April 28, 2023
In short: solid performance during the quarter that has historically been the most challenging for the group due to travelling low season. (unaudited)
- +45.7% pax
- -9% cargo units
- +61.3% consolidated revenue or EUR 171.2 million.
- EBITDA has seen a huge swing back into the positive compared to the last few years, reaching EUR 27.1 million in Q1 2023 (EUR –11 million in Q1 2022).
- Net loss for the period was EUR 5.4 million (net loss of EUR 40.0 million in Q1 2022).
The following operational factors impacted the Group’s revenue and operating results in Q1 of 2023:
- Growing demand for travelling supported by improving consumer confidence levels in all Group’s core markets.
- Ongoing war in Ukraine continues to impact the demand.
- During the quarter the Group operated 15 vessels including 3 shuttle vessels, 2 cargo vessels, 4 cruise ferries and 6 vessels that were chartered out (2 vessels on long-term and 4 vessels on short-term charter).
- The Group operated 3 hotels in Tallinn while the hotel in Riga remained closed since October 2020.
- Planned maintenance works totalled 45 days which affected the Finland-Sweden segment’s first quarter passenger and cargo levels as well as the financial result.
- The Group continues to focus on cost savings from previously implemented measures and achieving profitable operations on its core routes.
- The Group regularly monitors the developments on its core routes including the capacity of each route and continues to look for chartering options for vessels not used on the main routes.
