Q1 results of the 2013 financial yearTallinn, 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
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