For AS Tallink Grupp and its subsidiaries (hereinafter also referred to as
“the Group”), the first full financial year with the previous financial year's
big investments on board ended with a strong and healthy result which is
assuring that the business of the significantly grown company is sound and
effective.
During the 2006/2007 financial year, the Group's revenues increased by 88% to
11,903 million EEK (761 million EUR). Excluding non-recurring costs the Group's
EBITDA increased by 87% to 2,738 million EEK (175 million EUR). The Group
transported 6.9 million passengers, which is 63.5% more than in the previous
financial year.
During the 2006/2007 financial year, the Group's focus was on the restructuring
and integration of the acquired Silja Line business. Many overlapping positions
in onshore organisations were reduced and many administration, sales and
procurement related duties were centralized. Pension fund management was
transferred out from the Group and several unfavourable service contracts were
terminated. Furthermore, delays in the implementation of a new Group-wide
booking
system and the centralization of back office activities resulted in extra costs
caused by the temporary application of parallel IT systems and related support
functions. Non recurring integration and restructuring costs totalled
approximately 250 million EEK (16 million EUR).
Given the fact that during the first full post-acquisition year the positive
impact of Silja's synergies is hardly visible, the following years have great
upside potential.
AUDITED CONSOLIDATED INCOME STATEMENT
for the year ended 31 August
in thousands of EEK in thousands of EUR
2007 2006 2007 2006
Revenue 11,903,286 6,330,911 760,759 404,619
Cost of sales -8,766,651 -4,498,940 -560,291 -287,535
Gross profit 3,136,635 1,831,971 200,468 117,084
Marketing expenses -792,381 -454,520 -50,643 -29,049
Administrative expenses -997,361 -329,798 -63,743 -21,078
Other income 209,029 8,293 13,359 530
Other expenses -1,764 -9,421 -113 -602
Income from negative goodwill 689 710,496 44 45,409
Financial income 203,884 44,854 13,031 2,867
Financial expenses -801,219 -316,571 -51,207 -20,233
Share of profit of associates 7,698 0 492 0
Profit before income tax 965,210 1,485,304 61,688 94,928
Income tax expense/ income 84,077 -33 5,374 -2
Net profit for the financial 1,049,287 1,485,271 67,062 94,926
year
Attributable to:
Equity holders of the Parent 1,049,287 1,484,206 67,062 94,858
Minority interests 0 1,065 0 68
Basic and diluted earnings per 1.56 2.85 0.10 0.18
share
(in EEK/EUR per share)
AUDITED CONSOLIDATED BALANCE SHEET
as of 31 August in thousands of EEK in thousands of EUR
2007 2006 2007 2006
ASSETS
Current assets
Cash and cash equivalents 1,303,609 1,407,608 83,315 89,963
Receivables 815,093 843,456 52,094 53,906
Prepayments 124,134 253,534 7,934 16,204
Derivatives 1,799 11,633 115 743
Inventories 272,352 237,228 17,407 15,162
2,516,987 2,753,459 160,865 175,978
Non-current assets
Investments in associates 3,242 9,044 207 578
Other financial assets and 9,279 8,240 594 527
prepayments
Deferred income tax assets 153,102 0 9,785 0
Pension assets 0 45,234 0 2,891
Investment property 4,694 0 300 0
Property, plant and equipment 22,600,001 21,857,153 1,444,403 1,396,927
Intangible assets 1,283,592 1,258,432 82,036 80,428
24,053,910 23,178,103 1,537,325 1,481,351
TOTAL ASSETS 26,570,897 25,931,562 1,698,190 1,657,329
LIABILITIES AND EQUITY
Current liabilities
Interest-bearing loans and 2,247,390 1,228,098 143,634 78,490
borrowings
Payables 1,408,369 1,705,087 90,011 108,975
Deferred income 121,008 146,042 7,734 9,334
Derivatives 7,980 24,159 510 1,544
3,784,747 3,103,386 241,889 198,343
Non-current liabilities
Interest-bearing loans and 12,584,261 13,727,497 804,281 877,347
borrowings
Deferred income tax liabilities 63,463 69 4,056 4
Pension liabilities 3,489 25,332 223 1,619
12,651,213 13,752,898 808,560 878,970
Total liabilities 16,435,960 16,856,284 1,050,449 1,077,313
Equity
Minority interests 0 1,189 0 76
Equity attributable to equity
holders of the Parent
Share capital 6,738,170 1,415,000 430,648 90,435
Share premium 9,999 2,012,394 639 128,615
Unregistered share capital with 0 1,475,727 0 94,316
share premium
Reserves 1,202,991 1,158,714 76,885 74,056
Retained earnings 2,183,777 3,012,254 139,569 192,518
Total equity attributable to 10,134,937 9,074,089 647,741 579,940
equity holders of the Parent
Total equity 10,134,937 9,075,278 647,741 580,016
TOTAL LIABILITIES AND EQUITY 26,570,897 25,931,562 1,698,190 1,657,329
AUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
for the year ended 31 August in thousands of EEK in thousands of EUR
2007 2006 2007 2006
Cash flows from operating
activities
Net profit for the financial year 1,049,287 1,485,271 67,062 94,926
Adjustments: 1,252,908 -17,689 80,076 -1,131
Depreciation and amortization 925,485 419,664 59,150 26,821
Net gain on disposals of -178,466 -6,180 -11,406 -395
property, plant and equipment
Change in fair value of -4,412 0 -282
investment property
Net interest expense 764,585 274,820 48,866 17,564
Net interest expense from swaps -162,998 4,470 -10,417 286
Share profit of subsidiaries and -7,698 0 -492 0
associates
Income from negative goodwill -689 -710,496 -44 -45,409
Net foreign exchange gain / loss 1,178 0 75 0
related to investing and
financing activities
Income tax expense/ income -84,077 33 -5,374 2
Changes in receivables and 203,468 -276,382 13,004 -17,664
prepayments related to operating
activities
Changes in inventories -34,964 -46,495 -2,235 -2,971
Changes in liabilities related to -346,867 91,081 -22,169 5,821
operating activities
Income tax paid -4,057 -791 -259 -50
2,119,775 1,234,995 135,479 78,931
Cash flows used in investing
activities
Purchase of property, plant, -2,201,608 -7,824,715 -140,708 -500,090
equipment and intangible assets
Proceeds from disposals of 687,423 181,619 43,934 11,607
property, plant, equipment
Proceeds from disposals of 15,162 5,000 969 320
associates
Proceeds from settlement of 164,481 1,790 10,512 114
derivatives
Acquisition of subsidiaries, net -1,157 -969,511 -74 -61,963
of cash acquired
Acquisition of associates -1,020 0 -65 0
Interest received 21,636 21,217 1,383 1,356
-1,315,083 -8,584,600 -84,049 -548,656
Cash flows from /used in
financing activities
Proceeds from issue of shares 0 3,668,735 0 234,475
Transaction costs of issue of -6,520 -132,891 -417 -8,493
shares
Proceeds from loans and bonds 1,357,847 12,609,227 86,782 805,876
Redemption of loans and bonds -1,555,385 -7,473,544 -99,407 -477,647
Change in overdraft 74,143 -18,249 4,739 -1,166
Repayment of finance lease -27,010 -5,073 -1,727 -324
liabilities
Interest paid -751,766 -217,778 -48,047 -13,918
-908,691 8,430,427 -58,077 538,803
TOTAL NET CASH FLOW -103,999 1,080,822 -6,647 69,078
Cash and cash equivalents:
- at the beginning of period 1,407,608 326,786 89,963 20,885
- increase / decrease -103,999 1,080,822 -6,647 69,078
- at the end of period 1,303,609 1,407,608 83,316 89,963
Janek Stalmeister
Financial Director
AS Tallink Grupp
e-mail: janek.stalmeister@tallink.ee
Tel. +372 6409 800
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