Rederiaktiebolaget Eckerö Q3: Increased turnover and improved profitability

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  • +70% passengers 919,687
  • -9% freight units 38,680
  • +43% turnover EUR 59.6 million
  • EBITDA EUR 12.8 million (was 5.8)
  • EBIT Operating profit amounted to EUR 9.5 million (EUR 2.5 million), corresponding to a margin of 16.0% (5.9%)
  • Result EUR 5.2 million (EUR 1.7 million)
  • Cash flow for the period was EUR 3.9 million (EUR 1.7 million)

Outlook

The fourth quarter has started with volumes in line with pre-pandemic levels.

The high bunker prices, the high inflation and the volatile Swedish krona create uncertainty. 30% of the estimated bunker consumption during the rest of the year is price-guaranteed.

Attica Group: Q3 2022

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Key Financial Figures (in EUR)

Revenue

Q3= 220.17mln = +48.45%

9M= 421.61mln = +55.86%

EBITDA

Q3= 62.33mln (47.11mln in the corresponding 2021 period)

9M= 52.73mln (42.74mln in the corresponding 2021 periods)

EBIT

Q3= 49.09mln (33.34mln in the corresponding 2021 period)

9M= 14.62mln (4.31mln in the corresponding 2021 period)

Consolidated Profit after taxes

Q3= 60.70mln (profit after taxes of 32.74mln in the corresponding 2021 period)

9M= 30.16mln (loss after taxes of 1.31mln in the corresponding 2021 period)

Outlook

For the forthcoming months of 2022, which constitute months of low traffic, the Group’s traffic volumes are expected to be at pre Covid-19 levels.

Others

The Group holds adequate liquidity with its cash and cash equivalents standing at Euro 75.67mln on 30.09.2022 compared to Euro 97.36mln as at 31.12.2021. Moreover, on 30.09.2022 the Group maintains undrawn credit lines amounting to Euro 15mln.

In October 2022, the Company has entered into bilateral credit facilities with three Greek credit institutions for a total amount of Euro 210mln and tenors from five to seven years, successfully concluding the long-term refinancing of all Group’s credit facilities maturing in 2022- 2023. The above agreements result in the reduction of the average interest rate margin of the Group.

Moreover, ICAP S.A., pursuant to its regular reassessment of the Company, upgraded its credit rating by one (1) notch by assigning it a ΑΑ credit rating (low credit risk zone).

DFDS Q3 2022: outlook raised by strong Q3

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  • Q3 EBITDA up 88% to DKK 1.59bn
  • Higher earnings in all business units
  • Passenger earnings 11% above 2019 (pre-Covid-19)
  • Financial leverage of 2.9x back in target range
  • Full-year EBITDA outlook raised to DKK 4.8-5.0bn

Group revenue increased 64% to DKK 7.2bn driven by the continued recovery in passenger numbers and spending, as well as price increases for freight services to cover rising energy and other costs. Revenue was also increased by the acquisitions of HSF Logistics Group in September 2021 and ICT Logistics in January 2022.

Total EBITDA before special items increased 88% to DKK 1,591m.

The EBITDA for freight ferry and logistics activities increased 28% to DKK 1,036m driven by higher earnings in all business units except for Channel.

Oil price increases were covered by the contractual pass-through clauses for ferry services.

Cost coverage for logistics services improved in Q3 on the back of initiatives taken in previous quarters.

The Q3 EBITDA for passenger activities in the Channel, Baltic Sea, and Passenger business units increased to DKK 569m from DKK 52m in 2021.

The continued recovery in passenger travel improved earnings in all three business units.

Outlook 2022

The outlook for EBITDA before special items is raised to DKK 4.8-5.0bn following a strong Q3 result and steady demand in both freight and passenger markets (previously DKK 4.4-4.8bn, 2021: DKK 3.4bn).

Revenue is expected to grow by around 45% compared to 2021 (previously around 40%). The outlook is detailed on page 10 in the full report.

Tallink Grupp: profitable June leads to near break-even Q2

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Q2

  • Strong recovery of passenger numbers after end of COVID related travel restrictions and a profit in the last month of the quarter.
  • Recovery and results impacted by continuing geopolitical and economic turbulence.
  • +263% passengers (total 1 552 174)
  • +19% cargo units (total 109 380)
  • +139% unaudited consolidated revenue (total EUR 206.0 million)
  • Unaudited EBITDA EUR 28.7 million (EUR 4.4 million in Q2 2021)
  • Although the group reached a net profit in June this year, the unaudited net loss for the quarter as a whole was EUR 0.7 million (net loss of EUR 24.3 million in Q2 2021).
  • The group’s pre-fuel cost EBITDA in Q2 2022 was almost comparable to 2019 Q2 levels, being only EUR 2.0 million lower than in 2019 and thus clearly demonstrating the group’s increased operational efficiencies.
  • The company has taken a number of steps to mitigate the risks related to the rising fuel costs, e.g. the introduction of a temporary fuel surcharge across its routes and the temporary suspension of the use of LNG due to significantly higher costs and supply issues.

H1

  • +227% passengers (total 2.3 million)
  • +123% unaudited revenue (total EUR 312.2 million)
  • Unaudited EBITDA for H1 2022 was EUR 17.7 million (EUR -1.9 million in H1 2021)
  • Unaudited net loss was EUR 40.7 million (EUR 58.8 million in H1 2021)
  • At the end of Q2 2022, the group’s net debt had decreased by EUR 32.6 million compared to the end of Q1 2022 and amounted to EUR 655.9 million.
  • The company’s liquidity remained strong at the end of Q2 2022 with the group’s cash and cash equivalents amounting to EUR 90.6 million as at 30 June (EUR 37.8 million on 30 June 2021) and the group had EUR 116.7 million in unused credit lines (EUR 78.9 million on 30 June 2021). The total liquidity buffer (cash, cash equivalents and unused credit facilities) at the end of Q2 2022 amounted to EUR 207.3 million (EUR 116.7 million on 30 June 2021).

Q3

Historically always best quarter of the financial year due to the travel high season.