Aktsiaselts Tallink Grupp - NASDAQ OMX Baltic

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FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED AUGUST 31, 2004 NOTES TO THE FINANCIAL STATEMENTS—(Continued) Note 3 SEGMENT INFORMATION (Continued) 31.08.2004 Estonia- Finland routes Estonia- Sweden routes Estonia- Russia routes Estonia mainland business Elimination of inter-segment sales Total Assets and liabilities Segment assets .................... 3,225,470 3,243,915 328,280 10,961 (106,957) 6,701,669 Unallocated assets ................. 206,256 Total assets ...................... 6,907,925 Segment liabilities ................. 233,209 143,032 66,931 11,089 (106,957) 347,304 Unallocated liabilities* ............. 4,378,244 Total liabilities ................... 4,725,548 Other segment information Tangible assets capital expenditure .... 218,490 2,146,280 9,306 4,141 2,378,217 Unallocated tangible assets capital expenditure .................... 16,247 Intangible assets capital expenditure . . . 620 437 109 0 1,166 Unallocated intangible assets capital expenditure .................... 2,036 Depreciation ...................... 131,102 90,198 13,565 433 235,298 Unallocated depreciation ............ 9,681 Amortisation ..................... 20,622 7,929 3 0 28,554 Unallocated amortisation ............ 226 * Unallocated liabilities include the loans received to finance the ships operating between Estonia and Finland in the amount of EEK 2,002,310 thousands and to finance the ships operating between Estonia and Sweden in the amount of EEK 1,979,972 thousands. Corresponding interest expenses amounted to EEK 67,987 thousands and EEK 49,073 thousands. 2002/2003 Estonia Finland Estonia Sweden Elimination of inter-segment sales Total Revenue Ticket sales ...................................... 566,773 260,318 827,091 Sales of cargo transport ............................ 226,683 352,331 579,014 On-board sales ................................... 1,192,438 301,884 1,494,322 Other ........................................... 66,961 28,210 95,171 Totalexternalsales................................ 2,052,855 942,743 0 2,995,598 Inter-segment sales ................................ 280,639 715 (281,354) 0 Total revenue ................................... 2,333,494 943,458 (281,354) 2,995,598 Result Segment result ................................... 524,002 77,780 601,782 Unallocated expenses .............................. (121,007) Operating profit ................................. 480,775 Net financial expenses* ............................ (99,542) Income from associate ............................. 891 Profit before income tax .......................... 382,124 Income tax ...................................... (193) Net profit ....................................... 381,931 F-44
FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED AUGUST 31, 2004 NOTES TO THE FINANCIAL STATEMENTS—(Continued) Note 3 SEGMENT INFORMATION (Continued) 31.08.2003 Estonia Finland Estonia Sweden Intersegment Total Assets and liabilities Segment assets ....................................... 3,135,695 1,411,920 (144,091) 4,403,524 Unallocated assets ..................................... 145,644 Total assets .......................................... 4,549,168 Segment liabilities ..................................... 292,794 82,128 (144,091) 230,831 Unallocated liabilities* ................................. 2,845,630 Total liabilities ....................................... 3,076,461 Other segment information Tangible assets capital expenditure ....................... 15,705 368,210 383,915 Unallocated tangible assets capital expenditure .............. 3,993 Intangible assets capital expenditure ...................... 203,987 0 203,987 Depreciation ......................................... 191,168 103,200 294,368 Unallocated depreciation ............................... 3,134 Amortisation ......................................... 10,413 12,787 23,200 Unallocated amortisation ............................... 1,414 * Unallocated liabilities include the loans received to finance the ships operating between Estonia and Finland in the amount of EEK 1,955,673 thousands and to finance the ships operating between Estonia and Sweden in the amount of EKK 539,780 thousands. Corresponding interest expenses amounted to EEK 92,340 thousands and EEK 24,024 thousands. Net sales by geographical segments—customers’ location As it is not possible to record revenue by customer group (especially onboard sales), this information has not been disclosed in the notes to the financial statements. Information by operational segments As most of the group’s and company’s assets (incl. tangible fixed assets) are related to sea transportation, then the information about assets and purchases of tangible non-current assets by operational segments has not been additionally disclosed. Note 4 INCOME AND EXPENSES (in thousand EEK) Cost of sales The Group Parent Company 2003/2004 2002/2003 2003/2004 2002/2003 Cost of inventories ................................... 746,858 616,718 526,086 483,456 Port charges ......................................... 494,274 409,605 303,996 278,836 Bunker cost ......................................... 274,429 240,210 145,649 111,325 Charterhire ......................................... 0 3,095 100,150 134,481 Staffcosts .......................................... 368,293 286,548 277,085 252,118 Depreciation ........................................ 236,540 293,176 441,425 434,987 Othercosts.......................................... 358,351 283,513 176,977 167,891 TOTAL ............................................ 2,478,745 2,132,865 1,971,368 1,863,094 F-45
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OFFERING MEMORANDUM Aktsiaselts Tal
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TABLE OF CONTENTS Summary .........
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CERTAIN INFORMATION WITH RESPECT TO
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August 31, 2005, with comparative i
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SUMMARY This summary should be read
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The Offering Offering .............
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and there is no obligation on Citig
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RISK FACTORS Before making an inves
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of our vessels, compliance with env
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present, fuel represents approximat
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due to decrease over the next three
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The Offering TERMS AND CONDITIONS O
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Payment Investors in Estonia By sub
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unless the exclusive jurisdiction o
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An investor shall be liable for the
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Exercise of Shareholder Rights by I
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BACKGROUND AND REASONS FOR THE OFFE
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EXCHANGE RATES The Estonian kroon h
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1 EBITDA = Earnings before net fina
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status under the EU regulatory fram
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into the following principal compon
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Following the planned introduction
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increase of 87 percent compared to
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Currently outstanding loan agreemen
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Off-Balance Sheet Guarantees Tallin
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Market Risk Disclosure The manageme
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Our Geographic Market Area The area
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The passenger and ro-ro cargo volum
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Strategy facilities and quality onb
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We initially chartered all of our v
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St. Petersburg—Estonia/Finland Ro
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Sales of Cargo Transport General. I
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On the Sweden—Estonia routes, we
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New Vessels We have embarked on a s
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The table below shows the operators
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certificates for all our vessels, w
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Protection and indemnity insurance
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Legal Structure Aktsiaselts Tallink
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MANAGEMENT Structure of Our Managem
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Mr. Enn Pant (born 1965) was electe
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Some members of our supervisory cou
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September 2005, SEB Eesti Ühispank
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Changes in the Share Capital The ta
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paid for from assets excluding the
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equirement also applies where membe
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the trading system automatically ac
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Recognition and enforcement of judg
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exemption does not apply where the
Page 97 and 98: PLAN OF DISTRIBUTION Citigroup Glob
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Aktsiaselts Tallink Grupp - NASDAQ OMX Baltic

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