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AS Tallink Grupp
Kategooria
Majandusaasta aruanne
Manused
Kuupäev
30.12.2008 16:49:11
Pealkiri
Auditeeritud 2007/2008 majandusaasta aruanne
Teade
2007/2008 majandusaasta oli AS-ile Tallink Grupp ja tema tütarettevõtetele
(edaspidi „Kontsern”) üks sündmusterohkemaid. Kontserni laevastiku uuendamise
kava tipnes sel aastal kahe uhiuue laeva - M/L Superstar ja M/L Baltic Princess
- üleandmisega, kasvatades Kontserni koguinvesteeringud 2007/2008 majandusaasta
jooksul 4 260 miljoni kroonini (272 miljoni euroni). Kontserni tegevusele
iseloomulikult ilmneb uute investeeringute täielik mõju alles järgmisel
majandusaastal, mil laevad on olnud käigus terve aasta jooksul ning
käivitamisega seotud kulud ning väljakutsed on möödas.
2007/2008 majandusaastal keskenduti uue broneerimis- ja registreerimissüsteemi
käivitamisele, samuti tegevuse optimeerimisele väga kõrgete kütusehindade
tingimustes ning Soome-Saksamaa liini restruktureerimisele märkimisväärselt
kasvanud kütusekulude tõttu.
2007/2008 majandusaastal kasvas Kontserni müügitulu 3,4% võrra 12 310 miljoni
kroonini (786,8 miljoni euroni). Kontsern teenindas enam kui seitset miljonit
reisijat, see on 2,9% rohkem kui eelmisel majandusaastal.
Võrreldes 2006/2007 majandusaastaga jäi käesoleva majandusaasta kasum väiksemaks
ning algselt seatud eesmärke ei saavutatud. Finantskulude, maksude ja
kulumieelne kasum EBITDA langes 20,3% võrra 1 982,4 miljoni kroonini (126,7
miljoni euroni) ning puhaskasum vähenes 69,7% võrra 318,0 miljoni kroonini (20,3
miljoni euroni). Kasumit vähendasid märkimisväärselt kasvanud kütusekulu,
suuremad intressikulud ning nõrgad veomahud mõnedel liinidel. Uue kruiisilaeva
M/L Baltic Princess üleandmine viibis kuni kõrghooaja keskpaigani, mistõttu
lükkus edasi ka teiste liinide ümberkorraldamine. Nendel arengutel oli üleüldine
negatiivne mõju Kontserni kasumile, sest kõiki käivituskulusid ei jõutud
majandusaasta lõpuks katta ja need ületasid müügitulu juurdekasvu. Samas oli
tegemist siiski oluliste ja vajalike muudatustega, mis panid paika tugevad
alused 2008/2009 majandusaasta tegevusele.
2007/2008 majandusaasta peamised sündmused:
- Uue broneerimis- ja registreerimissüsteemi rakendamine
- M/L Meloodia müük
- Aktsiate tagasiost
- M/L Superstar edukas vettelaskmine ja liiniletulek
- Kolmanda hotelli avamine Tallinnas
- M/L Fantaasia müük
- M/L Baltic Princess edukas vettelaskmine ja liiniletulek
- Olulised ümberkorraldused liinidel
2007/2008 MAJANDUSAASTA PÕHINÄITAJAD
--------------------------------------------------------------------------------
| | 01.09.2007-31.08.2008|01.09.2006-31.08.2007 Muutuse %|
--------------------------------------------------------------------------------
| | EEK | EUR | EEK | EUR | |
--------------------------------------------------------------------------------
| Müügitulu | 12 310,0| 786,8 | 11 903,3 | 760,8 | 3,4% |
| (miljonites) | | | | | |
--------------------------------------------------------------------------------
| Brutokasum | 2 580,9 | 165,0 | 3 136,6 | 200,5 | -17,7% |
| (miljonites) | | | | | |
--------------------------------------------------------------------------------
| EBITDA (miljonites) | 1 982,4 | 126,7 | 2 487,3 | 159,0 | -20,3% |
--------------------------------------------------------------------------------
| Aruandeperioodi | 318,0 | 20,3 | 1 049,3 | 67,1 | -69,7% |
| puhaskasum | | | | | |
| (miljonites) | | | | | |
--------------------------------------------------------------------------------
| Amortisatsioon | 964,3 | 61,6 | 925,5 | 59,1 | 4,2% |
| (miljonites) | | | | | |
--------------------------------------------------------------------------------
| Investeeringud | 4 260,0 | 272,0 | 2 203,5 | 140,8 | 93,3% |
| (miljonites) | | | | | |
--------------------------------------------------------------------------------
| 12 kuu aktsiate | 671 245 086 | 673 817 040 | |
| kaalutud keskmine | | | |
| arv* | | | |
--------------------------------------------------------------------------------
| Aktsiakasum | 0,47 | 0,03 | 1,56 | 0,10 | -69,8% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Reisijate arv | 7 070 264 | 6 873 339 | 2,9% |
--------------------------------------------------------------------------------
| Kaubaveo ühikud | 331 149 | 359 781 | -8% |
--------------------------------------------------------------------------------
| Keskmine töötajate | 6 564 | 6 227 | 5,4% |
| arv | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | 31.08.2008 | 31.08.2007 | Muutuse |
| | | | % |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Varad kokku | 29 701,8| 1 898,3 | 26 570,9 | 1 698,2 | 11,8% |
| (miljonites) | | | | | |
--------------------------------------------------------------------------------
| Kohustused kokku | 19 308,2| 1 234,0 | 16 436,0 | 1 050,4 | 17,5% |
| (miljonites) | | | | | |
--------------------------------------------------------------------------------
| Intressikandvad | 17 524,6| 1 120,0 | 14 831,7 | 947,9 | 18,1% |
| kohustused | | | | | |
| (miljonites) | | | | | |
--------------------------------------------------------------------------------
| Omakapital kokku | 10 393,6| 664,3 | 10 134,9 | 647,7 | 2,6% |
| (miljonites) | | | | | |
--------------------------------------------------------------------------------
| Omakapitali kordaja (%) 35,0% | | 38,1% | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Aktsiate arv* | 669 882 040 | 673 817 040 | -0,6% |
--------------------------------------------------------------------------------
| Omakapital aktsia | 15,5 | 0,99 | 15,04 | 0,96 | 3,1% |
| kohta | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Brutokasumi marginaal | 20,9% | | 26,4% | | |
--------------------------------------------------------------------------------
| EBITDA marginaal | 16,1% | | 20,9% | | |
--------------------------------------------------------------------------------
| Puhaskasumi marginaal | 2,6% | | 8,8% | | |
--------------------------------------------------------------------------------
| Varade tootlus (ROA) | 3,8% | | 6,1% | | |
--------------------------------------------------------------------------------
| Omakapitali tootlus | 3,1% | | 11,3% | | |
| (ROE) | | | | | |
--------------------------------------------------------------------------------
| Investeeritud | 4,4% | | 7,0% | | |
| kapitali tootlus | | | | | |
| (ROCE) | | | | | |
--------------------------------------------------------------------------------
EBITDA - finantskulude, sidusettevõtjate kasumiosade, maksude, intresside,
kulumi ja negatiivse firmaväärtuse eelne kasum;
Aktsiakasum - Puhaskasum / Kaalutud keskmine aktsiate arv;
Omakapitali kordaja - Omakapital kokku / Varad kokku;
Omakapital aktsia kohta - Omakapital / Aktsiate arv;
Brutokasumi marginaal - Brutokasum / Müügitulu;
EBITDA marginaal - EBITDA / Müügitulu;
Puhaskasumi marginaal - Puhaskasum / Müügitulu;
ROA - Finantskulude, maksude, negatiivse firmaväärtuse eelne kasum / Varad kokku
keskmiselt
ROE - Puhaskasum /Keskmine omakapital
ROCE - Finantskulude, maksude, negatiivse firmaväärtuse eelne kasum /Varad kokku
- lühiajalised kohustused (perioodi keskmine).
* Aktsiate arvud on korrigeeritud 2007. a. jaanuaris toimunud fondiemissiooniga.
Ei sisalda omaaktsiaid.
MÜÜGITULU JA KASUM
Kontserni konsolideeritud müügitulu 2007/2008 majandusaasta (01. september 2007
- 31. august 2008) jooksul oli 12 310,0 miljonit krooni (786,8 miljonit eurot)
võrreldes 11 903,3 miljoni krooniga (760,8 miljoni euroga) 2006/2007
majandusaastal (01. september 2006 - 31. august 2007). Kontserni müügitulu
kasvas tublisti uusimal, Rootsi-Läti liinil, samuti Soome-Eesti liinil, seda
tänu uuele Tallink Shuttle kontseptsioonile. Soome-Rootsi ning Saksamaa-Soome
liinide plaanitust nõrgemad tulemused aga avaldasid kahandavat mõju müügitulule.
2007/2008 majandusaastal vähenes Kontserni brutokasum 555,7 miljoni krooni (35,5
miljoni euro) võrra 2 580,9 miljoni kroonini (165,0 miljoni euroni), EBITDA
langes 504,9 miljoni krooni võrra 1 982,4 miljoni kroonini (126,7 miljoni
euroni) ja puhaskasum alanes 731,3 miljoni krooni (46,8 miljoni euro) võrra
1 049,3 miljonilt kroonilt (67,0 miljonilt eurolt) 318,0 miljoni kroonini (20,3
miljoni euroni). Tava- ja lahustatud aktsiakasum oli 2007/2008 majandusaasta 12
kuu jooksul 0,47 krooni (0,03 eurot) võrreldes 2006/2007 majandusaasta 1,56
krooniga (0,10 euroga).
Enim mõjutasid kontserni kasumit kõrged kütusehinnad. Võrreldes eelmise
majandusaastaga tõusid Kontserni kütusekulud 680,8 miljoni krooni (43,5 miljoni
euro) võrra. Ligikaudu 35% kütusekulude kasvust oli seotud Soome-Saksamaa liini
tegevusega. Kuna võrreldes suvega on kütusehinnad oluliselt alanenud ning
arvestades turu suurt volatiilsust, maandas Kontsern 2008. aasta oktoobris ja
novembris osa 2009. aasta kütusehinnariskist.
Personalikulud kasvasid 2007/2008 majandusaastal 3,5% võrra 2 477,1 miljonilt
kroonilt (158,3 miljonilt eurolt) 2 563,8 miljoni kroonini (163,9 miljoni
euroni) peamiselt töötajate arvu suurenemise arvelt. 2007/2008 majandusaastal
oli töötajate keskmine arv 6 564 (2006/2007 majandusaastal 6 227).
Administratiivkulud vähenesid 108,0 miljoni krooni (6,9 miljoni euro) võrra,
peamiselt Silja integreerimise tulemusena.
Finantskulud suurenesid seoses laenude kasvuga ja seeläbi keskmisest kõrgemate
intressikandvate kohustustega ning seoses kõrgemate intressimääradega.
Finantskulud tõusid 16,5% võrra 2006/2007 majandusaasta 801,2 miljonilt kroonilt
(51,2 miljonilt eurolt) 933,3 miljoni kroonini (59,7 miljoni euroni) 2007/2008
majandusaastal. Tulenevalt tõhusast finantsriskide juhtimisest moodustas
intressimäära põhistest tuletisinstrumentidest saadav puhastulu 119,1 miljonit
krooni (7,6 miljonit eurot), mis oli ka peamine finantstulu allikas. Võrreldes
eelmise majandusaasta 597,3 miljoni krooniga (38,2 miljoni euroga) oli
vaadeldava perioodi netofinantskulu 790,2 miljonit krooni (50,5 miljonit eurot).
Kontserni krediidiriske, likviidsusriske ja tururiske ning finantsriskide
juhtimise alast tegevust kirjeldatakse raamatupidamise aastaaruande lisades.
TULEVIKUVÄLJAVAATED
2008/2009 majandusaasta müügitulule ja kasumile on oodata positiivset mõju 2008.
aasta suvel toimunud uue kruiisilaeva M/L Baltic Princess käikulaskmisest ning
M/L Galaxy ja M/L Silja Festival marsruutide muutustest. Täiendavalt avaldab
positiivset mõju tegevusele Tallinn-Helsinki liinil täies mahus käivitunud
Shuttle-teenus ja vähenenud konkurents. Soome ja Saksamaa vahelise liini
ümberkorraldamine ning ühe Superfast aluse prahtimine parandab selle liini
tulemusi. 2009. aasta kevadel antakse üle Kontserni laevastiku uuendamise
programmi viimane uus kruiisilaev M/L Baltic Queen. Siis on Kontserni kõikidel
liinidel ainult tippklassi alused.
Mitmed varasemad probleemid, nagu uue broneerimis- ja registreerimissüsteemi
rakendamine ja kõrged kütusehinnad, ei avalda enam mõju.
KONSOLIDEERITUD KASUMIARUANNE
31. augustil lõppenud aasta kohta
--------------------------------------------------------------------------------
| | Tuhandetes kroonides | Tuhandetes eurodes |
--------------------------------------------------------------------------------
| | 2008 | 2007 | 2008 | 2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Müügitulu | 12 310 015| 11 903 286| 786 753 | 760 759 |
--------------------------------------------------------------------------------
| Müüdud kauba ja teenuse kulu | -9 729 085| -8 766 651| -621 802 | -560 291 |
--------------------------------------------------------------------------------
| Brutokasum | 2 580 930 | 3 136 635 | 164 951 | 200 468 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Turustuskulud | -850 988 | -792 381 | -54 388 | -50 643 |
--------------------------------------------------------------------------------
| Halduskulud | -889 377 | -997 361 | -56 841 | -63 743 |
--------------------------------------------------------------------------------
| Muud äritulud | 199 467 | 209 029 | 12 748 | 13 359 |
--------------------------------------------------------------------------------
| Muud ärikulud | -18 352 | -1 764 | -1 173 | -113 |
--------------------------------------------------------------------------------
| Tulu negatiivsest | 0 | 689 | 0 | 44 |
| firmaväärtusest | | | | |
--------------------------------------------------------------------------------
| Finantstulud | 143 124 | 203 884 | 9 147 | 13 031 |
--------------------------------------------------------------------------------
| Finantskulud | -933 332 | -801 219 | -59 650 | -51 207 |
--------------------------------------------------------------------------------
| Kasum/kahjum | -3 060 | 7 698 | -196 | 492 |
| sidusettevõtetest | | | | |
| kapitaliosaluse meetodi | | | | |
| alusel | | | | |
--------------------------------------------------------------------------------
| Kasum enne tulumaksu | 228 412 | 965 210 | 14 598 | 61 688 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Tulumaks | 89 564 | 84 077 | 5 724 | 5 374 |
--------------------------------------------------------------------------------
| Aruandeaasta puhaskasum | 317 976 | 1 049 287 | 20 322 | 67 062 |
--------------------------------------------------------------------------------
| Sealhulgas: | | | | |
--------------------------------------------------------------------------------
| Emaettevõtte omanike osa | 317 976 | 1 049 287 | 20 322 | 67 062 |
| puhaskasumist | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Tava- ja lahustatud | 0,47 | 1,56 | 0,03 | 0,10 |
| aktsiakasum | | | | |
| (kroonides/eurod | | | | |
| es ühe aktsia kohta) | | | | |
--------------------------------------------------------------------------------
KONSOLIDEERITUD BILANSS
--------------------------------------------------------------------------------
| 31. augusti seisuga | Tuhandetes | | Tuhandetes eurodes |
| | kroonides | | |
--------------------------------------------------------------------------------
| | 2008 | 2007 | | 2008 | 2007 |
--------------------------------------------------------------------------------
| VARAD | | | | | |
--------------------------------------------------------------------------------
| Käibevara | | | | | |
--------------------------------------------------------------------------------
| Raha ja raha ekvivalendid | 1 043 785| 1 303 609| | 66 710 | 83 315 |
--------------------------------------------------------------------------------
| Nõuded | 1 177 342| 815 093 | | 75 246 | 52 094 |
--------------------------------------------------------------------------------
| Ettemaksed | 111 522 | 124 134 | | 7 127 | 7 934 |
--------------------------------------------------------------------------------
| Derivatiivid | 51 884 | 1 799 | | 3 316 | 115 |
--------------------------------------------------------------------------------
| Varud | 358 480 | 272 352 | | 22 911 | 17 407 |
--------------------------------------------------------------------------------
| | 2 743 013| 2 516 987| | 175 310 | 160 865 |
--------------------------------------------------------------------------------
| Põhivara | | | | | |
--------------------------------------------------------------------------------
| Investeeringud | 2 222 | 3 242 | | 142 | 207 |
| sidusettevõtetesse | | | | | |
--------------------------------------------------------------------------------
| Muud finantsvarad ja | 7 700 | 9 279 | | 492 | 594 |
| ettemaksed | | | | | |
--------------------------------------------------------------------------------
| Edasilükkunud | 199 851 | 153 102 | | 12 773 | 9 785 |
| tulumaksuvara | | | | | |
--------------------------------------------------------------------------------
| Kinnisvarainvesteering | 4 694 | 4 694 | | 300 | 300 |
--------------------------------------------------------------------------------
| Materiaalne põhivara |25 518 298|22 600 001| | 1 630 917 | 1 444 403 |
--------------------------------------------------------------------------------
| Immateriaalne põhivara | 1 226 023| 1 283 592| | 78 357 | 82 036 |
--------------------------------------------------------------------------------
| |26 958 788|24 053 910| | 1 722 981 | 1 537 325 |
--------------------------------------------------------------------------------
| VARAD KOKKU |29 701 801|26 570 897| | 1 898 291 | 1 698 190 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL | | | | | |
--------------------------------------------------------------------------------
| Lühiajalised kohustused | | | | | |
--------------------------------------------------------------------------------
| Intressikandvad |2 200 220 | 2 247 390| | 140 620 | 143 634 |
| võlakohustused | | | | | |
--------------------------------------------------------------------------------
| Võlad | 1 621 711| 1 408 369| | 103 646 | 90 011 |
--------------------------------------------------------------------------------
| Ettemakstud tulud | 138 752 | 121 008 | | 8 868 | 7 734 |
--------------------------------------------------------------------------------
| Derivatiivid | 5 351 | 7 980 | | 342 | 510 |
--------------------------------------------------------------------------------
| | 3 966 034| 3 784 747| | 253 476 | 241 889 |
--------------------------------------------------------------------------------
| Pikaajalised kohustused | | | | | |
--------------------------------------------------------------------------------
| Intressikandvad |15 324 355|12 584 261| | 979 405 | 804 281 |
| võlakohustused | | | | | |
--------------------------------------------------------------------------------
| Edasilükkunud | 16 147 | 63 463 | | 1 032 | 4 056 |
| tulumaksukohustus | | | | | |
--------------------------------------------------------------------------------
| Muud kohustused | 1 643 | 3 489 | | 105 | 223 |
--------------------------------------------------------------------------------
| |15 342 145|12 651 213| | 980 542 | 808 560 |
--------------------------------------------------------------------------------
| Kohustused kokku | 19 308 | 16 435 | | 1 234 018 | 1 050 449 |
| | 179 | 960 | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Omakapital | | | | | |
--------------------------------------------------------------------------------
| Emaettevõtte omanikele | | | | | |
| kuuluv omakapital | | | | | |
--------------------------------------------------------------------------------
| Aktsiakapital | 6 738 170| 6 738 170| | 430 648 | 430 648 |
--------------------------------------------------------------------------------
| Ülekurss | 9 999 | 9 999 | | 639 | 639 |
--------------------------------------------------------------------------------
| Reservid | 1 151 071| 1 202 991| | 73 566 | 76 885 |
--------------------------------------------------------------------------------
| Jaotamata kasum | 2 494 382| 2 183 777| | 159 420 | 139 569 |
--------------------------------------------------------------------------------
| Emaettevõtte omanikele |10 393 622|10 134 937| | 664 273 | 647 741 |
| kuuluv omakapital kokku | | | | | |
--------------------------------------------------------------------------------
| Omakapital kokku |10 393 622|10 134 937| | 664 273 | 647 741 |
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL |29 701 801|26 570 907| | 1 898 291 | 1 698 190 |
| KOKKU | | | | | |
--------------------------------------------------------------------------------
KONSOLIDEERITUD RAHAVOOGUDE ARUANNE
--------------------------------------------------------------------------------
| 31. augustil lõppenud | Tuhandetes kroonides | Tuhandetes eurodes |
| aasta kohta | | |
--------------------------------------------------------------------------------
| | 2008 | 2007 | 2008 | 2007 |
--------------------------------------------------------------------------------
| Rahavood äritegevusest | | | | |
--------------------------------------------------------------------------------
| Aruandesaasta puhaskasum | 317 976 | 1 049 287 | 20 322 | 67 062 |
--------------------------------------------------------------------------------
| Korrigeerimised: | 1 661 987 | 1 252 908 | 106 221 | 80 076 |
--------------------------------------------------------------------------------
| Amortisatsioon | 964 266 | 925 485 | 61 628 | 59 150 |
--------------------------------------------------------------------------------
| Kasum põhivara müügist | -19 344 | -178 466 | -1 236 | -11 406 |
--------------------------------------------------------------------------------
| Kinnisvarainvesteeringu | 0 | -4 412 | 0 | -282 |
| õiglase väärtuse muutus | | | | |
--------------------------------------------------------------------------------
| Puhas intressikulu | 903 715 | 764 585 | 57 758 | 48 866 |
--------------------------------------------------------------------------------
| Puhas intressitulu | -107 097 | -162 998 | -6 844 | -10 417 |
| derivatiividest | | | | |
--------------------------------------------------------------------------------
| Kasum/kahjum | 3 060 | -7 698 | 195 | -492 |
| sidusettevõtetest | | | | |
| kapitaliosaluse meetodi | | | | |
| alusel | | | | |
--------------------------------------------------------------------------------
| Tulu negatiivsest | 0 | -689 | 0 | -44 |
| firmaväärtusest | | | | |
--------------------------------------------------------------------------------
| Investeerimis- ja | -184 | 1 178 | -12 | 75 |
| finantseerimistegevusega | | | | |
| seotud kasum/kahjum | | | | |
| valuutakursi muutusest | | | | |
--------------------------------------------------------------------------------
| Tulumaks | -82 429 | -84 077 | -5 268 | -5 374 |
--------------------------------------------------------------------------------
| Nõuete ja ettemaksetega | -339 402 | 203 468 | -21 692 | 13 004 |
| seotud muutused | | | | |
--------------------------------------------------------------------------------
| Varude muutused | -85 110 | -34 964 | -5 439 | -2 235 |
--------------------------------------------------------------------------------
| Äritegevusega seotud | 158 379 | -346 867 | 10 122 | -22 169 |
| kohustuste muutused | | | | |
--------------------------------------------------------------------------------
| Makstud tulumaks | -1 800 | -4 057 | -115 | -259 |
--------------------------------------------------------------------------------
| | 1 712 030 | 2 119 775 | 109 419 | 135 479 |
--------------------------------------------------------------------------------
| Rahavood | | | | |
| investeerimistegevusest | | | | |
--------------------------------------------------------------------------------
| Materiaalse põhivara ja | -4 240 289 | -2 201 608 | -271 004 | -140 708 |
| immateriaalse vara | | | | |
| soetamine | | | | |
--------------------------------------------------------------------------------
| Laekumised materiaalse | 453 242 | 687 423 | 28 967 | 43 934 |
| põhivara müügist | | | | |
--------------------------------------------------------------------------------
| Laekumised | 0 | 15 162 | 0 | 969 |
| sidusettevõtete müügist | | | | |
--------------------------------------------------------------------------------
| Laekumised | 45 879 | 164 481 | 2 933 | 10 512 |
| derivatiividest | | | | |
--------------------------------------------------------------------------------
| Tütarettevõtete | 1 885 | -1 157 | 120 | -74 |
| soetamine, miinus | | | | |
| soetatud raha | | | | |
--------------------------------------------------------------------------------
| Sidusettevõtete | -2 040 | -1 020 | -130 | -65 |
| soetamine | | | | |
--------------------------------------------------------------------------------
| Saadud intressid | 11 511 | 21 636 | 736 | 1 383 |
--------------------------------------------------------------------------------
| | -3 729 812 | -1 315 083 | -238 378 | -84 049 |
--------------------------------------------------------------------------------
| Rahavood | | | | |
| finantseerimistegevusest | | | | |
--------------------------------------------------------------------------------
| Omaaktsiate | -65 132 | 0 | -4 163 | 0 |
| tagasiostmine | | | | |
--------------------------------------------------------------------------------
| Aktsiate emiteerimisega | 0 | -6 520 | 0 | -417 |
| seotud tehingukulud | | | | |
--------------------------------------------------------------------------------
| Laekumised laenudest ja | 3 756 212 | 1 357 847 | 240 066 | 86 782 |
| võlakirjadest | | | | |
--------------------------------------------------------------------------------
| Laenude ja võlakirjade | -1 518 433 | -1 555 385 | -97 045 | -99 407 |
| tagasimaksed | | | | |
--------------------------------------------------------------------------------
| Kasutatud | 443 199 | 74 143 | 28 325 | 4 739 |
| arvelduskrediidi muutus | | | | |
--------------------------------------------------------------------------------
| Kapitalirendi | -14 855 | -27 010 | -949 | -1 727 |
| põhimaksete tasumine | | | | |
--------------------------------------------------------------------------------
| Makstud intressid | -843 033 | -751 766 | -53 880 | -48 047 |
--------------------------------------------------------------------------------
| | 1 757 958 | -908 691 | 112 354 | -58 077 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| RAHAVOOD KOKKU | -259 824 | -103 999 | -16 605 | -6 647 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Raha ja raha | | | | |
| ekvivalendid: | | | | |
--------------------------------------------------------------------------------
| - perioodi alguses | 1 303 609 | 1 407 608 | 83 315 | 89 963 |
--------------------------------------------------------------------------------
| - suurenemine / | -259 824 | -103 999 | -16 605 | -6 647 |
| vähenemine | | | | |
--------------------------------------------------------------------------------
| - perioodi lõpus | 1 043 785 | 1 303 609 | 66 710 | 83 316 |
--------------------------------------------------------------------------------
Janek Stalmeister
Finantsdirektor
AS Tallink Grupp
Tel. +372 6409 800
e-mail: janek.stalmeister@tallink.ee
Pealkiri
Audited annual report of the 2007/2008 financial year
Teade
The 2007/2008 financial year for AS Tallink Grupp and its subsidiaries
(hereinafter also referred to as “the Group”) was one of the most eventful. In
one year the Group took a delivery of two brand new ferries - M/S Superstar and
M/S Baltic Princess as the peak of the Group's fleet renewal program. This
increased the total of the Group's investments to 4,260 million EEK (272
million EUR) during the 2007/2008 financial year. As is typical for the Group's
business, the full impact of these new investments will be seen after a full
year in operation and after all start up related costs and challenges have
been addressed.
The areas of focus during the 2007/2008 year were the launch of the new booking
and check-in system, the optimization of the operations in a very high fuel
price environment and the restructuring of the Finland-Germany route as a
consequence of the significantly increased bunker cost.
During the 2007/2008 financial year, the Group's revenues increased by 3.4% to
12,310 million EEK (786.8 million EUR). The passengers volume transported by
the Group vessels exceeded 7 million, being 2.9% more than in the previous
financial year.
The earnings during the 2007/2008 financial year were weaker compared to the
2006/2007 financial year and the initially set targets were not met. EBITDA
decreased by 20.3% to 1,982.4 million EEK (126.7 million EUR) and the net
profit decreased by 69.7% to 318.0 million EEK (20.3 million EUR). The decrease
in earnings was largely influenced by significantly increased fuel costs,
higher interest costs and weak traffic volumes on some routes. Delivery of the
new cruise ferry M/S Baltic Princess was delayed until the middle of the high
season. This further delayed other re-routings which compounded the negative
effect on the Group earnings as the associated start-up costs were not covered
by the end of the financial year and exceeded the incremental revenues.However
these were important changes which have set strong cornerstone for the
operations in the 2008/2009 financial year.
The most significant events in the 2007/2008 financial year were the following:
• Implementation of the new booking and check-in system
• Sale of M/S Meloodia
• Share buyback
• Delivery and successful launch of M/S Superstar
• Starting operations in third hotel in Tallinn
• Sale of M/S Fantaasia
• Delivery and successful launch of M/S Baltic Princess
• Important re-routings
KEY FIGURES OF FINANCIAL YEAR
2007/2008 2006/2007 CHANGE %
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%
EBITDA (MILLION) 1,982.4 126.7 2,487.3 159.0 -20.3%
NET PROFIT FOR THE PERIOD 318.0 20.3 1,049.3 67.1 -69.7%
(MILLION)
DEPRECIATION (MILLION) 964.3 61.6 925.5 59.1 4.2%
INVESTMENTS (MILLION) 4,260.0 272.0 2,203.5 140.8 93.3%
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 EMPLOYEES 6,564 6,227 5.4%
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 (MILLION) 19,308.2 1,234.0 16,436.0 1,050.4 17.5%
INTEREST-BEARING LIABILITIES 17,524.6 1,120.0 14,831.7 947.9 18.1%
(MILLION)
TOTAL EQUITY (MILLION) 10,393.6 664.3 10,134.9 647.7 2.6%
EQUITY RATIO (%) 35.0% 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
GROSS MARGIN (%) 20.9% 26.4%
EBITDA MARGIN (%) 16.1% 20.9%
NET PROFIT MARGIN (%) 2.6% 8.8%
RETURN ON ASSETS (ROA) 3.8% 6.1%
RETURN ON EQUITY (ROE) 3.1% 11.3%
RETURN ON CAPITAL EMPLOYED 4.4% 7.0%
(ROCE)
EBITDA - EARNINGS BEFORE NET FINANCIAL ITEMS, SHARE OF PROFIT OF ASSOCIATES,
TAXES, DEPRECIATION AND AMORTIZATION, INCOME FROM NEGATIVE GOODWILL;
EARNINGS PER SHARE - NET PROFIT / WEIGHTED AVERAGE NUMBER OF SHARES
OUTSTANDING;
EQUITY RATIO - TOTAL EQUITY / TOTAL ASSETS;
SHAREHOLDERRS EQUITY PER SHARE V SHAREHOLDERRS EQUITY / NUMBER OF SHARES
OUTSTANDING.
GROSS MARGIN - GROSS PROFIT / NET SALES
EBITDA MARGIN - EBITDA / NET SALES;
NET PROFIT MARGIN - NET PROFIT / NET SALES;
ROA V EARNINGS BEFORE NET FINANCIAL ITEMS, TAXES, INCOME FROM NEGATIVE
GOODWILL/AVERAGE OF TOTAL ASSETS
ROE - NET PROFIT/AVERAGE SHAREHOLDERSR EQUITY
ROCE - EARNINGS BEFORE NET FINANCIAL ITEMS, TAXES, INCOME FROM NEGATIVE
GOODWILL/TOTAL ASSETS - CURRENT LIABILITIES (AVERAGE FOR THE PERIOD).
* SHARE NUMBERS HAVE BEEN ADJUSTED IN CONNECTION WITH THE BONUS ISSUE IN
JANUARY 2007. EXCLUDING OWN SHARES.
SALES & EARNINGS
Consolidated net sales amounted to 12,310.0 million EEK (786.8 million EUR) in
the 2007/2008 financial year (1 September 2007 - 31 August 2008) compared to
11,903.3 million EEK (760.8 million EUR) in the 2006/2007 financial year (1
September 2006 - 31 August 2007). 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 weaker than expected performance on the Finland - Sweden route and on
the Germany - Finland route.
During the 2007/2008 financial year the Group's gross profit decreased by 555.7
million EEK (35.5 million EUR) to 2,580.9 million EEK (165.0 million EUR),
EBITDA decreased by 504.9 million EEK to 1,982.4 million EEK (126.7 million
EUR) and the net profit decreased by 731.3 million EEK (46.8 million EUR) from
1,049.3 million EEK (67.0 million EUR) to 318.0 million EEK (20.3 million EUR).
Basic earnings per share and diluted earnings per share were 0.47 EEK (0.03
EUR) in the 12 months of 2007/2008 financial year compared to 1.56 EEK (0.10
EUR) in the 2006/2007 financial year.
The largest contributor to the decrease in Group's earnings was the high fuel
price. Compared to the previous financial year the Group's bunker costs
increased by 680.8 million EEK (43.5 million EUR). Around 35% of the increase
came from the Finland-Germany route operations. As the fuel price has
significantly decreased since the summer and given the high market volatility
the Group has hedged a portion of the fuel price risk in October and November
2008 for the 2009 year.
In the 2007/2008 financial year, personnel expenses increased by 3.5% from
2,477.1 million EEK (158.3 million EUR) to 2,563.8 million EEK (163.9 million
EUR) primarily due to an increase in the number of personnel. The average
number of employees for the 2007/2008 financial year was 6,564 (6,227 in
2006/2007).
The administrative costs decreased by 108.0 million EEK (6.9 million EUR)
mainly as a result of the Silja integration.
Financial expenses increased due to the increase in borrowings and thereby
higher interest-bearing liabilities on average and a rise in interest rates.
Financial expenses increased by 16.5% from 801.2 million EEK (51.2 million EUR)
in 2006/2007 to 933.3 million EEK (59.7 million EUR) in the 2007/2008 financial
year. Due to effective financial risk management, net income on interest rate
derivatives amounted to 119.1 million EEK (7.6 million EUR), being the main
contributor to financial income. Net financial expense for the period was 790.2
million EEK (50.5 million EUR) compared to 597.3 million EEK (38.2 million EUR)
for the prior financial year.
The Group exposure to the credit risk, liquidity risk and market risks and the
financial risk management activities are described in the notes to the
financial statements.
OUTLOOK
During the 2008/2009 financial year the new cruise ferry M/S Baltic Princess
and the route changes of M/S Galaxy and M/S Silja Festival are expected to have
a positive impact to the Group's sales and earnings. In addition, the reduced
competition and fully launched Shuttle service will further improve the
operations on the Tallinn-Helsinki route. The change on the Finland-Germany
route and the chartering of one Superfast vessel will improve the Germany route
operations. In spring 2009 the last new cruise ferry M/S Baltic Queen in the
series of new builds under the fleet renewal programme will be delivered. After
that the Group will operate with a high quality fleet on all its routes.
Several of the past issues such as new booking system implementation and high
fuel prices are not influential any more.
CONSOLIDATED INCOME STATEMENT
IN THOUSANDS OF EEK IN THOUSANDS OF
EUR
FOR THE YEAR ENDED 31 AUGUST 2008 2007 2008 2007
REVENUE 12,310,015 11,903,286 786,753 760,759
COST OF SALES -9,729,085 -8,766,651 -621,802 -560,291
GROSS PROFIT 2,580,930 3,136,635 164,951 200,468
MARKETING EXPENSES -850,988 -792,381 -54,388 -50,643
ADMINISTRATIVE EXPENSES -889,377 -997,361 -56,841 -63,743
OTHER INCOME 199,467 209,029 12,748 13,359
OTHER EXPENSES -18,352 -1,764 -1,173 -113
INCOME FROM NEGATIVE GOODWILL 0 689 0 44
FINANCIAL INCOME 143,124 203,884 9,147 13,031
FINANCIAL EXPENSES -933,332 -801,219 -59,650 -51,207
PROFIT/-LOSS OF ASSOCIATES -3,060 7,698 -196 492
FROM EQUITY ACCOUNTED
ASSOCIATES
PROFIT BEFORE INCOME TAX 228,412 965,210 14,598 61,688
INCOME TAX 89,564 84,077 5,724 5,374
NET PROFIT FOR THE FINANCIAL 317,976 1,049,287 20,322 67,062
YEAR
ATTRIBUTABLE TO:
EQUITY HOLDERS OF THE PARENT 317,976 1,049,287 20,322 67,062
BASIC AND DILUTED EARNINGS PER 0.47 1.56 0.03 0.10
SHARE
(IN EEK/EUR PER SHARE)
CONSOLIDATED BALANCE SHEET
AS OF 31 AUGUST IN THOUSANDS OF EEK IN THOUSANDS OF
EUR
2008 2007 2008 2007
ASSETS
CURRENT ASSETS
CASH AND CASH EQUIVALENTS 1,043,785 1,303,609 66,710 83,315
RECEIVABLES 1,177,342 815,093 75,246 52,094
PREPAYMENTS 111,522 124,134 7,127 7,934
DERIVATIVES 51,884 1,799 3,316 115
INVENTORIES 358,480 272,352 22,911 17,407
2,743,013 2,516,987 175,310 160,865
NON-CURRENT ASSETS
INVESTMENTS IN ASSOCIATES 2,222 3,242 142 207
OTHER FINANCIAL ASSETS AND 7,700 9,279 492 594
PREPAYMENTS
DEFERRED INCOME TAX ASSETS 199,851 153,102 12,773 9,785
INVESTMENT PROPERTY 4,694 4,694 300 300
PROPERTY, PLANT AND EQUIPMENT 25,518,298 22,600,00 1,630,917 1,444,403
INTANGIBLE ASSETS 1,226,023 1,283,592 78,357 82,036
26,958,788 24,053,910 1,722,981 1,537,325
TOTAL ASSETS 29,701,801 26,570,897 1,898,291 1,698,190
LIABILITIES AND EQUITY
CURRENT LIABILITIES
INTEREST-BEARING LOANS AND 2,200,220 2,247,390 140,620 143,634
BORROWINGS
PAYABLES 1,621,711 1,408,369 103,646 90,011
DEFERRED INCOME 138,752 121,008 8,868 7,734
DERIVATIVES 5,351 7,980 342 510
3,966,034 3,784,747 253,476 241,889
NON-CURRENT LIABILITIES
INTEREST-BEARING LOANS AND 15,324,355 12,584,261 979,405 804,281
BORROWINGS
DEFERRED INCOME TAX LIABILITIES 16,147 63,463 1,032 4,056
OTHER LIABILITIES 1,643 3,489 105 223
15,342,145 12,651,213 980,542 808,560
TOTAL LIABILITIES 19,308,179 16,435,960 1,234,018 1,050,449
EQUITY
EQUITY ATTRIBUTABLE TO EQUITY
HOLDERS OF THE PARENT
SHARE CAPITAL 6,738,170 6,738,170 430,648 430,648
SHARE PREMIUM 9,999 9,999 639 639
RESERVES 1,151,071 1,202,991 73,566 76,885
RETAINED EARNINGS 2,494,382 2,183,777 159,420 139,569
TOTAL EQUITY ATTRIBUTABLE TO 10,393,622 10,134,937 664,273 647,741
EQUITY HOLDERS OF THE PARENT
TOTAL EQUITY 10,393,622 10,134,937 664,273 647,741
TOTAL LIABILITIES AND EQUITY 29,701,801 26,570,897 1,898,291 1,698,190
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST IN THOUSANDS OF EEK IN THOUSANDS OF
EUR
2008 2007 2008 2007
CASH FLOWS FROM OPERATING
ACTIVITIES
NET PROFIT FOR THE FINANCIAL 317,976 1,049,287 20,322 67,062
YEAR
ADJUSTMENTS: 1,661,987 1,252,908 106,221 80,076
DEPRECIATION AND AMORTISATION 964,266 925,485 61,628 59,150
NET GAIN ON DISPOSALS OF -19,344 -178,466 -1,236 -11,406
PROPERTY, PLANT AND EQUIPMENT
CHANGE IN FAIR VALUE OF 0 -4,412 0 -282
INVESTMENT PROPERTY
NET INTEREST EXPENSE 903,715 764,585 57,758 48,866
NET INTEREST REVENUE FROM -107,097 -162,998 -6,844 -10,417
SWAPS
PROFIT/-LOSS OF ASSOCIATES 3,060 -7,698 195 -492
FROM EQUITY ACCOUNTED
ASSOCIATES
INCOME FROM NEGATIVE GOODWILL 0 -689 0 -44
NET FOREIGN EXCHANGE GAIN / -184 1,178 -12 75
LOSS RELATED TO INVESTING AND
FINANCING ACTIVITIES
INCOME TAX -82,429 -84,077 -5,268 -5,374
CHANGES IN RECEIVABLES AND -339,402 203,468 -21,692 13,004
PREPAYMENTS RELATED TO
OPERATING ACTIVITIES
CHANGES IN INVENTORIES -85,110 -34,964 -5,439 -2,235
CHANGES IN LIABILITIES 158,379 -346,867 10,122 -22,169
RELATED TO OPERATING
ACTIVITIES
INCOME TAX PAID -1,800 -4,057 -115 -259
1,712,030 2,119,775 109,419 135,479
CASH FLOWS USED IN INVESTING
ACTIVITIES
PURCHASE OF PROPERTY, PLANT, -4,240,289 -2,201,608 -271,004 -140,708
EQUIPMENT AND INTANGIBLE
ASSETS
PROCEEDS FROM DISPOSALS OF 453,242 687,423 28,967 43,934
PROPERTY, PLANT, EQUIPMENT
PROCEEDS FROM DISPOSALS OF 0 15,162 0 969
ASSOCIATES
PROCEEDS FROM SETTLEMENT OF 45,879 164,481 2,933 10,512
DERIVATIVES
ACQUISITION OF SUBSIDIARIES, 1,885 -1,157 120 -74
NET OF CASH ACQUIRED
ACQUISITION OF ASSOCIATES -2,040 -1,020 -130 -65
INTEREST RECEIVED 11,511 21,636 736 1,383
-3,729,812 -1,315,083 -238,378 -84,049
CASH FLOWS FROM /USED IN
FINANCING ACTIVITIES
REPURCHASE OF TREASURY SHARES -65,132 0 -4,163 0
TRANSACTION COSTS OF ISSUE OF 0 -6,520 0 -417
SHARES
PROCEEDS FROM LOANS AND BONDS 3,756,212 1,357,847 240,066 86,782
REDEMPTION OF LOANS AND BONDS -1,518,433 -1,555,385 -97,045 -99,407
CHANGE IN OVERDRAFT 443,199 74,143 28,325 4,739
REPAYMENT OF FINANCE LEASE -14,855 -27,010 -949 -1,727
LIABILITIES
INTEREST PAID -843,033 -751,766 -53,880 -48,047
1,757,958 -908,691 112,354 -58,077
TOTAL NET CASH FLOW -259,824 -103,999 -16,605 -6,647
CASH AND CASH EQUIVALENTS:
- AT THE BEGINNING OF PERIOD 1,303,609 1,407,608 83,315 89,963
- INCREASE / DECREASE -259,824 -103,999 -16,605 -6,647
- AT THE END OF PERIOD 1,043,785 1,303,609 66,710 83,316
Janek Stalmeister
Financial Director
AS Tallink Grupp
Tel. +372 6409 800
e-mail: janek.stalmeister@tallink.ee