Tallink Grupp’s September Statistics Show Improvement on Last Year – Q3 Overall Tougher than 2020

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Positive trend for September

Pax: +27.6% • 310,265

Pax Cars: +4% • 64,610

Cargo Units: +4% • 33,982

Negative trend for Q3

Pax: -13% • 1,144,092

Pax Cars: -16.8% • 229,468

Cargo Units: -1.1% • 90,538

Numbers are still far off from what Tallink is used to in Q3 in the pre-COVID times.

The company does not foresee great increases in passenger numbers before next spring or summer. Difficult low autumn-winter season ahead.

In light of the need to optimise the company’s activities for the low season ahead and with bookings for the autumn-winter season increasing at a slower pace than expected, the company made the decision to temporarily suspend the operation of its vessels BALTIC QUEEN, SILJA EUROPA and SILJA SERENADE after the end of the Christmas school holidays in January.

SILJA EUROPA will operate some special cruises and charter cruises during the suspension period.

The company will start operating its shuttle vessels Star and Megastar according to the traditional winter schedule from 16 October 2021.

Tallink Grupp Shares

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The public offering of Tallink Grupp shares commenced on August 18.

Both the company’s approximately 30,000 existing shareholders as well as new investors are able to subscribe to the company’s shares until 1 September 2021 (included).

The public offering of the new shares is carried out simultaneously in Estonia and Finland on the basis of the prospectus approved by the Estonian Financial Supervision and Resolution Authority. The approved prospectus has been published on Tallink Grupp’s website.

Tallink Grupp to Increase Share Capital and to Conduct a Public Offering of New Shares

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  • Intention to increase the company’s share capital by up to EUR 31.5 million
  • Intention to conduct a public offering of new shares
  • Subscription period is intended to be 18 August – 1 September 2021 (including)
  • Up to 66,988,204 new ordinary shares
  • In case of oversubscription, the company may increase the number of shares offered by 10%, i.e. up to 73,687,024 shares, as a result of which the company’s share capital would be increased by up to EUR 34.6 m
  • Intended issue price per one new share is 0.47 euro per one share, which corresponds to the accounting value of the share, i.e. there is no issue premium.

AS Infortar, the largest shareholder of the company, holding approximately 39% of all the shares of Tallink Grupp, has issued a subscription guarantee to the company under which it undertakes, unconditionally and irrevocably, to subscribe for the new shares (if offered publicly as described above) in the total value of up to EUR 15 million.

Ongoing Travel Restrictions Continued to Impact Tallink Grupp Financial Results in Q2 2021

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Key figures Q2

  • +10.2% passengers
  • +6.0% cargo units
  • +22.7% cars
  • +32.5% unaudited consolidated revenue = EUR 86.1 million.
  • unaudited EBITDA = EUR 4.4 million (EUR 2.4 million in Q2 2020)
  • unaudited net loss amounted to EUR 24.3 million (net loss of EUR 27.4 million in Q2 2020).
  • Revenue from the company’s route operations (core business) increased by EUR 9.7 million and amounted to EUR 66.1 million.
  • Some of the other activities positively contributing to revenue increase: short-term charter of SILJA EUROPA, various retail activities, including also Burger King operations and launch of the COVID testing service on board.
  • Investments in Q2 amounted to EUR 3.1 million (EUR 14 million in Q2 2020). Due to the changed economic environment and suspension of vessel operations, ship-related investments were kept to minimum and only critical maintenance and repair works were performed.
  • Investments were also made in the development of the online booking and sales systems as well as other administrative systems and in relation to the opening of Burger King restaurants.
  • At the end of Q2, the Group’s liquidity buffer remains strong at EUR 116.7 million (EUR 104.9 million at 30 June 2020) and the agreement by the Group at the end of the quarter with its financial partners on the amendment and the prolongation of the waivers of financial covenants and the postponement of principal payments under existing loan agreements, has provided further alleviation for the Group during the challenging times.
  • Shareholder confidence remains strong with the number of shareholders at the end of Q2 2021 being more than double compared to the end of 2019 and totalling 28,715 (13,670 at the end of 2019), out of whom more than 7,000 are Finnish FDR holders.

Tallink Grupp Charters Vessels VICTORIA I and ROMANTIKA to Morocco until October

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Tallink Grupp and Tanger MED Port Authority, a Moroccan company with State participation, have signed short-term time-charter agreements for ropax ferries VICTORIA I and ROMANTIKA.

The vessels will operate between Morocco and France, and between Morocco and Italy in July-September 2021.

Both ferries have been chartered for 100 days. The vessels will be operated by Tallink Grupp’s technical crew.

Morocco launched the annual summer transit plan for its citizens living in Europe, with a scheme excluding all sea links via Spain. The reason is a major diplomatic crisis between Spain and Morocco.

This means only longer crossings to France, Italy and Portugal are possible.

The Moroccan Ministry of Transport expects a total of 650,000 passengers and 180,000 vehicles between June 15 and September 15.

The Government has decided to subsidise the ferry tickets of MRE (Moroccan citizens living abroad): 1,000 to maximum 3,000 MAD (95 to 284 EUR). [official government source in Arab]

Tallink re-opens Tallinn-Stockholm Route after nearly 16 Months on 9 July 2021

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Tallink Grupp will re-open the popular Tallinn-Stockholm ferry route on 9 July 2021, after nearly 16 months of suspension of the route due to travel restrictions between Estonia and Sweden. The route will initially be operated with one vessel, BALTIC QUEEN, with departures from Tallinn and Stockholm every other day.

Although the route will re-open to the public on Friday, 9 July, the company will operate a special cruise to Stockholm also on 7 July, where Tallink’s cooperation partners and employees will have the first opportunity to sail again on the route.

FERRY EXTRA

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Tallink Grupp Publishes 2021 First Quarter Financial Results

  • Net loss amounted to EUR 34.4 million (net loss of EUR 30.2 million in Q1 2020)
  • -65.3% Revenue EUR 53.7 million
  • EBITDA EUR -6.3 million (EUR -1.3 million)
  • Despite the significant drop in revenue in Q1, Tallink managed to avoid as significant a decline in EBITDA. This is the result of significant efforts in cost control, increasing efficiencies and also the various support measures the company has been able to utilise.
  • The company continues to maintain a strong liquidity buffer of EUR 96.4 million, combined in cash and unused credit lines.
  • In addition, the company also has EUR 90.0 million of undrawn part of a working capital loan from Nordic Investment Bank.
  • Major investments were all carried out in 2020, so the company expects the level of investments required for the rest of 2021 to remain low.
  • Number of Tallink Grupp’s shareholders has continued to grow in these challenging times, reaching a total of 25702 shareholders to date = shareholders’ faith and trust.

Tallink Grupp Files Legal Action Against Port Of Tallinn

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Tallink Grupp has filed a legal action against AS Tallinna Sadam (Port of Tallinn) at the Harju County Court with a claim in the total amount of  EUR 15.4 million. With the action Tallink Grupp is demanding that the Port of Tallinn reimburses the company a part of the excessively high fees that were paid for the port services in the Old City Harbour (Tallinna Vanasadam).