Börsiteade
AS Tallink Grupp
Kategooria
Majandusaasta aruanne
Manused
Kuupäev
30.12.2009 21:05:05
Pealkiri
Auditeeritud 2008/2009 majandusaasta aruanne
Teade
2008/2009 majandusaastal (1. september 2008 - 31. august 2009) veeti Kontserni
laevadega üle kaheksa miljoni reisija, mis on 14,9% rohkem kui eelmisel
majandusaastal. See lisab fundamentaalset tugevust Kontserni tegevusele ning
loob hea aluse edasiseks positiivseks arenguks. Müügitulu kasvas 0,8% võrra 12
389 miljoni kroonini (791,9 miljoni euroni).
Kontserni tegevust mõjutas globaalne majanduskriis. Seetõttu vähenesid
märkimisväärselt kaubavedude mahud ja müügitulu reisija kohta oli väiksem. Kuid
tänu oluliselt kasvanud reisijate arvule suurenesid üldkokkuvõttes
reisijateveoga seotud tulud, kompenseerides negatiivsete tegurite mõju.
Liinile tuli M/L Baltic Queen - Kontserni seitsmeaastase laevastiku uuendamise
kava viimane kruiisilaev. Selle tulemusena ulatusid Kontserni 2008/2009
majandusaasta investeeringud kokku 2 550 miljoni kroonini (163 miljoni euroni).
M/L Baltic Queen hakkas Tallinna ja Stockholmi vahel opereerima 2009. aasta
aprilli lõpus.
Kontsern suutis tegutseda kuluefektiivselt. Finantskulude, maksude ja
kulumieelne kasum EBITDA kasvas 5,8% võrra 2 083 miljoni kroonini (133,1 miljoni
euroni). Tuletisinstrumentide ümberhindamise ja amortisatsiooni suurenemise
tagajärjel jäi Kontserni puhaskahjumiks 128 miljonit krooni (8,2 miljonit
eurot).
2008/2009 majandusaasta peamised sündmused:
- Vähenenud opereerimise maht Soome-Saksamaa liinil tulenevalt M/L Superfast IX
rendileandmisest.
- M/L Baltic Queen vettelaskmine ja edukas liiniletulek
- M/L Romantika ümberpaigutamine Riia-Stockholmi liinile
- Kulude kokkuhoiuga seotud tegevused
Kontsern on astunud uude arenguetappi. Märkimisväärne investeeringute kava
jõudis lõpule viimase kruiisilaeva Baltic Queen liiniletulekuga. Nüüd on
Kontserni prioriteetideks tehtud investeeringute tulemuste realiseerimine ning
laenude tagasimaksmine. Samuti on esmatähtis ülesanne parandada hetkel mitte
väga edukal Soome-Saksamaa liinil opereerivate laevade tulemit. Kontserni
tegevuse efektiivsuse parandamiseks otsib juhtkond aktiivselt võimalusi vanade
ja praegu mitte kasutusel olevate aluste väljarentimiseks või müügiks.
Kontserni tegevusele lisab jätkuvalt ebakindlust klientide kulutamistavade
muutumine ning lühenenud laevapiletite eelbroneeringute periood, mis raskendab
laevade
täituvuse prognoosimist. Kontsern on järgmiseks majandusaastaks maandanud umbes
10% nii kütusehinna riskist kui ka euro/Rootsi krooni vahetuskursi riskist.
Eesmärgiks on maandatavat osa veelgi suurendada. Siiski võivad märkimisväärsed
muutused toorainehindades ja valuutakurssides kaudselt mõjutada klientide ja
turuosaliste üldist käitumist ettearvamatul moel.
Kasvanud reisijateveomahud on loonud Kontsernile tugeva aluse tulemuste
parandamiseks. Kontsern on oma moodsaima laevastikuga piirkonnas jätkuvalt tugev
turuliider. Kontserni 2009/2010 majandusaasta eesmärgiks on puhaskasum.
2008/2009 MAJANDUSAASTA PÕHINÄITAJAD
--------------------------------------------------------------------------------
| | 01.09.2008- | 01.09.2007- | Muutuse % |
| | 31.08.2009 | 31.08.2008(1) | |
--------------------------------------------------------------------------------
| | EEK | EUR | EEK | EUR | |
--------------------------------------------------------------------------------
| Müügitulu (miljonites) | 12 390 | 791,9 | 12 296 | 785,9 | 0,8% |
--------------------------------------------------------------------------------
| Brutokasum | 2 578 | 164,8 | 2 567 | 164,0 | 0,4% |
| (miljonites) | | | | | |
--------------------------------------------------------------------------------
| EBITDA (miljonites) | 2 084 | 133,2 | 1 969 | 125,8 | 5,9% |
--------------------------------------------------------------------------------
| Aruandeperioodi | -128 | -8,2 | 304 | 19,4 | -142,1% |
| puhaskasum | | | | | |
| (miljonites) | | | | | |
--------------------------------------------------------------------------------
| Amortisatsioon | 1 094 | 69,9 | 964 | 61,6 | 13,5% |
| (miljonites) | | | | | |
--------------------------------------------------------------------------------
| Investeeringud | 2 550 | 163,0 | 4 240 | 271,0 | -39,9% |
| (miljonites) | | | | | |
--------------------------------------------------------------------------------
| 12 kuu aktsiate | 669 882 040 | 671 245 086 | |
| kaalutud keskmine arv* | | | |
--------------------------------------------------------------------------------
| Aktsiakasum | -0,19 | -0,01 | 0,45 | 0,03 | -142,2% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Reisijate arv | 8 124 561 | 7 070 264 | 14,9% |
--------------------------------------------------------------------------------
| Kaubaveo ühikute arv | 252 026 | 331 149 | -23,9% |
--------------------------------------------------------------------------------
| Keskmine töötajate arv | 6 853 | 6 564 | 4,4% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | 31.08.2009 | 31.08.2008(1) | Muutuse % |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Varad kokku | 30 468 | 1 947,2| 29 702 | 1 898,3 | 2,6% |
| (miljonites) | | | | | |
--------------------------------------------------------------------------------
| Kohustused kokku | 20 412 | 1 304,5| 19 513 | 1 247,1 | 4,6% |
| (miljonites) | | | | | |
--------------------------------------------------------------------------------
| Intressikandvad | 18 483 | 1 181,3| 17 525 | 1 120,0 | 5,5% |
| kohustused | | | | | |
| (miljonites) | | | | | |
--------------------------------------------------------------------------------
| Omakapital kokku | 10 056 | 642,7 | 10 189 | 651,2 | -1,3% |
| (miljonites) | | | | | |
--------------------------------------------------------------------------------
| Omakapitali kordaja | 33,0% | | 34,3% | | |
| (%) | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Aktsiate arv* | 669 882 040 | 669 882 040 | 0,0% |
--------------------------------------------------------------------------------
| Omakapital aktsia | 15,0 | 0,96 | 15,2 | 0,97 | -1,3% |
| kohta | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Brutokasumi marginaal | 20,8% | | 20,9% | | |
| (%) | | | | | |
--------------------------------------------------------------------------------
| EBITDA marginaal (%) | 16,8% | | 16,0% | | |
--------------------------------------------------------------------------------
| Puhaskasumi marginaal | -1,0% | | 2,5% | | |
| (%) | | | | | |
--------------------------------------------------------------------------------
| Varade tootlus (ROA) | 3,3% | | 3,6% | | |
--------------------------------------------------------------------------------
| Omakapitali tootlus | -1,3% | | 3,0% | | |
| (ROE) | | | | | |
--------------------------------------------------------------------------------
| Investeeritud kapitali | 3,8% | | 4,2% | | |
| tootlus (ROCE) | | | | | |
--------------------------------------------------------------------------------
EBITDA - finantskulude, maksude, intresside, kulumi 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 eelne kasum / Varad kokku keskmiselt
ROE - Puhaskasum /Keskmine omakapital
ROCE - Finantskulude, maksude eelne kasum /(Varad kokku - lühiajalised
kohustused (perioodi keskmine)).
* Aktsiate arvud on korrigeeritud 2007. a. jaanuaris toimunud fondiemissiooniga.
Ei sisalda omaaktsiaid.
(1) 2007/2008 majandusaasta tulemusi on korrigeeritud seoses tõlgenduse IFRIC 13
“Klientide lojaalsusprogrammid” kohaldamisega.
MÜÜGITULU
Kontserni konsolideeritud müügitulu 2008/2009 majandusaastal (01. september 2008
- 31. august 2009) oli 12 390,0 miljonit krooni (791,9 miljonit eurot) võrreldes
12 296,0 miljoni krooniga (785,9 miljoni euroga) 2007/2008 majandusaastal (01.
september 2007 - 31. august 2008).
Müügitulu kasvas enim ehk 33% Kontserni uusimal, Riia-Stockholmi liinil,
ulatudes 725,9 miljoni kroonini (46,4 miljoni euroni). Müük paranes ka
Soome-Eesti ja Soome-Rootsi liinidel, maismaal ning muus segmendis.
Soome-Saksamaa liinil vähenes müügitulu madalamate kaubaveomahtude ja laevade
arvu vähendamise tõttu enam kui 49% 567,4 miljoni kroonini (36,3 miljoni
euroni).
Tänu reisijate arvu kasvule suurenes ärisegmentide lõikes 2008/2009
majandusaastal enim, 601,3 miljoni krooni (38,4 miljoni euro) ehk kümne
protsendi võrra restoranide ja poodide müük. Ligikaudu pool restoranide ja
poodide müügitulu kasvust leidis aset reisijateveo tipphooajal neljandas
kvartalis. Piletitulud kasvasid 95,6 miljoni krooni (6,1 miljoni euro) võrra.
Kontserni kaubaveotulud vähenesid 814,9 miljoni krooni (52,1 miljoni euro) võrra
peamiselt globaalse majanduslanguse tõttu.
Tulenevalt erinevast dünaamikast reisijateveos võrrelduna kaubaveoga on muutunud
Kontserni tulude struktuur. Enim on langenud Soome-Saksamaa liini ja
kaubaveotulude osakaalud Kontserni tulude seas.
Rootsi krooni (SEK) ja euro vahetuskurss on üks Kontserni müügitulu mõjutanud
välistegureid. Laevade pardal toimub kaupade müük nii lähteriigi kui sihtriigi
valuutades. Seega teostatakse Rootsi siirduvatel ja Rootsist lähtuvatel liinidel
osa müügist Rootsi kroonide eest. 2008/2009 majandusaastal olid SEK/EUR ja
seetõttu ka SEK/EEK vahetuskursid väga ebastabiilsed ning madalpunktis ligi 25%
võrra nõrgemad kui eelmisel majandusaastal. SEK/EUR vahetuskursi negatiivne mõju
Kontserni müügitulule oli hinnanguliselt ligi 313 miljonit krooni (20 miljonit
eurot).
KASUM
2008/2009 majandusaastal kasvas Kontserni brutokasum 11,0 miljoni krooni (0,7
miljoni euro) võrra 2 577,9 miljoni kroonini (164,8 miljoni euroni), EBITDA
suurenes 114 miljoni krooni võrra 2 083 miljoni kroonini (133,1 miljoni euroni)
ja puhaskasum alanes 431,8 miljoni krooni (27,6 miljoni euro) võrra 303,9
miljonilt kroonilt (19,4 miljonilt eurolt) 127,9 miljoni kroonise (8,2 miljoni
eurose) puhaskahjumini. 2008/2009 majandusaasta 12 kuu tava- ja lahustatud
aktsiakasum oli -0,19 krooni (-0,01 eurot) võrreldes 2007/2008 majandusaasta
0,45 krooniga (0,03 euroga).
Seoses restoranide ja poodide müügi kasvuga kasvas ka Kontserni suurima
kuluartikli, kauba kulu 423,5 miljoni krooni (27,1 miljoni euro) võrra, ulatudes
2 724,8 miljoni kroonini (174,1 miljoni euroni).
Eelmise majandusaastaga võrreldes langenud kütusehinnad vähendasid kütusekulu
696,3 miljoni krooni (44,5 miljoni euro) võrra. Osa 2009. aastal ostetud kütuse
hinnast oli fikseeritud tuletisinstrumentidega. 2008/2009 majandusaastal olid
kütusehinna fikseerimiseks sõlmitud tuletisinstrumentidega seonduvad kulud 64
miljonit krooni (4,1 miljonit eurot), tulenedes turuhinna ja kokku lepitud hinna
vahest. Kontsern on ka 2010. kalendriaastaks osa kütusehinna riskist maandanud.
Kontserni personalikulud suurenesid 0,1% võrra 2 566,7 miljoni kroonini (164,0
miljoni euroni). 2008/2009 majandusaastal oli keskmine töötajate arv 6 853 (6
564 töötajat 2007/2008 majandusaastal).
Kontserni üldhaldus- ja turustuskulud kahanesid 2008/2009 majandusaastal 162,7
miljoni krooni (10,4 miljoni euro) võrra.
Kontserni varade amortisatsioonikulu kasvas 130 miljoni krooni (8,3 miljoni
euro) võrra, peamiselt uute laevade, M/L Superstar, M/L Baltic Princess ja M/L
Baltic Queen arvelt.
Netofinantskulu kasvas 2008/2009 majandusaastal 350,3 miljoni krooni (22,4
miljoni euro) võrra. Intressikulu vähenes 93,7 miljoni krooni (6,0 miljoni euro)
võrra, samas aga suurenesid tuletisinstrumentide (intressimäära ja kütusehinna
derivatiivide) netokulud 408,6 miljoni krooni (26,1 miljoni euro) võrra. See
sisaldab 219,9 miljoni krooni (14,1 miljoni euro) suurust kulu, mis tekkis
derivatiivide ümberhindlusest vastavalt turuhinnale, kuid mis rahavoogusid ei
mõjutanud. Kõikide intressimäära ja kütusehinna derivatiivide netorahavood jäid
2008/2009 majandusaastal 62,5 miljoni krooniga (4,0 miljoni euroga) miinusesse.
KONSOLIDEERITUD KASUMIARUANNE
31. augustil lõppenud aasta kohta
--------------------------------------------------------------------------------
| | Tuhandetes kroonides | Tuhandetes eurodes |
--------------------------------------------------------------------------------
| | 2009 | 2008 | 2009 | 2008 |
| | | (Korrigeeritud)| | (Korrigeeritud)|
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Müügitulu | 12 389 960 | 12 295 967 | 791 863 | 785 855 |
--------------------------------------------------------------------------------
| Müüdud kaupade | -9 812 048 | -9 729 085 | -627 104 | -621 802 |
| ja teenuste | | | | |
| kulu | | | | |
--------------------------------------------------------------------------------
| Brutokasum | 2 577 912 | 2 566 882 | 164 759 | 164 053 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Turustuskulud | -803 090 | -850 988 | -51 327 | -54 388 |
--------------------------------------------------------------------------------
| Halduskulud | -774 599 | -889 377 | -49 506 | -56 841 |
--------------------------------------------------------------------------------
| Muud äritulud | 5 579 | 199 467 | 356 | 12 748 |
--------------------------------------------------------------------------------
| Muud ärikulud | -8 513 | -18 352 | -544 | -1 173 |
--------------------------------------------------------------------------------
| Kasum | 997 289 | 1 007 632 | 63 738 | 64 399 |
| äritegevusest | | | | |
--------------------------------------------------------------------------------
| Finantstulud | 5 428 | 143 124 | 347 | 9 147 |
--------------------------------------------------------------------------------
| Finantskulud | -1 145 926 | -933 332 | -73 238 | -59 650 |
--------------------------------------------------------------------------------
| Kahjumi osa | -7 560 | -3 060 | -483 | -196 |
| sidusettevõtete | | | | |
| st | | | | |
--------------------------------------------------------------------------------
| Kasum/kahjum | -150 769 | 214 364 | -9 636 | 13 700 |
| enne tulumaksu | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Tulumaks | 22 856 | 89 564 | 1 461 | 5 724 |
--------------------------------------------------------------------------------
| Aruandeaasta | -127 913 | 303 928 | -8 175 | 19 424 |
| puhaskasum/-kah | | | | |
| jum | | | | |
--------------------------------------------------------------------------------
| Sealhulgas: | | | | |
--------------------------------------------------------------------------------
| Emaettevõtte | -127 913 | 303 928 | -8 175 | 19 424 |
| omanike osa | | | | |
| puhaskasumist/- | | | | |
| kahjumist | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Tava- ja | -0,19 | 0,45 | -0,01 | 0,03 |
| lahustatud | | | | |
| aktsiakasum | | | | |
| (kr | | | | |
| oonides/eurodes | | | | |
| ühe aktsia | | | | |
| kohta) | | | | |
--------------------------------------------------------------------------------
KONSOLIDEERITUD BILANSS
--------------------------------------------------------------------------------
| 31. augusti | Tuhandetes kroonides | Tuhandetes eurodes |
| seisuga | | |
--------------------------------------------------------------------------------
| | 2009 | 2008 | 2009 | 2008 |
| | | (Korrigeeritud)| | (Korrigeeritud)|
--------------------------------------------------------------------------------
| VARAD | | | | |
--------------------------------------------------------------------------------
| Käibevara | | | | |
--------------------------------------------------------------------------------
| Raha ja raha | 782 043 | 1 043 785 | 49 982 | 66 710 |
| ekvivalendid | | | | |
--------------------------------------------------------------------------------
| Nõuded | 797 762 | 1 177 342 | 50 986 | 75 246 |
--------------------------------------------------------------------------------
| Ettemaksed | 179 892 | 111 522 | 11 497 | 7 127 |
--------------------------------------------------------------------------------
| Derivatiivid | 6 493 | 51 884 | 415 | 3 316 |
--------------------------------------------------------------------------------
| Varud | 297 527 | 358 480 | 19 015 | 22 911 |
--------------------------------------------------------------------------------
| | 2 063 717 | 2 743 013 | 131 895 | 175 310 |
--------------------------------------------------------------------------------
| Põhivara | | | | |
--------------------------------------------------------------------------------
| Investeeringud | 0 | 2 222 | 0 | 142 |
| sidusettevõtetess | | | | |
| e associates | | | | |
--------------------------------------------------------------------------------
| Muud finantsvarad | 7 664 | 7 700 | 490 | 492 |
| ja ettemaksed | | | | |
--------------------------------------------------------------------------------
| Edasilükkunud | 207 455 | 199 851 | 13 259 | 12 773 |
| tulumaksuvara | | | | |
--------------------------------------------------------------------------------
| Kinnisvarainveste | 4 694 | 4 694 | 300 | 300 |
| ering | | | | |
--------------------------------------------------------------------------------
| Materiaalne | 27 049 393| 25 518 298 | 1 728 771 | 1 630 917 |
| põhivara | | | | |
--------------------------------------------------------------------------------
| Immateriaalne | 1 134 738 | 1 226 023 | 72 523 | 78 357 |
| põhivara | | | | |
--------------------------------------------------------------------------------
| | 28 403 944| 26 958 788 | 1 815 343 | 1 722 981 |
--------------------------------------------------------------------------------
| VARAD KOKKU | 30 467 661| 29 701 801 | 1 947 238 | 1 898 291 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| KOHUSTUSED JA | | | | |
| OMAKAPITAL | | | | |
--------------------------------------------------------------------------------
| Lühiajalised | | | | |
| kohustused | | | | |
--------------------------------------------------------------------------------
| Intressikandvad | 1 655 760 | 2 200 220 | 105 822 | 140 620 |
| võlakohustused | | | | |
--------------------------------------------------------------------------------
| Muud võlad | 1 415 762 | 1 621 711 | 90 484 | 103 646 |
--------------------------------------------------------------------------------
| Ettemakstud tulud | 331 323 | 343 837 | 21 175 | 21 975 |
--------------------------------------------------------------------------------
| Derivatiivid | 179 842 | 5 351 | 11 494 | 342 |
--------------------------------------------------------------------------------
| | 3 582 687 | 4 171 119 | 228 975 | 266 583 |
--------------------------------------------------------------------------------
| Pikaajalised | | | | |
| kohustused | | | | |
--------------------------------------------------------------------------------
| Intressikandvad | 16 827 627| 15 324 355 | 1 075 482 | 979 405 |
| võlakohustused | | | | |
| borrowings | | | | |
--------------------------------------------------------------------------------
| Edasilükkunud | 0 | 16 147 | 0 | 1 032 |
| tulumaksukohustus | | | | |
--------------------------------------------------------------------------------
| Muud kohustused | 1 330 | 1 643 | 85 | 105 |
--------------------------------------------------------------------------------
| | 16 828 957| 15 342 145 | 1 075 567 | 980 542 |
| | | | | |
--------------------------------------------------------------------------------
| Kohustused kokku | 20 411 644| 19 513 264 | 1 304 542 | 1 247 125 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Omakapital | | | | |
--------------------------------------------------------------------------------
| Emaettevõtte | | | | |
| omanikele kuuluv | | | | |
| omakapital | | | | |
--------------------------------------------------------------------------------
| Aktsiakapital | 6 738 170 | 6 738 170 | 430 648 | 430 648 |
--------------------------------------------------------------------------------
| Ülekurss | 9 999 | 9 999 | 639 | 639 |
--------------------------------------------------------------------------------
| Reservid | 1 124 409 | 1 151 071 | 71 862 | 73 566 |
--------------------------------------------------------------------------------
| Jaotamata kasum | 2 183 439 | 2 289 297 | 139 547 | 146 313 |
--------------------------------------------------------------------------------
| Emaettevõtte | 10 056 017| 10 188 537 | 642 696 | 651 166 |
| omanikele kuuluv | | | | |
| omakapital kokku | | | | |
--------------------------------------------------------------------------------
| Omakapital kokku | 10 056 017| 10 188 537 | 642 696 | 651 166 |
--------------------------------------------------------------------------------
| KOHUSTUSED JA | 30 467 661| 29 701 801 | 1 947 238 | 1 898 291 |
| OMAKAPITAL KOKKU | | | | |
--------------------------------------------------------------------------------
KONSOLIDEERITUD RAHAVOOGUDE ARUANNE
--------------------------------------------------------------------------------
| 31. augustil lõppenud aasta | Tuhandetes kroonides | Tuhandetes eurodes |
| kohta | | |
--------------------------------------------------------------------------------
| | 2009 | 2008 | 2009 | 2008 |
--------------------------------------------------------------------------------
| Rahavood äritegevusest | | | | |
--------------------------------------------------------------------------------
| Aruandeaasta | -127 913 | 303 928 | -8 175 | 19 424 |
| puhaskasum/-kahjum | | | | |
--------------------------------------------------------------------------------
| Korrigeerimised: | 2 190 985 | 1 661 987 | 140 029 | 106 221 |
--------------------------------------------------------------------------------
| Amortisatsioon | 1 094 311 | 964 266 | 69 939 | 61 628 |
--------------------------------------------------------------------------------
| Kasum põhivara müügist | -1 203 | -19 344 | -77 | -1 236 |
--------------------------------------------------------------------------------
| Puhas intressikulu | 815 809 | 903 715 | 52 140 | 57 758 |
--------------------------------------------------------------------------------
| Netokulu derivatiividest | 301 523 | -107 097 | 19 271 | -6 844 |
--------------------------------------------------------------------------------
| Kahjum sidusettevõtetest | 7 560 | 3 060 | 483 | 195 |
| kapitaliosaluse meetodil | | | | |
--------------------------------------------------------------------------------
| Investeerimis- ja | -4 159 | -184 | -266 | -12 |
| finantseerimistegevusega | | | | |
| seotud kasum/kahjum | | | | |
| valuutakursi muutusest | | | | |
--------------------------------------------------------------------------------
| Tulumaks | -22 856 | -82 429 | -1 461 | -5 268 |
--------------------------------------------------------------------------------
| Äritegevusega seotud nõuete | 305 233 | -339 402 | 19 508 | -21 692 |
| ja ettemaksetega seotud | | | | |
| muutused | | | | |
--------------------------------------------------------------------------------
| Varude muutused | 60 953 | -85 110 | 3 896 | -5 439 |
--------------------------------------------------------------------------------
| Äritegevusega seotud | -149 508 | 172 427 | -9 555 | 11 020 |
| kohustuste muutused | | | | |
--------------------------------------------------------------------------------
| Makstud tulumaks | -493 | -1 800 | -32 | -115 |
--------------------------------------------------------------------------------
| | 2 279 257 | 1 712 030 | 145 671 | 109 419 |
--------------------------------------------------------------------------------
| Rahavood | | | | |
| investeerimistegevusest | | | | |
--------------------------------------------------------------------------------
| Materiaalse põhivara ja | -2 549 | -4 240 289 | -162 964 | -271 004 |
| immateriaalse vara soetamine | 838 | | | |
--------------------------------------------------------------------------------
| Laekumised materiaalse | 16 895 | 453 242 | 1 080 | 28 967 |
| põhivara müügist | | | | |
--------------------------------------------------------------------------------
| Laekumised sidusettevõtete | 782 | 0 | 50 | 0 |
| müügist | | | | |
--------------------------------------------------------------------------------
| Laekumised/maksed | -62 514 | 45 879 | -3 995 | 2 933 |
| derivatiividest | | | | |
--------------------------------------------------------------------------------
| Tütarettevõtete soetamine, | 0 | 1 885 | 0 | 120 |
| miinus soetatud raha | | | | |
--------------------------------------------------------------------------------
| Sidusettevõtete soetamine | -6 120 | -2 040 | -391 | -130 |
--------------------------------------------------------------------------------
| Saadud intressid | 5 804 | 11 511 | 371 | 736 |
--------------------------------------------------------------------------------
| | -2 594 991| -3 729 812 | -165 849 | -238 378 |
| | | | | |
--------------------------------------------------------------------------------
| Rahavood | | | | |
| finantseerimistegevusest | | | | |
| activities | | | | |
--------------------------------------------------------------------------------
| Omaaktsiate tagasiostmine | 0 | -65 132 | 0 | -4 163 |
--------------------------------------------------------------------------------
| Laekumised laenudest | 2 427 151 | 3 756 212 | 155 123 | 240 066 |
--------------------------------------------------------------------------------
| Laenude ja võlakirjade | -1 699 | -1 518 433 | -108 618 | -97 045 |
| tagasimaksed | 493 | | | |
--------------------------------------------------------------------------------
| Kasutatud arvelduskrediidi | 204 199 | 443 199 | 13 051 | 28 325 |
| muutus | | | | |
--------------------------------------------------------------------------------
| Kapitalirendi põhimaksete | -6 619 | -14 855 | -423 | -949 |
| tasumine | | | | |
--------------------------------------------------------------------------------
| Makstud intressid | -871 246 | -843 033 | -55 683 | -53 880 |
--------------------------------------------------------------------------------
| | 53 992 | 1 757 958 | 3 450 | 112 354 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| RAHAVOOD KOKKU | -261 742 | -259 824 | -16 728 | -16 605 |
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| Raha ja raha ekvivalendid: | | | | |
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| - perioodi alguses | 1 043 785 | 1 303 609 | 66 710 | 83 315 |
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| - suurenemine / vähenemine | -261 742 | -259 824 | -16 728 | -16 605 |
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| - perioodi lõpus | 782 043 | 1 043 785 | 49 982 | 66 710 |
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2007/2008 majandusaasta tulemusi on korrigeeritud seoses tõlgenduse IFRIC 13
“Klientide lojaalsusprogrammid” kohaldamisega.
Janek Stalmeister
Juhatuse liige
AS Tallink Grupp
Tel. +372 6409 800
e-mail: janek.stalmeister@tallink.ee
Pealkiri
Audited annual report of the 2008/2009 financial year
Teade
During the 2008/2009 financial year (01.09.2008-31.08.2009) the volume of passengers transported by the Group vessels exceeded 8 million which is 14.9% more than in the previous financial year. This has added noticeable fundamental strength to the Group business and has created base for future improvement. The revenues increased by 0.8% to 12,389 million EEK (791.9 million EUR). The Group operations were affected by the global recession. As a consequence the cargo volumes decreased significantly and also the revenues per passenger were lower. However, thanks to the significantly increased passenger volumes the revenues from passenger operations increased in overall and compensated the decreasing factors. The Group took a delivery of its last new cruise ferry - M/S Baltic Queen, ending the 7-year fleet renewal program. Thus the investments during the 2008/2009 financial year amounted to 2,550 million EEK (163 million EUR). M/S Baltic Queen started the service between Tallinn-Stockholm in the end of April 2009. The Group was able to show cost effectiveness in the operations. The EBITDA increased by 5.8% to 2,083 million EEK (133.1 million EUR). After revaluation of financial derivatives and increased depreciation the net loss of the Group amounted to 128 million EEK (8.2 million EUR). The most significant events in the 2008/2009 financial year were the following: - Reduction of capacity on Finland-Germany route by chartering out M/S Superfast IX - Delivery and successful launch of M/S Baltic Queen - Re-routing of M/S Romantika to Riga-Stockholm route - Cost savings activities The Group has entered into a new phase. The significant investment program has ended with the delivery of last cruise ferry MS Baltic Queen. The Group's focus is now prioritized to realize results of the recent investments and repay the loans. It is also high priority to find better utilisation and improve the return on the vessels currently operating on the not so well performing Finland-Germany route. The Management is actively working towards the chartering or sale of the currently unemployed old vessels to improve the Group's cost effectiveness. The dynamics in the customer spending and the short visibility in booking situation will continue to add uncertainties to the Group operations. The Group has currently fixed about 10% of both the fuel price and EUR/SEK exposure for the next year with the aim to increase the levels further. However, significant price movements in raw materials or currency exchange rates may have indirect impact to the customer behaviour or industry overall which cannot be estimated. The Group's increased passenger levels have created strong fundamental base to move forward targeting the improvement in results. The Group continues to be the strong market leader in the region operating the most modern fleet. For the 2009/2010 financial year the Group is targeting net profit. KEY FIGURES OF FINANCIAL YEAR 2008/2009 -------------------------------------------------------------------------------- | | 01.09.2008- | 01.09.2007- | change % | | | 31.08.2009 | 31.08.2008(1) | | -------------------------------------------------------------------------------- | | EEK | EUR | EEK | EUR | | -------------------------------------------------------------------------------- | Net sales (million) | 12,390 | 791.9 | 12,296 | 785.9 | 0.8% | -------------------------------------------------------------------------------- | Gross profit (million) | 2,578 | 164.8 | 2,567 | 164.0 | 0.4% | -------------------------------------------------------------------------------- | EBITDA (million) | 2,084 | 133.2 | 1,969 | 125.8 | 5.9% | -------------------------------------------------------------------------------- | Net profit for the | -128 | -8.2 | 304 | 19.4 | -142.1% | | period (million) | | | | | | -------------------------------------------------------------------------------- | Depreciation (million) | 1,094 | 69.9 | 964 | 61.6 | 13.5% | -------------------------------------------------------------------------------- | Investments (million) | 2,550 | 163.0 | 4,240 | 271.0 | -39.9% | -------------------------------------------------------------------------------- | Weighted average number | 669,882,040 | 671,245,086 | | | of ordinary shares | | | | | outstanding during 12 | | | | | months* | | | | -------------------------------------------------------------------------------- | Earnings per share | -0.19 | -0.01 | 0.45 | 0.03 | -142.2% | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Number of passengers | 8,124,561 | 7,070,264 | 14.9% | -------------------------------------------------------------------------------- | Number of cargo units | 252,026 | 331,149 | -23.9% | -------------------------------------------------------------------------------- | Average number of | 6,853 | 6,564 | 4.4% | | employees | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 31.08.2009 | 31.08.2008(1) | change% | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total assets (million) | 30,468 | 1,947.2 | 29,702 | 1,898.3 | 2.6% | -------------------------------------------------------------------------------- | Total liabilities | 20,412 | 1,304.5 | 19,513 | 1,247.1 | 4.6% | | (million) | | | | | | -------------------------------------------------------------------------------- | Interest-bearing | 18,483 | 1,181.3 | 17,525 | 1,120.0 | 5.5% | | liabilities (million) | | | | | | -------------------------------------------------------------------------------- | Total equity (million) | 10,056 | 642.7 | 10,189 | 651.2 | -1.3% | -------------------------------------------------------------------------------- | Equity ratio (%) | 33.0% | | 34.3% | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Number of ordinary | 669,882,040 | 669,882,040 | 0.0% | | shares outstanding* | | | | -------------------------------------------------------------------------------- | Shareholders' equity | 15.0 | 0.96 | 15.2 | 0.97 | -1.3% | | per share | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Gross margin (%) | 20.8% | | 20.9% | | | -------------------------------------------------------------------------------- | EBITDA margin (%) | 16.8% | | 16.0% | | | -------------------------------------------------------------------------------- | Net profit margin (%) | -1.0% | | 2.5% | | | -------------------------------------------------------------------------------- | Return on assets (ROA) | 3.3% | | 3.6% | | | -------------------------------------------------------------------------------- | Return on equity (ROE) | -1.3% | | 3.0% | | | -------------------------------------------------------------------------------- | Return on capital | 3.8% | | 4.2% | | | | employed (ROCE) | | | | | | -------------------------------------------------------------------------------- EBITDA - Earnings before net financial items, taxes, depreciation and amortization; Earnings per share - net profit / weighted average number of shares outstanding; Equity ratio - total equity / total assets; Shareholder's equity per share - shareholder's equity / number of shares outstanding; Gross margin - gross profit / net sales; EBITDA margin - EBITDA / net sales; Net profit margin - net profit / net sales; ROA - Earnings before net financial items, taxes /Average of total assets; ROE - Net profit/Average shareholders' equity; ROCE - Earnings before net financial items, taxes / (Total assets - Current liabilities (average for the period)). * Share numbers have been adjusted in connection with the bonus issue in January 2007. Numbers exclude own shares. (1) 2007/2008 statements are restated in relation to adoption of IFRIC 13 “Customer Loyalty Programmes” SALES Consolidated net sales amounted to 12,390.0 million EEK (791.9 million EUR) in the 2008/2009 financial year (1 September 2008 - 31 August 2009) compared to 12,296.0 million EEK (785.9 million EUR) in the 2007/2008 financial year (1 September 2007 - 31 August 2008). The largest sales growth of 33% was achieved in the Group's newest Riga-Stockholm route where the sales reached total of 725.9 million EEK (46.4 million EUR). The sales increased also in the Finland-Estonia, Finland-Sweden, mainland and other segment. Due to the weak cargo transportation and reduction of the capacity the sales decreased in Finland-Germany route by more than 49% to 567.4 million EEK (36.3 million EUR). In the operational segments, the largest increase by 601.3 million EEK (38.4 million EUR) or 10% during the 2008/2009 financial year was in the restaurant and shop sales, as a result of the increased passenger volumes. Half of that increase was delivered in the fourth quarter which is the peak season in passenger operations. The ticket sales increased by 95.6 million EEK (6.1 million EUR). The Group's cargo sales decreased by 814.9 million EEK (52.1 million EUR) mostly as a consequence of the weak macroeconomics globally. As a result of the different dynamics in the passenger related revenues compared to the cargo revenues the revenues structure has changed. The most noticeable is the drop of the Finland-Germany and cargo revenue proportion in the total Group revenues. From the external factors the Swedish Krona (SEK) and Euro exchange rate has impacted the Group's sales. Onboard the ships the Group is selling the products in the currencies of the both countries departure and destination. Hence, on the ships operating to and from Sweden portion of the sales are in SEK. The SEK/EUR and thereby also SEK/EEK exchange rate was highly volatile during the 2008/2009 financial year, being at the lowest point nearly 25% weaker compared to the previous financial year. The estimated negative impact to the Group sales from weak SEK/EUR exchange rate was nearly 313 million EEK (20 million EUR). EARNINGS During the 2008/2009 financial year the Group's gross profit increased by 11.0 million EEK (0.7 million EUR) to 2,577.9 million EEK (164.8 million EUR), EBITDA increased by 114 million EEK to 2,083 million EEK (133.1 million EUR) and the net profit decreased by 431.8 million EEK (27.6 million EUR) from 303.9 million EEK (19.4 million EUR) to net loss of 127.9 million EEK (8.2 million EUR). Basic earnings per share and diluted earnings per share were -0.19 EEK (-0.01 EUR) in the 12 months of 2008/2009 financial year compared to 0.45 EEK (0.03 EUR) in the 2007/2008 financial year. Related to the increased shops and restaurant sales the Group's largest cost group, cost of goods, increased by 423.5 million EEK (27.1 million EUR) to 2,724.8 million EEK (174.1 million EUR). The drop in the fuel price, compared to the previous financial year, resulted fuel cost to decrease by 696.3 million EEK (44.5 million EUR). Portion of the fuel purchases for 2009 year was fixed with the fuel derivatives. During the 2008/2009 financial year the expenses from the fuel derivatives were 64 million EEK (4.1 million EUR) which resulted from the difference of the market price and agreed price. Also for the 2010 calendar year the Group has hedged a portion of the fuel price risk. The Group personnel expenses increased by 0.1% to 2,566.7 million EEK (164.0 million EUR). The average number of employees for the 2008/2009 financial year was 6,853 (6,564 in 2007/2008). The Group's administrative, general and marketing expenses, decreased by 162.7 million EEK (10.4 million EUR) in the 2008/2009 financial year. The depreciation and amortisation of the Group assets increased by 130 million EEK (8.3 million EUR) mainly due to the new vessels MS Superstar, MS Baltic Princess and MS Baltic Queen. The net financial expenses increased by 350.3 million EEK (22.4 million EUR) in the 2008/2009 financial year. Interest expenses decreased by 93.7 million EEK (6.0 million EUR) whereas the net of derivative transactions (interest rate swaps and fuel swaps) expenses increased by 408.6 million EEK (26.1 million EUR). This includes negative mark to market revaluation of the derivatives in amount of 219.9 million EEK (14.1 million EUR) which had no cash impact. The respective net cash flows from all interest and fuel derivatives during the 2008/2009 financial year were negative by 62.5 million EEK (4.0 million EUR). CONSOLIDATED INCOME STATEMENT for the year ended 31 August -------------------------------------------------------------------------------- | | in thousands of EEK | in thousands of EUR | -------------------------------------------------------------------------------- | | 2009 | 2008 | 2009 | 2008 | | | | (Restated) | | (Restated) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Revenue | 12,389,960 | 12,295,967 | 791,863 | 785,855 | -------------------------------------------------------------------------------- | Cost of sales | -9,812,048 | -9,729,085 | -627,104 | -621,802 | -------------------------------------------------------------------------------- | Gross profit | 2,577,912 | 2,566,882 | 164,759 | 164,053 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Marketing expenses | -803,090 | -850,988 | -51,327 | -54,388 | -------------------------------------------------------------------------------- | Administrative | -774,599 | -889,377 | -49,506 | -56,841 | | expenses | | | | | -------------------------------------------------------------------------------- | Other income | 5,579 | 199,467 | 356 | 12,748 | -------------------------------------------------------------------------------- | Other expenses | -8,513 | -18,352 | -544 | -1,173 | -------------------------------------------------------------------------------- | Results from operating | 997,289 | 1,007,632 | 63,738 | 64,399 | | activities | | | | | -------------------------------------------------------------------------------- | Financial income | 5,428 | 143,124 | 347 | 9,147 | -------------------------------------------------------------------------------- | Financial expenses | -1,145,926 | -933,332 | -73,238 | -59,650 | -------------------------------------------------------------------------------- | Share of loss of | -7,560 | -3,060 | -483 | -196 | | associates | | | | | -------------------------------------------------------------------------------- | Profit/-loss before | -150,769 | 214,364 | -9,636 | 13,700 | | income tax | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Income tax | 22,856 | 89,564 | 1,461 | 5,724 | -------------------------------------------------------------------------------- | Net profit/-loss for | -127,913 | 303,928 | -8,175 | 19,424 | | the financial year | | | | | -------------------------------------------------------------------------------- | Attributable to: | | | | | -------------------------------------------------------------------------------- | Equity holders of the | -127,913 | 303,928 | -8,175 | 19,424 | | Parent | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Basic and diluted | -0.19 | 0.45 | -0.01 | 0.03 | | earnings per share | | | | | | (in EEK/EUR per | | | | | | share) | | | | | -------------------------------------------------------------------------------- CONSOLIDATED BALANCE SHEET -------------------------------------------------------------------------------- | as of 31 August | in thousands of EEK | in thousands of EUR | -------------------------------------------------------------------------------- | | 2009 | 2008 | 2009 | 2008 | | | | (Restated) | | (Restated) | -------------------------------------------------------------------------------- | ASSETS | | | | | -------------------------------------------------------------------------------- | Current assets | | | | | -------------------------------------------------------------------------------- | Cash and cash | 782,043 | 1,043,785 | 49,982 | 66,710 | | equivalents | | | | | -------------------------------------------------------------------------------- | Receivables | 797,762 | 1,177,342 | 50,986 | 75,246 | -------------------------------------------------------------------------------- | Prepayments | 179,892 | 111,522 | 11,497 | 7,127 | -------------------------------------------------------------------------------- | Derivatives | 6,493 | 51,884 | 415 | 3,316 | -------------------------------------------------------------------------------- | Inventories | 297,527 | 358,480 | 19,015 | 22,911 | -------------------------------------------------------------------------------- | | 2,063,717 | 2,743,013 | 131,895 | 175,310 | -------------------------------------------------------------------------------- | Non-current assets | | | | | -------------------------------------------------------------------------------- | Investments in | 0 | 2,222 | 0 | 142 | | associates | | | | | -------------------------------------------------------------------------------- | Other financial | 7,664 | 7,700 | 490 | 492 | | assets and | | | | | | prepayments | | | | | -------------------------------------------------------------------------------- | Deferred income tax | 207,455 | 199,851 | 13,259 | 12,773 | | assets | | | | | -------------------------------------------------------------------------------- | Investment property | 4,694 | 4,694 | 300 | 300 | -------------------------------------------------------------------------------- | Property, plant and | 27,049,393 | 25,518,298 | 1,728,771 | 1,630,917 | | equipment | | | | | -------------------------------------------------------------------------------- | Intangible assets | 1,134,738 | 1,226,023 | 72,523 | 78,357 | -------------------------------------------------------------------------------- | | 28,403,944 | 26,958,788 | 1,815,343 | 1,722,981 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 30,467,661 | 29,701,801 | 1,947,238 | 1,898,291 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES AND | | | | | | EQUITY | | | | | -------------------------------------------------------------------------------- | Current liabilities | | | | | -------------------------------------------------------------------------------- | Interest-bearing | 1,655,760 | 2,200,220 | 105,822 | 140,620 | | loans and borrowings | | | | | -------------------------------------------------------------------------------- | Payables | 1,415,762 | 1,621,711 | 90,484 | 103,646 | -------------------------------------------------------------------------------- | Deferred income | 331,323 | 343,837 | 21,175 | 21,975 | -------------------------------------------------------------------------------- | Derivatives | 179,842 | 5,351 | 11,494 | 342 | -------------------------------------------------------------------------------- | | 3,582,687 | 4,171,119 | 228,975 | 266,583 | -------------------------------------------------------------------------------- | Non-current | | | | | | liabilities | | | | | -------------------------------------------------------------------------------- | Interest-bearing | 16,827,627 | 15,324,355 | 1,075,482 | 979,405 | | loans and borrowings | | | | | -------------------------------------------------------------------------------- | Deferred income tax | 0 | 16,147 | 0 | 1,032 | | liabilities | | | | | -------------------------------------------------------------------------------- | Other liabilities | 1,330 | 1,643 | 85 | 105 | -------------------------------------------------------------------------------- | | 16,828,957 | 15,342,145 | 1,075,567 | 980,542 | -------------------------------------------------------------------------------- | Total liabilities | 20,411,644 | 19,513,264 | 1,304,542 | 1,247,125 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 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 | 1,124,409 | 1,151,071 | 71,862 | 73,566 | -------------------------------------------------------------------------------- | Retained earnings | 2,183,439 | 2,289,297 | 139,547 | 146,313 | -------------------------------------------------------------------------------- | Total equity | 10,056,017 | 10,188,537 | 642,696 | 651,166 | | attributable to | | | | | | equity holders of the | | | | | | Parent | | | | | -------------------------------------------------------------------------------- | Total equity | 10,056,017 | 10,188,537 | 642,696 | 651,166 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES AND | 30,467,661 | 29,701,801 | 1,947,238 | 1,898,291 | | EQUITY | | | | | -------------------------------------------------------------------------------- CONSOLIDATED STATEMENT OF CASH FLOWS -------------------------------------------------------------------------------- | for the year ended 31 August | in thousands of EEK | in thousands of EUR | -------------------------------------------------------------------------------- | | 2009 | 2008 | 2009 | 2008 | -------------------------------------------------------------------------------- | Cash flows from operating | | | | | | activities | | | | | -------------------------------------------------------------------------------- | Net profit/-loss for the | -127,913 | 303,928 | -8,175 | 19,424 | | financial year | | | | | -------------------------------------------------------------------------------- | Adjustments: | 2,190,985 | 1,661,987 | 140,029 | 106,221 | -------------------------------------------------------------------------------- | Depreciation and | 1,094,311 | 964,266 | 69,939 | 61,628 | | amortisation | | | | | -------------------------------------------------------------------------------- | Net gain on disposals of | -1,203 | -19,344 | -77 | -1,236 | | property, plant and | | | | | | equipment | | | | | -------------------------------------------------------------------------------- | Net interest expense | 815,809 | 903,715 | 52,140 | 57,758 | -------------------------------------------------------------------------------- | Net expense from derivatives | 301,523 | -107,097 | 19,271 | -6,844 | -------------------------------------------------------------------------------- | Loss from equity accounted | 7,560 | 3,060 | 483 | 195 | | associates | | | | | -------------------------------------------------------------------------------- | Net foreign exchange gain / | -4,159 | -184 | -266 | -12 | | loss related to investing | | | | | | and financing activities | | | | | -------------------------------------------------------------------------------- | Income tax | -22,856 | -82,429 | -1,461 | -5,268 | -------------------------------------------------------------------------------- | Changes in receivables and | 305,233 | -339,402 | 19,508 | -21,692 | | prepayments related to | | | | | | operating activities | | | | | -------------------------------------------------------------------------------- | Changes in inventories | 60,953 | -85,110 | 3,896 | -5,439 | -------------------------------------------------------------------------------- | Changes in liabilities | -149,508 | 172,427 | -9,555 | 11,020 | | related to operating | | | | | | activities | | | | | -------------------------------------------------------------------------------- | Income tax paid | -493 | -1,800 | -32 | -115 | -------------------------------------------------------------------------------- | | 2,279,257 | 1,712,030 | 145,671 | 109,419 | -------------------------------------------------------------------------------- | Cash flows used in investing | | | | | | activities | | | | | -------------------------------------------------------------------------------- | Purchase of property, plant, | -2,549,838| -4,240,289 | -162,964 | -271,004 | | equipment and intangible | | | | | | assets | | | | | -------------------------------------------------------------------------------- | Proceeds from disposals of | 16,895 | 453,242 | 1,080 | 28,967 | | property, plant, equipment | | | | | -------------------------------------------------------------------------------- | Proceeds from disposals of | 782 | 0 | 50 | 0 | | associates | | | | | -------------------------------------------------------------------------------- | Proceeds/ payments from | -62,514 | 45,879 | -3,995 | 2,933 | | settlement of derivatives | | | | | -------------------------------------------------------------------------------- | Acquisition of subsidiaries, | 0 | 1,885 | 0 | 120 | | net of cash acquired | | | | | -------------------------------------------------------------------------------- | Acquisition of associates | -6,120 | -2,040 | -391 | -130 | -------------------------------------------------------------------------------- | Interest received | 5,804 | 11,511 | 371 | 736 | -------------------------------------------------------------------------------- | | -2,594,991| -3,729,812 | -165,849 | -238,378 | | | | | | | -------------------------------------------------------------------------------- | Cash flows from /used in | | | | | | financing activities | | | | | -------------------------------------------------------------------------------- | Repurchase of treasury | 0 | -65,132 | 0 | -4,163 | | shares | | | | | -------------------------------------------------------------------------------- | Proceeds from loans | 2,427,151 | 3,756,212 | 155,123 | 240,066 | -------------------------------------------------------------------------------- | Redemption of loans and | -1,699,49 | -1,518,433 | -108,618 | -97,045 | | bonds | 3 | | | | -------------------------------------------------------------------------------- | Change in overdraft | 204,199 | 443,199 | 13,051 | 28,325 | -------------------------------------------------------------------------------- | Payment of finance lease | -6,619 | -14,855 | -423 | -949 | | liabilities | | | | | -------------------------------------------------------------------------------- | Interest paid | -871,246 | -843,033 | -55,683 | -53,880 | -------------------------------------------------------------------------------- | | 53,992 | 1,757,958 | 3,450 | 112,354 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL NET CASH FLOW | -261,742 | -259,824 | -16,728 | -16,605 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash and cash equivalents: | | | | | -------------------------------------------------------------------------------- | - at the beginning of period | 1,043,785 | 1,303,609 | 66,710 | 83,315 | -------------------------------------------------------------------------------- | - increase / decrease | -261,742 | -259,824 | -16,728 | -16,605 | -------------------------------------------------------------------------------- | - at the end of period | 782,043 | 1,043,785 | 49,982 | 66,710 | -------------------------------------------------------------------------------- 2007/2008 statements are restated in relation to adoption of IFRIC 13 “Customer Loyalty Programmes” Janek Stalmeister CFO AS Tallink Grupp Tel. +372 6409 800 e-mail: janek.stalmeister@tallink.ee