Tallink Grupp
Tallink Grupp
- ISIN: EE3100004466
- Land: .
Nachricht vom 11.05.2012 | 18:00
CORRECTION: Audited Annual Report of the 2010/2011 Financial Year
Tallink Grupp
11.05.2012 18:00
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Tallinn, 2012-05-11 18:00 CEST (GLOBE NEWSWIRE) -- CORRECTION: Audited Annual
Report of the 2010/2011 Financial Year
CORRECTION: added Management Board's Declaration to the Financial Statements,
page 82
Due to the change of the financial year the Group's 2010/2011 financial year
was 16 months (01.09.2010-31.12.2011). The comparative financial year 2009/2010
was 12 months (01.09.2009-31.08.2010). The financial years are therefore not
entirely comparable.
In the 2010/2011 financial year (01.09.2010-31.12.2011) the Group successfully
followed the set strategy. Customer satisfaction improved in several main
categories. The Group increased its traffic volumes and market shares
throughout the financial year. During the 2010/2011 financial year the volume
of passengers transported by the Group vessels was 11.8 million (8.4 million in
2009/2010).
The solution for non-profitable Finland-Germany route was found. In August 2011
two Superfast ships from the route were chartered to a third party and the
operations on the route were discontinued.
From continuing operations the Group's revenue was 1,153.0 million EUR (791.5
million EUR in 2009/2010) gross profit was 251.4 million EUR (180.2 million EUR
in 2009/2010) and net profit was 51.7 million EUR (36.5 million EUR in
2009/2010).
Including the discontinued operations the total revenue for the 2010/2011
financial year was 1,178.3 million EUR (813.9 million EUR in 2009/2010). Total
gross profit was 238.7 million EUR (168.1 million EUR in 2009/2010) and EBITDA
was 199.1 million EUR (145.1 million EUR in 2009/2010). Due to longer 16-months
financial year the results include twice the autumn low season whereas only one
high season which is visible in the lower gross profit and EBITDA margins than
in the previous financial year.
The Group's target for the 2010/2011 financial year was to outperform previous
year results. The target was met both in 16-month as well as 12-month
comparison. Net profit for the 2010/2011 financial year was 37.5 million EUR
(21.9 million EUR in 2009/2010).
The key highlights for the 2010/2011 financial year were the following:
· Continuous focus on the cost savings
· Improved revenue management with the continuous enhancement of dynamic
& flexible pricing
· Ending the operations on the non performing Finland-Germany route
· Increased passenger number and market share
· Increased revenue per passenger
· Reduction of debt
The Management continues to focus on cost efficiency and on the Group's
profitability. The Management estimates that no major changes are foreseen in
the Group operations in the 2012 financial year whereas the uncertainties in
the overall economic environment and high fuel prices are remaining. The
Group's results are estimated to improve in the 2012 financial year. The
developments such as enhancements in the online booking environment, CRM system
and dynamic pricing are supporting to reach the targets. A positive impact is
expected from the closure of the Finland-Germany route which previous negative
result will change to positive result from chartering of ships.
KEY FIGURES OF THE FINANCIAL YEAR 2010/2011
01.09.2010- 01.09.2009-
31.12.2011 31.08.2010
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Continuing operations EUR EUR
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Revenue from continuing operations (million) 1,153.0 791.5
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Gross profit from continuing operations (million) 251.4 180.2
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Net profit from continuing op. (million) 51.7 36.5
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Group total including the discontinued operations
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Revenue (million) 1,178.3 813.9
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Gross profit (million) 238.7 168.1
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Net profit for the period (million) 37.5 21.9
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EBITDA (million) 199.1 145.1
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Depreciation and amortization (million) 95.3 73.2
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Investments (million) 13.3 6.1
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Weighted average number of ordinary shares outstanding 669,882,040 669,882,040
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Earnings per share 0.06 0.03
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Number of passengers 11,818,870 8,428,055
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Number of cargo units 382,869 258,773
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Average number of employees 6,720 6,612
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31.12.2011 31.08.2010
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Total assets (million) 1,799.5 1,871.3
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Total liabilities (million) 1,094.5 1,203.6
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Interest-bearing liabilities (million) 959.6 1,067.9
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Net debt (million) 884.2 1,010.4
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Total equity (million) 705.1 667.7
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Equity ratio (%) 39.2% 35.7%
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Number of ordinary shares outstanding1 669,882,040 669,882,040
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Shareholders' equity per share 1.05 1.00
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Ratios2
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Gross margin (%) 20.3% 20.7%
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EBITDA margin (%) 16.9% 17.8%
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Net profit margin (%) 3.2% 2.7%
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Return on assets (ROA) 5.7% 3.8%
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Return on equity (ROE) 5.5% 3.3%
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Return on capital employed (ROCE) 6.5% 4.2%
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Net debt to EBITDA 5.4 6.9
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EBITDA: Earnings before net financial items, share of profit of equity
accounted investees, 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));
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
2 Calculations are made using the Group's total numbers which include
discontinued operations
SALES
The Group's consolidated revenue from continuing operations amounted to 1,153.0
million EUR in the 2010/2011 financial year (1 September 2010 - 31 December
2011). Restaurant and shop sales on-board and on mainland in the amount of 636
million EUR contribute more than half of the revenue. Ticket sales amounted to
nearly 314 million EUR and sales of cargo transport were 142 million EUR. The
distribution of sales between operational segments has remained about same when
compared to the previous financial year.
Geographically nearly 41% or 475 million EUR of the revenue from continuing
operations came from the Finland-Sweden route and 32% or 371 million EUR from
the Estonia-Finland route. The faster growth in the latter has had impact to
the geographical sales distribution when compared to the previous financial
year. The revenue on the Sweden-Estonia route was 140 million EUR and on the
Sweden-Latvia route 80 million EUR. In August 2011 the Group ceased operations
on the Finland-Germany route which segment is classified as discontinued
operations in the Group's financial statements. The revenue from the
Finland-Germany route in the 2010/2011 financial year was 25 million EUR and in
the 2009/2010 financial year 22 million EUR.
EARNINGS
From continuing operations the Group's gross profit was 251.4 million EUR
(180.2 million EUR in 2009/2010) and net profit was 51.7 million EUR (36.5
million EUR in 2009/2010). Including the discontinued operations the total
gross profit for the 2010/2011 financial year was 238.7 million EUR (168.1
million EUR in 2009/2010) and EBITDA was 199.1 million EUR (145.1 million EUR
in 2009/2010).
Net profit from continuing operations was 51.7 million EUR (36.5 million EUR in
2009/2010). The net profit for the period was 37.5 million EUR (21.9 million in
2009/2010). Basic and diluted earnings per share were 0.06 EUR (0.03 EUR in
2009/2010) and basic and diluted earnings per share from continuing operations
were 0.08 EUR (0.05 EUR in 2009/2010).
Driven by the overall cost inflation in food and retail products in the region
and the Group's higher shops and restaurant sales the cost of goods, the
largest operating cost, amounted to 252.9 million EUR (170.0 million EUR in
2009/2010). However, the Group was able to maintain the profit margin on the
goods.
Fuel cost in the 2010/2011 financial year was 182.7 million EUR (110.8 million
EUR in 2009/2010). Higher consumption due to the longer financial year but also
the increase in the fuel price have been main drivers for the fuel cost. When
measured in euros the average market price of the reference fuel (Fuel oil 1%)
in 2011 was approximately 33% higher than in 2010.
The Group's personnel expenses amounted to 227.6 million EUR (161.2 million EUR
in 2009/2010). The average number of employees for the 2010/2011 financial year
was 6,720 (6,612 in 2009/2010).
The administrative expenses in 2010/2011 financial year amounted to 55.0
million EUR and marketing expenses to 78.2 million EUR (respectively 40.2 and
51.7 million EUR in 2009/2010).
The depreciation and amortisation of the Group's assets was 95.3 million EUR
(73.2 million EUR in 2009/2010). There were no changes in the depreciation
policies in the 2010/2011 financial year. There was no impairment loss related
to the Group's tangible assets.
In the 2010/2011 financial year the Group's net finance cost amounted to 65.0
million EUR (47.4 million EUR in 2009/2010). Interest expense is the largest
component in the financial cost. In 2010/2011 financial year interest expense
was 56.2 million EUR (39.6 million EUR in 2009/2010). In 2010/2011 expenses
from derivatives amounted to 13.2 million EUR (13.1 million EUR in 2009/2010).
The Group's exposure to credit risk, liquidity risk and market risks and
financial risk management activities are described in the notes to the
financial statements.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December and 31 August
-------------------------
in thousands of EUR
01.09.2010- 01.09.2009-
31.12.2011 31.08.2010
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Continuing operations
Revenue 1,152,994 791,530
Cost of sales -901,597 -611,286
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Gross profit 251,397 180,244
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-------------------------
Marketing expenses -78,172 -51,738
Administrative expenses -54,988 -40,259
Other income 1,291 906
Other expenses -1,326 -2,236
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Results from operating activities 118,202 86,917
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Finance income 4,277 5,238
Finance costs -69,324 -52,661
Share of loss of equity accounted investees -157 -373
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Profit before income tax 52,998 39,121
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Income tax -1,302 -2,634
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Net profit from continuing operations 51,696 36,487
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Profit from discontinued operations -14,220 -14,637
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Net profit for the period 37,476 21,850
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Other comprehensive income
Exchange differences on translating foreign operations 76 709
Changes in fair value of cash flow hedges -705 732
Revaluation of property, plant and equipment 0 1,730
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Other comprehensive income/-expense for the period -629 3,171
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Total comprehensive income for the period 36,847 25,021
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Profit attributable to:
Equity holders of the Parent 37,476 21,850
Total comprehensive income attributable to:
Equity holders of the parent 36,847 25,021
Basic and diluted earnings per share 0.056 0.033
(in EUR per share)
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Basic and diluted earnings per share - continuing 0.077 0.054
operations
(in EUR per share)
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
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as of 31 December and 31 August in thousands of EUR
31.12.2011 31.08.2010
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ASSETS
Current assets
Cash and cash equivalents 75,421 57,488
Trade and other receivables 35,152 42,040
Prepayments 7,087 9,752
Derivatives 0 705
Inventories 25,198 20,035
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142,858 130,020
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Non-current assets
Investments in equity accounted investees 226 214
Other financial assets 2,551 317
Deferred income tax assets 9,452 10,664
Investment property 300 300
Property, plant and equipment 1,583,002 1,663,100
Intangible assets 61,153 66,700
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1,656,684 1,741,295
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TOTAL ASSETS 1,799,542 1,871,315
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LIABILITIES AND EQUITY
Current liabilities
Interest-bearing loans and borrowings 145,261 63,627
Trade and other payables 86,793 94,054
Deferred income 25,226 23,965
Derivatives 22,668 17,634
279,948 199,280
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Non-current liabilities
Interest-bearing loans and borrowings 814,305 1,004,244
Other liabilities 198 74
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814,503 1,004,318
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Total liabilities 1,094,451 1,203,598
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Equity
Equity attributable to equity holders of the Parent
Share capital 404,290 430,648
Share premium 639 639
Reserves 70,497 72,607
Retained earnings 229,665 163,823
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Total equity attributable to equity holders of the 705,091 667,717
Parent
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Total equity 705,091 667,717
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TOTAL LIABILITIES AND EQUITY 1,799,542 1,871,315
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CONSOLIDATED STATEMENT OF CASH FLOWS
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for the year ended 31 December and 31 August in thousands of
EUR
2011 2010
-------------------
-------------------
Cash flows from operating activities
Net profit/-loss for the financial year 37,476 21,850
Adjustments: 164,038 127,208
Depreciation and amortisation 95,283 71,920
Impairment loss 0 1,257
Net gain on disposals of property, plant and equipment -56 -344
Net interest expense 55,773 39,433
Net expense from derivatives 11,071 11,411
Loss from equity accounted investees 157 373
Net foreign exchange gain / loss related to investing and -19 524
financing activities
Share option programme reserve 527 0
Income tax 1,302 2,634
Changes in receivables and prepayments related to operating 10,898 10,816
activities
Changes in inventories -5,163 -1,020
Changes in liabilities related to operating activities -3,711 5,009
Income tax paid -107 -71
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203,431 163,792
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Cash flows used in investing activities
Purchase of property, plant, equipment and intangible assets -13,258 -6,112
Proceeds from disposals of property, plant, equipment 84 6,704
Proceeds/ payments from settlement of derivatives -7,236 -4,460
Acquisition of equity accounted investees -169 -587
Investment -5 0
Interest received 380 173
-20,204 -4,282
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Cash flows from /used in financing activities
Redemption of loans -112,093 -60,348
Change in overdraft 0 -46,115
Payment of finance lease liabilities -114 -403
Interest paid -53,087 -45,138
-165,294 -152,004
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TOTAL NET CASH FLOW 17,933 7,506
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Cash and cash equivalents:
- at the beginning of period 57,488 49,982
- increase / decrease 17,933 7,506
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- at the end of period 75,421 57,488
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Janek Stalmeister
Member of the Management Board, CFO
AS Tallink Grupp
Tel +372 640 9800
E-mail janek.stalmeister@tallink.ee
Harri Hanschmidt
Head of Investor Relations
AS Tallink Grupp
Sadama 5/7. 10111 Tallinn
Tel +372 640 8981
E-mail harri.hanschmidt@tallink.ee
News Source: NASDAQ OMX
11.05.2012 Dissemination of a Corporate News, transmitted by DGAP -
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The issuer is solely responsible for the content of this announcement.
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Language: English
Company: Tallink Grupp
Estonia
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