The Group (AS Tallink Grupp and its subsidiaries) unaudited revenues in the 12
months of the 2008/2009 financial year were EUR 792 million (EEK 12 390 million)
which is 0.8% increase compared to the 12 months in the previous financial year.
Passengers related revenues increased more than EUR 51 million (EEK 806 million)
largely as an effect of the 15% increase in passenger volumes compared to the 12
months period in the previous financial year. Throughout the 2008/2009 financial
year the cargo volumes decreased year-on-year basis which impact resulted EUR 52
million (EEK 815 million) decrease in cargo revenues.
In the 4th quarter (June-August) of the 2008/2009 financial year the Group
revenues increased by EUR 18.6 million (EEK 291 million) or 8% compared to the
4th quarter of the previous financial year. The growth was resulted from the
increased passenger operations which are at significantly higher volumes in the
4th quarter high season and hence the drop in the cargo revenues was not
dominating.
The Group was able to stabilize the decrease in ticket revenues per passenger in
4th quarter whereas compared to the 2nd and 3rd quarters the aggressive discount
campaigns were not necessary in the high season. In the fourth quarter the
average passenger spending improved and slightly exceeded the levels of the
fourth quarter in the previous financial year. However, given the first nine
months slowdown in passenger spending, weaker SEK/EUR exchange rate, and lower
overall average pricing the total 12 months ticket and onboard spending shows
EUR 5.3 (EEK 83) decrease per passenger.
EBITDA of 2008/2009 financial year was EUR 133.1 million (EEK 2083 million)
being 6% higher than in the 2007/2008 financial year. In the fourth quarter of
2008/2009 financial year the Group's EBITDA reached EUR 76.6 million (EEK 1152
million) which is 51% or EUR 24.9 million (EEK 389 million) year-on-year
increase. The 4th quarter EBITDA margin increased to 29% from 21% year ago. The
positive impact to the EBITDA improvement in the fourth quarter resulted largely
from the lower fuel price and thereby EUR 18 million (EEK 282 million) decreased
fuel costs, but also from the different cost savings which the Group initiated
during the past 12 months.
In the fourth quarter of 2008/2009 financial year, the net profit reached EUR
31.7 million (EEK 496 million) which is 11% better than a year ago. The
unaudited net loss for the 12 months of 2008/2009 financial year was EUR 8.2
million (EEK 127.9 million).
The Group's earnings reflect one time provisions and write offs in total of EUR
3.4 million (EEK 53 million) recorded under cost of sales, administrative and
general expenses and EUR 14.6 million (EEK 228 million) expenses resulting from
interest rate derivatives mark to market revaluation, recorded under financial
items in the fourth quarter.
The Group's fourth quarter development assured that the fundamentals of the
Group business model are strong. Considering the overall weak macroeconomic
situation the Group was still able to outperform its historical numbers in many
areas. However, the management is not pleased with the Group's 12 months total
result in the 2008/2009 financial year. Despite that there have been
improvements in some areas, the surrounding weak macroeconomic environment
continues add uncertainties to Group's operations. The focus is being kept on
cost cuttings in the Group operations. The sales or charters of older vessels
have high priority. The Group's target is to be in the pofit in the 2009/2010
financial year.
12 MONTHS KEY FIGURES
--------------------------------------------------------------------------------
| | 01.09.2008- | 01.09.2007- | Change |
| | 31.08.2009 | 31.08.2009 | |
--------------------------------------------------------------------------------
| | EEK | EUR | EEK | EUR | |
--------------------------------------------------------------------------------
| Net sales (million) | 12 389 | 791.9 | 12 296 | 785.9 | 0.8% |
--------------------------------------------------------------------------------
| Gross profit (million) | 2 578 | 164.8 | 2 567 | 164.1 | 0.4% |
--------------------------------------------------------------------------------
| Gross margin | 20.8% | | 20.9% | | |
--------------------------------------------------------------------------------
| EBITDA (million) | 2 083 | 133.1 | 1 969 | 125.8 | 5.8% |
--------------------------------------------------------------------------------
| EBITDA margin | 16.8% | | 16% | | |
--------------------------------------------------------------------------------
| Net profit/-loss | -128 | -8.2 | 304 | 19.2 | -142.7% |
| (million) | | | | | |
--------------------------------------------------------------------------------
| Net profit margin | -1% | | 2.5% | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Depreciation & amort. | 1 094 | 69.9 | 964 | 61.6 | 13.5% |
| (million) | | | | | |
--------------------------------------------------------------------------------
| Investments (million) | 2 540 | 163.0 | 4 240 | 271.0 | -39.9% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Weighted average | 669 882 040 | 671 245 086 | -0.2% |
| number of ordinary | | | |
| shares outstanding | | | |
| during 12 months* | | | |
--------------------------------------------------------------------------------
| Earnings per share | -0.19 | -0.01 | 0.45 | 0.03 | -142% |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Number of passengers | 8 124 561 | 7 070 264 | 14.9% |
--------------------------------------------------------------------------------
| Cargo units | 252 026 | 331 149 | -23.9% |
--------------------------------------------------------------------------------
| Average number of | 6 853 | 6 564 | 4.4% |
| employees | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | 31.08.2009 | 31.08.2008 | |
--------------------------------------------------------------------------------
| | EEK | EUR | EEK | EUR | |
--------------------------------------------------------------------------------
| Total assets (million) | 30 523 | 1 951 | 29 702 | 1 898 | |
--------------------------------------------------------------------------------
| Total liabilities | 20 467 | 1 308 | 19 513 | 1 247 | |
| (million) | | | | | |
--------------------------------------------------------------------------------
| Interest-bearing | 18 483 | 1 181 | 17 525 | 1 120 | |
| liabilities (million) | | | | | |
--------------------------------------------------------------------------------
| Total equity (million) | 10 056 | 643 | 10 188 | 651 | |
--------------------------------------------------------------------------------
| Equity ratio | 33% | | 34% | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Number of ordinary | 669 882 040 | 669 882 040 | |
| shares outstanding* | | | |
--------------------------------------------------------------------------------
| Shareholders' equity | 15 | 0.96 | 15.2 | 0.97 | -1.3% |
| per share | | | | | |
--------------------------------------------------------------------------------
Net profit margin - net profit / net sales;
EBITDA - Earnings before net financial items, share of profit of associates,
taxes, depreciation and amortization;
EBITDA margin - EBITDA / net sales;
Gross margin - gross 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.
SEK exchange rate against Euro has been highly volatile during the 12 months of
the 2008/2009 financial year, being at the lowest point nearly 25% weaker
compared to the previous financial year. The estimated negative impact to the
Group sales from weak SEK/EUR exchange rate was nearly EUR 20 million (EEK 313
million) during the 12 months period.
The Group's administrative, general and marketing expenses, excluding the year
end provisions and write offs decreased by EUR 10.4 million (EEK 163 million)
during the 12 months which is 10% lower from the same period in the previous
financial year.
The depreciation and amortisation of the Group assets in the 12 months period
increased by EUR 8.3 million (EEK 90.8 million) mainly due to three new vessels
MS Superstar, MS Baltic Princess and MS Baltic Queen.
The net financial costs increased by EUR 21.5 million (EEK 336.8 million) during
the 12 months of the 2008/2009 financial year. Interest expenses decreased by
EUR 6 million (EEK 93.7 million) whereas the expenses from derivative
transactions - interest rate swaps and fuel swaps, increased by EUR 22.5 million
(EEK 352 million). The net expenses from derivative transactions include the
mark to market revaluation in amount of EUR 14.6 million (EEK 228 million). The
respective cash flows from all interest and fuel derivatives during the 12
months of 2008/2009 financial year were negative by EUR 4 million (EEK 62
million).
The Group made changes in it's accounting according to IFRIC 13. The Group
adopted IFRIC 13 “Customer Loyalty Programmes” during financial year and
comparative figures have also been provided [1]. For customer loyalty
programme, the
fair value of the consideration received or receivable in respect of the initial
sale is allocated between award credits (Club One points) and ticket sale. As a
result the Group has deferred income EUR 13.4 million (EEK 210 million) at 31
August 2009. In the 2007/2008 financial year balance sheet EUR 13.1 million (EEK
205 million) deferred income was recorded. The revenues, EBITDA and net profit
of the previous 2007/2008 financial year were lowered by EUR 0.9 million (EEK 14
million).
CONSOLIDATED CONDENSED INCOME STATEMENT
--------------------------------------------------------------------------------
| (unaudited, in | 01.06.2009 | 01.06.2008- | 01.09.2008 | 01.09.2007- |
| thousands of EEK) | - | | - | |
--------------------------------------------------------------------------------
| | 31.08.2009 | 31.08.2008[1]| 31.08.2009 | 31.08.2008[1]
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 3,987,594 | 3,696,764 | 12,389,960 | 12,295,967 |
--------------------------------------------------------------------------------
| Cost of sales | -2,731,106 | -2,891,498 | -9,812,048 | -9,729,085 |
--------------------------------------------------------------------------------
| Gross profit | 1,256,488 | 805,266 | 2,577,912 | 2,566,882 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Marketing expenses | -179,837 | -262,075 | -803,090 | -850,988 |
--------------------------------------------------------------------------------
| Administrative and | -221,985 | -196,004 | -774,599 | -889,377 |
| general expenses | | | | |
--------------------------------------------------------------------------------
| Other income | 1,452 | 161,768 | 5,579 | 199,467 |
--------------------------------------------------------------------------------
| Other expenses | -3,927 | -17,327 | -8,513 | -18,352 |
--------------------------------------------------------------------------------
| Financial income | -45,470 | 94,890 | 74,131 | 143,124 |
--------------------------------------------------------------------------------
| Financial expenses | -311,836 | -226,328 | -1,201,141 | -933,332 |
--------------------------------------------------------------------------------
| Loss of associates | -8,342 | -3,060 | -7,560 | -3,060 |
| from equity accounted | | | | |
| associates | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit/-loss from | 486,543 | 357,130 | -137,281 | 214,364 |
| normal operation | | | | |
| before income tax | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income tax | 9,368 | 89,736 | 9,368 | 89,564 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net profit/-loss for | 495,911 | 446,866 | -127,913 | 303,928 |
| the period | | | | |
--------------------------------------------------------------------------------
| Attributable to: | | | | |
--------------------------------------------------------------------------------
| | Equity holders of | 495,911 | 446,866 | -127,913 | 303,928 |
| | the parent | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share | | | | |
| (in EEK per share) | | | | |
--------------------------------------------------------------------------------
| | - basic | 0.74 | 0.67 | -0.19 | 0.45 |
--------------------------------------------------------------------------------
| | - diluted | 0.74 | 0.67 | -0.19 | 0.45 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (unaudited, in | 01.06.2009 | 01.06.2008- | 01.09.2008- | 01.09.200 |
| thousands of EUR) | - | | | 7- |
--------------------------------------------------------------------------------
| | 31.08.2009 | 31.08.2008 | 31.08.2009 | 31.08.200 |
| | | [1] | | 8 [1] |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 254,854 | 236,266 | 791,863 | 785,855 |
--------------------------------------------------------------------------------
| Cost of sales | -174,549 | -184,801 | -627,104 | -621,802 |
--------------------------------------------------------------------------------
| Gross profit | 80,305 | 51,465 | 164,759 | 164,053 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Marketing expenses | -11,494 | -16,750 | -51,327 | -54,388 |
--------------------------------------------------------------------------------
| Administrative and | -14,188 | -12,526 | -49,506 | -56,841 |
| general expenses | | | | |
--------------------------------------------------------------------------------
| Other income | 93 | 10,339 | 356 | 12,748 |
--------------------------------------------------------------------------------
| Other expenses | -251 | -1,108 | -544 | -1,173 |
--------------------------------------------------------------------------------
| Financial income | -2,906 | 6,064 | 4,738 | 9,147 |
--------------------------------------------------------------------------------
| Financial expenses | -19,930 | -14,464 | -76,767 | -59,650 |
--------------------------------------------------------------------------------
| Profit/-loss of | -533 | -196 | -483 | -196 |
| associates from equity | | | | |
| accounted associates | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit/-loss from | 31,096 | 22,824 | -8,774 | 13,700 |
| normal operation before | | | | |
| income tax | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income tax | 599 | 5,735 | 599 | 5,724 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net profit/-loss for | 31,695 | 28,559 | -8,175 | 19,424 |
| the period | | | | |
--------------------------------------------------------------------------------
| Attributable to: | | | | |
--------------------------------------------------------------------------------
| | Equity holders of | 31,695 | 28,559 | -8,175 | 19,424 |
| | the parent | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share (in | | | | |
| EUR per share) | | | | |
--------------------------------------------------------------------------------
| | - basic | 0.05 | 0.04 | -0.01 | 0.03 |
--------------------------------------------------------------------------------
| | - diluted | 0.05 | 0.04 | -0.01 | 0.03 |
--------------------------------------------------------------------------------
CONSOLIDATED CONDENSED BALANCE SHEET
(unaudited, in thousands of EEK)
--------------------------------------------------------------------------------
| ASSETS | 31.08.2009 | 31.08.2008 [1] |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current assets | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 782,043 | 1,043,785 |
--------------------------------------------------------------------------------
| Receivables | 797,762 | 1,177,342 |
--------------------------------------------------------------------------------
| Prepayments | 179,892 | 111,522 |
--------------------------------------------------------------------------------
| Derivatives | 75,698 | 51,884 |
--------------------------------------------------------------------------------
| Inventories | 297,527 | 358,480 |
--------------------------------------------------------------------------------
| Total current assets | 2,132,922 | 2,743,013 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current assets | | |
--------------------------------------------------------------------------------
| Investments in associates | 0 | 2,222 |
--------------------------------------------------------------------------------
| Other financial assets and prepayments | 7,664 | 7,700 |
--------------------------------------------------------------------------------
| Deferred income tax assets | 193,968 | 199,851 |
--------------------------------------------------------------------------------
| Investment property | 4,694 | 4,694 |
--------------------------------------------------------------------------------
| Property, plant and equipment | 27,049,393 | 25,518,298 |
--------------------------------------------------------------------------------
| Intangible assets | 1,134,738 | 1,226,023 |
--------------------------------------------------------------------------------
| Total non-current assets | 28,390,457 | 26,958,788 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL ASSETS | 30,523,379 | 29,701,801 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES AND EQUITY | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current liabilities | | |
--------------------------------------------------------------------------------
| Current portion of interest-bearing | 2,586,555 | 2,200,220 |
| liabilities | | |
--------------------------------------------------------------------------------
| Payables | 1,415,763 | 1,621,711 |
--------------------------------------------------------------------------------
| Deferred income | 331,323 | 343,837 |
--------------------------------------------------------------------------------
| Derivatives | 235,559 | 5,351 |
--------------------------------------------------------------------------------
| Total current liabilities | 4,569,200 | 4,171,119 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current liabilities | | |
--------------------------------------------------------------------------------
| Interest bearing loans and borrowings | 15,896,832 | 15,324,355 |
--------------------------------------------------------------------------------
| Deferred income tax liability | 0 | 16,147 |
--------------------------------------------------------------------------------
| Other liabilities | 1,330 | 1,643 |
--------------------------------------------------------------------------------
| Total non-current liabilities | 15,898,162 | 15,342,145 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES | 20,467,362 | 19,513,264 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY | | |
--------------------------------------------------------------------------------
| Equity attributable to equity holders of | | |
| the parent | | |
--------------------------------------------------------------------------------
| Share capital | 6,738,170 | 6,738,170 |
--------------------------------------------------------------------------------
| Share premium | 9,999 | 9,999 |
--------------------------------------------------------------------------------
| Reserves | 1,124,409 | 1,151,071 |
--------------------------------------------------------------------------------
| Retained earnings | 2,183,439 | 2,289,297 |
--------------------------------------------------------------------------------
| Total equity attributable to equity holders | 10,056,017 | 10,188,537 |
| of the parent | | |
--------------------------------------------------------------------------------
| TOTAL EQUITY | 10,056,017 | 10,188,537 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND EQUITY | 30,523,379 | 29,701,801 |
--------------------------------------------------------------------------------
CONSOLIDATED CONDENSED BALANCE SHEET
(unaudited, in thousands of EUR)
--------------------------------------------------------------------------------
| ASSETS | 31.08.2009 | 31.08.2008 [1] |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current assets | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 49,982 | 66,710 |
--------------------------------------------------------------------------------
| Receivables | 50,986 | 75,246 |
--------------------------------------------------------------------------------
| Prepayments | 11,497 | 7,127 |
--------------------------------------------------------------------------------
| Derivatives | 4,838 | 3,316 |
--------------------------------------------------------------------------------
| Inventories | 19,015 | 22,911 |
--------------------------------------------------------------------------------
| Total current assets | 136,318 | 175,310 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current assets | | |
--------------------------------------------------------------------------------
| Investments in associates | 0 | 142 |
--------------------------------------------------------------------------------
| Other financial assets and prepayments | 490 | 492 |
--------------------------------------------------------------------------------
| Deferred income tax assets | 12,397 | 12,773 |
--------------------------------------------------------------------------------
| Investment property | 300 | 300 |
--------------------------------------------------------------------------------
| Property, plant and equipment | 1,728,771 | 1,630,917 |
--------------------------------------------------------------------------------
| Intangible assets | 72,523 | 78,357 |
--------------------------------------------------------------------------------
| Total non-current assets | 1,814,481 | 1,722,981 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL ASSETS | 1,950,799 | 1,898,291 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES AND EQUITY | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current liabilities | | |
--------------------------------------------------------------------------------
| Current portion of interest-bearing | 165,311 | 140,620 |
| liabilities | | |
--------------------------------------------------------------------------------
| Payables | 90,484 | 103,646 |
--------------------------------------------------------------------------------
| Deferred income | 21,175 | 21,975 |
--------------------------------------------------------------------------------
| Derivatives | 15,055 | 342 |
--------------------------------------------------------------------------------
| Total current liabilities | 292,025 | 266,583 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current liabilities | | |
--------------------------------------------------------------------------------
| Interest bearing loans and borrowings | 1,015,993 | 979,405 |
--------------------------------------------------------------------------------
| Deferred income tax | 0 | 1,032 |
--------------------------------------------------------------------------------
| Other liabilities | 85 | 105 |
--------------------------------------------------------------------------------
| Total non-current liabilities | 1,016,078 | 980,542 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES | 1,308,103 | 1,247,125 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY | | |
--------------------------------------------------------------------------------
| Equity attributable to equity holders of | | |
| the parent | | |
--------------------------------------------------------------------------------
| Share capital | 430,648 | 430,648 |
--------------------------------------------------------------------------------
| Share premium | 639 | 639 |
--------------------------------------------------------------------------------
| Reserves | 71,862 | 73,566 |
--------------------------------------------------------------------------------
| Retained earnings | 139,547 | 146,313 |
--------------------------------------------------------------------------------
| Total equity attributable to equity holders | 642,696 | 651,166 |
| of the parent | | |
--------------------------------------------------------------------------------
| TOTAL EQUITY | 642,696 | 651,166 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND EQUITY | 1,950,799 | 1,898,291 |
--------------------------------------------------------------------------------
CONSOLIDATED CONDENSED CASH FLOW STATEMENT
--------------------------------------------------------------------------------
|(unaudited, in thousands of EEK) | 01.09.2008 | 01.09.2007 - |
| | - | |
--------------------------------------------------------------------------------
| | | 31.08.2009 | 31.08.2008 [1] |
--------------------------------------------------------------------------------
| Cash flows from operating activities | | |
--------------------------------------------------------------------------------
| Net profit/-loss for the period | -127,913 | 303,928 |
--------------------------------------------------------------------------------
| Adjustments | 2,190,984 | 1,661,987 |
--------------------------------------------------------------------------------
| Changes in assets related to operating | 305,233 | -339,402 |
| activities | | |
--------------------------------------------------------------------------------
| Changes in inventories | 60,953 | -85,110 |
--------------------------------------------------------------------------------
| Changes in liabilities related to operating | -149,507 | 172,427 |
| activities | | |
--------------------------------------------------------------------------------
| Income tax paid | -493 | -1,800 |
--------------------------------------------------------------------------------
| | 2,279,257 | 1,712,030 |
--------------------------------------------------------------------------------
| Cash flow used for investing activities | | |
--------------------------------------------------------------------------------
| Purchase of property, plant, equipment and | -2,549,838 | -4,240,289 |
| intangible assets | | |
--------------------------------------------------------------------------------
| Proceeds from disposals of property, plant, | 16,895 | 453,242 |
| equipment | | |
--------------------------------------------------------------------------------
| Acquisition of subsidiary | 0 | 1,885 |
--------------------------------------------------------------------------------
| Acquisition of associate | -6,120 | -2,040 |
--------------------------------------------------------------------------------
| Proceeds from associates | 782 | 0 |
--------------------------------------------------------------------------------
| Proceeds/-payments from settlement of | -62,514 | 45,879 |
| derivatives | | |
--------------------------------------------------------------------------------
| Interest received | 5,804 | 11,511 |
--------------------------------------------------------------------------------
| | -2,594,991 | -3,729,812 |
--------------------------------------------------------------------------------
| Cash flow from (+)/ used for (-) financing | | |
| activities | | |
--------------------------------------------------------------------------------
| Repurchase of own shares | 0 | -65,132 |
--------------------------------------------------------------------------------
| Proceeds from loans | 2,427,151 | 3,756,212 |
--------------------------------------------------------------------------------
| Redemption of loans | -1,699,493 | -1,518,433 |
--------------------------------------------------------------------------------
| Change in overdraft | 204,199 | 443,199 |
--------------------------------------------------------------------------------
| Repayment of finance lease liabilities | -6,619 | -14,855 |
--------------------------------------------------------------------------------
| Interest paid | -871,246 | -843,033 |
--------------------------------------------------------------------------------
| | 53,992 | 1,757,958 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL NET CASH FLOW | -261,742 | -259,824 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash and cash equivalents: | | |
--------------------------------------------------------------------------------
| - at the beginning of period | 1,043,785 | 1,303,609 |
--------------------------------------------------------------------------------
| - increase (+) / decrease (-) | -261,742 | -259,824 |
--------------------------------------------------------------------------------
| Cash and cash equivalents at end of period | 782,043 | 1,043,785 |
--------------------------------------------------------------------------------
CONSOLIDATED CONDENSED CASH FLOW STATEMENT
--------------------------------------------------------------------------------
| (unaudited, in thousands of EUR) | 01.09.2008 | 01.09.2007 - |
| | - | |
--------------------------------------------------------------------------------
| | | 31.08.2009 | 31.08.2008 [1] |
--------------------------------------------------------------------------------
| Cash flows from operating activities | | |
--------------------------------------------------------------------------------
| Net profit/-loss for the period | -8,175 | 19,424 |
--------------------------------------------------------------------------------
| Adjustments | 140,029 | 106,221 |
--------------------------------------------------------------------------------
| Changes in assets related to operating | 19,508 | -21,692 |
| activities | | |
--------------------------------------------------------------------------------
| Changes in inventories | 3,896 | -5,439 |
--------------------------------------------------------------------------------
| Changes in liabilities related to operating | -9,555 | 11,020 |
| activities | | |
--------------------------------------------------------------------------------
| Income tax paid | -32 | -115 |
--------------------------------------------------------------------------------
| | 145,671 | 109,419 |
--------------------------------------------------------------------------------
| Cash flow used for investing activities | | |
--------------------------------------------------------------------------------
| Purchase of property, plant, equipment and | -162,964 | -271,004 |
| intangible assets | | |
--------------------------------------------------------------------------------
| Proceeds from disposals of property, plant, | 1,080 | 28,967 |
| equipment | | |
--------------------------------------------------------------------------------
| Acquisition of subsidiary | 0 | 120 |
--------------------------------------------------------------------------------
| Acquisition of associate | -391 | -130 |
--------------------------------------------------------------------------------
| Proceeds from associates | 50 | 0 |
--------------------------------------------------------------------------------
| Proceeds/-payments from settlement of | -3,995 | 2,933 |
| derivatives | | |
--------------------------------------------------------------------------------
| Interest received | 371 | 736 |
--------------------------------------------------------------------------------
| | -165,849 | -238,378 |
--------------------------------------------------------------------------------
| Cash flow from (+)/ used for (-) financing | | |
| activities | | |
--------------------------------------------------------------------------------
| Repurchase of own shares | 0 | -4,163 |
--------------------------------------------------------------------------------
| Proceeds from loans | 155,123 | 240,066 |
--------------------------------------------------------------------------------
| Redemption of loans | -108,618 | -97,045 |
--------------------------------------------------------------------------------
| Change in overdraft | 13,051 | 28,325 |
--------------------------------------------------------------------------------
| Repayment of finance lease liabilities | -423 | -949 |
--------------------------------------------------------------------------------
| Interest paid | -55,683 | -53,880 |
--------------------------------------------------------------------------------
| | 3,450 | 112,354 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL NET CASH FLOW | -16,728 | -16,605 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash and cash equivalents: | | |
--------------------------------------------------------------------------------
| - at the beginning of period | 66,710 | 83,315 |
--------------------------------------------------------------------------------
| - increase (+) / decrease (-) | -16,728 | -16,605 |
--------------------------------------------------------------------------------
| Cash and cash equivalents at end of period | 49,982 | 66,710 |
--------------------------------------------------------------------------------
[1] Corrected
Janek Stalmeister
Member of the Management Board, CFO
AS Tallink Grupp
Tel. +372 6409 800
e-mail: janek.stalmeister@tallink.ee
