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AS Tallink Grupp, Financial Results
12.01.2006
3 months Financial Results of the 2005/2006 Financial year
Comments to the 3 months financial results of the 2005/2006 financial year
AS Tallink Grupp CEO, Mr. Enn Pant considers the company’s first quarter results as successful. ”Earlier correct decision-making have borne fruit and our net profit growth of nearly 46% is pleasing. Although we stopped operating on the St.Petersburg route and passenger numbers are less than last year’s first quarter results, the change in sales is marginal. Positive is the 16% growth in cargounits volumes which helps to balance out the seasonality of passenger traffic. From the end of the last financial year to today has been a busy and constructive period for Tallink. We have signed ship building contracts with Italian and Finnish ship yards, concluded an initial public offering the result of which increased our international competitiveness laying the groundwork for Tallink’s faster development. We also achieved noteworthy success in our negotiations regarding the introduction of a new Riga-Stockholm route. We believe that the strong financial results in the beginning of the current financial year and our investment strategies whereby in the first quarter we have invested over 200 million EEK in new vessels, allow us strong and secure development in the future.”
AS Tallink Grupp unaudited consolidated net sales in the first quarter of the 2005/2006 financial year was 992,1 million EEK (63,4 million EUR), which was 0,7% lower than last year in the same period. EBITDA grew 12,5% to 169,4 million EEK (10,8 million EUR). The Group’s net profit was 45,5% greater than last financial year’s first quarter net profit and totalled to 62,6 million EEK (4,0 million EUR).
AS Tallink Grupp 3 months unaudited consolidated results of 2005/2006 financial year characterized by ratios and calculation methods are as follows:
|
2005/2006 3 months |
2004/2005 3 months |
| Net profit margin |
6,3 % |
4,3 % |
| Operating profit margin |
10,1% |
8,6 % |
| EBITDA margin |
17,0% |
15,1% |
| Equity/assets ratio |
39,0% |
38,3% |
Net profit margin: Net profit/net sales
Operating profit margin: Operating profit/net sales
EBITDA margin: EBITDA/net sales
Equity/assets ratio: Equity/total assets
CONSOLIDATED CONDENSED INCOME STATEMENT
| (unaudited, in thousand EEK) |
01.09.2005-30.11.2005 |
01.09.2004-30.11.2004[1] |
| |
|
|
| Net sales |
992 054 |
999 002 |
| Cost of sales |
-749 587 |
-793 418 |
| Gross profit |
242 467 |
205,584 |
| |
|
|
| Marketing expenses |
-103 493 |
-94 471 |
| Administrative and general expenses |
-38 213 |
-25 279 |
| Other operating income |
163 |
393 |
| Other operating expenses |
-277 |
-118 |
| Operating profit |
100 647 |
86 109 |
| |
|
|
| Net financial expense (-) / income |
-37 140 |
-44 345 |
| Income from associates |
0 |
480 |
| |
|
|
| Profit from normal operation before income tax |
63 507 |
42 244 |
| |
|
|
| Income tax |
-887 |
788 |
| |
|
|
| Net profit for the period |
62 620 |
43 032 |
| Attributable to: |
|
|
| Equity holders of the parent |
62 199 |
43 032 |
| Minority interests |
421 |
0 |
| Earnings per share (in EEK per share) |
|
|
| - basic |
0.57 |
0.39 |
| - diluted |
0.57 |
0.39 |
[1] correction
CONSOLIDATED CONDENSED INCOME STATEMENT
| (unaudited, in thousand EUR) |
01.09.2005-30.11.2005 |
01.09.2004-30.11.2004[1] |
| |
|
|
| Net sales |
63,404 |
63,848 |
| Cost of sales |
-47,907 |
-50,709 |
| Gross profit |
15,497 |
13,139 |
| |
|
|
| Marketing expenses |
-6,614 |
-6,038 |
| Administrative and general expenses |
-2,442 |
-1,616 |
| Other operating income |
10 |
25 |
| Other operating expenses |
-18 |
-7 |
| Operating profit |
6,433 |
5,503 |
| |
|
|
| Net financial expense (-) / income |
-2,374 |
-2,834 |
| Income from associates |
0 |
31 |
| |
|
|
| Profit from normal operation before income tax |
4,059 |
2,700 |
| |
|
|
| Income tax |
-57 |
50 |
| |
|
|
| Net profit for the period |
4,002 |
2,750 |
| Attributable to: |
|
|
| Equity holders of the parent |
3,975 |
2,750 |
| Minority interests |
27 |
0 |
| Earnings per share (in EUR per share) |
|
|
| - basic |
0.036 |
0.025 |
| - diluted |
0.036 |
0.025 |
[1] correction
CONSOLIDATED CONDENSED BALANCE SHEET
| (unaudited, in thousand EEK) |
30.11.2005 |
31.08.2005 |
| |
|
|
| ASSETS |
|
|
| Current assets |
|
|
| Cash and cash equivalents |
179 903 |
326 786 |
| Receivables and prepaid expenses |
213 280 |
202 540 |
| Inventories |
88 080 |
84 900 |
| Total current assets |
481 263 |
614 226 |
| |
|
|
| Non-current assets |
|
|
| Financial assets |
72 |
72 |
| Property, plant and equipment |
6 305 648 |
6 136 720 |
| Intangible assets |
175 901 |
176 153 |
| Total non-current assets |
6 481 621 |
6 312 945 |
| |
|
|
| TOTAL ASSETS |
6 962 884 |
6 927 171 |
| |
|
|
| LIABILITIES AND EQUITY |
|
|
| |
|
|
| Current liabilities |
|
|
| Current portion of interest-bearing liabilities |
960 299 |
690 473 |
| Payables and prepaid income |
442 983 |
434 683 |
| Total current liabilities |
1 403 282 |
1 125 156 |
| Non-current liabilities |
|
|
| Interest bearing loans and borrowings |
2 840 914 |
3 145 864 |
| Deferred income tax |
324 |
329 |
| Total non-current liabilities |
2 841 238 |
3 146 193 |
| |
|
|
| TOTAL LIABILITIES |
4 244 520 |
4 271 349 |
| |
|
|
| EQUITY |
|
|
| Minority interests |
695 |
274 |
| Equity attributable to equity holders of the parent |
|
|
| Issued capital |
1 100 000 |
1 100 000 |
| Unrealised exchange differences |
-78 |
0 |
| Reserves |
27 500 |
27 500 |
| Retained earnings |
1 590 247 |
1 528 048 |
| Total equity attributable to equity holders of the parent |
2 717 669 |
2 655 548 |
| TOTAL EQUITY |
2 718 364 |
2 655 822 |
| |
|
|
| TOTAL LIABILITIES AND EQUITY |
6 962 884 |
6 927 171 |
CONSOLIDATED CONDENSED BALANCE SHEET
| (unaudited, in thousand EUR) |
30.11.2005 |
31.08.2005 |
| |
|
|
| ASSETS |
|
|
| Current assets |
|
|
| Cash and cash equivalents |
11,498 |
20,885 |
| Receivables and prepaid expenses |
13,631 |
12,945 |
| Inventories |
5,629 |
5,426 |
| Total current assets |
30,758 |
39,256 |
| |
|
|
| Non-current assets |
|
|
| Financial assets |
5 |
5 |
| Property, plant and equipment |
403,004 |
392,208 |
| Intangible assets |
11,242 |
11,258 |
| Total non-current assets |
414,251 |
403,471 |
| |
|
|
| TOTAL ASSETS |
445,009 |
442,727 |
| |
|
|
| LIABILITIES AND EQUITY |
|
|
| |
|
|
| Current liabilities |
|
|
| Current portion of interest-bearing liabilities |
61,374 |
44,129 |
| Payables and prepaid income |
28,312 |
27,781 |
| Total current liabilities |
89,686 |
71,910 |
| Non-current liabilities |
|
|
| Interest bearing loans and borrowings |
181,567 |
201,057 |
| Deferred income tax |
21 |
21 |
| Total non-current liabilities |
181,588 |
201,078 |
| |
|
|
| TOTAL LIABILITIES |
271,274 |
272,988 |
| |
|
|
| EQUITY |
|
|
| Minority interests |
44 |
18 |
| Equity attributable to equity holders of the parent |
|
|
| Issued capital |
70,303 |
70,303 |
| Unrealised exchange differences |
-5 |
0 |
| Reserves |
1,758 |
1,758 |
| Retained earnings |
101,635 |
97,660 |
| Total equity attributable to equity holders of the parent |
173,691 |
169,721 |
| TOTAL EQUITY |
173,735 |
169,739 |
| |
|
|
| TOTAL LIABILITIES AND EQUITY |
445,009 |
442,727 |
AS Tallink Grupp unaudited financial results for second and third quarter and for financial year will be published respectively on week 15th, 28th and 42nd of 2006 year.
Janek Stalmeister
AS Tallink Grupp
Financial Director
Tel: +372 6409 800
Additional information:
Peter Roose
Investor Relations Manager
AS Tallink Grupp
tel.: +372 6 409 800
www.tallink.com |