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 15 INTANGIBLE ASSETS (Continued) Parent Company Patents and licences Total Book value at Aug 31, 2003 ................................................... 0 0 Additions .................................................................. 2,768 2,768 Amortization for the year ...................................................... (251) (251) Book value at Aug 31, 2004 ................................................... 2,517 2,517 At August 31, 2004 Cost .................................................................. 2,768 2,768 Accumulated amortization ................................................. (251) (251) Note 16 INTEREST BEARING LOANS AND BORROWINGS (in thousand EEK) The Group At August 31, 2004 Maturity Short-term portion Long-term portion Total borrowings Obligation under finance lease .......................... 2008 380 1,397 1,777 Long-term secured bank loans** ........................ 2004-2014 602,261 3,432,214 4,034,475 Other long-term secured loans .......................... 2007 48,766 49,764 98,530 Bonds ............................................. 2004 99,310 0 99,310 Total .............................................. 750,717 3,483,375 4,234,092 At August 31, 2003 Maturity Short-term portion Long-term portion Total borrowings Obligation under finance lease .......................... 2008 253 1,671 1,924 Long-term secured bank loans** ........................ 2003-2014 396,621 2,046,983 2,443,604 Other long-term secured loans .......................... 2007-2011 197,350 74,646 271,996 Bonds ............................................. 2004 76,487 0 76,487 Total .............................................. 670,711 2,123,300 2,794,011 Parent Company At August 31, 2004 Maturity Short-term portion Long-term portion Total borrowings Obligation under finance lease .......................... 2005-2014 448,991 2,173,694 2,622,685 Long-term secured bank loans .......................... 2006-2008 69,424 81,299 150,723 Bonds ............................................. 2004 99,310 0 99,310 Long-term loan Vana Tallinn Ltd ........................ 2005 0 50,441 50,441 Total .............................................. 617,725 2,305,434 2,923,159 At August 31, 2003 Maturity Short-term portion Long-term portion Total borrowings Obligation under finance lease .......................... 2005-2014 427,756 2,420,744 2,848,500 Long-term secured bank loans .......................... 2003-2006 69,424 307,189 376,613 Bonds ............................................. 2004 76,487 0 76,487 Long-term loan from Vana Tallinn Line Ltd. ............... 2005 0 54,572 54,572 Total .............................................. 573,667 2,782,505 3,356,172 F-54
FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED AUGUST 31, 2004 NOTES TO THE FINANCIAL STATEMENTS—(Continued) Note 16 INTEREST BEARING LOANS AND BORROWINGS (Continued) * The group is allowed to use bank overdraft with limitation of EEK 200,000 thousand (including EEK 150,000 thousand granted to the parent company) and EUR 1,009 thousand . Bank overdrafts are secured with commercial pledge (in the total amount of EEK 151,250 thousand) and ship mortgages. In 2003/2004 the average effective interest rate of bank overdrafts is EURIBOR+2.17% for overdrafts from Estonian commercial banks and EURIBOR+1.25% from Finnish commercial bank. As of August 31, 2004 and 2003 there were no outstanding overdraft balances. * In 2003/2004 the weighted average interest rate of secured bank loan was EURIBOR +1.44% (EURIBOR + 1.34% for the parent company). * Interest rates of other secured loans, which is a loan from the parent company of the group—Infortar—in the amount of EEK 98,530 thousands at August 31, 2004, has a fixed interest rate 7%. * As of August 31, 2004 bonds with the book value of EEK 99,310 thousands (as at Aug 31, 2003: EEK 76,487 thousands) have the fixed interest rate of 0%. The total nominal value of these bonds is EEK 100,000 thousands (2003: EEK 80,390 thousands). The difference between the nominal value and the received amount is expensed during the loan period—it means that average effective interest rate is approx. 3.0% (2003: 6.6%). * Interest rate of long-term loan from Vana Tallinn Line Ltd is 0%. In the opinion of the management of Tallink Grupp there is not a material impact on the financial statements from not using the effective interest rate, as Vana Tallinn Line Ltd is a subsidiary of Tallink Grupp AS. Therefore, the specified loan carrying amount has not been corrected based on the effective interest rate in the both companies’ financial statements. * Lease liability of the group as of August 31, 2004 is related to office equipment in Sweden. Lease liability of the parent company is related to the charters of ships from its subsidiaries. The future minimum lease payments under finance lease and the present value (PV) of the net minimum lease payments are as follows: The Group minimum payments 2003/2004 2002/2003 PV of payments minimum payments PV of payments Within one year ........................................... 406 380 270 253 After 1 year, but not more than 5 years ......................... 1,492 1,397 1,785 1,671 Total minimum lease payments ............................... 1,898 2,055 Future financial charges ..................................... (121) (131) PV of minimum lease payments ............................... 1,777 1,777 1,924 1,924 Book value of leased assets as at August 31, 2003 ......................................... 1,909 Additions, incl. exchange rate difference ................................................. 451 Depreciation for the financial year ...................................................... (682) Book value of leased assets as at August 31, 2004 ......................................... 1,678 —atcosts ...................................................................... 3,024 —accumulated depreciation ....................................................... (1,346) Parent Company minimum payments 2003/2004 2002/2003 PV of payments minimum payments PV of payments Within one year ...................................... 569,870 448,991 597,812 427,756 After 1 year, but not more than 5 years .................... 1,392,513 1,069,585 1,443,419 1,078,529 More than 5 years .................................... 1,237,805 1,104,109 1,537,635 1,342,216 Total minimum lease payments ......................... 3,200,188 3,578,866 Future financial charges ............................... (577,503) (730,365) PV of minimum lease payments ......................... 2,622,685 2,622,685 2,848,501 2,848,501 Book value of leased assets as at August 31, 2003 ....................................... 2,815,303 Additions......................................................................... 233,794 Depreciation for the financial year ..................................................... (420,821) Book value of leased assets as at August 31, 2004 ....................................... 2,628,276 —atcosts .................................................................... 4,054,452 —accumulated depreciation ...................................................... (1,426,176) For additional information about currency structure of borrowings see Note 21. F-55
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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
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PLAN OF DISTRIBUTION Citigroup Glob
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• in any other circumstances that
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(6) The purchaser will not deposit
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INDEPENDENT AUDITORS Pursuant to th
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INDEX TO FINANCIAL STATEMENTS Conso
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