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TAL: Tallink Grupp 2008/2009 financial year 9 months unaudited interim report

Spekuliantai.lt | 2009-07-15 | NASDAQ OMX biržų naujienos | perskaitė: 1313
Raktiniai žodžiai: Tallink Grupp, TAL
TAL: Tallink Grupp 2008/2009 financial year 9 months unaudited interim report

Tallink Grupp Quarterly report 15.07.2009

Tallink Grupp 2008/2009 financial year 9 months unaudited interim report

AS Tallink Grupp and its subsidiaries (hereinafter also referred to as the
Group) nine months operations (September-May) were affected by weak macro
economical situation.

The Group revenues in the nine months of the 2008/2009 financial year were EUR
537 million (EEK 8 402 million) being 2.3% lower than in the same period of
the last financial. The revenues from the passenger operations increased by EUR
17 million (EEK 266 million) supported by higher passenger volumes. However,
this increase was able to compensate only part of EUR 37 million (EEK 579
million) decrease in the cargo revenues.

During the third quarter (March-May), the decrease of total Group revenues was
EUR 12 million (EEK 184 million) driven by the cargo revenue decrease by almost
EUR 14 million (EEK 221 million) compared to the third quarter of the previous
financial year. While passenger volume increased by 12% during the third
quarter, the revenues from the passenger operations did not increase. The
slowdown in passenger spending, weak SEK/EUR exchange rate, extensive sales
campaigns and passengers overall expectations to the lower ticket pricing have
resulted in the decrease of average income per passenger. The above described
changes have impacted mostly the Sweden-Estonia and Sweden-Finland routes which
segment result decreased by EUR 7.8 million and EUR 10.8 million (EEK 122 and
169 million) respectively.

SEK exchange rate against Euro has been highly volatile during the nine months
of the current financial year, being at the lowest point nearly 25% weaker
compared to the last financial year. The estimated negative impact to the Group
sales from weak SEK/EUR exchange rate was EUR 15 million (EEK 234 million)
during the nine months period

In April the Group's newest cruise ferry Baltic Queen started operations on
Tallinn-Stockholm route where cruise ferry Romantika was replaced and moved to
Riga-Stockholm route. The re-routing and launch related start-up costs were
around EUR 2 million (EEK 31 million).

The Group EBITDA for the nine months of 2008/2009 financial year amounted to
EUR 59.6 million (EEK 932 million) which is 23% less than in the nine months of
the last financial year.

Due to the lower operational performance, increased depreciation and higher
financial items the net loss for the nine months of 2008/2009 financial year
was EUR 39.9 million (EEK 624 million) compared to the net loss of EUR 9.1
million (EEK 143 million) in the nine months of the previous financial year.

The management is not pleased with the Group's performance in the third quarter
and is looking for the additional cost cuttings in the Group operations. The
sales or rent of older vessels has high priority. The administrative costs have
decreased by 20% or EUR 9 million (EEK 141 million) during the nine months of
the 2008/2009 financial year, but additional cost savings will be implemented
in order to justify to the changed situation. The Management Board will propose
to the Supervisory Council to cut its salary by 20% and the pays for the rest
of Group's top and middle level executives by up to 15%. Management works to
find different solutions for the reduction of staff costs in the operations and
plans different restructuring scenarios, including potential changes in the
routes and sales or rent of the ships.

Despite the passenger volume has shown strong growth, the positive effect is
zeroed already on the revenue level by significant cargo decrease, Swedish
krona weakness on the retail sales and by the change in the customers'
behavior. The lower average income per passenger continues to impact the Group
revenues and thereby also the earnings. Also the booking behavior has changed
as the passengers book their journeys later than in the past. This adds
uncertainty for the outlook of the coming future. Although the last quarter is
high season in the passenger operations and will be profitable, it will
probably not be sufficient to cover the loss accumulated during the nine months
of the current financial year.

CONSOLIDATED CONDENSED INCOME STATEMENT
--------------------------------------------------------------------------------
| (unaudited, in thousands | 01.03.2009| 01.03.2008| 01.09.2008 | 01.09.2007 |
| of EEK) | - | - | - | - |
--------------------------------------------------------------------------------
| | 31.05.2009| 31.05.2008| 31.05.2009 | 31.05.2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 2,752,006 | 2,936,043 | 8,402,366 | 8,599,203 |
--------------------------------------------------------------------------------
| Cost of sales | -2,389,378|-2,322,753 | -7,080,942 | -6,837,587 |
--------------------------------------------------------------------------------
| Gross profit | 362,628 | 613,290 | 1,321,424 | 1,761,616 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Marketing expenses | -220,619 | -208,673 | -623,253 | -588,913 |
--------------------------------------------------------------------------------
| Administrative and general | -183,610 | -224,196 | -552,614 | -693,373 |
| expenses | | | | |
--------------------------------------------------------------------------------
| Other income | 382 | 19,308 | 4,127 | 37,699 |
--------------------------------------------------------------------------------
| Other expenses | -1,459 | -151 | -4,586 | -1,025 |
--------------------------------------------------------------------------------
| Financial income | 21,829 | 17,622 | 119,601 | 48,234 |
--------------------------------------------------------------------------------
| Financial expenses | -249,784 | -251,302 | -889,305 | -707,004 |
--------------------------------------------------------------------------------
| Profit from associates | 782 | 0 | 782 | 0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit/-loss from normal | -269,851 | -34,102 | -623,824 | -142,766 |
| operation before income | | | | |
| tax | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income tax | 18 | -62 | 0 | -172 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net profit/-loss for the | -269,833 | -34,164 | -623,824 | -142,938 |
| period | | | | |
--------------------------------------------------------------------------------
| Attributable to: | | | | |
--------------------------------------------------------------------------------
| | Equity holders of the | -269,833 | -34,164 | -623,824 | -142,938 |
| | parent | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share (in EEK | | | | |
| per share) | | | | |
--------------------------------------------------------------------------------
| | - basic | -0.40 | -0.05 | -0.93 | -0.21 |
--------------------------------------------------------------------------------
| | - diluted | -0.40 | -0.05 | -0.93 | -0.21 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| (unaudited, in thousands | 01.03.2009| 01.03.2008| 01.09.2008 | 01.09.2007 |
| of EUR) | - | - | - | - |
--------------------------------------------------------------------------------
| | 31.05.2009| 31.05.2008| 31.05.2009 | 31.05.2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 175,885 | 187,647 | 537,009 | 549,589 |
--------------------------------------------------------------------------------
| Cost of sales | -152,709 | -148,451 | -452,555 | -437,001 |
--------------------------------------------------------------------------------
| Gross profit | 23,176 | 39,196 | 84,454 | 112,588 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Marketing expenses | -14,100 | -13,336 | -39,833 | -37,638 |
--------------------------------------------------------------------------------
| Administrative and general | -11,734 | -14,329 | -35,318 | -44,315 |
| expenses | | | | |
--------------------------------------------------------------------------------
| Other income | 23 | 1,234 | 263 | 2,409 |
--------------------------------------------------------------------------------
| Other expenses | -93 | -10 | -293 | -65 |
--------------------------------------------------------------------------------
| Financial income | 1,395 | 1,127 | 7,644 | 3,083 |
--------------------------------------------------------------------------------
| Financial expenses | -15,964 | -16,061 | -56,837 | -45,186 |
--------------------------------------------------------------------------------
| Profit from associates | 50 | 0 | 50 | 0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit/-loss from normal | -17,247 | -2,179 | -39,870 | -9,124 |
| operation before income | | | | |
| tax | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income tax | 1 | -4 | 0 | -11 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net profit/-loss for the | -17,246 | -2,183 | -39,870 | -9,135 |
| period | | | | |
--------------------------------------------------------------------------------
| Attributable to: | | | | |
--------------------------------------------------------------------------------
| | Equity holders of the | -17,246 | -2,183 | -39,870 | -9,135 |
| | parent | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share (in EUR | | | | |
| per share) | | | | |
--------------------------------------------------------------------------------
| | - basic | -0.03 | -0.00 | -0.06 | -0.01 |
--------------------------------------------------------------------------------
| | - diluted | -0.03 | -0.00 | -0.06 | -0.01 |
--------------------------------------------------------------------------------


CONSOLIDATED CONDENSED BALANCE SHEET
(unaudited, in thousands of EEK)
--------------------------------------------------------------------------------
| ASSETS | 31.05.2009 | 31.08.2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current assets | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 453,159 | 1,043,785 |
--------------------------------------------------------------------------------
| Receivables | 878,659 | 1,177,342 |
--------------------------------------------------------------------------------
| Prepayments | 122,045 | 111,522 |
--------------------------------------------------------------------------------
| Derivatives | 147,814 | 51,884 |
--------------------------------------------------------------------------------
| Inventories | 307,630 | 358,480 |
--------------------------------------------------------------------------------
| Total current assets | 1,909,307 | 2,743,013 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current assets | | |
--------------------------------------------------------------------------------
| Investments in associates | 8,342 | 2,222 |
--------------------------------------------------------------------------------
| Other financial assets and prepayments | 7,602 | 7,700 |
--------------------------------------------------------------------------------
| Deferred income tax assets | 199,849 | 199,851 |
--------------------------------------------------------------------------------
| Investment property | 4,694 | 4,694 |
--------------------------------------------------------------------------------
| Property, plant and equipment | 27,299,068 | 25,518,298 |
--------------------------------------------------------------------------------
| Intangible assets | 1,166,807 | 1,226,023 |
--------------------------------------------------------------------------------
| Total non-current assets | 28,686,362 | 26,958,788 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL ASSETS | 30,595,669 | 29,701,801 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES AND EQUITY | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current liabilities | | |
--------------------------------------------------------------------------------
| Current portion of interest-bearing liabilities | 2,721,171 | 2,200,220 |
--------------------------------------------------------------------------------
| Payables | 1,495,356 | 1,621,711 |
--------------------------------------------------------------------------------
| Deferred income | 225,187 | 138,752 |
--------------------------------------------------------------------------------
| Derivatives | 120,526 | 5,351 |
--------------------------------------------------------------------------------
| Total current liabilities | 4,562,240 | 3,966,034 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current liabilities | | |
--------------------------------------------------------------------------------
| Interest bearing loans and borrowings | 16,262,435 | 15,324,355 |
--------------------------------------------------------------------------------
| Deferred income tax liability | 16,147 | 16,147 |
--------------------------------------------------------------------------------
| Other liabilities | 1,236 | 1,643 |
--------------------------------------------------------------------------------
| Total non-current liabilities | 16,279,818 | 15,342,145 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES | 20,842,058 | 19,308,179 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY | | |
--------------------------------------------------------------------------------
| Equity attributable to equity holders of the | | |
| parent | | |
--------------------------------------------------------------------------------
| Share capital | 6,738,170 | 6,738,170 |
--------------------------------------------------------------------------------
| Share premium | 9,999 | 9,999 |
--------------------------------------------------------------------------------
| Reserves | 1,150,783 | 1,151,071 |
--------------------------------------------------------------------------------
| Retained earnings | 1,854,659 | 2,494,382 |
--------------------------------------------------------------------------------
| Total equity attributable to equity holders of | 9,753,611 | 10,393,622 |
| the parent | | |
--------------------------------------------------------------------------------
| TOTAL EQUITY | 9,753,611 | 10,393,622 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND EQUITY | 30,595,669 | 29,701,801 |
--------------------------------------------------------------------------------


CONSOLIDATED CONDENSED BALANCE SHEET
(unaudited, in thousands of EUR)
--------------------------------------------------------------------------------
| ASSETS | 31.05.2009 | 31.08.2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current assets | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 28,962 | 66,710 |
--------------------------------------------------------------------------------
| Receivables | 56,157 | 75,246 |
--------------------------------------------------------------------------------
| Prepayments | 7,800 | 7,127 |
--------------------------------------------------------------------------------
| Derivatives | 9,447 | 3,316 |
--------------------------------------------------------------------------------
| Inventories | 19,661 | 22,911 |
--------------------------------------------------------------------------------
| Total current assets | 122,027 | 175,310 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current assets | | |
--------------------------------------------------------------------------------
| Investments in associates | 533 | 142 |
--------------------------------------------------------------------------------
| Other financial assets and prepayments | 486 | 492 |
--------------------------------------------------------------------------------
| Deferred income tax assets | 12,773 | 12,773 |
--------------------------------------------------------------------------------
| Investment property | 300 | 300 |
--------------------------------------------------------------------------------
| Property, plant and equipment | 1,744,728 | 1,630,917 |
--------------------------------------------------------------------------------
| Intangible assets | 74,573 | 78,357 |
--------------------------------------------------------------------------------
| Total non-current assets | 1,833,393 | 1,722,981 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL ASSETS | 1,955,420 | 1,898,291 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES AND EQUITY | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current liabilities | | |
--------------------------------------------------------------------------------
| Current portion of interest-bearing liabilities | 173,915 | 140,620 |
--------------------------------------------------------------------------------
| Payables | 95,571 | 103,646 |
--------------------------------------------------------------------------------
| Deferred income | 14,392 | 8,868 |
--------------------------------------------------------------------------------
| Derivatives | 7,703 | 342 |
--------------------------------------------------------------------------------
| Total current liabilities | 291,581 | 253,476 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current liabilities | | |
--------------------------------------------------------------------------------
| Interest bearing loans and borrowings | 1,039,359 | 979,405 |
--------------------------------------------------------------------------------
| Deferred income tax | 1,032 | 1,032 |
--------------------------------------------------------------------------------
| Other liabilities | 79 | 105 |
--------------------------------------------------------------------------------
| Total non-current liabilities | 1,040,470 | 980,542 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES | 1,332,051 | 1,234,018 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY | | |
--------------------------------------------------------------------------------
| Equity attributable to equity holders of the | | |
| parent | | |
--------------------------------------------------------------------------------
| Share capital | 430,648 | 430,648 |
--------------------------------------------------------------------------------
| Share premium | 639 | 639 |
--------------------------------------------------------------------------------
| Reserves | 73,548 | 73,566 |
--------------------------------------------------------------------------------
| Retained earnings | 118,534 | 159,420 |
--------------------------------------------------------------------------------
| Total equity attributable to equity holders of | 623,369 | 664,273 |
| the parent | | |
--------------------------------------------------------------------------------
| TOTAL EQUITY | 623,369 | 664,273 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND EQUITY | 1,955,420 | 1,898,291 |
--------------------------------------------------------------------------------



CONSOLIDATED CONDENSED CASH FLOW STATEMENT
--------------------------------------------------------------------------------
| (unaudited, in thousands of EEK) | 01.09.2008- | 01.09.2007- |
--------------------------------------------------------------------------------
| | | 31.05.2009 | 31.05.2008 |
--------------------------------------------------------------------------------
| Cash flows from operating activities | | |
--------------------------------------------------------------------------------
| Net profit/-loss for the period | -623,824 | -142,938 |
--------------------------------------------------------------------------------
| Adjustments | 1,508,012 | 1,339,130 |
--------------------------------------------------------------------------------
| Changes in assets related to operating | 115,809 | -411,372 |
| activities | | |
--------------------------------------------------------------------------------
| Changes in inventories | 50,850 | -52,273 |
--------------------------------------------------------------------------------
| Changes in liabilities related to operating | 37,136 | 279,939 |
| activities | | |
--------------------------------------------------------------------------------
| Income tax repaid/-paid | 6 | 288 |
--------------------------------------------------------------------------------
| | 1,087,989 | 1,012,774 |
--------------------------------------------------------------------------------
| Cash flow used for investing activities | | |
--------------------------------------------------------------------------------
| Purchase of property, plant, equipment and | -2,521,923 | -2,142,902 |
| intangible assets | | |
--------------------------------------------------------------------------------
| Proceeds from disposals of property, plant, | 17,693 | 200,536 |
| equipment | | |
--------------------------------------------------------------------------------
| Acquisition of subsidiary | 0 | 1,885 |
--------------------------------------------------------------------------------
| Acquisition of associate | -6,120 | -2,040 |
--------------------------------------------------------------------------------
| Dividends received | 782 | 0 |
--------------------------------------------------------------------------------
| Proceeds/-payments from settlement of | -37,388 | 35,221 |
| derivatives | | |
--------------------------------------------------------------------------------
| Interest received | 5,519 | 8,501 |
--------------------------------------------------------------------------------
| | -2,541,437 | -1,898,799 |
--------------------------------------------------------------------------------
| Cash flow from (+)/ used for (-) financing | | |
| activities | | |
--------------------------------------------------------------------------------
| Payment of transaction costs | 0 | -65 |
--------------------------------------------------------------------------------
| Repurchase of own shares | 0 | -65,067 |
--------------------------------------------------------------------------------
| Proceeds from loans | 2,427,150 | 1,401,617 |
--------------------------------------------------------------------------------
| Redemption of loans | -1,315,471 | -1,192,822 |
--------------------------------------------------------------------------------
| Change in overdraft | 330,076 | 531,195 |
--------------------------------------------------------------------------------
| Repayment of finance lease liabilities | -6,763 | -10,030 |
--------------------------------------------------------------------------------
| Interest paid | -572,170 | -637,450 |
--------------------------------------------------------------------------------
| | 862,822 | 27,378 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL NET CASH FLOW | -590,626 | -858,647 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash and cash equivalents: | | |
--------------------------------------------------------------------------------
| - at the beginning of period | 1,043,785 | 1,303,609 |
--------------------------------------------------------------------------------
| - increase (+) / decrease (-) | -590,626 | -858,647 |
--------------------------------------------------------------------------------
| Cash and cash equivalents at end of period | 453,159 | 444,962 |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| (unaudited, in thousands of EUR) | 01.09.2008- | 01.09.2007- |
--------------------------------------------------------------------------------
| | | 31.05.2009 | 31.05.2008 |
--------------------------------------------------------------------------------
| Cash flows from operating activities | | |
--------------------------------------------------------------------------------
| Net profit/-loss for the period | -39,870 | -9,135 |
--------------------------------------------------------------------------------
| Adjustments | 96,380 | 85,586 |
--------------------------------------------------------------------------------
| Changes in assets related to operating | 7,402 | -26,291 |
| activities | | |
--------------------------------------------------------------------------------
| Changes in inventories | 3,250 | -3,341 |
--------------------------------------------------------------------------------
| Changes in liabilities related to operating | 2,373 | 17,891 |
| activities | | |
--------------------------------------------------------------------------------
| Income tax repaid/-paid | 0 | 18 |
--------------------------------------------------------------------------------
| | 69,535 | 64,728 |
--------------------------------------------------------------------------------
| Cash flow used for investing activities | | |
--------------------------------------------------------------------------------
| Purchase of property, plant, equipment and | -161,181 | -136,956 |
| intangible assets | | |
--------------------------------------------------------------------------------
| Proceeds from disposals of property, plant, | 1,131 | 12,817 |
| equipment | | |
--------------------------------------------------------------------------------
| Acquisition of subsidiary | 0 | 120 |
--------------------------------------------------------------------------------
| Acquisition of associate | -391 | -130 |
--------------------------------------------------------------------------------
| Dividends received | 50 | 0 |
--------------------------------------------------------------------------------
| Proceeds from settlement of derivatives | -2,390 | 2,251 |
--------------------------------------------------------------------------------
| Interest received | 353 | 543 |
--------------------------------------------------------------------------------
| | -162,428 | -121,355 |
--------------------------------------------------------------------------------
| Cash flow from (+)/ used for (-) financing | | |
| activities | | |
--------------------------------------------------------------------------------
| Payment of transaction costs | 0 | -4 |
--------------------------------------------------------------------------------
| Repurchase of own shares | 0 | -4,159 |
--------------------------------------------------------------------------------
| Proceeds from loans | 155,123 | 89,580 |
--------------------------------------------------------------------------------
| Redemption of loans | -84,074 | -76,235 |
--------------------------------------------------------------------------------
| Change in overdraft | 21,096 | 33,950 |
--------------------------------------------------------------------------------
| Repayment of finance lease liabilities | -432 | -641 |
--------------------------------------------------------------------------------
| Interest paid | -36,568 | -40,741 |
--------------------------------------------------------------------------------
| | 55,145 | 1,750 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL NET CASH FLOW | -37,748 | -54,877 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash and cash equivalents: | | |
--------------------------------------------------------------------------------
| - at the beginning of period | 66,710 | 83,315 |
--------------------------------------------------------------------------------
| - increase (+) / decrease (-) | -37,748 | -54,877 |
--------------------------------------------------------------------------------
| Cash and cash equivalents at end of period | 28,962 | 28,438 |
--------------------------------------------------------------------------------

Janek Stalmeister
Financial Director
AS Tallink Grupp
Tel. +372 6409 800
e-mail: [email protected]



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