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AS Tallink Grupp Unaudited Consolidated Interim Report for the Q4 and 12 months of 2024
Tallink Grupp
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Tallink Grupp
Tallink Grupp

The results of AS Tallink Grupp for the Q4 and 12 months 2024 will be introduced at an Investor Webinar held today at 12:00 (EEST). To participate, please join via the following link; we kindly ask participants to provide their questions latest by 11:00 am by email to: investor@tallink.ee. Further details are available in a previously published announcement.

In the financial year 2024 (1 January – 31 December), AS Tallink Grupp and its subsidiaries (hereinafter referred to as “the Group”) carried 5 580 016 passengers, which is 2.2% less than in the financial year 2023. The number of cargo units transported decreased by 6.4% compared to the previous year amounting to 303 234. The number of passenger vehicles was down by 7.5% year-on-year and amounted to 777 592.

The Group’s unaudited consolidated revenue amounted to EUR 785.8 million (EUR 835.3 million in the financial year 2023), down by 5.9% year-on-year. Unaudited EBITDA was EUR 175.2 million (EUR 214.5 million in the financial year 2023) and the unaudited 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 the financial year 2024:

  • Demand continued to be affected by low consumer and business confidence levels, the 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 operating cruise ferries, 3 vessels that were chartered out (4 at the beginning of the year) and 2 vessels that were in lay-up.

  • The Group extended the charter agreement of the cruise ferry Galaxy I until October 2025 with the extension option of 6+6 months and signed an agreement for chartering of the cruise ferry Silja Europa until June 2025 with the extension option of 7+6+6 months at the end of the agreement term.

  • 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 555.7 million as at 30 September 2024) 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.

  • Payment of 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 the 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 become 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 regularly 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 chartering agreements.

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