Tallink Grupp Q3: improvement and positive impact of difficult decisions

By | 2023 Newsletter week 43 | No Comments
  • 1 775 821 passengers (-6.2%).
  • Two vessels less operating on the routes in Q3 2022: -16.6% trips (1,709 trips in Q3 2023 vs 2,050 trips in Q3 2022).
  • Net profit MEUR 48.7 million (+28.5%).
  • EBITDA MEUR 82.1 million (+21.3%).
  • Revenue MEUR 240.7 million (-5.8%).
  • Revenue per passenger increased on some of the routes and ticket, hotel accommodation and charter revenues all also increased.
  • At the end of the third quarter (30 September), the company’s total liquidity buffer (cash, cash equivalents and unused credit facilities) amounted to MEUR 199 million (MEUR 226.0 million at 30 September 2022).
  • Q3 investments MEUR 6.1 million.

 1 January – 30 September

  • Revenue MEUR 641.6 million (+13%).
  • EBITDA MEUR 177.7 million (+108%).
  • Net profit MEUR 76.7 million (MEUR 2.8 million loss).

Tallink Grupp’s CEO Paavo Nõgene:

„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.”

 “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.”

Attica Board approves merger with ANEK

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The Attica Holdings board of directors approved the merger plan with ANEK SA, absorbing the latter, at its meeting on Monday 23 October.

The shareholders of ANEK will receive 0.1217 new ordinary registered shares of ATTICA, with a nominal value of thirty MEURo cents (€0.30) each, for each one (1) old, ordinary or preference, registered share of ANEK, with a nominal value of thirty MEURo cents (€0.30) each.

ATTICA shareholders will continue to hold the same number of ATTICA ordinary shares as they held prior to the occurrence of the results of the Merger.

As a consequence of the issue of new shares to be allocated to the shareholders of ANEK in accordance with the above exchange ratio, the share capital of ATTICA will be increased by the amount of €8,207,505 through the issue of 27,358,350 new dematerialised, ordinary, registered shares with voting rights, with a nominal value of €0.30 each.

ANEK, H1 Results

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+ The sharp recovery from the pandemic in conjunction with the considerably positive developments in tourist traffic and the relevant proceeds during the summer period, created optimism regarding the performance of the sector and the Greek economy in general.

– However, the deterioration of the international economic climate with the ongoing geopolitical instability and energy crisis, led to an increase in costs and prices in general, preserving a climate of uncertainty.

– Huge increase in the price of fuels that formed in unprecedented levels, burdened excessively the operating cost, absorbed the benefit from turnover increase, worsened significantly the operating results and prevented the effort to preserve adequate working capital.


-15% itineraries / +61% pax / +28% vehicles / -11% freight units

Financial figures

+28% Group Turnover EUR 74.2 million

+13% Parent company turnover EUR 64.7 million


Group losses of EUR 12.0 million over EUR 0.7 million

Parent Company losses of EUR 11.7 million versus EUR 1.6 million.

Financial Results

The net financial cost of the Group and the Parent Company amounted to EUR 5.6 million versus EUR 5.4 million.

Net Results

Consolidated net results after taxes and minority interests for the first half of 2022 amounted to losses of EUR 22.6 million over EUR 12.1, while correspondingly, Parent Company’s net results after taxes formed at losses of EUR 20.7 million versus EUR 11.9 million.

ANEK > Attica

On 26 September 2022, the Company’s Board of Directors decided –following the agreement between Attica and the major creditors and shareholders of ANEK– the commencement of the procedure

ANEK Lines’ Ro-Ro ISLAND EXPRESS To Sail in Caribbean

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ANEK LINES’ small RoRo ISLAND EXPRESS (1989) was eventually chartered out to the Dominican Republic based Priority Ro/Ro and soon she will depart for the other side of the Atlantic Ocean.
The ship was purchased last March and she will support her operator’s presence in the area where traffic is growing fast. ISLAND EXPRESS was built in Italy in 1989 (Cantieri Navali Visentini) and flies the Cypriot flag.


By | 2018 Newsletter week 11 | No Comments

Good results from ANEK affected by increase in bunker cost

Some key figures from ANEK Lines annual report:

Passengers +7% 1,040,000 (974,000)
Cars +9% 204,000(188,000)
Trucks +4% 139,000 (133,000)

Concerning financial results, during 2017 ANEK Group maintained its profitability for the third consecutive year. However, the increase in the average price of fuel resulted to the increase of operating cost and the reduction of EBIDTA, despite the increase of turnover.

Turnover € 164.7 million (€ 157.6 million)
Consolidated gross profit € 31.4 million (€ 41.1 million).
EBITDA € 12.8 million (€ 25.6 million)