Tallink Grupp
AS Tallink Grupp Unaudited Consolidated Interim Report Q1 2015
DGAP-News: Tallink Grupp 2015-05-14 / 08:50 --------------------------------------------------------------------- Tallinn, 2015-05-14 08:50 CEST (GLOBE NEWSWIRE) -- AS Tallink Grupp Unaudited Consolidated Interim Report Q1 2015 In the first quarter (1 January- 31 March) of the 2015 financial year AS Tallink Grupp and its subsidiaries' (the Group) carried nearly 1.8 million passengers which is 5.9% less compared to the same period last year. The Group's unaudited revenue for the first quarter of 2015 increased by EUR 1.9 million or 1.0% year on year to the total of EUR 190.2 million, EBITDA increased by EUR 15.0 million or 335.0% to the total of EUR 19.5 million, compared to the same period last year.The Group made various changes to the operations during the past year and these affected the first quarter with decreased passenger volumes but increased revenue and profitability. The reduction of operating costs from the measures taken has the highest effect to the first quarter profitability, which is also the low season. In the first quarter the Estonia-Finland route showed positive developments with revenue increasing by 2.7% driven by a 21.3% growth in cargo units. The increase to the cargo volume was partly from Sea Wind switching from the Finland-Sweden routes to the Estonia-Finland route. The Estonia-Sweden route, where capacity is lower than last year, experienced a 9.9% decrease in passengers and a 10.4% decrease in cargo volumes. The Latvia-Sweden route showed a decline with passenger's numbers decreasing by 41.2%, cargo units transported decreased by 59.6%, passenger vehicles transported decreased by 33.0% and the sales decreased by 39.4%. 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 first quarter price pressure from competitors remained visible on all routes. The passenger volumes have been affected by the drop of Russian passengers since the second quarter last year and has continued to this date. In the first quarter altogether 6 vessels were chartered out. Due to the increased number of chartered vessels the revenue from charters increased by EUR 7.3 million or 85.9% to the total of EUR 15.7 million. Two of the vessels Silja Festival and Regina Baltic are to be sold in the second quarter of the 2015 financial year. The upgrades of the public areas and improvements to restaurant and shop concept throughout the fleet combined with the operational changes have resulted in a 3.5% increase in on-board revenue per passenger. Due to the changes in operations the segment result improved on all segments and was EUR 14.9 million higher than in the same period last year. In the first quarter of the 2015 financial year the Group's gross profit amounted to EUR 26.1 million and EBITDA to EUR 19.5 million being respectively EUR 14.3 million and EUR 15.0 million more compared to the same period last year. The increase in the Group's results is mainly attributed to the decreased costs related to operations. The unaudited net loss for the first quarter of the 2015 financial year was EUR 13.3 million or EUR 0.02 per share compared to the net loss of EUR 23.4 million or EUR 0.03 per share in the same period last year. Cash flow from operations increased by EUR 19.2 million when compared to the same period last year.The total liquidity, cash and unused credit facilities at the end of the first quarter were EUR 68.8 million providing a strong position for sustainable operations. At the end of the first quarter 2015 the Group had EUR 66.3 million in cash and equivalents and the total of unused credit lines were at EUR 2.5 million. Q1 KEY FIGURES 2015 2014 Change Jan-Mar Jan-Mar ---------------------------------------------------------- Revenue EUR million 190.2 188.2 1.0% -------------------------------------------------------------------------------- Gross profit EUR million 26.1 11.8 121.5% -------------------------------------------------------------------------------- Gross margin (%) 13.7% 6.3% -------------------------------------------------------------------------------- EBITDA EUR million 19.5 4.5 335.0% -------------------------------------------------------------------------------- EBITDA margin (%) 10.2% 2.4% -------------------------------------------------------------------------------- Net profit for the EUR million -13.3 -23.4 42.9% period -------------------------------------------------------------------------------- Net profit margin (%) -7.0% -12.4% -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Depreciation and EUR million 20.4 19.7 3.4% amortization -------------------------------------------------------------------------------- Investments EUR million 3.6 14.1 74.4% -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Weighted average number of ordinary shares 669 882 040 669 882 040 outstanding -------------------------------------------------------------------------------- Earnings per share EUR -0.02 -0.03 42.9% -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Number of passengers 1 793 414 1 905 555 -5.9% -------------------------------------------------------------------------------- Number of cargo units 75 172 76 791 -2.1% -------------------------------------------------------------------------------- Average number of 6 642 6 867 -3.3% employees -------------------------------------------------------------------------------- ----------------------------------------------- ------- -------------------------- 31.03.2015 31.12.2014 -------------------------------------------------------------------------------- Total assets EUR million 1 674.5 1 685.6 -0.7% -------------------------------------------------------------------------------- Interest-bearing EUR million 742.9 743.4 -0.1% liabilities -------------------------------------------------------------------------------- Net debt EUR million 676.6 678.1 -0.2% -------------------------------------------------------------------------------- Total equity EUR million 764.9 778.3 -1.7% -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Equity ratio (%) 46.2% 45.7% -------------------------------------------------------------------------------- Net debt to EBITDA 4.1 4.5 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Number of ordinary 669 882 040 669 882 040 0% shares outstanding1 -------------------------------------------------------------------------------- Shareholders' equity per EUR 1.14 1.16 -1.7% 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 euros) 01.01.2015- 01.01.2014- 31.03.2015 31.03.2014 ================================================================================ Revenue 190,153 188,206 Cost of sales -164,049 -176,419 Gross profit 26,104 11,787 -------------------------------------------------------------------------------- Marketing expenses -15,235 -15,798 Administrative expenses -11,715 -11,389 Other income 123 213 Other expenses -191 -48 -------------------------------------------------------------------------------- Result from operating activities -914 -15,235 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Finance income 5,676 3,316 Finance costs -16,608 -11,445 Profit/-loss before income tax -11,846 -23,364 -------------------------------------------------------------------------------- Income tax -1,500 -10 -------------------------------------------------------------------------------- Net profit/-loss for the period -13,346 -23,374 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Other comprehensive income/-expense Items that may be reclassified to profit or loss Exchange differences on translating foreign operations -82 59 Other comprehensive income/-expense for the period -82 59 -------------------------------------------------------------------------------- Total comprehensive income/-expense for the period -13,428 -23,315 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Earnings per share (in EUR per share) - basic -0.020 -0.035 - diluted -0.020 -0.035 -------------------------------------------------------------------------------- CONSOLIDATED STATEMENT OF FINANCIAL POSITION (unaudited, in thousands of euros) ASSETS 31.03.2015 31.12.2014 ================================================================================ Current assets -------------------------------------------------------------------------------- Cash and cash equivalents 66,276 65,311 Trade and other receivables 38,333 38,210 Prepayments 12,497 5,448 Inventories 28,787 31,315 Total current assets 145,893 140,284 -------------------------------------------------------------------------------- Non-current assets -------------------------------------------------------------------------------- Investments in equity-accounted investees 286 286 Other financial assets 331 252 Deferred income tax assets 21,338 21,338 Investment property 300 300 Property, plant and equipment 1,452,130 1,467,964 Intangible assets 54,247 55,174 --------------------------------------------------------- Total non-current assets 1,528,632 1,545,314 -------------------------------------------------------------------------------- --------------------------------------------------------- TOTAL ASSETS 1,674,525 1,685,598 -------------------------------------------------------------------------------- LIABILITIES AND EQUITY ================================================================================ Current liabilities -------------------------------------------------------------------------------- Interest bearing loans and borrowings 159,899 149,850 Trade and other payables 89,187 91,236 Income tax liability 2,800 1,300 Deferred income 34,723 29,408 Derivatives 39,959 41,982 Total current liabilities 326,568 313,776 -------------------------------------------------------------------------------- Non-current liabilities ----------------------- -------------------------------------------------------------------------------- Interest bearing loans and borrowings 583,019 593,532 Total non-current liabilities 583,019 593,532 -------------------------------------------------------------------------------- TOTAL LIABILITIES 909,587 907,308 -------------------------------------------------------------------------------- EQUITY -------------------------------------------------------------------------------- Equity attributable to equity holders of the parent -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Share capital 404,290 404,290 Share premium 639 639 Reserves 70,123 70,129 Retained earnings 289,886 303,232 -------------------------------------------------------------------------------- Total equity attributable to equity holders of the 764,938 778,290 parent -------------------------------------------------------------------------------- TOTAL EQUITY 764,938 778,290 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- TOTAL LIABILITIES AND EQUITY 1,674,525 1,685,598 -------------------------------------------------------------------------------- CONSOLIDATED CASH FLOW STATEMENT (unaudited, in thousands of euros) 01.01.2015 - 01.01.2014- 31.03.2015 31.03.2014 Cash flows from operating activities Net profit/-loss for the period -13,346 -23,374 Adjustments 33,028 28,461 Changes in receivables and prepayments related to -4,811 -8,512 operating activities Changes in inventories 2,528 3,302 Changes in liabilities related to operating 336 -1,391 activities Income tax paid -33 -15 -------------------------------------------------------------------------------- 17,702 -1,529 -------------------------------------------------------------------------------- ------------------------------------------------------ Cash flow used in investing activities Purchase of property, plant and equipment and -3,612 -14,121 intangible assets Proceeds from disposals of property, plant and 12 97 equipment Interest received 22 4 -------------------------------------------------------------------------------- -3,578 -14,020 -------------------------------------------------------------------------------- ------------------------------------------------------ Cash flow used in financing activities Repayment of loans -15,024 -15,024 Change in overdraft 10,049 30,003 Payment of finance lease liabilities -20 -70 Interest paid -6,745 -7,783 Payments for settlement of derivatives -1,419 -1,021 -13,159 6,105 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- TOTAL NET CASH FLOW 965 -9,444 -------------------------------------------------------------------------------- ------------------------------------------------------ ------------ Cash and cash equivalents: - at the beginning of period 65,311 72,012 - increase (+) / decrease (-) 965 -9,444 -------------------------------------------------------------------------------- - at the end of period 66,276 62,568 -------------------------------------------------------------------------------- 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 --------------------------------------------------------------------- 2015-05-14 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 --------------------------------------------------------------------- 357655 2015-05-14
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