Tallink Grupp
12 months unaudited results of the 2014 financial year
DGAP-News: Tallink Grupp 2015-02-26 / 08:50 --------------------------------------------------------------------- Tallinn, 2015-02-26 08:50 CET (GLOBE NEWSWIRE) -- 12 months unaudited results of the 2014 financial year AS Tallink Grupp and its subsidiaries (the Group) carried a total of nearly 8.9 million passengers in the 2014 financial year which is 2.6% less than the the year before. The Group's unaudited consolidated revenue was EUR 921.5 million which is 2.2% lower compared to the previous year. The unaudited gross profit was EUR 181.8 million, EBITDA EUR 150.6 million. Unaudited net profit amounted to EUR 27.3 million or EUR 0.04 per share, which is a 37.1% decrease compared to the previous year. The 2014 revenue was affected by several actions and changes in the operations and market developments. Most noticeably the revenue from charters increased by 53.1% or EUR 16.3 million. This is a result of more vessels being in charter and is expected to continue showing a positive effect to the profitability in the forthcoming quarters. The ticket and cargo sales decreased by 7.5% and 2.4% respectively. Estonia-Finland route showed a slight decline with passenger's numbers decreasing by 1.3%, however cargo units transported increased by 13.8% and the segment revenue increased by 1.4%. On the Finland-Sweden route the passenger's volume decreased by 3.4%, cargo units transported decreased by 8.8% and the sales decreased by 5.6%. due to Silja Symphony and Silja Serenade being altogether 80 days in upgrade works and did not operate. The Latvia-Sweden route showed a decline with passenger's numbers decreasing by 12.5%, cargo units transported decreased by 26.5%, passenger vehicles transported decreased by 15.0% and the sales decreased by 16.5%. The decline in passenger and cargo volumes on the Latvia-Sweden route is due to Isabelle operating as the only vessel on the route since the beginning of August 2014. Throughout the year there was increased pressure from competitors in the form of aggressive pricing and added capacity. In the fourth quarter (1 October - 31 December) of the 2014 financial year the Group carried over 2.05 million passengers which is 4.5% less compared to the same period last year. The number of cargo units transported decreased by 1.2% and the number of passenger vehicles transported decreased by 1.7%. The Group's consolidated revenue in the fourth quarter was EUR 224.1 million, being on the same level as in the last year. In the fourth quarter of the 2014 financial year the Group's gross profit amounted to EUR 49.5 million and EBITDA to EUR 41.1 million being respectively 33.4% or EUR 12.4 million and 37.7% or EUR 11.2 million more compared to the same period last year. The unaudited net profit for the fourth quarter of the 2014 financial year was EUR 8.4 million or EUR 0.01 per share compared to the net profit of EUR 7.5 million or EUR 0.01 per share in the same period last year. In the fourth quarter the Estonia-Finland route showed a 1.8% decline in passenger's numbers, however cargo units transported increased by 8.2% and the segment revenue increased by 0.8%. The Finland-Sweden route showed a decline with passenger's numbers decreasing by 3.1%, cargo units transported decreased by 8.9%, the segment revenue decreased by 3.8%. The results were affected by Silja Symphony being out of operations due to upgrade works for two weeks in October. Despite the slight decline in passenger numbers we maintained our market share on the Finland-Sweden route. The Latvia-Sweden route showed a decline with passenger's numbers decreasing by 32.2%, cargo units transported decreased by 58.8%, passenger vehicles transported decreased by 36.9% and the segment revenue decreased by 35.1%. The results were affected by Romantika changing to Tallinn-Stockholm route, leaving Isabelle as the only operating vessel on the route. The 119.5% higher revenues from charters altogether EUR 16.2 million and lower cost had a positive effect to the fourth quarter result. The Group was successful in lowering fuel cost in the fourth quarter by approximately EUR 9 million compared to the same period last year. This was a combined effect of reducing consumption through optimising current operations, by way of re-routings and charters and the drop in fuel global prices in the end of the 2014 financial year. The Group had a smooth transition switching to the low sulphur fuel in the end of the fourth quarter. The unstable macro-economic situation in Europe has had a negative impact to the Group's operations. The decline in the passenger volume from the Russian market has been visible throughout the year. The Group successfully continued the deleveraging strategy and the net debt decreased by EUR 44 million to a total of EUR 678 million in the 2014 financial year. The total liquidity, cash and unused credit facilities at the end of the fourth quarter were EUR 67.9 million providing a strong position for sustainable operations. At the end of the fourth quarter 2014 the Group had EUR 65.3 million in cash and equivalents and the total of unused credit lines were at EUR 2.6 million. The 2014 financial year result did not meet the management's expectations, however the fourth quarter result was strong and provides a good base for the forthcoming year. Due to increased competition, continuously weak Nordic economic environment and one-off effects the annual results for the 2014 financial year were weaker than expected. During the financial year several steps have been taken including charters, upgrades and re-routings with the goal to optimise operations. A positive effect to the profitability can be seen from the fourth quarter result. The management expects an improvement in the results for the 2015 financial year. In management's opinion, the Group's financial position allows the Group to pay dividends. Management will propose to the shareholders' general meeting a dividend distribution of EUR 0.02 per share, i.e. EUR 13,397,641 in aggregate. Q4 KEY FIGURES 2014 2013 Change Oct-Dec Oct-Dec ---------------------------------------------------------- Revenue EUR million 224.1 224.0 0.1% -------------------------------------------------------------------------------- Gross profit EUR million 49.5 37.1 33.4% -------------------------------------------------------------------------------- Gross margin (%) 22.1% 16.6% -------------------------------------------------------------------------------- EBITDA EUR million 41.1 29.8 37.7% -------------------------------------------------------------------------------- EBITDA margin (%) 18.3% 13.3% -------------------------------------------------------------------------------- Net profit for the EUR million 8.4 7.5 11.5% period -------------------------------------------------------------------------------- Net profit margin (%) 3.7% 3.4% -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Depreciation and EUR million 20.9 18.6 12.0% amortization -------------------------------------------------------------------------------- Investments EUR million 18.1 5.0 265.6% -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Weighted average number of ordinary shares 669 882 040 669 882 040 outstanding -------------------------------------------------------------------------------- Earnings per share EUR 0.01 0.01 11.5% -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Number of passengers 2 051 410 2 148 204 -4.5% -------------------------------------------------------------------------------- Number of cargo units 77 816 78 771 -1.2% -------------------------------------------------------------------------------- Average number of 6 715 6 898 -2.7% employees -------------------------------------------------------------------------------- ----------------------------------------------- ------- -------------------------- 31.12.2014 30.09.2014 -------------------------------------------------------------------------------- Total assets EUR million 1 685.6 1 688.4 -0.2% -------------------------------------------------------------------------------- Interest-bearing EUR million 743.4 770.9 -3.6% liabilities -------------------------------------------------------------------------------- Net debt EUR million 678.1 704.8 -3.8% -------------------------------------------------------------------------------- Total equity EUR million 778.3 770.1 1.1% -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Equity ratio (%) 46.2% 45.6% -------------------------------------------------------------------------------- Net debt to EBITDA 4.5 5.1 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Number of ordinary 669 882 040 669 882 040 0% shares outstanding1 -------------------------------------------------------------------------------- Shareholders' equity per EUR 1.16 1.15 0.7% share -------------------------------------------------------------------------------- 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 01.10.2014- 01.10.2013- 01.01.2014- 01.01.2013- euros) 31.12.2014 31.12.2013 31.12.2014 31.12.2013 ================================================================================ Revenue 224,141 223,982 921,466 941,983 Cost of sales -174,619 -186,859 -739,626 -751,827 Gross profit 49,522 37,123 181,840 190,156 -------------------------------------------------------------------------------- Marketing expenses -15,702 -13,650 -62,585 -63,292 Administrative expenses -13,870 -12,679 -49,443 -45,148 Other income 709 1,035 1,696 2,120 Other expenses -496 -664 -854 -805 -------------------------------------------------------------------------------- Result from operating 20,163 11,165 70,654 83,031 activities -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Finance income 4,623 5,757 11,760 21,547 Finance costs -19,059 -14,538 -52,443 -57,503 Share of profit/-loss from 24 17 24 17 equity accounted investees Profit/-loss before income 5,751 2,401 29,995 47,092 tax -------------------------------------------------------------------------------- Income tax 2,633 5,117 -2,734 -3,786 -------------------------------------------------------------------------------- Net profit/-loss for the 8,384 7,518 27,261 43,306 period -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Other comprehensive income/-expense Items that may be reclassified to profit or loss Exchange differences on 242 34 286 114 translating foreign operations Other comprehensive 242 34 286 114 income/-expense for the period -------------------------------------------------------------------------------- Total comprehensive 8,626 7,552 27,547 43,420 income/-expense for the period -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Earnings per share (in EUR per share) - basic 0.01 0.01 0.04 0.06 - diluted 0.01 0.01 0.04 0.06 -------------------------------------------------------------------------------- CONSOLIDATED STATEMENT OF FINANCIAL POSITION (unaudited, in thousands of euros) ASSETS 31.12.2014 31.12.2013 ================================================================================ Current assets -------------------------------------------------------------------------------- Cash and cash equivalents 65,311 72,012 Trade and other receivables 38,210 40,544 Prepayments 5,448 3,185 Derivatives 0 679 Inventories 31,315 33,457 Total current assets 140,284 149,877 -------------------------------------------------------------------------------- Non-current assets -------------------------------------------------------------------------------- Investments in equity-accounted investees 286 262 Other financial assets 252 385 Deferred income tax assets 21,338 17,413 Investment property 300 300 Property, plant and equipment 1,467,964 1,495,895 Intangible assets 55,174 57,925 --------------------------------------------------------- Total non-current assets 1,545,314 1,572,180 -------------------------------------------------------------------------------- --------------------------------------------------------- TOTAL ASSETS 1,685,598 1,722,057 -------------------------------------------------------------------------------- LIABILITIES AND EQUITY ================================================================================ Current liabilities -------------------------------------------------------------------------------- Interest bearing loans and borrowings 149,850 106,014 Trade and other payables 92,536 97,387 Deferred income 29,408 28,315 Derivatives 41,982 30,888 Total current liabilities 313,776 262,604 -------------------------------------------------------------------------------- Non-current liabilities ----------------------- -------------------------------------------------------------------------------- Interest bearing loans and borrowings 593,532 688,327 Other liabilities 0 63 -------------------------------------------------------------------------------- Total non-current liabilities 593,532 688,390 -------------------------------------------------------------------------------- TOTAL LIABILITIES 907,308 950,994 -------------------------------------------------------------------------------- EQUITY -------------------------------------------------------------------------------- Equity attributable to equity holders of the parent -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Share capital 404,290 404,290 Share premium 639 639 Reserves 70,129 70,111 Retained earnings 303,232 296,023 -------------------------------------------------------------------------------- Total equity attributable to equity holders of the 778,290 771,063 parent -------------------------------------------------------------------------------- TOTAL EQUITY 778,290 771,063 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- TOTAL LIABILITIES AND EQUITY 1,685,598 1,722,057 -------------------------------------------------------------------------------- CONSOLIDATED CASH FLOW STATEMENT (unaudited, in thousands of euros) 01.01.2014 - 01.01.2013- 31.12.2014 31.12.2013 Cash flows from operating activities Net profit/-loss for the period 27,261 43,306 Adjustments 124,329 118,619 Changes in receivables and prepayments related to -2,291 4,229 operating activities Changes in inventories 2,142 -4,031 Changes in liabilities related to operating -803 6,649 activities Income tax paid/repaid 71 -378 -------------------------------------------------------------------------------- 150,709 168,394 -------------------------------------------------------------------------------- ------------------------------------------------------ Cash flow used for investing activities Purchase of property, plant and equipment and -49,148 -43,291 intangible assets Proceeds from disposals of property, plant and 215 1,318 equipment Interest received 140 114 -------------------------------------------------------------------------------- -48,793 -41,859 -------------------------------------------------------------------------------- ------------------------------------------------------ Cash flow from (+)/ used for (-) financing activities Proceeds from loans 0 24,000 Redemption of loans -89,842 -198,126 Change in overdraft 43,993 18,456 Proceeds from bonds 0 115,487 Repayment of finance lease liabilities -75 -96 Interest paid -33,270 -32,439 Payments for settlement of derivatives -3,985 -4,451 Payment of transaction costs related to loans 0 -557 Dividends paid -20,096 -33,494 Income tax on dividends paid -5,342 -8,903 -108,617 -120,123 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- TOTAL NET CASH FLOW -6,701 6,412 -------------------------------------------------------------------------------- ------------------------------------------------------ ------------ Cash and cash equivalents: - at the beginning of period 72,012 65,600 - increase (+) / decrease (-) -6,701 6,412 -------------------------------------------------------------------------------- Cash and cash equivalents at the end of period 65,311 72,012 -------------------------------------------------------------------------------- Harri Hanschmidt Head of the Finance Department AS Tallink Grupp Sadama 5/7. 10111 Tallinn Tel +372 640 8981 E-mail harri.hanschmidt@tallink.ee News Source: NASDAQ OMX --------------------------------------------------------------------- 2015-02-26 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: Tallink Grupp Estonia ISIN: EE3100004466 End of News DGAP News-Service --------------------------------------------------------------------- 327083 2015-02-26
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