Tallinn, 2013-02-28 15:05 CET (GLOBE NEWSWIRE) -- 12 months unaudited results of the 2012 financial year
AS Tallink Grupp and its subsidiaries (the Group) carried a total of 9.26 million passengers in the 2012 financial year which is 1.3% more than the year before. The Group’s unaudited consolidated revenue grew 4% to EUR 943.9 million in the 2012 financial year. Gross profit was EUR 201.2 million, EBITDA EUR 165.5 million and unaudited net profit reached EUR 56.3 million (EUR 0.08 per share) which is 49% or EUR 18.6 million increase compared to the previous year.
In the fourth quarter (1 October- 31 December) of the 2012 financial year the Group carried 2.1 million passengers, 1% more compared to the same period last year. The Group’s consolidated revenue in the fourth quarter increased by 4% to EUR 222.8 million. The net profit for the fourth quarter was EUR 5.7 million compared to the net profit of EUR 0.6 million in the same period last year.
The main contribution for the growth in total revenue in 2012 came from the increase from shops and restaurants sales by nearly EUR 30 million. The ticket sales have been under pressure throughout the 2012 year due to bad weather and tight competition. The positive development on shop and restaurant sales continued also in the fourth quarter showing 6% increase on absolute terms and 5% increase per passenger basis when compared to the fourth quarter of the previous year.
Significant fuel price increase in the first half of 2012 has had impact to the Group’s profit margins. In the fourth quarter of 2012 the prices were at the previous year levels. Despite the high fuel price movement in 2012 the Group has been able to make good sales performance and to increase the earnings for 2012 financial year. Noticeable impact to the year’s net profit came from the earlier closure of Finland-Germany route and the following profitable charter of the related vessels.
During the 2012 the Group has focused to upgrade and improve the visibility and appearance in the electronic sales channels. The new consumer marketing web pages were upgraded. Throughout the year the new version of online booking engine has been developed and is currently in the testing phase. The easiness, usability, convenience and price transparency of online booking have been the main focus areas. Tallink’s mobile booking application became available for Android and Apple mobile platforms.
In December 2012 the Group signed a new five-year loan agreement in amount of EUR 440 million to refinance several of its older loans. In result of the refinancing the Group’s total loan repayment schedule for the next few years was reduced to ensure stronger liquidity position. Due to early repayment of the loans the arrangement fees of these loans were written off as they were initially amortized over the period of the loan. The write off expense of EUR 3.2 million was recorded in Q4 2012.
In 2012 financial year the interest bearing bank debt reduced by EUR 119.2 million or 12.4%. The net debt at the end of 2012 was EUR 774 million and the net debt ratio to EBITDA was 4.68. At the end of December 2012 the Group had nearly EUR 66 million in cash and equivalents and the total of unused credit lines were EUR 50 million. The total liquidity, cash and unused credit facilities at the end of the fourth quarter were EUR 116 million providing a strong position for sustainable operations.
| Q4 KEY FIGURES |
2012 Oct-Dec |
2011 Oct-Dec |
change | ||
| Revenue | EUR million | 222.8 | 214.2 | 4.0% | |
| Gross profit | EUR million | 40.0 | 39.8 | 0.5% | |
| Gross margin (%) | 17.9% | 18.6% | |||
| EBITDA | EUR million | 32.1 | 31.2 | 2.9% | |
| EBITDA margin (%) | 14.4% | 14.6% | |||
| Net profit for the period | EUR million | 5.7 | 0.6 | 856.7% | |
| Net profit margin (%) | 2.56% | 0.28% | |||
| Depreciation and amortization | EUR million | 18.0 | 17.8 | 1.2% | |
| Investments | EUR million | 0.6 | 2.8 | -80.6% | |
| Weighted average number of ordinary shares outstanding | 669 882 040 | 669 882 040 | |||
| Earnings per share | EUR | 0.009 | 0.001 | 856.7% | |
| Number of passengers | 2 133 163 | 2 111 057 | 1.0% | ||
| Number of cargo units | 70 457 | 70 772 | -0.45% | ||
| Average number of employees | 6 799 | 6 718 | 1.2% | ||
| 31.12.2012 | 30.09.2012 | ||||
| Total assets | EUR million | 1 741.8 | 1 754.3 | -0.7% | |
| Interest-bearing liabilities | EUR million | 840.4 | 862.2 | -2.5% | |
| Net debt | EUR million | 774.8 | 803.1 | -3.5% | |
| Total equity | EUR million | 760.8 | 755.6 | 0.7% | |
| Equity ratio (%) | 43.7% | 43.1% | |||
| Net debt to EBITDA | 4.68 | 4.9 | |||
| Number of ordinary shares outstanding1 | 669 882 040 | 669 882 040 | 0% | ||
| Shareholders’ equity per share | EUR | 1.14 | 1.13 | 0.7% | |
EBITDA: Earnings before net financial items, taxes, depreciation and amortization;
Earnings per share: net profit / weighted average number of shares outstanding;
Equity ratio: total equity / total assets;
Shareholder’s equity per share: shareholder’s equity / number of shares outstanding;
Gross margin: gross profit / net sales;
EBITDA margin: EBITDA / net sales;
Net profit margin: net profit / net sales;
Net debt: Interest bearing liabilities less cash and cash equivalents;
Net debt to EBITDA: Net debt / 12-months trailing EBITDA.
1 Share numbers exclude own shares.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
| (unaudited, in thousands of EUR) | 01.10.2012- | 01.10.2011- | 01.01.2012- | 01.01.2011- | |
| 31.12.2012 | 31.12.2011 | 31.12.2012 | 31.12.2011 | ||
| Continuing operations | |||||
| Revenue | 222,816 | 214,246 | 943,868 | 891,226 | |
| Cost of sales | -182,836 | -174,483 | -742,669 | -691,335 | |
| Gross profit | 39,980 | 39,763 | 201,199 | 199,891 | |
| Marketing expenses | -17,183 | -14,254 | -65,407 | -58,805 | |
| Administrative expenses | -10,626 | -10,848 | -44,081 | -41,327 | |
| Other income | 2,806 | 188 | 3,659 | 1,260 | |
| Other expenses | -802 | -1,287 | -1,654 | -1,317 | |
| Results from operating activities | 14,175 | 13,562 | 93,716 | 99,702 | |
| Finance income | 2,735 | 1,316 | 5,269 | 1,529 | |
| Finance costs | -13,991 | -12,995 | -46,249 | -54,055 | |
| Profit from subsidiaries | 0 | 0 | 783 | 0 | |
| Share of profit/-loss from equity accounted investees | 19 | -100 | 19 | -100 | |
| Profit/-loss before income tax | 2,938 | 1,783 | 53,538 | 47,076 | |
| Income tax | 2,764 | -1,187 | 2,764 | -1,302 | |
| Net profit/-loss from continuing operations | 5,702 | 596 | 56,302 | 45,774 | |
| Profit/-loss from discontinued operation | 0 | 0 | 0 | -8,047 | |
| Net profit/-loss for the period | 5,702 | 596 | 56,302 | 37,727 | |
| Other comprehensive income/-expense | |||||
| Exchange differences on translating foreign operations | -442 | -63 | -563 | 88 | |
| Other comprehensive income/-expense for the period | -442 | -63 | -563 | 88 | |
| Total comprehensive income/-expense for the period | 5,260 | 533 | 55,739 | 37,815 | |
| Profit/-loss attributable to: | |||||
| Equity holders of the parent | 5,702 | 596 | 56,302 | 37,727 | |
| Total comprehensive income/-expense attributable to: | |||||
| Equity holders of the parent | 5,260 | 533 | 55,739 | 37,815 | |
| Earnings per share (in EUR per share) | |||||
| - basic | 0.01 | 0.00 | 0.08 | 0.06 | |
| - diluted | 0.01 | 0.00 | 0.08 | 0.06 | |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(unaudited, in thousands of EUR)
| ASSETS | 31.12.2012 | 31.12.2011 | |
| Current assets | |||
| Cash and cash equivalents | 65,600 | 75,421 | |
| Trade and other receivables | 42,555 | 35,152 | |
| Prepayments | 5,151 | 7,087 | |
| Inventories | 29,426 | 25,198 | |
| Total current assets | 142,732 | 142,858 | |
| Non-current assets | |||
| Investments in associates | 245 | 226 | |
| Other financial assets | 296 | 2,551 | |
| Deferred income tax assets | 12,264 | 9,452 | |
| Investment property | 300 | 300 | |
| Property, plant and equipment | 1,526,995 | 1,583,002 | |
| Intangible assets | 58,999 | 61,153 | |
| Total non-current assets | 1,599,099 | 1,656,684 | |
| TOTAL ASSETS | 1,741,831 | 1,799,542 | |
| LIABILITIES AND EQUITY | |||
| Current liabilities | |||
| Interest bearing loans and borrowings | 103,685 | 145,261 | |
| Trade and other payables | 92,988 | 86,793 | |
| Deferred income | 25,458 | 25,226 | |
| Derivatives | 22,102 | 22,668 | |
| Total current liabilities | 244,233 | 279,948 | |
| Non-current liabilities | |||
| Interest bearing loans and borrowings | 736,699 | 814,305 | |
| Other liabilities | 69 | 198 | |
| Total non-current liabilities | 736,768 | 814,503 | |
| TOTAL LIABILITIES | 981,001 | 1,094,451 | |
| EQUITY | |||
| Equity attributable to equity holders of the parent | |||
| Share capital | 404,290 | 404,290 | |
| Share premium | 639 | 639 | |
| Reserves | 69,091 | 70,497 | |
| Retained earnings | 286,810 | 229,665 | |
| Total equity attributable to equity holders of the parent | 760,830 | 705,091 | |
| TOTAL EQUITY | 760,830 | 705,091 | |
| TOTAL LIABILITIES AND EQUITY | 1,741,831 | 1,799,542 | |
CONSOLIDATED CASH FLOW STATEMENT
| (unaudited, in thousands of EUR) | 01.01.2012 - | 01.01.2011- | |
| 31.12.2012 | 31.12.2011 | ||
| Cash flows from operating activities | |||
| Net profit/-loss for the period | 56,302 | 37,727 | |
| Adjustments | 107,368 | 126,782 | |
| Changes in assets related to operating activities | -9,796 | -3,879 | |
| Changes in liabilities related to operating activities | 6,782 | -395 | |
| Income tax paid | -40 | -95 | |
| 160,616 | 160,140 | ||
| Cash flow used for investing activities | |||
| Purchase of property, plant and equipment and intangible assets | -9,449 | -9,492 | |
| Proceeds from disposals of property, plant and equipment | 50 | 77 | |
| Proceeds from subsidiaries | 1,992 | 0 | |
| Acquisition of equity accounted investees | 0 | -169 | |
| Investment | -34 | -5 | |
| Payments from settlement of derivatives | -3,976 | -4,604 | |
| Interest received | 297 | 346 | |
| -11,120 | -13,847 | ||
| Cash flow from (+)/ used for (-) financing activities | |||
| Proceeds from loans | 440,000 | 0 | |
| Redemption of loans | -557,848 | -76,288 | |
| Repayment of finance lease liabilities | -56 | -85 | |
| Interest paid | -41,413 | -39,445 | |
| -159,317 | -115,818 | ||
| TOTAL NET CASH FLOW | -9,821 | 30,475 | |
| Cash and cash equivalents: | |||
| - at the beginning of period | 75,421 | 44,946 | |
| - increase (+) / decrease (-) | -9,821 | 30,475 | |
| Cash and cash equivalents at end of period | 65,600 | 75,421 | |
Janek Stalmeister
Member of the Management Board, CFO
AS Tallink Grupp
Tel +372 640 9800
E-mail janek.stalmeister@tallink.ee
Harri Hanschmidt
Head of Investor Relations
AS Tallink Grupp
Sadama 5/7. 10111 Tallinn
Tel +372 640 8981
E-mail harri.hanschmidt@tallink.ee
