Aktsiaselts Tallink Grupp - NASDAQ OMX Baltic

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F I N L A N D N W O HELSINKI S Mariehamn Kapellskär S W E D E N TALLINN Paldiski STOCKHOLM E S T O N I A
TABLE OF CONTENTS Summary .............................................................................. 1 Risk Factors ........................................................................... 7 RisksRelatingtoOurBusiness .......................................................... 7 Risks Relating to Our Industry ........................................................... 10 Risks Relating to Doing Business in Estonia and in the <strong>Baltic</strong> Region ............................ 12 RisksRelatingtotheOffering ........................................................... 13 Terms and Conditions of the Retail Offering .................................................. 15 InstructionstoInvestorsinEstonia ......................................................... 20 InstructionstoInvestorsinFinland ......................................................... 22 Use of Proceeds ........................................................................ 24 Capitalization .......................................................................... 24 Background and Reasons for the Offering .................................................... 25 Dividends and Dividend Policy ............................................................ 26 Exchange Rates ......................................................................... 27 Selected Financial Information ............................................................. 28 Operating and Financial Review and Prospects ................................................ 30 Overview ............................................................................ 30 Recent Developments and Outlook ....................................................... 31 Factors Affecting Results of Operations ................................................... 32 Results of Operations .................................................................. 33 Financial Year Ended August 31, 2005 Compared to Financial Year Ended August 31, 2004 .......... 34 Financial Year Ended August 31, 2004 Compared to Financial Year Ended August 31, 2003 .......... 36 LiquidityandCapitalResources.......................................................... 37 Off-Balance Sheet Guarantees ........................................................... 41 Critical Accounting Policies ............................................................. 41 ContractualObligations ................................................................ 42 MarketRiskDisclosure ................................................................ 43 Industry Overview ...................................................................... 44 European Mini-Cruise and Transport Ferry Markets .......................................... 44 Our Geographical Market Area .......................................................... 45 Business .............................................................................. 48 Overview ............................................................................ 48 Key Strengths ........................................................................ 48 Strategy............................................................................. 49 History ............................................................................. 50 Operational Segments .................................................................. 51 Routes Operated ...................................................................... 51 Products ............................................................................ 53 SalesandMarketing ................................................................... 56 Fleet ............................................................................... 58 Competition ......................................................................... 60 Regulation ........................................................................... 62 Trademarks .......................................................................... 63 MaterialContracts .................................................................... 64 Insurance ............................................................................ 64 Employees and Labor Relations .......................................................... 65 Legal Proceedings ..................................................................... 65 Real Estate and Premises ............................................................... 66 Organization ......................................................................... 66 RelatedPartyTransactions .............................................................. 68 Management ........................................................................... 69 Structure of Our Management ........................................................... 69 Managements Holdings ................................................................ 72 Management Remuneration and Benefits ................................................... 73 Principal and Selling Shareholders .......................................................... 74 Owner Structure ...................................................................... 74 Infortar ............................................................................. 74 i Page
Page 1: OFFERING MEMORANDUM Aktsiaselts Tal
Page 5 and 6: CERTAIN INFORMATION WITH RESPECT TO
Page 7 and 8: August 31, 2005, with comparative i
Page 9 and 10: SUMMARY This summary should be read
Page 11 and 12: The Offering Offering .............
Page 13 and 14: and there is no obligation on Citig
Page 15 and 16: RISK FACTORS Before making an inves
Page 17 and 18: of our vessels, compliance with env
Page 19 and 20: present, fuel represents approximat
Page 21 and 22: due to decrease over the next three
Page 23 and 24: The Offering TERMS AND CONDITIONS O
Page 25 and 26: Payment Investors in Estonia By sub
Page 27 and 28: unless the exclusive jurisdiction o
Page 29 and 30: An investor shall be liable for the
Page 31 and 32: Exercise of Shareholder Rights by I
Page 33 and 34: BACKGROUND AND REASONS FOR THE OFFE
Page 35 and 36: EXCHANGE RATES The Estonian kroon h
Page 37 and 38: 1 EBITDA = Earnings before net fina
Page 39 and 40: status under the EU regulatory fram
Page 41 and 42: into the following principal compon
Page 43 and 44: Following the planned introduction
Page 45 and 46: increase of 87 percent compared to
Page 47 and 48: Currently outstanding loan agreemen
Page 49 and 50: Off-Balance Sheet Guarantees Tallin
Page 51 and 52: Market Risk Disclosure The manageme
Page 53 and 54:
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
Page 77 and 78:
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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FINANCIAL STATEMENTS FOR THE FINANC
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ROMANTIKA FANTAASIA REGINA BALTICA
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