Q1 results of the 2012 financial year

Tallink Grupp 

16.05.2012 16:31
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Tallinn, 2012-05-16 16:31 CEST (GLOBE NEWSWIRE) -- Q1 results of the 2012
financial year 



In the first quarter (1 January - 31 March) of the 2012 financial year AS
Tallink Grupp and its subsidiaries (the Group) carried total of 1.84 million
passengers, slightly more than in the same period of the last year. The Group's
unaudited revenue for the first quarter of 2012 increased by EUR 10.6 million
or nearly 6% year on year to the total of EUR 193.8 million. The sales in most
of the Group's services increased whereas over half of the total revenue
increase was achieved through improved passenger related sales. The total of
ticket sales, restaurants, bars and shop sales increased by EUR 2.6 per
passenger year on year reflecting the emphasis on the active sales onboard the
vessels as well as continuous work on the dynamic pricing. 

The Group's revenue development in the first quarter of the 2012 financial year
was in line with the Management expectations incorporating different sales
tactics and activities in the beginning of the year compared to the previous
year. However the record high fuel prices have increased the Group's fuel costs
eliminating the impact of the total revenue improvement. The unaudited gross
profit for the first quarter of 2012 was EUR 18.8 million which is EUR 1.1
million or 6% higher than last year. Influenced by higher expenses related to
increased activities in sales, marketing and support functions the Group's
EBITDA in the first quarter of the 2012 financial year was EUR 10.2 million,
one million euros less than year ago. 

Derived from the 32% higher average fuel price for the first quarter, compared
with the same period of the last year, the Group's fuel costs increased by EUR
4.6 million. Part of the fuel price increase was mitigated by optimisation of
the timetables and operating schedules which help to reduce the fuel
consumption. As the fuel prices in the second quarter are remaining at high
levels, currently approximately 20% higher than year ago, the management is
planning to further increase the fuel surcharges in the ticket pricing. 

The unaudited net loss for the first quarter of 2012 financial year was EUR
18.95 million (0.03 EUR per share) compared to the net loss of EUR 17.1 million
(0.03 EUR per share) year ago which then also included EUR 1.8 million income
from the interest rates derivatives. 

As an effect of the improved working capital development the cash flow from
operating activities in the first quarter increased by EUR 3.9 million or 84%
compared to the same period of the last year. In 2012 the Group has returned to
its original loan repayment schedules with the repayments also in the low
season. In the first quarter of 2012 the Group repaid EUR 24.4 million of its
interest bearing debt. In the end of the first quarter the Group had EUR 49.3
million in cash and equivalents which is EUR 10 million more than in the same
time of the previous year. In March the Group increased its overdraft credit
lines by approximately EUR 20 million bringing the total unused credit lines to
EUR 66 million. The total liquidity, cash and unused credit facilities at the
end of the first quarter was EUR 115 million providing strong position for the
sustainable operations. 

Q1 KEY FIGURES                                      2012         2011     change
                                                   Jan-Mar     Jan-Mar          
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Continuing operations                                                           
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Revenue from continuing             EUR million        193.8       183.1    5.8%
 operations                                                                     
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Gross profit from continuing        EUR million         18.8        20.8   -9.9%
 operations                                                                     
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Net profit from continuing          EUR million       -18.95       -14.0  -34.9%
 operations                                                                     
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Group total including the discontinued                                          
 operations                                                                     
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Revenue                                     EUR        193.8       183.1    5.8%
                                        million                                 
--------------------------------------------------------------------------------
Gross profit                                EUR         18.8        17.8    6.1%
                                        million                                 
--------------------------------------------------------------------------------
Gross margin (%)                                        9.7%        9.7%        
--------------------------------------------------------------------------------
EBITDA                                      EUR         10.2        11.2   -9.2%
                                        million                                 
--------------------------------------------------------------------------------
EBITDA margin (%)                                       5.3%        6.1%        
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Net profit for the period                   EUR       -18.95       -17.1  -10.5%
                                        million                                 
--------------------------------------------------------------------------------
Net profit margin (%)                                  -9.8%       -9.4%        
--------------------------------------------------------------------------------
                                                                                
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Depreciation and amortization               EUR         17.8        17.9    0.6%
                                        million                                 
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Investments                                 EUR          0.4         0.8  -43.7%
                                        million                                 
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Weighted average number of ordinary shares       669 882 040     669 882        
 outstanding                                                         040        
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Earnings per share                          EUR        -0.03       -0.03        
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Number of passengers                               1 984 735   1 980 069    0.2%
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Number of cargo units                                 72 667      66 635    9.1%
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Average number of employees                            6 702       6 674    0.4%
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                                                  31.03.2012  31.12.2011        
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Total assets                                EUR      1 764.9     1 799.5   -1.9%
                                        million                                 
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Interest-bearing liabilities                EUR        935.9       959.6   -2.3%
                                        million                                 
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Net debt                                    EUR        886.6       884.2    0.2%
                                        million                                 
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Total equity                                EUR        686.2       705.1   -2.9%
                                        million                                 
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Equity ratio (%)                                       38.9%       39.2%        
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Net debt to EBITDA                                       5.5         5.4        
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Number of ordinary shares                        669 882 040     669 882      0%
 outstanding1                                                        040        
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Shareholders' equity per share              EUR         1.02        1.05   -2.9%
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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;
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 EUR)                        01.01.2012-  01.01.2011-
                                                         31.03.2012   31.03.2011
================================================================================
Continuing operations                                                           
Revenue                                                     193,794      183,147
Cost of sales                                              -174,980     -162,275
Gross profit                                                 18,814       20,872
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Marketing expenses                                          -15,772      -14,871
Administrative expenses                                     -10,729       -9,862
Other income                                                    156          344
Other expenses                                                  -20          -10
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Results from operating activities                            -7,551       -3,527
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Finance income                                                   72        1,857
Finance costs                                               -11,472      -12,375
                                                                                
Profit/-loss before income tax                              -18,951      -14,045
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Income tax                                                        0            0
                                                                                
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Net profit/-loss from continuing operations                 -18,951      -14,045
--------------------------------------------------------------------------------
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Profit/-loss from discontinued operation                          0       -3,102
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Net profit/-loss for the period                             -18,951      -17,147
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-------------------------------------------------------             ------------
                                                                                
Other comprehensive income/-expense                                             
Exchange differences on translating foreign operations           57          -34
Other comprehensive income/-expense for the period               57          -34
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Total comprehensive income/-expense for the period          -18,894      -17,181
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Profit/-loss attributable to:                                                   
               Equity holders of the parent                 -18,951      -17,147
                                                                                
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Total comprehensive income/-expense attributable to:                            
               Equity holders of the parent                 -18,894      -17,181
                                                                                
Earnings per share (in EUR per share)                                           
               - basic                                        -0.03        -0.03
               - diluted                                      -0.03        -0.03
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION

 (unaudited, in thousands of EUR)

ASSETS                                                    31.03.2012  31.12.2011
================================================================================
                                                                                
Current assets                                                                  
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Cash and cash equivalents                                     49,296      75,421
Trade and other receivables                                   35,671      35,152
Prepayments                                                   15,990       7,087
Inventories                                                   24,788      25,198
Total current assets                                         125,745     142,858
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Non-current assets                                                              
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Investments in associates                                        226         226
Other financial assets                                         2,290       2,551
Deferred income tax assets                                     9,452       9,452
Investment property                                              300         300
Property, plant and equipment                              1,566,858   1,583,002
Intangible assets                                             60,067      61,153
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Total non-current assets                                   1,639,193   1,656,684
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TOTAL ASSETS                                               1,764,938   1,799,542
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LIABILITIES AND EQUITY                                                          
================================================================================
                                                                                
Current liabilities                                                             
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Interest bearing loans and borrowings                        155,718     145,261
Trade and other payables                                      93,328      86,793
Deferred income                                               26,681      25,226
Derivatives                                                   22,668      22,668
Total current liabilities                                    298,395     279,948
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Non-current liabilities                                                         
                                                         -----------------------
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Interest bearing loans and borrowings                        780,169     814,305
Other liabilities                                                177         198
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Total non-current liabilities                                780,346     814,503
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TOTAL LIABILITIES                                          1,078,741   1,094,451
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EQUITY                                                                          
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Equity attributable to equity holders of the parent                             
--------------------------------------------------------------------------------
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Share capital                                                404,290     404,290
Share premium                                                    639         639
Reserves                                                      70,554      70,497
Retained earnings                                            210,714     229,665
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Total equity attributable to equity holders of the           686,197     705,091
 parent                                                                         
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TOTAL EQUITY                                                 686,197     705,091
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TOTAL LIABILITIES AND EQUITY                               1,764,938   1,799,542
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   CONSOLIDATED CASH FLOW STATEMENT



(unaudited, in thousands of EUR)                       01.01.2012 -  01.01.2011-
                                                         31.03.2012   31.03.2011
Cash flows from operating activities                                            
Net profit/-loss for the period                             -18,951      -17,147
Adjustments                                                  28,618       27,639
Changes in assets related to operating activities            -8,745      -10,059
Changes in liabilities related to operating                   7,573        4,183
 activities                                                                     
Income tax paid                                                  -8          -11
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                                                              8,487        4,605
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Cash flow used for investing activities                                         
Purchase of property, plant and equipment and                  -431         -766
 intangible assets                                                              
Proceeds from disposals of property, plant and                    0           49
 equipment                                                                      
Payments from settlement of derivatives                        -839       -1,236
Interest received                                                74           12
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                                                             -1,196       -1,941
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Cash flow from (+)/ used for (-) financing activities                           
Redemption of loans                                         -24,383            0
Repayment of finance lease liabilities                          -22          -21
Interest paid                                                -9,011       -8,305
                                                            -33,416       -8,326
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TOTAL NET CASH FLOW                                         -26,125       -5,662
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Cash and cash equivalents:                                                      
- at the beginning of period                                 75,421       44,946
- increase (+) / decrease (-)                               -26,125       -5,662
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Cash and cash equivalents at end of period                   49,296       39,284
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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



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Language:     English
Company:      Tallink Grupp
              
               
              Estonia
Phone:        
Fax:          
E-mail:       
Internet:     
ISIN:         EE3100004466
WKN:          
 
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