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AS Tallink Grupp, Financial Results
11.12.2006
AUDITED STATEMENTS FOR THE 2005/2006 FINANCIAL YEAR
CONSOLIDATED INCOME STATEMENT
for the year ended 31 August
in thousands of EEK in thousands of EUR
2006 2005 2006 2005
Revenue 6,330,911 4,062,961 404,619 259,671
Cost of sales -4,498,940 -2,979,506 -287,535 -190,425
Gross profit 1,831,971 1,083,455 117,084 69,246
Marketing expenses -454,520 -336,203 -29,049 -21,487
Administrative expenses -329,798 -119,944 -21,078 -7,666
Other operating items -1,128 1,466 -72 93
Income from negative 710,496 0 45,409 0
goodwill
Financial income 44,854 3,417 2,867 218
Financial expenses -316,571 -162,123 -20,233 -10,361
Gain from investments into 0 3,643 0 233
associates
Profit before income tax 1,485,304 473,711 94,928 30,276
Income tax -33 -356 -2 -23
Net profit for the 1,485,271 473,355 94,926 30,253
financial year
Attributable to:
Equity holders of the 1,484,206 473,171 94,858 30,241
Parent
Minority interests 1,065 184 68 12
Basic and diluted earnings 11.38 4.30 0.73 0.27
per share
(in EEK/EUR per share)
CONSOLIDATED BALANCE SHEET
as of 31 August in thousands of EEK in thousands of EUR
2006 2005 2006 2005
ASSETS
Current assets
Cash and cash equivalents 1,407,608 326,786 89,963 20,885
Receivables 843,456 148,861 53,906 9,514
Prepayments 235,890 49,167 15,076 3,142
Derivatives 11,633 0 743 0
Tax assets 17,644 4,512 1,128 289
Inventories 237,228 84,900 15,162 5,426
2,753,459 614,226 175,978 39,256
Non-current assets
Investments in associates 9,044 0 578 0
Other financial assets and 8,240 72 527 5
prepayments
Pension assets 45,234 0 2,891 0
Property, plant and 21,857,153 6,136,720 1,396,927 392,208
equipment
Intangible assets 1,258,432 176,153 80,428 11,258
23,178,103 6,312,945 1,481,351 403,471
TOTAL ASSETS 25,931,562 6,927,171 1,657,329 442,727
LIABILITIES AND EQUITY
Current liabilities
Interest-bearing loans and 1,228,098 690,473 78,490 44,129
borrowings
Payables 1,593,026 331,148 101,813 21,165
Deferred income 146,042 31,817 9,334 2,033
Derivatives 24,159 913 1,544 58
Tax liabilities 112,061 70,805 7,162 4,525
3,103,386 1,125,156 198,343 71,910
Non-current liabilities
Interest-bearing loans and 13,727,497 3,145,864 877,347 201,057
borrowings
Deferred income tax 69 329 4 21
liability
Pension liability 25,332 0 1,619 0
13,752,898 3,146,193 878,970 201,078
Total liabilities 16,856,284 4,271,349 1,077,313 272,988
Equity
Minority interests 1,189 274 76 18
Equity attributable to
equity holders of the
parent
Share capital 1,415,000 1,100,000 90,435 70,303
Share premium 2,012,394 0 128,615 0
Unregistered share capital 1,475,727 0 94,316 0
with share premium
Reserves 1,158,714 27,500 74,056 1,758
Retained earnings 3,012,254 1,528,048 192,518 97,660
Total equity attributable 9,074,089 2,655,548 579,940 169,721
to equity holders of the
parent
Total equity 9,075,278 2,655,548 580,016 169,739
TOTAL LIABILITIES AND 25,931,562 6,927,171 1,657,329 442,727
EQUITY
CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 August
in thousands of EEK in thousands of EUR
2006 2005 2006 2005
Cash flow from operating
activities
Net profit for the 1,485,271 473,355 94,926 30,253
financial year
Adjustments: -17,689 427,213 -1,131 27,304
Depreciation and 419,664 271,878 26,821 17,377
amortization
Net (gain) / loss on -6,180 -354 -395 -23
disposals of property,
plant and equipment
Net interest expenses 274,820 157,678 17,564 10,077
Net interest expenses from 4,470 1,342 286 86
swap
Share profit of 0 -3,643 0 -233
subsidiaries and associates
Income from negative -710,496 0 -45,409 0
goodwill
Net foreign exchange (gain) 0 -44 0 -3
/ loss related to investing
and financing activities
Income tax expense 33 356 2 23
Changes in receivables and -276,382 38,501 -17,664 2,460
prepayments related to
operating activities
Changes in inventories -46,495 -347 -2,971 -22
Changes in liabilities 91,081 -47,803 5,821 -3,055
related to operating
activities
Income tax paid -791 -117 -50 -7
1,234,995 890,802 78,931 56,933
Cash flow used for
investing activities
Purchase of property, -7,824,715 -357,238 -500,090 -22,832
plant, equipment and
intangible assets
Proceeds from disposals of 181,619 1,372 11,607 88
property, plant, equipment
Proceeds from disposals of 5,000 0 320 0
associates
Acquisition of subsidiaries -969,511 90 -61,963 6
Dividends received 0 1,200 0 77
Interest received 23,007 2,974 1,470 190
-8,584,600 -351,602 -548,656 -22,471
Cash flow from (+)/ used
for (-) financing
activities
Proceeds from issue of 3,668,735 0 234,475 0
shares
Transaction costs of issue -132,891 0 -8,493 0
of shares
Proceeds from loans and 12,609,227 458,028 805,876 29,273
bonds
Redemption of loans and -7,473,544 -884,685 -477,647 -56,542
bonds
Change in overdraft -18,249 18,249 -1,166 1,166
Repayment of finance lease -5,073 -967 -324 -62
liabilities
Interest paid -217,778 -169,707 -13,918 -10,846
8,430,427 -579,082 538,803 -37,011
TOTAL NET CASH FLOW 1,080,822 -39,882 69,078 -2,549
Cash and cash equivalents:
- at the beginning of period 326,786 366,668 20,885 23,434
- increase (+) / decrease (-) 1,080,822 -39,882 69,078 -2,549
- at the end of period 1,407,608 326,786 89,963 20,885
Janek Stalmeister
Finantsdirektor
AS Tallink Grupp
Tel. +372 6409 800 |