22 November 2011
TT-LINE COMPANY PTY LTD DEBT FREE IN
2010/11
TT-Line Company Pty Ltd achieved an important milestone in 2010/11
when it made its final $25 million debt reduction payment.
The company's annual report, tabled in the Tasmanian Parliament
today, said TT-Line had reduced its debt from $75 million
four-years-ago to zero in 2010/11.
TT-Line Chief Executive Officer Charles Griplas said debt
reduction and strengthening the company's overall financial
position had been a priority in recent years.
"This has been particularly important as the company looks to the
future and the replacement / refurbishment of our vessels," he
said.
"On this subject, the committee established by the Board to
oversee this work has been thoroughly and diligently examining all
available options.
"This work is continuing and the committee is not expected to
report back to the Board with its recommendations before December
2013. The replacement / refurbishment date of December 2017
remains in place."
During the financial year covered by the annual report, TT-Line
carried 407,636 people (405,554 in 2009/10) and 182,889 passenger
vehicles (187,274). The company also transported 91,826 units
of freight (94,371).
Total revenue for the year decreased slightly from $183 million in
2009/10 to $181 million and TT-Line's underlying operational profit
in 2010/11 was $12.3 million ($13.7 million in 2009/10).
The company's net profit in 2010/11 was $506,000 ($20.2 million in
2009/10 primarily as a result of a one-off tax benefit).
While the valuation of the ships remained stable at 78 million
Euros (the vessels are valued in Euros), the strong Australian
dollar resulted in a reduced valuation in Australian dollars ($11.6
million decrease). This accounting loss impacted on the final
profit figure for 2010/11.
MrGriplas said in June 2011 the company announced it would provide
funding support of $1.5 million over three years (about five per
cent of total marketing and sales promotion budget) for AFL matches
to be played at Blundstone Arena,Bellerive.
"The deal presents an exciting opportunity for the company to
promote its vessels and Tasmania in the important Victorian
passenger market," he said.
"Since the annual report was published, the AFL draw for 2012 was
finalised and published.
"TT-Line is very pleased that the first game in Hobart will be
played between the North Melbourne Football Club and the new
Greater Western Sydney team on Easter Sunday in the middle of the
Victorian school holidays.
"Importantly, the second game between North Melbourne and the West
Coast Eagles, the 2011 preliminary finalists, on 7 July will be
broadcast on Channel 7 Australia-wide."
MrGriplas said the company's 2010/11 annual report listed a number
of highlights, including:
• Expenditure by sea visitors to Tasmania
injected approximately $380 million into the Tasmanian
economy.
• The company also made an important
contribution to the economy through employment of staff, goods and
services purchased, stevedoring services and security
services. This figure, which takes account of direct and
indirect spending, amounted to $45 million.
• TT-Line achieved a significant reduction in
lost time injures, a direct result of a safety program known as
Look Out.
• TT-Line continued to focus on sourcing
Tasmanian produce to ensure the company served the very best local
produce on board.
• Website traffic to spiritoftasmania.com.au
increased to nearly 1.42 million hits (1.27 million hits in
2009/10) after online booking enhancements were completed.
• The average percentage of online bookings was
62 per cent compared to 42 per cent the previous financial
year.
• Customer satisfaction surveys conducted for
night and day sailings revealed 92 per cent of night passengers
said their travel experience met or exceeded expectations while 90
per cent of day passengers rated their experience as being
excellent or good.Ninety six per cent of passengers said they would
travel with Spirit of Tasmania again.
• TT-Line partnered with high-rating Melbourne
radio station 3AW, donating the services of Spirit of Tasmania II
for a three-hour Port Phillip Bay cruise, to raise more than
$100,000 for flood victims in Queensland, Victoria and
Tasmania.
• Spirit of Tasmania continued to dominate top
of mind brand awareness for travelling between Melbourne and
Tasmania and continued to have higher brand favourability compared
to the airlines.
• All voyages were completed. The ships
also completed a number of extra voyages to help meet the demands
of stranded airline passengers during the Chilean volcanic
eruption.
MrGriplas said forecasts for 2011/12 pointed to a "flat" period
for the tourism sector.
"TT-Line and the broader Tasmanian tourism industry need to sell
the Tasmanian experience and the State's unique and iconic
attractions," he said.
Released by:
Nicolas Turner
Tel: 6210 5206 or 0418 538 865
-ends-
For further information contact:
Soniya Fernandez
Spirit of Tasmania, Corporate Communications Coordinator
Email:
saf@spiritoftasmania.com.au
