MYSTAR © George Giannakis
Tallink Grupp 2022 financial results
FinanceTallink Grupp published its 2022 unaudited financial results, reporting the first full year profit of EUR 13.9 million since 2019 (EUR 56.6 million net loss in 2021). Revenue increased to EUR 771.4 million (EUR 476.9 million in 2021).
The year of recovery after the pandemic saw the company’s passenger number nearly double in 2022 compared to 2021, amounting to 5.5 million passengers (2,961,975 in 2021), and the transported cargo units also increased by 11%, compared to the previous year, totalling 409,769 units on all the company’s routes and vessels.
The group’s unaudited consolidated revenue increased significantly compared to 2021, amounting to EUR 771.4 million (EUR 476.9 million in 2021), and the group’s unaudited EBITDA for the financial year more than doubled in 2022 compared to the previous year, totalling EUR 135.8 million (EUR 58.3 million in 2021).
All the above contributed to the positive result reached by the group by the end of the year of a EUR 13.9 million unaudited net profit (EUR 56.6 million net loss in 2021).
The group’s investments in 2022 amounted to EUR 203.3 million, the majority of which (EUR 176.7 million) were related to the new MYSTAR.
At the end of the 2022 financial year, the group’s total liquidity buffer (cash, cash equivalents and unused credit facilities) amounted to EUR 249.9 million (EUR 262.4 million on 31 December 2021).
Throughout the year, Tallink continued to proactively look for and seize opportunities to charter out the company’s vessels in order to reduce the risks arising from the usual seasonality of travel and slower than expected recovery of passenger numbers. This led to a number of charter agreements for the company’s vessels to provide temporary housing for refugees in Estonia and the UK, and to asylum seekers in Holland. While passenger numbers continue to recover, this line of business is likely to feature in Tallink’s plans for low season risk reduction for the foreseeable future.
Extension of charter agreements of SILJA EUROPA and VICTORIA I
In February 2023, AS Tallink Grupp and Slaapschepen Public BV, an organisation nominated by Centraal Orgaan Opvang Asielzoekers (COA) in the Netherlands, have used the option for extending the existing short-term charter agreement for of SILJA EUROPA until 19 June 2023.
AS Tallink Grupp and Corporate Travel Management (North) Ltd on behalf of The Scottish Government agreed an extension to the short-term time-charter agreement for the vessel VICTORIA I. The vessel is used to provide temporary accommodation in Scotland. The charter was extended for five months from 14 January 2023.
The number of passengers almost doubled on Finland-Sweden routes amounting to 1.9 million in 2022. The number of transported cargo units decreased by 9.9%. The routes’ revenue increased by EUR 115.6 million to EUR 274.3 million and the segment result increased by EUR 14.6 million to a loss of EUR 1.0 million. The segment reflects the operations of two cruise ferries on the Turku-Stockholm and two cruise ferries on the Helsinki-Stockholm routes. Starting from the fourth quarter of 2022 the Turku-Stockholm route was only operated by one cruise ferry as the cruise ferry GALAXY stopped operating on the route from September 2022 due to a charter agreement.
On Estonia-Sweden routes the number of carried passengers almost doubled compared to 2021 amounting to 0.5 million. The number of transported cargo units remained at the same level as a year ago. The revenue of Estonia-Sweden routes increased by EUR 27.8 million to EUR 76.8 million and net loss increased by EUR 4.0 million to EUR 11.0 million. Estonia-Sweden routes reflect operation of two cargo vessels and one cruise ferry as well as expenses related to the suspended cruise ferry VICTORIA I until the ferry was chartered out.
Full report https://view.news.eu.nasdaq.com/view?id=b6ec8e8b2c07fe9e6a83994224d099fd6&lang=en
Feb 24 2023