Tallink Grupp reported a net loss of EUR 56.6 million for 2021 (net loss of 108.3 million reported for the full year 2020) with a strong second half of the year resulting in a marginal net profit for H2.
The group’s unaudited results for 2021 (in EUR)
- Revenue 476.9 million (442.9 million)
- EBITDA 58.3 million (8.0 million)
The strong result considering the ongoing pandemic challenges was achieved despite the company’s passenger numbers decreasing by 21% compared to 2020 and amounting to a total of 2,961,975 passengers.
The company’s cargo transportation continued on a steady path with the number of cargo units carried in 2021 increasing by 2.6%.
Tallink Grupp managed to secure a net profit in H2. The result can partly be attributed to the re-opening of the Tallinn-Stockholm route in July 2021 after a 15-month suspension and the Helsinki-Stockholm route in August after a 16-month suspension. Both routes immediately attracted passengers especially at the time when the vaccination drive in Baltic sea countries had had an initial positive impact on reducing the spread of the virus during summer 2021 and the temporary easing of travel restrictions during Q3 2021.
Other positive contributors to the marginal net profit in H2 were the various charters.
The company’s key project into the future continues to be the build of the company’s new shuttle vessel MYSTAR, which is now due for completion and delivery in 2022.
Part of the efforts to ensure liquidity in 2021 also included omitting dividend distribution and the Management Board will propose not paying a dividend in 2022 as well.
“We have faith in 2022 being a year of change for the positive from the COVID pandemic point of view and we are gearing our business up for it. Our customers tell us that they are ready to and want to return to the Baltic sea with us and we have made all the preparations to make this return to cruising on the Baltic sea as memorable and enjoyable for everyone who joins us on board. We have every intention to keep the Baltic sea cruising tradition alive with our colleagues and customers in 2022 and beyond.”
Tallink Grupp’s CEO Paavo Nõgene