Company presentation. October 2009

Transcription

1 Company presentation October 2009

2 Tallink in brief CONFIDENTIAL Tallink is the leading European provider of leisure and business travel and sea transportation services in the Baltic Sea. Fleet of 20 vessels Operating four hotels in Tallinn Revenues 792 m 2.0 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

3 Our history over 100 years of seafaring experience MS Vanemuine opens Tallinn- Helsinki route Legendary Georg Ots Starts regular Tallinn- Helsinki operations 1980 Tallink founded :MS Silja Festival Service between Turku & Stockholm opened Service between Helsinki & Stockholm opened 1928 Silja Line established Finnish Steamship Co founded : steamboat Gute

4 Our history over 100 years of seafaring experience, cont. Over 1b Euros Invested into fleet 7 mill passengers 2009 Tallink and Silja reached 2009: Baltic Queen Line merged Riga-Stockholm 2008 line opened 2008: Superstar IPO and listing : Star Baltic Princess of Tallink 2006: Galaxy First Tallink 2005 Tallink starts operating Tallinn- Stockholm route First vessel delivered in the frames of fleet Investment program 2002 Hotel opened : Romantika 2004: Victoria : Silja Europa 1991: Silja Symphony 1990: Silja Serenade

5 Tallink business model 1-2 overnight cruises & passenger transportation Product offering Conferences Swe-Lat 5,7% Swe-Est 11,4% Geographical segments Ger-Fin 4,9% other 64% 6,4% Fin-Swe 44,7% 49,6% On-board Tax-Free Shopping City break 24,9% Fin-Est 27,3% Operational segments Hotel & travel packages Cargo Transportation Cargo 13,5% 12,4% Ticket sales 25,4% 26,1% Other revenues 6,9% 43,3% Rest.&shops sales 54,1% 5 Data: Financial year 2008/09

6 The size of the market Total market (passengers, millions) m 5m Aland-Swe Fin-Swe Lat-Swe Est-Swe Tal-Hel m m Tallink s passenger volume development (millions)

7 Passenger traffic CONFIDENTIAL No. of passengers and Market shares (passengers) passenger cars by routes (Jan. July, 2009) Tallinn-Helsinki Finland-Sweden 2007/ /09 change Linda Line 6% Passengers ,9% Eckerö 14% Finland - Sweden ,8% Tallink 55% Estonia - Finland ,8% Estonia - Sweden ,0% Latvia - Sweden ,6% +8%* +3%* Finland - Germany ,6% VikingLine Passenger cars ,5% 25% VikingLine Finland - Sweden ,4% Estonia - Finland ,6% 46% Estonia - Sweden ,7% Latvia - Sweden ,1% Finland - Germany ,8% Finland-Germany TallinkSilja 54% Finnlines 60% -13%* Tallink 40% On Estonia-Sweden & Latvia-Sweden routes Tallink is the only provider of daily passenger transportation 7 * - change of market share from same period 2008 Source: Tallink; publicly available information on competitors; Port of Tallinn

8 Tallink s position in the global ferry market CONFIDENTIAL Operators by Gross Tons Rank Company Gross tons 1 Stena Line Tallink P&O Ferries Tirrenia ANEK lines Operators by beds Rank Company Beds 1 Tallink Stena Line Tirrenia Viking Line Grandi Navi Veloci 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 Stena Line 945,8 2 Stena Line Tallink 786,8 3 P&O Ferries Finnlines 735,7 4 DFDS Seaways Scandlines 584,0 5 Color Line Data: Ro/pax / ferries above 1,000 GT Source: ShipPax MARKET:09 8

9 Tallink in the world CONFIDENTIAL 9 Source: Generation Research -

10 Highlights and milestones Revenues (m ) Routes Finland-Sweden Riga-Stockholm 600 Tallinn-Stockholm St. Petersburg Finland-Germany Estonia-Finland Newbuilt vessels investment 1020 mln 100 Baltic Queen 0 Baltic Princess 04/05 05/06 06/07 07/08 08/09 Romantika Victoria I Galaxy Star Superstar EBITDA (m ) Acquisitions mln Private Placement Tallink Taxi IPO Silja Line Tallink Express Hotel Superfast ferries Pirita Top Spa Hotel Tallink Spa & Conference Hotel Tallink City Hotel /05 05/06 06/07 07/08 08/09 10

11 Major events 2008/09 CONFIDENTIAL Impact of the external environment Rapid changes in prices and rates: Fuel oil (details next slide) EUR/SEK exchange rate (details next slide) Interest rates Travelers shift more towards short-distance journeys Cargo volumes decreased by 1/3 Changed customers behavior has lead to decreased revenues per customer (expectations for discounts, last-minute-bookings, g, more careful spending) Activities of Core business performs good annual number of passengers 8,1m (+15% y-o-y) y) Delivery of MS Baltic Queen (180m ) completes the fleet renewal program Quality improvement on Stockholm-Riga route by re-routing of MS Romantika Tallink Grupp Refreshment of company business strategy for next 5 years Strong focus on cost saving activities Reduction of operations on Germany- Finland route by 1/3 11

12 Fleet renewal program ( ) is completed The newbuilding Baltic Queen was delivered in April 2009 Baltic Queen - EUR 180 million Delivery: April 2009 Passengers: 2,800 Outlook Modern cruise ferry prices have increased significantly After the delivery of Baltic Queen, Tallink has most modern and competitive fleet Currently no more new orders are planned The need for further newbuildings and new standards will become clear in 3-5 years. 12

13 Results 2008/ /09 Change last year 4th quarter 2008/09 Change last year Passengers (th.) ,9% ,3% Passenger vehicles (th.) 863,0 28,5% 33,6 26,4% Cargo units (th.) 252,0-23,9% 60,4-28,6% Revenues (m ) 791,9 0,8% 254,9 7,9% Cost of sales (m ) 627,1-0,9% 174,5-5,5% General admin. & marketing costs (m ) 100,8-9,3% 25,6-12,6% EBITDA (m ) 133,1 5,8% 73,7 51,1% Net profit (m ) -8,2 31,7 Good passenger volumes and cost reduction resulted with 31.7m profit in Q4. However, this was not sufficient to cover poor results in the previous quarters. 13

14 Ownership structure CONFIDENTIAL Shareholders of AS Tallink Grupp Ten largest shareholders on Sept.15, 2009 % Infortar 40% Top 10 shareholders Institutional investors Retail investors Infortar AS 39% Infortar 40,0% ING Luxembourg S.A. 10,1% Nordea Bank Finland Plc / Non-resident legal entities 9,8% Citigroup Venture Capital International Jersey Ltd 7,3% State Street Bank / Trust Omnibus Account A Fund No.OM01 4,3% Skandinaviska Enskilda Banken AB Clients 3,5% JP Morgan Chase clients / Vanguard Marketing Corp. 1,8% Firebird Republics Fund Ltd 1,2% BNYM / ING BANK SLASKI AC LM AKCJI FIO 1,2% Firebird Avora Fund Ltd 1,1% 14