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Company Presentation December 2010 Tallink

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Company Presentation December 2010 Tallink Company presentation December 2010 Tallink Tallink is the leading European provider of leisure and business travel and sea transportation services in the Baltic Sea Fleet of 19 vessels Operating five hotels Revenues EUR 814 million EUR 1.9 billion asset base 6612 employees Over 8.4 million passengers annually 258 thousand cargo units annually Listed on Nasdaq OMX Baltic – TAL1T Over 50 years of operating and cruising experience 2 Tallink business model Product offering 1-2 overnight cruises & passenger transportation Conferences Revenue structure (Financial year 2009/10) 49,6% Othe r 7% 24,9% Cargo On-board Tax-Free Shopping City break 12% Restaurant & shop sales 54% Hotel & travel packages Cargo Transportation Ticket sales 27% 43,3% 12,4% 26,1% 3 Cruise ferry 927 cabins, 2800 passengers Buffet Nightclub Tango lounge Conference Sauna Shops, pubs, restaurants Car deck Show bar 4 Tallink’s passenger market share is 46% of the Northern Baltic Sea Northern Baltic passenger market 18 18.2 million passengers Other 16 Eckerö line 14 12 Viking 10 line 8 8.4 million passengers 6 4 Tallink 2 0 05/06 06/07 07/08 08/09 09/10 5 Market shares Passenger operations Est - Fin / Tallinn - Helsinki 3% 6% 5% 6% 5% 6% 7% 7% 5% 7% 5% 4% 8% 7% 7% 14% 13% 13% 21% 19% 19% 10% 20% 20% 25% 19% 18% 13% 15% 15% 10% 10% 10% 25% 25% 12% 11% 14% 15% 12% 22% 19% 19% 23% 22% 22% 22% 20% 15% 15% 16% On Estonia-Sweden & +3%* -12%* Latvia-Sweden routes +8%* 55% 57% 50% Tallink is the only provider 44% 45% 40% 42% 41% 39% 42% 42% 37% 38% of short cruises and daily Passenger transportation 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Tallink Viking Line Eckerö Line SuperSeaCat Nordic Jetline Linda Line FIN - SWE / Helsinki -Stockholm FIN - SWE / Turku - Stockholm 47% 47% 47% 46% 43% 43% 53% 53% 53% 54% 57% 57% 6 2008 2009 2010 2008 2009 2010 Highlights and milestones Operations Finland-Sweden Riga-Stockholm St. Petersburg Finland-Germany Tallinn-Stockholm Estonia-Finland Hotel operations Newbuilt vessels – investment € 1020 m Baltic Queen Acquisitions € 780 m 3 Silja Line 3 Superfast ferries Baltic Princess 3IPO Superstar 3Private Placement Star Galaxy Victoria I Romantika 2002 2003 2004 2005 2006 2007 2008 2009 2010 7 Tallink´s position in the global ferry market The World's top 25 Duty free & Travel Retail Shops 2009 Ranking by actual and estimated retail sales in US$ millions. Ferry operator by gross tons Rank Company Gross tons Rank Location Remarks 1 Stena Line 759 748 Sales> US$ 1,000.0 million 2 Tallink 598 529 1 Dubai - Dubai International Airport, U.A.E. AIRPORT SHOPS 3 P&O Ferries 502 924 2 London - Heathrow Airport, UK AIRPORT SHOPS 4 Tirrenia 381 899 Sales> US$ 900.0 million 5 Grandi Navi Veloci 352 555 3 Seoul - Incheon Int'l Airport, South Korea AIRPORT SHOPS Sales> US$ 800.0 million 4 Singapore - Changi Airport AIRPORT SHOPS Ferry operator by beds Sales> US$ 600.0 million Rank Company Beds 5 Frankfurt - Frankfurt-Main Airport, Germany AIRPORT SHOPS 1 Tallink 26 581 Sales> US$ 500.0 million 2 Tirrenia 15 258 6 Tallink Silja Line FERRY SHOPS 3 Stena Line 15 010 7 Paris - Charles de Gaulle Airport, France AIRPORT SHOPS 4 Viking Line 13 754 8 Hong Kong - Hong Kong International Airport AIRPORT SHOPS 5 Grand Navi Veloci 12 160 9 Bangkok - Suvarnabhumi Airport, Thailand AIRPORT SHOPS Sales> US$ 400.0 million 10 Amsterdam - Schipol Airport, Netherlands AIRPORT SHOPS Ferry operator by revenues (mEUR) Sales> US$ 300.0 million Rank Company Revenue 11 Oslo - Gardermoen Airport, Norway AIRPORT SHOPS 1 P&O Ferries 1030* 12 London - Gatwick Airport, UK AIRPORT SHOPS 2 Stena Line 936 13 Sao Paulo - Guarulhos Int’l Airport, Brazil AIRPORT SHOPS 3 DFDS 881 14 Tel Aviv - Ben Gurion Int’l Airport, Israel AIRPORT SHOPS 4 Tallink 792 15 Manchester - Int’l Airport, UK AIRPORT SHOPS 5 Color Group 551 Source: Generation Research 2010 Data: Ro/pax / ferries above 1,000 GT Source: ShipPax MARKET:10, 09* 8 Strategic plan Tallink’s vision is to be the market pioneer in Europe by offering excellence in leisure and business travel and sea transportation services Long term objectives for profitable operations: - Strive for the highest level of customer satisfaction - Increase volumes and strengthen the leading position on our home markets - Develop wide range of quality services for different customers and pursue new growth opportunities Current focus is on core operations to realize past investments. Along with the optimal fleet deployment the emphasis is on the profitability improvement and deleveraging. Current strategic cornerstones and competitive advantages: Most modern Wide route Strong market share & High safety level & fleet network brand awareness environmental standards 9 Results quarterly seasonality breakdown Passengers (millions) Cargo (th. units) Revenue (EUR millions) EBITDA (EUR millions) 360 159 9 8.43 350 792 814 150 145 331 800 787 8.12 761 8 89 133 300 75 126 7.07 237 255 272 7 6.87 2.84 258 227 84 2.70 252 250 600 78 Q4 6 2.36 100 49 2.33 95 59 67 94 74 85 5 200 188 185 188 176 202 4.20 1.83 2.16 405 60 400 4 72 69 1.56 1.63 150 63 25 27 Q3 83 79 210 3 2.03 159 175 167 50 14 30 1.81 57 158 1.62 100 54 17 1.36 1.57 47 200 21 15 Q2 2 10 0.84 81 15 50 93 92 194 1 0.60 1.79 1.81 76 68 51 190 187 181 33 29 30 1.62 1.51 27 Q1 0.74 38 63 11 0 0 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 05/06 06/07 07/08 08/09 09/10 10 The dynamics of high seasonality on the profit level in EUR million Net profit/loss by quarters 50 Summer 40 30 42 20 29 32 10 0 Autumn Winter Spring -7 -2 -2 -1 -3 -17 -16 -10 -21 -20 -30 07/08 08/09 09/10 Typical to the Tallink business model is that the result is made in Q4, the summer high season 11 Passenger traffic Passenger number quarterly development 3.0 2.5 2.70 2.84 Millions 2.0 2.36 2.16 1.5 1.79 1.81 1.83 1.81 1.57 1.63 1.62 1.0 1.51 0.5 0.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 07/08 07/08 07/08 07/08 08/09 08/09 08/09 08/09 09/10 09/10 09/10 09/10 Passenger revenues 250 100 200 225 80 212 150 184 60 165 150 144 100 133 131 137 132 137 125 40 50 20 0 0 Revenues EUR m in Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Revenue per pax EUR 07/08 07/08 07/08 07/08 08/09 08/09 08/09 08/09 09/10 09/10 09/10 09/10 Total ticket, restaurants & shops revenues Ticket, restaurants & shops revenues per passenger 12 Cargo traffic Cargo units & revenues 100 80 92 70 Units th in 80 85 79 60 75 76 69 m EUR in Revenue 60 68 67 50 60 59 44 57 54 40 40 39 40 37 35 30 28 25 26 23 24 25 20 20 20 10 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 07/08 07/08 07/08 07/08 08/09 08/09 08/09 08/09 09/10 09/10 09/10 09/10 Cargo units Cargo revenues 13 Consolidated Income Statement (in EUR million) 2006/20072006/2007 2007/20082007/2008 2008/20092008/2009 2009/20102009/2010 Sales 761 786 792 814 Cost of sales (1) (560) (622) (627) (646) Marketing, general & admin (1) (114) (111) (101) (94) EBITDA 159 126 133 145 Margin (%) 20.9% 16.0% 16.8% 17.8% Net Profit 67 19 -8.2 22 EPS 0.10 0.03 -0.01 0.03 Notes: (1) Includes depreciation and amortization 14 Costs breakdown Structure Costs in EUR(th) 2008/2009 2009/2010 2008/2009 2009/2010 change Cost of goods 22% 22% -174 145 -169 981 -2% Staff costs 15% 15% -119 029 -118 048 -1% Marketing & Administrative expenses (1) 12% 11% -91 893 -86 012 -6% Port & stevedoring costs 11% 12% -90 947 -91 546 1% Fuel cost 11% 14% -90 576 -110 793 22% Ship operating expenses 8% 8% -64 736 -61 527 -5% Other costs 3% 4% -26 672 -29 178 9% Total costs from operations -657 998 -667 085 -2% Depreciation and amortisation -69 939 -73 177 5% Net finance cost -72 891 -47 423 -35% (1) amortisation and depreciation excluded 15 Consolidated Cash Flow Statement (in EUR million) 2006/2007 2007/2008 2008/2009 2009/2010 Operating cash flow 135 109 146 164 Capital expenditure (141) (271) (163) (6) Asset disposal 44 29 1 7 Free cash flow 38 (133) (16) 165 Debt financing (9) 171 59 (107) Equity financing 0 (4) 0 0 Interests & other financial items (36) (51) (60) (50) Change in cash (7) (17) (17) 8 16 Consolidated Balance Sheet (in EUR million) 31.08.2007 31.08.2008 31.08.2009 31.08.2010 Total assets 1,698 1,898 1,947 1,871 Non-current assets 1,537 1,723 1,815 1,741 Current assets 161 175 132 130 - of which cash - 83 67 50 57 Total liabilities 1,050 1,247 1,304 1,203 Interest bearing liabilities 948 1,120 1,181 1,068 Other liabilities 102 127 123 135 Shareholders’ equity 648 651 643 668 Gearing (1) 59% 63% 65% 62% Equity/assets ratio 38% 34% 33% 36% BVPS (2) (in EUR) 0.96 0.97 0.96 1 Note: (1) Gearing represents interest bearing liabilities / (interest bearing liabilities + shareholders’ equity) (2) Shareholders’ equity / number of shares outstanding 17 Tallink’s loan agreements have aggressive repayment schedules, the vessels useful life is however longer Loan balance according to the current repayment schedules 1750 Fleet value Million EUR Million 1500 1250 1000 750 500 250 0 Aug 31.
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