The weak global macroeconomics had continuous influence on the first half-year
operations of AS Tallink Grupp and its subsidiaries (hereinafter also referred
to as the Group).
Despite changed environment the Group revenues in the first half of the
2008/2009 financial year reached the previous year level of EUR 361 million (EEK
5 650 million). A positive effect to the first half-year revenues came from the
passenger operations where sales increased by nearly EUR 18 million (EEK 282
million) supported by higher passenger volumes. To the contray, the cargo
revenues decreased by almost 23 million EUR (EEK 357 million) as an effect of
the recent weakening in the world economies.
It is typical to the Group operations that the second quarter is low season in
the passenger business segment. The impact of weaker cargo volumes to the Group
result is clearly noticeable in the second quarter when the share of the ro-ro
cargo operations in the total Group revenues has been historically higher.
The Group's passenger business related revenues were also impacted by fallen
exchange rate of Swedish krona. SEK has weakened against Euro by nearly 17%
during the first half-year period which had negative impact to the sales by
about EUR 7 million (EEK 109 million).
1st HALF-YEAR KEY FIGURES
--------------------------------------------------------------------------------
| | 01.09.2008- | 01.09.2007 | Change % |
| | 28.02.2009 | 29.02.2008 | |
--------------------------------------------------------------------------------
| | EEK | EUR | EEK | EUR | |
--------------------------------------------------------------------------------
| Net sales (million) | 5,650 | 361.1 | 5,663 | 361.9 | -0.2% |
--------------------------------------------------------------------------------
| Gross profit | 958 | 61.3 | 1,148 | 73.4 | -16.5% |
| (million) | | | | | |
--------------------------------------------------------------------------------
| Gross margin | 16.9% | | 20.3% | | |
--------------------------------------------------------------------------------
| EBITDA (million) | 707 | 45.2 | 781 | 49.9 | -9.5% |
--------------------------------------------------------------------------------
| EBITDA margin | 12.5% | | 13.8% | | |
--------------------------------------------------------------------------------
| Net profit/-loss | -354 | -22.6 | -108 | -7.0 | -226% |
| (million) | | | | | |
--------------------------------------------------------------------------------
| Net profit margin | -6.2% | | -1.9% | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Depreciation | 519 | 33.2 | 464 | 29.7 | 11.7% |
| (million) | | | | | |
--------------------------------------------------------------------------------
| Investments (million) | 224 | 14.3 | 494 | 31.6 | -54.6% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Weighted average | 669,882,040 | 672,623,111 | -0.4% |
| number of ordinary | | | |
| shares outstanding | | | |
| during 1st half-year* | | | |
--------------------------------------------------------------------------------
| Earnings per share | -0.53 | -0.03 | -0.16 | -0.01 | -231% |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Number of passengers | 3,593,619 | 3,080,334 | 16.7% |
--------------------------------------------------------------------------------
| Cargo units | 132,915 | 171,271 | -22.4% |
--------------------------------------------------------------------------------
| Average number of | 6,808 | 6,309 | 7.9% |
| employees | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | 28.02.2008 | 31.08.2008 | |
--------------------------------------------------------------------------------
| | EEK | EUR | EEK | EUR | |
--------------------------------------------------------------------------------
| Total assets | 28,436 | 1,817 | 29,702 | 1,898 | -4.3% |
| (million) | | | | | |
--------------------------------------------------------------------------------
| Total liabilities | 18,505 | 1,183 | 19,308 | 1,234 | -4.2% |
| (million) | | | | | |
--------------------------------------------------------------------------------
| Interest-bearing | 16,940 | 1,083 | 17,525 | 1,120 | -3.3% |
| liabilities (million) | | | | | |
--------------------------------------------------------------------------------
| Total equity | 9,930 | 635 | 10,394 | 664 | -4.5% |
| (million) | | | | | |
--------------------------------------------------------------------------------
| Equity ratio | 34.9% | | 35.0% | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Number of ordinary | 669,882,040 | 669,882,040 | |
| shares outstanding* | | | |
--------------------------------------------------------------------------------
| Shareholders' equity | 14.8 | 0.95 | 15.5 | 0.99 | -4.5% |
| per share | | | | | |
--------------------------------------------------------------------------------
Net profit margin - net profit / net sales;
EBITDA - Earnings before net financial items, share of profit of associates,
taxes, depreciation and amortization, income from negative goodwill;
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.
The largest changes in the operational items in the first half-year were:
passenger segment revenues increased by EUR 18 million (EEK 282 million);
ro-ro cargo revenues decreased by EUR 23 million (EEK 357 million);
fuel costs decreased by EUR 15 million (EEK 234 million);
increase in cost of goods by EUR 11 million (EEK 172 million) driven by the
inflation from the recent past and also higher restaurant, bars and shop sales;
increase in personnel costs by EUR 4.6 million (EEK 72 million) which is a 8.5%
year on year increase mainly due to the previously agreed salaries increase;
Restructuring of the Grmany route and reduced number of vessels have been
influential to many of the changes in operational items. Largest part in the
Group's fuel cost decrease is attributable to Germany route. As the cargo has
represented majority in the Finland-Germany segment revenues the route has been
most exposed to the changes in world economy. The fallen demand in ro-ro cargo
transportation between Finland and Germany and decreased frequency in departures
have resulted the route revenues to decrease by EUR 19 million (EEK 304 million)
in the first half-year compared to the same period in the previous financial
year. It is worth to note that the decline in the segment result was softened
thanks to the earlier restructuring and thereby lower cost base.
Given the fact that the fuel prices were significantly higher on the second half
of the previous financial year and assuming the current fuel price level will
not change considerably, the reduction on the fuel cost will be more visible
towards the end of the current financial year.
The administrative costs have been decreased by EUR 6.4 million (EEK 100
million) or by 21.3% in the first half-year. The management is working
intensively to seek further cost reduction possibilities in addition to current
and to adjust the operations according to the today's changing environment.
Along several operational costs high focus is put also to the personnel costs in
order to find additional savings.
The Group EBITDA for the first half of 2008/2009 financial year amounted to EUR
45.2 million (EEK 707 million) which is 9.5% less than in the first half of the
last financial year.
The depreciation and amortisation of the Group assets in the first half-year
period increased by EUR 3.5 million (EEK 55 million) mainly due to the two new
vessels MS Superstar and MS Baltic Princess.
The net financial costs increased by EUR 7.5 million (EEK 117 million) during
the first half-year of the 2008/2009 financial year, largely due to the higher
interest expense by 14.7% or EUR 4.4 million (EEK 69 million). The increase in
interest expenses is resulted from 18% higher outstanding interest bearing
liabilities during the first half-year period compared to the same period in the
previous financial year, and also from higher interest rates during the first
quarter.
Due to the lower operational performance, increased depreciation and higher
financial items the net loss for the first half-year of 2008/2009 financial year
was EUR 22.6 million (EEK 354 million) compared to net loss of EUR 7 million
(EEK 109 million) in the first half of the previous financial year.
The Group's second quarter results have not met the management expectations.
Despite the passenger volume has shown strong growth the positive effect is
zeroed already on the revenue level by significant cargo decrease, Swedish krona
weakness on retail sales and change in the customers' behaviour. Although the
second half-year is high season in the passenger operations and usually the
development in the cargo operations has smaller influence in the group results
the management carefully reviews the Group's targets for the current financial
year. Considering the development so far and high volatility on external factors
which add uncertainties on the future the Group will not meet the set targets
for the financial year. However, the management believes that the current
financial year will be in profit.
CONSOLIDATED CONDENSED INCOME STATEMENT
(unaudited, in thousands of EEK)
--------------------------------------------------------------------------------
| | 01.12.2008 | 01.12.2007 | 01.09.2008 | 01.09.2007 |
| |-28.02.2009 |-29.02.2008 |-28.02.2009 |-29.02.2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 2,619,011 | 2,743,058 | 5,650,360 | 5,663,160 |
--------------------------------------------------------------------------------
| Cost of sales | -2,264,213 | -2,244,210 | -4,691,564 | -4,514,834 |
--------------------------------------------------------------------------------
| Gross profit | 354,798 | 498,848 | 958,796 | 1,148,326 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Marketing expenses | -186,978 | -186,758 | -402,634 | -380,240 |
--------------------------------------------------------------------------------
| Administrative and | -193,410 | -229,877 | -369,004 | -469,177 |
| general expenses | | | | |
--------------------------------------------------------------------------------
| Other income | 589 | 15,292 | 3,745 | 18,391 |
--------------------------------------------------------------------------------
| Other expenses | -2,856 | -592 | -3,127 | -874 |
--------------------------------------------------------------------------------
| Financial income | 10,261 | 23,724 | 97,772 | 30,612 |
--------------------------------------------------------------------------------
| Financial expenses | -305,714 | -231,928 | -639,521 | -455,702 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit/-loss from normal | -323,310 | -111,291 | -353,973 | -108,664 |
| operation before income | | | | |
| tax | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income tax | -18 | -107 | -18 | -110 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net profit/-loss for the | -323,328 | -111,398 | -353,991 | -108,774 |
| period | | | | |
--------------------------------------------------------------------------------
| Attributable to: | | | | |
--------------------------------------------------------------------------------
| | Equity holders of | -323,328 | -111,398 | -353,991 | -108,774 |
| | the parent | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share (in | | | | |
| EEK per share) | | | | |
--------------------------------------------------------------------------------
| | - basic | -0.48 | -0.17 | -0.53 | -0.16 |
--------------------------------------------------------------------------------
| | - diluted | -0.48 | -0.17 | -0.53 | -0.16 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (unaudited, in thousands of | 01.12.2008| 01.12.2007| 01.09.2008| 01.09.2007|
| EUR) | 28.02.2009| 29.02.2008| 28.02.2009| 29.02.2008|
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 167,385 | 175,313 | 361,124 | 361,942 |
--------------------------------------------------------------------------------
| Cost of sales | -144,710 | -143,431 | -299,846 | -288,550 |
--------------------------------------------------------------------------------
| Gross profit | 22,675 | 31,882 | 61,278 | 73,392 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Marketing expenses | -11,950 | -11,936 | -25,733 | -24,302 |
--------------------------------------------------------------------------------
| Administrative and general | -12,361 | -14,692 | -23,584 | -29,986 |
| expenses | | | | |
--------------------------------------------------------------------------------
| Other income | 39 | 977 | 240 | 1,175 |
--------------------------------------------------------------------------------
| Other expenses | -183 | -37 | -200 | -55 |
--------------------------------------------------------------------------------
| Financial income | 656 | 1,516 | 6,249 | 1,956 |
--------------------------------------------------------------------------------
| Financial expenses | -19,539 | -14,823 | -40,873 | -29,125 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit/-loss from normal | -20,663 | -7,113 | -22,623 | -6,945 |
| operation before income tax | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income tax | -1 | -7 | -1 | -7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net profit/-loss for the | -20,664 | -7,120 | -22,624 | -6,952 |
| period | | | | |
--------------------------------------------------------------------------------
| Attributable to: | | | | |
--------------------------------------------------------------------------------
| | Equity holders of the | -20,664 | -7,120 | -22,624 | -6,952 |
| | parent | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share (in EUR | | | | |
| per share) | | | | |
--------------------------------------------------------------------------------
| | - basic | -0.03 | -0.01 | -0.03 | -0.01 |
--------------------------------------------------------------------------------
| | - diluted | -0.03 | -0.01 | -0.03 | -0.01 |
--------------------------------------------------------------------------------
CONSOLIDATED CONDENSED BALANCE SHEET
(unaudited, in thousands of EEK)
--------------------------------------------------------------------------------
| ASSETS | 28.02.2009 | 31.08.2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current assets | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 462,572 | 1,043,785 |
--------------------------------------------------------------------------------
| Receivables | 818,963 | 1,177,342 |
--------------------------------------------------------------------------------
| Prepayments | 88,986 | 111,522 |
--------------------------------------------------------------------------------
| Derivatives | 115,863 | 51,884 |
--------------------------------------------------------------------------------
| Inventories | 297,149 | 358,480 |
--------------------------------------------------------------------------------
| Total current assets | 1,783,533 | 2,743,013 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current assets | | |
--------------------------------------------------------------------------------
| Investments in associates | 8,342 | 2,222 |
--------------------------------------------------------------------------------
| Other financial assets and prepayments | 7,602 | 7,700 |
--------------------------------------------------------------------------------
| Deferred income tax assets | 199,849 | 199,851 |
--------------------------------------------------------------------------------
| Investment property | 4,694 | 4,694 |
--------------------------------------------------------------------------------
| Property, plant and equipment | 25,245,868 | 25,518,298 |
--------------------------------------------------------------------------------
| Intangible assets | 1,186,097 | 1,226,023 |
--------------------------------------------------------------------------------
| Total non-current assets | 26,652,452 | 26,958,788 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL ASSETS | 28,435,985 | 29,701,801 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES AND EQUITY | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current liabilities | | |
--------------------------------------------------------------------------------
| Current portion of interest-bearing | 2,298,086 | 2,200,220 |
| liabilities | | |
--------------------------------------------------------------------------------
| Payables | 1,235,741 | 1,621,711 |
--------------------------------------------------------------------------------
| Deferred income | 131,108 | 138,752 |
--------------------------------------------------------------------------------
| Derivatives | 182,736 | 5,351 |
--------------------------------------------------------------------------------
| Total current liabilities | 3,847,671 | 3,966,034 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current liabilities | | |
--------------------------------------------------------------------------------
| Interest bearing loans and borrowings | 14,641,700 | 15,324,355 |
--------------------------------------------------------------------------------
| Deferred income tax liability | 16,147 | 16,147 |
--------------------------------------------------------------------------------
| Other liabilities | 0 | 1,643 |
--------------------------------------------------------------------------------
| Total non-current liabilities | 14,657,847 | 15,342,145 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES | 18,505,518 | 19,308,179 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY | | |
--------------------------------------------------------------------------------
| Equity attributable to equity holders of | | |
| the parent | | |
--------------------------------------------------------------------------------
| Share capital | 6,738,170 | 6,738,170 |
--------------------------------------------------------------------------------
| Share premium | 9,999 | 9,999 |
--------------------------------------------------------------------------------
| Reserves | 1,057,806 | 1,151,071 |
--------------------------------------------------------------------------------
| Retained earnings | 2,124,492 | 2,494,382 |
--------------------------------------------------------------------------------
| Total equity attributable to equity holders | 9,930,467 | 10,393,622 |
| of the parent | | |
--------------------------------------------------------------------------------
| TOTAL EQUITY | 9,930,467 | 10,393,622 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND EQUITY | 28,435,985 | 29,701,801 |
--------------------------------------------------------------------------------
CONSOLIDATED CONDENSED BALANCE SHEET
(unaudited, in thousands of EUR)
--------------------------------------------------------------------------------
| ASSETS | 28.02.2009 | 31.08.2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current assets | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 29,564 | 66,710 |
--------------------------------------------------------------------------------
| Receivables | 52,341 | 75,246 |
--------------------------------------------------------------------------------
| Prepayments | 5,687 | 7,127 |
--------------------------------------------------------------------------------
| Derivatives | 7,405 | 3,316 |
--------------------------------------------------------------------------------
| Inventories | 18,991 | 22,911 |
--------------------------------------------------------------------------------
| Total current assets | 113,988 | 175,310 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current assets | | |
--------------------------------------------------------------------------------
| Investments in associates | 533 | 142 |
--------------------------------------------------------------------------------
| Other financial assets and prepayments | 486 | 492 |
--------------------------------------------------------------------------------
| Deferred income tax assets | 12,773 | 12,773 |
--------------------------------------------------------------------------------
| Investment property | 300 | 300 |
--------------------------------------------------------------------------------
| Property, plant and equipment | 1,613,505 | 1,630,917 |
--------------------------------------------------------------------------------
| Intangible assets | 75,805 | 78,357 |
--------------------------------------------------------------------------------
| Total non-current assets | 1,703,402 | 1,722,981 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL ASSETS | 1,817,390 | 1,898,291 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES AND EQUITY | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current liabilities | | |
--------------------------------------------------------------------------------
| Current portion of interest-bearing | 146,874 | 140,620 |
| liabilities | | |
--------------------------------------------------------------------------------
| Payables | 78,978 | 103,646 |
--------------------------------------------------------------------------------
| Deferred income | 8,379 | 8,868 |
--------------------------------------------------------------------------------
| Derivatives | 11,679 | 342 |
--------------------------------------------------------------------------------
| Total current liabilities | 245,910 | 253,476 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current liabilities | | |
--------------------------------------------------------------------------------
| Interest bearing loans and borrowings | 935,775 | 979,405 |
--------------------------------------------------------------------------------
| Deferred income tax | 1,032 | 1,032 |
--------------------------------------------------------------------------------
| Other liabilities | 0 | 105 |
--------------------------------------------------------------------------------
| Total non-current liabilities | 936,807 | 980,542 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES | 1,182,717 | 1,234,018 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY | | |
--------------------------------------------------------------------------------
| Equity attributable to equity holders of | | |
| the parent | | |
--------------------------------------------------------------------------------
| Share capital | 430,648 | 430,648 |
--------------------------------------------------------------------------------
| Share premium | 639 | 639 |
--------------------------------------------------------------------------------
| Reserves | 67,606 | 73,566 |
--------------------------------------------------------------------------------
| Retained earnings | 135,780 | 159,420 |
--------------------------------------------------------------------------------
| Total equity attributable to equity holders | 634,673 | 664,273 |
| of the parent | | |
--------------------------------------------------------------------------------
| TOTAL EQUITY | 634,673 | 664,273 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND EQUITY | 1,817,390 | 1,898,291 |
--------------------------------------------------------------------------------
CONSOLIDATED CONDENSED CASH FLOW STATEMENT
--------------------------------------------------------------------------------
| (unaudited, in thousands of EEK) | 01.09.2008 - | 01.09.2007 - |
| | | 28.02.2009 | 29.02.2008 |
--------------------------------------------------------------------------------
| Cash flows from operating activities | | |
--------------------------------------------------------------------------------
| Net profit/-loss for the period | -353,991 | -108,774 |
--------------------------------------------------------------------------------
| Adjustments | 1,048,050 | 880,913 |
--------------------------------------------------------------------------------
| Changes in assets related to operating | 374,045 | -270,924 |
| activities | | |
--------------------------------------------------------------------------------
| Changes in inventories | 61,331 | -3,733 |
--------------------------------------------------------------------------------
| Changes in liabilities related to operating | -362,948 | -36,461 |
| activities | | |
--------------------------------------------------------------------------------
| Income tax paid/repaid | -258 | 344 |
--------------------------------------------------------------------------------
| | 766,229 | 461,365 |
--------------------------------------------------------------------------------
| Cash flow used for investing activities | | |
--------------------------------------------------------------------------------
| Purchase of property, plant, equipment and | -224,337 | -494,290 |
| intangible assets | | |
--------------------------------------------------------------------------------
| Proceeds from disposals of property, plant, | 17,693 | 200,228 |
| equipment | | |
--------------------------------------------------------------------------------
| Acquisition of associate | -6,120 | 0 |
--------------------------------------------------------------------------------
| Proceeds/-payments from settlement of | 1,524 | -8,463 |
| derivatives | | |
--------------------------------------------------------------------------------
| Interest received | 5,232 | 7,443 |
--------------------------------------------------------------------------------
| | -206,008 | -295,082 |
--------------------------------------------------------------------------------
| Cash flow from (+)/ used for (-) financing | | |
| activities | | |
--------------------------------------------------------------------------------
| Repurchase of own shares | 0 | -65,067 |
--------------------------------------------------------------------------------
| Proceeds from loans | 187,759 | 0 |
--------------------------------------------------------------------------------
| Redemption of loans | -888,080 | -821,577 |
--------------------------------------------------------------------------------
| Change in overdraft | 103,791 | 270,935 |
--------------------------------------------------------------------------------
| Repayment of finance lease liabilities | -3,875 | -8,402 |
--------------------------------------------------------------------------------
| Interest paid | -541,029 | -425,243 |
--------------------------------------------------------------------------------
| | -1,141,434 | -1,049,354 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL NET CASH FLOW | -581,213 | -883,071 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash and cash equivalents: | | |
--------------------------------------------------------------------------------
| - at the beginning of period | 1,043,785 | 1,303,609 |
--------------------------------------------------------------------------------
| - increase (+) / decrease (-) | -581,213 | -883,071 |
--------------------------------------------------------------------------------
| Cash and cash equivalents at end of period | 462,572 | 420,538 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (unaudited, in thousands of EUR) | 01.09.2008 - | 01.09.2007 - |
| | | 29.02.2009 | 29.02.2008 |
--------------------------------------------------------------------------------
| Cash flows from operating activities | | |
--------------------------------------------------------------------------------
| Net profit/-loss for the period | -22,624 | -6,952 |
--------------------------------------------------------------------------------
| Adjustments | 66,983 | 56,301 |
--------------------------------------------------------------------------------
| Changes in assets related to operating | 23,906 | -17,315 |
| activities | | |
--------------------------------------------------------------------------------
| Changes in inventories | 3,920 | -239 |
--------------------------------------------------------------------------------
| Changes in liabilities related to operating | -23,197 | -2,330 |
| activities | | |
--------------------------------------------------------------------------------
| Income tax paid/repaid | -16 | 22 |
--------------------------------------------------------------------------------
| | 48,972 | 29,487 |
--------------------------------------------------------------------------------
| Cash flow used for investing activities | | |
--------------------------------------------------------------------------------
| Purchase of property, plant, equipment and | -14,337 | -31,591 |
| intangible assets | | |
--------------------------------------------------------------------------------
| Proceeds from disposals of property, plant, | 1,131 | 12,797 |
| equipment | | |
--------------------------------------------------------------------------------
| Acquisition of associate | -391 | 0 |
--------------------------------------------------------------------------------
| Proceeds from settlement of derivatives | 97 | -541 |
--------------------------------------------------------------------------------
| Interest received | 334 | 476 |
--------------------------------------------------------------------------------
| | -13,166 | -18,859 |
--------------------------------------------------------------------------------
| Cash flow from (+)/ used for (-) financing | | |
| activities | | |
--------------------------------------------------------------------------------
| Repurchase of own shares | 0 | -4,159 |
--------------------------------------------------------------------------------
| Proceeds from loans | 12,000 | 0 |
--------------------------------------------------------------------------------
| Redemption of loans | -56,759 | -52,508 |
--------------------------------------------------------------------------------
| Change in overdraft | 6,633 | 17,316 |
--------------------------------------------------------------------------------
| Repayment of finance lease liabilities | -248 | -537 |
--------------------------------------------------------------------------------
| Interest paid | -34,578 | -27,178 |
--------------------------------------------------------------------------------
| | -72,952 | -67,066 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL NET CASH FLOW | -37,146 | -56,438 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash and cash equivalents: | | |
--------------------------------------------------------------------------------
| - at the beginning of period | 66,710 | 83,315 |
--------------------------------------------------------------------------------
| - increase (+) / decrease (-) | -37,146 | -56,438 |
--------------------------------------------------------------------------------
| Cash and cash equivalents at end of period | 29,564 | 26,877 |
--------------------------------------------------------------------------------
Janek Stalmeister
Financial Director
AS Tallink Grupp
Tel. +372 6409 800
e-mail: janek.stalmeister@tallink.ee
