Tallink Grupp
Q3 results of the 2010/2011 financial year
Tallink Grupp 15.07.2011 08:40 --------------------------------------------------------------------------- Tallinn, 2011-07-15 08:40 CEST (GLOBE NEWSWIRE) -- Q3 results of the 2010/2011 financial year The revenue of AS Tallink Grupp and its subsidiaries' (the Group) continued to grow in the third quarter of 2010/2011 financial year (01.03.2011-31.05.2011) in support of the improved revenue per passenger and higher cargo sales from increased cargo units. At the same time the increase was noticeable also in the costs. The quarter started in harsh ice conditions in March and the significantly risen fuel price was dominant throughout the whole quarter. The Group transported 2 098 356 passengers in the third quarter of 2010/2011 financial year which is 2.7% less than in the same period of the previous financial year as a consequence of different campaigns and tactics in the product offering between the months of second and third quarter. On a cumulative basis the Group has transported 9% more passengers during the nine months of the current financial year compared to the same period of previous financial year. The fourth quarter high season has also started off with a strong 10% year on year increase in the passenger volume. In the third quarter the positive development continued in the cargo transportation. Derived mainly from the growing economies in the region the Group's cargo units rose to 76 366 which is 11% more than year ago. In the third quarter of the 2010/2011 financial year the Group's unaudited consolidated revenue was EUR 209.5 million which is EUR 7.1 million or 3.5% more than in the third quarter of the previous financial year. Cargo sales increased by EUR 4.2 million or 17.1% and ticket sales by EUR 2.6 million or 5.2% compared to the third quarter of the previous financial year. Ticket revenue per passenger improved by EUR 1.9 and restaurant and shop sales per passenger by EUR 1.1 which are respectively 8.1% and 2.0% better than year ago. However, the increase in the revenue in the third quarter did not outperform the increase in the costs and the Group's earnings were lower than year ago. The largest impact to the cost development came from the increased fuel price. The Group's ship fuel is priced in relation to the market price of 1% Fuel Oil. On average the fuel oil price in the third quarter was 33% higher than last year. In the third quarter of 2010/2011 financial year the Group's fuel cost increased by EUR 10.3 million compared to the third quarter of previous financial year. Fuel surcharge was added to the passenger tickets starting from June 2011 which together with the existing fuel surcharge system for the cargo is estimated to provide higher compensation to the fuel cost increase in the fourth quarter and onwards. Fuel cost increase Q3 9 months impact to the results in EUR millions Change in revenue +7.1 +59.6 ------------------------------------------------------------ Change in operating result before fuel cost +3.1 +22.1 ------------------------------------------------------------ ------------------------------------------------------------ Change in fuel cost -10.3 -21.1 ------------------------------------------------------------ Change in operating result -7.2 +1 ------------------------------------------------------------ The Group's sales and marketing activities during the current financial year have played important role in the overall positive passenger number and revenue growth. In the third quarter the Group's marketing expenses increased by EUR 2.8 million partly in preparation for the high season which has already shown good payoff in the June passenger bookings. The Group's EBITDA in the third quarter of the 2010/2011 financial year was EUR 22.7 million which is EUR 7.2 million or a 24% decrease compared to the third quarter of the previous financial year. In the first nine months of the current financial year the Group's EBITDA is EUR 68.4 million being EUR 1 million higher than year ago. In the third quarter the Group's unaudited consolidated net loss was EUR 7.3 million compared to the net loss of EUR 3.0 million last year. In the first nine months of the current financial year the net loss is EUR 15.6 million whereas in the same period of the previous financial year the net loss was EUR 20.6 million. The increase in the Group's revenues in the third quarter met the management expectations however the sharply increased fuel costs deteriorated the final result. KEY FIGURES Q3 2010/2011 Q3 2009/2010 change -------------------------------------------------------------------------------- Revenue EUR million 209.5 202.4 3% -------------------------------------------------------------------------------- Gross profit EUR million 30.2 36.8 -18% -------------------------------------------------------------------------------- Gross margin 14% 18% -------------------------------------------------------------------------------- EBITDA EUR million 22.7 30.0 -24% -------------------------------------------------------------------------------- EBITDA margin 11% 15% -------------------------------------------------------------------------------- Net profit / -loss EUR million -7.3 -3.0 -144% -------------------------------------------------------------------------------- Net profit margin -3.5% -1.5% -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Depreciation & amortisation EUR million 17.8 17.9 -0% -------------------------------------------------------------------------------- Investments EUR million 4.0 1.3 308% -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Weighted average number of shares 669 882 040 669 882 040 0% outstanding* -------------------------------------------------------------------------------- Earnings per share EUR -0.01 -0.00 -144% -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Number of passengers 2 098 356 2 156 448 -3% -------------------------------------------------------------------------------- Number of cargo units 76 366 68 991 11% -------------------------------------------------------------------------------- Average number of employees 6 676 6 429 4% -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 31.05.2011 28.02.2011 -------------------------------------------------------------------------------- Total assets EUR million 1 827 1 822 0.3% -------------------------------------------------------------------------------- Total liabilities EUR million 1 175 1 163 1.1% -------------------------------------------------------------------------------- Interest bearing liabilities EUR million 1 034 1 033 0.1% -------------------------------------------------------------------------------- Total equity EUR million 651 659 -1.1% -------------------------------------------------------------------------------- Equity ratio 36% 36% -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Number of shares outstanding* 669 882 040 669 882 040 0% -------------------------------------------------------------------------------- Shareholders' equity per share EUR 1.0 1.0 -------------------------------------------------------------------------------- EBITDA - Earnings before net financial items, taxes, depreciation and amortization; EBITDA margin - EBITDA / net sales; Gross margin - gross profit / net sales; Net profit margin - net profit / net sales; Equity ratio - total equity / total assets; Earnings per share - net profit / weighted average number of shares outstanding; Shareholder's equity per share - shareholder's equity / number of shares outstanding. * Share numbers exclude own shares. The Management estimates that the growth in the Group revenues will continue in the fourth quarter. The fuel prices have stayed at high levels bringing noticeably higher fuel cost in Q4 of the current financial year compared to the same period a year ago. Overall the Group's results are estimated to improve. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (unaudited, in thousands of 01.03.2011- 01.03.2010- 01.09.2010- 01.09.2009- EUR) 31.05.2011 31.05.2010 31.05.2011 31.05.2010 ================================================================================ Revenue 209,489 202,416 601,312 541,709 Cost of sales -179,241 -165,604 -511,517 -457,704 Gross profit 30,248 36,812 89,795 84,005 -------------------------------------------------------------------------------- Marketing expenses -15,935 -13,140 -45,808 -40,107 Administrative expenses -9,551 -10,169 -29,948 -29,500 Other income 167 263 486 790 Other expenses -8 -1,656 -25 -1,694 -------------------------------------------------------------------------------- Results from operating 4,921 12,110 14,500 13,494 activities -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Finance income 1,748 -1,817 10,091 5,354 Finance costs -14,018 -13,312 -40,156 -39,332 Share of loss of associates 0 0 -57 0 Profit/-loss before income -7,349 -3,019 -15,622 -20,484 tax -------------------------------------------------------------------------------- Income tax 0 0 0 0 Net profit/-loss for the -7,349 -3,019 -15,622 -20,484 period -------------------------------------------------------------------------------- ----------------------------- ------------ Other comprehensive income/-expense Exchange differences on 234 -239 54 493 translating foreign operations Changes in fair value of 0 -104 -705 1,015 cash flow hedges Other comprehensive 234 -343 -651 1,508 income/-expense for the period -------------------------------------------------------------------------------- Total comprehensive -7,115 -3,362 -16,273 -18,976 income/-expense for the period -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Profit/-loss attributable to: Equity holders of the -7,349 -3,019 -15,622 -20,484 paren -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Total comprehensive income/-expense attributable to: Equity holders of the -7,115 -3,362 -16,273 -18,976 parent Earnings per share (in EUR per share) - basic -0.01 -0.00 -0.02 -0.03 - diluted -0.01 -0.00 -0.02 -0.03 -------------------------------------------------------------------------------- CONSOLIDATED STATEMENT OF FINANCIAL POSITION (unaudited, in thousands of EUR) ASSETS 31.05.2011 31.08.2010 ================================================================================ Current assets -------------------------------------------------------------------------------- Cash and cash equivalents 49,637 57,488 Trade and other receivables 42,341 42,040 Prepayments 14,314 9,752 Derivatives 0 705 Inventories 24,840 20,035 Total current assets 131,132 130,020 -------------------------------------------------------------------------------- Non-current assets -------------------------------------------------------------------------------- Investments in associates 157 214 Other financial assets 322 317 Deferred income tax assets 10,664 10,664 Investment property 300 300 Property, plant and equipment 1,620,717 1,663,100 Intangible assets 63,505 66,700 --------------------------------------------------------- Total non-current assets 1,695,665 1,741,295 -------------------------------------------------------------------------------- --------------------------------------------------------- TOTAL ASSETS 1,826,797 1,871,315 -------------------------------------------------------------------------------- LIABILITIES AND EQUITY ================================================================================ Current liabilities -------------------------------------------------------------------------------- Interest bearing loans and borrowings 118,204 63,627 Trade and other payables 94,216 94,054 Deferred income 32,979 23,965 Derivatives 13,889 17,634 Total current liabilities 259,288 199,280 -------------------------------------------------------------------------------- Non-current liabilities ----------------------- -------------------------------------------------------------------------------- Interest bearing loans and borrowings 916,000 1,004,244 Other liabilities 65 74 -------------------------------------------------------------------------------- Total non-current liabilities 916,065 1,004,318 -------------------------------------------------------------------------------- TOTAL LIABILITIES 1,175,353 1,203,598 -------------------------------------------------------------------------------- EQUITY -------------------------------------------------------------------------------- Equity attributable to equity holders of the parent -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Share capital 404,291 430,648 Share premium 639 639 Reserves 73,049 72,607 Retained earnings 173,465 163,823 -------------------------------------------------------------------------------- Total equity attributable to equity holders of the 651,444 667,717 parent -------------------------------------------------------------------------------- TOTAL EQUITY 651,444 667,717 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- TOTAL LIABILITIES AND EQUITY 1,826,797 1,871,315 -------------------------------------------------------------------------------- CONSOLIDATED CASH FLOW STATEMENT (unaudited, in thousands of EUR) 01.09.2010 - 01.09.2009 - 31.05.2011 31.05.2010 Cash flows from operating activities Net profit/-loss for the period -15,622 -20,484 Adjustments 84,168 92,108 Changes in assets related to operating activities -9,778 2,873 Changes in liabilities related to operating 9,999 6,811 activities Income tax paid -30 -59 -------------------------------------------------------------------------------- 68,737 81,249 -------------------------------------------------------------------------------- ----------------------------------------------------- Cash flow used for investing activities Purchase of property, plant and equipment and -8,242 -5,575 intangible assets Proceeds from disposals of property, plant and 64 6,466 equipment Issue of shares by associates 0 -587 Payments from settlement of derivatives -3,868 -3,201 Interest received 64 163 -------------------------------------------------------------------------------- -11,982 -2,734 -------------------------------------------------------------------------------- ----------------------------------------------------- Cash flow from (+)/ used for (-) financing activities Redemption of loans -35,805 -36,665 Change in overdraft 0 -15,765 Repayment of finance lease liabilities -64 -281 Interest paid -28,737 -33,007 -64,606 -85,718 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- TOTAL NET CASH FLOW -7,851 -7,203 -------------------------------------------------------------------------------- ----------------------------------------------------- ------------- Cash and cash equivalents: - at the beginning of period 57,488 49,982 - increase (+) / decrease (-) -7,851 -7,203 -------------------------------------------------------------------------------- Cash and cash equivalents at end of period 49,637 42,779 -------------------------------------------------------------------------------- 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 15.07.2011 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's 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 Phone: Fax: E-mail: Internet: ISIN: EE3100004466 WKN: End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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