Published: 2013-05-14 08:49:04 CEST
Tallink Grupp
Quarterly report

Q1 results of the 2013 financial year

Tallinn, 2013-05-14 08:49 CEST -- Q1 results of the 2013 financial year 

In the first quarter (1 January- 31 March) of the 2013 financial year AS Tallink Grupp and its subsidiaries’ (the Group) results were impacted by operational events. In the first quarter, which is low season, several of the Group’s vessels went through scheduled maintenance works resulting in fewer voyages and hence lower passenger and cargo volumes compared to the previous years when there have been typically less vessels out of service. In addition, the cruise ferries Silja Europa and Baltic Princess changed their operating routes resulting temporarily in fewer sailings due to the change. Accordingly, based on earlier decision the cruise ferry Baltic Princess was rerouted to Turku-Stockholm route in the beginning of February 2013 and the larger cruise ferry Silja Europa to Tallinn-Helsinki route from the end of January 2013. The change of vessels will improve cost efficiency which will have positive effect to the Group’s result.

The Group carried 1.9 million passengers in the first quarter which is 4.5% less compared to the same period last year. The Group’s consolidated revenue in the first quarter was EUR 190.6 million, being 1.7% or EUR 3.2 million less than a year ago. Through more effective dynamic pricing the average ticket revenue per passenger increased 11% in same period resulting in a 6% increase in total ticket revenue, despite the lower passenger volumes.

In the first quarter of 2013 financial year the Group’s gross profit amounted to EUR 16.2 million and EBITDA to EUR 7.0 million being respectively EUR 2.6 million and EUR 3.2 million less compared to the same period last year. The decline in the Group’s results is mainly related to scheduled maintenance works and vessels’ route changes which in addition to fewer sailings and decreased traffic volume brought higher maintenance costs. The Group’s vessels sailed 3.5% trips less compared to the first quarter of 2012. Switching the cruise ferries Silja Europa and Baltic Princess on their routes required nearly EUR 1 million in one off costs.

The unaudited net loss for the first quarter was EUR 17.7 million or EUR 0.03 per share compared to the net loss of EUR 19.0 million or EUR 0.03 per share in the same period last year.

In the first quarter positive development continued on the Latvia-Sweden route where revenue increased nearly 18% driven by 8% growth in passenger volume and increase in revenue per passenger.

In the first quarter the Group started to phase in the new version of internet booking system. Currently live on the Group’s Finnish and Estonian websites the new online booking offers easier, faster and more convenient booking process.

At the end of the first quarter 2013 the Group had EUR 83.4 million in cash and equivalents and the total of unused credit lines were at EUR 7.3 million. The total liquidity, cash and unused credit facilities at the end of the fourth quarter were EUR 90.7 million providing a strong position for sustainable operations.

 

Q4 KEY FIGURES   2013
Jan-Mar
2012
Jan-Mar
Change
Revenue EUR million 190.6 193.8 -1.7%
Gross profit EUR million 16.2 18.8 -13.7%
Gross margin (%)   8.5% 9.7%  
EBITDA EUR million 7.0 10.2 -31.2%
EBITDA margin (%)   3.7% 5.3%  
Net profit for the period EUR million -17.5 -19.0 7.5%
Net profit margin (%)   -9.20% -9.78%  
         
Depreciation and amortization EUR million 17.7 17.8 -0.4%
Investments EUR million 3.4 0.4 680.5%
         
Weighted average number of ordinary shares outstanding 669 882 040 669 882 040  
Earnings per share EUR -0.03 -0.03 7.5%
         
Number of passengers   1 895 353 1 984 735 -4.5%
Number of cargo units   67 003 72 671 -7.8%
Average number of employees   6 756 6 702 0.8%
         
    31.03.2013 31.12.2012  
Total assets EUR million 1 750.1 1 741.8 0.5%
Interest-bearing liabilities EUR million 864.3 840.4 2.8%
Net debt EUR million 780.9 774.8 0.8%
Total equity EUR million 743.4 760.8 -2.3%
         
Equity ratio (%)   42.5% 43.7%  
Net debt to EBITDA   4.8 4.7  
         
Number of ordinary shares outstanding1   669 882 040 669 882 040 0%
Shareholders’ equity per share EUR 1.11 1.14 -2.3%

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) 01.01.2013- 01.01.2012-
  31.03.2013 31.03.2012
     
Revenue 190,583 193,794
Cost of sales -174,339 -174,980
Gross profit 16,244 18,814
       
Marketing expenses -16,133 -15,772
Administrative expenses -11,240 -10,729
Other income 326 156
Other expenses -12 -20
Results from operating activities -10,815 -7,551
     
Finance income 2,604 72
Finance costs -9,306 -11,472
       
Profit/-loss before income tax -17,517 -18,951
       
Income tax -8 0
       
Net profit/-loss for the period -17,525 -18,951
     
Other comprehensive income/-expense    
Exchange differences on translating foreign operations 9 57
Other comprehensive income/-expense for the period 9 57
Total comprehensive income/-expense for the period -17,516 -18,894
     
Profit/-loss attributable to:    
  Equity holders of the parent -17,525 -18,951
       
Total comprehensive income/-expense attributable to:    
  Equity holders of the parent -17,516 -18,894
     
Earnings per share (in EUR per share)    
  - basic -0.03 -0.03
  - diluted -0.03 -0.03

 

 

 CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(unaudited, in thousands of EUR)

ASSETS 31.03.2013 31.12.2012
       
Current assets    
Cash and cash equivalents 83,407 65,600
Trade and other receivables 39,599 42,555
Prepayments 16,176 5,151
Inventories 27,078 29,426
Total current assets 166,260 142,732
       
Non-current assets    
Investments in equity-accounted investees 245 245
Other financial assets 291 296
Deferred income tax assets 12,264 12,264
Investment property 300 300
Property, plant and equipment 1,512,200 1,526,995
Intangible assets 58,536 58,999
Total non-current assets 1,583,836 1,599,099
       
TOTAL ASSETS 1,750,096 1,741,831
       
       
LIABILITIES AND EQUITY    
     
Current liabilities    
Interest bearing loans and borrowings 146,343 103,685
Trade and other payables 96,081 92,988
Deferred income 26,702 25,458
Derivatives 19,580 22,102
Total current liabilities 288,706 244,233
       
Non-current liabilities    
Interest bearing loans and borrowings 717,926 736,699
Other liabilities 71 69
Total non-current liabilities 717,997 736,768
TOTAL LIABILITIES 1,006,703 981,001
       
EQUITY    
Equity attributable to equity holders of the parent    
Share capital 404,290 404,290
Share premium 639 639
Reserves 69,179 69,091
Retained earnings 269,285 286,810
Total equity attributable to equity holders of the parent 743,393 760,830
TOTAL EQUITY 743,393 760,830
       
TOTAL LIABILITIES AND EQUITY 1,750,096 1,741,831

 

 

CONSOLIDATED CASH FLOW STATEMENT

(unaudited, in thousands of EUR) 01.01.2013 - 01.01.2012-
    31.03.2013 31.03.2012
Cash flows from operating activities    
Net profit/-loss for the period -17,525 -18,951
Adjustments 25,439 28,618
Changes in assets related to operating activities -5,686 -8,745
Changes in liabilities related to operating activities 3,749 7,573
Income tax paid -22 -8
  5,955 8,487
Cash flow used for investing activities    
Purchase of property, plant and equipment and intangible assets -3,364 -431
Proceeds from disposals of property, plant and equipment 31 0
Payments for settlement of derivatives -1,123 -839
Interest received 13 74
  -4,443 -1,196
Cash flow from (+)/ used for (-) financing activities    
Payment of transaction costs related to loans -383 0
Change in overdraft 42,736 0
Redemption of loans -19,166 -24,383
Repayment of finance lease liabilities -2 -22
Interest paid -6,890 -9,011
  16,295 -33,416
       
TOTAL NET CASH FLOW 17,807 -26,125
       
Cash and cash equivalents:    
- at the beginning of period 65,600 75,421
- increase (+) / decrease (-) 17,807 -26,125
Cash and cash equivalents at end of period 83,407 49,296

 

         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


Interim 2013 Q1eng.pdf