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Continued losses for Tallink Grupp in Q1

FinanceTallink Grupp has released its financial results for the first quarter of 2021. Revenue fell from EUR 154.9 million during the same quarter last year to EUR 53.7 million. The group’s unaudited EBITDA amounted to EUR -6.3 million (EUR -1.3 million in Q1 2020).

Key figures

For the period

Q1 2021

Q1 2020

Change %

Revenue (million EUR)

53.7

154.9

-65.3%

Gross profit (million EUR)

-20.0

-0.2

-  

EBITDA (million EUR)

-6.3

-1.3

-400.6%

EBIT (million EUR)

-30.0

-26.0

-15.2%

Net profit/loss for the period (million EUR)

-34.4

-30.2

-14.0%

Commenting on the first quarter results, Tallink Grupp’s CEO Paavo Nõgene said:

“We knew this was going to be a tough quarter when the virus situation showed signs of worsening and it was clear that new travel restrictions would be imposed and existing travel restrictions would continue. In Q1 2020 we had at least had two months of more or less normal operations, whereas this year all three first months of the year have meant operating within tight restrictions and limits.

“Like everyone in the travel and international transport sectors, we are continuing with extreme levels of flexibility and creativity, keeping all costs under tight control, seeking alternative revenue sources, revising short-term and long-term plans on a weekly basis and planning scenarios A, B and C. At the same time, we are, looking forward to our governments and authorities and EU institutions to make some headway with vaccinations, vaccination passports and other steps that will enable and ease travelling at least within Europe as soon as possible.

“Despite the significant drop in our revenue in the first quarter this year, I am pleased that we have managed to avoid as significant a decline in our EBITDA and this, of course, is the result of our significant efforts in cost control, increasing efficiencies and also the various support measures we have been able to utilise. In comparison with the Q1 of a normal operating year 2019, our revenue decreased by EUR 152 million, but the total impact on our EBITDA was roughly EUR -10 million. So, we are grateful to our governments and all our employees for the support and effort in helping us keep our nose above water during this difficult time.

“I am personally very pleased to see that the number of Tallink Grupp’s shareholders has continued to grow in these challenging times, reaching a total of 25,702 shareholders to date. To me this is a clear sign of our shareholders’ faith and trust in us and the steps we continue to take to secure the sustainability of our business, and we plan to do everything in our power to offer our shareholders a good dividend yield again in the future.

“We sincerely hope that we are able to implement at least some scenarios we have prepared for the summer this year in the near future and thus ensure that the results for the next quarters of 2021 will start to show better results. The team here at Tallink Grupp is certainly ready and motivated to make it happen.”

Full report https://cns.omxgroup.com/cdsPublic/viewDisclosure.action?disclosureId=1028383&messageId=1285468

© Shippax / PR / VM

Apr 29 2021


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