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.

Attica Group: Announced the merger with ANEK Lines to the Athens Stock Market

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According to an official Attica Group press release (in Greek) the deal contains:

  • The merger with the absorption of ANEK Lines by Attica Group with an exchange of one common or preferred share of ANEK for 0,1217 new common registered shares of Attica Group and
  • the payment of EUR 80 million for full and complete repayment of ANEK Line’s loan to its creditors from the consolidated scheme which will be formed on the date of the completion of the merger.

The agreement was sent on Tuesday 20 September 2022 by the legal advisors to be signed by the representatives of the contracting parties.

The Boards of Directors of both companies will be convened in accordance with the law and decide on the initiation and individual parameters of the merger process.

Attica Group points out at its press release that:  “We estimate that the specific agreement will benefit the shareholders, the employees and the suppliers of both companies as well as the Hellenic Coastal Shipping.”

Cross-border merger leads to new European top-10-player

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Port of Ghent (Belgium) and Zeeland Seaports (The Netherlands) merged into North Sea Port.
The merger agreement between Zeeland Seaports and Ghent Port Company was signed on Friday 8 December. All eight shareholders of both ports agreed with the merger in recent weeks. The signing took place on a ship that symbolically sailed from Ghent across the Dutch border in the direction of Terneuzen. The name of the cross-border merger port will be North Sea Port. This merger port represents the 60-kilometre-long cross-border port area of Flushing (Vlissingen), Borsele and Terneuzen in the Netherlands up to Ghent in Belgium.

Photo: Mike Louagie