Positive development in the operations of AS Tallink Grupp and its
subsidiaries' (The Group) continued in the fourth quarter (01.06.2010-
31.08.2010) of the 2009/2010 financial year. The passenger volume transported
by the Group's vessels in the fourth quarter increased by 5% to 2.84 million
passengers. Higher passenger number and recovery in the cargo volumes have
driven the Group's fourth quarter revenue up by 7% to a record of EUR 272
million (EEK 4 258 million). The cost savings initiatives have helped to
convert the increased revenue to earnings at effective ratio.
Along with the improved results of the first nine months and a solid fourth
quarter operations the Group ended it's 2009/2010 financial year with a revenue
of EUR 814 million (EEK 12.7 billion), a growth of 3% and EBITDA of EUR 145
million (EEK 2.3 billion) which was up by 9%. The Group's target for the
2009/2010 financial year was to be profitable. The target was met with total of
EUR 22 million (EEK 342 million) in the net profit.
The improvement in the Group's results is an effect contributed by several
factors. After the extensive investment phase and several new projects in the
past years the Group's units have now been able to dedicate more of their
resources to the core operations. Focused sales activities and the coordination
between the Group's market areas have lead to increased passenger volumes. At
the same time the Group was able to improve the revenue per passenger. This was
a result of the development in the revenue management by introducing dynamic
flexible pricing in the Shuttle product, as well as performing active sales
onboard the vessels. The integration on the Group's IT systems has developed
well. From one side it has delivered noticeable cost savings but even more
importantly will give new opportunities for further maximisation of the Group's
revenues through revenue & inventory and customer relation management. In
October 2010 the new and improved online booking engine for the customers was
launched.
The Group continues to put high efforts on the improvement of customer
satisfaction and in parallel also to the personnel development through more
extensive specialized education and enhanced motivation schemes. Satisfied
customers, quality product offering and motivated personnel are the key factors
for the Group to improve the operations and results.
As a result of the continuous cost controlling the Group was able to keep the
EBITDA margin at the stable level despite noticeable increase in fuel price and
hence higher fuel cost compared to the Q4 of the previous financial year.
In result of the increased cash flow from operations and minimal investments
the Group was able to decrease interest bearing liabilities by EUR 53 million
(EEK 835 million) in the fourth quarter. For the whole financial year of
2009/2010 the decrease was EUR 113 million (EEK 1 775 million) or nearly 10%.
The Group's net debt at the end of the financial year was EUR 1 010 million
(EEK 15 809 million).
--------------------------------------------------------------------------------
| Q4 KEY FIGURES | Q4 2009/2010 | Q4 2008/2009 | Change % |
--------------------------------------------------------------------------------
| | EEK | EUR | EEK | EUR | |
--------------------------------------------------------------------------------
| Net sales (million) | 4 258 | 272.2 | 3 988 | 254.9 | 7% |
--------------------------------------------------------------------------------
| Gross profit (million) | 1 316 | 84.1 | 1 256 | 80.3 | 5% |
--------------------------------------------------------------------------------
| Gross margin | 31% | | 31% | | |
--------------------------------------------------------------------------------
| EBITDA (million) | 1 216 | 77.7 | 1 152 | 73.6 | 5% |
--------------------------------------------------------------------------------
| EBITDA margin | 29% | | 29% | | |
--------------------------------------------------------------------------------
| Net profit/-loss (million) | 662 | 42.3 | 496 | 31.7 | 34% |
--------------------------------------------------------------------------------
| Net profit margin | 16% | | 12% | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Depreciation & amort. | 302 | 19.3 | 308 | 19.7 | -2% |
| (million) | | | | | |
--------------------------------------------------------------------------------
| Investments (million) | 8 | 0.5 | 28 | 1.8 | -71% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Weighted average number of | 669 882 040 | 669 882 040 | 0% |
| ordinary shares outstanding | | | |
| during Q4* | | | |
--------------------------------------------------------------------------------
| Earnings per share | 0.99 | 0.06 | 0.74 | 0.05 | 34% |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Number of passengers | 2 839 850 | 2 701 575 | 5% |
--------------------------------------------------------------------------------
| Cargo units | 67 297 | 58 634 | 15% |
--------------------------------------------------------------------------------
| Average number of employees | 6 612 | 6 853 | -4% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | 31.08.2010 | 31.05.2010 | |
--------------------------------------------------------------------------------
| | EEK | EUR | EEK | EUR | |
--------------------------------------------------------------------------------
| Total assets (million) | 29 | 1 871 | 29 475 | 1 884 | -0.7% |
| | 280 | | | | |
--------------------------------------------------------------------------------
| Total liabilities (million) | 18 | 1 204 | 19 716 | 1 260 | -4.5% |
| | 832 | | | | |
--------------------------------------------------------------------------------
| Interest-bearing | 16 | 1 068 | 17 544 | 1 121 | -4.8% |
| liabilities (million) | 709 | | | | |
--------------------------------------------------------------------------------
| Total equity (million) | 10 | 668 | 9 759 | 624 | 7.1% |
| | 448 | | | | |
--------------------------------------------------------------------------------
| Equity ratio | 36% | | 33% | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Number of ordinary shares | 669 882 040 | 669 882 040 | 0% |
| outstanding* | | | |
--------------------------------------------------------------------------------
| Shareholders' equity per | 15.6 | 1.0 | 14.6 | 0.94 | 7.1% |
| share | | | | | |
--------------------------------------------------------------------------------
Net profit margin - net profit / net sales;
EBITDA - Earnings before net financial items, taxes, depreciation and
amortization;
EBITDA margin - EBITDA / net sales;
Gross margin - gross profit / net sales;
Net profit margin - net 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.
In the end of the fourth quarter and 2009/2010 financial year the Group's cash
and cash equivalents amounted to EUR 57 million (EEK 899 million) compared to
EUR 50 million (EEK 782 million) a year ago. The higher liquidity position and
no capital commitments for the coming periods are strengths for the smooth and
stable operations.
The Management continues to focus on cost efficiency and on the Group's
profitability. The sale or charter of older and non performing vessels has high
priority. There are currently several negotiations open to either charter or
sell some of the older and non performing vessels.
The Management estimates that the macroeconomic recovery continues and no major
changes are foreseen in the Group operations in the 2010/2011 financial year.
The Group's results are estimated to improve further.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
--------------------------------------------------------------------------------
| (unaudited, in thousands | 01.06.2010| 01.06.2009 | 01.09.2009 | 01.09.2008 |
| of EEK) | 31.08.2010| 31.08.2009 | 31.08.2010 | 31.08.2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue | 4,258,437 | 3,987,594 | 12,734,334 | 12,389,960 |
--------------------------------------------------------------------------------
| Cost of sales |-2,941,978 | -2,731,106 |-10,103,486| -9,812,048 |
--------------------------------------------------------------------------------
| Gross profit | 1,316,459 | 1,256,488 | 2,630,848 | 2,577,912 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Marketing expenses | -221,642 | -179,837 | -849,184 | -803,090 |
--------------------------------------------------------------------------------
| Administrative expenses | -168,344 | -221,985 | -629,917 | -774,599 |
--------------------------------------------------------------------------------
| Other income | 1,806 | 1,452 | 14,170 | 5,579 |
--------------------------------------------------------------------------------
| Other expenses | -8,483 | -3,927 | -34,986 | -8,513 |
--------------------------------------------------------------------------------
| Results from operating | 919,796 | 852,191 | 1,130,931 | 997,289 |
| activities | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial income | -1,807 | -114,173 | 81,963 | 5,428 |
--------------------------------------------------------------------------------
| Financial expenses | -208,547 | -256,621 | -823,963 | -1,145,926 |
--------------------------------------------------------------------------------
| Share of loss of | -5,837 | -8,342 | -5,837 | -7,560 |
| associates | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit/-loss from normal | 703,605 | 473,055 | 383,094 | -150,769 |
| operation before income | | | | |
| tax | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income tax | -41,212 | 22,856 | -41,212 | 22,856 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net profit/-loss for the | 662,393 | 495,911 | 341,882 | -127,913 |
| period | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other comprehensive | | | | |
| income/-expense | | | | |
--------------------------------------------------------------------------------
| Exchange differences on | 3,380 | -155 | 11,086 | -4,185 |
| translating foreign | | | | |
| operations | | | | |
--------------------------------------------------------------------------------
| Cash flow hedges | -4,427 | 11,735 | 11,454 | -422 |
--------------------------------------------------------------------------------
| Revaluation of property, | 27,063 | 0 | 27,063 | 0 |
| plant and equipment | | | | |
--------------------------------------------------------------------------------
| Other comprehensive | 26,016 | 11,580 | 49,603 | -4,607 |
| income/-expense for the | | | | |
| period | | | | |
--------------------------------------------------------------------------------
| Total comprehensive | 688,409 | 507,491 | 391,485 | -132,520 |
| income/-expense for the | | | | |
| period | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit/-loss | | | | |
| attributable to: | | | | |
--------------------------------------------------------------------------------
| | Equity holders of | 662,393 | 495,911 | 341,882 | -127,913 |
| | the parent | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total comprehensive | | | | |
| income/-expense | | | | |
| attributable to: | | | | |
--------------------------------------------------------------------------------
| | Equity holders of | 688,409 | 507,491 | 391,485 | -132,520 |
| | the parent | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share (in | | | | |
| EEK per share) | | | | |
--------------------------------------------------------------------------------
| | - basic | 0.99 | 0.74 | 0.51 | -0.19 |
--------------------------------------------------------------------------------
| | - diluted | 0.99 | 0.74 | 0.51 | -0.19 |
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
--------------------------------------------------------------------------------
| (unaudited, in thousands | 01.06.2010 | 01.06.2009 | 01.09.2009 | 01.09.2008|
| of EUR) | 31.08.2010 | 31.08.2009 | 31.08.2010 | 31.08.2009|
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue | 272,163 | 254,854 | 813,872 | 791,863 |
--------------------------------------------------------------------------------
| Cost of sales | -188,026 | -174,549 | -645,730 | -627,104 |
--------------------------------------------------------------------------------
| Gross profit | 84,137 | 80,305 | 168,142 | 164,759 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Marketing expenses | -14,166 | -11,494 | -54,273 | -51,327 |
--------------------------------------------------------------------------------
| Administrative expenses | -10,759 | -14,188 | -40,259 | -49,506 |
--------------------------------------------------------------------------------
| Other income | 116 | 93 | 906 | 356 |
--------------------------------------------------------------------------------
| Other expenses | -542 | -251 | -2,236 | -544 |
--------------------------------------------------------------------------------
| Results from operating | 58,786 | 54,465 | 72,280 | 63,738 |
| activities | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial income | -116 | -7,297 | 5,238 | 347 |
--------------------------------------------------------------------------------
| Financial expenses | -13,329 | -16,401 | -52,661 | -73,238 |
--------------------------------------------------------------------------------
| Share of loss of | -373 | -533 | -373 | -483 |
| associates | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit/-loss from normal | 44,968 | 30,234 | 24,484 | -9,636 |
| operation before income | | | | |
| tax | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income tax | -2,634 | 1,461 | -2,634 | 1,461 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net profit/-loss for the | 42,334 | 31,695 | 21,850 | -8,175 |
| period | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other comprehensive | | | | |
| income/-expense | | | | |
--------------------------------------------------------------------------------
| Exchange differences on | 216 | -11 | 709 | -268 |
| translating foreign | | | | |
| operations | | | | |
--------------------------------------------------------------------------------
| Cash flow hedges | -283 | 750 | 732 | -27 |
--------------------------------------------------------------------------------
| Revaluation of property, | 1,730 | 0 | 1,730 | 0 |
| plant and equipment | | | | |
--------------------------------------------------------------------------------
| Other comprehensive | 1,663 | 739 | 3,171 | -295 |
| income/-expense for the | | | | |
| period | | | | |
--------------------------------------------------------------------------------
| Total comprehensive | 43,997 | 32,434 | 25,021 | -8,470 |
| income/-expense for the | | | | |
| period | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit/-loss | | | | |
| attributable to: | | | | |
--------------------------------------------------------------------------------
| | Equity holders of | 42,334 | 31,695 | 21,850 | -8,175 |
| | the parent | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total comprehensive | | | | |
| income/-expense | | | | |
| attributable to: | | | | |
--------------------------------------------------------------------------------
| | Equity holders of | 43,997 | 32,434 | 25,021 | -8,470 |
| | the parent | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share (in | | | | |
| EUR per share) | | | | |
--------------------------------------------------------------------------------
| | - basic | 0.06 | 0.05 | 0.03 | -0.01 |
--------------------------------------------------------------------------------
| | - diluted | 0.06 | 0.05 | 0.03 | -0.01 |
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(unaudited, in thousands of EEK)
--------------------------------------------------------------------------------
| ASSETS | 31.08.2010 | 31.08.2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current assets | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 899,494 | 782,043 |
--------------------------------------------------------------------------------
| Receivables | 657,788 | 797,762 |
--------------------------------------------------------------------------------
| Prepayments | 152,582 | 179,892 |
--------------------------------------------------------------------------------
| Derivatives | 11,032 | 6,493 |
--------------------------------------------------------------------------------
| Inventories | 313,483 | 297,527 |
--------------------------------------------------------------------------------
| Total current assets | 2,034,379 | 2,063,717 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current assets | | |
--------------------------------------------------------------------------------
| Investments in associates | 3,343 | 0 |
--------------------------------------------------------------------------------
| Other financial assets and prepayments | 4,957 | 7,664 |
--------------------------------------------------------------------------------
| Deferred income tax assets | 166,851 | 207,455 |
--------------------------------------------------------------------------------
| Investment property | 4,694 | 4,694 |
--------------------------------------------------------------------------------
| Property, plant and equipment | 26,021,867 | 27,049,393 |
--------------------------------------------------------------------------------
| Intangible assets | 1,043,627 | 1,134,738 |
--------------------------------------------------------------------------------
| Total non-current assets | 27,245,339 | 28,403,944 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL ASSETS | 29,279,718 | 30,467,661 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES AND EQUITY | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current liabilities | | |
--------------------------------------------------------------------------------
| Interest bearing loans and borrowings | 995,554 | 1,655,760 |
--------------------------------------------------------------------------------
| Payables | 1,471,620 | 1,415,762 |
--------------------------------------------------------------------------------
| Deferred income | 374,976 | 331,323 |
--------------------------------------------------------------------------------
| Derivatives | 275,912 | 179,842 |
--------------------------------------------------------------------------------
| Total current liabilities | 3,118,062 | 3,582,687 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current liabilities | | |
--------------------------------------------------------------------------------
| Interest bearing loans and borrowings | 15,712,996 | 16,827,627 |
--------------------------------------------------------------------------------
| Other liabilities | 1,158 | 1,330 |
--------------------------------------------------------------------------------
| Total non-current liabilities | 15,714,154 | 16,828,957 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES | 18,832,216 | 20,411,644 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY | | |
--------------------------------------------------------------------------------
| Equity attributable to equity holders of | | |
| the parent | | |
--------------------------------------------------------------------------------
| Share capital | 6,738,170 | 6,738,170 |
--------------------------------------------------------------------------------
| Share premium | 9,999 | 9,999 |
--------------------------------------------------------------------------------
| Reserves | 1,136,052 | 1,124,409 |
--------------------------------------------------------------------------------
| Retained earnings | 2,563,281 | 2,183,439 |
--------------------------------------------------------------------------------
| Total equity attributable to equity holders | 10,447,502 | 10,056,017 |
| of the parent | | |
--------------------------------------------------------------------------------
| TOTAL EQUITY | 10,447,502 | 10,056,017 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND EQUITY | 29,279,718 | 30,467,661 |
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(unaudited, in thousands of EUR)
--------------------------------------------------------------------------------
| ASSETS | 31.08.2010 | 31.08.2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current assets | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 57,488 | 49,982 |
--------------------------------------------------------------------------------
| Receivables | 42,040 | 50,986 |
--------------------------------------------------------------------------------
| Prepayments | 9,752 | 11,497 |
--------------------------------------------------------------------------------
| Derivatives | 705 | 415 |
--------------------------------------------------------------------------------
| Inventories | 20,035 | 19,015 |
--------------------------------------------------------------------------------
| Total current assets | 130,020 | 131,895 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current assets | | |
--------------------------------------------------------------------------------
| Investments in associates | 214 | 0 |
--------------------------------------------------------------------------------
| Other financial assets and prepayments | 317 | 490 |
--------------------------------------------------------------------------------
| Deferred income tax assets | 10,664 | 13,259 |
--------------------------------------------------------------------------------
| Investment property | 300 | 300 |
--------------------------------------------------------------------------------
| Property, plant and equipment | 1,663,100 | 1,728,771 |
--------------------------------------------------------------------------------
| Intangible assets | 66,700 | 72,523 |
--------------------------------------------------------------------------------
| Total non-current assets | 1,741,295 | 1,815,343 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL ASSETS | 1,871,315 | 1,947,238 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES AND EQUITY | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current liabilities | | |
--------------------------------------------------------------------------------
| Interest bearing loans and borrowings | 63,627 | 105,822 |
--------------------------------------------------------------------------------
| Payables | 94,054 | 90,484 |
--------------------------------------------------------------------------------
| Deferred income | 23,965 | 21,175 |
--------------------------------------------------------------------------------
| Derivatives | 17,634 | 11,494 |
--------------------------------------------------------------------------------
| Total current liabilities | 199,280 | 228,975 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current liabilities | | |
--------------------------------------------------------------------------------
| Interest bearing loans and borrowings | 1,004,244 | 1,075,482 |
--------------------------------------------------------------------------------
| Other liabilities | 74 | 85 |
--------------------------------------------------------------------------------
| Total non-current liabilities | 1,004,318 | 1,075,567 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES | 1,203,598 | 1,304,542 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY | | |
--------------------------------------------------------------------------------
| Equity attributable to equity holders of | | |
| the parent | | |
--------------------------------------------------------------------------------
| Share capital | 430,648 | 430,648 |
--------------------------------------------------------------------------------
| Share premium | 639 | 639 |
--------------------------------------------------------------------------------
| Reserves | 72,607 | 71,862 |
--------------------------------------------------------------------------------
| Retained earnings | 163,823 | 139,547 |
--------------------------------------------------------------------------------
| Total equity attributable to equity holders | 667,717 | 642,696 |
| of the parent | | |
--------------------------------------------------------------------------------
| TOTAL EQUITY | 667,717 | 642,696 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND EQUITY | 1,871,315 | 1,947,238 |
--------------------------------------------------------------------------------
CONSOLIDATED CASH FLOW STATEMENT
--------------------------------------------------------------------------------
| (unaudited, in thousands of EEK) | 01.09.2009 | 01.09.2008 |
--------------------------------------------------------------------------------
| | 31.08.2010 | 31.08.2009 |
--------------------------------------------------------------------------------
| Cash flows from operating activities | | |
--------------------------------------------------------------------------------
| Net profit/-loss for the period | 341,882 | -127,913 |
--------------------------------------------------------------------------------
| Adjustments | 1,990,375 | 2,190,985 |
--------------------------------------------------------------------------------
| Changes in assets related to operating | 153,266 | 366,186 |
| activities | | |
--------------------------------------------------------------------------------
| Changes in liabilities related to operating | 78,381 | -149,508 |
| activities | | |
--------------------------------------------------------------------------------
| Income tax paid | -1,105 | -493 |
--------------------------------------------------------------------------------
| | 2,562,799 | 2,279,257 |
--------------------------------------------------------------------------------
| Cash flow used for investing activities | | |
--------------------------------------------------------------------------------
| Purchase of property, plant, equipment and | -95,630 | -2,549,838 |
| intangible assets | | |
--------------------------------------------------------------------------------
| Proceeds from disposals of property, plant, | 104,898 | 16,895 |
| equipment | | |
--------------------------------------------------------------------------------
| Acquisition of associate | -9,180 | -6,120 |
--------------------------------------------------------------------------------
| Proceeds from disposals of associates | 0 | 782 |
--------------------------------------------------------------------------------
| Proceeds/-payments from settlement of | -69,778 | -62,514 |
| derivatives | | |
--------------------------------------------------------------------------------
| Interest received | 2,707 | 5,804 |
--------------------------------------------------------------------------------
| | -66,983 | -2,594,991 |
--------------------------------------------------------------------------------
| Cash flow from (+)/ used for (-) financing | | |
| activities | | |
--------------------------------------------------------------------------------
| Proceeds from loans | 0 | 2,427,151 |
--------------------------------------------------------------------------------
| Redemption of loans | -944,249 | -1,699,493 |
--------------------------------------------------------------------------------
| Change in overdraft | -721,541 | 204,199 |
--------------------------------------------------------------------------------
| Repayment of finance lease liabilities | -6,308 | -6,619 |
--------------------------------------------------------------------------------
| Interest paid | -706,267 | -871,246 |
--------------------------------------------------------------------------------
| | -2,378,365 | 53,992 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL NET CASH FLOW | 117,451 | -261,742 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash and cash equivalents: | | |
--------------------------------------------------------------------------------
| - at the beginning of period | 782,043 | 1,043,785 |
--------------------------------------------------------------------------------
| - increase (+) / decrease (-) | 117,451 | -261,742 |
--------------------------------------------------------------------------------
| Cash and cash equivalents at end of period | 899,494 | 782,043 |
--------------------------------------------------------------------------------
CONSOLIDATED CASH FLOW STATEMENT
--------------------------------------------------------------------------------
| (unaudited, in thousands of EUR) | 01.09.2009 | 01.09.2008 |
| | 31.08.2010 | 31.08.2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flows from operating activities | | |
--------------------------------------------------------------------------------
| Net profit/-loss for the period | 21,850 | -8,175 |
--------------------------------------------------------------------------------
| Adjustments | 127,208 | 140,029 |
--------------------------------------------------------------------------------
| Changes in assets related to operating | 9,796 | 23,404 |
| activities | | |
--------------------------------------------------------------------------------
| Changes in liabilities related to operating | 5,009 | -9,555 |
| activities | | |
--------------------------------------------------------------------------------
| Income tax paid | -71 | -32 |
--------------------------------------------------------------------------------
| | 163,792 | 145,671 |
--------------------------------------------------------------------------------
| Cash flow used for investing activities | | |
--------------------------------------------------------------------------------
| Purchase of property, plant, equipment and | -6,112 | -162,964 |
| intangible assets | | |
--------------------------------------------------------------------------------
| Proceeds from disposals of property, plant, | 6,704 | 1,080 |
| equipment | | |
--------------------------------------------------------------------------------
| Acquisition of associate | -587 | -391 |
--------------------------------------------------------------------------------
| Proceeds from disposals of associates | 0 | 50 |
--------------------------------------------------------------------------------
| Proceeds/-payments from settlement of | -4,460 | -3,995 |
| derivatives | | |
--------------------------------------------------------------------------------
| Interest received | 173 | 371 |
--------------------------------------------------------------------------------
| | -4,282 | -165,849 |
--------------------------------------------------------------------------------
| Cash flow from (+)/ used for (-) financing | | |
| activities | | |
--------------------------------------------------------------------------------
| Proceeds from loans | 0 | 155,123 |
--------------------------------------------------------------------------------
| Redemption of loans | -60,348 | -108,618 |
--------------------------------------------------------------------------------
| Change in overdraft | -46,115 | 13,051 |
--------------------------------------------------------------------------------
| Repayment of finance lease liabilities | -403 | -423 |
--------------------------------------------------------------------------------
| Interest paid | -45,138 | -55,683 |
--------------------------------------------------------------------------------
| | -152,004 | 3,450 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL NET CASH FLOW | 7,506 | -16,728 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash and cash equivalents: | | |
--------------------------------------------------------------------------------
| - at the beginning of period | 49,982 | 66,710 |
--------------------------------------------------------------------------------
| - increase (+) / decrease (-) | 7,506 | -16,728 |
--------------------------------------------------------------------------------
| Cash and cash equivalents at end of period | 57,488 | 49,982 |
--------------------------------------------------------------------------------
Janek Stalmeister
Member of the Management Board, CFO
AS Tallink Grupp
Tel +372 640 9800
E-mail janek.stalmeister@tallink.ee
