Strong profit for Tallink Grupp in 2023

By 23 February 20242024 Newsletter week 08
February 23, 2024

Tallink Grupp reports a strong profit of EUR 78.9 million for the year (EUR 13.9 million in 2022). During the year, Tallink Grupp managed to continue the steady path of recovery from the last four years of crises.

  • +4.5% Passengers 5 705 600
  • +2.6% Passenger vehicles 840 881
  • -20.0% Cargo units 323 990
  • +8.3% unaudited consolidated revenue EUR 835.3 million
  • EBITDA also saw a significant increase to EUR 214.5 million (EUR 135.8 million in 2022).
  • Tallink Grupp’s total investments in 2023 amounted to EUR 28.1 million (EUR 203.3 million in 2022, mainly relating to the new shuttle vessel MyStar).
  • At the end of the 2023 financial year, the group’s total liquidity buffer (cash, cash equivalents and unused credit facilities) remained strong and amounted to EUR 116.9 million (EUR 249.9 million 31 December 2022).
  • During the financial year 2023, Tallink Grupp repaid loans in the total amount of EUR 487.6 million, which includes refinancing of loans in the amount of EUR 298.0 million.
  • Tallink Grupp and its subsidiaries contributed a total of EUR 76 million in various taxes to the state  of Estonia budget.
  • Tallink Grupp’s Management Board, with the approval of Tallink Grupp’s Supervisory Board, will propose paying a dividend of EUR 0.06 per share based on the 2023 financial results.
  • As at 31 December 2023 Tallink Grupp had 38 894 shareholders and FDR-holders, of which 30 563 on Tallinn Stock Exchange and 8 331 on Helsinki Stock Exchange.

Outlook by Tallink Grupp’s CEO Paavo Nõgene

“In 2024 we will continue to focus on maintaining profitability while balancing the high and increasing costs of fuels and other products and services and the addition of new costs for the business, such as the emissions costs arising from shipping being included in the ETS scheme from 1 January 2024. As the climate crisis intensifies alongside the economic and geopolitical tensions, we are also increasing our efforts of searching for new technologies and solutions to play our part in tackling climate change. In 2023 we trialled a number of new technologies on board our vessels, all aimed at increasing energy efficiencies and reducing fuel consumption and thus also our emissions, but even greater collaboration and innovation is urgently needed to make a bigger difference. This is also one of our priorities for 2024.

Full details here.

Photo: MyStar, Tallink Grupp. Photo by Raul Mee.