AS Tallink Grupp Audited Annual Report For The Financial Year 2024

(MENAFN- GlobeNewsWire - Nasdaq) On 16 April 2025 the Supervisory Board of AS Tallink Grupp approved the audited annual report for 2024 and will submit it to the General Meeting of Shareholders for approval.

Compared to the unaudited interim report published on February 20 there are no differences in the audited annual report in terms of the financial results.

The audited annual report of AS Tallink Grupp for the financial year 2024 in ESEF format together with the independent auditor's report is attached to this release and will be made available on the website of AS Tallink Grupp at .

In the financial year 2024 (1 January – 31 December), AS Tallink Grupp and its subsidiaries (the Group) carried 5.6 million passengers, which is down 2.2% compared to the financial year 2023. The number of cargo units transported decreased by 6.4% compared to the previous financial year and the number of passenger cars transported decreased by 7.5%, year-on-year.

The Group's audited consolidated revenue amounted to EUR 785.8 million (EUR 835.3 million in the financial year 2023), down 5.9% year-on-year. Revenue from the route operations (the Group's core business) decreased by EUR 6.9 million to EUR 638.9 million compared to the financial year 2023. The Group's EBITDA was EUR 175.2 million (EUR 214.5 million in the financial year 2023) and the audited net profit for the period was EUR 40.3 million (EUR 78.9 million in the financial year 2023).

The following operational factors impacted the Group's revenue and operating results in 2024:

• Demand continued to be affected by low consumer and business confidence, economic challenges in the Group's core markets and global geopolitical tensions.
• As at the end of the financial year, the Group operated 14 vessels including 2 shuttle vessels, 2 cargo vessels, 5 cruise ferries, 3 vessels that were chartered out (4 at the beginning of the year) and 2 vessels that were laid up.
• The Group extended the charter agreement of the cruise ferry Galaxy I until October 2025 with an extension option of 6+6 months and signed an agreement for the chartering of the cruise ferry Silja Europa until June 2025 with an extension option of 7+6+6 months.
• The Group sold the cruise ferry Isabelle in January 2024.
• The Group operated 3 hotels in Tallinn and 1 in Riga.
• The Group's net debt was EUR 537.7 million as at the end of the financial year (EUR 607.3 million as at 31 December 2023) bringing the net debt to EBITDA ratio to 3.07 as at 31 December 2024.
• In the financial year 2024, total loan repayment and related interest expense amounted to EUR 116.1 million.
• The Group paid dividends in the amount of EUR 44.6 million and related income tax expense in the amount of EUR 9.2 million.
• As a result of a voluntary takeover bid, the shareholding of AS Infortar, the core shareholder of the Group, increased from 46.8% to 68.5% as at 9 August 2024. AS Tallink Grupp continues as an independent listed company also after AS Infortar became the majority shareholder of the Group.
• The Group continues to focus on cost efficiencies from the previously implemented measures and maintaining profitable operations on its core routes.
• The Group monitors the developments on its core routes including the capacity of each route and continues to look for new chartering options for vessels not used on the main routes and to work on extending the existing charter agreements.

Key figures

For the year ended 31 December	2024	2023	2022	2021	2020
Revenue (EUR million)	785.8	835.3	771.4	476.9	442.9
Gross profit/loss (EUR million)	153.6	203.8	113.5	21.7	-43.5
EBITDA1 (EUR million)	175.2	214.5	135.8	58.3	8
EBIT1 (EUR million)	77.4	113.3	37.7	-37	-92.6
Net profit/loss for the period (EUR million)	40.3	78.9	13.9	-56.6	-108.3
Depreciation and amortisation1 (EUR million)	97.8	101.2	98.1	95.3	100.7
Capital expenditures1 2(EUR million)	22.4	28.2	203.3	20.2	100.1
Weighted average number of ordinary shares outstanding	743 569 064	743 569 064	743 569 064	694 444 381	669 882 040
Earnings/loss per share1 (EUR)	0.05	0.11	0.02	-0.08	-0.16
Number of passengers1	5 580 016	5 705 600	5 462 085	2 961 975	3 732 102
Number of cargo units1	303 234	323 990	409 769	369 170	359 811
Average number of employees1	4 964	4 879	5 023	4 360	6 104
As at 31 December	2024	2023	2022	2021	2020
Total assets (EUR million)	1 463.90	1 555.20	1 691.60	1 585.90	1 516.20
Total liabilities (EUR million)	681.6	769.5	984.7	893.4	801.9
Interest-bearing liabilities1 (EUR million)	556.4	649.3	853.5	779.9	705.1
Net debt1 (EUR million)	537.7	607.3	738.6	652.4	677.3
Net debt to EBITDA1	3.1	2.8	5.4	11.2	84.2
Total equity (EUR million)	782.3	785.8	706.9	692.5	714.3
Equity ratio1 (%)	53.40%	50.50%	41.80%	43.70%	47.10%
Number of ordinary shares outstanding	743 569 064	743 569 064	743 569 064	743 569 064	669 882 040
Shareholders' equity per share (EUR)	1.05	1.06	0.95	0.93	1.07
Ratios1	2024	2023	2022	2021	2020
Gross margin (%)	19.50%	24.40%	14.70%	4.50%	-9.80%
EBITDA margin (%)	22.30%	25.70%	17.60%	12.20%	1.80%
EBIT margin (%)	9.90%	13.60%	4.90%	-7.80%	-20.90%
Net profit/loss margin (%)	5.10%	9.40%	1.80%	-11.90%	-24.50%
ROA (%)	5.10%	7.00%	2.40%	-2.40%	-6.10%
ROE (%)	5.20%	10.60%	2.10%	-8.20%	-14.10%
ROCE (%)	6.00%	8.40%	3.10%	-2.80%	7.20%
Current ratio	0.5	0.5	0.7	0.6	0.4

1 Alternative performance measures based on ESMA guidelines are disclosed in the“Alternative performance measures” section of the report.
² Does not include additions to right-of-use assets.

Consolidated statement of profit or loss and other comprehensive income

For the year ended 31 December, in thousands of EUR	2024	2023
Revenue	785 822	835 325
Cost of sales	-632 266	-631 491
Gross profit/loss	153 556	203 834
Sales and marketing expenses	-43 849	-42 162
Administrative expenses	-52 853	-52 401
Impairment loss on receivables	7	-71
Other operating income	21 684	4 275
Other operating expenses	-1 115	-171
Result from operating activities	77 430	113 304
Finance income	938	1 332
Finance costs	-29 198	-36 864
Share of profit/loss of equity-accounted investees	0	-75
Profit/loss before income tax	49 170	77 697
Income tax	-8 896	1 175
Net profit/loss	40 274	78 872
Net profit/loss attributable to equity holders of the Parent	40 274	78 872
Other compherensive income
Items that may be reclassified to profit or loss
Exchange differences on translating foreign operations	332	-172
Other comprehensive income	332	-172
Total comprehensive income	40 606	78 700
Total comprehensive income attributable to equity holders of the Parent	40 606	78 700
Basic and diluted loss per share (in EUR)	0.054	0.106

Consolidated statement of financial position

As at 31 December, in thousands of EUR	2024	2023
ASSETS
Cash and cash equivalents	18 705	41 921
Trade and other receivables	25 268	31 766
Prepayments	8 764	7 661
Prepaid income tax	0	193
Inventories	48 083	41 411
Current assets	6 901	122 952
	107 721
Investments in equity-accounted investees		0
Other financial assets and prepayments	518	4 794
Deferred income tax assets	21 840	21 840
Investment property	300	300
Property, plant and equipment	1 310 000	1 377 664
Intangible assets	23 562	27 671
Non-current assets	1 356 220	1 432 269
TOTAL ASSETS	1 463 941	1 555 221
LIABILITIES AND EQUITY
Interest-bearing loans and borrowings	104 549	104 097
Trade and other payables	95 146	85 406
Payables to owners	6	6
Income tax liability	7	10
Deferred income	30 102	34 788
Current liabilities	229 810	224 307
Interest-bearing loans and borrowings	451 825	545 160
Non-current liabilities	451 825	545 160
Total liabilities	681 635	769 467
Share capital	349 477	349 477
Share Premium	663	663
Reserves	65 901	67 056
Retained earnings	366 265	368 558
Equity attributable to equity holders of the Parent	782 306	785 754
Total equity	782 306	785 754
TOTAL LIABILITIES AND EQUITY	1 463 941	1 555 221

Consolidated statement of cash flows

For the year ended 31 December, in thousands of EUR	2024	2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net profit/loss for the period	40 274	78 872
Adjustments for:
Depreciation and amortisation	97 751	101 224
Net gain/loss on disposals of property, plant and equipment	-18 260	-15
Net interest expense	28 008	35 290
Loss from equity-accounted investees	0	75
Net unrealised foreign exchange gain/loss	288	-198
Loss from investments	560	123
Income tax	8 896	-1 175
Adjustments	117 243	135 324
Changes in:
Receivables related to operating activities	6 481	-378
Prepayments related to operating activities	-776	1 718
Inventories	-13 573	-1 446
Liabilities related to operating activities	8 505	-10 457
Changes in assets and liabilities	637	-10 563
Cash generated from operating activities	158 154	203 633
Income tax paid	-4 740	-186
NET CASH FROM/USED IN OPERATING ACTIVITIES	153 414	203 447
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment and intangible assets	-22 260	-28 131
Proceeds from disposals of property, plant and equipment	24 555	613
Interest received	938	1 332
NET CASH USED IN INVESTING ACTIVITIES	3 233	-26 186
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from loans received	0	59 972
Repayment of loans received	-87 045	-251 431
Change in overdraft	0	-15
Payment of lease liabilities	-18 659	-21 519
Interest paid	-29 095	-32 827
Payment of transaction costs related to loans	-450	-4 455
Dividends paid	-44 614
NET CASH FROM FINANCING ACTIVITIES	-179 863	-250 275
TOTAL NET CASH FLOW	-23 216	-73 014
Cash and cash equivalents at the beginning of period	41 921	114 935
Change in cash and cash equivalents	-23 216	-73 014
Cash and cash equivalents at the end of period	18 705	41 921

Anneli Simm
Investor Relations Manager

AS Tallink Grupp
Sadama 5
10111 Tallinn, Estonia
E-mail ...
Phone: +372 56157170

Attachments

• 529900QRMWAKKR3L9W75-2024-12-31-en.zip
• Tallink Grupp AR 2024 ENG

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