Tallink suffers COVID impact

2021-02-26T21:32:59+00:00 February 26th, 2021|Finance|

Tallink Grupp and its subsidiaries carried 3,732,102 passengers last year, which was 62% less compared to the 2019 financial year.

The number of cargo units transported decreased by 5.2%, compared to the previous year.

Tallink’s unaudited consolidated revenue amounted to €442.9 mill (€949.1 mill in 2019). Unaudited EBITDA was €8 mill (€171.1 mill in 2019).

For 2020, the Group’s gross profit decreased by €240.3 mill compared to last year, amounting to a loss of €43.5 mill.

In its financial report, Tallink said that its profitability was impacted mainly by the following factors:

  • Significant cut in operating expenses, including significant decrease in personnel expenses as a result of collective redundancies, state support measures and remuneration cuts.
  • Negative impact from one-off costs related to redundancies processes in the amount of €9 mill. Positive financial impact from the redundancy processes is expected to start from 2021.
  • Positive impact from various government grants in total net amount of €36.6 mill.
  • Positive impact from exemption from ships’ fairway dues in Estonia in the amount of €3.4 mill.

The Group’s unaudited net loss for 2020 financial year was €108.3 mill or €0.162 per share, compared to a net profit of €49.7 mill or €0.074 per share in 2019 and net profit of €40 mill or €0.060 per share in 2018.

In the 4Q20, the Group’s revenue decreased by €147.1 mill, compared to same period of 2019 and amounted to €79.3 mill.

Restaurant and shop sales on-board and onshore decreased by €96.2 mill, ticket revenue decreased by €35.5 mill and, as a result of 12.6% less transported cargo units, cargo revenue decreased by €8.1 mill.

Fourth quarter EBITDA decreased by €32.2 mill to €1.2 mill and net loss for the period was €26.9 mill.