derivatives 5,351 7,980 Total current liabilities 3,966,034 3,784,747 Non-current liabilities Interest bearing loans and borrowings 15,324,355 12,584,261 Deferred income tax liability 16,147 63,463 Other liability 1,643 3,489 Total non-current liabilities 15,342,145 12,651,213 TOTAL LIABILITIES 19,308,179 16,435,960 EQUITY Equity attributable to equity holders of the parent Share capital 6,738,170 6,738,170 Share premium 9,999 9,999 Reserves 1,151,071 1,202,991 Retained earnings 2,494,382 2,183,777 Total equity attributable to equity 10,393,622 10,134,937 holders of the parent TOTAL EQUITY 10,393,622 10,134,937 TOTAL LIABILITIES AND EQUITY 29,701,801 26,570,897 CONSOLIDATED CONDENSED BALANCE SHEET (unaudited, in thousands of EUR) ASSETS 31.08.2008 31.08.2007 Current assets Cash and cash equivalents 66,710 83,315 Receivables 75,246 52,094 Prepayments 7,127 7,934 Derivatives 3,316 115 Inventories 22,911 17,407 Total current assets 175,310 160,865 Non-current assets Investments in associates 142 207 Other financial assets and 492 594 prepayments Deferred income tax assets 12,773 9,785 Investment property 300 300 Property, plant and equipment 1,631,778 1,444,403 Intangible assets 77,496 82,036 Total non-current assets 1,722,981 1,537,325 TOTAL ASSETS 1,898,291 1,698,190 LIABILITIES AND EQUITY Current liabilities Current portion of interest-bearing 140,620 143,634 liabilities Payables 103,646 90,011 Deferred income 8,868 7,734 Derivatives 342 510 Total current liabilities 253,476 241,889 Non-current liabilities Interest bearing loans and borrowings 979,405 804,281 Deferred income tax 1,032 4,056 Other liability 105 223 Total non-current liabilities 980,542 808,560 TOTAL LIABILITIES 1,234,018 1,050,449 EQUITY Equity attributable to equity holders of the parent Share capital 430,648 430,648 Share premium 639 639 Reserves 73,566 76,885 Retained earnings 159,420 139,569 Total equity attributable to equity 664,273 647,741 holders of the parent TOTAL EQUITY 664,273 647,741 TOTAL LIABILITIES AND EQUITY 1,898,291 1,698,190 CONSOLIDATED CONDENSED CASH FLOW STATEMENT (unaudited, in thousands of EEK) 01.09.2007 01.09.2006 - - 31.08.2008 31.08.2007 Cash flows from operating activities Net profit for the period 317,976 1,049,287 Adjustments 1,661,987 1,252,817 Changes in assets related to -339,402 203,468 operating activities Changes in inventories -85,110 -34,964 Changes in liabilities related to 158,379 -346,867 operating activities Income tax paid -1,800 -4,083 1,712,030 2,119,658 Cash flow used for investing activities Purchase of property, plant, -4,240,289 -2,201,608 equipment and intangible assets Proceeds from disposals of property, 453,242 687,540 plant, equipment Proceeds from settlement of 64,025 164,481 derivatives Payments of settlement of derivatives -18,146 0 Proceeds from disposals of associates 0 15,162 Acquisition of subsidiary 1,885 -1,157 Acquisition of associate -2,040 -1,020 Interest received 11,511 21,636 -3,729,812 -1,314,966 Cash flow from (+)/ used for (-) financing activities Payment of transaction costs 0 -6,520 Repurchase of own shares -65,132 0 Proceeds from loans and bonds 3,756,212 1,357,847 Redemption of loans and bonds -1,518,433 -1,555,385 Change in overdraft 443,199 74,143 Repayment of finance lease -14,855 -27,010 liabilities Interest paid -843,033 -751,766 1,757,958 -908,691 TOTAL NET CASH FLOW -103,999 Cash and cash equivalents: - at the beginning of period 1,303,609 1,407,608 - increase (+) / decrease (-) -259,824 -103,999 Cash and cash equivalents at end of 1,043,785 1,303,609 period (unaudited, in thousands of EUR) 01.09.2007 01.09.2006 - - 31.08.2008 31.08.2007 Cash flows from operating activities Net profit for the period 20,322 67,062 Adjustments 106,221 80,070 Changes in assets related to -21,692 13,004 operating activities Changes in inventories -5,439 -2,235 Changes in liabilities related to 10,122 -22,169 operating activities Income tax paid -115 -261 109,419 135,471 Cash flow used for investing activities Purchase of property, plant, -271,004 -140,708 equipment and intangible assets Proceeds from disposals of property, 28,967 43,942 plant, equipment Proceeds from settlement of 4,092 10,512 derivatives Payments of settlement of derivatives -1,159 0 Proceeds from disposals of associates 0 969 Acquisition of subsidiary 120 -74 Acquisition of associate -130 -65 Interest received 736 1,382 -238,378 -84,042 Cash flow from (+)/ used for (-) financing activities Payment of transaction costs 0 -417 Repurchase of own shares -4,163 0 Proceeds from loans and bonds 240,066 86,782 Redemption of loans and bonds -97,045 -99,407 Change in overdraft 28,325 -4,739 Repayment of finance lease -949 -1,727 liabilities Interest paid -53,880 -48,047 112,354 -58,077 TOTAL NET CASH FLOW -16,605 -6,648 Cash and cash equivalents: - at the beginning of period 83,315 89,963 - increase (+) / decrease (-) -16,605 -6,648 Cash and cash equivalents at end of 66,710 83,315 period Janek Stalmeister AS Tallink Grupp Financial Director Tel: +372 6409 800 Fax: +372 6409 810 e-mail: janek.stalmeister@tallink.ee