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As Tallink Grupp AS TALLINK GRUPP Unaudited Consolidated Interim Financial Statements for the first quarter of the 2015 financial year 1 January 2015 - 31 March 2015 Beginning of the financial year 1. January 2015 End of the financial year 31. December 2015 Commercial Registry No. 10238429 Address Sadama 5/7 10111, Tallinn Estonia Telephone +372 6 409 800 Fax +372 6 409 810 Internet homepage www.tallink.com Primary activity maritime transportation (passenger and cargo transportation) Auditor KPMG Baltics OÜ WorldReginfo - 0ab7cf43-3e9d-4a70-a333-7880ced0a7b3 CONTENT MANAGEMENT REPORT FOR THE INTERIM FINANCIAL STATEMENTS 3 Unaudited Interim Consolidated Financial Statements First quarter of the financial year 2015 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 13 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 14 CONSOLIDATED CASH FLOW STATEMENT 15 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 16 ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT Notes to the unaudited interim consolidated financial statements 17-22 First quarter of the financial year 2015 MANAGEMENT BOARD’S APPROVAL TO THE INTERIM CONSOLIDATED 23 FINANCIAL STATEMENTS 2 WorldReginfo - 0ab7cf43-3e9d-4a70-a333-7880ced0a7b3 Management Report I quarter of the financial year 2015 MANAGEMENT REPORT In the first quarter (1 January- 31 March) of the 2015 financial year AS Tallink Grupp and its subsidiaries’ (the Group) carried nearly 1.8 million passengers which is 5.9% less compared to the same period last year. The Group’s unaudited revenue for the first quarter of 2015 increased by EUR 1.9 million or 1.0% year on year to the total of EUR 190.2 million, EBITDA increased by EUR 15.0 million or 335.0% to the total of EUR 19.5 million, compared to the same period last year. The Group made various changes to the operations during the past year and these affected the first quarter with decreased passenger volumes but increased revenue and profitability. The reduction of operating costs from the measures taken has the highest effect to the first quarter profitability, which is also the low season. In the first quarter the Estonia-Finland route showed positive developments with revenue increasing by 2.7% driven by a 21.3% growth in cargo units. The increase to the cargo volume was partly from Sea Wind switching from the Finland-Sweden routes to the Estonia-Finland route. The Estonia- Sweden route, where capacity is lower than last year, experienced a 9.9% decrease in passengers and a 10.4% decrease in cargo volumes. The Latvia-Sweden route showed a decline with passenger’s numbers decreasing by 41.2%, cargo units transported decreased by 59.6%, passenger vehicles transported decreased by 33.0% and the sales decreased by 39.4%. The decline in passenger and cargo volumes on the Latvia-Sweden route is due to Isabelle operating as the only vessel on the route since the beginning of August 2014. Throughout the first quarter price pressure from competitors remained visible on all routes. The passenger volumes have been affected by the drop of Russian passengers since the second quarter last year and has continued to this date. In the first quarter altogether 6 vessels were chartered out. Due to the increased number of chartered vessels the revenue from charters increased by EUR 7.3 million or 85.9% to the total of EUR 15.7 million. Two of the vessels Silja Festival and Regina Baltic are to be sold in the second quarter of the 2015 financial year. The upgrades of the public areas and improvements to restaurant and shop concept throughout the fleet combined with the operational changes have resulted in a 3.5% increase in on-board revenue per passenger. Due to the changes in operations the segment result improved on all segments and was EUR 14.9 million higher than in the same period last year. In the first quarter of the 2015 financial year the Group’s gross profit amounted to EUR 26.1 million and EBITDA to EUR 19.5 million being respectively EUR 14.3 million and EUR 15.0 million more compared to the same period last year. The increase in the Group’s results is mainly attributed to the decreased costs related to operations. The unaudited net loss for the first quarter of the 2015 financial year was EUR 13.3 million or EUR 0.02 per share compared to the net loss of EUR 23.4 million or EUR 0.03 per share in the same period last year. Cash flow from operations increased by EUR 19.2 million when compared to the same period last year. The total liquidity, cash and unused credit facilities at the end of the first quarter were EUR 68.8 million providing a strong position for sustainable operations. At the end of the first quarter 2015 the Group had EUR 66.3 million in cash and equivalents and the total of unused credit lines were at EUR 2.5 million. 3 WorldReginfo - 0ab7cf43-3e9d-4a70-a333-7880ced0a7b3 Management Report I quarter of the financial year 2015 Q1 KEY FIGURES 2015 2014 Change Jan-Mar Jan-Mar Revenue EUR million 190.2 188.2 1.0% Gross profit EUR million 26.1 11.8 121.5% Gross margin (%) 13.7% 6.3% EBITDA EUR million 19.5 4.5 335.0% EBITDA margin (%) 10.2% 2.4% Net profit for the period EUR million -13.3 -23.4 42.9% Net profit margin (%) -7.0% -12.4% Depreciation and amortization EUR million 20.4 19.7 3.4% Investments EUR million 3.6 14.1 74.4% Weighted average number of ordinary shares outstanding 669 882 040 669 882 040 Earnings per share EUR -0.02 -0.03 42.9% Number of passengers 1 793 414 1 905 555 -5.9% Number of cargo units 75 172 76 791 -2.1% Average number of employees 6 642 6 867 -3.3% 31.03.2015 31.12.2014 Total assets EUR million 1 674.5 1 685.6 -0.7% Interest-bearing liabilities EUR million 742.9 743.4 -0.1% Net debt EUR million 676.6 678.1 -0.2% Total equity EUR million 764.9 778.3 -1.7% Equity ratio (%) 45.7% 46.2% Net debt to EBITDA 4.1 4.5 Number of ordinary shares outstanding 1 669 882 040 669 882 040 0% Shareholders’ equity per share EUR 1.14 1.16 -1.7% 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. 4 WorldReginfo - 0ab7cf43-3e9d-4a70-a333-7880ced0a7b3 Management Report I quarter of the financial year 2015 SALES & SEGMENT RESULTS The following table provides an overview of the quarterly sales development by operational segments: Q1 Q2 Q3 Q4 Q1 change in EUR millions 2014 2014 2014 2014 2015 y-o-y Ticket sales 40.6 62.6 76.1 51.2 38.1 -6.2% Restaurant & shop sales 103.9 133.0 132.1 118.5 100.6 -3.1% Cargo sales 26.5 26.8 25.1 24.6 25.9 -2.5% Accommodation sales 3.4 5.3 6.4 4.0 3.0 -11.3% Leases of vessels 8.4 8.4 14.1 16.2 15.7 85.9% Other sales 5.4 10.5 8.9 9.7 6.9 28.0% Total revenue 188.2 246.5 262.7 224.1 190.2 1.0% The following table provides an overview of the quarterly sales and result development by geographical segments: Q1 Q1 Q2 Q3 Q4 Q1 change 2014 2014 2014 2014 2015 y-o-y Finland- Passengers th. 935 1 176 1 325 1 082 918 -1.8% Estonia Cargo units th. 39 42 44 43 47 21.3% Revenue mil.EUR 65.0 84.5 91.2 81.0 66.8 2.7% Segment result mil.EUR 10.9 22.3 26.1 23.7 12.6 16.3% Finland- Passengers th. 592 708 778 636 585 -1.3% Sweden Cargo units th. 23 22 20 23 17 -26.0% Revenue mil.EUR 68.4 84.2 93.5 77.9 68.2 -0.3% Segment result mil.EUR -7.9 0.4 10.2 0.2 -5.1 35.6% Sweden- Passengers th. 217 266 273 217 196 -9.9% Estonia Cargo units th. 10 11 11 11 9 -10.4% Revenue mil.EUR 20.6 27.8 31.1 22.9 19.3 -6.3% Segment result mil.EUR -3.5 2.3 5.8 0.1 -2.9 17.1% Sweden- Passengers th. 161 214 186 116 95 -41.2% Latvia Cargo units th. 5 4 3 2 2 -59.6% Revenue mil.EUR 13.3 18.6 17.9 10.1 8.1 -39.4% Segment result mil.EUR -3.2 0.0 4.1 0.4 -0.4 87.1% Other Revenue mil.EUR 22.7 34.2 32.3 34.7 29.6 30.7% Segment result mil.EUR -0.3 9.9 8.4 9.2 6.6 2132.9% Inter segment sales mil.EUR -1.8 -2.9 -3.4 -2.4 -1.8 1.2% Total revenue mil.EUR 188.2 246.5 262.7 224.1 190.2 -1.0% EBITDA mil.EUR 4.5 41.1 64.0 41.1 19.5 335.0% Total segment result mil.EUR -4.0 35.0 54.5 33.8 10.9 371.0% Net profit/-loss mil.EUR -23.4 6.1 36.2 8.4 -13.3 42.9% Segment result - result before administrative expenses, financial expenses and taxes 5 WorldReginfo - 0ab7cf43-3e9d-4a70-a333-7880ced0a7b3 Management Report I quarter of the financial year 2015 The following graphs provide an overview of the sales distribution in the first quarter on operational and geographical segment based approach.
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