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AS Tallink Grupp, Financial Results
13.04.2006
6-months results of the 2005/2006 financial year
AS Tallink Grupp CEO, Mr. Enn Pant is satisfied with the company's 6-months performance: "The low season in the shipping businesshas now ended. Tallink increased the net profit by 12% which is a result better than internally forecasted. During the winter many preparations were made for the upcoming high season. We initiated the highest ever single transaction investment for Tallink when discussions began to purchase three Superfast ferries for German route operations at a total value of Euros 310 million. This deal will expand the company's market coverage and increase both the sales and earnings from the 3rd quarter of this financial year.
The passenger volumes in autumn and also the prebookings for the winter caused the management to review and change key personnel in our sales and marketing departments.
The long and extensive negotiations finally concluded with the opening of the Riga-Stockholm route. M/S Fantaasia is now operating and the current analysis of the situation leads us to strongly believe that the Riga-Stockholm route will be very successful.
We are prepared and excited to receive delivery of Galaxy from the shipyard within the next few weeks. Another ship has been built for Tallink to better serve our passengers and to support the company's development with the better results.
We estimate that three of our biggest projects, Riga and Germany routes and launch of Galaxy, would add additional increase to our consolidated sales by approximately 50% annually from the current sales base along with better profitability margins."
AS Tallink Grupp unaudited consolidated net sales in the 6 months of the 2005/2006 financial year amounted to 1,786.0 million EEK (114.1 million EUR) compared to 1,805.4 million EEK (115.4 million EUR) in the period September 1, 2004 - February 28, 2005. The sales decreased by 19.4 million EEK (1.2 million EUR).
The net profit for the 6 months was 55.2 million EEK (3.5 million EUR). The net profit increased by 12.4% compared to the corresponding period in financial year 2004/2005.
AS Tallink Grupp six months unaudited consolidated results of 2005/2006 financial year characterized by ratios and calculation methods are as follows:
|
2005/2006 6 months |
2004/2005 6 months |
| |
|
|
| Net profit margin |
3,1% |
2,7% |
| EBITDA margin |
14,3% |
14,8% |
| Equity/assets ratio |
55,4% |
38,3% |
Net profit margin: Net profit/net sales
EBITDA margin: EBITDA/net sales
Equity/assets ratio: Total equity/total assets
CONSOLIDATED CONDENSED INCOME STATEMENT
(unaudited, in thousand EEK)
|
01.12.2005-
28.02.2006 |
01.12.2004-
28.02.2005 |
01.09.2005-
28.02.2006 |
01.09.2004-
28.02.2005 |
| |
|
|
|
|
| Net sales |
793,969 |
806,411 |
1,786,023 |
1,805,413 |
| Cost of sales |
-690,905 |
-656,379 |
-1,440,492 |
-1,449,797 |
| Gross profit |
103,064 |
150,032 |
345,531 |
355,616 |
| Marketing expenses |
-56,940 |
-80,229 |
-160,433 |
-174,700 |
| Administrative and general expenses |
-30,123 |
-26,414 |
-68,336 |
-51,693 |
| Other operating income |
821 |
1,134 |
984 |
1,527 |
| Other operating expenses |
-266 |
-178 |
-543 |
-296 |
| Operating profit |
16,556 |
44,345 |
117,203 |
130,454 |
Net financial expense
(-) / income |
-24,258 |
-37,888 |
-61,398 |
-82,233 |
| Income from associates |
0 |
-57 |
0 |
423 |
| Profit from normal operation before income tax |
-7,702 |
6,400 |
55,805 |
48,644 |
| Income tax |
299 |
-290 |
-588 |
498 |
| Net profit for the period |
-7,403 |
6,110 |
55,217 |
49,142 |
| Attributable to: |
|
|
|
|
| -Equity holders of the parent |
-7,601 |
6,162 |
54,598 |
49,194 |
| -Minority interests |
198 |
-52 |
619 |
-52 |
Earnings per share
(in EEK per share) |
|
|
|
|
| - basic |
|
|
0.45 |
0.45 |
| - diluted |
|
|
0.45 |
0.45 |
CONSOLIDATED CONDENSED INCOME STATEMENT
| (unaudited, in thousand EUR) |
01.12.2005-28.02.2006 |
01.12.2004-28.02.2005 |
01.09.2005-28.02.2006 |
01.09.2004-28.02.2005 |
| Net sales |
50,744 |
51,539 |
114,148 |
115,387 |
| Cost of sales |
-44,157 |
-41,950 |
-92,064 |
-92,659 |
| Gross profit |
6,587 |
9,589 |
22,084 |
22,728 |
| Marketing expenses |
-3,640 |
-5,128 |
-10,254 |
-11,165 |
| Administrative and general expenses |
-1,925 |
-1,688 |
-4,367 |
-3,304 |
| Other operating income |
53 |
72 |
63 |
98 |
| Other operating expenses |
-17 |
-11 |
-35 |
-19 |
| Operating profit |
1,058 |
2,834 |
7,491 |
8,338 |
| Net financial expense (-) / income |
-1,550 |
-2,421 |
-3,924 |
-5,256 |
| Income from associates |
0 |
-4 |
0 |
27 |
| Profit from normal operation before income tax |
-492 |
409 |
3,567 |
3,109 |
| Income tax |
19 |
-18 |
-38 |
32 |
| Net profit for the period |
-473 |
391 |
3,529 |
3,141 |
| Attributable to: |
|
|
|
|
| -Equity holders of the parent |
-485 |
394 |
3,490 |
3,144 |
| Minority interests |
12 |
-3 |
39 |
-3 |
| |
|
|
|
|
| Earnings per share (in EUR per share) |
|
|
|
|
| - basic |
|
|
0.03 |
0.03 |
| - diluted |
|
|
0.03 |
0.03 |
CONSOLIDATED CONDENSED BALANCE SHEET (unaudited, in thousand EEK)
| ASSETS |
28.02.2006 |
31.08.2005 |
| |
|
|
| Current assets |
|
|
| Cash and cash equivalents |
1,669,185 |
326,786 |
| Receivables and prepaid expenses |
183,672 |
202,540 |
| Other financial assets |
2,161 |
0 |
| Inventories |
84,226 |
84,900 |
| Total current assets |
1,939,244 |
614,226 |
| Non-current assets |
|
|
| Financial assets |
72 |
72 |
| Property, plant and equipment |
6,490,169 |
6,136,720 |
| Intangible assets |
175,606 |
176,153 |
| Total non-current assets |
6,665,847 |
6,312,945 |
| |
|
|
| TOTAL ASSETS |
8,605,091 |
6,927,171 |
|
|
|
| LIABILITIES AND EQUITY |
|
|
| Current liabilities |
|
|
| Current portion of interest-bearing liabilities |
683,618 |
690,473 |
| Payables and prepaid income |
375,986 |
434,683 |
| Total current liabilities |
1,059,604 |
1,125,156 |
|
|
|
| Non-current liabilities |
|
|
| Interest bearing loans and borrowings |
2,775,818 |
3,145,864 |
| Deferred income tax |
327 |
329 |
| Total non-current liabilities |
2,776,145 |
3,146,193 |
| TOTAL LIABILITIES |
3,835,749 |
4,271,349 |
|
|
|
| EQUITY |
|
|
| Minority interests |
743 |
274 |
| Equity attributable to equity holders of the parent |
|
|
| Issued capital |
1,365,000 |
1,100,000 |
| Share premium |
1,791,368 |
0 |
| Unrealised exchange differences |
-39 |
0 |
| Revaluation reserve |
2,124 |
0 |
| Reserves |
27,500 |
27,500 |
| Retained earnings |
1,582,646 |
1,528,048 |
| Total equity attributable to equity holders of the parent |
4,768,599 |
2,655,548 |
| TOTAL EQUITY |
4,769,342 |
2,655,822 |
|
|
|
| TOTAL LIABILITIES AND EQUITY |
8,605,091 |
6,927,171 |
CONSOLIDATED CONDENSED BALANCE SHEET
(unaudited, in thousand EUR)
| ASSETS |
28.02.2006 |
31.08.2005 |
|
|
|
| Current assets |
|
|
| Cash and cash equivalents |
106,680 |
20,885 |
| Receivables and prepaid expenses |
11,739 |
12,945 |
| Other financial assets |
138 |
0 |
| Inventories |
5,383 |
5,426 |
| Total current assets |
123,940 |
39,256 |
|
|
|
| Non-current assets |
|
|
| Financial assets |
5 |
5 |
| Property, plant and equipment |
414,797 |
392,208 |
| Intangible assets |
11,223 |
11,258 |
| Total non-current assets |
426,025 |
403,471 |
|
|
|
| TOTAL ASSETS |
549,965 |
442,727 |
|
|
|
| LIABILITIES AND EQUITY |
|
|
|
|
|
| Current liabilities |
|
|
| Current portion of interest-bearing liabilities |
43,691 |
44,129 |
| Payables and prepaid income |
24,029 |
27,781 |
| Total current liabilities |
67,720 |
71,910 |
|
|
|
| Non-current liabilities |
|
|
| Interest bearing loans and borrowings |
177,407 |
201,057 |
| Deferred income tax |
21 |
21 |
| Total non-current liabilities |
177,428 |
177,428 |
| TOTAL LIABILITIES |
245,148 |
272,988 |
|
|
|
| EQUITY |
|
|
| Minority interests |
47 |
18 |
| Equity attributable to equity holders of the parent |
|
|
| Issued capital |
87,239 |
70,303 |
| Share premium |
114,489 |
0 |
| Unrealised exchange differences |
-2 |
0 |
| Revaluation reserve |
136 |
0 |
| Reserves |
1,758 |
1,758 |
| Retained earnings |
101,150 |
97,660 |
| Total equity attributable to equity holders of the parent |
304,770 |
169,721 |
| TOTAL EQUITY |
304,817 |
169,739 |
|
|
|
| TOTAL LIABILITIES AND EQUITY |
549,965 |
442,727 |
AS Tallink Grupp unaudited financial results for third quarter and
for financial year will be published respectively on week 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 |