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Tallink Grupp 2023 Q3 financial results

FinanceTallink Grupp published its 2023 Q3 financial results which revealed a turnover of EUR 240.7 million (EUR 255.6 million) and EBITDA EUR 82.1 million (EUR 67.7 million). 1,775,821 passengers were carried (1,893,603). The company had two vessels less operating on the routes in Q3 2023 compared to the previous year and made 16.6% less trips compared to the same period last year as a result (1,709 trips in Q3 2023 vs 2,050 trips in Q3 2022).

In the third quarter of 2023 the Group's unaudited net profit was EUR 48.7 million, which is a 28.5% increase compared to the same period last year (net profit of EUR 37.9 million in Q3 2022). Third quarter EBITDA was EUR 82.1 million, which is a 21.3% increase compared to Q3 2022 (EUR 67.7 million in Q3 2022). The Group's unaudited revenue for the third quarter in 2023 decreased slightly compared to Q3 2022 by 5.8% and totalled EUR 240.7 million (EUR 255.6 million in Q3 2022), although revenue per passenger increased on some of the routes in the quarter and ticket, hotel accommodation and charter revenues all also increased in the quarter year on year.

At the end of the third quarter (30 September), the company's total liquidity buffer (cash, cash equivalents and unused credit facilities) amounted to EUR 199 million (EUR 226.0 million at 30 September 2022).

The Group's investments in the third quarter of 2023 amounted to EUR 6.1 million (EUR 5.5 million in Q3 2022). The company has made loan payments during the third quarter of 2023 in the amount of EUR 30.9 million and during the first 9 months of the financial year in the amount of EUR 155.5 million.

In the first 9 months (1 January – 30 September) the Group's unaudited revenue increased 13.0% compared to the same period in 2022 and amounted to EUR 641.6 million (EUR 567.7 million in the first 9 months of 2022). Unaudited EBITDA for the first 9 months also increased year-on-year and amounted to EUR 177.7 million (EUR 85.4 million for the first 9 months in 2022) and the unaudited net profit for the first 9 months was EUR 76.7 million (EUR 2.8 million loss in 2022 first 9 months).

Commenting on the financial results of the third quarter and the first nine months of 2023, Tallink Grupp's CEO Paavo Nõgene said:

„The hard work our teams across the company have put in during the first 9 months of the year as well as the last few years are clear in the results we have published today. Nothing in these results is the result of chance, a good economic climate or anything similar. It is all down to simple hard work, tough decisions, strong cost control, teamwork and stubborn perseverance.

"Both our third quarter and 9 months financials show clearly continuing recovery after very challenging years and the positive impact of the many difficult decisions we have taken as a company between 2020 and today. These decisions and actions have helped us secure our sustainable future and operations for the years ahead.

"What is clear, is that the strategy we have chosen for our operations for the foreseeable future, mixing vessel chartering with the most optimal levels of vessels in operation on our core routes, is the right one for now. As economic pressures and global security issues still slightly curb the greater enthusiasm among passengers to travel at pre-Covid levels, this mix of vessels in operation and vessels doing other work, is providing a good balance for our business and an opportunity to gradually reintroduce more capacity to our core routes as demand grows. Just as we have recently done on the Tallinn-Helsinki route with the re-introduction of the cruise product for the route with our vessel VICTORIA I. Cruises between Tallinn and Helsinki have been warmly welcomed back by our customers and have enabled us to bring our capacity on this important route, the future green corridor between Estonia and Finland, almost back to pre-pandemic levels.

"Our teams will now continue activities into Q4 with similar dedication and we have our sights firmly set on a positive year end, which, should we achieve it, would be a significant milestone and achievement for everyone across Tallink Grupp after four extremely difficult years."

© Shippax

Oct 27 2023

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