Tallink Grupp has informed the stock exchange about the financial results of the 3rd quarter of 2021, presenting the profit for the first time since the beginning of the Covid-19 pandemic, informs the company.
In the 3rd quarter of 2021, the company’s unaudited net profit is 5.5 million euros (in the 3rd quarter of 2020, the net loss was 23.9 million euros). The EBITDA indicator for the 3rd quarter is 35.1 million euros (5.7 million euros in the 3rd quarter of 2020).
The Group’s unaudited revenue in the 3rd quarter of 2021 increased by 18.6% compared to the same period in 2020, reaching 170.5 million euros (143.7 million euros in the 3rd quarter of 2020). Sales of restaurants and shops, ticket sales, as well as revenue from ship charters account for the largest share of revenue growth.
Also, in the 3rd quarter of 2021, the company strengthened its liquidity ratio, concluding a loan agreement with the Nordic Investment Bank in early September and issuing additional shares in the company. This has allowed the company to provide additional capital, creating a strong liquidity buffer for the upcoming difficult winter season. The total liquidity reserve (cash, cash equivalents and unused credit lines) on September 30, 2021 reaches 252.5 million euros (115.0 million euros on September 30, 2020).
The company’s investments in the 3rd quarter of 2021 reached 3.7 million euros (54.0 million euros in the 3rd quarter of 2020).
In the first 9 months of this year (January 1 – September 30), the company’s unaudited revenue decreased by 14.7% compared to the same period in 2020 and reached 310.3 million euros. Unaudited EBITDA for the first 9 months is 33.2 million euros (6.9 million euros for the first 9 months of 2020), and unaudited net loss reached 53.2 million euros (in 2020, the loss reached 81.5 million euros).
“Despite high fuel prices and the continued impact of COVID-19 on our industry and business, I am pleased to have been able to close Q3 with a profit for the first time since the pandemic began. This result is due to excellent teamwork in all of our operating regions. This is the first beam of light we have seen since we have lost more than € 151.0 million in about a year and a half, “commenting on the third and first quarters of 2021. nine-month financial results, said Pavo Negene, Chairman of the Board of Tallink Grupp.
He explains that the quarterly results were affected by the resumption of operations on several of our routes for the first time since the start of the pandemic in March 2020, as well as short-term chartering agreements for two of our vessels. For the first time since the spring of 2020, only one of the company’s vessels was idle in the port at a time when the rest of the company’s fleet was in operation. This resulted in positive revenue dynamics, but most importantly – our employees were provided with a number of just over 4,500 at the end of the quarter.
“Although the investment in the third quarter of 2021 was not as significant as last year, we made significant progress in the construction of our new MyStar, marking significant milestones in the shipbuilding and launching in August. I am confident that all our customers “We are waiting for the new ship as eagerly as our employees, and we hope to build a green bridge between Tallinn and Helsinki with two LNG ships since the spring of 2022, using the greenest fuel available today in the maritime sector,” says P. Negene.
“Despite the positive results of the third quarter of this year and giving us new expectations, we are currently at the beginning of a low-activity winter season, while facing high COVID-19 infection rates in Estonia and Latvia, as well as rising fuel prices and labor challenges. As a result, borrowing and the issuance of the company’s shares were vital measures for the company’s sustainability and readiness to survive the coming difficult winter. Negene.
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