The Government of the Republic of Estonia today approved the terms of a working capital loan to AS Tallink Grupp. The total amount of the loan limit is EUR 100 million and the loan can be issued in EUR 10-40 million tranches. The interest rate of the three-year maturity loan is 12-month Euribor +2%. The loan must be secured with the assets of the Company’s consolidation group and will be issued by SA KredEx.
The loan still needs to be approved by the Kredex Supervisory Board. This expected on Friday 15 May.
Tallink Grupp’s Q1 Shows A Deteriorated Overall Outcome – Freight Is Up
- Unaudited consolidated revenue EUR 154.9 million (-13.4%)
- Net loss EUR 30.2 million
- Unaudited EBITDA EUR -1.3 million (3.8 million in Q1 2019).
The first two months of the year had set the company on a positive trajectory for the year with passenger numbers up in both January and February, by 12.4% and 8% respectively. However, as a state of emergency was declared in Estonia, Latvia and Finland due to the global coronavirus pandemic in mid-March and the company’s home market governments closed borders to stop the spread of the virus, the passenger numbers fell sharply by 59.3% in March and have reduced by 95.9% in April.