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TAL: Q3 results of the 2012 financial year

Spekuliantai.lt | 2012-11-15 | NASDAQ OMX biržų naujienos | perskaitė: 837
Raktiniai žodžiai: Tallink Grupp, TAL
TAL: Q3 results of the 2012 financial year

Tallink Grupp Quarterly report 15.11.2012

Q3 results of the 2012 financial year

Tallinn, 2012-11-15 15:05 CET (GLOBE NEWSWIRE) -- Q3 results of the 2012
financial year

In the third quarter of the 2012 financial year AS Tallink Grupp and its
subsidiaries (the Group) continued with the growth in sales. The Group
carried a total of 2.77 million passengers in the third quarter, 2% more than
in the same period last year. The Group’s consolidated revenue in the third
quarter increased by 3.8% to EUR 282.4 million. The start of the third quarter
was affected by adverse weather in the beginning of the summer causing higher
than usual promotional activities to July bookings. Hence the Group’s total
ticket revenue per passenger for the third quarter decreased and resulted in
less revenue from ticket sales compared to same period in last year. However,
the Group was able to improve the shop and restaurant sales resulting in
overall higher total revenue.

Due to the structural changes in the revenue and the related higher direct cost
from goods, the Group’s gross profit for the third quarter stayed the same as
last year. Total unaudited Gross profit for the third quarter amounted to EUR
85.2 million, up by 0.5% and EBITDA amounted to EUR 77.0 million down by 1.4%
when compared to the same period in last year. In the third quarter of 2012 the
Group’s unaudited net profit was EUR 49.6 million compared to EUR 40.7 million
last year. Improvement in the net profit is mainly the effect of the decreased
financial costs. The total cumulative net profit for the nine months of the
2012 financial year amounts to EUR 50.6 million, EUR 13.5 million higher than
year ago.

In the third quarter the fuel prices continued to be at a high level. When
measured in euros and compared to the same quarter of the last year the average
quarterly price for ship fuel was approximately 13% higher. The Group’s fuel
cost in the continuing operations increased by EUR 5.2 million. Impacted from
the earlier closure of Finland-Germany operations the total fuel cost in the
third quarter 2012 shows a EUR 1.2 million increase.

During the 2012 the Group has invested nearly EUR 1.5 million to upgrade and
improve the visibility and appearance in the electronic channels. The new
consumer marketing web pages just went live. The Group is soon to finish and
launch a new version of online booking for the individual customers which has
been developed emphasizing the easiness, usability, convenience and price
transparency. In addition, Tallink’s mobile booking application will be
available in the beginning of 2013.

Cash flow from operations amounted to EUR 59 million in the third quarter of
2012. EUR 41 million was used to repay the bank debt resulting in a 4.5%
decrease in interest bearing liabilities in the third quarter. During the past
12 months the Group has reduced its interest bearing liabilities by EUR 134
million. The net debt in the end of the third quarter was EUR 803 million and
the net debt ratio to the last 12-months EBITDA was 4.9. At the end of
September the Group had EUR 59 million in cash and equivalents and the total of
unused credit lines stood at EUR 66 million. The total liquidity, cash and
unused credit facilities at the end of the second quarter were EUR 125 million
providing a strong position for sustainable operations.

During the past few years the Group had significantly reduced the leverage in
accordance to our strategy. In anticipation of the dividend policy in the near
future the management is focusing to optimize the current aggressive loan
repayment schedule for the next years to strengthen the Group’s free cash flow.



Q3 KEY FIGURES 2012 2011 change
July-Septem July-Septemb
ber er
--------------------------------------------------------------------------------
Continuing operations
--------------------------------------------------------------------------------
Revenue from continuing EUR million 282.4 264.8 6.7%
operations
--------------------------------------------------------------------------------
Gross profit from continuing EUR million 85.2 85.0 0.2%
operations
--------------------------------------------------------------------------------
Net profit from continuing EUR million 49.6 41.1 20.6%
operations
--------------------------------------------------------------------------------
Group total including the discontinued
operations
--------------------------------------------------------------------------------
Revenue EUR 282.4 272.2 3.8%
million
--------------------------------------------------------------------------------
Gross profit EUR 85.2 84.8 0.5%
million
--------------------------------------------------------------------------------
Gross margin (%) 30.1% 31.1%
--------------------------------------------------------------------------------
EBITDA EUR 77.0 78.0 -1.4%
million
--------------------------------------------------------------------------------
EBITDA margin (%) 27.3% 28.7%
--------------------------------------------------------------------------------
Net profit for the period EUR 49.6 40.7 21.9%
million
--------------------------------------------------------------------------------
Net profit margin (%) 17.6% 14.9%
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Depreciation and amortization EUR 17.7 17.7 -0.4%
million
--------------------------------------------------------------------------------
Investments EUR 5.2 2.1 146%
million
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Weighted average number of ordinary shares 669 882 040 669 882 040
outstanding
--------------------------------------------------------------------------------
Earnings per share EUR 0.07 0.06 21.9%
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Number of passengers 2 770 147 2 716 702 2.0%
--------------------------------------------------------------------------------
Number of cargo units 68 831 70 059 -1.8%
--------------------------------------------------------------------------------
Average number of employees 7 132 7 175 -0.6%
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
30.09.2012 30.06.2012
--------------------------------------------------------------------------------
Total assets EUR 1 754.3 1 760.7 -0.4%
million
--------------------------------------------------------------------------------
Interest-bearing liabilities EUR 862.2 902.3 -4.5%
million
--------------------------------------------------------------------------------
Net debt EUR 803.1 850.5 -5.6%
million
--------------------------------------------------------------------------------
Total equity EUR 755.6 706.1 7.0%
million
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Equity ratio (%) 43.1% 40.1%
--------------------------------------------------------------------------------
Net debt to EBITDA 4.9 5.1
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Number of ordinary shares 669 882 040 669 882 040 0%
outstanding1
--------------------------------------------------------------------------------
Shareholders’ equity per share EUR 1.13 1.05 7.0%
--------------------------------------------------------------------------------



EBITDA: Earnings before net financial items, taxes, depreciation and
amortization;
Earnings per share: net profit / weighted average number of shares outstanding;
Equity ratio: total equity / total assets;
Shareholder’s equity per share: shareholder’s equity / number of shares
outstanding;
Gross margin: gross profit / net sales;
EBITDA margin: EBITDA / net sales;
Net profit margin: net profit / net sales;
Net debt: Interest bearing liabilities less cash and cash equivalents;
Net debt to EBITDA: Net debt / 12-months trailing EBITDA.
1 Share numbers exclude own shares.





CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(unaudited, in thousands of 01.07.2012- 01.07.2011- 01.01.2012- 01.01.2011-
EUR)
30.09.2012 30.09.2011 30.09.2012 30.09.2011
================================================================================
Continuing operations
Revenue 282,441 264,827 721,052 676,980
Cost of sales -197,290 -179,851 -559,833 -516,852
Gross profit 85,151 84,976 161,219 160,128
--------------------------------------------------------------------------------

Marketing expenses -15,591 -14,497 -48,224 -44,551
Administrative expenses -10,561 -10,232 -33,455 -30,479
Other income 347 534 853 1,072
Other expenses -820 -15 -852 -30
--------------------------------------------------------------------------------
Results from operating 58,526 60,766 79,541 86,140
activities
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

Finance income 1,382 -2,434 2,534 213
Finance costs -11,130 -17,106 -32,258 -41,060
Profit from subsidiaries 783 0 783 0

Profit/-loss before income 49,561 41,226 50,600 45,293
tax
--------------------------------------------------------------------------------

Income tax 0 -115 0 -115

--------------------------------------------------------------------------------
Net profit/-loss from 49,561 41,111 50,600 45,178
continuing operations
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

Profit/-loss from 0 -453 0 -8,047
discontinued operation
--------------------------------------------------------------------------------
Net profit/-loss for the 49,561 40,658 50,600 37,131
period
--------------------------------------------------------------------------------
----------------------------- --------------------------------------

Other comprehensive
income/-expense
Exchange differences on -116 28 -121 151
translating foreign
operations
Other comprehensive -116 28 -121 151
income/-expense for the
period
--------------------------------------------------------------------------------
Total comprehensive 49,445 40,686 50,479 37,282
income/-expense for the
period
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Profit/-loss attributable
to:
Equity holders of the 49,561 40,658 50,600 37,131
parent

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total comprehensive
income/-expense
attributable to:
Equity holders of the 49,445 40,686 50,479 37,282
parent

Earnings per share (in EUR
per share)
- basic 0.07 0.06 0.08 0.06
- diluted 0.07 0.06 0.08 0.06
--------------------------------------------------------------------------------






CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(unaudited, in thousands of EUR)

ASSETS 30.09.2012 31.12.2011
================================================================================

Current assets
--------------------------------------------------------------------------------
Cash and cash equivalents 59,077 75,421
Trade and other receivables 44,631 35,152
Prepayments 11,828 7,087
Inventories 27,749 25,198
Total current assets 143,285 142,858
--------------------------------------------------------------------------------

Non-current assets
--------------------------------------------------------------------------------
Investments in associates 226 226
Other financial assets 1,761 2,551
Deferred income tax assets 9,452 9,452
Investment property 300 300
Property, plant and equipment 1,540,207 1,583,002
Intangible assets 59,040 61,153
---------------------------------------------------------
Total non-current assets 1,610,986 1,656,684
--------------------------------------------------------------------------------

---------------------------------------------------------
TOTAL ASSETS 1,754,271 1,799,542
--------------------------------------------------------------------------------


LIABILITIES AND EQUITY
================================================================================

Current liabilities
--------------------------------------------------------------------------------
Interest bearing loans and borrowings 164,090 145,261
Trade and other payables 90,323 86,793
Deferred income 22,274 25,226
Derivatives 23,739 22,668
Total current liabilities 300,426 279,948
--------------------------------------------------------------------------------

Non-current liabilities
-----------------------
--------------------------------------------------------------------------------
Interest bearing loans and borrowings 698,128 814,305
Other liabilities 147 198
--------------------------------------------------------------------------------
Total non-current liabilities 698,275 814,503
--------------------------------------------------------------------------------
TOTAL LIABILITIES 998,701 1,094,451
--------------------------------------------------------------------------------

EQUITY
--------------------------------------------------------------------------------
Equity attributable to equity holders of the parent
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Share capital 404,290 404,290
Share premium 639 639
Reserves 71,752 70,497
Retained earnings 278,889 229,665
--------------------------------------------------------------------------------
Total equity attributable to equity holders of the 755,570 705,091
parent
--------------------------------------------------------------------------------
TOTAL EQUITY 755,570 705,091
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 1,754,271 1,799,542
--------------------------------------------------------------------------------







CONSOLIDATED CASH FLOW STATEMENT

(unaudited, in thousands of EUR) 01.01.2012 - 01.01.2011-
30.09.2012 30.09.2011
Cash flows from operating activities
Net profit/-loss for the period 50,600 37,131
Adjustments 82,687 94,726
Changes in assets related to operating activities -15,974 -17,530
Changes in liabilities related to operating 1,297 120
activities
Income tax paid -11 -114
--------------------------------------------------------------------------------
118,599 114,333
--------------------------------------------------------------------------------
------------------------------------------------------
Cash flow used for investing activities
Purchase of property, plant and equipment and -8,898 -6,652
intangible assets
Proceeds from disposals of property, plant and 47 59
equipment
Proceeds from subsidiaries 1,992 0
Payments from settlement of derivatives -2,912 -3,575
Interest received 236 181
--------------------------------------------------------------------------------
-9,535 -9,987
--------------------------------------------------------------------------------
------------------------------------------------------
Cash flow from (+)/ used for (-) financing activities
Redemption of loans -99,477 -39,284
Repayment of finance lease liabilities -51 -64
Interest paid -25,880 -28,068
-125,408 -67,416
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
TOTAL NET CASH FLOW -16,344 36,930
--------------------------------------------------------------------------------
------------------------------------------------------ ------------

Cash and cash equivalents:
- at the beginning of period 75,421 44,946
- increase (+) / decrease (-) -16,344 36,930
--------------------------------------------------------------------------------
Cash and cash equivalents at end of period 59,077 81,876
--------------------------------------------------------------------------------




Janek Stalmeister
Member of the Management Board, CFO

AS Tallink Grupp
Tel +372 640 9800
E-mail [email protected]


Harri Hanschmidt
Head of Investor Relations

AS Tallink Grupp
Sadama 5/7. 10111 Tallinn
Tel +372 640 8981
E-mail [email protected]


1. Interim 2012 Q3eng.pdf
(https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=410163)

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