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Company Presentation February 2010 Tallink in Brief

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Company Presentation February 2010 Tallink in Brief Company presentation February 2010 Tallink in brief Tallink is the leading European provider of leisure and business travel and sea transportation services in the Baltic Sea. Fleet of 19 vessels Operating four hotels in Tallinn Revenues EUR 792 million EUR 2 billion asset base 6,800 employees Over 8 million passengers annually 252 thousand cargo units annually Listed on OMX Tallinn – TAL1T Over 50 years of operating and cruising experience 2 Tallink business model Product offering 1-2 overnight cruises & passenger transportation Conferences Revenues structure (financial year 2008/09) Other 49,6% 7% 24,9% Cargo On-board Tax-Free Shopping City break 14% Restaurant & shops sales 54% Hotel & travel packages Cargo Transportation Ticket sales 43,3% 25% 12,4% 26,1% 3 The market Total market (passengers, millions) 18 16 9m 5m Aland-Sw e 14 12 Fin-Sw e 10 Sw e-Lat 8 1.5m 6 Sw e-Est 4 Fin-Est 2.6m 2 0 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Revenues structure 9 Tallink’s passenger volume development (financial year 2008/09) 8 Other 7 Lat-Swe 6% 6 6% 5 Fin-Ger 5% 4 Fin-Swe 3 44% Est-Swe 2 11% Tallink revenue structure 1 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 4 Est-Fin 27% Market shares Passenger operations FIN - EST / Helsinki - Tallinn Linda Line 5% 3% 6% 7% 5% 4% 7% 7% 8% 5% 7% 7% 14% Nordic Jetline 13% 10% 20% 20% 25% 19% 18% 13% SuperSeaCat 15% 15% 25% 12% 11% 14% 15% 12% 22% Eckerö Line 19% 19% 20% 15% 15% 22% 16% Viking Line Tallink 55% On Estonia-Sweden & +3%* 50% -12%* +8%* 44% 45% 37% 39% 38% 42% 42% Latvia-Sweden routes Tallink is the only provider of short cruises and daily 2001 2002 2003 2004 2005 2006 2007 2008 2009 Passenger transportation FIN - SWE / Helsinki -Stockholm FIN - SWE / Turku -Stockholm 47% 47% 47% 45% 46% 43% Viking Line Tallink Silja 53% 53% 53% 55% 54% 57% 5 2007 2008 2009 2007 2008 2009 Highlights and milestones Revenues (m€) 800 Routes Finland-Sweden 700 Riga-Stockholm 600 500 St. Petersburg Finland-Germany Tallinn-Stockholm 400 300 Estonia-Finland 200 100 Newbuilt vessels – investment € 1020 mln Baltic Queen 0 04/05 05/06 06/07 07/08 08/09 Baltic Princess Superstar Star EBITDA (m€) Galaxy Victoria I 160 Romantika 140 120 Tallink Taxi Acquisitions - € 780 mln 100 IPO Silja Line Tallink Express Hotel 80 Superfast ferries 60 Pirita Top Spa Hotel Private Placement 40 Tallink Spa & Conference Hotel 20 Tallink City Hotel 0 04/05 05/06 06/07 07/08 08/09 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 6 Tallink´s position in the global ferry market Operators by Gross Tons Operators by beds Rank Company Gross tons Rank Company Beds 1 Stena Line 760 715 1 Tallink 27 798 2 Tallink 600 995 2 Stena Line 14 374 3 P&O Ferries 502 924 3 Tirrenia 14 288 4 Tirrenia 386 967 4 Viking Line 13 754 5 ANEK lines 342 861 5 Grandi Navi Veloci 11 960 Operators by revenues (2008) Operators by no. of employees Rank Company Revenue (mEuro) Rank Company Staff 1 P&O Ferries 1 030,0 1 Tallink 6 093 2 Stena Line 945,8 2 Stena Line 5 700 3 Tallink 786,8 3 P&O Ferries 5 000 4 Finnlines 735,7 4 DFDS Seaways 4 215 5 Scandlines 584,0 5 Color Line 3 827 Data: Ro/pax / ferries above 1,000 GT Source: ShipPax MARKET:09 7 Tallink in the world 8 Source: Generation Research - www.generation.se Strategy Fleet renewal investment program completed – focusing on core operations to realize past investments Improve the profitability by optimal fleet deployment — chartering/selling old & non profitable vessels Reduction of net debt Maintain & improve the excellence in operations to broaden the customer base and strengthen the market position Follow the customer expectations & changed trends to maximize revenues — flexible product offering - justified target group products and pricing combinations to meet the customer expectations 9 Results quarterly seasonality breakdown Passengers (millions) Revenue (EUR millions) EBITDA (EUR millions) 792 159 9 800 787 150 761 8,12 133 8 126 237 255 7,07 227 7 6,87 84 2,70 600 Q4 6 100 49 2,33 2,36 94 74 5 185 188 176 405 4,20 1,83 400 4 1,56 1,63 63 25 27 Q3 210 2,03 14 3 159 175 167 50 1,81 17 21 1,36 1,57 200 15 Q2 2 0,84 81 15 1 0,60 51 190 187 194 181 33 29 30 1,62 1,51 1,79 1,81 27 Q1 0,74 63 11 - 0 0 05/06 06/07 07/08 08/09 09/10 05/06 06/07 07/08 08/09 09/10 05/06 06/07 07/08 08/09 09/10 10 Consolidated Income Statement (in € million) 2005/2006 2006/2007 2007/2008 2008/2009 Sales 405 761 786 792 Cost of sales (1) (288) (560) (622) (627) Marketing, general & admin (1) (50) (114) (111) (101) EBITDA 94 159 126 133 Margin (%) 23.2% 20.9% 16.0% 16.8% Net Profit (2) 50 67 19 -8.2 EPS (2) 0.09 0.10 0.03 -0.01 Notes: (1) Includes depreciation and amortization (2) 2005/2006 Net Profit adjusted with exclusion of negative goodwill 11 Financial year 2008/2009 results 840 820 +38 +7 800 +6 792 786 +7 -52 780 In addition the negative 760 Revenue changes impact of weak SEK/EUR 740 exchange rate was 720 approximately EUR 20 million. 700 EUR m Revenue 2007/08 Tickets Restaurant & Cargo Charter Other Revenue 2008/09 shops 180 -27 160 +44 133 +6 140 126 -7 -6 -3 120 100 80 60 EBITDA impact 40 20 0 EUR m EBITDA 07/08 Revenue change Fuel cost Cost of goods Ships opex Staff Other EBITDA 08/09 12 Dynamics of fuel oil price and EUR/SEK rate FY 2006/07 FY 2007/08 FY 2008/09 FY2009/10 12,0 600 11,5 500 11,0 400 10,5 300 EUR SEK EUR Fuel oil in EUR in oil Fuel 10,0 200 9,5 100 9,0 0 01.09.2006 01.09.2007 01.09.2008 01.09.2009 EURSEK Fuel Oil 1% FOB NWE Cargoes 13 Passenger traffic Passenger number quarterly development 3,0 2,70 Millions 2,5 2,33 2,36 2,0 1,79 1,81 1,83 1,81 Passengers FY 08/09 FY 0708 change 1,5 1,62 1,63 1,56 1,51 1,57 Fin-Swe 3,17 2,86 10,8% 1,36 1,0 Est-Fin 3,49 2,93 18,8% Est-Swe 0,85 0,77 10,0% 0,5 Lat-Swe 0,52 0,36 45,6% Fin-Ger 0,10 0,14 -31,6% 0,0 Totalmillions 8,12 7,07 14,9% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 06/07 06/07 06/07 06/07 07/08 Passenger07/08 07/08 revenues07/08 08/09 08/09 08/09 08/09 09/10 250 100 90 200 212 80 70 182 184 150 60 150 144 140 137 137 50 130 133 131 132 100 112 40 Revenues in EUR millions. EUR Revenuesin 30 Revenue perRevenue passenger EUR. 50 20 10 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 06/07 06/07 06/07 06/07 07/08 07/08 07/08 07/08 08/09 08/09 08/09 08/09 09/10 14 Total ticket, restaurants & shops revenues Ticket, restaurants & shops revenues per passenger Consumer Confidence Index FY 2005/06 FY 2006/07 FY 2007/08 FY 2008/09 30 90 20 80 10 70 0 60 -10 50 -20 40 -30 30 -40 20 Mar-06 Sep-06 Mar-07 Sep-07 Mar-08 Sep-08 Mar-09 Estonia Finland Sweden Euro-area Spending per passenger (€, 3-months rolling average, right scale) CCI indicates the difference between the percentages of respondents assessing the next 12-months-period outlook “better” and the respondents assessing it “worse”. Source: Statistic Boards of the respective countries 15 Cargo traffic FY 2007/08 FY 2008/09 change Cargo units 331 151 252 035 -23,9% Finland - Sweden 102 949 87 625 -14,9% Estonia - Finland 118 526 94 321 -20,4% Estonia - Sweden 44 353 31 271 -29,5% Latvia - Sweden 13 262 13 587 2,5% Finland - Germany 52 061 25 231 -51,5% Cargo units & revenues 100 100 93 95 92 80 89 80 83 85 79 75 76 60 68 60 60 57 59 40 40 44 Nr. units in thousands in Nr. units 40 39 40 40 39 35 37 35 20 28 20 23 25 24 0 0 millions. EUR revenue Cargo in Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 06/07 06/07 06/07 06/07 07/08 07/08 07/08 07/08 08/09 08/09 08/09 08/09 09/10 Cargo units Cargo revenues 16 Costs breakdown Structure Costs in EUR 2007/2008 2008/2009 2007/2008 2008/2009 change Cost of goods 20% 24% -147 079 -174 145 16% Port & stevedoring costs 12% 12% -91 469 -90 947 -1% Fuel cost 19% 12% -135 080 -90 576 -49% Staff costs 23% 22% -163 856 -164 045 0% Ship operating expenses 8% 10% -57 376 -64 736 11% Depreciation and amortisation 8% 9% -61 078 -70 489 13% Cost of package sales 2% 2% -13 194 -13 241 0% Other costs (1) 2% 2% -11 879 -13 241 11% Marketing & Administrative expenses 6% 7% -48 409 -49 938 3 % (1) amortisation & staff costs excluded 17 Consolidated Cash Flow Statement (in € million) 2005/2006 2006/2007 2007/2008 2008/2009 Operating cash flow 79 135 109 146 Capital expenditure (562) (141) (271) (163) Asset disposal 12 44 29 1 Free cash flow (471) 38 (133) (16) Debt financing 327 (9) 171 59 Equity financing 226 0 (4) 0 Interests & other financial items (12) (36) (51) (60) Change in cash 69 (7) (17) (17) 18 Consolidated Balance Sheet 31.08.2007 31.08.2008 31.08.2009 30.11.2009 (in € million) Q1 unaudited Total assets 1,698 1,898 1,947 1,909 Non-current assets 1,537 1,723 1,815 1,792 Current assets 161 175 132 117 - of which cash - 83 67 50 41 Total liabilities 1,050 1,247 1,304 1,267 Interest bearing liabilities 948 1,120 1,181 1,145 Other liabilities 102 127 123 122 Shareholders’ equity 648 651 643 642 Gearing (1) 59% 63% 65% 64% Equity/assets ratio 38% 34% 33% 34% BVPS (2) (in EUR) 0.96 0.97 0.96 0.96 Note: (1) Gearing represents interest bearing liabilities / (interest bearing liabilities + shareholders’ equity) (2) Shareholders’ equity / number of shares outstanding 19 Loans Scheduled loan balance (as of August 31st of the financial year) 1750 1 750 1500 1 500 1250 1 250 1000 1 000 750 750 500 500 250 250 0 0 08/09 09/10 10/11 11/12 12/13 13/14 14/15 15/16 16/17 17/18 18/19 19/20 Loan balance Estimated fleet value @ -3% p.a 20 Tallink’s Fleet Vessel Galaxy, Baltic Queen, Romantika, Star Superstar Silja Europa Superfast vessels Baltic Princess Victoria I SF VII, SF VIII, SF IX Built 2006-2009 2002-2004 2007 2008 1993 2001-2002 Passengers 2,800
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