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EUR 262.7 Million, Being 5.7% Or EUR 15.7 Million Less Than a Year Ago

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EUR 262.7 Million, Being 5.7% Or EUR 15.7 Million Less Than a Year Ago AS TALLINK GRUPP Unaudited Interim Consolidated Financial Statements for the first nine months of the 2014 financial year 1 January 2014 - 30 September 2014 Beginning of the financial year 1. January 2014 End of the financial year 31. December 2014 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 CONTENT MANAGEMENT REPORT FOR THE INTERIM FINANCIAL STATEMENTS 2 Unaudited Interim Consolidated Financial Statements First nine months of the financial year 2014 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 12 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 13 CONSOLIDATED CASH FLOW STATEMENT 14 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 15 ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT Notes to the unaudited interim consolidated financial statements 16-22 First nine months of the financial year 2014 MANAGEMENT BOARD’S APPROVAL TO THE INTERIM CONSOLIDATED 23 FINANCIAL STATEMENTS 1 Management Report III quarter of the financial year 2014 MANAGEMENT REPORT In the third quarter (1 July - 30 September) of the 2014 financial year AS Tallink Grupp and its subsidiaries’ (the Group) carried nearly 2.6 million passengers which is 5.8% less compared to the same period last year. The number of cargo units transported increased by 1.0% and the number of passenger vehicles transported decreased by 3.7% for the same period as last year. The Group’s consolidated revenue in the third quarter was EUR 262.7 million, being 5.7% or EUR 15.7 million less than a year ago. In the third quarter of the 2014 financial year the Group’s gross profit amounted to EUR 69.6 million and EBITDA to EUR 64.0 million being respectively EUR 10.2 million and EUR 8.6 million less compared to the same period last year. The unstable macro-economic situation in Europe has had a negative impact to the Group’s operations. The decline in the passenger volume from the Russian market continuous to be visible, decreasing by 25% in the third quarter, compared to the same period last year. The Group has been working for a smoother transition facing the sulphur regulations and one of the goals has been to reduce fuel consumption by optimising our current operations, therefore several re-routings were made: the cruise ferry Silja Europa was chartered out, the cruise ferry Baltic Queen changed to the Tallinn-Helsinki route and the cruise ferry Romantika changed to Tallinn- Stockholm route, leaving the Riga-Stockholm route with the cruise ferry Isabelle as the only vessel. Majority of the decline of the third quarter results was a direct one-off effect related to the re-routing of the vessels, chartering out Silja Europa and the Silja Symphony docking. These changes in the operations are a good reference of the flexibility of our business and ensure that we are better prepared for the upcoming year. In the third quarter the Estonia-Finland route showed a slight decline with passenger’s numbers decreasing by 3.3%, cargo units transported increased by 11.5% and the sales numbers remained on the last year’s level. The results were affected by a competitor bringing more capacity to the Tallinn-Helsinki route. The Finland-Sweden route showed a decline with passenger’s numbers decreasing by 5.5%, cargo units transported decreased by 11.0%, the sales numbers decreased by 7.4%. The results were affected by Silja Symphony being out of operations in September. The Latvia-Sweden route showed a decline with passenger’s numbers decreasing by 23.3%, cargo units transported decreased by 42.5%, the sales numbers decreased by 24.5%. The results were affected by Romantika changing to Tallinn-Stockholm route, leaving Isabelle as the only operating vessel on the route. In the third quarter the charter revenue increased by 58.9% or EUR 5.2 million, this is a result of more vessels being in charter and is expected to have a positive effect to the profitability in the forthcoming quarters. The total number of vessels currently chartered out is six, while last year at the same time four vessels were chartered out. While pricing the cargo services for next year the upcoming rise in the fuel price related to the switch to the low sulphur fuel has been taken into account. Pricing of the passenger service will depend on market demand, competition and seasonality. The unaudited net profit for the third quarter of the 2014 financial year was EUR 36.2 million or EUR 0.05 per share compared to the net profit of EUR 44.0 million or EUR 0.07 per share in the same period last year. The total liquidity, cash and unused credit facilities at the end of the third quarter were EUR 66.7 million providing a strong position for sustainable operations. At the end of the third quarter 2014 the Group had EUR 66.1 million in cash and equivalents and the total of unused credit lines were at EUR 0.5 million. 2 Management Report III quarter of the financial year 2014 Q3 KEY FIGURES 2014 2013 Change July-Sep July-Sep Revenue EUR million 262.7 278.4 -5.7% Gross profit EUR million 69.6 79.8 -12.8% Gross margin (%) 26.5% 28.7% EBITDA EUR million 64.0 72.5 -11.8% EBITDA margin (%) 24.4% 26.1% Net profit for the period EUR million 36.2 44.0 -17.9% Net profit margin (%) 13.8% 15.8% Depreciation and amortization EUR million 19.3 18.5 4.8% Investments EUR million 10.6 2.5 328.4% Weighted average number of ordinary shares outstanding 669 882 040 669 882 040 Earnings per share EUR 0.05 0.07 -17.9% Number of passengers 2 561 257 2 718 778 -5.8% Number of cargo units 76 830 76 043 1.0% Average number of employees 7 181 7 185 -0.1% 30.09.2014 30.06.2014 Total assets EUR million 1 688.4 1 712.0 -1.4% Interest-bearing liabilities EUR million 770.9 782.0 -1.4% Net debt EUR million 704.8 711.8 -1.0% Total equity EUR million 770.1 733.9 4.9% Equity ratio (%) 45.6% 42.9% Net debt to EBITDA 5.1 4.8 Number of ordinary shares outstanding1 669 882 040 669 882 040 0% Shareholders’ equity per share EUR 1.15 1.01 4.9% 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. 3 Management Report III quarter of the financial year 2014 SALES & SEGMENT RESULTS The following table provides an overview of the quarterly sales development by operational segments: Q3 Q4 Q1 Q2 Q3 change in EUR millions 2013 2014 2014 2014 2014 y-o-y Ticket sales 86.2 53.0 40.6 62.6 76.1 -11.7% Restaurant & shop sales 142.9 124.9 103.9 133.0 132.1 -7.6% Cargo sales 25.9 26.7 26.5 26.8 25.1 -2.8% Accommodation sales 6.0 4.0 3.4 5.3 6.4 5.0% Leases of vessels 8.9 7.4 8.4 8.4 14.1 58.9% Other sales 8.5 7.9 5.4 10.5 8.9 4.0% Total revenue 278.5 224.0 188.2 246.5 262.7 -5.7% The following table provides an overview of the quarterly sales and result development by geographical segments: Q3 Q3 Q4 Q1 Q2 Q3 change 2013 2013 2014 2014 2014 y-o-y Finland- Passengers th. 1 371 1 102 935 1 176 1 325 -3.3% Estonia Cargo units th. 39 39 39 42 44 11.5% Revenue mil.EUR 90.9 80.4 65.0 84.5 91.2 0.3% Segment result mil.EUR 28.4 21.8 10.9 22.3 26.1 -8.3% Finland- Passengers th. 823 656 592 708 778 -5.5% Sweden Cargo units th. 22 25 23 22 20 -11.0% Revenue mil.EUR 100.9 80.9 68.4 84.2 93.5 -7.4% Segment result mil.EUR 14.9 0.3 -7.9 0.4 10.2 -31.4% Sweden- Passengers th. 283 218 217 266 273 -3.6% Estonia Cargo units th. 10 10 10 11 11 5.8% Revenue mil.EUR 33.2 23.0 20.6 27.8 31.1 -6.2% Segment result mil.EUR 7.7 -1.0 -3.5 2.3 5.8 -25.1% Sweden- Passengers th. 242 172 161 214 186 -23.3% Latvia Cargo units th. 4 5 5 4 3 -42.5% Revenue mil.EUR 23.8 15.6 13.3 18.6 17.9 -24.5% Segment result mil.EUR 4.7 -1.2 -3.2 0.0 4.1 -14.7% Other Revenue mil.EUR 33.2 26.5 22.7 34.2 32.3 -2.7% Segment result mil.EUR 8.1 3.6 -0.3 9.9 8.4 3.2% Inter segment sales mil.EUR -3.6 -2.4 -1.8 -2.9 -3.4 -5.7% Total revenue mil.EUR 278.4 224.0 188.2 246.5 262.7 -5.7% EBITDA mil.EUR 72.5 29.8 4.5 41.1 64.0 -11.8% Total segment result mil.EUR 63.9 23.5 -4.0 35.0 54.5 -14.7% Net profit/-loss mil.EUR 44.0 7.5 -23.4 6.1 36.2 -17.9% Segment result - result before administrative expenses, financial expenses and taxes 4 Management Report III quarter of the financial year 2014 The following graphs provide an overview of the sales distribution in the third quarter on operational and geographical segment based approach.
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