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AS Tallink Grupp
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Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
Manused
Kuupäev
15.04.2010 17:34:28
Pealkiri
2009/2010 majandusaasta II kvartali majandustulemused
Teade
AS-i Tallink Grupp ja tema tütarettevõtete (edaspidi ”Kontsern”) 2009/2010
majandusaasta teise kvartali (01.12.2009-28.02.2010) auditeerimata müügitulu oli
158 miljonit eurot (2 472 miljonit krooni), mis on 9,4 miljoni euro (147 miljoni
krooni) ehk 5,6% võrra väiksem eelmise majandusaasta teise kvartali
müügituludest. Kui osadel liinidel müügitulud näitasid siiski ka mõnevõrra
kasvu, siis peamine mõju Kontserni müügitulude vähenemisele tuli Soome-Saksa
liinilt, kus laevade hoolduse tõttu ei toimunud opereerimist jaanuaris ja
veebruaris ning Soome-Rootsi liinilt, kus Kontserni suurim kruiisilaev Silja
Europa ei opereerinud tehniliste probleemide tõttu enamuse detsembrist.
Teises kvartalis oli Kontserni reisijate arv 10% võrra väiksem võrreldes eelmise
majandusaasta teise kvartaliga. Reisijate arvu vähenemine oli osalt põhjustatud
Silja Europa tehnilistest probleemidest, aga samas oli oluline mõju ka
hooajalisusel. Kuna majandusaasta teine kvartal on madalhooaeg, siis on
Kontserni veomahtudele tavalisest suurema mõjuga erinevatel reisipakkumistel ja
suunatud kampaaniatel. Nende tegevuste ajastus ja ka talvepuhkuste aeg oli
käesoleval majandusaastal erinev ning langes osaliselt kolmandasse kvartalisse.
Seetõttu on kuude lõikes olnud veomahtudes suured kõikumised. Samas on
majandusaasta seitsme kuu reisijate maht kokku kasvanud ligi 1% võrra.
Reisijate tarbimise näitajad jätkasid teises kvartalis paranemist. Pileti,
restoranide ja kaupluste tulud kokku ühe reisija kohta suurenesid teises
kvartalis 12% võrra võrreldes möödunud majandusaasta sama perioodiga.
Suurenemisele on kaasa aitanud tootearendus, millega on kohandatud toodete ja
pakkumiste valikut, samuti tugevam Rootsi krooni kurss ja üleüldine tarbijate
kindlustunde paranemine regioonis.
Kontserni kaubaveomahud näitavad taastumist. Kui mitte arvestada opereerimise
seisakut kahel kuul Soome-Saksa liinil, kasvasid Kontserni kaubaveomahud teises
kvartalis 5% võrra võrreldes eelmise majandusaasta teise kvartaliga.
Juhtkonna kõrgendatud tähelepanu on jätkuvalt kuluefektiivsusel ning Kontserni
tulemuste parandamisel. Prioriteetne on vanade ja mittetootlike laevade
rentimine või müük. Hetkel on töös mitmed erinevad läbirääkimised vanade ja
mittetootlike laevade müügi või rendile andmise osas.
Kontsern on viimaste aastate investeeringutega liinile tulnud uute laevade näol
läbi teinud märkimisväärse paranemise pakutavate toodete ja teenuste ning nende
kvaliteedi osas. Nüüd on tähelepanu liikunud detailsematele tasemetele
tootearenduses, mis ei ole vähemtähtis. Kuigi kliendirahulolu on näitanud
tuntavat paranemist jätkab juhtkond kliendirahulolu väärtustamist ning sellesse
panustamist paralleelselt personaliarendusega, läbi ulatuslikumate spetsiaalsete
koolituste ning täiustatud motiveerimisskeemide. Kõrge kliendirahulolu,
personali rahulolu ning kvaliteetsed tooted ja teenused on olulised tegurid, et
parandada Kontserni tegevuse tulemusi.
--------------------------------------------------------------------------------
| II KV. PÕHINÄITAJAD | II kv. 2009/2010 | II kv. 2008/2009 | Muutus |
| | | | % |
--------------------------------------------------------------------------------
| | EEK | EUR | EEK | EUR | |
--------------------------------------------------------------------------------
| Müügitulu (miljon) | 2 472 | 158 | 2 619 | 167 | -6% |
--------------------------------------------------------------------------------
| Brutokasum (miljon) | 228 | 14.5 | 355 | 22.7 | -36% |
--------------------------------------------------------------------------------
| Brutokasumi marginaal | 9% | | 14% | | |
--------------------------------------------------------------------------------
| EBITDA (miljon) | 163 | 10.4 | 234 | 15.0 | -30% |
--------------------------------------------------------------------------------
| EBITDA marginaal | 7% | | 9% | | |
--------------------------------------------------------------------------------
| Puhaskasum/-kahjum | -255 | -16.3 | -323 | -20.7 | 21% |
| (miljon) | | | | | |
--------------------------------------------------------------------------------
| Puhaskasumi marginaal | -10% | | -12% | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Amortisatsioon (miljon) | 283 | 18.1 | 262 | 16.7 | 8% |
--------------------------------------------------------------------------------
| Investeeringud (miljon) | 61 | 3.9 | 56 | 3.6 | 9% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Aktsiate kaalutud | 669 882 040 | 669 882 040 | 0% |
| keskmine arv teise | | | |
| kvartali jooksul* | | | |
--------------------------------------------------------------------------------
| Aktsiakasum | -0.38 | -0.02 | -0.48 | -0.03 | 21% |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Reisijate arv | 1 623 522 | 1 807 414 | -10% |
--------------------------------------------------------------------------------
| Kaubaveo ühikud | 54 151 | 56 602 | -4% |
--------------------------------------------------------------------------------
| Keskmine töötajate arv | 6 406 | 6 768 | -5% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | 28.02.2010 | 30.11.2009 | |
--------------------------------------------------------------------------------
| | EEK | EUR | EEK | EUR | |
--------------------------------------------------------------------------------
| Varad kokku (miljon) | 29 545 | 1 888 | 29 862 | 1 909 | -1.1% |
--------------------------------------------------------------------------------
| Kohustused kokku | 19 733 | 1 261 | 19 818 | 1 267 | -0.4% |
| (miljon) | | | | | |
--------------------------------------------------------------------------------
| Intressi kandvad | 17 770 | 1 136 | 17 919 | 1 146 | -0.8% |
| kohustused (miljon) | | | | | |
--------------------------------------------------------------------------------
| Omakapital kokku | 9 812 | 627 | 10 044 | 642 | -2.3% |
| (miljon) | | | | | |
--------------------------------------------------------------------------------
| Omakapitali määr | 33.2% | | 33.6% | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Aktsiate arv* | 669 882 040 | 669 882 040 | 0% |
--------------------------------------------------------------------------------
| Omakapital aktsia kohta | 14.6 | 0.94 | 15.0 | 0.96 | -2.3% |
--------------------------------------------------------------------------------
EBITDA - finantskulude, maksude, intresside, kulumi eelne kasum;
Aktsiakasum - Puhaskasum / Kaalutud keskmine aktsiate arv;
Omakapitali määr - Omakapital kokku / Varad kokku;
Omakapital aktsia kohta - Omakapital / Aktsiate arv;
Brutokasumi marginaal - Brutokasum / Müügitulu;
EBITDA marginaal - EBITDA / Müügitulu;
Puhaskasumi marginaal - Puhaskasum / Müügitulu;
*Ei sisalda omaaktsiaid.
2009/2010 majandusaasta teises kvartialis jätkus Kontserni üldhalduskulude
vähenemine, mis olid 2,4 miljoni euro (37 miljoni krooni) ehk 19% võrra
väiksemad kui eelmise majandusaasta teises kvartalis.
Kontserni finantskulude, maksude, intresside ja kulumi eelne kasum (EBITDA) oli
2009/2010 majandusaasta teises kvartalis 10,4 miljonit eurot (163 miljonit
krooni), mis on 4,5 miljonit eurot (71 miljonit krooni) ehk 30% vähem kui aasta
tagasi. Kuigi Kontserni tegevus on fundamentaalselt tugev avaldasid teise
kvartali tulemusele negatiivset mõju suuremad kütusekulud rasketest jääoludest
tuleneva suurema tarbimise ja tuntava hinnatõusu tõttu. Võrreldaval perioodil,
eelmise majandusaasta teises kvartalis olid mõne kuu vältel kütusehinnad väga
madalatel tasemetel võrreldes nii eelnenud kui ka järgnenud kvartalite ja ka
selle majandusaasta hinnatasemetega. Kokku suurenesid kütusekulud 2009/2010
majandusaasta teises kvartalis 8,2 miljoni euro (129 miljoni krooni) võrra
võrreldes 2008/2009 majandusaasta teise kvartaliga. Lisaks avaldas tulemustele
pärssivat mõju mitmete laevade eemalolek tegevusest, nii hoolduste tõttu kui ka
tehnilistel põhjustel.
Kontserni varade amortisatsioonikulud olid käesoleva majandusaasta teises
kvartalis uue kruiisilaeva Baltic Queen soetamisest tulenevalt 1,7 miljoni euro
(27 miljoni krooni) võrra suuremad kui möödunud majandusaasta teises kvartalis.
Kontserni neto finantskulud teises kvartalis olid 8,6 miljonit eurot (135
miljonit krooni), mis on 10,3 miljoni euro (161 miljoni krooni) suurune
paranemine võrreldes eelmise aastatagusega. Muutus on tingitud vähenenud
intressikuludest ja SEK/EUR kursi liikumisest tulenenud kursikasumist.
Kontserni auditeerimata puhaskahjum 2009/2010 majandusaasta teises kvartalis oli
16,3 miljonit eurot (255 miljonit krooni). Eelmise majandusaasta teises
kvartalis oli puhaskahjum 20,1 miljonit eurot (323 miljonit krooni).
Kontserni investeeringud majandusaasta teises kvartalis olid 3,9 miljonit eurot
(61 miljonit krooni), mis on seotud peamiselt laevade hooldustega. Kontserni
tegevuse hooajalisuse tõttu on tavaline, et suurema mahuga ja aeganõudvamad tööd
teostatakse madalhooajal.
Kontserni laevastiku uuendamise programm on lõpetatud ja sellest tulenevalt on
edasiste investeeringute vajadus suhteliselt väike. See aitab keskenduda
põhitegevusele ning samas jääb rohkem vaba raha netovõla vähendamiseks, kuna
investeerimisega seotud kapitalivajadusi ei ole.
Juhtkonna kõrgendatud tähelepanu on jätkuvalt kuluefektiivsusel ning Kontserni
tulemuste parandamisel. Prioriteetne on vanade ja mittetootlike laevade
rentimine või müük. Hetkel on töös mitmed erinevad läbirääkimised vanade ja
mittetootlike laevade müügi või rendile andmise osas.
Teise kvartali lõpus oli Kontsernil rahalisi vahendeid 34,3 miljonit eurot
(537). Eelmisel aastal samal ajal oli vastav näitaja 28,9 miljonit eurot (452
miljonit krooni). Parem likviidsuspositsioon, madalamad intressimaksed ning
puuduvad investeerimiskohustused suurendavad kindlust Kontserni sujuvaks ja
jätkusuutlikuks tegevuseks.
KONSOLIDEERITUD KOONDKASUMIARUANNE
(auditeerimata, tuhandetes 01.12.2009- 01.12.2008- 01.09.2009- 01.09.2008-
kroonides)
28.02.2010 28.02.2009 28.02.2010 28.02.2009
Müügitulu 2,471,947 2,619,011 5,308,780 5,650,360
Müüdud kaupade ja teenuste kulu -2,244,420 -2,264,213 -4,570,365 -4,691,564
Brutokasum 227,527 354,798 738,415 958,796
Turustuskulud -194,348 -186,978 -421,934 -402,634
Halduskulud -156,225 -193,410 -302,471 -369,004
Muud äritulud 1,166 589 8,238 3,745
Muud ärikulud 2,195 -2,856 -590 -3,127
Kasum/-kahjum äritegevusest -119,685 -27,857 21,658 187,776
Finantstulud 99,476 10,261 112,205 97,772
Finantskulud -234,438 -305,714 -407,128 -639,521
Kahjum enne tulumaksu -254,647 -323,310 -273,265 -353,973
Tulumaks 0 -18 0 -18
Aruandeperioodi puhaskahjum -254,647 -323,328 -273,265 -353,991
Muu koondkasum/-kahjum
Valuutakursi vahed 22,900 7,790 11,448 1,379
välisettevõtetest
Riskimaandamise instrumendid -485 -26,317 17,508 -110,543
Perioodi muu koondkasum/-kahjum 22,415 -18,527 28,956 -109,164
kokku
Perioodi koondkasum/-kahjum -232,232 -341,855 -244,309 -463,155
kokku
Sh.
Emaettevõtte omanike osa -254,647 -323,328 -273,265 -353,991
puhaskahjumist
Sh.
Emaettevõtte omanike osa -232,232 -341,855 -244,309 -463,155
koondkasumist/-kahjumist
Kahjum aktsia kohta (EEK-ides
ühe aktsia kohta)
- tava -0.38 -0.48 -0.41 -0.53
- lahustatud -0.38 -0.48 -0.41 -0.53
KONSOLIDEERITUD KOONDKASUMIARUANNE
(auditeerimata, tuhandetes 01.12.2009- 01.12.2008- 01.09.2009- 01.09.2008-
eurodes)
28.02.2010 28.02.2009 28.02.2010 28.02.2009
Müügitulu 157,986 167,385 339,293 361,124
Müüdud kaupade ja teenuste kulu -143,445 -144,710 -292,100 -299,846
Brutokasum 14,541 22,675 47,193 61,278
Turustuskulud -12,422 -11,950 -26,967 -25,733
Halduskulud -9,984 -12,361 -19,331 -23,584
Muud äritulud 75 39 527 240
Muud ärikulud 140 -183 -38 -200
Kasum/-kahjum äritegevusest -7,650 -1,780 1,384 12,001
Finantstulud 6,358 656 7,171 6,249
Finantskulud -14,983 -19,539 -26,020 -40,873
Kahjum enne tulumaksu -16,275 -20,663 -17,465 -22,623
Tulumaks 0 -1 0 -1
Aruandeperioodi puhaskahjum -16,275 -20,664 -17,465 -22,624
Muu koondkasum/-kahjum
Valuutakursi vahed 1,463 497 732 89
välisettevõtetest
Riskimaandamise instrumendid -31 -1,682 1,119 -7,065
Perioodi muu koondkasum/-kahjum 1,432 -1,185 1,851 -6,976
kokku
Perioodi koondkasum/-kahjum -14,843 -21,849 -15,614 -29,600
kokku
Sh.
Emaettevõtte omanike osa -16,275 -20,664 -17,465 -22,624
puhaskahjumist
Sh.
Emaettevõtte omanike osa -14,843 -21,849 -15,614 -29,600
koondkasumist/-kahjumist
Kahjum aktsia kohta (EUR-ides
ühe aktsia kohta)
- tava -0.02 -0.03 -0.03 -0.03
- lahustatud -0.02 -0.03 -0.03 -0.03
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
(auditeerimata, tuhandetes kroonides)
VARAD 28.02.2010 31.08.2009
Käibevara
Raha ja raha ekvivalendid 536,638 782,043
Nõuded 621,617 797,762
Ettemaksed 267,919 179,892
Derivatiivid 17,086 6,493
Varud 279,494 297,527
Käibevara kokku 1,722,754 2,063,717
Põhivara
Investeeringud sidusettevõtetesse 9,180 0
Muud finantsvarad ja ettemaksed 7,007 7,664
Edasilükkunud tulumaksuvara 207,453 207,455
Kinnisvarainvesteering 4,694 4,694
Materiaalne põhivara 26,498,311 27,049,393
Immateriaalne põhivara 1,095,321 1,134,738
Põhivara kokku 27,821,966 28,403,944
VARAD KOKKU 29,544,720 30,467,661
KOHUSTUSED JA OMAKAPITAL
Lühiajalised kohustused
Intressikandvad võlakohustused 1,604,146 1,655,760
Muud võlad 1,375,302 1,415,762
Ettemakstud tulud 374,604 331,323
Derivatiivid 212,293 179,842
Lühiajalised kohustused kokku 3,566,345 3,582,687
Pikaajalised kohustused
Intressikandvad võlakohustused 16,165,431 16,827,627
Muud kohustused 1,236 1,330
Pikaajalised kohustused kokku 16,166,667 16,828,957
Kohustused kokku 19,733,012 20,411,644
OMAKAPITAL
Emaettevõtja aktsionäridele kuuluv omakapital
Aktsiakapital nimiväärtuses 6,738,170 6,738,170
Ülekurss 9,999 9,999
Reservid 1,153,365 1,124,409
Jaotamata kasum 1,910,174 2,183,439
Emaettevõtte omanikele kuuluv omakapital kokku 9,811,708 10,056,017
OMAKAPITAL KOKKU 9,811,708 10,056,017
KOHUSTUSED JA OMAKAPITAL KOKKU 29,544,720 30,467,661
KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE
(auditeerimata, tuhandetes eurodes)
VARAD 28.02.2010 31.08.2009
Käibevara
Raha ja raha ekvivalendid 34,297 49,982
Nõuded 39,729 50,986
Ettemaksed 17,123 11,497
Derivatiivid 1,092 415
Varud 17,863 19,015
Käibevara kokku 110,104 131,895
Põhivara
Investeeringud sidusettevõtetesse 587 0
Muud finantsvarad ja ettemaksed 447 490
Edasilükkunud tulumaksuvara 13,259 13,259
Kinnisvarainvesteering 300 300
Materiaalne põhivara 1,693,551 1,728,771
Immateriaalne põhivara 70,004 72,523
Põhivara kokku 1,778,148 1,815,343
VARAD KOKKU 1,888,252 1,947,238
KOHUSTUSED JA OMAKAPITAL
Lühiajalised kohustused
Intressikandvad võlakohustused 102,524 105,822
Muud võlad 87,898 90,484
Ettemakstud tulud 23,942 21,175
Derivatiivid 13,568 11,494
Lühiajalised kohustused kokku 227,932 228,975
Pikaajalised kohustused
Intressikandvad võlakohustused 1,033,159 1,075,482
Muud kohustused 79 85
Pikaajalised kohustused kokku 1,033,238 1,075,567
Kohustused kokku 1,261,170 1,304,542
OMAKAPITAL
Emaettevõtja aktsionäridele kuuluv omakapital
Aktsiakapital nimiväärtuses 430,648 430,648
Ülekurss 639 639
Reservid 73,713 71,862
Jaotamata kasum 122,082 139,547
Emaettevõtte omanikele kuuluv omakapital kokku 627,082 642,696
OMAKAPITAL KOKKU 627,082 642,696
KOHUSTUSED JA OMAKAPITAL KOKKU 1,888,252 1,947,238
KONSOLIDEERITUD RAHAVOOGUDE ARUANNE
(auditeerimata, tuhandetes kroonides) 01.09.2009 - 01.09.2008 -
28.02.2010 28.02.2009
Rahavood äritegevusest
Aruandeperioodi puhaskahjum -273,265 -353,991
Korrigeerimised 961,261 1,048,050
Äritegevusega seotud varade muutused 105,211 435,376
Äritegevusega seotud kohustuste muutused -83,141 -362,948
Makstud tulumaks -763 -258
709,303 766,229
Rahavood investeerimistegevusest
Materiaalse põhivara ja immateriaalse vara -66,628 -224,337
soetamine
Laekumised materiaalse põhivara müügist 99,721 17,693
Sidusettevõtte soetamine -9,180 -6,120
Laekumised/-maksed derivatiividest -30,543 1,524
Saadud intressid 2,492 5,232
-4,138 -206,008
Rahavood finantseerimistegevusest
Laekumised laenudest 0 187,759
Laenude tagasimaksed -573,688 -888,080
Kasutatud arvelduskrediidi muutus -21,510 103,791
Kapitalirendi põhimaksete tasumine -2,447 -3,875
Makstud intressid -352,925 -541,029
-950,570 -1,141,434
RAHAVOOD KOKKU -245,405 -581,213
Raha ja raha ekvivalendid
- perioodi alguses 782,043 1,043,785
- suurenemine (+) / vähenemine (-) -245,405 -581,213
- perioodi lõpus 536,638 462,572
KONSOLIDEERITUD RAHAVOOGUDE ARUANNE
(auditeerimata, tuhandetes eurodes) 01.09.2009 - 01.09.2008 -
28.02.2010 28.02.2009
Rahavood äritegevusest
Aruandeperioodi puhaskahjum -17,465 -22,624
Korrigeerimised 61,436 66,983
Äritegevusega seotud varade muutused 6,725 27,826
Äritegevusega seotud kohustuste muutused -5,314 -23,197
Makstud tulumaks -49 -16
45,333 48,972
Rahavood investeerimistegevusest
Materiaalse põhivara ja immateriaalse vara -4,259 -14,337
soetamine
Laekumised materiaalse põhivara müügist 6,374 1,131
Sidusettevõtte soetamine -587 -391
Laekumised/-maksed derivatiividest -1,952 97
Saadud intressid 159 334
-265 -13,166
Rahavood finantseerimistegevusest
Laekumised laenudest 0 12,000
Laenude tagasimaksed -36,665 -56,759
Kasutatud arvelduskrediidi muutus -1,375 6,633
Kapitalirendi põhimaksete tasumine -157 -248
Makstud intressid -22,556 -34,578
-60,753 -72,952
RAHAVOOD KOKKU -15,685 -37,146
Raha ja raha ekvivalendid
- perioodi alguses 49,982 66,710
- suurenemine (+) / vähenemine (-) -15,685 -37,146
- perioodi lõpus 34,297 29,564
Janek Stalmeister
Juhatuse liige
AS Tallink Grupp
Tel. +372 6409 800
e-mail: janek.stalmeister@tallink.ee
Pealkiri
Q2 results of the 2009/2010 financial year
Teade
In the second quarter (01.12.2009-28.02.2010) of the financial year 2009/2010 AS
Tallink Grupp and its subsidiaries' (The Group) unaudited revenue was EUR 158
million (EEK 2 472 million), being EUR 9.4 million (EEK 147 million) or 5.6%
lower than in the second quarter of the previous financial year. While the
revenues increased in many of the segments the impact to the decrease came from
the Finland-Germany route in January and February as the ships were in
maintenance and there were no operations and also from the Finland-Sweden route
where the Group's largest cruise ferry Silja Europa had technical problems and
was out of operations for most of December.
The Group's passenger volumes decreased by 10% in the second quarter compared to
the same period of the previous financial year. The volumes were affected by the
technical issues with Silja Europa, but the key element was also the
seasonality. While the second quarter is the lowest season in the operations the
importance of the Group's targeted travel offerings and campaigns is higher. The
timing of these sales activities but as well the occurrence of the winter
holidays has been different in current financial year compared to the low season
of the previous financial year. Thus there has been a high volatility compared
the February and March traffic figures to the previous year. On a cumulative
basis the current financial year seven months passenger volumes are however
positive by 1%.
Improvement of the passengers' spending continued in the second quarter of the
2009/2010 financial year. The total of ticket, restaurant and shops revenues per
passenger increased by approximately 12% compared to the second quarter of
2008/2009 financial year. The adjusted offering selection, product pricing and a
stronger Swedish krona, but as well the overall improvement in customer
confidence in the region are influential the increase.
The Group's cargo volumes are showing a recovery. Excluding the stop of the
operations in the Finland-Germany route in January and February the other core
routes show a total of 5% increase in the cargo volumes in the second quarter.
The Management continues to focus on the cost efficiency and on the improvement
of the Group results. The sale or charter of older and non performing vessels is
a high priority. There are currently several negotiations open to either charter
or sell some of the older and non performing vessels.
By introducing several new vessels during the previous years the Group has gone
through significant product improvement. The focus has now moved to the more
detail level of product development but which is also very important. Although
the customer satisfaction has shown healthy increase the management continues to
put high efforts on the value of the customer satisfaction and in parallel to
the personnel development through more extensive specialized education and
enhanced motivation schemes. The high customer satisfaction, quality product
offering and happy personnel are key factors for the Group to improve the
operations and results.
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| Q2 KEY FIGURES | Q2 2009/2010 | Q2 2008/2009 | Change % |
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| | EEK | EUR | EEK | EUR | |
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| Net sales (million) | 2 472 | 158 | 2 619 | 167 | -6% |
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| Gross profit (million) | 228 | 14.5 | 355 | 22.7 | -36% |
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| Gross margin | 9% | | 14% | | |
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| EBITDA (million) | 163 | 10.4 | 234 | 15.0 | -30% |
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| EBITDA margin | 7% | | 9% | | |
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| Net profit/-loss | -255 | -16.3 | -323 | -20.7 | 21% |
| (million) | | | | | |
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| Net profit margin | -10% | | -12% | | |
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| Depreciation & amort. | 283 | 18.1 | 262 | 16.7 | 8% |
| (million) | | | | | |
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| Investments (million) | 61 | 3.9 | 56 | 3.6 | 9% |
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| Weighted average number | 669 882 040 | 669 882 040 | 0% |
| of ordinary shares | | | |
| outstanding during Q2* | | | |
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| Earnings per share | -0.38 | -0.02 | -0.48 | -0.03 | 21% |
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| | | | |
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| Number of passengers | 1 623 522 | 1 807 414 | -10% |
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| Cargo units | 54 151 | 56 602 | -4% |
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| Average number of | 6 406 | 6 768 | -5% |
| employees | | | |
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| | 28.02.2010 | 30.11.2009 | |
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| | EEK | EUR | EEK | EUR | |
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| Total assets (million) | 29 545 | 1 888 | 29 862 | 1 909 | -1.1% |
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| Total liabilities | 19 733 | 1 261 | 19 818 | 1 267 | -0.4% |
| (million) | | | | | |
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| Interest-bearing | 17 770 | 1 136 | 17 919 | 1 146 | -0.8% |
| liabilities (million) | | | | | |
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| Total equity (million) | 9 812 | 627 | 10 044 | 642 | -2.3% |
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| Equity ratio | 33.2% | | 33.6% | | |
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| Number of ordinary | 669 882 040 | 669 882 040 | 0% |
| shares outstanding* | | | |
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| Shareholders' equity | 14.6 | 0.94 | 15.0 | 0.96 | -2.3% |
| per share | | | | | |
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Net profit margin - net profit / net sales;
EBITDA - Earnings before net financial items, taxes, depreciation and
amortization;
EBITDA margin - EBITDA / net sales;
Gross margin - gross profit / net sales;
Net profit margin - net 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 exclude own shares.
As an effect of the cost reduction activities the Group's administrative and
general expenses continued to decrease in the second quarter being EUR 2.4
million (EEK 37 million) or 19% lower than in the second quarter of the previous
financial year.
The Group's EBITDA for the second quarter of the 2009/2010 financial year was
EUR 10.4 million (EEK 163 million) which is EUR 4.5 million (EEK 71 million) or
30% less than a year ago. While the operations are fundamentally healthy the
result in the second quarter was depressed by higher fuel costs in relation to
higher consumption in the tough ice conditions and also the higher fuel price.
In the comparable period in the second quarter of the previous financial year
the fuel prices were at very low levels. Total fuel costs were EUR 8.2 million
(EEK 129 million) higher in the second quarter of 2009/2010 compared to the
second quarter of previous financial year. In addition the technical issues with
Silja Europa and maintenance dockings of some vessels had an impact to the
second quarter results.
The depreciation of the Group's assets in the second quarter was EUR 1.7 million
(EEK 27 million) higher compared to the second quarter of the previous financial
in result of the new cruise ferry Baltic Queen.
The Group's net financial expenses in the second quarter were EUR 8.6 million
(EEK 135 million). The improvement of EUR 10.3 million (EEK 161 million)
compared to the previous financial year is mainly the effect of the lower
interest expenses and foreign exchange rate gain from SEK/EUR rate movements.
The Group's unaudited net loss for the second quarter of the 2009/2010 financial
year was EUR 16.3 million (EEK 255 million). In the second quarter of the
previous financial year the net loss was EUR 20.1 million (EEK 323 million).
In the second quarter the Group's investments in amount of EUR 3.9 million (EEK
61 million) were related mostly to the ships' maintenances. It is common in the
Group's operations that most of the scheduled dockings and bigger maintenance
works are carried out in the low season.
The Group's fleet renewal program has been completed and thus the Group's
investment requirement is relatively small going ahead. This helps to
concentrate on the core operations. As there are no capital commitments then
more free funds can be used to reduce the Group's net debt.
The Management continues to focus on the cost efficiency and on the improvement
of the Group results. The sales or charters of older and non performing vessels
have high priority. There are currently several negotiations open to either
charter or sell some of the older and non performing vessels.
In the end of the second quarter the Group's cash and cash equivalents amounted
to EUR 34.3 million (EEK 537 million) compared to the EUR 28.9 million (EEK 452
million) a year ago. The higher liquidity position, lower interest payments and
no capital commitments for the coming periods are increasing the Group's
strength for smooth and stable operations.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(unaudited, in thousands of EEK) 01.12.2009- 01.12.2008- 01.09.2009- 01.09.2008-
28.02.2010 28.02.2009 28.02.2010 28.02.2009
Revenue 2,471,947 2,619,011 5,308,780 5,650,360
Cost of sales -2,244,420 -2,264,213 -4,570,365 -4,691,564
Gross profit 227,527 354,798 738,415 958,796
Marketing expenses -194,348 -186,978 -421,934 -402,634
Administrative expenses -156,225 -193,410 -302,471 -369,004
Other income 1,166 589 8,238 3,745
Other expenses 2,195 -2,856 -590 -3,127
Results from operating -119,685 -27,857 21,658 187,776
activities
Financial income 99,476 10,261 112,205 97,772
Financial expenses -234,438 -305,714 -407,128 -639,521
Loss from normal operation -254,647 -323,310 -273,265 -353,973
before income tax
Income tax 0 -18 0 -18
Net loss for the period -254,647 -323,328 -273,265 -353,991
Other comprehensive income/-
expense
Exchange differences on 22,900 7,790 11,448 1,379
translating foreign operations
Cash flow hedges -485 -26,317 17,508 -110,543
Other comprehensive income/- 22,415 -18,527 28,956 -109,164
expense for the period
Total comprehensive income/- -232,232 -341,855 -244,309 -463,155
expense for the period
Loss attributable to:
Equity holders of the parent -254,647 -323,328 -273,265 -353,991
Total comprehensive income/-
expense attributable to:
Equity holders of the parent -232,232 -341,855 -244,309 -463,155
Earnings per share (in EEK per
share)
- basic -0.38 -0.48 -0.41 -0.53
- diluted -0.38 -0.48 -0.41 -0.53
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(unaudited, in thousands of EUR) 01.12.2009- 01.12.2008- 01.09.2009- 01.09.2008-
28.02.2010 28.02.2009 28.02.2010 28.02.2009
Revenue 157,986 167,385 339,293 361,124
Cost of sales -143,445 -144,710 -292,100 -299,846
Gross profit 14,541 22,675 47,193 61,278
Marketing expenses -12,422 -11,950 -26,967 -25,733
Administrative expenses -9,984 -12,361 -19,331 -23,584
Other income 75 39 527 240
Other expenses 140 -183 -38 -200
Results from operating -7,650 -1,780 1,384 12,001
activities
Financial income 6,358 656 7,171 6,249
Financial expenses -14,983 -19,539 -26,020 -40,873
Loss from normal operation -16,275 -20,663 -17,465 -22,623
before income tax
Income tax 0 -1 0 -1
Net loss for the period -16,275 -20,664 -17,465 -22,624
Other comprehensive income/-
expense
Exchange differences on 1,463 497 732 89
translating foreign operations
Cash flow hedges -31 -1,682 1,119 -7,065
Other comprehensive income/- 1,432 -1,185 1,851 -6,976
expense for the period
Total comprehensive income/- -14,843 -21,849 -15,614 -29,600
expense for the period
Loss attributable to:
Equity holders of the parent -16,275 -20,664 -17,465 -22,624
Total comprehensive income/-
expense attributable to:
Equity holders of the parent -14,843 -21,849 -15,614 -29,600
Earnings per share (in EUR per
share)
- basic -0.02 -0.03 -0.03 -0.03
- diluted -0.02 -0.03 -0.03 -0.03
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(unaudited, in thousands of EEK)
ASSETS 28.02.2010 31.08.2009
Current assets
Cash and cash equivalents 536,638 782,043
Receivables 621,617 797,762
Prepayments 267,919 179,892
Derivatives 17,086 6,493
Inventories 279,494 297,527
Total current assets 1,722,754 2,063,717
Non-current assets
Investments in associates 9,180 0
Other financial assets and prepayments 7,007 7,664
Deferred income tax assets 207,453 207,455
Investment property 4,694 4,694
Property, plant and equipment 26,498,311 27,049,393
Intangible assets 1,095,321 1,134,738
Total non-current assets 27,821,966 28,403,944
TOTAL ASSETS 29,544,720 30,467,661
LIABILITIES AND EQUITY
Current liabilities
Interest bearing loans and borrowings 1,604,146 1,655,760
Payables 1,375,302 1,415,762
Deferred income 374,604 331,323
Derivatives 212,293 179,842
Total current liabilities 3,566,345 3,582,687
Non-current liabilities
Interest bearing loans and borrowings 16,165,431 16,827,627
Other liabilities 1,236 1,330
Total non-current liabilities 16,166,667 16,828,957
TOTAL LIABILITIES 19,733,012 20,411,644
EQUITY
Equity attributable to equity holders of
the parent
Share capital 6,738,170 6,738,170
Share premium 9,999 9,999
Reserves 1,153,365 1,124,409
Retained earnings 1,910,174 2,183,439
Total equity attributable to equity holders 9,811,708 10,056,017
of the parent
TOTAL EQUITY 9,811,708 10,056,017
TOTAL LIABILITIES AND EQUITY 29,544,720 30,467,661
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(unaudited, in thousands of EUR)
ASSETS 28.02.2010 31.08.2009
Current assets
Cash and cash equivalents 34,297 49,982
Receivables 39,729 50,986
Prepayments 17,123 11,497
Derivatives 1,092 415
Inventories 17,863 19,015
Total current assets 110,104 131,895
Non-current assets
Investments in associates 587 0
Other financial assets and prepayments 447 490
Deferred income tax assets 13,259 13,259
Investment property 300 300
Property, plant and equipment 1,693,551 1,728,771
Intangible assets 70,004 72,523
Total non-current assets 1,778,148 1,815,343
TOTAL ASSETS 1,888,252 1,947,238
LIABILITIES AND EQUITY
Current liabilities
Interest bearing loans and borrowings 102,524 105,822
Payables 87,898 90,484
Deferred income 23,942 21,175
Derivatives 13,568 11,494
Total current liabilities 227,932 228,975
Non-current liabilities
Interest bearing loans and borrowings 1,033,159 1,075,482
Other liabilities 79 85
Total non-current liabilities 1,033,238 1,075,567
TOTAL LIABILITIES 1,261,170 1,304,542
EQUITY
Equity attributable to equity holders of
the parent
Share capital 430,648 430,648
Share premium 639 639
Reserves 73,713 71,862
Retained earnings 122,082 139,547
Total equity attributable to equity holders 627,082 642,696
of the parent
TOTAL EQUITY 627,082 642,696
TOTAL LIABILITIES AND EQUITY 1,888,252 1,947,238
CONSOLIDATED CASH FLOW STATEMENT
(unaudited, in thousands of EEK)
01.09.2009 - 01.09.2008
-
28.02.2010 28.02.2009
Cash flows from operating activities
Net loss for the period -273,265 -353,991
Adjustments 961,261 1,048,050
Changes in assets related to operating 105,211 435,376
activities
Changes in liabilities related to operating -83,141 -362,948
activities
Income tax paid -763 -258
709,303 766,229
Cash flow used for investing activities
Purchase of property, plant, equipment and -66,628 -224,337
intangible assets
Proceeds from disposals of property, plant, 99,721 17,693
equipment
Acquisition of associate -9,180 -6,120
Proceeds/-payments from settlement of -30,543 1,524
derivatives
Interest received 2,492 5,232
-4,138 -206,008
Cash flow from (+)/ used for (-) financing
activities
Proceeds from loans 0 187,759
Redemption of loans -573,688 -888,080
Change in overdraft -21,510 103,791
Repayment of finance lease liabilities -2,447 -3,875
Interest paid -352,925 -541,029
-950,570 -1,141,434
TOTAL NET CASH FLOW -245,405 -581,213
Cash and cash equivalents:
- at the beginning of period 782,043 1,043,785
- increase (+) / decrease (-) -245,405 -581,213
Cash and cash equivalents at end of period 536,638 462,572
CONSOLIDATED CASH FLOW STATEMENT
(unaudited, in thousands of EUR)
01.09.2009 - 01.09.2008
-
28.02.2010 28.02.2009
Cash flows from operating activities
Net loss for the period -17,465 -22,624
Adjustments 61,436 66,983
Changes in assets related to operating 6,725 27,826
activities
Changes in liabilities related to operating -5,314 -23,197
activities
Income tax paid -49 -16
45,333 48,972
Cash flow used for investing activities
Purchase of property, plant, equipment and -4,259 -14,337
intangible assets
Proceeds from disposals of property, plant, 6,374 1,131
equipment
Acquisition of associate -587 -391
Proceeds/-payments from settlement of -1,952 97
derivatives
Interest received 159 334
-265 -13,166
Cash flow from (+)/ used for (-) financing
activities
Proceeds from loans 0 12,000
Redemption of loans -36,665 -56,759
Change in overdraft -1,375 6,633
Repayment of finance lease liabilities -157 -248
Interest paid -22,556 -34,578
-60,753 -72,952
TOTAL NET CASH FLOW -15,685 -37,146
Cash and cash equivalents:
- at the beginning of period 49,982 66,710
- increase (+) / decrease (-) -15,685 -37,146
Cash and cash equivalents at end of period 34,297 29,564
Janek Stalmeister
CFO
AS Tallink Grupp
Tel. +372 6409 800
e-mail: janek.stalmeister@tallink.ee